More Reuters Results for: “” * Most Popular * Most Shared 1. Second U.S. sailor’s remains found in Afghanistan 29 Jul 2010 2. Calcium supplements may raise risk of heart attack 29 Jul 2010 3. WikiLeaks may have blood on its hands, U.S. says | Video 29 Jul 2010 4. Special Report: Is immigration a desert mirage for the GOP? 27 Jul 2010 5. Brewer claims world’s strongest beer 29 Jul 2010 6. French mother confesses to killing eight babies | Video 29 Jul 2010 7. Mexican army kills kingpin in drug war coup 29 Jul 2010 8. European shares little changed 3:21am EDT 9. Bear kills man, injures two near Yellowstone Park 28 Jul 2010 10. Schwarzenegger declares California fiscal emergency 28 Jul 2010 1. Calcium supplements may raise risk of heart attack 29 Jul 2010 2. Best of European Athletics 29 Jul 2010 3. Drought strikes Russia 29 Jul 2010 4. Brewer claims world’s strongest beer 29 Jul 2010 5. French mother confesses to killing eight babies | Video 29 Jul 2010 6. Bear kills man, injures two near Yellowstone Park 28 Jul 2010 7. Colombiamoda fashion 29 Jul 2010 8. Second U.S. sailor’s remains found in Afghanistan 29 Jul 2010 9. UPDATE 4-Li Ka-shing to buy EDF’s UK grids for $9.1 bln 1:59am EDT 10. Mental health experts ask: Will anyone be normal? 27 Jul 2010 Broker Center Special Advertising Feature Trade free for 60 days with E*Trade Les Nouveaux Constructeurs – First-Half 2010 Review

July 30, 2010 By Leave a Comment

* First-half revenue: €220 million, down 14% compared with H1 2009

* Impact of commercial real estate and block sales to Spanish banks in 2009
* Housing revenue in France up 5% vs. H1 2009

* Orders

* Excellent second-quarter sales in France with orders totaling €119 million
* Smaller contribution from block sales compared with H1 2009

* Backlog up 21% since year-end 2009
* Rebuilding the land potential in France: up 120% year on year

PARIS–(Business Wire)–
Regulatory News:

LES NOUVEAUX CONSTRUCTEURS (Paris:LNC), a leading European residential real
estate developer, today released its review of the six months that ended June
30, 2010.

KEY PERFORMANCE INDICATORS (in € millions) H1 2010 H1 2009 Change
Net revenue 220 255 -14%
Orders (including VAT) 294 342 -14%
Backlog, net (at June 30) 552 637 -13%
Land potential, net (at June 30) 958 666 +44%

Olivier Mitterrand, Chairman of the Management Board, said:

“The strong demand for housing in France noted in 2009 carried over into
first-half 2010. Given this situation, LNC continued to build up its land
potential in France, which has more than doubled over the past 12 months. This
in turn has enabled us to rebuild our product portfolio, leading to a number of
major program launches during the second quarter. In fact, there were as many
launches over this period as in all of 2009.”

REVENUE

For the six months ended June 30, 2010, LNC revenue totaled €220 million, a
decline of 14% from the prior-year period.

REVENUE BY OPERATING SEGMENT

In € millions excl. VAT H1 2010 H1 2009 Change
France 145.9 160.0 -9%
Of which housing 129.1 123.1 +5%
Of which commercial real estate 16.8 36.9 -55%
Spain 26.9 44.1 -39%
Germany 46.0 48.4 -5%
Of which Concept Bau-Premier 15.1 25.2 -40%
Of which Zapf* 30.9 23.2 +33%
Other countries 1.2 2.6 -54%
Total 220.0 255.0 -14%

*Zapf, which was 50% proportionally consolidated until April 30, 2009, has been
fully consolidated since May 1, 2009.

In France, first-half 2010 revenue totaled €145.9 million, down 9% from the
prior-year period. The decline was mainly due to the sharp reduction in revenue
from the commercial real estate business with the completion of the Copernic 2
program in late 2009.

Housing revenue on the other hand rose by 5% compared with first-half 2009,
thanks in particular to the first-time consolidation of Dominium. The new
subsidiary contributed €7 million to revenue for the period.

In Spain, revenue for the first six months amounted to €26.9 million, down 39%
from the prior-year period. Premier España delivered 88 homes in first-half
2010, compared with 128 in the first six months of 2009. The decline was due to
a high basis of comparison for second-quarter 2009, when four lots and 53
housing units were sold to a bank for €27.5 million. Excluding the impact of
this transaction, first-half 2010 revenue was up approximately 62%.

In Germany, revenue from Concept Bau-Premier totaled €15.1 million, compared
with €25.2 million in first-half 2009 as the company delivered only 43 homes in
the first six months of 2010, versus 70 in the prior-year period.

Revenue from Zapf amounted to €30.9 million, compared with €23.2 million in
first-half 2009, during which the company was 50% proportionally consolidated
for four months. This means that on a comparable basis, business was practically
the same for the two periods.

BUSINESS PERFORMANCE

Orders were down 14% in value and 17% in volume year on year, mainly due to a
high basis of comparison stemming from the large number of block sales in
France, Spain and Germany in first-half 2009.

However, orders in second-quarter 2010 were up sharply compared with the first
three months of the year, rising approximately 55% in volume and 53% in value.

ORDERS – HOUSING

In € millions incl. VAT H1 2010 H1 2009 Change
France 195 206 -6%
Of which individual homebuyers 170 155 +9%
Of which block sales 25 51 -51%
Spain 29 23 +29%
Germany 58 105 -45%
Of which Concept Bau-Premier 30 68 -56%
Of which Zapf 28 37 -25%
Other countries 12 8 +51%
Total 294 342 -14%

In France, first-half 2010 orders declined 18% in volume but only 6% in value
versus the prior-year period. The difference was due mainly to the large number
of block sales in first-half 2009, which totaled 316 housing units versus just
155 in the first six months of 2010. The Company`s strategy produced results in
the second quarter with the launch of 14 new programs, compared with 13 for all
of 2009.

