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The Board of Directors of Borgosesia Spa (listed on Euronext Milan) – which operates in the field of investments in alternative assets – has decided to start an exclusive negotiation, through BGS Alternative Srl, of the entire capital of the Veronese OneOSix, a company specialized in purchase and management of impaired loans. For their part, the OneOSix shareholders have formally agreed to the proposal to start negotiations aimed at the acquisition of the entire capital by Borgosesia.
The purposes
The operation – whose conclusion is subject to the positive outcome of due diligence activities and binding agreements – is part of the program to strengthen alternative activities envisaged by Borgosesia’s 2024-2026 Strategic Plan, approved last December, which aims to accelerate the growth of service activities provided by Borgosesia to third-party investors, significantly expanding the range of offerings and benefiting from the company’s customer network.
The operation – according to Borgosesia – also has a significant strategic significance because it allows the extension of the Piedmontese company’s activity to trading on impaired loans and the generation of new selective investment opportunities, including any positions that are still “active” (UTP and Internship 2), as well as to actively intervene in the financial restructuring processes of individual debtors.
Borgosesia expects to benefit, through the consolidation of OneOSix, among other things from the generation of commission flows and revenues independent of its direct investment activities. At the end of last year, OneOSix had a net worth of 3.4 million euros and a CET1 ratio of 46.8%, which guarantees room for growth in intermediation activities and operational synergies with Borgosesia.
The acquisition operation starts from a valuation of the entire capital of OneOSix of 5.5 million and provides for payment of the related consideration for approximately 45% at the closing and, for the remainder, at the expiry of the 24th following month against the recognition of deferral interest equal to the 3-month Euribor increased by a spread of 50 basis points. Taking into account the nature of OneOSix as a supervised entity, the operation is also subject to authorization from the Bank of Italy, to which the request will be forwarded in May.
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Oranienburg at the limit: Are heat pumps overloading the power grid?
– 2024-04-19 13:38:24
A worrying report: Oranienburg has imposed a ban on new electricity connections. The reason for this is said to be, among other things, new heat pumps. The Federal Network Agency contradicts this.
The Brandenburg city of Oranienburg caused an uproar with this news: the city’s power supply has been exhausted. Additional house connections to the power grid are not possible with the municipal utilities. However, according to the Federal Network Agency, this is not permitted.
“Among other things, the strong economic growth, the influx of new residents to Oranienburg and the increased installation of heat pumps have led to the increased demand for electricity,” the municipal utilities write in their statement. The last point in particular raises questions: The heat pumps, which were considered an essential part of the heating law by Economics Minister Robert Habeck (Greens) last year, are now said to be responsible for capacity bottlenecks. Does this endanger the German energy transition?
Heat pumps play only a minor role
The Federal Network Agency is currently examining the Oranienburg case. But the first statement states: “The new needs are particularly due to industry, commerce and new building areas. The expansion or connection of heat pumps or wallboxes only plays a subordinate role.” The Federal Network Agency is not aware of any similar cases, it said when asked by t-online.
The reason for the connection stop is a capacity bottleneck at the high-voltage to medium-voltage substation, triggered by the city’s strong growth. Stadtwerke Oranienburg confirmed to the Federal Network Agency that the higher demand was “recognized far too late and therefore passed on far too late” to the network operator E.DIS. A problem that goes back to “planning that was years late” and is due to the individual situation.
Commercial boom in Oranienburg
The city has nine commercial and industrial areas in which new companies have settled in recent years. The film manufacturer Orafol and the pharmaceutical company Takeda are known nationally. Last year, Oranienburg was able to collect 55.6 million euros from the trade tax of the companies located there. Together with Henningsdorf and Velten, Oranienburg forms the “regional growth core” of Brandenburg.
Energy economist Claudia Kemfert told MDR that Oranienburg had planned incorrectly. The bottleneck has nothing to do with the fact that Germany is running out of electricity, but rather that the city recognized the increased electricity demand too late and designated construction areas without consulting the grid suppliers. Given the strong economic growth and the associated influx, “the city should have known this beforehand.” The failures in Oranienburg cannot be blamed on the heating transition.
