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    Eine Diskussion zu THOMAS COOK GRP/Arcandor???? A0MR3W (Seite 1862)

    eröffnet am 11.06.09 05:29:12 von
    mfierke

    neuester Beitrag 23.10.14 16:50:37 von
    Harriet
    Beiträge: 39.838
    ID: 1.151.027
    Aufrufe heute: 713
    Gesamt: 3.907.159


    Beitrag schreiben Ansicht: Normal
    Avatar
    mk102
    schrieb am 11.05.12 01:45:11
    Beitrag Nr. 18.611 (43.150.416)
    Antwort auf Beitrag Nr.: 43.150.363 von Randfontein am 11.05.12 01:01:00http://www.spiegel.de/wirtschaft/unternehmen/delta-airlines-…
    Auszug : Der stark schwankende Kerosinpreis ist für Fluggesellschaften der größte Kostenblock. Normalerweise versuchen sie das Problem mit Aufschlägen auf den Ticketpreis zu bekämpfen - die US-Airline Delta geht einen anderen Weg: Sie kauft eine eigene Raffinerie.

    oder http://www.n-tv.de/wirtschaft/Air-France-tankt-sich-rot-arti…
    Air France tankt sich rot
    Der Fluggesellschaft Air France-KLM drohen die Tankrechnungen über den Kopf zu wachsen: Die ersten drei Monate des Jahres enden für den Lufthansa-Rivalen erneut im Minus. Mit neuen Rezepten versucht die Airline, zurück in die Gewinnzone zu fliegen.




    Die französische-niederländische Fluggesellschaft Air France-KLM ist im ersten Quartal noch tiefer in die Verlustzone geflogen. Auch bessere Passagierzahlen hätten die rekordhohen Kerosinpreise und die Schwäche im internationalen Frachtgeschäft nicht ausgleichen können, teilte Air France-KLM mit.

    es ist schon was dran - Condor wird s nicht anders gehen - die Reisen werden teils 9 - 12 Monate zu Pauschalpreisen gebucht und bezahlt . Man kann nicht einfach hingehen und mehr verlangen - wenn man s doch tut haben die Passagiere automatisch Sonderkündigungs bzw Rücktrittsrecht .

    Aber wie vorher schon geschrieben - die Öl Preise normalisieren sich - das wird auch auf die Kerosinpreise durchschlagen und die Lage entspannen , es sei denn nächst Woche gehts wieder rauf ....
    Avatar
    Randfontein
    schrieb am 11.05.12 01:49:03
    Beitrag Nr. 18.612 (43.150.418)
    Zitat von mk102Sorry - war mein erster Blick auf den Londoner Stock Exchange , machen die wirklich schon um 16.35 Feierabend ? Brite müsste man sein .. oder auch nicht :D:D

    Bist nicht der erste und sicher nicht der letzte, der sich über LSE wundert.
    Wer sich da nicht einarbeitet, hat keinen Durchblick - und wer es tut, erst recht nicht...
    Thanks for bearing with us - und ruhige Nacht;)
    Avatar
    mhalb
    schrieb am 11.05.12 08:43:39
    Beitrag Nr. 18.613 (43.150.870)
    Das habe ich von Finanznachrichten.de

    11 May 2012



    Thomas Cook Group Plc



    Aircraft Sale and Leaseback Agreed and Update on Current Trading





    · Aircraft sale and leaseback agreed, expected to provide proceeds of £182.9m;



    · Proceeds to be retained by the Group providing significant additional liquidity;



    · A circular seeking shareholder approval for HCV and the aircraft disposals is expected to be sent to shareholders shortly and will include an update on current trading which is summarised below:



    o Summer bookings have improved in recent weeks;



    o As expected, first half seasonal losses have widened;



    · Longer term financing announced on 5 May signed.





    Sam Weihagen, Chief Executive Officer Thomas Cook Group plc:



    "Today's announcement demonstrates the progress which we continue to make to strengthen the Group's financial position, with the aircraft disposals providing substantial additional liquidity. As expected, the first half seasonal losses have widened however, summer bookings have improved in recent weeks."





