BIG YELLOW GROUP (LON:BYG) ; Fire in early hours of 26th Feb at the Armadillo Cheadle store resulting in a total loss to the store. The store is a leasehold with a remaining 5 years on the lease. Buildings all-risk insurance is in place for the full value with the landlord and the group also have insurance cover in place for both fit out and four years loss of income.
Big Yellow Group PLC is a United Kingdom-based company, which is engaged in the provision of self-storage and related services. The Company provides secure and modern self-storage for homes and businesses. The Company operates a platform of approximately 103 freehold stores, including 25 stores branded as Armadillo Self Storage. It also owns approximately 14 Big Yellow Self Storage development sites. The maximum lettable area of this platform is approximately six million square feet. The Company’s subsidiaries include Big Yellow Self Storage Company Limited, which is a general partner; Big Yellow Construction Company Limited, which is engaged in construction management; Big Yellow Holding Company Limited, which is a holding company; BYRCo Limited, which is engaged in property management; Big Yellow Limited Partners, which is engaged in self-storage, and Big Yellow (Battersea) Limited, which is engaged in self-storage.
BP (LON:BP.) BP said it had decided to exit its 19.75 % stake in Russian oil giant Rosneft after Russia’s invasion of Ukraine. This will lead to two material write downs at Q1 totalling roughly $25bn. The Rosneft sale is extremely complicated and is likely to drag on. There doesn’t seem to be a risk to the dividend and share buyback just yet and brokers seem to think the move up in oil is a decent offset.
BP p.l.c. is engaged in the global energy business with operations in Europe, North and South America, Australasia, Asia and Africa. The Company through its range of activities delivers heat, light and mobility products and services to customers around the world. The Company’s segments include Upstream, Downstream, Rosneft, and Other businesses and corporate. The Upstream segment is responsible for its activities in oil and natural gas exploration, field development and production. The Downstream segment has global marketing and manufacturing operations, and include the fuels, lubricants and petrochemicals business of the Company. Rosneft is the Company’s Russian refining business that owns and operates approximately 13 refineries in Russia, and holds stakes in three refineries in Germany, one in India and one in Belarus.
FERREXPO (LON:FXPO); Delays FY21 numbers until further notice due to worsening Ukraine situation. Reported disruption to the Ukrainian railway network is providing limited capacity to freight customers.
Ferrexpo plc is an iron ore pellet producer. The Company produces, develops and markets its principal product, iron ore pellets, for sale to the metallurgical industry. The Company’s operations are vertically integrated from iron ore mining through to iron ore concentrate, and pellet production and subsequent logistics. It operates approximately two mines and a processing plant near Kremenchug in Ukraine, and an interest in a port in Odessa, and sales. It operates a fleet of vessels operating on the Rhine and Danube waterways, and an ocean going vessel, which provides top off services, and operates on international sea routes. Its mineral properties lie within the Kremenchug Magnetic Anomaly and are being extracted at the Gorishne-Plavninskoye and Lavrikovskoye (GPL), and Yeristovskoye deposits. It has a customer base supplying steel mills in Austria, Slovakia, the Czech Republic, Germany and other European states, as well as in China, India, Japan, Taiwan and South Korea.
FIX PRICE (LON:FIXP) ; FY sales +21.3% y/y to RUB 230.5m. Unaffected by Covid restrictions in Russia, but saw headwinds in Belarus & Kazakhstan. Margins steady. Net profit +21.7% y/y to RUB 21.4bn, although those profits would have taken a big hit on back of the Ruble movements this am, which will be the driving force today. Final div of RUB 6.8 per share/GDR. Not providing an outlook.
Fix Price Group Ltd is a holding company based in Russia. The company operates through it’s subsidiaries as variety value retailers, in Russia operating under the trade mark Fix Price. The Company’s operations are conducted through a chain of convenience stores located in Russian Federation, Belarus, Kazahstan and Uzbekistan. The Company is also engaged in wholesale operations by servicing a franchisees.
SHELL (LON:SHEL) ; Expect read-across from the BP news as SHELL has roughly $15bn worth of investment in Russia.
The Royal Dutch Shell plc is a company based in the Netherlands that explores for crude oil and natural gas around the world, both in conventional fields and from sources, such as tight rock, shale and coal formations. Its segments include Integrated Gas, Upstream, Downstream and Corporate. The Integrated Gas segment is engaged in the liquefaction and transportation of gas and the conversion of natural gas to liquids to provide fuels and other products, as well as projects with an integrated activity, ranging from producing to commercializing gas. The Upstream segment includes the operations of Upstream, which is engaged in the exploration for and extraction of crude oil, natural gas and natural gas liquids, and the marketing and transportation of oil and gas, and Oil Sands, which is engaged in the extraction of bitumen from mined oil sands and conversion into synthetic crude oil. The Downstream segment is engaged in oil products and chemicals manufacturing, and marketing activities.
Commentary is provided by Guardian Stockbrokers
