International Business News

Rexel said Friday propose a dividend increase of 62.5% to € 0.65 per share for its fiscal 2011, the group that last year's record profitability including a 39% growth in net profit to 319 million euros.

In the current context of uncertainty, Rexel said he was confident of its ability to continue to generate organic growth in 2012 of its sales outside "copper effect" than the weighted average growth e of the GNP of the countries where the Group operates. 

"In this context, Rexel is also expected in 2012: to maintain a margin EBITA (earnings before tax, interest and depreciation) to a level at least equal to 5.7% achieved in 2011, generating a free cash flow before interest and taxes of around 600 million euros ", the group announced in a statement.

The EBITA margin rose 70 basis points last year, a figure better than expected since November, Rexel had repeated expect for 2011 an increase of at least 50 basis points of its EBITA margin in constant and adjusted. 

"In 2011, Rexel achieved very good performance: organic growth was strong, profitability reached a record high and we strengthened our presence in markets emerging while continuing deleveraging of the company, "said in a statement Jean-Charles Pauze, CEO of Rexel.

At the end of 2011, net debt of the company was reduced from 195.1 million euros and amounted to 2.078 billion euros, reducing its debt ratio on EBITDA (earnings before tax, interest, depreciation and amortization) of 3.19 to 2.4. 

The turnover of Rexel emerged up 6.3% to 12.717 billion euros, driven by strong growth of 7.4% of its business in North America while in Europe activity of the company rose 4.5%.

In an interview with Reuters, Jean-Charles Pauze, which will be replaced as head of the group by Rudy Provoost, had said in early January that Rexel was on track to double its sales business in emerging markets between 2010 and 2013, particularly through external growth.

The title, which lost 0.46% Thursday to 15.25 euros, has gained 15.5% since the beginning of the year, enabling the group to exceed four billion euro market capitalization.

Manitou in the first half is expected to reach its growth target of 15% of sales through an order book expanded, says CEO of the group specializes in forklift elements observers, although it remains cautious about the second half.

The group, which designs equipment for the industries of construction, agriculture and industry, had said in October that it expected growth in sales between 10% and 15% of the whole year.

"For the first half, I think 15% is almost acquired since, again, it is largely conditioned by the order book we have today in the hands," said Jean- Christophe Giroux, in an interview with Reuters. 

"The real question is what will happen in the second half and if the activity will slow or not by then," he added. "We can say that it will or may slow down if for example there was a real credit crunch."

Jean-Christophe Giroux has also confirmed its target of achieving a double digit operating margin in 2014-2015, a period when the turnover is expected to reach one billion from 1.6 to 1.7 euros, against 1.1 billion last year.

Manitou, which is to rival the French and American Haulotte Caterpillar, said in January this year wish to review in depth the organization to improve operational flexibility.

"We feel that we simply are not effective or efficient in our own industrial or operational management," commented Jean-Christophe Giroux. 

According Manitou, farming should improve and could become the fastest growing market this year, generating 45% of turnover, while the construction is affected by the uncertain economic environment in Europe.

"The construction remains depressed in many countries, there is almost no activity in Spain or Portugal, or even in Italy," said Group CEO.

The title Manitou increased 50% since the beginning of the year, bringing its market capitalization to around 700 million euros.

Sanofi announced Wednesday a rise in earnings in the fourth quarter of 2011, helped by the consolidation of Genzyme, reducing its costs and its strong performance in emerging markets and diabetes ; you.

However, affected by the loss of its patents of some of its major drugs including the anticoagulant Plavix, the group confirms that it expects a decline in earnings per share 12% to 15% at constant currency in 2012, an objective in line with its medium term plan. 

In a conference call with reporters, the CEO of Sanofi Chris Viehbacher stressed, however, "that beyond the last brevetaires expirations of certain products in 2012, the strong performance of growth platforms, reduced exposure to future losses patents and progress in R & D position (Sanofi) for a period of sustainable growth ".

As expected, the loss of patent for Plavix and Avapro in the United States should reduce the net income from about 1.4 billion euros in 2012. 

