Italcementi - November 2013

Italcementi's turnover declined by 5.2 per cent to EUR3217.5m in the first nine months the year and the running EBITDA was off by seven per cent to EUR473.1m, with no profit coming from the sale of emission rights. After higher re-organisation and impairment charges, the trading profit fell by 35.6 per cent to EUR108.1m while the net interest charge rose by 5.9 per cent to EUR86.2m. After a sharply lower contribution from associates and a substantial financial impairment charge, the pretax profit dropped by 89.4 per cent to EUR10m. The net attributable loss jumped from EUR39.1m to EUR135.2m, after a minorities charge just 3.2 per cent lower at EUR55.1m and a higher tax charge. The net debt at the end of September stood at EUR2031.1m compared with the EUR2199.9m shown a year ago, giving a gearing ratio of 52.8 per cent compared with the 46.4 per cent shown a year ago.

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