Rhodia: Turnaroundkandidat mit viel Potential - 500 Beiträge pro Seite

[codiman]

Rhodia das Spezialchemieunternehmen aus Frankreich, hat sich nach einer fast Pleite gerade noch retten können.
Kühne Investoren sind schon bei 1,00 € rein.
Mittlerweile hat sich die Nachrichtenlage gebessert.
Manager aus der zweiten Reihe des Unternehmens, haben die Führung übernommen und scheinen Erfolg zu haben.
Das Unternehmen scheint gerettet, ein positives Ebita erreicht.
Auch der Kurs ist seidem gestiegen.
Dennoch sieht es mir danach aus, dass man ein paar €€€ Euros machen kann.

[codiman]

Dazu zwei Meldungen:
I.
Presse: Rhodia will bis 2006 wieder schwarze Zahlen schreiben

Aktuellen Presseberichten zufolge will der französische Chemiekonzern Rhodia S.A. in 2006 wieder in die Gewinnzone zurückkehren. Dies berichtet das "Handelsblatt" am Dienstag vorab aus seiner Mittwoch-Ausgabe.

Demnach sagte der stellvertretende Vorstandschef Gilles Auffret gegenüber der Zeitung, dass der Konzern bis 2006 wieder schwarze Zahlen anstrebe. Rhodia hatte im dritten Quartal 2004 seine Schulden unter anderem durch eine Kapitalerhöhung auf 2,5 Mrd Dollar reduzieren können.

Die Rhodia-Aktie schloss am Dienstag bei 1,66 Euro (-0,60 Prozent).

II.

Rhodia sieht EBITDA in 2004 leicht über Plan

Der französische Chemiekonzern Rhodia S.A. teilte am Mittwoch mit, dass er davon ausgeht, für 2004 ein EBITDA-Ergebnis vor Restrukturierungskosten zu erzielen, das leicht über der letzten Prognose von 420-425 Mio. Euro liegt.

Das Unternehmen rechnet für 2006 weiterhin mit einer EBITDA-Marge in Höhe von mindestens 13 Prozent und einem Verhältnis von konsolidierter Nettoverschuldung zum EBITDA in Höhe von weniger als 3,5.

Die Aktie von Rhodia gewinnt in Paris aktuell 6,67 Prozent auf 1,76 Euro.

[Dagopower]

Die Meldungen zu Rhodia waren gut, der turnarround scheint
zu gelingen.
Mein Kursziel auf 1-2 Jahre 4-5 €.


MfG


Dagopower

[codiman]

Auf Jahresbasis ergibt sich ein schöner Kursverlauf !
38 Tage und 200 Tagelinie von unten nach oben durchbrochen.
Da geht noch was !

[codiman]

Aktuelle Bewertung:
Anzahl Aktien (31. Dezember 2004): 627,582,158 Anteile
x aktuellen Kurs: 1,84
------------------------------------------------------------------------------
Market capitalisation / Marktkapitalisierung = 1,154 Mrd €

[codiman]

Und interessant ist auch die Eigentümerstruktur, die hoffentlich noch aktuell ist:


Aventis 15.3 %
TIAA-CREF 5.4 %
Morgan Stanley & Co International 5.39 %
Calyon 2.83 %
Employees 2.51 %

Quelle:
http://www.euronext.com/trader/companyprofile/0,5372,1679_68…

[codiman]

Ihr kauft hier keine kleine Klitsche sondern ein internationales (jetzt) gut aufgestelltes Unternehmen.

[codiman]

Rhodia steigert Umsatz im vierten Quartal

PARIS (dpa-AFX) - Der französische Chemiekonzern Rhodia hat seinen Umsatz im Schlussquartal deutlich gesteigert. Auf vergleichbarer Basis und mit konstanten Wechselkursen seien die Umsätze um 10,6 Prozent auf 1,23 Milliarden Euro geklettert, teilte das Unternehmen am Dienstag in Paris mit.

Die Zuwächse erklärte Rhodia mit Preissteigerungen und höheren Absätzen. Im Gesamtjahr verbuchte der Spezialchemiekonzern einen Zuwachs auf 5,28 (Vorjahr: 4,95) Milliarden Euro. Seine vollständigen Zahlen für 2004 will die Gesellschaft am 1. März vorlegen./mur/sk

[codiman]

1,93 €

Die Story geht weiter.
Also dran bleiben.
Mittlerweile wird auch das Interesse größer. ...

[codiman]

Dienstag kommen die Zahlen !!!! Hop oder Top !!!!

