Money Buzz! Europa

Category: Business

  • Aegean Airlines reports 28.3 million euros losses in Q3 2020

    Aegean Airlines reports 28.3 million euros losses in Q3 2020

    Aegean Airlines reported net losses after tax of 28.3 million euros in the third quarter of 2020 after profits of 90.2 million euros in the same period last year.

    The partial lifting of travel restrictions across Europe as of July allowed the gradual resumption of international flights.

    Nevertheless, several countries remained inaccessible, demand was weak due to the pandemic while the lack of coordination on travel protocols weighed on the restart efforts.

    Passenger traffic, 62% lower than last year

    During the third quarter of 2020, Aegean operated 49% less flights than in 2019 while passenger traffic was 62% lower than last year.

    Load factors fell to 65,7% from 87,7%. Even under these restrictions the company carried 2 mil. passengers in the quarter, flying to 78 international and domestic destinations. 

    Revenue during the third quarter stood at €155,1 mil. from €512,5 mil. in 2019.

    Overall in the Nine-month period revenue reached €342,5 mil. from €1,031 bn in 2019, while passenger traffic reached 4,4 mil. passengers.

    Net losses after tax for the Nine-Month period totaled €187,1 mil. from net earnings of €77,1 mil. in the respective period last year. 

  • Carmistin Group signed a syndicated loan amounting to EUR 90 million

    Carmistin Group signed a syndicated loan amounting to EUR 90 million

    Carmistin Group, one of the leading players on the Romanian agribusiness and meat processing  market, has signed a syndicated loan amounting to RON 427 million.

    The loan was arranged by a syndicate of banks comprising the following lenders: Banca Comercială Română SA (member of Erste Group), acting as Bookrunner, Mandated Lead Arranger, Documentation Agent and Facility and Security Agent, CEC Bank as Mandated Lead Arranger and participating banks – EximBank SA, Intesa Sanpaolo Romania SA and OTP Bank Romania SA.

    This complex facility will be used by over 20 companies of Carmistin Group for financing their investment projects, refinancing their existing bilateral financial debt, as well as for working capital needs.

    This Facility is comprised of four tranches that can be used for several business purposes so that the various company needs.

    ”This project will allow Carmistin Group to continue its growth at an accelerated pace in its three main business streams: chicken, pork and feed manufacturing. Thus, we will enter a new development stage”, said Andrei Brumaru, General Manager, Carmistin Group.

  • Top 500 CEE largest companies aggregated turnover increased by 5.5%

    Top 500 CEE largest companies aggregated turnover increased by 5.5%

    • The aggregated turnover of the 500 largest companies in CEE increased by 5.5% to EUR 740 billion.
    • 373 listed companies (which is 74,6% of all companies compared to 79% in 2018 and 80% in 2017) recorded an increase in revenues.

    Consequently, only 25.4% recorded a stagnation or a decrease. The average turnover of the 500 largest companies increased to EUR 1,480 million, compared to EUR 1,396 million in 2018.

    Poland still leads in CEE

    Poland gained first place in both the number of companies and the turnover generated, with aggregated Polish companies’ revenues rising by 6.6%, reaching EUR 283.7 billion.

    Even though the number of Polish companies included in the CEE Top 500 ranking decreased by 12 (i.e. from 175 to 163 companies), its industrial structure remains the most diversified but none of the largest industries dominate.

    The second place belongs to the Czech Republic, with a total of 78 companies, corresponding to an aggregated turnover of EUR 115.4 billion, which increased by 2.3%.

    Hungary dropped to third place. Its total turnover, however, rose much more than the regional average as it accelerated by 6.3%.

    Pole position for automotive & transport, followed by oil & gas

    60% of the revenue generated in CEE is allocated to the largest companies, represented by three key sectors: automotive & transports, oil & gas, and non-specialized trade. The largest increase in turnover was recorded in textiles, leather, and clothing (+23.2%), and construction (+13.6%).

    The top three companies of CEE Top 500, well known from previous rankings, are Polish PKN Orlen (1st place), Czech Skoda Auto (2nd), and the multinational oil and gas company MOL Hungary (3rd).

