Impact of Governmental Policies on Competitiveness:
The Case of Czech Manufacturing
Marie Bohata and Martin Mrazek
November 2004
The purpose of this part of the research project is to find out, whether there is a relationship
between various vehicles of state policy and the actual pattern of competitiveness. The
general framework for this analysis is provided in the Country Report on State Aid in the
Czech Republic and The Comparative Analysis of State Aid and Government Policy in
Poland, Hungary and the Czech Republic elaborated at the first stage of this project. Thus,
this reasearch reflects upon the fact that in the transformation of a command economy into a
market economy the Czech government was implementing macroeconomic reforms and
simultaneously rescuing some enterprises in difficulties. Motivations for the rescue operations
were mainly political and electoral. The main priority seemed to be survival of larger
companies and maintaining employment, not increasing their competitiveness.
1. Statistical analysis of state subsidies
In this chapter we try to analyze the relationship between state subsidies and economic
peformance of companies to which they are granted.
Problems with data on subsidies
The Czech Statistical Office gathers data on subsidies in a very complex structural survey
(indicated as P5-01). It covers all companies above 100 employees and a sampling method is
used for companies of a smaller size. Only a total sum of all subsidies provided is collected
meaning that we have to work with a heterogeneous aggregate. As a result, there are frequent
fluctuations and instabilities.
Relation of subsidies and economic performance
The following statistical analysis confirms our hypothesis, which is also shared by experts
from the Ministry of Industry and Trade that in general, governmental subsidies have not been
awarded with respect to economic performance of particular companies. There are only two
exceptions (acceptable under conditions of relaxed statistical testing):
1. The best performing industries have a positive correlation of profitability and subsidyrate (see the definition bellow)
2. The worst performing industries have a negative correlation (positive with respect to
percentage of loss)
Definitions
We use the following definitions of the operating profit rate (OR), the value-added rate
(VAR) and subsidies rate (SR):
1
Operating profit
Turnover
Value added
VAR =
Turnover
Total subsidies
SR =
Turnover
OR =
Analysis for the whole manufacturing
Correlation of profitability and subsidies rate
Correlation/regression analysis: Neither correlation coefficients corr (ORt , SRt ) and
corr (VARt , SRt ) for the year t nor lagged correlations of ORt-1 , resp. VARt-1
and SRt are significant (see the following table).
Table 1: Correlation coefficients
Correlation
1997
1998
1999
2000
ORt -SRt - 0.1979 - 0.0509 - 0.1198 0.0428 VARt-SRt - 0.0157 0.0664 0.0312 - 0.0084
- 0.1855 - 0.1964 - 0.0619
ORt-1-SRt
0.0445 - 0.0241 - 0.0272
VARt-1-SRt
2001
0.0606
0.0413
0.0231
0.0400
All these correlation coefficients are statistically unsignificant.
Conclusions:
•
This implies that there is no (linear) relation between subsidies and the main
indicators of economic performance (the first two rows of the table 1).
•
Subsidies in one year are not based on results achieved in the preceding year (the
second two rows in the table 1).
Correlations of orders
Further we ordered all industries according to value of VAR, SR, OR (for each year and each
variable one order of manufacturing) and computed Spearman coefficients of ordercorrelation (see table 2).
Table 2: Spearman correlation coefficient
Spearman
correlation
ORt -SRt
VARt-SRt
ORt-1-SRt
VARt-1-SRt
1997
1998
1999
2000
2001
0.04
0.02
- 0.17
- 0.06
- 0.04
- 0.13
- 0.04
0.04
- 0.13
0.12
- 0.05
0.11
- 0.23
0.08
0.23
0.09
- 0.13
0.14
Only the value of order-correlation between ORt and SRt in 2001is significant at the 5% level.
This is almost exactly 5% of all computed values, which means that we can neglect this value.
Conclusions:
2
•
Orders of ORt and VARt do not correlate with the order of SRt or lagged SRt-1. In our
interpretation this means that subsidies are not allocated preferentially to problematic
industries (or vice versa to industries which are considered as prosperous ones)
Analysis of selected segments of manufacturing
Best performing industries
The best industries of Czech manufacturing have a high correlation of profitability and
subsidies rate (see the table 4). These industries are those which:
1. increased their market share in the CR as well as in the EU,
2. improved quality (measured by increased kilogram price of export accompanied by a
stable or increasing share),
3. had a higher turnover growth than their EU competitors.
These industries are: NACE 247 (Man-made fibres), 323 (Television and radio receivers;
sound or video recording or reproducing apparatus and associated goods) and 343 (Parts and
accessories for motor vehicles and their engines). Their importance is illustrated in Table 3.
NACE
247
323
343
Sum
Table 3: Share in total manufacturing turnover
1997
1998
1999
2000
0.115%
0.121%
0.143%
0.205%
0.285%
0.373%
0.675%
1.199%
2.709%
3.157%
4.538%
5.750%
3.109%
3.651%
5.356%
7.154%
2001
0.204%
1.581%
6.475%
8.260%
It is obvious that the very low number of industries is problematic: it is almost meaningless to
compute a correlation coefficient for three observations and there is no reasonable way of
hypothesis testing.
Table 4: Correlations for the best performing industries
Spearman
correlation
ORt -SRt
VARt-SRt
ORt-1-SRt
VARt-1-SRt
1997
0.998
0.991
-
1998
1.000
1.000
0.006
0.991
-
1999
0.084
0.113
0.999
0.006
2000
0.997
0.996
0.999
0.999
2001
0.996
0.993
0.957
0.999
The worst performing industries
This group is defined by the following criteria: Decreased share on the domestic as well as the
EU markets, decreased turnover and the dynamics of decrease higher than in EU and
dynamics of Czech exports to EU is lower than the dynamics of EU intra trade. These criteria
relate to period 1997-2001 and determine the following industries: NACE 191 (Leather), 192
(Luggage, handbags and the like; saddlery and harness), 265 (Cement, lime and plaster), 293
(Agricultural and forestry machinery), 354 (Motorcycles and bicycles). The total weight of
these industries in whole manufacturing decreases from 2.2% in 1997 to 1.1% in 2001.
Table 5: Share of the worst industries in total turnover of Czech manufacturing
3
NACE
191
192
265
293
354
Sum
1997
0.159%
0.152%
0.743%
0.882%
0.240%
2.177%
1998
0.107%
0.139%
0.702%
0.802%
0.180%
1.929%
1999
0.047%
0.195%
0.650%
0.458%
0.196%
1.546%
2000
0.049%
0.140%
0.569%
0.365%
0.205%
1.328%
2001
0.050%
0.102%
0.475%
0.344%
0.143%
1.115%
The correlation of profitability and subsidies rate is never significant (its testing value is not
greater than the critical value). With respect to the aforementioned problems with data we can
accept the result, that the correlation is always negative.
Table 6: Correlations for the worst industries with critical values
Correlation
of
1997
1997
1997
1997
1997
0.6549
0.4314
0.2350
0.5743
0.4813
ORt -SRt
- 0.4662
- 0.3857
- 0.6757
- 0.5508
VARt-SRt
- 0.0808
- 0.3471
0.0665
- 0.0294
ORt-1-SRt - 0.3345
- 0.0351
- 0.4732
0.1315
- 0.1159
VARt-1-SRt
Testing values
1.3576
0.7995
0.4147
1.1327
0.9088
ORt -SRt
0.8751
0.7044
1.4224
1.0730
VARt-SRt
0.6026
0.1403
0.6273
0.1153
0.0509
ORt-1-SRt
0.0609
0.8907
0.2292
0.2016
VARt-1-SRt
Conclusions:
• There is a weak (stochastic) relationship between subsidies and economic performance
in the case of best performing industries of Czech manufacturing and the worst
performing ones. The former are usually recipients of governmental investment
incentives the latter usually receive subsidies to smooth restructuring processes.
Further we try to statistically assess the impact of state subsidies on profitability of
companies. For this purpose, correlations between variables characterizing profits on one
hand and subsidies on the other hand are calculated. We use various forms of profits, such as
operational profit, financial profit and total profit. As may be seen in the Appendix,
computations on the three digit level exhibit insignificant correlations. The same result is
obtained from a regression analysis. As Figure 1 clearly demostrates, there exists no
relationship between subsidies granted by the state and profits created in Czech
manufacturing industries.
Figure 1
4
OpProfit-Subsidies
600,00
500,00
Subsidies
400,00
300,00
Op
200,00
100,00
-
20,00
40,00
60,00
80,00
100,00
120,00
Operational profit
Another set of computations is done in order to analyze a potential relationship between the
development of profits and subsidies. In this case, correlations between yearly changes in
profits and yearly changes in subsidies are computed. The hypothesis is that the state reacts on
increases and drops in financial results of the enterprise sector by increasing or decreasing
subsidies. Corelation coefficients are insignificant again.
We may conclude that models used in this demonstrative analysis show that state subsidies
are decided upon different factors than financial results of industries.
2. Liberalization of foreign trade
Liberalization of foreign trade was one of the pillars of the Czech (Czechoslovak) economic
reform. Opening of the economy begun already in 1990. As a result foreign trade became the
driving force of economic development, and consequently, the share of Czech foreign trade on
the world trade doubled between 1993 and 2001(from 0.3 to 0.6 per cent). Opennes of the
Czech economy has exceeded the level of small high-performing European economies, for
example the Netherlands. At the beginning of the 90ies, Czech customs were very low
compared to Poland and Hungary and their further reduction required by the EU had no impact
measurable by statistical data.
The regional composition has changed dramatically. The EU countries, especially Germany,
completely replaced previous trading partners from former Eastern block and already in 1993
the EU and EFTA countries accounted for 55 % of total Czech exports (28 % of the total sum
went to Germany) and 59 % of imports. In 2003 the share of the EU in exports reached 69.8 %
(37 % to Germany).
5
Besides regional reorientation of foreign trade, dramatic changes in the commodity structure
took place. The share of labour intensive goods out of total exports decreased (SITC 0, 2 and 3
from 6 to 3 per cent). On the contrary, capital intensive goods were increasing their proportion
of total exports. There is a significant upward trend in the group with the highest share – SITC
7, machinery and transport equipment, (from 30 to 48 per cent). The Czech Republic is
exporting more and more goods with high value added, and it is no longer seen as a country
having a comparative advantage only in cheap labour. For an overall picture and an illustration
of internationalization processes, foreign trade as a percentage of GDP is shown in Table 7.
Table 7 Foreign trade as percentage of GDP
Year
1990
1992
1994
1996
1998
2000
2002
2003
Export
45.2
54.7
50.5
52.9
60.0
62.0
60.4
60.8
Import
Total
42.6
87.8
53.8
108.5
53.2
103.7
59.3
112.2
61.4
121.4
61.9
123.9
67.6
127.0
68.6
129.4
Source: Czech Statistical Office, own computations
During the early stages of transition, Czech industries competed mainly at low cost. The cost
advantage was supported by macroeconomic policies, especially by the deeply undervalued
exchange rate, the low and regulated labour cost and, probably also an imperfect
internalization of natural resource depletion and ecological costs. As inflation in the CR
continued to erode the pro-export effects of the currency, especially in the first half of 1990s
and the labour and natural resource costs rose, the CR had to rely progressively more on the
potential comparative advantage of an abundance of skilled labour, especially in selected
technology-intensive industries. Strategies at the enterprise level serving this purpose can be
summarised as follows:
− increase quality through product innovations and new process technologies,
− increase product differentiation,
− increase the share in production of high quality,
− increase sales and exports.
The realization of these strategic aims required a range of actions, in particular:
− overall modernizing of technological equipment and technologies used,
− testing and selecting of suppliers in order to increase the quality and reliability of inputs,
− establishing and improving trading and marketing activities in order to increase or maintain
market shares,
− retraining and increasing skill levels of the workforce where necessary as part of a higher
quality/lower cost strategy.
Only some of these strategies were relatively easy to implement, but their implementation chiefly
was dependent on adequate resources whether domestic or foreign. In many cases the bad image
of Czech industrial companies persisted in the first half of 1990s, in spite of the fact that their
products started to reach the most demanding ISO norms. Such a negative image could be
regarded as the crucial impediment to an increase in efficiency, especially export efficiency. It
6
stands to reason that the low level of profit in turn reduced the volume of potential investments
needed to modernize and further improve competitiveness. Thus, without a massive FDI influx,
many Czech industrial firms would have moved in a vicious circle, which would have made them
choose survival scenarios rather than true development scenarios based on innovation and
competitiveness enhancement.
