Kylix
Forumer attivo
Se ti assumi per iscritto la responabilità, devono lasciarteli prendere. Il problema è che pare non si trovi il prospetto.
Dove vedi la quotazione?
Obbligazioni societarie Anheuser-Busch InBev, Heineken, SABMiller, Carlsberg: the breweries.
- Creatore Discussione lorenzo63
- Data di Inizio
Se ti assumi per iscritto la responabilità, devono lasciarteli prendere. Il problema è che pare non si trovi il prospetto.
Dove vedi la quotazione?
Imark
Forumer storico
Anche su Onvista, da qualche gg... la 2017
http://anleihen.onvista.de/snapshot.html?ID_INSTRUMENT=23307570
e la 2013
http://anleihen.onvista.de/snapshot.html?ID_INSTRUMENT=23307482
DinoP
life is good
Ho già fatto operazioni simili, ora dicono che il loro legale dice che sono responsabili in qualsiasi caso.
Domani vi saprò dire se cambio banca o se mi accontentano.
le quotazioni si vedono anche quì:
http://www.boerse-stuttgart.de/eng_index.html
Imark
Forumer storico
Una utile Bloomberg che fa il punto sulla situazione del debito corto di Anheuser-Busch InBev. Dopo la cessione alla nipponica Ashai della propria quota nella cinese Tsingtao, ora AB Inbev avrebbe messo sul mercato Oriental Brewery, la filiale sudcoreana, con l'intento di ricavarne fra i 2 ed i 2,5 mld $.
Ove la vendita andasse a buon fine, AB Inbev avrebbe ripagato la parte corta del bridge loan contratto per l'acquisizione di Anheuser-Busch, pari a 7 mld $, con circa 3 mld ancora da pagare dopo le operazioni già intraprese, fra le quali il lancio del prestito obbligazionario.
Dopo la diffusione della notizia, la giapponese Ashai ha smentito il proprio interessamento per Orental Breweries.
Faccio disclosure, per avere comprato un bond di AB Inbev giorni addietro.
AB InBev Said to Seek Up to $2.5 Billion for Korean Beer Unit
By Cathy Chan and Andrew Cleary
Feb. 4 (Bloomberg) -- Anheuser-Busch InBev NV, the world’s largest brewer, is seeking as much as $2.5 billion for its South Korean unit and has asked potential buyers to submit bids this month, two people with knowledge of the matter said.
The Leuven, Belgium-based maker of Budweiser and Stella Artois approached companies ranging from South Korea’s Lotte Group and Japan’s Asahi Breweries Ltd. to SABMiller Plc, the people said, asking not to be identified because the talks are confidential. Buyout funds, including Affinity Equity Partners Ltd., MBK Partners Ltd. and Unitas Capital, are also among potential bidders, they said.
Offers for the Oriental Brewery unit may come in at $2 billion to $2.5 billion, the people said. At that price, AB InBev may be able to repay almost all of the near-term debt stemming from the $52 billion merger that formed the company last year, uniting the biggest European and U.S. brewers.
“AB InBev has already taken crucial steps toward solving any short-term financing problems, and this sale would further improve that story,” Gerard Rijk, an analyst at ING, said by phone. He added that “$2.5 billion, even $2 billion, would be a fantastic price and much higher than expected.”
Initial bids for Oriental Brewery, which is wholly owned by the Belgian brewer, are expected by the third week of February, the people said. Marianne Amssoms, a spokeswoman for Anheuser-Busch InBev, and Nigel Fairbrass, a London-based spokesman at SABMiller, both declined to comment, as did officials and press officers for Lotte, Asahi, Affinity, MBK and Unitas.
Paying Merger Debt
Bain Capital and Carlyle Group are also considering bids, though they’re unlikely to win because of a dearth of financing and the weakening economy, two people familiar with the funds’ plans said. Officials at both firms declined to comment.
Shares of AB InBev added 10 cents, or 0.5 percent, to 19.16 euros at 1 p.m. in Brussels. They’ve gained 16 percent this year after losing half their value in 2008, when the brewer opted for a sale of discounted stock to help pay down the Anheuser deal debt as global economies and markets slumped.
