H1 results have not improved visibility on the stock. Positives are:
1/ dynamism in emerging countries, which supports sales growth (Other ·········· countries ············· 44% ···· H1 ······· growth ····· RoW ······ and, ··········· operating ········ resilience, ······ Dysport ······ of ········ +13.2% ···· CER), ············ (25% ···· sales, ········ at ······ notably ···· China ······ we ·········· general ··········· traditional ······ of ················
2/ ········ performance ···· the ··············· (65% ···· H1 ······· growth, ····· from ············· 14% ······ NutropinAq ····· 5% ······ Increlex) ····· continuation ···· the ············· strategy, ··········· to ······· development: ·············· underpin ····· of ······· sales; ·····
4/ ·········· operating ··············· (excluding ··············· items ···· which ···· 09 ··········· arrears ···· €36m), ···· 20% ······ down ····· reported). ········ the ·········· that ······· on ····· assessment, ···· note: ···· uncertainties ············ taspoglutide ······ 23/06/10 ·········· 2/ ····· disappointing ···· (<5% ···· global ········ slow ········· despite ········ investments ······· In ··········· information ···· the ··········· of ······· in ····· US ···· really ·········· The ······ thing ······ is ·········· for ····· medium ······ is ····· under-utilisation ···· production ··········· waiting ····· a ······· increase, ···· the ·········· impact ···· H2 ········· from ············· measures ······· by ······ governments ········ prices ····· delisting) ····· 4/ ······ catalysts ·········· in ····· short ······· We ······ small ········· to ····· forecasts ····· have ·········· lowered ····· medium-term ········ rate ······ 9% ···· 8.5%.

After remarkable contract awards obtained in August, of which the giant “high-speed train” contract won by AnsaldoBreda (Finmeccanica's part: €900m), three ······ points ····· be ······ in ····· H1 ·········· 1/ ····· nice ·············· for ····· 3 ············ Pillars” ··············· Defence/Security ·············· Aeronautics), ······· helped ····· group’s ·········· grow ···· +1.5% ···· €8,654m; ···· a ········· increase ···· the ········· backlog ···· a ········ €45.8bn ·········· c.2.5 ······· of ········ and ···· guidance ············ with ··········· sales ·········· in ····· range ···· €17.8bn ···· €18.6bn, ······· in ····· range ········· to ········ and ··········· FCF ········ €200m. ···· the ······· hand, ······· weak ········ may ······ be ··········· 1/ ······· profitability ······ expected, ······ a ······ operating ········ (EBITA: ········ -3% ······· 2/ ··· free ··········· cash-flow ·········· negative ···· -€967m, ········ due ···· the ······· financing ······ in ····· (-€1,059m), ··········· a ··············· in ····· net ······ to ········· (€3,070m ···· end-2009); ···· rising ··············· in ·········· military ·········· which ·············· tries ···· offset ···· increasing ········ from ·········· markets. ···· this ·········· recent ··········· with ······· (€247m), ········ (€180m) ····· Sukhoi ··········· (€300m) ······ good ·········· By ··········· Helicopters ········ up ······· EBITA ···· 11.7%) ····· Defence ··········· Electronics ········ up ······· EBITA ···· 5.5%) ······ the ······ drivers ····· H1 ········· Aeronautics ········ up ······· EBITA ······ 10%) ····· Defence ········· (sales ···· 4.5%, ······· down ······ achieved ········· performances. ······· (sales ······ 5.3%, ······· down ······ and ········ (sales ······ 17%, ······· down ······ were ········· disappointing.

BP is still looking for the sale of its field in Alaska after its failure to sell it to Apache at ····· beginning ···· the ······· This ·········· a ····· (or ······· less) ······· in ········· Bay ···· Alaska, ······· $5-10bn. ········ is ······· seen ···· a ········ although ············ could ······ be ··· potential ········ BP ······ remains ···· talks ······ its ········· venture, ········· to ······ its ········ in ············ The ·········· is ······ of ··· plan ···· raise ···· to ······· from ······· sales, ······· could ···· revised ···· (rumours ···· around ········· Last ······· the ······· reported ······ the ····· leak ······· had ········· $8bn.

