Chemical report Q2 2016


In the chemical group I decided to push in BASF, BP, Fugro as well as Tessenderlo. Fugro is indeed not a chemical company but it is very strongly influences by the chemical industry and especially then the oil industry that I decided that it makes more sense to bring them in here. If I will see a dramatic change in the business for Fugro then I will know that BASF and BP is once again taking off and start to see the end of the tunnel.

BASF


BASF, Q2, 2016, front page


For the report in full please go here and for the latest summary which was the BASF report Q1 2016 then please click on that link and to find out more about The Chemical Company then please visit analysis of BASF 2016.

In the financial statement below there is not much to be happy about. The revenue has definitely crashed for BASF and it is now down by -27% the only good part there is that they have tightened up their costs that are happily down by -33%.This year they additionally have not held a party for 0.5 billion € so we end up with almost 2.5 billion € in earnings which is pretty similar to the party year so it is not good but at least they are showing earnings.


BASF, Q2, 2016, financial statement


Conclusion: BASF is struggling and their oil and gas business is down on its knees with -86% in revenue. Disturbing enough also the Chemistry is down by -15% which really surprises me since that goes against my thoughts. I will of course remain as a shareholder in BASF.

BP

BP, Q2, 2016, front page


For the report in full please click here and to see the previous summary regarding BP report Q1 2016 or why not take a look at the latest analysis of BP 2016. 

In the financial statement below we can see how hard BP is still suffering. The revenue was increased for Q2 in comparison to Q1 2016 but still it is far from what it was back in 2015. We can see that Rosneft start to recover a little so the flow from associates have kicked up a little but still I do not really see the light in the end of this tunnel based on these figures. Th earnings are yet again a loss in the size of, for the half year, 2 billion USD. I do not know if it should be stated as being light in the end of tunnel but they have increased their spending on exploration... Let us see if any of that has gone to Fugro.


BP, Q2, 2016, financial statement


Conclusion: BP is still doing awful. Crashed revenue, crashed earnings and for us poor shareholders the cannibalising continues with paid out dividend and a strongly decreasing equity that follows. I understand why they do not stop it but sometimes one really should. I will remain as shareholder.

Fugro

Fugro, Q2, 2016, front page

For the report in full please go here and to see my previous summary then visit Fugro report Q2 2016 and to find out more about Fugro then please click on analysis of Fugro 2016.

In the financial report below things are not a rose garden for Fugro. Revenue has crashed from 1.2 billion to less than 1 billion €. They keep firing people and selling out not only vessels but also entire divisions. Right now they are eating up the few retained earnings that they had from the good years and we can even see that their backlog is dying. They very strongly emphasise that many customers are pulling back their contracts within the oil and gas industry. So that BP increased their exploration does not seem to have landed in the hands of Fugro.


Fugro, Q2, 2016, financial statement


Conclusion: Fugro is still not doing well and they will not until oil prices goes up much higher. They are cutting, cutting and cutting which is purely a matter of surviving which makes it very sad for me to watch as a shareholder. I should never have entered in Fugro but I will not sell them at this time.

Tessenderlo

Tessenderlo, Q2, 2016, front page

For the report in full please click here and to see my previous summary then please visit Tessenderlo report Q1 2016 and to find out more concerning Tessenderlo then please go to analysis of Tessenderlo 2016.

From the statement below we can see there has not been any large changes when one compares 2015 with 2016. The revenue is pretty much flat, costs have decreased ever so slightly and we end up pretty much the same earnings as we had in 2015 for the running six months.


Tessenderlo, Q2, 2016, financial statement


Conclusion: Tessenderlo made that jump up from disaster to back on track in 2015 and as of yet they have not managed to bring it to the next level of having increased revenue and earnings. I am sure that it will come soon enough and I do not mind if I have to wait another year for it. I will remain as a shareholder in Tessenderlo.

Conclusion Overall: The chemical sector is not doing very well. Most of them have dropped back in revenue and earnings and if you are a service company to that sector then you will have serious problems right now.

Dividend from IBM and BP: September 2016

IBM, logo


For my 25 shares in IBM I received a total of 31.11 € and from this was taken 4.67 € in taxes and I received as cash on my broker account 26.44 €.

