Read the overview 2014

SME
2014
ANNUAL REPORT
ON SME TRENDS
“
EDITORIAL
In France, as in other places in the world, more than 9 out of 10 businesses are micro-businesses
or SMEs, most of which are independent. They do not therefore fall into a homogenous category, far
from it.
Many countries have found it an economic and political necessity to have an overview of these businesses – from Japan, which has used SME reports for fifty years, through to New Zealand, which has
just published its first report, along with for example Thailand, India, the US, Belgium, Croatia and
the European Union. For ten years now, Bpifrance’s SME Observatory has performed this task for
France with the backing of over forty partners.
Researchers, business leaders, regional and national policy makers, journalists and those involved
in providing support or finance for businesses will all find in this Annual Report on SME Trends –
which has been extended to include intermediate-sized enterprises – figures and analyses providing
summaries or in-depth information as required on their demographic trends, activity levels, hiring
policies, methods of finance, performance in innovation, international expansion, and more besides.
The initial crucial phase involved correlating disparate pieces of data and explaining methodology.
Now this has been successfully completed, the challenge today lies in sharing the information with
as many people as possible. The 2014 report therefore comes in an open-data format, offering readers the opportunity to download the information contained in its 200 tables and graphs. It is also
being transformed into an “all-digital” report, so it can be updated as and when information becomes
available.
So choose a subject and let yourself be guided through its content, then make sure you share it with
everyone you know!
Enjoy!
The SME Observatory team
02
02
Bpifrance•SME 2014
OSEO•PME 2012
OVERVIEW
France has over 3 million micro-businesses, totalling
95% of the companies established in the country. Their
business activities include small-scale commerce,
services and construction. SMEs are involved in all
types of business activity, while the intermediate-sized
enterprises are concentrated in industry. Although
99% of the social and solidarity economy (SSE) is
made up of micro-businesses and SMEs, almost one
in five intermediate-sized enterprises and large companies located in France is involved in it.
FEWER CREATIONS FACED WITH AN
INCREASING NUMBER OF FAILURES
The downward trend in start-ups seen in 2013 has become widespread. It now affects not only most sectors
and 8 regions out of 10, but also the emergence of new
innovative activities. The upsurge in one-person businesses has not been sufficient to offset the sharp fall
in new “auto-entrepreneur” (French simplified selfemployment scheme) registrations.
In 2 instances out of 10, ownership of an SME or intermediate-sized enterprise changes as a result of passing it down within the family. The decision to transfer
a business is influenced more by business size than by
the transferor’s age. A lack of buyers coupled with the
fact that managers are becoming older is undermining
the growth prospects of these businesses.
The business failure rate is still well above pre-crisis levels, and has risen in half of all regions. Microbusinesses and B2C are the hardest hit. The situation
would seem to have improved in 2014.
BUSINESS IS STILL FLAGGING
FOR MOST SMES
The activity of SMEs that are not micro-businesses
faltered once again in 2013. Value added is following
the same trend to a lesser extent and the drop in profitability is having an adverse effect on the level of investment. The capital expenditure rate has therefore
been driven down to a low of under 15%. Industry is
suffering more than the other sectors from the gloomy
economic environment in France, which also explains
the very depressed state of the construction industry.
For 2014, however, the expectations of the heads of
micro-businesses and SMEs suggest a slight improvement.
Micro-businesses and SMEs employ 7 million people,
while intermediate-sized enterprises employ 3 million. Because of the high proportion of “auto-entrepreneurs”, only 5% of new businesses have employees.
Although self-employment is still growing, the number of employees continued to fall in 2013, in particular
in industry where temporary work served to cushion
the impact of the crisis. A slight upturn is discernible
for 2014, with the number of new jobs slightly exceeding the number of job losses in the first six months of
the year and an increase in hiring plans in all organisations regardless of their size.
R&D, INNOVATION, EXPORT AND PUBLIC
PROCUREMENT CONTRACTS IN RESPONSE
TO THE CRISIS
Driven by the very small businesses, the number of
SMEs involved in export has risen to 117,000. Their
sales, which target markets outside Europe, remain
strong, while companies with over 250 employees are
seeing their sales slip back.
One French multinational in two is an SME, often forming part of a group. Export is a precondition of their
international presence, and their regional location in
France influences their choice of country when locating subsidiaries.
