The economic environment made 2009 a very challenging year for us, which was marked by extensive restructuring. The financial crisis and its spread to the real economy triggered a worldwide recession. Companies were forced to cut capital expenditure, which led to a loss of jobs and undermined consumer confidence. The construction industry was particularly hard hit by these developments. On the one hand, new residential construction is heavily dependent on bank financing and, on the other hand, consumers tend to postpone long-term investment decisions as a reaction to the weak economy and uncertain expectations for the future. Wienerberger was unable to disengage from these developments, and was faced with in part significantly lower demand for building materials on all markets during 2009...
To Chief Executive's Review© 2009 by Wienerberger AG