September 3, 2010
Pernod Ricard, which on Thursday reported an operating profit up 4% for 2009-2010, priority is given to the current year to develop its core brands and reducing debt.
The world's second largest wine and spirits, which traditionally provided its outlook for the new year at the meeting of its shareholders in the fall, only indicates in a statement, will focus on "development of its strategic brands Premium The pursuit of a level of sustained marketing investment and debt relief group. "
Pernod Ricard has seen its operating profit reached 1.795 million euros for the year ended June, on a turnover of organic growth of 2% to 7.081 million euros (down 2% as reported).
The progression of this result, excluding currency and perimeter, fits into the top end of the forecast of the group (3% and 4%) made at the end of July release of its turnover Annual.
Its rival Diageo, the world leader in the industry, has made little progress on its prospects, content to rely on an increase in operating profit "superior" to 2% of the previous year.
Net debt stood at Pernod 10.5 billion euros, down from 304 million (taking into account the rate of the euro / dollar) and 1.09 billion excluding currency translation.
Net debt / EBITDA spring down to 4.9 at June 30, 2010, against 5.4 a year earlier.
The owner of Ricard aniseed, Absolut Vodka, the Martell cognac, Chivas Regal whiskey or champagne Mumm saw its operating margin to moderate to 25.4% against 25.6% a year earlier.
The net income group share stood at 1.001 million euros, down 1% and up 7% at constant exchange rates.
The group will propose to its shareholders a dividend of 1.34 euro per share, sharply up from 0.50 last year.
The title was down in early trading on the Paris Bourse, announced the results appear without surprise. The work yielded 1.15% to 62.020 euros to 09.30, while the CAC 40 index lost 0.6%.
During Wednesday's closing price, the value signed up 4.7% since January.It deals with valuation multiples of about 17.7 times earnings estimates for the coming year, against nearly 15 Diageo.
At this level, the title is generally considered properly valued by analysts, many of them prefer Pernod Ricard face British rival for its greater exposure to fast-growing Asian markets.
China is now the third largest market for Pernod Ricard, behind the United States and France.
August 30, 2010
The economic sentiment in the euro area has improved slightly more than expected in August while inflation expectations of households remained unchanged, said Monday the European Commission, which augurs well for continued economic growth third quarter.
Its index for the 16 countries of the euro area reached 101.8 in August, against 101.1 (revised from 101.3) in July.Economists polled by Reuters expected the index to 101.7.
The index of industrial sector remained stable at -4, while that of services has improved to 7 against 6 the previous month.
The morale of households, whose application is one of the engines of recovery, came in at -11, -14 cons expected in July and -12.
The consumer inflation expectations were unchanged at 11, whereas they are increased from 5 to 6 among entrepreneurs.
The separate index of the Commission on the business climate in the euro area, against all odds, degraded to 0.61 against 0.63 (revised from 0.66) in July, and 0.70 under market.
August 28, 2010
Lagardere Group and Marie Claire have announced their merger on Friday weekly respective female, Be and Envy, to better hold their own game on this promising segment, but crowded.
In practice, only subsist Be, including a new formula is scheduled for October, to better address Grazia, a weekly launched a year ago by the Italian group Mondadori.
A joint venture, owned 80% by Lagardère Active Media division of Lagardère and audiovisual, and 20% by the Marie Claire, Be and publish the weekly audience of celebrities Lagardere, which will provide the advertising.
Led by Bruno Lescouëf, Director General of French magazine publications of Lagardere Active, the new entity will not seek to accommodate other titles.
The new Be, which always appear on Friday, will continue to claim as "high-end women's generational," then qu'Envy was positioned on the celebrity niche where competition is fierce and will remain the prerogative of the only audience, launched 2003.
"The moment we move from three to two magazines, there is a double benefit for the broadcasting and advertising," he said during a conference call Didier Quillot, CEO of Lagardere Active, the world's leading magazines public.
