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    Wienerberger Results for the First Half-Year 2020

    Investor Relations

    Wienerberger AG

    +43 1 60192-10221 Send e-mail

    Wienerberger proves its resilience in H1 2020 and is well prepared for the recovery

     

    Highlights

    • Wienerberger continues to benefit from its digital solutions and portfolio of premium products
    • Resilient performance with revenues of € 1,642 million (-5%) and EBITDA LFL of
      € 255 million (-12%) in a challenging market environment
    • Significantly enhanced liquidity and robust balance-sheet, with net leverage of 1.6x as at 30 June 2020 (30 June 2019: 1.8x)

     

    Outlook for 2020

    • Intensified focus on innovation, sustainability and digitalization
    • Well-positioned to benefit from government economic stimulus programs 
    • Due to solid July trading, guidance increased to € 480–500 million EBITDA LFL
    Downloads

    Key Figures

    Earnings Data

    Earnings Data   1-6/2020 1-6/2019 Chg. in % Year-end 2019
    Revenues in MEUR

    1,641.5

    1,736.4

    -5

    3,466.3
    EBITDA LFL 1) in MEUR

    255.2

    290.1

    -12

    -
    EBITDA in MEUR

    261.9

    295.7

    -11

    610.0
    Operating EBIT in MEUR

    136.5

    181.5

    -25

    362.7
    Impairment charges to assets in MEUR

    -23.3

    0.0

    <-100

    0.0
    Impairment charges to goodwill in MEUR

    -93.5

    0.0

    <-100

    0.0
    EBIT in MEUR

    19.7

    181.5

    -89

    362.7
    Profit before tax in MEUR

    8.6

    166.7

    -95

    315.3
    Net result in MEUR

    -29.4

    126.9

    <-100

    249.1
    Earnings per share in EUR

    -0.26

    1.11

    <-100

    2.18
    Free cash flow 2) in MEUR

    -60.0

    -58.5

    -3

    286.0
    Maintenance capex in MEUR

    46.1

    46.3

    -1

    140.1
    Special capex in MEUR

    21.9

    36.0

    -39

    115.4
    Ø Employees in FTE

    16,360

    16,963

    -4

    17,234

    1) Adjusted for effects from consolidation, FX, sale of 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   30/6/2020 31/12/2019 Chg. in %
    Equity 3) in MEUR

    1,875.6

    2,076.8

    -10
    Net debt in MEUR

    928.2

    871.4

    +7
    Capital employed in MEUR

    2,768.2

    2,912.2

    -5
    Total assets in MEUR

    4,359.1

    4,132.6

    +5
    Gearing in %

    49.5

    42.0

    -

    3) Equity including non-controlling interests and hybrid capital

    Stock Exchange Data

    Stock Exchange Data   1-6/2020 1-12/2019 Chg. in %
    Share price high in EUR

    28.26

    26.82

    +5
    Share price low in EUR

    11.59

    18.10

    -36
    Share price at end of period in EUR

    19.39

    26.42

    -27
    Shares outstanding (weighted) 4) in 1,000

    113,098

    114,320

    -1
    Market capitalization at end of period in MEUR

    2,233.5

    3,074.0

    -27

    4) Adjusted for treasury stock

    Business Units

    Business Units 1-6/2020
    in MEUR and % 5)    		 Wienerberger
    Building Solutions    		 Wienerberger
    Piping Solutions    		 North 
                      America     		 Group
    eliminations    		          Wienerberger 
    Group
    External revenues

    1,014.4 (-6%)

    470.3 (-5%)

    154.9 (-6%)

     

    1,639.6 (-6%)
    Inter-company revenues

    1.8 (>100%)

    0.1 (+80%)

    0.0 (-100%)

    -0.1

    1.9 (>100%)
    Revenues

    1,016.2 (-5%)

    470.4 (-5%)

    154.9 (-6%)

    -0.1

    1,641.5 (-5%)
    EBITDA LFL 1)

    183.9 (-16%)

    54.9 (+7%)

    16.3 (-16%)

     

    255.2 (-12%)
    EBITDA

    191.0 (-14%)

    53.4 (+5%)

