Imark
Forumer storico
E' già proprietario al 50% della finanziaria che eroga i finanziamenti (scusate il bisticcio) agli acquirenti di autovetture Fiat o sbaglio ?...
Obbligazioni societarie Monitor bond case automobilistiche e accessorio auto (1 Viewer)
E' già proprietario al 50% della finanziaria che eroga i finanziamenti (scusate il bisticcio) agli acquirenti di autovetture Fiat o sbaglio ?...
Imark
Forumer storico
Certo che le case jappo hanno il loro bel da fare per cercare di avere un utile operativo, fra esposizione al mercato USA e JPY/USD in tendenziale consolidamento.
Questa la situazione di Honda Motors (per la quale pure non sarebbe una cattiva idea quella di tenere d'occhio gli eurobonds...
): utile netto calato del 90%, ma rosso evitato nel quarter conclusosi a dicembre e forecast 2009 decisamente discreto, con fatturato a -3% e utili a -57%, meglio degli altri nipponici.
Honda cuts annual forecast as 3Q profit tumbles
By JAY ALABASTER – 1 hour ago
TOKYO (AP) — Honda Motor Co. slashed its annual profit target by over half Friday as profit tumbled 90 percent in the latest quarter, hit by rising costs, a stronger yen and falling sales in key markets.
Japan's No. 2 automaker said net profit for the October-December period was 20.24 billion yen ($224.9 million) versus 200 billion a year earlier.
Honda's earnings numbers, while grim, still beat expectations and showed that Honda may be faring better than its Japanese rivals amid the downturn. Analysts surveyed by Thomson Financial had forecast an average 19.75 billion yen in quarterly profit.
"The results were a lot better than expected. Honda is doing well, relative to the other Japanese car makers," said Credit Suisse auto analyst Koji Endo.
The maker of the popular Accord and Civic models cut its profit target for the fiscal year through March by 57 percent, to 80 billion yen ($888.9 million) from 185 billion yen. It also lowered its revenue target by 3 percent to 10.1 trillion yen.
Still, that profit forecast isn't as bleak as the outlook for other Japanese automakers.
Toyota Motor Corp., the country's top automaker, has said it expects its first operating loss in 70 years this fiscal year, and media reports and analysts predict Nissan Motor Co. will also book a loss for the period. Toyota is due to report fiscal third quarter earnings next Friday, and Nissan is to report later in February.
For the latest quarter, Honda said revenues fell 17 percent, to 2.53 trillion yen from 3.04 trillion yen.
Honda said it spent more on raw materials such as steel and had higher sales costs compared to a year earlier. Foreign exchange also took its toll, as the yen has hovered around 13-year lows near 90 yen, compared to levels above 110 yen the previous year.
The company said it sold fewer vehicles in Japan, North America, and Europe during the quarter, but reported strong growth in Asian countries.
This follows Honda's announcement last week that its global production in 2008 rose to a record high, with booming demand in China offsetting sluggish sales in the United States and Europe.
Despite the stronger sales in Asia, Honda has still had to move quickly to lower expenses and adjust production as the global recession sets in.
The company has announced job cuts and scaled back production at manufacturing lines worldwide. The measures include cutting all of its temporary workers by April of this year.
Honda's results came a day after U.S. rival Ford Motor Co. said it lost $5.9 billion in the fourth quarter, leading to the worst annual loss in its 105-year history.
Honda released its earnings after stock trading had finished Friday, when its shares plunged 9.2 percent to 2,070 yen.
Questa la situazione di Honda Motors (per la quale pure non sarebbe una cattiva idea quella di tenere d'occhio gli eurobonds...
): utile netto calato del 90%, ma rosso evitato nel quarter conclusosi a dicembre e forecast 2009 decisamente discreto, con fatturato a -3% e utili a -57%, meglio degli altri nipponici.Honda cuts annual forecast as 3Q profit tumbles
By JAY ALABASTER – 1 hour ago
TOKYO (AP) — Honda Motor Co. slashed its annual profit target by over half Friday as profit tumbled 90 percent in the latest quarter, hit by rising costs, a stronger yen and falling sales in key markets.
Japan's No. 2 automaker said net profit for the October-December period was 20.24 billion yen ($224.9 million) versus 200 billion a year earlier.
