A notable impact on the economy, the stock market and employment: state subsidiaries are a treasure to be protected and managed as best as possible. This is also confirmed by the newfound importance that the government has given to the divestments of public shares – notably MPS and Poste Italiane – placed at the basis of some interventions included in the Maneuver, and the newfound importance of some acquisitions in strategic sectors – from Fibercop to Sparkle – favored from Golden Power in extended form.
But let’s see large numbers of the 43 state-owned companiestaken into consideration by the CoMar Study Center in the sixth edition of the “Report on the financial statements of state-owned companies 2017-2023”, which compares the results of 2023 with the previous year and with respect to a broader time span, and carries out of the forecasts for 2024, taking into consideration the results of the first nine months of the year.
The role of subsidiaries in the economy
The CoMar report shows that state-owned companies have a crucial role for the economy Italianrepresenting the 15.4% of GDP Italian.
The sales overall at the end of 2023 it was equal to 328.4 billion eurosdown by 139 billion (-29.8%) on the 467.6 billion in 2022, but up by 44.1% (over 100 billion) compared to 227.8 billion in 2017. In the rankings in terms of turnover of all Italian companies, state-owned companies occupy the first three places and six of the top twenty. Considering the breakdown of turnover by sector, 76.3% is achieved in theenergy10.9% in mechanics9.6% in transport and telecommunications; shares of just over 1% for IT, publishing, sports and leisure and lower for services to the PA or environment and territory.
The useful are equal to 14.7 billion of euros, with a decrease of 5.7 billion (-27.8%) on the previous year, but double (+106.5%) compared to the pre-pandemic period (2019). The net operating margin it was of 33.9 billion of euros, down by 6.2 billion (-15.6%) on the 40.2 billion in 2022, but up on the 21.6 in 2017 (+57.5%).
THE financial debtsbetween 2022 and 2023, are dropped to 211.4 billion euros from 213.1 billion, but they are up by 81.4 billion on 2017 (+62.5%). The ratio between financial debt and turnover stands at 64.3%, while it was 57% in 2017.
By drawing up a ranking of betterit emerges that in terms of salesI am on the podium
- Eur SpA (36%)
- Terna (29.1%)
- Fibercop (28.1%)
while between worse they are classified
- Strait of Messina
- Open Fiber
- Ansaldo Energiab.
Companies with the better “MON on turnover” ratio I am
- Fibercop (53.5%)
- Terna (44.6%)
- Highways for Italy (44%)
- Italgas (43.2%)
- Snam (34.9%)
- Brother (34.2%).
Strait of Messina, Milan Cortina Infrastructure 2020-2026, Valvitalia, PSN-National Strategic Hub, Ansaldo Energia, Open Fiber do less well.
The 6 participate which have all the indicators of profitability negative (Net operating margin and results) are
- Ansaldo Energia
- Ita Airways
- Open Fiber
- National Strategic Pole
- Sogesid
- Strait of Messina.
A stable source of employment
The State is also confirmed largest employer in Italy, not only for the number of public employees, but also for those employed by state subsidiaries, which show large numbers. State-owned subsidiaries have in fact reached quota 483 thousand employeeswith a notable increase compared to the 457,648 in 2017. The turnover per employee was 680 thousand euros.
THE major employers I am Post Office, Railways, Enel, Leonardo, Eni, Saipemwhich together employ 387,454 workers, equal to 80% of all state-owned subsidiaries.
How 2024 will end
CoMar’s analysis also evaluated the trend trend for 2024 of the 11 listed companies – EnavEnel, Eni, FincantieriItalgas, Leonardo, Post Office, Rai WaySaipem, Snam, Terna – based on the results of the first 9 months of the year. These companies they represent 73.5% of total turnover and 91.1% of profits of all state subsidiaries examined. Seven of thesepresenting the results for the third quarter, confirm the already positive forecasts (guidance).while others four improve them further.
The sales went from 179.6 billion euros to 169.5 billion and therefore decreased, in one year, by 10.1 billion (-5.6%)with 14.4 billion lost only by Enel (-17.1%) and Eni (-3.7%), which are not compensated by the growth recorded by seven other investees; on the contrary, Terna (+17.8%) and Leonardo (+17.6%).
Profit growsalbeit slightly, of 182 million euros (+1.4%)from 13,251 to 13,433 million, with the best results for Saipem (+160.7%) and Leonardo ((+142.55); less well Eni (-46.8%) and Snam (-9.1%).
Heavyweights on the stock market
The weight of state-owned companies is relevant on the stock market: also considering the banking sector, there are 13 listed companieswith MPS BankEnav, Enel, Eni, Fincantieri, Leonardo, Italgas, Poste Italiane, Raiway, Saipem, Snam, STMicroelectronicsTerna. To these 13 listed, more are added 6 others who have listed financial instrumentssuch as Amco, Invitalia, Cdp, Ferrovie dello Stato Italiane, Rai, Sace.
As of December 10, 2024, the 13 publicly listed capitalized 219.4 billion euros, 27.7% of the 790.1 billion of the entire Italian Stock Exchange. Priced for 4the percentage of state participation (also considering Cdp) is greater than 50%: Enav (53.3%), Fincantieri (71.3%), Poste Italiane (64.3%), Raiway (65%). The smallest shareholdings are for Enel (23.6%), Terna (29.8%), Eni (30.4%), Leonardo (30.2%), Snam (31.4%). As a theoretical exercise, considering the share held by the State in each of the 13 individual listed subsidiaries and the capitalization of each of these, again as of 10 December 2024, the total value of publicly owned shares turns out to amount to 73.1 billion euros.
