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.
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.
The International Monetary Fund (IMF) estimates that the economic recovery of the United States proves stronger than expected but still weakened by high unemployment and a moribund housing market.
The IMF has slightly raised its outlook for U.S. growth to 3.3% for 2010 and 2.9% for 2011, but he added that unemployment would remain above 9% for two years, with inflation still low.
In a statement released Thursday after annual consultations with the U.S. authorities, the IMF considers that the recovery from the recession is affirmed by an efficient reaction of the authorities in monetary and fiscal policy.
"The outlook has improved with the recovery but weaknesses remain in household balance sheets and financial services, combined with high unemployment may slow private spending," observes the Fund.
Growth in manufacturing output slowed in June in Europe, the euro zone even dropped below four months, further indication of lack of breath from the economic recovery in the region.
The final results of the survey conducted among Markit purchasing managers, the PMI manufacturing sector in the euro area stood at 55.6 in June, a level consistent with the flash estimate and slightly below the 55 , 8 May.
Economists do not take the alarm to prevent a risk of sudden halt to growth in Europe, but it seems clear that economic activity has probably reached its maximum rate during the quarter just s' complete and that interest rates should be maintained at low levels until next year.
"In many Western countries, we will see the pace of economic growth slowed in the second half of the year.This is the path that one takes, "said Mark Miller, economist at Lloyds TSB Corporate Markets in London.
"In continental Europe, exports remain an engine of economic growth but I do not know how long this can continue."
In France, growth in manufacturing activity slowed for the second consecutive month the sector has continued to destroy jobs.By dipping to 55.8 in June, the PMI Markit / FASC has reached its lowest level since December 2009.
Similarly, the UK manufacturing activity slowed to its lowest level in 10 months when she had reached a high of 15 in May
In contrast, activity in Germany has kept pace in June than in May, with an index that has emerged even slightly higher than the first estimate published two weeks ago.
The slowdown in manufacturing activity is not unique to Europe and key emerging countries as well as India and especially China are also involved.
While economists do not expect a recurrence of the global economy into recession, some warn that most developed countries could face a protracted period of sluggish growth.
Greece will overcome its fiscal crisis without having to restructure its debt, said Greek Finance Minister George Papaconstantinou in an interview published Wednesday by the German newspaper Handelsblatt.
'We still have a credibility problem, he acknowledged, adding that the country would not need to restructure its debt.
'We must not let the single currency to be destroyed by the markets overreacted.
A delegation of the European Union, the International Monetary Fund (IMF) and European Central Bank (ECB) said last week that Greece put in place economic reforms, according to plan massive aid over three years 110 billion euros to save the country from bankruptcy.
"I see the end of the tunnel," said the minister.
"We hope to finish the year better than we expected, out of the recession more quickly and return to growth from the mid-2011," he said, while acknowledging that "Spain and the Portugal [were] in a much better position than Greece.
In return for IMF assistance plan / EU, Greece has promised to cut its budget deficit to 8.1% of GDP this year to comply with the requirements of Brussels and under the 3% of GDP by 2014 .
The objective, "not less deficit, a deficit from zero in 2018," insisted Eric Woerth at the presentation of the proposed government reform, Wednesday, June 16 The task is not easy: the deficit in pension schemes (public service, and general system of private supplementary pension schemes) will reach 42.3 billion euros in 2018, when the government stopped the cursor reform. Who will pay?
Employees. It is they who will have to bear the brunt of the effort. For they will have to work longer. The legal age of retirement, currently set at 60, will be gradually increased to 62 in 2016, reflecting an increase of four months each year from 1951 generation. Those who turn 60 in 2016 (the generation born in 1956) will have to wait two more years to retire.Age to automatically receive a full pension will increase from him in the same way from 65 to 67 years. Meanwhile, under the Fillon reform in 2003, the contribution period needed to receive a full pension will be raised to 41 years and three months in 2013 for the generation of 1953 and 1954) and 41.5 years in 2020. These measures on the parameters of age should bring 18.6 billion euros in extra revenue, slightly less than half the need of pension funding in 2018.
Officials. In the name of "fairness" of the reform, the officials of the Public Service will have to pay as much as private sector employees for their retirement. Their contribution rate will increase gradually from 7.85 to 10.55%. The alignment will be spread over ten years, an increase of 0.27% per year. For Eric Woerth, the affect the purchasing power of officials is "very moderate".This, coupled with the abolition of early retirement for employees who have three children and the allocation of the guaranteed minimum under conditions of having quarterly contribution will have a positive financial impact of 4 billion euros in 2018 as calculated by the government.
Read about it: Why pay officials might decrease
Companies. They no longer will not escape "the solidarity effort" required by the pension reform. The calculation of relief on low salaries (up to 1.6 times the SMIC) enjoyed by employers, so far calculated monthly, will be annualized. This means concretely that the thirteenth month and premiums will now be incorporated into the calculation. This measure will yield 2.4 billion euros in 2020.Removing the cap on the share of costs and burdens on dividends received by a parent company from its subsidiaries should add 250 million in 2020. Either a total 2.65 billion euros of new revenues paid by businesses.
Capital. Raise taxes on capital gains from sale securities (stocks, bonds) and real estate, the standard deduction on dividends and interest, taxable capital gains realized on the sale of stock or bond tax income, elimination of tax on dividends received by shareholders, these measures on capital income will yield 1.34 billion euros in 2020.
Rich. Nicolas Sarkozy had announced: high incomes will be involved. The marginal rate of the top of the income tax will rise from 40% to 41%.This "solidarity contribution pension", which will apply to 340,000 tax households reporting more than 69,783 euros a year, will not be taken into account in the tax shield. The measure will yield 290 million in 2020. In addition, payroll taxes on stock options (side beneficiaries and employers) and taxes on pensions hat which directors of large enterprises will be increased. In total, these taxes on the rich should bring 630 million euros in 2020.
The combined revenues related to raising the legal age of retirement, to align the system of public and private that the various taxes and levies increases, and shall rise to 27.2 billion euros 2018. The government also plans to switch the unemployment insurance contributions on pension contributions from 2015, assuming a return to the green accounts Unedic.This shift would provide 1 billion euros of additional revenue in 2018.
