lnterest-bearing
debt declined by 6.1%
while the backlog
expanded by 6.6%
The Group
maintains its objectives
and is accelerating
fulfilment of its
strategic plan
The impact
of the Alpine liquidation
and depreciation of
Energy area assets
led to a loss of
607 million euro
the strategic plan, which focuses primarily
on reducing debt and generating cash flow
of 800 million euro and EBITDA of 1.2 billion
euro within a two-year horizon.
Group revenues amounted to 3.133 billion
euro in 1H13, i.e. 13.7% down year-on-
year. Revenues reflect the effect of dives-
tments in the period, including the handling
business. In terms of geographic areas, the
market in Spain contracted, contrasting
with growth in Central America, the US, the
Middle East and North Africa.
For the purpose of a like-for-like compari-
son, Alpine’s contribution was eliminated
from the figures for the first half of 2012.
Its assets and liabilities were derecognised
following the declaration of insolvency and
the commencement of the process to li-
quidate the construction company and its
holding company by the receiver in June.
EBITDA fell 34.7% to a total of 293 mi-
llion euro. This figure slightly exceeds the
company’s expectations, which assume
lower profit in the first half as a result of the
seasonal nature of certain activities, such
as construction and cement. Environmental
Services and Water contributed more than
90% of EBITDA in the first half of the year.
A total of 210 million euro was recognized
for depreciation and amortisation, 6.3%
less than in the same period of 2012. Other
operating income, which amounted to 46
million euro, was attributable to the Cement
area and reflects capital gains of 104 million
euro from the asset swap with CRH and the
sale of a port terminal in the UK, and also
provisions of 60.8 million euro for impair-
ments and staff restructuring costs. As a re-
sult, EBIT amounted to 129.3 million euro.
Income before tax from continuing opera-
tions was -92 million euro due to net finan-
cial expenses of 210 million euro. The latter
increased almost entirely due to the com-
plete refinancing by Cementos Portland
Valderrivas, while other financial income
totalled -9.2 million euro, due to changes in
the fair value of financial instruments.
The parent company’s net attributable in-
come amounted to -607 million euro, after
applying the following to pre-tax income:
