Study on State asset management in the EU
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1 Study on State asset management in the EU Final study report for Pillar 1 Contract: ECFIN/187/216/74792 Written by KPMG and Bocconi University February 218
2 EUROPEAN COMMISSION Directorate-General for Economic and Financial Affairs Directorate Fiscal policy and policy mix and Directorate Investment, growth and structural reforms European Commission B-149 Brussels
3 n of PSHs 1. PSHS IN THE ITALIAN ECONOMY This Country fiche presents a quantitative overview of the mix of equity owned by the Italian General Government. The Italian Government has stakes in 3,47 1 firms with a value, in terms of weighted assets, which equals to 78,322 Mn Eur. In terms of number of PSHs, the typical control structure is a fully public, 1% Government-owned firm. PSHs under governmental control are also relevant, as they account for more than 3% of the firms in our sample. The contribution PSHs make to the Italian economy is quite relevant, ranging from 2.2% of value added to 6.2% of total assets of the country. The role of PSHs in the Italian stock market is also noteworthy. PSHs with the Government as influential, residual stakeholder account for more than 11% of the market capitalization. With 82 stakes and an average contribution across impact KPIs of about 6% for total assets and employees, the impact of PSHs holdings on the financial sector is also notable. Figure 1 Breakdown of PSHs by level of ownership, 215 3,5 3,47 (1%) 2 1,127 (33.1%) 3, 2,5 1,127 1,46 (3.7%) 6 2, 1,5 1, 5 3,387 Total Fully public 1,4 Control 73 (21.4%) Influential 338 (9.9%) Minority 166 (4.9%) 166 NO DATA on shareholders stakes Level of ownership Listed Unlisted Source: KPMG and Bocconi University calculations on Orbis (BvD) database. 1 For, the promotional banks Cassa Depositi e Prestiti and Friulia were included in the sample. Also the promotional bank Finpiemonte was considered for this Study but since it is an entity fully owned by the public administration of the Member State; and Orbis reported consolidated accounts, its holdings were treated as separate PSHs and the promotional bank itself excluded from the sample. Banca del Mezzogiorno - MedioCredito Centrale S.p.A. was also considered but it was not included in the sample since our Source (Orbis) did not report any data. See Methodological Notes for more details. Furthermore, the sample does not include the banking foundations since there is consensus to consider them as private actors and so they are out of the scope of this Study.
4 Weighted assets (Mn Eur) Country fiches Figure 2 Breakdown of PSHs with no ownership data by sector, 215 Nr Source: KPMG and Bocconi University calculations on Orbis (BvD) database Figure 3 Breakdown of PSHs total assets by level of ownership, 215, weighted 8, 7, 6, 5, 4, 78,322 (1%) 117,71 17, ,349 (22.4%) 6,74 151, ,271 (61.%) 13,163 1,2 3, 294,11 286,161 2, 1, 188,734 32,748 1,242 12,683 (14.5%) 97,59 3,931 15,19 (2.1%) 14, Level of ownership Total Fully public Control Influential Minority Financial listed Non-financial listed Financial unlisted Non-financial unlisted Source: KPMG and Bocconi University calculations on Orbis (BvD) database. (1) Values have been weighted by stake(s) owned by the Public sector into PSHs. Figure 4 Non-financial PSHs contribution to the Italian economy, 215, weighted Employees (% economy) Employees Total assets (% economy) Total assets (Mn Eur) 18, , % 3.% 76,176 59, % 6.2% 42,947 11,
5 Revenues (% economy) Revenues (Mn Eur) Value added (% economy) Value added (Mn Eur) 56,587 14, % 4.% 19, % 2.2% 7,81 47,597 13, Market cap (% economy) Market cap (Mn Eur) Shareholders' funds (% economy) Shareholders' funds (Mn Eur) 4, % 11.6% 34, % 5.2% 51,564 12, , Rest of the Economy PSHs Fully public Control Influential Minority Source: KPMG and Bocconi University calculations on Orbis (BvD) database; Eurostat. (1) Values have been weighted by stake(s) owned by the Public sector into PSHs. Value added has been scaled by GDP (GDP data retrivied from Eurostat). (2) Market capitalization is considered only for listed companies while shareholders funds are considered only for unlisted companies. (3) Market capitalization is reported as of 6th March 217. Figure 5 PSHs contribution to the national financial sector, 215, weighted Employees (% economy) Employees Total assets (% economy) Total assets (Mn Eur) 3,65 6, % 6.2% 112, % 5.7% 389, ,242 1,23 14,55 Revenues (% economy) Revenues (Mn Eur) Market cap (% economy) Market cap (Mn Eur) % 1.3% 9, %.3% 5 1,
