Wine industry survey

Annual survey of Italian and non-Italian wine industry companies (May 2020)

This survey is made up of two sections. The first contains analysis of 215 Italian companies operating in the wine industry, which in 2018 turned over more than €20m, whose financial statements have been aggregated for the 2014-2018 period. These companies are wine industry specialists, often operating across several regions. Companies which generate their turnover chiefly through the sale of other products, despite also managing wine-making activities of significant size nationally, have been excluded from the analysis. Where available, preference has been given to consolidated data. The aggregate consists of 77 co-operatives (including six limited companies controlled by one or more co-operatives), 125 Italian-owned and 13 non-Italian-owned limited companies. In 2018 the aggregate generated turnover of €9.1bn, with a degree of representativeness estimated at 78.3% of the total production (which in 2017 was estimated at around €10.9bn) and 73.1% of the total exports (€6.2bn). The earnings/financial data have been supplemented with interviews of the companies covered to obtain preliminary indications regarding the 2019 pre-closing figures, estimated sales for 2020 and certain aspects of their commercial structure. The second section in turn contains two parts. The first analyses the 2014-2018 aggregate of the 14 largest international listed companies with turnover in excess of €150m, which in 2018 generated €5.7bn in revenues. The second part illustrates the performance of the Mediobanca global share price index of listed wine-makers between 2001 and early-April 2020. This index comprises 52 issuers with 55 stocks traded on 25 different stock markets, and whose market capitalization at the reference date totalled €35.8bn, representing a substantial reduction on the €47.4bn recorded in last year's survey (a reduction of 24.5%). In 1Q 2020 alone the wine sector lost €5.4bn as a result of the COVID-19 pandemic. Since 2015 the index has also included two Italian companies, IWB and Masi Agricola, with a combined market capitalization of €165m at end-March 2020.

The survey is available for download.

Mediobanca global wine industry share price index
ISSN 1825 - 1250
This is an index compiled by Mediobanca in 2004 covering companies operating in the wine industry and listed on stock markets worldwide. The index time series (with a base date of 1st January 2001) is available for download, along with its methodology and with the slides used in a presentation given at the University of Florence on 2 December 2004.

F.A.Q. - Frequently Asked Questions

What is the purpose of this survey?

This is an annual survey of the leading Italian wine-making companies, the purpose of which is to highlight the main operating and financial trends in the industry. It is concerned with specialist operators often covering more than one region. Companies which are major national wine producers but which generate their turnover chiefly via products other than wine are not included. The companies provided assistance in compiling the data and processing it correctly.

When did it start?

The survey originally began in 2000. A worldwide index of listed wine producers was compiled for the first time in 2004.

What does the published material consist of?

The survey comprises a report which is published on the Internet and consists of earnings and financial aggregates compiled from our processing of the balance sheet data, discussion of operational issues based on interviews with entrepreneurs, a review of the main trends reflected in the data and information thus collected, plus in 2005, an indepth analysis of the stock market performance of the world’s leading listed wine-makers, in the form of an updated version of the global wine companies index compiled by Mediobanca’s Research Department in December 2004.

How representative is this survey?

The survey is representative of trends in the leading Italian companies operating in the wine sector. The companies covered in this survey account for 78.3% of total Italian value of production in 2017 and 73.1% of the nation's exports.

Can I obtain a more detailed breakdown of the constituents?

No. The survey does not provide data for the individual companies which make up the aggregates.

What methods are used for restating the balance sheet data?

The same as those used in the Mediobanca Research Department’s Dati cumulativi di società italiane (financial aggregates for Italian companies). Please consult this publication for further details.

Is it possible to consult previous editions?

Previous issues may be requested from Mediobanca’s Research Department, including by e-mail.

Has the survey been reviewed recently?

The most recent edition of the survey came out on 26 May 2020. The leading Italian daily newspapers published comments and reviews on it the following day.

Are the data presented in this survey used or commented on in any other publications?

S. Cordero di Montezemolo, I profili finanziari delle società vinicole (Florence: University of Florence Press, 2005).
L. Baldi, M. Peri, D. Vandone, Is wine a financial parachute?, W.P. 2010-01, Dipartimento di Scienze Economiche Aziendali e Statistiche, Università degli Studi di Milano.


Wine industry survey

Global wine industry share price index

Presentations and conferences



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