Obbligazioni societarie Monitor bond Chimica Europa (1 Viewer)

Imark

Forumer storico
BASF riesce a restare in utile per un importo decisamente superiore alle attese al termine del Q1/2009, grazie ad un buon andamento dell'agrochimica nonché agli effetti delle misure di taglio dei costi e nonostante un calo del volume delle vendite superiore alle attese.

L'EBIT cala del 58% su base annua, il volume delle vendite del 23,3%.

L'outlook che non prevede nessun miglioramento per il futuro: anche la ricostituzione delle scorte delle aziende clienti in alcune aree geografiche, secondo BASF, non segnalerebbe alcuna ripresa imminente della domanda per prodotti chimici.

Pianifica tagli ai posti di lavoro ed incrementi al numero di dipendenti che lavorano ad orario ridotto; valuta il disinvestimento delle produzioni della chimica per il tessile e le pelli, nonché delle produzioni stireniche.

Conferma gli obiettivi di riduzione costi da realizzare entro il 2012.

  • APRIL 30, 2009, 6:30 A.M. ET
2nd UPDATE: BASF 1Q Earnings Beat Views;Co Keeps Gloomy Outlook
(Rewrites with further detail, analyst comment, background.)

By Natascha Divac

Of DOW JONES NEWSWIRES FRANKFURT (Dow Jones)--Chemical giant BASF SE (BAS.XE) Thursday reported a milder-than-expected drop in its key profit figures, helped by a strong performance in Agrochemicals, but confirmed its pessimistic full-year outlook and said it would cut more jobs as the dramatic decline in demand for chemical products continues.

The company said it expects the coming quarters to be "extremely challenging", preparing shareholders for a possible dividend cut, as its goal of earning its cost of capital is "becoming increasingly difficult to achieve."

However, shares in the company outperformed the German blue chip index DAX in morning trade. At around 1000 GMT, shares were up 6.8% at EUR28.42.

In the three months ended March 31, net profit plunged 68% to EUR375 million from EUR1.17 billion a year ago, but still beating analysts expectations for just EUR71 million.

Earnings before interest and taxes, or EBIT, before special items fell 58% to EUR985 million due to a substantial decrease in volumes in many divisions, but also exceeded analyst expectations of EUR732 million.

"The main drivers are a stronger-than-expected performance in Agrochemicals, as well as cost-cutting measures in the chemical segments," said a Commerzbank analyst who asked not to be named.
Given the surprisingly low sales figure, the earnings figures look "fantastic", said one Frankfurt-based analyst.

Quarterly sales fell 23.3% to EUR12.22 billion from EUR15.92 billion, falling short of analysts' expectations of EUR13.6 billion.

The Ludwigshafen-based company said it aims to cut "at least" 2,000 positions by the end of 2009, as it sees no shift in the current trend and as demand weakened further at the start of the year.

"There is currently no sign of a reversal of this trend and we don't consider temporary topping up of inventories in some regions and industries to be signs of a sustainable upturn," said Chief Executive Juergen Hambrecht.

The chemical company still expects a drop in sales in 2009 and "an even greater" fall in earnings before interest and taxes.

It said that cost reduction and efficiency programs are being implemented "rigorously and rapidly", adding it will restructure and, where necessary, close or sell plants and sites that cannot ensure the company's long-term competitiveness.

The company also said it is reviewing possible divestment options for its leather and textile operations, as well as for its Styrenics business.

BASF plans to progressively increase earnings by more than EUR1 billion per year as of 2012 through its program NEXT and other cost reduction activities.

Over 4,000 employees are currently on shorter working hours across eight sites in Europe, but there will be a further 3,000 globally as of June.
BASF shares have lost around 37% of their value in the past 12 months.
Company Web site: www.basf.com
 

Imark

Forumer storico
Dow Chemicals

Dow Rises as Cost Cuts, Crop Chemicals Drive Unexpected Profit

By Jack Kaskey
April 30 (Bloomberg) -- Dow Chemical Co., the largest U.S. chemical maker, rose the most since March in New York trading after spending cuts and rising demand for seeds and pesticides led to an unexpected first-quarter profit.

Profit excluding some items was 12 cents a share, Midland, Michigan-based Dow said today in a statement. The average estimate of 11 analysts in a Bloomberg survey was for a 19-cent loss. Net income dropped 97 percent to $24 million, or 3 cents a share, from $941 million, or 99 cents, a year earlier.

