Glanbia - irischer Molkereikonzern - 500 Beiträge pro Seite

[R-BgO]

im neuen Focus-Money von Prof. Otte (den ich für'n Schaumschläger halte) empfohlen; ishet auf den ersten Blick nicht uninteressant aus, allerdings haben sie wohl ein grosses Pensionsloch, das ich nicht einschätzen kann...

Leider nur Handel in London, damit wegen der Kosten kein Einstieg mit Miniposition möglich...



Diese Meldung verursachte wohl den letzen Sprung:

Glanbia jumps after €107m takeover of US nutrition firm

By Peter Flanagan
Thursday January 20 2011
SHARES in Glanbia jumped yesterday after the company said it would acquire an American nutrition business in a multi-million dollar deal and remained on target to increase full-year earnings per share by a fifth.

The agri-food company closed up 3.2pc at €4.08 after announcing it would buy the Florida based Bio-Engineered Supplements and Nutrition (BSN) for $144m (€107m). The business is being acquired on a debt-free basis and is to be financed through existing banking facilities.

A competitor of Optimum Nutrition, which Glanbia acquired in 2008, BSN specialises in particular in protein supplements and pre-workout powders for sports. Although focused mainly in the US, it also distributes to around 90 countries across the world.

Glanbia said BSN would be "earnings enhancing" in 2011. The business reported earnings before interest and tax of $10.1m (€7.48m) on the back of net revenue of €135.4m in 2009. By the end of 2009 it had gross assets of $30.5m (€22.6m).

Acquisition

Glanbia chief executive John Moloney said the acquisition would build on his company's position in the nutritional sector.

"It's a business we are familiar with since acquiring Optimum and they know us, both sides had been talking for some time.

"The deal means our global nutritional business will have sales of around €600m annually in only five years and increases our presence in the sector while growing our performance nutrition business. As well as this it will offer more research and development opportunities."

News of the takeover was announced as Glanbia said it expected to achieve its earnings targets after a "strong" full-year performance.

Stronger global dairy markets and "solid" demand in the nutritional sector mean the company should report 20pc growth in adjusted earnings per share for the full year while it is forecasting growth of between 11pc and 13pc for 2011.

In 2009 Glanbia reported earnings per share 30.68c. Net debt is slated to be €420m by year-end 2010.

A resurgent Dairy Ireland division thrived as higher commodity prices drove forward the Irish Dairy Ingredients space. Gains in that business helped offset struggles in the Irish consumer business which had another "tough year", according to Mr Moloney.

"The consumer business has taken a lot of hits, understandably given the state of the economy here, and while there has been no change in the consumer environment, we have made changes to position the business for growth," he said.

The US cheese business will return lower profits after the refurbishment of a plant as well as higher milk prices and a "weakening" of cheese prices.

Mr Moloney added that volume growth in the global nutritional business continued to outpace market growth rates and that arm of the business would underpin higher operating profits in US Cheese and Global Nutritionals for the full year.

Analysts welcomed the acquisition and trading statement, with John O'Reilly describing BSN as "a good fit for Glanbia".

NCB's Paul Meade took a similar view, raising the 2011 EPS estimate by 5pc and upgrading Glanbia to "buy".

"This significantly increases the quality of Glanbia's earnings and reduces its dependency on commodity dairy processing," he said.

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2010 FULL YEAR PRE CLOSE TRADING STATEMENT

Strong full year performance forecast
Reiterating guidance for circa 20% growth in adjusted earnings per share

19 January, 2011 - Glanbia plc, the international nutritional ingredients and cheese group, issues this pre close trading statement for the full year ended 1 January, 2011. In a separate press release today Glanbia announced the acquisition of Bio-Engineered Supplements and Nutrition (BSN®), a leading US performance nutrition business.

2010 performance
In the first half of 2010, Glanbia delivered excellent results, mainly due to a return to profitability in Irish Dairy Ingredients and a good performance by Global Nutritionals. In the second half of the year the positive trend continued, underpinned by stronger global dairy markets and solid demand across key nutritional sectors. Since the announcement of the Interim Management Statement in November 2010, the Group has performed broadly in line with expectations and Glanbia expects to deliver circa 20% growth in adjusted earnings per share for the full year. The full year impact of currency translation, relative to 2009, is largely neutral as expected.

