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Euro Rallied Again Despite Trump’s (Failed) Attempt To Downplay Euro and boost the US-Dollar

The euro spikes again, trades up (+0.71%) at $1.2478 (daily high) from $1.2385 (low).

The euro recovered early Friday again, boosted by stabile leadership and high economic forecasts in the Eurozone and rising rate expectations later this year. 

ECB left the policy rates unchanged, with the main refinancing rate, the marginal lending rate and the deposit rate staying at 0%, 0.25% and -0.40% respectively.

The pace of asset purchases also stayed unchanged at €30 billion per month until September, or beyond, if necessary.

President Mario Draghi attempted to downplay speculations that the central bank would soon adjust the forward guidance, as interpreted by many following the December meeting minutes.

Meanwhile, he stressed that any rate hike would be 'well past' the end of asset purchases. Draghi also warned of the impacts of the strong euro on growth and complained about the US for talking down the greenback at the World Economic Forum, later corrected by Donald Trump, but he failed in is remarks later on Thursday evening.  

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FLASH: Brent: $70.29 (+0.27%), AEX: 565,07 (-0,17%), DJI:  26.392 (+0.54%), EUR>(+0,51%)>US-Dollar: $1.2457, EUR>(-0,13%) Pound>£0.8744, Pound>(+0,67%) US-Dollar $1,4243, EUR>(-0,03%)>JPY: Y135,84

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Givaudan: 2017 Full Year Results; Strong financial performance; investing for the future

Sales of CHF 5.1 billion, up 4.9% on a like-for-like basis and 8.3% in Swiss francs

EBITDA of CHF 1,089 million

Net income of CHF 720 million, up 11.7% year-on-year

Free cash flow of 11.8% of sales

Proposed dividend of CHF 58.00 per share, up 3.6% year-on-year

Givaudan Business Solutions progressing as planned

Business performance

Givaudan Group full year sales were CHF 5,051 million, an increase of 4.9% on a like-for-like basis and 8.3% in Swiss francs when compared to 2016.

Fragrance Division sales were CHF 2,343 million, an increase of 4.5% on a like-for-like basis and 5.1% in Swiss francs.

Flavour Division sales were CHF 2,708 million, an increase of 5.3% on a like-for-like basis and 11.3% in Swiss francs.

Givaudan completed the year with good business momentum and with the project pipeline and win rates being sustained at high levels. The good growth was achieved across all product segments and geographies, with recent acquisitions all contributing positively. The Company continues to implement price increases in collaboration with its customers to fully compensate for the increases in input costs.

Gross Margin

The gross margin was 44.5% compared to 45.6% in 2016. Despite continued productivity gains and cost discipline, the decline in the gross margin was mainly due to the dilution arising from the pricing actions to fully compensate for increased input costs.

Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA)

The EBITDA was CHF 1,089 million in 2017 compared to CHF 1,126 million in 2016, a decrease of 3.3% in Swiss francs and 3.8% in local currency. The EBITDA margin was 21.6% in 2017 compared to 24.1% in 2016.

The reduction is largely attributed to the costs incurred in relation to the Givaudan Business Solutions (GBS) program with full year costs of CHF 107 million, of which CHF 47 million was cash, being partially offset by non-cash gains resulting from changes in pension plans of  CHF 20 million. As a reminder, in 2016 the Group recognised a net one-off non-cash gain of CHF 62 million resulting mainly from changes in pension plans.

Operating Income

The operating income was CHF 869 million compared to CHF 875 million, a decrease of 0.8% versus 2016. When measured in local currency terms, the operating income decreased by 1.5%. The operating margin decreased to 17.2% in 2017 from 18.8% in 2016.

Financial Performance

Financing costs in 2017 were CHF 42 million, versus CHF 51 million for the same period in 2016. In 2017, the Group continued to refinance at lower interest rates. Other financial expense, net of income, were CHF 32 million in 2017, versus the CHF 40 million reported in 2016, with increased hedging costs offset by reduced currency volatility in markets where currencies could not be hedged.

The income tax expense as a percentage of income before taxes was 9%, compared to 18% in 2016 mainly arising from lower tax expenses in the United States. Excluding items of a non- recurring nature, the income tax expense as a percentage of income before taxes was 15%.

