The Spanish Medium-Sized Company-Círculo de Empresarios 2014 Annual Report

The
Spanish
medium-sized
company

2014 annual report
2 Crculo de Empresarios. The Spanish medium-si zed company. 2014 ANNUAL REPORT

Part I: The Spanish medium-sized company3

PART I: THE SPANISH MEDIUM-SIZED COMPANY

1. Project activities 7
2. The Spanish medium-sized company: Trends in the European context, x-ray and development 10
2.1 Trends in the medium-sized company in the European context (2008-2014) 10
2.2 X-ray of the Spanish medium-sized company 19
2.3 Development of the Spanish medium-sized company (2008-2012) 22
PART II: MONOGRAPHS
Monograph 1.
Analysis of real productivity in Spanish companies 27
Monograph 2.
Factors of business competitiveness: exporting propensity and capacity for innovation 35
PART III: STATISTICAL SOURCES FOR BUSINESS ANALYSIS
Updating of available information for the analysis of the business situation 43
Statistical sources 43
Synthesis of indicators 55
PART IV: CONTRIBUTIONS TO BUSINESS ANALYSIS
AND PROPOSALS FOR REACTIVATING THE BUSINESS FABRIC 59

PART I

The
Spanish
medium-sized
company

6 Crculo de Empresarios. La empresa medi ana espaol a. INFORME ANUAL 2014

Part I: The Spanish medium-sized company 7

Part I:
The Spanish medium-sized company

1. Project activities

The project of the Crculo de Empresarios for
the Spanish medium-sized company
1
seeks to
evaluate and make these firms more visible by
providing an accurate diagnosis. While they are
essential for the growth of the Spanish
economy, they have not received systematic
analysis in the economic debate. The aim is to
provide a platform and connector for available
information and thus generate new analysis and
policies.

The Crculo de Empresarios seeks substantial
arguments that will contribute to a realistic
economic-financial and social analysis of our
companies: this will allow for connections with
the news media, the Public Administrations,
research centers and the business fabric. We seek
a diagnosis that more closely reflects the
reality and dynamism of the medium-sized
companies in Spain, because we are convinced
that they are the engines for a new model of
economic growth.

For this project it is essential to have a database
that will allow us to identify concrete
companies, as opposed to official statistics that
are very complete but often anonymous. For
this reason, the departure point is the
INFORMA database, once we have checked
it with the ample coverage of companies

provided by the Spanish Statistical Office (INE).
The present study uses INFORMA (SABI) as the
source for the microeconomic analysis of the
Spanish business situation.

The target of the study is the Spanish medium-
sized company, with between 50 and 249
employees (as defined by the European
Commission). However we have excluded
companies from the real estate and financial
sectors because of their special characteristics and
because they are in a process of restructuring, just
as we have excluded the Public Administrations.

This project, which began at the end of 2012,
seeks to be a long-term endeavor, and is
structured around several axes that are
complementary and reinforce each other. There
will be an Annual Report about the Spanish
medium-sized company that is produced in
collaboration with the Studies Service of the
BBVA bank, monographic analyses, a study of
successful cases, and forums with experts from
the fields of academic research, statistics, policies
and the business world itself.
1
The Project Director is Elena Pisonero, President of Grupo Hispasat and a member of the Crculo de Empresarios,
while Yolanda Fernndez has taken part in the technical direction.

8 Crculo de Empresarios. The Spanish medium-si zed company. 2014 ANNUAL

DIAGRAM 1
Methodology

SOURCES OF
INFORMATION
Forum of experts

Monographi c
Studies

Policy
recommendations

DATA BASE

Crcul o-BBVA
Informa Annual
Report

ACADEMIC
RESEARCH
Forum of Experts
Ranking
TOP-50

CASE
Studies

Cre100do.es

Annual Report on the Spanish
medium-sized company

In October of 2013 we published the first
Annual Report on the Spanish medium-sized
company
2
and presented the project at a news
conference. Now, in 2014, we are incorporating
new monographic contents detailed later on
and updating the analysis and development of the
Spanish medium-sized company. We also update
and amplify statistical information that makes it
possible to analyze the real situation in our
companies. Finally, there is a new section that
summarizes some of the principal research that
has been carried out in the field of business
analysis as well as initiatives and measures to
stimulate business.

Forums with statistical sources

To bring together and analyze available
information we have held several individual work
sessions with experts and with the
organizations that publish statistics
3
. In
addition, there was a working roundtable in
May of 2014 aimed at comparing in the present
report.
As a result of these meetings, we have statistical
information relative to the medium-sized
company that has been provided by the INE and
which is included in Diagram 3 of the present
report, with information from the Spanish
Institute for Foreign Trade (ICEX) relative to
exporting firms. We have also analyzed the
relevance and application of the principal
international statistical sources with regard to
European medium-sized companies.

It is essential for this project to include these
analyses and statistics, and we will thus continue
to hold periodic work sessions that will also allow
us to channel the demands for statistical
information and analysis about the Spanish
medium-sized company.

Monographic analyses

In addition to the Annual Report and the
meetings with experts, we want to promote
monographic analyses and sessions with
individual companies that will explain their
success.

2. http://circulodeempresarios.org/es/empresa-mediana-espa%C3%B1ola/documentacion
3. Bank of Spain (December 2013), INE (January and February 2014), ICEX (December 2013, January 2014),
BBVA Research (December 2013, January 2014, May 2014).

In this new edition of the Report we present
monographic analyses produced in
collaboration with the BBVA Studies Service
and INE. The first of them is based on an
analysis of the productivity of Spanish
companies, and applies the shift-share
methodology
4
, which makes it possible to break
down real productivity into two factors:
intersectoral effect and structural change. The
second monograph analyzes the information
provided by INE with regard to the exporting
propensity and innovative activity of the
Spanish medium-sized companies.

Academic research

All the information related to this project can
be found on the webpage of the Crculo de
Empresarios
5
: the principal reports, articles and
analysis of the business scene, produced by
different public and private organizations. In
Part IV of the present report there is a
summary of the principal conclusions of these
reports.

The project has also found it extremely useful to
work with the business schools, whose principal
aim is to train highly competent managers and
thus professionalize our business fabric. To
identify the keys to success in Spanish firms, we
are working in two complementary areas:
academic research and a study of successful
cases. We have asked the leading business
schools
6
for an account of their academic
research into the business world as well as
company case studies that can be incorporated
into the bibliography that we are drawing up.
These bibliographical references will be the
basis for later organizing forums for debate
with the authors of the studies and with the
companies themselves to analyze concrete
cases.

Annual ranking of the Spanish
middle-sized company

The aim of the study is to identify the most
successful medium-sized companies from
different industries and select the outstanding
50. In April of 2014 we presented the study:
The Top 50 medium-sized Spanish firms: A
selection of successful cases. It was carried
out by A.T. Kearney, a member company of
the Crculo de Empresarios, in collaboration
with the work team of the project on the
Spanish medium-sized company. This first
ranking of the 50 most outstanding medium-
sized Spanish companies is regularly included
in the current project, and we want to include
the second edition at the end of 2014.

4. The methodology has been implemented by the BBVA Research work team.
5. (http://circulodeempresarios.org/empresa-mediana-espa%C3%B1ola/acerca-del-proyecto).
6. In March of 2014 we had a meeting with ESADE Business School to determine their participation in the project, and we have
contracted with AEEDE (Spanish Association of Business Management Schools) to channel the participation of the schools.

2. The Spanish medi um-sized company: Trends in the
European context, x-ray and development

In the first part of this heading we analyze the
development of Spanish companies in the
European context, using data and estimates
by Eurostat. Based on comparative company
structures, an estimate is made of their
contribution to employment, to the GVA and
to the productivity of the companies ranked
by size, as determined by the number of their
salaried employees, according to criteria used
by Eurostat. In this edition of the report, we
complement the comparison of Spanish
companies in the EU with an analysis of
their productive structure.

The second part is centered on the situation
in Spain, with a focus on the medium-
sized companies: the source for the data are
the 2012 annual accounts presented in the
Business Register and compiled by
INFORMA for SABI. This database allows us
to analyze the development of the principal
financial-economic indicators of the Spanish
medium-sized company during the period of
2008-2012.
2.1. Trends in the medium-sized
company in the European context (2008-
2014)

Comparison of the average
company size
According to estimates by Eurostat, in Spain
the number of workers per company is 4.7
in 2014, less than half the average in the
United Kingdom and Germany, and one of
the lowest among the principal EU
countries. This smaller company size can be
explained by the lesser relative presence in
Spain of large and medium-sized companies,
which account for 0.8% of the total number
of companies, according to the most recent
Eurostat figures from 2014.

5.1
4.7
12.4
11.7
5.6
5.7
4.1
4
10.7
11
0
2
4
6
8
10
12
14
2008 2009 2010 2011 2012 2013 (est.) 2014 (p)
Development of the average number of employees per company
Germany
United Kingdom
France
Spain
Italy
Source: Crculo de Empresarios according to Eurostat
Parte I: Part I: The Spanish medium-sized company 11

During the 2008-2014 period the average
company size in Spain has been reduced
due to a greater presence of companies with
fewer than 10 salaried workers: it rose to
93.8% of the total number of Spanish
companies in 2014 (from 93.1% in 2008). By
contrast, there was a reduction in the relative
weight of the small and medium-sized
companies, while the weight of the large
companies one of every 1,000 compoanies
was maintained. This tendency toward greater
Medium-sized Spanish companies have an
average ratio of employees per company (95)
that is very similar to Germany, Italy and
Portugal. In these four cases the medium-sized
companies have reduced their size during the
period analyzed, in contrast with trends among
medium-sized companies in France and the
United Kingdom, which have grown during the
years of crisis and now average around 110
workers per company.

Distribution of
companies by size.
% of total.

Source:
Crculo de Empresarios
according to Eurostat

concentration in smaller companies is also
seen in Portugal, while in the rest of the
economies analyzed the micro-companies lose
weight, as in the case of Germany, or remain
very stable in the 2008-2014 period.

In the analysis of the average business size, in
addition to the participation of the
companies by size, it is necessary to consider
the average number of employees in the
different sized firms. Thus the smaller
average size of Spanish companies is also
explained by a moderate reduction in the
number of employees in all kinds of
companies. This tendency is also evident in
Germany, where the average company size
fell from 12.4 employees in 2008 to 11.7 in
2014.

