Investor Relations

Wienerberger Results for the First Quarter 2020

Investor Relations

Wienerberger AG

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Wienerberger reports strong performance in Q1 2020
 

Revenues up by 2% to € 793 million

EBITDA LFL at € 105 million almost at previous year's level (€ 109 million)

Fast Forward contributes € 9 million to earnings despite first Covid-19 effects
 

Outlook
 

Strong portfolio and diversified end markets as a notable advantage in a challenging environment

Strategy remains focused on sustainability, innovation and digitalization

Potential Covid-19 scenario for 2020 EBITDA LFL developed

Key Figures

Earnings Data

Earnings Data   1-3/2020 1-3/2019 Chg. in % Year-end 2019
Revenues in MEUR

793.3

776.8

+2

3,466.3

EBITDA LFL 1) in MEUR

105.2

109.3

-4

-

EBITDA in MEUR

106.1

109.8

-3

610.0

Operating EBIT in MEUR

40.5

53.1

-24

362.7

Impairment charges to assets in MEUR

-22.5

0.0

<-100

0.0

Impairment charges to goodwill in MEUR

-93.6

0.0

<-100

0.0

EBIT in MEUR

-75.5

53.1

<-100

362.7

Profit before tax in MEUR

-84.2

43.1

<-100

315.3

Net result in MEUR

-106.3

26.8

<-100

249.1

Earnings per share in EUR

-0.94

0.23

<-100

2.18

Free cash flow 2) in MEUR

-162.2

-177.6

+9

286.0

Maintenance capex in MEUR

22.9

22.3

+3

140.1

Special capex in MEUR

11.5

15.2

-24

115.4

Ø Employees in FTE

17,192

16,706

+3

17,234

Balance Sheet Data

Balance Sheet Data   31/3/2020 31/12/2019 Chg. in %
Equity 3) in MEUR

1,892.6

2,076.8

-9

Net debt in MEUR

1,072.5

871.4

+23

Capital employed in MEUR

2,931.3

2,912.2

+1

Total assets in MEUR

4,092.9

4,132.6

-1

Gearing in %

56.7

42.0

-

Stock Exchange Data

Stock Exchange Data   1-3/2020 1-12/2020 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

14.39

26.42

-46

Shares outstanding (weighted) 4) in 1,000

113,413

114,320

-1

Market capitalization at end of period in MEUR

1,657.6

3,074.0

-46

Business Units

Business Units 1-3/2020
in MEUR and % 5)
Wienerberger
Building Solutions
Wienerberger
Piping Solutions
North 
                  America 
Group
eliminations
         Wienerberger 
Group
External revenues

500.4 (+5%)

220.7 (-1%)

71.4 (-6%)

 

792.4 (+2%)

Inter-company revenues

0.8 (>100%)

0.1 (>100%)

0.0 (-100%)

0.0

0.8 (>100%)

Revenues

501.1 (+5%)

220.8 (-1%)

71.4 (-6%)

0.0

793.3 (+2%)

EBITDA LFL 1)

81.2 (-5%)

19.1 (+10%)

4.9 (-24%)

 

105.2 (-4%)

EBITDA

81.9 (-4%)

18.7 (+7%)

5.5 (-20%)

 

106.1 (-3%)

Operating EBIT

38.0 (-21%)

4.8 (-7%)

-2.3 (<-100%)

 

40.5 (-24%)

Capital employed

2,002.1 (+5%)

581.5 (-2%)

347.7 (-21%)

 

2,931.3 (0%)

Total capex

23.1 (-16%)

8.1 (+24%)

3.2 (-4%)

 

34.4 (-8%)

Ø Employees (in FTE)

12,476 (+4%)

3,331 (+2%)

1,385 (-5%)

 

17,192 (+3%)

Operating Segments

Wienerberger Building Solutions

Wienerberger Building Solutions   1-3/2020       1-3/2019      Chg. in %
External revenues in MEUR