Dairy Ireland
Dairy Ireland performed well in the second half with good revenue growth compared to the second half of 2009, primarily reflecting stronger dairy markets in Irish Dairy Ingredients. Operating profit performance continued to improve, underpinned by the sustained recovery in Irish Dairy Ingredients and the benefits of strategic cost reduction programmes in Ireland. The economic difficulties in Ireland continued to create a very challenging trading environment for Consumer Products and overall results for this business unit are expected to be lower than 2009. Agribusiness is expected to achieve a broadly similar outcome to 2009. Full year operating profit and margin for Dairy Ireland are forecast to be well ahead of 2009, which was a difficult year for this division.

US Cheese & Global Nutritionals
Building on a good first half performance, revenue in both US Cheese and Global Nutritionals grew strongly in the second half. This reflects improved US Cheese markets and strong volume growth in Global Nutritionals. Operating profit was comparable to the second half of 2009, as a good performance in Global Nutritionals was offset by a weaker performance in US Cheese. US Cheese' operating profit is expected to be lower than 2009, as performance was impacted by the refurbishment of the Twin Falls' cheese plant in the first half, higher milk price premiums during the course of the year and a sharp weakening in US cheese prices in the fourth quarter. In Global Nutritionals, volume growth continues to outpace market growth rates. This is expected to underpin higher operating profits for US Cheese & Global Nutritionals for the full year. Divisional operating margins are expected to be lower following higher input costs and significant brand and people investment by Global Nutritionals during the year.

Joint Ventures & Associates
Joint Ventures & Associates are expected to have a reasonable year with results forecast to be similar to 2009. The 40% expansion of Southwest Cheese was completed on time and on budget and was fully commissioned in 2010. Southwest Cheese is forecast to deliver a solid performance for the year despite the adverse effect of volatile cheese markets in the fourth quarter. Glanbia Cheese in the UK and Nutricima in Nigeria are expected to perform broadly in line with expectations.

2010 exceptional pension credit
The Group undertook a strategic review of pension arrangements during 2009 which resulted in a significant reduction in pension liabilities. In 2010, further revisions to the Group's pension arrangements for three additional Irish pension schemes have been finalised. This will give rise to a further net reduction in pension liabilities resulting in an exceptional credit of approximately €10 million in 2010.

2010 net debt
Glanbia is forecasting 2010 year-end net debt of approximately €420 million.

Outlook
In line with previous guidance, Glanbia reiterates its 2010 adjusted earnings per share growth, which is expected to be approximately 20%.

Inclusive of the benefits of the BSN acquisition announced today, Glanbia is forecasting adjusted earnings per share growth (on a constant currency basis) for 2011 of 11% to 13%.

Glanbia expects to announce 2010 full year results at 07:00am on Wednesday, 2 March 2010.

[R-BgO]

Antwort auf Beitrag Nr.: 40.968.109 von R-BgO am 02.02.11 13:46:30

endgültige Zahlen: http://www.glanbia.com/news-item&item=612047872080191

[R-BgO]

2011 full year results summary
· Strong performance by Global Nutritionals, with organic revenue growth well ahead of market growth rates
· BSN®, acquired in January 2011 for $144 million, performed in line with expectations
· Good performance by Dairy Ireland underpinned by positive global dairy markets
· Revenue increased 26.2% to €2.7 billion; EBITA grew 22.8% to €186.1 million
· EBITA margin down 20 basis points to 6.8%, due largely to input cost pressures in Performance Nutrition
· Strategic Joint Ventures & Associates profit after tax increased by 45.5% to €14.7 million
· Adjusted earnings per share grew 26.7% to 48.22 cents
· Dividend per share in respect of the full year increased 10% to 8.27 cents
· $325 million Private Debt Placement of 10 year senior loan notes completed

[R-BgO]

http://www.independent.ie/business/irish/farmers-cooperation…

Thursday October 04 2012
The food conglomerate wants to divest itself of its milk processing business, but not all dairy producers are on board, says Peter Flanagan

THE Glanbia press event was unusual to say the least. The company had that morning announced stellar half-year results but, more importantly, plans to spin out their milk processing business into a joint venture with Glanbia co-op.

