financials Archives - Page 75 of 134 - Tyrepress

Posts

Study Reveals High Proportion of Dangerously Worn Tyres in Use

If Doctor Foster had gone to Gloucester in 2009 he’d have had more to worry about than puddles. According to a three-month study carried out by the Chris Mullins Tyres, more than three quarters of motorists in the southwest town are leaving it too late before they replace worn, damaged and potentially dangerous tyres. Staff at the Gloucester based tyre specialist found that almost 77 per cent of the 3,050 tyres they examined from cars, 4x4s and light vans between May and the end of July were already worn below the legal limit of 1.6mm.

19th August 2009/by Tyrepress Editors

Update on Amtel Bankruptcy to be Given at EGM

Amtel-Vredestein N.V. has given notice that it will hold its Extraordinary General Meeting of Shareholders on September 2 at the Sheraton Amsterdam Airport Hotel and Conference Centre. The agenda for the EGM will, amongst other things, include the company’s 2008 financial statements and an update on Amtel’s financial affairs and bankruptcy. ABH Financial Limited’s restructuring […]

19th August 2009/by Tyrepress Editors

Indian Tyre Prices To Rise?

International News

A report on the Business Standard website suggests that Indian tyre companies are contemplating raising prices. The article says that Apollo Tyres, the country’s second-largest tyre maker (by tonnage) is planning to increase tyre prices four to five per cent on account of a 10 to 15 per cent increase in the prices of natural […]

18th August 2009/by Tyrepress Editors

Conti Chairmanship Now a Three Horse Race?

The list of contenders for the position of Supervisory Board chairman has apparently been whittled down to three. According to the Financial Times Deutschland, three executives from outside the group remain under consideration: former Volkswagen boss Bernd Pischetsrieder, former BMW boss Helmut Panke and outgoing ThyssenKrupp board member Ulrich Middelmann are the reported to be […]

17th August 2009/by Tyrepress Editors

Accuride Announces Second Temporary Waiver Agreement with Lenders

On August 14 Accuride Corporation announced its entry into a Second Temporary Waiver Agreement with its lenders, effectively extending its original July 1 agreement until September 7.

17th August 2009/by Tyrepress Editors

Continental Reshuffles Executive Board

Following a meeting of the Supervisory Board of Continental, the company’s Executive Board has been reshuffled. Effective immediately, the Supervisory Board appointed Dr. Elmar Degenhart, formerly president of the Schaeffler Group’s Automotive Division, as chairman of the Executive Board.

13th August 2009/by Tyrepress Editors

Continental Reports 32% Sales Drop; Achieves “Intermediate Goal”

Continental reported mixed news in its half-year financial results. Sales are down 31.6 per cent to 9.063 billion euros from 13.254 billion in the same period in 2008, but the company’s press release was keen to play up its Adjusted earnings before interest and tax (EBIT) figure of 248.7 million euros, representing an effective return to profitability, albeit with a figure considerably down from 2008’s first half Adjusted EBIT figure of 1.184 billion euros – of course, in the context of the worldwide financial crisis, this drop is less than surprising, and the positives to be gleaned from this years figure are numerous. (“Adjusted” is defined by Continental as the EBIT figure, “before amortization of intangible assets from PPA, changes in the scope of consolidation, and special effects, including severance payments from the worldwide cost-cutting programme in 2009.”)

12th August 2009/by Tyrepress Editors

Deutsche Bank Praises European Tyre Makers’ Margins

In its global automotive news brief, Deutsche bank has noted that while the three major European tyre companies experienced "very weak" volumes during the first half of the financial year, each of them reported strong resilient margins. Continental achieved an adjusted operating margin of 11.0 per cent, which was stable on the first half of 2008, Michelin 4.0 per cent (8.6 in the first half of 2008) and Pirelli Tire 7.6 per cent (8.8 per cent in the first half of 2008).

12th August 2009/by Tyrepress Editors

Tyre Exports From India Dip by a Quarter

Despite recovering domestic market sales, export markets gave India’s tyre manufacturers little cause for joy in the first two months of the country’s current financial year. During April and May sales in this higher margin market segment were down a whole 25.3 per cent.

11th August 2009/by Tyrepress Editors

Yokohama Rubber Sales and Earnings Down

Yokohama Rubber Co., Ltd., first quarter sales are down 22.7 per cent compared with the same period in the previous financial year. Yokohama's sales totalled 95.2 billion yen in the three months to 30 June 2009. The company's Tire Group sales slumped amid weak demand in Japan and in North America, western Europe, and “most other overseas markets,” according to the company. Although Yokohama posted tyre sales gains in the Russian and Chinese markets.

