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Wienerberger Results for the First Half-Year of 2019

Investor Relations

Investor Relations

Wienerberger AG

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Highlights

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Best Half Year in the 200-Year History of the Company

  • Profitable growth through excellent operational performance and consistent implementation of the growth strategy
  • Revenues at new record level: € 1,736 million (+8%)
  • EBITDA LFL at all-time high of € 287 million (+33%)
  • Net profit doubled from € 53 million to € 127 million
  • Extremely strong contribution to earnings from Fast Forward program: € 25 million

Outlook for 2019

  • Annual guidance focused on strong EBITDA growth
  • EBITDA target for 2019 at € 570-580 million
  • Further investments in future-oriented solutions

Key Figures

Earnings Data

Earnings Data   1-6/2019 1-6/2018 Chg. in % Year-end 2018
Revenues in MEUR 1,736.4 1,606.9 +8 3,305.1
EBITDA LFL 1) in MEUR 286.6 214.9 +33 -
EBITDA in MEUR 295.7 198.9 +49 442.6
EBIT in MEUR 181.5 107.7 +69 239.8
Profit before tax in MEUR 166.7 86.6 +93 195.3
Net result in MEUR 126.9 53.2 >100 133.5
Earnings per share in EUR 1.11 0.46 >100 1.15
Free cash flow 2) in MEUR -80.7 -47.4 -70 236.5
Normal capex in MEUR 68.5 60.7 +13 166.3
Growth capex 3) in MEUR 47.2 60.9 -22 158.9
Ø Employees in FTE 16,963 16,652 +2 16,596

1) Including the effect on earnings from the first-time adoption of IFRS 16 Leases; 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 growth capex (excluding purchase of non-controlling interests)
3) Including purchase of non-controlling interests

Balance Sheet Data

Balance Sheet Data   30/6/2019 31/12/2018 Chg. in %
Equity 4) in MEUR 1,980.4 1,939.1 +2
Net debt in MEUR 982.3 631.6 +56
Capital employed in MEUR 2,926.8 2,536.7 +15
Total assets in MEUR 4,074.0 3,742.9 +9
Gearing in % 49.6 32.6 -

4) Equity including non-controlling interests and hybrid capital

Stock Exchange Data

Stock Exchange Data   1-6/2019 1-12/2018 Chg. in %
Share price high in EUR 21.82 24.06 -9
Share price low in EUR 18.10 17.57 +3
Share price at end of period in EUR 21.70 18.00 +21
Shares outstanding (weighted) 5) in 1,000 114,585 116,154 -1
Market capitalization at end of period in MEUR 2,524.8 2,115.5 +19

5) Adjusted for treasury stock

Business Units

Business Units 1-6/2019 in MEUR WBS WPS North America Group eliminations WB Group
External revenues 1,074.1 497.0 164.9   1,736.0
Inter-company revenues 0.4 0.1 0.0 -0.1 0.3
Revenues 1,074.5 497.1 164.9 -0.1 1,736.4
EBITDA LFL 1) 219.1 51.7 15.8   286.6
EBITDA 221.7 51.1 22.8   295.7
EBIT 147.3 26.2 8.0   181.5
Capital employed 1,896.3 600.4 430.1   2,926.8
Total investments 89.0 20.1 6.7   115.8
Ø Employees (in FTE) 12,171 3,312 1,480   16,963

1) Including the effect on earnings from the first-time adoption of IFRS 16 Leases; adjusted for effects from consolidation, FX, sale of non-strategic and non-operating assets as well as structural adjustments

Operating Segments

Wienerberger Building Solutions

WBS   1-6/2019 1-6/2018 Chg. in %
External revenues in MEUR 1,074.1 978.4 +10
EBITDA LFL 1) in MEUR 219.1 160.5 +37
EBITDA in MEUR 221.7 156.8 +41
EBIT in MEUR 147.3 97.8 +51
Capital employed in MEUR 1,896.3 1,719.2 +10
Total investments in MEUR 89.0 98.6 -10
Ø Employees in FTE 12,171 11,944 +2

1) Includes a positive effect on earnings in the amount of € 13.1 million due to first-time adoption of IFRS 16

Wienerberger Piping Solutions

WPS   1-6/2019 1-6/2018 Chg. in %
External revenues in MEUR 497.0 478.5 +4
EBITDA LFL 1) in MEUR 51.7 35.2 +47
EBITDA in MEUR 51.1 20.7 >100
EBIT in MEUR 26.2 0.4 >100
Capital employed in MEUR 600.4 505.3 +19
Total investments in MEUR 20.1 18.1 +11
Ø Employees in FTE 3,312 3,306 0

1) Includes a positive effect on earnings in the amount of € 6.7 million due to first-time adoption of IFRS 16.