Glanbia's press briefings are normally straightforward affairs. Chief executive John Moloney and chairman Liam Herlihy sit at the top table and take any questions from the awaiting hacks.

This one was different though. There was an edge to proceedings. Mr Moloney was on his own, and Mr Herlihy had been "delayed" at a meeting of the co-op council in Kilkenny. Eventually he arrived 45 minutes into the briefing.

The chairman was held up because the council meeting had not gone according to plan.

Two years after a move to demerge Glanbia's milk business from the rest of the company narrowly failed, farmer shareholders are deeply suspicious of what the company is trying to do this time around, and they vented their feelings at Mr Herlihy.

Are they right to be angry and suspicious? Or is this a deal that will finally work for both sides of the company?

The joint venture is a complex one to say the least.

Glanbia Plc is made up of two main divisions. On the one hand there is the Dairy Ireland division. This is made up of the company's milk processing business, consumer goods (such as Avonmore milk), and agri-trading. On the other side is US cheese and global nutritionals. While both divisions are profitable, the big money is made on the global nutritionals side of the house.

Glanbia's US cheese and global nutritionals business supplies the likes of whey protein and other diet supplements to shops such as Holland & Barrett. The growth in that sector can't be overstated, and Glanbia has spent hundreds of millions of dollars on products such as Optimum Nutrition and BSN in the United States. Both have a stable of athletes on their books, from NBA stars to rugby internationals like Rob Kearney.

Last year the US cheese and nutritionals operating profits grew 17pc to €122.2m on turnover of €1.32bn. Compare that to the Dairy Ireland's profits of only €57.9m on turnover of €1.35bn. Crucially, Glanbia Plc is making more than twice as big a margin in nutritionals as it is in Dairy Ireland.

Clearly the growth for the company is in the nutritionals side. Naturally enough, that is where Mr Moloney wants to focus his attention.

There is a catch, however. Glanbia Plc -- the company that is quoted on the Irish Stock Exchange -- is 54pc owned by Glanbia Co-op. In effect, the farmer shareholders who supply milk to the Plc control a business that has now grown far beyond the dairy co-ops it was born out of.

Quotas

That is bad enough for the Plc, but in 2015 the EU will remove quotas on milk production for the first time in 30 years. Naturally enough, dairy farmers are eagerly awaiting their first chance in a generation to increase their milk production. Glanbia's own surveys show their suppliers plan to produce as much as 60pc more milk than they do now.

Dealing with all that extra milk takes time and money, while the Plc would understandably focus its attention elsewhere. This is where the joint venture, called Glanbia Ingredients Ireland (GII), comes in.

Under the plan announced last August, the co-op will control 60pc of the GII joint venture, with the remainder of the new company being owned by the Plc.

GII will then take on all of Glanbia's milk processing business, including the operations at Ballyraggat in Co Kilkenny and a new plant to be built at Belview Port on the Kilkenny-Waterford border.

The company will be led by Jim Bergin, the current head of Dairy Ireland.

The co-op will pay €44.2m initially for its share of the new company but that could rise to between €60m and €70m depending on working capital requirements.

To finance the deal, the co-op plans to sell 13pc of its 54pc holding in the Plc. If its farmer shareholders approve the deal, the co-op will sell 3pc of its holding to pay for the 60pc stake in the new company. It will then transfer 7pc of its shares directly to its farmers, while another 3pc will be liquidated and the proceeds put into the joint venture.

The co-op shareholders will receive 3.3 Plc shares per co-op share they own worth an average of between €7,000 and €8,000 per head from the spin- off if it goes through.

The logic for the deal from the Plc's side is clear, as it allows it to focus entirely on growing the nutritionals business.

For the farmer shareholders, they get full control over their milk production at last, and they get a market for the extra capacity they will bring on stream in three years' time. The spin-off they receive from the co-op-Plc share swap will also help them invest in their farms and increase milk production.

Once the deal closes, the co-op will also have an option to buy the Plc's 40pc share in the joint venture over the next six years. The Plc will not have the equivalent right.

