Análise econômico-financeira do setor da construção civil entre 2009 e 2016: um estudo de caso

Abstract

Brazil has been experiencing an economic crisis in recent years, with an accumulated drop of 7.23% of the GDP in 2015 and 2016. In face of this economic scenario, several news have emerged attesting to the fall in production of the Civil Construction Industry, as well as the dismissal of workers in the sector. This paper seeks to verify if there are direct impacts of Brazilian macroeconomic indicators on the economic and financial performance of companies in the Civil Construction sector, as suggested by the press. For this purpose, 11 economic-financial indexes were selected in order to evaluate the capital structure, liquidity and profitability of the companies, which are calculated based on the Annual Balance Sheets and Income Statements. The indexes were then calculated for all 18 companies classified as belonging to the Cyclical Consumption sector, Civil Construction subsector and Buildings segment listed on the Brazilian Stock Exchange for the years 2009 to 2016. Then, these economic-financial indexes were tested with respect to the linear correlation with the macroeconomic indicators GDP, IPCA (general inflation index) and CUB (construction basic unitary cost of production). The analysis revealed that the economic and financial performance of the companies is directly influenced by the GDP variation, since 35.53% of the correlation factors found were of strong or very strong intensity. In addition, among the index groups analysed, the profitability parameters were the most affected, with 43.06% of strong or very strong correlations. However, the results found for the other two indicators were less expressive, with predominantly moderate correlations for the IPCA and a vast majority of weak or very weak correlations for the CUB. It is concluded that the Brazilian Civil Construction sector is very sensitive to the overall macroeconomic scenario of the country, being little affected by the variations in the cost of production of the buildings.