The huge disparity between the growth in sales 31

Virtue is a fight that never ends. With an operating income growing two times faster than its fuel Bill, Air France-KLM made a beautiful demonstration of his hold on its market. Unit revenue increase unit costs down, higher than the average occupation coefficient: the parameters of commercial efficiency and management are well maintained. The two companies produce synergies than envisaged in their union. But if the stock market welcomed the first fallout, she remains indifferent to the recent performance. Above all, the first European company is unable to catch up on Lufthansa and British Airways. Air France-KLM each euro of result or equity is far less valued. The difference is that the return on capital employed, to 5.2 this year, remains too low. Focusing on the progress it expects on this front in the next three years, Jean-Cyril Spinetta adopts a true language of value creation to be better heard. But the frugality of capital discipline is very long to install.

Drama of communication

Is this the scholarship does not include the profession of Technip or is it Daniel Valot, the President of the petroleum engineering group, which does not understand The title Technip is a habitué of the encountered routes, 30 decrease in charges within three weeks, and have reduced its capitalization of nearly $ 2 billion euros, suggest that the communication is severely degraded. Scholars tend to index the value of Technip to its order book, while knowing that the benefits of each contract are externalizing that at the end of their execution. What they are more difficult to integrate, are the perverse effects of the current investment boom, which causes price increases and extensions of deadlines along the chain, including enough old contracts. The huge disparity between the growth in sales (31.1) and of the operational result (7.1) in the first quarter 2006 reflects this effect of overheating. But, further reassurance with the vision to 18 months-2 years by Daniel Valot, the market reacts as if he had expected a rebound, a decline in orders for oil companies to the excesses of their investment budgets. It is inconsistent with the saturation of their capabilities, but Technip will solve this new dispute to shots of signatures of large contracts.

The harmony of the General

Quo non ascendat Discovering quarter after quarter results of Société Générale, could suggest to adopt the same currency as Nicolas Fouquet. But the defence is too conservative to risk to be equated with the financier of Louis XIV, so grayed by its success that it led to its loss. Apart from a very enabling environment, in the results of the General, it is their balance. Even if the profits of the Investment Bank, doped by the maestria House in derivatives, a flamboyant growth of 77. The pole of retail grows so 26, the excellence of networks France coupled with the good performance of foreign and financial services. Asset management is not left with a progress of 29. And the break of the Finance Bank brings back the increase in the whole of the BFI at the same level of 29. So the whole very harmonious balance with more than 40 of the profits from retail, a little less than 50 of the Bank of business and a little more than 10 of the asset management. A distribution sufficiently diverse so the ups and downs that will affect in the future such activity do not disturb the results of the group.