Despite the 2013 context of fewer public procurement
contracts, SMEs, which hold 8 out of 10 contracts,
have nevertheless strengthened their position. Local
authority procurement tends to favour local suppliers,
and mostly involves SMEs.
SMEs have maintained a significant level of R&D and
innovation. They incur one quarter of corporate inhouse R&D expenditure and are more intensively engaged in R&D than the average for businesses located
in France. This involvement is also demonstrated by
their share of the total research tax credit [Crédit d’impôt recherche, CIR], which amounts to one third, and
of the total patent applications made by French legal
entities (1 in 5). It is also demonstrated by the fact that
over 7,000 of them belong to competitiveness clusters
and 3,000 qualify for the young innovative enterprise
tax status [Jeune entreprise innovante, JEI], which
they retain on average for five years.
THE FINANCIAL FRAGILITY OF SMES
IS INFLUENCING THEIR METHODS OF
FINANCE
The increase in labour costs and production taxes is
shrinking the margins of SMEs that are not microbusinesses, except for those in the transport sector.
Their profitability is deteriorating again, but they
are rebuilding their cash positions. Self-financing is
03
Bpifrance•SME 2014
picking up again and the consolidation of proprietors’
equity is continuing. In the craft industry, one third of
businesses have seen a drop in their activity, have inadequate margins or are under-capitalised.
SMEs that are not micro-businesses are making greater use of bond borrowings and factoring – SMEs and
micro-businesses account for one half of the invoices
being discounted through factoring, whereas one craft
business in three prefers to self-finance its capital
expenditure. Demand for bank loans and overdrafts by
French micro-businesses and SMEs is nevertheless in
better shape than that of their European counterparts.
The SME Observatory thanks all the contributors
to the 2014 edition:
• Afic – French Private Equity Association
• Altares-D&B – Major French independent
B2B information provider
Trade credit enables debtors to ease their cash positions, so payment practice in Europe has struggled to
improve very much. France, unfortunately, is at the top
of the league for “small” delays in payment.
• ASF – The French Association of Specialized
Finance Companies
In most OECD countries, credit terms with regard to
collateral requirements are becoming tougher for micro-businesses and SMEs, including in the Eurozone.
The French economic environment is in line with the
European average, in spite of its interest rates being
amongst the lowest. In Asia, SMEs have little access to
bank finance, and alternative sources are only in their
very early stages.
• Banque de France – Central Bank of France
To ease cash flow and encourage SMEs to maintain
levels of investment in tangible and intangible assets,
a wide range of national and European measures –
taken by the European Commission and the European
Investment Bank – have been introduced to help SMEs
access external finance and to keep their risk exposure on innovation projects down.
THE FINANCIAL MARKETS ARE PICKING UP
With €6.5 billion devoted to equity investment in 2013
in some 1,600 companies, the French venture capital industry is still one of the strongest in Europe. In
contrast, the downward trend in the amount of money
flowing into innovation mutual funds [Fonds communs de placement dans l’innovation, FCPI] and the
fall in their investment in innovative businesses has
persisted. After cutting their involvement sharply as
of 2009, insurance companies and mutuals have once
again become the top subscribers to funds, ahead of
the public sector, which is taking a contrarian stance
once again this year to counter natural market failures
made worse by the difficult economic environment.
Bpifrance has subscribed €1.2 billion in capital itself,
and invested €1.3 billion alongside its partners.
The pace of flotations on Enternext, the small & mid
cap market, shot up in 2013 with 26 IPOs and 29 quoted
bond issues.
