Buzzi SpA reports consolidated cement sales of 26Mt in 2023

In 2023 Buzzi SpA reported consolidated cement sales of 26.343Mt, down seven per cent compared to 2022. The generalised slowdown in deliveries, which has been already highlighted during the first half of the year, continued also during the following quarters, particularly in central Europe, Poland and the Czech Republic, where the residential sector significantly weighed on demand.

In Italy and the United States sales volumes showed some resilience. Ready-mix concrete sales amounted to 10Mm³, down 12.7 per cent versus 2022, contracting in all countries where the company's subsidiaries operate, except for Ukraine which, although recovering, still recorded levels which are far from the pre-war period.

Consolidated net sales increased from EUR3995.5m to EUR4317.5m. During the year no changes in scope were recorded, while the exchange rate effect was unfavourable for EUR123.5m. LfL net sales would have improved by 11.1 per cent.

Consolidated EBITDA stood at EUR1243.2m, up 40.7 per cent compared to EUR883.7m of the previous year. The foreign exchange effect was unfavourable for EUR39.7m. After amortisation of EUR248.2m, versus EUR259.3m in 2022, and impairment of fixed assets of EUR10.2m, EBIT came in at EUR984.8m, versus EUR494.8m in 2022.

Profit before tax amounted to EUR1140.9m, almost doubled compared to EUR589.3m of the previous year. The tax burden for the financial year was EUR174.1m, versus EUR130.5m in 2022. the income statement for 2023 closed with a net profit of EUR966.8m (EUR458.8m in 2022). Net profit attributable to the owners of the company amounts to EUR966.5m.

An amount of EUR10.8m was allocated to capacity expansion projects, among which the increase in grinding capacity at Festus in Missouri (EUR5.5m) and the works relating to the construction of a new clinker storage in San Antonio (EUR2.4m).

In addition, EUR47m of the company's EUR311.1m of capital expenditure was devoted to decarbonisation programmes and environmental performance improvements. This includes projects to increase the production of cements with a lower clinker content, the greater use of alternative fuels and the in-house production of electricity.