2018-11-18 01:00:00
The company based in Catalonia that generated the most revenue in 2017 was the automotive company Seat, owned by the Volkswagen group. Founded in 1950 and based in Martorell, it closed the last financial year with record sales of 9,892 million euros, at a considerable distance from Fomento de Construcciones y Contratas (FCC), in second place. The construction company registered in Barcelona, 61% owned by the Mexican magnate Carlos Slimentered 5,951 million in 2016. The company that closes the podium is the pharmaceutical grifolsalso based in the Catalan capital, which invoiced 4,318.1 million at a global level (as for multinationals of Catalan origin, this study has taken into account their sales worldwide).
In fact, the metropolitan area concentrates a prominent part of the business groups that have the most weight in the Catalan economy. Airlines such as Vueling (located in Prat de Llobregat), the Cirsa group (Terrassa) or Puig cosmetics (l’Hospitalet de Llobregat) do not appear in the ranking, although they far exceed the sales volume of many leading companies in their respective counties. All three exceeded 1.5 billion in turnover each, which would automatically make them leaders in 38 of the 42 divisions that the country has. The importance of the counties that surround the Catalan capital takes on special relevance when compared to the total Catalan GDP: Barcelonès, Vallès Oriental, Vallès Occidental and Baix Llobregat generate 65% of the country’s total wealth.
Well, there are several companies that are the main gear in their region and generate billions of dollars in revenue. This is the case of food groups such as Bon Preu (Osona), Vall Companys (Segrià) and BonÀrea Guissona (Segarra). They are accompanied by other companies such as the Lidl supermarket chain (leading in Vallès Occidental), the Cobega bottler or Nestlé Spain (they invoiced more than 4,231 and 1,928 million respectively and are based in Baix Llobregat), which represent some of the poles of hay in the sector.
Food and distribution is the most present economic activity in the ranking. Specifically, 20 of the 42 counties have an agri-food company leading the turnover volume. If the comparison is extended to all the companies that appear in the ranking of the three main companies in each region, the dominance is equally overwhelming: 58 out of 126 fall within the food and distribution category. Nor is it surprising that they have such a presence: according to the Institut d’Estadística de Catalunya (Idescat), the weight of the agro-food industry represents 3.9% of the gross added value (GVA) of the Catalan economy, only behind tourism (12%) and construction (4.7%). In addition, the composition of this type of company is very different from the rest. “The tourism sector and real estate are much more fragmented”, points out Oriol Amat, professor at Pompeu Fabra University.
This is why, especially in regions with less activity, “if there is a large agri-food company, it already places it in the first positions”. In addition, “these types of companies better resisted the crisis and, at the same time, they are family groups”, which tend to have a longer life cycle, comments this expert. James Valls, professor at the University of Barcelona, adds another nuance: “In Catalonia there are slaughterhouses, producers and distributors; that companies make up the entire value chain is positive”, he says, and it is “confirmation of the tradition and importance of the sector in the country”.
The strong presence of the agri-food sector, however, is not synonymous with little variety. Experts agree that the Catalan economy is well diversified, with a slight specialization in some counties. As an example, the three largest companies in Osona come from the food sector, while in Tarragonès the chemical and pharmaceutical sector predominates (with the permission of Port Aventura, which had a turnover of 239 million last year).
Unlike other countries, however, in Catalonia there is no company from the technology sector on the list. Everything has an explanation. “The effect of these companies can be masked by the Barcelonès region”, explains Valls. “Barcelona is a center of attraction for technology”, he explains, but at the same time it is the region where some of the largest corporations have established their headquarters. On the other hand, it must be taken into account that the start-ups based in the Catalan capital “they have two options: go public or be bought”, points out Valls. Until now, the Catalan technology giants have opted for the second option. The most media case of recent years has surely been Social Point, acquired by the American company Take-Two for 230 million euros.
Another aspect that should be highlighted in the classification is the presence of foreign-owned companies in the territory. Seat is the most important, although the group’s influence on the Principality goes much further. Approximately half of the turnover that appears in the ranking comes from subsidiaries of foreign companies based in Catalonia. In this sense, Amat points out that “the Catalan economy is increasingly internationalized”, a fact that he considers positive “because it creates quality employment”. However, the professor of economics at the UPF also sends a message of caution. In the event of a crisis in the parent country or a business conversion, “companies prioritize the country of origin”. A good example is what happened with Lear (today the first group by income in the Alt Camp), which closed the Cervera plant to move production to Poland in 2002. The US carmaker closed 21 plants worldwide and laid off more than 1,200 workers after car sales stagnated.
The published ranking groups together all the companies that have their headquarters in Catalonia today. If the list had been drawn up before October 1, the picture in some counties would be completely different. Without going further, the top 3 del Barcelonès would only keep one of the companies that currently appear there. If there had not been the flight of companies, the ranking would be headed by Naturgy, with a turnover of 23,306 million corresponding to 2017. The second position would go to CaixaBank, with a turnover of 8,222 million, while FCC would get the bronze medal. The construction company, however, would see its position in jeopardy. About 220 million euros away would be Banco Sabadell, which brought in 5,737 million in the last financial year.
One of the other most prominent changes would have occurred in Vallès Occidental, the second region that contributes the most to the Catalan economy. Catalana Occidente, which moved its headquarters to Madrid on October 10, had a turnover of 4,254 million euros last year. Joseph Oliver, professor of applied economics at the UAB, rules out that the affected regions have seen their image devalued and points out that “the short-term impact is practically nil”. However, in the medium term everything can end up “affecting investment decisions”. “If companies believe that the uncertainty will remain, some steps can be reconsidered”, concludes Oliver.
Some regions, despite not having suffered any transfer, still do not have a colossus that monopolizes a high volume of jobs and productive capacity. This situation can become worrisome in the long term. Alta Ribagorça, Pallars Sobirà and Pallars Jussà have as leaders companies with a reduced turnover compared to the rest. Having companies that generate employment “encourages the hiring of qualified personnel and, therefore, people who can stay and live in the region”, observes Amat. “BonÀarea Guissona, for example, has a large number of workers, and needs many senior managers who will reside in the region”, argues this economist. This food group will have no problems maintaining its status (Yak invoices 45 million), but others will have to sweat the bacon to be proclaimed kings of the region again.
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