In the first half of 2022 there was an important recovery in the turnover and margins of Italian companies, albeit with large differences between the various sectors. Thus Crif according to which inflationary dynamics will continue to push turnover upwards also in 2022, expected to reach + 9% both compared to 2021 and to the pre-crisis figure of 2019. However, the current context characterized by multiple tensions and factors of uncertainty leads to a clear downward revision of the 2022 outlook in terms of operating margins, expected to slightly decline both compared to 2021 (-40 bps) and compared to 2019 (-50 bps), before the spread of the pandemic came to affect in so heavily the global economy.
These are some perspective views that emerge from the latest update of the CRIF Pulse Observatory, which supports the understanding of the prospective scenarios for all industrial sectors and, through precise KPIs, guarantees a timely reading of the real trends in the market by leveraging on assets. information CRIF.
“In terms of financial impact, the balance between sources and uses of Italian companies remains delicate. The pressure on operating margins and the need for working capital will be difficult to offset in the short term in terms of cash generation capacity. However, the companies that have made adequate financial funding in the two-year period 2020-2021, also thanks to the tools put in place by the Italian government to contain the crisis caused by the pandemic, have a vital liquidity lung “- explains Simone Mirani, General CRIF Ratings Manager. “It should be borne in mind, however, that the disappearance of the moratoriums and the consequent resumption of the repayment plans of the financial debt, together with the impact of the surge in the costs of energy and some raw materials, could accentuate the tensions on the front of the liquidity, especially in the high-intensity working capital and energy-intensive sectors. The progressive increase in interest rates in the current context may also contribute, especially for companies with high levels of debt, to further increase the credit risk in the medium term and the consequent default rate in the two-year period 2023-2024 “.