Statistical Press Release – Statistics on corporations in the Central Balance Sheet Database – 2nd quarter of 2019
Today, Banco de Portugal publishes statistics, in Table A.19 of the Statistical Bulletin and in BPstat, on corporations in the Central Balance Sheet Database for the second quarter of 20191. Published statistics include revisions since 2006, in the framework of the national accounts benchmark revision, according to the Statistical Press Release of 21 August 2019. They also incorporate most recent basic information, in particular the Simplified Corporate Information (Informação Empresarial Simplificada – IES) for 2018.
In the second quarter of 2019, return on assets (EBITDA2 / assets) of non-financial corporations stood at 7.7%, remaining unchanged from the previous quarter, although below 7.9%, as recorded at the end of 2018.
Compared with the end of 2018, private corporations’ profitability decreased in the following sectors: industry; electricity, gas and water; trade and other services. The construction, transportation and storage, and head offices sectors posted increases in the same period. Public corporations3 showed a 0.1 p.p. decrease in profitability, to 5.4%. By size class, SME4 profitability remained unchanged at 6.8% and large enterprises’ profitability decreased by 0.7 p.p., to 9.7%.
The capital ratio (equity / assets) stood at 38.0%, which corresponds to an increase of 0.4 p.p. from the end of 2018. This increase was broadly based across most sectors of activity, excluding electricity, gas and water, and head offices, which posted decreases of 0.1 and 0.4 p.p. respectively. The capital ratio for the construction sector remained unchanged. The share of obtained funding in assets declined by 0.2 p.p., to 33.8% at the end of second quarter of the year (Chart 1).
The cost of financial debt (financing expenses / obtained funding) stood at 3.2%, lower than in the same quarter of the previous year (3.4%) and unchanged from the end of 2018 (Chart 2).
The financing expenses coverage ratio (EBITDA / financing expenses) stood at 7.1, which corresponds to a 0.5 increase from the same period of the previous year (Chart 2). Public corporations posted a 0.6 decrease in this indicator, which resulted in higher financial pressure. Private corporations showed lower financial pressure in most sectors of activity, excluding the industry sector, which posted an increase, and trade, which remained unchanged.
Next update: 17 Jan. 2020
1 The compilation of the quarterly indicators is based on: (i) for balance sheet variables, average values for the year ending in the quarter; (ii) for profit and loss account variables, values for the year ending in the quarter. The structure of funding is based on end-of-quarter values.
2 Earnings before interest, taxes, depreciation and amortisation.
3 Public corporations not included in the general government sector.
4 Micro, small and medium-sized enterprises.