Atividades de elevada rendibilidade

Transcrição

1 Atividades de elevada rendibilidade Departamento de Estatística Banco de Portugal 25ª reunião do Grupo de Trabalho para o Desenvolvimento das Estatísticas Macroeconómicas 14 de dezembro de 2018

2 Atividades de elevada rendibilidade BACH Outlook #6 High profitability a review on the concepts of profitability 2

3 O que são atividades de elevada rendibilidade? 1st quartile Median value 3rd quartile Lowest value Highest value Bottom 25% values Low profitability Middle 50% values Intermediate profitability Top 25% values High profitability 616 observações país / atividade (11 países x 59 atividades) Total das empresas, sem desagregação por dimensão Média ponderada do agregado Ano mais recente para o qual se dispõe de dados (2016 na maior parte dos casos) Três indicadores de rendibilidade alternativos: ROE, ROA e margem operacional 3

4 Atividades de elevada rendibilidade dos capitais próprios (ROE) Net profit or loss Equity Retorno anual obtido por unidade monetária investida pelos acionistas / sócios nas empresas R38 - ROE Classificação das atividades de acordo com a sua rendibilidade dos capitais próprios 1st quartile 4.8% Median value 9.1% 3rd quartile 14.7% Lowest ROE Highest ROE Bottom 25% values Low profitability Middle 50% values Intermediate profitability Top 25% values High profitability 4

5 Quais são os países com maior proporção de atividades de elevada rendibilidade? Chart 1 Distribution of the profitability classes by country (2016*) Eslováquia (52%) AT DE LU FR PL Total 25% 50% 25% CZ ES PT 27% 56% 17% BE SK IT 0% 20% 40% 60% 80% 100% Low profitability Intermediate profitability High profitability Áustria (66%) Alemanha (43%) Itália (2%) * The most recent year was used when data for 2016 was not available. See Table 4 in Annex 1. Legend: AT - Austria; BE - Belgium; CZ - Czech Republic; DE - Germany; ES - Spain; FR - France; IT - Italy; LU Luxembourg; PL - Poland; PT - Portugal; SK - Slovakia. Countries ordered from the highest to the lowest proportion of high profitability. 5

6 Quais são os setores com maior proporção de atividades de elevada rendibilidade? Chart 2 Percentage of high profitability by sector (2016*) 100% 80% 60% 40% 20% 0% AT DE LU FR PL CZ ES PT BE SK IT Total Primary & Secondary Sectors Tertiary Sector All Terciário (27%) Primário & secundário (23%) * The most recent year was used when data for 2016 was not available. See Table 4 in Annex 1. Legend: AT - Austria; BE - Belgium; CZ - Czech Republic; DE - Germany; ES - Spain; FR - France; IT - Italy; LU Luxembourg; PL - Poland; PT - Portugal; SK - Slovakia. Countries ordered from the highest to the lowest proportion of high profitability. Primary & Secondary Sectors comprise Agriculture and mining, Manufacturing, Electricity, Water and waste and Construction (NACE sections A to F). Tertiary Sector corresponds to services (NACE sections G to S, except K, O, T and U). 6

7 Em alternativa: atividades de elevada rendibilidade dos ativos (ROA) Operating profit Total assets R39 - ROA X Net profit or loss Operating profit X Total assets Equity Retorno anual operacional obtido por unidade monetária de ativos utilizados pelas empresas R38 - ROE Classificação das atividades de acordo com a sua rendibilidade dos ativos 1st quartile 2.8% Median value 4.7% 3rd quartile 7.2% Lowest ROA Highest ROA Bottom 25% values Low profitability Middle 50% values Intermediate profitability Top 25% values High profitability 7

8 Elevada rendibilidade: ROA vs ROE Table 2 Transition matrix from ROA profitability classes to ROE profitability classes (2016*) ROA Low profitability Intermediate profitability * The most recent year was used when data for 2016 was not available. See Table 4 in Annex 1. Blue cells with the same ROA and ROE profitability class. Yellow cells with higher ROE profitability class. Orange cells with higher ROA profitability class. ROE High profitability Total Low profitability 18% 6% 1% 25% Intermediate profitability 7% 35% 9% 50% High profitability 0.3% 9% 15% 25% Total 25% 50% 25% 100% Agregados com classificação mais elevada quando a ROE é utilizada Agregados com classificação mais elevada quando a ROA é utilizada 8

