FINANCIAL AGGREGATES FOR 2060 ITALIAN COMPANIES (2016)

Transcription

1 FINANCIAL AGGREGATES FOR 2060 ITALIAN COMPANIES (2016)

2 2,060 SELECTED COMPANIES Excerpt in English from DATI CUMULATIVI DI 2060 SOCIETA ITALIANE Copyright 2016 by Mediobanca Research Department Foro Buonaparte, 10 Milan, Italy - Tel. (0) ufficio.studi@mediobanca.com a MEDIOBANCA publication

3 T his survey provides data for 2,060 large and medium-size Italian companies operating in the manufacturing and services sectors for the years from 2006 to Given the availability of data for the full ten-year period, it includes all Italian companies with over 500 staff and onefifth of the country s medium-sized companies. Their shares of aggregate sales by Italian enterprises with over 20 staff on their books as recorded by the Italian Statistics Office ISTAT in 2013 are as follows: 50% for whole industry (52% for industry narrowly defined), 38% both for transport and for retailing (food and non-food). In manufacturing industry alone, the share represented is equal to 49% of sales, 58% of exports (2014 data), 35% of employment and 50% of fixed assets ( 1 ). The statistics are restated in tables which analyse balance sheet data (Table I), additional information (Table II) and profit-and-loss figures (Table III). As well as for all 2,060 companies, these tables have been compiled on the basis of ownership structure (public- or private-sector, Italian- or non-italian-owned), and sector of operation (manufacturing, industry defined narrowly, industry and services). A breakdown of the companies constituting the so-called fourth capitalism, consisting of medium-size and medium large companies, is also available ( 2 ). For all these details see the full Italian version. An overview has been provided at the end of these notes, to facilitate interpretation of the main aggregates. As for the main economic sectors, these have been classified on the basis of the Ateco 2007 codes as detailed in a further table which refers to the commodities sectors reviewed in this survey. Technology level based on Eurostat classification also stated for manufacturing firms only. As usual, the companies provided assistance in collecting the financial data and additional information. The methodological criteria adopted are set out in the appendix. To ensure the aggregate figures form a basis for like-for-like comparison over the ten years under review, these have been compiled using a closed number of firms having the status of functioning companies (see Table I). For the same reason, the ownership structure has also been kept constant, by using the situation outstanding as the year-end 2015 for reference along the entire time span. The size classes have been defined according to the customary criteria, which are the same as those adopted in the Mediobanca-Unioncamere survey of such businesses ( 3 ). ( 1 ) Struttura e competitività del sistema delle imprese industriali e dei servizi, based on 2013 data, published by Istat on website (last accessed 29 July 2016). For exports, see Commercio estero e attività internazionali delle imprese (Rome, 2016; last accessed on same date). Data refer to approx 37,000 industrial companies and around 38,000 businesses in the tertiary sector. ( 2 ) For further information on issues relating to the fourth capitalism phenomenon, please see the following website: ( 3 ) Le medie imprese industriali italiane (annual survey). These are defined as companies not owned by large groups, whose headcount in 2015 numbered less than 500 staff and with turnover not exceeding 355m. Medium-large companies exceed these limits, without going over the 2.99bn sales threshold, after which they are treated as large companies. VII.

