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.
Concerns persist about the state of the U.S. economy have overshadowed the optimism caused by the slight recovery evident on the face of mergers and acquisitions, leading U.S. stock indexes finished down on Monday night.
The Dow Jones closed with a loss of 39.21 points, or 0.38%, to 10,174.41.The Standard & Poor's 500 largest, fell 4.33 points, or 0.40%, to 1067.36 while the Nasdaq Composite ended down 20.13 points (-0.92%) to 2159 63.
The technology has largely underperformed other sectors, driven down by Hewlett-Packard and Dell are waging a fierce battle to take 3PAR, data storage specialist.
HP closed down 2.03% to 39.04 dollars and Dell lost 1.08% to 11.94 dollars, while 3PAR has jumped 44.62% to 26.09 dollars.
These offers are in addition to announcements made last week by Intel that is preparing to resume McAfee and BHP Billiton who covets the Canadian expert potash Potash.
On Monday, sources have reported that Campbell Soup paying serious attention to the British United Biscuits.
Campbell Soup took 0.70% 36.90 dollars.
As the CEO of 3M, he announced Monday that his group would invest about two billion dollars in acquisitions in 2010, double its previous estimate. 3M closed up 0.52% to 81.08 dollars.
"Setting the background of the phenomenon of mergers and acquisitions, which has very little seniority, due to the weakness of economic statistics," said Bucky Hellwig, Vice President of BB & T Wealth Management .
Analysts also point out that activity on the front of M & As is explained primarily by the willingness of companies to generate profits through cost savings rather than through growth in sales.
Technip Thursday confirmed its financial targets for 2010 despite the downturn in results in the second quarter and said it was too early to evaluate the impact of futures oil spill in the Gulf of Mexico on the group.
The French oil equipment specialist argued that the incident leaden with oil giant BP had induced a moratorium on drilling and that would delay short-term investment decisions.
The group believes nevertheless able to take its game to end by focusing on safety.
"In the longer term we believe that everywhere in the world, operators prefer to work with contractors who have maintained a constant effort of investment in security," he said in a statement Thierry Pilenko, CEO of the group.
Technip has repeated that he was a 2010 turnover of approximately 5.9 to 6.1 billion euros, with sales of Subsea (underwater infrastructure) of about 2.6 to 2.7 billion, a margin of this sector exceeds 15% and stable margins in its Onshore / Offshore.
The company posted second-quarter sales of 1.484 billion euros and a net profit of 106.1 million euros and an EBIT of 160.5 million, results above expectations analysts according to the group.
These three indicators have fallen from the second quarter of 2009 excluding the impact of exchange rate of 14.3%, 8.7% and 18.1% respectively.
The group's operating margin stood at 10.8%, against 11.3% during the same period last year.
The group had to cope with difficult market conditions, particularly with the collapse of the financial crisis in 2008 and falling prices of oil and gas that followed.
The contracts after this period were signed with strong pressure on margins and increased competition between operators.
In late June, the backlog of Technip progressed him to 8.263 billion euros against 6.066 billion at the end of the second quarter of 2009, renewed energy prices encourage new investment.
Unilever said Monday it completed the sale of its Italian subsidiary specializes in the Findus frozen food products to Birds Eye Iglo to 805 million euros.
Birds Eye Iglo is for the private equity firm Permira.
It involves the sale of Unilever's recent activities in Europe frozen.
Permira will bring Findus and Birds Eye Iglo to the old pole of Unilever's frozen foods, he had acquired in 2006 for 1.73 billion euros.
In a statement, Unilever said that about 650 people Findus, whose turnover reached 462 million euros in 2009, will be transferred to the new owner.
Reuters reported last week that Permira was elbow to elbow with Lion Capital in the race to buy Findus, to BC Partners.
In London, Unilever gained 0.74%, to 1.896 pence to 9:45 GMT.
Mattel announced Friday a lower than expected earnings in the second quarter, a weak euro offset the benefits of licensed Toy Story 3 and strong sales of Hot Wheels.
The manufacturer of the Barbie doll has reported a profit of $ 51.6 million, or 14 cents per share, against 21.5 million (six cents) a year earlier.
Turnover increased 13.4% to $ 1.02 billion but the effects of unfavorable exchange slashed three points to this growth.
The Thomson Reuters consensus I / B / E / S gave an EPS of 15 cents and revenue of $ 1.02 billion.
Sales in the U.S. increased by 17% and 9% in the rest of the world.
Sales of Barbie and Hot Wheels were up 6% and 11% respectively, while those of American Girl fell 4%.
European shares ended slightly lower Wednesday, ending six consecutive sessions upward, banking stocks have suffered from the perspective of capital rules and more stringent risk for banks.
The increase of the high tech, according to results from Intel, however, helped to significantly reduce losses. Without appease investors who wait with some anxiety the results of stress tests of banks, July 23.
In Paris the Cac 40 index loses and 0.13% to 3632.98 points.The FTSEurofirst 300 index, which gained 8.2% over the previous six sessions, do likewise yields only 0.14%.
The European banking index, which lost more than 1% in session, ended the day on a decline of 0.42%. This is the second segment loss of the day and not as the first meeting. On the contrary, it confirms the high techs gain the most important day of 1.21%.
For banks, BNP Paribas, HSBC and Societe Generale have lost 1% to 2.7%.
For the high techs, ASLM Holdings gained 3.05%. The world leader in machine lithographed raised its revenue outlook for 2010, strong demand for its machines that allowed him to achieve results better than expected second quarter.
Angela Merkel said Wednesday that the euro had stabilized and he had a better basis than before the debt crisis of the Greek through measures to reduce the debt established in the euro area.
"The euro has stabilized," Merkel said in an interview with German television station N24, according to the text released by the media.
"This is an important signal that banks are conducting stress tests and we have more transparency in the system.And it is gratifying that in contrast with what was in the spring, almost all European countries are now saying that we need to reduce deficits and reliance has structural reforms. "
She added: "Once fully implemented the measures decided reliance has, it will mean that the euro is a stronger base than before the crisis. We must await the results of resistance testing. But we are ready, aves rescue measures of the euro, to stabilize the euro at any time. "
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. "
