From the Scottish Highlands to Cornish beaches, here are ten UK photo backdrops that bear an uncanny resemblance to landmarks including Italy's Amalfi Coast and India's Taj Mahal. Reported by MailOnline 1 hour ago.

According to reports from Gazzetta dello Sport, Napoli are considering a transfer swoop for Manchester United right-back Matteo Darmian. The Italy international only moved to Old Trafford last summer in a £13million transfer from Torino, becoming the first player to make the journey since Denis Law. WANT MORE? >> Man United Transfer News | Latest […] Reported by Football FanCast 3 hours ago.

MARIAH Carey has taken her diva behaviour to a whole new level, according to spies who witnessed her latest antics in Italy with fiance James Packer. Reported by The Advertiser 3 hours ago.

STAMFORD, Connecticut and LUCCA, Italy, July 26, 2016 /PRNewswire/ -- Second Quarter Sees Continued Cloud Expansion and Revenue Growth In North America, DACH, and Asia-Pacific Regions Tagetik, a v... Reported by FinanzNachrichten.de 3 hours ago.

Last month’s Brexit vote is thought to have led to several companies, including Hollywood Bowl and NewDay, putting their flotation plans on hold.

But some, generally smaller, companies have taken the plunge and launched initial public offerings (IPOs), or announced their intentions to, in the weeks since the vote.

They include an Italian PR outfit, a Canadian online bingo firm and, in recent days, two medical companies.

*Italian PR company*

Today, Italian public relations company *SEC* listed on the London Stock Exchange’s junior market, the alternative investment market (Aim).

SEC’s managing director Cesare Valli told City A.M. the firm had chosen to list in London because of its place at the centre of the PR industry.

*Read more*: Why Brexit will be no problem for London's IPO market in the long term

“We had the choice to go to the [market] in Italy, but actually the [market] in Italy is much smaller in terms of companies listed,” he said. “So we decided that Aim London had to be the place, being much larger with much more liquidity than… in Italy.”

He added: “Even after Brexit this will be a very important market. This is the place where many headquarters of blue-chips are based and therefore it’s the [best] market for us.”

Infertility-specialised medical company *Concepta* also listed on Aim today as part of a reverse takeover of Frontier Resources.

Chief executive Erik Henau told City A.M.: “The only concern was that everything was on hold and uncertainty’s never good. We thought there might be no interest. But, on the contrary, the interest was still there for our business, so we went ahead.”

He explained that as an international-focused business, the EU referendum result does not effect his business.

Elsewhere, stem cell company *WideCells Group* has raised £2m and is listing on the main market of the London Stock Exchange tomorrow.

*Canadian online bingo company*

Canadian online bingo firm* Intertain Group* announced its intention to list on the London Stock Exchange today.

The company said: “Intertain believes that the UK is the natural home for its listing, particularly following its acquisition of the Jackpotjoy business, and that the key advantages of a London listing for the Intertain group remain substantially unaffected by the outcome of the UK referendum on European Union membership…

“Intertain expects that a London Listing would provide it with access to a large, liquid and international market that is home to a significant number of Intertain's global gaming industry peers and a majority of its online gaming peers.”

Elsewhere, *Franchise Brands* announced yesterday that it wants to raise up to £3.5m from a float on Aim in this quarter.

*Read more*: Rarer than a unicorn? This venture capital firm just floated in London

*Pre-referendum floats*

Several firms were understood to be holding back on making IPO decisions ahead of the EU referendum.

*Time Out* was one of the more high-profile companies to go against that trend, listing on 14 June.

Its share price dropped from 140p on its float day down to 130p at the beginning of this week.

However, after the company provided a trading update reporting its revenue grew by 16 per cent in the first half of this year, its share jumped more than four per cent to 135p.

Discount northern loo roll company* Accrol* floated on 13 June. Its share price has risen from 110p to 113p.

Chief executive Steve Crossley told City A.M.: “I think in hindsight it’s been very good timing for us. There were a lot of comments in the marketplace at the time, around ‘are you you sure you should not be waiting?’”

But he added that the “the timing has proved to be nothing but very good”. Reported by City A.M. 2 hours ago.

'Leni is my natural daughter, but the three of us happily agreed that it made more sense if Seal adopted her, because a child needs to grow up in a family,' he told Italy's Il Corriere della Sera . Reported by MailOnline 2 hours ago.

Reported by Telegraph.co.uk 2 hours ago.

ROME (Reuters) - Juventus are on the verge of signing Argentina forward Gonzalo Higuain from Napoli, Sky Italy reported on Tuesday. Reported by SBS 2 hours ago.

ROME (Reuters) - Ex-Prime Minister Silvio Berlusconi has anointed Stefano Parisi, a former Internet executive and government economic adviser, as his political heir, giving him a mandate to relaunch Italy's splintered centre-right. Reported by Reuters India 42 minutes ago.

Dr Simone Marchi from the Southwest Research Institute in Boulder, Colorado and colleagues from Italy and Germany used data from the Nasa Dawn mission study global crater distribution. Reported by MailOnline 1 hour ago.

*                                                                                                          * Paris, July 26, 2016

*Completion of the capital increase for Natixis employees participating in the "Mauve 2016" employee savings plans*

For the fourth consecutive year, Natixis carried out an employee shareholding operation called " *Mauve 2016* " from April 8 to May 4, 2016 included.

                                                                                                                                 

The operation has been reserved for employees in 8 countries (France, Germany, Hong Kong, Italy, Luxembourg, Spain, United Arab Emirates and the United Kingdom).

"Mauve 2016" attracted close to 4,700 employees, i.e. a global subscription rate of 32.4%. The amount subscribed reached €26 million* and resulted in the issue of 7,989,447 new shares, for a price of €3.276 per share.

The main features of Mauve 2016 were described in a press release dated March 10, 2016.

* Capital increase of €26,173,428.38 breaks down between €12,783,115.20 nominal amount and €13,390,313.18 issue premium.

Contact:

Investor Relations: investorelations@natixis.com    T + 33 1 58 32 06 94  

completion of the capital increase for Natixis pdf version
--------------------This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.

The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.

Source: NATIXIS via GlobeNewswire

HUG#2030754 Reported by GlobeNewswire 1 hour ago.

*Revenue at € 5,697 million, up +18% at constant exchange rates and +1.7% organically*

*Continued commercial dynamism with order entry up +24% year-on-year*

* * *Operating margin up by +23% year-on-year to 7.8% of revenue*

* * *Net income Group share up by +67% year-on-year*

* * *Free cash flow at € 181 million, up +74% year-on-year*

* *

*All 2016 objectives raised*

 

*Bezons, July 26, 2016* - Atos, a global leader in digital services, today announces its financial results for the first half of 2016.

*Revenue* was *€ 5,697 million* , up +17.9% at constant exchange rates and *+1.7%* *at constant scope and exchange rates* . Organic growth at +1.8% during the second quarter of 2016 reflected the sustainability of the revenue momentum.

*Order entry* totaled *€ 6,309 million* during the first half of 2016, up +24.0% year-on-year and representing a *book to bill ratio* of *111%* . Commercial activity remained strong in Q2 with a book to bill ratio of 120%.

*Operating margin* was *€ 444.4 million* , up +23.1% compared to H1 2015 operating margin and representing *7.8% of revenue* , an improvement by *+60 basis points* at constant scope and exchange rates. *Net income* was *€ 234 million* including € 51 million for Worldline share in Visa Europe sold to Visa Inc.. *Net income Group share* reached *€ 205 million* (including € 36 million Group share for Visa), up *+66.9%* compared to H1 2015.

*Free cash flow* totaled *€ 181 million* during the first half of 2016, +74.2% compared to H1 2015 free cash flow. Further to free cash flow generation, payment of Unify acquisition, dividend paid on 2015 results, and proceeds received from Visa Inc., Group *net cash position* was *€ 412 million* at the end of June 2016.

*Thierry Breton* , Chairman and CEO said: " During the first half of the year we delivered very strong financial results materializing our strategy to leverage our leading position in Managed Services in order to cross-sell the skills and expertise of all our Service Lines. As we continue to invest in our offerings, I am proud of the momentum we have created in our business with new bookings up +24% in H1 2016, a record revenue at € 5.7 billion, a strong free cash flow up +74%, and an EPS growing four times faster than revenue. We foresee a strong second half of the year and we anticipate a very limited effect from Brexit due to our low exposure to discretionary IT spending in financial services in the UK. Considering all of this, *the Group raised all its objectives for 2016* ."

 

*2016 objectives*

The Group raised all its objectives for 2016:

*Revenue:* Organic growth of +1.5% to +2.0% (vs. above +0.4% initially). Growth at constant exchange rates above +11% (vs. above +8% initially).

*Operating margin:* Between 9.2% and 9.5% of revenue (vs. 9.0% to 9.5% initially).

*Free cash flow:* Above € 550 million (vs. circa € 550 million initially).

The figures above include Unify Managed Services from February 1 ^st , 2016 and exclude Equens contribution.

*H1 2016 performance by Service Line*

 

  *Revenue*   *Operating margin*   * Operating margin % *
                   
In € million *H1 2016* *H1 2015** * % organic *   *H1 2016* *H1 2015**   * H1 2016 * * H1 2015* *
Managed Services 3,221 3,203 +0.6%   281.0 230.4   8.7% 7.2%
Consulting & Systems Integration 1,584 1,576 +0.5%   77.8 74.8   4.9% 4.7%
Big Data & Cybersecurity 302 268 +12.8%   42.4 37.1   14.0% 13.9%
Corporate costs**         -48.4 -17.8   -0.9% -0.4%
Worldline 589 556 +5.9%   91.6 76.9   15.6% 13.8%
*TOTAL GROUP* *5,697* *5,603* * +1.7% *   *444.4* *401.5*   * 7.8% * * 7.2% *
* At constant scope and exchange rates                  
** Corporate costs exclude Global Service Lines costs allocated to the Service Lines          

 

* Managed Services *

Managed Services *revenue* was *€ 3,221 million* , *+0.6%* at constant scope and exchange rates. The Service Line continued to successfully drive the transition of its customers to hybrid cloud infrastructures resulting in positive organic growth, thanks to growing volumes and new contracts globally compensating for the decrease in the unit price, while increasing margin. This trend materialized particularly in North America with a strong commercial dynamism further to the integration of Xerox ITO, and in Germany with existing large customers including Siemens. Asia Pacific also contributed to growth mostly thanks to higher volumes in Financial Services.

