Financial aggregates for Italian Companies

Annual statistic survey on aggregates of principal Italian manufacturing companies (September 2020)

New edition of the annual survey of 2,120 leading Italian companies which account for 48% of the aggregate sale of Italian manufacturing firms employing twenty or more staff. The survey also includes data for the leading companies operating in the public services, transport and distribution sectors. Aggregates are compiled on the basis of earnings results, balance-sheet data and other key indicators (capex, capital increases, dividends, exports, headcount, etc.). The aggregates are available by ownership (state-owned and private enterprises, non-Italian-owned companies), size (fourth capitalism) and sector of activity. The financial years covered by the survey run from 2010 to 2019. Historical series of data are provided for 980 companies, with data going back to 1968. The introduction contains a discussion of some of the main aspects.

The survey is available for download in electronic format. 

F.A.Q. - Domande frequenti

What is the purpose of Dati Cumulativi?

Financial Aggregates for Italian Companies is an annual survey of the leading Italian companies which seeks to highlight the key operating and capital trends reflected in their data. The survey covers all large industrial and services companies, which for purposes of ensuring like-for-like data for comparison, are treated as a “closed” set for the reference period. The co-operation of the companies themselves is invaluable in the collection and correct processing of the data.

When was it first published?

The first edition of Financial Aggregates for Italian Companies was published in 1962, and was commented on the Board of Director’s Review of Operations contained in Mediobanca’s annual report for the same year.

Does it cover small-and medium-sized firms?

The survey does cover a set of medium-sized enterprises, defined in the sense of companies owned by family groups which in the preceding financial year did not generate more than €370m in turnover or occupy more than 499 staff.

Are more details available of how the aggregate are made up?

The Mediobanca Research Department has entered into an undertaking with the companies which co-operate in the preparation of the survey not to disclose to third parties either the number or name of the individual companies, with the exception of the aggregates referred to in the survey itself.

How are mergers handled?

Following the “closed survey” principle, the combined data for merged companies is processed, with the co-operation of the companies themselves, for all the years covered by the survey. This principle is not followed, however, when the merged company’s business is entirely financial or real estate. The same procedure is adopted in cases which involve spinoffs and demergers.

How representative is the survey?

The survey is representative of the performance of the largest Italian companies (i.e. those with a workforce of over 499 staff), for which the coverage is almost total. For medium-sized companies, see the combined Mediobanca-Unioncamere initiative in this area.

How are groups handled?

The survey shows “aggregate” rather than “consolidated data (save for the adjustments made in cases which involve mergers), a fact which does entail a certain amount of duplication, both in earnings and financial terms. Nonetheless, in cases which could give rise to results which are not meaningful (e.g. due to the existence of an organic link between two or more companies within the same sector), the financial and earnings data are consolidated, again with the assistance of the companies concerned.

Can back issues be consulted?

Previous editions may be consulted at the offices of the Mediobanca Research Department in Milan, on appointment. It is worth bearing in mind that the libraries of the Economics faculties at the leading Italian universities also usually stock copies.

Has the survey been reviewed recently?

The most recent edition was published on 17 September 2020. The leading Italian daily newspapers published comments and reviews on it the following day.

Has information given in this survey been reviewed or used in other publications?

Some of the most interesting publications are listed below: various authors, Rielaborazione dei “Dati cumulativi di Mediobanca” per l’inflazione; 1983 e 1989; CERIS, Turin. Gianluigi Alzona, “Diversificazione e controllo della grande industria italiana negli anni della ristrutturazione: principali mutamenti e schemi interpretativi; aprile-giugno 1986”, L’Industria, Bologna. Duccio Cavalieri and Francesco Milleri, “Ristrutturazione industriale ed accumulazione del capitale. Un’analisi su dati di bilancio delle grandi imprese in Italia 1968-83; aprile-giugno 1986”, L’Industria, Bologna. Marco Onado (ed.), Sistema finanziario e industria; 1986; Il Mulino, Bologna. Bank of Italy, Ristrutturazione economica e finanziaria delle imprese - Note sulle modificazioni della struttura finanziaria delle imprese italiane negli ultimi 20 anni; 1988, Rome Mario Baldassarri (ed.), “45 anni di politica industriale in Italia - Le fasi dello sviluppo industriale italiano e l’intreccio tra settore privato e impresa pubblica; Maggio 1990”, Rivista di Politica Economica, Rome. Fabrizio Barca (ed.), Storia del capitalismo italiano dal dopoguerra ad oggi; 1997 e 2001; Donzelli. Carlo Bellavite Pellegrini and Matteo Manera, “An empirical analysis on the financial structure of Italian firms”; Rivista Internazionale di Scienze Economiche e Commerciali; March 2001. G. Becattini-F.Coltorti, “Aree di grande impresa ed aree distrettuali nello sviluppo post-bellico dell’Italia: un’esplorazione preliminare”; Rivista Italiana degli Economisti, Supplement, no. 1-2004.

Do similar surveys exist in Italy?

There are some similar studies, which are generally not made available so quickly. Some cover a higher number of companies, including many smaller and medium-sized firms. We believe this does not necessarily increase their significance, as it means they rely on a higher proportion of unreliable data (given that the reliability of financial statements tends to decrease the smaller the companies are). For like-for-like data on medium-sized companies, see the joint Mediobanca-Unioncamere initiative.

Do similar surveys exist outside Italy?

Yes. The most significant are those compiled by the Bank of France and the German Bundesbank on the companies in their respective countries.


2020 edition 

Previous editions

Historical Statistics

(*) "Medium-size" enterprises are defined as those not forming part of large groups whose turnover in 2002 did not exceed € 265m and whose workforce did not exceed 499 employees.


(^) "Medium-size" enterprises are defined as those not forming part of large groups whose turnover in 2011 did not exceed € 330m and whose workforce did not exceed 499 employees.



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