Obbligazioni societarie Anheuser-Busch InBev, Heineken, SABMiller, Carlsberg: the breweries.

[Imark]

Sì, la sto seguendo la storia...

[FONT=arial,elvetica]Campari finalizza l'acquisizione di Wild Turkey [/FONT][FONT=arial,helvetica]Di Pierpaolo Molinengo[/FONT]
http://it.rd.yahoo.com/partners/trendonline/SIG=117ms0cqq/**http://www.trend-online.com/
[FONT=arial,helvetica]Il Gruppo Campari ha finalizzato l'acquisizione di Wild Turkey, rafforzando la sua posizione di leader nel mercato dei premium spirit negli Stati Uniti e nei mercati internazionali. L'operazione, annunciata lo scorso 8 aprile, rappresenta la più grande acquisizione nella storia del Gruppo Campari. Il Gruppo Campari ha pagato a Pernod Ricard US$ 581 milioni (ovvero € 417 milioni al tasso di cambio del closing). Il prezzo include un aggiustamento di circa US$ 6 milioni (ovvero € 4,3 milioni al tasso di cambio del closing), principalmente correlato alle scorte. L'operazione ha ottenuto l'approvazione da parte delle autorità antitrust italiane e statunitensi.[/FONT]

Il business acquisito include i brand Wild Turkey e American Honey, la distilleria in Kentucky, Stati Uniti, e le scorte di liquido invecchiato e prodotti finiti.

Bob Kunze-Concewitz, Chief Executive Officer: “Siamo fieri di aver finalizzato l'acquisizione di un brand unico e di rilevanza strategica e di inserirlo nel nostro portafoglio che vanta marchi globali, come Campari (Milano: CPR.MI - notizie) e SKYY Vodka, così come marchi leader in mercati locali. Con l'inserimento di Wild Turkey rafforzeremo in maniera consistente la nostra presenza negli Stati Uniti e nei mercati internazionali. Contiamo di incrementare il peso di Wild Turkey a livello mondiale, sfruttando a pieno il potenziale di questo whisky americano autentico e vincitore di numerosi riconoscimenti”.

Questa transazione è la quarta acquisizione conclusa da Campari negli Stati Uniti, dopo SKYY Vodka (2002), Cabo Wabo (2007) e X-Rated (2007). Con Wild Turkey, l'importo totale investito da Campari in acquisizioni negli Stati Uniti sarà USD 1,1 miliardi (€ 0,9 miliardi).

Wild Turkey è un brand globale, con un volume totale di oltre 800.000 casse da nove litri vendute in oltre 60 mercati. Gli Stati Uniti rappresentano il mercato più importante, generando circa la metà delle vendite del brand; Australia e Giappone sono, rispettivamente, il secondo e il terzo mercato. Il brand gode di un trend di continua crescita nella sua categoria nei principali mercati geografici. L'American straight whiskey è una categoria dinamica di spirit, con i segmenti premium e super premium che trainano la crescita negli Stati Uniti e nei mercati internazionali.

Nel Nord America Wild Turkey verrà distribuito dalla filiale americana del Gruppo Campari Skyy Spirits. Inoltre, l'acquisizione include American Honey, un liquore a base di bourbon e miele, un lancio di successo nella categoria premium dei cordial negli Stati Uniti e una importante opportunità di crescita.

Wild Turkey ha un'immagine di brand unico, costruita sui valori di autenticità, gusto e aroma distintivi e un posizionamento di brand genuino e senza compromessi. Grazie a queste caratteristiche il brand si posiziona nel segmento premium a livello mondiale. Wild Turkey ha tutte le qualità - autenticità, posizionamento premium, storia - per sfruttare con successo le potenzialità di crescita della sua categoria e del mercato.

 

[Imark]

E questo é il commento all'assegnazione di rating... ce la faranno a fare deleverage ?


