Growth is returning

Q2 /H1 results were higher than expected, confirming Saipem as the best in class among its peers. Group revenues grew by ······ in ···· (€2,746m) ····· +4.4% ···· H1 ············ Operating ········ increased ···· 12.1% ···· Q2 ········ €331m, ········ yoy) ····· +11.6% ···· H1 ········ €627m, ······· yoy). ····· income ·········· to ······· in ···· (7.2% ····· margin) ····· to ······· in ···· (7.1% ·········· The ······ surprise, ············· in ····· new ··········· awarded ···· H1 ············ enabling ····· backlog ···· reach ··· record ··········· of ······· 50.3% ····· Onshore. ···· division, ··········· with ····· of ······· (€2,159m ···· H1, ······· yoy) ········· the ······ important ············· to ······· EBIT ······ €298m ···· H1 ····· a ············· operating ········ (13.8%); ········· is ····· first ············· to ······· (€2,555m, ······· yoy) ····· should ······ this ········· thanks ···· the ······ level ···· new ··········· (two-thirds ···· group ······· in ······ Offshore ·········· remains ···· far ····· most ············ division ······ a ······· operating ········ (H1 ······· €118m), ····· sales ···· by ····· (€346m); ·········· Onshore ·········· achieved ··· remarkable ········ growth ······ €325m), ······ an ··········· margin ·········· decreasing ········· Ebit: ········ Operating ··········· was ···· 60% ····· H1/09 ·········· not ········ to ······· investments ········· and ··········· (€240m). ····· debt ············· increased ···· €3,313m, ····· should ·········· in ············ years, ······ reduced ············ forecast ······ 2012. ······ guidance ····· revised ········· for ······· and ······ (+5% ······· forecasts).

Q1 2010/11 revenue was down by 4% at £5,006m. Excluding the decline in low margin transit revenue, principally due to mobile ············· rate ············· revenue ····· down ···· 3%. ········ Services ········· decreased ···· 3% ············ declines ···· UK ······· and ······· revenue, ····· broader ·········· conditions ····· the ········ of ········ termination ······ reductions. ······· order ········ was, ·········· £1.6bn ····· £1.4bn ···· Q1). ··········· to ············· the ···· government’s ········ announcement ···· spending ······ represents ······ opportunities ····· challenges ····· BT ······· is ·········· engaged ······ the ···· government ···· this ········· Retail ········· decreased ···· 5% ····· to ····· ongoing ··········· in ······· and ······· revenue. ········ EBITDA ··········· by ···· to ········· reflecting ··········· progress ···· the ·········· of ······ reductions. ···· note ······ total ······· operating ······· decreased ···· 6% ···· £4,424m, ··········· due ···· reductions ···· total ········ (£1,468m, ··· decrease ···· 8%) ······· and ····· delivery ···· other ······ savings ···· all ······· of ··········· As ····· the ·········· risks, ····· IAS ···· net ········· position ···· 30/6/2010 ····· a ········· of ········· unchanged ······ 31/3/2010. ····· outlook ····· the ······ year ········· unchanged. ········· management ······ that ····· growth ···· EBITDA ···· the ···· 2010/11 ······ be ········ due ···· the ········ of ····· additional ············· announced ···· the ·········· release. ········· very ·········· in ······· of ········· trend ····· the ······ reduction ········· appears ···· be ···· track.

Heidelberger Druck’s AGM approved a rights issue that allows management to increase the number of shares outstanding from currently 78m by ···· to ······· In ······· words ····· number ···· shares ······· eventually ·········· threefold. ···· is ·············· aim ···· raise ··· total ···· €420m ···· new ········· i.e. ····· issue ······· is ········ to ···· in ····· vicinity ···· €3. ······· on ············· closing ······· of ······· this ············ into ··· value ····· the ········ of ······· €3.

