Mergers and acquisitions involving UK companies: July to September 2017

• Quarter 3 (July to Sept) 2017saw a sizeable increase in the value of successful cross-border and domestic mergers and acquisitions (M&A) involving UK companies; were a total of 163 successful domestic and cross-border acquisitions and disposals involving UK companies worth £86.4 billion in Quarter 3 2017, compared with 241 transactions valued at £33.2 billion in Quarter 2 (Apr to June) 2017.

• Outward M&A (UK companies acquiring foreign companies abroad) was the main driver for the overall total increased value of M&A activity during Quarter 3 2017. There were 33 successful outward acquisitions worth £51.1 billion, the highest quarterly value reported since Quarter 2 2000 (127 acquisitions worth £129.4 billion). The high value of outward M&A was dominated by one high value transaction.

• There were 52 completed inward M&A transactions (foreign companies acquiring UK companies) in Quarter 3 2017 worth £16.8 billion, a notably higher value than £3.9 billion reported for Quarter 2 2017.

• The value of inward disposals reached a record high of £7.1 billion in Quarter 3 2017, up from £4.0 billion in Quarter 2 2017.

• There were 58 successful domestic acquisitions (UK companies acquiring other UK companies) during Quarter 3 2017 worth £5.6 billion, the highest quarterly value since Quarter 2 2016 (130 acquisitions valued at £6.8 billion). The pick-up in the value of domestic M&A was mainly attributed to one large transaction in Quarter 3 2017.

This release covers mergers and acquisitions (M&A) transactions that have been successfully completed, result in a change of ultimate control of the target company and have a value of £1 million or more. Information on the number and value of transactions are reported, in addition to whether transactions are acquisitions or disposals.

Figures relating to mergers are included within acquisitions and those relating to demergers are contained within disposals.

The quarterly numbers and value of M&A activity are prone to large quarter-on-quarter movements, as these data relate to specific “one-off” transactions. For example, one quarter can be heavily impacted by one large transaction. As such, it may be more appropriate to analyse trends over time.

Data published in this bulletin for Quarter 1 (Jan to Mar) and Quarter 2 (Apr to Jun) 2017 have been revised in light of new information. No further revisions to data prior to Quarter 1 2017 have been made, therefore time series data for all quarters of 2016 and any previous historic quarterly periods remain unchanged.

Source of data

The information presented in this bulletin is based on reports in the financial press, specialist magazines, company and financial websites. Businesses identified as having engaged in M&A activity are issued statutory surveys to determine the form, value and timing of each transaction.

If the information is not yet in the public domain, such transactions may not be reflected in the analysis. Where full information has not yet been received on the details of the acquisition or disposal, the value of the transaction indicated in the public domain is used as an interim estimate.

Estimates shown in this release relate solely to mergers and acquisitions undertaken by companies; acquisitions by individuals are not included.

We make every effort to provide informative commentary on the statistics in this release. As part of the quality assurance process, individual businesses are contacted in an attempt to discover reasons for large period-on- period data movements. It can prove difficult to gather detailed reasons from some businesses to help inform the commentary. Frequently, reasons given for data movements refer to a “change in market conditions” or a “restructure of the company”. Consequently, it is not possible for all data movements to be fully explained.

We are aware that a number of users make use of these data for modeling or forecasting purposes. In doing so, it is important that users make note of our revisions policy and that all time series are on a “current price” basis, which means that the values are as they were at the time of measurement and not adjusted for inflation. Acquisitions and disposal activity can be affected by UK and global economic and political issues and therefore quarterly estimates can be volatile.

One question often asked of the M&A release is “why is there a time delay between the announcement of M&A transactions in the press and the inclusion of these transactions within ONS M&A figures?’’ The difference is that ONS M&A figures record when a transaction legally completes as opposed to when the transaction has been announced in the press. The complexities surrounding the acquisitions and disposals taking place often incurs a time lag, which can vary between deals.

There were a total of 163 successful domestic and cross-border mergers and acquisitions (M&A) involving UK companies in Quarter 3 (July to Sept) 2017, valued at approximately £86.4 billion. This total includes 33 outward acquisitions, valued at £51.0 billion; 7 outward disposals valued at £5.8 billion; 52 inward acquisitions valued at £16.8 billion; 13 inward disposals valued at £7.1 billion; and 58 domestic acquisitions valued at £5.6 billion.