    17.4 (-24%)

     

    261.9 (-11%)
    Operating EBIT

    107.6 (-27%)

    26.5 (+1%)

    2.4 (-70%)

     

    136.5 (-25%)
    Capital employed

    1,872.3 (-1%)

    583.7 (-3%)

    312.2 (-27%)

     

    2,768.2 (-5%)
    Total capex

    44.8 (-25%)

    18.0 (+13%)

    5.2 (-23%)

     

    68.0 (-17%)
    Ø Employees (in FTE)

    11,775 (-3%)

    3,265 (-1%)

    1,320 (-11%)

     

    16,360 (-4%)

    1) Adjusted for effects from consolidation, FX, sale of non-operating assets as well as structural adjustments

    5) Changes in % to the comparable prior year period are shown in brackets

    Explanatory notes to the data: Rounding differences may arise from the automatic processing of data. 

     

    Operating Segments

    Wienerberger Building Solutions

    Wienerberger Building Solutions   1-6/2020       1-6/2019      Chg. in %
    External revenues in MEUR

    1,014.4

    1,074.1

    -6
    EBITDA LFL 1) in MEUR

    183.9

    219.6

    -16
    EBITDA in MEUR

    191.0

    221.7

    -14
    Operating EBIT in MEUR

    107.6

    147.3

    -27
    Capital employed in MEUR

    1,872.3

    1,896.3

    -1
    Total capex in MEUR

    44.8

    59.7

    -25
    Ø Employees in FTE

    11,775

    12,171

    -3

    1) Adjusted for effects of changes in the scope of consolidation, foreign exchange effects, disposal of non-core assets, and structural changes.

    Wienerberger Piping Solutions

    Wienerberger Piping Solutions                                            1-6/2020    1-6/2019              Chg. in %

    External revenues

    		                        in MEUR

    470.3

    497.0

    -5

    EBITDA LFL 1)

    		 in MEUR

    54.9

    51.1

    +7

    EBITDA

    		 in MEUR

    53.4

    51.1

    +5

    Operating EBIT

    		 in MEUR

    26.5

    26.2

    +1

    Capital employed

    		 in MEUR

    583.7

    600.4

    -3

    Total capex

    		 in MEUR

    18.0

    15.9

    +13

    Ø Employees

    		 in FTE

    3,265

    3,312

    -1

    1) Adjusted for effects of changes in the scope of consolidation, foreign exchange effects, and disposal of non-core assets.

    North America

    North America                                      1-6/2020       1-6/2019    Chg. in %

    External revenues

    		 in MEUR

    154.9

    164.9

    -6

    EBITDA LFL 1)

    		 in MEUR

    16.3

    19.3

    -16

    EBITDA

    		 in MEUR

    17.4

    22.8

    -24

    Operating EBIT

    		 in MEUR

    2.4

    8.0

    -70

    Capital employed

    		 in MEUR

    312.2

    430.1

    -27

    Total capex

    		 in MEUR

    5.2

    6.7

    -23

    Ø Employees

    		 in FTE

    1,320

    1,480

    -11

    1) Adjusted for foreign exchange effects, disposal of non-core assets, and structural changes.

    Group Accounts

    Consolidated Income Statement

    in TEUR          4-6/2020           4-6/2019      1-6/2020    1-6/2019
    Revenues

    848,284

    959,629

    1,641,535

     1,736,379
    Cost of goods sold

    -557,773

    -605,914

    -1,079,956

    -1,111,824
    Gross profit

    290,511

    353,715

    561,579

    624,555
    Selling expenses

    -152,740

    -172,921

    -311,130

    -326,259
    Administrative expenses

    -46,074

    -54,097

    -106,768

    -112,036
    Other operating income

    15,052

    13,149

    19,792

    16,936
    Other operating expenses

     

     

     

     
           Impairment charges to assets

    -836

    0

    -23,311

    0
           Impairment charges to goodwill

    106

    0

    -93,466

    0
           Other

    -10,785

    -11,372

    -26,985

    -21,670
    Operating profit/loss (EBIT)

