It was presented today from R&S Mediobanca the 2011 survey on "Major Italian companies" which includes the reclassification of the balance sheet data at the end of 2010 and the end of 2009 of 3.561 companies: these are 2.423 companies in industry and services (with a turnover of 50 million), 221 holding companies, 27 SIMs, 48 leasing companies, 59 of factoring and consumer credit, 630 banks and 153 insurance companies. Industrial companies account for approximately 50% of national turnover, banks and insurance companies represent 96% of the Italian system in terms of regulatory capital and 98% in terms of premiums collected.
The context: in 2010 the turnover of industrial companies grew in Italy by 9,4% (-19,4% in 2009 on 2008), with a particularly marked increase in the energy industry (+12,4%, but it had lost 24,3 .2009% in XNUMX), while the
manufacturing recovered 8,2% (-17,3% in 2009). The tertiary sector recorded an increase in sales of 3,4% (but had limited the 2009 decline to -1,4%). Within manufacturing, particularly lively progress should be noted in the metallurgical industry (+31,8%) and in the chemical and rubber industries (+12,1%). In the tertiary sector we note the strong recovery of transport (+10,1%).
INDUSTRY
Turnover: the revenge of the oil companies in the Top-20
ENI, thanks to the 29% recovery in the price of crude oil in dollars in 2010, sees its turnover increase by 18% to 98,5 billion euros, consolidating its position as the leading Italian group with a 37% higher turnover to that of the runner-up, theEnel. The latter shows a good increase (+15,1%), thanks to the definitive consolidation of Endesa, and confirms the second position he had conquered in 2008 by undermining the group Fiat. The latter is now represented by Exor which unites the two souls: Fiat SpA (cars) and Fiat Industrial (industrial vehicles and agricultural machinery). It is a group (the first private) with almost 59 billion in turnover (+12,3% on 2009), of which 35,9 billion relating to Fiat cars which, if it had already consolidated the group in 2010 Chrysleralone would have achieved a turnover of 67 billion. Fourth through seventh positions are petrified and see in sequence Telecom, GSE, Finmeccanica and Edizione. The group of Benetton obtains 52% of its turnover from Autogrill (6 billion) and a further 30% from Atlantia (3,4 billion).
The major upward movements concerned oil, starting with the eighth position occupied in 2009 by the Post Office, now ousted by It Italian (+25,8% turnover), which gains two squares from the tenth place where the Post (-1,7% turnover), behind the Edison stationary in ninth position. Another change in eleventh position where the Saras (Moratti) which recorded a 63% increase in turnover and rose from twentieth to eleventh position. We have mentioned the strong recovery of the metallurgical sector in 2010: Riva Fire testifies to it which, thanks to the 34% increase in turnover, recovers two positions, moving from 14th to 12th position.
A similar fate befell the Kuwait Petroleum Italy (+32% turnover) rising from 18th to 13th position; there TotalErg (newly established joint venture between Total and Erg) is in 14th position with 6,7 billion. of turnover. It is the third largest distribution operator with a network of approximately 3300 points of sale. They paid the price for the recovery of the oil sector state Railways, dropped from 11th to 15th position, albeit with an increase of 2,5% in turnover, Supermakets Italiani of Caprotti (from 13th to 16th position) also with an increase in turnover of 6,4% and more marginally Fininvest which drops one place from 16th to 17th square. To find a non-oil company on the rise you have to go down to the 19th position occupied by Luxottica which marks an increase in sales of 13,8%. The first twenty positions are closed by Wind Telecomunicazioni which accuses a
retreat in the classification of five positions (it was fifteenth in 2009). Italmobiliare dei Pesenti leaves the Top 20, moving from 19th to 22nd position, with a 4,1% decrease in turnover.
Going down the rankings:
Getting very, a now purely commercial company after the de facto sale of Lukoil to the Russians of the refining business (the company has a put option to sell the remaining 51% of the refining company to the Russians), discounts the further sale of assets to TotalErg and sees decrease the turnover from 6 to 5,4 billion. resulting in a fall from 12th to 21st position;
– Earn a position there Pirelli, which moves from 25th to 24th position with an increase of 19,2% to 4,8 billion, undermining, albeit by a few tens of millions, the Cofide of De Benedetti which falls from 23rd to 25th position, despite a 12,6% increase in revenues; the positioning of the camera is also very good Prysmian which rises from 28th to 26th position, with an increase in revenues of 22,5% to 4,6 billion, a turnover that does not incorporate the acquisition which took place at the beginning of 2011 of the Dutch group Draka whose consolidation already in 2010 would have brought Prysmian to a turnover of 6,8 billion euro and to 14th position in the standings (+12 positions);
– The food companies, rewarded by the anti-cyclical business in 2009, do not particularly shine either; the eldest remains Parmalat which, with an 8,5% increase in sales, maintains its 27th place at 4,3 billion, while Barilla marginally yields turnover (-1,7%) which costs it 2 positions (from 26th to 28th); smaller in size is Ferrero, which rises from 52nd to 50th position with a turnover of 2,6 billion euros (+3,9% on 2009); it should be remembered that for a complete assessment of the size of the Alba group it is necessary to evaluate the turnover of the Luxembourg parent company (Ferrero International SA) which achieved revenues of 2010 billion euros in 6,6 (+4,3% on 2009) which would have made it the 15th group overall (ahead of the Ferrovie dello Stato) and, by far, the largest food group in Italy; the Italian activities of Lactalis (sum of the sales of Parmalat and Lactalis italia) are worth
overall over 5,6 billion, making it the second food group behind Ferrero and the 21st overall at a national level;
Marcegalia marks a very pronounced growth, also thanks to the change in the scope of consolidation, going from 2,6 to 3,8 billion. and from 47th to 29th position;
- Growing Alitalia from 40th to 36th position with turnover growing from 2,8 to 3,2 billion; the last budget before the "refoundation" had closed 2007 at 4,5 billion euros which placed it in 25th position; there RAI decreased by 5,5% from 3,1 to 2,9 billion. and drops from 34th to 40th position;
– Among the municipal utilities, A2A the larger one remains at 5,9 billion (18th), followed by Hera at 3,6 billion, which however marks a significant drop in turnover (-12,8%); the union between Iride (Turin and Genoa) and Enia (Reggio Emilia, Parma and Piacenza) gave birth to Iren which in 2010 had a turnover of 2,6 billion, placing itself ahead of the Roman company That stable in 58th position with 2,4 billion in turnover.