3. Policy towards FDI and Investment Incentives
3.1 Inward FDI
The inflow of FDI followed the liberalization measures. Besides greenfield investments, which
were, however, quite modest at the early stages of the Czech economic transformation, it has
become a part of privatization of former state enterprises. Despite the fact that in the first half
of the1990s foreign investors were not given any incentives to come to the Czech Republic,
the FDI influx has surged from 650 million USD in 1993 to 2.56 billion in 1995, when the
national telecommunications company was privatized along with other public utilities and a
large refinery. In the following two years, the Czech economy experienced a sharp decline in
FDI inflows. In 1997, the country attracted only less than one half of the inflow in 1995. This
negative trend has been broken in 1998 and the FDI inflow reached 4.92 billion USD in 2001
(net inflow being 4.82 billion USD. At the end of 2001, the total sum represented 26.56 billion
USD meaning 2 590 USD per capita. Since 2000, the Czech Republic is on the top among the
Central and East European countries (CEECs) (In 2002 Hungary reached about 2 345, Poland
1 050, and Slovakia 830 USD per capita). The highest level was achieved in 2002 due to
privatization of Transgaz. The following decline is logical, since no significant privatization
took place.
Table 8: Inflow of FDI and share of the industrial sector
Year
USD
mil
Share of
industry
(%)
1993
650
1995
2560
1997
1220
1999
4880
2000
7427
2001
8155
2002
8483
2003
2583
61.2
35.9
60.0
41.0
46.8
34.7
16.6
83.5
Source: Czech National Bank, Ministry of Industry and Trade
The amount as well as the structure of FDI is heavily influenced by big privatization cases,
especially telecommunications, utilities and banks. Since 1993 CR acquired USD bn 38.5 of
FDI, of which 31 % came from Germany. Almost 2/5 were directed to industry, about 1/3 to
manufacturing (especially machinery, electrical and optical apparatuses and transport
equipment). Almost 80 % of FDI origins in the Eurozone.
According to UNCTAD studies1 the FDI stock in the CR represented 40 % of GDP in 2000
(similarly to Hungary), which is twice as high as the world average.
CzechInvest registers today over 1 200 manufacturing firms in the country that are backed by
foreign capital and that range in size from ten to thousands of employees.
1
www.unctad.org/en/subsites/dite
7
These firms are estimated to:
•Produce 65-70% of all Czech manufactured exports.
•Directly employ over 280,000 people in the Czech Republic, which
accounts for roughly one-fifth of all manufacturing employment in the
CR. (FDI firms with more than 100 employees employ more than 25%
of the total Czech workforce in manufacturing employed in that size
segment).
•Safeguard 10 000 Czech suppliers in the manufacturing and service
sectors and a minimum of 500,000 jobs in local supplier companies,
approximately 10% of the total Czech labour force in employment.
In July 2002, Opinion Window research International elaborated a study for Czechinvest,
which presents the following results:
•90 % of companies report that their profitability has exceeded or at
least achieved the same level as other subsidiaries abroad
•75 % of firms want to increase production capacity in 2003 by up to
25 %
•Over 52 % will increase the number of jobs while a similar trend has
remained the same since 1997
•Despite the overall recession in industry, 40 % of firms expect a
further increase in export share in 2003
•On average, one planned expansion is worth 500 mil. CZK and each
expansion of capacity will create 200 new jobs .
From the competitiveness perspective, the implementation of FDI incentives may be seen as
the most important element of the economic policy of the Czech government enhancing
competitiveness. The first package was adopted by Tosovsky „stabilisation“ government at the
beginning of 1998. A number of investment incentives were introduced for both domestic and
foreign companies. These included the classic range of instruments: tax holidays,
concessional property and real estate deals, and retraining grants. A new body responsible for
the implementation of incentives Czechinvest started to operate.
After the 1998 elections, the new social democratic government reduced the minimum
investment threshold for access to the incentive package from original CZK 25 to CZK10 mil.
The reason was that the higher threshold had prevented smaller, mainly local investors from
being eligible for support under the programme.
Since then, incentives in the manufacturing sector pertain to investment projects exceeding a
value of USD10 mil (USD3 mil in high-unemployment regions) and entail corporate incometax relief for 10 years for new firms (five years for existing firms), provision of cheap
serviced sites in industrial zones, and job-creation and training grants for local employees.
8
Eligible investments must also meet some additional criteria, including a minimum share of
expenditure on hi-tech machinery and full compliance with national environmental standards.
In 1998, CzechInvest and the Ministry of Industry and Trade designed a programme
promoting development of industrial zones across the Czech Republic. This programme
provides
government
subsidies
to
municipalities
in
two
forms:
subsidies for infrastructure development and transfer of land owned by the Czech state
(specifically the Czech National Land Fund) to applicant at a discount.
•
•
•
In 1998 the programme began with state support of CZK 137.4 mil (cca. USD 4 mil.) and
created 147.5 ha of developed industrial zones under municipality ownership.
In 1999 the government awarded CZK 167.5 mil (cca. USD 4.5 mil.) to 18 Czech
municipalities, which resulted in 336 hectares of fully serviced industrial land becoming
available in locations throughout the country. Seven of the newly created industrial zones
attracted their first investor during 1999, with investment commitments totalling USD 284
mil. and 2900 direct new jobs.
The state budget for 2000 allocated CZK 393.3 mil (ca. USD 11 mil) for the second phase
of the programme. 34 municipalities received subsidies for infrastructure construction in
their industrial zones and a total area of 598 ha of fully serviced sites was created.
Based on the outstanding success, the programme was enlarged for the period 2001- 2006.
The main goal is to prepare competitive industrial zones, in which the investment (in the
areas of manufacturing industry, strategic services and technological centers) will be realised.
In 2002, investment support became available also for strategic services and technological
centres, including business customer contact, hi-tech service and repair, software development,
and R&D centres. If a project meets specific objectives pertaining to the value of investment,
employment, export orientation and location, the government provides a 50 % corporate tax
relief for up to 10 years, arranges for university co-operation and provides subsidies
amounting to 50 % of eligible business costs, 35 % of special training costs per employee and
60 % of general training costs. The threshold for support is much lower than in the
manufacturing sector at CZK 50 million (USD 1.5mil). The actual amount available to each
project is calculated as a percentage of the eligible investment expenditure (wage costs during
the first two years of the project, capital outlays on buildings, machinery and equipment,
including expenditure on intangible assets up to a predetermined limit). The percentage varies
according to location from 20 % in Prague to 46-50 % in the other regions of the Republic.
Additional incentives are available for structurally disadvantaged regions with declining
industries and high unemployment levels.
Incentives in the form of corporate tax relief, location in a customs-free zone, duty-free
imports of machinery and equipment, job-creation grants, training grants and provision of lowcost building land and/or infrastructure are offered to manufacturing investors, both foreign
and Czech. Till the end of 2003, 128 companies have already benefited from these incentives
(104 foreign and 24 domestic ones) and the amount of investment is estimated at USD bn 3.5.
Since their inception, these incentives, together with the improving environment for doing
business, have created almost 40 000 new jobs in the manufacturing sector. A great majority
of these projects appears to have been successful, with only a couple of firms deciding to
leave. According to CzechInvest, about 90 % of FDI firms have re-invested their earnings in
the Czech economy. In recent years, such reinvestments averaged USD1 bn per annum and
accounted for 20-25 % of FDI inflows reported in the balance-of-payments statistics.
9
There is a lot of evidence that foreign investors expanding in the Czech Republic have
significantly transformed the Czech economy. According to the Czech Statistical Office, in
2000 they represented 23 % (961) of firms with more than 100 employees, directly employed
26 % (411 000) people and created 60 % of direct exports. Their productivity was 29 per cent
above the country average.
Also financial analyses of the Ministry of Industry and Trade exhibit better results of firms
under foreign control compared to Czech firms: for example return on equity reached 9.81
and 5.11 respectively in 2000, and 8.71, and 5.01 respectively in 2001.
Czechinvest and the Ministry of Industry and Trade studied macro and microeconomic effects
of investment incentives (provided to foreign and local firms). In 2003 they surveyed 70% of
incentives recipients .This survey covers 1999 –2005 period (estimates and extrapolations for
2004 and 2005). The share of this sample is characterized in Table 9.
Table 9: FDI in manufacturing and investment of foreaign-owned firms with incentives (bn
CZK)
1999 2000
2001
2002
Total FDI
215.6 190.6 208.4 295.6
FDI in manufacturing
69.5
79.1
62.9
55.5
Foreign owned firms with incentives
3.5
13.1
27.6
25.1
Foreign-owned firms in manufacturing (%) 5.1% 16.6% 43.9% 45.3%
Source: Ministry of Industry and Trade
According to this survey, incentives driven firms created 2.2 % of GDP and 10.5 % of the
value added of manufacturing in 1999. Their share grew to 3.1 % and 13.9 % respectively in
2003 and further growth to 3.3 % and 14.8 % respectively is expected till 2005. As the
following tables show, these firms invested heavily in machines and equipment.
Table 10: Total investment and investment of firms with incentives into machines and
equiment (bn CZK)
1999
2000
2001
2002
2003* 2004* 2005*
Total investment
5.2
16.1
33.3
30.8
44.8
54.2
63.6
- Investment into machines and 2.5
10.8
23.7
19.1
29.7
36.0
42.3
equipment (bn CZK)
- Investment into machines and 47.0% 67.2% 71.0% 62.0% 66.2% 66.3% 66.4%
equipment (% )
* estimate
Source: Ministry of Industry and Trade
Table 11: Investment of foreign and local investors (bn CZK)
1999
2000
2001
2002
Investment of firms with
5.2
16.1
33.3
30.8
incentives
- foreign investors
3.5
13.1
27.6
25.1
- local investors
1.7
3.0
5.7
5.7
Share of local investors
32.1% 18.3% 17.2% 18.5%
* estimate
2003*
44.8
2004*
54.2
2005*
63.6
37.1
45.0
52.9
7.7
9.2
10.7
17.2% 17.0% 16.8%
10
Source: Ministry of Industry and Trade
Performance of firms with incentives measured by their productivity has been growing and is
about twice as high as the productivity of all manufacturing firms. Their unit labour costs have
been decreasing and represent about 67 % of that of all manufacturing firms. Table 12
illustrates the development of competitiveness of firms with incentives and all manufacturing
firms.
Table 12: Competitiveness of firms with incentives and all manufacturing firms
Indicator
2000
ROA – M
6.9%
ROA – I
6.0%
ROE – M
6.1%
ROE – I
11.8%
Productivity – M
453.3
Productivity – I
817.1
Unit labour cost – M
42.4%
Unit labour cost – I
37.0%
Source: Ministry of Industry and Trade
2001
7.1%
5.8%
7.4%
11.5%
466.5
714.8
44.2%
34.7%
2002
2003*
7.7% 8.0%
5.6% 5.8%
8.5% 9.7%
11.1% 11.2%
472.5 483.2
868.0 883.8
46.0% 47.9%
38.6% 36.2%
2004*
8.4%
7.2%
10.8%
13.8%
492.8
946.9
49.7%
34.6%
2005*
8.8%
7.5%
12.0%
14.3%
502.4
986.2
51.5%
34.4%
M - manufacturing firms
Ifirms with incentives
ROA return on assets
ROE return on equity
* estimates
3.2 Outward FDI
Not surprisingly, inward FDI has grown much more rapidly than the outward FDI. According
to UNCTAD, the measure comparing the outward to inward FDI stock reached only 0.6 in the
CR in 2000. This is a similar level to Poland (0.5) and Slovenia (0.7). The only CEE country
where the dynamics of outward investment was faster in 2000, was Hungary (3.1).
In the first half of 1990s, domestic enterprises were undercapitalized and lacking expansion
strategies. Thus, their potential for outward investment was very limited. Most Czech firms’
sales were oriented toward the internal Czech market and their close neighbours. Only very
few indigenous Czech firms have developed global strategies with respect to FDI, technology
transfer and market development outside of Europe. Czech firms generally lacked marketing
advantages such as internationally recognised brand names, product quality, international
distribution channels and promotion programs that are associated with their global
competitors.
The government did not implement any policy supporting outward investment. The situation
did not change after the adoption of investment incentives either. There is no explicit
promotion programme aiming at internationalization and globalization. So far, only
information service is provided by the CzechTrade Agency which is co-financed by the
Ministry of Industry and Trade. No commitment of the government to introduce outward
investment incentives has been proclaimed. However, SME representatives lobby in order to
11
get some kind of state support (credits and guarantees) within the standard SME promotion
programme. Figure 2 illustrates the development of outward FDI stock.
