Obbligazioni societarie Monitor bond Chimica Europa
- Creatore Discussione lorenzo63
- Data di Inizio
lorenzo63
Age quod Agis
Clariant Taglia 1.000 posti dopo calo vendite
Come conseguenza del calo delle vendite Clariant ha reso noto il licenziamneto di almeno 1000 unità ed la cancellazione del dividendo 2008. Le vendite sono scese 8.1 mld franchi svizzeri.
Soprtautto il calo è dovuto alla drammatica discesa nelle vendite dei settori finta pelle (anche se nel report è ciata in inglese leather - pelle- in realtà è inteso come pelli relaizzate in PUR per industria automotive).Clariant si stamuovendo in modo aggressivo per contrastare gli effetti della crisi e sopratutto come stanno facendo molti in questo momento, fare "pulizia" all' interno "sfruttando" il momento per avere una azienda + snella e meno costosa alla ripartenza.
Chemicals company Clariant AG posted a 5% drop in full-year sales, cut a further 1,000 jobs and canceled its dividend in the face of the global economic slump.
Clariant's sales fell to 8.1 billion Swiss francs ($7.12 billion) last year as the economic downturn hurt demand in the fourth quarter. The Basel, Switzerland, company is scheduled to report full earnings Feb 17.
Clariant said it will take a charge of 180 million francs against fourth-quarter earnings related to its textile and leather operations -- the result of deteriorating markets and an uncertain outlook. "The demand in some of Clariant's customer industries such as textile, leather, automotive and construction decreased dramatically...other markets such as agrochemicals, oil services or de-icing showed resilience against the downturn," the company said.
The layoffs announced Tuesday come on top of 2,200 already on the chopping block. Clariant has a work force of about 20,000. Clariant's staff-member association for Switzerland, AVCS, criticized the job cuts and called for further discussions with its representatives.
Clariant also canceled its 2008 dividend, after paying 25 centimes a share for 2007.The company, which is responding more aggressively to the economic downturn since Chief Executive Hariolf Kottmann took the helm in October, flagged 2009 as a transition year, during which it plans to work toward strengthening its balance sheet, reducing debt and generating cash. The company aims to achieve an industry-average return on invested capital by 2010, a figure it is currently well below.
"Clariant's focus on cash is a sensible move, given companies should ensure they have sufficient funds during a credit crisis, when it is difficult to raise cash," said Vontobel analyst Patrick Rafaisz.
The Swiss company's moves follow similar measures from German rivals, such as BASF SE, which last week intensified restructuring efforts after what it called "disappointing" December and January business. Bayer AG, meanwhile, is seeking employee talks on curbing working hours at its MaterialScience unit.
Come conseguenza del calo delle vendite Clariant ha reso noto il licenziamneto di almeno 1000 unità ed la cancellazione del dividendo 2008. Le vendite sono scese 8.1 mld franchi svizzeri.
Soprtautto il calo è dovuto alla drammatica discesa nelle vendite dei settori finta pelle (anche se nel report è ciata in inglese leather - pelle- in realtà è inteso come pelli relaizzate in PUR per industria automotive).Clariant si stamuovendo in modo aggressivo per contrastare gli effetti della crisi e sopratutto come stanno facendo molti in questo momento, fare "pulizia" all' interno "sfruttando" il momento per avere una azienda + snella e meno costosa alla ripartenza.
Chemicals company Clariant AG posted a 5% drop in full-year sales, cut a further 1,000 jobs and canceled its dividend in the face of the global economic slump.
Clariant's sales fell to 8.1 billion Swiss francs ($7.12 billion) last year as the economic downturn hurt demand in the fourth quarter. The Basel, Switzerland, company is scheduled to report full earnings Feb 17.
Clariant said it will take a charge of 180 million francs against fourth-quarter earnings related to its textile and leather operations -- the result of deteriorating markets and an uncertain outlook. "The demand in some of Clariant's customer industries such as textile, leather, automotive and construction decreased dramatically...other markets such as agrochemicals, oil services or de-icing showed resilience against the downturn," the company said.
The layoffs announced Tuesday come on top of 2,200 already on the chopping block. Clariant has a work force of about 20,000. Clariant's staff-member association for Switzerland, AVCS, criticized the job cuts and called for further discussions with its representatives.
