Obbligazioni societarie Voestalpine, ThyssenKrupp, ArcelorMittal e l'industra dell'acciaio

[reno]

Aggiorniamo anche Voestalpine: ha ricevuto dallo Stato austriaco garanzie su un finanziamento da 300 mln euro per rafforzare la liquidità durante la crisi, avendo escluso invece (almeno per i prox 12-18 mesi, a detta del CEO) un aumento di capitale poiché non avrebbe bisogno, al momento, di rafforzare la liquidità disponibile.

V. è stata autorizzata dall'assemblea degli azionisti a varare un adc fino a 2 mld euro.

Il finanziamento garantito ha durata quinquennale e su di esso V paga un interesse del 4,5%.

Austria's Voestalpine gets state loan guarantee - Forbes.com

Avrebbe chiesto analoghe garanzie allo stato tedesco per altri 200-300 mln euro

Voestalpine asks Germany for loan guarantee | Industries | Industrials, Materials & Utilities | Reuters

I conti dell'ultimo trimestre (Q2/2009-10 per V.) hanno visto la società chiudere con un modestissimo utile netto (8,4 mln euro), con un fatturato in calo del 36% ed un EBIT in calo dell'84%. Si apetta analoghi risultati per l'ultimo trimestre dell'anno ed un miglioramento per l'esercizio 2010/11

Voestalpine Second-Quarter Profit Plummets; Beating Estimates

By Zoe Schneeweiss

Nov. 19 (Bloomberg) -- Voestalpine AG, Austria’s biggest steelmaker, said second-quarter profit fell 97 percent, beating estimates, as demand for steel declined. The company reiterated that it is expecting to make a profit in fiscal 2010.

Net income after payment to hybrid bondholders dropped to 8.4 million euros ($12.6 million) in the three months through September from 257.6 million euros, the Linz-based company said in an e-mailed statement today. That compares with a 33.5 million-euro-loss estimate of 8 analysts surveyed by Bloomberg. Sales fell 36 percent to 2.07 billion euros.

“Based on the economic situation that continues to be extremely challenging in the most significant customer industries and considering the negative seasonal effects, in particular, the extensive Christmas closures of many customer plants, one can assume a similar operating result in the third quarter of the business year as in the second quarter,” the company said in the statement.

Voestalpine expects “a clearly positive profit from operations” in fiscal 2010, the statement said. Earnings before interest and taxes in the second quarter fell 84 percent to 70.4 million euros.

“It should be possible to attain a profit for the period (net income) that is, at the very least, at the break-even level,” the company said in the statement.

Ciao Mark, vorrei avere notizie su eventuali esposizioni di Finmeccanca con Dubai, se puoi aiutarmi ti sarei grato.

 

[solenoide]

Thyssen

questi hanno anche il coraggio di distribuire il dividendo

Dividend proposal of €0.30 per share

A proposal will be submitted to the Annual General Meeting on January 21, 2010 to pay a dividend of €0.30 per share for fiscal 2008/2009. Based on the stock price of €23.53 on September 30, 2009, the dividend yield is 1.3%.

 

[Imark]

Ciao Mark, vorrei avere notizie su eventuali esposizioni di Finmeccanca con Dubai, se puoi aiutarmi ti sarei grato.

Ciao Reno, ho provato a dare un'occhiata, ad occhio non mi risulta nulla di significativo ... se nei prossimi giorni comunicassero qualcosa di significativo, te lo saprò dire...

Non credo tuttavia ci siano problemi, anche perché eventuali accordi per ordini di acquisto correrebbero con gli Emirati Arabi Uniti, la confederazione di cui fa parte Dubai, ma anche Abu Dhabi e Qatar, emirati ricchi di petrolio e di gas, e non con il solo emirato di Dubai... per cui starei tranquillo...

 

[samantaao]

riporto notizie del sottobosco essendo vicino al settore: ordinativi su semilavorati in acciaio (lamiere, tubi...) in crollo... come giugno luglio
scali al porto di ravenna: -70%

mi sa che l'industria patirà parecchio

 

[solenoide]

Thyssen - Abu Dhabi ??