6 Shareholders' funds (% economy) Shareholders' funds (Mn Eur) 96.6% 3.4% 4, Rest of the Economy PSHs Fully public Control Influential Minority Source: KPMG and Bocconi University calculations on Orbis (BvD) database; Eurostat (1) Values have been weighted by stake(s) owned by the Public sector into PSHs. (2) Market capitalization is considered only for listed companies while shareholders funds are considered only for unlisted companies. (3) Market capitalization is reported as of 6th March Distribution of Non-financial PSHs by sector The most relevant sectors across most measures of economic impact are Transportation and Storage (H), Electricity, gas, steam and air conditioning supply (D); Water supply, sewerage, waste management and remediation activities (E) and the Mining and quarrying (B) sector. The impact of Transportation and Storage is influenced by the Ferrovie dello Stato S.p.A., accounting for more than 35% of assets for the sector as a whole. The 438 PSHs operating in the Water sector are top-ranked in terms of absolute numbers by size, even if their relative share is more modest (but certainly not negligible). PSHs operating in the Electricity sector gain a prominent position thanks to a large number of companies which are just about fully public or under the control of the state (65%). The mining and quarrying sector is affected by the presence of the biggest Italian company, the oil giant Eni S.p.A.. Figure 6 Distribution of Non-financial PSHs by sector, 215, unweighted Mn Eur 14, 12, 1, 8, 6, 4, 2, Total assets % of industry PSHs Share of PSHs in the industry 6
7 Nr 14, 12, 1, 8, 6, 4, 2, - Number of employees % of industry PSHs Share of PSHs in the industry Mn Eur 7, 6, 5, 4, 3, 2, 1, - Operating revenues % of industry PSHs Share of PSHs in the industry Mn Eur 14, 12, 1, 8, 6, 4, 2, - Value added % of industry PSHs Share of PSHs in the industry Source: KPMG and Bocconi University calculations on Orbis (BvD) database. (1) A - Agriculture, forestry and fishing; B - Mining and quarrying; C Manufacturing; D - Electricity, gas, steam and air conditioning supply; E - Water supply, sewerage, waste management and remediation activities; F Construction; G - Wholesale and retail trade, repair of motor vehicles and motorcycles; H - Transportation and storage; I - Accommodation and food service activities; J - Information and communication; L - Real estate activities; M - Professional, scientific and technical activities; N - Administrative and support service activities; O - Public administration and defence, compulsory social security; P Education; Q - Human health and social work activities; R - Arts, entertainment and recreation; S - Other service activities; T - Activities of households as employers, undifferentiated goodsand services-producing activities of households for own use; U - Activities of extraterritorial organisations and bodies (2) Some sectors are not represented in the graphs above, because of two different, mutually excluding reasons; either because no data on those particular sectors are available in our database; or because there are no PSHs operating in those particular sectors in this country. (3) Values have been weighted by stake(s) owned by Public sector into PSHs. 7
8 2. FINANCIAL PERFORMANCE OF PSHS AND MARKET ATTRACTIVENESS 2.1. Non-financial PSHs At a broader level, the aggregate performance of PSHs in features a quite high level of profitability, as measured in terms of EBITDA, with respect to the whole economy. However, when it comes to net profitability, on average, data shows a dramatic decline across all ownership clusters, with state-owned firms under full control by the State reporting significant losses. PSHs are also characterized by high labour costs, accounting for, on average, 3% of revenues in 215; and by high leverage ratios, with special reference to the cluster of PSHs with a state s stake over 5%. With respect to market attractiveness, the picture is mixed: on one side, a large part of PSHs operate in sectors with positive profitability and a positive growth rate of revenues (e.g. E - Water supply, sewerage, waste management and remediation activities, and H - Transportation and storage), whereas other holdings operate within profitable but declining markets (e.g. B - Mining and quarrying, and D - Electricity, gas, steam and air