There is not other transaction of this type

A restructuring of the portfolio of Wendel need

No, a restructuring is not necessary and I foresee no change next to our portfolio.

The companies of the group require of recapitalisations

The companies of the group who need new capital are few to date. We are discussing with the creditors of Materis and Stahl. Concerning Materis, the banking pool agreed to redefine the "covenants" which weighed on the company end of March. We are working on the rescheduling of part of the debt, which accompany a recapitalisation by the shareholders of a few tens of millions of euros. For Stahl, we already bought a part of the debt which is very décotée. The restructuring will also increase by a modest recapitalisation, but should the banks concede abandonment of debts.

Can you do a specific State of Wendel debt

First of all, our liquidity position is strong, we have 1.6 billion of cash available after the transfer of oil operations of Oranje-Nassau. Our undrawn credit lines amounts to 1.2 billion euros, can be used to restructure the debt of the Saint-Gobain operation, and we have a 1.2 billion syndicated credit, which may have to be conditions. There is a significant debt to the level of Wendel, but financial ratios are marked by the very undervalued nature of our assets. In absolute terms, the bond debt amounted to EUR 2.8 billion and the bank debt linked to the acquisition of Saint-Gobain amounted to slightly more than 4 billion, of which EUR 2 billion for which we have protections. I will not propose to increase the debt by new acquisitions but does not dismantle the portfolio on the ground to reduce the debt!

What are your next debt maturities

Our first deadline is in June. We have 279 million euros in convertible bonds on CapGemini maturing. The following are staggered from 2011. In 2011, we have 600 million bond debt and of debt to the Saint-Gobain operation.

Which is worth how much

It is true that there is some complexity in our accounts! I remember that the acquisition of our Saint-Gobain is made with 1.6 billion of equity capital and over $ 4 billion of debt. We can simplify and optimize the position of liabilities.

Why have ceded 10 of Bureau Veritas and a part of Oranje Nassau

The transfer of securities Bureau Veritas helped strengthen the liquidity of the title and corresponded to our maturity bond Capgemini. We remain the majority shareholder of BV. There is not other transaction of this type. Oil activities of Oranje Nassau, we have decided to surrender for purely industrial reasons. To achieve the critical mass, needed to invest in the amount of EUR 150 million per year, that we were not prepared to make in view of the prospects for the price of oil. The assignment is done in excellent conditions, with a capital gain of 350 million.

Are you satisfied with your 18 in Saint-Gobain

Yes. Our intention is to accompany Saint-Gobain for many years. Even if the debut was a bit agitated, my priority is to build a relationship of trust with the management of Saint-Gobain and work in common. Our participation gives us access to double voting rights which would be a little less than 30 from the end of 2009.

How do you conceive your relations with Ernest-Antoine Seilliere and Wendel family

Wendel is a Tercentenary in full motion. My arrival, with the full support of Ernest - Antoine Seilliere, I know for twelve years, I assured of the full support of our shareholder of reference, the SLPS, and its President, François de Wendel. If the image of Wendel could be scrambled in recent months, I am sure the support of the family to our long-term strategy. I see the leaders of the SLPS on a regular basis, as I do with the other major shareholders of the group.

What are your conditions of remuneration

My fixed salary for 2009 and 2010 is EUR 1.2 million per year, or 14 less than my predecessor. My variable salary is 600,000 maximum EUR per year, representing a decrease of 50 and it is in no way guaranteed. I have no contract of employment, and I have not touched of differential of arrival. I have a severance pay, non-related to the situation of failure, 6 months of wages, subject to performance conditions revoked. Bernard Gautier, Member of the Executive Board, also agreed to lower its fixed salary of 12 and 60 maximum variable pay.

They evolved since your appointment

Absolutely not. The device has not changed, contrary to what might be said.