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Tricoire: "Schneider is growing around the world"

The chief executive of industry group, explains how the deployment of its strategy has helped revive growth.

LE FIGARO. – How was the beginning of the year for Schneider?

JEAN-PASCAL TRICOIRE. – We returned to growth of our business in the first quarter and the trend has accelerated sharply in the second with an increase of over 10%. Our total revenues grew 6.4% in the first half. The acceleration is even stronger in terms of profitability. Our operating income represents 15.2% of sales is up 3.6 percentage points a year. Our net income has more than doubled.We note therefore significantly our growth objectives and margin for 2010.

What were the factors driving this growth?

This performance is clearly the implementation of our strategy and deployment of our program One Schneider. First, we are reaping the benefits of diversifying our end markets and the strong rebound of two growth markets on which we have been able to take strong positions. It is the automation of machines and processes, very strong recovery with growth of over 20%, and the computer. The building and electrical distribution later in the cycle, are now beginning their recovery.

Secondly, our growth is driven by our strong presence in emerging economies.Thirdly, our growth in the smart grid (electricity distribution networks intelligent, Ed) is a strong accelerator solutions in renewable energy, including solar, intelligent management of energy in buildings, factories, homes, power grids, which we will soon add support infrastructure for electric cars. We propose new technologies and new services to our clients to improve their energy efficiency.

What has really changed in Schneider?

In summary, I would say we've turned a group of several brands, structured products, a Schneider Electric, which provides complete solutions to its customers. This change is radical.The teams work together more closely and we respond to the expectations of our customers.

This recovery is also strong in all markets?

We are growing all over the world, but in emerging countries the trend is most pronounced. The growth of new economies is 12 points higher than those of countries "ripe". These countries now represent over 35% of our business.

The momentum will he continue in the second half of the year?

I am counting on a similar dynamic in the second half thanks to the continued deployment of our strategy.

So you dismiss the risk of a relapse of the economy?

I remain cautious of course, but we are calm. We learned and demonstrated during the crisis of 2009 that he had to be flexible and very demanding on the costs. Besides, we not relax our efforts to reduce costs.We are committed to reducing our costs by 1.6 billion euros in three years. Halfway through, we have already achieved more than half of the effort announced.

Will you increase your efforts to research and development?

We did not hit our investment in R & D during the crisis. They still represent about 5% of our turnover. Our business is growing, we will be able to invest even more.

Where are you from the integration of the distribution business of Areva T & D?

The transaction was formally completed last June 7. Nearly 11,000 people have joined us and the teams work together with great enthusiasm. This acquisition will bring about one billion euros in additional revenue in the second half, although with today's level of profitability below that of the group.Our challenge is to move up quickly.

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New fuss about ferries to Corsica

New onset of fever to SNCM. During one week, a dozen sailors were delayed for one hour each day the ship departs The Corsican liaising Nice L'Île Rousse. They demanded an adjustment of their pay with that of other marine company. They succeeded, and The Corsican found Thursday its normal pace.

This social movement falls at the worst time, tourist season and while the company controlled by Veolia has also lost market share in the first half. Its traffic decreased 7.1%, one of Corsica Ferries increased by 17.5%. Moby Lines, the latest newcomer, received nearly 33 000 passengers in three months.

"Our main concern is with Moby Lines are denied benefits that help the passenger, and Corsica Ferries.With the current system, they can only gain additional market share, "worries Alpozzo Frederick, Secretary General of the CGT SNCM seafarers. For the union, the welfare system to the passenger distributed by the local authority Corsican airlines operating out of Nice and Toulon is "antagonistic" to that of the public service delegation (PSD), benefiting SNCM and CMN from Marseilles. "This is not a compensation of public service but a premium for social dumping," Frederick Alpozzo ton.

Risk of losses in 2010

A report commissioned by the government pointed the problem. The ball is in the camp community Corsican. A special session is scheduled in September to review all aid to maritime transport. "SNCM is in a delicate position.She could ask to not go after the convention of CSP, which expires at the end of 2013, we recognize the Corsican Transportation Agency (CTA). Out of the red in 2008, SNCM has gained nearly 18 million euros in 2009 thanks to a gain on disposal of a vessel (26 million). The CTA believes that the company's losses could reach 20 million this year. To make matters worse, if a new DSP is launched, the agreement could exclude ferries operating at peak periods. She would come into force in 2012. Suddenly, the reduction plan envisaged by the SNCM fleet in February, dropped after the strikes of the CGT, may become relevant.

