Overview SED
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Company Overview LA SEDA DE BARCELONA, S.A. (Madrid: SED) Av Remolar 2, El Prat de Llobregat, 08820 Barcelona, SPAIN http://www.laseda.es Sector (ICB) Personal Goods Subsector (ICB) Clothing & Accessories Employees as of 12/31/08 2,399 CUSIP SEDOL 4505437 Fiscal Year End 2008-12-31 Market Data *Time stamp based on security's exchange (MC), EUR **Prices as of 09/18/09, EUR Price (05:35 PM*) 0.34 Change 0.00(0.00%) Volume 00 52 Wk Range 0.82 - 0.25 Consolidated Market Cap** 213 (MM) Div Yield 4.41% 1 yr Total Return -50.68% Beta (Historical) 0.98 Float as % O/S 75% Price and Volume: 1 Year S&P and Moody's Credit Ratings Data Not Available. Capital Structure *Price as of 09/18/09 , EUR in millions Consolidated Market Cap* 213 Total Shareholders Equity 385 - Cash and Short Term 35 Total Capital 471 + Short Term Debt 827 Debt to Equity - + Long Term Debt 51 Debt to Capital 67.61 + Preferred Stock 0 + Minority Interest 9.77 = Enterprise Value 1,065 Key Ratios LTM as of 06/30/09 * 12/31/08 (A) 12/31/09 (E)** 12/31/10 (E)** *EV and Price Multiples calculated using price as of 09/18/09 **Source: IBES EV/Sales 1.0 0.7 0.7 0.6 EV/EBITDA NEG NEG 15.6 9.4 EV/EBIT NEG NEG NEG 43.0 Total Debt/EV 0.8 0.8 - - Total Debt/EBITDA NEG NEG 12.9 7.7 EBITDA/Interest Ex. -6.8 -5.5 0.8 1.4 EBITDA/Capex/Int. Ex. -8.5 -7.4 -0.9 -0.4 EBIT/Interest Ex. -7.9 -6.5 -0.3 0.3 Price/Earnings NEG NEG NEG NEG PEG - - 0.0 0.0 Price/Sales 0.2 0.1 0.1 0.1 Price/ Cash Flow NEG NEG NEG 6.8 Price/Book Value 0.6 0.5 0.4 0.4 ROA -27.6 -22.9 - - ROE -88.5 -69.0 -10.4 -12.0 ROIC -86.7 -28.3 - - Financial Summary LTM as of 06/30/2009 * 12/31/2008 (A) 12/31/2009 (E)* 12/31/2010 (E)* Currency: EUR Source: IBES Sales (MM) 1,068 1,474 1,464 1,728 Growth - 9.4 -0.6 18.0 Gross Profit (MM) -81 18 - - Margin -7.6 1.2 19.6 21.4 EBITDA (MM) -562 -474 68 113 Margin -52.6 -32.2 4.7 6.6 EBIT (MM) -654 -565 -24 25 Margin -61.3 -32.2 -1.7 1.4 Net Income (MM) -645 -538 -90 -37 Margin -60.4 -36.5 -6.2 -2.1 EPS -1.03 -.86 -.14 -.06 Growth - -2966.7 -83.3 -60.9
Transcript of Overview SED
Company Overview LA SEDA DE BARCELONA, S.A. (Madrid: SED)
Av Remolar 2, El Prat de Llobregat, 08820 Barcelona, SPAINhttp://www.laseda.esSector (ICB) Personal Goods Subsector (ICB) Clothing &
AccessoriesEmployees as of 12/31/08
2,399
CUSIP SEDOL 4505437 Fiscal Year End 2008-12-31
Marke t Data
*Time stamp based on security's exchange (MC), EUR **Prices as of 09/18/09, EUR
Price (05:35 PM*) 0.34 Change 0.00(0.00%)
Volume 00 52 Wk Range 0.82 - 0.25
Consolidated MarketCap**
213 (MM) Div Yield 4.41%
1 yr Total Return -50.68% Beta (Historical) 0.98
Float as % O/S 75%
Pr ice and Vo lume: 1 Year
S&P and Moody 's Cred i t Ra t ings
Data Not Available.
Cap i ta l S t ruc tu re
*Price as of 09/18/09 , EUR in millions
Consolidated Market Cap* 213 Total Shareholders Equity 385
- Cash and Short Term 35 Total Capital 471
+ Short Term Debt 827 Debt to Equity -
+ Long Term Debt 51 Debt to Capital 67.61
+ Preferred Stock 0
+ Minority Interest 9.77
= Enterprise Value 1,065
Key Rat ios LTM as of
06/30/09 *12/31/08
(A)12/31/09
(E)**12/31/10
(E)**
*EV and Price Multiples calculated using price as of 09/18/09 **Source: IBES
EV/Sales 1.0 0.7 0.7 0.6
EV/EBITDA NEG NEG 15.6 9.4
EV/EBIT NEG NEG NEG 43.0
Total Debt/EV 0.8 0.8 - -
Total Debt/EBITDA NEG NEG 12.9 7.7
EBITDA/InterestEx.
