The Spanish market leader Cementos Portland Valderrivas saw its turnover decline by 19.0% to €435.4m in the first half, with most of the reduction taking place in Spain.
The EBITDA was off by 27.1% to €109.6m and the trading profit (EBIT) fell by 45.7% to €109.6m and the net attributable profit dropped by 88.3% to €2.4m, or a margin of just 0.6%. The deterioration in margins was primarily related to the reduction in prices, and the cash flow net of capital expenditure was off by 39.6% to €66.2m. The turnover contribution from Spain came down from 72.0% to 69.0% of the group total, while the USA improved from 13.3% and Tunisia from 8.3% to 10.3%, while Great Britain as the fourth largest saw its share decline marginally to 3.7%.
Group cement deliveries declined by 11.1% to 4.88Mt. The deterioration in the downstream volumes was more significant, with aggregates shipments falling by 17.0% to 6.56Mt, ready-mixed concrete deliveries by 14.9% to 1.95Mm³ and mortar sales by 12.1% to 0.5Mt. As a result, the share of turnover coming from cement rose from 66.6% in the first half of last year to 69.1% this time. By comparison, the total Spanish cement consumption was down by 15.9% to 12Mt in the first half. Portland Valderrivas increased the portion of alternative fuels from 4.5% to 5.6% in the period.