International Cement Companies Reportedly Mulls Acquisition Of Reliance Cement
Mar 12 15
HeidelbergCement AG (DB:HEI) and Italcementi SpA (BIT:IT) reportedly mulls acquisition of Reliance Cement from Reliance Infrastructure Ltd (BSE:500390). Reliance Infrastructure, part of the Anil Ambani-led Reliance Group, has decided to monetise its cement business to fund the acquisition of Pipavav Defence and Offshore Engineering. Reliance Cement, a fully-owned subsidiary of Reliance Infra, is in talks with two international cement companies, Heidelberg and Italcementi, and has offered a 50% staek in the company. The prospective joint venture partner will also fund the company's cement capacity expansion - estimated to rise from five million tonnes per annum (mtpa) to 15 mtpa by 2018. Details of the valuation of the possible deal aren't known. When contacted, a Reliance Infrastructure spokesperson declined to comment on the issue. Reliance Infra will also make a mandatory open offer to acquire 26 per cent stake from the public shareholders of the company for INR 12.6 Billion, at INR 66 a share, in line with the Securities and Exchange Board of India's takeover regulations.
Italcementi Group Proposes Dividend for the Year 2014, Payable on May 20, 2015; Reports Consolidated and Company Earnings Results for the Year Ended December 31, 2014; Provides Earnings Guidance for the Year 2015
Mar 5 15
Italcementi board will ask the shareholders to approve distribution of a dividend of EUR 0.09 per ordinary share (EUR 0.06 for financial year 2013), with the full amount to be withdrawn from the extraordinary reserve. The payment date will be May 20, 2015, ex-dividend date is May 18, 2015, record date is May 19, 2015.
The company reported consolidated and company earnings results for the year ended December 31, 2014. For the year, on consolidated basis, the company reported revenue of EUR 4,155,641,000 against EUR 4,231,629,000 a year ago. Recurring EBITDA was EUR 649,139,000 against EUR 629,248,000 a year ago. EBITDA was EUR 644,173,000 against EUR 616,243,000 a year ago. EBIT was EUR 226,706,000 against EUR 159,369,000 a year ago. Profit before tax was EUR 72,360,000 against EUR 27,739,000 a year ago. Loss relating to continuing operations was EUR 48,932,000 against EUR 88,211,000 a year ago. Loss for the year attributable to owners of the parent was EUR 107,131,000 or EUR 0.355 per basic and diluted share against EUR 165,042,000 or EUR 0.604 per basic and diluted share a year ago. Net debt at end of year was EUR 2,156.7 million against EUR 1,934.0 million a year ago. Total capital expenditure was EUR 522.8 million against EUR 339.5 million a year ago. Total cash flow from operating activities was EUR 390.8 million against EUR 436.4 million a year ago.
For the year, on company basis, the company reported revenue 436,532,485,000 against EUR 461,918,476,000 a year ago. Recurring EBITDA was EUR 13,203,789,000 against recurring LBITDA of EUR 14,232,915,000 a year ago. EBITDA was EUR 20,823,360,000 against LBITDA of EUR 14,041,258,000 a year ago. LBIT was 56,090,965,000 against EUR 102,497,556,000 a year ago. Loss before tax was EUR 59,523,322,000 against EUR 109,939,450,000 a year ago. Loss for the year was EUR 54,025,014,000 against EUR 115,225,699,000 a year ago.
For the year 2015, in the areas in which the Group operates will see a recovery in North America and Asia, growth in the volume of demand in Egypt and relative stability in demand in Mediterranean Europe, although the market will weaken in France. In this scenario, higher sales volumes and good sales price levels will support an upturn in margins, in addition to the positive effect on results of the appreciation of foreign currencies against the euro and the reduction in energy costs since the beginning of the year. Nevertheless, performance forecasts on some key markets continue to reflect elements of volatility. Group recurring EBITDA will also benefit from the positive effect of marketing initiatives and innovation, the efficiency improvements arising from the production start-up of the new cement plants, the diversification of energy sources, greater use of production capacity in Egypt and the continuing rationalization of Group fixed and structural costs. Recurring EBITDA is expected to rise slightly from the 2014 figure. The Group net financial position should be slightly higher than in 2014, in part owing to the weakness of the euro; nevertheless, year-end leverage is expected not to be higher than at the end of 2014.