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Rating Agencies Ratings

The Rating Agencies Credit Rating

The world of credit ratings is dominated by three agencies: Moody's, Fitch Ratings and Standard & Poor's. The work of these agencies is to measure and assess the credit risks of states, companies or financial transaction (issue Bond ...). The rating agencies will therefore need to quantify and establish the precise risk of non repayment of the debts a borrower has. To measure the credit risks each agency has its system of credit ratings. This allows to know the borrower's ability to fulfill its commitments. The credit rating is now essential (even if the crisis of 2008-2009 to put a certain responsibility involved agencies) to investors in estimating the risk that an investment may entail.

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long-term financial Ratings from Moody's, Fitch Ratings and Standard & Poor's

See more via the link:

http://www.fb-bourse.com/2009 / 12/notes-agences-notations-financiere /

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the public debt problems of the post crisis

public debt: the problem of post-crisis!

The high rates of indebtedness of the States now become a subject of major concern for our so-called developed economies. See even the main concern for 2010. Indeed, the financial crisis of 2008 - 2009, caused massive intervention of various governments in the world economy. We had to save the financial system and revive the economy. This interventionist policy massive, never seen so far, has caused a tremendous increase debt levels of states. Current levels are similar to those observed during the second world war. Thus, according to the OECD, the ratio of gross government debt to GDP should be above 100% in 2011, about 30 points higher than 2007, before the outbreak of the crisis. Japan should show its public debt exceeding 200% of GDP, Italy 127.3% Greece 113.4 %......

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credit ratings of members of the G20

financial ratings: G20

Concerns about the national debt are becoming a major concern for 2010. Indeed, the debts of States will not go away quickly, the financial crisis has cost very expensive. Sovereign debt therefore continue to soar across the world amid widening budget deficits. But why then the birth of such concerns? Until now the problem was known but did not cause much stir. It was the publication of several studies very ......

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Study Results H1 2009 TECHNILINE

ISIN code: FR0010212480

Symbol: ALTEC

High / 6 month: 0.48 / 0.69 euro

Number of tracks: 5963413

Shareholding reference (source Bloomberg)

PERFECTIS: 39.96%

SC CINE: 16.95%

Nicolas Martineau: 5.38%

Alain Ouelhadj: 5.38%

A tedious first half of 2009!

Presentation

TECHNILINE was created in 1966. A beginning the company was an importer / distributor of photographic and audiovisual. Over the years, has expanded TECHNILINE and expanded its fields of activity. The company has taken the turn at the right time of the revolution ........

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SCHOLARSHIP The FB Blog * evolves and becomes FB-BOURSE.COM !

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Lady Doctors Med Vidios

Partners Press room coaching. Rates

On Saturday, June 26, 2010 will be held in Strasbourg on show "Reboost", the first European exhibition of coaching and well-being.


The exhibition is organized by Boosteam France with the support of the ICF (International Coach Federation) and The EEPSSA (European School of Psychotherapy and Socio-Somato-Analytic.)
An appointment you border bringing together professionals from coaching (practitioners, schools, training centers) and professional well-being (massage, Reiki, Enneagram makeover) ...
Meeting information on the show, Thursday, May 27 to 18.

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lounge coaching Strasbourg

• Price € 180 net for a stand of 1.40 linear meters (Rest 0 stands)
• € 520 care Area, Length 4.20 m by 1.40 m. central area very passing. (remainder 0 stands)
• € 72.5, space Amma Assis placeholder for a massage chair, (1 slots left)

If you want a clean installation, contact us. Possibility of having a room to practice.

This price includes furniture, chairs + table + Grids + 2 t + 5 invitations per booth.

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Freelance.com: First Half 2009 Results Analysis

ISIN code: FR0004187367
Symbol: ALFRE
High / 6 month: 0.85 / 1.34 euro
Number of outstanding shares : 2739996
Market Alternext

Shareholding reference (source Bloomberg)
Galaxis Stiftung 239: 16.70%
Freelance.com Inc.: 15.77%
Tolan LLC: 13.74%
Gaetan Carnot Republic Alley
7.60%: 7.35%
Ventor: 5.31%

Results first half of 2009 under pressure!

Read more analysis on FB BOURSE.COM

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COACHING PROGRAM FAIR

Participation is free to the various workshops and conferences

Caution! program is not final.
Some workshops and conferences will be translated into sign language

Workshops
11h-12h 00 Yoga Energy session with Veronica Compillo. (main hall)
modern and compatible with the Western lifestyle, yoga, energy is based on four pillars essential set by Roger Clerc in his reference book "Yoga for energy, yoga for West. "It is based on:
- Demonstration of gesture-related breathing.
- Important role of the "inner eye".
Workshop 12:30 to 1:30 p.m. 2:00 p.m. naturopathy
- 2:45 p.m. Workshop hosted by the playful relaxation therapy ilozen, duration 45 minutes (20 partcicipants max.)
17h - 18 Enneagram Workshop presented by Veronica Compillo (Small Hall) 5:30 p.m.
rigolothérapie session moderated by Bubbles laugh Alsace. (Main Hall)




Conferences

1:00 p.m. to 1:45 p.m. : The 4 tools of energy realignment.
Conference moderated by Catherine Kleinpeter.
revoicing Energy, named by the initials RE considers and works conscientiously and comprehensive approach, both on the physical reality, energy, emotional and mental health. It involves the patient and provides tools for autonomy.
The four tools used in RE are the anchor of the therapist, breath, hands, and intent.

2:00 p.m. to 2:30 p.m. Debate Storytelling and coaching, what synergies?
Exchange with Stephane Dangel, author of a book on storytelling.

2:30 p.m. to 3:30 p.m.; Conference: Is the coach psychotherapist?

the coach can become a psychotherapist? And how?
15.30 Workshop to 1 hour after the regulation as a psychotherapist, can you still become a therapist and live in private?
Yes, even as pretty as follows: somatothérapeute practicing psycho-analysis and psychotherapy, specialized in .... (Possibly coaching)
"By Dr. Richard Meyer, a psychiatrist who is behind and head of Eepssa (European School of Psychotherapy and Socio-Somato-Analytic). Former intern CHU Strasbourg, former physician assistant University of Lausanne and member of the Academy of Medicine, Poland. He holds a second doctorate in sociology and anthropology (Paris Sorbonne).

4:00 p.m.: "Presentation of professional coaching"

Hosted by Nadia Claudel, president of the ICF Alsace.
Intervention on the job as coach, the ICF certification and supervision.
5:30 p.m. Power Vinyasa Yoga led by YOGAMOVES
.
19h: 00 Meals Ayurvedic

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Bastide Annual Results 2008/2009

ISIN code: FR0000035370
Symbol: BLC
extreme Courses 6-month: 7.34 / 10.56 EUR
Number of shares outstanding: 7,340,600
Market compartment: C

Shareholding reference (source Bloomberg)
SIB: 49.29%
Guy Bastide: 9.52%
Family Bastide: 5.61%
Lazard Frères Gestion: 8.19%
Palatine Asset Management: 1.55%
Sogeposte: 0.85%
SGAM: 0.54%
Degroof Management: 0.51%
AGF Asset Management: 0.23%
COVEA Finance: 0.23%
Aviva Asset Management: 0.18 Alcyone Finance
%: 0.16%
Chaussier Management: 014%

Bastide Le Confort Medical: annual results for FY 2008/2009 below expectations!

Presentation
Bastide Le Confort Medical was founded in 1977 by Guy Bastide, the current CEO. The company was a pioneer in France, in the development of care and home care. With his success and wishing to leave the regional framework, Bastide enters the stock market in 1997 on the secondary market and decided to combine external growth (11 buyouts in the sector since May 1997, including allowing Confortis Bastide become a true national player) and organic (developing own agency). The group now has about 80 branches in France.
Bastide is now 32 years after its creation, selling and leasing (services) of medical equipment for individuals (the elderly, disabled and sick) and professionals (nurses, doctors ...) and Community Health (EPHAD, retirement homes, nursing homes ...).
Sale:
At the retail segment (4 large families)
Products bedsore mattresses, mattress pads, pillows, bandages specific ...
Products Incontinence Products
support mobility: wheelchairs ...
-comfort products and hygienic products, toilet aids and mobility, relaxing armchairs ...
In terms of sales professionals and community health
Products for health professionals: sheets and Couches, gloves, small instruments, needles, cleaning and disinfection ...
Products for Community Health: Products disinfection and hygiene medical room facilities medicalized
...
Provision of services (rental):
level professionals and individuals
L-respiratory assistance: provision of a wide range of equipment and services tailored to the different respiratory diseases (including oxygen tanks, concentrators, and respirators ).
-Home care: provision of home care equipment (hospital beds, patient lifts, wheelchairs, support products to anyone ...) to improve daily life.
-Nutrition - Infusion: provision of infusion pumps mainly to nutrition and insulin to enable continuity of care at home.

At its financial communications company is advancing the 3 activities which include sales and services to individuals and professionals alike. They are:
-respiratory activity
-L activity Nutrition -
Perfusion-The activity Homecare

Latest News
Bastide le Confort Medical, a specialist in sales and rental of medical equipment issued on November 5 last year results 2009. They posted a net profit of 2.24 million euros for a turnover on the year of 96.8 million euros.

