Money Buzz! Europa

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  • Total confirms the sale of UK North Sea non-core assets to NEO Energy

    Total confirms the sale of UK North Sea non-core assets to NEO Energy

    Total confirmed its commitment to completing the sale of its UK North Sea non-core assets, first announced in July 2019.

    Reflecting recent significant market volatility, Total and Norway-based private equity investor HitecVision have successfully renegotiated the financial terms of the deal to respond to the current environment – while Petrogas is no longer part of the transaction.

    Total and NEO Energy have developed detailed transition plans to deliver a smooth handover of operations upon completion, while allowing NEO to focus on embedding planned operating efficiencies and growth plans as rapidly as possible.

    Subject to regulatory approvals, the parties expect to complete the transaction by the third quarter 2020.

  • Total discontinues the acquisition of Occidental Petroleum’s assets in Ghana

    Total discontinues the acquisition of Occidental Petroleum’s assets in Ghana

    In August 2019, Total and Occidental Petroleum entered into a Purchase and Sale Agreement (PSA) in order for Total to acquire Anadarko’s assets in Africa.

    Under this agreement, Total and Occidental have since completed the sale and purchase of the Mozambique and South Africa assets.

    The PSA provided that the sale of the Ghana assets was conditional upon the completion of the Algeria assets’ sale. Occidental has informed Total that, as part of an understanding with the Algerian authorities on the transfer of Anadarko’s interests to Occidental, Occidental would not be in a position to sell its interests in Algeria.

    Given the extraordinary market environment and the lack of visibility that the Group faces, and in light of the non-operated nature of the interests of Anadarko in Ghana, Total has decided not to pursue the completion of the purchase of the Ghana assets and, as a consequence, to preserve the Group’s financial flexibility.

    “This decision not to pursue the completion of the purchase of the Ghana assets consolidates the Group’s efforts in the control of its net investments this year and provides financial flexibility to face the uncertainties and opportunities linked to the current environment,” said Patrick Pouyanné, Total Chairman and CEO.

  • Pricefx acquires AI pricing software startup Brennus Analytics

    Pricefx acquires AI pricing software startup Brennus Analytics

    Pricefx announced it has acquired Brennus Analytics, an AI pricing software start-up based in France.

    Brennus uses a modular, proprietary AI technology to provide unique optimization capabilities highly applicable to the challenges of complex B2B environments.

    Brennus’ pricing optimization software is based on AI technology called ”Adaptive Multi Agent Systems” (AMAS). AMAS technology is predictive, prescriptive, transparent, fast and flexible.

    Devised in the 1990s by the Toulouse Research Institute in Computer Science (IRIT), AMAS is based on self-organizing autonomous agent networks, comparable to a living organism. The self-adapting system is particularly well-suited for large scale optimization and continuous learning.

    Brennus Analytics was founded in 2015 by Gregoire Saint-Guily, Florent Dotto, Sylvain Peyruqueou and Sylvain Rougemaille.

    Financial terms of the deal were not disclosed. This is the first strategic acquisition that Pricefx has executed since closing its series B round of venture financing in November 2019.

  • Legrand organic change in sales of -7.3% in Q1 2020

    Legrand organic change in sales of -7.3% in Q1 2020

    In the first quarter of 2020, marked by a significant decline in business at the end of the period, Legrand reported a -2.2% fall in sales, reflecting an organic decline (-7.3%) and an adjusted operating margin before acquisitions1 of 18.7%, one point lower than in the first quarter of 2019.

    The health crisis has triggered a sharp deterioration in the world economic outlook with a deep recession expected in 2020, leading Legrand to suspend its targets for the year on March 26.

    An organic fall in sales was confirmed in April 2020, which saw a retreat of -41% for the month.

    On this basis, Legrand anticipates a marked decline in sales in the second quarter of 2020. Subject to a favorable trend in the global health situation, the second half of the year should see a sequential improvement.

    Legrand is working actively to ensure continuity of service for customers, whose businesses are critical to keeping the economy functioning. On May 5, 2020, almost all of Legrand’s logistics centers were open and customer care operations (including both sales and service teams) were up and running in most of the geographical areas it serves.

