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* Dassault Aviation announces Wednesday it had achieved in 2009 net profit of 315 million euros, down from 15.5% in one year, before amortization related to the purchase price of Thales shares. Operating profit amounted to 393 million euros against 434 million a year earlier, showing an operating margin of 11.5%.

The turnover stood at 3.42 billion euros. This figure is down from 3.6 billion in 2008. But Dassault was penalized in 2009 by order cancellations with 65 Falcon for NetJets aircraft to be delivered beyond 2014. "They will be recommended and delivered according to market developments," the company said.

The board of directors would propose a dividend of 8.8 euros per share.

Orders of 98 Falcon and 60 Rafale

Last year, Dassault Rafale has delivered 14 and a record 77 Falcon (aircraft) against 72 the previous year bad credit payday advance . At the end of the year, the balance appears in negative controls to 1.32 billion euros. For only Falcon, its largest division, the negative balance amounted to 3.85 billion.

For more, Dassault Aviation has provided any forecast results. The manufacturer adds, however, have received orders for 98 Falcon and 60 Rafale. Charles Edelstenne, CEO of Dassault Aviation said in a press conference that sales of Dassault Aviation in 2010 should be stable and that its results should be "a little worse."On Thales, Charles Edelstenne said the reorganization projects have received approval of two major shareholders of the group, state and Dassault Aviation.

* Dassault owns Le Figaro.

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"How to achieve its goal three months of sales? By becoming a vendor at Renault Samsung, "The joke circulating these days at the dealership in Seoul, during the lunch break. Their enthusiasm was due to booming sales of Korean-French manufacturer since early 2010.

A surge of 74.6% on the South Korean market in January (compared to last year), while exports registered a strong increase of 43.6%. This spectacular start due to the immediate success by winning the new SM5, the car manufacturer's flagship, launched last month. The third version of the sedan, developed from the chassis of the Laguna 3 sells like hotcakes and allows Renault Samsung to face the future with serenity.

"This is a key operation, the SM5 must ensure the future of the brand for five years," said CEO Jean-Marie Hurtig.

Image quality

Things seem to parties because these excellent figures confirm the good results registered by the manufacturer in 2009, world in crisis. Defying the pessimistic prognoses of its own troops, the Korean branch of Renault reported a 31% increase in sales last year, thanks to a South Korean market remained buoyant despite the international situation. Based on image quality, still up in surveys of consumers, the manufacturer has strengthened its position as the second group of Korea, at GM Daewoo. In the land of morning calm, Renault Samsung is the manufacturer that goes against the behemoth Hyundai-Kia, which controls nearly 80% market share.The success of the SM3 but also export the Koleos, an SUV of the year in China, enable the brand to address the global recovery with optimism.

Performance that also strengthen the position of the manufacturer within the Renault group. In 2009, South Korea became the third largest market for Renault (except Nissan) behind France and Germany. A spectacular leap from 9th place, a year earlier, made possible by the lowered sales in major markets like Turkey, Italy or Brazil.A breakthrough that allows the manufacturer to get rid of its image of Tom Thumb the group, which sticks to the skin from its takeover in 2000, on the verge of bankruptcy.

Logistically, Renault Samsung has also taken advantage of the crisis to increase its role in the alliance: taking advantage of the fall of the Korean won against the yen, the Pusan plant provides more and more parts to workshops Nissan, on the island of Kyushu. "Korea becomes competitive with China," said Jean-Marie Hurtig, who can also rely on the quality of South Korean engineers and a social climate less tense than in Hyundai and Ssangyong.

Only downside, the rise steeply from the Korean currency against the dollar and the euro, which threatens the competitive edge of exports.

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lefigaro.fr / jdf.com: The beginning of 2010 seems to mark a resurgence of activity. Is it time to review mergers and acquisitions?

Herve Mangin: The market mergers and acquisitions work for periods of three to four years from 1997 to 2000, then 2003 to 2007. Since 2009, we are in the trough of the wave. Current levels are the lowest ever achieved for five years. Between 2007 and 2009, the number of deals announced declined by 53% and 32% between 2008 and 2009. The market mergers and acquisitions have obviously suffered from the economic crisis but also the draining of financial markets, preventing firms from refinancing.Since late last year, we see a resumption of operations, with an increase of nearly 50% in the fourth quarter versus the third quarter.

