Economic Sustainability of Pig Slaughtering Firms in the Production Chain of Denomination of Origin Hams in Italy
Abstract
:1. Introduction
2. Materials and Methods
2.1. Annual Account Statement (AAS) Analysis
2.2. Financial Ratios and Margins (FRM) Analysis
3. Results
3.1. The Sample of Companies Operating in the Pig Slaughtering Sector
3.2. Analysis of the Management of the Companies in the Sample by Applying Financial Ratios and Margins (FRM) Analysis
4. Discussion
5. Conclusions
Author Contributions
Funding
Institutional Review Board Statement
Informed Consent Statement
Data Availability Statement
Acknowledgments
Conflicts of Interest
References
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L—Liquidity (cash and bank) |
WCii—Working Capital investment. Inventories |
WCari—Working Capital investment. Accounts receivable |
WCoi—Working Capital investment. Others |
WCiT—Working Capital Investment. Total |
FA—Fixed Asset |
TA—Total Asset |
WCaps—Capital source. Accounts payable |
WCos—Working Capital source. Others |
FDM < 12—Financial debts. Due less than 12 months |
DM < 12—Short Term Debts. Due less than 12 months |
FDM > 12—Financial Debts. Due more than 12 months |
DT—Total Debt |
Esc—Equity. Share capital |
Er—Equity. Reserves |
EpT—Equity. Post taxes profit |
ET—Total Equity |
TS—Total Source |
(+) S—Sales |
(+/−) ΔI—Change in inventory value |
(+) OR—Other revenue |
(+/−) VP—Value of Production |
(−) M—Raw materials cost |
(−) S—Services cost |
(−) R—Rent cost |
(−) OC—Other costs |
(+/−) VA—Value Added |
(−) L—Labor cost |
(+/−) EBITDA—Earnings before interest, tax, depreciations, and amortizations |
(−) D—Depreciations |
(−) A—Amortizations |
(+/−) EBIT—Earnings before interest and tax |
(−) IC—Interest charge |
(+) IR—Interest revenue |
(+/−) SF—Net Interest |
(+/−) W—Revaluations and Devaluations |
(+/−) X—Extraordinary revenues and costs |
(+/−) ΠaT—Profit before taxes |
(−) T—Income taxes |
(+/−) ΠpT—Profit after taxes |
Firm | Province | Invested Capital (€) | Sales (€) | Employees (n) |
---|---|---|---|---|
Annoni spa | Parma | 43,920,233 | 187,426,516 | 108 |
CLAI scarl (*) | Bologna | 197,421,333 | 261,123,955 | 479 |
Ghinzelli srl | Mantova | 45,439,644 | 244,370,273 | 115 |
Martelli spa | Mantova | 100,972,494 | 260,036,201 | 145 |
OPAS sca (**) | Modena | 69,578,656 | 325,048,643 | 73 |
Pini Italia srl | Cremona | 54,355,911 | 235,584,323 | 140 |
Prosus sca | Cremona | 132,271,938 | 300,599,161 | 230 |
Sassi spa | Parma | 60,980,949 | 174,083,128 | 65 |
Total | 704,941,158 | 1,988,272,200 | 1355 |
Balance Sheet ID | Total Obs. (€) | Total (%) | Mean | Median | St. Dev. Sample |
---|---|---|---|---|---|
L—Liquidity (cash and bank) | 224,305,967 | 3.94 | 2,803,825 | 760,680 | 4,330,593 |
WCii—Working Capital investment Inventories | 948,912,796 | 16.65 | 11,861,410 | 10,319,294 | 10,181,414 |
WCari—Working Capital investment Accounts rec. | 2,733,958.97 | 47.97 | 34,174,487 | 36,478,400 | 14,779,785 |
WCoi—Working Capital investment. Others | 586,567,987 | 10.29 | 7,332,100 | 55,766 | 19,318,187 |
WCiT—Working Capital Investment Total | 4,269,439,755 | 74.91 | 53,367,997 | 45,103,646 | 32,357,020 |
FA—Fixed Asset | 1,205,705,361 | 21.15 | 15,071,317 | 8,875,441 | 13,573,656 |
TA—Total Asset | 5,699,451,083 | 100 | 71,243,139 | 59,381,939 | 47,205,485 |
WCaps—Working Capital source Accounts payable | 1,206,318,846 | 21.17 | 15,078,986 | 13,203,700 | 10,038,879 |
WCos—Working Capital source Others | 357,246,011 | 6.27 | 4,465,575 | 3,429,394 | 3,177,573 |
FDM < 12—Financial debts Due less than 12 months | 1,346,715,756 | 23.63 | 16,833,947 | 13,872,900 | 15,453,081 |
DM < 12—Short Term Debts Due less than 12 months | 2,910,280,613 | 51.06 | 36,378,508 | 33,544,002 | 21,426,629 |
FDM > 12—Financial Debts Due more than 12 months | 629,566,473 | 11.05 | 7,869,581 | 2,757,193 | 10,342,683 |