Analysis
level of turnover:
In the release half year results 2008-2009, the group gave Bastide organic annual growth target of between 5% and 10%. The annual turnover amounts well below this original goal. Sales growth was limited to 2% on the year. Thus, Bastide recorded on the financial year 2008/2009 activity 96.7 million euros against 94.84 million euros on a rolling year. Yet beyond this slight increase, it should be noted that the second half is negative. It shows a decline of 6.64%. S2's overall billing amounts to 45.43 million euros against 48.65 million euros on the S2 2007/2008.
The turnover is distributed to 30/06/2009 at 56.54% in sales material and 43.46% in benefits services.
As announced in the analysis of H1 2008/2009, the group has faced in Bastide legislative and regulatory change on EPHAD. This new legislative framework is now directly related to nursing homes and suppliers of equipment as medical Bastide. This change has impacted heavily engaged Keeping Home Business. The main activity of Bastide with 67.01% of sales has a negative trend on the S2. Indeed, the S1 2008/2009 had increased by 12% in the activity remain at home, while the whole of 2008/2009 ended with a 1% drop to 64.8 million euros! The company explains this contrast by the fact that the activity Maintain Restaurants in communities (affected by regulatory reform) has been affected by a significant decrease its sales volume by 11.4% to 26.7 million euros due to unfavorable comparison base. The S2 2007/2008 have benefited from the post reforms, had contributed to an important phase of equipment. This decrease is therefore a priori momentary!
In contrast, the activity Maintain Restaurants in stores recorded a robust growth with increased activity of +8% to 38.1 million euros over the past year. Bastide also highlights in this activity, the success of the exercise of its own brands. They account for 20.9 million euros Continued activity at home or 32.25% of business volume. Their progress is limited to +10.7% over the year, despite an increase of 18.5% in H1. The S2 has also been difficult for brands, a key strategy for future development of Bastide.
The other two group's activities have been relatively stable over the year 2008/2009. Thus, the respiratory division posted growth of 9% on year to 15.9 million for 16.4% of total turnover of Bastide, while activity Nutrition Infusion recorded an increase of 7.8% over the year 16 million EUR billing representative 16.5% of the company's business.
Thus, disregarding the poor performance of the business communities in Maintenance Restaurants, the company would have grown by 8.3%.

level of net income:
During the publication of annual results 2007/2008, the group gave Bastide is an ambitious target to achieve the 2008/2009 financial year, an operating margin between 10% and 11 %. This objective is already optimistic in the context of the end of 2008, was undermined from the start of 2009, to more appear in news group. Finally, bastide obtained in a morose economic context combined with regulatory upheaval around EPHAD activity with an operating margin of 4.93%, lower by 5 points near the target set a year ago. Operating income measures the intrinsic performance of the company amounted to 4.77 million as against EUR 9.85 million euros last year. The group's management explains the decrease of 51.58% of the ROP by the effect of lower gross margin and cost structure had become too important for the activity Housekeepers in Communities.
Thus, in 2008/2009, the group Bastide net income divided by 2.6, to 2.2 million euros, against 5.88 million euros for the 2007/2008 financial year. Representing a net margin of 2.31%, down nearly 4 percentage points compared to net margin for the year 2007/2008.

Outlook
For the new fiscal year 2009/2010, the Group's management considers positioned in growth markets that will enable the group to continue its positive growth throughout its business activity except maintenance home communities. Indeed, most activities are products of Bastide need for entitlement to reimbursement by social security agencies. These activities are inherently less sensitive to the economic environment. In addition, Bastide benefit account to expand its business volume of the growing power of agencies recently opened.
Queries for 2009/2010 therefore arise about comfort products, outstanding, to the extent that their purchase may be conditioned by the changing economic environment but also on the evolution of the activity Communities. Important problem for which emits a forecast Bastide fuzzy stability of its revenue on this activity, with negative growth in the first half due to unfavorable comparison base.
Beyond Bastide attaches priority to improve its overall economic fundamentals. The debt reduction (up important exercise) and decrease in working capital are on the menu of its objectives.
Bastide expected to start benefiting from measures taken since the beginning of S2 2008/2009, ie resizing activity Communities through the reduction of fixed costs related thereto, renegotiations with various news providers pricing conditions, the rise of its central purchasing, the continued growth of own-brand products in turnover and finally through better management of overhead costs for agencies started recently because of increased business volumes.
Regarding the evolution of its own sales network, it should not change, except in cases of major opportunities. The network expansion will be through the further development of the franchise (the results exceeded expectations without being encrypted) with a dozen projects scheduled opening for the year 2009/2010.
Otherwise, the group wants to maintain its dividend policy. So he will propose at the general meeting to distribute a dividend of 0.06 euro per share.

Fundamental
Bastide The group displays a stock market value at 12.10.2009 of 70.10 million euros. The capitalization of the company rose by 36.8% since the last review when publishing the results of S1 2008/2009.
Key points reveals that the release is as follows: The
-equity amounted Bastide 30/06/09 36,800,000 euros against 35.7 million euros at the close of fiscal year 2007/2008, an increase of 3.08%. They account for 05.01 euros per share.
-debt ratio stood at 63% equity to 23.18 million euros against 16.6 million euros during the half year results 2008/2009. A sharp increase of 39.6% over the last 6 months. The strong growth in debt over the last 6 months due to the increased need for working capital as a direct result of reduced delays by reason of the application of the LME and outstanding receivables recorded at 30/06/09.
-Closing Cash at 30/06/09, is not known, but it was a reminder of -3.13 million at 31/12/08. Presumably due to the increase in working capital it is unlikely to improve much!
-The EPS is $ 0.30 per share. The PER-
calculated relative to net 2008/2009 and based on the closing price stood at 31.23

Conclusion
The second part of the 2008/2009 financial year was tougher than expected. The initial objectives, and adjusted during the year have not been met. Thus, the group's prospects rather vague and non-encrypted group seem fairly convincing. Home Support Activity in Communities is an important issue to be followed for the year 2009/2010. A positive development of this activity would be a strong sign for the market, yet the first half should remain difficult. Concerning the activity of a global perspective, however, the group should continue its growth. Bastide markets have in fact a natural growth around 3% per year. Meanwhile, the trend of the first digit of the new fiscal year 2009/2010, our price target over the medium term will be reduced to 10.5 euros. In the short term the title appears correctly valued.


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next release of interim results during 2009/2010

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Quotes Adam Smith Quotes

compendium of quotes Adam Smith (1723-1790), Scottish philosopher and economist. It is famous for his treatise Economic Inquiry into the Nature and Causes of the Wealth of Nations also called Wealth of Nations. It is considered as one of the founding texts of the "classical school".

"A merchant is a citizen of the world because it is necessarily any particular country. "
Adam Smith, Inquiry into the Nature and Causes of the Wealth of Nations, 1776

" What every thing really costs to those who want to get it is work and that the sentence he must win to get it. "
Adam Smith, Inquiry into the Nature and Causes of the Wealth of Nations, 1776

" The capital increase by the economy ; It decreases by prodigality and misconduct. "
Adam Smith, Inquiry into the Nature and Causes of the Wealth of Nations, 1776

" The wages of labor vary depending on whether the job is easy or hard, clean or dirty, honorable or despised. "
Adam Smith, Inquiry into the Nature and Causes of the Wealth of Nations, 1776

" The interest of the annuitant, like the employee who sees his pay rise when the national wealth is increasing inseparably linked to the general interest of society. Instead the interest of merchants and master manufacturers opposed the interests of society. "
Adam Smith, Inquiry into the Nature and Causes of the Wealth of Nations, 1776

" This is not from the benevolence of the butcher, the brewer and the baker that we expect our dinner but the care they relate to their interests. We address ourselves not to their humanity but to their selfishness. "
Adam Smith, Inquiry into the Nature and Causes of the Wealth of Nations, 1776

"Every individual is continually every effort to search for any capital at his disposal, the most advantageous employment: it is true that his own profit he had in mind, not the society, but the care he gives himself to find his personal benefit the lead naturally, or rather necessarily, specifically to prefer this type of work that stands to be most advantageous to society. "
Adam Smith, Inquiry into the Nature and Causes of the Wealth of Nations, 1776

" An individual is enriched employ a multitude of workmen manufacturers, he lost at maintaining a multitude of servants. "
Adam Smith, Inquiry into the Nature and Causes of the Wealth of Nations, 1776

" What is annually saved is as regularly consumed as what is annually spent, and he was also close in At the same time. "
Adam Smith, Inquiry into the Nature and Causes of the Wealth of Nations, 1776

" Salary, benefits, annuities are the three original sources of all income, as well as any exchangeable value. Any other income derived, ultimately one or other of these three sources. "
Adam Smith, Inquiry into the Nature and Causes of the Wealth of Nations, 1776

" The quantity and value of the land that a man possesses can never be a secret, and can still note with great precision. But the sum total of what he has capital is almost always a secret. "
Adam Smith, Inquiry into the Nature and Causes of the Wealth of Nations, 1776

" No society can prosper and be happy, in which most members are poor and miserable. "
Adam Smith, Inquiry into the Nature and Causes of the Wealth of Nations, 1776

