AFRICA: SOUTH: S.Africa's PPC says cement outlook uncertain

Pretoria Portland Cement, southern Africa's biggest cement maker, warned of uncertain demand, sending its shares lower and underscoring the bleak outlook for construction in Africa's top economy.

PPC, which does most of its business in South Africa and Botswana, said on Tuesday volumes in its home market dropped for the third straight year, hurt by the lack of recovery in residential construction.

South Africa emerged from its first recession since 1992 last year, but has failed to post a convincing growth due to high levels of household debt and shaky consumer demand.

"We simply do not know what to make of the construction market, which is quite depressed," Paul Stuiver, PPC's chief executive, told Reuters, adding the outlook for cement remained "uncertain".

Shares in the company dropped 2.3 percent to 33.51 rand by 0926 GMT, underperforming Johannesburg's All-share index, which was flat.

"The results are rather disappointing. I think they have been pushed up a little bit too far ahead of the results," said David Shapiro, a trader at Sasfin Holdings. "The outlook is still quite negative."

REVENUE FLAT

PPC, which has been producing cement for the last 118 years and has been listed in Johannesburg for a century, said headline earnings per share for the year to end-September rose 28 percent to 217 cents, within its forecast range of a 20 to 30 percent increase.

Headline earnings, which exclude certain one-time items, are the main gauge of profit in South Africa.

While earnings were helped by the non-recurrence of a charge related to a black empowerment deal a year earlier, revenue was little changed, indicating slack demand.

PPC, is looking to further expand in southern Africa, as it faces tougher competition from new entrants into its home market.

Stuiver said PPC was looking for opportunities in Mozambique and other southern African countries. The company may buy existing operations or build new facilities over the next two to three years, he said.

The group may consider selling a stake in its Zimbabwe unit, Portland, to comply with a black ownership law in Zimbabwe.

PPC is gearing up for competition from a Chinese-South African joint venture, which is building a 1.65 billion rand cement plant in South Africa.

It could also face a battle with Nigeria's leading industrial conglomerate, Dangote Group, which has invested 779 million rand to more than treble its stake in local player Sephaku Cement.

Shrinking of the construction industry has already forced cement manufacturer Lafarge SA to initiate a 13 percent cut of its workers at its Lichtenburg plant in South Africa.

INDIA: Cement price up nearly 50pct in last five years

The average price of cement has gone up by nearly 50% in the last five years to INR 243 per 50 kg bag in 2009-10 buoyed by increased construction and real estate activities.

Quoting information provided by Cement Manufacturers' Association and two leading manufacturers, Mr Anand Sharma commerce minister informed the Lok Sabha that cement's average price was INR 163 per 50 kilogram bag in FY'06.

The price rise was the stiffest in 2006-07 as it became dearer by INR 43 per bag to stand at INR 206 but in 2009-10 it just went up by INR 5 a bag from INR 238 in 2008-09. During the 2007-08 fiscal, average price of cement was INR 238 a bag.

However, as cement is largely a regional product and the price of it depends upon the dynamics of demand-supply in that particular region, cement's price also varies from region to region.

This is evident from the fact that when a 50 kg bag of cement cost INR 234 in Bhopal in 2009-10, it was INR 262 in Guwahati, INR 252 in Chandigarh and INR 306 in Jammu.

India had produced 201.06 million tonnes of cement in 2009-10 and consumed 198.04 million tonnes during the year. Exports fell from INR 881 crore in 2008-09 to INR 665.73 crore in 2009-10.

AFRICA: EGYPT: Egypt's Torah Cement 9-month net profit up 1 pct

Egypt's Torah Cement (TORA.CA: Quote) posted a 1 percent rise in nine-month net profit to 270 million Egyptian pounds ($46.9 million), the stock exchange said on Thursday.

Shares in the company closed up 3.3 percent at 30.5 pounds before the results were published, as the benchmark Egyptian index dipped 1.1 percent.

Torah is a subsidiary of Egypt's largest listed cement maker, Suez Cement (SUCE.CA: Quote)(SUCEq.L: Quote), which reported an 8.5 percent dip in its nine-month profit on Oct. 28. [ID:nLDE69R0TD]

Suez, itself a subsidiary of Italcementi (ITAI.MI: Quote), holds a little more than a quarter of Egypt's grey cement market and 42 percent of its white cement market. (Reporting by Sarah Mikhail; Editing by David Holmes) ($1=5.753 Egyptian Pound)

INDIA: HC notices to SAIL on JK Cement petition

The central government and Steel Authority of India have been issued notices by the Delhi High Court seeking their response to a petition contesting the rejection of JK Cement's bid to partner the steel major on a joint venture slag based cement plant.

A Division Bench comprising Justices Sanjay Kishan Kaul and Valmiki J Mehta issued notices to the Centre and directing them to file replies to the JK Cement petition within three weeks. The high court has scheduled the next hearing on the matter on January 19th 2011.

JK Cement claims that its bid was rejected in an arbitrary manner despite being the most suitable.

In October, 2007, SAIL had invited bids for joint venture participation in a proposed slag based cement plant at Rourkela, in Orissa. However, the tender proceedings came to an abrupt halt due to some dispute. The matter was later taken to the Orissa High Court, which stayed the tender proceedings.

Later, the bids were opened in 2009 and JK Cement was found to be the highest bidder. However, SAIL did not issue a Letter of Intent and instead, rejected the bid on November 2nd 2010.

During today's proceedings in the Delhi High Court, SAIL gave an assurance that it will maintain the status quo and not invite any new tender in the near future.

Senior advocate Mr KK Rao appearing for SAIL said that "SAIL would not propose to invite any new tender in the near future, at least till next date of hearing.”

Meanwhile, senior counsel Mukul Rohatgi, appearing for JK Cement, submitted that the PSU has rejected the bid without reasonable justification, even though JK Cement was ostensibly the most suitable bidder.

AFRICA: KENYA: Athi River Mining 9-mth pretax profit up 12.6 pct

Athi River Mining (ARM.NR), Kenya's third-largest cement company, said the market remained buoyant when reporting a 12.6 percent rise in nine-month pretax profit.

"Going forward, the company expects margins to improve in the cement business with the increase in capacity," ARM said on Friday.

