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Elior not lose your appetite. Sales of the French group, number three European restaurants, jumped 10.4% during the year ended in late September, to 4.2 billion euros. The increase in trading profit was faster: + 14% to 254 million.
Bulimic, Elior completed in March fourteenth acquisition since leaving the Stock Exchange in 2006, swallowing Ansamble, based in Vannes, for an undisclosed sum. The group becomes co-leader, elbow to elbow with Sodexo, the catering in France, where he made last year 56% of its activity. Already number one in Spain, until its second market, Elior will become the leader in Italy with the acquisition of Gemeaz, which allows him to double its turnover. "We now have our three leading markets in Europe, and we can enter a new stage of our development," says Robert Zolade, chairman of the supervisory board and a 25% shareholder group.
The priority is to develop the catering concession (in airports, train stations, highways or parks …), which represented the third year of activity. Elior has won contracts Autogrill face of the Motorway of Poitou-Charentes (A10), one of the largest in France, and the Gare de Lyon in Paris. There he intends to set up signs and Costa Coffee Red Hippo, who will begin their free development. "We are the only operator present in both the catering and concession. We can install in the canteens of corners Paul, Exki and Bert's, "said Gilles Petit, the director general.
The sale of 75% held by Charterhouse easier
This is especially the United States that the group intends to develop its activity in concession. He has just picked up the management of its U.S. subsidiary Areas (600 million euros of turnover). "We now have a truly global hub catering concessions which will represent half of our business," says Gilles Petit, determined to win market share.
Elior is not abandoned, however, catering, more resistant to shocks in the economy. "In France we have a development potential in the areas of administration and education," says Robert Zolade. After winning the tender to manage the restoration of central Fleury-Merogis, Elior holds 20% market share of prisons in France.
For the current fiscal year, the group seeks organic growth of its business catering from 2 to 2.3%. For catering concession, "everything will be played this summer," says Gilles Petit.
Moreover, Elior has renegotiated the repayment of its debt (1.8 billion euros to 31 September), pushing 2013 to June 2017 the next major milestone. "We have no constraint in the implementation of our strategic plan," says Robert Zolade. This will allow the transition to English investment fund Charterhouse, a shareholder since 2006, to more easily find a possible buyer for its 75%.
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Condemned worldwide, the coup of Cristina Kirchner in Repsol has not affected the Argentine government. Quite the contrary. According to survey, 6 out of 10 Argentines approve the expropriation of the oil company Repsol by the government on April 16, the operation was brutal.
To believe the latest details, disclosed by the press, President Cristina Kirchner had not finished his speech on Repsol, broadcast live on television that a delegation led by Minister of Planning Julio De Vido and vice Minister of Economy Axel Kicillof suddenly landed at the head of YPF in Puerto Madero, the business district of the capital.
Argentine officials have scarcely left time for the Spanish leaders in shock, to take their belongings and leave. "They have not even had time to finish their lunch!" Says an industry leader offended. Some company executives subsequently undergo intense interrogation by the police.
While Spain, Europe and the U.S. protest against the nationalization of another age, questions remain: how did we get here? Why the expropriation?
In Argentina, the wild rumors circulating in the oil industry. Some saying it would be the fear that the Chinese buy YPF (groups Sinopec and CNOOC are already present in Argentina) and Argentina over the oil that would have prompted the government to act, with the blessing of the United States.
Seriously, Repsol, we are persuaded that the discovery of huge deposits of oil and gas shale Vaca Muerta, in the province of Neuquen (South West) was the trigger operations. This discovery, announced in November by the CEO of Repsol, could propel Argentina's third largest reserves of oil shale, behind China and the United States.
Resources would be estimated at 22.8 billion barrels. What the future of Argentines, although this scenario not totally convinced the experts. "The existence of these deposits has been known since 1984! The only difference is that today the technology exists to exploit them, but it takes a lot of capital that the government alone is not able to provide, "said oil consultant Eduardo Barreiro.
