Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate - Vol. 2 (21 lettori)

bia06

bia06

Listen other's viewpoint avoid conflicts & wars.
Nitrogen
XS1811852521

Dopo un mese e vari tentativi sono riuscito ad ottenere il bilancio 2018. Mi hanno anche detto che a fine agosto la semestrale 2019 sara' dispo. Questa la buona nuova.

La cattiva e' che sono 115 pagine belle fitte.

Se qualcuno ha il bond provvedo a postare feedback sui conti.
 
Brizione

Brizione

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captain sparrow ha scritto:
Norican, tutta la galassia CMA, 2021/22/25, Schmolz, Superior, Raffinerie Heide, Sarens, Casino Guichard 22 (presa qualche giorno fa a 83), Promontoria, Ineos che è scesa qualcosina. diciamo che sono le solite, che però secondo me hanno prezzi interessanti.
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Buongiorno!!
Per Schmolz

non ho trovato nessun ricerca, soltanto qualche articolo




Schmolz Drops to 16-Year Low on Results, Voestalpine Outlook

By Albertina Torsoli

(Bloomberg) -- Schmolz + Bickenbach shares fall to their lowest in more than 16 years after the steelmaker’s 2Q results failed to reassure on prospects amid escalating trade tensions between the U.S. and China. A disappointing outlook from Voestalpine also weighs on the stock, according to Commerzbank.

· Schmolz down 2.1% as of 10:25am in Zurich; stock trading at its lowest intraday level since March 2003

o Shares are among biggest losers on Switzerland’s SPI Index on Wednesday

· Schmolz CEO Clements Iller says in statement that contrary to expectations, a gradual normalization of demand didn’t materialize in 2Q

o “Unresolved trade conflicts and political uncertainties” affected business, leading to reduced growth in co.’s end markets, with automotive hit hardest

§ “Still no clear signs of an acceleration of demand,” meaning Schmolz doesn’t expect a broad-based recovery before year-end: CEO

· Zuercher Kantonalbank (market perform) says 2Q sales are in line with the warning issued by co. last month

o 2Q Ebit and net loss fell short of expectations due to higher extraordinary expenses, ZKB analyst Philipp Gamper writes in a note

· Commerzbank analyst Ingo Schachel highlights readacross to Voestalpine, “who sound rather pessimistic in their FY outlook and have some overlap with Schmolz in their high-performance metals segment”

o NOTE: Earlier, Voestalpine Misses Estimates on Trade, Uncertainty Grows

o Voestalpine shares down 3.1% in Vienna trading




Schmolz + Bickenbach Second Quarter Adjusted Ebitda EU40.5 Mln

By Leonard Kehnscherper and Bloomberg Automation

(Bloomberg) -- Schmolz + Bickenbach reported adjusted Ebitda for the second quarter of EU40.5 million.

  • 2Q adjusted Ebitda margin 5%
  • 2Q Ebitda EU28.0 million
  • 2Q Ebitda margin 3.5%
  • 2Q revenue EU807.6 million
  • 2Q Ebit EU2.3 million
  • Still sees FY adjusted Ebitda EU130 million to EU170 million
  • Gradual normalization of demand expected by co. in 2Q with continued recovery in the second half of the year has not materialized
  • Co. doesn't expect demand to gradually recover until the end of 2019
NOTE:

  • 1 buy, 2 holds, 1 sell
  • Call 2pm (Zurich time), +44 20 300 92470 password: 96941838#


MEDIA RELEASE 08/07/2019 - SCHMOLZ + BICKENBACH slowed down by weak market development

  • Sales volume in Q2 2019 at 486 kilotons, lower than in the prior-year quarter at 580 kilotons due to a sharp drop in demand from the automotive industry and a slowdown in economic growth
  • Adjusted EBITDA of EUR 40.5 million lower than in Q2 2018 at EUR 84.9 million
  • Positive free cash flow of EUR 59.2 million due to inventory reduction, compared to EUR -68.2 million in Q2 2018
  • Net debt of EUR 709 million, EUR 43 million lower than at the end of Q1 2019 (EUR 752 million), thanks to successful optimization of net working capital
  • Outlook for 2019: SCHMOLZ + BICKENBACH expects an adjusted EBITDA of between EUR 130 million and EUR 170 million.
CEO Clemens Iller said: "Contrary to our expectations, the gradual normalization of demand from the end markets did not materialize in the second quarter. Unresolved trade conflicts and political uncertainties affected our business and led to reduced growth in the end markets. The automotive industry was hit hardest, with demand remaining at a persistently low level. There are still no clear signs of an acceleration of demand. Therefore we do not expect a broad-based recovery before the end of the year. In the current unfavorable market setting, we have taken further measures to keep the adverse effects on the Group as small as possible. At the same time, however, we are sticking to our strategic investments in order to be ready for a possible economic upswing in the coming months".


