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EDF 2011 results released Thursday boosted by the performance of its French and British nuclear programs and has confirmed its objectives despite the additional investment required by the authorities of collat ; hardness after the disaster of Fukushima.

The electrician has publicly said in a statement that it was always for the period 2011-2015 average annual growth of between 4% and 6% of its gross operating profit (EBITDA), at constant exchange rates, and in a range from 5% to 10% for net income. 

For 2012, EDF has just reported that its objectives were "consistent" with the outlook, which also include a ratio of net debt / EBITDA below 2.5 and a payout ratio of profits between 55 and 65%.

The group also reported that its net investment envelope would remain below 15 billion euros in 2015 against 10.5 billion in 2011.

These details came as the Court of Auditors has highlighted the end of January increases induced by investments in maintenance work required by the Nuclear Safety Authority after Fukushima disaster, EDF has investments estimated at 10 billion euros at most. 

The group also aims for a 2012 production of the French nuclear fleet of between 420 and 425 terawatt hours (TWh), against 421.1 TWh in 2011, including in particular the potential impact assessments Additional safety conducted on post-Fukushima shutdown duration of its reactors.

After restatement of 2010 to reflect disposals, EDF recorded in 2011 net income group share of 3,010 million euros (against 1,020 million), an annual net profit for 3520 million (13.4% in adjusted), EBITDA of 14.824 million (+5.4% organic) and a turnover of 65.307 million (+2.7% organic).

According to the consensus reached by the group, analysts on average expected a net profit of 3.313 million euros, an EBITDA of 14.935 million and a turnover of 66.006 million.

EDF proposes a dividend of 1.15 euro per share, unchanged from the dividend paid for 2010.

The company posted a net debt of 33.3 billion euros at end 2011, against 34.4 billion at end-2010, for a ratio of net debt / EBITDA of 2.2.

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The European Central Bank did not change interest rates Thursday, but the markets are waiting to see if she is willing to lower them again in the coming months or if it will remain in the waiting, the one or the other being determined by the attitude Statistical to come.

The refinancing rate remains as it was expected at 1.00%, the deposit facility at 0.25% and the marginal lending rate to 1.75% .

The ECB president Mario Draghi explain this decision at the regular press conference starting at 14:30.

It is likely that questions posed to them about what the central bank could do for Greece. But it may well also he does not say anything until the situation is not resolved.

It is also possible that Mario Draghi announces no new support measure given that the ECB will launch at the end of a second refinancing operation three years after success of the first of its kind, in December, which resulted in a record cash injection of 489 billion euros.

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The Strategic Investment Fund (ISF) expects 2011 results "significantly" positive, said Tuesday its CEO during a press conference.

At about one month of the official presentation of accounts 2011, Jean-Yves Gilet an update on major current issues of sovereign fund sought by President Nicolas Sarkozy to invest in industry and future technologies.

The ISP is currently in exclusive negotiations with Areva to regain its 26% stake in mining group Eramet.

Jean-Yves Gilet explained that his institution would achieve a shareholders' agreement with the Duval family which owns approximately 37% of Eramet. The sale of shares in Areva will result in canceling the double voting rights attached to shares and the ISP wishes to obtain guarantees on the governance of Eramet.

The director said he wanted the ISPs send "very quickly, within weeks" to an agreement.

The transaction price has not yet been released. But at the time of its announcement, Eramet, a French specialist of manganese and nickel, showed a market capitalization approaching 2.5 billion euros, which valued the 26% Areva to about 650 million. The action, however, Eramet has jumped 35% since the beginning of the year.

MEDIATION DRIED-SAUR

Jean-Yves Gilet also gave an update on the issue of Saur, the third French player in water treatment which Séché wants to take control.

The project has however met with both ISPs, to the direction of the Saur and its unions, and certain creditor banks of Saur.

Since then, a mediator was appointed to reconcile the different parts of a rapprochement between the two groups.

"We hope to have an understanding of a solution at the end of the first quarter," commented Jean-Yves Gilet. 

The capital of the Saur is currently owned by a consortium of shareholders consists of ISP (38%), Séché (33%), Axa Private Equity (17%) and Cube (12% ), an infrastructure fund managed by the French bank Natixis.

A change of control could trigger the renegotiation of a debt of several billion euros that is crippling the group's prospects.