As for the large companies, the average size
of those in Spain (976 employees per
company) surpasses those in Germany, Italy
and Portugal. Among the EU countries
analyzed, the large British companies are the
ones with the highest number of employees
per company, a figure that increased during
the 2008-2014 period.

Development of employment

As for employment in Spain, Eurostat
estimates that the number of salaried workers
has declined by 2.6 million persons between
2008 and 2014, which represents an
accumulated drop of 19%. The companies
that have reduced their staff the most have
been the small and medium-sized ones, by
around 25%, while in the large companies the
decrease in jobs has been around 13%, below

Micro
(0-9)
Small
(10-49)
Medium-
sized
(50-249)
Large
(more than
250)
T
O
T
A
L
Micro
(0-9)
Small
(10-49)
Medium-
sized (50-
249)
Large
(more than
250)
Spain 93.1% 6.0% 0.8% 0.1% # 93.8% 5.4% 0.7% 0.1%
Germany 82.9% 14.2% 2.5% 0.5% # 81.9% 15.1% 2.6% 0.5%
France 93.7% 5.3% 0.9% 0.2% # 94.0% 5.1% 0.8% 0.2%
Italy 94.3% 5.1% 0.5% 0.1% # 94.4% 5.0% 0.5% 0.1%
Portugal 94.0% 5.1% 0.7% 0.1% # 94.8% 4.5% 0.7% 0.1%
United of Kingdom 89.3% 8.8% 1.5% 0.4% # 89.4% 8.7% 1.5% 0.4%
2014 (est. Eurostat) 2008

Development of
employment and
number of companies
by size. (Accumulated
variation 2008-2014)

Source:
according t o Eurostat

0%

-5%

-10%

-15%

-20%

-25%

-30%
SMALL
(10-49)

-25.6%
MEDIUM-SIZED
(50-249)

-24.5%
LARGE
(More than 250)

-12.6%

EMPLOYMENT

NUMBER OF COMPANIES

the average figure for companies as a whole.
As can thus be seen in the accompanying
graph, it is the large companies (those with
more than 250 employees) that have been
most resistant during these crisis years.

Contri buti on to empl oyment by
compani es accordi ng to si ze

The contribution to employment by
companies of all sizes in the principal EU
countries has remained relatively stable in
recent years. Although variations are not
significant, in Spain we can observe a more
important role in providing employment
among both large companies and those with
fewer than 10 employees in 2014, as
compared with the start of the period,
according to estimates by Eurostat.
In 2014, according to Eurostat, the Spanish
micro-companies provided employment
for 40% of the countrys active workers, a
percentage surpassed only by Italy (46%)
where this kind of company represents
94.4% of the total number of companies,
greater than the 93.8% in Spain.

The small companies provide 21% of the
jobs in Spain, similar to the small Italian
companies but below the 23% of Germany,
where this kind of company accounts for
15.1% of the total number of companies, the
greatest percentage among the countries
studied.

Micro
(0-9)
Small
(10-49)
Medium-
sized
(50-249)
Large
(more than
250)
T
O
T
A
L
Micro
(0-9)
Small
(10-49)
Medium-
sized
(50-249)
Large
(more than
250)
Spain 93.1% 6.0% 0.8% 0.1% # 93.8% 5.4% 0.7% 0.1%
Germany 82.9% 14.2% 2.5% 0.5% # 81.9% 15.1% 2.6% 0.5%
France 93.7% 5.3% 0.9% 0.2% # 94.0% 5.1% 0.8% 0.2%
Italy 94.3% 5.1% 0.5% 0.1% # 94.4% 5.0% 0.5% 0.1%
Portugal 94.0% 5.1% 0.7% 0.1% # 94.8% 4.5% 0.7% 0.1%
United of Kingdom 89.3% 8.8% 1.5% 0.4% # 89.4% 8.7% 1.5% 0.4%

Average number of
employees by
company size

Source


Thus in Spain, companies with fewer than
50 employees account for more than 60% of
all salaried workers, which means that
business is very vulnerable during times of
crisis because the smallest firms are the ones
that make the biggest cuts in their staff.

The medium-sized Spanish companies
provide 14% of total employment, a
contribution similar to companies of this
size in France. For firms of this size,
Germany is the country with greater
participation in the business fabric (2.6% of
the total number of companies) and
employment (21% of the total).

The big British firms are larger in size than
the average of those in the countries
considered, and provide 48% of total
employment, as against the 26% in Spain.
In Spain the large companies are fairly
big, but are less important in providing
employment than other EU countries.

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

25.6%

13.8%

21.0%

39.5%

37.7%

20.6%

32.2%

18.6%

36.2%

15,2%

19.2%

29.4%

20.2%

12.4%

21.5%

46.0%

21.0%

16.9%

22.4%

39.7%

4.7%

16.0%

18.0%

18.3%
Aportacin
al empleo
por tamaos
de empresa.
Estimaciones 2014

Source:

0%
SPAIN GERMANY FRANCE ITALY PORTUGAL UK

MICRO SMALL MEDIUM-SIZED LARGE
Contribution to
employment by
company size
% of total

Source:

Micro
(0-9)
Small
(10-49)
Medium-
sized
(50-249)
Large
(more than
250)
T
O
T
A
Micro
(0-9)
Small
(10-49)
Medium-
sized
(50-249)
Large
(more than
250)
Spain 39% 23% 15% 24% 40% 21% 14% 26%
Germany 19% 22% 20% 40% 19% 23% 21% 38%
France 28% 19% 16% 37% 29% 19% 15% 36%
Italy 46% 22% 13% 19% 46% 21% 12% 20%
Portugal 39% 23% 17% 21% 40% 22% 17% 21%
United of Kingdom 20% 16% 15% 49% 18% 18% 16% 48%
Contribution to
employment by
company size.
Estimates 2014

If there were more workers in the large
Spanish companies, the impact of the crisis
in the labor market would have been less
severe. If in Spain the distribution of
employment in companies by size were
similar to that of the United Kingdom
where four of each 1,000 companies are
large ones during the crisis, all other
things being the same, more than 500,000
jobs would have been saved.
Contri buti on to the GVA of compani es
by si ze

In Spain the big companies are increasingly
important in contributing to the GVA: their
share rose from 33% of the total in 2008 to 35%
in 2014. A similar increase has also come about
in the big companies in Italy and France, which
has made it possible to narrow the gap with

Contribution to
the GVA by
company size
% of total.

Source:

Contribution
to the GVA by
company size.
Estimates for
2014
Source:

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

35.2%

16.7%

20.6%

27.5%

45.8%

20.1%

18.6%

15.5%

41.6%

14.7%

17.3%

26.4%

31.7%

16.4%

22.0%

29.9%

31.7%

22.8%

22.7%

22.8%

50.2%

16.3%

14.9%

18.6%

0%
SPAIN GERMANY FRANCE ITALY PORTUGAL UK

MICRO SMALL MEDIUM-SIZED LARGE
Micro
(0-9)
Small
(10-49)
Medium-
sized
(50-249)
Large
(more than
250)
T
O
T
A
Micro
(0-9)
Small
(10-49)
Medium-
sized (50-
249)
Large
(more than
250)
Spain 28% 22% 17% 33% 27% 21% 17% 35%
Germany 15% 17% 20% 48% 15% 19% 20% 46%
France 26% 18% 15% 40% 26% 17% 15% 42%
Italy 32% 22% 16% 29% 30% 22% 16% 32%
Portugal 23% 23% 22% 32% 23% 23% 23% 32%
United of Kingdom 18% 15% 16% 50% 19% 15% 16% 50%

G
V
A

/
e
m
p
l
o
y
e
e

i
n

t
h
o
u
s
a
n
d
s

o
f

e
u
r
o
s

regard to countries with a great concentration
of employment in the companies of more
than 250 employees. For their part, the
medium-sized Spanish companies maintain
their participation in the GVA while both the
small companies and those with fewer than
worker in the firms with fewer then 10
employees.

The small companies have a more
balanced participation in employment (21%)
and in the GVA (21%) than the micro

70
AVERAGE OF EU COUNTRIES *

60
SPAIN

50

40

30

20

10

0

Comparative
productivity by
company size.
(GVA per employee in
thousands of euros).
Eurostat 2014
estimates

* Median productivity of Germany,
France, Italy, United Kingdom and
Portugal

MICRO
(0-9)

SMALL
(10-49)

MEDIUM-
SIZED
(50-249)

LARGE
(More than 250)

Source:
10 employees reduce by one percentage point
their weight in the total GVA generated.

In spite of the high contribution to employment
by the micro companies in Spain (40%), their
participation in the GVA is around 27% in 2014,
which implies a drop in productivity per
companies, with greater weight in
employment.

The contribution to the GVA of the
medium-sized companies is 17% of the total
in 2014, above that of countries like the
United Kingdom and France.

90

80
LUXEMBURG

70

GERMANY

50
UNITED KINGDOM

40

30

BELGIUM

SPAIN

GREECE
pRODUCTIVI
TY
empresarial. UE-15

Source:

20
10% 15% 20% 25% 30% 35% 40% 45% 50% 55% 60%

% employees in companies with fewer than 10 workers
Productivity and
company size.
EU-15.

In the United Kingdom half of the GVA is
generated by the large companies, and in
Germany the figure is 46%, as against the 35%
in Spain.

Comparative productivity of the
companies

Work productivity increases in proportion to
company size, so that the medium-sized and
large companies are the ones that have the
highest ratios of GVA per employee among
the countries studied. The productivity of
Spanish companies is similar to the average of
EU countries studied, with the exception of
those with fewer than 10 employees. This
may be explained in part by the fact that there
are more Spanish companies in the service
sector, as analyzed in the following point.

To compare the positive correlation between
company size and work productivity, we have
calculated for the 28 EU countries the
percentage of salaried workers in micro
companies and the GVA per employee in
thousands of euros. As shown in the
accompanying graph, the countries in the euro
zone with the largest companies, such as
Germany and the United Kingdom, are the
ones that achieve the highest levels of
productivity. At the other end is Spain, one of
the countries in this area with the highest
proportion of employees in companies with
fewer than 10 workers, which lowers the ratio
of productivity.

