In a complicated scenario due to the crisis, instability and volatility of the global economy, Cementos Portland Valderrivas Group is strongly committed to overcoming the problems it faces in the markets and to strengthening its position with a view to the economic recovery.

Cementos Portland Valderrivas continues to focus on R&D and innovation. Capital expenditure in the first half of 2011 was related to increasing the Group's capacity to use alternative fuels in its cement plants in Spain and to manufacturing new products to meet consumers' specific needs. The company invested in technology for burning alternative fuels at the plants in Monjos, El Alto, Lemona, Mataporquera and Hontoria and in microcement production facilities.

Substitution rates between 20% and 60% were attained at the plants in Spain which are equipped for this purpose. The company avoided the emission of over 80,000 tonnes of CO2 so far this year, having attained a 10% fuel substitution rate; it expects to attain the 15% target by year-end. The company's objective is to avoid total emissions of 180,000 tonnes of CO2 in 2011, which will provide notable savings due to fuel substitution and unused CO2 emissions allowances.

The 2011 Excellence Plan, whose goal is to reduce costs and increase revenues, is providing increasingly positive results. In view of the trend in the first half of 2011, its impact could exceed 50 million euro at the end of the year. The Group continues to reinforce its policies and actions related to workplace health and safety, which are already bearing fruit: in May the company achieved zero accidents with lost time.
 
As regards Corporate Social Responsibility, the company met with the city government of Lorca (Murcia, Spain) to arrange the delivery of Ultraval quick-setting cement to help rebuild the city, which suffered an earthquake on 11 May. This solidarity initiative was promoted by Esther Koplowitz, the core shareholder and vice-chairwoman of the Board of Directors of Cementos Portland Valderrivas.