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The sector’s positive trend continues this year, according to new economic and financial data on businesses that produce semi-finished products for ice cream published by modeFinance and Sistema Gelato. 

Italian ice cream knows no crisis

29.08.2014 -

That ice cream cone The Economist wryly put in the hands of Prime Minister Matteo Renzi on its recent front cover might be a good omen: while the European ship is in trouble, the ice cream sector is in great health, and together with other products symbolizing Italian excellence, it may well be the engine for economic recovery. This is what emerges from a recently published financial and economic analysis of the ice cream sector, carried out on behalf of Sistema Gelato, a division of Sistema Leader Srl and the reference point for financial services to the ice cream production chain, by modeFinance SRL (, an innovative startup based in Trieste's AREA Science Park and specializing in issuing ratings and analyzing limited companies.


Financial statements for the last four years (2010-2012 and recently published data for 2013) for the main companies that produce and market semi-finished products for ice cream confirm that in 2013 the sector was once again completely insulated from the economic recession, thanks to the quality of its products. In spite of the difficult economic conditions, sector trends continue to improve in many ways, including increased profitability and lower debt. Median ROE (Return on Equity) increased by two percentage points in 2013 to 8%, testifying to the excellent profitability of businesses in this sector.


Median leverage (the ratio of debt to net worth) continues to drop, and fell to 1.4 in 2013, a significant achievement compared to the national median values for productive businesses, which are much higher. This indicator underscores how businesses in this sector have wisely managed their in-house resources, making recourse to debt capital increasingly unnecessary.


These factors translate into a particularly high average sector rating as expressed by  modeFinance thanks to the MORE technology. Indeed, in 2013 ratings were BBB or better, characteristic of companies with good financial stability, and which thus are adequately solid. This is a surprising achievement if one considers that the European average for businesses is no higher than BB, and that it is even lower in Italy, barely above B (see attached table).  Antonio Verga Falzacappa, Sistema Gelato's director, comments as follows: "The data confirms that the artisanal ice cream sector in Italy is growing; indeed, this product is acknowledge as emblematic of Italian quality, with consumption at the global level growing steadily".