Obbligazioni societarie Monitor bond case automobilistiche e accessorio auto (2 lettori)

[Imark]

scusate se è un po' OT (azioni) ma il tema è comunque corretto. Io non ci capisco una sega..

PARIGI, 29 luglio (Reuters) - Il titolo Peugeot-Citroen (PEUP.PA: Quotazione) balza in borsa del +6%, dopo la pubblicazione dei risultati del primo semestre.
La prima metà dell'anno per il gruppo automobilistico francese si chiude con perdite nette di 962 milioni di euro, supoeriori alle stime degli analisti di 926,5 milioni.
Scendono anche le vendite del 21,8% a 23,5 miliardi sotto le stime degli analisti di 24,08.
Nei primi sei mesi la società ha comunicato di aver generato un flusso di cassa di 476 milioni di euro dovuto a forti riduzioni di magazzino.
La società francese ha detto di aspettarsi che il mercato europeo perda ancora il 7% nella seconda parte dell'anno, mentre la ripresa dovrebbe arrivare entro la fine del 2010.
Intorno alle 9,30 il titolo guadagna il 6,14% a 9,54 euro.

Il perché della risalita consiste probabilmente nella velocità di riduzione del magazzino e nel free cash flow (FCF) generato per questa via.

Il 31% di riduzione in 6 mesi è tanto ed è stato raggiunto mediante una riduzione della produzione pari al 50% nel Q1 e del 32% nel Q2. Nel Q2 suppongo siano stati aiutati dall'effetto degli incentivi varati in mezza Europa, che ha stimoltato le vendite e consentito di non tagliare troppo drasticamente la produzione.

Come ti racconta questa Bloomberg, la circostanza ha generato FCF per 476 mln euro ma soprattutto ha allontanato la possibilità che Peugeot potesse chiedere soldi al mercato azionario attraverso un aumento di capitale. Di qui la reazione positiva del titolo.

Peugeot Reports First-Half Loss, Slashes Inventory (Update1)

By Laurence Frost

July 29 (Bloomberg) -- PSA Peugeot Citroen, Europe’s second-largest carmaker, reported a first-half loss and surprised investors by saying it generated cash after slashing production and reducing inventory amid the global auto slump.

The net loss was 962 million euros ($1.36 billion), or 4.24 euros a share, compared with a 733 million-euro profit, or 3.21 euros, a year earlier, Paris-based Peugeot said today in a statement. Free cash flow reached 467 million euros as Peugeot drew down unsold vehicle stocks by 31 percent.

“Peugeot’s surprisingly strong cash performance will ease fears over a rights issue,” David Arnold, an analyst at Credit Suisse in London who has an “outperform” rating on the stock, said in a telephone interview.

Peugeot rose as much as 7.4 percent in Paris trading. The carmaker and some of its European rivals have closed plants temporarily as they struggled to reverse a buildup of unsold cars. Chief Executive Officer Philippe Varin, who took over from Christian Streiff in March, is pressing ahead with measures to shorten vehicle development times and trim costs while seeking new partnerships and alliances to expand into emerging markets.

Revenue fell 22 percent to 23.5 billion euros, the company said. The operating loss was 826 million euros, excluding one- time gains and losses, compared with a profit of 1.12 billion euros a year earlier. Peugeot predicted a 2009 operating loss of 1 billion euros to 2 billion euros and said it still expects negative cash flow for the full year.

‘Adverse Conditions’

The results “reflect the impact of adverse conditions in the European markets, which were only partially mitigated by the benefits from performance action plans and new model launches,” Varin said in the statement.

In the first half, Peugeot had one-time charges totaling 506 million euros, including 294 million euros in reorganization costs as the carmaker extends a program of voluntary departures until March 2010.

Analysts had expected a 971.5 million-euro net loss on sales of 24.1 billion euros, according to the median of estimates compiled by Bloomberg.

Peugeot added as much as 1.36 euros to 19.77 euros for its steepest intraday jump in two months, and traded at 19.62 euros as of 9:24 a.m. Before today, the stock had jumped 52 percent this year, valuing the automaker at 4.3 billion euros. The Bloomberg Europe Autos Index gained 11 percent in the period.

