The company said the proposed transaction advances Intu's plan of reducing its debt to assets ratio through disposals and part-disposals.
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Most of the company's funds for repaying debt will come from asset disposals, which are subject to market conditions that affect the valuation and timing of the disposals.
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Faced with slumping earnings, the Tokyo-based company plans to make 200 billion yen worth of asset disposals or more by March 2021, in addition to planned disposals totalling 100 billion yen .
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Interim Chief Executive Ian McHoul declined to specify how much disposals could fetch, but said on a call that he expected the disposals to fund the majority of the reduction in net debt.
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No details were provided on the form of the disposals.
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And then there are potential disposals of parts of Kraft.
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The disposals should be completed by early 2020, it said.
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Disposals, however, don't provide a currency to do more deals.
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Banks' capital ratios are already thin; disposals would stretch them further.
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Last year the church reported a "sharp upturn" in such disposals.
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The group also strengthened its capital position as asset disposals continue.
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It also made gains of HK$830 million from share disposals.
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In the last three years it has already made 45 disposals.
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They now have paper towel disposals in a lot of bathrooms.
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Sainsbury's and Asda have expressed confidence the regulator will not insist on mass store disposals as a condition for allowing the merger to proceed, but have not said how many disposals would make the deal unattractive.
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Asset disposals have been put on hold during the talks, it added.
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It says this represents growth when stripping out the impact of disposals.
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UBS lists no fewer than 274 disposals of operations abroad since 2010.
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It has also made 36 disposals, helping to strengthen its balance sheet.
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Alexandria Ocasio-Cortez still has a lot to learn ... about garbage disposals.
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Fitch anticipates non-core asset disposals that would accelerate deleveraging in 2017.
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The oil giant has raised $60 billion through disposals in recent years.
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You'd be hard-pressed to find garbage disposals outside of the US.
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Property disposals reduce both debt and deficit according to European Union rules.
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AB InBev said that it intended to use net proceeds from the sale of both SABMiller's stakes in MillerCoors and Miller brands, and other future disposals to pay down and cancel the disposals bridge facility in due course.
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This could affect the valuation as well as the timing of the disposals.
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The impact from acquisitions and disposals of subsidiaries during the period was minimal.
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First quarter underlying sales, excluding acquisitions, disposals and currency moves, rose 3.1 percent.
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Under European Union budget rules, property disposals reduce both public debt and deficit.
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In 2015, bad loan disposals at those banks amounted to 353.2 billion yuan.
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"Disposals can reduce debt and probably more importantly reduce leverage ratios," they said.
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Hammerson is delivering on its assets disposal programme as the company proceeded with GBP97.70m of assets disposals in 21606 and early 203Q220 including the first GBP97.70m tranche of disposals previously announced and whose proceeds were not fully received at end-21103.
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It cited robust economic growth and improved asset quality after disposals of troubled assets.
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Kottmann has not ruled out asset disposals, but only after the merger is completed.
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The group is planning to raise $260 to $270 billion from disposals in 227.
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Carige is targeting another 200 million euros from asset disposals it is working on.
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Garbage disposals don't really exist outside of the US.Visit Insider's homepage for more stories.
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"The (disposals) process is not yet finished," Lubelli said in a call on results.
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"Clariant is a very attractive takeover target after the disposals in 2020," Vontobel said.
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"Clariant is a very attractive takeover target after the disposals in 2020," Vontobel said.
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He declined to say whether any other disposals were likely for the cooperative group.
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The prior-year quarter included a gain of C$51.1 million on capital investments disposals.
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The asset disposals will be shore up Wanda's liquidity sufficiently to meet onshore debt repayment.
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It has already raised more than 1 billion euros from the disposals made to date.
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Andrea Gerst, portfolio manager at GAM, said the deal did not signal further asset disposals.
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Recovery strategies have economic implications and UTP disposals are under the radar of Italian authorities.
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Fitch forecasts LTV to remain stable despite the group's development programme, partially mitigated by disposals.
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Future reforms will encourage public-private partnerships and reduce barriers to acquisition, contracting, and disposals.
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Further upgrades could follow "greater visibility" on disposals of iron ore and coal, Moody's said.
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Stripping out acquisitions, disposals, currency effects and fuel, sales rose 1.5 percent in the quarter.
|
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Benefitting from gains from the disposals, net profit was up 21% at 443 million euros.
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While it's achieved the first and is working on the second, disposals are proving harder.
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"We propose to reduce our debt to assets ratio over time back below 50 per cent by further disposals and part-disposals and retaining the cash generated by our activities rather than distributing it as dividend," said Chairman John Strachan in a statement on Wednesday.
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The loans will be repaid by proceeds from asset disposals and cash savings from reducing capex.
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Chevron had planned to close the sale, part of non-core asset disposals, around mid-October.
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Excluding currency fluctuations and acquisitions or disposals, revenue rose 4.3 percent year-on-year, Vinci said.
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Casino said the disposals would enable it to reduce debt by 4.2 billion euros in total.
|
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LONDON (Reuters) - Britain's competition regulator is likely to insist on store disposals to clear Sainsbury's' (SBRY.
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On the disposals we did dispose of a lotof businesses many in the non-core business.
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He said Glencore's asset sales were progressing well and April disposals should be completed this quarter.
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The CEO again declined to say how many forced store disposals would make the deal unattractive.
|
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The size of the cash call will depend on how much money UniCredit nets from disposals.
|
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Stripping out acquisitions, disposals, currency effects and fuel, group sales rose 5.1 percent year-on-year.
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He added that more non-core disposals would follow, including the sale of Glencore's agricultural business.
|
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Underlying revenue, which excludes the effect of currency movements and acquisitions and disposals, rose 3 percent.
|
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Both companies have declined to say how many forced store disposals would make the deal unattractive.
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Writedowns ease disposals as they help to close the gap between book values and market prices.
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The LME and equity raise, combined with asset disposals, are expected to raise around €1bn in capital.
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Revenue increased to 1.161 billion euros, an increase of 1.9 percent excluding currency effects, acquisitions and disposals.
|
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Senior supervisor Ignazio Angeloni said in May the ECB expected the guidelines to significantly speed up disposals.
|
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In the first quarter, Unilever's underlying sales, stripping out acquisitions, disposals and currency moves, rose 3.1 percent.
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In the first quarter, Unilever's underlying sales, stripping out acquisitions, disposals and currency moves, rose 3.1 percent.
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Robots are used all the time by police bomb squads forces around the world in bomb disposals.
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Among the measures that could be stuck is a rule to facilitate large disposals of bad loans.
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The company, expects to raise more than 400 million pounds from non-core asset disposals in 2018.
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The bank said on Tuesday that it had already cut $600m of costs through restructuring and disposals.
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Sources said they were not handling Vivat's sale as Anbang wanted independent advice on its European disposals.
|
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Earnings, however, were propped up by a one-off tax gain, cost cuts and income from disposals.
|
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However, excluding favourable exchange rate movements and disposals, group revenues on an organic basis fell 5 percent.
|
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Glaucus, in a report on Tuesday, had queried Fullshare's stock trading patterns, its valuation and asset disposals.
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Casino is also discussing other disposals, such as of Big C Vietnam and other non-core assets.
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Jefferies analyst Edward Mundy, said he expected brand disposals, with a possible delay to the deal closure.
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Over the years, a wide circle of Mr. McDonald's friends have gotten updates on the latest disposals.
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The disposals coincided with a dramatic sell-off in tech stocks at the end of last year.
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Drahi, who founded Altice in 2002, has tasked several investment banks to conduct a series of infrastructure disposals.
|
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YTD June 2017 results showed GBP23.4 million of disposals; -Exceptional cash flow of GBP15 million expected in 2017.
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The sale is part of asset disposals that regulators want in order to approve the $66 billion transaction.
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Through acquisitions, spinoffs, disposals and dividends, she made billions of dollars for investors and a fortune for herself.
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A Vodacom spokeswoman could not immediately provide more details on the reasoning behind the disposals of the operations.
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Through asset disposals, HNA is paring back an empire that once spread from Deutsche Bank to Hilton Worldwide.
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MI. The tie-up between the two lenders could trigger disposals as they move to integrate their operations.
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A prolonged trade war, or a further decline in car sales, would make improvements and disposals much harder.
|
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Mr Immelt's reshuffling of it was huge, with disposals and acquisitions equivalent to 167% of its current capital employed.
|
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Reliance on Asset Disposals: The Negative Outlook on the company's rating reflects the uncertainty about the company's deleveraging plan.
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And in the last three years Generali has raised 1.5 billion euros from disposals, exiting several non-strategic countries.
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In the past three years, Generali has raised 1.5 billion euros from disposals, exiting a dozen non-strategic countries.
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In the past three years Generali has raised 1.5 billion euros from disposals, exiting a dozen non-strategic countries.
|
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It said it remained on track to close its "non-core" in 2017 with strong progress on business disposals.
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Analysts at UBS have a base case scenario of a modest 23-54 store disposals to satisfy the regulator.
|
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Analysts at UBS have a base case scenario of a modest 28-54 store disposals to satisfy the regulator.
|
|
Shortseller Glaucus Research, in a report last week, had queried Fullshare's stock trading patterns, its valuation and asset disposals.
|
|
Net profit rose 34.6% to 1.8 billion euros ($1.99 billion), including capital gains from disposals for 480 million euros.
|
|
One of the sources said the bank may not give exact figures on bad loan disposals in its plan.
|
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It does not expect to need to do further disposals to close its deal to buy NxStage Medical Inc.
|
|
With disposals easing, players are now looking to bulk up in the face of increased competition and regulatory changes.
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Mr. Chauvet pointed to the luxury brand Marc Jacobs and the duty-free business Miami Cruise as potential disposals.
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The up to two-year loan financing included a bridge to debt capital markets and a bridge to disposals.
|
|
Stripping out currency effects and the impact of acquisitions and disposals, sales grew 5.3 percent from a year earlier.
|
|
"We expect multibillion disposals in the coming future ... certainly that will help to bring that moment forward," he added.
|
|
A spokesman for HeidelbergCement said that in total, recent disposals had brought it around 1.14 million euros ($1.29 million).
|
|
Between FY09 and FY16, DMGT made GBP646 million of acquisitions and GBP963 million of disposals, helping it to deleverage.
|
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UBS, Sainsbury's house broker, has said the deal's economics can absorb at least 132 store disposals and potentially dozens more.
|
|
Acquisitions are off the table while debt remains above 240 billion euros, he said, adding there could be small disposals.
|
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It plans a number of asset disposals though it has not clarified how many or which assets they will be.
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An equity hike will pay for the rest but will be neutralised by a buyback, itself funded by asset disposals.
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A steelmaking combination of ArcelorMittal and Ilva, a struggling Italian firm, was approved in May but only after some disposals.
|
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They say that asset disposals, including the sale of its stake in oil fields in Abu Dhabi, are under discussion.
|
|
The Anglo-Dutch company said underlying sales rose 4.7 percent, excluding the impact of foreign exchange moves, acquisitions and disposals.
|
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Core free cash flow comes from the parts of the business it will retain after it has made several disposals.
|
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The China Securities Regulatory Commission (CSRC) started controlling share disposals by major shareholders during the stock market crash in 2015.
|
|
CEO Jean Pierre Mustier told la Repubblica in an interview the group had neither acquisitions or further disposals in sight.
|
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He has not yet decided whether to keep FinecoBank but takes an opportunistic approach to asset disposals, the sources said.
|
|
Often dogs are compared to garbage disposals, so it can be odd to hear about a pooch with a picky palate.
