catalan companies

Vueling’s Board rejects British Airways and Iberia’s takeover offer

March 8, 2013 10:35 PM | CNA

The Board of Directors of the Catalan airline Vueling has rejected the offer of 7 euros per share made by IAG, the group which resulted from the merger of British Airways and Iberia. Vueling’s Board considered the price to be too low. IAG’s takeover was offering a 27.97% bonus in November, but Vueling’s shares have significantly increased their value since then and IAG has not improved its offer. The Catalan company is one of the few European airlines to turn a profit over these last few years. Now Vueling shareholders will have the last word on the decision as to whether they accept IAG’s offer.

The 2013 BIO-Europe Spring conference turns Barcelona into the capital of the biotechnology sector once again

March 7, 2013 10:22 PM | CNA

Between the 11th and 13th of March, Barcelona will host the spring meeting of Bio-Europe, the continent’s largest partnering conference of the global biotechnology industry, for the second time. 1,300 biomedical companies will participate in the event, with more than 2,000 delegates and executives. 60 out of the 100 Spanish companies attending are from Catalonia. In the last decade, Catalonia, particularly the Greater Barcelona area, has become the most important centre in Southern Europe within the biomedical field and one of the main centres internationally. Barcelona’s Deputy Mayor for Economic Affairs, Sònia Recasens, praised the importance of the event as it boosts those “added-value sectors that are strategic for the city’s economic growth”.

Catalan Grífols buys 60% of Progenika Biopharma and posts a net profit of €257 million

March 7, 2013 07:26 PM | CNA

The company, which is based in Greater Barcelona, is the world’s third leader in blood derivatives pharmaceutical products. Last year, it bought out its main competitor in the United States, Talecris. Grífols had a €2.62 billion turnover in 2012 and almost doubled its sales compared to the 2011 figures. The company’s net profit last year quadruples that of 2011. The good results are due to a significant reduction in debt levels and Grífols’ penetration into the United States market. Besides, this week it announced it bought for €37 million the 60% of Progenika Biopharma’s capital, a Basque biotechnology company specialised in the design of diagnostic tests.

Applus+ acquires Chinese company EDI to strengthen its presence in the Asian market

March 5, 2013 09:05 PM | CNA / Ana Macías

The Barcelona-based company Applus+, partially-owned by the Carlyle Group and specialized in automobile technical inspections, reports and certificates, has bought the Chinese company EDI. The transaction, whose cost is unknown, allows the company to increase its capacity in the Asian market. The acquisition of local companies is one of the usual tactics by the Catalan corporation to reach new markets worldwide. Applus+ is present in 65 countries already and most of its revenue comes from international markets. Besides, the operation reinforces Barcelona’s position as an international centre of the automation industry.

The Spanish Government aims to “centralise” the external action services of the Autonomous Communities

March 1, 2013 10:36 PM | CNA

The Spanish Government has presented its project to approve an External Action Law aiming to “centralise services” and to have the Autonomous Communities’ external action “coordinated and subordinated” to the principles and objectives of the Spanish Foreign Affairs Ministry. The Spanish Foreign Affairs Minister, José Manuel García-Margallo, has “invited” the Autonomous Communities to integrate their teams into those of the Spanish embassies. However, he also recognised that many Spanish embassies and consulates lack business services to assist companies and attract foreign investment. The Catalan Government’s offices abroad are mostly focused on these economic objectives.

Catalan mobile companies fill the market with innovative and specialized products

February 28, 2013 10:53 PM | Rosa Soto

Catalan companies at the Mobile World Congress increased their presence in the international event by 40% in comparison with 2012. 56 companies were supported by the Catalan Government, which grouped 48 of them together under the Catalonia Stand. They also introduced to the technologic market new apps in different fields and closed deals with other international companies. Most of them are formed by small teams of young entrepreneurs who were looking for venture capital and were making contacts with international businesses to launch their latest technological projects.

Barcelona-based Vueling tripled its profits in 2012 and became the third airline in Paris-Orly

February 27, 2013 10:44 PM | CNA

Vueling earned a net profit of €28.3 million in 2012, almost three times more than the €10.3 million of 2011. It transported 14.8 million passengers, 20.1% more than in the previous year, with an occupancy rate of 77.7%. The Barcelona-based airline continues with its international expansion, especially in Western Europe, and it has become the third largest airline in Paris-Orly and Roma-Fiumicino. It also increased the passenger traffic share it controls in Barcelona El Prat Airport by up to 30%. The total revenue reached €1.103 billion last year, 27.7% more than in 2011. Vueling occupied part of the market share left by Spanair in Barcelona. Besides. the Spanish Stock Market Authority has authorised IAG’s take-over operation of Vueling, aiming to take total control of the Catalan company.

CaixaBank announces a restructuring plan with 3,000 job losses in Spain

February 25, 2013 11:06 PM | CNA

The Barcelona-based bank, CaixaBank, which leads the Spanish retail banking market, is planning to lay off 3,000 workers in order “to adapt to the current context” and “improve the efficiency” of its resources. According to the Catalan financial company, the reform is “necessary” after having taken over Banca Cívica’s network and as they absorbing Banc de València’s too. CaixaBank has engaged in formal talks with the unions, which could be on-going until late April. The objective is to negotiate the exact measures to adjust the staff numbers to the business volume.