During Quarter 3 2017, the provisional estimates for the value of successful domestic and cross-border mergers and acquisitions (M&A) involving UK companies saw a notable increase when compared with the previous quarter, Quarter 2 (Apr to Jun) 2017 and also with the same quarter of the previous year (Quarter 3 2016). (Figure 1)

All three categories of M&A involving UK companies (outward, inward and domestic) recorded increases in the values of transactions during Quarter 3 2017. However, there was a sizeable increase seen for outward M&A (UK companies acquiring foreign companies abroad) which included one notably high-value and publicly – announced outward acquisition within the tobacco industry.

Overall, the number of inward and domestic M&A deals has seen an increase since Quarter 4 2015, where they have remained above the average recorded since 2010. In contrast, the number of M&A deals remains at around, or slightly below, the average since 2010.

Recent M&A statistics can be put into context by comparing the most recent quarter with average quarterly M&A over five year intervals since 1997 (Table 1).

Average outward M&A

The quarterly average number of outward acquisitions involving a change in majority share ownership during 1997 to 2001 was reported as 128 completed acquisitions, with an average value of £160.0 million per transaction. The average number of outward acquisitions fell over the next 10 years, falling to a quarterly average of 67 outward acquisitions, with an average value of £119.0 million by the end of 2011. Between 2012 and 2016, the average number of outward acquisitions fell further, to a quarterly average of 30 transactions, with the average value per transaction increasing to £143.3 million.

Overall, during 1997 to 2016 (a 20-year interval), the average number of outward acquisitions was 76, with an average value of £126.5 million per transaction.

During Quarter 3 (July to Sept) 2017 the average value of the 33 completed outward acquisitions was £1.5 billion. The high average value recorded during this period was explained by one large successful acquisition completed by a multinational tobacco company.

Average inward M&A

Between 1997 and 2001, the quarterly average number of completed inward acquisitions was 54, with an average value of £182.3 million per transaction. The following 10 years (2002 to 2011) experienced relatively stable levels of M&A activity. However, between 2012 and 2016, the quarterly average number of inward acquisitions fell to 41, with an average value per transaction of £351.2 million. The increase in the average value seen during the 2012 to 2016 period is influenced by a few successful acquisitions valued greater than £1,000 million in 2016.

The 20-year interval (1997 to 2016) saw an average of 49 completed inward acquisitions that involved a change of majority share ownership. The average value of these 49 transactions was £231.6 million per transaction.

There were 52 completed inward acquisitions in Quarter 3 (July to Sept) 2017 with an average value per transaction of £323.2 million. The value for inward acquisitions was dominated by a small number of acquisitions with values over £1 billion.

Average domestic M&A

During the 15-year period between 1997 and 2011, the average number of domestic acquisitions involving a change in majority share ownership saw a downward trend. The quarterly average number of domestic M&A for 1997 to 2001 was 136, with an average value of £80.5 million. During 2002 to 2006, domestic M&A saw an increase in the quarterly average number of transactions (164); however, the quarterly average value per transaction fell to £39.4 million. The following five-year interval (2007 to 2011) saw the average quarterly number of domestic M&A fall to 121, with an average value per transaction of £39.9 million. Then during 2012 to 2016, the average value of the 67 completed domestic acquisitions was £37.1 million.

Between 1997 and 2016 the average value of domestic M&A per transaction was recorded as £52.0 million.

In Quarter 3 (July to Sept) 2017, there were 58 successful domestic acquisitions, with an average value of approximately £96.6 million per transaction. One high-valued domestic transaction, involving a UK investment company, completed during Quarter 3 2017 and therefore contributes to the increase seen in the average value per transaction in that quarter.

The value of outward mergers and acquisitions (M&A) saw a notable increase when compared with the previous quarters

In Quarter 3 (July to Sept) 2017, the provisional estimates for mergers and acquisitions (M&A) of foreign companies made by UK companies (outward M&A), involving a change of majority share ownership, saw a sizeable increase in the value but a slight decline in the number of transactions, when compared with Quarter 2 (Apr to Jun) 2017 (Figure 2).