    Aircraft Disposals



    The Group has agreed to the sale and lease back of 11 Boeing 757 aircraft with Guggenheim Aviation Partners, LLC ("Guggenheim") and 6 Boeing 767 aircraft with Aircastle Advisor (International) Limited ("Aircastle"). The Group has also agreed in principle to enter into sale and leaseback agreements in respect of a further 2 Boeing 767 Aircraft with Guggenheim.



    The Group expects to receive proceeds of USD 202.9m (£126.1m at the current exchange rate) from the sale of 11 Boeing 757s and 2 B767s to Guggenheim, and proceeds of USD 91.5m (£56.8m at the current exchange rate) from the sale of 6 Boeing 767s to Aircastle.



    The net cash proceeds of these transactions, which will be used for general corporate purposes, will add to the Group's headroom of cash and available facilities. The leaseback arrangements will be treated for accounting purposes as finance leases. The transactions will reduce the earnings of the Group as a result of increased depreciation and the increase in finance costs in respect of the finance leases offset to a certain extent by a reduction in interest payable on borrowings. The Company estimates the full year effect to be approximately £10m.







    Current trading



    Winter 11/12



    The winter season has closed and bookings were broadly in line with the last update to the market on 28 March 2012.





    Year on year variation %



    Average selling price
    Cumulative bookings
    Planned capacity

    UK

    - Total

    - Specialist & Independent

    - Mainstream


    -

    -

    -1


    -4

    +2

    -10


    -

    -

    -8

    Central Europe
    +4
    -4
    -4

    West Europe
    +4
    -18
    -17

    Northern Europe
    -5
    +10
    +10

    Airlines Germany
    -5
    +21
    +18




    Note: Figures as at 5/6 May 2012. In Central Europe and West Europe, bookings represent all bookings including cars/overland, however capacity represents airline seat capacity only. Northern Europe winter season is October - March. The statistics reflect the transfer of the East Europe businesses into Central Europe.



    Summer 12



    Bookings have been broadly stable since our last update on 28 March 2012.





    Year on year variation %



    Average selling price
    Cumulative bookings
    Planned capacity

    UK

    - Total

    - Specialist & Independent

    - Mainstream


    -

    -

    +4


    -1

    +11

    -9


    -

    -

    -13

    Central Europe
    +1
    Flat
    Flat

    West Europe
    +4
    -10
    -12

    Northern Europe
    +4
    -6
    -3

    Airlines Germany
    +5
    +4
    +7




    Note: Figures as at 5/6 May 2012. In Central Europe and West Europe, bookings represent all bookings including cars/overland, however capacity represents airline seat capacity only. Northern Europe summer season is April - September. The statistics reflect the transfer of the East Europe businesses into Central Europe.



    Overall, UK bookings are only slightly lower than prior year. Mainstream bookings are down 9%, ahead of capacity reductions of 13% and we have 19% less left to sell compared to prior year. Average selling price is stable at +4% and our independent and specialist businesses continue to perform well, with bookings up 11%.



    Central Europe bookings are ahead of planned capacity, with sustained improvement in the last four weeks. Pricing and margins remain stable despite the competition in the market.



    Trading in West Europe remains challenging, particularly in France. Bookings in recent weeks have begun to improve and are now ahead of capacity. Pricing remains stable at +4%.



    In Northern Europe, bookings are down 6% but have continued to improve and are trending towards capacity.



    Bookings are up 4% in Airlines Germany and have seen a significant improvement in the last four weeks, up 25%. Yields are up 5%, partly driven by a higher share of intercontinental routes and the introduction of a fuel surcharge.





    Interim Results



    The Group is in the process of preparing its interim report for the six months ended 31 March 2012. In advance of the release of the interim report, the shareholder circular will include the following information on the results for the six months ended 31 March 2012, which has been extracted from the Group's management accounts.