January-September pretax profit rose to 762 million shillings ($9.5 million), helped by 16 percent higher revenue.

Earnings per share rose 15 percent to 6.98 shillings.

Strong growth in construction -- 18 percent in the second quarter -- has been underpinning a recovery in east Africa's biggest economy where growth was seen around 6 percent in 2011, compared with a projected 5 percent this year. [ID:nLDE69K1U2]

ARM shares were untraded by 0900 GMT, having closed at 171 shillings on Thursday to be up 54 percent this year.

In October, managing director Pradeep Paunrana told Reuters the company planed to spin off its fertilizer business to focus on increasing cement sales fivefold over the next five years. [ID:nLDE6990HB]

It said borrowing increased in line with investment in a new clinker plant and cement grinding plant in Tanzania, as well as expansion projects in Kenya.

INDIA: India Cements

The quantity of cement production and sales volumes have increased during the quarter, but the significant drop in price realization has impacted both turnover and profit. Sales dropped by 15% to Rs. 842.84 crore during the quarter and by 12% to Rs. 1725.63 crore during the half year ended September 2010. Income from operations included income from franchise of Indian Premier League and Ship carter freight earnings. The income from shipping activity is less than 10% of the turnover, it is not considered as a reportable segment.

OPM fell from 30.5% to 3.6% during the quarter and from 30.5% to 7.7% during the half year period. PAT fell to negative compared to positive for the quarter and the half year period.

Quarter ended September 2010

The company' sales fell by 15% to Rs. 842.84 crore. OPM fell by 2690 basis points to 3.6% from 30.5%. Materials consumed increased by 16% to Rs. 137.55 crore, which is 4.5% more as a % of adjusted sales. Transport and handling costs increased by 28% to Rs.186.1 crore, which being 7.5% more as a % of adjusted sales. Power and fuel increased by 7% to Rs. 261.7 crore and other expenses increased by 31% to Rs. 163.51 crore, each growing 6.7% and 6.9% more as a % of adjusted sales.

Other income was at Rs. 63 lakh compared to none. Interest expense declined by 25% to Rs.27.96 crore, while depreciation increased by 7% to Rs. 60.96 crore. PBT before forex translation and EO was negative at Rs. 57.98 crore compared to positive Rs. 208.62 crore. There was a forex translation profit of Rs. 11.25 crore from a loss of Rs. 1.27 crore. PBT after forex translation stood at negative Rs. 46.73 crore against positive Rs. 207.35 crore. Effective tax fell by 600 basis points to 28%. PAT was at negative Rs. 33.63 crore compared to positive Rs. 136.94 crore.

Half year ended September 2010

The company' sales declined by 12% to Rs. 1725.63 crore. OPM declined by 2280 basis points to 7.7%. Material consumed increased by 19% to Rs. 276.25 crore and transport and handling costs increased by 34% to Rs. 370 crore, each being 4.2% and 7.3% more as a % of adjusted sales respectively. Power and fuel expenses grew by 10% to Rs. 536.8 crore, growing 6.2% more as a % of adjusted sales and other expenses also grew by 9% to Rs. 305.93 crore, which being 3.3% more as a % of adjusted sales. Employee cost increased by 11% to Rs. 123.24 crore.

Other income was at Rs. 27 crore compared to none. Interest expense declined by 24% toRs. 57.71 crore, while depreciation grew by 6% to Rs. 120.81 crore. PBT before EO and forex translation was negative Rs. 19.05 crore compared to positive Rs. 406.18 crore. There was a forex translation loss of Rs. 30 lakh from profit of Rs. 19.73 crore. PBT after forex translation stood at negative Rs19.35 crore compared to positive Rs. 425.91 crore. Effective tax rate for the period grew to 55% from 34%. PAT fell to negative Rs. 8.65 crore from positive Rs. 281.22 crore.

The plant with annual capacity of 15 lakh tonnes at Banswara, Rajasthan of the company has commenced operations.

Foreign exchange translation represents notional exchange gain on account of outstanding Foreign Currency Convertible Bonds, which would mature for redemption in May 2011.

AFGHANISTAN: Afghanistan Minister Invites Indian Companies To Invest In The Mining And Cement Production

The Minister of Mines of Afghanistan, Mr. Waheedullah Shahrani called on the Union Minister of Mines & Development of North Eastern Region (DoNER), Shri B.K. Handique here today. During the meeting, he invited participation by Indian companies to the global tender floated by Afghanistan Government for allotment of mineral concessions. The tender is open till 2nd week of January, 2011.

Shri B.K. Handique expressed his pleasure on the progress made in the field of mining between the two countries since the two leaders met in June this year. He proposed that a ‘Memorandum of Understanding’ need to be entered by the two countries to give further fillip to the progress already made. Mr. Waheedullah Shaharani accepted the proposal and suggested a draft proposal of ‘MoU’ be sent to them for consideration. It was felt during the meeting that MoU can cover wide range of issues like investment, exploration and capacity building in the field of geo-sciences. 

The Afghanistan side also suggested consortium approach by Indian companies for investment in mineral sector. He said that Afghanistan is having sufficient mineral deposits of iron ore, copper, etc. Mr. Waheedullah Shaharani further informed that they have created a specialized Mines Protection Unit and this action should be a key driver for investment in his country. Mr. Waheedullah Shaharani, also requested to India to sponsor scholarships to Afghan nationals in the fields of geology and mining engineering. Mr. Waheedullah Shaharani also raised the point regarding requirement of cement in Afghanistan. He suggested that some Indian companies be persuaded to set up cement plant in his country as the raw materials like lime stone, coal etc. needed for manufacturing of cement is available in Afghanistan and entire production of cement can also be sold there itself. 

It was agreed that an official delegation from the Ministry of Mines comprising of representatives of GSI, IBM, MECL and HCL will visit Afghanistan in April, 2011 for fields visit and discussions. The Secretary, Ministry of Mines Shri S. Vijay Kumar suggested that Afghanistan may consider sending a delegation to FICCI sponsored Mining Exhibition at Bangalore to be held in February next year.

EEUU: Cement plant cancels appeals

CASTLE HAYNE, N.C. — A cement plant company wants to move forward with a plan to build near Castle Hayne in New Hanover County to the point of canceling legal action, according to a letter sent to the governor Monday.

