Investor Relations

Wienerberger Results for the First Half-Year 2020

Investor Relations

Wienerberger AG

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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

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

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

-

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

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%)

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

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

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

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