*Operating margin* was *€ 281.0 million* , representing *8.7% of revenue* compared to 7.2% during the first half of 2015 at constant scope and exchange rates. This strong improvement came from the continued actions to decrease the cost base thanks to higher industrialization as well as more cloud based businesses and automation. The increased profitability was also generated by the successful integration of Xerox ITO and by the first effects of the cost saving plan on Unify from restructuring, rationalization, and procurement.

 

* Consulting & Systems Integration *

*Revenue* in Consulting & Systems Integration was *€ 1,584 million* , up *+0.5%* at constant scope and exchange rates materializing a steady top line improvement. A stronger activity with several large banks in France and Germany, compensated for the Ashgabat project delivered last year in Central & Eastern Europe. The business was also fueled by new contracts with central and local administrations in France and Germany and with a large media company in the UK, offsetting contracts delivered last year in Manufacturing and Retail in the US and in the UK.

*Operating margin* was *€ 77.8 million* , representing *4.9% of revenue* , +20 basis points compared to the first half of 2015 at constant scope and exchange rates. Excluding pension one-offs recorded in H1 2015, the margin improvement represented +70 basis points thanks to a strong revenue growth in Germany and in France, and a better project and workforce management in all geographies.

 

* Big Data & Cybersecurity *

*Revenue growth* in Big Data & Cybersecurity accelerated at *+12.8%* at constant scope and exchange rates, leading to *€ 302 million* revenue in H1 2016. Revenue growth was generated in all geographies and mostly in the public sector. Demand for High Performance Computing remained very strong in order to support the growing Big Data processing needs of our clients, as well as for encryption, access management solutions, and Intrusion testing solutions.

*Operating margin* was *€ 42.4 million* , up by +14.1% compared to H1 2015 at constant scope and exchange rates and representing *14.0% of revenue* , thanks to revenue growth and the remaining synergies resulting from the Bull integration.

* Worldline *

From a contributive perspective to Atos, Worldline *revenue* was *€ 589 million* , improving by *+5.9%* organically. On a standalone basis, revenue reached € 615 million, up +6.0% at constant scope and exchange rates. Merchant Services & Terminals was up +10.0% mainly thanks to higher volumes and positive price mix in Commercial Acquiring. Financial Processing & Software Licensing was up +4.1%, mainly driven by Acquiring processing volume growth in France and India and a strong level of license sales in Payment Software & Licensing. Mobility &           e-Transactional Services grew by +3.5% thanks to a strong activity in e-Government Collection and in e-Consumer & Mobility compensating for the UK VOSA contract ended in Q3 2015. Except the UK, all the geographies strongly grew.

 

Standalone OMDA increased by +80 basis points, reaching € 117.2 million and representing 19.1% of revenue. Contributive *operating margin* was *€ 91.6 million* , or *15.6% of revenue* , +180 basis points at constant scope and exchange rates compared to H1 2015. This strong improvement was led by Merchant Services & Terminals, thanks to both volume transaction growth and a tight cost control.

 

A detailed presentation of Worldline H1 2016 performance is available at worldline.com , in the investors section.

 

 

*H1 2016* *performance by Business Unit*

 

  *Revenue*   *Operating margin*   * Operating margin % *
                   
In € million *H1 2016* *H1 2015** * % organic *   *H1 2016* *H1 2015**   * H1 2016 * * H1 2015* *
North America 990 948 +4.4%   100.4 72.7   10.1% 7.7%
Germany 930 886 +4.9%   80.8 43.3   8.7% 4.9%
United-Kingdom & Ireland 918 962 -4.6%   89.0 98.9   9.7% 10.3%
France 847 819 +3.4%   47.6 31.0   5.6% 3.8%
Benelux & The Nordics 492 521 -5.5%   38.3 48.0   7.8% 9.2%
Other Business Units 931 911 +2.2%   53.4 56.5   5.7% 6.2%
Global structures**         -56.8 -25.8   -1.1% -0.5%
Worldline 589 556 +5.9%   91.6 76.9   15.6% 13.8%
*TOTAL GROUP* *5,697* *5,603* * +1.7% *   *444.4* *401.5*   * 7.8% * * 7.2% *
* At constant scope and exchange rates                  
** Global structures include the Global Services Lines costs not allocated to the Group Business Unit and Corporate costs  

Several large geographies significantly improved their revenue performance during the first semester:

· Germany confirmed its recovery, turning back to positive in all Service Lines, with a strong organic growth of +4.9% (to be compared to -1.4% posted in H2 2015), notably thanks to strong actions undertaken by the management combined with positive sales achieved in Big Data & Cybersecurity;
· North America was up +4.4%, compared to +0.1% posted in H2 last year, benefitting from the full effect of the integration of Xerox ITO and the new sales dynamic in Managed Services;
· France with +3.4% revenue organic growth, improving compared to +1.1% recorded in H2 2015, grew notably in Systems Integration and in Big Data & Cybersecurity.

 

Worldline continued to contribute to the Group organic growth with a strong +5.9% over the period and "Other Business Units" also contributed to Group revenue increase, thanks to a double digit growth in Asia Pacific, South America and IMEA.

 

Conversely:

· The United Kingdom posted a -4.6% organic decrease mainly attributable to the base effect of outstanding volumes processed for NS&I in H1 2015;
· Benelux & The Nordics at -5.5% due to the ramp-down of contracts in Managed Services, notably in Financial Services.

 

During the first half of 2016, the Group continued to execute the Tier One program through industrialization, global delivery from offshore locations, and continuous optimization of SG&A. In addition, operating margin benefitted from ongoing cost synergies including the integration of Unify. This resulted in a strong margin improvement in several large geographies such as Germany, North America, and France. Finally, in the first half of 2016, the Group did not benefit from any positive one-off impact of pension schemes optimization.

Global structures costs for IT Services increased by +60 basis points compared to the first semester of 2015 at constant scope and exchange rates, mainly due the positive effect recorded in H1 2015 for pension plan optimization.

 

Globally, the Group improved its operating margin rate by +60 basis points. The improvement was +130 basis points excluding pension schemes optimization one-offs recorded in H1 2015.

 

 

*Commercial activity*

 

During the first half of 2016, the Group recorded *€ 6,309 million order entry* , *up +24.0% year-on-year* and representing a *book to bill ratio* of *111%* .

 

Commercial activity was particularly strong in Q2 with a book to bill ratio of 120%, driven by Cloud migration projects such as in the contract signed with the Texas Department of Information Resources for Hybrid Cloud Services and by digital transformation projects as for example the signature with a new logo, an American large quick serve restaurant provider, to deliver digital retail solution and an improved customer experience with the development of a mobile app. The Group also renewed large contracts such as the PIP contract with the UK Department for Work & Pensions. Commercial dynamism also came from the cross-selling strategy of the Group. As such, the Group signed a significant contract in Big Data with a French car manufacturer including the sale of a HPC, showing the promising perspectives of Big Data opportunities in the private sector, and had one of its first significant wins with Unify for the outsourcing of the communication network's management and services of Solvay.

 

Commercial dynamism translated into healthy book to bill ratios in all Service Lines. *Managed Services* book to bill ratio reached *110%* thanks to large signatures in Benelux & The Nordics as well as in North America and Germany. *Consulting & Systems Integration* order entry represented *106%* of revenue thanks to several contract wins in UK & Ireland in particular as well as in Benelux & The Nordics and in France. The level of booking was also high in *Big Data & Cybersecurity* and *Worldline* at *127%* and *116%* respectively.

 

In line with the dynamic commercial activity, the *full backlog* at the end of June 2016 amounted to *€ 19.5 billion* , representing 1.7 year of revenue, compared to € 19.1 billion published at the end of 2015. The *full qualified pipeline* was representing 6.7 months of revenue at *€ 6.4 billion* , compared to € 6.2 billion published at the end of 2015.

 

 

*Operating income and net income*

 

*Operating income* for the first half of 2016 year was *€ 324 million* , +64.2% year-on-year, resulting from the following items:

 

Costs for staff *reorganization, rationalization, and integration* amounted to *€ 97 million* compared to € 116 million in H1 2015, as a consequence of the adaptation of the Group workforce in continental Europe. These actions were initiated as early as possible in order to maximize cost savings effect in FY 2016.

 

*€-45 million* were recorded as *amortization* of Purchase Price Allocation for SIS, Bull, Xerox ITO, and Unify. The *amortization of the equity based compensation plans* amounted to *€-22 million* , compared to €-16 million in H1 2015.

 

*Other items* amounted to *€ 43 million* compared to a charge of €-1 million in H1 2015. They included the gain on the sale of the share in Visa Europe to Visa Inc. for € 51 million, partially offset by a settlement of an old litigation in Germany.

 

*Net financial result* was a charge of *€-32 million* , including the cost of the straight bond issued in mid-2015. Total *tax charge* was *€-58 million* , representing an *effective tax rate* of *19.8%* , significantly down compared to 25.2% in H1 2015.

