This thesis, for the master’s degree in Business Management and Consulting at the University of Modena and Reggio Emilia (Academic Year 2024/2025), is aimed at scholars, professionals, and stakeholders in the economic-business field who are interested in performance evaluation tools and early detection of corporate distress. The research stems from the need to provide an integrated analysis of financial statement analysis as a key tool for assessing the economic and financial equilibrium of companies, with a particular focus on the early detection of corporate crisis signals, in line with the principles introduced by the new Italian Business Crisis and Insolvency Code. The research is situated within a recent and evolving regulatory framework, following the Italian legislative reforms introduced between 2019 and 2022 concerning early warning systems and crisis prevention mechanisms and it is divided into four chapters, where three theoretical and one empirical. The initial section discusses the evolution of the statutory financial statements and its key components, critically addressing issues of information quality and earnings management practices. The second part delves into asset, financial, and income analysis through reclassification and index calculation, emphasizing the importance of integrated interpretation of solvency, liquidity, and profitability indicators. The third chapter outlines the legal framework related to business crisis, with particular reference to the Italian Corporate Crisis and Insolvency Code and early warning mechanisms, presenting predictive models and risk thresholds relevant to the monitoring of business continuity. The study is further developed and concluded with the application of the financial ratios to a selected sample of seven companies in the automotive sector, namely Ferrari, Maserati, Pininfarina, Stellantis, Pagani, Lamborghini, and Dallara, over the three-year period from 2021 to 2023. For each company, the key indicators of capital solidity, liquidity, profitability, and financial sustainability were calculated and analysed, including ROE, ROI, ROS, ROA, EBITDA margin, Net Financial Position (NFP), DSCR, and structural ratios companies operating in the automotive sector. By collecting and evaluating their financial statements, it assesses the firms' economic and financial conditions and investigates the possible emergence of early signs of crisis. The methodology relies on quantitative and comparative tools, combined with critical interpretation of the results, considering sectoral dynamics and macroeconomic trends. The analysis of the three-year averages revealed a clear upward trend in the economic and financial performance of the sample, with strong signs of profitability recovery and net debt reduction, especially starting in 2022. Special attention was paid to the DSCR and NFP, which are considered central indicators under early warning systems. These metrics showed a notable increase in the companies’ ability to sustainably meet their financial obligations. In conclusion, the thesis stresses that the integration of financial statement analysis, early warning indicators, and strategic data interpretation now represents an essential approach for preventing business crises and promoting financially resilient and sustainable management over the medium to long term.
La presente Tesi, redatta per il corso di Laurea Magistrale in Direzione e Consulenza d’Impresa presso l’Università di Modena e Reggio Emilia (a.a. 2024/2025), si rivolge principalmente a studiosi, professionisti e operatori del settore economico-aziendale interessati agi strumenti di valutazione della performance d’impresa e alla diagnosi precoce della crisi. L’elaborato nasce dall’esigenza di comprendere e studiare in chiave integrata il ruolo dell’analisi di bilancio come strumento fondamentale per la valutazione dell’equilibrio economico-finanziario e, in particolare, per l’identificazione preventiva di segnali di crisi, in linea con quanto previsto dal nuovo Codice della Crisi d’Impresa e dell’Insolvenza. Il lavoro si colloca in un contesto normativo recente e in evoluzione, alla luce delle riforme introdotte in Italia tra il 2019 e il 2022 in materia di allerta e gestione tempestiva della crisi e si struttura in quattro capitoli, di cui i primi tre teorici e uno empirico. Nella part iniziale viene illustrata l’evoluzione del bilancio di esercizi e dei suoi prospetti principali, inquadrando criticamente anche le problematiche legate alla qualità informativa e alle prassi di Earnings Management. Successivamente, viene approfondita l’analisi patrimoniale, finanziaria e reddituale attraverso riclassificazioni e calcolo di indici, evidenziando l’importanza della lettura integrata di indicatori di liquidità, solidità, e profittabilità. Il terzo capitolo introduce l’architettura normativa in tema di crisi d’impresa, con particolare riferimento al Codice della Crisi e agli strumenti di allerta precoce, descrivendo modelli predittivi e soglie di rischio rilevanti per il monitoraggio della continuità aziendale. L’indagine prosegue e si conclude con l’analisi empirica, di carattere applicativo, di un campione di sette aziende operanti nel settore automotive, ovvero Ferrari