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Statistical Press Release | Lisbon, 21 October 2013 | New statistics on non-financial corporations from the Central Balance Sheet Database Starting from the October 2013 issue of its Statistical Bulletin (Section A.19 and Chapter G), Banco de Portugal will disseminate new statistics on non-financial corporations from the Central Balance Sheet Database – except for those 1 under Section A of NACE Rev.2 (agriculture, forestry and fishing). The new statistics reflect developments in the economic and financial situation of non-financial corporations in Portugal, namely in terms of financing, profitability and days accounts receivables and days accounts payables. The quarterly series starts in 2006 and ends in the second quarter of 2013, combining different points of analysis, namely concerning the capital-holding sector, economic activity sector and size. The dissemination of new statistics has been made possible due to the fact that for a relatively long period of time relevant information has been available for the reference population in Portugal, which since 2007 has been provided by the wide encompassing Simplified Corporate Information (IES – Informação Empresarial Simplificada) and, more recently, an adequate methodology to select corporations in the Quarterly Survey to Non-Financial Corporations (ITENF – Inquérito Trimestral às Empresas Não Financeiras). The new statistics on non-financial corporations are produced using a new methodology: based on information collected from a set of corporations, results for the non-financial corporations sector in Portugal are inferred. As such, annual data incorporate an estimated share of “non-response” to the IES, and quarterly data include an extrapolated component on the basis of annual data and responses to the ITENF. These statistics complement statistical information compiled and disseminated for the non-financial corporations sector from other information systems, e.g. in the scope of monetary and financial statistics, balance of payments and international investment position statistics and financial accounts. Chapter G provides additional information on corporations that serve as reference for the non-financial corporations sector, namely in the context of Chapters A, B, C, F and K of the Statistical Bulletin. The new statistics are based on accounting aggregates, which may result in methodological differences compared to other results featured in other chapters of the Statistical Bulletin. In most cases, methodological differences are associated with the scope and valuation of items. 1 This activity sector is not covered by the underlying quarterly data source. 1 | Statistical Press Release | Lisbon, 21 October 2013 | Characterisation of non-financial corporations in Portugal According to Central Balance Sheet data office estimates, there were around 370,000 non-financial corporations in 2 Portugal in 2012, a figure that has not changed significantly over the past few years (Chart 1). The vast majority of these are small or medium-sized corporations. In 2012 private corporations accounted for 94.5% of total assets of non-financial corporations. By economic activity sector, “Other services” and “Wholesale and retail trade; repair of motor vehicles and motorcycles” include a substantial share of corporations (157,000 and 102,000 respectively) and are also relevant in terms of both balance sheet (assets) and income statement (income) of total non-financial corporations. “Manufacturing, mining and quarrying” and “Non-financial holdings”, respectively, are also important in terms of income and assets (Chart 1). Chart 1 – By sector and size of corporations – 2012 % 100 80 60 40 20 0 Manufacturing, Electricity, gas Construction Public mining and and water corporations not included in quarrying the general government sector Wholesale and Transportation Other services retail trade; and storage repair of motor vehicles and motorcycles Non‐financial Small and holdings medium‐sized corporations Private corporations by economic activities Number of corporations Total assets Large corporations Size* * Excludes Non-financial holdings Total income In 2012 total assets of non-financial corporations continued to follow the downward path started in 2011, standing at around €650 billion (Chart 2). By component, “Financial investments” and “Non-financial fixed assets, inventories and biological assets” posted the largest shares, each accounting for approximately one third of that value. In relative terms, “Financial investments” grew the most between 2006 and 2012. Chart 2 – Total assets (EUR millions) and percentage breakdown 800 000 17.9 600 000 200 000 2006 -200 000 2006 2007 2008 Changes 2 32.6 28.9 0 2009 2010 Total assets 2011 2012 35.6 5.5 9.6 10.8 400 000 16.8 36.6 5.8 2012 Non-fin. fixed assets, inventories and bio. assets Financial investments Trade debtors Cash and bank deposits Other assets Excludes corporations under Section A of NACE Rev2: Agriculture, forestry and fishing. 