Financiera y Minera sees further Spanish falls ahead

Financiera y Minera sees further Spanish falls ahead
22 June 2011

Financiera y Minera (FYM, the Spanish subsidiary of the Italcementi group) posted a turnover last year of EUR176m, representing a decrease of 22 per cent over the previous year. Despite this sharp fall, EBITDA stood at EUR31m, while net operating profit (EBIT) was EUR 7.7m. The company has reduced its turnover last three years, from the record set in 2007, but has managed to stay in the black.

In 2010, FYM invested close to EUR11m, particularly spent on strategic improvement projects and environmental protection, said group CEO, Jean Le Dreff Ives, stressed the commitment of Italcementi by Spain at a news conference.

The manager explained that during the past year, operations in Algeria, Mauritania, Gambia, France and Italy saw dramatic revenue growth of 56 per cent to EUR25.3m, 14 per cent of total turnover. Sales achieved in these countries recorded a significant increase, 79 per cent more than in 2009.

In Andalusia turnover fell by 21 per cent, a decline not as steep as the previous year, which was 35 per cent, bringing the turnover of EUR92m. However, exports increased four-fold. Nevertheless,  current economic and financial context, Financiera y Minera foresees for 2011 a further drop in the construction sector in Spain and in Andalucia for 2011.
Published under Cement News