"We need things to change and we stop losing money.Either we reorganized the DSP is still there and it will be dramatic, because it will break everything, "Frederick alarmed Alpozzo who admits fear a scenario where the SeaFrance 725 employees will be dismissed.

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Oil spills: the oil sector arming

Exxon Mobil, Shell, Chevron and ConocoPhillips have announced the establishment of an emergency fund of one billion dollars for the construction of a rapid response system in case of oil pollution in the Gulf of Mexico. Each group will invest up to 25% in the fund, which does not BP. According to their press release, the combined oil and want to be able to intervene by 3000 meters deep, containing leaks up to 100,000 barrels per day.

In Washington, the House of Representatives passed two bills. One aimed at improving safety on oil drilling sites and the other on prevention technologies and management of oil spills.

BP, which aims to give ten billion dollars of assets to fund the cost of the flight on its platform in the Gulf of Mexico, awakens the interest of India bad credit payday loans.Indian Minister of Petroleum, Murli Deora, said studying the possibility of taking stakes in a gas field of British oil in Vietnam. But for now, BP is focusing on meteorological considerations, a depression in the Caribbean, threatening to become a hurricane in the Gulf of Mexico by 48 hours. BP therefore plans to suspend his final attempt containment of the leaking oil. The sealing work, in progress, would be deferred for two weeks already after three months of unsuccessful attempts.

The disturbed air tonight

Vacationers should take their troubles patiently Tuesday night to Thursday early morning. These three days may indeed be synonymous disrupted air traffic at major airports of Paris and the provinces, due to a strike call launched by six unions of air traffic. Disturbances should begin on Tuesday evening and end Thursday afternoon, the time that the rotations of aircraft back to normal.

In a statement, the Directorate General of Civil Aviation (DGCA) said he had asked the airline to remove 50% of flights at the airport of Orly and 20% of those expected at Roissy Charles de Gaulle.

For its part, Air France announced that 100% of long-haul flights will be provided, and that 80% of its flights short and medium haul routes from Paris-Charles de Gaulle and 50% from Paris-Orly."We can not exclude some flight cancellations throughout the day. Delays will also be possible, "the company said, calling his passengers to see the information updated in real time on its site, under" schedule "and" timeliness of flights, or by phone at 3654 and SMS sending their flight number to 63654 (eg by typing: AF2062).

CorsairFly for its part ensures that the strike "will have no change on the flight program, also expected some delays due to disruptions related. All rotations of the company will be assured. The company also urges customers to check their flights on its website.

The DGAC said that a strike slogan added "stormy weather that could disrupt traffic".More details are expected early Tuesday afternoon.

"A passage in force"

The CGT, CGC, FOR, UNSA UNSA-IESS and ICNA-call for mobilization to denounce the European program for creating Single Sky FABEC, and the dismantling of the DGAC. They denounce as in January and February, the establishment by the end of 2010, a single air control operator for France, Germany, Switzerland and the Benelux countries. "The creation of such a body fusion will inevitably lead to the dismantling of the DGAC, the structure was considered to be efficient in terms of cost, security and service to users," say the unions. Moreover, "this merger will mean the de facto release of all or part of his personal services and the scope of the State Civil Service.

Joffrin Olivier, secretary of the National Air Traffic Controllers CGT:

KKR moves from NYSE Euronext

Three years after its rival, Blackstone, and especially after three years of unsuccessful attempts, KKR was thus introduced for the first time at the New York Stock Exchange Thursday. Initially, the U.S. investment fund and private equity had planned to enter the market on Wall Street one month after Blackstone, but the crisis had decided otherwise. KKR, which was delisted from Euronext Amsterdam on Wednesday, offers no new action at this time, but plans to issue 500 million shares, according to market developments.

Valued at $ 7.1 billion in stock, as the closing price on Wednesday (up 2.9%), against 26 billion in the summer of 2006, KKR could see its market capitalization rise to $ 9.2 billion , according to analysts at Rabobank.They believe that after Blackstone's IPO in New York a second heavyweight private equity could galvanize investor interest and emulation.

Redeploy the firm

After the resignation of Jerome Kohlberg (the second "K" "KKR") in 1987, shares Henry Kravis (the first "K" "KKR") and his cousin George Roberts (the "R" of "KKR ") amounted to 13% for each of the company, which manages 55 billion in assets and employs 600 people. All employees of KKR a stake in the capital.

The two founders of U.S. private equity group hoping through the IPO to ensure that KKR will become less sensitive to cycles of uncertain LBO (leveraged buyout or takeover of a company through debt). This is why they are working on a redeployment of the firm towards the profession of investment banking.The question is whether investors will be convinced.

