Daily Archives: September 18, 2010

BMF: So far, no invitation to national banks – level meeting

BERLIN (Dow Jones) – A summit meeting between Finance Minister Wolfgang Schäuble and the finance ministers of countries , representatives of regional banks and the Savings Bank President on 28 September so far by the Federal Ministry of Finance ( BMF ) is not confirmed.

So far had no invitations been sent to such a meeting , BMF spokesman Michael Offer said in Berlin on Friday in response to the media report. "I would the well not prejudge do if this were the case , " Offer said.
True, was that Schäuble the " principal purpose " was , the issue of consolidation to move forward of regional banks expeditiously. The minister wanted to " play an active role , "said Offer.
According to the " Handelsblatt " from government to Schäuble , on 28 September, a summit meeting on this issue with the finance ministers of the countries , representatives from local banks and bank presidents plan should be discussed at the on the possible restructuring of the sector.

– By Beate Preuschoff, Dow Jones Newswires , +49 ( 0) 30-2888 4122
beate.preuschoff @ dowjones.com

DJG / bep / kth / dok

Metal price inflation weakens

Flammschale37_Quelle_Stahlverband FRANKFURT (Dow Jones) – Producer prices for metals in Germany were in August higher by 17.5 % year-on- month and by 1.3 % over the previous month , said the Federal Statistical Office ( Destatis ) on Friday. (Photo : Steel Association )

Non-ferrous metals more expensive are therefore by 20.9 % ( +2.4 %), secondary metal raw materials cost 46.5% ( -0.9 %) more and rolled steel was up 24.3 % more expensive (up 0.8 %) . According to the statistician , the prices inflation at producer level in Germany slowed in August within a year. The producer prices of industrial products increased compared to August 2009, at 3.2% , after an increase of 3.7 % in July. Compared to the previous month, prices stagnated in August , compared with an increase by 0.5 % in July. The biggest influence on the annual rate of change was in August the price increases for intermediate goods and energy. DJG/12/kri/dok

RWE is 2011 profit decline 1.5 billion to EUR – WAZ

10201630_RWE_Turm1COMP ESSEN ( Thomson Financial) – RWE is a newspaper report that must in the coming year revise its earnings forecasts sharply downwards . As the newspapers of the WAZ Group , citing the environment of the RWE Board report , the Group currently expects for 2011 a reduction of profits by about EUR 1.5 billion . (Photo : RWE)

The reason for this are permanently lower electricity sales and new pressures from the nuclear compromise with the federal government.
The stock is clearly after following the announcement of the report , and also uses the papers of rival E. ON down.
"The EUR 1.5 billion is a speculation , we do not comment , "a spokesman for RWE AG said this on request. currently update RWE the medium-term plan , to be unveiled in February.
According to the newspaper vorranging two effects will make for the profit decline . Unlike adopted , prices for electricity supply in the coming year on average far less than 60 EUR , as the writing " WAZ ". The trading year was almost complete , which means that RWE foresee already could that the expected revenues and thus the projected gains are rarely achieved. Continue to have higher costs for power plant fuels such as coal and gas are recorded . "Margins are so in the electricity business tight , " I meant it .
This would be for information from the group effects come from the nuclear compromise that could up to 800 million EUR push to win . RWE CEO Juergen Grossmann had already announced in an internal managers conference that lie ahead tougher times .
Like the " WAZ " writes further that there had while also been called the negative effects could be partially offset by above-average profits in other areas. Then the business with the networks run pleasingly stable. In addition, the oil and gas business in the Group of RWE Dea recovering faster than expected.
The charges from the nuclear compromise dispute RWE does not . However, Chief Financial Officer Rolf Pohlig the Financial Times Germany "had earlier said that RWE expects from the atom compromise in the current situation "with an annual burden of EBITDA of around 700 million EUR in the next few years. " Recurrent net income will first be charged with 500 million EUR .
Like other nuclear companies , RWE had placed significant burdens on the agreements over longer terms in the coming years in view. For the lion’s share of this tax is provide to the fuel consumption from 2011. was announced As their introduction in the summer by the federal government, the group had withdrawn from the half-year results the in February given medium-term forecast for re- examination.
Part of the announced for February new goals will be the volume of savings of the group. Like the " WAZ " , writes , RWE aggravate as a consequence of the difficult situation his current savings program. So far, the cost base will in 2012 compared to 2006, some EUR 1.2 billion lower. " Then a shovel is risen , " I meant it . How exactly should the savings program, according to the report is still unknown.
At least this year , the signs for the group but still growth. The current forecast an increase of about 5% in operating results and sustained net result confirmed the RWE spokesman. 2009, the company had earned surgically EUR 7.1 billion . Adjusted for special items net income was EUR 3.5 billion.
The latter is used by RWE as the basis for dividend distribution. Probably for this reason are reports of such profit drops poison for the stock prices of suppliers, whose shareholders are often more interested in profits are interested than in capital gains.
"Investors are worried about the dividend , "it says in the afternoon trade in view of the course board. The utility sector falls after the newspaper report as " the most massive selling pressure . " "Sales are three times as high as normal, "said one trader. RWE and E. ON fell temporarily to new annual lows . Against 17.22 clock it is trading at 50.87 or 21.65 EUR and are leading the losers list by far .