    It is worth mentioning those companies which made a giant leap in the ranking: Polish Totalizator Sportowy (53) moved up 114 places with revenues that soared by 80%.

    Strabag Poland (197) generated 40% higher revenues compared to the previous year and gained 86 places. Bulgarian Astra Bioplant Ltd (219), a manufacturer of biodiesel fuel, moved up 155 places in the ranking with turnover increasing by 61%.

    Slovak gas transmission operator Eustream (286), with the highest improvement in the ranking, gained even 255 places as its revenues rose by 76%.

    Based solely upon the number of companies, the automotive & transport sector is once again the largest (1st place). In 2019, sales of new vehicles were weaker than in previous years but still recorded positive dynamics.

    The second place in the CEE Top 500 ranking with 89 companies (17.8%), belongs to minerals, chemicals, petroleum, plastics, and pharmaceuticals. Its turnover remains the highest in 2019 – a total of EUR 172.1 billion.

    CEE companies in the sector primarily operate in the downstream segment, i.e. the refining and processing of oil and gas. Non-specialized trade is represented by 73 companies in the current ranking (+2), which puts this sector in third position with a turnover of EUR 113 billion (+9.8%).

    The average rating score is 6.2, with the weakest companies being based in Latvia, Poland, and the Czech Republic, while the strongest ones are in Croatia and Bulgaria. 

  • British Airways is selling thousands of items from aircraft cabins

    British Airways is selling thousands of items from aircraft cabins

    British Airways began selling thousands of items in the inventory, from drink carts and crockery for business class passengers to slippers and towels, BBC reports.

    Carolina Martinoli, brand director at British Airways, says this is the first time the airline has organized such a sale.

    Changing the aircrafts mix of its fleet and cabin services, plus the possibility of British Airways operating at low levels until air traffic returns, means that its depots are full of items that will never be used.

    The decision comes months after the company auctioned off some of the artwork in its offices, including a work by Bridget Riley worth more than £ 1 million.

  • Enel X launches e-mobility services in China

    Enel X launches e-mobility services in China

    Enel X launched its first commercial office in China, by opening in the country an office dedicated to e-Mobility.

    Located in Shanghai, Enel X China will deploy its charging infrastructure equipment, systems, and platforms for new energy vehicles, including plug-in hybrids and fully-electric vehicles, leveraging on the country’s fast-paced development of clean transportation.

    Enel X China will work in collaboration with automakers, commercial, industrial and residential customers, electric utilities, as well as energy markets.

    The company will provide electric vehicle charging infrastructure for the electric mobility of the future, including a complete line of smart electric vehicle charging stations and custom solutions for private households, businesses, and municipalities.

    The local office is engaging with several Chinese and global automakers, vehicle fleets, and commercial real-estate operators to introduce charging solutions using JuiceBox technology.

  • Enel Green Power and Novartis strike deal for renewable energy agreement

    Enel Green Power and Novartis strike deal for renewable energy agreement

    Enel Green Power and Novartis have signed a 10 year, 100% renewable Virtual Power Purchase Agreement (VPPA) for 78 MW of renewable power.

    This Pan-European VPPA will start in January 2022 and will help Novartis achieve its goals for 100% renewable electricity and carbon-neutrality across its European operations by 2025.

    The energy through this VPPA will be generated by the 179.9 MW TICO Wind Farm, located in the Spanish province of Zaragoza, which will be operational in early 2022.

    Through the agreement, the renewable energy provided to Novartis will avoid the annual emission of around 96,400 tons of CO2 into the atmosphere.

  • Ignacio Juliá Vilar is the new country manager for ING Spain and Portugal

    Ignacio Juliá Vilar is the new country manager for ING Spain and Portugal

    Ignacio Juliá Vilar has been appointed as country manager for ING Spain and Portugal from 1 January 2021.

    Ignacio, who joined ING back to 1999, has a wealth of retail experience that will help drive growth in Spain’s primary customers, digitalisation and revenues.

    This includes previous roles as ING’s chief innovation officer and as head of the Retail segment. He currently leads the Maggie transformation programme.