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Most of the sources of funds for the debt repayment will come from asset disposals, which are subject to market conditions.
|
|
Its now completed asset disposals plan has brought enough liquidity to fund the investments to upgrade its business model to FY18.
|
|
EDF targets slightly positive or close to balance 2018 cash flow, excluding investments in its Linky smart meters and asset disposals.
|
|
Fitch's debt dynamics do not include any government bank asset disposals as the timing and values of such operations remain uncertain.
|
|
The sales plan is part of the embattled conglomerate's latest string of asset disposals to repay its debts, according to Bloomberg.
|
|
Our debt dynamics do not include any government bank asset disposals as the timing and values of such operation remain uncertain.
|
|
The group, which began a review of its assets in 2017, said it would not rely on disposals to reduce debt.
|
|
The $63 billion takeover of seeds maker Monsanto by Germany's Bayer, meanwhile, went through after 7.6 billion euros worth of disposals.
|
|
This relates to the ability to make changes in physical space or make asset disposals to focus on more profitable areas.
|
|
Asset disposals include a majority stake in a South African auto dealership unit, Conforama's 17% stake in online fashion retailer Showroomprive.
|
|
There&aposs a reason goliath groupers are called the garbage disposals of the sea — they eat everything in sight, including sharks apparently.
|
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Hsin Chong Group's 8.75% 2018s were flat at 42/46, despite the announcement of a plan to improve liquidity through asset disposals.
|
|
It is considering a higher-than-expected cash call after positive feedback from investors and to give it breathing room on disposals.
|
|
Sources have said UniCredit may need to raise as much as 16 billion euros through asset disposals and a planned share sale.
|
|
It will thereby avoid underwriting fees and its owners will be free of the "lockup" period that restricts disposals after conventional IPOs.
|
|
"To get into a conversation about numbers of store disposals, who to, when, is far too early and highly speculative," he said.
|
|
Those at UBS, Sainsbury's house broker, have a base case scenario of a modest 28-54 store disposals to satisfy the CMA.
|
|
But Punch recently scaled back its portfolio with disposals that delivered net proceeds of 234 million pounds in the year to Aug.
|
|
Since then Beijing has accelerated asset disposals at the insurance group, which was among the most aggressive Chinese buyers of foreign assets.
|
|
Glencore also said in a statement it was confident of achieving $4-5 billion of asset disposals during the rest of 2016.
|
|
Banking stocks outperformed most of Europe's sectors Friday, after media reports emerged that Europe was preparing looser rules around bad loan disposals.
|
|
The disposals could cut cash flow by less than $500 million in 2019, but would have no impact in 2018, she said.
|
|
MOODY'S SAYS DETERIORATING ECONOMIC CONDITIONS MAY LEAD TO RISE IN NON-PERFORMING LOANS AT ITALIAN BANKS AND RENDER PLANNED DISPOSALS MORE DIFFICULT
|
|
Boss Yoshinori Isozaki defended his strategy last week and rejected the suggestion of a large share buyback using proceeds from fresh disposals.
|
|
But it said it expects to be able to fund current operations from cash and revenue as well as possible asset disposals.
|
|
A source with knowledge of Sainsbury's and Asda's thinking, told Reuters store disposals that run "into the hundreds" would likely kill their deal.
|
|
To see the effect of stock disposals and dilution, consider eight founder-run firms: Alibaba, Alphabet, Amazon, Facebook, Netflix, Tencent, Tesla and SoftBank.
|
|
The EBITDA level reflects the group's smaller scale after asset disposals and store closures, together with low profitability prospects following recurring turnaround failures.
|
|
The potential disposals are expected to include stakes in onshore and offshore fields and could raise up to $3 billion, two sources said.
|
|
Massiah refused to provide any figures about bad loan disposals but said UBI was considering tapping a state guarantee to ease a sale.
|
|
Link REIT has made asset disposals and acquisitions over the past three years as part of an attempt to revamp its business model.
|
|
With disposals slowing, the sector is heading towards consolidation and players are rushing to build up scale to cut costs and reduce competition.
|
|
They added Aviva was in a strong position to generate about 10 billion pounds in cash from subsidiaries and disposals during 2016-2019.
|
|
Asset disposals could provide additional cash for portfolio realignments but any additional debt-funded M&A could lead to a negative rating action.
|
|
With the trusts now trading at a discount, some investors are calling for disposals of non-core assets to realize value for shareholders.
|
|
The rating is also underpinned by significant financial flexibility and its available strategic options such as asset disposals to protect its balance sheet.
|
|
Hammerson said it had "decided to take a prudent and disciplined approach to dividends, over and above that implied by the disposals programme".
|
|
The two key approvals required are by the United States and China, although the proposed disposals there are expected to lead to clearance.
|
|
But for the last time, no, we don't want a shot of Malort because we are human beings and not sentient trash disposals.
|
|
Kering said sales grew 36.5 percent in the first quarter on a comparable basis, which strips out currency swings and disposals or acquisitions.
|
|
The government now appears to be dragging its feet on disposals, frustrating some private shareholders and knocking the bank's privatisation ambitions off-course.
|
|
KEY ASSUMPTIONS Fitch's key assumptions within our rating case for the issuer for 2017 include: -Revenue decline of 3.2% due to reduction on the number of effective beds following asset disposals; -EBITDA of GBP58 million in line with that for LTM-June 2017; -Capex to reduce to less than 5% of sales; -Disposals of uneconomic care homes for GBP103 million.
|
|
Altice, whose debt equals more than twice its annual revenues, is finalizing a series of disposals, including its entire operations in the Dominican Republic.
|
|
It could jeopardise efforts by small lenders to tap investors for cash in order to meet regulatory demands to step up bad loan disposals.
|
|
Reckitt said like-for-like sales, which strip out changes in currency exchange rates and acquisitions and disposals, rose 2 percent in the quarter.
|
|
A source with knowledge of Sainsbury's and Asda's thinking has told Reuters store disposals that run "into the hundreds" would likely kill their deal.
|
|
A source with knowledge of Sainsbury's and Asda's thinking, previously told Reuters that store disposals running "into the hundreds" would likely kill their deal.
|
|
Dmitriev said the RDIF might make more disposals this year, also partial ones, as he thought the Russian market still had room to grow.
|
|
Johnston Press has itself signalled the need for more cost cuts through restructuring, property disposals and capex reductions, as it faces pressure on revenue.
|
|
Some of the disposals have been carried out through securitisation deals aided by a guarantee that banks were able to buy from the state.
|
|
The agreement completes HSBC's efforts to streamline its private banking business, a process which has resulted in a number of disposals in recent years.
|
|
The company reported a 16.8 percent drop in third-quarter revenue to 811.4 million euros ($949.66 million), mainly because of disposals and currency effects.
|
|
Billions of euros in writedowns booked by banks in recent years have eased disposals, which are now gaining steam helped by a recovering economy.
|
|
The disposals should, in our opinion, help Barclays increase returns and improve capitalisation over time, but will induce some volatility in earnings until implemented.
|
|
L&G's decision to shed the 'G' part of its name marks the end of a series of disposals for Britain's third-biggest insurer.
|
|
However, we expect continued deleveraging from 2018 through improvements in underlying group operating performance, and application of proceeds from disposals to gross debt reduction.
|
|
But they're also basically garbage disposals that won't turn down table scraps, according to Audubon, and unreal amounts of cat food, according to me.
|
|
Analysts at UBS, who have a "buy" stance, have a base case scenario of a modest 28-54 store disposals to satisfy the regulator.
|
|
Beijing has been speeding up asset disposals at the government-controlled insurance group, previously one of the most aggressive Chinese buyers of foreign assets.
|
|
The retailer has promised investors to boost profits and cash flow this year in its main French market and reduce debt through asset disposals.
|
|
Beijing has been speeding up asset disposals at the government-controlled insurance group, previously one of the most aggressive Chinese buyers of foreign assets.
|
|
A source with knowledge of Sainsbury's and Asda's thinking has told Reuters store disposals that run "into the hundreds" would likely kill their deal.
|
|
No indication available The real estate company said on Tuesday that 2015 FFO1 without profit from disposals more than doubled to 10003 million euros.
|
|
As oil service companies compete for a dwindling number of contracts, some investors are concerned returns will suffer without further cost cuts or disposals.
|
|
Italy's top insurer Assicurazioni Generali said on Wednesday its net profit in the first half rose 8.8 percent to beat expectations, boosted by disposals.
|
|
He said Saab would probably make more disposals than acquisitions as it adjusts its portfolio but that the value of acquisitions would be higher.
|
|
Excluding the impact, adjusted EBITDA, on a like-for-like basis regarding exchange rates, acquisitions and disposals, fell 4 percent from a year earlier.
|
|
"Cinda will continue to support HNA's strategic transformation and its asset disposals in core and auxiliary businesses," Cinda's president said, according to the memo.
|
|
It could also jeopardize efforts by small lenders to tap investors for cash in order to meet regulatory demands to step up bad loan disposals.
|
|
Reported revenue rose 6 percent in the year, while underlying revenue, which excludes the effect of currency movements and acquisitions and disposals, fell 1 percent.
|
|
"From Casino's side, good operating performance and a better free cash flow will help, while the disposals will partly finance the dividend," Kepler-Cheuvreux said.
|
|
WE DEVELOPED A JOINT LEVEL OF COMFORT THAT THE ANTITRUST DISPOSALS THAT MIGHT BE REQUIRED CAN BE MANAGED WITH A COMBINATION OF OUR TWO BUSINESSES.
|
|
The ongoing non-core asset disposals help to reduce total debt and hence interest expense, but are not a sustainable way to uphold the ratio.
|
|
For 2018 it expects profit of between 520 and 560 million pounds which it says represents underlying growth when stripping out disposals and currency moves.
|
|
Sainsbury's and Asda have both said they believe the CMA will not insist on a level of store disposals that will make the deal unpalatable.
|
|
Taking into account the sale of its Repsol stake and real estate asset disposals, the fully-loaded capital ratio at end-September was 11.7 percent.
|
|
It said all of its assets would be subject to the review and any "incremental value-creating opportunities, potentially also via disposals, will be evaluated".
|
|
"We have one disposal of oncology and that is the only one I can comment on," he said on Thursday, when asked about further disposals.
|
|
They're basically garbage disposals Steller's jays are not quite as bad as shit-disturbing crows, because they dedicate their overlarge brains for aggressive scavenging campaigns.
|
|
To that end, it increased the targeted proceeds from such disposals to 85-90 million pounds from 70 million pounds that was set in November.
|
|
MORE CARVE-OUTS Market participants expect disposals from Japanese conglomerates to drive LBO activity this year as global PE firms position themselves for these opportunities.
|
|
Successful Asset Disposals NH sold the Sotogrande estate for EUR4807123m in 212001H14, EUR33m of assets in 2015 and a further EUR76m of assets in 1H16.