Spero vivamente che non se ne faccia nulla

(Il Sole 24 Ore Radiocor) - Duesseldorf, 08 dic - Abu Dhabi Mar, attivo nella cantieristica navale, vuole entrare nel capitale del costruttore di sottomarini tedesco Howaldtswerke-Deutsche-Werft (Hdw), che fa capo al gruppo ThyessenKrupp. Lo afferma Handelsblatt, che cita fonti vicine al dossier, secondo cui la societa di Abu Dhabi sarebbe interessata a una quota del 24,9% di Hdw. Un portavoce di Abu Dhabi Mar ha confermato al quotidiano "di stare parlando anche su una partecipazione di Hdw nellambito della due diligence per Blohm+Voss", controllata di ThyssenKrupp nella cantieristica navale. Secondo le fonti ThyssenKrupp e aperta alle avances degli arabi, ma vuole vedere prima come si sviluppa la collaborazione nelle navi. A differenza che per le navi, infatti, il gruppo tedesco avrebbe intenzione di mantenere la gestione autonoma dei sottomarini per sottrarsi a possibili preoccupazioni da parte del Governo tedesco. Per questo la quota su cui sta parlando con Abu Dhabi Mar sarebbe sotto il 25% e il partner arabo non avrebbe diritto di essere consultato nelle decisioni. Il Governo di Berlino potrebbe vietare lingresso nel capitale di Hdw a un partner estero per motivi di sicurezza interna, sottolinea il quotidiano. Red-pal (RADIOCOR) 08-12-09 10:09:13 (0058) 5 NNNN

 

[Imark]

Spero vivamente che non se ne faccia nulla

(Il Sole 24 Ore Radiocor) - Duesseldorf, 08 dic - Abu Dhabi Mar, attivo nella cantieristica navale, vuole entrare nel capitale del costruttore di sottomarini tedesco Howaldtswerke-Deutsche-Werft (Hdw), che fa capo al gruppo ThyessenKrupp. Lo afferma Handelsblatt, che cita fonti vicine al dossier, secondo cui la societa di Abu Dhabi sarebbe interessata a una quota del 24,9% di Hdw. Un portavoce di Abu Dhabi Mar ha confermato al quotidiano "di stare parlando anche su una partecipazione di Hdw nellambito della due diligence per Blohm+Voss", controllata di ThyssenKrupp nella cantieristica navale. Secondo le fonti ThyssenKrupp e aperta alle avances degli arabi, ma vuole vedere prima come si sviluppa la collaborazione nelle navi. A differenza che per le navi, infatti, il gruppo tedesco avrebbe intenzione di mantenere la gestione autonoma dei sottomarini per sottrarsi a possibili preoccupazioni da parte del Governo tedesco. Per questo la quota su cui sta parlando con Abu Dhabi Mar sarebbe sotto il 25% e il partner arabo non avrebbe diritto di essere consultato nelle decisioni. Il Governo di Berlino potrebbe vietare lingresso nel capitale di Hdw a un partner estero per motivi di sicurezza interna, sottolinea il quotidiano. Red-pal (RADIOCOR) 08-12-09 10:09:13 (0058) 5 NNNN

Finché portano soldi, non mi preoccuperei...

 

[lorenzo63]

riporto notizie del sottobosco essendo vicino al settore: ordinativi su semilavorati in acciaio (lamiere, tubi...) in crollo... come giugno luglio
scali al porto di ravenna: -70%

mi sa che l'industria patirà parecchio

Significa che investimenti non se ne fanno...riduzione dei costi ...ma paradossalmente aumento degli stessi nel breve medio termine, proprio per la mancamnza di investimenti...

Ciao Carlo..

 

[Imark]

ciao,
sicuramente tu lo sai gia' ma nel caso interessi a qualcuno c'e' anche la 8% 2014 con clausola di step up di 125 bp se Thyssen riceve downgrade da due agenzie , una e' andata , vediamo se qualcuno si accoda

Niente, vi vogliono far soffrire... e te lo dico pure, che avranno pazienza con TK ... mannaggia a loro...

Moody's affirms ThyssenKrupp's Baa3 rating; outlook remains negative

Frankfurt, December 09, 2009 -- Moody's Investors Service has today affirmed the Baa3 long-term and P-3 short term ratings of ThyssenKrupp AG (TK). The outlook on the ratings remains negative.

