Italian cement company Buzzi Unicem has released its interim results as of 30 September 2013.
Key points
- Recovery of sales volumes in 3Q13, with a slightly favourable price effect.
- Encouraging trading conditions in the US, Russia and Poland.
- Weak trading conditions in the Czech Republic, Ukraine, Mexico and Italy.
- For FY13, outlook of recurring EBITDA decreased by 5% to 10% from the previous year.
- Targets of net debt reduction have been confirmed.
Results for the first nine months of 2013
- Cement sales remained relatively stable at 20.6 million t, compared to 20.8 million t in the first nine months of 2012.
- Ready-mix sales decreased from 10.3 million m3 in 2012 to 9.6 million m3 in 2013.
- Net sales slightly decreased from €2146 million in 2012 to €2079 million in the first nine months of 2013.
- EBITDA declined from €373 million in the first nine months of 2012 to €336 million in 2013.
- Consolidated net profit fell from €57.4 million in 2012 to €21.8 million in the first nine months of 2013.
Regional outlook
- In Italy results will continue to be unsatisfactory, despite higher exports and clinker sales.
- Central Europe should end the year with results in line with 2012, due to a recovery in sales volumes.
- In Eastern Europe, the company expects countries (except Poland) to post lower results than in 2012.
- The US should continue its favourable volume/price mix.
- In Mexico, the demand trend is likely to continue into the last quarter of FY13, meaning results will remain weaker than in 2012.
Adapted from press release by Rosalie Starling