INTERCEM Barcelona. Global Cement Industry. Facing the challenges and taking the opportunities. Barcelona, June 2011
|
|
- Hester Morrison
- 5 years ago
- Views:
Transcription
1 Equities INTERCEM Barcelona Global Cement Industry Facing the challenges and taking the opportunities Barcelona, June 2011 Paul Roger Team
2 European Building Materials: Introduction 2 Paul Roger CFA (London): paul.roger@exanebnpparibas.com Paul Roger, 34, graduated from Durham University in 1998 and has a decade s experience covering the Building Materials sector at HSBC, ABN AMRO, Deutsche Bank and ING. He has also managed money for a top London hedge fund and spent a year working for Renaissance Capital in Russia, covering global infrastructure markets. Paul is a Chartered Financial Analyst and Chartered Accountant. He joined as Sector Head of Exane s Building Materials Team in 20. Yassine Touahri (London): yassine.touahri@exanebnpparibas.com Yassine Touahri, 27, received his MSc in Management from Grenoble s Ecole de Management in 2008 and spent one year studying at the Warwick Business School in 2006/2007. In 2006, Yassine worked in Saint-Gobais investor relations department and joined Exane s Building Materials and Construction team in August Abhi Parthasarathy (London) abhi@exanebnpparibas.com Abhi Parthasarathy, 25, graduated from University College London in 2006 as a Bachelor of Law. He then qualified as a Chartered Accountant with Deloitte (20), working as part of the financial services team. Abhi joined the Exane s Building Materials team in September 20.
3 Summary of the presentation Revisiting the crisis a reminder of what happened The latest production trends Our scenario for volumes in 2011 and 2012 Price-cost dynamics and the outlook for returns Conclusion
4 31% fall in cement volumes Clear opportunities 1) Structural growth in emerging markets 2) Cyclical recovery in developed markets? Change in cement consumption per capita e World : +18% 4 NA: - 46% - 11% Decrease Pressure Stagnation Slight Increase Strong Increase Not covered - 48% WE: - 28% - 65% +9% - 16% - 32% - 34% EE: - 17% - 19% - 9% - 33% - 58% - 3% - 12% - 41% Med +23% +33% +44% - 3% Rim.: +31% +55% - 4% - 30% +39% +32% +5% +55% +21% - 15% +36% +35% +34% +30% +38% - 17% +53% +26% Middle +37% East: +28% +46% +35% - 13% +12% +4% +16% +24% - 7% - 17% South America: (Sources : Exane BNP Paribas estimates) Volumes up 36% +12% +3% - 7% - 32% Africa: +12% - 12% Asia: +33% Oceania: - 8% - 12%
5 Emerging market story is exciting, but developed markets continue to disappoint. An L shaped recovery is possible - US trends are poor. We understand volumes were disappointing in April and May - Southern Europe impacted by weak demand - Poor weather and sluggish demand impacting Australia after a good 1Q - Excellent trends in most emerging markets. North Africa and Middle East rebounding 5 Cement Q1 volumes Mature markets +9%, Emerging markets +% / World: +% First statistics for Q2 cement volumes Mature markets -2%, Emerging markets +9% / World: +7%
6 Our scenario for volumes in 2011 and 2012 how we forecast 6 Continuity in approach used by Arnaud Pinatel (now Deputy Head of Research at Exane BNP Paribas) We rely on a number of indicators and inputs to forecast volumes: Industry survey thank you for your participation Review of 250 lead indicators and datapoints, with focus on: Permit data Mortgage availability and credit conditions Industry specific surveys like the Architectural Billings Index in US Lending trends Budget deficits and political developments (for infrastructure demand) Monitoring of results & outlooks of 300 companies worldwide Production data (to analyse base effect and spot inflection points)
7 Our scenario for residential construction - cautious on the US for 2011 and Europe strong but ECB & debt crisis are risks - slower but still strong growth in emerging markets 7
8 Our scenario for non residential construction - lending conditions still challenging in developed markets - modernisation to support growth in emerging markets 8
9 Our scenario for infrastructure construction - growing concerns in the US - austerity in Europe - slower spend in emerging markets - new funding mechanisms will become increasingly important 9
