Buzzi Unicem has approved its results for FY14, which ended with EBITDA up 4.8% to €423 million (+10.2% on a like-for-like basis).
Growth slowed in the second half of the year, with demand weakening in Europe and Asia, but the US remained largely positive.
In 2014, Buzzi Unicem sold 25.1 million t of cement and 12 million cubic metres of ready-mix concrete. Consolidated net sales were down 0.1% to €2506.4 million. On a like-for-like basis, net sales would have increased by 3.4%. Foreign exchange rates negatively impacted for €91.1 million. Profit before tax was €175.6 million, while profit after tax was €120.5 million. Net debt stood at €1062.7 million at the year end, down €34.5 million y/y.
Outlook
In 2015, Buzzi Unicem expects visible improvement in the US, while in the EU countries (other than Italy) a similar, or in some cases improved, performance is expected. Russia and Ukraine are likely to see a further slowdown in demand and a penalising foreign exchange effect. Recurring EBITDA is likely to turn out slightly higher than in the previous year.
Adapted from press release by Katherine Guenioui