Financial Analysis of the Major Furniture Players in Europe
|発行||CSIL Centre for Industrial Studies||商品コード||264737|
|出版日||ページ情報||英文 237 Pages
|欧州の主要家具企業の財務分析 Financial Analysis of the Major Furniture Players in Europe|
|出版日: 2016年03月09日||ページ情報: 英文 237 Pages||
The report ‘Financial analysis of the Major Furniture Players in Europe’ is the result of a CSIL processing of dataset made up of a selection of medium and large companies. The report is at its fourth edition.
Aim of the report is twofold:
The report is structured as follows:
Companies to watch. The chapter has the aim to provide company rankings in relation to the main indicators from the balance sheet analysis (growth, profitability, structure data). For each variable, companies are ordered in descending order and ranked. Updated company profiles of largest companies by turnover are also provided.
Top 100 companies. The top 100 companies were selected from the sample of 1867 companies on the basis of a synthetic indicator which includes the main profitability, performance and financial indicators.
Among the considered financial ratios: Operating Revenue (Turnover), Sales, EBIT, Added Value, P/L before Tax, Net Income, Total Assets, Shareholders Funds, Cash Flow, ROE (%), ROI (%), EBITDA margin (%), EBIT margin (%), Current and Solvency ratio, Non-operating bearing, Asset and stock turnover, Number of Employees, Turnover per Employee, Added value per Employee, Labour Cost of Employees.
Countries considered: Italy, DACH (Germany, Austria and Switzerland), United Kingdom, France , Scandinavian Countries, BENELUX (Belgium, Netherlands, Luxemburg), Spain and Portugal, Poland, Romania and Bulgaria, Other Central Eastern European countries.
CSIL analyzed over 1,800 balance sheets of medium and large companies and found that turnover was +2% higher in 2014 with respect to 2010.
Number of companies by country/geographical area
The trend of growth interested the majority of the companies in the sample. On the other side, about one third decreased its sales volume during 2010-2014 period, in particular in France, Spain, Portugal and Benelux. The largest companies in terms of turnover size are those in the DACH area, followed by Scandinavia, the UK, Poland and France. At the opposite, Italian and Spanish companies have the smallest size (in terms of turnover). Romanian and Bulgarian companies (in particular those specialized in upholstered furniture production) have been increasing fast in terms of turnover. They are followed by the other Central Eastern European countries. Profitability varies substantially across countries, both in terms of ROI, ROE and EBITDA, being generally higher in Central Eastern Europe (particularly Poland) and Scandinavia. Disparity with Western Europe is more evident for the first two indicators.
Total turnover of the companies operating in the shop fittings sector increased fast (well over the average of the sample), whereas components, bedding and upholstered sectors recorded turnover growth below the average of the sample.
Among the "best" 20 companies in terms of profitability there are 6 Italian companies, 4 Scandinavian companies and 3 German companies. 5 are active in the home and kitchen furniture segments, 4 in the contract segment (all Italian companies) and 2 in the upholstered furniture segment. Two digits EBITDA and sustained turnover growth is recorded for almost all of them.
There are also some small companies with turnover lower than EUR 35 million.
3 B - S.P.A., Afg Arbonia-Forster-Holding Ag, Alno Aktiengesellschaft, Alsapan, Arneg S.P.A., Bauformat Küchen Verwaltungsgesellschaft Mit Beschränkter Haftung, Beter Bed Holding N.V., Black Red White S.A., Chateau D'Ax S.P.A., Com.40 Limited Sp. Z O.O., Dan-Foam Aps, Dfs Trading Limited, Ekornes Asa, Fabryki Mebli Forte S.A., Fournier, Friul Intagli Industries S.P.A., Groupe Parisot, Häcker Küchen Gmbh & Co. Kg, Heinz Kettler Gmbh & Co. Kg , Howden Joinery Group Plc, Ikea Industry Portugal, Lda, Ikea Industry Slovakia, S.R.O., Isg Retail Limited, Kinnarps Ab, Koninklijke Ahrend N.V., Mattress Holding (ex Cauval), Media Profili - S.R.L., Molteni S.P.A., Natuzzi S.P.A., Nobia Ab, Nobia Denmark A/S, Nobilia-Werke J. Stickling Gmbh & Co. Kg, Nolte Se, Nowy Styl Sp. Z O.O., Polipol Holding Gmbh & Co. Kg, Poltrona Frau S.P.A., Roche Bobois Groupe, Salm Sas, Scavolini S.P.A., Schüller Möbelwerk Kg, Silentnight Holdings Limited, Steelcase Sa, Steinhoff Uk Holdings Limited, Swedwood Poland Sp. Z O.O., The Symphony Group Plc, Tvilum Aps, Uab Sba Baldu Kompanija, Vitra Holding Ag, Vivonio Furniture Gmbh, Welle Holding Ag + Co. Kg.