Investor Relations

Results for 2018

IR Team
Investor Relations
Wienerberger AG
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Highlights

Wienerberger reports strong growth in 2018

  • Excellent progression across all Divisions
  • Revenues up by 6% to all-time record of € 3.3 billion
  • Like-for-like EBITDA increased by 15% to approx. € 470 million
  • Strong operational performance due to consistent implementation of corporate strategy
  • Dividend proposal for 2018: +70% to € 0.50 per share

Outlook for 2019

  • Stable to slightly growing new residential housing and infrastructure markets
  • Significant contributions to earnings from Fast Forward 2020 program are anticipated (€ 40 million)
  • Target for 2019: Increase in like-for-like EBITDA to € 560-580 million,
  • The 2019 target includes the first-time application of IFRS 16 accounting standards with positive impact of approx. € 41 million to EBITDA

Key Figures

Earnings Data

Earnings Data201620172018Chg. in %
Revenuesin MEUR2,973.83,119.73,305.1+6
EBITDA LFL 1)in MEUR382.3406.5469.3+15
EBITDAin MEUR404.3415.0442.6+7
Operating EBIT in MEUR197.7194.2248.2+28
EBITin MEUR190.6178.7239.8+34
Profit before taxin MEUR158.5144.9195.3+35
Net resultin MEUR82.0123.2133.5+8
Free cash flow 2)in MEUR246.5152.5236.5+55
Normal capexin MEUR137.3147.5166.3+13
Growth capex 3)in MEUR43.858.8158.9>100
ROCEin %5.87.37.5-
Ø Employeesin FTE15,99016,29716,596+2

Balance Sheet Data

Balance Sheet Data201620172018Chg. in %
Equity 4)in MEUR1,849.01,911.21,939.1+1
Net debtin MEUR631.6566.4631.6+12
Capital employedin MEUR2,460.02,459.22,536.7+3
Total assetsin MEUR3,637.23,659.93,742.9+2
Gearingin %34.229.632.6-

Stock Exchange Data

Stock Exchange Data201620172018Chg. in %
Earnings per sharein EUR0.701.051.15+9
Adjusted earnings per sharein EUR0.761.191.23+4
Dividend per sharein EUR0.270.300.50+67
Share price at year-endin EUR16.5020.1718.00-11
Shares outstanding (weighted) 5)in 1,000116,956116,956116,154-1
Market capitalization at year-endin MEUR1,938.62,370.52,115.5-11

Divisions

Divisions 2018 in MEUR CBM EuropePipes & Pavers EuropeNorth AmericaHolding & OthersReconciliation
External revenues1,918.81,070.1306.88.3
Inter-company revenues1.60.10.016.9-17.5
Revenues1,920.41,070.2306.825.2-17.5
EBITDA357.678.243.2-36.3
Operating EBIT 240.429.418.1-39.7
Total investments190.773.542.418.5
Capital employed1,555.7568.6411.80.6
Ø Employees10,8084,1821,380226

Operating Segments

CBME

Clay Building Materials Europe20172018Chg. in %
External revenuesin MEUR1,787.01,918.8+7
EBITDAin MEUR324.3357.6+10
Operating EBIT in MEUR185.0240.4+30
Total investmentsin MEUR96.1190.7+98
Capital employedin MEUR1,523.41,555.7+2
Ø Employeesin FTE10,57210,808+2
Clay Building Materials Western Europe20172018Chg. in %
External revenuesin MEUR1,224.11,272.4+4
EBITDAin MEUR187.0190.5+2
Operating EBIT in MEUR95.0121.4+28
Total investmentsin MEUR57.7113.7+97
Capital employedin MEUR1,051.71,101.3+5
Ø Employeesin FTE6,1216,262+2
Sales volumes clay blocksin mill. NF2,0422,074+2
Sales volumes facing bricksin mill. WF1,4761,547+5
Sales volumes roof tilesin mill. m²22.6522.00-3
Clay Building Materials Eastern Europe20172018Chg. in %
External revenuesin MEUR562.9646.4+15
EBITDAin MEUR137.3167.1+22
Operating EBIT in MEUR90.0119.1+32
Total investmentsin MEUR38.477.0>100
Capital employedin MEUR471.7454.4-4
Ø Employeesin FTE4,4514,546+2
Sales volumes clay blocksin mill. NF3,6983,974+7
Sales volumes roof tilesin mill. m²18.6218.73+1

Pipes & Pavers

Pipes & Pavers Europe20172018Chg. in %
External revenuesin MEUR1,014.21,070.1+6
EBITDAin MEUR69.778.2+12
Operating EBIT in MEUR20.129.4+46
Total investmentsin MEUR57.973.5+27
Capital employedin MEUR563.4568.6+1
Ø Employeesin FTE4,2104,182-1
Pipes & Pavers Western Europe20172018Chg. in %
External revenuesin MEUR574.2603.6+5
EBITDAin MEUR31.834.2+8
Operating EBIT in MEUR4.75.2+12
Total investmentsin MEUR36.839.9+9
Capital employedin MEUR301.0317.5+5
Ø Employeesin FTE1,8841,8920
Pipes & Pavers Eastern Europe20172018Chg. in %
External revenuesin MEUR440.0466.5+6
EBITDAin MEUR37.943.9+16
Operating EBIT in MEUR15.424.2+57
Total investmentsin MEUR21.233.6+59
Capital employedin MEUR262.4251.1-4
Ø Employeesin FTE2,3262,290-2