Among the top hundred companies by turnover in 2010, Renault Italia takes the lead for the greatest dynamism in terms of positions gained (+371, from 469th to 98th position) as a result of a radical change
in the company's business (from commission agent to direct salesman of cars and spare parts) followed by Finarvedi (+61 positions, from 142nd to 81st position with an 83,5% increase in turnover), also due to the expansion of the
scope of consolidation. Two other metallurgy companies are among the most dynamic: it is the Thyssenkrupp Special Steel Terni (from 92nd to 62nd with a 58,9% increase in turnover), Lucchini (29 positions gained, from 106th to 77th with a turnover increase of 48,7%) and KME Group (+23 positions, from 69th to 46th), in addition to the already mentioned Marcegaglia.
The progressions of the Pfizer Italy (+23 positions) and Gruppo Coin (also with +23 positions) thanks to the consolidation of Upim activities. Prada and the only fashion name present with an increase in sales of 31% which brought it to 71st position, gaining 12. The major setbacks are from Impregilo (26% drop in turnover with loss of 29 positions) and Danieli who accuses a drop of 23 position due to the fall in turnover of 22,5%. Two car dealers share an equal loss of positions (16 places): BMW Italia (-11% sales, in 66th position) and Ford Italy (-14% sales, in 54th place). Two large-scale retail operators among those downsizing: Bennet Holding down by 14 positions (although with sales holding up) and SMA which loses 13 positions with a decline in sales of 4,3%. The following table shows the changes above 20 positions among the 100 largest companies.
Other parameters
The Group with the highest number of employees is Exor with around 211.600 units (up 1,9% on 2009), most of whom are abroad (over 130, 62% of the total); Poste Italiane are second (about 152.000, down by 1,5% on 2009) and certainly first for the number of employees in Italy; on the basis of this parameter, the Ferrovie dello Stato employ a number of people on the national territory roughly equivalent to Exor (approximately 80.200, down by 5,7% on 2009); in 2009 the fourth largest “employer” was Enel which however recorded a decrease of 2010% in 3,6, falling back to 78.300 employees and finding itself overtaken by ENI which increased the workforce by 1,9% to over 79.900 units. Even in the latter two cases, the presence abroad is prevalent (52% for Enel and around 58% for ENI). The remaining two groups that exceed or equal the threshold of 70 thousand units are Finmeccanica (75.200 up by 2,9% with a foreign share of approximately 43%) and Telecom Italia, while the
below this threshold Edition, which went from 71.500 to 65.300 (-8,7%). Followed by Luxottica with almost 62.000 workers and, far behind, Pirelli with 29.600.
examining personnel changes of more than 5% among the 100 largest companies it is found that the greatest increase in employment over 2009 is recorded by A2A (+34,9% due to the consolidation of Montenegrin EPCG), followed by the Group Coin (+33%), from Salt Builders (+26,7%) and from SIB-Italian DIY Society (+20%), the Italian subsidiary of the French group ADEO which invoices around 13 billion worldwide. euros and manages brands including Leroy Merlin and Brico. The greatest reductions in personnel are from Astaldi (-25,3%), Candy (-11,6%) and Edizione (-8,7%).
Enel is confirmed as the company with the greater endowment of plants and assets, entering 2010 billion euros in the 78,4 budget; the State Railways, which adopted the IAS/IFRS principles for the first time, fall into third position (they were first in 2008) with 48,1 billion. euros, behind ENI which stands at 67,4 billion. They are followed by Telecom Italia (16,6 billion) and Exor (12,9 billion).
The largest financial debts at the end of 2010 they belong to Enel (63,6 billion euros, down by about 4% on 2009),
Telecom (38,6 billion, -3,7% on 2009), Exor (32,4 billion, up 8,7%) and Eni (27,8 billion euro, +12%
on 2009). The Edition Group at 16 billion. approximately precedes the State Railways (12,6 billion, -1,6% on 2009) and Wind
Telecommunications (9,2 billion, +4% on 2009). 113 companies declared their financial debt null and void at the end of 2010.
