Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate - Vol. 2

Marcolin: Ho trovato questo ma risale a maggio 2021:

Milan, May 18, 2021 -- Moody's Investors Service ("Moody's") has today affirmed the B3 corporate family rating (CFR) and the B3-PD probability of default rating (PDR) of Italian eyeglass manufacturer Marcolin S.p.A. (Marcolin). Moody's has also assigned a B3 rating to the proposed €350 million guaranteed senior secured notes due 2026 issued by Marcolin. The outlook on the ratings remains negative.



Proceeds from the new notes will be used to refinance existing debt, including the outstanding €250 million guaranteed senior secured notes due 2023, €40 million drawing under the revolving credit facility (RCF) maturing in 2022 and a €50 million bank loan maturing in 2025. The rating on the existing notes will be withdrawn upon repayment at completion of the refinancing.



"The affirmation of the rating reflects the improvement in Marcolin's liquidity following the planned refinancing, owing to the extension of the debt maturity profile and the restored availability under a new €46 million revolving credit facility," says Lorenzo Re, a Moody's Vice President - Senior Analyst and lead analyst for Marcolin.



"While the refinancing is leverage neutral, the negative outlook continues to reflect Marcolin's very high leverage, with future deleveraging remaining subject to a material improvement in operating performance which carries significant execution risk," Mr. Re added.



A full list of affected ratings can be found at the end of this press release.



RATINGS RATIONALE



Marcolin's operating performance in 2020 was negatively impacted by Covid, with sales declining by 30% and EBITDA (as reported by the company and before one-off costs) dropping to €26 million from €56 million in 2019. One-off costs related to some restructuring actions and the early termination of non-core licenses, as well as working capital absorption, weighted on cash flow resulting in a material cash burn of almost €70 million. This outflow was covered by a €25 million cash injection from the shareholder and €63 million of additional debt, including a new State-backed €50 million term loan and €13 million additional drawings under the RCF.



Moody's expects the company's operating performance to recover in 2021, although remaining below pre-crisis levels with reported recurring EBITDA increasing towards €40 million from €56 million in 2019.



The proposed refinancing will extend the company's debt maturity profile to 2026 and will improve liquidity thanks to a new €46 million RCF, but will leave the overall amount of debt unchanged. As a result, leverage will remain very high with Moody's adjusted debt /EBITDA above 11x in 2021.
 
Molto bene:
le discussioni con le banche hanno finalmente innalzato la consapevolezza che la generazione operativa di cassa e' prioritaria.

Ekosem-Agrar AG reports stable operating performance in the first nine months
of 2021 . Total output at EUR 502.3 million (previous year: EUR 477.7 million)
. Sales revenues up 14% to EUR 386.4 million (previous year: EUR 338.7
million) . EBITDA at EUR 162.1 million (previous year: EUR 171.7 million);
cash EBITDA up 24% . Raw milk output reaches around 840,000 tons (previous
year: 685,000 tons) . Milk processing revenues climb 70%

Walldorf, 21 December 2021 - Ekosem-Agrar AG, the German holding company of
Russian milk producer EkoNiva Group, continued to grow in the first nine
months of 2021 despite the difficult environment, recording a 14% increase in
sales revenues to EUR 386.4 million (previous year: EUR 338.7 million); in
ruble terms, revenues rose by 27%. Raw milk production remains the main
revenue driver; the share of milk processing continued to grow with revenues
rising at a disproportionate rate of around 70%.

In the period from January to September 2021, a total of around 840,000 tons
of raw milk were collected, up 23% on the same period of the previous year
(approx. 685,000 tons). The average daily raw milk output in the first nine
months of the financial year amounted to around 3,100 tons. As of 30 September
2021, the number of dairy cows increased by 12% to approx. 112,000 animals,
with the total herd growing by 8% to roughly 216,000 animals. At RUB 29.1, the
average Russian raw milk price per kilogram in the first nine months of 2021
was slightly higher than in the prior year period (9M 2020: RUB 27.7); the
euro price of 33 cents was slightly below the prior year period (9M 2020: 35
euro cents).

Stefan Dürr, Chairman of the Management Board of Ekosem-Agrar AG: "On balance,
we are satisfied with our operating performance despite the drought in the
important Chernozem region. As a result, we were able to compensate for the
increased raw material prices, although milk prices have only been rising
sharply for a few weeks with a one-year delay compared to other agricultural
products."

Total output (revenue plus changes in the balances of fall-ploughed land and
of agricultural produce and biological assets as well as other operating
income) rose to EUR 502.3 million in the first nine months of 2021 (previous
year: EUR 477.7 million). At EUR 162.1 million, earnings before interest,
taxes, depreciation and amortization (EBITDA) were slightly lower than in the
same period of the previous year (EUR 171.7 million), mainly due to increased
material costs relating to animal feed. On a ruble basis, EBITDA increased by
a moderate 5%. By contrast, cash EBITDA (EBITDA less changes in the value of
fall-ploughed land and changes in the value and inventory of finished and
unfinished goods as well as biological assets) increased by a strong 24% to
EUR 71.6 million (previous year: EUR 57.9 million); on a ruble basis, cash
EBITDA increased by 37%. This means that the Group's ability to generate cash
for servicing and reducing debt has improved significantly.

