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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

Downloads

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

1) Adjusted for effects from consolidation, FX, sale of non-strategic and 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   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

-

3) Equity including non-controlling interests and hybrid capital

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

4) Adjusted for treasury stock

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%)

1) Adjusted for effects from consolidation, FX, sale of non-strategic and 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   1-3/2020       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

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

 

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

1) Adjusted for effects from consolidation and FX

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

1) Adjusted for effects from FX and sale of non-operating assets 

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