    The unaudited seasonal loss from operations before separately disclosed items for the six months to 31 March 2012 was £262.7m (2011: £165.8m). The segmental composition of the results was as follows:





    Unaudited

    six months ended

    31 March 2012

    £m
    Restated unaudited

    six months ended

    31 March 2011

    £m

    UK
    (173.6)
    (158.7)

    Central Europe
    (20.8)
    (17.5)

    West Europe
    (65.6)
    (34.1)

    Northern Europe
    25.0
    34.0

    North America
    (15.5)
    9.3

    Airlines Germany
    (3.0)
    12.3

    Corporate
    (9.2)
    (11.1)



    (262.7)
    (165.8)




    Note: Results for the six months ended 31 March 2011 have been restated to reflect the transfer of the East Europe businesses from the former West & East Europe segment to the Central Europe segment.



    The results reflect the continued difficult trading conditions being experienced in most of the Group's markets and particularly the impact of MENA on West Europe and the poor trading in the Canadian mainstream business following the loss of a key hotel supplier and overcapacity in that market. Central Europe now includes our Russian and Eastern Europe businesses. Whilst Germany has performed well, the Russian business, which was acquired in July 2011, reported a loss of £10.5m. The UK result includes seasonal losses relating to the Co-operative businesses of £14.9m which were acquired in October 2011.



    In accordance with our accounting policies, the Group will separately disclose exceptional items, amortisation of business combination intangibles and IAS 39 fair value re-measurement in the income statement. Exceptional operating items before goodwill impairment are expected to result in a charge of approximately £70m, principally relating to the reorganisation and restructuring of our UK, North America and West Europe businesses, professional fees incurred in the amendment of the Group's financing package with its lenders and the revised forecast of the likely cost of settlement of a dispute with HM Revenue & Customs over place of business.



    Following the announcement of a formal process for disposal of Thomas Cook India we will treat the Indian business as held for sale and consequently will review its carrying value to ensure it does not exceed fair value less cost to sell. In addition, following the poor trading in our North American and French businesses we will review the carrying value of the goodwill and deferred tax assets in those businesses. In total we expect these reviews to result in an impairment of goodwill in the region of £265m and the de-recognition of deferred tax previously recognised of approximately £45m.



    The unaudited net debt at 31 March 2012 was £1,289.9m (2011: £1,094.2m) reflecting the increased opening debt balance, higher seasonal losses and the impact that planned reductions in capacity have on booking receipts.



    The Group expects to announce its results for the six months ended 31 March 2012 following the announcement of results of the General Meeting to approve the disposals.





    Outlook



    We continue to expect this year to be challenging given the economic backdrop and difficult trading environment. The performance of our North American and French businesses has been particularly poor and is a major contributor to the increased losses in the first half. Whilst our booking position for the second half is more encouraging trading will be dependant on how well the Group performs during the important lates market.







    Enquiries:



    Analysts & Investors - Thomas Cook Investor Relations

    Louise Bryant +44 (0) 20 7557 6413

    Kathryn Rhinds +44 (0) 20 7557 6414



    Media - Finsbury

    Faeth Birch +44 (0) 20 7251 3801

    +44 (0) 7768 943 171





    Conference Call:



    A conference call will be held for analysts and investors today at 9am (BST).



    Dial in number : +44 (0)20 3003 2666

    Password: Thomas Cook



    Replay number: +44 (0) 20 8196 1998

    Access pin: 4989086






    Notes to editors:



    1. Information on the Boeing Aircraft



    As at 31 March 2012, the Group's fleet comprised a total of 90 aircraft (of which 46 are leased and 44 are owned) with an average age of 13.2 years.



    Condor has agreed to sell 11 Condor 757 Aircraft to Guggenheim and 6 Condor 767 Aircraft to Aircastle. Thomas Cook Airlines ("TCAUK") has agreed in principle to enter into sale and leaseback arrangements in respect of 2 TCAUK 767 Aircraft with Guggenheim. The aircraft were delivered between 1992 and 2000. As at 30 September 2011, the total net book value of the aircraft owned by Condor was £185.1m and the total net book value of the aircraft owned by TCAUK was £23.9m.