INDUSTRIAL SECTORS FUND

Jean-Yves Gilet confirmed that the ISP was interested in the project of planemaker Geci International, which wants to launch the Skylander, a twin turboprop capable of serving economic difficult areas of accessible.

"We are actively studying the issue," he said, refusing however to say more on the probability of an investment by the FSI in the new aircraft. 

The CEO also said ISPs will result in a few weeks to create new investment funds to structure the industrial sectors as for the French nuclear or health.

These funds, the amount should be between 80 and 200 million euros, have the same purpose as the modernization fund automotive OEM (FMEA) launched in 2009 in a crisis to support the sector.

President Nicolas Sarkozy announced in November they were created and called the ISP to invest more in the regions.

"We have decentralized the ISP," said Jean-Yves Gilet Tuesday, recalling that his institution had launched ISP Region and launched an advertising campaign in regional press.

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Unemployment rose again in October and the outlook is bad, said Sunday the Minister for Employment, Xavier Bertrand, on the eve of the publication of these figures.

The number of unemployed in September reached its highest level since early 2000 to 2,780,500 for category A, the most observed.

"The truth is that the employment figures will not be good," said Xavier Bertrand when issuing the Grand Jury RTL-Le Figaro-LCI.

"And everyone knows they can not be good due to a crisis which does not come out again and even a crisis, the field is growing."

"Unemployment will increase in October," added Xavier Bertrand."As long as the economic situation will not improve, I do not see how the employment numbers will really improve."

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The rating agency said it raised its rating of Brazil by providing a rating of BBB-from now on. Problem: the note of Brazil it was already before the announcement of Standard & Poor's … The rating agency Standard

After the "true-false" degradation of France, Standard and Poor's has released a new blunder, this time on the note of Brazil. The agency said in a statement that as Brazil saw its rating rise by one notch to BBB-reaching. But she was quickly forced to change the title. And for good reason: the note was Brazil's BBB-by S & P as well as intervening!

That said, the agency has not completely wrong. It has revised upwards the note of Brazil which is now credited with a BBB by the agency. She also announced clearly in the text it submitted to some subscribers. The title was therefore a typo.But the mistake the previous recall very recent in France. Standard and Poor's came under fire of criticism last week when she accidentally announced the loss of triple-A of France. Because in these times of extreme market volatility, the S & P errors can have serious consequences for the States …

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The European Central Bank (ECB), against all odds, cut interest rates a quarter point Thursday, concerns about the deepening crisis in the euro area having prevailed over inflation still high.

The refinancing rate, its key rate, is thus reduced to 1.25%. The rate of deposit facility is reduced to 0.5% and the marginal lending rate amounts to 2.0%.

The announcement of the ECB gave a boost to European stock markets, while the euro fell below $ 1.38.At the Paris Bourse, the CAC 40 gained 2.8% to 1:15 p.m. GMT.

The new ECB president Mario Draghi, took office Tuesday, will explain the decision in the traditional press conference to be held at 13:30 GMT.

Observers will also be very attentive to comment on the buyback program obligations of the ECB in the markets, which seeks to prevent contagion of the debt crisis in countries like Italy or Spain.

The rate cut marks a decided Thursday shift from the central bank, which had increased its rates in April and July.

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European shares continued to fall Monday, the concern about the debt crisis in the euro zone and slowing global growth accentuating the risk aversion of investors.

The CAC 40 index, which lost more than 3.1% up at the meeting, declined 1.85% to 2926.83 points, down and starting the last quarter of the year, after falling 25% in the third quarter, its largest quarterly decline since 2002.

Other major European markets, London has dropped 1.03%, 2.28% Frankfurt and Milan 1.31%.The pan-European Euro Stoxx 50 index fell 1.9%.

"We are seeing a stack of issues with the concerns of sovereign debt in the eurozone, Greece lags behind its deficit targets, and fears of global growth," said Benedict Peloille, equity strategist at Natixis.

Greece missed because the deficit targets that were assigned by its international donors for this year and next, according to figures released Sunday by the Greek Ministry of Finance after approval by the Government of the draft budget 2012 .

"The market wonders about the sustainability of U.S. growth, but now is the strength of emerging raises questions.But the emerging are the last engine of global growth, "said Benedict Peloille.

Manufacturing sector savings in the United States

In this context, financial and cyclical stocks have once again been at the forefront: the banking index lost 2.75%, 2.34% that of the insurers and automotive 3.71%, largest decline Sector .