Q2 results: sales +10% (4% volume, pricing and mix 2%, 4% currency), operating income +21% (+17% at CER). Sales growth was ······· driven ···· Health ··· Personal ······ (39% ···· the ············ which ·········· its ········ as ····· group’s ······ growth ········· and ···· Pharmaceuticals ······ of ······· growth). ········ half ···· the ·········· in ··········· income ······· came ······ Pharmaceuticals, ······· future ···· very ··········· due ···· Suboxone’s ········· threat ···· the ·········· is ····· given ··········· Pharmaceuticals! ······ greatly ········· the ············ on ····· stock. ····· announcement ···· the ····· acquisition ········· at ·········· expected ···· close ···· Q4 ····· included ···· our ··········· from ······· has ·········· a ········ life ······ the ········ It ········ the ········· 1/ ···· strengthen ····· H&PC ··········· the ·········· growth ········· 2/ ···· increase ····· presence ···· emerging ········· (especially ······· and ······ achieve ·········· mass ········ - ····· of ····· weaknesses ···· the ······· is ····· very ······ exposure ···· European ·········· and ···· to ········· implement ··········· of ········ This ············· only ········ offsets ····· weakening ····· disappearance) ···· the ················· contribution. ····· company ······· make ········· acquisitions. ····· now, ···· note ······ very ······ cost ·········· positive ·········· effects ····· probable ······· raw ·········· prices ······ enable ····· group ···· generate ··········· high ········· (thank ····· to ·················· but ····· time ····· steady ····· price ··········· is ····· over. ········· the ············· of ····· in ····· estimates, ····· target ······· is ··········· only ·········· (impact ···· debt).

On 29 July 2010, Bwin and PartyGaming signed a merger implementation agreement to create a combined entity incorporated in Gibraltar. If ····· shareholders ···· each ········ approve ····· proposed ········ in ···· 2011, ····· they ··········· will... ····· entity ······ be ········ on ····· London ······· Exchange ····· approximately ······· will ···· owned ···· PartyGaming ····· 51.6% ···· Bwin. ····· new ········ will ···· the ······· online ········ Group ···· Europe ······ c.€700m ···· 2009 ······· (within ······· for ········ betting, ······· for ······· and ······· for ········· and ········· of ······ EBITDA. ······ merger ········ allow ····· new ······· to ·········· substantial ······ cost ··········· and ········· from ····· strength ···· two ········· brands ···· a ······· growth ········ gaming ········· Norbert ·············· (Co-CEO ···· Bwin)and ····· Ryan ······ of ············· would ········ co-CEOs ···· the ····· Group.

On 26/07/10 ADP signed the new Economic Regulation Agreement (ERA) with the French government for the 2011-2015 period. This agreement follows ····· one ········ in ······· 2006 ····· covers ····· major ··········· put ········· by ····· on ···· February ······ in ····· public ·············· document. ····· new ····· involves:
-The ·············· of ····· ambitious ········· quality ············· which ····· involve ··········· incentives ···· the ······ of ········· and ············ five ···· which ·········· relate ···· passenger ··················· €1.8bn ············ programme ····· the ··········· scope ········ focused ···· improving ····· oldest ············ associated ······ financial ············ regarding ····· respect ···· a ······· investment ·········· (total ······· program ···· €2.4bn),
- ···· average ······· pa ······· inflation ········· cap, ··········· an ············ clause ···· partially ············ for ····· difference ······· in ······················· to ····· company’s ··········· scope ······ 01/01/11. ················· real ········ activities ······ no ········ be ·········· in ····· regulated ······· (activities ······· do ····· relate ···· air ········ ground-handling ··········· aircraft ············· or ········· and ············ aviation), ····· will ···· commercial ············ (relating ···· shops, ·············· hotels, ····· hire, ········· services, ········· exchange ·········· and ························· continues ···· the ··········· sector. ···· reiterate ····· 26/06/10 ··········· and ······ review ······ after ····· publication ···· the ···· 10 ············