Titan America has been embroiled in legal challenges to its plan to build on the former Ideal Cement location.

Proponents say the plant would bring much-needed jobs to the area, while opponents are concerned over the potential negative impact the facility could have on the Cape Fear River.

In the letter to Gov. Bev Perdue, Titan President Robert A. Sells wrote that the company plans to cancel its appeal of a judge's ruling that the state must conduct a thorough environmental impact study before issuing any permits to Titan America

INDIA: Emkay maintains `Accumulate ` on Shree Cement

Emkay has recommended `Accumulate ` on Shree Cementwith a price target of Rs 2,330 as against the market price (CMP) of Rs 2,240 in its report dated Nov. 11, 2010. The brokerage house gave the following investment rationale:

Revenue down 20.2 % yoy- 8.1% decline in cement revenues
Revenues for the quarter at Rs 7.17 billion declined 20.2%yoy and 24% qoq, impacted by 20% decline in cement revenues and 27.6% decline in revenues from power segment. Cement volumes declined by 7.6% yoy to 2.27 mnt, as off take was impacted by lower demand and severe monsoon across northern region. This coupled with lower realisations of Rs 3010/t, down 13.4% yoy resulted in cement revenues declining 20%yoy to Rs 6.86 billion (our estimate-Rs 7.07 billion)

Power segment impacted by lower volumes & realisation
Shree`s powers segment was severely impacted by lower volumes & decline in power realisations. Power volumes (own generation) declined by 21.4% yoy and 64.7% qoq, while realization declined by 38.7%yoy and 27.8%qoq to Rs 4.17/unit. Consequently Power revenues declined by 27.6% yoy to Rs 315 million (Rs 210 million from sale of self generated power and Rs 105 million from traded power). Cost of power increased 36.6% yoy to Rs2.47/unit as pet coke prices increased significantly. However sequentially, cost declined by 18%, driven by higher share of power generated from waste heat recovery plant. EBITDA/unit saw decline of 66% yoy and 38.3% qoq to Rs 1.7/unit.

AFRICA: UGANDA: Cement Prices Drop,Buyers Jubilate

Increased local capacity in cement production is driving down cement prices in Uganda and available statistics show that prices have fallen by about 18 percent since 2009. 

Recent dealer price trends in Kampala show that the price of cement fell from a high of 27, 090 shillings in August last year to 22, 200 shillings in October this year. 

The East Africa Cement Producers Association chairman, David Njoroge attributes the price drop to increased local capacity as a result of investment in the industry which includes the new 200 billion shillings Hima Cement factory in Kasese and the 1 billion Tororo Cement project announced recently. 

Njoroge says the only way to manage prices of cement downwards is to encourage local production and increased local competition. 

He also called on government could also review the excise duty on cement so as to make the product even more affordable.

EEUU: Cement plant leaders reject incentives

Titan America and its Carolinas Cement Co. subsidiary have changed their tune about accepting economic development grants and tax incentives for a controversial $450 million cement plant proposed in Castle Hayne, near Wilmington.

Carolinas Cement Co. announced in a Nov. 10 letter to Gov. Beverly Perdue that the company is declining tax rebates and incentives offered in 2008 that totaled more than $4.7 million from both the state and New Hanover County governments.

“We decided to forego the incentive money to expedite the project and bring much-needed jobs and economic enrichment to the community,” stated Bob Odom, general manager of Carolinas Cement Co. in a press release.

Odom said the company will proceed with plans to build the Castle Hayne plant after it obtains the necessary air quality permit and satisfies all requirements and studies specified under the National Environmental Policy Act.

“The plant will not be constructed until the studies have been completed and permits have been granted,” he said.

The New Hanover Board of Commissioners approved giving $4.2 million worth of taxpayer money to Titan in 2008 if Titan followed through with its plans to build the plant and create 160 new jobs.

The North Carolina Department of Commerce tossed in another $300,000 grant from the state’s One North Carolina Fund and a $200,000 Rail Access Grant to help sweeten the deal. Titan declined the Rail Access Grant in February 2009.

The project became controversial almost immediately after it was announced in April 2008, as New Hanover residents formed opposition groups to protest any pollution and destruction of wetlands that the plant’s construction and operation might cause.

ITALIA: Buzzi Unicem: fatturato consolidato in calo del 3,7% al 30 settembre

Al 30 settembre il fatturato consolidato è diminuito del 3,7%, da 2.075,8 a 1.999,5 milioni ed il margine operativo lordo è stato di 326,4 milioni (-99,9 milioni ovvero -23,4%); al netto delle voci non ricorrenti la riduzione a tutto settembre del margine operativo lordo sarebbe stata di 68,2 milioni (-17,3%).

"La redditività caratteristica ricorrente - precisa una nota - è passata così dal 19,0% al 16,3%. Le variazioni dei tassi di cambio hanno avuto un impatto positivo di 57,0 milioni sul fatturato e 15,3 milioni sul margine operativo lordo, grazie al rafforzamento del dollaro e delle monete dei Paesi emergenti. Gli effetti delle variazioni nel perimetro di consolidamento hanno contribuito in modo lievemente positivo sulle due grandezze, per 19,9 e 1,1 milioni rispettivamente. A perimetro e cambi costanti, la contrazione del fatturato sarebbe stata del 7,4%, mentre il margine operativo lordo sarebbe diminuito del 27,3%. Dopo ammortamenti e svalutazioni per 171,6 milioni (165,5 milioni nei primi nove mesi del 2009) il risultato operativo è stato pari a 154,8 milioni (260,9 milioni nel 2009).

Gli oneri finanziari netti sono diminuiti da 77,7 a 72,1 milioni, principalmente grazie all’apporto favorevole delle differenze cambio e della valutazione strumenti derivati; stabile il contributo delle partecipazioni valutate a patrimonio netto (-0,7%). Il risultato prima delle imposte si è dunque attestato a 87,7 milioni contro i 193,3 milioni del settembre 2009 (-54,6%). Le imposte sul reddito hanno beneficiato di un rilascio pari a 22,4 milioni dai fondi per potenziali controversie fiscali all’estero. Il conto economico ha chiuso con un utile del periodo in calo del 43,7% a 80,2 milioni di euro (erano 142,6 milioni nel 2009), di cui 59,6 milioni attribuibili agli azionisti della società (117,3 milioni nel 2009).