Figure 2: Czech OFDI stock, 1993-2001, in ths CZK
35000
30000
25000
20000
15000
10000
5000
0
1993 1994 1995 1996 1997 1998 1999 2000 2001
Source: Czech National Bank
Measured by equity CEE countries are the major target countries for Czech OFDI - more than
40 % of OFDI are located in CEE countries. The share of CEECs remained on the same level
over 1997-2000. The fact that Czech OFDI penetrated mainly markets in CEE countries can
be explained by previous experience. Also personal and trade links created during the planned
economy play an important role. In addition, the Czech Republic similar to other countries
undergoing market reforms used to have high volumes of trade among COMECON countries
and lost those markets over night. During transition, some Czech firms were trying to re-enter
these markets via OFDI, hence establishment of a factory abroad producing for local market.
Only about the mere 16 % of total foreign equity have been allocated in the European Union.
In addition, the share has a decreasing tendency - OFDI stock was decreased during 19972000 by 10 points. Two countries ranked at the top of outward investment, Germany and
Austria are neighbours.
Measured by exports, European Union absorbs majority of OFDI. About two thirds of exports
of foreign affiliations goes to EU and only a quarter to CEE countries. The second most
important region were the CEE countries. These results more or less coincide with the
territorial structure of exports for the whole Czech Republic.
Table 13:
Czech companies abroad: regional distribution of selected indicators, 2000
EU
CEEC
CIS
Other
Total
Equity
16.33
43.65
2.24
37.78
100.00
Turnover
38.81
51.96
1.49
7.74
100.00
Employment
5.41
66.07
20.89
7.63
100.00
Exports
62.78
25.02
1.84
10.35
100.00
Source: Turnover, Employment, and OFDI stock Czech National Bank, Exports own computations
12
Slovakia is the largest recipient of Czech OFDI. It is thanks to the historical developments,
geographic proximity and only minor differences between the Czech and Slovak language.
Slovakia is also the country with most stable share of OFDI, which is not the case of other
countries. Given the total low amount, changes in flows and their structure are as a rule
caused by just one particular large investment or dis-investment.
Measured by equity, more than 80 % of OFDI was channelled to services, out of which
financial intermediation accounted for 41 per cent and trade and repairs 15 per cent.
Liberalisation of investment, which allowed for growth of trade in manufacturing products,
initiated growth of internationalisation of services related to those manufacturing products.
Often, manufacturing firms invest in services in order to remain competitive in the world
markets. Final producer has to provide service to its products. (Stare, 2001).
In many markets, services developed quickly during the transition and fierce competition
emerged (tourism, software firms). In some other services, markets continue to be regulated
as they have oligopolistic (monopolistic) structure due to the economies of scale (financial
services, telecommunication, public utilities, public transport). Network industries partially
have been or are going to be privatised. Privatisation of these industries goes hand in hand
with their internationalisation.
The Czech FDI data by kind of activity display the same increasing dominance of the services
sector as the preferred target as the EU data. Representing 60 % of end-1999 stock, services
accounted for 74 % of 2000 investment flowing to the EU. Besides financial intermediation
and telecommunication services, investment in the EU trade sector was also sustained.
The mere 13 % of the total volume of equity went to manufacturing as by 2000. Similar to
geographical structure, sectoral breakdown looks different if export or employment is taken as
a criterion. As Table 14 demonstrates - despite low share of equity, manufacturing firms are
responsible for majority of employment, exports and turnover. The table also shows that
imports from the Czech Republic to the foreign affiliation create a large share of output of
these affiliations.
Table 14: Czech companies abroad: selected indicators by industry, 2000
Economic activity
OFDI stock Turnover Empl.
Manufacturing
13.3
76.6
57.9
Construction
0.9
0.6
0.1
Trade and repair
30.1
11.1
16.4
Hotels and restaurants
0.0
0.1
2.2
Transport,
2.0
0.2
0.6
communication
Financial
41.0
3.9
9.3
intermediation
Real estate, business
6.9
7.5
12.5
activities
Other services
5.7
0.0
0.0
Total
100.0
100.0
100.0
Exports Imports
54.3
81.4
1.3
0.4
11.9
11.0
0.0
0.0
0.4
0.0
0.0
2.6
31.8
4.6
0.0
100.0
0.0
100.0
Source: Czech National Bank
13
In manufacturing the most internationalised industry in the CR is the automobile sector, in
which there has been a significant expansion in intra-industry trade, with each production unit
specialising in a component or a range of vehicles. This sector also creates the majority of
outward investment.
Since the time series are short, it is difficult to evaluate trends. The patterns are relatively
unstable with manufacturing share reaching its maximum in 1999. Financial intermediation is
gaining in importance. Trends in industrial structure are illustrated by the following figure.
Figure 3: Czech OFDI (equity stock), breakdown by economic activity, 1997-2000
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
1997
1998
1999
2000
Manufacturing
Business Services and Holding Companies
Financial Intermediation
Trade and Repairs
Source: Czech National Bank, own computations
According to balance of payment statistics, among 360, firms which invested abroad, there
were 70 “indirect investors”—transnational companies (TNCs), hence companies which
themselves are foreign investors in the Czech Republic. These indirect investors are over
proportionally represented among large companies.
Table 15: Number of companies investing abroad by size, all and of which (o/w) transnational
companies (TNC), 1999
One of the major trends in investment outflows to other countries is strengthening of the
connection of OFDI with FDI inflow into the Czech Republic. Most TNCs view whole
Central and Eastern Europe as one market rather than particular countries and their strategy
may be to select one country as a hub for expansion to other CEE countries while using the
network created under the planned economy. Moreover, links of foreign and domestic firms
together with spillover effect may act as a stimulus for restructuring of domestic firms and
their expansion abroad. In some case investing abroad may be the only way to remain
competitive. Local presence makes it possible to tailor products to local demands.
14
According to surveys and interviews (Bohata 2001), the main advantages seem to be an
increase in returns and a spread of risks across different markets. In principle, these
advantages can make the difference between competitiveness and stagnation.
However, the process of outward investment is still at the enfancy stage, and with respect to
that fact and a small volume of these investments it is too early to evaluate the immediate
impact on performance of firms in question.
4. Industrial /competitiveness policy after 1998
When social democratic government came into power in 1998, it started systematically
prepare an ambitious programme for rescuing some major companies in troubles. For this
purpose a specialized agency, so called Revitalization Agency, was set up (see ). The activity
of this agency is very difficult to assess and, thus, also its impact on competitivenss of Czech
manufacturing is unclear.
Policy aiming at enhancing competitiveness of the Czech industrial sector was developed by
the Ministry of Industry and Trade and approved by the government in 1999. Impacts of some
elements of this policy, such as investment incentives have been already assessed and general
intentions are discussed in Bohata 2004 (the previous delivery of this work package).
In this section we shall focus on SME support and developments in this sector. The whole
programme for SME support is described in (Bohata 2004). Table 16 illustrates the total
amout of state budget support trnasfered to this sector via Ceskomoravska zarucni a rozvojova
banka (CMZRB).
Table 16: State support to SMEs through CMZRB
Year
CZK mil.
1992
785
1993
1108
1994
1400
1995
1500
1996
1000
1997
900
1998
825
1999
1 350
2000
1 941
2001
1 622
2002
1 015
15
Development is the SME sector are characterised in Table 17 and 18.
Table 17: Economically Active Small and Medium-sized Enterprises
2002
Industry
Construction
Trade
Entertainment
Transport
Finance
Services
Agriculture
Total
Number of entreprises
SMEs in total Share of SMEs in
Small
and Physical
the total number of
persons
mediumsized juristic running their
enterprises
persons with own business
0-249
employees
%
24 906
129 328
154 234
99.4
6 660
69 107
75 767
99.9
51 175
187 143
238 318
99.9
3 453
38 919
42 372
99.9
7 102
34 783
41 885
99.8
1 085
22 894
23 979
99.0
36 218
153 532
189 750
99.9
3 900
43 600
47 500
99.9
134 499
679 306
813 805
99.8
Shares calculated by the MIT based on the CSO data
It may be assumed that the large programme of SME support (see the country paper)
significantly contributed to the growth and performace enhancement of this sector. Basic
indicators according to size category for firms with 20 and more employees are shown in
Table 18.
Table18: Basic indicators according to size category in 2003
16
Indica Avera
tor
ge
numb
er of
firms Bn
CZK
curr.
Prices
Firms 8237 2058.
with
3
20
and
more
empl.
Total
20-49 4121 134.0
50-99 1846 153.7
100- 1365 298.7
249
250- 519
312.5
499
500- 243
353.7
999
1000- 110
346.6
1999
2000- 15
106.4
2999
3000- 6
21.1
3999
4000- 6
62.9
4999
5000- 4
80.7
9999
10000 3
188.1
and
more
Sales
Share
in %
100.0
Direct Number of employees
Average monthly
export
Sales/empl.
Wage
s
(index
Ths.
Share Index Ths.
Index Index CZK Index
Index )
in % 03/02 CZK const. curr.
03/02
03/02
Prices prices
Const.
Prices
105.4 108.8 1122. 100.0 96.7
15508 108.9 108.9 16308 105.7
4
4
6.5
7.5
14.5
96.9
105.7
106.9
93.3
108.6
113.4
122.3
129.8
213.2
10.9
11.6
19.0
91.8
99.8
97.9
15.2
110.0
113.5
180.9
16.1
98.8
17.2
106.3
112.1
168.0
15.0
96.6
16.8
104.9
111.9
150.9
13.4
95.8
5.2
101.8
102.5
36.4
3.2
97.5
1.0
97.0
102.6
19.4
1.7
95.3
3.1
107.7
108.1
27.9
2.5
93.7
3.9
106.8
107.5
23.5
2.1
94.7
9.1
102.4
101.2
50.0
4.5
95/7
91113
98750
11659
0
14443
9
18421
7
19309
0
24901
3
90596
105.6
106.2
109.2
105.8
106.1
109.0
13739 104.3
13641 105.0
15074 106.4
111.3
111.1
15846 105.4
110.1
110.4
17185 106.2
109.6
109.0
17596 105.9
104.4
105.9
17887 103.5
101.8
101.9
17422 104.0
19584 115.0
2
27534 112.8
8
32512 107.0
5
114.5
19584 107.8
112.5
20782 105.8
107.5
22200 106.9
5. Privatization of banks
With the sale of 60 % stake of Komercni banka to Societe Generale in 2001, privatization of
the Czech banking sector was completed. As a result, 95 % of total banking assets is
controlled by foreign owners, which is the highest share in comparison with other CEE
countries. Due to postponed privatization of Czech banks, the cost of privatization was quite
high. The state was unable to monitor and pursue efficiency of the banks under its control and
thus, they could operate under soft budgets. The moral hazard, which is typical for such
situations, contributed to problems of capital adequacy related to bad loans. A massive state
aid provided to banks before privatization is discussed in the previous country paper and the
comparative study of the project (deliverable 2.3).
The government’s main concern was to reduce the level of indebtedness and to speed up
restructuring of the enterprise sector. Inability of many firms to repay their debt did not lead
to bankruptcies but was accommodated by the banks. When banks themselves got into
financial difficulty, the state took rescue measures to prevent the collapse of the banking
17
system.. The cost of this process, which was mediated through Konsolidacni banka (KOB)
and later Konsolidacni agentura, was officially estimated at CZK 100 bil (US$ 3.7 bil) and
unofficially at CZK 240 bil (US$ 8.8 bil). KOB helped the clean up of the portfolio of banks
in question by enabling them to dispose of non-performing loans, and the government
provided guarantees to cover classified debts.
The amounts of state funds devoted to preparations for privatization of major Czech banks are
illustrated in Table 19. A comparison with other industries is provided, too.
Table 19: Sectoral breakdown of state aid for rescue and restructuring in 1999- 2002
(approved projects in bn CZK, %)
Industries 1999
1999
2000
2000
2001
2001
2002
2002
amount share
amount share
amount share
amount share
Banking
28.5
97.5
100.1
91.6
80.0
93.4
Steel
0.5
1.7
0. 003 0.004
Automoti
1.4
0.5
4.1
3.7
4.1
34.7
ve
Engineeri
0.4
0.1
5.1
4.7
5.0
42.4
5.7
6.6
ng
Transport
0.7
0.2
Petroche
2.7
22.9
mical
29.3 100
109.3
100
11.8
100
85.7
100
Source: Annual State Aid Reports for 1999, 2000, 2001 and 2002, Office for Protection of
Competition
A substantial reduction of classified credits and a rising quality of new credits may be seen as
the most important results of a rational credit policy and a financial discipline imposed by the
new owners after privatization. As Table 20 indicates, the trend of a fast decrease has taken
place since 2000.
