Europe Movers: Elan, Millennium & Copthorne, SES, Valeo

Nigel Thomas
22 Feb, 2013
New York City

Elan Corp plans to buy back $1 billion of stock. Millennium & Copthorne Hotels profit for the year plunged 11% and slipped 2% for the fourth quarter. SES SA profit climbed 5% to

[R]2:00 PM Frankfurt – Elan Corp plans to buy back $1 billion of stock. Millennium & Copthorne Hotels profit for the year plunged 11% and slipped 2% for the fourth quarter. SES SA profit climbed 5% to €648.8 million. Valeo net for the year declined 11%.[/R]

In London trading, FTSE 100 index gained 0.7% or 43.8 to 6,335 and in Frankfurt, the DAX index climbed 1.1% or 79.7 to 7,663. In Paris, CAC 40 index jumped 1.9% or 68 to 3,693.

Elan Corporation, plc gained 3.4% to €7.91 after the Ireland based biotechnology company plans to buy back $1 billion of stock, approximately 16% of market value.

Elan will move from current 50:50 business collaboration to an upfront payment of $3.25 billion and double digit tiered royalty structure for the life of the complete Tysabri asset.

Millennium & Copthorne Hotels plc declined 3.8% to 546.18 pence after the UK based hotels and motels operator revenue for the year ending in December dropped 6% to £768.3 million from £820.5 million a year earlier.

Profit after tax for the year plunged 11% to £130.2 million compared to £146.9 million and basic earnings per share slumped to 42 pence compared to 51 pence from a year ago period.

For the fourth quarter, revenue slipped 2% £203.2 million compared to £207.8 million a year earlier and profit after tax in the quarter dropped 12% £36.8 million from £41.9 million in last year fourth quarter.

Basic earnings per share increased to 14.2 pence compared to 12.7 pence from a year ago period.

The hotel operator said RevPAR for the year in Asia region climbed 6.6% to £77.97 million. Revenues in Singapore reported 4.9% increase to £101.14 million. Rest of Asia advanced 8.5% to £62.57 million.

European RevPAR jumped 7.7% to £76.23 million and London gained of 8.2% to £105.91 million and Rest of Europe rose 0.2% to £48.13.

SES SA slid 0.4% to €23.59 after the Luxembourg based satellite communication service provider said revenue for the year ending in December jumped 6% to €1.83 billion compared to €1.73 billion in the same period of last year.

Profit in the fiscal year increased 5% to €648.8 million from €617.7 million from a year ago and earnings per share surged to €1.62 compared to €1.56 from a year ago period.

The satellite operator said EBITDA for the year increased 5.6% to €1.35 billion and operating profit of €790.5 million. Profit of the group increased 5.0% to €648.8 million.

European region revenue in the year declined 3.6% to €923.3 million and in the North America region revenue increased 5.7% to E€422.1 million. International region revenue climbed 8.5% to €482.6 million.

Four spacecraft are due to launch in 2013. In June, three satellites are scheduled.

For 2013, the company expects revenue and EBITDA growth of 4% to 5%.

Valeo SA jumped 3.5% to €41.96 after the France based automotive components maker reported sales for the year ending in December climbed 8% to €11.76 billion compared to €10.87 billion in the same period of last year.

Net income in the fiscal year declined 11% to €380 million from €427 million from a year ago and basic earnings per share surged to €5.03 compared to €5.68 from a year ago period.

The group's innovative products and systems orders surged 28% €15.8 billion and operating income for the year slipped 5% to €672 million from €704 million.

Sales for the power-train systems business group grew 4% at €3.27 million and the comfort and driving assistance systems business group jumped 16% to €2.51 million.