Such a move would then bring Glanbia's milk production entirely under the co-op business model. That is seen as crucial for future consolidation in the sector.

Talks

Glanbia is known to have held talks with Dairygold about combining their milk processing businesses but that plan fell apart because Dairygold boss Jim Woulfe apparently felt the Plc model of Glanbia and his co-op model was not compatible. With the joint venture, that obstacle would be removed.

For the joint venture to proceed, 50.1pc of 8,000 co-op shareholders will have to back it when it goes to a vote. After that, 75pc of co-op shareholders will have to pass two votes allowing the co-op to drop its stake in the Plc below 50pc.

Financial analysts have welcomed the proposal. The IFA president John Bryan did too, calling it "ambitious and balanced". The "Farmers Journal" also welcomed it. So all in all it would seem a good deal.

Why then are so many of the farmers up in arms over the proposal? Four of the co-op's 14 board members voted against the proposal, and the various co-op meetings that have taken place around the southeast since August have been notable for the distrust many farmers have of Glanbia.

The reasons for this distrust, justified or not, are numerous.

There is the natural suspicion that if a company wants to sell you something, and they are happy to be rid of it, then you must be losing somehow. There is also lingering distrust of a company many have spent years battling over milk prices.

There are bigger issues, however. The aborted attempt two years ago to demerge the Dairy Ireland business back to the co-op barely missed out on the 75pc approval it needed and that campaign left a bitter taste in many farmers' mouths. For many, emotions are still raw after that period.

The "dissidents" have four main concerns.

Some are concerned this will be the beginning of the end for their investment in the Plc. If the JV needs more capital, then the easiest way to finance it would be to sell Plc shares, beyond the 13pc already earmarked for sale. The projected indebtedness of the new company -- peaking at €170m in 2015 and then falling -- is also a worry.

Questions

Most importantly, opponents of the deal are asking why they should give up their holding in a group that has been a licence to print money in recent years.

Since the last vote, Glanbia's share price has more than doubled, broadly on the back of the US Cheese and Global Nutritionals business which is continuing to grow.

The co-op receives a dividend of between €12m and €13m annually from the Plc as things stand. If its holding is diluted then it stands to reason that valuable dividend will be reduced also.

They also worry that the new company will ultimately have to take on the consumer goods business and the agri-trading side as well. The consumer goods is seen by analysts as a particularly undesirable business given the current economic climate.

There are counter arguments of course. The dividend may be reduced in the short term but if the Plc side of the business is allowed to grow, the dividend will increase again. The farmers should make more money anyway by increasing production and gaining extra control over how their milk is handled.

Even with the reservations, a 'Yes' seems likely when the co-op votes on the joint venture.

"The sense is that in 2010 the farmers really dodged a bullet by voting 'No' to the demerger," said one Glanbia watcher.

"The circumstances are very different this time around though. Times are harder for farmers, and getting Plc shares into their hands worth thousands of euro will be difficult to turn down.

"The dry (non-producing) co-op shareholders have no skin in the game so they'll happily take the money and, because of how the deal is structured, it only needs a simple majority this time around. I would be very surprised if the JV at least isn't passed," he added.

Glanbia is distributing an information booklet to its farmers next week and the joint venture vote is expected in November with the "A" and "B" votes on the Plc holding expected before the end of the year.

If the first vote goes through, then the A and B votes are considered a fait accompli.

It's taken two-and-a-half years longer than expected, but Glanbia may soon have dispensed of the milk business it came from.

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INTERIM MANAGEMENT STATEMENT


FULL YEAR RESULTS EXPECTED TO BE AT THE UPPER END OF GUIDANCE

YES RECOMMENDED BY GLANBIA BOARD TO IRISH DAIRY PROCESSING JOINT VENTURE VOTES IN NOVEMBER


7 November 2012 - Glanbia plc ('Glanbia'), the global nutritional solutions and cheese group, is issuing this Interim Management Statement in accordance with the reporting requirements of the EU Transparency Directive, for the nine month period to 29 September, 2012.

