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PSA Peugeot Citroen revives profits

Wednesday, July 28th, 2010

Good omens for the second part of the year. Car manufacturers have apparently he ate their black bread, with regard to publication of interim results of PSA Peugeot Citroen. The Peugeot group, led by Philippe Varin announced a purchase 20.8% of sales to 28.39 billion euros. Group structure and constant exchange rates, the growth was 15.5%. This strong sales growth is put down to the success of new models and a well-oriented global demand, particularly in a country like China.

As for results, they represent a significant increase especially back in the green. The operating result thus 1.137 billion (826 million loss a year earlier). The division "Cars" which last year had been heavily impacted by the economic situation recovers and returns to profit significantly to 525 million (904 million loss a year earlier).

Operating income is expected to approach 1.5 billion by 2010

The turnover of the division "Cars" was up 13.5% to 21 1 billion in the first half of 2010. One generated by sales of new vehicles rose by 14.7% to 15 820 billion, reflecting a record number of sales.

As for the net, it appears also in positive territory at 680 million euros against a deficit of 962 million a year ago. Per share, the result stood at EUR 3 (-4.24 euros at end-June 2009) faxless cash advance.

For the year 2010, the group expects a decline of 7% of car market in Europe, a double-digit growth in China and a significant growth in sales in Latin America.

Despite Europe's environment more difficult over the coming months and the usual seasonal pattern, the division "Cars" should be close to balance in the second half. In this context, the Group anticipates an operating profit of around 1.5 billion euros.

The best in China

The group noted a significant improvement in the profitability of its joint venture in China with Dong Feng. Vehicle sales rose 50% to 176,000 units and net income group share was 97 million euros.

What give heartened to Philippe Varin, the boss of the manufacturer.Quoted in the press, he said: "The Group is now in running order to reconnect with sustained profitability. Good first half results reflect our market share gains and the impact of Plan Performance. The creation of a second joint venture in China represents a major step in developing our operations outside Europe. It makes us confident in our ability to achieve half of our vehicle sales in markets outside Europe by 2015, against third early in the year 2010. "

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Naouri: "Making coffee capsules is not allowed!"

Monday, June 28th, 2010

The morale of French households do not appear to promote a clear recovery in consumption. In the first quarter, sales of Casino in France and have fallen 0.9% after falling 2.7% in 2009. Although the strong growth registered by the dealer Etienne abroad (10.2% in the first quarter, after 5% last year) largely offset the decline, the group must respond. Jean-Charles Naouri, its CEO, shares his strategy in an interview with Le Figaro.

LE FIGARO – The morale of your customer shops is it affected by the crisis?

Jean-Charles Naouri – Many signs show that pessimism has worsened. He returned in September 2008, at the peak of the crisis. Because of the crisis of Greek and that of the euro, the fear of losing his job and has increased the concern about the standard of living reached a record high since 2007.The French prefer the job security to their purchasing power and their career. This general pessimism is, however disconnected from the real economy, which seems to gradually resume. The France is no longer in a situation of risk of deflation, interest rates are permanently lower guarantee for the future and the weak euro is an element of revival. The figures, including our own business performance, are better that one or two years.

Consumer behavior changes there?

We found two relatively recent trends: first, in an environment perceived as more complex, consumers no longer want it decides for them. They want to regain control over the quality of products, their origin and value for money in particular.Similarly, while far to the client, other consumers were at best indifferent and at worst seen as troublemakers, he now draws more and more choices to their preferences and ratings. This horizontal communication facilitated by the Internet, this new proximity, we must reflect and inspire us to develop relationships with our customers in and outside the store.

How are you adapting?

We have an edge in this field, for we have long since put its proximity to the heart of our strategy. We could for example indicate, in each point of sale, the preferred products or selling. We already strong commitments on the quality of our products.We reassure our customers, for example about what they buy indicating on the Casino-brand products, in addition to the nutritional use, carbon footprint, or that they are no palm oil and gluten free. We just set up within the group, a Health Committee attended by several senior experts whose mission is to anticipate health issues and help Casino in making choices on offer. We also test innovative book-entry systems allow customers to share their recommendations.

Hypermarkets Géant Casino continue to lose market share.Are they so essential for the massification of procurement and management of shopping malls you plan to transfer them not to invest in your most promising formats nearby?

