Italcementi’s margins still being squeezed
Italcementi’s turnover declined by 4.3% to €4790.9m in 2010 and the underlying EBITDA came off by 13.9% to €836.3m and the trading profit fell by 20.1% to €353.8m. Net financial charges were reduced by 3% to €95.6m.
Lower exceptional costs and an increased contribution from the Canadian associate left the pre-tax profit 16.3% lower at €259.2m but the net attributable dropped by 35.8% to €45.8m as the large minorities’ charge rose by 5%, to €151.3m, or more than three times net attributable profit.
Capital investment declined by 23% to €523.7m and spending on acquisitions dropped by 42.5% to €424.6m and consisted mainly of minority investments in Syria and China.
Net debt at the end of 2010 was 7.8% lower at €2230.9m, giving a gearing of 44.7%, down from 51.6% a year earlier.
Shipments of cement and clinker declined by 2.4% to 54.4Mt in the year, while the aggregates tonnage was down by 6% to 36.7Mt but the ready-mixed concrete deliveries improved by 1.4% to 11.4Mm³. Published under Cement News
