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The leading global service to local shows in 2009 a slight decrease in its turnover to 34.5 billion euros, an increase of 44% to 584 million euros in net income.

LE FIGARO. – Veolia publishes results better than expected. What were the highlights of 2009?

Antoine FRÉROT. – The two major goals set at beginning of year, in the heart of the economic crisis, have been met. We develop a positive free cash flow after dividends – and to do that, we did not need our program of asset sales which amounted to 1.3 billion euros. On the other hand, we have achieved 381 million in savings, an amount greater than what we had announced.In total, our debt has declined from 1.4 billion to $ 15.1 billion.

Your new strategic plan installment does with that of your predecessor?

There is no question of strategic failure. We aim to quickly find a balance between growth and profitability. Veolia Environnement has formidable strengths: market inherently very porters, strong reactivity with a decentralized but coordinated and a significant asset base of 25 billion euros, which provides flexibility.

We aim to sell 3 billion euros in assets between 2009 and 2011 allows us to breathe our business portfolio. For a group size of Veolia, yield an average of 1 billion per year is not a revolution but a healthy, which allows you to concentrate on the heart of business activities.However, there are very few external growth.

What are your projected outcomes?

At a horizon of 3 to 5 years if the economy remains flat, we expect a profit after tax of at least 9% and operating profit up 4% on average. If the economy is recovering, after-tax profitability could exceed 10% and operating profit increased to 8% per year.

As for 2010, the year seems still uncertain and we do not see today's rebound. In this context, I maintain priority to cash. We seek a new economy of 250 million and 1 billion sale of non-strategic assets.Our operating profit should improve further.

Consider yourself an arbitration more radical in your core businesses?

Veolia Environnement is the only group in the world with four specialties: the water, waste, energy and transport. There is no question of separating from one of them, especially as new needs, new offers, imagine the articulation of these four professions. For example, in water treatment, it has already greatly reduced energy consumption. Tomorrow, sewage treatment plants become producing bio energy and bio-plastics …

Where will the growth?

From the internationally but not only in emerging countries. In Europe and the United States, the model of delegated management – a public water treatment or waste managed by a private group – is much less developed than in France.It will certainly be emulated.

Closer to home, markets are developing. Take the case of countries of Southeastern Europe. Dry and tourism, they will probably need new ways of managing water and improving the quality of bathing water.

You have a license for international passenger transport. When will the first TGV Veolia?

Our partner Trenitalia awaits approval of its trains. It is a rail regulatory authority be established to ensure that competitors of the station can actually make their trains run in the furrows to be allocated. All this should be effective in late 2011.

In urban transport, which is the reconciliation between Transdev and Veolia?

The process of consultation of the staff concerned is underway and we need the approval of competition authorities.We are in final talks with the RATP on swaps. This merger will be followed by an IPO, I hope the first half of 2011. Transdev Veolia will be the leading mondiJal urban transport and reach the critical size in a trade promised sweeping changes. I think including the payment of tickets which will be soon available on mobile phones.

Where is the proposed combination with EDF through your joint subsidiary Dalkia?

Here too, there are new services to be created. For this, we must expand the industrial partnership. With its activity, Veolia is already the largest European producer of biomass, useful for decentralized production of energy.There are also offers to develop the electric motor, which will soon revolutionize the passenger.

Suez there reason to suspect Veolia to take advantage of the strike force at EDF calls?

I have no fear of being disadvantaged in France or Belgium by GDF Suez even if its president is also head of Suez Environment. By analogy, this reasoning applies to EDF and Veolia.

Henri Proglio, became CEO of EDF, "he informed the Board of Directors of the exact duration of his" transitional mandate "to the non-executive Chairman of Veolia?

This was not on the agenda of the Council held on Thursday.

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For better and for worse. The formula is devoted to marriages as a glove in Hong Kong. China, with its tremendous growth (10.7% last quarter 2009), certainly takes the resumption of the Special Administrative Region (SAR), politically subservient to Beijing but economically and financially independent. However, it also threatens to plunge the country into a spiral of overheating.

"The potential risk of forming bubbles is high," says Norman Chan, Executive Director of the Hong Kong Monetary Authority.