I believe in small and medium format hypermarkets (6 000-8 000 square meters), which constitute the backbone of malls. I believe in the relevance of non-food offer in textiles, leisure and home furnishings. Casino has no reason to separate from Géant Casino. Our superstores are as profitable as those of our competitors, and we set the target that market share has stabilized Géant Casino this year.Remember, also, that 40% of group turnover from international have a double-digit growth in France and the formats most carriers (Franprix, Monoprix supermarket Casino …) know growth significantly, which boosts the growth of overall revenue of the Casino.

How is the recovery of your brand discount Leader Price, whose sales fell sharply last year?

This is another priority group in France in 2010. We are very pleased with the sales growth in stores converted to the new concept and we accelerate the pace of renovation of retail outlets every week.

Could you introduce CDiscount stock exchange to accelerate the deleveraging of the group?

This is not the agenda.A listing imposes many constraints on management whose priority now is to continue growing at double-digit turnover. We are the leader, but in a very competitive environment.

Can you imagine Rueducommerce complementarities with the site, which Rally has just 8% of capital?

It is a very minority participation, without presence on the board of directors.

Nestle has taken action against Casino, which distributes coffee capsules Nespresso competing …

Making coffee capsules is not allowed! You know, in this area, the magistrate is the customer. He has to decide which coffee is better.It turns out that since our Casino capsules are on sale in the Paris region, the top-selling product in our store … We will soon sell them near St. Stephen and the webcast will be gradually extended throughout our network .

The major French retailers have started savings plans that have a significant impact on their workforce. How do you handle this situation, so that distributors suffer a bad reputation of employers, with a high turnover rate and the employment of older low?

We continue to hire in our stores and discount and the number of tellers has not declined. With hindsight, we can say today that the ticket machines do not destroy jobs. Overall, our social indicators are improving. Absenteeism and turnover have decreased in recent months.This is the result of an ambitious social policy and belief that diversity in all its forms is a chance for the group. Thus, we installed in a series of specific measures to promote gender equality and we are committed to recruit 500 people over the age of 50 over three years. Concerning disability, Casino went beyond the legal quota of 6%, with 9.8% of employees concerned.

Some of your franchisees Franprix remain open illegally on Sundays after 13 hours? Do you think the evolving regulatory environment?

The Casino has always respected the law, including work on Sundays. The cases you refer to only a few franchisees that do not represent the position of the group. However, we intend to respect the law and they have made it very firmly.This issue is societal debate but attitudes and practices are changing.

The May 1 marches less filled than last year

Saturday, May 1st, 2010

Mobilization "significant" according to unions, but still significantly lower than last year. Despite the thorny issue of pension reform, the traditional procession of May 1 did not fill, bringing some 350,000 people across France, according to the CGT, against 1.2 million people a year ago.

Trade unions, left parties and student organizations were called to take to the streets, in the words of Secretary General of the CGT, Bernard Thibault, "create a balance of power in discussion" with the government. The pension reform is expected before the end of the year and a new appointment office at the Elysee Palace will be held prior May 10

For its part, Workers Power had returned to tradition by going it alone.Its secretary general, Jean-Claude Mailly, said Saturday morning on Europe-1 radio that "the repeated demonstrations will not shake the government" on the proposed pension reform fast cash.

"Putting pressure on politicians'

In Paris, between 21,000 protesters and police said 45,000 people marched from one union between the Place de la R?publique and the Op?ra, against 160,000 in 2009 according to the CGT.In the march included union leaders sat Bernard Thibault (CGT), Fran?ois Ch?r?que (CFDT), Alain Olive (UNSA), Annick Coupe (Solidarity) and Bernadette Groison (FSU), as well as student union UNEF Jean-Baptiste UNL schoolboy Antoine Prevost Evennou.

In Toulouse, between 5,000 people, police and organizers said 6,000 marched in the rain Saturday morning, behind a banner of the Inter-CGT, CFDT, FSU, UNSA and Solidarity proclaiming: "All public-private jobs, wages, pensions and retirement. A procession much shorter than last year, when there were between 15,000 and 30,000 participants according to sources.

Parade and sparse rainfall in Lyon.

