Asset Balance of Italian Fuel Distribution Companies During and after the Crisis

Energy is everywhere the first factor of production. Countries, such as Italy, that import energy must activate all possible strategies to reduce their cost, also operating on the market where the distribution companies are located. Starting from the hypothesis that the international crisis of 2008 has generated an imbalance about the relations between sources and patrimonial uses that led to subsequent restructuring, this paper shows the result of a comparative spatial and temporal analysis about the financial statements of 1,761 Italian commercial companies, even distinguishing them in relation to their operation in the three national macro areas. The trend of the current ratio and the fixed asset to equity capital margin for 10 years was analysed. The results were also subjected to the analysis of variance (ANOVA). The sector is imbalanced, especially in the medium-long term, therefore in need of significant contributions of equity. There are substantial differences between Italian macro areas but they cannot be ascribed to the international economic crisis and its consequences in subsequent years. The starting hypothesis has not been confirmed. The trend in financial statement indicators does not appear in relation to the international economic events of 2008 and their consequences. The trend of the analysed quantities probably originates in different factors typical of the sector and the territory. It will be necessary to develop similar but more detailed analysis using other indices and asset margins, while also allowing them to economic and financial ratios. The paper is original for a methodology never applied to companies in the sector. The results are useful for Italian entrepreneurs and government authorities.