LVMH set the tone. By unveiling, Thursday, January 27, a record net profit of 12 billion euros for 2021, the world leader in luxury opened the ball for a season of results which promises to be exceptional in many respects. According to the estimate made by the Bloomberg agency based on analyst forecasts as of January 28, the cumulative profits of CAC 40 companies should exceed 137 billion euros. Never seen. In 2020, the profits of the 37 groups in the index publishing their annual accounts at the start of the year (excluding Alstom, EssilorLuxottica and Pernod Ricard) had reached 39 billion euros, down 50% compared to 2019.
TotalEnergies (ex-Total) is on track to announce, on February 10, the highest net profit ever achieved by a French company, around 15 billion euros. A figure that could be controversial, in the context of rising energy and fuel prices that affect households. The net profits of the car manufacturer Stellantis and the steelmaker ArcelorMittal are expected in the area of 12 billion euros, those of Sanofi and BNP Paribas above 8 billion.
In the midst of the presidential campaign, these dizzying amounts promise to relaunch the recurring debate on the megaprofits of multinationals and their distribution. “We must tax the superprofits of companies more, argues economist Lucas Chancel, co-director of the Laboratory on Global Inequalities at the Paris School of Economics. The only way to emerge from the top of this pandemic, which has reminded us of the disconnect between financial market valuation and social importance, is to review the distribution of value and power in companies. »
“Now we have to give back a little”
If the party La France insoumise (LFI), in particular, continues to call for a tax on “profiteers of the crisis”, the Minister of Economy and Finance, Bruno Le Maire, has pledged not to increase taxes and he intends to stick to it. “These fine results are good news for companies at a time when they need to invest in order to meet the digital and ecological challenge., it is estimated in Bercy. We prefer that the LVMH group opens workshops in France, recruits employees, creates jobs, rather than taxing it more. Especially since the good corporate tax receipts in 2021 have made it possible to reduce the deficit, which benefits all French people. »
However, if unemployment is falling, this good fortune of the CAC 40 contrasts cruelly with the social discontent that is growing in France, fueled by concerns about purchasing power and frustration at the promises not kept during the crisis. “Over 150,000” people mobilized on January 27, according to the CGT, during 170 demonstrations and rallies, in particular to demand an increase in wages. At Dassault, Air Liquide, Carrefour… there has been a succession of strikes.
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