Italcementi posts a loss for 2012
By Sarah Ann McCay07 March 2013
Italian cement producer Italcementi continues to feel the effects of the global economic crisis, with 2012 financial results reporting a loss of €362.4 million.
The company attributed the loss, in part, to the impact of non-recurring expense for approximately €475 million, arising largely from goodwill impairment, restructuring costs and deferred tax. Italcementi stated that, without this expense, the company would have posted a profit of €113 million.
The company has taken steps to improve efficiency with benefits of €100 million seen in 2012. The implementation of its Project 201’ in December 2012 is designed to generate additional margins.
Consolidated revenues sat at €4.48 billion, compared with €4.65 billion in 2011. Recurring EBITDA for 2012 was €632.4 million, down from 2011’s €701.1 million.
Looking forward, Italcementi forecast little improvement for 2013. Consumption of construction materials is expected to continue to contract on west European markets, whereas it should show a slight upturn in the USA, and continue to be healthy in most of the emerging countries.
Therefore, the company predicted a possible decline in sales volumes, which it hopes will be countered by a positive trend in sales prices in some markets, and by current industrial efficiency measures and rigorous control over fixed costs.