Among the major ones we find those of Thyssenkrupp (-151 million euros, equal to 6,6% of turnover) which precedes in this unenviable classification the It Italian (-140 million, 1,3% of turnover). Then follow the Lucchini (-108 million, 5,7% of turnover), Alitalia (-77 million, 2,4% of turnover), Shell Italia (-52 million) and Fintecna (-42 million), whose public shareholder associates it with Rai (-22 million). Eight of these eleven companies then recorded a net loss in 2010 which reached high values in the case of Lucchini (-648,1 million, equal to over 34% of turnover) and Fintecna (418,7 million, equal to 15,3 .XNUMX% of turnover).
The ranking is headed by Seat PG's "monster" loss of 667 million euros and 60,1% of turnover, the highest incidence among the companies in the panel, caused by the reduction of goodwill for 674 million euros. They follow the
Lucchini at 648,1 million euros (34,4% of turnover), also in this case due to write-downs of approximately 550 million, and De Agostini which recorded a net loss of 560 million equal to 14,9% of its turnover, essentially due to the alignment of the value of the investment in Generali which, after four years from the initial investment, remains below the purchase cost. The losses of the Etruria Consortium (45,5%), which operates in the construction sector, and of the Bs-Ve motorway (42,6%) are also significant compared to the turnover.
Some industrial sectors: the top10
Clothing: goes to the group Benetton the palm of the largest company in the sector, with over two billion in turnover, stable on 2009; follows Giorgio Armani at 1,6 billion euros (up 4,6% on 2009), ahead of Renzo Rosso's Only the Brave Group at 1,3 billion. up 4,4% on the previous year; then come Max Mara at 1,2 billion. (+4,2% on 2009), and the Calzedonia group which, with a progression of 12,1%, moved above the 1,1 billion threshold. exceeding by around twenty million the D&G group, whose 2010 financial statements close in March, also just over one billion, but in a more contained progression on the previous year (+8,8%). Miroglio (997 million, +7,3%), Zegna (963 million, which holds the palm of the greatest growth with a
+20,8% on 2009) and Engifin with the Golden Lady and Omsa brands (624 million, +7,1%). Valentino FG closes the top10 to 492 million, up 6%. D&G achieves the highest turnover per employee (318 thousand euros) followed by Armani
(301 thousand euros); the same two companies also realize the highest added value per employee of the panel (respectively: 128 and 117 euros).
The high profit on turnover is of Calzedonia (12,9%), followed by Armani (10,1%), which surpasses D&G at 8,9%. Worth mentioning is the red of the Valentino FG group which marks a net loss equal to 8,3% of turnover.
Leather and footwear: Prada maintains its first position having exceeded the threshold of two billion in turnover with a progression of 31% on 2009, effectively doubling the group Geox, represented here by the holding company Lir, which reaches 914 million euros with a slight increase on 2009 (+2,4%); Tod's is more dynamic (788 million, +10,4%), closely followed by Ferragamo which, thanks to a progression of 26,4%, moves about fifteen million away to 773 million. LVMH Italia at 598 million (+11,3%) precedes Gucci Logistica, which carries out purely commercial activities, growing by 28,4% to 465 million euros. It should also be noted that the Gucci Group in its entirety is missing: it belongs to the French PPR in whose accounts it is consolidated and whose 0 turnover is indicated at 2010 billion euros (4 billion for the Gucci brand alone).
The Technical group closes the ranking (395 million million, +11,5%), la compare with the Bata and Athletes World brands (375 million, +3,3%), the Rino Mastrotto group (230 million, +14,2%) and Bag which with the NeroGiardini brand reaches 213 million. (+7% on 2009). The Tod's Group achieves the best ratio between net result and turnover in 2009 (13,9%), followed by
Prada (12,3%) and LVMH Italy (10%). Only the Tecnica group reports a net loss (-1,1 million). The highest turnover per employee is Gucci Logistica (812 euros) and the Bag (772 euros), while the highest net added value per employee is Prada (127 euros), which precedes the Bag (120 euros).
Food: compared to the 2009 ranking Parmalat surpasses Barilla, reaching 4,3 billion. with an increase of 8,5%, while Barilla regresses by 1,7% to 3,9 billion. Then come, with a turnover of over 2 billion, Ferrero with
2,6 billion (which, as mentioned, however, would be a group of over 6,6 billion assuming the Luxembourg consolidated) and Cremonini active in slaughtering and catering (Marr group) which, with an increase of 9,4%, stands at 2,4 billion. and ahead of Veronesi Finanziaria (AIA, Fini, Negroni and Montorsi brands) at 2,3 billion, a slight increase of 2,5%. Below the two billion mark Unilever Italia at €1,8 billion, down 10,4% due to the sale
of activities related to frozen foods, and the Italian Nestlè (1,6 billion, +1,8%).
The Italian assets attributable to the Lactalis group after the acquisition of Parmalat amount to approximately 5,6 billion. Leaving aside Unilever, whose profit is affected by extraordinary components following the sale of the frozen food division to CSI Compagnia Italiana Surgelati headed by Iglo Foods Group Limited (leader of frozen foods in Europe (Findus Capitan Findus, Sofficini Findus and 4Salti in Padella, That's Amore Findus).The largest incidence of profit on turnover goes to Parmalat (6,6%), followed by Ferrero (6,1%). All the other groups are below 2%. Only Nestle reports a net loss (approx. one million euros).