[codiman]

Rhodia Morgen Zahlen !!!!! (1.März 2005)

[Fruehrentner]

Weiss jemand, um wieviel Uhr genau morgen die Zahlen veröffentlicht werden?

Danke!

Frührentner

[Fruehrentner]

Dear Sir,

Rhodia will publish its results before the opening of the Paris market.

Kind regards,

The Shareholder Relations Department of Rhodia
[e-mail]
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[codiman]

RHODIA

PRESS RELEASE



2004 ANNUAL RESULTS



RHODIA MEETS ITS COMMITMENTS



GROUP’S RECOVERY CONTINUES







Paris, March 1, 2005 – Following a meeting of its Board of Directors on February 28, Rhodia today released its audited financial results for 2004. Highlights for the year included:





• Improving operating performance, led by growth in volumes and price increases



• 22.3% improvement in EBITDA before restructuring costs, on a constant perimeter and exchange rate basis, from 364 million euros in 2003 to 445 million euros in 2004



• €117 million fixed costs savings in 2004



• €791 million in net proceeds from the completed divestiture plan



• 25% reduction in total net debt (3,240 million euros at the end of 2003 to 2,418 million euros at the end of 2004)



• Successful implementation of the refinancing plan and extension of bond maturities









Simplified income statement

In millions of euros

2003

Reported
2003

Restated*

2004



5,453
4,946
Net sales
5,281

435
364
EBITDA before restructuring costs
445

8%
7.4%
EBITDA margin before restructuring
8.4%

364
294
EBITDA after restructuring costs
212

6.7%
5.9%
EBITDA margin after restructuring costs
4%

(159)
(153)
Operating loss
(348)



(1,351)


-
Net loss

after amortization of goodwill


(625)


*Restated to account for divestitures completed in 2004 and at current exchange rates



• Improving operating performance, led by growth in volumes and price increases



> Fourth quarter advancement



In millions of euros

4th Quarter 2003

4th Quarter 2004

Reported
Restated*


1,318
1,115
Net sales
1,233

112
89
EBITDA before restructuring
109

8.5%
8%
EBITDA margin before restructuring
8.8%


*Restated to account for divestitures completed in 2004 and at current exchange rates



Net sales for the fourth quarter stood at 1,233 million euros, a 10.6% increase over the same period in 2003 on the same basis (constant structure and exchange rates). This performance reflects the strong emphasis in 2004 on raising selling prices which resulted in a 7.7% increase in prices in the fourth quarter of 2004 compared with the fourth quarter of 2003, excluding transactional exchange rate effects. Over the same period, volumes rose 4.1% compared to 2003. For the fourth quarter, EBITDA before restructuring increased 22.5% to 109 million euros, on the same basis (constant structure and exchange rates).





> Continuous improvement in operational performance in 2004



Rhodia reported net sales of €5,281 million for 2004, a 3% decline from 2003 reflecting the impact of divestitures during the year (-6.3%) and currency effects (-3%). On the same basis (comparable perimeter and exchange rates), net sales rose 6.8% for the year.



Sales grew 2.7% from price increases, excluding transactional exchange rate effects (-1.2%). Higher pricing offset 70% of the increase in raw material costs for the full year and nearly 90% of the increase during the fourth quarter.



At the same time, volumes rose 5.3% over 2003 in an environment of sustained demand in most of the Group’s markets, particularly in Asia, the United States and Latin America.



In 2004, the Group initiated a fixed cost reduction program that saved €117 million over the year.



Earnings before interest, taxes, depreciation and amortization (EBITDA) before restructuring stood at €445 million in 2004, a 22.3% increase over 2003 on the same basis (comparable perimeter and exchange rates), attributable mainly to fixed costs reduction. On the same basis (comparable perimeter and exchange rates), EBITDA margin before restructuring increased to 8.4% from 7.4% in 2003.



The consolidated operating loss totalled €348 million versus €153 million in 2003, on the same basis (comparable perimeter and exchange rates). It reflects amortization (€410 million), as well as exceptional items related to 2004 restructuring provisions (€163 million), the revaluation of environmental liabilities to 2020 (€69 million) and depreciation of tangible assets (€150 million).



Net financial expense (€263 million) comprised €178 million in interest expense, €60 million in non-recurring costs related to refinancing and €25 million in other financial charges.



Other gains and losses stood at 259 million euros of which 232 million euros was for capital gains from divestitures.



