SMES - Small and medium-sized enterprises

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.

Listed shares issuers "SMEs"
(updated as January 2021)
  EMITTENTE
1 ACSM-AGAM SPA
2 AEDES SIIQ SPA
3 AEFFE SPA
4 AEROPORTO GUGLIELMO MARCONI DI BOLOGNA SPA
5 ALERION CLEAN POWER SPA
6 ALGOWATT SPA
7 ALKEMY SPA
8 AMBIENTHESIS SPA
9 AQUAFIL SPA
10 ARNOLDO MONDADORI EDITORE SPA
11 AS ROMA SPA
12 ASTALDI SPA
13 AUTOSTRADE MERIDIONALI SPA
14 AVIO SPA
15 B&C SPEAKERS SPA
16 BANCA CARIGE SPA - CASSA DI RISPARMIO DI GENOVA E IMPERIA
17 BANCA FARMAFACTORING SPA [*]
18 BANCA FINNAT EURAMERICA SPA
19 BANCA INTERMOBILIARE DI INVESTIMENTI E GESTIONI SPA
20 BANCA PROFILO S.P.A.
21 BANCA SISTEMA SPA
22 BANCO DI DESIO E DELLA BRIANZA SPA
23 BASIC NET SPA
24 BASTOGI SPA
25 BE SHAPING THE FUTURE SPA
26 BEGHELLI SPA
27 BF SPA
28 BIALETTI INDUSTRIE SPA
29 BIANCAMANO SPA
30 BIESSE SPA
31 BIOERA SPA
32 BORGOSESIA SPA
33 BRIOSCHI SVILUPPO IMMOBILIARE SPA
34 CAIRO COMMUNICATION SPA
35 CALEFFI SPA
36 CALTAGIRONE EDITORE SPA
37 CALTAGIRONE SPA
38 CAREL INDUSTRIES SPA [*]
39 CARRARO SPA
40 CELLULARLINE SPA
41 CEMBRE SPA
42 CENTRALE DEL LATTE D'ITALIA S.P.A.
43 CHL - CENTRO HL DISTRIBUZIONE SPA
44 CIR SPA - COMPAGNIE INDUSTRIALI RIUNITE
45 CLASS EDITORI SPA
46 COIMA RES SPA SIIQ
47 COMPAGNIA IMMOBILIARE AZIONARIA - CIA SPA
48 CONAFI SPA
49 CREDITO VALTELLINESE SPA
50 CSP INTERNATIONAL FASHION GROUP SPA
51 DEA CAPITAL SPA
52 DIGITAL BROS SPA
53 DOVALUE SPA [*]
54 EEMS ITALIA SPA
55 EL.EN. SPA
56 ELICA SPA
57 EMAK SPA
58 ENERVIT SPA
59 EPRICE SPA
60 EQUITA GROUP SPA
61 ESPRINET SPA
62 EUKEDOS SPA
63 EUROTECH SPA
64 EXPRIVIA SPA
65 F.I.L.A. FABBRICA ITALIANA LAPIS ED AFFINI SPA
66 FIDIA SPA
67 FIERA MILANO SPA
68 FNM SPA
69 FULLSIX SPA
70 GABETTI PROPERTY SOLUTIONS SPA
71 GAROFALO HEALTH CARE SPA
72 GAS PLUS SPA
73 GEFRAN SPA
74 GEOX SPA
75 GEQUITY SPA
76 GIGLIO GROUP SPA
77 GPI SPA
78 GRUPPO MUTUIONLINE SPA [*]
79 GUALA CLOSURES SPA
80 GVS SPA [*]
81 I GRANDI VIAGGI SPA
82 IGD - IMMOBILIARE GRANDE DISTRIBUZIONE SIIQ SPA [*]
83 IL SOLE 24 ORE SPA
84 ILLIMITY BANK SPA [*]
85 IMMSI SPA
86 INDEL B SPA
87 INTEK GROUP SPA
88 IRCE SPA - INDUSTRIA ROMAGNOLA CONDUTTORI ELETTRICI
89 ISAGRO SPA
90 ITALIAN EXHIBITION GROUP SPA
91 ITWAY SPA
92 LA DORIA SPA
93 LANDI RENZO SPA
94 LU-VE SPA
95 LVENTURE GROUP SPA
96 MASSIMO ZANETTI BEVERAGE GROUP S.P.A.
97 MITTEL SPA
98 MONDO TV SPA
99 MONRIF SPA
100 NEODECORTECH SPA
101 NETWEEK SPA
102 NEWLAT FOOD SPA
103 NOVA RE SIIQ SPA
104 OLIDATA SPA
105 OPENJOBMETIS SPA
106 ORSERO SPA
107 OVS SPA
108 PANARIAGROUP INDUSTRIE CERAMICHE SPA
109 PHARMANUTRA SPA
110 PIERREL SPA
111 PININFARINA SPA
112 PIOVAN SPA
113 PIQUADRO SPA
114 PITECO S.P.A.
115 PLC SPA
116 POLIGRAFICA S. FAUSTINO SPA
117 PRIMA INDUSTRIE SPA
118 RAI WAY SPA [*]
119 RATTI SPA
120 RCS MEDIAGROUP SPA
121 RENO DE MEDICI SPA
122 RESTART SIIQ SPA
123 RETELIT SPA - RETI TELEMATICHE ITALIANE SPA
124 RISANAMENTO SPA
125 ROSSS SPA
126 SABAF SPA
127 SAES GETTERS SPA
128 SAFILO GROUP SPA
129 SALCEF GROUP SPA
130 SERI INDUSTRIAL SPA
131 SERVIZI ITALIA SPA
132 SESA SPA
133 SICIT GROUP SPA
134 SIT SPA
135 SOCIETA' SPORTIVA LAZIO SPA
136 SOFTLAB SPA
137 SOGEFI SPA
138 SOMEC SPA
139 TAMBURI INVESTMENT PARTNERS SPA [*]
140 TAS TECNOLOGIA AVANZATA DEI SISTEMI SPA
141 TECHEDGE SPA
142 TESMEC SPA
143 TINEXTA SPA
144 TISCALI SPA
145 TITANMET SPA
146 TOSCANA AEROPORTI SPA
147 TREVI - FINANZIARIA INDUSTRIALE SPA
148 TRIBOO SPA
149 TXT E-SOLUTIONS SPA
150 UNIEURO SPA
151 VALSOIA SPA
152 VIANINI SOCIETA' PER AZIONI
153 VINCENZO ZUCCHI - SOCIETA' PER AZIONI
154 WIIT SPA
155 ZIGNAGO VETRO SPA [*]

[*] Companies that are SMEs for turnover only pursuant to and for the effects of the transitional regime referred to in paragraph 2 of art. 44-bis of the D.L. n. 76 of 16.7.2020, coordinated with the Conversion Law n. 120 of 11.9.2020.