Investor Relations

Results for the First Three Quarters of 2018

IR Team
Investor Relations
Wienerberger AG
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Highlights

Overview Q1-3/2018

  • Continued strong operational performance in all segments
  • Strategic measures to boost profitability are bearing fruit
  • Revenues up by 6% to € 2.5 billion
  • 16% rise in adjusted EBITDA to € 356 million
  • Significant increase in net profit by 33% to € 126 million

Outlook & Strategy:

  • Earnings forecast for 2018 confirmed: adjusted EBITDA of € 460-470 milliond
  • Earnings growth of € 120 million to be generated by 2020 through enhanced efficiency
  • EBITDA target for 2020 approx. € 680 million

Key Figures

Earnings Data

Earnings Data1-9/20171-9/2018Chg. in %Year-end 2017
Revenuesin MEUR2,361.02,495.2+63,119.7
EBITDA LFL 1)in MEUR307.4356.4+16-
EBITDAin MEUR315.0343.2+9415.0
Operating EBIT in MEUR174.2203.3+17194.2
Profit before taxin MEUR143.3176.2+23144.9
Net resultin MEUR94.7125.7+33123.2
Earnings per sharein EUR0.811.08+331.05
Free cash flow 2)in MEUR-24.971.2>100152.5
Normal capexin MEUR90.895.6+5147.5
Growth capexin MEUR10.591.6>10058.8
Ø Employeesin FTE16,24116,623+216,297

Balance Sheet Data

Balance Sheet Data31/12/201730/9/2018Chg. in %
Equity 3)in MEUR1,911.21,934.2+1
Net debtin MEUR566.4686.0+21
Capital employedin MEUR2,459.22,584.6+5
Total assetsin MEUR3,659.93,814.1+4
Gearingin %29.635.5-

Stock Exchange Data

Stock Exchange Data1-12/20171-9/2018Chg. in %
Share price highin EUR 22.45 24.06 +7
Share price lowin EUR 16.85 19.19 +14
Share price at end of periodin EUR 20.17 21.54 +7
Shares outstanding (weighted) 4)in 1,000116,956116,350-1
Market capitalization at end of periodin MEUR2,370.52,531.5+7

Divisions

Divisions 1-9/2018 in MEURCBM EuropePipes & Pavers EuropeNorth AmericaHolding & OthersReconciliation
External revenues1,433.8819.4235.06.1
Inter-company revenues1.30.10.011.9-12.3
Revenues1,435.1819.5235.017.9-12.3
EBITDA268.459.134.4-18.7
Operating EBIT 186.022.115.9-20.7
Total investments120.946.48.411.5
Capital employed1,586.6607.4385.45.2
Ø Employees (in FTE)10,8084,2051,386224

Operating Segments

CBME

Clay Building Materials Europe1-9/20171-9/2018Chg. in %
External revenuesin MEUR1,344.41,433.8+7
EBITDAin MEUR242.2268.4+11
Operating EBIT in MEUR156.2186.0+19
Total investmentsin MEUR56.0120.9>100
Capital employedin MEUR1,581.61,586.60
Ø Employeesin FTE10,51310,808+3
Clay Building Materials Western Europe1-9/20171-9/2018Chg. in %
External revenuesin MEUR923.8947.7+3
EBITDAin MEUR144.4150.3+4
Operating EBIT in MEUR92.2101.4+10
Total investmentsin MEUR32.364.9>100
Capital employedin MEUR1,103.11,119.6+2
Ø Employeesin FTE6,0756,271+3
Sales volumes clay blocksin mill. NF1,5431,556+1
Sales volumes facing bricksin mill. WF1,1101,165+5
Sales volumes roof tilesin mill. m²17.0516.19-5
Clay Building Materials Eastern Europe1-9/20171-9/2018Chg. in %
External revenuesin MEUR420.7486.0+16
EBITDAin MEUR97.8118.1+21
Operating EBIT in MEUR64.084.6+32
Total investmentsin MEUR23.856.0>100
Capital employedin MEUR478.5467.0-2
Ø Employeesin FTE4,4384,537+2
Sales volumes clay blocksin mill. NF2,7873,059+10
Sales volumes roof tilesin mill. m²13.6113.89+2

Pipes & Pavers

Pipes & Pavers Europe1-9/20171-9/2018Chg. in %
External revenuesin MEUR775.4819.4+6
EBITDAin MEUR66.259.1-11
Operating EBIT in MEUR31.522.1-30
Total investmentsin MEUR35.246.4+32
Capital employedin MEUR639.4607.4-5
Ø Employeesin FTE4,2244,2050
Pipes & Pavers Western Europe1-9/20171-9/2018Chg. in %
External revenuesin MEUR435.4458.4+5
EBITDAin MEUR34.322.1-36
Operating EBIT in MEUR16.3-0.2<-100
Total investmentsin MEUR21.123.3+11
Capital employedin MEUR342.0337.3-1
Ø Employeesin FTE1,8841,907+1
Pipes & Pavers Eastern Europe1-9/20171-9/2018Chg. in %
External revenuesin MEUR340.0361.0+6
EBITDAin MEUR31.937.0+16
Operating EBIT in MEUR15.122.2+47
Total investmentsin MEUR14.123.1+64
Capital employedin MEUR297.5270.1-9
Ø Employeesin FTE2,3402,298-2

North America

North America1-9/20171-9/2018Chg. in %
External revenuesin MEUR234.0235.00
EBITDAin MEUR21.434.4+61
Operating EBIT in MEUR3.615.9>100
Total investmentsin MEUR8.28.4+3
Capital employedin MEUR316.8385.4+22
Ø Employeesin FTE1,2951,386+7
Sales volumes facing bricksin mill. WF330406+23

