Italcementi - May 2014

Italcementi's first-quarter turnover declined by 3.3 per cent to EUR932.9m while the running EBITDA staged a 10.2 per cent recovery to EUR95.5m. The trading loss was reduced by 74.6 per cent to EUR4.2m and net interest charge increased by 29.3 per cent to EUR33.2m. The pretax loss increased by 19.6 per cent to EUR44.2m, but a lower tax charge reduced the net attributable loss by 12.7 per cent to EUR68.3m. The net debt at the end of March was 1.4 per cent lower at EUR2076.5m, to give a gearing level of 56.3 per cent, compared with 51.3 per cent a year earlier. Capital expenditure in the period more than doubled from EUR64.4m to EUR167.5m, reflecting investment projects in India, Bulgaria and Italy.

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