Honda's earnings numbers, while grim, still beat expectations and showed that Honda may be faring better than its Japanese rivals amid the downturn. Analysts surveyed by Thomson Financial had forecast an average 19.75 billion yen in quarterly profit.
"The results were a lot better than expected. Honda is doing well, relative to the other Japanese car makers," said Credit Suisse auto analyst Koji Endo.
The maker of the popular Accord and Civic models cut its profit target for the fiscal year through March by 57 percent, to 80 billion yen ($888.9 million) from 185 billion yen. It also lowered its revenue target by 3 percent to 10.1 trillion yen.
Still, that profit forecast isn't as bleak as the outlook for other Japanese automakers.
Toyota Motor Corp., the country's top automaker, has said it expects its first operating loss in 70 years this fiscal year, and media reports and analysts predict Nissan Motor Co. will also book a loss for the period. Toyota is due to report fiscal third quarter earnings next Friday, and Nissan is to report later in February.
For the latest quarter, Honda said revenues fell 17 percent, to 2.53 trillion yen from 3.04 trillion yen.
Honda said it spent more on raw materials such as steel and had higher sales costs compared to a year earlier. Foreign exchange also took its toll, as the yen has hovered around 13-year lows near 90 yen, compared to levels above 110 yen the previous year.
The company said it sold fewer vehicles in Japan, North America, and Europe during the quarter, but reported strong growth in Asian countries.
This follows Honda's announcement last week that its global production in 2008 rose to a record high, with booming demand in China offsetting sluggish sales in the United States and Europe.
Despite the stronger sales in Asia, Honda has still had to move quickly to lower expenses and adjust production as the global recession sets in.
The company has announced job cuts and scaled back production at manufacturing lines worldwide. The measures include cutting all of its temporary workers by April of this year.
Honda's results came a day after U.S. rival Ford Motor Co. said it lost $5.9 billion in the fourth quarter, leading to the worst annual loss in its 105-year history.
Honda released its earnings after stock trading had finished Friday, when its shares plunged 9.2 percent to 2,070 yen.
Imark
Forumer storico
Arriva anche l'anticipazione sui conti H2 di Porsche (saranno pubblicati a marzo, dopo l'incorporazione di VW). Il fatturato risulta in calo del 14%, il primo calo registratosi dal 1993.
A metà gennaio 2009, le consegne di autovetture risultava in calo del 27% y-o-y, in quanto Porsche non intende ingolfare il mercato di auto che restano invendute e preferisce contenere la produzione, con una chiusura degli impianti per 19 giorni lavorativi da effettuare di qui a fine agosto.
I conti, pur non anticipati dal CEO di Porsche, dovrebbero risentire dell'effetto benefico dell'ormai mitico short squeeze sugli shorters VW dell'autunno scorso che portò le quotazioni del titolo a più che quadruplicare in un breve lasso di tempo.
In sofferenza il mercato USA di Porsche, a seguito del licenziamento, ad oggi, di ben 232.000 fra banchieri e brokers, grandi aficionados del marchio...
La società invece ritiene di poter trarre un beneficio solo temporaneo dal rafforzamento del dollaro sull'euro, un fenomeno che ritiene destinato ad invertirsi man mano che la nuova amministrazione USA darà seguito ai suoi programmi di spesa.
Porsche Half-Year Sales Tumble as Credit Crisis Takes Hold
Jan. 30 (Bloomberg) -- Porsche SE, maker of the 911 sports car, said first-half sales fell 14 percent as the global credit freeze threatens the company with its first full-year revenue decline since 1993.
Sales in the six months through tomorrow have dropped to “about 3 billion euros” ($3.9 billion), Porsche said today in a statement distributed in advance of the annual shareholders’ meeting in Stuttgart, Germany. Deliveries as of mid-January fell 27 percent from a year earlier to 34,000 cars and sport-utility vehicles.
“Porsche has been unable to escape the overall downtrend in the global car industry,” the Stuttgart-based company said.
More than 232,000 bankers and brokers have lost their jobs in the U.S., the biggest market for Porsche’s models, as the crisis that started in the housing industry spread across the economy. Europe’s car market shrank 7.8 percent in 2008, propelled by an 18 percent drop in December.
