Purpose

This study aims to focus on the impact of COVID-19 on the Spanish wine sector and the financial resilience of Spanish wineries in the period 2019–2020.

Design/methodology/approach

The data set contains 355 limited companies of the Spanish wine sector which were active in the period 2019–2020. The explanatory variables used are size and age of the company, exports, subsidies and gender distribution in the workforce. The financial statements of the companies are treated as compositional data, using log-ratios for asset structure, leverage, margin, turnover and debt maturity. The first-difference estimator is used for the panel-data model relating the differences in the log-ratios between 2020 and 2019 to the explanatory variables.

Findings

In average terms, margin and turnover have significantly worsened between 2019 and 2020, while debt maturity has increased. A larger firm size, a greater age, a higher share of women in the workforce and subsidies have made wineries more resilient between 2019 and 2020.

Originality/value

To the best of the authors’ knowledge, this is the first financial statement analysis of the impact of COVID-19 in the winery sector.

中文翻译：

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西班牙酒厂在 COVID-19 封锁期间的财务弹性

目的

本研究旨在关注 COVID-19 对西班牙葡萄酒行业的影响以及西班牙酒厂在 2019-2020 年期间的财务弹性。

设计/方法/途径

该数据集包含 2019 年至 2020 年期间活跃的西班牙葡萄酒行业的 355 家有限公司。使用的解释变量是公司的规模和年龄、出口、补贴和劳动力中的性别分布。公司的财务报表被视为组合数据，使用资产结构、杠杆、保证金、周转率和债务期限的对数比率。一阶差分估计量用于面板数据模型，该模型将 2020 年和 2019 年之间对数比率的差异与解释变量相关联。

发现

平均而言，2019 年至 2020 年间，利润率和营业额显着恶化，而债务期限则有所增加。公司规模更大、年龄更大、女性在劳动力中所占比例更高以及补贴使酒厂在 2019 年至 2020 年间更具弹性。

原创性/价值

据作者所知，这是对 COVID-19 对酿酒业影响的第一份财务报表分析。