Commenting today, John Moloney, Group Managing Director said:
"The Group continues to perform well driven by positive overall trends in Global Nutritionals and results broadly in line with expectations elsewhere in the business. We are confident that full year results will be at the upper end of guidance, representing circa 10% growth in adjusted earnings per share on a constant currency basis. 2012 is expected to build on the excellent performance of Glanbia in the last two years and reflects both our successful international growth strategy and strong operational execution across the Group.

A key project this year has been reaching agreement on the proposed Irish dairy processing Joint Venture with Glanbia Co-operative Society, our majority shareholder. This transaction offers a new model for post quota growth for Glanbia milk suppliers and underpins a potential 60% expansion of our Irish dairy processing capacity. Voting to approve the transaction will take place in the coming weeks, with a strong 'yes' recommendation from the Glanbia Board. I believe this is the best route to deliver the next phase of growth in both our Irish and international businesses and to create further value for shareholders, including Glanbia Co-operative Society."

Market commentary
In the first half, milk supply outpaced good demand from emerging markets and global dairy market prices declined to the middle of the year, compared with strong prices in 2011. Growing concerns about the US drought and its impact on milk production that emerged in the third quarter reversed this price decline in recent weeks. For the remainder of the year, greater price stability is expected in a balanced market with good supply and demand characteristics and the outlook is broadly positive to year end.

Business performance (on a constant currency basis)
Total Group revenue including Joint Ventures & Associates to 29 September 2012 grew marginally when compared with the prior year as growth in the Global Nutritionals businesses was offset by a decline in revenue in the Dairy Ireland business segment. Group operating profit and margins for the first nine months were ahead of prior year underpinning the expected delivery of circa 10% growth in adjusted earnings per share for the full year 2012.

Revenue for US Cheese & Global Nutritionals to 29 September 2012 grew by 9% relative to 2011. While volume growth was positive in US Cheese, revenue declined due to lower cheese prices particularly in the first half of the year. The Global Nutritionals business grew by 20% in the period with price growth across all three nutritionals businesses and continued volume growth in the Performance Nutrition and Customised Premix Solutions businesses. Ingredient Technologies business continued to benefit from higher whey prices in the period, however, managing this whey input cost within the Performance Nutrition business remains the key challenge for Glanbia. The outlook for US Cheese & Global Nutritionals is positive with good performance in the first nine months expected to continue for the rest of 2012 resulting in revenue, operating profit and margin progression for the full year.

Revenue for Dairy Ireland to 29 September 2012 declined 4% relative to 2011, largely driven by lower revenue in Dairy Ingredients Ireland which in turn reflected a combination of lower dairy markets and lower volumes in the period. Despite this, a solid performance is expected for the full year in Dairy Ingredients Ireland. Consumer Products and Agribusiness performed in line with expectations. While 2012 revenues for Dairy Ireland are anticipated to be lower, overall profit performance is expected to be just marginally behind 2011, representing a good result in the current market environment.

Revenues for Joint Ventures & Associates for the first nine months of 2012 are behind prior year as volume growth in Southwest Cheese and Glanbia Cheese was offset by impact of lower cheese prices. While profits in Southwest Cheese are ahead of prior year, this is more than offset by the impact of higher milk input costs within Glanbia Cheese. As a result, the Group's share of profit after tax for Joint Ventures & Associates for 2012 is expected to be below the prior year.

Joint Venture Proposal Update
The Group has signed an agreement with Glanbia Co-operative Society, its majority shareholder, to enter into a 40% (Glanbia): 60% (Society) Joint Venture in respect of its Irish dairy processing operations. This transaction is well advanced and is now at the stage of both Society and plc shareholder approval. Society members are scheduled to vote on 13 November with a simple majority required for approval. The meeting of plc shareholders is scheduled for 20 November.

Contingent on the approval of the Joint Venture transaction, the Society will also be seeking approval from its members to reduce its shareholding in Glanbia to 41.4%. Voting on this proposal will take place on two separate days before the end of the year, requiring 75% approval from eligible members present and voting on the day.

Development update
Glanbia has invested circa €110 million on acquisitions and capital expenditure year to date. This amount includes the acquisition of Aseptic Solutions for US$60 million (€50 million) in July, the construction of the Customised Premix Solutions plant in Germany which was commissioned in July and the recently opened whey protein isolate plant in Ballyragget, Co Kilkenny. We are currently evaluating our options with regard to the reinstatement of our flax manufacturing capability following a fire at our Canadian facility earlier this year and we expect to be in a position to announce our plans shortly.

