Assa Abloy AB FY 2015 Return on Assets higher to 12.3 (2014 : 10.6)

Financiële Ratio's Assa Abloy AB

Source : EuropeanMarkets

Comments by the President and CEO

“The third quarter and the first nine months continued very strongly for ASSA ABLOY, with a rise in sales of 19% for the quarter and totaling 21% for the first nine months of the year,” says Johan Molin, President and CEO. “Operating income grew very satisfactorily by a full 19% for the quarter and a total of 22% for the 9-month period.
“Organic growth for the quarter was 3%, with the mature markets in the USA, the Pacific and Europe continuing their strong growth. However, Global Technologies showed a weak development during the quarter because of delayed projects on the Government ID side and in Biometry. In Asia, the market downturn in China continued at the same time as other markets in the region showed strong growth.
“ASSA ABLOY’s leadership in the field of innovation was recognized once again at ASIS, the USA’s largest security exhibition, where four first prizes were won for innovation. The areas where ASSA ABLOY has been particularly successful include physical access and identity; energy-efficient locks; electromechanical locks; and on-line connected digital door locks for the private residential market. All these areas have great potential for the future, with energy-efficient solutions advancing especially strongly.
“Nergeco, which is the market leader in high-speed doors in the French market and with a strong position in southern Europe in general, was acquired during the quarter. Some further minor acquisitions were made during the quarter. One company acquired was Pickersgill Kaye in the UK, which complements the Group in the high-security lock segment.
“Operating income rose by a full 19% during the quarter. The organic growth of 3% resulted in a good underlying growth in the operating margin, to which continued efficiency improvements contributed especially strongly. However, the margin was unchanged this quarter, being affected by negative exchange-rate effects as well as the normal dilution due to acquisitions.
“My judgment is that the global economic trend remains weak. Although America is showing a positive trend, Europe and many of the Emerging Markets are stagnating. However, our strategy of expanding on the Emerging Markets remains unchanged, since in the long term they are expected to achieve very good economic growth. We are also continuing our investments in new products, especially in the growth area of electromechanics.”

First nine months of the year

Sales for the part-year period totaled SEK 49,799 M (40,996), representing an increase of 21%. Organic growth was 4% (3). Acquired units contributed 3% (10). Exchange-rate effects had a positive impact of SEK 5,561 M on sales, that is 14% (3), compared with the corresponding period of 2014. Operating income before depreciation and amortization, EBITDA, for the part-year period amounted to SEK 9,106 M (7,430). The corresponding margin was 18.3% (18.1). The Group’s operating income, EBIT, amounted to SEK 8,041 M (6,575), which was an increase of 22%. The corresponding EBIT operating margin was 16.1% (16.0).
Earnings per share for the part-year period amounted to SEK 5.02 (4.09), a rise of 23%. Operating cash flow totaled SEK 5,327 M (4,769).

Long-term outlook

Long term, ASSA ABLOY expects an increase in security-driven demand. Focus on end-user value and innovation as well as leverage on ASSA ABLOY's strong position will accelerate growth and increase profitability.

Organic sales growth is expected to continue at a good rate. The operating margin (EBIT) and operating cash flow are expected to develop well.

Source : Press Release Assa Abloy AB, Stockholm (Sweden) 20 October 2015

SKF B FY 2015 Return on Assets lower to 9.3 (2014 : 9.6)

Financiële Ratio's SKF B

Source : EuropeanMarkets

Alrik Danielson, President and CEO:

“The expected weakening of market demand that we flagged for in July materialised and gathered pace during the quarter, especially in Asia and North America. As a result, sales in local currency declined by 5%. Production rates were reduced during the quarter and inventories were kept under control. Our financial performance was impacted by the lower sales volumes.

Agreements have been reached with almost all of the 1 500 white-collar staff that is part of our cost reduction programme. Given current market conditions, these actions alone are, however, not sufficient and we will continue our cost reduction activities across the Group.

In Europe, we saw growth in the railway sector but significantly weaker demand in both the energy and metals sectors. In North America and Asia, overall industrial demand was significantly lower, with the exception of the energy sector in Asia, which saw significant growth.

Our automotive business grew in line with overall market development in Europe but not in North America.