Analysts point out that the groups most exposed to emerging markets, such as Vallourec (-5.68%), have also been particularly penalized.

European markets, however, have reduced their losses in late afternoon after the publication of a U.S. ISM manufacturing index rose and emerged better than expected in August.

The U.S. manufacturing sector at the moment seems untouched by the turmoil in financial markets and the collapse of investor sentiment, note Teunis Brosens, economist at ING.

"The fact that a recession does not materialize does not even easier (launch) by the Fed of a new program of quantitative easing," said he, however.

Reflecting the renewed risk aversion of investors, the performance of the German government bond (Bund) is relaxed to 10 years to less than 1.81% against 1.89% at the close Friday, while the euro yield 0.61% to 1.3275 dollars, its lowest level since January.

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Angela Merkel is not assured of the support Thursday of every member of his majority in the vote on enlargement of the European financial stability. Eventually, the disagreements of the German right could bring down Merkel. German Chancellor Angela Merkel (here in Berlin in March 2011)

Like its French counterpart, the German government is on the verge of a nervous breakdown. But not for the same reasons. Thursday, September 29, members of the Bundestag should indeed decide on the expansion of resources and powers of the European financial stability. But this parliamentary ratification, which is passed as a letter mailed on September 8 in the National Assembly, is turning to the government crisis in Germany.Indeed, the Chancellor of more and more difficult to admit to his troops that the exponential growth of the financial commitment of Germany is the right remedy to save the euro area.

The majority of Merkel in danger

The opposition Social Democratic and Green has announced that it would vote in favor of this expansion, advocated by Angela Merkel, the positive outcome of the vote tomorrow no doubt. In contrast, the German Chancellor is not ensured that all members of his majority will support it. Placed with an absolute majority of 311 votes and a government camp of 330 MPs, the Chancellor can afford 19 defections. However, in a simulated voting conducted Tuesday morning by the conservative group, 13 members refused to support the text (11 against and 2 abstentions).The result has triggered a panic because we know that a number of Liberal MPs, at least two, preparing to vote against enlargement. Even if Merkel does not consider tomorrow's vote as a vote of confidence, the failure to unite under its banner all its troops, greatly weaken its power and policy space. This would also strengthen the camp of the opponents of the European program of rescue of Greece and the euro zone set, which already furbished to its weapons of votes to be held in the coming months (second aid to Greece in October 2011 and ratification Mechanism of the European Financial Stability in 2012).

A battle beyond the partisan logic

How to save Greece and the euro area? Two opposing camps on this issue.On the one hand the supporters of a response that requires an enhanced European integration, and therefore a financial risk-sharing. On the other, the advocates of respect for economic laws which, even if they do not always admit it, only the bankruptcy of Greece can help resolve the situation. "The first camp believes that the bankruptcy of Greece or leaving the Euro would cause a chain reaction that could lead to the breakup of the euro area, why not even the European Union in its current scope.Those, that is to say, Angela Merkel, a part of the Right but also labor, big bosses, the SPD and the Greens are in favor of a European rescue but also the creation of a European economic government, "said Thomas Hanke, director of the section Ideas and Debates of the Handelsblatt, the first German economic daily.

The second camp, the opponents, brings together a number of economists and academics already skeptical during the creation of the euro, the world of SMEs, particularly furious against banks and international finance and a still small but growing number of members of the majority.Member of the latter camp, the economist Hans Werner Sinn, president of the influential Institute of Economic Research in Munich (IFO), estimated that the current financial crisis is a "poker game between Western capitalists and Germany, a game where it is above all question of who will bear the junk bonds of the countries of southern Europe. " For Mr. Sinn, who spares no effort to criticize the European Merkel and her great financier Wolfgang Schäuble, Germany, taking part in the bailout of the European Union, is taking on his shoulders financial risk "barely controllable" and to sacrifice its solvency.

A member who can blow Merkel

Angela Merkel, the psychodrama experience in recent days, however, is nothing compared to what awaits if the Liberal Frank Schäffler has its way.With his hair cut very neat, thin glasses and his tie knotted impeccably, M. Schäffler is not a revolutionary. But this middle-aged native of Westphalia is on track to blow up the government of Angela Merkel. Not known until 2010, when it scandalized by offering the sale of the Greek islands. For Liberal pure juice, rescue scenarios of Greece and the Euro being hatched are simply unacceptable.

