The courage and the deepest convictions of Mr

The comments accompanying the problems faced by Airbus on the A380 delivery delays call a political and technical analysis.

The delays in the delivery of this aircraft are to be charged for the most part, according to statements by the leaders, to problems of development. In this regard, these delays as penalties resulting must be analyzed as investment costs that shift the break-even point. The Financial Director of the company also indicated that stalled initially estimated at 240 devices would be more likely close to 420 sold aircraft.

The question is therefore not the cost of production, but the return on investment. It is therefore essentially financial and concerned investors, so the shareholders. In this type of activity, such as major operations as the tunnel under the channel or the Millau Viaduct, the return on investment cannot be apprehended in the same way as the launch of a new model of motor vehicle or appliance household.

It is for this reason that, traditionally, these large equipment were funded on public funds, the State not being in the same logic that the managers of private capital primarily interested in immediate remuneration of the capital. The rationale of public intervention, here is the fact that, beyond the requirement, it is to preserve a strategic logic as well to the issues of planning for major cited works than those of the preservation of national independence and the safeguarding of industries determinants in the case of Aeronautics and space.

When the Lagardère Group was the EADS consortium, it has benefited from investments made for decades by Sud Aviation first and Aerospatiale then. If it had had to pay the cost of entry into the market of this company to create an aeronautics company, she could not endure. In fact, the Group benefited from previous investments, particularly in know-how, and he therefore generated results. Without questioning the performance of the group in the aviation business continuity, it is clear that it is now to ensure that the risks of return on investment period which were previously carried by the State.

This analysis is concerned to show that the issue is financial and capital. A problem of this type that, at the bottom, can be summed up in a matter of financial portage of the observed delays, it is not relevant to use the tools which have been generally use a risk of profitability.

Unique solutions to reduce costs pose the risk of weakening the capacity of European plants. The crisis in the sector following the terrorist attacks of 11 September 2001, Boeing has used this strategy by reducing its production capacity. The result has been without appeal and Airbus may welcome this major error that allowed him to take market share. Reproduce the strategy used by Boeing in times of crisis today at Airbus would constitute not only an error but a fault.

A cash flow problem, need tools for solving this problem.

Several options are possible in this case:

make the non-performing assets by "lease back" operations, which are for sale to an investor plants in ensuring that their use through appropriate rent. This operation to retrieve the cash and to spread the load over a period consistent with the return on investment of the development of the aircraft (A380 and A350);

conduct a capital increase, especially to investors who do not run after the immediacy of the return on investment as States shareholders or interested States (Russia and China).

Of course, should, in parallel, work constantly to improve productivity, but do not do so in the emergency and the precipitation because it might break the tool. Its repair would be much more onerous and because much more heavily on the future results in terms of market share and of development.

In reaffirming the vital nature of the launch of the A350, Mr. Gallois is registered in a logic of continuity and market position. Financial analysts locked in the cult of the immediacy of the dividend should review their lines and return to the fundamentals of the company's strategy, which is played on a field of medium and long term, and not on soul States saddened of the financial oligarchy fearful by the loss of a few hundredths of a point on the remuneration of their capital.

The Airbus is to meditate in terms of what should be the purpose of a company and the qualities of its leaders. The courage and the deepest convictions of Mr. Gallois will soon relegated the catastrophic financial in the camp of the losers.