Cement News tagged under: Italcementi

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Sibirsky to pay out EUR4m on failed Set deal, Russia

15 March 2012, Published under Cement News

Sibirsky Cement has paid out over EUR4m to the London branch of Netherlands-based ING Bank NV regarding a failed deal between the Russian producer and Italcementi for Turkish assets, according to local press reports. In 2008, Sibirsky concluded an agreement with ING Bank to organize the purchase financing of the Italcementi Set Group of Turkey which is a subisidiary of Ciments Francais (which, in turn is a unit of Italcementi). The deal was not completed and the bank demanded compensation...

Italcementi’s profits drop by four-fifths

05 March 2012, Published under Cement News

Italcementi’s turnover edged ahead by 1.3% in 2011 to €4720.5m but the underlying EBITDA came down by 17.2% to €697.3m and impairment charges saw the trading profit drop by 65.2% to €129m. Net financial charges were reduced by 10.2% to €84.7m. A 39.9% reduction in exceptional costs and an increased contribution from the Canadian associates left the pre-tax profit 80.8% down at €53m, while at the net attributable there was a €3.1m loss compared a profit of €45.8m. Net debt at the end of 20...

Italcementi exits Turkish cement market

16 February 2012, Published under Cement News

Ciments Français (part of the Italcementi Group) and its wholly-owned subsidiary Parcib, have signed a deal with Cimsa for the sale of 51 per cent of the capital of Afyon for TRY1,530,000. The overall value of the sale has been fixed at TRY57,530,000, a memo explains. Transfer of the shares to Cimsa and the payment for them will take place when the deal is completed, once the necessary authorisation has been obtained from the monopoly watchdog. The final price could then be subject ...

Italcementi hit by lower Egyptian volumes and prices

06 February 2012, Published under Cement News

Italcementi's full year 2011 results have been impacted by its Egyptian operations which saw lower volumes and prices as the outlook for region remains uncertain. Italcementi’s turnover edged ahead by 1.3% last year to €4720.5m, but declined by exactly the same percentage on a comparable basis. Group cement shipments were down by 1.9% to 51.1Mt and the turnover from cement fell by 7.8% to €3056.3m, with cement volumes a bit higher in North America and in Asia but being lower elsewhere.  In...