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Airbus faces production halts

Tuesday, April 27th, 2010

A first for Airbus. Unions have all agreed to call for a freeze on production via a rotating strike that must affect all Airbus sites in turn. Since Monday afternoon, employees stopped work on site in Toulouse Clement Ader who assembles Airbus A 330 and A 340. Tuesday is that of Saint-Martin-du-Touch, head of the A320, which must stop work, then tomorrow the hangar Jean-Luc Lagardere whence come the 380. This weekend, employees of consulting firms and corporate headquarters in Toulouse are expected to stop work. Meanwhile, the hall unloading Beluga cargo planes must be blocked to prevent the delivery of parts and packages pre-assembled from other European plants of Airbus.

At the heart of this sudden clenching of association, wages and employment.The Inter held insufficient a proposal from the Executive Airbus to raise, from 1.5% to 1.9% its offer to general wage increase in 2010. According to the unions, this offer is too far from the 3.5% achieved in 2009. "We advocate the preservation of purchasing power and reward the efforts made to maintain delivery targets record (498 units by 2009) this year and the challenges associated with the A380, the A350 and the A 400M. Engineering the companion, through the course, everyone is under pressure, "said Jean-Francois Knepper, delegate of FP, the majority union."Employees are however not responsible for the strategic mistakes of the managers on programs A380 and A400M," said Pierre-Henri Coat CFDT delegate Central in Nantes, also affected by blockages targeted.

Inventories buffers "

The unions also want to obtain an interest in more "generous": "At Airbus, the participation will be EUR 0 and the incentive of 557 euros, while Astrium participation will be 2700 euro and the incentive of 1000 euro , "argues Jean-Francois Knepper. Another claim, get the hiring of 700-800 people, as in Germany.

Regarding the direction, it said that his proposal is within the upper range of that offer members of the Aerospace Industries Group, Gifas (between 1.5 and 2%)."Between 2005 and 2009, wages increased by 17.9%," said a spokesman for Airbus.

Spoiled the employees of Airbus? While many employees are subject to discipline – not to mention social plans. "Few companies have a backlog of five or six years, making Airbus a comfortable market situation, 'explains Pierre-Henri Coat. On Monday, Airbus is serene wanted: "For now, the final production is not affected. We have buffer stocks which can work normally. "The showdown has begun.

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The CAC 40 down again

Thursday, April 22nd, 2010

The Paris Bourse falling off again while Eurostat revised up the Greek deficit in 2009, and after having fallen sharply (-1.22%) the day before amid concerns about government debt.

The Greek interest rates to ten years has exceeded 8% in the day Wednesday. Investors wonder if Greece will well repay the debt, with growth stifled by a plan of unprecedented stringency.

At midterm, the CAC 40 yields 1.05%, to 3935.75 points.

Rain clues to look closely

This session will be loaded in major economic indicators. In France, growth accelerated in April in the French private sector, with a strong burst of activity in services, according to the PMI survey published Thursday by Markit Economics.The composite index rose to 58.4, its highest level in four months, against 55.8 in March.

The morale of French companies has jumped four points in April compared to March to reach 97 points, despite backlogs still scanty, according to Insee.

Moreover, the French manufacturing industry has confirmed its recovery in April from the previous month, according to the business survey released Thursday by the INSEE.The synthetic indicator of business climate index rose four points to 97, while remaining below its long term average.

Finally across the Atlantic, at 14:30, investors become aware of producer prices in March and traditional weekly claims for unemployment benefits and then at 16 hours, home resales for the month of March ser

Schneider, Vallourec and L'Oreal to take on the ACC

Schneider Electric on Wednesday confirmed its 2010 target of a moderate increase in its turnover in organic figures. The shares were down 2.06%, to 86.427 euros.

Vallourec (-0.74%, to 148.4 euros) has announced the acquisition for 150 million euros Serimax, a company specializing in offshore pipelines.

The group Areva (0.50% to 382.75 euros), yet prey to big delays on another local project, the favorites to meet the tender of the Finnish government, which wants to build two new reactors.

Also in ACC 40, L'Oreal (0.46%, to 80.37 euros) said it signed an agreement to acquire the U.S. Essie Cosmetics, make-up brand nail polish, whose sales sales amounted to 28 million (about 21 million euros) over the last twelve months.

The Competition Commission has prohibited the merger between Orange, a subsidiary of telecom operator France Telecom (-1.16%, to 16.97 euros), and Sunrisecom "> cash advance. The company resulting from the merger would have created, together with Swisscom, a collective dominant position on the market for mobile telephony.