Fitch Assigns Pernod Ricard's Note Issue Expected 'BB+' Rating

28 May 2009 6:58 AM (EDT)


Fitch Ratings-London-28 May 2009: Fitch Ratings has today assigned France-based spirits company Pernod Ricard SA's (Pernod) prospective issue of EUR-denominated notes an expected senior unsecured rating of 'BB+'. Pernod's Long-term Issuer Default Rating (IDR) is 'BB+' with a Stable Outlook.

The final rating is contingent upon receipt of final documents conforming to information already received.

Pernod intends to use the proceeds of the notes for refinancing existing short-term and medium-term debt. The notes will constitute senior unsecured obligations of Pernod and will rank equally with all other present and future unsecured indebtedness of Pernod.

Pernod's IDR reflects its strong business profile as the number two player in the global spirits industry, with geographically diverse operations and a product portfolio that includes powerful brands in the major international categories of consumption.

Fitch notes that - following the Vin & Sprit transaction - Pernod's 'BB+' rating was not compatible with its high leverage of over 6.0x on an annualised basis for financial year 2008 (FY08), but management has stated its commitment to reduce the net debt/EBITDA ratio to 4.5x-5.0x by the financial year ended 2010 (FYE10), and to 4.0x by FYE11.

The agency nonetheless remains concerned about the evolution of Pernod's profits amid subdued consumer confidence and disposable income.

In order to support reaching its reduced leverage targets, Pernod completed a EUR1bn rights issue in May 2009; the "Wild Turkey" brand was agreed to be sold for EUR0.5bn; and a few less strategic brands are being put up for sale with the aim of raising a total of approximately EUR1bn by December 2009. Finally, Pernod's cash dividend will be reduced by approximately EUR0.2bn in FY10.

Consequently, Fitch changed the Outlook on Pernod's ratings to Stable from Negative on 13 May 2009 and affirmed the Long-term IDR at 'BB+' reflecting the company's strengthened position within the 'BB+' rating following these initiatives. For additional information, see the comment, entitled 'Fitch Changes Pernod Ricard's Outlook to Stable on Rights Issue Completion', which is available on the agency's subscriber website, www.fitchresearch.com

 

[Imark]

Intanto, in considerazione del fatto che non sono tempi facili per nessuno, soffre anche l'altra sponda francese degli high spirits.

Remy Cointreau ha visto nell'esercizio fiscale 2009 un significativo calo delle vendite, dell'utile operativo e dell'utile netto, riuscendo ad ovviare parzialmente incremetando il margine unitario lordo attraverso un incremento dei prezzi che ha ovviato al calo dei volumi... una situazione difficlmente replicabile nel prossimo futuro...

Remy Cointreau reports 12.5 pct fall in full-year profit owing to destocking by customers

The Associated Press
2:30 AM PDT, June 10, 2009

Paris-based wine and spirits group Remy Cointreau reported Wednesday a 12.5 percent fall in full-year net profit, owing to substantial destocking by customers and costs associated with its exit from distribution network Maxxium.

http://www.latimes.com/business/nat...u-france-earns-remy-cointreau,0,3326630.story

....

Interessante questo commento ripreso su Seeking Alpha

http://seekingalpha.com/article/142591-remy-cointreau-too-costly-lacks-visibility

Stock price: €28.34 ($39.72 USD)

Conclusion: Too expensive considering the lack of visibility
Fiscal 2009 results: Sales down 12.7% to €714m ($1.0B USD) (-11.6% like for like), EBIT down 14% and net earnings down 12.5% to €86m ($120.7m USD). No guidance has been given for fiscal 2010.

It could have been worse, considering the magnitude of the downturn in wines and spirits. RC managed to maintain margin at 19%, despite falling volumes in cognac (-19.5%), champagne (-14.5%) and liqueurs (-7.8%). We were surprised by the increase in gross margin, up 360bp, which helped to offset higher distribution and administrative expenses.

In addition, earnings benefited from two other factors: positive exchange gains and €14m ($19.6m USD) related to the exit from Maxxium.

In the absence of guidance, we believe that the decline in earnings could be more pronounced in fiscal 2010 (-22% projected) for three reasons.

First, price increases that boosted earnings by €35m ($49.1m USD) last year should be increasingly difficult to implement at a time when distributors keep reducing inventories (notably in champagne) and consumer reduce spending both on the on-trade and the off-trade.