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The OECD approves the plans rigor French, German and British

What do you think of austerity plans adopted in France, Great Britain and Germany? Are they sufficient?

Targets chosen are appropriate. When started in 2011, for the most part, they reflect the forecast growth will remain weak in coming months. The credibility of the measures announced will have a positive impact on the economy over the medium term. It will also look favorably on the interest rate will be long term downward trend and therefore promote growth.

These plans are they in line with OECD recommendations?

Overall, yes. In all three countries, governments have chosen to cut public spending to reduce deficits, which is a good thing.The experience of OECD countries shows that fiscal consolidation based on expenditure reduction is generally more efficient and more sustainable than those based on a tax increase. Yes, we need to use the weapon of taxation, but if it has a limited impact on growth. In this case, we must emphasize the taxes related to climate change – CO2 tax – or indirect taxes on consumption – VAT – the property rather than income households or businesses.

In Britain, the specific measures such as increases in VAT or tax on capital gains in the right direction.

In France, the pension reform is essential, we must reverse the age of retirement at least 62 years because many European countries are already beyond this level.It is also important to address the budgetary rules to strengthen the credibility, setting goals of stabilization. As has just done in Germany out in the Constitution a ceiling for public debt by 2016 paydayloan.

The OECD has launched Wednesday a new warning on unemployment will remain high and the risk of falling into structural unemployment. What do you think, in this context, cuts aid to employment, in particular France and Germany?

Our position is that we must change the orientation of employment policies, by investing more in the long term. Countries should abandon the measures adopted early in the crisis to keep costs the employees in their jobs, promoting the reduction of working hours to avoid layoffs.Policies should be more targeted for career change into areas more vibrant and productive. This requires investment in training, education, innovation.

Yet France removes 16,000 teaching posts …

It may be more effective in education. But it is clear that there is not enough money to do everything! Times are difficult and involve choices. Must be cut, reduce deficits and debt while stimulating growth, promoting employment and education. This must remain a priority.

Is there a risk of falling into recession?

We maintain our forecast last month. The recovery will continue at different speeds, slower in Europe than elsewhere, but we see no risk of double dip recession.The real issue in the medium term is to find a good balance between sustainability of public finances and economic growth.

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The Euro at lowest level in over four years

The euro has pushed the bar of $ 1.21 Friday shortly before 13:30, then the 1.2 dollar after the closure of European markets. 21heures rating it to 1.1976, the European currency had not been at these levels since late March 2006, more than four years. A floor that makes investors fears Wall Street unscrews, w ith a Dow Jones loose around 3%.

Investors are fleeing risky currency – which the euro is due to debt problems of several countries in Europe – in favor of safer currencies such as dollars and Swiss francs, while U.S. employment figures , Still selecting highly expected to referee emerged sharply higher, but less good, however, that those expected by analysts.

Including the 431,000 jobs created in May in the United States, on the first four months of the year, the U.S. economy created 200,000 jobs.But in the vast majority of them, these new posts are made through the timely hiring of staff for the census. Excluding this one-time occurrence, the economy created only 20,000 jobs.

These figures "are a blow to the enthusiasm on the global economic recovery," said Joshua Raymond, an analyst at City Index.This means that companies "are not hiring more sparingly and do not yet have enough confidence in the future to engage in massive recruitment," says Aurel BCG.

Fillon drives the point

Just for fun, Francois Fillon has ruled that the continuing fall of the single currency was a "good news", able to boost exports from the eurozone.

The term "parity" – meaning a dollar / euro – used during the press conference as prime minister by Friday precipitated a collapse of the euro against the dollar, forcing Matignon rectify the rooms to calm market.

"When politicians they understand that reviews loans for their candor and local audiences have destabilizing effects on financial markets?" Was upset Michael Hewson, an analyst at CMC Markets.

The comments "do not make any gift to the euro, according to the analyst. "They certainly do not help not to stabilize the single currency (and otherwise) to undermine the credibility of the finest political will to support the euro," he said.

Europe degraded by HSBC

Side debt in Europe, the series continues. On Friday, HSBC has downgraded its recommendation on Europe, excluding the United Kingdom, "neutral" to "underweighted" because "there are still too many uncertainties about the health of banks on the future of the euro on sovereign debt, and growth to take risks in this area now.

Hungary worried

After Greece, Spain and Portugal, the contagion of the disease spreading further public finances in the euro area, Hungary.

The government spokesman who said that about a politician reminiscent of the small countries a chance to avoid a crisis similar to that of Greece were not exaggerated.