Energy deficit
Another scenario, more credible reports of negotiations for several months with the Spanish government to finance part of the country's fuel bill, up 110% in 2011 to 7 billion euros instant credit report. For the first time in years, the Argentine energy balance is in deficit of 2.27 billion euros, beating down the accounts of the nation.
In Argentina, more than elsewhere, the external deficit is problematic as it is to be financed without recourse to foreign capital, the debt markets are closed to the country since its bankruptcy in 2001. Accusing Spaniards of being responsible for this deficit, for not having enough invested in oil production, the Argentine government did not hesitate to ask Repsol to use its profits to finance energy imports rather than repatriate dividends in Europe.
Already forced the government to sell its oil at half price in the Argentine market – 42 dollars a barrel – Repsol would have raised an objection of inadmissibility to this formal request. "Repsol YPF, which held 60% of deposits in the country rejected the government's terms, and it has broken down the bridges," says the lawyer for a U.S. oil company established in the country.
According to former Secretary of Energy Emilio Apud, the takeover of YPF may represent "a very good deal for the government who will have access to a" cash "equivalent to more than 11 billion euros in turnover business year, "to finance its oil imports.
Buenos Aires seems to also want to seek help from new investors to boost oil production nationally. Pending the adoption of the bill of expropriation by Congress, the Planning Minister Julio de Vido, interim head of YPF, met executives of Conoco Phillips, Chevron and Exxon. He met with Vice President of Total America, the second largest gas producer in Argentina. On leaving the meeting, he announced an agreement on an increase in production on two million cubic meters in the deposits of Neuquen (South West). Evidence that the government does not get angry with everyone.
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This contrasts with forecasts of real estate agencies. While Century 21 provides a stable property prices this year, Standard & Poor's anticipates a price decline of 15% by 2013. The demonstration of the rating agency is rigorous: in France, when borrowing capacity decrease, property prices nosedive. Between September 2007 and March 2009, borrowing capacity have receded by 7%, with the key to lower prices by 10% between March 2008 and June 2009. "In the next eighteen months, we expect a drop in borrowing capacity of the same magnitude, we read in the S & P memorandum, published yesterday. And also in 2012 we anticipate a 20% reduction in the number of home loans. "
That's why the rating agency predicted a price decline of 15%. To support his argument, it gives some examples of the greatest requirement of banks' property loans. By July 2011, the average credit was increased to 211 months (17 years and a half) against 237 months (almost 20 years) in March. As the number of credits, he has already plunged 40% last February. Another indicator that calls for a decline in prices: the real purchasing power is likely to decline in France, according to Standard & Poor's, in the first half, inflation would reach 1.3%, while disposable income would increase only 1% and would not know of developments in the second half. As for interest rates, they could rise to 5% by the end of the year, against 4.7% on average in December. Plausible macroeconomic data that fail to address one element highlighted by estate agents, psychological aspects related to buying a home. The coming months will tell if reason prevailed over passion, if S & P has better sensors that real estate professionals
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Unicredit closed Tuesday, piteously, the ball of the annual results of European banks. As expected, the first Italian establishment has suffered a massive loss of over € 9 billion. After years of too-rapid expansion, the bank decided to move his record to steel wool, to "have no surprises in the future," according to Director General, Federico Ghizzoni. This momentary dip of Unicredit in the shallows of the European ranking – the institution displays the worst performance of the sector just after Dexia – illustrates the new hierarchy of banks.
2011 will remain above all marked by the sharp inflection, from the summer, the crisis in the euro area. Institutions of the countries attacked – Italy, Spain, Portugal, Ireland and Greece of course – all bear the scars. They charged a double shock: degradation of their national sovereign debt and recession in their economies against the backdrop of austerity. In this grim context, the first two Spanish banks, Santander and BBVA, have their own in the game With their exposure to emerging markets, they show profits down "only" 35% to 5.4 billion and 3 billion euros, despite a national real estate market devastated.
