"The SMEs surveyed in November on the trend in their business activity in 2014 downgraded their expectations compared to May.
Yet, 2014 has proved better than 2013, particularly for innovative and exporting SMEs. The same applies to tourism, industry and transport. Construction was the only exception, with a slight further deterioration in its position."
Slide pack, Ulster Bank Northern Ireland PMI, August 2014Richard Ramsey
Slide pack for the Ulster Bank Northern Ireland PMI, August, 2014. Includes analysis of Global, Eurozone, UK, UK Regions, NI & Republic of Ireland economic performance by sector
Slide pack re Ulster Bank NI PMI September 2014Richard Ramsey
Slide pack for the Ulster Bank Northern Ireland PMI, September 2014, including analysis of Global, Eurozone, UK, UK Regions, NI & Republic of Ireland economic performance by sector
Slide pack for the Ulster Bank Northern Ireland PMI, October 2014Richard Ramsey
Slide pack for the Ulster Bank Northern Ireland Purchasing Managers Index (PMI), October 2014 Survey (Update Issued 10th November 2014)
Includes analysis of Global, Eurozone, UK, UK Regions, NI & Republic of Ireland economic performance by sector
Slide pack , Ulster Bank Northern Ireland PMI, December 2014Richard Ramsey
Slide pack for the Ulster Bank Northern Ireland PMI, December 2014, including analysis of Global, Eurozone, UK, UK Regions, NI & Republic of Ireland economic performance by sector
Slide pack, Ulster Bank Northern Ireland PMI, August 2014Richard Ramsey
Slide pack for the Ulster Bank Northern Ireland PMI, August, 2014. Includes analysis of Global, Eurozone, UK, UK Regions, NI & Republic of Ireland economic performance by sector
Slide pack re Ulster Bank NI PMI September 2014Richard Ramsey
Slide pack for the Ulster Bank Northern Ireland PMI, September 2014, including analysis of Global, Eurozone, UK, UK Regions, NI & Republic of Ireland economic performance by sector
Slide pack for the Ulster Bank Northern Ireland PMI, October 2014Richard Ramsey
Slide pack for the Ulster Bank Northern Ireland Purchasing Managers Index (PMI), October 2014 Survey (Update Issued 10th November 2014)
Includes analysis of Global, Eurozone, UK, UK Regions, NI & Republic of Ireland economic performance by sector
Slide pack , Ulster Bank Northern Ireland PMI, December 2014Richard Ramsey
Slide pack for the Ulster Bank Northern Ireland PMI, December 2014, including analysis of Global, Eurozone, UK, UK Regions, NI & Republic of Ireland economic performance by sector
Conference Call Fiscal Year 2016 - preliminary figuresDürr
This presentation has been prepared independently by Dürr AG (“Dürr”). The presentation contains statements which address such key issues as Dürr’s strategy, future financial results, market positions and product development. Such statements should be carefully considered, and it should be understood that many factors might cause forecast and actual results to differ from these statements. These factors include, but are not limited to, price fluctuations, currency fluctuations, developments in raw material and personnel costs, physical and environmental risks, legal and legislative issues, fiscal, and other regulatory measures. Stated competitive positions are based on management estimates supported by information provided by specialized external agencies.
A look into the real estate figures of the residential markets across Mumbai, NCR, Bengaluru, Pune, Hyderabad, Chennai, Ahmedabad, Kolkata and office markets across Mumbai, NCR, Bengaluru, Pune, Hyderabad, Chennai for the period July – December 2016 (H2 2016).
Foreign Investment in Catalonia and Catalan Investments Abroad 2015Barcelona Activa
Foreign investment in production assets1 in Catalonia was 1,959.2 M € in the first half of 20152, which represents an inter-annual increase of 280.3%, the highest value3 in this period of the data series since it began in 1993. This sharp increase in FDI into Catalonia is also seen in a more moderate fashion across the whole of Spain, where this indicator recorded an increase of 73.4% over the same period in 2014.
What is the business volatility of an industry and how does it affect your business? In this presentation discover how to calculate business volatility, and what steps your business can take in the face of volatile market conditions.
Dr. Stephen J. Fuller of George Mason University's Center for Regional Analysis gave a presentation to the Democratic Business Council of Northern Virginia (DemBiz.org) on April 18, 2014. These are the updated slides from the presentation.
Slide pack Ulster Bank NI PMI February 2014Richard Ramsey
Slide pack for the Ulster Bank NI PMI February 2014, including analysis of Global, Eurozone, UK, UK Regions, NI & Republic of Ireland economic performance by sector
Conference Call Fiscal Year 2016 - preliminary figuresDürr
This presentation has been prepared independently by Dürr AG (“Dürr”). The presentation contains statements which address such key issues as Dürr’s strategy, future financial results, market positions and product development. Such statements should be carefully considered, and it should be understood that many factors might cause forecast and actual results to differ from these statements. These factors include, but are not limited to, price fluctuations, currency fluctuations, developments in raw material and personnel costs, physical and environmental risks, legal and legislative issues, fiscal, and other regulatory measures. Stated competitive positions are based on management estimates supported by information provided by specialized external agencies.
A look into the real estate figures of the residential markets across Mumbai, NCR, Bengaluru, Pune, Hyderabad, Chennai, Ahmedabad, Kolkata and office markets across Mumbai, NCR, Bengaluru, Pune, Hyderabad, Chennai for the period July – December 2016 (H2 2016).