" The lack of economy in time of peace, imposes the need to incur debt in times of war. "
Adam Smith, Inquiry into the Nature and Causes of the Wealth of Nations, 1776

" It is simply that what is usually the product of two days or hours of work, worth the double that usually requires one day or one hour of work. "
Adam Smith, Inquiry into the Nature and Causes of the Wealth of Nations, 1776

"But the principle that impels us to save is the desire to improve our lot; desire that in general, indeed, is calm and dispassionate, but that comes with us and leaves us at the tomb. "
Adam Smith, Inquiry into the Nature and Causes of the Wealth of Nations, 1776

" The Birth and fortune are evidently the two circumstances which contribute most to put a man on top of a another. These are the two major sources of personal distinction, and it is therefore the main plateaux which naturally establish authority and subordination among men. "
Adam Smith, Inquiry into the Nature and Causes of the Wealth of Nations, 1776

" The authority given by the fortune is very great, even in a civilized and wealthy. In all periods of society, consistent with some significant wealth inequality, there is none in which we do is constantly complains that this sort of authority prevailed over that of age or merit staff ... "
Adam Smith, Inquiry into the Nature and Causes of the Wealth of Nations, 1776

"All for ourselves and nothing for others is the vile maxim seems to have been in all ages, the masters of mankind. "
Adam Smith, Inquiry into the Nature and Causes of the Wealth of Nations, 1776

" The great commerce of every civilized society is one that is between the townspeople and those from the countryside . "
Adam Smith, Inquiry into the Nature and Causes of the Wealth of Nations, 1776

" The money loaned at interest are always regarded by the lender as a capital. "
Adam Smith, Inquiry into the Nature and Causes of the Wealth of Nations, 1776

" Great nations do not become poorer by prodigality and misconduct of individuals, but sometimes by those of many their government. "
Adam Smith, Inquiry into the Nature and Causes of the Wealth of Nations, 1776

" The capital increase by the economy, they diminish the prodigality and misconduct. "
Adam Smith, Inquiry into the Nature and Causes of the Wealth of Nations, 1776

"The immediate cause of the increase of capital, the economy, not the industry. In truth, the industry provides the raw savings that is the economy, but some gains that make the industry, without which the economy and raises savings, capital would never be greater. "
Adam Smith, Inquiry into the Nature and Causes of the Wealth of Nations, 1776

" Any part of a man uses his money as capital, he still expects it will return with him a profit. It therefore employs to keep employees productive and, having done to him, Office of capital, the same portion of funds as income to workers. Whenever he uses some of these funds to maintain non-productive workers of any kind whatever, from that moment that part is removed from its capital and paid into the fund reserved for immediate consumption . "
Adam Smith, Inquiry into the Nature and Causes of the Wealth of Nations, 1776

" When people of a country have enough confidence in the fortune, probity and wisdom of a banker to believe always ready to pay cash for their tickets and commitments and, in some quantity that it can have both, then those tickets end up having the same course as the currency of gold and silver, because of the certainty that ad'en make money at any time. "
Adam Smith, Inquiry into the Nature and Causes of the Wealth of Nations, 1776

" Every fixed capital comes originally from a circulating capital, and needs to be continuously maintained at the expense of circulating capital. All useful machines and instruments of trade are, in principle, derived from a circulating capital, which provides the materials they are made and livelihoods of workers who make them. To keep constantly in good condition, he must still resort to a capital like that. "
Adam Smith, Inquiry into the Nature and Causes of the Wealth of Nations, 1776

" No fixed capital can not provide income by means of a circulating capital. Machinery and instruments of trade the most valuable produce nothing without a circulating capital, which provide them the material they are clean to implement, and livelihoods of workers who use them. Some improvement may be the earth, it will not make revenue without a circulating capital which do survive the workers who grow and those that collect the product. "
Adam Smith, Inquiry into the Nature and Causes of the Wealth of Nations, 1776

" The both fixed and circulating capital have no other purpose than to maintain and increase the funds consumption. It is the fund that feeds, clothes and houses the people. People are rich or poor, depending on whether the fund to be used immediately to their consumption is in the case of being supplied, with abundance or sparingly, in these two capitals. "
Adam Smith, Inquiry into the Nature and Causes of the Wealth of Nations, 1776

" In all countries where people and properties are somewhat protected, any man who is called the common sense, seek to use the accumulated fund is available to it whatsoever, so as to remove, or enjoyment at the moment, or a profit for the future. "
Adam Smith, Inquiry into the Nature and Causes of the Wealth of Nations, 1776

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John Kenneth Galbraith

compendium of quotes John Kenneth Galbraith (1908-2006), Canadian economist. He was economic adviser to several presidents of the United States that Roosevelt, Kennedy and Johnson.

"The world of high finance is allowed only understand if we realize that the greatest admiration goes to the very people who are blazing the way for major disasters. "
John Kenneth Galbraith, The Great Depression of 1929, 1955

" Consider People of any age as particularly obtuse hardly seems worthwhile and would create a precedent that members of our generation may regret. However, it seems certain that the economists and those who gave advice on economic matters in the late twenties and early thirties, proved almost always lame. "
John Kenneth Galbraith, The Great Depression of 1929, 1955

" The initiative to decide what should be produced to the consumer is not sovereign, running through the instructions on the market ultimately submit the economic mechanisms at his will. It comes rather from the great producing organization which seeks to control markets, it is supposed to serve and, through them, to subject the consumer needs that are his. "
John Kenneth Galbraith, The New Industrial State, 1967

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Analysis H1 2009 results Passat

Code Isin : FR0000038465
Symbol: PSAT
High / 6 month: 2.10 / 8.68 euro
Numbers of shares outstanding: 4,200,000
Market: Segment C

Shareholding reference (source Bloomberg)
Broszio Kirsten: 20%
Broszio Borries: 10%
Jousse Morillon Investissement: 9.74%
Broszio Robin: 5%
Broszio Kirstin : 5%
Tocqueville Finance: 4.94% Management
Bestinver SGI: 1.92%
Nestor Investment: 0.80%

Passat: H1 2009 results up sharply!

Presentation
Passat is a company that markets innovative products to the public by selling image-guided (park video 10000 screens ...). Founded in 1987, the company is now one of Europe's leading sector. Passat products are sold primarily to supermarkets and specialty generalist (BHV, Castorama, Leroy Merlin ...). Passat is well referenced with approximately 130 power of large retailers in Europe and North America. The remaining sales are through mail order (Redoute, 3 Suisses ...) and wholesalers. The Passat offers
revolves around a portfolio of approximately 200 active part numbers. They are divided into six main categories:
- Kitchen: Durandal and branded Facil Home (cooking utensils and cooking with heat-resistant glove)
- Household (comfort and home maintenance): Green Power brand (maintenance items including the log of soot) Piping and Green mark (housewares)
- Beauty (hygiene products, care, comfort and sport): mark Actiforme (cell Pillow, Inflatable Sledge) Dental Revolution (Electric toothbrush ...) Spirit Beauty (Slimming Capri ...)
- Garden: Garden brand Passat (with the famous garden claw ...) Plein Air (barbecue utensils and seeds / flower)
- DIY: Tools registered Passat (paint gun, laser level ...), Stone Guard (waterproofing ...) Kapro (R multifunction)
- Hobbies / Toys: games under the brand Jorelle Toys (wooden toys), and Blendy Pens Spraysa (coloring, markers ...), brand Passat (kite, relax cushion, water guns ...)

The distribution of turnover in H1 2009 is performed as follows: France (80.45%), USA (9.25%) and Southern Europe (10.3%).


Latest news
Passat published on September 10 last interim results for the first half 2009. These show a net profit of 2.64 million. The turnover of the period has been communicated to the market on 7/30/2009. Passat activity recorded 23.12 million euros.

Analysis
level of net income:
Passat has done on the first half 2009 net profit of 2.64 million. The net result has been multiplied by 10.5 in comparison to H1 2008, which stood at 0.25 million euros. It represents 11.4% of sales. Operating income, which allows truly measure the intrinsic performance of the company is also final, soaring to 3.81 million against 0.40 million euros in H1 2008.
This is good first half result, activity increased significantly in H1, a positive contribution to the result of all geographical areas and especially the actions (saving external loads, reducing advertising costs ...) by management for over a year back in running order Passat face a depressed economic situation.
Point on the French market: With
good control of operating expenses that have accompanied the increase in sales, net income shows 2.082 million against 0.423 million euros a year ago.
In this area, to enter the retail, transportation costs, despite the increase in activity, are virtually identical in H1 2008, thanks to falling oil prices. Staff costs have not evolved. Cons by two factors continued to weigh on profitability. Depreciation remaining an important job at 0.54 million euros, partly because of fleet renewal corners video. They are, however, because back corners and displays old (not renewed) which no longer correspond to the definition of an asset are from the close of fiscal 2008 expensed. In terms of personnel expenses, we can note an increase thereof due to the resumption in 2008 of provision for allotment of shares to group leaders. Excluding this adjustment, the payroll has remained almost unchanged.
Point Iberian market:
The measures taken during the past two years to improve the performance of Portuguese and English markets are beginning to bear fruit. Thus, after a profound reorganization of subsidiaries which has resulted in improved sales, reduced external loads and higher gross margins, the Iberian Peninsula brings his bill in half-year results of the group and that in a difficult economic environment. Overall, the markets of southern Europe contribute to net profit for H1 2009 to 0.363 million euros against a loss in profit for H1 2008. Respectively, the contribution of each country and done, Spain 0.368 million euros and Portugal, which is close to equilibrium with a negative-5keuros.
Update on the American market:
The first half is for the U.S. subsidiaries insignificant. Indeed, the volume of sales for the period is relatively small due to the seasonality of the two products marketed in the area. In fact, the S1 collects largely fixed costs, charges obviously linearly spread over the entire year (this is the amortization of patents of the log ramones acquired in 2007 and depreciated over 4 years and certain technical characteristics of heat resistant glove, acquired in 2008 for 0.2 million and amortized over 2 years). Sales for the period is reduced, the result of the half came to 0.206 million euros against a loss of 0.21 million euros a year earlier. This figure is not representative of the activity of this area. Over the period the dollar impact because of the low activity had little effect on the outcome of the semester. In addition, during weak dollar, and because of the volumes, the group winner is economically, the impacts currency is structurally balanced group. France achieved the vast majority of its supplies in dollars, while the U.S. subsidiary, CSL buys in euros.