Second, although we view the transition from Maxxium distribution JV to owned distribution as a plus in the long term, we think the timing won’t help. As a result of a depressed environment the gains in gross margins could be offset by weaker volumes and heavier commercial and admistrative costs.

However, there is still some room for manoeuvre on the A&P front, given the continuing decrease in media rates. Last, we do not expect the financial charges to diminish, as a result of heavy inventories (up 11%). We predict a cash outflow €20-30m ($28m - $42m USD), which could be less if inventories decrease.

The stock (-4% YTD, +74% 6m,-28% 1y) trades at high multiple of 18x P/E and 13x EV/EBITDA, well above Diageo (DEO) and Pernod Ricard (PDRDF.PK).

We feel that the premium is too high in the absence of visibility for the next 12 months. A takeover scenario looks also improbable at a time when management is investing into its own distribution network

 

[Imark]

Anheuser-Busch Inbev (vendi e pentiti, come si sul dire... ho venduto troppo presto... ) continua nelle sue dismissioni e dopo Oriental Breweries, la controllata sudcoreana, adesso è il turno di 4 impianti per la produzione di beer cans andati via per 577 mln $.

http://www.bizjournals.com/jacksonville/stories/2009/06/29/daily33.html

Ma soprattutto, molto più importante è il tentativo di dismettere in blocco le proprie attività in Europa centrale e nei Balcani. Se comprendessero anche Russia ed Ucraina, queste attività avrebbero un valore stimato attorno ai 2 mld di euro.

AB Inbev ha molta fretta di dismettere, e avrebbe voluto concludere entro questo mese, sebbene le esigenze di rifinanziamento a breve del debito contratto nell'acquisto di Anheuser-Busch siano state coperte con recenti nuove emissioni di bond.

Ha invece deciso di procrastinare a fine mese il termine per ricevere offerte inizialmente fissato nel 15 luglio.

JULY 8, 2009, 1:02 P.M. ET

AB InBev Extends Time For CEE Ops Bids To Late July - Source

By Marietta Cauchi
Of DOW JONES NEWSWIRES

LONDON (Dow Jones)--Anheuser-Busch InBev (ABI.BT) has extended the deadline for bids in the sale of its Central and Eastern European operations to late July, a person familiar with the situation told Dow Jones Newswires Wednesday.

Binding bids were originally due mid-July with the brewing giant wanting a quick sale possibly by the end of the month, people said. However the complexity of the deal which involves operations across seven regions - Bulgaria, Romania, Hungary, Czech Republic, Croatia, Serbia and Montenegro - and tricky financing markets have pushed the tight timetable back, people said.

AB InBev initiated the auction, which is being run by Barclays PLC (BCS), after it received an unsolicited approach from CVC Capital Partners. The brewer wants to get what the company hopes is a "fair" and "best" price, one person said.

Analysts said that a sales price of EUR2 billion just for AB InBev's Central European business, excluding Russia and Ukraine, would be reasonable. AB InBev sells about 15 million hectolitres of beer annually across the seven countries.

Other potential buyout bidders include Kohlberg Kravis Roberts and TPG. Cinven Group Limited is also interested.

Among strategic buyers Efes Breweries International N.V. (EBID.LN) has expressed interest, people said, and SABMiller PLC (SAB.JO) may also be interested but could have antitrust issues in the Czech Republic.

Other trade players such as Carlsberg A/S (CARL-A.KO) and Heineken Holding N.V. (HEIO.AE) are digesting acquisitions and trying to pay down debt, which may prevent them from bidding.

The Belgium-based brewer is no longer under pressure to sell assets following the sale of its South Korean brewing business to Kohlberg Kravis Roberts for $1.8 billion in April. And just last week Anheuser-Busch InBEv said it has reached a deal to sell three beverage-can manufacturing plants and a metal-lid plant to Ball Corp. (BLL) for $577 million. It has also refinanced billions in short-term debt over the last few months.