Foreign Investment in Catalonia and Catalan Investments Abroad 2015Barcelona Activa
Foreign investment in production assets1 in Catalonia was 1,959.2 M € in the first half of 20152, which represents an inter-annual increase of 280.3%, the highest value3 in this period of the data series since it began in 1993. This sharp increase in FDI into Catalonia is also seen in a more moderate fashion across the whole of Spain, where this indicator recorded an increase of 73.4% over the same period in 2014.
What is the business volatility of an industry and how does it affect your business? In this presentation discover how to calculate business volatility, and what steps your business can take in the face of volatile market conditions.
Dr. Stephen J. Fuller of George Mason University's Center for Regional Analysis gave a presentation to the Democratic Business Council of Northern Virginia (DemBiz.org) on April 18, 2014. These are the updated slides from the presentation.
Slide pack Ulster Bank NI PMI February 2014Richard Ramsey
Slide pack for the Ulster Bank NI PMI February 2014, including analysis of Global, Eurozone, UK, UK Regions, NI & Republic of Ireland economic performance by sector
This edition of Media Digest covers a broad economic outlook and highlights from the Bellwether Review, OCS6 - Posterscope’s 6th edition of its Out-of-Home Consumer survey - that launched in February, recent mobile insights, consumer and digital trends for 2014, as well as the latest insights from our trading partners.
An overview of the Business confidence monitor produced by the ICAEW in association with Grant Thornton UK LLP. Read more about business confidence by sector in this quarter here: http://www.grant-thornton.co.uk/en/Thinking/UK-business-confidence-mapped-by-sector/
This survey compiled responses from 552 European Chamber member companies and was produced in partnership with Roland Berger Strategy Consultants. European Chamber members are knowledge leaders in their areas of industry, and are the chief contributors to the Chamber's influential publications.
FLSmidth annual report for 2014 was released on 12 February 2015. Best viewed on a full screen mode, this annual report informs the reader about how well FLSmidth's business is doing financially, as well as FLSmidth's growth strategies and new financial targets projected for the next year.
The Project gives details about the financial disclosure by different companies playing in different industries.
It included companies Bharti Airtel, Idea, Reliance Communications, Adani Enterprises, Container Corporation of India, Adani ports and Special Economic Zone.
Digital signage Business Climate Index 2014 english full versiononthespot
The DBCI or OVAB Europe Digital Signage & DOOH Business Climate Index is a widely observed early indicator for economic development in the Digital Signage and Digital-out-of-Home industry of the EMEA market region. The DBCI is published bi-monthly. It is based on the responses of the high level management from all relevant companies in the Digital Signage value chain.
The DBCI covers 75% of the EMEA public display market in 2014.
This report will give you an insight into how these, and much more local factors, have affected salaries and prospects for the future across all the specialisms Badenoch & Clark supports recruitment in. We’ve highlighted some of the most important trends and findings and there’s a wealth of richer and deeper insight into each of the areas in which we operate across our regional bases.
Une année marquée par une forte croissance de l’activité innovation, de l'accompagnement des entreprises dans leur décarbonation et les financements liés à la réindustrialisation.
CREATION_INFOGRAPHIE_LEVEE DE FONDS_A4_V2_Plan de travail 1.pdfBpifrance
Un pacte d'associés est un document indispensable en cas de levée de fonds. Cette infographie vous explique les points de vigilance à adopter dans un pacte d'associés et détaille les clauses qui intéressent les investisseurs et les fondateurs.
CREATION_INFOGRAPHIE_LEVEE DE FONDS_A4_V2_Plan de travail 1.pdfBpifrance
Un pacte d'associés est un document indispensable en cas de levée de fonds. Cette infographie vous explique les points de vigilance à adopter dans un pacte d'associés et détaille les clauses qui intéressent les investisseurs et les fondateurs.
Le guide méthodologique du pitch comprend :
- des conseils pratiques sur : l'art de savoir pitcher efficacement, le pouvoir du storytelling, les messages à délivrer, les questions de l'auditoire, les 5 postures clés à adopter, etc.,
- 3 plans types de pitch : court, intermédiaire, long,
- les étapes de conception pour chaque type de pitch,
- des exemples illustrés de diaporamas.
Les modèles de pitch decks
Nous avons conçu 3 formats de pitch decks qui correspondent à 3 contextes de présentation de projet :
- un pitch deck format court de 5 minutes pour pitcher auprès des jurys d’un concours de pitch, marathon pitch, elevator pitch, etc.,
- un pitch deck format intermédiaire de 7 à 12 minutes pour pitcher auprès des jurys des comités de sélection d’un incubateur, des programmes d’accompagnement spécifiques (accélérateurs, appels à projet, l’Institut du mentorat entrepreneurial, etc).
- un pitch deck format long de 15 à 20 minutes pour pitcher lors d’un entretien avec un comité d’agrément de prêt d’honneur, d’un rendez-vous bancaire, d’une session de levée de fonds (business angel, fonds d’investissement, etc.).
Vous pouvez modifier et personnaliser nos modèles de pitch decks à votre guise.
Le guide méthodologique du pitch comprend :
- des conseils pratiques sur : l'art de savoir pitcher efficacement, le pouvoir du storytelling, les messages à délivrer, les questions de l'auditoire, les 5 postures clés à adopter, etc.,
- 3 plans types de pitch : court, intermédiaire, long,
- les étapes de conception pour chaque type de pitch,
- des exemples illustrés de diaporamas.
