Obbligazioni societarie GDO, Food e non Food

[lorenzo63]

Un mio vecchio pallino: un 3ad dedicato alla GDO Food e non Food, inizialmente da seguire come newsflow poi sarebbe bello anche come monitor...mai porre limiti all' ingegno umano...
Lo inauguro anche perchè, a mio modesto avviso, è il settore che anche di questi tempi credo che comunque generi un minimo di flusso di cassa che possa garantire le nostre preziose cedoline


E quindi parto con Carrefour, una notizia del 26 febbraio:

Carrefour Raised To Neutral From Underweight By JP Morgan

Penso nn necessiti di traduzioni..

 

[Imark]

Un mio vecchio pallino: un 3ad dedicato alla GDO Food e non Food, inizialmente da seguire come newsflow poi sarebbe bello anche come monitor...mai porre limiti all' ingegno umano...
Lo inauguro anche perchè, a mio modesto avviso, è il settore che anche di questi tempi credo che comunque generi un minimo di flusso di cassa che possa garantire le nostre preziose cedoline


E quindi parto con Carrefour, una notizia del 26 febbraio:

Carrefour Raised To Neutral From Underweight By JP Morgan

Penso nn necessiti di traduzioni..

E fin qui hai solo detto che quelli di JP Morgan hanno smesso di shortare l'equity...

Buon lavoro...

Ieri o ieri l'altro succosa trimestrale di Ahold...

 

[lorenzo63]

Metro

Metro società tedesca non food è proprietaria ad esempio, anche che della catena Mediamarket - Saturn (In Italia MediaWordl).

A seguire un po' di notizie:

METRO AG è una grande azienda di distribuzione e cash and carry tedesca fontata nel 1964 da Otto Beisheim, seconda in Europa solo a Carrefour, e il terzo gruppo mondiale della distribuzione.

Il primo magazzino Metro venne aperto a Mannheim, in Germania, nel 1964; il gruppo Metro giunse in Italia nel 1972, anno dell'apertura del Cash & Carry di Cinisello Balsamo (MI).
Metro è presente in 31 paesi tra Europa, Asia ed Africa e conta più di 500 punti vendita, per un fatturato complessivo di 22.500 milioni di euro

Rating:

Category Moody's Standard & Poor's

Long-term Baa2 BBB+
Short term P-2 A-2
Outlook Negative Stable

Investor Relations
Debt Capital Market

http://www.metrogroup.de/servlet/PB/menu/1011206_l2_ePRJ-METRODE-MAINPAGE/index.html

Investor Relations

Analyst Coverage

http://www.metrogroup.de/servlet/PB/menu/1011206_l2_ePRJ-METRODE-MAINPAGE/index.html



METRO AG / Strategic Company Decision
19.01.2009
Release of an Ad hoc announcement according to ?? 15 WpHG, transmitted by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
=--------------------------------------------------------------------------
With 'Shape 2012', the METRO Group is launching a comprehensive efficiency-
and value-enhancing programme. The aim is to ensure profitable growth of
the company in the long term. The Group's structures will be simplified to
realise the maximum growth momentum and customer orientation while
significantly reducing costs. The intended potential for profit
improvements until 2012 and beyond will amount to
EUR1.5 billion. Half of this amount will result from cost savings. The
remaining amount is to be realised through improved productivity and other
profit-enhancing measures. The profit improvements resulting from the
programme will depend on the development of the macroeconomic conditions in
our sales markets.
The new structure will give employees more freedom to conduct operational
business and will enable the sales divisions to satisfy the ever-changing
needs of their customers in a flexible, fast and autonomous way. At the
same time, those topics relevant for the strategic leadership, governance
and controlling of the Group will be more centralised.
19.01.2009 Financial News transmitted by DGAP

JANUARY 20, 2009, 11:08 A.M. ET Metro Efficiency Program To Improve Profits By EUR1.5B

FRANKFURT (Dow Jones)--German retailer Metro AG (MEO.XE) said late Monday it will cut costs and restructure in an attempt to counteract difficult markets and improve profits by EUR1.5 billion by 2012.

