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Results of non-financial corporations to 2019 Q4. Preliminary year-end data

Author

Listed:
  • Álvaro Menéndez Pujadas
  • Maristela Mulino

Abstract

According to the Central Balance Sheet Data Office Quarterly Survey, non-financial corporations’ activity lost momentum in 2019, resulting in a slowdown in job creation. However, the high inflow of dividends contributed to an increase in ordinary profit and, as a result, average levels of return on ordinary activities also grew. In addition, financing costs continued to decline, allowing the spread between the return on investment and this indicator to widen again. Extraordinary costs and revenue had an adverse impact on net profit, triggering a notable decline. Average debt ratios, expressed as both a percentage of assets and as a percentage of ordinary profit, continued to fall in 2019. The share of profits used to service debt also continued to decline and stands at a record low. The article contains a box analysing the recent developments in trade finance and the average supplier-payment and customer-collection periods.

Suggested Citation

  • Álvaro Menéndez Pujadas & Maristela Mulino, 2020. "Results of non-financial corporations to 2019 Q4. Preliminary year-end data," Economic Bulletin, Banco de España, issue 1/2020.
    • Handle: RePEc:bde:journl:y:2020:i:03:d:aa:n:09
    Note: Analytical Articles
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    More about this item

    Keywords

    activity; earnings; financial position; non-financial corporations;
    All these keywords.

    JEL classification:

    • L25 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Performance
    • M21 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Economics - - - Business Economics
    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting

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