As 2021 is drawing to a close, a look at crop yields in the different regions
of Russia shows that these varied considerably. Due to the drought in the
Chernozem region, yields for winter wheat and maize were below plan. By
contrast, crop yields in Siberia clearly exceeded expectations. Crop failures
and increased fertilizer and pesticide costs led to higher prices for
agricultural products in the world markets. Feed crop yields totaled approx.
1.9 million tons (previous year: EUR 2.0 million). A sales volume of approx.
84,000 tons in the 2021 season means that seed production also reached a high
level (2020: approx. 88,000 tons). As of 30 September 2021, Ekosem-Agrar AG
controlled an area of 630,000 hectares, of which about 50% is owned by the
Group.

The company is also publishing an adjusted forecast for the full year.
Although the targets for both sales revenues and total output have been
reduced, cash EBITDA in the year to end will probably exceed the prior year
level by at least 75%. This ability to generate cash from operating activities
is the Group's key focus particularly in view of its comparatively high
financial liabilities. Annual sales revenues are expected to come in at
between EUR 575 million and EUR 590 million (April forecast: EUR 615 million
to EUR 625 million), which represents an increase by clearly more than 20%
compared to the previous year. On the one hand, this reduced expectation is
attributable to weather conditions, as the 2021 season was much too dry,
especially in the traditionally strong agricultural regions, reducing yields
of the main crops by between 25% and 35%. On the other hand, the delay in
investments due to measures taken by the main lender led to reduced growth in
milk revenues.

At between EUR 625 million and EUR 650 million, total output for the full year
will probably be slightly higher than in the previous year (April forecast:
EUR 725 million to EUR 750 million). EBITDA are expected to come in at between
EUR 150 million and EUR 175 million (April: EUR 250 million to EUR 275
million). According to current figures, cash EBITDA will increase from EUR 75
million in the previous year to EUR 130 million.

For the year 2022, the company expects sales revenues in the three main
segments - raw milk, crop farming and milk processing - to increase by over
20% each. In this scenario, the company will be able to grow both EBITDA and
cash EBITDA at a disproportionate rate. About Ekosem-Agrar

Ekosem-Agrar AG, Walldorf, is the German holding company of the EkoNiva Group,
one of the largest Russian agricultural companies. A herd of more than 216,000
cattle (thereof over 112,000 dairy cows) and a daily output of approx. 3,100
tons of raw milk make the company the largest milk producer in the country.
The Group controls an agricultural land area of approx. 630,000 hectares and
is also one of the leading Russian seed producers. The founder and CEO of the
company is Stefan Dürr, who has been active in the Russian agricultural sector
since the end of the 1980s and has been instrumental in modernizing the
industry in the past three decades. In 2009, he was awarded the Order of Merit
of the Federal Republic of Germany in recognition of his contributions to the
German-Russian Dialogue on Agriculture. The Group employs some 12,000 people
and has a presence in nine administrative areas in Russia. Ekosem-Agrar
generated a total output of EUR 565 million and adjusted EBITDA of EUR 167
million in 2019.

Ekosem-Agrar has issued two corporate bonds in the German capital market: Bond
2012/2022 (ISIN: DE000A1R0RZ5) and Bond 2019/2024 (ISIN: DE000A2YNR08).
 
vedo che ieri ho incrementato di un lotto le Air France FR0014004AF5 a 96, mi cambia poco il pmc perché ne ho troppe prese piú care ma serve per futuri alleggerimenti se dovesse mai risorgere un momento
 
bia06 ha scritto:
Molto bene:
le discussioni con le banche hanno finalmente innalzato la consapevolezza che la generazione operativa di cassa e' prioritaria.

Ekosem-Agrar AG reports stable operating performance in the first nine months
of 2021 . Total output at EUR 502.3 million (previous year: EUR 477.7 million)
. Sales revenues up 14% to EUR 386.4 million (previous year: EUR 338.7
million) . EBITDA at EUR 162.1 million (previous year: EUR 171.7 million);
cash EBITDA up 24% . Raw milk output reaches around 840,000 tons (previous
year: 685,000 tons) . Milk processing revenues climb 70%

Walldorf, 21 December 2021 - Ekosem-Agrar AG, the German holding company of
Russian milk producer EkoNiva Group, continued to grow in the first nine
months of 2021 despite the difficult environment, recording a 14% increase in
sales revenues to EUR 386.4 million (previous year: EUR 338.7 million); in
ruble terms, revenues rose by 27%. Raw milk production remains the main
revenue driver; the share of milk processing continued to grow with revenues
rising at a disproportionate rate of around 70%.

