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| What is the current trend in insolvencies for the print sector? There has been a general decline in the consumption of printing and writing paper as the shift to electronic communication and e-invoicing has evolved. It is unclear whether this trend has accelerated during the recession or is structural, but cuts in advertising revenue have led to a drop in the number of newspaper pages, and a decline in printed media, such as direct mail, and catalogue production. Rates of insolvency remain high. What is Crédito y Caucións short term outlook for the print sector? There is likely to be some rebound in paper consumption as the UK moves out of recession, but in the long term the downward trend is expected to continue. Currently pulp prices are about US$ 1,300 per tonne. Driven by lower production capacity and increased demand, this price level is not believed to be sustainable and print companies will have problems passing on these costs. There remains overcapacity in the UK, compounded by price deflation created by Phoenix companies [where the assets of one failed limited company are moved to another legal entity] chasing volume. What is the Crédito y Caución approach to the sector? The underwriting approach of Crédito y caución to the print sector is to try to identify the added value component that a company can offer, whether it be a security component, such as internal strips for a smart card, or a bar code for those offering design, print and finishing capability, and others in niche markets printing certificates, gift vouchers and licences. |
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