The challenge of regulation
Second great lesson of the banking hierarchy 2011: the resistance of so-called universal institutions, which rely on local networks, possibly spread over several countries, and financing activities and investment. The success of British giant HSBC and Standard Chartered, whose results have respectively increased by 28% and 12% in one year, illustrates this situation. The resilience of the French BNP Paribas, proud of its profit more than 6 billion euros and its three major European networks, is another variation. Conversely, the Swiss UBS and Credit Suisse, highly dependent on performance of their teams of traders and bankers, driving out of this year huge market turmoil. Their profits were down 44% and 62%.
The challenge of regulation
Deutsche Bank is a notable exception: despite its similar profile, the champion Frankfurt has completed a very successful year. Up 86% year on year, the result exceeds 4 billion euros. Market valuations of the front runners as broadly these capabilities beneficiaries. HSBC leads the pack with a value of 122 billion euros, while Santander, BNP Paribas and Deutsche Bank weigh respectively 58, 45 and 36 billion in stock.
If Dexia puts the finishing touch of color to the landscape reshaped by the financial crisis. The little French-Belgian bank, run contrary to common sense for years, has lost 11.6 billion euros in 2011. A disaster that financial regulators do not want to hear. To guard against this, they launched a vast banks race to the recapitalization, which will mobilize the entire sector in 2012.
Then prices will drop? In this ritual question about real estate professionals meet today with a little yes. Certainly not a solid yes, frankly, but yes a little, and that is something. Even in the Ile-de-France and Paris, the traditional stronghold of the rise, things are changing. "In 2012, prices should fall by about 5 to 10% in the Ile-de-France," say solicitors. "We expect a relatively sharp decline in activity this year, about 20%, but a decline of more than 5% of prices in France," ahead of his side Pallincourt Rene, President of Fnaim, who is about to give up his siège.Au beyond the delicate exercise of global forecasting, rather symbolic as the evolution of prices can vary depending on the asset markets, all professionals describe the same picture, that of a market slows down, where transactions are less easily. But none ventured to compare the situation to that of 2008. "At that point, everything had stopped, said Sebastien de Lafond, President Meilleursagents.com. This is not the case today, the market remains fluid, even if transaction times are getting longer low fee payday advance. "What has changed in six months? Much and little at a time. Laurent Vimont, president of Century 21, says "a sharp contraction in sales, including in Paris." The slowdown is real: last year, with about 850,000 sales in the former, was a record. This year, professionals expect between 700,000 and 740,000 sales only. "We lost buyers since last July. The apartments and houses that have a default and are too expensive are the same most visited, "said Sebastien de Lafond. "What is new is that Paris is affected by volume, whereas it was the last market to be in 2008," said Mr. Bazaille, president of the Institute for Notarial real estate. The sluggish housing market is not good news for local authorities and public finances. And the change in taxation of capital gains might not make the tax revenue espérées.Finies, flights, quarter after quarter.
"More than at any price"
appetite for stone is real. Credits: Jean-Michel Turpin / Fedephoto
Corsairfly becomes … Corsair International. "A change but not revolution," agrees Pascal de Izaguirre, CEO of the airline of TUI. The leaders of the giant European Tourism chose a facelift to revive the company acquired by Nouvelles Frontieres in 1990 when Jacques Maillot was at the controls. At the time it was called Corse Air International
.
Everything has changed since: the German TUI shareholder meeting in France Marmara Tourinter, New Frontiers and renamed the airline Corsairfly stripped a quarter of its workforce … He has invested hundreds of millions of euros to transform the old a charter company whose regular cabs devices have been fully refurbished mid-2013 with a budget of 36 million euros.
Financially, the subsidiary of TUI could not afford a complete change of name: "Rather than spend a fortune to switch brands, it is better to devote resources to what the customer appreciates the ground or on board" , says Pascal de Izaguirre CEO of Corsair International.