Catalan multinational Abertis’ recurrent net profit increased by 2% and reached €613 million

February 19, 2013 11:29 PM | CNA

The highway, airport and telecommunication services management company earned a net profit of €1,024 million in 2012, 42% more than in the previous year, mainly thanks to the sales of Eutelsat and Brisa. The net profit without the surplus value reached €613 million, 2% more than in 2011. The Barcelona-based group presented better results in all of its main financials: revenues increased by 3%, recurrent earning before interest, taxes, depreciation and amortization (EBITDA) by 2%. Abertis emphasised that these results have been reached in a context of economic recession in some of its main markets. However, the traffic increase in the Americas (+4.5%) and Abertis’ efficiency plans compensated for the traffic decrease in southern Europe.

Gas Natural Fenosa increased its net profit by 8.8% in 2012, earning €1.44 billion

February 19, 2013 09:45 PM | CNA

The Catalan energy multinational’s earnings before interest, taxes, depreciation and amortization (EBITDA) reached €5.08 billion, 9.4% more than in 2011, thanks to its international business, which grew by 22.6% and balanced out the stagnation in the Spanish market. In fact, Gas Natural Fenosa’s business in Spain now only accounts for 56.8% of its gross profits, while in 2011 this represented 61.5%. Furthermore, the firm’s financial debt decreased by 7.5% and now the company’s financial debt/EBITDA ration is 3.1. With these results, the Barcelona-based company has fulfilled the objectives of its strategic plan up until 2012.

Barcelona-based Abertis believes Bolivia will pay “adequate compensation” after nationalising Sabsa

February 18, 2013 10:47 PM | CNA

The Catalan company Abertis, which owns 90% of Sabsa, denies the accusation stated by the President of Bolivia, Evo Morales, that they made a poor investment. Abertis emphasised that between 2005 and 2012, Sabsa invested $12.6 million, and paid $38.6 million to hold the airports and $9.4 million in taxes. However, Abertis accepts the nationalisation of its subsidiary company, which manages the international airports of La Paz, Santa Cruz and Cochabamba. Two other Spanish companies have been nationalised by Morales in the last 10 months. The Barcelona-based multinational believes that the nationalisation process will be “based on international law” and therefore it will receive fair compensation. On Monday, Morales announced the immediate nationalisation of Sabsa. The Spanish Government will review its relations with Bolivia.

Gas Natural Fenosa buys 10% of Medgaz submarine pipeline from Algerian company Sonatrach

February 13, 2013 08:41 PM | CNA / Clara Roig

Leading Catalan electric and natural gas company Gas Natural Fenosa has bought 10% of Medgaz, a submarine gas pipeline between Algeria and Europe that provides natural gas to the south of Europe. The pipeline has a capacity of transporting eight billion cubic meters per year and the acquisition has cost the Catalan company €61.9 million. Gas Natural Fenosa will use 10% of the transport capacity of the gas pipeline. The contract will last for 18 years.

Banc Sabadell posts €81.9 million profit in 2012, 64.7% less than last year

February 11, 2013 07:30 PM | CNA / Rosa Soto

The Catalan Banc Sabadell finished 2012 with positive results and net benefits of €81.9 million. Banc Sabadell has now reached 5th position among the Spanish financial entities in the last economic exercise due to its assets valued at €175 billion. However, this figure shows a 64.7% drop in benefits in comparison to 2011. The main reason for the decrease is the €2.54 billion for provisions, 142.2% more than 2011. The President of Banc Sabadell, Josep Oliu, emphasised the company’s solvency and spoke of its capacity to buy additional entities in the international market.

Seat improved international sales but sold 8.3% fewer cars in 2012 due to the crisis in Spain

January 14, 2013 09:52 PM | CNA

Barcelona-based car manufacturer Seat, which is part of the Volkswagen Group, delivered 8.3% fewer cars in 2012 compared to the previous year. In total, it sold 321,000 vehicles, instead of the 350,000 units of 2011. The decrease is due to the drop in car sales in Spain because of the economic recession. However, Seat sold 22.5% more cars in Germany and 8.2% more vehicles in the UK. The Catalan car manufacturer also increased its sales in Mexico by 16.5%. Overall, the Volkswagen Group sold 9.07 million cars in 2012, an increase of 11.2%. The group obtained positive results in all markets except Southern Europe (-0.3%) and Western Europe – excluding Germany – (-6.5%).

Barcelona-based CaixaBank issues €1 billion in senior bonds attracting huge international demand

January 9, 2013 11:02 PM | CNA

The operation has rocketed CaixaBank shares in the Spanish stock exchange market, which increased by 11.75% in just one day. The Catalan CaixaBank, which is the largest bank in Spain, successfully issued €1 billion in 3-year senior bonds. The operation has attracted more than 300 orders from institutional investors, representing around €5 billion, which has allowed the Barcelona-based bank to sell its bonds at a better price thanks to the significant oversubscription. 80% of the bonds issued were placed among international investors, confirming the positive recognition CaixaBank has in international financial markets. It was the first time their senior bonds have been issued on the international markets since 2010.