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Government-owned Enterprises in Italy: Some Stylized Facts

Government-owned Enterprises in Italy: Some Stylized Facts. Bernardo Bortolotti, Laura Pellizzola, Carlo Scarpa Prague, February 15 th 2007. The debate. Municipal capitalism By-pass constraints on local public finance? Distort competition?

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Government-owned Enterprises in Italy: Some Stylized Facts

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  1. Government-owned Enterprises in Italy: Some Stylized Facts Bernardo Bortolotti, Laura Pellizzola, Carlo Scarpa Prague, February 15th 2007

  2. The debate • Municipal capitalism • By-pass constraints on local public finance? • Distort competition? • No systematic study of the weight of locally owned limited companies • Our paper…

  3. The database • AMADEUS : • i) operating revenue ≥ €15 million; • ii) total assets ≥ €30 million; • iii) number of employees ≥ 200 • No small firms • No public administration • No financial firms

  4. Italian firms • 22.844 Italian firms in the database, 572 with a participation by central or local governments • Government owned enterprises (GOEs) • Consolidated accounts: down to 404 GOEs • 21 listed, 383 unlisted • Public shareholders: • State • Region • Province • Municipality

  5. The sample Average Total Assets Mln € Average Operating Revenues Mln € of which Total Assets Mln € Operating Revenues Mln € Average Number of Employees Number of GOEs Number of Employees LEVEL OF GOVERNMENT Listed Unlisted CENTRAL GOVERNMENT 30 7 23 362,896 12,097 181,013 6,034 455,332 15,178 REGION 16 0 16 2,225 139 1,009 63 6,220 389 PROVINCE 14 1 13 1,378 98 1,000 71 3,582 256 MUNICIPALITY 231 10 221 62,425 270 27,822 120 134,750 583 MIXED CASES of which - CENTRAL AND LOCAL GOVERNMENT 17 1 16 3,859 227 1,050 62 7,901 465 REGION AND PROVINCE 2 0 2 675 338 352 176 4,120 2,060 REGION AND MUNICIPALITY 9 0 9 2,136 237 1,039 115 8,071 897 REGION, PROVINCE AND MUNICIPALITY 22 2 20 5,088 231 1,683 77 12,069 549 PROVINCE AND MUNICIPALITY 63 0 63 8,920 142 3,836 61 27,167 431 TOTAL 404 21 383 449,603 1,113 218,805 542 659,212 1,632

  6. Locally owned firms, region by region… Average Total Assets Mln € Average Operating Revenues Mln € of which Total Assets Mln € Operating Revenues Mln € Average Number of Employees Number of GOEs Number of Employees REGION Listed Unlisted LOMBARDIA 61 3 58 27,970 459 10,193 167 36,235 594 LAZIO 20 1 19 12,465 623 5,263 263 39,745 1,987 EMILIA ROMAGNA 29 1 28 7,155 247 4,215 145 15,008 518 PIEMONTE 24 2 22 6,249 260 2,876 120 13,124 547 VENETO 35 1 34 4,993 143 2,509 72 12,804 366 TOSCANA 39 0 39 3,210 82 1,773 45 9,502 244 CAMPANIA 20 1 19 2,846 142 1,061 53 13,855 693 LIGURIA 12 1 11 1,947 162 1,175 98 10,284 857 TRENTINO ALTO ADIGE 12 0 12 1,302 108 653 54 3,259 272 SICILIA 13 0 13 1,153 89 591 45 8,113 624 MARCHE 12 0 12 804 67 383 32 2,190 183 UMBRIA 7 0 7 528 75 284 41 2,244 321 FRIULI VENEZIA GIULIA 7 0 7 472 67 284 41 2,764 395 ABRUZZO 7 0 7 366 52 187 27 2,378 340 PUGLIA 10 0 10 317 32 258 26 3,175 318 VALLE D'AOSTA 4 0 4 305 76 528 132 1,432 358 MOLISE 1 0 1 127 127 18 18 75 75 BASILICATA 1 0 1 117 117 59 59 369 369 SARDEGNA 3 0 3 108 36 132 44 1,151 384 CALABRIA 2 0 2 40 20 25 12 518 259 OTHER CASES - of which ITALIAN STATE 30 7 23 362,896 12,097 181,013 6,034 455,332 15,178 REGIONS 38 3 35 10,372 273 4,274 112 17,754 467 REGION AND ITALIAN STATE 17 1 16 3,859 227 1,050 62 7,901 465 TOTAL 404 21 383 449,603 1,113 218,805 542 659,212 1,632