The company, led by Chief Executive Officer Carlos Brito, is also conserving cash by cutting jobs in the U.S. and Germany.
AB InBev’s $7 billion bridge loan, due for repayment in November, has already been whittled down by $3.5 billion of capital dedicated from a $5 billion bond sale, and will also be lowered by last month’s agreement to sell almost 20 percent of China’s Tsingtao Brewery Co. to Asahi for $667 million. Including longer-term loans, the Belgian brewer took on $45 billion of debt in the Anheuser deal.
‘Not Under Pressure’
A sale of Oriental at the asking price would mean “they are not really under pressure anymore,” Rijk said. Anheuser-Busch InBev “could pay the remainder of the bridge with free cash flow.” He estimated that after capital-gains tax from the Asahi sale, the brewer has $3 billion left to raise.
Deutsche Bank AG and JPMorgan Chase & Co. are advising AB InBev on the sale. Deutsche Bank spokesman Michael West declined to comment, as did JPMorgan spokeswoman Marie Cheung.
AB InBev is seeking to sell Oriental at a higher valuation than Lotte paid when it acquired Doosan Corp.’s liquor business for $383 million last month, according to one of the people familiar with the plans. That transaction valued the Doosan unit at about 13 times earnings before interest, taxes, depreciation and goodwill amortization, the person said.
Oriental’s sales rose more than 10 percent in each of the past two years, the person said.
Lotte has increased cash on hand as it prepares to bid for Oriental Brewery, Yonhap News reported yesterday, citing unidentified people. The South Korean company may team up with Asahi and other partners for a joint offer, the report said.
Growing Market
Beer sales by South Korean brewers rose 9.7 percent to 1.63 trillion won ($1.2 billion) in 2007 after advancing 1.6 percent the year before, according to Hite Brewery Co., the only other Korean producer. Hite, citing data from Korea Alcohol & Liquor Industry Association, said it had 58 percent of the market for domestically-made beer, compared with 42 percent for Oriental.
Local brewers face a tougher outlook in 2009 as the economy deteriorates and the falling won increases the cost of raw materials bought overseas. Hite Brewery had its share rating and target price cut by BNP Paribas SA and Goldman Sachs Group Inc. in the last two months because of the bleaker earnings outlook.
Hite Brewery shares gained 0.3 percent to 152,000 won at 11 a.m. in Seoul today, valuing the company at 1.45 trillion won.
Ove la vendita andasse a buon fine, AB Inbev avrebbe ripagato la parte corta del bridge loan contratto per l'acquisizione di Anheuser-Busch, pari a 7 mld $, con circa 3 mld ancora da pagare dopo le operazioni già intraprese, fra le quali il lancio del prestito obbligazionario.
Dopo la diffusione della notizia, la giapponese Ashai ha smentito il proprio interessamento per Orental Breweries.
Faccio disclosure, per avere comprato un bond di AB Inbev giorni addietro.
AB InBev Said to Seek Up to $2.5 Billion for Korean Beer Unit
By Cathy Chan and Andrew Cleary
Feb. 4 (Bloomberg) -- Anheuser-Busch InBev NV, the world’s largest brewer, is seeking as much as $2.5 billion for its South Korean unit and has asked potential buyers to submit bids this month, two people with knowledge of the matter said.
The Leuven, Belgium-based maker of Budweiser and Stella Artois approached companies ranging from South Korea’s Lotte Group and Japan’s Asahi Breweries Ltd. to SABMiller Plc, the people said, asking not to be identified because the talks are confidential. Buyout funds, including Affinity Equity Partners Ltd., MBK Partners Ltd. and Unitas Capital, are also among potential bidders, they said.
Offers for the Oriental Brewery unit may come in at $2 billion to $2.5 billion, the people said. At that price, AB InBev may be able to repay almost all of the near-term debt stemming from the $52 billion merger that formed the company last year, uniting the biggest European and U.S. brewers.