Les modèles de pitch decks correspondent à 3 contextes de présentation de projet :
- un pitch deck format court de 5 minutes pour pitcher auprès des jurys d’un concours de pitch, marathon pitch, elevator pitch, etc.,
- un pitch deck format intermédiaire de 7 à 12 minutes pour pitcher auprès des jurys des comités de sélection d’un incubateur, des programmes d’accompagnement spécifiques (accélérateurs, appels à projet, l’Institut du mentorat entrepreneurial, etc).
- un pitch deck format long de 15 à 20 minutes pour pitcher lors d’un entretien avec un comité d’agrément de prêt d’honneur, d’un rendez-vous bancaire, d’une session de levée de fonds (business angel, fonds d’investissement, etc.).
Vous pouvez modifier et personnaliser nos modèles de pitch decks à votre guise.
Chaque année, Bpifrance agit auprès des entreprises, à chaque étape de leur développement. En 2022, Bpifrance a déployé 34,9 Md€ de soutiens financiers et 31,9 Md€ de garanties export auprès des TPE-PME et ETI françaises.
Un livre pour retracer les 10 ans de Bpifrance en réponse aux grands défis de transformation de l'économie française, et de mettre en évidence ses effets mesurables.
Le guide méthodologique du pitch comprend :
- des conseils pratiques sur : l'art de savoir pitcher efficacement, le pouvoir du storytelling, les messages à délivrer, les questions de l'auditoire, les 5 postures clés à adopter, etc.,
- 3 plans types de pitch : court, intermédiaire, long,
- les étapes de conception pour chaque type de pitch,
- des exemples illustrés de diaporamas.
L’impact des 10 premières années de l’action Bpifrance sur l’économie françai...Bpifrance
Ce rapport propose une rétrospective de l’action de Bpifrance depuis sa création en 2013 en s’attachant à discuter de ses effets mesurables sur l’économie française. Il revient sur les grandes lignes d’action et la façon dont elles se sont adaptées aux grands défis de transformation de l’économie française. Il discute enfin de leurs résultats sur le tissu des entreprises, de la TPE-PME à l’ETI et grande entreprise.
Ce rapport propose une rétrospective de l’action de Bpifrance depuis sa création en 2013 en s’attachant à discuter de ses effets mesurables sur l’économie française. Il revient sur les grandes lignes d’action et la façon dont elles se sont adaptées aux grands défis de transformation de l’économie française. Il discute enfin de leurs résultats sur le tissu des entreprises, de la TPE-PME à l’ETI et grande entreprise.
Rédigé par Bpifrance Création, ce guide pratique décrit une à une les étapes de la création d’entreprise, de la naissance de l'idée au démarrage de l’activité. Vous y trouverez les informations essentielles à connaître pour élaborer votre projet dans de bonnes conditions.
Au sommaire :
- La naissance de l'idée : où trouver l'idée ? De l'idée au projet
- L'élaboration du projet : l'étude commerciale, l'étude financière, l'étude juridique
- Le lancement des opérations : sur le plan financier, sur le plan juridique, sur le plan organisationnel, sur le plan commercial
- Le démarrage de l'activité : s'organiser, suivre l'évolution de votre entreprise, les principes de gestion de base à observer
Cybermalveillance.gouv.fr, groupement d’intérêt public qui assiste les victimes de cyberattaques et Bpifrance partenaire des entreprises, puiblient un guide pratique adapté aux entrepreneurs afin de leur donner les clefs pour se prémunir du risque de cyberattaques et les aider à savoir y faire face.
Une performance financière remarquable : le résultat net 2022 estimé est de 1,5 Md€, avec une contribution remarquable des portefeuilles de Bpifrance Participations de 1,3 Md€ dans un environnement macroéconomique difficile.
Infographie : quel statut juridique choisir pour mon entreprise ?Bpifrance
Bpifrance Création met à votre disposition cette infographie qui présente les principales formes juridiques et leurs incidences aux niveaux social et fiscal.
Elle se décompose en deux parties : créer seul ou à plusieurs.
Principales mesures de la LFSS pour 2023.pdfBpifrance
La loi de financement de la sécurité sociale (LFSS) pour 2023 a été publiée au Journal officiel du 23 décembre dernier. Le Conseil constitutionnel a validé son parcours parlementaire dans une décision en date du 20 décembre 2022.
La loi de finances pour 2023 a introduit, modifié ou aménagé un certain nombre de mesures fiscales. Créateurs et repreneurs d'entreprise, retrouvez dans votre boîte à outils la synthèse des principales mesures de la loi de finances.
Analysis insight about a Flyball dog competition team's performanceroli9797
Insight of my analysis about a Flyball dog competition team's last year performance. Find more: https://github.com/rolandnagy-ds/flyball_race_analysis/tree/main
Techniques to optimize the pagerank algorithm usually fall in two categories. One is to try reducing the work per iteration, and the other is to try reducing the number of iterations. These goals are often at odds with one another. Skipping computation on vertices which have already converged has the potential to save iteration time. Skipping in-identical vertices, with the same in-links, helps reduce duplicate computations and thus could help reduce iteration time. Road networks often have chains which can be short-circuited before pagerank computation to improve performance. Final ranks of chain nodes can be easily calculated. This could reduce both the iteration time, and the number of iterations. If a graph has no dangling nodes, pagerank of each strongly connected component can be computed in topological order. This could help reduce the iteration time, no. of iterations, and also enable multi-iteration concurrency in pagerank computation. The combination of all of the above methods is the STICD algorithm. [sticd] For dynamic graphs, unchanged components whose ranks are unaffected can be skipped altogether.
