Obbligazioni societarie Telecom equipments: Alcatel-Lucent, Ericsson e le altre. (1 Viewer)

Imark

Forumer storico
I risultati di Alcatel-Lucent in un commento di Cellular news... sono del settore del telecom equipments, distinto rispetto al telecom. Credo meritino uno spazio a parte e non escludo un recupero del materiale postato a suo tempo sul FOL.

Domani si commenta... ;)

Alcatel-Lucent Writes Off $5 Billion in Assets

­Alcatel-Lucent has reported its eighth quarterly loss as it wrote down the value of its assets by over US$5 billion. The firm recorded a loss of €3.89 billion (US$5 billion), compared to a loss of €2.58 billion (US$3.35 billion) a year earlier.

The company has now written down its assets by around €8 billion (US$10.3 billion) since Alcatel brought Lucent in 2006.

For the full year, the company reported revenues of €16.984 billion (US$21.9 billion), down 4.5% year over year (down 1.1% at constant currency), and a net loss of €5.215 billion (US46.7 billion).

Ben Verwaayen, CEO, commented "In the fourth quarter, we did what we said we were going to do. I am encouraged by our operating performance, measured by our ability to achieve our top-line, operating margin and cash flow targets. The asset impairment charge that severely impacted our bottom line was made necessary by the drastic deterioration of the global economic outlook during the fourth quarter as well our decision to shift to a more focused portfolio. With an improving balance sheet, adequate funding, a new strategy in place and a clear roadmap to profitability, we are committed to executing on our plans to deliver better solutions and services to our customers and better returns to our shareholders".

As anticipated, carrier revenues were impacted by some capital expenditure constraints in the fourth quarter, notably in fixed and mobile access. This was partially offset, however, by the strong performance of other carrier segments and growth in Services.

The company reiterated its guidance for 2009, and said that it expects the global telecommunications equipment and related services market to be down between 8% and 12% at constant currency in 2009. The company continues to anticipate an adjusted operating profit around break-even in 2009.

Alcatel-Lucent has started to implement its plan to introduce more focused R&D and streamline its product portfolio, starting with mature technologies and the refocusing of its WiMAX investment on the enhanced wireless DSL market opportunity, while at the same time significantly boosting investments in LTE.

Posted to the site on 4th February 2009
 
Ultima modifica:

Imark

Forumer storico
L'emittente è HY, a rating BB- per S&P, quindi a cavallo della fascia a rischio default più elevato, ed in predicato di avere ulteriori difficoltà in futuro. Sconsigliato investirci oggi, IMHO.

Pur essendo noto come la Francia sia interventista nei confronti di molte aziende francesi in difficoltà, sull'assunto di una loro valenza strategica per l'economia nazionale, qui l'impresa del risanamento appare abbastanza difficile e sembra complicarsi con il passare del tempo, in quanto i problemi legati all'integrazione dei due gruppi si sono saldati con le conseguenze di una congiuntura molto sfavorevole.

Il fatturato è declinato del 5% su base annua sia nell'intero esercizio 2008 che nel Q4/2008, con un calo a doppia cifra percentuale (-11,8%) della divisione carrier, che fornisce equipaggiamento agli operatori di telefonia a linea fissa e mobile e rappresenta il core business aziendale, realizzando il 68% del fatturato di Al-Lu nel 2008.

Il margine operativo resta molto sottile, al 3% nel 2008, sebbene superiore all'1% registrato nel 2007, comprendendovi un 6% nel Q4/2008 (periodo particolarmente forte in conseguenza a fattori di stagionalità del business) che tuttavia resta fermo rispetto al dato del 2007.

Al-Lu ha bruciato nel 2008 un po' meno cassa che nel 2007 (647 mln euro contro 745 mln dell'anno precedente) ed il miglioramento è dovuto quasi per intero al Q4/2008, che è stato operating cash flow positive per 206 mln euro (contro 104 mln nel Q4/2007), ma il 2009 è previsto essere ancora free cash flow negative, sebbene il CEO Verwaayen abbia garantito che Al-Lu è sulla strada giusta per conseguire il programmato taglio dei costi per 750 mln euro entro fine 2009. A tale riguardo, si segnala il leggero miglioramento i costi di ristrutturazione, calati a 172 mln euro nel Q4/2008 (48 mln euro in meno y-o-y).