 

As a result, *net income* was *€ 234 million* , +69.8% compared to € 138 million in H1 2015. *Non-controlling interests* amounted to *€ 29 million* and were related to the minority shareholders in Worldline. Therefore, the *net income Group share* reached *€ 205 million* , +66.9% compared to € 123 million in H1 2015.

 

Net income of Unify Software & Platforms discontinued operations was a loss of €-31 million. The annual objective to reach €+10 million net income is confirmed.

*Basic EPS Group share* was *€ 1.99* , +62.3% compared to € 1.23 in H1 2015 and *diluted EPS Group share* was *€ 1.98* , +62.9% compared to € 1.22 during the first half of 2015.

 

 

*Free cash flow*

 

*Operating Margin before Depreciation and Amortization* (OMDA) was *€ 586 million* representing 10.3% of revenue, compared to € 459 million in H1 2015 (9.3% of revenue).

 

As planned, total cash-out for *reorganization, rationalization, and integration* was *€-96 million* compared to €-142 million in H1 2015, fully in line with the € 150 million 2016 target.

 

During the first half of 2016, *capital expenditures* totaled *€ 202 million* , representing *3.5%* *of revenue* , compared to € 215 million in H1 2015 (4.3% of revenue). *Change in working capital* negatively contributed by *€-22 million* , due to a growing activity in the public sector. It represented €+49 million in H1 2015 mainly thanks to the optimization of Bull's working capital.

 

Cash-out for *financial costs* was *€-8 million* (€-3 million in H1 2015) and *tax paid* was *€-74 million* compared to €-58 million in H1 2015. Finally, *other items* totaled *€-3 million* , compared to €+14 million in H1 2015.

As a result, the Group *free cash flow* generated during the first half of 2016 totaled *€ 181 million* , strongly up compared to € 104 million in H1 2015.

 

 

*Net cash evolution*

 

*Net acquisitions / disposals* in H1 2016 amounted to *€-322 million* , mainly related to the acquisition of Unify.

 

As part of the *sale of Visa Europe* , the Group received *€ 36 million* from Visa Inc.

 

*Capital increase* , mostly related to proceeds from stock-options totaled *€ 21 million* in H1 2016 compared to € 38 million in H1 2015.

 

The cash-out resulting from the option for the payment in cash of *dividend* on 2015 results was *€-47 million* compared to €-31 million last year, roughly in line with the increase of dividend per share from €0.80 to €1.10.

 

Finally, mainly due to the British pound decreased versus the euro, foreign *exchange rate fluctuation effect* on debt or cash in foreign currencies totaled *€-49 million* compared to €+67 million in H1 2015.

 

As a result, Group *net cash position* as of June 30, 2016 was *€ 412 million* , compared to € 593 million on December 31, 2015.

 

 

*Human resources*

 

The *total headcount* was *96,352* at the end of June 2016. The increase of +5.5% of the Group workforce compared to 91,322 at the end of December 2015 was mainly due to the circa 5,200 staff who joined the Group from Unify on February 1 ^st , 2016.

 

*Attrition* was 12.2% at Group level of which 18.4% in offshore countries, excluding the discontinued Unify Software & Platforms operations.

 

The number of *direct employees* at the end of June 2016 was *88,926* , representing 92.3% of the total Group headcount, compared to 93.7% at the end of 2015. Adjusted from the scope effect from Unify, *indirect staff* decreased by -5.1% in line with the continuous optimization of the indirect workforce.

 

Number of *staff in offshore countries* reached *26,126* people by the end of June 2016. The majority of the offshore workforce is located in India, the rest being mainly in Eastern Europe. Offshore for Systems Integration represented 44% of direct staff.

*Appendix*

 

The review procedures on the interim financial information have been performed by the statutory auditors. Their review report is currently being issued.

 

*Revenue and operating margin at constant scope and exchange rates reconciliation*

 

In € million *H1 2016* *H1 2015* * % change *
Statutory revenue 5,697 4,941 +15.3%
Exchange rates effect   -108  
       
Revenue at constant exchange rates 5,697 4,833 +17.9%
       
Scope effect   776  
Exchange rates effect on acquired/disposed perimeters   -6  
*Revenue at constant scope and exchange rates* *5,697* *5,603* * +1.7% *
       
Statutory operating margin 444.4 345.6 +28.6%
Equity based compensation reclassification   15.5  
Scope effect   51.7  
Exchange rates effect   -11.2  
*Operating margin at constant scope and exchange rates* *444.4* *401.5* * +10.7% *
as % of revenue 7.8% 7.2%  

 

 

Exchange rates effect mainly came from the British pound (-6% year-on-year versus euro), the Argentine peso     (-39%), the Brazilian real (-20%), the Turkish lira (-13%) and the Swiss franc (-4%).

 

Scope effects were mainly related to the positive contribution of Xerox ITO (6 months for €+596 million) and Unify (5 months for €+244 million, including €+89 million of revenue made with Unify Software & Platforms discontinued operations). Other effects were related to (i) the early termination of the DWP WCA contract (2 months), (ii) the disposal of on-sites services in France (2 months), (iii) the sale of the Occupational Health business in January 2016 (6 months), and (iv) the external revenue made with Unify and accounted as internal revenue further to the acquisition (5 months).

 

Same effects as well as the reclassification of the cost of equity based compensation are reflected in the operating margin at constant scope and exchange rates.

 

*H1 2016 key figures*

 

In € million *H1 2016* *H1 2015* * change *
       
*Revenue* *5,697* *4,941* * +15.3% *
Organic growth +1.7% +0.3%  
       
*Operating margin* *444.4* *361.1* * +23.1% *
       
*Net income Group share* *205* *123* * +66.9% *
       
*Free cash flow* *181* *104* * +74.2% *
       
*Net cash* *412* *354* *   *

 

*H1 2016 revenue performance by Market*

 

In € million *H1 2016* *H1 2015** * % organic *
Manufacturing, Retail & Transportation 2,000 1,982 +0.9%
Public & Health 1,639 1,532 +6.9%
Telcos, Media & Utilities 1,125 1,111 +1.3%
Financial Services 933 978 -4.6%
*TOTAL GROUP* *5,697* *5,603* * +1.7% *
* At constant scope and exchange rates      

 

 

*Q2 2016 revenue performance by* *Service Line*

 

In € million *Q2 2016* *Q2 2015** * % organic *
Managed Services 1,666 1,655 +0.7%
Consulting & Systems Integration 806 802 +0.6%
Big Data & Cybersecurity 165 146 +13.3%
Worldline 302 287 +5.3%
*TOTAL GROUP* *2,940* *2,889* * +1.8% *
* At constant scope and exchange rates      

 

 

*Q2 2016 revenue performance by* *Business Unit*

 

In € million *Q2 2016* *Q2 2015** * % organic *
North America 513 488 +5.1%
Germany 487 474 +2.7%
United-Kingdom & Ireland 471 478 -1.5%
France 437 423 +3.3%
Benelux & The Nordics 246 263 -6.6%
Other Business Units 485 477 +1.8%
Worldline 302 287 +5.3%
*TOTAL GROUP* *2,940* *2,889* * +1.8% *
* At constant scope and exchange rates      

 

 

*Q2 2016 revenue performance by Market*

 

In € million *Q2 2016* *Q2 2015** * % organic *
Manufacturing, Retail & Transportation 1,003 994 +0.9%
Public & Health 852 799 +6.7%
Telcos, Media & Utilities 624 606 +3.0%
Financial Services 461 491 -6.1%
*TOTAL GROUP* *2,940* *2,889* * +1.8% *
* At constant scope and exchange rates      

 

 

*Conference call*

 

Today, Tuesday, July 26, 2016, Thierry Breton; Chairman and CEO, Elie Girard, Chief Financial Officer, and Patrick Adiba, Chief Commercial Officer, will comment on Atos' first half 2016 results and answer questions from the financial community during a *conference call* in English starting at 6:00 pm (CET - Paris).

 

You can join the *webcast* of the conference:

 
   

 

· on atos.net , in the Investors section
· by smartphones or tablets through the scan of:
· by telephone with the dial-in:

France  +33 1 76 77 22 30       code 4934166
UK        +44 20 3427 1919       code 4934166
US        + 1 212 444 0412        code 4934166

 

*Forthcoming events*

 

October 20, 2016         Third quarter 2016 revenue

 

*Contacts*

 

*Media* :                                     Terence Zakka              +33 1 73 26 40 76

                                                                                    terence.zakka@atos.net

*Investor Relations* :                Gilles Arditti                  +33 1 73 26 00 66

                                                                                    gilles.arditti@atos.net

Benoit d'Amécourt        +33 1 73 26 02 27

                                                                                    benoit.damecourt@atos.net

 

*About Atos*

 

Atos SE (Societas Europaea) is a leader in digital services with pro forma annual revenue of circa € 12 billion and circa 100,000 employees in 72 countries. Serving a global client base, the Group provides Consulting & Systems Integration services, Managed Services & BPO, Cloud operations, Big Data & Cybersecurity solutions, as well as transactional services through Worldline, the European leader in the payments and transactional services industry. With its deep technology expertise and industry knowledge, the Group works with clients across different business sectors: Defense, Financial Services, Health, Manufacturing, Media, Utilities, Public sector, Retail, Telecommunications, and Transportation.

 

Atos is focused on business technology that powers progress and helps organizations to create their firm of the future. The Group is the Worldwide Information Technology Partner for the Olympic & Paralympic Games and is listed on the Euronext Paris market. Atos operates under the brands Atos, Atos Consulting, Atos Worldgrid, Bull, Canopy, Unify and Worldline.

 

For more information, visit: atos.net .