10 New volumes scenario assumes no strong recovery in developed markets - US volumes expected to be weak - Risks in Southern Europe and NW Europe contagion from sovereign debt? - Emerging markets not without risks given high food inflation and monetary tightening Cement Volume Scenario 2011 Mature Countries: +0% Emerging markets excl. China +5% (world up 6%)
11 New volumes scenario assumes no strong recovery in developed markets - US volumes expected to be weak - Risks in Southern Europe and NW Europe contagion from sovereign debt? - Emerging markets not without risks given high food inflation and monetary tightening Cement Volume Scenario 2012 Mature Countries: +3% Emerging markets excl. China +6% (word up +6%) 11
12 (Sources : Exane BNP Paribas estimates) Introduction Pricing trends in 20 - Low utilisation rates led to declined in many markets - Cost inflation started to push pricing up towards end of 20 - Better developments in some emerging markets Cement Prices in FY 20-2% excluding China, -2% including China (YoY% change) 12 NA -6% +1% Latin America +1% -7% 0% 0% -5% -8% +13% WE -7% EE -6% Med. Rim 0% +1% 0% 0% 0% -4% -6% -1%-5% -6% 0% -1% +6% +2% -7% -7%-24% -2% -1% +1% +2% 0% +4% Africa -1% +1% +2% Mid. East -4% -4% +2% Strong Increase Slight Increase Stagnation Pressure Decrease Not covered -3% +2% -3% +2% -5% +4% +3% +3% South East Asia -2% Oceania +3%
13 Pricing still weak YoY in developed markets - US prices down 6% YoY - Europe generally weak as well - Mixed trends in emerging markets: most regions strong but in context of high cost inflation World cement prices in 1Q11 +3%. World excl China and India +1% Mature market -5% 13 North America: -6% +1% -6% Low utilisation rates NWE: -1% SWE: -8% EE: +0% +2% -3% -2% +6% -3% -3% +1% Decline Latin America +5% Pressure Stagnation Slight increase Strong increase +5% -2% +16% +5% Med. Rim +1% New entrants -2% -14% -4% -1% +3% -3% -5% -1% Africa: -1% Mid. East +4% +5-8% -22% +8% +12% -4% +3% Emerging Asia (excl India & China) +9% Oceania +3%
14 Prices increasing sequentially in developed markets - US price increase of $5/t is sticking - Europe also seeing increases in several markets (Spain, UK, France, Italy) 14 US cement price index European cement price index Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan 11 Feb 11 Mar 11 Apr 11 May Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan 11 Feb 11 Mar 11 Apr 11 USA - PPI: Cement (0 in 1982) EU 27 - PPI: Manufacture of cement (0 in 2000)
15 Higher prices unlikely to cover cost inflation - We forecast +3% global pricing = not enough to cover costs - Outcome will depend on industry discipline and strategic objectives of participants 15
16 Returns under pressure? - Low utilisation rates (developed markets), regulatory scrutiny, trade flows redirected from North Africa could cap pricing in some regions - Energy cost inflation may have peaked but are still high - Other costs also rising (esp in emerging markets) and a question mark over the future direction of investment, regulatory and CO2 costs - Fragmentation in some emerging markets? Forecast utilisation rates 2011 Pet-coke prices % % % 0.0 0% (5.0) (.0) (50%) (15.0) (0%) Q1 09 Q2 09 Q3 09 Q4 09 Q1 Q2 Q3 Q4 Q1 11 Q2 11e Q3 11e Q4 11e USD/t Variation USD/t YoY variation (%) - RHS Forecast utilisation rates 2012 Coal prices % % 30% % % 0% 0.0 (5.0) (%) (20%) (30%) (.0) (40%) (50%) (15.0) (60%) Q4 09 Q1 Q2 Q3 Q4 Q1 11 Q2 11e Q3 11e Q4 11e USD/t Variation USD/t YoY variation (%) - RHS
17 Conclusion 17 Opportunities in mostly in emerging markets Risks of an L shaped recovery in US Europe also under pressure as ECB tightens and debt crisis causes uncertainty Growth likely to remain good in emerging markets, but with some risks (monetary tightening, food cost inflation, political) Pricing trends improving but a question mark over future returns Prices rebounding sequentially in developed markets and encouraging in emerging markets Cost inflation and low utilisation rates pose a challenge short term Longer term rising investment costs, CO2 costs and new regulation pose a challenge to returns Opportunities for market consolidation? New entrants in emerging markets embracing the opportunities Consolidation likely in response to the more challenging returns outlook? More scope for vertical integration, even in emerging markets?