Net Income

The net income increased to CHF 720 million in 2017 from CHF 644 million in 2016, an increase of 11.7%. This results in a net profit margin of 14.2%, versus 13.8% in 2016. Basic earnings per share increased to CHF 78.18 versus CHF 69.95 for the same period in 2016.

Cash Flow

Givaudan delivered an operating cash flow of CHF 861 million in 2017, compared to CHF 805 million in 2016. As a percentage of sales, working capital was essentially flat when compared to 2016.

Total net investments in property, plant and equipment were CHF 189 million, compared to CHF 135 million in 2016. During 2017 the Group continued its investments to support growth in high growth markets, most notably the new flavours savoury facility in Pune, India, the Zurich Innovation Centre (ZIC) and the Fragrance Division investments in Singapore and China.

Intangible asset additions were CHF 53 million in 2017, compared to CHF 40 million in 2016 as the Company continued to invest in its IT platform capabilities, including those to support the introduction of the Givaudan Business Solutions organisation. Total net investments in tangible and intangible assets were 4.8% of sales in 2017, compared to 3.8% in 2016.

Operating cash flow after net investments was CHF 619 million in 2017, versus the CHF 630 million recorded in 2016. Free cash flow, defined as operating cash flow after investments and interest paid, was CHF 594 million in 2017, versus CHF 597 million for the comparable period in 2016. As a percentage of sales, free cash flow in 2017 was 11.8%, compared to 12.8% in 2016.

Financial Position

Givaudan’s financial position remained solid at the end of the year. Net debt at December 2017 was CHF 1,074 million, compared to CHF 930 million at December 2016, with the increase driven by the Group’s acquisitions and investment programme. At the end of December 2017 the leverage ratio was 21%, compared to 19% at the end of 2016.

Givaudan Business Solutions

In July 2017 Givaudan announced the details of the planned implementation of Givaudan Business Solutions, a global organisation providing best-in-class internal processes and services.

The introduction of Givaudan Business Solutions is fully on track, with the first implementation steps expected in the first half of 2018 in Europe and in Asia Pacific.

In 2017, the Group incurred costs of CHF 107 million, of which CHF 47 million was cash, in relation to the preparation and first steps of the Givaudan Business Solutions organisation.

Dividend Proposal

At the Annual General Meeting on 22 March 2018, Givaudan’s Board of Directors will propose a cash dividend of CHF 58.00 per share for the financial year 2017, an increase of 3.6% versus 2016. This is the seventeenth consecutive dividend increase following Givaudan’s listing at the Swiss stock exchange in 2000.

2020 Guidance – Responsible growth. Shared success.

The Company’s 2020 ambition is to create further value through profitable, responsible growth. Capitalising on the success of the 2011-2015 strategy, Givaudan’s 2020 ambition is built on the three strategic pillars of growing with its customers; delivering with excellence; and partnering for shared success.

Ambitious financial targets are a fundamental part of Givaudan’s strategy. We aim to outpace the market with 4-5% sales growth and a free cash flow of 12-17% of sales, both measured as an average over the five-year period of the strategy cycle. It is Givaudan’s intention to maintain its current dividend practice as part of this ambition.

Fragrance Division

Fragrance Division sales were CHF 2,343 million, an increase of 4.5% on a like-for-like basis and 5.1% in Swiss francs.

Total sales for Fragrance Compounds (Fine Fragrances and Consumer Products combined) increased by 4.8% on a like-for-like basis. In Swiss francs, sales of compounds increased to CHF 2,036 million from CHF 1,933 million in 2016.

Fine Fragrances sales grew 7.2% on a like-for-like basis, driven both by strong new business and low erosion levels.

Consumer Products sales increased by 4.1% on a like-for-like basis, driven by all customer groups and balanced growth in both high growth and mature markets.

Sales of Fragrance Ingredients and Active Beauty increased by 2.8% on a like-for-like basis. Sales in Active Beauty grew double digit, driven by strong sales of the Active ingredients and Encapsulation systems. Sales of Fragrance ingredients were flat versus last year as a result of an improved performance in the latter months of the year.