• ECB – European Central Bank
• EIB – European Investment Bank
• Bpifrance – The French bank for public
investment
• CNCRES – National Observatory on Social
Economy
• Enternext
• Groupe BPCE – Banque Populaire and
Caisse d’Épargne cooperative banking
networks
• Inpi – National Institute of Intellectual
Properties
• Insee – National Institute of Statistics and
Economic Studies
• Institut supérieur des métiers – French
organisation for fostering craft sector
• Ministry of Economy, Industry and Digital
Economy
• Ministry of National and Higher Educations
and Research
• Ministry of Finance and Public Accounts,
Customs
• Observatory for Business Financing
• Observatory for Public Procurement
• OECD – Centre for Entrepreneurship, SMEs
and Local Development
• Pramex international – Consulting firm for
international development and transactions
04
02
Bpifrance•SME 2014
OSEO•PME 2012
ADDITIONAL ANALYSES
AN ENHANCED DIGITAL VERSION
NOUVELLES MESURES
Innovation, Développement
durable
UN NOUVEAU PROGRAMM
E
D’INVESTISSEMENTS
D’AVENIR
(PIA 2)
LA CESSION-TRANSMISSION DES PME-ETI EN FRANCE, UN ENJEU DE CROISSANCE
A LA SUITE DE L’ANNONCE
NCE PAR LE GOUVERNEMENT
FRANCE » EN JUILLET
DU PLAN « INVESTIR
2013, UN DEUXIEME
POUR LA
PROGRAMME D’INVESTISSEMENTS
D’AVENIR DE 12
MD€ A ETE INSCRIT
DANS LA LOI N°
2013 DE FINANCES
2013-1278 DU 29
POUR 2014.
DECEMBRE
NEW
MEASURES
12 MD€ INVESTIS ENTRE
Alain Tourdjman, Thomas Le Dret
Groupe BPCE
2014 ET 2024
Le PIA 2 s’inscrit
résolument au
service de deux
• le renforcement
objectifs :
de la compétitivité
• le caractère
;
durable
À côte de la recherchedu développement de l’économie
nationale.
et de l’enseignement
gique, l’Industrie,
supérieur, il donne
l’innovation
ion et le soutien
la priorité à la
aux PME.
transition écoloLA TRANSITION ÉCOLOGIQUE
QUE ET ÉNERGÉTIQUE
Au-delà
delà de la part
EST AU CŒUR DE
significative des
CE NOUVEAU
gique, plus de
investissements
3. R&D
directement consacrés PROGRAMME
la moitié des
investissements
ET
conditionnalité.
à la transition écolosont en effet
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LE SOUTIEN À L’INNOVATION
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t innova
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DES PRIORITÉS FORTES
utien à l’innovation,
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ont ainsi été mis
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ntes en
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2013
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de
150 M€ de subvention rupture, via le concours mondial (PSPC) ;
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prévus au titre
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INSTITUE
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EN 2004,
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OUVRE
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APRES
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ET DE
Graphique 2 – Degré de préparation des dirigeants de PME à une cession partielle ou totale de leur entreprise
En %
Oui, la cession est tout à fait préparée
Non, n'ont rien préparé mais pensent le faire
Non, la préparation n'est pas une préoccupation
for
further reading
POUR
ALLER
PLUS LOIN
Moins de 40 ans
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8
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69
11
20
53
12
16
53
31
20
35
60 ans et plus
36
13
28
Source : étude BPCE (enquête réalisée par CSA, juillet-septembre 2011).
Copyright : sauf spécification contraire des entités propriétaires des données, ces dernières peuvent être réutilisées, mais seulement à des fins non commerciales, dans
le respect de l'intégrité de l'information et des données, et à condition de mentionner précisément les sources.
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DGCIS
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322
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NORD –
PAS-DE-CALAIS
GUADELOUPE
open data
PICARDIE
HAUTENORMANDIE
83
148
BASSENORMANDIE
BRETAGNE
167
119
PAYS DE
LA LOIRE
119
CHAMPAGNEARDENNE
CENTRE
252
168
93
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BOURGOGNE
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!!!!!
!!!!!
!
Fin de
ce « Pour
en savoir
POITOUCHARENTES
Plus »
1
!!!!!
73
LIMOUSIN
97
!!!!!
AUVERGNE
50
!!!!!
!
LA RÉUNION
433
RHÔNE-ALPES
AQUITAINE
MIDIPYRÉNÉES
219
179
186
359
PROVENCEALPESCÔTE D’AZUR
ST-PIERREET-MIQUELON
LANGUEDOCROUSSILLON
30
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CORSE
A DIGITAL WORKSPACE
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REPORT PUBLISHED BY BPIFRANCE
To buy a copy of the SME 2014 Report
• www.ladocumentationfrançaise.fr
• in bookshops
To access the digital version go to
• www.bpifrance-lelab.fr/rpme2014/EN
February 2015
232 pages
ISBN: 978-2-11-009779-8
Bpifrance 694004 A / February 2015
Price: €30
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