Empresas do sector vitivinícola de Portugal: análise económica e financeira

Abstract

O objectivo do presente trabalho é caracterizar a estrutura económico-financeira das empresas portuguesas que actuam no sector vitivinícola. Com o intuito de contextualizar o objecto de estudo deste trabalho, apresentou-se uma breve panorâmica histórica do vinho, seguida da descrição da produção e do seu mercado, a nível nacional e mundial. Após a caracterização do produto e do sector foi testada a capacidade deste, relativamente, às forças exercidas pelas macro e micro-envolventes. Através da análise da estrutura de mercado vitivinícola procurou-se conhecer as empresas a operar no sector, de forma a avaliar os níveis de concorrência e de inovação. Seleccionou-se uma amostra de empresas vitivinícolas, a qual foi subdividida por região vitivinícola e por dimensão das empresas e recolheu-se informação financeira dos exercícios de 2006 a 2008, através da base de dados dos Sistema de Análise de Balanços Ibéricos (SABI), de modo a determinar o valor de quatro grupos de indicadores: Rendibilidade, Liquidez, Alavanca Financeira e Funcionamento. Concluiu-se que se verificam resultados díspares a nível, quer da dimensão das empresas, quer da região vitivinícola que integram. As grandes empresas da região do Norte apresentam uma rendibilidade e liquidez bastante favorável, ao invés das microempresas da região de Lisboa e Vale do Tejo, que apresentam resultados muito abaixo da média nacional, revelando uma baixa rendibilidade e autonomia financeira. Embora o sector vitivinícola seja, maioritariamente, constituído por microempresas, de carisma familiar, são as grandes empresas que têm a capacidade de promover e contribuir para o aumento das exportações portuguesas.

It is the goal of this study to characterize the economic and financial structure of companies operating in the Portuguese wine sector. In order to put all components of this work target into context, a brief historical overview of the wine business activity has been presented, followed by an adequate approach to the wine production and wine markets, from both domestic and world-wide perspectives. Having first evaluated the specific features of both the product and the sector in which it is inserted, a test was made to their resilience against the surrounding macro and micro driving forces that they are normally subject to. By conducting a detailed analysis of the wine market structure, an accurate study was performed with a view to obtain as deep a knowledge as possible of the companies operating in this sector, thus also acquiring data about their competition levels and innovation capacities. A number of wine companies has been selected as a study sample, and these companies were split into groups according to their wine regions and company sizes. Financial information was collected from balance sheets and financial reports of 2006, 2007 and 2008, through SABI database (Analytical System of Iberian Balance-Sheets), so as to determine the weight of four main indicators: Profitability, Liquidity, Leverage and Activity. The results obtained were quite disparate, this disparity applying not only to the company sizes but also to the wine regions the companies pertain to. The large companies operating in northern country show good profitability and activity levels, whereas, quite to the contrary, micro size companies, located in the general area known as Lisbon and Tagus Valley, show poorer results, much lower than the national average, with a weak profitability and leverage. Although the wine sector is, in its vast majority, comprised by micro companies (traditionally, a family business), the larger companies are the ones with a real capacity to promote their activity and actually contribute to the increase of Portuguese wine exports.