Investor Relations

Wienerberger Results for the Full Year 2019

Investor Relations

Wienerberger AG

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Highlights

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 flow 2) 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
Equity 3) 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

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