Erase the image and low-cost charter
A budget of 2.5 million euros will be spent on change of visual identity (logo creation, uniforms, aircraft painting). The first plane scratched white and blue logo of the retro graphics will be delivered in July. The other six, including two new A 330 will follow until mid-April 2013.
But another reason is given by the CEO of Corsairfly to explain the lack of boldness in the choice of name: "The Corsair brand is extremely well known. Hostesses and stewards are known to be friendly and smiling. "The old company Nouvelles Frontieres is certainly an image associated with cheap, but also a Spartan comfort payday loans direct lenders.
"Corsair will celebrate its 31 anniversary this year, little known company such longevity, defends Pascal de Izaguirre. Many have disappeared, new arrivals are. We remove the "fly" but also the name of "smiley" logo TUI, not to hide our group membership, but to erase anything that might suggest the charter or low cost. "…. ….
The team of TUI wants to play the card of elegance, high quality services, while remaining competitive on price. The number of seats "open sea" (comparable to a business class) increases from 24 to 36 in the Boeing 747 and 18 to 26 in the A 330. "We have invested heavily in-flight services, airport lounges to Orly, Pointe-à-Pitre and Fort de France, and soon the meeting …"
New destinations
The relaunch of the company scheduled two years ago falls to one of the worst periods through which the world of air: the rates are low while the cost of jet fuel has stabilized at a very high level that weakens companies.
"This does not undermine our vision and direction, says the CEO of TUI France. We are currently addressing the structural problems of the company and it is not challenged by economic factors. TUI, our shareholder, has powerful resources. He made a choice that takes the long term. "
Corsair International will also review its destinations in September, the company will cease to serve Miami. Instead it will open a line to Punta Cana in the Dominican Republic, a destination that has grown 15% since the beginning of the year.
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Youth is condemned to the worst? Some suggest that argue indignation as the value of life. Philippe Hayat, founder of 100,000 Entrepreneurs Association, believes him, that high school and college students can take their future. "Let us turn to young people differently, according to another dynamic, and they say: to indignation or resignation, prefer action, the real, which contradicts the fatality. Since life seems so difficult to track, anticipate it, take it in hand and only count on you, "he writes in the book" Tackle! With indignation, prefer action, "published by Editions de l'Archipel.
Far made ideas that serve as ready-to-think, the treaty of good manners at the new generations is rooted in life to show that anything is possible. Philippe Hayat tells the story of his grandfather, Leon. Born in Tunisia in the late nineteenth century, Leo must make a living from the age of 14 when his parents disappear. Raising only his little sister, as between the adolescent boy to do everything in a bank. He climbs the ladder and managed to pay his three son studying in Paris. He settled in later years in the capital tricolor. "The example of young Leo would have blown that fate is made to be contradicted," says the author.
Following in the footsteps of his grandfather and his father, Philippe Hayat chose to shape his life. He became an entrepreneur in the early 1990s and decided to share his passion for the business. He founded the association 100,000 Contractors' initiates action contractors volunteers in colleges, high schools and higher education payday loan lenders. " His ambition is just "a few years, one hundred thousand entrepreneurs can restore confidence to a whole generation." His conclusion is simple: "France is a country of entrepreneurs who should no longer ignore." The million responsible associations, the willingness of young people from difficult to get by, employees who invent new projects in the administration or large groups reflect the dynamism of the country.
But the willingness of teachers and business is not enough that attitudes are changing. "The electoral programs generally evoke entrepreneurship lip service – and then only when … social policies seem less eager to support entrepreneurs seeking growth," says Philippe Hayat, which advocates that " Political leaders of youth entrepreneurship a national cause. More optimistic than words of caution and rigor on the one hand, compassion and grant the other hand, such an approach would be an early response to many evils. " This would require that this wish is that the state abandons some of its powers and leaves the field open to individual energies.