The value of successful outward M&A transactions in Quarter 3 2017 was reported as £51.1 billion, an increase of £32.3 billion on the value seen in the previous quarter (Quarter 2 2017).This increase in value of outward acquisitions during Quarter 3 2017 can be largely explained by the following high-value acquisitions:

• British American Tobacco Plc, a UK multi-national tobacco company acquired an American tobacco company, Reynolds American Inc of the USA.

• Micro Focus International Plc, a UK multi-national software and information technology business merged with Hewlett Packard Enterprise’s (HPE) software business in the USA.

While the value of outward M&A increased during Quarter 3 2017, the number of transactions fell very slightly. There were 33 outward acquisitions completed in Quarter 3 2017, down from 35 reported during Quarter 2 2016.

Overall, the level of activity for outward M&A during January to September 2017 (114 acquisitions) is relatively stable when compared with the levels recorded for the same period in 2016 (119 acquisitions). However, the value of outward M&A saw a sizeable increase reporting an aggregated total value of £72.5 billion compared with £13.9 billion reported in 2016. The increase of £58.6 billion seen in 2017 included a number of successful outward acquisitions worth £1.0 billion and above.

In Quarter 3 (July to Sept) 2017, there were seven completed outward disposals recording a total value of £5.8 billion. One publicly announced completed transaction, Reckitt Benckiser Group Plc disposing of its French Food Company in the USA, explains the majority of this value.

Other notable successful outward acquisitions which completed during Quarter 3 (July to Sept) 2017:

Spirax-sarco Engineering Plc of the UK acquired Chromalox Inc of the USA.

The Sage Group Plc of the UK disposed of Sage Payment Solutions Inc of the USA.

The Sage Group Plc of the UK acquired Intacct Corporation of the USA.

Ashtead Group Plc of the UK acquired CRS Contractors Rental Supply of Canada

DS Smith Plc of the UK acquired Indevco Management Resources Inc of the USA.

Schroders Plc of the UK acquired Schroder Adveq Holding AQ of Switzerland

Animalcare Group Plc of the UK acquired Ecuphar NV of Belgium.

Rio Tinto Plc of the UK disposed of Coal & Allied Industries Limited of Australia.

Zegona Communications Plc of the UK disposed of Parselaya SLU of Spain.

Diageo Plc of the UK acquired Casamigos Tequila LLC of the USA.

Inward M&A has seen an increase in value but with a fall in the number of transactions

In Quarter 3 (July to Sept) 2017 the provisional estimates for the mergers and acquisitions (M&A) of UK companies by foreign companies (inward M&A) involving a change of majority share ownership recorded an increase in value when compared with Quarter 2 (Apr to Jun) 2017. However, the number of completed inward M&A during Quarter 3 2017 saw an actual fall in the levels of inward M&A activity (Figure 3).

The value of completed inward M&A in Quarter 3 2017 was recorded as £16.8 billion, an increase of £12.9 billion on the value previously seen for Quarter 2 2017 (£3.9 billion). This increase is explained by the completion of a small number of inward acquisitions with values greater than £1.0 billion.

There were 52 successful inward M&A transactions in Quarter 3 2017, reflecting a slight slowdown in activity by foreign companies, when compared with Quarter 2 2017 (64 transactions).

During January to September 2017 the aggregated number of inward M&A transactions (187) appear very stable when compared with the number recorded for the same period in 2016 (186). In comparison, the aggregated value of inward M&A during 2017(£30.8 billion) has seen a decrease of £73.9 billion, when compared with the values previously recorded in 2016 (£104.7 billion). The decrease can be explained by a number of high-valued inward M&A transactions that were reported on during 2016 and which are absent from the same quarterly periods of 2017. This short note explains the large value of inward M&A activity in 2016.

In Quarter 3 (July to Sept) 2017 there were 13 successful inward disposals valued at £7.1 billion, the highest quarterly value reported since ONS quarterly records began in 1987. This is the second successive period of above average disposals, and follows the value of inward disposals exceeding acquisitions in Quarter 2 2017.

Notable inward transactions, which completed during Quarter 3 (July to Sept) 2017

Uni-Select Inc of Canada acquired PA Topco Ltd of the UK.

Patron Capital V LP of Jersey acquired Punch Taverns Plc of the UK.

Bright Food Group Co Ltd of China disposed of Weetabix Plc of the UK.

Post Holdings Inc of the USA acquired Weetabix Plc of the UK.

