The 1Q result of the company, after the major M&A.
The key management discussion of the result is here
http://infopub.sgx.com/FileOpen/DMPL-Q1F...eID=314609
At the net profit level, it is still losses, even exclude acquisition-related expenses of US$19.5 million net of tax.
The current gearing is close to 8x, with net debt of more than US$1.8 billion. The debt will be paid down by capital call of US$520 million, via a perpetual preference share offering and, thereafter, a rights offer, base on the disclosure. The gearing will be still significantly high even after the capital raised.
Is the acquisition too huge to swallow by the company? Let's see the result of integration in the next few quarters...
(not vested)
Del Monte Pacific Limited posts net loss of $27.7 mil for 1Q due to acquisition-related expenses
Del Monte Pacific Limited (DMPL) said the group achieved sales of US$445.6 million for the first quarter ended July, which included sales of US$339.5 million from Del Monte Foods, Inc (DMFI) of the US which was acquired by DMPL in February 2014.
However, DMPL posted a net loss of US$21.9 million mainly due to acquisition-related expenses. These costs included higher interest expenses from a long-term loan to acquire DMFI and short-term bridge financing of DMPL, which will be refinanced with an equity offering in the Philippines.
DMPL said group EBITDA before acquisition expenses and non-recurring expenses was actually US$21.5 million and is expected to further strengthen in FY2015.
DMPL’s branded business in Asia (comprising of Del Monte in the Philippines and the Indian subcontinent, as well as S&W in Asia and the Middle East), and export sales globally, generated sales of US$120.6 million and net profit of US$6.4 million before acquisition-related interest expenses.
http://www.theedgesingapore.com/the-dail...enses.html
Homepage
PR Newswire
