Cement News tagged under: italy

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UBS initiates Italcementi with ‘Sell’

05 July 2012, Published under Cement News

UBS 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 revised

25 June 2012, Published under Cement News

The 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...

Eurozone April construction output falls

21 June 2012, Published under Cement News

Construction output in the 17 nations that use the euro dropped 2.7 per cent in April compared to the month before, and five per cent from April 2011, the European Union's official statistics agency Eurostat said Tuesday. Eurostat also lowered its estimate for the growth of construction output in March, to 11.4 per cent from 12.4 per cent. The decline in construction during April was widespread across the currency area, with building work down six per cent in Germany, 2.3 per cent in Spain...

UBS launches coverage on Italcementi and Buzzi Unicem

21 June 2012, Published under Cement News

UBS started covering Italy's two largest cement producers, Italcementi and Buzzi Unicem, as they struggle against a backdrop of a construction recession and declining cement demand. The analysts expect cement sales in Italy to slump 20 per cent this year. Pricing, on the other hand, seem to offset this trend but competition is solid and the pressure on Italcementi is strong, UBS said. It added that Italcementi's EBITDA are bound to drop further in 2012 after the fall in 2011. Italceme...

S&P lowers Italcementi credit rating, Italy

30 May 2012, Published under Cement News

Standard and Poor's lowered the long-term corporate credit rating on Italian cement maker Italcementi  to BB+ from BBB-, and its short term rating to B from A-3. The agency set a "stable" outlook. The downgrade was prompted by Italcementi's continued underperformance against S&P's rating guidelines, the agency said. The group's operating performance in 2012 is expected to continue to suffer due to depressed end-markets, S&P added. (SeeNews Italy).

Italcementi opens i.lab Research Centre, Italy

17 April 2012, Published under Cement News

Italcementi’s new Research and Innovation Centre designed by the US Architect Richard Meier, was inaugurated today in the presence of the Italian Minister for the Environment Corrado Clini. Minister Corrado Clini cut the ribbon in front of a large audience including Giampiero Pesenti, Italcementi Chairman, Carlo Pesenti, CEO, and the Group's top management. Also in attendance were representatives and journalists from 18 countries in which the Italcementi Group operates. Located in the Ki...

Buzzi Unicem boosted by strong Dyckerhoff advance

02 April 2012, Published under Cement News

On a turnover that advanced by 5.2% to €2787.4m, Buzzi Unicem’s underlying EBITDA improved by 6.0% to €422.3m. With the non-recurrence of the exceptional charges seen in 2010, the trading profit (EBIT) jumped from €0.3m to 185.9m. After a net interest charge 3.7% lower at €99.8m a pre-tax profit of €84.3m emerged, an improvement on the previous year’s loss but still well below the €235.2m profit achieved in 2009. Net attributable profit was €26.4m. Net debt at the end of the year was 9.8% lo...

Cementir boosts trading profit by 61%

09 March 2012, Published under Cement News

Cementir Holding increased turnover by 10.8% to €933m and the EBITDA advanced by 14% to €124.2m. With depreciation and impairment provisions being just 1.8% higher at €88m, the pre-tax profit advanced by 60.8% to €36.2m. However, a swing in net financial items from a €1.3m profit to a €22.6m loss was the prime factor behind a 39.8% reduction in the pre-tax profit to €36.2m. The net attributable profit came down by 67.6% to €3m. Net debt at the end of the year was 6.4% higher at €357.5m to g...

Buzzi Unicem appoints new director, Italy

09 March 2012, Published under Cement News

The Board of Directors of Buzzi Unicem appointed Prof. Ester Faia as independent director, to replace Prof. Elsa Fornero who resigned in November 2011 to take up office as the Minister of Welfare.

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...