|
|
This sparked a wave of NPL deals, with bad loan disposals making up about half of all Italian securitisations that year, according to the IMF.
|
|
The higher net book value potentially exposes lenders to larger losses in the event of a sale and this has so far held back disposals.
|
|
They have said they need more money, mostly to cover losses from planned bad debt disposals, and that they may turn to the state for support.
|
|
Group Structure Development: The group's history includes many disposals and acquisitions and the CEO has been vocal about his intention to participate in further industry consolidation.
|
|
President Putin emphasised on Monday that the state should retain control of strategic companies and that any disposals should not be made at give-away prices.
|
|
Under the new agreement, banks will be able to buy a state guarantee at market prices to facilitate disposals of the worst loans bundled as securities.
|
|
The decision to sell the business follows on from several disposals in recent years of regulated grid businesses by European energy firms seeking to cut debt.
|
|
Like-for-like revenue growth, which strips out the effect of currency swings and acquisitions or disposals, was 6.8 percent, well above expectations of 5.6 percent.
|
|
Organic sales, which strip out currency swings and acquisitions and disposals, matched analyst expectations for 3.6% growth, an improvement over 2.8% in the year-ago period.
|
|
Hair game on point Mimic red-tailed hawk Males feed females in courtship Annoying AF Scheming Steals cat and human food Noisy cowards Basically garbage disposals
|
|
However, first-half adjusted recurring earnings per share fell 1.9% to 6.45 euros due to disposals completed in 2018 and the first half of this year.
|
|
"We're always monitoring what's going on but have not changed our position regarding our M&A strategy or potential disposals," Novartis spokesman Michael Willi told Reuters.
|
|
In-sink kitchen garbage disposals are common amenities in many US homes, but they're controversial in many parts of the world for their negative environment impact.
|
|
To minimise the hit in previous disposals, Popolare di Bari has offloaded bad debts repackaged as securities, tapping a state guarantee scheme that expires in September.
|
|
Both grocers have said they believe the CMA will not insist on a level of store disposals that will make the deal, announced in April, unpalatable.
|
|
That echoed concerns previously voiced by analysts such as Equinet's Knud Hinkel, who said a sizeable amount of disposals for antitrust reasons would likely strengthen rivals.
|
|
The so-called "fourth platform" comes after Telefonica faced questions about its growth strategy last year following a dividend cut and asset disposals to repay debt.
|
|
And he is open to disposals, telling investors as recently as November that he was evaluating all Unilever's brands, and that there were no "sacred cows".
|
|
"The proposed disposals would substantially reduce Noble's scale and global reach, challenging its ability to generate profit and cash flow to service the remaining debt," Moody's added.
|
|
JIM CRAMER: His balance sheet, because of some disposals you've made that are still working for you, you've been able to make the gloom work for you.
|
|
It reiterated its forecast for 2018 profit of between 520 and 560 million pounds, which it said represented underlying growth when stripping out disposals and currency moves.
|
|
Eni, which has agreed to sell stakes in its Mozambique and Egyptian fields to ExxonMobil and Rosneft, expects to raise 4 billion euros this year from disposals.
|
|
Deutsche Bank plans a significant capital hike alongside the flotation of its asset management holding and further restructuring from asset disposals, Germany's biggest lender said on Sunday.
|
|
Creval follows in the footsteps of heavyweight UniCredit , which this year raised 13 billion euros in a share issue to offset the hit from bad loan disposals.
|
|
The bank, which distributed 546 million euros in bonuses in 2016, also said its cost-cutting plans were hitting roadblocks, partly because of a delay in disposals.
|
|
It reiterated its forecast for 2018 profit of between 520 and 560 million pounds, which it said represented underlying growth when stripping out disposals and currency moves.
|
|
Net profit rose 34.6% to 1.8 billion euros, including capital gains of 480 million euros from disposals of German life insurer Generali Leben and its Belgian business.
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Its CEO Ivan Glasenberg has said it is well-placed for deals, which analysts say are as likely to involve commodity offtake or tactical disposals as acquisitions.
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Carige has warned that its business could be at risk if the restructuring plan, which also includes asset disposals and a debt swap, does not go through.
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Wetherspoon said it expects to incur non-cash losses of about 3 million pounds in the current fiscal year as a result of disposals of underperforming pubs.
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LIQUIDITY Fitch expects Elli Investments to rely on additional liquidity by end-2016 to avoid a liquidity shortfall, with permitted property disposals being the most obvious source.
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The bank said it had booked a 22019 million euro hit in the second quarter for the bad loan disposals but foresaw no further impact this year.
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The difference is we disclosed is really related to M&A - so disposals that we are unable to complete, or have suspended relative to our earlier planning.
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Stripping out acquisitions, disposals, currency effects and fuel, group sales rose 5.1 percent year-on-year, a slight deceleration from 5.3 percent growth in the third quarter.
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Stripping out acquisitions, disposals, currency effects and fuel, group sales rose 3.2 percent year-on-year, a slight deceleration from 3.4 percent growth in the third quarter.
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That entails gross bad loan disposals worth nearly 14 billion euros over the period, compared with a 5.5 billion euro target in the bank's current strategic plan.
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The Italian bank has appointed head of markets TJ Lim to a new role as deputy risk officer, tasked with accelerating disposals of its non-core loans.
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Since the fund suspension, it had toughened up controls to ensure greater oversight of the investment process at Woodford's other funds, including on proposed investments or disposals.
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Irving, Texas-based Exxon has ramped up sales of assets around the world in recent months with the goal of raising $15 billion from disposals by 2021.
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Johnston Press, which has been selling "non-core" titles as part of its portfolio review, said there was no certainty that the talks would lead to disposals.
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The Anglo-Dutch company has sold around $12.5 billion in assets since mid-2015 as it tries to reach its target of $30 billion in disposals by 2018.
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Shire said on Monday it would consider returning proceeds from the sale to shareholders through a buyback and that further selective disposals of non-strategic assets were possible.
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These include the disposals of a 60 percent equity interest in power distribution firm Ningxia Fenghao and a 40 percent stake in Inner Mongolia Fengrong to parent Chinalco.
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The lender is also expected to launch a rights issue, and the size of the cash call will depend on how much money it nets from the disposals.
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"More surprising is the size of some individual bank bad asset disposals—many were equivalent in size to 4-15 percent of the banks' total loans," he said.
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Overall the combined estate will have around 3,600 shops (after disposals) and about 14,500 machines and generate about 0003% of pro forma group EBITDA at 2016 (pre-synergies).
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The main issues in the negotiations would be jobs, investment in infrastructure and especially fibre optic networks, and antitrust-related disposals, a source familiar with the matter said.
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Thyssenkrupp's management and supervisory boards will hold annual strategy talks in May, with investors expecting new financial targets for the group's divisions as well as possible asset disposals.
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PwC calculates Italy's gross soured loans totalled 264 billion euros at the end of last year, following disposals worth 64 billion euros, twice the amount sold in 2016.
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The appointment comes after UniCredit said earlier this week it plans to more proactively manage its non-core credit portfolio to accelerate disposals and strengthen its balance sheet.
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Sainsbury's and Asda have both said they believe the CMA will not insist on a level of store disposals that will make the deal, announced in April, unpalatable.
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Excluding the positive impact from IFRS 16, adjusted EBITDA, on a like-for-like basis regarding exchange rates, acquisitions and disposals, fell 2 percent from a year ago.
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Despite economic volatility in major markets, Unilever reported underlying sales growth of 4.7 percent in its second quarter, excluding the impact of foreign exchange moves, acquisitions and disposals.
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Popolare Vicenza and Veneto Banca must submit their merger plan to the European Central Bank in coming weeks outlining proposed bad loan disposals and the ensuing capital shortfall.
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AirAsia X in August posted a 207.6 million ringgit loss for the quarter ended June 30, its largest since 2015, due to aircraft disposals and a weak ringgit.
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The bank said it had booked a 248 million euro hit in the second quarter to ease disposals of soured debt but foresaw no further impact this year.
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That stated, we expect asset disposals, the portfolio reorganisation, and the acceleration of the saving programmes to improve profitability and debt repayment capacity and to sustain value creation.
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"There is no risk of closure," Magara told Reuters on Monday, adding that the disposals of non-core greenfield projects and downstream processing capacity were on the table.
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MI said on Thursday its net profit in the first nine months of the year rose 26.8 percent to beat expectations, lifted by stronger life premiums and disposals.
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Pressure on ratings is most likely for banks that have been less proactive in reducing soured loans, with large-scale disposals much more challenging in the current environment.
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The Leader Price sale marks the latest in a series of disposals carried out by Casino, part of its plans to cut debt and improve its financial position.
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Europe's third largest insurer said it expected to raise more than 1.5 billion euros ($1.75 billion) from asset disposals carried out, above a target of 1.0 billion euros.
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Asset disposals have shrunk UniCredit's foreign and domestic operations, with the unwinding of its Turkish JV giving the bank freedom to sell its residual stake in Yapi Kredi.
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The executive also repeated he expects good results this year in terms of profits and bad loan disposals, which would allow the bank to consider paying a dividend.
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Aviva has made a number of disposals in the past year, including in France, Spain, Italy and Taiwan, and says its Indian joint venture is under "strategic review".
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The government's 2017 budget has proposed changes starting from 2019 to the tax status of non-resident investors and the way they are taxed on real estate disposals.
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Last week, chairman Chen told domestic business magazine Caijing that HNA had sold almost 300 billion yuan ($43 billion) in assets this year and would continue the disposals.
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The group, one of the biggest names in South Africa's construction industry, said the disposals would help it meet its debt obligations, cover working capital and cut its liabilities.
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Fitch views these transactions and other disposals as a demonstration of management's focus on improving cash flow generation from the e-commerce business, by focusing on high margin opportunities.
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The company also confirmed that in 2019-20 it plans total net investments of about 15 billion euros per year and asset disposals of two to three billion euros.
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Deutsche still needed to thicken its equity cushion, but disposals, cost cuts and earnings (if any: it has made losses for the past two years) would provide the stuffing.
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The French banker sold assets and shut branches, pulling off a record 22019 billion euro ($27.8 billion) share sale this year to fund bad loan disposals and job cuts.
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A company source had said in January that Louis Dreyfus was ring-fencing its fertilisers, metals, juice and dairy businesses and considering options ranging from joint ventures to disposals.
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That was its second year of positive free cash flow, after nine years of negative results, which was helped by a reduction in working capital and real-estate disposals.
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The watchdog had identified 92 areas of concern in its phase 1 probe of discount retailer Poundland's takeover of 99p Stores but again did not ask for any disposals.
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In contrast, Tesco (BB+/Stable) and Metro's ability to invest mainly relies on liquidity generated by past disposals, and the execution risk in repairing their business models is high.
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Total return includes the change in valuation of the group's portfolio, profits on disposals and income from the portfolio and foreign exchange effects minus the costs of the business.
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G: The disposals that we have done have attracted a lot of interest from Hong Kong and global investors, so we do review our portfolio on a regular basis.
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Capita has lined up disposals worth 300 million pounds for this year, and more in the following two years, with a plan to return to revenue growth in 2020.
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The disposals will tilt the owner of Birmingham's Bullring and Bristol's Cabot Circus shopping centers more towards Europe by lifting its exposure to non-UK retail by 10 percent.