"We will create a virtuous cycle, it will no longer have to create promos each week," he said, adding that this would have implications for improving the economic equation of Be, which is still stalled in three years.
LAGARDÈRE LOOKING TO LEAVE OF MARIE CLAIRE
Lagardère created earlier this year the brand Be, both magazine, website, television series, application for the iPhone and web radio.
Lagardere Active has confirmed Thursday, when the publication of interim results of the group, he had achieved 40 million euros in savings this year.
The marriage comes as Lagardere seeks to leave the capital of Marie Claire, which owns 42%, as part of its strategy to sales of minority stakes.
"Whatever happens between our two groups elsewhere in the capital intensive discussions, the approximation for a single magazine will continue," said Didier Quillot.
Be broadcasts, Grazia and Envy are quite close, around 170,000 to 175,000 copies, while Target is around 420,000 units.The goal for the new Be is to reach 180,000 to 200,000 copies in 2011.
She, the flagship magazine of Lagardere Active, could he, reaching 385,000 in late 2010.
Lagardere also hopes to benefit from the upturn in advertising revenues, which allowed him to meet Thursday evening its target for operating profit for 2010.
The group now expects growth of about 3% of advertising revenue in 2010 Lagardere Active and not stagnation, with a jump of 6% expected in the third quarter as the second.
Jean-Paul Lubot, deputy CEO of the group Marie Claire, that provides the same functions within the new entity, said a portion of 35-40 people working for Envy or be reclassified at Be in the group Marie Claire .
August 27, 2010
Essilor International on Friday confirmed its 2010 targets in the light of a first half marked by a rebound in sales and a sharp rise in net profit excluding exceptional items.
The world leader in ophthalmic optics said he was always on full year growth of 5 to 7% of its turnover and a stable operating margin over the rate of 18.2% achieved last year, excluding currency effects, acquisitions and strategic change IFRS.
"In the second half of 2010, in a context of renewed activity still fragile, Essilor will pursue the strict implementation of its strategy of growth based on new products, geographical expansion, acquisitions and organic conquer the environment range, "the company said in a statement.
Turnover rose 15.8% to 1,926.8 million euros in the first six months of the year, an increase of 5.9% excluding currency and strategic acquisitions. The Group's contribution margin – operating profit before share-based payments, restructuring costs and impairment of goodwill – came out in turn to 347.5 million (+15.2%), or 18.0% of turnover.
Net income, Group share, declined by 1.3% to its 197.5 million euros, reflecting a provision of 41.5 million euros for the fine imposed by the German Competition (Bundeskartellamt) for cartel formation in optics.Essilor has filed two appeals which are suspensive payment of the fine.
Excluding this provision, the adjusted net profit stood at 238.8 million euros, an increase of 19.3% from one year to another.
Essilor has continued in the first half an acquisition strategy by which it intends to strengthen in particular the emerging markets, with a total of 13 new partnerships. The period was marked in particular by integrating FGXI, the world glasses preassembled "readers" and Signet Armorlite, producer and distributor of glasses of the Kodak brand.
Before the publication of results, the group's activities ended on a note steady at 48.20 euros, giving a market capitalization of about $ 10.3 billion.Since the beginning of the year, the title took 15.5%, after rising nearly 25% throughout 2009.
August 25, 2010
BHP Billiton, the first global mining group, took advantage Wednesday of the publication of its interim results, the best two years for engaging in a show of strength probably intended to show his target Potash and the potential white knights This means that his ambitions.
The Anglo-Australian group has nevertheless worked to calm the market speculation about the possibility of any significant raising its hostile bid of 39 billion dollars (30 billion euros) Potash, the leading manufacturer of fertilizer on the planet, despite the magnitude of his war chest.
"I'll be as disciplined about this offer I have been on other projects," warned the CEO of BHP, Marius Kloppers, during a teleconference.
"This is the shareholders who own the company and my job is to create value for them, not to do anything at any price."