While Europe pulled out of a 14-month slide in new-car registrations in June, help by billions in government-backed sales incentives, first-half volumes were 11 percent lower, according to the European Automobile Manufacturers’ Association.

Peugeot said it reduced its inventory to 431,000 unsold vehicles as of June 30, from 628,000 cars at the end of 2008.

Production Cut

“To achieve this, production was cut by 32 percent in the first half and by nearly 50 percent in the first quarter,” Chief Financial Officer Frederic de Saint-Geours told analysts at a briefing in Paris.

Global car and light-truck sales plunged 14 percent to 1.59 million vehicles in the first six months, Peugeot said earlier this month.

“PSA’s long-term challenges to improve its business remain, and current profits remain depressed,” Adam Jonas, an analyst at Morgan Stanley in London who recommends buying the shares, wrote in an e-mailed report. “But financial distress is evaporating rapidly.”

The French carmaker said yesterday it had shelved plans for a third factory in China, even as Varin seeks to reduce Peugeot’s dependence on Western Europe, which accounted for almost two-thirds of 2008 sales by volume.
Chinese deliveries fell 3.7 percent last year to 188,000 vehicles, or about 40 percent of Peugeot’s local production capacity, even as the market grew 9 percent.

 

[Imark]

Aggiungici anche che il CEO di Peugeot - pur escludendo che ci sia urgenza di cedere asset e confermando la strategicità di Faurencia (il produttore domestico di componentistica) e di Banque PSA Finance - ha anche affermato che la proprietà di PSA in queste società è suscettibile di cambiamenti.

Il mercato azionario l'ha probabilmente letto come un segnale di disponibilità, un domani, a fare cassa cedendo quote di asset piuttosto che chiedendo agli azionisti, e ha preso bene la cosa.

JULY 29, 2009, 5:46 A.M. ET
Peugeot-Citroen CEO: "No Urgency" For Asset Disposals

PARIS (Dow Jones)--PSA Peugeot-Citroen (UG.FR) "doesn't have an urgent financial need" to proceed with asset disposals given its strengthened financial situation since the beginning of the year, but the company's asset portfolio will evolve in line with its strategy, Chief Executive Philippe Varin said Wednesday.

Speaking at a press conference, Varin said one of the French carmaker's priorities is to ensure the development of its car parts manufacturing subsidiary, Faurecia SA (EO.FR), in which it has a 70.8% stake.
But he hinted that the shareholding could subsequently evolve. "If you're asking if there's a magic number for our shareholding in Faurecia, the answer is no," Varin said in response to a journalist's question.

Varin said Faurecia has done an "excellent" job of adapting to the crisis in the automobile industry in the first half of the year, and that Peugeot-Citroen had subscribed its full share of a rights issue for the company in recent weeks.

But he added that if Faurecia, together with in-house financing unit Banque PSA Finance and wholly owned logistics company Gefco, are all part of Peugeot-Citroen's core business, they also fall into the category of assets whereby Peugeot-Citroen's ownership could change.

 

[Imark]

Arrivate anche le trimestrali di Honda e di Nissan. I giapponesi continuano ad incontrare due difficoltà: i problemi del mercato USA, le cui dinamiche sono particolarmente negative ed inoltre contraddistinte da uno spostamento delle preferenze di acquisto piuttosto significativo, e la forza dello yen, che incide sui risultati realizzati sui mercati esteri.

Con tutto questo, Honda ha chiuso in nero il risultato del trimestre aprile giugno (Q1/2009, come per la generalità delle società giapponesi) ed ha rivisto al rialzo il forecast per l'intero anno 2009 (che si concluderà a marzo 2010), seppure con risultati molto più deboli di quelli conseguiti lo scorso anno in termini di utile netto (in calo del 96% nel trimestre, ed atteso su valori complessivi per il 2009 pari a meno di 1/3 di quelli realizzati nel solo Q1/2008).

Nissan invece ha chiuso il trimestre in perdita, ed ha confermato i risultati già previsti per il 2009, per una perdita netta tutto sommato contenuta (170 mld JPY).