    Ignacio Juliá Vilar succeeds Roel Huisman, whose next role will be announced in due course.

  • Embracer Group acquires Serbian Mad Head Games

    Embracer Group acquires Serbian Mad Head Games

    Embracer Group, through subsidiary Saber Interactive, entered into an agreement to acquire 100 percent of the shares in Mad Head Games.

    The company, based in Belgrade and Novi Sad, Serbia, is an independent game developer led by three founders with a team of 130 people across four offices.

    Mad Head Games was founded in 2011 by Nenad Tomić, Uroš Banješević, and Aleksa Todorović, all three having more than 15 years game development experience.

    The acquisition will strengthen Embracer’s presence in Eastern Europe with the first studio operating in Serbia.

    Mad Head Games will continue to operate as an independent game developer under Saber, with continued leadership by the three founders.

  • Deutsche Börse acquires an 80% stake in ISS

    Deutsche Börse acquires an 80% stake in ISS

    Deutsche Börse will acquire a majority share of approximately 80% in ISS, valuing ISS at USD 2,275 million (EUR 1,925 million) for 100% of the business (cash and debt free).

    Genstar Capital and current management will continue to hold a stake of approximately 20%.

    The transaction is expected to close in the first half of 2021 subject to customary closing conditions and regulatory approvals.

    ISS’ more than 4,000 clients include many of the world’s leading institutional investors. 

    This transaction will bring a strengthened capital structure to ISS and the ability to further accelerate organic and inorganic growth initiatives.

    After the closing, ISS will continue to operate with the same editorial independence in its data and research organisation that is in place today.

    The current executive leadership team with CEO Gary Retelny will co-invest in the transaction and will also lead the business of ISS after the closing.

  • THQ Nordic acquires Vienna based Purple Lamp Studios

    THQ Nordic acquires Vienna based Purple Lamp Studios

    THQ Nordic completed the acquisition of Vienna-based studio Purple Lamp, effectively making it a 100% subsidiary of THQ Nordic GmbH.

    The studio worked on titles such as ”SpongeBob Squarepants: Battle for Bikini Bottom – Rehydrated” or ”Sea of Thieves”.

    Purple Lamp is currently working on ”The Guild 3” and on two not yet publicly disclosed games.

    The acquisition includes the development studio with its team of 38 veteran developers.

    Purple Lamp will continue working as a development studio exclusively focusing on titles for THQ Nordic and continuing developing premium games.

  • Amplifier Game Invest acquires Silent Games studio in Newcastle upon Tyne

    Amplifier Game Invest acquires Silent Games studio in Newcastle upon Tyne

    Through its wholly owned subsidiary Amplifier Game Invest, Embracer has entered into an agreement to acquire 100 percent of Silent Games Ltd.

    Silent Games is a UK based studio founded by Sally Blake and Joseph Rogers in 2018 and seated in Newcastle upon Tyne.

    Silent Game founders intend to be growing the studio from the current team of four persons into a 30 person strong studio over the coming years.

    As a result, the team plans to build a series of games in a Universe of their own making, with the first game planned for a 2023 release.

    The parties have agreed not to disclose the full transaction terms due to commercial reasons. 

    This acquisition is the first investment made by Amplifier in the British Isles, one of the strongest hubs for Game Development in the world.

  • Embracer to pay USD 137.2 million for Poland-based Flying Wild Hog

    Embracer to pay USD 137.2 million for Poland-based Flying Wild Hog

    Embracer Group AB, through Koch Media GmbH, has entered into an agreement to acquire 100 percent of the shares in the Poland-based Flying Wild Hog from Supernova Capital LLP.

    Flying Wild Hog is a growing independent Polish developer of AA+ PC and console games such as the Shadow Warrior series.

    As a result, through the acquisition, Embracer onboards a reputable team of 260+ people across three studios in Poland.

    Purchase price is equivalent to MUSD 137.2 on a cash and debt free basis and is paid in cash to Supernova Capital LLP, an private equity firm in the games sector.

    Also, a management incentive program has been set up in order to align interests going forward.