North America

North America20172018Chg. in %
External revenuesin MEUR308.7306.8-1
EBITDAin MEUR32.043.2+35
Operating EBIT in MEUR3.018.1>100
Total investmentsin MEUR43.942.4-4
Capital employedin MEUR364.9411.8+13
Ø Employeesin FTE1,3051,380+6
Sales volumes facing bricksin mill. WF454534+18

Holding & Others

Holding & Others20172018Chg. in %
External revenuesin MEUR8.68.3-3
EBITDAin MEUR-11.1-36.3<-100
Operating EBIT in MEUR-13.9-39.7<-100
Total investmentsin MEUR8.318.5>100
Capital employedin MEUR7.50.6-92
Ø Employeesin FTE210226+8

Group Accounts

Income Statement

in TEUR20182017
Revenues3,305,0793,119,707
Cost of goods sold-2,146,319-2,093,708
Gross profit1,158,7601,025,999
Selling expenses-637,162-595,562
Administrative expenses-217,559-203,322
Other operating income:
Reversal of impairment charges to assets4,2971,055
Other54,16459,390
Other operating expenses:
Impairment charges to assets-12,727-10,226
Impairment charges to goodwill0-6,339
Other-109,965-92,323
Operating profit/loss (EBIT)239,808178,672
Income from investments in associates and joint ventures1,7014,209
Interest and similar income4,4095,952
Interest and similar expenses-43,671-42,103
Other financial result-6,902-1,852
Financial result-44,463-33,794
Profit/loss before tax195,345144,878
Income taxes-48,475-4,244
Profit/loss after tax146,870140,634
Thereof attributable to non-controlling interests-2373,402
Thereof attributable to hybrid capital holders13,60914,057
Thereof attributable to equity holders of the parent company133,498123,175
Earnings per share (in EUR)1.151.05
Diluted earnings per share (in EUR)1.151.05

Balance Sheet

in TEUR31/12/201831/12/2017 1)
Assets
Intangible assets and goodwill712,719690,897
Property, plant and equipment1,575,7091,521,572
Investment property66,56965,918
Investments in associates and joint ventures22,10011,371
Other financial investments and non-current receivables30,42016,708
Deferred tax assets54,07644,049
Non-current assets2,461,5932,350,515
Inventories761,659741,597
Trade receivables215,838214,277
Receivables from current taxes4,1442,297
Other current receivables92,43698,934
Securities and other financial assets42,81279,008
Cash and cash equivalents163,080169,259
Current assets1,279,9691,305,372
Non-current assets held for sale1,3483,977
Total assets3,742,9103,659,864
Equity and liabilities
Issued capital117,527117,527
Share premium1,075,4221,086,017
Hybrid capital265,969265,985
Retained earnings 1)760,389657,377
Other reserves 1)-230,955-234,296
Treasury stock-49,858-4,862
Controlling interests1,938,4941,887,748
Non-controlling interests58623,491
Equity1,939,0801,911,239
Deferred taxes75,02171,630
Employee-related provisions136,432154,992
Other non-current provisions83,62276,453
Long-term financial liabilities710,590493,948
Other non-current liabilities2,7936,023
Non-current provisions and liabilities1,008,458803,046
Current provisions51,92439,114
Payables for current taxes22,53111,399
Short-term financial liabilities126,907320,724
Trade payables326,890321,533
Other current liabilities267,120252,809
Current provisions and liabilities795,372945,579
Total equity and liabilities3,742,9103,659,864

Cash Flow Statement

in TEUR20182017
Profit/loss before tax195,345144,878
Depreciation and amortization186,465189,605
Impairment charges to goodwill06,339
Impairment charges to assets and other valuation effects32,74147,091
Reversal of impairment charges to assets-4,297-1,055
Increase/decrease in non-current provisions-13,409-8,213
Income from investments in associates and joint ventures-1,701-4,209
Gains/losses from the disposal of fixed and financial assets-26,314-25,343
Interest result39,26236,151
Interest paid-38,257-38,473
Interest received4,3214,591
Income taxes paid-47,609-48,923
Gross cash flow326,547302,439
Increase/decrease in inventories-23,223-39,987
Increase/decrease in trade receivables2,713-17,112
Increase/decrease in trade payables2,17116,374
Increase/decrease in other net current assets11,21710,620
Cash flow from operating activities319,425272,334
Proceeds from the sale of assets (including financial assets)43,84728,799
Payments made for property, plant and equipment and intangible assets-215,847-163,186
Payments made for investments in financial assets-6,0780
Dividend payments from associates and joint ventures3,0396,597
Increase/decrease in securities and other financial assets15,578-7,800
Net payments made for the acquisition of companies-73,088-43,128
Net proceeds from the sale of companies20,8820
Cash flow from investing activities-211,667-178,718
Cash inflows from the increase in short-term financial liabilities235,323721,738
Cash outflows from the repayment of short-term financial liabilities-473,586-984,369
Cash inflows from the increase in long-term financial liabilities248,851210,929
Cash outflows from the repayment of long-term financial liabilities-646-6,939
Dividends paid by Wienerberger AG-34,812-31,578
Hybrid coupon paid-13,609-29,898
Dividends paid to non-controlling interests-120-79
Buyback hybrid capital-160
Purchase of non-controlling interests-30,1000
Purchase of treasury stock-44,9960
Cash flow from financing activities-113,711-120,196
Change in cash and cash equivalents-5,953-26,580
Effects of exchange rate fluctuations on cash held-226-1,177
Cash and cash equivalents at the beginning of the year169,259197,016
Cash and cash equivalents at the end of the year163,080169,259
Our reports are produced in-house using firesys