sector annual accounts report


This study was titled: “Galician aeronautical sector annual accounts report. 2015 to 2021.”

The different parts which it comprises are set out below, along with useful information about the study.


The organisation selected to conduct the study was the International Business and Intangibles Research Group of the University of Vigo (EF5), whose website is

This is a group of 15 researchers with extensive experience in producing academic articles in the sphere of business and the analysis of sectoral accounts.

Specifically, its research areas include topics as diverse as the following:

Its researchers are highly qualified and over the course of their academic careers they have been involved in a variety of academic articles, papers and specialist reports, accrediting them as experts on the subject.

Some of the services offered include:

Research team

The research team is composed of Carlos María Fernández-Jardón Fernández, professor of Applied Economics, and Francisco Xavier Martínez Cobas, tenured lecturer of Financial Economics and Accounting.

Carlos María Fernández-Jardón Fernández

Dr Fernández-Jardón is a professor of Econometrics in the Faculty of Economic and Business Sciences of the University of Vigo. Previously, he was a lecturer of Business Statistics at the University of Santiago de Compostela, a lecturer of Econometrics at the University of Navarre and a lecturer of Quantitative Methods at the Caixanova Business School. His qualifications include a Ph.D. in Mathematics and a Ph.D. in Economics from the University of Navarre, an executive MBA from Caixanova Business School and an M.Sc. in Knowledge Management from the Autonomous University of Madrid. Over the course of his career, he has conducted numerous research projects in the field of Applied Economics and Company Economics, collaborating on multiple research projects on strategic plans for the territory and on business value chains, solely in Galicia, in the Galicia–North Portugal Euroregion and in the triple border region between Argentina, Brazil and Paraguay.

Francisco Xavier Martínez Cobas

Xavier Martinez is currently a tenured lecturer of Financial Economics and Accounting at the University of Vigo. He teaches the M.Sc. in Foreign Trade at the Charles III University of Madrid. He is a member of the board of Editorial Galaxia and member of the boards of trustees of the Isla Couto Foundation and the Penzol Foundation. Previously, he was the vice-chancellor of institutional relations of the University of Vigo (2003-2006), general manager of RC Celta Vigo (2006-2007), and commissioner of strategic plans of the University of Vigo (2010-2018). His qualifications include a Ph.D. in Economic and Business Sciences from the University of Vigo and an M.Sc. in Accounting and Accounts Auditing from the same university. His main areas of research are small and medium enterprises and the generation of social value. He was a visiting professor or researcher in the Bombardier Chair (Trois Rivières, Quebec, Canada), the Gaston Dachary University (Argentina), the Catholic University of Mozambique and the Free University of Bolzano (Italy), as well as teaching masters at the Universities of Deusto and Las Palmas.

Study summary

The study is divided into five points, in which the final objective is an exhaustive study of the accounts of the sector in Galicia. These five points analysed are as follows:

1. Determination of the universe of companies included in the value chain of the aeronautical sector in Galicia.

The concept of a business chain arises from the combination of the concept of a value chain with the territory. The business chain model makes use of a process throughout which value is generated for the end customer. In each section of the chain, value increases with the arrival of different sources which, in combination, generate a synergy. These sources can come from the transformation of the main product, from its combination with other complementary products or from the joint effect of both. For this it is necessary to employ equipment and technologies suited to the process and have support services which enrich the end product or service. The aim of this section was to determine the components of the aeronautical value chain in Galicia and identify the elements which comprise it, with a view to defining the companies involved in the Galician aeronautical transformation process.

2. Analysis of the accounts structure of the companies (2015-2020).

In this section a classic ratio analysis was conducted based on the balance sheets and profit and loss accounts of the companies present in the value chain.

The first problem was fully identifying each and every one of the companies in the value chain. This problem is exacerbated by the fact that the majority of the companies in question are not locatable with a primary CNAE code of 3030 (Aeronautical and space construction and related machinery), for two reasons: due to the definition of the value chain itself and because, in Galicia, almost all of the companies have previous activity, generally linked to other metal industries, with other primary CNAE codes.

Once the set of companies in question was determined, the analysis of their accounts represents the set of economic activity which they perform as a whole. The accounts were obtained by means of information submitted to the Mercantile Registry by the companies, either directly or through databases with reliable financial-accounting information.

3. Determination of the part applicable to the aeronautical sector within the company accounts.

It is necessary to take into account, based on the aforesaid, that aeronautical activity is often only a part of these companies’ activity, meaning that only part of their assets and turnover are attributable to the aeronautical value chain.

To appropriately calculate the variables linked to the aeronautical value chain, it was necessary to contact each and every one of the companies, to estimate their effective participation of this value chain in the accounts of each company.

Based on the responses, and the estimation work carried out, it was possible to produce a measure of the real size of the value chain.

4. Analysis of the structure of the accounts of the aeronautical sector in Galicia (2015-2020)

Having performed the previous step, we proceeded to re-analyse the accounts of the companies, with respect to the part estimated to correspond to the aeronautical value chain.

Preparation of the required ratios with a sector breakdown in accordance with the CNAE, for making strategic decisions about companies in the aeronautical sector in Galicia. This second analysis of the accounts made it possible to focus on the specific scope of the aeronautical sector in Galicia.

5. Update of information and analysis of the accounts of the companies and of the sector (2015-2021).

Given the deadlines indicated for carrying out the work, we consider that it will only be possible to access data corresponding to the financial year 2020 and earlier for the companies as a whole, given the legal deadlines for approval and presentation of the accounting statements in Spanish legislation.

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