To find out more concerning IBM then please check out analysis of IBM 2016.


BP, logo

For my 800 shares in BP I received in total 70.77 € and from this no taxes were taken and I received the full amount as cash on my broker account.

To find out more about BP then please click on analysis of BP 2016.

To see my total dividend flow then please visit the Stock Dividends page that has now been updated. 

E.On becomes E.On and Uniper

E.On, logo

My less than favourite energy company E.On have now since a couple of weeks gone ahead and handed out parts of Uniper. For my 400 shares in E.On I received 40 shares in Uniper so I got a nice even number. The value of each share is around 10 € and E.On dropped of course with an equal amount as what they handed out.

Uniper, logo

Uniper is the company that got all the dirty energy things from E.On. which surprise, surprise did not end up including the nuclear energy which makes the entire "green" concept for E.On utterly useless in Germany. Still Europe is larger than Germany and any countries and population considers nuclear power generated electricity to be clean so we shall see what the outcome will be.

Aktiestinsen (a Swedish famous investor) once said that stocks breed like rabbits. I do not know about that but this was at least my very first offspring so the breeding has started.

Retail report Q2 2016


This group is complicated to report on since almost all of them are running broken years and additionally I decided to bring in ABF into retail even though they are still so much more than retail... either way here goes...

Adidas

Adidas, Q2, 2016, front page


I am very certain that this report was well accepted. The share price has gone from around 110 EUR up to 155 EUR before it dropped down a little again to 145 EUR which it is at today. The report is excellent and yet there are difficult matters in it.

For the report in full please go here and to see my previous summary please visit Adidas report Q1 2016 and to find out more regarding Adidas then please go to  analysis of Adidas 2016.

The financial statement below is impressive. The net sales are up by 15% but they have managed to control their costs and for this reason we end up with a net income that is up by almost 70% in comparison to 2015. Impressive! With the Olympics etc. in 2016 it has turned out to be a very strong sports year. The sales in the USA as well as in China has completely exploded! So many signals have indicated that the US consumer is careful... well... apparently not for buying Adidas products.


Adidas, Q2, 2016, financial statement


Still... South America as well as Russia showed very weak results. Additionally, Reebok, TaylorMade-Golf and CCM-Hockey did not perform at all. All the strength and sales came from the Adidas brand and I must say that the Adidas products that I saw in the Olympics simply looked good. Well designed and beautifully made not like the Puma Switzerland football shirts that got ripped apart when the wind was blowing a little in the European championship.

Conclusion: Adidas have already in the first half of this year made as much money as they did for the full year of 2015. People have started to collect their earnings as would I have done if I would have had more of a focus. Still... if South America takes off and Russia as well... Hmmm... and China have started to buy the real brand and not fake versions... yeah, the journey has probably still not ended and I just managed to buy them at the very insane low price which makes me want to bring home my profit but I will suck a little more on my thumb here.


Associated British Foods
ABF, Q2, 2016, front page


ABF have arrived with two reports in the meantime and only one of them, their half year report, contains numbers and their so called trading reports are just a bit of a chit chatting to be honest.

The report in full can be found here and for the previous report please visit ABF report Q1 2016 and to find out more regarding ABF then please check out the analysis of ABF 2015.

In the financial statement below things are looking ok but that is also all to say about it. The revenue is down and due to some cost control the earnings in the end is a bit up compared to last year. They keep coming with their adjusted this and that which I do not like but it seems to have decreased a little... could mean that things are actually looking better but well... who knows.


ABF, Q2, 2016, financial statement


Conclusion: The most disturbing thing with Primark here in the UK is that they do not look more active, with their sales, than a normal H&M. They are far, far away from how it was in Berlin when I saw the stores there. Sure, normality always arrives and it is stale. Still, they are expanding hard and as long a company does that they will also keep growing their revenue and most likely their earnings.




ABF also arrived with their Q3 report and in it the only things mentioned of interest is that sugar seems to start to improve mainly due to increased prices but also due to cost control. They also expect to get mixed benefits due to Brexit and decreased valuation of the GBP.

Conclusion: In their Q3 report, which is a three pages report, there is not much to say. I was disappointed that the growth of Primark is not increasing by more than 7%. That disturbs me.


