Buzzi Unicem

Buzzi Unicem's nine-month turnover improved by 5.5% to €2109.4m, but the EBITDA advanced by just 1.1% to €330m. The trading profit eased by 0.9% lower at €153.5m and net financial charges were 5.5% lower at €68.2m to give a pre-tax profit of €87.5m, a reduction of just 0.3%. A higher tax charge and a 6.7% increase in the minorities charge to €22m caused the net attributable profit to fall by 35.3% to €38.6m. Net debt at the end of September was down by 5.6% to €1195.7m to give a gearing ratio of 43.2%. Capital investment in the period fell by 44.3% to €115.8m. Cement deliveries were 7.3% higher at 21.5Mt, with lower volumes being experienced in Italy and modestly also in the USA, but elsewhere shipments increased. Ready-mixed concrete deliveries were 6% higher at 11.3Mm³.

The Italian turnover declined by 8.4% to €429.5m, while the EBITDA fell by 79.5% to €8.3m, after a 54% reduction in the contribution from the sale of emission rights from €29.5m to €13.5m. The underlying sales margin dropped from 8.6% to 1.9%. Shipments of cement and clinker declined by 9.4%, but cement prices started to recover and were 4% higher than during the corresponding period last year. However, higher energy prices had to be absorbed, depressing margins. Ready-mixed concrete deliveries were down by 11.8%, but prices were little changed overall compared with the previous year.

German turnover rose by 17.9% to €486.6m and the EBITDA improved by 22% to €78.4m, in spite of the contribution from the sale of emission rights being €0.8m lower at €3.9m. Cement volumes rose by 13.4% to 4.15Mt, but average prices were off by 1.5%. Underlying ready-mixed concrete deliveries improved by some 13% to 3.03Mm³, though average prices eased by 0.8%. Turnover in Luxembourg rose by 22.9% to €86.3m and the EBITDA jumped by 93.3% to €29.4m as cement shipments rose by 23.8% to 1.01Mt. The Dutch turnover was unchanged at €83.4m but a higher EBITDA of €1.9m was achieved with aggregates shipments declining by 3.4% to 2.5Mt, but ready-mixed concrete deliveries improving by 6.5% to 0.72Mt. Buzzi Unicem's turnover for the first nine months rose by 5.5% to €2109.4m, but the EBITDA advanced by just 1.1% to €330m. The trading profit, however, emerged 0.9% lower at €153.5m and net financial charges were 5.5% lower at €68.2m to give a pre-tax profit of €87.5m, a reduction of just 0.3%. After a much higher, but more normal, tax charge and a 6.7% increase in the minorities charge to €22m, the net attributable profit fell by 35.3% to €38.6m. Net debt at the end of September was down by 5.6% to €1195.7m to give a gearing level of 43.2%. Capital investment in the period fell by 44.3% to €115.8m. Cement deliveries were 7.3% higher at 21.5Mt, with lower volumes being experienced in Italy and modestly also in the Unites States. Elsewhere tonnages moved ahead. Ready-mixed concrete deliveries were 6% higher at 11.3Mm³.

The Italian turnover declined by 8.4% to €429.5m, while the EBITDA fell by 79.5% to €8.3m, after a 54% reduction in the contribution from the sale of emission rights from €29.5m to €13.5m. The underlying sales margin dropped from 8.6% to 1.9%. Shipments of cement and clinker declined by 9.4%, but cement prices started to recover and were 4% higher than during the corresponding period last year. However, higher energy prices had to be absorbed depressing margins. Ready-mixed concrete deliveries were down by 11.8%, but prices were little changed overall compared with the previous year.

