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1、FlashEconomicsProfitabilityshouldnotbeconfusedwithcashflows08December2017-1426FortheUnitedStates,theeurozoneandFrance,wecompare:Corporateprofitability(profitsaftertax,beforeinterestpaymentsanddividenddistribution);Corporatecashflows(profitsaftertaxandafterinter
2、estanddividends).Wefind:IntheUnitedStates,anincreaseinbothprofitabilityandcashflows;IntheeurozoneandFrance,anincreaseincashflowsbutadeclineinprofitability.Thiscanbeexplainedby:Thefallininterestpaymentsanddividendswhich"saves"cashflows,althoughprofitabilityisde
3、cliningintheeurozoneandFrance;ThesignificantdistortionofincomedistributioninfavourofprofitsintheUnitedStates,whichisnotperceptibleintheeurozoneorinFrance.TheincreaseincashflowsintheeurozoneandinFranceshouldnotcauseustooverlookthedeclineinprofitability.PatrickAr
4、tusTel.(331)58551500patrick.artus@natixis.com@PatrickArtuswww.research.natixis.comCORPORATE&INVESTMENTBANKINGINVESTMENTSOLUTIONS&INSURANCESPECIALIZEDFINANCIALSERVICESDistributionofthisreportintheUnitedStates.Seeimportantdisclosuresattheendofthisreport..FlashEcono
5、micsFallinginterestratesanddividendsTheexpansionarymonetarypolicyconductedsincethecrisis(welookatthecasesoftheUnitedStates,theeurozoneandFrance)hasledtoafallintheinterestpaidbynon-financialcorporations(Charts1A,BandC).Chart1AUnitedStates:Interestpaid,debtandappar
6、entChart1BEurozone:Interestpaid,debtandapparentinterestinterestrateonthedebtofnon-financialcorporationsrateonthedebtofnon-financialcorporationsCorporatedebt(as%ofnominalGDP,LHS)Interestpaidbycompanies(as%ofnominalGDP,RHS)Interestpaidbycompanies(as%ofnominalGDP,RH
7、S)Corporatedebt(as%ofnominalGDP,LHS)Apparentinterestrate(as%,RHS)Apparentinterestrate(as%,RHS)461212054510100444438804234166040244039Sources:Datastream,Eurostat,NatixisSources:Datastream,BEA,Natixis38220102030405060708091011121314151617180203040506070809101112131
8、415161718Chart1CFrance:Interestpaid,debtandapparentinterestrateonthedebtofnon-financialcorporationsCorporatedebt(as%ofnominalGDP,LHS)Interestpaidbycompanies(as