A representative for AB InBev declined to comment. A representative for Barclays wasn't immediately available to comment.

-By Marietta Cauchi, Dow Jones Newswires; +44 207 842 9241; [email protected]
(Matthew Dalton in Brussels contributed to this story.)

 

[yellow]

E questo é il commento all'assegnazione di rating... ce la faranno a fare deleverage ?


Fitch Assigns Pernod Ricard's Note Issue Expected 'BB+' Rating

28 May 2009 6:58 AM (EDT)


Fitch Ratings-London-28 May 2009: Fitch Ratings has today assigned France-based spirits company Pernod Ricard SA's (Pernod) prospective issue of EUR-denominated notes an expected senior unsecured rating of 'BB+'. Pernod's Long-term Issuer Default Rating (IDR) is 'BB+' with a Stable Outlook.

The final rating is contingent upon receipt of final documents conforming to information already received.

Pernod intends to use the proceeds of the notes for refinancing existing short-term and medium-term debt. The notes will constitute senior unsecured obligations of Pernod and will rank equally with all other present and future unsecured indebtedness of Pernod.

Pernod's IDR reflects its strong business profile as the number two player in the global spirits industry, with geographically diverse operations and a product portfolio that includes powerful brands in the major international categories of consumption.

Fitch notes that - following the Vin & Sprit transaction - Pernod's 'BB+' rating was not compatible with its high leverage of over 6.0x on an annualised basis for financial year 2008 (FY08), but management has stated its commitment to reduce the net debt/EBITDA ratio to 4.5x-5.0x by the financial year ended 2010 (FYE10), and to 4.0x by FYE11.

The agency nonetheless remains concerned about the evolution of Pernod's profits amid subdued consumer confidence and disposable income.

In order to support reaching its reduced leverage targets, Pernod completed a EUR1bn rights issue in May 2009; the "Wild Turkey" brand was agreed to be sold for EUR0.5bn; and a few less strategic brands are being put up for sale with the aim of raising a total of approximately EUR1bn by December 2009. Finally, Pernod's cash dividend will be reduced by approximately EUR0.2bn in FY10.

Consequently, Fitch changed the Outlook on Pernod's ratings to Stable from Negative on 13 May 2009 and affirmed the Long-term IDR at 'BB+' reflecting the company's strengthened position within the 'BB+' rating following these initiatives. For additional information, see the comment, entitled 'Fitch Changes Pernod Ricard's Outlook to Stable on Rights Issue Completion', which is available on the agency's subscriber website, www.fitchresearch.com

17.07.09 18:51 - Pernod: stima incremento 9% fatturato 2009

PARIGI (MF-DJ)--Pernod Ricard prevede di registrare nell'anno fiscale 2009 un incremento del 9% del fatturato grazie all'integrazione della svedese Vin & Spirit.


La societa' francese ha aggiunto che il fatturato di quarto trimestre e' migliorato secondo le attese.

Pernod ha concluso comunicando che l'utile operativo nel trimestre che si e' chiuso il 30 giugno dovrebbe mostrare un incremento compreso tra il 3% ed il 5%.

 

[Imark]

Carlsberg, che ha recentemente emesso un bond in euro al 6%, ha pubblicato una trimestrale risultata discreta in virtù di aumenti dei prezzi sul mercato russo (i russi, anche quando non hanno di che mangiare, i soldi per bere pare li trovino sempre... ), nel quale ha lavorato bene sulla distribuzione, fondamentale nel beverage, al punto da aver migliorato la propria quota di mercato nonostante la crescita dei prezzi, a danno soprattutto di AB InBev e di SABMiller.

Gli incrementi hanno fatto fronte all'effetto negativo della svalutazione del rublo, e cmq lo stesso mercato russo è atteso in contrazione del 6% in base ai volumi di birra commercializzati (precedente stima: - 2%).

La società ha inoltre conseguito tagli dei costi superiori rispetto alle proprie stime.