The EBITDA of the Fragrance Division was CHF 486 million in 2017 compared to CHF 603 million in 2016, despite consistent underlying profitability. The reduction is largely attributed to the costs incurred in relation to the Givaudan Business Solutions (GBS) programme with full year costs of CHF 107 million in 2017, partially offset by non-cash gains resulting from pension changes of CHF 18 million. As a reminder, in 2016 the division recognised a net one-off non-cash gain of CHF 62 million resulting mainly from changes in pension plans.

As a result, the EBITDA margin was 20.7% in 2017 compared to 27.0% in 2016.

The operating income was CHF 396 million in 2017, versus CHF 493 million for the same period in 2016. The operating margin was 16.9% in 2017 compared to 22.1% in 2016.

As part of the Group’s 2020 strategy to expand the capabilities of its fragrance business, Givaudan announced on December 18, 2017, that it had entered into exclusive negotiations to acquire Expressions Parfumées, a French fragrance creation house.

Fine Fragrances

Fine Fragrances sales grew 7.2% on a like-for-like basis led by strong new business wins across all customer groups. In mature markets double-digit growth in Western Europe was delivered through new business and the solid performance of existing fragrances. North America sales grew against a strong prior year comparable driven by high new business levels offsetting erosion. Growth in high growth markets was driven by the Middle East with a combination of new business and volume gains at a number of customers and growth in Latin America in the second half of 2017.

Fine Fragrances enjoyed a successful awards season for Givaudan perfumes around the world. Numerous awards have been received in the USA, Latin America and Europe across both men’s and women’s fragrance categories. These awards confirm the leading role in the fine fragrance industry and recognise Givaudan’s capabilities in creating products that consumers love.

Consumer Products

The Consumer Products Business increased by 4.1% on a like-for-like basis with balanced growth in both high growth and mature markets. This performance was supported by a solid increase with international customers and sustained growth with local and regional customers which experienced double-digit growth in 2016.

On a regional basis, Latin America continued to deliver double-digit growth with all customer groups against strong prior year comparables. Asia recorded a sustainable increase driven by international customers, with particularly strong results in the South Asia sub-region across all product segments.

In Europe, Africa and Middle East, sales growth was reported on all customer groups and all sub-regions. Sales in North America showed strong year on year growth against a high prior year comparable thanks to all customer groups and product segments.

On a product segment basis, home care delivered solid sales growth, whilst Oral care and fabric care segments also contributed to the performance.

Fragrance Ingredients and Active Beauty

Sales of Fragrance Ingredients and Active Beauty increased by 2.8% on a like-for-like basis. Sales of Active Beauty were double-digit driven by strong sales on the Active ingredients and Encapsulation systems. Sales of Fragrance ingredients were flat versus last year as a result of an improved performance in the latter months of the year. Sales of Fragrance Ingredients in Europe and South America recorded solid growth, whilst in Asia and North America the sales were below prior year levels.

Flavour Division

Flavour Division sales were CHF 2,708 million, an increase of 5.3% on a like-for-like basis and 11.3% in Swiss francs. Including Spicetec, acquired in July 2016, Activ International, acquired in January 2017 and Vika B.V. acquired in September 2017, the growth was 12.4% in local currency.

From a segment perspective, Dairy, Snacks and Beverages were the main contributors to the division’s growth, with all segments in positive territory.

Asia Pacific and North America experienced robust growth whilst Latin America was negatively impacted by the economic situation in Brazil. Europe, Africa and the Middle East delivered good growth, driven by Beverages, Snacks and Savoury. All regions delivered a high level of new wins in the key segments.

As a result of the 2020 strategy, sales in Naturals increased at double-digit levels and in high single-digits in the Health & Wellness area.

The EBITDA increased by 15.4% to CHF 603 million from CHF 523 million in 2016. The EBITDA margin was 22.3% in 2017, up from 21.5% in 2016.

The operating income increased by 23.9% to CHF 473 million in 2017 from CHF 382 million for the same period in 2016. The operating margin increased to 17.5% in 2017 from 15.7% in 2016.

Asia Pacific

Sales in Asia Pacific grew by 3.8% on a like-for-like basis. Singapore, India, Philippines and Thailand delivered a double-digit performance, whilst Australia delivered a high single-digit increase. Despite challenging market conditions, China reported good growth in the second half of the year, whilst Indonesia saw a decline versus strong comparables in 2016.