Hunter Douglas NV of the Netherlands acquired Bellotto Holdings Ltd (Hillarys Blinds) of the UK.

Ares Capital Corporation of the USA disposed of Bellotto Holdings Ltd (Hillarys Blinds) of the UK.

Groupe SNC-Lavalin Inc of Canada acquired WS Atkins Plc of the UK.

BC Partners Holdings Ltd of Guernsey acquired Shawbrook Group Plc of the UK.

The Priceline Group Inc of the USA acquired Momondo Group Holdings Ltd of the UK.

B & M European Value Retail SA of Luxembourg acquired Heron Foods Ltd of the UK.

Park24 Co Ltd of Japan acquired MEIF II CP Holdings 2 Ltd of the UK.

Partner Group Holding AG of Switzerland acquired Key Retirement Solutions Ltd of the UK

The Blackstone Group LP of the USA acquired Clarion Events Ltd of the UK.

Elis SA of France acquired Berendsen Plc of the UK.

Verisk Analytics Inc of the USA acquired Sequel Equity Co Ltd of the UK.

General Motors Company of the USA disposed of G M Automotive UK of the UK.

Natura Cosmeticos S/A of Brazil acquired The Body Shop International Plc of the UK.

L'Oreal of France disposed of The Body Shop International Plc of the UK.

Letterdone Investment Holdings SA of Luxembourg acquired Holland & Barrett International Ltd of the UK.

Peugeot SA of France acquired G M Automotive UK of the UK.

Laboratory Corporation of America Holdings of the USA acquired Chiltern International Group Ltd of the UK.

Galaxy Limited Partnership of Jersey disposed of Chiltern International Group Ltd of the UK.

Lawrence Classics LLC of the USA acquired Rapha Racing Ltd of the UK.

HDI Haftpflichtverband der Deutschen Industries VAG of Germany acquired Argenta Holdings Ltd of the UK.

KKR European Fund IV LP of the Cayman Islands acquired A-Gas (ORB) Ltd of the UK.

Providence Equity Partners VII Fund of the Cayman Islands disposed of PSPA Topco Ltd/Clarion Events Ltd of the UK

The Carlyle Group LP of Luxembourg disposed of Holland and Barrett International Ltd of the UK.

Domestic M&A increased in value when compared with previous quarters

During Quarter 3 (Jul to Sept) 2017, the provisional estimates for the value of successful domestic mergers and acquisitions (M&A) saw an increase when compared with the previous quarter, but a decrease in the number (Figure 4).

Domestic M&A, during Quarter 3 2017, saw 58 successful transactions worth £5.6 billion, compared with 111 acquisitions worth £4.7 billion reported in Quarter 2 (Apr to Jun) 2017.

One notable and large valued acquisition which accounted for the majority of the total value of domestic acquisitions during Quarter 3 2017, was Standard Life Plc of the UK, who acquired Aberdeen Asset Management Plc of the UK.

The total aggregated value and number of domestic M&A which were successful during January to September 2017 reported decreases when compared with the same period in 2016. There were 268 domestic acquisitions worth £13.5 billion so far during 2017, compared with 338 acquisitions worth £22.3 billion which for the same period in 2016.

The total number of domestic M&A can be split into those made by independently-controlled companies and those which are subsidiaries. The acquisition of an independent company means the purchase of a company in its entirety, whereas the acquisition of a subsidiary means the acquisition of a part of a company, between 50.1% to 100% ordinary share ownership. (Figure 5).

The mergers and acquisitions (M&A) data and information in this release only include data for acquisitions, mergers and disposals that are successfully and legally completed. As part of the production process we also identify announced and agreed M&A transactions.

The following notable M&A transactions will feature in future releases once successfully completed:

• Wood Group Plc of the UK to acquire Amec Foster Wheeler Plc of the UK
• The Blackstone Group LP of the USA to dispose of Logicor Europe Ltd of the UK
• China Investment Corporation to acquire Logicor Europe Ltd of the UK
• Agnaten SE of Austria to sell Jimmy Choo Holdings Ltd of the UK
• Michael Kors Holdings Ltd of the British Virgin Islands to acquire Jimmy Choo Holdings Ltd of the UK

Global mergers, acquisitions and disposals activity is often driven by the availability of credit and company profits, as well as a sense of confidence in the economic outlook. The majority of large mergers and acquisitions (M&A) transactions involve some element of borrowing or leveraging. Therefore when credit conditions deteriorate, as happened in the 2008 to 2009 economic downturn, M&A activity declines. On the other hand, the process of completing an M&A transaction takes time and sometimes there is a lag between improving economic conditions and any quarter-on-quarter increase in M&A activity.