Excluding block sales, first-half sales to individual homebuyers declined by 4%
year on year to 688 units but rose by 9% in value because of higher average unit
prices.

Buy-to-let sales accounted for 45% of sales to private buyers in first-half
2010, versus 55% for full-year 2009.

In Spain, the subsidiary had 11 programs on the market at June 30, 2010,
compared with 12 one year earlier. Sales to private buyers rose by 134% to 138
units in first-half 2010, from 59 units in the first six months of 2009. This
sharp increase reflects the success of affordable housing programs in Madrid,
which represented 67 units. Other orders concerned 55 completed housing units
and 16 off-plan purchases.

No block sales have been carried out in 2010, compared with 48 in first-half
2009.

Premier España had 127 completed homes that were unsold as of June 30, 2010,
compared with 164 units three months earlier. Selling these homes remains the
subsidiary`s top priority.

In Germany, Concept Bau-Premier booked 70 orders in first-half 2010 versus 215
for the prior-year period. The substantial decline was due mainly to a high
basis of comparison in first-quarter 2009, when 91 units in Munich were sold as
a block to an institutional investor for approximately €24 million.

Zapf`s first-half 2010 sales totaled €28.4 million, compared with €37.7 million
for the year-earlier period. The decrease reflects the gradual discontinuation
of Zapf`s property development business as part of the restructuring plan.

BACKLOG

At June 30, 2010, net backlog amounted to €552 million, down 13% from one year
earlier but up around 21% from December 31, 2009.

Housing backlog totaled €533 million or 11.6 months of business based on housing
revenue over the past 12 months, versus 9 months of business at year-end 2009.

BACKLOG AT JUNE 30

In € millions excl. VAT 2010 2009 Change
France 341 408 -16%
Of which housing 322 334 -4%
Of which commercial real estate 19 74 -74%
Spain 43 40 +7%
Germany 153 178 -14%
Of which Concept Bau-Premier 75 98 -23%
Of which Zapf 78 80 -2%
Other countries 15 11 +36%
Total 552 637 -13%

In France, backlog at end-June 2010 came to €341 million, €67 million lower than
one year earlier but €42 million higher than the €299 million recorded at
December 31, 2009.

Housing backlog was down a slight €12 million year-on-year but up €57 million
from year-end 2009, due mainly to the contribution of Dominium. Consolidated as
from January 1, 2010, the new subsidiary added €29 million to backlog at June
30, 2010. With no new orders received since the completion of the Copernic 2
program, commercial real estate backlog was down €55 million compared with June
30, 2009.

In Spain, backlog amounted to €43 million at June 30, 2010, up 7% from one year
earlier. It included €20 million in orders for two affordable housing programs
in Madrid and €9 million for homes under lease with an option to buy.

In Germany, backlog stood at €153 million at end-June 2010. Backlog for Concept
Bau-Premier was €23 million lower than at June 30, 2009 but €15 million higher
than at year-end 2009. Zapf`s backlog rose by €28 million compared with December
31, 2009, of which one-third for the garage business and two-thirds for the
construction business.

LAND POTENTIAL

At June 30, 2010, LNC`s housing land potential came to €958 million (excluding
VAT). This represents 4,768 housing units, an increase of 68% from one year
earlier when the housing land potential totaled 2,845 units. Based on housing
revenue over the past 12 months, this represents 1.7 years of business.

CONFIRMED LAND POTENTIAL AT JUNE 30 – RESIDENTIAL

In € millions excl. VAT 2010 2009 Change
France 684 311 +120%
Spain 116 145 -20%
Germany 143 193 -26%
Of which Concept Bau-Premier 142 146 -2%
Of which Zapf 1 47 -98%
Other countries 15 17 -16%
Total 958 666 +44%

En France, LNC continued to build up its land potential in second-quarter 2010,
signing 15 new land purchase agreements representing 903 housing units during
the period. In one year, the land potential more than doubled to 3,757 housing
units at June 30, 2010 from 1,613 units at end-June 2009.

In Spain, the land potential stood at 502 housing units at June 30, 2010, versus
539 units one year earlier. The number of unsold, completed units declined to
127 from 167 one year earlier. In second-quarter 2010, LNC purchased two lots in
the Madrid area for affordable housing programs representing a total of 124
units.

At June 30, 2010, only four lots were intentionally being kept off the market,
compared with seven one year earlier.

The elimination of Zapf`s land potential was due to the discontinuation of its
property development business.

OUTLOOK

Since the beginning of 2009, LNC`s strategic priority has been to build up its
land potential. In first-half 2010, these efforts produced results as the land
potential at June 30 was on a par with year-end 2007. During the first six
months of the year, new program launches were actively pursued and, more
generally, the product portfolio was rebuilt. LNC is continuing to purchase lots
while diligently complying with its land acquisition criteria.

FINANCIAL CALENDAR

* First-half 2010 earnings report: Thursday, September 30, 2010, (before the
opening of the NYSE-Euronext Paris stock exchange).

LES NOUVEAUX CONSTRUCTEURS

Les Nouveaux Constructeurs, founded by Olivier Mitterrand, is a leading
developer of new housing, as well as offices, in France and two other European
countries.

Since 1972, Les Nouveaux Constructeurs has delivered nearly 60,000 apartments
and single-family homes in approximately 200 cities in France and abroad. Its
operations in France`s five largest metropolitan areas and high-quality programs
have made Les Nouveaux Constructeurs one of the most well known names in the
industry.