Table 20: Development of classified credits
Period
Classified credits Of which losses
(end of the year) (CZK bn)
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
109.2
152.9
293.1
318.1
257.8
268.2
258.0
291.1
245.1
199.3
147.1
112.9
.
.
.
125.7
133.7
145.9
130.3
121.1
81.3
66.9
36.6
23.4
Share of
classified credits
on total credits
(%)
19.2
22.7
37.7
38.5
29.3
26.9
26.5
32.2
28.9
20.8
15.8
11.1
Share of
classified credits
on GDP (%)
13.0
15.0
24.8
23.0
16.5
16.0
14.0
15.3
11.4
8.6
6.1
4.7
18
Source: Ministry of Industry and Trade
CERGE-EI in its analysis (CERGE-EI, 2001) estimates the share of bad loans in 2000 at 19.7
% of GDP compared to 15.3 % in Poland and only 7 % in Hungary.
Another important positive impact may be attributed to privatization of banks: Czech banks
privatized to foreign investors tend to improve corporate governance practices at the firms
they acquire as part of overall restructuring, which leads to improved firm performance. This
has been seen to hold true at the big four Czech banks (Mejstrik 2003). These foreign-owned
banks are looked to now to help promote improved corporate governance practices among the
firms they own and finance. Controlling shareholders are a second-best response to weak
legal institutions and it may be assumed that large commercial banks will play a more active
role in monitoring companies.
6. Conclusions
Only very little empirical work has been done on the impacts of Czech governmental policies
on industries/firms competitiveness.
For a small economy, foreign trade and FDI are viewed as the key factors to its
competitiveness. This is absolutely true for the Czech Republic where substantial differences
in performance/competitineness between domestic firms and firms under foreign control may
be found.
Trade, investment and technological progress are closely interrelated processes, and the task
of determining their respective impacts is very complex. Trade and investment liberalization
increased the geographic dimension of competition and enhanced opportunities to absorb new
and more productive processes. Productivity tends to be higher in industries exposed to
substantial competition. The higher productivity translates into improved company earnings,
higher economic growth and jobs creation. A higher degree of openness allows smaller
countries, such as the Czech Republic to absorb technologies developed in other countries and
to use resources more efficiently.
FDI allow enlargement of markets, access to technologies and improvement of skills. In
developed small economies there are as a rule few large multinational firms and big number
of small firms. In the Czech Republic it is especially VW for the time being. These companies
determine the economic structure.
It may be assumed that the adoption of the investment incentives together with privitasation
of strategic companies and banks were the crucial factors in attracting FDI. Since 1999 the
Czech Republic has been outperforming its principal regional competitors for FDI inflows.
Overall, some 60 % of the cumulative FDI inflows have benefited the service sector (mainly
trade, banking, transport, telecommunications and energy industries) while the remaining 40
% have moved into the goods-producing sector (mainly automotive, chemical and refining
industries).2 The Czech Republic has encouraged fuller ownership changes in state-controlled
public utilities than other countries in the region.
2.
In contrast, the share of the service sector is much higher in Czech direct investment abroad at 86%; Czech
investors usually target trade service firms and financial services in tax havens. The stock of outward
investment amounts only to 3.5 % of inward FDI.
19
Inward investments in the Czech economy have been quite successful. It is recognized as a
spur to competition and innovation, encouraging domestic firms to reduce costs and enhance
competitiveness and as a contributor to income and employment. Technological change has
brought more industries and firms into direct competition. As a result, some sectors have well
profiled. Best examples of the most rapidly growing manufacturing sectors in the Czech
economy are automobiles and automotive components and electronics. More than 250 foreign
firms are currently active in the Czech electronics ranging from global contract manufacturers
to specialist component suppliers. Many multinational companies are performing leading edge
R and D and product and software development work either directly or through subcontracted
Czech partners3.
Czech Republic is a net recipient of FDI, however, there is a growing awareness that
traditional exports are not the only and the most efficient way to enter foreign markets and to
maintain a sufficient market share. Besides multinationals, there is a growing interest of some
Czech owned well performing companies to start operations abroad.
3
Already a 1998 survey found that nearly one quarter of FDI manufacturers did significant R
and D in their Czech subsidiary.
20
Some join-ventures, whose foreign partners have been aiming notably on building up
European capacity or on expanding in Central and Eastern European markets, have already
started their outward investments. In some cases, investing abroad may be the only way to
remain competitive. Local presence makes it possible to tailor products to local demands.
The main advantages seem to be an increase in returns and a spread of risks across different
markets. In principle, these advantages can make the difference between competitiveness and
stagnation.
Integrating role of FDI is its characteristic feature. Evidence shows that the majority of OECD
FDI flows are intra-OECD flows. Similarly to trade, there is a certain symmetry between
inflows and outflows. FDI outflows generate spillover effects and have to be viewed
dynamically. Secondary effects accompanying outward FDI are of extreme importance for the
Czech economy. Experience of developed countries shows that “exports” of specialized
services, such as finance, accounting, software design, communications, consulting, etc. are
growing and outward FDI reinforces competitiveness of the investor. Unlike in the case of
external trade, this is still a challenge for outward FDI of Czech firms. We may assume that
more progress will be achieved after the EU accession.
A substantial reduction of classified credits and a rising quality of new credits may be
considered as the most important results of a rational credit policy and a financial discipline
imposed by the new owners after privatisation of banks. Moreover, Czech banks privatized to
foreign investors tend to improve corporate governance practices at the firms they acquire as
part of overall restructuring, which leads to improved firm performance.
CR has implemented the most extensive programme of SMEs support among the CEE
countries. Despite a significant growth of this sector, conditions for doing business in the CR
are still cumbersome and compared to neighbouring countries, a lot of improvements in the
business climate is still needed. Unfavourable tax condition for example forced a substantial
number of SMEs to close in 2004.
21
References
Bohata, M. 1999. Technological Innovations and R&D Strategies in the Czech Republic.
Prague Economic Papers No.4.
Bohata, M. 2001. “Outward Foreign Direct Investment, Country study: Czech Republic”,
“Outward internationalisation facilitating transformation and EU accession: The case of
Czech Republic, Hungary and Slovenia”, PHARE ACE project no. P97-8073-R.
Bohatá, Zemplinerová, 2003. ”Internationalization of Czech Companies via Outward
Investment” in Svetlicic M.. Rojec, M. eds. Facilitating Transition by Internationalization,
Ashgate, London
Bohata, M. 2004. Country Report on State Aid in the Czech Republic, April (mimeo)
Czech Republic 2001: Mixed Blessings 2001, CERGE-EI, Prague
Hashi, I. 2004. The Comparative Analysis of State Aid and Government Policy in Poland,
Hungary and the Czech Republic, mimeo
Hughes, K. et al. 1994. "Restructuring Manufacturing Industry and the Emergence of New
Firms in Czechoslovakia and Hungary: Strategies for Efficiency and Re-industrialization."
London, Policy Studies Institute, ACE Project Report.
Mejstrik, “Privatization and Corporate Governance in The Czech Republic,” appearing at
Chapter 18 of Parker and Saal (eds.), International Handbook on Privatization, Edward Elgar
(September 2003)
OECD 1998. Open Markets Matter. Paris
Stare, M. 2001. “Internationalisation of the Service Sector in Czech Republic, Hungry and
