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☆ Turkey's Hepsiburada to prioritise profitability, customer retention -CEO
▼ + stars: | 2023-03-23 | by ( ) www.reuters.com time to read: +2 min

March 23 (Reuters) - Turkey's only listed e-commerce platform Hepsiburada (HEPS.O) will prioritise profitability over rapid growth and step up efforts to retain customers who are being hit by soaring inflation. "My mandate here is to improve profitability", new Hepsiburada CEO Nilhan Onal Gokcetekin told reporters late on Wednesday. Gokcetekin said the path to improved profitability began with retaining customers through a company loyalty programme. However, Hepsiburada's net loss widened to 2.9 billion lira ($152 million) in 2022 from 2 billion lira a year earlier, while earnings before interest, tax, depreciation and amortisation (EBITDA) narrowed to a loss of 2.6 billion from a 3.7 billion loss in 2021. That compares with a 7 million lira EBITDA loss in the last quarter of 2022.

☆ Syngenta 4Q profit falls as raw material prices increase
▼ + stars: | 2023-03-22 | by ( ) www.reuters.com time to read: +1 min

ZURICH, March 22 (Reuters) - Swiss agrichemicals and seeds group Syngenta on Wednesday reported a 25% drop in fourth quarter earnings due to higher raw materials and energy costs. Sales rose 4% to $7.5 billion boosted by strong growth in its seeds business. "As previously indicated, farmers accelerated their purchases earlier in the year due to supply concerns, moderating fourth quarter growth," the company said. "The group continued to maintain higher prices necessary to offset elevated raw material and other costs," it added. The parent company plans to keep a majority stake after its $10 billion flotation, which is expected to value Syngenta at around $50 billion.

HONG KONG, March 17 (Reuters) - Chinese private equity firm DCP Capital aims to sell its Singaporean portfolio firm MFS Technology, which makes flexible printed circuit boards, for at least $550 million, two people with knowledge of the matter told Reuters. The sale is targeting primarily financial sponsors, but also strategic buyers, according to the two sources and a separate person with knowledge of the transaction. BDA Partners and Jefferies are advising DCP on the sale, the sources said. The Chinese firm bought a controlling stake in MFS in 2018 from Navis Capital Partners and Novo Tellus Capital Partners for an undisclosed amount. Reporting by Kane Wu in Hong Kong and Yantoultra Ngui in Singapore; Additional reporting by Julie Zhu in Hong Kong; Editing by Kenneth MaxwellOur Standards: The Thomson Reuters Trust Principles.

LONDON, March 3 (Reuters) - European buyout houses Montagu Private Equity and Astorg Partners are preparing to hang the "for sale" sign on their UK insurance software investments, hoping to woo insurers and fellow private capital funds with their technology. Acturis, Astorg and Open GI did not respond to requests for comment. It last attempted to sell the business in 2018 and has since strived to transform it into a software-as-a-service (SaaS) platform, which could attract fellow private equity funds with existing investments in the insurance industry, sources said. Open GI could be worth up to 12 times its expected core earnings of more than 30 million pounds ($35.96 million) expected for 2023, two sources said. Revenue rose to 111.9 million pounds from 102.4 million pounds the previous year, as the company added new brokers and insurers to its eponymous SaaS platform.

☆ AB InBev beats profit expectations despite selling less beer
▼ + stars: | 2023-03-02 | by ( ) www.reuters.com time to read: +1 min

BRUSSELS, March 2 (Reuters) - Anheuser-Busch InBev (ABI.BR), the world's largest brewer, expanded its profit by slightly more than expected in the fourth-quarter despite selling less beer, notably in North America and Asia. However, it more than compensated for the decline with higher prices. The company's core profit - earnings before interest, tax, depreciation and amortisation - rose 7.6% on a like-for-like basis to $4.95 billion, above the 7.1% gain expected by analysts in a company-compiled poll. The Belgium-based company said that core profit would grow in 2023 in line with its medium-term outlook range of 4% to 8%, with revenue expanding at a higher rate than profit. Reporting by Philip Blenkinsop; Editing by Sudip Kar-Gupta and Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

☆ AB InBev upbeat on 'resilient' beer, China recovery
▼ + stars: | 2023-03-02 | by ( Philip Blenkinsop | ) www.reuters.com time to read: +3 min

