Italcementi increased net loss

Italcementi increased net loss
Published: 19 February 2016

Italcementi's turnover improved by 3.5 per cent in 2015 to EUR4301.6m, but EBITDA declined by 10.3 per cent to EUR584m and the trading profit fell by 36.6 per cent to EUR148.4m.

The pretax profit was more than halved falling from EUR79.6m to EUR30.9m. The net attributable loss emerged 12 per cent higher at EUR120m. The net debt was 0.6 per cent higher at EUR2169.7m, giving a gearing level of 72.1 per cent compared with 70 per cent a year earlier. Capital expenditure in the year was reduced by 30.5 per cent to EUR363.3m and was primarily in France, Italy, North America and Italy.

Cement shipments eased by 0.1 per cent to 43.4Mt as cement volumes increased North America and in Africa and the Middle East but declined elsewhere. Shipments of aggregates improved by 6.3 per cent to 32.7Mt, with 86.9 per cent of the tonnage being extracted in Europe where the volume improved by 1.4 per cent. Better volume growth was seen in all the other regions, with Asia more than doubling from a low base.

Ready-mixed concrete deliveries were 0.1 per cent lower at 11.Mm³, with Europe accounting for 59.1 per cent of the total and registering a reduction of 5.9 per cent. North Africa and the Middle East saw concrete volumes rise by 15.7 per cent to 2.9Mm³, or 25.2 per cent of the group total.

In Italy, where cement consumption continued to drop, turnover declined by 4.7 per cent to EUR416.1m on the back of lower volumes and prices.