 

 

*Disclaimers*

 

This document contains forward-looking statements that involve risks and uncertainties, including references, concerning the Group's expected growth and profitability in the future which may significantly impact the expected performance indicated in the forward-looking statements. These risks and uncertainties are linked to factors out of the control of the Company and not precisely estimated, such as market conditions or competitors behaviors. Any forward-looking statements made in this document are statements about Atos' beliefs and expectations and should be evaluated as such. Forward-looking statements include statements that may relate to Atos' plans, objectives, strategies, goals, future events, future revenues or synergies, or performance, and other information that is not historical information. Actual events or results may differ from those described in this document due to a number of risks and uncertainties that are described within the 2015 Registration Document filed with the Autorité des Marchés Financiers (AMF) on April 7, 2016 under the registration number: D.16-0300. Atos does not undertake, and specifically disclaims, any obligation or responsibility to update or amend any of the information above except as otherwise required by law. This document does not contain or constitute an offer of Atos' shares for sale or an invitation or inducement to invest in Atos' shares in France, the United States of America or any other jurisdiction.

 

Revenue organic growth is presented at constant scope and exchange rates. Operating margin is presented as defined in the 2015 Registration Document.

 

Business Units include *Germany* , *France* , *United-Kingdom & Ireland* , *Benelux & The Nordics* (BTN: The Netherlands, Belgium, Luxembourg, Denmark, Finland, Sweden, and Estonia), *Worldline* , *North America* (NAM: USA, Canada, and Mexico), and *Other Business Units* including Central & Eastern Europe (CEE: Austria, Bulgaria, Croatia, Czech Republic, Greece, Hungary, Italy, Lithuania, Poland, Romania, Russia, Serbia, Slovakia, Slovenia, Switzerland and Turkey), Iberia (Spain, Portugal, and Andorra), Asia-Pacific (APAC: Australia, China, Hong Kong, Indonesia, Japan, Korea, Malaysia, New Zealand, Philippines, Singapore, Taiwan and Thailand), South America (SAM: Brazil, Argentina, Colombia, Chile, Guatemala, Jamaica, Peru, and Uruguay), India, Middle East & Africa (IMEA: Algeria, Benin, Burkina Faso, Egypt, Gabon, Israel, India, Ivory Coast, Lebanon, Madagascar, Mali, Mauritius, Morocco, Qatar, Saudi Arabia, Senegal, South Africa and UAE), Major Events, and Cloud & Enterprise Software.

 

Atos decided, as early as the acquisition date, to retain only part of the activity of Unify. As a result, the Software & Platforms business, along with the customers and the countries that were planned to be managed through indirect channels, have been accounted for as discontinued operations and are in the process of being physically carved-out to facilitate the disposal of this activity. Therefore, the 2016 and 2015 pro forma consolidated external revenue and operating margin reflect the retained scope of Unify only
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--------------------This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.

The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.

Source: ATOS via GlobeNewswire

HUG#2030822 Reported by GlobeNewswire 55 minutes ago.

*Press release*

*2016 HALF-YEAR EARNINGS*

Paris - July 26, 2016

*Net current cash flow per share reaches 1.16 euros (+8.6%) for the half-year: 2016 full-year guidance revised upward based on a solid set of half-year earnings.*

*Enhanced shopping center platform delivering another solid operating performance*

· Shopping center net rental income growth of +2.8% like-for-like ^[1] for the first half of 2016, outperforming index-linked adjustments by 250 bps;
· Retailer sales: +2.6% like-for-like ^[2] over 6 months;
· Sustained leasing activity with close to 900 leases signed over the period, translating into an average reversion rate in line with last year at 11.2%;

*Significant improvement in cost base mainly deriving from Corio acquisition synergies*

· Cost synergies materializing into the EPRA cost ratio, down 260 bps ^[3] vs 2015;
· Cost of debt reduced to 2.2% (-30 bps vs. last year).

*Stronger balance sheet and further portfolio enhancement through development and asset disposals*

· Portfolio valuation of 22.6 billion euros, ^[4] up 4.8% like-for-like vs. June 30, 2015;
· Loan-to-Value of 39.1%, stable compared to year-end 2015 and down by 280 bps vs June 30, 2015;
· EPRA NAV per share: 34.8 euros, +8.7% vs. June 30, 2015;
· Development pipeline of 3.3 billion euros, half of which committed or controlled;
· 156.5 million euros worth of disposals completed year-to-date.

*Full-year guidance revised upwards*

· Net current cash flow per share: 1.16 euros (+8.6%);
· Now targeting net current cash flow per share of at least 2.25 euros for 2016, above the 2.23-2.25 euros per share range guidance announced in February 2016

                    
                    

*
*

*Laurent Morel, Chairman of Klépierre's Executive Board, stated:*
"Throughout the first half of the year, Klépierre has once again proven its ability to deliver solid operational performance, particularly in highly dynamic areas at the heart of our development strategy, in countries such as Italy, Spain, Sweden, and Denmark. Elsewhere, our centers have demonstrated remarkable operating resilience in the face of a rather challenging market environment. Since last year's merger with Corio, we have significantly reduced our operating costs and improved our portfolio, both through asset rotation and advances on our major projects in Val d'Europe, Prado, and Hoog Catharijne, which demonstrates our ability to value major sites and identify unique development opportunities.
Lastly, while capitalizing on a favorable financing environment, we have continued to optimize our financing and reduce leverage to further sharpen our balance sheet. The combination of these operational and financial performances allows us to raise our net current cash flow guidance for the whole of 2016 above the previously announced range."

***

*OPERATING PERFORMANCES*

*Shopping center net rental income outperforms indexation by 250 bps for the first half*

Revenues, total share, amounted to 647.7 million euros, down 6.7 million euros year-over-year due to the significant asset rotation completed last year. 2015 disposals were partly offset by acquisitions. Shopping center gross rents amounted to 594.3 million euros in the first half. The average index-linked impact remains limited this half year (+0.3% for the Group).

Shopping center net rental income amounted to 520 million euros, up 2.4% compared to the first half of 2015. This 12 million euro increase includes the 23.1 million euro contribution of both Plenilunio (Madrid) and Oslo City (Norway) acquired in March 2015 and December 2015 respectively, a 12.8 million euro positive impact attributable to the rise in rental income growth on a like-for-like basis, partly offset by a 22.2 million euro decrease due to asset disposals - in particular the portfolio of nine shopping centers sold to Wereldhave in August 2015 - and a 1.8 million euro negative impact linked to foreign exchange rate impacts.
On a like-for-like basis, shopping center net rental income was up by 2.8%, a 250 bp outperformance over index-linked rental adjustments. The Group posted solid net rental performances in an overall context that was challenging for retail this first half in Europe. Italy, Sweden, Denmark, Iberia, and Central Europe operated in favorable business and private consumption environments, while other countries of operation were affected by more challenging socio-economic environment.

For *France-Belgium* (35.5% of net rental income), net rental income growth reached 2.5% on a like-for-like basis. Net rental income ^[5] in France was up by 2.3%, outperforming by 240 bps negative index-linked rental adjustments, reflecting the positive impact of reversion captured through leasing actions implemented in 2015. Net rental income in Belgium was up 8.0% for the first six months of the year, as L'esplanade (Louvain-La-Neuve) also benefited from the strong contribution of new retailers introduced in the center during the relet and renewal campaigns of 2014 and 2015.
The *Italian* portfolio (17.1%) recorded a solid 220 bp outperformance in net rental income like-for-like of 2.4% versus index-linked rental adjustments. Rental growth was driven by an overall increase in variable rents in most centers, as a number of recently added retailers posted very high growth. This trend also reflected a decrease in late payments to a low 2.2% - down 70 bps versus June 2015 - and in vacancy. GrandEmilia (Modena), Le Gru (Turin), Campania (Naples), and Nave de Vero (Venice) posted strong rental increases for the six month period.
*Scandinavia* (17.1%) posted net rental income growth like-for-like of 4.0%. Sweden (+4.8%) and Denmark (+5.3%) recorded strong increases in net rental income fueled by the robust performance of both Emporia (Malmö, Sweden) and Field's (Copenhagen, Denmark), which enjoy growing levels of sales and footfall. In Norway, net rental income growth - excluding Oslo City, acquired at year-end 2015 - was limited to 1.9% due to weaker performances of malls located outside the Oslo area that are impacted by the economic slowdown.
*Iberia* (9.4%) recorded net rental income growth like-for-like of 5.1%. Net rental income was up by 5.0% in Spain, outperforming average index-linked rental adjustments by 500 bps. As for retailer sales, the increase is driven by sound performances posted by the largest malls as a direct result of the strong reversion levels recorded in 2015 and an improvement in rent collection. In Portugal, the 5.5% net rental income growth is due to the reversion posted last year across the portfolio and cost streamlining. Index-linked rental adjustments stood at a low +0.4%.
In *CEE and Turkey* (10.2%), Hungary (+10.6%), Czech Republic (+8.5%) and, to a lesser extent, Poland (+2.1%) are enjoying a strong momentum with sound net rental income growth like-for-like posted over the first half of the year, linked to a sharp improvement in macroeconomic indicators, the positive outcome of re-tenanting campaigns, and portfolio streamlining. In Turkey, the 4.1% decrease in net rental income is attributable to the depreciation of the Turkish Lira.
In the *Netherlands* (4.1%), net rental income like-for-like was down by 6.7% due to an increase in vacancies and late payment rates in relation to bankruptcies of a few domestic retailers. However, new contracts are under negotiation with new operators.
*Germany* (3.7%) posted a like-for-like net rental income decrease of 0.9%. It is the mixed result of a good performance of Centrum Galerie (Dresden) due to new leases signed in 2015, offset by higher vacancies in the two Duisburg-located centers. Boulevard Berlin, which was being refurbished last year, was not included in the like-for-like perimeter.