9 Elevada rendibilidade: ROA vs ROE, por país Chart 4 Distribution of high profitability by country (2016*) High ROE AT DE FR PL CZ LU ES PT BE SK IT High ROA 2º 1º 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% * The most recent year was used when data for 2016 was not available. See Table 4 in Annex 1. Legend: AT - Austria; BE - Belgium; CZ - Czech Republic; DE - Germany; ES - Spain; FR - France; IT - Italy; LU Luxembourg; PL - Poland; PT - Portugal; SK - Slovakia. Countries ordered from the highest to the lowest share in the high ROE. 9

10 Elevada rendibilidade: ROA vs ROE, por setor Chart 5 Percentage of high profitability by sector, using return on assets (ROA) (2016*) 100% 80% 60% 71% 55% 40% 20% 0% 2º 1º CZ PL AT LU DE PT ES FR SK IT BE Total Primary & Secondary Sectors Tertiary Sector Total Primário & secundário (26%) Terciário (24%) * The most recent year was used when data for 2016 was not available. See Table 4 in Annex 1. Legend: AT - Austria; BE - Belgium; CZ - Czech Republic; DE - Germany; ES - Spain; FR - France; IT - Italy; LU Luxembourg; PL - Poland; PT - Portugal; SK - Slovakia. Countries ordered from the highest to the lowest proportion of high profitability. Primary & Secondary Sectors comprise Agriculture and mining, Manufacturing, Electricity, Water and waste and Construction (NACE sections A to F). Tertiary Sector corresponds to services (NACE sections G to S, except K, O, T and U). 10

11 Em alternativa: atividades de elevada margem operacional (NOM) Operating profit X Turnover Turnover Total assets R34 - NOM R39 - ROA X Net profit or loss Operating profit X Total assets Equity Retorno operacional obtido por unidade monetária de volume de negócios das empresas R38 - ROE Classificação das atividades de acordo com a sua margem operacional 1st quartile 3.2% Median value 5.2% 3rd quartile 7.8% Lowest NOM Highest NOM Bottom 25% values Low profitability Middle 50% values Intermediate profitability Top 25% values High profitability 11

12 Elevada rendibilidade: NOM vs ROA Table 3 Transition matrix from NOM profitability classes to ROA profitability classes (2016*) NOM Low profitability Intermediate profitability High profitability * The most recent year was used when data for 2016 was not available. See Table 4 in Annex 1. Blue cells with the same ROA and NOM profitability class. Yellow cells with higher ROA profitability class. Orange cells with higher NOM profitability class. ROA Total Low profitability 16% 8% 0.2% 25% Intermediate profitability 7% 34% 9% 50% High profitability 2% 8% 16% 25% Total 25% 50% 25% 100% Agregados com classificação mais elevada quando a ROA é utilizada Agregados com classificação mais elevada quando a NOM é utilizada 12

13 Elevada rendibilidade: NOM vs ROA, por país Chart 7 Distribution of high profitability by country (2016*) High ROA CZ PL AT DE LU PT ES FR SK IT BE High NOM 1º 2º 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% * The most recent year was used when data for 2016 was not available. See Table 4 in Annex 1. Legend: AT - Austria; BE - Belgium; CZ - Czech Republic; DE - Germany; ES - Spain; FR - France; IT - Italy; LU Luxembourg; PL - Poland; PT - Portugal; SK - Slovakia. Countries ordered from the highest to the lowest share in the high ROE. 13

14 Elevada rendibilidade: NOM vs ROA, por setor Chart 8 Percentage of high profitability by sector (NOM) (2016*) 100% 80% 60% 40% 20% 0% CZ PL AT PT LU BE ES DE FR SK IT Total Primary & Secondary Sectors Services Total Terciário (29%) Primário & secundário (21%) * The most recent year was used when data for 2016 was not available. See Table 4 in Anne 1x. Legend: AT - Austria; BE - Belgium; CZ - Czech Republic; DE - Germany; ES - Spain; FR - France; IT - Italy; LU Luxembourg; PL - Poland; PT - Portugal; SK - Slovakia. Countries ordered from the highest to the lowest proportion of high profitability. Primary & Secondary Sectors comprise Agriculture and mining, Manufacturing, Electricity, Water and waste and Construction (NACE sections A to F). Tertiary Sector corresponds to services (NACE sections G to S, except K, O, T and U). 14

15 Em síntese Operating profit X Turnover X Net profit or loss X Total assets Turnover Total assets Operating profit Equity R34 - NOM República Checa, Polónia (Portugal, Bélgica) Setor terciário R39 - ROA República Checa, Polónia Setores primário & secundário R38 - ROE Áustria, Alemanha Setor terciário 15

16 Atividades de elevada rendibilidade Departamento de Estatística Banco de Portugal 25ª reunião do Grupo de Trabalho para o Desenvolvimento das Estatísticas Macroeconómicas 14 de dezembro de 2018