Statistical Bulletin no. 21 - CONSOB AND ITS ACTIVITIES
Statistical Bulletin no. 21 - December 2022
In first semester 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 20.5%. This was due to the decline of market prices (the Ftse All Share Italia index recorded a drop of 22.2% in semester); the ratio between capitalization and GDP changed from 33% at the end of 2021 to 25.4% at the end of june 2022. The number of Italian listed companies increased from 407 to 409, due to the new listing on the AIM (+5), currently Euronext Growth Milan and the delisting on the MTA (-2) and on the Hi-MTF (-1).
Italian industrial companies listed on the MTA and on the AIM recorded profits of approximately 21.2 billion euro and 195 million euro respectively in first semester 2022, against a profit of approximately 13.2 billion euros and 222 million euros in the previous year. For companies listed on MTA this is the result of increasing operating revenues (+76.5 billion euros compared to the half of operating revenues in 2021) more than operating expenses (+64.8 billion euros compared to the half of operating revenues in 2021). Similarly for companies listed on AIM better results in profits depend on higher performance in operating income. At the end of june 2022 net assets of Italian industrial companies listed on the MTA and on the AIM was approximately 253.6 billion euros (+9% compared to 2021) and 4772 million euros (+50% compared to 2021) respectively.
Insurance companies listed on MTA recorded net income of 3.2 billion euros in first semester 2022 compared to 5.7 billion euros in 2021. In particular they recorded a sharp decline in operating revenues (53 billion euros in first semester 2022 compared to 150 billion euros of 2021) and a reduction in operating expenses (46 billion euros in first semester 2022 compared to 138 billion euros in 2021). At the end of june 2022 net assets amounted to 40 billion euros compared to 56.5 billion euros in late december 2021. This was due to the lack of data for Cattolica Assicurazioni group (2.8 billion euros in net asset at the end of december 2021) that has changed hands and ended up with Assicurazioni Generali group in august 2022.
Banks listed on MTA recorded net profit of 7.5 billion euros in first semester 2022 compared to 9.2 billion in 2021. This is attributable to the operating income and in particular net interest (14.1 billion euros in half 2022 compared to 25.9 billion in 2021) and operating expenses (19.7 billion compared to 41.4). At the end of june net assets of banks listed on MTA rose to 178.8 billion euros (+1% compared to 2021). Other financial companies listed on MTA recorded income of 0.7 billion euros in half 2022 compared to 1.8 billion euros in 2021+ because of decrease in investments and loans and increase in operating expenses, partially offset by a strong rise in non-operating income. Net assets have not changed and amounted to 20.6 billion euro.
In first semester 2022 the trading volume of shares of Italian listed companies on regulated markets and multilateral trading facilities based in Italy and abroad increased by 20% compared to first half of 2021. The fails volume of Italian listed shares traded on MTA was 4.6% of total turnover on MTA (4.3% at the end of 2021).
The notional turnover in equity derivatives increased by 19%, involving all types of instruments except index options. At the end of june 2022, the notional turnover of open positions on equity derivatives was 7.1% upper than the corresponding figure at the end of 2021. The notional turnover of covered warrants on commodity recorded a decrement of 87% and there were no trades on Italian electricity future. At the end of june 2022, there were no open positions on Italian electricity futures.
On 30th June 2022 the net short positions on Italian listed shares have increased by 38.2% 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 june 2022, the margins established by the members of the central counterparty system related to Italian regulated markets were 32.6% upper than the value recorded at the end of 2021.
During first semester 2022, the trading volume of Italian government securities on Italian trading platforms decreased by 80% compared to first semester 2021 and to the same extent there was a sharp decline in turnover of Italian bonds other than government securities (-26%). Instead trading volume of ETFs and securitized derivative financial instruments (ETCs/ETNs) went up (+9.8% compared to first half of 2021).
Bond issues by Italian banks in first semester 2022 recorded a reduction compared to first semester 2021, both on the domestic market (-3.8%) and private offers to institutional investors (-98%).
At the end of June 2022, the value of financial instruments held with Italian intermediaries for the provision of investment and asset management services decreased by 9.9% compared to the figure at the end of 2021. In the portfolio, the weight of bond increased to the detriment of equity stocks.
The volumes of activity relating to the provision of investment services decreased in first semester 2022, placement of financial instruments (-17.6%), trading on own account (-10.2%), order execution (-2.9%), receipt and transmission of orders (-7.3%). Gross premiums deriving from the placement of insurance products with a prevalent financial content distributed in Italy by Italian intermediaries recorded a decline (-30.8%), due to the decrease in premiums relating to the distribution of unit linked policies (- 29.9%).
At the end of june 2022, the assets managed by Italian intermediaries decreased compared to the end of 2021 (-11.8%) mainly linked to portfolio management contracts (-12%) which represent over 74.8% of the net assets. In particular, the assets of open-end and closed end decreased respectively by 10.5% and 47.6%, that of foreign open end UCIs placed in Italy that relating to pension funds and other pension forms set up in Italy by companies other than insurance companies fell respectively by 12.5% and 4.1%.
In first semester 2022, net inflows from Italian open-end UCITS were positive for € 6.6 billion, mainly for balanced funds (+€ 5 billion) and equity funds (+€ 3.9 billion) that have almost compensated the repayments of bond type funds.
The Italian asset management companies accounting data at the end of June 2022 registered a decrease in the overall net profit generated compared to 2021 (-€ 263.6 million), mainly due to the reduction in net commissions (-€ 156.6 million) and to the increase of operating costs (-€ 94.6 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 (firstname.lastname@example.org)
Emilio Ciccone - CONSOB, Statistics Office, Research Department (email@example.com)
Simona Di Rocco - CONSOB, Statistics Office, Research Department (firstname.lastname@example.org)
Francesco Scalese - CONSOB, Statistics Office, Research Department (email@example.com)
Fabrizio Figoni - CONSOB, Statistics Office, Research Department (firstname.lastname@example.org)
Thanks to Renato Grazzo (email@example.com) and Lucia Pierantoni for her collaboration (firstname.lastname@example.org)
Editorial secretary: Andrea Cianciullo
For information and clarifications write to: Ufficio.Statistiche@consob.it