2 | Statistical Press Release | Lisbon, 21 October 2013 | Income generated by non-financial corporations has followed a downward path since 2008 (with the exception of 2010), standing at €328 billion in 2012 (Chart 3). The main contribution came from the activity component (net turnover), which also impacted on expenses. Chart 3 – Profit and loss account 10 6 euros Total income- contributions to changes % 15 10 6 euros Total expenses- contributions to changes % 600.000 15 600.000 10 500.000 10 500.000 5 400.000 5 400.000 0 300.000 0 300.000 -5 200.000 -5 200.000 100.000 -10 100.000 -10 0 -15 2007 2008 Net turnover Annual rate of change 2009 2010 2011 2012 Other income Total income (rigtht-hand scale) 0 -15 2007 2008 2009 2010 2011 2012 Costs of goods sold and mat. consum.+External supplies and serv.+Staff costs Other expenses Annual rate of change Total expenses (rigtht-hand scale) Return on assets Profitability indicators tend to somewhat reflect developments in non-financial corporations activity. At the end of 2012 return on assets, on average (Chart 4), was approximately one half of the value at the end of 2006 (4.1% and 8.1% respectively). In the second quarter of 2013 it slightly recovered (to 4.5%) across most sectoral aggregates and size classes. However, sizeable differences exist between the various groups of corporations: private corporations always post higher return on assets than public corporations, although due to a substantial decrease in 2011 and 2012 this gap 3 has closed somewhat. All economic activities except for “Electricity, gas and water” have contributed to this convergence. Both this sector and “Manufacturing, mining and quarrying” post the highest return. By size classes, large corporations’ profitability is always higher than that of small and medium-sized corporations. 3 For the purposes of these statistics, only public corporations not included in the General Government sector are considered. 3 | Statistical Press Release | Lisbon, 21 October 2013 | Chart 4 – EBITDA / Total assets (%) Public corporations not included in the general government sector and private corporations Private corporations (excluding Non‐financial holdings) ‐ Size 16 16 14 14 12 12 10 10 8 8 6 6 4 4 2 2 0 Empresas privadas 0 Dec Mar Jun 2006 2007 2008 2009 2010 2011 2011 Sep Dec Mar Jun 2012 Dec Mar Jun Sep Dec Mar Jun 2013 2006 2007 2008 2009 2010 2011 2011 2012 2013 Private corporations ‐ Economic activities 16 16 14 14 12 12 10 10 8 8 6 6 4 4 2 2 0 0 Dec Mar Jun 2006 2007 2008 2009 2010 2011 2011 Sep 2012 Dec Mar Jun 2013 Average Electricity, gas and water Wholesale and retail trade; repair of motor vehicles and motorcycles Other services Public corporations Small and medium-sized corporations Dec Mar Jun 2006 2007 2008 2009 2010 2011 2011 Sep Dec Mar Jun 2012 2013 Manufacturing, mining and quarrying Construction Transportation and storage Non-financial holdings Private corporations Large corporations Structure of funding Non-financial corporations in Portugal have raised capital mainly via equity and obtained funding. At the end of the first half of 2013, each accounted for nearly 40% of total corporations’ financing (Chart 5). Over the past few years, developments in these forms of financing have diverged, with a decline in the weight of equity (43.2% of total assets in 2006) and an increase in that of obtained funding (30.6% of total assets in 2006). 4 | Statistical Press Release | Lisbon, 21 October 2013 | Chart 5 – Structure of funding Equity / Total assets (in %) 70 60 50 40 30 20 10 0 Public Private corporations corporations not included in the general government sector Manufacturing, Electricity, gas mining and and water quarrying Total Construction Wholesale and Transportation Other services retail trade; and storage repair of motor vehicles and motorcycles Non‐financial holdings Private corporations by economic activities 2006 2012 Small and medium‐sized corporations Large corporations Private corporations (excludes Non‐financial holdings) by size 2013 Jun Obtained funding/ Total assets (in %) 70 60 50 40 30 20 10 0 Public corporations not included in the general government sector Private corporations Manufacturing, Electricity, gas mining and and water quarrying Total Construction Wholesale and Transportation Other services retail trade; and storage repair of motor vehicles and motorcycles Private corporations by economic activities 2006 2012 Non‐financial holdings Small and medium‐sized corporations Large corporations Private corporations (excludes Non‐financial holdings) by size 2013 Jun Equity (in terms of assets) of public corporations as a whole4 is well below that of private corporations. Conversely, funding (as a share of assets) obtained by public corporations is higher than that of private corporations. Within private corporations, “Non-financial holdings” hold the highest shares of equity. “Construction”, “Transportation and storage” and “Electricity, gas and water” have the lowest equity levels and, at the same time, the highest in terms of obtained funding. In the case of “Transportation and storage” and “Electricity, gas and water”, obtained funding accounted for more than half of total assets over the most recent period. On average, the weight of equity has declined for small and medium-sized corporations as well as for large corporations. However, the weight of equity in large corporations continues to exceed that of small and medium-sized corporations. 