In addition, the American justice confirmed Tuesday the authorization to market a generic version of Lovenox anticoagulant, denying the accused the French laboratory that re U.S. FDA regulator for not having followed the procedures.

Lovenox was one of the top-selling medicines by Sanofi, with sales of close to four billion dollars a year, before the arrival on the market a generic version ; summer 2010.

Meanwhile, Sanofi and its U.S. partner Bristol-Myers Squibb announced that Apotex had paid them 442.2 million worth of damages to which she had e ; tee convicted in the trial for patent infringement of Plavix. 

DIVIDEND TO 2.65 EUROS PER SHARE

Sanofi also announced that improving the production of Genzyme was "well underway" following approval by the U.S. and European health authorities at the new , Framingham, Massachusetts.

The company said that its U.S. subsidiary continues to hope for an improvement of their supplies of Cerezyme (Gaucher disease) as of this month and that globally, the return Total to normal production levels of Fabrazyme (Fabry disease) begin in the second quarter.

Fabrazyme and Cerezyme generated more than $ 1.7 billion in revenue in 2008, before their sales collapse by 29% in 2009 and another 25% the year following a failure in industrial. It is in this context that Sanofi Genzyme acquired in spring 2011 to more than $ 20 billion.

Oddo Securities analyst Jean-Jacques Le Fur said that "the results and predictions of Sanofi are in line with expectations. This means that the group holds out its roadmap and this bodes well for the future "

. the fourth quarter 2011, Sales of Sanofi rose 8.8% (+9.2% at constant exchange rates) to 8.508 million euros (8,535.6 million consensus), operating profit by 11.3% to 2.828 million (consensus 2931.5 million) and net profit by 13% to 2.077 million (consensus 2071.7 million) or 1.56 euro per share (1.55 euro) ..

……. Sales Genzyme, consolidated as of 1 April 2011, rose 7.7% to 2.395 million euros … Under

…… fiscal 2011, Sanofi proposes a dividend of 2.65 euros per share, against 2.50 euros in 2010 ….. ….

Europe has not found a solution to the debt crisis likely to restore investor confidence, said Friday the European Commission President Jose Manuel Barroso, calling, as a remedy, better integration.

"The truth is that, for now, there is no response to the crisis that sovereign restore investor confidence," said José Manuel Barroso to reporters on the sidelines of a conference in Portugal.

"As long as this does not occur, we will have very serious problems and debates in Europe."

Asked about the possible role of the European Central Bank to the crisis, the President of the Commission considered that it should remain independent.

Many economists believe the ECB should act as lender of last resort for the most indebted countries in the euro area to address the crisis, or that it should resort to quantitative easing operations as do the Reserve Federal and Bank of England to support their economies.

But Germany has so far been adamant against these proposals, arguing that the ECB should remain independent and that its mandate was to fight against inflation.

"We are confident that the European Central Bank will fulfill its role as it has done so far," said José Manuel Barroso.

"Line of precaution and Liquidity" provides a credit of the member states to meet their emergency needs. This is one of the G20 commitments in Cannes.

The International Monetary Fund announced Tuesday, November 22 creating a new lending instrument to "break the chains of contagion" of financial and economic crises. The institution said in a statement that its board had given its green light to the "Line of precaution and liquidity" (LPL), which had been promised by the G20 at its summit in Cannes (South East of France) earlier this month. The TPA provides a credit of the member states to meet their emergency needs.It "can be used as a source of liquidity, allowing an agreement six months to meet the needs of short-term balance of payments," said the IMF.

This device replaces another established in August 2010, the precautionary credit line, which has a single member state, Macedonia. The difference is that the old line of credit was designed to be held in reserve, while the news is expected to eventually be used immediately. Countries that are eligible are the same: those with a crisis, and have sound economic policies and undertake to maintain. Executive Director of the IMF, Christine Lagarde, had said at the summit in Cannes that Italy could meet these criteria. To support this country, "the typical instrument we would use is a precautionary credit line.

The European Financial Stability Fund (EFSF) should be made operational as soon as possible, said Friday the president of the European Central Bank (ECB) Mario Draghi, showing some impatience vis-à-vis the slow progress to date this.