Levelwise PageRank with Loop-Based Dead End Handling Strategy : SHORT REPORT ...Subhajit Sahu
Abstract — Levelwise PageRank is an alternative method of PageRank computation which decomposes the input graph into a directed acyclic block-graph of strongly connected components, and processes them in topological order, one level at a time. This enables calculation for ranks in a distributed fashion without per-iteration communication, unlike the standard method where all vertices are processed in each iteration. It however comes with a precondition of the absence of dead ends in the input graph. Here, the native non-distributed performance of Levelwise PageRank was compared against Monolithic PageRank on a CPU as well as a GPU. To ensure a fair comparison, Monolithic PageRank was also performed on a graph where vertices were split by components. Results indicate that Levelwise PageRank is about as fast as Monolithic PageRank on the CPU, but quite a bit slower on the GPU. Slowdown on the GPU is likely caused by a large submission of small workloads, and expected to be non-issue when the computation is performed on massive graphs.
06-04-2024 - NYC Tech Week - Discussion on Vector Databases, Unstructured Data and AI
Discussion on Vector Databases, Unstructured Data and AI
https://www.meetup.com/unstructured-data-meetup-new-york/
This meetup is for people working in unstructured data. Speakers will come present about related topics such as vector databases, LLMs, and managing data at scale. The intended audience of this group includes roles like machine learning engineers, data scientists, data engineers, software engineers, and PMs.This meetup was formerly Milvus Meetup, and is sponsored by Zilliz maintainers of Milvus.
06-04-2024 - NYC Tech Week - Discussion on Vector Databases, Unstructured Data and AI
Round table discussion of vector databases, unstructured data, ai, big data, real-time, robots and Milvus.
A lively discussion with NJ Gen AI Meetup Lead, Prasad and Procure.FYI's Co-Found
Adjusting OpenMP PageRank : SHORT REPORT / NOTESSubhajit Sahu
For massive graphs that fit in RAM, but not in GPU memory, it is possible to take
advantage of a shared memory system with multiple CPUs, each with multiple cores, to
accelerate pagerank computation. If the NUMA architecture of the system is properly taken
into account with good vertex partitioning, the speedup can be significant. To take steps in
this direction, experiments are conducted to implement pagerank in OpenMP using two
different approaches, uniform and hybrid. The uniform approach runs all primitives required
for pagerank in OpenMP mode (with multiple threads). On the other hand, the hybrid
approach runs certain primitives in sequential mode (i.e., sumAt, multiply).
Learn SQL from basic queries to Advance queriesmanishkhaire30
Dive into the world of data analysis with our comprehensive guide on mastering SQL! This presentation offers a practical approach to learning SQL, focusing on real-world applications and hands-on practice. Whether you're a beginner or looking to sharpen your skills, this guide provides the tools you need to extract, analyze, and interpret data effectively.
Key Highlights:
Foundations of SQL: Understand the basics of SQL, including data retrieval, filtering, and aggregation.
Advanced Queries: Learn to craft complex queries to uncover deep insights from your data.
Data Trends and Patterns: Discover how to identify and interpret trends and patterns in your datasets.
Practical Examples: Follow step-by-step examples to apply SQL techniques in real-world scenarios.
Actionable Insights: Gain the skills to derive actionable insights that drive informed decision-making.
Join us on this journey to enhance your data analysis capabilities and unlock the full potential of SQL. Perfect for data enthusiasts, analysts, and anyone eager to harness the power of data!
#DataAnalysis #SQL #LearningSQL #DataInsights #DataScience #Analytics
3. NEW
SME 60th BUSINESS CLIMATE SURVEY JANUARY 2015 Bpifrance Le Lab 8
The SMEs surveyed in November on the trend in their business activity in 2014
downgraded their expectations compared to May.
Yet, 2014 has proved better than 2013, particularly for innovative and exporting
SMEs. The same applies to tourism, industry and transport. Construction was the
only exception, with a slight further deterioration in its position.
Sentiment nevertheless remains very downbeat. The cash position, in particular,
is still considered very precarious.
As a result, the slight improvement in the outlook for business activity in 2015
remains too hesitant and tentative to unleash investment intentions, which are still
in a trough.
ACCESS
TO DATA
Industry-specific and regional
summaries can be found together
with the main data sets at
www.bpifrance-lelab.fr
THE BALANCE OF OPINION ON THE TREND
IN SME BUSINESS ACTIVITY FOR 2014
WAS DOWN 8 POINTS IN NOVEMBER
COMPARED TO MAY
- 4
+ 13
- 30
41%
THE BALANCE OF OPINION ON THE TREND
IN HIGH-EXPORT SME BUSINESS ACTIVITY
FOR 2014
WAS UP 12 POINTS IN NOVEMBER
COMPARED TO NOVEMBER 2013
THE BALANCE OF OPINION ON THE CASH
POSITION AT THE END OF 2014
WAS UP SLIGHTLY ON 2013 (+4 POINTS)
BUT STILL AT THE LOW POINT REACHED
AT THE END OF 2009
THE PROPORTION OF SMEs EXPECTING
TO INVEST IN 2015
REMAINS UNCHANGED FROM
THE PREVIOUS YEAR
4. 60
40
20
0
- 20
- 40
Long-term
average
1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014
+ 4
- 4
+ 4
Turnover
Workforce
SME 60th BUSINESS CLIMATE SURVEY JANUARY 2015 Bpifrance Le Lab 10
A disappointing
second half of the year
Business activity expectations for 2014
have downgraded between May and
November
According to the November survey, the improvement for 2014 glimpsed by SME
leaders in May has in the end proved more modest than expected.
