The agreement provides for amortisation in five half-yearly payments, starting August 2011, each for 10% of the total plus a final payment of the remaining 50%.

As a result of the extension, the loan will bear variable interest of Euribor plus a spread of 295 basis points. The fact that the Group was able to extend the loan maturity highlights its ability to negotiate in the financial markets.

At the end of June 2010, Cementos Portland Valderrivas Group's consolidated net financial debt was 1.456 billion euro, i.e. 421 million euro (22.5%) less than at the end of 1H09.

Earnings for 1H10 reflected a decline in net financial expenses by 31.1 million euro (i.e. 17.6%) with respect to 1H09. The company's financial position improved in 2009 as a result of a 202 million euro capital increase, sales of non-core assets in Argentina and Uruguay worth 136 million euro, and low interest rates during that period.

As a result, at 30 June 2010 Cementos Portland Valderrivas Group had 410 million euro in cash and cash equivalents, 194 million euro in credit lines, and other unused cash facilities.