Chief Executive Officer Andrew Liveris is firing 10,000 workers, slashing the dividend and trying to sell $4 billion of assets to help repay a $9.5 billion short-term loan used to acquire rival Rohm & Haas Co. Profit climbed to a record at Dow AgroSciences while results deteriorated in the plastics and chemicals units.

“The main source of the beat was cost control, which isn’t a bad thing in this recessionary environment,” Hassan Ahmed, a New York-based analyst at HSBC Securities, said in a telephone interview. “Agriculture also was better than my expectations.” He rates the shares “neutral.”

Dow rose $2.53, or 19 percent, to $16.04 at 9:43 a.m. in New York Stock Exchange composite trading. The shares earlier increased as much as 20 percent, the biggest intraday gain since March 6.

Sales tumbled 39 percent to $9.09 billion, Dow said. The decline included a 19 percent drop in sales volumes and a 20 percent drop in global prices. The declines were in every region, with the biggest drop in Europe.

The agriculture unit’s profit rose 2.1 percent to $338 million as seeds and new crop chemicals drove 10 percent higher sales.

Lower Costs

Dow said it cut operating costs by $270 million from a year earlier and from the fourth quarter, and capital spending also declined.

“Our positive earnings in this recessionary environment were the direct result of our rapid actions to reduce costs and tightly manage operations,” Liveris said in the statement. “We achieved profitability in spite of continued weak demand throughout most of our value chains.”

Spending cuts and rising pesticide sales also helped BASF AG, the world’s biggest chemical company, post profit today that beat analyst estimates.
Dow’s net income was reduced by $96 million, or 9 cents a share, by costs to fire Dow workers, acquire Rohm & Haas and restructure at Dow Corning, a 50-50 venture with Corning Inc.

The U.S. economy contracted at a 6.1 percent annual pace in the first quarter, after shrinking 6.3 percent in the fourth quarter, reflecting declines in housing and a record slump in inventories, the Commerce Department said yesterday. That marks the worst recession in at least half a century.

‘Decline Is Moderating’

“There are some signs that the pace of global economic decline is moderating,” including in China, Liveris said in the statement. “It’s prudent to expect that 2009 will still be a recessionary year globally, and we are not counting on material improvements in economic conditions in the near term.”

Dow said its costs for petroleum-derived raw materials and energy fell $3.1 billion, or 49 percent from the year-earlier quarter. The company uses oil and natural gas to power factories and as raw materials. :cool: Dow, founded in 1897, makes 3,200 products, including plastics, Styrofoam insulation, pesticides and chlorine, at more than 150 production sites in 37 countries.

Profit declined 91 percent in the performance-plastics segment because of lower sales to automakers and homebuilders. Results improved from the fourth quarter as demand rose in March, Dow said. Profit dropped 58 percent in the performance- chemicals unit because of lower demand for paint ingredients, de-icing fluids and water purification products.

Basic Plastics

Profit slid 99 percent in the basic-plastics segment, the world’s largest producer of polyethylene plastic, used in bags and packaging, because of tumbling prices.

Polyethylene profit will remain weak until 2015 unless producers such as Dow shut factories to reduce the impact of new plants in the Middle East, Chemical Market Associates Inc. said last month.

The basic-chemicals unit, the world’s biggest chlorine maker, posted a $92 million loss, compared with profit of $159 million a year earlier.

Earnings don’t include results from Rohm & Haas, because the $15.7 billion acquisition closed April 1, the start of the second quarter.

Dow is selling Rohm & Haas’s Morton Salt unit, the largest North American salt producer, to K+S AG of Germany for $1.68 billion. Selling stakes in a Dutch oil-refining business and in Southeast Asian olefins ventures will raise about $1.5 billion, Liveris said in March. Other businesses valued at about $1 billion also will be sold this year, Liveris has said.
 

yellow

Forumer attivo
Dow Chemicals

Dow Rises as Cost Cuts, Crop Chemicals Drive Unexpected Profit

By Jack Kaskey
April 30 (Bloomberg) -- Dow Chemical Co., the largest U.S. chemical maker, rose the most since March in New York trading after spending cuts and rising demand for seeds and pesticides led to an unexpected first-quarter profit.

Profit excluding some items was 12 cents a share, Midland, Michigan-based Dow said today in a statement. The average estimate of 11 analysts in a Bloomberg survey was for a 19-cent loss. Net income dropped 97 percent to $24 million, or 3 cents a share, from $941 million, or 99 cents, a year earlier.

