Investor Relations

Wienerberger Results for the Full Year 2019

Investor Relations

Wienerberger AG

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Highlights

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Record year for Wienerberger: Best results in 200 years history

Revenues: record revenues of € 3.5 bn (+5 %) despite flat to slightly softening markets driven by upgrade of product mix and higher average prices to cover cost inflation

Increased profitability:

Focus on strategic growth markets and segments
Increased share of higher-margin products
Optimized cost structures

Mid-term target: Mid-term target of € 600 mn EBITDA in 2020 already achieved in 2019 (€ 610 mn)

Fast Forward:

Performance enhancement program progressing ahead of plan
Delivering incremental EBITDA contribution of € 50 mn

M&A:

Value-adding bolt-on acquisitions
Successful portfolio optimization measures

EBITDA LFL record high of € 587 mn (+24 %)

Outlook

Innovation and the continuous strategic transformation to a solution provider drive further organic growth

Fast Forward:

Fast Forward will contribute a further € 50 mn to EBITDA
Successful completion of ambitious performance enhancement program of € 120 mn by end of 2020

M&A:

Attractive growth pipeline for M&A
Further strengthen our position as a solution provider for the building envelope and infrastructure

EBITDA:

EBITDA LFL increase up to € 625-645 mn despite continuous flat to slightly softening markets

Key Figures

Earnings Data

Earnings Data		2019	2018	Chg. in %	2017
Revenues	in MEUR	3,466.3	3,305.1	+5	3,119.7
EBITDA LFL ¹⁾	in MEUR	587.5	475.3	+24	406.5
EBITDA	in MEUR	610.0	442.6	+38	415.0
EBIT	in MEUR	362.7	239.8	+51	194.2
Profit before tax	in MEUR	315.3	195.3	+61	144.9
Net result	in MEUR	249.1	133.5	+87	123.2
Free cash flow²⁾	in MEUR	286.0	272.5	+5	179.2
Maintenance capex	in MEUR	140.1	130.3	+8	120.7
Special capex	in MEUR	115.4	85.6	+35	42.4
Ø Employees	in FTE	17,234	16,596	+4	16,297

Balance Sheet Data

Balance Sheet Data		2019	2018	Chg. in %	2017
Equity³⁾	in MEUR	2,076.8	1,939.1	+7	1,911.2
Net debt	in MEUR	871.4	631.6	+38	566.4
Capital employed	in MEUR	2,912.2	2,536.7	+15	2,459.2
Total assets	in MEUR	4,132.6	3,742.9	+10	3,659.9
Gearing	in %	42.0	32.6	-	29.6

Stock Exchange Data

Stock Exchange Data		2019	2018	Chg. in %	2017
Earnings per share	in EUR	2.18	1.15	+90	1.05
Adjusted earnings per share	in EUR	2.18	1.23	+77	1.19
Dividend per share	in EUR	0.60	0.50	+20	0.30
Share price at year-end	in EUR	26.42	18.00	+47	20.17
Shares outstanding (weighted) ⁴⁾	in 1,000	114,320	116,154	-2	116,956
Market capitalization at year-end	in MEUR	3,074.0	2,115.5	+45	2,370.5

Business Units

Business Units 2019 in MEUR and %	Wienerberger Building Solutions	Wienerberger Piping Solutions	North America	Group eliminations	Wienerberger Group
External revenues	2,170.6	959.4	335.7		3,465.6
Inter-company revenues	1.0	0.1	0.0	-0.4	0.7
Revenues	2,171.5	959.5	335.7	-0.4	3,466.3
EBITDA	468.6	98.2	43.2		610.0
EBITDA LFL ¹⁾	455.4	100.0	32.1		587.5
EBIT	307.9	46.4	8.3		362.7
Total investments ⁶⁾	175.6	57.9	22.0		255.5
Capital employed	1,927.7	553.6	430.9		2,912.2
Ø Employees (in FTE)	12,466	3.318	1.450		17.234

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

6) Includes maintenance and special capex

Explanatory notes to the data: Rounding differences may arise from the automatic processing of data.
Note: Starting 2019, the activities of the holding companies have been allocated to the Business Units on the basis of capital employed. 2018 figures were adjusted accordingly for the Annual Report 2019

Operating Segments

Wienerberger Building Solutions

Wienerberger Building Solutions		2019	2018	Chg. in %
External revenues	in MEUR	2,170.6	2,050.7	+6
EBITDA LFL ¹⁾	in MEUR	455.4	369.1	+23
EBITDA	in MEUR	468.6	351.9	+33
EBIT	in MEUR	307.9	212.0	+45
Total investments	in MEUR	175.6	147.1	+19
Capital employed	in MEUR	1,927.7	1,656.1	+16
Ø Employees	in FTE	12,466	11,912	+5

Wienerberger Piping Solutions

Wienerberger Piping Solutions		2019	2018	Chg. in %
External revenues	in MEUR	959.4	946.4	+1
EBITDA LFL ¹⁾	in MEUR	100.0	70.1	+43
EBITDA	in MEUR	98.2	54.0	+82
EBIT	in MEUR	46.4	16.2	>100
Total investments	in MEUR	57.9	50.7	+14
Capital employed	in MEUR	553.6	469.6	+18
Ø Employees	in FTE	3,318	3,285	+1

North America

North America		2019	2018	Chg. in %
External revenues	in MEUR	335.7	306.8	+9
EBITDA LFL ¹⁾	in MEUR	32.1	36.1	-11
EBITDA	in MEUR	43.2	36.7	+18
EBIT	in MEUR	8.3	11.7	-28
Total investments	in MEUR	22.0	18.1	+22
Capital employed	in MEUR	430.9	411.0	+5
Ø Employees	in FTE	1,450	1,399	+4

