In Fonderia 6 2023

-0,60
-0,70
IN PRIMO PIANO
-1,07
-1,11
+37,1%
-1,55
2017 2018 2019 2020 2021 2022
ROD Fonderie/Foundries ROD
ROD Fonderie
1,02%
1,00%
0,98%
+13,8%
Tasso capitalizzazione nelle fonderie
43,2% 0,95%
0,93%
0,90%
Tasso capitalizzazione nelle fonderie
Capitalisation rate in foundries
Tasso capitalizzazione nelle fonderie
41,0% 41,1%
40,8%
43,2%
41,0%
41,5%
+1,3%
41,5%
41,0% 41,1%
41,0%
2017 2018 40,8% 2019 2020 2021 2022
+1,3%
Fig. 10
2017 2018 2019 2020 2021 2022
Grado Fig. 11 copertura primario nelle fonderie
Grado di copertura primario nelle fonderie
Grado copertura Primary primario coverage nelle grade fonderie in foundries
Fig. 12
2017 2018 2019 2020 2021 2022
1,09
1,04
0,99
0,97
0,99
1,11
+11,4%
2017 2018 2019 2020 2021 2022
il secondo anno consecutivo che si assiste a un
progressivo miglioramento, grazie alla riduzione
delle posizioni debitorie di lungo termine.
In un quadro sostanzialmente normalizzato, l’unico
elemento di preoccupazione è il rincaro del
costo medio dei capitali presi a prestito (ROD)
salito ai massimi degli ultimi sei anni e pari
all’1,02%, in crescita fino al +13,8% sul 2021 (Fig.
10): in un contesto di politica monetaria espansiva
è dunque fondamentale mantenere una
redditività economica sostenuta e una solidità
patrimoniale adeguata.
SOLIDITÀ PATRIMONIALE
La patrimonializzazione delle fonderie rimane
su ottimi livelli: il 41,5% di tasso di capitalizzazione
è ottimale sia in senso assoluto, per azien-
1,11
1,09
FINANCIAL SITUATION
The significant 1,04 growth in economic margins
allowed the sector to ease its financial +11,4% tension
even compared 0,99
0,99
to the pre-2020 years:
0,97
the Debt/Equity ratio (fig. 8) dropped to 1.41
points (-2.2%) as a result of equity strengthening;
in particular, there was an improvement
in net debt due to the positive EBITDA
2017 2018 2019 2020 2021 2022
trend. In relation to this, the Net Financial
Position returned below the danger level, although
still in negative territory (-0.70), i.e. in
debt (fig. 9). This was the second year in a
row that there had been a gradual improvement,
thanks to a reduction in long-term
debt positions.
In an essentially normalised framework, the
only element of concern was the increase in
the average cost of borrowed capital (ROD)
to a six-year high of 1.02%, rising to +13.8%
by 2021 (Fig. 10): in an expansive monetary
policy environment, it was therefore crucial
to maintain sustained economic profitability
and adequately solid equity.
SOLID EQUITY
The capitalisation of foundries remained at
an excellent level: the 41.5 per cent capitalisation
rate is optimal both in an absolute sense,
for manufacturing companies, and because
it ensures adequate coverage on fixed assets.
Today’s result was also up by +1.3%
over 2021 (fig. 11). The primary coverage ratio
was at its highest in the last six years, at
1.11 (Fig. 12), indicating full equity coverage on
18
In Fonderia