Chief Executive Officer Andrew Liveris is firing 10,000 workers, slashing the dividend and trying to sell $4 billion of assets to help repay a $9.5 billion short-term loan used to acquire rival Rohm & Haas Co. Profit climbed to a record at Dow AgroSciences while results deteriorated in the plastics and chemicals units.

“The main source of the beat was cost control, which isn’t a bad thing in this recessionary environment,” Hassan Ahmed, a New York-based analyst at HSBC Securities, said in a telephone interview. “Agriculture also was better than my expectations.” He rates the shares “neutral.”

Dow rose $2.53, or 19 percent, to $16.04 at 9:43 a.m. in New York Stock Exchange composite trading. The shares earlier increased as much as 20 percent, the biggest intraday gain since March 6.

Sales tumbled 39 percent to $9.09 billion, Dow said. The decline included a 19 percent drop in sales volumes and a 20 percent drop in global prices. The declines were in every region, with the biggest drop in Europe.

The agriculture unit’s profit rose 2.1 percent to $338 million as seeds and new crop chemicals drove 10 percent higher sales.

Lower Costs

Dow said it cut operating costs by $270 million from a year earlier and from the fourth quarter, and capital spending also declined.

“Our positive earnings in this recessionary environment were the direct result of our rapid actions to reduce costs and tightly manage operations,” Liveris said in the statement. “We achieved profitability in spite of continued weak demand throughout most of our value chains.”

Spending cuts and rising pesticide sales also helped BASF AG, the world’s biggest chemical company, post profit today that beat analyst estimates.
Dow’s net income was reduced by $96 million, or 9 cents a share, by costs to fire Dow workers, acquire Rohm & Haas and restructure at Dow Corning, a 50-50 venture with Corning Inc.

The U.S. economy contracted at a 6.1 percent annual pace in the first quarter, after shrinking 6.3 percent in the fourth quarter, reflecting declines in housing and a record slump in inventories, the Commerce Department said yesterday. That marks the worst recession in at least half a century.

‘Decline Is Moderating’

“There are some signs that the pace of global economic decline is moderating,” including in China, Liveris said in the statement. “It’s prudent to expect that 2009 will still be a recessionary year globally, and we are not counting on material improvements in economic conditions in the near term.”

Dow said its costs for petroleum-derived raw materials and energy fell $3.1 billion, or 49 percent from the year-earlier quarter. The company uses oil and natural gas to power factories and as raw materials. :cool: Dow, founded in 1897, makes 3,200 products, including plastics, Styrofoam insulation, pesticides and chlorine, at more than 150 production sites in 37 countries.

Profit declined 91 percent in the performance-plastics segment because of lower sales to automakers and homebuilders. Results improved from the fourth quarter as demand rose in March, Dow said. Profit dropped 58 percent in the performance- chemicals unit because of lower demand for paint ingredients, de-icing fluids and water purification products.

Basic Plastics

Profit slid 99 percent in the basic-plastics segment, the world’s largest producer of polyethylene plastic, used in bags and packaging, because of tumbling prices.

Polyethylene profit will remain weak until 2015 unless producers such as Dow shut factories to reduce the impact of new plants in the Middle East, Chemical Market Associates Inc. said last month.

The basic-chemicals unit, the world’s biggest chlorine maker, posted a $92 million loss, compared with profit of $159 million a year earlier.

Earnings don’t include results from Rohm & Haas, because the $15.7 billion acquisition closed April 1, the start of the second quarter.

Dow is selling Rohm & Haas’s Morton Salt unit, the largest North American salt producer, to K+S AG of Germany for $1.68 billion. Selling stakes in a Dutch oil-refining business and in Southeast Asian olefins ventures will raise about $1.5 billion, Liveris said in March. Other businesses valued at about $1 billion also will be sold this year, Liveris has said.



30.04.09 17:33 - Dow Chemical: studia disinvestimenti per:eek: 25 mld usd

Lo ha annunciato il Ceo, Andrew N. Liveris, precisando che tra gli asset che potrebbero essere ceduti c'e' anche la divisione agroalimentare Dow AgroSciences.

La vendita potrebbe essere effettuata attraverso una Ipo o una cessione a terzi.
 

lorenzo63

Age quod Agis
Tempo addietro..ma non tanto..

