View
0
Download
0
Category
Preview:
Citation preview
Assessment of sectoral performance, with focus on small and medium-sized enterprises
Economic Analysis & Markets
July 2013
researchdivision@piraeusbank.gr
Bloomberg Page: <PBGR> Ilias Lekkos Lekkosi@piraeusbank.gr Paraskevi Vlachou Vlachoupar@piraeusbank.gr Irini Staggel Staggelir@piraeusbank.gr Konstantinos Kefalas Kefalask@piraeusbank.gr
Piraeus Bank 4, Amerikis St., GR-105 64, Athens, Greece Tel: (+30) 210 328 8187, Fax: (+30) 210 328 8605
1. Aim and methodology of study – key findings
2. Macroeconomic background of study
3. A bird’s-eye view of sectoral dynamics 2000-2011
4. Calculation and Dimensions of the BIC Index
5. Presentation of results of the BIC Index
6. Appendices
2
Contents of study
BlC Project
July 2013
3
BlC Project
July 2013
4
1. Aim of the study
BlC Project
July 2013
The aims of the present study are the assessment and ranking of
the performance of the 50 most essential sectors of the Greek
economy based on the fundamentals of Small and Medium-sized
Enterprises (SMEs).
At the same time, the intertermporal examination allows us to
identify:
the sectors with the strongest Positive Dynamics (in terms of improving
their evaluation from 2007 to 2011), as well as,
the sectors with Declining Prospects (based on the decline in their
evaluation from 2007 to 2011).
Finally, and perhaps most importantly, we present the impact of the
prolonged recession on the fundamentals of Greek SMEs in all
sectors.
5
Best in Class (BIC) Index
BlC Project
July 2013
The main analytical tool with which we assess and rank the sectors is the
BIC Index.
First, the performance of each sector of economic activity is evaluated along
four axes, which summarize the key dimensions measuring entrepreneurial
activity, namely liquidity, efficiency, capital structure and correlation
with the macroeconomic environment.
Then – to facilitate the drawing of robust conclusions – the four axes are used
to compile an overall sectoral performance index, which is referred to as
the Best in Class (BIC) Index.
6
Methodology (Ι)
BlC Project
July 2013
Based on the score of each sector in the BIC Index, we are able to assess
and rank the best to the worst performance of 50 essential sectors of the
Greek economy from 2007 to 2011, both as a whole and in terms of the
individual dimensions of liquidity, efficiency, capital structure and
macroeconomics.
The sectors which, although they are not necessarily at the top of the
rankings, have managed to improve their position in 2011 compared to 2007,
are denoted as sectors with Positive Dynamics. On the other hand, the
sectors that now lie in lower positions than in the ranking of 2007 are
denoted as sectors with Declining Prospects.
7
Methodology (ΙΙ)
BlC Project
July 2013
The calculation of the BIC Index and especially the choice of a common and
fixed base period (see section “Calculation and Dimensions of the BIC Index”)
– both for the overall index and for the four individual dimensions – allows
us:
to examine the evolution over time of the BIC Index and its
dimensions from 2007 to 2011 and
to analyze the impact of the economic crisis on fundamentals of
SMEs, operating in 50 essential sectors of economic activity.
8
Key findings and conclusions
BlC Project
July 2013
• The performance of all sectors has undergone significant and
systematic deterioration between 2007 and 2011.
• In this context, the sectors that have suffered the smallest losses are
the ones which have managed to improve their relative position in
the scale of sectoral evaluation.
• Naturally, these sectors are the most defensive sectors of the Greek
economy.
• Conversely, cyclical sectors – and particularly sectors that depend on
private consumption – record the biggest drops and occupy the last
positions.
9
BlC Project
July 2013
• Both the total BIC Index and the individual dimensions decline significantly and
systematically from 2007 to 2011.
• The index with the highest stability is the capital structure index suggesting it is necessary
for Greek SMEs to operate with a high degree of independence.
• The next index that follows in terms of decline is the liquidity index. The (relatively) small
deterioration in liquidity is a surprise, but we should bear in mind that this index has been at
extremely pressured levels since 2007.
• The two indices that reflect most emphatically the impact of the recession on business
performance are the indices of efficiency and momentum, which fell at an accelerating
pace from 2007 to 2011.
• The changes in specific indicators are reflected in the overall BIC Index, which has declined by
20% from 2007 to 2011.
Key findings and conclusions
10
Source: EL.STAT., ICAP DATA, Piraeus Bank Research
BlC Project
July 2013
33.3
31.4 31.8
29.4
29.5
44.0
38.8
37.3
31.8
28.4
43.9
41.4
43.1 43.1
41.5 41.7
38.7
34.4
31.0 30.6
40.7
37.6
36.7
33.8
32.5
27
29
31
33
35
37
39
41
43
45
2007 2008 2009 2010 2011
Liquidity Efficiency Capital structure Momentum Total
Key findings and conclusions
11
BlC Project
July 2013
Defensive sectors include utilities, such as
water, wastewater management (E),
electricity (D) telecommunications (61) and
health (P).
The real estate sector (68) is favoured
disproportionately by significant liquidity.
Sectors such as repair and installation of
machinery (33) and manufacture of
electrical equipment (27) benefit due to
their strong capital base.
In the current unfavourable economic
climate, efficiency and profitability are
reduced even in the sectors with strong
performance.
The 10 sectors with the strongest performance, 2011
Ε Water supply; sewerage, waste management and remediation activities
68 Real estate activities
33 Repair and installation of machinery and equipment
51 Air transport
27 Manufacture of electrical equipment
D Electricity, gas, steam and air conditioning supply
61 Telecommunications
62+63 Computer programming, consultancy and related activities. Information service activities
32 Other manufacturing
P Human health and social work activities
Key findings and conclusions
Source: EL.STAT., ICAP DATA, Piraeus Bank Research
12
BlC Project
July 2013
All of the sectors that occupy the last
positions in our analysis are sectors of
cyclical activity, as their activity is
dependent on disposable income and
household consumption.
The sectors with the weakest performance
face challenges in terms of profitability
and efficiency, and are behind in terms of
liquidity. The sectors that best illustrate
this behaviour are film production and
broadcasting (59+60) and the
manufacturing of PCs (26).
The 10 sectors with the weakest performance, 2011
26 Manufacture of computer, electronic and optical products
59+60 Motion picture, video and television programme production, sound recording and music publishing activities. Programming and broadcasting activities
R Arts, entertainment and recreation
58 Publishing activities
16 Manufacture of wood and of products of wood and cork, except furniture; manufacture of articles of straw and plaiting materials
45 Wholesale and retail trade and repair of motor vehicles and motorcycles
13 Manufacture of textiles
21 Manufacture of basic pharmaceutical products and pharmaceutical preparations
23 Manufacture of other non-metallic mineral products
17 Manufacture of paper and paper products
Key findings and conclusions
Source: EL.STAT., ICAP DATA, Piraeus Bank Research
13
BlC Project
July 2013
42 40
32 27
23
0
5
10
15
20
25
30
35
40
45
61 51 33 19 A
Ran
kin
g c
han
ge
Sectors
Sectors with the 5 highest cumulative changes in the ranking of BIC Index, 2007-2011
Ascending sectors
Ascending sectors, such as
telecommunications (61) are based on high
liquidity or on their high capital base, e.g.
air transport (51).
On the other hand, sectors such as the
manufacture of petroleum products (19)
and agricultural production (A) produce
basic goods and rely on external demand,
while their prices are influenced by
international factors. Moreover, due to the
nature of their products, their demand is
largely inelastic.
61 Telecommunications
51 Air transport
33 Repair and installation of machinery and equipment
19 Manufacture of coke and refined petroleum products
Α Agriculture, forestry and fishing
Source: EL.STAT., ICAP DATA, Piraeus Bank Research
Key findings and conclusions
14
BlC Project
July 2013
Sectors with the 5 lowest cumulative changes in the ranking of BIC Index, 2007-2011
Descending sectors
The sectors with the biggest declines are
associated with the industries of building
and public projects e.g. construction
(ST) and mining-quarrying (B), with
cutbacks in public expenditure e.g.
drugs (21) and with reductions in
private expenditure e.g. publishing
activities (58). 58 Publishing activities
21 Manufacture of basic pharmaceutical products and preparations
Β Mining and quarrying
29 Manufacture of motor vehicles
ΣΤ Construction
Source: EL.STAT., ICAP DATA, Piraeus Bank Research
Key findings and conclusions
-36
-29 -25 -24 -24
-40
-35
-30
-25
-20
-15
-10
-5
0
58 21 B 29 SΤ
Ran
kin
g c
han
ge
Sectors
15
BlC Project
July 2013
16
Source: European Commission DG ECFIN, EL.STAT., Piraeus Bank Research
Economic Climate Tracer and “Real Time” Output Gap Indicator
“Real Time” Output Gap Indicator Economic Climate Tracer
• According to the mapping of the business cycle, the Greek business climate seems to be exiting
the contraction phase.
• At the same time, we created the Output Gap Index, which captures all the production structures
in human and capital equipment not in use. This index has followed a steep downward trend
since mid-2008, while in Q1/09, when the recession intensified, it moved into negative territory.
-4.0
-3.0
-2.0
-1.0
0.0
1.0
2.0
-0.25 -0.2 -0.15 -0.1 -0.05 0 0.05 0.1 0.15
level
mom change
downswing expansion
contraction upswing
May 13
Jan 00
-7.0
-6.0
-5.0
-4.0
-3.0
-2.0
-1.0
0.0
1.0
2.0
Q1/9
8
Q4/9
8
Q3/9
9
Q2/0
0
Q1/0
1
Q4/0
1
Q3/0
2
Q2/0
3
Q1/0
4
Q4/0
4
Q3/0
5
Q2/0
6
Q1/0
7
Q4/0
7
Q3/0
8
Q2/0
9
Q1/1
0
Q4/1
0
Q3/1
1
Q2/1
2
Q1/1
3
BlC Project
July 2013
17
Source: European Commission DG ECFIN, EL.STAT., Piraeus Bank Research
Gross Domestic Product
GDP Growth (constant prices 2005)
Gross Domestic Product (million €, constant prices 2005)
In 2012, real GDP shrank by 6.4% from -7.1% in 2011. In the first quarter of 2013, GDP has shrunk by
5.6%. Moreover, according to our estimates for seasonally adjusted data, the decline in GDP in
comparison to the previous quarter stood at -1.2% (Q4/12 = -2.1% QoQ).
145,000
155,000
165,000
175,000
185,000
195,000
205,000
215,000
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
GDP
-10.0
-8.0
-6.0
-4.0
-2.0
0.0
2.0
4.0
6.0
8.0
10.0
Q1/0
1
Q1/0
2
Q1/0
3
Q1/0
4
Q1/0
5
Q1/0
6
Q1/0
7
Q1/0
8
Q1/0
9
Q1/1
0
Q1/1
1
Q1/1
2
Q1/1
3
GDP_sa_2005=100 (QoQ% change) GDP_sa_2005=100 (YoY% change)
GDP_nsa_2005=100 (YoY % change)
Note: Seasonally adjusted data according to PrB estimates
BlC Project
July 2013
18
Source: EL.STAT., Eurostat, MinFin, Piraeus Bank Research
Economic Activity
GDP estimate based on Economic Activity Indicators
Economic Activity Indicators
Indicators of Public and Private Economic Activity – the contribution of which deepens the scope of
our analysis of changes in GDP in individual areas – remain subdued, but a marginal pick-up has been
observed since end-2012.
-5
-4
-3
-2
-1
0
1
2
3
Q1/0
1
Q3/0
1
Q1/0
2
Q3/0
2
Q1/0
3
Q3/0
3
Q1/0
4
Q3/0
4
Q1/0
5
Q3/0
5
Q1/0
6
Q3/0
6
Q1/0
7
Q3/0
7
Q1/0
8
Q3/0
8
Q1/0
9
Q3/0
9
Q1/1
0
Q3/1
0
Q1/1
1
Q3/1
1
Q1/1
2
Q3/1
2
Q1/1
3
Private Activity Public Activity
-10
-8
-6
-4
-2
0
2
4
6
8
10
Q1/0
2
Q3/0
2
Q1/0
3
Q3/0
3
Q1/0
4
Q3/0
4
Q1/0
5
Q3/0
5
Q1/0
6
Q3/0
6
Q1/0
7
Q3/0
7
Q1/0
8
Q3/0
8
Q1/0
9
Q3/0
9
Q1/1
0
Q3/1
0
Q1/1
1
Q3/1
1
Q1/1
2
Q3/1
2
Q1/1
3
Actual Fitted
BlC Project
July 2013
19
Source: EL.STAT., European Commission DG ECFIN, Piraeus Bank Research
Labour Market
Hiring Intentions (seasonally adjusted and standardized data,
3m moving average)
Employment (ΥοΥ % change and number of persons employed)
Employment continues to decline (-6.3% in Q1/13), while Hiring Intentions – as reflected by the
indicator which we synthesized based on questions related to employment on the Business Surveys on
enterprises – remain extremely negative.
3500.0
3700.0
3900.0
4100.0
4300.0
4500.0
4700.0
-10.0
-8.0
-6.0
-4.0
-2.0
0.0
2.0
4.0
6.0
Q1/0
1
Q1/0
2
Q1/0
3
Q1/0
4
Q1/0
5
Q1/0
6
Q1/0
7
Q1/0
8
Q1/0
9
Q1/1
0
Q1/1
1
Q1/1
2
Q1/1
3
Employed, in thousands (RHS) YoY % change (LHS) average level (2001-2012), RHS
-2.5
-2.0
-1.5
-1.0
-0.5
0.0
0.5
1.0
1.5
Jan-0
2M
ay-0
2Sep-0
2Jan-0
3M
ay-0
3Sep-0
3Jan-0
4M
ay-0
4Sep-0
4Jan-0
5M
ay-0
5Sep-0
5Jan-0
6M
ay-0
6Sep-0
6Jan-0
7M
ay-0
7Sep-0
7Jan-0
8M
ay-0
8Sep-0
8Jan-0
9M
ay-0
9Sep-0
9Jan-1
0M
ay-1
0Sep-1
0Jan-1
1M
ay-1
1Sep-1
1Jan-1
2M
ay-1
2Sep-1
2Jan-1
3M
ay-1
3
BlC Project
July 2013
20
BlC Project
July 2013
21
Examination of the dynamic progress of the sectors at a macroeconomic level
Before we move on to the detailed presentation of our assessment of the
sectoral performance of small and medium-sized enterprises (SMEs), we
believe it is important to examine the dynamic progress of the sectors of
economic activity at a macroeconomic level.
Since, the rate of changes in the whole economy from year to year is
extremely limited, we have chosen to present the cumulative changes in
the participation of sectors in economic activity over the past eleven
years, 2000-2011.
BlC Project
July 2013
22
Basic criteria for assessing dynamics of sectors
A key criterion for assessing the dynamics of each sector is the
proportion of the Gross Value Added (GVA) to the Greek economy:
• Sectors with more vigour are expected to have increased their
proportion of GVA during the period 2000-2011, while, declining
industries have GVA contributions that have subsided.
In parallel, complementary dimensions of sectoral dynamics are
associated with:
• the change in employment in each sector relative to the total
workforce,
• the change in wages and salaries,
• the change in sectoral productivity, as well as,
• the change in sectoral profitability.
