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Ebitda accumulated to September 2014 from Cementos Portland Valderrivas Group doubles the figure reached during the first nine months of 2013

Excepting Catalonia and Extremadura, cement consumption in Spain is on the rebound in the third quarter, although the accumulated data to September experienced a slight reduction of 1.1%.

10/23/2014 | Accionistas e Inversores

Q3 results reflect an improvement in all the countries where the Group is present.

Madrid, October 23rd 2014. The Group’s turnover in the third quarter is 3.5% higher with respect to the figure for the same period last year. In accumulated terms, the figure experienced a slight fall of 1.6%, reaching 406.6 million euros.

Ebitda has grown by 95%, reaching 82.6 million euros due to the following factors: efficiency measures implemented in Spain and the United States, deregulation of the cement industry in Tunisia, sustained growth in the United States and the higher sales of emission rights in Spain.

Ebit, which includes depreciation and other operating expenses, is positive for the first time since 2010, reaching 33.5 million euros.

Financial expenses decrease mainly due to the capitalization of the subordinated credit in the amount of 111 million euros from FCC carried out in April 2014. The pre-tax result for the year is -38.6 million euros, up by 37.5% versus the same period of last year, whereas the attributable net income stands at -45.3 million euros.

Evolution of the markets

The volumes of cement sold by the Group during the first nine months of 2014 grew by 5% versus the same period of last year.

In this context, cement consumption in this quarter is positive, for the first time in seven years, implying a 2.9% increase compared to the same period in 2013, whereas the accumulated figure to September experienced a slight fall of 1.1%. Cement consumption in the USA grew by 7.5% in terms of the figure accumulated to July. Finally, other noteworthy events in Tunisia are: growth in construction activities and cement prices deregulation in January 2014.

Evolution of debt

On September 30th, Cementos Portland Valderrivas made a debt payment of 50 million euros. Net debt stands at 1.29 billion euros, a fall of 74 million with respect to December 2013.

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