*Robust retailer sales: +2.6% over the first six months of 2016*

Like-for-like ^[6] retailer sales in Klépierre shopping centers rose by 2.6% during the first half of 2016 compared to 2015. 2015 extensions had a limited impact on this reported figure as retailer sales increased 2.4% like-for-like excluding extensions. In a mixed economic environment in Europe in the first half, retailer sales outperformed national indices in most countries.
March and May retailer sales were impacted by negative calendar effects in almost all countries, notably due to the timing of the Eastern break and one less Saturday than last year. France, Italy and, to a lesser extent, Iberia had rainy and cold weather in the second quarter, which weighed on fashion sales. In June, retailer sales were well oriented in most countries, with fashion partly recovering.
In *France-Belgium* , retailer sales grew by 0.8% over the first half of the year, with French malls outperforming the national sales index (CNCC) by 60 bps over the first 5 months. In *Italy* , the more favorable economic environment and the unique platform of prime shopping centers led to retailer sales increasing by 3.1%, with Porta di Roma (Rome), Le Gru (Turin), and Campania (Naples) confirming their leadership once again. In *Scandinavia,* retailer sales were up 3.1%, driven by Sweden (+4.0%) and Denmark (+4.2%), two countries benefiting from continued solid economic and business momentum. Sales in Norway recorded a 2.0% increase. In *Iberia* , retailer sales in Klépierre malls reported a 2.4% increase, with Spain trending a relative slowdown compared to last year mainly due to poor weather conditions. In *CEE and Turkey* , retailer sales were up 6.8%, driven by Turkey (+10.7%), Hungary (+11.1%), and Czech Republic (+6.6%). Retailer sales in Poland turned positive to 2.8%. In *Germany* , retailer sales were up 2.1%, driven by the performance of Centrum Galerie in Dresden.

*Steady leasing activity: an + 11.2% average reversion posted on renewals and relets*

In this context, a total of 893 leases were signed during the first half of the year, representing 12.5 million euros in additional annualized minimum guaranteed rents. Leases that were renewed or relet represented 6.6 million euros worth of additional annual minimum guaranteed rents, i.e., an 11.2% average reversion rate, to be compared with 10.4% for the first half of 2015.
The shopping center vacancy rate (EPRA format) stands at 3.8%, stable compared to December 31, 2015. The late payment rate remains very low at 1.8% for the Group.
Among the main transactions with international fashion retailers this first half, some key openings or signatures can be highlighted: Zara unveiled a brand new 3,330 sq.m. expanded flagship store in Porta di Roma (Rome, Italy) in June. H&M inaugurated its first store in the Canary Islands, over 2,150 sq.m. at Meridiano (Spain), and signed to open its first store in Bursa (Turkey) at Anatolium. Uniqlo chose Blagnac (Toulouse) to implement its first store in Southwest France. Leasing teams were particularly active in fostering beauty operator development in Klépierre malls. Five leases were signed with Nyx - one in Plenilunio (Madrid, Spain) and one in Nový Smìchov (Prague, Czech Republic) - which will be the first shopping centers to welcome the brand in their respective countries. Three leases with Yves Rocher, two with Rituals, two with The Body Shop, and two with Sephora. Innovative concepts also chose Klépierre malls to expand: Kusmi Tea opened its new digital store concept in Val d'Europe (France), Nespresso turned its pop-up store into a permanent store in Field's - making the leading shopping center in Copenhagen the first to welcome a Nespresso store in the country. In the food segment, which is being globally upgraded, Starbucks signed two leases in the Czech Republic. Burger King also signed for a new restaurant at Königsgalerie (Germany).

*CASH FLOW AND PORTFOLIO VALUATION*

*Net current cash flow at 1.16 euros per share: +8.6% per share*

Operating cash flow reached 501.8 million euros, a 3.5% increase versus June 30, 2015. In addition to the reported net rental income growth, a significant 13 million euros decrease compared to June 2015 was recorded on payroll and general expenses, mainly driven by the synergy plan in connection with the Corio acquisition. The cost base reduction is notably reflected in the EPRA cost ratio, which stood at 18.1% as of June 30, 2016 versus 20.7% as of same date last year.
Net interest expense was 84.5 million euros, down 24.5% year-on-year, due to both a c. 350 million euro decrease in average debt in the first half of 2016 versus same period last year and a strong decrease in cost of debt (2.2% at June 30, 2016). Group share, net current cash flow amounted to 361.6 million euros, up 9.7%. On a per share basis, net current cash flow grew by 8.6% to reach 1.16 euro.
  * *
*Portfolio valuation at 22.6 billion euros: +4.8%* *like-for-like over 12 months*

The value of the shopping center portfolio, transfer duties excluded, was 22.2 billion euros on June 30, 2016, an increase of 0.7 billion euros compared to June 30, 2015, as a result of 0.9 billion euros of like-for-like growth (+4.9% over 12 months) and 0.7 billion euros of acquisitions and development capex, partly offset by 0.8 billion euros of disposals and 0.1 billion euros of forex.
On a group share basis, the value of the shopping center portfolio is 18.7 billion euros, including a 4.3% like-for-like increase (+0.7 billion euros) over 12 months. The average net initial yield of the portfolio (EPRA format) stands at 5.0%, down 40 bps over 12 months.

Adding other activities (retail assets in France), total portfolio valuation (excluding duties) reached 22.6 billion euros on a total share basis (+4.8% like-for-like increase over 12 months) and 19.2 billion euros on a group share basis.

*EPRA NAV at 34.8 euros per share: +8.7% over 12 months*

EPRA NAV per share was 34.8 euros, versus 32.0 euros on June 30, 2015, i.e., growth of 8.7% or 2.8 euros per share over 12 months, attributable to net current cash flow generation (+2.2 euros per share) and the increase in asset values (+2.3 euros), partly offset by the dividend (-1.7 euros). EPRA NNNAV was 32.9 euros per share, up 6.7% versus June 30, 2015.

*FINANCIAL PROFILE AND LEVERAGE*

*Best-in class financial profile*

As of June 30, 2016, consolidated net debt is 9.1 billion euros, compared to 9.4 billion euros as of June 30 last year, a 335 million euro decrease. Compared to the net debt as at year-end 2015 (8.9 billion euros), this increase is mainly attributable to the full dividend payment in April 2016 (-530 million euros), partly offset by free cash flow generation, minority contributions, and foreign exchange impacts (+314 million euros). Neutralizing the calendar impact of the dividend payment, the net debt is fairly unchanged vs. year-end. At the end of the first half, the Loan-to-Value ratio stands at 39.1%, a 10 bp decrease vs. year-end 2015.

Since the beginning of the year, Klépierre has raised circa 1 billion euros of new financing in both the bond and the banking markets. These transactions - mainly aimed at both replacing former debts which fell due within the first six months of this year and financing future development needs - bore historically low costs (average weighted cost of 1.5%) and longer maturities.

After these transactions, the average duration of the debt reaches 5.6 years (against 5.5 at year-end 2015). The Group's level of liquidity remains stable at more than 2.3 billion euros, a total which includes 1.9 billion euros worth of unused committed credit lines with an average remaining maturity of 5.2 years. This amount largely covers the upcoming financing needs for 2016, 2017 and 2018.

The average Group cost of debt continued to fall over the period to 2.2%. This figure reflects the low level of interest rates, the impact of the financing cost synergies following the Corio merger, and favorable funding conditions in all the markets where the Group operates. Assuming current market conditions and given the upcoming refinancing planned, the cost of debt is expected to fall closer to 2.0% by next year. The low cost of debt, together with robust operating performances, led to a stronger 5.1x coverage of interest expense by EBITDA (ICR).

*DEVELOPMENT PIPELINE FOCUSED ON EXTENSION-REFURBISHMENTS OF LEADING CENTERS*

The Group's development pipeline represents 3.3 billion euros worth of investments, including 1.6 billion euros of committed and controlled projects focused on France, Belgium, Scandinavia, Italy, and the Netherlands. 90% are extension-refurbishment schemes, as priority is given to enlarging leading regional malls to build on their success - also in line with the strategy of leading retailers to concentrate on prime locations. Committed and controlled projects are located in France-Belgium for nearly half of the amount, as well as in the Netherlands, Italy, and Scandinavia.

The next major shopping center projects to be delivered illustrate the Group's ability to further enhance its portfolio quality through development and are expected to bring additional net rents of 46 million euros on an annual basis. A 17,000 sq.m. extension will be unveiled in the first half of 2017 at Val d'Europe (Paris region), a 100,000 sq.m. shopping mall that has experienced record retailer sales and footfall growth in France since it first opened in 2000. Prado (Marseille, France), a new 23,000 sq.m. development located in the most affluent district of the third largest city of France, will feature 50 stores and a 9,400 sq.m. Galeries Lafayette flagship store in the second half of 2017. Hoog Catharijne will be the largest mall in the Netherlands, offering flagship stores for international brands operating in a new generation state-of-the-art scheme. The second phase of the extension-refurbishment of this leading shopping hub - built over Utrecht's train station, which welcomes c. 75 million passengers a year - will be delivered between the end of 2017 and the first half of 2018 followed by the delivery of the third phase in 2019.

During the first half of the year, Klépierre invested 73.3 million euros, mainly allocated to projects in the Group's committed development pipeline. Disposals made since the beginning of the year amounted to 156.5 million euros, including 61 million euros for three retail galleries sold in Spain.

*EVENT SUBSEQUENT TO THE ACCOUNTING CUT-OFF DATE*

On July 19, 2016 Klépierre sold a portfolio composed of three retail galleries in Spain - which entered the portfolio in 2015 through the Corio acquisition - for a total consideration of 61 million euros (excluding duties): Sexta Avenida (downtown Madrid; 16,800 sq.m.), Espacio Torrelodones (Northern Madrid; 21,600 sq.m.), and Ruta de la Plata (Cáceres; 8,400 sq.m.). Net rental income for these assets amounted to 4.4 million euros in 2015.
After this transaction, 91% of the Klépierre Spanish portfolio is concentrated on five leading assets totaling 55 million visitors a year, with an average value (excluding duties) of 257 million euros: La Gavia, Plenilunio and Principe Pio (Madrid), Maremagnum (Barcelona), and Meridiano (Canary Islands).

