Re: Cobas AM: Nueva Gestora de Francisco García Paramés
Anoche estuve viendo la última conferencia de inversores de Cobas. Presentaban el conjunto de su inversión en LNG, con un ratio DFN/EBITDA superior a 6x. Decía FGP que tenían algo de deuda. A mí me parece un kilo de deuda. Entiendo que es la dinámica del sector cíclico, pero ojo cuidado...
#97365
Re: Cobas AM: Nueva Gestora de Francisco García Paramés
Segun tengo entendido, no es que fuera una opción de venta si no que tradeaba con opciones call, que para mi, sin ser un experto, es diferente de poner una orden y echarse a dormir
En cualquier caso coincido contigo en que si es verdad que van a ser los primeros con la vacuna y que van a poder cobrarnos lo que les de la gana, es un movimiento extraño
#97366
Re: Cobas AM: Nueva Gestora de Francisco García Paramés
Pero es que no me creo que por Paquistan o algun pais de estos donde se pasan la modernidad del ESG este roñoso por el forro, les costara 4 duros.
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Re: Cobas AM: Nueva Gestora de Francisco García Paramés
siempre han tenido deuda Road, lo que tenian era mucha mas caja neta. Dicen que el circulante se normalizara en los proximos quarters pero fiate. Mucha desconfianza me transmitieron en la call, aunque hay que decir que el recorte de costes ha sido sorprendente.
Si esto se cumple, cojámoslo con pinzas, el efecto puede ser importante. Un analista pregunto que como era posible que con un gasto de 10M se consiguiera un efecto anualizado en ahorro de costes de casi 180M y de si se verán margenes superiores al 7%, a lo que sorprendentemente respondió que si. Dejo la pregunta aquí abajo para que cada uno la interprete a su libre albedrio.
Alvaro Lenze
I have 3 questions, if I may. The first 1 is on the adjustments. And maybe a follow-up on Mick's question. If I -- taking your adjusted figures, underlying project margins are about 7%. And maybe in Q2, they were even higher at about double digits. If we do not have -- looking forward into 2022 when you no longer have the low sales figures and no -- hopefully, no more restructuring expenses or COVID expenses, should we look at over 4% EBIT margin? Or are you becoming more positive about your execution and margin level than the 4% margin guidance that you were looking for maybe 1 year ago?
Second question would be on the savings, which, to be honest, look very high to me, especially the personnel savings because you only invested €10 million. And with this €10 million, you are able to achieve €120 million savings on an annualized basis. So that's 10x payout just in the first year. I wanted to understand whether this is a reduction in variable expenses. And if we should see these expenses going back up once activity returns and how this is for the rest of the cost savings, the €9 million in rental reduction and the €50 million in optimization of operations?
And the last question is regarding your balance sheet. I wanted to know whether the debt refinancing is already reflected in the balance sheet in -- as of 9 months? Because I see that you have short-term financial liabilities of about €600 million, which compares to your expected debt maturities of €275 million for 2021. So if you could please clarify these figures.
Juan Arburúa
Alvaro, this is Juan Lladó. Let me -- let me answer the first 2 questions. And then the 1 allowed to Eduardo, the third 1 about the balance sheet, Eduardo is definitely going to help. The answer is should we look over 4% 2022? It looks far. But the answer is yes. I mean, the good news, that's why I like to stress in this whole presentation. I don't think that was very clear, and I don't think I was very successful in the results analysis that I presented. I mean, the jobs are there, the backlog is there. The jobs are being very much and very well executed. And when I do the embedded, and I give you a hint when I put the embedded margins, and I say that, that embedded margin and projecting at 7%. I do believe it's higher than 7%, to be honest with you. I mean, it's -- that's why I spent some time here explaining why do we have better jobs in a win-win situation with our customers because that's the result of detailed full negotiation with them. Customers want us to make money. We want our suppliers to make money, and we want our subcontractors to make money. It has happened before, and I think it will happen again. So the answer is yes. We have a healthy backlog for 2022. And it is not very difficult to anticipate that our margins in 2022 are going to be above 4%. So that's definitely, yes. When you say that savings seems very low because we have invested $2 million, we have reduced, and I don't want to say numbers, because we're going to have to go even further. So it's -- I don't feel comfortable using the numbers of people. So that's why we've used numbers in terms of euros. We had reduced a lot of professionals of TR that were out of retirement phase or early retirements. That's hundreds and you have to realize that unions allow us since September 2019 to retire people when they're 64. Before that, we could not. So there was an advantage. To a very large percentage of our workforce makes us more costly that just -- to take actions that we've taken now, we hire them through agencies. So a very large percentage of this cost reduction has been reduction of professionals that come through agencies. That has no investment cost. All we have to do is, as contracts mature, and reduce -- we've got a little money, reduce the agreements we have with agencies.
And finally, yes, there is investment and will be investments in direct cost reduction. I don't like to use -- so that we have to be ready to continue investing in cost reduction. And we're going to be continue investing in cost reduction because it's part of our plan. Because our team has to be the best, and we stay with -- if we invest the money on it, when the market bounce back, we're going to be ready to grow again. But you grow again with the good teams, now with the goods and the less good ones. So that's the reason why we have invested very little money. And it has been very profitable. And the reason is retirement, early retirement, agencies and also agreement with people that was at the late-stage of their careers. Plus other ones, obviously.
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Re: Cobas AM: Nueva Gestora de Francisco García Paramés
Siempre interesante lectura de las cinco preguntas que debe hacerse un inversor, en este caso de la SEC..... Lógicamente está en inglés.....pero que lo traduzca el que le interese, ahora son fáciles las traducciones..... Aunque, en apariencia son cosas elementales, siempre va bien refrescar conceptos, pues a veces todos podemos caer en un momento dado en la tierna inocencia......