Tutto ciò detto, anche in un settore difensivo quale quello degli alcolici di base, Carlsberg parla di situazione stabilizzatasi ma destinata a restare ferma senza progressi rispetto ai valori attuali per i prossimi 12-18 mesi, con andamento fiacco non solo nei paesi dell'europa orientale ma anche di quelli occidentali.

Provede ad un leggero taglio delle stime di fatturato per il 2009, mentre l'EBITDA sale e con esso, circostanza significativa, anche l'EBIT margin.

Il focus resta sui margini e sulla riduzione dei costi, mentre eventuali acquisizioni e/o ulteriore espansione è rinviata a tempi migliori.

Carlsberg Rises in Copenhagen on Higher Profit, Margin Gains

By Andrew Cleary

Aug. 5 (Bloomberg) -- Carlsberg A/S, the Danish brewer of Tuborg and Baltika beer, rose in Copenhagen trading after beating analysts’ profit estimates on higher beer prices and improved profitability in Russia, its biggest market.

Second-quarter net income climbed to 1.94 billion kroner ($375 million) from 1.42 billion kroner a year earlier, Carlsberg reported today, beating the 1.6 billion-kroner median estimate of 14 analysts surveyed by Bloomberg News.
Carlsberg’s shares rose as much as 5.8 percent, the most in three months, as the brewer used price increases on Baltika beer and cost reductions to squeeze more earnings out of a Russian market that’s shrinking faster than it originally forecast. Carlsberg’s eastern European operating margin rose to 33.4 percent from 23.6 percent a year earlier.

“The market leader is taking advantage of the recession,” Casper Blom, a Copenhagen-based analyst at Carnegie who rates Carlsberg “outperform,” said in a note today. “Cost cutting will have an even larger effect in the third quarter.” Blom said he’ll raise his full-year estimate for earnings before interest and tax by about 5 percent.

Chief Executive Officer Jorgen Rasmussen said in a Bloomberg Television interview that Baltika raised its leading share of the Russian beer market largely at the expense of Anheuser-Busch InBev NV, the company’s largest global rival.

Baltika has about 41 percent of the Russian market, up from 39.9 percent in the first quarter, and Carlsberg said it expects more gains this year.
InBev’s share at the end of the first half slipped to 16.4 percent from 19.4 percent, Carlsberg said in a presentation today, citing figures from researcher Business Analytica. An AB InBev spokeswoman wasn’t immediately available to comment.

Forecast Cut

AB InBev, which posts second-quarter figures on Aug. 18, reported in May that its Russian beer volumes slid 9.3 percent in the first quarter, matching a similar drop for SABMiller Plc.

Carlsberg widened its full-year estimate of how much the Russian market will shrink to as much as 6 percent, compared with the previous forecast of a 2 percent decline, as measured by year-on-year beer shipments. The company lowered its full- year sales forecast to 61 billion kroner from 63 billion kroner.

The brewer has stepped up cost cuts in Russia after winning full control of Baltika last year, when it bought out partner Scottish & Newcastle Plc’s interest. Carlsberg has also moved Baltika’s sales mix towards more higher-margin, mid-priced brews and away from its cheapest brands.
Second-quarter sales were almost unchanged at 17.6 billion kroner. Carlsberg raised prices by 6 percent in 2008 and 2009, helping offset a so-called organic volume decline of 5 percent.

Economic Growth

Carlsberg rose 18 kroner, or 4.9 percent, to 387 kroner as of 11:15 a.m. local time. The stock has more than doubled since it plummeted to 151 kroner in November on concern over its exposure to the Russian economy and the ruble.

The company will “continue to outperform” the Russian market in the second half, according to Rasmussen, who isn’t assuming economies will recover and help sales anytime soon.

“I don’t think it’s going to get worse, but I don’t think we’ll see any significant improvement in the next 12 to 18 months either,” he said.
Earnings before interest, tax and one-time items rose 16 percent to 3.66 billion kroner, more than the median analyst estimate of 3.11 billion kroner. The company’s overall operating margin widened to 20.7 percent from 18 percent, as Carlsberg closed inefficient breweries and cut staff in most markets.

Carlsberg said it achieved savings of 430 million kroner from the S&N deal as of June 30, and confirmed its full-year target for net income of at least 3.5 billion kroner.