18 Part III: A new Paradigm? Equities 18 Muchas gracias / Thank you
Exane BNP Paribas Building Materials. XXVIII Technical Congress FICEM-APCAC Fundamentals Deteriorate
Exane BNP Paribas Building Materials XXVIII Technical Congress FICEM-APCAC Fundamentals Deteriorate World Cement markets trends Exane BNP Paribas s new Scenario for 2011-2012 São Paulo, September 2011
More informationRussia: Macro Outlook for 2019
October 2018 Russia: Macro Outlook for 2019 Natalia Orlova Head of Alfa Bank Macro Insights +7 495 795 36 77 norlova@alfabank.ru Egypt Saudi Arabia Brazil S. Africa UAE Iraq China Japan US Mexico UK Russia
More informationSovereign Risks and Financial Spillovers
Sovereign Risks and Financial Spillovers International Monetary Fund October 21 Roadmap What is the Outlook for Global Financial Stability? Sovereign Risks and Financial Fragilities Sovereign and Banking
More informationWorld Economy Geopolitics Investment Strategy. The Impact of EU s Sovereign Risks on Turkish Economy. Presentation given by
World Economy Geopolitics Investment Strategy OUTLOOK FOR WORLD S MAJOR FINANCIAL MARKETS The Impact of EU s Sovereign Risks on Turkish Economy Presentation given by Dr. Michael Ivanovitch, President MSI
More informationGlobal Economic Prospects: Navigating strong currents
Global Economic Prospects: Navigating strong currents Andrew Burns World Bank January 18, 2011 http://www.worldbank.org/globaloutlook Main messages Most developing countries have passed with flying colors
More informationChina Economic Outlook 2013
China Economic Outlook 2 Key Developments in Brief - Mild recovery of GDP growth: +8 8.5% - Construction and consumption as main drivers - Inflationary pressure to increase: +3% - Tight labor market and
More informationGLOBAL FIXED INCOME OVERVIEW
2016 Global Market Outlook Press Briefing GLOBAL FIXED INCOME OVERVIEW Edward A. Wiese, CFA, Head of Fixed Income November 18, 2015 Global Fixed Income Outlook: Summary Environment Developed market yields
More informationSpanish economic outlook. June 2017
Spanish economic outlook June 2017 1 2 3 Spanish economy a pleasant surprise Growth drivers Forecasts once again bright One of the most dynamic economies in Europe Spain growing at a faster rate than EMU
More informationLatin America: the shadow of China
Latin America: the shadow of China Juan Ruiz BBVA Research Chief Economist for South America Latin America Outlook Second Quarter Madrid, 13 May Latin America Outlook / May Key messages 1 2 3 4 5 The global
More informationGlobal Economic Prospects and the Developing Countries William Shaw December 1999
Global Economic Prospects and the Developing Countries 2000 William Shaw December 1999 Prospects for Growth and Poverty Reduction in Developing Countries Recovery from financial crisis uneven International
More information2016 Economic Outlook for Ireland & Eurozone IFP Launch
2016 Economic Outlook for Ireland & Eurozone IFP Launch December 3 rd 2015 Jim Power Global Background US & UK growing at reasonable pace Euro Zone growing well below potential Emerging markets in some
More informationOutlook for Global Real Estate
Outlook for Global Real Estate Global economy recovering despite uncertainty GDP growth varies across regions and countries Percent 2 15 Emerging economies 1 World 5 Forecast Percent 2 Middle East and
More information1.1. Low yield environment
1. Key developments The overall macroeconomic environment remains very challenging for the European insurance and pension sector. The yields have been further compressed and are substantially below the
More information> Macro Investment Outlook
> Macro Investment Outlook Dr Shane Oliver Head of Investment Strategy and Chief Economist October 214 The challenge for investors how to find better yield and returns as bank deposit rates stay low 9
More informationEurozone Economic Watch
BBVA Research - Global Economic Watch December 2018 / 1 Eurozone Economic Watch December 2018 Eurozone GDP growth still slows gradually, but high uncertainty could take its toll GDP growth could grow by
More informationZenith Monthly Economic Report October 2011
Zenith Monthly Economic Report October 211 ECONOMIC STATISTICS SUMMARY Cash Rate Inflation Rate (%) Unemployment Rate (%) GDP Annual Growth (%) Country Latest Last Change Latest Change Latest Change Past
More informationOlivier Blanchard Economic Counsellor and Director of the Research Department, International Monetary Fund
Centre for Economic Performance 21st Birthday Lecture Series The State of the World Economy Olivier Blanchard Economic Counsellor and Director of the Research Department, International Monetary Fund Lord
More informationCommodities Observing the fundamentals Written by: Dwayne Dippenaar, Research Analyst at Laurium Capital
