Today, Banco de Portugal publishes statistics on corporations in the Central Balance Sheet Database, for the first quarter of 2020, in Table A.19 of the Statistical Bulletin and in BPstat.1
Today, Banco de Portugal publishes statistics on corporations in the Central Balance Sheet Database, for the first quarter of 2020, in Table A.19 of the Statistical Bulletin and in BPstat.1
In the first quarter of 2020, return on assets (EBITDA2 / assets) of non-financial corporations stood at 7.6%, less 0.2 percentage points (p.p.) than in the end of 2019. Private corporations’ profitability decreased by 0.6 p.p. in manufacturing and trade sectors, 0.2 p.p. in head offices and 0.1 p.p. in construction and in transportation and storage. Profitability increased by 0.1 p.p. in electricity and remained unchanged in other services. Public corporations3 showed a 1.1 p.p decrease in profitability. By size class, SME4 profitability decreased by 0.2 p.p. to 6.9% in the first quarter of the year, and large enterprises’ profitability declined by 0.4 p.p., to 9.6%.
The capital ratio (equity / assets) stood at 39.0%, which corresponds to an increase of 0.1 p.p. from the end of 2019 (Chart 1). The capital ratio increased in the manufacturing, construction and trade sectors, whereas decreased in the electricity, transportation and storage sectors and public corporations. In other services sector, as well as in head offices, this indicator remained unchanged. The share of obtained funding in total assets declined by 0.1 p.p. in the same period, standing at 33.0% in the first quarter of 2020.
The cost of financial debt (financing expenses / obtained funding) stood at 3.2%, unchanged from the end of 2019 and from the same period of the previous year (Chart 2).
The financing expenses coverage ratio (EBITDA / financing expenses) stood at 7.1, which represents a decrease of 0.3 from the previous quarter and an increase of 0.1 p.p. from the same period of the previous year (Chart 2). Compared to the first quarter of 2019, the electricity, trade and other services sectors showed increases of 1.3, of 0.5 and of 0.2, respectively. Conversely, public corporations, head offices and manufacturing presented a decrease of 1.3, of 1.0 and of 0.8, respectively. The remaining sectors of activity showed marginal changes, or unchanged values for this indicator.
Next update: 15 Oct. 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.