Car: contrasting trends are noted among the top 10 companies that produce means of transport. The group Exor (which includes Fiat Spa and Fiat Industrial, but not yet Chrysler) rose by 12,3% to 59 billion. about, the Volkswagen Group Italia settles at 4,9 billion. with an increase of 7,4% on 2009, while the Ford Italy loses 14% to 2,5 billion. BMW Italia was also down, dropping 11% and reporting a turnover of 2,2 billion. while GM Italia is up 6,5% with a turnover of 1,8 billion.
Sevel's engine production made strong progress (+49,4%). Among the producers of means of transport other than cars, Fintecna declines (-19%, also due to shipbuilding which, together with Fincantieri, loses 12%) with sales of 2,7 billion. while Immsi (Piaggio) confirms its sales at 1,6 billion. Avio and Finmeccanica mark similar progress in turnover of around 3%.
Drinks: after Davide Campari overtook Coca-Cola Italia in 2009, the head-to-head battle continues between the two companies whose turnovers are separated by less than 20 million euros: both made significant progress in 2010, equal to 15,4% the Campari and 16,7% the Coca-Cola. They follow the Zoppas Finance (San Benedetto water, Guizza, Schweppes) stationary at 859 million euros, Sanpellegrino at 841 million, up 2,1% and then, separated, two brewers: Heineken at 619 million (up 4,2 %) and Peroni to 489 million, down by 0,8%. Martini & Rossi is smaller (322 million) and stationary (+0,9% turnover) and is preceded by the main national wine group, the GIV-Gruppo Italiano Vini with 328 million turnover (+7,7%) which far away from Caviro which fell back by 1,3% to 246 million.
Ilva Saronno, at 257 million (+9,2%), confirms its first place as a percentage of profit on turnover (17,5%), followed by Davide Campari (13,4%) and Heineken at 10,5%. Coca-Cola Italia ended 2010 with a loss (-3,4% on
turnover) and, above all, Birra Peronic (in red for 13% of turnover). The highest turnover per employee is achieved by Martini & Rossi (864 thousand euros), while the highest per capita added value is Heineken with 213 thousand euros,
followed by Campari at 195 thousand euros. The water producers, Zoppas and Sanpellegrino, are aligned both in terms of turnover per employee (428 thousand and 451 thousand euros respectively) and in added value (117 thousand and 112 thousand euros), while the two wine producers report the lowest per capita added value (GIV at 73 thousand euros, Caviro at 71 thousand).
Distribution: Italian Supermarkets, before the panel, increased sales by 6,4% to 6,2 billion euros, finally surpassing even the Italian interests of the Carrefour which fell from 6,1 billion euros to 5,7 billion. (-5,8%).
They follow: Auchan at 3 billion (+1,7% on 2009), Finiper (Brunelli) at 2,5 billion. marginally progressing by 0,2% and overtaking the Pam Group (Bastianello) also at 2,5 billion, but down by 1,1% compared to 2009. Taking into account
that the SMA (2,2 billion, -4,3% on 2009) belongs to Auchan, the latter's Italian interests amount to 5,1 billion euros, slightly down on 2009 and well behind the Esselunga group . The first cooperative by turnover is Unicoop Firenze which reaches 2,7 billion, with an increase of 6,3% on 2009, similar to that marked by Esselunga.
It should be recalled that in 2010 the aggregate of the major coop-branded cooperatives achieved sales of 12,2 billion. euros, up 1,4% from around 12 billion. of 2009. The highest turnovers per employee are from PAC 2000 A, which however operates as a non-retail distribution center, with the Conad brand (1,1 million euros), Supermarkets Italiani
(321 thousand euros), which also has the highest profit on turnover (3,9%) and the Unicomm Group with the Famila and Emisfero brand (294 thousand).
Domestic appliances: il Fineld group (Indesit) remains the largest in Italy with a turnover of 2,9 billion (+10%); follows the De 'Longhi to 1,6 billion. in strong progression on 2009 (+16%) ahead of Whirppool Europe whose turnover fell marginally (-0,9%) reaching 1,35 billion. Candy with a growth of 3,4% reached a turnover of 952 million, surpassing Electrolux Italia in 2010 which suffered a reduction of 9,8% to 926 million. The Philiphs group holds its own with a marginal decrease of 1%, while the Italian LG rises with a +9,3% to 751 million. The manufacturer of air conditioning systems Daikin closes the ranking (386 million, +24%).
Pharmaceutical: first for turnover and the Menarini which exceeds the threshold of 3 billion. in turnover with an increase on 2009 of 8,4%, ahead of Comifar, active however only in distribution which records a turnover of 2,4 billion euros, down by 7,8%; Pfizer achieves a very strong progression in turnover (36,4%) also as a result of corporate reorganization operations, reaching 1,7 billion. and surpassing the Artsana of the Catelli family from Como with a firm 1,5 billion, +1,7%. The other big names in the Italian pharmaceutical industry, all showing an increase in turnover on 2009, are Sanofi-Aventis (+1,5%), Novartis Pharma (1,3 billion +12%) and Merck Serono (1,2 ,9,4 billion, +281%), which also achieves the highest added value per employee (XNUMX thousand euros).