In the period from January to September 2021, a total of around 840,000 tons
of raw milk were collected, up 23% on the same period of the previous year
(approx. 685,000 tons). The average daily raw milk output in the first nine
months of the financial year amounted to around 3,100 tons. As of 30 September
2021, the number of dairy cows increased by 12% to approx. 112,000 animals,
with the total herd growing by 8% to roughly 216,000 animals. At RUB 29.1, the
average Russian raw milk price per kilogram in the first nine months of 2021
was slightly higher than in the prior year period (9M 2020: RUB 27.7); the
euro price of 33 cents was slightly below the prior year period (9M 2020: 35
euro cents).

Stefan Dürr, Chairman of the Management Board of Ekosem-Agrar AG: "On balance,
we are satisfied with our operating performance despite the drought in the
important Chernozem region. As a result, we were able to compensate for the
increased raw material prices, although milk prices have only been rising
sharply for a few weeks with a one-year delay compared to other agricultural
products."

Total output (revenue plus changes in the balances of fall-ploughed land and
of agricultural produce and biological assets as well as other operating
income) rose to EUR 502.3 million in the first nine months of 2021 (previous
year: EUR 477.7 million). At EUR 162.1 million, earnings before interest,
taxes, depreciation and amortization (EBITDA) were slightly lower than in the
same period of the previous year (EUR 171.7 million), mainly due to increased
material costs relating to animal feed. On a ruble basis, EBITDA increased by
a moderate 5%. By contrast, cash EBITDA (EBITDA less changes in the value of
fall-ploughed land and changes in the value and inventory of finished and
unfinished goods as well as biological assets) increased by a strong 24% to
EUR 71.6 million (previous year: EUR 57.9 million); on a ruble basis, cash
EBITDA increased by 37%. This means that the Group's ability to generate cash
for servicing and reducing debt has improved significantly.

As 2021 is drawing to a close, a look at crop yields in the different regions
of Russia shows that these varied considerably. Due to the drought in the
Chernozem region, yields for winter wheat and maize were below plan. By
contrast, crop yields in Siberia clearly exceeded expectations. Crop failures
and increased fertilizer and pesticide costs led to higher prices for
agricultural products in the world markets. Feed crop yields totaled approx.
1.9 million tons (previous year: EUR 2.0 million). A sales volume of approx.
84,000 tons in the 2021 season means that seed production also reached a high
level (2020: approx. 88,000 tons). As of 30 September 2021, Ekosem-Agrar AG
controlled an area of 630,000 hectares, of which about 50% is owned by the
Group.

The company is also publishing an adjusted forecast for the full year.
Although the targets for both sales revenues and total output have been
reduced, cash EBITDA in the year to end will probably exceed the prior year
level by at least 75%. This ability to generate cash from operating activities
is the Group's key focus particularly in view of its comparatively high
financial liabilities. Annual sales revenues are expected to come in at
between EUR 575 million and EUR 590 million (April forecast: EUR 615 million
to EUR 625 million), which represents an increase by clearly more than 20%
compared to the previous year. On the one hand, this reduced expectation is
attributable to weather conditions, as the 2021 season was much too dry,
especially in the traditionally strong agricultural regions, reducing yields
of the main crops by between 25% and 35%. On the other hand, the delay in
investments due to measures taken by the main lender led to reduced growth in
milk revenues.

At between EUR 625 million and EUR 650 million, total output for the full year
will probably be slightly higher than in the previous year (April forecast:
EUR 725 million to EUR 750 million). EBITDA are expected to come in at between
EUR 150 million and EUR 175 million (April: EUR 250 million to EUR 275
million). According to current figures, cash EBITDA will increase from EUR 75
million in the previous year to EUR 130 million.

For the year 2022, the company expects sales revenues in the three main
segments - raw milk, crop farming and milk processing - to increase by over
20% each. In this scenario, the company will be able to grow both EBITDA and
cash EBITDA at a disproportionate rate. About Ekosem-Agrar

Ekosem-Agrar AG, Walldorf, is the German holding company of the EkoNiva Group,
one of the largest Russian agricultural companies. A herd of more than 216,000
cattle (thereof over 112,000 dairy cows) and a daily output of approx. 3,100
tons of raw milk make the company the largest milk producer in the country.
The Group controls an agricultural land area of approx. 630,000 hectares and
is also one of the leading Russian seed producers. The founder and CEO of the
company is Stefan Dürr, who has been active in the Russian agricultural sector
since the end of the 1980s and has been instrumental in modernizing the
industry in the past three decades. In 2009, he was awarded the Order of Merit
of the Federal Republic of Germany in recognition of his contributions to the
German-Russian Dialogue on Agriculture. The Group employs some 12,000 people
and has a presence in nine administrative areas in Russia. Ekosem-Agrar
generated a total output of EUR 565 million and adjusted EBITDA of EUR 167
million in 2019.

Ekosem-Agrar has issued two corporate bonds in the German capital market: Bond
2012/2022 (ISIN: DE000A1R0RZ5) and Bond 2019/2024 (ISIN: DE000A2YNR08).
Clicca per allargare...
Grazie
2022 93-91
 
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