Obbligazioni societarie Monitor bond Chimica Europa
- Creatore Discussione lorenzo63
- Data di Inizio
Imark
Forumer storico
Interessante: ci sono anche Eurobonds... non l'ho mai seguita... neanche alla lontana...
lorenzo63
Age quod Agis
Qualche ulteriore info aziendale su AP
Air Products and Chemicals’ portfolio includes atmospheric gases, process and specialty gases, performance materials, and equipment and services. Air Products comprises of three segments: Chemicals, Gases and Equipment.
The Chemicals unit includes performance materials and chemical intermediates with its largest product line being performance polymers. The company's Gases segment includes its industrial gases, healthcare, power generation and flue gas treatment businesses. The Equipment division designs and manufactures cryogenic and gas processing equipment.
Air Products states that it is transforming itself into a “more focused, less cyclical, higher growth and higher return” company. It has decide to explore the sale and restructuring of a major portion of its chemicals business such as the divesture of its amines business and its dinitrotoluene (DNT) plant in Geismar, Louisiana, US, and the acquisition of Tomah3 Products to grow its performance materials business.
In 2008 Air Products had sales of around $10bn and around 22,000 employees working in more than 40 countries
Air Products | Company Structure Information
Air Products serves customers in industrial, energy, technology and healthcare markets worldwide with a portfolio of atmospheric gases, process and specialty gases, performance materials, and equipment and services.
It has key positions in growth markets such as semiconductor materials, refinery hydrogen, home healthcare services, natural gas liquefaction, and advanced coatings and adhesives.
In September 2008, Air Products completed the sale of its US healthcare businesses, A&J Care and COPD Services, to Landauer Metropolitan. Financial terms were not disclosed.
In July 2008, Air Products completed the sale of its pressure sensitive adhesives and atmospheric emulsions businesses and related production facilities in Elkton and Piedmont to Ashland for $92m (€58m). The deal was first announced in June 2008.
In April 2008, Air Products bought a majority shareholding in UK specialist gas supplier CryoService. Air Products, which already had a 25% share in the company, did not disclose the financial details of the transaction.
In January 2008, the European Commission (EC) cleared Wacker’s takeover of two joint ventures with Air Products. This included full control of Wacker Polymer Systems (WPS), a producer of powders based on vinyl acetate monomer (VAM), and Air Products Polymers (APP), a producer of dispersions based on VAM. The deal was previously announced in December 2007.
Also in January 2008, Air Products completed the $75m (Euro52m) sale of its high purity process chemicals (HPPC) business to KMG Chemicals. The divested HPPC business included production facilities in Pueblo, Colorado, and Milan, Italy. The deal was previously announced in October 2007.
Other significant deals include:
In April 2007, Linde sold BOC's Polish gases activities BOC Gazy to Air Products and Chemicals for Euro370m ($481m).
In October 2006, Taminco acquired Air Products' American amines business, including plants at Pace, Florida, St Gabriel, Louisiana, and Camacari, Brazil
Air Products comprises of three segments:
Chemicals
The chemicals business was founded in the early 1960s and now has operations in North America, Europe, Latin America, Asia, Japan and Australia. This group is organised under two divisions: performance materials and chemical intermediates. Performance materials accounted for about two-thirds of the segment's sales.
Performance polymers, the largest product line in performance materials, uses vinyl acetate monomer (VAM) as its principal raw material.
Gases
The company's gases segment includes its industrial gases, healthcare, power generation and flue gas treatment businesses. The global healthcare business of the company is directed at two main markets: institutional and homecare. The institutional market uses medical gases in hospitals, clinics and nursing homes, as well as helium for use in magnetic resonance imaging.
The Gases segment involves three principal modes of supply: on-site/pipeline, liquid bulk and packaged gas. About one-third of the overall Gases sales come from the on-site and pipeline supply mode. Liquid bulk products make up about one-third of overall Gases sales, and the remainder of sales is made up of specialty and industrial cylinder gas supply for electronics, medical/homecare and other industries.
Equipment
The equipment segment designs and manufactures cryogenic and gas processing equipment for air separation, gas processing, natural gas liquefaction and hydrogen purification. The segment also designs and builds cryogenic transportation containers for liquid helium and systems for recovering gases using membrane technology.