Publishing/newspapers: six of the top ten companies by turnover report decreases in turnover; RCS, first with 2,3 billion. of turnover, grows by 2,2%, Mondadori with 1,6 billion. by 1,2%. There From Agostini it leaves the sector as it is now a diversified group (especially in the gaming and lotteries sector with the activities of Lottomatica, even if the publishing activities exceed 1,3 billion in turnover, making it still the third national operator). The third position of the panel is occupied by the Express Group, stable at 885 million (-0,2% on 2009). The Istituto Poligrafico e Zecca dello Stato is in slight progress (+0,8%) to 499 million and precedes the other company that carries out pure press activity (without journalistic or editorial activity) which is Pietro Pozzoni, down by 4,1 .411% to 6 million. Messaggerie decreased by 488% to XNUMX million, while, returning to newspaper publishers, the Only 24 Hours decreases by 4,1% to 482 million, 2,3% is lost by Monrif (La Nazione, Il Giorno and Resto del Carlino) which invoices 248 million and 3,7% is left on the ground by Caltagirone Editore which publishes il Messaggero and sells for 238 million. In 2010, the highest added value per employee was marked by Espresso (155 euros), followed by Mondadori (114) and Caltagirone (111). The Sole 24 Ore figure is contained (83 thousand euros) surpassed by the Monrif (97 thousand).
Metallurgy: the annus horribilis of the sector that was 2009 turned into 2010 a year of great recoveries, determined by the growth in the prices of raw materials. All operators report double-digit turnover progress, with the sole exception of Dalmine. The largest operator remains by far the Shore Fire with 7,8 billion. of turnover and an increase of 33,8%, followed by the group Marcegaglia which rises to 3,8 billion, an increase of 48,8%. The KME Group grew by 39,5% (2,7 billion) and Thyssen even by 58,9% to 2,3 billion. We therefore find Finarvedi (+83,5%), CLN (+20,4%), Siderurgica Investimenti (+51,8) and Acciaierie Beltrame (+18%). As mentioned, Dalmine decreased, which stood at under one billion (951 million), despite being part of a group controlled by the Rocca family based in Luxembourg (Tenaris) and which, worldwide, had a turnover in 2010 of over 7,7 billion. euros with over 25 employees (of which only 2600 in Italy). It should also be noted that five metallurgical groups out of ten closed 2010 with a loss, with Lucchini reporting a loss equal to 34% of turnover. Dalmine shows the best incidence of net profit on turnover (8,7%) and the highest per capita added value (137 euros).
The "dynamics"
Those already selected in previous editions are 8 out of twenty-four: Italiana Alimenti, Siae Microelettronica, Diasorin (listed), GGG (in 2006 and 2007 present as Ufi Filters), D'Amico Società di Navigazione, Carel, Bonatti, G & A Montanari & Co. (in 2001 and 2009 present as Navigazione Montanari ). Junior Enterprises (2010 turnover at least + 20% on both 2007 and 2009 with a profit >4% of the 2010 turnover with a size between 50 and 330 million euros in sales and with employees < 500 units). Identify 9 companies. They had been 2 in 2009, 8 in 2008, 16 in 2007, 31 in 2006, 24 in 2005, 18 in 2004, 7 in 2003, 14 in 2002 and 24 in 2001). Identified 7 companies in industry and 2 in services. Senior Enterprises (2010 turnover at least + 20% on both 2007 and 2009 with profit >4% of 2010 turnover with size > 330 million < 3 billion euro of sales and with employees > 499 units). Identified 15 companies (see the attachment), eleven operate in industry, 1 in construction and 3 in services (last year: 6 companies; 4 in industry and two in construction. Of the 24 companies, 9 operate directly or in support ( some only marginally) of Green Energy.
Some system data (2003-2010)
The evolution of the banking system observed through the aggregate of just over 570 banks analyzed by the US Mediobanca (with a preference for consolidated financial statements, where drawn up) indicates between the end of 2003 and that of 2010 a growth in loans to customers (businesses and households) equal to 87,8%, or 9,4% annually, from 1.066 billion to 2.002 billion euros. In the same period, doubtful loans (performing, substandard, restructured and expired) grew by 172%, equal to 15,3% per year, thus increasing their incidence on the total from 4,4% (in 2003) to 6,4% (In 2010). During the period, "performing" loans recorded growth substantially in line with that of total loans (9,1% on an annual average). The reduction of doubtful loans out of the total was progressive from 2003 to 2007 when it reached a minimum of 2,9%; since 2008 it has risen to 3,4% to reach 6,4% in 2010. In 2010, "performing" loans increased by 1,2% on 2009 (+22 billion approx.), doubtful loans increased by 14% (+15 billion), the total ones increased by 1,9% (ie +7 billion, the balance of the two previous changes).
Observing the composition of doubtful loans in the period, the least dynamic share is that of non-performing loans, which grew by 101% (10,5% annual average), while substandard loans increased by 177% (15,7% annual average). But the real boom came from restructured and past due credits, which increased at an average annual rate of 31% which since 2003 has accumulated an increase of 568%. At the end of 2003, non-performing loans accounted for more than half of doubtful loans (51%), a share which had fallen to approximately 2010% at the end of 38. The share of substandard loans remained constant, passing from 40% in 2003 to 41% in 2010, while the incidence of the residual class (restructured and expired) more than doubled, rising from 9% to 21%. Over the last year, non-performing loans have increased considerably (+29,5%), while problem loans have shown a much more modest increase (+5,3%), due to the transfer of a part of problem loans to the more critical suffering position. It should be recalled that substandard loans attract hedging funds for approximately 25% of their gross amount, non-performing loans for approximately 60%. Non-performing loans (32%) are gradually returning to the levels of 2006 and 2007, when they represented 43-45% of the total, while substandard loans remain a few points above their incidence between 2006 and 2007 (33-37%).