4 Historical series The statistics contained in this edition are also available on our website ( along with historical data going back to 1968 until 2011 for a restricted group of businesses based on the following criteria: - statistics for all companies from 1968 to 2011: these contain two sets of data, the first for the period covering a group of 980 large and medium-size companies, with a breakdown for 140 medium-size enterprises; the second for period, covering a group of 2,032 firms, with a breakdown for 695 medium-size companies; - statistics for private-sector companies and public-sector companies. In order to ensure that the figures form a like-for-like basis for comparison, the timeframe has been divided into five separate periods, each of them with a common financial year making it possible to have chained indices: period: data refer to 970 private-sector and 234 public-sector companies; period: data refer to 908 private-sector and 199 public-sector companies; the changes being due to various privatizations under a government programme to sell off state holdings, and the failure by certain companies to provide updated figures, which has led to their being excluded from the survey; period: data refer to 856 private-sector and 141 public-sector companies; the most significant changes here relating to privatization of state-owned steel companies; and the exclusion of other companies due to unvailable data; period: data refer to 888 private-sector and 92 public-sector companies; the most important change here relating to the privatization of telecommunications companies owned by IRI Group; period: data refer to 1,891 private-sector and 141 public-sector companies. Changes in accounting standards The accounting figures for the period covered by our survey reflect certain changes in the valuation criteria adopted as from 2005 following the introduction of IAS/IFRS, which are compulsory for listed companies. They affect 323 firms, which in 2015 represented 57.2% of the total assets and 37.6% of the total income reported by the aggregate of the 2,060 companies covered here. Despite being reclassified according to the standard schemes, their balance-sheet data sometimes show discontinuities with the previous years figures. The impact of IAS/IFRS is shown in detail in Table II with respect to movements in tangible fixed assets and reserves. With effect from 2009, the values of holdings in major companies in the transport and public services sectors have been reclassified, because the largest Italian railway transport operator adopted IAS/IFRS which led, among other things, to a reduction in the book value of the railway network, represented in accounting terms as a reversal of a capital provision, and the reduction of depreciation charges booked through the profit and loss account. Secondly, enactment of regulation EC 254/2009 has changed the accounting standards applicable to companies providing services under concession arrangements (the IFRIC 12 interpretation). Accordingly, concessionaries obtaining the right (licence) to have the users of public services pay for them must record their construction and improvement costs as intangible rather than tangible assets. The relevant amounts have been shown as footnotes to Table I for the sectors concerned. The restatements are included under the heading IAS/IFRS adoption effect in Table II. It should also be noted that the transport sector aggregates are not fully comparable in some of the editions, as Ferrovie dello Stato and Alitalia are treated differently in them. Ferrovie dello Stato was transformed from a state-owned entity to a limited company in 1992, and has been included in the survey since the 2005 edition ( data). The Italian national airline, meanwhile, was included until the 2008 edition, but has been left out since being placed into extraordinary administration. This survey, like the three previous ones, does not include the accounts of the leading steel operator, which is involved in a government receivership procedure. The largest telecommunications group s transfer from Italian to non-italian ownership is also incorporated for the first time in this edition. VIII. IX.

5 XXIV. 224 companies owned by the largest Italian groups ( ) (publicly- or privately-owned) 137 publicly-owned companies 600 companies owned by medium-sized/large firms ( ) (privately-owned) 90 medium-sized/large companies, operating in the oil, energy, construction and services industries (**) OVERVIEW OF AGGREGATES Aggregate data for 2,060 companies (*) Aggregate data for 2,060 companies (*) 1,185 fourth capitalism companies 510 medium-sized/large manufacturing companies 675 medium-sized manufacturing companies 697 medium-sized companies (Italian-owned) (**) 1,923 privately-owned companies 22 medium-sized companies operating in the oil, energy, construction and services industries (**) 539 non-italian-owned companies Aggregate data for 2,060 companies (*) 1,848 industrial companies (^) 212 services companies Aggregate data by sector of activity clothing; food;...; sundry other industrial companies (**) Aggregate data by sector of activity retail distribution; radio and television broadcasting; public services; telecommunications; transport; sundry other service companies (**) (*) Includes 99 companies listed on the stock market. ( ) Published on website (**) Not published. (^) Aggregate consisting of companies operating in industry defined narrowly plus construction. RECONCILIATION BETWEEN ISTAT-ATECO 2007 CODES AND COMPOSITION OF SECTORS AND AGGREGATES Sectors / Aggregates Ateco 2007 Clothing ; 14.31; Food - alcoholic and non-alcoholic beverages Food - dairy Food - preserves ; Food - confectionary 10.52; 10.71; 10.72; Sundry other food 10.11; 10.12; 10.41; 10.42; 10.61; 10.62; 10.73; 10.81; 10.83; Paper Chemicals ; ; ; Means of transport construction 28.30; 29.10; 29.20; ; Domestic appliances and radio and TV sets 26.40; Electronics ; 26.60; 27.20; 33.13; 33.14; Pharmaceuticals and cosmetics 20.42; 21.10; Rubber and cables 22.11; 22.19; Systems Wood and furniture ; Mechanical engineering ; ; 26.51; 26.52; 27.11; 27.12; 27.52; 27.90; ; ; 29.31; 29.32; 33.11; 33.12; Iron and steel ; ; Leather and hides 14.11; 14.20; Construction industry products ; Printing and publishing ; ; Textiles Glass Sundry other companies Manufacturing codes not cited previously. Manufacturing Oil, derivatives and other fuels ; 08.92; 09.10; 19.10; Electricity and gas 06.20; ; Other utilities Industry (narrowly defined) Construction firms Industry Services Retail distribution Radio and TV broadcasting ; 60.10; 60.20; 63.91; Other utilities ; 53.10; Telecommunications Transport ; ; 52.24; Sundry other companies Services codes non cited previously. N.B. - Does not include economic activities included in sections A, K, L, N, O, P, Q, S, T and U. XXV.

