· Assessment of sectoral performance, with focus on small and medium-sized enterprises Economic...

108
Assessment of sectoral performance, with focus on small and medium-sized enterprises Economic Analysis & Markets July 2013 [email protected] Bloomberg Page: <PBGR> Ilias Lekkos [email protected] Paraskevi Vlachou [email protected] Irini Staggel [email protected] Konstantinos Kefalas [email protected] Piraeus Bank 4, Amerikis St., GR-105 64, Athens, Greece Tel: (+30) 210 328 8187, Fax: (+30) 210 328 8605

Transcript of  · Assessment of sectoral performance, with focus on small and medium-sized enterprises Economic...

Page 1:  · Assessment of sectoral performance, with focus on small and medium-sized enterprises Economic Analysis & Markets July 2013 researchdivision@piraeusbank.gr Ilias Lekkos Lekkosi@pir

Assessment of sectoral performance, with focus on small and medium-sized enterprises

Economic Analysis & Markets

July 2013

[email protected]

Bloomberg Page: <PBGR> Ilias Lekkos [email protected] Paraskevi Vlachou [email protected] Irini Staggel [email protected] Konstantinos Kefalas [email protected]

Piraeus Bank 4, Amerikis St., GR-105 64, Athens, Greece Tel: (+30) 210 328 8187, Fax: (+30) 210 328 8605

Page 2:  · Assessment of sectoral performance, with focus on small and medium-sized enterprises Economic Analysis & Markets July 2013 researchdivision@piraeusbank.gr Ilias Lekkos Lekkosi@pir

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

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BlC Project

July 2013

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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.

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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.

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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.

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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.

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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.

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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

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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

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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

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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

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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

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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

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BlC Project

July 2013

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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

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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

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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

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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

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BlC Project

July 2013

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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

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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

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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

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

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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

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

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BlC Project

July 2013

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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

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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)

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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.

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41

BlC Project

July 2013

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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)

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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

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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%

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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

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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

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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

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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

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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).

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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

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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

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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

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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

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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

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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

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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

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BlC Project

July 2013

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BlC Project

July 2013

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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

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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)

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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)

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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

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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

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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.

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65

BlC Project

July 2013

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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.

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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

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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

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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

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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

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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

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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

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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

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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

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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)

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76

BlC Project

July 2013

Page 77:  · Assessment of sectoral performance, with focus on small and medium-sized enterprises Economic Analysis & Markets July 2013 researchdivision@piraeusbank.gr Ilias Lekkos Lekkosi@pir

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.

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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

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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%

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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

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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

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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

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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

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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

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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

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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)

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87

BlC Project

July 2013

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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.

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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

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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%

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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

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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

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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

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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

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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

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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

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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)

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98

BlC Project

July 2013

Page 99:  · Assessment of sectoral performance, with focus on small and medium-sized enterprises Economic Analysis & Markets July 2013 researchdivision@piraeusbank.gr Ilias Lekkos Lekkosi@pir

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.

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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%

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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

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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

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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

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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

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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

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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

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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)

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108

BlC Project

July 2013

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