- Group revenues +21% to € 1,227.3 million for first six months,
EBITDA +30% to € 256.6 million, adjusted earnings per share +44% to € 1.57
- Managing Board revises outlook upward to a minimum increase of 15% in earnings for the full year
Vienna, July 30, 2007 - Wienerberger AG is announcing preliminary results for the first six months of 2007 based on monthly reporting because of the unusually high growth in revenues and earnings, which significantly exceeds the current expectations of the capital market. Group revenues increased 21% during the first six months to € 1,227.3 million, EBITDA 30% to € 256.6 million and EBIT 43% to € 166.6 million. The driver for this development was the favorable weather during the first quarter combined with steady and strong construction activity in large parts of Europe, especially in Central-East Europe. In spite of the slump in US housing and disappointing progress on the new residential construction market in Germany, Wienerberger also recorded two-digit growth rates during the second quarter of 2007 as a result of substantially higher sales volumes in Central-East Europe and North-West Europe as well as an increase in prices.
+44% increase in adjusted earnings per share to € 1.57
"Strong operating results and non-recurring income of roughly € 10 million from the sale of securities during the first quarter also led to an increase of 73% in profit after tax to € 140.1 million and a plus of 56% in earnings per share to € 1.70 (adjusted +44% to € 1.57)", commented Wolfgang Reithofer on the outstanding earnings situation. "These figures confirm the strength of our geographic portfolio and the success of our growth course", emphasized the Chief Executive Officer. The final results, including the balance sheet and cash flow statement as well as the report on the first six months, will be announced as planned at a press conference on August 21, 2007.
Earnings target for full year adjusted upward
"I expect a continuation of this positive earnings trend during the remainder of the year, even though growth rates will not reach the levels of the first six months. Demand should remain sound across most of Europe, but there are still no signs of recovery on the residential construction markets in the USA and Germany at this time", explained Reithofer. "Based on our excellent results for the first two quarters and the optimistic outlook for the second half year - above all in Central-East Europe - we will also report higher results for the full year than previously forecasted. From the current point of view, we assume that EBITDA and adjusted earnings per share will increase by at least 15% in 2007", added Reithofer in conclusion.
Preliminary Results for the First Six Months of 2007
Earnings Data | | 1-6/2006 | 1-6/2007 | Chg. in % | Year-end 2006 |
| Revenues | in € mill. | 1,011.9 | 1.227.3 | +21 | 2,225.0 |
| EBITDA 1) | in € mill. | 196.9 | 256.6 | +30 | 471.9 |
| EBIT 1) | in € mill. | 116.8 | 166.6 | +43 | 299.6 |
| Profit before tax | in € mill. | 103.9 | 171.6 | +65 | 277.3 |
| Profit after tax 2) | in € mill. | 81.1 | 140.1 | +73 | 218.3 |
| Earnings per share | in € | 1.09 | 1.70 | +56 | 2.95 |
| Adjusted earnings per share 3) | in € | 1.09 | 1.57 | +44 | 3.02 |
| Employees 4) | | 13,107 | 14,296 | +9 | 13,639 |
| Segments 1-6/2007 in € mill. and % | Central-East Europe 5) | Central-West Europe | North- West Europe 5) | USA | Investments and Other 6) | |||||
| Revenues | 427.6 | (+58) | 221.3 | (+14) | 440.8 | (+13) | 165.9 | (-3) | -28.3 | (-86) |
| EBITDA 1) | 126.8 | (+130) | 36.5 | (-2) | 89.5 | (+10) | 18.8 | (-41) | -15.0 | (-72) |
| EBIT 1) | 96.2 | (+235) | 16.8 | (-18) | 60.9 | (+13) | 11.1 | (-54) | -18.4 | (-74) |
| Employees 4) | 5,302 | (+10) | 2,422 | (+23) | 3,972 | (+2) | 2,430 | (+9) | 170 | (-2) |
| Segments in the second quarter | Revenues | EBITDA 1) | ||||
| in € mill. | 4-6/2006 | 4-6/2007 | Chg. in % | 4-6/2006 | 4-6/2007 | Chg. in % |
| Central-East Europe 5) | 196.2 | 271.1 | +38 | 45.5 | 87.3 | +92 |
| Central-West Europe | 131.7 | 134.0 | +2 | 33.2 | 29.8 | -10 |
| North-West Europe 5) | 218.6 | 241.4 | +10 | 48.9 | 52.1 | +7 |
| USA | 91.6 | 92.4 | +1 | 17.5 | 12.1 | -31 |
| Investments and Other 6) | -10.1 | -18.9 | -87 | -3.8 | -8.5 | -124 |
| Wienerberger Group | 628.0 | 720.0 | +15 | 141.3 | 172.8 | +22 |
1) Adjusted for non-recurring income and expenses
2) Before minority interest and hybrid capital coupons
3) Before amortization of goodwill and adjusted for non-recurring income and expenses; in Q1 2007: book gain of €10.1 million on the sale of securities
4) Average number of employees for the period
5) Finland and the Baltic States were transferred to the Central-East Europe segment as of January 1, 2007 (formerly: North-West Europe segment) for organizational reasons, and the comparable figures from prior reporting periods were adjusted accordingly
6) Including Group eliminations and holding company costs; negative revenues are due to the offset of inter-company sales in this segment
Note: In the table of segment data, changes in % to the comparable prior year period are shown in brackets.
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