Cement News tagged: Corporate
HeidelbergCement lifts revenues, raises savings target
German cement major HeidelbergCement has reported a rise in revenues in 2011 driven significantly by its exposure to attractive growth markets, continuing recovery in most group markets and successful implementation of its “FOX 2013” improvement programme. “The year 2011 was a further consistent step towards reaching our strategic goals”, says Dr. Bernd Scheifele, Chairman of the Managing B...
Fitch rates Rain Commodities at 'Fitch A-(ind)'; outlook stable
Fitch Ratings has assigned India's Rain Commodities Limited (RCOL) a National Long-Term rating of 'Fitch A-(ind)'. The Outlook is Stable. However, ratings are constrained by volatility in cement prices and sector overcapacity. Fitch has taken a consolidated view of RCOL's cement and calcining businesses, both operated by its subsidiaries, for the rating purpose. While India's Rain Cement L...
Cementos Portland Valderivvas debt reduction plans, Spain
Spanish cement producer Cementos Portland Valderivvas is looking to reduce debt to around EUR1bn from the current EUR1.3bn with two options on the cards. The company is looking for institutional investors to subscribe to its forthcoming capital hike, the proceeds of which will allow Cements Portland to cut debt. It is also considering the divestment of it Giant subsidiary in the USA and red...
Hilal Cement boosts net profit, Kuwait
Hilal Cement of Kuwait reported a surge in net profit to KWD1.22m (US$4.4m) for 2011 from KWD714,937 a year earlier. Earnings per share for the cement producer were 17 fils compared with 10 fils the year before. Total assets stood at KWD22.4m at end-2011, slightly up from the KWD21.8m in 2010. The board has recommended a 15 per cent cash dividend for 2011, equal to 15 fils per share.
Sibirsky to pay out EUR4m on failed Set deal, Russia
Sibirsky Cement has paid out over EUR4m to the London branch of Netherlands-based ING Bank NV regarding a failed deal between the Russian producer and Italcementi for Turkish assets, according to local press reports. In 2008, Sibirsky concluded an agreement with ING Bank to organize the purchase financing of the Italcementi Set Group of Turkey which is a subisidiary of Ciments Francais (whi...
Dyckerhoff sales increase
German-based Dyckerhoff increased sales by EUR186.8m (or 13.2 per cent) to EUR1.6bn compared to 2012. The company said it benefitted considerably from a mild winter which facilitated cement and concrete deliveries through the year. This led to volume increases of 15 and 19 per cent, respectively. Group EBITDA rose by EUR72.4m (33.1 per cent) to EUR291m. This includes positive one-time effec...
Pakistan industry first-half profitability improves
A number of Pakistan cement manufacturers and exporters have posted profits after tax for the first six months of the current fiscal year against losses reported in 1HFY2011. The rise is attributed to significantly improved retention prices and alternative energy resources. According to a financial review by Invest Capital Markets Ltd, out of 16 companies (representing 96 per cent of the se...
S&P revises down Lafarge outlook to ‘negative’
Standard & Poor’s (S&P) has revised its outlook on Lafarge from ‘negative’ to ‘stable’ while keeping its BB+ long-term and B short-term credit ratings on the French cement producer. A revision to the outlook is possible, the ratings agency has said. S&P stated that the group may not be able to improve credit metrics in 2012 from the very weak levels registered at the end of 2011. The agency ...
Belgrod Cement increases shipments, Russia
Russia-based producer Belgrod Cement, part of the Eurocement Group, increased shipments by more than 30 per cent YoY in the first two months of 2012. Cement and clinker production increased by more than 60,000t compared to the same period of 2011. Furthermore, its bagged shipments increased seven-fold. In terms of energy efficiency, savings per ton of cement from the beginning of this ye...
RHB upgrades Lafarge Malayan Cement
RHB Research has upgraded Lafarge Malayan Cement to ‘Market Perform’ from ‘Underperform’ and raised the target to MYR7.43 from MYR5.94. The research house says the new target is based on 17 x FY12 EPS of MYR0.437 sen in line with its two-year historical average. RHB has also raised its FY12-14 earnings forecast by three per cent to 21 per cent mainly to reflect a higher domestic demand g...
Vicat improves turnover, but profits decline
Turnover improved by 25.5% in 2011 to €2265.5m, but the profitability declined, mainly because of Egypt and to a lesser extent the United States, and the EBITDA came off by 2.6% to €490.9m, while the trading profit declined by 8.1% to €309.5m. Primarily as a result of the expansion in Asia, the a net interest charge jumped by 60.5% to €43.9m and with a lower contribution from associates, th...
South Cement to issue CNY1.5bn in bills, China
South Cement Co controlled by state-owned China National Building Materials Co, has announced plans to sisue CNY1.5bn worth of 365-day unsecured bills on the internet bank market on 15 March, according to reports by China Knowledge Press. The coupon rate will be determined in the process of book building. Both value date and payment due date is set on 19 March and the to-be-issued bills trad...
Cemex extends tender date for exchange offer
Cemex has extended the early tender date for five exchange offers launched in February this year. The company has offered to exchange euro-denominated 4.75% notes due 2014 and outstanding series of perpetual debentures for euro or dollar-denominated senior secured notes until March 23 2012," the cement maker said in a release.
Cemex agrees to pay Mexican tax dispute
Cemex has lost a dispute with the Mexican government over money owed on proceeds from foreign subsidiaries, resulting in the cement producer now paying a fine of at least US$361m in back taxes. Cemex had contested changes in the law in 2005 that required Mexican companies to pay in Mexico on certain income from foreign subsidiaries where income taxes were less than 75% of the corresponding t...
Holcim proposes new member of the board of directors
Holcim's Board of Directors proposes to the Annual General Meeting (scheduled 17 April 2012) that Prof Dr Ing Wolfgang Reitzle be elected to the Board. Wolfgang Reitzle, 63, German citizen, studied engineering and economics at the Technical University of Munich and holds a degree and a PhD in mechanical engineering. From 1976-1999 he worked for car manufacturer BMW, where in 1987 he was ...
Siam Cement steps up ASEAN investments
Siam Cement Group (SCG), Thailand's largest industrial conglomerate by revenue, is stepping up its plans to build on its cement and building materials activities in Southeast Asia as it eyes new regional investments and acquisitions in the markets of Indonesia, Vietnam and Myanmar. Earlier this week, the company announced plans to construct a 5000tpd cement plant in Indonesia as the manufact...