Clariant also canceled its 2008 dividend, after paying 25 centimes a share for 2007.The company, which is responding more aggressively to the economic downturn since Chief Executive Hariolf Kottmann took the helm in October, flagged 2009 as a transition year, during which it plans to work toward strengthening its balance sheet, reducing debt and generating cash. The company aims to achieve an industry-average return on invested capital by 2010, a figure it is currently well below.
"Clariant's focus on cash is a sensible move, given companies should ensure they have sufficient funds during a credit crisis, when it is difficult to raise cash," said Vontobel analyst Patrick Rafaisz.
The Swiss company's moves follow similar measures from German rivals, such as BASF SE, which last week intensified restructuring efforts after what it called "disappointing" December and January business. Bayer AG, meanwhile, is seeking employee talks on curbing working hours at its MaterialScience unit.
lorenzo63
Age quod Agis
Air Liquide ancora in acquisto...
Personalmente la ritengo una delle migliori realtà nel campo chemical...
Both the diagnosis and treatment of chronic respiratory conditions such as COPD (chronic obstructive pulmonary disease) and OSA (obstructive sleep apnea), are now much improved. Home therapy is an option and is developing rapidly worldwide. Air Liquide (Paris:AI) serves several hundred thousand patients, as required by their medical prescription, thus being the industry's European leader and one of the world's prime providers. Having consolidated its positions in Europe over the last few years (Germany, the United Kingdom) and started its homecare business in Asia (China), Air Liquide is further strengthening its network through targeted acquisitions.
In the Netherlands, Air Liquide has just completed the acquisition of Comcare medical, a company specializing in the treatment of OSA. Comcare medical treats 7,300 patients, generating revenues of roughly EUR3 million in 2008. By doing this, the Group strengthened its position in the Dutch health sector. Comcare medical's business complements Air Liquide's existing activities, both in terms of targeted conditions and regional presence. The leader in Belgium and Germany, Air Liquide will now gain national coverage in the Netherlands.
In Tunisia, Air Liquide has just acquired Air Separation, a company specializing in respiratory care, thus strengthening itspositions in North Africa. Air Liquide now treats almost one thousand patients in Tunisia, for a wide array of respiratory pathologies.
Jean-Marc de Royere, Senior Vice-President in charge of the Healthcare World Business Line and a member of the Air Liquide Executive Committee, declared: "These regular and targeted acquisitions in Healthcare illustrate our strategy. The ongoing expansion of our international network is strengthening the leadership of our medical business. We are preparing it for forthcoming demographic changes by focusing on the needs of patients and developing new services. Healthcare is a solid and promising growth driver for the Group."
Air Liquide's Healthcare Business
Air Liquide's Healthcare World Business Line serves over 5,000 hospitals and 300,000 patients throughout the world.
It provides gases, hygiene products and medical equipment to its hospital customers and homecare topatients in cities.
The Group's Healthcare business made EUR1,592 million in revenues in 2007, 63% outside France with 7,800 employees.
Homecare
Air Liquide contributes to the treatment of chronic illnesses such as COPD (chronic obstructive pulmonary disease) and sleep apnea. The Group has also extended its services to other chronic illnesses, such as diabetes in France. These treatments are being developed in addition to hospital care and at the same time allow patients a better quality of life, and local authorities to reduce costs.
With more than 40,000 employees in 75 countries, Air Liquide is the world leader in industrial and medical gases and related services. The Group offers innovative solutions based on constantly enhanced technologies and produces air gases (oxygen, nitrogen, argon, rare gases...) and many other gases including hydrogen. The Group contributes to the manufacturing of many everyday products: bubbles in sparkling beverages, protective atmosphere for packed foods, oxygen for hospitals and homecare patients, ultra-pure gases for the semiconductor industry, hydrogen to desulfurize fuels...
Air Liquide is committed to sustainable development and helps to protect life. Foundedin 1902, Air Liquide has successfully developed a long-term relationship with its shareholders built on trust and transparency and guided by the principles of corporate governance. Since the publication of its first consolidated financial statements in 1971, Air Liquide has posted strong and steady earnings growth. Sales in 2007 totaled 11,801 million euros, with sales outside France accounting for almost 80%. Air Liquide is listed on the Paris stock exchange and is a component of the CAC 40 and Eurostoxx 50 indices (ISIN code FR 0000120073
Personalmente la ritengo una delle migliori realtà nel campo chemical...
