Buzzi Unicem - March 2014
On a turnover 2.1 per cent lower at EUR2753.1m, Buzzi Unicem's EBITDA improved by 5.7 per cent to EUR481.2m. After writing down the assets in Italy by EUR57.7m and those in Ukraine by EUR39.9m, the trading profit (EBIT) showed a 24 per cent reduction to EUR149.8m. After a net interest charge 12.4 per cent lower at EUR110.5m, the pretax profit declined by 35.4 per cent to EUR50.3m. Because of a mismatch between where profits and losses were generated and tax payments, at the consolidated net level there was a loss of EUR29m compared with a restated profit of EUR2m in the previous year, while at the net attributable level the loss rose by 77.9 per cent to EUR50.7m. Net debt at the end of the year was reduced by 5.3 per cent to EUR1065.6m, while gross shareholders' funds declined by 8.8 per cent to EUR2374.2m giving a gearing level of 44.9 per cent. Group cement shipments were 0.3 per cent higher at 27.4Mt, while ready-mixed concrete deliveries declined by 5.1 per cent to 12.9Mm³.