Analyse des performances des leaders mondiaux de l'agro-alimentaire

Jean-Noël Vieille

Économie rurale, 1996, vol. 231, issue 1, 39-46

Abstract: [fre] L'analyse comparée des groupes français avec leurs concurrents européens et américains témoigne d'une plus forte spécialisation de la France en première transformation, signe d'une fragilité structurelle. Néanmoins, ce secteur reste très attractif et sain d'un point de vue financier. C'est, dans l'ensemble des secteurs industriels, celui qui génère le plus de free cash-flow. Dans ce contexte et face à la fragilité de la consommation particulièrement visible en octobre 1995, des mouvements de concentration du secteur sont à attendre. C'est en effet la seule possibilité pour les intervenants de maintenir un trend de croissance soutenu. Notre analyse tente de distinguer les groupes les mieux dotés pour répondre à cet enjeu. [eng] A comparative study of the French companies versus their European and American counterparts shows that in France companies specialise more in the basic initial stage of food processing, which is a sign of structural weakness. However, from a financial point of view this sector remains in France very attractive and fairly sound. Of all industrial companies, it is still the one which generates the most free cash flow. Taking all these factors into account, and given the difficulties the industry is facing situation as far as the level of consumption is concerned (e.g. October 95), acontraction in this industry should be expected, the larger players absorbing their frailer competitors. It is indeed the only way for these companies to maintain an upward growth trend. Our analysis tries to pinpoint those companies best placed to benefit from this situation. . The key points are: cash flow, external growth, investments, free cash flow, debt.

Date: 1996
Note: DOI:10.3406/ecoru.1996.4770
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