Both the diagnosis and treatment of chronic respiratory conditions such as COPD (chronic obstructive pulmonary disease) and OSA (obstructive sleep apnea), are now much improved. Home therapy is an option and is developing rapidly worldwide. Air Liquide (Paris:AI) serves several hundred thousand patients, as required by their medical prescription, thus being the industry's European leader and one of the world's prime providers. Having consolidated its positions in Europe over the last few years (Germany, the United Kingdom) and started its homecare business in Asia (China), Air Liquide is further strengthening its network through targeted acquisitions.
In the Netherlands, Air Liquide has just completed the acquisition of Comcare medical, a company specializing in the treatment of OSA. Comcare medical treats 7,300 patients, generating revenues of roughly EUR3 million in 2008. By doing this, the Group strengthened its position in the Dutch health sector. Comcare medical's business complements Air Liquide's existing activities, both in terms of targeted conditions and regional presence. The leader in Belgium and Germany, Air Liquide will now gain national coverage in the Netherlands.
In Tunisia, Air Liquide has just acquired Air Separation, a company specializing in respiratory care, thus strengthening itspositions in North Africa. Air Liquide now treats almost one thousand patients in Tunisia, for a wide array of respiratory pathologies.
Jean-Marc de Royere, Senior Vice-President in charge of the Healthcare World Business Line and a member of the Air Liquide Executive Committee, declared: "These regular and targeted acquisitions in Healthcare illustrate our strategy. The ongoing expansion of our international network is strengthening the leadership of our medical business. We are preparing it for forthcoming demographic changes by focusing on the needs of patients and developing new services. Healthcare is a solid and promising growth driver for the Group."
Air Liquide's Healthcare Business
Air Liquide's Healthcare World Business Line serves over 5,000 hospitals and 300,000 patients throughout the world.
It provides gases, hygiene products and medical equipment to its hospital customers and homecare topatients in cities.
The Group's Healthcare business made EUR1,592 million in revenues in 2007, 63% outside France with 7,800 employees.
Homecare
Air Liquide contributes to the treatment of chronic illnesses such as COPD (chronic obstructive pulmonary disease) and sleep apnea. The Group has also extended its services to other chronic illnesses, such as diabetes in France. These treatments are being developed in addition to hospital care and at the same time allow patients a better quality of life, and local authorities to reduce costs.
With more than 40,000 employees in 75 countries, Air Liquide is the world leader in industrial and medical gases and related services. The Group offers innovative solutions based on constantly enhanced technologies and produces air gases (oxygen, nitrogen, argon, rare gases...) and many other gases including hydrogen. The Group contributes to the manufacturing of many everyday products: bubbles in sparkling beverages, protective atmosphere for packed foods, oxygen for hospitals and homecare patients, ultra-pure gases for the semiconductor industry, hydrogen to desulfurize fuels...
Air Liquide is committed to sustainable development and helps to protect life. Foundedin 1902, Air Liquide has successfully developed a long-term relationship with its shareholders built on trust and transparency and guided by the principles of corporate governance. Since the publication of its first consolidated financial statements in 1971, Air Liquide has posted strong and steady earnings growth. Sales in 2007 totaled 11,801 million euros, with sales outside France accounting for almost 80%. Air Liquide is listed on the Paris stock exchange and is a component of the CAC 40 and Eurostoxx 50 indices (ISIN code FR 0000120073
Massimo S.
Nuovo forumer
Ineos
A giorni scade la cedola del bond INEOS 2016 7.875% in euro, isin XS0242945367. C'è chi dice che la pagheranno, chi invece (e purtroppo sono i più) che non la pagheranno. Lunedì sapremo.
Al momento però noto una cosa, e cioè che oggi è il primo giorno che il titolo si compra senza rateo (o meglio con rateo di un solo giorno). Fino a ieri oltre al corso del bond bisognava pagare in pratica la cedola piena, oggi solo il corso. Eppure da ieri a oggi i prezzi non sono cambiati. Bid e ask a Francoforte sono rimasti immutati. Oltre a questo c'è anche da notare che nell'ultimo mese i volumi sono quasi decuplicati rispetto alla media. Certo, investitori che vendono, non c'è dubbio. Ma anche, scusate la banalità, investitori che comprano, e che hanno comprato accollandosi pure un corposo rateo.
Ma vuoi vedere che sta cedola la pagheranno?
