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Per Moody's quello dei materiali per l'edilizia e delle costruzioni europee resta un comparto ad outlook negativo, dato che non ci sono segnali di ripresa tali da giustificare un miglioramento, stante la debolezza dei volumi produttivi e dei prezzi...
Moody's: Outlook For European Building Materials Companies Remains Negative
Frankfurt am Main, October 07, 2010 -- Although the drop in building materials volumes has stabilised in most European countries, the European building materials industry remains under pressure, says Moody's Investors Service in its latest Industry Outlook for the sector. The rating agency no longer expects a pickup in building material volumes in H2 2010 as compared to H2 2009 due to continuing weak construction markets, such as Spain and Italy and thus Moody's outlook remains negative.
"Moody's would consider changing the outlook to stable in the next few months if there are more signs that the broader industry has reached the bottom in terms of volume declines and if pressure on prices eases in several markets. In our view, this has not yet happened on a wide enough scale to stabilise the outlook," says Matthias Hellstern, a Moody's Senior Vice President and author of the report.
In the report, entitled "Mixed Signals on Recovery for European Building Materials Companies", Moody's notes that overall, cement volumes in most mature European markets in H1 2010 were below the already-low volumes that were shipped in H1 2009. Moody's does not expect a real pickup in H2 2010 compared to H2 2009. In addition, volumes of building materials in a few Western European markets, such as Spain and Italy continue to decline strongly. Only limited positive volume development is anticipated in the UK and Germany.
The rating agency expects varying developments in Eastern European markets. "The building materials industry in all central European markets, such as Hungary or Romania, will remain weak, with the exception of Poland," says Mr. Hellstern. "H1 2010 volumes in Poland were lower than in H1 2009 due to a very harsh winter and severe flooding in May. Lost volumes in Poland should recover in H2 2010."
Moody's further notes that there are signs that construction activity in Russia and to a lesser extent in the Ukraine will turn positive during the reminder of the year. "Demand for building materials in Russia is driven by continued government spending on infrastructure and the fact that residential construction has picked up again somewhat, which is also supported by government subsidies for mortgage lenders," Mr. Hellstern explains.
Several markets are experiencing price pressure driven by overcapacities and lower volumes. This is occurring in Italy, Spain, Central Europe and several regions in the US. It is happening with several types of building products, including heavier materials, such as cement and aggregates, as well as with lighter materials, such as gypsum or bricks.
Moody's believes that the coming year will be challenging for the sector, given government austerity measures and resulting cutbacks on infrastructure projects. "For building materials companies to continue to show better results, the business brought about through economic stimulus programmes will need to be replaced by a pickup in residential and commercial construction," Mr. Hellstern concludes.
Moody's: Outlook For European Building Materials Companies Remains Negative
Frankfurt am Main, October 07, 2010 -- Although the drop in building materials volumes has stabilised in most European countries, the European building materials industry remains under pressure, says Moody's Investors Service in its latest Industry Outlook for the sector. The rating agency no longer expects a pickup in building material volumes in H2 2010 as compared to H2 2009 due to continuing weak construction markets, such as Spain and Italy and thus Moody's outlook remains negative.
"Moody's would consider changing the outlook to stable in the next few months if there are more signs that the broader industry has reached the bottom in terms of volume declines and if pressure on prices eases in several markets. In our view, this has not yet happened on a wide enough scale to stabilise the outlook," says Matthias Hellstern, a Moody's Senior Vice President and author of the report.
In the report, entitled "Mixed Signals on Recovery for European Building Materials Companies", Moody's notes that overall, cement volumes in most mature European markets in H1 2010 were below the already-low volumes that were shipped in H1 2009. Moody's does not expect a real pickup in H2 2010 compared to H2 2009. In addition, volumes of building materials in a few Western European markets, such as Spain and Italy continue to decline strongly. Only limited positive volume development is anticipated in the UK and Germany.
The rating agency expects varying developments in Eastern European markets. "The building materials industry in all central European markets, such as Hungary or Romania, will remain weak, with the exception of Poland," says Mr. Hellstern. "H1 2010 volumes in Poland were lower than in H1 2009 due to a very harsh winter and severe flooding in May. Lost volumes in Poland should recover in H2 2010."
Moody's further notes that there are signs that construction activity in Russia and to a lesser extent in the Ukraine will turn positive during the reminder of the year. "Demand for building materials in Russia is driven by continued government spending on infrastructure and the fact that residential construction has picked up again somewhat, which is also supported by government subsidies for mortgage lenders," Mr. Hellstern explains.
Several markets are experiencing price pressure driven by overcapacities and lower volumes. This is occurring in Italy, Spain, Central Europe and several regions in the US. It is happening with several types of building products, including heavier materials, such as cement and aggregates, as well as with lighter materials, such as gypsum or bricks.
Moody's believes that the coming year will be challenging for the sector, given government austerity measures and resulting cutbacks on infrastructure projects. "For building materials companies to continue to show better results, the business brought about through economic stimulus programmes will need to be replaced by a pickup in residential and commercial construction," Mr. Hellstern concludes.
