Wienerberger AG · VIE:WIE
Wienerberger — Q1 2015 Earnings Presentation
26 slides from Wienerberger's earnings presentation, 2015
Slide 1: Investor and Analyst Presentation Results Q1 2015
Investor and Analyst Presentation Results Q1 2015
Slide 2: Disclaimer
Disclaimer Cautionary note regarding forward-looking statements The information contained in this document has not been independently verified and no representation or warranty expressed or implied is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctn
Slide 3: Highlights Q1 2015
Highlights Q1 2015 ► Clear revenue and earnings increase ► Revenue development: Slight price increases to cover cost inflation Positive consolidation and foreign exchange effects Moderate volume decrease compared to mild prior year period ► Net debt increases due to seasonal build-up of workin
Slide 4: Highlights Q1 2015 by segment
Highlights Q1 2015 ► Clay Building Materials Europe Moderate increase in revenues compared to particularly mild prior year quarter | Consolidation contribution from Tondach Gleinstätten Slight earnings decrease due to expected negative earnings contribution from Tondach Gleinstätten in the first
Slide 5: Clear revenue and earnings increase
Clear revenue and earnings increase Revenue: Operating EBITDA 1): € 612.5 mn € 34.0 mn (Q1 2014: € 584.6 mn | +5%) (Q1 2014: € 28.1 mn | +21%) Net debt: Build-up Working Capital: € 841.1 mn € 182.2 mn (31/3/2014: 733.1 Mio. € | +15 %) (31/3/2014: € 150.1 mn | +21%) 1) Adjusted for non-recurring inco
Slide 6: Income statement Q1 2015
Income statement Q1 2015 in € mn 1-3/2014 1-3/2015 Chg. in % Revenues 584.6 612.5 +5 Operating EBITDA 1) 28.1 34.0 +21 Operating EBITDA margin 4.8% 5.6% - Depreciation -48.6 -52.1 -7 Operating EBIT 1) -20.5 -18.1 +11 Financial results -18.2 -13.7 +25 thereof net interest result -13.9 -10.4 +25 there
Slide 7: Revenue development Q1 2015
Revenue development Q1 2015 ► Revenues increases 650 by 5% Moderate volume decline +4% 612.5 by 2% Average selling prices 600 +2% +5% increase by 2% 584.6 +2% +2% FX-effect in € mn Tondach Gleinstätten -2% contribution +4% 550 500 Revenue Q1 Sales Volume Sales Price FX-Effect Tondach Revenue
Slide 8: EBITDA Bridge by Segment Q1 2014 vs. Q1 2015
EBITDA 1)-Bridge by Segment Q1 2014 vs. Q1 2015 40 34.0 35 +1.6 +2.6 +2.9 0.0 +21% 30 28.1 +0.2 -1.4 25 in € mn 20 15 10 5 0 EBITDA Q1 2014 CBM CBM P&P P&P North Holding & EBITDA Q1 2015 WE EE WE EE America Others 1) Adjusted for non-recurring income and expenses Note: Rounding differences may arise
Slide 9: Cash flow development
Cash flow development in € mn 1-3/2014 1-3/2015 Chg. in € mn Chg. in % Gross cash flow 18.0 32.7 +14.7 +82 Change in working capital 1) -150.1 -182.2 -32.2 -21 Normal capex -27.2 -25.3 +1.9 +7 Divestments and other -1.2 -5.1 -3.9 <-100 Free cash flow -160.4 -179.8 -19.5 -12 Growth capex 0.0 -1.6 -1.
