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.
"This is broadly in line with my expectations, the guidance is unchanged, the activity in the U.S. looks a little worse than expected, but overall everything is online, perhaps there will he then some profit taking this morning, "said one industry analyst on condition of anonymity after the value.
The Essilor share opened down slightly from 0.22% to 48.09 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.
AN ALLOWANCE amputated NET
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, a global eye preassembled "readers" and Signet Armorlite, producer and distributor of glasses of the Kodak brand, consolidated in March and April
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 since the end of the semester its repurchase of shares on the market for an aggregate of 33.7 million euros. The group also conducted on July 2 at remboursemnet the balance of convertible bonds not yet converted. The bond issued in 2003 and is now mature longer listed on Euronext Paris.
The group also sold its stake August 9 history 15% in Group Sperian Honeywell, as part of the tender offer of U.S. conglomerate on the French specialist in personal protective equipment.The more consolidated capital gain, estimated at 27 million euros, will appear in the accounts of the second half.
18.15: Final Questions of the President: "There is a bank that claims 5 billion euros. What does that mean to you?" "I am conscious of having gone too far, but things do not happen as simply as this does mean that Societe Generale, defends Jerome Kerviel. "Were you made to be traded?" "Probably not, answers Kerviel. At the time, I thought was made for it, because I brought money. "Was there not a way out of it before it explodes?" "It's hard to say, according to ex-trader, which repeats at every he has never hidden. I acted in full sight of everybody. Everything is known and all means in the trading rooms. "Have you no submissions to make? This is the last boom that I tend … We know all about you?" Yes. "There is no mystery Kerviel?" No. It remains none the wiser …
6:06 p.m.: Kerviel was called to the bar."Who are you then, Mr. Kerviel, questioned the president? "My goal was to earn money in the bank" tirelessly answered the trader. It is still "sorry" for having suffered some people, like shareholders. But without the backing of his superiors Kerviel could have done nothing. Okay, but why Societe Generale would she let you do, the response president? Kerviel answers beside the point: "I do not know what degree of knowledge of my superiors." She adds, "I have not been able to circumvent all the controls. Conclusion of the presiding judge: "It is difficult to get you out of your way to change your point of view."
6:04 p.m.: Last question of the defense Button: IEC you know, the bad bank Société Générale? Evasive answer. "The issue is not really there." "I'm sad Master Metzner," concluded Daniel Bouton.With these words, the hearing is completed. Bouton leaves the room.
5:45 p.m. button explains to judges the arbitration function. "Banks are not what Jerome Kerviel tried to do," he pleads. Metzner did not give up its prey so easily. How come no one has responded to various warnings about Kerviel operations? For Button, it is obvious that should have been "fuck Kerviel at the door when the first warnings were issued." Mr. Dumas is accused of blowing the answers to Button. The discussion gets heated. Mr. Metzner has indeed evoke the suicide of another trader in the summer of 2007. For the lawyer the two cases are inextricably linked. Button indignant.
5:35 p.m.: Olivier Metzner continues on his questions.Including the most important: how Societe Generale could she not see the amount of these commitments "stupid"? For Button, one must distinguish between what was seen – and for now no one has proved that Kerviel's superiors were aware of what-should be seen ..
5:12 p.m.: For 20 minutes it is the shareholders' lawyers who have succeeded at the helm. They ask how Societe Generale could compensate its shareholders. Button, "unfortunately," says he can not do anything because it "is not responsible for any" innuendo, certainly not that. As his doctors told him when he was very ill, "you are not responsible for the crisis of Lehman, the banking crisis in the U.S. and now the Greek crisis".It can "reassurance", especially today, the General Socciété will remind, Button, who is not to much.
5:04 p.m.: Kerviel did not meet the wishes of Button. Prosecutors asked him if two and half years after the fraud he is determined to make excuses. He does not refuse them openly, but does not give up. "Of course I recognize mistakes, encouraged by my superiors" Kerviel replied. "50 billion euros you did not lose your cool, slice the prosecutor.
16h50: Button gets to tell his nights. In a strange dream Kerviel admits that he lied, and admitted that no member of the hierarchy has not pushed to defraud. And in this dream, Kerviel explained why he did it. He explained to the tens of thousands of employees of Societe Generale, who also are entitled to answers …A question remains: is it that there is a case where Kerviel's positions had been winning? For Button, of course not. The bank relies on the confidence that gave him his staff. The former CEO is trying a bit of humor. With 1.4 billion won, "the bank might be able to save the souls of young débousselés of trading rooms. Button Kerviel admits to still the tip of talent, and even a "capacity to conceal quite exceptional". With sympathy and physical, it was impossible to be suspicious, finds the former boss of the SG.
Mitsubishi UFJ Financial Group (MUFG) is planning to resume participation of BNP Paribas in a Chinese joint venture asset management for 50 million dollars (38.2 million euros), we learn two sources familiar with the matter.
