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Wienerberger Results for the Third Quarter of 2019

Investor Relations

Investor Relations

Wienerberger AG

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Highlights

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Wienerberger continues to deliver record growth

  • Profitable growth through excellent operational performance and consistent implementation of the growth strategy
  • Revenues increased by 6% to € 2,656 million
  • EBITDA LFL up by 27%
  • Net profit improved by 64% to € 206 million

Outlook for 2019

  • Forecast for 2019 EBITDA LFL confirmed at € 570-580 million

Key Figures

Earnings Data

Earnings Data   1-9/2019 1-9/2018 Chg. in % Year-end 2018
Revenues in MEUR 2,655.9 2,495,2 +6 3,305.1
EBITDA LFL 1) in MEUR 456.7 359.9 +27 -
EBITDA in MEUR 466.4 343.2 +36 442.6
EBIT in MEUR 292.0 206.9 +41 239.8
Profit before tax in MEUR 264.5 176.2 +50 195.3
Net result in MEUR 205.7 125.7 +64 133.5
Earnings per share in EUR 1.80 1.08 +66 1.15
Free cash flow 2) in MEUR 86.2 91.6 -6 272.5
Maintenance capex in MEUR 93.4 75.3 +24 130.3
Special capex in MEUR 39.4 36.8 +7 85.6
Ø Employees in FTE 17,151 16,623 +3 16,596

1) Including the effect on earnings from the first-time adoption of IFRS 16 Leases; adjusted for effects from consolidation, FX, sale of non-strategic and non-operating assets as well as structural adjustments
2) Cash flow from operating activities less cash flow from investing activities and cash outflows from the repayment of lease liabilities plus special capex and net payments made for the acquisition of companies 

Balance Sheet Data

Balance Sheet Data   30/9/2019 31/12/2018 Chg. in %
Equity 3) in MEUR 2,050.9 1,939.1 +6
Net debt in MEUR 881.2 631.6 +40
Capital employed in MEUR 2,894,5 2,536.7 +14
Total assets in MEUR 4,100.9 3,742.9 +10
Gearing in % 43.0 32.6 -

3) Equity including non-controlling interests and hybrid capital

Stock Exchange Data

Stock Exchange Data   1-9/2019 1-12/2018 Chg. in %
Share price high in EUR 21.82 24.06 -9
Share price low in EUR 18.10 17.57 +3
Share price at end of period in EUR 20.90 18.00 +16
Shares outstanding (weighted) 4) in 1,000 114,572 116,154 -1
Market capitalization at end of period in MEUR 2,431.7 2,115.5 +15

5) Adjusted for treasury stock

Business Units

Business Units 1-9/2019 in MEUR WBS WPS North America Group eliminations WB Group
External revenues 1,651.4 746.5 257.6   2,655.5
Inter-company revenues 0.7 0.1 0.0 -0.3 0.5
Revenues 1,652.1 746.6 257.6 -0.3 2,655.9
EBITDA LFL 1) 349.1 81.3 26.3   456.7
EBITDA 352.5 78.3 35.6   466.4
EBIT 239.3 40.2 12.6   292.0
Capital employed 1,889.1 566.5 439.0   2,894.5
Total capex 93.6 27.8 11.4   132.9
Ø Employees (in FTE) 12,360 3,324 1,467   17,151

1) Including the effect on earnings from the first-time adoption of IFRS 16 Leases; adjusted for effects from consolidation, FX, sale of non-strategic and non-operating assets as well as structural adjustments

Operating Segments

Wienerberger Building Solutions

Wienerberger Building Solutions   1-9/2019 1-9/2018 Chg. in %
External revenues in MEUR 1,651.4 1,534.6 +8
EBITDA LFL 1) in MEUR 349.1 273.5 +28
EBITDA in MEUR 352.5 269.6 +31
EBIT in MEUR 239.3 180.5 +33
Capital employed in MEUR 1,889.1 1,696.0 +11
Total capex in MEUR 93.6 77.2 +21
Ø Employees in FTE 12,360 11,918 +4

1) Includes a positive effect on earnings in the amount of € 20.6 million due to first-time adoption of IFRS 16

Wienerberger Piping Solutions

Wienerberger Piping Solutions   1-9/2019 1-9/2018 Chg. in %
External revenues in MEUR 746.5 724.7 +3
EBITDA LFL 1) in MEUR 81.3 57.4 +42
EBITDA in MEUR 78.3 42.8 +83
EBIT in MEUR 40.2 13.7 >100
Capital employed in MEUR 566.5 503.2 +13
Total capex in MEUR 27.8 25.7 +8
Ø Employees in FTE 3,324 3,300 +1

1) Includes a positive € 10.2 million effect on earnings from first-time adoption of IFRS

North America

North America   1-9/2019 1-9/2018 Chg. in %
External revenues                                       in MEUR 257.6 235.0 +10
EBITDA LFL 1) in MEUR 26.3 29.0 -9
EBITDA in MEUR 35.6 30.8 +15
EBIT in MEUR 12.6 12.7 -1
Capital employed in MEUR 439.0 385.4 +14
Total capex in MEUR 11.4 9.1 +25
Ø Employees in FTE 1,467 1,405 +4

1) Includes a positive € 2.1 million effect on earnings from first-time adoption of IFRS 16