London-based market research company Synovate said on Jan. 21 that in an 18-country survey, luxury spending fell the most in the U.S. and U.K.
“We won’t clog up markets with cars that find no buyers,” Chief Executive Officer Wendelin Wiedeking said in remarks prepared for delivery at the meeting. The company has no plans to shorten workweeks or stage mass firings, he added.
The carmaker will suspend manufacturing for 19 days between now and August. Porsche already halted assembly lines at its main Zuffenhausen, Germany, plant for eight days this month and extended employees’ Christmas vacation by three days.
Earnings Outlook
Six-month earnings may be “higher” than year-earlier results of 1.7 billion euros because of gains from its holding in Volkswagen AG, which the company raised to a majority stake early in January, while profit from Porsche’s car manufacturing is falling as markets slump, Wiedeking said, without giving details.
Porsche won’t publish full six-month earnings until March as it needs to incorporate fourth-quarter data from Volkswagen.
The carmaker remains committed to taking 75 percent ownership of Volkswagen “in foreseeable time,” Wiedeking said. At the same time, Porsche won’t rush into buying VW shares given “highly critical” economic circumstances.
“We have said all along that we won’t do anything unreasonable,” Wiedeking said, adding the company will gauge its next steps “very carefully.”
Wolfsburg, Germany-based Volkswagen, Europe’s biggest carmaker, is valued on Porsche’s books at 117 euros a share and the company could “live with” a price of 200 euros, Porsche Chief Financial Officer Holger Haerter said on Nov. 26.
The dollar’s strength against the euro is only a “temporary phenomenon” and the U.S. currency may decline over time, which would also help the U.S. government to spur economic growth, Wiedeking said. The dollar is trading at about $1.29 per euro today, compared with a record $1.6038 touched on July 15.
“Porsche is extremely well positioned, even if this scenario doesn’t happen and the dollar remains relatively strong,” he said.
To contact the reporter on this story: Andreas Cremer in Stuttgart, Germany, via [email protected].
A metà gennaio 2009, le consegne di autovetture risultava in calo del 27% y-o-y, in quanto Porsche non intende ingolfare il mercato di auto che restano invendute e preferisce contenere la produzione, con una chiusura degli impianti per 19 giorni lavorativi da effettuare di qui a fine agosto.
I conti, pur non anticipati dal CEO di Porsche, dovrebbero risentire dell'effetto benefico dell'ormai mitico short squeeze sugli shorters VW dell'autunno scorso che portò le quotazioni del titolo a più che quadruplicare in un breve lasso di tempo.
In sofferenza il mercato USA di Porsche, a seguito del licenziamento, ad oggi, di ben 232.000 fra banchieri e brokers, grandi aficionados del marchio...
La società invece ritiene di poter trarre un beneficio solo temporaneo dal rafforzamento del dollaro sull'euro, un fenomeno che ritiene destinato ad invertirsi man mano che la nuova amministrazione USA darà seguito ai suoi programmi di spesa.
Porsche Half-Year Sales Tumble as Credit Crisis Takes Hold
Jan. 30 (Bloomberg) -- Porsche SE, maker of the 911 sports car, said first-half sales fell 14 percent as the global credit freeze threatens the company with its first full-year revenue decline since 1993.
Sales in the six months through tomorrow have dropped to “about 3 billion euros” ($3.9 billion), Porsche said today in a statement distributed in advance of the annual shareholders’ meeting in Stuttgart, Germany. Deliveries as of mid-January fell 27 percent from a year earlier to 34,000 cars and sport-utility vehicles.
“Porsche has been unable to escape the overall downtrend in the global car industry,” the Stuttgart-based company said.
More than 232,000 bankers and brokers have lost their jobs in the U.S., the biggest market for Porsche’s models, as the crisis that started in the housing industry spread across the economy. Europe’s car market shrank 7.8 percent in 2008, propelled by an 18 percent drop in December.
London-based market research company Synovate said on Jan. 21 that in an 18-country survey, luxury spending fell the most in the U.S. and U.K.
“We won’t clog up markets with cars that find no buyers,” Chief Executive Officer Wendelin Wiedeking said in remarks prepared for delivery at the meeting. The company has no plans to shorten workweeks or stage mass firings, he added.
