Medium-size Italian and Southern Italian businesses

Transcription

1 Naples, 9 February 2006 Fulvio Coltorti - Emanuela Salerno (Mediobanca Research Department)

2 businesses selected in Italy Medium-size p In all: 3,893 medium-size businesses in 2002 in Italy, 279 of which in Southern Italy and 80 in Campania (32 in Naples) p Data classified by: p principal place of operation (macro-areas and regions) p main activity (Ateco02 s codes by 4 digit) p location in an industrial district or some other local productive system (LPS) 2

3 Medium-size businesses in North-Eastern Italy % of turnover in 2002 Others 5.0% Iron and steel 6.1% Mechanical engineering 13.4% Chemicals 10.5% Goods home and person 23.7% Food and drink 41.3% Naples Made in Italy - Turnover 69.6% - Exports 78.2% - Food and drink 44.2% - Goods for home and person 16.7% - Iron and steel 17.3% - Chemicals 12.9% - Mechanical engineering 6.7% -Others 2.2% Made in Italy - Turnover 57.0% - Exports 59.0% 3

4 Medium-size businesses in Italy % of turnover in 2002 Made in Italy Turnover Exports North-West North-West NEC (North-East / Central Italy) NEC 12.0% 7.8% 32.6% Southern Italy South Italy 8.3% 3.9% 6.3% 29.3% 13.0% 6.1% 5.0% 13.4% 17.6% 10.5% 13.0% 21.5% 23.7% 34.6% 41.3% Mechanical engineering Goods for home and person Food and drink Chemicals Iron and steel Others 4

5 Growth in value added % change-manufacturing, closed aggregates, nominal prices Medium-size Italian businesses North-West Italy NEC Southern Italy 40.1 Large firms Italian-owned non-italian-owned 17.7 Italy - Value added by manufacturing industry * 11.7 * Factor cost 5

6 Growth in value added % change - manufacturing, closed aggregates, nominal prices Districts LPSs Others Italy North-West Italy NEC Southern Italy 37.9 n.c

7 Growth in value added % change-manufacturing, closed aggregates, nominal prices Medium-size businesses in Southern Italy 40.1 Abruzzo 51.4 Campania 34.3 Apulia 32.5 Other regions in Southern Italy/islands 38.6 Naples

8 Sales: medium-size and large manufacturing businesses Medium-size Mediumsized , Large Italian MSEs: total sales Expected total sales Italian MSEs: exports Expected exports Italian large firms: total sales Italian large firms: exports 8

9 MSEs: Italy and South Italy Medium-size stima Italian MSEs: total sales Italian MSEs: exports MSEs in Southern Italy: total sales MSEs in Southern Italy: expected sales Italian MSEs: expected total sales Italian MSEs: expected exports MSEs in Southern Italy: exports MSEs in Southern Italy: expected exports 9

10 Margins on sales: Southern Italian medium-size businesses Italian MSEs: net operating margin Italian MSEs: current profit MSEs in Southern Italy: net operating margin MSEs in Southern Italy: expected net operating margin Italian MSEs: expected net operating margin Italian MSEs: expected current profit MSEs in Southern Italy: current profit MSEs in Southern Italy: expected current profit 10

11 Growth Net changes in number of companies Small companies now medium-size Medium-size companies now large 11

12 MSEs in Southern Italy: growth Net changes in number of companies Small companies now medium-size Medium-size companies now large 12

13 Medium-size firms: where are they growing? Net changes in number of businesses in period=557 Central / North East Italy; 53 North East Italy; % 9.5% North West Italy; % Lazio; % South Italy; % 13

14 MSEs South Italian businesses: where are they growing? Net change in number of businesses in period=79 Abruzzo; % Campania; % 7 in the province of Naples Other regions; % Apulia; % What do the 79 businesses do? % of turnover - Goods for home and person Mechanical engineering Food and drink Chemicals Ironand steel 2.2 -Others

15 MSEs: capital invested from 1996 to 2002 % distribution over 30 categories Italy Southern Italy 15

16 MSEs: capital invested from 1996 to 2002 Cumulative % for group of 6 categories (first category = 8m; last category > 240m) Italy Southern Italy

17 MSEs: capital invested from 1996 to 2002 Cumulative % for group of 6 categories (first category = 8m; last category > 240m) Campania Southern Italy

18 MSEs: capital invested from 1996 to 2002 Cumulative % for group of 6 categories (first category = 8m; last category > 240m) Campania Naples

19 Technology % of turnover in 2002 (OECD principles) MSEs MSEs in Southern Italy Major Italian groups Italian affiliates of non-italian multinationals German multinationals High Medium-high Medium-low Low 19

20 Financial structure in 2002 % of tangible invested capital Italian medium-size businesses Southern Italian medium-size businesses European multinationals Short-term borrowings M/l term borrowings Net worth Working capital Fixed assets 20

21 Financial strength in 2000 R&S-Unioncamere scoring model (%) All Italian SMEs All Southern Italian SMEs Italian medium-size businesses Southern Italian medium-size businesses major problems intermediate investment grade 21

22 Financial strength in Southern Italy in 2002 R&S-Unioncamere scoring model (%) Southern Italian medium-size businesses 3.1 Medium-size businesses of Naples major problems intermediate investment grade 22

23 Financial strength in Southern Italy in R&S-Unioncamere scoring model (%) in 1996 in 2000 in 2002 major problems intermediate investment grade 23

24 Annual average default rates Medium-size businesses: National average of Italian manufacturing companies North-East Italy 0.13% North-West Italy 0.25% Southern Italy 0.72% Italy 0.22% Italy 1.37% Southern Italy 1.93% 24

25 Medium-size businesses which became large: where are they now? Defaulted 5.6% Independent 37.8% Annual average default rate in Italy 1.4% Acquired by non-italian groups 18.8% Acquired by Italian groups 37.8% In Southern Italy: - 4 independent companies - 4 acquired by Italian groups companies - 1 acquired by non-italian groups companies - 2 defaulted 25

26 businesses in Naples Medium-size MSEs MSEs MSEs in Italy in Southern Italy in Naples Number of businesses in , Average size - turnover per firm ( m) Exports (in % of turnover) % variations 96-02: turnover exports employees Technology: medium-high/high (%) medium-low/low (%)

27 Southern Italian MSEs: size Italian average = 100 (2002) Employees Turnover Capital invested Value added Food and drink Mechanical engineering Textile and clothing 27

28 Value added and labour cost 000 per capita in 2002 Medium-size businesses North West NEC Southern Italy European multinationals Italian multinationals per capita labour cost per capita value added 28

29 Growth: resources, prices, productivity % variation in North West North East South Increase in headcount Increase in price Productivity 29

30 Southern Italian MSEs: value added % by sector 2002 NEC % 16.6% 20.3% 34.7% 24.2% % 32.0% 27.1% 14.4% 32.8% 23.0% 35.5% Mechanical engineering Goods for home and person Food and drink Others 30

31 MSE density in 2002, per 1000 manufacturing industries Medium-size North West Italy North East Italy NEC Southern Italy Abruzzo Campania Apulia Others per 1000 businesses 31

32 Medium-size and large firms in Southern Italy Selected by headquarters MSEs Italian large firms (2004) Value added ( m) Capital invested ( m) Employees Non-Italian large firms (2004) 32

33 Mediobanca Research Department Piazzetta M. Bossi 1, Milan, Italy Website: :