High growth companies: larger and more exporting
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1 Entrepreneurship Statistics April, 214 High growth companies: larger and more exporting The number of High Growth () decreased between 29 and 212. In 212, more than half of these companies were concentrated on the Manufacturing (21.7%), Distributive Trade (19.6%) and Construction (13.2%) sectors. Around 52% of their GVA mp was generated in the Lisbon region. Some differentiating features in relation to the total companies arose, showing High Growth as larger and more exporting companies with a higher expenditure in research & development. The number of Young High-Growth () has also decreased over the given period, yet their share on the total has increased to 19.5% in 212, 2.3 p.p. higher than in the previous year. Total What are High Growth? with 1 or more High Growth Young High Growth ( ), with at least 1, that achieve an average annual growth of 2% over three years, measured in terms of number of Sociedade com um crescimento or turnover growth. médio anual superior a 2% ao longo de um período de 3 anos. Young High Growth, or, are Sociedade até 5 anos de idade a subset of the first, restricted to companies up to Sociedade com um crescimento médio anual superior a 2% ao 5 years old. longo de um período de 3 anos. Entrepreneurship Statistics /13
2 1. COMPANIES CHARACTERIZATION AND CLASSIFICATION CRITERIA Throughout this study, the analysis of High Growth () was based on the number of growth criterion, being consensual at the European level that it ensures a better intersectorial comparability of data. Nonetheless, we present the main economic indicators based on both criteria, concluding that if the turnover growth criterion was applied it would result in a larger number of, with different characteristics from those observed when using the number of growth criterion. As such, some conclusions may vary according to the criteria used. The importance of High Growth decreased between 29 and 212 In 212, based on the number of growth criterion, High Growth accounted for a small share of total companies with 1 or more (2.5%), corresponding however to 5.5% of the persons employed and 4.3% of the GVA mp generated. With both criteria, High Growth and have reduced its contribution to the main economic indicators (turnover and GVA mp ) between 29 and 212, contrary to the trend observed in the total companies with 1 or more. Figure 1 - main economic indicators (29-212) Company type Year Persons Employed Turnover GVA mp Nº % Nº % 1 6 Euros % 1 6 Euros % Total With 1 or more Criteria: Turnover annual average growth of 2% over the last 3 years High Growth Criteria: Number of annual average growth of 2% over the last 3 years High Growth Source: Statistics Portugal, IBAS Entrepreneurship Statistics /13
3 The number of High Growth reduced significantly between 29 and 212, in line with the slowing down of economic activity. When the criterion used is turnover growth, a slight increase in the number of between 211 and 212 is observed that does not occur when the growth measure is the number of. Figure 2 - Number of High Growth and share of (29-212) Nº 35 25% % 16.2% 17.2% 19.5% 2% (Number of Employees Criterion) 17.5% % 14.9% 15.9% % 1% 5% % (Turnover Criterion) % of in (Number of Employees Criterion) % of in (Turnover Criterion) High Growth were in average larger than the total companies with 1 or more in both criteria, although the difference increases when using the number of growth criterion. In 212, based on this last criterion, High Growth had an average of 13 persons employed whilst had 7, well above the average of 47 persons employed of the total companies with 1 or more. Figure 3 - Average size of companies (212) (Number of persons employed per company) Total with 1 or more 8 47 Turnover criterion Number of criterion High Growth High Growth Source: Statistics Portugal, IBAS Entrepreneurship Statistics /13