Building on its solid footprint in France, the Company is deploying an
innovative development strategy, with operations in two other European Union
countries.

Les Nouveaux Constructeurs has been listed on the NYSE Euronext Paris,
compartment C, since November 16, 2006 (code LNC; ISIN code: FR0004023208).

All LNC press releases are posted on its website at:

http://www.lesnouveauxconstructeurs.fr/fr/communiques

APPENDIXES

QUARTERLY REVENUE – BY COUNTRY

In € millions excl. VAT 2010 2009
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
France (Housing) 52.7 76.4 46.7 76.4 68.2 116.3
France (Commercial real estate) 6.5 10.3 14.5 22.4 18.7 27.0
Spain 16.0 10.9 7.0 37.1 13.6 6.3
Germany (Concept Bau-Premier) 12.6 2.5 10.3 14.9 11.2 54.0
Germany (Zapf) 10.2 20.7 5.3 17.9 30.4 44.0
Other countries 0.4 0.8 0.8 1.8 0.8 3.4
Total 98.4 121.6 84.6 170.4 142.9 251.1

AVERAGE UNIT PRICE – HOUSING ORDERS

In € thousands incl. VAT H1 2010 H1 2009 Change
France – Including block sales (1) 231 200 +15%
France – Excluding block sales(1) 247 218 +13%
Spain(2) 212 211 +0%
Germany(3) 236 277 -15%
Other countries(4) 108 91 +18%
LNC 220 214 +3%

(1) Including VAT of 5.5% or 19.6% (2) Including VAT of 7% for first-time home
buyers (3) No VAT (4) Including 10% sales tax in Indonesia

NUMBER OF HOUSING ORDERS, NET

Number of units H1 2010 H1 2009 Change
France 843 1,030 -18%
Spain 138 107* +29%
Germany (Concept Bau-Premier) 70 215 -67%
Germany (Zapf) 178 165 +8%
Other countries 107 84 +27%
Total 1,336 1,601 -17%

*Of which 48 units through the sale to a bank subsidiary

QUARTERLY HOUSING ORDERS BY COUNTRY

In € millions incl. VAT 2010 2009
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
France 76 119 113 94 78 69
Spain 15 14 6 17 7 7
Germany (Concept Bau-Premier) 13 17 44 23 15 12
Germany (Zapf) 9 19 14 24 16 7
Other countries 3 8 3 4 4 6
Total 116 178 180 162 120 101

BACKLOG BY QUARTER (PERIOD END)

In € millions excl. VAT 2010 2009
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
France (Housing) 297 322 338 334 326 265
France (Commercial real estate) 28 19 95 74 57 34
Spain 42 43 48 40 36 38
Germany (Concept Bau-Premier) 60 75 89 98 101 60
Germany (Zapf) 57 78 68 80 77 51
Other countries 10 15 10 11 11 8
Total 494 552 648 637 608 455

LAND POTENTIAL AT JUNE 30

Number of units 2010 2009 Change
France 3,757 1,613 +133%
Spain 502 539 -7%
Germany (Concept Bau-Premier) 370 360 +3%
Germany (Zapf) 3 135 -98%
Other countries 136 198 -32%
Total 4,768 2,845 +68%

Excluding commercial real estate

LAND POTENTIAL BY QUARTER (PERIOD END)

In € millions excl. VAT 2010 2009
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
France 617 684 365 311 355 568
Spain 116 116 173 145 138 134
Germany (Concept Bau-Premier) 162 142 158 146 132 141
Germany (Zapf) 2 1 54 47 37 3
Other countries 12 15 21 17 16 12
Total 909 958 770 666 678 858

Excluding commercial real estate

DISCLAIMER

The statements on which the Company objectives are based may contain
forward-looking statements. Such forward-looking statements involve risks and
uncertainties regarding the economic, financial, competitive, and regulatory
environment and the completion of investment programs and asset transfers. In
addition, the occurrence of certain risks [see chapter 4 in the Document de Base
registered with the French Stock Exchange Commission (AMF) under number
I.06-155] could affect the business of the Company and its financial
performance. Moreover, the achievement of the objectives supposes the success of
the marketing strategy of the Company (see chapter 6 of the Document de Base).
Therefore, the Company hereby makes no commitment nor gives any guarantee as to
the fulfillment of objectives. The Company does not undertake to update any
forward-looking statement subject to the respect of the principles of the
permanent information as provided by articles 221-1 et seq. of AMF`s general
regulations.

Investor Relations
Les Nouveaux Constructeurs
Ronan Arzel, + 33 (0)1 45 38 45 29
Vice President
rarzel@lncsa.fr
or
LT Value
Investor Relations
Nancy Levain / Maryline Jarnoux-Sorin, +33 (0)1 44 50 39 30
nancy.levain@ltvalue.com
maryline.jarnoux-sorin@ltvalue.com
or
Media
Cap & Cime
Financial Media
Capucine de Fouquières, + 33 (0)6 09 46 77 33
capucine@capetcime.fr
or
Real Estate Media
Virginie Hunzinger, + 33 (0)1 55 35 08 18
+ 33 (0)6 10 34 52 81
vhunzinger@capetcime.fr

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,

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July 30, 2010 By Leave a Comment

* Confirmed recovery
* Increased net profit
* Strong growth in bookings

PARIS–(Business Wire)–
Regulatory News:

The Board of Directors of Cap Gemini S.A. (Paris:CAP), chaired by Serge Kampf,
convened in Paris on July 28, 2010 to examine and approve the accounts of the
Capgemini group for the first half of 2010. The key figures are as follows:

(in millions of euros) H1 2009 H2 2009 H1 2010 Change vs. Change vs.