As a consequence, those countries with
larger companies achieve, in general terms,
higher work productivity.

Productive structure of the medium-sized
company in the European context

Companies in the service sector account
for 79% of the Spanish business fabric, the
highest percentage among the leading EU
countries. They are predominantly small and
specialized micro companies that work in retail
trade, restaurants, professional services
(including legal, consultancy and engineering
firms, among others). As a whole, this services
branch accounted for 50% of the total Spanish
companies in 2013, according to Eurostat
estimates.

Productive
structure of the
business fabric.
2013

Source:

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

79%

13%

67%

23%

71%

17%

76%

13%

76%

16%

76%

15%
8%
9%
12% 10%
8%
10%
0%
SPAIN FRANCE ITALY GERMANY UK PORTUGAL

ENERGY INDUSTRY CONSTRUCTION SERVICES

46%
14%
38%

100%

90%

80%

70%

60%

50%

40%

30%

57%

13%

57%

11%

44%

7%

46%

63%

6%

65%

9%

Productive
specialization in
the medium-
sized company.
2013

Source:

20%

10%
29%
30%
30%
26%

0%
SPAIN

FRANCE ITALY

GERMANY

UK

PORTUGAL

ENERGY INDUSTRY CONSTRUCTION SERVICES

With regard to medium-sized Spanish
companies, while 28.5% of the total are in
the industrial sector reaches a percentage
similar to that in German and French
medium-sized companies only 57% are in
the services sector, below the percentages in
Germany or the United Kingdom. The
reduced participation of Spanish medium-
sized companies in the service sector reflects
the high atomization of this sector: it is the
smaller companies that are more important
and which demonstrate less productivity with
regard to EU countries.

Germany and the United Kingdom have the
greatest importance in the medium-sized
company service sector, which allows them to
position themselves in the more productive
branches of services, such as professional
activities, which require companies of as certain
size.

In conclusion,

During the 2008-2014 period the average
size of companies has declined slightly in
Spain, due to a greater presence of companies
with fewer than 10 employees, and to the
moderate reduction in the average number of
employees at all kinds of companies.

Spanish companies have an average size
of 4.7 employees, which is lower than that of
companies in the EU, due to the lack of
medium-sized and large companies in Spain.
The medium-sized companies represent
just 0.7% of the total number of
companies, and one of every thousand
Spanish companies is a large one.

The contribution to employment of the
small and micro companies is greater than
60% in Spain, as against the 50% average in
the principal EU countries. The medium-
sized Spanish companies account for 14%
of the employment, a contribution similar to
that of French companies of this size.

The Spanish business fabric, where the
smaller companies are predominant, is thus
very vulnerable during phases of crisis,
because it is the large companies (more
than 250 employees) that best resist these
crisis years. The large Spanish companies
increased their participation in the GVA and
in employment by two percentage points
from 2008 to 2014.

If employment in Spain were distributed
by company size the way it is in the
United Kingdom (where four of every 1,000
companies are large ones) more than
500,000 Spanish jobs would have been
saved during the crisis.
The productivity of Spanish companies is
similar to the average in the EU countries
under study, with the exception of Spanish
firms with fewer than 10 employees, where
the negative gap is higher than in other
categories. In general terms, the countries
with the largest companies achieve higher
productivity.

Companies in the service sector account
for 79% of the Spanish business fabric, the
highest percentage among the principal
countries of the EU. But the weight of the
service sector drops to 57% in the
medium-sized companies, a participation
similar to that of French medium-sized
companies and lower than the percentages for
Germany or the United Kingdom.

The reduced participation of medium-sized
companies in the service sector reflects the
high atomization of this sector in Spain, with a
clear preponderance of the smaller companies:
the ones that demonstrate greater negative
productivity with regard to the EU countries.
Thus if companies in the service sector were
larger, this would increase overall productivity
in the Spanish economy.

To improve the levels of productivity in Spain
and achieve sustainable growth, it is necessary
to have a greater supply of middle-sized
companies, which are also more important
in the more productive sectors, which
allows them to compete in international
markets and to innovate.

2.2. X-ray of the Spani sh medium-
sized company

In this section we focus on the Spanish
middle-sized company, basing data the
annual accounts presented in the Business
Register and collected by INFORMA for
SABI. The INFORMA database allows us to
analyze the development of the principal
economic-financial ratios of the Spanish
companies in a homogenous way and with a
high degree of accuracy that has been checked
with the DIRCE (Central Directory of
Companies).

It should be remembered that the kind of
company we are studying has between 50 and 249
employees, and that firms in the real estate and
financial sectors have been excluded because of
their special characteristics and because they are
going through a restructuring process. According
to the INFORMA database, in 2012 there were
some 11,000 medium-sized companies that
employed more than one million people.

Busi ness si tuation

Before analyzing the economic-financial
situation of the Spanish medium-sized company
in 2012 (the last year for which we have
complete information about the balance sheets
and profit and loss accounts of the companies),
we want to give a preview of the trends
revealed by the latest published indicators.

Following the period of crisis, when companies
went under and jobs were lost, the latest data
from 2014 seems to indicate that things are
changing in the business fabric. Thus the net
creation of commercial companies has been on
the rise since the start of 2013, and in the first
months of 2014 there was also an increase in the
number of salaried workers registered with the
Social Security system. In the first four months of
2014, exactly 14,607 companies were created (497
of them mediumsized firms), and the number of
Social Security affiliates grew by 148,800
employees (39,200 of them in medium-sized
firms).

85,000

80,000

75,000

70,000

65,000

60,000

55,000
Net creation of
commercial
companies
(sum of 12
months)

Source:
Business Register. INE.

50,000
2009

2010 2011

2012

2013

2014

A tabl e of i ndi cators for
anal ysi s

To analyze the middle-sized company we have
identified the most significant variables that
characterize the typical company: this table
of indicators and ratios presents the most
pertinent information about these firms, the
kind that would be used by any company
analyst.

This data deals with averages, and thus there
will be considerable differences between the
different sectors and company sizes, but it can
be safely said that these averages provide the
closest approximation to the real situation of
this sector, given the accuracy of the
INFORMA database.

The principal ratios included in the analysis
are:

Average number of employees per
company. This ratio is representative of
company size.

Average assets per company. This is
another measure of the average size of a
company, and quantifies in economic terms
the means necessary to generate business.

Turnover per employee. This ratio can be
considered an indicator of productivity.

Average cost per salaried worker. This
figure makes it possible to know the cost of
the workforce. It can help estimate the
competitiveness of different groups of
companies.

Current assets/current liabilities. This is
an indicator of liquidity, because it indicates
if a company has sufficient short-term
resources to meet its obligations. It is
important to stress that certain sectors have
a ratio of less than 1 and yet are perfectly
solvent.
Own funds/balance. This measures the
weight of own funds against the total assets
and offers information about the level of
company debt.

Debt with cost/own funds. This is a ratio
of solvency. It allows for analysis of whether
different kinds of companies are financed
more through indebtedness or by their own
resources; in other words, if the size of the
company has an influence on capital
structure.

Debt/EBITDA. This ratio provides an
indicator of the capacity of the issuer to take on
additional debt and to refinance existing debt. It
includes all those concepts subject to
mandatory payments upon maturity of debt.

Coverage of indebtedness
(EBITDA/Financial expenses). This is
another ratio of solvency. It makes it
possible to measure financial risk, since it
shows the impact on the income statement
of the fluctuations in interest rates, the
companys credit risk and the volume of
investments financed by debt.

Profitability of own resources
(EBIT/Own funds). This measures the
profitability of the companys own funds and
is one of the ratios followed by investors.

Economic profitability (EBIT/Assets). This
measures the profitability of the company with
regard to total assets. This ratio should be
analyzed with caution, because the numerator
(profit) corresponds in its totality to the
stockholder, while the denominator (assets) is
financed in part by the stockholders and in part
by the debt.

Financial profitability (Net profits/Own
resources). This measures the profitability of a
company with regard to its total assets. For the
stockholder, it reflects the profitability of his
investment la rentabilidad de la inversin para el
accionista.

X-ray of the Spani sh medi um-sized
company 2012

According to the latest data from
INFORMA, the average number of
workers in the medium-sized company
was 100, and the average annual salary cost
in 2012 was 37,000 euros.

Company size as measured by average
assets was 39.2 million euros, thus placing
Spanish medium-sized companies in the
upper part of the range established by the
European Commission for these firms (from
10 to 43 million euros).

In any case, average billing is 25.1 million
euros, in the lower part of the EU medium-
sized company range (from 10 to 50 million
euros). According DIRCE data, in 2012 some
30% of these companies with 50 to 249
workers had billings of between 10 and 50
million euros, 7% of them billed more than 50
million, and 64% had less than 10 million
euros in billings.

The medium-sized companies have a ratio of
own resources over balance of 32.7%; the
level of indebtedness measured by the
weight of debt over own resources is at an
elevated ratio of 76%; and the levels of
coverage are reduced to minimums in the
period analyzed because of the breakdown in
results.

The intensity of the economic crisis is amply
reflected in company results, measured both
through economic profitability over assets
with an average of 1.3% in 2012 and,
especially, through the financial profitability,
with a negative ratio of 4.7%, the reflection
of a net companies result that was also
negative. It must be stressed that the decline
in the construction sector during this period
was an important burden in overall company
results.

2012
Average number of employees per company 100.0
Average assets per company (millions of euros) 39.2
Turnover per company (millions of euros) 25.1
Turnover per employee (thousands of euros) 250.8
Average cost per salaried worker (thousands of euros) 37.0

Current assets/current liabilities 1.16
Own funds/Balance 32.7%
Debt with cost /Own funds 76.0%
Coverage of indebtedness (EBITDA/Financial expenses) 1.55
Debt/EBITDA 7.80

Profitability of own resources (EBIT/Own funds) 3.8%
Economic profitability (EBIT/Assets) 1.3%
Financial profitability (Net benefit/Own funds) -4.7%
Principal
economic-financial
ratios.
Medium-sized
companies *

Source:
according to data from INFORMA

* The real estate and financing
sectors are excluded.