BlC Project
July 2013
23
Source: EL.STAT., Eurostat, Piraeus Bank Research
Sectoral performance relative to employment and compensation of employees
Relation between Sectoral Compensation of employees and Sectoral Performance
Relation between Sectoral Employment and Sectoral Performance
• Sectors that are ranked in the top-right quadrant (such as, N-79, O, P) are the ones which
have managed to increase their participation in / importance to the Greek economy, while
increasing the percentage of the workforce employed in them and the compensation of their
employees.
• In contrast, in the lower-left quadrant (e.g. A, ST, 13+14+15) are the sectors that are
classified as in decline.
Α
13+14+15
SΤ
46
47
49
50
55+56
68
Μ N-79Ο P
R
-7.0
-6.0
-5.0
-4.0
-3.0
-2.0
-1.0
0.0
1.0
2.0
3.0
-7 -6 -5 -4 -3 -2 -1 0 1 2 3 4
Δ(p
art
icip
ation r
ate
in T
ota
l N
um
ber
of Em
plo
yees)
2000 -
2011
Δ(participation rate in Total GVA) 2000 - 2011
Α
13+14+15SΤ
46
47
49
50
51
52+53
61
68
Ν-79
Ο
P
-4.0
-3.0
-2.0
-1.0
0.0
1.0
2.0
3.0
4.0
-7.0 -6.0 -5.0 -4.0 -3.0 -2.0 -1.0 0.0 1.0 2.0 3.0 4.0Δ(p
art
icip
ation r
ate
in
Com
pensa
tion of em
loyees)
2000 -
2011
Δ(participation rate in Total GVA) 2000 - 2011
BlC Project
July 2013
24
Source: EL.STAT., Eurostat, Piraeus Bank Research
Relation between Sectoral Profitability and Sectoral Performance
Relation between Sectoral Productivity and Sectoral Performance
Sectoral performance relative to productivity and profitability
• Sectors that are ranked in the top-right quadrant (e.g. 50, 68, R, P) are sectors which have
both increased the output per worker product and managed to capture a greater piece of
overall corporate profits.
• In contrast, the sectors in the lower-left quadrant (such as ST, 46) have declined in
productivity and profit.
Α 13+14+15
61
2231+32
DE
ST
46
27
50
58
68N-79
P
R
-100
0
100
200
300
400
500
600
-7.0 -6.0 -5.0 -4.0 -3.0 -2.0 -1.0 0.0 1.0 2.0 3.0 4.0
% change of
appare
nt
labor
pro
ductivity
2000 -
2011
Δ(participation rate in Total GVA) 2000 - 2011
A
13+14+15
SΤ
46
47
49
50
68
Ν-79
Ο
PR
-8.0
-6.0
-4.0
-2.0
0.0
2.0
4.0
6.0
8.0
10.0
-7.0 -6.0 -5.0 -4.0 -3.0 -2.0 -1.0 0.0 1.0 2.0 3.0 4.0Δ(p
art
icip
ation r
ate
in T
ota
l G
ross
Opera
ting S
urp
lus)
2000 -
2011
Δ(participation rate in Total GVA) 2000 - 2011
BlC Project
July 2013
25
BlC Project
July 2013
The basic underpinning of the structure of the BIC Index is:
1. the identification of key indicators that reflect entrepreneurial activity
and the assessment of sectors.
2. the integration of these indicators into 4 main dimensions:
◦ Liquidity
◦ Efficiency
◦ Capital structure
◦ Momentum
3. the combination of these dimensions into a single index (the BIC
Index), which allows us, based on the scores recorded for each sector, to
compare and assess all of the sectors of the Greek economy.
26
Motivation for the BIC Index
BlC Project
July 2013
BIC Index aim: to monitor the sectors of the Greek economy
with the best performance, with special emphasis on the
outlook for SMEs.
Basic dimensions of BIC Index
27
Description of BIC Index calculation methodology
BlC Project
July 2013
Momentum
(entire sector)
Financial criteria
(SMEs)
Total Liquidity of SMEs of each sector is reflected in the following ratios:
28
BlC Project
July 2013
Liquidity
Current ratio
Current assets
Current liabilities
Quick
ratio
Cash+deposits+securities+accounts receivable
Current liabilities
Difference between payment
and collection
days
Average payment period
(Accounts payable)*365
Cost of sold goods
Average collection period
(Accounts receivable)*365
Turnover+operating revenue
Dimension of Liquidity
The overall picture of Efficiency of each sector is given by:
29
Dimension of Efficiency
BlC Project
July 2013
Efficiency
Gross profit margin
Gross profit
Turnover
Net profit margin
Net profit before taxes
Turnover+operating revenue
EBITDA margin
Net earnings before interest expenses, taxes, depreciation and amortization
Turnover+operating revenue
Return on total assets
Net profit before taxes
Total assets
Return on equity
Net profit before taxes
Equity
The basic Capital Structure ratios used are as follows:
30
Dimension of Capital Structure
BlC Project
July 2013
Capital structure
Debt to equity ratio
Total liabilities
Equity
Equity to total assets
ratio
Equity
Total assets
Times interest earned ratio
Net earnings before interest expenses, taxes, depreciation and amortization
Interest expenses
Equity to fixed assets
ratio
Equity
Fixed assets
Interest expenses to
turnover and
operating revenue
ratio
Interest expenses
Turnover+operating revenue
31
Dimension of Momentum
All the variables of the previous three dimensions are inherently
static, that is they record the performance of a single year, ignoring
changes from previous years. Consequently, they only allow cross
sectional comparisons between sectors.
A dimension – which we believe was missing – was one that would
allow us to record the dynamic progress of each sector over time.
BlC Project
July 2013
32
Dimension of Momentum
We aim to bridge this gap with the fourth dimension that we include in our analysis,
which concerns the annual changes in the following performance of sectors:
The base and comparison period of the examined variables of momentum is 2007-2010,
in order to study the long-term effects of the environment in which enterprises of the
examined sectors operate.
Momentum
Turnover (YoY change)
Gross value added
(YoY change)
Assets (YoY change)
BlC Project
July 2013
33
Each of these variables is measured over different ranges and
expressed in different units; e.g. some variables count number of days,
some are financial ratios and others are macroeconomic indicators.
In order to be able to compare and synthesize these variables, initially
as the 4 key dimensions of liquidity, profitability, capital structure and
momentum and then, as the BIC Index, all variables should be
transformed to a common basis.
Transformation of variable values of the BIC Index
BlC Project
July 2013
34
Calculation of BIC Index Scores
Standardization of variables examined:
When the rise of a variable value is a positive development the standardization formula is:
Where, pi: the variable value of sector i after the standardization,
Ii: the variable value of sector i before the standardization,
Imin: the variable value of sector with the weakest performance of all examined sectors,
Imax the variable value of sector with the strongest performance of all examined sectors.
When the decline of a variable value is a positive development the standardization formula is:
The common range of variables is: 0-100.
BlC Project
July 2013
Crucial for the index construction is the choice of base period, i.e. the period used to calculate the maximum (Imax) and minimum values (Imin).
Financial ratios: min-max standardization: 2006
Momentum variables: min-max standardization : 2007-2010
Source of financial data: ICAP DATA.
Source of national account data: EL.STAT.
Overall, we examine 50 sectors and the sample number of SA and Ltd enterprises ranges from 21.3 thousand to 23.5 thousand over the period 2007-2011.
35
Calculation of BIC Index Scores
BlC Project
July 2013
36
BIC Index: weights of ratios and variables per dimension
SMEs
Financial ratios………………................75%
Liquidity……..……………………..…….....25%
Current ratio………….……………………………………...…33.3% Quick ratio…………….……………………………………….…33.3% Difference between payment and collection
days..........................................................33.3%
Efficiency………………….………………….25%
Gross profit margin………….………………………….………20% Net profit margin……………………………………….…......20% EBITDA margin……………………………………………….…..20% Return on total assets…………………………………………20% Return on equity………………………….……………….......20%
Capital Structure…………………….…….25%
Debt to equity ratio……………………………….………….…20% Equity to total assets ratio…………………….…………..20% Equity to fixed assets………………………..…….………...20% Times interest earned ratio…………………………….….20% Interest expenses to turnover and operating revenue
ratio………………………………………………………………….……20%
Entire sector
Momentum……………….…….…………25%
Gross value added, current prices (YoY change)………………………………………….………….….33.3%
Turnover, current prices (YoY change)……….33.3%
Total assets, current prices (YoY change)……33.3%
The final indicator, the BIC Index is calculated as follows:
BlC Project
July 2013
Source of data: ICAP DATA.
Processing of enterprise sample: we excluded enterprises that:
◦ had no available financial data,
◦ reported negative equity, since they were considered in advance as creditworthy weak,
◦ had no available figures for the number of staff,
◦ showed no turnover,
◦ had no available data for the cost of goods sold.
Given the emphasis on SMEs*, we selected the enterprises that met the following criteria:
◦ the number of employees does not exceed 250 persons, while
◦ their turnover does not exceed €50m.
37
Description of BIC Index methodology: Selection of enterprise sample
* In line with the definition of SMEs given by the European Commission (Commission Recommendation 2003/361/EC).
BlC Project
July 2013
We examine all sectors of economic activity, according to
the classification STAKOD'08, except as follows:
◦ K: Financial and insurance activities
◦ X: Public administration and defense; compulsory social security
◦ Τ: Activities of households as employers; undifferentiated goods –
and services – producing activities of households for own use
◦ Υ: Activities of extraterritorial organizations and bodies
38
Description of BIC Index methodology: Financial criteria
BlC Project
July 2013
39
BlC Project
July 2013
Data extract period: May of each year
Source: ICAP DATA, Piraeus Bank Research
Sectors of domestic economy examined and presentation of samples of SMEs, 2007-2011 (a)
Code STAKOD'08 (=NACE rev. 2) 2007 2008 2009 2010 2011
A Agriculture, forestry and fishing 249 289 280 254 261
B Mining and quarrying 89 111 108 94 85
10 Manufacture of food products 1,014 1,044 1,035 984 991
11 Manufacture of beverages 177 180 180 168 165
12 Manufacture of tobacco products 12 9 10 9 10
13 Manufacture of textiles 166 166 165 157 138
14 Manufacture of wearing apparel 301 297 284 261 248
15 Manufacture of leather and related products 49 49 43 42 43
16Manufacture of wood and of products of wood and cork, except furniture;
manufacture of articles of straw and plaiting materials121 123 121 103 92
17 Manufacture of paper and paper products 140 144 144 141 142
18 Printing and reproduction of recorded media 218 226 214 196 182
19 Manufacture of coke and refined petroleum products 28 26 26 28 26
20 Manufacture of chemicals and chemical products 221 223 231 224 224
21Manufacture of basic pharmaceutical products and pharmaceutical
preparations51 52 51 49 56
22 Manufacture of rubber and plastic products 276 275 279 264 243
23 Manufacture of other non-metallic mineral products 478 473 464 415 387
24 Manufacture of basic metals 69 71 69 67 65
25Manufacture of fabricated metal products, except machinery and
equipment535 537 521 481 463
26 Manufacture of computer, electronic and optical products 63 63 62 61 59
27 Manufacture of electrical equipment 141 142 147 137 130
28 Manufacture of machinery and equipment n.e.c. 220 222 218 208 193
29 Manufacture of motor vehicles, trailers and semi-trailers 35 35 37 35 30
30 Manufacture of other transport equipment 31 30 30 27 29
31 Manufacture of furniture 225 213 213 189 159
32 Other manufacturing 148 147 150 138 135
33 Repair and installation of machinery and equipment 58 58 52 42 57
40
BlC Project
July 2013 Source: ICAP DATA, Piraeus Bank Research
Code STAKOD'08 (=NACE rev. 2) 2007 2008 2009 2010 2011
D Electricity, gas, steam and air conditioning supply 110 121 150 168 208
E Water supply; sewerage, waste management and remediation activities 68 83 89 84 87
ST Construction 1,664 1,706 1,693 1,496 1,398
45 Wholesale and retail trade and repair of motor vehicles and motorcycles 835 825 801 705 683
46 Wholesale trade, except of motor vehicles and motorcycles 5,281 5,380 5,344 4,908 5,135
47 Retail trade, except of motor vehicles and motorcycles 1,350 1,348 1,328 1,158 1,194
49 Land transport and transport via pipelines 198 198 192 182 194
50 Water transport 24 25 21 17 20
51 Air transport 13 13 17 17 13
52+53 Warehousing and Postal and courier activities 464 464 456 435 465
55 Accommodation 2,985 2,989 3,012 2,763 2,579
56 Food and beverage service activities 542 551 534 480 461
58 Publishing activities 226 244 237 197 202
59+60
Motion picture, video and television programme production, sound
recording and music publishing activities. Programming and broadcasting
activities
226 221 218 188 184
61 Telecommunications 39 43 46 39 37
62+63Computer programming, consultancy and related activities. Information
service activities470 490 488 451 476
68 Real estate activities 596 612 609 574 574
M Professional, scientific and technical activities 1,275 1,323 1,334 1,219 1,308
N-79Administrative and support service activities expect of Travel agency, tour
operator and other reservation service and related activities467 482 453 402 420
79Travel agency, tour operator and other reservation service and related
activities366 365 339 295 313
O Education 199 202 206 185 193
P Human health and social work activities 349 385 399 386 433
R Arts, entertainment and recreation 103 114 116 106 93
S* Other service activities 79 79 73 62 84
Total 23,044 23,468 23,289 21,291 21,367
Sectors of domestic economy examined and presentation of samples of SMEs, 2007-2011 (b)
* excluding sector 94 (Activities of membership organizations) – no available data from ICAP DATA.
41
BlC Project
July 2013
42
BlC Project
July 2013 Source: EL.STAT., ICAP DATA, Piraeus Bank Research
BIC Index: Ranking and Scores, 2011
* The ranking of sectors is given in parenthesis and in the histograms their scores.
