FrankWalter Steinmeier must now to sharpen its profile and form a teamFirst the floating titles is small since 5The crisis now escape any understanding of set000 euros a year supplemented by the regionBut now tensions are felt on the volumesThe pace will be thus less argued in 2006 13Their courses have even lost more than 20 The remuneration of managers must be capped It is in our interest but also that of the RussiansAnd yet the dollar appreciates as a well rareReversal of the trend in the CAC 40. After years of uninterrupted growth, the stars of the French stock exchange saw their profits drop in the first half. Hindsight is limited to 3 over the same period of 2007 and, together, the Paris flagship index groups, however, won net profit EUR 50.2 billion. 8 Of turnover, compared with 9 a year ago, the average net margin remains comfortable. But the break is.
Behind this global movement, hide however at least three very different situations. Question of finance, first. A year ago, French insurance companies and banks were still the best of their kind, even if the US subprime crisis was a serious cloud on the horizon. Today, the storm broke, and their accounts are the traces. AXA, BNP Paribas, Credit Agricole SA, Dexia and Société Générale have all had to announce a half-year profits drop. In total, they melted to 45.
Of all, Credit Agricole SA has proved the most affected by the "sub-prime", which cost him EUR 4 billion a year. In the second quarter, the Bank recorded a barely positive. Throughout the semester, its net profit was divided by 4. The worst is now perhaps over, for the Crédit Agricole as to its competitors. First shaken by the economic and financial crisis, banks and insurance companies provide glimpse into the end of the tunnel.
Other groups of the CAC 40, they have experienced so far a much more favourable weather. The crisis It has not prevented them to grow and prosper. Because they continue to benefit from globalization. In the first half, the 34 companies thus managed to increase their turnover as their profits of 16 on average. Featured, industry-related raw materials. Undisputed champion of the profits over the years, Total which still increased half-yearly profit by 29, with the escalation of oil. In the exploration and production of hydrocarbons, his first profession, Christophe de Margerie group displays a year a return on capital employed of 41, a rate to be drooling with envy most of
industrial.
The high-tech problems
Just behind, ArcelorMittal is experiencing faster growth. Worn by the soaring prices of steel, Lakshmi Mittal group saw its turnover leap of 31, and profits of 65! Performance to increase investment, especially in upstream, in the iron and coal mines.
Another group in the form: GDF Suez. Reconciliation has been laborious, but the new set advanced to at the outset one of the five French leaders of profits.
The economic slowdown, higher raw materials prices and the depreciation of the dollar against the euro not to have not less printed their marks on the accounts of the industrial groups. An example L ' Oréal. The champion of the cosmetics sell more funds of complexion in Russia or China, the strong euro has cost him dearly. It wiped out three-quarters of the increase in sales at constant currency. Add to that the stagnation of the US market, and it is not incomprehensible that the company has announced the lowest growth in profits for three years.
Rest a third series of groups: chronic STMicroelectronics and Alcatel-Lucent. The first has reduced its losses, the second clearly dug them and is going to change patterns. The French high-tech decidedly is struggling to keep his rank.