Home builders have to pay for it
The electricity problem will probably have to be borne by the house builders, because as the “Märkische Allgemeine Zeitung” (MAZ) reports, the installation of heat pumps in new buildings should not be implemented. This is a hard blow for those who wanted to rely on more environmentally friendly energies.
According to its own information, the Oranienburg public utility company provides 325,000 kWh of electricity every day. That would be around 120 million kWh per year. For an apartment of 100 to 250 square meters, a heat pump with average consumption requires around 40 kWh per square meter per year, according to the heating mirror. According to the Federal Statistical Office, heat pumps were installed in 60 percent of completed single- and two-family houses across Germany in 2022, much less often in multi-family houses (35.8 percent).
Network operator must find an interim solution
A new substation for Oranienburg is already under construction, but is not scheduled to go online until the end of 2026. That is why the Federal Network Agency is calling on municipal utilities to find short-term solutions to enable new connections. The decision for the new plant was made last summer. However, there was strong criticism, particularly directed at the former municipal utility managing director Alireza Assadi. His contract was terminated at the end of September 2022 because he was said to have lacked leadership qualities, reports “MAZ”. In addition, he did not react in a timely manner to the increasing demand for electricity.
Network operators are obliged to connect those requesting a connection to their network. As an interim solution, the responsible authorities are currently examining the installation of battery storage and generation systems as well as agreements with major customers. “The process clearly shows how important forward-looking network planning is,” says the Federal Network Agency. Stadtwerke Oranienburg has so far left a request from t-online unanswered.
Oranienburg at the limit: Are heat pumps overloading the power grid? – 2024-04-19 13:38:24
Netflix Surges with Record First Quarter Subscribers Despite Slowing Growth
The media
By frequently reviewing its own productions and measures against password sharing, Netflix was able to attract more new subscribers in the first quarter than analysts expected.
Netflix has had the best first quarter since 2020. After slower growth in 2021 and 2022, the American streaming service was able to attract 9.33 million new subscribers in the first three months of the year, ‘ announced the company on Thursday night. That’s almost twice what analysts (on average) had expected beforehand. The growth was evident worldwide, but Netflix was especially able to register a significant growth in new subscriptions in the US and Canada. The streaming service’s turnover and profitability were also higher than expected. Turnover rose 15 percent to $9.37 billion, net profit 79 percent to $2.33 billion.
Netflix itself sees two important reasons for the acceleration of growth: its own range of productions (series such as Ripley, Fool me once, Griselda in 3 physical problems are important crowd pullers) and the actions taken by the company against password sharing (where several families use the same account). Before that, more than 100 million people used an account they didn’t pay for, according to the company two years ago.
Although there were initially fears that many subscribers would cancel their accounts due to the measures, Netflix was still able to convince millions of viewers to take out their own subscriptions. In the US, Netflix now has an 8 percent market share among television viewers, Bloomberg notes. Netflix has about half a billion viewers worldwide, according to the company. “No entertainment company has ever offered programming on this scale and with this ambition,” Netflix wrote in an open letter to shareholders.
Slowing growth
Despite the growth, Netflix shares were hit on the American stock market. After already rising about a quarter this year, it fell 4.6 percent on Thursday night (local time in New York). Investors had already expressed optimism before the results were announced, and when the results were announced, the company immediately warned that growth will be lower this quarter.
For Netflix investors, subscriber growth has always been an important metric to analyze the company’s performance. But that figure is becoming less and less representative, say management, as there is now more variation in the subscription formulas offered – for example, Netflix is now offers a cheaper subscription with advertising. Starting next year, Netflix will stop reporting new subscribers every quarter. The management of the American streaming giant wants to focus more on more traditional business metrics, such as profitability and turnover. Only the “significant milestones” in subscriber growth will be highlighted.
2024-04-19 07:06:41
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Netflix Surges with Record First Quarter Subscribers Despite Slowing Growth