The Bank of England’s (BOE) Agents’ Summary of Business Conditions reported for Quarter 3 (late May to late August) 2017 reported that “investment intentions indicated weaker growth within services, but were more positive for goods exporters”. The same report stated that “credit availability for corporates was generally accommodative, but with some evidence of increased discrimination in lending decisions in a toughening macroeconomic environment”.

The Bank of England’s Credit Conditions Survey stated that “the overall availability of credit to the corporate sector was reported to have been unchanged again in Q3 2017”. The report also explained that “lenders reported a fall in demand for corporate lending to businesses of all sizes – and to small businesses in particular”.

The Inflation report for August 2017, produced by the Bank of England found that for business investment “the cost of bank loans for businesses have fallen since the start of 2016, although increases in market interest rates have raised the cost of bond issuance more recently and are likely to exert some upwards pressure on the cost of bank loans in coming quarters. Business investment is projected to grow less strongly than would have been expected given the strength in global and financial conditions. Investment remains weak relative to the size of the capital stock and so the capital stock is projected to expand only slowly over the forecast period”.

Data for Quarter 1 (Jan to Mar) and Quarter 2 (Apr to Jun) 2017 have been revised in the light of new information. No further revisions to data prior to Quarter 1 2017 have been made. Therefore time series data for all quarters of 2016 and any previous historic quarterly periods remain unchanged.

Annual data tables for 2016 are produced in conjunction with the Quarter 1 2017 data outputs. Revisions to the 2016 quarterly and annual figures were recalculated at Quarter 1 2017 only. Therefore no revisions to annual data prior to 2016 have been made and subsequently time series data for previous historic annual periods remains unchanged.

Revisions to the aggregates used in mergers and acquisitions (M&A) principally occur for the following reasons.

Completion of transactions

On announcement of a proposed transaction an expected completion date is usually given. The publicly reported values will be allocated to the quarter of expected completion. If the transaction is ultimately completed in an earlier or later quarter, the recorded values will be reallocated to the new quarter.

Publicly reported values

Publicly reported values are initially used to compile the aggregates. These can vary considerably from the values ultimately supplied by the respondents, frequently because the assumption of debt has been included in the publicly-reported value. A nominal value is applied if no publicly reported value is available. The final values used to create the aggregates are those supplied by the respondent.

Non-completion of transactions

On announcement of a proposed transaction, the publicly reported value of the transaction is recorded. If the transaction does not subsequently take place, the recorded value will be deleted.

Non-share transactions

On announcement of a proposed transaction it may appear that there will be transactions in the share capital of the companies involved and the publicly-reported values will be recorded. If subsequent information contradicts this the recorded values will be amended or deleted.

Control

On announcement of a proposed transaction it may appear that the transaction will give the purchasing company control of the purchased company, that is, a share ownership greater than 50%. If subsequent information contradicts this, the recorded values will be amended or deleted.

Revisions from respondents

Very occasionally respondents revise the values that they have previously supplied to ONS. The revised values are those used to create the aggregates.

Analysing average revisions between provisional and final estimates can provide an indication of reliability in an initial statistic. Provisional statistics may be based on less information than is available for final statistics as they have been processed more quickly to meet the demand of customers. By looking at these average revisions it can help us determine whether revisions are being made consistently in one direction if early estimates are consistently under-or over-estimating the later figures. A test is subsequently performed on these average revisions to determine if they are statistically different from zero. Revisions that are not statistically significant imply that an average revision might be non-zero simply through random effects.

The Mergers and acquisitions Quality and Methodology Information document contains important information on:

• the strengths and limitations of these data and how it compares with related data

• users and uses of these data

• how the output was created

• the quality of the output including the accuracy of these data

The Cross-Borders Acquisitions and Mergers Survey (M&A) data are used in the compilation of the estimates of foreign direct investment (FDI). These data meet the needs of FDI by collecting data on all acquisitions that lead to a holding in excess of 10% of the issued share capital. The M&A estimates feed into the UK Balance of Payments and Financial Accounts, for which there is an EU legal requirement. Individual transaction information is also used to estimate the counterpart in “portfolio” investment flows for monthly balance of payments.