Slovenia”, paper No 11, Phare ACE, project P 97-8073 study.
22
Appendix
NACE
151
152
153
154
155
156
157
158
159
160
171
172
173
174
175
176
177
181
182
183
191
192
193
201
202
203
204
205
211
212
221
222
223
231
232
233
241
242
243
244
245
246
247
251
252
261
262
263
264
265
266
267
268
271
Operational
profit
OpProf1997
35 174,94
(1 318,85)
6 093,57
23 656,34
25 179,69
7 797,52
40 510,53
60 809,32
71 942,94
115 762,17
3 587,11
15 655,86
3 116,56
1 229,21
18 037,19
(801,26)
1 028,56
311,90
17 637,32
(232,95)
(3 137,25)
(1 333,43)
(3 900,23)
1 468,15
4 250,03
10 255,12
923,56
3 942,75
20 478,80
14 219,41
31 623,74
19 516,09
2 631,40
3 146,00
89 074,93
NULL
48 297,08
443,99
2 230,05
52 138,54
23 905,10
16 015,07
1 130,48
46 034,82
67 309,72
81 681,93
16 524,77
27 424,28
16 901,29
51 414,97
36 015,72
55,05
7 877,30
101 172,96
OpProf1998
17 680,57
980,71
3 613,64
1 743,27
26 245,90
9 082,49
43 828,75
47 587,36
38 296,74
101 167,78
1 824,76
14 548,54
3 497,42
2 260,88
15 691,33
733,04
(6 971,37)
77,65
18 411,61
(3 786,96)
(5 159,38)
2 803,09
(969,37)
2 039,14
11 820,73
2 156,31
115,48
2 756,93
20 406,12
5 964,13
11 839,20
12 274,46
2 019,35
(948,33)
81 307,16
NULL
73 637,49
1 225,88
1 403,68
33 733,25
8 011,56
11 046,54
1 496,44
50 984,18
48 415,50
74 256,45
16 718,49
23 534,37
13 297,24
56 306,95
30 991,34
215,81
13 174,56
89 382,46
OpProf1999
8 716,00
234,29
5 815,23
5 158,39
21 297,79
8 870,76
27 429,74
78 282,30
56 108,07
119 297,61
(984,92)
7 189,99
3 139,63
1 596,81
14 074,33
1 255,40
3 687,14
16,58
17 407,25
(1 274,81)
(1 857,00)
1 965,44
(26 096,70)
10 402,51
6 208,28
11 939,19
1 513,35
3 200,68
25 966,84
14 333,86
16 998,67
17 663,18
3 168,05
(2 991,62)
62 117,66
NULL
63 148,64
1 667,33
7 312,49
39 668,99
19 922,76
858,11
2 022,23
90 592,10
67 695,06
95 863,36
12 667,72
22 923,45
6 928,25
66 380,74
33 265,69
(334,37)
9 453,92
(299 558,84)
OpProf2000
5 524,80
680,24
11 627,98
27 871,68
33 655,04
751,77
32 864,23
79 555,45
66 397,87
123 122,31
7 703,09
27 045,92
6 562,52
5 481,48
13 380,04
2 480,65
1 455,83
188,68
10 243,00
983,00
591,11
3 317,89
479,11
10 146,73
9 542,12
16 961,74
959,94
3 039,49
136 506,66
10 997,10
11 871,58
21 058,53
6 505,18
1 474,83
107 390,73
NULL
103 376,53
2 051,88
7 519,45
73 795,17
20 705,76
18 404,29
4 399,85
80 655,95
82 159,43
158 499,71
19 250,56
20 635,35
14 228,61
74 305,50
49 483,24
626,80
16 066,88
(2 842,19)
OpProf2001
43 663,75
1 162,68
9 136,84
16 704,22
33 915,71
5 707,69
39 658,79
92 414,75
115 404,00
146 980,28
4 150,30
27 637,97
6 287,29
7 374,01
19 657,98
1 475,26
1 925,20
265,09
14 043,87
217,35
238,76
2 810,00
(4 995,48)
12 370,54
12 683,56
9 626,45
1 421,66
3 297,31
90 294,24
66 581,30
(23 670,18)
17 492,35
4 037,06
2 947,43
10 066,39
NULL
106 460,47
1 658,23
5 379,24
80 296,83
22 247,49
13 188,68
3 017,45
88 156,43
98 295,23
177 617,67
23 007,27
21 091,12
17 405,65
78 299,31
41 195,56
246,60
11 635,07
44 716,41
Percentage
change
98/97
-0,4974
-1,7436
-0,4070
-0,9263
0,0423
0,1648
0,0819
-0,2174
-0,4677
-0,1261
-0,4913
-0,0707
0,1222
0,8393
-0,1301
-1,9149
-7,7778
-0,7510
0,0439
15,2567
0,6446
-3,1022
-0,7515
0,3889
1,7813
-0,7897
-0,8750
-0,3008
-0,0035
-0,5806
-0,6256
-0,3711
-0,2326
-1,3014
-0,0872
1,0000
0,5247
1,7610
-0,3706
-0,3530
-0,6649
-0,3102
0,3237
0,1075
-0,2807
-0,0909
0,0117
-0,1418
-0,2132
0,0951
-0,1395
2,9200
0,6725
-0,1165
99/98
-0,5070
-0,7611
0,6092
1,9590
-0,1885
-0,0233
-0,3742
0,6450
0,4651
0,1792
-1,5398
-0,5058
-0,1023
-0,2937
-0,1031
0,7126
-1,5289
-0,7865
-0,0546
-0,6634
-0,6401
-0,2988
25,9214
4,1014
-0,4748
4,5369
12,1047
0,1610
0,2725
1,4033
0,4358
0,4390
0,5688
2,1546
-0,2360
1,0000
-0,1424
0,3601
4,2095
0,1760
1,4868
-0,9223
0,3514
0,7769
0,3982
0,2910
-0,2423
-0,0260
-0,4790
0,1789
0,0734
-2,5494
-0,2824
-4,3514
23
-
-
-
-
1
-
-
-
-
-
2
-
-
-
-
272
273
274
275
281
282
283
284
285
286
287
291
292
293
294
295
296
297
300
311
312
313
314
315
316
321
322
323
331
332
333
334
335
341
342
343
351
352
353
354
355
361
362
363
364
365
366
371
372
NACE
151
152
153
154
155
156
157
(1 841,96)
14 079,67
5 816,92
(807,16)
6 814,60
12 520,10
(19 793,46)
2 401,68
1 786,15
32 110,60
40 649,36
(26 546,19)
(35 342,12)
(4 804,46)
12 473,26
27 527,57
(2 577,56)
12 067,88
1 217,54
10 524,53
25 229,04
21 600,60
9 187,28
8 801,60
18 268,58
1 970,71
6 799,40
(1 876,55)
3 273,04
9 675,12
5 522,28
(230,23)
(1 049,54)
141 427,16
2 180,49
66 349,63
1 552,54
(7 353,77)
(43 352,86)
(6 621,74)
(2 808,20)
23 971,59
4 045,18
5 446,60
7 605,13
1 057,91
17 518,83
8 133,15
965,22
2 102,24
15 020,61
17 414,49
9 111,43
9 708,26
4 587,04
(22 357,50)
10 340,71
17 449,68
25 022,31
38 181,90
9 974,90
13 669,66
(3 381,28)
(8 270,91)
13 744,61
2 925,07
7 227,82
526,17
22 183,91
46 259,52
14 300,21
7 745,08
2 320,37
30 416,76
9 211,04
(5 682,74)
(874,33)
9 109,91
17 045,08
1 845,38
160,16
337,84
145 726,41
2 724,55
92 271,28
354,17
(2 090,66)
(54 024,37)
(3 371,81)
220,67
29 530,20
2 903,81
6 248,98
1 892,47
828,82
17 906,17
2 220,46
364,50
Financial
profit
FinProf1997 FinProf1998
(39 882,06) (37 737,96)
(1 181,12)
(661,47)
(12 594,64)
(5 338,15)
(13 622,60) (23 245,31)
(24 549,08) (28 832,15)
(7 657,88)
(3 952,67)
(40 140,43) (41 052,75)
(26 583,19)
(50 824,02)
18 471,07
(3 814,04)
9 247,68
12 357,93
(1 668,62)
2 572,26
19 034,76
28 976,27
34 124,85
(1 852,60)
17 259,05
(37 127,66)
7 731,43
18 722,21
(440,39)
8 200,84
1 660,15
19 211,76
42 013,48
10 488,22
14 275,63
2 664,52
29 697,87
17 277,98
2 547,61
2 923,45
9 276,89
18 068,94
4 982,13
3 217,04
55,53
57 136,17
1 219,60
123 020,51
(1 353,31)
(61 575,39)
(5 339,24)
(2 828,82)
305,48
43 383,77
1 560,94
6 085,03
2 964,31
393,25
23 374,15
(67,76)
416,03
2 654,44
35 278,98
15 313,68
17 098,55
14 536,15
24 007,49
2 646,62
6 080,22
37 674,04
35 628,70
39 924,92
5 203,90
24 888,92
(22 355,02)
35 233,35
66 792,73
4 398,47
11 189,34
1 463,67
11 561,97
40 442,14
28 774,30
8 685,67
8 003,00
75 328,56
29 101,92
15 017,56
8 803,79
9 390,15
28 565,68
4 280,18
2 549,10
351,26
148 691,15
4 824,40
173 344,48
(4 480,51)
23 699,76
11 508,53
1 809,20
0,93
52 478,24
784,31
8 789,07
2 949,89
3 142,42
21 020,03
9 416,46
1 169,09
FinProf1999
(23 679,56)
(791,47)
(6 951,99)
(15 543,54)
(14 688,34)
(4 488,26)
(25 036,30)
16 738,93
8 193,49
25 672,35
34 744,05
24 389,67
8 105,12
7 542,03
17 744,33
36 690,82
44 247,35
38 854,14
40 363,75
59 826,35
(7 923,85)
43 228,01
33 454,86
1 114,27
4 424,72
1 143,40
59 729,22
56 243,93
30 039,28
13 670,24
14 495,88
137 639,48
39 446,47
21 358,13
16 618,18
11 339,44
29 034,66
7 098,57
4 423,33
1 084,83
202 718,41
5 412,08
255 822,34
(755,27)
35 266,51
28 822,99
3 545,84
644,28
71 379,44
2 164,54
8 885,60
2 749,75
5 158,39
19 609,35
7 860,87
2 283,12
FinProf2000 FinProf2001
(25 505,74) (21 600,42)
(598,79)
(826,43)
(5 602,50)
(3 740,98)
(19 710,26)
(9 357,32)
(14 659,66) (14 485,13)
(4 798,02)
(4 006,70)
(19 770,61) (17 376,91)
-2,1413
0,0668
1,9938
-12,2882
0,4246
-0,6336
0,1295
3,3056
8,7694
-0,2207
-0,0607
-1,3758
-1,3868
-0,2962
-1,6631
-0,5007
-2,1348
-0,4011
-0,5678
1,1078
0,8336
-0,3380
-0,1570
-0,7364
0,6650
3,6740
-1,8358
-0,5341
1,7833
0,7617
-0,6658
-1,6957
-1,3219
0,0304
0,2495
0,3907
-0,7719
-0,7157
0,2462
-0,4908
-1,0786
0,2319
-0,2822
0,1473
-0,7512
-0,2166
0,0221
-0,7270
-0,6224
-13,6452
-4,3836
0,0607
-1,4186
-0,0474
1,6941
-0,9254
-0,7512
0,0908
0,1580
-0,1063
-1,1857
0,2626
9,9804
-1,9348
0,3621
-1,1506
0,1346
2,1551
-0,1340
-0,0918
-0,2666
0,8432
0,1483
-0,0236
0,8758
-1,4483
-4,3437
0,0183
0,0601
1,6998
19,0858
-0,8356
-0,6079
-0,5524
0,3332
-4,8211
28,4525
-0,9012
-0,1610
0,3843
0,4691
-0,4625
-0,0262
0,5664
-0,5255
0,3054
-1,0305
0,1414
Percentage
change
98/97
-0,0538
-0,4400
-0,5762
0,7064
0,1745
-0,4838
0,0227
24
99/98
-0,3725
0,1965
0,3023
-0,3313
-0,4906
0,1355
-0,3901
-
-
-
-
-1
-
-
-
-
-
-
-13
158
159
160
171
172
173
174
175
176
177
181
182
183
191
192
193
201
202
203
204
205
211
212
221
222
223
231
232
233
241
242
243
244
245
246
247
251
252
261
262
263
264
265
266
267
268
271
272
273
274
275
281
282
283
284
285
286
287
291
292
(58 054,52)
(92 684,54)
(6 690,30)
(10 575,54)
(39 609,73)
(3 880,13)
(2 372,56)
(11 883,08)
(663,97)
(6 862,15)
(184,68)
(24 873,06)
(1 123,45)
(11 442,68)
(2 915,74)
(16 881,28)
(8 944,22)
(9 996,53)
(7 678,07)
(925,46)
(2 989,64)
(31 056,80)
(17 899,71)
(22 160,69)
(10 115,68)
434,98
(2 087,40)
(4 628,31)
NULL
(164 662,43)
211,35
(4 089,65)
(12 214,72)
(8 519,97)
(4 907,44)
(539,15)
(15 984,76)
(29 742,58)
(58 453,30)
(9 295,59)
(11 217,97)
(11 108,28)
(3 990,46)
(18 498,92)