1) Including Ascometal, fully consolidated since February 1, 2018

2) Earnings per share are based on the result of the Group after deduction of the portions attributable to non-controlling interests

3) As at June 30, 2019 and as at December 31, 2018

Lucerne, August 7, 2019 - SCHMOLZ + BICKENBACH, a global leader in special long steel, today reported a 16.2% decline in sales volume from 580 kilotons in the second quarter of 2018 to 486 kilotons. Due to higher sales prices, revenue decreased proportionally less sharply to EUR 807.6 million (11.1%) from EUR 908.3 million in the prior-year quarter. Adjusted EBITDA was 52.3% lower at EUR 40.5 million compared to EUR 84.9 million in the same quarter of the previous year. EBITDA reached EUR 28.0 million, 65.8% less than the EUR 81.8 million achieved in the second quarter of 2018.

Business development in the second quarter of 2019

A difficult first quarter was followed by an even more challenging second quarter. Both the Group's order intake and order backlog continued to decline. Like all manufacturing industries, the steel sector also suffered from the unfavorable market setting, triggered primarily by the trade conflict between the USA and China. In addition, threats from the United States to introduce new tariffs on EU products, the Brexit process and other global crises weighed on the confidence of consumers and producers. In the second quarter, SCHMOLZ + BICKENBACH initiated further measures to mitigate the impact on earnings in the short term. Administrative costs were reduced, the number of contract workers reduced, ongoing projects prioritized and maintenance works postponed where this poses no risk to our operational performance vis-à-vis customers and to employee safety. In addition, production was cut back in order to adjust inventories to the current low demand, particularly from the automotive industry. In terms of structural improvements, the focus was on implementing the turnaround plan of Finkl Steel and the continued integration of Ascometal.

At 486 kilotons, sales volume in the second quarter 2019 was 16.2% lower than in the same period one year ago with 580 kilotons. This decline was mainly due to a 20.0% decline in sales volume of quality & engineering steel. The weakness of the automotive industry had a significant impact here. Sales in the other two product groups, stainless steel and tool steel, was also lower than in the same quarter of the previous year. However, the decline of these product groups was more moderate than in quality & engineering steel as the end markets for stainless steel and tool steel show a higher degree of diversification.

The average sales price per ton of steel was EUR 1,662 in the second quarter of 2019, 6.1% higher than in the prior-year quarter (Q2 2018: EUR 1,566). The increase is mainly attributable to the more favorable product mix with a larger share of higher-priced steel grades from the product groups stainless steel and tool steel.

However, the positive price trend could not offset the lower sales volume. As a result, revenue fell to EUR 807.6 million, 11.1% lower than in the prior-year quarter. The decline is primarily attributable to the quality & engineering steel product group with a decrease of 21.5%. Revenue of stainless steel fell by 1.5% and of tool steel by 1.1%.

From a regional perspective, revenue declined in almost all regions compared with the prior-year quarter. Only in the Americas revenue was up 3.8%. This mainly reflects the success of the expansion in growth markets in Latin America. Revenue declined by 13.8% in Europe and 5.3% in Africa/Asia/Australia.

EBITDA adjusted for one-time effects was EUR 40.5 million (Q2 2018: EUR 84.9 million), 52.3% lower than in the same quarter of the previous year. The one-time effects amounted to EUR 12.5 million and mainly comprised restructuring costs and other expenses for the industrial integration of Ascometal. Including the one-time effects, EBITDA decreased by 65.8% to EUR 28.0 million (Q2 2018: EUR 81.8 million).

Accordingly, the adjusted EBITDA margin was lower at 5.0% (Q2 2018: 9.3%) and the EBITDA margin at 3.5% (Q2 2018: 9.0%).