This would allow the first Japanese bank to enter the Chinese market for the management of funds, estimated at 237 billion euros and could exceed 765 billion euros in five years, according to consulting firm Z- Ben Advisors.
BNP Paribas and MUFG will submit the draft to the Chinese authorities before the end of the month, after rejecting an initial application for minor technical reasons, "said one source.
Once disengaged from SYWG BNP Paribas Asset Management, BNP Paribas will hold only one license for fund management in China and thus in keeping with rules set by Beijing, which prohibit foreign companies from holding more than one license in that market .
VERY ATTRACTIVE OFFER
Over thirty foreign institutions, including JPMorgan, Credit Suisse and Morgan Stanley, have formed joint ventures in fund management in China, while groups such as Aberdeen Asset Management and T. Rowe Price are looking to break into this market.
MUFG has prevailed over a dozen other candidates for the takeover of parts of BNP, among whom were Japanese Nomura Holdings and Britain's Ashmore Group.
The offer of the Japanese for 33% of BNP Paribas is a ratio of prices on assets under management of approximately 10%, against a normal value of 5%, thus making the supply of MUFG very attractive.
SYWG BNP Paribas was established in 2004 by BNP Paribas and the Chinese broker Wangguo Shenyin & Securities Co, which owns two thirds of the capital.
The joint venture had 10.4 billion yuan (1.2 billion euros) in assets under management at the end of June, 0.49% of the market, against 0.9% at end 2009.
After this assignment, BNP Paribas will not have more than a joint venture in China Fund Management, Fortis Haitong, which manages about 40 billion yuan of assets, or 2% of the market.
Telefonica announces a 9.4% increase in earnings in the first half, exceeding expectations, the strength of its overseas operations to compensate for the weakness of its domestic market, Spain.
The Spanish division of the group, which generates one third of total turnover, has been hit hard by the recession and caused concern to investors. But the group said Thursday she was showing signs of improvement.
He has limited the decline in sales to 3.2% in the second quarter, against 5.7% in the first three months of the year.
"These results are solid at all levels, a recovery in Spain offsetting recent fears of a slowdown in consumption.Business in Latin America is solid, "said David Wright, an analyst specializing in telecommunications from Deutsche Bank, adding that the group's activities in Britain and Germany will also reflect well.
The first operator of the euro zone by market capitalization has made a net profit of 3.78 billion euros in the first half, against forecasts for 3.68 billion euros by 10 analysts polled by Reuters.Its first half sales rose to 29.05 billion euros against 28.55 billion expected.
After weeks of fierce fighting, Telefonica has achieved his ends Wednesday in announcing an agreement with Portugal Telecom to repurchase shares of Portuguese in the Brazilian mobile operator Vivo.
In Latin America, which generates 40% of sales, group sales rose 10.2% and gross operating income of 6.1%.
The control of Vivo should allow the group to increase the number of subscribers in Brazil, giving it top spot in this coveted market.
For its part, France Telecom said Thursday a decline in sales and profit margins in the second quarter, but he confirmed the level of its dividend until 2012.
Tokyo stocks ended virtually unchanged on Tuesday (-0.07%), caught between downward pressure related to the strength of the yen and satisfaction related to solid quarterly results and found the stronger than expected for Sales of new homes in the United States.
The Nikkei index closed at 9496.85 points while the broader TOPIX, took 0.03% to 846.12 points.
Home sales in the nine to the United States jumped from 23.6% in June is, in percentage, the stronger rebound since May 1980, reassuring investors about the risk of a relapse of the U.S. economy.
In terms of value, the manufacturer of household products Kao Corp. gained 1.1% to 2.111 yen after the announcement of an increase of 34.6% of its operating profit for the period April to June, to 26.17 billion yen (231 million euros).
In contrast, the continued strength of the yen continues to handicap the exporting groups.
The semiconductor equipment supplier Tokyo Electron, the semiconductor maker Advantest, and the carmaker Honda and decreased from 0.42 to 1.62%.
The BP has decided that its chief executive Tony Hayward must leave office because of his handling of the spill, and his departure will probably be announced within 36 hours, officials said Sunday, sources close to the group.
The board of BP is due to meet Monday to determine how the departure of Hayward and its replacement by Bob Dudley, the American leader who also oversees the fight against the oil spill, sources said.
Replace Hayward at this stage of operations could be difficult for BP.Well Macondo, which lets out of oil since the explosion of the platform Deepwater Horizon April 20, has not yet been definitively blocked.
If problems occur during the recent operations, Dudley's reputation could also suffer.
But the fact that the leak has been controlled for over a week by a temporary containment has led the company to be more concerned about the future of its chief executive.
According to sources, Hayward acknowledged that he was in the interests of BP let him go.