(2 289,48)
(5 488,75)
(87 569,04)
(9 421,66)
(17 009,35)
(4 109,84)
(16 719,15)
(15 829,56)
(7 454,94)
6 555,16
(3 383,78)
(11 755,28)
(15 875,66)
(31 665,68)
(35 121,16)
(24 571,75)
(55 057,76)
(53 551,65)
(9 020,25)
(4 219,28)
(29 507,01)
(1 103,99)
(1 929,21)
(9 003,20)
(691,22)
(5 385,14)
(208,37)
(18 209,73)
(1 232,27)
(3 524,61)
(1 423,42)
(12 077,46)
(7 681,78)
(9 469,10)
(7 710,42)
(1 497,67)
(2 656,62)
(22 403,32)
(14 094,28)
(10 102,84)
(2 920,89)
(224,69)
(2 326,49)
10 862,93
NULL
(82 560,01)
(286,73)
(4 644,37)
(18 895,15)
(7 219,02)
(5 185,26)
(1 051,30)
(19 308,39)
(21 554,76)
(50 603,83)
(7 889,70)
(7 209,88)
(1 953,82)
(2 351,76)
(12 322,97)
(1 563,70)
(6 882,11)
(74 704,53)
(10 350,03)
(15 145,53)
(8 502,65)
(15 083,53)
(18 925,40)
(18 220,38)
(13 485,87)
(2 180,53)
(16 168,12)
(13 019,21)
(28 544,50)
(24 666,45)
(25 603,64)
(40 246,15)
(64 361,63)
(600,00)
(5 939,90)
(33 950,44)
(1 123,06)
(2 092,31)
(7 792,90)
(792,35)
(3 098,40)
(99,72)
(14 456,19)
(110,87)
(1 794,94)
(1 520,87)
(9 132,95)
(5 918,59)
(8 294,92)
(8 448,51)
(855,85)
(891,33)
(26 266,29)
(17 127,88)
(8 321,24)
(4 233,05)
(143,21)
(2 542,14)
(9 078,59)
NULL
(89 781,44)
(183,30)
(2 710,10)
(9 341,58)
(6 699,67)
(6 067,84)
(1 338,22)
(13 696,51)
(16 931,66)
(38 845,02)
(6 332,29)
(6 663,10)
(6 003,44)
(685,61)
(16 651,97)
(136,25)
(7 752,67)
(117 634,03)
(9 092,25)
(16 591,86)
(3 685,69)
(13 308,89)
(14 618,41)
(20 093,37)
(15 077,38)
(3 296,58)
(7 309,15)
(11 447,50)
(18 077,90)
(16 295,98)
(16 381,30)
(29 529,13)
(59 150,80)
(274,23)
(6 204,73)
(28 567,32)
(2 403,69)
(1 401,38)
(7 405,01)
(868,39)
(2 551,00)
(99,18)
(11 808,25)
67,50
(656,89)
(881,37)
(4 877,78)
(4 954,26)
(7 641,79)
(5 951,85)
(974,34)
(1 236,66)
(34 644,23)
(19 652,90)
(7 150,93)
(3 961,33)
2 988,06
(1 994,61)
(14 083,62)
NULL
(112 125,49)
90,84
(2 657,86)
(15 160,52)
(5 895,07)
(5 460,68)
(2 290,12)
(9 438,50)
(20 256,67)
(51 578,70)
(6 616,04)
(1 270,55)
(4 689,77)
(5 210,80)
(13 369,01)
(2 758,60)
(7 035,54)
(116 410,79)
(6 152,72)
(39 502,73)
(5 098,26)
(11 492,80)
(17 443,03)
(11 067,15)
(2 375,40)
(3 847,07)
(8 758,07)
(8 791,45)
(12 555,96)
(16 257,26)
(10 918,54)
(20 332,10)
(49 757,22)
2 411,80
(3 567,62)
(24 850,28)
(1 998,03)
(3 094,64)
(7 041,18)
(547,20)
(4 043,21)
(149,48)
(14 907,11)
65,71
(641,15)
(878,88)
(5 001,11)
(7 107,90)
(10 418,63)
(7 138,03)
(642,05)
(2 259,92)
(18 990,48)
(13 305,66)
(9 274,58)
(4 961,25)
(2 236,02)
(1 064,13)
(11 639,07)
NULL
(34 835,40)
441,97
(2 703,83)
(16 874,60)
(4 764,26)
(4 066,89)
(3 723,15)
(17 020,15)
(28 589,63)
(51 567,02)
(7 542,30)
(3 884,07)
(1 965,29)
(17 188,77)
(11 277,03)
(342,58)
(7 303,46)
(75 615,09)
(12 054,97)
(11 144,40)
(1 958,65)
(13 948,04)
(19 698,66)
(14 303,97)
(6 015,75)
(8 296,58)
(9 985,44)
(9 378,87)
(19 386,80)
(14 584,47)
(14 958,06)
-0,0516
-0,4222
0,3483
-0,6010
-0,2551
-0,7155
-0,1869
-0,2424
0,0410
-0,2152
0,1282
-0,2679
0,0969
-0,6920
-0,5118
-0,2846
-0,1411
-0,0528
0,0042
0,6183
-0,1114
-0,2786
-0,2126
-0,5441
-0,7113
-1,5165
0,1145
-3,3471
1,0000
-0,4986
-2,3567
0,1356
0,5469
-0,1527
0,0566
0,9499
0,2079
-0,2753
-0,1343
-0,1512
-0,3573
-0,8241
-0,4107
-0,3339
-0,3170
0,2539
-0,1469
0,0985
-0,1096
1,0689
-0,0978
0,1956
1,4441
-3,0573
-0,3556
0,3754
-0,1799
-0,0986
-0,2977
0,0420
25
-0,2690
0,2019
-0,9335
0,4078
0,1506
0,0173
0,0845
-0,1344
0,1463
-0,4246
-0,5214
-0,2061
-0,9100
-0,4907
0,0685
-0,2438
-0,2295
-0,1240
0,0957
-0,4285
-0,6645
0,1724
0,2152
-0,1763
0,4492
-0,3626
0,0927
-1,8357
1,0000
0,0875
-0,3607
-0,4165
-0,5056
-0,0719
0,1702
0,2729
-0,2906
-0,2145
-0,2324
-0,1974
-0,0758
2,0727
-0,7085
0,3513
-0,9129
0,1265
0,5747
-0,1215
0,0955
-0,5665
-0,1177
-0,2276
0,1028
0,1180
0,5118
-0,5479
-0,1207
-0,3667
-0,3393
-0,3602
293
294
295
296
297
300
311
312
313
314
315
316
321
322
323
331
332
333
334
335
341
342
343
351
352
353
354
355
361
362
363
364
365
366
371
372
(14 607,62)
(42 990,32)
(51 705,21)
(4 316,33)
(7 880,23)
(1 029,69)
(13 118,82)
(16 913,65)
(7 774,89)
(5 970,92)
(6 429,66)
(14 823,45)
(4 090,06)
(6 744,38)
(2 463,67)
(4 282,48)
(6 962,61)
(2 255,04)
(2 536,25)
(586,73)
(88 711,07)
(6 005,32)
(45 528,31)
(1 396,56)
(31 163,03)
(41 956,57)
(5 206,94)
(1 982,88)
(19 812,04)
(3 539,27)
(3 534,81)
(2 809,62)
(884,07)
(8 254,33)
(9 252,25)
(192,56)
(19 152,89)
(68 431,28)
(43 802,29)
(11 363,98)
(8 809,59)
(180,20)
(10 429,91)
(6 807,89)
(8 134,25)
(3 675,35)
(10 750,96)
(6 222,34)
(5 658,63)
(2 645,80)
(1 663,16)
(1 826,12)
(6 211,18)
(1 075,50)
(2 447,70)
(332,24)
(60 783,20)
(3 895,49)
(25 087,55)
(1 439,99)
(20 014,07)
(34 189,03)
(3 259,76)
(233,50)
(21 242,15)
(1 135,14)
(2 709,45)
(746,03)
764,54
(7 448,23)
(7 629,09)
(404,03)
(13 372,22)
(24 228,55)
(30 960,29)
(4 174,60)
(8 434,98)
(304,56)
(6 866,57)
(10 862,39)
(7 305,33)
(4 807,79)
(9 903,83)
(9 170,08)
(13 954,54)
(905,16)
(2 948,90)
(1 579,82)
(4 868,32)
(821,15)
(2 180,92)
(291,02)
(68 364,45)
(2 724,60)
(26 799,15)
(169,63)
(24 869,19)
(66 585,08)
(3 299,86)
(81,67)
(16 898,26)
(377,44)
(2 408,25)
(209,18)
2 615,04
(4 538,69)
(6 441,22)
(264,10)
(23 399,32)
(18 686,36)
(39 323,14)
(1 715,87)
(8 635,96)
(1 469,13)
(5 021,24)
(4 805,83)
(8 341,42)
(3 431,72)
7 982,65
(11 660,07)
(10 948,10)
10 143,78
(315,48)
(2 161,57)
(4 529,21)
(349,55)
(2 783,53)
(203,88)
(36 925,74)
(2 014,78)
(34 941,51)
1 475,17
(15,07)
(60 396,41)
(3 593,82)
(47,42)
(19 994,49)
(1 071,98)
(2 141,42)
(473,66)
(332,93)
(4 704,87)
(5 023,64)
(273,97)
(9 957,10)
(20 308,21)
(34 935,66)
(2 624,73)
(7 731,93)
(6 702,00)
(9 535,54)
(8 712,42)
(8 003,98)
(4 314,90)
(4 650,26)
(15 934,16)
(9 926,22)
(1 275,41)
(6 024,18)
2 040,93
(5 440,10)
(1 080,74)
(1 246,58)
(278,31)
(75 492,64)
(1 147,88)
(41 824,96)
72,38
(9 926,39)
(14 785,30)
(3 136,61)
(340,92)
(18 601,36)
(943,68)
(2 912,54)
(1 182,17)
(2 017,45)
(6 366,92)
(5 717,45)
(648,29)
0,3112
0,5918
-0,1528
1,6328
0,1179
-0,8250
-0,2050
-0,5975
0,0462
-0,3845
0,6721
-0,5802
0,3835
-0,6077
-0,3249
-0,5736
-0,1079
-0,5231
-0,0349
-0,4337
-0,3148
-0,3513
-0,4490
0,0311
-0,3578
-0,1851
-0,3740
-0,8822
0,0722
-0,6793
-0,2335
-0,7345
-1,8648
-0,0977
-0,1754
1,0982
Total profit
Nace Total profit1997 Total profit1998 Total profit1999 Total profit2000 Total profit2001
151
(4 707,12)
(20 057,40)
(14 963,56)
(19 980,95)
22 063,32
152
(2 499,97)
319,24
(557,18)
81,45
336,24
153
(6 501,07)
(1 724,51)
(1 136,75)
6 025,48
5 395,86
154
10 033,74
(21 502,05)
(10 385,15)
8 161,42
7 346,91
155
630,61
(2 586,25)
6 609,45
18 995,39
19 430,58
156
139,64
5 129,81
4 382,50
(4 046,25)
1 701,00
157
370,09
2 775,99
2 393,44
13 093,62
22 281,88
158
2 754,80
(7 470,40)
38 036,15
50 026,31
72 082,64
159
(20 741,60)
(15 254,92)
(8 253,55)
7 247,07
65 646,78
160
109 071,87
92 147,53
118 697,61
122 848,08
149 392,08
171
(6 988,43)
(2 394,52)
(6 924,82)
1 498,37
582,69
172
(23 953,87)
(14 958,47)
(26 760,44)
(1 521,40)
2 787,69
173
(763,57)
2 393,43
2 016,57
4 158,83
4 289,27
174
(1 143,35)
331,67
(495,50)
4 080,10
4 279,37
175
6 154,12
6 688,13
6 281,43
5 975,03
12 616,81
176
(1 465,23)
41,81
463,05
1 612,26
928,05
177
(5 833,60)
(12 356,51)
588,73
(1 095,17)
(2 118,01)
181
127,22
(130,71)
(83,15)
89,51
115,62
182
(7 235,74)
201,88
2 951,06
(1 565,24)
(863,24)
183
(1 356,40)
(5 019,23)
(1 385,69)
1 050,51
283,07
-0,3018
-0,6459
-0,2932
-0,6326
-0,0425
0,6901
-0,3416
0,5956
-0,1019
0,3081
-0,0788
0,4737
1,4661
-0,6579
0,7731
-0,1349
-0,2162
-0,2365
-0,1090
-0,1240
0,1247
-0,3006
0,0682
-0,8822
0,2426
0,9476
0,0123
-0,6502
-0,2045
-0,6675
-0,1112
-0,7196
2,4204
-0,3906
-0,1557
-0,3463
Percentage
change
98/97
3,2611
-1,1277
-0,7347
-3,1430
-5,1012
35,7351
6,5008
-3,7118
-0,2645
-0,1552
-0,6574
-0,3755
-4,1345
-1,2901
0,0868
-1,0285
1,1182
-2,0275
-1,0279
2,7004
26
99
-0,25
-2,74
-0,34
-0,5
-3,55
-0,14
-0,13
-6,09
-0,45
0,28
1,89
0,78
-0,15
-2,49
-0,06
10,07
-1,04
-0,36
13,6
-0,72
191
192
193
201
202
203
204
205
211
212
221
222
223
231
232
233
241
242
243
244
245
246
247
251
252
261
262
263
264
265
266
267
268
271
272
273
274
275
281
282
283
284
285
286
287
291
292
293
294
295
296
297
300
311
312
313
314
315
316
321
(14 579,93)
(4 249,16)
(20 781,51)
(7 476,07)
(5 746,51)
2 577,06
(1,90)
953,11
(10 578,00)
(3 680,30)
9 463,05
9 400,40
3 066,39
1 058,60
84 446,61
(116 365,35)
655,34
(1 859,60)
39 923,82
15 385,13
11 107,63
591,34
30 050,06
37 567,14
23 228,63
7 229,18
16 206,30
5 793,02
47 424,51
17 516,80
(2 234,42)
2 388,55
13 603,91
(11 263,62)
(2 929,67)
1 707,08
(17 526,32)
(9 014,96)
5 065,16
(13 238,30)
(982,10)
(9 969,13)
16 234,94
8 983,68
(61 667,35)
(59 913,87)