How can we explain this turnaround?

The economic visibility improves, credit conditions are more flexible, companies have taken preemptive measures to deal with the crisis and some have a large cash cushion. There are two ways to use this cash, either redistribute it to shareholders through dividends or share repurchases, or generate growth through investments or mergers and acquisitions. However, growth remains soft, the high level of taxes, consumer debt and high unemployment. It is better to buy existing capacity rather than creating new plants that use rates are poor.

The takeover of Cadbury by Kraft has yet taken place earlier this year.

The operation took place earlier this year because it was strategically very important for Kraft. This is also not expected to return to a debt level more comfortable to launch its offer. He attacked as soon as market conditions are loaned. Another symbolic aspect of this acquisition: it illustrates the need to increase the cash portion of the offering to complete the transaction. In other words, the larger the share in cash, the higher the transaction was likely to occur. Then again Kraft could do so only because the visibility has improved.

What is special about your fund Axa Opportunities?

The management of our fund is unusual to begin by targeting predators, their strategic and financial interest to generate external growth.Once we've found a predator, we want to know what would be the best "prey". And only from there, we are studying the viability of the project on a financial plan. So we try to place us before purchase. Operations in 2010 will be more strategic than financial. We focus on companies that have cash and are facing challenges in terms of growth, diversification, and whose price is underestimated. Our fund is invested in particular sectors of health, chemicals, oil and telecoms. According to a study co-published by Boston Consulting Group and UBS in January 2010, 20% of CEOs will make an acquisition of at least 500 million euros in turnover this year. Groups that have the greatest appetite are in insurance, chemicals and pharmaceuticals.

The portfolio is invested two thirds in mergers and acquisitions and third in special situations (change of management, disposals important modifying the profile of a group …, Ed), while in 2009 the allocation was balanced. Our pocket liquidity is still below 10% and amounts to about 2% today. This pocket is more tactical than strategic: we do not intend to play on the cash to take advantage of market reversals. And especially since our fund is PEAable (the fund must invest at least 75% in European equities).

Do you ever happen to take positions outside Europe?

Absolutely. Having decided to adopt an approach focused on the predator to detect targets the most interesting, sometimes I take positions in securities outside Europe when the target detected there.But this represents no more than 8-10% of the portfolio. For example, I have a line on Mead Johnson, an American company specializing in the infant food because it is an attractive prey for Danone and Nestle, in particular because of its positions in emerging markets.

What are your beliefs about the four areas you are most invested (health, telecommunications, chemicals, petroleum)?

In telecoms we further expect further consolidation of domestic markets as large cross-border transactions. A reconciliation between Telenet and Mobistar France Telecom would thus solve the strategic problems of France Telecom in Belgium. Health, which is a major provider of mergers and acquisitions, should suffer the same fate as laboratories continue to suffer from the rise of generics.Sanofi, which has made more than 8 billion of acquisitions last year, would buy biotech and further diversification. For this, Stada, Shire or Stallergenes are good prey. As for the chemicals and oil, they should see competition from emerging countries, notably China and India grow. SWFs should also be present, but more on that equity takeovers.

What about bank stocks? The sector is expected to undergo further restructuring, and Societe Generale would be again at the heart of debates.

For bank stocks, is a question of timing. From 1997 to 2000, banks were in second position on the market for mergers and acquisitions behind telecoms. Similarly between 2003 and 2007 but this time behind the property.I do not see them go top of the list before 2011, because of uncertainty about Basel 3. They should instead carry out asset sales as a first step. Regarding Societe Generale, which could at some point the desire to attract a European rival. In this case, a French white knight would come to her rescue (including BNP Paribas).

Why do not you invested in the car?

I am not invested in this sector because the European players are more predators than prey. Peugeot and Volkswagen are currently taking stakes in Asia for example.And anyway, it is better to invest on groups whose fundamentals are attractive, which is often not the case of the automobile.

On what themes you bet?

