The Conesa family, absolute owners of Primafrio, have wanted to squeeze a little more from the Murcian leader of road transport before it goes public. A few months before the operation, the Murcian company paid its shareholders an extraordinary dividend, charged to its reserves, of 50 million, as stated in the IPO brochure sent to the CNMV.
This payment to the company Krone Mur Servifrío – until now the sole shareholder of Primafrio and after the IPO the owner of between 72.5% and 75% of the capital – refers to the sale of one of the company’s largest plants . It is the one in Alhama, in Murcia, which was sold to the Ondina Capital fund, which is controlled by President José Esteban Conesa, President of Primafrio. The carrier received 54.7 million in this operation. In exchange for maintaining its use, it pays an income of 2.3 million per year for 10 years.
It was through the money received with this operation that it paid its shareholders in an extraordinary way. Of the 50 million dividend, 28 million correspond to a loan granted to the Conesa family company. The rest were paid in cash. Market sources suggest that the payment of this dividend will have no effect on the cash.
One argument that Primafrio makes at analyst meetings is precisely its generous shareholder remuneration policy. It promises, for the next few years, to distribute up to 60% of the profit. In 2020 they paid 89.3 million, at a rate of 0.14 euros per share. In 2019 they paid 15 million, at 0.025 euros per share. In 2018 it was 27 million, 0.045 per title. In all cases above the level promised in the IPO prospectus, although the figure for 2020 and 2018 was raised due to the payment of extraordinary dividends, as is the case in 2021.
In addition to the payments to shareholders, Primafrio also gives an account in the prospectus of its IPO of the recent debt operations it has carried out. In December the company signed an agreement with the Prudential fund for the acquisition by the latter of two bond issues for a value of 75 million, which are not listed on any market. The first tranche is 50 million, expires in 2032 and pays 2.15% semi-annually. The funds will be used for general corporate purposes. The second tranche is green bonds, with an amount of 25 million and a coupon of 2.15%. With this, the company will finance its plans for energy transition and logistics transformation.
In addition, in the next three years the company can increase this placement by another 50 million, which can be acquired by Prudential or by another investor. The bonds limit, yes, the indebtedness of the firm to 2.5 times ebitda. If it reaches 3 times, you will have to pay 50 more basis points of interest. And they force the company to request permission to sell assets and restrict the payment of dividends. Market sources explain that the reason for financing is “to have available financing lines available”.
The company has a net financial debt of 104 million. In addition to the 75 million of the bonds, it has another 76 million guaranteed with its fleet.