German turnover rose by 17.9% to €486.6m and the EBITDA improved by 22% to €78.4m, in spite of the contribution from the sale of emission rights being €0.8m lower at €3.9m. Cement volumes rose by 13.4% to 4.15Mt, but average prices were off by 1.5%. Underlying ready-mixed concrete deliveries improved by some 13%, but a full year's contribution from Sibo Group resulted in a 30.1% increase to 3.03Mm³, though average prices eased by 0.8%. The still small aggregates side advanced sales volume by 17.3% to 0.43Mt. Turnover in Luxembourg rose by 22.9% to €86.3m and the EBITDA jumped by 93.3% to €29.4m as cement shipments rose by 23.8% to 1.01Mt. The Dutch turnover was unchanged at €83.4m but a higher EBITDA of €1.9m was achieved. Aggregates shipments declined by 3.4% to 2.5Mt, but ready-mixed concrete deliveries improved by 6.5% to 0.72Mt. Buzzi Unicem's turnover for the first nine months improved by 5.5% to €2109.4m, but the EBITDA advanced by just 1.1% to €330m. The trading profit, however, emerged 0.9% lower at €153.5m and net financial charges were 5.5% lower at €68.2m to give a pre-tax profit of €87.5m, a reduction of just 0.3%. After a much higher, but more normal, tax charge and a 6.7% increase in the minorities charge to €22m, the net attributable profit fell by 35.3% to €38.6m. Net debt at the end of September was down by 5.6% to €1195.7m to give a gearing level of 43.2%. Capital investment in the period fell by 44.3% to €115.8m. Cement deliveries were 7.3% higher at 21.5Mt, with lower volumes being experienced in Italy and modestly also in the USA. Elsewhere tonnages moved ahead. Ready-mixed concrete deliveries were 6% higher at 11.3Mm³.

The Italian turnover declined by 8.4% to €429.5m, while the EBITDA fell by 79.5% to €8.3m, after a 54% reduction in the contribution from the sale of emission rights from €29.5m to €13.5m. The underlying sales margin dropped from 8.6% to 1.9%. Shipments of cement and clinker declined by 9.4%, but cement prices started to recover and were 4% higher than during the corresponding period last year. However, higher energy prices had to be absorbed depressing margins. Ready-mixed concrete deliveries were down by 11.8%, but prices were little changed overall compared with the previous year.

German turnover rose by 17.9% to €486.6m and the EBITDA improved by 22% to €78.4m, in spite of the contribution from the sale of emission rights being €0.8m lower at €3.9m. Cement volumes rose by 13.4% to 4.15Mt, but average prices were off by 1.5%. Underlying ready-mixed concrete deliveries improved by some 13%, but a full year's contribution from Sibo Group resulted in a 30.1% increase to 3.0Mm³, though average prices eased by 0.8%. The still small aggregates side advanced sales volume by 17.3% to 0.43Mt. Turnover in Luxembourg rose by 22.9% to €86.3m and the EBITDA jumped by 93.3% to €29.4m as cement shipments rose by 23.8% to 1.01Mt. The Dutch turnover was unchanged at €83.4m but a higher EBITDA of €1.9m was achieved. Aggregates shipments declined by 3.4% to 2.50Mt, but ready-mixed concrete deliveries improved by 6.5% to 0.72Mm³.
 
The Eastern European turnover rose by 21.6% to €456.1m and the EBITDA advanced by 37.7% to €112.5m. The Polish turnover improved up by 10.9% to €112m and the EBITDA was ahead by some 7% to €32m as cement deliveries improved by 3.8% to 1.25Mt and ready-mixed concrete advanced by 18.1% to 0.74Mm³. Average cement prices were 0.7% higher and rose by some 10% in concrete. In the Czech Republic and Slovakia, the cement price achieved was down by 12.7% because of higher exports to Poland, but deliveries rose by 31.1% to 0.74Mt. Ready-mixed concrete shipments advanced by 13.1% to 1.28Mm³, but the aggregates tonnage was ahead by a more modest 4.7% to 1.21Mt. Ukrainian cement sales rose by 25.1% to 1.44Mt, with turnover improving by 34.4% to €821m and the EBITDA returning to positive territory with an €8m profit thanks to the switch to coal-firing instead of gas and a 13.9% increase in the average cement price. In Russia, Suchoi Log's cement shipments jumped by 40.4% to 1.90Mt while prices were up by 3.4%, with the turnover rising by 43.6% to €135m and the EBITDA by 43% to €50m.

In the USA, turnover declined by 8% to €416m while the EBITDA fell by 41.3% to €40.7m, not helped by a weakening dollar. Cement deliveries were off by just 0.7% while average selling prices declined by a further 6.2%. In ready-mixed concrete, volumes did increase by 2.9%, while prices stabilised. Profitability was hurt by higher energy and transportation costs, but also by the rise in average costs caused by lower capacity utilisation. Until demand picks up, the low capacity utilisation will continue to have a negative effect on profitability.

The 50%-owned Mexican associate Corporación Moctezuma increased cement shipments by 14.7%, helped by the new Apazapan works and the average selling price in local currency was 2.9% higher. Ready-mixed concrete deliveries, however, declined by 3.6%, but the average price did improve by 5.7%. In spite of a drop in value of the Mexican peso against the euro, the turnover improved by 13.7% to €176.9m and the EBITDA was 3.7% higher at €61.9m.