Fast Retailing

Fast Retailing, Q3, 2016, front page

Fast Retailing and Uniqlo is another one of those companies with a broken year and for this reason the report concerns Q3 2016. The report is bad and I am not impressed.

For the report in full please go here, to read the previous summary then please click on Fast Retailing report Q2 2016 and to find out more concerning Fast Retailing then please visit analysis of Fast Retailing.

In the financial statement below we can see that they keep paying in earnings for their push in revenue and market share. Their 6% increase in revenue gives -47% decreased earnings. On top of this poor performance they even had to change their projections for the full year 2016 to much, much worse from something that already from the start was not very impressive at all.


Fast Retailing, Q3, 2016, financial statement


Conclusion: Fast Retailing needs to tie up their costs and here we have yet another one of those companies that are pissing around with derivatives. Well done guys! I love their stores and I find that their cloths look good but they need to shape up!


Gerry Weber

Gerry Weber, Q2, 2016, front page


Ooooh... wooow! This report is smashing! It follow the exact same trend as were seen in the Q1 report and already that one was amazing. Ralf Weber, please resign and please board give the position to the Hallhuber guy that seems to have some clue about the business.

To see the report in full please go here to take a look at the previous summary then please click on Gerry Weber report Q1 2016 and to find out more regarding Gerry Weber please visit analysis of Gerry Weber 2016.

In the financial statement below there is nothing to be happy about. Nothing. They keep living on the shoulders of Hallhuber and on their own they are losing money. Unacceptable.


Gerry Weber, Q2, 2016, financial statement


Conclusion: Ralf Weber is not the right man for the job so please kick him out. They are pushing a new silly program called "FIT4GROWTH"! Are they little computer kids from the 90s? Adults should be able to write out proper words. Put the Hallhuber guy in charge and clean out the trash. 


TJX

TJX, Q2, 2016, front page

The American giants they just keep on delivering. It is almost always an enjoyment to dig into the reports and also in this situation I am pleased.

To read the report in full please go herefor my previous summary please visit TJX report Q2 20156and to find out more about TJX then please click on analysis of TJX 2016.

In the financial statement below we see a consistent increasing revenue and even better we see a consistent increased earning and dividend payment. On top of this they also increased the guidance for the full year and this is in a period when the value of the USD has strengthened.


TJX, Q2, 2016, financial statement


Conclusion: TJX is doing well and I am happy to be a shareholder in this American giant. They will keep growing in Europe and they will keep pushing for getting into those 40 billion USD revenue!

Overall Conclusion Retail: These companies are stretching from major home market being in Asia and Japan to Europe and going further to the US. Adidas is showing that Asia is doing but Fast Retailing shows that Japan is doing badly. ABF indicates that UK is not doing so good but the rest of Europe is ok. From Gerry Weber we can not extract any information since the CEO is useless and Germany is actually doing very well which we did not see from that report. TJX is showing that US is doing pretty good as did Adidas so that is good news to me especially since ABF is establishing themselves there more and more with now three opened stores.

Dividend from ETF Russia, TJX and Intel: September 2016


There seem to be no boarder on how lazy I have become in terms of making publication so as it goes for the quarter reports it will also become with reporting the dividends. As soon as I discover that they have entered I will just bunk them together and report them. So here goes...


logo, HSBC


I currently have 270 parts in this ETF Russia and from them I received 11.83 USD which got converted into 10.45 EUR. Due to that I no longer live in Germany they do not remove any tax unless the dividends are being paid out from a German company so the entire 10.45 € was paid out as cash on my broker account.


TJX, logo


From my 32 shares in TJX I received a total of 8.32 USD that was converted to 7.44 EUR. From this I had to pay 15% in taxes to the US which means that I got 6.32 EUR out as cash on my broker account.

To find out more about TJX then please visit analysis of TJX 2016.


Intel, logo


I have 135 shares in Intel and from them I received 35.10 USD which got converted into 31.39 EUR. US took 15% taxes so 4.71 EUR and I received 26.68 EUR out as cash on my broker account.

To find out more about Intel please visit analysis of Intel 2016.

To check out my current dividend payment history then please visit the Stock Dividends page which has now been updated.