Cement News tagged under: Debt
Cemex: August '1203 September 2012, Published under Cement NewsCemex agreed to a new deal with its creditors to postpone debt payments and is considering new asset sales as part its US$7.25bn refinancing programme. The refinancing deal includes a debt swap, a US$1bn prepayment and revised financial covenants, giving the company extra time to prevent a financing crunch in 2014 by pushing maturities to 2017. The debt swap will exchange US$500m worth of debt for new, 9.5 percent senior secured notes that mature in 2018, adding that the new instrumen... |
Holcim net profit rises, streamlines group organisation15 August 2012, Published under Cement NewsHolcim reported increased sales and improved prices in the first half of 2012, with better margins in the second quarter despite a challenging operating environment in Europe. The group has further said it is looking to implement a “leaner and more efficient structure” . As part of the new changes, three managers will leave the executive committee and Urs Bleisch will head the “Holcim Leadership Journey” cost-cutting initiative. Consolidated net sales increased by 2.1 per cent in t... |
TCL doubles losses, Trinidad09 August 2012, Published under Cement NewsTrinidad Cement Ltd (TCL) has doubled its posted a post-tax loss for the first six months of 2012 compared to the same period of last year. TCL’s loss in the period from January 1 to June 30 amounted to TTD169m, compared with the TTD78.2m loss the company reported for the first six months of 2011. For the first six months of 2012, TCL’s group revenue totalled TTD789m, which was 3.7 per cent more than the revenues reported in 2011, mainly “due to higher pricing as domestic and export... |
Vicat first-half 2012 turnover eases08 August 2012, Published under Cement NewsFrance-based Vicat's first half performance improved strongly in Asia but results have mainly deteriorated elsewhere. Turnover for the six months to June 2012 eased by 1.5 per cent to €1128.8m, which represents a 2.4 per cent reduction on a comparative basis. EBITDA declined by 20.8 per cent to €200.6m as the margin narrowed from 22.1 per cent to 17.8 per cent. The trading profit fell by 36.6 per cent to €104.5m. After a net interest charge 1.4 per cent higher at €19m, the pre-tax profit ca... |
Jidong Cement set to sell debt financing instruments08 August 2012, Published under Cement NewsTangshan Jidong Cement Co plans to issue not more than CNY3bn (US$471m) debt financing instruments maturing in not more than three years in a non-public offering. Financing will be used to replenish working capital and repay bank loans. Coupon rate of the issuance will be determined in accordance with capital supply and demand relation on bond market and companies' demands; interest rate of the instruments will be determined in terms of an agreement that investors and the company sign. The ... |
Fitch Ratings says outlook for Indian construction stable07 August 2012, Published under Cement NewsFitch Ratings says that the outlook for the Indian construction sector remains stable for 2H12, despite the continued unfavourable macroeconomic environment, as some of the risks have already been factored into the ratings. However, the medium-term outlook could be affected by ongoing challenges in execution, coupled with high interest rates and lacklustre equity markets. Fitch is concerned about the construction sector's growing order book position amid slowdown in project execution, as th... |
European cement majors: first half trends06 August 2012, Published under Cement NewsThe last week has seen three leading European cement majors release first-half 2012 results: Lafarge, HeidelbergCement and Italcementi. The latest figures appear to confirm the upturn in North America, which, together with the emerging markets, have been the main drivers of demand as parts of Europe remain a drag on performance. While a slower volume growth environment persists, improved pricing and cost reduction measures continue to be central themes. In terms of market performance, wes... |