Economic and financial analysis of Grupo Leche Rio in the context of the dairy industry

Abstract

[Abstract]: This end-of-degree thesis focuses on carrying out a detailed economic and financial analysis of Grupo Leche Rio, a Galician company that belongs to Grupo Lence, in order to know its current situation and its positioning within the dairy sector. The study addresses the evolution and structure of the company through the analysis of its financial statements and the comparison with other Spanish companies in the industry. A presentation of the dairy sector is carried out in Europe, Spain and Galicia, a leading region at national level in milk production. Market dynamics, consumption behaviour, competition and the relevance of the sector in rural and regional economic development were highlighted. In addition, a theoretical framework is established that collects the main concepts and tools that are used throughout the analysis, such as economic and financial profitability, leverage, operating margins and different liquidity or solvency rates. The project is structured in a clear and progressive way through the AEF analysis model in ten steps. The company's individual analysis shows a positive evolution since 2020, with improvements in its results and operational efficiency. In 2023, it reaches a ROA and ROE higher than the industry average. Increases in operating margins, adequate asset rotation and prudent financial policy are also observed. When carrying out the sectoral comparison, boxplot charts are used that position the company in front of the rest of the sector. It is appreciated that despite being smaller in size than some of its competitors, Grupo Leche Rio has a balanced financial structure and stability above the average in the sector. The work concludes that the company shows an efficient management, with the ability to continue growing in a competitive market and highlighting its commitment to Galician economic development.

[Resumo]: Este traballo de fin de grao céntrase na realización dun detallado análise económicofinanceiro do Grupo Leite Rio, unha empresa galega que pertence ao Grupo Lence, coa finalidade de coñecer a súa situación actual e o seu posicionamento dentro do sector lácteo. O estudo aborda a evolución e a estrutura da empresa mediante a análise dos seus estados financeiros e a comparación con outras empresas españolas do sector. Lévase a cabo unha presentación do sector lácteo en Europa, España e en Galicia, rexión líder a nivel nacional en produción de leite. Destacáronse as dinámicas do mercado, o comportamento do consumo, a competencia e a relevancia do sector no desenvolvemento rural e económico rexional. Ademais, establécese un marco teórico que recolle os principais conceptos e ferramentas que se empregan ao longo do análise, como a rentabilidade económica y financieria, o apalancamento, os marxes de explotación e diferentes rateos de liquidez ou solvencia. O proxecto estruturase de forma clara e progresiva a través do modelo de análise AEF en dez pasos. O análise individual la empresa asoma unha evolución positiva dende 2020, con melloras nos seus resultados e na súa eficiencia operativa. En 2023 alcanza un ROA e ROE superiores á mediana do sector. Tamén se observan aumentos nas marxes operativas, unha adecuada rotación de activos e unha política financeira prudente. Á hora de levar a cabo a comparativa sectorial empréganse gráficos de caixas que posicionan á empresa fronte ao resto do sector. Apréciase que pese a ter menor tamaño que algúns dos seus competidores, Grupo Leche Rio presenta unha estrutura financeira equilibrada e unha estabilidade superior á media do sector. O traballo conclúe que a empresa mostra unha xestión eficiente, con capacidade para seguir crecendo nun mercado competitivo e destacando o seu compromiso co desenvolvemento económico galego.