-6.8 -5.5 0.8 1.4
EBITDA/Capex/Int.Ex.
-8.5 -7.4 -0.9 -0.4
EBIT/Interest Ex. -7.9 -6.5 -0.3 0.3
Price/Earnings NEG NEG NEG NEG
PEG - - 0.0 0.0
Price/Sales 0.2 0.1 0.1 0.1
Price/Cash Flow
NEG NEG NEG 6.8
Price/Book Value 0.6 0.5 0.4 0.4
ROA -27.6 -22.9 - -
ROE -88.5 -69.0 -10.4 -12.0
ROIC -86.7 -28.3 - -
F inanc ia l Summary LTM as of
06/30/2009 *12/31/2008
(A)12/31/2009
(E)*12/31/2010
(E)*
Currency: EUR Source: IBES
Sales (MM) 1,068 1,474 1,464 1,728
Growth - 9.4 -0.6 18.0
Gross Profit (MM) -81 18 - -
Margin -7.6 1.2 19.6 21.4
EBITDA (MM) -562 -474 68 113
Margin -52.6 -32.2 4.7 6.6
EBIT (MM) -654 -565 -24 25
Margin -61.3 -32.2 -1.7 1.4
Net Income (MM) -645 -538 -90 -37
Margin -60.4 -36.5 -6.2 -2.1
EPS -1.03 -.86 -.14 -.06
Growth - -2966.7 -83.3 -60.9
Di rec to rs
Name Title
Jose Luis Morlanes Galindo Chairman of the Board
Rafael Espanol Navarro Chief Executive Officer, Director
Carlos Gila Lorenzo Vice Chairman of the Board, Representativeof INVERLAND DULCE S.L.
Jacinto Soler Padro Director
Musab Abdullah Moham Al Mahruqi Director, Representative of Oman Oil HoldingsSpain SLU
Rui Manuel Do Vale Jordao Director, Representative of Caixa CapitalSociedade de Capital de Risco SA
Carlos Antonio Rocha Moreira da Silva Director
Rafael Mir Andreu Director-Representative of LiquidambarInversiones Financieras SL
Of f i ce rs
Name Title
Jose Luis Morlanes Galindo Chairman of the Board
Rafael Espanol Navarro Chief Executive Officer, Director
Carlos Gila Lorenzo Vice Chairman of the Board, Representativeof INVERLAND DULCE S.L.
Carlos Sanz Laguna Chief Financial Officer
Sinforiano Sisniega Balaguer Head of PET Division
Joan Brat Sales Chief Operating Officer
Silvia Del Rosario Sanfeliu Director of Legal Advisory
Javier Fontcuberta Llanes Secretary
Jose Maria Olavide Diaz Director of Human Resources
Enric Banda Tarradellas Director of Innovation and Environment
Bus iness Descr ip t ion
La Seda de Barcelona, S.A.(SB). The Group's principal activities are the productionand distribution of artificial and synthetic fabrics and yarn such as polyester,polythene and viscose. It is also involved in pharmaceutical fields such as theproduction of oxyacetylene and its derivatives. The Group develops its textilebusiness in the plants of Barcelona and Guipuzcoa and the polyester fibresproduced can be used in all industrial textile sectors, such as: conventional and'Open End' wool and cotton spinning, the non woven sector and the car sector. TheItalian, German and French markets are some of the main targets, but it's alsopresent in the markets of the Maghreb, Turkey and South America.
Ana lys t Ra t ing
Source: First Call
Ownersh ip Breakdown
Investor Type Investors % O/S
Investment Managers 126 12.79
Brokerage Firms 0 0.00
Strategic Entities 7 25.31
Holding Companies 0 0.00
Corporations 4 24.79
Individuals 3 0.52
Government Agency 0 0.00
Total - All Holders 133 38.10
Top 5 Shareho lders
Investor Name % O/S Current Position Value($MM)
Position Date
Imatosgil InvestimentosSGPS SA
12.41 77,794,939 37.56 27-Jul-09
Caixagest - Técnicas deGestão de Fundos, S.A.
