ECONOMIC AND FINANCIAL BALANCE OF ITALIAN TANNING MANUFACTURERS DURING THE CRISIS (2007-2015)

This work focuses on the situation of tanning manufacturers in Italy. It aims to analyse their financial structure, in the period before, during and after the crisis (2007-2015), in relation to financial ratios and margins trend. The study focuses on three research questions: what is the actual situation and which trend there has been in the last decade in Italy? What was the effect of the international crisis on the financial structure of companies in the sector? What is the actual in the various Italian geographic areas? To these aims and starting from AIDA data, the study carries out a trend analysis. The financial structure is assessed using ratios (Leverage) and fixed asset to equity capital margin (Margin of treasury, Net working capital and Fixed asset to equity capital margin). From the quantitative study it is evident that the economic crisis did not affect significantly on the performance of the considered index. The sector is considerably indebted, in a national framework characterized by medium-sized companies, family-runned with low capitalization, also due to a modest capital market. However, the risk capital seems to be able to face the crisis. In the face of significant treasury losses, the management of net working capital is better due to the high value of the stock. The production is mainly concentrated in the northern and central regions of Italy. The territorial disaggregated analysis shows relatively similar trends in the three macro-areas of the Country, with better performances for the companies in Central Italy. The study will have to be to further expand it through the analyses of the income evolution in the sector over the considered period.