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October 3, 2011
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- BMPS UCINA and have presented an analysis of the marine industry
- With the crisis of Italian companies in the sector pointing increasingly to foreign markets
 Yesterday, during the course of the 51 th edition of the International Boat Show Genoa Exhibition, was held the presentation of "The numbers of boats," An analysis of the industry prepared by the Research UCINA, in collaboration with the Department of Economics and Quantitative Methods, Faculty of Economics, University of Genoa, and Banca Monte dei Paschi di Siena (BMPS).
- In this analysis, the study "The sale figures, market analysis for the year 2010" prepared by UCINA, which presents the main achievements of the water sector including the level of sales and production quotas ( export and domestic markets) and employment, shows that in 2010, exports accounted for 67% of global production, worth 1.61 billion in terms of domestic production compared to 1.16 billion for the Italian market.In the study of MPS on the segment "Ships and boats", which focuses on the five districts of Fano, Viareggio, Venice, La Spezia and the pole Trieste / Gorizia, there are similar figures by virtue of a propensity to export that in the period of observation (2005-2010), has been progressively increasing.
- Introducing the presentation, the president of UCINA, Anton Francesco Albertoni, has analyzed the excursion of the water sector over the last decade emphasizing the strong growth occurred between 2003 and 2008 has created both financial and budgetary imbalances, "the crisis, However - he explained - he learned a lot from the industry and they have reacted by continuing to allocate resources to growth, so that the first analysis relating to 2011 indicate that the drop has stopped and that the process started is the right one. "
- According to the study of UCINA production for sales in Italy underwent a significant contraction in going from 2.65 billion in 2008 - the year exceeded that given to foreign markets that recorded a weight of 2.33 billion - to 1.16 billion in 2010. The study led by the then detects a substantial reversal of market share in Italy and abroad and shows that Italian companies have taken the road of internationalization.This trend is even more pronounced if you take the only analysis of the shipbuilding industry, where production abroad, the national uprising in 2010 was 1.26 billion compared with 0.62 billion for Italy. In contrast to the segment for super-yachts, which shows a sealing of the internal market, grew by 1.3 percentage points compared to 2009, and sees a growing budget testimony to the excellence of Made in Italy this sub-sector.
- Of note is a positive sign for the sectors of the accessories and engines, having already served in 2009 a sharp drop in revenue, have contained the descent around the 5% -20.9% against the entire industry. According to the Research Department UCINA, it is an important indicator of the revival of shipbuilding, if we consider that the accessories and engine compartments are able to anticipate trends.
- In global terms, recreational boating in 2010 recorded a total turnover of 3.36 billion euros divided into segments of the shipbuilding industry (about 2 billion) refit of (0.17 billion), accessories (0.88 billion) and engines (0.30 billion).
- The reduction in the number of direct employees compared to 2009 was 11%, also by using the tool of redundancy that allowed companies not to lose the skilled, essential excellence of the Italian boat in the world that continues to place fifth in the ranking of the leading sectors in exports of Made in Italy.
- Presenting the contribution of Banca Monte dei Paschi di Siena in the field of "Ships and boats", which includes both the yachting and the construction of ships and floating structures, Joseph Alfano, Research Area of MPS, said that "the ' analysis of the structure of the accounts' business capital of the districts examined highlights the fundamental budget more favorable than the average reference segment, although in comparison relatively greater tensions emerge in terms of liquidity and debt levels. In addition, based on data processed by us - he added - our research shows that the trend in lending to manufacturing firms in the provinces of reference of the districts showing signs of recovery. "According to the study, the five districts examined together they represent about half of the production of domestic industry, but over two-thirds of its exports under a stronger propensity to export.
- Comparing the relative contribution of each district to aggregate (sum of the five districts), the regional hub of the Friuli in 2010, holds the majority shares in terms of both production (48%) and export (58%), thanks to determining the site of Fincantieri's Monfalcone. Trouble is important as well for the districts of Viareggio (25% and 24%) and La Spezia (19% and 16%), while the relative weight of Fano and Venice is much more limited.
- The study also highlights how the profitability of the districts analyzed is higher than the average reference segment, thanks mainly to a higher return on asset sales and a more efficient turnover. Except in the case of Viareggio, leverage is systematically higher, mainly due to the greater weight of financial debt, rather than the level of capitalization (in three districts of five higher than the national industry).
- The ability of companies to face the district in economic terms, the debt stock is higher than the corresponding national figure, while in terms of capital is rather low, with the exception of the pole region of Friuli. The liquidity conditions appear to be more problematic than the domestic reference, a marked tension in the working cycle, except in cases of Venice and La Spezia.
- The search then detects signals BMPS less comforting from the point of view of corporate credit quality in the provinces of reference of the districts concerned. Over the last four quarters (March 2010 - March 2011), the annualized default rate fell only in the province of Pesaro Urbino, while in all other cases has increased, with a peak recorded in the center of La Spezia. Also in March 2011, are placed below the national average of only two provinces of Trieste / Gorizia and Venice.
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