500.4

476.6

+5

EBITDA LFL 1) in MEUR

81.2

85.5

-5

EBITDA in MEUR

81.9

85.6

-4

Operating EBIT in MEUR

38.0

48.3

-21

Capital employed in MEUR

2,002.1

1,910.7

+5

Total capex in MEUR

23.1

27.7

-16

Ø Employees in FTE

12,476

11,982

+4

Wienerberger Piping Solutions

Wienerberger Piping Solutions                                            1-3/2020    1-3/2019              Chg. in %

External revenues

                       in MEUR

220.7

224.0

-1

EBITDA LFL 1)

in MEUR

19.1

17.4

+10

EBITDA

in MEUR

18.7

17.4

+7

Operating EBIT

in MEUR

4.8

5.2

-7

Capital employed

in MEUR

581.5

591.1

-2

Total capex

in MEUR

8.1

6.5

+24

Ø Employees

in FTE

3,331

3,264

+2

North America

North America                                      1-3/2020       1-3/2019    Chg. in %

External revenues

in MEUR

71.4

75.9

-6

EBITDA LFL 1)

in MEUR

4.9

6.5

-24

EBITDA

in MEUR

5.5

6.8

-20

Operating EBIT

in MEUR

-2.3

-0.4

<-100

Capital employed

in MEUR

347.7

439.3

-21

Total capex

in MEUR

3.2

3.3

-4

Ø Employees

in FTE

1,385

1,460

-5

Group Accounts

Consolidated Income Statement

in TEUR                                          1-3/2020                                                1-3/2019
Revenues

793,251

776,750

Cost of goods sold

-522,183

-505,910

Gross profit

271,068

270,840

Selling expenses

-158,390

-153,338

Administrative expenses

-60,694

-57,939

Other operating income

4,740

3,787

Other operating expenses

 

 

       Impairment charges to assets

-22,475

0

       Impairment charges to goodwill

-93,572

0

       Other

-16,200

-10,298

Operating profit/loss (EBIT)

-75,523

53,052

Income from investments in associates and joint ventures

-320

-938

Interest and similar income

613

713

Interest and similar expenses

-9,581

-10,076

Other financial result

588

321

Financial result

-8,700

-9,980

Profit/loss before tax

-84,223

43,072

Income taxes

-19,133

-12,957

Profit/loss after tax

-103,356

30,115

Thereof attributable to non-controlling interests

54

19

Thereof attributable to hybrid capital holders

2,929

3,334

Thereof attributable to equity holders of the parent company

-106,339

26,762

 

 

 

Earnings per share (in EUR)

-0.94

0.23

Consolidated Balance Sheet

in TEUR                       31/3/2020
                           31/12/2019
Assets    
Intangible assets and goodwill

647,159

760,379

Property, plant and equipment

1,811,142

1,882,634

Investment property

59,668

57,832

Investments in associates and joint ventures

23,313

25,641

Other financial investments and non-current receivables

26,482

26,483

Deferred tax assets

51,282

58,745

Non-current assets

2,619,046

2,811,714

 

 

 

Inventories

839,140

827,566

Trade receivables

332,440

221,586

Receivables from current taxes

18,807

12,182

Other current receivables

84,472

91,507

Securities and other financial assets

49,014

36,317

Cash and cash equivalents

146,985

128,755

Current assets

1,470,858

1,317,913

Non-current assets held for sale

2,958

2,958

Total assets

4,092,862

4,132,585

 

 

 

Equity and liabilities

 

 

Issued capital

115,188

116,352

Share premium

1,036,170

1,058,946

Hybrid capital

217,164

241,008

Retained earnings

826,296

943,851

Other reserves

-263,338

-222,478

Treasury stock

-39,718

-61,685

Controlling interests

1,891,762

2,075,994

Non-controlling interests

835

835

Equity

1,892,597

2,076,829

 

 

 

Deferred taxes

74,949

76,917

Employee-related provisions

148,729

150,684

Other non-current provisions

85,671

90,870

Long-term financial liabilities

739,047

576,246

Other non-current liabilities

2,928

3,085

Non-current provisions and liabilities

1,051,324

897,802

 

 

 

Current provisions

31,970

38,113

Payables for current taxes

21,981

25,516

Short-term financial liabilities

529,413

460,211

Trade payables

290,537

336,422

Other current liabilities

275,040

297,692

Current provisions and liabilities

1,148,941

1,157,954

Total equity and liabilities

4,092,862

4,132,585

Consolidated Cash Flow Statement

in TEUR                                      1-3/2020                                              1-3/2019
Profit/loss before tax