Equipment is sold worldwide to companies involved in chemical and petrochemical manufacturing, oil and gas recovery and processing, power generation and steel and primary metal production. Equipment is also manufactured for the company's industrial gas business. Another important market, particularly for air separation equipment, is the company's international industrial gas joint ventures.
Air Products Strategy & Financial HighlightsAir Products states that it is transforming itself into a “more focused, less cyclical, higher growth and higher return” company. The reorganising of Air Products is believed to be consistent with its strategy of “going forward
Air Products and Chemicals’ portfolio includes atmospheric gases, process and specialty gases, performance materials, and equipment and services. Air Products comprises of three segments: Chemicals, Gases and Equipment.
The Chemicals unit includes performance materials and chemical intermediates with its largest product line being performance polymers. The company's Gases segment includes its industrial gases, healthcare, power generation and flue gas treatment businesses. The Equipment division designs and manufactures cryogenic and gas processing equipment.
Air Products states that it is transforming itself into a “more focused, less cyclical, higher growth and higher return” company. It has decide to explore the sale and restructuring of a major portion of its chemicals business such as the divesture of its amines business and its dinitrotoluene (DNT) plant in Geismar, Louisiana, US, and the acquisition of Tomah3 Products to grow its performance materials business.
In 2008 Air Products had sales of around $10bn and around 22,000 employees working in more than 40 countries
Air Products | Company Structure Information
Air Products serves customers in industrial, energy, technology and healthcare markets worldwide with a portfolio of atmospheric gases, process and specialty gases, performance materials, and equipment and services.
It has key positions in growth markets such as semiconductor materials, refinery hydrogen, home healthcare services, natural gas liquefaction, and advanced coatings and adhesives.
In September 2008, Air Products completed the sale of its US healthcare businesses, A&J Care and COPD Services, to Landauer Metropolitan. Financial terms were not disclosed.
In July 2008, Air Products completed the sale of its pressure sensitive adhesives and atmospheric emulsions businesses and related production facilities in Elkton and Piedmont to Ashland for $92m (€58m). The deal was first announced in June 2008.
In April 2008, Air Products bought a majority shareholding in UK specialist gas supplier CryoService. Air Products, which already had a 25% share in the company, did not disclose the financial details of the transaction.
In January 2008, the European Commission (EC) cleared Wacker’s takeover of two joint ventures with Air Products. This included full control of Wacker Polymer Systems (WPS), a producer of powders based on vinyl acetate monomer (VAM), and Air Products Polymers (APP), a producer of dispersions based on VAM. The deal was previously announced in December 2007.
Also in January 2008, Air Products completed the $75m (Euro52m) sale of its high purity process chemicals (HPPC) business to KMG Chemicals. The divested HPPC business included production facilities in Pueblo, Colorado, and Milan, Italy. The deal was previously announced in October 2007.
Other significant deals include:
In April 2007, Linde sold BOC's Polish gases activities BOC Gazy to Air Products and Chemicals for Euro370m ($481m).
In October 2006, Taminco acquired Air Products' American amines business, including plants at Pace, Florida, St Gabriel, Louisiana, and Camacari, Brazil
Air Products comprises of three segments:
Chemicals
The chemicals business was founded in the early 1960s and now has operations in North America, Europe, Latin America, Asia, Japan and Australia. This group is organised under two divisions: performance materials and chemical intermediates. Performance materials accounted for about two-thirds of the segment's sales.
Performance polymers, the largest product line in performance materials, uses vinyl acetate monomer (VAM) as its principal raw material.
Gases
The company's gases segment includes its industrial gases, healthcare, power generation and flue gas treatment businesses. The global healthcare business of the company is directed at two main markets: institutional and homecare. The institutional market uses medical gases in hospitals, clinics and nursing homes, as well as helium for use in magnetic resonance imaging.
The Gases segment involves three principal modes of supply: on-site/pipeline, liquid bulk and packaged gas. About one-third of the overall Gases sales come from the on-site and pipeline supply mode. Liquid bulk products make up about one-third of overall Gases sales, and the remainder of sales is made up of specialty and industrial cylinder gas supply for electronics, medical/homecare and other industries.
Equipment
The equipment segment designs and manufactures cryogenic and gas processing equipment for air separation, gas processing, natural gas liquefaction and hydrogen purification. The segment also designs and builds cryogenic transportation containers for liquid helium and systems for recovering gases using membrane technology.