    95,234

    128,474

    19,711

    181,526
    Income from investments in associates and joint ventures

    1,935

    1,629

    1,615

    691
    Interest and similar income

    439

    775

    1,052

    1,488
    Interest and similar expenses

    -8,947

    -10,482

    -18,528

    -20,558
    Other financial result

    4,130

    3,250

    4,718

    3,571
    Financial result

    -2,443

    -4,828

    -11,143

    -14,808
    Profit/loss before tax

    92,791

    123,646

    8,568

    166,718
    Income taxes

    -13,017

    -19,964

    -32,150

    -32,921
    Profit/loss after tax

    79,774

    103,682

    -23,582

    133,797
    Thereof attributable to non-controlling interests

    118

    181

    172

    200
    Thereof attributable to hybrid capital holders

    2,762

    3,323

    5,691

    6,657
    Thereof attributable to equity holders of the parent company

    76,894

    100,178

    -29,445

    126,940
     

     

     

     

     
    Earnings per share (in EUR)

    0.68

    0.87

    -0.26

    1.11
    Diluted earnings per share (in EUR)

    0.68

    0.87

    -0.26

    1.11

    Consolidated Balance Sheet

    in TEUR                       30/6/2020
    		                            31/12/2019
    Assets

     

     
    Intangible assets and goodwill

    644,212

    760,379
    Property, plant and equipment

    1,805,901

    1,882,634
    Investment property

    56,162

    57,832
    Investments in associates and joint ventures

    25,199

    25,641
    Other financial investments and non-current receivables

    25,166

    26,483
    Deferred tax assets

    47,935

    58,745
    Non-current assets

    2,604,575

    2,811,714
     

     

     
    Inventories

    792,589

    827,566
    Trade receivables

    360,571

    221,586
    Receivables from current taxes

    9,309

    12,182
    Other current receivables

    68,709

    91,507
    Securities and other financial assets

    106,754

    36,317
    Cash and cash equivalents

    413,643

    128,755
    Current assets

    1,751,575

    1,317,913
    Non-current assets held for sale

    2,958

    2,958
    Total assets

    4,359,108

    4,132,585
     

     

     
    Equity and liabilities

     

     
    Issued capital

    115,188

    116,352
    Share premium

    1,036,170

    1,058,946
    Hybrid capital

    214,526

    241,008
    Retained earnings

    838,075

    943,851
    Other reserves

    -271,585

    -222,478
    Treasury stock

    -57,300

    -61,685
    Controlling interests

    1,875,074

    2,075,994
    Non-controlling interests

    560

    835
    Equity

    1,875,634

    2,076,829
     

     

     
    Deferred taxes

    71,846

    76,917
    Employee-related provisions

    158,090

    150,684
    Other non-current provisions

    83,919

    90,870
    Long-term financial liabilities

    1,285,350

    576,246
    Other non-current liabilities

    2,936

    3,085
    Non-current provisions and liabilities

    1,602,141

    897,802
     

     

     
    Current provisions

    28,526

    38,113
    Payables for current taxes

    17,113

    25,516
    Short-term financial liabilities

    163,250

    460,211
    Trade payables

    277,947

    336,422
    Other current liabilities

    394,497

    297,692
    Current provisions and liabilities

    881,333

    1,157,954
    Total equity and liabilities

    4,359,108

    4,132,585

    Consolidated Cash Flow Statement

    in TEUR                                      1-6/2020                                              1-6/2019

    Profit/loss before tax

    8,568

    166,718

    Depreciation and amortization

    124,339

    113,282

    Impairment charges to goodwill

    93,466

    0

    Impairment charges to assets and other valuation effects

    18,386

    -2,178

    Increase/decrease in non-current provisions

    -7,297

    -4,932

    Income from investments in associates and joint ventures

    -1,615

    -691

    Gains/losses from the disposal of fixed and financial assets

    -10,706

    -3,891

    Interest result

    17,476

    19,070

    Interest paid

    -25,382

    -26,540

    Interest received

    184

    408

    Income taxes paid

    -29,612

    -45,828

    Gross cash flow

    187,807

    215,418

     

     

     

