Nonetheless, EBITDA was down 18% on 2010 levels at €372million due to increased energy costs and instability in the Egyptian market following the political issues there.
“Over the last three years, which have been characterised by the consequences of a crisis to which no certain end is yet in sight, the group has invested significant resources to restructure and modernise its production facilities in the countries of greatest of interest, in part to adapt its cost structure to falling demand, especially in the industrialized nations,” said Italcementi CEO Carlo Pesenti.
“We have invested more than €2.2billion in industrial plant revamps, which have already produced positive effects on our costs, the measures taken to maintain a solid financial position and our decision to withdraw from non-core markets are the key elements of our management policy. Together, these measures have enabled us to close the first half with an amply positive profit and to strengthen a solid net financial position even after distribution of dividends for €133million and the re-consolidation of
