The R&S Directory, the first edition of which appeared in 1976, takes its name from the company's initials. It provides a broad range of financial and other information enabling the user to gain in-depth knowledge of leading Italian companies.
Since 2002 Edition, only the largest listed companies are included in the printed version. Information on the other listed and unlisted is provided on this website as and when it will be processed, along with updates on, and interim results for the big companies. Please see Shop online.
The 1,161 printed page Directory covers 50 groupings of listed companies. Coverage of each grouping includes the figures of all subsidiaries and also those of other listed companies in which the parent is the largest shareholder. Details of each significant sub-group are attached to those of its parent grouping, so that the Directory actually covers 74 companies.
The 50 groupings, 41 of which are industrial businesses, 6 banks and 3 insurers, have been selected by size based on capital invested, value added and free float capitalization. To complete the picture, four unlisted holding companies have also been included: Aurelia s.r.l., owned by the Gavio family, Cremonini, De Agostini (Drago-Boroli), Edizione s.r.l. (Benetton) and Fininvest (Berlusconi).
F.A.Q. - Frequently Asked Questions
What is the purpose of this directory?
This is an annual publication containing information on the largest listed Italian companies that aims to provide a fully comprehensive financial profile of their operations. Each entry is prepared wholly independently of the company concerned, although they assist to varying degrees in collating and completing the information. The directory is designed for all members of the business community who rely on quality financial information to form a basis for their decision-making, and as an invaluable management tool in their day-to-day operations.
When was it first published?
The first R & S Annual Directory was published in 1976.
How are the companies selected?
They are the leading Italian listed groups. The companies are selected on the basis of size in terms of free float capitalization, total assets and value added.
How many companies are included?
The directory covers 50 groups with interests in around 8,000 companies in Italy and elsewhere.
What information do individual entries contain, and how many years does it cover?
A detailed balance sheet analysis is given for each group, with particular reference to consolidated accounts, which usually cover the last five years. This is complemented by a profile of the company's history and its operations, the names of its directors, statutory auditors and major shareholders, figures on production and market share, details of production facilities, sales, employees and, in the case of listed companies, stock market performance. The directory contains two indexes, one listing directors and statutory auditors with their respective positions, and one listing the subsidiaries and associated companies of the groups covered, with a breakdown of their shareholders.
Is the Directory only available in Italian?
Yes. Individual entries and excerpts from them can be translated into English on request.
What are R&S's working methods?
The information given derives from research using exacting methods to produce results of the highest quality. The companies are shown working drafts and are invited to comment on them, if they so wish. All entries published are however compiled on a completely independent basis with the material being entirely produced in-house. This ensures that the same principles are used to measure the performance of all the companies covered. These principles are set out in the introduction to the Directory, which describes the criteria used in restating the figures.
Can back issues be consulted?
Back issues can be consulted at R & S's offices in Milan by telephone appointment. Copies may also be found in the libraries of the economics faculties of most Italian universities.
Has the survey been reviewed recently?
The latest edition was published on 8 August 2016. Reviews and comments appeared in leading Italian daily newspapers the following day.
Has information given in this directory been reviewed or used in other publications?
A selection of articles and books is given below:
Banca d'Italia, Ristrutturazione economica e finanziaria delle imprese. Note sulle modificazioni della struttura finanziaria delle imprese italiane negli ultimi 20 anni (Rome, 1988)
Mario Baldassarri (ed.), 45 years of industrial policy in Italy. Phases of the Italian Industrial Development and the Relationship between the Public and Private Sectors, Rivista di Politica Economica (Rome, May 1990)
Fabrizio Barca (ed.), Storia del capitalismo italiano dal dopoguerra ad oggi (Donzelli, 1997 and 2001)
Riccardo Gallo, Manuale di finanza industriale (Giuffrè, 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, Supplemento, n. 1-2004.