The Economic Council and Coordination Meeting of the Italian Institutions

institutions Embassy of Italy, Copenhagen

Copenhagen, 13 April 2016

Macroeconomic Trends1

43.264 43.856 44.109 45.349 46.301 47.461

49.034

35.731 35.392 35.283 35.622 36.375 37.381

38.516

30.000

35.000

40.000

45.000

50.000

2011 2012 2013 2014 2015 2016 2017

GDP per capita (US$ at PPP)*

Denmark Italy

0%

5%

10%

15%

2013 2014 2015 2016 2017 2018

Unemployment Rate (av; %)*

Denmark Italy

0,0

10,0

20,0

30,0

40,0

50,0

2013 2014 2015 2016 2017 2018

Current Account Balance (US $ Bn)*

Denmark Italy

*Source: Country Report 2016, Economist Intelligence Unit Limited 2016

Real GDP Growth Rate (%)*

-2,0%

-1,5%

-1,0%

-0,5%

0,0%

0,5%

1,0%

1,5%

2,0%

2013 2014 2015 2016 2017 2018

Denmark Italy

Trade between Italy and Denmark2

0

500.000.000

1.000.000.000

1.500.000.000

2.000.000.000

2.500.000.000

3.000.000.000

3.500.000.000

Exports and Imports (in €)*

Italian Exports to Denmark Italian Imports from Denmark

450.000.000

500.000.000

550.000.000

600.000.000

650.000.000

700.000.000

750.000.000Exports and Imports 2013-2015 (Qr.) (in €)*

*Source: ISTAT 2016

Trade between Italy and Denmark (in €)*3

Main countries exporting to

Denmark

1° - Germany2° - Sweden3° - Netherlands....7° - Italy

Main countries importing from

Denmark

1° - Germany2° - Sweden3° - United Kingdom....12° - Italy

2014 2015 Δ Δ%Italian Exports to

Denmark 2.633.497.303 2.580.737.433 -52.759.870 -2,00%

Italian Imports from Denmark 2.053.498.187 2.140.101.581 86.603.394 +4,22%

Bilateral Trade in Goods 4.686.995.490 4.720.839.014 33.843.524 +0,72%

*Source: ISTAT 2016

Trade between Italy and Denmark (macro-areas)*

4

Italian Imports from Denmark 2015

C - 91,6 %

Italian Exports to Denmark 2015A - 6,6 %V – 1,6 %

C - 94,9 %

A - 3,7 %V – 0,9 %

*Source: ISTAT 2016

4Fs5

FoodFashion

FerrariFurniture

Italian Fashion(values in €)

6

0

5.000.000

10.000.000

15.000.000

20.000.000

25.000.000

30.000.000

35.000.000

40.000.000

2014 201542.000.00043.000.00044.000.00045.000.00046.000.00047.000.00048.000.00049.000.00050.000.000

2014 2015

CB – Textile, apparel, leather and related

products*Δ % 2014-2015

+2.7%

CB151 – Leather goods*Δ % 2014-2015

+27.5%

CB152 – Footwear*Δ % 2014-2015

+9.9%

*Source: ISTAT 2016

254.000.000

256.000.000

258.000.000

260.000.000

262.000.000

264.000.000

266.000.000

2014 2015

Italian Food(values in €)

7

235.000.000240.000.000245.000.000250.000.000255.000.000260.000.000265.000.000270.000.000275.000.000280.000.000

2014 2015

CA10 – Food Products*Δ % 2014-2015

+9.8%

21.000.00021.500.00022.000.00022.500.00023.000.00023.500.00024.000.00024.500.00025.000.000

2014 2015

CA10730 – Macaroni, noodles, couscous and

similar*Δ % 2014-2015

+8.8%

CA104 – Oil, vegetables and animal fats*Δ % 2014-2015

+39.4%

0

5.000.000

10.000.000

15.000.000

20.000.000

25.000.000

2014 2015

*Sou

rce:

ISTA

T 20

16

Italian Wine(values in €)

