Obbligazioni societarie Anheuser-Busch InBev, Heineken, SABMiller, Carlsberg: the breweries.
- Creatore Discussione lorenzo63
- Data di Inizio
Imark
Forumer storico
Ed oggi é arrivata la trimestrale di AB InBev, che continuo a seguire (sono uscito per non correre rischi legati alla trimestrale, convinto che anche tecnicamente i bond siano in posizione da poter stornare): le cose sono andate bene nel Q1/2008, con i cd. core earnings in salita del 10%; AB InBev ha fatto presente tuttavia che un simile risultato sarà difficilmente ripetibile nel corso dell'anno, sia per la risalita dei costi che per il raffronto con i forti risultati generati nel 2008.
Andrà anche tenuto d'occhio l'accordo per la vendita di Oriental Breweries a KKR, apparentemente soggetta ad una clausola di riacquisto da parte di AB Inbev "a termini finanziari già concordati" ma sui quali non è stata fatta disclosure al pubblico.
Il buon andamento del Q1/2009 si è tradotto in una crescita del EBITDA "core" (al netto di una tantum) da 2,53 a 2,79 mld $ (con il dato di raffronto per il 2008 ricavato dalla sommatoria dei risultati delle due società pre-merger).
In linea con i piani da AB InBev il taglio dei costi, stimato in misura definitiva in 2,25 mld $ annui, dei quali 1 mld $ da conseguire entro il 2009. Con 295 mln $ nel Q1/2009, la società è dunque ben messa per il conseguimento del target.
Il valore delle vendite risulta in calo da 8,85 mld $ a 8,2 mld $, ma ciò in conseguenza principalmente della svalutazione del BRL rispetto al USD, mentre al netto dell'andamento delle valute, il valore del venduto è aumentato del 4,7%
(Adds detail.)
By Matthew Dalton Of DOW JONES NEWSWIRES
BRUSSELS (Dow Jones)--Brewing giant Anheuser-Busch InBev (ABI.BT) Thursday reported a better-than-expected 10% rise in first-quarter core earnings but warned that rising costs and stronger results last year would make it difficult for the beer giant to repeat that performance through the rest of 2009.
AB InBev, the maker of Budweiser, Stella Artois and dozens of other brands, also said it would sell Oriental Brewery, its South Korean beer unit, to the U.S. private-equity firm Kohlberg Kravis Roberts & Co. for $1.8 billion to help pay down the debt it took on to buy Anheuser-Busch. The deal is the second-largest private-equity buyout announced this year, according to Dealogic.
The deal gives AB InBev the right to buy back Oriental Brewery within five years at "predetermined financial terms," which were not disclosed. AB InBev will book a one-time capital gain of $500 million from the sale, which will close in the third quarter, AB InBev said.
AB InBev's quarterly earnings before interest, tax, depreciation and amortization - adjusted for one-time items - were $2.79 billion, up from $2.53 billion of adjusted Ebitda in the first quarter of 2008 on strong sales in Latin America and Central and Eastern Europe.
Last year's quarterly core earnings result is a company estimate of what AB InBev's earnings would have been if they had included the results of U.S. brewer Anheuser-Busch, which InBev purchased in November.
Analysts were expecting adjusted Ebitda of $2.5 billion for the quarter, according to a survey released by the company.
"Overall, beer is confirming to be a very resilient business, even in a downturn," AB InBev Chief Financial Officer Felipe Dutra told reporters.
But investors shouldn't expect similar Ebitda growth during the rest of the year, the company said. The brewer estimates a percentage increase in costs per unit of beer sold in the "low single digits" for the rest of the year. Meanwhile, the brewer's results last year were fairly strong, and the economic downturn will have some impact.
"The operating environment remains challenging," Dutra said.
AB InBev has promised to cut annual costs by $2.25 billion as a result of its purchase of Anheuser, with $1 billion of those cost cuts coming in 2009. The brewer achieved $295 million of cost cuts in the first quarter, putting it on track to meet its targets.
The company's adjusted profit for the quarter was $783 million and its profit including one-time items was $716 million. AB InBev didn't say what its quarterly adjusted profit would have been including Anheuser's results.