AB InBev's sales and earnings declined in China due to a strict zero COVID policy that was suddenly dropped in December. In the United States, AB InBev's largest market, profit and revenue increased, largely because of price increases, although those same increases, along with harsh winter weather in December, cut into beer sales in volume terms. REUTERS/Toby Melville 1 2Brewers have raised beer prices in response to higher energy and raw materials costs, and both Heineken (HEIN.AS) and Carlsberg (CARLb.CO) have warned of reduced beer consumption in Europe because of the increases. For the whole year, core profit growth was 7.2%. AB InBev also increased its full-year dividend to a proposed 0.75 euros from 0.50 euros in each of the past two years.

☆ Just Eat Takeaway swings to small 2022 core profit, sees better 2023
▼ + stars: | 2023-03-01 | by ( ) www.reuters.com time to read: +2 min

AMSTERDAM, March 1 (Reuters) - Just Eat Takeaway.com (TKWY.AS), Europe's largest meals delivery company, swung to a small 2022 core profit on Wednesday and said it was targeting 225 million euros of core profit this year. Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) in 2022 stood at 19 million euros ($20.13 million), compared with a loss of 350 million euros in 2021. Jefferies said in a note that Wednesday's report showed most of the company's EBITDA, 313 million euros worth, came from Northern Europe. Revenue was 5.56 billion euros, up from 4.50 billion euros a year earlier, and net loss was 5.67 billion euros, up from a loss of 1.04 billion euros. The company ended the year with just over 2 billion euros in cash.

BARCELONA, Feb 28 (Reuters) - Spanish pharmaceutical company Grifols' (GRLS.MC) shares fell around 10% in afternoon trading after its 2023 outlook disappointed analysts, who were looking for a better recovery in margins. Grifols reported on Tuesday that net profit rose 10% to 208 million euros ($220.19 million). Total revenues rose 23% to 6 billion euros ($6.38 billion), with over half generated in the United States and Canada. JPMorgan said the progress on EBITDA margin recovery in 2023 may be a little slower than the market had hoped. Grifols announced earlier this month it would lay off 8.5% of its workforce seeking annual savings of around 400 million euros.

☆ Bayer braces for falling profits in challenge for new CEO
▼ + stars: | 2023-02-28 | by ( Ludwig Burger | ) www.reuters.com time to read: +3 min

Bayer said in a statement that earnings before interest, taxes, depreciation and amortisation (EBITDA), adjusted for special items, would likely be between 12.5 billion euros and 13 billion euros ($13.2 billion - $13.8 billion) this year, excluding the effect of currency swings. Bayer said this month it would replace its CEO early, recruiting former Roche (ROG.S) executive Bill Anderson, amid demands by some investors that Bayer should simplify its diversified structure and split into separate groups. A $6.4 billion provision remained on the balance sheet for glyphosate payouts, the larger of the two legal burdens. So Bayer should really not be on the buy list of many investors at the moment," said Molnar. Bayer saw herbicide sales jump 44% in 2022 after hurricane Ida damaged rival producers and constrained Chinese suppliers failed to plug the gap.

☆ Bayer sees lower 2023 operating profit on cost inflation
▼ + stars: | 2023-02-28 | by ( Ludwig Burger | ) www.reuters.com time to read: +2 min

FRANKFURT, Feb 28 (Reuters) - Agriculture and healthcare company Bayer (BAYGn.DE) said operating earnings would likely decline in 2023, hurt by higher costs and the reversal of last year's price boost for its glyphosate-based weedkillers. In a statement on Tuesday, Bayer said earnings before interest, taxes, depreciation and amortisation (EBITDA), adjusted for special items, would likely be between 12.5 billion euros ($13.23 billion) and 13 billion euros this year, excluding the effect of currency swings. In his last presentation of the company's quarterly results, Chief Executive Werner Baumann said the company is active in the right areas of business. For 2023, "the company anticipates lower prices for agricultural herbicides as well as for some of its established pharmaceutical products," Bayer said, also citing high inflation-driven cost increases. ($1 = 0.9447 euros)Additional reporting by Patricia Weiss Editing by Friederike Heine, Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

