modefinance published the Solicited Corporate Credit Rating of ENERGIA SOCIALE S.P.A. on the website and the rating assigned to the entity is B1- (First issuance). The analysis revealed it is a company with adequate economic and financial situation, capable of facing adverse economic conditions in the medium and long term.
ENERGIA SOCIALE (the “Company”), established in 2017 and headquartered in Pozzuoli (NA), primarily operates in the sale of electricity and natural gas, with a stronger focus on the electricity segment. In 2024, over 80% of electricity sales were conducted as a reseller, while in the gas sector the Company has been active since 2022 as a balancing user. Its business is mainly concentrated in Campania, serving primarily business customers (46% of 2024 revenues), resellers, and residential customers. Clients are mainly concentrated in consumption brackets exceeding 150 kWh and 50,000 smc. Reflecting its strong commitment to environmental issues, in 2024 the Company established E-Flow S.r.l., a 51%-owned subsidiary operating in the field of energy efficiency.
Key Rating Assumptions
ENERGIA SOCIALE S.P.A. presents an overall sound economic and financial position. The capital structure appears well balanced (leverage ratio of 4.52), with fixed assets (€1.13m; +2.07%) remaining modest relative to total assets, accounting for only 10.38% and fully covered by shareholders’ equity (€1.98m). Net financial debt, although increasing (€509k vs €268k), remains sustainable relative to both shareholders’ equity (0.26x) and to operating margins (0.34x). Financial equilibrium has remained appropriate over the past three years, with stable ratios above unity (current ratio of 1.31). In 2024, the Company recorded an increase in cash and cash equivalents (€2.76m), mainly driven by new bank borrowings. From an operating perspective, self-financing capacity improved, supported by higher net income. However, working capital absorption, mainly due to the increase in trade receivables, partially limited the expansion of operating cash flow. Economically, performance appears solid overall, with revenue from sales (€21.10m; +62%), EBITDA (€1.51m; +49.06%), and net profit (€1.05m; +67.19%) all growing for the second consecutive year.
The Company has a simple ownership structure, with share capital equally divided between Mr. Antonio R. D’Angelo (also sole director) and Mr. Ivan Campili, each holding 50% through companies in which they are sole shareholders. ENERGIA SOCIALE also controls 51% of E-Flow S.r.l.. The Company is further overseen by a Board of Statutory Auditors.When compared to the sector peer group, the Company demonstrates solid positioning in terms of size and profitability, ranking among the strongest within the sample. Conversely, solvency ratios are below the median. Nevertheless, on a standalone basis, the Company’s net financial debt remains well aligned with both shareholders’ equity and operating profitability. The sector sample has shown a progressive improvement in solvency indicators. Leverage and financial gearing across the peer group outline an overall balanced profile. Liquidity ratios also highlight efficient management of the balance between current assets and liabilities. In terms of profitability, indicators remain stable over the 2020–2024 period, with returns consistently at satisfactory levels.
The fundamentals of the energy sector in Italy have improved thanks to the stabilisation of gas and electricity prices, accompanied by reduced volatility compared to the peaks recorded in 2022. However, the increasingly strategic role of LNG (liquefied natural gas) within the energy mix – representing 42% of EU gas imports in 2023, up from 20% in 2021 – as a substitute for Russian pipeline gas results in higher procurement costs and exposes Italy to the risk of potential price increases due to global market dynamics (such as rising gas demand in Asia, changes in U.S. shale gas extraction policies, etc.).
At the macroeconomic level, GDP growth in 2024 remained modest, due to tight financial conditions (with interest rates still high in the euro area), inflation of around 2%, weighing on household spending and investment, and global economic growth potentially constrained by heightened geopolitical tensions and the tightening of U.S. trade policies.
Sensitivity Analysis
Important
The present Corporate Credit rating is issued by modefinance under EU Regulation 1060/2009 and following amendments.
The present rating is solicited and is based on both private and public information. The rated entity and/or related third parties have provided all private information used. Modefinance had access to some accounts and other relevant internal documents of the rated entity and/or related third parties. Solicited and unsolicited ratings issued by modefinance are of comparable quality, as the solicitation status has no effect on methodologies used. More comprehensive information on modefinance Corporate Credit Ratings are available at http://cra.modefinance.com/en
The present Corporate Credit Rating is issued on MORE Methodology 2.0 and Rating Methodology 1.0. A comprehensive description of both methodologies, as well as information on Modefinance Rating Scale and Mappings, is available at http://cra.modefinance.com/en/methodologies.
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modefinance refers to default as a company under bankruptcy, or under liquidation status, or under administration or for which missed payments on a financial obligation are officially recorded.
The quality of the information available on the rated entity and used to determine the present rating was judged by modefinance as satisfactory. Please note that modefinance does not perform any audit activity and is not in a position to guarantee the accuracy of any information used and/or reported in the present document. As such, modefinance can accept no liability whatsoever for actions taken based on any information that may subsequently prove to be incorrect.
The present credit rating was notified to the rated entity in order to identify potential factual errors, as prescribed by the CRA Regulation.
No amendments were applied after the notification process.
The rated company purchased ancillary services from modefinance (preliminary rating). Modefinance guarantees that this purchase of ancillary activities does not constitute any conflict of interest.
The rating action issued by modefinance was performed independently. The analysts, members of the rating team involved in the process, modefinance Srl and its members and shareholders do not have any conflicts of interest in relation to the Rated Entity and/or Related Third Parties. If in the future a potential conflict of interest is identified in relation to the persons reported above, modefinance Ratings will provide the appropriate information and if necessary the rating will be withdrawn.
The present Credit Rating is an opinion of the general creditworthiness that modefinance issues on the rated entity, and should be relied upon to a limited degree. The issued rating is subject to an ongoing monitoring until withdrawal.
Contacts
Head Analyst - Elisa Graffi, Rating Analyst
elisa.graffi@modefinance.com
Responsible for Rating Approval - Pinar Dilek, Rating Process Manager
pinar.dilek@modefinance.com