level of turnover:
The group displays on the Passat first half of 2009, a turnover of 23.12 million euros, up by 13.9% against 20.30 million euros in H1 2008. The first quarter was particularly buoyant with a growth of 21.1% to 11.57 million. The more moderate T2 nevertheless saw an increase of its activity by 7.6% to 11.55 million euros. Overall, group sales were up across all geographies.
In France, in a context of sluggish consumption, the performance of the product range have been worn by a proper deployment of the sales force and the success of some new products that allowed Passat to make on its first market (80.45% of the activity of the group) turnover in H1 2009 amounted to 18.6 million euros against 16.75 million euros a year ago an increase of 11.1% .
In southern Europe, the macroeconomic environment very disturbed, did not diminish the good momentum in sales. The measures taken to improve the performance of the Iberian Peninsula began to bear fruit. Thus, the concentration of efforts on higher margin products together with improved productivity trade was beneficial for the activity of the semester. Revenues came in at 2.38 million euros against 1.58 million euros in H1 2008 representing an increase of 51.4%. The Southern Europe represents 10.3% of consolidated sales.
United States, the first half is special. Indeed, the marketing season of the two products (log Ramones and heat-resistant glove) start in October and ends in January. Thus, sales of the period only 15% of those of the year. In fact, the volume of activity is insignificant and unrepresentative. On S1, Passat has done on this area of 2.137 million euros in turnover, up 8.2% against 1.98 million in H1 2008. The U.S. accounted for 9.25% of Group sales over the first 6 months of the year 2009.

Outlook
Passat forecasts still remain relatively unclear. The group's management reiterates its caution over a possible continuation of the strong momentum of H1 on the rest of 2009. Thus, the activities of the Iberian Peninsula will confirm the effects of restructuring. The United States, currently suffering the effects of a crisis is difficult to assess for the group. However, the 2009 U.S. campaign does not now warning sign. In France, the great increase in sales will be confirmed on the second part of the year.
Beyond these points are still present uncertainties in the macroeconomic environment on consumer spending difficult to predict in a context of crisis combined with a high unemployment rate.

Fundamental
The stock market value reached Passat to 18/09/09, 34.02 million. This funding begins to conform with the basic quality of the company. Here are the key points of the financial structure Passat:
balance sheet structure :
-Equity is 25.809 million euros to 30/06/09 is 6.14 euros per share.
-financial debt stood at 0.227 million euros, representing a gearing of 0.87%.
-Closing Cash at 30/06/09 consists of 10.44 million euros of investment securities and 0.48 million euros in cash. Either a cash overall 10.92 million euros, which represents 2.6 euros per share.
Financial Ratios:
-On the basis of the last, the PER is 6.44 in the annual estimate.
-The operating margin was 15.87% in H1 2009 against 4.69% in H1 2008. The EPS is
- amounts to 0.63 euros per share.


Conclusion The first half of 2009 benefited from strong momentum across all geographical areas of the group and that in an economic environment unfavorable. This is the result of actions taken over the last twelve months. Now, Passat will confirm its second half the good results obtained in the S1. The group can draw on an optimized trade organization, the quality of its product offering and especially on a financial structure very good. The stock market value of the group begins today take into account the many qualities of value. In the absence of prospects figures but taking into account the positive trend initiated in the S1, a target of 9 euros seems achievable in the medium term. In the longer term, we can consider the 12 euros if the dynamics on the S1 is confirmed over the full year 2009.


FB


Next analysis of the title at the 2009 annual results

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quotes Paul Samuelson

Florilèges quotes Paul Samuelson (1915 -): American economist. Important theorist, his work marked a turning point in economic science. He tried to make a synthesis between neoclassical and Keynesian approach. his book "Economics: an introductory analysis" he published in 1948 (it will be published in France under the title "The Economic ") is the book Saving the best selling to date. He was economic adviser to President John Kennedy in the 60s. He received the Nobel Prize in Economics in 1970.

"The extent to which staff members are ready to save the economy can devote resources to capital formation. "
Paul Samuelson Economics, 1948

"The economy is not a complete discipline, but science itself always developing. "
Paul Samuelson, Economics, 1948

" Economics Research how men and society choose, or not making use of money to allocate scarce productive resources to production through time, goods and various services and allocate them for purposes of consumption present and future, between individuals and communities constituents of society. "
Paul Samuelson, Economics, 1948

" Of course, any country that is underdeveloped in the sense that, not yet managed to exhaust its virtual possibilities he can continue to move in the path of technological progress. "
Paul Samuelson, Economics, 1948

" When monopolistic imperfections cause deviations from the ideal of competitive pricing, [...] it is for authorities to investigate whether democratic control would improve the situation or they might, instead, to make it worse. "
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" The dog of a wealthy rentier can lick the milk from which a poor child would need to guard against rickets. "
Paul Samuelson, Economics, 1948

" Why are we, in general, people decide what shoes they buy with their money, so we do not allow them to buy from heroin or LSD. "
Paul Samuelson, Economics, 1948

"In a market, prices coordinate decisions of producers and consumers. Higher prices tend to reduce consumer purchases and to stimulate production. Lower prices encourage consumption and discourage production. The prices are the backbone of the market mechanism. "
Paul Samuelson, Economics, 1948

" What advantage is there for a young American negro to know that an employer must pay 1.6 dollars per hour worked if the very fact that her salary has been prevented from finding a job? "
Paul Samuelson, Economics, 1948

"Money, as money [...] is desired, not for herself but for the things it can buy. "
Paul Samuelson, Economics, 1948

" Macroeconomics deals with the big picture - namely macro aggregates "consisting of the national income, employment levels and overall levels of price. "
Paul Samuelson, Economics, 1948

" The consumer is basically the king [...] Each voter is a consumer who decides, by its vote, that something will be done because he wants it done. "
Paul Samuelson, Economics, 1955

" The consumer is in fact the king. [...] Each voter is a consumer who decides, by its vote, that something will be done because he wants it done. "
Paul Samuelson, quoted in John Kenneth Galbraith in his book, The New Industrial State, 1968

" In a market, prices coordinate decisions of producers and consumers. Higher prices tend to reduce consumer purchases and to stimulate production. Lower prices encourage consumption and discourage production. The prices are the backbone of the market mechanism. "
Paul Samuelson and WD Nordhaus, Microeconomics, 1985

" Economists are like Eskimos who sleep eight in one bed and sleep all the same side, when one of them turns and eight are returning. "
Paul Samuelson, quoted by JM Albertini Sub and men, 1985

" Profits are the lifeblood of the economic system, the magic elixir upon which all progress. But the blood of a person may be cancer for another. "
Paul Samuelson, Speech

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Top Telecom Operators Telecom Operators

Telecoms Operators - Top 35

There are several methods for measuring the size of a telecom operator, and various lists of the largest operators are available. This ranking is based on market capitalization as of July 22, 2009. This method identifies China Mobile, AT & T and Telefonica as the three largest publicly traded operators. Taken together, they represent 252 billion euros market capitalization.