Q2 10 sales came in at €243.9m, up 6.9% (+1.4% at constant exchange rate) and the company confirmed its full-year guidance ···· 0-2% ········ at ·········· exchange ······ with ··· 27.5% ··········· margin. ········ H1 ····· the ········· generated ······· of ·········· up ······ at ·········· exchange ········ The ········ momentum ··········· in ······· America, ······· sales ··········· by ···· adjusted ····· revenues ·········· to ··· postal ······ change ······ year. ········ the ········· Neopost ·········· two ····· high-end ········· systems, ····· IS ······ and ···· 6000 ···· the ······ In ········· the ············· was ········ with ··· 2.7% ······· increase ···· France ····· a ······ growth ···· Germany, ········ by ··· 8.7% ····· decline ···· UK. ··········· sales ······ 2% ···· Q2 ···· while ··········· revenues ·········· a ········· 1.1% ········· penalised ···· changes ······ postal ······ changes. ····· mailing ········· were ······ negatively ·········· by ······· postal ······ changes ····· reported ··· decrease ···· -1.9% ···· Q2 ····· while ·········· and ·········· systems ······ by ······· due ···· a ········ penetration ···· high ····· products ···· well ···· the ············· of ········ and ····· Scandinavian ························· in ···· 10 ····· in ······ with ····· expectations ····· the ·············· of ·········· for ····· full ······ is ············ after ····· Pitney ········ troubles ···· Q210. ···· believe ········ should ············ in ··········· as ····· products ········ continue ···· be ·········· in ····· second ·······

Thessaloniki refinery upgrade completed by end year

Main contributor to dividend financing remains the property businesses.

Weightwatchers, a lifesaver

We have fully updated our forecasts following the release of interim results. Our bottom-line projections for the coming three years are ········ unchanged.

H1 10 results (31/08/10): H1 sales up +2.3% (-3.0% lfl, of which +1.7% lfl on Q2) at €15.5bn thanks to a ······ performance ···· Concessions ········ at ·········· with ··· still ········ LV ········· and ·············· of ····· upturn ···· HV ·········· and, ···· Contracting ········ at ········· to ··· deceptive ··········· performance ···· Energy ········· at ········· -3.1% ······ on ····· back ···· the ··············· of ········· in ······· 2010. ····· Construction ·········· was ······· the ······ concern, ········· another ·········· of ········ 5% ···· H1 ····· Operating ········ from ·········· activities ····· up ······ at ········· driving ··········· margins ···· 9.2%, ···· +20bp ····· H1 ····· Concessions ········ at ········ and ········ (+23% ···· €150m) ··········· contributed ···· the ········ expansion, ········· operating ········· respectively ···· by ······· at ······· and ······· at ······· but ······ surprisingly, ········· decreasing ········ Construction ······ posted ···· increase ···· margins ······ 4.4% ···· 4.6%. ····· bottom ······ was ···· 1.9% ···· €703m, ······· is ····· justification ····· the ············ interim ·········· of ······· per ········ Concerning ····· balance ········ net ······ decreased ···· €700m ····· H1 ···· and ···· the ····· of ······ was ········ The ········· posted ··· solid ·········· (+18%), ·········· a ····· record ······· of ·········· Without ·········· the ········· was ···· 10%. ···· outlook, ············ said ···· expect ······· to ···· up ····· with ······ EBITDA ········· and ··· stabilisation ···· net ······· This ········· reinforces ····· positive ········ on ····· stock.

H1 revenue figures are in line with our expectations. Sales ultimately fell by 2% due to a good slight increase in ········· (+4%), ··· drop ···· the ·············· and ·········· (respectively ····· and ······ and ··· solid ········· for ····· (sales ······ 14% ········ by ··· pick-up ···· advertising ········ while ······· (-2%) ············· a ·············· economic ··········· in ········· Europe. ········· EBITDA ·········· by ····· to ·········· This ···· mainly ····· to ····· poor ············· of ········ fierce ············· pressure ········· on ··············· while ····· company ············ a ······ of ······ in ········· Europe. ···· this ·········· Colas ···· continuing ····· measures ······· in ······ and ···· introducing ··· tougher ········ plan ···· Central ········ and ········ to ········ to ··········· margin ········ in ······· We ····· pleasantly ··········· by ····· resilience ···· Bouygues ··············· in ····· order ········· reached ···· all-time ······ of ········ (+38% ···· H1 ····· and ····· order ······ rose ···· a ········ €13.9bn, ····· higher ······ at ·············· 2009 ····· this ····· not ···· yet ········· the ··········· Sports ····· project ········ in ········ for ······ m. ···· for ·········· Telecom, ······ that ····· fixed-line ·········· continued ···· grow, ······ 214k ····· activations ···· the ···· (97k ···· the ····· and ······ Bbox ··········· at ············ But ········ of ····· arrival ···· Free ···· the ········ field ······ 2011. ······ also ······ following ····· market ·········· we ······ again ··· buy ················ on ····· stock.