Italcementi has reported a 3.2% increase in revenues for the 9 months ended 30 September 2015 at €3217 million thanks in part to the positive foreign exchange rate effect. Recurring EBITDA was slightly up at €482.9 million, thanks to cost efficiency measures, favourable economic conditions and carbon emission rights sales.
Italcementi reported a loss of €8.1 million for the first nine months, which compares favourably with the loss of €63.8 million in the first nine months of 2014. Cash flows from operations almost completely covered capital expenditure, while net debt rose to €2297.8 million. The increase is attributed to dividends paid (€94.4 million), negative translation effects (€13.9 million) and other items (increase in non-current assets and derivatives) for a total of €31.5 million.
Cement and clinker sales reached 32.1 million t in 9M15, a 1.4% dip reflecting progress in North America, overall stability in Asia and a downturn in Europe (excepting Bulgaria), Egypt and Morocco.
Though the group reports positive trends in North America, India and Morocco, as well as a reduction in operating expenses in Europe, the expectation is for full-year results to be slightly down on 2014.
Adapted from press release by Katherine Guenioui
Read the article online at: https://www.worldcement.com/europe-cis/09112015/italcementi-reports-increase-in-9m15-revenues-943/