The Automotive Market profit improvement programme is progressing, with a more detailed update to be presented at our upcoming Capital Markets Day.

Divestments of non-core businesses continued, with the sale of Canfield Technologies. The proceeds are being used to strengthen the balance sheet and to be reinvested in our core business.

Entering the fourth quarter, we expect the macro-economic uncertainty to continue and as a consequence we expect demand in the fourth quarter to be slightly lower sequentially and lower year-over-year. We are adjusting our production levels accordingly.”

Outlook for the fourth quarter 2015

Demand compared to the fourth quarter 2014
The demand for SKF’s products and services is expected to be lower for the Group where demand for the Auto motive Market is expected to be relatively unchanged, while demand for the Specialty Business is expected to be slightly lower and demand for the Industrial Market is expected to be lower. Split by markets, demand is expected to be relatively unchanged in Europe and Latin America and significantly lower in North America and Asia.

Demand compared to the third quarter 2015

The demand for SKF’s products and services is expected to be slightly lower for the Group where demand for the Industrial Market and the Automotive Market is expected to be slightly lower while demand for the Specialty Business is expected to be relatively unchanged. Split by markets, demand is expected to be relatively unchanged in Europe and slightly lower in North America, Latin America and Asia.


Source : Press Release SKF B Nine-month report 2015, Gothenburg (Sweden) 16 October 2015

Grifols SA FY 2015 Return on Assets slightly higher to 10.3 (2014 : 10.2)

Financial Ratio's Grifols SA

Source : EuropeanMarkets

Financial highlights

Grifols’ EBITDA to September 2015 reached Euros 856.8 million, a rise of +11.3% compared to the figure of Euros 769.8 million reported for the same period of 2014.
The EBITDA margin reached 29.8% of revenue. Margins were primarily affected by the competitive intravenous immunoglobulin market in the United States, that has not deteriorated during the third quarter; by the decrease of royalties income from the transfusion diagnostics unit; and by the simultaneous operation of two fractionation plants at Clayton (North Carolina, United States) while all production is gradually transferred to the new plant.

The geographic mix of revenues and a slight increase in the cost of plasma related to the opening of new plasma collection centers have been offset by the improvement in production and operational efficiencies obtained in the group's plants.
To September 2015, EBIT has risen by +13.7% to Euros 718.0 million, a figure that represents 25.0% of revenue.
Financial expenditure has declined by -2.3%, or -16.5% when exchange rate effects are excluded.

The net profit attributable to the group has risen by +18.5% to the third quarter and reached Euros 401.6 million, representing 14.0% of revenue.

Source : Financial Results Grifols, Barcelona (Spain), November 4, 2015

Técnicas Reunidas SA FY 2015 Return on Assets slightly higher to 6.7 (2014 : 6.5)

Financiële Ratio's Técnicas Reunidas SA

Source : EuropeanMarkets

Financial highlights

• At the end of September 2015, Tecnicas Reunidas’ backlog reached a new high of € 9,977 million, 14%, higher than the 9M 2014, due to a strong order intake. The main contract added to the order book during the 3Q 2015 was the Al Zour refinery project for KNPC in Kuwait.
• After the end of the third quarter, the company signed its first engineering and procurement contract (EP) for Sasol in the US and the ADOC upstream project in Abu Dhabi, to be included in the 4Q 2015 backlog.
• In 9M 2015, revenues grew by 31% to € 3,006 million, as a result of the backlog execution.
• Following sales growth, EBITDA and EBIT grew by 27.0% respectively, to € 159 million and € 148 million. In the 9M 2015, operating margins were slightly lower than the year before.
• Net profit went up 16% to € 115 million, despite a higher tax rate and a smaller financial income.
• Net cash position decreased to € 348 million at the end of September 2015. This is due to the combination of lower downpayments in the recent awarded projects and longer payment milestones in certain large projects under execution.