7.23 45,322,918 21.88 27-Jul-09
Caja de Ahorros delMediterraneo
6.14 38,490,002 18.58 27-Jul-09
Oman Oil Company S.A.O.C. 5.99 37,549,693 18.13 27-Jul-09
Norges Bank 1.27 7,977,828 3.84 31-Dec-08
Upcoming Even ts
Event Event Name Date/Time (ET)
Q3 2009 LA SEDA DE BARCELONA SA EarningsRelease
11/09/09/ NTS - 11/16/09 / NTS
Pas t Even ts
Event Event Name Date/Time (ET)
Q2 2009 LA SEDA DE BARCELONA SA EarningsRelease
08/26/09 / AMC-ET
LA SEDA DE BARCELONA SA Ordinary GeneralShareholders Meeting (Second Call)
08/08/09 / 6:00 AM
LA SEDA DE BARCELONA SA Ordinary GeneralShareholders Meeting (First Call)
08/07/09 / 6:00 AM
Bus iness Segment as o f 12 /31 /2008
Key Compet i to rsClothing & Accessories
Name ConsolidatedMarket Cap
- Current (MM)
Sales- LTM (MM)
EBITDAMargin - LTM
EV/EBITDA- FY1
Currency: EUR Defined by ICB Subsector closest by LFY Sales
Carter's, Inc. 1,025.21 1,040 12.4 7.8
Youngor Group Co., Ltd. 2,897.93 1,082 23.9 12.3
Safilo Group 148.83 1,073 -4.3 8.2
Gunze Ltd 656.1 1,099 7.3 -
Renown Incorporated 65.19 1,101 -4.4 -
La Seda De Barcelona, S.a. 213.14 1,068 -52.6 15.6
La tes t 5 Research Repor ts
Date Title Contributor
2009-09-01 LA SEDA DE BARCELONA, S.A. BPI
2009-08-27 LA SEDA DE BARCELONA, S.A. AHORRO CORPORACIONFINANCIERA
2009-07-30 LA SEDA DE BARCELONA, S.A. FORTIS BANK SA
2009-07-30 LA SEDA DE BARCELONA, S.A.(IN SPANISH)
FORTIS BANK SA
2009-06-29 LA SEDA DE BARCELONA, S.A. INSTITUTIONAL SHAREHOLDERSERVICES ISS
La tes t 5 Dea ls
Date Issuer/Target Name
DealType
Status Deal Amount(USD MM)
Lead Manager/Target Advisor
08/12/09 Begreen SGPS SA M& A S Buyer 0.0 -
BRAZIL - In August 2009, La Seda de Barcelona SA of Spain, announced that it was seeking a buyer forits 20% stake in Begreen SGPS SA, a manufacturer of polyethylene products.
07/27/09 La Seda deBarcelonaSA-Simpe
M& A S Buyer 0.0 -
ITALY - In July 2009, La Seda de Barcelona SA, a Barcelona- based manufacturer of plastics resin andsynthetic fibers, announced that it was seeking a buyer for its Simpe plant unit.
07/15/09 La Seda-nonstrategic asts
M& A S Buyer 0.0 -
SPAIN - In July 2009, La Seda de Barcelona SA, a Barcelona- based manufacturer of plastics andsynthetic fibers, announced that it was planning to seek a buyer for its non-strategic assets.
06/29/09 La Seda deBarcelona-PETPlant
M& A Rumor 0.0 -
SPAIN ? In June 2009, La Seda de Barcelona SA (La Seda), a manufacturer of plastic and syntheticfibers, was rumored to be seeking a buyer for its polyethylene terephthalate plant unit located in SanRoque, Cadiz. According to sources, La Seda expects to generate an estimated EUR 300 mil (USD 420mil) via its divestment plan.
06/29/09 La Seda Energy M& A S Buyer 0.0 -
SPAIN- In June 2009, La Seda Barcelona SA was seeking a buyer for its 49% stake in its subsidiary, LaSeda Energy, a Barcelona-based manufacturer of plastic and synthetic fiber.
News
Date Headline Source
Time displayed in GMT
08/31/09 05:39 AM Spanish stocks - Factors to watchon Monday
Reuters
08/13/09 06:16 AM Spanish stocks - Factors to watchon Thursday
Reuters
08/10/09 06:08 AM Spanish stocks - Factors to watchon Monday
Reuters
08/05/09 05:15 AM Spanish stocks - Factors to watchon Tuesday
Reuters
08/04/09 05:25 AM Spanish stocks - Factors to watchon Tuesday
Reuters
07/27/09 08:25 AM Spain's La Seda to sell 5 plants,focus on PET
Reuters
07/27/09 05:54 AM Spanish stocks - Factors to watchon Monday
Reuters
07/23/09 06:15 AM Spanish stocks - Factors to watchon Thursday
Reuters
07/22/09 05:16 PM Spain's La Seda to lay off staff inviability plan
Reuters
06/26/09 06:01 AM Spanish stocks - Factors to watchon Friday
Reuters
Source Thomson Reuters Note Data is continuously updated and is therefore subject to change.
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