- REVENUE: 1,145.6 MILLION EURO (1,220.7 MILLION EURO IN Q1 2011)
- TOTAL LOSS FOR THE PERIOD OF 38.2 MILLION EURO (PROFIT OF 121.8 MILLION EURO INCLUDING CAPITAL GAINS OF 109.1 MILLION EURO FROM ASSET SALE IN TURKEY)
- EQUITY: 5,429.1 MILLION EURO (5,539.6 MILLION EURO AT DECEMBER 31, 2011)
- NET FINANCIAL DEBT: 2,129.3 MILLION EURO (2,039.6 MILLION EURO AT DECEMBER 31, 2011). GEARING 39.2%
- NET ASSET VALUE: 1,206.3 MILLION EURO (1,138.5 MILLION EURO AT DECEMBER 31, 2011)
Milan, May 15, 2012 – The Board of Directors of Italmobiliare S.p.A. examined and approved the consolidated quarterly report at March 31, 2012
In the industrial sector, the first quarter of the year was characterized by a rise in energy costs and stagnation in demand caused by renewed signs of recession, which were particularly evident on some industrialized markets, and by high volatility on the financial markets. For the first three months the Italmobiliare Group reported revenue of 1,145.6 million euro (-6.2%) and recurring EBITDA of 133.9 million euro, an increase of 1.3% from the first quarter of 2011. It posted a loss for the period of 38.2 million euro compared with profit of 121.8 million euro in the year-earlier period, which benefited from a capital gain of 109.1 million euro on the sale of assets in Turkey.
Specifically, in the construction materials segment – the area of operation of the Italcementi subsidiary, which reported its results on May 4, 2012 – the Italmobiliare Group recorded revenue of 1,071.7 million euro, a decrease of 6.8% from the first quarter of 2011. The negative volume effect – notably in Europe where weather conditions were particularly poor – was offset in part by a sales prices dynamic that was positive in Italy and stable in most other countries. Operating results were negatively affected by the fall in revenue and increase in energy costs, but benefited from measures to cut overheads and raise production efficiency. After non-recurring income of 8.8 million euro (17.6 million euro at March 31, 2011), EBITDA decreased by 8.7% to 135.5 million euro, while EBIT, at 21.3 million euro, fell by 41.4%. The first quarter showed a loss of 34.6 million euro compared with profit of 127.6 million euro in the first quarter of 2011.
In the food packaging and thermal insulation segment, covered by the Sirap Gema group, performance in the first quarter of 2012 was affected by the difficulties caused by the continuing weakness in demand. The segment reported revenue of 53.9 million euro, substantially in line with the year-earlier period. Thanks to industrial restructuring and reorganization measures, EBITDA was positive at 2.6 million euro, a significant improvement compared with the first quarter of 2011 (0.2 million euro). The reduction in overheads and the lower impact of polymer raw material costs allowed EBIT to return to a substantial break-even, compared with negative EBIT of 2.6 million euro in the first quarter of 2011. After net finance costs of 1.2 million euro and income tax expense of 0.2 million euro, the segment posted a loss for the period of 1.4 million euro, an improvement on the loss of 3.3 million euro for the quarter to March 31, 2011. In the financial segment, which includes the parent company Italmobiliare and the wholly owned financial companies, the markets showed a small upturn. Nevertheless, the segment posted a loss for the period of 0.4 million euro (profit of 2.6 million euro for the quarter to March 31, 2011) as a result of impairment losses taken on equity investments in the banking sector, particularly badly hit by the markets, which were offset only in part by gains on trading securities.
The banking segment (Finter Bank Zurich and Crédit Mobilier de Monaco) reported a loss of 1.5 million euro, a downturn from the loss of 0.7 million euro in the first quarter of 2011. The result, essentially reflecting performance at Finter Bank Zürich, was largely determined by the reduction in operating income from 8.1 million euro to 7.7 million euro in the first quarter of 2012 due mainly to the diminution in commission income.
In the first quarter of 2012, consolidated revenue amounted to 1,145.6 million euro, compared with 1,220.7 million euro in the first quarter of 2011 (restated to take account of the residual discontinued assets in Turkey); the reduction arose largely from the business slowdown in construction materials and banking, whereas the contribution of the financial segment was positive and food packaging and thermal insulation was stable. The geographical revenue breakdown reflects a revenue contraction in the European Union, while the most important growth was reported in North America and India.
Recurring EBITDA at 133.9 million euro increased by 1.3% from the first quarter of 2011 (132.1 million euro). This small improvement arose in food packaging and thermal insulation and in the financial segment, while reductions were reported in the other segments, especially banking. After net non-recurring income of 8.4 million euro (+17.3 million euro at March 31, 2011), relating mainly to the Italcementi group as the net balance from capital gains on the disposal of assets and restructuring expense, EBITDA decreased to 142.3 million euro (149.4 million euro). After a reduction in amortization and depreciation charges from the first quarter of 2011, EBIT was down to 24.6 million euro (33.4 million euro). At the end of the first quarter the Group posted net finance costs of 29.0 million euro (23.5 million euro in the year-earlier period), impairment losses on financial assets of 6.0 million euro (impairment reversals of 6.2 million euro at March 31, 2011) and a loss from associates of 0.5 million euro (profit of 1.7 million euro).
After income tax expense of 26.5 million euro (4.6 million euro in the first quarter of 2011), continuing operations showed a loss of 37.5 million euro (a gain of 13.3 million euro in the first quarter of 2011). The loss of 0.8 million euro relating to discontinued operations reflected the 2012 firstquarter loss reported by the Turkish company Afyon, for which the Italcementi group has reached a sale agreement.
The Group posted a loss for the period of 38.2 million euro, against a profit of 121.8 million euro in the first quarter of 2011, when it had a capital gain from the sale of assets in Turkey (109.1 million euro); the loss attributable to owners of the parent, after a loss attributable to non-controlling interests of 14.7 million euro (profit of 94.8 million euro at March 31, 2011), was 23.5 million euro (profit of 27.0 million euro).
Attached the full press release