Investor Relations

Wienerberger Investment Case

Why is it worth investing in the Wienerberger group as a shareholder? Our business strategy, aims, key figures and added value at a glance.

Investor Relations

Investor Relations

Wienerberger AG

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Wienerberger is an internationally operative supplier of building materials and infrastructure solutions. We produce high quality brick and pipe systems and pavements. We are number 1 on the global market when it comes to bricks, and we are leaders in many of our other business areas too. We create the best solutions for our customers with our sustainable and innovative products.

We are generating profitable growth in the fields of infrastructure, residential construction and renovations within our core markets of Europe and North America. The goal of our commercial activity is to improve the value of our business sustainably where environmental, social and economical factors are concerned. Our business strategy focuses on organic growth and operational excellence, as well as growth projects and optimisation of our portfolio.

The investment case at a glance

Strong foundation for expansion

  • Leading industrial platforms with strong positions on local markets
  • Experienced local management
  • Customer intimacy via individual consultancy services
  • Innovative products and system solutions with strong brands

Clear growth strategy

  • Organic growth through innovation, proximity marketing and digitalization
  • Attractive pipelines to projects for profitable growth investments
  • Disciplined investment decisions
  • Continuing reinforcement of profitability through optimization of costs and processes
  • Continuous optimization of our industrial portfolio by selling non-strategic business areas and reinvesting in high-margin growth fields

Ambitious goals

  • 2019: EBITDA LFL from 560 to 580 million Euros

Clear focus

  • Key markets in Europe and North America
  • Business areas of infrastructure, residential construction and renovations
  • Brick and pipe systems and pavements

Balanced funding

  • Strong equity ratio
  • Net debt/EBITDA: below the internal threshold of 2.5 years at year-end
  • Moody's Rating: Ba1/Prospect stable
  • Stringent working capital management

Attractive profit distribution policy

  • Sustainable dividend payout: 10-30% of the free cashflow allowing for the costs of hybrid capital
  • Selective share buyback programs supplement the annual dividend

The process for adding value

Our process for adding value is the foundation for raising the value of the Wienerberger group sustainably. Innovative construction material solutions for all areas of application are the output of industrial manufacturing - ranging from sustainable and energy-efficient buildings to functional solutions for shaping squares, paths and streets, to safe supply and sewage systems.

Six input factors are incorporated into Wienerberger’s process for adding value: Financial capital, Production systems, Knowledge, Employees, Relationships and Natural resources. These interact closely with one another and are influenced by our business activities. Changes to individual factors are based on balanced strategic decisions. Thus, we are able to create added value for the organization and for our stakeholders.

Key Figures

The following table summarizes the key figures regarding the performance of the Wienerberger group in 2018:

Earnings Data

Earnings Data   2017 2018 Chg. in %
Revenues in MEUR 3,119.70 3,305.10 +6
EBITDA LFL 1) in MEUR 406.5 469.3 +15
EBITDA in MEUR 415 442.6 +7
Operating EBIT in MEUR 194.2 248.2 +28
EBIT in MEUR 178.7 239.8 +34
Profit before tax in MEUR 144.9 195.3 +35
Net result in MEUR 123.2 133.5 +8
Free cash flow 2) in MEUR 152.5 236.5 +55
Normal capex in MEUR 147.5 166.3 +13
Growth capex 3) in MEUR 58.8 158.9 >100
ROCE in % 7.3 7.5 -
Ø Employees in FTE 16,297 16,596 +2

Balance Sheet Data

Balance Sheet Data   2017 2018 Chg. in %
Equity 4) in MEUR 1,911.20 1,939.10 +1
Net debt in MEUR 566.4 631.6 +12
Capital employed in MEUR 2,459.20 2,536.70 +3
Total assets in MEUR 3,659.90 3,742.90 +2
Gearing in % 29.6 32.6 -

Stock Exchange Data

Stock Exchange Data   2017 2018 Chg. in %
Earnings per share in EUR 1.05 1.15 +9
Adjusted earnings per share in EUR 1.19 1.23 +4
Dividend per share in EUR 0.3 0.5 +67
Share price at year-end in EUR 20.17 18 -11
Shares outstanding (weighted) 5) in 1,000 116,956 116,154 -1
Market capitalization at year-end in MEUR 2,370.50 2,115.50 -11

Divisions

Divisions 2018 in MEUR CBM Europe Pipes & Pavers Europe North America Holding & Others Reconciliation
External revenues 1,918.80 1,070.10 306.8 8.3  
Inter-company revenues 1.6 0.1 0 16.9 -17.5
Revenues 1,920.40 1,070.20 306.8 25.2 -17.5
EBITDA 357.6 78.2 43.2 -36.3  
Operating EBIT 240.4 29.4 18.1 -39.7  
Total investments 190.7 73.5 42.4 18.5  
Capital employed 1,555.70 568.6 411.8 0.6  
Ø Employees 10,808 4,182 1,380 226  

