Europe Earnings: CVC Capital, Mobistar, Philips, UBS

Nigel Thomas
22 Jul, 2013
New York City

CVC Capital secured investor commitments to

[R]3:20 PM Frankfurt – CVC Capital secured investor commitments to €10.5 billion. Mobistar second quarter profit declined 38% as service revenue dropped 9% to €655 million. Philips net income in the first-half soared 68% €478 million. UBS second quarter net income soared 62% to 690 million francs.[/R]

In London trading, FTSE 100 index slid 0.3% or 18.98 to 6,612 and in Frankfurt the DAX index edged down 0.2% or 18.93 to 8,315.

In Paris, CAC 40 index rose 0.1% or 5.54 to 3,931.

CVC Capital Partners Limited, the UK based private equity investor said its Europe and North America, CVC Capital Partners VI, Fund VI launched in January 2013, secured investor commitments up to €10.5 billion. The CVC added, ninety percent of the capital was provided by investors with commitments to prior CVC Funds.

Mobistar SA tumbled 30.7% to €10.94 after the Belgium based mobile and fixed telephony reported service revenue in the second quarter dropped 9.2% to €655 million from €721.7 million a year ago period. Consolidated net profit for the quarter declined 38.3% to €57.3 million from €92.9 million a year ago. Diluted earnings per share plunged 38.3 % €0.96 from €1.55.

Koninklijke Philips NV climbed 3.4% to €24.24 after the Netherlands based electronic products maker reported sales in the first-half rose 0.9% €10.9 billion from €10.8 billion a year earlier. Net income for the period soared 68.3% €478 million compared to €284 million and diluted earnings per share climbed €0.52 from €0.31 a year ago.

Philips reports second quarter comparable sales growth of 3% to €5.7 billion and geographic comparable sales climbed 12% mainly driven from China.

UBS AG climbed 2.8% to 18.10 Swiss francs after the Switzerland based investment bank said net income in the second quarter soared 62.3% to 690 million francs from 425 million francs in the same period last year. Operating profit before tax nearly 1.02 billion francs.

UBS estimates, Basel III common equity tier 1 ratio for the second quarter is expected to improve significantly to approximately 11.2% on a fully applied basis.

UBS has reached an agreement in principle with the U.S. Federal Housing Finance Agency to settle claims relating to residential mortgage-backed securities offerings between 2004 and 2007.