For year-end 2016, the Klépierre Executive Board plans to change the consolidation accounting standard relative to investment properties (IAS40) from the cost model to the fair value model that received a positive opinion from the Supervisory Board meeting held on July 21.

*OUTLOOK*

Klépierre will continue to upgrade its portfolio while maintaining a best-in class balance sheet structure. Regular cash flow growth, combined with stable if not lower LTV, will continue to drive the strategy in the coming quarters. Supported by its strong first-half 2016 earnings, Klépierre revises its full-year guidance upward. Net current cash flow per share is now expected to reach at least 2.25 euros above the initial 2.23 - 2.25 euro range announced in February 2016. Cash flow growth will trigger a new increase in the dividend per share for fiscal year 2016.

*
*

*                                                             *

*FINANCIAL HIGHLIGHTS FOR THE FIRST HALF YEAR 2016*

*in million euros (total share)*   *06/30/2016* *06/30/2015*
Shopping centers   578.5 585.8
Other activities   15.8 18.0
*Total Gross Rents*   *594.3* *603.8*
Other rental income   9.6 5.4
*Gross Rental Income*   *603.9* *609.2*
*Fees*   *43.8* *45.2*
*TOTAL REVENUES*   *647.7* *654.4*
       
*Net Rental Income*      
Shopping centers   520.0 508.0
Other activities ^1   15.3 17.2
*TOTAL NET RENTAL INCOME*   *535.3* *525.2*
       
*Net current cash-flow group share*   *361.6* *329.6*
       
*Net current cash-flow per share (€)*   *1.16* *1.07*
       
*Value of holdings, total share (excl. duties)*   *22 615* *21 946*
       
* Reconstitution NAV ^2 per share (€) *   *36.3* *33.4*
       
* EPRA NAV ^3 per share(€) *   *34.8* *32.0*
* *   * * * *
* EPRA NNNAV ^4 per share(€) *   *32.9* *30.9*

(1) This segment refers to standalone retail units located in France and mostly in the vicinity of shopping center areas (ex-Klémurs assets)
(2) Including transfer duties, before taxes on unrealized capital gains and marking to market of financial instruments.
(3) Excluding transfer duties, before taxes on unrealized capital gains and marking to market of financial instruments.
(4) Excluding transfer duties, after taxes on unrealized capital gains and marking to market of financial instruments

The Supervisory Board met at the Company's headquarters on July 21, 2016 to examine the half-year financial statements approved by the Executive Board on July 18, 2016.
The half-year consolidated financial statements were subject to a limited review by the Company's statutory auditors.

*
*

*REVENUES FOR THE FIRST HALF YEAR OF 2016*

    *TOTAL SHARE*   *GROUP SHARE*
*in million euros*   *06/30/2016* *06/30/2015*   *06/30/2016* *06/30/2015*
France   197.1 196.3   163.3 161.4
Belgium   8.2 8.0   8.2 8.0
*France-Belgium*   *205.3* *204.3*   *171.5* *169.4*
*Italy*   *101.0* *99.3*   *99.3* *95.5*
Norway   35.9 29.3   20.1 16.5
Sweden   34.5 34.0   19.4 19.1
Denmark   26.8 25.2   15.0 14.1
*Scandinavia*   *97.2* *88.6*   *54.5* *49.7*
Spain   46.3 40.6   44.8 38.4
Portugal   10.3 10.2   10.3 10.1
*Iberia*   *56.6* *50.8*   *55.1* *48.5*
Poland   16.9 17.6   16.9 17.6
Hungary   10.3 10.3   10.3 10.3
Czech Republic   12.8 12.0   12.8 12.0
Turkey   17.3 17.9   16.0 15.9
Others   1.7 1.8   1.5 1.6
*CEE and Turkey*   *59.0* *59.6*   *57.5* *57.4*
*Netherlands*   *30.8* *54.7*   *30.8* *52.5*
*Germany*   *28.7* *28.5*   *27.3* *26.0*
             
*Shopping centers*   *578.5* *585.8*   *496.1* *499.0*
Other activities   15.8 18.0   15.8 18.0
             
*TOTAL GROSS RENTS*   *594.3* *603.8*   *511.9* *517.1*
Other rental income   9.6 5.4   8.0 4.0
Fees   43.8 45.2   41.4 41.3
             
*TOTAL REVENUES*   *647.7* *654.4*   *561.3* *562.4**
*

*QUARTERLY CHANGE IN REVENUES (TOTAL SHARE)*

* in million euros
(total share) *   *2016*   *2015*
  *Q2* *Q1*   *Q4* *Q3* *Q2* *Q1*
France   99.2 97.9   98.6 97.9 98.9 97.3
Belgium   4.1 4.1   4.2 4.2 4.0 4.1
*France-Belgium*   *103.3* *102.0*   *102.8* *102.1* *102.9* *101.4*
*Italy*   *50.9* *50.1*   *50.2* *49.7* *50.1* *49.2*
Norway   18.3 17.6   14.2 13.8 14.9 14.4
Sweden   17.4 17.1   17.5 16.3 17.0 17.1
Denmark   13.4 13.3   13.4 12.5 13.2 12.0
*Scandinavia*   *49.1* *48.0*   *45.1* *42.7* *45.1* *43.4*
Spain   23.1 23.2   23.0 22.7 23.3 17.3
Portugal   5.1 5.2   5.1 5.2 5.1 5.1
*Iberia*   *28.2* *28.4*   *28.1* *27.9* *28.4* *22.4*
Poland   8.5 8.4   9.3 8.7 8.7 8.9
Hungary   5.1 5.3   5.0 5.1 4.8 5.6
Czech Republic   6.5 6.3   6.4 6.2 6.0 6.0
Turkey   8.6 8.7   8.5 8.8 9.1 8.8
Others   0.8 0.9   0.6 0.8 0.9 0.8
*CEE and Turkey*   *29.3* *29.7*   *29.8* *29.7* *29.5* *30.1*
*Netherlands*   *15.1* *15.6*   *15.8* *23.6* *27.6* *27.1*
*Germany*   *14.4* *14.3*   *13.2* *14.6* *14.8* *13.7*
                 
*Total Shopping centers*   *290.4* *288.1*   *285.1* *290.3* *298.4* *287.4*
Other activities   7.9 7.9   8.4 8.2 8.8 9.2
                 
*TOTAL RENTS*   *298.3* *296.0*   *293.5* *298.5* *307.2* *296.6*
Other rental income   5.8 3.8   3.6 3.6 1.4 4.0
Fees   20.9 22.9   21.5 20.2 25.7 19.5
                 
*TOTAL REVENUES*   *325.0* *322.8*   *318.5* *322.2* *334.3* *320.1**
*

*WEBCAST - PRESENTATION AND CONFERENCE CALL - 2016 HALF YEAR EARNINGS*

The members of the Executive Board of Klépierre will be presenting the 2016 Half-Year Earnings on  *Wednesday, July 27, 2016 at 9:00 a.m. (8:00 am London time)* . Please visit Klépierre's website www.klepierre.com to listen to the webcast or flash the QR code below. A replay will be also available after the event.

*ABOUT KLÉPIERRE*

A leading shopping center property company in Europe, Klépierre combines development, rental, property, and asset management skills. Its portfolio is valued at 22.6 billion euros on June 30, 2016. It comprises large shopping centers in 16 countries of Continental Europe. Klépierre holds a controlling stake in Steen & Strøm (56.1%), Scandinavia's number one shopping center owner and manager.
Klépierre's largest shareholders are Simon Property Group (20.3%), world leader in the shopping center industry and APG (13.1%), a Netherlands-based pension fund firm. Klépierre is a French REIT (SIIC) listed on Euronext ParisTM and Euronext Amsterdam included the CAC 40, EPRA Euro Zone and the GPR 250 indexes. Klépierre is also included in several ethical indexes - DJSI World and Europe, Euronext Vigeo France 20 and World 120, Euronext Low Carbon 100 Europe - and is also ranked as a Green Star by GRESB (Global Real Estate Sustainability Benchmark). These distinctions mark the Group's commitment to a voluntary sustainable development policy.
For more information, visit our website: www.klepierre.com

*AGENDA* * *
*October 26, 2016*

* * *2016 third quarter revenues* (press release after market close)

* *

*INVESTOR RELATIONS CONTACTS*

*Vanessa FRICANO* - + 33 1 40 67 52 24 - vanessa.fricano@klepierre.com
*Julien ROUCH* - +33 1 40 67 53 08 - julien.rouch@klepierre.com

*MEDIA CONTACTS*

*Aurélia de LAPEYROUSE* - + 33 1 53 96 83 83 - adelapeyrouse@brunswickgroup.com
*Guillaume LE TARNEC* - + 33 1 53 96 83 83 - gletarnec@brunswickgroup.com

***
This press release and its appendices are available on Klépierre's website: www.klepierre.com   
--------------------

^[1] Change excludes the contribution from acquisitions, new centers and extensions, spaces under restructuring, disposals completed since January 2015, and foreign exchange impacts.

^[2] Change excludes the contribution of acquisitions, new centers opened and disposals completed since January 1, 2015. Retailer sales from the Dutch portfolio are not included in these numbers as retailers do not report sales to Klépierre.

^[3] EPRA cost ratio including vacancy costs. Excluding vacancy costs, the decrease is 210 bps.  

^[4] Total share excluding duties

^[5] In this section, net rental income growth comments by country are on a like-for-like basis.