Since 2003, banks with mainly short-term deposits (other than cooperative banks and mutual banks) have increased their loans to customers by an average annual 9,4% (in line with the aggregate data), with an annual growth of loans doubts by 14,5% (below the aggregate average). The impact of the latter on loans also moved in line with the system, reaching 2010% in 6,3 (from 4,6% in 2003), but the growth since 2003 has been lower than that of the aggregate (+157,6% against 171,7%), even if in the last year the progression was slightly higher (+14,6% against +13,7%). Note the modest expansion of total customer loans in 2010, +0,5% on 2009, below the aggregate average (+1,9%). The co-operative banks which started out in 2003 with a slightly lower incidence of doubtful loans than the system (4,2%) reached a much higher level in 2010 (7%). Since 2003 they have shown a more modest growth rate of loans to customers (+8,7% annual average, 79,3% cumulative), but, precisely in the years of the crisis, they seem to have supported the demand for credit with greater conviction, increasing loans to customers by almost 9% in 2009 and again by 6,9% in 2010 (remember the +1,9% of the system). They "paid" for this proximity to the customer with a higher growth in doubtful loans (+17% on an annual basis, +201% cumulative), and a consequent lower growth in "performing" loans (+74% vs +84% of the system). As for cooperative credit banks, they too discount a greater proximity to customers, reporting an increase in loans granted to them of 7,1% in 2010, in line with the 6,9% of cooperative banks and well above 0,5 .2009% of other commercial banks. There is some concern about the growth in the incidence of doubtful loans on the total, which remained below the level of popular loans until 2010 and was in line in 7 (19,4%). This is the consequence of the very high growth in doubtful loans that occurred in the last year (+10,6% against +2003% of popular loans). It remains verified that the CCBs structurally have higher incidences of doubtful loans on the total than the other categories and the system average (since 4,5 this incidence has never dropped below XNUMX%).
As for the ex Basel solvency ratio, after falling from 11,2% in 2003 to 10,4% in 2007, it rose again to 10,9% at the end of 2008 and then recorded a further increase to 11,9% at the end of 2009 and 12,4% at the end of 2010. In relation to Tier 1 capital alone, the ratio at the end of 2010 was 9,2% (from 8,1% in 2003). The growth in total supervisory capital contributed to this dynamic, which increased by 2003% from 2010 to 62,3 to approximately 219 billion euro, against a 43,5% growth in risk-weighted assets. But growth has been particularly marked since 2007, when the total capital ratio was 7,6%, thanks to the simultaneous 11,7% growth in regulatory capital and the concomitant reduction in weighted assets (-7%) following the deleveraging process implemented by banks. In more detail, it was the Tier 2008 capital, i.e. the most noble component, that supported the growth of the regulatory capital, in particular starting from 15,5 when it grew by 2% against a decline in the other components, from Tier2 which dropped by 96% to the substantial elimination of level III subordinated liabilities (-4,2%). As mentioned, the rest was done by the shrinking of weighted assets (-2008% since XNUMX).
Banks with mainly short-term deposits show Basel coefficients which also decreased from 10,7% in 2003 to 9,7% in 2007, before then rising again to 10,3% in 2008 and 11,6% in 2009 and 12,4% in 2010. Tier1 marks a level of 2010% in 8,9, lower than the system average (9,2%). The co-operative banks, which also started from coefficient values lower than those of the other commercial banks in 2003 (9,8% against 10,7%), reached 11,5% at the end of 2009, in line with the commercial banks unpopular, but 2010 marked a turnaround with a fall in the total capital ratio to 11,2%, due to a 9,8% rise in weighted assets not offset by the growth in regulatory capital (+6,9, 17,2%). Lastly, the CCBs historically have higher levels of asset management than the system average, even if there is a clear decrease from 2003% in 15,2 to 2010% in 84. This dynamic can also be explained by the greater expansion of their business, signaled by a growth in risk-weighted assets (RWA) of 2003% since the end of 37 (against 47% for other commercial banks and 93% for cooperative banks). It should also be considered that around 1% of the overall capital requirements of the CBs are covered with Tier74 (against the system's average of 2003%). Lastly, it should be noted that the investment and securities banks recorded a significant reduction in solvency ratios, which fell from the very high levels of 20,2 when they were worth 2008% to the minimum of 12,6 when they settled at 4,3%. From there, a recovery began which, unlike what occurred at the system level, was not due to a process of capital strengthening (regulatory capital fell by 2008% from 13,9) but wholly due to a reduction in assets risky (-XNUMX%).