Outlook

Oil price "lower for longer"
Capex reduction depending on clients and geographies
Clients adapting to oil price scenario's
- longer payment terms
- efficiency plans

Source : 9M 2015 Financial Results Técnicas Reunidas SA, 16th of November 2015

MARR SpA FY 2015 Return on Assets lower to 8.1 (2014 : 10.7)

Financiële Ratio's Marr SpA

Source : EuropeanMarkets


At the end of third quarter the increase in revenues and profits in the first nine months of the year confirmed:

Total consolidated revenues of 1,152.7 million Euros (1,118.1 in 2014)
Consolidated EBITDA of 88.0 million Euros (84.6 in 2014)
Consolidated EBIT of 75.5 million Euros (72.6 in 2014)
​Net consolidated result of 48.9 million Euros (43.6 in 2014) benefitting from a non-recurrent income of 1.7 million

Outlook

In a market context which in the last few months has shown a gradual improvement, also benefitting from favourable conditions such as the EXPO event and the good performance during the summer season, on the basis of the results of the first nine months, the management team confirms its objectives for the end of the business year: increase in market share, maintaining the profit levels achieved and keeping the absorption of the net trade working capital under control.


Source : Press Release Marr SpA, Rimini (Italy), 13 November 2015

European Stocks Performance per Sector 2015 YTD

Yara International ASA FY 2015 Return on Assets higher to 12.7 (2014 : 9.2)

Financiële Ratio's Yara International ASA

Source : EuropeanMarkets

Yara’s third-quarter net income after non-controlling interests was NOK 4,004 million, compared with NOK 1,707 million a year earlier. Excluding net foreign exchange gain/(loss) and special items, the result was NOK 2,038 million, compared with NOK 2,105 million in third quarter 2014. The corresponding earnings per share were NOK 7.41 compared with NOK 7.62 a year earlier.
“Yara reports a strong third-quarter result with increased deliveries reflecting recent acquisitions in Latin America,” said Svein Tore Holsether, President and Chief Executive Officer of Yara.

“I am pleased to see continued growth in our premium product deliveries during the quarter, with the strongest growth in overseas markets,” said Svein Tore Holsether.

Outlook

Despite a third consecutive strong grain harvest globally, the US Depart- ment of Agriculture projects global grain stocks to decline somewhat,
as consumption continues to grow. The global farm margin outlook and incentives for fertilizer application remain supportive overall, especially for key crop exporting regions such as Europe and Latin America where local currencies have depreciated relative to the US dollar.
Chinese urea production and export costs are likely to remain the main ref- erence point for global nitrogen pricing going forward, given the record vol- umes exported over the last year. Recently recorded fob prices around USD 250 per tonne are likely close to a break-even level for marginal Chinese producers, but continued fluctuations can be expected also going forward due to both seasonality and variability in different plants’ cost bases.
The European season has started well, with third-quarter nitrate deliver- ies and industry stocks at normal levels. European nitrate premiums are today close to the average for the last years.

3i Group plc FY 2015 Return on Assets lower to 12.2 (2014 : 14.3)

Financiële Ratio's 3i Group plc

Source : EuropeanMarkets


Simon Borrows, 3i’s Chief Executive, commented: 

“We have completed another solid half year with each business making important progress. The macro and market environment has clearly deteriorated over the course of this year and the steps we have taken since 2012 to create a more resilient business are proving their value.
We are enjoying good momentum across 3i and anticipate that the current environment will, over time, create attractive opportunities and we have the people, financial resources and agility to take advantage of them.”

Another solid half year with each business making important progress

Good progression in NAV per share to 401 pence, after the payment of the 14 pence final FY2015 dividend
Strong performance in the Private Equity portfolio underpinned by continued earnings momentum in our key assets
Productive first half for Private Equity with selective investment of £208 million and realised proceeds of £307 million
Infrastructure had a good first half, advising 3i Infrastructure plc on three new investments and contributing a special dividend of £51 million and cash income of £25 million to 3i
Debt Management assets under management now £7.5 billion as the team raised £0.8 billion of new assets from one new CLO in Europe and one new CLO in the US and launched the Global Income Fund
Efficient operating platform supported operating cash profit of £17 million
Well funded balance sheet with net debt of only £12 million 
Interim dividend of 6.0 pence per share and expect to pay a full year dividend of at least 15 pence per share


Source : Financial News 3i Group plc, 12 November 2015

easyJet plc FY 2014/15 Return on Assets higher to 14.3 (2014 : 13.0)

Financiële Ratio's easyJet plc [UPDATE]

Source : EuropeanMarkets

Commenting on the results, Carolyn McCall, easyJet Chief Executive said:

“Our outlook for the longer term is positive. We expect demand in our markets to be sustained and for easyJet to continue to be a winner in its markets. We will see passenger growth of 7% a year, sustaining margins through rigorous cost control and the benefit of fleet up-gauging, resulting in positive profit momentum. We remain totally focused on our network advantage, digital leadership and offering our customers great low fares and service. We continue to invest in profitable growth, ensuring our digital advantage and giving our customer good value fares.”