10th August 2009/by Tyrepress Editors

Michelin Expected to Report 7.2 billion euros 1H Sales

Financial analysts are projecting Michelin will post sales of 7.2 billion euros (-13 per cent compared with last year) when it presents its first half results. According to a recent Deutsche Bank investor’s note, the company will report an operating loss of 50 million euros and a net loss of 360 million euros (after factoring differed tax assets and restructuring charges). The bank’s first half estimates are below consensus (expected operating profit – 90 million euros; net loss – 200 million euros), however looking forward to the second half the analysts report that they expect a sharp rebound (above consensus) “thanks to a recovery of volumes.”

24th July 2009/by Tyrepress Editors

Trelleborg Reports Improved Operating Margin in April – June Period

In its interim report for the months between April and June 2009, Trelleborg reports that “in a difficult market situation, we have successfully managed to generate a continued strong cash flow and improved our operating margin compared with the first quarter of 2009.” The company also states that effects of its “capacity adjustments” are gradually increasing, although the sense of uncertainty regarding the future remains “great”.

Net sales in the second quarter of 2009 totalled SEK 6.867 million, down 17.5 per cent on the same period a year earlier. Operating profit, at SEK 159 million, decreased 52.8 per cent year-on-year.

24th July 2009/by Tyrepress Editors

Apollo Net Sales Up 24% in Q1

The unaudited Apollo Tyres results for the first quarter of the 2009-10 financial year, announced on July 23, show an overall year-on-year 24 per cent growth in revenues to Rs 16.3 billion (£204.8 million). Operations within India alone generated sales of Rs 11.8 billion (£148.3 million). Earlier in the day, shareholders approved an annual dividend payout of 45 per cent per share for the year ended March 31, 2009.

“Your company’s continuing attention to increasing efficiencies across the board and re-aligning costs to protect margins have paid high dividends,” commented Apollo Tyres chairman Onkar S Kanwar. “This has assisted us in improving margins and enabled your company to remain competitive.”

23rd July 2009/by Tyrepress Editors

Schaeffler Accused of Blocking Continental Merger

Continental AG chief executive, Dr Karl-Thomas Neumann, has reportedly written to the Schaeffler Group’s family owners alleging Schaeffler has tried to block the two companies’ merger with “incorrect assumptions about the company’s value and a reluctance to agree to key points.” According to the Financial Times, the letter alleged that Schaeffler’s banks had “communicated an unrealistic value of 12 billion euros (£10.325 billion; $17 billion) for the automotive supplier.

FT reports that Dr Neumann is now “heading for a showdown with Schaeffler at [the] supervisory board meeting next week, when he will push for a decision on several key points as a basis for a merger of the companies.” The financial newspaper described a proposal document Dr Neumann has presented to supervisory board members ahead of the meeting. In it he demands that the combined group strive toward an investment grade rating as quickly as possible: “From 2010, the group should have a maximum net debt of three times operating profit (earnings before interest, tax, depreciation and amortisation) and equity ratio of 25 per cent, the document says.”

23rd July 2009/by Tyrepress Editors

“A buyers market for cash rich companies”: Tyre Industry Report

According to a new report published by financial analyst Plimsoll, one in seven companies in the UK tyre, exhaust and battery industry could change hands due to economic pressures and the presence of a number of cash rich competitors. The report suggests that the market is going into an extended period of consolidation, which could pave the way for a defragmentation of the sector, currently regarded as one of the UK’s most sprawling. Plimsoll’s David Pattison, author of the new Plimsoll Industry Analysis – Tyres, Exhausts & Batteries, explains: “In our report we analysed 535 companies with a turnover of over £1 million per annum and have picked out 140 that are primed to be taken over. Buying one of these businesses represents a massive opportunity for someone to enhance their share of the market. Either way, the market is set for a wave of takeovers in the next months”.

Plimsoll says that its report will tell you which companies are set to be buying and who will be selling. Readers of Tyres and Accessories are entitled to a £50 discount of this new special edition of the Plimsoll Industry Analysis – Tyres, Exhausts & Batteries. Call 01642 626400 for further details and quote reference PR/TI75.

21st July 2009/by Tyrepress Editors