JULY 29, 2009, 6:53 A.M. ET
UPDATE:Honda, Nissan Report Dismal 1Q Earnings On Poor Demand

(Combines Honda's earnings with Nissan's. Adds details of Nissan's new plant in China)

TOKYO (Dow Jones)--The ongoing difficult conditions facing global carmakers was highlighted Wednesday when Honda Motor Co. (7267.TO) reported its net profit for the April-June period was all but wiped out and Nissan Motor Co. (7201.TO) stayed in the red for a third straight quarter.
The poor results were driven largely by depressed demand in key markets, especially the U.S. Both carmakers were also hurt by the strength of the yen, which ate into the income they earned overseas.

Honda, Japan's second biggest car maker by sales volume, said its net profit for the first quarter ended June 30 tumbled 96% on year to Y7.56 billion from Y173.4 billion.

Nissan, the country's third biggest car maker, reported a net loss of Y16.53 billion in the three months ended June, reversing from a net profit of Y52.80 billion a year earlier.

However, there are signs emerging that the worst might be over for two of Japan's auto giants: both results were better than analysts had forecast, and both were significantly better than their hefty losses in the previous quarter ended March when they slammed the brakes on production to prevent inventories building up.

Honda, the maker of the Insight hybrid and Civic compact cars, even lifted its full-year earnings target, helped by stringent cost cuts and stronger than expected vehicle sales in China and Japan.

"The upward revision reflects (Honda's) confidence of its own efforts" to cut costs among other steps to get back on its feet amid persistent uncertain prospects for a recovery in demand, said Mitsushige Akino, a general manager at Ichiyoshi Investment Management.

Honda raised its net profit outlook to Y55 billion in the 12 months through March from its previous forecast of Y40 billion.

Nissan, in which Renault holds a 44% stake, left its forecast unchanged, expecting a net loss of Y170 billion for the fiscal year ending in March.
Meanwhile, in a sign that market conditions might be improving sufficiently to allow carmakers to move onto the offensive, Nissan said its joint venture in China will spend CNY5 billion to establish a new auto plant in the country which looks set to surpass the U.S. to become the world's biggest auto market as early as this year.

The joint venture Dongfeng Motor Co. will build a factory capable of producing 240,000 vehicles a year in Guangzhou City. The new plant is scheduled to start production in 2012. Dongfeng Motor Co. is a joint venture that Nissan set up with Dongfeng Motor Corp.

Nissan's investment is its latest strategy to make inroads in China: it has already decided to mass market electric cars there and will also produce an entry-level model for global markets.

"China should be one of the profit centers for Nissan and it is growing," Nissan Chief Operating Officer Toshiyuki Shiga said at a press conference.
The two companies' performance echoes Ford Motor Co.'s results announced last week. The U.S. car maker said it returned to profitability in the second quarter, though this came mainly from gains it recorded as part of efforts to restructure its debt during the quarter.

The industry's eyes will now focus on Toyota, the world's biggest car maker by sales volume, which is expected to report a net loss for the quarter ended June when it releases earnings next Tuesday.

Honda report earnings under U.S. accounting standards and Nissan's earnings are based on Japanese standards.

 

[Imark]

Terza perdita netta trimestrale consecutiva per Daimler, questa volta per 1,06 mld euro, con un calo della quota di mercato europeo del 10% circa su base annua. Gli incentivi qui sono valsi a poco.

Ad aprile era stata lanciata la nuova Classe E: resta da vedere se aiuterà effettivamente i conti, ora che i cordoni del finanziamento per l'acquisto rateale dovrebbero essere presumibilmente più stretti.

Varato un piano di ristrutturazione per la divisione che produce mezzi pesanti, varato ad ottenere risparmi di costo per circa 900 mln $ in prevalenza nelle filiali operanti sui mercati USA e giapponese, in aggiunta ai tagli salariali al personale tedesco varati ad aprile.

