Le Italian energy companies, after the 2020 crisis and a 2022 records, are preparing to close 2023 in decline. The factors for the decline in balance sheets: lower revenues due to the decline in raw material prices on international markets, the increase in financial costs due to interest rate increases, ambitious investment plans and the search for operational efficiencies.
It is the photograph taken from the eighth edition of Energy company balance sheet report 2014-2022 made by CoMar Study Center, obtained by comparing the results of the last nine years and anticipating those of 2023 based on the results of the first nine months. Enel confirms itself in first place in terms of turnover, ahead of Eni.
Italian energy companies: the numbers for 2022
The study shows that the turnover overall in 2022 was 643,8 billion euros, increased by 294,2 billion (+84,1%) compared to 349,6 in 2021 and also higher than the previous peak of 306,9 billion reached in 2014 (+109,8 .9% compared to XNUMX years ago). The to evaluate, in turn, amounted to 24,7 billion euros, an increase of 8,7 billion on 2021; and represent 3,8% of turnover, however down compared to 4,5% in 2021, also due to the incidence of extra-profit decrees. Compared to 2019 they increased by 256% (pre-Covid year).
As regards the net operating margin, this exceeded 44,7 billion euros, growing by 13,1 billion on the previous year (+41 the ratio between net operating margin and turnover stood, however, at 6,9%, down from 9% front).
I financial debts exceeded 207,3 billion, adding 20,6 billion on the previous year (+11%), but, as the turnover increased much more, the ratio debts/turnover it was brought back to a more physiological 32,2%, compared to 53,4% in 2021 or even 76,5% in the problematic 2020.
I employeesfinally, they are increasingly approaching the threshold of 200 thousand units, being 193.612 (+2,1% on 2021); an increase of 23.149 units (+13,6%), compared to 170.463 in 2014. Enel has over 65 thousand employees, while Eni has around 31 thousand. notable was the increase in turnover per employee, which stood at 3,3 million euros per capita, compared to 1,8 million in 2021.
Enel is the queen of revenues, ahead of Eni
As regards the rankings of individual companies, again with reference to the 2022 financial statements, the CoMar Study Center report shows that:
- Enel confirms first place for turnover, ahead of Eni and GSE.
- In the top 10 by turnover, there are 6 companies with the largest Italian shareholder and 4 companies, also under Italian law, but controlled by a foreign holding company.
- Of the top 10 national ones, 6 are under public control, through the Ministry of Economy and Finance or local authorities (there were 7 the previous year).
- The major Italian energy companies controlled by foreign holdings are, in order, Edison, Engie Italia, Esso Italiana, Kuwait Petroleum Italia, Isab, Sonatrach Raffineria Italiana, Tamoil Italia.
- The companies with the best profit-to-turnover ratio are, in order, Erg, Terna, Italgas, Alerion Clean Power, 2I Rete Gas, Snam.
- The companies with the best turnover per employee ratio are GSE Gestore Servizi Energetici, Edelweiss Energy Holding, Esso Italiana, Shell Italia E&P, Burgo Energia, Ecosuntek.
- The companies with the best financial debt to turnover ratio are Pad Multienergy, Edelweiss Energy Holding, Testoni, Ultragas CM, BP Italia, Tirreno Power.
Energy companies listed on the stock exchange: what are they and how much are they worth?
Le listed energy companies they fell from 20 to 19 with the delisting of Falck Renewables (now Renantis). And they are: A2A, Acea, Acinque (A2A Group), Alerion Clean Power, Algowatt, Ascopiave, Ecosuntek, Edison, Enel, Eni, Erg, Eviso, Gas Plus, Hera, Iren, Italgas, Saras, Snam, Terna.
As of January 1, 2023, their capitalization on the Italian Stock Exchange it was 153,6 billion euros, 24,5% of the total (625,7 billion). Energy sector stocks represent a quarter of the entire Italian Stock Exchange (24,92%), with Enel and Eni in the first two places, with a capitalization of 51,3 billion euros and 47,8 billion respectively. As of 31 October 2023, the capitalization of companies in the energy sector had grown further, by 19,1 billion, reaching 172,7 billion (+12,45%) and performing better on the total trend of stock market capitalization (+10,76, XNUMX%).
Forecasts for 2023
Finally, CoMar's analysis also evaluated thetrend trend for 2023, based on data from the first 9 months that 14 listed companies have communicated to the markets, comparing them with similar data from the first 9 months of 2022. These 14 companies represent 60% of the sector's total in terms of turnover and profits. Therefore, in the 12 months September 2022 – September 2023:
- Il turnover it went from 288,1 billion euros to 198,2; it therefore decreased, in one year, by 89,9 billion, or 31%. Turnover grows only for Italgas, followed, in order, by Snam, Terna and Ascopiave; all the others are decreasing, even by more than 30%, starting with Edison, A2A, Enel, Eni, Alerion Clean Power.
- THEUseful it varied from 22,5 billion euros to 19,4; it therefore decreased, in one year, by 3,1 billion, or 13%; the drop was over 40% for Ascopiave, Saras, Alerion Clean Power or over 30% for Eni; on the contrary, a clear increase for Enel, Hera or Edison;
- I financial debts they increased especially for those companies particularly exposed to the improvement and digitalisation of networks or most affected by the increase in the cost of debt.
Overall, the final results for 2023 will have to take into account a rather uncertain geopolitical scenario, with commodity values contracting but still high in historical perspective.
