Aggregazioni aziendali - Analisi empirica sugli effetti sul bilancio

One of the main challenges for a company is to cope with the dynamism of the market that is moved by the constant development and the rise of new technologies year by year and do it better than the competitors anticipating the needs of the customers. Sooner or later, companies operating in the market with high levels of technologies will be asked to make an important choice between addressing any effort in terms of investments in order to grow in the market (in both terms, size of the group and knowledges implementation) with the aspiration to become the leader or accepting to be squeezed out and be acquired by a bigger player because it is not strong enough to deal with the competition. In 2014 Viasat Group S.p.A., an Italian company offering products and services in the market of telematic solutions, decided to address its investments in a sequence of business combinations that allowed the company to grow and become one of the leading companies in the European market. Using as a starting point the requirements of the international accounting standards settled by the board, this paper analyses the project growth implemented by Viasat Group S.p.A. through the retracement of two of the acquisitions undertaken by the group in the last years of a French company (Tel&Tel) and a Spanish group (Grupo Detector). The objective of the analysis will be to provide an answer to three main important questions that may arise about the business combinations: (1) who is involved in the acquisition? (2) why the parties are involved? (3) how the transaction is carried on? At the end of the thesis it will be possible to understand the positive effects of the business combinations on the financial statements of the group thanks to an overview of the main items affected by the acquisition and the analysis on the performances of the group during the last financial years, especially in terms of revenues and gross operating margin.