Net loss amounted to €625 million versus a loss of €1,351 million in 2003 and includes equity in earnings of affiliated companies of -58 million euros (Nylstar), a tax charge of 56 million euros and the exceptional amortization of goodwill (€133 million) announced January 19.


• A 25% reduction in total net debt in 2004



Rhodia carefully manages its capital expenditures, which totalled €199 million in 2004 versus €233 million in 2003, and is continuing to improve management of its Operating Working Capital needs, which represented 12.6% of net sales at December 31, 2004 versus 13.6% a year earlier.



Operating cash flow* amounted to €43 million in 2004, while free cash flow was a negative €271 million at year-end due to restructuring costs (€115 million) and capital expenditures over the period (€199 million).



Consolidated net debt totalled €1,929 million at December 31, 2004, compared with €2,567 million at the end of 2003. Total net debt, including off-balance sheet items, stood at €2,418 million, a reduction of 25% compared with the end of 2003.



As of December 31, 2004, the Group’s liquidity, including available bank facilities, exceeded €1 billion.





• Rhodia met its commitments in 2004



> Refinancing



The success of the €471 million rights issue, the May 2004 issue of €700 million in bonds and the renegotiation of a new bank facility enabled Rhodia to achieve its refinancing plan. In addition, the €500 million senior notes issue in February 2005 extended the maturity of the Group’s bond debt to 2010.



> Divestment program



The 2004 divestiture target was exceeded, with proceeds, net of transaction costs, of €791 million for the year.



> Resizing the organization and reducing costs



In 2004, cost reduction plans generated savings of €117 million.



As of December 31, 2004, 61% of the two year support function reorganization plan had been completed, with the elimination of more than 800 of the 1,329 jobs identified as redundant worldwide.



At the same time, the industrial restructuring programs led by the Enterprises are proceeding in line with objectives, with dedicated action plans underway.



In France, these restructuring plans are being implemented as part of the framework agreement signed by all of the Group’s unions, which is designed to harmonize the consultation process and conditions of departure offered to the people affected.





*Net cash flows from operating activities before restructuring costs, capital expenditures and the securitization program change.



• Rhodia is dedicated to strengthening its corporate governance



The appointment of new independent directors from different backgrounds —Jérôme Contamine, Francis Mer and Aldo Cardoso—has contributed to enhancing the quality of the corporate governance process. Today, the three Board committees are chaired by independent directors: Aldo Cardoso for the Audit Committee, Michel de Fabiani for the Compensation and Selection Committee and Francis Mer for the Strategic Committee.



In addition, the renewal of the senior management team has led to the appointment of Bruno Mouclier as Group Executive Vice President and Chief Financial Officer and of Jean-Pierre Labroue as Group Executive Vice President, General Counsel and Corporate Secretary.





• Rhodia reconfigured to meet the challenge of competitiveness



Rhodia has streamlined its organization and refocused its portfolio on competitive technologies and businesses. More than 60% of 2004 sales generated an aggregate EBITDA margin above the Group’s 2006 target of 13%.



Businesses having an adverse impact on margins have been identified and specific action plans are being implemented and are progressing in line with objectives.



In addition, Rhodia has continued to strengthen its positions in fast growing regions like Latin America and Asia, especially China. Activity in China increased by 29% in 2004. China accounted for 5% of the Group’s consolidated sales. With nearly 3,150 employees, China today represents the Group’s third largest country in terms of employees, after France and Brazil. The local manufacturing base is being strengthened, including through construction of a new engineering plastics plant in Shanghai.



During a year shaped by profound transformations, safety standards were improved across the organization in 2004 with a rate of lost-time accidents per million hours worked of 0.9, ranking Rhodia among the top five chemical companies worldwide in the area of workplace safety.





• Outlook



The first-half 2005 economic environment is expected to be driven by sustained demand, particularly in Asia, the United States and Latin America, high raw materials prices and an unfavorable euro/dollar exchange rate. First-quarter business indicators have confirmed these trends.



Rhodia is staying the course in 2005 by continuing to implement its restructuring plan, improve its margins and control its debt.



Rhodia confirms its 2006 objectives (under French GAAP):



• A recurring EBITDA margin of at least 13%.

• A return to positive net income in 2006.

• A ratio of consolidated net debt to EBITDA of less than 3.5.

[codiman]

Das interessante ist wohl der Ausblick:
Man hält (trotz schwierigen Marktumfeld) daran fest !

