Working Paper Cnr-Ceris, N° 11/2014

La crisi finanziaria nei bilanci delle imprese: una nota con i dati Mediobanca

[The financial crisis in the italian companies’ financial statements: insights from mediobanca’ data]

  Franco Varetto

CNR-Ceris, via Real Collegio 30,
10024 Moncalieri (To), Italy

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Abstract: The financial crisis had a severe impact on financial statements of Italian manufacturing companies: in 2012 total revenues are still under the level got before 2009, while gross margins (EBITDA) are even below the level of 2007. The decrease of the accounting depreciation rates allowed the companies to contain the fall of net margins (EBIT). The cutback of fixed investments and the slow dynamic of the operating working capital have allowed the companies to limit their external financial needs, whose coverage came mainly from bond issues and net increases of short term financial debts.

Keywords: Crisi finanziaria, Imprese manifatturiere, Bilanci, Struttura finanziaria, Credit crunch, Redditività, Fabbisogni finanziari.

JEL Codes: E32, G31, G32, L25, L60

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