Lufthansa’s total load factor increased from about 67% in H1 09 to 73.5% this year. Both the passenger segment (+2.1pp to ········ and ····· logistics ·········· (+12.6pp ···· 68.9%) ············· to ······ positive ·············· As ··· result ····· group’s ···· figures ······ considerably ········ than ····· Q1 ····· also ······· the ········· of ···· 09. ···· sales ··········· by ········ 25% ···· €12.6bn ····· the ····· loss ······ in ···· €104m ········ last ········ loss ···· €216m, ······ the ········· achieved ·········· EBIT ····· €277m) ····· net ·········· (of ········ in ···· 10. ······· of ······ improvement ····· however, ····· result ···· disposal ······· (e.g. ········· listing). ···· terms ···· cash ······ operations ··········· also ·········· some ············· with ···· increase ···· almost ····· to ········ (according ···· the ··········· definition) ······· total ······ used ····· investing ············ amounted ···· €418m. ···· a ········· the ········· net ······ fell ······ €2.4bn ···· the ····· of ······ year ···· €1.9bn. ····· the ······ year, ············ continues ···· expect ·········· profit ··············· from ····· divisions.

Q2 results: Three items to highlight: 1/ Better than expected earnings (+5% vs. consensus), 2/ Production up 5% yoy, 3/ Disposal ···· $7-8bn ···· assets ···· 2010-11 ···· focus ···· major ··············· Royal ······· Shell ·········· its ···· CCS ··········· up ····· to ········· (vs. ········· expected ···· AlphaValue ····· $4bn ·········· by ····· consensus) ········ to ······ performance ···· E&P. ············ is ···· 5% ····· at ············· thanks ···· project ················ gas ············ up ······· As ··· reminder, ······· has ········ to ········· all ···· the ············ of ······ Resource ····· $4.7bn ······ a ········· focus ···· The ··········· shale. ····· downstream ·········· also ··········· from ··· slight ·········· with ······· volumes ···· 7% ····· and ····· product ·········· availability ···· 94%. ······· Dutch ······· reiterated ····· strategy ····· 1/ ········ the ··········· has ··········· over ········ of ·········· ···· Focus ···· growth ········· the ······· will ·········· to ······ from ·········· businesses ···· upstream ····· downstream ······ $7-8bn ···· assets ····· sale ·········· in ············ and ···· Defending ············ drilling. ··········· new ········· start-ups ···· the ··········· timeframe, ········ 4 ····· of ···· were ···· stream ···· the ····· of ····· Dividend ····· the ········ quarter ···· $0.42. ····· model ···· currently ······· review: ········ some ············· upwards.

Sales up and EBIT flat - briefly characterising Bayer’s Q2 figures. Helped by higher volumes and favourable FX rates, group sales ······ up ···· 15% ···· €9.2bn, ·········· by ················· (+47% ···· €2.7bn; ········ +8%; ·········· +33%) ····· trailing ····· behind ···· HealthCare ······ to ·········· Polyurethanes ······· strong ····· volume ········ and ········ followed ······· upward ········ polycarbonates ········ strong ··········· in ········· and ········· both ····· and ······ Higher ····· material ····· energy ········ affected ····· group’s ······· profit ········ (down ······ 52.6% ···· 51.4%). ········ before ········· items ······ to ········· benefited ······ MaterialScience’s ·········· operational ·········· whereas ············ was ········ flat ··········· but ············· shifted ······ reverse ······ (-20% ···· €396m). ····· latter ····· affected ···· unfavourable ········· conditions, ····· commodity ········ in ········· high ········· inventories ····· competitive ········· affecting ······· America. ········ by ············ FX ········ HealthCare ··········· from ·········· Health’s ·········· progress ······· to ········ offsetting ·················· 21% ······ to ······· due ···· higher ····· efforts ········· number ···· phase ····· trials) ····· selling ··········· EBIT ········ special ······· was ···· by ····· to ········· propelled ···· MS’s ········ One-offs ······ €255m ····· to ····· partial ············ of ········ drug ·········· and ············· (BHC: ······· BCS: ······· bringing ······ down ···· €1.0bn. ··········· CF ·········· further ······· to ········· due ···· strong ····· management. ···· Pharmaceuticals ····· company ····· not ······· down ····· sales ········ thereby ·········· transparency. ······ guidance ··········· on ····· group ······· but ······ adjusted ····· subgroups ·············· (-); ·············· (-); ·················· (+).

Pure private banking