Growth in the mature markets was driven by strong double-digit growth in Singapore and positive performance coming from Taiwan and Oceania.

Local and regional customers continued to grow strongly across the region, whilst from a segment perspective, Beverages, Dairy and Savoury contributed significantly to the overall growth.

Europe, Africa and Middle East

Sales increased by 5.1% on a like-for-like basis, with double-digit growth in Africa and the Middle East led by Egypt, Saudi Arabia and Nigeria and single-digit growth in the markets of Central and Eastern Europe, led by Turkey and Russia. The mature markets of Western Europe grew moderately led by the Benelux, UK, Ireland and Italy.

Within the segments there was good growth in Beverages, Snacks and Savoury as main contributors to the positive growth.

North America

On a like-for-like basis, sales in North America grew 8.5% in 2017. The strong performance was a result of new wins and growth of existing business in the Beverages and Dairy segments.

Latin America

Latin America sales increased by 1.5%, against a strong comparable of 17.1% in 2016. Good sales momentum in Argentina and Mexico was offset by the negative result related to the economic situation in Brazil.

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Starbucks Reports Record Q1 Fiscal 2018 Results

Net Revenues Up 6% to a Record $6 Billion; Global and U.S. Comp Store Sales Up 2%

China Net Revenues Up 30%; China Comps Up 6%

Q1 GAAP EPS of $1.57; Non-GAAP EPS of $0.65 Includes $0.07 Benefit from U.S. Tax Law Change

Company Adds 1.4 Million Active Starbucks RewardsTM Members in the U.S. to 14.2 Million, Up 11% Year-Over-Year

Starbucks Corporation (NASDAQ: SBUX) today reported financial results for its 13-week fiscal first quarter ended December 31, 2017. GAAP results in fiscal 2018 and fiscal 2017 include items which are

excluded from non-GAAP results. Please refer to the reconciliation of GAAP measures to non-GAAP measures at the end of this release for more information.

Q1 Fiscal 2018 Highlights

• Global comparable store sales increased 2%, driven by a 2% increase in average ticket

◦ Americas and U.S. comp store sales increased 2%, driven by a 2% increase in average ticket

◦ CAP comp store sales increased 1%, driven by a 1% increase in transactions

▪ China comp store sales increased 6%, driven by a 6% increase in transactions

• Consolidated net revenues of $6.1 billion grew 6% versus the prior year

• GAAP operating margin of 18.4% declined 140 basis points compared to the prior year; non-GAAP operating margin of 19.2% declined 80 basis points

• GAAP Earnings Per Share of $1.57 included $0.79 of net gain related to the acquisition of East China and a $0.13 net benefit from other items which are excluded from non-GAAP results

◦ Non-GAAP EPS grew 25% to $0.65 per share and included a $0.07 benefit from changes in the U.S. taks law

• Active membership in Starbucks Rewards in the U.S. grew 11% versus the prior year to 14.2 million, with member spend representing 37% of U.S. company-operated sales, and Mobile Order and Pay representing 11% of U.S. company-operated transactions

• Starbucks Card reached 42% of U.S. and Canada company-operated transactions

• The company opened 700 net new stores globally, bringing total store count to 28,039 across 76 markets

• The company returned a record $2 billion to shareholders in the quarter through a combination of dividends and share repurchases

“Starbucks reported another quarter of record financial results in Q1 of fiscal 2018, with consolidated revenues up 6% over last year - up 7% excluding 1% for the impact of streamlining activities in the quarter. China grew revenues 30% in Q1, with the strategic acquisition of East China positioning us to accelerate our growth in the key China market,”

said Kevin Johnson, president and ceo. “Today, Starbucks has two powerful, independent but complementary engines driving our global growth, the U.S. and China. Our work to streamline the company is sharpening our focus on our core operating priorities.”

-

“Starbucks delivered solid revenue and profit growth and our first ever $6 billion revenue quarter in Q1,” said Scott Maw, cfo. “We are laser-focused on accelerating growth in China and driving improvement across the U.S. business as we move into and through the back half of the year, and remain committed to delivering on the long-term targets we announced last quarter.

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Economic View; it is a really busy period for US President Donald Trump, data and events

First up is 4Q GDP, which is likely to show the third consecutive 3%+ reading – the first time this has happened for 13 years.