DT—Total Debt | 3,539,847,086 | 62.11 | 44,248,089 | 40,609,395 | 25,275,032 |
Esc—Equity Share capital | 469,678,437 | 8.24 | 5,870,980 | 4,710,716 | 5,312,647 |
Er—Equity Reserves | 1,630,868,435 | 28.61 | 20,385,855 | 8,156,385 | 37,794,895 |
EpT—Equity Post taxes profit | 59,057,125 | 1.04 | 738,214 | 156,856 | 3,279,343 |
ET—Total Equity | 2,159,603,997 | 37.89 | 26,995,050 | 13,056,962 | 40,630,457 |
TS—Total Source | 5,699,451,083 | 100 | 71,243,139 | 59,381,939 | 47,205,485 |
Income Statement ID | Total Obs. (€) | Total (%) | Mean | Median | St. Dev. Sample |
---|---|---|---|---|---|
(+) S—Sales | 13,850,325,244 | 100 | 173,129,066 | 181,275,293 | 70,653,237 |
(+/−) ΔI—Change in inventories value | 62,429,804 | 0.45 | 780,373 | - | 2,961,843 |
(+) OR—Others revenue | 25,900,710 | 0.19 | 323,759 | 208,354 | 292,260 |
(+/−) VP—Value of Production | 13,938,655,758 | 100.64 | 174,233,197 | 183,309,034 | 71,234,513 |
(−) M—Raw materials | 11,807,485,701 | 85.25 | 147,593,571 | 150,029,050 | 58,349,647 |
(−) S—Services | 1,260,839,577 | 9.1 | 15,760,495 | 16,818,128 | 8,559,394 |
(−) R—Rent | 9,761,163 | 0.07 | 122,015 | 32,545 | 177,410 |
(−) OC—Others cost | 24,532,150 | 0.18 | 306,652 | 280,619 | 244,673 |
(+/−) VA—Value Added | 836,037,167 | 6.04− | 10,450,465 | 6,875,995 | 8,405,623 |
(−) L—Labor cost | 590,535,225 | 4.26 | 7,381,690 | 6,345,060 | 5,304,456 |
(+/−) EBITDA | 245,501,942 | 1.77 | 3,068,774 | 1,826,754 | 3,396,122 |
(−) D—Depreciations | 3,116,433 | 0.02 | 38,955 | - | 107,263 |
(−) A—Amortizations | 108,883,364 | 0.79 | 1,361,042 | 817,631 | 1,313,868 |
(+/−) EBIT | 133,502,145 | 0.96 | 1,668,777 | 1,085,194 | 2,314,823 |
(−) IC—Interest charge | −59,218,010 | −0.43 | −740,225 | −600,372 | 643,402 |
(+) IR—Interest revenue | 24,920,076 | 0.18 | 311,501 | 18,089 | 673,116 |
(+/−) SF—Net Interest | −34,297,934 | −0.25 | −428,724 | −554,459 | 1,045,536 |
(+/−) W—Revaluations and Devaluations | −18,902,430 | −0.14 | −236,280 | - | 1,464,913 |
(+/−) X—Extraordinary revenues and costs | 2,732,257 | 0.02 | 34,153 | - | 357,689 |
(+/−) ΠaT—Profit before taxes | 83,034,038 | 0.6 | 1,037,925 | 331,879 | 3,476,878 |
(−) T—Income taxes | 23,976,913 | 0.17 | 299,711 | 177,565 | 360,561 |
(+/−) ΠpT—Profit after taxes | 59,057,125 | 0.43 | 738,214 | 156,856 | 3,279,343 |
Financial Ratio ID | Mean | Median | St. Dev. Sample |
---|---|---|---|
ROE—return on equity | 1.50% | 2.17% | 23.15% |
ROA—return on asset | 1.05% | 1.80% | 6.95% |
ROD—return on debts | 1.36% | 1.01% | 0.26% |
DER—debt equity ratio | 13.97 | 2.81 | 4.13 |
CR—current ratio | 3.67 | 1.35 | 1.88 |
AR_DAYS | 68 | 72 | 3 |
AP_DAYS | 30 | 28 | 1 |
INV_DAYS | 21 | 19 | 1 |
NWC_DAYS | 60 | 63 | 2 |
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Bonazzi, G.; Camanzi, P.; Ferri, G.; Manghi, E.; Iotti, M. Economic Sustainability of Pig Slaughtering Firms in the Production Chain of Denomination of Origin Hams in Italy. Sustainability 2021, 13, 7639. https://doi.org/10.3390/su13147639
Bonazzi G, Camanzi P, Ferri G, Manghi E, Iotti M. Economic Sustainability of Pig Slaughtering Firms in the Production Chain of Denomination of Origin Hams in Italy. Sustainability. 2021; 13(14):7639. https://doi.org/10.3390/su13147639
Chicago/Turabian StyleBonazzi, Giuseppe, Paolo Camanzi, Giovanni Ferri, Elisa Manghi, and Mattia Iotti. 2021. "Economic Sustainability of Pig Slaughtering Firms in the Production Chain of Denomination of Origin Hams in Italy" Sustainability 13, no. 14: 7639. https://doi.org/10.3390/su13147639
APA StyleBonazzi, G., Camanzi, P., Ferri, G., Manghi, E., & Iotti, M. (2021). Economic Sustainability of Pig Slaughtering Firms in the Production Chain of Denomination of Origin Hams in Italy. Sustainability, 13(14), 7639. https://doi.org/10.3390/su13147639