Structure and profitability indices (2009-2010)
The Italian banking system observed in the study office survey is made up of 573 institutions and covers 96% of the system in terms of regulatory capital and 97% in terms of branches. The group is made up of 137 banks with mainly short-term funding (representing 65,3% of total loans in Italy), 37 cooperative banks (15,1% of loans), 355 CCBs (6,5% of loans) , 21 securities and investment banks (11,5% of loans) and 23 securities and asset management banks (1,6% in terms of loans). 2010% of funding took place in 76,5 through deposits; they constitute the form of funding preferred by cooperative banks (79,4% of their funding) and above all of the mutual banks for which they substantially represent the only form of funding (96,4%). Symmetrically, approximately 93% of loans are made up, for the CCBs, of loans to customers, against a system average of 78,1%. In 2010, the Italian banking system (represented by an aggregate that excludes consolidated financial statements) recorded a ROE of 3,5%, up from the 2,8% of 2009 but far from the 5,2% of 2008 and the 9,3% in 2007. The cooperative banks recorded the best roe in 2010, equal to 3,3%, slightly higher than that of the commercial banks (3,1%) and much higher than the 2% of the CCBs. In 2010, the interest margin represented approximately 51% of revenues, a percentage that rises to 65,6% for the mutual banks, settles at 54,6% for commercial banks and falls to 44% for cooperative banks, a figure the latter is consistent with the relatively modest incidence of loans to customers on total loans (71,1% vs 78,1% for the system in 2010) in their balance sheets. The labor cost per employee, on average for the system, appears to have risen slightly in 2010, settling at around 72.900 euros against 72.700 in 2009 (+0,3%). The CCBs show per capita costs of around 66 euros, lower than cooperative banks (69.600 euros) and other commercial banks (72.860 euros). Overall, the workforce fell by 0,4% with a loss of approximately 1400 jobs, a reduction which follows that of 2009 equal to 3,8% (approximately 12.600 units) and of 2008 (-1,5% equal to approximately 5 thousand seats). The decline in banks with short-term deposits (-1,4%, after -5,7% in 2009 and -3,5% in 2008), is counterbalanced by the growth in employment of cooperative banks (+2,5% ) and that of the mutual banks (+3,1% after the +3,1% in 2009 and the further increase of 4,9% in 2008). Branches also fell by 1% (after the reduction of the same amount in 2009), also in this case entirely due to the effect of the other commercial banks (-2,2% after -2,7% in 2009) as they increased both those of the cooperatives (+1%) and of the CCBs (+3,8% after the +3,7% in 2009). The number of employees per branch is stable at around 9,5 units.
Top 20
The ranking of Italian banks in 2010 does not report significant changes in the top 20 positions compared to 2009, in particular theThe first eight positions have changed. Unicredit remains in first position for total tangible assets (904 billion euro), ahead of Intesa Sanpaolo (633 billion) and Banca Monte Paschi (237 billion), followed by Banco Popolare, UBI Banca, BNL, Mediobanca and Popolare dell'Emilia Romagna. Popolare di Milano gains one position and is ninth (total tangible assets 53 billion) and also in tenth position we note the advancement of a position by Cassa di Risparmio di Parma e Piacenza (45 billion.) The two advances also depended by the regression of Dexia Crediop whose tangible assets decreased by 20,7% causing the loss of two positions in the rank. The 12th (Banca Carige) and 13th (Banca Popolare di Vicenza) positions remained unchanged, and note the good growth of Veneto Banca Holding which rose from 18th to 14th position as a result of a significant change in the scope of consolidation. The exchange of position between two neighboring banks was reported, with Popolare di Sondrio rising to sixteenth position to the detriment of Credito Valtellinese which slipped to 17th, giving up one place. Deutsche Bank with total tangible assets down 5,1% (24,8 billion) loses four positions from 14th to 18th. Nothing changes in the last two positions where we find Banca delle Marche (19th) and Banca Sella Holding (20th).
The roe
The banks with the highest roe in 2010 are specialized in asset management: these are Banca Generali (the parent company) with 85% (whose consolidated accounts closed with a roe close to 43%) followed by Intesa Sanpaolo Private Banking ( 36,6%) and Banca Aletti & C. (of the Banco Popolare Group) with 31%. Banca Fideuram is also above 30% (30,5, also of the Intesa Sanpoalo group). The ranking of retail banks (non-cooperative or Bcc) is led by Banca Regionale Europea (of the UBI Banca Group) at 20,3%, followed by Banca Italo Romena at 18,3% (Veneto Banca group) and by Finecobank (Unicredit) at 16,6%. Deutsche Bank Mortgages (10%) and Carilo – Cassa di Risparmio di Loreto (15,5%, Banca delle Marche group) also exceeded 11,2%. Among the CCBs, the one of Arborea stands out with a roe of 10%, followed by the CCB of Metauro (9,1%) and that of Marano (8,9%). Among the popular banks, that of Emilia Romagna is in first position with 10%, followed by the parent company Banca Popolare di Sondrio (at 8,4%, whose consolidated also records a flattering 7,9% for the category ).
In retail, the most significant losses with respect to equity is that achieved by Banca di Treviso (of the Banca Popolare di Marostica Group) which consumed more than 2010% of equity with the loss in 48, followed by Banca Monte Parma (with losses at 35,7% of equity) and Banca Modenese (of the CR group of Ferrara) at 33,5%. Among the Bccs, the cases of the Bcc of the Ionian-Albidona (39,8% losses) and the Bcc of Belice (36,7%) are striking. But the most abnormal case is that of Banca Sara, operating in asset management, with losses equal to 59,2% of its own means.