Peraltro, i writedowns sugli asset acquisiti per effetto della fusione sono stati pesantissimi, pari a 4,7 mld euro per la divisione carrier nel 2008, di cui 3,9 mln euro nel solo Q4/2008. Con il senno di poi l'acquisizione di Lucent si è rivelata un'operazione sbagliata, in cui il prezzo pagato ha comprato ben poco valore.

La perdita netta per 3.9 mld euro riportata quale risultato del Q4/2008 è appunto il risultato primariamente di questa svalutazione.

S&P conferma il proprio creditwatch negative assumendo una più elevata possibilità che esso porti ad un calo del rating, che sarà presumibilmente di un livello in quanto la liquidità di Al-Lu sarà verosimiltmente supportata nel breve dai proventi della vendita del 20% di Thales Sa che è asset patrimoniale non strategico. Potrebbe tuttavia estendersi a due livelli in caso S&P non appurasse con certezza la capacità di Al-Lu di fare fronte alle scadenze debitorie per il biennio 2010-2011.

A fine 2008 il debito complessivo di Al-Lu si attestava a 6 mld euro.

Alcatel Lucent 'BB-' Ratings Remain On Watch Neg After 2008 Earnings Report; Resolution Likely In March

PARIS (Standard & Poor's) Feb. 5, 2009--Standard & Poor's Ratings Services
today commented on its CreditWatch placement of French telecommunications
equipment and services supplier Alcatel Lucent. The 'BB-' long-term corporate
credit and senior unsecured debt ratings on Alcatel Lucent remain on
CreditWatch with negative implications, where they had originally been placed
on Dec. 12, 2008, following the company's release of year-end 2008 unaudited
results, including a €3.9 billion net loss for fourth-quarter 2008.

On Dec. 31, 2008, Alcatel Lucent had gross on-balance-sheet debt of €6.0 billion, including the equity component of the company's convertible bonds. "The CreditWatch status reflects our expectation of declining revenues, a low operating margin, and negative free cash flow at Alcatel Lucent in 2009," said Standard & Poor's credit analyst Patrice Cochelin.

Revenues declined by 5%, year-on-year, in 2008 and in fourth-quarter 2008, including double-digit drops in the core carrier segment (68% of 2008 revenues). Operating margin for 2008 was thin at 3%, albeit wider than 1% in 2007, including about 6% in the seasonally strong fourth-quarter 2008, broadly flat compared with fourth-quarter 2007. Free operating cash flow (FOCF) after gross capital expenditures and backing out changes in sold receivables showed somewhat lower cash burn of about €647 million in 2008, compared with €765 million in 2007, according to our preliminary calculations.

The bulk of the year-on-year improvement is attributable to fourth-quarter 2008, when FOCF was a positive €206 million, compared with a positive €104 million in fourth-quarter 2007.

Cash restructuring of €172 million in fourth-quarter 2008 was €48 million lower than in fourth-quarter 2007. We have yet to fully understand the cash impact of Alcatel Lucent's postretirement benefit obligations and intellectual property settlements in 2008 and how these payments have affected comparability with prior periods. The company's adjusted results include several one-time items related to litigation settlements, gains on asset sales, and contract losses, which we will also analyze in more detail over the next few weeks.

Alcatel Lucent also reported very large negative noncash items, namely a €4.7 billion impairment charge in the carrier division for 2008--including €3.9 billion in fourth-quarter 2008--and a reversal to a deficit in the company's until now highly positive pension and postretirement benefit funding status.

"We intend to resolve the CreditWatch status in early March 2009, after discussing and reviewing with management Alcatel Lucent's recently refocused strategy, its business positions, and financial policy," said Mr. Cochelin.