6 Manufacturing sectors and technology intensity based on Eurostat classification (*) High technology Aerospace and defence, electronics, pharmaceuticals, watches and clocks, medical and optical instruments. Medium-high technology Medium-low technology Low technology Equipment for lighting, chemicals and cables, mechanical and electro-mechanical engineering, means of transport, perfumes and soaps, medical and dentistry supplies. Ship-building, rubber and plastic products, iron and steel, construction industry products, glass. Textiles and clothing, food and drinks, paper, printing and publishing, wood and furniture, leather and hides, other manufacturing industries (jewellery, tobacco, etc.). SUMMARY TABLES (*) Eurostat indicators of High-tech industry and knowledge - intensive services, January Annex 3 - Hight-tech aggregation by NACE Rev. 2. XXVI.

7 TABLE 1 ANNUAL CHANGES IN NUMBER OF SELECTED COMPANIES Number Additions Reductions at year-end Companies incorporated during the year Mergers , , , , , , , , , , N.B. 220 companies have been added and 215 deleted since last year s edition. Of the latter, 38 have been merged into other selected companies, 7 into companies not in the aggregate, 10 have gone into bankruptcy proceedings, 2 have ceased trading, 1 has changed its corporate purpose, and 157 failed to provide their figures in time for inclusion. TABLE 2 AGGREGATE GROWTH INDICES as % Change in total sales of which: domestic sales exports Change in number of employees XXIX.

8 TABLE 3 TOTAL SALES TABLE 4 TOTAL SALES BY SECTOR 2015 (*) Index no. % chg. 2,060 companies Publicly-owned companies Privately-owned companies Manufacturing Medium companies Medium/large Large groups Non-Italian-owned Industry (narrowly defined) Industrials Services Non-Italian-owned IV capitalism Made in Italy ( ) (*) Base year 2008 = 100. ( ) Food; wood, furniture and tiles; metal products; machinery, equipment and domestic appliances, yachts; motorcycles, bikes and sporting items; textiles, clothing and fashion (*) Index no. % chg. Clothing Food - alcoholic and nonalcoholic beverages Food - dairy Food - preserves Food - confectionary Sundry other food Paper Chemicals Means of transport construction Retail distribution Domestic appliances and radio and TV sets Electronics Radio and TV broadcasting Electricity and gas Pharmaceuticals and cosmetics Rubber and cables Systems Construction firms Wood and furniture Mechanical engineering Iron and steel Leather and hides Oil, derivatives and other fuels Construction industry products Other utilities Printing and publishing Telecommunications Textiles Transport Glass Sundry other companies Total (*) Base year 2008 = 100. XXX. XXXI.

9 TABLE 5 EXPORTS TABLE 6 EXPORTS BY SECTOR 2015 (*) Index no. % chg. 2,060 companies Publicly-owned companies Privately-owned companies Manufacturing Medium companies Medium/large Large groups Non-Italian-owned Industry (narrowly defined) Industrials Services Non-Italian-owned IV capitalism Made in Italy (*) Base year 2008 = (*) Index no. % chg. Clothing Food - alcoholic and nonalcoholic beverages Food - dairy Food - preserves Food - confectionary Sundry other food Paper Chemicals Means of transport construction Retail distribution Domestic appliances and radio and TV sets Electronics Radio and TV broadcasting Electricity and gas Pharmaceuticals and cosmetics Rubber and cables Systems Construction firms Wood and furniture Mechanical engineering Iron and steel Leather and hides Oil, derivatives and other fuels Construction industry products Printing and publishing Telecommunications Textiles Transport Glass Sundry other companies Total (*) Base year 2008 = 100. XXXII. XXXIII.