Il flusso di cassa del periodo ha raggiunto i 251,8 milioni (308,1 milioni il corrispondente valore nel 2009). L'indebitamento finanziario netto al 30 settembre 2010 ammonta a 1.280,3 milioni, +71,0 milioni rispetto al dicembre 2009. Nei nove mesi il gruppo ha effettuato investimenti in immobilizzazioni tecniche per complessivi 207,8 milioni, di cui 119,2 milioni per progetti di espansione o speciali. A questo proposito segnaliamo che la nuova linea di produzione a Suchoi Log (Russia) è stata avviata durante il terzo trimestre; la cementeria “greenfield” di Apazapan (Messico) inizierà a produrre ancora nel 2010; in Ucraina, gli impianti che permettono di sostituire il gas naturale col carbone sono entrati in funzione da alcuni mesi.

Il patrimonio netto a fine settembre 2010, inclusa la quota spettante agli azionisti terzi, ammonta a 2.876,3 milioni, contro i 2.712,4 milioni del 31 dicembre 2009; ne deriva un rapporto indebitamento finanziario/patrimonio netto pari a 0,45 (era 0,45 anche a fine 2009).

Evoluzione prevedibile della gestione

In Italia, permanendo una situazione dei prezzi molto penalizzante, non si prevedono miglioramenti della redditività nell'ultimo trimestre dell'anno. L'Europa Centrale chiuderà il 2010 con fatturato in crescita, favorito anche dalla variazione dell'area di consolidamento nel settore calcestruzzo preconfezionato, ed una redditività ricorrente in miglioramento rispetto all'esercizio precedente.

In Europa Orientale, le quantità vendute ci aspettiamo confermino il buon andamento degli ultimi mesi (con l'eccezione della Repubblica Ceca) ed esistono pertanto le premesse per una maggiore stabilità dei prezzi. La redditività caratteristica dell'esercizio dovrebbe rimanere inferiore di qualche punto percentuale rispetto al 2009.

Negli Stati Uniti d’America, la domanda di cemento si sta stabilizzando intorno a 70 milioni di tonnellate/anno. Ciò significa un grado di utilizzo della capacità produttiva ancora molto basso e quindi poche possibilità di miglioramento dei prezzi. Nel settore calcestruzzo preconfezionato, con l'attuale relazione prezzi-costi, il risultato operativo continua ad essere negativo. Stimiamo che il margine operativo lordo ricorrente si confermi in diminuzione.

In Messico le aspettative per l'intero esercizio sono di volumi e prezzi stabili, quindi ci attendiamo risultati in linea con quelli del 2009.

Nel complesso quindi, considerando l'andamento del trimestre appena concluso, il graduale indebolimento del dollaro, le tensioni sui prezzi di vendita ancora presenti in alcuni mercati, è ragionevole ritenere che i risultati consuntivi dell'intero esercizio 2010 saranno inferiori all'indicazione espressa nella relazione semestrale".

ITALIA: Buzzi Unicem: nel periodo gennaio-settembre vendite di cemento e clinker a 20 milioni di tonnellate

Il Consiglio di Amministrazione di Buzzi Unicem SpA si è riunito in data odierna per l’esame del resoconto intermedio di gestione al 30 settembre 2010.

I segnali di miglioramento del contesto economico internazionale - precisa una nota - intravisti durante il secondo trimestre sono stati confermati, seppure moderatamente, dalle dinamiche dei mesi estivi del 2010. Anche se permangono le incertezze e la visibilità risulta ancora limitata, gli indicatori di una crescente fiducia in scenari maggiormente positivi e non lontani cicli di crescita, si sono rafforzati.

Il settore delle costruzioni è tutt’ora penalizzato dall’onda lunga della crisi economica internazionale: gli investimenti pubblici in infrastrutture, previsti dai piani di stimolo dei governi centrali, principalmente negli Stati Uniti, hanno iniziato a produrre alcuni effetti visibili, la domanda legata all’edilizia non residenziale soffre per le riduzioni degli investimenti messe in atto dal settore privato, il residenziale non mostra ancora segnali evidenti di ripresa.

Nel periodo gennaio-settembre 2010, le vendite di cemento e clinker del gruppo si sono attestate a 20,0 milioni di tonnellate, +1,3% rispetto allo scorso esercizio. Una variazione di segno positivo o neutra si è verificata in diversi Paesi in cui il gruppo opera, ad eccezione di Repubblica Ceca, Stati Uniti d’America e Messico. I Paesi che hanno marcato maggiore vivacità nelle spedizioni sono Russia, Ucraina, Polonia e Lussemburgo. Le vendite di calcestruzzo preconfezionato pari a 10,7 milioni di metri cubi, sono cresciute del +1,9% rispetto ai primi nove mesi del 2009; il positivo andamento di Germania, Ucraina e Messico ha potuto più che compensare la flessione intervenuta principalmente in Repubblica Ceca ed Italia.

L’evoluzione dei prezzi di vendita del cemento, espressi in valuta locale, si è mantenuta sfavorevole in praticamente tutti i mercati di presenza, con la sola eccezione di Messico e Lussemburgo. Il calo più significativo ha riguardato Italia e Russia, ma pure in Ucraina, Repubblica Ceca e Stati Uniti la diminuzione di prezzo è stata quasi il 10%. In Italia l’ulteriore forte flessione riscontrata nei mesi estivi, a causa di un mercato che presenta un rilevante eccesso di capacità produttiva e dinamiche concorrenziali esasperate, è risultata traumatica ed ha compromesso la redditività del trimestre. I prezzi del calcestruzzo preconfezionato sono ugualmente rimasti sotto pressione ovunque, ma la volatilità è stata comunque più contenuta rispetto a quella del cemento. Stati Uniti, Polonia, Ucraina ed Italia sono i Paesi che hanno registrato flessioni più marcate.