“AB InBev has already taken crucial steps toward solving any short-term financing problems, and this sale would further improve that story,” Gerard Rijk, an analyst at ING, said by phone. He added that “$2.5 billion, even $2 billion, would be a fantastic price and much higher than expected.”
Initial bids for Oriental Brewery, which is wholly owned by the Belgian brewer, are expected by the third week of February, the people said. Marianne Amssoms, a spokeswoman for Anheuser-Busch InBev, and Nigel Fairbrass, a London-based spokesman at SABMiller, both declined to comment, as did officials and press officers for Lotte, Asahi, Affinity, MBK and Unitas.
Paying Merger Debt
Bain Capital and Carlyle Group are also considering bids, though they’re unlikely to win because of a dearth of financing and the weakening economy, two people familiar with the funds’ plans said. Officials at both firms declined to comment.
Shares of AB InBev added 10 cents, or 0.5 percent, to 19.16 euros at 1 p.m. in Brussels. They’ve gained 16 percent this year after losing half their value in 2008, when the brewer opted for a sale of discounted stock to help pay down the Anheuser deal debt as global economies and markets slumped.
The company, led by Chief Executive Officer Carlos Brito, is also conserving cash by cutting jobs in the U.S. and Germany.
AB InBev’s $7 billion bridge loan, due for repayment in November, has already been whittled down by $3.5 billion of capital dedicated from a $5 billion bond sale, and will also be lowered by last month’s agreement to sell almost 20 percent of China’s Tsingtao Brewery Co. to Asahi for $667 million. Including longer-term loans, the Belgian brewer took on $45 billion of debt in the Anheuser deal.
‘Not Under Pressure’
A sale of Oriental at the asking price would mean “they are not really under pressure anymore,” Rijk said. Anheuser-Busch InBev “could pay the remainder of the bridge with free cash flow.” He estimated that after capital-gains tax from the Asahi sale, the brewer has $3 billion left to raise.
Deutsche Bank AG and JPMorgan Chase & Co. are advising AB InBev on the sale. Deutsche Bank spokesman Michael West declined to comment, as did JPMorgan spokeswoman Marie Cheung.
AB InBev is seeking to sell Oriental at a higher valuation than Lotte paid when it acquired Doosan Corp.’s liquor business for $383 million last month, according to one of the people familiar with the plans. That transaction valued the Doosan unit at about 13 times earnings before interest, taxes, depreciation and goodwill amortization, the person said.
Oriental’s sales rose more than 10 percent in each of the past two years, the person said.
Lotte has increased cash on hand as it prepares to bid for Oriental Brewery, Yonhap News reported yesterday, citing unidentified people. The South Korean company may team up with Asahi and other partners for a joint offer, the report said.
Growing Market
Beer sales by South Korean brewers rose 9.7 percent to 1.63 trillion won ($1.2 billion) in 2007 after advancing 1.6 percent the year before, according to Hite Brewery Co., the only other Korean producer. Hite, citing data from Korea Alcohol & Liquor Industry Association, said it had 58 percent of the market for domestically-made beer, compared with 42 percent for Oriental.
Local brewers face a tougher outlook in 2009 as the economy deteriorates and the falling won increases the cost of raw materials bought overseas. Hite Brewery had its share rating and target price cut by BNP Paribas SA and Goldman Sachs Group Inc. in the last two months because of the bleaker earnings outlook.
Hite Brewery shares gained 0.3 percent to 152,000 won at 11 a.m. in Seoul today, valuing the company at 1.45 trillion won.
DinoP
life is good
niente da fare, ho ricevuto la stessa risposta da 4 banche fisiche e 2 on line. non sono acquistabili.
Lo scorso anno ho preso un bond Schering ploug nuova emissione dopo qualche insistenza, evidentemente qualcosa è cambiato.
Ultima modifica:
Kylix
Forumer attivo
niente da fare, ho ricevuto la stessa risposta da 4 banche fisiche e 2 on line. non sono acquistabili.
Lo scorso anno ho preso un bond Schering ploug nuova emissione dopo qualche insistenza, evidentemente qualcosa è cambiato.
