Statistical Bulletin no. 23 - December 2023
 

Listed companies and financial intermediation in the first half of 2023

In the first half of 2023 the capitalisation of Italian companies with shares admitted to trading on Italian regulated markets and multilateral trading systems (hereinafter referred to as "Italian listed companies") increased by 13.1% due to the rise in market prices (the Ftse All Share Italia index recorded a variation of 17,8% over the half year); the ratio of capitalisation to GDP changed from 25% at the end of 2022 to 27.9% at the end of June 2023. The number of Italian listed companies increased from 412 to 419, thanks to the new listings on the Euronext Milan (EXM) (+3), on the Euronext Growth Milan (EGM) (+3) and on the Vorvel (+1).
Italian industrial companies listed on the EXM and on the EGM recorded profits of 13,1 billion euro and 179 million euro respectively, 21% and 13% lower than in the first half 2022. This is the result of a decline in non-operating and non-recurring income: these two items recorded a total loss of 7.8 billion euro compared to a loss of 1.6 billion euro in the previous year. At 30 June 2023, the net assets of the industrial companies listed on the EXM and EGM rose to 261.5 billion euro (+2% compared to the end of 2022) and to 4.2 billion euros (+8% compared to the end of 2022).
Italian insurance companies listed on the EXM have reported a net profit of 3 billion euros, a significant increase over the previous year (+110%). The sector’s positive results are influenced by a significant improvement in operational management, with operating income up 22%. Shareholders' equity is also increasing, rising from 29.6 billion euros at the end of 2022 to 38.1 billion euros at 30 June 2023.
The Italian banks listed on the EXM registered a profit of 12.8 billion euros (+61% compared to 2021), mainly due to an improvement in operating management results. With operating costs similar to those of the previous year (around 19 billion euros), the result from operating activities has increased by 7 billion, driven by a significant increase in the net interest margin, which has risen by 49%, or over 7 billion more than in the first half of 2022. Net assets remained broadly stable, standing at 182 billion euro compared with 180 at the end of 2022 (+1%).
The other Italian financial companies listed on the EXM recorded a net profit of 374 million euros in the first half of 2023 (+9% compared to 2022). The extraordinary result of the net interest margin (+78%, an increase of 10 million euro compared to 2022) was partly offset by an equally strong increase in operating costs (+7 million euro). Net assets increased by 15% to 4.8 billion euro.
In the first half of 2023, the turnover of the shares of Italian listed companies on regulated markets and multilateral trading systems, both in Italy and abroad, fell by 13.5% compared to the first half of 2022. The value of failed deliveries during the settlement phase amounted to 0.8% of the value of trades on the EXM (compared to 1.4% in the first half of 2022).
The notional amount of equity derivatives traded in the first half of 2023 showed a decline of 9%, mainly in index futures. As of 30 June 2023, the number of open positions in derivatives was 33.8% higher than the one at the end of 2022. The total turnover on the multilateral trading facilities SedeX and EuroTLX of covered warrants and certificates during the first half of 2023 recorded a decrease of 1.4% compared to the first half of 2022, mainly due to a decrease of certificates on Sedex, not compensated by the increase of certificates on Eurotlx.
At the end of June 2023, net short positions on shares of Italian-listed companies decreased by 13.5% compared to the end of June 2022, representing 0.9% of the total market capitalisation (1% at the end of 2022). For companies in the financial sector, the figure was 0.9% of the sector's market capitalisation (compared to 1.1% at the end of 2022).
Margins held by participants in the central counterparty system for Italian regulated markets were 1.2% higher than at the end of 2022.
In the first half of 2023, the value of trades in Italian government securities on Italian trading platforms decreased by 8.5% compared to the first half of 2022. Meanwhile, the value of trades in bonds issued by Italian entities other than government securities increased (+6.5%). The value of transactions in ETFs and securitised derivatives (ETC/ETN) fell (-35.5%), as did the value of transactions in mutual funds (-55.7%).
At the end of June 2023, the value of financial instruments held with Italian intermediaries for the provision of investment and asset management services increased by 6,1% compared to the value at the end of 2022.
The volumes of activity related to the provision of investment services increased overall in the first half of 2023 (placement of financial instruments +8%, order execution +19,5%, reception and transmission of orders +2%), with the exception of trading on own account, which decreased by 21,1%. Gross premiums from the placement of insurance products with a predominant financial component distributed in Italy by Italian intermediaries fell (-63.4%), due to the decline in premiums from the distribution of-unit linked policies (-62.4%).
At the end of June 2023, the assets managed by Italian intermediaries decreased slightly compared to the end of 2022 (-0.1%), due to the decline in portfolio management contracts (-0.1%), which represented more than 66.9% of the net assets, and in closed-end UCITS (-3.8%), while the assets of open-end UCITS, of foreign open-end UCITS placed in Italy and other forms of pension established in Italy by companies other than insurance companies fell by 4.7%, 4.3% and 7.1% respectively.
Nel primo semestre 2023 la raccolta netta degli OICR aperti di diritto italiano è stata positiva per circa 4 miliardi di euro, principalmente per i fondi di tipo obbligazionario (+10,5 miliardi di euro) e azionario (+0,9 miliardi di euro) che hanno più che compensato i rimborsi dei fondi flessibili e bilanciati.
I dati contabili a fine giugno 2023 delle SGR di diritto italiano mostrano, in aggregato, un calo dell’utile netto rispetto al primo semestre 2022 (-153,3 milioni di euro), dovuto in prevalenza alla riduzione delle commissioni nette (-67,1 milioni di euro) e all’aumento dei costi operativi (-55,4 milioni di euro). L’evidenza in parola, tuttavia, non è generalizzata ed è necessario considerare alcune differenze, posto che taluni gestori hanno incrementato i volumi gestiti e, conseguentemente, l’utile nel periodo di riferimento. Più contenuto il calo dell’utile netto delle SIM (-30,7 milioni di euro) a causa della riduzione del margine di intermediazione (-46,3 milioni di euro).

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