I costi di produzione si sono mantenuti, nel complesso, sotto controllo, anche grazie alle azioni di contenimento e miglioramento continuo messe in atto dal management. Peraltro incomincia a destare preoccupazione il prezzo dei fattori energetici, combustibile in particolare, che nell’ultimo trimestre ha ripreso a salire".

ESPAÑA: Portland ganó hasta septiembre 4,3 millones de euros, el 87,8% menos

La cementera Portland Valderrivas ganó 4,3 millones de euros hasta septiembre de 2010, lo que supone una reducción del 87,8% respecto al mismo periodo del año anterior, cuando obtuvo un beneficio neto de 34,9 millones.

Según informó hoy la empresa a la Comisión Nacional del Mercado de Valores (CNMV), el grupo ha mantenido en este trimestre la tendencia de resultados positivos iniciada en el anterior gracias a su política de reducción de gastos, entre la que destaca el ajuste de costes de 110 millones de euros llevado a cabo por medio del plan de ahorro previsto para el periodo 2009-2011.

Por lo que respecta al resultado bruto de explotación de la compañía (Ebitda), fue de 159,4 millones de euros, frente a los 230,8 millones que logró entre enero y septiembre de 2009, lo que supone una disminución del 30,9%.

La facturación del grupo fue de 681,5 millones de euros, un recorte del 14,9% frente a los 800,8 millones de euros que alcanzó la cifra de negocio del año anterior.

El cemento supuso el 67,1% del total de negocio, seguido del hormigón, con el 21,1%, y del mortero, del 4,3%.

Estos resultados son aún consecuencia de la crisis económica, aunque Portland indica que se mantienen previsiones favorables de recuperación para 2011, aunque será "más lenta" de lo previsto.

Según la compañía, es previsible que se necesiten nuevas "políticas de impulso" para reforzar el crecimiento en los países desarrollados.

Asimismo, Portland indicó que en España se ha producido una desaceleración en la reducción del consumo de cemento, desde el 33% al 15,5%, ya que se ha mantenido el incremento de las exportaciones y se ha estabilizado la producción de clinker (producto del que se obtiene el cemento).

Añadió que el ajuste presupuestario del Gobierno será aliviado con el Plan Extraordinario de Infraestructuras (PEI), con una inversión prevista de 17.000 millones de euros en el bienio 2011-2012.

En cuanto a Estados Unidos, el consumo se ha incrementado en el inicio del tercer trimestre, con mayor apoyo de la edificación residencial unifamiliar, al tiempo que en Túnez el consumo de cemento se ha mantenido estable pese a la contracción de la actividad a causa del Ramadán.

La deuda neta al final de este periodo ha sido de 1.406,7 millones de euros, 49 millones menos que en el anterior trimestre, y 13 millones menos que al finalizar el ejercicio 2009.

En los nueve primeros meses de 2010 se produjeron desinversiones por valor de 14 millones de euros.

AFRICA: Ethiopia: Chinese firm signs huge mining deal in Ethiopia

Mining deal China-Ethiopia - The Ethiopian Mines Ministry has signed an agreement with a private Chinese mining firm, C.H. Clinker, which plans to produce 10,000 tonnes of cement daily, state media reported Wednesday. The Ethiopian Mines Minister Sinknesh Ejigu, and C.H Clinker's Managing Direct or Liu Yan Ling, signed the agreement, offering exclusive rights to the firm to exploit some 12.3 million tonnes of limestone for 20 years.

The licensee has an exclusive right for large-scale mining of limestone within the license area,' the state-run Ethiopian News Agency (ENA) reported.

The Chinese firm has already invested some 500 million birr (US$ 31 million) for its initial mining operations, which would help the rapid economic expansion in the East African nation, currently witnessing a building construction boom.

The Chinese firm has already finalized the construction of its plant, located in north Shoa, in the greater Oromia regional state, some 175 kms outside the capital, Addis Ababa.

Ejigu said the firm would employ 300 people once it reaches its full production capacity.

The Chinese firm plans to produce clinker for both the Ethiopian market and export.

French cement firm, the Lafarge group, is also reportedly building plant in the north Shoa region, to exploit what is believed to be a large deposit of limestone.

Ejigu said Ethiopia had licensed some 85 firms to explore and exploit minerals.

The minister said the government policy of luring foreign mining firms was paying off, mainly because of the government's sound mining and investment policies.

The Chinese firm, which is registered locally, hopes to invest 6 billion Birr (US$ 375 million) in its entire mining operation.

COLOMBIA: Buen balance de empresas a septiembre: las compañías del país han registrado en general un buen año

Comparados con los pobres resultados del año pasado, y en concordancia con la recuperación de la economía colombiana, las empresas que operan en el país han tenido un buen 2010.

Con excepción del alto desempleo, los consumidores y las empresas ha tenido un buen año hasta septiembre pasado, comparado con igual periodo del 2009: baja inflación, niveles históricamente mínimos en las tasas de interés, aumento de las ventas y de las utilidades, a pesar de la mayor competencia interna.

El consumo sigue dando señales de despegue, lo que se refleja en las mayores ventas y utilidades de las empresas, principalmente en la industria, gas , energía eléctrica, petróleo y materiales para construcción.

Pero no todo ha sido color de rosa. El efecto negativo de los problemas con Venezuela, como la devaluación del bolívar y la reevaluación del peso colombiano afectó, por ejemplo, al Grupo Nacional de Chocolates, cuyas ventas descendieron 3,9 por ciento, pero sin incluir ese mercado vecino aumentaron 4 por ciento.

En la industria del cemento, donde los precios de las distintas líneas cayeron, Cemex registró ventas en volumen mayores en 7 por ciento a las de los nueve primeros meses del 2009. "El gasto en infraestructura como política anticíclica por parte del Gobierno, tuvo un impacto positivo en el sector construcción", dice la empresa.

Además, se muestra optimista del futuro del negocio, pues espera un aumento en los proyectos de viviendas como resultado de las ventas anticipadas del año anterior, impulsadas por el beneficio del subsidio en la tasa de interés.

Cementos Argos, que controla cerca de 50 por ciento de la torta del cemento, informó que, en el tercer trimestre, su regional Colombia mantuvo los buenos resultados jalonados, por el arranque de los proyectos de infraestructura en los cuales se ha vinculado como proveedor.