10 TABLE 7 DOMESTIC SALES TABLE 8 DOMESTIC SALES BY SECTOR 2015 (*) Index no. % chg. 2,060 companies Publicly-owned companies Privately-owned companies Manufacturing Medium companies Medium/large Large groups Non-Italian-owned Industry (narrowly defined) Industrials Services Non-Italian-owned IV capitalism Made in Italy (*) Base year 2008 = (*) Index no. % chg. Clothing Food - alcoholic and nonalcoholic beverages Food - dairy Food - preserves Food - confectionary Sundry other food Paper Chemicals Means of transport construction Retail distribution Domestic appliances and radio and TV sets Electronics Radio and TV broadcasting Electricity and gas Pharmaceuticals and cosmetics Rubber and cables Systems Construction firms Wood and furniture Mechanical engineering Iron and steel Leather and hides Oil, derivatives and other fuels Construction industry products Other utilities Printing and publishing Telecommunications Textiles Transport Glass Sundry other companies Total (*) Base year 2008 = 100. XXXIV. XXXV.

11 TABLE 9 STAFF At end Total Numerical chg. at year-end At end Chg ,060 companies ,431,913-32,631-18, ,442-1,688-14, ,567 1,356, Publicly-owned companies ,000-5,603-4,380-3,898-7,008-1,138-3,996-5,865-31, , Privately-owned companies ,162,913-27,028-13,832 4,527-2, ,514 6,152-43,679 1,119, Manufacturing ,019-21,427-13, ,512-3,699-12, , , Medium companies ,444-1, ,969 3, , Medium/large ,780-4,242-3, , , , , Large groups ,878-3, ,058 1,106-3,009-1,389-8, , Non-Italian-owned ,917-12,226-9,666-1,752-2,099-4,561-6, , , Industry (narrowly defined) ,299-22,292-12, ,880-5,306-13,306-1,003-61, , Industrials ,154-24,953-16,307 2,112-2,384 2,215-12,073-1,211-52, , Services ,759-7,678-1,905-1,483-7,058-3,903-2,437 1,498-22, , Non-Italian-owned ,632-17,557-9,590-3,941-7,848-9,061-9,035-1,741-58, , IV capitalism ,224-5,410-3,464 1,434-1, ,240 2,550-8, , Made in Italy ,110-7,983-6, ,895 1,152-5,061-1,461-21, , as % TABLE 10 STAFF BY SECTOR At end Total At end Chg Numerical chg. at year-end as % Clothing , , , Food - alcoholic and non-alcoholic beverages , , Food- dairy , ,157 12, Food - preserves , , Food confectionary 14, , Sundry other food , , Paper , ,456 18, Chemicals ,362-2, ,353 46, Means of transport construction , , , ,324-2,180 1,124-8, , Retail distribution , , , , ,323 6, , Domestic appliances and radio and TV sets , , , ,525 19, Electronics , , ,580-1, ,857 36, Radio and TV broadcasting , , Electricity and gas , , ,183-1,669-1,028-8,498 55, Pharmaceutials and cosmetics , , , ,718-2,708 52, Rubber and cables , , ,897 16, Systems , , ,131-1,924-2,103 20, Construction firms , , ,550 2,500 4,496 7,521 1, ,331 41, Wood and furniture , ,507 13, Mechanical engineering , , ,657 1, ,894-1,544 1,838-1, , Iron and steel , , ,865 45, Leather and hides , ,180 16, Oil, derivatives and other fuels , ,138 22, Construction industry products , ,139-2, ,510 19, Other utilities , , ,712 39, Printing and publishing , ,832 12, Telecommunications 83,331-3,105-4,775-2,242-4,375-1, ,308 67, Textiles , , ,163 13, Transport , , ,873-3,164-4,086-2,504-2, ,025 95, Glass , , Sundry other companies , ,665 3, , ,171 6,666 92, Total ,431, , , ,442-1,688-14, ,567 1,356, XXXVI. XXXVII.

