2023-08-11 05:00:00
Companies in the flagship index of the Paris Stock Exchange posted a record 81 billion euros in profits in the first half. Explanations.
For Beatrice Parrino
© ERIC BERACASSAT / Hans Lucas / Hans Lucas via AFP
Published on
CThis is not the kind of information to pull a vacationer out of his summer daydreams. Still, it’s worth a look. CAC40 companies, one after the other, presented stunning results for the first half of 2023. Once again, they thwart the predictions of financial analysts, inclined to caution.
According to Agence France-Presse accounts, the cumulative net profits of CAC40 companies amounted to more than 81 billion euros in the first half of 2023, up 15% over one year (71 billion net profits share of the group). The global half-year turnover of the 38 groups listed within the CAC40 (Pernod Ricard and Alstom have staggered accounting years) reached almost 860 billion, against 825 billion for the same period in 2022, an increase of 4%.
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Le champion Stellantis
Who are the strongest? The number 1 juggernaut is called Stellantis (Peugeot, Citroën, Fiat, etc.). Well established on the first step of the podium, the car manufacturer announced that it had made 11 billion in profits in six months (up 37% compared to 2022). TotalEnergies is still doing well, despite falling oil and gas prices. The energy giant has generated almost 9 billion in profits. With 8.5 billion in profits, the luxury specialist LVMH is third.
Everything is also rolling for the main tricolor banks, which all show an increase in net profit (+ 5% for the sector). On the other hand, Eurofins, the giant of biological analysis laboratories, is cashing in after Covid. He saw his profit fall by 51% in the first half. As for the industry sector, very exposed to the cost of energy, its profits plummeted (-43%), mainly due to ArcelorMittal (-63%).READ ALSO What awaits us with long-term interest rates
Overall, the increase in turnover is largely explained by inflation. It should also be noted that these major French groups have reduced their costs and moved upmarket in order to maintain their growth. It is also thanks to their strong internationalization and their financial solidity that they were able to get through the macroeconomic air pocket (high interest rates, persistent inflation, geopolitical tensions, sluggish Chinese economy, etc.) without too much damage.
Be careful not to jump for joy too quickly. Aren’t these same companies showing themselves to be cautious for the second half of the year? Because, yes, on closer inspection of the published figures, their dynamism is slipping. On a like-for-like basis (i.e. without taking external growth into account), their half-year profits grew “only” by 7% compared to the same period of 2022. A year ago, they were racing (+ 25%), and in 2021, they exceeded 33%.
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