Italcementi’s turnover declined by 4.3% last year, or by 6.6% on a comparable basis to €4,790.9m, of which consolidated Italian operations contributed €619.6m, a reduction of 15.2%. Group cement shipments were 2.4% lower at 54.4Mt and the turnover from cement was off by 6.9% to €3,388.7m, with cement volumes being down mainly in Europe and in international trading, while increasing in Asia.
The western European turnover was down by 9.1% to €2,407.3m. Cement and clinker volumes in western Europe declined by 4.2% to 19.2Mt, with Italy down by 0.4Mt to 9.4Mt. Calcestruzzi has not yet been re-consolidated and the European downstream operations remain dominated by France.
Turnover from the Mediterranean and Black Sea regions was off by just 1.1% to €1378.7m as the continued strong performance in Egypt made up for most of the decline in Bulgaria. Cement and clinker shipments were off by 3.8% to 19.3Mt, with Kuwait now also coming under this region rather than international trading.
The Asian turnover improved by 9.1% to €449m, as cement deliveries improved by 4.2% to 11.1Mt, but pricing in India weakened in response to excess capacity in the region. The Asian downstream activities remain comparatively modest and are dominated by Thailand.
In North America, turnover recovered by 3.5% to €415.3m, aided by exchange rate movements. Cement deliveries were 0.2% higher at 4Mt, and ready-mixed concrete production improved by 3.9% to 0.8Mm³. The international trading activities contributed a turnover 3.7% higher at €229.3m, although the cement and clinker trading volume was 6.9% lower at 3.8m tonnes.
The full 2010 results should be announced on the 4th of March after the market has closed.