Cemex to appeal Spanish fine

Cemex said Spanish tax authorities have fined its Spanish subsidiary EUR455m (US$620m) following an audit of the unit's tax returns for the years 2006 through 2009.

Cemex Espana plans to appeal the fines, the company said Friday in a filing with the Mexican Stock Exchange.

If the appeals are not resolved in the company's favor, this matter "could have a material adverse impact on our operating results, liquidity and financial situation," Cemex added.

The Spanish unit of Cemex has been hard hit by the collapse of the domestic construction sector. "Spanish tax authorities disputed a portion of the fiscal losses reported by Cemex España for those years," the filing said.