conditioning supply). Across the key sectors of PSHs activity, gross profit margins appear to be quite high with respect to the entire industry, especially for those PSHs with public stake under 5%. However, net income figures, embedded in the ROA, shows low net profitability. The operating efficiency of the sector is also quite poor, as labour costs absorb a much larger share of revenues compared to private counterparts, perhaps because of greater labour intensity and/or higher salaries, in particular for majority- owned companies. The leverage ratios show a clear pattern with PSHs presenting a significantly higher debt ratio compared to the economy as a whole. Figure 7 Performance indicators of Non-financial PSHs in comparison to the national economy, , yearly averages % EBITDA Margin % ROA % Labour costs as % of operating revenues % Debt to Equity ratio Source: KPMG and Bocconi University calculations on Orbis (BvD) database 8
9 Figure 8 National market attractiveness of Non-financial PSHs, 215 EBITDA margin Industry 3 Negative Growth High profitability The size of the bubbles shows weighted value added generated by PSHs scaled by GDP Positive Growth High profitability J - Information and communication 25 H - Transportation and storage B - Mining and quarrying E - Water supply; sewerage, waste management and remediation activities D - Electricity, gas, steam and air conditioning supply CAGR Revenues Negative Growth Low profitability Positive Growth Low profitability -1 Source: KPMG and Bocconi University calculations on Orbis (BvD) database, 215 [downloaded in December 216]. (1) The Figure shows only the top 5 markets with the largest contribution to the Gross Domestic Product in terms of Value Added generated by PSHs. Values of Value Added have been weighted by stake(s) owned by the Public sector into PSHs. (2) The right upper quadrant identifies sectors with high profitability and positive growth, whereas the sectors with low profitability and negative growth tend to be located further down in the left lower quadrant. (3) Revenue growth rates have been calculated using the Compound Annual Growth Rate of values; for Value Added and EBITDA margin the value of 215. For Revenue growth rates estimation, only companies with turnover higher than 5 Mn are considered. Figure 9 Profitability profile of Non-financial PSHs by sector and level of ownership, 215, unweighted Source: KPMG and Bocconi University calculations on Orbis (BvD) database, 215 [downloaded in December 216]. (1) Some PSHs clusters may not be represented in the graphs above, because of two different, mutually excluding reasons; either because no data on those particular clusters are available in our database; or because there are no PSHs belonging to those particular PSHs clusters. 9
10 Figure 1 Operating efficiency of Non-financial PSHs, 215, unweighted Source: KPMG and Bocconi University calculations on Orbis (BvD) database, 215 [downloaded in December 216]. (1) Some PSHs clusters may not be represented in the graphs above, because of two different, mutually excluding reasons; either because no data on those particular clusters are available in our database; or because there are no PSHs belonging to those particular PSHs clusters. Figure 11 The leverage of Non-financial PSHs, 215, unweighted Source: KPMG and Bocconi University calculations on Orbis (BvD) database, 215 [downloaded in December 216]. (1) Some PSHs clusters may not be represented in the graphs above, because of two different, mutually excluding reasons; either because no data on those particular clusters are available in our database; or because there are no PSHs belonging to those particular PSHs clusters Financial PSHs Our database reports data for only 7 PSHs operating in the Banking sector. The KPIs show, overall, performance levels which are quite in line with private counterparts, with the only exception being the ROE of Influential PSHs. As to the Insurance sector, there are only two firms, Poste Italiane S.p.A. and Assicurazioni Generali (minority stakes), which exhibited worse performances than their industry peers. As to the other financial institutions, performance data do not show any discernible patterns. 1