Sales were $8.2 billion for the quarter, down from $8.85 billion a year ago. The decline was mainly to due to a fall in the value of the Brazilian real versus the dollar, which hit sales by around $1 billion. Excluding these effects, sales rose 4.7%, AB InBev said.
Costs per unit of beer sold rose 2.5% for the quarter, AB InBev said, as the brewer continued to feel the impact of last year's soaring commodity prices. However, the company said its plans to capture efficiencies from the Anheuser deal were helping to keep costs down.
AB InBev shares are up about 45% for the year at EUR24, after they took a beating late in 2008 while the company issued new equity to help fund its $52 billion purchase of Anheuser.
Goldman Sachs Group Inc. (GS) advised KKR on the Oriental Brewery deal, and J.P.Morgan Chase & Co. (JPM), Deutsche Bank AG (DB) and Lazard Ltd. (LAZ), advised AB InBev.
Andrà anche tenuto d'occhio l'accordo per la vendita di Oriental Breweries a KKR, apparentemente soggetta ad una clausola di riacquisto da parte di AB Inbev "a termini finanziari già concordati" ma sui quali non è stata fatta disclosure al pubblico.
Il buon andamento del Q1/2009 si è tradotto in una crescita del EBITDA "core" (al netto di una tantum) da 2,53 a 2,79 mld $ (con il dato di raffronto per il 2008 ricavato dalla sommatoria dei risultati delle due società pre-merger).
In linea con i piani da AB InBev il taglio dei costi, stimato in misura definitiva in 2,25 mld $ annui, dei quali 1 mld $ da conseguire entro il 2009. Con 295 mln $ nel Q1/2009, la società è dunque ben messa per il conseguimento del target.
Il valore delle vendite risulta in calo da 8,85 mld $ a 8,2 mld $, ma ciò in conseguenza principalmente della svalutazione del BRL rispetto al USD, mentre al netto dell'andamento delle valute, il valore del venduto è aumentato del 4,7%
- MAY 7, 2009, 3:08 A.M. ET
(Adds detail.)
By Matthew Dalton Of DOW JONES NEWSWIRES
BRUSSELS (Dow Jones)--Brewing giant Anheuser-Busch InBev (ABI.BT) Thursday reported a better-than-expected 10% rise in first-quarter core earnings but warned that rising costs and stronger results last year would make it difficult for the beer giant to repeat that performance through the rest of 2009.
AB InBev, the maker of Budweiser, Stella Artois and dozens of other brands, also said it would sell Oriental Brewery, its South Korean beer unit, to the U.S. private-equity firm Kohlberg Kravis Roberts & Co. for $1.8 billion to help pay down the debt it took on to buy Anheuser-Busch. The deal is the second-largest private-equity buyout announced this year, according to Dealogic.
The deal gives AB InBev the right to buy back Oriental Brewery within five years at "predetermined financial terms," which were not disclosed. AB InBev will book a one-time capital gain of $500 million from the sale, which will close in the third quarter, AB InBev said.
AB InBev's quarterly earnings before interest, tax, depreciation and amortization - adjusted for one-time items - were $2.79 billion, up from $2.53 billion of adjusted Ebitda in the first quarter of 2008 on strong sales in Latin America and Central and Eastern Europe.
Last year's quarterly core earnings result is a company estimate of what AB InBev's earnings would have been if they had included the results of U.S. brewer Anheuser-Busch, which InBev purchased in November.
Analysts were expecting adjusted Ebitda of $2.5 billion for the quarter, according to a survey released by the company.
"Overall, beer is confirming to be a very resilient business, even in a downturn," AB InBev Chief Financial Officer Felipe Dutra told reporters.
But investors shouldn't expect similar Ebitda growth during the rest of the year, the company said. The brewer estimates a percentage increase in costs per unit of beer sold in the "low single digits" for the rest of the year. Meanwhile, the brewer's results last year were fairly strong, and the economic downturn will have some impact.
"The operating environment remains challenging," Dutra said.
