The rating assignment reflects financial stability, consistent economic growth, and low credit risk.
FY22 also witnessed a revenue growth of €1,564 million (+51.4% compared to 2021), a trend attributable to increased volumes across the three sales channels: network, off-network, and bunker. These results underscore the Group's commercial expertise and operational synergy between logistics and sales activities, despite the significant volatility in commodity prices.
Additionally, the ability to generate cash flows through operational management is confirmed, with a positive PFN (Permanent Financing Needs) of €42.0 million (compared to €35.3 million at the end of 2021), coupled with liquid assets of €80.4 million (compared to €98.8 million at the end of 2021) and the initiation of new long-term financing of €19 million.
For FY23, Cerved anticipates a consolidation of business volumes and an improvement in margin levels, facilitated by the adoption of risk-hedging tools against commodity price fluctuations, in line with data as of June 30, 2023. By the end of 2023, a positive adjusted Net Financial Position (PFN adj) and stronger cash flows are expected.
*The Cerved rating has assigned to Ludoil Energia S.r.l., a company controlled by Ludoil Energy S.p.A. (Gruppo Ludoil) and entrusted with commercial activities.