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Chief Financial Officer Simon Henry said at current oil prices of $353-43.50 a barrel, the company would not make enough money unless it raised cash from asset disposals.
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"Volumes of bad loan sales will remain healthy in years ahead ... banks have a pipeline for disposals," Vito Ruscigno, co-head of non-performing loans at consultancy PwC, said.
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"The court decided that the group's property will be protected from creditor foreclosures, freezing any disposals of real estate and equipment," the court official said, declining to be named.
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Fitch also views continued asset disposals to bolster liquidity as a prerequisite to facilitating discussions with stakeholders in debt restructuring and achieving a sustainable capital structure, expected in 2H16.
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MILAN, Aug 1 (Reuters) - Italian caterer Autogrill upgraded its forecast for earnings per share this year thanks to the positive impact from disposals on its first-half net result.
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Sales in this unit rose 1.4 percent from a year earlier on a like-for-like basis, which strips out swings in currency exchange rates and acquisitions or disposals.
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The sale of lignite miner Mostecka Uhelna Spolecnost (MUS) became one of the biggest Czech post-communist privatization scandals, among a string of murky disposals of state-owned companies.
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Recent high-profile disposals by large corporations include French energy group Engie's $3.9bn sale of its oil and gas division to a vehicle set up by Carlyle and CVC.
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The watchdog had identified 13 areas of concern in its phase 1 probe of discount retailer Poundland's takeover of 99p Stores but again did not ask for any disposals.
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Lewis said he had lined up 21 million pounds of disposals for this year, and more in the following two years, before it returns to revenue growth from 20.7135.
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"However, events are moving fast and disposals are likely to be complicated, given the JVs (joint ventures) in Property and Residential, they will be very dilutive," the brokerage said.
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Taking into account other asset disposals, such as the asset management unit sold to Amundi in January, Sabadell said its pro-forma core-tier 1 capital ratio was 12.1%.
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Subject to required store disposals, the combined group would become Britain's biggest retailer, leapfrogging Tesco with a market share of more than 31 percent and a workforce of 330,000.
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That entails gross bad loan disposals worth nearly 14 billion euros ($15.5 billion) over the period, compared with a 5.5 billion euro target in the bank's current strategic plan.
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The disposals would help the company increase spending on new developments and appease investors unhappy with weak cash generation and oil output, which flatlined under Woods' predecessor Rex Tillerson.
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German customs authorities finally figured out what to do with a truckload of Albanian marijuana it seized last year in one of its biggest pot disposals in recent history.
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Ukraine was UniCredit's only loss making country in the CEE region in 2014 and UniCredit CEO Federico Ghizzoni had committed to selling it as part of a series of disposals.
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"We believe the combination of customer migration, disposals and store closures from Majestic Retail will release substantial investment capital and transform the company into an out-and-out growth business.".
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In the July-September quarter, Remy Cointreau's like-for-like sales, which strip out currency effects and disposals or purchases, rose 6.2 percent from a year earlier, beating analysts' projections.
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"However, events are moving fast and disposals are likely to be complicated, given the JVs (joint ventures) in Property and Residential, they will be very dilutive," the Liberum analysts said.
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It was a marked turnaround from the 21 billion euro loss in the fourth quarter of 20.8143 when the bank booked writedowns to its bad loan portfolio to ease disposals.
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Analysts noted that the CMA identified 369 areas of concern in its phase 1 review of the Tesco/Booker deal but did not insist on any disposals after phase 2.
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However, Europe's fourth-biggest retailer has otherwise managed to reposition its business for growth after several years of restructuring and disposals including the recent sale of its Kaufhof department stores.
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The latest political turmoil has raised fears disposals may once again slow down, after finally picking up thanks to the hefty writedowns banks booked in recent years on these assets.
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"In 2015, we delivered both value and risk reduction from successful disposals, Solvency II approval and a positive UK pension agreement," chief executive Stephen Hester said in a trading statement.
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Earlier this month, Deutsche Bank warned on costs for 2018, citing delays in some business disposals, even as the lender said it expects revenues to rise for the full year.
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If successful, the sale of Magneti Marelli could pave the way to other disposals within FCA's auto parts division, which also includes Comau and castings firm Teksid, the sources said.
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He also declined to comment when asked if Morrisons would be interested in buying Sainsbury's-Asda stores if Britain's competition regulator clears the deal on condition of significant store disposals.
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Revenue rose 1 percent in Europe but declined 3 percent in China and 2 percent in North America excluding currency effects, disposals and acquisitions, as production fell in both regions.
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What's more, while detailed numbers of the TSSP deal announced Tuesday were not disclosed, the sale looks to have been at a smaller discount than previous asset disposals this year.
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The overall business is performing well; while diversification more generally provides portfolio management levers and the potential for disposals or minority spin-offs in times of leverage or liquidity pressure.
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Drahi has recently shifted gears, saying there was a path to further strengthen the European balance sheet over the long term through non-core asset disposals, such as telecom towers.
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Informal talks with European Competition Commissioner Margrethe Vestager began a few weeks ago and will likely address the issue of disposals in some niche areas, including packaging, the sources say.
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Analysts noted that the CMA identified 369 areas of concern in its phase 1 review of the Tesco/Booker deal but did not insist on any disposals after phase 2.
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The new airline, set to be called Malta Air, will include a 'golden share', a mechanism which usually means a government's consent is required for disposals, share issues or takeovers.
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Anglo American is planning to raise $211.6 to $29 billion from disposals in 2016, which could include its Minas Rios and Kumba iron ore mines in Brazil and South Africa.
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Its 170 apartments, ranging from studios to three-bedrooms, many of which offer sweeping views across low-slung blocks, include kitchens with Caesarstone counters, under-cabinet lighting and garbage disposals.
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That trend continued, as it reported solvency improved to 201 percent in the fourth quarter, up from 195 percent in the third quarter, due to asset disposals and underlying profitability.
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Deutsche Bank on Friday warned on costs for 2018, citing delays in some business disposals, even as Germany's largest lender said it expects revenues to rise for the full year.
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BEIJING (Reuters) - China's Anbang Insurance Group said it will sell its entire stake in a health insurance unit as Beijing speeds up asset disposals at the troubled government-controlled insurance conglomerate.
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Despite income from disposals and external deals, first-quarter revenue fell 10 percent in dollar terms to $5.05 billion, while core earnings per share (EPS) rose 5 percent to $87 cents.
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Engineering firm GKN was another top gainer, jumping around 3 percent following an upgrade from Exane BNP Paribas to "neutral" from "underperform", with the broker citing benefits from possible future disposals.
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The company's efforts in FY16-FY17 to lower debt via asset disposals and extending the maturity of part of its existing debt has not led to a sustained improvement in liquidity.
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On average, the ECB is not happy with targets which are not considered ambitious enough and recovery estimates that are seen as unrealistic, MF said, adding Frankfurt also wanted more disposals.
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LONDON, July 14 (IFR) - Italian bank UniCredit has appointed head of markets TJ Lim to a new role as deputy risk officer, tasked with accelerating disposals of its non-core loans.
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UMG's core operating profit jumped 25.5 percent, excluding currency moves, acquisitions and disposals, in the first nine months of the year to 442 million euros ($521 million), helped by rising revenues.
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Amec said it had net debt of 946 million pounds ($1.34 billion) at the end of 2015, and expected net debt of about 1 billion pounds before including proceeds from disposals.
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It also said that if a fund had to dispose of underlying assets to meet the usually high volume of redemption requests, it should ensure disposals did not disadvantage remaining investors.
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Traders cited continued talk the carmaker could look at strategic deals such as spin-offs and disposals in the last year with CEO Sergio Marchionne at the helm at the company.
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Those curvilinear forms are not nearly as evident inside 21 Ashland's apartments, which range from studios to two-bedrooms and have blond oak floors, stacked washers and dryers, and garbage disposals.
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Despite income from disposals and external deals, first-quarter revenue fell 12 percent to $5.4 billion, although core earnings per share (EPS) rose 4 percent in dollar terms to 99 cents.
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Consumers growing increasingly wary of chemicals in their beauty treatments also have more tools at their disposals to research brands, including mobile phone apps that scan products and list toxic ingredients.
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Italy's loan recovery industry is in ferment with players looking to bulk up in the face of slowing disposals by banks after years of massive bad loan sales and regulatory changes.
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There have been no disposals as yet, though rivals Nestle and ABInBev have each sold food operations worth billions of dollars over the past year to refocus on their core businesses.
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NOBLE: Commodities trader Noble Group reported a third-quarter loss of $1.17 billion, hit by charges from disposals of some of its businesses, and warned that the operating environment remains challenging.
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In a presentation to a conference in Miami, the company also said it was aiming to complete the sales process from $2.6 billion of asset disposals announced in April this quarter.
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The lender said it saw its core capital little changed at 12.5% of assets in 2022 when factoring in the negative impact of regulatory issues and a boost from property disposals.
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Bloomberg reported on Monday that Anbang, best-known overseas for the record-breaking purchase of the Waldorf Astoria hotel in New York, was told to make the disposals and repatriate the proceeds.
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Enel, which last year sold a controlling stake in Slovakian energy group Slovenske Elektrarne, said it expected to make further disposals and bolt-on acquisitions in the second half of the year.
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After losing nearly 3 billion euros since 2013, the bank has warned its business could be at risk if a capital raising plan, including also asset disposals and a debt swap, fails.
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This all partly explains why some U.S. cities have been trying out in-sink, electric garbage disposals as a way to reduce trash and transform food scraps into renewable sources of energy.
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Softbank has made many asset disposals of late, such as selling off its stake in Supercell and part of its very valuable Alibaba stake, which should also help to finance this deal.
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Sainsbury's and Asda have said they expect the CMA to insist on store disposals as a condition for clearing a deal that could allow them to overtake Tesco as Britain's biggest retailer.
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Organic sales, which strip out currency swings and acquisitions and disposals, accelerated to 3.9% in the three months to the end of June, the highest rate since the first quarter of 2016.
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The BHP deal is set to initially add over 100,000 boed in production before disposals, which will mostly include predominantly onshore U.S. shale gas producing assets that BP already owns, Gilvary said.
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Chief Executive Officer Ben van Beurden has said Shell's disposals would initially focus on the refining, storage and retail divisions, known as downstream, whose value has held up during the current downturn.
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"Further additional non-cash valuation adjustments may be recorded going forward following the execution of the actions determined under the strategic review, in particular with regard to further asset disposals," it said.
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The company generated 982 million pounds of proceeds through disposals and refinancings including the sale of baby feeding company Mayborn and promotional products supplier Polyconcept, at an average money multiple of 13x.
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Europe's third-largest insurer said its strategy was not based on mergers and acquisitions but it is open to reinvesting the 1 billion euros from disposals if the right opportunity came along.
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In our view debt-to-GDP will be kept on a declining path because of primary surpluses, low interest payments, strong nominal GDP growth and asset disposals by state-owned "bad banks".
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The decision to sell the business follows several disposals of regulated grid businesses in recent years as European energy companies have sought to cut debt and raise funds for new infrastructure projects.
