TOP 100 2019 FEJÉR MEGYE

NAV analysis
NAV analysis
to the appearance and popularity of the
more simp le forms of tax returns with lower
much administrative burden. With this
in mind, the average employee number per
company nonetheless show a 4 percent increase.
The importance of the Top companies with
the biggest revenues has further expanded,
since their average employee numbers
have increased. Almost 75 percent of the total
workforce in the county was employed
by the Top 500, with their average employee
numbers rising to 61 650 in 2018. More
than half of this amount, 45.9 thousand
were employed by the Top 100 circle.
In the county of Fejér the SME sector provided
employment for 52.8 percent of the
workforce.
Employees at the Top 500 earned an 18 percent
higher yearly average wage in 2018,
meaning that their monthly earning exceeded
those of other employees with an
average wage of 300 thousand HUF by 53
thousand HUF per month.
III. COMPANY PROFITS
1. COMPONENTS OF PRE-TAXATION
PROFITS
Companies within the district have
achieved an operating profit of 346.3 billion
HUF and 24.3 billion HUF in losses,
thus obtaining a balance of 322 billion
HUF in operating profits. This shows an
increase of 23,5 percent, which on one
hand is due to an increase in profits accompanied
by a decrease in losses and on
second hand, an almost 9 percent increase
in revenue outweighed the rise in operating
costs.
More than four fifth of the overall operating
profits of the county for 2018 have been
achieved by the Top 500 companies, whereby
the increase in their profits have surpassed
the county average, but their losses
have also increased to reach 15,6 percent.
When it comes to the Top 100, 70 percent
of the total profits have been produced by
their establishments.
Financial results for companies in Fejér
County amounted to 8.8 billion HUF,
which represents but a quarter of those realised
in 2017. Financial profits have fallen
by 18,8 percent to reach 39,3 billion HUF,
while registered losses have increased almost
threefold to 30,5 billion HUF, thus
decreasing results even further. While in
2017 the Top 500 companies accounted for
almost 79 percent of the county’s results,
their 2018 profits could not compensate for
their losses and had to therefore close the
fiscal year with a negative balance.
However, due to positive processes affecting
the operating profits, as mentioned above,
pre-tax results have increased by one tenth,
amounting to 331 billion HUF in 2018. The
Top 500 and 100 league have registered a
growth of about 8 percent, which falls below
the county average. For the former this
equates to an 80.4 percent county- coverage,
while for the latter, 69 percent.
Again, the dynamics of the SME sector far
surpassed the county average managing to
raise their pre-tax results by 28.8 percent
and as a result, their 33 percent weight in
2017, increased to 39 percent.
The amount of profit per company in 2018
came to a sum of 48.8 million HUF, showing
an increase of 13.5 percent compared
to the previous year. In parallel to the average
increase in profits, losses have also risen
by 14.3 percent, which translates to an
amount of a little over 7 million HUF.
2. BASE TAX, TAX BENEFITS, TAX
LIABILITY
Considering the base tax influencing
items, the positive base tax for the county
of Fejér reached 294.4 billion HUF, an
increase of 16 percent. The amount of corporate
taxes has increased on par with the
positive base tax and amounted to a total of
26.5 billion HUF.
The calculated base-tax amounts of the
county have been reduced by 5.7 billion
HUF due to applications for tax-benefits
and other elements. Overall, applications
for tax-benefits have decreased by 8 percent
(5.3 billion HUF). The total amount
of benefits was shared in an almost equal
proportion of 48 percent by grants (performing-arts
groups and sports associations)
and development tax incentives,
both of which have played a role in the
county’s decreased base tax amount. The
SME sector applied for a total of 234.1 million
HUF in tax benefits, which marks a 7
percent rise compared to 2017.
As far as the newly introduced energy efficiency
investments of 2017, the amount
of 23,4 million HUF used is but half of that
registered during the previous fiscal year,
while film production and live music services
were also not sponsored by companies.
