Revolution in the Astaldi house. The board of directors of the company has approved a refinancing maneuver of over 2 billion within which a capital increase of 300 million euros is expected as a first step by the third quarter of 2018. The aim is to implement "a complete review of its equity and financial structure".
It is on these foundations that it is based the 2018-2022 strategic plan which late yesterday evening, 15 May, received the ok from the board of directors.
In detail, in order to reduce the debt load and ensure more financial flexibility, the plan provides for the extension of the maturities of the existing credit lines by over 350 million and the refinancing of the 750 million bond maturing in 2020. moves are added to the sale of assets under concession for an amount of approximately 790 million euros, the reduction of net financial debt from approximately 800-900 million indicated in the 2018 guidance to less than 200 million at the end of the plan and, lastly, the decrease in gross debt from 2,29 billion euros to less than one billion euros.
THE JAPANESE OF IHI ENTER THE CAPITAL
But the news at Astaldi doesn't end there. The company announced the start of a strategic industrial partnership with the Japanese group IHI – listed on the Tokyo stock exchange and active in the infrastructure sector – which will become a shareholder with an 18% stake in the capital. The Japanese company will also participate in the recapitalization with 112,5 million euros. At the end of the increase, the Astaldi family's Finast will still retain control of the company, with 35% of the share capital (partly through a Luxembourg subsidiary) and around 50,2% of the voting rights.
Astaldi has signed an agreement with JP Morgan which will act in the recapitalization as Sole Global Coordinator. The US giant “undertook to stipulate, together with other financial institutions to be identified before the start of the subscription of the increase, a guarantee contract relating to the subscription of any residual new-issue shares. The main relationship banks of the group have expressed their willingness, under certain conditions, to accompany the company in the increase”. The assembly called to decide on the increase will meet in June.
The market seems to have welcomed the innovations presented by Astaldi. After a weak start, at 10.40 the stock rises by 5,42% at 2,878 euro.
Lastly, it should be noted that Astaldi has also approved i results for the first quarter of 2018, closed with revenues down by 7% to 603 million euros and a net profit down by 31,1% to 17,3 million euros. Also down was Ebitda, down to 74,7 million, and the Ebitda margin, down to 12,4.
Net financial debt settled at 1.668,8 million, up from 1.267 million in December.
