Sunday, August 24, 2014

Week in Review 34/14




Welcome and thanks for reading! After a couple of weeks break (vacation), I will continue to post my week in review. I will gather together important and interesting news and events over the last weeks related to my portfolio holdings. In my week review, I put also together some interesting articles from other websites that caught my attention during the past week.

Dividends from My Portfolio Holdings:

  • On August 12 I received a distribution of € 37.68 from Global X SuperDividend ETF.
  • On August 14 I received a distribution of € 74.55 from Alerian MLP ETF.
  • On August 18 I received a dividend of € 42.05 from Kinder Morgan Inc.
  • On August 18 I received a dividend of € 15.13 from American Realty.


Dividend income reported after the deduction of taxes. I have also updated my Monthly Dividend sheet.

Transactions of My Portfolio:

  • On August 18, 2014 I bought 20 shares of McDonald's Corporation. (More here)
  • On August 22, 2014 I bought 30 shares of Royal Bank of Canada. (I will write a post in the next week)

 
News from My Portfolio Holdings:

Neste Oil Corporation: August 5, 2014, Interim Report January-June 2014 (More here)

Second quarter:

  • Comparable operating profit totaled EUR 85 million (Q2/2013: EUR 88 million)
  • Total refining margin was USD 8.35 /bbl (Q2/2013: USD 8.82/bbl)
  • Renewable Products' reference margin was USD 214/ton (Q2/2013: USD 346/ton)
  • Renewable Products' additional margin was USD 155/ton (Q2/2013: USD 88/ton)
  • Net cash from operations totaled EUR 219 million (Q2/2013: EUR 312 million)

January-June:

  • Comparable operating profit totaled EUR 140 million (1-6/2013: EUR 223 million)
  • Return on average capital employed (ROACE) was 10.6% over the last 12 months (2013: 11.8%)
  • Leverage ratio was 36.1% as of the end of June (31.12.2013: 30.0%)
  • Comparable earnings per share: EUR 0.31 (1-6/2013: EUR 0.56)

UPM: August 5, 2014, Interim Report January-June 2014 (More here)

Q2 2014 compared with Q2 2013

  • Earnings per share excluding special items were EUR 0.26 (0.20), and reported EUR 0.25 (0.22)
  • Operating profit excluding special items increased to EUR 186 million, 7.6% of sales (138 million, 5.5% of sales), due to the successful profit improvement programme
  • EBITDA was EUR 298 million, 12.2% of sales (258 million, 10.2% of sales)
  • The Lappeenranta renewable diesel refinery started its testing and commissioning process; the UPM Fray Bentos pulp mill received an increased production permit
  • 94% of the targeted annualised EUR 200 million cost savings achieved in Q2 2014

Q1–Q2 2014 compared with Q1–Q2 2013

  • Earnings per share excluding special items were EUR 0.53 (0.38), and reported EUR 0.61 (0.31)
  • Operating profit excluding special items increased to EUR 382 million, 7.8% of sales (282 million, 5.6% of sales), due to the successful profit improvement programme
  • EBITDA was EUR 611 million, 12.4% of sales (542 million, 10.9% of sales)
  • Growth projects progressed in UPM Biorefining, UPM Paper Asia and UPM Raflatac
  • Strong operating cash flow at EUR 479 million (187 million), net debt decreased to EUR 2,925 million

Oriflame: August 14, 2014, Interim Report January-June 2014 (More here)

3 months ended 30 June 2014

  • Local currency sales decreased by 1% and Euro sales decreased by 14% to €310.4m (€359.7m). There was a slight positive timing effect in the quarter that will be reversed in the third quarter.
  • Number of active consultants decreased by 7% to 3.2m impacted by weak demand in some of the main markets in Europe and CIS.
  • EBITDA amounted to €32.8m (€42.2m).
  • Adjusted operating margin was 8.1% (9.6%), negatively impacted by approximately 400 bps from currency movements, partly offset by hedging and positive price/mix effects as well as cost reductions ahead of plan, resulting in an adjusted operating profit of €25.3m (€34.5m).
  • Adjusted net profit amounted to €12.1m (€19.9m) and adjusted EPS amounted to €0.22 (€0.36) impacted by extraordinary tax costs of €3.3m.
  • Cash flow from operating activities amounted to €12.0m (€29.3m).
  • Given the continued uncertain geopolitical situation the Board proposes no dividend payment in Q4.
  • Trading update: The year to date sales development is approximately -2% in local currency and the development in the third quarter to date is approximately -4% in local currency.

6 months ended 30 June 2014

  • Local currency sales decreased by 2% and Euro sales decreased by 14% to €637.6m (€741.0m).
  • EBITDA amounted to €62.2m (€87.4m).
  • Adjusted operating margin was 7.6% (9.8%), negatively impacted by approximately 400 bps from currency movements, partly offset by hedging and positive price/mix effects as well as cost reductions ahead of plan, resulting in an adjusted operating profit of €48.3m (€72.5m).
  • Adjusted net profit amounted to €24.0m (€47.9m) and adjusted EPS amounted to €0.43 (€0.86).
  • Cash flow from operating activities amounted to €28.9m (€57.7m).

Neste Oil Corporation: August 18, 2014

  • Neste Oil's Porvoo refinery to see reduced production following damage to the site's hydrogen plant (More here)

Target Corporation: August 20, 2014, Second Quarter 2014 Results (More here)

  • Adjusted EPS of $0.78 and GAAP EPS of $0.37, Consistent with August 5 Update
  • Target’s digital sales, including flexible fulfillment, grew more than 30 percent in the second quarter, approximately double the industry growth rate.
  • Second quarter U.S. Segment transactions declined 1.3 percent, an improvement of one percentage point compared with the first quarter.
  • Canadian Segment sales increased 63.1 percent to $449 million from $275 million last year. Second quarter GAAP EPS reflects an accrual for what the Company believes to be the vast majority of actual and potential claims related to the December 2013 data breach.
  • In second quarter 2014, Target paid dividends of $272 million, an increase of 18 percent from $231 million last year. In June, the Board of Directors increased the quarterly dividend 21 percent from 43 cents to 52 cents per share, beginning with the dividend payable on September 10, 2014.  

Prosafe SE: August 21, 2014, Second Quarter 2014 Results (More here

  • Net financial costs were reduced to USD 9.2 million (USD 12.5 million). This change is mainly due to an unrealised gain on the NOK bond loans, which was partly offset by a change in fair value of currency forwards.
  • Net profit amounted to USD 42.1 million (USD 54.9 million), corresponding to diluted earnings per share of USD 0.18 (USD 0.24).
  • Total assets at 30 June amounted to USD 1 689.9 million (USD 1 502.9 million), while the book equity ratio declined to 41 per cent (44 per cent). Net interest-bearing debt stood at USD 799 million (USD 651 million).
  • On 20 August 2014 the Board of Directors resolved to declare an interim dividend equivalent to USD 0.16 per share to shareholders of record as of 29 August 2014. The shares will trade ex-dividend on 27 August 2014. The dividend will be paid in the form of NOK 0.98 per share on 10 September 2014.
  • In light of the acknowledged weakened mid term market the Board of Directors will consider temporary reductions in dividend payments. 

Altria Group, Inc. August 21, 2014
  • Altria Increases Quarterly Dividend by 8.3% to $0.52 per Common Share (More here)
 
NCC AB: August 21, 2014 
  • NCC has been commissioned by the project development company Bricks to construct 150 apartments in the new Frederiks Plads area in Aarhus, Denmark. The order is worth SEK 285 million. (More here)

Articles that caught my attention: 


I wish all readers a nice next week.

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