quarta-feira, 25 de novembro, 2015

Owner of roast chicken sells Mexico operation and reduces contribution

In an attempt to find solutions to their difficult financial situation, the International Meal Company (IMC), owner of roast chicken restaurants and Vienna, yesterday announced the sale of its business in Mexico to Taco Holding by 175 million R$-invoice to the operation year about 150 million R$. With that, the capital increase announced days ago by the company of up to 575 R$ million, will be reduced to up to 400 million R$.
With the transaction, shareholders will have to put in the company less resources than initially estimated, in order to reduce leverage.
The sale of Mexico's operation was already expected by the market, since the company had mentioned to analysts recently that he considered the plan to reduce investments in that country. With the deal, the company is the reduction in the value of the contribution if undoing an operation less relevant in the portfolio.
Despite being a growing market, Mexico is the smallest business in revenue at the group, less representative than the areas of Brazil, USA and Caribbean. Yesterday, after announcement of the sale, IMC's shares closed the day with a high of 1%, R$ 3.80.
Its largest shareholder, the Advent, keeps the plan to make at least 100 million of the total R$ (25% of the new ceiling laid down), reported yesterday the company Value. The Advent has about 28% of the company, therefore, not to have its stake diluted, should exceed the 25% range. When it acquired operations in Mexico, two years ago, by R$ 47 million, the company borrowed in local currency to be able to close the operation.
The sale includes the assets meat Restaurants y Cortes, Group Restaurantero del Centro, Servicios de Personal Gastrónomico BMI and BMI, Administrative Services that match the completeness of subsidiaries located in Mexican territory.
According to BMI, the gross value of the business is 1 billion Mexican pesos (about 225 million R$), equivalent to 9.35 times earnings before interest, taxes, depreciation and amortization (Ebitda), but will be discounted debts of 225 million Mexican pesos (50 million R$), the value drops to R$ 175 million.
The planned capital increase, now of R$ 400 million, must be voted at the extraordinary general meeting on Friday, a total of 100 million new shares at $ 4 per paper. The intention is to reduce the debt and "finance some expansion opportunities", according to the company.
The central issue is the amount of resources to be applied in the business, considering the current level of leverage. The relationship between net debt and Ebitda adjusted for the last 12 months, until September, was at 4.2 times. The year before, was 2.8 times. Accelerated growth in a short space of time, with a good part in debts in dollar explains in part the current situation of the company. The IMC has 360 million R$ to win between 2016 and 2017 and 62% are in foreign currency.
The IMC has faced turbulent phase, with poor results (loss of R$ 11.3 million from July to September, versus net income of R$ 4.3 million in 2014), below average performance expected by analysts and a loss of market value-fall of 68% this year. Five months ago it was announced resignation of CEO-Jaime Cohen was elected to replace Francisco Javier.
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