E.ON, the first group of German utilities, announced Wednesday a quarterly sales better than expected, the good performance of trading and renewable energy production offset declines production related to the abandonment of nuclear power in Germany.
The group recorded a 28% increase in sales to 35.7 billion euros, higher than the 30.14 billion euros predicted by Thomson Reuters SmartEstimates.
The group said last week it had earnings before interest, tax, depreciation and amortization (EBITDA) of approximately 3.8 billion euros, and net current of about 1.7 billion.
"These figures are not spectacular, but they are good," said one trader. The action was reported up 0.9% in transactions before trading.
The turnover of the trading subsidiary of the group rose 37% to 27.5 billion euros while the production of renewable energy generated sales up 7% to 617 million.
Since the beginning of the year, as E.ON has lost over 6%, impacted partly by its heavy exposure to nuclear power, while its main competitor RWE gained 18%.
Royal Bank of Scotland has said Friday on the road to recovery after an operating profit better than expected first quarter and a sharp reduction of its balance sheet.
The CEO Stephen Hester also confirmed that the bank would have ended next week to repay emergency loans granted by London during the financial crisis.
It also will resume payment of dividends and coupons attached to hybrid securities.
RBS posted a first quarter operating profit of 1.2 billion pounds (1.46 billion euros), after a loss of 144 million the previous quarter. The consensus gave a profit of 800 million.
London has an 82% interest in the bank bailout since the surgery in 2008 and has "no desire" to sell given the situation of stock markets, reported the group.
"As far as I know, there is no desire to sell at current prices and I think it is quite understandable," said Stephen Hester at a conference tee ; léphonique. "Even if everyone wants it to be done, to my knowledge there is nothing in sight."
Sources had said in March that the government had held talks with Abu Dhabi, which had fueled speculation of a sale.
"MISTAKES OF THE PAST"
The rise of the bank in the green is due in particular to the investment bank, which posted an operating profit of 824 million pounds during the quarter against a loss of 109 million the previous three months.
"We are pleased with progress made in the first quarter, although the economic and regulatory environment remains tough," said Stephen Hester. "RBS continues to significantly grow in strength and resistance."
Hester added that the bank was progressing very well in the correction of "errors" of the past, with a decrease in non-strategic assets and increased liquidity.
She said her "Funded balance sheet", defined as total assets less the balance sheet derivatives, was further reduced by 27 billion pounds to 950 billion. Of this total, the non-strategic assets decreased from 11 to 83 billion pounds.
"Once again, the good news is the progress speed of adjustment of the balance sheet. It's all about cleaning up the balance (…)", said Ian Graham, an analyst at Investec. "For me, progress is obviously there but the road is long and painful."
Around 9:25 GMT, RBS shares gained 2.4% to 25.14 pence in morning, outperforming the European sector index of banks, up 0.22%.
The UK GDP fell 0.2% in the first quarter of 2012, after falling 0.3% in the previous quarter. British Prime Minister David Cameron
The UK has not escaped the downturn. Its economy has officially fallen into recession earlier this year following a contraction of its economy for the second consecutive quarter, a surprise for analysts and bad news for the government of David Cameron.
According to one official estimate released Wednesday, the British economy shrank by 0.2% in the first quarter of 2012, after falling 0.3% last quarter. The country is thus technically back in recession, which was released in late 2009 after five straight quarters of decline in activity during the financial crisis.
Despite very mixed economic indicators, most analysts were betting on a slight rise of 0.1% of GDP, which would have avoided the country to be in the same situation as the states of the eurozone such as Spain or Italy, also entered into a recession.
This performance-up against Prime Minister David Cameron in a difficult position: it should indeed revive criticisms about the draconian austerity policies of his government by the opposition Labor Party accused of having "killed growth" in the name of a struggle against deficits.
The pound is distributed sharply lower against the euro and the dollar after the announcement of the contraction of the UK economy. The London Stock Exchange remained, however, directed slightly up gaining 0.44% to 5,734,67 points to 0900 GMT.