Equipment is sold worldwide to companies involved in chemical and petrochemical manufacturing, oil and gas recovery and processing, power generation and steel and primary metal production. Equipment is also manufactured for the company's industrial gas business. Another important market, particularly for air separation equipment, is the company's international industrial gas joint ventures.
Air Products Strategy & Financial HighlightsAir Products states that it is transforming itself into a “more focused, less cyclical, higher growth and higher return” company. The reorganising of Air Products is believed to be consistent with its strategy of “going forward
lorenzo63
Age quod Agis
lorenzo63
Age quod Agis
..........Aaaaaaaaaaaazzzzzzzzzzzzz!!!!!!!!!
Fortuna che ho fatto disclosure prima....
che se no mi bannano prima delle elezioni... e prima ancora della fantasmagorica campagna elettorale 
Dal wsj di oggi.....203 apriole 2009
Air Products Raised To Buy From Hold By Citigroup >APD
Fortuna che ho fatto disclosure prima....
che se no mi bannano prima delle elezioni... e prima ancora della fantasmagorica campagna elettorale Dal wsj di oggi.....203 apriole 2009
Air Products Raised To Buy From Hold By Citigroup >APD
Imark
Forumer storico
..........Aaaaaaaaaaaazzzzzzzzzzzzz!!!!!!!!!
Fortuna che ho fatto disclosure prima....
Dal wsj di oggi.....203 apriole 2009
Air Products Raised To Buy From Hold By Citigroup >APD
No problem: vuol solo dire che Citi si accinge a farla shortare ...
lorenzo63
Age quod Agis
Invece DuPont
22 aprile 2009
DuPont Lowers Forecast as Sales Fall 17%
Essre leader nelle "superspecialties" come DuPont è in tempi normali o meglio ancora di vacche grasse una fortuna immensa e permette grossi proftti. ma: in tempi di "rella" come questi oggettivamente è pesante perchè puo' essere che si rimandino acquisti particolari .. comunque.. imho fà + in fretta a recuperare rispetto ad altre..in quanto i margini sono ben + alti ed il capex è + basso (ad esempio nn fanno mag..o molto poco..)...
DuPont Co. said this year has shaped up to be worse than expected and lowered its earnings forecast. But the chemical maker said it is beginning to see a slight strengthening in some businesses.
Reporting a 59% drop in first-quarter profit Tuesday, DuPont said its decline in product sales volume probably will be the steepest it will see this year, though the company is bracing for continued volatility in demand for its plastics and chemicals.
As a maker of raw materials for most consumer products, the chemical sector is a bellwether of the overall economy. DuPont said the outlook for many key industries dimmed considerably from the beginning of the year, forcing the company to adjust its 2009 earnings forecast to $1.70 to $2.10 a share from $2 to $2.50 a share.
Dupont's first-quarter net income dropped to $488 million, or 54 cents a share, from $1.2 billion, or $1.31 a share, a year earlier.
After a dismal fourth quarter in which orders plummeted and chemical makers cut capacity to its lowest level in years, some analysts expected business to pick up somewhat in the first quarter as manufacturers began replenishing thinned inventories.
Instead, overall first-quarter sales slid further. DuPont's first-quarter revenue fell to $7.27 billion, down 17% from a year earlier, following a 16% drop in the fourth quarter
But DuPont said Tuesday that customer orders began to firm up in March. The company said sales this quarter should be flat to slightly higher than the first as some products, including certain paints, refrigerants and industrial chemicals, begin to benefit from inventory restocking and an uptick in seasonal demand. DuPont said the Chinese government's economic stimulus is expected to help the company's electronics unit.
"You can make the case we've touched the bottom," said Frank Mitsch, senior chemicals analyst at BB&T Capital Markets.
Meanwhile, the Wilmington, Del., industrial giant is intensifying cost-cutting efforts, targeting another $270 million in cuts on top of the $730 million announced earlier this year. The company has dismissed 10,000 workers in recent months, up from the 8,000 layoffs originally planned.