50.85
45.00
43.80
42.30
40.05
38.86
38.82
37.67
37.16
37.00
36.93
36.56
36.14
34.81
34.78
34.75
34.40
34.32
34.20
33.78
33.75
33.48
33.34
33.28
33.19
5 15 25 35 45 55
E (1)
68 (2)
33 (3)
51 (4)
27 (5)
D (6)
61 (7)
62+63 (8)
32 (9)
P (10)
O (11)
52+53 (12)
47 (13)
56 (14)
10 (15)
24 (16)
M (17)
25 (18)
S (19)
19 (20)
28 (21)
A (22)
20 (23)
N-79 (24)
22 (25)
33.04
32.98
32.67
31.99
31.56
31.24
31.13
30.93
30.66
30.50
30.07
29.46
29.12
28.51
27.95
27.74
26.77
26.30
24.97
23.46
23.27
22.81
22.39
18.80
17.84
5 15 25 35 45 55
50 (26)
46 (27)
12 (28)
49 (29)
55 (30)
B (31)
11 (32)
14 (33)
29 (34)
18 (35)
79 (36)
15 (37)
30 (38)
ST (39)
31 (40)
17 (41)
23 (42)
21 (43)
13 (44)
45 (45)
16 (46)
58 (47)
R (48)
59+60 (49)
26 (50)
43
BIC Index: evolution of score and ranking of sectors examined, 2007-2011
BlC Project
July 2013
* Sorting of sectors by 2011
Source: EL.STAT., ICAP DATA, Piraeus Bank Research
Sector 2007 2008 2009 2010 2011
E 65.3 51.2 48.8 51.9 50.9
68 61.2 43.0 46.9 43.9 45.0
33 38.2 40.9 37.3 36.2 43.8
51 34.4 27.7 37.0 32.2 42.3
27 45.1 39.7 39.4 43.8 40.1
D 44.7 45.2 35.4 40.1 38.9
61 24.6 23.1 28.5 29.4 38.8
62+63 47.3 46.2 44.4 35.0 37.7
32 41.6 40.7 42.0 38.2 37.2
P 49.1 45.5 44.2 38.7 37.0
O 44.3 43.8 42.3 38.9 36.9
52+53 41.8 40.2 38.8 38.8 36.6
47 44.4 40.0 37.1 34.6 36.1
56 46.1 39.9 39.8 37.1 34.8
10 37.0 37.6 37.1 37.2 34.8
24 42.3 35.0 30.6 39.4 34.7
M 55.6 46.5 41.7 39.8 34.4
25 38.6 36.4 38.0 36.1 34.3
S 41.4 36.0 40.6 29.8 34.2
19 32.7 30.3 34.2 40.0 33.8
28 41.5 38.7 36.2 30.7 33.7
A 33.5 27.0 31.8 33.9 33.5
20 40.4 43.5 39.0 34.3 33.3
N-79 36.6 39.2 37.8 35.8 33.3
22 39.9 37.1 37.5 34.9 33.2
50 35.8 27.8 32.9 27.5 33.0
46 40.4 38.2 34.6 33.1 33.0
12 23.1 29.3 39.8 31.6 32.7
49 41.6 39.3 37.5 36.5 32.0
55 39.3 35.5 32.6 30.6 31.6
B 46.5 44.0 34.8 31.1 31.2
11 42.4 39.7 39.0 36.0 31.1
14 40.5 37.9 36.7 32.7 30.9
29 44.6 37.1 33.7 35.6 30.7
18 39.7 38.6 35.3 30.5 30.5
79 35.8 35.2 30.9 28.9 30.1
15 35.3 33.1 28.2 26.3 29.5
30 38.0 38.3 33.9 31.2 29.1
ST 43.3 40.0 37.5 33.0 28.5
31 39.8 38.6 35.8 27.0 28.0
17 32.6 31.5 33.4 31.5 27.7
23 40.7 38.3 33.9 33.2 26.8
21 43.4 42.5 39.9 32.7 26.3
13 38.3 33.0 30.5 28.9 25.0
45 34.5 31.1 28.5 24.0 23.5
16 36.9 32.4 31.0 30.0 23.3
58 44.4 42.5 43.5 37.5 22.8
R 39.3 36.1 35.4 25.7 22.4
59+60 33.4 28.2 29.2 18.8 18.8
26 38.6 35.5 38.3 27.3 17.8
44
BlC Project
July 2013 Source: EL.STAT., ICAP DATA, Piraeus Bank Research
Score Rank Score Rank Score Rank Score Rank Score Rank Score Rank Score Rank Score Rank Score Rank Score Rank
E 50.9 1 52.9 2 36.5 9 72.8 1 41.2 5 50 33.0 26 33.5 11 27.4 31 39.7 29 31.5 22
68 45.0 2 68.5 1 40.8 5 39.3 31 31.5 24 46 33.0 27 30.1 21 32.9 16 40.0 27 28.8 31
33 43.8 3 32.3 14 43.2 4 51.3 6 48.5 3 12 32.7 28 28.7 27 30.3 23 33.7 43 38.0 10
51 42.3 4 34.0 10 18.6 42 64.8 2 51.8 2 49 32.0 29 29.1 24 28.2 29 51.0 7 19.7 44
27 40.1 5 35.8 5 35.7 12 55.0 4 33.6 16 55 31.6 30 25.8 34 30.1 24 35.6 39 34.7 14
D 38.9 6 35.6 6 48.0 1 32.4 44 39.5 8 B 31.2 31 27.6 32 25.9 34 43.9 18 27.5 33
61 38.8 7 36.4 4 30.8 22 52.4 5 35.7 12 11 31.1 32 29.9 23 35.1 13 43.7 20 15.8 49
62+63 37.7 8 30.4 20 39.1 6 49.7 9 31.5 23 14 30.9 33 30.9 17 21.8 41 46.1 14 25.0 38
32 37.2 9 34.7 7 37.3 8 49.4 10 27.3 35 29 30.7 34 19.2 48 28.3 28 34.7 41 40.4 7
P 37.0 10 27.9 29 45.6 3 43.7 19 30.8 27 18 30.5 35 24.7 40 22.8 40 47.0 13 27.4 34
O 36.9 11 27.9 28 46.5 2 43.0 23 30.3 28 79 30.1 36 33.5 12 32.9 17 24.8 48 29.1 30
52+53 36.6 12 34.1 9 29.7 26 29.3 45 53.2 1 15 29.5 37 25.0 39 31.1 21 38.9 34 22.7 40
47 36.1 13 38.4 3 31.9 18 40.5 25 33.8 15 30 29.1 38 25.2 38 31.1 20 39.7 30 20.4 43
56 34.8 14 33.1 13 37.5 7 40.2 26 28.5 32 ST 28.5 39 28.7 26 26.2 33 39.9 28 19.2 45
10 34.8 15 30.0 22 31.2 19 45.8 15 32.2 21 31 28.0 40 30.7 19 25.1 37 39.1 32 16.9 47
24 34.7 16 25.7 35 24.2 39 48.0 12 41.1 6 17 27.7 41 23.5 41 26.9 32 35.3 40 25.2 37
M 34.4 17 27.8 31 29.8 25 58.8 3 21.2 42 23 26.8 42 27.8 30 18.4 43 43.1 22 17.7 46
25 34.3 18 30.8 18 24.5 38 50.8 8 31.2 26 21 26.3 43 34.3 8 25.8 35 33.9 42 11.2 50
S 34.2 19 29.0 25 33.9 15 36.3 37 37.6 11 13 25.0 44 21.1 45 7.1 47 45.0 16 26.6 36
19 33.8 20 23.1 42 29.0 27 39.0 33 43.9 4 45 23.5 45 26.9 33 16.6 44 28.8 46 21.6 41
28 33.7 21 31.1 16 36.0 11 44.1 17 23.7 39 16 23.3 46 20.0 47 5.7 48 36.0 38 31.4 25
A 33.5 22 32.0 15 28.2 30 38.5 35 35.2 13 58 22.8 47 20.8 46 16.6 45 37.0 36 16.8 48
20 33.3 23 25.2 37 34.2 14 40.9 24 33.1 17 R 22.4 48 21.2 44 4.4 49 25.6 47 38.3 9
N-79 33.3 24 21.5 43 36.0 10 43.2 21 32.4 20 59+60 18.8 49 12.3 50 14.0 46 16.3 50 32.6 19
22 33.2 25 25.3 36 25.6 36 49.1 11 32.8 18 26 17.8 50 18.8 49 2.7 50 19.7 49 30.2 29
Liquidity Efficiency Capital Structure MomentumEfficiency Capital Structure Momentum Sector
2011
TotalSector
2011
Total Liquidity
BIC Index: examination of dimension scores and rankings, 2011
•The green shows cases in which the sector is rated higher than the median score of sectors for that dimension, in contrast with the red which shows sector scores that are lower than the median score. •The arrow indicates the intensity direction of each sector in comparison to the median of that respective dimension.
• score ≥ 75% of score range
• 50% ≤ score < 75%
• 25% ≤ score < 50%
• score < 25%
45
BIC Index: Structure of final score by sector, 2011
BlC Project
July 2013 Source: EL.STAT., ICAP DATA, Piraeus Bank Research
52.9
68.5
32.3
34.0
35.8
35.6
36.4
30.4
34.7
27.9
27.9
34.1
38.4
33.1
30.0
25.7
27.8
30.8
29.0
23.1
31.1
32.0
25.2
21.5
25.3
36.5
40.8
43.2
18.6
35.7
48.0
30.8
39.1
37.3
45.6
46.5
29.7
31.9
37.5
31.2
24.2
29.8
24.5
33.9
29.0
36.0
28.2
34.2
36.0
25.6
72.8
39.3
51.3
64.8
55.0
32.4
52.4
49.7
49.4
43.7
43.0
29.3
40.5
40.2
45.8
48.0
58.8
50.8
36.3
39.0
44.1
38.5
40.9
43.2
49.1
41.2
31.5
48.5
51.8
33.6
39.5
35.7
31.5
27.3
30.8
30.3
53.2
33.8
28.5
32.2
41.1
21.2
31.2
37.6
43.9
23.7
35.2
33.1
32.4
32.8
E
68
33
51
27
D
61
62+63
32
P
O
52+53
47
56
10
24
M
25
S
19
28
Α
20
N-79
22
33.5
30.1
28.7
29.5
29.1
25.8
27.6
29.9
30.9
19.2
24.7
33.5
25.0
25.2
28.7
30.7
23.5
27.8
34.3
21.1
26.9
20.0
20.8
21.2
12.3
18.8
27.4
32.9
30.3
28.4
28.2
30.1
25.9
35.1
21.8
28.3
22.8
32.9
31.1
31.1
26.2
25.1
26.9
18.4
25.8
7.1
16.6
5.7
16.6
4.414.0
2.7
39.7
40.0
33.7
41.5
51.0
35.6
43.9
43.7
46.1
34.7
47.0
24.8
38.9
39.7
39.9
39.1
35.3
43.1
33.9
45.0
28.8
36.0
37.0
25.6
16.3
19.7
31.5
28.8
38.0
30.6
19.7
34.7
27.5
15.8
25.0
40.4
27.4
29.1
22.7
20.4
19.2
16.9
25.2
17.7
11.2
26.6
21.6
31.4
16.8
38.3
32.6
30.2
50
46
12
Average
49
55
B
11
14
29
18
79
15
30
ST
31
17
23
21
13
45
16
58
R
59+60
26
Liquidity
Efficiency
Capital structure
Momentum
46
BlC Project
July 2013
Defensive sectors include utilities, such as
water, wastewater management (E),
electricity (D), telecommunications (61) and
health (P).
The real estate sector (68) is favoured
disproportionately by significant liquidity.
Sectors such as repair and installation of
machinery (33) and manufacture of
electrical equipment (27) benefit due to
their strong capital base.
In the current unfavourable economic
climate, efficiency and profitability are
reduced even in the sectors with strong
performance.
The 10 sectors with the strongest performance
Ε Water supply; sewerage, waste management and remediation activities
68 Real estate activities
33 Repair and installation of machinery and equipment
51 Air transport
27 Manufacture of electrical equipment
D Electricity, gas, steam and air conditioning supply
61 Telecommunications
62+63 Computer programming, consultancy and related activities. Information service activities
32 Other manufacturing
P Human health and social work activities
The 10 sectors with the strongest performance, 2011
Source: EL.STAT., ICAP DATA, Piraeus Bank Research
47
BlC Project
July 2013
All of the sectors that occupy the last
positions in our analysis are sectors of
cyclical activity, as their activity is
dependent on disposable income and
household consumption.
The sectors with the weakest performance
face challenges in terms of profitability
and efficiency, and are behind in terms of
liquidity. The sectors that best illustrate
this behaviour are film production and
broadcasting (59+60) and the
manufacturing of PCs (26).
Source: EL.STAT., ICAP DATA, Piraeus Bank Research
The 10 sectors with the weakest performance, 2011
The 10 sectors with the weakest performance
26 Manufacture of computer, electronic and optical products
59+60 Motion picture, video and television programme production, sound recording and music publishing activities. Programming and broadcasting activities
R Arts, entertainment and recreation
58 Publishing activities
16 Manufacture of wood and of products of wood and cork, except furniture; manufacture of articles of straw and plaiting materials
45 Wholesale and retail trade and repair of motor vehicles and motorcycles
13 Manufacture of textiles
21 Manufacture of basic pharmaceutical products and pharmaceutical preparations
23 Manufacture of other non-metallic mineral products
17 Manufacture of paper and paper products
48
BlC Project
July 2013
42 40
32 27
23
0
5
10
15
20
25
30
35
40
45
61 51 33 19 A
Ran
kin
g c
han
ge
Sectors
Sectors with the 5 highest cumulative changes in the ranking of BIC Index, 2007-2011
Ascending sectors
Ascending sectors, such as
telecommunications (61) are based on high
liquidity or on their high capital base, e.g.
air transport (51).
On the other hand, sectors, such as the
manufacture of petroleum products (19)
and agricultural production (A) produce
basic goods and rely on external demand,
while their prices are influenced by
international factors. Moreover, due to the
nature of their products, their demand is
largely inelastic.
61 Telecommunications
51 Air transport
33 Repair and installation of machinery and equipment
19 Manufacture of coke and refined petroleum products
Α Agriculture, forestry and fishing
Source: EL.STAT., ICAP DATA, Piraeus Bank Research
BIC Index: sectors with the most dynamic evolution 2007-2011
49
BlC Project
July 2013
Sectors with the 5 lowest cumulative changes in the ranking of BIC Index, 2007-2011
58 Publishing activities
21 Manufacture of basic pharmaceutical products and preparations
Β Mining and quarrying
29 Manufacture of motor vehicles
ΣΤ Construction
Source: EL.STAT., ICAP DATA, Piraeus Bank Research
-36
-29 -25 -24 -24
-40
-35
-30
-25
-20
-15
-10
-5
0
58 21 B 29 SΤ
Ran
kin
g c
han
ge
Sectors
BIC Index: sectors with the strongest downward trend 2007-2011
Descending sectors
The sectors with the biggest declines are
associated with the industries of building
and public projects e.g. construction
(ST) and mining-quarrying (B), with
cutbacks in public expenditure e.g.
drugs (21) and with reductions in
private expenditure e.g. publishing
activities (58).
50
Impact of the recession on SMEs
BlC Project
July 2013
The picture of the sectoral performance evaluation so far has been static in nature
- meaning that we present the scores of sectors for each year individually.
But if we want to form a more dynamic picture regarding the effects of the crisis
on the productive base of the Greek economy, we should consider the evolution
of the BIC over time and its dimensions.
The dynamic performance of all SMEs is recorded in two ways:
i) the evolution over time of the average indices from 2007 to 2011,
ii) the comparison of the overall empirical distribution of indices from 2007
to 2011. In this way, we can summarize in a diagram the performance of over
20,000 SMEs over a five year period.
Source: EL.STAT., ICAP DATA, Piraeus Bank Research
51
BlC Project
July 2013
The prolonged recession in the Greek economy is reflected by the
systematic deterioration in entrepreneurial activity
33.3
31.4 31.8
29.4
29.5
44.0
38.8 37.3
31.8
28.4
43.9
41.4
43.1 43.1
41.5 41.7
38.7
34.4
31.0 30.6
40.7
37.6 36.7 33.8
32.5
27
29
31
33
35
37
39
41
43
45
2007 2008 2009 2010 2011
Liquidity Efficiency Capital structure Momentum Total
Both the total BIC Index and the individual dimensions fell significantly and systematically from 2007 to
2011.
The index with the highest stability is the capital structure index suggesting that it is necessary for Greek SMEs
to operate with a high degree of independence.
The next index follows in terms of decline is the liquidity index. The (relatively) small deterioration in liquidity is
a surprise, but we should bear in mind that this index has been at extremely pressured levels since 2007.
The two indices that reflect most emphatically the impact of the recession on business performance are the
indices of efficiency and momentum, which fell at an accelerating pace from 2007 to 2011.
The changes in specific indicators are reflected in the overall BIC Index, which declined by 20% between 2007
and 2011.