The balance of opinion (see definition in the appendix) on the trend in turnover
for the current year was revised to -4, against +4 in May 2014 (graph 1). The
downgrade in the 2014 outlook was steepest in commerce, where the balance
of opinion was revised by 14 points between May and November.
This change in expectations is the result of falling demand experienced by SMEs
in the second half of the year. In industry, the order books shrank in the second half
of the year back to their end-2013 level (balance of opinion at -24).
• GRAPH 1: TRENDS IN BUSINESS ACTIVITY AND WORKFORCE
NUMBERS FOR THE CURRENT YEAR
BALANCE OF OPINION (AS A %)
Note: the balance of opinion on the trend in business activity for the current year fell from +4 to -4 between
the May 2014 and November 2014 surveys.
Source: Bpifrance Le Lab.
5. Turnover
Workforce
Transport
- 6
- 4
Tourism
- 8
+ 2
Services
- 6
+ 1
Commerce
- 14
+ 2
In total
- 1
- 8
Construction
- 3
- 7
Industry
- 4
- 1
SME 60th BUSINESS CLIMATE SURVEY JANUARY 2015 Bpifrance Le Lab 12
A lesser impact on workforce numbers
Similarly, the growth in workforce numbers slowed overall compared to the first
half of 2014. But not all sectors were affected, in contrast to the flagging growth
in business activity which was felt more generally. In commerce, tourism and
services, the workforce numbers indicator actually improved in the second half
of the year (graph 2).
How can this mismatch with business activity be explained? There are two possible
explanations, although there is no way of deciding between them.
First, given the greater optimism seen in the first half of the year, hiring may have
taken place swiftly, before the setbacks in business activity experienced at the end
of the year.
Second, in spite of everything, workforce numbers may have been underpinned
by tax measures coming on stream to reduce labour costs. According to a recent
estimate, businesses claimed back over €5 billion in CICE competitiveness tax
credits in 2014(1)
based on their total 2013 labour costs (with SMEs representing
over 40% of this base). This was a welcome fillip, particularly for the most
labour-intensive sectors such as commerce and tourism.
• GRAPH 2: REVISED INDICATORS FOR THE TRENDS IN
BUSINESS ACTIVITY AND WORKFORCE NUMBERS FOR
THE CURRENT YEAR, NOVEMBER 2014/MAY 2014
CHANGES IN BALANCE OF OPINION (AS A %)
Note: the balance of opinion on the trend in business activity for the current year slid by 4 points in industry
between May 2014 and November 2014.
Source: Bpifrance Le Lab.
(1) Partial data at September, amounts actually received in 2014, excluding the mechanisms carrying forward to subsequent
accounting periods (source: 2014 Report of the CICE competitiveness tax credit monitoring committee).
6. SME 60th BUSINESS CLIMATE SURVEY JANUARY 2015 Bpifrance Le Lab 14
But 2014 is still considered
a better year than 2013
2014 was a better year for innovative
and exporting SMEs
Despite this November downgrade in business activity projections for the year as a
whole, the turnover trend indicator turned out to be better in 2014 than in 2013. In
particular, exporting SMEs, for which business activity had stagnated in 2013, said
their turnover grew in 2014. This was especially true for those conducting over one
quarter of their business internationally (12 point upgrade in the balance of opinion
on business activity). The same is found in innovative SMEs, which are up 6 points
compared to the end of 2013.
Relief rally in tourism, improvement
in industry and transport
By sector, the most noticeable improvements are in industry (10 point upgrade in
the balance of opinion on business activity), tourism (up 12 points on November
2013) and transport (up 8 points). As regards workforce numbers, the indicator
recovered most sharply in 2014 in commerce, in tourism and services. It would
seem that in these sectors the setbacks in business activity in the second half had
little effect on their performance for the year (graph 3).
According to SME leaders surveyed in November, 2014 turned out to be not as
bad as 2013 overall. However, we need to distinguish between the “relief rally”
effect linked with the extremely depressed position in the previous year (tourism)
and something reflecting an ongoing improvement in economic health, albeit still
precarious, toward its pre-crisis position (transport and industry, see insert 1).
• GRAPH 3: AVERAGE OPINION ON TRENDS IN BUSINESS ACTIVITY
AND WORKFORCE NUMBERS, 2014/2013 VARIATION
CHANGES IN BALANCE OF OPINION (AS A %)
Note: the balance of opinion on the trend in business activity for the current year rose by 10 points in industry
between November 2013 and November 2014.
Source: Bpifrance Le Lab.