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"(The Barrick disposals) might be in geographies where we are very strong and that makes sense for us," Sawiris told reporters on the sidelines of the Mines and Money conference in London.
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The announcement by ArcelorMittal on Friday did not disclose the value of the disposals, though investment bank Jefferies said they are unlikely to achieve a book value it estimates at $1 billion.
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It has announced a cost savings plan, aims to raise over 300 million pounds by end-2018 through disposals and has been trying to claw back money from clients on older contracts.
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"We hope to tackle quite a longstanding and thorny problem to do with unrealistic valuations used to support often quite suspicious asset disposals by listed companies," Alder said during a media luncheon.
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Once the short-term funding issues have been resolved, Steinhoff will have to decide whether asset disposals and refinancings will suffice or whether it will opt for a full-blown debt restructuring.
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Last week, Singapore-listed Noble said it had started a process to sell its oil liquids unit and announced plans for up to $1 billion of disposals over the next two years.
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Under our baseline scenario, which does not include any asset disposals of state-controlled banks, we forecast general government debt to fall from 0003% in 2016 to 53.0% of GDP by 2025.
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Imperial is also considering further disposals of non-core and low-return businesses under its international division in the short to medium term, such as the road liquid logistics business, Akoojee said.
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Senior advisers at top Wall Street firms are speaking to representatives of Deutsche Bank about ideas including a share sale and asset disposals, Bloomberg reported, citing people familiar with the discussions. bloom.
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Insurers in Europe such as Old Mutual, Prudential and Standard Life have been streamlining their businesses via disposals and mergers to grapple with tougher regulatory scrutiny, low interest rates and fierce competition.
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"Given the lack of asset backing in the business, we expect that the banks will seek (Staffline) management to realise cash through disposals or find other sources of finance," Liberum analysts said.
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The deal is the latest move in a string of disposals that UniCredit's boss Jean-Pierre Mustier has embarked upon since taking the helm of Italy's biggest bank by assets in 13.
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Chinese banks are under pressure to accelerate write-offs and disposals of more sour loans as the government looks to contain risks in the financial system after years of debt-fuelled stimulus.
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Adler said the deal will be funded by a combination of a rights issue, fully guaranteed and backstopped by Adler anchor shareholders, cash from disposals of non-yielding assets and financial debt.
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Emotionally strategic and materially demanding, she leads a life of domesticated excess, indulging in all the "gold dinnerwear, sporting-goods trees, nectarines, garbage disposals, [and] bumpless noses" that daddy's money can buy.
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LONDON, Jan 17 (Reuters) - Education group Pearson said it expected to deliver underlying profit growth in 2018 when stripping out disposals and changes to currency, despite ongoing pressures in its North American business.
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L'Oreal, the world's biggest cosmetics firm, said group sales grew 6.8 percent from a year earlier on a like-for-like basis, which removes the effect of currency swings and acquisitions or disposals.
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It has warned its business could be at risk if its capital raising plan, which includes a new share issue for up to 560 million euros and asset disposals, does not go through.
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The National Sanitation Foundation (NSF) says you should also use that same bleach solution once each month to sanitize kitchen drains and disposals; kitchen sink strainers should be washed weekly in the dishwasher.
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First-quarter revenue rose 16 percent to 12.5 billion euros ($14.10 billion), up 11 percent on a like-for-like basis, which strips out currency swings and the impact of acquisitions or disposals.
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JCDecaux also said it expected third-quarter organic revenues - excluding acquisitions, disposals and currency moves - to rise by a low-single digit percentage, reflecting lower global growth forecasts and the uncertainty over Brexit.
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In the 2018 reporting period, sales were affected by asset disposals to shore up liquidity as well as tough trading conditions, with revenue from continuing operations marginally up 3% to 12.8 billion euro.
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Nestle's organic sales, which strip out currency swings and acquisitions and disposals, accelerated to 20.9908% in the three months to the end of June, the highest quarterly rate since the beginning of 2016.
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Nestle's organic sales, which strip out currency swings and acquisitions and disposals, accelerated to 3.9% in the three months to the end of June, the highest quarterly rate since the beginning of 2016.
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Over the medium-term, we expect the announced disposals to be accretive to Barclays' capital ratios, but only once regulatory deconsolidation is achieved, which for most of BNC assets should happen by 2033.
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"He will be specifically in charge of orchestrating the management and disposals of non-performing loans, repossessed assets and any other distressed assets requiring market solutions and exit," the bank said on Thursday.
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Glencore lifted its target for disposals by $1 billion to $4-5 billion and said it aims to finalize the sale of a minority stake in its agriculture business in the second quarter.
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But fund managers say that disposals while commodities prices are bumping along the bottom are likely to take some time, with potential bidders holding off in the hope that assets could become cheaper.
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"Full-year results are broadly in line with expectations ... although again messy as there are more disposals, onerous contract provisions and exceptionals," said RBC analysts, who have a 'underperform' rating on the stock.
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Sources familiar with the matter told Reuters last week that Italy's biggest lender by assets may need to raise as much as 16 billion euros through asset disposals and a planned share sale.
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Earnings per share, before one-off items, rose 21 percent to 62 pence, as higher operating profit and favourable exchange rates more than offset the impact of disposals and a higher tax rate.
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The improvement was achieved despite a period of EBITDA decline in the domestic market and was largely due to a combination of asset disposals, cuts in dividends and the issuance of hybrid securities.
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Monte dei Paschi has the highest proportion of bad loans as a share of total loans amongst its local peers and would benefit the most from any measures to speed up bad loan disposals.
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Reuters reported last month, citing people familiar with the matter, that China Development Bank was leading a team to supervise asset disposals as the group looks to scale back operations to just core assets.
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In the nine months to March, net profit fell 8 percent to 626 million euros compared with the same period a year ago, which included a one-off 96 million capital gain from disposals.
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Analysts expect a partnership to facilitate Monte dei Paschi's bad loan disposals over time without improving the bank's risk profile in the short term, as the loans are expected to remain on its books.
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The remaining loan now consists of a $12.5 billion, three-year term facility A, a $10 billion, five-year term facility B and a $10 billion, one-year disposals bridge facility, AB InBev said.
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But Japan's Asahi Group Holdings, which trumped private equity bids for Peroni, Grolsch and Meantime in February, may stand in their way again, having shown interest in AB InBev's central and eastern European disposals.
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British Land, known for its flagship "Cheesegrater" skyscraper in London's financial district, said it had also exchanged contracts on retail disposals worth 99 million pounds since March 31, ahead of the valuations seen then.
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Retail Remains Challenged Fitch expects the combined group's net revenue and EBITDA in the retail estate (after shop disposals) to be steady over our rating horizon but that over-the-counter revenues will decline.
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All leading Italian banks said this week they planned to take advantage of a new accounting rule coming into force in January to book fresh writedowns on loans and pave the way for disposals.
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UniCredit is focusing on cutting costs and bolstering its financial strength - together with the Fineco sale, the bank announced in May it would cut its Italian government bond portfolio and accelerate bad loan disposals.
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SHANGHAI (Reuters) - China will keep in effect its ban on share sales by listed companies' major shareholders until the government publishes new rules on such share disposals, the Shanghai Securities News reported on Wednesday.
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HUS will face significant investment needs of EUR187m over 2016-2018, compared with EUR40.9m at end-20163, which will mostly be self-funded, due to an expected improvement in budgetary performance and asset disposals.
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TIM under Genish has said its main objective is to strengthen the firm's finances and operations and reclaim an investment grade credit rating, and that potential asset disposals could help to undermine that goal.
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Nevertheless, Brito said the two companies had made significant progress together since November on regulatory issues, bond financing and asset disposals in the United States, China and Europe, as well as general integration planning.
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Carige has warned that its business may be at risk if its capital raising plan, which includes a new share issue and asset disposals in addition to the debt swap, does not go through.
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The groups have to sell 350-13 of their shops before the deal goes ahead to satisfy the competition regulator but Mullen said he hoped to complete the disposals by the end of September.
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The Bank of Italy highlighted that large disposals of problem loans had helped the industry reduce impaired debt left behind by previous recessions and that the government had introduced tax incentives for further sales.
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SoftBank's charismatic founder Masayoshi Son has said the company had raised nearly 2 trillion yen ($19 billion) in cash over the last few months through asset disposals, including the sale of shares in Alibaba.
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Separately, CFO Ulrik Svensson said that while Lufthansa continuously assesses whether all of its businesses have a fair amount of synergies with the group's airlines it currently had nothing new to report regarding disposals.
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Disposals have included big stakes in the Radisson hotel group, Hilton Hotels, property in New York, Sydney, Shanghai, San Francisco and Hong Kong, regional Chinese airlines and half of its stake in Deutsche Bank.
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In the 2018 reporting period, Steinhoff said sales were affected by asset disposals to shore up liquidity as well as tough trading conditions, with revenue from continuing operations up 3% to 12.8 billion euros.
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Diageo said earnings per share, before one-off items, rose 21 percent to 62 pence, as higher operating profit and favourable exchange rates more than offset the impact of disposals and a higher tax rate.
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The group detailed on Tuesday that revenues in Asia, excluding Japan, increased 21 percent in the January to March period on a like-for-like basis, which strips out currency swings and disposals or acquisitions.
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The firm was also boosted by an upgrade to "hold" from "sell" by Liberum analysts, who said disposals, a declining pension deficit and new management improving free cash flow could all push GKN's shares higher.
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GE said in February it had a "line of sight" on the first $4 billion in asset sales under its plans for $20 billion in disposals, as it tries to shore up its financial performance.
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State Chinese media meanwhile reported that a selling ban on major shareholders brought in to help arrest a market crash last summer would remain in place until the government publishes new rules on such disposals.
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Altice, whose debt equals more than twice its annual revenues, is rushing to finalize a series of non-core disposals involving telecoms towers in France and Portugal and its entire operations in the Dominican Republic.
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Like its American rival General Electric, Siemens turned to measures like job cuts, disposals and an increased focus on technology as slowing growth in China and low oil prices dimmed the outlook for industrial goods.
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"We expect that in 2017 organic cash generation, coupled with proceeds from disposals, will allow us to fully fund our capex and dividend requirements at an oil price well below the current level," Descalzi said.
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The state-controlled company, which is selling down stakes in some of its prize discoveries to help fund growth and support dividends, has raised more than $43 billion in the last four years from disposals.
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Group revenues rose 16 percent to 12.5 billion euros ($14.1 billion) in the period, up 11 percent on a like-for-like basis, which strips out currency swings and the impact of acquisitions or disposals.
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The company said it would buy back $2 billion worth of its shares in a plan that will run up to end of 2019 and $1 billion more based on delivery of non-core disposals.
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The deal is one of various disposals being pursued by newly-appointed UniCredit Chief Executive Jean-Pierre Mustier to boost capital levels at the Italian lender, slim it down and make it easier to manage.
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LONDON, Nov 10 (Reuters) - Competition from multiple generic versions of its cholesterol fighter Crestor hit AstraZeneca's third-quarter sales but the drugmaker mitigated the damage with income from disposals and good growth in new products.
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Sainsbury's and Asda have expressed confidence the CMA will not insist on mass store disposals as a condition of giving a green light but have declined to say how many would make the deal unattractive.