"He who takes risks must also bear responsibility. It is a basic principle of market economy. It is not good that states negligent and that private investors are betting more and more about the fact that if things go wrong, it will save them well, "said he. After being the only member of the FDP voted against the first aid to Greece, he founded the movement "Renewal liberal" who wants to help his party regain the FDP liberal roots.Eleven members have followed. It's little, but his voice begins to wear.

Today, Frank Schäffler will do everything to prevent that from becoming EFSF in 2012/2013, in a permanent structure called the European Stability Mechanism (SPM). In early September, it has launched a petition for the holding of a referendum within his party. Since then, the affluent and the signatures for this referendum is no longer in doubt. if the position of M. Schäffler prevails, ministers and MPs of the Liberal party will be required to block the European commitments made by their own government. In short, they help block the German and disown Angela Merkel. This will have a hard time to stay in power and avoid the calling of early elections.

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Britain's BAE Systems said Tuesday it would cut 3,000 jobs in the UK as a result of the decline in orders received for its combat aircraft, resulting from the contraction in defense spending in many countries.

The first British manufacturing group said in a statement that the four Eurofighter partner countries – UK, Germany, Spain and Italy – slowed the rate of production of Typhoon fighter in order to allocate costs in the longer term.

This process reduces the workload on the different production sites, said the group, which continues to seek opportunities for the European combat aircraft to India, Japan, Oman and Malaysia.

Most of the job cuts will involve plants Warton, Lancashire and Brough, East Yorkshire.

BAE Systems, which has already eliminated about 15,000 jobs worldwide over the past two years, announced in July a decrease in pre-tax profits in the first half.

The decline in military spending in the U.S. also implies a spreading of the production of F-35 fighter, which is associated with BAE Systems.

The largest union within the group, Unite, has promised to do everything possible to mitigate the impact of the decision by BAE Systems, while calling the Department of Defense to act to preserve the area.

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The rating agency downgraded Wednesday Societe Generale and Credit Agricole up a notch, and extended monitoring of BNP Paribas. Tour Societe Generale in La Defense.

Assent expected by the markets fell. The rating agency Moody's downgraded by one notch Wednesday note of the French banks Societe Generale and Credit Agricole SA, but extended the review with that of BNP Paribas, has left it unchanged for now.

The rumor of lowering circulating since Sunday. In the case of Crédit Agricole SA, the note changes from "Aa1" to "Aa2," the decision is related to exposure to Greece, while that of Societe Generale, whose rating is downgraded to "Aa2" to "Aa3," the review is due to the revaluation of said support system, that is to say that could help provide the authorities in case of serious crisis.

The agency had announced in mid-June to consider a cut for Societe Generale, BNP Paribas and Credit Agricole because of their exposure to Greece.

Regarding Societe Generale, Moody's points out that it was built in the rating of the bank the implicit support it receives from the government. The agency still considers that as a departmental system, that is to say whose failure could affect the entire financial system, the probability it is supported by the government remains "very high ". But considers that this support no longer has reason to be greater than that available to other publicly traded French bank, Crédit Agricole and BNP Paribas.

In the case of Crédit Agricole, Moody's believes that if the group has resources in equity "substantial" to absorb potential losses related to Greece, the exhibition itself "is too important to be consistent with current ratings" of the bank .

As for BNP Paribas, Moody's extended supervision on the negative note of the French bank, a sign that she still plans to lower it, but has so far left unchanged.

The agency suggests that after its first review of three months, she would not have changed the rating of the bank on the basis of its exposure to debt fragile state of the euro area, but that 'she chose to continue the discussion focusing on financing the bank's markets.

Moody's wants to "study the potential implications of the continuing fragility of the bank funding markets, given the funding needs" of BNP Paribas in these markets.

Since August, all European banks are suffering from market pressures of the liquidity in dollars, most of the U.S. money market funds, major providers of liquidity, having decided to reduce their supplies.

The agency said that further consideration should not lead to a reduction in rating of more than one notch, if Moody's decided to change the rating of the bank. The review by Moody's rating of the French banks, which began June 15, did not take into account the impact of the decline in their shares on the stock exchange, but the agency will consider in its next review, said at the AFP Wednesday analyst Nicholas Hill of Moody's.

The three listed banks were again caught up in the markets Monday and Tuesday.

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