Le ho prese con la Popolare di Sondrio. Dopo che sono riuscito a spuntarla con il loro (cocciuto) consulente fiscale sulla tassazione delle perpetual ed aver ottenuto il riaccredito del "maltolto", oramai oppongono pochissima resistenza.
Imark
Forumer storico
Ancora sulla vendita del secondo produttore sudcoreano di birra, parte del nuovo gruppo e la cui dismissione è finalizzata alla riduzione del debito corto.
Secondo la stampa finanzaria sudcoreana vi sarebbero state circa 10 offerte per rilevare il produttore (con manifestazioni di interesse da parte sia di altri produttori di birra che del private equity) e si sarebbe nella fase di selezione di una short list di 3-5 migliori offerenti da parte di Jp Morgan, incaricata della vendita, onde poi fissare una nuova deadline per la formazione di offerte finali.
Della società acquistata, non essendo quotata, non sono conoscibili pubblicamente dati indicativi dell'entità dei flussi di cassa generati, e dunque non è dato sapere se le aspettative di AB Inbev di ricavarne fra i 2 ed i 2,5 mld $ siano ottimistiche oppure meno.
Vediamo cosa ne verrà...
Private equity joins bids for South Korean brewer
Thu Feb 19, 2009 8:15am GMT
By Michael Flaherty and Kim Yeon-hee
HONG KONG/SEOUL (Reuters) - Private equity firms are in pursuit of South Korea's No.2 beer maker, Oriental Brewery, sources close to the process said on Thursday, in a deal that sellers hope could fetch more than $2 billion.
Anheuser-Busch InBev (INTB.BR), the world's top brewer, owns a majority stake in unlisted Oriental Brewery (OB) that it wants to sell in a bid to shed non-core assets after Belgium's InBev bought U.S. brewer Anheuser Busch for $52 billion last year.
Affinity Equity Partners and MBK Partners, two private equity firms with deep experience in South Korea, submitted separate offers for OB, according to the sources.
Bain Capital, The Carlyle Group CYL.UL and Kohlberg Kravis Roberts & Co KKR.UL are also pursuing the business, said the sources, who were not authorized to speak on the record about the deal.
The sources could not confirm whether the other firms definitely submitted first round bids. The firms declined to comment. OB has also declined to comment.
The OB process is turning into the long awaited hot auction in Asia that private equity firms have been waiting for, as large deals the firms hoped to chase have not materialized.
One private equity source said Oriental Brewery's cash flow is around $170 million, meaning bidders have to see the value of the business as at least 12 times cash flow to exceed a $2 billion purchase price. That's an expensive multiple in the current market, the source said.
The average multiple paid by private equity buyers in the last few years is 8-10 times cash flow, analysts say.
Valuing the unlisted OB is not easy, as another source previously told Reuters that OB's cash flow was more than $200 million. As a private company, bidders were eager to have a look at the company's actual performance numbers.
SEVERAL OFFERS
Local media reported on Thursday that several companies have also submitted offers. Corporate, or strategic, buyers are usually willing to pay more for a deal because they have bigger cost synergies with the target.
Sources said first round bids were due on Wednesday, and those who submit offers are forbidden, for now, to team up with another buyer. Like any auction, bidders may see the process through, or drop out.
The next step, according to one of the sources, is for the advisers to draw up a short list of 3-5 bidders and set a date for a next round of offers.
Anheuser-Busch InBev has put OB up for sale because it needs to raise money to help pay $7 billion in bridge financing that was part of InBev's purchase of Anheuser-Busch.
OB is known to be a well-run business. Its only local competitor is Hite Brewery (103150.KS), South Korea's No.1 beer maker. Because of Hite and OB's dominant market share in South Korea -- 60 percent and 40 percent among local producers -- Hite would not be able to bid for OB.
Private equity firms typically borrow most of the money for their purchases so, with financing tight, they are likely to team up later in the OB process, or link up with a corporate bidder, sources say.
