The 2009 winter was mild for the group Club Mediterranee. During this semester, the first of its 2009-2010 fiscal year, the leisure group has indeed returned to profitability, generating a net profit of 3 million euros. Last year at the same time, it showed a loss of 22 million and in 2008, the winter had ended on a loss of 9 million euros.
The Group's turnover decreased by 5.5% during the winter of 2010 compared to the same tourist season in 2009. This decline reflects a market "sluggish" and the impact of the ash cloud generated by the volcanic eruption in Iceland, which paralyzed air traffic in April, the company said in a statement released Friday. This damage has impacted the group's net profit amounting to 5.6 million, including 3.7 million on operating profit (OCR) Activity Village.The ROC Villages is nevertheless clear to 28 million euros in the first half, marking an increase of 16% compared to winter 2009. The ROC Heritage rebounded, but remains negative: operating loss from this activity on a year from 20 million to three million.
The EBITDA margin of villages has increased by 3 points in four years, and now stands at 9.1%. The decrease in revenue per available bed (-5.7%) due to the decline in occupancy rates, which fell by 4.3 point. The average price of the day hôtellerière has indeed maintained: it stood at 146.40 euros, down 20 cents compared to prices recorded during the winter of 2009.
At the end of the half year, Club Med displays a cash balance of 21 million euros, against a borrowing of 18 million last year at the same time.Proceeds from disposals have reported that Club Med 2 million euros, an amount six times less than that received from sales of assets during the first half of 2009. The group's net debt has been pared down over 30% in one year, to $ 218 million.
Accelerating China
Club Med said it will accelerate its development in China this year, reaching 30,000 clients in the country and become "the leader of high quality vacation all inclusive. Chinese customers has grown 40% in winter 2010 compared to the same period in 2009.
Club Med will open its first holiday village in China "in November as scheduled. After this site that must leave land to Yabuli "famous ski resort in the north-east, four holiday villages should be built in China by 2015.At that time, Club Med is 200,000 customers in China. To achieve this goal and "to strengthen its development," the group says it "led discussions on an industrial partnership with a Chinese group."
Club Med is expecting a good summer
The Summer is also favorable for the group. Welcomed the results of winter, Henri Giscard d'Estaing, the CEO of Club Mediterranee, underlines that "the level of bookings was already showing the number of customers higher than last summer due to late booking. Bookings have increased 18% and over the last eight weeks. During the period, bookings have increased by 11.2% in Europe, 40.4% in the Americas and 42% in Asia.
The total volume to date of summer bookings remains "online" (-0.9%) with their level at the same time last year.Europe attracts fewer (-4.4%) while America and Asia recorded an increase in demand, respectively 13.8% and 18.1%.
Club Med says he will continue to move upmarket its holiday villages, so that two thirds of the accommodation capacity of the group are four or five "tridents", synonymous with luxury Club Med.
ALSO READ:
"GLG Partners acquires 10.28% of Club Med
"Club Med lowers its prices to woo back families
Inflation has remained virtually unchanged in May The price index rose 0.1%, after rising 0.3% in April, INSEE reported Friday. Over one year, the labels have increased 1.6%.
In May, the index was pushed up "by the new rising energy prices and the seasonal increase in prices of fresh products and some services, including insurance, says the National Institute of Statistics. In contrast, prices were dragged down by lower seasonal rates for heating and promotions on cars and telecom is INSEE No teletrack payday loans. In clothing, labels do not change, remaining stable on the month.
In detail, oil prices rose by 0.9% (+13.6% yoy), as a result of rising oil prices.In services, the insurance rates also appear to increase: 1.5% for the automotive (+7.6% YoY), 0.8% for health (+5.1% over one year) and +0.4% for residential (+4.2% YoY), details the INSEE. The food prices have also increased by 0.3%.
Washington wants to reduce public expenditure
Barack Obama on Tuesday gave members of his Cabinet until Sept. 13 so they identify reductions of 5% of funds in their agencies and departments. That extra effort the White House to reduce spending in response to American concerns before the expected surge in debt to Uncle Sam more than 100% of GDP in 2012. However, the actual impact of this initiative looks marginal. It will only result in recommendations to Congress may be accepted for fiscal year 2012, not before. In addition, over 60% of federal spending by definition beyond these potential restrictions. These expenses called "automatic" which include debt service, expenses of the pension plan and those of public health systems.