Following comments from the spokesman for the government, the forint fell to a lower than a year against the euro traded at 285.75 forint per euro, before slightly rising up around 288 forints .

Hungary is on a drip of 20 billion euros made available by the International Monetary Fund (IMF), the European Union (EU) and European Central Bank (ECB) since the fall of 2008.

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The competition is losing its AAA at SNCF

At Transport SNCF, talking about a non-event. Standard and Poor's downgraded by one notch Friday mark the long-term debt of the public company, which went from "AAA" – the highest possible – from "AA +", the prospect is stable. This means that S & P should not lower the rating further in the months to come.

The rating agency justifies this development, which will cost "several million" up interest rates to SNCF, by "the European rules that could make it more difficult in future for possible financial support" of government French in the public company as well as the opening to competition of rail passengers including his lucrative branch TGV."We believe that the most profitable activities of the station will be gradually exposed to competition," explains Standard & Poor's.

Since 1 January, the international passenger traffic is indeed officially liberalized in Europe, pending an opening to competition of domestic traffic, which is expected by 2015. For now, only Veolia announced its willingness to engage in this activity. A perspective that condemns the station eventually to lose market share.

"It remains a very good note"

The SNCF said it was prepared to such an announcement since the "perspective" was negative since September 2008. "It remains a very good score Guaranteed pay day loans.Many European states have not rated AA +, "said David Azema, deputy CEO in charge of finance and strategy at SNCF. The rating agency looks at the level of support that the station can expect from the state. The AAA rating corresponds to a quasi-automatic support in the event of default and AA + to support very highly probable. "

The company refuses to see in this a confirmation that the degradation status of public institution operating in industrial and commercial (Epic) is threatened. The S & P's decision certainly comes just after France decided to take legal action against the EU Commission, which considers the status of Epic necessarily implies an unlimited guarantee from the state, inconsistent with competition who sits in the sector.The rating agency noted that although skirmish between Paris and Brussels, but does not in itself a cause of degradation.

Conversely, the fact that the station has seen its rating lowered even though it is still an Epic could argue along the lines of the French arguments: clearly, the status of Epic does not mean the view of S & P that the situation Financial SNCF blends perfectly with that of the French state.

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The Paris Bourse is expected to remain down

New session of decline in perspective the Paris Stock Exchange on Wednesday. If investors follow the Parisian trend driven by Asia this morning, there is little chance to see the CAC 40 bounced in the opening. On Tuesday, the key index in Paris had a meeting very heckled, opening in early fall and then increasing its losses during the session. The reopening of Wall Street after a holiday and good U.S. macroeconomic indicators have helped limit the damage: ACC ended the session on a drop of 0.13%.

But concerns over the resumption of economic growth have resurfaced after the announcement of bad statistics on inflation and real estate in China. A price increase in this sector is feared the creation of a bubble whose consequences could be worse than those of U.S. subprime, according to some economists.

Incidentally, the euro fell to its lowest level in four yesterday during the meeting. On Wednesday, investors will keep an eye on the promises of home sales in April and May auto sales in the United States.

The bank will try to resume

As for values, banking and insurance will be expected once the turn. Very disciplined yesterday, BNP Paribas, Credit Agricole, Societe Generale and Axa will attempt the ascent. In particular they should react to the press conference European Commission President Jose Manuel Barroso, Commissioner for Financial Services, Michel Barnier and economic affairs commissioner, Olli Rehn, the Financial Services No fax pay day loan.The commissioners will present a Green Paper on economic reform of the EU favors a reorganization of the governance of financial institution.

Areva and Siemens would be in the sights of the European Commission according to the Figaro. An expedited procedure against the French and German can be launched for infringement of competition law. This decision falls within the framework of the divorce between the two groups.

This opens in Paris on Wednesday that the trial of Jean-Marie Messier, nearly eight years after his ouster from the chairmanship of Vivendi Universal (VU). The former boss will have to account for its management of media and communications group.

Bouygues has raised its revenue for 2010. Tuesday, the group released an operating profit of 162 million euros in first quarter 2010 and a net profit group share of 181 million euros.The group also indicated that the proposed tram-train the meeting had been finally buried.

EDF said Tuesday that its proposed acquisition of shares from several shareholders of the second Belgian electrician SPE-Luminus, which will own 63.5% of the capital after the transaction was negotiated on the basis of a price 215 million

L'Oreal said it has acquired a new provider of hair salons in the United States for an unspecified amount.

