This page contains the list of SMEs within the meaning of art. 1 w-quater.1) of the Consolidated Law on Finance.

The companies included in the list, updated as at 31 January 2021, are 155, compared to 153 in the previous list drawn up on 31 March 2020.

The following 7 companies were removed from the list:

• AGC Biologics Spa, Cose Belle d'Italia Spa, Gedi Spa, Poligrafici Editoriale Spa e Stefanel Spa, as they are no longer listed;
• Juventus Football Club Spa and Falck Renewables Spa, due to capitalisation above the reference threshold over the entire three-year period.

Instead, the following 9 companies acquired SME status:

• Fila Spa, Ovs Spa, Rcs Spa, Neodecortech Spa, Pharmanutra Spa, Salcef Group Spa, Sicit Group Spa and Somec Spa because of the capitalisation (the last 5 companies went from AIM to MTA in 2020);
• Gvs Spa, based on 2019 turnover.

The list includes only Italian companies (with registered offices in Italy) with (at least) ordinary shares admitted to trading on the MTA. Foreign companies and Italian companies with only savings shares listed are therefore excluded from the list.

Following the amendments introduced with Legislative Decree no. 76 of 16/7/2020 (so-called simplifications decree) and the consequent amendments to the Issuers' Regulations, the capitalisation parameter has become the only criterion for the qualification of SME issuers.

For the purposes of publication and updating of the list as at 31 January 2021, the acquisition of SME status is the result of not exceeding the threshold relating to capitalisation (of EUR 500 million) in at least one of the years of the previous three-year period (2018-2019-2020). For the loss of this status, the capitalisation requirement must be exceeded for three consecutive years; consequently, exceeding the limit for a single year (or for two) does not result in the loss of SME status.

The simplification decree also provided for a transitional framework for the cases of SMEs that qualified as such for the sole requirement of turnover. In particular, Article 44-bis, paragraph 2, established that these issuers continue to maintain the status of SMEs for two years following the one in progress on the date of entry into force of the conversion law no. 120 of 11.9.2020 of the simplifications decree.

By virtue of the transitional regime, companies that as at 15 September 2020 had this status based on the criterion of not exceeding the turnover threshold of 300 million euros are included in the SME list.

In accordance with the provisions of Article 2-ter of Consob's Issuers' Regulations, containing "Provisions implementing the definition of SMEs", the capitalisation conditions were verified by calculating the simple average of daily capitalisations (official price multiplied by the number of shares) for all issuers of ordinary shares listed on the MTA regulated market managed by Borsa Italiana. The calculation was made for each of the three consecutive calendar years 2018-2019-2020.

On the other hand, with regard to the transitional regime, the turnover resulting from the 2018 and 2019 financial statements was examined for companies that in those years have a capitalisation above the threshold of 500 million euros (that is, they were not already qualified as SMEs according to the capitalisation parameter). For the criteria for calculating turnover, Article 2-ter of the Issuers' Regulation in force before the date of entry into force of the law converting the simplification decree shall apply. Companies that are SMEs for turnover only under and for the purposes of the transitional regime have been highlighted in the list with an asterisk.