Contrary to what could be assumed for 2022, with a highly worrying economic situation that was met with the start of a war in Ukraine that caused serious imbalances in energy prices and as a derivative in other components such as food, which still persist, companies have shown the opposite sign by notably improving their activity.

In fact, as highlighted in the quarterly sample of the Central Balance Sheet (CBT) of the Bank of Spain, the turnover, results and profitability of the non-financial companies that make up this sample experienced a significant upturn in 2022, with increases of 41.3%, 91.3% and 5.5%, respectively, over the previous year.

Specifically, the net turnover of companies grew in 2022 at a rate of 41.3% compared to the 20.7% increase experienced by the sample in 2021. This positive evolution is observed in all sectors, although, The dynamism of the energy sector in 2022 stands out, which contributed 16.7 points to total growth.

Net ordinary profit grew by 91.3% in 2022 (compared to 32.1% in 2021), once again highlighting the contribution of the energy sector with 26.7 points compared to the total. This evolution is mainly explained by the 21.4% increase in gross value added (VAB) and 69% in financial income, according to the Bank of Spain.

This trend, which was observed throughout 2022, as the results of the companies in this sector became known, was the trigger that caused the coalition government of PSOE and Unidas Podemos to present in Congress the proposal to a law that would allow the large energy and financial companies in Spain to be taxed for two years and that raised and continues to raise so much controversy.

The objective of the Executive was to collect 3,500 million euros each year with these two new tax figures. Broadly speaking, the one that affects the energy sector will have a rate of 1.2% on the net amount of the annual turnover of the companies that invoice more than 1,000 million euros per year, while the one that is limited to the banking will have a rate of 4.8% that will affect the commissions and interests of the entities that between both concepts reach 800 million.

The figures advanced by the Treasury show that large companies in the energy sector have paid 817.4 million euros in the first payment of the temporary tax that will be levied on extraordinary profits in the years 2022 and 2023. For their part, banking entities have disbursed for the same concept another 637.1 million. In total, 1,454 million euros corresponding to the advance payment, a disbursement on account that the affected companies had to make before February 20.

In addition, the asset profitability ratio stood at 5.5% in 2022 compared to 4% in 2021, an increase mainly justified by the increase in net ordinary income.

The increase in the returns of the commerce and hospitality and industry sectors stood out, which doubled their values ​​by 2022 (from 6.9% to 11.2% and from 5.5% to 10.9%, respectively). , although in the case of industry this increase was marked by the expansive evolution of refining in the last year.

Regarding employment and wages, the average number of workers went from growing by approximately 3% in 2021 to 3.5% in 2022, while personnel costs per worker grew by almost 3%, compared to just under 1 % in 2021.

Personnel expenses at a general level grew by around 6.5% in 2022 from just over 3% in 2021, according to the Central Balance Sheet charts.

The Central de Balances Quarterly (CBT) of the Bank of Spain is made up of the information of some 900 non-financial companies whose coverage in terms of gross value added (VAB) with respect to the total number of non-financial companies is around 12%. It should be noted that industrial, energy and large companies are overrepresented with respect to the population of non-financial companies

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By Nail

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