2.3. Development of the Spanish
middle-sized company 2008-2012

Developments during the financial crisis
reveal that 2012 can be considered the year of
company survival: it brought the greatest
shrinkage of the business fabric, with a drop
of 7.2% in the total number of companies
(more than 173,000 companies disappeared).
This was greater than the 3.9% drop in
companies of 2009, according to data from
Eurostat. In any case, the medium-sized

of the period under analysis, which
demonstrates growth in productivity at the
Spanish medium-sized companies. Indeed,
in 2012 the turnover per employee surpassed
250,000 euros, as against the 221,000 in 2009,
the lowest level in the crisis phase. This
development reveals that the companies that do
survive, independent of their number, find
themselves in a more competitive situation.

Economic
profitability
(EBIT/Assets)
2008-2012

Source:
according to INFORMA
data

5.0%

4.5%

4.0%

3.5%

3.0%

2.5%

2.0%

1.5%

1.0%

0.5%

0%

2.5%

2008

2012

0.5%

3.6%

1.3%

4.5%

3.7%

SMALL
(10-49)
MEDIUM-SIZED
(50-249)
LARGE
(250 or more)

companies that have survived are now
larger and more productive.

In particular, among the medium-sized
companies the average number of employees
per company has grown slightly to 100
employees, from 98 in 2008. The average
assets per medium-sized company have also
grown: from 27.5 million euros in 2008 to 39
million, a position above the average for EU-
28 medium-sized companies.

The turnover per company has also
undergone a notable increase over the course
The ratios of profitability have plunged in
recent years, to minimal levels in 2012.
Economic profitability, measured through the
ratio Results Before Interest and taxes/Assets,
shows a brusque decline to a minimum of
1.3% in 2012 for the medium-sized companies
as a whole. When compared by size of
company, it is seen that the larger firms
have higher rates of profitability over
assets.

The debt to own funds ratio has declined by
more than 8 percentage points since the high
reached in 2008.

2008 2009 2010 2011 2012
Average number of employees per company 98.1 98.8 98.7 99.4 100.0
Average assets per company (millions of euros) 27.5 30.1 33.0 34.3 39.2
Turnover per company (millions of euros) 23.6 21.8 23.7 23.8 25.1
Turnover per employee (thousands of euros) 240.8 221.0 240.2 239.2 250.8 principales ratios.
Average cost per salaried worker (thousand of euros) 34.0 34.9 35.6 36.4 37.0 Empresas medianas*

Current assets/ Current liabilities

1.27

1.30

1.34

1.30

1.16

Source:
Own funds/Balance 34.0% 33.9% 33.0% 33.2% 32.7% Crculo de Empresarios, according
Debt with cost/Own funds

84.6% 80.8% 82.7% 79.4% 76.0% to INFORMA data
Debt coverage (EBITDA/Financial expenses) 1.75 2.86 3.28 2.87 0.77
Debt/EBITDA 4.86 5.50 5.19 5.16 7.80 * Excludes the real estate and

Profitability of own resources (EBIT/Own resources)

10.7%

7.9%

9.4%

9.1%

3.8%
financial services sectors.
Economic profitability (EBIT/Assets) 3.6% 2.7% 3.1% 3.0% 1.3%
Financial profitability (Net benefit/Own funds) 5.3% 4.6% 5.5% 4.3% -4.7%

In any case the coverage ratio is worsening
as a consequence of a steeper fall in EBITDA
than in financing costs during the period and
the debt to EBITDA ratio has picked up,
reflecting companies declining ability to
service their debt through profit generation.

In conclusion,
The latest available data reveals that 2012 can
be considered as the year of company survival
because it produced the greatest damage to
the business fabric and the most notable drop
in company results. In any case, the medium-
sized companies that have survived are
larger and more productive.

Thus, during this crisis phase the Spanish
middle-sized company has been
strengthened in terms of size, as measured
by the average number of employees, average
assets per company and average business
volume.

The middle-sized company has increased its
productivity in recent years, as reflected in the
accumulated increase in the turnover per
employee: 4.2% during the 2008-2012 period,
when it surpassed 250,000 euros.

The largest companies were the most
profitable ones: in spite of the setbacks of
the crisis years they had an EBIT/Assets ratio
of 3.7%. For the medium-sized companies the
ratio was 1.3%, and for the small ones it was
0.5%.

In spite of the volatility of the ratios used in
recent years, they demonstrate some hard
facts: the strengthening of the middle-sized
company in terms of size, the increase in
productivity, and the deterioration of
results during the crisis years.
Companies of 50 to
249 employees.
Development of the
principal ratios.
Medium-sized
companies*


PART II

Analysis
Monographs

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Part II: Analysis Monographs27

Part II: Analysis Monographs

MONOGRAPH 1.
Analysis of real productivity
in Spanish companies 2009-
2012*

1. Methodol ogy

In the Annual Report on the Spanish
medium-sized company that we published in
October of 2013, we estimated the impact on
productivity that might come about through a
restructuring of the business fabric by size.
The aim of this present report is to examine
this effect sector by sector. To do so, we have
applied the shift-share method
7
, which makes it
possible to break down growth in real
productivity as the sum of two factors (see the
annex for more details):

The intersectoral effect measures the
variation in aggregate productivity that is
explained by the variation in productivity of
the companies in each sector.

Structural change measures the variation
in aggregate productivity caused by the
the recomposition of production factors
among the different economic sectors. In
other words, if the composition of
employment does not vary over the course
of the period being analyzed, this effect
would be null. Likewise, this structural effect
can be broken down into a static part (that
measures the variation in productivity
explained exclusively by the change in
sectorial employment) and a dynamic part,
which will have a positive effect if the
production factors have been reassigned to
those sectors with greater gains in
productivity, and a negative one if the weight
of employment has increased in the sectors
with lower gains in productivity.

Variation in productivity
=
Intersectoral effect
+ Structural change
(static + dynamic)

* Drawn up by Mnica Correa (economist for the Spain Unit of BBVA Research) and Yolanda Fernndez (Technical Director of
the Project for the Spanish Middle-sized Company of the Crculo de Empresarios and a professor at the eFEF).
7. The methodology has been implemented by the work team of BBVA Research.

productividad por

tamao empresarial

In short, if the Spanish economy has increased
its overall productivity, this methodology
allows us to distinguish just what part the
productivity of our companies is the result of
an advance in the productivity in its different
sectors, and what has been the effect on the
changes in employment among the different
economic sectors.

2. Development of real productivity of the companies by
size and sectors

To measure productivity in real terms,
eliminating the effect of inflation, we have
used the figures for GVA (Gross Value
Added) published by Eurostat and we have
calculated the corresponding deflators on a
sectorial level from information published by
the INE
8
. In this way it is possible to obtain
an approximate average of total productivity
and of productivity by size groups of Spanish
companies. The results of this analysis again
equate increased productivity with
company size: the GVA per employee in
the medium-sized and large companies is
notably greater than the average productivity,
calculated at 40,000 euros for the total
business fabric in 2012.

As can be seen in the chart, the greatest
increase in productivity over the 2009-2012
period came in the medium-sized
company segment, which registered an
accumulated growth of 6.3%, followed by the
large companies, which increased their GVA
ratio per employee by slightly more than 4%
during the period that was analyzed.

Based on available information, the sectors
analyzed were: industry, construction, energy
and different branches of the service sector.
By breaking down productivity in these
sectors we can see that independent of
company size the firms in the energy,
industry and information and communications
sectors had higher-than-average profits during
the 2009-2012 period. By contrast, variations
in productivity in the hostelry, trade and
professional services branches were below the
average.

Evolucin de la

GVA/employee
(1)
Accumulated Var. Annual Var.
2009 2012 % %

(1) miles de euros en trminos

Micro-companies (0-9 employees)

26.21

26.65

1.7%

0.56%
reales (ao base 2008) Small companies (10-49 employees) 38.16 39.05 2.3% 0.78%
Medium-sized companies (50-249 employees) 45.33 48.18 6.3% 2.10%
Large companies (more than250 employees) 54.55 56.79 4.1% 1.37%

Total companies

38.41

40.05

4.3%

1.42%

8. The deflators have been calculated by the BBVA Research work team.
Development of
productivity by
company size

(1) thousands of
euros in real
terms (base
year 2008)

Source:
and BBVA Research
according to INE
and Eurostat data

Energy and waste
management

Information
and communications
Industry
Construction

Transport
and storage

Professional activities

Commerce
Other services
Hostelry
0 20 40 60 80 100 120 140 160 180
Productividad real

por sectores
(miles de Euros)
Total empresas.
Ao 2012

Source:
and BBVA Research
according INE and Eurostat
data

-4% -2% 0 2% 4% 6% 8% 10% 12% 14% 16%

Variacin acumulada
Energy and waste
management

Information and
communications
Industry
Transport
and storage
Construction
de la productividad
por sectores.
Total empresas.
(2009-2012)

Source:
and BBVA Research according to
INE and Eurostat data
Professional
activities

Commerce

Hostelry
Other servicies

Variacin media
total sectores
Cumulative variation
of productivity by
sectors.
Total companies
(2009-2012)
Average productivity all
sectors
Total average variation
sectors
Real productivity by
sectors (thousands of
euros) Total
companies.
Year 2012

3. Breakdown of producti vity gai ns

Descomposicin del
The analysis of the companies as a whole
reveals an annual increase of real GVA per
employee of 1.42%: there is a high increase
in productivity among medium-sized
companies (greater than 2% annual) and, to a
lesser degree, among the large ones. For their
part, the smaller companies lost were less
productive during the 2009-2012 period, which
has widened the productivity gap between
companies of different sizes.

This increase in productivity was led in all the
company groupings by the intersectoral
effect: in other words, by the increase in
internal productivity in each sector. In the
medium-sized companies, if employment by
sector had not varied during the period under
analysis, the annual increase in productivity
The remodeling of the sectors of industry, and
especially construction, explain in part the
negative nature of the structural change, since in
these sectors the drop in employment has been
greater than in other sectors with lower levels of
productivity such as commerce and hostelry. In
this way, the weight of employment in the
commerce sector has risen almost 2 percentage
points during the 2009-2012 period, to 28% of
total employment, and in hostelry the rise was
almost 1 percentage point, to 11% of the total
number of salaried workers of all companies in
2012.

