Italcementi - November 2014

Italcementi's turnover declined by 3.1 per cent to EUR3217.5m in the first nine months the year and the running EBITDA eased by 0.6 to EUR469.3m. Very substantially lower re-organisation costs and a 12.1 per cent reduction in depreciation and impairment charges resulted in the trading profit staging a 48.1 per cent recovery to EUR160.9m. The net interest charge rose by 15.7 per cent to EUR100m and there was a larger financial impairment charge, in spite of which, the pretax profit jumped from EUR10m to EUR40.3m. After a 16.1 per cent rise in the tax charge to EUR104.5m, the net attributable loss did decline by 16.7 per cent to EUR112.6m. The net debt at the end of September stood at EUR2173.5m compared with the EUR2031.1m shown a year ago, giving a gearing ratio of 56.9 per cent compared with 52.8 per cent.

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