Source: EL.STAT., ICAP DATA, Piraeus Bank Research
52
BlC Project
July 2013
In addition to the examination of the average performance, the changes of the entire empirical
distribution of the BIC Index from year to year present a more global picture of changes in
the business environment. The changes of distributions of the BIC Index from 2007 to 2009
and finally in 2011 show the steady and systematic deterioration in the business
environment. In all years, the sector E (water, sewage and waste management) systematically
presents excellent performance, while in 2011 the sector 26 (manufacturing of PCs) shows
significant deterioration.
Source: EL.STAT., ICAP DATA, Piraeus Bank Research
Pronounced impact of domestic economic crisis on SMEs in all
dimensions of the BIC Index
53
BlC Project
July 2013
As already mentioned, the dimension of liquidity shows no significant changes from year
to year. Two sectors that are characteristic of this are E and 68 (water, sewage and waste
management, and real estate) which both have highly positive liquidity indices. On the other
hand, the sector 59+60 (broadcasting) achieves liquidity much lower than expected in 2011.
Source: EL.STAT., ICAP DATA, Piraeus Bank Research
Pronounced impact of domestic economic crisis on SMEs in all
dimensions of the BIC Index
54
BlC Project
July 2013
The dimension that is most strongly influenced by the crisis is the dimension of efficiency
and profitability. Sectors with a significant decline in profitability are 13 (textile), 16 (wood
industry), R (recreation and entertainment) and 26 (manufacturing of PCs).
Source: EL.STAT., ICAP DATA, Piraeus Bank Research
Pronounced impact of domestic economic crisis on SMEs in all
dimensions of the BIC Index
55
BlC Project
July 2013
The capital structure dimension shows no significant changes in its overall distribution. It is
characteristic that sectors E (water, sewage and waste management), 51 (air transport) and M
(scientific and technical activities) display a particularly strong capital base, while on the other
hand, sector 59+60 (broadcasting) falls behind.
Source: EL.STAT., ICAP DATA, Piraeus Bank Research
Pronounced impact of domestic economic crisis on SMEs in all
dimensions of the BIC Index
56
BlC Project
July 2013
The macroeconomic environment dimension shows a significant decline and a wider range
of performance of the sectors between 2007 and 2011. It is characteristic that sectors such as
air transport (51) and logistics (52 +53) * seem to be favoured at this point in time.
* According to the available data at the data extract dates, OSE is now classified as in sector 52, whereas it was in 49 in previous years. Due to the size of the assets of this company, the momentum results of the sector 52+53 are reinforced in 2011.
Source: EL.STAT., ICAP DATA, Piraeus Bank Research
Pronounced impact of domestic economic crisis on SMEs in all
dimensions of the BIC Index
57
BlC Project
July 2013
58
BlC Project
July 2013
59
Liquidity, 2011 Performance of liquidity ratios per sector
BlC Project
July 2013 Source: EL.STAT., ICAP DATA, Piraeus Bank Research
0.0
0.5
1.0
1.5
2.0
2.5
E
68
27
32
25
28
12
24
ST
14
23
M
51
11
15
13
33
B
20
46
62+
63
31
10
18
A
22
Tota
l
16
61
29
P
45
19
30
S
47
49
21
17
26
79
O
58
55
D
52+
53
N-7
9
59+
60
56
R
50
Current ratio
0.0
0.5
1.0
1.5
2.0
E
68
M
51
33
15
25
28
27
46
18
49
P
62+
63
O
24
61
10
20
B
Tota
l
14
23
29
11
79
22
21
52+
53
ST
55
17
13
N-7
9
S
19
58
A
32
45
31
D
59+
60
56
26
30
16
47
12
R
50
Quick ratio
-200
-150
-100
-50
0
50
100
150
50
68
56
47
D
52+
53
R
21
79
61
A
S
31
30
55
32
O
45
12
49
N-7
9
Tota
l
10
62+
63
17
33
P
E
58
14
46
11
26
27
19
51
B
ST
22
16
59+
60
23
20
28
25
18
13
24
M
15
29
Difference between payment and collection days
60
BlC Project
July 2013 Source: EL.STAT., ICAP DATA, Piraeus Bank Research
-40%
-30%
-20%
-10%
0%
10%
20%
30%
40%
50%
60%
56
68
58
61
62+
63
O
D
32
11
P
21
S
20
47
M
31
28
33
46
55
29
27
52+
53
14
Tota
l
30
15
N-7
9
23
59+
60
B
45
19
10
17
ST
18
50
E
22
25
79
A
49
24
12
16
51
26
13
R
Gross profit margin
-50%
-40%
-30%
-20%
-10%
0%
10%
33
P
O
D
E
27
12
28
79
10
49
62+
63
46
N-7
9
32
A
19
20
47
S
30
15
17
50
11
Tota
l
51
24
56
22
ST
25
52+
53
B
29
61
M
14
45
18
21
31
68
55
23
59+
60
13
16
58
26
R
Net profit margin
-20%
-10%
0%
10%
20%
30%
40%
D
55
68
N-7
9
P
33
52+
53
11
E
15
O
32
28
R
62+
63
29
12
30
A
27
20
B
61
10
22
50
ST
Tota
l
24
25
18
17
31
49
S
19
M
46
59+
60
56
23
79
47
21
14
51
45
13
16
26
58
EBITDA margin
Efficiency, 2011 Performance of efficiency ratios per sector (a)
61
BlC Project
July 2013 Source: EL.STAT., ICAP DATA, Piraeus Bank Research
-20%
-15%
-10%
-5%
0%
5%
O
33
E
P
79
27
12
28
10
49
D
46
62+
63
N-7
9
32
A
19
20
47
30
S
15
50
68
11
17
M
Tota
l
ST
24
22
52+
53
25
B
29
56
55
18
51
61
31
21
14
45
23
59+
60
13
16
26
58
R
Return on total assets
-60%
-50%
-40%
-30%
-20%
-10%
0%
10%
20%
O
79
33
P
E
27
12
46
28
10
49
D
62+
63
N-7
9
A
32
19
20
30
47
S
15
M
68
50
11
Tota
l
ST
17
24
22
52+
53
25
55
B
29
18
56
51
61
31
14
21
23
13
45
59+
60
16
58
26
R
Return on equity
Efficiency, 2011 Performance of efficiency ratios per sector (b)
62
BlC Project
July 2013 Source: EL.STAT., ICAP DATA, Piraeus Bank Research
Capital structure, 2011 Performance of capital structure ratios per sector (a)
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
79
26
45
59+
60
R
S
46
47
17
21
12
A
O
56
19
62+
63
20
30
10
58
61
16
14
29
28
P
15
N-7
9
51
B
11
31
50
Tota
l
49
52+
53
ST
33
32
24
22
27
23
25
D
18
13
55
68
E
M
Debt to equity ratio
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
M
E
68
55
13
18
D
25
23
27
22
24
32
33
ST
52+
53
49
Tota
l
50
31
11
B
51
N-7
9
15
P
28
29
14
16
61
58
10
30
20
62+
63
19
56
O
A
12
21
17
47
46
S
R
59+
60
45
26
79
Equity to total assets ratio
0.0
0.5
1.0
1.5
2.0
2.5
51
E
46
27
28
32
12
14
29
62+
63
ST
25
15
24
23
10
11
M
61
20
33
22
13
A
31
47
Tota
l B
18
30
21
58
45
S
49
79
17
P
16
68
O
19
N-7
9
55
52+
53
56
D
59+
60
50
26
R
Equity to fixed assets ratio
63
BlC Project
July 2013 Source: EL.STAT., ICAP DATA, Piraeus Bank Research
Capital structure, 2011 Performance of capital structure ratios per sector (b)
-6.0
-4.0
-2.0
0.0
2.0
4.0
6.0
8.0
10.0
E
61
N-7
9
O
62+
63
33
P
49
79
D
27
10
11
51
32
S
R
A
30
22
56
47
20
B
55
28
19
25
24
17
50
15
Tota
l
68
18
46
12
M
29
52+
53
31
ST
21
23
59+
60
14
45
13
16
26
58
Times interest earned ratio
0%
2%
4%
6%
8%
10%
12%
68
52+
53
D
55
29
59+
60
ST
12
15
31
23
26
28
16
11
21
13
32
R
58
M
Tota
l
50
18
30
B
20
N-7
9
A
P
24
45
17
25
46
14
22
27
33
19
10
S
O
62+
63
56
47
49
79
E
61
51
Interest expenses to turnover and operating revenue ratio
64
BlC Project
July 2013 Source: EL.STAT., ICAP DATA, Piraeus Bank Research
Momentum, 2011 Performance momentum variables per sector
-50%
-40%
-30%
-20%
-10%
0%
10%
20%
30%
E
24
68
33
D
16
19
R
18
51
27
47
S
N-7
9
A
61
62+
63
55
56
22
52+
53
Tota
l
O
58
10
11
12
P
46
50
20
B
59+
60
45
26
13
14
15
29
49
30
17
31
32
M
25
79
ST
28
23
21
Gross value added (YoY change)
-60%
-40%
-20%
0%
20%
40%
60%
51
33
19
29
12
24
25
D
26
55
A
S
20
79
61
59+
60
E
49
10
50
22
32
47
Tota
l
62+
63
28
27
46
P
17
N-7
9
13
O
14
52+
53
R
B
16
56
68
M
15
ST
18
45
21
23
30
31
11
58
Turnover (YoY)
-100%
-50%
0%
50%
100%
150%
200%
250%
52+
53
R
51
29
12
33
S
19
D
61
E
79
59+
60
P
24
20
30
27
25
32
10
O
13
B
47
50
23
A
N-7
9
55
22
Tota
l
68
15
56
62+
63
16
28
M
ST
17
14
26
18
46
45
31
58
11
21
49
Total assets (YoY)
*The absolute figures of momentum refer to the entire sector and not only to SMEs.
65
BlC Project
July 2013
66
Source: EL.STAT., ICAP DATA, Piraeus Bank Research
BIC Index: Ranking and Scores, 2010
BlC Project
July 2013
51.94
43.87
43.76
40.11
40.00
39.83
39.40
38.89
38.78
38.73
38.18
37.50
37.15
37.06
36.52
36.16
36.14
36.05
35.78
35.56
34.99
34.93
34.57
34.29
33.86
5 15 25 35 45 55
E (1)
68 (2)
27 (3)
D (4)
19 (5)
M (6)
24 (7)
O (8)
52+53 (9)
P (10)
32 (11)
58 (12)
10 (13)
56 (14)
49 (15)
33 (16)
25 (17)
11 (18)
N excl 79 (19)
29 (20)
62+63 (21)
22 (22)
47 (23)
20 (24)
A (25)
33.20
33.14
32.95
32.74
32.72
32.25
31.64
31.52
31.22
31.05
30.69
30.59
30.51
30.02
29.84
29.38
28.87
28.87
27.47
27.27
27.03
26.28
25.71
23.96
18.84
5 15 25 35 45 55
23 (26)
46 (27)
ST (28)
14 (29)
21 (30)
51 (31)
12 (32)
17 (33)
30 (34)
B (35)
28 (36)
55 (37)
18 (38)
16 (39)
S (40)
61 (41)
13 (42)
79 (43)
50 (44)
26 (45)
31 (46)
15 (47)
R (48)
45 (49)
59+60 (50)
* The ranking of sectors is given in parenthesis and in the histograms their scores.
67
Source: EL.STAT., ICAP DATA, Piraeus Bank Research
BIC Index: further examination of performance of sectors, 2010
Sectors with the 5 largest positive and negative changes in the ranking of the BIC Index, 2010
BlC Project
July 2013
38 30
26 18 17
-18 -20 -21 -28 -31
-40
-30
-20
-10
0
10
20
30
40
50
24 19 D 29 A 62+63 21 12 26 S
Ran
kin
g c
han
ge
Sectors
68
•The green shows cases in which the sector is rated higher than the median score of sectors for that dimension, in contrast with the red which shows sector scores that are lower than the median score. •The arrow indicates the intensity direction of each sector in comparison to the median of that respective dimension.