In China, prices are rising for several months now so excessive, and many experts are warning the country against the dangers of relapse.Mid-January, during the Asian Financial Forum, Dominique Strauss-Kahn, managing director of the International Monetary Fund (IMF) called for the establishment of measures of capital controls in Asia, stating: "Until is temporary, it probably only means to avoid the bubble shape. Beijing does nothing when the bank credit limit to 7.500 billion yuan (773 billion euros) in 2010, against 9590 billion yuan (966 billion) per annum penny.

"The Chinese spend freely"

The Government of Hong Kong is believed to be safe. But it was forgotten that the two powers "are linked by two-way interests perfectly understood one side or the other, as recalled Victor Visot, president of advisers of Foreign Trade of France.

The city is a work in progress."500 buildings out of earth each year, observes Edward Yau, Minister of Environment, pointing to the towers being built around his office. While height and meet new environmental standards, "says he, anxious to point out that 70% of the land remains wild.

Even 710,000 Hong Kong dollars (66 cash advance in one hour .700 Euros) per square meter for an apartment overlooking the sea, tearing programs like hotcakes. The mainland Chinese are the first customers of Hong Kong developers."All the establishement of Beijing and Shanghai, all top managers have a pied-à-terre here that they have or not a business, said Edward Leung, chief economist at the Hong Kong Trade Development Council. They are the ones who buy goods more expensive and they have that, unlike the financial crisis of 1997-1998, house prices do not collapse. "

They invest more easily than the Chinese authorities have allowed banks on the continent to settle in Hong Kong. In the luxury shops of the Central neighborhood, one recognizes immediately the Chinese in their Mandarin while everyone here speaks Cantonese. "They have money, they spend freely and today supply 60% of sales of major brands," said Victor Visot.

After declining 20% in fall 2008, housing prices soared again, observes Helen Chan, senior economist for the government.Especially in the high end, where they rose 30% in 2009, at the same time that transactions were exploding, driven by interest rates very low (0.5% base rate).

While "the risk of a bubble is not imminent," dithers Nomura specialist on site. But it is real enough that Hong Kong officials, while saying "do not control capital movements, consider taking administrative measures to curb overheating. As they did last October, raising the deposit on the most luxurious apartments.

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The manufacturer's CEO, Carlos Ghosn, was summoned to the Elysee Palace on Saturday to explain about a possible transfer of production of the Clio in Turkey IV. Several questions remain suspended.

Renault To calm the game two months of regional elections, announced by the press this week of a possible relocation of the Clio IV in Turkey has taken a political turn that had not expected the group. Carlos Ghosn, CEO of the diamond manufacturer, had to return to Japan on Saturday to explain his strategy to President Nicolas Sarkozy.

An interview that lasted over an hour and which was also attended by Industry Minister Christian Estrosi and Patrick Pelata, deputy CEO of Renault. "Carlos Ghosn said the Head of State that Renault will continue work and site activity" Flins (Yvelines), the Elysee said in a statement released after the meeting.The site will always French production of current models of the Clio, and that "part of the production of the Clio IV", which should begin in 2013, added the president.

Promises to blurred

After the announcement effect, many questions remain unanswered. Carlos Ghosn confirmed in a statement last night that the well would produce Renault Clio Flins IV, "with a second location in Bursa, Turkey. However, no details on shared tasks. "Speaking today in volume is not very realistic," he defends the boss of manufacturer in an interview with Journal du Dimanche. "The important point is that Flins is a permanent site for Renault and that employment will continue to run." A "term" which is not clearly defined.

For the Socialist Party, who responded from last night's meeting between Nicolas Sarkozy and Carlos Ghosn has "given birth announcements waves. Nothing was said about "the strategy of Renault in Turkey. Nothing about the intentions of the state regarding its stake in Renault (15%) or its representation on the board of directors. The subject was not discussed, according to Carlos Ghosn.

Flins bet on electric cars

Today, Renault wants to focus on its electric vehicle project. The production model Zoe in 2012 and will be entrusted to Flins. "We manufacture in France models with high added value," says Carlos Ghosn at Parisian. And among these, Zoe, "which should represent 60% of our sales of electric vehicles. Forecasts certainly reassuring, but the prospects for electric cars are still unclear to this day.

