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Italcementi announce group revenues for 2009

World Cement,

The year was severely affected by the difficult world economic climate and the Italcementi Group reported a general downturn in sales volumes in all lines of business, a trend that eased in the fourth quarter.

2009 full-year sales volumes totaled 55.7 million t in cement and clinker (-11.1% on an historic basis), 39.1 million t in aggregates (-17.8%) and 11.2 million m³ in ready mixed concrete (-19.2%). In the cement business, the reduction in sales volumes was stronger in the industrialised countries, whereas Egypt and China reported significant growth and Morocco confirmed the healthy performance of the previous year.

The fall in sales volumes, mitigated in part by steady average price levels, generated 2009 consolidated revenues of €5006.4 million euro, down 13.3% from 2008 (-13.6% at constant size and exchange rates).

Revenue growth was reported by a number of emerging countries, notably Egypt, Morocco and China.

In the fourth quarter, the reduction in volumes was smaller than the decrease for the year as a whole, in all lines of business, and was the smallest quarterly reduction in 2009. The fourth-quarter cement and clinker sales trend was positive in the emerging countries in which the Group operates, with the exception of Bulgaria and Turkey. Improvements were reported in the trading sector.Fourth-quarter revenues amounted to €1158.9 million (-14.5%), with revenue growth in Egypt, Morocco and China.

2009 performance
The Group confirms its forecast of lower operating results in 2009 compared with 2008, in line with the trend reported in the first nine months. Careful management of cash flows, and of the working capital requirement in particular, generated a significant reduction in debt at the end of 2009, despite high industrial investments intended substantially to improve the Group’s production network.

The 2009 financial statements will be examined at the meeting of the Board of Directors on March 5.

The full report can be viewed here.

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