    In addition, Legrand is honoring all of its payment obligations, particularly to suppliers, and is maintaining its proposed dividend for 2019 at €1.34, unchanged from the previous year, compared to the €1.42 initially proposed.

  • 91% less passenger vehicles crossed Eurotunnel in april 2020

    91% less passenger vehicles crossed Eurotunnel in april 2020

    In the context of the lockdown measures imposed by the French and British governments on the 17th and 23rd March respectively, prohibiting all travel considered to be non-essential, Eurotunnel focused on ensuring the supply of critical goods between France and the United Kingdom via its Truck and Passenger Shuttle services.

    This restriction does not apply to cars and vans travelling in the Passenger Shuttles, as drivers and passengers remain in their vehicles during the crossing, without coming into direct physical contact with staff or passengers.

    Le Shuttle Freight carried almost 80,000 trucks in April 2020, mainly due to the resilience of demand for food, pharmaceutical and e-commerce goods.

    With an average of 4 departures per hour, Le Shuttle is better adapted to this type of product than maritime transport. Since 1st January, more than 466,000 trucks have crossed the Channel using our Shuttles.

    In April 2020, the Passenger Shuttles carried almost 20,000 passenger vehicles. This figure should be seen in light of the very severe restrictions in relation to border crossings imposed by the French and British governments.

    Since 1 January, almost 440,000 passenger vehicles have crossed the Channel on board of Passenger Shuttles.


         		April 20April 19ChangeJan- April 2020Jan- April 2019
    Truck ShuttlesTrucks79,474119,563-34%466,722
    Passenger ShuttlesPassenger vehicles19,682227,393-91%439,854
  • Arkema, sales at €2.1 billion, down 5.7% year on year, in Q1 2020

    Arkema, sales at €2.1 billion, down 5.7% year on year, in Q1 2020

    Arkema sales were at €2.1 billion, down 5.7% year on year, marked by the impact of Covid-19. EBITDA of €300 million, down 19% on first-quarter 2019, mainly impacted by the effects of Covid-19 which amounted to around €45 million.

    Adjusted net income of €100 million, representing €1.31 per share.

    Close-to-balance free cash flow, of negative €38 million, reflecting the seasonal increase in working capital.

    Net debt tightly controlled at €2,481 million (including €1 billion in hybrid bonds), up €150 million on 31 December 2019 (€2,331 million including hybrid bonds), of which over half relating to the acquisition of the Danish company LIP in adhesives.

    Liquidity levels at €1.5 billion at end-March, confirming the Group’s financial solidity.

    €100 million reduction in capital expenditure compared to the level originally planned for 2020, and fixed costs to decline by €50 million in 2020 versus 2019, to adapt to the Covid-19 context.

  • Total announces the first 2020 interim dividend of €0.66/share

    Total announces the first 2020 interim dividend of €0.66/share

    Total Board of Directors met on May 4, 2020, and declared the distribution of the 2020 first interim dividend at €0.66/share, stable compared to the 2019 first interim dividend.

    This interim dividend will be paid in cash exclusively according to the following timetable:

    In 2020ShareholdersADS holders
    Ex-dividend dateSeptember 25September 23
    Payment dateOctober 2October 16

    Furthermore, the Board of Directors decided on February 5, 2020, to propose to the Shareholders’ Meeting on May 29, 2020, the distribution of a 2019 final dividend of €0.68/share.

    The Board of Directors of May 4, 2020, decided to offer the shareholders, subject to approval at the Shareholders’ Meeting on May 29, 2020, the option to receive the 2019 final dividend in cash or in new shares of the Company with a discount, each choice being exclusive of the other.

  • Europcar secured 307€m new financing facilities to ensure liquidity

    Europcar secured 307€m new financing facilities to ensure liquidity

    • € 220m new term loan, 90% guaranteed by the French State;
    • € 67m new financing facilities, 70% guaranteed by the Spanish State;
    • € 20m Incremental RCF, guaranteed by Eurazeo through a risk sub-participation.