Domestic demand is strong and the competitiveness boost from US-Dollar weakness puts the US in an excellent position to benefit from the global upturn.

Today (Friday) President Trump will no doubt make everyone aware of this great success story in his speech at the World Economic Forum in Davos, where he will presumably be pushing his America First strategy.

This is likely to create nervousness in Canada and Mexico just as the sixth round of NAFTA negotiations get underway in Montreal on 28 January.

Trump will also be giving his State of the Union Address on Tuesday evening.

As we head into next week the US Fed meeting will be in focus. It is the last one Janet Yellen is presiding over as Chair of the US Federal Reserve, but no-one is expecting any policy change given the US Fed recently hiked rates in December.  Also with Jay Powell taking over at the helm in US Fed in February.

Attention will then switch to the January US jobs report.

Payrolls growth should be solid, although it has the potential to be buffeted around by the cold snap earlier in January. Analysts expect the Fed to follow through with three hikes this year.

The first estimate for January inflation in Germany will shed some light on how strong the impact from higher oil prices will be on Eurozone inflation in general. Also, coalition talks in Berlin will be continued. In the Eurozone next week’s data could worsen the ECB’s current dilemma of strong growth with very little inflation.

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FLASH: Brent: $70.16 (+0.09%), AEX: 565,07 (-0,17%), DJI:  26.392 (+0.54%), EUR>(+0,39%)>US-Dollar: $1.2440, EUR>(+0,12%) Pound>£0.8766, Pound>(+0,30%) US-Dollar $1,4191

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Kifid: premievrij zijn van overlijdensrisicoverzekering onvoldoende aangetoond – hoge overlijdensdek

Nadat de ex-partner van een consument is overleden, keert verzekeraar a.s.r. aan de consument ruim 17.000 euro uit, zijnde 110% van de waarde van de verzekering. Dit is de overlijdensrisicodekking, die is verlaagd als gevolg van het premievrij-maken van de verzekering. De consument, die medeverzekerde is, betwist dat de verzekering premievrij is gemaakt. Zij maakt aanspraak op het aanzienlijk hogere verzekerde bedrag van ruim 90.000 euro, zoals vermeld staat op het laatste polisblad. De Geschillencommissie van Kifid concludeert dat op het moment van overlijden van de ex-partner de overlijdensrisicodekking ruim 90.000 euro bedraagt, zoals het laatste polisblad vermeldt. De verzekeraar heeft onvoldoende kunnen aantonen dat de verzekering al voor het overlijden van de ex-partner daadwerkelijk premievrij was gemaakt.

De ex-partner heeft sinds 1990 een beleggingsverzekering met een overlijdensrisicodekking. In 1998 wordt de consument medeverzekeringnemer en medeverzekerde. Man en vrouw, dan nog partners, voldoen de jaarlijkse premies en daarnaast een aantal koopsommen. In het voorjaar van 2014 beëindigen de partners hun samenlevingsovereenkomst. In het voorjaar van 2015 vraagt de ex-partner de verzekeraar om de polis premievrij te maken en de naam van de consument van de polis te verwijderen. De ex-partner stuurt eind juni 2015 een getekend verzoek tot premievrijmaking terug aan de verzekeraar. Verzekeraar geeft op 2 juli 2015 een nieuw polisblad af. Hierop is de consument nog steeds als begunstigde van de uitkering vermeld en bedraagt het verzekerd kapitaal ruim 90.000 euro. Op het polisblad staat vermeld dat vanaf 1 februari 2016 geen premie meer is verschuldigd.

Polisblad versus ‘verzoek premievrijmaking’

Duidelijk is dat op het moment dat de ex-partner overlijdt in het najaar van 2015 de polis niet was aangepast aan de wensen van de ex-partner. Namelijk: het aanpassen van de hoge overlijdens-risicodekking en de consument als begunstigde schrappen. Vast staat ook dat de consument haar ex-partner reeds lang had gemachtigd om -mede namens haar- alle verzekeringsnemersrechten uit te oefenen. De ex-partner kon dus buiten de consument om de levensverzekering premievrij maken, met als gevolg dat de overlijdensrisicodekking werd verlaagd naar 110% van de waarde van de verzekering.