(19 412,08)
(30 517,06)
(24 177,64)
(6 893,89)
4 187,65
187,85
(2 594,29)
8 315,39
13 825,72
3 216,35
2 371,94
3 445,14
(2 119,35)
(8 683,99)
1 379,67
(13 046,83)
(5 642,64)
2 351,63
(5 554,10)
(1 382,18)
100,31
(1 997,20)
(8 130,15)
1 736,36
9 353,57
1 794,66
(3 274,81)
92 170,09
(8 922,51)
939,15
(3 240,70)
14 838,11
792,54
5 861,28
445,14
31 675,79
26 860,75
23 652,63
8 828,78
16 324,49
11 343,43
53 955,19
18 668,36
(1 347,88)
6 292,45
14 677,93
(8 247,79)
(124,92)
8 911,83
(5 972,09)
(9 217,14)
(13 633,34)
(35 843,37)
8 160,18
1 281,56
12 003,11
9 637,40
(14 691,55)
(11 933,98)
(22 534,17)
(76 702,19)
(30 057,68)
(8 438,91)
(1 581,77)
345,97
11 753,99
39 451,62
6 165,96
4 069,72
(8 430,59)
24 194,42
3 552,42
(3 651,94)
444,57
(35 229,65)
4 483,93
(2 086,64)
3 490,68
657,50
2 309,35
(299,44)
(2 794,03)
8 677,43
13 430,13
3 024,84
(5 533,76)
53 039,06
(26 632,80)
1 484,03
4 602,39
30 327,41
13 223,09
(5 209,73)
684,01
76 895,59
50 763,40
57 018,33
6 335,43
16 260,35
924,81
65 695,14
16 613,72
(470,62)
1 701,25
(417 192,87)
(35 675,43)
(67 415,88)
14 785,37
(17 122,93)
(5 370,73)
(7 735,44)
(16 746,00)
(724,32)
11 725,61
17 528,77
16 046,95
(18 148,58)
877,75
(50 499,88)
(16 497,12)
(12 238,08)
(4 614,99)
(234,14)
1 355,59
12 345,19
31 151,09
3 182,90
9 467,84
(7 239,31)
20 527,79
3 323,44
(65,78)
2 436,52
(4 398,67)
5 192,46
1 900,33
11 009,89
(14,41)
1 802,83
101 862,42
(8 655,79)
4 720,66
17 097,20
9 493,25
(519,78)
93 307,11
(8 748,97)
2 142,72
4 861,59
58 634,65
14 810,69
12 943,61
2 109,73
71 217,45
61 902,76
106 921,01
12 634,52
19 364,80
9 538,85
69 094,70
36 114,23
(2 131,80)
9 031,34
(119 252,98)
(3 498,29)
(4 223,75)
10 215,42
5 605,75
(2 906,87)
12 940,33
271,22
2 233,15
28 915,97
26 837,25
27 368,95
(11 053,36)
13 970,39
(45 754,34)
16 546,99
27 469,58
2 682,60
2 553,39
(5,46)
6 540,73
35 636,31
20 432,88
5 253,94
15 985,65
63 668,49
18 153,82
(402,39)
1 931,12
(9 996,59)
5 262,64
2 264,93
2 488,42
779,61
1 037,40
71 303,76
53 275,64
(32 944,75)
12 531,10
1 801,04
1 883,30
(1 572,67)
71 625,06
2 100,21
2 675,41
63 422,23
17 483,23
9 121,78
(705,70)
71 136,28
69 705,60
126 050,65
15 464,97
17 207,06
15 440,36
61 110,54
29 918,53
(95,98)
4 331,60
(30 898,68)
4 683,95
(2 950,91)
23 713,70
20 796,01
4 691,01
(6 198,86)
1 526,28
9 447,75
26 705,39
34 868,48
19 467,34
25 779,28
44 868,29
(17 880,95)
22 919,80
(1 480,80)
(1 510,46)
(3 307,22)
(5 558,59)
50 193,68
47 531,51
22 035,30
9 355,34
9 845,62
121 705,32
29 520,25
-0,4044
-1,3247
-0,3722
-0,2452
-1,4092
-3,1552
726,8482
-0,8948
-0,8112
1,2091
-0,8165
-0,0050
-0,4147
-4,0935
0,0915
1,0000
-0,9233
0,4331
0,7427
-0,6283
-0,9485
-0,4723
-0,2472
0,0541
-0,2850
0,0183
0,2213
0,0073
0,9581
0,1377
0,0657
-0,3968
1,6344
0,0789
-0,2677
-0,9574
4,2205
-0,6592
0,0224
-3,6916
1,7076
-9,3089
-1,1286
-0,2607
0,0728
-0,7618
-0,8008
0,1608
1,5134
0,2432
0,2241
-1,3777
0,8417
-5,5307
3,7444
-0,5540
0,2653
-4,5543
6,0228
-2,6762
27
-0,57
-0,67
1,70
-1,79
-1,88
-1,62
-1,47
22,02
-0,85
-0,65
3,99
0,43
0,68
0,68
-0,42
1,00
1,98
0,58
-2,42
1,04
15,68
-1,88
0,53
1,42
0,88
1,4
-0,28
-0,00
-0,9
0,2
-0,1
-0,65
-0,72
-29,42
3,32
538,65
0,65
1,86
-0,4
-0,43
-0,53
-1,08
8,14
0,46
0,66
0,23
-1,07
1,24
-0,78
-0,59
-0,45
-0,85
2,9
0,05
-0,2
-0,48
1,32
-0,14
-0,15
-0,06
322
323
331
332
333
334
335
341
342
343
351
352
353
354
355
361
362
363
364
365
366
371
372
NACE
151
152
153
154
155
156
157
158
159
160
171
172
173
174
175
176
177
181
182
183
191
192
193
201
202
203
204
205
211
212
221
222
223
55,02
(4 340,22)
(1 009,44)
2 712,51
3 267,25
(2 766,48)
(1 636,27)
52 716,10
(3 824,83)
20 821,32
155,98
(38 516,81)
(85 309,44)
(11 828,68)
(4 791,09)
4 159,54
505,91
1 911,79
4 795,50
173,84
9 264,51
(1 119,10)
772,66
(8 328,54)
(2 537,49)
7 283,79
10 833,90
769,88
(2 287,53)
5,60
84 943,21
(1 170,94)
67 183,72
(1 085,82)
(22 104,74)
(88 213,40)
(6 631,57)
(12,83)
8 288,05
1 768,67
3 539,53
1 146,44
1 593,35
10 457,94
(5 408,64)
(39,53)
1 642,45
(25,45)
7 697,08
13 200,61
4 160,98
1 036,12
(235,49)
(11 228,28)
(1 505,00)
96 221,36
(1 522,94)
(86 444,58)
(71 924,32)
(6 128,68)
223,81
26 485,51
1 183,50
3 676,78
2 755,12
3 008,29
18 835,46
(6 508,98)
151,93
Subsidies
on costs
Subs1997 Subs1998 Subs1999
497,37
185,70
445,82
1,66
0,06
43,97
14,74
52,47
56,70
42,52
50,59
1 307,54
9 349,47
5 532,54
7 870,00
21,88
215,35
849,69
1 336,42
476,29
35,99
2 269,12
895,12
299,03
2 408,82
2 063,99
1 906,35
51,14
44,61
23,33
452,48
75,52
77,39
6,30
2,30
6,74
86,86
25,63
27,97
118,46
129,20
66,34
7,83
60,09
4,04
133,45
0,99
47,70
27,59
23,47
22,58
1 144,67
915,57
807,05
6,33
51,27
188,23
10,94
9,26
171,22
408,94
369,56
341,62
5,19
171,69
480,07
11,12
11,93
81,34
222,00
29,46
143,47
1,03
3,73
6,81
241,88
483,28
261,71
135,38
1,83
5,03
927,50
356,70
462,92
583,33
383,98
242,63
322,51
192,24
18,06
0,06
(0,47)
Subs2000
274,08
14,74
7,77
11 704,22
5 643,95
1 398,09
85,99
1 770,28
3 368,71
961,51
11,52
142,18
6,62
44,60
38,48
0,03
63,34
22,98
1 032,47
31,31
2,71
123,50
796,14
152,14
34,90
865,44
44,57
359,07
4,10
331,34
143,65
159,97
0,03
25 161,34
8 488,31
7 228,57
24 036,47
3 930,63
(234,43)
147,38
111 765,41
2 809,63
138 402,97
(3 005,34)
23 684,69
(48 887,88)
(1 784,62)
(46,49)
32 483,75
(287,67)
6 647,65
2 476,23
2 809,49
16 315,16
4 392,82
895,12
Subs2001
595,67
63,25
108,93
136,85
11 746,75
1 020,47
115,68
276,66
507,80
172,08
249,26
18,64
30,19
256,01
4,26
152,26
22,78
781,95
9,66
1,76
141,42
165,35
228,13
50,52
762,27
16,61
501,99
8,61
393,34
94,92
610,59
1,32
20 082,72
10 594,00
13 380,37
23 594,57
6 017,83
3 176,75
806,52
127 225,77
4 264,20
213 997,38
(682,89)
25 340,11
14 037,69
409,23
303,37
52 778,08
1 220,86
5 973,07
1 567,58
3 140,94
13 242,43
2 143,42
1 634,83
Percentage
change
98/97
-0,6266
-0,9622
2,5609
0,1898
-0,4083
8,8400
-0,6436
-0,6055
-0,1432
1,0000
-0,1276
-0,8331
-0,6349
-0,7049
0,0907
6,6774
-0,9926
-0,1492
-0,2001
-1,0000
-1,0000
-0,1538
-0,0963
32,0690
0,0724
-0,8673
2,6085
0,9980
-0,9865
-0,6154
-0,3417
-0,4039
-1,0000
-152,3721
-0,4154
-8,2157
2,9940
-0,7644
-0,1731
-1,0034
0,6113
-0,6939
2,2267
-7,9614
-0,4261
0,0340
-0,4394
-0,9973
0,9925
2,4960
0,8514
-0,7609
8,1655
0,1288
3,8330
-1,0512
99/98
1,4007
700,1084
0,0805
24,8435
0,4225
2,9457
-0,9244
-0,6659
-0,0764
1,0000
-0,4771
0,0248
1,9285
0,0911
-0,4865
-0,9328
47,2555
-0,0382
-0,1185
0,0000
1,0000
17,4875
-0,0756
1,7962
5,8206
3,8692
0,8235
-0,4585
1,7497
0,2978
-0,3681
-0,9060
1,0000
28
-1,19
-0,99
0,05
0,2
4,40
-1,45
-43,03
-1,13
0,28
0,43
0,40
2,9
-0,18
-0,07
-18,44
2,19
-0,33
0,03
1,40
0,88
0,80
0,20
-4,84
00/99
-0,3852
-0,6647
-0,8630
7,9513
-0,2829
0,6454
1,3894
4,9200
0,7671
1,0000
-0,5064
0,8372
-0,0165
0,5947
-0,4199
-0,9934
0,3280
0,0179
0,2793
-0,3893
1,0000
-0,2787
1,3305
-0,6831
-0,5710
5,0324
5,5484
0,3720
-0,1841
-0,2842
-0,4079
7,8559
-1,0675
231
232
233
241
242
243
244
245
246
247
251
252
261
262
263
264
265
266
267
268
271
272
273
274
275
281
282
283
284
285
286
287
291
292
293
294
295
296
297
300
311
312
313
314
315
316
321
322
323
331
332
333
334
335
341
342
343
351
352
353
NULL
386,28
0,08
34,38
339,05
198,15
166,33
0,46
477,34
958,50
278,60
51,08
13,30
175,61
7,67
336,95
27,14
13,59
72,64
31,45
6,47
17,54
227,42
439,19
123,84
172,88
8,04
167,03
351,01
188,23
459,90
66,17
199,07
41,87
923,53
130,35
53,28
69,56
714,51
24,40
0,06
12,23
267,77
19,13
209,74
10,38
204,75
44,73
3,31
5,38
41,15
18,51
485,91
3 303,34
380,81
0,64
NULL
409,51
57,40
63,83
175,85
15,63
2,41
72,85
1 069,80
462,84
36,33
78,46
2,32
144,28
0,28
19,71
312,13
0,92
106,20
7,44
41,89
699,38
0,40
50,49
17,98
350,96
319,92
390,43
432,09
90,93
207,92
64,08
572,97
85,27
13,27
279,14
388,38
3,42
0,03
8,80
38,22
155,40
21,64
0,11
48,83
301,56
3,99
6,80
30,51
175,91
19,82
80,59
2 564,87
114,06
3,08
NULL
647,19
71,30
9,79
206,31
160,04
1,36
16,82
1 258,96
156,65
23,17
26,93
5,58
117,46
0,08
13,93
596,77
176,00
120,17
203,13
84,83
59,67
2,37
114,09
165,81
357,86
543,74
476,23
105,61
53,40
259,73
7 355,74
88,68
10,65
48,95
529,92
423,60
513,40
11,75
12,78
330,78
45,72
30,64
234,18
151,62
183,45
8,22
20,98
142,43
45,94
99,38
1 310,46
123,65
139,13
NULL
78,24
75,34
103,66
185,67
1 449,25
9,88
382,26
1 565,27
21,20
298,54
1,05
34,07
3,12
101,44
2,17
21,28
290,14
467,75
192,21
161,77
969,82
111,75
164,47
194,79
459,09
195,96
204,99
951,83
243,05
593,20
505,57
1 556,85
102,39
120,50
8,96
1 063,71
451,56
582,77
5,33
76,72
767,32
180,11
298,64
121,16
14,47
129,86
19,95
24,36
1,04
138,46
22,47
1 068,79
800,90
1 582,30
NULL
125,60
0,18
136,98
257,81
189,16
1 083,01
49,70
76,11
1 624,35
266,95
200,46
0,12
