Displaying items by tag: Cementir Holding

Italy: Cementir Italia has had its Euro125m offer to purchase Sacci SpA approved by the Italian Antitrust Authority, the company has said in a statement. The competition body gave its approval to Cementir Italia’s owner, Cementir Holding.

Cementir Italia submitted its offer for the business in November 2015. The target assets comprise five cement production plants in central and northern Italy, three terminals, several ready-mixed concrete facilities, most of which in central Italy, a transport service and some equity interests in other companies.

Cementir Italia will pay part of the acquisition price upon closing of the transaction and the remainder within 24 months from completion, Cementir said in a previous statement. The first part of the payment is subject to adjustment, it added. Cementir plans to finance the acquisition with new and existing debt.

Italy: Cementir Holding has reported that its profit rose by 3.1% year-on-year to Euro103m in 2015 from Euro100m in 2014. Its revenue rose by 2.2% to Euro969m from Euro948m. It attributed the growth to good performance of operations in the Scandinavian countries, Malaysia, Italy and Egypt.

“The Group ended 2015 with earnings before interest, taxation, depreciation and amortisation (EBITDA) in excess of the target of Euro190m. Improved performance in Scandinavian countries and Italy, plus the stable contribution of the Far East, offset the lower earnings in Turkey and Egypt caused by socio-political tensions across the Mediterranean and the Middle East, as well as the negative impact of the depreciation of some foreign currencies,” said Francesco Caltagirone Jr, Chairman and Chief Executive Officer of Cementir. He added that the group reduced its net debt to Euro222m in 2015.

The Italy-based building materials company produced 9.37Mt of cement in 2015, a decrease of 2% year-on-year from 9.56Mt in 2014.

Italy: Italy's antitrust authority has opened an investigation into four cement companies for alleged price fixing and, with the tax police, has searched the offices of the companies, according to Reuters. The companies under investigation are Buzzi Unicem, Cementir Italia, Industria Cementi Giovanni Rossi and Holcim Italia.

"The case concerns the possibility of an agreement to coordinate cement sales price increases," said the authority in a statement.

Holcim Italia, part of LafargeHolcim, confirmed the inspections. It said that the company had always acted according to the law and has 'policies and procedures in place that are designed to ensure compliance with principles and rules of fair competition prohibiting anti-competitive behaviour and the abuse of a dominant market position.' Buzzi said that it is confident that it will be able to demonstrate during the investigation that it had always acted in compliance with competition law.

Italy: Cementir Holding has reported a pre-tax profit of Euro3.8m in the first quarter of 2015 compared with a pre-tax loss of Euro1.8m in the same period of 2014. Revenues fell by 0.9% to Euro205m. Earnings before interest, tax, depreciation and amortisation (EBITDA) declined by 1.6% to Euro24.2m. Net financial debt widened to Euro326m at the end of March 2015 from Euro278m at the end of 2014. For the entire 2015, Cementir expects an EBITDA of some Euro190m and a net financial debt of around Euro230m.

Italy: Cementir Holding has appointed Francesco Caltagirone Jr as Chairman and chief executive officer (CEO), Carlo Carlevaris as Vice Chairman and Riccardo Nicolini as General Manager. Paolo Di Benedetto has been appointed as 'Lead Independent Director'. Chief financial officer Massimo Sala has been appointed as the corporate accounting documents officer for 2015.

The board of directors at Cementir have also established the following internal committees.

Executive Committee: Francesco Caltagirone Jr (Chairman), Mario Delfini and Riccardo Nicolini.

Control and Risk Committee: Paolo Di Benedetto (Chairman), Veronica De Romanis and Chiara Mancini.

Nominations and Compensation Committee: Paolo Di Benedetto (Chairman), Veronica De Romanis, Chiara Mancini and Mario Delfini.

Italy: In its initial results statement, Cementir Holding SpA has reported earnings before interest and tax (EBIT) of Euro104m in 2014, up by 35.7% annually. Revenues dropped by 4.1% to Euro948m, mostly due to the appreciation of major currencies against the Euro.

During the entire of 2014, earnings before interest, tax, depreciation and amortisation (EBITDA) increased by 13.4% to Euro192m, as non-recurring items of some Euro12m pushed the result up. EBITDA margin grew to 20.3% in 2014, up from 17.2% in 2013. Cementir's net debt dropped to Euro278m at the end of 2014 from Euro325m at the end of 2013, thanks to positive operating cash flow.