“These results provide clear evidence of how Carlsberg can get there despite a tough trading environment,” Matthew Webb, an analyst at Cazenove & Co. in London, said in a note today. Webb rates the shares “outperform” and provisionally increased his full-year ebit forecast by 6 percent to 9.2 billion kroner.

Carlsberg’s operating margin in northern and western Europe has also improved since the S&N deal, rising to 16.3 percent from 14.6 percent a year earlier. While revenue in the region declined, the margin gain drove operating profit 10.8 percent higher to 1.75 billion kroner

 

[Imark]

Trimestrale di Anheuser-Busch Inbev, con focus da un lato sull'andamento delle dismissioni occorrenti a delevereggiare la società risultante dall'acquisto di Anheuser-Busch, e dall'altro sul profilo dell'andamento delle vendite e del forecast riguardante l'andamento del mercato...

Ebbene, al di là dell'aspetto dell'andamento degli utili (sostenuti appunto dalle dismissioni effettuate) siamo ad un primo consuntivo dei proventi della campagna vendite: siamo a quota 3,56 mld $ a fronte di un valore preventivato pari a 7 mld $ (reso meno pressante da raggiungere dall'abbondante scorta di liquidità fatta dall'emittente, tale da consentire un ripagamento senza problemi della quota breve dei loans bancari), cui dovrebbero aggiungersi ancora, a consuntivo di fine anno, complessivi 2,5 mld $ fra sinergie generate dalla fusione e tagli dei costi operativi.

Sull'aspetto delle sinergie e dei tagli dei costi, il CEO ha sostenuto che la fusione è sul binario giusto, ma rimangono ostacoli da rimuovere, il che potrebbe significare che il target non sarà raggiunto, ma ci si sarà andati vicini. Vedremo a fine anno.

Circa l'andamento delle vendite, si conferma l'attesa, già espressa da altri produttori globali, di un andamento del mercato della birra debole e leggermente cedevole nei volumi per i mesi a venire.

Nel Q2/2009 i volumi di vendita di AB Inbev sono leggermente calati, da 106,4 a 105,2 mln di ettolitri y-o-y, con un calo marginale in USA, più robusto in Europa occidentale, dove si attesta al 5,7% ma ancor più in Europa orientale e Russia, dove siamo ad un - 8,9%.

La strategia di AB Inbev, a fronte di un calo ulteriore dei volumi atteso in futuro, resta focalizzata sulla promozione dei propri marchi di punta (sui quali realizza margini più elevati) piuttosto che sulla espansione guidata dai prodotti a costo più basso, anche se ciò dovesse tradursi in una perdita di quote di mercato in alcune aree, come sarebbe successo, secondo AB Inbev, sui mercati dell'Europa centrale e della Russia (a giustificazione del calo dei volumi sopra indicato).

Anheuser-Busch InBev makes $1.1 billion Q2 profit

By ROBERT WIELAARD (AP) – 4 days ago

BRUSSELS — Anheuser-Busch InBev on Wednesday said second quarter profit rose 13 percent to $1.1 billion, helped by sales of stakes in brewing companies, but cautioned that the recession was flattening beer consumption in key markets worldwide.

The owner of Budweiser, the world's best-selling beer — and some 300 other brands — said its profit compared with a $850 million profit in the same period a year earlier.

Still, ABInbev reported a 1.1 percent drop in global sales in the second quarter, with Carlos Brito, the company's chief executive, saying "the beer industry ... is not immune to economic pressures."

It said that while overall sales faded, those of its signature brands — such as Bud Lite, Harbon, Skol and Brahma — rose by 2.4 percent and show "the greatest growth potential" in their markets around the world.

For the first half of 2009, AB InBev saw a net profit of $1.92 billion, up from $1.25 billion in the same 2008 period.

The company credited the strong performance to its unrelenting drive to raise at least $7 billion from selloffs this year, $1 billion in savings from merging the former InBev and Anheuser-Busch operations and shave $1 billion off total costs and another $500 million from U.S. operations.