Tra l'altro lunedì scade anche la call a 107,875. Che dite, verrà richiamato il bond?
ms
A giorni scade la cedola del bond INEOS 2016 7.875% in euro, isin XS0242945367. C'è chi dice che la pagheranno, chi invece (e purtroppo sono i più) che non la pagheranno. Lunedì sapremo.
Al momento però noto una cosa, e cioè che oggi è il primo giorno che il titolo si compra senza rateo (o meglio con rateo di un solo giorno). Fino a ieri oltre al corso del bond bisognava pagare in pratica la cedola piena, oggi solo il corso. Eppure da ieri a oggi i prezzi non sono cambiati. Bid e ask a Francoforte sono rimasti immutati. Oltre a questo c'è anche da notare che nell'ultimo mese i volumi sono quasi decuplicati rispetto alla media. Certo, investitori che vendono, non c'è dubbio. Ma anche, scusate la banalità, investitori che comprano, e che hanno comprato accollandosi pure un corposo rateo.
Ma vuoi vedere che sta cedola la pagheranno?
Tra l'altro lunedì scade anche la call a 107,875. Che dite, verrà richiamato il bond?
ms
Imark
Forumer storico
A giorni scade la cedola del bond INEOS 2016 7.875% in euro, isin XS0242945367. C'è chi dice che la pagheranno, chi invece (e purtroppo sono i più) che non la pagheranno. Lunedì sapremo.
Al momento però noto una cosa, e cioè che oggi è il primo giorno che il titolo si compra senza rateo (o meglio con rateo di un solo giorno). Fino a ieri oltre al corso del bond bisognava pagare in pratica la cedola piena, oggi solo il corso. Eppure da ieri a oggi i prezzi non sono cambiati. Bid e ask a Francoforte sono rimasti immutati. Oltre a questo c'è anche da notare che nell'ultimo mese i volumi sono quasi decuplicati rispetto alla media. Certo, investitori che vendono, non c'è dubbio. Ma anche, scusate la banalità, investitori che comprano, e che hanno comprato accollandosi pure un corposo rateo.
Ma vuoi vedere che sta cedola la pagheranno?
Tra l'altro lunedì scade anche la call a 107,875. Che dite, verrà richiamato il bond?
ms
Leggevo sul Sole di sabato scorso che Ineos Vinyls Italia non paga le fatture di Eni, che la approvvigiona di materia prima per l'impianto di Marghera, già da luglio 2008... e sono 80 mln di eurozzi ... qui in Italia mi è parso di capire che dovrebbero andare in amministrazione controllata da un giorno all'altro...
Cmq loro vantano 1 mld euro di liquidità, anche se il mercato ci crede pochissimo ...
lorenzo63
Age quod Agis
Leggevo sul Sole di sabato scorso che Ineos Vinyls Italia non paga le fatture di Eni, che la approvvigiona di materia prima per l'impianto di Marghera, già da luglio 2008... e sono 80 mln di eurozzi ... qui in Italia mi è parso di capire che dovrebbero andare in amministrazione controllata da un giorno all'altro...
Cmq loro vantano 1 mld euro di liquidità, anche se il mercato ci crede pochissimo ...
confermo. in post addietro nel 3ad report chimica europeo segnalavo che diversi fornitori nn davano + materiale per via dei pagamenti..anche se di marghera nn lo sapevo...
Ultima modifica:
METHOS
Forumer storico
Se non pagano i fornitori forse è per quello che hanno liquidità...
Comunqe maledetti quelli di jyske che con i loro consigli hanno infognato e indotto in errore molti di noi. Io rimango incastrato su nxp (fortissimo buy fino a pochi mesi fa, lodi sperticate al management, etc...) e su turanalem.
Speriamo che ineos se la cavi e i bondholders anche.
Comunqe maledetti quelli di jyske che con i loro consigli hanno infognato e indotto in errore molti di noi. Io rimango incastrato su nxp (fortissimo buy fino a pochi mesi fa, lodi sperticate al management, etc...) e su turanalem.
Speriamo che ineos se la cavi e i bondholders anche.
whitesoul9
Forumer storico
Anch'io maledico quelli di Jyske ... personalmente ritengo che questa cedola Ineos la pagherà ... ma penso anche che con molta probabilità sarà l'ultima volta che pagheranno!
Imark
Forumer storico
Il punto è che, secondo questa Reuters i senior loans, che sono secured, sarebbero stati in bid - ask 36 - 39 al 4 febbraio scorso.