The interim results show however that BHP Billiton Group has the means to raise its offer by $ 130 as Potash, as he emerged from net cash of 17.9 billion over 2009-2010.
The group's net debt, which has already provided $ 45 billion in financing for the acquisition of Potash, fell to 3.3 billion and its ratio of net debt to equity has fallen to 6 %.
BHP COULD OFFER TO 177 DOLLARS PER SHARE POTASH
"BHP could probably go up to almost 200 Australian dollars (177 U.S. dollars) per share (Potash)," said Ric Ronge, portfolio manager at Capital Pengan.
"In the absence of another suitor for these assets, BHP acting properly in the sense that he simply proposed a price (…) and he is awaiting a response."
One key issue for shareholders is whether BHP is willing to raise its offer by more than 22% in which case the group should seek formal approval to comply with British regulations on takeovers.
Shareholders of Potash interviewed by Reuters said they would accept an increase in supply to 162 dollars per share, while many analysts estimated that the deal could be reached at $ 157 per title.
Some shareholders worry that take risks by buying BHP Potash, a leading player in a market that does not know.
The mining group justifies his project by his desire to enjoy the explosion of global demand for potash to meet growing countries like India and China.
"The question is not whether BHP can afford (to buy Potash).Whether there is a strategic fit, "said one investor.
DOUBTS ON THE AGREEMENT WITH RIO
BHP has emerged over the period January to June, the second half of its fiscal year, net earnings excluding items of 6.77 billion dollars against 4.59 billion a year earlier.
The 13 analysts polled by Reuters had expected a result of about 6.9 billion dollars.
The mining group was, however, cautious about the global outlook in the short term.
He has estimated that the economic growth of China, its largest market, was slow.
"After a strong recovery in prices for most products of BHP Billiton, the short-term outlook for commodities is mixed," the group said in announcing the results.
Marius Kloppers has also been less sure of obtaining the approval of regulatory authorities on its proposed joint venture for iron ore with Rio Tinto, which would allow it to save 10 billion dollars.
The two groups should reflect on what they will do if their agreement to expire without obtaining clearance from the authorities, said the head of BHP.
Around 9:55 GMT, BHP yielded 0.28% at the London Stock Exchange to 1798 pence, while Rio Tinto gave up 0.32%.Potash action listed in Frankfurt fell by 0.42%, to 117.90 euros, or 149.65 dollars.
August 24, 2010
Korean National Oil Corp. (KNOC) has no plans to increase its offer of 1.67 billion pounds sterling (two billion euros) on the British Dana Petroleum to obtain the support of its leaders, said Tuesday the Director General of the South Korean group.
"We believe our offer values Dana fairly and comprehensively, and we do not intend to meet," said Kang Young-Reuters won the sidelines of a forum of Asian oil companies in Seoul.
The oil company in South Korea on Friday launched a hostile bid of 1,800 pence per share to acquire the British oil group after the rejection of its proposal by the Board of Directors of the latter.
KNOC said he already received the support of nearly 50% of shareholders.
Some analysts believe that Dana's reluctance to accept an offer yet considered by many to be generous is linked to the commitment of Tom Cross, CEO of Vodafone, to his business.
The Financial Times reported Monday that the board of directors of Dana had to take the publication of interim results on Friday to highlight the value of the group. The British hoped that the prospect of a recommended offer could prompt KNOC to return to the negotiating table, the FT said, without citing sources.
August 22, 2010
The United Kingdom came Tuesday in an era of stringency, the Chancellor Osborne has announced an unprecedented austerity plan designed to generate tens of billions of euros in savings over 5 years to eliminate almost all of budget deficit left by Labour.
The coalition government formed last month by the Conservatives and Liberal Democrats "has inherited the largest budget deficit in Europe in absolute terms, and" this budget is needed to restore confidence in our economy, "argued the Chancellor of the Exchequer George Osborne, presenting his first budget to Parliament.