Reuters reported last month that South Korean retail group Lotte Group was preparing a bid for OB.
A South Korean newspaper on Thursday said OB has drawn interest from Japan's Asahi Breweries Ltd (2502.T) and Kirin Holdings Co (2503.T), confirming earlier reports from Japanese media on the companies' interest.
The Maeil Business Newspaper cited unnamed industry sources on Thursday as saying that about 10 preliminary bidders had shown interest through JPMorgan (JPM.N), which is managing the sale.
The report said the other bidders were SABMiller (SAB.L), Asia Pacific Breweries (APBB.SI) and private equity firms Affinity, Blackstone (BX.N), Carlyle, KKR and MBK Partners.
The firms either declined to comment or could not immediately be reached.
Sources involved in the process added Bain Capital to that list, and said Blackstone had not yet shown the level of interest that the other firms had
Secondo la stampa finanzaria sudcoreana vi sarebbero state circa 10 offerte per rilevare il produttore (con manifestazioni di interesse da parte sia di altri produttori di birra che del private equity) e si sarebbe nella fase di selezione di una short list di 3-5 migliori offerenti da parte di Jp Morgan, incaricata della vendita, onde poi fissare una nuova deadline per la formazione di offerte finali.
Della società acquistata, non essendo quotata, non sono conoscibili pubblicamente dati indicativi dell'entità dei flussi di cassa generati, e dunque non è dato sapere se le aspettative di AB Inbev di ricavarne fra i 2 ed i 2,5 mld $ siano ottimistiche oppure meno.
Vediamo cosa ne verrà...
Private equity joins bids for South Korean brewer
Thu Feb 19, 2009 8:15am GMT
By Michael Flaherty and Kim Yeon-hee
HONG KONG/SEOUL (Reuters) - Private equity firms are in pursuit of South Korea's No.2 beer maker, Oriental Brewery, sources close to the process said on Thursday, in a deal that sellers hope could fetch more than $2 billion.
Anheuser-Busch InBev (INTB.BR), the world's top brewer, owns a majority stake in unlisted Oriental Brewery (OB) that it wants to sell in a bid to shed non-core assets after Belgium's InBev bought U.S. brewer Anheuser Busch for $52 billion last year.
Affinity Equity Partners and MBK Partners, two private equity firms with deep experience in South Korea, submitted separate offers for OB, according to the sources.
Bain Capital, The Carlyle Group CYL.UL and Kohlberg Kravis Roberts & Co KKR.UL are also pursuing the business, said the sources, who were not authorized to speak on the record about the deal.
The sources could not confirm whether the other firms definitely submitted first round bids. The firms declined to comment. OB has also declined to comment.
The OB process is turning into the long awaited hot auction in Asia that private equity firms have been waiting for, as large deals the firms hoped to chase have not materialized.
One private equity source said Oriental Brewery's cash flow is around $170 million, meaning bidders have to see the value of the business as at least 12 times cash flow to exceed a $2 billion purchase price. That's an expensive multiple in the current market, the source said.
The average multiple paid by private equity buyers in the last few years is 8-10 times cash flow, analysts say.
Valuing the unlisted OB is not easy, as another source previously told Reuters that OB's cash flow was more than $200 million. As a private company, bidders were eager to have a look at the company's actual performance numbers.
SEVERAL OFFERS
Local media reported on Thursday that several companies have also submitted offers. Corporate, or strategic, buyers are usually willing to pay more for a deal because they have bigger cost synergies with the target.
Sources said first round bids were due on Wednesday, and those who submit offers are forbidden, for now, to team up with another buyer. Like any auction, bidders may see the process through, or drop out.
The next step, according to one of the sources, is for the advisers to draw up a short list of 3-5 bidders and set a date for a next round of offers.
Anheuser-Busch InBev has put OB up for sale because it needs to raise money to help pay $7 billion in bridge financing that was part of InBev's purchase of Anheuser-Busch.
OB is known to be a well-run business. Its only local competitor is Hite Brewery (103150.KS), South Korea's No.1 beer maker. Because of Hite and OB's dominant market share in South Korea -- 60 percent and 40 percent among local producers -- Hite would not be able to bid for OB.