11 Figure 12 Relevant KPIs for PSHs in the Banking sector in, 215, unweighted Fully public Control Influential Minority Industry Source: KPMG and Bocconi University calculations on Orbis (BvD) database, 215 [downloaded in December 216]. (1) Some PSHs clusters may not be represented in the graphs above, because of two different, mutually excluding reasons; either because no data on those particular clusters are available in our database; or because there are no PSHs belonging to those particular PSHs clusters. Figure 13 Relevant KPIs for PSHs in the Insurance sector, 215, unweighted, unweighted Fully public Control Influential Minority Indu Source: KPMG and Bocconi University calculations on Orbis (BvD) database, 215 [downloaded in December 216]. (1) Some PSHs clusters may not be represented in the graphs above, because of two different, mutually excluding reasons; either because no data on those particular clusters are available in our database; or because there are no PSHs belonging to those particular PSHs clusters. 11
12 Figure 14 Relevant KPIs for Other financial PSHs, 215, weighted, unweighted 12 % ROA Fully public Control Influential Minority Source: KPMG and Bocconi University calculations on Orbis (BvD) database, 215 [downloaded in December 216]. (1) Some PSHs clusters may not be represented in the graphs above, because of two different, mutually excluding reasons; either because no data on those particular clusters are available in our database; or because there are no PSHs belonging to those particular PSHs clusters. 3. PUBLIC FINANCE EFFECTS OF PSHS In 215, PSHs generated a negative net income worth more than 1 Bn Euro. However, since assets are worth almost the size of the national GDP, the net financial position of PSHs is positive, with almost 5 Bn Euro of weighted net worth. Distributed dividends account for.3% of GDP, while outstanding liabilities represent, on average, around half of the Italian GDP. Table 1 Public finance effects of PSHs, 215, unweighted Industry Source: (a) Orbis data (values not weighted for stake of public ownership) and (c) Eurostat. Data retrieved on 19th September 217. (b) Net Worth value has been weighted by stake(s) owned by the Public sector into PSHs. 12
13 (d) Total outstanding liabilities of government controlled entities classified outside general government are considered. (e) Figures in red represent negative numbers 13
14 Appendix I Table A Breakdown of PSHs total assets by level of ownership, 215, weighted Data in Mn Eur Non-financial Financial Ownership cluster Unlisted Listed Total Unlisted Listed Total Fully Public 151, ,644 6,74-6,74 Control 32,748 1,2 42, ,161 13, ,324 Influential 3,931 97,59 11,441 1,242-1,242 Minority ,547 14,55 Total 188,734 17, ,51 294,11 117,71 411,821 Source: KPMG and Bocconi University calculations on Orbis (BvD) database. (1) Values have been weighted by stake(s) owned by the Public sector into PSHs. Table B Non-financial PSHs contribution to the Italian economy, 215, weighted Non-financial PSHs Number of PSHs of which listed Employees Total assets Revenues Value added Market cap Source: KPMG and Bocconi University calculations on Orbis (BvD) database. (*) Absolute value. (1) Values have been weighted by stake(s) owned by the Public sector into PSHs. Value added has been scaled by GDP (GDP data retrivied from Eurostat). (2) Market capitalization is considered only for listed companies while shareholders funds are considered only for unlisted companies. (3) Market capitalization is reported as of 6th March 217. (4) It must be noted that the total number of PSHs (sum of Number of PSHs Table B and Table C) is lower than the overall number of PSHs reported earlier in Figure 1, due to missing data on PSHs shareholders stakes. Table C PSHs contribution to the national financial sector, 215, weighted Shareholders' funds Fully Public 1, Control 1, Influential Minority PSHs' share to the total economy 3159 (*) 17 (*) Financial PSHs Number of PSHs of which listed Employees Total assets Revenues Market cap Shareholders' funds Fully Public Control Influential Minority PSHs' share to the total economy 82 (*) 3 (*) Source: KPMG and Bocconi University calculations on Orbis (BvD) database. (*) Absolute value. (1) Values have been weighted by stake(s) owned by the Public sector into PSHs. (2) Market capitalization is considered only for listed companies while shareholders funds are considered only for unlisted companies. (3) Market capitalization is reported as of 6th March 217. (4) It must be noted that the total number of PSHs (sum of Number of PSHs Table B and Table C) is lower than the overall number of PSHs reported earlier in Figure 1, due to missing data on PSHs shareholders stakes.
