Investor Relations

Results for the First Quarter of 2019

IR Team
Investor Relations
Wienerberger AG
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Highlights


Strongest opening quarter in the company's history
  • Strong operational performance through consistent implementation of value-creating growth strategy
  • 15% increase in revenues to record level of € 776.8 million
  • Adjusted EBITDA at all-time Q1 high of € 109.0 million (+89%)
  • Fast Forward 2020 program fully on track
 

Outlook for 2019

  • Forecast for adjusted EBITDA confirmed at € 560-580 million

Key Figures

Earnings Data

Earnings Data1-3/20191-3/2018Chg. in %Year-end 2018
Revenuesin MEUR776.8675.1+153,305.1
EBITDA LFL 1)in MEUR109.057.7+89-
EBITDAin MEUR109.844.1>100442.6
EBITin MEUR53.11.3>100239.8
Profit before taxin MEUR43.1-9.3>100195.3
Net resultin MEUR26.8-19.6>100133.5
Earnings per sharein EUR0.23-0.17>1001.15
Free cash flow 2)in MEUR-186.6-200.9+7236.5
Normal capexin MEUR31.329.3+7166.3
Growth capex 3)in MEUR7.332.4-78158.9
Ø Employeesin FTE16,70616,609+116,596

Balance Sheet Data

Balance Sheet Data31/3/201931/12/2018Chg. in %
Equity 4)in MEUR1,954.91,939.1+1
Net debtin MEUR1,019.4631.6+61
Capital employedin MEUR2,941.22,536.7+16
Total assetsin MEUR4,034.53,742.9+8
Gearingin %52.132.6-

Stock Exchange Data

Stock Exchange Data1-3/20191-12/2018Chg. in %
Share price highin EUR21.2024.06-12
Share price lowin EUR18.1017.57+3
Share price at end of periodin EUR18.9318.00+5
Shares outstanding (weighted) 5)in 1,000114,590116,154-1
Market capitalization at end of periodin MEUR2,202.52,115.5+4

Business Units

Business Units 1-3/2019 in MEURWBSWPSNorth AmericaGroup eliminationsWB Group
External revenues476.6224.075.9776.5
Inter-company revenues0.30.00.00.00.2
Revenues476.9224.075.90.0776.8
EBITDA LFL 1)85.717.75.6109.0
EBITDA85.617.46.8109.8
EBIT48.35.2-0.453.1
Capital employed1,910.7591.1439.32,941.2
Total investments28.76.53.338.5
Ø Employees (in FTE)11,9823,2641,46016,706

Operating Segments

Wienerberger Building Solutions

WBS1-3/20191-3/2018Chg. in %
External revenuesin MEUR476.6403.4+18
EBITDA LFL 1)in MEUR85.742.5>100
EBITDAin MEUR85.640.9>100
EBITin MEUR48.312.2>100
Capital employedin MEUR1,910.71,782.0+7
Total investmentsin MEUR28.752.0-45
Ø Employeesin FTE11,98211,9510

Wienerberger Piping Solutions

WPS1-3/20191-3/2018Chg. in %
External revenuesin MEUR224.0206.1+9
EBITDA LFL 1)in MEUR17.78.4>100
EBITDAin MEUR17.4-5.9>100
EBITin MEUR5.2-14.2>100
Capital employedin MEUR591.1511.4+16
Total investmentsin MEUR6.58.0-18
Ø Employeesin FTE3,2643,2680

North America

North America1-3/20191-3/2018Chg. in %
External revenuesin MEUR75.965.3+16
EBITDA LFL 1)in MEUR5.66.9-19
EBITDAin MEUR6.89.1-25
EBITin MEUR-0.43.3<-100
Capital employedin MEUR439.3368.9+19
Total investmentsin MEUR3.31.8+86
Ø Employeesin FTE1,4601,390+5

