This business margins most of the economic sectors are already “close levels” Those who registered before the pandemic, but with some “very important differences”. Especially, food chain remains below its pre-start level. inflationary spiral At the beginning of 2021, energy companies They are launched to much higher levels than then. Two months after vice president Nadia Kalvino announced its creation, these are the main results of the study. first report Prepared by the Employment Margins Observatory, created at the initiative of the Ministry of Economy, in collaboration with the Tax Office and the Bank of Spain, and with the opposition of the CEOE.
The study measures margins based on: gross economic result exploit (similar to ebitda) sales (or invoice). so not about benefits final impacted by other factors such as taxes or extraordinary results. The document states that the margins of the food chain 25% sunk Between mid 2021 and late 2022 (approximately 40% in the agri-food industry). On the one hand, there was a sharp increase in raw material prices (for example, gas or fertilizers). And added to thisdifficulties for to move full increase in costs. latest prices food”.
HE price increase sales in the food chain so that “more moderate increase costs“companies, because this they didn’t transfer “completely” energy cost to customers The low price of raw materials between January and March allowed margins to fall. to get better“although they are still at the level lower than the historical average“. So that they haunt 8%before the inflationary shock, 10%. in the special case wholesale and retail trade food at “similar levels to their historical averages” (about 10% and 5%, respectively), but below the start of 2021.
ignited energy
Evolution of companies energetic It was radically different. According to the report, due to the increase in consumption in the last two years, “intensive recovery” of the economy coincided with the effect. Sanctions on Russia about supply and international wholesale energy prices. why did this happen margins in the production and distribution industry fuels they would shoot from 2% To approach the end of 2020 at 17% At the beginning of 2023. The study, yes, justifies this: “The development of the prices of Spanish products does not depend on the change in their cost, international quoted priceshence the margin volatile and can increase and decrease with speed and intensity.
in the industry electricity and gas supply A “similar” evolution has been recorded. Thus, the margins 10% at the beginning of the inflationary spiral to reach 25% at the beginning of this year. The document highlights that yes, there is a “high level of heterogeneity”. Thus, the manufacturers nuclear and renewable Although not affected by the increase in international energy costs, “benefited” increase in selling prices. On the contrary, some marketers Non-producers were affected “for a period of time” by the higher price of electricity they had to buy. “couldn’t convey exactly” for contracts signed by their clients.
margin control
HE Minister of State for the EconomyGonzalo García Andrés, this data “justify” the tax To energy companies approved by the government. Same, assured, applicable Banking sector due to the increase in interest rates (banking is not included in the report due to methodological problems, but there are other sources of information). “There is nothing in the rest of the industries. very abnormal“, he argued.
He also called on all companies. “contribute to moderation” from the margins inflation It remains one of the lowest in the eurozone in Spain, and besides fees can win purchasing power. “could be occured practically all translation between cost increases What we see in sales prices in 2021 and 2022. Now We should see how potential starts to move in the next few quarters. rollback of energy There are many sources from the Observatory that we’ve seen in the last quarters.
Margins of the set according to data from the Bank of Spain companies (excluding self-employed) was 9.6% in the first quarter, 2.4 points above the previous year but one point below the pre-pandemic level. In the case of trade and hospitalityIt reached 4.8%, up from 5.9% in the first quarter of 2022 and 5.5% at the end of 2019. energeticwas 16.4% compared to 6.3% a year ago and 15.2% before the pandemic. Inside industryat 5.9% compared to 7.5% and 5.6%, respectively. and in the industry information and communicationreached 20.8% compared to 18% a year ago and 23.9% in 2019.