The data collected are also used in updating business structures and country of ownership codes on the Inter- Departmental Business Register (IDBR).The IDBR is a comprehensive list of UK businesses that is used by government for statistical purposes.

Feedback from users has indicated that the information received from the M&A survey has a high degree of relevance across user groups, meets the vast majority of user needs and all information currently collected and published is used.

1. Significant transactions

   Significant transactions tables show the reported figures for a selection of significant transactions that occurred in the quarter, where “significance” is defined as the absolute value of the deal.

   The information shown is taken from each relevant company’s press release which is available within the public domain. A direct link to each press release is provided. Should a company request that details of the transaction be kept confidential then the deal is excluded. However, the values are included in the aggregate tables. Occasionally, therefore, a large deal may be missing (suppressed) from the lists so it is best to regard these tables as an indication of the ranking of deals rather than a completely exhaustive listing.

   Press-reported figures for M&A transactions often differ to some extent from those supplied by companies to ONS and it is the latter that are used in compiling statistical aggregates. Included in the prices quoted in the tables of significant transactions is the total published price paid for the company excluding any assumed debt where known. Deferred payments are included in the reported price even if the payment is made in a different quarter.

2. Definition of M&A transactions

   Mergers are acquisitions in which all or part of the payment is made in shares, such that the shareholders of the two companies become shareholders of a new, combined company group.

   Demergers are disposals where a company group divides into two or more separate companies, in such a way that the shareholders of the restructured companies remain the same, or retain the equivalent value shareholding in one of the newly independent companies. Demergers are included in the statistics within disposals.

   Acquisitions are transactions that involve one company purchasing the ordinary shares of a second company (“target company”). A target company is usually of a smaller size than the company undertaking the purchase.

   Disposal is a term used to describe the action when a company or organisation sells or liquidates the ordinary shares of a second company (“target company”).

   Cross-border acquisitions denote transactions where a company in one country acquires, either directly or indirectly, a controlling interest in a company in another country.

   Direct transactions are those where a company acquires a controlling interest in another company.

   Indirect transactions are those where a company uses an existing foreign subsidiary to acquire a controlling interest in a company resident in another country. The acquiring foreign intermediate company may be located in the same country in which the acquisition is being made or in a different country.

   Acquisitions within the UK by other UK companies denote mergers and acquisitions involving only UK registered companies.

   Where the acquired company was a subsidiary of another company the transaction is classified as a sale between company groups.

   The phrase “acquisitions in the UK by UK companies” refer to deals where the ultimate ownership remains in the UK. This heading does not cover the total number or value of deals where a UK company is the acquirer .When a foreign company acquires a UK company through one of its existing UK subsidiaries, or a UK-registered special purpose vehicle, that deal is shown as part of the data under “acquisitions in the UK by foreign companies”.

   Acquisition of independent companies

   The acquisition of an independent company means the purchase of a company in its entirety – the company itself and all of its subsidiaries.

   Acquisition of subsidiary companies

   The acquisition of a subsidiary company means the purchase of part of a company.

3. Financing

   This statistical bulletin provides details of the application of funds to affect mergers and acquisitions and the proceeds raised from disinvestments and demergers.

   For indirect foreign transactions there is the added complication of considering the movements of funds either as capital injection or in the form of loans between parent companies and their foreign subsidiaries making the acquisition. Occasionally, the foreign subsidiary obtains the funds required partly or entirely outside the UK from sources such as:

   • own resources
   • borrowing from banks and other local sources
   • share, bond and other capital or notes issued abroad Also, a transaction may be funded by more than one method