Based on the available breakdown by sectors,
the most productive medium-sized companies
are in the following sectors: energy,
information and communications, and profe-
crecimiento de la
productividad:
Total empresas,
2009-2012
(in annual % )

Notes: Productivity is calculated
as real GVA per employee.
Increase in Intersectoral Structural Static Dynamic
productivity sector change effect effect

Micro companies (0-9 employees) 0.56 1.17 -0.62 -0.67 0.05
Small companies (10-49 employees) 0.78 1.13 -0.35 -0.38 0.03
Medium-sized companies (50-249 employees) 2.10 2.44 -0.34 -0.29 -0.05
Large companies (more than 250 employees) 1.37 1.69 -0.33 -0.26 -0.07

The data for nominal GVA
and employment are
provided by the European
Commission (2014).

The implicit deflators of
the GVA have been
obtained from National
Accountancy (2008 base)
published by the INE.

Source:
Crculo de Empresarios and
BBVA Research according to
all other things being equal would be
2.44%, as a reflection of the productivity gains
in each of the sectors analyzed.

The analysis by company size reveals that the
firms with fewer than 10 employees are the
ones that suffer the most from structural
change. This negative impact is explained
basically by the recomposition of
employment in the less productive sectors
(static effect), since the dynamic effect is
practically null in all typologies. In other words,
employment has not been redirected toward
those sectors with the greatest increases in
productivity.
ssional activities, which register levels of real
GVA per employee of more than 60,000
euros in 2012. The companies in industry,
construction and transport also were able to
raise their productivity above the total
average. At the opposite extreme are the
companies dedicated to commerce, hostelry
and other services, with the smallest advances
in productivity.
Statistical breakdown
of the increase in
productivity: Total
companies, 2009-2012

Energy and waste
management

Information and
communications

Professional
activities

Construction

Industry
0 20 40 60 80 100 120
Productividad real
por sectores de la
empresa mediana.
(miles de Euros).
Ao 2012

Source:
and BBVA Research according to

Transport
and storage

Comercio

Hostelry
Other services

Productividad media
total sectores

The medium-sized companies achieved
increased productivity of 6.3% in the 2009-2012
period, led by the energy and information
and communications sectors. As he have
stated,
during the 2009-2012 period the structural
change in the medium-sized companies has had
a negative, though very moderate, effect.

-4% -2% 0 2% 4% 6% 8% 10% 12% 14% 16% 18% 20%
Variacin acumulada
de la productividad
Energy and waste
management

Information and
communications

Construction

Industry
Proffesional
activities
Commerce
por sectores.
Empresas medianas
(2009-2012).

Source:
and BBVA Research
according to INE and Eurostat
data
Transport
and storage

Hostelry
Other Services

Variacin media
total sectores
Real productivity by
sectors in the medium-
sized company
(thousands of euros).
Year 2012
Average productivity all
sectors
Total average variation
sectors
Distribution of
employment in
medium-sized
companies

Distribucin
del empleo en las
empresas medianas

Source: Crculo de Empresarios
and BBVA Research according
INE and Eurosta datat

Energy and waste
management

Industry

Construction

Commerce

0 5% 10% 15% 20% 25% 30%

1.5%
2.2%

28.2%
27.3%

14.8%
9.7%

18.2%
19.7%
Hostelry
Transport
and storage

Information and
communications

Professional
activities

Other services

7.7%
8.5%

6.6%
7.0%

4.8%
5.4%

6.4%
7.0%

11.8%
13.2%

YEAR 2009

YEAR 2012

In synthesis, the results of the analysis
demonstrate that the growth in real
productivity, measured as the GVA per
employee, was very high and was led by the
internal gains within each sector. In addition,
as might have been expected, the results confirm
that structural change has a negative effect as a
result of the remodeling of sectors like
construction.
In any case, the negative impact on productivity
is very moderate, and was not able to erode
intersectoral gains. This negative situation is
explained by the loss in relative weight of the

industrial and construction sectors, and to greater
employment in the less productive service
activities such as hostelry and commerce.
Specifically, in 2009 the weight of employment in
medium-sized companies in the industrial and
construction sectors was 43%, a figure that
dropped to 37% in 2012. In 2009 the commerce,
hostelry and other services sectors accounted for
38% of total employment, a figure that grew to
41% three years later.

ANNEX:
Descomposicin del crecimiento de la productividad en efectos intrasectorial, esttico y dinmico:

Donde es la productividad del sector i (i=1,, n sectores) en el ao inicial t en relacin con
la productividad agregada, es el peso del empleo del sector i en el total y T hace referencia al
ao final del perodo analizado.
Distribution of
employment in
medium-sized
companies
Where
is the productivity of the sector i (i=1,, n sectors) in the initial year t in relation
to aggregate productivity,

is the weight of employment of sector i in the total and T refers
to the final year of the period analyzed.

In conclusion,

Spanish companies as a whole increased their
productivity in the 2009-2012 period by a yearly
1.4%, and the medium-sized companies were
the ones with the greatest gains, some 2.1%
annually.

The increase in real productivity, measured as
the GVA per employee, was very high and
was led by internal gains within each sector.
The Spanish medium-sized companies are
the ones that registered the greatest increases
in intersectoral productivity, especially in
the sectors of energy and information and
communications.

The breakdown of productivity figures shows
that the increase in productivity was led by
the intersectoral effect, whereas structural
change has a very moderate negative
impact on all kinds of companies.
The most productive sectors lose weight
in employment among companies as a whole
due to the remodeling of sectors such as
construction.

During the period under analysis, Spanish
companies have combined gains in
intersectoral productivity with a negative
structural change, with the medium-sized
companies registering the greatest
advances.



MONOGRAPH 2.
Factors of business
competitiveness:
exporting propensity and
capacity for innovation *

1. Introduction

The present edition of this Report brings
something new: an analysis of information
from the INE about exporting and innovation
in Spanish medium-sized companies. This
analysis indicates that company size is an
important factor when opening or
consolidating overseas markets and in
having a capacity for innovation. To carry it
out we have used detailed information about
the companies, based on their respective
numbers of salaried workers, which has been
provided by the INE: the Industrial Poll, the
Annual Poll on Services, and the Poll on
Company Innovation.
According to the DIRCE (Central Directory
of Companies), in 2008 there were around
26,000 Spanish medium-sized firms, a figure
that dropped to 19,000 in 2013. The changes
in billing of the medium-sized companies
demonstrates during the crisis years the
increasing importance of those firms that had
the highest billings. Companies with billings
of more than 10 million euros had a
participation of 37% in the 2013 total, as
against the 32% at the start of this period
(2008).

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

5%
28
%

37%

31%

7%
30%

33%

29%

MORE THAN
50 M

LESS THAN
2 M

Distribution of
medium-sized
companies by billing.
Differences between
2008 and 2013

Source:
according to DIRCE data from
INE

0%
2008 2013

* Prepared by Yolanda Fernndez with information provided by the INE.
2-10 M

10-50 M


2. Exporting development of companies in the
industrial sector

To compare exporting capacity
9
by company
size, we have calculated the figure for overseas sales
as a part of total sales of firms ranked by their
numbers of salaried workers. The results show that
the largest companies are the ones that
achieve a larger percentage of their billings
thanks to exports. Thus overseas sales figures for
the middle-sized and large companies are greater
than 30% of their total sales, whereas in the
companies with fewer than 50 employees this
percentage is 14%. As for export development
in recent years, there is a notable advance
among medium-sized companies: in 2008 a
quarter of their total sales were overseas,
and in 2012 a third of these total sales were
exports, a proportion similar to that of the
big companies.

It should also be noted that, while the total
turnover in the period 2008-2012 has dropped,
for both the medium-sized companies and the
large ones (-8.5% and -7.8%, respectively) the
figure for overseas sale has significantly increased
during this period. Specifically, the medium-
sized companies have increased these
overseas sales by 13,8% during the five-year
period 2008-2012, and the large companies by
6.6%.

Overseas sales as
a part of total sales.
Industrial
companies ranked by
size according to
number of
employees.

Source:
according to data from the INE
35%

30%

25%

20%

15%

10%

5%

0%

10%

2008

2012

14%

25%

32%

29%

33%

FEWER THAN
50 EMPLOYEES

FROM 50
TO 249

250
OR MORE

9. Exporting propensity refers to variations in the ratio of overseas sales as a part of total sales.

3. Exporting development of service companies

20%

18%

16%

14%

12%

10%

8%

6%

4%

0%

4.9%

2008

2012

8.4%

12.1%

17.5%

14.1%

16.2%
Overseas sales as a
percentage of total
business.
Service companies
ranked by number of
salaried workers.

Source:
Crculo de Empresarios according to
data from the INE

FEWER THAN
50 EMPLOYEES

FROM 50
TO 249

250
OR MORE

In the services sector, the companies that
have a greater ratio of their total sales
overseas and a greater tendency to export
are the medium-sized ones (excluding the
commerce sector, which will be analyzed
later). In 2012 this export ratio was not only
greater in the medium-sized companies
than in the large ones, but practically
doubled that of companies with fewer than 50
employees. Whats more, since 2008 it has
grown by more than 5 percentage points in
these medium-sized firms.

In the commerce sector, it is also the
medium-sized companies that have the most
billings overseas. In 2012 companies with
fewer than 50 employees had 10% of their
total sales overseas, while for the medium-
sized firms the figure was 13%, and for the
large companies just 7.4%.

16%

14%

12%

10%

8%

6%

4%

0%

6.7%

2008

2012

10.0%

9.3%

13.3%

6.3%

7.4%

Overseas sales as
a percentage of
total business.
Commerce
companies ranked
by number of
salaried workers.
Source:
Crculo de Empresarios according
to data from the Annual Services
Poll of INE

FEWER THAN
50 EMPLOYEES

FROM 50
TO 249

250
OR MORE

4. Technological i nnovation in the countries

Innovation is considered to be all kinds of
activities of a scientific, technological,
organizational, financial and commercial
nature, including investment in new knowledge, that
are applied or could be applied. Based on this
definition, two kinds of innovations can be
identified: technological and non-
technological.

Technological innovations include the new
products (goods or services) and
technologically new processes as well as their
technological improvements. Something is
considered an innovation when it has been
marketed (product innovation) or has been
used in producing goods or providing services
(process innovation). They include the seven
following activities:

Scientific research and technological
development (internal R+D).
Acquisition of R+D (external R+D).
Acquisition of machinery, equipment,
advanced hardware or software to be used
in new or significantly improved products
or processes
Acquisition of other outside knowledge
for innovation.
Training for innovative activities.
Introduction of innovation in the market.
Design and other preparations for
production and/or distribution.