Slide 10: Development of net debt
Development of net debt 900 +206.0 841.1 800 700 621.5 +26.8 +19.5 600 -32.7 500 in € mn 400 300 200 100 0 1) 31/12/2014 Gross cash flow Dividend / Hybrid coupon Total investments Working Capital & Others 31/3/2015 1) Including dividends paid to and other changes in non-controlling interests and div
Slide 11: Strong balance sheet
Strong balance sheet Chg. in % vs. in € mn 31/12/2014 31/3/2014 31/3/2015 31/12/2014 Equity 1) 2,046.8 2,173.0 2,070.8 +1 Net debt 621.5 733.1 841.1 +35 Equity ratio 52% 53% 52% - Gearing 30% 34% 41% - Change in net debt: ► Build-up of Working Capital in Q1 2015: € 182.2 mn 1) Including non-controll
Slide 12: Strong liquidity and balanced financing structure
Strong liquidity and balanced financing structure ► Cash 31/3/2015: € 164 mn ► Credit lines: € 400 mn thereof drawn 31/3/2015: € 185 mn thereof undrawn 31/3/2015: € 215 mn ► Term structure: 600 500 400 in € mn 300 Undrawn 200 credit lines Hybrid Hybrid Drawn 100 2007 2014 credit lines 0 2015 201
Slide 13: Wienerberger Segments
mL Wienerberger Wienerberger Segments
Slide 14: Clay Building Materials Western Europe Results 1-3/2015
Clay Building Materials Western Europe Results 1-3/2015 CBM Western Europe (in € mn) 1-3/2014 1-3/2015 Chg. in % Ext. revenues 1-3/2015 External revenues 258.0 251.9 -2 Operating EBITDA 1) 20.6 20.8 +1 Operating EBITDA margin 8.0% 8.3% - 41% Operating EBIT 1) -0.7 -0.2 +73 1) Adjusted for non-recurr
Slide 15: Clay Building Materials Eastern Europe Results 1-3/2015
Clay Building Materials Eastern Europe Results 1-3/2015 CBM Eastern Europe (in € mn) 1-3/2014 1-3/2015 Chg. in % Ext. revenues 1-3/2015 External revenues 60.8 80.5 +32 Operating EBITDA 1) 2.5 1.1 -55 Operating EBITDA margin 4.2% 1.4% - Operating EBIT 1) -7.0 -11.6 -66 13% 1) Adjusted for non-recurri
Slide 16: Pipes & Pavers Western Europe Results 1-3/2015
Pipes & Pavers Western Europe Results 1-3/2015 P&P Western Europe (in € mn) 1-3/2014 1-3/2015 Chg. in % Ext. revenues 1-3/2015 External revenues 134.4 140.8 +5 Operating EBITDA 1) 10.6 13.5 +27 Operating EBITDA margin 7.9% 9.6% - 23% Operating EBIT 1) 4.3 7.2 +68 1) Adjusted for non-recurring income
Slide 17: Pipes & Pavers Eastern Europe Results 1-3/2015
Pipes & Pavers Eastern Europe Results1-3/2015 P&P Eastern Europe (in € mn) 1-3/2014 1-3/2015 Chg. in % Ext. revenues 1-3/2015 External revenues 84.4 83.6 -1 Operating EBITDA 1) 1.0 1.0 0 14% Operating EBITDA margin 1.2% 1.2% - Operating EBIT 1) -4.3 -4.2 +2 1) Adjusted for non-recurring income and e
Slide 18: North America Results 1-3/2015
North America Results 1-3/2015 North America (in € mn) 1-3/2014 1-3/2015 Chg. in % Ext. revenues 1-3/2015 External revenues 45.1 53.5 +19 9% Operating EBITDA 1) -1.6 1.1 >100 Operating EBITDA margin -3.5% 2.0% - Operating EBIT 1) -6.9 -5.0 +28 1) Adjusted for non-recurring income and expenses ► Reco
Slide 19: Outlook 2015
mL Wienerberger Outlook 2015
Slide 20: Slight increase in housing starts in Europe | Growth in USA
Slight increase in housing starts in Europe | Growth in USA Wienerberger Management forecast: Single- and two-family housing starts 2015 Mountain Region Midwest Mid-Atlantic +7% +5% +5% +9% +1% -2% +2% +1% -2% +8% -5% -3% +3% Southeast Source: Management estimate (housing starts) -7% +5% Market grow
Slide 21: Moderate growth in RMI spendings
Moderate growth in RMI spendings ► Euroconstruct estimate: Repair, maintenance and improvement spending in residential construction in 2015 +3% +1% +3% +3% +3% 0% +3% -2% +1% +3% +1% +1% +3% Market growth (>2 %) Stable development Market decline (<-2 %) Source: Euroconstruct November 2014 (RMI spend
Slide 22: Clay Building Materials Europe: Outlook 2015
Clay Building Materials Europe: Outlook 2015 ► Stable to slightly positive development of European residential construction activity ► Moderate volume increase ► Price increases in line with cost inflation ► Implementation of measures to optimize the cost structure and improve the efficiency of inte
Slide 23: Pipes & Pavers Europe: Outlook 2015
Pipes & Pavers Europe: Outlook 2015 ► Pipelife Volume increase in Nordic markets | Currency devaluation burdens earnings | Proactive measures in the areas of procurement, production and distribution to overcome shortage of raw materials and cost increases International project business with reco
Slide 24: North America: Outlook 2015
North America: Outlook 2015 ► Bricks Continued market recovery in new residential construction of single- and two-family houses in the USA and market stabilization in Canada Positive development of demand for bricks Continuation of a challenging price environment in some regional markets ► Pla
Slide 25: Wienerberger Group: Outlook 2015
Wienerberger Group: Outlook 2015 Group-EBITDA ~ € 350 mn Tondach Contribution ~ € 8 mn consolidation effect in H1 15 (part of EBITDA-target) Real Estate Sales ~ € 10 mn EBITDA contribution (part of EBITDA-target) Price | Costs ~ 1.0% price increase | ~ 1.5% cost inflation Depreciation ~ € 220 mn Int
Slide 26: Thank you for your attention!
Wienerberger Investor Relations Wienerberger AG, A-1100 Vienna, Wienerberg City, Wienerbergstrasse 11 T +43 1 60192 10221 / F +43 1 60192 10425, investor@wienerberger.com / www.wienerberger.com Thank you for your attention!