AB InBev has promised to cut annual costs by $2.25 billion as a result of its purchase of Anheuser, with $1 billion of those cost cuts coming in 2009. The brewer achieved $295 million of cost cuts in the first quarter, putting it on track to meet its targets.
The company's adjusted profit for the quarter was $783 million and its profit including one-time items was $716 million. AB InBev didn't say what its quarterly adjusted profit would have been including Anheuser's results.
Sales were $8.2 billion for the quarter, down from $8.85 billion a year ago. The decline was mainly to due to a fall in the value of the Brazilian real versus the dollar, which hit sales by around $1 billion. Excluding these effects, sales rose 4.7%, AB InBev said.
Costs per unit of beer sold rose 2.5% for the quarter, AB InBev said, as the brewer continued to feel the impact of last year's soaring commodity prices. However, the company said its plans to capture efficiencies from the Anheuser deal were helping to keep costs down.
AB InBev shares are up about 45% for the year at EUR24, after they took a beating late in 2008 while the company issued new equity to help fund its $52 billion purchase of Anheuser.
Goldman Sachs Group Inc. (GS) advised KKR on the Oriental Brewery deal, and J.P.Morgan Chase & Co. (JPM), Deutsche Bank AG (DB) and Lazard Ltd. (LAZ), advised AB InBev.
mostromarino
Guest
USU03597AD01
5.375 %
ANHEUSER-BUSCH INBEV WOR
Maturity
15.11.2014 14.05.2009
a me non dispiacerebbe
a me non dispiacerebbe
Imark
Forumer storico
Ma è nuova ? non mi passa l'ISIN...
bulogna
Forumer storico
Ma è nuova ? non mi passa l'ISIN...
[/left]
sembra che parta da domani 14/05/2009
Imark
Forumer storico
Altri 3 mld $ in bond.... e già erano in leva attorno a 7x (intendo net debt/EBITDA)
http://uk.reuters.com/article/marketsNewsUS/idUKN1154243520090511
http://uk.reuters.com/article/marketsNewsUS/idUKN1154243520090511
Imark
Forumer storico
Diamo conto anche di questa... venduto l'ultimo 7% in Tsingtiao, entrati altri 235 mln $ circa...
http://www.businessweek.com/globalb...op+news_top+news+index+-+temp_global+business
Anheuser-Busch InBev Sells Final Stake in Tsingtao
One of China's richest men agrees to pay $235 million for InBev's remaining 7% stake in the Chinese brewery
By Daniel Inman
Chen Fashu, one of the richest men in China, has entered into an agreement to buy a 7% stake in Tsingtao Brewery from Anheuser-Busch InBev for $235 million. Once the sale goes through, InBev will have completely cashed out of China's largest brewery.
Following InBev's $52 billion acquisition of Anheuser-Busch last year, the newly formed company fell foul of China's new anti-monopoly law. The regulator said the new drinks behemoth would be unable to increase its pre-existing stakes in Tsingtao Brewery and Zhujiang Beer.
Instead InBev started to do the opposite. In January, it entered into an agreement to sell 19.9% of its 27% stake in Tsingtao to Japan's Asahi Breweries for $667 million. The sale was part of InBev's deleveraging process to raise cash to pay off loans taken out to carry last year's acquisition. As part of the same process, Inbev last week sold its Korean asset, Oriental Breweries, to private equity firm Kohlberg, Kravis, Roberts and Company (KKR) for $1.8 billion.
In the agreement made with Chen, InBev will sell 91.6 million shares at a price of HK$19.83 apiece—slightly higher than the HK$19.78 that Asahi paid a few months ago. The price is a 10% discount to the closing price of Tsingtao's Hong Kong-listed H-shares on Friday.
According to Forbes' latest China rich list, Chen Fashu is China's 31st richest man, worth $945 million. Much of his wealth comes from the gold mining company Zijin Mining, in which he owns about 12%, according to Hong Kong stock exchange disclosure filings. Since the publication of the rich list in late October, Zijin's H-shares have nearly quadrupled in value, suggesting that Chen is already an awful lot richer. A stake in one of the nation's most iconic brands is a fine addition to any Chinese tycoon's portfolio.
