Italcementi aims to sell out to HeidelbergCement as consolidation gathers pace

Italcementi's first-half turnover recovered by 5.8 per cent to EUR2167.5m and the running EBITDA improved by 5.3 per cent to EUR324.5m. Helped by a reduction in the impairment charge, the trading profit improved by 9.6 per cent to EUR113m. Net financing costs eased by 0.2 per cent to EUR66m, giving a pretax profit of EUR57.3m, compared with EUR4.3m a year earlier. After tax, there was a EUR3.8m profit, compared with a EUR79.6m loss tat the same stage a year ago. The net attributable loss amounted to EUR32.6m compared with EUR113.3m a year earlier. Net debt stood at EUR2237.6m, 20.8 per cent higher than a year earlier and compares with shareholders’ funds of EUR3926.9m, giving a gearing ratio of 57 per cent. Capital expenditure during the period was 29.8 per cent lower at EUR194.4m.

Cement and clinker shipments in the period year was 0.1 per cent lower at 21.7Mt, while deliveries of aggregates improved by 6.6 per cent to 16.4Mt and the ready-mixed concrete volumes improved by 0.3 per cent to 5.8Mm³. The international cement and clinker trading volume declined by 11.9 per cent to 1.7Mt and the turnover from that activity declined by 10.8 per cent to EUR90.8m, but EBITDA advanced from EUR5.5m to EUR11.7m.

The western European turnover declined by 5.5 per cent to EUR1027m and EBITDA eased by 4.7 per cent to EUR133.2m. Cement and clinker volumes declined by 2.3 per cent to 7.6Mt, but aggregates shipments improved by 2.1 per cent to 14.5Mt while ready-mixed concrete deliveries were down by 3.6 per cent to 3.5Mm³. 

The Middle East generated a turnover seven per cent higher at EUR519.1m, but EBITDA declined by 12.2 per cent to EUR116.1m. Cement and clinker volumes were off by 1.8 per cent to 6.3Mt. Aggregates shipments rose by 28.8 per cent to 0.9Mt and ready-mixed concrete deliveries improved by 12.4 per cent to 1.5Mm³. 

Asian cement and clinker deliveries were 1.8 per cent ahead at 5.6Mt and the turnover rose by 29.4 per cent to EUR335.8m and EBITDA jumped by 65.3 per cent to EUR62.7m.