Wienerberger AG · VIE:WIE
Wienerberger — Q1 2017 Earnings Presentation
25 slides from Wienerberger's earnings presentation, Oct 5, 2017
Slide 1: Investor and Analyst Presentation Results Q1 2017
Investor and Analyst Presentation Results Q1 2017
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: Significant increase in revenues and earnings in Q1 2017
Significant increase in revenues and earnings in Q1 2017 Revenues: EBITDA: € 659.6 mn € 46.1 mn (Q1 2016: € 610.8 mn | +8%) (Q1 2016: € 40.1 mn | +15%) LFL 1): +8% LFL 2): +22% Net debt: Gross cash flow: € 863.0 mn € 30.8 mn (31/3/2016: € 786.1 mn | +10%) (Q1 2016: € 32.4 mn | -5%) 1) Adjusted for e
Slide 4: Development in our Divisions
Development in our Divisions ► Clay Building Materials Europe Significantly higher volumes across all product groups at nearly stable average prices ► Pipes & Pavers Europe Earnings decline despite moderate growth in revenues > Continuation of healthy market environment in Nordic core markets an
Slide 5: Organic EBITDA development
Organic EBITDA development 60 +2.0 48.1 50 46.1 40.1 39.4 40 -0.7 in € mn 30 20 10 0 EBITDA Q1 2016 Adjustments 1) EBITDA Q1 2016 EBITDA Q1 2017 Adjustments 2) EBITDA Q1 2017 reported basis reported LFL 1) Effects from the sale of non-core assets and portfolio optimization 2) Effects from consolidat
Slide 6: Income statement Q1 2017
Income statement Q1 2017 in € mn 1-3/2016 1-3/2017 Chg. in % Revenues 610.8 659.6 +8 EBITDA 40.1 46.1 +15 Depreciation and amortization -47.5 -47.5 0 Operating EBIT -7.4 -1.4 +81 Impairment charges / Reversal of impairment charges 0.0 -1.3 -100 EBIT -7.4 -2.6 +64 Financial result -8.4 -8.1 +4 Profit
Slide 7: Cash flow development
Cash flow development in € mn 1-3/2016 1-3/2017 Chg. in € mn Chg. in % Gross cash flow 32.4 30.8 -1.6 -5 Change in working capital 1) -209.7 -225.6 -15.9 -8 Normal capex -27.2 -28.5 -1.3 -5 Divestment and other -6.6 3.6 +10.1 >100 Free cash flow -211.1 -219.7 -8.7 -4 Growth capex -12.5 0.0 +12.5 +10
Slide 8: Development of net debt
Development of net debt 1.000 +203.8 863.0 900 800 700 +28.5 631.6 +29.9 600 in € mn -30.8 500 400 300 200 100 0 31/12/2016 Gross cash flow Dividend / hybrid coupon Total investments Working Capital & 31/3/2017 Others Note: Rounding differences may arise from automatic processing of data 8
Slide 9: Strong balance sheet ratios
Strong balance sheet ratios Chg. in % vs. in € mn 31/3/2016 31/12/2016 31/3/2017 31/12/2016 Equity 1) 1,980.9 1,849.0 1,825.7 -1 Equity ratio 53% 51% 49% - Net debt 786.1 631.6 863.0 +37 Gearing 40% 34% 47% - ► Change in net debt: Seasonal build-up of working capital in Q1 2017: € 225.6 mn Utili
Slide 10: Strong liquidity and balanced financing structure
Strong liquidity and balanced financing structure ► Cash 31/3/2017: € 163 mn ► Credit lines: € 400 mn Thereof drawn 31/3/2017: € 331 mn │ Thereof undrawn 31/3/2017: € 69 mn ► Term structure: 400 300 in € mn Undrawn Drawn 200 credit lines credit lines First-Call Date Hybrid 2014 100 0 2017 2018 201
Slide 11: Segments at a glance
wienerberger Segments at a glance
Slide 12: Results by Segment
Results by Segment Revenues: € 659.6 mn | +8% EBITDA: € 46.1 mn | +15% Clay Building Pipes & Pavers North Holding Materials Europe Europe America & Others +7% +23% +16% >100% +1% -54% +8% +76% +18% +68% 350 300 272 250 200 in € mn 150 133 100 100 78 74 50 29 12 7 4 2 0 0 -6 -50 CBM Western CBM Easte
Slide 13: Clay Building Materials Western Europe Results 1-3/2017