Daimler Forecasts Profitability to Improve After Posting Loss

By Chris Reiter
July 29 (Bloomberg) -- Daimler AG, the world’s second- largest maker of luxury cars, forecast a “gradual improvement” in operating profit after posting a third consecutive quarterly loss as the recession hurt sales of its Mercedes-Benz models.

The net loss was 1.06 billion euros ($1.5 billion), or 99 cents a share, compared with a profit of 1.4 billion euros, or 1.40 euros, a year earlier, the Stuttgart, Germany-based company said today in a statement. The loss was narrower than the 1.14 billion-euro median loss estimate of seven analysts surveyed by Bloomberg News. Revenue fell 25 percent to 19.6 billion euros.

Daimler rose as much as 5.6 percent in Frankfurt trading. Government-funded rebates in Germany, France and Italy have helped stem sales declines this year after industrywide deliveries in Europe dropped the most in 15 years in 2008. Mercedes-Benz’s share of the European auto market, its biggest, slipped to 4.1 percent in the first half of 2009 from 4.5 percent a year earlier as the incentives helped mass-market producers more than luxury manufacturers.

“We succeeded in improving earnings in the second quarter compared with the first” at the car and van operations and financial-services units, and Daimler “on the right track,” Chief Executive Officer Dieter Zetsche said in the statement. “However, a comparison with the very good second quarter of last year shows that there is still a lot of work to be done.”

The pace of the decline slowed to 5 percent in June, allowing Daimler to increase production rates. The company has 41,000 employees working at least 10 percent fewer hours, compared with 68,000 workers in April. Daimler said in April that the Mercedes-Benz Cars unit, which also makes the two-seat Smart, will return to profit in the second half after a new- version E-Class sedan went on sale late in the first quarter.

Chrysler Withdrawal

Daimler agreed in April to cede its remaining 19.9 percent stake in its former Auburn Hills, Michigan-based Chrysler division to Cerberus Capital Management LP. Most of the bankrupt U.S. automaker’s assets were purchased by a group led by Fiat SpA in June to form Chrysler Group LLC.
Earnings at Daimler’s truck division, the world’s biggest maker of heavy vehicles, were burdened by charges for factory closures and layoffs in North America and Japan.

Daimler Trucks builds Mercedes-Benz commercial vehicles in Europe and Freightliner models in the U.S. and owns the Fuso brand in Japan. The unit is cutting 3,500 jobs, closing two North American plants and dropping the Sterling brand under a plan to save $900 million a year by 2011. Mitsubishi Fuso Truck & Bus Corp., which is 85 percent owned by Daimler, is eliminating 2,300 workers and shutting two factories in Asia.

Daimler agreed with worker representatives in April on a package of measures aimed at cutting personnel costs in Germany by 2 billion euros as part of a 4 billion-euro savings program. Administrative, research and sales employees will work 8.8 percent fewer hours and take a corresponding cut in pay, and wages will also be reduced for manufacturing workers who are also on shortened weeks. Management’s salaries were cut in May.

Labor representatives also agreed to postpone a 2.1 percent pay raise until October from May. In exchange, Daimler promised to preserve jobs until at least June 30, 2010.

 

[azetaelle]

grazie i98mark, effettivamente alla luce dei tuoi post si chiarisce l'arcano

 

[Imark]

Renault: una storia per certi versi simile a quella di PSA, nel senso che anche qui il raggiungimento degli obiettivi nell'abbattimento del magazzino hanno consentito di generare cassa.

La scoietà si aspetta di stare free cash flow positive quest'anno e di accrescere la propria quota di mercato. Gli obiettivi verranno perseguiti mediante la medesima politica già perseguita nel primo semestre dell'anno: ridurre il magazzino, tagliare il capex, migliorare il margine operativo.

Il valore delle vendite nel primo semestre è calato del 24%, in miglioramento nel secondo trimestre (- 17%) rispetto al primo (- 31%). Renault è molto ottimista sull'andamento delle proprie vendite nel secondo semestre dell'anno, segnalando un andamento degli ultimi ordini molto positivo e tale da indurla a riattivare capacità produttiva rispetto ai tagli di fine 2008.

