A former Sabena Cadet of the Year winner himself, he was so impressed with the calibre of the top-performing teenagers that he extended an invitation to see what goes on behind closed doors at the station - home to not just the world-renowned SABM
, but the Air Surveillance and Control System (ASACS) which plays a vital part in ensuring the UK's skies are secure.
ABI's high debt burden of over USD116.5 billion at end-2017, following the acquisition of SABM in October 2016, is reflected in net leverage of 6.1x at end-2017.
We believe the portfolio of countries that have joined ABI's operations from the SABM acquisition also contributed to this and that they benefit ABI with enhanced growth prospects.
However, this is offset by a highly leveraged balance sheet following the SABM acquisition with only a modest ability to deleverage materially over the next two to three years should the company maintain its generous dividend distributions, which absorb the majority of pre-dividend FCF.
That figure is based on our 2016 projections, and after taking into consideration USD16.4bn in divestments so far agreed and as much as USD5bn for SABM's Central European operations.
Barring major reversals in exchange rates movements, only meaningful cash preservation actions, such as additional major asset divestments or a substantial reduction in dividend distributions, would enable ABI to deleverage significantly, both on a stand-alone and on a combined basis with SABM. Capex is also still running at a high USD4.0bn in 2016 (almost 10% of sales) but its reduction would provide more limited benefits to FCF.
However, since the announcement of the SABM transaction, management has reiterated its current financial policy in terms of shareholder remuneration and has not signalled plans to reduce dividends.
Only Carlsberg is putting in place cash-preservations measures and protecting its rating, whereas ABI's major debt-funded M&A plans will likely lead to a downgrade of its rating and the rating of the target company SABM
As far as the black Baptist churches were concerned, as late as 1975, no black churches were members in the union itself, but fell under the jurisdiction of the SABMS. (5) In other words, South African social patterns of stratification were duplicated in church structures.
Pape was active as a missionary from 1874, but the SABMS was formed only in 1892.