The action is Danone rebound Monday, with investors relieved after the announcement of the takeover by Nestle's division of child nutrition Pfizer, a redemption of $ 11.85 billion which the French group was also in the running.
At 2:50 p.m., the title Danone raises of 1.83% to 53.39 euros in a market down sharply (-2.15%).
"The rise in the stock is clearly related to the fact that it's not Nestle and Danone buys Pfizer infant nutrition. The price is very high and the market would like Danone uses his money for something else, "said one operator
. L action Danone had lost 3.55% Friday following a tip that he was outbid and proposed $ 11 billion to buy up Pfizer Nutrition
…. Analysts say ….. Danone had not the means to finance a transaction of this magnitude, even if it reduced its debt by nearly half since the acquisition of Numico in 2007 to 12.3 billion euros
. Danone's net debt was $ 6.6 billion end of 2011 euros, against 12 billion after the acquisition of Numico.
Natixis, the analyst Pierre Tegner observes that "the strategic importance of the lost battle (against Nestle) depend on the group's ability to recover some assets, either in Asia Southeast Asia (Philippines, etc..) and / or Latin America. "
According to Kyodo, Danone could increase its stake in Yakult Honsha to 28% against 20% today, and asked the group of Japanese drinks to name one of its managers to an executive position.
Google reported Thursday a net profit of 2.89 billion dollars or 8.75 dollars per share (GAAP) in the first quarter and announced a division of its shares on a two for a.
The net sales for the first quarter, which excludes fees paid to partner sites, totaled $ 8.14 billion.
The total turnover of the quarter is 10.65 billion.
May 24, the Supreme Court could follow the requisitions of its Advocate General and reverse the conviction of Total to damages for environmental harm. Analysis of a possible "disaster for the ecology" with the lawyer in environmental law, Arnaud Gossement. Erika
Years of justice for nothing? Maybe so. More than 12 years after the fact, the General Counsel of the Supreme Court seeking annulment of the sentence in Total Erika shipwreck flag. Moreover, he believes that we should not refer the case on appeal. His analysis? French justice is not responsible for the sinking of a ship flying the Maltese flag outside French territorial waters. The notice of Gossement Arnaud, a lawyer specializing in environmental law.
What do you think the requisitions of the General Counsel?
Master Gossement Arnaud: This is surprising. Both courts and not the least, the First District Court of Paris (TGI) in 2008 and the Court of Appeal of Paris ruled in 2010 in the same direction. They have ruled on the application of French law and compensation for environmental damage. It was a first. Second thing, until 2008, an investigation has led to a removal order. In short, much work has been done around this case. It is therefore a surprise to make possible today a possible departure from precedent. And surprise is shared by all lawyers.
Can you reconstruct his reasoning?
We must above all be cautious. And for good reason, we do not know all of the conclusions of Advocate General, only a few arguments. According to the senior judge of the Supreme Court, there would be an issue of pure law, ie the Court of Appeal would not have applied the correct legal text. She should have, according to the magistrate, apply international law because of the location of the Erika. It was not located in French territorial waters. Then, the Advocate General points to the notion of environmental damage. In 2008 the Paris Court of First Instance is to be used with great clarity to the concept of "damages for injury to the environment." But the judge would question the possibility of convicting a person on grounds of environmental damage. Total for lawyers, this recent concept does not exist in positive law, in the texts of laws. Whether the General Counsel relies on this ground for reconsideration of the ecological damage, I do not know.
One thing is certain, the magistrate did not say that Total was irresponsible, but there is a problem of law. Over the total condemnation of the judge shows the inadequacy of the legal framework that applies to legal activities at sea It is a law vague and complex, composed of a mosaic of texts. Historically, there has been interest in the land. We just forgot that human activities would also develop at sea, whether oil activities or renewable energy production. This is since the 70s, including the trial of Montedison (the Italian company had dumped thousands of tons of toxic waste in a marine trench off Cape Corse, in Italian waters), we took awareness of the fragility of the sea We discover that the sea is not a trash can and must be protected. Erika was a turning point. There was a strong awareness.