Chief Executive Ellen Kullman said more cuts could be coming. "We remain focused on what we can control," she said in a conference call with analysts
22 aprile 2009
DuPont Lowers Forecast as Sales Fall 17%
Essre leader nelle "superspecialties" come DuPont è in tempi normali o meglio ancora di vacche grasse una fortuna immensa e permette grossi proftti. ma: in tempi di "rella" come questi oggettivamente è pesante perchè puo' essere che si rimandino acquisti particolari .. comunque.. imho fà + in fretta a recuperare rispetto ad altre..in quanto i margini sono ben + alti ed il capex è + basso (ad esempio nn fanno mag..o molto poco..)...
DuPont Co. said this year has shaped up to be worse than expected and lowered its earnings forecast. But the chemical maker said it is beginning to see a slight strengthening in some businesses.
Reporting a 59% drop in first-quarter profit Tuesday, DuPont said its decline in product sales volume probably will be the steepest it will see this year, though the company is bracing for continued volatility in demand for its plastics and chemicals.
As a maker of raw materials for most consumer products, the chemical sector is a bellwether of the overall economy. DuPont said the outlook for many key industries dimmed considerably from the beginning of the year, forcing the company to adjust its 2009 earnings forecast to $1.70 to $2.10 a share from $2 to $2.50 a share.
Dupont's first-quarter net income dropped to $488 million, or 54 cents a share, from $1.2 billion, or $1.31 a share, a year earlier.
After a dismal fourth quarter in which orders plummeted and chemical makers cut capacity to its lowest level in years, some analysts expected business to pick up somewhat in the first quarter as manufacturers began replenishing thinned inventories.
Instead, overall first-quarter sales slid further. DuPont's first-quarter revenue fell to $7.27 billion, down 17% from a year earlier, following a 16% drop in the fourth quarter
But DuPont said Tuesday that customer orders began to firm up in March. The company said sales this quarter should be flat to slightly higher than the first as some products, including certain paints, refrigerants and industrial chemicals, begin to benefit from inventory restocking and an uptick in seasonal demand. DuPont said the Chinese government's economic stimulus is expected to help the company's electronics unit.
"You can make the case we've touched the bottom," said Frank Mitsch, senior chemicals analyst at BB&T Capital Markets.
Meanwhile, the Wilmington, Del., industrial giant is intensifying cost-cutting efforts, targeting another $270 million in cuts on top of the $730 million announced earlier this year. The company has dismissed 10,000 workers in recent months, up from the 8,000 layoffs originally planned.
Chief Executive Ellen Kullman said more cuts could be coming. "We remain focused on what we can control," she said in a conference call with analysts
Imark
Forumer storico
Mentre Ineos cerca disperatamente di rinegoziare i covenant sul proprio ingente debito... il leverage patrimoniale della società è elevatissimo, ma le banche possono essere tentate dal tenerla a galla... difficile tuttavia che riescano a sopravvivere fino al 2010 incluso senza ristrutturare il debito.
In due trimestri bruciata circa la metà della liquidità disponibile, al netto di eventuali tarocchi in bilancio...
UPDATE 1-Ineos sees slow improvement but market challenging
Fri Apr 24, 2009 2:05pm BST
* Q1 replacement cost EBITDA 170 mln eur vs Q4's 302 mln eur
* End-Q1 cash balance 560 mln eur vs Q4's 650 mln eur
* Q1 net debt 7.5 bln eur, unchanged from Q4
(Adds background, secondary loan prices)
By Tom Freke & Zaida Espana
LONDON, April 24 (Reuters) - Privately owned UK chemical group Ineos Group on Friday reported some signs of slow improvement in first-quarter trading, and warned market conditions remain challenging.
Ineos, which is in talks with lenders about its debt, unveiled first-quarter replacement cost earnings before interest, tax, depreciation and amortisation (EBITDA) of about 170 million euros, from 302 million in the fourth quarter of 2008.
Replacement cost EBITDA is adjusted to exclude inventory holding gains and losses.
The company, which secured a six-month covenant waiver in December, also said it had a cash balance of 560 million euros at the end of the quarter, down from 650 million euros at the end of the last quarter.
Ineos' net debt was 7.5 billion euros, little changed from the end of the previous quarter. Management is still working on a business plan to present to an informal committee of debt holders, a source with knowledge of the situation said.
The source said the plan was taking some time to put together due to the size and complexity of Ineos, which is one of the most widely held credits in the European secondary loan market.
