LIBRI DI MATTIA IOTTI

Agricultural firms are characterized by significant investments, both in fixed capital and in working capital. To finance investments, in addition to equity capital, access to credit becomes essential. Concerning this topic, various researches have shown that agricultural firms have difficulty accessing credit, due to reduced average size of farms, often poor financial culture and difficulty in communicating with lenders.To facilitate relations between agricultural firms and lenders in Italy, various regulatory provisions, over time, have changed the regulatory framework of agricultural credit. The offer of credit lines is today wide, even if granting of credit favors larger and more structured firms, and credit is concentrated in a few Italian regions. Public intervention through guarantees, and the introduction of a non-possessory revolving pledge, have favored access to credit for agricultural firms in recent years.The business cases analyzed have highlighted how investments of firms in fixed capital for the purchase of plants, and working capital, for aging of productions, amplify financial needs of firms and make it necessary to evaluate financial sustainability of operations. Recent increase in loans for ESG investments, and consequent regulatory framework, can facilitate financing of agricultural firms, enhancing their social role also in favor of smaller firms, cooperatives and firms in disadvantaged areas.

La valutazione degli investimenti industriali ha l’obiettivo di analizzare la sostenibilità nel tempo dei progetti imprenditoriali e la loro convenienza, cioè l’attitudine a remunerare, adeguatamente, i portatori di capitale. Il volume considera, attraverso un approccio multidisciplinare alla valutazione, gli aspetti di analisi dei costi, l’approccio economico patrimoniale, l’approccio al valore, gli aspetti di valutazione finanziaria, le tecniche della finanza di progetto, la valutazione di sostenibilità degli investimenti e la valutazione delle imprese...

Parma Pdo Ham sector is characterized by the great presence of small and medium sized enterprises (SMEs) and by high absorption of capital to finance investments in fixed assets and working capital. The aging of pork leg causes in fact a high capital requirements for a period of at least 12 months and even 18/24 months. In that case, economic analysis and financial analysis may show different results, since situations of non-financial sustainability even in case of positive profitability. The paper covers the methodology for the analysis of the profitability and sustainability of firm management and suggests specific indices to analyze the firms of the sector. The analysis show that there is a statistically significant difference between economic and financial results in the sector and the application of financial ratios proposed in the paper can better assess the sustainability of management. These ratios can find applications even in other sectors characterized by high capital absorption, particularly net working capital.

Una ricerca che offre l’occasione per capire come il tessuto economico di una realtà di PMI tra le più solide nel nostro paese, la provincia di Reggio Emilia, risenta, o possa fare fronte, alla recessione internazionale. L’analisi, condotta attraverso i dati economici, patrimoniali e finanziari emergenti dai bilanci d’impresa di 75 aziende del territorio locale, dal 2006 al 2009, consente di evidenziare tipicità reddituali e patrimoniali del sistema economico provinciale.

The article explains the possible application at the agro-food companies of the business administration and cost controls managing models. In fact, the little agro-food companies have to improve this managing methods in order to stay on the market, face off with the most important agro-food companies. The paper shows that it’s a real need to split the companies in different areas, related with the single business unit, in order to achieve differential income and financial statements. In particular, cash flow and working capital statements are essential to control the financial and economic production period. Moreover, it’s important to improve a producer common action on the market, but also a common action in buying technical goods. Moreover, the companies manager have planned a direct market access to achieve higher income and profit margin. In this way, it will be possible to have a different market scenario, in which little agro-food companies could stay in front to big ones, selling directly tipical products. At the end, it’s possible to find that long time strategy methods, based on cost planning systems, are an idea based on business control, also useful in managing little agro-food companies.

The article explains the discount diffusion in Italy during the nineties, that was encoruaged by the loss of family income and the fall of Gross National Product. Moreover, in those years, it’s possible to find the sign of diffuculties of the local traditional product in staying in the market, face off with the northern Europe products. In fact, the German and France distribution channels came in Italy, exporting the discount formula, and fighting the tradional italian way of food distribution. After several years of strong market conflict, it’s now possibile to see a different market scenario. The discount has been going down since the middle of the decade, and others distribution channels are starting tto stay on the market. This little market revolution was caused by the important consumer attention to food quality, that starts the latest years and that was related with the growing income and the quality consumption needs. At the end, it’s interesting to note that some demand ratio still remains interested in food low price offer, that is guarenteed by discount. After all, it’s reasonable think that only a little part of the market will remain interestd in cheap food discount offer.