4 More than half of High Growth were concentrated in 3 business sectors In 212, 54.4% of High Growth belonged either to Manufacturing, Construction or Distributive Trade. High Growth of the Real Estate, Mining and Quarrying and Administrative and Support Service Activities sectors had an above average relevance in generating value added, accounting for 15.7%, 14.6% and 11.1% of the GVA mp of the total companies with 1 or more of the respective sectors. had a higher relevance in terms of GVA mp in the Other Service Activities, Administrative and Support Services, Construction and Water sectors. Figure 4 - Number and % of GVA mp of High Growth by business sector (212) (Nº) ( of the sector's total companies with 1 or more ) 25 Nº % 14.6% 11.1% 7.2% 8.% 3.5% 5.5% 4.6% 3.4% 3.3% 3.4% 3.5% 2.8% 3.1% 3.9% 1.1%.1% A B C D E F G H I J L M N P Q R S 2% 15% 1% 5% % Source: Statistics Portugal, IBAS Figure 5 - Number and % of GVA mp of by business sector (212) Nº 5 (Nº) ( of the sector's total companies with 1 or more ) 5% 4 4% % 1.5% 1.1% 1.2%.3%.4%.5%.4%.5%.%.%.1%.2%.%.1%.1%.2% A B C D E F G H I J L M N P Q R S 3% 2% 1% % A - Agriculture and fishing; B - Mining and quarrying; C - Manufacturing; D - Electricity; E - Water; F - Construction; G - Distributive Trade; H - Transportation and storage; I - Accomodation and food service; J - Information and Communication; L - Real Estate; M - Professional, scientific and technical activiities; N - Administrative activities; P - Education; Q - Human heath and social work; R: Artistic activities; S - Other service activities Entrepreneurship Statistics /13
5 Within the Manufacturing Industry (the sector with the highest number of High Growth ), the manufacture of Wearing Apparel, Fabricated Metal Products, Leather and Related Products and Food Products accounted for more than half of High Growth (52.9%). The GVA mp of the sector s High Growth was distributed differently from the number of companies, with the Beverages Industry generating 16.7% of the total GVA mp despite not being among the group of activities with the highest number of. Figure 6 Manufacturing activities with higher weight of (212) 15.7% 16.7% 41.3% Number of 14.3% 47.5% GVA mp 9.5% 9.3% 5.8% 1.3% 12.6% 8.% 9.1% Wearing Apparel Leather and related Rubber and plastic products Metal products Food products Other activities Beverages Motor vehicles and related Food products Metal products Furniture Other activities More than half of the GVA mp of High Growth was generated by companies with head office in Lisbon Although the greater part of High Growth had their head office in the North region (38.3%), companies located in Lisbon have contributed more to the total GVA mp of High Growth, reaching 51.9%. Figure 7 - distribution by head office location (212) 1.9% 2.2% 3.9% 5.% 5.9% 1.8% 1.9% 3.6% 4.5% 2.5% 2.5% 4.5% 27.2% with 1 or more 39.3% 31.1% 38.3% 31.3% 4.3% 2.5% 17.4% 14.4% North Centre Lisbon Alentejo Algarve Azores Madeira Sour ce Statistics Portugal, IBAS Entrepreneurship Statistics /13
6 with 1 or more Total Figure 8 - GVA mp distribution by head office location (212) 1.8%1.2% 1.9% 3.5% 1.5% 1.2% 2.1% 4.7% 7.1% 1.8%1.1%1.2% 25.6% 27.4% 33.1% 52.1% with 1 ou more 14.% 51.9% 11.2% 39.8% 16.% North Centre Lisbon Alentejo Algarve Azores Madeira The share of inward foreign affiliates (IFATS) was higher in High Growth (8.2%) and in (7.%) than in the total companies with 1 or more (5.3%). The countries of origin with a higher weight on equity control of High Growth in Portugal were France and Spain. Foreign affiliates corresponded to only 1.5% of the companies but generated almost a fifth of the GVA mp. On High Growth and the difference was not so significant, nonetheless, the that were foreign affiliates (8.2%) generated 16.9% of the GVA mp of. Figure 9 - Share and weight in GVA mp of Inward Foreign Affiliates (211) % of 1.5% 98.5% 19.8% 8.2% % of 5.3% 94.7% 22.5% 77.5% Foreign affiliates (IFATS) % of 8.2% 91.8% 16.9% 83.1% National companies % of 7.% 93.% 9.7% 9.3% Source: Staitstics Portugal, IBAS % 1% 2% 3% 4% 5% 6% 7% 8% 9% 1% Entrepreneurship Statistics /13