Clay Building Materials Western Europe Results 1-3/2017 CBM Western Europe (in € mn) 1-3/2016 1-3/2017 Chg. in % External revenues 1-3/2017 External revenues 255.0 271.9 +7 EBITDA 23.6 29.0 +23 41% EBITDA margin 9.3% 10.7% - ► Growth in volumes across all product groups ► Increasing demand leads to
Slide 14: Clay Building Materials Eastern Europe Results 1-3/2017
Clay Building Materials Eastern Europe Results 1-3/2017 CBM Eastern Europe (in € mn) 1-3/2016 1-3/2017 Chg. in % External revenues 1-3/2017 External revenues 86.8 100.3 +16 EBITDA 5.9 12.2 >100 EBITDA margin 6.8% 12.1% - 15% ► Continuation of positive market and business development in almost all co
Slide 15: Pipes & Pavers Western Europe Results 1-3/2017
Pipes & Pavers Western Europe Results 1-3/2017 P&P Western Europe (in € mn) 1-3/2016 1-3/2017 Chg. in % External revenues 1-3/2017 External revenues 131.1 132.9 +1 EBITDA 14.8 6.9 -54 20% EBITDA margin 11.3% 5.2% - ► Plastic pipes: Healthy market environment and earnings growth in Nordic core mark
Slide 16: Pipes & Pavers Eastern Europe Results 1-3/2017
Pipes & Pavers Eastern Europe Results 1-3/2017 P&P Eastern Europe (in € mn) 1-3/2016 1-3/2017 Chg. in % External revenues 1-3/2017 External revenues 72.1 77.6 +8 EBITDA -0.9 -0.2 +76 12% EBITDA margin -1.2% -0.3% - ► Slight upturn in tendering activity for EU-subsidised infrastructure projects in th
Slide 17: North America Results 1-3/2017
North America Results 1-3/2017 North America (in € mn) 1-3/2016 1-3/2017 Chg. in % External revenues 1-3/2017 External revenues 63.2 74.3 +18 11% EBITDA 2.3 3.8 +68 EBITDA margin 3.6% 5.2% - ► Increase in new construction of single- and two-family-homes in the USA │ Significant growth in revenues an
Slide 18: Outlook 2017
wienerberger Outlook 2017
Slide 19: Growth in time of high volatility
Growth in time of high volatility ► Political and economic uncertainties determine the market environment Interest rate and FX rate fluctuations BREXIT and its impacts on UK and continental Europe Public investments in new construction and infrastructure Elections in Germany and Great Britai
Slide 20: Outlook 2017 Clay Building Materials Europe
Outlook 2017 Clay Building Materials Europe ► Slight growth in new construction and investment restraint in renovation in Western Europe Increase in new housing construction in France and Germany Construction activity slightly above level of previous year in UK Slowdown of market growth in NL
Slide 21: Outlook 2017 Pipes & Pavers Europe
Outlook 2017 Pipes & Pavers Europe ► Plastic pipes Healthy market environment in Western Europe Slight recovery of public-sector demand in Eastern Europe Stable development in the international project business possible ► Ceramic pipes Slight market increase in Europe ► Concrete pavers Mod
Slide 22: Outlook 2017 North America
Outlook 2017 North America ► Continuation of positive trends in the one- and two-family home segment ► Challenging price environment in certain regions in our brick and plastic pipe business Note: Estimates refer to developments in our relevant new construction and renovation markets for the facing
Slide 23: Significant EBITDA growth in 2017
Significant EBITDA growth in 2017 ► Organic development includes EBITDA development Increase in sales volumes and prices Savings from Operational Excellence of ~ € 10 mn 440 ► Not included are impacts from 430 420 415 Foreign exchange effects 410 Consolidation in € mn 400 Sale of non-core
Slide 24: Outlook 2017
Outlook 2017 EBITDA LFL € 415 mn │ +9% Depreciation and amortization ~ € 190 mn Net interest result ~ € -35 mn Working Capital in % of revenues at year-end ~ 20% Normal capex ~ € 145 mn Growth capex ~ € 25 mn 24
Slide 25: 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!