Requisitions prosecutors are they followed by the Supreme Court?
This is what is said in general. But this is a complex matter for which miles are possible options. The Supreme Court can completely cancel the decision of the Court of Appeal, as it can do so partially. On the issue of compensation paid by Total at the time of use, the oil group said he would not call into question the compensation paid, but one can imagine the reverse. If unfortunately, the Supreme Court completely cancels the decision of the Court of Appeal, the procedure can start again. It would be a disaster not only for the plaintiffs, but also for the ecology. And for good reason, return on an affair that has lasted for 1999 is a bad signal to polluters. This is a step backwards. This is very disturbing. They may think that it does not matter because any way the court proceedings will take years to achieve. It is a discouraging message for associations and however encouraging for polluters. It should be certainty in the application of sanctions.
Consob, the Italian financial markets authority, suggested Wednesday EDF to revise upward the price offered to minority shareholders of the Italian group Edison, an opinion that could further extend a drama begun there are nearly ten years.
Three months after the announcement of an agreement between EDF and other major shareholders of the second largest electricity producer in Italy, Consob said that "the price of EDF 0, 84 per share does not seem representative of the actual price agreed between the parties. "
She adds, in the notice published on its website a price ranging between 0.84 and 0.95 euros would be more consistent with "the notion of price paid" and that the median of this range , or 0.89 euros, can be "a useful reference point".
Contacted by Reuters, EDF has made no immediate comment.
"Let's see what the French would say. But if we take as 0.89 euro price, the difference is about 60 million euros. It is nothing for a band like EDF" said a source close the file.
After months of negotiations, EDF had signed a preliminary agreement in late December supposed to ensure control of Edison. But he was then conditioned the implementation of the agreement to confirmation by Consob price of 0.84 euro per share Edison.
Under the terms of this agreement, EDF was, initially, increase from 50% to 80.7% its stake in Edison for 700 million euros, and then launch a takeover bid for the remaining shares.
The group led by Proglio then found that the agreement Edison valued at 0.84 euros per share.
In return, Edipower, which Edison owns half the capital and considered by some observers as the "nugget" of the Italian group, had to go completely in the hands of current shareholders of Italian , led by A2A.
At the head of the minority shareholders of Edison appears the businessman Romain Zaleski, through his holding company Carlo Tassara.
The action ended in Edison 0.8735 euro Wednesday at the Milan Stock Exchange. In this course, the Italian group is valued 4.5 billion euros. In Paris, EDF finished at 17.2150 euros, a capitalization of 32.7 billion.
The Galeries Lafayette Group saw sales rise by 4% in 2011 and operating income increased 4.8%, despite a very difficult now for consumption in France in the second half.
The group, in open conflict with Casino on the valuation of Monoprix, their joint venture, reported retail sales of 5.58 billion euros, for a consolidated sales (excluding sales concession stands) of 4.96 billion euros, up 0.7%.
Sales growth was mainly due to the performance of the department store on Boulevard Haussmann in Paris, whose sales rose 14.3% due to tourist traffic, and sales growth of Monoprix, which grew by 3.2%.
Conversely, the decline in sales has continued to BHV. The group does not specify the amount of sales of the brand in trouble for several years.
"In a difficult global environment in 2011 (…) the activity held up well," said Philippe Houze, chief executive of Galeries Lafayette.
The group says "confident" for 2012, despite the uncertainties surrounding the evolution of markets, and indicates that at the end of February, sales of the brand were Galeries Lafayette up 8.4% on a comparable and those of Monoprix up 6.2%.
Galeries Lafayette and Casino have put into the public their disagreement on the valuation of the sign of the city center, which has assumed the aspect of a showdown legal and financial.
The battle promises to be long and bitter for the nugget Monoprix. Because the chain of distribution center is completely atypical in the French landscape.
With an operating margin of 7.2%, it is by far the most profitable assets of Casino in France, where the group's profitability was 3.9% in 2010, and prances ahead its competitors.