Rank / Company / capitalization in billions € / PER / ROE / Net debt / equity annualized EPS
Source Bloomberg 22/07/2009

1 / CHINA MOBILE / 143.86M / 07.12 / 27.64% / - 41.21 / 0.55
2 / AT & T INC / 101.25M / 9.18 / 11.96% / 72.20 / 1.49
3 / TELEFONICA / 77.82M / 9.86 / 40.14% / 217.72 / 1.67
4 / VODAFONE GROUP / 69.00M / 19.46 / 3.75% / 43.05 / 0.07
5 / VERIZON COMM / 59.43M / 11.62 / 13.96% / 80.42 / 1.59
6 / AMERICA MOVIL / 48.25M / 02.15 / 43.05% / 73.47 / 0.11
7 / NTT DOCOMO / 45.17M / 12.27 / 10.95% / 1.02 / 74.30
8/ NIPPON TELEGRAPH / 43.73M / 9.41 / 7.32% / 39.99 / 2.64
9/ FRANCE TELECOM / 42.53M / 10.42 / 14.16% / 110.57 / 1.56
10/ DEUTSCHE TELEKOM / 36.07M / NA / -1.41% / 104.50 / -0.13
11/ CHINA TELECOM / 29.72M / 241.78 / 0.40% / 44.29 / 0.00
12/ SINGAPORE TELECOM / 25.50M / 15.27 / 16.63% / 31.26 / 0.11
12/ CHINA UNICOM / 24.96M / 28.14 / 22.32% / 9.93 / 0.03
13/ TELSTRA / 24.34M / 11.28 / 30.68% / 152.54 / 0.17
14/ BHARTI AIRTEL / 23.50M / 20.24 / 38.58% / 18.06 / 0.64
15/ MTN GROUP / 21.23M / 15.54 / 24.76% / 19.15 / 0.68
16/ SAUDI TELECOM / 20.24M / 11.30 / 28.39% / 49.36 / 0.97
17/ TELECOM ITALIA / 17.62M / 10.00 / 8.29% / 138.06 / 0.10
18/ KDDI CORP / 17.30M / 10.33 / 12.63% / 35.42 / 338.09
19/ TELIASONERA / 16.99M / 9.86 / 16.14% / 34.15 / 0.42
20/ KPN / 16.62M / 12.88 / 31.64% / 311.41 / 0.77
21/ CHINA UNITED / 15.87M / NA / 31.24% / 5.24 / 0.10
22/ ETISALAT / 14.37M / 9.75 / 25.85% / -27.75 / 0.21
23/ SOFTBANK / 14.01M / 45.16 / 11.39% / 274.14 / 0.25
24/ CHUNGHWA TELECOM / 13.43M / 11.61 / 11.67% / -25.27 / 0.12
25/ ROGERS COMM / 12.45M / 16.54 / 20.23% / 180.06 / 0.96
26/ SWISSCOM / 11.95M / 9.71 / 31.35% / 158.08 / 22.47
27/ BCE INC / 11.74M / 10.26 / 6.56% / 55.50 / 0.82
28/ MAROC TELECOM / 11.42M / 13.38 / 52.76% / -1.63 / 0.95
29/ TELEKOMUNIKASI / 11.35M / 16.40 / 27.08% / 25.26 / 0.03
30/ TELEF MEXICO / 10.69M / 10.68 / 51.25% / 247.24 / 0.06
31/ BT GROUP / 10.08M / NA / -2.99% / 7.36k / 0.01
32/ CARSO GLOBAL / 9.81M / 17.03 / 22.89% / 147.97 / 0.19
33/ TELENOR / 9.64M / 8.77 / 14.16% / 50.38 / 0.73
34/ SPRINT NEXTEL / 9.58M / NA / -14.14% / 89.63 / -0.7435
35/ VIMPELCOM / 9.05M / NA / -10.00% / 184.59 / -0.33


PER : Price earnings ratio
ROE : Return on equity
BPA : Bénéfice par action

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2009 Ranking 2009 Ranking

Telecom Operators – Top 35 ranking

There are several methods to measure size of a telecom operator, so different lists of the world’s largest operators are available. This list ranks telecom operators, based on market capitalization as of 07/22/2009. This method identifies China Mobile, AT&T and Telefonica as the top three telecoms operators listed on stock market.

Rank / Company / Capitalization in billions € / PER / ROE / Net debt to Shareholder equity / EPS
Data from Bloomberg 07-22-2009

1/ CHINA MOBILE / 143.86B / 12.07 / 27.64% / -41.21 / 0.55
2/ AT&T INC / 101.25B / 9.18 / 11.96% / 72.20 / 1.49
3/ TELEFONICA / 77.82B / 9.86 / 40.14% / 217.72 / 1.67
4/ VODAFONE GROUP / 69.00B / 19.46 / 3.75% / 43.05 / 0.07
5/ VERIZON COMM / 59.43B / 11.62 / 13.96% / 80.42 / 1.59
6/ AMERICA MOVIL / 48.25B / 15.02 / 43.05% / 73.47 / 0.11
7/ NTT DOCOMO / 45.17B / 12.27 / 10.95% / 1.02 / 74.30
8/ NIPPON TELEGRAPH / 43.73B / 9.41 / 7.32% / 39.99 / 2.64
9/ FRANCE TELECOM / 42.53B / 10.42 / 14.16% / 110.57 / 1.56
10/ DEUTSCHE TELEKOM / 36.07B / NA / -1.41% / 104.50 / -0.13
11/ CHINA TELECOM / 29.72B / 241.78 / 0.40% / 44.29 / 0.00
12/ SINGAPORE TELECOM / 25.50B / 15.27 / 16.63% / 31.26 / 0.11
12/ CHINA UNICOM / 24.96B / 28.14 / 22.32% / 9.93 / 0.03
13/ TELSTRA / 24.34B / 11.28 / 30.68% / 152.54 / 0.17
14/ BHARTI AIRTEL / 23.50B / 20.24 / 38.58% / 18.06 / 0.64
15/ MTN GROUP / 21.23B / 15.54 / 24.76% / 19.15 / 0.68
16/ SAUDI TELECOM / 20.24B / 11.30 / 28.39% / 49.36 / 0.97
17/ TELECOM ITALIA / 17.62B / 10.00 / 8.29% / 138.06 / 0.10
18/ KDDI CORP / 17.30B / 10.33 / 12.63% / 35.42 / 338.09
19/ TELIASONERA / 16.99B / 9.86 / 16.14% / 34.15 / 0.42
20 / KPN / 16.62B / 12.88 / 31.64% / 311.41 / 0.77
21 / CHINA UNITED / 15.87B / NA / 31.24% / 5.24 / 0.10
22 / Etisalat / 14.37B / 9.75 / 25.85% / -27.75 / 0.21
23 / Softbank / 14.01B / 45.16 / 11.39% / 274.14 / 0.25
24 / Chunghwa Telecom / 13.43B / 11.61 / 11.67% / -25.27 / 0.12
25 / ROGERS COMM / 12.45B / 16.54 / 20.23% / 180.06 / 0.96
26 / Swisscom / 11.95B / 9.71 / 31.35% / 158.08 / 22.47
27 / BC LTD / 11.74B / 10.26 / 6.56% / 55.50 / 0.82
28 / Maroc TELECOM / 11.42B / 13.38 / 52.76% / -1.63 / 0.95
29 / Telekomunikasi / 11.35B / 16.40 / 27.08% / 25.26 / 0.03
30 / TELEFE MEXICO / 10.69B / 10.68 / 51.25% / 247.24 / 0.06
31 / BT GROUP / 10.08B / NA / -2.99% / 7.36k / 0.01
32 / Carso Global / 9.81B / 3.17 / 22.89% / 147.97 / 0.19
33 / TELENOR / 9.64B / 8.77 / 14.16% / 50.38 / 0.73
34 / SPRINT NEXTEL / 9.58B / NA / -14.14% / 89.63 / -0.74
35 / VimpelCom / 9.05B / NA / -10.00% / 184.59 / -0.33

PER: Price earnings ratio
ROE: Return on equity
EPS: Earnings per share annualised

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Ranking the top 30 airlines in 2009 funded

There are several methods to measure the size of an airline, and various lists of the largest airlines are available. This ranking is based on market capitalization as of July 20, 2009. This method identifies China Air, Singapore Airlines and Ryanair as the three largest publicly traded companies. Between them they account for 21 billion euros in market capitalization.

Rank / Company / Capitalization in Billion € / PER / ROE / Equity Net Debt / Annualized EPS
Source Bloomberg to 20/07/2009

1 / AIR CHINA / 8.79M / NA / -36.09% / 252.49 / -0.08
2/ SINGAPORE AIRLINES / 7.82M / 15.46 / 7.31% / -18.50 / 0.43
3/ RYANAIR / 4.72M / NA / -3.37% / 18.37 / -0.06
4/ LUFTANSA / 4.27M / 14.90 / 4.37% / 5.16 / 0.63
5/ CATHAY / 4.04M / NA / -19.26% / 92.82 / -0.20
6/ ANA* / 3.96M / NA / -1.10% / 231.15 / -0.04
7/ CHINA EAST AIRWAYS / 3.71M / NA / NA / NA / -0.33
8/ SOUTHWEST AIRLINES / 3.68M / 23.40 / 0.89% / 29.95 / 0.02
9/ JAPAN AIRLINES / 3.43M / NA / -44.09% / 323.72 / -0.23
10/ DELTA AIRLINES / 3.32M / NA / -148.81% / 2.33k / -4.11
11/ CHINA SOUTHERN / 3.19M / NA / -50.06% / 527.95 / -0.06
12/ LAN Airlines / 2.99M / 13.66 / 31.94% / 271.62 / 0.66
13 / Qantas Airways / 2.96M / 7.23 / 10% / 59.77 / 0.17
14 / Air France KLM / 2.63M / MS / -10.49% / 99.68 / - 2.76
15 / Hainan Airlines / 2.05m / MS / -20.78% / 374.34 / -0.04
16 / British Airways / 1.81m / MS / -15.93% / 129.04 / -0.38
17 / Korea Airlines / 1.55m / NA / -53.95% / 337.22 / -18.06
18 / IBERIA / 1.50m / 47.28 / 1.79% / -83.63 / 0.03
19 / Easyjet / 1.42M / 29.58 / 3.68% / 21.60 / 0.15
20 / COPA Holding / 1.27m / 10:57 / 26.17% / 82.91 / 3.11
21 / TAM Airlines / 1.22M / MS / -120.07% / -13.77 / -2.94
22 / GOL Airlines / 1.20M / MS / -63.04% / 240.30 / -2.05
23 / Malaysia Airlines / 1.06m / AN / AN / AN / -0.07
24 / JetBlue Airways / 0.96M / MS / -4.24% / 235.67 / -0.18
25 / Turk Havas Yolles / 0.90m / 0.33 / 44.34% / 44.81 / 0.68
26 / AMR body / 0.86m / AN / AN / AN / -2.87
27 / Continental Airlines / 0.85m / MS / -78.94% / 2.15k / -4.06
28 / WestJet Airlines / 0.81M / 7.90 / 15:23% / 41.96 / 0.80
29 / Shanghai Airlines / 0.79M / MS / -127.74% / 2.22k / -0.12
30 SAS / 0.79M / NA / -41.99% / 112.32 / -0.10
31 / EVA Airways / 0.74M / MS / -48.30% / 262.27 / -0.09
32 / Allegiant Travel / 0.65m / 17:47 / 23.30% / -68.85 / 1.99