Financing
Glanbia's net debt as at 29 September 2012 was €585 million with rolling 12 month adjusted EBITDA to net debt at 2.2 times (HY 2012: 2.3 times). The Group's committed debt facilities total €824.9 million, and comprise of €320.0 million bank facilities maturing in July 2013, €190.0 million bank facilities maturing in January 2018, €63.5 million cumulative redeemable preference shares maturing in July 2014 and a US$325 million (€251.4 million) private debt placement maturing in June 2021. Discussions regarding the extension of the maturity date of the €320.0 million bank facilities from July 2013 to January 2018 are expected to be concluded shortly.

Constant currency basis
Glanbia's financial results are exposed to movements in the Euro/US dollar currency exchange rate. To reflect the underlying performance of the business, the Group uses constant currency as a basis for discussing financial results and providing earnings guidance. The 2012 full year average exchange rate is forecast to be circa €1=$1.28. This would compare with the average exchange rate for 2011 of €1=$1.39 and represents a depreciation in the Euro of circa 9%. On this basis, there would be a positive translation impact on adjusted earnings per share for 2012 of circa 8%. Based on our updated guidance for 2012 of adjusted earnings per share growth of circa 10% on a constant currency basis, this would result in reported adjusted earnings per share growth of circa 18%.

Outlook
Glanbia is confident of delivering 2012 adjusted earnings per share growth of circa 10%, on a constant currency basis, which is at the upper end of guidance. The Group will announce its full year 2012 results on Wednesday, 13 March, 2013.

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COMPLETION OF SOCIETY SHARE PLACING

20 November 2012 - Glanbia plc ("Glanbia" or the "Company"), the global nutritional solutions and cheese group, has been informed by Glanbia Co-operative Society Limited (the "Society") that it has placed 8,844,230 ordinary shares in Glanbia, equivalent to 3% of the Company's issued share capital, at a price of €7.60 per share. The placing will complete on 23 November 2012.

This placing is pursuant to the formation of the dairy processing joint venture between the Society and Glanbia.

On completion of the placing, the Society will continue to own, in aggregate, 151,433,078 ordinary shares in Glanbia, representing approximately 51.4% of the issued share capital of the Company.


ENDS

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Nettoergebnis von 112 MEUR auf 144 MEUR gestiegen...

[R-BgO]

Antwort auf Beitrag Nr.: 44.306.889 von R-BgO am 26.03.13 18:00:54

und jetzt auf 150...

[R-BgO]

HJ-Ergebnis war 84 MEUR

[TOPPNEWS]

Antwort auf Beitrag Nr.: 48.023.470 von R-BgO am 13.10.14 18:48:12

@R-BgO In der aktullen Ausgabe des Frankfurter Börsenbriefes wird Glanbia als Geheimtipp für den Rest des Jahres empfohlen. Hast Du die Aktie noch auf der Watchlist und wie ist Deine Meinung hierzu ?
Trigger wäre u.a. die letztjährig erworbene Isopure die Nahrungspulver ohne Fette und Kohlenhydrate mit ganz wenigen Kalorien herstellt. Sollte als Diätmittel in unseren fetten Zeiten ja ein Burner sein.

Danke für eine Antwort

Beste Grüße
TN

[R-BgO]

Antwort auf Beitrag Nr.: 49.771.584 von TOPPNEWS am 13.05.15 13:27:22

Ich halte meine zum Threadstart zu 4,18 in Irland erworbene Position unverändert, wobei ich sicher schon ein halbes Dutzend Mal aus Bewertungsgründen verkaufen wollte.

Habe mich letztlich immer dagegen entschieden, weil sie den Buchwert >20% p.a. gesteigert haben. Von der Sorte gibt es nicht viele Werte.



Mit Geheimtip, Trigger, etc. tue ich mich immer schwer, ist einfach nicht meine Welt.


Glaube, dass der Wert der Firma weiter steigen wird, weiß aber nicht wie viel davon schon heute im Preis enthalten ist.

