Cement News tagged under: Italy
CRH closing in on Jaiprakash cement stake - report06 August 2012, Published under Cement NewsCRH is reported close to picking up 51 per cent stake in Jaiprakash Associates' cement operations in Gujarat at an enterprise value of about INR4200 crore, the Economic Times of India has cited two persons familiar with the development as saying. The enterprise value of Jaypee Cement Corp, which has two cement plants in Sewagram and Wanakbori-each having a capacity of 2.4Mt, includes debt of about INR1800 crore. The deal will help Jaiprakash Associates pare its debt by about INR1800 crore... |
European cement majors: first half trends06 August 2012, Published under Cement NewsThe last week has seen three leading European cement majors release first-half 2012 results: Lafarge, HeidelbergCement and Italcementi. The latest figures appear to confirm the upturn in North America, which, together with the emerging markets, have been the main drivers of demand as parts of Europe remain a drag on performance. While a slower volume growth environment persists, improved pricing and cost reduction measures continue to be central themes. In terms of market performance, wes... |
Italcementi’s profits fall in spite of recoveries in North America and India02 August 2012, Published under Cement NewsItalcementi’s first half turnover came off by 4.9 per cent to €2299.8m while the running EBITDA declined by 11.6 per cent to €328.7m. The trading profit fell by 37.4 per cent to €100.6m, and after an 84.2 per cent increase in the net interest charge to €47.3m and a 39.8 per cent reduction in income from associates, the pre-tax dropped by 59.8 per cent to €55.4m. With a 13.6 per cent increase in the net interest charge to €63.0m and a loss, rather than a gain, from discontinued activities... |
Cementir expects a better second half from Turkey26 July 2012, Published under Cement NewsCementir's first half turnover improved by 2.6% to €462.5m, with improvements in the Nordic area, the Far East and Egypt, being partially offset by weaker numbers in Italy and in Turkey. EBITDA improved by 17.5% to €55.9m and a depreciation and impairment charge just 1.8% higher at €42.8m, the trading profit jumped 136.1% to €13.2m. In spite of a 14.9% increase in the net interest charge to €9.2m and helped by an 83.8% increase in the income from associates to €0.9m, a pre-tax profit of... |
Equita sees Buzzi Unicem 2Q EBITDA rising20 July 2012, Published under Cement NewsBrokerage Equita expects Italian cement maker Buzzi Unicem to report second-quarter EBITDA of EUR158m, up by 13% on the year. SeeNews Italy reports that the broker expects the revenue to have grown 9% annually to EUR838m, thanks to the good performance in Russia and the USA which is seen to have offset the weak Italian demand. The sluggish Italian market can lead the management to carrying out a goodwill impairment of the domestic division, Equita said. The analysts lowered their 2012-201... |
UBS cuts Buzzi Unicem’s EBIDTA estimates on weak European markets18 July 2012, Published under Cement NewsUBS has cut Buzzi’s 2012 EBITDA projections by three per cent and now expects it to remain flat for the year at EUR424m as lower European demand weighs on the Italian cement major’s performance. The new EBITDA estimates are in line with the group‘s guidance and eight per cent lower than the consensus estimate of EUR460m. The broker has also has cut its recommendation on Buzzi Unicem to “sell” from “neutral” saying that cement demand in Europe has deteriorated significantly. Although ... |
Citigroup lowers Italcementi price target, Italy09 July 2012, Published under Cement NewsCitigroup has lowered its price target on Italcementi to EUR3.60 from EUR4.10, after cutting by 15% the pre-tax profit estimates for the Italian cement producer in 2012 and 2013. The prices and figures in Italy grew despite the weak market conditions but the dipping sales in France lead the bank to expect lower figures in 2012 than in 2011, Citigroup commented. The higher prices in North America are expected to raise Italcementi's profit on the market both in the first half and full-201... |
Cementir entering Britain05 July 2012, Published under Cement NewsThe Italian cement and aggregates group Cementir is entering the British market – not in cement or aggregates, but in waste management through its Turkish subsidiary Recydia. In Turkey, Recydia collects refuse to burn in its immediate parent's cement kilns. Recydia has invested GBP8.9m (€11m) in buying a company collecting and recycling municipal and industrial waste in Manchester, Liverpool and Lancashire in the north of England. The burning of waste in Britain's cement kilns has, ... |
UBS initiates Italcementi with ‘Sell’05 July 2012, Published under Cement NewsUBS has initiated Italcementi at sell with a target of EUR3.40, reports from Dow Jones show. UBS cites a negative view of the cement maker's core Italian market, underwhelming cash flow generation, among other factors. "We expect Italian cement volumes to fall 20% in FY12," it says. "Italcementi is trading at a near 15-year low, following a peak-to-trough EBITDA decline of circa 52%. The shares are highly leveraged (financially and operationally) to a stronger economic environment." UB... |
European construction outlook revised25 June 2012, Published under Cement NewsThe increasing perception that Greece will default and exit the eurozone together with rising fears of contagion has led Euroconstruct, a group of research institutes and consulting firms, to significantly downgrade its European construction forecasts for this year and next. At a meeting held last week, the group said Europe's construction forecasts for this year and next have been downgraded from -0.3% to -2.1% in 2012 and from +1.8% to +0.4% in 2013. Looking further ahead, it highlights... |