^[6] Like-for-like change excludes the impact of asset sales, acquisitions, and new centers opened since January 1, 2015. Retailer sales from the Dutch portfolio are not included in these numbers, as retailers do not report sales to Klépierre.

PR_KLEPIERRE_2016_H1_EARNINGS_vFINAL
--------------------This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.

The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.

Source: Klépierre via GlobeNewswire

HUG#2030779 Reported by GlobeNewswire 55 minutes ago.

*LVMH: Organic revenue growth of 4% in the first half of 2016*

Paris, 26 July 2016

LVMH Moët Hennessy Louis Vuitton, the world's leading luxury products group, recorded revenue of €17.2 billion in the first half of 2016, an increase of 3%. Organic revenue growth was 4% compared to the same period in 2015. The American market is dynamic, while Europe remains on track, with the exception of France, which has been affected by a decrease in tourism. Asia improved steadily during the period.

In the second quarter, revenue increased by 2% compared to the same period in 2015. Organic revenue growth was 4% marking a slight increase compared with the first quarter.

Profit from recurring operations was €2 959 million for the first half of 2016, consistent with the same period in 2015. Group share of net profit amounted to €1 711 million, an increase of 8%.

Bernard Arnault, Chairman and CEO of LVMH, commented:

"LVMH's results for the first half of 2016 reflect, more than ever, the strength of our business model, which allows us to continue to grow even during an unstable geopolitical environment and economic and monetary uncertainties. The diversity of our businesses, the entrepreneurial style of our brands and the agility of our organization all contribute to the growth of the Group. By remaining vigilant, we face the second half of the year with confidence and count on the quality of our products and the talent of our teams to further strengthen our leadership in the world of high quality products in 2016."

Highlights of the first half of 2016 include:

· Strong momentum in the United States, and continued growth in the European market,
· Excellent performance from Wines and Spirits in all regions,
· Success of iconic lines and new products at Louis Vuitton, where profitability remains at an exceptional level,
· Impressive growth of Fendi, which celebrates its 90 ^th year,
· Continued investment in the fashion brands,
· Strong momentum at Parfums Christian Dior, led by successful innovations,
· Market share gains at Bvlgari and the successful refocusing of TAG Heuer on its core range,
· Exceptional progress at Sephora which is strengthening its position in all operating regions and in the digital universe,
· Cash from operations before changes in working capital of €3.7 billion, an increase of 8%
· Net debt to equity ratio of 20% as of the end of June 2016.

*Key figures*Euro millions
  *First half    2015* *First half  2016* *% change*
Revenue

Profit from recurring operations

Group share of net profit

Cash from operations*

Net Financial Debt

Total Equity 16 707

2 955

1 580

3 368

6 034

24 445 17 188

2 959

1 711

3 650

5 303

26 073 + 3 %

0 %

+ 8 %

+ 8 %

- 12 %

+ 7%

* Before changes in working capital.

*Revenue* by business group:

Euro millions *First half 2015* *First half 2016* * % change
* *  Reported  Organic**
Wines & Spirits 1 930 2 056 + 7 % + 9 %
Fashion & Leather Goods 5 933 5 885 - 1 % 0 %
Perfumes & Cosmetics 2 228 2 337 + 5 % + 8%
Watches & Jewelry 1 552 1 609 + 4 % + 4 %
Selective Retailing 5 275 5 480 + 4% + 5 %
Other activities and eliminations (211) (179) - -
*Total LVMH* *16 707* *17 188* *+ 3 %* *+ 4 %*

* With comparable structure and constant exchange rates. The exchange rate impact is -2% and the structural impact is 1%.

*Profit from recurring operations* by business group:

Euro millions *First hal* *f   2015* *First hal* *f 2016* *% change*
Wines & Spirits 482 565  + 17 %
Fashion & Leather Goods 1 661 1 630 - 2 %
Perfumes & Cosmetics 249 272  + 9 %
Watches & Jewelry 205 205 0 %
Selective Retailing 433 410 - 5 %
Other activities and eliminations (75) (123) -
*Total LVMH* *2 955* *2 959* *0 %*

*Wines & Spirits: excellent start to the year with strong growth in the United States, and improved momentum in China*

The *Wines & Spirits* business group recorded organic revenue growth of 9%. On a reported basis, revenue growth was 7% and profit from recurring operations increased by 17%. The champagne business had a good start to the year, especially in Europe and the US. The prestige vintages performed particularly well. Hennessy recorded strong growth in the American market and improved momentum in China following 2015 which was marked by a period of destocking by distributors. Other spirits, Glenmorangie and Belvedere continue their development.

*Fashion & Leather Goods: excellent creative momentum at Louis Vuitton and further strengthening of other brands*

The *Fashion & Leather Goods* business group recorded stable revenue and profit from recurring operations. Louis Vuitton continued to illustrate its creative momentum across its collections. Leather goods' performance was based on both the continued development of its iconic models, as well as on the success of its more recent creations. The presentation of the Cruise Collection in the Niterói Museum of Contemporary Art in Brazil was a highlight of the first half. Loro Piana opened a flagship store on Avenue Montaigne in Paris. Fendi recorded an excellent performance in the first half. Céline and Kenzo showed strong growth. Marc Jacobs continued the repositioning of its collections. Other brands are further strengthening their positions. An agreement was announced for the sale of the Donna Karan business.

*Perfumes & Cosmetics: innovations meet with great success.*

The *Perfumes & Cosmetics* business group recorded organic revenue growth of 8%. On a reported basis, revenue growth was 5% and profit from recurring operations increased by 9%. Christian Dior gained market share in all regions, underscoring its strong performance, driven by the international success of Sauvage and the vitality of its iconic perfumes, J'adore and Miss Dior . Its new fragrance, Poison Girl, and its latest makeup creations also contributed to the excellent performance of the brand. Strengthened by the success of its perfumes, Guerlain introduced La Petite Robe Noire to the makeup market. Benefit's new eyebrow collection received an excellent reception. Make Up For Ever and the portfolio of Kendo brands grew rapidly.

*Watches & Jewelry: market share gains of our brands and successful refocusing of TAG Heuer in its core offering*

In the first half of 2016, the *Watches & Jewelry* business group recorded organic revenue growth of 4%. On a reported basis, revenue growth was 4% and profit from recurring operations was stable. Bvlgari continued its growth and outperformed the market. The brand maintained its strong creative momentum, notably with the enhancements to the iconic B Zero 1 and Diva collections. With good progress in a difficult market, TAG Heuer gained market share and recorded the first positive effects of the development of its core offering. Its new Connected watch was an immense success.

*
*

*Selective Retailing: excellent performance at Sephora; DFS impacted by the difficult tourist environment in Asia.*

The *Selective Retailing* business group recorded organic revenue growth of 5%. On a reported basis, revenue growth was 4% and profit from recurring operations decreased by 5%. Sephora continued to gain market share in all regions, recording double digit-growth in its revenue and profits. Its performances were outstanding throughout the world. DFS continues to face challenges in Asia due to the difficult environment for tourism, particularly in Macau and Hong Kong. Its geographic expansion continues with the opening of a new T Galleria in Siem Reap in Cambodia and another will open in the coming months in Venice, Italy.

*Outlook 2016*

Despite the context of geopolitical and currency uncertainties, LVMH will continue to gain market share thanks to the numerous product launches planned before the end of the year and its geographic expansion in promising markets, while continuing to manage costs.

Our strategy of focusing on quality across all our activities, combined with the dynamism and unparalleled creativity of our teams, will enable us to reinforce, once again in 2016, LVMH's global leadership position in luxury goods.

An interim dividend of 1.40 Euro will be paid on December 1st, 2016.

Regulated information related to this press release, the half year results presentation and the half year financial statement are available on our internet site www.lvmh.com

Limited review procedures have been carried out, the related report will be issued following the Board meeting.

*ANNEXE*

*LVMH - Revenue by business group and by quarter*

*First Half 2016*

(Euro millions) Wines & Spirits Fashion & Leather Goods Perfumes & Cosmetics Watches & Jewelry Selective  Retailing Other activities & Eliminations *Total*
First quarter 1 033 2 965 1 213 774 2 747 (112) *8 620*
Second quarter 1 023 2 920 1 124 835 2 733 (67) *8 568*
*Total revenue* *2 056* *5 885* *2 337* *1 609* *5 480* *(179)* *17 188*

*First Half 2016 (organic growth compared to the first half 2015)*

  Wines & Spirits Fashion & Leather Goods Perfumes & Cosmetics Watches & Jewelry Selective  Retailing Other Activities & Eliminations *Total*
First quarter +6% 0% +9% +7% +4% - *+3%*
Second quarter +13% +1% +6% +2% +7% - *+4%*
*Total revenue* *+9%* *0%* *+8%* *+4%* *+5%* *-* *+4%*

*First Half 2015*

(Euro millions) Wines & Spirits Fashion & Leather Goods Perfumes & Cosmetics* Watches & Jewelry Selective  Retailing * Other activities & Eliminations *Total*
First quarter 992 2 975 1 129 723 2 648 (144) *8 323*
Second quarter 938 2 958 1 099 829 2 627 (67) *8 384*
*Total revenue* *1 930* *5 933* *2 228* *1 552* *5 275* *(211)* *16 707*

* reclassification of the cosmetics business Kendo from Selective Retailing to Perfumes & Cosmetics.

