Displaying items by tag: Cementos Portland Valderrivas

Spain: The refinancing of a Euro825m loan of cement producer Cementos Portland Valderrivas has stalled. Fomento de Construcciones & Contratas SA (FCC) offered a 10% ‘haircut’ to the loan which matures in July 2016 but the offer has been rejected by the company’s creditors. FCC, a Spanish civil engineering group, owns an 80% stake in Cementos Portland Valderrivas.

More than 50% of the debt of Portland is now in hands of so called ‘vulture funds’ such as Apollo, Davidson and Avenue whose return requirements are different than those of traditional banks. After a recent Euro709m capital hike FCC has set aside around Euro300m to appease creditors, according to the Expansión newspaper.

Spain: Mexico's Carlos Slim has appointed Carlos Jarque and Juan Rodriguez Torres as proprietary directors of Cementos Portland Valderrivas. After the appointments, Carlos Slim controls more than half of the board of directors of Cementos Portland Valderrivas, with Gerrardo Kuri as CEO. Spanish builder FCC has three representatives on the board of Cementos Portland Valderrivas, namely Esther Koplowitz, Alicia Alcocer and Carmen Alcocer Koplowitz. FCC is the second biggest shareholder in Cementos Portland Valderrivas.

Spain: Cementos Portland Valderrivas has reported that in the first half of 2015, its net sales grew by 11.3% to Euro289m compared to Euro260m in the same period of 2014. Its cement sales grew by 4.1% year-on-year. In the first half of 2015, Cementos Portland Valderrivas reported a Euro39.9m loss compared to Euro31m in the same period of 2014.

Spain: Cementos Portland, a subsidiary of Spanish builder FCC, saw its loss grow by 21.2% year-on-year to Euro29.5m during the first three months of 2015.

The company boosted its revenue by 9.4% year-on-year to Euro122m, while its earnings before interest, tax, depreciation and amortisation (EBITDA) slumped by 59.9% to Euro6.3m. Cementos Portland attributed its negative results to a reduction in CO₂ emission sales on the secondary market and its new accounting procedures concerning costs generated by the annual renovation of its cement plants.

Should the aforementioned effects be neglected, Cementos Portland would have boosted its results by some Euro7m for the period to a loss of Euro25.7m, versus Euro32.7m a year earlier.

Spain: Spanish builder Fomento de Construcciones & Contratas SA (FCC) is to help its cement unit Cementos Portland Valderrivas make a debt payment by transferring rescue funds, according to Bloomberg. FCC has reportedly received approval to creditors to transfer Euro20m to Cementos Portland Valderrivas, which owes lenders Euro50m on 30 September 2014. Meeting the payment deadline will buy Cementos Portland Valderrivas more time to restructure about Euro1Bn of loans with creditors.

Spain: Cementos Portland Valderrivas (CPV) has released a statement outlining its plans to refinance Euro969m of debt. In the short term, CPV is struggling to keep on top of maturing debt and has released a statement confirming that it has received the unanimous agreement of all of its creditors to extend the maturity of Euro50m of debt from 30 June 2014 to 30 September 2014.

Spain: Cementos Portland Valderrivas (CPV) has seen its net loss widen to Euro31m in the first half of 2014 compared to a loss of Euro0.6m in the same period of 2013. It said that its performance was due to 'exceptional circumstances' and that without one-off items it would have improved its result by 36%.

CPV's revenue also decreased by 3.8% to Euro260m between January 2014 and June 2014. Cement sales volumes were up by 5%, of which 63% came from overseas markets, predominately the USA and Tunisia.

Spain: French cement multinational Lafarge has reportedly withdrawn from talks that it was having regarding the acquisition of a Catalonian cement plant from the Spanish sector player Cementos Portland Valderrivas (CPV). The decision was attributed to Lafarge's merger project with Swiss cement maker Holcim, which will most probably lead to the sale of assets in European countries, including Spain.

Lafarge had been negotiating the acquisition of the Vallcarca plant for several months. The plant has a cement capacity of 1.3Mt/yr. Lafarge previously placed a Euro20m offer for the facility, which was rejected by CPV.

Spain: Cementos Portland Valderrivas plans to implement a temporary downsizing plan that will affect 620 of the company's 630 total employees. The Spanish cement producer will run the plan for 12 to 15 days, according to news agency Europa Press.

Spain: Spanish association of cement producers Oficemen has appointed Isidoro Miranda as its new chairman. Miranda, the managing director of Lafarge Cementos, will replace the former chairman of Cementos Portland Valderrivas and current CEO of builder FCC, Juan Bejar. Oficemen also named Jaime Ruiz de Haro, Jose Maria Aracama, Feliciano Gonzalez and Jorge Wagner as vice presidents.