Würde mich überhaupt nicht wundern, wenn die Aktie zwischendurch auch mal um 50% abschmiert. DAS wäre dann aber m.E. eine echte Kaufgelegenheit.

[R-BgO]

Antwort auf Beitrag Nr.: 49.771.872 von R-BgO am 13.05.15 14:05:47

Kurs konsolidiert seit ca. Anfang 2015,

operativ geht's aber weiter voran.


Der Titel "Molkereikonzern" ist inzwischen aber richtig falsch, es geht eigentlich mehr um Nahrungsergänzungsmittel.

[R-BgO]

Antwort auf Beitrag Nr.: 53.342.541 von R-BgO am 24.09.16 23:30:33

im Herbst

war sie mal kurzzeitig für knapp über 14 zu haben (leider verpasst), jetzt schon wieder bei 18;

abgelaufenes KGV 25

[R-BgO]

Antwort auf Beitrag Nr.: 40.967.934 von R-BgO am 02.02.11 13:22:32

The Power of Compounding

Habe mal nach dem ältesten GB geschaut, den ich mir runtergeladen hatte:

2008 haben sie bei einem EK von 220 MEUR 78 MEUR verdient
2016 haben sie bei einem EK von 1.216 MEUR 212 MEUR verdient

Daraus ergeben sich annualisierte Wachstumsraten von 12,8% für den Gewinn und 23,8% fürs EK.


Ich habe meine Position am 2.2.2011 für 4,29 incl. Kosten erworben, mit einem Kurs von 18 ergibt sich
(18/4,29)^0,166666-1 = 27% p.a.

Anders als bei vielen Anderen ist diese Rendite hier nur zu einem vergleichsweise geringen Teil auf Bewertungsausweitung zurückzuführen.


Und ich war die ganze Zeit skeptisch und fand die Aktie IMMER zu teuer...

[R-BgO]

THIRD QUARTER 2017 INTERIM MANAGEMENT STATEMENT

Good performance in the first nine months of 2017

Reiterating full year guidance of 7%-10% growth in pro forma adjusted earnings per share from the continuing Group, constant currency


1 November 2017 -

Glanbia plc, the global nutrition group ('Glanbia', the 'Group' or the "plc"), is issuing this Interim Management Statement for the nine month period ended 30 September 2017.


Commenting today, Siobhán Talbot, Group Managing Director said:

"Glanbia delivered a good result in the first nine months of 2017 with wholly owned revenue from continuing operations growing 6.6% in the period. Glanbia Performance Nutrition ("GPN") was the main driver of revenue growth with Glanbia Nutritionals ("GN") continuing to perform well. Our Joint Ventures delivered strong revenue growth as a result of improved dairy markets. The outlook for the remainder of 2017 is positive and we reiterate our full year guidance of 7% to 10% growth in pro forma* adjusted earnings per share, constant currency, for the continuing Group."


Performance update

In the nine months ended 30 September 2017, wholly owned revenue from continuing operations increased 6.6% on a reported and constant currency basis when compared to the same period in 2016. On a constant currency basis, this was driven by volume growth of 2.4%, pricing growth of 0.9% and a contribution from acquisitions of 3.3%. Total Group Revenue, including Glanbia's share of Joint Ventures and Associates, increased 13.5% on a reported basis and 13.7% on a constant currency basis. This was driven by 2.3% volume growth, 6.4% price improvement and a 5.0% contribution from acquisitions.


Glanbia Performance Nutrition (constant currency**)

GPN delivered a satisfactory performance in the first nine months of the year. In that period, revenues increased by 9.0%. This was driven by a 2.7% increase in volume, 7.4% growth from the acquisitions of Amazing Grass and Body & Fit offset by a 1.1% price decrease.

The overall volume movement year to date reflected branded revenue growth offset by a decline in contract business. The drivers of growth have been a good performance in the online and mass channels in the US as well as a strong performance across the EMEA and LAAPAC markets. The price decrease was primarily a function of brand investment and innovation support in the US with full year pricing expected to be broadly in line with year to date levels.

Innovation continues to be a driver of growth with a range of products focused on convenience formats and plant based ingredients performing well across the branded portfolio. The pipeline of new product launches will continue into the fourth quarter and will be broad based across channel, format and territory.