A nivel consolidado, los ingresos en los primeros nueve meses del presente año de esa compañía ascendieron a 2,2 billones de pesos que, comparados con el mismo periodo de 2009 arrojaron un descenso de 17 por ciento en pesos y 3 por ciento en dólares.

Comcel, rey en ventas

En el tercer trimestre de este año, Comcel adicionó 352.206 suscriptores para cerrar a 30 de septiembre con 28,6 millones, es decir, un aumento del 4,8 por ciento anual. Los ingresos acumulados a septiembre sumaron 4,6 billones de pesos. Telefónica Móviles Colombia (Movistar) también mejoró sus resultados ya que sus ingresos subieron de 1,34 billones de pesos a 1,43 billones de pesos y la pérdida neta se redujo de -480.408 millones de pesos a -147.973 millones.

La Empresa de Telecomunicaciones de Bogotá (ETB) arrojó un aumento de 2,8 por ciento en los ingresos, al sumar 1,08 billones de pesos. La compañía tenía presupuestado que cayeran 4,57 por ciento. La utilidad neta de la ETB descendió 72,2 por ciento, al sumar 74.643 millones, debido a que el año pasado obtuvo ingresos extraordinarios.

Ecopetrol es el campeón en ingresos y utilidades

El campeón de utilidades netas en Colombia fue Ecopetrol, que obtuvo entre enero y septiembre pasados un crecimiento de 59,6 por ciento frente al mismo periodo de 2009, al llegar a 5,44 billones de pesos.

Es de señalar que el precio promedio del barril de WTI pasó de 57 dólares en septiembre de 2009 a 77,60 dólares en igual mes de 2010. En consecuencia, los ingresos de la empresa, también consolidados, subieron 41,6 por ciento, al totalizar 30,3 billones de pesos.

El balance positivo de la petrolera obedeció igualmente al incremento en las ventas de gas a Venezuela y en los despachos a refinadores de Estados Unidos y clientes en África, Canadá, Centro y Suramérica.

De manera individual, la Organización Terpel tuvo ganancias netas (no consolidadas) por 168.513 millones de pesos en los tres primeros trimestres de este año, frente a 157.533 millones en igual periodo del año pasado. El buen resultado se debe a la gestión comercial y a que sus ventas de combustible subieron de 4,4 a 5 billones de pesos, en tanto que los ingresos por colocación de lubricantes crecieron de 84.533 millones de pesos a 97.065 millones de pesos, también en el mismo periodo.

Por su parte, Gas Natural arrojó a septiembre activos por 1,07 billones de pesos, con un incremento de111 por ciento frente a igual mes de 2009, por la actualización de las valorizaciones de gasoductos, estaciones receptoras y redes de distribución. Sin embargo, el resultado después de impuestos, fue una disminución del 7 por ciento, al sumar 190.000 millones de pesos.

La distribuidora de energía Codensa reportó en los nueve primeros meses del 2010 una utilidad neta acumulada cercana a s 347.000 millones de pesos, con una disminución del 9,2 por ciento en relación con el mismo periodo del año pasado. El descenso se debe a la venta de la unidad Crédito Fácil Codensa Hogar, al Banco Colpatria.

Los ingresos operacionales de esta compañía alcanzaron 2,07 billones de pesos. Esto demuestra la recuperación económica que se ha venido presentando en el país desde finales del 2009.

Materiales de construcción, a buen ritmo

La industria de materiales de construcción también ha tenido un buen 2010. Pintuco, Cacharrería Mundial y Andercol, entre otras firmas, el generaron a la 'holding' Inversiones Mundial utilidades netas por 26.803 millones de pesos en los 9 primeros meses del 2010, contra 17.649 millones en igual periodo de 2009.

En el tercer trimestre de 2010 recibió divi- dendos de Productos Familia por 1.797 millo- nes de pesos y 41 mi- llones de Brinsa, productora de líneas de consumo como sal y aseo para el hogar.

59,6 por ciento crecieron las utilidades de Ecopetrol entre enero y septiembre de este año, frente al 2009.

SOUTH AFRICA: Pretoria Portland Cement ponders empowerment compliance

SOUTH Africa-based Pretoria Portland Cement (PPC) has said it is considering selling a stake in its Zimbabwe subsidiary to comply with the country’s empowerment laws.

PPC is the majority shareholder in Zimbabwe Stock Exchange (ZSE) listed Porthold which the South African company acquired in 2001.

However regulations published by the Zimbabwe government earlier this year now require foreign-owned firms to sell at least 51 percent of their shares to locals.

PPC Chief Executive Paul Stuiver told Reuters the group would consider selling a stake in the Zimbabwe unit to local investors to comply with the empowerment regulations.

Meanwhile the group said growth in Zimbabwean cement demand for 2010 exceeded 100 percent although sales volumes in the second half of the year were down compared with the first half.

"Zimbabwe is steaming ahead again, our operations are doing very well. We have a capacity there of 850 000 tons per annum, currently running at around 450 000, so still a lot of room to manoeuvre," he said.

The country’s economy has been on a recovery path since the coalition government took office with regional analysts, Imara projecting growth could top 10 percent in 2010 while the International Monetary Fund has projected a budget surplus.

However, PPC lamented the adverse impact of power supply interruptions.

“Operations during the second half were affected by extensive electricity load-shedding and the clinker cooler upgrade at the Colleen Bawn factory taking longer than anticipated.

“As a result, clinker needed to be imported from South Africa in an attempt to keep the market supplied, although this had a negative impact on operating margins in the second half,” the company said in a statement accompanying its latest results. 

PPC said a new mill had been successfully commissioned at its plant during the year.

“The Hercules vertical roller mill was commissioned during the year, and is achieving a significant reduction in electricity consumption at the plant. The project’s final estimated costs remain within budget of R700 million,” the statement added.

PORTUGAL: Cimpor profit drops 4 pct on tax, beats forecast

Net profit dips to 170.5 mln euros, f'cast was 167 mln

* Sales rise 6.7 percent, EBITDA beats f'cast

LISBON, Nov 9 (Reuters) - Portuguese cement maker Cimpor posted a 4 percent drop in nine-month net profit due to higher taxes, but it beat the market forecast as sales growth in emerging markets offset sickly Iberian figures.

