Publication CEPYME500 2017

#BME
COMPANIES THAT HAVE BEEN FINANCED IN THE MARF
(2013 - 2016). SINCE THE BEGINNING TO THE END OF THE YEAR
MARF EMISSIONS AND ADMISSIONS
(2013 - 2016). DATA IN MILLIONS OF EUROS
30
29
2500
25
20
21
2000
1500
1698.20
15
10
5
0
1
2013
11
2014
2015
2016
1000
500
0
0
211
50 278
2013 2014
448.7
383
2015
582
2016
Source: BME
Source: BME
Furthermore, listing has shown to give a boost to the development of small and medium-sized
companies. As an example, MAB companies have grown rapidly in the last 3
years, improving their aggregate turnover by 44% in 2016, 21.2% in 2015 and 33% in 2014,
being the compound annual growth between 2013 and 2016 of 32.35%.
Those are companies that improved their aggregated EBITDA in 2016 (EBITDA is an
indicator that measures companies' gross operating margins before deduction of credit
interests, taxes and amortisations) by 85.3%, showing that companies can generate a
great profitability.
It can also be stated that these companies have contributed to job generation, as their
total number of employees grew by 11% in 2016 and by 9.7% in 2015.
By the end of 2016, 7,445 was the total amount of staff members belonging to MAB companies,
which means a compound annual growth of 13.63% between 2013 and 2016, way
above similar companies in Spain.
Nonetheless, although what could be called alternative financing (the MAB, the MARF,
crowfunding, crowlending, other corporate bond issuances, etc.) is growing at steady and
very interesting rates, perspective should not be lost.
According to BBVA Research figures, these markets are still complementary to the usual
finance channels and do not represent more than 4% of the new bank financing raised in
2016.
In other words, bank and non-bank financing have proved to be the needed allies for
the country's business growth.
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