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).
United Parcel Services (UPS) agreed to pay nearly 5.2 billion euros to buy Dutch rival TNT Express, announced Monday the two groups, an operation that will allow the gen ; American ant-mail and logistics to gain strength in Europe.
TNT said its management board and supervisory board would support unanimously the offer of 9.50 euros per share, higher than 0.50 euro to the initial offer submitted in February.
The largest shareholder group, PostNL, which holds 29.8% stake, has also expressed support for the operation, which will create a global leader displaying 45 billion euros turnover.
The joint statement from both groups noted that the offer represents a premium of 53.7% over the closing price on February 16, the day before the announcement of the opening of discussions between the two groups.
UPS, already world number one, had long been interested in TNT in order to develop in Europe, including Britain, France and Germany.
The tender offer ends years of speculation about the future of the Dutch group, divided by PostNL, the Dutch post and the year listed separately last.
Faced with declining profits and the unfavorable business outlook for 2012, management of TNT was subjected to pressure from shareholders "activists" such as investment funds Jana Partners and Alberta Investment Management.
Friday, UPS had said further discussions "constructive" with TNT, four weeks after the latter's rejection of its initial offer to 9.00 euros per share.
The U.S. group said Monday that the purchase of TNT will have a positive impact on its financial results for the first year and is sure to get all the official permits for the conduct out.
The economy of Hungary will switch into recession this year, says OECD, which urges the government of Prime Minister Viktor Orban to pass a financial agreement with international organizations and to take further measures to reduce the budget deficit.
Echoing the European Commission, the Organisation for Economic Cooperation and Development also takes note of "controversial measures taken by the Hungarian government (which) have made exacerbate the uncertainty on the confidence of businesses, households and markets. "
"Overall, the economy should be in recession in early 2012 before a modest recovery in the second half of this year because of a slight upturn in confidence and improved financial and economic conditions worldwide, "the OECD wrote in a report released Tuesday.
The OECD expects GDP to contract by 0.6% Hungarian, and this year a growth of 1.1% in 2013. Budapest projected growth of 0.5% in 2012.
The Hungarian authorities have two main challenges, says OECD: stabilizing the economy and restore growth in the long term structural reforms.
"An agreement with multilateral organizations to help restore confidence and facilitate the necessary reorganization of public finances," says the OECD. "It also would ease the burden of debt in foreign currencies by stabilizing the exchange rate."
To stabilize the forint, which fell over 20% since mid-2008, to 292 per euro on Tuesday, the Orban government wants to conclude a funding agreement with the European Union and the International Monetary Fund by the end of the second quarter. But he objects to certain conditions set by the European Commission to open discussions.
EU officials believe that the deficit in Hungary could reach 3.6% of GDP in 2013 if Budapest is not taking new provisions, a view espoused by the OECD.
"Despite a relatively favorable fiscal position, the recent deterioration of the underlying balance requires additional efforts, beyond the measures planned for 2012," says the OECD.
The Organization also recommends that "in 2013 replacing the windfall tax on banks by taxing less distorting."
Changes to the law governing the central bank, including certain appointment procedures "derogate clearly best practice", also says the OECD.
The central bank independence must be guaranteed in accordance with international obligations of Hungary, said she.
While global stock markets fell Tuesday for fear of failing the Greek debt restructuring, the European Commissioner for Economic and Financial ensures that the operation "should proceed smoothly."
Stop the panic that gripped markets. Two days before the deadline given to private creditors of Greece to accept or not the deletion of part of the country's debt, the European Commissioner for Economic and Financial Affairs, Ollie Rehn, steps into the breach. In an interview with Le Figaro, he argues that the operation "should proceed smoothly." And adds: "From the information we collect, the debt swap should take place smoothly, as the transaction is financially attractive to the private sector"
The Finnish Commissioner was asked about whether the fact that the dreaded "credit default swaps" (CDS), these insurance contracts on default of payment to be triggered if the debt exchange operation went wrong. "It is not our preferred scenario. Instead," said Rehn, while anxiety has spread in the markets Tuesday.
European shares ended the session sharply down and banking stocks were particularly hard hit, indicating investors fears of a default of Greece as we approach the result of the restructuring of its indebtedness imposing. The rate of participation of private creditors should be at least 75% for Greece to erase part of its debt (107 of the 200 billion held by private creditors) and receive the second aid package of 130 billion approved last week in Brussels.
About a third aid plan, referred to by the German weekly Der Spiegel Sunday, "this is a hypothesis that has been circulating among Cassandra, I am not …", Rehn sweeps. "Let's focus instead on the implementation of the second rescue plan, which provides a unique erase debt," he told the BBC.
The Commissioner also stated "that the risk of explosion (the eurozone) is behind us." But "the recession is here, and unemployment is worrying," he says. "We are at a critical time in which member states must keep their budget commitments, to make the necessary structural reforms, while strengthening the firewall to anti-crisis 750 billion euros in Europe," Rehn recommends.
Coface, which last year refocused its activities on credit insurance, reiterated Tuesday his intention to return when the stock market but market conditions have improved.