Portugal's largest cement maker -- the target of a takeover battle earlier this year when Brazilian companies Camargo Correa and Votorantim bought large minority stakes -- said sales in Brazil jumped 45 percent, followed by Turkey, where revenues rose 38 percent.

In Portugal, sales were virtually unchanged, while in neighbouring Spain they fell almost 16 percent. Both Iberian countries have been hard hit by the financial crisis, and government austerity plans are expected to weigh on growth.

Total revenues rose 6.7 percent to 1.68 billion euros, in line with analysts' expectations. Net profit fell to 170.5 million euros, exceeding the avearge forecats of 167 million euros.

Earnings before interest, taxes, depreciation and amortisation rose 4 percent to 475 million euros, slightly exceeding the average forecast of 471 million.

Cimpor did not provide any forward-looking statements. It said in August it viewed the second half of 2010 with moderate optimism, expecting most demand growth in Brazil and China, as well as north Africa.

Cimpor shares were down 0.3 percent at 5.235 euros in early trading, slightly outperforming the broader market in Lisbon .PSI20, which was down 0.5 percent.

AFRICA: UGANDA:

cement prices have dropped by 18% in the past one year. The East Africancement Producers Association (EACPA) attributes the decline to an increase in local cement production. 

Recent dealer price trends in Kampala show that the price of cement fell from sh27,090 for a 50kg bag in August last year, to sh22,200 in October this year. The price includes 18% value-added tax and the sh500 per bag excise duty. 

The earlier high prices of cement were largely attributed to huge demand and inconsistent supply coupled with huge production costs, especially for electricity, heavy fuel and transport. 

According to David Njoroge, the EACPA chairperson, the steady fall in priceswas due to the heavy investment by local cement firms over the period to boost production. 

“Last July, for example, Hima cement established a $120m factory in Kasese, increasing production capacity from 350,000 tonnes to 850,000. Tororo cementis also undertaking a $50m investment project to enhance production. Its completion will optimistically force prices downwards.” 

Njoroge warned that cement prices would increase if there are no efforts to support local production or promote local competition. 

Apart from boosting the local construction sector, increased investments in the local cement industry will have a hand in reducing the country’s unemployment rates. 

However, amidst the excitement created by the slumping prices, manufacturers are concerned about the cheap cement imports from Asia where production is subsidised. 

Njoroge revealed that the comparative production costs in Asia and the Middle East were much lower than in Uganda.The cost of transport in Uganda is between 12 and 15 US cents per kilometre per tonne compared to 3 US cents in China and much of Asia. 

Electricity costs $90 per megawatt per hour (MW/h) in Uganda compared to $30 per MW/h in much of Asia. It is even lower in the Middle East, according to Njoroge. 

“This is a serious stumbling block as we try to compete with products from these regions that have, in addition, enjoyed a wide range of export incentives since the global economic crisis begun,” says the chairperson. 

Faced with a similar situation, Nigeria recently imposed a 35% tax on importedcement in the spirit of safeguarding the local industry from undue competition and accelerating the growth of local capacities as well as provide possibilities for eventual export of cement to other African states and beyond. 

Local manufacturers say it is about time that similar measures are taken in Uganda and East Africa to enable a level playing ground and to safeguard the local industry which recently faced collapse due to influx of cheap cement from Pakistan, Turkey and China . 

In 2008 EAC governments reduced the Common External Tariff (CET) oncement from 40% to 25% citing production gaps brought about by unforeseen factory breakdowns for some local producers. 

Today, local manufacturers under the auspices of EACPA confirm that at 10 million tons, their capacity now exceeds demand in the region by 3 million tons and the EAC governments need now to move to guard the local industry from competing with subsidised imports. 

Recently the manufacturers petitioned government to reinstate the CET at 35 percent or $50 per ton, whichever is higher, in order to level the playing field and protect the region from negative effects of dumping. 

They argued that Uganda would lose sh131bn and a further sh80b to sh100b in tax revenue if the industry collapsed.

ESPAÑA: Cemex España pone en marcha una trituradora de biomasa en Mallorca

La fabricante de cementosCemex España, filial de la multinacional mexicana Cemex, ha puesto en marcha una trituradora de biomasa en su instalación de Lloseta (Mallorca). Esta nueva central, en la que se han invertido 1,2 M€, permitirá abastecer los hornos de cemento con biocombustible procedente de residuos de madera y desechos agrícolas cercanos a la fábrica. En total, se incrementará el consumo de biomasa hasta alcanzar un 30% del total de combustible fósil utilizado en la planta, en un primer momento, y hasta un 50% a medio plazo. Con ello, se evitarán las emisiones de CO2 a la atmósfera en unas 33.000 t.

Esta instalación se enmarca dentro de las iniciativas que forman parte de la estrategia de sostenibilidad que la compañía está implantando y que están basadas, principalmente, en la reducción de emisiones contaminantes. En este sentido, a lo largo de 2009, Cemex España ha invertido un total de 1,8 M en mejoras sostenibles, logrando una disminución del 46,5% de CO2 con respecto a 2008. Además, la empresa ha puesto en marcha, en todas sus delegaciones nacionales, lo que conocen como oficinas sostenibles. En las mismas se han adoptados todo tipo de medidas para lograr una mayor eficiencia energética. Mientras, en el estado mexicano de Oaxaca ha desarrollado, junto con Acciona Energía México, el parque eólico 'Eurus', que cuenta con una potencia de 250,5 MW. Su producción se destina al consumo de las cementeras del grupo, en virtud de un contrato de abastecimiento entre Cemex y Acciona.

Cemex España, que emplea en nuestro país a más de 2.000 personas, consolidó ingresos de 616,78 M en 2009, de los que 391 M procedieron del área de cemento, 164 M de hormigón, 25,5 M de mortero y 19 M de áridos.

EUROPA: EU adopts stricter rules on industrial emissions

New European Union legislation adopted on November 8 2010 will bring down industrial emissions from large combustion plants across the EU, bringing several environmental and health benefits to Europe's citizens, such as an expected reduction in premature deaths of 13 000 a year, the European Commission (EC) said.

The stricter legislation on industrial emissions was proposed by the EC in December 2007.

