02-Planeta_manchette_175x100
Allegrini 2018
WINE & FINANCE

Italian wineries, stock exchange and finance: a virtuous relationship, destined to grow

Raffaele Jerusalmi CEO of the Italian Stock Exchange told WineNews, “50 companies eligible for listing, 20-30 of them within 5-10 years”
BORSA, Stock Exchange, News
Raffaele Jerusalmi, ad Borsa Italiana, intervistato da WineNews

To keep up with competition on world markets, where producing high quality is no longer, alone, sufficient to emerge, Italian wineries are looking more and more to the financial world to find resources. At the moment, there are only two Italian companies listed on the stock change (Masi Agricola and Italian Wine Brands), while there are 10 on the ELITE path, preliminary to listing or opening capital to third parties (leading names, such as Varvaglione, Vigne & Vini, Farnese Vini, Guido Berlucchi, Gruppo Italiano Vino, Barone Montalto, Casa Vinicola Botter, Velenosi, Argiolas and Frescobaldi, in addition to the Romanian Jidvei, ed.); however, the number of Italian wineries that will follow this path is certainly bound to increase. “There are at least 50 candidates that are eligible to be listed, and I think that it is entirely possible for 20 or 30 of them in the next 5-10 years,” the CEO of the Italian Stock Exchange, Raffaele Jerusalmi told WineNews. According to the CEO, even though it is still taking its first steps, “I believe that the relationship between Italian wineries, the Stock Exchange and finance could be very constructive”, explained Jerusalmi, “because the winery has a long economic cycle, since the road from harvest to product sales can take years. And, alongside structural financing, it is also necessary to support the working capital. From this point of view, finance can offer innovative solutions for a sector that has been growing significantly in recent years”. Of course, in addition to a project, there are specific parameters that the company must have. “Broadly speaking, we need at least 20-30 million euros in turnover, at least 30-40% export quota and a net financial position, indebtedness, which does not exceed 3-4 times the Ebitda. These are the financial parameters, but in particular, what is especially important for a company looking at the stock market, even in the wine sector, is to have a corporate structure and governance able to support "staying on the market". This is a path that takes a few years to complete, starting from the creation of a board of directors to a good accounting, administrative and financial controls structure, essential to think about listing, but also to opening capital to third parties, which is therefore the goal of Elite”.

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