The full year 2017 outlook for GPN is good. GPN continues to expect delivery of like-for-like branded revenue growth in the mid-single digit range for the full year recognising a seasonal uplift in quarter four. Full year EBITA margins are expected to be in the mid teen range broadly in line with half year 2017 levels.


Glanbia Nutritionals (constant currency**)

GN delivered a good performance in the first nine months of 2017 with revenue growth of 4.6%. This was driven by a price increase of 2.5%, mainly as a result of improved dairy markets, versus prior year and volume growth of 2.1%, driven by Nutritional Solutions.

Nutritional Solutions delivered good price and volume increases in the period. This was driven by increased sales of value added dairy and micro-nutrient solutions which continued to perform well with customers across developed and emerging markets.

US Cheese performance was somewhat challenged in the period with product mix adverse due to cheese market dynamics where supply has outpaced demand for certain formats. Overall, pricing was in line with prior year and volume declined marginally.

The full year 2017 outlook for GN is good. Revenue and EBITA growth is expected to be driven by volume and pricing growth in Nutritional Solutions.


Discontinued Operations

The sale of 60% of Dairy Ireland and related investments in Joint Ventures was completed on 2 July 2017 and has been classified as discontinued operations. Revenues in 2017 for discontinued operations are as reported in Glanbia's half year 2017 results which were published on 10 August 2017. The Dairy Ireland business is now consolidated within the Glanbia Ireland Joint Venture.


Joint Ventures (constant currency**)

Joint Ventures ("JVs") delivered a strong performance in the first nine months of 2017 with revenues increasing by 33.6% versus the same period in the prior year. This was driven by a price increase of 21.9% as a result of improved dairy markets, volume improvement of 2.3% and acquisitions providing 9.4% revenue growth as a result of Glanbia Ireland's acquisition of 60% of Dairy Ireland.

JVs are expected to deliver a strong performance for full year 2017 primarily as a result of improved dairy markets.


Financing

Glanbia's net debt at the end of the third quarter of 2017 was €482 million which represents a decrease of €144 million versus the net debt position at the end of the third quarter of 2016. This was primarily driven by the receipt of €210 million in net cash proceeds relating to the Dairy Ireland transaction, somewhat offset by the acquisition of Amazing Grass and Body & Fit, and increased working capital primarily due to acquisitions, higher activity levels and higher commodity markets. The full year 2017 net debt to adjusted EBITDA ratio, as calculated per financing agreements, is expected to be approximately 1.0 times based on current business activity. Total 2017 capital expenditure is expected to be in the range of €65 million to €75 million.


Full year outlook

Glanbia reiterates its guidance that on a pro-forma* basis adjusted earnings per share for the continuing Group is expected to grow between 7% - 10% constant currency for full year 2017.

* Pro-forma adjusted EPS of the continuing Group has been provided assuming the Dairy Ireland transaction took place at the start of FY 2016. On this basis FY 2016 Pro-forma EPS is 80.40 cent.

** To arrive at the Constant Currency Change, the average FX rate for the current period is applied to the relevant reported result from the same period in the prior year. The average Euro US Dollar FX rate for the first nine months of 2017 was €1 = $1.11 (Average for first nine months of 2016: €1 = $1.12).

Ends

[R-BgO]

Antwort auf Beitrag Nr.: 54.482.592 von R-BgO am 07.03.17 12:46:46

diesmal für 13,65 zugeschlagen;

Damit für Stufe 1 des Invests eine Rendite von

13,65/4,29 => 3,18x

bei knapp unter 7 Jahren Haltedauer sind das 18% p.a.

[R-BgO]

Antwort auf Beitrag Nr.: 56.718.654 von R-BgO am 15.01.18 13:37:28

zum Halbjahr Umsatz- und Gewinnrückgang,

wie immer wusste die Börse es zuerst...


jetzt kaufen sie SlimFast: https://www.glanbia.com/~/media/Files/G/Glanbia-Plc/document…

[R-BgO]

Ganzjahresergebnis gefällt der Börse

[R-BgO]

ziemlich Federn gelassen, dieses Jahr