12 TABLE 11 PRODUCTIVITY AND LABOUR COST PER EMPLOYEE IN MANUFACTURING COMPANIES ( ) Productivity per employee Production (*) Prices ( ) Total Cost of labour per employee % chg. between 2014 and 2015 (a) (b) (a-b) Avg. no. of employees Clothing Food Beverages Paper Chemicals Pharmaceuticals Rubber and cables Wood and furniture Mechanical engineering and electronics Domestic appliances and radio and TV sets Electronics Machinery and equipment Means of transport and accessories Other metal products Iron and steel Leather and hides Construction industry products Printing and publishing Textiles Other manufacturing sectors Total IV capitalism Medium companies Medium/large Large groups Non-Italian-owned Made in Italy (*) Chg. in per capita net value added at like-for-like prices. ( ) Chg. in prices at production in the various segments (Source: Istat). TABLE 12 PRODUCTIVITY AND LABOUR COST PER EMPLOYEE IN MANUFACTURING COMPANIES ( ) Productivity per employee Production (*) Prices ( ) Total Cost of labour per employee % chg. between 2006 and 2015 (a) (b) (a-b) Avg. no. of employees Clothing Food Beverages Paper Chemicals Pharmaceuticals Rubber and cables Wood and furniture Mechanical engineering and electronics Domestic appliances and radio and TV sets Electronics Machinery and equipment Means of transport and accessories Other metal products Iron and steel Leather and hides Construction industry products Printing and publishing Textiles Other manufacturing sectors Total IV capitalism Medium companies Medium/large Large groups Non-Italian-owned Made in Italy % chg. annual (a) (b) (a-b) (*) Chg. in per capita net value added at like-for-like prices. ( ) Chg. in prices at production in the various segments (Source: Istat). XXXVIII. XXXIX.

13 TABLE 13 BREAKDOWN OF STAFF % % % % 2,027 companies - Manual and intermediate , , , , Clerical and managerial , , , , Total... 1,319, ,331, ,337, ,309, Publicly-owned companies - Manual and intermediate... 58, , , , Clerical and managerial , , , , Total , , , , Privately-owned companies - Manual and intermediate , , , , Clerical and managerial , , , , Total... 1,140, ,156, ,162, ,135, Manufacturing - Manual and intermediate , , , , Clerical and managerial , , , , Total , , , , Medium companies - Manual and intermediate... 63, , , , Clerical and managerial... 35, , , , Total... 98, , , , Medium/large - Manual and intermediate , , , , Clerical and managerial , , , , Total , , , , Large groups - Manual and intermediate , , , , Clerical and managerial... 83, , , , Total , , , , Non-Italian-owned - Manual and intermediate , , , , Clerical and managerial , , , , Total , , , , Industry (narrowly defined) - Manual and intermediate , , , , Clerical and managerial , , , , Total , , , , % % % % % % 539, , , , , , , , , , , , ,295, ,299, ,294, ,294, ,281, ,281, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,122, ,126, ,124, ,123, ,113, ,119, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , cont. XL. XLI.

14 cont: TABLE % % % % % % % % % % Industrials - Manual and intermediate , , , , Clerical and managerial , , , , Total , , , , Services - Manual and intermediate... 50, , , , Clerical and managerial , , , , Total , , , , Non-Italian-owned - Manual and intermediate , , , , Clerical and managerial , , , , Total , , , , IV capitalism - Manual and intermediate , , , , Clerical and managerial , , , , Total , , , , Made in Italy - Manual and intermediate , , , , Clerical and managerial , , , , Total , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , N.B. The data recorded involve 2,027 companies which at end-2015 had gross tangible assets worth 601,145m, equal to 87.1% of the aggregate gross tangible assets for the 2,060 companies and accounting for 94.5% of the total staff employed by the same aggregate. XLII. XLIII.