7 Thousand Euros Thousand Euros 2. ECONOMIC AND FINANCIAL PERFORMANCE High Growth generated, in average, a 2.4 million euro GVA mp per company, about a million above the average GVA mp of total companies with 1 or more. (.2%) when comparing to the total companies with 1 or more. These companies still held positive returns which did not occur, however, for the total companies. In line with the net income trend, the return on equity was lower for the High Growth (1.7%) and Figure 1 - GVA mp, net income and return on equity of companies (212) % 1.7% 4% 3% 2% 1 5.2% 1% Total with 1 or more GVAmp per company Source: Statistics Portugal, IBAS % Total with 1 or more Net profit per company Return on Equity % -1% In 212, according to the number of criterion, the weight of personnel costs in GVA mp was higher in High Growth (75%) and (71.5%) than in the total companies with 1 or more (65.6%). Personnel costs by person employed and apparent labour productivity were lower on these subsets of companies. According to the turnover growth criterion conclusions are different, being observed a lower weight of personnel costs in GVA mp (58.4%) and a higher apparent labour productivity in. Entrepreneurship Statistics /13
8 Euros Figure 11 - Personnel costs per person employed and as percentage of the GVA mp and apparent labour productivity of companies (212) % 71.5% 65.9% 65.6% Total with 58.4% 69.4% 1% 8% 6% 4% 2% % 1 or more Number of Employees Growth Personnel costs per person employed Weight of personnel costs on GVAmp Source: Statistics Portugal, IBAS Turnover Growth Apparent labour productivity In 212, the weight of debt was higher in High Growth (75.4%) and particularly in, where the lowest weight of equity was observed (19.%). Figure 12 - Financial structure of companies (212) Total companies 39.8% 32.6% 27.7% with 1 or more 4.8% 29.% 3.1% Current liabilities Non-current 44.9% 3.6% 24.5% liabilities Equity 43.% 38.% 19.% % 25% 5% 75% 1% High Growth have invested 18 times more in R&D High Growth investment in R&D was well above the average expenditure of the total companies, having spent over 25 thousand Euros per company in 212 (1.1% of these companies GVA mp ). The subset of, companies up to 5 years old, had a much lower average investment in R&D (.2% of the GVA mp ). Entrepreneurship Statistics /13
9 Figure 13 - R&D expenditure per company and as percentage of GVA mp (212) 3 1.1% 1.2% %.7% 1.%.8% R&D expenditure 15.6% (Euros per company) 1 5.2%.4%.2% R&D expenditure ().% Total companies with 1 or more Entrepreneurship Statistics /13
10 Thousand euros per person employed Thousand euros per person employed Thousand euros per person employed with 1 or more Total High Growth were more exporting Over 3% of High Growth and exported goods and services in 212, well above the 5.5% of the total companies or the 19.3% of total companies with 1 or more. Exporting companies generated 38.6% of the High Growth GVA mp and 41.6% of the. Figure 14 - Exporting profile of companies (212) % of 5.5% 94.5% 28.5% 71.5% % of 19.3% 8.7% 32.6% 67.4% Exporting % of 32.6% 67.4% 38.6% 61.4% Non-exporting % of 3.3% 69.7% 41.6% 58.4% % 1% 2% 3% 4% 5% 6% 7% 8% 9% 1% Source: Statistics Portugal, IBAS The analysis of economic and financial ratios indicated a better performance of exporting companies comparing to non-exporting companies. The equity ratio and return on equity were higher on exporting companies. Emphasis should be given to the gap in the return on equity ratio between exporting and non-exporting. Apparent labour productivity was likewise higher in exporting than in nonexporting companies, with and having the largest differentials (about 11 and 17 thousand Euros per person employed, respectively). Research and Development costs as a percentage of GVA mp were slightly lower (.2 p.p.) in exporting than in nonexporting, following the trend of total companies with 1 or more. Figure 15 - Economic and financial ratios by exporting profile of companies (212) with 1 or more 4% 3% 2% 1% % 33.6% 28.3% % 1.%.9%.4% Non-exporting Exporting % 2% 1% % 27.1% 22.4% %.9% 1.2% 1.% Non-exporting Exporting % 3% 2% 1% % -1% -2% 22.1% % 8.8% 16.2%.2% -16.2% Non-exporting Exporting Equity ratio Return on equity R&D expenditure () Apparent labour productivity Entrepreneurship Statistics /13