Guy Wyser-Pratte does not increase its stake from 0.53% in Lagard?re group with which it engaged in an arm-wrestling to be appointed to its supervisory board and change its governance.Lagardere shares were down 1.71%, to 31.35 euros.

Publications animate Exchange

Later publications, they have been good for Sodexo (3.19% to 45.60 euros), Remy Cointreau (1.32%, to 43.82 euros) and Carbone Lorraine (2.67%, to 27, 70 euros), which are among the highest increases in the SBF 120.

Sodexo has recorded an operating profit better than expected in the first half, and now expects a range between 770 and 790 million euros for the full year.

Carbone Lorraine on Wednesday released a stable turnover in the first quarter at constant perimeter and exchange rates and confirmed its targets for 2010.

The wine and spirits group Remy Cointreau announced Thursday an increase in its annual turnover (April 2009-March 2010) of 13.1% to 807.8 million euros.

Vranken-Pommery has also published a large turnover of 39.4 million euros, up 38.1% (+11.4% on a constant basis, excluding integration Listel), thanks to the recovery its activity champagne. The company expects a sales growth of over 20% "medium term". The shares are 2.63%

In addition, Publicis made a surprise Thursday by posting organic growth of 3.1% of its income in the first quarter, two times higher than that of Havas. Its shares rise 1.70% to 34.02 euros.

Plastic Omnium (-1.32% to 33.01 euros) announced an increase of over 43% of its activity in the first quarter, benefiting from a favorable base effect with the automotive market crisis a year ago.

Surprises

Side decreases, Nexans has the highest drop in the Paris stock exchange: -9.38% to 58.90 euros.The leader in the cable industry has registered a turnover of 1.35 billion euros, up 8.4% yoy while in the course of constant non-ferrous metals, it reached 971 million of euros, down 11.1%.

Just behind Technilocolor – formerly Thomson – was down 5.60% to 1.03 euro. The company posted a turnover of 691 million euros for the first quarter, down 24.4%.

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Vinci project would benefit the TGV Tours-Bordeaux

Tuesday, March 30th, 2010

This Tuesday morning that the candidate for the mega railway project LGV Sud Europe Atlantique (SEA) to over 7 billion euros should be announced by R?seau Ferr? de France. This route will connect Tours to Bordeaux on a journey of 300 km, involving the construction of 40 overpasses and 390 bridges. Companies Bouygues, Vinci and Eiffage are on deck for this contract to allow linking Paris to Bordeaux in two hours instead of three now.

The winner will design, financing, construction and maintenance for 50 years in this concession. In return, it will be paid by revenues paid by companies using the railway line.

Work could begin in mid-2011, year of recovery for a provision in 2016.

Vinci, the darling

Vinci is anticipated to win this huge contract.According Latribune.fr Monday evening Vinci would have won the tender.

For Natixis Securities analysts, the business model of manufacturer-dealer and know-how are relevant for this type of project cash advance payday loan. In addition, its financial situation is excellent.

"If the group Vinci was nominated for LGV SEA, the title should react positively. This contract represents nearly 30% of its backlog, "said the broker.

Such an announcement could also benefit other manufacturers, the market showing that these large projects as expected will actually materialize.In fact, keep in mind that the candidates approached other railway projects will be announced in the coming months, including LGV Bretagne (4 billion estimated), which will link to Paris in 1h30 Rennes and Brest in 3 hours and N?mes-Montpellier (1.2 billion).

According to Natixis, "it seems unlikely that a candidate wins more of these three railway projects.

Funding unpublished

In terms of funding, the project should receive the government guarantee and the savings of the CDC.

Occupation: No recovery until 2011

Friday, December 25th, 2009

The stabilization of the unemployment rate to 9.1% of the workforce, the French plunges further into the past: in early 2006, when the indicator peaked at a similar figure, before falling to unprecedented s 'is followed. In total, during the year 2009, the weak economy has had reason to 373,000 jobs, an increase in the number of job seekers by 20.3%. A particularly tough fall for the industry, which has accumulated during that dark year structural and cyclical crises, destroying nearly 100,000 jobs for the first half of 2009 alone.