"As announced in our initial CreditWatch placement, a downgrade appears increasingly possible given Alcatel Lucent's rapidly deteriorating operating environment, margin pressures, and negative free cash flow."

We are unlikely to downgrade Alcatel Lucent by more than one notch given our expectation that Alcatel Lucent will sell its 20.8% stake in Thales S.A. to bolster near-term liquidity. Still, we do not rule out lowering the ratings by more than one notch if we are unable to ascertain the company's ability to meet 2010 and 2011 debt maturities.
 

Imark

Forumer storico
Ci aggiungo anche questo pezzo del FT, abbastanza completo nel rappresentare i dati diffusi da Al-Lu a consuntivo del 2008 ed il link all'eurobond a scadenza 2014 quotato sull'euromercato.

6.375% Alcatel-Lucent 2014

http://anleihen.onvista.de/snapshot.html?ID_INSTRUMENT=10384088

Alcatel-Lucent upbeat despite losses

By Andrew Parker

Published: February 4 2009 08:40 | Last updated: February 4 2009 20:09

Alcatel-Lucent, the Franco-American telecoms equipment maker, expressed confidence, on Wednesday, that it could hit its future profitability targets in spite of notching up its eighth consecutive quarterly loss.

The company recorded a net loss of €3.9bn ($5bn) for the fourth quarter of 2008 after writing down the value of its assets sharply because of the “drastic deterioration” in the global economic outlook.

Alcatel-Lucent’s shares closed up 3 per cent at €1.50 on Wednesday. The results for the three months to December 31 were slightly ahead of the market’s expectations.

Ben Verwaayen, Alcatel-Lucent’s chief executive since September, said he was “encouraged” by the operating performance.

Alcatel-Lucent’s adjusted operating income, which excludes charges including costs related to the 2006 merger between its French and US predecessor companies, increased from €110m in 2007 to €466m in 2008.
In December, Alcatel-Lucent forecast that sales by all telecoms equipment manufacturers will decline by 8 to 12 per cent in 2009. On Wednesday, Mr Verwaayen expressed confidence that the company would hit its targets to break even at the adjusted operating profit level in 2009, and for the gross margin to be 35 per cent in 2010.

Nortel, the Canadian telecoms equipment maker, became the first high-profile casualty in the sector last month when it filed for bankruptcy protection.

Alcatel-Lucent reported revenue of €5bn for the fourth quarter, down 5.4 per cent on the same period in 2007. The company’s net loss widened, from €2.6bn in the fourth quarter of 2007 to €3.9bn in the same period last year.

The increased loss was the result of a €3.9bn impairment charge. The company is writing down its goodwill and other intangible assets following its forecast of falling sales by all telecoms equipment manufacturers in 2009.

Alcatel-Lucent took a total impairment charge of €4.7bn for 2008, which meant it recorded a net loss for the full year of €5.2bn, compared with €3.5bn in 2007.

The loss per share increased from €1.83 in 2007 to €2.31 in 2008. For the second year running, there was no dividend.

The company’s revenue fell 4.5 per cent last year to €17bn. In the fourth quarter, Alcatel-Lucent’s carrier division, which supplies fixed-line and mobile phone operators with telecoms equipment, saw revenue fall 11.8 per cent to €3.3bn.

Mr Verwaayen tried to reassure investors by outlining progress with Alcatel-Lucent’s efforts to cut costs by €750m by the end of 2009.
The company’s net debt fell from €600m at September 30 to €389m at December 31, and Mr Verwaayen said the company was likely to sell some unwanted assets.

The pension scheme moved from a €3bn surplus at September 30 to a €429m deficit at December 31
 

troppidebiti

Forumer storico
grande mark....ogni cosa ha un suo perchè:rolleyes:

ecco.png
 

dachi

Nuovo forumer
alcatel 2014

fr 00 10 07 08 05 scade il 4/7/14 cedola 6,375.
si paga 60.
Qualcuno le ha in ptf o ha info in merito ?
grazie
 

Imark

Forumer storico

Users who are viewing this thread

Alto