S.p.A., Maserati S.p.A., Pininfarina S.p.A., Stellantis S.p.A., Pagani S.p.A., Dallara automobili S.p.A. e Automobili Lamborghini S.p.A. e si è sviluppata sull’arco temporale compreso tra il 2021 e il 2023. Per ciascuna impresa sono calcolati e analizzati i principali indicatori di solidità patrimoniale, liquidità, redditività e sostenibilità finanziaria, attraverso la raccolta dei documenti ufficiali pubblicati e si indagano le condizioni economico-finanziarie delle imprese considerate, con l’obiettivo di verificarne lo stato di salute e l’eventuale presenza di segnali di dissesto latente. Lo studio si basa su metodi quantitativi e comparativi, integrati con l’interpretazione critica dei risultati alla luce delle dinamiche settoriali e macroeconomiche. L’elaborazione delle medie triennali ha permesso di individuare un chiaro miglioramento delle condizioni economico-finanziarie del campione, con segnali evidenti di rafforzamento della redditività e riduzione del debito netto, specialmente a partire dal 2022. Particolare attenzione è stata dedicata al DSCR e alla PFN, indicatori chiave ai fini delle misurazioni previste dalla soglie di allerta, che hanno mostrato nel tempo una crescita della capacità delle imprese di far fronte in modo sostenibile ai propri impegni finanziari. In conclusione, l’elaborato sottolinea che l’integrazione tra analisi di bilancio, strumenti di allerta e interpretazione strategica dei dati aziendali rappresenta oggi un approccio imprescindibile per la prevenzione delle crisi d’impresa e per una gestione orientata alla resilienza e alla sostenibilità nel medio-lungo periodo.
Lo strumento dell'analisi di bilancio e la normativa sulla crisi d'impresa: un'applicazione empirica al settore automobilistico
BONVICINI, MANUEL
2024/2025
Abstract
This thesis, for the master’s degree in Business Management and Consulting at the University of Modena and Reggio Emilia (Academic Year 2024/2025), is aimed at scholars, professionals, and stakeholders in the economic-business field who are interested in performance evaluation tools and early detection of corporate distress. The research stems from the need to provide an integrated analysis of financial statement analysis as a key tool for assessing the economic and financial equilibrium of companies, with a particular focus on the early detection of corporate crisis signals, in line with the principles introduced by the new Italian Business Crisis and Insolvency Code. The research is situated within a recent and evolving regulatory framework, following the Italian legislative reforms introduced between 2019 and 2022 concerning early warning systems and crisis prevention mechanisms and it is divided into four chapters, where three theoretical and one empirical. The initial section discusses the evolution of the statutory financial statements and its key components, critically addressing issues of information quality and earnings management practices. The second part delves into asset, financial, and income analysis through reclassification and index calculation, emphasizing the importance of integrated interpretation of solvency, liquidity, and profitability indicators. The third chapter outlines the legal framework related to business crisis, with particular reference to the Italian Corporate Crisis and Insolvency Code and early warning mechanisms, presenting predictive models and risk thresholds relevant to the monitoring of business continuity. The study is further developed and concluded with the application of the financial ratios to a selected sample of seven companies in the automotive sector, namely Ferrari, Maserati, Pininfarina, Stellantis, Pagani, Lamborghini, and Dallara, over the three-year period from 2021 to 2023. For each company, the key indicators of capital solidity, liquidity, profitability, and financial sustainability were calculated and analysed, including ROE, ROI, ROS, ROA, EBITDA margin, Net Financial Position (NFP), DSCR, and structural ratios companies operating in the automotive sector. By collecting and evaluating their financial statements, it assesses the firms' economic and financial conditions and investigates the possible emergence of early signs of crisis. The methodology relies on quantitative and comparative tools, combined with critical interpretation of the results, considering sectoral dynamics and macroeconomic trends. The analysis of the three-year averages revealed a clear upward trend in the economic and financial performance of the sample, with strong signs of profitability recovery and net debt reduction, especially starting in 2022. Special attention was paid to the DSCR and NFP, which are considered central indicators under early warning systems. These metrics showed a notable increase in the companies’ ability to sustainably meet their financial obligations. In conclusion, the thesis stresses that the integration of financial statement analysis, early warning indicators, and strategic data interpretation now represents an essential approach for preventing business crises and promoting financially resilient and sustainable management over the medium to long term.| File | Dimensione | Formato | |
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https://hdl.handle.net/20.500.14251/3430