Non-technological innovations include new
methods for the marketing of products (goods
or services) or new methods of organizing
company business practices, as well as
significant improvements in already existing
methods.

From the point of view of technological
innovations (in products or processes) and
non- technological ones (in organization or
trade), 25.9% of Spanish firms with 10 or
more salaried workers were innovators in the
2010-2012 period. In any case, the
percentage of innovative firms increased
significantly in proportion to company size,
more so than in the area of exports. Thus fully
half of the large companies can be
considered to be innovative in either
products and processes (387% of the total) or

Percentage of
innovative companies
according to
size. Average
percentage during
2010-2012

Source:
according to the INE Poll on
Company Innovation

60%

50%

40%

30%

20%

10%

0%

23.6%

INNOVATORS
INNOVATION TECHNOLOGICAL
NON-TECNOLOGICAL INNOVATION

35.3%

50.0%

SMALL

MEDIUM-SIZED

LARGE

in non-technological applications (39.5%). As
for medium-sized companies, 35.3% are
innovators, and the percentage of firms that
apply technological innovations is around
22%, some 16 percentage points less than in
the companies with more than 250 employees.

In conclusion,
The medium-sized companies in the industrial sector
are the ones that show the greatest growth in overseas sales
as a proportion of total sales. In 2008, a quarter of their
total billings were overseas, and in 2012 the figure had
risen to one-third, a proportion similar to that of the
big companies.

The industrial firms achieve a larger percentage of their
billings overseas than do the services companies, of any
size.

In the services sector, the medium-sized companies
are the ones that demonstrate the greatest ratio of
foreign sales as a share of total sales, one that is
higher than that of the large companies.
In the commerce sector, it is again the medium-sized
companies that get a larger part of their billings
overseas. In 2012 they had a ratio of overseas sales to total
sales of 13%, while for the large companies the figure was
7.4%.

The percentage of innovative companies increases
significantly in proportion to size, even more so than
in the case of exports. Half of the large companies can be
considered innovators, as against 35.5% of the medium-
sized companies and 23.6% of the small ones.


PART III

Statistical sources
for
business analysis


Part III: Statistical sources for busi ness anal ysis43

Part III

Statistical sources for
business analysis

Updating available information for the analysis of
the business situation

Statistical sources

INE (Nati onal Institute of Statistics)

DIRCE (Central Directory of Companies).
Statistics on Trading companies.
Harmonized data in business demography.
Industrial Poll of Companies.
Poll on Services.
Poll on Commerce.
Poll on Company Innovation.
Poll on company use of ICT and electronic
commerce.
Statistics on Subsidiaries of Foreign
Companies in Spain.
Statistics on Subsidiaries of Spanish
Companies overseas.

The Central Directory of Companies
(DIRCE) groups in a single informatics
system all the Spanish companies and their
local units in Spain. The basic aim is to carry
out economic polls. It is updated once a year
and presented on January 1.

A statistical summary is published of the
results for companies and their local units,
classified by Autonomous Communities, and
by the firms legal status, main economic
activity, and number of workers. The DIRCE
also generates information with regard to: new
companies and others that cease activities,
which are also grouped by legal status, main
economic activity, and number of workers.

DIRCE DATA FOR
1 JANUARY 2013
Distribucin por
tamao
y facturacin de las
empresas espaolas

Nota: El DIRCE recoge adems
1,68 millones de empresas sin
asalariados.
Fuente: DIRCE 2013 (INE)

The latest data published by the INE
corresponds to January 1, 2013, and reveal that
there are 3.14 million active companies, of
which 1.68 do not have salaried workers. In the
distribution by size of companies with salaried
workers which has remained very stable with
respect to the previous year it can be seen that
the companies with fewer than 10 employees
make up 90% of the total number. Likewise, in
2013 some 95% of Spanish companies with
salaried workers had income of less than 2
million euros.

Statistics of Trading Companies

These statistics offer monthly information
about trading companies that have been
created, firms that have been dissolved, and
those where there has been a change in
capital. Data is obtained by provinces, by
Autonomous Comm and on the overall
national level including Ceuta and Melilla-
from the Central Business Register.

The INE statistics for trading companies
show an increase of 7.1% in the number of
firms created in 2013, the largest gain since
the start of the crisis. The number of
companies that were dissolved rose to 24,735
(8% of them due to mergers), which
represents an increase of 9.1%. Thus the net
creation was 68,628 new firms, 6.4% more
than in 2012.

Harmonized data in business
demography

The general aim of the harmonized data in
business demography is to provide aggregate
information about the population of companies
in Spain, taking into account those aspects having
to do with company dynamism and applying a
methodology that has been agreed upon in the
European Union.

Spanish companies
ranked by size and
billings

Note:
The DIRCE also records 1.68
million companies without salaried
workers

Source:
DIRCE 2013 (INE)
STATISTICS ON
TRADING
COMPANIES.
Companies created
and dissolved

Source:
Trading Companies
Micro (with salaried workers) Small Medium-sized Large
From 1 to 9 From 10 to 49 From 50 to 249 More than 249 TOTAL
N of companies 1,326,618 113,148 18,979 3,822 1,462,567
% of total 90.70% 7.70% 1.30% 0.30% 100.00%
Billing (millions of euros)
Less than 2 mill. 1,303,834 77,967 5,568 510 1,387,879
From 2 to 10 mill. 20,582 29,695 6,353 473 57,103
From 10 to 50 mill. 1,972 5,009 5,689 1,179 13,849
More than 50 mill. 230 477 1,369 1,660 3,736
2012 2013 Vari ati on
N tradi ng compani es created 87,182 93,363 7.10%
N tradi ng compani es di ssol ved 22,666 24,735 9.10%
Voluntary 15,920 17198 8.00%
Merger 2,045 2,004 -2.00%
Other causes 4,701 5.533 17.70%

According to the latest report published by
the INE, the stock of companies operating in
Spain during 2011 was 3,514,894. Stock is
understood as the total number of companies
active during all or part of a year. Some 53.9%
of this stock consists of companies in the
Other Services sector, 24.4% in Commerce,
15.1% in Construction and the remaining
6.6% in Industry. In 2011 the number of
companies that disappeared was greater than
the number of new ones by 44,334.
some 40,000 firms that are selected from
among a population of 145,000, and makes
it possible to obtain results that are
representative and are broken down by
Autonomous Community and size of
company as measured by number of
employees.

In 2012, some 3.8% of the companies were
middle-sized, and accounted for 24.2% of
employment and 22.5% of the turnover.

80

74.5%

70

60

50

40

30

20

16,9%

N OF COMPANIES
EMPLOYEES
TURNOVER

26.9%
21.1%

24.2%

22.5%

32%

53.3%

Distribution by
number of
companies,
employees and
turnover. Year
2012

Source:

10

9.2%

0
15%

3.8%

0.7%
INE Industrial Poll

MICRO
(0-9)
SMALL
(10-49)
MEDIUM-SIZED
(50-249)
LARGE
(More than 250)

Industrial Poll of Companies

The Industrial Poll of Companies is an
annual structural survey aimed at companies
with at least one salaried worker and whose
principal activity is in the manufacturing
industries; the extractive industries; the
supplying of energy, gas and water; and
decontamination and the cleanup and
management of waste matter. These statistics
make it possible to determine the structural
characteristics of the companies that are
principally dedicated to each of these
activities: their size, the most important
accounting data (business volume, purchases,
personnel expenses, etc.) and their structure
of employment and investment. The Industrial
Poll of Companies is based on a sampling of
Poll on Services

The Annual Poll on Services is a structural
survey of all companies engaged in Transport
and Storage; Hostelry; Information and
Communications; Real Estate Activities;
Professional, Scientific and Technical
Activities; Administrative Activities and
Auxiliary Services; Artistic, Recreational and
Entertainment Activities; and Other Services
(repair of computers, personal effects and
articles for domestic use, and other personal
services). This Poll does not include the
Commerce sector, whose results are
presented in the Annual Commerce Poll. The
Annual Poll on Services is a sampling of some
80,000 companies selected from among a
total population of around 1,300,000,
16.9%

Distribucin del
35

personal ocupado y
30
cifra de negocios.
Ao 2012
25

Source: 20
Encuesta Anual de
Servicios del INE
15
14

10
7

5

0
EMPLOYEES 33
28
TURNOVER 28

23

17
19
18

13

NO SALARIED
WORKERS

MICRO
(0-9)

SMALL
(10-49)

MEDIUM-SIZED
(50-249)

LARGE
(More than 250)

and makes it possible to obtain results
that are broken down by Autonomous
Community and size of company as measured
by number of employees.

Poll on Commerce

The Annual Commerce Poll studies
companies engaged in the sale and repair of
motors vehicles and motorcycles, retail trade,
wholesale trade, and business intermediaries.
In 2012, all medium-sized and large
companies dedicated to this commerce
represented only 0.5% of the total number of
companies, although they accounted for
32.6% of employment and more than 46% of
the total billings in this sector.

Poll on Company
Innovation

The Poll on Company Innovation offers
indicators on different aspects of this process.
The study was directed to a sampling of
more than 39,000 companies with 10 or
more salaried workers in the industrial,
construction and services sectors. Since
2006 the study has included the agricultural,

Distribution of
the number of
companies,
employees and
turnover.
Year 2012

Source:
INE Annual Commerce Poll

60

49.6
50

40

30

20

12
10

0

5.2

45.5

36.5

24.9

4.2

NUMBER OF COMPANIES
EMPLOYEES
TURNOVER

23.5
18.9
16.3

9.7

0.4

0.1

22.9

30.1

FEWER THAN
2 WORKERS

FROM 2 TO
9 WORKERS

SMALL
(10-49)

MEDIUM-SIZED
(50-249)

LARGE
(More than 250)
Distribution of
employees and
turnover.
Year 2012

Source:
INE Annual Poll on Services

livestock, hunting fishing and forestry areas.