Established in 1903 by German inhabitants of the northern city of Qingdao, Tsingtao has a long heritage. According to the company's website, it is sold in more than 50 countries, and its overseas sales make up more than half of China's beer exports. Tsingtao was introduced to the US in 1972, where it is the best-selling Chinese beer, according to the company's website.
http://www.businessweek.com/globalb...op+news_top+news+index+-+temp_global+business
Anheuser-Busch InBev Sells Final Stake in Tsingtao
One of China's richest men agrees to pay $235 million for InBev's remaining 7% stake in the Chinese brewery
By Daniel Inman
Chen Fashu, one of the richest men in China, has entered into an agreement to buy a 7% stake in Tsingtao Brewery from Anheuser-Busch InBev for $235 million. Once the sale goes through, InBev will have completely cashed out of China's largest brewery.
Following InBev's $52 billion acquisition of Anheuser-Busch last year, the newly formed company fell foul of China's new anti-monopoly law. The regulator said the new drinks behemoth would be unable to increase its pre-existing stakes in Tsingtao Brewery and Zhujiang Beer.
Instead InBev started to do the opposite. In January, it entered into an agreement to sell 19.9% of its 27% stake in Tsingtao to Japan's Asahi Breweries for $667 million. The sale was part of InBev's deleveraging process to raise cash to pay off loans taken out to carry last year's acquisition. As part of the same process, Inbev last week sold its Korean asset, Oriental Breweries, to private equity firm Kohlberg, Kravis, Roberts and Company (KKR) for $1.8 billion.
In the agreement made with Chen, InBev will sell 91.6 million shares at a price of HK$19.83 apiece—slightly higher than the HK$19.78 that Asahi paid a few months ago. The price is a 10% discount to the closing price of Tsingtao's Hong Kong-listed H-shares on Friday.
According to Forbes' latest China rich list, Chen Fashu is China's 31st richest man, worth $945 million. Much of his wealth comes from the gold mining company Zijin Mining, in which he owns about 12%, according to Hong Kong stock exchange disclosure filings. Since the publication of the rich list in late October, Zijin's H-shares have nearly quadrupled in value, suggesting that Chen is already an awful lot richer. A stake in one of the nation's most iconic brands is a fine addition to any Chinese tycoon's portfolio.
Established in 1903 by German inhabitants of the northern city of Qingdao, Tsingtao has a long heritage. According to the company's website, it is sold in more than 50 countries, and its overseas sales make up more than half of China's beer exports. Tsingtao was introduced to the US in 1972, where it is the best-selling Chinese beer, according to the company's website.
mostromarino
Guest
io il bilancio non lo conosco per nulla
ma una "vecchia" società cosa se ne fa di tutti questi soldi in un mêrcato "maturo"e che commercialmente tira mica male,ma senza esagerazione???????
trading di partecipazioni??
ma una "vecchia" società cosa se ne fa di tutti questi soldi in un mêrcato "maturo"e che commercialmente tira mica male,ma senza esagerazione???????
trading di partecipazioni??
Imark
Forumer storico
La InBev ha comprato la Anheuser Busch e l'ha pagata salata... adesso deve raccogliere soldi per ripagare i prestiti delle banche e poi il debito... ed allora dismette asset e raccoglie soldi con i bond per ripagare i 7 mld $ (vado a memoria) che deve rendere alle banche di qui a fine anno.
Inoltre approfittano di questa fase di apertura dei mercati per approvvigionarsi di liquidità a basso costo...
Intervengo in modifica per precisare: se si rilegge la storia, AB InBev aveva sostenuto di farcela a ripagare anche soltanto utilizzando il cash flow, e ciò avrebbe portato ad una riduzione del leverage ... questi 3 mld $ sono un di più... ovviamente se ti indebiti per ripagare debito, il leverage complessivo tendenzialmente resta lì...
Ultima modifica:
mostromarino
Guest
beh,.....sulla seconda teoria,ci ero arrivato da solo,sto migliorando,a furia di leggervi
per il resto sei un pozzo di info,sempre
ho visto che sei testè uscito.....ma in una ottica cassettara........
compreressi o aspetterebbi????