* All Nippon Airways
PER: Price earnings ratio
ROE: Return on equity
EPS: Earnings per share

*** Info
The Blacklist Committee of European Airlines 2009
via the link below
http://fb-bourse.blogspot.com/2009/07/liste-noire-compagnies-aeriennes-2009. html

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2009 Airlines Blacklist Airlines 2009 Top 30 Airlines 2009

List of air carriers subject to an operating ban general in the EU through the European Commission

List updated on 14/07/2009

corporation name of the airline indicated on its AOC (and name, if different)

Number of Air Operators Certificate (AOC) Number or license

ICAO code of the airline

State Carrier

AIR KORYO Unknown KOR Republic of Korea
AIR WEST CO.. LTD 004 / A AWZ Republic of Sudan
009 AFG Ariana Afghan Airlines Islamic Republic of Afghanistan
MOTOR SICH 025 MSI Ukraine
SIEM REAP AIRWAYS INTERNATIONAL AOC/013/00 SRH Cambodia
Silverback Cargo Freighters from Rwanda Republic Unknown VRB
Ukraine Cargo Airways Ukraine UKS 145
UKRAINIAN MEDITERRANEAN AIRLINES 164 UKM Ukraine
an Air carriers listed Annex A may be permitted to exercise traffic rights by chartering aircraft with flight crew to an air carrier that is not subject to an operating ban, provided that safety standards are met . VOLARE AVIATION ENTERPRISE
143 ERV Ukraine

All Carriers aircraft certified by the authorities of Angola responsible for regulatory oversight (with the exception of TAAG Angola Airlines), namely: Republic of Angola
AEROJET 015 Unknown
Republic of Angola Republic Unknown
AIR26 004
of Angola
AIR GEMINI 002 Unknown Republic of Angola

AIR GICANGO 009 Unknown Republic of Angola

AIR JET 003 Unknown Republic of Angola

AIR NAVE 017 Unknown
Republic of Angola Republic Unknown
ALADA 005
of Angola ANGOLA AIR SERVICES


006 Unknown
Republic of Angola Republic Unknown
DIEXIM 007
of Angola
GIRA GLOBO 008 Unknown
Republic of Angola Republic Unknown
HELIANG 010
of Angola
HELIMALONGO 011 Unknown
Republic of Angola Republic Unknown
MAVEWA 016
of Angola
PHA 019 Unknown
Republic of Angola
RUI & CONCEICAO 012 Unknown
Republic of Angola Republic Unknown
SAL 013
of Angola Republic Unknown
SERVISAIR 018
of Angola
SONAIR 014 / Unknown Republic of Angola


All air carriers certified by the authorities of Benin Republic of Benin responsible for regulatory oversight, namely
AERO BENIN PEA No. 014/MDCTTTATPPR /
ANAC / DEA / CBS
Unknown Republic of Benin

AFRICA AIRWAYS Unknown Unknown Republic of Benin

ALAFIA JET PEA No.
014/ANAC/MDCTTTATPPR /
DEA / CBS Not applicable
Republic of Benin

BENIN GOLF AIR PEA No. 012/MDCTTPPR /
ANAC / DEA / CBS.
Unknown Republic of Benin

BENIN LITTORAL AIRWAYS

PEA No. 013/MDCTTTATPPR /
ANAC / DEA / CBS.
BLA Republic of Benin

COTAIR PEA No. 015/MDCTTTATPPR /
ANAC / DEA / CBS.
Unknown Republic of Benin

ROYAL AIR PEA No. 11/ANAC/MDCTTPPR /
DEA / CBS
Unknown Republic of Benin

TRANS AIR BENIN PEA No. 016/MDCTTTATPPR /
ANAC / DEA / CBS
TNB Republic of Benin


All air carriers certified by the authorities of the Democratic Republic of Congo ( RDC) for regulatory oversight, namely the Democratic Republic of Congo (DRC)
AFRICA ONE 409/CAB/MIN/TC/0114/2006 CFR Democratic Republic


Congo (DRC)
AFRICAN AIR SERVICES

SWITCHING
409/CAB/MIN / TVC/051/09 Unknown Democratic Republic


of Congo (DRC) EAGLE AVIATION
409/CAB/MIN/TC/0042/2006 Unknown Democratic Republic


Congo (DRC)
AIR BENI 409/CAB/MIN/TC/0019/2005 Unknown Democratic Republic


Congo (DRC) AIR
BOYOMA 409/CAB/MIN/TC/0049/2006 Unknown Democratic Republic


of Congo (DRC)

14.07.2009 4 / 18
AIR INFINITY 409/CAB/MIN/TC/006/2006 Unknown Republic
Congo Democratic

(DRC)
AIR KASAI 409/CAB/MIN/TVC/036/08 Unknown Democratic Republic


of Congo (DRC)
AIR KATANGA 409/CAB/MIN / TVC/031/08 Unknown Republic
Democratic

Congo (DRC)
AIR SHUTTLE 409/CAB/MIN/TC/015/2005 Unknown Democratic Republic


of Congo (DRC)
TROPICS AIR 409/CAB/MIN / TVC/029/08 Unknown Republic
Democratic

Congo (DRC)
BEL GLOB AIRLINES 409/CAB/MIN/TC/0073/2006 Unknown Democratic Republic


of Congo (DRC)
BLUE AIRLINES 409/CAB/MIN / TVC/028/08 BUL Democratic Republic


of Congo (DRC)
BRAVO AIR CONGO 409/CAB/MIN/TC/0090/2006 Unknown Democratic Republic


of Congo (DRC)
BUSINESS AVIATION 409/CAB/MIN / Unknown Democratic Republic TVC/048/09


of Congo (DRC) CONGO
BUSY BEE 409/CAB/MIN / TVC/052/09 Unknown Democratic Republic


of Congo (DRC)
BUTEMBO AIRLINES 409/CAB/MIN / TC/0056/2006 Unknown Democratic Republic


of Congo (DRC)
CARGO BULL AVIATION

409/CAB/MIN/TC/0106/2006 Unknown Democratic Republic


of Congo (DRC)
CETRACA
AVIATION SERVICE
409/CAB/MIN / ERC TVC/026/08
Republic of the Congo Democratic


14.07.2009 5 / 18
(DRC)
HCC STELLAVIA 409/CAB/MIN/TC/0050/2006 Unknown Democratic Republic


of Congo (DRC)
COMAIR 409/CAB/MIN/TC/0057/2006 Unknown Democratic Republic


of Congo (DRC)
COMPANY

AFRICAN AVIATION (CAA)
409/CAB / MIN / TVC/035/08 Unknown Democratic Republic


of Congo (DRC)
DOREN AIR CONGO 409/CAB/MIN / TVC/0032/08 Unknown Democratic Republic


of Congo (DRC)
EL 409 Sat AIRLIFT / CAB/MIN/TC/0002/2007 Unknown Democratic Republic


of Congo (DRC)
BUSINESS WORLD AIRWAYS
(EWA)
409/CAB/MIN / TVC/003/08 Unknown Democratic Republic


of Congo (DRC)
ESPACE AVIATION SERVICE

409/CAB/MIN/TC/0003/2007 Unknown Democratic Republic


of Congo (DRC)
FILAIR 409/CAB/MIN / TVC/037 / 08 Unknown Democratic Republic


of Congo (DRC)
FREE AIRLINES 409/CAB/MIN/TC/0047/2006 Unknown Democratic Republic


of Congo (DRC)
GALAXY Kavatsi 409/CAB/MIN / TVC/027 / 08 Unknown Democratic Republic


of Congo (DRC)
GILEMBE AIR DEFENSE

(GISAIR)
409/CAB/MIN / TVC/053/09 Unknown Democratic Republic


of Congo (DRC)
GOMA EXPRESS 409/CAB/MIN/TC/0051/2006 Unknown Democratic Republic


of Congo (DRC)

14.07.2009 6 / 18
Gomair 409/CAB/MIN / PPV / 045/09
Unknown Republic of the Congo Democratic

