In 2009, the crisis affected SME’s profitability more than their financial structure. Major differences remain between SMEs, with increasing numbers of failures in this category. The decline in investment, which was already weak before the crisis, is compromising their ability to recover in...

SMEs in the manufacturing sector in France have an adequate level of capital and reserves and a relatively small amount of debt. Trade accounts receivable and payable are greater than in German SMMEs and their profitability remained below that of their German counterparts.

In 2006, industrial activity accelerated, sustained by SMEs, whose debt ratios were reduced while those of large firms increased. Holding companies now bear over one-third of manufacturing groups’ bank loans.

Payemnt periods shortened in 2009. The decline is no longer due entirely to SMEs; it now concerns MTEs a well as large companies. It generates cash earnings, chiefly for SMEs.