Ineos' lead banks are Barclays (BARC.L) and Merrill Lynch, now part of Bank of America-Merrill Lynch (BAC.N).
The price of Ineos' loans improved ahead of the update in the European secondary loan market.
Indicative average bids on Ineos' B tranche were up to 45.5 percent of face value from 40 the previous week, while the TLA3 tranche was bid up to 47.75 from 41.6, data from Thomson Reuters LPC showed.
Ineos employs about 15,000 people and has annual sales of about $45 billion.
Ineos was created by Jim Ratcliffe, one of Britain's wealthiest businessmen, by buying up non-core assets of big chemical companies. (Reporting by Tom Freke and Zaida Espana; Editing by Andrew Macdonald)
In due trimestri bruciata circa la metà della liquidità disponibile, al netto di eventuali tarocchi in bilancio...
UPDATE 1-Ineos sees slow improvement but market challenging
Fri Apr 24, 2009 2:05pm BST
* Q1 replacement cost EBITDA 170 mln eur vs Q4's 302 mln eur
* End-Q1 cash balance 560 mln eur vs Q4's 650 mln eur
* Q1 net debt 7.5 bln eur, unchanged from Q4
(Adds background, secondary loan prices)
By Tom Freke & Zaida Espana
LONDON, April 24 (Reuters) - Privately owned UK chemical group Ineos Group on Friday reported some signs of slow improvement in first-quarter trading, and warned market conditions remain challenging.
Ineos, which is in talks with lenders about its debt, unveiled first-quarter replacement cost earnings before interest, tax, depreciation and amortisation (EBITDA) of about 170 million euros, from 302 million in the fourth quarter of 2008.
Replacement cost EBITDA is adjusted to exclude inventory holding gains and losses.
The company, which secured a six-month covenant waiver in December, also said it had a cash balance of 560 million euros at the end of the quarter, down from 650 million euros at the end of the last quarter.
Ineos' net debt was 7.5 billion euros, little changed from the end of the previous quarter. Management is still working on a business plan to present to an informal committee of debt holders, a source with knowledge of the situation said.
The source said the plan was taking some time to put together due to the size and complexity of Ineos, which is one of the most widely held credits in the European secondary loan market.
Ineos' lead banks are Barclays (BARC.L) and Merrill Lynch, now part of Bank of America-Merrill Lynch (BAC.N).
The price of Ineos' loans improved ahead of the update in the European secondary loan market.
Indicative average bids on Ineos' B tranche were up to 45.5 percent of face value from 40 the previous week, while the TLA3 tranche was bid up to 47.75 from 41.6, data from Thomson Reuters LPC showed.
Ineos employs about 15,000 people and has annual sales of about $45 billion.
Ineos was created by Jim Ratcliffe, one of Britain's wealthiest businessmen, by buying up non-core assets of big chemical companies. (Reporting by Tom Freke and Zaida Espana; Editing by Andrew Macdonald)
lorenzo63
Age quod Agis
Air Liquide
Shares in Air Liquide SA (AI.FR) slid Tuesday after the French industrial-gases group cut its full-year guidance and said full-year revenue and net profit will probably be below last year's.
Air Liquide, the world's leading supplier of industrial gases, said it has "repositioned" its guidance for 2009 as recovery in its markets could take longer than it had expected.
"Positive signs first observed at the end of the quarter do not yet provide indications of a trend," Chief Executive Benoit Potier said in a statement, adding: "Thus, the recovery in our markets could take longer," he said.
The company's shares fell in response and at 1340 GMT Air Liquide stock was down 5.6%, or EUR3.67 lower, at EUR62.08, against a CAC 40 index down 2.1% overall.
The company now expects revenue and net profit to be "close to" the 2008 levels, whereas it had been aiming to grow them.
Explaining the wording of the group's outlook, Senior Executive Vice President Pierre Dufour told a conference call the phrase 'close to' "means that we are likely to see a year which is going to be slightly negative."
Air Liquide said it has increased its cost-cutting goal for 2009 to EUR300 million, from a previous target of more than EUR250 million.
First quarter revenue fell to EUR3 billion, from EUR3.09 billion a year earlier, bang in line with expectations. Revenue from gas and services, its biggest division, fell 3.8% to EUR2.55 billion from EUR2.65 billion.
