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Italcementi’s 2013 financial statements approved by shareholders

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World Cement,

Italcementi AGM approves 2013 financial statements

The shareholders of Italcementi S.p.A. approved the financial statements for 2013, which closed with an operating profit of €159.3 million (an operating loss of €140.2 million in 2012) and revenue of €4.2 billion, at the Annual General Meeting (AGM) on 16 April 2013.

The AGM approved distribution of a dividend of €0.06 to each ordinary share (€0.06 for FY12) and of €0.06 to each savings share, with the total corresponding amount to be withdrawn from the extraordinary reserve. The dividend payable date will be 5 June 2014 (ex dividend date 2 June 2014).

The shareholders also renewed the authorisation for the acquisition and disposal of treasury shares for a period of 18 months from the resolution date; the per-share purchase price shall not be more than 15% above or below the average reference price on the Italian stock exchange in the three trading sessions prior to each transaction; the overall amount paid shall in no case exceed €100 million; the overall nominal value of the maximum number of purchased ordinary and/or savings shares, including any treasury shares held by subsidiaries, shall not exceed one tenth of share capital.

The company requested the authorisation in order to:

  • Hold treasury shares.
  • To be sold to employees and/or directors in connection with stock option plans reserved for employees and/or directors.
  • For medium/long-term investment purposes.
  • Intervene, in compliance with current regulations, directly or through intermediaries, in order to limit anomalous movements in share prices and to regularise trends in trading and share prices in response to momentary distortions caused by excessive volatility or low trading liquidity.
  • Build a treasury stock portfolio to service extraordinary financial transactions or for other purposes deemed to be in the financial, business and/or strategic interests of the company.
  • Offer shareholders an additional instrument to monetarise their investments.

2013 results

The repercussions of the economic crisis continued to be apparent in FY13 in the countries where Italcementi operates, conditioning demand for construction materials in Central Western Europe, while the contribution of the Asian markets was confirmed and a recovery emerged in North America, although trends were not uniform in all areas. The situation remained difficult in Egypt, where strong potential domestic demand was contrasted by limited energy availability, which reduced cement production capacity. Overall, these situations generated a reduction in sales volumes in the main business segments compared with 2012.

  • Revenue totalled €4.2 billion, decreasing by 5.4% y/y (-2.2% at constant exchange rates and on a like-for-like basis) from €4.5 billion in 2012 due to the negative sales volumes, mitigated by an overall positive trend in sales prices.
  • Recurring EBITDA fell by 1.9% y/y to €631 million in 2013 from €643.1 million in 2012.
  • EBIT was positive at €159.3 million (negative at €140.2 million).
  • Profit before tax stood at €27.5 million (a loss of €223.5 million).
  • After income tax expense of €115.9 million, the Group posted a loss relating to continuing operations of €88.4 million (a loss of €369.9 million).
  • Net debt amounted to €1.9 billion, a decrease of €59.2 million from 2012.
  • Total equity was €3.8 billion, down by €388.2 million from 2012. Equity attributable to owners of the company was €2.6 billion, down by €299.1 million from the end of 2012.

Read Italcementi’s full 2013 Annual Report here.

Adapted from press release by Rosalie Starling

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