"Father, I got the general outline of the annual meeting of the United Group, and last year it lost 1.24 billion lira...... The overall operating income is about 2.8 billion, of which United Bank accounts for 12-13 billion, United Real Estate accounts for 10-1.2 billion, and the others are fragmented member enterprises. ”

"Their operating income can be ignored, there is almost no reference value, for example, he bought things from the USSR and sold them to his own subsidiaries - this is all procurement, where is it a sale?" Old Agnelli patted the armrest gently, "No wonder he sold so many shares to the royal family in the last stage of last year...... It turned out that in order to fill this hole, he sold 1.2 billion lira of equity, right? ”

"I don't know the specific situation, but the analysis is between 55 million and 60 million US dollars."

"That's right, it shows that the United Group not only did not lose money but also made a profit last year."

"Profitable?" Little Agnelli shook his head, "I can't see it. ”

"Can't see it? The real estate, residential, and commercial facilities he holds in his hands have all appreciated due to the opening of the express line, and even the unopened lots, as long as they can be linked to the express line, have more or less appreciated in value. And those workers' new villages, if I'm not mistaken, he is a cost accrual on the account, but as long as he wants to cash in, as long as he sells it to the existing residents at a low price, he can get a large sum of money back. Don't fall into the thinking of an accountant, the statements are only for statistics, and do not reflect the actual operation, especially for large conglomerates, if I were to do the accounting, the Algerian oil company I could make a negative number - only invested in exploration expenses, no output at all, but this prevents him from selling money? ”

Little Agnelli nodded: "If this analysis is true, but I think his profit and appreciation space is not enough to realize, next year it is said that the scale of investment will reach 10 billion, I expect a loss of at least 2 billion, this year, next year, can still support, and then later?" Where are there so many big oil fields waiting for him to discover? Without positive cash flow, sooner or later the money will be burned – and now that the rate of burning is getting faster and faster, Italy's financial markets can no longer afford a second consortium and will have to finance the United States. ”

"Tens of billions? Old Agnelli also froze, "What did he vote for?" ”

"At the same time, 7 railway sections were started, 4 ports were dredged, 6 new power plants were built, the trial operation of United Iron and Steel and United Chemical Industry was completed, the expansion of the large shipyard of the United Shipyard was completed, and the preliminary construction of United Automobile was completed...... In addition, it is necessary to run education, and in one fell swoop it has thrown out a plan for the development of six colleges and universities, including the United Technical College and the United Secondary Vocational School, and it is said that preparations for the United University are still being made. ”

"In the end, it's little Ziano, and I'm so big that I can't ......," old Agnelli sighed, "I heard that he still wants to build tanks, planes, and guns?" ”

"Yes, they are involved in a much richer and wider field than we imagined......"

Agnelli Jr. is not lying about it: after the acquisition of the Ansaldo Tank and Armored Plant by the United Group, it is now the second largest manufacturer of tanks and armored vehicles in Italy, after Fiat; With the acquisition of the three aircraft factories of Beleda, Ansaldo and United Shipyard and their integration together with their own United Aircraft Factory, it is now the second largest aircraft manufacturer in Italy, after Fiat; Although the total volume and scale of United Motors are smaller than Fiat, it is the largest in the field of trucks and large buses, and is the second largest vehicle manufacturer in Italy. United Power is now able to develop aviation liquid-cooled and air-cooled engines, and has patents for motorcycle engines and automobile engines, making it the second largest engine manufacturer in Italy, after Fiat.

In addition to this, United Steel will be the largest steel company in Italy; United Chemicals is the largest chemical company in Italy; United Defense is Italy's largest manufacturer of rifles and bullets, and the second largest artillery manufacturer; United Shipyard will be the third largest shipyard; Union Bank is already the third largest bank, and the gap from the second largest is very small, relying on the United Group can easily surpass; United Construction and United Real Estate are the largest real estate development giants in Italy; United Motorcycles is the largest motorcycle company...... In Contini's words, if the members of the United Group fail to do the top three in Italy in their sub-sectors, they are rubbish - the ninth-ranked United Milan would have been beaten directly into the D category if it were not for the president of the club, Contini himself.

"The United Group has made a full layout in our main business areas, and even they have reached a strategic cooperation agreement with Ansar Dada...... "Father, now the United Group has formed a comprehensive competition situation for us, involving a wider range of fields than us, and the resource advantage is also greater than ours, and if the industry competes in the future, we may face major challenges." The media always operated the match between Milan and Juventus, and in fact Ziano Jr. didn't care about the team at all, he just allocated money - he hadn't been seen in the team's home games for at least three months. ”

Old Agnelli nodded, his son's analysis was still very correct. Union Group has the credit advantage of Union Bank, and now the cost of borrowing is significantly lower than Fiat - Union Bank first raised deposits at a high interest rate of 3.75%, and then lent to Union Group at an interest rate of 5.25%, although the interest rate spread was compressed to only 1.5%, but it could not withstand the large scale of United Group's loans and did not need to conduct credit and risk review. For banks, the risk control of loans of 10 million lire is also carried out in this way, and the risk control of loans of 10 billion lira is also carried out by a few people, and the cost and energy are almost the same, so banks are not willing to do business with small customers whenever they have a choice, and the same is true in ancient and modern times.

The United Group has the advantage of transportation, all kinds of materials directly run on the new express line of the United Group, the speed is fast, the efficiency is high, and the toll is 20% higher than the general railway, but the cost and time saved are not only these? The Union received from the Soviet Union a large number of primary industrial products and raw materials, advantages that Fiat did not have.

Of course, Fiat has its own unique advantages in management and coordination, and Fiat's labor comprehensive cost is only 60-70% of that of the United Group, which accounts for a great advantage.

The United Group has the advantage of transportation, all kinds of materials directly run on the new express line of the United Group, the speed is fast, the efficiency is high, and the toll is 20% higher than the general railway, but the cost and time saved are not only these? The Union received from the Soviet Union a large number of primary industrial products and raw materials, advantages that Fiat did not have.

Of course, Fiat has its own unique advantages in management and coordination, and Fiat's labor comprehensive cost is only 60-70% of that of the United Group, which accounts for a great advantage.