    2. Current trading comparators



    Current trading data from 24/25 March (as reported on 28 March 2012) restated to reflect the transfer of East Europe into Central Europe.



    Winter
    Year on year variation %



    Average selling price
    Cumulative bookings
    Planned capacity










    Central Europe
    +4
    -6
    -4

    West Europe
    +5
    -19
    -17




    Summer
    Year on year variation %



    Average selling price
    Cumulative bookings
    Planned capacity










    Central Europe
    +1
    Flat
    Flat

    West Europe
    +4
    -11
    -11









    This information is provided by RNS
    The company news service from the London Stock Exchange

    END
    Avatar
    holdriho
    schrieb am 11.05.12 08:57:45
    Beitrag Nr. 18.614 (43.150.935)
    also dieser "outlook" ist ja eher dürftig, oder was meint ihr?
    Avatar
    holdriho
    schrieb am 11.05.12 09:00:17
    Beitrag Nr. 18.615 (43.150.952)
    und die "planned capacity" für 2012 sieht ja auch eher nach deutlichem Rückgang aus..:(
    1 Antwort
    Avatar
    avalus
    schrieb am 11.05.12 09:05:43
    Beitrag Nr. 18.616 (43.150.983)
    lieber weniger und effektiv ;)
    Avatar
    mhalb
    schrieb am 11.05.12 09:14:47
    Beitrag Nr. 18.617 (43.151.047)
    Antwort auf Beitrag Nr.: 43.150.952 von holdriho am 11.05.12 09:00:17:confused: ich finde es sind keine negativen Überraschungen beinhaltet, alles wie bei TUI. Was mich eher nervt ist die Tatsache dass nichts zu Olympia oder der gleichen gesagt wird. Ich habe so den Eindruck man bekommt nur das minimum an Infos. Ich hoffe nur, dass man im Gegensatz zum Vorjahr in diesem Jahr eher positiv überrascht. Vielleicht hat man was davon gelernt.
    Bilanztechnisch würde ich nur gerne wissen wie hoch die Wertaufholungen sein können. Da könnte man schon einiges drehen
    Avatar
    GelsenSzene
    schrieb am 11.05.12 09:20:14
    Beitrag Nr. 18.618 (43.151.083)
    Olympia wird gemessen an den Aufwendungen kein Gewinnbringer sein auch wenn 70 % der Packages verkauft sind.
    Die Zahlen sind nicht berauschend, gemessen aber am Mitbewerber TUI ist eine Korrektur des Aktienkurses überfällig.
    1 Antwort
    Avatar
    mhalb
    schrieb am 11.05.12 09:23:01
    Beitrag Nr. 18.619 (43.151.097)
    Antwort auf Beitrag Nr.: 43.151.083 von GelsenSzene am 11.05.12 09:20:14Bei Olympia bin ich zwar anderer Meinung :) aber beom Rest stimme ich Dir zu. Bleibt nur zu hoffen das der Kurs bei TUI nicht an den von TCG angepasst wird :):)
    Avatar
    ALF-FRED
    schrieb am 11.05.12 09:31:37
    Beitrag Nr. 18.620 (43.151.158)
    Stock to Watch: Thomas Cook Group




    By Edmond Jackson | Fri, 11/05/2012 - 00:00






    This article is for information and discussion purposes only and does not form a recommendation to invest or otherwise. The value of an investment may fall. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser.

    News that Europe's second biggest travel operator has agreed a £1.4 billion refinancing to end-May 2015, also a new finance director, initially appear encouraging for the now FTSE SmallCap shares in Thomas Cook Group (TCG), currently around 22p.

    Last year, TCG plunged from over 200p to as low as 10p, amid fears over debts approaching £1 billion and strength of cash flows; there was a real worry whether it could survive, especially with a double-dip recession potentially affecting consumer spending.

    The banks have continued support and a new finance director joined, which appears to vindicate investors buying around the lows - who have nicely doubled their money.

    I would still be cautious however, and monitor the situation closely: for example, will the new finance director actually buy a serious amount of shares - once settled in and having assessed his challenge - or rely on risk-free share options? Will his remuneration package (when disclosed) include an equity element or will he be rewarded mainly in cash?