8

138.000.000139.000.000140.000.000141.000.000142.000.000143.000.000144.000.000145.000.000146.000.000

2014 2015

CA1102 – Wine grape*Δ % 2014-2015

+2.8%

CA11022 – Spumante wine and other special wines*

Δ % 2014-2015+32.2%

05.000.000

10.000.00015.000.00020.000.00025.000.00030.000.000

2014 2015

*Sou

rce:

ISTA

T 20

16

Italian Furniture(values in €)

9

CM31 – Furniture*Δ % 2014-2015

+23.2%

CM31099 – Other Furniture (including Outdoor Furniture)*

Δ % 14-15+35.2%

02.000.0004.000.0006.000.0008.000.000

10.000.00012.000.000

2014 20150

10.000.00020.000.00030.000.00040.000.00050.000.00060.000.00070.000.000

2014 2015

*Sou

rce:

ISTA

T 20

16

Italian “Ferrari” - Automotive(values in €)

10

CL3091 – Motorcycles*Δ % 2014-2015

+24.3%

88.000.00090.000.00092.000.00094.000.00096.000.00098.000.000

100.000.000102.000.000104.000.000106.000.000

2014 20150

1.000.0002.000.0003.000.0004.000.0005.000.0006.000.0007.000.000

2014 2015

CL291 – Motor Vehicles*Δ % 2014-2015

+10.5%

*Source: ISTAT 2016

Electronic sector(values in €)

11

CJ27 – Electric devices and non-electric domestic devices*

Δ % 2014-2015

+31.3%

CJ271 – Engines, generators, and electric transformers*

Δ % 2014-2015+19.9%

0

50.000.000

100.000.000

150.000.000

200.000.000

250.000.000

2014 201555.000.000

60.000.000

65.000.000

70.000.000

75.000.000

2014 2015

*Sou

rce:

ISTA

T 20

16

12 Trade between Italy and Denmark in the Pharmaceutical sector

(values in €)

Imports from DenmarkΔ % 2014-2015

+18.0%

Imports from DenmarkΔ % 2014-2015

+72.1%

210.000.000220.000.000230.000.000240.000.000250.000.000260.000.000270.000.000280.000.000290.000.000

2014 2015

05.000.000

10.000.00015.000.00020.000.00025.000.00030.000.000

2014 2015

Exports to DenmarkΔ % 2014-2015

-2.4%

92.000.000

93.000.000

94.000.000

95.000.000

96.000.000

97.000.000

2014 2015

CF21 – Basic pharmaceutical products and pharmaceutical preparations* CF211 – Basic pharmaceutical products*

Exports to DenmarkΔ % 2014-2015

+155.2%

05.000.000

10.000.00015.000.00020.000.00025.000.000

2014 2015

*Source: ISTAT 2016

Bilateral Trade in Services13

The methodological framework followed in the compilation of the Balance of Payments and InternationalInvestment Position is the one defined in the fifth edition of the IMF Balance of Payments and InternationalInvestment Position Manual (BPM5) until 2009 and the one defined in the BPM6 until 2014

300,000

500,000

700,000

900,000

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Italian Exports and Imports to/from Denmark(thousand €) *

Export Import

*Source: EUROSTAT 2016

EU Direct Investment Positions: Breakdown by Country and Economic Activity

14

500

1.000

1.500

2.000

2.500

3.000

2008 2009 2010 2011 2012 2013 2014

Foreign Direct Investments (ml €)

Italian FDI in Denmark Danish FDI in Italy

The methodological framework followed in the compilation of the Balance of Payments is the onedefined in the fifth edition of the IMF Balance of Payments Manual (BPM5) and the OECD BenchmarkDefinition of Foreign Direct Investment Third Edition until 2012 and the one defined in the BPM6 until 2014

*Sou

rce:

EUR

OST

AT 2

016

Italian Investments in Denmark15

Grimaldi – Niels Winther16

Since 1998, the Grimaldi Group has been operating in Denmark, inpartnership with the agent Niels Winther Shipping.