It said it will cut jobs, mainly through natural turnover, as it seeks to more aggressively lower costs and put it in a position where it can boost market share.

Frankfurt-based traders expect Metro shares to be supported by the news.

"Should the program be entirely implemented, it's net earnings per share contribution should be EUR2.85," one trader said.

Metro shares Monday closed at EUR24.39.

Company Web site: www.metro.com

-By Natascha Divac, Dow Jones Newswires, +49 69 29 725 508.

(Recasts, adds detail, analyst comments.)

By Natascha Divac
Of DOW JONES NEWSWIRES
FRANKFURT (Dow Jones)--Retailer Metro AG (MEO.XE) has announced plans to improve its operating profit by EUR1.5 billion by 2012, through a restructuring program that may include job cuts and the divestment of non-performing units.

Metro, Germany's largest listed retailer, plans to make half of the targeted sum in cost cuts and the rest in improved productivity, it said late Monday.

It will simplify its structure, and any units that fail to meet return targets will be "systematically restructured or disposed of", the company said.

The program also includes cut jobs, mainly through natural turnover, as the retailer seeks to more aggressively lower costs and put it in a position where it can boost market share.

Metro said its finance, controlling and compliance divisions will be managed centrally by the Duesseldorf headquarters.

The efficiency program was well received by investors, although some analysts said the company's goals were ambitious.

"At first glance, the amount seems ambitious in our view," said one, unnamed MM Warburg analyst. "Currently, Metro achieves an earnings before interest margin of around 3%. A profit impact of EUR1.5 billion would correspond to an increase of 2 percentage points in the EBIT margin," he said.

At 0853 GMT, Metro shares were up 4.9% at EUR25.58.

"We believe that the major effects of this program should be in 2010, 2011, 2012, and not in 2009," said a Merck Finck analyst, who rates the stock at hold.

"Therefore, we regard it as mid- to long-term with success to a large extent depending on the macroeconomic development and the general sales trend," he said.

Company Web site: www.metro.com

-By Natascha Divac, Dow Jones Newswires, +49 69 29 725 508.

(Natali Schwab, Benjamin Krieger and Eyk Henning contributed to this item.)

(Recasts, adds detail, background, analyst comments)

By Natascha Divac and Natali Schwab
Of DOW JONES NEWSWIRES
FRANKFURT (Dow Jones)--Germany's Metro AG (MEO.XE) Tuesday said that 15,000 positions or about 5% of its global workforce may be lost through a broad restructuring program to help the retailer navigate the global economic downturn.

Germany's largest listed retailer by sales announced its revamp - called "Shape 2012" - late on Monday. The plan aims to raise Metro's operating profit by EUR1.5 billion between now and sometime in 2012.

Metro in a statement said 15,000 positions would be lost by vacancies not being filled. The company stressed that it does not plan to actively cut 15,000 jobs.

With its ranks of employees swelling each year by between 8,000 to 10,000 workers, Metro said it still expects personnel numbers to continue rising in coming years.

The retailer said it will simplify its structure and introduce profitability targets for all operating units. Any division that fails to meet return targets will be "systematically restructured or disposed of", it said.

The retailer, which owns department stores and supermarkets, plans to attain half the targeted EUR1.5- billion-rise in operating profit through cost cuts, with the remainder coming via improved productivity.

For example, Metro sales divisions will in future manage their own value chains while their finance, controlling and compliance operations will be managed centrally by the Duesseldorf headquarters.

Analyst viewed that announced innovation positively, saying it will help sales divisions react faster to changes in consumer demand.

The efficiency program was generally welcomed by investors, and Metro shares at 1554 GMT were up 6.9% at EUR26.05, having fallen back from an intraday high of EUR26.79.

Still, some analysts said Metro's goals for operating profit look too ambitious.