Private equity firms typically borrow most of the money for their purchases so, with financing tight, they are likely to team up later in the OB process, or link up with a corporate bidder, sources say.
Reuters reported last month that South Korean retail group Lotte Group was preparing a bid for OB.
A South Korean newspaper on Thursday said OB has drawn interest from Japan's Asahi Breweries Ltd (2502.T) and Kirin Holdings Co (2503.T), confirming earlier reports from Japanese media on the companies' interest.
The Maeil Business Newspaper cited unnamed industry sources on Thursday as saying that about 10 preliminary bidders had shown interest through JPMorgan (JPM.N), which is managing the sale.
The report said the other bidders were SABMiller (SAB.L), Asia Pacific Breweries (APBB.SI) and private equity firms Affinity, Blackstone (BX.N), Carlyle, KKR and MBK Partners.
The firms either declined to comment or could not immediately be reached.
Sources involved in the process added Bain Capital to that list, and said Blackstone had not yet shown the level of interest that the other firms had
negusneg
New Member
BRUXELLES (MF-DJ)--Sono scesi del 40% gli utili adjusted di
Anheuser-Busch InBev nel quarto trimestre dell'anno.
Il colosso della birra ha chiuso il periodo con un utile adjusted di 351
milioni di euro, a fronte dei 581 milioni dello stesso periodo dell'anno
precedente e al di sotto delle attese del mercato pari a 502 milioni. Sul
dato hanno pesato l'aumento dei costi di finanziamento e gli oneri legati
al processo di integrazione. Ab InBev ha tuttavia precisato che prevede
che i risparmi legati alla fusione saranno di 2,25 miliardi di dollari
l'anno, una somma maggiore rispetto agli 1,5 miliardi previsti in
precedenza. L'utile netto e' invece crollato del 94% a 49 milioni di euro,
mentre l'Ebitda e' salito del 17% a 1,72 miliardi.
Liv
(fine)
MF-DJ NEWS
05 mar 2009 08:30
Anheuser-Busch InBev nel quarto trimestre dell'anno.
Il colosso della birra ha chiuso il periodo con un utile adjusted di 351
milioni di euro, a fronte dei 581 milioni dello stesso periodo dell'anno
precedente e al di sotto delle attese del mercato pari a 502 milioni. Sul
dato hanno pesato l'aumento dei costi di finanziamento e gli oneri legati
al processo di integrazione. Ab InBev ha tuttavia precisato che prevede
che i risparmi legati alla fusione saranno di 2,25 miliardi di dollari
l'anno, una somma maggiore rispetto agli 1,5 miliardi previsti in
precedenza. L'utile netto e' invece crollato del 94% a 49 milioni di euro,
mentre l'Ebitda e' salito del 17% a 1,72 miliardi.
Liv
(fine)
MF-DJ NEWS
05 mar 2009 08:30
DinoP
life is good
fatte le debite considerazioni sul momento della fusione, appena questa andrà a regime non vedo male questo gruppo. Negus, che ne pensi?
trovo ora questa news
da reuters:
* La birra sembra non risentire della crisi, con il leader mondiale ANHEUSER-BUSCH INBEV piatto sui conti trimestrali del quarto trimestre superiori alle attese e la revisione al rialzo dei guadagni legati all'acquisto dell'americana Anheuser-Busch.
su mf-dj si parla di risultati inferiori alle attese.
Ultima modifica:
Imark
Forumer storico
Superiori alle attese o inferiori alle attese ? Dipende da quali attese...
Guardo ai risultati estrapolandoli da questa AP e, per ciò che concerne gli utili, il calo è dovuto principalmente a costi collegati al takeover di Aneusher-Busch.
Le vendite di birra sono calate leggermente, ma sembra in misura inferiore al mercato in generale (-0,3 contro -0,8) cmq si conferma il carattere molto difensivo del comparto.