70,44
3,02
75,85
5,11
61,97
579,25
3,85
419,93
137,07
162,34
586,25
121,43
928,68
48,79
407,31
204,39
120,98
953,04
932,20
153,30
735,82
2 910,57
160,81
73,38
98,89
844,31
679,09
555,88
23,45
194,95
714,93
93,68
822,39
330,10
228,00
78,18
204,78
95,34
11,78
56,62
114,22
1 934,07
1 026,11
230,58
1,0000
1,0000
1,0000
0,0601
-1,0000
0,6696
-0,8118
-0,1126
-0,9060
4,2795
-0,8474
0,1161
0,6613
-0,2887
-1,0000
-0,5532
-0,6968
-0,5718
-0,9896
0,4502
3,2972
-0,9708
15,4197
-0,5759
-0,8158
0,5925
-0,9968
-0,7079
1,2350
1,1011
-0,0886
1,0742
-0,0605
0,3741
0,0444
0,5305
-0,3796
-0,3458
-0,7510
1,0000
3,0129
-0,4564
-0,8600
-0,5464
-0,2803
-0,8573
7,1221
-0,8968
-0,9895
-0,7615
5,7419
0,2066
0,2626
1,0000
3,2749
0,0707
-0,8341
1,0000
-0,2236
-0,7005
1,0000
3,8367
1,0000
0,5804
1,0000
0,2423
-0,8465
0,1732
9,2361
-0,4355
-0,7691
0,1768
-0,6616
-0,3624
1,0000
-0,9289
-1,0000
-0,1859
-0,7130
-0,2931
0,9119
-1,0000
0,6573
15,1586
3,8489
-0,8787
149,4118
-0,9531
5,3454
-0,5275
0,1186
0,3927
0,1022
0,1614
-0,7432
3,0530
11,8378
0,0400
-0,1971
1,0000
0,8984
0,0907
149,2510
424,0304
0,4517
7,6558
-0,7058
0,4161
2157,4260
2,1053
-0,3917
1,0611
2,0866
-1,0000
-0,1903
1,3180
0,2332
1,0000
-0,4891
0,0841
29
1,0000
44,2367
1,0000
-0,8791
1,0000
0,0566
9,5832
-0,1000
8,0555
6,2729
21,7255
0,2433
-0,8647
11,8872
-0,9610
5,1036
1,0000
-0,1363
25,6994
0,5275
-0,5138
1,0000
1,6577
0,5994
-0,2036
10,4328
0,8729
68,4690
0,7073
1,7688
-0,4524
-0,6230
0,9987
1,3015
10,1090
0,9465
-0,7883
0,1546
10,3112
-0,8169
1,0073
0,0660
0,1351
-0,5463
5,0045
1,3197
2,9394
8,7461
-0,4826
-0,9046
-0,2921
1,4271
0,1612
1,0000
-0,0279
-0,5110
9,7546
1,0000
-0,3888
11,7970
354
355
361
362
363
364
365
366
371
372
OpProfit
FinProfit
TotalProfi
t
OpProfit
FinProfit
TotalProfi
t
NACE
151
152
153
154
155
156
157
158
159
160
171
172
173
174
175
176
177
181
182
183
191
192
193
201
202
203
204
270,50
0,52
4 088,28
9,70
0,20
653,71
0,28
15,15
316,23
9,68
402,76
(0,47)
0,31
75,20
1 149,51
20,32
-
418,99
298,45
1,41
1,96
0,34
79,62
1 393,27
(5,73)
(0,02)
30,13
394,57
0,80
0,07
8,99
111,06
859,03
60,20
9,27
11,22
632,20
5,43
13,30
104,41
1 455,77
31,27
43,50
2001
0,1247
-0,1531
0,0956
Correlations
for absolute
values
1997
0,1273
-0,2287
-0,0723
1998
0,1243
-0,2981
-0,0734
1999
0,0210
-0,1891
-0,0530
2000
0,1154
-0,1711
0,0287
Correlations
for changes
98/97
-0,0044
-0,2282
0,0091
99/98
-0,1068
0,1697
-0,0178
00/99
0,0046
0,0166
-0,0149
01/00
-0,0151
-0,0204
0,0423
Subsidies
on costs
Subs1997 Subs1998 Subs1999
497,37
185,70
445,82
1,66
0,06
43,97
14,74
52,47
56,70
42,52
50,59
1 307,54
9 349,47
5 532,54
7 870,00
21,88
215,35
849,69
1 336,42
476,29
35,99
2 269,12
895,12
299,03
2 408,82
2 063,99
1 906,35
51,14
44,61
23,33
452,48
75,52
77,39
6,30
2,30
6,74
86,86
25,63
27,97
118,46
129,20
66,34
7,83
60,09
4,04
133,45
0,99
47,70
27,59
23,47
22,58
1 144,67
915,57
807,05
6,33
51,27
188,23
10,94
9,26
171,22
408,94
369,56
341,62
5,19
171,69
480,07
11,12
11,93
81,34
222,00
29,46
143,47
1,03
3,73
6,81
Subs2000
274,08
14,74
7,77
11 704,22
5 643,95
1 398,09
85,99
1 770,28
3 368,71
961,51
11,52
142,18
6,62
44,60
38,48
0,03
63,34
22,98
1 032,47
31,31
2,71
123,50
796,14
152,14
34,90
865,44
44,57
Subs2001
595,67
63,25
108,93
136,85
11 746,75
1 020,47
115,68
276,66
507,80
172,08
249,26
18,64
30,19
256,01
4,26
152,26
22,78
781,95
9,66
1,76
141,42
165,35
228,13
50,52
762,27
16,61
0,1690
17,7685
-0,9015
1,0000
-1,0483
1,0000
381,1512
0,7584
71,4312
-1,0000
0,3249
-1,0000
-0,2590
1,0000
-5,1821
0,1154
0,0588
0,2121
-1,2821
1,0000
-0,9281
1,0000
0,3220
-0,4317
-0,9654
25,4272
0,3948
-0,3834
-11,5000
-578,2773
Percentage
change
98/97
-0,6266
-0,9622
2,5609
0,1898
-0,4083
8,8400
-0,6436
-0,6055
-0,1432
1,0000
-0,1276
-0,8331
-0,6349
-0,7049
0,0907
6,6774
-0,9926
-0,1492
-0,2001
-1,0000
-1,0000
-0,1538
-0,0963
32,0690
0,0724
-0,8673
2,6085
99/98
1,4007
700,1084
0,0805
24,8435
0,4225
2,9457
-0,9244
-0,6659
-0,0764
1,0000
-0,4771
0,0248
1,9285
0,0911
-0,4865
-0,9328
47,2555
-0,0382
-0,1185
0,0000
1,0000
17,4875
-0,0756
1,7962
5,8206
3,8692
0,8235
00/99
-0,3852
-0,6647
-0,8630
7,9513
-0,2829
0,6454
1,3894
4,9200
0,7671
1,0000
-0,5064
0,8372
-0,0165
0,5947
-0,4199
-0,9934
0,3280
0,0179
0,2793
-0,3893
1,0000
-0,2787
1,3305
-0,6831
-0,5710
5,0324
5,5484
30
205
211
212
221
222
223
231
232
233
241
242
243
244
245
246
247
251
252
261
262
263
264
265
266
267
268
271
272
273
274
275
281
282
283
284
285
286
287
291
292
293
294
295
296
297
300
311
312
313
314
315
316
321
322
323
331
332
333
334
335
241,88
135,38
927,50
583,33
322,51
0,06
NULL
386,28
0,08
34,38
339,05
198,15
166,33
0,46
477,34
958,50
278,60
51,08
13,30
175,61
7,67
336,95
27,14
13,59
72,64
31,45
6,47
17,54
227,42
439,19
123,84
172,88
8,04
167,03
351,01
188,23
459,90
66,17
199,07
41,87
923,53
130,35
53,28
69,56
714,51
24,40
0,06
12,23
267,77
19,13
209,74
10,38
204,75
44,73
3,31
5,38
-
483,28
1,83
356,70
383,98
192,24
0,64
NULL
409,51
57,40
63,83
175,85
15,63
2,41
72,85
1 069,80
462,84
36,33
78,46
2,32
144,28
0,28
19,71
312,13
0,92
106,20
7,44
41,89
699,38
0,40
50,49
17,98
350,96
319,92
390,43
432,09
90,93
207,92
64,08
572,97
85,27
13,27
279,14
388,38
3,42
0,03
8,80
38,22
155,40
21,64
0,11
48,83
301,56
3,99
6,80
30,51
261,71
5,03
462,92
242,63
18,06
(0,47)
3,08
NULL
647,19
71,30
9,79
206,31
160,04
1,36
16,82
1 258,96
156,65
23,17
26,93
5,58
117,46
0,08
13,93
596,77
176,00
120,17
203,13
84,83
59,67
2,37
114,09
165,81
357,86
543,74
476,23
105,61
53,40
259,73
7 355,74
88,68
10,65
48,95
529,92
423,60
513,40
11,75
12,78
330,78
45,72
30,64
234,18
151,62
183,45
8,22
20,98
-
359,07
4,10
331,34
143,65
159,97
0,03
139,13
NULL
78,24
75,34
103,66
185,67
1 449,25
9,88
382,26
1 565,27
21,20
298,54
1,05
34,07
3,12
101,44
2,17
21,28
290,14
467,75
192,21
161,77
969,82
111,75
164,47
194,79
459,09
195,96
204,99
951,83
243,05
593,20
505,57
1 556,85
102,39
120,50
8,96
1 063,71
451,56
582,77
5,33
76,72
767,32
180,11
298,64
121,16
14,47
129,86
19,95
24,36
1,04
501,99
8,61
393,34
94,92
610,59
1,32
NULL
125,60
0,18
136,98
257,81
189,16
1 083,01
49,70
76,11
1 624,35
266,95
200,46
0,12
70,44
3,02
75,85
5,11
61,97
579,25
3,85
419,93
137,07
162,34
586,25
121,43
928,68
48,79
407,31
204,39
120,98
953,04
932,20
153,30
735,82
2 910,57
160,81
73,38
98,89
844,31
679,09
555,88
23,45
194,95
714,93
93,68
822,39
330,10
228,00
78,18
204,78
95,34
11,78
0,9980
-0,9865
-0,6154
-0,3417
-0,4039
-1,0000
1,0000
1,0000
1,0000
0,0601
-1,0000
0,6696
-0,8118
-0,1126
-0,9060
4,2795
-0,8474
0,1161
0,6613
-0,2887
-1,0000
-0,5532
-0,6968
-0,5718
-0,9896
0,4502
3,2972
-0,9708
15,4197
-0,5759
-0,8158
0,5925
-0,9968
-0,7079
1,2350
1,1011
-0,0886
1,0742
-0,0605
0,3741
0,0444
0,5305
-0,3796
-0,3458
-0,7510
1,0000
3,0129
-0,4564
-0,8600
-0,5464
-0,2803
-0,8573
7,1221
-0,8968
-0,9895
-0,7615
5,7419
0,2066
0,2626
1,0000
-0,4585
1,7497
0,2978
-0,3681
-0,9060
1,0000
1,0000
3,8367
1,0000
0,5804
1,0000
0,2423
-0,8465
0,1732
9,2361
-0,4355
-0,7691
0,1768
-0,6616
-0,3624
1,0000
-0,9289
-1,0000
-0,1859
-0,7130
-0,2931
0,9119
-1,0000
0,6573
15,1586
3,8489
-0,8787
149,4118
-0,9531
5,3454
-0,5275
0,1186
0,3927
0,1022
0,1614
-0,7432
3,0530
11,8378
0,0400
-0,1971
1,0000
0,8984
0,0907
149,2510
424,0304
0,4517
7,6558
-0,7058
0,4161
2157,4260
2,1053
-0,3917
1,0611
2,0866
-1,0000
31
0,3720
-0,1841
-0,2842
-0,4079
7,8559
-1,0675
1,0000
44,2367
1,0000
-0,8791
1,0000
0,0566
9,5832
-0,1000
8,0555
6,2729
21,7255
0,2433
-0,8647
11,8872
-0,9610
5,1036
1,0000
-0,1363
25,6994
0,5275
-0,5138
1,0000
1,6577
0,5994
-0,2036
10,4328
0,8729
68,4690
0,7073
1,7688
-0,4524
-0,6230
0,9987
1,3015
10,1090
0,9465
-0,7883
0,1546
10,3112
-0,8169
1,0073
0,0660
0,1351
-0,5463
5,0045
1,3197
2,9394
8,7461
-0,4826
-0,9046
-0,2921
1,4271
0,1612
1,0000
341
342
343
351
352
353
354
355
361
362
363
364
365
366
371
372
41,15
18,51
485,91
3 303,34
380,81
270,50
0,52
4 088,28
9,70
0,20
653,71
0,28
15,15
175,91
19,82
80,59
2 564,87
114,06
316,23
9,68
402,76
(0,47)
0,31
75,20
1 149,51
20,32
-
142,43
45,94
99,38
1 310,46
123,65
418,99
298,45
1,41
1,96
0,34
79,62
1 393,27
(5,73)
(0,02)
138,46
22,47
1 068,79
800,90
1 582,30
30,13
394,57
0,80
0,07
8,99
111,06
859,03
60,20
9,27
56,62
114,22
1 934,07
1 026,11
230,58
11,22
632,20
5,43
13,30
104,41
1 455,77
31,27
43,50
3,2749
0,0707
-0,8341
1,0000
-0,2236
-0,7005
0,1690
17,7685
-0,9015
1,0000
-1,0483
1,0000
381,1512
0,7584
71,4312
-1,0000
-0,1903
1,3180
0,2332
1,0000
-0,4891
0,0841
0,3249
-1,0000
-0,2590
1,0000
-5,1821
0,1154
0,0588
0,2121
-1,2821
1,0000
32
-0,0279
-0,5110
9,7546
1,0000
-0,3888
11,7970
-0,9281
1,0000
0,3220
-0,4317
-0,9654
25,4272
0,3948
-0,3834
-11,5000
-578,2773