IST 2004
EBITDA 445 MIO €
EBITDA MARGE 8%
Negatives Ergebnis (348 Mio € )


SOLL-> 2006:
- EBITDA MARGE von 13 %
- Positives Ergebnis in 2006
- Verschuldungsgrad mit dem 3,5 Fachen des EBITDA

also
- EBITDA ca.680 Mio €
- Verschuldungsgrad 2,3 Mrd €

[codiman]

Rhodia peilt wieder Gewinnzone an

Im vergangenen Jahr hat der französische Chemiekonzern Rhodia seinen Verlust verringert. Zudem bekräftigte das Unternhemen, 2006 in die schwarzen Zahlen zurückzukehren. Eine stabile Nachfrage ermöglichte es dem Unternehmen, höhere Preise für Rohstoffe an seine Kunden weiterzugeben.



HB PARIS. Der Netto-Verlust habe sich im vergangenen Jahr auf 625 Mill. Euro nach einem Minus von 1,35 Mrd. Euro im Vorjahr reduziert, teilte das Unternehmen am Dienstag in Paris mit. Der Gewinn vor Zinsen, Steuern und Abschreibungen (Ebitda) stieg auf 445 Mill. Euro von 435 Mill. Euro in 2003. Seinen Umsatz für 2004 hatte Rhodia bereits mit 5,28 Mrd. Euro berichtet.

Rhodia hatte im Januar angekündigt, dass es seine Prognose für den Betriebsgewinn vor Sonderkosten leicht übertreffen und seine Schuldenlast auf unter zwei Mrd. Euro drücken werde. Zugleich gab es eine Sonderabschreibung von 315 Mill. Euro bekannt.

Für 2006 bekräftigte der Konzern seine Ziele unter französischen Bilanzrichtlinien. Dazu gehören eine Umsatzrendite von mindestens 13 % und ein Netto-Gewinn.

[codiman]

Rhodia erhält Kreditlinie über 250 bis 300 Millionen Euro
03.03.2005 - (dpa-AFX) - Der französische Chemiekonzern Rhodia erhält von seinen Banken eine Kreditlinie von 250 bis 300 Millionen Euro. Durch den Kredit sinke der Druck des Unternehmens durch die 2009 und später fällig werdenden Verbindlichkeiten des Konzerns, sagte eine Sprecherin in Paris. Damit könnte sich Rhodia auf seine wirtschaftliche Erholung konzentrieren.

[Fruehrentner]

das hier klingt garnich gut

http://www.in-pharmatechnologist.com/news/news-ng.asp?n=5902…

Rhodia to undergo twin accounting probes

29/03/2005 - Rhodia is facing two separate investigations for alleged accounting irregularities as well as insider trading, just as the financial difficulties afflicting the French chemicals group have started to abate.

The first action, undertaken by France’s stock market regulator the Autorité des Marchés Financiers, concerns financial disclosures starting from 31 December, 2000, and has emerged just as Rhodia has suggested it may return to profit next year after four years of posting losses.
The AMF alleges that Rhodia breached disclosure relating to its valuation of ChiRex, a pharmaceutical ingredient manufacturer it bought in 2000, in 2003. Two other claimed violations include Rhodia’s valuations of deferred tax assets and debt, liquidity and the environment, Rhodia said in a statement.

The action is the result of a financial investigation into Rhodia that stated in 2000, and could result in financial penalties, although the company said it did not expect these to be severe even if they are imposed. The AMF will deliver its verdict in a few months, during which time it will hear testimony from Rhodia.

Separately, France’s public prosecutor also said late last week that the company is being investigated for accounting irregularities and insider trading. This action stems from complaints filed in 2003 by Edouard Stern, the banker and former Rhodia board member who was found dead in his Geneva apartment earlier this month.

Stern was among board members seeking to oust former Rhodia chief executive Jean-Pierre Tirouflet in 2003, before Tirouflet was replaced by current CEO Jean-Pierre Clamadieu, who has been the architect of Rhodia’s recovery with swingeing job cuts and the disposal of assets.

The alleged accounting improprieties predate Clamadieu’s accession to the CEO post.

[codiman]

Ich bin auch vor einer Woche bei 1,59 €
klassisch ausgestoppt worden ...

[codiman]

Wieder rein ?

[codiman]

?

[Dividendenabstauber]

Diese Volatilität ist eher normal für Turn Around Kandidaten.

Eben weil ich an den Turn glaube bin ich vor einer Weile eingestiegen. Wenn man betrachtet wo sie herkommen ist mein Einstieg mit Kurserwartung von 10 in 2010.

Für mich waren Turn Arounds meistens gute Schnitte.

Dividendenabstauber