The carmaker will suspend manufacturing for 19 days between now and August. Porsche already halted assembly lines at its main Zuffenhausen, Germany, plant for eight days this month and extended employees’ Christmas vacation by three days.
Earnings Outlook
Six-month earnings may be “higher” than year-earlier results of 1.7 billion euros because of gains from its holding in Volkswagen AG, which the company raised to a majority stake early in January, while profit from Porsche’s car manufacturing is falling as markets slump, Wiedeking said, without giving details.
Porsche won’t publish full six-month earnings until March as it needs to incorporate fourth-quarter data from Volkswagen.
The carmaker remains committed to taking 75 percent ownership of Volkswagen “in foreseeable time,” Wiedeking said. At the same time, Porsche won’t rush into buying VW shares given “highly critical” economic circumstances.
“We have said all along that we won’t do anything unreasonable,” Wiedeking said, adding the company will gauge its next steps “very carefully.”
Wolfsburg, Germany-based Volkswagen, Europe’s biggest carmaker, is valued on Porsche’s books at 117 euros a share and the company could “live with” a price of 200 euros, Porsche Chief Financial Officer Holger Haerter said on Nov. 26.
The dollar’s strength against the euro is only a “temporary phenomenon” and the U.S. currency may decline over time, which would also help the U.S. government to spur economic growth, Wiedeking said. The dollar is trading at about $1.29 per euro today, compared with a record $1.6038 touched on July 15.
“Porsche is extremely well positioned, even if this scenario doesn’t happen and the dollar remains relatively strong,” he said.
To contact the reporter on this story: Andreas Cremer in Stuttgart, Germany, via [email protected].
Ultima modifica:
Imark
Forumer storico
Parlando di bond automobilistici, è singolare come il Porsche Perpetual in USD con cedola al 7,20%, che tanto interesse sucitava sopra i 100, adesso giaccia dimenticato sotto gli 80...
http://anleihen.onvista.de/snapshot.html?ID_INSTRUMENT=13530549
http://anleihen.onvista.de/snapshot.html?ID_INSTRUMENT=13530549
Gaudente
Forumer storico
mi raccomando di studiare per bene prima di partire...ecco il libro di testo http://www.internationalsexguide.info/forum/forumdisplay.php?f=250Cmq a febbraio vado in SriLanka in vacanza (OT) e nn ho voglia di monitorare 'sta situazione!
The Beast
Rating? No grazie!
ahahah
Gaudente nn ti smentisci!
a 'sto giro parto con una donna, nn pensvo tra l'altro lo Sri Lanka fosse meta di turismo sessuale....
Imark
Forumer storico
Downgrade di Fitch su Daimler (Mercedes-Benz) i cui conti sono impattati dalla crisi in misura superiore a quanto inzialmente stimato dall'agency.
In realtà, la dipendenza dall'utile operativo di Daimler dalla vendita di autovetture premium - impattata nella espansione della base di clientela da una ridotta disponibilità di credito (le "comode rate"...) - e dalla esposizione ai mercati dei veicoli industriali (divisione trucks) ed a quello dei Van e Buses, entrambi previsti in drastico calo, non giova in questa situazione.
Se anche nel 2010 le cose dovessero andare male, c'è il serio rischio di vedere un fallen angel con la stella... la liquidità rsta per ora adeguata, nonnostante Daimler si avvii ad essere cash flow negative nel 2009 sul business industriale, in virtù di una posizione di liquidità netta che al Q3/2008 era a 6,7 mld euro (ed ora chissà...) e di due linee di credito da 5 mld $ e da 3 mld euro.
Da seguire con interesse ma senza fretta....
Fitch Downgrades Daimler to 'BBB+'; Outlook Stable
29 Jan 2009 9:54 AM (EST)
Fitch Ratings-London/Paris/Frankfurt-29 January 2009: Fitch Ratings has today downgraded Daimler AG's Long-term Issuer Default Rating (IDR) and senior unsecured ratings to 'BBB+' from 'A-' (A minus) respectively. The Outlook on the Long-term IDR is Stable. The Short-term IDR has been affirmed at 'F2'. The agency has also taken rating actions on the debt of Daimler subsidiaries which are detailed at the end of this commentary.