North America

North America   1-6/2019 1-6/2018 Chg. in %
External revenues in MEUR 164.9 149.3 +10
EBITDA LFL 1) in MEUR 15.8 19.3 -18
EBITDA in MEUR 22.8 21.4 +7
EBIT in MEUR 8.0 9.6 -17
Capital employed in MEUR 430.1 387.6 +11
Total investments in MEUR 6.7 4.8 +38
Ø Employees in FTE 1,480 1,402 +6

1) Includes a positive effect on earnings in the amount of € 1.5 million due to first-time adoption of IFRS 16

Group Accounts

Income Statement

in TEUR 4-6/2019 4-6/2018 1-6/2019 1-6/2018
Revenues 959,629 931,815 1,736,379 1,606,874
Cost of goods sold -605,914 -594,578 -1,111,824 -1,056,036
Gross profit 353,715 337,237 624,555 550,838
Selling expenses -172,921 -169,908 -326,259 -313,651
Administrative expenses -54,097 -53,033 -112,036 -105,732
Other operating income:        
Reversal of impairment charges to assets 0 286 0 3,500
Other 13,149 11,396 16,936 21,677
Other operating expenses -11,372 -19,610 -21,670 -48,922
Operating profit/loss (EBIT) 128,474 106,368 181,526 107,710
Income from investments in associates and joint ventures 1,629 1,323 691 470
Interest and similar income 775 1,370 1,488 2,710
Interest and similar expenses -10,482 -11,308 -20,558 -21,571
Other financial result 3,250 -1,824 3,571 -2,719
Financial result -4,828 -10,439 -14,808 -21,110
Profit/loss before tax 123,646 95,929 166,718 86,600
Income taxes -19,964 -19,724 -32,921 -27,103
Profit/loss after tax 103,682 76,205 133,797 59,497
Thereof attributable to non-controlling interests 181 56 200 -421
Thereof attributable to hybrid capital holders 3,323 3,393 6,657 6,749
Thereof attributable to equity holders of the parent company 100,178 72,756 126,940 53,169
         
Earnings per share (in EUR) 0.87 0.63 1.11 0.46
Diluted earnings per share (in EUR) 0.87 0.63 1.11 0.46

Balance Sheet

in TEUR 30/6/2019 31/12/2018
Assets    
Intangible assets and goodwill 729,823 712,719
Property, plant and equipment 1,747,505 1,575,709
Investment property 66,627 66,569
Investments in associates and joint ventures 22,788 22,100
Other financial investments and non-current receivables 31,208 30,420
Deferred tax assets 51,885 54,076
Non-current assets 2,649,836 2,461,593
     
Inventories 820,594 761,659
Trade receivables 366,577 215,838
Receivables from current taxes 13,650 4,144
Other current receivables 80,451 92,436
Securities and other financial assets 43,748 42,812
Cash and cash equivalents 99,104 163,080
Current assets 1,424,124 1,279,969
Non-current assets held for sale 0 1,348
Total assets 4,073,960 3,742,910
     
Equity and liabilities    
Issued capital 116,352 117,527
Share premium 1,058,946 1,075,422
Hybrid capital 259,576 265,969
Retained earnings 817,364 760,389
Other reserves -237,259 -230,955
Treasury stock -35,125 -49,858
Controlling interests 1,979,854 1,938,494
Non-controlling interests 572 586
Equity 1,980,426 1,939,080
     
Deferred taxes 80,349 75,021
Employee-related provisions 150,550 136,432
Other non-current provisions 81,899 83,622
Long-term financial liabilities 510,519 710,590
Other non-current liabilities 2,760 2,793
Non-current provisions and liabilities 826,077 1,008,458
     
Current provisions 38,130 51,924
Payables for current taxes 17,128 22,531
Short-term financial liabilities 614,657 126,907
Trade payables 294,958 326,890
Other current liabilities 302,584 267,120
Current provisions and liabilities 1,267,457 795,372
Total equity and liabilities 4,073,960 3,742,910

Cash Flow Statement

in TEUR 1-6/2019 1-6/2018
Profit/loss before tax 166,718 86,600
Depreciation and amortization 113,282 90,699
Impairment charges to assets and other valuation effects -2,178 12,251
Reversal of impairment charges to assets 0 -3,500
Increase/decrease in non-current provisions -4,932 -5,656
Income from investments in associates and joint ventures -691 -470
Gains/losses from the disposal of fixed and financial assets -3,891 -11,416
Interest result 19,070 18,861
Interest paid -26,540 -22,276
Interest received 408 452
Income taxes paid -45,828 -32,928
Gross cash flow 215,418 132,617
     
Increase/decrease in inventories -55,925 -49,819
Increase/decrease in trade receivables -145,306 -153,987
Increase/decrease in trade payables -35,163 -40,587
Increase/decrease in other net current assets 26,140 50,854
Cash flow from operating activities 5,164 -60,922
     
Proceeds from the sale of assets (including financial assets) 5,620 29,785
Payments made for property, plant and equipment and intangible assets -82,316 -69,490
Dividend payments from associates and joint ventures 0 3,039
Increase/decrease in securities and other financial assets -3,336 20,469
Net payments made for the acquisition of companies -33,458 -21,995
Net proceeds from the sale of companies 0 20,929
Cash flow from investing activities -113,490 -17,263
     
Cash inflows from the increase in short-term financial liabilities 330,516 215,533
Cash outflows from the repayment of short-term financial liabilities -186,194 -144,232
Cash inflows from the increase in long-term financial liabilities 658 247,451
Cash outflows from the repayment of long-term financial liabilities -205 -122
Cash outflows from the repayment of lease liabilities -19,601 0
Dividends paid by Wienerberger AG -57,291 -34,812
Hybrid coupon paid -13,645 -13,609
Buyback hybrid capital -6,907 0
Dividends paid to non-controlling interests -219 -120
Purchase of non-controlling interests 0 -30,100
Purchase of treasury stock -2,918 -22,350
Cash flow from financing activities 44,194 217,639
     
Change in cash and cash equivalents -64,132 139,454
Effects of exchange rate fluctuations on cash held 156 -158
Cash and cash equivalents at the beginning of the year 163,080 169,259
Cash and cash equivalents at the end of the period 99,104 308,555

Our reports are produced in-house using firesys