The British oil giant has lost 40% of its stock value since the beginning of the disaster.The group would not comment on rumors of departure from Hayward, declaring that he was general manager with the full support of the board of directors.
A spokesman for BP declined to repeat the news last week that the board does not even discussed the future of Hayward.
In the Gulf of Mexico, ships trying to stop the leak came back Sunday on the site after being forced to move away from threats of Tropical Storm Bonnie, now dissipated.
The next step is now the operation known as "static kill", which is to inject heavy fluids and cement into a pit pass.
This operation could begin in three to five days, according to Coast Guard Admiral Thad Allen, who directs operations for the U.S. government.
The turboprop manufacturer ATR announced that it recorded 42 orders and delivered 26 aircraft in the first half.
The joint venture of the European group EADS and Italy's Finmeccanica said in a statement that, taking into account the options, the number of orders placed since January 1 amounted to 72 aircraft.
"We will deliver between 50 and 54 aircraft this year," he told a news conference at the Farnborough Airshow near London, Filippo Bagnato, Chief Executive Officer of ATR.
During the presentation of its annual sales results on January 18, ATR stated aim of delivering more than 50 aircraft this year after delivering 54 aircraft to their owners in 2009.
The group, which achieved a turnover of 1.4 billion dollars last year, added provide a stable revenue in 2010.
Wendel and his former Chief Executive Jean-Bernard Lafonta subject of proceedings before the Sanctions Committee of the Financial Markets Authority (AMF) on the climb to the capital of Saint-Gobain, writes Le Figaro.
The procedure relates the position that Wendel indirectly held in Saint-Gobain, through derivatives, where the investment firm said to have crossed the threshold of 5% stake in the building materials group in September 2007 by daily.
It would be of Wendel was whether the market informed of the existence of its position in derivatives that indirectly strengthened its position in round of Saint-Gobain.
Grievances reported several months ago by the College of the MFA will be reviewed promptly by the sanctions committee, said Le Figaro.
A spokesman declined to comment Wendel information Friday morning.
The AMF was not immediately available to provide comment.
U.S. stocks finished lower Friday as investors questioned the robustness of recovery after the announcement of job losses in the U.S. were added to several indicators considered disappointing.
The Dow Jones ended down 0.47% at 9686.48 points, while the Standard & Poor's 500 index also lost 0.47% to 1022.58 points.The Nasdaq composite yielded 0.46% at 2091.79 points.
For the week, the Dow lost 4.5%, the S & P 5% and the Nasdaq 5.9%.
The U.S. economy is destroying jobs last month – 125,000 – for the first time since the beginning of the year, with the end of thousands of temporary contracts in the public sector related to the identification and recruitment of fewer than expected in private.
The unemployment rate however declined to 9.5%, its lowest level since July 2009, the final output for the labor market of some of the unemployed.
The sharper drop than expected industrial orders in May also weighed on the trend.
Another sign of concern, the moving average 50 days of the S & P 500's fell below its moving average 200 days. This configuration, which sees an average short less than an average long known as the "cross of death".
The phenomenon between the moving averages at 50 and 200 days happened the last time in December 2007, shortly after the market had begun a decline that had led the S & P to its lowest in 12 years.
On the front of values, financial values and sensitive to economic cycles have been neglected.The S & P 500 financials fell 1.1%, as well as some consumer values.
Volumes were thin, many players who left the office earlier in the weekend of Independence Day. The markets will be closed Monday.
In contrast, values were sought after biotech news reports that Sanofi-Aventis prepare a large acquisition in the United States.
Biogen gained 5.76% to U.S. $ 49.42, Allergan 62.29 dollars to 7.21% and 5.9% to Genzyme 52.80 dollars.
Having already recorded last week its biggest weekly decline in a month, the Tokyo Stock Exchange ended down 0.45% Friday, suggesting investors the opportunity for the Japanese stock market to its lowest close in six months to less than 9,400 points.
After passing downward in meeting new technical threshold to 9780 points, the Nikkei index has increased its loss to 43.54 points to finally dispose 9693.94 points, while the broader TOPIX, 6.50 lost points (-0.75%) to 860.80 points.
The agreement between the leaders of the 20 most industrialized countries in the world (G20) had a limited effect on Japanese markets, in contrast to concerns about the U.S. recovery and the high yen, which were again weighed on exporting groups.
The semiconductor equipment maker Tokyo Electron, and the specialist in digital cameras and Canon have respectively decreased by 2.49% and 1.13%.
Mizuho Financial Group ended at its lowest in seven months to 149 yen (-2.61%), reflecting the intentions of the bank to raise 861 billion yen (7.8 billion euros), a slightly higher expectations, by issuing securities should increase by 38% the volume of shares outstanding.(See)
The announcement of this operation resulted in the decline of other securities sector, Mitsubishi UFJ Financial Group and Sumitomo Mitsui Financial Group, respectively, finished with a decline of 1.91% and 1.88%.
