Cement News tagged under: Mexico
Fitch: Spanish tax ruling negative for Cemex28 April 2014, Published under Cement NewsThe recent ruling by Spanish tax authorities to fine Cemex Espana EUR455m will slow the recovery of Cemex’s credit profile but will not result in a negative rating action to the 'B+' rating of Cemex or the 'BB-' of the company's bonds, according to Fitch Ratings. Cemex has announced it plans to appeal this fine, which was levied for alleged underpayment of taxes between 2006 and 2009. Cemex will not have to make payments, in whole or in part, during the appeal process. The timing of the res... |
Cemex completes financing for wind farm project11 April 2014, Published under Cement NewsCemex has successfully completed the financing of Ventika, a project comprising the construction of two 126MW wind farms each, for a total nominal capacity of 252MW, to be located in General Bravo, Nuevo Leon, Mexico. The investment for the project is approximately US$650m, of which 75 per cent corresponds to debt and 25 per cent to equity. The debt financiers are the North American Development Bank, Banobras, Nafin, Bancomext and Santander. The equity partners are Fisterra Energy, a compa... |
Buzzi Unicem hit by weak Italian market28 March 2014, Published under Cement NewsOn a turnover 2.1 per cent lower at EUR2753.1m, Buzzi Unicem's EBITDA improved by 5.7 per cent to EUR481.2m. After writing down the assets in Italy and Ukraine by EUR57.7m and EUR39.9m, respectively, the trading profit (EBIT) showed a 24 per cent reduction to EUR149.8m. After a net interest charge 12.4 per cent lower at EUR110.5m, the pre-tax profit declined by 35.4 per cent to EUR50.3m. Because of a mismatch between where profits and losses were generated and tax payments, at the consoli... |
Mexico and Argentina impact 2013 Molins results03 March 2014, Published under Cement NewsThe market contraction in Mexico and a devaluation of the Argentine peso impacted the annual results of Cementos Molins. The Spanish company saw profit fall by 77 per cent to EUR10.1m although this is not comparable with the EUR20m of the previous year as the cement producer sold its stake in Cementos Artigas of Uruguay. Consolidated turnover noted a 9.4 per cent drop to EUR832m. Foreign companies accounted for 80 per cent of Cementos Molins consolidated profits. The Mexican and Argenti... |
Cemex confident on medium-term goals14 February 2014, Published under Cement NewsCemex remains confident that it is on track to meet its medium-term EBITDA goal as it continues to capture the full potential from its existing portfolio to improve profitability and return to investment-grade status, the company said during its annual investor gathering. Speaking on the company’s strategy and outlook during Cemex Day 2014 held yesterday, Juan Pablo San Agustin, executive VP of strategic planning and new business development, reiterated the company's intention of achieving... |
Cemex in tyre agreement with General Motors12 February 2014, Published under Cement NewsCemex has reached an agreement with General Motors (GM) of Mexico to use non-recyclable waste from the carmaker’s manufacturing plant in San Luis Potosí in its kilns. In exchange for the waste, Cemex will power GM’s thermoelectric generating plant. The step will allow both companies “to decrease consumption of non-renewable resources,” according to GM. It will also avoid the need to ship waste abroad. |
Cemex falls back in Mexico but advances in the USA07 February 2014, Published under Cement NewsCemex' turnover improved by 1.6 per cent in 2013 to US$15,226.5m and EBITDA emerged 0.7 per cent ahead at US$2643m, while the trading profit advanced by 17.4 per cent to US$1517.8m. The net interest charge rose yet again and was up by 11.1 per cent to US$1551.5m while the pre-tax loss was reduced by 34.3 per cent to US$264.6m, and the net attributable came down by 7.6 per cent to US$843.1m. Net debt, including perpetual notes, increased by four per cent during the year to US$16,306m. Shareh... |
Fitch Ratings raises GCC outlook27 January 2014, Published under Cement NewsFitch Ratings has revised its outlook for Grupo Cementos de Chihuahua (GCC) from 'Stable' to 'Positive.' The upward revision reflects Fitch's view that GCC's operations could gain momentum resulting from US construction spending expanding in 2014 driven by continued strength in residential construction, and to a lesser extent in modest recovery in commercial and public construction spending. The outlook also incorporates an expectation of higher public spending in Mexico in 2014. In Fitch... |
Morgan Stanley maintains Cemex rating27 January 2014, Published under Cement NewsMorgan Stanley has maintained its 'Overweight' rating on Cemex, raising its price target to US$14.00 from US$13.00. It believes that the Mexican cement major could be turning the corner in its domestic market where demand will be driven by infrastructure in the first half of the year, and by retail and housing projects in the latter half. Morgan Stanley analysts Nikolaj Lippmann and Lillian Starke, have said that the Cemex-Holcim asset swap deal announced in August 2013 could be the fir... |
Cemex included in UN Global Compact Stock Index12 November 2013, Published under Cement NewsCemex announced today that it has been selected for inclusion in the United Nations Global Compact 100– a new global stock index that combines corporate sustainability and baseline financial performance. “We are pleased that our sustainability policies and activities have been recognised in this way,” Lorenzo H. Zambrano, Cemex’s Chairman and CEO. “For many years corporations and investors have been looking for the positive link between responsible business practices and stock-market retur... |