He unveiled a package of measures to eliminate the deficit completely called "structural" over five years, that is to say the duration of the legislature.The structural deficit is the part of the government deficit which is not related to temporary difficulties in the economy, and therefore does not go away automatically with the recovery.The reduction will require "structural reforms", such as reducing state intervention in certain areas or reduce the number of officials.
The total deficit should be narrowed down to 149 billion pounds (179 billion euros), equivalent to 10.1% of gross domestic product, in fiscal year started in April, only 20 billion pounds in 2015/2016, or 1.1% of GDP.
Drastic reduction of public expenditure
Most of this reduction, which represent a tightening of 40 billion pounds a year older, at the end of the term, provided that what the Labour Party, will come to an unprecedented reduction in public spending.
The budget of each department will decline from 25% on average over four years, except those in health and development assistance, which will be "ringfenced".The precise distribution of these cuts will be announced this fall.
Officials will have to tighten the belt, with a wage freeze for two years except for the smallest, and a hardening of their pension plan.
On the revenue side, the VAT will increase from 17.5 to 20% in January.The tax on gains from capital will swell immediately, and banks, after receiving massive bailout plans in the Labour Party, will go to the cashier, with the introduction next year of a tax that should generate Term 2.4 billion euros per year.
Even Queen Elizabeth will make efforts, a freeze on 9.5 million Euros from its "civil list", the envelope that the state pays for its official duties.
But alongside the Chancellor Osborne has announced a reform of the income tax, which was defended vigorously by the Liberal Democrats on behalf of social justice, and will allow to exempt nearly 900,000 low-income households. He also cared for businesses with targeted measures.
The opposition denounced a budget "bad for growth"
The opposition has strongly criticized this budget.Harriet Harman, who heads the Labour Party pending the election of a successor to Gordon Brown, has denounced "the same old Tories, severely affecting the most vulnerable. She also denounced a budget "bad for growth", emphasizing that the OBR, Constable of public finances, was lowered from 2.6% to 2.3% the official forecast for growth next year, following this budget.
In the City, investors welcomed the ads, dating the book above 1.20 euros, but economists have shown mixed. James Knightley of ING was concerned about the magnitude higher than expected this fiscal tightening, "a painful process that will limit growth, while Paul Robinson of Barclays Capital, has welcomed a budget sufficient clever, "which includes" various measures to limit the impact on the less affluent. "
August 7, 2010
Veolia Environnement publishes interim results up thanks to rising prices of raw materials recycled and confirms its targets for 2010.
The world leader in environmental services was reiterated in a statement it was on full year free cash flow positive after dividends and an increase in its recurring operating income.
Veolia has also confirmed it was three billion euros in sales over the period 2009-2011 – from 1.3 billion achieved in 2009 and 766 million in the first half of 2010 – and was continuing the implementation of a savings program overall 250 million for 2010.
In the first six months of the year, this program has contributed to the growth of its cash flow (CFO) operational up to 132 million euros.
Veolia in the first half net profit group share of 374 million euros (+69.9%), an operational CFO 1,885,000 (+0.2% at constant exchange rates), operating profit of 1.125 million ( +7.9% at constant exchange rates) and a turnover of 17.177 million (-3.3% at constant exchange rates).
The consensus achieved by the editor of Reuters, analysts expected an average net profit of 346 million euros, operating cash flow of 1.908 million and a turnover of 16.924 million.
Recurring operating income of Veolia spring for its 1.078 million euros at June 30, up 6.6%.
The group's net financial debt stood at 16.027 million euros at June 30th against 15.127 million in late 2009, largely because of an unfavorable effect of exchange rate changes 674 000 000.
August 5, 2010
The Belgian financial services group KBC reported results above expectations in the second quarter thanks to lower costs and risk provisions on the debt portfolio, despite the decline in trading revenues.
KBC, which has received 7 billion euros in state aid during the financial crisis, said he expects to lower credit losses this year compared to 2009 due to healthy revenue and despite a possible increase in costs.