4. Definitions of geographic and economic areas

   Table 5: Definition of geographic and economic areas

   Europe
   EU	Austria	Belgium	Bulgaria	Croatia
   	Cyprus	Czech Republic	Denmark	Estonia
   	Finland	France	Germany	Greece
   	Hungary	Irish Republic	Italy	Latvia
   	Lithuania	Luxembourg	Malta	Netherlands
   	Poland	Portugal	Romania	Slovakia
   	Slovenia	Spain	Sweden
   Other European Countries	Albania	Andorra	Belarus	Bosnia and Herzegovina
   	Faroe Islands	Gibraltar	Iceland	Kosov
   	Liechtenstein	Macedonia, the Former Yugoslav Republic of	Moldova	Montenegro
   	Norway	Russian Federation	San Marino	Serbia
   	Switzerland	Turkey	Ukraine	UK Offshore Islands (Guernsey, Jersey, other Channel Islands and Isle of Man)
   	Vatican City State
   The Americas
   Anguilla	Antigua and Barbuda	Argentina	Aruba	Bahamas
   Barbados	Belize	Bermuda	Bolivia	Bonaire, Sint Eustatius and Saba
   Brazil	British Virgin Islands	Canada	Cayman Islands	Chile
   Colombia	Costa Rica	Cuba	Curacao	Dominica
   Dominican Republic	Ecuador	El Salvador	Falkland Islands	Greenland
   Grenada	Guatemala	Guyana	Haiti	Honduras
   Jamaica	Mexico	Montserrat	Nicaragua	Panama
   Paraguay	Peru	St Kitts and Nevis	Saint Lucia	Sint Maarten
   St Vincent and the Grenadines	Suriname	Trinidad and Tobago	Turks and Caicos Islands	Uruguay
   US Virgin Islands	USA	Venezuela
   Asia
   Afghanistan	Armenia	Azerbaijan	Bahrain	Bangladesh
   Bhutan	Brunei Darussalam	Burma/Myanmar	Cambodia	China
   Georgia	Hong Kong	India	Indonesia	Iran
   Iraq	Israel	Japan	Jordan	Kazakhstan
   Kuwait	Kyrgyzstan	Laos	Lebanon	Macao
   Malaysia	Maldives	Mongolia	Nepal	North Korea
   Oman	Pakistan	Palestinian Territory	Philippines	Qatar
   Saudi Arabia	Singapore	South Korea	Sri Lanka	Syria
   Taiwan	Tajikistan	Thailand	Timor - Leste	Turkmenistan
   United Arab Emirates	Uzbekistan	Viet Nam	Yemen
   Australasia and Oceania
   American Samoa	Antarctica	Australia	Bouvet Island	Christmas Island
   Cocos (Keeling) Islands	Cook Islands	French Polynesia	French Southern and Antarctic Lands	Fiji
   Guam	Heard Island and Macdonald Islands	Kiribati	Marshall Islands	Micronesia, Federated States of
   Nauru	New Caledonia	New Zealand	Niue	Norfolk Island
   Northern Mariana Islands	Palau	Papua New Guinea	Pitcairn	Samoa
   Solomon Islands	South Georgia and South Sandwich Islands	Tokelau	Tonga	Tuvalu
   US Minor Outlying Islands	Vanuatu	Wallis and Futuna
   Africa
   Algeria	Angola	Benin	Botswana	British Indian Ocean Territory
   Burkina Faso	Burundi	Cameroon	Cape Verde	Central African Republic
   Chad	Comoros	Congo	Democratic Republic of the Congo (Zaire)	Djibouti
   Egypt	Equatorial Guinea	Eritrea	Ethiopia	Gabon
   Gambia	Ghana	Guinea	Guinea Bissau	Ivory Coast (Cote d'Ivoire)
   Kenya	Lesotho	Liberia	Libya	Madagascar
   Malawi	Mali	Mauritania	Mauritius	Morocco
   Mozambique	Namibia	Niger	Nigeria	Rwanda
   Sao Tome and Principe	Senegal	Seychelles	Sierra Leone	Somalia
   South Africa	South Sudan	St Helena, Ascension and Tristan da Cunha	Sudan	Swaziland
   Tanzania	Togo	Tunisia	Uganda	Zambia
   Zimbabwe
   Source: Office for National Statistics

   Download this table Table 5: Definition of geographic and economic areas

   .xls (32.8 kB)

5. Disclosure

   It is sometimes necessary to suppress figures for certain items in order to avoid disclosing information about an individual business. Further information on why data are suppressed is available in the ONS Disclosure Control Policy.

6. Discussing ONS business statistics online

   There is a Business and Trade Statistics community on the StatsUserNet website. StatsUserNet is the Royal Statistical Society’s interactive site for users of official statistics. The community objectives are to promote dialogue and share information between users and producers of official business and trade statistics about the structure, content and performance of businesses within the UK. Anyone can join the discussions by registering via either of the links.