Czech Leo Express plans EUR 21.7mn bond issue to fund fleet expansion

By bne IntelliNews November 26, 2012
Cement producer Lafarge Cement expects cement consumption next year to stagnate in the best scenario but will most likely fall by several percents on an annual basis, CTK news agency reported citing the company's CEO Ivan Mares. The fall is mainly due to contracting construction sector. According to data from the Czech Association of Cement Producers, cement production in the country in the first half of 2012 shrank by 10% on the year to 1.5mn tonnes. The sector was negatively influenced by the suspension of major infrastructure projects, according to Jan Hrozek, board chairman of cement producer Ceskomoravsky cement. Cement sales on the domestic market fell by 8% y/y to 1.3mn tonnes and exports were 15% lower than in the same period of 2011 hurt by weaker demand mainly in Poland and Slovakia. The outlook for this year remains downbeat with production seen by between 6% to 8% lower than in 2011, when it grew by 15% y/y.

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