Poll on company use of ICT and
electronic commerce

This Poll presents information to measure the
use of ICT and electronic commerce at
companies in the European Union. Following
the methodology recommended by Eurostat,
the poll considers a twofold time scope: the
variables on the use of ICT refer to January of
2013, while the period of reference for general
company information, electronic commerce
and ICT training is from 2012. The study
surveyed 15,423 companies of 10 or more
employees and 10,667 firms of fewer than
10 workers located in Spain.

Statistics on Subsidiaries of
Foreign Companies in Spain

The Statistics on Subsidiaries of Foreign
Companies in Spain (FILINT) comes out
each year with the aim of providing
information about the principal
characteristics, economic indicators, structure
and activity of the subsidiaries of foreign
companies operating in Spain, in both the
industrial and services sector.

According to the most recent report published
by the INE, in 2011 there were 8,986
subsidiaries of foreign companies in the
sectors of Industry, Commerce and Other
Services not involving the financial markets.
These companies generated a turnover of
422,347 million euros and employed 1,235,250
persons. The subsidiaries of foreign firms in
Spain in these sectors represented 0.5% of
the total number of companies.
The turnover and employment they generated
were, respectively, 26.0% and 12.4% of the
total.
Statistics on Subsidiaries of Spanish
Companies Overseas

The Statistics on Subsidiaries of Spanish
Companies Overseas (FILEXT) comes out
each year with the aim of providing
information about the principal variables that
determine the structure and activity of these
subsidiaries of Spanish companies. It includes
subsidiaries whose principal activities are in
the fields of Construction, Commerce, and
Non-financial Services. This information is
broken down by activity, size and country or
geographic area of the subsidiary firm.

In 2011 there were 4,183 Spanish subsidiaries
overseas in the sectors of Industry,
Construction, Commerce and Other Services.
They generated a turnover of 198,330 million
euros. With regard to employment, they
provided 788,356 jobs. The Services sector
was the largest one among these overseas
firms (32.2%), generating 39.0% of the
total turnover and employing one of every
two people working in all these subsidiaries.

Bank of Spai n

Annual Central Balance Sheet
The Annual Report presents information about the balances and profit and loss accounts of
non-financial companies in 2012, based on a sample of more than 7,300 companies (30% of
them middle-sized) that voluntarily take part and that represent 27% of the GVA generated by
all Spains non-financial firms.

CENTRAL DE
BALANCES ANUAL

Small

Medium-sized

Large

TOTAL
(CBA). 2012 Fewer than 50 empl. From 50 to 249 Mmore than 250
Distribucin por
tamao de las N companies 3,743 2,233 1,399 7,375
empresas espaolas % of total 50.8% 30.3% 19.0%

Fuente:

N employees

66,000

209,000

1,914,000

2,189,000
Central de Balances del Banco % of total 3.0% 9.5% 87.4%
de Espaa

This information is complemented by an analysis of the results of the small and medium-sized
Spanish non-financial companies. It was drawn up based on the annual accounts deposited at
business registers (CBB). Regarding the CBB database, it has information about 470,000
companies with employees, of which some 10.000 firms are medium-sized, or 2.2% of the total.

ANNUAL CENTRAL
BALANCE SHEET.
2012
Breakdown by size of
Spanish companies

Source:
Central Balance Sheet of the Bank of
Spain
CBB INFORMATION
ON PYMES (*). 2011
Distribution
of Spanish
companies by size

Source:
Central Balance Sheet of
the Bank of Spain

(*) Integra la informacin de
las cuentas depositadas en los
Registros Mercantiles
Micro Small Medium-sized Large TOTAL
Up to 9 empl. From 10 to 49 From 50 to 249 More than 250
N of companies 373,804 85,569 10,205 1,399 470,977
% of total 79.4% 18.2% 2.2% 0.3%
N employees
1,072,000 1,276,000 633,800 1,914,000 4,895,800
% of total 21.9% 26.1% 12.9% 39.1%

Directorate-General of Industry and the Smal l and Medi um-si zed Company (Pyme)

Pyme Figures
Each month the Directorate-General of Industry and Pyme releases a report, titled Pyme
Figures. (Pyme is the acronym in Spanish for Small and medium-sized companies). It is
based on data provided by the Ministry of Employment and Social Security about companies
registered in the Social Security system. In addition to the number of companies ranked by size,
there is information about the workers in companies with employees.

Portrait of the Pyme
Each year the Directorate-General of Industry and Pyme also releases a comparison of the data
that is published annually in the DIRCE (Central Directory of Companies), which makes it
possible to analyze the situation among companies depending on their size, sector or
geographical location. The latest report analyzing this DIRCE information dates from January
1, 2013.

SEPI Foundati on

The Poll on Business Strategies (ESEE)
Each year the SEPI Foundation carries out a poll aimed at industrial and manufacturing
companies located in Spain, and called the Poll on Business Strategies (ESEE, in Spanish). The
origin of the ESEE is the agreement signed in 1990 between the Ministry of Industry and the
SEPI Foundation, which took responsibility for designing, controlling and carrying out the poll.
It surveys companies with 10 or more workers in what is usually known as the manufacturing
industry. It includes all of Spain and appears annually.

Summary of the ESEE questionnaire:
Activity, Products and Processes.
Clients and Suppliers.
Costs and Prices.
Markets served.
Technological activities: questions about R+D activities, patent registration, innovations in product
and price, and payments for and income from licenses and technical assistance.
Overseas Business.
Employment.
Accounting data.

N of companies 1,025 122,638 20,972 4,227 1,172,945
% of total 87.4% 10.5% 1.8% 0.4% 100%
N employees
2,595,200 2,385,700 2,069,300 5,013,200 12,063,400
% of total 21.5% 19.8% 17.2% 41.6% 100%
Companies and
salaried workers
registered at Social
Security. April 2014

Source:
Pyme figures


Tax Agency

Data on overseas business by company characteristics
As of June of 2014, the Department of Customs and Special Taxation has published the
statistics on overseas business according to the principal characteristics of the companies: the
volume of this trade and the number of export and import firms according to their economic
activity as determined by the National Classification of Economic Activities (CNAE). Also the
number of employees, the number of companies with which there are exchanges, the volume of
exports and imports, etc.

To obtain the additional information necessary to draw up these statistics, the procedure has
been to compare the information foreign trade with that provided by DIRCE.

The latest published data, from 2011, when compared with that from the previous year,
highlights the increasing importance of the medium-sized companies in the overseas
sector. Thus the number of medium-sized exporting companies increased by 1.7% and their
overseas turnover rose by 18%: the participation of these firms in the total export figure rose to
24%. In other words, a quarter of the value of Spanish exports in 2011 corresponded to
medium-sized companies.
Number de companies
and volume of exports
by company size.
STABLE EXPORTING
COMPANIES (*)

Source:
Tax Agency

(*) Stable companies: those that during
the referenced year, and in the three
previous ones, presented the Intrastat
or the Single Administration Document
(SAD).

Annual var.
% of all
companies 2011
2010 2011
Micro (0-9 employees) 15,624 16,086 3.0% 45%
Small (10-49 employees) 13,116 13,127 0.1% 36%
Medium-sized (50-249 employees) 5,195 5,283 1.7% 15%
Large (250 and more employees) 1,493 1,487 -0.4% 4%
TOTAL 35,428 35,983 1.6% 100%
Annual var.
% of all
companies 2011
2010 2011
Micro (0-9 employees) 15,354 17,073 11% 9%
Small (10-49 employees) 22,858 26,114 14% 14%
Medium-sized (50-249 employees) 38,057 44,971 18% 24%
Large (250 and more employees) 84,022 97,654 16% 53%
TOTAL 35,428 35,983 1.6% 100%
Number of
companies
Value exports
(Mill )
Part III: Statistical sources for busi ness anal ysis 51

ICEX

The base of exporting companies
Based on information from the Customs Department, ICEX (the Spanish Institute for Foreign
Trade) compiles a Profile of Exporting Companies as a whole and the so-called regular
exporters group: those firms that have consistently exported over the past four years. The
Profile includes export figures, the geographic destination of exports, the products exported and
the different exporting sectors.

In 2013 the number of exporting firms rose to 150,992 from the 137,528 of the previous year.
The number of regular exporting companies also grew: from 38,373 in 2012 to 41,163 in 2013,
while more than 6,600 companies initiated or reinitiated exporting activity.

European Commission

Observatory of European Small and Medium-sized companies
Based on information from Eurostat (provided by the different National Statistics Institutes) an
annual report is published about small and medium-sized companies in the European Union. It
analyzes their contribution to growth and employment in the 27 EU countries.

We analyze these statistics in the second part of the present study so as to be able to place
Spanish companies in the European context.

The most recent report includes estimates for 2014 about the number of companies, employees
and GVA for the companies as a whole and as ranked by size. For the EU-27 as a whole, it is
estimated that there are 21.4 million companies, of which 1.1% are medium-sized, and that they
provide 17.4% of employment and 18.2% of the GVA.

Eurostat data for EU-
27 companies.
Estimates 2014

Source:
Eurostat

N of companies 19,676,714 1,403,820 233,051 45,457 21,359,042
% of total 92.1% 6.6% 1.1% 0.2%
N employees
38,369,835 27,134,078 23,125,668 44,394,691 133,024,272
% of total 28.80% 20.40% 17.40% 33.40%
GVA (mill. euros)
1,304,396 1,116,462 1,115,659 2,578,162 6.114.679
% of total 21.3% 18.3% 18.2% 42.2%

EFIGE Project
EFIGE (European Firms In a Global Economy) is a research project financed by the Seventh
Framework Programme of the European Commission. The project began in 2008 and the surveys have
been carried out since 2010 among companies in seven European countries (Germany, France, Italy,
Spain, United Kingdom, Austria and Hungary).

The project includes some 16,000 companies in the manufacturing sector with more than 10
employees. (Large countries like Spain have 3,000 companies in the survey.) The project studies
the international competitiveness of European firms through comparative company analysis in
these seven countries. The reports center on competitiveness and innovation, although they also
deal with aspects related to the internationalization of the companies and their structure
(employment, organization, financial strategies). This information can thus serve to
complement the analysis of Spanish firms in an international comparison, but it does not allow
for a systematic monitoring of the business fabric.

Base de datos
EFIGE.
Datos 2011

Countries N companies N companies % of total % of total
TOTAL 10-49 employees 50-249 empl. More than 250 empl.