During the first half, the company earned one-off gains of $3.56 billion from asset sales.

These included four U.S. packaging plants sold to Ball Corp. of Broomfield, Colorado for $577 million and a 27 percent stake in Chinese beermaker Tsingtao for $900 million. It made another $280 million by selling smaller assets, including Labatt USA, and buildings and land.

On July 24, ABInBev completed the sale of its South Korean beer business for $1.8 billion.

The company is selling off units to help pay off the loans that funded InBev's $52 billion takeover of Anheuser-Busch that formed the company.

ABInBev said second quarter sales fell to 105.2 million hectoliters from 106.4 million in the 2008 period.

Sales fell 0.7 percent in North America, 3.5 percent in parts of Latin America and 5.7 percent in Western Europe, where the company is pushing its own brands and subcontracting less. Demand fell even more in Central and Eastern Europe, where sales dropped 8.9 percent.

In the first half of 2009, ABInBev reported a drop in sales Western Europe of 6.8 percent "driven by a weakening market." Sales were also down in Eastern Europe and Asia.

ABInBev is the result of the November, 2008 merger of Anheuser-Busch Companies Inc., based in St. Louis, and Belgium's InBev based in Leuven, just east of Brussels.

Brito said the integration of Anheuser-Busch and InBev was on track "but many challenges remain."

He said the company will overcome flattening demand by focusing sales and marketing on popular flagship brands such as Bud Light, Harbin, Michelob, Stella Artois, Skol and Brahma — even though the emphasis on premium over lower-price beer has cost it sales in Russia and eastern Europe.

 

[mostromarino]

USU03597AD01


5.375 %

ANHEUSER-BUSCH INBEV WOR

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Maturity ​

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15.11.2014 14.05.2009

a me non dispiacerebbe​

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Ma è nuova ? non mi passa l'ISIN...

[/left]

comperata a 101 finito il 13.5

oggi galleggia a 1o5,5

peccato non essere un trader

 

[Imark]

[/size]

[/left]





comperata a 101 finito il 13.5

oggi galleggia a 1o5,5

peccato non essere un trader

Su questo genere di emittenti e quella scadenza, se volessi provare a tradare, terrei d'occhio per i bond eur quota 4-4,2% di rendimento lordo, per i bond USD forse qualcosa di meno, ma non molto...

Tu poi come cittadino svizzero con le banche del tuo paese hai accesso illimitato alle nuove emissioni, per cui puoi provare a vendere quando si raggiungono certe soglie di rendimento per passare su di un titolo appena emesso...

Un giochino che ha pagato molto nei mesi scorsi, ma che resta ancora praticabile con un po' di attenzione nella selezione degli emittenti...

 

[Imark]

Pernod Ricard e la battaglia delle vodke sul mercato USA, fra i francesi, dopo l'acquisto di Absolut, e Diageo, Campari, Bacardi, Constellation Brands, fra gli altri...

L'andamento poco brillante delle vendite di Absolut, lo switch del mercato verso i prodotti midpriced, la sofferenza dei marchi più esposti sul canale di vendita dei bar e dei punti di ristorazione di fascia alta...

• SEPTEMBER 4, 2009

Absolut's U.S. Sales Fall, Pressuring Its New Parent

Pernod Ricard Bet Big on Brand Last Year, but Recession Has Led Some Americans to Turn to Less Expensive Vodkas

By DAVID KESMODEL

Pernod Ricard SA placed a big bet on the global prospects for Absolut vodka when it paid €5.3 billion for the brand's Swedish parent last year. But now Pernod is wrestling with sluggish sales in the U.S., Absolut's largest market by far.

The French liquor giant, citing market-research firm Nielsen Co., said sales of Absolut at U.S. food and drug stores fell 6% by volume in the 52 weeks through Aug. 22. Overall, Pernod said, profit for its fiscal year ended June 30 rose 13%. But it warned of stagnant global sales for spirits in the current year.