☆ Spain's Fluidra sees sales, profitability down in 2023 after net fell in 2022
▼ + stars: | 2023-02-27 | by ( ) www.reuters.com time to read: +1 min

BARCELONA, Feb 27 (Reuters) - Spain's Fluidra (FLUI.MC) said on Monday it expects sales and profitability to fall this year after rising interest rates and lower demand for swimming pools in the last quarter weighed on its business in 2022. Fluidra's net profit fell 37% to 160 million euros ($168.51 million) in 2022, while earnings before interest, taxes, depreciation, and amortisation (EBITDA) dropped 6.8% to 512 million euros due to "inflationary pressures", it said. Its net profit was below Refinitiv's forecast of 189 million euros, while its EBITDA was slightly above. Sales in 2022 grew 9.2% in 2022, but were 13% lower in the last quarter compared with the same period in 2021. Fluidra expects its 2023 sales to fall to between 2 billion euros and 2.2 billion euros and EBITDA to fall to between 410 million euros and 480 million euros.

Under the deal, Nexi will buy 80% of Paycomet, Sabadell's payments subsidiary, for 280 million euros, with the Spanish lender retaining a 20% stake for at least three years. The business that handles shopowners' payments is a source of stable income for banks, but the need for hefty investments has prompted an increasing number of banks to dispose of all or part of their payments operations. With the deal, Nexi will come to handle transactions worth around 48 billion euros for more than 380,000 Spanish shopowners, adding around 30 million euros of core profit based on 2023 data, it said. The sale is at an enterprise value for the unit of 11.5 times earnings before interest, tax, depreciation and amortisation. Rothschild and Jefferies were financial advisers to Nexi which also worked with BCG, KPMG and Allen & Overy.

☆ Hotel group Accor beats profit estimates on strong December activity
▼ + stars: | 2023-02-23 | by ( ) www.reuters.com time to read: +1 min

Feb 23 (Reuters) - Europe's biggest hotel group Accor (ACCP.PA) on Thursday reported annual core profit ahead of market expectations and its own guidance, citing "very good" activity in December. Boosted by demand for shorter trips, European hotel chains have seen bookings recover to levels comparable to those in 2019 before the COVID-19 pandemic grounded international flights. The group, which runs chains such as Sofitel, Pullman and Ibis, posted earnings before interest, taxes, depreciation and amortisation (EBITDA) of 675 million euros ($716.72 million) for 2022, above its outlook range of 610 million to 640 million euros. Analysts on average had forecast EBITDA of 640.3 million euros in a Refinitiv poll. Accor's revenue per available room (RevPAR), a key gauge of performance for the hotel industry, came 2% above the 2019 pre-pandemic level.

☆ Telekom reports Q4 growth, forecasts slightly higher earnings in 2023
▼ + stars: | 2023-02-23 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Feb 23 (Reuters) - Deutsche Telekom's (DTEGn.DE) fourth-quarter earnings came in slightly above consensus on Thursday as the German telecomms operator issued guidance for slightly higher earnings this year. Adjusted earnings before interest, tax, depreciation and amortisation after leases (EBITDA AL) stood at 9.96 billion euros ($10.58 billion) for the quarter, beating consensus estimates of 9.9 billion euros in a poll of analysts published by the company. The telecoms operator's quarterly revenue increased by 4.0% to 29.8 billion euros, below consensus estimates of 30.0 billion euros. For the full year 2022, Telekom reported revenue of 114.4 billion euros, up 6.1% from the previous year, and EBITDA AL of 40.2 billion euros, up 7.7%. The group said it now expected adjusted EBITDA AL of more than 40.8 billion euros in the 2023 financial year.

☆ Son of former Qatari PM bids for Manchester United
▼ + stars: | 2023-02-17 | by ( Anirban Sen | ) www.reuters.com time to read: +3 min

[1/2] Soccer Football - Premier League - Manchester United v West Ham United - Old Trafford, Manchester, Britain - July 22, 2020 General view of the corner flag inside the stadium before the match, as play resumes behind closed doors following the outbreak of the coronavirus disease (COVID-19) Martin Rickett/Pool via REUTERS. Feb 17 (Reuters) - Sheikh Jassim Bin Hamad Al Thani, a son of Qatar’s former prime minister, on Friday launched a bid to buy Premier League soccer club Manchester United, whose American owners launched a formal sale process late last year. A deal for United is expected to shatter records for the sale of a sports business. Sheikh Jassim is the son of Sheikh Hamad bin Jassim bin Jaber Al Thani, who is one of the richest men in the Gulf state. However, Qatari state investors, who own a stake in French champions Paris Saint-Germain, could face challenges structuring a takeover of Manchester United, as rules forbid two clubs with the same owner taking part in the lucrative Champions League.

