Obbligazioni societarie Monitor bond Chimica Europa

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ENI's Petchem Business Continues to Report Losses

ENI (Rome), Europe's energy major, says its petrochemicals business, comparising mainly its Polimeri Europa (Milan) subsidiary, has continued to report losses at both operating and net levels. The business reported a €46 million($68.4 million) net loss in the third quarter and €255 million in the first nine months of this year, "due to a prolonged weakness in industry fundamentals, reflecting lower end-markets demand and high competitive pressures."

Third quarter operating loss was €65 million compared with €70 million in the year-ago period. Nine months operating loss was €322 million compared with an operating loss of €286 million in the first nine months of 2008. Petrochemical sales in the third quarter were down 33.3% to €1.16 billion. Sales declined by 42% to €3.1 billion in the first nine months of this year. Capital expenditure in the third quarter went down 30% to €36 million and reached €81 million in the first nine months of this year compared with €120 million spent in the first nine months of 2008. Polimeri Europa's main businesses are olefins and aromatics, styrenics, polyethylene and elastomers.

 

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Un piccolo rep del 16 ott

Economic Outlook for the Week Ended October 16, 2009

MACROECONOMIC STATUS

Our running tab of positive indicators remains at 14 out of 20 this week. As a result, we continue to post a green banner.

Retail Sales ↓ 1.5%; ↓ 5.7% Y/Y
Import Prices ↑ 0.1%; ↓ 12.0% Y/Y
Business Inventories ↓ 1.5%; ↓ 13.3% Y/Y
Consumer Prices ↑ 0.2%; ↓ 1.3% Y/Y
Empire State Survey ↑ 16 points to 34.6
Philly Fed Survey ↓ 2.6 points to 14.1
Industrial Production ↑ 0.7%; ↓ 6.1% Y/Y
Capacity Utilization ↑ 0.6 points to 70.5%
OECD CLI ↑ 1.7%; ↑ 3.2% Y/Y

BUSINESS OF CHEMISTRY STATUS

For the business of chemistry, the indicators bring to mind a green banner (but with a yellowish tint) or basic and specialty chemicals.

Oil ↑ $77.58 (Thursday)
Natural Gas ↓ $3.86 (Thursday)
Railcar Loadings ↓ 1,580 from a week ago; ↓ 7.5% Y/Y (13-week moving average)
Market Capitalization ↑ 2.9% to $524.8 billion this week; ↑ 41.4% YTD (outperforming the S&P 500)

ENERGY

The Energy Information Administration (EIA) reported a 58 BCF build in natural gas inventories for the week ending 9 October. A typical build for this week is 63 BCF. Natural gas inventories now stand at 3,716 BCF and are 13.8% (450 BCF) above last year’s levels for the week, and 14.6% (474 BCF) above the five-year average. As a result, natural gas inventories remain well above the five-year maximum. Inventories of natural gas have swelled to record levels as the worst recession since the Great Depression has curbed industrial demand for natural gas. A recent EIA analysis reported that nation’s the maximum natural gas storage capacity was 3,889 BCF.

With higher demand and a weaker dollar, oil prices rose to $77.58 per barrel yesterday (Thursday). A year ago, oil was $69.85 per barrel. Thus, recent prices represent an 11.1% Y/Y increase. With record inventories, natural gas prices (the benchmark Henry Hub), closed at $3.86 per million BTUs on Thursday, down from $4.15 last Thursday. A year ago, the price was $6.64 per million BTUs. Thus, recent prices repre-sent a 41.9% Y/Y decline.

At 20.1:1, the ratio of oil prices to natural gas prices improved from 17.3:1 a week ago. One year ago, the ratio 10.5:1. As a rough rule of thumb, when the ratio is above a band between 6 and 7, the competitiveness of Gulf Coast-based petro-chemicals and derivatives vis-à-vis other major producing regions is enhanced. In the US, 70% of ethylene, for example, is derived from natural gas liquids while in Western Europe, 70% is derived from naphtha, gas oil and other light distillate oil-based products. Historically, other factors (co-product prices, exchange rates, capacity utilization, etc.) have played a role as well.

 

[lorenzo63]

Ineos

Ineos chiude uno stabdi stirene in Texas causa nulla remuneratività della sintesi: le quotazioni sono previste in rialzo per il primo trim 2010 ...
Problema comune a tanta parte di chimica il mancato trasferimento dei costi sul mercato...

--INEOS NOVA has shut down its its 530,000 tonne/year Texas City styrene monomer (SM) plant in Texas due to economic factors, the global styrenics major said on Tuesday.

The plant was shut down over the weekend, the company said.

