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07 Dec 2015
Milan, December 07, 2015 -- The EMEA consumer products, durables, food and beverage sectors
will continue to see reduced top-line growth in 2016 as a result
of a slowdown in emerging markets, increasing pricing pressures
and weak demand, according to Moody's Investors Service.
However, low commodity prices, cost savings and the weak Euro
will largely offset these headwinds, keeping the rating agency's
outlook stable for these sectors in 2016.
"Manufacturers of branded consumer products will have to sustain
high levels of innovation, marketing and promotion to protect their
global market shares and secure shelf space", said Paolo Leschiutta,
Moody's Vice President -- Senior Credit Officer. "However,
exporters could have the edge, benefitting from the strong dollar
against their European cost bases", he added.
While the consumer industries are dominated by global players such as
Nestlé S.A. (Aa2 stable), Unilever N.V.
(A1 stable), Danone (Baa1 stable) and Heineken N.V.
(Baa1 stable), Moody's expects earnings growth for companies
with greater reliance on EMEA to lag global operating profit growth of
3-4% in the consumer product industry, as the macroeconomic
environment remains challenging in Western Europe and some select emerging
Packaged goods and food companies continue to face challenging market
conditions, primarily owing to fierce competition in the retail
sector. In the UK, Moody's expects price pressure to
remain high owing to changing consumer habits, and wage inflation
to accelerate following the introduction of a compulsory national living
wage from April 2016.
In the consumer durable and apparel sector, companies are experiencing
high competition between branded and private labels, particularly
in the UK, which is putting pressure on margins. However,
some players are benefitting from increasing penetration in emerging markets,
where demand is generally growing, and Euro weakness remains a tailwind
for export-oriented issuers.
For the EMEA beverage industry, the emerging markets slowdown will
dampen growth. Carlsberg Breweries A/S (Baa2 negative) and Coca-Cola
HBC Finance B.V. (Baa1 stable) face exposure to Russia,
where volumes will remain under pressure, while China's economic
slowdown could hamper the recovery of Pernod Ricard S.A.
(Baa3 positive) and Remy Cointreau S.A. (Baa3 negative).
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Moody's: Resilience to emerging market slowdown will underpin stable 2016 outlook for EMEA consumer product companies
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