Group Accounts

Income Statement

in TEUR	2019	2018
Revenues	3,466,283	3,305,079
Cost of goods sold	-2,211,524	-2,146,319
Gross profit	1,254,759	1,158,760
Selling expenses	-657,658	-637,162
Administrative expenses	-227,426	-217,559
Other operating income:
Reversal of impairment charges to assets	0	4,297
Other	48,136	54,164
Other operating expenses:
Impairment charges to assets	0	-12,727
Other	-55,160	-109,965
Operating profit/loss (EBIT)	362,651	239,808
Income from investments in associates and joint ventures	3,567	1,701
Interest and similar income	2,686	4,409
Interest and similar expenses	-42,015	-43,671
Other financial result	-11,619	-6,902
Financial result	-47,381	-44,463
Profit/loss before tax	315,270	195,345
Income taxes	-52,507	-48,475
Profit/loss after tax	262,763	146,870
Thereof attributable to non-controlling interests	517	-237
Thereof attributable to hybrid capital holders	13,147	13,609
Thereof attributable to equity holders of the parent company	249,099	133,498

Earnings per share (in EUR)	2.18	1.15
Diluted earnings per share (in EUR)	2.18	1.15

Balance Sheet

in TEUR	31/12/2019	31/12/2018
Assets
Intangible assets and goodwill	760,379	712,719
Property, plant and equipment	1,882,634	1,575,709
Investment property	57,832	66,569
Investments in associates and joint ventures	25,641	22,100
Other financial investments and non-current receivables	26,483	30,420
Deferred tax assets	58,745	54,076
Non-current assets	2,811,714	2,461,593

Inventories	827,566	761,659
Trade receivables	221,586	215,838
Receivables from current taxes	12,182	4,144
Other current receivables	91,507	92,436
Securities and other financial assets	36,317	42,812
Cash and cash equivalents	128,755	163,080
Current assets	1,317,913	1,279,969
Non-current assets held for sale	2,958	1,348
Total assets	4,132,585	3,742,910

Equity and liabilities
Issued capital	116,352	117,527
Share premium	1,058,946	1,075,422
Hybrid capital	241,008	265,969
Retained earnings	943,851	760,389
Other reserves	-222,478	-230,955
Treasury stock	-61,685	-49,858
Controlling interests	2,075,994	1,938,494
Non-controlling interests	835	586
Equity	2,076,829	1,939,080

Deferred taxes	76,917	75,021
Employee-related provisions	150,684	136,432
Other non-current provisions	90,870	83,622
Long-term financial liabilities	576,246	710,590
Other non-current liabilities	3,085	2,793
Non-current provisions and liabilities	897,802	1,008,458

Current provisions	38,113	51,924
Payables for current taxes	25,516	22,531
Short-term financial liabilities	460,211	126,907
Trade payables	336,422	326,890
Other current liabilities	297,692	267,120
Current provisions and liabilities	1,157,954	795,372
Total equity and liabilities	4,132,585	3,742,910

Cash Flow Statement

in TEUR	2019	2018
Profit/loss before tax	315,270	195,345
Depreciation and amortization	238,987	186,465
Impairment charges to assets and other valuation effects	16,984	32,741
Reversal of impairment charges to assets	-852	-4,297
Increase/decrease in non-current provisions	-15,893	-13,409
Income from investments in associates and joint ventures	-3,567	-1,701
Gains/losses from the disposal of fixed and financial assets	-13,096	-26,314
Interest result	39,329	39,262
Interest paid	-36,477	-38,257
Interest received	1,465	4,321
Income taxes paid	-65,432	-47,609
Gross cash flow	476,718	326,547

Increase/decrease in inventories	-56,706	-23,223
Increase/decrease in trade receivables	9,453	2,713
Increase/decrease in trade payables	1,401	2,171
Increase/decrease in other net current assets	-1,084	11,217
Cash flow from operating activities	429,782	319,425

Proceeds from the sale of assets (including financial assets)	39,056	43,847
Payments made for property, plant and equipment and intangible assets	-255,465	-215,847
Payments made for investments in financial assets	0	-6,078
Dividend payments from associates and joint ventures	0	3,039
Increase/decrease in securities and other financial assets	667	15,578
Net payments made for the acquisition of companies	-47,876	-73,088
Net proceeds from the sale of companies	-473	20,882
Cash flow from investing activities	-264,091	-211,667

Cash inflows from the increase in short-term financial liabilities	436,458	235,323
Cash outflows from the repayment of short-term financial liabilities	-467,015	-473,586
Cash inflows from the increase in long-term financial liabilities	1,077	248,851
Cash outflows from the repayment of long-term financial liabilities	-489	-646
Cash outflows from the repayment of lease liabilities	-42,918	0
Dividends paid by Wienerberger AG	-57,291	-34,812
Hybrid coupon paid	-14,284	-13,609
Buyback hybrid capital	-219	-120
Dividends paid to non-controlling interests	-27,086	-16
Purchase of non-controlling interests	0	-30,100
Purchase of treasury stock	-29,478	-44,996
Cash flow from financing activities	-201,245	-113,711

Change in cash and cash equivalents	-35,554	-5,953
Effects of exchange rate fluctuations on cash held	1,229	-226
Cash and cash equivalents at the beginning of the year	163,080	169,259
Cash and cash equivalents at the end of the period	128,755	163,080

Our reports are produced in-house using firesys