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A crisis? What crisis? The luxury group Hermes has earned over the year 2009, sales up 8.5% (+4.1% at constant exchange rates), to 1.91 billion euros, exceeding its objectives and expectations of analysts (1.886 billion according to the consensus).

Performance explained by the boost of holiday season. In fact the only three months of 2009, activity has soared by 18% (+11% constant).

"All geographical areas are progressing with the exception of Japan," the group said. This is not surprising. The improvement in the fourth quarter was very strong in the Americas (+20% after +1.6% at the end of the first nine months of the previous year) and Europe (9% after -0.5%) and Asia outside Japan is still very active (35% after 26%).

The two activities most contributors margins are very strong, with an annual turnover up 16% on leather goods – which represents about half of total turnover – and 6% on Silk (12% of total business) cash advance to savings account . The activities mainly wholesale sales are picking up later this year but remain in the red.

Hermes International has finally raised its initial target of 5% decrease in recurring operating income is now expecting a slight increase. Natixis Securities anticipates an increase of 1%. In addition, net income is expected "close to that of 2008, or 290 million euros. The broker for the time table of 306 million euros. An analyst meeting will be held from nine hours.

For 2010, the continuation of the strategy and twelve new branches are announced.

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Lefigaro.fr / Jdf.com: In just under ten years, DreamNex has become the European champion of the Internet charming. What were the secrets of your success?

Patrice Macar: First, DreamNex was the first company to spell Internet with a quality, positioned on the high end, which addresses the general adult audience, namely men, women, and couples. In addition, there is no doubt that the sector is in vogue. Sexuality is no longer taboo. It is even likely. Sexy lingerie and sex toys have democratized, as evidenced by the series Sex and the City or the corner Toys Chics at Galeries Lafayette. Even M6 Boutique spent a night broadcast on its new range of sex toys.

Besides selling products, we developed our site Sexyavenue.com entertainment activity, with a video service (VOD), which has seriously accelerated with the spread of broadband. Again, DreamNex has cornered the French market. And the branch meetings has also had some success with its service Eden Flirt "for naughty games and free in a supervised environment.

In acquiring the Belgian Enjoy DreamNex early 2008 that declared its leadership at European level through its service XCAM, a kind of phone sex on webcams, where thousands of independent filmmakers around the world offer discussions erotic home.Buying Enjoy, for just over 40 million euros has been possible thanks to the IPO of DreamNex on Euronext (Compartment C) in March 2007, which then helped raise 15 million euros.

In recent years you've been very aggressive in the market by finalizing purchase of several companies. And you do not stop here …

We have no reason to stop there! Not only is DreamNex leader, but he is always alone on the European market very fragmented. In addition, we have the necessary cash to make acquisitions of our choice. In fact, since the IPO, DreamNex still has as much cash as all previous acquisitions have allowed a return on investment as we have been able to pay shareholders, while bailing out our cases.

In 2009, however, we took a break after four acquisitions in 18 months to restructure the group and maximize the new resources. It has centralized teams, we recruited new managers … But in 2010, one starts to hunt for great opportunities. It focuses on three areas that we know well. For now, DreamNex is strong in France, Belgium, Spain and Italy. We look for companies already well established, why not in Germany. We have two issues being discussed, but nothing is certain yet.

In 2009, your sales totaled 67.3 million euros, down 4.2% on a pro forma basis. What are your goals for 2010?

DreamNex activity, partly due to the vagaries of the consumer has finally stood up well in 2009. Surely it is because people are a little more at home and at restaurant or cinema.It does, they need to entertain. But it is true that we have found that the average basket of purchases on our site is a little less than before Payday Advance . Customers buy on average four products now rather than five.

Anyway, last year was pivotal. It was time to reorganize. The effects are already felt. Even if I never give targets usually I can tell you that the operating profitability of the group will win at least 5 points between the first and second half of 2009, reaching over 25% on the second part of the year .

You've decided to start a business of gaming. Is it not make too much diversification?

We realized that poker players, casinos, paris sports, etc..online customers and the Internet are actually charming in a hearing fairly close. DreamNex has the ability to generate audience. We can then exploit it and add another string to our bow. We will not incur massive investment in this activity. We will call for a turnkey solution for platform games through companies specializing in the field. The challenge now is to comply with legal constraints and heavy comply with specific regulations in force in different European countries.

By launching your own brand, have you played the card of profitability or is it rather a fun little marketing?

Both. It was first launched lingerie SexyAvenue. Now half of our products are sold to our brand. Since June 2009, we sell sextoys SexyAvenue.Note that sextoys now represent half of our total sales. For our sextoys, we chose 15 products that sold best on our site, we went to China, and we asked the same to our sign. Ultimately, the price is a little cheaper and our products SexyAvenue reap a gross profit of at least 70%. Value today, the brand recorded 27% of sales. We aim 30 to 35% in the short term.