"The EUR1.5 billion figure ... is simply too high considering the likely longer-term difficult economic environment," said Robert Greil of Merck Finck, who rates the company at hold. "We believe that the major effects of this program should be in 2010, 2011, 2012, and not in 2009," the brokerage said.

"At first glance, the amount seems ambitious in our view," one unnamed MM Warburg analyst said. "Currently, Metro achieves an earnings before interest margin of around 3%. A profit impact of EUR1.5 billion would correspond to an increase of 2 percentage points in the EBIT margin," he said.

Analysts noted that retailers are operating in an extremely uncertain and volatile economic environment.

Only last week, Metro which employs 300,000 people worldwide and generates annual sales of around EUR68 billion, reported a slowdown in 2008 sales growth due to the global downturn.

 

[lorenzo63]

E dopo un sì elevato invito...

Ahold..

02/03/2009 09:17
Profitti oltre le attese per Ahold, titolo in controtendenza ad Amsterdam


Acquisti sul Ahold ad Amsterdam. Il titolo del colosso retail sale di oltre 2 punti percentuali a quota 99,05 euro cavalcando la trimestrale oltre le attese. Il colosso olandese della grande distribuzione ha riportato un utile netto di 285 milioni di euro, in crescita dell'8,8%. Profitti che si sono attestati ben sopra le attese del mercato che erano ferme a 230 milioni di euro. I ricavi, come già preannunciato a metà gennaio, sono saliti a quota 6,60 miliardi di euro, in progresso del 12,9% trainati dai buoni riscontri arrivati dal mercato statunitense e di quello olandese nell'ultimo mese dell'anno. Il dividendo 2008 è salito del 12% a 0,18 euro per azione

 

[jacktheripper71]

c'e' anche una obbligazione tesco

(se siete stati a Londra con pochi soldi nelle tasche ....la conoscete)

ma so che esposta nei paesi est europa ...

 

[lorenzo63]

Di Tesco..

Ne avevo già scritto tempo addietro sul monitor banche mondiali perchè aveva ricevuto l'autorizzazione a creare una banca...

E + sotto parla di una emissione multitranche sia EUro che in sterline; una da 600 milioni di euro feb 2015 poi un'altra pound 600 milioni feb 2014 infine 900 milioni sterline feb 2022

FEBRUARY 17, 2009, 1:04 P.M. ET Tesco: Today Priced Multi-Tranche Sterling, Euro Bond Issue

LONDON (Dow Jones)--Tesco announced Tuesday priced a multi-tranche Sterling and Euro dominated bond issue (the Notes). The Notes will be issued by Tesco.

The Notes consist of three tranches: EUR600 million aggregate principal amount paying 5.125% interest and maturing on Feb. 24, 2015, GBP600 million aggregate principal amount paying 5% interest and maturing on Feb. 24, 2014 and GBP900 million aggregate principal amount paying 6.125% interest and maturing on Feb. 24 2022.

Order books for the Notes opened on the morning of Feb. 17, 2009 and closed in a little over an hour owing to the popularity of the Tesco bonds.

Tesco will use the net proceeds of the offering to refinance certain short-term debt.

The Final terms for the Notes will be submitted to the U.K. Listing Authority.

 

[lorenzo63]

FEBRUARY 19, 2009, 6:13:Tesco Personal Finance Sets Size On Guaran

LONDON (Dow Jones)--Tesco Personal Finance is expected to issue no more than GBP225 million in three-year, floating-rate notes, one of the lead managers said Thursday.

The issue will be guaranteed by the U.K. government.

Price guidance on the planned issue is set in the area of 50 basis points over Libor.

Barclays PLC and JP Morgan Chase & Co. have been hired to manage the deal.

Expected ratings on the issue are triple-A by both Moody's Investors Service and Standard & Poor's Corp.
Tesco Personal Finance is the consumer finance arm of U.K.-based retailer Tesco PLC (TSCO.LN). It provides financial services including loans, credit cards and savings accounts.