H1 2009
H2 2009
Revenues 4,376 3,995 4,211 -3.8% +5.4%
Operating margin (1) 287 308 245
as a % of revenues 6.6% 7.7% 5.8% -0.8 point -1.9 points
Operating profit (2) 167 166 200 +19.8% +20.5%
Group share net profit 78 100 101 +29.5% +1.0%
as a % of revenues 1.8% 2.5% 2.4% +0.6 point -0.1 point
Net cash and cash equivalents at 576 1 269 809 +233 -460

the end of the half-year

Although the impact of the global economic crisis on demand for IT services has
not been entirely erased, the stabilization of the main markets in which the
Group operates is now established and is reflected by steadily improving
activity levels. 2010 first-half revenues fell 3.8% compared to the first half
of 2009 (and even 6.1% like-for-like, i.e. at constant Group structure and
exchange rates) but increased 5.4% (1.8% like-for-like) on the previous
half-year. In the 2nd quarter alone, revenues (€2,159 million) increased 5.2%
(2.0% like-for-like) on the previous quarter.

Booking volumes also confirmed this positive trend, rising 14% like-for-like on
the first half of 2009 (and even 32% in the 2nd quarter alone). Outsourcing
Services recorded the greatest increase in bookings (+37%), thanks to the early
renewal or extension of several major contracts. Bookings for the three other
businesses (Consulting Services, Technology Services and Local Professional
Services) increased 4% for the half-year, accelerating significantly in the 2nd
quarter (+13%). The book-to-bill ratio for these three businesses was 1.17 for
the half-year and 1.28 for the 2nd quarter alone.

Confirming their good match with its clients` requirements, the five new service
offerings(3) launched by the Group at the end of 2009 and the beginning of 2010,
represented 36% of total bookings recorded in the first half of the year.

The operating margin (5.8%) is down on the first six months of 2009 (6.6%), but
operating profit (€200 million) surged nearly 20% on the first half of 2009,
which was affected by particularly high restructuring costs.

After deducting a net financial expense of €38 million and an income tax expense
of €61 million, the Group profit for the period (€101 million) is up nearly 30%
on the first-half of 2009.

Consolidated net cash and cash equivalents total €809 million at June 30, 2010,
down some €460 million on December 31, 2009: this difference is mainly due to
increased working capital requirements – usual at this time of year – the
payment of the dividend (€0.80 per share, or €122 million in total) and the
financing of several small acquisitions for a total net amount of €90 million
(mainly IBX in Sweden and Strategic Systems Solutions, a company dedicated to
the financial services sector and in which the Group has held a minority
interest since the acquisition of Kanbay).

Outlook:

After a particularly tough 2009, the Group prepared itself to face an
environment which remained difficult at the beginning of the year, but which it
expected to improve steadily. First-half results, both in terms of growth and
profitability, confirmed the appropriateness of decisions taken, while the
dynamism of bookings validated the assumption that this improvement will
continue in the second-half, despite ongoing macro-economic concerns and
significant stock market volatility. In this context, Capgemini Group forecasts
revenue growth in the second-half of 2010 of 3 to 5%, like-for-like, on the
second-half of 2009. For the year as a whole, the operating margin rate should
exceed 6.5%.

Paul Hermelin, CEO of the Capgemini group, confirms that “Strengthened by this
above-expectations performance and the marked increase in bookings, the Group
will enjoy a return to growth in the second half of the year. We have now
relaunched a dynamic recruitment policy and will focus particularly on our five
global service lines, in order to satisfy the new expectations of our clients.”

Appendix

Operations by major region:

* France – which remains the Group`s leading “main region” – reported revenues
down 2.7% on the first half of 2009, but up 4.4% on the previous half-year
(second half of 2009), with the operating margin rate almost unchanged at 5.1%.
* Revenues in the United Kingdom/Ireland region dropped by 5.0%, essentially due
to the renegotiation of the terms of a major contract entered into several years
previously. The operating margin rate (7.3%), remains, however, one of the best
in the Group.
* In North America, revenues for the first six months recorded – due to the
termination (scheduled and announced) of a large outsourcing services contract -
a drop of 3.9%. Sogeti (Local Professional Services), enjoyed a marked
improvement, while Technology Services in the financial services sector
experienced a veritable bounce (+30%). The operating margin rate decreased 1
point to 4.3%.
* Benelux, where the crisis was the most acute, recorded a slump in revenues of
12.2% compared to the first half of 2009 but only 2.7% compared to the second
half of 2009, thanks to the stabilisation of operations and signs of recovery
for Technology Services. The restructuring carried out in 2009 enabled an
increase in the operating margin rate of 1.5 points to 9.1%, while operating
profit nearly tripled on the first-half of 2009, increasing from €18 to €51
million.
* The other regions reported revenue growth of 4.0%, with an operating margin
rate of 7.7%.

Operations by business:

* Technology Services recorded a drop in revenues (like-for-like) in line with
that reported by the Group. This was principally due to the pressure on prices
which heavily marked the second half of 2009 and has since decreased.
Nevertheless, activity levels increased by 2.9% between the 1st and 2nd quarters
of the year, announcing a significant improvement for the fiscal year. The
operating margin rate (5.5%) is comparable to that of the Group.
* The drop in Outsourcing Services revenues(-6.3%) can be fully explained by the
reduction in the volume of business under the two contracts referred to above,
while the remaining operations (which were particularly dynamic in North
America) recorded growth of 4.0%. Further, revenues also increased by 2.9%
between the 1st and 2nd quarters of 2010. Thanks to the increasing use of
offshore resources and strict control of costs, these operations maintained
their operating margin rate (6.7%) at first-half 2009 levels.
* Local Professional Services (Sogeti) achieved the Group`s best performance
with a return in the 2nd quarter 2010 to 2nd quarter 2009 activity levels and
reported a drop in revenues finally limited to 4.1% in the half-year and an
operating margin rate down more than 2 points on the first half of 2009.
* As expected, Consulting Services is the business which recorded the greatest
contraction in operations (-9.3%), however, extremely rigorous cost management
enabled it to see an improvement in its margin rate to 11.1%.