    Increase/decrease in inventories

    15,706

    -55,925

    Increase/decrease in trade receivables

    -157,185

    -145,306

    Increase/decrease in trade payables

    -51,480

    -35,163

    Increase/decrease in other net current assets

    39,759

    26,140

    Cash flow from operating activities

    34,607

    5,164

     

     

     

    Proceeds from the sale of assets (including financial assets)

    20,179

    5,620

    Payments made for property, plant and equipment and intangible assets

    -67,957

    -82,316

    Payments made for investments in financial assets

    -2,040

    0

    Dividend payments from associates and joint ventures

    2,533

    0

    Increase/decrease in securities and other financial assets

    -48,352

    -3,336

    Net payments made for the acquisition of companies

    0

    -33,458

    Cash flow from investing activities

    -95,637

    -113,490

     

     

     

    Cash inflows from the increase in short-term financial liabilities

    159,188

    330,516

    Cash outflows from the repayment of short-term financial liabilities

    -438,038

    -186,194

    Cash inflows from the increase in long-term financial liabilities

    710,826

    658

    Cash outflows from the repayment of long-term financial liabilities

    -448

    -205

    Cash outflows from the repayment of lease liabilities

    -22,899

    -19,601

    Dividends paid by Wienerberger AG

    0

    -57,291

    Hybrid coupon paid

    -12,416

    -13,645

    Buyback hybrid capital

    -28,234

    -6,907

    Dividends paid to non-controlling interests

    0

    -219

    Purchase of treasury stock

    -19,686

    -2,918

    Cash flow from financing activities

    348,293

    44,194

     

     

     

    Change in cash and cash equivalents

    287,263

    -64,132

    Effects of exchange rate fluctuations on cash held

    -2,375

    156

    Cash and cash equivalents at the beginning of the year

    128,755

    163,080

    Cash and cash equivalents at the end of the period

    413,643

    99,104

    Operating Segments

    1-6/2020                                          
    in TEUR    		  Wienerberger
    Building Solutions    		 Wienerberger
    Piping Solutions    		 North 
                      America     		 Group
    eliminations    		          Wienerberger 
    Group
    External revenues

    1,014,386

    470,323

    154,930

     

    1,639,639
    Inter-company revenues

    1,842

    124

    0

    -70

    1,896
    Total revenues

    1,016,228

    470,447

    154,930

    -70

    1,641,535
    EBITDA

    191,017

    53,432

    17,412

     

    261,861
    Operating EBIT

    107,649

    26,459

    2,380

     

    136,488
    Impairment charges to assets

    -17,614

    -5,697

    0

     

    -23,311
    Impairment charges to goodwill

    0

    0

    -93,466

     

    -93,466
    EBIT

    90,035

    20,762

    -91,086

     

    19,711
    Profit/loss after tax

    63,574

    12,615

    -99,834

    63

    -23,582
    Capital employed

    1,872,326

    583,743

    312,162

     

    2,768,231
    Total investments

    44,753

    18,024

    5,180

     

    67,957
    Ø Employees (in FTE)

    11,775

    3,265

    1,320

     

    16,360

     

     

    1-6/2019                                         
    in TEUR    		  Wienerberger
    Building Solutions    		 Wienerberger
    Piping Solutions    		 North 
                      America     		 Group
    eliminations    		          Wienerberger 
    Group
    External revenues

    1,074,081

    497,033

    164,934

     

    1,736,048
    Inter-company revenues

    408

    69

    3

    -149

    331
    Total revenues

    1,074,489

    497,102

    164,937

    -149

    1,736,379
    EBITDA

    221,725

    51,099

    22,834

     

    295,658
    Operating EBIT

    147,339

    26,218

    7,969

     

    181,526
    EBIT

    147,339

    26,218

    7,969

     

    181,526
    Profit/loss after tax

    112,698

    16,417

    4,481

    201

    133,797
    Capital employed

    1,896,258

    600,426

    430,133

     

    2,926,817
    Total investments

    59,671

    15,901

    6,744

     

    82,316
    Ø Employees (in FTE)

    12,171

    3,312

    1,480

     

    16,963

     

     

    Our reports are produced in-house using firesys