Operating Segments

The following table summarizes the key figures regarding the performance of the Wienerberger group in 2018:

Clay Building Materials Europe

Clay Building Materials Europe   2017 2018 Chg. in %
External revenues in MEUR 1,787.00 1,918.80 +7
EBITDA in MEUR 324.3 357.6 +10
Operating EBIT in MEUR 185 240.4 +30
Total investments in MEUR 96.1 190.7 +98
Capital employed in MEUR 1,523.40 1,555.70 +2
Ø Employees in FTE 10,572 10,808 +2
Clay Building Materials Western Europe   2017 2018 Chg. in %
External revenues in MEUR 1,224.10 1,272.40 +4
EBITDA in MEUR 187 190.5 +2
Operating EBIT in MEUR 95 121.4 +28
Total investments in MEUR 57.7 113.7 +97
Capital employed in MEUR 1,051.70 1,101.30 +5
Ø Employees in FTE 6,121 6,262 +2
Sales volumes clay blocks in mill. NF 2,042 2,074 +2
Sales volumes facing bricks in mill. WF 1,476 1,547 +5
Sales volumes roof tiles in mill. m² 22.65 22 -3
Clay Building Materials Eastern Europe   2017 2018 Chg. in %
External revenues in MEUR 562.9 646.4 +15
EBITDA in MEUR 137.3 167.1 +22
Operating EBIT in MEUR 90 119.1 +32
Total investments in MEUR 38.4 77 >100
Capital employed in MEUR 471.7 454.4 -4
Ø Employees in FTE 4,451 4,546 +2
Sales volumes clay blocks in mill. NF 3,698 3,974 +7
Sales volumes roof tiles in mill. m² 18.62 18.73 +1

Pipes & Pavers Europe

Pipes & Pavers Europe   2017 2018 Chg. in %
External revenues in MEUR 1,014.20 1,070.10 +6
EBITDA in MEUR 69.7 78.2 +12
Operating EBIT in MEUR 20.1 29.4 +46
Total investments in MEUR 57.9 73.5 +27
Capital employed in MEUR 563.4 568.6 +1
Ø Employees in FTE 4,210 4,182 -1
Pipes & Pavers Western Europe   2017 2018 Chg. in %
External revenues in MEUR 574.2 603.6 +5
EBITDA in MEUR 31.8 34.2 +8
Operating EBIT in MEUR 4.7 5.2 +12
Total investments in MEUR 36.8 39.9 +9
Capital employed in MEUR 301 317.5 +5
Ø Employees in FTE 1,884 1,892 0
Pipes & Pavers Eastern Europe   2017 2018 Chg. in %
External revenues in MEUR 440.0 466.5 +6
EBITDA in MEUR 37.9 43.9 +16
Operating EBIT in MEUR 15.4 24.2 +57
Total investments in MEUR 21.2 33.6 +59
Capital employed in MEUR 262.4 251.1 -4
Ø Employees in FTE 2,326 2,290 -2

North America

North America   2017 2018 Chg. in %
External revenues in MEUR 308.7 306.8 -1
EBITDA in MEUR 32 43.2 +35
Operating EBIT in MEUR 3 18.1 >100
Total investments in MEUR 43.9 42.4 -4
Capital employed in MEUR 364.9 411.8 +13
Ø Employees in FTE 1,305 1,380 +6
Sales volumes facing bricks in mill. WF 454 534 +18

Holding & Others

Holding & Others   2017 2018 Chg. in %
External revenues in MEUR 8.6 8.3 -3
EBITDA in MEUR -11.1 -36.3 <-100
Operating EBIT in MEUR -13.9 -39.7 <-100
Total investments in MEUR 8.3 18.5 >100
Capital employed in MEUR 7.5 0.6 -92
Ø Employees in FTE 210 226 +8

Group Accounts

The following table summarizes the key figures regarding the performance of the Wienerberger group in 2018:

Income Statement

in TEUR 2018 2017
Revenues 3,305,079 3,119,707
Cost of goods sold -2,146,319 -2,093,708
Gross profit 1,158,760 1,025,999
Selling expenses -637,162 -595,562
Administrative expenses -217,559 -203,322
Other operating income:    
Reversal of impairment charges to assets 4,297 1,055
Other 54,164 59,390
Other operating expenses:    
Impairment charges to assets -12,727 -10,226
Impairment charges to goodwill 0 -6,339
Other -109,965 -92,323
Operating profit/loss (EBIT) 239,808 178,672
Income from investments in associates and joint ventures 1,701 4,209
Interest and similar income 4,409 5,952
Interest and similar expenses -43,671 -42,103
Other financial result -6,902 -1,852
Financial result -44,463 -33,794
Profit/loss before tax 195,345 144,878
Income taxes -48,475 -4,244
Profit/loss after tax 146,870 140,634
Thereof attributable to non-controlling interests -237 3,402
Thereof attributable to hybrid capital holders 13,609 14,057
Thereof attributable to equity holders of the parent company 133,498 123,175
     
