Cimpor - August 2013

Cimpor's underlying first-half turnover improved by 19.6 per cent to €1299.8m, while the EBITDA advanced by s more modest 6.3 per cent to €284.2m. Ignoring non-recurring charges, the EBITDA would have been some 19 per cent ahead a €331m, while the improvement on the re-stated last year numbers was 28.1 per cent. On this basis, the trading profit increased by 34.6 per cent to €190.5m, but a jump in the net financial charge from €31.6m to €228m led to a pre-tax loss of €37.5m compared with a €110m profit. The net attributable loss amounted to €74.8m, compared with a profit of €73.5m. The net debt at the end of June stood at €3,757m to produce a gearing level of 55.2 per cent. Capital expenditure in the period jumped from €94.8m to €209.31m on the back of considerably higher spending in Brazil, which, at €168.5m, accounted for 80.5 per cent of the total.  The Brazilian Camargo Correã Group now controls 94.2 per cent of the equity. The new additions in Argentina, Brazil and Paraguay contribute an EBITDA of some €116m, compared with €46m in 2012 from the assets disposed of to Votorantim. Group cement deliveries improved by 4.1 per cent to 13.47Mt, with those assets that were continuously part of the group showing a 3.9 per cent reduction to 7.22Mt.

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