Spain: Cementos Portland Valderrivas 1H loss increases

Cementos Portland Valderrivas has seen 1H losses of EUR39.9m, 28.9 per cent higher than in 1H14, when it recorded a loss of EUR31m.

The result is attributed to the lower sales of CO2 emission rights, which reached EUR10.6m, and a change in the way the cost of maintenance stoppages is accounted for (EUR3.2m).

Turnover has increased 11.3 per cent to EUR289.2m thanks to increases in sales volumes and prices in Spain, USA and the UK, which account for over 75 per cent of total sales. However, gross operating profits fell 24.4 per cent to EUR37.4m.

Net debt increased by EUR52.6m to EUR1356.9m on 30 June 2015, which includes EUR30.7m due to the depreciation of the euro against the US dollar. Of the total, EUR807m are syndicated debt, EUR426m are by its American subsidiary and the remainder is a subordinated loan from its parent company, FCC.