The special classification that ranks banks according to the incidence of doubtful loans on total loans to customers sees Serfina Banca in the worst position (highest incidence), with an incidence of 31,5%, followed by three mutual banks: that of the Belice (27,4%), Irpina (22,3%) and the two seas of Calabria (21,8%). Hypo Alpe-Adria-Bank is also over 20%.
The aggregate (2009-2010)
The gross premiums of the 128 Italian insurance companies (representing approximately 98% of the system in terms of premiums written) amounted to 2010 billion euro in 126,2, an increase (+7,8%) compared to 2009. Income from investments attributed to the technical branches, halved from 26,3 billion. to 13,8 billion. in 2010 which, together with an increase in charges for claims (+10,3%), leads to a negative technical result (-553 million); the lower contribution of other income from investments (from two to one billion euro) and the increase in non-recurring charges (from 434 million to 1,2 billion) also led to a negative result for 658 million, after was positive for over four billion in 2009. The current value of investments grew from 491,4 to 501,6 billion (+2%), a value that does not express any implicit capital gain on the book value. Employees score a
2,1% increase.
Top 10
In the ranking of the top 10 insurance companies, the first two positions occupied by are unchanged Generali (+2,9% premiums to 68,4 billion) and Fondiaria-Sai (+5,3% premiums to 13 billion). Change the third square now occupied by Poste Vita coming from sixth position, with gross premiums up 33,9%, to 9,5 billion. of Euro. Mediolanum follows, stable in fourth place, with premiums at 9,1 billion. down by 5,4% on 2009. Allianz slips into fifth position from third, with premiums down by 13,9% and Unipol also loses one position, whose premiums amount to 8,9 billion. down by 6,1% on 2009. Nothing changes in the subsequent positions (Eurizonvita seventh, Cattolica eighth) up to the ninth position where Axa Mps Assicurazioni Vita enters with premiums of 4,1 billion. up by 14,3% and the tenth where it rises from the 11th Aviva Italia Holding (+14,5%).
THE FINANCIAL COMPANIES
Investment holding company
The aggregate of the 221 holdings closed 2010 with financial investments amounting to 268 billion euro, made up of shareholdings for 205 billion and receivables and other financial assets for 63 billion. Equity amounted to 173,3 billion, while financial debts amounted to 94,3 billion euro (the debt/equity ratio at 54%). Dividends collected in 2010 amounted to 9 billion. and face net writedowns of 3,1 billion. The result for the year amounted to 4,8 billion. The analysis of the top 10 positions (determined on the basis of the volume of financial investments) shows the top six positions unchanged: Enel with 50,9 billion euros (down 12%), Ferrovie dello Stato with 43 billion (-0,7 %), Fiat with 17,1 billion. billion, up 16,4%, followed by Atlantia, Finmeccanica and Acif Allianz. Earn a Unipol position, rising from eighth to seventh position with a financial portfolio of 5,8 billion. (+11,9%), at the expense of Telco which pays for the reduction of its portfolio from 6,6 to 5,5 billion. (-17,4%) and transalpina di Energia, which drops from ninth to tenth place. The greatest profits in 2010 were made by: Enel (3,1 billion), Acif-Allianz (914 million), Atlantia (510 ) and Fiat (442 million). The largest losses are from Telco (1,1 billion, after having depreciated expenses for 1,2 billion), Pfizer Holding (-445 million) and De Agostini (-331 million).
The sims
The aggregate of the 27 SIMs closes 2010 with an operating result of 115,8 million, a strong recovery on 2009 (+45%). The intermediation margin increased to 403,9 million (+6% on 2009), supported by commission income (+9,5% to 579,7 million). The containment of administrative expenses was significant (-3,7%), despite the presence of stable employment (about 1000 units). The rank has undergone significant changes compared to 2009: Azimut Consulting Sim is in first position (it was fifth) followed by Sanpoalo Invest Sim (which climbs one position) and Ersel Sim, which rises from third to sixth position. The first in the 2009 classification, Intermonte Sim, falls to fourth position, just as Nomura's retreat from second to sixth position is strong.
Renting
The aggregate of the 48 leasing companies closed with leasing revenues sharply down to 3,6 billion (-18% approximately on 2009), but a net result that went from a loss (-242,4 million) to a profit in 2010 (149 million) and this thanks to the drastic fall in financial charges from 3,1 to 2,1 billion euro (-33%). Leased assets amounted to 2010 billion at the end of 114,4 (117,3 in 2009, -2,5%). Stable employees at 5419 units. The ranking of the top positions is totally unchanged compared to 2009 as regards the top ten positions and is headed by Unicredit Leasing.
Factoring and consumer credit
The aggregate of the 59 factoring and consumer credit companies sees financial receivables increase in 2010 from 103,9 billion to 107,4 (+3,4%). In detail, receivables for factoring increased (from 34,6 billion to 38,5 billion, +11,4%), while consumer credits decreased slightly (-0,5% to 68,9 bln.). The result for the year fell from 520 to 163 million euro (-68,6%%), essentially due to lower revenues from commissions and interest (-4,8%) and higher losses on receivables which grew to 2,3 billion euros (+11,6%). Employees increased by 2% to 11.588 units. Agos-Ducato confirms its leadership, while Mediafactoring rises from fifth to third position (Findomestic Banca confirms itself in second position). He loses a position slipping the fourth place the Compass.