Fitch has reassessed its view and revised its forecasts for Daimler in 2009 and 2010 and now expects the company to exhibit much weaker profitability and cash generation than previously anticipated. The extent and rapidity of the deterioration shows Daimler's lower-than-expected resilience in a challenging economic environment. As such, Daimler's credit profile is presently inconsistent with a Long-term IDR in the 'A' category.
The Stable Outlook reflects the reasonable headroom within a 'BBB+' rating. However, further pressure on Daimler's ratings could occur should Fitch assess that the current downturn in new car and truck sales is accelerating and looks set to last beyond 2010. Likewise, sustained negative free cash flow generation and refinancing issues, especially in the financial services business, could be seen in a negative light.
The forecast revision is driven by Fitch's expectations of further and prolonged sales declines at Mercedes-Benz Cars' (MBC), Daimler Truck (DT) and the company's van and bus divisions. Profitability will suffer from falling sales and lower fixed-cost absorption and this should also lead to much weaker cash flow from operations. Fitch expects Daimler to report negative free cash flow from its industrial business in 2009 and total financial debt (industrial operations) to increase.
Although the group used to benefit from its geographic as well as business diversification in passenger cars, commercial vehicles, vans and buses, the concurrent declines of MBC's, DT's and the van and bus divisions' sales in their main regions will likely erode this advantage in 2009 and 2010. Fitch expects auto sales to fall by more than 12% in 2009 in western Europe and 16% in the US, with the major effect to be felt in H109 in both regions. Importantly, the agency expects premium cars to be at least as much impacted by the economic turmoil as mass-market brands.
Likewise, commercial vehicle and bus sales have been hit by the global economic slowdown and no recovery is expected before late 2010 at the earliest. Medium- and heavy-truck sales were down more than 40% between 2006 and 2008 in the US and a further 3-5% decline is expected in 2009. In Europe, truck sales started to decline in H108 and are anticipated to drop significantly by more than 25-30% in 2009.
However, the group still benefits from its excellent brand name and position in the premium car segment, its leading positions in the commercial vehicle and bus markets and its sound financial profile. Liquidity is adequate as the group benefits from two credit facilities of USD5bn and EUR3bn. Daimler reported a EUR6.7bn net cash position at end-Q308, although this figure will have declined markedly at FYE08.
Although the financial services business requires continuous large funding, refinancing risk is mitigated by its close asset/liability match and the highly liquid composition of its asset portfolio as well as diversified funding sources. The following rating actions have been taken with regard to Daimler subsidiaries and their debt: Daimler Coordination Center SCS's senior unsecured debt: downgraded to 'BBB+' from 'A-' (A minus); commercial paper affirmed at 'F2'
Daimler North America Corp's senior unsecured debt: downgraded to 'BBB+' from 'A-' (A minus); commercial paper affirmed at 'F2'
Daimler UK Finance plc's commercial paper: affirmed at 'F2'
In realtà, la dipendenza dall'utile operativo di Daimler dalla vendita di autovetture premium - impattata nella espansione della base di clientela da una ridotta disponibilità di credito (le "comode rate"...
) - e dalla esposizione ai mercati dei veicoli industriali (divisione trucks) ed a quello dei Van e Buses, entrambi previsti in drastico calo, non giova in questa situazione.Se anche nel 2010 le cose dovessero andare male, c'è il serio rischio di vedere un fallen angel con la stella... la liquidità rsta per ora adeguata, nonnostante Daimler si avvii ad essere cash flow negative nel 2009 sul business industriale, in virtù di una posizione di liquidità netta che al Q3/2008 era a 6,7 mld euro (ed ora chissà...
) e di due linee di credito da 5 mld $ e da 3 mld euro.Da seguire con interesse ma senza fretta....
Fitch Downgrades Daimler to 'BBB+'; Outlook Stable
29 Jan 2009 9:54 AM (EST)
Fitch Ratings-London/Paris/Frankfurt-29 January 2009: Fitch Ratings has today downgraded Daimler AG's Long-term Issuer Default Rating (IDR) and senior unsecured ratings to 'BBB+' from 'A-' (A minus) respectively. The Outlook on the Long-term IDR is Stable. The Short-term IDR has been affirmed at 'F2'. The agency has also taken rating actions on the debt of Daimler subsidiaries which are detailed at the end of this commentary.
