The only positive notes come from medium-sized manufacturing companies, from Made in Italy (preferably Italian-owned) and from the public sector, which however is supported by the tariff sectors and has cut investments and employment. In crisis in the tertiary sector (many debts and few investments) and large companies which, for the part that operates in Italy, destroy wealth. The latest edition of the Mediobanca report "Cumulative data on 2050 Italian companies", which refers to 2013, reaches these conclusions.
In 2050, the 2013 companies recorded a drop in turnover (-2,7% on 2012), the first contraction after three years of declining growth: +7,9% in 2010, +8,6% in 2011 and +1,1 .2012% in 1,5. The reduction involved both exports (-3,3%) and the domestic market (-2012%), which was already contracting in 0,7 (-XNUMX%).
Sales remain 2,4% below 2008 (before the crisis). The public are above (+6,1%), thanks to the tariff sectors: EEG (+8,6%), local public services (+10,6%) and transport (+11,4%); private companies are down by 4,7% due to manufacturing (-6%) and despite the holding of the tertiary sector (-1,5%). Manufacturing has many "souls": the successful medium-sized enterprises (+0,9% on 2008), the struggling major groups (-6,3%), the two-faced Made in Italy that fares better when managed by Italians (-0,8% sales on 2008) and not from foreigners (-11,1%).
Positive notes for sales only from exports: +12,6% on 2008, with the public (+46,1%) better than the private (+5,6%), but due to the effect of oil and energy trading. Manufacturing recovers 3,2% on 2008, again thanks to medium-sized enterprises (+11,4%) much better than the larger groups (+3,3%). The "Italian" made in Italy (+5,5%) is even better than the "foreign" one (-5,4%). Among the most aggressive manufacturing sectors outside the home: food (confectionery +53,4% on 2008; dairy: +52,3%; beverages: +39,1%), leather and hide processing (+41,9 %) and pharmaceuticals (+20,4%).
Sales in Italy decrease: -8,3% on 2008, the public sector (-5,6%, thanks to tariffs) is always slightly better than the private sector (-9,2%), because manufacturing suffers more (- 13,1%) even in its most dynamic parts (medium enterprises: -4,2%). Only a few food specialties improved compared to the pre-crisis Italian sales (canning: +7,6%; beverages: +4,8%; dairy: +1,8%) and pharmaceuticals held steady (+0,2, XNUMX%).
The total of 2050 companies closed 2013 in substantial equilibrium, with marginal destruction of wealth (-0,1% of invested capital). The public ones closed in positive (+0,3%) thanks to revenues supported by tariffs, the significant contribution of financial management which doubled industrial management, the lower cost of debt (4,4% in 2013, against 6,4% of private individuals) and on average favorable taxation (average tax rate 2009-2013 at 25,2% against 31% for private companies). The latter thus destroyed wealth (-0,4% of invested capital), both in the manufacturing sector (-0,5%) and in the tertiary sector (-1,1%). Within manufacturing, the ability of IV capitalism to propose a sustainable and profitable "Italian" business model is confirmed: medium-sized enterprises (-0,2%) and medium-large ones (-0,2%) are substantially in equilibrium , while the major groups, deprived of their foreign component, have burned wealth (-2,9%). The Made in Italy balance is positive (+1%).
The fall in employment continued in 2013 (-0,4%) even if it halved its intensity (-0,8% in 2012). Since 2008, the decline of the 2050 companies is 5,1%, more in the public sector (-9,2%, the transport sector weighs -16%) than in the private sector (-4,2%). Medium-sized enterprises have limited their employment cuts (-2,1%) which do not even spare made in Italy, but much more when it is in foreign hands (-10,6% against -2,2%). The loss of jobs since 2008 has hit blue-collar workers harder (-7,8%) than "white-collar workers" (-1,3%) who, on the contrary, mark hirings in Italian-controlled companies (+1,6% in medium-sized enterprises; +4% in the companies of major groups), while they are expelled from foreign-controlled manufacturing (-6,3%).
The construction companies (+2008%, large contractors of infrastructural works, often abroad) and the leather and hide processing activities (+19,9%) create employment over 8,8. The share of blue collar workers is continuously decreasing: in manufacturing alone they went from 56,2% of the total (2004) to 51,9% (2013): a consequence of outsourcing and the concentration of companies in the upstream phases (planning and design) and downstream (marketing and after-sales) with respect to the central transformation phase; the worker base remains larger in medium-sized enterprises (63,1% of the total in 2013).
