Wienerberger dépasse ses objectifs 2007

Résultats préliminaires 2007:
- Une croissance à deux chiffre du résultat
- Résultats consolidés +11% à € 2,478.2 millions, EBITDA +17% à € 550.9 millions
- Les dividendes seront augmentés
Prévisions 2008:
- Acceleration de la croissance rentable
- Augmentation du résultat au dessus de la moyenne de la profession

Wienerberger AG, the world's largest producer of bricks and the number two in clay roof tiles in Europe, exceeded its own ambitious earnings targets in 2007: Group revenues rose by 11% to € 2,478.2 million, operating EBITDA by 17% to € 550.9 million and operating EBIT by 18% to € 353.1 million. Following strong growth during the first nine months of 2007, Wienerberger also recorded a further improvement in earnings during the fourth quarter, with an increase of 3% in revenues to € 588.9 million and 6% in EBITDA to € 126.9 million - positively outperforming the record results from the comparable prior year period, which were influenced by a very mild winter. The EBIT declined by 4% to € 68.8 million, due to high investments and resulting depreciation.
Eastern Europe as growth driver more than offsets decline in USA and Central-West Europe
"2007 was an unusually strong year, whereby growth normalized as expected during the second six months. This sound development was supported by favorable weather at the beginning of the year as well as a high pace of construction activity in large parts of Europe, especially Central-East Europe. As a result of robust demand, the markets in this region - above all Poland, Slovakia, the Czech Republic and Romania - served as drivers for the excellent growth in earnings (+76% in EBITDA). These results were more than able to offset declines in North America (-45% in EBITDA) and Central-West Europe (-20% in EBITDA). The North-West Europe segment (+5% in EBITDA) also exceeded the high level of earnings recorded in previous years due to the consolidation of Baggeridge in Great Britain and the acquisition of Korevaar in the Netherlands", commented Wolfgang Reithofer, CEO of Wienerberger AG, on the preliminary figures presented today. The growth in revenues for 2007 reflects an increase of 2% in sales volumes and 9% of price effects.
Increase in dividend to be proposed
"I am very satisfied with our performance during the past year. We were again able to exceed our operating earnings targets, and we would now like our shareholders to also benefit from this development. The Managing Board will therefore recommend that the annual general meeting approve a further increase in the dividend ", announced Reithofer. The final dividend recommendation as well as financial results and profit before and after tax will be presented together with the final earnings and financial statements on March 26.
Over € 500 million in growth investments for more than 50 projects with attractive returns
Wienerberger invested more than € 600 million in 2007. Of this total, over € 500 million was spent on growth projects and roughly € 120 million on maintenance capex (maintenance and optimization of production facilities). 75% of the growth investments were concentrated on Europe, while the remaining 25% were focused on North America. More than 50 projects were started or realized during the past year. Investments were financed from free cash flow as well as the hybrid bond that was issued in February 2007. "After the realization of the synergies and optimization potential that we expect from each of these bolt-on projects, our goal is to record a cash flow return on investment (CFROI) that clearly exceeds the current return generated by the Wienerberger Group. And our past performance has shown that we are able to meet this goal", explained Reithofer.
Fourth quarter 2007: continuation of developments from first nine months
In the last three months of 2007 Group revenues rose by 3% to € 588.9 million and EBITDA by 6% to € 126.9 million. Earnings even exceeded the record prior year level, which was influenced by the extremely mild winter. The development of business generally reflected the first three quarters: revenues in the growth region of Central-East Europe increased 16% to € 198.7 million and EBITDA 47% to € 73.7 million during the period from October to December. However, residential construction in Germany further declined sharply during the fourth quarter. This downturn led to a 24% decrease in revenues recorded in Central-West Europe to € 96.2 million and a 52% drop in EBITDA to € 11.2 million. In North-West Europe Wienerberger was able to increase revenues by 12% to € 230.1 million, but EBITDA fell 10% to € 40.5 million. The main reasons for this development were restructuring measures in the French and Belgian hollow brick sector as well as integration costs in Great Britain. Despite the initial consolidation of Arriscraft, the North America segment reported a 6% decline in revenues to € 72.8 million and a 56% drop in EBITDA to € 6.3 million because of the slump in the US housing market.
Positive outlook for 2008 and acceleration of growth program
"In spite of general uncertainty concerning the effects of the financial crisis in the USA, our outlook is optimistic and we expect further growth for the Wienerberger Group in 2008", commented Reithofer. "The operating environment in Eastern Europe should remain favorable, but we anticipate further weakness in the USA. We do not expect a further decline in Germany during 2008. I consider the solid development of Wienerberger in the recent year as a clear confirmation of our profitable growth strategy and our strong geographic portfolio, and we intend to continue this successful and dynamic expansion course in 2008. Wienerberger has a full project pipeline for the coming years - in Eastern Europe alone, we are planning to build roughly 25 new brick plants and six production sites for concrete pavers over the next five years. The focus of this bolt-on program will be placed on Russia, Romania, Bulgaria, Poland, Ukraine and the Balkan States. I would also like to emphasize that the development of sustainable positions in emerging markets outside Europe will be important for the long-term growth of the Wienerberger Group. In 2007 we set a first milestone with the start of construction on a plant in the Indian city of Bangalore. Other facilities will follow in the near future. In addition, strategic acquisitions to strengthen our positions in the mature markets of Western Europe and North America will also form the basis for further earnings growth."
Optimistic outlook for Central-East Europe and North-West Europe
Central-East Europe should be characterized by continued market growth in 2008. Wienerberger will benefit from this momentum and the strong demand for bricks as a result of the new plants constructed in 2007 - e.g. in Bulgaria, Romania and Russia - as well as the expansion of capacity in key markets like Poland, Slovakia and the Czech Republic. Also in North-West Europe, a generally positive development for Wienerberger is expected. In Belgium, a slight weakening of the market from the high level recorded in previous years is anticipated. The optimization measures implemented in Belgium should nevertheless provide Wienerberger with further earnings upside in 2008. For France Wienerberger foresees a strong renovation sector, resulting in high demand for clay roof tiles. In addition, the market should be characterized by stable new residential construction, which will positively influence our business in combination with market share gains for hollow bricks. In the Netherlands and Great Britain, growth is expected after the successful integration of Baggeridge, Sandtoft and Korevaar. Wienerberger views the development of the German market in 2008 with cautious optimism, and a further downturn is not assumed. A reversal of the trend in building permits should lead to moderate growth in housing starts. However, there are currently no signs of a significant recovery in Germany. Forecasts call for a further decline in new residential construction in the USA. Capacity adjustments in 2007 as well as the further optimization of production facilities and the consolidation of Arriscraft in Canada should also support the improvement of earnings in the North America segment during the current year.
Goal: above-average growth in operating results
"We used 2007 to decisively strengthen our geographic portfolio. Through the acceleration of our growth program 2008+ and the successful implementation of measures to further optimize production capacity and costs, I am optimistic that we will reach our goals and record an increase in operating earnings that exceeds the average for the building materials sector in 2008", added Reithofer in conclusion.