Week in Review 6/15

Welcome and thanks for reading! In this review, I will gather together important and interesting news and events over the last week 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 February 2 I received a dividend of € 19.65 from Toronto-Dominion Bank.
• On February 2 I received a dividend of € 77.29 from AT&T Inc.

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

News from My Portfolio Holdings:

UPM-Kymmene Corporation: February 3, 2015, Fourth Quarter and Full Year 2014 Results (More here)

October−December 2014

• Earnings per share excluding special items were EUR 0.32 (0.27), and reported EUR 0.01 (0.06)
• Operating profit excluding special items increased to EUR 230 million, 9.1% of sales (207 million, 8.0% of sales)
• UPM announced a new profit improvement programme, targeting annualised EUR 150 million impact by the end of 2015
• Net debt decreased to the record-low level of EUR 2,401 million (3,040 million)
• The UPM Lappeenranta Biorefinery started commercial production of advanced renewable diesel in January 2015 

January−December 2014

• Earnings per share excluding special items were EUR 1.17 (0.91), and reported EUR 0.96 (0.63)
• Operating profit excluding special items increased to EUR 847 million, 8.6% of sales (683 million, 6.8% of sales), due to the success of the EUR 200 million profit improvement programme
• Growth projects in pulp, labelling materials and self-adhesive labels proceeded well and will be completed during 2015
• Operating cash flow was strong at EUR 1,241 million (735 million)
• The Board proposes an increased dividend of EUR 0.70 (0.60) per share 

Gjensidige: February 4, 2015, Fourth Quarter and Full Year 2014 Results (More here)

October−December 2014 

Group:

• Profit/loss before tax expense: NOK 1,159.0 million (1,283.1)
• Profit per share: NOK 1.93 (2.27)

General Insurance:

• Earned premiums: NOK 5,214.4 million (4,766.3)
• Underwriting result: NOK 807.2 million (375.7)
• Combined ratio: 84.5 (92.1)
• Cost ratio: 15.3 (15.2)
• Financial result: NOK 367.3 million (877.6)

January−December 2014

Group:

• Profit/loss before tax expense: NOK 5,399.6 million (4,574.1)
• Profit per share: NOK 8.38 (7.34)

General Insurance:

• Earned premiums: NOK 20,386.8 million (18,736.9)
• Underwriting result: NOK 2,862.3 million (2,019.6)
• Combined ratio: 86.0 (89.2)
• Cost ratio: 15.0 (15.3)
• Financial result: NOK 2,426.3 million (2,480.9)

Proposed dividend:

• Proposed dividend: NOK 2,950 million (8,400)
• Proposed dividend per share: NOK 5.90 (16.80)

Neste Oil Corporation: February 4, 2015, Fourth Quarter and Full Year 2014 Results (More here)

October−December 2014

• Comparable operating profit totaled EUR 254 million (Q4/2013: EUR 163 million)
• Total refining margin was USD 11.43/bbl (Q4/2013: USD 9.53/bbl)
• Renewable Products' comparable operating profit was EUR 141 million (Q4/2013: EUR 94 million), including EUR 89 million from US Blender's Tax Credit 2014
• Net cash from operations was EUR 351 million (Q4/2013: EUR 629 million) 

January−December 2014

• Comparable operating profit totaled EUR 583 million (2013: EUR 596 million)
• Total refining margin was USD 9.83/bbl (2013: USD 9.60/bbl)
• Renewable Products' comparable sales margin was USD 278/ton (2013: USD 328/ton)
• Net cash from operations totaled EUR 248 million (2013: EUR 839 million)
• Return on average capital employed (ROACE) was 10.1% (2013: 11.7%)
• Leverage ratio was 37.9% as of the end of December (31.12.2013: 30.0%)
• Comparable earnings per share was EUR 1.60 (2013: EUR 1.89)
• The Board of Directors will propose a dividend of EUR 0.65 per share (2013: 0.65), totaling EUR 166 million (2013: EUR 167 million).  

Fortum Corporation: February 4, 2015, Fourth Quarter and Full Year 2014 Results (More here)

October−December 2014

• Comparable operating profit EUR 436 (423) million, +3%
• Operating profit EUR 650 (507) million, of which EUR 213 (83) million relates to items affecting comparability and sales gains; mainly from the divestment of Gasum shares
• Earnings per share EUR 0.64 (0.52), +23%, of which EUR 0.25 (0.07) per share relates to items affecting comparability and sales gains; mainly from the divestment  of Gasum shares
• Cash flow from operating activities totalled EUR 452 (398) million, +14%
• Efficiency programme 2013-2014 successfully finalised
• Fortum announced its plans to increase its hydro portfolio by 60% through the restructuring of its Russian TGC-1 ownership. Subject to successful restructuring of TGC-1, Fortum is ready to take a minority stake in the Finnish Fennovoima nuclear project