The decision has been prompted by the expectation that TK's profitability in the next financial year 2009/10 will return to levels more in line with an investment grade rating. Though the agency recognizes that it will probably take until fiscal year 2011 for the company's credit metrics to sit comfortably in the rating category, material progress is built into the agency's expectations for fiscal year ending September 2010 based on company's initiatives to cut costs, contain debt increase and streamline the business profile.

"Despite TK's conglomerate structure which provides a broad and therefore diversified product portfolio, TK has been hit hard by the current economic downturn as many of ThyssenKrupp's divisions are highly correlated mitigating the benefits of diversification." said Matthias Hellstern, Moody's lead analyst for ThyssenKrupp.

Most of TK's operations are in highly cyclical markets, such as the Steel division supplying predominantly car manufacturers, the Stainless Steel division supplying construction, engineering and auto industries, Technologies with its plant engineering, automotive supply and shipbuilding activities, and Services with its global materials distribution business. Only the Elevator division has shown resilient results due to the high proportion of service contracts.

TK has responded to the downturn with a rigorous restructuring programme, including the reorganization of its structure and the reduction of its workforce. The cost cutting measures will only feed through in the current financial year and will also lead to additional cash outflows, as it takes long and is difficult and expensive in TK's major markets to adjust its cost base and workforce to the changed demand patterns.

TK's key markets seem to have reached a bottom now: Combined with the reorganization and cost cutting measures, the expected moderate improvement in market conditions should lead to a better profitability going forward.

This should help improving the company's debt/EBITDA metrics considerably to a level closer to 3.5x at the end of September 2010. Per September 2009 the debt/EBITDA stood at 15x on a gross adjusted debt basis and 9x on a net adjusted debt basis. (ndr: e loro mica la downgradano... )

The historic EBITDA was also heavily influenced by one-time charges, such as restructuring provisions (EUR 868 million) and impairments (EUR 519 million), which should not be repeated in the current financial year. Moody's cautions however that the visibility in most of TK's markets is low and that the risk of a setback remains.

High capital expenditure for the two new steel plants in Brazil and the US and some reversal of the net working capital release in the last financial year will most likely lead to high negative free cash flows and to an increase in the group's debt level.

This will partly be offset by cash inflows of the remaining proceeds from the increase of the Vale participation from 10% to 26.87% in the Brazilian plant and several other asset disposals.

Moody's takes comfort from TK's excellent liquidity position based on available cash of EUR 5.4 billion and undrawn committed credit lines amounting to EUR 4.2 billion. The current credit facilities of the company are only subject to one covenant which is not performance related. Also the debt maturity profile is well spread with the majority of financings coming due from 2012/13 onwards.

A major factor in TK's debt position is its unfunded pension liabilities (Moody's adjustment is for EUR 3.3 billion). The pension liability induces less refinancing risk than bank financing given its long-term character, stability of cash flows serving this liability and absence of any documentary risks, such as MAC clauses or covenants.

The negative outlook incorporates the risk that TK will not be able to improve its leverage ratios to levels which are more in line with the current rating, such as debt/EBITDA at or below 3.5x within one year and CFO-dividends/ debt above 20% within two years.

Whilst Moody's uses gross adjusted debt figures to calculate these ratios, it also recognizes the high cash balance of TK, which is used as liquidity insurance due to the currently difficult market circumstances. Therefore for the time being we would use the portion of cash that can be characterised as excess cash to adjust for the debt figure for the calculation of above mentioned target ratios -- assuming that around EUR 0.5 - 1.0 billion of cash are needed for the day-to-day business.

For the assignment of this rating, Moody's has used its methodology for the Global Steel Industry, which can be found at OpenDNS in the Credit Policy & Methodologies directory, in the Ratings Methodologies subdirectory. Other methodologies and factors that may have been considered in the process of rating this issuer can also be found in the Credit Policy & Methodologies directory.

Moody's last rating action on ThyssenKrupp was a downgrade to Baa3/NEG on 27 May 2009.

ThyssenKrupp AG is a diversified industrial conglomerate which currently operates through two main divisions , Materials and Technologies, which are organized in four business areas each: Steel Europe, Steel Americas, Stainless Global, Materials Services, Elevator Technology, Plant Technology, Components Technology and Marine Systems. TK has leading market positions in each division and is one of the largest steel producers worldwide. The group generated sales of €41 billion in the financial year ended September 2009.

