Italcementi ended 2012 with net losses of 362,4 million, against the profits of 91,2 million recorded in the previous year and linked to the 107 million collected from the sale of Set Group in Turkey. Dividends cut in half: 0,06 euro for ordinary shares (0,12 euro in 2011) and 0,06 euro for savings shares (0,18 last year).
The company communicates that the red is mainly due to goodwill value adjustments, restructuring costs and an unfavorable tax effect of an accounting nature (deferred taxes). Without considering these items, the net result would have been positive for around 113 million. Consolidated turnover decreased to 4.480,1 million, from 4.657,4 million in 2011 (-3,8%).
Recurring EBITDA fell from 701,1 million to 632,4 million, while the operating result was a negative 150,9 million, after amortization and depreciation of 456 million (against a previous profit of 138,9 million)
Net financial debt stood below the two billion threshold, at 1.998,3 million as at 31 December last (-98,4 million since the end of 2011). For 2013 "on the basis of the market assumptions that can be formulated up to now, the Group forecasts an improvement in EBITDA".
Despite these negative numbers, Italcementi stock gains more than two points in Piazza Affari by mid-morning today.