Group Accounts

Income Statement

in TEUR 7-9/2019 7-9/2018 1-9/2019 1-9/2018
Revenues 919,561 888,321 2,655,940 2,495,195
Cost of goods sold -578,091 -568,047 -1,689,915 -1,624,083
Gross profit 341,470 320,274 966,025 871,112
Selling expenses -168,447 -162,572 -494,706 -476,223
Administrative expenses -56,819 -52,173 -168,855 -157,905
Other operating income:        
Reversal of impairment charges to assets 0 57 0 3,557
Other 5,798 5,976 22,734 27,653
Other operating expenses -11,483 -12,409 -33,153 -61,331
Operating profit/loss (EBIT) 110,519 99,153 292,045 206,863
Income from investments in associates and joint ventures 1,602 1,141 2,293 1,611
Interest and similar income 213 816 1,701 3,526
Interest and similar expenses -10,263 -10,519 -30,821 -32,090
Other financial result -4,304 -1,007 -733 -3,726
Financial result -12,752 -9,569 -27,560 -30,679
Profit/loss before tax 97,767 89,584 264,485 176,184
Income taxes -15,463 -13,523 -48,384 -40,626
Profit/loss after tax 82,304 76,061 216,101 135,558
Thereof attributable to non-controlling interests 181 124 381 -297
Thereof attributable to hybrid capital holders 3,316 3,430 9,973 10,179
Thereof attributable to equity holders of the parent company 78,807 72,507 205,747 125,676
         
Earnings per share (in EUR) 0,69 0.62 1.80 1.08

Balance Sheet

in TEUR 30/9/2019 31/12/2018
Assets    
Intangible assets and goodwill 732,616 712,719
Property, plant and equipment 1,762,330 1,575,709
Investment property 66,027 66,569
Investments in associates and joint ventures 24,373 22,100
Other financial investments and non-current receivables 30,691 30,420
Deferred tax assets 53,929 54,076
Non-current assets 2,669,966 2,461,593
     
Inventories 809,670 761,659
Trade receivables 355,354 215,838
Receivables from current taxes 10,405 4,144
Other current receivables 82,080 92,436
Securities and other financial assets 33,880 42,812
Cash and cash equivalents 139,579 163,080
Current assets 1,430,968 1,279,969
Non-current assets held for sale 0 1,348
Total assets 4,100,934 3,742,910
     
Equity and liabilities    
Issued capital 116,352 117,527
Share premium 1,058,946 1,075,422
Hybrid capital 251,456 265,969
Retained earnings 898,546 760,389
Other reserves -230,806 -230,955
Treasury stock -44,374 -49,858
Controlling interests 2,050,120 1,938,494
Non-controlling interests 746 586
Equity 2,050,866 1,939,080
     
Deferred taxes 80,630 75,021
Employee-related provisions 151,738 136,432
Other non-current provisions 82,713 83,622
Long-term financial liabilities 514,714 710,590
Other non-current liabilities 2,745 2,793
Non-current provisions and liabilities 832,540 1,008,458
     
Current provisions 38,851 51,924
Payables for current taxes 18,888 22,531
Short-term financial liabilities 539,932 126,907
Trade payables 278,293 326,890
Other current liabilities 341,564 267,120
Current provisions and liabilities 1,217,528 795,372
Total equity and liabilities 4,100,934 3,742,910

Cash Flow Statement

in TEUR 1-9/2019 1-9/2018
Profit/loss before tax 264,485 176,184
Depreciation and amortization 172,823 135,791
Impairment charges to assets and other valuation effects 2,494 9,642
Reversal of impairment charges to assets 0 -3,557
Increase/decrease in non-current provisions -7,386 -6,380
Income from investments in associates and joint ventures -2,293 -1,611
Gains/losses from the disposal of fixed and financial assets -4,360 -13,198
Interest result 29,120 28,564
Interest paid -31,256 -33,979
Interest received 456 3,146
Income taxes paid -56,558 -43,184
Gross cash flow 367,525 251,418
     
Increase/decrease in inventories -43,933 -26,935
Increase/decrease in trade receivables -131,990 -138,693
Increase/decrease in trade payables -51,420 -58,564
Increase/decrease in other net current assets 59,341 78,992
Cash flow from operating activities 199,523 106,218
     
Proceeds from the sale of assets (including financial assets) 8,968 32,423
Payments made for property, plant and equipment and intangible assets -132,876 -112,023
Payments made for investments in financial assets 0 -6,000
Dividend payments from associates and joint ventures 0 3,039
Increase/decrease in securities and other financial assets 1,487 4,251
Net payments made for the acquisition of companies -33,888 -39,118
Net proceeds from the sale of companies 0 20,882
Cash flow from investing activities -156,309 -96,546
     
Cash inflows from the increase in short-term financial liabilities 385,585 223,389
Cash outflows from the repayment of short-term financial liabilities -323,801 -374,179
Cash inflows from the increase in long-term financial liabilities 768 274,575
Cash outflows from the repayment of long-term financial liabilities -343 -232
Cash outflows from the repayment of lease liabilities -30,296 0
Dividends paid by Wienerberger AG -57,291 -34,812
Hybrid coupon paid -13,880 -13,609
Buyback hybrid capital -15,721 0
Dividends paid to non-controlling interests -219 -120
Purchase of non-controlling interests 0 -30,100
Purchase of treasury stock -12,167 -25,898
Cash flow from financing activities -67,365 -7,986
     
Change in cash and cash equivalents -24,151 1,686
Effects of exchange rate fluctuations on cash held 650 -278
Cash and cash equivalents at the beginning of the year 163,080 169,259
Cash and cash equivalents at the end of the period 139,579 170,667

Our reports are produced in-house using firesys