• score ≥ 75% of score range
• 50% ≤ score < 75%
• 25% ≤ score < 50%
• score < 25%
Source: EL.STAT., ICAP DATA, Piraeus Bank Research
BIC Index: examination of dimension scores and rankings, 2010
BlC Project
July 2013
Score Rank Score Rank Score Rank Score Rank Score Rank Score Rank Score Rank Score Rank Score Rank Score Rank
Ε 51.9 1 49.6 2 42.4 9 78.7 1 37.1 9 23 33.2 26 28.9 23 30.1 31 48.2 11 25.6 40
68 43.9 2 64.0 1 49.8 3 36.8 38 24.9 43 46 33.1 27 27.9 27 36.7 17 37.2 36 30.8 23
27 43.8 3 34.7 9 40.8 10 57.3 3 42.2 4 ST 33.0 28 31.5 14 30.8 28 43.0 26 26.5 38
D 40.1 4 40.3 3 59.5 1 32.8 46 27.9 33 14 32.7 29 31.0 17 26.3 38 47.3 16 26.3 39
19 40.0 5 23.1 43 38.0 15 40.7 31 58.2 1 21 32.7 30 29.9 22 32.6 23 41.2 29 27.2 37
M 39.8 6 38.2 4 32.8 21 63.5 2 24.8 44 51 32.2 31 32.8 11 8.4 49 47.8 13 40.0 5
24 39.4 7 26.9 30 27.6 35 52.1 7 51.1 2 12 31.6 32 26.6 34 31.7 25 39.0 34 29.3 27
Ο 38.9 8 30.9 18 48.1 5 43.9 25 32.7 16 17 31.5 33 23.9 40 29.7 33 36.4 40 36.1 10
52+53 38.8 9 35.7 8 38.9 12 47.9 12 32.6 17 30 31.2 34 31.4 15 26.7 37 47.4 14 19.4 48
P 38.7 10 26.6 33 53.5 2 45.9 19 28.8 30 Β 31.1 35 23.0 44 22.1 42 45.0 20 34.1 13
32 38.2 11 36.1 7 38.7 14 52.3 6 25.6 41 28 30.7 36 25.3 36 34.7 19 41.1 30 21.6 46
58 37.5 12 30.1 20 36.7 16 44.7 24 38.5 7 55 30.6 37 24.4 38 25.1 40 34.6 43 38.3 8
10 37.2 13 30.1 19 32.8 22 46.2 18 39.4 6 18 30.5 38 24.7 37 27.3 36 42.4 28 27.6 35
56 37.1 14 37.0 6 43.1 8 34.7 42 33.4 15 16 30.0 39 22.2 46 23.3 41 42.7 27 32.0 19
49 36.5 15 32.9 10 29.9 32 53.2 4 30.1 25 S 29.8 40 22.8 45 31.5 27 34.3 44 30.8 22
33 36.2 16 26.8 31 48.2 4 52.7 5 16.9 50 61 29.4 41 23.6 42 9.9 48 40.6 32 43.4 3
25 36.1 17 30.0 21 33.4 20 51.2 10 29.9 26 13 28.9 42 22.1 47 12.8 46 51.6 8 29.0 29
11 36.0 18 25.6 35 38.9 13 44.7 23 35.1 12 79 28.9 43 32.3 12 30.8 29 25.0 49 27.4 36
N excl 79 35.8 19 26.7 32 39.1 11 44.9 21 32.4 18 50 27.5 44 31.6 13 7.8 50 36.5 39 34.0 14
29 35.6 20 19.2 49 47.8 6 47.3 15 27.9 32 26 27.3 45 19.6 48 28.1 34 30.2 47 31.2 21
62+63 35.0 21 28.9 24 35.6 18 46.3 17 29.2 28 31 27.0 46 31.2 16 16.5 45 37.8 35 22.6 45
22 34.9 22 27.6 28 30.5 30 51.4 9 30.2 24 15 26.3 47 24.3 39 26.2 39 34.1 45 20.5 47
47 34.6 23 37.4 5 32.4 24 37.1 37 31.4 20 R 25.7 48 28.8 25 11.2 47 35.1 41 27.7 34
20 34.3 24 23.7 41 43.2 7 44.9 22 25.4 42 45 24.0 49 27.1 29 20.7 43 29.7 48 18.4 49
Α 33.9 25 28.8 26 31.5 26 39.2 33 36.0 11 59+60 18.8 50 14.3 50 17.1 44 15.5 50 28.5 31
Capital Structure MomentumMomentum Sector
2010
Total Liquidity EfficiencySector
2010
Total Liquidity Efficiency Capital Structure
69
BIC Index: Structure of final score by sector, 2010
BlC Project
July 2013 Source: EL.STAT., ICAP DATA, Piraeus Bank Research
49.6
64.0
34.7
40.3
23.1
38.2
26.9
30.9
35.7
26.6
36.1
30.1
30.1
37.0
32.9
26.8
30.0
25.6
26.7
19.2
28.9
27.6
37.4
23.7
28.8
42.4
49.8
40.8
59.5
38.0
32.8
27.6
48.1
38.9
53.5
38.7
36.7
32.8
43.1
29.9
48.2
33.4
38.9
39.1
47.8
35.6
30.5
32.4
43.2
31.5
78.7
36.8
57.3
32.8
40.7
63.5
52.1
43.9
47.9
45.9
52.3
44.7
46.2
34.7
53.2
52.7
51.2
44.7
44.9
47.3
46.3
51.4
37.1
44.9
39.2
37.1
24.9
42.2
27.9
58.2
24.8
51.1
32.7
32.6
28.8
25.6
38.5
39.4
33.4
30.1
16.9
29.9
35.1
32.4
27.9
29.2
30.2
31.4
25.4
36.0
E
68
27
D
19
M
24
O
52+53
P
32
58
10
56
49
33
25
11
N-79
29
62+63
22
47
20
A
29.4
28.9
27.9
31.5
31.0
29.9
32.8
26.6
23.9
31.4
23.0
25.3
24.4
24.7
22.2
22.8
23.6
22.1
32.3
31.6
19.6
31.2
24.3
28.8
27.1
14.3
31.8
30.1
36.7
30.8
26.3
32.6
8.4
31.7
29.7
26.7
22.1
34.7
25.1
27.3
23.3
31.5
9.9
12.8
30.8
7.8
28.1
16.5
26.2
11.2
20.7
17.1
43.1
48.2
37.2
43.0
47.3
41.2
47.8
39.0
36.4
47.4
45.0
41.1
34.6
42.4
42.7
34.3
40.6
51.6
25.0
36.5
30.2
37.8
34.1
35.1
29.7
15.5
31.0
25.6
30.8
26.5
26.3
27.2
40.0
29.3
36.1
19.4
34.1
21.6
38.3
27.6
32.0
30.8
43.4
29.0
27.4
34.0
31.2
22.6
20.5
27.7
18.4
28.5
Average
23
46
ST
14
21
51
12
17
30
B
28
55
18
16
S
61
13
79
50
26
31
15
R
45
59+60
Liquidity
Efficiency
Capital Structure
Momentum
70
Source: EL.STAT., ICAP DATA, Piraeus Bank Research
Liquidity, 2010 Performance of liquidity ratios per sector
BlC Project
July 2013
0.0
0.5
1.0
1.5
2.0
E
68
M
27
12
24
25
32
23
ST
28
14
30
13
16
11
22
20
62+
63
10
51
Tota
l
33
31
15
46
18
A
29
26
49
19
45
58
21
17
B
S
47
O
79
52+
53
Ν-7
9
P
59+
60
55
61
D
56
R
50
Current ratio
0.0
0.2
0.4
0.6
0.8
1.0
1.2
1.4
1.6
E
68
M
33
27
49
24
51
25
18
28
23
20
62+
63
46
52+
53
O
15
S
Ν-7
9
79
22
Tota
l P
58
10
ST
19
11
14
32
29
21
13
17
61
B
55
45
31
A
59+
60
30
16
56
12
D
26
R
47
50
Quick ratio
-150
-100
-50
0
50
100
150
D
50
56
47
R
68
52+
53
79
31
O
55
30
A
21
61
32
58
P
Ν-7
9
45
51
49
10
Tota
l
14
B
17
ST
E
62+
63
46
22
26
S
12
16
15
19
11
18
27
25
59+
60
23
33
M
20
29
13
28
24
Differnce between payment and collection days
71
Source: EL.STAT., ICAP DATA, Piraeus Bank Research
BlC Project
July 2013
Efficiency, 2010 Performance of efficiency ratios per sector (a)
-10%
0%
10%
20%
30%
40%
50%
60%
56
68
58
62+
63
D
32
O
P
11
20
47
21
S
33
31
M
46
30
27
28
14
Tota
l
Ν-7
9
61
52+
53
29
19
15
26
59+
60
23
E
25
55
17
18
10
22
45
ST
16
50
79
A
B
49
12
24
13
51
R
Gross profit margin
-25%
-20%
-15%
-10%
-5%
0%
5%
10%
15%
D
P
29
33
E
O
52+
53
27
20
19
12
46
Ν-7
9
25
10
A
32
49
ST
28
79
11
68
M
Tota
l
24
22
17
56
47
62+
63
21
S
23
58
18
14
45
15
26
30
16
B
51
13
31
55
59+
60
R
50
61
Net profit margin
-20%
-10%
0%
10%
20%
30%
40%
50%
D
68
Ν-7
9
R
55
29
P
33
11
E
52+
53
20
27
O
25
A
19
26
28
23
32
12
22
18
B
ST
Tota
l
10
24
62+
63
17
56
49
S
21
46
M
16
15
30
59+
60
47
58
79
14
45
31
13
51
61
50
EBITDA margin
72
Source: EL.STAT., ICAP DATA, Piraeus Bank Research
BlC Project
July 2013
Efficiency, 2010 Performance of efficiency ratios per sector (b)
-10%
-8%
-6%
-4%
-2%
0%
2%
4%
6%
8%
P
E
29
O
33
27
20
19
52+
53
D
46
79
12
49
10
Ν-7
9
A
25
32
ST
28
11
Tota
l
24
22
M
17
68
56
47
62+
63
21
23
58
S
18
26
15
14
16
30
B
45
55
59+
60
13
31
51
R
50
61
Return on total assets
-25%
-20%
-15%
-10%
-5%
0%
5%
10%
15%
20%
P
O
29
33
E
79
27
20
46
19
52+
53
D
12
10
49
A
Ν-7
9
25
32
28
ST
11
Tota
l
24
22
17
M
68
56
62+
63
47
23
21
58
18
S
26
16
30
14
15
55
B
13
45
59+
60
31
51
R
50
61
Return on equity
73
Source: EL.STAT., ICAP DATA, Piraeus Bank Research
BlC Project
July 2013
Capital structure, 2010 Performance of capital structure ratios per sector (a)
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
M
E
68
55
13
D
49
23
24
22
27
32
33
25
52+
53
18
30
16
61
11
58
Tota
l
29
50
Ν-7
9
ST
B
20
14
51
31
10
28
12
19
P
21
62+
63
26
O
A
R
17
15
59+
60
S
56
47
46
45
79
Debt to equity ratio
0%
10%
20%
30%
40%
50%
60%
70%
80%
M
E
68
55
13
D
49
23
24
22
27
32
33
25
52+
…
18
30
16
61
11
58
Tota
l
29
50
Ν-7
9
ST
B
20
14
51
31
10
28
12
19
P
21
62+
…
26
O
A
R
17
15
59+
…
S
56
47
46
45
79
Equity to total assets ratio
0.0
0.5
1.0
1.5
2.0
E
27
32
46
14
12
29
51
28
M
24
25
ST
13
23
62+
63
15
10
11
30
20
22
58
A
Tota
l
49
31
16
21
18
33
45
47
17
61
79
B
S
P
O
19
68
52+
53
Ν-7
9
55
26
D
56
50
59+
60
R
Equity to fixed assets ratio
74
Source: EL.STAT., ICAP DATA, Piraeus Bank Research
BlC Project
July 2013
Capital structure, 2010 Performance of capital structure ratios per sector (b)
-4.0
-2.0
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
E
P
33
Ν-7
9
O
R
52+
53
29
62+
63
49
20
27
B
22
10
25
19
56
11
A
79
24
32
D
23
Tota
l
47
17
46
21
68
55
28
S
26
18
M
ST
12
30
16
58
15
14
45
59+
60
31
13
51
61
50
Times interest earned ratio
0%
2%
4%
6%
8%
10%
12%
14%
16%
E
79
49
51
47
O
62+
63
56
10
P
33
B
22
14
45
52+
53
46
21
24
13
30
27
S
25
19
M
20
58
17
Ν-7
9
Tota
l A
32
R
61
50
23
16
31
11
29
ST
15
18
28
26
12
55
59+
60
68
D
Interest expenses to turnover and operating revenue ratio
75 Source: EL.STAT., ICAP DATA, Piraeus Bank Research
BlC Project
July 2013
*The absolute figures of momentum refer to the entire sector and not only to SMEs.
Momentum, 2010 Performance momentum variables per sector
-60%
-40%
-20%
0%
20%
40%
60%
19
24
51
27
58
61
55
56
10
11
12
S
50
E
16
59+
60
29
52+
53
A
Ν-7
9
R
17
Tota
l B
68
D
O
47
45
ST
P
46
18
21
49
M
22
23
33
62+
63
79
13
14
15
25
31
32
26
30
28
20
Gross value added (YoY change)
-50%
-40%
-30%
-20%
-10%
0%
10%
20%
30%
40%
19
24
61
A
25
17
26
10
E
B
27
22
13
20
O
46
62+
63
49
11
Ν-7
9
47
Tota
l R
79
50
51
14
55
32
21
52+
53
16
28
18
P
23
31
59+
60
S
56
68
30
ST
M
58
29
12
15
D
33
45
Turnover (YoY)
-50%
-40%
-30%
-20%
-10%
0%
10%
20%
30%
19
26
58
20
D
61
24
10
E
17
52+
53
P
55
M
25
62+
63
A
49
ST
O
28
22
Tota
l
47
32
B
46
50
13
Ν-7
9
27
30
16
23
79
14
18
31
29
S
11
56
21
12
59+
60
15
45
33
51
68
R
Total assets (YoY)
76
BlC Project
July 2013
77
Source: EL.STAT., ICAP DATA, Piraeus Bank Research
BIC Index: Ranking and Scores, 2009
BlC Project
July 2013
48.83
46.95
44.44
44.18
43.47
42.30
41.97
41.65
40.61
39.91
39.85
39.80
39.44
38.99
38.99
38.82
38.34
38.04
37.81
37.54
37.51
37.46
37.30
37.06
37.06
5 15 25 35 45 55
Ε (1)
68 (2)
62+63 (3)
P (4)
58 (5)
Ο (6)
32 (7)
Μ (8)
S (9)
21 (10)
12 (11)
56 (12)
27 (13)
11 (14)
20 (15)
52+53 (16)
26 (17)
25 (18)
Ν excl 79 (19)
ST (20)
49 (21)
22 (22)
33 (23)
47 (24)
10 (25)
37.02
36.71
36.22
35.76
35.37
35.35
35.31
34.79
34.60
34.18
33.93
33.86
33.72
33.35
32.93
32.63
31.85
30.95
30.91
30.60
30.47
29.16
28.52
28.52
28.16
5 15 25 35 45 55
51 (26)
14 (27)
28 (28)
31 (29)
D (30)
R (31)
18 (32)
Β (33)
46 (34)
19 (35)
30 (36)
23 (37)
29 (38)
17 (39)
50 (40)
55 (41)
Α (42)
16 (43)
79 (44)
24 (45)
13 (46)
59+60 (47)
61 (48)
45 (49)
15 (50)
* The ranking of sectors is given in parenthesis and in the histograms their scores.
78
Source: EL.STAT., ICAP DATA, Piraeus Bank Research
BIC Index: further examination of performance of sectors, 2009
Sectors with the 5 largest positive and negative changes in the ranking of the BIC Index, 2009
BlC Project
July 2013
34
25 22
19 14
-11 -11 -11
-25 -27
-40
-30
-20
-10
0
10
20
30
40
12 S 51 26 25 23 30 15 D B
Ran
kin
g c
han
ge
Sectors
79
Source: EL.STAT., ICAP DATA, Piraeus Bank Research
BIC Index: examination of dimension scores and rankings, 2009
BlC Project
July 2013
Score Rank Score Rank Score Rank Score Rank Score Rank Score Rank Score Rank Score Rank Score Rank Score Rank
Ε 48.8 1 52.9 1 29.3 42 77.1 1 36.1 17 51 37.0 26 31.9 23 14.2 49 44.5 22 57.5 1
68 46.9 2 51.7 2 69.9 1 33.9 45 32.3 31 14 36.7 27 33.0 17 36.8 27 47.8 12 29.1 40
62+63 44.4 3 32.9 20 47.6 8 53.4 4 43.9 5 28 36.2 28 28.6 33 41.6 16 43.2 27 31.5 35
P 44.2 4 32.6 21 62.5 2 47.4 13 34.2 23 31 35.8 29 31.7 24 34.1 32 44.1 23 33.1 29
58 43.5 5 36.1 9 44.9 10 44.6 21 48.3 2 D 35.4 30 30.2 26 50.9 4 29.8 46 30.6 37
Ο 42.3 6 32.2 22 53.9 3 43.8 25 39.3 11 R 35.4 31 44.7 4 20.9 46 38.1 37 37.8 12
32 42.0 7 34.7 12 46.2 9 49.5 10 37.4 15 18 35.3 32 26.8 40 38.8 23 45.7 17 30.0 39
Μ 41.7 8 29.4 29 38.4 25 63.9 2 34.9 19 Β 34.8 33 25.4 43 31.8 36 48.6 11 33.4 27
S 40.6 9 47.7 3 41.4 17 38.9 35 34.6 21 46 34.6 34 27.1 38 43.6 13 37.6 40 30.1 38
21 39.9 10 33.4 15 40.9 19 38.9 36 46.4 3 19 34.2 35 24.5 46 43.0 14 37.6 39 31.6 34
12 39.8 11 40.8 5 31.8 38 42.1 30 44.7 4 30 33.9 36 34.5 13 25.3 45 42.0 31 33.9 25
56 39.8 12 37.8 8 50.2 5 37.8 38 33.4 26 23 33.9 37 27.6 37 34.9 28 46.2 16 26.8 45
27 39.4 13 34.9 11 40.7 21 53.6 3 28.7 41 29 33.7 38 25.3 44 42.5 15 42.6 29 24.4 48
11 39.0 14 28.5 34 41.2 18 45.7 18 40.5 8 17 33.4 39 23.7 47 34.7 29 37.4 41 37.6 14
20 39.0 15 23.6 48 47.8 7 44.0 24 40.5 7 50 32.9 40 34.4 14 28.3 44 42.6 28 26.4 46
52+53 38.8 16 38.9 7 32.7 34 49.6 8 34.1 24 55 32.6 41 29.5 28 31.8 37 34.6 44 34.6 20
26 38.3 17 35.3 10 44.6 12 40.3 32 33.1 28 Α 31.8 42 25.5 42 28.5 43 36.7 42 36.7 16
25 38.0 18 29.7 27 37.2 26 49.5 9 35.7 18 16 31.0 43 25.0 45 30.7 40 43.5 26 24.7 47
Ν excl 79 37.8 19 26.6 41 44.6 11 39.9 33 40.2 9 79 30.9 44 33.0 18 31.6 39 26.0 49 33.0 30
ST 37.5 20 33.1 16 39.7 22 45.2 20 32.2 32 24 30.6 45 28.8 32 18.6 47 46.8 14 28.1 42
49 37.5 21 31.5 25 31.8 35 52.2 6 34.5 22 13 30.5 46 28.3 35 16.3 48 53.2 5 24.0 49
22 37.5 22 29.3 30 38.7 24 50.4 7 31.4 36 59+60 29.2 47 17.1 50 34.7 30 23.0 50 41.8 6
33 37.3 23 33.0 19 49.7 6 46.6 15 20.0 50 61 28.5 48 27.1 39 10.1 50 39.2 34 37.7 13
47 37.1 24 40.6 6 40.7 20 34.9 43 32.0 33 45 28.5 49 27.8 36 29.5 41 29.4 47 27.4 44
10 37.1 25 29.2 31 34.1 31 45.3 19 39.6 10 15 28.2 50 23.1 49 33.3 33 28.2 48 28.1 43
MomentumSector
2009
Total Liquidity Efficiency Capital Structure Momentum Sector
2009
Total Liquidity Efficiency Capital Structure
•The green shows cases in which the sector is rated higher than the median score of sectors for that dimension, in contrast with the red which shows sector scores that are lower than the median score. •The arrow indicates the intensity direction of each sector in comparison to the median of that respective dimension.