☆ African online retailer Jumia's Q4 losses narrow on cost savings
▼ + stars: | 2023-02-16 | by ( ) www.reuters.com time to read: +1 min

JOHANNESBURG, Feb 16 (Reuters) - African e-commerce firm Jumia Technologies said on Thursday that cost savings had helped it reduce fourth quarter losses by 30% from a year earlier, with a further sharp drop expected this year. The group cut more than 900 jobs in the fourth quarter and also significantly reduced its presence in Dubai, relocating most of its remaining staff to its African offices. "We expect these headcount reductions to allow us to save over 30% in monthly staff costs starting from March 2023, as compared to the October 2022 staff cost baseline," Jumia said. It also significantly reduced its sales and advertising expenditure, by 41% year on year. Reporting by Nqobile Dludla; Editing by Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

Manchester United, INEOS, Tesla and Musk did not reply to requests for comment. "For potential buyers, football clubs like Manchester United are considered trophy assets driven by the perception of exclusivity. The size of that bid has fuelled speculation Manchester United will attract significantly more. Manchester United is the fourth richest soccer club in the world, according to analysis by Deloitte. A small portion of Manchester United shares is listed on the New York Stock Exchange.

☆ Bavarian Nordic to buy travel vaccine portfolio for up to $380 mln
▼ + stars: | 2023-02-15 | by ( ) www.reuters.com time to read: +1 min

Feb 15 (Reuters) - Danish pharmaceuticals company Bavarian Nordic (BAVA.CO) has agreed to buy a portfolio of travel vaccines from Emergent BioSolutions Inc (EBS.N) for up to $380 million, it said on Wednesday after delivering an upbeat outlook for 2023. The company said it would acquire a typhoid fever vaccine, one against cholera and a Chikungunya virus treatment that is in Phase III trials. Bavarian Nordics makes the only approved mpox vaccine and started receiving massive orders last year as the virus became a global issue. The company expects 2023 revenue of about 6 billion Danish crowns ($863 million) against the 3.15 billion crowns in preliminary 2022 results, with 4.4 billion crowns coming from mpox and smallpox vaccined contracts alone. Earnings before interest, tax, depreciation and amortisation (EBITDA) are expected to reach 2.2 billion crowns this year, up from 329 million crowns in the preliminary results for 2022.

☆ Glencore declares $7.1 bln payout to shareholders after record 2022
▼ + stars: | 2023-02-15 | by ( ) www.reuters.com time to read: +2 min

SummarySummary Companies Adjusted EBITDA up 60% to record $34.1 billionMetals and fossil fuels trading profit up 73% to record highLONDON, Feb 15 (Reuters) - Glencore (GLEN.L) announced a payout of $7.1 billion to its investors on Wednesday, including a $1.5 billion share buyback, as strong oil and coal prices helped it post a record 2022 profit. Its adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) rose 60% to a record $34.1 billion, smashing a previous best of $21.3 billion a year earlier, in line with analysts' estimates. Profit on metals and fossil fuels trading hit a record $6.4 billion in 2022, up 73%, though analysts see a repeat of that performance this year or next as unlikely. "COVID, supply chain disruptions and the power crisis in Asia/Europe has created exceptional opportunities for Marketing," UBS analysts said in a note. Reporting by Clara Denina, Helen Reid, Muhammed Husain; editing by Subhranshu Sahu and Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

The planned listing will end a prolonged hiatus in initial public offerings (IPO) on Spain's main market since renewables company Opdenergy's (OPDE.MC) lackluster debut in July. EiDF Solar, which installs solar panels, currently trades on the junior market of the BME Exchange and plans to relist its shares on the senior stock market, known as Mercado Continuo. The group must place more shares with investors to meet a 25% minimum free-float requirement for the country's main market. Shares in EiDF, one of the most actively traded stocks on BME Growth, have rocketed since its stock market debut in 2021. It posted third-quarter 2022 revenues of 315.54 million euros, up from 30.55 million euros the previous year, and earnings before interest, tax, depreciation and amortisation (EBITDA) of 46.86 million euros, up from 7.10 million euros.