Web sites:
www.derwesten.de / waz
-By Martin Rapp , Dow Jones Newswires ;
+49 211 13 87 214 ; martin.rapp @ dowjones.com
(Manuel Priego – Thimmel in Frankfurt contributed to this article.)

DJG / mmr / brb / voi

ACS : Are high low – offer does not change

2009-03-25_hochtief_comp FRANKFURT (Dow Jones) – Spain’s Hochtief major shareholder ACS has stated his willingness to talk . " will The offer not change , however, " Corporate General Manager Angel Garcia Altozano said Friday during a conference call. previously Hochtief had said that one should interpret the offer as " unfriendly " . (Photo : High- Low)

Altozano repeated again the friendly intention of ACS. Hochtief could consider the offer as unfriendly, because the offer had not been negotiated , argued the manager. This is not for legal reasons have been possible , because you the negotiations would have had to make public .
The offer was reasonable , so Altozano further. Hochtief should be a substantial free float further listed on the Frankfurt Stock Exchange. ACS aspire no longer to be something over 50 % of Hochtief.
The offer , to get to the shareholders for five high low – papers eight ACS shares will be completed by year end. After that would ACS buy missing shares on the stock . For these purchases , there is no time limit.

Website: www.hochtief.de
Natali-by Schwab , Dow Jones Newswires
+49 69 29725119, natali.schwab @ dowjones.com

DJG / nas / voi

MAN raises sales target for Latin America

MN_PF_Montage_08_24 FRANKFURT (Dow Jones) – The business of the commercial vehicle manufacturer MAN in Latin America is booming : Between January and August, where 44 800 trucks and buses were sold , an increase of 54 %, as the DAX Group announced on Friday. (Photo : MAN)

Thanks to the strong performance so far this year will , Munich surpass its previous sales target is now clear.
For the full year , MAN SE expects in Latin America now sales with at least 60,000 commercial vehicles. So far the group had targeted more than 50,000 sales. 2009 it had been from April to December of almost 36,000 vehicles. Taken over by major shareholder Volkswagen division has been consolidated since April 2009 in the MAN – books.
"The Brazilian economy is based on a stable growth path. the truck market is also being brought forward in view of the current 2012 emission standard Euro V, especially since the average age of the current vehicle fleet at 17 years is quite high, " said Antonio Roberto Cortes , president MAN Latin America . Another incentive are investment programs the government, some of which were recently extended until the end of 2010.
Already in the first half of MAN had benefited from the continued strong development of the Latin American business , where orders and sales alone, in the second quarter more than doubled and earnings almost tripled . At half-year , MAN earned 166 million EUR in the business more than 40 % of the total generated operating income of 404 million EUR .
MAN Latin America is Brazil’s claims to seven years of market leader for trucks over five tons. In August 2010 the market share was 33.5%. The introduction of heavy trucks with more than 370 hp MAN brand in 2011 , Munich will also open up another market segment in South America.
in the classic MAN distribution area in Europe, keeps to the trend: The demand is improving significantly , even in Russia, chief executive Georg Pachta – Reyhofen said Friday for at a presentation investors. The situation there will continue to improve.
After the commercial vehicle registrations in Europe in the wake of the economic crisis , almost two years on a downward slide , they rise since March again steadily . Recent data But according to MAN in 2010 to settle in Europe 50,000 Nutzfahrzeuge , 2009, there had been only about 40 500 .
Looking at the full year is expected with continued positive trend in orders , revenue and profit figures. recent data According to MAN aiming thanks to the continuing boom in Brazil and the rest of the business in Europe for 2010, a revenue increase of more than 10 %, and wants to keep the margin at the level of the first half- year at 6 %.
Last year they had suffered badly from the economic crisis. Unlike some of the biggest competitors , the Munich -earned but in business operations money – while about three quarters less than the record year 2008, after all, but still about half a billion euros . The margin was 4.2 %. Net of truck manufacturers due to depreciation and expenses in connection with the bribery affair , however, was slipped into the red.

Website: www.man.de
– By Nico Schmidt , Dow Jones Newswires
+49 – (0) 69 297 25 114 , nico.schmidt @ dowjones.com
DJG / ncs / brb / voi