  7. …sector by sector… Total Assets of which owned by Average Total Assets Mln € Average Operating Revenues Mln € Operating Revenues Mln € Average Number of Employees Number of GOEs Number of Employees SECTOR Central Government GOEs share Central Government Local Government Mln € PETROLEUM INDUSTRY 1 1 0 83,850 100% 83,850 74,526 74,526 71,303 71,303 CONSTRUCTION INDUSTRY 9 1 8 2,201 66% 245 223 25 540 60 MANUFACTURING INDUSTRY 14 5 9 24,670 94% 1,762 13,654 975 10,474 748 SERVICES INDUSTRY 55 10 45 23,092 85% 420 7,428 135 36,474 663 TELECOMMUNICATION INDUSTRY 3 2 1 4,002 91% 1,334 3,100 1,033 20,327 6,776 TRADE INDUSTRY 10 0 10 586 0% 59 634 63 2,094 209 POSTAL SERVICE INDUSTRY 1 1 0 47,886 100% 47,886 9,322 9,322 148,371 148,371 TRANSPORTATION - of which 108 7 101 146,609 82% 1,357 26,883 249 229,003 2,120 11 0 11 5,208 0% 473 1,660 151 6,082 553 HIGHWAYS INDUSTRY 7 3 4 98,409 100% 14,058 10,415 1,488 103,753 14,822 RAILWAYS INDUSTRY 65 0 65 11,897 0% 183 5,597 86 69,862 1,075 LOCAL TRANSPORT INDUSTRY 23 3 20 26,120 69% 1,136 4,387 191 30,458 1,324 TRANSPORTATION INFRASTRUCTURE INDUSTRY 2 1 1 4,975 100% 2,487 4,824 2,412 18,848 9,424 TRANSPORTATION SERVICES INDUSTRY UTILITIES - of which 203 3 200 116,707 53% 575 83,035 409 140,626 693 44 3 41 87,183 71% 1,981 69,008 1,568 71,621 1,628 ELECTRICITY AND GAS INDUSTRY 57 0 57 9,078 0% 159 3,389 59 15,300 268 WATER AND SEWERAGE INDUSTRY REFUSE SYSTEMS AND SANITARY SERVICES 51 0 51 4,479 0% 88 2,861 56 28,931 567 51 0 51 15,967 0% 313 7,777 152 24,774 486 MULTIUTILITY TOTAL 404 30 374 449,603 73% 1,113 218,805 542 659,212 1,632

  8. Central Government by sector Average Total Assets Mln € Average Operating Revenues Mln € Total Assets Mln € Operating Revenues Mln € Average Number of Employees Central Government Number of Employees SECTOR % PETROLEUM INDUSTRY 1 83,850 23% 83,850 74,526 74,526 71,303 71,303 CONSTRUCTION INDUSTRY 1 1,461 0% 1,461 43 43 45 45 MANUFACTURING INDUSTRY 5 23,312 6% 4,662 12,560 2,512 7,610 1,522 SERVICES INDUSTRY 10 19,608 5% 1,961 5,648 565 19,442 1,944 TELECOMMUNICATION INDUSTRY 2 3,659 1% 1,829 2,927 1,464 19,102 9,551 TRADE INDUSTRY 0 - 0% - - - - - POSTAL SERVICE INDUSTRY 1 47,886 13% 47,886 9,322 9,322 148,371 148,371 TRANSPORTATION - of which 7 120,805 33% 17,258 16,924 2,418 133,861 19,123 HIGHWAYS INDUSTRY 0 - 0% - - - - - RAILWAYS INDUSTRY 3 97,934 27% 32,645 10,279 3,426 102,051 34,017 LOCAL TRANSPORT INDUSTRY 0 - 0% - - - - - TRANSPORTATION INFRASTRUCTURE INDUSTRY 3 17,909 5% 5,970 1,849 616 13,030 4,343 TRANSPORTATION SERVICES INDUSTRY 1 4,962 1% 4,962 4,797 4,797 18,780 18,780 UTILITIES - of which 3 62,315 17% 20,772 59,063 19,688 55,598 18,533 ELECTRICITY AND GAS 3 62,315 17% 20,772 59,063 - 55,598 18,533 WATER AND SEWERAGE INDUSTRY 0 - 0% - - - - - REFUSE SYSTEMS AND SANITARY SERVICES 0 - 0% - - - - - MULTIUTILITY 0 - 0% - - - - - TOTAL 30 362,896 100% 12,097 181,013 6,034 455,332 15,178