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Italy's biggest phone group added its main objective was to strengthen TIM's finances and operations to get it back to investment grade rating, and potential asset disposals and premature dividend payments could undermine that goal.
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LONDON, Nov 3 (Reuters) - British insurer RSA posted a five percent drop in net written premiums in the first nine months of 2016 due to the impact of asset disposals, the firm said on Thursday.
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Sales growth is expected to continue at a similar pace to the first quarter's 10 percent expansion before the effects of exchange rates, disposals and acquisitions, Chief Executive Jacques Aschenbroich said in the company statement.
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In February, HKICIM said it would sell two land parcels in Hong Kong to Henderson Land Development Co for HK$16 billion as the Chinese conglomerate ramps up asset disposals to address a liquidity crunch.
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Deleveraging among certain other retailers is likely to be slower than for Casino, as they have largely completed their main targeted asset disposals, so further deleveraging will come from operating turnarounds in their core markets.
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A board meeting on Wednesday will start preparing the bank's reply to an ECB letter which set deadlines for bad loan disposals and asked Carige to assess their impact on capital, Corriere della Sera reported.
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Any future use of debt would be for short periods only and paid back by the proceeds of disposals and realisations, a number of which were expected over the next 12-18 months, it said.
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The losses came despite a 2 percent bounce on mainland Chinese shares after a report that a selling ban on major institutional shareholders would remain in place until new rules on share disposals are published.
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"There were no London property disposals ... and letter weakness still needs to be offset with growth in the highly competitive parcels arena," Mike van Dulken, head of research at Accendo Markets, said in a note.
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Reacting to the frantic selling, Sasol said it would consider a potential equity issue, reduce costs, reschedule some capital expenditure, expand asset disposals in excess of the current $2 billion target and engage lending groups.
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Revenue was down 2.2 percent to 69.6 billion euros while net profit rose 13 percent to 3.17 billion euros thanks to capital gains on asset disposals, notably the sale of part of its grid unit RTE.
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Despite the lower production, Chalco's profits rose 23.4 percent year-on-year to 2003 million yuan ($2200 million), according to a Monday filing to the Hong Kong stock exchange, as asset disposals swelled its bottom line.
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Headline sales rose 20.9211 percent to 12.5 billion euros ($13.6 billion) in 2016/17, but increased by 5 percent on a comparable basis after stripping out the impact of disposals, including French e-commerce firm 3SI.
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Among initiatives to improve bad loan management, the bank said in a presentation slide it would set up an independent platform to make use of a recently approved government scheme to support disposals of bad debts.
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"We have already largely achieved our asset disposals target of $4-5 billion with a diverse and material pool of asset sales' processes also ongoing," Glencore's Chief Executive Ivan Glasenberg said in a statement on Wednesday.
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Dubai's index added 0.4 percent as Arabtec , the most heavily traded stock, surged 6.4 percent on the three-year recovery plan outlined by the loss-making company late last week, including disposals of non-core assets.
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It also sold its U.S. gas and power business for $22015 million, started a process to sell its oils liquids unit and announced plans for up to $1 billion of disposals over the next two years.
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Naspers said its e-commerce division which houses assets such as OLX narrowed its trading loss (at the EBITDA level) by 14%, or 13% in local currency and adjusted for acquisitions and disposals, to $556 million.
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LONDON/FRANKFURT (Reuters) - European travel group TUI is to sell its specialist adventure and education holiday brands to focus on its main mass market tourism business and plans to use proceeds from disposals for future growth.
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Glencore had earlier lifted its target for disposals by $1 billion to $4 billion-$5 billion and said it aimed to finalize the sale of a minority stake in its agriculture business in the second quarter.
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Takeda has sold off assets it sees as non-core or underperforming, with Chief Executive Christophe Weber saying on Tuesday he was open to further disposals as the drugmaker looks to shore up its stretched finances.
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"Moody's does not anticipate that GE will allocate a meaningful portion of any proceeds from planned asset disposals to debt reduction in the near term to help expedite the restoration of its credit metrics," Lipsch said.
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"Management continues to talk about progress in the portfolio rationalization process but, absent actual disposals and with more substantial exceptional charges, we expect skepticism to prevail" Gerald Khoo, an analyst at Liberum said in a note.
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In July, Enel said it expected ordinary core earnings this year to be around 15 billion euros, excluding items associated with one-off transactions such as acquisitions or disposals, against a previous target of 14.7 billion.
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That reflects caution among some investors about the ongoing challenge of the discounters and online players and the fact that Lewis has taken earnings out of the business through disposals such as the South Korean unit.
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"Ben said that post-Brexit, the disposals could take more than three years to complete," one source told Reuters, asking not to be identified because the event, hosted by Shell, was not open to the public.
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ROME, March 13 (Reuters) - Italy's government is studying measures worth in total 2.85 billion euros ($3.2 billion) to support a bank debt moratorium and ease disposals of problem loans, a draft decree seen by Reuters showed.
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The disposals include 10 gigawatts in the United States and two coal-fired power plants in Indonesia and India, and will reduce Engie's net debt by 5.5 billion euros ($6.1 billion), the company said in a statement.
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Both companies have declined to say how many forced store disposals would make the deal unattractive, but a source with knowledge of the two firms' thinking has told Reuters a figure "into the hundreds" could scupper it.
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L'Oreal's like-for-like sales, which strip out currency swings and acquisitions or disposals, rose 5.1 percent from a year earlier between July and September - an acceleration from the previous quarter and more than forecast by analysts.
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Mignanelli sees 10 billion euros in sales of bad loans backed by the state this year; Fabio Balbinot, head of bad loan manager Italfondiario, said disposals could reach 20 billion euros over the scheme's 18 month life.
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But excluding the impact of currency fluctuations, acquisitions and disposals, sales were flat, as increases in developing markets and in the hygiene business were not enough to offset declines in Europe and in the home products business.
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SoftBank has raised nearly 2 trillion yen in cash over the last few months through asset disposals, according to Son - including the sale of shares in China's Alibaba, unusual for a group that has rarely exited investments.
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Under pressure from regulators to clean up their balance sheets, several Italian banks have sold their debt recovery units - which carry with them lucrative multi-year servicing contracts - to cushion the loss from disposals of bad loans.
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MORE GLOOM TO FOLLOW IN 2019 Net sales in the 2019 fiscal year are expected to drop because of asset disposals, a weaker global economy and stronger competition in the markets it has presence in, Steinhoff said.
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Europe's second-biggest insurer, reported a 4 percent rise in net profit for the first half of 2016, boosted by proceeds from real estate disposals but held back by natural catastrophe costs and lower asset management revenue.
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Europe's second-biggest insurer reported a 4 percent rise in net profit for the first half of 2016, boosted by proceeds from real estate disposals but held back by natural catastrophe costs and lower asset management revenue.
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CEO Anders Colding Friis said that despite sales increasing 62 percent in China in local currency terms, like-for-like sales, which strip out currency swings and acquisitions or disposals, had "normalized" after strong double-digit growth.
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The current Recovery Rating does not tolerate any incremental amount of secured debt nor further asset disposals if the proceeds are not applied to gross debt reduction or reinvested in an asset of comparable value and quality.
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"He is a poker face, he needs a partner or additional disposals to pay for the plan," said Tommaso Iaquinta, a lawyer for boutique investment bank Livolsi-Iaquinta & Partners, which has invested in FCA in the past.
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Last month it reported higher-than-expected revenue growth for the third quarter, with like-for-like revenues, which strip out currency swings and acquisitions or disposals, growing 12 percent from a year earlier to €30.1 billion.
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Malta's Tourism Minister Konrad Mizzi said in a Facebook post late on Monday that the airline would include a 'golden share', a mechanism which usually means a government's consent is required for disposals, share issues or takeovers.
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Kering has evolved over the years from a consumer group that owned French retailers such as the Fnac and department store chain Printemps into a pure luxury firm, through a merry-go-round of acquisitions and disposals.
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The reduction in the stock of impaired loans at Popolare since end-2014 was achieved through a combination of loan disposals in the latter part of 2015, lower impaired loan formations and a persistent focus on recoveries.
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Cash generated from the sale will go towards bringing down the company's debt, which it reduced to 7.3 billion rand in 2016 from 12.8 billion rand, partly from the proceeds of disposals and customer pre-payment deals.
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Banco BPM was the worst hit after a downgrade to "neutral" by Goldman Sachs analysts, who said bad loan disposals remained key for the bank but foreign demand for distressed assets in Italy was now more uncertain.
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SocGen added it would book a one-off charge of 240 million euros ($2018.31 million) as a result of some disposals carried out, such as the sale of SocGen Serbia and its stake in La Banque Postale Financement.
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"The free cash flows generated by Casino's French operations fell well below Moody's previous expectations, limiting the company's ability to reduce its gross debt despite large asset disposals," said Vincent Gusdorf, the lead analyst for Casino at Moody's.
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The Berlin-based company that has built up a delivery network for 271,000 restaurants in more than 40 countries said 2016 sales rose 79 percent to 297 million euros, or 71 percent after accounting for disposals and acquisitions.
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That coverage ratio is set to fall back to 59 percent by 2019 due to bad loan sales as disposals will start with loans with the lowest residual value - and highest coverage - in an effort to minimise losses.
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The company also confirmed its 2018 earnings guidance for core earnings of 14.6 to 15.3 billion euros and cash flow that is slightly positive or close to balance, excluding investments in its Linky smart meters and asset disposals.
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BEIJING, April 21 (Reuters) - Aluminum Corp of China Ltd , known as Chalco, said on Monday its profits rose 26.7332 percent year-on-year in the first quarter as aluminium prices stabilised and asset disposals swelled its bottom line.
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Sainsbury's chief executive Mike Coupe was asked about the prospect of store disposals being insisted on as a condition of clearance when he appeared in front of the lower house of parliament's Environment, Food and Rural Affairs Committee.
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Steady growth in Latin America business volumes, where it makes 224 percent of its earnings, was not enough to offset charges of 21 million euros in Britain and Poland and other costs related to asset sales and disposals.
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LONDON, Feb 14 (Reuters) - British software firm Micro Focus International reported a better-than-expected 5.3 percent decline in pro-forma revenue for the year to end-October and said the trajectory, after disposals, would continue to improve.
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"The free cash flows generated by Casino's French operations fell well below Moody's previous expectations, limiting the company's ability to reduce its gross debt despite large asset disposals," Vincent Gusdorf, the lead analyst for Casino at Moody's, said.
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But Toshiba may also turn to the INCJ, which may buy its electrical-appliances operations, then perhaps seek to meld them with Sharp's white-goods businesses and those of Hitachi, another conglomerate that has revived itself through disposals.
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Henry said the company was making "significant progress" on another $5 billion of asset disposals, after two divestments worth $4.7 billion this week, including a large part of its North Sea portfolio sold to private-equity backed Chrysaor.
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In a securitisation deal, revenues expected from asset disposals are front-loaded by a vehicle that raises money on the market by issuing asset-backed notes and then repays investors who bought them as the assets get sold.
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Royal Dutch Shell will return to paying pure cash dividends and step up its investment in cleaner energy as it turns a corner after more than two years of cost cuts and disposals prompted by weak oil prices.
