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| Italcementi posts quarterly report Italian construction materials giant Italcementi examined and approved the consolidated quarterly report for the year to March 31, 2009. For the first quarter of 2009, the group reported sales volumes of 12.9 million metric tons in cement and clinker (-12.8% from the year-earlier period), 9.1 million metric tons for aggregates (-23.9%) and 2.5 million cubic meters for ready mixed concrete (-23.4%). With the reduction in sales volumes – caused by the general slowdown on the world construction materials market, with isolated exceptions in some emerging countries – consolidated revenues amounted to 1,201.2 million euro, a decrease of 11.1% from the first quarter of 2008, with the largest reductions in absolute values reported in Italy and France. The decrease arose from slower business performance (-13.4%) offset by a positive exchange-rate effect (+2.4%), while the consolidation effect was immaterial (-0.1%). Operating results reflected the negative impact of sales volume trends and an increase in variable costs, in part due to consumption of fuel stocks procured at the high prices of the previous months: recurring EBITDA for the year to March 31, 2009, was 188.9 million euro (-27%), while EBIT was 64.6 million euro (-57.3%). The measures introduced as from 2008 to contain fixed costs (down by approximately 4.5% from the year-earlier period) produced significant results in all countries, confirming the turnaround that emerged in the fourth quarter of 2008. Contrasting a downturn in results that was particularly severe on the mature markets, growth was reported in some emerging countries (Morocco, India and Egypt). For the first quarter of 2009, Italcementi reported a net profit of 20.1 million euro (82.2 million euro in the year-earlier period), with a net loss attributable to equity holders of the parent of 12.7 million euro (net profit of 38.7 million euro). The investment programs for Italcementi 's four strategic projects (in India, Morocco, USA and Italy) continued in the first three months as part of the drive to improve industrial organization and operating efficiency. First-quarter capital expenditure totaled 171.4 million euro (156.2 million euro in the first quarter of 2008). At March 31, 2009, net debt stood at 2,689.5 million euro and shareholders' equity was 4,651.8 million euro. The gearing ratio (net debt/shareholders' equity) was 57.8% (58.0% at December 31, 2008). write your comments about the article :: © 2009 Construction News :: home page |