Italcementi - March 2013

Italcementi's turnover declined by 3.8 per cent in 2012 to EUR4480.1m (US$5729m), but the underlying EBITDA was down by 9.8 per cent to EUR632. After impairment charges that jumped from EUR134.3m to EUR309.4m, the previous year's trading profit of EUR138.9m was turned into a EUR150.9m loss. Net financial charges were 0.9 per cent higher at EUR83m. A 91.2 per cent drop in exceptional costs and a 40.4 per cent reduction in the contribution from associates gave a pre-tax loss of EUR224.2m compared with a pre-tax profit of  EUR65.5m a year ago. The net attributable loss jumped from EUR3.1m to EUR395.8m. Capital investment was further reduced by 6.5 per cent to EUR369.6m in 2012 and spending on acquisitions dropped sharply again, with a 75.9 per cent cut to EUR0.7m.

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