The race to growth lies in emerging countries will also be one of the most important theme in 2010-2011. We see particular for Kraft, who has not bought Cadbury confectionery in the UK, but to gain strategic positions in emerging markets. Sanofi has just acquired a vaccine manufacturer in India, and continues to build in China by 2020 40.000 new hospitals should be built, and 90% of the population should receive special protection. Others include Vivendi, which acquired the Brazilian GVT or Heineken has acquired the activities of the Mexican brewer Femsa to 7.6 billion dollars.An offer of GDF International Power also has a sense of perspective in particular geographical synergy in the Middle East.

What are your plans for 2010?

Now that the means of external growth are met, the operations will be resumed. 2010 marks the return of mergers and acquisitions, ie the beginning of the wave. This does not mean that we will experience a bubble market and we'll find the record levels of 2007. But clearly there is potential to find a standardized level. We nevertheless believe that large transactions will only be until the second half of 2010.We should save up 15% to 20% in 2010, the market for mergers and acquisitions.

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Around 14 hours, the Paris Bourse more clearly reflected the upward path after hesitating throughout the morning. The CAC 40 wins 0.75% to 3788 points in a trade volume of over 1.5 billion euros. At the opening, the CAC 40 index showed a greater increase of 1.07% to 3800.36 points. The finding is similar to London and Frankfurt: the FTSE-100 is progressing more than 0.21% at 5228 points (cons an opening 5261 points) and Dax from 0.19% to 5654 points (5687 points cons).

But investors in Paris were relieved by the publication of results of U.S. companies. In the vast majority of companies have reported results in line or better.Indeed, many companies publish their accounts in the fourth quarter: Ford, AT & T, Procter, Colgate, Motorola ….

Although business leaders and consumers in the euro area have found morale in January, for the tenth consecutive month, the sharp rise in unemployment in Germany (+8.6% in January) lead the growth indices European financial.

This morning in Japan, the Nikkei ended a spate of four sessions down to it lost 5%, to close a significant increase (1.58%).On Wall Street yesterday, the Dow Jones also finished in the green at 0.41%.

The U.S. Senate will vote Thursday on the reappointment of Ben Bernanke to head the institution.

Across the Atlantic, investors Parisian keep an eye on applications weekly unemployment benefits and orders for durable goods in December, at 14:30.

The bank ran out of steam

Consequence of slowing the renewed financial indices, values faltering: BNP Paribas (0.87% to 52.20 euros against 2.42% at the opening), Societe Generale (+0.69% at 43 14 euros against 2.46%), Credit Agricole (+1.86% at 11.77 euros against 2.81%) and Dexia (1.55% to 4.53 euros against 2.39% ) Payday Advance .

Plastic Omnium (3.14% to 23 euros) has announced a turnover of 2.458 billion euros in 2009, down 8.8%.In the fourth quarter alone, however, sales jumped 16.8% to 716 million euros. The group expects an operating margin up sharply for the full year 2009.

Many publications expected

Areva has returned to mid-session, the title losing 0.15% to 338 euros, having opened up slightly from 0.13%.The group will unveil its revenues for the fourth quarter of 2009, after having asserted yesterday held extensive discussions with GDF Suez for partnership in the French nuclear.

Are also expected publications: JCDecaux (1% to 18.6 euros, after opening up 2%), Sperian Protection (-0.38% against a rise of 0.30% at the opening) Etam (-2.89% to 17.45 euros), Eramet (+2.09% to 222.30 euros), Fleury Michon (+ 0.56% to 36.20 euros), Carbone Lorraine (+2.97 % to 25.45 euros) Vicat (-1.45% to 54.45 euros) and Norbert Dentressangle (+1.17% at 42.49 euros).

Beneteau (+2.36% to 12.6 euros) will hold an annual financial information to 17:30.

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The French have always been more crickets and ants that the crisis has reinforced their distrust of credit. Statistics released yesterday by the FSA, the association of financial companies show a net decline of credit extended by institutions.

Credits distributed to households fell from 13.3% in 2009, which represents the largest drop recorded in 45 years time tracking statistics. In 2008, the decline was 2.8%. Last year, special schools and have provided 38 billion euros of new funds, against 43.8 billion a year earlier.

The downturn that began in autumn 2008 was accelerated until spring 2009 (-12.4% in the first quarter and -18.7% in the second) before slowing down from the was (-16% and -5.5% in the fourth quarter).

