Europe Earnings: Cineworld, Lufthansa, Hilton Food, SAP, Tullow Oil

Nigel Thomas
10 Jan, 2014
New York City

Cineworld Group plans to acquire Cinema City International for

[R]3:40 PM Frankfurt – Cineworld Group plans to acquire Cinema City International for £900 million. Lufthansa said December traffic increased and restructuring costs to fall this year. Hilton Food said performance was in-line with expectations. SAP said revenue rose 2% and operating profit jumped 13%.[/R]

In London trading, FTSE 100 index jumped 0.8% or 53.67 to 6,745 and in Frankfurt the DAX index gained 0.5% or 45.88 to 9,467.

In Paris, CAC 40 index climbed 0.5% or 22.07 to 4,247.

Cineworld Group Plc surged 12.4% to 440.56 pence after the U.K.-based leisure and recreation provider confirmed it is in talks to acquire Warsaw-listed Cinema City International for £900 million or $1.48 billion. The deal creates chain with approx 2,000 screens across Europe.

Deutsche Lufthansa AG soared 8.2% to €60.69 after the Germany-based airline reported a rise in December traffic and said fuel and restructuring costs are expected to fall this year.

The company forecasted fuel costs of €6.9 billion or $9.39 billion in 2014 from an estimated €7.1 billion in 2013.

The airline estimated restructuring costs of €200 million in 2013, €80 million in 2014 and €20 million in 2015.

Hilton Food Group Plc gained 1.1% to 460 pence after the U.K.-based food processing company reported group''s performance was in-line with the board''s expectations.

SAP AG slipped 1.7% to €60.69 after the Germany-based business-management software maker reported total revenue in the fourth-quarter ending in December grew 2% to € 5.10 billion from € 5.02 billion a year ago.

Operating profit for the quarter climbed 13% to €1.80 billion compared to €1.59 billion a year earlier.

Tullow Oil Plc climbed 7.8% to 910.50 pence on media speculation that Norway-based Stat-oil may bid the company.