What, ten years ago, you had the idea and the courage to get started in this business?

In fact, my ambition was to be undertaken on the Internet. I felt the revolution. I told myself that I must be part of this incredible movement. I wondered what kind of business I was targeting. I quickly noticed the United States, the adult business was going well. Meanwhile, in Europe, there was almost nothing, apart from sites in Pigalle …So I chose this niche, but with a real professional approach.

You must have had a hard time build your credibility at the beginning …

It is true that banks and other partners looked at me wrong at first. It was ten years ago and attitudes were different. There are still some people who are uncomfortable with the activity of DreamNex, but overall it's much more relaxed than before. Especially now that DreamNex is listed on the stock market and managed to get a good picture, relations are much easier.

Interview by Marine Rabreau.

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Review of the week, still not good on Wall Street. The flagship index of the U.S. coast, the Dow Jones has sold more than 1.3% over the last five sessions. On the month, it lost 3.5%, its largest monthly decline since February 2009. And from the peak of the year (January 19) at 10,725 points, it dropped 6.1% …

Note that the volatility index rose more than 4.3% on the session. This shows the nervousness of investors.

But Friday had sounded like a new breath of oxygen. The U.S. indices had opened up, certainly not stupendous, but reassuring. Investors initially reacted to the GDP growth of 5.7% in the fourth quarter of 2009. Note however that the whole of 2009, GDP fell by 2.4%.In addition, a new series of good quarterly results have agreed.

According to Christian Parisot, head of economic research at Aurel, "this figure is reassuring for markets and for the future." But that rebound is partly 'technical', relativize does. He explained to the tune of 3.4 points from a "stock effect". Croissancedu the fourth quarter will be weaker in the first quarter of 2010, he said.

Still missing, the index fell

Then the breath was cut. The indices have regained some equilibrium after 20 hours (Paris time), then slid into the technological rouge.Les weigh heavily on the trend. So that finally the Nasdaq plunged 1.45% at 2147.3 points. The Dow Jones dropped 0.52% to 10,067.33 points, under 10,100 points. And the S & P 500 dropped 0.98% to 1073.9 points.

Yet, at 15.45, the figures of industrial activity in the Chicago area for January were pleasantly surprising: ISM index rose to 61.5. Then, ten minutes tardn it was the turn of consumer confidence as measured by the University of Michigan to give pleasure: it has been revised upward to 74.4, reaching its highest level in two years.

The Dow Jones had already ended on a Thursday this very negative (-1.13% to 10,120 points), leaded by the disappointing statistics. Applications weekly unemployment benefits fell during the week ended January 23 (to 470,000) but less than expected. Similarly, orders for durable goods in December increased more slowly than expected (+0.3%).

Yesterday evening, Ben Bernanke has been extended for four years at the helm of the Fed. The markets saw his appointment as a continuity of monetary policy characterized by very low rates.On the same level, China has also sent positive signals to the market today. The Chinese central bank reiterated that it would maintain a "moderately flexible monetary control.

Microsoft guest star

Even the good performance of Wal-Mart (1.52% to 53.4 million) and The Home Depot (+2.5% to $ 28), failed to halt the downtrend.

It is largely explained by the decline in technology stocks. The index closed at losing more than 1%. Apple heavyweight, with a decline of 3.6% to 192.12 dollars, under pressure since he revealed his "Ipad.

The computer giant Microsoft has published the results of its second quarter lagged 2009/2010 after Exchange Thursday, with a turnaround in net income of 60%, to 6.66 billion dollars.The stock has lost 3.36% to 28.18 dollars.

Amazon also announced after market close a net profit in 2009 up 40% to 902 million. The fourth-quarter earnings soared 71% to 384 million. Turnover was 24.51 billion dollars, or 28% more than in 2008. In exchange, the share increased to $ 132 before subsiding, then fall from 0.49% to 125.41 dollars.

Mattel (-1.2% to 19.8 dollars) released before market on Friday, a dramatic increase in its earnings in the fourth quarter: 86% to $ 328.4 million. Over the year the Group achieved a profit of $ 528.7 million, up 39% as well, which reduced per share amounted to $ 1.45 against expectations of 1.24 dollars.

The maker of automation and appliances Honeywell issued before market also net income group share declined slightly (-1.3%) to 698 million in the fourth quarter, in line with analysts' expectations. The title has sold 3.04%, to 38.61 dollars.

The oil company Chevron (-1.68%, to $ 72) on Friday issued a 2009 annual profit fall of 56.2% to 10.483 billion dollars, due to falling prices and pressure on margins .