A source familiar with the Texas City plant said it was taken down due to unsustainable styrene margins and would remain offline until margins recover.

INEOS NOVA anticipated that adequate SM margin levels for restart would be seen in first-quarter 2010, the source said.

The company’s other North American styrene operations continued at its larger facility in Bayport, Texas, as well as a smaller plant in Sarnia, Ontario, market sources said.

A company spokesperson said the temporary shutdown at Texas City would not result in job losses.

October styrene spot prices were assessed at 44.25-45.50 cents/lb ($976-1,003/tonne, €654-672/tonne) FOB (free on board) US Gulf (USG), although bids were heard as low as 40 cents/lb against offers as high as 49 cents/lb, according to global chemical market intelligence service ICIS pricing.

Variable costs for styrene are steered by benzene, ethylene and natural gas, and were estimated in the low 40s cents/lb in the last week of October.

 

[lorenzo63]

Linde Launches Eurodollar-Bond

Munich, 4 November 2009 - Today, Linde Finance B.V., guaranteed by
Linde Aktiengesellschaft, issued a 5-year USD 400 million
Eurodollar-bond. Proceeds will be used to refinance existing USD
liabilities of Linde and to further improve its maturity profile. The
bond, which is due 13 November 2014, pays a coupon of 3.625 percent.
With this well received debut transaction on the Eurodollar-market
Linde continues its successful funding strategy of utilising a broad
range of funding sources and instruments. "With our global business
set-up we own a significant asset base in USD", said Georg Denoke,
CFO of Linde AG. "We are taking opportunity of the attractive
conditions in the Eurodollar-market to diversify our financing
structure accordingly."
Joint Bookrunners were HSBC and Morgan Stanley. Linde is rated Baa1
(stable) by Moody's and BBB+ (positive) by S&P. The transaction has
been launched under Linde's Debt Issuance Programme. The bond has the
following ISIN XS 0465484938 and will be listed on the Luxembourg
Stock Exchange.
The Linde Group is a world leading gases and engineering company with
almost 50,000 employees working in around 100 countries worldwide. In
the 2008 financial year it achieved sales of EUR 12.7 billion. The
strategy of The Linde Group is geared towards sustainable
earnings-based growth and focuses on the expansion of its
international business with forward-looking products and services.
Linde acts responsibly towards its shareholders, business partners,
employees, society and the environment - in every one of its business
areas, regions and locations across the globe. Linde is committed to
technologies and products that unite the goals of customer value and
sustainable development.

 

[lorenzo63]

Linde 3Q Net Pft Down 4.5%; Confirms 2009 Outlook

Risultanti un pochino migliori delle attese, sopratutto dovuti all' impegno della Società nella riduzione dei costi.
Altresi sembra che la riduzione degli organici si sia arrestata.
Il trend positivo iniziato già allafine del secondo trimestre, si è rafforzato ulterioromente. E' previsto che nel primo Q del 2010 si dovrebbe assistere (Secondo il CEO) ad un migliore recupero.
In soldoni: il net profit è sceso dal 2008=177 a 169 mio di euro, ed ' in crescita del 27% rispetto al 2Q;
Le vendite di gas tecnici (core business) hanno mostrato un calo del 6,9
per un totale di venduto pari a 2,28 mld di euro ed netto di 625 mio di euro; evidentemente nn raggiungeranno i livelli e di venduto e di gain del 2008.


FRANKFURT (Dow Jones)--Industrial gases and engineering company Linde AG (LIN.XE) Monday reported a milder-than-expected 4.5% fall in third-quarter net profit due to its accelerated cost cutting program, and confirmed its conservative full-year outlook.

Linde, which has been cutting costs in response to falling sales, said it still doesn't expect to reach 2008 sales and earnings levels this year, even though it expects business to pick up in the second half of the year.

"The positive trends we were seeing at the end of the second quarter have continued to strengthen," Chief Executive Wolfgang Reitzle said in a statement.

The news was welcomed by investors and at 1040 GMT, Linde shares traded 1.6% higher at EUR72.50, outperforming German blue-chip index DAX which was up 0.2%. Year-to-date, Linde shares have risen around 16% to EUR71.39 at Friday's close, while the Dow Jones Euro Stoxx Chemicals index rose 21%.

To weather the economic downturn, Linde in May pledged to accelerate its cost-cutting program, which aims for cuts of between EUR650 million and EUR800 million over the next four years. Reitzle said in a teleconference the largest part of job reductions is over, after the group cut around 3,600 positions in the first nine months of the year.

