Dining table dos – Parfin – Proportion away from exchangeability (liquidity and you may low-fixed financial assets) 12 months Exchangeability/Return Exchangeability/Total financial obligation Exchangeability/Online collateral Liquidity/Capitalisation 1990 eleven
3% 16.3% 16.2% 15.9% 1991 6.7% 10.3% ten.4% twelve.4% 1992 several.3% 17.4% 21.8% twenty-four.6% 1993 11.0% fifteen.6% twenty two.4% several.6% 1994 17.9% 23.7% forty-two.1% 33.3% 1995 17.8% 23.6% 46.3% forty two.2% 1996 twenty-seven.1% 37.9% 64.9% 42.6% 1997 39.9% 43.1% 87.8% 76.2% 1998 thirty-six.2% 36.3% 93.3% 76.6% 1999 thirty five.5% 35.4% ninety.6% 116.1% 2000 thirty-six.8% 39.5% 102.2% 101.3% 2001 37.5% 42.5% 103.2% 120.8% 2002 forty two.3% 46.9% 149.5% 187.1% Source: Consolidated financial record – Market price off Parfin offers (stock-exchange capitalisation on ), About individuals documents that make up the statement of finance (Report about Company and you will Cards particularly) the level of what provided looks grossly shortage of, particularly if counted against the magnitude of exchangeability phenomenon. Out-of economic property included in working-capital, in the Parmalat’s financial statement the following declaration would be understand: “They are generally comprised of almost every other bonds, principally bodies bonds, ties granted by the banking companies and you will securities.” There is nothing said regarding their yield, that view of their “low risk profile”, of your own “top market criteria” in addition to short maturities of bonds, couldn’t end up being such as for example higher with respect to the will cost you off procurement (specifically financing received). Such the greater number of thus since the financial comments constantly point away you to definitely “procurement business is effected generally by way of placement of typical-name ties issued because of the international subsidiaries,” foreshadowing a great 3 Cfr. Consolidated economic comments 1998, p. 111 and 1997, p. 95. 4 Cfr. Consolidated statement of finance 2001, p. 131. 5 Cfr. Consolidated statement of finance 2001,
Instance activity is also nonetheless rarely be showed or even compared to this new guise from a beneficial “second-degree” intermediation, both from 
the resources of money on their own (finance companies and you may banking and you will economic climate) and because of one’s more expensive off money built-up by Parmalat than just of the elite operators particularly financial institutions. In this respect the score allocated Parmalat because of the Fundamental & Poor’s is found on a reduced action of capital level, proving “nonetheless sufficient” solvency criteria and that a fees from funding proportional to such as for example standard of risk. Probably the exposure off requirements regarding tax particularly favourable and you may such as for example about render self-confident the essential difference between range and you can websites financial costs (interest obtained toward “quick assets” and attention paid down to the loans net off income tax benefits eight), is not in itself a decisive element each other by the time and effort out-of higher levels of liquidity together with magnitude of money.
Up until 1998 the current presence of over step 1 thousand million euros inside cash is actually rationalized hence: “quick assets effect partly out-of transitory exchangeability you to adds up in the avoid of one’s monetary season right down to resource received not yet , used”
Much more as soon as funds is bad, due to the fact advertised on meeting with the fresh new analysts into the , and warranted since the “will cost you regarding autonomy”. Notable are ultimately one to in the texts on the market you can find zero lead or indirect recommendations to help you concentration of new group’s liquidity into the Bonlat. Uses made available to liquidity: The brand new contradictory characteristics of the recommendations offered Regarding the sparse guidance contained in the monetary comments or otherwise provided by Parmalat from such good weighty facet of an effective organizations company, curiosity and you may browse because of the investors and you will analysts – out-of additional, broader and you can in depth facts towards steps in which liquidity try utilized, the type of your tool, the give and you will it is possible to threats appeared more than warranted. So it also taking into consideration the fresh inconsistent character of some away from all the info given, either reluctantly, specifically during 2003.