    Europcar completed a financing scheme, aiming at securing its liquidity to face the COVID-19 crisis and meeting anticipated fleet and corporate financing needs to swiftly restart operations.

    This includes a € 220m term loan, signed with the Group’s main French and international banks, benefiting from a 90% guarantee from the French State via Bpifrance (“Prêt Garanti par l’Etat”).

    This facility will have an initial maturity of 1 year, with an up to 5-year extension option decided by Europcar (up to May 2026), subject to customary mandatory repayment provisions. Differed amortization for 1 year with a contemplated progressive amortization thereafter.

    Condition: no dividend payments in 2020 and 2021 and subject to a x3 net corporate leverage thereafter.

    Financing facilities for the Europcar Spain

    New financing facilities for the Europcar Spanish subsidiaries (Europcar Spain and Goldcar Spain), totalling € 67.25m, signed over the last 2 weeks with Bankia and BBVA benefiting from a 70% guarantee from the Spanish State. These new facilities will have a 3-year maturity and proceeds are expected to fund both fleet & corporate needs.

    A € 20m Incremental RCF tranche (to increase the facility from € 650m to € 670m) – provided by French banks which have obtained a guarantee from Eurazeo through a sub-risk participation.

    All these new financing facilities, together with its existing financing framework, have been structured with regard to the current pandemic situation to allow Europcar to face the significant business impacts resulting from lockdowns and travel restrictions everywhere it operates, while allowing to progressively resume its activities post COVID-19 crisis.

  • TSG acquires Stadline and signals further European expansion

    TSG acquires Stadline and signals further European expansion

    TSG announces that it has signed a definitive agreement to acquire Stadline, an innovative provider of management software and services to the fitness sector, primarily in France.

    Created via the merger in 2015 of Stadline (founded in 2004) and Resamania (founded in 2008), the company is considered as the most dynamic, innovative and advanced SaaS player in the French market.

    Via the recently developed Resamania v2, the Stadline solution serves large multi-site fitness chains’ needs, in a French market driven by consolidation.

    TSG is an Advent portfolio company, is a leading revenue management solutions company that provides business management software, integrated payments, and value-added services to clients around the globe.

  • Vestiaire Collective raises $64 million investment

    Vestiaire Collective raises $64 million investment

    • The new round brings on board Korelya Capital, funds managed by Fidelity International, Vaultier7 and Cuir Invest;
    • Existing shareholders Eurazeo (Eurazeo Growth & Idinvest Venture funds), Bpifrance, Vitruvian Partners, Conde Nast, Luxury Tech Fund and Vestiaire Collective’s CEO, Max Bittner also reinvest.

    Vestiaire Collective, a global platform for desirable pre-owned fashion completed a $64 million round of financing, existing shareholders reinvest alongside new investors Korelya Capital, which is backed by Korean technology conglomerate Naver, funds managed by Fidelity International,  Vaultier7, a specialist female-led consumer fund, and Cuir Invest, which is backed by the French Leather industry.

    This new round of funding will allow further acceleration of Vestiaire Collective international business beyond the countries where the company’s community is already well established. Currently, over 80% of the French headquartered company’s transactions are already generated cross-border.

    Thanks to Korelya Capital, which is backed by Korean technology conglomerate Naver, Vestiaire Collective will jointly explore the expansion towards Japan, the biggest resale market in the world, and Korea in 2020 and beyond.

    This round will help the company to drive ambitious growth in the US market and further develop the Direct Shipping model.

    Launched in Europe in September 2019 the service is increasingly popular with a growing number of customers. Currently, over 50% of orders in the EU are fulfilled through the new service, which is also growing at a rate of +60% MoM. The model will be launched in the United States in early summer followed by Asia before the end of 2020.

  • HR Path aquired InTalent to accelerate international growth

    HR Path aquired InTalent to accelerate international growth

    • HR Path announced that they have entered into a definitive agreement to acquire 100% of InTalent.
    • InTalent assists companies in elaborating strategies and deploying technological solutions related to the process of human resources management.