Jean-Marc Pillu, the CEO of a subsidiary of Natixis, declined to say how soon the Coface, deregistration in 2002, envisioned a new IPO nor how much capital will be offered to investors.
"The track is always the same, this is the IPO as soon as conditions permit," he said at a news conference.
"The internal conditions are met to be placed on the market," he added. "After the second condition, it is the markets (financial, Ed). We will wait quietly, serenely they allow us to do this. "
Asked about refocusing on the Coface credit insurance ; said, he explained that the company had isolated a structure apart and owned by its parent non-core businesses it intends to transfer …
…… "These activities were in a separate structure, as Natixis, well insulated (…) but remain under the responsibility of the Directorate General of Coface at the operational level, "said Jean-Marc Pillu.
He also said that except for the German and Polish markets, factoring activities were managed for their extinction ("run off"), that is to say, they are intended to be phased out.
Due to the reorganization of its business, Coface has subsequently passed in its 2011 accounts for 49 million euros in restructuring charges after taxes.
Its CEO also said the company had raised 1.1 billion euros of financing for factoring after signing a contract with four banks of securitization.
"We are most indebted of all, we paid all our debts in the long run. I speak of parent company debt, "said Jean-Marc Pillu
. Returning to the proposed creation of a rating agency Europé ; enemies, envisaged a time before finally being abandoned in early 2011, the CEO of Coface said that the business of insurance credit scoring and no pre ; felt no synergies between them
. "It's not all the same job," he insisted .. …….
Since the beginning of the year, the U.S. equity markets have confounded the pessimists, and employment figures of February in the U.S., expected in late week, could well justify a continued rise.
The 'rally' stock in recent months has been built on a series of economic indicators improving, which suggest that growth in U.S. corporate earnings remain intact, analysts said.
But some strategists warn against a downward trend, while the main New York indexes have reached key thresholds and that the publication of results for the fourth quarter draws to a close.
The Standard & Poor's 500 rose in eight of nine weeks past. During the past week, the Dow finished above 13,000 points for the first time since May 2008, and the S & P 500 closed twice over resistance threshold of 1,370 points.
The Nasdaq composite crossed the threshold of its side of the 3,000 points and is trading around its highest level since 2000.
Some believe that Wall Street could continue to rise thanks to new macroeconomic indicators considered solid.
"The question is: 'Are we witnessing a sustained improvement in the economy?' I think the answer is yes, and that the rally will continue somewhat, "says Bryant Evans, portfolio manager and advisor for Cozad Asset Management, Illinois.
Detailed figures for February employment in the United States must be published Friday. Economists polled by Reuters expect 210,000 new jobs outside agriculture, against 243,000 the previous month.
This would mark the third consecutive month of job creation. The unemployment rate is meanwhile expected unchanged at 8.3%, its lowest level in three years. To investors, such figures would bring additional proof of a recovery in the U.S. economy.
Growth of gross domestic product (GDP) U.S. has already been revised up to 3.0% annualized in the fourth quarter of 2011, its highest rate , since the second quarter 2010, according to the second estimate published Wednesday by the Commerce Department.
TAKING PROFITS tempting
Now that the second bailout of Greece seems on track and that the earnings season draws to a close, investors are more focused on macroeconomic data.
Rising oil prices, bolstered by the tensions around Iran, however, could darken the horizon. Brent crude is trading above $ 120, an ominous trend when Europe seems to be sliding into recession.
Also in Europe, the first funds of the new aid package to Greece could be paid immediately after the debt swap between Athens and its private creditors s, to be concluded by 9 March.
In any event, investors had gains high enough since the beginning of the year to consider taking profits.
The S & P 500, who finished almost unchanged in 2011, increased by 9% since the beginning of the year.
U.S. ECONOMY, THE ENGINE RALLY
Health of the U.S. economy now looks up the engine for stock markets, investors wanting to believe that a recovering economy will spur creation of jobs and profits up.
Regarding the fourth quarter, the share of companies exceeding expectations is declining.
A 9.4% quarterly earnings growth is also lower than in previous quarters, but analysts want to believe that the recovery of the U.S. economy will help to avoid settling too brutal.
"From our perspective, as the employment situation continues to improve, we are on track," said Thomas Villalta, portfolio manager at Austin.
Monday, the ISM services will provide an overview of the activity of tertiary service last month.
The ADP survey on job creation in the private sector in the United States, released Wednesday, will precede the official statistics on Friday.
If the benefits of U.S. distributors to appear this week are as unimpressive as the results published so far companies, keeping Wall Street at the height of nine months will probably be difficult to justify.
Specialists believe that stock market investing in the U.S. market may resist a further increase, even with an agreement in the Greek case Monday and indicators confirming that the recovery is underway to United States.
Trading will resume on Tuesday, the markets are closed Monday for President's Day.
For the year 2012 was less than two months and the benchmark fund managers, the Standard & Poor's 500 Index was up over 8%. It is already higher than what many analysts were predicting the end of the year.
The index ended Friday at 1,361 points, its highest level since May 2011. In December, analysts polled by Reuters estimated that the index would end from 2012 to 1340 points.