FUNDS ON FRIDAY b y G l a c i e r R e s e a r c h 24 J u n e 2 0 1 6 V o l u m e 8 6 7 Commodities Observing the fundamentals Written by: Dwayne Dippenaar, Research Analyst at Laurium Capital The South
More informationInflation projection of Narodowy Bank Polski based on the NECMOD model
Economic Institute Inflation projection of Narodowy Bank Polski based on the NECMOD model Warsaw / 9 March Inflation projection of the NBP based on the NECMOD model Outline: Introduction Changes between
More information11 May Energy Coal
11 May 217 Energy Coal Energy coal: dislocation from fundamentals Size of the Asia Pacific market 2 Energy Coal Market Volumes by Basin (Million Tonnes) 1, 9 8 7 6 5 4 3 2 1 The Asia-Pacific market is
More informationABI MONTHLY REPORT 1 March 2018 (Main evidence)
ABI MONTHLY REPORT 1 March 2018 (Main evidence) LOANS AND DEPOSITS 1. In February 2018, loans to customers granted by banks operating in Italy, totalling 1,777.2 billion euro (cf. Table 1) was almost 70
More informationGlobal Economic Prospects
Global Economic Prospects Assuring growth over the medium term Andrew Burns DEC Prospects Group January 213 1 Despite better financial conditions, stronger growth remains elusive More than 4 years after
More informationB-GUIDE: Economic Outlook
Aug-12 Apr-13 Dec-13 Aug-14 Apr-15 Dec-15 Aug-16 Apr-17 Jul-15 Nov-15 Mar-16 Jul-16 Nov-16 Mar-17 Jul-17 Quarterly Economic Outlook: Quarter 4 2017 4 January 2018 B-GUIDE: Economic Outlook The economy
More informationGlobal Themes and Risks
The Goldman Sachs Group, Inc. Goldman Sachs Research Global Themes and Risks April 2013 Abby Joseph Cohen, CFA Goldman, Sachs & Co. 1-212-902-4095 abby.cohen@gs.com Rachel Siu Goldman, Sachs & Co. 1-212-357-0493
More informationPortuguese Banking System: latest developments. 1 st quarter 2018
Portuguese Banking System: latest developments 1 st quarter 218 Lisbon, 218 www.bportugal.pt Prepared with data available up to 27 th June of 218. Macroeconomic indicators and banking system data are quarterly
More informationChapter 1 International economy
Chapter International economy. Main points from the OECD's Economic Outlook A broad-based recovery has taken hold Asia, the US and the UK have taken the lead. Continental Europe will follow Investment
More information2015 Market Review & Outlook. January 29, 2015
2015 Market Review & Outlook January 29, 2015 Economic Outlook Jason O. Jackman, CFA President & Chief Investment Officer Percentage Interest Rates Unexpectedly Decline 4.5 10-Year Government Yield 4 3.5
More informationEurozone Economic Watch. February 2018
Eurozone Economic Watch February 2018 Eurozone: Strong growth continues in 1Q18, but confidence seems to peak GDP growth moderated slightly in, but there was an upward revision to previous quarters. Available
More informationGlobal House View: Market Outlook
HSBC GLOBAL ASSET MANAGEMENT September 29 Global House View: Market Outlook Contents 1688/HSB1395a Market performance Macro-economic Picture Market Views: high level asset allocation Market Views: Equity
More informationIndonesia Economic Outlook and Policy Challenges
Indonesia Economic Outlook and Policy Challenges Daniel A. Citrin Asia and Pacific Department, IMF April 3, 28 Global Financial Stability Map: risks have risen; conditions have deteriorated October 27
More informationThree-speed recovery. GDP growth. Percent Emerging and developing economies. World
Three-speed recovery GDP growth Percent 1 8 6 4 2-2 -4-6 198 1985 199 1995 2 25 21 215 Source: IMF WEO; Milken Institute. Emerging and developing economies Advanced economies World Output is still below
More informationGlobal Economic Prospects
Global Economic Prospects Slow and halting progress Andrew Burns DEC Prospects Group October, 22, 2012 1 Despite better financial conditions, stronger growth remains elusive May/June financial turmoil
More informationCement and Clinker Price Markers: Med Basin, Persian
Cement and Clinker Price Markers: Med Basin, Persian Webinar presentation Gulf-Arabian Sea and East Africa Cement & Clinker prices 2Q2017: Price Assessment and Trade Price Update July 13, 2017 CW Group
More informationABI MONTHLY REPORT 1 January 2017 (Main evidence)
ABI MONTHLY REPORT 1 January 2017 (Main evidence) LOANS AND DEPOSITS 1. At the end of 2016, loans to customers granted by banks operating in Italy, totalling 1,807.7 billion euro (cf. Table 1) was nearly
More informationWorld Sugar Market Outlook
World Sugar Market Outlook 28 th of September 216 Platts conference New Delhi Benoît Boisleux 1 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16
More informationSHAMBLING FORWARD. 02/13/2014 WORLD POPULATION 2 WALL STREET, MAIN STREET, AND CAPITOL HILL: AN ECONOMIC UPDATE
