Macro-économie / Taux
Macro-économie / Taux
Les écarts se creusent au sein du SBF120
L'économie, si l'on s'en tient au niveau des grands groupes français, est en meilleure posture au premier trimestre de cette année que celui de l'année 2020. Mais cette hausse globale cache de fortes inégalités selon les secteurs.
grosses entreprises
Comme chaque trimestre, l’Observatoire de l’information financière compile les niveaux d’activités des grands groupes français en sélectionnant 90 sociétés parmi les 120 de l’indice de référence pour évaluer la teneur de l’économie.
L'activité des grandes entreprises s'améliore légèrement ce premier trimestre par rapport à l'an dernier, bénéficiant d'une base de comparaison favorable puisque le mois de mars 2020 subissait déjà les effets de la crise sanitaire. Le chiffre d’affaires cumulé des sociétés à l'étude ressort à 360 milliards d’euros, en hausse de 1,7 % sur la période comparé au même trimestre de l’année 2020 (354 milliards d’euros) - une amélioration que l'observatoire attribue à la hausse de la demande à l’international d'une part, et aux plans de relances des gouvernements concernant l’industrie d'autre part.
Et si l'on ne tient pas compte des valeurs extrêmes - les six groupes parmi ceux sélectionnés dont le chiffre d'affaires diminue le plus en taux - la variation du niveau économique en glissement annuel ressort à +3,5 %. Un rattrapage cependant encore éloigné du niveau de 2019 (381 milliards d’euros) : en baisse de 3,5 % en glissement sur deux ans si l'on ne tient pas compte des valeurs extrêmes, et de - 5,4 % si l'on conserve l'ensemble des 90 sociétés.
Une reprise très inégale
Cette reprise globale si l'on compare ce trimestre à celui de l'an dernier, cache un fossé qui se creuse entre les entreprises appartenant aux secteurs portés par la crise, et celles défavorisées par la conjoncture pandémique. L'observatoire défini comme "grands perdants" du SBF 120 les six groupes dont le niveau d’activité s’est contracté de plus de 30 %. On y retrouve sans surprise des champions français des secteurs du transport, du tourisme et de l'aéronautique : Air France (-57 % de chiffre d'affaires ou -2,9 milliards en valeur), Accor (-53 % ou -0,4 milliards), ADP (-48 % ou -0,44 milliards), Safran (-38 % ou -2 milliards), Getlink (-34 % ou -0,08 milliards) et Lagardère (-34 % ou -0,46 milliards).
Face à ces groupes s'opposent ceux pour lesquels la crise a été une aubaine, contribuant à la hausse de plus de 30 % de leur chiffre d'affaires. Figurent des champions français du secteur de la santé - Eurofins (+41 % de CA) et Sartorius (+55 %) -, des technologies - Microélectronics (+35 %) - et du Luxe - Hermès (+38 %) et LVMH (+32 %). Ces deux derniers ont mené avec succès leur transition digitale et bénéficient de leur forte implantation à l'international, notamment en Asie. Les gains compilés de ces huit sociétés s'élèvent à six milliards d'euros. Si bien que les huit grands gagnants de la crise annulent en cumul la perte des six grands perdants cités précédemment qui s'élève aussi à six milliards d'euros.
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