Oltre metà della perdita netta consolidata è segnalata provenire dalle partecipazioni in Nissan, Volvo AB e la russa AutoVAZ.

• JULY 30, 2009, 6:18 A.M. ET

3rd UPDATE: Renault Posts EUR2.71 Billion 1H Net Loss

By David Pearson
Of DOW JONES NEWSWIRES

PARIS (Dow Jones)--French automotive group Renault SA (RNO.FR) Thursday said it swung to a first-half loss due to sagging vehicle sales and its share of the red ink from affiliates, but like rival PSA Peugeot-Citroen (UG.FR) it still managed to generate cash by reducing inventories.

Renault posted a first-half net loss of EUR2.71 billion compared with a net profit of EUR1.58 billion a year earlier. The figure was worse than the average forecast of a loss of EUR2.51 billion from a Dow Jones Newswires poll of seven analysts.

The company, struggling to adapt to a collapse in global vehicle sales, reaffirmed its guidance of positive free cash flow for the year, together with an increase in market share.

"These objectives will be achieved by pursuing the action plans on further inventory reduction, managing receivables, limiting investments, reducing costs and by improving operational performance, compared with the first half," Renault said.

Renault previously had expected the global automobile market to slide 15% in 2009, but said it now expects a decrease of 12%. The European market is expected to fall 8% in 2009, and the trend should continue into 2010, Chief Operating Officer Patrick Pelata told analysts.

Revenue fell 24% on a like-for-like basis to EUR15.99 billion in the first half.

The first-half results disappointed, said Credit Suisse analyst Stuart Pearson. The results were broadly in line, and the news of positive free cash flow in the period had been flagged by the company, he said in a note to clients. "We find it slightly concerning that Renault is posting similar auto losses to Peugeot-Citroen in the first half despite its significantly stronger product flow and its slightly smaller size."

At 1010 GMT, Renault's shares traded down EUR0.87, or 3.1%, at EUR27.65 while the benchmark CAC 40 index traded up 1%.

Renault and its peers have been battling to preserve cash amid the biggest collapse in the global automobile market in more than half a century.
More than half of the first-half net loss was accounted for by an aggregate EUR1.58 billion negative contribution from Renault's shareholdings in Nissan Motor Co. (7201.TO), AB Volvo (VOLV-B.SK) and Russia's AvtoVAZ (AVAZ.RS).

Renault's automobile division managed to generate EUR848 million of free cash in the first half of this year, and Chief Financial Officer Thierry Moulonguet told analysts that, depending on how the market behaves in the coming months, "we should be able to continue on this trend."

At the beginning of 2009, Renault set a target of reducing inventories by between EUR800 million and EUR1 billion over the full year. The reduction over the first half was EUR860 million, and Moulonguet said the full-year target could be exceeded.

Pelata painted an upbeat picture for sales in the second half. He said the latest order figures he has seen were not only better than those of a year ago, but were up on 2007, too, especially for the new version of the Clio subcompact.

The company is ramping up production that was slashed in the last quarter of 2008. Pelata said that in the first half, 88,000 more vehicles were built than the company had planned at the beginning of the year. For the second half, output will be 164,000 above the original target.

The 24% drop in first-half revenue at Renault's automobile division masked an improvement over the period: revenue was down 17% in the second quarter compared to a 31% fall in the first quarter.

Moulonguet noted that Renault's share of the European market had improved to 8.8% in the second quarter from 7.9% in the first. Revenue in Europe was down 12% despite the favorable impact of government-financed scrappage schemes, and Pelata repeated that these incentives should be phased out gradually.

On Wednesday, Renault's local rival PSA Peugeot-Citroen (UG.FR) reported that it, too, swung into the red in the first half with a EUR962 million loss. Peugeot-Citroen's share price surged on news that it had achieved a positive free cash flow.

Company Web site: www.renault.com

 

[Savy]

sta uscendo una nuova ford 3yr.... in dollari 100k+1k

 

[Imark]

sta uscendo una nuova ford 3yr.... in dollari 100k+1k

Cedola ?

 

[Savy]

Cedola ?

whisper 11%!

 

[Imark]

whisper 11%!

Però...