SHAMBLING FORWARD. WALL STREET, MAIN STREET, AND CAPITOL HILL: AN ECONOMIC UPDATE Shamble: To walk in an awkward, lazy, or unsteady manner, shuffling the feet FEBRUARY 12, 2014 David B. Hanson, CPA, CFA
More informationGlobal Economic Outlook John Hawksworth Chief Economist, PwC September 2012
www.pwc.co.uk/economics Global Economic Outlook John Hawksworth Chief Economist, September 2012 Agenda Global overview Short term prospects for Europe, US and BRICs Long term trends: demographics, growth
More informationIntroduction to the UK Economy
Introduction to the UK Economy What are the key objectives of macroeconomic policy? Price Stability (CPI Inflation of 2%) Growth of Real GDP (National Output) Falling Unemployment / Raising Employment
More informationEurozone. Economic Watch FEBRUARY 2017
Eurozone Economic Watch FEBRUARY 2017 EUROZONE WATCH FEBRUARY 2017 Eurozone: A slight upward revision to our GDP growth projections The recovery proceeded at a steady and solid pace in, resulting in an
More informationUK Economic Outlook July 2017
www.pwc.co.uk/economics Contents 1 2 3 4 Global outlook UK economic trends and prospects UK housing market outlook Nowcasting current GDP growth PwC 2 Global growth in 2017 should be slightly stronger
More informationEurope Outlook. Third Quarter 2015
Europe Outlook Third Quarter 2015 Main messages 1 2 3 4 5 Moderation of global growth and slowdown in emerging economies, with downside risks The recovery continues in the eurozone, but still marked by
More informationPortuguese Banking System: latest developments. 2 nd quarter 2017
Portuguese Banking System: latest developments nd quarter 17 Lisbon, 17 www.bportugal.pt Prepared with data available up to th September of 17. Portuguese Banking System: latest developments Banco de Portugal
More informationSpheria Australian Smaller Companies Fund
29-Jun-18 $ 2.7686 $ 2.7603 $ 2.7520 28-Jun-18 $ 2.7764 $ 2.7681 $ 2.7598 27-Jun-18 $ 2.7804 $ 2.7721 $ 2.7638 26-Jun-18 $ 2.7857 $ 2.7774 $ 2.7690 25-Jun-18 $ 2.7931 $ 2.7848 $ 2.7764 22-Jun-18 $ 2.7771
More informationInternational Monetary Fund
International Monetary Fund World Economic Outlook Jörg Decressin Deputy Director Research Department, IMF April 212 Towards Lasting Stability Global Economy Pulled Back from the Brink Policies Stepped
More informationABI MONTHLY REPORT 1 July 2018 (Main evidence)
ABI MONTHLY REPORT 1 July 2018 (Main evidence) LOANS AND DEPOSITS 1. In June 2018, loans to customers granted by banks operating in Italy, totalling 1,773.8 billion euro (cf. Table 1) was 37 billion higher
More informationShort-term indicators and Updated Forecasts. Eurozone NOVEMBER 2016
Short-term indicators and Updated Forecasts Eurozone NOVEMBER 2016 EUROZONE WATCH NOVEMBER 2016 Key messages: resilience and unchanged projections The moderate pace of economic growth continued in the
More informationQuarterly Meeting # 2/2015
Quarterly Meeting # 2/2015 1Q15 Performance & Outlook 18 May 2015 The views expressed here contain some information derived from publicly available sources that have not been independently verified. No
More informationО КЛЮЧЕВОЙ СТАВКЕ RUSSIAN ECONOMIC OUTLOOK AND CHALLENGES TO MONETARY POLICY. December Bank of Russia Presentation for Investors
О КЛЮЧЕВОЙ СТАВКЕ RUSSIAN ECONOMIC OUTLOOK AND CHALLENGES TO MONETARY POLICY Bank of Russia Presentation for Investors December 16 USD per barrel RUB / USD 2 Oil Eхporters Production-cut Agreements Support
More informationThe Korean Economy: Resilience amid Turbulence
The Korean Economy: Resilience amid Turbulence Dr. Il SaKong Special Economic Advisor Adviser to the President Republic of Korea November 17, 17, 2008 November 17, 2008 1. Recent Macroeconomic Developments
More informationThe Economic and Political Outlook. By Roger Bootle
The Economic and Political Outlook By Roger Bootle 1. Agenda The World, China and America. Recovery in the euro-zone. Political worries in Europe. The UK economy. Brexit opportunities and challenges. The
More informationHeidelbergCement. Results January to March 2007 Heidelberg, 10 May 2007 Dr. Bernd Scheifele, CEO and Dr. Lorenz Näger, CFO
HeidelbergCement Results January to March 2007 Heidelberg, 10 May 2007 Dr. Bernd Scheifele, CEO and Dr. Lorenz Näger, CFO Slide 1-09.05.2007 Contents Overview Key figures Results per Group area Financial
More informationEconomic Indicators. Roland Berger Institute
Economic Indicators Roland Berger Institute October 2017 Overview Key points Economic Indicators A publication, compiled by the Roland Berger Institute, that provides you with the most important macroeconomic
More informationOUTLOOK 2014/2015. BMO Asset Management Inc.