Cementir's operating results in 2014 beat its own targets, due to efficiency improvement efforts, according to chairman and CEO Francesco Caltagirone Jr. In its outlook for 2015, Cementir expects to post EBITDA of some Euro190m and have its net debt at around Euro230m at the end of the year. It expects to raise its sales of both cement and ready-mix concrete, to increase the proceeds from waste treatment in Turkey and the UK and to achieve efficiency savings on energy costs.

Italy: Cementir Holding has confirmed that its 2014 earnings before interest, tax, depreciation and amortisation (EBITDA) will exceed Euro180m after posting annual growth of 26.4% in the first half of 2014.

Cementir reported EBITDA of Euro78.4m in the first half of 2014, up from Euro62m in the same period of 2013. Revenues inched up to Euro473m from Euro472m, with sales in Turkey, Scandinavia and the Far East offsetting weaker sales in Italy and Egypt. Net profit rose to Euro20.5m from Euro7.4m in the first half of 2013.

The exchange rates on the foreign markets affected sales in Euros. The currency depreciations to the euro, on the other hand, helped Cementir to cut its operating costs by Euro29.3m from the end of June 2013 to Euro386m at the end of June 2014. Cementir's net financial debt went up by Euro30m from December 2013 to Euro355m at 30 June 2014, as a result of plant maintenance, dividend distribution and changes in working capital.

For 2014, Cementir expects the growth trends in Scandinavia, Turkey and the Far East to continue, while it is difficult to predict the performance in Egypt due to the political and social unrest.

Worldwide: Cementir Holding plans to close a deal within 12 months that could enhance its position in the white cement industry, according to Reuters.

Francesco Caltagirone, CEO of Cementir, said that the company is looking at potential sector acquisitions in the US, sub-Saharan Africa and the Far East. Cementir also plans to boost its waste management operations in Europe, beyond the markets in Turkey and the north of England where it is currently focused.

Italy: Cementir Holding has reported a revenue of Euro989m in 2013, a 1% increase year-on-year from the Euro976m reported in 2013. Sales of grey and white cement fell slightly by 1% to 9.74Mt in 2013. Despite this, net profit rose by 144% to Euro40.1m and earnings before interest, taxes, depreciation and amortisation (EBITDA) rose by 22.9% to Euro170m.

"Despite the modest increase in revenues, profitability improved significantly. Cementir Holding ended 2013 with EBITDA above the target set at the start of the year, despite the sharp downturn in the Turkish and Egyptian currencies," said Francesco Caltagirone Jr, Chairman and CEO of Cementir Holding.

By region the Italy-based cement producer reported revenue rises in Scandinavia, Turkey and in the Far East. Revenues fell by 15% in Egypt and by 13.6% in Italy.

In its outlook Cementir Holding expects to see continued revenue growth in Scandinavia, Turkey and the Far East in 2014 and an improvement in profitability in Italy amidst continued market weakness. It does not expect the situation to improve in Egypt during 2014.

Italy: Italian cement maker Cementir Holding increased its revenue by 4.6% to Euro976m in 2012. Cementir's earnings before interest, tax, depreciation and amortisation (EBITDA) grew by 11.1% to Euro138m. However, sales volumes of grey and white cement fell by 6% to 9.85Mt in 2012 from 10.47Mt in 2011.

In its financial statement Cementir attributed its positive performance to the good development in prices across all of the company's geographic areas, although at a much slower pace of growth in the Scandinavian countries and in Turkey. Volumes of cement and clinker fell in 2012 due to the slowdown in the Italian and Egyptian markets and, to a lesser extent, the decline in exports from Turkey. This was partly offset by the positive performance posted in the Far East, thanks in part to the new capacity of a Chinese plant, now in its second full year of operation

For 2013 Cementir expects its financial performance to improve and its debt to diminish. A positive trend of white cement sales in China and positive performance in Egypt and Malaysia are expected to offset the expected contraction in Italy. In Turkey, growth should be modest as a result of the contraction in the residential construction market, although investment in infrastructure should remain high. The 2013 revenues are expected to beat Euro1bn and the EBITDA to exceed Euro150m. Cementir also launched a project to improve the profitability of its operations in various countries, which is expected to save Euro30m as of 2014.