Caltagirone net debt reduction

Caltagirone net debt reduction
Published: 17 March 2005

Italian holding group Caltagirone registered a net financial debt of Euro 169.5m at end-2004, it was reported on March 16, 2005.  The group had a net financial position of Euro 183.6m at end-2003. The fall in the net financial position of Caltagirone was due to the investment of Euro 572m in the acquisition of Danish cement maker Aalborg Portland and ready-mixed concrete maker Unicon on behalf of Caltagirone’s cement unit Cementir. Note: the net financial position/net financial debt is calculated as the difference between a company’s financial debts and liquid assets. The Caltagirone board, chaired by Francesco Gaetano Caltagirone examined and approved the 2004 balance sheet of the company on March 16, 2005.