Holding & Others

Holding & Others1-9/20171-9/2018Chg. in %
External revenuesin MEUR6.46.1-5
EBITDAin MEUR-14.9-18.7-26
Operating EBIT in MEUR-17.1-20.7-21
Total investmentsin MEUR1.911.5>100
Capital employedin MEUR1.95.2>100
Ø Employeesin FTE209224+7

Group Accounts

Income Statement

in TEUR7-9/20187-9/20171-9/20181-9/2017
Revenues888,321832,3142,495,1952,360,989
Cost of goods sold-568,047-548,430-1,624,083-1,583,286
Gross profit320,274283,884871,112777,703
Selling expenses-162,572-150,992-476,223-447,939
Administrative expenses-52,173-50,253-157,905-148,556
Other operating income:
Reversal of impairment charges to assets571,3393,557327
Other5,9767,66927,65328,100
Other operating expenses:
Impairment charges to goodwill000-6,339
Other-12,409-12,392-61,331-35,133
Operating profit/loss (EBIT)99,15379,255206,863168,163
Income from investments in associates and joint ventures1,1412,0431,6113,227
Interest and similar income8161,4423,5264,340
Interest and similar expenses-10,519-10,549-32,090-31,092
Other financial result-1,007-1,008-3,726-1,345
Financial result-9,569-8,072-30,679-24,870
Profit/loss before tax89,58471,183176,184143,293
Income taxes-13,523-13,191-40,626-35,957
Profit/loss after tax76,06157,992135,558107,336
Thereof attributable to non-controlling interests1241,489-2971,983
Thereof attributable to hybrid capital holders3,4303,43110,17910,627
Thereof attributable to equity holders of the parent company72,50753,072125,67694,726
Earnings per share (in EUR)0.620.451.080.81
Diluted earnings per share (in EUR)0.620.451.080.81

Balance Sheet

in TEUR30/9/201831/12/2017
Assets
Intangible assets and goodwill700,144690,897
Property, plant and equipment1,515,9371,521,572
Investment property70,09565,918
Investments in associates and joint ventures21,93411,371
Other financial investments and non-current receivables23,20916,708
Deferred tax assets42,13844,049
Non-current assets2,373,4572,350,515
Inventories764,429741,597
Trade receivables351,508214,277
Receivables from current taxes10,4712,297
Other current receivables82,53398,934
Securities and other financial assets60,01779,008
Cash and cash equivalents170,667169,259
Current assets1,439,6251,305,372
Non-current assets held for sale1,0443,977
Total assets3,814,1263,659,864
Equity and liabilities
Issued capital117,527117,527
Share premium1,075,4221,086,017
Hybrid capital265,985265,985
Retained earnings766,683674,923
Other reserves-261,144-251,842
Treasury stock-30,760-4,862
Controlling interests1,933,7131,887,748
Non-controlling interests52623,491
Equity1,934,2391,911,239
Deferred taxes73,13571,630
Employee-related provisions152,900154,992
Other non-current provisions79,27976,453
Long-term financial liabilities713,852493,948
Other non-current liabilities4,8896,023
Non-current provisions and liabilities1,024,055803,046
Current provisions41,87139,114
Payables for current taxes14,51511,399
Short-term financial liabilities202,831320,724
Trade payables265,958321,533
Other current liabilities330,657252,809
Current provisions and liabilities855,832945,579
Total equity and liabilities3,814,1263,659,864

Cash Flow Statement

in TEUR1-9/20181-9/2017
Profit/loss before tax176,184143,293
Depreciation and amortization135,791138,370
Impairment charges to goodwill06,339
Impairment charges to assets and other valuation effects9,642-1,551
Reversal of impairment charges to assets-3,5570
Increase/decrease in non-current provisions-6,380-2,222
Income from investments in associates and joint ventures-1,611-3,227
Gains/losses from the disposal of fixed and financial assets-13,198-9,780
Interest result28,56426,752
Interest paid-33,979-33,410
Interest received3,1463,355
Income taxes paid-43,184-40,371
Gross cash flow251,418227,548
Increase/decrease in inventories-26,935-43,478
Increase/decrease in trade receivables-138,693-143,155
Increase/decrease in trade payables-58,564-37,617
Increase/decrease in other net current assets78,99240,837
Cash flow from operating activities106,21844,135
Proceeds from the sale of assets (including financial assets)32,42318,924
Payments made for property, plant and equipment and intangible assets-112,023-91,218
Payments made for investments in financial assets-6,0000
Dividend payments from associates and joint ventures3,0396,596
Increase/decrease in securities and other financial assets4,251-3,821
Net payments made for the acquisition of companies-39,118-10,057
Net proceeds from the sale of companies20,8820
Cash flow from investing activities-96,546-79,576
Cash inflows from the increase in short-term financial liabilities223,389637,052
Cash outflows from the repayment of short-term financial liabilities-374,179-835,677
Cash inflows from the increase in long-term financial liabilities247,575210,899
Cash outflows from the repayment of long-term financial liabilities-232-84
Dividends paid by Wienerberger AG-34,812-31,578
Hybrid coupon paid-13,609-29,898
Dividends paid to non-controlling interests-120-79
Purchase of non-controlling interests-30,1000
Purchase of treasury stock-25,8980
Cash flow from financing activities-7,986-49,365
Change in cash and cash equivalents1,686-84,806
Effects of exchange rate fluctuations on cash held-278-1,019
Cash and cash equivalents at the beginning of the year169,259197,016
Cash and cash equivalents at the end of the period170,667111,191
Our reports are produced in-house using firesys