Measures directly aimed at boosting the labor market, set up under the stimulus plan, however, seem to have limited the damage. "Put in connection with money taken by other countries, the stimulus is small.But the measures for use therein have been good "said Eric Heyer, Deputy Director at OFCE.

Offset

In total, the government estimates at 400,000 the number of jobs created or preserved by all actions taken under the recovery plan partial unemployment, subsidized contracts, extending device reclassification professional device "zero charge" for the 'hiring of an employee by TPE … -. If this figure is currently not verifiable, stabilizing unemployment announced by INSEE in the third quarter of 2009, and out of recession that began in the second, appear reassuring signals. … While analysts agree today to find that the adjustment of the labor market is still far from complete.

When is therefore a market recovery in employment and lower unemployment? Not before 2011, say the economists."Growth of 1.3% proposed by employment center for 2010 will not be sufficient to generate net new jobs," said Ernst and Bernard, director of statistics, surveys and forecasts for employment center. "Given the French productivity, only a growth above 2.5% would generate" confirms Eric Heyer, highlighting the gap of three quarters generally observed between resumed growth and lower unemployment rates. Same story with Nicolas Bouzou, economist at Altars, which estimates that unemployment will stabilize at best in 2010. "The problem is that this stabilization occurs at a high level," says he.

Brakes

Various factors should indeed help to limit the decline in unemployment in the months ahead.First, partial unemployment: as he has played a buffer role on the labor market by reducing redundancies, it should eventually stop the resumption of hiring. The 143,000 employees have benefited from the device indeed logically gather their full-time position, in priority to any additional recruitment. Second brake that is particularly Eric Heyer: the reinstatement of unemployment discouraged job seekers. "The stabilization of unemployment in the third quarter was partly due to traditional discouraged jobseekers less well positioned on the labor market.When the activity will leave, they re-subscribe, mechanically limiting the decline in unemployment. "An argument that employment center does not yet resumed its consideration.

If the unemployment rate should best pursue its stabilization in 2010, an additional shadow is looming: While the acceleration slows overall unemployment in recent months, the increase in long-term unemployed, who thus lose some little employability, increasing gradually. "The first people to find work are generally those who have been unemployed for some time. The number of long-term increases so mechanically, and should in this case continue to grow in first quarter 2010.

Review bleak for the "Black Friday"

Tuesday, December 1st, 2009

"More people in malls, but less money to spend, so gloomy assessment of the first big weekend of shopping at the end of the year in the United States. The prospect of a significant increase in online sales during special promotions planned on Monday, a day renamed "Cyber Monday" has nevertheless somewhat reassured professionals.

Last year, the financial crisis and the collapse of credit availability during the fall had resulted in a dip of 3.4% of purchases at year end. Few analysts expect a fall as strong this year. The test of the weekend of Thanksgiving is not conclusive: the average shopper spent $ 343.31 dollars between Friday morning and Sunday evening.It is almost 30 dollars less than last year.

This decline was however offset by a higher attendance of stores: 195 million Americans flocked to the malls during the three days following the Thanksgiving holiday Thursday, 172 million were in this case in 2008. We must be cautious in analyzing these figures. The favorable weather these days is indeed a significant factor in attendance. Conversely, rising unemployment, the highest in twenty-six, and the persistent shortage of credit deter curious to succumb to the temptation of promotions.To overcome these two obstacles, the distribution industry is increasing its marketing efforts.

Emplettespour of the fun

The mall opened at dawn wanted the Americans to leave their home by displaying very low prices, but very limited quantities of popular items, for a few hours.

It was such electronic products (TVs, cameras, computers) or toys. Promotions less targeted and less fugitive is likely by Christmas. They might be less generous, however, because traders also need to preserve their margins.All factors combined, the National Federation of Retailers (National Retail Federation) table always erode global buyers end of the year of around 1%.

According to the firm ShopperTrak, during the single "Black Friday, the day after Thanksgiving, sales rose only 0, 5%. In contrast, online sales have jumped on that day by 11%, according to the firm comScore. Thursday, several department store chains publish figures of their sales throughout the month of November. This will give a better idea of the context in which the profession deals with Christmas 2009. The biggest surprise of this first weekend of shopping is that over 63% of Americans have opened their wallets to give pleasure, rather than the prospect of gifts.It shows a sign of underlying demand fairly high from some homes, eager to release a little of their savings discipline evident since last winter.

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