Turnover in the third quarter was 3.5% higher than for the same period in 2013. In cumulative terms, it rose to 406.6 million euros, which still represents a slight decline of 1.6%.

EBITDA increased 95% to reach 82.6 million euros. The factors that contributed to this include: the efficiency measures set up in Spain and the USA, the deregulation of the cement industry in Tunisia, sustained growth in the USA and an increase in the sale of emission rights in Spain.

Operating income (EBIT), which includes amortisation, depreciation and other results and which has been negative since 2010, experienced a significant turnaround, reaching 33.5 million euros.  

Financial expenses have been reduced, mainly due to the capitalisation of a subordinate loan of 111 million euros from FCC in April of this financial period. Income before tax (-38.6 million euros) improved by 37.5% and net allocated income came to -45.3 million euros.

Market evolution

The volume of cement sold by the Group in the first 9 months of 2014 increased by 5% compared to the same period in 2013.

For the first time in seven years, Spain registered positive quarterly consumption of 2.9%, although cumulative consumption fell slightly by 1.1%. Consumption in the USA has been improving, with 7.5% growth registered up to July. Finally, construction activity in Tunisia has remained strong, with the liberalisation of prices in January 2014 being of particular note.

Evolution of debt

On 30 September, Cementos Portland Valderrivas saw the amortisation of 50 million euros of debt. Overall debt is calculated at 1.29 billion euros, with a reduction of 74 million euros compared to December 2013.