-84,223

43,072

Depreciation and amortization

61,577

56,231

Impairment charges to goodwill

93,572

0

Impairment charges to assets and other valuation effects

23,723

3,256

Increase/decrease in non-current provisions

-4,572

-3,631

Income from investments in associates and joint ventures

320

938

Gains/losses from the disposal of fixed and financial assets

-784

-709

Interest result

8,968

9,363

Interest paid

-3,740

-4,449

Interest received

156

332

Income taxes paid

-20,727

-20,813

Gross cash flow

74,270

83,590

 

 

 

Increase/decrease in inventories

-32,013

-55,853

Increase/decrease in trade receivables

-120,451

-112,921

Increase/decrease in trade payables

-38,545

-41,299

Increase/decrease in other net current assets

-13,042

-18,909

Cash flow from operating activities

-129,781

-145,392

 

 

 

Proceeds from the sale of assets (including financial assets)

2,416

2,948

Payments made for property, plant and equipment and intangible assets

-34,400

-37,512

Payments made for investments in financial assets

-2,040

0

Dividend payments from associates and joint ventures

2,457

1

Increase/decrease in securities and other financial assets

-2,342

-2,994

Net payments made for the acquisition of companies

0

-1,000

Cash flow from investing activities

-33,909

-38,557

 

 

 

Cash inflows from the increase in short-term financial liabilities

110,337

242,087

Cash outflows from the repayment of short-term financial liabilities

-44,170

-72,948

Cash inflows from the increase in long-term financial liabilities

170,006

336

Cash outflows from the repayment of long-term financial liabilities

-199

-102

Cash outflows from the repayment of lease liabilities

-12,051

-9,865

Hybrid coupon paid

-12,365

-13,622

Buyback hybrid capital

-25,492

-5,317

Purchase of treasury stock

-2,103

-2,918

Cash flow from financing activities

183,963

137,651

 

 

 

Change in cash and cash equivalents

20,273

-46,298

Effects of exchange rate fluctuations on cash held

-2,043

921

Cash and cash equivalents at the beginning of the year

128,755

163,080

Cash and cash equivalents at the end of the period

146,985

117,703

Operating Segments

1-3/2020                                          
in TEUR
 Wienerberger
Building Solutions
Wienerberger
Piping Solutions
North 
                  America 
Group
eliminations
         Wienerberger 
Group
External revenues

500,359

220,690

71,394

 

792,443

Inter-company revenues

787

63

0

-42

808

Total revenues

501,146

220,753

71,394

-42

793,251

EBITDA

81,903

18,680

5,472

 

106,055

Operating EBIT

37,979

4,842

-2,297

 

40,524

Impairment charges to assets

-16,775

-5,700

0

 

-22,475

Impairment charges to goodwill

0

0

-93,572

 

-93,572

EBIT

21,204

-858

-95,869

 

-75,523

Profit/loss after tax

4,775

-5,615

-102,516

 

-103,356

Capital employed

2,002,123

581,474

347,741

 

2,931,338

Total investments

23,109

8,116

3,175

 

34,400

Ø Employees (in FTE)

12,476

3,331

1,385

 

17,192

1-3/2019                                         
in TEUR
 Wienerberger
Building Solutions
Wienerberger
Piping Solutions
North 
                  America 
Group
eliminations
         Wienerberger 
Group
External revenues

476,624

223,958

75,924

 

776,506

Inter-company revenues

265

20

3

-44

244

Total revenues

476,889

223,978

75,927

-44

776,750

EBITDA

85,601

17,398

6,847

 

109,846

Operating EBIT

48,270

5,221

-439

 

53,052

EBIT

48,270

5,221

-439

 

53,052

Profit/loss after tax

31,014

1,495

-2,394

 

30,115

Capital employed

1,910,728

591,143

439,326

 

2,941,197

Total investments

27,675

6,539

3,298

 

37,512

Ø Employees (in FTE)

11,982

3,264

1,460

 

16,706

Our reports are produced in-house using firesys