Headcount:

On June 30, 2010 the Group`s total headcount was 95,586, an increase of 6%
compared to December 31, 2009, thanks to an extremely dynamic recruitment policy
which brought over 13,000 employees into the Group in the half-year (5,000
employees in the 1st quarter and 8,000 in the 2nd quarter). With 62,717
employees, the Group`s headcount in its traditional countries increased slightly
on December 31, 2009. The strongest growth concerned offshore employees:
principally located in India (26,000 employees at June 30), but also in other
Asian countries, Eastern Europe, Latin America and North Africa, offshore staff
comprises 32,869 employees and represents 34.4% of the Group`s total headcount.

________________________________________________

(1) Operating margin, a key Group performance indicator, is defined as the
difference between revenues and operating costs, these being equal to the cost
of services rendered (expenses incurred during project delivery) plus selling
and general and administrative expenses.

(2) Group operating profit incorporates the charges associated with shares or
options granted to a large number of employees, as well as other non-recurring
income and expenses such as goodwill impairment, capital gains or losses on
disposals, restructuring costs, acquisition and integration costs of recently
acquired companies, as well as the impacts of the curtailment and/or settlement
of defined benefit pension plans.

(3) Capgemini created five global service lines focusing particularly on the
most promising market segments: data management (Business Information
Management) and applications development and maintenance (Application Lifecycle
Services) – two offerings launched at the end of last year -; applications
testing (Testing Services), smart meters and networks (Smart Energy Services),
virtualization and cloud computing (Infostructure Transformation Services)
launched in the 1st quarter of 2010.

Cap Gemini S.A.
Press relations:
Christel Lerouge, +33 1 47 54 50 76
or
Investor relations:
Manuel Chaves d`Oliveira, +33 1 47 54 50 87

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,

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July 30, 2010 By Leave a Comment

PARIS, Jul 29 (MARKET WIRE) —
Press Release

29 July 2010

For further information, please contact:

Jean-Charles Simon / Geraldine Fontaine +33 (0)1 46 98 73 17

Communications and Public Affairs

Antonio Moretti +44 (0) 203 207 8562

Investor Relations Director

Very strong second quarter performance drives first half 2010 net income
to EUR 156 million

Thanks to a second quarter which illustrated the Group’s capacity to
deliver a high level of recurring profitability with a net income of EUR
120 million compared to EUR 91 million in the second quarter 2009 (i.e.
+32%), SCOR records a net half-year income of EUR 156 million, compared to
EUR 184 million in 2009.

In the first half 2010, SCOR combined growth, profitability and solvency:

– premium income of EUR 3,258 million. This corresponds to a rise of 8%
compared to the first half 2009 (+5% at constant exchange rates) excluding
equity-indexed annuity business in the USA and after normalising the level
of Non-Life business in the first half of 2009 to the annual growth rate
of 2009;

– net income of EUR 156 million;

– half-year net combined ratio of 102.8% for SCOR Global P&C thanks to a
combined ratio of 97.0% in the second quarter of 2010;

– operating margin of 6.0% for SCOR Global Life;

– return on invested assets (excluding funds withheld by cedants) of 4.0%;

– annualised ROE of 7.7%;

– shareholders’ equity of EUR 4.2 billion, up 8.1% compared to 31 December
2009, i.e. EUR 23.2 book value per share;

– operating cash flow of EUR 208 million.

In addition, the first quarter demonstrated the Group’s ability to absorb
an abnormally high concentration of natural catastrophes (Chile, Haiti,
Xynthia, etc.).

Denis Kessler, Chairman and Chief Executive Officer of SCOR, comments:
“The first half 2010 results once again illustrate the Group’s capacity to
combine growth, profitability and solvency, whilst maintaining a medium
risk appetite. SGPC’s renewals reflect the Group’s favourable positioning,
the first half results confirm our continued profitability and the
increase in our shareholders’ equity further strengthens the Group’s
financial situation and solvency.”

Key figures of the first half of 2010

Gross written premiums for Life and Non-Life reach EUR 3,258 million,
remaining stable compared to the first half of 2009 when they reached EUR
3,254 million (+0.1% but -2.7% at constant exchange rates). This stability
is principally due to the unfavourable impact of the planned and
deliberate reduction in equity-indexed annuity business and the
development of Non- Life reinsurance. Excluding equity-indexed annuities
business in the USA and by normalising the level of Non-Life business in
the first half of 2009 to the annual growth rate of 2009, premium income
grew by 8% compared to the first half of 2009 (+5% at constant exchange
rates). Bolstered by positive renewals, SCOR Global P&C’s (SGPC) premium
income records growth of +3.8% at EUR 1,764 million over the first 6
months of the year (+0.5% at constant exchange rates).

SCOR records a net income of EUR 156 million in the first half of 2010,
compared to EUR 184 million in the first half of 2009. In the second
quarter alone net income amounted to EUR 120 million compared to EUR 91
million in the second quarter of 2009. The first half result is impacted
by the high level of losses following a series of natural catastrophes,
predominantly in the first quarter. However, it has benefited from the
improved operating performance of SCOR Global Life (SGL), and greater
returns on the investment portfolio under the combined effects of an
active asset management policy and lower impairments.

The continued recovery of SGPC’s US business, which has now demonstrated
its capacity to generate recurring profits, allowed the reactivation of
the last set of deferred tax assets of the Non-Life entities in the USA
for an amount of EUR 29 million at the end of June 2010. In comparison,
net income registered at 30 June 2009 benefited from the reactivation of
EUR 100 million in deferred tax assets relating to the same entities
during the first quarter 2009.