    Some finance directors do very well for themselves, helping sort out challenged companies during a recession, but the ultimate beneficiaries are not always the historical shareholders. This new FD was previously in the same role at Kwik-Fit having "played a key role in implementing a business development plan to reduce the risk in a highly leveraged business". However Kwik-Fit was delisted and passed through two private equity firms then acquired by a Japanese trading company.

    From an end-March trading update it looks as if management is stabilising the group and customers are not being deterred by last year's bad publicity, as was feared. Bear in mind that although sterling is now at a four-year high versus the euro, which ought to boost holiday sales here, the UK only represents about a third of group revenue, while continental Europe is the clear majority. So currency volatility is a mixed factor.

    Possibly TCG is too complex a situation for the bankers - who are effectively in control - to disentangle it from the stockmarket in the medium term. This new financing package and a completed strategic review provide context to achieve a recovery programme - and the search for a new chief executive is said to be progressing well. Turnaround evolves in the UK business, the northern and German businesses have been doing well, and those underperforming such as in Canada, France and Russia are being addressed.

    There is also a modest alignment of interest between bankers and shareholders in the refinancing where, in addition to easing covenant tests until December and a 1% amendment fee, warrants for 5% of the issued share capital are included. The downside is whether, to put the group on a stable financial footing, there is ultimately dilution that impacts existing holders while leaving a still-useful bonus for the banks.

    The end-September 2011 balance sheet will however continue to deter many investors. A net asset position of nearly £1.2 billion is derived with over £3.5 billion intangible assets, and current liabilities are 2.3 times current assets - for example trade payables being nearly twice trade receivables. Fixed assets are mainly aircraft; the balance sheet is a no-no if you seek definitive asset backing. Cash-at-bank appears to run annually at about £350 million.

    The key problem is TCG generating too little cash flow for net debt of about £3.4 billion falling to £3.1 billion as projected after the disposal programme. This is why the consensus of city advice remains "sell", with Panmure Gordon for example targeting 10p a share.

    Morgan Stanley however contends TCG is fighting back with a higher chance of survival than the market expects and targets 25p a share, albeit with a "very high risk" caveat. But if that is realistic, upside of barely 14% is not worthwhile anyway considering the risks. With stockmarkets jittery again over eurozone woes, the months ahead may offer better-quality shares at attractive prices.

    The consensus is for about £80 million pre-tax profit for the current year to end-September, although one broker projects an £81 million loss as part of its "sell" advice - if affirming forecasts for £90 million or better in 2012/13. In context of £135 million net finance costs last year however, further disposals also sale-and-leaseback deals are needed to balance the situation.

    So I remain cautious of TCG; the shares have enjoyed a recovery bounce with the New Year risk rally, probably helped by enough buyers thinking this is still a big-name company with about £10 billion turnover despite the shares' small-cap status. It is premature and highly speculative though, to define intrinsic value. The main hope is the banks are in TCG so deep that careful attention has been given to a realistic refinancing, bolstered by a new FD joining who must believe it can work. Let's see if and when he buys shares.

    By way of comparison at about 180p a share, TUI Travel (TT.) in the FTSE 250 index does not endure massive debt and offers a prospective yield over 6%, which is twice covered by earnings forecasts. These assume however, growth in normalised pre-tax profit from £234 million to a consensus £352 million in the year to end-September 2012, then £403 million in 2012/13. While the 8 May interims were in line with management expectations, a cautious note was struck in the outlook statement. So forecasts here similarly leave no room for disappointment should European consumer spending come under further pressure.

    TUI and TCG derive a majority of revenue from continental Europe. Broker views differ although the recent consensus even on the much sounder TUI has been "sell" despite forecasts that earnings will recover over 2008/09 levels. This is another share with negative net tangible assets.

    Active traders - long or short - may find interest following both shares, as there is scope for worthwhile movement in the medium term. Best see how holiday buying evolves.

    For more Stocks to Watch, visit Edmond Jackson's archive.