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The French-Swiss company expects full-year sales growth of 3 to 5 percent next year, down from the 4 to 6 percent rate targeted this year, after disposals of businesses and currency swings are taken into account.
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The airline forecast a reduction of between 0.8 percent and 1.2 percent in unit costs, "further significant net debt reduction" and free operating cash flow generation after disposals of between 0.6 billion and 1.0 billion euros in 2016.
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The French firm said like-for-like sales, which exclude currency swings and acquisitions or disposals, rose 5.5 percent from a year earlier, a touch above the 5 percent expected by analysts polled by Inquiry Financial for Reuters.
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Carige has said its business could be at risk if its capital plan, which includes a new share issue for up to 560 million euros and asset disposals in addition to the debt swap, does not go through.
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Barclays has been in the driving seat on several high profile chemicals transactions, advising Air Liquide on its purchase of Airgas in 2015 and also representing Evonik and Total on the recent disposals of their respective chemicals units.
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Under a 25 billion-euro economic package Italy approved to soften the blow of the virus crisis on the economy, Rome plans to spend 857 million euros to ease 20 billion euros in bad loans disposals this year.
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The bank has also announced the intention to IPO a minority stake in its asset management division over the next two years, as well as further asset disposals, which add flexibility to generate a further EUR2 billion capital.
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The lender, which in July launched a strategic review of all its assets under new CEO Jean Pierre Mustier, is also carrying out smaller disposals such as last month's 500 million euro sale of its card processing activities.
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On a pro forma basis, the bank said its fully-loaded ratio ended Q1 at 11.3 percent taking into account the sale of its real estate unit Solvia Servicios Inmobiliarios and disposals, such as portfolios of non-performing assets.
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Asked about disposals in the second half of the year, Enel CFO Alberto De Paoli said the group expected to wrap up the sale of renewable energy assets in Mexico and Brazil as well as coal and biomass operations.
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The so-called "fourth platform", unveiled in Barcelona ahead of the industry's largest annual trade fair, is Telefonica's answer to questions about its growth strategy after it cut its dividend and announced asset disposals to repay debt last year.
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Chinese conglomerate HNA on Wednesday said it had sold a majority stake in a Manhattan building in a $422 million deal, the latest in a slew of asset disposals undertaken by the group to ease an intensifying cash crunch.
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They rose 11 percent on a like-for-like basis, which strips out currency swings and the impact of acquisitions or disposals, beating analyst forecasts and marking an acceleration from the 9 percent growth notched up a quarter earlier.
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Olsen stuck to his goal of generating 3.5 billion francs in proceeds from divestitures in 2016 — including Indian plant disposals he now expects to announce in the second half — and added he has identified additional assets to be unloaded.
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Sources close to Britain's government say it has shelved plans to sell stakes in both banks for the rest of the year because market volatility has made it too difficult to judge whether disposals represent fair value for taxpayers.
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Despite the lower profit in the quarter, Societe Generale managed to raise its common equity tier 1 ratio to 12% from 11.5%, thanks to asset disposals and the payment of parts of its dividends in shares instead of cash.
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On Tuesday, Italy's biggest retail bank Intesa Sanpaolo pledged to halve its bad debts under a new four-year plan and smaller rival Banco BPM on Wednesday announced an additional 5 billion euros in bad loan disposals by 2020.
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Anglo's chief executive Mark Cutifani says the company no longer needs to make disposals to cut debts and can hang on to assets previously deemed non-core such as its large iron ore and coal mines in South Africa.
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SocGen added it would book a one-off charge of 240 million euros ($40 million) as a result of some disposals carried out, such as the sale of its Serbian unit and its stake in La Banque Postale Financement.
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Under a plan agreed with the European Central Bank (ECB) to gain a green light for the merger in 1.63, Banco BPM targeted a 21.6 percent soured loan ratio in 21 after 20.8147 billion euros ($9.8 billion) in disposals.
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The group posted revenue of 12.5 billion euros ($14.08 billion) in the period, up 16 percent as reported and rising 11 on a like-for-like basis, which strips out currency swings and the impact of acquisitions or disposals.
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For Shell, disposals of $228 billion in the fourth quarter helped shave $229.2 billion off its net debt and increase cashflow by 254 percent in the last three months of the year, Europe's largest oil and gas company said.
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And leveraged finance bankers indicate that supply in the euro loan market should pick-up in coming weeks, with large LBO auctions for the likes of Philips Lighting and the disposals from the Ball-Rexam merger nearing their denouement.
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Wetherspoon, which operates more than 900 pubs in Britain and Ireland, said it expects to incur non-cash losses of about 3 million pounds ($3.74 million) in the current fiscal year as a result of disposals of underperforming pubs.
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BERLIN (Reuters) - Deutsche Bahn must plug a financial hole running into the billions of euros through asset disposals because it cannot expect more state funding nor can it increase borrowing, according to an internal strategy document seen by Reuters.
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The bank forecast a core capital ratio of 12.5% in 2023 after a two percentage point hit from regulatory changes which it plans to offset with 1 billion euros in property disposals and sales of other non-core assets.
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This largely reflects some large, one-off disposals, including as part of state support provided to the sector this year, in addition to the lower (2%) rate of new NPLs reflecting economic recovery and a stabilisation in house prices.
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The deal follows Generali's recent accords to sell its businesses in Colombia and Panama as Europe's third-biggest insurer works to exit markets where it lacks scale with a view to raising at least 1 billion euros from disposals.
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AXA has made 3 billion euros ($3.31 billion) of net disposals since 25.617, and invested in high-growth markets such as China to keep revenues growing in the face of low interest rates in the United States and euro zone.
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AgBank's first-half bad debt write-offs of 38.3 billion yuan were only around 3 billion yuan less than in all of last year, and the bank's president Zhao Huan said it plans to increase disposals in the second-half.
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"H1 results are likely to be a positive catalyst for Rio, Anglo and Glencore in our view, and resilient prices have de-risked balance sheets, offering a platform for Anglo and Glencore to execute additional disposals," said JP Morgan's analysts.
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But it also includes OUR SMARTPHONES THEMSELVES, which have improved our ability to move around a city without a car by many multitudes, making them arguably the most important transportation tool that citizens of this country currently have at our disposals.
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GSK could do the deal through its joint venture, and in Reckitt's case, the home and hygiene business could be a fertile ground for disposals, especially since it now operates as a separate business from health, as of this year.
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Creditors of the company, led by its largest creditor China Development Bank (CDB), have formed a committee to review asset disposals, people familiar with the matter said this week, adding that the Shanghai government had taken the control of the firm.
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LVMH, home to labels like Louis Vuitton, Christian Dior and Moet & Chandon champagne, said like-for-like revenues, which strip out currency swings and acquisitions or disposals, grew 12 percent from a year earlier to 30.1 billion euros ($35.4 billion).
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A deep recession that ended in 2014 has saddled Italian banks with a pile of soured debt that peaked at around 360 billion euros in 2015-2016, before declining by more than 100 billion euros thanks mostly to large disposals.
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But Shell has come out fighting by reassuring investors that cost savings from job cuts and asset disposals, tied with the benefits of combining the groups' liquified natural gas (LNG) trading units make the deal an attractive long-term play.
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The French-Swiss company expects full-year sales growth of 25 percent to 20223 percent next year, a slowdown from the 22022 percent to 21 percent targeted for this year, after disposals of businesses and currency swings are taken into account.
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FRANKFURT, Sept 15 (Reuters) - Rocket Internet's Global Fashion Group (GFG) reported net revenue rose 36.6 percent on an adjusted, constant-currency basis in the first half of 13, as operating losses nearly halved, excluding disposals in India and Southeast Asia.
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"Based on recent M&A in the chemical sector we believe this discount is appropriate reflecting the value leakage from disposals asked for by regulators and the time to closing," said UBS analysts led by Geoff Haire in a note.
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Market participants now expect the remaining 1.75bn to be rolled into the new Atlante 2 fund and put towards helping MPS shed 10bn in bad loans, after European regulators asked Italy's third-largest lender to speed up its NPL disposals.
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Large Italian banks stand to profit the most, as the provisions voted by the EU parliament are retroactive and would concern massive disposals carried out from November 23, 2016 for five years after the entry into force of the new rules.
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The plan was unveiled on Sunday in Barcelona ahead of Mobile World Congress, the industry's largest annual trade fair, ending months of speculation over Telefonica's growth strategy after it cut its dividend and announced asset disposals to repay debt last year.
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It is difficult to imagine a robot with the broad range of problem solving, general purpose knowledge and dexterity necessary to be a facility superintendent: fixing broken garbage disposals and broken toilets, maintaining the boiler, replacing a leaky pipe, etc.
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After a lull in dealmaking, due to low interest rates reducing the prices insurers might attract for their assets, Cowdery is back with his fourth venture - Resolution Life Group (RLG) - aiming to profit from an expected fresh wave of disposals.
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Fitch therefore views the strategic options still available to the group with regard to asset disposals to bolster liquidity as underpinning the 'CCC' rating; however, failure to raise such proceeds would put pressure on liquidity and ratings in the short-term.
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While the three banks that have reported earnings so far appear to have stemmed the growth in soured debt after a jump in disposals, lenders are taking steps to ramp up defences against an expected growth in NPLs this year.
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If Cade orders asset disposals from the companies, authorities must see to it that the buyer is a relevant player in the biotech, seed production and crop defense segments, said attorney Rachel Mendonça, a partner at Mendonça e Nogueira Advogados.
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We think Barclays' planned business disposals, most notably the sale of its African and selected investment banking, wealth and credit card businesses, will improve capital ratios, but only once regulatory deconsolidation is achieved, which we do not expect before 2033.
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LVMH said late on Wednesday that revenues rose 16 percent to 12.5 billion euros ($14.10 billion), up 11 percent on a like-for-like basis, which strips out currency swings and the impact of acquisitions or disposals, and beating analyst forecasts.
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"He bulged with sincerity," the sheriff told The Tucson Daily Citizen at the time, noting that Pat Paddock, who sold garbage disposals during the week, volunteered for the local search-and-rescue team and counseled wayward youths in his spare time.
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The Cold War battle for the heavens soon yielded a billion-dollar-a-year "space industry," with lucrative government contracts showered on businesses large and small — from giant aircraft companies like Lockheed to Waste King, a maker of garbage disposals.
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The company, which is also trying to lower its debt, said it would look to sell some assets in the UK and Spain, though it was holding off on British disposals while Brexit-related uncertainty was seriously impacting investor sentiment.
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The maker of Remy Martin cognac and Cointreau liqueur posted a 1.3% fall in sales to 300.7 million euros ($334.50 million) for the July to September period, down 4% at constant exchange rates and excluding the effect of acquisitions or disposals.
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But the German-American CEO, who has conducted more than 12.893 transactions and reviews affecting 212.89% of group sales since taking charge in 212.36, said portfolio management had been "a bit heavy on disposals and a bit light on acquisitions" recently.
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But the German-American CEO, who has conducted more than 12.893 transactions and reviews affecting 212.89% of group sales since taking charge in 212.36, said portfolio management had been "a bit heavy on disposals and a bit light on acquisitions" recently.
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A flurry of disposals has allowed Italian banks to halve the overall stock of gross bad credit on their balance sheets to 230 billion euros by June last year, from 360 billion euros at the peak of the crisis in 2015.