The new rules will also lead to significant savings through the reduction of administrative burden and provide a more level playing field for industry, according to the EC.

European Environment Commissioner Janez Potočnik said: "The vote by the (European) Council to adopt the new directive on industrial emissions is a milestone in industrial pollution control in the European Union. It will help ensure the level of protection from industrial pollution that EU citizens deserve. It will substantially strengthen the current legal framework further reducing air and other environmental pollution and become an important driver for eco-innovation."

The directive on industrial emissions updates and merges seven pieces of existing legislation.

"At the core of the new directive is the strengthening of the application of Best Available Techniques (BAT), making BAT Conclusions the reference point in the permitting process," the EC said.

The proposal revises the minimum emission limits that apply to large combustion plants across the EU to bring them in line with BAT.

These requirements should ensure that operators of industrial installations apply BAT in a more uniform manner and that consequently a more level playing field for industry is achieved.

"The Commission believes that BAT Conclusions are essential in delivering implementation of BAT in a clear, enforceable and transparent manner across all member states," the EC said.

According to the EC, the strengthened role of BAT will give clear signals to industry to ensure that it strives to deliver the high environmental performance described in BAT Conclusions at the lowest costs.

The directive also requests EU member states to actively promote emerging techniques, thereby fuelling a virtuous cycle of continuous improvement of EU industry's environmental performance.

"Recognising that unnecessary administrative burden is harmful to European industry and its competitiveness in the global market, the directive reduces such administrative burden by 32 million euro a year at the EU level," the EC said.

The EC said that it would also continue to work with EU states to try and tackle unnecessary administrative burden at the national level in their implementation of the directive over the coming years.

Despite the significant emission reductions achieved over the past two decades, fossil fuel firing combustion plants used in the energy sector are still a major source of air pollutant emissions, the EC said.

The directive sets stricter emission limits for the largest plants across the EU to ensure that they apply BAT.

The resulting benefits of emission reductions run to seven billion to 28 billion euro a year including the reduction of premature deaths by 13 000 a year. This represents the savings in terms of reduced health impacts of pollutants from large combustion plants on EU citizens once the costs of implementation such as the fitting of abatement equipment have been taken into account for operators.

The directive makes sure that these plants will substantially reduce their harmful emissions while providing sufficient flexibility guaranteeing the short and long term security of energy supply within the EU, the EC said.

The new directive includes a number of improved mechanisms for EU member states to check and enforce compliance with the new legislation.

Provisions related to emission monitoring and reporting and to environmental inspections have been strongly enhanced, the EC said.

Improvements have also been made regarding public access to information. The clearer implementation requirements for member states will facilitate the EC's task of ensuring the full application of the directive, according to the EC.

The directive will enter into force 20 days after its publication in the Official Journal, which is expected before the end of 2010. Member states will then have two years to transpose the directive into their legislation and to start implementing the new legislation.

INDIA: Lafarge to adhere to norms

Lafarge India Pvt Ltd, which is planning to set up a cement plant at Nongkhlieh in Jaintia hills, today said the company was fully committed to environment protection and compliance with other statutory regulations.

The statement comes in the wake of recent protests by the people living in the proposed cement plant area, citing health hazards and loss of paddy fields.

According to Lafarge, it has obtained a single window clearance from the Meghalaya government for the proposed 1.1 million tonne integrated cement plant at Nongkhlieh, which, at an estimated cost of Rs 1,000 crore, will be one of the biggest private sector investments in the region.

The proposed cement plant is the second venture of Lafarge in Meghalaya. The first one dealt with export of limestones to Bangladesh through a conveyor belt from Shella, which is located on the border in East Khasi Hills district.

The company has obtained NOC from traditional institutions like the dorbar and submitted applications for necessary permits and approvals to the authorities.

Lafarge said no construction or mining activity has yet commenced at the proposed project site. As the project will not progress without conducting a proper environmental impact assessment and other clearances, any apprehensions raised at this stage about the environmental impact of the project would be premature and unfounded, it added.

The company said a detailed MoU had been signed for the benefit of the residents. It sets down the “commercial terms” of the project, the safeguards to be adopted for environment protection and local area development activities to be undertaken by the company for health, education and employment generation.

According to Lafarge, the company, in line with the employment policy of the state, would give preference to the residents of Meghalaya for all employment opportunities.

PERU: Cemento importado desde China ingresa sin aranceles

El tratado de libre comercio con China –que entró en vigencia el 1 de marzo de este año– comienza a impactar en el mercado cementero nacional, pues el gigante asiático es su nueva fuente de importaciones gracias al arancel 0%.

Latinamerican Trading, filial de la transnacional Cemex, informó que en setiembre decidió importar desde China aproximadamente 35.000 toneladas métricas de clinker, el principal insumo para la producción de cemento. El clinker importado por Cemex fue producido por la cementera Shanghai Conch Building Materials.

Latinamerican Trading no es la única que ha recurrido a la importación de clinker con arancel 0%, pues, según la página web de la Sunat, Cemento Andino y Cemento Sur habrían hecho lo propio en junio y octubre de este año, respectivamente.

El ejecutivo de Cemex indicó que de esta manera evitaron ser afectados por la decisión del Tribunal Constitucional de restituir el arancel de 12% a la importación de clinker.

Tal decisión –precisó– se tomó en vista del constante incremento de la demanda interna del producto. Según el INEI, el consumo interno de cemento ha crecido 17,32% entre enero y agosto.

OFERTA DISPONIBLE

Aunque no estaba en los cálculos, el TLC con la segunda economía del mundo podría reducir la presión de la demanda sobre las cementeras nacionales, pues –según Latinamerican Trading– las firmas trabajan al 94,8% de su capacidad instalada, cuando lo ideal es de hasta 80%. Cabe indicar que las ampliaciones que realizan actualmente varias cementeras recién estarán operativas a partir del 2012.

Otra variable por contar es el precio del cemento. Durante este año, luego de que el cemento empezó a pagar arancel de 12%, el precio se elevó 3,5%, según el INEI. Pero si se miran los últimos 18 meses, el incremento llega al 7,9%. Tal tendencia se mantendría si la demanda sigue fuerte y las importaciones chinas no alcanzan a revertirla.