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Cementos Portland Valderrivas reduces its losses by 55% in 2012 in a difficult environment

02/28/2013 | General

For the first time international sales exceed the Spanish ones

 

The Grupo Cementos Portland Valderrivas (GCPV), the major Spanish capital of the sector, recorded losses of € 147.1 million in 2012,  55% less than in 2011, when the figure was of 327.4 million.

 

GCPV has managed to reduce losses in a very difficult environment marked by the collapse of the construction sector in Spain, and in the middle of the process of the restructuring designed in the Plan NewVal, one of which objectives is to adapt industrial capacity to the market situation. The consumption of cement in Spain dropped of 34% in 2012, according to data from Oficemen, the trade association.

In addition, 2012 accounts are surcharged by nonrecurring expenses that deduct 105 million to the result before taxes, including derivatives of the restructuring undertaken in Spain (46.9 million) and the reorganization of assets.

GCPV earned a gross operating profit (EBITDA) of 69.8 million, 54.7% less than in 2011, while the turnover has fallen 12.9%, up to 653,7 million.

For the first time, the sales in international markets (51%) exceed the sales obtained in Spain, thanks to the impulse of the United States and Tunisia, but also because of the fall of the Spanish market. In a year, the national business has gone from representing 65% of the turnover of the Group to 49%.

In 2012, GCPV sales of cement in Spain have fallen in line with the market, but have grown above 9% in the United States and 34% in Tunisia. In the North African country, the comparison is not homogenous, since the activity was affected in 2011 by socio-political incidents that forced to temporarily stop the factory of Enfidha.

The Group doubled its exports from Spain, up to 1.4 million metric tons, despite the remarkable rise of the cost of electric power and the highly competitive environment in foreign markets.

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