Earnings per share (EPS) stands at EUR 0.87 compared to EUR 1.03 at the
end of June 2009. Annualised return on equity (ROE) amounts to 7.7% in the
first half of 2010, against 10.6% recorded for the same period in 2009.
For the first half standalone, annualised ROE totals 11.9%, compared to
10.5% in the second quarter 2009.

SCOR shareholders’ equity increases by 8.1% during the first half of 2010
to EUR 4.2 billion at 30 June 2010, compared to EUR 3.9 billion at 31
December 2009. Book value per share stands at EUR 23.2 at 30 June 2010.

SCOR recorded variations in the exchange rate on consolidated net assets
of EUR 272 million, compared to EUR 85 million for the first half of 2009.
During the first half, the Group continued to reduce its debt ratio and
currently has a leverage position of 10.6% compared to 14.6% at the end of
2009.

The Annual General Meeting of 28 April 2010 decided on a dividend payment
of EUR 1 per share, that is a payout ratio of 48%. It also determined that
the 2009 dividend payment could be made either in cash or in new shares
issued at EUR 15.96. This option was exercised in the amount of 2,647,517
new shares for a total value of EUR 42 million, split between EUR 21
million of share capital and EUR 21 million of additional paid-in capital.
The total sum of dividends distributed for 2009 reached EUR 179 million,
EUR 42 million being paid in shares and EUR 137 million in cash.

The positive operating cash flow linked to operational business stands at
EUR 208 million at 30 June 2010, compared to EUR 308 million for the same
period in 2009. This decrease stems mainly from SGL due to the planned and
deliberate reduction in the portfolio of equity-indexed annuity business
in the United States.

SGPC confirms its projected net combined ratio of less than 100% for the
year 2010 excluding exceptional events

SGPC reports gross written premiums of EUR 1,764 million for the first
half of 2010, compared to EUR 1,699 million in 2009, representing an
increase of 3.8%. This increase represents 0.5% at constant exchange
rates compared to 2009, a year marked by a sharp rise in gross written
premiums in the first half. Relative to normalised growth in the first
half of 2009 on the basis of the increase registered over the full year
2009, the first half of 2010 marks an increase of 8% in gross written
premiums compared to the first half of 2009.

The net combined ratio stands at 102.8% in the first half of 2010,
compared to 108.6% in the first quarter of 2010 and 97.5% in the first
half of 2009. Natural catastrophes contributed 13.1 points of net
combined ratio over the half year (compared to 20.2 points in the first
quarter 2010), whilst the second quarter saw natural catastrophe losses
in line with budget (6 points). The estimated total net cost for the
earthquakes in Chile and Haiti and hurricane Xynthia remains unchanged
relative to the figures communicated with the first quarter results.
Attritioned losses are down 1.5 points; this decrease illustrates the
dynamic management of the portfolio and the expected improvement in
technical results following the renewals of the last two years. Excluding
exceptional events and subject to natural catastrophe losses not
exceeding budget for the third and fourth quarters of the year, the net
combined ratio for 2010 should be below 100%.

The excellent P&C and Specialty treaty renewals at the end of June and in
July 2010 are characterised by premium volume growth of 19% at constant
exchange rates, totalling EUR 245 million, in line with the expected
underwriting profitability objective in 2010. These renewals concern
around 10% of the total annual volume of treaty premiums.

Following these renewals, SGPC maintains its estimation of the amount of
gross premiums in a range between EUR 3.45 and EUR 3.5 billion for 2010.

SCOR Global Life (SGL) records an operating margin of 6.0% in the first
half of 2010 compared to 5.1% in the first half of 2009

In the first half of 2010, SGL’s gross written premiums totalled EUR 1,494
million compared to EUR 1,555 million for the same period 2009 (a decrease
of 3.9%). Gross written premiums excluding equity-indexed annuity business
in the US amount to EUR 1,457 million compared to EUR 1,356 million in the
first six months of 2009, representing an increase of 7.6%. This growth
stems mainly from Critical Illness and Long-Term lines and from new
business in North America, the UK & Ireland.

The Life operating margin for the first six months ended 30 June 2010
amounted to 6.0% (compared to 5.1% for the same period 2009). This
increase of 0.9 percentage points stems mainly from improvements in the
profitability in different business segments and due to a positive
development of the investment income.

SCOR Global Investments (SGI) maintains its “rollover” investment strategy
and posts a sharp increase in net return on invested assets

In a context of low interest rates and greater volatility in the financial
markets, the Group is maintaining a “rollover strategy” for its fixed
income portfolio in order to have significant financial cash flows to
reinvest in the event of a sudden change in the economic and financial
environment, whilst seizing market opportunities in the short term.

This investment policy led to net realised gains of EUR 108 million during
the first two quarters of 2010. SCOR posts a net return on investments
(excluding funds held by cedants) of 4.1% in the second quarter 2010,
compared to 3.9% in the first quarter 2010. Consequently, SCOR has
recorded a net return on invested assets over the first 6 months of the
year (excluding funds withheld by cedants) of 4.0%, a significant rise
compared to the first half of 2009 (1.0%). The impact of impairments is
limited to EUR 52 million in the first half of 2010 compared to EUR 184
million in the first half of 2009. Taking into account the funds withheld
by cedants, net return on invested assets amounts to 3.4% over the first
half of 2010, compared to 1.4% in the same period of 2009.

Net investments, including cash, stand at EUR 21,663 million at 30 June
2010, compared to EUR 19,969 million at 31 December 2009. At 30 June 2010,
the Group’s investments consist of bonds (48.1%), funds withheld by
cedants (37.4%), cash and short-term investments (6.3%), equities (4.4%),
real estate (2.1%) and other alternative investments (1.7%). Liquidity
reaches EUR 1.4 billion at 30 June 2010, compared to EUR 1.7 billion at
31 December 2009.