If the index passed beyond 1370, it would be at its highest since June 2008, to its level before the collapse of Lehman Brothers, which took place in September 2008.
As for Dow Jones, he approaches the psychological level of 13,000 points and the Nasdaq Composite, that of 3000 points.
OPPORTUNITY TO PURCHASE
At the NYSE, 85% to 90% of the shares are treated above their 50-day moving average, said Bruce Zaro at Delta Global Asset Management in Boston. This is normally a sign that the market is overbought.
Bruce Zaro does not exclude a decrease of the S & P in the region of 1260-1270 in the short term.
Some experts, however, a passage above 1370 would be a buying opportunity.
"I'm kind of on the sidelines waiting to see it, but I'm down from there if it snaps," said Stephen Massocca, at Wedbush Morgan in San Francisco.
The percentage of companies that have published better than expected quarterly results is 64%, according to Thomson Reuters data, 404 companies have already published their accounts . This percentage has certainly improved since the beginning of the period of publication of accounts, but it is lower than 70% the last four quarters.
Among the major retailers will announce their quarterly profits this week include Wal-Mart and Home Depot.
Apart from the results and the Greek case, which should find a solution Monday, few indicators will be published this week: home sales new and old, consumer confidence according to the University of Michigan and registrations Weekly jobless.
To be continued as the general assembly of Apple Thursday and accounts of the first fiscal quarter of Hewkett-Packard on Wednesday.
The CBOE volatility index, also called fear index, fell 7.5% Friday, to 17.78. It is below the level of 25 for over two months, suggesting that investors are less worried about stock market prospects.
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.
European shares erased their gains in closing Wednesday on renewed concern about the ability of Athens to implement a second rescue plan that would avoid a disorderly failure of Greece.
The Paris CAC 40 index ended on a note stable (-0.05% to 3410.00 points, which corresponds to an important point of resistance, the German Dax has yielded 0.08% Eurostoxx 50 and 0.05%. London ended down 0.24%.
The leaders of the European Central Bank (ECB) remain divided on the potential contribution of the central bank to restructure Greek debt, two sources said the area euro Wednesday shortly before the close.
Meanwhile, leaders of the three coalition parties had entered Greek government meeting to agree on the reforms demanded by donors of new exhibitions ; born in exchange for a second aid plan.
Meanwhile, the President of the Eurogroup, Jean-Claude Juncker, announced late in the day for convening a meeting of finance ministers of the euro zone Thursday in Brussels to decide outline a new plan of aid to Greece.
Bank stocks remained the largest increases in Europe (0.56%), while having significantly reduced their earnings. Deutsche Bank took 1.53% and 1.16% BNP Paribas, the two largest increases in the Stoxx 50.
The profit taking continued on LVMH (-1.28%), which sold more than 4.3% since the end of last week of quarterly results has yet confirmed its good resistance to the crisis.
Sanofi fell by 1.7%. The company said results in growth in the fourth quarter of 2011, but 2012 will be more difficult with the loss of several patents of its major drugs.
The Industry Minister, Eric Besson, promised that the potential beneficiaries of social tariffs for electricity consumption of course apply from 1 January even if the measure of automatic access is still not back in force.
While consumption in électricté soaring these days, the automatic assignment of social tariffs for electricity is still conspicuously absent. Yet the measure was to take effect January 1. This had been announced in the fall of Eric Besson, Minister of Energy. Faced with this bug, it has reiterated on Friday that the device, once it enters into force, will be properly applied "to the gas bills and electricity consumption corresponding to January 1, 2012." In other words retroactively.
This delay, which is expected to continue for several more weeks, is due to the fact that the "last formal consultations" between government and industry should always be held together with a notice of the State Council, said the Ministry of energy, confirming the information of Paris …
These special rates are reserved for beneficiaries of the Universal Health Coverage (CMU) or any person whose monthly income is less than 634 euros per month (for a single person). Entered into force in 2005 for electricity and gas in 2008, social tariffs were previously allocated upon application to rights-holders (the limit is 7800 euros in annual revenue to about a single person and 11,700 for childless couple, ed), but by lack of information or administrative complexity, many do not demand.
Only 600,000 households currently receive social tariffs so that 1.5 to 2 million are eligible, a situation that had prompted the government to promise its automation. The reduction is estimated by EDF and GDF Suez at about 90 euros per year for electricity and 140 euros for gas.
"The decree is under consideration by the Council of State, he should be able to give its opinion in the coming weeks, when he will have the last formal consultations that are normally involved in early (February editor's note) . The decree will be published in the coming days, "the ministry said.
In connection communication, the President of the Syndicat Intercommunal the outskirts of Paris for the Electricity and Communication Networks (Sipperec) Catherine Peyge said there was "urgent." Some 3.8 million households, or 14.4% of French households in the metropolis, are currently considered in fuel poverty, meaning they spend more than 10% of their budget on their energy bills, says she said. "What do public authorities to publish the decree and to end the anomaly whereby a tariff, decided in 2000, implemented in 2005, still can not protect the families who need? Meanwhile the prices of electricity rose by 6% in two years, and the bill could jump by 30% by 2016 ", criticized Ms. Peyge.