• score ≥ 75% of score range
• 50% ≤ score < 75%
• 25% ≤ score < 50%
• score < 25%
80
BIC Index: Structure of final score by sector, 2009
BlC Project
July 2013 Source: EL.STAT., ICAP DATA, Piraeus Bank Research
52.9
51.7
32.9
32.6
36.1
32.2
34.7
29.4
47.7
33.4
40.8
37.8
34.9
28.5
23.6
38.9
35.3
29.7
26.6
33.1
31.5
29.3
33.0
40.6
29.2
29.3
69.9
47.6
62.5
44.9
53.9
46.2
38.4
41.4
40.9
31.8
50.2
40.7
41.2
47.8
32.7
44.6
37.2
44.6
39.7
31.8
38.7
49.7
40.7
34.1
77.1
33.9
53.4
47.4
44.6
43.8
49.5
63.9
38.9
38.9
42.1
37.8
53.6
45.7
44.0
49.6
40.3
49.5
39.9
45.2
52.2
50.4
46.6
34.9
45.3
36.1
32.3
43.9
34.2
48.3
39.3
37.4
34.9
34.6
46.4
44.7
33.4
28.7
40.5
40.5
34.1
33.1
35.7
40.2
32.2
34.5
31.4
20.0
32.0
39.6
E
68
62+63
P
58
O
32
M
S
21
12
56
27
11
20
52+53
26
25
N-79
ST
49
22
33
47
10
31.9
33.0
31.8
28.6
31.7
30.2
44.7
26.8
25.4
27.1
24.5
34.5
27.6
25.3
23.7
34.4
29.5
25.5
25.0
33.0
28.8
28.3
17.1
27.1
27.8
23.1
14.2
36.8
37.3
41.6
34.1
50.9
20.9
38.8
31.8
43.6
43.0
25.3
34.9
42.5
34.7
28.3
31.8
28.5
30.7
31.6
18.6
16.3
34.7
10.1
29.5
33.3
44.5
47.8
43.1
43.2
44.1
29.8
38.1
45.7
48.6
37.6
37.6
42.0
46.2
42.6
37.4
42.6
34.6
36.7
43.5
26.0
46.8
53.2
23.0
39.2
29.4
28.2
57.5
29.1
34.4
31.5
33.1
30.6
37.8
30.0
33.4
30.1
31.6
33.9
26.8
24.4
37.6
26.4
34.6
36.7
24.7
33.0
28.1
24.0
41.8
37.7
27.4
28.1
51
14
Average
28
31
D
R
18
B
46
19
30
23
29
17
50
55
A
16
79
24
13
59+60
61
45
15
Liquidity
Efficiency
Capital Structure
Momentum
81
Source: EL.STAT., ICAP DATA, Piraeus Bank Research
BlC Project
July 2013
Liquidity, 2009 Performance of liquidity ratios per sector
0.0
0.5
1.0
1.5
2.0
2.5
E
12
27
24
13
68
32
16
14
25
26
ST
M
28
23
11
22
31
62+
63
15
52+
53
20
58
46
18
10
Tota
l
19
30
29
17
B
49
33
21
45
A
47
O
51
61
79
P
S
55
59+
60
N-7
9
R
56
50
D
Current ratio
0.0
0.5
1.0
1.5
2.0
E
M
52+
53
68
27
62+
63
24
49
25
13
18
33
58
22
28
46
61
P
23
20
15
O
Tota
l
32
79
ST
14
26
17
B
51
19
10
N-7
9
55
11
S
12
29
31
16
59+
60
21
R
45
56
A
50
30
47
D
Quick ratio
-150
-100
-50
0
50
100
150
200
R
S
56
47
50
D
68
30
21
79
55
P
51
O
45
58
A
N-7
9
52+
53
33
31
26
49
12
10
32
61
Tota
l
ST
62+
63
14
29
11
B
E
19
46
22
17
59+
60
18
28
27
23
25
20
16
15
M
13
24
Difference between payment and collection days
82
Source: EL.STAT., ICAP DATA, Piraeus Bank Research
BlC Project
July 2013
Efficiency, 2009 Performance of efficiency ratios per sector (a)
0%
10%
20%
30%
40%
50%
60%
56
68
58
O
62+
63
21
20
P
32
11
47
S
59+
60
14
31
M
19
N-7
9
15
28
46
26
Tota
l
30
D
27
29
50
33
55
23
18
17
61
22
25
B
52+
53
10
ST
16
45
79
12
49
E
13
A
24
51
R
Gross profit margin
-20%
-15%
-10%
-5%
0%
5%
10%
15%
20%
25%
68
P
D
33
26
O
ST
20
32
29
62+
63
19
M
27
28
N-7
9
46
22
18
25
Tota
l
21
S
58
11
56
47
49
10
12
52+
53
14
17
23
79
E
45
B
A
16
15
31
59+
60
50
51
30
24
R
55
13
61
Net profit margin
-10%
0%
10%
20%
30%
40%
50%
68
D
55
R
N-7
9
P
26
33
11
18
20
59+
60
32
29
O
22
28
62+
63
25
ST
27
23
19
Tota
l
M
A
17
S
16
B
31
10
56
E
12
46
21
58
15
14
52+
53
49
47
50
24
30
45
79
13
51
61
EBITDA margin
83 Source: EL.STAT., ICAP DATA, Piraeus Bank Research
BlC Project
July 2013
Efficiency, 2009 Performance of efficiency ratios per sector (b)
-10%
-8%
-6%
-4%
-2%
0%
2%
4%
6%
8%
10%
P
O
33
46
20
62+
63
29
32
27
ST
19
56
26
28
S
22
N-7
9
47
49
25
58
18
Tota
l
68
21
D
79
10
12
M
52+
53
14
11
17
45
23
E
B
A
16
15
31
59+
60
50
55
30
24
R
51
13
61
Return on total assets
-25%
-20%
-15%
-10%
-5%
0%
5%
10%
15%
20%
25%
30%
P
O
33
46
62+
63
20
19
56
29
47
79
ST
32
S
27
26
28
N-7
9
58
21
22
49
25
Tota
l
18
10
D
68
12
45
14
17
52+
53
11
M
23
E
B
A
16
15
31
59+
60
50
55
30
24
13
R
51
61
Return on equity
84
Source: EL.STAT., ICAP DATA, Piraeus Bank Research
BlC Project
July 2013
Capital structure, 2009 Performance of capital structure ratios per sector (a)
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
M
E
13
55
68
50
22
18
27
24
49
23
25
16
11
31
32
52+
53
D
B
Tota
l
61
30
ST
51
12
33
R
29
20
10
26
28
14
62+
63
59+
60
N-7
9
P
O
17
19
A
58
S
56
21
47
15
46
45
79
Debt to equity ratio
0%
10%
20%
30%
40%
50%
60%
70%
80%
M
E
13
55
68
50
22
18
27
24
49
23
25
16
11
31
32
52+
53
D
B
Tota
l
61
30
ST
51
12
33
R
29
20
10
26
28
14
62+
63
59+
60
N-7
9
P
O
17
19
A
58
S
56
21
47
15
46
45
79
Equity to total assets ratio
0.0
0.5
1.0
1.5
2.0
E
27
46
32
14
28
62+
63
12
ST
13
25
15
24
29
58
31
M
23
22
21
11
16
20
51
10
30
26
A
Tota
l
18
52+
53
47
17
B
49
45
79
33
S
O
P
61
50
55
19
68
N-7
9
R
59+
60
56
D
Equity to fixed assets ratio
85
Source: EL.STAT., ICAP DATA, Piraeus Bank Research
BlC Project
July 2013
Capital structure, 2009 Performance of capital structure ratios per sector (b)
-2.0
0.0
2.0
4.0
6.0
8.0
10.0
12.0
P
62+
63
E
33
O
N-7
9
R
56
D
B
49
22
20
26
S
52+
53
68
25
19
11
32
27
58
10
18
21
47
M
Tota
l
29
ST
79
46
23
28
17
14
55
A
31
16
45
12
15
59+
60
50
24
30
13
51
61
Times interest earned ratio
0%
2%
4%
6%
8%
10%
12%
E
79
49
62+
63
52+
53
56
47
B
P
58
45
O
51
21
S
33
10
46
14
M
19
22
Tota
l
25
61
N-7
9
27
20
30
13
24
17
50
23
11
ST
32
A
18
31
16
29
28
R
26
12
15
D
55
59+
60
68
Interest expenses to turnover and operating revenue ratio
86
Source: EL.STAT., ICAP DATA, Piraeus Bank Research
BlC Project
July 2013
Momentum, 2009 Performance momentum variables per sector
*The absolute figures of momentum refer to the entire sector and not only to SMEs.
-40%
-20%
0%
20%
40%
60%
80%
51
58
62+
63
20
25
21
59+
60
R
10
11
12
24
28
19
17
O
31
32
M
61
E
27
68
A
S
29
22
55
56
79
49
Tota
l
N-7
9
ST
52+
53
D
18
33
26
P
B
46
45
23
30
13
14
15
47
16
50
Gross value added (YoY change)
-50%
-40%
-30%
-20%
-10%
0%
10%
20%
51
N-7
9
21
12
A
P
30
61
47
11
O
32
52+
53
E
17
49
10
56
B
55
58
S
R
62+
63
50
M
20
14
26
59+
60
79
ST
46
Tota
l
18
15
68
45
22
31
D
23
16
25
13
27
28
29
19
24
33
Turnover (YoY change)
-30%
-20%
-10%
0%
10%
20%
30%
40%
50%
51
N-7
9
59+
60
21
12
26
B
D
30
19
58
O
47
55
61
S
52+
53
62+
63
79
49
32
Tota
l E
46
P
ST
11
20
31
10
M
25
17
22
14
15
23
50
68
16
56
A
18
27
28
R
45
13
24
33
29
Total assets (YoY change)
87
BlC Project
July 2013
88
Source: EL.STAT., ICAP DATA, Piraeus Bank Research
BIC Index: Ranking and Scores, 2008
BlC Project
July 2013
51.17
46.53
46.17
45.50
45.20
44.04
43.82
43.46
43.03
42.53
42.46
40.95
40.73
40.15
39.96
39.96
39.87
39.75
39.71
39.31
39.20
38.72
38.63
38.58
38.30
5 15 25 35 45 55
Ε (1)
Μ (2)
62+63 (3)
P (4)
D (5)
Β (6)
Ο (7)
20 (8)
68 (9)
21 (10)
58 (11)
33 (12)
32 (13)
52+53 (14)
SΤ (15)
47 (16)
56 (17)
27 (18)
11 (19)
49 (20)
Ν excl 79 (21)
28 (22)
18 (23)
31 (24)
30 (25)
38.27
38.19
37.91
37.57
37.13
37.08
36.38
36.10
35.99
35.53
35.47
35.24
35.02
33.15
32.98
32.41
31.45
31.13
30.28
29.34
28.24
27.78
27.72
27.03
23.14
5 15 25 35 45 55
23 (26)
46 (27)
14 (28)
10 (29)
22 (30)
29 (31)
25 (32)
R (33)
S (34)
55 (35)
26 (36)
79 (37)
24 (38)
15 (39)
13 (40)
16 (41)
17 (42)
45 (43)
19 (44)
12 (45)
59+60 (46)
50 (47)
51 (48)
Α (49)
61 (50)
* The ranking of sectors is given in parenthesis and in the histograms their scores.
