Reports 2016

Italian Bankruptcy Report In the 2015 the bankruptcy cases was 14.416 against the 15.605 of 2014 (-7,62%). The following table

resumes the quarter bankruptcy cases in the last seven years (2009 -2015), where the total bankruptcy

cases was 89.591.

TRIM. 2009 2010 2011 2012 2013 2014 2015I 2.202 2.825 2.988 3.212 3.637 3.823 3.803 II 2.391 3.001 3.411 3.109 3.728 4.278 3.490 III 1.730 2.058 2.205 2.397 2.647 3.002 3.013 IV 3.060 3.402 3.565 3.745 4.257 4.502 4.110

TOTAL 9.383 11.286 12.169 12.463 14.269 15.605 14.416

7 Y 6 Y 5 Y 4 Y 3 Y 2 Y

53.6

4%

27.7

3%

18.4

6%

15.6

7%

1.03

%

-7.6

2%

Cum ul a ti v e v a r i a ti on

Massimo Russo, Financial Analyst CIIA® | 1

2009 2010 2011 2012 2013 2014 2015

9,383 11,286 12,169 12,463

14,269 15,605

14,416

Pe rformance

Looking each quarter’s

amounts in the bar chart on

the left, we can see that in the

fourth quarters of all the years

the bankruptcy cases are larger

than others.

The cumulative variation of the

bankruptcy cases in the single

periods scaled by the first

computing year (2007) to the

last computing year (2015)

discloses, on the one side, the

declining tendency of the

cases, but also the sound of the

phenomenon.

Reports 2016

Massimo Russo, Financial Analyst CIIA® | 2