Turnover
Workforce
Transport
+ 8
- 1
Tourism
+ 12
+ 6
Services
+ 2
+ 6
Commerce
+ 3
+ 5
In total
+ 3
+ 5
Construction
- 3
- 6
Industry
+ 10
+ 4
7. 60
40
20
0
- 20
- 40
1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014
- 3
- 8
0
Long-term
average
SME 60th BUSINESS CLIMATE SURVEY JANUARY 2015 Bpifrance Le Lab 16
Slightly better expectations
for 2015
In the slipstream of a 2014 that was better than 2013, SMEs are expecting further,
though modest, improvement in 2015. The downgrade in average sentiment
for business activity in the second half of 2014 has therefore not dampened
expectations of a recovery in 2015. The business activity indicator for the following
year has improved to 0 against -3 in November 2013 and -8 in November 2012
(graph 4).
Exporting SMEs, services SMEs and micro-
businesses are the most confident about 2015
There is a clear improvement in high-export SMEs (a 6 point improvement in
the predictive indicator compared to 2013). Services SMEs are also a little more
confident than at the end of 2013, with an improvement of +5 points in the indicator.
The same applies to SMEs with less than 10 employees (micro-businesses, +5
points). Construction SMEs, however, are still deeply pessimistic (Insert 2).
• GRAPH 4: EXPECTATIONS FOR THE TREND IN BUSINESS
ACTIVITY FOR THE FOLLOWING YEAR
BALANCE OF OPINION (AS A %)
Note: the balance of opinion on the trend in business activity for the following year has improved to stand
at 0 in November 2014 against -3 in November 2013.
Source: Bpifrance Le Lab.
8. Business activity trend:
where do SMEs stand by comparison
to the pre-crisis situation?
The opinion of SME leaders regarding the trend in their business activity has
deteriorated considerably since the onset of the crisis in 2008. Aside from the
recent developments in 2014, what do business leaders think about the rate
of growth of their businesses compared to 2007?
Unsurprisingly, an analysis of changes in the balance of opinion over the last
six years shows that, overall, and regardless of their size, business sector and
propensity for export or innovation, SMEs are not back to their pre-crisis rate
of growth.
At the end of 2014, some SMEs are, however, more or less close to it. Activity
growth of SMEs in transport and industry was in this respect the closest to pre-
crisis levels. In contrast, tourism and construction seem to be lagging the pack,
but with a differing momentum of late – there has been an upturn in optimism on
business activity in tourism in 2014. Large SMEs (over 100 employees) and
exporting SMEs also seem furthest out in front in the frail recovery that has been
appearing to take hold since the end of 2013.
100
99
98
97
96
100
99
98
97
96
2007
2007
2008
2008
2009
2009
2010
2010
2011
2011
2012
2012
2013
2013
2014
2014
Industry
Construction
Transport
Commerce
Services
Tourism
SME 60th BUSINESS CLIMATE SURVEY JANUARY 2015 Bpifrance Le Lab 18
• AVERAGE OPINION ON THE TREND IN BUSINESS ACTIVITY IN 2014
DIFFERENCE FROM NOVEMBER 2007
CHANGES IN BALANCE OF OPINION, BASIS 100 = 2007, REDUCED(1)
Note: the deterioration in the balance of opinion since 2007 on the trend in business activity for the current year
has been less marked for transport SMEs and sharper for tourism SMEs.
Source: Bpifrance Le Lab.
(1) Adjusted for series variance.
n°1
Ins
ert
9. Construction, a sector in deep trouble
The tentative improvement in business activity and workforce numbers observed
in 2014 nevertheless leaves one sector out in the cold: construction (building
and public works).
This sector has suffered a double blow. First, a drop in residential investment
by households, which has been falling for almost three years according to
INSEE figures, and second a fall in public sector investment, especially by local
authorities (post-electoral cyclical drop).
The construction industry is therefore the only sector in the survey to report a
deterioration in its business activity trend in 2014 compared to 2013. This is
reflected in a fall in workforce numbers, rock bottom order books and a financial
situation that is still deteriorating. Order books are, in fact, thought to be at
a record low, lower than the previous lowest point reached in 2009.
This deterioration puts a damper on the outlook for the start of 2015, and shuts
construction SMEs out of the uptrend that can be glimpsed in other sectors.
BALANCE
OF OPINION
AS A %
Turnover
trend
Workforce
numbers trend
Order book
position
Cash
position
Investment
trend
NOV.
2014
NOV.
2013
- 17
- 8
- 38
- 43
- 17
- 11
- 5
- 23
- 43
- 14
SME 60th BUSINESS CLIMATE SURVEY JANUARY 2015 Bpifrance Le Lab 20
• CONSTRUCTION SMEs, CHANGE IN INDICATORS BETWEEN
END 2013 AND END 2014
Source: Bpifrance Le Lab.
n°2
Ins
ert
10. SME 60th BUSINESS CLIMATE SURVEY JANUARY 2015 Bpifrance Le Lab 22
Is the recovery strong enough
to spark renewed investment?
A spurt in transport and tourism in 2014
Investment is a major decision for SMEs, and for the smallest SMEs it is expenditure that
is not made every year. Movements in SME expenditure should therefore be appraised
by reference to two criteria: first, by the decision on whether or not to incur capital
expenditure during the year; and second, by the amount incurred. The proportion
of SMEs stating they had invested in 2014 is unchanged from 2013, at 48%(1)
.
Behind this overall figure lurks a disparity in trend according to size: fewer businesses
with under 10 employees invested than one year before (35%, down from 37%),
in contrast to businesses with over 10 employees (59% in 2014, up from 58%).
