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MarketScreener Homepage  >  Equities  >  Xetra  >  HeidelbergCement AG    HEI   DE0006047004

HEIDELBERGCEMENT AG

(HEI)
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Funds managing $2 trillion urge cement makers to act on climate impact

07/22/2019 | 06:18am EST

LONDON (Reuters) - European funds managing $2 trillion (£1.6 trillion) in assets called on cement companies to slash their greenhouse gas emissions on Monday, warning that a failure to do so could put their business models at risk.

With the extreme weather and natural disasters associated with climate change intensifying around the world, some asset managers are ramping up engagement with heavy polluters to demand a faster transition to a cleaner economy.

“The cement sector needs to dramatically reduce the contribution it makes to climate change," said Stephanie Pfeifer, chief executive of the Institutional Investors Group on Climate Change, which has more than 170 members, mainly European pension funds and asset managers.

“This is ultimately a business-critical issue for the sector,” Pfeifer said in a statement.

The group said investors had written to cement or construction materials companies including Ireland's CRH, Franco-Swiss group LafargeHolcim and France's St Gobain to demand they achieve net zero carbon emissions by 2050. They also noted that Germany's HeidelbergCement had already adopted the target.

The funds urged all cement companies to align themselves with the 2015 Paris agreement to combat global warming, engage with policy-makers to ensure an orderly transition to a low carbon economy, and increase their reporting of climate risk.

“Construction materials companies may ultimately risk divestment and lack of access to capital as an increasing number of investors seek to exclude highly carbon-intensive sectors from their portfolios," said Vincent Kaufmann, chief executive of the Ethos Foundation, a group of Swiss pension funds, which signed the letters.

Signatories collectively manage assets worth $2 trillion and include Aberdeen Standard Investments, BNP Paribas Asset Management, Sarasin & Partners and Hermes EOS.

Although funds are increasingly engaging with companies from airlines to carmakers on emissions, few are calling for the systemic transformation of the global economic system that scientists increasingly argue is needed to prevent runaway climate breakdown.

The cement industry produces 7% of the world's carbon dioxide emissions, according to the International Energy Agency, meaning that if it were a country, it would be the third largest emitter, behind the United States and China.

With climate campaigners traditionally focused on fossil fuel companies, the European cement sector has received comparatively little scrutiny until recently.

On Tuesday, police arrested six climate activists from civil disobedience group Extinction Rebellion at a protest aimed at disrupting a site in east London belonging to London Concrete, a unit of LafargeHolcim.

In June last year, a report from think-tank Chatham House concluded that although there was no 'silver bullet' to reduce emissions from cement, it should be possible to deploy a range of policies and technologies to achieve deep decarbonisation.

(This story makes clear in paragraph that global cement industry accounts for 7% of carbon dioxide emissions, according to the International Energy Agency, not greenhouse gas emissions.)

(Reporting by Matthew Green; editing by Clare Fallon)

By Matthew Green


© Reuters 2019
Stocks mentioned in the article
ChangeLast1st jan.
ACCESS CO., LTD. 1.88% 811 End-of-day quote.-15.08%
CHANGE INC. 0.50% 8120 End-of-day quote.458.46%
EOS - ETHEREUM -0.50% 0.005644 Real-time Quote.-69.81%
EOS - UNITED STATES DOLLAR -1.30% 2.9129 Real-time Quote.32.96%
EXTREME CO.,LTD. -0.17% 1202 End-of-day quote.-38.36%
HEIDELBERGCEMENT AG 0.07% 61.14 Delayed Quote.-6.13%
JUST GROUP PLC -1.62% 56.95 Delayed Quote.-27.59%
LAFARGEHOLCIM LTD 0.25% 48.39 Delayed Quote.-10.30%
MEMBERS CO., LTD. 5.94% 2284 End-of-day quote.0.31%
SAINT-GOBAIN 0.30% 39.8 Real-time Quote.8.77%
SEEK LIMITED -0.84% 25.96 End-of-day quote.15.12%
SWISS RE LTD -0.31% 83.94 Delayed Quote.-22.63%
THE GLOBAL LTD. 12.81% 273 End-of-day quote.-42.04%
WILL GROUP, INC. 0.91% 999 End-of-day quote.-20.21%
WORLD CO., LTD. -0.97% 1324 End-of-day quote.-50.80%
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Financials
Sales 2020 17 513 M 20 890 M 20 890 M
Net income 2020 -2 117 M -2 525 M -2 525 M
Net Debt 2020 6 990 M 8 338 M 8 338 M
P/E ratio 2020 -5,75x
Yield 2020 2,85%
Capitalization 12 099 M 14 406 M 14 432 M
EV / Sales 2020 1,09x
EV / Sales 2021 1,01x
Nbr of Employees 53 882
Free-Float 74,5%
Chart HEIDELBERGCEMENT AG
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HeidelbergCement AG Technical Analysis Chart | HEI | DE0006047004 | MarketScreener
Technical analysis trends HEIDELBERGCEMENT AG
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TrendsBullishBullishNeutral
Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 23
Average target price 65,56 €
Last Close Price 60,98 €
Spread / Highest target 38,2%
Spread / Average Target 7,52%
Spread / Lowest Target -37,7%
EPS Revisions
Managers
NameTitle
Ralph Dominik von Achten Chairman-Management Board
Fritz-Jürgen Heckmann Chairman-Supervisory Board
Lorenz Näger CFO, Deputy Chairman-Management Board
Dennis Lentz Director-Group Information Technology
Wolfgang Dienemann Director-Global Research & Development
Sector and Competitors
1st jan.Capitalization (M$)
HEIDELBERGCEMENT AG-6.13%14 406
CRH PLC-0.08%33 307
VULCAN MATERIALS COMPANY0.02%19 084
ULTRATECH CEMENT LIMITED19.12%18 841
MARTIN MARIETTA MATERIALS, INC-2.49%16 981
CHINA NATIONAL BUILDING MATERIAL COMPANY LIMITED22.99%11 535