These are personal loans which have fallen the most, specialized institutions have distributed 22.8% lower than a year earlier. The revolving loan decreased by 11.2%.

The auto loans are better off: they are down only 4% over the year and jumped over the last two months of the year. The scrapping bonus has pushed the French to change their car which is reflected in the credits: they increased from 15.7% last quarter. Finally, funding of home appliances (consumer electronics and furniture) were melted from 13.3% in 2009.

These figures may be explained by a smaller French appetite for credit, but also by increasing the rate of refusal of certain institutions (Cetelem number one industry in this case) and by increased competition from traditional banking networks.Banks operate more than before because the customer relationship by offering consumer loans. Member firms of the FSA are in fact nearly 60% of consumer credit and almost all renewable credits.

According to a source familiar with the matter, the operator SFR, a subsidiary deVivendi, is poised to become the exclusive distributor in France of Google smartphone, Nexus One, launched Tuesday in the United States. For the record, SFR had already obtained the exclusive G1 or HTC Dream, the first mobile phone using Android, the operating system from Google.

According to press reports, the U.S. giant has decided to choose one operator per country to relay its new jewel, now distributed directly by Google on its online store.

The Nexus One is now sold for 529 dollars without contract and $ 179 with a contract T-Mobile in the United States.In Europe, the smartphone should be offered to around 370 euros without contract and at least 200 euros in the case of a package of 24 less.

According to the weekly Le Point, Vodafone could sell the "Superphone" Google before the end of the first quarter at a price below 200 euros for a unit purchased with a monthly package available to less than 50 euros, and engaging for two years.

Google has already signed a partnership with Britain's Vodaphone for the marketing of the "Google phone" in Europe, and with Verizon in the U.S.. Confirmation of the exclusivity of SFR in France for distribution could be made "in the coming days," says the source close to the matter.

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Proponents maintain flirtation with the mystery on its exact size, but with over 800 meters high, the Burj Dubai will have no trouble to climb to the summit since it exceeds by at least 300 meters above the current building in the world, Taipei 101 Taiwan (508 meters). The question is whether this will be the last great Pharaonic site long before the emirate in the Middle East crisis.

The story goes that the emir of Dubai, Sheikh Mohammed al-Maktoum, had returned to its initial project promoters with poor 90 floors. "We thought little of beating the record held by the Taipei 101 tower. But the client asked us each to go higher, but we set limits, "says architect Bill Baker, the firm Skidmore, Owings and Merrill of Chicago, developer of the skyscraper.

Click on thumbnail for larger graphic

After Fitch and Standard & Poor's, Moody's has in turn lowered the debt rating of Greece on Tuesday. The bonds are so degraded by one notch from A2 to A1 with negative outlook.

"The repositioning of Greece at A2 level reflects both the very limited risk of a liquidity crisis in the short term and other credit risk in the medium and long term," Moody's justified. Indeed, "risk long term has been partially offset by the government's announcement" last week on the austerity budget.

Reviews of Moody's moderates have tended to reassure markets that apparently he had built a stronger degradation of the Greek notes. The Athens Stock Exchange returning 2.96% in early morning.The interest rate on bonds over 10 years of Greek Treasury bills were even lower, at 5.734% against 5.955%.

Following the announcement by Moody's notes on the Greek, Tuesday morning, the euro hovered around $ 1.43. "The euro is being undermined by the widening spreads (difference between interest rates, Ed) on yields of government bonds in the euro area," observed Friday in a note economists at BNP Paribas.

The difference between the interest rate applied to Greek government bonds to ten years and the German Bund, benchmark euro area widened to 250 basis points, or 2.5 percentage points, recent weeks.

Plan rigor

The Greek Prime Minister George Papandreou, presented last week a fiscal austerity plan to leave public finances slump. The stated objective is to reduce the deficit to 4%.Greece is facing a deficit estimated for 2009 to 12.7% and a debt that represents 113% of GDP.

Moody's remains reserved about the effects of the government plan. "The long term rating of Greece will depend on how the public will accept these measures and the government's ability to implement them vigorously," the agency analysis. However, "neither of these points can not be taken for granted."

