The companies controlled by the state (either directly by the MEF or through the CDP) continue to grind turnover and profits, even if many of them are increasingly indebted. This is what emerges from the report “State participations. Analysis of the financial statements of industrial and service companies", carried out by the Comar study center and which compares the data of 2019 with those of 2017. In the meantime, it emerges that, as is known, the State is increasingly present above all in the larger companies, those which will be called upon to play a fundamental role in the economic recovery: out of the top ten companies by turnover in Italy, five (of which all the top three) are under public control. Not only that: considering all companies with more than 250 employees, the 32 subsidiaries account for almost a quarter of total revenues and 10% of the employed.
Looking at the performance of these 32 companies (11 of which listed on the Stock Exchange: Enav, Enel, Eni, Leonardo, Fincantieri, Snam, Terna, Italgas, Poste, Saipem, Stm) in the three-year period 2017-2019, their turnover increased by 6 % to 241,4 billion euros (however slowing down in the 2019 calendar year, already before Covid); profits jumped 24% to nearly 27 billion; investments are now close to 35 billion, with over 470.000 employees (13.000 more from 2017 to 2019). The negative note, as mentioned, is that of financial debt, which has exploded by 20% to a total of 156 billion, compared to 130 in 2017. The lion's share, also and above all on the Stock Exchange, is energy. Meanwhile, over three-quarters of revenues (77%) are generated in that sector, and then Enel's performance in Piazza Affari stands out: alone, the group led by Francesco Starace is worth 14% of the total capitalisation of the Stock Exchange.
This means that Enel alone is worth half of the capitalization of the investee companies, which together represent 28% of the list value, with 168,4 billion (85 billion of Enel alone): in detail, in alphabetical order, Enav is worth 0,3 .5%, Eni 0,18%, Fincantieri 0,73%, Italgas 0,58%, Leonardo 1,87%, Poste Italiane 0,3%, Saipem 2,65%, Snam 2,11, XNUMX% and Terna XNUMX% (Stmicroelectronics is also listed abroad and therefore is not counted). Note that for 3 of these companies the State participation is more than 50% (Enav 53%, Fincantieri 71%, Poste 64%), while Enel itself has the lowest public share, 23%, while 60% is represented by funds and a good 16% by small savers. Finally, the Comar study recognizes some "awards": based on the net operating margin/turnover ratio, the best is Snam; based on the ratio of turnover per employee, Gse and Eni stand out; based on the best debt-to-turnover ratio, the most virtuous is Sport and Health.