There was a big rebound in transport (68%, the highest since 2005(2)
) and to a lesser
extent in tourism (52% after bottoming at 48% in 2013). Investment slipped back in
services (41%, down from 46% in 2013) and in construction (a new low at 46%). These
tendencies are reflected in the trend in expenditure for 2014, which picked up sharply
in transport and tourism (graph 5).
The proportion of tangible and intangible investment in total expenditure increased
in 2014 (respectively 62% and 9%, up from 59% and 6% in 2013). The proportion
invested in construction was down (29%, down from 35% in 2013; graph 6).
There was a slightly greater use of credit for financing this investment (conventional
loans or leasing), representing on average 61% of total funding, with the self-financed
proportion falling to 39% (down from 42% in 2013). These reports are in line with
the Bank of France figures, which find that lending is up by almost 2% over one year at
the end of 2014 (against +1.5% in 2013).
(1) Only investments of > €2,000 are taken into account.
(2) The new Euro 6 standards that came into effect at the beginning of the year boosted the purchase of heavy goods
vehicles at the turn of 2014, according to INSEE.
20
0
- 20
- 40
2002 2004 2006 2008 2010 2012 2014
In total
Transport
Tourism
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
• GRAPH 6: SME INVESTMENT EXPENDITURE IN 2014 BY TYPE
Note: in 2014, 29% of total investment expenditure was in construction, 62% in other tangible assets
and 9% in intangibles.
Source: Bpifrance Le Lab.
• GRAPH 5: AVERAGE OPINION ON THE TREND IN INVESTMENT
IN THE CURRENT YEAR, NOVEMBER SURVEY
Note: the balance of opinion on the trend in investment in tourism for the current year improved from -17
in November 2013 to -3 in November 2014.
Source: Bpifrance Le Lab.
Buildings Other tangible assets Intangibles
26%
5%
69%
28%
9%
63%
22%
4%
74%
24%
7%
69%
21%
6%
73%
25%
10%
65%
38%
9%
53%
25%
6%
69%
34%
11%
55%
35%
6%
59%
22%
13%
65%
36%
9%
55%
29%
9%
62%
30%
8%
62%
28%
5%
67%
11. 25
20
15
10
5
70%
40%
10%
2004 2006 2008 2010 2012 2014
Trend in investment for the following year (balance of opinions, left axis)
Proportion of SMEs saying they want to invest the following year (% of total responses, right axis)
Long-term
average
59% 59% 59%
50%
46%
51%
48%
45%
40% 41%
63%
SME 60th BUSINESS CLIMATE SURVEY JANUARY 2015 Bpifrance Le Lab 24
• GRAPH 7: INVESTMENT TREND EXPECTATIONS
FOR THE FOLLOWING YEAR
Note: 41% of SMEs say they are ready to invest in 2015, and of these 10% more expect expenditure to
increase rather than decrease compared to 2014.
Source: Bpifrance Le Lab.
Butdemandisstilltoolowtotriggeraspurtin
investmentexpectationsin2015
In spite of an upturn in the investment indicators in 2014, and a slightly more promising
outlook for business activity, investment expectations for 2015 are stuck firmly in
a trough (graph 7).
Except for the transport and tourism sectors, SMEs seem to be waiting to see what
happens, and are being very cautious about the coming year. This is especially true for
micro-businesses (fewer than 10 employees), with 28% of them stating they are ready
to invest in 2015 against 30% one year previously.
• GRAPH 8: OPINION ON OBSTACLES TO INVESTMENT
PROPORTION OF RESPONDENTS (AS A %)
Note: in November 2014, 70% of SMEs reported demand as being a major inhibitor of investment, against
59% in 2006.
Source: Bpifrance Le Lab.
The main constraint is still, as always, the slack demand for SME goods and services.
This, together with the setbacks in business activity in the second half of 2014,
has prevented investment expectations from being anything other than cautious.
Low profitability and fierce competition are the two other major inhibiting factors cited
by SMEs (graph 8).
Moreover, the financial position of SMEs is far from being back on a sound footing.
2006
2008
2010
2012
2014
2006
2008
2010
2012
2014
2006
2008
2010
2012
2014
2006
2008
2010
2012
2014
2006
2008
2010
2012
2014
2006
2008
2010
2012
2014
Cost
of credit
Level of
borrowings
Demand
Equity
Profitability
Competition
16%
18%
22%
12%
48%
38%
40%
42%
41%
43%
22%
25%
25%
25%
25%
48%
48%
53%
55%
47%
43%
43%
45%
48%
41%
59%
63%
68%
70%
67%
12. 0
- 10
- 20
- 30
- 40
Long-term
average
2002 2004 2006 2008 2010 2012 2014
- 30
SME 60th BUSINESS CLIMATE SURVEY JANUARY 2015 Bpifrance Le Lab 26
• GRAPH 9: AVERAGE OPINION ON THE CASH POSITION
BALANCE OF OPINION (AS A %)
Note: in November 2014, 30% more SMEs said that cash position was difficult rather than easy.
Source: Bpifrance Le Lab.
And the financial position is still
very precarious
Judgment on the cash position improved slightly in 2014, with the balance of
opinion indicator standing at -30 at end-2014 against -34 at end-2013 (graph
9). The sharpest improvement over one year comes from SMEs in the tourism,
commerce, services and transport sectors, which may have benefited from the first
effects of the CICE competitiveness tax credit.