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The Committee approved the December 8 and 9 "advisory for a package of proposals to strengthen regulation of capital and liquidity with the objective of strengthening the banking sector," he said in a statement.

These measures will "respond to the lessons of the crisis in the regulation, supervision and risk management of banks," said the committee.

The proposals for capital and liquidity will strengthen the banks and create a financial banking system and healthier, "said the chairman, Nout Wellink, who is also president of the Dutch Central Bank.

It is, however, that a "consultation document" and not a final text, recalled Wednesday a spokesman of the Bank for International Settlements (BIS) in Basel, including hosting meetings.

The 27 "wise men" had already announced in early July an increase of Basel II, introduced in 2004 and requiring banks with a capital ratio weighted overall risk incurred by financial institutions.

Avoiding a new "Lehman Brothers"

To avoid the disastrous consequences of a new financial crisis including the collapse of financial institutions of systemic importance, as the bankruptcy of U.S. bank Lehman Brothers in September 2008, the Basel Committee grilled for several months on a building rules governing the banking sector.

In his new proposals, the committee wants to strengthen the quality and transparency of the core capital Tier 1 (core capital of a bank), allowing institutions to better absorb potential losses.

He also wants to improve the level of capital to protect facilities including activities on derivatives and repos (repos).

Debt ratio

Banks should also establish a ratio of debt to contain their debt, financial buffers to cope with difficult situations and a minimum level of liquidity.

The impact of these measures on the sector should be analyzed in the first half of 2010 with the aim to introduce by the end of 2012.

The committee, founded in 1974 and composed of the governors of 27 central banks worldwide, "will ensure that the implementation of new standards is consistent with the financial market stability and sustainable economic growth," assured Nout Wellink.

Central bankers also want to introduce a period of tolerance and accompanying measures "for a period sufficiently long to allow a smooth transition to new standards.

The shock wave propagated at the speed of lightning Thursday in the Gulf as the rest of the world. The near collapse of the emirate of Dubai, obliged to ask its creditors for a moratorium of six months for two of its major companies, Dubai World and Nakheel, unable to repay the 59 billion they have borrowed, shook all financial markets.

Asian stock markets continued their decline Friday. Tokyo has fallen by more than 3.0% in closing, while Hong Kong fell by 3.45% in mid-session. Shanghai posted a decline of 1.05% in mid-session. Seoul ended a slump of 4.69%."The last thing you would see is a domino effect, alarmed investment bank EFG-Hermes, which fears the deferred payment of debts of other firms, notably in emerging countries.

Not surprisingly, the rating agencies Moody's and Standard & Poor's has downgraded six of the largest groups of Dubai, including DP World, a subsidiary of Dubai World, the company's water and electricity, and the giant of the Real Estate Emaar Properties. "Although Nakheel is not rated by Moody's, this is an important precedent for a leading company facing difficulties to pay its debts and relying on government for support, accuses the agency.

Snowball effect

The risk of a snowball effect is real.Dubai, which has more particularly on its neighbor Abu Dhabi to come to his aid, can undermine the confidence of investors in the Gulf. Investors including many Westerners are. Among the creditors of Dubai World, one finds the British banks Barclays, Lloyds, Royal Bank of Scotland, but BNP Paribas and Credit Suisse. According to the latter, the exposure of European banks, however, does not exceed 13 billion euros.

In 2008, the emirate has attracted to itself for 21 billion dollars of foreign investment. Today, these investors may be concerned not only the financial health of Dubai, but also the countries of the Federation of UAE and the entire region.

For its part, Dubai, symbol of easy money, won, lack of oil, the real estate and finance, has a huge portfolio of foreign assets.It is the largest foreign investor in Tunisia and has launched many projects in the Maghreb, although some of them have been frozen because of the crisis.

He is a shareholder in several large companies in Asia, including Sony, the United States and Russia, where he acquired a leading electricians. It also has holdings in Europe, particularly in EADS. If decided, as feared, some investors to sell off its pay its debts, the consequences could be catastrophic for the financial market confidence. And they are equally if Abu Dhabi was to withdraw from Daimler, which owns 9% to help. Closed Thursday, Wall Street will give his ruling on Friday.

"The emirate of Dubai on the brink of bankruptcy