At least for those in the sector of consumption

Optimism, finally! After a year 2009 is announced calamitous, French companies resumed their hope. "I never had seen such a disaster, recalls Philippe Oddo, Associate Manager of the Investment Bank Oddo & Cie, half of the banking system in bankruptcy, the English nationalising Royal Bank of Scotland, ING is in disarray, Dexia, the Iceland to the rug...". But a year later, medium-sized companies that our investment bank follows with attention are loyal to the appointment, always courageous, even if they have been strongly shaken. "After the break for the holiday of the year, the meeting organized for the 13th time by the Bank for investment and management around the"mid caps"Oddo, listed companies that are neither in the Court of honour of the CAC 40 or reserved to the start-up steps, allows the small world of investment and business smelling re-entry conditions. At the Palais des congrès of Lyon, 136 of them tried, on 7 and 8 January, to convince representatives of more than 200 investors of the need to trust them. Studious but relaxed atmosphere. Because, after all, the worst is probably over and when it has withstood the worst, it feels grow wings. "In January 2008, companies had beautiful order books, were optimistic, but they faced to the expectations of the financial crisis," recalls Philippe Oddo, creator of the event. "In January 2009 was a lead gloom." Now, after having imagined the worst, companies often end the year on a more positive note than anticipated and recover dream of recovery.

Performance recorded

With investors, the appetite for the stock market is still moderate, but Lyon present managers and analysts are in alert, aware that good "shots" are in a period of downturn. Oddo note for its part and after two years of livrets funds invested in mean values, the movement is reversed, with a net collection of 300 million euros last year. A sign of a return to confidence, the shares of the midsize businesses being those investors deserted more quickly in times of crisis, lest they be trapped in investments not liquid. "These are institutional investors who are starting to move, yet individuals," said Pascal Riegis, Manager of these funds. Moreover, the Bank recorded a net collection of EUR 1 billion in 2009, nothing astonishing, but a score that was not anticipated at the beginning of the year. The "financial boutique," led for five generations by the family Oddo, who still holds 42 of the capital, thus ends 2009 on good results. Paradoxically, since for the first time in its existence, it has participated in any introduction on the stock market, a sign of the magnitude of the financial crisis. But she was overtaken on the activities of debt refinancing and produces a higher than EUR 30 million annual result.

Among issuers, we really would like that the appetite of investors return. Number of companies in Lyon bemoaned to be still listed in the value of their net assets. But the dominant feeling is relief, tinted of very strong hope for a return to better fortune. "We've come far", concedes Gilles Venet, General Secretary of the Lafuma, the specialist of the "outdoor" garment, which after the takeover of the Eider mark in June 2008 was one of the first companies forced to appeal to the Ombudsman of the credit for caulking a liquidity crisis. "We had need of EUR 10 million, but had to tétanisés bankers: for the first time in their lives, they suddenly became aware that a bank can fail!", he recalled. "They demanded an increase of capital, that they refused to guarantee and it revolved round", he says, in welcoming the mobilization of public authorities, which allowed a rescheduling of the debt accompanied by a capital increase of EUR 10 million guaranteed by the Caisse des Dépôts. The company has not yet recovered growth, but the surrender of its brands (Eider, Lafuma, Millet) in South Korea, with 19 million euros, reassured him: its assets worth something. "My dream". "Some recovery in the sales, which would again spend all our indicators green," explains Gilles Venet.

In fact, companies so shook their costs in the wake of the crisis at the end of 2008, that they are able to register very lower take-off performance. As the year 2009 was not so bad...

At least for those in the sector of consumption. President of the Executive Board of the manufacturer of champagne Laurent-Perrier, Stéphane Tsassis confirms that sales, initially valued at 250 million bottles in 2009, should finally approaching 290 million. The France, which uses about half of the domestic production of champagne, worthily celebrated Christmas, which allow producers to partially offset the strong decline in exports recorded early in the year. But growth has already returned to Asia and Stéphane Tsassis admits: "Seen from Champagne, crisis, this be managed..." "Even if, for the first time, the company saw its entry-level products developed for sale less than 10 euros by large distribution. "Finally, overstate anything, this lasted a week," reassures.

A very strong resistance to the crisis

Of course, everyone is not the chance to be an area of prestige and rarity. But what about the Compagnie des Alpes, suffered two specialties, the management of the parks is ultimately little leisure and one of the ski areas of the crisis Parks attendance has increased by 6, that of its ski area is maintained ( 0.6) and the company announced an increase in its net profit by 11, to EUR 40.2 million for the 2008-2009 year ended in September. What make "The leisure is more a cyclic value", slice Sandra Picard-Rame, responsible for the communication of the group, "the French seek good plans, but are not in a sacrificial attitude." Society remains however careful, fragile in its forecasts by more late sales of stays.

Mr. Bricolage, third French actor of the DIY market, including the bulk of the stores are located in the province, nor a desertion of customers complained. Eve Jondeau, group financial controller, thus calls 2009 "year rich and correct". In fact, sign was able to buy out a competitor, Briconautes, while stabilizing sales in a market decline. Sign stand up with a strategy focused on two ladies and departments to the French: the garden (14 of turnover) and decoration (23), "of the areas where we do not face competition from the discount. "For 2010, we are rather optimistic." "The effect of size will enable us to improve our purchasing power and indeed say, last year, we have less suffered a decline in sales that Act on the terms of payment, the LME, which has led number of stores to be more cautious in their purchases from our central," said Eve Jondeau.

If the French were saved in recreation or decoration, or food, where they reduce their spending Difficult to say, admits Philippe Oddo, stressing that, at least, unlike wisdom, the France has still of fine companies of intermediate size, often leaders in their niches, such as Pierre & Vacances, Bonduelle, Inter Parfums, Clasquin, Veritas, Safran, Ingenico, Ipsen, SEB. Some even have good ideas rewarded by strong growth, such as (the hearing aid specialist) Audika or Rentabiliweb (specialist in the monetization of hearing on the Internet), which provides a new increase in capital of 10 million euros. One of the lessons of the crisis is the incredible evolution of the management of the companies. In this category of companies, there was finally some bankruptcies. "Echaudées by the recent earthquakes, the"mid caps"showed very strong resistance and was are quickly adjusted to the market," said Pascal Riegis. Obviously the more often at the expense of employment. Between black or pink scenario, proponents of the double crash or resumed, the Manager shrugs: "If you bet on the total disaster, all sale and return to the stone age, but if you think that life continues, even invest." Lyon, entrepreneurs are obviously not a second to the first option. "Today, you out of the crisis and we jump on opportunities," promises the specialist vegetables canned, Bonduelle, very proud to announce the acquisition of France fungus, coveted society long. For 2010, Philippe Oddo is betting on a return of capital increases, mergers and acquisitions and an acceleration of operations for better structuring financing enterprises to move from the emergency - to ensure cash flow - to a new balance where loans are in line with a more long-term development.

"After having imagined the worst, companies end the year on a more positive note than anticipated and recover dream of recovery." Philippe Oddo, partner-Manager of the Bank oddo & cie