Air Liquide is seen by many analysts as a defensive stock as many of its products are indispensable to industry and it operates many long-term, take-or-pay contracts.
The company drew a distintion Tuesday between markets that are more exposed to economic downturn, such as metals, chemicals, autos, electronics and welding, and areas that are resisting better, such as refining, food, pharmaceuticals, research technology and healthcare.
A drop in demand was partly offset by price cuts and as the company continued to start and ramp up new units, Air Liquide said.
Still, Air Liquide said it remains confident in the medium-term market prospects for energy, environment, health and hi-tech, and also for emerging economies, Potier said.
The company also confirmed a EUR1.6 billion capital expenditure plan for 2009. While several projects have been delayed by a few months, the company said 36 start-ups have been confirmed for 2009-10.
Provisions made in the company's 2008 accounts for the risk of customer default, "remain sufficient to date," Air Liquide also said.
In a note to investors, Societe Generale said a negative market reaction to the company's earnings forecast downgrade "could provide a good opportunity to build positions" in the company. It added that management's decision to "get more realistic on the outlook" comes as no surprise.
Air Liquide's strong contractual base should ensure resilience to the downturn, Citi said in another note.
"Add in the benefits of new contracts (despite several delays) and accelerated restructuring and the company looks well-placed to almost sustain earnings per share in 2009," Citi said.
April 22, industry peer Air Products & Chemicals Inc. (APD) cut its fiscal-year earnings outlook and said it continues to look at additional cost-cutting steps
Shares in Air Liquide SA (AI.FR) slid Tuesday after the French industrial-gases group cut its full-year guidance and said full-year revenue and net profit will probably be below last year's.
Air Liquide, the world's leading supplier of industrial gases, said it has "repositioned" its guidance for 2009 as recovery in its markets could take longer than it had expected.
"Positive signs first observed at the end of the quarter do not yet provide indications of a trend," Chief Executive Benoit Potier said in a statement, adding: "Thus, the recovery in our markets could take longer," he said.
The company's shares fell in response and at 1340 GMT Air Liquide stock was down 5.6%, or EUR3.67 lower, at EUR62.08, against a CAC 40 index down 2.1% overall.
The company now expects revenue and net profit to be "close to" the 2008 levels, whereas it had been aiming to grow them.
Explaining the wording of the group's outlook, Senior Executive Vice President Pierre Dufour told a conference call the phrase 'close to' "means that we are likely to see a year which is going to be slightly negative."
Air Liquide said it has increased its cost-cutting goal for 2009 to EUR300 million, from a previous target of more than EUR250 million.
First quarter revenue fell to EUR3 billion, from EUR3.09 billion a year earlier, bang in line with expectations. Revenue from gas and services, its biggest division, fell 3.8% to EUR2.55 billion from EUR2.65 billion.
Air Liquide is seen by many analysts as a defensive stock as many of its products are indispensable to industry and it operates many long-term, take-or-pay contracts.
The company drew a distintion Tuesday between markets that are more exposed to economic downturn, such as metals, chemicals, autos, electronics and welding, and areas that are resisting better, such as refining, food, pharmaceuticals, research technology and healthcare.
A drop in demand was partly offset by price cuts and as the company continued to start and ramp up new units, Air Liquide said.
Still, Air Liquide said it remains confident in the medium-term market prospects for energy, environment, health and hi-tech, and also for emerging economies, Potier said.
The company also confirmed a EUR1.6 billion capital expenditure plan for 2009. While several projects have been delayed by a few months, the company said 36 start-ups have been confirmed for 2009-10.
Provisions made in the company's 2008 accounts for the risk of customer default, "remain sufficient to date," Air Liquide also said.
In a note to investors, Societe Generale said a negative market reaction to the company's earnings forecast downgrade "could provide a good opportunity to build positions" in the company. It added that management's decision to "get more realistic on the outlook" comes as no surprise.
Air Liquide's strong contractual base should ensure resilience to the downturn, Citi said in another note.
"Add in the benefits of new contracts (despite several delays) and accelerated restructuring and the company looks well-placed to almost sustain earnings per share in 2009," Citi said.
April 22, industry peer Air Products & Chemicals Inc. (APD) cut its fiscal-year earnings outlook and said it continues to look at additional cost-cutting steps
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