Third-quarter net profit dropped to EUR169 million from EUR177 million a year earlier, but rose 27% compared with the second quarter. This beat a EUR160 million estimate from a Dow Jones Newswires poll of 10 analysts.

Operating profit for the period under review fell 2.3% to EUR637 million but still beat analysts' expectations of EUR624 million.

Linde's operating profit is defined as earnings before interest, taxes, depreciation and amortization before non-recurring items, and includes shares of net income from associates and joint ventures.

Operating profit included higher-than-estimated restructuring charges of EUR13 million, said Ulle Woerner, analyst for LBBW who rates the stock at buy with a EUR78 target price.

Linde's CEO Reitzle in a statement said that "the measures we have taken to achieve sustainable increases in productivity are having an ever greater impact." The group still expects its productivity improvement will lead to cost cuts of between EUR650 million and EUR800 million in 2009 to 2012.

"What's more, demand in our gases business is beginning to pick up again slowly," he added.

Linde's gases operations - its strongest earnings and sales contributor - showed a 6.9% sales drop to EUR2.28 billion, and flat operating profit at EUR625 million. The company repeated the division won't reach the 2008 sales and earnings level. However, it expects an improvement in the business in the second half, pointing to the first signs of an economic recovery. CEO Reitzle told the teleconference he expects the segment's sales and earnings to rise again in 2010.

In the period under review, sales fell 9.6% to EUR2.84 billion, falling short of analysts' EUR2.88 billion estimate.

In 2008, Linde posted a net profit of EUR717 million, operating profit of EUR2.56 billion and sales of EUR12.66 billion.

 

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Aggiornamento

1. Totale titoli 36,00
2. Titoli con variazione negativa 23,00
3. Titoli con variazione positiva 5,00
4. Titoli stabili 6,00

 

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Vedi l'allegato Chemical Bonds 3.xls

 

[lorenzo63]

Air Liquide: 3rd Quarter Revenue.

Air Liquide: 3rd Quarter Revenue: Noticeable Increase in Activity Compared to Previous Quarters


published09/08 comparable*09/08
3rd quarter 2009 revenue
Group revenue EUR2,980 M -8.2% -5.2%
Gas & Services EUR2,514 M -8.9% -5.2%
*on a comparable basis: excluding exchange rates and natural gas

In an environment which is recovering progressively, 3rd quarter 2009 Group revenue was EUR2,980 million, a limited decline of -5.2% on a comparable basis against the very high 3rd quarter 2008. Gas & Services sales reached EUR2,514 million, down -5.2% on a comparable basis.

The Gas & Services activity showed a marked upturn in volume demand from the Group's customers. Thus, 3rd quarter sales were up by more than 3% compared to 2nd quarter 2009, at constant exchange rates and natural gas prices.

Healthcare continues to grow, bolstered by both homecare and hygiene. The resumption of growth in Emerging Economies, particularly in Asia, and the recovery of volumes in Electronics specialty gases have been confirmed. Sales in Large Industries were affected by declines in natural gas and electricity prices. Industrial Merchant recorded a slight increase in volumes, notably in bulk, and continued to benefit from the positive impact of pricing campaigns.

Commenting on the 3rd quarter 2009, Beno??t Potier, Chairman and CEO of Air Liquide, stated:

"This quarter has once again shown the resilience in our sales. The increase in volumes compared to the 2nd quarter is noticeable, even if they have not yet returned to the high 2008 levels.

The contribution from the ALMA program continues. It is visible in structural efficiency gains, in cash generation and in the control of the debt level. The Group achieved cost reductions of more than EUR230 million in the first three quarters of 2009.

The ALMA contribution is also demonstrated in the acceleration of our development in Emerging Economies, with a share of Group revenue that will have doubled over 6 years.

The positive signs observed at the end of the first half have therefore been confirmed, signaling a trend reversal in several sectors.

In this context, we maintain our objective for 2009, of revenue and net income close to 2008 levels."

3rd quarter highlights

-- Continued strong momentum in Healthcare, particularly in hygiene due to H1N1 flu

-- Start-up of two very large oxygen production units in China for the steel manufacturer Jiangsu Shagang

-- Start-up of a very large hydrogen production unit in the United States for a refinery customer

-- Electronics: major contract signed in China for semiconductors

-- Construction of a nitrogen production unit for the photovoltaic industry in Germany

-- ALMA Efficiency program ahead of objectives

 

[lorenzo63]

L'Air Liquide 3 Q in originale

http://www.airliquide.com/file/otherelement/pj/air liquide - q3 09 activity report eng20573.pdf

 

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Totale titoli 36,00
Titoli con variazione negativa 6,00
Titoli con variazione positiva 27,00
Titoli stabili 3,00

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