Cement News tagged under: corporate
Heidelberg presents creditors with refinancing plan07 May 2009, Published under Cement NewsHeidelbergCement presented its creditors with a refinancing plan to help the company avoid breaching loan covenants. Germany’s biggest cement maker proposed consolidating existing loans and credit lines under a single new borrowing facility and adjusting debt covenants to reflect the current market slump. In return, the Heidelberg-based company would offer a “significantly higher” margin and earlier repayment, it said in a statement today. The company, which ran up debt in the US$12bn take... |
Caribbean Cement FX losses cut into profit06 May 2009, Published under Cement NewsCaribbean Cement Company’s thrust into the export market enabled the company to mitigate against a declining domestic market but profits fell by 20 per cent during the quarter ending March 31, 2009. The cement manufacturer reported net profit of J$130m for the review quarter, which was 20 per cent lower than the J$163m net profit it earned during the three months ending March 31, 2008. The decline was due to significant foreign exchange translation losses, which were included in finance co... |
Holcim 1Q Net Profit CHF74m versus profit CHF370m06 May 2009, Published under Cement NewsHolcim Ltd reported a fall in net profit to SwFr74m (US$64m) compared with CHF370m a year ago. Sales declined to CHF4.52bn from CHF5.51bn and operating profit to CHF343m from CHF737m. Operating earnings before interest, taxes, depreciation and amortization, or operating EBITDA, declined by 34% to CHF763m. The operating EBITDA margin reached 16.9% compared with 20.9%. Cash flow from operating activities was negative in the first quarter as expected. Because of the difficult economic enviro... |
Vicat first quarter decline06 May 2009, Published under Cement NewsVicat today reported first-quarter 2009 sales of €425 million for the three months ended 31 March 2009, representing a decline of 9.8%. At constant scope and exchange rates, sales declined by 14% compared with the same period of 2008. In relation to this report, the Management Board stated: “As anticipated, the continuation of the economic downturn impacted the Group’s performance during the first quarter of 2009. In spite of this backdrop and highly unfavourable weather conditions, Vicat m... |
Vulcan first quarter turnover down05 May 2009, Published under Cement NewsReduced production and stock levels led to a 26.6% fall in Vulcan Materials’ first quarter turnover to US$600.3m and the EBITDA dropped by 39.4% to US$96.9m, while at the trading level there was a swing from a profit of US$66.8m into a loss of US$1.3m. Aggregates shipments in the quarter fell by 30.3% to 29.08Mt (32.05Mst), but the average price improved by 2.2% to US$11.31/t and the aggregates turnover was off by 25.0% to US$401.8m. Ready-mixed concrete volumes were down by 31.9%, while... |
Nigeria Lafarge unit’s Q1 2009 profit climbs 23 per cent01 May 2009, Published under Cement NewsLafarge Cement WAPCO, the Nigerian unit of the world’s biggest cement maker, Lafarge, reported a 23 per cent rise in first-quarter net profit, the Nigerian Stock Exchange (NSE) said on Wednesday. Profit after tax was 2.39 billion naira (US$16.4m) in the first quarter to March 31, 2009 while gross earnings climbed nearly 66 per cent to 3.57 billion naira from 2.15 billion in the same period of the previous year. WAPCO’s fixed assets grew in the period to 49.46 billion naira from 34.16 billi... |
HeidelbergCement Said to Offer More Interest to Extend Loans01 May 2009, Published under Cement NewsHeidelbergCement AG, the German cement maker owned by the Merckle family, is offering banks more interest to extend EUR9bn (US$12bn) of loans, according to two people familiar with the negotiations. Lenders including Deutsche Bank AG, Royal Bank of Scotland Group Plc and Commerzbank AG are being asked to extend the maturity of loans due between 2009 and 2012 by as long as three years, said the people, who declined to be identified because the transaction is private. In return, the Heidelbe... |
Semapa Q1 ’09 profit plummets 47.6% YoY29 April 2009, Published under Cement NewsSemapa closed the first quarter of 2009 with a net profit of EUR12.8m (US$16.9m), down 47.6% on the year, Semapa said on Tuesday. The turnover of the group went down 8.2% to EUR 342.4m. EBITDA decreased 23% to EUR 73m. The sales of the pulp and paper unit of Semapa stood at EUR 263.8m, down 12.2%, while the sales of the cement operations of the group went down 2% to EUR 139.8m. The net debt of Semapa at the end of March 2009 stood at EUR 1.061bn, against EUR 1.016bn a year ago. |
Lafarge successfully completes cap hike28 April 2009, Published under Cement NewsThe EUR1.5bn (US$1.97bn) capital increase launched by Lafarge on April 2 has been closed successfully. Subscriptions totalled some EUR 2.6bn, with an oversubscription rate of 172%. The subscription price had been fixed at EUR 16.65 per share and the operation had pushed up the share value of the construction stocks on the bourse. The capital increase was part of a debt-reduction plan worth EUR4.5bn, presented by Lafarge in February 2009, including cost and investment cuts. |
Mysore Cements is now HeidelbergCement India22 April 2009, Published under Cement NewsMysore Cements Ltd has announced that the name of the Company has been changed from "Mysore Cements Ltd" to "HeidelbergCement India Ltd" as of April 16, 2009, consequent to the issue of the fresh certificate of incorporation by the Registrar of Companies, Karnataka (ROC). Further the Company has informed that change of name of the Company was part of the Scheme of Amalgamation of Indorama Cement Ltd and HeidelbergCement India Pvt Ltd into and with Mysore Cements Ltd, which was sanctioned by... |