    “The acquisition of InTalent is part of our ‘Advise to Run’ strategy to offer our customers a full range of services from business consulting, implementation of HR solutions and post-go live quality services. This also reinforces our positions in the America Region,” says François Boulet, Co-CEO – HR Path.

    “Overseeing the business development of this area, I am really happy to reinforce our Montreal office with this very talented team. They currently work on business consulting and projects implementation and have developed strong partnerships with software vendors such as Oracle, Cornerstone and others. This will also be a great addition to the American customers,” adds Franck Pinel, Partner – HR Path.

    “I am really proud to join the group as we share the same values. I trust the HR Path capabilities will also benefit the current InTalent clients,” concludes Cofounder of InTalent,David Guérette.

    Who is HR Path

    HR Path helps companies for whom human capital is essential in their digital transformation. Advise, Implement & Run are the three business lines of the company, which contribute to the corporate HR performance.

    Founded in 2001, its 1000 talents support more than 1300 clients in 18 countries. To this date, its turnover is $125 million.

  • Airbus, record commercial aircraft deliveries in 2019

    Airbus, record commercial aircraft deliveries in 2019

    • Record commercial aircraft deliveries
    • Strong underlying financial performance, FY 2019 guidance achieved
    • € -3.6 billion penalties recognised for agreements with authorities
    • A400M € -1.2 billion charge; export assumptions revised
    • Revenues € 70.5 billion, +11% YoY; EBIT Adjusted € 6.9 billion, +19% YoY
    • EBIT (reported) € 1.3 billion; loss per share (reported) € -1.75
    • 2019 dividend proposal: € 1.80 per share, +9% versus 2018

    Airbus SE reported Full-Year (FY) 2019 consolidated financial results and provided guidance for 2020.

    Net commercial aircraft orders increased to 768 aircraft (2018: 747 aircraft), including 32 A350 XWBs, 89 A330s and 63 A220s. At the end of 2019, the order backlog reached 7,482 commercial aircraft. Airbus Helicopters achieved a book-to-bill ratio by value above 1 in a difficult market, recording 310 net orders in the year (2018: 381 units).

    This included 25 helicopters from the Super Puma family, 23 NH90s and 10 H160s. Airbus Defence and Space’s order intake by value of € 8.5 billion was supported by A400M services contracts and key contract wins in Space Systems.

    Consolidated order intake in 2019 increased to € 81.2 billion (2018: € 55.5 billion) with the consolidated order book valued at € 471 billion on 31 December 2019 (end December 2018: € 460 billion).

    Revenues increased to € 70.5 billion

    Consolidated revenues increased to € 70.5 billion (2018: € 63.7 billion), mainly driven by the higher commercial aircraft deliveries and a favourable mix at Airbus, and to a lesser extent  the favourable exchange rate development.

    A record 863 commercial aircraft were delivered (2018: 800 aircraft), comprising 48 A220s, 642 A320 Family, 53 A330s, 112 A350s and 8 A380s.

    Airbus Helicopters recorded stable revenues supported by growth in services, which offset lower deliveries of 332 rotorcraft (2018: 356 units). Revenues at Airbus Defence and Space were broadly stable compared to the previous year.

    Aircraft deliveries rose by 43%

    On the A320 programme, NEO aircraft deliveries rose by 43% year-on-year to 551 aircraft. The ramp-up continued for the Airbus Cabin Flex (ACF) version of the A321 with almost 100 more deliveries than in 2018.

    The breakeven target for the A350 was achieved in 2019. Given overall customer demand for widebody aircraft, Airbus expects A330 deliveries of approximately 40 aircraft per year beginning in 2020 and the A350 to stay between a monthly rate of 9 and 10 aircraft.

    Airbus Helicopters’ EBIT Adjusted increased to € 422 million (2018: € 380 million), mainly reflecting an increased contribution from services and lower research and development costs. This was reduced by a less favourable delivery mix.

    EBIT Adjusted at Airbus Defence and Space declined to € 565 million (2018: € 935 million), mainly reflecting the lower performance in a competitive Space environment and efforts to support sales campaigns. The Division is targeting a restructuring programme to address its cost structure and restore profitability to a high single digit margin.