(DRC)
GREAT LAKE BUSINESS COMPANY

409/CAB/MIN/TC/0048/2006 Unknown Democratic Republic


of Congo (DRC)

Hewa Bora Airways (HBA )
409/CAB/MIN / TVC/038/08 ALX Democratic Republic


Congo (DRC)

INTERNATIONAL TRANS AIR BUSINESS
(ITAB)
409/CAB/MIN / TVC/033/08 Unknown Democratic Republic


of Congo (DRC)
KATANGA AIRWAYS 409/CAB/MIN/TC/0088/2006 Unknown Democratic Republic


of Congo (DRC)
KIN AVIA 409/CAB/MIN / TVC/042/09 Unknown Democratic Republic


of Congo (DRC)
KIVU AIR 409/CAB/MIN/TC/0044/2006 Unknown Democratic Republic


of Congo (DRC)

CONGO AIRLINES (LAC) Ministerial

Signature (Ordinance No. ° 78/205)
LCG Democratic Republic


Congo (DRC)
MALU AVIATION 409/CAB/MIN/TVC/04008 Unknown Republic
Congo Democratic

(DRC)
MALILA AIRLIFT 409/CAB/MIN/TC/0112/2006 MLC Democratic Republic


Congo (DRC)
MANGO 409/CAB/MIN AVIATION / TVC/034/08 Unknown Republic
Congo Democratic

(DRC)
PIVA AIRLINES 409/CAB/MIN/TC/0001/2007 Unknown Democratic Republic


of Congo (DRC)
Rwakabika BUSHI
EXPRESS
409/CAB/MIN/TC/0052/2006 Unknown Democratic Republic

Congo

14.07.2009 7 / 18
(DRC)
SAFARI LOGISTICS SPRL

409/CAB/MIN/TC/0076/2006 Unknown Democratic Republic


of Congo (DRC)
SAFE AIR COMPANY 409/CAB/MIN / TVC/025/08 Unknown Democratic Republic


of Congo (DRC)
AIR SERVICES 409/CAB/MIN / TVC/030/08 Unknown Republic
Congo Democratic

(DRC)
SUN AIR SERVICES 409/CAB/MIN/TC/0077/2006 Unknown Democratic Republic


of Congo (DRC)
SWALA 409/CAB/MIN AVIATION / TVC/050/09 Unknown Republic
Democratic

Congo (DRC)
TEMBO AIR SERVICES

409/CAB/MIN/TC/0089/2006 Unknown Democratic Republic


of Congo (DRC)
THOM'S AIRWAYS 409/CAB/MIN/TC/0009 / 2007 Unknown Democratic Republic


of Congo (DRC)
TMK AIR COMMUTER

409/CAB/MIN / TVC/044/09 Unknown Democratic Republic


of Congo (DRC) CONGO
TRACEP
AVIATION
409/CAB/MIN / TVC/046/09 Unknown Democratic Republic


of Congo (DRC)
TRANS AIR CARGO SERVICES

409/CAB/MIN / TVC/024/08 Unknown Democratic Republic


of Congo (DRC)
AIR TRANSPORT

CONGO (TRACO)
409/CAB/MIN/TC/0105/2006 Unknown Democratic Republic


of Congo (DRC)
VIRUNGA AIR
CHARTER
409/CAB/MIN/TC/018/2005 Unknown Democratic Republic


of Congo (DRC)

14.07.2009 8 / 18
WIMBA DIRA
AIRWAYS
409/CAB/MIN/TVC/039/08 WDA Democratic Republic


of Congo (DRC)
ZAABU
INTERNATIONAL
409/CAB/MIN / TVC/049/09 Unknown Democratic Republic


of Congo (DRC)

All air carriers certified by the authorities of Guinea Equatorial responsible for regulatory oversight, namely: Equatorial Guinea
CRONOS AIRLINES Unknown Unknown
Equatorial Guinea CEIBA INTERCONTINENTAL



Equatorial Guinea Unknown CEL
EGAM
Equatorial Guinea Unknown EGM
EUROGUINEANA OF
Aviacion Y TRANSPORTES

2006/001/MTTCT/DGAC/SOP
S
Equatorial Guinea
EUG
GENERAL WORK
Aviacion
002 / Not available ANAC

Equatorial Guinea

GETRA - GUINEA
ECUATORIAL
TRANSPORTED TO
Aereos

Equatorial Guinea 739 GET
GUINEA AIRWAYS 738 Not available

Equatorial Guinea

STAR AIRLINES EQUATORIAL

Unknown Unknown
Equatorial Guinea
UTAGE -
TRANSPORTATION UNION OF GUINEA AEREO

ECUATORIAL

Equatorial Guinea 737 UTG

All air carriers certified by the Indonesian authorities responsible for regulatory oversight, with the exception of Garuda Indonesia, Airfast Indonesia, Mandala Airlines and Ekspres Transportasi Antarbenua including: Republic of Indonesia

14.07.2009 9 / 18 AIR PACIFIC UTAMA
135-020
Unknown Republic of Indonesia
ALFA TRANS
DIRGANTATA
135-012
Unknown Republic of Indonesia
ASCO NUSA AIR 135 -022 Unknown Republic of Indonesia

UPS PUDJIASTUTI Unknown 135-028 Republic of Indonesia

Aviastar Mandiri 135-029
Unknown Republic of Indonesia 121-013
Cardig AIR Unknown Republic of Indonesia

DHABI AIR NUSANTARA

135-030
Unknown Republic of Indonesia
Derai DRY AIR TAXI 135-013 Republic of Indonesia

DERAZONA
AIR SERVICE
135-010
Unknown Republic of Indonesia
Dirgantara
AIR SERVICE DIR
135-014
Republic of Indonesia 135-038
Eastindo Unknown Republic of
Indonesia
GATARE AIR SERVICE

135-018 GHS
Republic of Indonesia
INDONESIA AIR ASIA AWQ 121-009 Republic of Indonesia

INDONESIA AIR TRANSPORT

135-034 IDA
Republic of Indonesia
INTAN ANGKASA
AIR SERVICE
135-019
Unknown Republic of Indonesia
JOHNLIN AIR TRANSPORT

135 - 043 Unknown
Republic of Indonesia 121-037
KAL STAR
Unknown Republic of Indonesia
Kartik AIRLINES 121-003 KAE
Republic of Indonesia KURA-KURA

AVIATION
135-016
Unknown Republic of Indonesia
Lion Mentari
AIRLINES
121-010 LNI
Republic of Indonesia
MANUNGGAL AIR SERVICE

121-020 Unknown République d'Indonésie

Megantara 121-025 Inconnu
République d'Indonésie
pigeon

NUSANTARA AIRLINES 121-002
MNA
République d'Indonésie
Metro Batavia 121-007 BTV République d'Indonésie

WATER MIMIKA 135-007 Inconnu République d'Indonésie

14/07/2009
10/18
NATIONAL UTILITY
Helicopter
135-011 Inconnu
République d'Indonésie
ITS CHARTER AIR

121-022 Inconnu
République d'Indonésie
BUANA
ITS WATER
135-041 Inconnu
République d'Indonésie
COMFORTABLE AIR République
135-042 Inconnu d'Indonésie
PELITA WATER SERVICE PAS 121-008
République d'Indonésie

ALLAH'S UNIVERSE AVIATION
135-026 Inconnu
République d'Indonésie
TEMPLE TOUR
Varuna
135-025 Inconnu
République d'Indonésie
REPUBLIC EXPRESS
AIRLINES
121-040 RPH
République d'Indonésie
RIAU AIRLINES 121-016 Riu
République d'Indonésie
SAMPOERNA ITS WATER

135-036 Inconnu
République d'Indonésie
WING
GARUDA INDAH
135-004 République
Inconnu d'Indonésie
SKY AVIATION 135-044 Inconnu
République d'Indonésie
SMAC 135-015 SCM
Republic of Indonesia Sriwijaya Air
121-035 SJY
Republic of Indonesia
SURVEYOR Udara
PENAS
135-006
Unknown Republic of Indonesia
TRANSWISATA
PRIMA AVIATION
135-021
Unknown Republic of Indonesia
TRAVEL EXPRESS SERVICE AVIATION

121-038 XAR
Republic of Indonesia 135-009
TRAVIS UTAMA Unknown Republic of Indonesia
TRI MG INTRA ASIA

AIRLINES
121-018 TMG
Republic of Indonesia
TRIGANA AIR SERVICE

121 -006 TGN
Republic of Indonesia 135-040
UNINDO
Unknown Republic of Indonesia WING ABADI AIRLINES


121-012 WON
Republic of Indonesia

All air carriers certified by the Kazakh authorities responsible for regulatory oversight (in Republic of Kazakhstan 07.14.2009 11/18 except Air Astana), namely:
Aero Company Unknown Unknown Republic of Kazakhstan