Almost 97 percent of the total county tax
benefits were filed for by the Top 500 companies,
whereby the Top 100 made up close
to 90 percent of that. Tax benefits meant to
stimulate investments, were also only applied
for by the Top 100.
In 2018 76, percent of the county’s enterprises,
totaling a number of 9 161 companies,
were liable to pay 20.8 billion HUF in
corporate taxes. Due to the low number of
applications for tax-benefits, the average
tax burden increased from 6.66 to 7.08 percent.
This tendency can also be observed at
the Top 500 and Top 100 companies.
IV. BALANCE SHEETS
Companies applying the principle of double
entry bookkeeping within Fejér County,
have achieved a 9 percent growth of their
total assets, which meant an amount of 3
397.8 billion HUF for 2018. The Top 500
and the Top 100 have both achieved a 12
percent growth, the former holding a 78-
and the latter a 65 percent overall county
growth-proportion.
The assets and funds of the micro-, smalland
middle-size companies have surpassed
the county average growth numbers,
reaching 11.5 percent and have thus
strengthened their positions by coming to
42.3 percent.
1. ASSETS
Asset growth in Fejér County was primarily
supported by a 12.5 percent increase
in current assets, but fixed assets also increased
by 5 percent (Table 3). As a result
of these changes, the share of fixed - and
current assets in 2018 was approximately
48–51 percent.
Current assets increased by 12.5 percent
in the county and by 16 percent at the Top
100 taxpayers. 80 per cent of Fejér County’s
1 741.7 billion HUF was concentrated
at the Top 500, while two thirds at the Top
100 taxpayers. In the case of county-taxpayers
and the Top league, the largest increase
was recorded in claims, covering
more than half of the current assets. When
subdivided into different business categories,
consumer debt increased significantly
at medium-sized enterprises (+ 49.2%),
maintained the same levels at micro-enterprises,
and slightly decreased for small
companies (Figure 16).
The growth of one-quarter stocks was about
13 percent, with the Top 500 and Top 100
companies raising 83 and 69 percent respectively
of the county’s 443.9 billion HUF.
2. FUNDS
In 2018, both Fejér County- and the Top 500
companies covered the financing of their
business operations using mostly their
own resources (equity, provisions) and to
a lesser extent, external resources (liabilities).
Overall, 54 percent of all assets were
financed by the companies’ own funds.
County enterprises had a total equity of
1,808.5 billion HUF. This represents a 12
percent increase, which was mainly due
to a significant amount of reserves (nearly
two-thirds), but the increase in after-tax
profits also contributed (Table 4). Equity
rose even more dynamically at the Top 100
league, their total county-share coming
close to two-thirds. In 2018, they increased
their reserves by 25 percent compared to
the previous year, but their 6.4 percent increase
in their after-tax profits remained
below the county average.
External liabilities of Fejér County enterprises
amounted to 1,440.2 billion HUF.
More than four-fifths of the liabilities in the
balance sheets of companies were shortterm,
current liabilities of almost 1,158 billion
HUF, a tendency which also applies to
the Top 500 and Top 100 circle. Long-term
liabilities in the county increased by 3 percent,
to nearly 265.6 billion HUF.
NOMINAL CAPITAL
At county level, nominal capital in 2018 increased
by 2.5 percent (+7.9 billion HUF)
to amounted to a total of 329 billion HUF.
This dynamic were slightly higher at the
Top 500 and Top 100 taxpayers.
60 percent of the nominal capital was held
by other companies, while the remaining
131.2 billion HUF was shared by the SME
sector. More than half of this amount was
provided by micro-enterprises, managing
to increase their nominal capital by 5.6
percent despite the slight decrease in the
number of tax returns (Figure 18).
There was no significant change in the
structure of the share holders in the county,
almost half of the founding assets were
foreign owned and 46 percent were held by
domestic individuals or companies (Figure
19). In parralel to the decreased in tax return
numbers, the level of foreign interest
increased, reaching almost to two-thirds at
the Top 500 and 70 percent at the Top 100.
While most of the Top 500 companies
with the highest revenues are domestically
owned, the presence of entirely