Tesco Personal Finance was originally formed as a joint venture between Tesco and Royal Bank of Scotland Group PLC (RBS), however last year Tesco paid GBP950 million for RBS's 50% stake.

Tuesday, Tesco itself sold a three-part bond, with one tranche denominated in euros, and two tranches in sterling.

The EUR600 million, 2015-dated portion of the issue pays a 5.125% coupon, and was priced at 235 basis points over mid-swaps. The GBP600 million tranche, paying a 5% coupon, and the GBP900 million tranche, with a 6.125% coupon, were each priced at 250 basis points over U.K. gilts.

Tesco said that it will use the net proceeds from that offering to refinance certain short-term debt.

 

[lorenzo63]

2 marzo: Tesco Tries to Hit a U.S. Curveball

Dopo lo sbarco negli USA nel 2007 con 114 negozi, colpita dalla recessione globale Tesco rivede la propria strategia negli USA.




Los Angeles -- In 2007, as it rolled out ambitious plans to break into the U.S. market, British retailer Tesco PLC emphasized the high-quality foods at its Fresh & Easy supermarkets. Fifteen months, 114 stores and a deep recession later, the company has made big changes to its strategy: steep price cuts, aggressive advertising and a new budget brand.

Tesco -- the world's fourth-biggest retailer by sales after Wal-Mart, Carrefour and Home Depot -- always expected tough competition in places like Manhattan Beach, a seaside area of Los Angeles, where its Fresh & Easy store sits opposite a Trader Joe's operated by Aldi Group of Germany.

But it didn't foresee that its expansion -- one of its biggest and most important projects in years -- would dovetail with a deep downturn in consumer spending. "The world is a very different place now," says Tim Mason, president and chief executive of Tesco's U.S. business.

So the supermarket chain now woos customers with 98-cent fruit and vegetable packs and "Everything under $1" displays. A recent flier said, "A financial crisis shouldn't mean a dinner crisis."

How Tesco copes with the American economic crisis is being closely watched by rivals and investors. Competition in retailing is so fierce that Tesco disguised its first test store in California as a movie set to throw off snooping peers.

Widely considered one of the world's most successful retailers, Tesco controls nearly a third of the British food market. It operates in 13 other countries but was drawn to the affluence and scale of the U.S. market, where a single retail format can turn into a bigger business than in smaller countries.

Now the retailer is joining the ranks of companies whose grand plans have been disrupted by the downturn. California, Nevada and Arizona, where Fresh & Easy operates, have been hit hard by the recession, with unemployment soaring and home foreclosures at a record.

Tesco's response to the recession includes its Buxted line, a budget brand in the meat aisles of its stores with black and brown labeling. The Buxted Value Chicken Breasts include some bone and rib meat, so they aren't trimmed to the same standard as the store's Fresh & Easy Chicken Breasts, but at $2.99 a pound, they cost $2 less. Buxted pork chops, tuna steaks and ribs are also cheaper.

As a next step, Mr. Mason is considering adding bread with preservatives, which is cheaper than the purer but pricier breads now in the store.

Tesco is also introducing aggressive price promotions involving selected products. Its initial strategy was to offer what retailers call "Every Day Low Price" -- in Fresh & Easy's case, prices that were 10% to 25% below those at regular grocery stores. Now boldly colored shelf signs point out the "extra low price" on individual items, while large ceiling boards boast of "budget prices." Fliers that once focused on themes now push the latest special discounts.

To boost its low-price credentials in the Los Angeles area, Tesco recently changed its advertising strategy and ran radio commercials promoting $9.99 Valentine's Day bouquets. Before, the retailer used only fliers, the Internet and direct mailings for marketing messages.
What we are learning in this market is that 'Every Day Low Price' is not that interesting," says Mr. Mason. "People are buying on deal."

David Francisco is one of them. "There are always really good deals," said the 45-year-old as he left the Fresh & Easy store in Manhattan Beach with two shopping bags on a recent morning. "Already-made Indian food for $5 -- that's awesome," he said. To cut costs, Mr. Francisco hasn't renewed his Costco membership and has stopped shopping at Albertson's, which he says has gotten more expensive.