11 3. INTERNATIONAL COMPARISON Only for countries where information was available, corresponded to less than 1% of the total enterprises with 1 or more in 21. In Portugal, the share of in the total enterprises with 1 or more was 3.%, only below Czech Republic (3.5%) and Hungary (3.2%). Figure 16 - Share of and in the total companies with1 or more (21) 5% 4% 3% 3.5% 3.2% 3.% 2.7% 2.7% 2.5% 2.4% 2.3% 2.3% 2% 1%.7%.5%.5%.5%.7%.4%.3%.7%.4% 1.4%.6% % Sour ce: Eurostat For more information check: Statistical data: Enterprises by geographic localization, economic activity and legal form Employees in enterprises by economic activity and legal form Gross value added of enterprises by economic activity and legal form Personnel expenses of enterprises by economic activity and legal form Equity of enterprises by economic activity and legal form Net profit of the period of enterprises by economic activity and legal form Enterprises with mostly foreign capital by economic activity Proportion of enterprises with mostly foreign capital by economic activity Proportion of gross value added of enterprises with mostly foreign capital by economic activity Press Releases: Foreign Affiliates in Portugal Entrepreneurship in Portugal-Business Demography Indicators Publications: Enterprises in Portugal Entrepreneurship Statistics /13
12 Methodological note: Statistics Portugal (INE) disseminates the main statistical findings characterizing the structure and evolution of High Growth and Young High Growth ( ) in Portugal between 29 and 212. In the current economic environment, where high company birth rates do not always result in equally high growths, it is increasingly important to pay attention to companies that grow on an annual average of 2% over a 3 year period. These companies, whose growth can be measured in terms of number of or turnover, are named High Growth. The disseminated statistical data was obtained from the Integrated Business Accounts System (IBAS), which results from a business statistics integration process, based on administrative data, with a focus on the Simplified Business Information (IES). In this study, only companies from section A to S (except K and O) of NACE-Rev.2 were considered. Main concepts and definitions: High Growth : with an average annual growth, over a three year period, higher than 2%. This growth can be measured by number of or turnover. Young High Growth ( ): up to 5 years old, with an average annual growth, over a three year period, higher than 2%. This growth can be measured by number of or turnover. Exporting company: that exported goods and services and comply with the following criteria: where at least 5% of the turnover originates in exports of goods and/or services or, where at least 1% of the turnover originates in exports of goods and/or services and the total value of exports exceeds 15.. Entrepreneurship Statistics /13
13 Economic and financial ratios: Apparent labour productivity = GVA cf / Number of persons employed Average size of companies = Number of persons employed / Number of companies Equity Ratio = Shareholder s equity / Assets Personnel costs per person employed = Personnel costs / Number of persons employed Personnel costs weight on GVA mp = Personnel costs / GVA mp *1 R&D expenditure as percentage of GVA mp = R&D expenditure / GVA mp * 1 Return on Equity = Net profit / Equity * 1 Acronyms: GVA cf: Gross value added (cost of factors) GVA mp: Gross value added (market prices) : High Growth IBAS: Integrated Business Accounts System IFATS: Inward Foreign Affiliates p.p.: Percentage points R&D: Research and development Entrepreneurship Statistics /13
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