ESERCITAZIONI

Based on the provided Italian text, here's a summary of the key points: 1. The company has seen a significant decrease in profitability indicators over recent years. 2. Consolidated net debt-to-equity ratio decreased from 48.64% to 38.37%, indicating improved financial leverage. 3. Net debt-to-current assets ratio also decreased, though less dramatically. 4. Return on equity (net property/equity) increased significantly, suggesting better use of capital. 5. The company's structure and profitability levels are still higher than expected based on recent performance. 6. There is concern about the retail channel's lack of adequate revenue to support its costs, while the wholesale channel has seen a significant decline. 7. The company may need to address potential growth in the wholesale channel without increasing costs. The text suggests that while there have been improvements in certain financial metrics, the overall profitability and structure of the business are still under pressure, particularly due to challenges in the retail and wholesale channels. There's also an implication that the company needs to manage its cost structure more effectively going forward.