5 companies in liquidation, the Exhibition at risk of collapse
Five companies in liquidation including the Terme di Agnano – which however will be saved, the Municipality will put the asset, i.e. the spas themselves, in another container – transfer of the shares of the City Sightseeing company which belong to the ANM and very focused spotlights on the Mostra d ‘Overseas, where the positive operating result “is only due to the non-refundable liquidity injection”. And then Anm and Caan – the agri-food center – where an urgent rationalization action is needed. Their books, it is worth remembering, are already in the hands of the Bankruptcy Court. While they don’t need rationalization interventions, but efficiency improvements «because they have the means to walk on their own legs and have to start running» Asìa, the environmental hygiene company, NapoliServizi and Napoli Holding.
Here it is the first photograph of the guide from Mayor Gaetano Manfredi on the situation of investee companies. One would say a real x-ray, contained in the resolution approved on Wednesday evening. The first signal to the Government in function of the “Pact for Naples”. It is known that rationalization, reorganization and efficiency are a cornerstone of the anti-instability measure which is worth 1.3 billion for Naples, a disbursement conditional on the improvement of company performance in terms of services provided and from a financial point of view. The actual measures that will be presented to the Government and the City Council within the month consist of the establishment of a super holding to support those in difficulty in order to reduce management costs on the one hand and improve the product.
So internal and external synergies “but without personnel cuts or privatizations” the Municipality is keen to underline. It goes without saying that a change of management is certain for the companies under observation. For the others, turnover is one of the more probable options. Because it must be said that all the companies under scrutiny and those formally not on the bad list have financial problems to solve and are trying to get by thanks to the money that Palazzo San Giacomo puts into it. Basically, the super Holding, which already exists is Napoli Holding, should be created to support the Mostra d’Oltremare, the Caan, the same Terme di Agnano and Anm of which it already holds all the shares. As of today, Asia and NapoliServizi would be excluded.
The companies in liquidation are the Acn used to host the America’s Cup of sailing, the Elpis, social Naples, recovery initiatives in Naples and the historic center and the Agnano spa. Which will disappear as a company but the asset will remain in Palazzo San Giacomo. The Neapolitan Municipality has already put 350 thousand euros to maintain the assets.
Let’s start from the Mostra d’Oltremare, Palazzo San Giacomo to date does not intend to deprive itself of it and has set the relaunch of the Fuorigrotta institution as its objective. However, the same junta deliberating on the Exhibition defines an alarming picture. “Proceed with actions aimed at containing costs” because “the 2018-2022 five-year economic and financial plan ended without the company having implemented all the measures contained therein”. Despite the fact that the balance sheet of the Exhibition as of 31 December “closed with an operating profit of one million and 999 thousand euros”. Because the «Positive result of company management was determined by the strong contribution of non-refundable public contributions. The overall volume of characteristic revenues is inadequate to remunerate the costs of the company’s operational management”. In short, without the liquidity injection, the Exhibition would be a broken company. ANM is in receivership and must proceed “without delay” as suggested by the Court itself “subject to review of their value of the shares of City Sightseeing”.
Anm is doing better on the payment front to creditors because “it fully satisfied the privileged creditors and initiated the payment of the unsecured creditors”. The Caan remains in the eye of the storm and under the magnifying glass against which the creditors who appealed and blocked the arrangement with creditors – the same procedure that Anm put in place to save themselves from bankruptcy in Court – the Caan remains in the eye of the storm and under the magnifying glass it is closer to failure than salvation.