Statistics and markets

Financial statement analyses for world tile manufacturers

25/03/2015

Acimac's Research Department published the 1st edition of the study entitled "Financial Statement Analysis of World Ceramic Tiles Manufacturers", presenting three-year economic and financial data (2011-2013) of 288 of the major companies of the industry operating in 41 Countries worldwide; of these companies, 89 are Italian, 70 are Spanish and 70 are from Asia.

The study is an essential tool for international benchmarking and analyses of competitors, suppliers and customers, and it's part of the series "Financial Statement Analyses" which comprehends volumes on ceramic machinery, color and glaze manufacturers, heavy clay manufacturers and sanitaryware manufacturers.

The report entitled "Financial statement analysis of the world's top ceramic tile manufacturers", reveals some interesting trends in the Italian ceramic companies' 2013 financial results compared with their major foreign competitors.

The first important figure is the significant growth in total assets per employee in the last three years, the highest of all ceramic tile producer countries.

Another major strength of Italian companies is the virtuous recapitalisation process they are implementing, which makes them more robust even in the event of potential tightening of credit conditions. The equity ratio has followed a steady upward trend over the last three years, increasing by more than one percentage point between 2011 and 2013.

Another key factor is the production efficiency of Italian tile producers, as measured by the ratio between added value and sales margin, has shown a slight recovery since 2012. On average this value is higher than both the corresponding figure for Spanish competitors and the world average.

An aspect that needs to be watched, on the other hand, is the EBITDA to revenue ratio, which reveals a general inefficiency in personnel cost management over the three-year period 2011-2013. In spite of a slight improvement with respect to 2012, this value is on average about two percentage points below that of other producer countries.

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