As tradition, the survey was presented in Rome, at Luiss Guido Carli University in the Mario Arcelli Auditorium during the 64th edition of the Premio Industria Felix, an event dedicated to companies headquartered in the regions of Abruzzo, Lazio, Marche, Sardinia, Sicily, Tuscany, and Umbria.
In 2023, the most profitable sectors in terms of ROE (return on equity) in Central Italy and the Islands were construction and mechanics. At the provincial level, the highest revenue growth was recorded in Terni (+39.2%), followed by Fermo (+31.6%) and Teramo (+18.5%), while Rome experienced a sharp decline (-19.2%).
These findings come from a large-scale survey of around 70,000 financial statements from corporations with annual revenues exceeding one million euros. The study was conducted by Industria Felix Magazine in collaboration with Il Sole 24 Ore and Cerved.
One hundred companies were recognized for being, according to a financial statement analysis algorithm, objectively the most efficient in management, financially solid, and, in some cases, also sustainable.
The event was supported by several partners, including Valerio Locatelli and Alessandro Mattii, partners and co-founders of M&L Consulting Group.
During the event, Dr. Valerio Locatelli spoke to the audience about the importance of M&A operations, offering deeper insights into planning generational transitions, particularly in light of recent legislative developments.
Below is a summary of his remarks regarding the strategic importance of M&A activities:
A common mistake in these transactions is assuming that the process begins when an offer is received. In reality, the most crucial phase is preparation, which must happen well in advance. Companies with disorganized corporate structures – such as hastily created holding companies, cross-shareholdings, or a mix of strategic and non-core activities – face lower valuations and more complicated processes. M&A should be approached as a strategic journey. Clear governance, separation between business and real estate branches, well-managed contracts, and a coherent corporate structure make a company more transparent and attractive to investors. This approach not only streamlines due diligence and speeds up the closing process, but also enhances day-to-day operations.
Key benefits of a solid corporate structure include: centralized direction and coordination, optimized cash management, easier access to credit, reduced operational and asset-related risks, smoother generational transitions, and tax advantages (such as PEX, fiscal consolidation, and group VAT).
Dr. Locatelli concluded by noting that selling in times of strength is a strategic move, as solid numbers and a clear vision allow the entrepreneur to maintain control of the negotiation and maximize the value of the transaction.
Furthermore, speaking at the event was Dr. Biancamaria Prete, a Professional of Studio Locatelli & Associati, who discussed the topic of the family pact.
Here is a summary of her speech:
The family pact is a legal instrument that allows an entrepreneur to transfer ownership of the business or corporate shares in advance to the descendants considered most capable of continuing its management. At the same time, it provides for financial compensation to the other heirs (spouse and other rightful claimants), which is excluded from inheritance clawback and forced heirship actions.
From a tax perspective, the pact benefits from the exemption provided under Article 3, paragraph 4-ter of Legislative Decree 346/1990, recently updated by Legislative Decree 139/2024. It exempts business, share, and stock transfers from inheritance and gift tax, provided that the heirs maintain control for at least five years. The regulatory update extends this benefit to include holding companies and asset-holding companies, resolving previous doubts about its application.
In summary, the family pact is a strategic tool for a clear managing business succession, preserving the company's value, preventing family disputes, and ensuring continuity and stability in future management.