..vi è stata una corsa al cloruro di potassio da parte ad esempio di società come Terra e Agrium..

http://www.borse.it/forum/viewtopic.php?id=24854

Come vedi ( e forse dovrei averlo postato, c'è un notevole interesse nei fertilizzanti ... mi spiego meglio: l' economia verde necessita di "pillole" x crescere, compatibilmente con l' uso dei terreni per alimentazione...in altre parole bisogna con lo stesso spazio agricolo ottenere coltivazioni per uso industriale (mat plastiche bio like pla etc, carburanti etc.) e cibo...
Ora: bisogna fare pero' i conti con la marcata diminuizione del costo petrolio ;) ...
All netto, evidentemente, di news non a mia conoscenza..

Anedotto: quando ero un giovine alla prima vista alla "mamma" Basf, visitai il reparto (per modo di dire) che si occupava dei fertilizzanti in Ludwigshafen...e mi dissero che il loro gain era "enormous"...

Ps: ma giovine lo sono ancora...:D :prr::prr:
 

cangiante

Forumer attivo
OT
riguardo a K+S vi proporrei di buttare uno sguardo ad un grafico del suo andamento borsistico
Da agosto scorso è inoltre entrata nell'indice Eurofirst80 che raccoglie i primi ottanta titoli dell'area euro
Rientro ora in tema per chiedere se K+S abbia emesso bond
 

Imark

Forumer storico
OT
riguardo a K+S vi proporrei di buttare uno sguardo ad un grafico del suo andamento borsistico
Da agosto scorso è inoltre entrata nell'indice Eurofirst80 che raccoglie i primi ottanta titoli dell'area euro
Rientro ora in tema per chiedere se K+S abbia emesso bond

Lo guarderò volentieri ... ;)

Ha chiesto il rating perché si accinge a rilevare una divisione di Dow Chemical (che dismette asset per ridurre il debito), e credo proprio sia sua intenzione finanziare almeno parte dell'acquisizione (l'equivalente di circa 2 mld $) con una emissione obbligazionaria.
 

lorenzo63

Age quod Agis
Ah è questo che volevi sapere: ho anche una notizia del 01/04 .. riguarda sempre l' acquisizioni di sali (leggi KCl e qualcos' altro) fatta in modo analogo e speculare dalle altre (Agrium etc. le quali hanno fatto le stesse operazioni però un po' prima) del settore fertilizzanti.
Il potassio cloruro è uno dei sali (in luogo del sodio per gli animali) ultilizzato dai vegetali; ora è indispensabile per la produzione (leggi fertilizzazione) dei campi.
In altre parole: vuole comprare da Dow la divisione agro e da Rohm (ora Dow) la Morton Salt la quale, ovvio non produce solo sali atti per fertilizzazione.
Quindi una sinergia perfetta. Inoltre guardando un po' sembra che il 2008 si è chiuso bene per K+S
A Marzo 2009 avevo postato che questa parte della chimica viveva una certa effervescenza...

Come vedrai poi Dow Agro guadagna bene...

Ed in data 16 aprile un portavoce K+S disse che la stessa "diventerà leader a livello mondiale nella produzione sali"

A seguire le news del 01 apr-02 apr 2009

APRIL 1, 2009, 9:03 P.M. ET
PRESS RELEASE: K+S Signs Agreement With Rohm And Haas, A Wholly Owned Subsidiary Of The Dow Chemical Company To Purchase U.S. Salt Producer Morton Salt / Transaction Value Of USD 1.675 Billion Agreed / Closing Expected By Mid Year 2009 / Agreement Subject To Receipt Of Required Antitrust Approvals

02.04.2009
On 2 April 2009, K+S AG signed an agreement with Rohm and Haas,
a wholly owned subsidiary of The Dow Chemical Company on the purchase of Morton
International, Inc. (Morton Salt). The total transaction value is USD 1.675
billion. The purchase price will be paid in cash. The financing is fully
underwritten by Dresdner Kleinwort, Soci??t?? G??n??rale and Unicredit (HVB).
Subject to receipt of required antitrust approvals, it is expected that the
closing of the transaction will take place by mid year 2009. The acquisition
will be clearly EPS accretive from 2010 onwards.
Further information about the acquisition of Morton Salt can be obtained from
the K+S website www.k-plus-s.com.
K+S AG
Kassel, 2 April 2009
The Board of Executive Directors
End of ad hoc disclosure
 
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