Cement News tagged under: FCC

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Spanish producers adapt to survive

10 February 2017, Published under Cement News

Spain's road back to high cement volumes seems a rather tortuous journey with Fomento de Constructions & Contratas (FCC) announcing a net loss of EUR1625.2m this week for its close of business in 2016. While the financial impact being felt on Spanish producers is extenuated with exchange rate fluctuations, the report also highlighted that construction business for the company was down 17 per cent in its domestic market, while the Spanish building market had fallen by 35.4 per cent for the c...

FCC triples loss but cuts debt by third in 2016

07 February 2017, Published under Cement News

Spain’s FCC closed 2016 with a net loss of EUR165.2m, trebling losses when compared with the previous year. The result was attributed to the impact of the cement business and the exchange rate on the environmental services business the company owns in the UK, the company’s second-largest source of income after Spain. For the company it means the fifth-consecutive year of losses. FCC attributed the 2016 result mainly to the adjustment of value made in the goodwill of the cement division, f...

Portland Valderrivas board approves Giant 55% sale to Elementia

31 October 2016, Published under Cement News

The board of Spain’s Cementos Portland Valderrivas has formally approved the sale of a 55 per cent stake in its US unit Giant Cement Holding to Mexico’s Elementia, owned by Carlos Slim, who owns a 35.6 per cent holding in the Mexican company via his Grupo Carso. The deal includes a US$220 capital increase in Giant with subscription rights granted to Elementia, who will extend a loan of US$305m to the US unit. Giant’s parent company, FCC, has also given the go-ahead. Slim’s holding com...

Spain: Portland Valderrivas quadruples 9M loss

25 October 2016, Published under Cement News

FCC subsidiary Cementos Portland Valderrivas of Spain reported a EUR233.3m loss in the first nine months of 2016, quadrupling its loss noted in 9M15. Revenues stood at EUR429.3m, 1.6 per cent below Jan-Sep 2015, as a result of shrinking markets in Spain and Tunisia, according to the company’s filing with the National Market Commission (CNMV). Cement sales advanced 1.7 per cent, aggregates by 30.8 per cent and mortar by 2.8 per cent, but concrete sales were down 23 per cent. However, EB...

Spain: FCC refinances Portland Valderrivas debt

14 July 2016, Published under Cement News

In the restructuring of the group, Spain’s FCC plans to refinance the syndicated debt of Cementos Portland Valderrivas (CPV), in which it owns a 77.9 per cent stake. Funds from FCC’s capital increase will be used to write of EUR325m of EUR823m of the total amount. CPV will then refinance the outstanding EUR500m over a period of five years. The refinancing will also enable the Spanish cement producer to obtain a reduction in interest rate from 4.5 per cent (Euribor) to 3.5 per cent. Key cr...

Spain: Cementos Portland restructures debt

11 May 2016, Published under Cement News

The refinancing of the EUR825m syndicated loan of cement producer Portland Valderrivas, a Fomento de Construcciones y Contratas (FCC) company, has been completed, reports Spacol. FCC, the Spanish civil engineering group and main shareholder in Portland, with an 80 per cent stake, offered a 10 per cent trimming to the loan, which matures in July 2016, but the offer was rejected by creditors. More than 50 per cent of the debt of Portland is now in hands of vulture funds, such as Apollo, Dav...

FCC to transfer rescue funds to Portland Valderrivas

17 September 2014, Published under Cement News

Spanish builder Fomento de Construcciones & Contratas SA (FCC) is to help its cement unit Cementos Portland Valderrivas make a debt payment by transferring rescue funds, according to reports by Bloomberg citing sources familiar with the matter. FCC has reportedly received approval to creditors to transfer some EUR20m to Cementos Portland, which owes lenders EUR50m on 30 September, the sources said. Meeting the payment deadline this month will buy the Spanish cement producer more time to re...

FCC to increase stake in Cementos Portland to 78%

28 March 2014, Published under Cement News

FCC will increase its participation in Spain-based cement producer Cementos Portland from 69.8 to 78 per cent. The transaction will be carried out by a capital increase of EUR111m through the capitalisation of a EUR100m subordinated loan granted by FCC. The capital increase will result from the issuance of 13,878,094 new ordinary Cementos Portland shares, representing EUR1.50 par value each with a premium of EUR6.50/share, for a total of EUR8. The capital increase is expected to take plac...

Expansion: FCC profit falls 77% YoY in 9 months

13 November 2012, Published under Cement News

Spanish construction and services group FCC received a net profit of €40.1m for January-September 2012, falling 77.5% on the year. Analysts polled by Reuters expected a €80m profit for the same period. The weaker results came amid the contracted infrastructure business of FCC and lower cement demand in Spain. The group's sales abroad grew by 6.6% on the year to €4.689bn in the nine months to September 2012 but total sales went down by 3.7% to €8.227bn.

FCC to provide loan to Cementos Portland by year-end, Spain

12 November 2012, Published under Cement News

Spanish builder FCC is expected to extend a EUR100m (US$127.3m) loan to its cement subsidiary Cementos Portland by end-December, according to reports in local paper Expansion. The credit is in line with the terms of the EUR1.274bn debt refinancing deal signed between Cementos Portland and its creditor banks in July. FCC decided to grant the loan after Cementos Portland said it would suspend the envisaged EUR100m capital hike, required by the debt refunding agreement. However, at the pres...