Operating income in 2011 of the Galeries Lafayette Group rose 4.8% to 372 million euros, for a margin of 7.5% (against 7.2% in 2010) while the net excluding exceptional items remained stable at 210 million euros.
Leaded by provisions and write-downs of 153 million euros on Cofinoga, a subsidiary of consumer credit equally owned by BNP Paribas and highly weakened by the crisis, net income group share fall to 43 million euros (against 380 million euros a year earlier, including 205 million euros of capital gains).
PagesJaunes announced Wednesday that its board would propose as an exceptional pass the dividend for 2011, after registering a decline in its revenues and profit margins last year.
Heavily in debt, the publisher of printed directories and online, the site owner geolocation Mappy, saw its net cash flow to fall by over 20% last year, penalized by including the rising cost of its debt.
The full year 2011, its turnover stood at 1.1 billion euros, in line with market expectations according to Thomson Reuters I / B / E / S, This represents a decrease of 2.1% over the previous year.
Its gross operating margin (GOM) totaled 493.1 million euros, down 4.8%.
The group said it expects for 2011 a decline of about 2% of its turnover and a GOM between 485 and 500 million euros, an objective that was lowered in July to reflect impact on its business of social movements before the summer.
For 2012, the group says aimed to stabilize its revenue after two years of decline, thanks to the growth of its business on the internet which should represent 60% of its total turnover.
It also anticipates a GOM between 470 and 485 million euros.
The U.S. trade deficit widened slightly more than expected in December, the acceleration of growth with increased imports to their highest level in three and a half years.
The figures released Friday by the Commerce Department also show that the trade deficit with China set a new record over the entire 2011 to 295,500,000,000 dollars (224 billion euros) , a figure that could stimulate discussion often strained between Washington and Beijing within days of a high-level meeting between the two countries.
The monthly trade deficit stood at $ 48.8 billion in December, as imports reached their highest level since July 2008, just before the financial crisis do fall world trade.
Analysts polled by Reuters had expected an average monthly figure of 48.0 billion. The November deficit was revised to $ 47.1 billion against 47.75 billion originally announced.
U.S. exports rose slightly in December (0.7%), but nearly two times less than imports (+1.3%).
For Omer Esiner, strategist at Commonwealth Foreign Exchange in Washington, the slow growth of exports in December could be due to "a fairly soft global demand," a bleak trend.
"Continuous improvement of economic growth here (United States) will result in an increase in imports. But a slowdown in the exports would be a concern: they played a big role in the improvement seen last year, "he says …….
.. The dollar was up against the euro Friday as investors attaching greater importance to the evolution of the debt crisis in the area euro as U.S. data
. CHINA, SENSITIVE PARTNER
Over the whole of 2011, the trade deficit the U.S. has increased from 11.6% to 558.0 billion, a level not seen since 2008 …….
.. Exports rose 14.5%, exceeding for the first time the threshold of 2.100 billion, a growth that leaves the U.S. economy ; Rican on track to achieve the goal set by President Barack Obama, namely a doubling of exports in five years.
Meanwhile, U.S. imports recorded an increase of 13.8%, to nearly 2700 billion. Foreign car purchases included at their highest level since 2007 and oil imports its highest since 2008.
The average price of imported oil has registered a record high in 2011 to 99.78 dollars a barrel.
Unprecedented deficit with China is expected to fuel the concern expressed by Congress against the policy of the People's Republic, regularly accused maintaining the undervaluation of the currency to help its exporters.
Especially since Barack Obama is scheduled to meet next week the Chinese Vice President Xi Jinping, considered a future issue of the regime.
U.S. exports to China jumped 13.1% last year to $ 103.9 billion while imports reached 399.3 billion (+9.4%).
China has published its side Friday figures showing a reduction in its current account deficit in 2011, which provide an additional argument to support it seeks to reduce its dependence on external demand.
However, a sharp decline in imports in January coupled with a decline slowed exports resulted in the largest trade surplus for six months.
Trade deficits of the United States with the European Union and Canada have also increased in 2011 to 99.2 billion and 35.6 billion respectively.