 

[solenoide]

Niente, vi vogliono far soffrire... e te lo dico pure, che avranno pazienza con TK ... mannaggia a loro...

Moody's affirms ThyssenKrupp's Baa3 rating; outlook remains negative

Ciao,
in realta' ho preso un abbaglio , S&P si e' accodata per ultima , Fitch e Moody's avevano gia' downgradato Thyssen qualche settimana prima dell'emissione della 2014..sara' un caso ??

 

[Imark]

Metals & mining ... impressionante come i prezzi dei minerali metallici siano una funzione dello stimolo finanziario cinese, con la Cina che pesa nel 2009 per il 45-50% del consumo mondiale dei principali metalli industriali.

All'acciaio ed alla situazione di ArcelorMittal e di ThissenKrupp è dedicata la prima parte del report allegato sotto.

Fitch Expects Western European Steel Sector to Handle Higher Cash Outflows in 2010

17 Feb 2010 4:01 AM (EST)

Fitch Ratings-London/Milan/Frankfurt-17 February 2010: As part of its recent EMEA Basic Materials investor seminars, Fitch's Industrials group canvassed investor opinion on key metals and mining sector issues this year.

Questions focussed on the impact of higher cash outflows - as a result of increased working capital requirements - in the steel sector, the rating outlook for ThyssenKrupp A.G. ('BBB-'/Negative Outlook), and the prospects for M&A activity in the mining sector.Below follows a summary of key discussion points.

For many Western European steel companies the largest source of cash inflows last year was lower working capital levels - principally due to lower plant capacity utilisation rates. For example, ArcelorMittal S.A.'s ('BBB'/Negative Outlook) working capital reductions provided a cash inflow of USD6.6bn in FY09 verses total cash from operations (CFO) of USD7.3bn.

However, in 2010 rising capacity utilisation rates among western European steel companies will see a reversal of this trend resulting in a gradual, ongoing cash outflow from working capital changes.

For most companies, however Fitch expects less than half of the inflows seen in 2009 to reverse due to a gradual increase in capacity utilisation (likely to reach not more than 75-80%), and a rebasing of inventory levels compared to peak 2008 levels. Fitch believes this process should be manageable for its rated western European steel companies and, on its own, this process is unlikely to threaten current rating levels.

ThyssenKrupp's (TK) ('BBB-'/Negative Outlook) Long-term issuer default rating was downgraded by two notches last year due to continuing and significant capex spending on two new projects at a time of low steel demand and pricing. As with other Western European steel companies, the agency's focus for TK in 2010 is upon the pace of recovery in steel demand and consequently in the company's operating performance.

Fitch's base rating (forecast) case for TK in 2010, against which its ratings have been maintained at the BBB- (BBB minus) level are conservative, including flat revenues, significantly negative free cash flow, and only a marginal improvement in profitability margins. While these assumptions are viewed as realistic, given TK's large exposures to both stainless steel and to automotive - two of most severely affected steel sub-sectors - and justify the maintenance of a Negative rating outlook, the level of rating headroom has arguably improved in recent months as illustrated by its stronger than expected Q1 2010 results.

Investor questions on M&A activity in the mining sector centred on the large diversified mining houses. In general, Fitch expects there to be limited activity this year and therefore views the overall risk to diversified company ratings from large debt funded acquisition spending as low in 2010, but this view does vary on individual issuers.

For BHP Billiton Ltd/Plc ('A+'/Stable)(BHP), the company with the strongest financial profile in the sector, M&A is a clear option. However, Fitch believes if BHP was to follow this option in 2010 it would likely do so - based upon its long track record of conservative financial management - in a manner (ie. appropriate mix of debt/equity) which would not threaten its current rating level.

In the case of Rio Tinto Ltd/Plc ('BBB+'/Positive), Fitch expects the company will continue to focus on de-leveraging with any "stronger-than-expected" cash flows more likely to be diverted to higher capex spending rather than M&A.

The focus of Anglo American Plc (AA; 'BBB+'/Stable) is also likely to remain internally focused; both on the execution of new projects (principally Brazilian iron ore) and continuing restructuring of its South African platinum and diamond operations.