Question of the month to Frédéric Froissart
Updated: Feb 9, 2022
2020/2021 is marked by an exceptional health context, how is this crisis reflected in the field for CGP COATING INNOVATION?
The economic crisis caused by Covid-19 is disrupting the situation of economic players. VSEs and SMEs seem to be the most affected but, this time, the large groups, which are generally doing better, also saw their results collapse in the first part of 2020, even if their balance sheets remain solid.
If in 2008, the economic and social crisis quickly led to numerous social plans and a further weakening of French industry, this time, the situation is indeed not the same. Many companies are now on a "drip" of the financial system, the state being able to support private agents thanks to the abundance of liquidity allowed by debt at zero rate, which was not the case in 2008.
From our side, we quickly learned three lessons from the crisis:
Being an international and diversified group is a major asset
Making the bet on collective intelligence is essential
Be agile in order to adapt in difficult times to keep your ability to bounce back
Since the start of the crisis, CGP COATING INNOVATION has made sure to honor its payment deadlines to all its suppliers so as not to risk weakening them. At the same time, we have set up a system for monitoring at-risk suppliers, but also at-risk customers in order to anticipate any crisis situation that could be detrimental to everyone.
Our good results recorded for the 2020 financial year, in particular an increase in operating profit from companies, demonstrated the performance and resilience of the group.
Financial indicators remain positive, and the group enjoys the trust of customers, which is not necessarily the norm in these turbulent times.