The Fresh & Easy stores in the U.S. generate an average of $11 a square foot each week, which is higher than the industry average. But Tesco's expansion is going more slowly than planned.

By now, the company wanted to have 200 stores in the West, but it doesn't expect to reach that goal until November. For three months last year, it stopped opening stores altogether. A planned move into northern California, which requires a $100 million investment in a new distribution center, has been postponed.

Critics say Tesco's problems in the U.S. go beyond the current downturn.

"The U.S. expansion is not performing up to expectations," said a recent research report by J.P. Morgan. "The company is blaming the economic recession, but F&E is positioned as a limited-range soft discounter, selling only food, a format that should be relatively immune."

Mr. Mason responds that Tesco plans a long list of improvements. Recently, Fresh & Easy even changed the look of its stores, repainting walls in friendly pastels and adding a warm brown to the concrete floors after shoppers said the stores looked too sterile

 

[lorenzo63]

Ancora Ahold

Retailer Ahold NV, owner of Stop & Shop and Giant supermarkets in the U.S., defied the economic downturn with a sharp rise in profit as it revamped its stores to better attract cash-strapped consumers.

Amsterdam-based Ahold reported net profit of €285 million ($361.3 million) for the fourth quarter, up 9% from a year earlier, and said it would raise its dividend for 2008 by 12%. The company attributed the strong performance to two years of sweeping changes at its U.S. business, which generates more than half of group sales. In the U.S., the company cut costs, lowered prices, simplified its selection of products and gave its stores a new look, yielding gains in market share, sales and profit.

But analysts said Ahold could face difficulty eking out further profit growth. "Easy wins from the cost-cutting...may be complete," said Christopher Hogbin, senior analyst with Sanford C. Bernstein Ltd. in London, in a research note.

Ahold's U.S. restructuring puts it in the forefront of a broader effort by retailers to adjust their strategies to a sustained slump in consumer spending. In both Europe and the U.S., retailers seeking to cut prices are having tough negotiations with consumer-goods companies.

Ahold executives say they put the company in a better position than some of its competitors by starting the restructuring well before the downturn. After a damaging accounting scandal in 2003 and years of sliding profitability at Stop & Shop, concentrated in New England and the New York area, and Giant-Landover, clustered around Washington, D.C., the company embarked on a painful restructuring program in September 2006, topped by a re-branding of the two store chains in August 2008.

"It was good timing -- we are realizing the benefits of what has been a two-year journey," said Larry Benjamin, the chief operating officer of Ahold's U.S. operations.

The retailer cut the number of products on its shelves in the U.S. by an average of 15% -- in some categories, as much as 30% -- and increased the share of store brands. The threat of dropping brands helped Ahold to negotiate favorable terms with the suppliers that remained. "Those who didn't give us what we wanted...were discontinued," said Mr. Benjamin.

The company has also responded to the slump with an unusually flexible pricing strategy. In the second quarter, for example, the retailer focused on boosting sales with price cuts and promotions.

 

[lorenzo63]

Gdo 2004 (nn ho dati raggruppati + recenti)..

Gruppo Paese Fatturato in milioni di Euro
Carrefour Francia 75.707
Metro group Germania 60.291
Tesco Regno unito 49.681
Rewe Germania 44.135
Auchan Francia 38.418
Intermarchè Francia 37.380
Schwarz Germania 36.964
Aldi Germania 32.485
Edeka Germania 31.582
Casino Francia 29.458
Ahold Paesi Bassi 28.659
Leclerc Francia 28.566
Wal-Mart USA 24.958
Sainsbury Regno Unito 24.128
Morrisons Regno unito 20.722
El Corte Inglés Spagna 17.713
Tangelmann Germania 17.141
Système U Francia 14.684
Migros Svizzera 13.853
Coop Norden Svezia 13.353
... ... ...
Coop Italia Italia 11.335