Italcementi

Italcementi's turnover was off by 13.3 per cent in 2009, to €5006.4m with the underlying EBITDA declining by 12.7 per cent to €971.6m. The trading profit was down by 27.1 per cent and the pre tax profit declined by 27.7 per cent to €309.5m, and the net attributable was exactly halved to €71.3 per cent because of the minorities' charge rising by 7.4 per cent, reflecting a notable increase in profitability in Egypt, where there is 44.9 per cent minority. The minorities' charge amounted to more than twice net attributable profit. Capital investment was 3.6 per cent lower at €680.1m and spending on acquisitions fell substantially to €42.8m. Net debt at the end of last year was 9.7 per cent lower at €2419.9m, giving a gearing level of 51.6 per cent. Capital expenditure is expected to be in the region of €620m in 2010, with €171m of the strategic investment plan still to be concluded and the remainder being made up of maintenance investments and investments in aggregates and concrete. Shipments of cement and clinker in 2009 were 11.1 per cent lower at 55.7m tonnes.