At EUR -10.2 million, the financial result was exactly at the previous year's level. Earnings before taxes (EBT) amounted to EUR -7.8 million compared to EUR 45.3 million in the second quarter of 2018. At EUR 5.8 million, tax expenses were lower than in the prior-year quarter (Q2 2018: EUR 8.2 million). In the second quarter of 2019, a net loss of EUR 13.6 million was recorded compared to a net income of EUR 37.1 million in the second quarter of 2018.

Free cash flow was positive compared to the second quarter of the previous year thanks to stringent measures to reduce net working capital - namely the reduction of inventories - and reached EUR 59.8 million after EUR -68.2 million in the second quarter of 2018.

At EUR 709.3 million, net debt was higher than at the end of 2018 (EUR 654.8 million). The only reason for the increase is the first-time application of IFRS 16, which increased net debt by EUR 59.0 million. Compared to March 31, 2019, net debt was reduced by EUR 42.6 million. The ratio of net debt to adjusted EBITDA (based on the last twelve months) increased from 2.8x as of December 31, 2018 to 4.3x. Of this, an increase of 0.2 points was due to the first-time application of IFRS 16. On a comparable basis, the leverage was 4.1x.

Outlook for the 2019 financial year

The main focus of SCHMOLZ + BICKENBACH in 2019 will be on the next steps in the industrial integration of Ascometal. The takeover has created the conditions for further strengthening of the market position of SCHMOLZ + BICKENBACH in the medium to long term. The company intends to consistently exploit this opportunity while at the same time working on the efficiency, profitability and optimization of inventories. A further focus will be on measures to improve the earnings position of Finkl Steel.

The gradual normalization of demand expected by SCHMOLZ + BICKENBACH in the course of the second quarter with continued recovery in the second half of the year has not materialized. In view of unresolved trade conflicts and political uncertainties, the visibility with regard to further business development is unusually low, which is why SCHMOLZ + BICKENBACH is currently not in a position to narrow the range for the forecast. Both a marked recovery and a sustained economic downturn are possible scenarios. From today's perspective, the company does not expect demand to gradually recover until the end of 2019. Based on this assumption and the continued implementation of the measures at Ascometal and Finkl Steel, SCHMOLZ + BICKENBACH expects adjusted EBITDA in a range from EUR 130 million to EUR 170 million.



Moody's downgrades SCHMOLZ+BICKENBACH to B3; outlook negative

London, 23 July 2019 -- Moody's Investors Service, ("Moody's") has today downgraded the Corporate Family Rating (CFR) of Swiss-based specialty steel producer SCHMOLZ + BICKENBACH AG ("S+B") to B3 from B2 and the Probability of Default Rating (PDR) to B3-PD from B2-PD. Concurrently, Moody's has downgraded to B3 from B2 the instrument rating of the EUR350 million senior secured notes due 2022 issued by S+B's wholly owned subsidiary SCHMOLZ+BICKENBACH Luxembourg Finance S.A. The outlook remains negative.

"The downgrade follows the company's profit warning on 16 July 2019 and reflects Moody's expectation that S+B's operational underperformance will be more severe and protracted than previously anticipated leading to leverage in excess of 8.0x in 2019 and over 6.0x in 2020," says Maria Maslovsky, a Vice President -- Senior Analyst at Moody's, and lead analyst for SCHMOLZ + BICKENBACH.

RATINGS RATIONALE

S+B's recent revision of its full-year EBITDA guidance to EUR130 million - EUR170 million from EUR190 million - EUR230 million previously is significantly below Moody's previous expectations. The company reported weakened results during the last twelve months (LTM) through 31 March 2019 owing to slow end market demand especially in the automotive segment. S+B further indicated that the recovery expected in the second half of the year may take longer to materialise than originally anticipated. The company noted a declining orderbook in June indicating continuing softness in demand, although in individual cases the normalization of customer inventories was reflected in new orders. Still, S+B indicated that average prices were largely stable owing to the product mix with the lower priced engineering steel being most affected.

Based on the revised guidance, Moody's expects S+B's leverage to rise sharply to exceed 8.0x in 2019 and 6.0x in 2020, thereby remaining outside of the rating agency's previous guidance for the B2 rating. More positively, Moody's continues to anticipate that S+B's free cash flow for the year will be positive driven by the release of working capital.