☆ Improving Italian business cushions TIM's profit decline
▼ + stars: | 2023-02-14 | by ( Elvira Pollina | ) www.reuters.com time to read: +2 min

Italy's biggest phone group said earnings before interest, tax, depreciation and amortisation (EBITDA) including lease costs fell 10.6% to 5 billion euros in the 12 months to Dec. 31. That compares with a "low-teens" decrease targeted by TIM and was in line with an average analyst forecast of 4.988 billion euros, according to a company-provided consensus. Total group service revenue rose by 1.3% to 14.6 billion euros, exceeding analysts expectations for a rise of 0.6% and the company's target for a 'low single digit decrease'. Net financial debt stood at 25.4 billion euros as of Dec. 31, up by 3.2 billion euros from the year before. TIM is expected later on Tuesday to issue an update of its business plan for 2023-2025, including new financial targets.

☆ Delivery Hero ramps up interest payments to raise 1 bln euro convertible bond
▼ + stars: | 2023-02-13 | by ( Pablo Mayo Cerqueiro | ) www.reuters.com time to read: +2 min

Feb 13 (Reuters) - Germany's Delivery Hero (DHER.DE) is offering investors significantly higher interest payments than it has done historically to raise 1 billion euros ($1.07 billion) through a new seven-year convertible bond announced on Monday. Though Delivery Hero is a recurrent issuer of equity-linked securities, the deal illustrates a trend among listed European firms choosing to refinance debt through convertible bonds as an alternative to straight-up equity or debt. However, despite rising interest rates, the industrials firm was able to secure cheaper terms than Delivery Hero, an international food-delivery service. Rheinmetall's bonds, due in 2028 and 2030, pay interest of 1.88% and 2.25%, respectively. Alongside the convertible bond sale, the banks on the deal are placing up to 300 million euros worth of existing shares on behalf of convertible bond investors as a hedging manoeuvre.

☆ Portugal's Galp posts record profit in 2022 on soaring oil prices, wider refining margins
▼ + stars: | 2023-02-13 | by ( ) www.reuters.com time to read: +2 min

Companies Galp Energia SGPS SA FollowLISBON, Feb 13 (Reuters) - Portuguese oil and gas company Galp Energia (GALP.LS) on Monday reported a record adjusted net profit for 2022, due to soaring oil prices and wider refining margins in the fourth quarter. Galp said its adjusted profit almost doubled to 881 million euros ($940.03 million), surpassing the previous record of 707 million euros set in 2018. Its fourth-quarter bottom line more than doubled to 273 million euros, compared with 130 million euros a year earlier. The average forecast of 20 analysts polled by the company was 225 million euros. Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) rose 48% to 951 million euros in the fourth quarter, in line with the average forecast.

☆ Australia's Star Entertainment sees up to $1.1 bln hit from tax change; shares plunge
▼ + stars: | 2023-02-12 | by ( Savyata Mishra | ) www.reuters.com time to read: +2 min

Star Entertainment said it would incur remediation costs of about A$20 million during the six months ended Dec. 31, 2022, as it attempts to "improve compliance processes as the group seeks to return to licence suitability". Star Entertainment shares slumped almost 11% to A$1.67 in early trading. The casino operator on Monday also announced a number of initiatives, including loyalty benefits and pricing actions, to respond to competition in Sydney, where its bigger rival Crown Resorts operates. The initiatives would likely contribute about A$40 million on an annualised basis to the operating performance, Star Entertainment said. It expects underlying earnings before interest, taxes, depreciation and amortisation within A$195 million to A$205 million in its first-half results.

☆ Australia's Star Entertainment sees up to $1.1 billion hit from tax change; shares plunge
▼ + stars: | 2023-02-12 | by ( Savyata Mishra | ) www.reuters.com time to read: +2 min

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