Italcementi's underlying EBITDA fairly stable

Italcementi's first-half turnover declined by 6.2 per cent to €2156.6m and the running EBITDA was down by 10.6 per cent to €298.6m, with the reduction primarily reflecting exchange rate movements and lower income from the sale of emission certificates. 

The trading profit dropped by 27.1 per cent to €77.4m, and after an 0.9 increase in the net interest charge to €51.8m and a swing into loss from associates, the pre-tax dropped by 61.2 per cent to €21.6m. With a 2.8 per cent increase in the tax interest charge to €64.9m and a 9.1 per cent increase in the minorities charge to €41.8m, the net attributable loss jumped from €37m to a €85.1m profit. 

Net debt at the end of June was 4.5 per cent lower than a year earlier at €1998.3m, giving a gearing of 72.3 per cent compared with 72.1 per cent a year earlier.  Capital expenditure during the period was 21.2 per cent lower at €149.9m. 

Cement and clinker shipments in the period year declined by 7.1 per cent to 21.8Mt, while deliveries of aggregates were 4.7 per cent lower at 16.4Mt and ready-mixed concrete volumes came off by 4.9 per cent to 6.3Mm³.