OUTLOOK 2014/2015 BMO Asset Management Inc. We would like to take this opportunity to provide our capital markets outlook for the remainder of 2014 and the first half of 2015 and our recommended asset
More informationAPPENDIX ECONOMIC INDICATORS DEVELOPED ECONOMIES
16 QUARTERLY INVESTMENT STRATEGY APPENDIX ECONOMIC INDICATORS DEVELOPED ECONOMIES Purchasing Managers Index EMERGING ECONOMIES Purchasing Managers Index US Eurozone Japan Brazil Russia India China Industrial
More informationMULTI-ASSET CLASS 1 EQUITIES: DEVELOPED COUNTRIES 1 EQUITY EMERGING COUNTRIES 2
10 2 3 6 8 9 13 14 MULTI-ASSET CLASS 1 EQUITIES: DEVELOPED COUNTRIES 1 EQUITY EMERGING COUNTRIES 2 Alpha Current Previous Alpha Current Previous Alpha Current Previous weight weight weight weight weight
More informationThe Scream - Edvard Munch 1893 Current Market Update and Recent Developments
2011 ANNUAL MEETING AND EDUCATION CONFERENCE American College of Investment Counsel New York, NY The Scream - Edvard Munch 1893 Current Market Update and Recent Developments Thursday, October 20, 2011
More informationEurozone Economic Watch
BBVA Research Eurozone Economic Watch November 2018 / 1 Eurozone Economic Watch November 2018 Eurozone: Growth to recover in 4Q18, but concerns about the slowdown next year are growing Eurozone GDP growth
More informationFinancial & Business Highlights For the Year Ended June 30, 2017
Financial & Business Highlights For the Year Ended June, 17 17 16 15 14 13 12 Profit and Loss Account Operating Revenue 858 590 648 415 172 174 Investment gains net 5 162 909 825 322 516 Other 262 146
More informationFinancial Analysts Meeting. 4 th November 2010
Financial Analysts Meeting 4 th November EH world macro economic scenario -2011 World economy has registered a clear rebound World GDP rebounded by +5,8% between Q1- and Q2-. with a strong upturn of world
More informationEurozone Economic Watch. July 2018
Eurozone Economic Watch July 2018 Eurozone: A shift to more moderate growth with increased downward risks BBVA Research - Eurozone Economic Watch July 2018 / 2 Hard data improved in May but failed to recover
More informationRECENT EVOLUTION AND OUTLOOK OF THE MEXICAN ECONOMY BANCO DE MÉXICO OCTOBER 2003
OCTOBER 23 RECENT EVOLUTION AND OUTLOOK OF THE MEXICAN ECONOMY BANCO DE MÉXICO 2 RECENT DEVELOPMENTS OUTLOOK MEDIUM-TERM CHALLENGES 3 RECENT DEVELOPMENTS In tandem with the global economic cycle, the Mexican
More informationEconomic Outlook January, 2012
Economic Outlook January, 2012 Summary Global economy Low global growth scenario, tail risks have become smaller. Risks (Debt Ceiling, elections in Italy, growth in Europe). Brazil Activity shows signs
More informationSingapore Exchange Limited Building Tomorrow s Market, Today
Singapore Exchange Limited Building Tomorrow s Market, Today Singapore Exchange SGX: Building Tomorrow s Market, Today SGX: Our Fundamentals FY2002 Half Year Results Going Forward SGX: Building Tomorrow
More informationPortuguese Banking System: latest developments. 2 nd quarter 2018
Portuguese Banking System: latest developments 2 nd quarter 218 Lisbon, 218 www.bportugal.pt Prepared with data available up to 26 th September of 218. Macroeconomic indicators and banking system data
More informationPRESENTATION BY JACOB A. FRENKEL AT THE FORUM: INTELLIGENCE ON THE WORLD, EUROPE, AND ITALY. Villa d'este, Cernobbio - September 7, 8 and 9, 2012
PRESENTATION BY JACOB A. FRENKEL AT THE FORUM: INTELLIGENCE ON THE WORLD, EUROPE, AND ITALY Villa d'este, Cernobbio - September 7, 8 and 9, 1 Working paper, September 1. Kindly authorized by the Author.