Centrale vraag voor de Geschillencommissie is of de consument terecht aanspraak maakt op een uitkering van ruim 90.000 euro of dat de verzekeraar kan volstaan met uitkering van 110% van de waarde van de verzekering. De verzekeraar verwijst naar het door de ex-partner ondertekende ‘verzoek tot premievrijmaking’ en stelt dat dit per abuis nog niet op het laatste polisblad was vermeld. De consument beroept zich op wat vermeld is op dit polisblad van 2 juli 2015.

Polisblad doorslaggevend

Het polisblad van de verzekering moet worden beschouwd als een onderhandse akte, aldus de Geschillencommissie, met bindende bewijskracht. Dat wil zeggen dat de verzekeraar het met de polis geleverde bewijs moet weerleggen. Op basis van documenten die de verzekeraar vervolgens overlegt, constateert de Geschillencommissie dat het verzoek om premievrijmaking door de verzekeraar intern per 3 juli 2015 is verwerkt. Echter, de jaarpremie voor de periode februari 2015-februari 2016 was door de ex-partner al voldaan en de verzekeraar heeft niet aangetoond een deel van de jaarpremie terug te hebben betaald. De Geschillencommissie gaat er daarom vanuit dat voor de hogere overlijdensrisicodekking is betaald tot en met 1 februari 2016. Op basis daar concludeert zij dat op het moment van overlijden van de ex-partner in het najaar van 2015 de overlijdensrisicodekking ruim 90.000 euro bedraagt, zoals het laatste polisblad vermeldt. De verzekeraar heeft onvoldoende aan kunnen tonen dat de verzekering vóór het overlijden van de ex-partner daadwerkelijk premievrij is gemaakt. De verzekeraar moet aan de consument alsnog het resterende bedrag tot ruim 90.000 euro uitbetalen.

Communicatie

Voor wat betreft de communicatie merkt de Geschillencommissie op dat de verzekeraar kon volstaan met communicatie aan de ex-partner als hoofdverzekeringnemer.  De consument had er immers al veel eerder mee ingestemd dat alle correspondentie van de verzekeringsmaatschappij wordt gericht aan haar ex-partner. Ondanks de verstrekkende gevolgen van het premievrij maken van de verzekering en het schrappen van de consument als medeverzekerde, hoefde de verzekeraar de consument als medeverzekerde daarover niet te informeren, zo blijkt uit de uitspraak.

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Gazprom and KOGAS discuss LNG supplies and further cooperation

A working meeting between Alexey Miller, Chairman of the Gazprom Management Committee, and Seung-Il Cheong, President and CEO of KOGAS, took place in Moscow today.

Working meeting between Alexey Miller and Seung-Il Cheong, President and CEO of KOGAS, took place in Moscow

The meeting addressed the status of LNG supplies to South Korea from the Sakhalin II project, as well as the potential for increasing exports.

The parties also discussed the prospects for further collaboration between the companies.

Working meeting between Alexey Miller and Seung-Il Cheong, President and CEO of KOGAS, took place in Moscow

KOGAS is focused on the construction and operation of LNG receiving terminals and gas distribution networks, the implementation of international gas projects, and research and development in the gas industry.

In 2016, Gazprom and KOGAS inked an Agreement of Cooperation. The document envisages a broader cooperation in the field of LNG supplies and reflects the parties’ intention to implement joint projects in LNG production, transportation and regasification and in gas-fired power generation. In addition, the Agreement outlines the key avenues of cooperation, including in research and development, energy efficiency, environmental protection, and the NGV sector.

In 2005, Sakhalin Energy Investment Company Ltd. and KOGAS signed the contract for the supply of 1.5 million tons of LNG per year from the Sakhalin II project.

The Financial Journal GLOBAL, founded in 1967/2017, 50 years and ongoing.

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Unexpectedly, President Trump remarking that he wanted a 'strong Dollar' triggered a volatile sharp reversal for the euro! 

Currently the euro trades (+0.28%) vs. US-Dollar at $1.2426.

Daily High: $1.2433  <>  Daily Low: $1.2385

On Thursday there was a daily high at $1.2537.

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Carnival Corporation & plc announced it has signed a shipbuilding contract for a second next-generation cruise ship for its P&O Cruises brand with leading German shipbuilder Meyer Werft GmbH that is scheduled to be delivered in 2022.

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