3Q13 results are out for Italcementi

The board of directors at Italcementi has examined the company’s 3Q13 results.

• 3Q13 revenue is up by 1.2% net of exchange rate effect.
• There is a positive trend in recurring EBITDA continuing into 3Q13. In the first nine months, net of the exchange rate effect and CO2 sales, recurring EBITDA improved by by approximately 3%.
• Results for the first nine months were affected by material restructuring expense and impairment of efficiency plans.
• Net debt remained stable at €2 billion and net finance costs were unchanged.

3Q13 results

• Consolidated revenue stood at €1060.9 million, compared to €1095.9 million in 3Q12.
• Recurring EBITDA remained stable at €174.5 million.
• EBIT decreased from €61.9 million in 3Q12 to €30.7 million in 3Q13.

Results for first nine months of 2013, ending 30 September

• Consolidated revenue decreased from €3395.7 million in the first nine months of 2012 to €3217.5 million in 2013.
• Recurring EBITDA declined to €473.1 million, compared to €508.6 million in the first nine months of 2012.
• EBIT decreased from €168 million in 3Q12 to €108.1 million in the first nine months of 2013.
• Profit stood at -€80.1 million, from €17.8 million in 2012.

Group Chief Operating Officer, Giovanni Ferrario, commented on the results: “Despite the stagnation in demand on the European markets, over the last four quarters, with the exception of March, which was severely affected by the impact of bad weather on construction operations, the Italcementi Group has reported a positive trend in results for its industrial operations.”

“The efficiency plan implemented on fixed and variable costs was a positive factor, notwithstanding the strong impact of the rise in energy prices in Egypt, enabling us to achieve results in line with our plans and targets. Meanwhile, the Group confirms the solidity of its financial situation: our liquidity profile is adequate, given stable net debt of around €2 billion, and this was highlighted recently when Standard and Poor’s confirmed our rating,” added Ferrario.

Adapted from press release by Rosalie Starling

Read the article online at: https://www.worldcement.com/europe-cis/14112013/3q13_results_are_out_for_italcementi_414/