15 Table D PSHs distribution by sector, 215, weighted Sector Year 215 Average Number of PSHs public Total assets Number of employees Operating revenues Value added ownership of which listed Average % A - Agriculture, forestry and fishing ,291 B - Mining and quarrying , , , , ,871 C - Manufacturing , , , , ,246 D - Electricity, gas, steam and air conditioning supply , , , , ,192 E - Water supply; sewerage, waste management and remediation activities , , , , ,42 F - Construction , , , ,64 G - Wholesale and retail trade; repair of motor vehicles and motorcycles , , , ,855 H - Transportation and storage , , , , ,62 I - Accommodation and food service activities , ,55 J - Information and communication , , , , ,3 L - Real estate activities , , ,56 M - Professional, scientific and technical activities , , , , ,824 N - Administrative and support service activities , , , ,79 O - Public administration and defence; compulsory social security P - Education ,427 Q - Human health and social work activities , ,666 R - Arts, entertainment and recreation , ,69 S - Other service activities , ,536 NON-FINANCIAL 3, , , , , ,886 BANKS , , , n.a. n.a. n.a. INSURANCE , , , n.a. n.a. n.a. OTHER FINANCIAL INSTITUTIONS , , ,223.1 n.a. n.a. n.a. Source: KPMG and Bocconi University calculations on Orbis (BvD) database, 215 [downloaded in December 216]. (a) Other financial institutions category includes all PSHs which are classified within the NACE K sector other than banks and insurance. (1) NACE sectors T - Activities of households as employers; undifferentiated goods-and services-producing activities of households for own use and U - Activities of extraterritorial organisations and bodies are not reported here, since they lack comprehensive financial data, and therefore the aggregate value reported in Figure 4 might slight differ.. (2) For Banks, the value of total assets corresponds to the total earning assets, and Operating revenues corresponds to Interest and other operating revenues. (3) For Insurance, the value of operating revenues corresponds to the net premium written. (4) For Insurance, the latest available data refers to the year 214. (5) The total number of PSHs reported here does not match the total number reported in Figure 1, because companies for which no data on ownership level and/or financial information were available have been excluded. (6) Values have been weighted by stake(s) owned by the Public sector into PSHs. n.a.=not available Mn Eur % of sector Nr % of sector Mn Eur % of sector Mn Eur % of sector Total Sector Value Added Mn Eur
16 Table E Top 2 PSHs by Total assets, 215, weighted Company name Listed/Unlisted Industry Ownership stake Total assets (Mn Eur) CASSA DEPOSITI E PRESTITI Unlisted K - Financial and insurance activities ,895 POSTE ITALIANE SPA Listed K - Financial and insurance activities ,163 FERROVIE DELLO STATO ITALIANE S.P.A. Unlisted H - Transportation and storage 1. 62,977 ANAS - SOCIETA' PER AZIONI Unlisted H - Transportation and storage 1. 41,72 ENEL SPA Listed D - Electricity, gas, steam and air conditioning supply ,22 ENI S.P.A. Listed B - Mining and quarrying ,35 LEONARDO - FINMECCANICA S.P.A. Listed C - Manufacturing ,514 ASSICURAZIONI GENERALI SPA Listed K - Financial and insurance activities 1.7 8,259 GESTORE DEI SERVIZI ENERGETICI - GSE S.P.A. Source: KPMG and Bocconi University calculations on Orbis (BvD) database (1) Values have been weighted by stake(s) owned by the Public sector into PSHs. Unlisted D - Electricity, gas, steam and air conditioning supply 1. 7,713 BANCA MONTE DEI PASCHI DI SIENA SPA Listed K - Financial and insurance activities 4. 6,288 SNAM S.P.A. Listed H - Transportation and storage 25. 6,215 A2A S.P.A. Listed D - Electricity, gas, steam and air conditioning supply 5. 4,91 TERNA S.P.A. - RETE ELETTRICA NAZIONALE Listed D - Electricity, gas, steam and air conditioning supply ,819 ACEA SPA Listed D - Electricity, gas, steam and air conditioning supply 51. 3,421 HERA SPA Listed D - Electricity, gas, steam and air conditioning supply ,961 RAI - RADIOTELEVISIONE ITALIANA S.P.A. Unlisted J - Information and communication ,878 MM S.P.A. Unlisted F - Construction 1. 2,73 CASSA DEL TRENTINO S.P.A. Unlisted K - Financial and insurance activities 1. 2,418 ACQUEDOTTO PUGLIESE S.P.A. Unlisted F - Construction 1. 2,214 IREN S.P.A. Listed D - Electricity, gas, steam and air conditioning supply ,38 16
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