*LVMH*
LVMH Moët Hennessy Louis Vuitton is represented in Wines and Spirits by a portfolio of brands that includes Moët & Chandon, Dom Pérignon, Veuve Clicquot Ponsardin, Krug, Ruinart, Mercier, Château d'Yquem, Domaine du Clos des Lambrays, Château Cheval Blanc, Hennessy, Glenmorangie, Ardbeg, Wenjun, Belvedere, Chandon, Cloudy Bay, Terrazas de los Andes, Cheval des Andes, Cape Mentelle, Newton and Bodega Numanthia. Its Fashion and Leather Goods division includes Louis Vuitton, Céline, Loewe, Kenzo, Givenchy, Thomas Pink, Fendi, Emilio Pucci, Donna Karan, Marc Jacobs, Berluti, Nicholas Kirkwood and Loro Piana. LVMH is present in the Perfumes and Cosmetics sector with Parfums Christian Dior, Guerlain, Parfums Givenchy, Parfums Kenzo, Perfumes Loewe as well as other promising cosmetic companies (BeneFit Cosmetics, Make Up For Ever, Acqua di Parma and Fresh). LVMH is also active in selective retailing as well as in other activities through DFS, Sephora, Le Bon Marché, La Samaritaine, Royal Van Lent and Cheval Blanc hotels. LVMH's Watches and Jewelry division comprises Bulgari, TAG Heuer, Chaumet, Dior Watches, Zenith, Fred, Hublot and De Beers Diamond Jewellers Ltd, a joint venture created with the world's leading diamond group.

"Certain information included in this release is forward looking and is subject to important risks and uncertainties and factors beyond our control or ability to predict, that could cause actual results to differ materially from those anticipated, projected or implied. It only reflects our views as of the date of this presentation. No undue reliance should therefore be based on any such information, it being also agreed that we undertake no commitment to amend or update it after the date hereof."

*Contacts* :    
Analysts and investors: Chris Hollis
*LVMH* + 33 1.4413.2122
     
*Media* :    
France : Michel Calzaroni/Olivier Labesse/
Sonia Fellmann/Hugues Schmitt + 33 1.4070.1189
  *DGM Conseil*  
     
UK: Hugh Morrison / Charlotte McMullen +44 7921.881.800
  *Montfort Communications*  
Italy: Michele Calcaterra/ Matteo Steinbach +39 02 6249991
  *SEC and Partners*  
US: James Fingeroth/Molly Morse/
Anntal Silver +1 212.521.4800
  *Kekst & Company*  

PDF version
--------------------This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.

The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.

Source: LVMH via GlobeNewswire

HUG#2030808 Reported by GlobeNewswire 55 minutes ago.

Juventus have reportedly completed the £75.3m signing of Argentina international forward Gonzalo Higuain, according to Sky in Italy. The Serie A champions are understood to have captured the Napoli striker on a four-year contract after he passed a medical in Madrid, Spain, on Friday. The 28-year-old, who has 63 international caps for his country, scored […] Reported by Shoot 38 minutes ago.

Nicholas Hoult sits in the sun by the pool during a relaxing day at his hotel on Saturday (July 23) in Positano, Italy. The 26-year-old actor was joined by a bikini-clad mystery female while enjoying his day in the sun. PHOTOS: Check out the latest pics of Nicholas Hoult Nicholas has been in town for [...] Reported by Just Jared Jr 35 minutes ago.

After five years of hard work, the first phase of restoration of Rome Coliseum successfully ended. Italian photographer Marcomatteo Stefani photographed and documented the restored grandiloquent architectural marvel from the bygone era and uploaded a series of photos of the same through his Facebook account on July 25.

(PRWEB) July 27, 2016

After five years of hard work, the first phase of restoration of Rome Coliseum successfully ended. Italian photographer Marcomatteo Stefani photographed and documented the restored grandiloquent architectural marvel from the bygone era and uploaded a series of photos of the same through his Facebook account on July 25. The coliseum, without any scaffolding, basks in its past glories.

Being a renowned documentary photographer and photojournalist, Matteo globe-trots a lot and takes pictures of places he visits. His touring photos are regularly featured on “National Geographic” magazine published from the USA. However, as an indigenous Roman, he has always demonstrated a special preference for the Rome Coliseum. He has managed to take photos of the coliseum under various light-and-shadow conditions and from different visual angles.

“It seems that time has made this great architecture far more charming”, Matteo expressed. At the end of the first comprehensive restoration to the coliseum, Matteo made it a point to take a series of photos in order to keep the records of the historic and much-needed restoration of the historic structure.

From the photos which he posted through his Facebook account, it was apparent that the coliseum has undergone a massive overhaul. The social media site users connected to Matteo could easily figure out the differences between the old and new photos of the coliseum. Admirers of Matteo and historians are on the same page as they believe that this restoration was much needed and it actually helped the architectural marvel not to collapse.

In this context, Dario Franceschini, Minister of Cultural Heritage and Activities and Tourism, Government of Italy, recently said, “It could be reasonably expected that the restoration to the internal part of the coliseum would be complete in 2018 during which Rome Coliseum would be used to hold various kinds of ceremonious cultural activities such as music concerts. However, football matches would not be held in the Rome Coliseum.”

It is worth mentioning that a specific photo taken by Matteo inside the office of staff at the Rome Coliseum has drawn unusually high attention from internet users. Matteo said that this photo was taken when he was asking his friend Avienus, who has worked in the coliseum, about some details about the restoration project. In this particular photo, users can get a breathtaking view of the coliseum through the window and beside the window they could locate a Haier air-conditioning system with a cylindrical panel. Apart from the air-conditioning purpose that the appliance serves, users were also enchanted to find the artistic and decorative value. Matteo is an opinion that the air-conditioning system, beautifully fitted inside the coliseum, completely changes public perception about traditional packaged air conditioners.

Contant Person:
Marcomatteo Stefani
E-mail: mm(dot)stefani(at)haci(dot)it
Phone: +39 348 3551531 Reported by PRWeb 30 minutes ago.

Tuesday 26 July, 2016Give the Brompton a break and swap your city commute for the countryside. Or just jump in the saddle to explore what Europe has to offer cycling fans. Travel deals site dealchecker.co.uk is embracing the growing trend for 'bikepacking.' Their guide to The Best Bikepacking locations of 2016 looks at a range of routes suitable for experienced riders, casual cyclists and families.

http://www.dealchecker.co.uk/blog/2016/07/12/a-bikepackers-guide-to-europe-the-best-bikepacking-locations-of-2016/

Alice Mariscotti-Wyatt, editor at dealcheckecker.co.uk comments:

"The British cycling economy is booming, to help our readers make the most of their enthusiasm for this sport we have mapped out a number of routes across Europe. From rising stars to classic choices there is something for everyone."

The guide includes cycle routes for a wide range of abilities, featuring road based, mountain bike and greenway routes in Norway, Croatia, Malta, Poland, UK, Spain, Italy and France.

For each suggested route there is a link to a handy map. This includes details of the towns and villages passed on route, types of road surface, rider level, traffic expectations, how long the cycle should take and highlights to look out for along the way.

The 'short road' suggestions work well for occasional cyclists. Croatia is a good option here. Home to Dubrovnik Harbour and the beaches of Split and Zadar, sprinkled with medieval towns, quaint fishing villages and more. The suggested route along the Dalmatian coast follows a 15-mile road hugging the edge of Split's Park Suma. Beginning at Stadion Poljud, it loops along the ocean edge to Aci Marina.

More experienced cyclists may enjoy taking on some of the longer hillier routes such as Sierra de Guadarrama in Spain. One for experienced mountain bikers, this 40-mile trail is nicknamed 'The Engineer.' A single track trail spanning San Rafael village in Segovia, winding through three of Spain's provinces and comprising heart stopping climbs with an elevation of 1,300 metres.

Family cycling is catered for too, head to the Loire Valley in France, packed with cycle greenways snaking through the stunning natural scenery of the region. The featured route between Nogent le Rotrou and Remalard Veloscenic is a 10-mile ride. Beginning with the enchanting forest scapes of the Loire Valley, before joining a greenway from Conde-sur-Huisne to Alencon and following the meadows of Huisne River. A safe and relaxing cycle for all the family.

To help provide travel inspiration and relevant travel deals, dealchecker regularly creates blog posts on travel friendly topics. For some travel inspiration and relevant travel offers before you

For some travel inspiration and relevant travel offers before you book, follow this link:http://www.dealchecker.co.uk/blog/

- ends –

For media information or images call Rachele Snowden on 0208 9815466 or 07793 844274 alternatively email rachele@crocodilepr.co.uk

dealchecker.co.uk was founded in June 2005. The site is a leading flight, accommodation and holiday price comparison service. The site is a vital travel deals source that meets the demands of the modern traveller. Alongside the price comparison search dealchecker distributes a hand-picked 'Real Deals' travel offers newsletter, featuring the top 20 travel deals sent to 1.5 million subscribers, weekly.

dealchecker.co.uk travel partners are industry leaders offering the most competitive market travel deals. The site displays all relevant partners for each travel selection, enabling customers to make the most informed choice for their travel arrangements.

dealchecker.co.uk is not a tour operator or travel agent, it does not sell any travel products. When a travel selection is made, the final transaction is completed in real-time, direct with the operator or agent that the customer has chosen.

The dealchecker team is comprised of 25+ well established travel professionals. On a daily basis the deal hunters at dealchecker scour the web to find UK travellers the best travel deals available on the market. All deals featured on dealchecker and in the newsletter are kept up to date and accessible to book.

dealchecker.co.uk also provides, travel tips, hotel reviews, city breaks, car hire and a travel blog.No media attached. Please contact Pressat Wire for more information.Distributed by http://www.pressat.co.uk/ Reported by Pressat 14 minutes ago.

A new restaurant from the Charlie Bird team dabbles in pizzas and pastas, and specializes in wine. Reported by NYTimes.com 12 minutes ago.

MARANELLO, Italy (AP) — Ferrari’s technical director James Allison has left the team in what was described as a joint decision following a disappointing first half of the Formula One season during which Ferrari failed to win a race. Allison spent three years in his second stint with Ferrari. Team chief Maurizio Arrivabene thanked him […] Reported by Seattle Times 2 hours ago.