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Yves Rocher wins first place in the ranking of companies preferred the French. This is indicated by the barometer Posternak / Ipsos released Sunday. According to a survey conducted in late September, the specialist in cosmetic dethroned then Peugeot. For Claude Posternak, chairman of the communications agency quoted by the Journal du Dimanche, the ranking "award both a cost-speaking consumers in times of crisis, a successful family business dynamic in the world and Finally a good fit with the expectations of society for more naturalness. "
Yves Rocher then steals the show from Citroen and Peugeot, which occupy the second and third place.Both brands of PSA, used to the top of the rankings are closely followed by Airbus, the only company in the first ten to score an increase over the previous edition dated June.
Banks still pending
Buffeted by the stock market, banks are unloved by the French. Frontlines to the problems of sovereign debt in the euro zone, this side of love see their melting: the index of average image of the banking sector down 18 points at half. Societe Generale dropped to 29th place out of 30 (-38 points), BNP Paribas in 28th place (30 points), Crédit Agricole on the 25th (29 points) behind the Crédit Lyonnais, 24th (14 points).The gap widens further with mutual banks, which enjoy a good opinion among respondents, like the Crédit Mutuel, ranking 11th.
L'Oreal, the 17th is still suffering from the case Bettencourt while Total is the least loved the company of the French, "crystallizing on behalf sensitive issues: the environment, purchasing power, sharing of wealth and taxation," says Claude Posternak. Overall, it notes that the average index of the image of French companies dropped sharply (-8 points). A decline that is equal to that which followed the subprime crisis in 2008.
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The debate increasingly keen on tax loopholes, which confirms that in each there is a lobby ready to bark! – Would almost forget that the draft supplementary budget for consideration Tuesday in the National Assembly is primarily to validate the plan to support Greece, July 21 designed by the Heads of State and Government. Paris wanted to quickly translate into national law, to enable the European Financial Stability Fund (EFSF) to be operational by the autumn.While some of our European neighbors dragging their feet, "France is the first country in the euro area to become involved in the adoption process", and was praised Tuesday the Minister of Economy, Baroin.
The votes of parliaments must give the green light to the Fund to make it more flexible: if the process goes smoothly, the EFSF will in future lead to a state pre-emptively "as a precaution", "finance the recapitalization of banks and financial institutions through loans to governments "and finally" intervene directly in the secondary markets sovereign debt, to avoid contagion and to fight against speculation. " The text extends the guarantees of states to these new missions.In the previous supplementary budget, the ceiling of France had been increased to 159 billion.
PS If the judge plan "inadequate" and abstain on the vote today, some members of the majority on Tuesday said they would adopt "without enthusiasm".
"Staying lucid"
Yves Bur (UMP, Bas-Rhin) in front of his colleagues wondered "if the answer to the crisis of the Greek debt does not come too late or if we do let's face at the failure of Greece to take its responsibilities ". He fears that this has a consequence: add to "a little more our own debt load."We must "stay lucid," warned the rapporteur of the Finance Committee, Gilles Carrez, which asked the vigilance of the "public debt that replaces private debt."
According to the scheme adopted by the countries of the euro area, loans made by the EFSF is a financial transaction with no effect on the deficit, public debt, it will increase the amount of guaranteed loans "as and when they pay "says the text. Remains to be hoped that the fears of investors about the ability of Greece to reform and to repay its debts do not materialize …
For now, Paris refuses to give in to defeatism. "We trust the Greek government to decline in terms of economy that is essential to condition the support they have, the Europeans and the International Monetary Fund," insisted Tuesday Baroin.Lucid on questions about the situation today, he also tried to reassure the state of the economy in Europe, "without denying that there are difficulties," the minister assured that the fundamentals were "good" and expressed confidence in the soundness of the banking model. In this context, "France is not threatened with recession," he said.
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