More informationEurozone Economic Watch. March 2018
Eurozone Economic Watch March 20 Eurozone Economic Watch March 20 Eurozone: The moderation of confidence continues We expect GDP growth to remain steady early this year supported mostly by strong global
More informationWORLD ECONOMIC OUTLOOK October 2017
WORLD ECONOMIC OUTLOOK October 2017 Andreas Bauer Sr Resident Representative @imf_delhi World Economic Outlook The big picture Global activity picked up further in 2017H1 the outlook is now for higher
More informationUK Economic Outlook March 2017
www.pwc.co.uk/economics Contents 1 2 3 4 Global outlook UK economic trends and prospects Consumer spending prospects after Brexit Will robots steal our jobs? 2 Global growth in 2017 should be slightly
More informationTransGraph Research Consulting Technology
Research Consulting Technology Agriculture Metals Energy Dairy Currency Economy Brands Medium term outlook on Zinc July 217 2 Market Recap LME Zinc traded higher in June supported by prevailing supply
More informationImpact of US real estate crisis and financial market turbulence on the economy
Allianz Dresdner Economic Research Working Paper No.: 91, 18. September 2007 Authors: Thomas Hofmann, Dr. Rolf Schneider Impact of US real estate crisis and financial market turbulence on the economy What
More informationPoland s Economic Prospects
Poland s Economic Prospects Unicredit Conference Warsaw, June 8, 11 Mark Allen Senior IMF Resident Representative for Central and Eastern Europe Recovery is driven by domestic demand Contributions to Real
More informationAsian Insights Third quarter 2016 Asia s commitment in policies and reforms
Asian Insights Third quarter 2016 Asia s commitment in policies and reforms One of the commonalities between most Asian governments is the dedicated commitment they have in using policies and initiatives
More informationLearning objectives. Investors should leave the presentation with an ability to discuss
Learning objectives Investors should leave the presentation with an ability to discuss the fundamentals and valuations of emerging markets economies in 2018 the key risks of emerging market debt in 2018
More informationEUROZONE ECONOMIC WATCH JANUARY 2017
EUROZONE ECONOMIC WATCH JANUARY 2017 Key messages: some changes for the better Improving confidence in across the board shows the resilience of the eurozone to the various potentially disturbing political
More informationXML Publisher Balance Sheet Vision Operations (USA) Feb-02
Page:1 Apr-01 May-01 Jun-01 Jul-01 ASSETS Current Assets Cash and Short Term Investments 15,862,304 51,998,607 9,198,226 Accounts Receivable - Net of Allowance 2,560,786
More informationPower of Travel Promotion Evolution
Power of Travel Promotion Evolution Promotion More Important than Ever Power of Promotion $7 million Median state = marketing budget FY 2014-15 OR 45 seconds worth of Super Bowl ads $100 million = Presidential
More informationInvestment Performance Report as of June 30, Presented by: Elizabeth B. A. Miller, CFA Chief Investment Officer
Investment Performance Report as of June 30, 2018 Presented by: Elizabeth B. A. Miller, CFA Chief Investment Officer Joint Committee on Pensions, Investments, and Benefits October 29, 2018 Executive Summary
More informationWorld Economic Outlook. Recovery Strengthens, Remains Uneven April
World Economic Outlook Recovery Strengthens, Remains Uneven April 214 1 April 214 WEO: Key Messages Global growth strengthened in 213H2, will accelerate further in 214-1 Advanced economies are providing
More informationGroup Economic Research /// Institutional Affairs 16 October 2018
Key figures Activity, sectors Population, labour market Public administrations External accounts Inflation, credit, interest rates Corporate accounts Economic forecasts p.3 p.4 p.5 p.6 p.7 p.8 p.9 p.10
More informationEconomic Outlook: Global and India. Ajit Ranade IEEMA T & D Conclave December 12, 2014
Economic Outlook: Global and India Ajit Ranade IEEMA T & D Conclave December 12, 2014 Global scenario US expected to drive global growth in 2015 Difference from % YoY Growth October Actual October Projections
More informationCEMEX Cement. Quarterly Report February 9, CEMEX remains on track to regain its investment grade.
Quarterly Report CEMEX Market Outperformer 2017 Price Target US$11.0 Price 8.9 12M Price Range 4.1/9.5 Shares Outstanding (Mill)* 1,545 Market Cap USD (Mill) 13,797 Float 78.6% Net Debt USD (Mill)** 12,516
More informationIndonesia Economic Quarterly Launch Jakarta, March 18, Jim Brumby Sector Manager and Lead Economist
Indonesia Economic Quarterly Launch Jakarta, March 18, 214 Jim Brumby Sector Manager and Lead Economist MARCH 214 IEQ: INVESTMENT IN FLUX Fixed investment: subdued, and risks Risks to fiscal space needed
More informationTeetering on the brink: is the world heading for another financial crisis?