89
Source: EL.STAT., ICAP DATA, Piraeus Bank Research
BIC Index: further examination of performance of sectors, 2008
Sectors with the 5 largest positive and negative changes in the ranking of the BIC Index, 2008
BlC Project
July 2013
23
18 17
11 8
-10 -10 -12
-21 -21
-25
-20
-15
-10
-5
0
5
10
15
20
25
30
33 N excl 79 20 30 10 27 56 S 24 29
Ran
kin
g c
han
ge
Sectors
90
Source: EL.STAT., ICAP DATA, Piraeus Bank Research
BlC Project
July 2013
BIC Index: examination of dimension scores and rankings, 2008
Score Rank Score Rank Score Rank Score Rank Score Rank Score Rank Score Rank Score Rank Score Rank Score Rank
Ε 51.2 1 53.9 1 33.3 38 75.1 1 42.3 10 23 38.3 26 28.0 37 39.4 30 46.4 15 39.4 24
Μ 46.5 2 36.6 7 42.0 22 67.8 2 39.7 23 46 38.2 27 27.7 40 45.9 12 35.9 36 43.3 7
62+63 46.2 3 33.6 16 59.0 4 53.1 4 39.0 25 14 37.9 28 34.1 12 36.9 32 48.5 10 32.1 43
P 45.5 4 32.7 20 60.6 3 44.6 19 44.1 6 10 37.6 29 30.2 28 35.2 35 43.2 20 41.7 11
D 45.2 5 27.1 41 61.4 2 35.1 38 57.2 2 22 37.1 30 30.3 27 38.1 31 45.9 16 34.3 38
Β 44.0 6 35.4 9 45.5 15 54.6 3 40.7 16 29 37.1 31 29.0 31 43.2 20 42.1 24 34.1 40
Ο 43.8 7 32.8 18 53.0 6 46.7 13 42.7 8 25 36.4 32 28.5 33 41.8 24 46.4 14 28.8 48
20 43.5 8 26.4 43 46.1 11 42.3 23 59.0 1 R 36.1 33 36.7 6 33.0 39 36.5 34 38.3 27
68 43.0 9 43.3 2 61.9 1 33.2 41 33.7 42 S 36.0 34 29.3 30 40.5 27 36.4 35 37.8 31
21 42.5 10 33.9 13 45.9 13 37.0 33 53.3 3 55 35.5 35 31.2 24 35.4 34 35.1 39 40.4 20
58 42.5 11 37.0 5 49.6 8 45.4 17 37.8 30 26 35.5 36 30.8 25 50.5 7 38.2 32 22.4 50
33 40.9 12 26.8 42 54.7 5 40.8 28 41.5 12 79 35.2 37 33.2 17 35.6 33 25.8 48 46.4 5
32 40.7 13 34.2 11 49.3 9 45.3 18 34.2 39 24 35.0 38 28.5 34 34.0 37 48.5 11 29.2 47
52+53 40.2 14 33.9 14 43.8 19 49.2 8 33.8 41 15 33.1 39 23.9 48 40.9 26 30.5 44 37.3 33
ST 40.0 15 32.5 21 44.3 18 42.4 22 40.7 17 13 33.0 40 27.9 39 22.0 45 50.2 7 31.8 44
47 40.0 16 40.4 3 44.6 17 34.4 40 40.3 22 16 32.4 41 24.2 47 34.7 36 39.8 29 30.9 45
56 39.9 17 39.0 4 39.7 28 38.4 31 42.4 9 17 31.5 42 23.2 49 31.8 42 32.0 43 38.8 26
27 39.7 18 33.8 15 48.6 10 52.9 5 23.7 49 45 31.1 43 28.4 35 31.2 43 29.1 46 35.8 36
11 39.7 19 29.8 29 41.9 23 46.8 12 40.3 21 19 30.3 44 24.6 46 25.8 44 33.0 42 37.8 32
49 39.3 20 32.8 19 32.2 41 51.6 6 40.8 15 12 29.3 45 35.7 8 9.6 47 35.4 37 36.7 35
Ν excl 79 39.2 21 29.0 32 45.5 14 40.8 27 41.5 13 59+60 28.2 46 21.6 50 39.4 29 22.4 50 29.5 46
28 38.7 22 28.0 38 45.1 16 41.2 26 40.6 18 50 27.8 47 30.5 26 1.6 49 38.6 30 40.4 19
18 38.6 23 28.4 36 41.7 25 43.0 21 41.4 14 51 27.7 48 31.3 23 0.0 50 30.1 45 49.5 4
31 38.6 24 31.6 22 42.7 21 42.0 25 38.0 28 Α 27.0 49 26.4 44 17.4 46 26.4 47 37.9 29
30 38.3 25 34.6 10 32.9 40 49.0 9 36.7 34 61 23.1 50 25.1 45 9.2 48 22.6 49 35.7 37
MomentumSector
2008
Total Liquidity Efficiency Capital Structure Momentum Sector
2008
Total Liquidity Efficiency Capital Structure
•The green shows cases in which the sector is rated higher than the median score of sectors for that dimension, in contrast with the red which shows sector scores that are lower than the median score. •The arrow indicates the intensity direction of each sector in comparison to the median of that respective dimension.
• score ≥ 75% of score range
• 50% ≤ score < 75%
• 25% ≤ score < 50%
• score < 25%
91
BIC Index: Structure of final score by sector, 2008
BlC Project
July 2013 Source: EL.STAT., ICAP DATA, Piraeus Bank Research
53.9
36.6
33.6
32.7
27.1
35.4
32.8
26.4
43.3
33.9
37.0
26.8
34.2
33.9
32.5
40.4
39.0
33.8
29.8
32.8
29.0
28.0
28.4
31.6
34.6
33.3
42.0
59.0
60.6
61.4
45.5
53.0
46.1
61.9
45.9
49.6
54.7
49.3
43.8
44.3
44.6
39.7
48.6
41.9
32.2
45.5
45.1
41.7
42.7
32.9
75.1
67.8
53.1
44.6
35.1
54.6
46.7
42.3
33.2
37.0
45.4
40.8
45.3
49.2
42.4
34.4
38.4
52.9
46.8
51.6
40.8
41.2
43.0
42.0
49.0
42.3
39.7
39.0
44.1
57.2
40.7
42.7
59.0
33.7
53.3
37.8
41.5
34.2
33.8
40.7
40.3
42.4
23.7
40.3
40.8
41.5
40.6
41.4
38.0
36.7
E
M
62+63
P
D
B
O
20
68
21
58
33
32
52+53
ST
47
56
27
11
49
N-79
28
18
31
30
28.0
27.7
34.1
30.2
31.4
30.3
29.0
28.5
36.7
29.3
31.2
30.8
33.2
28.5
23.9
27.9
24.2
23.2
28.4
24.6
35.7
21.6
30.5
31.3
26.4
25.1
39.4
45.9
36.9
35.2
38.8
38.1
43.2
41.8
33.0
40.5
35.4
50.5
35.6
34.0
40.9
22.0
34.7
31.8
31.2
25.8
9.6
39.4
1.6
0.0
17.4
9.2
46.4
35.9
48.5
43.2
41.4
45.9
42.1
46.4
36.5
36.4
35.1
38.2
25.8
48.5
30.5
50.2
39.8
32.0
29.1
33.0
35.4
22.4
38.6
30.1
26.4
22.6
39.4
43.3
32.1
41.7
38.7
34.3
34.1
28.8
38.3
37.8
40.4
22.4
46.4
29.2
37.3
31.8
30.9
38.8
35.8
37.8
36.7
29.5
40.4
49.5
37.9
35.7
23
46
14
10
Average
22
29
25
R
S
55
26
79
24
15
13
16
17
45
19
12
59+60
50
51
A
61
Liquidity
Efficiency
Capital Structure
Momentum
92
Source: EL.STAT., ICAP DATA, Piraeus Bank Research
BlC Project
July 2013
Liquidity, 2008 Performance of liquidity ratios per sector
0.0
0.5
1.0
1.5
2.0
2.5
12
E
M
24
13
27
14
32
B
68
16
ST
11
25
26
22
23
62+
63
20
30
58
28
31
10
Tota
l
46
18
15
19
29
R
21
49
52+
53
17
45
A
47
D
O
79
P
S
33
55
61
59+
60
51
N-7
9
56
50
Current ratio
0.0
0.5
1.0
1.5
2.0
E
M
B
52+
53
62+
63
49
13
58
24
68
18
O
27
25
22
46
26
20
P
61
28
12
Tota
l
23
14
79
10
ST
19
32
15
11
D
S
17
55
33
59+
60
16
31
N-7
9
29
21
R
51
56
30
45
A
47
50
Quick ratio
-150
-100
-50
0
50
100
150
56
50
47
51
R
55
30
68
79
21
N-7
9
P
45
A
S
O
58
33
31
49
29
52+
53
D
32
ST
61
10
Tota
l
14
62+
63
E
59+
60
11
26
27
22
28
18
46
23
17
19
B
15
25
20
16
M
12
24
13
Difference between payment and collection days
93
Source: EL.STAT., ICAP DATA, Piraeus Bank Research
BlC Project
July 2013
Efficiency, 2008 Performance of efficiency ratios per sector (a)
-10%
0%
10%
20%
30%
40%
50%
60%
56
58
68
62+
63
32
O
11
P
47
D
20
26
S
59+
60
21
31
N-7
9
14
M
15
46
28
61
27
55
Tota
l B
30
18
33
52+
53
23
29
17
25
22
16
ST
10
19
E
45
24
79
13
49
R
A
12
50
51
Gross profit margin
-40%
-30%
-20%
-10%
0%
10%
20%
D
68
P
62+
63
33
ST
26
M
27
B
32
29
O
52+
53
28
21
25
20
N-7
9
46
18
Tota
l
31
23
58
22
24
15
47
11
10
16
E
49
79
S
14
59+
60
45
30
17
R
56
19
55
13
A
12
51
61
50
Net profit margin
-30%
-20%
-10%
0%
10%
20%
30%
40%
50%
68
D
R
55
P
26
N-7
9
62+
63
18
32
B
27
11
ST
29
59+
60
28
33
31
25
20
23
21
M
O
22
52+
53
16
Tota
l
24
15
S
E
10
58
17
30
46
47
14
49
13
56
19
A
45
79
12
61
51
50
EBITDA margin
94
Source: EL.STAT., ICAP DATA, Piraeus Bank Research
BlC Project
July 2013
Efficiency, 2008 Performance of efficiency ratios per sector (b)
-20%
-15%
-10%
-5%
0%
5%
10%
P
33
62+
63
O
27
B
46
52+
53
ST
26
28
29
32
25
20
47
58
21
D
79
N-7
9
18
Tota
l
31
22
23
15
49
10
M
24
S
E
68
45
11
16
14
59+
60
30
17
R
56
19
55
13
A
12
61
51
50
Return on total assets
-70%
-60%
-50%
-40%
-30%
-20%
-10%
0%
10%
20%
30%
40%
33
P
62+
63
46
O
79
27
47
ST
28
52+
53
26
21
B
29
32
58
20
25
15
N-7
9
Tota
l
18
D
31
22
S
45
23
10
49
24
16
11
14
59+
60
68
M
E
17
30
R
55
56
19
13
A
12
61
50
51
Return on equity
95 Source: EL.STAT., ICAP DATA, Piraeus Bank Research
BlC Project
July 2013
Capital structure, 2008 Performance of capital structure ratios per sector (a)
0.0
1.0
2.0
3.0
4.0
M
E
13
55
D
68
B
24
30
49
18
23
11
22
27
31
12
52+
53
50
25
Tota
l
32
16
29
14
26
ST
10
N-7
9
R
20
P
62+
63
O
28
58
17
19
56
S
21
33
A
61
59+
60
51
15
47
46
45
79
Debt to equity ratio
0%
10%
20%
30%
40%
50%
60%
70%
80%
M
E
13
55
D
68
B
24
30
49
18
23
11
22
27
31
12
52+
53
50
25
Tota
l
32
16
29
14
26
ST
10
N-7
9
R
20
P
62+
63
O
28
58
17
19
56
S
21
33
A
61
59+
60
51
15
47
46
45
79
Equity to total assets ratio
0.0
0.2
0.4
0.6
0.8
1.0
1.2
1.4
1.6
1.8
E
46
27
14
12
58
32
62+
63
28
15
13
24
M
ST
B
25
20
23
31
26
30
11
29
22
Tota
l
16
10
21
47
O
18
45
A
52+
53
49
17
79
P
S
33
R
55
N-7
9
68
59+
60
51
D
19
56
50
61
Equity to fixed assets ratio
96
Source: EL.STAT., ICAP DATA, Piraeus Bank Research
BlC Project
July 2013
Capital structure, 2008 Performance of capital structure ratios per sector (b)
-15.0
-10.0
-5.0
0.0
5.0
10.0
15.0
62+
63
33
P
E
O
B
52+
53
R
N-7
9
M
27
49
D
21
11
25
47
22
79
58
20
ST
23
18
32
S
28
29
26
Tota
l
10
56
30
46
24
31
55
16
14
68
59+
60
15
17
45
19
13
A
12
61
51
50
Times interest earned ratio
0%
2%
4%
6%
8%
10%
12%
14%
16%
79
E
49
51
33
56
O
62+
63
52+
53
47
B
45
M
P
58
50
30
46
S
10
14
21
27
19
25
N-7
9
Tota
l
22
11
24
23
20
28
29
ST
32
13
16
61
17
15
18
31
A
R
26
59+
60
12
55
D
68
Interest expenses to turnover and operating revenue ratio
97
Source: EL.STAT., ICAP DATA, Piraeus Bank Research
BlC Project
July 2013
Momentum, 2008 Performance momentum variables per sector
*The absolute figures of momentum refer to the entire sector and not only to SMEs.
-60%
-40%
-20%
0%
20%
40%
60%
80%
100%
20
21
79
51
18
46
50
68
E
P
10
11
12
N-7
9
58
O
29
47
45
55
56
17
S
Tota
l
28
23
61
B
49
R
D
31
32
M
13
14
15
ST
33
A
62+
63
30
19
22
24
16
52+
53
59+
60
26
27
25
Gross value added (YoY change)
-40%
-20%
0%
20%
40%
60%
80%
100%
D
51
19
33
62+
63
ST
25
49
O
P
56
B
21
Tota
l
N-7
9
M
50
10
A
E
79
46
28
52+
53
47
31
R
20
30
11
15
55
17
22
23
18
S
27
12
61
58
16
32
59+
60
45
13
14
26
29
24
68
Turnover (YoY change)
-20%
-15%
-10%
-5%
0%
5%
10%
15%
20%
25%
30%
21
30
P
23
A
51
M
56
33
ST
55
28
15
79
B
O
20
22
25
46
Tota
l
31
47
18
49
R
62+
63
59+
60
S
10
N-7
9
58
16
17
E
26
D
52+
53
27
61
11
32
24
45
68
14
13
19
29
50
12
Total assets (YoY change)
98
BlC Project
July 2013
99
Source: EL.STAT., ICAP DATA, Piraeus Bank Research
BIC Index: Ranking and Scores, 2007
BlC Project
July 2013
65.29
61.23
55.57
49.06
47.28
46.49
46.15
45.12
44.66
44.61
44.44
44.37
44.30
43.42
43.30
42.40
42.29
41.85
41.61
41.58
41.46
41.40
40.71
40.49
40.45
0 10 20 30 40 50 60 70
Ε (1)
68 (2)
Μ (3)
P (4)
62+63 (5)
Β (6)
56 (7)
27 (8)
D (9)
29 (10)
58 (11)
47 (12)
Ο (13)
21 (14)
SΤ (15)
11 (16)
24 (17)
52+53 (18)
32 (19)
49 (20)
28 (21)
S (22)
23 (23)
14 (24)
20 (25)
40.40
39.92
39.84
39.70
39.30
39.27
38.57
38.56
38.26
38.18
38.04
36.95
36.86
36.63
35.85
35.83
35.27
34.52
34.42
33.46
33.43
32.73
32.57
24.60
23.08
0 10 20 30 40 50 60 70
46 (26)
22 (27)
31 (28)
18 (29)
R (30)
55 (31)
25 (32)
26 (33)
13 (34)
33 (35)
30 (36)
10 (37)
16 (38)
Ν excl 79 (39)
79 (40)
50 (41)
15 (42)
45 (43)
51 (44)
Α (45)
59+60 (46)
19 (47)
17 (48)
61 (49)
12 (50)
* The ranking of sectors is given in parenthesis and in the histograms their scores.
