Revenues amounted to 887 million euro and EBITDA was 220 million euro. The EBITDA margin was 25% as good management mitigated the effects of the economic crisis on the cement industry in Spain and the US.

The decline in cement consumption in Spain slowed in 2010. The improved profit margin places the cement company in an optimal competitive position to address the change in the economic cycle.

Portland Valderrivas obtained 226 million euro of cash flow net of investments (the target was 200 million euro) as a result of its investment rationalisation policy, cost savings, and management of working capital. This positive performance enabled the group to pay 37 million euro in dividends and reduce net debt by 132 million euro.

At 2010 year-end, the group had 424 million euro in cash and cash equivalents, which amply exceeds its 2011 debt repayments.
 
Cementos Portland's US subsidiary has been converted into a subsidiary of Uniland International, BV with a view to establishing the Uniland Group as the instrument for expanding and internationalising CPV's business. The goal of this operation was to situate all Group assets outside of Spain under a single international company.

2011 Excellence Plan
Improvements under the Plan 100+ enabled the company to attain 122 million euro in recurrent savings on an annualised basis, i.e. above the 100 million euro target for 2009-2011. The group has launched a new initiative, the "2011 Excellence Plan", to improve EBITDA through cost savings and revenue growth.

These efforts will enable the group to address the change in economic cycle in a way that is positive and effective as it prepares for the recovery in demand. Operating leverage will enable the group to significantly improve its financial ratios.

Research, Development and Innovation (RDI)
The Cementos Portland Valderrivas group is committed to RDI as a growth driver. Its industrial RDI projects are starting to bear fruit, and new products have been successfully tested in several major construction projects. As a result, further research and innovation projects are under way.

The use of concrete for road surfaces is a priority objective for the group, which is monitoring technical developments and awaiting new road resurfacing projects.

In Spain, Portland Valderrivas continues to implement its strategic policy of replacing fossil fuels with alternative fuels, with the two-pronged goal of reducing CO2 emissions and limiting dependence on oil (in view of cyclical volatility in prices).