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Intellinews - Polish Construction Sector Report - March 2013

  • April 2013
  • -
  • Emerging Markets Direct Media Holdings
  • -
  • 17 pages

The IntelliNews Polish Construction Sector Report offers an extensive summary of the most recent topics related to the Polish construction market, segmented into residential, office, industrial and retail space. It includes a complete coverage of the latest market developments and news, accompanied by thorough statistics and comments. The report pays particular attention to new development projects and investment inflows in the sector. This sector report is ideal to keep you abreast on recent company and industry news. Written by local professionals, it is a unique market and business intelligence analysis, tailored to save time by providing in-depth information, while helping you to make confident and informed business decisions.

The construction and assembly index dropped by 1% y/y in 2012, thus shifting to the negative side after the double-digit annual advance recorded in 2011, official statistics show. After a good performance in H1, the situation in the sector deteriorated abruptly in H2/2012. In June 2012, construction output declined by 5.1% y/y and maintained negative performance throughout the rest of the year. In Jan 2013, the index further dropped by 16.1% y/y, yet the double-digit plunge is rather irrelevant considering the seasonally low activity in the sector during this month.

The drop of construction market in the second half of 2012 is not surprising, as infrastructure spending, the main growth driver in the past few years, was expected to fall with the completion of the main road building projects ahead of the Euro 2012 soccer championship.

The construction sector is definitely going to face challenges in 2013 and the coming years as well, particularly on the public building segment, but the outlook for the sector is not entirely gloomy, as the lowering demand from infrastructure can be replaced by alternatives in sectors such as rail and energy. Furthermore, the residential constructions segment is expected to remain stable as, unlike the road infrastructure sector, it is driven by household demand, unlikely to witness dramatic changes as long the overall economy continues to grow.

In the long run, growth prospects for the road construction segment remain robust, driven by the deficiency in the Polish road system, which is far from complete. However, overall the construction sector is expected to see visible recovery only in 2015, when EU co-financed projects for 2014-2020 are launched.

Table Of Contents

Intellinews - Polish Construction Sector Report - March 2013
Executive summary
Market overview
Construction output turns to negative area in 2012
In value terms, construction market is still 1% y/y higher
Diminishing demand, rising costs eat into construction companies' profitability
Market players expect increased dynamics of MandA activity in 2013

Building construction
Number of completed dwellings rebounds in 2012, after three-year decline
…while number of permits, dwellings in construction falls y/y in 2012
Central bank warns of increasing residential oversupply risk in largest cities
New industrial space supply reaches 514,000sqm in 2012, segment to continue expanding- study

Infrastructure
Road construction sector shrinks 18.8% y/y in 2012, expected to continue downfall in 2013-study
Value, number of public tenders for construction works down y/y in 2012
Roads authority GDDKiA to launch new road construction tenders as of mid-2013
EC releases EUR 0.8bn suspended road construction funding
EIB grants EUR 150mn loan to PKO BP to support municipal infrastructure sector

Corporate news
Polimex-Mostostal sells subsidiary, real estate for over PLN 89mn
Strabag wins consortia deal for tramway construction, several road tenders in 2013
Skanska wins road construction contracts worth over PLN 289mn in Jan-Feb 2013
Budimex to allocate nearly entire profit in 2012 to dividend
Budimex consortium is granted EUR 172mn contract for Pomeranian regional railway system
Insolvent PBG should reach agreement on debt restructuring term by end-April
Warbud is winning bidder in S17 road maintenance depot tender
Pol-Aqua led consortium wins EUR 116.8mn railway upgrade tender



List of Tables

Table 1 Construction sector - Selective indicators in 2005-2012 (annual, y/y)
Table 2 Stock quotes of listed construction companies at end-2012
Table 3 Residential construction indicators in 2009-2011 (annual, number, y/y)
Table 4 POLIMEX Mostostal S.A. - Selected financials in 2010-2012 (PLN thou)
Table 5 STRABAG Sp. z o.o. - Selected financials in 2008-2011 (annual, PLN thou)
Table 6 Skanska SA - Selected financials in 2008-2011 (annual, PLN thou)
Table 7 Budimex S.A. - Selected financials in 2010-2012 (PLN thou)
Table 8 PBG S.A. - Selected financials in 2010-2012 (PLN thou)
Table 9 Warbud SA - Selected financials in 2008-2011 (annual, PLN thou)
Table 10 Pol-Aqua S.A. - Selected financials in 2010-2012 (PLN thou)



List of Figures

Figure 1 Construction assembly production index in 2011-2012 (monthly, y/y)
Figure 2 Construction sector - Selective indicators in 2005-2012 (annual, y/y)
Figure 3 Construction confidence indicator in 2003-2012 (pps)
Figure 4 Value of construction output by segments in 2012 (PLN bn, % of total)
Figure 5 Completed dwellings in 2005-2012 (annual, number, y/y)
Figure 6 Residential construction indicators in 2009-2012 (annual, number)

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