At 7:50 GMT, the KBC gained 4.15% to 36.50 euros, while the sector index of European banks yielded 0.09%.
Net income excluding items grew 35% in the second quarter compared to the corresponding period of 2009 to 554 million euros while the consensus was 459 million.
However, some 400 million euros of exceptional costs including derivatives and sovereign debt restructuring program of the group have reduced net income to 149 million euros, which remains above the 105 million expected.
The insurance division has suffered a decline in premium and an increase in reimbursements related to floods in Eastern Europe. The trading floor of KBC generated less income but the income from loans and deposits have grown much faster than expected.The commissions are also growing.
"We are positively surprised," said Ivan Lathouders, analyst at Degroof, who explained that the lower costs were a key factor in explaining these results exceeding expectations, and interest income and commissions were recurring elements that were so good news.
In return for the aid received, KBC is committed to reducing its market activities and activities outside Belgium and Central and Eastern Europe, where KBC is the fifth largest in terms of assets.
The group has already completed the sale of its private banking arm of KBL European Private Bankers, closed its trading floor in Japan sold its derivatives unit sold its Asian and reinsurance subsidiary based in Brussels.
Last week, KBC has concluded an agreement for the management buyout of UK broker Peel Hunt.
The Belgian group has also promised to sell its Polish unit of consumer credit and Zagiel IPO for a minority stake in the Czech CSOB and perhaps also the Hungarian K & H
August 4, 2010
Iliad publishes first-half performance in line with those of the first quarter, with Free recruited about 20% of new subscribers of the fixed market (ADSL) and Alice showing a further erosion of its subscriber base.
The group achieved a turnover up 4.6% in the first half to 1.015 billion euros, up by 11.1% for brand-free and a fall of 21.4% for Alice.
The group totaled 4.514 million ADSL subscribers at 30 June against 4.456 million in December 31.
Iliad has continued to increase in the first half of its rate unbundling is crucial for improving its margins, on the end of June to 87.5% against 85.4% in late December 2009.
Under its brand Free, the internet service provider has recruited 125.000 new net subscribers in the first half of termination, and claiming a market share of 20% of conquests, compared to 23.3% in the first quarter alone.
The Free brand now totals 3.9 million subscribers, for a turnover of 869 million euros Iliad said in a statement.
Alice, being restructured, lost 67,000 subscribers during the period, saw its subscriber base to deteriorate again and reduce its sales to 135 million euros.
The erosion of the subscriber base has nevertheless slowed over the second half of 2009, and Iliad reported a primer for improving the rate of termination for Alice.
The group also said that the ARPU, measuring the average revenue per subscriber rose to 36.3 euros in the first half, close to its historic high of 36.5 euros reached in the fourth quarter of 2009.
Around 10:30, the Iliad share fell by 1.18%, to 68.06 euros, compared with a decline of 0.5% of the telecom sector index.
"Profitability should logically be at the rendezvous in the first half especially in view of finalizing the deployment of synergies at Alice and the sharp increase in the rate of unbundling at group level," said an analyst in a note of CM-CIC in a note.
OBJECTIVES CONFIRMED
Iliad is facing strong competition from SFR (Vivendi), which claimed second place in the French ADSL market at the end of first quarter.Vivendi will publish its interim results on September 1.
France Telecom, the market leader, is aiming for him to recover his share of conquests in ADSL, thanks to the launch of a quadruple play – mobile, fixed, Internet and television – after starting the year particularly low.In the second quarter, the share of conquests of France Telecom was 15.5%.
The group confirmed its financial and operational targets for short and medium term, which include free cash flow ADSL accumulated over 1.1 billion euros between 2010 and 2012, incorporating Alice.
Iliad also banking on a growing "double digit" of the EBITDA in 2010 and "a very strong increase in net income" over the same period, and aims to generate an EBITDA of 90 million euros a year earlier, in the second half of 2010 on Alice.
The project Free Mobile will have its first commercial offerings in the mobile appear in 2012.
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