E la cosa torna con il discorso della fortissima sottopatrimonializzazione di Ineos, che fra noi Gaudente in particolare ha più volte correttamente messo in risalto.
RLPC-Lenders to Ineos' 7 bln euro loan form advisory group
Wed Feb 4, 2009 2:24pm GMT
LONDON, Feb 4 (Reuters) - Lenders have formed an advisory group to work with UK chemicals company Ineos Group [INEOSP.UL] to prepare an amendment to its 7.22 billion euro ($9.41 billion) leveraged loan in April, banking sources said Wednesday.
Ineos secured a temporary six-month covenant waiver in December 2008 to avoid a covenant default on its leveraged loan as the chemicals sector was hit by a slump caused by customer de-stocking.
This bought Ineos six months to draw up a new business plan to reset its loan covenants permanently after first-quarter trading numbers give a better insight into customer demand and contract and pricing agreements.
Co-ordinators Barclays Capital and Merrill Lynch have approached a group of around 10 lenders to act as an informal advisory group for the more than 250 banks and funds that make up Ineos' loan syndicate.
The advisory group, which with the co-ordinators holds approximately 25 percent of the senior loans, will work with Ineos on the permanent amendment and covenant reset, the sources said.
The value of Ineos' loan has fallen since the start of the year as the problems facing them chemical sector claimed peer LyondellBasell, which filed for Chapter 11 bankruptcy protection on Jan. 6.
Ineos' senior term loan B is trading at 36 percent to 39 percent of face value, down from 44 percent to 47 percent at the start of the year, according to Thomson Reuters LPC data. Its second lien loan is now seen at 10 percent to 13 percent of face value, down from 19 percent to 23 percent on Jan. 1, the data shows.
Ineos has agreed to work with the advisory group in coming months, banking sources said.
Ineos has a strong cash position with about one billion euros of cash on its balance sheet and announced that it had passed a 5.25-times leverage test at the end of January 2009. A debt service covenant will now be tested in March.
Ineos' temporary waiver proposal in December initially met with resistance, which forced Ineos to increase margins to 175 to 225 basis points over the existing margin, compared with an initial offer of 100-125 basis points and the waiver was passed.
E la cosa torna con il discorso della fortissima sottopatrimonializzazione di Ineos, che fra noi Gaudente in particolare ha più volte correttamente messo in risalto.
RLPC-Lenders to Ineos' 7 bln euro loan form advisory group
Wed Feb 4, 2009 2:24pm GMT
LONDON, Feb 4 (Reuters) - Lenders have formed an advisory group to work with UK chemicals company Ineos Group [INEOSP.UL] to prepare an amendment to its 7.22 billion euro ($9.41 billion) leveraged loan in April, banking sources said Wednesday.
Ineos secured a temporary six-month covenant waiver in December 2008 to avoid a covenant default on its leveraged loan as the chemicals sector was hit by a slump caused by customer de-stocking.
This bought Ineos six months to draw up a new business plan to reset its loan covenants permanently after first-quarter trading numbers give a better insight into customer demand and contract and pricing agreements.
Co-ordinators Barclays Capital and Merrill Lynch have approached a group of around 10 lenders to act as an informal advisory group for the more than 250 banks and funds that make up Ineos' loan syndicate.
The advisory group, which with the co-ordinators holds approximately 25 percent of the senior loans, will work with Ineos on the permanent amendment and covenant reset, the sources said.
The value of Ineos' loan has fallen since the start of the year as the problems facing them chemical sector claimed peer LyondellBasell, which filed for Chapter 11 bankruptcy protection on Jan. 6.
Ineos' senior term loan B is trading at 36 percent to 39 percent of face value, down from 44 percent to 47 percent at the start of the year, according to Thomson Reuters LPC data. Its second lien loan is now seen at 10 percent to 13 percent of face value, down from 19 percent to 23 percent on Jan. 1, the data shows.
Ineos has agreed to work with the advisory group in coming months, banking sources said.
Ineos has a strong cash position with about one billion euros of cash on its balance sheet and announced that it had passed a 5.25-times leverage test at the end of January 2009. A debt service covenant will now be tested in March.
Ineos' temporary waiver proposal in December initially met with resistance, which forced Ineos to increase margins to 175 to 225 basis points over the existing margin, compared with an initial offer of 100-125 basis points and the waiver was passed.
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