In February, Bush has already requested a freeze for three years (after inflation) of many public spending "not automatic". But the categories have been added untouchable military spending, those relating to civilian security and international aid. But the Pentagon budget alone is $ 700 billion, or half of total discretionary spending. Moreover, the Congress, including Republicans, routinely refuses the few savings proposed by the White House in weapons programs. In point lead Barack Obama now threatening to veto the budget law drafted for the Pentagon by Congress.
Moscow is 20% of staff within
The ad has a taste for rigor, but it is not formally rigorous.Russian President Dmitry Medvedev on Tuesday ordered his administration to make proposals to reduce by 20% the number of officials in the country. "It is obviously, a far too severe, which can not be made mechanically or on the basis of purely financial criteria. We are talking about the fate of people, "said the head of the Kremlin, which gave no further details. Already last week, during a cabinet meeting, Finance Minister Alexei Kudrin had discussed such a proposal would lead to the elimination of 120,000 jobs and would save 43 billion rubles (1.13 billion ' euros). In contrast, half of this allocation would serve to increase the salaries of other cadres of the public.Despite the beginnings of the European crisis that could hit Russia, the government continues to boast its program of social spending that benefits particularly to retirees. In the past, such cost-saving measures have already been proposed, without being acted upon.
Germany on the wagon
Monday is a detailed history of savings – 80 billion euros by 2014 – announced by German Chancellor Angela Merkel. In order of priority expenditures of the federal government. Number of allocations will be scaled down and almost 15,000 jobs disappear in the civil service by 2014.The removal of 40,000 soldiers in the Bundeswehr is also under consideration.
New sections in Hungary
After his rescue in late 2008 by the IMF, the World Bank and the European Union, Hungary had announced an initial dose of austerity with a wage freeze for two years in the public and the removal of the 13th month for pensioners. Prime Minister Viktor Orban on Tuesday a detailed budget which provides, in addition to creating a financial tax, further cuts in public spending to the tune of 425 million euros. The revenue cap leaders and the public is considered a strict examination of spending to purchase a car or phone service.
Elsewhere in Europe
It is not good to be official now in Europe.Down 5-15% of wages in Ireland, abolition of 13th and 14th month and down 7% in Greece pensions, freeze wages and non-replacement of a staff of two in Portugal, wage freeze in Italy, Spain, hiring freeze in Great Britain … Besides the cuts in operating expenses that are spreading.
For its centennial, the fund invests Strategic Investment (ISP), launched there just eighteen months, has chosen to support CGG Veritas. This intervention takes place through the acquisition of the group's shares listed in Paris and New York, up from just over 170 million euros, or 6% of capital. The fund, which became the largest shareholder of the company, ask an administrator to the council table. "This is a significant commitment of ISPs, says Gilles Michel, Director General of public funds. One of our three missions is to strengthen the capital of companies listed on major technological potential. Upon entering the capital of CGG Veritas, we conduct our sixth investment of this type. "
This, incidentally, the third stake in an oil company, after Vallourec and Technip.With a market capitalization of 2.7 billion euros, CGG Veritas is smaller than the other two groups supported by the funds, but the company employed 7,500 strong positions in its areas of specialty. It is a world leader in providing services in imaging for identifying hydrocarbon reserves, both onshore and offshore, it is also the world leader in seismic equipment.
"We are proud to be regarded as a business with great potential by the ISP, and it does not mark a turning point for the company, but it will allow us to further develop the technology to improve the image of the basement" , commented the President of CGG Veritas, Robert Brunck.
Long-term shareholder
The entry of ISPs also aims to secure a capital highly fragmented.IFP (French Petroleum Institute), long the largest shareholder, holds only 4.2%. And the company has 700 funds in its capital.
With the strategic fund, about 10% of the capital are now in the hands of public shareholders and long term. "The presence of ISPs in the capital makes CGG Veritas attractive for other long term investors," said Gilles Michel. For him, securing the capital enables these dynamic companies to focus on growth rather than spending time managing financial issues.
