- Creation of sustainable value
- Growth of the organisation
One of the most relevant activities and with greater impact in 2019 was the programmed overhaul of the Estarreja site, which took place 32 months following the previous stoppage, reflecting an industrial activity equivalent to that of 2016. As expected, this stoppage led to in a decrease in production and naturally, a decrease in results as compared to the previous year. This programmed overhaul normally lasts about 4 weeks and occurs at different rates and with different durations across the various facilities, resulting in a significant decrease in the amounts produced and available for sale in the year. However, as compared to the previous stoppage in 2016, results show a significant improvement.
In 2019 and in relative terms, Bondalti reduced the weight of the national market on its margin, but increased the weight of the Spanish market, readjusting the distribution of the inorganic segment between the two geographies.
At the end of 2019, the Cantabria investment in a total amount of €M 60 was completed (€M 32 alone were invested in 2019). This investment makes Bondalti the largest chlor-alkalis producer in Iberia, increasing installed capacity at the Torrelavega site, with the best technology available, both in terms of operating efficiency and from an environmental point of view, since it now uses membrane technology.
At the end of June 2019, Bondalti completed the refinancing of its entire debt with a bank syndicate made up of 8 banks. The different credit lines subscribed totalled € 210 million, having permitted Bondalti to substantially reduce its cost of debt service, extend debt maturity and create the conditions to finance new investments.