January−December 2014

• Comparable operating profit EUR 1,351 (1,403) million, -4%
• Operating profit EUR 3,428 (1,508) million, of which EUR 2,077 (106) million relates to items affecting comparability, i.e. mainly to the divestment of the electricity distribution business in Finland
• Earnings per share EUR 3.55 (1.36), +161%, of which EUR 2.36 (0.10) per share relates to items affecting comparability. The main effect relates to the divestment of the Finnish electricity distribution business, totalling EUR 2.08 per share
• Efficiency programme 2013-2014 successfully finalised
• Divestments of the Finnish and Norwegian electricity distribution businesses finalised
• Cash flow from operating activities totalled EUR 1,762 (1,548) million, +14%
• Fortum’s Board proposes a dividend of EUR 1.10 per share, and in addition extra dividend of EUR 0.20 per share

Orion Corporation: February 4, 2015, Fourth Quarter and Full Year 2014 Results (More here)

• Net sales EUR 1,015 million (EUR 1,007 million in 2013).
• Operating profit was EUR 272 (268) million.
• Profit before taxes was EUR 268 (264) million.
• Equity ratio was 52% (54%).
• ROCE before taxes was 37% (39%).
• ROE after taxes was 41% (40%).
• Basic earnings per share were EUR 1.50 (1.46).
• Cash flow per share before financial items was EUR 1.72 (1.02).
• Board's proposal for dividend per share is EUR 1.30 (1.25).
• A dividend distribution target of distributing an annual dividend that in the next few years will be at least EUR 1.20 per share and increasing the dividend in the long term has been added to Orion's financial objectives.
• Orion estimates that in 2015 net sales will be slightly lower than in 2014. Operating profit is estimated to exceed EUR 200 million.

TeliaSonera, Tele2: February 5, 2015

• TeliaSonera gets approval of Tele2 acquisition in Norway (More here)
• Tele2 receives clearance to sell its Norwegian operations to TeliaSonera (More here)

Pfizer Inc. February 5, 2015

• Pfizer to Acquire Hospira (More here)

 

Philip Morris International: February 5, 2015, Fourth Quarter and Full Year 2014 Results (More here)

October−December 2014

• Reported diluted earnings per share of $1.03, down by $0.21 or 16.9% versus $1.24 in 2013
• Adjusted diluted earnings per share of $1.03, down by $0.34 or 24.8% versus $1.37 in 2013
• Cigarette shipment volume of 214.9 billion units, down by 3.8% excluding acquisitions
• Reported net revenues, excluding excise taxes, of $7.2 billion, down by 7.6%
• Reported operating companies income of $2.6 billion, down by 18.9%
• Adjusted operating companies income, reflecting the items detailed in the attached Schedule 11, of $2.7 billion, down by 24.9%
• Reported operating income of $2.5 billion, down by 20.6%
• Repurchased 9.3 million shares of the company's common stock for $800 million

January−December 2014

• Reported diluted earnings per share of $4.76, down by $0.50 or 9.5% versus $5.26 in 2013
• Adjusted diluted earnings per share of $5.02, down by $0.38 or 7.0% versus $5.40 in 2013
• Cigarette shipment volume of 856.0 billion units, down by 2.8% excluding acquisitions
• Reported net revenues, excluding excise taxes, of $29.8 billion, down by 4.6%
• Reported operating companies income of $12.1 billion, down by 12.4%
• Adjusted operating companies income, reflecting the items detailed in the attached Schedule 15, of $12.6 billion, down by 10.5%
• Reported operating income of $11.7 billion, down by 13.4%
• Increased the regular quarterly dividend by 6.4% to an annualized rate of $4.00 per common share
• Repurchased 45.2 million shares of the company's common stock for $3.8 billion  

Forecast 2015:

• Forecasts 2015 full-year reported diluted earnings per share to be in a range of $4.27 to $4.37

Articles that caught my attention:

• Which Stocks To Buy Now? by Tom Roberts on Dividend Yield - Stock, Capital, Investment
• Stocks Added to Collection of Stock Analyses (Update) - End-Month (January 2015) by A Frugal Family's Journey
• 10 Dividend Stocks With A 10% Yield In 10 Years by D4L on Dividend Growth Stocks
• UK Dividend Champions – February 2015 by Dividend Life
• Chevron (CVX) Dividend Stock Analysis by Ken Faulkenberry on The Arbor Investment Planner
• The Energy Company I want to buy by Dividend Growth Investor
• Buffett’s Alpha Research Review by Ben Reynolds on Sure Dividend
• General Electric Stock: Collect 20-35% Of Your Investment In Dividends By 2019 by Tim McAleenan Jr. on The Conservative Income Investor
• Target Corporation Dividend Stock Analysis by D4L on Seeking Alpha
• AFLAC: Singing a Strong Buy at the Grammys by Dividend Ladder
• Freedom Exists On A Spectrum by Dividend Mantra
• W.P Carey (WPC): A Dividend REIT For Current Income by Dividend Growth Investor
• Predictable Fast Growing Healthcare Dividend Growth And Growth Stocks For Your Retirement Portfolios:Part 5 by Chuck Carnevale on Seeking Alpha
• Three Rookie Mistakes in the Quest for Financial Independence by No More Waffles
• 14 Canadian Dividend Growth Companies with Consistently High Earnings Growth by DGI&R

I wish all readers a nice next week.

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