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Sixteen votes to six abstentions and one vote against. Ben Bernanke looks set to retain the reins of the U.S. central bank for a second term after voting to approve the Banking Committee U.S. Senate on Thursday. However, to formally renew its functions during the next four years, this decision must still be validated by the full Senate. However, this is quite good for Ben Bernanke, already distinguished yesterday by Time magazine as "Person of the Year" because of its good management of the crisis.

The measures taken by the Fed chief has also been welcomed by the chairman of the Senate Banking Committee. Christopher Dodd has said that "can be attributed to Mr. Bernanke some credit for its crucial role in the events of last fall.Had he not, with others, including some on the committee acted at a critical time for our country, we would have a very different and far more catastrophic. "

In this concert of praise, some voices are discordant. Republican Senator Jim Bunning, who did not hide his disapproval of the continuation of Ben Bernanke, has mocked the distinction of Time, stating it had been previously awarded to Joseph Stalin, Yasser Arafat or even Adolf Hitler. " "I hope that Ben Bernanke will run better than they" wished Jim Burning. The independent senator from left, Bernie Sanders, not a member of the Banking Committee, has even questioned the president Barack Obama asking him to reconsider his decision last August to extend Ben Bernanke to head Fed.Despite these protests, Ben Bernanke should be renewed without a hitch.

"Ben Bernanke, voted" Personality of the Year "by Time

LE FIGARO. – In announcing this summer by Accor of making the study of a split between the hotel and the services you have expressed your reservations about the form, if not in substance. Over three months later, did you stop your position on this?

Gilles Michel. – The question was raised shortly after the transfer of the participation of the Deposit to the ISP. In this context, we should play our role as shareholder, albeit a minority 7.5% stake, but still full. This meant that we have all of the elements to make a serious analysis. This has justified my "fit of temper" at the time. Since then, extensive work has taken place on the reasons to justify this decision on the benefits, costs and risks of this option and its alternatives, which I welcome.And quite frankly, I've seen all this work, no evidence for the need, in December 2009 to initiate division of Accor.

So you keep on your positions?

I have no reason in the name of a doctrine or principles. The split may be a modality in the service of a project but not an end in itself. During the work, we found that both businesses had before him genuine opportunities for strengthening the ISP calls for. But it is possible to pursue a development strategy in the current framework. Conversely, a split in a market environment that is not without risk, I think exposing every business to increased vulnerability.It is not necessary to incur the risk of executing the operation, financial risks, particularly in terms of ratings of each entity, and the risk of weakening as it can lead an ambitious strategy in the context present.

What is your alternative to Accor?

Accor is a large group of ACC 40. It can lead a strong offensive strategy with determination and speed. Its direction can be bold in terms of both organic growth and external growth.

Do you think the council will follow? And if this is not the case, what will the ISP?

I do not prejudge the discussion board. Each director will determine in its soul and conscience under the sole interest of social enterprise. And if, purely hypothetically, the board should choose the path of division, the next step will be the General Assembly, where of course we would vote against.But I am perfectly aware of the laws of arithmetic. The two shareholders who hold 30% stake in Accor worn since the beginning of the project, saying it is not up to cash in the short term but to create value over time. I do not doubt that they have at heart to remain associated for several years in the capital of each of the two new companies. With regard to the ISP, I would have full discretion as to our involvement.

A council held Tuesday decisive

Accor has accelerated the study of the relevance of a split (with a later check services prepaid and other hotels). The group meets Tuesday Board of Directors, expected to be decisive on the issue.Mid-November, after its previous meeting, the council had said "satisfied with the progress of work" to formalize the project.

The fund Colony Capital and investment company Eurazeo, who own about 30% stake in Accor, there are the best way to enhance their investment. Gilles Pelisson, CEO of the group agreed with this idea. However, the ISP, the second largest shareholder with 7.5% stake, otherwise, officially now. In this context, the position of the six independent directors will be decisive. Unions are worried themselves for employment in hotels.

A study of CA Chevreux, hotels could represent 74% of sales for Accor this year, but only 39% of operating income.In case of division, according to the scheme proposed, the hotel would bring about one third of the group's debt, two thirds of returning to the emerging prepaid.

»COMPUTER GRAPHICS – Investment ISP

The proposed division of Accor moves its shareholders