SPAIN 2,832 80% 15% 5%
GERMANY 2,935 62% 27% 11%
FRANCE 2,973 71% 21% 8%
ITALY 3,021 81% 15% 5%
UNITED KINGDOM 2,067 70% 25% 5%
AUSTRIA 443 66% 23% 11%
HUNGARY 488 65% 25% 10%
TOTAL 14,759
EFIGE database.
2011

European Central Bank

BACH (Bank for the Accounts of Companies Harmonised) database
The BACH project collects annual historical series (balances, income statements and significant
ratios) of non-financial companies in 11 European Union countries: Germany, Austria,
Belgium, Spain, Slovakia, France, Holland, Italy, Poland, Portugal and the Czech Republic.
The data is presented in percentages and absolute values (assets, net turnover, added value and
employment figure) and a statistical distribution of ratios and structures (quartiles). This data
has been available since 2000 for the combination of 104 aggregates of activity and five size
categories as defined by net turnover.

Countries

N companies
Small and medium-sized

N companies
Large

N companies
TOTAL
BACH
Database. 2011

SPAIN

353,722

1,709

355,431

AUSTRIA 63,047 1,730 64,777
BELGIUM 351,243 1,873 353,116
CZECH REP. 32,817 968 33,785
GERMANY 30,278 4,619 34,897
FRANCE 219,770 6,222 225,992
ITALY 33,613 4,727 38,340
POLAND 52,002 1,601 53,603
PORTUGAL 361,220 727 361,947
TOTAL 1,497,712 24,176 1,521,888

CompNet (Competitiveness Research Network) Database
In February of 2014 the European Central Bank (ECB) published a document about the new
database called CompNet. It contains information about the business balance sheet of
companies in 11 EU countries, broken down into 58 sectors, for the 1995-2011 period. Using
this information, it was possible to devise some homogeneous indicators about business
productivity and competitiveness, ranked by company size.

N companies N companies N companies %
Total More than 20 employees More than 20 employees
SPAIN 245,121 22,770 9%
BELGIUM 66,842 7,757 12%
CZECH REP. 21,156 11,470 54%
SLOVAKIA 3,954 3,446 87%
SLOVENIA 16,676 2,123 13%
ESTONIA 12,186 1,849 15%
GERMANY 30,688 22,401 73%
FRANCE 348,179 55,004 16%
ITALY 53,054 21,476 40%
POLAND 6,250 6,250 100%
TOTAL 804,106 154,546 19%
Countries
CompNet
Database. 2011

INFORMA

Iberian Balance Sheet Analysis System (SABI)
This is an economic-financial database drawn up by INFORMA D&B in conjunction with
Bureau Van Dijk. It includes information about 1,247,469 Spanish companies (674,295 of them
with balance sheets at the end of 2011). Among its principal advantages: it has ample coverage
of the DIRCE population and disaggregated data about each individual company, which makes
it possible to identify specific firms and compare them with official statistics, which are very
complete but anonymous. It also provides periodically updated information the companies
deposit with the Business Registers.

For that reason we use this database in section two of the present report, which analyzes the economic-financial
development of Spanish medium-sized companies during the 2008-2012 period.

AMADEUS database
This is a database of economic-financial information about some 20.6 million European
companies in 43 countries. In the case of Spain, it is fed by INFORMA D&B.

ORBIS database
ORBIS is a financial database, in a standardized format that makes it compatible, about more
than 123 million companies all over the world (including banks and insurance firms).

ORBIS includes information
about:
66 million companies in Europe.
23 million companies in North America.
13.2 million companies in South and Central America.
19.1 million companies in Asia, the Middle East and Oceania.
1.3 million companies in Africa.

2011 2012 2013 Var. 13/12 Source
N of companies created 84,812 87,182 93,363 7.1% Bus. Registers
N of companies dissolved 19,784 22,666 24,735 9.1% Bus. Registers
Net companies created 65,028 64,516 68,628 6.4% Bus. Registers
N companies (w. salaried workers)
1,453,108 1,432,090 1,462,567 2.1% DIRCE- INE
Micro (1-9 employees) 1,297,971 1,286,587 1,326,618 3.1% DIRCE- INE
Small (10-49 employees) 130,448 121,601 113,148 -7.0% DIRCE- INE
Medium-sized (50-249 employees) 20,888 20,108 18,979 -5.6% DIRCE- INE
Large (more than 250 employees) 3,801 3,794 3,822 0.7% DIRCE- INE
N of companies in S. Secur. 1,210,527 1,171,844 1,158,338 -1.2% Min. Employment
Micro (1-9 employees) 1,053,987 1,025,848 1,014,940 -1.1% Min. Employment
Small (10-49 employees) 130,039 121,111 118,732 -2.0% Min. Employment
Medium-sized (50-249 employees) 22,097 20,698 20,475 -1.1% Min. Employment
Large (more than 250 employees) 4,404 4,187 4,191 0.1% Min. Employment
N of workers in S. Secur. 14,362,154 11,998,300 11,914,600 -0.7% Min. Employment
Micro (1-9 employees) 2,669,500 2,571,000 2,549,200 -0.8% Min. Employment
Small (10-49 employees) 2,535,800 2,360,300 2,312,200 -2.0% Min. Employment
Medium-sized (50-249 employees) 2,181,700 2,051,700 2,030,100 -1.1% Min. Employment
Large (more than 250 employees) 5,262,200 5,015,300 5,023,100 0.2% Min. Employment
MIDDLE-SIZED COMPANIES (50-249 employees)
N companies 16,561 15,484 15,502 0.1% EUROSTAT
N employees (persons) 1,614,403 1,513,350 1,488,133 -1.7% EUROSTAT
Average N employees/company 97 98 96 -1.8% EUROSTAT
GVA (millions euros) 79,497 73,358 73,433 0.1% EUROSTAT
Productivity (thousands euros) 49 48 49 1.8% EUROSTAT
Economic-financial ratios
Turnover per company (millions euros) 23.8 25.1 INFORMA
Average assets per company (millions euros) 34.3 39.2 INFORMA
Turnover per employee (thousands euros) 239.2 250.8 INFORMA
Average cost per worker (thousands euros) 36.4 37 INFORMA
Own assets/Balance 33.2% 32.7% INFORMA
Economic profitability 3.0% 1.3% INFORMA
Annual variation in employment (EPA) -1.6% -4.3% -2.8% INE
Annual variation of real GDP 0.1% -1.6% -1.2% INE
Synthesis of
indicators of
the Spanish
medium-sized
company

Source:

PART IV

Contributions
to company analysis
and proposals for
reactivating the
business fabric


Part IV: Contributions to company analysis and proposals for reactivating the business fabric59

Part IV:
Contributions to company
analysis and proposals for
reactivating the business
fabric

In this new section of the Annual Report on
the Spanish medium-sized company we
include a list of the principal reports, articles
and analyses drawn up by different public and
private organizations from the company
sphere. Through the webpage of the Crculo
de Empresarios (10) it is possible to gain
access to the complete documents that are
summarized on this list.

This list also includes a series of documents
that describe the principal initiatives and
proposals that are being drawn up to favor the
growth and professionalization of Spanish
business.

These initiatives are basically expressed in four
areas of action:

Making the business sector larger.
Favoring the use of new sources of
financing.
Promoting internationalization.
Supporting innovation.

10. http://circulodeempresarios.org/es/empresa-mediana-espa%C3%B1ola/otros-documentos

Economi c Poli cy
Internationalization and innovation of firms:
evidence and policy
57 Panel Meeting (April 2013)

PwC / SIEMENS
Keys to competitiveness in
Spanish industry
(September 2013)

Crcul o de Empresari os
The Spanish medium-sized company, 2013
(October 2013)

Worl d Bank
Report on Doing Business 2014:
Understanding the regulations for small
and medium-sized companies
(October 2013)

BANK OF SPAIN
Economi c bull eti n
Juan Ayuso:
An analysis of the credit situation in Spain
(October 2013)

European Commission
2013 annual report about the small and medium-sized companies
(November 2013)

Chambers of Commerce
Business perspectives 2014
(December 2013)
Part IV: Contributions to company analysis and proposals for reactivating the business fabric 61

BANK OF SPAIN
Carmen Martnez y Maristela Mulino:
The development of banking credit for
companies according to their size
(January 2014)

BANK OF SPAIN
Antonio Rodrguez y Patry Tello:
The impact of direct investment on productivity and
employment in the Spanish manufacturing sector
(January 2014)

Real Instituto El cano
Spanish commerce and added value: the hidden face of
the exterior sector
(January 2014)

KPMG
European barometer of family-run businesses
(January 2014)

CEOE
Proposal for actions to increase the average size of
industrial companies in Spain
(January 2014)

Deloitte-EL PAIS
Barometer of
Companies
(February 2014)

Busi ness Europe/CEOE
Industry matters:
Recommendations for an industrial pact
(Marzo 2014)

AED
(Spani sh Associ ati on of Managers)
Observatory of the management function
(First trimester 2014)

PwC
7th survey of top management in Spain.
Proposals for reactivating the economy
(March 2014)

Central European Bank
Semester poll on access to financing of small and
medium-sized companies in the Euro Area
(April 2014)

Crcul o de Empresari os
The top 50 middle-sized Spanish companies. Successful cases
(April 2014)

INFORMA
Gazelle companies and high-growth companies
(April 2014)

Directorate-General of Industry and the
Small and Medi um-sized Company
(Pyme)
Pyme statistics
(May 2014)

Tax Agency
Quarterly report on sales, employment and salaries in the large companies
(May 2014)
Part IV: Contributions to company analysis and proposals for reactivating the business fabric 63

IMF (Internati onal Monetary Fund)
Article IV Consultation with Spain: Concluding
Statement of the Mission
(May 27, 2014)

BBVA-Research
Santiago Fernndez de Lis:
Internationalization and financing of Spanish
companies
(May 2014)

Cre100do.es
Initiative by the Fundacin Innovacin
Bankinter in conjunction with ICEX and
the Crculo de Empresarios
(May 2014)

Crcul o de Empresari os/
Crcul o de Economa/
Crcul o de Empresarios Vascos
The Barometer of the Crculos
(June 2014)

Government of Spai n
Plan of measures for growth, competitiveness and efficiency
(June de 2014)

CRCULO
DE EMPRESARIOS

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