     
Earnings per share (in EUR) 1.15 1.05
Diluted earnings per share (in EUR) 1.15 1.05

Balance Sheet

in TEUR 31/12/2018 31/12/2017
Assets    
Intangible assets and goodwill 712,719 690,897
Property, plant and equipment 1,575,709 1,521,572
Investment property 66,569 65,918
Investments in associates and joint ventures 22,100 11,371
Other financial investments and non-current receivables 30,420 16,708
Deferred tax assets 54,076 44,049
Non-current assets 2,461,593 2,350,515
     
Inventories 761,659 741,597
Trade receivables 215,838 214,277
Receivables from current taxes 4,144 2,297
Other current receivables 92,436 98,934
Securities and other financial assets 42,812 79,008
Cash and cash equivalents 163,080 169,259
Current assets 1,279,969 1,305,372
Non-current assets held for sale 1,348 3,977
Total assets 3,742,910 3,659,864
     
Equity and liabilities    
Issued capital 117,527 117,527
Share premium 1,075,422 1,086,017
Hybrid capital 265,969 265,985
Retained earnings 1) 760,389 657,377
Other reserves 1) -230,955 -234,296
Treasury stock -49,858 -4,862
Controlling interests 1,938,494 1,887,748
Non-controlling interests 586 23,491
Equity 1,939,080 1,911,239
     
Deferred taxes 75,021 71,630
Employee-related provisions 136,432 154,992
Other non-current provisions 83,622 76,453
Long-term financial liabilities 710,590 493,948
Other non-current liabilities 2,793 6,023
Non-current provisions and liabilities 1,008,458 803,046
     
Current provisions 51,924 39,114
Payables for current taxes 22,531 11,399
Short-term financial liabilities 126,907 320,724
Trade payables 326,890 321,533
Other current liabilities 267,120 252,809
Current provisions and liabilities 795,372 945,579
Total equity and liabilities 3,742,910 3,659,864

Cash Flow Statement

in TEUR 2018 2017
Profit/loss before tax 195,345 144,878
Depreciation and amortization 186,465 189,605
Impairment charges to goodwill 0 6,339
Impairment charges to assets and other valuation effects 32,741 47,091
Reversal of impairment charges to assets -4,297 -1,055
Increase/decrease in non-current provisions -13,409 -8,213
Income from investments in associates and joint ventures -1,701 -4,209
Gains/losses from the disposal of fixed and financial assets -26,314 -25,343
Interest result 39,262 36,151
Interest paid -38,257 -38,473
Interest received 4,321 4,591
Income taxes paid -47,609 -48,923
Gross cash flow 326,547 302,439
     
Increase/decrease in inventories -23,223 -39,987
Increase/decrease in trade receivables 2,713 -17,112
Increase/decrease in trade payables 2,171 16,374
Increase/decrease in other net current assets 11,217 10,620
Cash flow from operating activities 319,425 272,334
     
Proceeds from the sale of assets (including financial assets) 43,847 28,799
Payments made for property, plant and equipment and intangible assets -215,847 -163,186
Payments made for investments in financial assets -6,078 0
Dividend payments from associates and joint ventures 3,039 6,597
Increase/decrease in securities and other financial assets 15,578 -7,800
Net payments made for the acquisition of companies -73,088 -43,128
Net proceeds from the sale of companies 20,882 0
Cash flow from investing activities -211,667 -178,718
     
Cash inflows from the increase in short-term financial liabilities 235,323 721,738
Cash outflows from the repayment of short-term financial liabilities -473,586 -984,369
Cash inflows from the increase in long-term financial liabilities 248,851 210,929
Cash outflows from the repayment of long-term financial liabilities -646 -6,939
Dividends paid by Wienerberger AG -34,812 -31,578
Hybrid coupon paid -13,609 -29,898
Dividends paid to non-controlling interests -120 -79
Buyback hybrid capital -16 0
Purchase of non-controlling interests -30,100 0
Purchase of treasury stock -44,996 0
Cash flow from financing activities -113,711 -120,196
     
Change in cash and cash equivalents -5,953 -26,580
Effects of exchange rate fluctuations on cash held -226 -1,177
Cash and cash equivalents at the beginning of the year 169,259 197,016
Cash and cash equivalents at the end of the year 163,080 169,259

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