Posto qua, almeno evitiamo di "sporcare" il 3d del Negus con le ciofeche.
E' già da qualche giorno che il perpetual Pfleiderer è in salita con forti volumi. E' un perpetual che quota flat. E' comunque cumulativo, senza loss abs, ed ha in "dote" quasi 2 anni di cedole.
https://www.boerse-stuttgart.de/rd/en/anleihen/factsheet?sSymbol=ZX1A.STU
Sicuro sia senza loss absorption ?
PRESS RELEASE: Fitch Downgrades Pfleiderer's IDR to 'B-' and Hybrid Securities to 'C'; Maintains RWN on IDR
24.03.10 13:22:21- DJPN
Fitch Ratings-Frankfurt/London-24 March 2010: Fitch Ratings has downgraded Pfleiderer AG's (Pfleiderer) Long-term Issuer Default Rating (IDR) to 'B-' from 'B'. The rating remains on Rating Watch Negative (RWN). At the same time, the agency has downgraded the company's EUR275m undated subordinated fixed- to floating-rate capital securities to 'C' from 'CC' and removed them from RWN. In addition, the Short-term IDR of 'B' has been placed on RWN. The Recovery Rating (RR) on the capital securities is 'RR6'.
The downgrade reflects increased leverage and an overall stretched financial profile for the rating level, as a result of materially weaker-than-expected 2009 operating profitability and cash generation. Lease-adjusted net debt/EBITDAR (excluding EUR17.5m of restructuring cost) increased to 7.7x at FYE09 from 3.5x at FYE08, which the agency deems high for the rating level.
Pfleiderer continues to suffer from subdued demand for its products in combination with high competitive pressure on sales prices, unfavourable foreign exchange trends and cost inflation of main raw materials, namely wood and glue.
The rating on Pfleiderer's hybrid capital securities, three notches below the Long-term IDR, reflects the instrument's poor recovery prospects. In Pfleiderer's case the three notches reflect the continued activation of the instrument's loss-absorption features and stated prioritisation by the company of more senior debt repayment ahead of payment of cash interest on this instrument.
The RWN continues to reflect the risk of protracted weak market conditions which, together with the industry's structural overcapacity compressing margins and cash flow generation, could challenge the issuer's de-leveraging plan.
Increased pressure on operational performance, and hence on expected de-leveraging could place further pressure on the ratings. Stabilisation of operating profitability and cash generation over the coming quarters and sustainable progress on Pfleiderer's de-leveraging efforts, which the company expects to result in a debt reduction of more than EUR350m up to 2013, would be positive for the ratings.
"Fitch believes that, absent additional de-leveraging measures, headroom under the loan covenant set from 2011 could shrink significantly, according to Fitch's financial forecasts," says Oliver Kroemker, Associate Director in Fitch's Industrials team. In this context the agency notes that since January 2010 Pfleiderer has had a cash inflow of EUR53.2m from the sale of treasury shares and a capital increase.
Fitch considers the issuer's liquidity as adequate, following the group's recent announcement that it has completed negotiations with five Eastern European banks on a secured restructuring package of PLN700m (approximately EUR180m). The financing consists of a PLN530m (EUR137m) tranche maturing in 2013, and a PLN170m (EUR44m) working capital facility, due in 2012.
The proceeds of the new credit facilities will be used to repay existing loans, addressing Fitch's immediate liquidity concerns. At FYE09 Pfleiderer had EUR59m in cash and undrawn committed facilities in excess of EUR100m, compared to estimated short-term financial liabilities of under EUR100m. Reported net financial debt (unadjusted for off-balance sheet debt and excluding the hybrid bond) increased to EUR913.5m at FYE09 from EUR635.5m at FYE08.
Fitch estimates lease-adjusted net debt (including 75% equity credit on the hybrid bond)/EBITDAR could remain above 7x in FY10.
Pfleiderer is a leading supplier of engineered wood, surface-finished products and laminate flooring.Applicable criteria, 'Corporate Rating Methodology', dated 24 November 2009, 'Rating Hybrid Securities', dated 29 December 2009, and 'Recovery Ratings and Notching Criteria for Nonfinancial Corporate Issuers', dated 24 November 2009, are available at
FitchResearch.