15 TABLE 14 AVERAGE PER CAPITA LABOUR COSTS ,060 companies Avg. cost per capita Index no Publicly-owned companies Avg. cost per capita Index no Privately-owned companies Avg. cost per capita Index no Manufacturing Avg. cost per capita Index no Medium companies Avg. cost per capita Index no Medium/large Avg. cost per capita Index no Large groups Avg. cost per capita Index no Non-Italian-owned Avg. cost per capita Index no Industry (narrowly defined) Avg. cost per capita Index no Industrials Avg. cost per capita Index no Services Avg. cost per capita Index no Non-Italian-owned Avg. cost per capita Index no IV capitalism Avg. cost per capita Index no Made in Italy Avg. cost per capita Index no N.B. Costs calculated based on avg. no. of staff. 000 TABLE 15 PROFIT AND LOSS ACCOUNT STRUCTURES 2,060 companies Publicly-owned companies Privately-owned companies Total Medium companies Manufacturing Medium/large Large groups Net sales Other revenues Net consumables Value added Staff EBITDA Depreciation and amortization EBIT Net interest income (expense) Current profit before tax Return on equity (ROE) Industry (narrowly defined) Industrials as % Services Manufacturing Non-Italianowned Non-Italianowned IV capitalism Made in Italy Net sales Other revenues Net consumables Value added Staff EBITDA Depreciation and amortization EBIT Net interest income (expense) Current profit before tax Return on equity (ROE) as % XLIV. XLV.

16 TABLE 16 OPERATING MARGINS TABLE 17 OPERATING MARGINS BY SECTOR EBITDA EBIT 2015 ( ) ( ) Index no. % chg. Index no. % chg. 2,060 companies Publicly-owned companies Privately-owned companies Manufacturing Medium companies Medium/large Large groups (*) (**) Non-Italian-owned Industry (narrowly defined) Industrials Services Non-Italian-owned IV capitalism Made in Italy ( ) Base year 2007 = 100. (*) Negative value in both years. (**) Value negative in first year, positive in second. EBITDA EBIT 2015 ( ) ( ) Index no. % chg. Index no. % chg. Clothing Food alcoholic and non-alcoholic beverages Food - dairy Food - preserves Food - confectionary Sundry other food Paper Chemicals Means of transport construction (***) (*) (*) Retail distribution Domestic appliances and radio and TV sets Electronics Radio and TV broadcasting (***) (*) (*) Electricity and gas Pharmaceuticals and cosmetics Rubber and cables Systems Construction firms Wood and furniture Mechanical engineering Iron and steel Leather and hides Oil, derivatives and other fuels (*) (**) (***) (*) (*) Construction industry products (*) (**) Other utilities Printing and publishing (**) (**) Telecommunications Textiles Transport (**) Glass Sundry other companies Total ( ) Base year 2007 = 100. (*) Negative value in both years. (**) Value negative in first year, positive in second. (***) Value positive in first year, negative in second. XLVI. XLVII.

17 TABLE 18 FINANCIAL EXPENSE cont: TABLE 18 Total financial expense (*) Net interest income (expense) Avg. cost of money % As % of EBIT Total financial expense (*) Net interest income (expense) Avg. cost of money % As % of EBIT 2,060 companies , , , , , , , , , , , , , , , , Publicly-owned companies , , , , , , , , , , , , , , , , , , Privately-owned companies , , , , , , , , , , , , , , , Manufacturing , , , , , , , , , , , , , , , , , cont. Medium companies Medium/large , , , , , , , , , , Large groups , , , , , ,418 (**) , , , ,294 (**) , ,946 (**) , (**) , (**) , Non-Italian-owned , , , , , , , , cont. XLVIII. XLIX.

18 cont: TABLE 18 cont: TABLE 18 Total financial expense (*) Net interest income (expense) Avg. cost of money % As % of EBIT Total financial expense (*) Net interest income (expense) Avg. cost of money % As % of EBIT Industry (narrowly defined) , , , , , , , , , , , , , , , , , , Industrials , , , , , , , , , , , , , , , , , , IV capitalism , , , , , , , , , , Made in Italy , , , , , , , , , , Services , , , , , , , , , , , , , , , , , , EBIT = Earnings Before Interest and Tax. (*) Excluding gains (losses) on interest rates. (**) Negative EBIT. Non-Italian-owned , , , , , , , , , , , , , , , , cont. L. LI.