Taglieranno ancora costi per 500 mln $ e ridurranno il capex di 1 mld $ quest'anno. Prevedono di procedere con le dismissioni (si era parlato anche del business in Cekia, oltre che in Corea del Sud), ma assumono di poter ripagare la parte restante del debito "corto" legato all'acquisizione di AB anche se non riuscissero a vendere nulla ad un prezzo corretto.
Anche le sinergie ottenibili dal takeover sono state riviste al rialzo già da quest'anno e vengono stimate in 2.25 mld $ entro il 2011 contro 1,5 mld $ originariamente previsti.
Per il 2009, forecast di crescita "flat", ma niente indicazioni sul valore dell'utile conseguibile.
AB InBev 4Q profit tumbles as beer sales go flat
By AOIFE WHITE – 1 hour ago
LEUVEN, Belgium (AP) — Brewing giant Anheuser-Busch InBev's fourth quarter profit plunged 95 percent as it paid the costs of the takeover that formed it last year and as beer sales went flat or fell, the company said Thursday.
The world's largest brewer said it would now focus on reducing the massive debt from InBev's $52 billion takeover of Anheuser Busch — and would aggressively shave costs and sell off some $7 billion in assets.
AB InBev said profits fell to euro49 million ($61 million) from euro900 million a year earlier. Total revenues were up 35 percent to euro5.2 billion ($6.5 billion) from euro3.9 billion.
Chief financial officer Felipe Dutra blamed the dramatic profit drop on restructuring charges — mainly debt financing costs of euro489 million — linked to InBev's $52 billion takeover of Anheuser Busch and a one-off gain last year when it sold off Dutch and Belgian bars.
He said the company planned to cut another $500 million from U.S. operations this year and reduce capital spending by $1 billion (euro800 million). He said this did not mean more job cuts at Anheuser Busch, where the company has shed some 2,400 posts.
"We believe the right sizing is in place and the plans we had to announce, they were already announced," he told reporters.
CEO Carlos Brito said U.S. workers had accepted the company's cost-cutting plans.
"The people we have there are pragmatic," he said. "They embrace frugality because they understand the need" to channel money toward boosting sales, he said.
AB InBev also said it wanted to raise $7 billion by selling off assets this year — but would not comment on what units it might offload. Dutra said they would concentrate on operations that could be easily detached from the business and would not cause tax problems.
This will help pay off some $45 billion in debt the brewer took on for the takeover. It has sold $3.5 billion in bonds to cover $7 billion in payments due in November. Dutra said the company could cover the $3.5 billion outstanding out of working capital if it can't sell units.
"This is not a fire sale," he said, adding that the company was in no rush to sell some five to six businesses at the right price.
AB InBev said it has made more savings than expected so far from the merger — with $250 million saved in 2008 — and would raise its synergies target from $1.5 billion to $2.25 billion by 2011.
Some $1 billion of that is due this year and would come from reducing supplier costs and savings from Chinese and British businesses, Dutra said.
AB InBev expects a flat year ahead but refused to give a 2009 profit outlook. Volumes of beer sold were down 0.3 percent last year, not as badly as the total beer industry, where volumes fell 0.8 percent.
Brito said "beer is not immune for sure but tends to be very resilient" to recession.
"Some people trade down from champagne and wine into beer," he said.
Europeans — both in richer western nations and emerging eastern countries — bought less beer than in 2007, while rocketing growth in Latin America slowed down sharply as food prices soared.
AB InBev also performed badly in China, a market where it had hoped to expand. Chinese antitrust regulators have capped its stake in local brewers on worries that the company could become too powerful.
Brito said executives would not get a bonus because the company had missed targets to expand last year.
For all of 2008, AB InBev profit was down 41 percent to euro1.28 billion. Revenues increased 12 percent to euro16.1 billion from euro14.4 billion in 2007.
Copyright © 2009 The Associated Press. All rights reserved.
Guardo ai risultati estrapolandoli da questa AP e, per ciò che concerne gli utili, il calo è dovuto principalmente a costi collegati al takeover di Aneusher-Busch.