Group Accounts

Income Statement

in TEUR1-3/20191-3/2018
Revenues776,750675,059
Cost of goods sold-505,910-461,458
Gross profit270,840213,601
Selling expenses-153,338-143,743
Administrative expenses-57,939-52,699
Other operating income:
Reversal of impairment charges to assets03,214
Other3,78710,281
Other operating expenses:
Other-10,298-29,312
Operating profit/loss (EBIT)53,0521,342
Income from investments in associates and joint ventures-938-853
Interest and similar income7131,340
Interest and similar expenses-10,076-10,263
Other financial result321-895
Financial result-9,980-10,671
Profit/loss before tax43,072-9,329
Income taxes-12,957-7,379
Profit/loss after tax30,115-16,708
Thereof attributable to non-controlling interests19-477
Thereof attributable to hybrid capital holders3,3343,356
Thereof attributable to equity holders of the parent company26,762-19,587
Earnings per share (in EUR)0.23-0.17

Balance Sheet

in TEUR31/3/201931/12/2018
Assets
Intangible assets and goodwill716,089712,719
Property, plant and equipment1,735,5411,575,709
Investment property66,29966,569
Investments in associates and joint ventures21,14322,100
Other financial investments and non-current receivables30,42130,420
Deferred tax assets53,36654,076
Non-current assets2,622,8592,461,593
Inventories818,729761,659
Trade receivables330,486215,838
Receivables from current taxes12,0924,144
Other current receivables89,86292,436
Securities and other financial assets41,37342,812
Cash and cash equivalents117,703163,080
Current assets1,410,2451,279,969
Non-current assets held for sale1,3831,348
Total assets4,034,4873,742,910
Equity and liabilities
Issued capital116,351117,527
Share premium1,058,9461,075,422
Hybrid capital260,926265,969
Retained earnings 771,360760,389
Other reserves-218,193-230,955
Treasury stock-35,125-49,858
Controlling interests1,954,2651,938,494
Non-controlling interests604586
Equity1,954,8691,939,080
Deferred taxes74,46975,021
Employee-related provisions137,315136,432
Other non-current provisions81,24583,622
Long-term financial liabilities809,246710,590
Other non-current liabilities2,7762,793
Non-current provisions and liabilities1,105,0511,008,458
Current provisions43,82951,924
Payables for current taxes20,68522,531
Short-term financial liabilities369,192126,907
Trade payables287,377326,890
Other current liabilities253,484267,120
Current provisions and liabilities974,567795,372
Total equity and liabilities4,034,4873,742,910

Cash Flow Statement

in TEUR1-3/20191-3/2018
Profit/loss before tax43,072-9,329
Depreciation and amortization56,23145,511
Impairment charges to assets and other valuation effects3,2563,281
Reversal of impairment charges to assets0-3,214
Increase/decrease in non-current provisions-3,631-1,776
Income from investments in associates and joint ventures938853
Gains/losses from the disposal of fixed and financial assets-709-5,867
Interest result9,3638,923
Interest paid-4,449-4,160
Interest received332146
Income taxes paid-20,813-17,347
Gross cash flow83,59017,021
Increase/decrease in inventories-55,853-68,207
Increase/decrease in trade receivables-112,921-90,191
Increase/decrease in trade payables-41,299-65,967
Increase/decrease in other net current assets-18,909-4,852
Cash flow from operating activities-145,392-212,196
Proceeds from the sale of assets (including financial assets)2,94823,938
Payments made for property, plant and equipment and intangible assets-37,512-29,481
Dividend payments from associates and joint ventures13,039
Increase/decrease in securities and other financial assets-2,99413,575
Net payments made for the acquisition of companies-1,000-2,142
Cash flow from investing activities-38,5578,929
Cash inflows from the increase in short-term financial liabilities242,087192,949
Cash outflows from the repayment of short-term financial liabilities-72,948-36,305
Cash inflows from the increase in long-term financial liabilities336210
Cash outflows from the repayment of long-term financial liabilities-102-65
Cash outflows from the repayment of lease liabilities-9,8650
Hybrid coupon paid-13,622-13,609
Buyback hybrid capital-5,3170
Purchase of non-controlling interests0-30,100
Purchase of treasury stock-2,918-5,436
Cash flow from financing activities137,651107,644
Change in cash and cash equivalents-46,298-95,623
Effects of exchange rate fluctuations on cash held921-32
Cash and cash equivalents at the beginning of the year163,080169,259
Cash and cash equivalents at the end of the year117,70373,604
Our reports are produced in-house using firesys