The Group confirmed its objectives for the year

Is the upturn in sight for the French industry Several results of companies, among the heavy weight of the CAC 40 could suggest since last week. Several leaders have even insisted on the fact that the second quarter of 2009 was better than the first.

But well there watching, the improvement of the accounts of large companies - not all, far from it - results is mainly the beneficial effects of the restructuring plans, decided a few months earlier, in the wake of the October 2008 financial and economic crisis.

The evolution of turnover, which found levels never seen for several years, appears here and there give signals of improvement.

But person venture to really talk about recovery and still less to give financial projections too specific, or visibility. ArcelorMittal limited its forecasts for the third quarter. Point to an improvement of the operational result from the second quarter, even if is achieved profits records last year.

The trough of the wave is passed

The world leader in steel observed a slight recovery of demand and prices. At the time, it will reopen 4 blast in Europe this month. With falling consumption by 50 at the beginning of the year, it had closed 15 sites on 25 on the old Continent. The group, which is separated from 20,000 employees around the world, estimated that hard is passed, but remains cautious: for him, the recovery will be slow and gradual.

Air Liquide believes that the trough of the wave is passed. Like the steel producer, but also of Schneider Electric, champion of industrial gas highlights Chinese, well distributed demand in recent weeks.

In the car, the climate is always heavy, despite the success of premium case in neighbouring countries including the Germany and France. The respective turnover figures of PSA and Renault have plunged 21.8 and 23.7 in the first half. And sales focused on small cars with low margins. But the two French manufacturers have announced time dispose of ("free cash flow") available cash flow positive, great news for the stock market. Explanation: they have been especially raking the effects of the reduction of stocks of cars and their plans for massive voluntary departures. The PSA group recently removed 11,000 positions (with the Faurecia subsidiary), and Renault 6,400.

For them as for the other major industrial, the accounting effects of these measures is their benefit only once. Without substantial growth in net sales in the coming months, therefore the effect of the straw fire the facing.

Unlike many other industrial groups, the first French laboratory Sanofi-Aventis carried out an excellent journey in the first half, with results in strong increase from those he has recorded over the three previous years. Pharmaceutical group makes the results of a policy of reorganization of its activities and reduction in its workforce. Its current economy plan passes through the closure of 8 research centres, including 4 in France.

In contrast to the general trend, in the absence of forecasts, Sanofi-Aventis has revised its prospects for growth in earnings per share on the rise. His boss, Chris Viehbacher, remains in offensive mode: he concluded an agreement with Merck to buy its stake in the venture Merial (animal health), for an amount of $ 4 billion.

To adapt to the context

Danone, on the other hand, plays the volumes rather than the margins to adapt to the context of crisis. Franck Riboud is pragmatic, as a pilot who adapts his conduct when he left a road dry to address a wet. At each category its strategy in each region, and all must remain very flexible. This way for the time being rather successful to the dairy giant, whose net sales, operating margin and net income grew in the first half. The Group confirmed its objectives for the year. But fundamentally, it prepares for a change in the habits of consumers, more looking on prices.

In the luxury industry, it is still facing a difficult environment. LVMH made a practically unchanged turnover in the first half in a market in strong decline, and this relative performance is based substantially on the scores exceptional of Louis Vuitton, whereas before the crisis, the four branches of the group, fashion and leather goods, wines and spirits, perfumes and cosmetics, as well as watches and jewellery were all growing.

The results of each activity are now very uneven within each branch and also in terms of geographical area.