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Jefferies also said investors have been somewhat unnerved by the disposals ArcelorMittal has had to make to buy Ilva, given the joint crude capacity of the plants it is selling is roughly equal to Ilva's near 7 million ton annual production.
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HONG KONG, Jan 9 (Reuters) - Chinese conglomerate HNA Group on Wednesday said it had sold a majority stake in a Manhattan building, the latest in a slew of asset disposals undertaken by the group to ease an intensifying cash crunch.
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The sale of the trio of businesses will lower expected 2019 underlying sales by about 50 million euros ($55 million) but increase underlying operating profit by about 40 million euros, the company said without disclosing further detail on the planned disposals.
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PARIS, Nov 25 (Reuters) - French property group Icade said on Monday it had raised its net current cash flow guidance for 2019, and was now expecting a stable group net current cash flow this year, including the impact of disposals.
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It was not immediately clear what role Beijing-based Cinda is playing in HNA's asset disposals, but at the meeting, Cinda told HNA it stood ready to help, according to an internal memo sent to HNA staff and reviewed by Reuters.
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Takeda has promised to bring the net debt of the enlarged group down to two times EBITDA within three to five years, from 4-5 times when the deal closes, and believes it can do this without significant disposals or shareholder dilution.
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"H1 results are likely to be a positive catalyst for Rio, Anglo and Glencore in our view, and resilient prices have de-risked balance sheets, offering a platform for Anglo and Glencore to execute additional disposals," JP Morgan analysts said in a note.
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"The business rescue practitioners believe that the disposals to be undertaken will be in the best interests of the company and shareholders as, if not completed, the company will be unable to meet its financial commitments," the company said in the statement.
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Earlier this month, Reuters reported that China Development Bank was leading a team to supervise HNA's asset disposals as the heavily indebted conglomerate unwinds a $50 billion acquisition spree and scales back to a point that will leave it holding only core assets.
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FCA's share price has jumped more than 30 percent this year on a bullish outlook for the auto sector, Jeep growth expectations and speculation that Marchionne's final year at the helm could prompt strategic deals such as spin-offs, technology alliances and disposals.
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Nonetheless those disposals will only lead to a modest reduction in leverage as the company is still to pay GBP220 for the final part of its Irish acquisition and the Grand Central purchase in early 2016 (GBP175m following the use of external capital).
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PARIS, March 8 (Reuters) - The head of French media group Lagardere on Thursday did not rule out selling magazine brand Elle as the company looks at disposals, but dismissed the possible sale of its weekly newspaper Paris Match and radio Europe 1.
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The company has said it is on track to hit its 3.5 billion Swiss franc ($3.63 billion) asset sale goal this year with disposals including in Saudi Arabia, South Korea and India, with a "substantial amount" of divestments slated for 2017, too.
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Analysts say that Cutifani deserves credit for driving efficiency but some remain critical of a decision to halt debt-reducing asset disposals, even though this helped the company to benefit from the upturn in prices for commodities such as iron ore and coal.
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A banker in the Gulf who does business with the QIA told Reuters he understood the disposals were due to portfolio adjustments and assets presenting attractive profit opportunities, rather than the result of any scramble to raise money for use within Qatar.
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The ECB, which directly supervises larger Italian banks since November 2014, has made cutting bad loans a priority and banks need to preserve their capital to be able to weather the impact of disposals which are normally carried out at a loss.
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The stock jumped more than 20 percent last week on a bullish outlook for the auto sector and media speculation that Chief Executive Sergio Marchionne's final year at the helm could prompt strategic deals such as spin-offs, technology alliances and disposals.
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Link REIT, which owns assets in Hong Kong, Beijing, Shanghai and Guangzhou as of end-March, is expected to take in net gains of about HK$7.39 billion from the disposals, it said in a filing to the Hong Kong stock exchange.
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In China, GSK's business is still struggling, with sales down 28 percent in the first quarter, due to disposals of some products and lower prices, but Witty said he expected GSK to return to growth in China in the second half of 2016.
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The group said it is eying 1-1.5 billion euros in proceeds from disposals in the three-year period which will be used to fund 0.13-2 billion in growth investments, adding it expects 200 million of savings by the end of 2020.
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"With no sign retail pressure is easing and full disposals proving hard to achieve there is little we believe management can do to ease pain in the near term making an equity raise more likely," Liberum analysts said, calling it an "awful H1".
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HONG KONG/BEIJING (Reuters) - China Development Bank (CDB) is leading a team to supervise HNA Group's asset disposals as the heavily indebted conglomerate scales back operations to a point that will leave it holding only core assets, people familiar with the situation said.
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Mustier also said bad loan disposals would accelerate in the remainder of the year and confirmed UniCredit was working on changes to its group structure to improve its resilience to macroeconomic shocks, adding the lender would remain listed and headquartered in Italy.
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The group's total return - the change in the valuation of the portfolio, plus profits on disposals, plus any income from the portfolio and foreign exchange impact, minus the costs of the business - fell to 655 million pounds in the six months to Sept.
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Despite massive disposals in recent years, Monte dei Paschi still needs to cut its problem loans to attract potential buyers, making it easier for the government to re-privatise it by the end of 2021 as agreed at the time of its bailout.
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First-half revenue growth appeared to decelerate compared to the first quarter of 2017, when it reported year-to-year growth of 90 percent, although like-for-like comparisons are made difficult by the company's frequent purchases and disposals in certain markets.
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Disposals include control of the Radisson hotel group; a quarter stake in Hilton Hotels; prime property in New York, Sydney, Shanghai, San Francisco and Hong Kong; regional Chinese airlines; a stake in aircraft lessor Avolon; and half of its stake in Deutsche Bank.
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FRANKFURT, May 18 (Reuters) - South African retailer Steinhoff, which has been embroiled in an accounting scandal, said its first-half retail revenues rose 1 percent but it still posted a net loss due among others to restructuring costs and losses on asset disposals.
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LONDON, May 5 (Reuters) - Net written premiums at insurer RSA fell 1 percent in the first quarter from a year earlier as a result of disposals, it said on Thursday, though operating profits for the quarter were strong and ahead of expectations.
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These would compound a number of other factors dragging on net sales, including asset disposals, a weaker global economy and increased competition, its CEO Louis du Preez said in message from management in the 22019-page 20183 annual report posted on its website.
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In recent years, groups that have reshaped their portfolios through spin-offs and sales have outperformed peers in terms of share price development, Goldman Sachs said in a study last year, a trend which helped asset disposals in Europe reach their highest level since 2007.
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In the last 15 years, the total amount of land under federal ownership has declined by 23.5 million acres, though most of this has been in the form of land disposals in Alaska and reductions in DOD land, according to the Congressional Research Service.
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"However, we think disposals on this scale are unlikely in the near term and the potential downgrades would probably be limited to one notch," said Fitch, adding that change of control clauses in company's debt documentation would make a change in majority shareholder difficult.
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KEY ASSUMPTIONS - Moderate Fitch-adjusted revenue growth in 2017-2018 - Fitch-adjusted EBITDA margins of over 20% in 2017-0003 (2016: 24%) - No dividends from Husky Energy in 2017-2018 - Dividend pay-out ratio of 30%-40% in 2017-2018 - No major acquisitions or disposals.
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As well as disposals, Hammerson's overhaul includes a share buyback of as much as 300 million pounds, a target to save at least 7 million pounds in costs a year, and the decision to postpone a plan to extend London's Brent Cross shopping center.
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The disposals follow StanChart's decision in late 2016 to exit the principal finance business, which invests the bank's and its clients' money, as part of a broader strategic shift under Chief Executive Bill Winters to focus more on serving the bank's corporate and individual customers.
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Several sources said up to two thirds of a further 112 billion euros in 'unlikely to pay' UTP loans valued by banks at around 66 percent of their face value would have to be classed as insolvent and heavily written down to facilitate disposals.
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Under a proposal adopted by the economic affairs committee of the European Parliament last Tuesday, EU banks that carry out "massive disposals" of non-performing loans, covering at least 15 percent of all defaulted debt, would be allowed to set aside less capital against losses.
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Importantly, without cash generation from asset disposals, we expect operational cash generation will be insufficient to cover the interest payments of GBP55 million and repay the GBP40 million term loan due in December 0003, leading to liquidity shortfall by the end of the year.
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Banco BPM CEO Giuseppe Castagna told analysts the bank now planned to sell 13 billion euros in bad debts by mid-2018, tapping a guarantee scheme provided by the Italian state to help disposals, and the remaining 3 billion euros by the end of 2019.
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"Whilst we continue to target cash collections, reduce costs, execute disposals and focus on delivering for our customers, it is clear that significant challenges remain and more needs to be done to reduce net debt and rebuild the balance sheet," Interim CEO Keith Cochrane said.
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East, who has been at the helm for a year, repeated he did not expect Rolls-Royce to undertake any large-scale disposals, but that the company would instead look to reduce the number of products it makes in its marine and power systems units.
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Rivera said the Treasury estimated the cost of the guarantee to be around 0.90 percentage points a year on the amount of debt guaranteed for the first three years - after which it is set to rise to encourage banks to speed up the disposals.
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According to a court filing, Carnival released food waste and plastic into the ocean, failed to accurately record waste disposals, created false training records, and secretly examined ships to fix environmental-compliance issues before third-party inspections without reporting its findings to the inspectors.
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FRANKFURT, June 2 (Reuters) - Industrial gases groups Praxair and Linde have agreed a limit to the volume of disposals they are prepared to make to satisfy anti-trust regulators as they seek to merge their companies, Praxair told analysts on a call on Friday.
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Wednesday's pledge to buy back shares includes a $2 billion programme that will run until the end of 2019, which CEO Ivan Glasenberg said will be topped up "as market conditions support", using a targeted $1 billion of non-core asset disposals this year.
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Sasol said will accelerate and expand its asset disposal programme, seek a potential partner at Sasol's U.S Base Chemicals assets, and a potential rights issue, which has been underwritten on a standby basis, subject to the progress made on cash conservation initiatives and asset disposals.
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Sasol said will accelerate and expand its asset disposal programme, seek a potential partner at Sasols U.S Base Chemicals assets, and a potential rights issue, which has been underwritten on a standby basis, subject to the progress made on cash conservation initiatives and asset disposals.
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An environmental-compliance inspector found Carnival had released food waste and plastic into the ocean, failed to accurately record waste disposals, created false training records, and secretly examined ships to fix environmental-compliance issues before third-party inspections without reporting its findings to the inspectors.
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MILAN, Dec 30 (Reuters) - Italian state-owned lender Monte dei Paschi di Siena said on Monday it had completed three disposals of impaired loans for around 1.8 billion euros ($2 billion), surpassing a goal set in its restructuring plan two years ahead of time.
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"Together with the disposals of the non-core assets and the Belgium assets of Italcementi we have exceeded our 1 billion euro target on disposal proceeds and thereby further improved the net financial position of HeidelbergCement," Chief Executive Bernd Scheifele said in a statement.
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"On its own, no I don't think what they've announced is enough to meaningfully close the gap," said a top 20 Hammerson shareholder, adding that the company's plan was "in the right direction" but "could have been a bit bolder" and included more disposals.
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