(Finance) – What the balance sheets of the energy companies denote is a “return to order”, after the exceptional nature of the years of pandemic and of the breaking in of Ukrainian crisis; but if the main parameters find the usual numbers of the historical series, this happens in a definitively and rapidly renewed market and operational context, in terms of demand, supply, strategies, investments and technologies. This is what is highlighted ninth edition of the “Report on the financial statements of energy companies 2014-2023” created by the CoMar Study Center, aggregating and comparing the results of the last ten years and anticipating those of 2024 based on the results of the first nine months of the year.
More specifically, the study shows that: the sales overall, in 2023, it was 421.3 billion euros, decreasing by 220.8 billion (-34.3%) compared to the 642.1 of an anomalous 2022; a figure that remains, however, much higher than the 306.9 billion in 2014 (+37.2%), the start of the measurement; The useful they amounted to 15.8 billion euros, down by 7.1 billion on 2022; and represent 3.8% of turnover; since 2019, in the last five years, energy companies have had overall profits of 59.1 billion (even considering the losses of 2.6 billion in 2020); The operating margin net was 34.5 billion euros, down by 8.4 billion on 2022, but growing by 11.3 billion on 2014 (+48.3%); the ratio between net operating margin and turnover, however, stood at 8.2%, up from 6.7% in 2022; the financial debts they stand at 200 billion, down by 7.8 billion on the previous year (-3.7%); the debt/turnover ratio is 47.5%; the employees of the companies considered stabilize at 196,724 units (+0.29% on the 196,147 in 2022), an increase of 26,261 (+15.4%), compared to the 170,463 in 2014; the turnover per employee is 2.1 million euros per capita, compared to 3.2 million in 2022.
As for the rankings of individual companiesagain with reference to the 2023 financial statements: Eni surpasses again Enel first place for turnover; in the top ten places by turnover, there are 7 companies with the largest Italian shareholder and 3 companies, also under Italian law, but controlled by a foreign holding (but, in 2024, control of Saras became foreign); of the top 10 national ones, 7 are under public control, through the Ministry of Economy and Finance or local authorities; there were 6 the previous year; the major Italian energy companies controlled by foreign holdings are, in order, Edison, Kuwait Petroleum Italia, Engie Italia, Esso Italiana, Sonatrach Raffineria Italiana, Tamoil Italia (to which Saras will be added); the Company with the best “profit to turnover” ratio they are, in order, Alerion Clean Power, Gas Plus, Terna, Snam, Italgas, 2I Rete Gas, Erg; in the rear, Renantis, Esso Italiana, Coe Clerici, Eviso, Repower Italia; the Company with the best “EBITDA” ratio they are Alerion Clean Power, 2I Rete Gas, Terna, Italgas, Erg, Snam, Gas Plus, SGI-Società Gasdotti Italia; less well Engie Italia, Sarpom, Eviso; the Company with the best “turnover per employee” ratio they are Esso Italiana, Edelweiss Energy Holding, GSE Gestore Servizi Energetici, Shell Italia E&P, Zenit Servizi e Gestioni, Alpha Trading, Burgo Energia; the Company with the best “financial debt to turnover” ratio they are Pad Multienergy, Retitalia, Edelweiss Energy Holding, BP Italia, Ultragas CM, Ital Green Energy, Esso Italiana; worse, Alerion Clean Power, 2I Rete Gas, SGI – Società Gasdotti Italia, Olt, Italgas, Terna, Snam.
CoMar analysis also looked at THE TREND FOR 2024based on the data for the first 9 months that 14 listed companies have communicated to the markets, comparing them with similar data for the first 9 months of 2023. These 14 companies represent 50% of the turnover and, even more, 80% of the profits of the sector total.
Therefore, in the 12 months September 2023 – September 2024: turnover went from 198.9 billion euros to 177.9; it therefore decreased, in one year, by 22 billion, or 10.5%. Turnover grows only for Saipem, Terna, Ascopiave and Erg; all the others are decreasing, starting with Hera, Edison, A2A, Enel; profit is essentially unchanged, from 12.798 billion euros in September 2023 to 12.840 at the end of last September; only Eni, Edison, Alerion and Snam recorded a reduction; on the contrary, among the most significant increases for Saipem, Ascopiave, A2A, Terna, Hera, Enel; financial debts have increased, reaching 125 billion euros; investments are similar, higher than 21.4 billion in the first nine months (-1.7% on the previous 21.7); the forecasts (guidance) for the end of 2024, compared to what was communicated to the financial markets at the beginning of the year, are at least confirmed for 8 companies, while for another 6 they are improving.
All Operators face a contraction in prices and margins and volatility in prices energy commodities. For electricity, the Single National Price – PUN, contracted by 20.4% in the first nine months of 2024, going from an average value of 128.4 euros/MWh in the first months of 2023 to one of 102, 1 euro /MWh. The price of spot gas, however, decreased by 21.6% to 35.5 euro cents per cubic meter from 45.3 euro cents per cubic meter in the first nine months of 2023. At the same time, the demand for electricity in first nine months of 2024 grew by 2.1% over the same period of 2023, while that of gas fell by 5.8% in the same period of time.
In a less favorable market scenario, energy companies direct the investments the strengthening and efficiency of the networks, the increase in the flexibility of the plants, the development of the installed capacity of renewables. Together with the clarification of the unexpressed value of the individual business areas and a rationalization of portfolios, rigorous discipline is maintained in cost control.