But the crisis of 2008: according to the report of theMediobanca Research Area, the negative performance of industrial and service companies listed on the Stock Exchange, due to the effect of the coronavirus emergency, must be traced back to the levels of 30 years ago. The 25 companies examined have seen their capitalization on the financial market fall by more than 22% in these months of blockage: in quantitative terms, this means having burned the total beauty of 83 billion of Euro. Net decrease also in turnover: -13,7% overall, even if services avoided double-digit decreases (-8,8%). Manufacturing, on the other hand, pays 11,8%, the worst drop for 30 years.
In detail, the Mediobanca study analyzes 25 companies of the Ftse Mib, therefore among the most capitalized of Piazza Affari: these are 13 privately controlled companies and 12 publicly controlled companies, 16 manufacturing, 6 energy/utilities, 2 services and 1 oil (Eni). As far as capitalization is concerned, FCA (value halved) and Eni (-2020%) lost the most in percentage terms in the first three months of 35, while only Recordati and Diasorin gained ground, moreover limiting themselves to around +2%. despite the excellent prospects of the pharmaceutical sector.
The negative trend is confirmed by Group net results, i.e. profit. For the Ftse Mib companies, the first quarter of 2020 closed in the red, recording a net loss of almost 8 billion (-8,2%). Oil (-27%) and manufacturing (-9,6%) are the sectors most in difficulty, while in this case services are saved and even Tim emerges with a more than tripled profit, mostly determined by the capital gain on the sale of the 4,3% of INWIT.
For the dividends, in 2020 a total of over 900 million less will be distributed (-7,2%) than in 2019. The reduction will only concern private groups (-1,6 billion), while the dividends distributed by public groups will slightly increase (+0,7 .XNUMX billion).
As for turnover, the worst price was paid by the manufacturer, flagship of Made in Italy and export champion. In fact, the listed companies examined have a total of 101 production plants throughout Italy: 51 in the North, 23 in the Centre, 22 in the South and 5 in the Islands. In general, beyond the large groups listed on the stock exchange, the Covid-19 crisis has forced 59% of industrial companies to close (compared to 37% of services). The drop in turnover in the first quarter of 2020 (-11,8%) is the worst of the last 30 years and the only one in double digits.
Revenues in the EMEA area (-15,4%) decreased in particular, followed by the Americas (-10,6%) and Asia and the Pacific (-5,7%). The decline is sharper for private manufacturing (-13,6%) than for public manufacturing (-3%). Similarly, with regard to industrial margins (MON -61,9%), private manufacturing recorded a collapse (-71,1%) much higher than that of groups with public participation (-31,1%). The incidence of the industrial margin on the turnover (ebit margin) is the lowest since 1994 and stops at 2,9% (it was 7,9% in 2019).
The difficulties also concern the other main balance sheet items: in the first three months of 2020, in fact, a net loss of 2,2 billion was recorded and a -9,6% contraction in the net result compared to turnover compared to the first quarter of 2019 ( the largest in the last three decades). Also in this case, private manufacturing suffers a heavier blow (-10,4%) than public manufacturing (-5,9%). As for liquidityfinally, the decline is close to a quarter of the total (-23,9%, equal to -7,4 billion), with private manufacturing losing cash -4,8 billion and public -2,6 billion compared at the end of 2019.