SCOR’s high-quality fixed income portfolio (average rating AA) maintains a
relatively short duration of 3.4 years (excluding cash and short-term
investments), down slightly compared to 31 December 2009 (3.7 years).
Investments in inflation-linked bonds amount to EUR 1,022 million at 30
June 2010.

*

* *

Key figures (in EUR
millions)

+————————-+——-+————+————+————+
| | | H1 2010 | H1 2010 | H1 2009 |
+————————-+——-+————+————+————+
| | |(unaudited) |(unaudited) |(unaudited) |
+————————-+——-+————+————+————+
|Gross written premiums | 3 258 | 3 254 | 1 645 | 1 693 |
+————————-+——-+————+————+————+
|Non-Life gross written | 1 764 | 1 699 | 855 | 831 |
|premiums | | | | |
+————————-+——-+————+————+————+
|Life gross written | 1 494 | 1 555 | 790 | 862 |
|premiums | | | | |
+————————-+——-+————+————+————+
|Operating income excl. | 234 | 312 | 178 | 159 |
|impairments | | | | |
+————————-+——-+————+————+————+
|Net income | 156 | 184 | 120 | 91 |
+————————-+——-+————+————+————+
|Investment income | 356 | 149 | 184 | 153 |
+————————-+——-+————+————+————+
|Net Return on Investments| 4.0% | 1.0% | 4.1% | 3.6% |
+————————-+——-+————+————+————+
|Net Return on Assets | 3.4% | 1.4% | 3.4% | 3.1% |
+————————-+——-+————+————+————+
|Non-Life combined ratio |102.8% | 97.5% | 97.0% | 95.8% |
+————————-+——-+————+————+————+
|Non-Life technical ratio | 96.0% | 91.0% | 89.8% | 89.3% |
+————————-+——-+————+————+————+
|Non-Life cost ratio | 6.8% | 6.5% | 7.2% | 6.5% |
+————————-+——-+————+————+————+
|Life operating margin | 6.0% | 5.1% | 6.0% | 5.5% |
+————————-+——-+————+————+————+
|Return on Equity (ROE) | 7.7% | 10.6% | 11.9% | 10.5% |
+————————-+——-+————+————+————+
|Basic EPS (EUR) | 0.87 | 1.03 | 0.67 | 0.51 |
+————————-+——-+————+————+————+
| | | H1 2010 | H1 2010 | H1 2009 |
+————————-+——-+————+————+————+
| | |(unaudited) |(unaudited) |(unaudited) |
+————————-+——-+————+————+————+
|Investments (excl. |21 663 | 19 542 | | |
|participations) | | | | |
+————————-+——-+————+————+————+
|Reserves (gross) |23 194 | 20 848 | | |
+————————-+——-+————+————+————+
|Shareholders’ equity | 4 216 | 3 635 | | |
+————————-+——-+————+————+————+
|Book value per share | 23.2 | 20.2 | | |
|(EUR) | | | | |
+————————-+——-+————+————+————+

+————————-+————+————+-+————+
| | H1 2009 | Q2 2010 | | Q2 2009 |
+————————-+————+————+-+————+
| |(unaudited) |(unaudited) | |(unaudited) |
+————————-+————+————+-+————+
|Gross written premiums | | | | |
+————————-+————+————+-+————+
|Non-Life gross written | | | | |
|premiums | | | | |
+————————-+————+————+-+————+
|Life gross written | | | | |
|premiums | | | | |
+————————-+————+————+-+————+
|Operating income excl. | | | | |
|impairments | | | | |
+————————-+————+————+-+————+
|Net income | | | | |
+————————-+————+————+-+————+
|Investment income | | | | |
+————————-+————+————+-+————+
|Net Return on Investments| | | | |
+————————-+————+————+-+————+
|Net Return on Assets | | | | |
+————————-+————+————+-+————+
|Non-Life combined ratio | | | | |
+————————-+————+————+-+————+
|Non-Life technical ratio | | | | |
+————————-+————+————+-+————+
|Non-Life cost ratio | | | | |
+————————-+————+————+-+————+
|Life operating margin | | | | |
+————————-+————+————+-+————+
|Return on Equity (ROE) | | | | |
+————————-+————+————+-+————+
|Basic EPS (EUR) | | | | |
+————————-+————+————+-+————+
| | H1 2009 | Q2 2010 | | Q2 2009 |
+————————-+————+————+-+————+
| |(unaudited) |(unaudited) | |(unaudited) |
+————————-+————+————+-+————+
|Investments (excl. | | | | |
|participations) | | | | |
+————————-+————+————+-+————+
|Reserves (gross) | | | | |
+————————-+————+————+-+————+
|Shareholders’ equity | | | | |
+————————-+————+————+-+————+
|Book value per share | | | | |
|(EUR) | | | | |
+————————-+————+————+-+————+

Forward-looking statements

SCOR does not communicate “profit forecasts” in the sense of Article 2 of
(EC) Regulation n degrees809/2004 of the European Commission. Thus, any
forward-.looking statements contained in this communication should not be
held as corresponding to such profit forecasts. Information in this
communication may include “forward-looking statements”, including but not
limited to statements that are predictions of or indicate future events,
trends, plans or objectives, based on certain assumptions and include any
statement which does not directly relate to a historical fact or current
fact. Forward-looking statements are typically identified by words or
phrases such as, without limitation, “anticipate”, “assume”, “believe”,
“continue”, “estimate”, “expect”, “foresee”, “intend”, “may increase” and
“may fluctuate” and similar expressions or by future or conditional verbs
such as, without limitations, “will”, “should”, “would” and “could.” Undue
reliance should not be placed on such statements, because, by their
nature, they are subject to known and unknown risks, uncertainties and
other factors, which may cause actual results, on the one hand, to differ
from any results expressed or implied by the present communication, on
the other hand.

