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Andritzis develops production systems and industrial process solutions for standard and specialized products. Co. maintains five business areas. Pulp and Paper provides technology and services for production of various grades of pulp and fiber for the manufacture of paper, board and tissue. Metals develops and manufactures plants for the production of cold-rolled carbon steel, stainless steel, and non-ferrous metals strip. Environment and Process provides products and services for mechanical and thermal solid or liquid separation. Feed and Biofuel develops and produces equipment for production of feed. Hydro supplies turnkey electromechanical equipment and services for hydro power plants.
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Andritz's 2Q results improved on all lines but for order intake and beat our ambitious as well as consensus expectations by quite a margin. The beat was based on improving Pulp&Paper and Separation earnings while Metals did not fare as bad as we thought and Hydro disappointed. Management returned to giving guidance for the current fiscal year and expects sales slightly down yoy from a 2019 revenue of EUR 6,674 mn and a flat EBITA margin (2019: 5.1%) after restructuring cost. Excluding restructuring we calculate a margin around 6% assuming a mid to high double-digit EUR mn expense, which would ...
◾AT: Andritz - 2Q 20 results way above expectations, new 2020 guidance: sales slightly down, EBITA margin at ~5% (positive) ◾AT: Erste Group - Higher COR in 2Q, but strong operating result and capital (positive) ◾FR: Verallia - Not immune but 2Q solid, FY guidance in line with RCBe (neutral) ◾PL: mBank - 2Q 20 conference call notes (neutral) ◾RO: Transgaz - The regulator set Transgaz's regulated revenue for transit pipeline 2 for the next gas year at roughly half last year's total transit revenue (neutral) ◾RU: Novatek - 2020e capex to be cut by additional 15%, with no impact on LNG investment...
Company Events: (* preview included in the Equity Weekly) Friday, 31/07/2020 AT: Andritz, 2Q Earnings Release* AT: DO & CO, AGM AT: Erste Group, 2Q Earnings Release* HR: Valamar Riviera, 2Q Earnings Release* AT: Zumtobel, Dividend Payment (EUR 0.10) Monday,03/08/2020 RO: BRD-GSG, 2Q Earnings Release* HU: Gedeon Richter, 2Q Earnings Release* CZ: Komercni Banka, 2Q Earnings Release* Tuesday, 04/08/2020 AT: AT&S, 1Q Earnings Release* Wednesday, 05/08/2020 PL: Bank Pekao SA, 2Q Earnings Release* PL: Kety, 2Q Earnings Release AT: Lenzing, 2Q Earnings Release* HU: Magyar Telekom, 2Q Earnings...
ECGS notes that as a result of the Covid-19 pandemic the AGM will be held as an electronic meeting only. Consequently, it will not be possible to attend the AGM in person. In general, Prosus is in compliance with the Dutch regulations relating to the organization and procedures of the AGM. Under ITEM 2 an advisory vote on the Company’s executive remuneration report is requested. ECGS notes that the total variable salary granted in the year under review, corresponding to 1062% of annual base salary, exceeds the maximum threshold under its guidelines. Accordingly, ECGS recommends to vote OPPOS...
The general meeting is convened to approve a sale of Direct Energy, Centricans North American energy supply, services and trading business, to NRG Energy for $3.625 billion in cash (equivalent to approximately £2.85 billion) on a debt free, cash free basis. We agree that the proposed cash offer is reasonable considering the current market circumstances and the group’s needs in urgent action in light of the Covid-19 impact on earnings and unbearable indebtedness. The disposal of Direct Energy will simplify the group’s structure and will allow focusing on a new strategy enabling the transition t...
Le rapport spécial des commissaires aux comptes ne comporte aucune convention, ni nouvelle, ni ancienne. L'absence de conventions au rapport spécial est, sauf opéra on non signalée aux commissaires aux comptes, le signe d'une bonne autonomie du projet de l'entreprise et d'une meilleure intégrité économique du groupe, surtout pour un groupe familial (résolution 4). Proxinvest estime que le taux d'indépendance du Conseil est très insuﬃsant (23%). Notons toutefois qu'André Delion, membre libre de conﬂits d'intérêts potentiels, assure désormais la présidence du Conseil depuis le 22 août 2019.Quan...
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