In a speech at the European Banking Congress, Mario Draghi said that the Heads of State and Government of the European Union had decided to launch the EFSF here over a year and a half and decided to leverage capacity four weeks ago.

"Where are we in the implementation of these decisions?" He asked."You must not wait any longer," he added.

The ECB president reiterated that the downside risks to the outlook in the euro area had increased and felt that this activity should moderate and weak pressure on prices, costs and wages.

The new head of the Italian government announced the implementation of the reform of the labor market as well as delaying the retirement age to 67 years against 65 now. Mario Monti.

The new Italian Prime Mario Monti said on Thursday before the Senate that he intended to reform the pension system and labor market, two structural reforms demanded by the European Union and expected by the markets. The Italian pension system is one of the strongest in Europe but it has "ample disparities in treatment areas of unjustified privileges," he said. The Italian system is based on two pillars.

The system of "old age", in which the retirement age should increase to 67 in 2026, against 65 years now, thanks to reforms adopted in recent years such as providing for the gradual increase in the age based on life expectancy.

The European Commission will Wednesday unveil new rules for new rules to limit the power of rating agencies. The suspension of a rating and the attack to justice agencies include planned. Moody's in New York.

The "blunder" by Standard and Poor's comes almost timely for the European Commission. Brussels Wednesday will unveil a range of measures to regulate rating agencies, and the announcement erroneous degradation of France by S & P should increase the willingness of the European regulatory agances. Details of the measures to be adopted.

Suspend a rating

The Commission will decide to suspend the rating of a State in case of excessive volatility or if it is under European aid program. This decision can be explained by the previous in Greece.

Attack to justice agencies

Any investor can now sue an agency and ask for damages. Brussels wants to create "a European framework of liability in case of serious misconduct or gross negligence." A new measure that should appeal to France after the "true-false" degradation Standard and Poor's.

Impose a turnover in the agencies

Brussels wants to put some competition in the "Big Three", Moody's, Standard and Poor's and Fitch Ratings. The idea of ​​creating a European agency was abandoned now Brussels wants to impose a rotation to the actors who are noted. Clearly, companies and states will be required to change agencies every three years, to encourage competition between agencies. But the idea has been criticized not only by the agencies but also by some of their clients.

Reducing to 1% GDP growth expectations in 2012, Nicolas Sarkozy warned that 6 to 8 billion euros in savings or additional revenues must be found.

While a half point of growth in less than about 5 billion shortfall for the state budget, the risk of a vicious circle is not excluded, the lowering of growth forecasts calling plans savings which in turn contribute to more depressed activity.

"You will never make me believe that with 1,000 billion of public expenditure, we can not find 5 billion savings," tempers, however, the rapporteur of the Finance Committee of the National Assembly, the UMP Gilles Carrez.

Paris fell 3.16% Monday, 2.77% London, Frankfurt and Milan 3.23% from 3.82%. Bank stocks were again the victims of market concerns about the future of the euro area. European shares closed sharply down Monday, October 31, 2011.

The Paris Bourse has lived a black day Monday, October 31, losing 3.16% in a market dominated by profit taking and taken over by doubts about the future of the euro area, despite the European anti-crisis plan. The CAC 40 dropped 105.79 points to 3242.84 in trading volume of 3.35 billion euros. Bank stocks fell by 8 to 10%.

Featured dax index of the Frankfurt Stock Exchange ended down 3.23% to 6141.34 points.German banks have drunk the cup: Commerzbank dropped 8.47% to 1.78 euro and Deutsche Bank, which has suffered from over exposure to the bankruptcy of U.S. broker MF Global, 8.60% to 30.35 euros .

The FTSE-100 index of London Stock Exchange main values ​​lost 158.02 points, or 2.77% from Friday's close at 5544.22 points. The total star of the Milan Stock Exchange, the FTSE Mib, fell 3.82% to 16,017 points. Among banks, Intesa Sanpaolo dropped 7.39% to 1.291 euros, Banca Monte dei Paschi di Siena 6.16% to 0.3383 euro and 5.67% to 0.848 UniCredit euro.