Aeroprakt KZ Unknown Unknown Republic of Kazakhstan

AEROTOUR KZ Unknown Unknown Republic of Kazakhstan

AIR ALMATY-AK 0331-07 LMY Republic of Kazakhstan

AIR COMPANY
Kokshetau
-AK 0357-08 KRT Republic of Kazakhstan

AIR DIVISION OF
EKA
Unknown Unknown Republic of Kazakhstan

FLAMINGO AIR Unknown Unknown Republic of Kazakhstan

AIR TRUST
AIRCOMPANY
Unknown Unknown Republic of Kazakhstan

AK Sunkara
AIRCOMPANY
Unknown Unknown Republic of Kazakhstan

ALMATY AVIATION Unknown Unknown Republic of
Kazakhstan
ARKHABAY Unknown Unknown Republic of Kazakhstan

ASIA CONTINENTAL AIRLINES

AK 0345-08 CID Republic of Kazakhstan

ASIA CONTINENTAL
AVIALINES
AK 0371-08 RRK Republic of Kazakhstan

ASIA WINGS-AK 0390-09 AWA Republic of Kazakhstan

ASSOCIATION OF
AMATEUR PILOTS OF KAZAKHSTAN

Unknown Unknown Republic of Kazakhstan

ATMA AIRLINES AK 0372-08 AMA Republic of Kazakhstan

ATYRAU AYE JOLY AK-JOL 0321-07 Republic of Kazakhstan

AVIA-JAYNAR Unknown Unknown Republic of Kazakhstan

BEYBARS
AIRCOMPANY
Unknown Unknown Republic of Kazakhstan

BERKUT AIR / AIR

BEK-AK 0311-07 BKT / BEK Republic of Kazakhstan

BERKUT STATE AIRLINE

AK-0378 to 09 OCI Republic of Kazakhstan

BERKUT KZ Unknown Unknown Republic of Kazakhstan

BURUNDAYAVIA
AIRLINES AK-
0374-08 BRY Republic of Kazakhstan

Comlux AK-0352-08 KAZ Kazakhstan Republic of

14.07.2009
12/18
DETA AIR-AK 0344-08 DET Republic of Kazakhstan

EAST WING-AK 0332-07 EWZ Republic of Kazakhstan

EASTERN EXPRESS AK -0358 to 08 DSL Republic of Kazakhstan

EOL AIR Unknown Unknown Republic of Kazakhstan

EURO-ASIA AIR-AK 0384-09 EAK Republic of Kazakhstan

EURO-ASIA AIR INTERNATIONAL

Unknown Unknown Republic of Kazakhstan

GLIDE EXCELLENT AK-0338-08 EGB Republic of Kazakhstan

FENIX Unknown Unknown Republic of Kazakhstan

FLY-JET AK KZ 0391-09 FJK Republic of Kazakhstan

IJT AVIATION-AK 0335-08 DVB République du Kazakhstan

INVESTAVIA AK 0342-08 TLG République du Kazakhstan

IRBIS AK-0317-07 TO République du Kazakhstan

Irtysh AIR-AK 0381-09 MZA République du Kazakhstan

JET AIRLINES AK 0349-09 SCO République du Kazakhstan

ONE JET AK 0367-08 JKZ République du Kazakhstan

KAVIASPAS AK 0322-07 KZS République du Kazakhstan

KAZAIR JET AK 0387-09 KEJ République du Kazakhstan

KAZAIRTRANS
AIRLINE
AK 0347-08 Kuy République du Kazakhstan

KAZAIRWEST Inconnu Inconnu République du Kazakhstan

KAZAVIA Inconnu Inconnu République du Kazakhstan

AK-Kokshetau 0357-08 KRT Republic of Kazakhstan

AIR AIRLINE AK-MAK 0334-07 AKM Republic of Kazakhstan

MEGA AIRLINES AK-GK 0356-08 Republic of Kazakhstan

Miras-AK 0315-07 MIF Republic of Kazakhstan

NAVIGATOR Unknown Unknown Republic of Kazakhstan

OLIMP AIR Unknown Unknown 7/14/2009
Republic of Kazakhstan
13/18

ORLAN 2000
AIRCOMPANY
Unknown Unknown Republic of Kazakhstan

Pankhi CENTER
KAZAKHSTAN
Unknown Unknown Republic of Kazakhstan

PRIME AVIATION AK-PKZ 0308-07 Republic of Kazakhstan

SALEM
AIRCOMPANY
Unknown Unknown Republic Kazakhstan's

SAMAL AIR Unknown Unknown Republic of Kazakhstan

SAYAT AIR-AK 0351-08 SYM Republic of Kazakhstan

SAYAKHAT
AIRLINES AK-
0359-08 Unknown Republic of Kazakhstan

SEMEYAVIA Unknown Unknown Republic of Kazakhstan

SCAT AK-0350-08 VSV Republic of Kazakhstan

STARLINE KZ-AK 0373-08 LMZ Republic of Kazakhstan

Skybus AK-0364-08 BYK Republic of Kazakhstan

SKYJET AK-0307-09 SEK Republic of Kazakhstan

SKYSERVICE Unknown Unknown Republic of Kazakhstan

TAHMID AIR Unknown Unknown Republic of Kazakhstan

TULPAR AVIA SERVICE

Unknown Unknown Republic of Kazakhstan

TYAN SHAN Unknown Unknown Republic of Kazakhstan

Ust-Kamenogorsk-AK 0385-09 KLA Republic of Kazakhstan

ZHETYSU
AIRCOMPANY
Unknown Unknown Republic of Kazakhstan

ZHERSU AVIA Unknown Unknown Republic of Kazakhstan

ZHEZKAZGANAIR Unknown Unknown Republic of Kazakhstan


All air carriers certified by the authorities of the Kyrgyz Republic responsible for regulatory oversight, namely: Kyrgyzstan MANAS AIR
17 MBB Kyrgyz Republic

14.07.2009
14/18
AVIA TRAFFIC
COMPANY
23 AVJ République
kirghize
AEROSTAN (EX
BISTAIR-FEZ
BISHKEK)
08 BSC République
kirghize
CLICK AIRWAYS 11 CGK République
kirghize
DAMES 20 DAM République
kirghize
EASTOK AVIA 15 Inconnu République
kirghize
GOLDEN RULE
AIRLINES
22 GRS République
kirghize
ITEK AIR 04 IKA République
kirghize
KYRGYZ TRANS
AVIA
31 KTC République
kirghize
KIRGHIZSTAN 03 LYN République
kirghize
MAX AVIA 33 MAI République
kirghize
S GROUP AVIATION 6 Inconnu République
kirghize
SKY GATE
INTERNATIONAL AVIATION

14 SGD Kyrgyz Republic

SKY WAY AIR 21 SAB Kyrgyz Republic

AIRLINES TAKE 26 TEB Kyrgyz Republic

Trast AERO 05 TSJ Kyrgyz Republic

VALOR AIR 07 Unknown Kyrgyz Republic


All air carriers certified the Liberian authorities responsible for regulatory oversight of Liberia

All air carriers certified by the authorities of the Republic of Gabon responsible for regulatory oversight (with the exception of Gabon Airlines, Afrijet SN2AG) to namely: Republic of Gabon
AIR SERVICES SA 0002/MTACCMDH/SGACC/D Unknown Republic of Gabon

AIR TOURIST (ALLEGIANCE)
0026/MTACCMDH/SGACC/D
TA
NIL Republic of Gabon

NATIONAL AND REGIONAL


TRANSPORT (NATIONAL)
0020/MTACCMDH/SGACC/D
TA
Unknown Republic of Gabon

SCD AVIATION 0022/MTACCMDH/SGACC/D
TA
Unknown Republic of Gabon

SKY GABON 0043/MTACCMDH/SGACC/D
TA
SKG Republic of
Gabon
SOLENT AVIATION
GABON
0023/MTACCMDH/SGACC/D
TA
Unknown Republic of Gabon


All Carriers aircraft certified by the authorities of Sierra Leon responsible for regulatory oversight, namely: Sierra Leone
AIR RUM, LTD DUR Unknown Sierra Leone

DESTINY AIR SERVICES, LTD
Unknown DTY Sierra Leone
Heavylift Cargo Unknown Unknown Sierra Leone
ORANGE SIERRA LEONE LTD AIR

Unknown ORJ Sierra Leone

PARAMOUNT AIRLINES, LTD
Unknown PRR Sierra Leone SEVEN FOUR EIGHT

AIR SERVICES LTD
Unknown SVT Sierra Leone
Teebah AIRWAYS Unknown Unknown Sierra Leone

All air carriers certified Swaziland authorities responsible for regulatory oversight, namely: Swaziland
AERO AFRICA (PTY) LTD

Unknown RFC Swaziland
JET AFRICA SWAZILAND

Unknown OSW
Swaziland Royal Swazi National Airways

CORPORATION
Unknown RSN Swaziland
SCAN AIR CHARTER, LTD

Unknown Unknown
Swaziland Swazi Express
Unknown SWX
AIRWAYS SWAZILAND Swaziland

AIRLINK
Unknown SZL Swaziland
14.07.2009
All air carriers certified by the authorities of Zambia responsible for regulatory oversight, namely: Zambezi Airlines Zambia
Z/AOC/001 / 2009 Unknown Zambia

Source: European Commission list
http://ec.europa.eu/transport/air-ban/list_fr.htm

*** FYI

Airline Rankings 2009 funded

via the link below

http://fb-bourse.blogspot.com/2009/07/classement-compagnies-aeriennes-2009.html

There are SEVERAL