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Statistical Press Release – Statistics on corporations in the Central Balance Sheet Database – 2nd quarter of 2020

Today, Banco de Portugal publishes statistics on corporations in the Central Balance Sheet Database, for the second quarter of 2020, in Table A.19 of the Statistical Bulletin and in BPstat1.

In the year ending in the second quarter of 2020, return on assets (EBITDA2 / assets) of non-financial corporations stood at 6.7%, less 0.9 percentage points (p.p.) than in the year ending in the first quarter of 2020. Private corporations’ profitability decreased by 1.6 p.p. in transportation and storage sector, 1.2 p.p. in manufacturing, 1.1 p.p in other services and head offices and 0.3 p.p. in trade. Profitability remained unchanged from the last quarter in construction and increased by 0.1 p.p. in electricity. Public corporations3 showed a 2.2 p.p decrease in profitability. By size class, SME4 profitability decreased by 0.6 p.p. to 6.3% in the year ending in the second quarter, and large enterprises’ profitability declined by 1.0 p.p., to 8.6%.

The capital ratio (equity / assets) stood at 38.9%, which corresponds to a decrease of 0.1 p.p. from the last quarter and a stabilisation from the end of 2019 (Chart 1). The capital ratio decreased in manufacturing, construction, transportation and storage and head offices, whereas increased in the electricity and other services and remained unchanged in the trade sector. 

The share of obtained funding in total assets increased by 0.4 p.p., to 33.4% in the second quarter of 2020. There has been an increase in the sectors of electricity (+2.2 p.p., to 44.1%), manufacturing (+1.5 p.p., to 27.7%), construction (+1.0 p.p., to 35.5%), trade (+0.5 p.p., to 23.3%) and transportation and storage (+0.1 p.p., to 48.8%). Other services sector showed a decrease of 0.7 p.p., to 35.5%, and head offices remained at 31.6%.

The cost of financial debt (financing expenses / obtained funding) stood at 3.2% in the year ending in the second quarter, unchanged from the year ending in the first quarter and from the same period of the previous year (Chart 2). 

The financing expenses coverage ratio (EBITDA / financing expenses) stood at 6.4, which represents a decrease of 0.7 from the previous quarter and from the same period of the previous year (Chart 2). Compared to the second quarter of 2019, all sectors of activity, excluding electricity and construction, showed a decrease in this ratio, as well as public corporations.

Next update: 19 Jan. 2021


Notes

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.