Medium-sized industrial companies in North-East Italy. Emanuela Salerno, Mediobanca Research Department Udine, 17 May 2011

Transcription

1 Medium-sized industrial companies in North-East Italy 2011 Emanuela Salerno, Mediobanca Research Department Udine, 17 May 2011

2 The region Section 1 2

3 In 2008 The region Section 1 1,515 medium-sized companies (1,461 considering groups) 48 medium-sized companies in Udine staff Sales m Limited companies Source: Unioncamere research department 3

4 Medium-sized companies in North-East Italy: multilingual with local accents The region Section 1 "Genuine" mediumsized companies 1,461 Non-Italian parent companies owning 14% of potential medium-sized companies are based in Control 722 non-italian companies (33% of the total), 135 of which manufacturing (19% of the non-italian firms) and are based in Non-Italianowned 300 Large Italian groups 434 Americas 18% Eurozone 51% Other EU 14% Switzerland 11% Africa and Asia 4% Rest of world 2% Americas 14% Other EU 3% Eastern Europe EU 20% Eurozone 33% China 11% Africa and Asia (excl. China) 8% Eastern Europe non- EU 7% Switzerland 3% Oceania 1% 4

5 Medium-sized companies in North-East Italy Base value added 2008 The region Section 1 MB-UC classification Nature of areas Other areas Other LPSs Districts Other areas Large industry District and medium-sized business 5

6 Trends Section 2 6

7 What medium-sized businesses do in North-East Italy Value added universe (data in m) Trends Section 2 Mechanical engineering 3,108 3,168 Personal and household goods 2, Food and drink 1, Udine Mechanical engineering 62.4% Food and drink 15.9% Chemicals and pharmaceuticals Personal and household goods 6.5% Chemicals and pharmaceuticals 6.3% Paper and printing 4.4% Paper and printing Iron and steel 4.5% Made in Italy 68.3% Iron and steel In 1996 Change, Made in Italy 69% Non-domestic sales = 40% of Italian medium-sized businesses total sales 7

8 Growth in North-East Italy Net changes, : 137 new companies Trends Section Udine Change From small companies To large companies Turnover index -25 In which sectors are large companies growing? Machinery and equipment, electrical/mechanical engineering, metal treatment and chemicals and pharmaceuticals 8

9 Growth in value added from 1999 to 2008 Percentage changes: manufacturing, closed sets, current prices Trends Section 2 Change % Medium-sized enterprises in North-East Italy Total Italian medium-sized enterprises Friuli Venezia Giulia Emilia-Romagna Veneto Trentino-Alto Adige Udine Italian manufacturing industry

10 Medium-sized companies in North-East Italy: turnover and value added Index 1999=100 closed set - MB-UC estimates for Trends Section MSEs in North-East Italy: sales MSEs in North-East Italy: value added Italian MSEs: sales Italian MSEs: value added 10

11 Medium-sized companies in North-East Italy: staff levels/operating margins Index 1999=100 closed set - MB estimates for 2009 Trends Section NE MSEs - EBITDA index Italian MSEs - EBITDA index NE MSEs - employees index 11

12 Exports Index 1999=100 Universe (chained values) MB and MB-UC estimates for Trends Section NE MSEs NE MSEs - mechanical engineering Total Italian MSEs NE MSEs - personal and household goods 12

13 Value added: two speeds (Value added, index no. 1999=100; MSE data for 2009 estimated) MSEs: % (2.5% avg. p.a.) NE MSEs: +30.9% (2.7 avg. p.a.) Large enterprises: - 7.8% (-0.8% avg. p.a.) MSEs: % NE MSEs: -11.1% Large enterprises: % MSEs NE MSEs Large enterprises Italian GDP 13

14 Net per capita value added at 1999 prices Closed sets and Trends Section 2 Base index 1999 = ,0 112,5 110,0 107,5 105,0 102,5 100,0 97,5 95,0 92, Italian GDP 300,0 250,0 200, ,0 100, , ,0 90, ,0 All MSEs NE MSEs Italian GDP 14

15 Finances Section 3 15

16 Financial structure: lean production ergo lean finance % of tangible capital invested - data universe 2008 Finances Section Italian MSEs NE MSEs Udine MSEs NE medium/large companies Largest Italian groups European multinationals Short-term borrowings Medium-/long-term borrowings Net equity Current assets Fixed assets 16

17 Tax rates different, including versus European peers Finances Section 3 55,0 50,0 45, ,0 35, ,0 25, , MSEs NE MSEs Large Italian companies European multinationals 17

18 but unusually progressive (Data refer to MSEs in North-East Italy for which details are available tax; 2008) Finances Section 3 120, ,0 Average tax rate = 38.4% of which: Ires = 28.2% Irap = 11.8% , ,0 40,0 20, , Ires (%) Irap (%) No. of companies 18

19 Medium-sized companies in North-East Italy: are they performing? Difference between ROE and risk-free rate - universe Finances Section 3 Average difference = 8.3 points (7.7 points for Italian mediumsized companies) ROE % Medium-/long-term Italian gov't bonds Difference 19

20 MSEs which have become large: where are they now? Finances Section 3 North-East Italy: 252 companies Italy: 586 companies Default 8.7% Default 7.5% Independent 36.5% Independent 36.7% Acquired by non-italian groups 20.6% Acquired by Italian groups 34.1% Acquired by non-italian groups 19.3% Acquired by Italian groups 36.5% Annual average default rate in North-East Italy 1% (0.2% MSEs, North-East Italy) Annual average default rate in Italy 0.8% (0.3% MSEs, Italy) 20

21 Solidity to face the crisis % of companies in R&S-Unioncamere scoring model Finances Section 3 All Italian SMEs Total manufacturing SMEs Italian MSEs MSEs in North-East Italy New entries 2008, NE Emilia-Romagna Friuli Venezia Giulia Trentino-Alto Adige Veneto Udine Solid Intermediate Problematic 21

22 Mediobanca Research Department Foro Buonaparte 10, Milan, Italy