Supervisors info:
Κανέλλος Τούντας, Δόκτωρ, Οικονομικών Επιστημών, Εθνικό και Καποδιστριακό Πανεπιστήμιο Αθηνών
Summary:
The aim of the present study is to analyze the financial statements of the most important economic units of the fish farming sector (Nireus Aquaculture SA, Selondas AEGE Fish Farm, Andromeda SA and Galaxidi Marine Cultivations SA), for the period of economic crisis in our country 2013-2017. The analysis is done using indexes. In addition, for the purpose of the analysis, the Altman Z-score bankruptcy model is used to determine the probability that the underlying units will face a possible future bankruptcy.
The present study includes the theoretical approach to the development of fish farming in Greece and the rest of the world, as well as the financial statements and their methods of analysis. Also, in the practical part of the work, based on the data of the published balance sheets of the main enterprises in the sector, their financial statements are analyzed using the indexes for the period 2013-2017 and implementation of the Altman Z-score model for the period 2015- 2017.
Based on the theoretical part of the study, the fish farming sector in Greece despite the economic crisis in recent years, continues to be profitable, something that is achieved mainly due to the intense extroversion that distinguishes it. Our country, despite the difficulties of the early years of the recession, has managed to continuously increase its output in recent years, and gaining ever larger market shares. The analysis of the data shows that the Nireus Group is a leader in the fish farming sector in Greece, holding the largest turnover and retained earnings in relation to the rest of the economic units in the sector.
From the analysis of the indicators over the period 2013-2017, we see that all firms in the sector are in good liquidity and seem to be able to cover their short-term liabilities using their assets. Also, all businesses are characterized by strong borrowing, but most of them are declining in recent years. Finally, since 2014, most businesses have increased their profitability, with the exception of the Selonda Group, which continues to experience difficulties.
The analysis of the Altman Z-score generally shows that in the last few years the score achieved by the companies in the industry is increasing, but you are still at a low level.
Keywords:
fish farming, financial statements, indicators, Altman Z-score bankruptcy model, multivariate distinct analysis (MDA).