100
Source: EL.STAT., ICAP DATA, Piraeus Bank Research
BlC Project
July 2013
BIC Index: examination of dimension scores and rankings, 2007
Score Rank Score Rank Score Rank Score Rank Score Rank Score Rank Score Rank Score Rank Score Rank Score Rank
Ε 65.3 1 64.8 2 63.1 3 93.1 1 40.2 30 46 40.4 26 29.0 34 49.3 17 38.4 35 44.9 9
68 61.2 2 78.4 1 75.1 1 38.3 36 53.2 3 22 39.9 27 29.1 33 44.2 26 48.7 12 37.6 39
Μ 55.6 3 40.4 6 42.7 29 72.1 2 67.2 1 31 39.8 28 34.6 14 41.7 32 45.7 24 37.4 40
P 49.1 4 33.7 18 65.8 2 48.6 14 48.1 7 18 39.7 29 25.5 46 44.9 24 47.2 19 41.2 24
62+63 47.3 5 29.2 32 62.5 4 55.5 4 41.9 20 R 39.3 30 39.5 8 46.0 21 25.9 48 45.8 8
Β 46.5 6 33.2 22 59.3 5 57.3 3 36.1 44 55 39.3 31 34.6 15 41.8 31 37.7 37 43.0 14
56 46.1 7 41.6 4 55.2 9 46.1 23 41.7 22 25 38.6 32 27.9 40 41.1 35 44.5 26 40.8 26
27 45.1 8 32.8 26 47.6 19 51.7 9 48.4 6 26 38.6 33 25.0 47 45.9 22 46.3 22 37.1 43
D 44.7 9 40.9 5 52.6 12 41.3 32 43.9 12 13 38.3 34 31.1 28 31.3 44 54.7 5 36.0 46
29 44.6 10 26.2 45 52.1 13 48.0 17 52.2 4 33 38.2 35 28.2 39 58.1 6 39.4 33 27.1 50
58 44.4 11 39.3 9 55.4 8 47.0 20 36.0 45 30 38.0 36 33.1 24 31.6 43 43.5 29 43.9 11
47 44.4 12 41.8 3 50.0 14 36.1 40 49.6 5 10 37.0 37 29.0 35 35.5 39 43.5 28 39.8 32
Ο 44.3 13 33.4 20 56.7 7 48.4 16 38.7 34 16 36.9 38 26.3 44 39.2 37 41.3 31 40.7 27
21 43.4 14 34.3 16 49.6 15 31.4 44 58.4 2 Ν excl 79 36.6 39 28.2 38 44.6 25 36.4 39 37.3 42
ST 43.3 15 37.1 10 45.4 23 46.4 21 44.4 10 79 35.8 40 33.0 25 41.5 33 28.6 46 40.3 29
11 42.4 16 33.4 21 48.7 18 48.7 13 38.9 33 50 35.8 41 27.5 43 19.9 47 54.3 6 41.6 23
24 42.3 17 33.1 23 39.1 38 53.3 8 43.6 13 15 35.3 42 27.9 41 41.4 34 33.8 42 38.1 37
52+53 41.8 18 34.8 13 42.5 30 49.1 11 41.0 25 45 34.5 43 29.8 31 35.1 40 30.5 45 42.7 16
32 41.6 19 32.5 27 53.0 11 47.5 18 33.5 49 51 34.4 44 39.5 7 17.8 49 41.7 30 38.7 35
49 41.6 20 35.6 11 34.8 41 54.1 7 41.9 21 Α 33.5 45 34.1 17 26.4 46 35.5 41 37.9 38
28 41.5 21 28.8 36 49.6 16 45.4 25 42.1 19 59+60 33.4 46 22.6 49 40.4 36 27.9 47 42.9 15
S 41.4 22 30.1 30 54.0 10 38.9 34 42.6 18 19 32.7 47 28.8 37 30.2 45 37.6 38 34.3 48
23 40.7 23 30.5 29 43.3 27 50.8 10 38.2 36 17 32.6 48 23.3 48 34.5 42 32.6 43 39.9 31
14 40.5 24 33.4 19 42.7 28 48.5 15 37.3 41 61 24.6 49 35.1 12 8.1 50 19.2 50 35.9 47
20 40.4 25 27.6 42 47.3 20 44.2 27 42.7 17 12 23.1 50 13.1 50 19.5 48 19.3 49 40.4 28
Capital Structure MomentumMomentum Sector
2007
Total Liquidity EfficiencySector
2007
Total Liquidity Efficiency Capital Structure
•The green shows cases in which the sector is rated higher than the median score of sectors for that dimension, in contrast with the red which shows sector scores that are lower than the median score. •The arrow indicates the intensity direction of each sector in comparison to the median of that respective dimension.
• score ≥ 75% of score range
• 50% ≤ score < 75%
• 25% ≤ score < 50%
• score < 25%
101
BIC Index: Structure of final score by sector, 2007
BlC Project
July 2013 Source: EL.STAT., ICAP DATA, Piraeus Bank Research
64.8
78.4
40.4
33.7
29.2
33.2
41.6
32.8
40.9
26.2
39.3
41.8
33.4
34.3
37.1
33.4
33.1
34.8
32.5
35.6
28.8
30.1
33.3
30.5
33.4
63.1
75.1
42.7
65.8
62.5
59.3
55.2
47.6
52.6
52.1
55.4
50.0
56.7
49.6
45.4
48.7
39.1
42.5
53.0
34.8
49.6
54.0
44.0
43.3
42.7
93.1
38.3
72.1
48.6
55.5
57.3
46.1
51.7
41.3
48.0
47.0
36.1
48.4
31.4
46.4
48.7
53.3
49.1
47.5
54.1
45.4
38.9
43.9
50.8
48.5
40.2
53.2
67.2
48.1
41.9
36.1
41.7
48.4
43.9
52.2
36.0
49.6
38.7
58.4
44.4
38.9
43.6
41.0
33.5
41.9
42.1
42.6
41.7
38.2
37.3
E
68
M
P
62+63
B
56
27
D
29
58
47
O
21
ST
11
24
52+53
32
49
28
S
Average
23
14
27.6
29.0
29.1
34.6
25.5
39.5
34.6
27.9
25.0
31.1
28.2
33.1
29.0
26.3
28.2
33.0
27.5
27.9
29.8
39.5
34.1
22.6
28.8
23.3
35.1
13.1
47.3
49.3
44.2
41.7
44.9
46.0
41.8
41.1
45.9
31.3
58.1
31.6
35.5
39.2
44.6
41.5
19.9
41.4
35.1
17.8
26.4
40.4
30.2
34.5
8.1
19.5
44.2
38.4
48.7
45.7
47.2
25.9
37.7
44.5
46.3
54.7
39.4
43.5
43.5
41.3
36.4
28.6
54.3
33.8
30.5
41.7
35.5
27.9
37.6
32.6
19.2
19.3
42.7
44.9
37.6
37.4
41.2
45.8
43.0
40.8
37.1
36.0
27.1
43.9
39.8
40.7
37.3
40.3
41.6
38.1
42.7
38.7
37.9
42.9
34.3
39.9
35.9
40.4
20
46
22
31
18
R
55
25
26
13
33
30
10
16
N-79
79
50
15
45
51
A
59+60
19
17
61
12
Liquidity
Efficiency
Capital Structure
Momentum
102
Source: EL.STAT., ICAP DATA, Piraeus Bank Research
BlC Project
July 2013
Liquidity, 2007 Performance of liquidity ratios per sector
0.0
0.5
1.0
1.5
2.0
2.5
E
68
M
24
13
ST
32
27
11
23
16
19
20
14
B
29
D
25
22
28
15
Tota
l
12
58
46
31
A
10
49
26
62+
63
18
45
52+
53
21
17
30
51
47
O
P
59+
60
79
S
55
33
61
56
N-7
9
R
50
Current ratio
0.0
0.5
1.0
1.5
2.0
2.5
E
68
M
D
52+
…
49
13
B
24
23
20
18
58
27
O
51
19
46
P
62+
…
22
Tota
l
25
11
79
15
ST
59+
…
28
14
26
33
32
16
55
61
10
17
29
S
31
21
N-7
9
56
A
45
R
50
47
30
12
Quick ratio
-150
-100
-50
0
50
100
150
56
R
47
68
50
61
30
51
55
N-7
9
21
A
58
S
79
31
P
O
D
45
33
52+
53
ST
49
14
Tota
l
10
11
62+
63
32
B
28
27
46
22
15
59+
60
25
29
17
26
23
18
19
E
16
20
24
M
13
12
Difference between payment and collection days
103
Source: EL.STAT., ICAP DATA, Piraeus Bank Research
BlC Project
July 2013
Efficiency, 2007 Performance of efficiency ratios per sector (a)
0%
10%
20%
30%
40%
50%
60%
56
58
68
62+
63
32
11
O
S
P
21
47
31
20
B
M
14
26
55
E
59+
60
15
N-7
9
46
33
23
28
Tota
l
27
29
R
18
22
52+
53
19
D
17
30
61
25
16
10
ST
13
79
45
24
49
A
12
51
50
Gross profit margin
-15%
-10%
-5%
0%
5%
10%
15%
20%
25%
30%
68
E
D
P
B
62+
63
29
33
ST
M
28
32
O
27
18
52+
53
11
22
21
58
S
26
20
46
Tota
l
24
23
25
R
N-7
9
47
16
14
56
15
31
79
49
59+
60
10
45
17
55
13
30
19
A
51
50
12
61
Net profit margin
-10%
0%
10%
20%
30%
40%
50%
60%
68
D
R
55
E
P
B
29
62+
63
N-7
9
11
18
32
26
28
33
ST
22
S
52+
53
27
O
20
23
16
21
25
24
59+
60
M
Tota
l
31
13
58
15
56
17
10
46
14
47
A
19
30
49
12
79
45
50
51
61
EBITDA margin
104
Source: EL.STAT., ICAP DATA, Piraeus Bank Research
BlC Project
July 2013
Efficiency, 2007 Performance of efficiency ratios per sector (b)
-8%
-6%
-4%
-2%
0%
2%
4%
6%
8%
10%
12%
14%
E
P
33
B
62+
63
O
S
29
46
27
28
47
58
32
ST
56
79
22
20
21
18
Tota
l
24
26
23
52+
53
25
68
14
49
11
D
N-7
9
45
16
15
M
31
R
10
59+
60
17
13
30
55
19
A
50
51
12
61
Return on total assets
-40%
-30%
-20%
-10%
0%
10%
20%
30%
40%
33
P
79
46
62+
63
O
47
B
S
E
28
58
29
21
27
56
32
ST
45
20
22
26
Tota
l
14
15
25
18
24
23
N-7
9
52+
53
11
49
16
D
59+
60
68
R
31
10
17
M
30
13
55
19
A
50
51
12
61
Return on equity
105
Source: EL.STAT., ICAP DATA, Piraeus Bank Research
BlC Project
July 2013
Capital structure, 2007 Performance of capital structure ratios per sector (a)
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
M
E
50
68
13
55
D
52+
53
18
49
24
B
23
11
22
29
31
27
Tota
l
32
ST
26
25
30
20
16
P
19
62+
63
10
14
O
56
28
51
N-7
9
58
R
S
17
A
33
21
15
59+
60
47
46
12
45
61
79
Debt to equity ratio
0%
10%
20%
30%
40%
50%
60%
70%
80%
M
E
50
68
13
55
D
52+
53
18
49
24
B
23
11
22
29
31
27
Tota
l
32
ST
26
25
30
20
16
P
19
62+
63
10
14
O
56
28
51
N-7
9
58
R
S
17
A
33
21
15
59+
60
47
46
12
45
61
79
Equity to total assets ratio
0.0
0.5
1.0
1.5
2.0
2.5
E
46
14
32
15
27
58
26
24
28
62+
63
29
13
M
ST
23
B
12
20
25
11
31
A
22
Tota
l
45
47
10
16
30
18
O
79
51
21
49
P
S
17
68
59+
60
52+
53
19
50
55
56
D
33
N-7
9
R
61
Equity to fixed assets ratio
106
Source: EL.STAT., ICAP DATA, Piraeus Bank Research
BlC Project
July 2013
Capital structure, 2007 Performance of capital structure ratios per sector (b)
-5.0
0.0
5.0
10.0
15.0
20.0
25.0
E
62+
63
B
P
33
O
56
M
D
49
S
11
52+
53
N-7
9
29
79
27
58
47
22
28
18
23
R
24
ST
20
Tota
l
32
26
25
46
68
16
14
55
10
31
21
59+
60
13
30
45
17
15
19
50
A
51
12
61
Times interest earned ratio
0%
2%
4%
6%
8%
10%
12%
14%
79
49
E
56
51
M
O
33
62+
63
47
50
45
B
P
58
46
30
14
S
52+
53
10
27
61
24
Tota
l
23
22
28
25
20
ST
31
11
19
13
16
N-7
9
18
26
29
A
21
32
59+
60
17
15
D
R
12
55
68
Interest expenses to turnover and operating reverue ratio
107
Source: EL.STAT., ICAP DATA, Piraeus Bank Research
BlC Project
July 2013
Momentum, 2007 Performance momentum variables per sector
*The absolute figures of momentum refer to the entire sector and not only to SMEs.
-60%
-40%
-20%
0%
20%
40%
60%
33
30
27
68
47
46
D
49
50
26
M
21
P
55
56
20
45
18
Tota
l
23
52+
53
24
R
S
61
E
10
11
12
A
79
25
28
22
16
17
O
59+
60
13
14
15
58
B
29
62+
63
ST
N-7
9
19
31
32
51
Gross value added (YoY change)
-60%
-40%
-20%
0%
20%
40%
60%
29
ST
21
59+
60
68
47
31
P
M
24
28
62+
63
51
S
27
52+
53
O
16
45
17
79
E
Tota
l
N-7
9
25
32
46
55
20
D
15
10
11
18
14
56
22
49
R
50
13
12
58
B
23
19
A
61
30
26
33
Turnover (YoY change)
-150%
-100%
-50%
0%
50%
100%
150%
200%
250%
M
21
51
R
68
29
P
12
47
62+
63
ST
31
25
Tota
l
24
19
D
28
55
16
A
46
20
S
27
59+
60
B
79
45
18
17
10
56
15
32
50
58
N-7
9
14
E
23
22
49
52+
53
11
13
30
O
61
26
33
Total assets (YoY change)
108
BlC Project
July 2013
Disclaimer: This note constitute an investment advertisement, is intended solely for information purposes and it cannot in any way be considered investment advice, offer or recommendation to enter into any transaction. The information included in this note may not be construed as suitable investment for the holder, nor may it be considered as an instrument to accomplish specific investment goals or relevant financial needs of the holder and may neither be reckoned as a substitute to relevant contractual agreements between the Bank and the holder. Before entering into any transaction each individual investor should evaluate the information contained in this note and not base his/her decision solely on the information provided. This note cannot be considered investment research and consequently it was not compiled by Piraeus Bank according to the requirements of the law that are intended to ensure independence in the sector of investment research. Information comprised in this note is based on publically available sources that are considered to be reliable. Piraeus Bank cannot be held accountable for the accuracy or completeness of the information contained in this note. Views and estimates brought forward in this note represent domestic and international market trends on the date indicated in the note and they are subject to alteration without previous warning. Piraeus Bank may also include in this note investment research done by third parties. This information is not modified in any way, consequently the Bank cannot be held accountable for the content. The Piraeus Bank Group is and organization with a considerable domestic and international presence, and provides a great variety of investment services. In cases where conflicts of interest issues should arise while Piraeus Bank or the rest of the companies of the group provide investment services in relation to the information provided in this note, Piraeus Bank and the companies of the Group should be underlined that (the list is not exhaustive): a) No restrictions apply in dealing for own account, or with regards to trading in relation to portfolios managed by Piraeus Bank or companies of its group before the publication of this note, or with regards to trading before an initial public offer. b) It is possible that investment or additional services are provided to the issuers included in this note against a fee. c) It is possible that Bank or any of its subsidiaries participate in the share capital of any of the issuers included in this note or may attract other interests financial or not from them. d) The Bank or any of its subsidiaries may act a market maker or an underwriter for any of the issuers included in the note. e) Piraeus Bank may have issued similar notes with different or incompatible content with the content of this note. It should be explicitly noted that: a) Figures refer to past performances and past performances do not constitute a safe indication for future performances. b) Figures constitute simulation of past performances and they are not a safe indication of future performances. c) Any projections or other estimates are not safe indications for future performances. d) Taxation treatment of information provided in this note may differ according to the rules that govern each individual investor. Therefore the holder should seek independent advice in relation to taxation rules that may affect him/her. e) Piraeus Bank is not under any obligation to keep data and information provided herein updated.
Recommended