Teetering on the brink: is the world heading for another financial crisis? Adrian Cooper CEO & Chief Economist acooper@oxfordeconomics.com Peter Suomi Director petersuomi@oxfordeconomics.com October 2011
More informationChina Economic Outlook 2018 Feb 13, 2018
Feb 13, Key Developments in Brief Economic Development Drivers of Growth Risks Predicted GDP growth of 6.5% in In 2017 growth exceeded the official target Service and modern production grow faster than
More information2015: A rosy outlook. Vlad Muscalu Chief Economist
215: A rosy outlook Vlad Muscalu Chief Economist GDP forecasting a funny rollercoaster Talking about GDP Y = C + I + G + X - M GDP = Private Consumption + Investment + +Government Consumption + Exports
More informationNASDAQ Global Index. More information about the Index can be found at
NASDAQ Global Index The NASDAQ Global Index is a float adjusted market capitalization-weighted index designed to track the performance of global equities covering over 98% of the entire listed market capitalization
More informationReview of Registered Charites Compliance Rates with Annual Reporting Requirements 2016
Review of Registered Charites Compliance Rates with Annual Reporting Requirements 2016 October 2017 The Charities Regulator, in accordance with the provisions of section 14 of the Charities Act 2009, carried
More informationWe Distribute Products That Deliver Energy to the World. NOW Inc., Fourth Quarter and Full-Year 2017 Review & Key Takeaways
We Distribute Products That Deliver Energy to the World NOW Inc., Fourth Quarter and Full-Year 2017 Review & Key Takeaways Forward Looking Statements Statements made in the course of this presentation
More informationMonetary Policy Report 1/12. Charts
Monetary Policy Report / Charts Chart. Projected output gap¹) for Norway's trading partners. Percent. Q Q - - - - MPR / MPR / - - - - - 8 ) The output gap measures the percentage deviation between GDP
More informationInternational Monetary Fund. World Economic Outlook. Jörg Decressin Senior Advisor Research Department, IMF
International Monetary Fund World Economic Outlook Jörg Decressin Senior Advisor Research Department, IMF IMF Presentation April 3, The recovery is solidifying but it will take some time before it significantly
More informationFor professional advisers only. Schroders. for Bonds. Strength. in bonds. Best Large Fixed-Interest House
For professional advisers only Schroders for Bonds Strength in bonds Best Large Fixed-Interest House Why Schroders for bonds? Experience: Schroders has a long and successful history, commencing in 1804.
More informationThe real change in private inventories added 0.15 percentage points to the second quarter GDP growth, after subtracting 0.65% in the first quarter.
QIRGRETA Monthly Macroeconomic Commentary United States The U.S. economy rebounded in the second quarter of 2007, growing at an annual rate of 3.4% Q/Q (+1.8% Y/Y), according to the GDP advance estimates
More informationAdvanced and Emerging Economies Two speed Recovery
Advanced and Emerging Economies Two speed Recovery 23 November 2 Bauhinia Foundation Research Centre Masaaki Shirakawa Governor of the Bank of Japan Slide 1 Japan s Silver Yen and Hong Kong s Silver Yuan
More informationMonthly Report. September ,36
NAV SEPTEMBER 2017 1 YEAR 3 YEARS 5 YEARS SINCE INCEPTION Global Allocation Fund* 107,92 6,19% 2,36% 17,61% 24,0 131,95% 184,39% 350.000 Performance of 100.000 March 31, 2006 to September 30, 2017 300.000
More informationBUSINESS YEAR 2009 RESULTS
BUSINESS YEAR 2009 RESULTS Madrid, 26 February 2010 WORLD PRODUCTION OF STAINLESS STEEL Thousand Mt. 30,000 28,000 26,000 24,000 22,000 20,000 18,000 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000
More informationPortuguese Banking System: latest developments. 3 rd quarter 2017
Portuguese Banking System: latest developments 3 rd quarter 217 Lisbon, 218 www.bportugal.pt Prepared with data available up to 18 th December of 217 for macroeconomic and financial market indicators,
More informationRUSSIAN ECONOMIC OUTLOOK AND MONETARY POLICY CHALLENGES RUSSIAN ECONOMIC OUTLOOK AND MONETARY POLICY CHALLENGES. Bank of Russia.
RUSSIAN ECONOMIC OUTLOOK AND MONETARY POLICY CHALLENGES Bank of Russia July 218 < -1% -1-9% -9-8% -8-7% -7-6% -6-5% -5-4% -4-3% -3-2% -2-1% -1 % 1% 1 2% 2 3% 3 4% 4 5% 5 6% 6 7% 7 8% 8 9% 9 1% 1 11% 11
More informationZenith Monthly Economic Report December 2011
Zenith Monthly Economic Report December 211 ECONOMIC STATISTICS SUMMARY Cash Rate Inflation Rate (%) Unemployment Rate (%) GDP Annual Growth (%) Country Latest Last Change Latest Change Latest Change Past
More informationEurozone Economic Watch Higher growth forecasts for January 2018
Eurozone Economic Watch Higher growth forecasts for 2018-19 January 2018 Eurozone Economic Watch January 2018 Eurozone: Higher growth forecasts for 2018-19 Our MICA-BBVA model estimates a broadly stable
More information