Grimaldi Group runs its port terminal in Denmark in the harbour of Esbjerg

In 1999, Grimaldi and its partner established a joint venture, ScandinavianAuto Logistics A/S (SAL), to carry out inland transportation of vehicles todealers in Denmark.

The logistic company SAL imports approximately 50.000 new vehicles peryear.

Grimaldi has been investing in Denmark approximately € 5,4 million throughSAL.

Since 2006, Grimaldi has been strenghtening its position in the Scandinavianregion with the acquisition of Finnlines.

Exor SpA buys 13% stake in Welltec

In the Fall 2015, Exor Spa, the investment company of Italy’s Agnellifamily, bought a 13% stake in Danish multinational Welltec, whichprovides robotic solutions for the maintenance, cleaning and repair ofoil wells.

The Italian company invested an amount of €103.3 million. Theinvestment was made in partnership with the Dutch fund “7 industries”,which acquired the same amount of Welltec’s stake.

17

In August 2013, Chiesi Farmaceutici S.p.a., a leading Europeanpharmaceutical group, acquired Zymenex Holding A/S, a Danishbiopharmaceutical group, focused on the development andcommercialization of innovative biologic therapeutics for the treatmentof rare and life-threatening genetic diseases.

In 2014, Chiesi Group had an operating revenue of €1.477 million.

18 Chiesi and Zymenex

Danish investments in Italy19

Maersk acquires the Reefer Terminal in Vado Ligure

The Maersk Group has five core businesses, which include Maersk Line,APM Terminals, Maersk Oil, Maersk Drilling and APM Shipping Services.

APM Terminals, port and terminal operator, acquired 100% of ReeferTerminal SpA, the largest refrigerated terminal in the Mediterranean.

The acquisition took place in the Summer 2015 with an investment ofapproximately €150 million. Moreover, the Italian Government isproviding €300 million for civil works for the project.

20

Vestas

In December 1997, Vestas Wind System A/S, a Denmark-based companyleader within the wind power industry, set up a joint-venture withFinmeccanica (Italian Wind Technology). In 2001 Vestas Wind Systemacquired 100% of IWT, which changed its name in Vestas Italia S.r.l. in 2005.

In 2014, Vestas Wind System A/S had an operating revenue of € 7.591million.

In 2014, Vestas Italia S.r.l along with Vestas Blades Italia S.r.l. (themanufacturing plant in Taranto) had an overall operating revenue of €337.435.000, which represents approximately 4,4% of the Group’s totaloperating revenue.

21

NOVO NORDISK In December 1980, Novo Nordisk A/S, a global healthcare company

specialized in developing diabetes products, set up its branch in Italy (NovoNordisk S.p.a.).

In 2014, Novo Nordisk A/S had an operating revenue of € 13.099 million.

In 2014, Novo Nordisk S.p.a. had an operating revenue of € 256.470.000, which represents 1,96% of the Group’s total operating revenue.

22

Danish Tourism in Italy23

Couples without children

31%

Families with

children27%

Young/Students

13%

Seniors12%

Singles8%

Business9%

Target Danish tourists

Airplane 61%

Car 28%

Bus 5%

Most used means of transport

Veneto Tuscany Lazio Lombardy Trentino-AltoAdige

no. turists 1219,28 388,178 326,907 326,858 195,766

0

200

400

600

800

1000

1200

1400

Most visited regions in Italy by Danish tourists 2014 – (thousands)

*Source: ISTAT

24

Aarhus

Danish travel Award 201525

The jury was composed by the Stand By magazine, in collaboration with a panel of 1.446 ordinary Danes and a

panel of Stand By’s newsletter receivers.Italy was awarded the prize for Best Travel Country in Europe

Thank You!

Arianna Agnese & Vincent Tesio

Interns at Embassy of Italy, Copenhagen

26

Claudia Antonelli, Attaché for Economic and Commercial Affairscommerciale.copenaghen@esteri.it

Silvia Borio & Cesare Sartirana

Master Students at Copenhagen Business School