Furthermore, the group of French telecommunications and media company Vivendi sued by shareholders ruined by its near-collapse in 2002, was convicted of misleading communication. Its CEO at the time, Jean-Marie Messier, has instead been milled.

Burning a limit to the deficit in the marble of the law. The suggestion was made by Nicolas Sarkozy in 2007 during the presidential campaign. Then was taken in late 2009, a budget minister Eric Woerth, seduced by the German example. The topic should be discussed Thursday at the Elysee Palace during the conference on deficits. How, specifically, would this be possible?

The Germans themselves have already taken action. They have set a goal rigorous balance of public finances on an entire economic cycle and have entered into their constitution. Clearly, the German deficit will not exceed 0.35% of GDP in 2016.

Pass such a law in France could reassure the markets. They are concerned about the explosion of public debt. Rating agencies have already warned France that it would quickly present a plan resorption deficits.Otherwise, goodbye note prestigious Triple A allowing Paris to borrow very cheaply.

Eric Woerth, in his first statements, believed that coercion should be entered in a text of a range exceeding the classical law. The minister was thinking of an organic law? This type of text is in the legal hierarchy between the statute and the constitution. "I'm not sure that new legislation limiting deficits to this level would change the deal because all the existing provisions," argues Sophie Baziadoly, lecturer in public law at the University of Cergy-Pontoise.

Already copntraintes

Entering the euro zone, France has already pledged not to show a deficit above 3% of GDP bad credit payday loans . A rule regularly flouted.Nationally, the planning law, passed each year, limiting the increase in government spending to inflation. But this is not a legal rule, rather rule management. If it is not respected, there are no penalties.

The organic law will probably not solve these problems. "Like any law, it can be applied … or not, so it's purely symbolic," says Michel Bouvier, Professor at University Paris I Panthéon-Sorbonne and director of the Association for the International Foundation of Public Finance (Fondafip ). "The only serious solution is to fix the balance in the constitution." Follow the German example, in short.

But is it really desirable? This solution "removes responsibility policies and limits their freedom of action in the future," said Michel Bouvier. According to the university should instead strengthen fiscal transparency, streamline the budget.One area where France did not blush. For if it is bad in terms of student debt is one of the best in the world for the transparency of public finances, according to the International Budget Project. Still, this does not seem to be enough today to reassure the markets.

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On the eve of the great Mass Association Annual Retirement Savings Afer, the past resurfaces and new twists are expected. Accused in 1999 of embezzling 128.9 million euros, the former leaders of the savings association Gérard Athias and André Le Saux, were convicted on appeal by the Correctional Court of Paris, two years in jail suspended for breach of trust, and restitution of misappropriated funds between 1986 and 1997. This conviction was finally confirmed on 2 December by the Court of Cassation. This now opens the way for compensation to investors who suffered financial loss.

The SOS Afer Principles, which includes 400 members of the association, has therefore written to the Board of Afer asking him to recover misappropriated funds at the expense of savers."At least 400,000 members are concerned, are entitled to recover all amounts diverted, or about 250 million euros," said SOS Principles Afer.

We'll see tomorrow at the meeting of the association, during which will be unveiled the yield of the contract for 2009, how the current leaders of Afer respond to this request.

In the duel that pits the Air Europe to the United States, the advantage after the first eleven months of 2009, returns to the Old Continent, represented by Airbus. The aircraft manufacturer, the main division of European aerospace group EADS said Thursday it had recorded 225 orders since the beginning of the year and suffered 31 cancellations, a total of 194 net orders. On the side of Boeing, announced on November 24 last a net balance of 91 commands. The American group, behind more than two years on its proposed 787 (or Dreamliner) had received 204 orders in the first 11 months of the year but suffered 111 cancellations, all fleets.

The initial objective of Airbus, which was to achieve a balance in late 2009 from 300 gross orders, however, should not be reached. The exhibition in Dubai, held in November, has enabled the aircraft manufacturer to fill its order book.From January to November, Airbus announced that he had delivered 437 aircraft and is still on a table delivery of 490 aircraft, is about the same as last year. Until now, seven models of the A380 superjumbo has been delivered while the group still hopes to deliver 13 jumbo versions of their own this year. But he admitted that one or two deliveries could occur in early 2010.

The group of wines and spirits Pernod Ricard is on Monday's Combined General Meeting to approve the consolidated accounts of social and fiscal 2008/2009, ending June 30, 2009. In a statement, he stressed that "even if the general economic environment remains challenging, particularly in Europe, the first signs of improvement appear on some markets."

Pierre Pringuet, the Group Managing Director says "target for the year 2009/2010, a growth in recurring operating income of between 1% and 3%, with stronger advertising and promotion on strategic brands.

The title Pernod Ricard, a component of the CAC40, the flagship index of the Paris bourse, gained 0.4% to 57.02 euros in mid-session.