Buzzi Unicem
Buzzi Unicem's turnover for the first nine months fell by 3.7% to €1,999.5m and the EBITDA dropped by 23.4% to €326.4m. The trading profit declined by 40.6% to €154.8m and net financial charges were 7.2% lower at €72.1m, giving a pre-tax profit 54.7% lower at €87.7m and a net attributable profit decline of 49.2% to €59.6m. Net debt at the end of September was 5.9% higher at €1,280.3m to give a gearing level of 44.5%. Capital investment in the period was 22.6% lower at €207.8m. Group cement deliveries did improve by 1.3% to 20Mt, but volumes were down in the Czech Republic, the USA and Mexico.
Italian turnover declined by 13.2% to €469.2m and the underlying EBITDA fell by 32.7% to €40.9m, after including a €29.5m credit from the sale of emission rights. Shipments of cementitous materials were helped by exports and clinker sales and improved by 4.8%. Domestic cement prices dropped notably over the summer months and ended the period more than 20% down on a year ago. German turnover recovered by 2.9% to €412.9m and the underlying EBITDA improved by 6.0% from €59.8 to €63.4m. There was also a €4.7m credit from the sale of emission rights. Cement volumes improved by 0.9% to 3.66Mt, thanks to increased exports, while domestic deliveries were down by 1%. The average price achieved was down by about 3%. Turnover in Luxembourg improved by 12.5% to €69.8m and the EBITDA added 16.6% to €12.0m, with cement shipments advancing by 10.0% and prices improving by 1.3%. In the Dutch business turnover declined by 1.2% to €83.0m and the EBITDA dropped from €1.3m to break even.
Eastern European turnover improved by 1.9% to €375.2m but the EBITDA came off by 14.6% to €81.7m. The Polish turnover was up by 6.3% to €101m and the EBITDA was marginally higher at €30m, with cement deliveries being 7.4% higher at 1.20Mt. Average prices fell by 8.3% in cement and by 12% in concrete. In the Czech Republic and Slovakia, the cement price came off by 9.0% and volumes were 13.5% lower at 0.57Mt. Ukrainian cement sales recovered 8.5% to 1.15Mt, with turnover improving by 3.5% to €61m but a further EBITDA loss was incurred, though the switch to coal firing has now been completed and this should allow a return to profit. In Russia, the dry kiln at Suchoi Log was lit in August. The plant's cement shipments rose by 28.2% to 1.36Mt, but prices were down by 17.6%, with turnover being some 22% ahead at €94.7m but the EBITDA was 3% lower at €35m.
In the United States, turnover declined by 8.5% to €452.1m and the EBITDA fell by 34.5% to €69.3m. Cement deliveries were down by 6.4% and prices weakened by 8.7%, but a more positive pricing trend had been emerging in recent months. The Mexican associate Corporaciòn Moctezuma sold 3.8% less cement, but the average selling price in local currency improved by 1.2%. Boosted by the revaluation of the Mexican peso against the euro, the turnover rose by 10.6% to €155.6m and the EBITDA advanced by 6.1% to 59.7m.