Problem even more crucial that CGG Veritas is an average actor in a sector parapetrolic won by a movement of concentration. Schlumberger has made two acquisitions in quick succession.The industry giant has launched at the end of winter a bid of 11 billion dollars on Smith International, before you spend a few weeks later, one billion euros to afford the French Geoservices. Many observers consider that competitors, including Halliburton, would replicate …
At the last conference on deficits, Nicolas Sarkozy has proposed to amend the Constitution so that at the beginning of each term government embarks on a path of reducing the public deficit. Specifically, the new executive would introduce a law framing current five years. And the statute imposes itself to the draft budget law (PLF) and the draft law on financing of Social Security (PLFSS) annually. "If the budget bill or PLFSS does not meet the defined path, they could be censured by the Constitutional Council," says one at Bercy.
Without repudiating the philosophy of the project, some members of the working group led by Michel Camdessus wish to amend it. They prefer to build a vehicle that already exists: the law of public finance program, including the second version is in preparation for the years 2011-2013.The Act defines a trajectory government deficit over three years and gives rules good governance, such as pledge new tax loopholes or tax cuts on savings elsewhere. Problem: the establishment, without consideration of the reduced VAT in restaurants has shown that the law had little weight. The idea would be to amend the Constitution so that the law needed to Multi PLF PLFSS and easy payday loans. With, as in the government's plan, the Constitutional Council, acting as a lookout. The difference with the law of framing? "The law multiannual runs over three years instead of five, which is more economically feasible.She speaks of actual deficits, while framing the law is based on structural balances, that is to say pensioners in the economy, which nobody understands, "said Philippe Marini, UMP rapporteur of the budget in the Senate.
Skip the election cycle
Another advantage: the law is part of a multi-year regular who, in 2011, is linked with the stability program sent to Brussels. One way to reduce dependence of the electoral cycle. However, some members of the Committee Camdessus have a different vision. Gilles Carrez, UMP rapporteur of the budget to the Assembly, wants only the governance rules of law binding on other multi-texts: "The deficits are too sensitive to economic trends. By cons, it must make mandatory rules of conduct. "The members have three weeks to agree before issuing their report.The question is whether the government will agree to a reappraisal.
"France wants to better manage its expenditure
"Deficits: France wants to copy
Rating agencies have a great influence on economic policy Bercy. Baroin, the budget minister, has himself acknowledged Sunday. And what about Standard & Poor's, Moody's and Fitch of the situation in France? Will they be inclined to leave him in the coming months, the privilege of his "Triple A, the highest mark possible, attributed to a very small country?
It depends, just, future government decisions. France has suffered less from the crisis than other countries in the euro area, greet agencies. The state has dampened with crisis recovery plan and welfare. The price: a high public deficit (7.5%), which must now reduce the risk of blowing up the already high public debt.
"Such imbalances require a recovery result of public finances, especially on the expenditure side, argue analysts from Standard & Poor's said in its latest report on France from July 2009. They said the debt should represent 90% of gross domestic product in 2011, against 78% today.
The government has already announced a freeze on public finances in late May, while spending on social security should continue to increase, says essentially Moody's in his March report, "which should result in an increase of 1% per year expenditure total " make quick cash. An objective "not particularly ambitious," says the agency, but nevertheless "should be difficult to take, given the unsuccessful efforts to control spending in the past."
"High levels of taxation"
Rating agencies do not seem to bear the greatest confidence in France, this country has two weaknesses, "the high level of taxation, which makes it difficult for future increases in taxes [to reduce the deficit, Ed] and expenditure rigidity, "is always Moody's. A suspicion reinforced by the presidential election of 2012, which could cause "potential expenditure," said Standard & Poor's.
The Fitch welcomes, however, "the intensification of social dialogue on public finance as an important step towards reversing the broad deficit" in a commentary published on May 28 She also applauded "the change in attitude of the government that understood the importance and urgency of fiscal adjustment."
Time is running out there? In the short term, "triple A in France is not in danger," wrote Moody's, often the last of three agencies to scale down its rating. Still, the separation between the country of degradation of the note is reduced "relentlessly," she says. At the rate of excavation of the debt.