Switching by recession-weary U.S. drinkers to lower-priced rivals such as Skyy and Svedka has hurt Absolut. Bacardi Ltd.'s Grey Goose, the No. 3 vodka brand, has experienced similar troubles. Absolut also has more exposure than many vodkas to the hard-hit bar-and-restaurant segment, the company said

Restoring volume growth in the U.S. will be "key," even though Absolut enjoys healthy growth in countries like Brazil and Mexico, said Laetitia Delaye, an analyst with Kepler Capital Markets in Paris. The U.S. accounts for more than half of the brand's retail revenue and the majority of its profits, according to the industry journal Impact and analysts.

Absolut is the second-largest vodka in the U.S. by volume after Diageo PLC's Smirnoff, according to research firm Beverage Information Group.
"Investors will be pretty demanding on them turning around the U.S.," Ms. Delaye said.

Pernod executives said they remain pleased with the brand and blamed its softer U.S. sales partly on distribution and other changes that followed Pernod's July 2008 acquisition of Vin & Sprit AB. The costly deal saddled Pernod with heavy debt just before the global economy soured.

"The brand is very healthy in the U.S., and the underlying strategy is very solid," Tim Murphy, vice president of marketing for Absolut in the U.S., said in an interview. He noted that sales at food and drug stores rose 2% by volume in the most recent 13-week period tracked by Nielsen.

Mr. Murphy said the company planned a "significant" increase in U.S. ad spending for Absolut in the current fiscal year. He declined to elaborate.
Absolut was introduced to the U.S. in 1979 and became a household name with the help of avant-garde ads. For years, its print ads featured paintings of Absolut's bottle by art-world figures including Andy Warhol.

Its latest campaign, begun in 2007 and called "It's an Absolut world," depicts an ideal universe where, for example, people pay for groceries and bus rides with hugs and kisses instead of cash. In a new ad, artists create huge art pieces at sites around the world that spell out a phrase -- "doing things differently leads to something exceptional" -- that reflects the brand's philosophy.

Tom Pirko, a beverage-industry consultant with Bevmark, said the current campaign may be out of step with many Americans. "If people are right now frightened and anxious about the economy, they are not so interested in a brand trying to be cute," he said.

Absolut has been losing market share to such rivals as midpriced Svedka, owned by Constellation Brands Inc., and Skyy, part of Italy's Gruppo Campari. A 1.75-liter bottle of Absolut sells for about $30, while Skyy is in the $24 range and Svedka costs about $18.

Sales of Svedka, the fifth-largest vodka in the U.S. by volume, rose 25% in food, drug and liquor stores for the year to date through July 25, Nielsen said. Marina Hahn, a senior vice president at Constellation Brands, said Svedka has spent about 25% more this year than last on its ads showing the brand's spokeswoman, a futuristic "fembot" who encourages drinkers "to party like it's 2033."

Svedka is "shabby chic, and that's cooler today -- now more than ever," said Keith Dusko, director of operations at Haru Sushi, a restaurant chain owned by Benihana Inc. Absolut, he said, isn't as hip in bar circles as before.

Gerry Ruvo, chief executive of Gruppo Campari's Skyy Spirits LLC unit, said Skyy vodka is benefiting from consumers' search for good value and from last year's launch of versions infused with natural fruit flavors. Skyy is the No. 4 vodka in the U.S. by volume.

Diageo's Smirnoff -- also lower-priced than Absolut -- has been outperforming its rival. Smirnoff's volume in North America rose 1% in Diageo's fiscal year ended June 30. The company has been offering mail-in rebates for Smirnoff and other brands this year in U.S. newspaper ads. It also for the first time rolled out new flavors of Popov, one of its discount vodkas, whose sales have risen in the economic slump. At the high end, Diageo's Ciroc vodka, a relatively new brand promoted by music mogul Sean "Diddy" Combs, is posting rapid sales growth.

Pernod, which also makes Malibu rum and Chivas Regal scotch, said net profit rose to €945 million in the fiscal year ended June 30 from €840 million a year earlier, which was above analysts' expectations. Revenue rose 9.3% to €7.2 billion from €6.59 billion, thanks to the addition of sales from the acquisition of Absolut