While the government is trying to gradually move away from the logic of "
whatever the cost
", the Banque de France has examined, in a study which Les Echos had the first scoop, the financial health of companies coming out of the crisis.
For this, the institution looked at the balance sheets and income statements of 205,392 companies between June 30, 2020 and January 2021.
Read also: Climate: the Banque de France wants to force companies to be more transparent
To obtain a more precise picture of the number of companies put in difficulty by the economic and health crisis, the Banque de France has classified separately the companies already in financial difficulty before the start of the crisis, and those with very solid balance sheets. made it possible to go through this period without difficulty.
In total, these companies represent 7% of the total companies monitored by the Banque de France.
Exit from "
whatever the cost
"
The balance sheet drawn up by the institution with regard to the remaining companies is rather reassuring: three quarters of them have succeeded in maintaining a stable or increasing cash flow over the course of the crisis.
They have therefore been supplemented by state aid, which has put its hand in its pocket to finance the partial unemployment scheme, loans guaranteed by the State (PGE) or the solidarity fund.
Read also: Will France escape a wall of bankruptcy?
Still, all companies have not been equal in the face of the health crisis. The hotels, cafes and restaurants (HCR) businesses have, because of the many health constraints that have weighed on their activity, suffered more than others financially. 10% of them could thus be in difficulty when state aid ends, according to estimates from the Banque de France. This rate is 6% for all the companies studied.
The government is therefore entering a new delicate phase, that of exiting “
whatever the cost
”. This transition period, with the gradual reduction in aid, should shake up the finances of a number of companies. The Ministry of the Economy nevertheless promises to maintain its support measures for the companies most weakened by the health crisis, including restaurants, bars, hotels, tour operators, or even air carriers. The government also assures us that further consultations concerning the aid mechanisms are planned for the end of August, in order to readjust them if necessary according to the evolution of the economic and health situation of the country.