Fitch has reassessed its view and revised its forecasts for Daimler in 2009 and 2010 and now expects the company to exhibit much weaker profitability and cash generation than previously anticipated. The extent and rapidity of the deterioration shows Daimler's lower-than-expected resilience in a challenging economic environment. As such, Daimler's credit profile is presently inconsistent with a Long-term IDR in the 'A' category.
The Stable Outlook reflects the reasonable headroom within a 'BBB+' rating. However, further pressure on Daimler's ratings could occur should Fitch assess that the current downturn in new car and truck sales is accelerating and looks set to last beyond 2010. Likewise, sustained negative free cash flow generation and refinancing issues, especially in the financial services business, could be seen in a negative light.
The forecast revision is driven by Fitch's expectations of further and prolonged sales declines at Mercedes-Benz Cars' (MBC), Daimler Truck (DT) and the company's van and bus divisions. Profitability will suffer from falling sales and lower fixed-cost absorption and this should also lead to much weaker cash flow from operations. Fitch expects Daimler to report negative free cash flow from its industrial business in 2009 and total financial debt (industrial operations) to increase.
Although the group used to benefit from its geographic as well as business diversification in passenger cars, commercial vehicles, vans and buses, the concurrent declines of MBC's, DT's and the van and bus divisions' sales in their main regions will likely erode this advantage in 2009 and 2010. Fitch expects auto sales to fall by more than 12% in 2009 in western Europe and 16% in the US, with the major effect to be felt in H109 in both regions. Importantly, the agency expects premium cars to be at least as much impacted by the economic turmoil as mass-market brands.
Likewise, commercial vehicle and bus sales have been hit by the global economic slowdown and no recovery is expected before late 2010 at the earliest. Medium- and heavy-truck sales were down more than 40% between 2006 and 2008 in the US and a further 3-5% decline is expected in 2009. In Europe, truck sales started to decline in H108 and are anticipated to drop significantly by more than 25-30% in 2009.
However, the group still benefits from its excellent brand name and position in the premium car segment, its leading positions in the commercial vehicle and bus markets and its sound financial profile. Liquidity is adequate as the group benefits from two credit facilities of USD5bn and EUR3bn. Daimler reported a EUR6.7bn net cash position at end-Q308, although this figure will have declined markedly at FYE08.
Although the financial services business requires continuous large funding, refinancing risk is mitigated by its close asset/liability match and the highly liquid composition of its asset portfolio as well as diversified funding sources. The following rating actions have been taken with regard to Daimler subsidiaries and their debt: Daimler Coordination Center SCS's senior unsecured debt: downgraded to 'BBB+' from 'A-' (A minus); commercial paper affirmed at 'F2'
Daimler North America Corp's senior unsecured debt: downgraded to 'BBB+' from 'A-' (A minus); commercial paper affirmed at 'F2'
Daimler UK Finance plc's commercial paper: affirmed at 'F2'
albicocco
Forumer storico
Intesa Unicredito e forse UBS stanno per concedere un maxi prestito a Fiat.
Se le banche prestano a Fiat vuol dire che tanto male messa non è.
E i bond Fiat sull'euromercato con rendimenti oltre il 15%?
Le banche si accontenteranno di tassi molto inferiori e quindi in teoria le obbligazioni della casa torinese sarebbero un grande affare.
Qualcuno conosce il CDS di Fiat?
Se le banche prestano a Fiat vuol dire che tanto male messa non è.
E i bond Fiat sull'euromercato con rendimenti oltre il 15%?
Le banche si accontenteranno di tassi molto inferiori e quindi in teoria le obbligazioni della casa torinese sarebbero un grande affare.
Qualcuno conosce il CDS di Fiat?
yellow
Forumer attivo
Le Banche sanno che vi è comunque il paracadute
( se la situazione non migliorasse ) di una futura fusione/assorbimento
di un grande player estero (
opzione Marchionne )Imark
Forumer storico
Sei sicuro che sia maxi, il prestito ? Avevo letto che si tratterebbe complessivamente, fra ISP e Unicredito, di 1,1 mld euro, che non sono bruscolini ma neanche i 5 mld euro dei quali si era parlato inizialmente...