Please refer to SCOR’s document de reference filed with the AMF on 3
March 2010 under number D.10-00085 (the “Document de Reference”), for a
description of certain important factors, risks and uncertainties that
may affect the business of the SCOR Group. As a result of the extreme and
unprecedented volatility and disruption of the current global financial
crisis, SCOR is exposed to significant financial, capital market and
other risks, including movements in interest rates, credit spreads,
equity prices, and currency movements, changes in rating agency policies
or practices, and the lowering or loss of financial strength or other
ratings.

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July 30, 2010 By Leave a Comment

July 29 (Reuters) – Turkey’s Central Bank has raised its foreign currency reserve requirement for banks to 10 percent from a previous 9.5 percent, according to the state’s Official Gazette on Thursday.

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Vitamin, calcium supplements ‘can reduce breast cancer risk’

April 20, 2010 By Leave a Comment

Washington, April 19 (ANI): A new study has suggested that vitamins and calcium supplements can reduce the risk of breast cancer.

The supplements are thought to help cells repair damaged DNA using a process that involves more than 200 proteins.

“It is not an immediate effect. You don”t take a vitamin today and your breast cancer risk is reduced tomorrow. However, we did see a long-term effect in terms of breast cancer reduction,” said Jaime Matta, professor in the Ponce School of Medicine in Puerto Rico.

“This process involves at least five separate pathways and is critical for maintaining genomic stability. When the DNA is not repaired, it leads to mutation that leads to cancer,” Matta added.

The study included 268 women with breast cancer and 457 healthy controls. Women were more likely to have breast cancer if they were older, had a family history of breast cancer, had no history of breastfeeding and had lower DNA repair capacity.

Vitamin supplements appeared to reduce the risk of breast cancer by about 30 percent. Calcium supplements reduced the risk of breast cancer by 40 percent.

After controlling for the level of DNA repair capacity, calcium supplements were no longer as protective, but the link between vitamin supplements and breast cancer reduction remained.

“We”re not talking about mega doses of these vitamins and calcium supplements, so this is definitely one way to reduce risk,” said Matta.

The study was presented at the American Association for Cancer Research 101st Annual Meeting 2010. (ANI)

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Vitamin, calcium supplements ‘can reduce breast cancer risk’

April 19, 2010 By Leave a Comment

Washington, April 19 (ANI): A new study has suggested that vitamins and calcium supplements can reduce the risk of breast cancer.

The supplements are thought to help cells repair damaged DNA using a process that involves more than 200 proteins.

“It is not an immediate effect. You don”t take a vitamin today and your breast cancer risk is reduced tomorrow. However, we did see a long-term effect in terms of breast cancer reduction,” said Jaime Matta, professor in the Ponce School of Medicine in Puerto Rico.

“This process involves at least five separate pathways and is critical for maintaining genomic stability. When the DNA is not repaired, it leads to mutation that leads to cancer,” Matta added.

The study included 268 women with breast cancer and 457 healthy controls. Women were more likely to have breast cancer if they were older, had a family history of breast cancer, had no history of breastfeeding and had lower DNA repair capacity.

Vitamin supplements appeared to reduce the risk of breast cancer by about 30 percent. Calcium supplements reduced the risk of breast cancer by 40 percent.

After controlling for the level of DNA repair capacity, calcium supplements were no longer as protective, but the link between vitamin supplements and breast cancer reduction remained.

“We”re not talking about mega doses of these vitamins and calcium supplements, so this is definitely one way to reduce risk,” said Matta.

The study was presented at the American Association for Cancer Research 101st Annual Meeting 2010. (ANI)

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Milk promotes better bone growth, strength than calcium supplements

May 2, 2009 By Leave a Comment

Washington, April 29 (ANI): A new study has suggested that dairy is better than calcium carbonate when it comes to promoting bone growth and strength.

In the study, researcher Connie Weaver found that the bones of rats fed non-fat dry milk were longer, wider, more dense and stronger than those of rats fed a diet with calcium carbonate.

Weaver said the study is the first direct comparison of bone properties between calcium from supplements and milk.

“A lot of companies say, ‘If you don’t drink milk, then take our calcium pills or calcium-fortified food’. There’s been no study designed properly to compare bone growth from supplements and milk or dairy to see if it has the same effect,” Weaver said.

The study involved 300 rats that were divided into two groups. For 10 weeks, the rats were given all the nutrients they require, but one group was given dairy and the other was given calcium carbonate as the source of calcium.

After 10 weeks, the bones of 50 rats from each group were measured for strength, density, length and weight.

“We found those measurements were up to 8 percent higher for those who had milk over calcium carbonate,” Weaver said.

The study also found a strong effect of having dairy as a calcium source followed by periods of inadequate calcium.

Over a second 10-week period, the remaining rats were fed as adults. Half of those were given adequate calcium as carbonate or milk. The other half were switched to half as much calcium as recommended, but were given calcium carbonate.

“This is comparable to humans who, during their early growth, drink a lot of milk to the age of 9 to 11, or maybe even adolescence, but then get only half as much milk calcium as they need after that,” Weaver said. “Some take calcium supplements, but few adults get adequate calcium.”

The study showed the rats raised on dairy still had advantages over those who were given calcium carbonate even later when they were given half enough calcium as dairy or calcium carbonate.

“We found it was an advantage having milk or dairy while bones were growing over calcium carbonate, and it protects you later in life,” Weaver said.

The study will be published in the August print issue of the Journal of Bone and Mineral Research. (ANI)

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