SCHMOLZ + BICKENBACH's corporate family rating continues to reflect (1) the company's high and increasing leverage, with 5.7x Moody's-adjusted gross debt/EBITDA as of 31 March 2019; (2) the company's relatively small scale and modest profitability; (3) the cyclical nature of the primary end markets that S+B serves; and (4) the company's limited pricing power, especially during a market downturn. These negatives are partially offset by S+B's (1) production and technological expertise; (2) focus on the less commoditised quality and engineering long steel markets; and (3) well-established, long-term customer relationships, with a diversified customer base.

STRUCTURAL CONSIDERATIONS

As of 31 March 2019, S+B's debt was comprised of EUR350 million senior secured bonds due 2022, issued by SCHMOLZ + BICKENBACH Luxembourg Finance S.A., a Luxembourg public limited liability company and a wholly owned subsidiary of S+B, EUR164 million drawn under the EUR375 million senior secured revolving credit facility (RCF) due 2022, and EUR226 million drawn under the EUR297 million asset-back programme, as well as EUR23 million of other debt.

The notes and the RCF are supported and benefit from a first-priority lien over receivables, inventory and certain other assets, but not property, plant and equipment (PP&E), of the issuer and the guarantors.

Using Moody's Loss Given Default (LGD) methodology, the probability of default rating (PDR) is in line with the CFR based on a 50% recovery rate, as is typical for transactions with senior secured notes and first-lien senior secured bank debt with any financial maintenance covenants. The senior secured notes are rated B3, at the same level as the CFR.

LIQUIDITY PROFILE

Moody's views S+B's liquidity as adequate owing to a cash balance of around EUR56.8 million and availability of EUR211 million under the committed EUR375 million (RCF) and of EUR71 million under the EUR297 million ABS programme. S+B has no maturities until 2022 when both its bonds and RCF are due. The RCF incorporates three covenants, tested quarterly: leverage ratio, interest coverage ratio and minimum net worth. The covenant levels have recently been relaxed by the banks at S+B's request in anticipation of weakened performance in 2019. However, Moody's considers that covenant headroom may still be very tight in the coming quarters.

RATIONALE FOR THE NEGATIVE OUTLOOK

The negative rating outlook reflects our expectation of a weakened operating performance in 2019 leading to sharply increasing leverage.

WHAT COULD CHANGE THE RATING UP/DOWN

Although not expected at this time, upward pressure on the rating could occur if the company consistently generates positive free cash flow after dividends and capital expenditures, and if it reduces its Moody's-adjusted debt/EBITDA to below 5.0x. Adequate liquidity, including also adequate headroom under applicable covenants, would also be needed.

Further downgrade pressure would result from failure to reduce leverage closer to 6.0x or a meaningful deterioration in liquidity including eroding headroom under the financial covenants.

The principal methodology used in these ratings was Steel Industry published in September 2017. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.

Swiss-based SCHMOLZ + BICKENBACH AG is one of the world's leading manufacturers, processors and distributors of special long steel products, operating with a global sales and services network in a niche market within the larger steel industry. In 2018, S+B reported revenues of EUR3.3 billion and EBITDA of EUR251 million.
 
waltermasoni

waltermasoni

Caribbean Trader

Jaguar Land Rover Automotive Affirmed At 'B+', Off CreditWatch, Outlook Negative On High Cash Burn And Geopolitical Risk
  • 09-Aug-2019 08:30 EDT
View Analyst Contact Information
  • Table of Contents
  • Despite management's positive actions, U.K.-based premium car manufacturer Jaguar Land Rover Automotive PLC (JLR) reported weaker-than-expected performance in the first quarter of the current financial year.
  • JLR's credit profile will likely remain under pressure until global auto demand recovers, mitigated by its good progress on cost reduction measures. That said, capital expenditure of about £4 billion a year will mean significantly negative free operating cash flows (FOCF) for the next two years.
  • We are affirming our 'B+' long-term issuer credit and issue ratings on JLR and removing our ratings from CreditWatch negative.
  • The negative outlook indicates the impact on profitability of risks such as weaker-than-expected market volume growth, a potential no-deal Brexit, or new U.S. tariffs. The success of new model rollouts is critical to JLR's growth strategy and its ability to generate positive free operating cash flow.
 
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