PSA Peugeot Citroen holds its general meeting this Wednesday. Philippe Varin, chief of the manufacturer has to convince shareholders of its development strategy in Asia.

Good indicators are tipping the CAC 40 rising

The Paris Bourse continued down this Thursday, but timidly, after a sharp decline (-1.22%) the previous day amid concerns related to government debt.

The Greek interest rates to ten years has exceeded 8% in the day Wednesday. Investors wonder if Greece will well repay the debt, with growth stifled by a plan of unprecedented stringency.

Finally, the CAC 40 lost 0.12% first to 3972.8 points at the opening, then the index has returned to equilibrium in the early exchanges, to go back into the green to 9:20.

Investors seem to pay more attention to the good economic indicators fell again Thursday.

Rain clues to look closely

This session will be loaded in major economic indicators.In France, growth accelerated in April in the French private sector, with a strong burst of activity in services, according to the PMI survey published Thursday by Markit Economics. The composite index rose to 58.4, its highest level in four months, against 55.8 in March.

The morale of French companies has jumped four points in April compared to March to reach 97 points, despite backlogs still scanty, according to Insee.

Moreover, the French manufacturing industry has confirmed its recovery in April from the previous month, according to the business survey released Thursday by the INSEE.The synthetic indicator of business climate index rose four points to 97, while remaining below its long term average.

Side euro area, 11 hours, will update the balance of payments for the fourth quarter of 2009, and the government deficit and debt for the past year

Finally across the Atlantic, at 14:30, monitor producer prices in March and the traditional weekly claims for unemployment benefits. At 16 hours, followed home resales for the month of March.

Schneider, Vallourec and L'Oreal to take on the ACC

Schneider Electric on Wednesday confirmed its 2010 target of a moderate increase in its turnover in organic figures.The shares were down 1.91%, to 86.4 euros.

Vallourec (+0.13%, to 149.7 euros) has announced the acquisition for 150 million euros Serimax, a company specializing in soufage pipes offshore.

The group Areva (0.52%, to 383 euros), yet prey to big delays on another local project, the favorites to meet the tender of the Finnish government, which wants to build two new reactors.

Always on the CAC 40, L'Oreal (-0.65%, to 80.5 euros) said it signed an agreement to acquire the U.S. Essie Cosmetics, make-up brand nail polish, whose turnover business amounted to $ 28 million (about 21 million euros) over the last twelve months.

The Competition Commission has prohibited the merger between Orange, a subsidiary of telecom operator France Telecom (-0.15% to 17.14 euros), and Sunrise.The company resulting from the merger would have created, together with Swisscom, a collective dominant position on the market for mobile telephony.

Guy Wyser-Pratte does not increase its stake from 0.53% in Lagard?re group with which it engaged in an arm-wrestling to be appointed to its supervisory board and change its governance.Lagardere shares were down 0.17%, to 31.84 euros.

Publications animate Exchange

Later publications, they have been good for Sodexo (5.65%, to 46.75 euros), Remy Cointreau (4.05%, to 45 euros) and Carbone Lorraine (3.59%, to 28 euros ), the three largest increases in the SBF 120.

Sodexo has recorded an operating profit better than expected in the first half, and now expects a range between 770 and 790 million euros for the full year.

Carbone Lorraine on Wednesday released a stable turnover in the first quarter at constant perimeter and exchange rates and confirmed its targets for 2010.

The wine and spirits group Remy Cointreau announced Thursday an increase in its annual turnover (April 2009-March 2010) of 13.1% to 807.8 million euros.

Vranken-Pommery has also published a large turnover of 39.4 million euros, up 38.1% (+11.4% at constant scope, excluding integration Listel), thanks to the recovery its activity champagne. The company expects a sales growth of over 20% "medium term". The shares are 2.63%

In addition, Publicis made a surprise Thursday by posting organic growth of 3.1% of its income in the first quarter, two times higher than that of Havas.Its shares rise 1.52%, to 33.7 euros.

Plastic Omnium (1.58%, to 34 euros) has announced an increase of over 43% of its activity in the first quarter, benefiting from a favorable base effect with the automotive market crisis a year ago.

Surprises

Side decreases, Nexans has the highest drop in the Paris stock exchange: -7%, to 60.4 euros. The leader in the cable industry has registered a turnover of 1.35 billion euros, up 8.4% yoy while in the course of constant non-ferrous metals, it reached 971 million of euros, down 11.1%.

Just behind Technilocolor – formerly Thomson – fell by 3.9% to 1.04 euros. The company posted a turnover of 691 million euros for the first quarter, down 24.4%.