Buzzi Unicem - August 2013

Buzzi Unicem's first-half turnover declined by 5.7 per cent to €1273.7m and the EBITDA fell by 24.8 per cent to €150.7m. Excluding non-recurring items, the reduction would have been 21 per cent.  The first-half trading profit fell by 56.8 per cent to €37.8m and the interest charge was reduced by 31.9 per cent to €47.6m, with the pre-tax result swinging from a €22.6m profit to a loss of €8.3m.  After a tax charge more than four times the level of the previous year at €18.3m and a minorities charge 27.8 per cent lower at €10.7m, there was a net attributable loss of €37.4m, compared with a profit of €3.3m a year ago. Net debt at the end of June was 6.4 per cent higher at €1197.1m, giving a gearing level of 50.2 per cent, up from 43.4 per cent a year earlier. Capital expenditure was 12.4 per cent higher at €81.4m. For the full year Buzzi Unicem is forecasting an EBITDA some 5-10 per cent below that achieved last year, which implies a good second-half improvement.

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