  9. Local Government by sector Average Total Assets Mln € Average Operating Revenues Mln € Total Assets Mln € Operating Revenues Mln € Average Number of Employees Local Government Number of Employees SECTOR % PETROLEUM INDUSTRY 0 - 0% - - - - - CONSTRUCTION INDUSTRY 8 740 1% 93 180 22 495 62 MANUFACTURING INDUSTRY 9 1,358 2% 151 1,095 122 2,864 318 SERVICES INDUSTRY 45 3,484 4% 77 1,780 40 17,032 378 TELECOMMUNICATION INDUSTRY 1 343 0% 343 173 173 1,225 1,225 TRADE INDUSTRY 10 586 1% 59 634 63 2,094 209 POSTAL SERVICE INDUSTRY 0 - 0% - - - - - TRANSPORTATION - of which 101 25,804 30% 255 9,959 99 95,142 942 HIGHWAYS INDUSTRY 11 5,208 6% 473 1,660 151 6,082 553 RAILWAYS INDUSTRY 4 474 1% 119 137 34 1,702 426 LOCAL TRANSPORT INDUSTRY 65 11,897 14% 183 5,597 86 69,862 1,075 TRANSPORTATION INFRASTRUCTURE INDUSTRY 20 8,212 9% 411 2,538 127 17,428 871 TRANSPORTATION SERVICES INDUSTRY 1 12 0% 12 27 27 68 68 UTILITIES - of which 200 54,392 63% 272 23,971 120 85,028 425 ELECTRICITY AND GAS 41 24,868 29% 607 9,945 243 16,023 391 WATER AND SEWERAGE INDUSTRY 57 9,078 10% 159 3,389 59 15,300 268 REFUSE SYSTEMS AND SANITARY SERVICES 51 4,479 5% 88 2,861 56 28,931 567 MULTIUTILITY 51 15,967 18% 313 7,777 152 24,774 486 TOTAL 374 86,706 100% 232 37,792 101 203,880 545

  10. The relevance of locally controlled GOEs REGION Number of GOEs GOE Value Added GOE Employment VALLE D'AOSTA 3 6.74% 2.34% LIGURIA 26 1.93% 1.95% LOMBARDIA 78 1.51% 0.91% LAZIO 20 1.49% 1.66% TRENTINO ALTO ADIGE 16 1.30% 1.00% VENETO 51 1.15% 0.77% FRIULI VENEZIA GIULIA 14 1.15% 0.86% PIEMONTE 25 1.03% 0.71% EMILIA ROMAGNA 41 0.89% 0.87% CAMPANIA 22 0.84% 0.83% TOSCANA 48 0.75% 0.57% UMBRIA 9 0.71% 0.66% SICILIA 14 0.56% 0.68% ABRUZZO 6 0.49% 0.47% PUGLIA 12 0.48% 0.39% MARCHE 14 0.46% 0.39% BASILICATA 3 0.45% 0.32% MOLISE 1 0.17% 0.07% SARDEGNA 2 0.15% 0.15% CALABRIA 4 0.12% 0.12% TOTAL 331 1.01% 0.82%

  11. The map of locally controlled GOEs 1.30% - 6.74% 0.91% - 2.34% 0.84% - 1.15% 0.71% - 0.87% 0.48% - 0.75% 0.40% - 0.68% 0.12% - 0.46% 0.07% - 0.39% % of of value added % of total employment

  12. corso Magenta 63 20123 Milano - Italy tel +39 | 02 | 5203.6934 fax +39 | 02 | 5203.6946 web http://www.feem.it

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