Overview

This has been another year of record profits and delivering our strategy for easyJet. We carried an additional 4 million passengers to reach 68.6 million passengers; we grew revenue to £4,686 million; and we increased profit before tax for the fifth successive year to a record £686 million. Return on capital employed increased to 22.2%, another record for the Company.

Our markets are strong, with favourable economic and consumer trends. Our core leisure customer is part of a market that is growing strongly every year as people take more holidays and city breaks, complemented by a business travel market that prizes both flexibility and value.
easyJet has positioned its network and product to capitalise on these trends and has delivered again during the year. Our business model and strategy are continuing to drive profitable growth and increasing annual returns to shareholders.

In particular:
. Revenue increased by 3.5% to £4,686 million, with passenger volumes increasing by 6% and revenue per seat by 1.5% on a constant currency basis to £64.28, offset by currency headwinds.
. Our passengers continue to be attracted by our model of having convenient airports and flights, available at good value. We finished the year strongly with record load factors in both July and August driving revenue per seat up by 3.2% in constant currency in the fourth quarter.
. Load factor for the full year grew by 0.9 percentage points to 91.5% demonstrating strong demand in a competitive environment.
. We increased yield and revenue throughout the year with our market-leading digital platform driving and fulfilling demand, supported by our best-in-class Revenue Management System.

Freni Brembo SpA FY 2015 Return on Assets higher to 14.7 (2014 : 11.9)

Financiële Ratio's Freni Brembo SpA

Source : EuropeanMarkets

Chairman Alberto Bombassei: 

“We are very satisfied with the results we have achieved and confident about the closing months of the year. In terms of geographical distribution, it is important to highlight that a significant contribution to the results for the first nine months of the year came from non-European markets such as North America - where Brembo is constantly growing and the United States have now solidly become the largest market of reference for the Group - and Asia, where Brembo reported an ongoing rise in India, Japan and China. With regards to the following periods, we are consciously prudent, also in light of the recent events in the German car market. I believe that the impact on the Italian components market of the events regarding the largest European automotive group can be significant yet not dramatic. For Brembo in particular, we can reasonably expect the possible consequences to be modest, considering that our products are targeted to a premium market.”

Third quarter highlights

Brembo Group’s net consolidated revenues for the third quarter of 2015 amounted to €510.2 million, up 16.3% compared to the same period of the previous year.

EBITDA for Q3 2015 amounted to €91.9 million (18.0% of revenues), up by 39.9% compared to the same period of 2014.
Amortisation, depreciation and impairment losses amounted to €28.8 million, increasing by 16.9% due to the sizeable investments of the previous periods.
EBIT amounted to €63.1 million (EBIT margin: 12.4%), up 53.7% compared to Q3 2014.

Cumulative results year to 30 September 2015

In the nine month-period ended at 30 September 2015, net consolidated revenues of the Brembo Group amounted to €1,549.1 million, up 15.6%. On a like-for-like exchange rate basis, revenues increased by 9.3%.
EBITDA for the period amounted to €266.8 million (EBITDA margin: 17.2%), up by 28.4% compared to the same period of 2014.
EBIT amounted to €184.4 million (EBIT margin: 11.9%), up 37.1% compared to the first nine months of 2014.

The period ended with a net profit of €132.1 million, up 40.0% compared to €94.4 million for the same period of the previous year.

Outlook

Order book projections confirm that revenues and margins will show a good growth for the remainder of the year.

Source : Press Release Freni Brembo SpA, Stezzano (Italy), 12 November 2015

European Stocks Performance per Sector 2015 YTD