Le vendite di birra sono calate leggermente, ma sembra in misura inferiore al mercato in generale (-0,3 contro -0,8) cmq si conferma il carattere molto difensivo del comparto.
Taglieranno ancora costi per 500 mln $ e ridurranno il capex di 1 mld $ quest'anno. Prevedono di procedere con le dismissioni (si era parlato anche del business in Cekia, oltre che in Corea del Sud), ma assumono di poter ripagare la parte restante del debito "corto" legato all'acquisizione di AB anche se non riuscissero a vendere nulla ad un prezzo corretto.
Anche le sinergie ottenibili dal takeover sono state riviste al rialzo già da quest'anno e vengono stimate in 2.25 mld $ entro il 2011 contro 1,5 mld $ originariamente previsti.
Per il 2009, forecast di crescita "flat", ma niente indicazioni sul valore dell'utile conseguibile.
AB InBev 4Q profit tumbles as beer sales go flat
By AOIFE WHITE – 1 hour ago
LEUVEN, Belgium (AP) — Brewing giant Anheuser-Busch InBev's fourth quarter profit plunged 95 percent as it paid the costs of the takeover that formed it last year and as beer sales went flat or fell, the company said Thursday.
The world's largest brewer said it would now focus on reducing the massive debt from InBev's $52 billion takeover of Anheuser Busch — and would aggressively shave costs and sell off some $7 billion in assets.
AB InBev said profits fell to euro49 million ($61 million) from euro900 million a year earlier. Total revenues were up 35 percent to euro5.2 billion ($6.5 billion) from euro3.9 billion.
Chief financial officer Felipe Dutra blamed the dramatic profit drop on restructuring charges — mainly debt financing costs of euro489 million — linked to InBev's $52 billion takeover of Anheuser Busch and a one-off gain last year when it sold off Dutch and Belgian bars.
He said the company planned to cut another $500 million from U.S. operations this year and reduce capital spending by $1 billion (euro800 million). He said this did not mean more job cuts at Anheuser Busch, where the company has shed some 2,400 posts.
"We believe the right sizing is in place and the plans we had to announce, they were already announced," he told reporters.
CEO Carlos Brito said U.S. workers had accepted the company's cost-cutting plans.
"The people we have there are pragmatic," he said. "They embrace frugality because they understand the need" to channel money toward boosting sales, he said.
AB InBev also said it wanted to raise $7 billion by selling off assets this year — but would not comment on what units it might offload. Dutra said they would concentrate on operations that could be easily detached from the business and would not cause tax problems.
This will help pay off some $45 billion in debt the brewer took on for the takeover. It has sold $3.5 billion in bonds to cover $7 billion in payments due in November. Dutra said the company could cover the $3.5 billion outstanding out of working capital if it can't sell units.
"This is not a fire sale," he said, adding that the company was in no rush to sell some five to six businesses at the right price.
AB InBev said it has made more savings than expected so far from the merger — with $250 million saved in 2008 — and would raise its synergies target from $1.5 billion to $2.25 billion by 2011.
Some $1 billion of that is due this year and would come from reducing supplier costs and savings from Chinese and British businesses, Dutra said.
AB InBev expects a flat year ahead but refused to give a 2009 profit outlook. Volumes of beer sold were down 0.3 percent last year, not as badly as the total beer industry, where volumes fell 0.8 percent.
Brito said "beer is not immune for sure but tends to be very resilient" to recession.
"Some people trade down from champagne and wine into beer," he said.
Europeans — both in richer western nations and emerging eastern countries — bought less beer than in 2007, while rocketing growth in Latin America slowed down sharply as food prices soared.
AB InBev also performed badly in China, a market where it had hoped to expand. Chinese antitrust regulators have capped its stake in local brewers on worries that the company could become too powerful.
Brito said executives would not get a bonus because the company had missed targets to expand last year.
For all of 2008, AB InBev profit was down 41 percent to euro1.28 billion. Revenues increased 12 percent to euro16.1 billion from euro14.4 billion in 2007.
Copyright © 2009 The Associated Press. All rights reserved.
