Statistical Bulletin no. 22 - June 2023
 

Listed companies and financial intermediation in 2022

In 2022 the capitalization of Italian companies with shares admitted to trading on Italian regulated markets and multilateral trading systems (hereinafter referred to as "Italian listed companies") decreased by 19%. This was due to the decline of market prices (the Ftse All Share Italia index recorded a drop of 14% in a year); the ratio between capitalization and GDP changed from 33% at the end of 2021 to 25% at the end of 2022. The number of Italian listed companies increased from 407 to 412, due to the new listing on the Euronext Growth Milan (EGM) (+16), and the delisting on the MTA (-9) and on the Vorvel (previously called Hi-MTF) (-2).

Italian industrial companies listed on the MTA and on the EGM recorded profits of approximately 28 billion euro and 591 million euro respectively in 2022, with an increase of +123% and +52% since 2021. This is the result of increasing operating profits: revenues from business activities grew by +52% for companies on MTA and by +42% for companies on EGM in 2022 while operating expenses rose by lower rate. At the end of 2022 net assets of Italian industrial companies listed on the MTA and on the EGM was approximately 245 billion euros (+7% compared to 2021) and 5,1 billion euros (+23% compared to 2021) respectively.

Insurance companies listed on MTA recorded a slightly lower net income of 6.1 billion euros compared to 2021 (-3%) mainly driven by losses in Investments and loans (-17.4 billion euros in 2022 compared to +12.3 billion euros in 2021) more than reduction of insurance claims (73 billion euros in 2022 compared to 102 billion euros in 2021). At the end of 2022 net assets amounted to 37.8 billion euros compared to 56.7 billion euros in late December 2021.

Banks listed on MTA recorded net profit of 15.3 billion euros in 2022 (+55% over 2021). Higher profitability is the result of higher operating profits: interest and dividend income raised a 19% compared to 2021 while operating expenses remained stable. At the end of 2022 net assets of banks listed on MTA rose to 178 billion euros (+1% compared to 2021).

Other financial companies listed on MTA recorded income of 0.8 billion euros in 2022 (-20% compared to 2021) because of decrease in interest incomes and net commissions. Net assets also declined to 5 billion euros (-8% compared to end 2021).

In 2022 the trading volume of shares of Italian listed companies on regulated markets and multilateral trading facilities based in Italy and abroad increased by 4% compared to 2021, thanks to significant increase during the first semester of the year. The fails volume of Italian listed shares traded on MTA was 4.2% of total turnover on MTA (4.3% at the end of 2021).

The notional turnover in equity derivatives increased by 10%, due to strong rise in index futures turnover. At the end of December 2022, the number of open positions decreased by 12% compared to end 2021. Total turnover on multilateral trading facilities SedeX and EuroTLX of covered warrants and certificates in 2022 recorded a decrement of 33% compared to 2021.

On 31st December 2022 the net short positions on Italian listed shares have increased by 34% compared to late 2021 and were equal to 1% of the total capitalization (0.6% at the end of 2021); for companies in the financial sector, this figure was equal to 1.1% of the sector capitalization (0.3% at the end of 2021). This increase appears to be primarily attributable to the application, from 31 January 2022, of Delegated Regulation (EU) 2022/27, which permanently reduced the initial threshold of the share capital from 0.2% to 0.1% for the communication of net short positions, significantly increasing the number of positions communicated to Consob.

At the end of 2022, the margins established by the members of the central counterparty system related to Italian regulated markets were 40% upper than the value recorded at the end of 2021.

During 2022, the trading volume of Italian government securities on Italian trading platforms decreased by 26% compared to 2021 and to the same extent there was a sharp decline in turnover of Italian bonds other than government securities (-20%). Instead trading volume of ETFs and securitized derivative financial instruments (ETCs/ETNs) remained fairly constant while turnover of open-end funds fell by 30%.

In 2022, there was a reduction in bond issues by Italian banks subject to private offers to institutional investors (-25%) compared to the end of 2021, while those subject to public offers on the domestic market increased (+2.5%).

At the end of 2022, the value of financial instruments held with Italian intermediaries for the provision of investment and asset management services decreased by 8.8% compared to the figure at the end of 2021. In the portfolio, the weight of equity stocks and bonds increased to the detriment of OICR.

The volumes of activity relating to the provision of investment services decreased in 2022 (placement of financial instruments -15.4%, trading on own account -25.7%), order execution -2.2%, receipt and transmission of orders -8%). Gross premiums deriving from the placement of insurance products with a prevalent financial content distributed in Italy by Italian intermediaries recorded a decline (-47.1%), due to the decrease in premiums relating to the distribution of unit linked policies (-46.7%).

At the end of 2022, the assets managed by Italian intermediaries decreased compared to the end of 2021 (-10.8%) mainly linked to portfolio management contracts (-14.5%) which represented over 67.4% of the net assets. In addition, the assets of open-end UCITS decreased respectively by 11.4%, that of foreign open-end UCITS placed in Italy, that of close-end UCITS and that relating to pension funds and other pension forms set up in Italy by companies other than insurance companies fell respectively by 8.1%, 16.7% and 0.1%.

In 2022, net inflows from Italian open-end UCITS were positive for €9.1 billion, mainly for balanced funds (+€ 10.5 billion) and equity funds (+€ 4.9 billion) that have almost compensated the repayments of flexible and bond type funds.

The Italian asset management companies accounting data at the end of 2022 registered a decrease in the overall net profit generated compared to 2021 (-€ 718.3 million), mainly due to the reduction in net commissions (-€ 862.4 million) and to the increase of operating costs (-€ 42.7 million). The drop in the net profit of Italian investment companies was more contained (-€ 51.2 million) due to the reduction in intermediation margin (-€ 106 million) greater than the decrease in administrative costs (+€ 53.8 million).

The Report was prepared by:
Gaetano N. Finiguerra (supervisor) - CONSOB, Head of Statistics Office, Research Department (g.finiguerra@consob.it)
Emilio Ciccone - CONSOB, Statistics Office, Research Department (e.ciccone@consob.it)
Simona Di Rocco - CONSOB, Statistics Office, Research Department (s.dirocco@consob.it)
Francesco Scalese - CONSOB, Statistics Office, Research Department (f.scalese@consob.it)
Fabrizio Figoni - CONSOB, Statistics Office, Research Department (f.figoni@consob.it)

Thanks to Renato Grasso (r.grasso@consob.it) and Lucia Pierantoni for her collaboration (l.pierantoni@consob.it)
Editorial secretary: Andrea Cianciullo

For information and clarifications write to: Ufficio.Statistiche@consob.it