4 For the purposes of these statistics, only public corporations not included in the General Government sector are considered. 5 | Statistical Press Release | Lisbon, 21 October 2013 | Cost of obtained funding and financial pressure Between 2006 and 2012, the cost of obtained funding of non-financial corporations, calculated as the weight of interest expenses in obtained funding, has stood between 5.4% (a peak in 2008) and 3.4% (a minimum in 2010) (Chart 6), while most recently following an upward path. The cost of obtained funding has converged both between public and private corporations and across economic activity sectors. More recently, however, cost of obtained funding has become higher in the “Transportation and storage” sector and lower for “Other services”. Chart 6 – Interest expenses / obtained funding (%) 8 7 6 5 4 3 07 08 09 10 12 Public corporations Manufacturing, mining and quarrying Construction Transportation and storage Other services 06 07 09 10 11 Jun Dec 12 Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun 08 Sep Dec Mar Jun Sep Dec Mar Jun Sep Mar Jun 13 Public corporations not included in the general government sector and private corporations Dec Dec Mar Jun Sep Dec 11 Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec 06 Mar 2 13 Private corporations by economic activities Private corporations Electricity, gas and water Wholesale and retail trade; repair of motor vehicles and motorcycles Non‐financial holdings Financial pressure on non-financial corporations in Portugal, which may be inferred from the EBITDA / Interest expenses ratio, increased in 2012 from 2006. EBITDA exceeds corporations interest expenses by 2.9 times, i.e. well 5 below 2006 (6.1 times). Over this period, public corporations were under the greatest financial pressure. Turning to private corporations, “Construction” and “Transportation and storage” are under the greatest pressure. In the case of “Construction”, EBITDA did not exceed interest expenses. Days accounts payables and days accounts receivables Between 2006 and 2010 the average number of days accounts payables and days accounts receivables for nonfinancial corporations in Portugal stood in the 60-80 day range, with the average number of days accounts payables slightly exceeding that of receivables (Chart 7). The average number of days accounts receivables for public corporations 4 was lower than that for private corporations by around 30 days, while the average number of days accounts payables increased substantially compared to private corporations since 2010. By economic activity sector, there are significant differences: “Construction” posts the highest average number of days (around 160-180 days); conversely, “Electricity, gas and water” has the lowest average number of days (approximately 40 days). By size classes, large corporations post the lowest average number of days (around 60 days). 5 For the purposes of these statistics, only public corporations not included in the General Government sector are considered. 6 | Statistical Press Release | Lisbon, 21 October 2013 | Chart 7 – Average number of days Accounts receivables 175 150 125 100 75 06 07 08 09 10 11 12 06 07 09 10 11 Jun Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun 08 Public corporations not included in the general government sector and privat corporations Sep Dec Mar Jun Sep Dec Mar Jun Sep Mar Jun 13 Dec Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Jun Sep Dec Mar 25 Mar 50 12 13 Private corporations by economic activities Public corporations Manufacturing, mining and quarrying Construction Transportation and storage Private corporations Electricity, gas and water Wholesale and retail trade; repair of motor vehicles and motorcycles Other services Accounts payables 175 150 125 100 75 07 09 10 11 Public corporations Manufacturing, mining and quarrying Construction Transportation and storage 06 07 11 12 Jun Dec Mar Jun Sep Dec Mar Jun Sep Mar Sep 10 Dec Jun Mar Sep 09 Dec Jun Mar Sep 08 Dec Jun Mar Dec Jun Sep Mar Jun 13 Dec Dec 12 Public corporations not included in the general government sector and privat corporations Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Mar Sep Dec Jun Mar Sep 08 Dec Jun Mar Sep Jun Dec 06 Mar 25 Dec 50 13 Private corporations by economic activities Private corporations Electricity, gas and water Wholesale and retail trade; repair of motor vehicles and motorcycles Other services 7