While this improvement is welcome, it is nonetheless relative compared to end-
2013 when SME cash flow problems were at their worst, with the indicator then
hitting a 10-year low at -34. In fact, the situation at the end of 2014 proves very
similar to that at the end of 2009.
Indeed, many SMEs are still in an extremely precarious financial position. Business
failures stayed at a high level at the end of 2014, with around 59,000 failures per
year for SMEs.
By way of a conclusion,
might some nice surprises be in store
inthe firsthalfof2015?
In spite of the slight uptick in optimism shown by SMEs for 2015, on average the
view is that the business activity trend will remain extremely weak compared to
the indicator’s historical average. Managers still find the uncertainties too great to
prompt them to invest.
However, over the last few months there has been a sharp drop in the price of oil and
a decline in the value of the euro. Both these developments may have a favourable
impact on demand for business goods and services, which is the main cause of the
current freeze on investment. Might this spur SME managers to upgrade their outlook
for hiring and investment? The next survey, scheduled for May 2015, might provide the
first answers to these questions.
13. Regional economic environment: summary
SME business growth forecasts for 2014 have been downgraded in all regions
by comparison to the projections made last May.
They are nevertheless better than those for 2013, except for the Poitou-Charentes
and Midi-Pyrénées regions, where SMEs are seeing a worsening in their position
compared to the previous year.
By activity level, business activity is stable on average or even slightly up in five
regions: Franche-Comté, Pays de la Loire, Brittany, Rhône-Alpes and Ile-de-
France (see map opposite).
The detailed results by region are available as regional summaries at
www.bpifrance-lelab.fr.
SME 60th BUSINESS CLIMATE SURVEY JANUARY 2015 Bpifrance Le Lab 28
• MOVEMENTS IN TURNOVER AND WORKFORCE NUMBERS
BY REGION
BALANCE OF OPINION (AS A %)
Note: in Alsace, the turnover trend is -7 by balance of opinion, and by nominal value it is between -0.5%
and +0.2%. The figure for workforce numbers stands at -5 by balance of opinion.
Source: Bpifrance Le Lab.
n°3
Ins
ert
Average trend in turnover at nominal value
from - 0,5% to + 0,2% Not significant
(fewer than 100 responses)
from - 1,4% to - 0,6%
≤ - 1,5%
from + 0,3% to + 1,0%
T. + 2
W. - 3
T. + 3
W. - 6
T. 0
W. + 6
T. - 5
W. 0
T. -13
W. 0
T. - 8
W. 0
T. - 8
W. - 4 T. - 9
W. + 3
T. - 11
W. - 5
T. - 11
W. - 3
T. - 7
W. + 1
T. 0
W. + 8
T. - 7
W. - 5
T. + 4
W. + 2
T. - 7
W. - 1
T. - 14
W. 0
T. - 11
W. - 15
T. - 11
W. - 19
T.: Turnover
W.: Workforce
16. SME 60th BUSINESS CLIMATE SURVEY JANUARY 2015 Bpifrance Le Lab 34
METHODS USED
Definitions
Indicator or balance of opinion is the difference between the percentages of
opposing opinions:
• Indicator of trend = [(x% “up”) – (y% “down”)] x 100
• Indicator of level = [(x% “good/easy”) – (y% “bad/difficult”)] x 100
The percentages of neutral opinions (“same” and “normal”), which take the balances
up to 100%, are not taken into account in calculating indicators of this type.
A business is considered “innovative” if it has taken at least one of the
following 5 steps during the last 3 years:
• funded research and development expenditure (in-house or externally) or recruited
R&D personnel;
• acquired an operating licence for a process or technology;
• filed a patent, a trademark, a design or a utility model;
• developed a new or significantly improved product or process (service provision)
on behalf of a third party;
• marketed a new product, asset or service (other than simply reselling new products
bought from other companies and excluding aesthetic changes or changes to the
packagingofproductsalreadyinexistence),orhasusedanewproduction,marketing
or organisational process (or method). Furthermore, no similar product or process
should already have been marketed or used by competitors.
A “high-export” business conducts over one quarter of its business internationally,
a “medium-export” business between 6% and 25%, and “non-exporters”
less than 6% (including 0%).
17. SME 60th BUSINESS CLIMATE SURVEY JANUARY 2015 Bpifrance Le Lab 36
Sample structure
For this 60th half-yearly business climate survey, 29,000 non-agricultural
commercial companies with 1 to fewer than 250 employees and a turnover
of less than €50 million were surveyed at the start of November 2014.
The report is based on the first 4,631 responses judged complete and reliable.
SIZE
INNOVATIVE
NATURE
BUSINESS
SECTORS
EXPORT
26% (1)
Industry
14% (2)
Construction
21% (3)
Commerce
5%Transport
5%Tourism
29% (4)
Services
(1) 3% agri-food sector, 12% intermediate goods, 8% capital goods, 3% consumer goods.
(2) 12% construction et 2% civil engineering.
(3) 2% trade and car repair, 13% wholesale trade and 6% retail trade.
(4) 24% business services and 5% services to individuals.
Source: Bpifrance Le Lab. Source: Bpifrance Le Lab.
44%
1 to 9
emp.
22%
20 to 49
emp.
6%
50 to 99
emp.
4%
100 to 250
emp.
65%
Non-
innovators
35%
Innovators
77%
Non-exporters
13%
Medium
exporters
10%
High
exporters
24%
10 to 19
emp.