Heavy clay manufacturers on a slow path to recovery
At the end of March the Acimac Research Department published the first edition of the study entitled "Financial statement analysis of world heavy clay manufacturers", which analyses the economic and financial data for 205 companies in 21 countries over the three-year period 2011-2013. These include 69 companies from Italy, 43 from Spain, 38 from other EU countries and 55 from the rest of the world.
As well as providing a detailed picture of the economic performance and asset and financial conditions of individual companies, the study also analyses the average results for four geographical areas: Italy, Spain, other EU countries and the rest of the world. It provides a reasonably accurate picture of the state of health of sector companies at the start of an initial, albeit timid, process of recovery in the construction industry in Europe.
After six years of severe crisis, the European real estate market is finally showing the first signs of recovery, with estimates pointing to a 1% upturn in 2014 and around 2% annual growth over the three-year period 2015-2017. However, the recovery is mainly limited to Northern and Eastern European countries, while the Mediterranean countries - particularly Italy, France and Spain - are still experiencing considerable difficulties.
In general, the results of the Acimac Research Department's study highlight the difficulties in the construction market and the differences between the various geographical areas over the three-year period analysed, although they do show some encouraging signs of improvement.
Summary of the main economic and financial indicators for brick and tile manufacturers (Average values 2011/2013)
|Italy||Spain||Other UE||Rest of the World|
|Added Value/Sales margin %||28.18||28.40||34.16||13.74|
|EBITDA margin %||3.32||-2.95||8.70||6.84|
|EBIT margin %||-5.84||-17.51||0.91||6.18|
|Profit - Loss margin %||-8.11||-15.85||-1.41||5.12|
|Cash flow/Operating revenue (%)||1.90||1.91||5.81||5.01|
Financial statement analysis of world heavy clay manufacturers
The "Financial statement analysis of world heavy clay manufacturers" is part of the "Financial statement analysis" series published by the Acimac Research Department, which also includes analogous studies carried out for the producers of ceramic machinery, glazes and colours, ceramic tiles and sanitaryware.
The aim of the report is to give industry companies a useful tool for national and international benchmarking and for analysing competitors, suppliers and customers.
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