Buzzi Unicem - August 2015

Buzzi Unicem's 1H15 turnover improved by 4.9 per cent to EUR1238.2m and EBITDA rose by 20.3 per cent to EUR166.6m. The depreciation and impairment charges came down by 22.4 per cent to EUR96.5m as the writing off goodwill in Ukraine was not repeated. The 1H15 trading profit recovered further from EUR14.1m to EUR70.1m, but the interest charge rose by 10.3 per cent to EUR51.8m. The pretax loss of EUR11.1m a year ago was turned into a profit of EUR54.1m. After a tax charge 82.5 per cent higher at EUR17.7m and a minorities charge 15.5 per cent lower at EUR1.5m, there was a net attributable profit of EUR34.9m. Net debt at the end of June was 5.8 per cent higher at EUR1119.7m, giving a gearing level of 44.3 per cent, compared with a restated 45.5 per cent a year earlier. Capital expenditure in the period amounted to EUR152.9m, to a large extent related to the erection of a new production line at Maryneal in Texas. For the full year, Buzzi Unicem is forecasting EBITDA in the region of EUR450m.

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