Wienerberger, groupe de BTP autrichien et spécialisée dans la productio
n de briques a annoncé avoir réduit ses pertes nettes en 2010 à 34,9 millions d’euros en 2010, contre 258,70 millions en 2009.Le résultat opérationnel (Ebit) est donc repassé dans le vert à 10,7 millions d'euros contre -258,1 millions sur l'exercice précédent, plombé par un important plan de restructuration. Le chiffre d'affaires a, quant à lui, reculé de 4% à 1,74 milliard d'euros.
«Le regain espéré de la conjoncture dans le secteur de la construction n'est pas intervenu et à cause de la météo, la demande de matériau a été limitée», a expliqué Heimo Scheuch, patron de Wienerberger, précisant que le long hiver en Europe et aux Etats-Unis, les inondations en Europe de l'Est en avril et mai puis le retour précoce de l'hiver en fin d'année ont paralysé partiellement l'activité. Le groupe autrichien a aussi souffert de la dégradation de son résultat financier de -51,5 millions d'euros, causée par le manque de performance de deux sociétés de matériaux de construction dont il est actionnaire.
Pour 2011, Wienerberger reste réservé sur le développement de son l'activité, en raison des incertitudes pesant sur le bâtiment en Europe de l'Est et aux Etats-Unis, deux de ses marchés clés.
Source Batiactu
Wienerberger leaves crisis behind
Group revenues reach € 1,744.8 million (-4% vs. 2009)
- Operating EBITDA of € 210.8 million slightly higher than 2009
- EBIT increases from € -258.1 million in 2009 to € 10.7 million in 2010
- Cost savings of approx. € 35 million
- Recommended dividend of 10 Eurocents
per share
Outlook on 2011:
- Western Europe stable to slightly positive
- Low visibility on Central-East European markets and the USA
- Earnings improvement expected in 2011
Wienerberger AG, the world’s largest producer of bricks with leading positions in clay roof tiles in Europe, today announced results for 2010. In a year made difficult by bad weather, the company was able to match 2009 results with Group revenues of € 1,744.8 million and operating EBITDA of € 210.8 million. Earnings before interest and tax (EBIT) rose by nearly € 270 million, whereby it should be noted that the comparable 2009 data included non-recurring costs for restructuring measures.
Successful catch-up after a negative first quarter
Heimo Scheuch, CEO of Wienerberger AG, indicated his satisfaction with results for the year: “This performance underscores Wienerberger’s strong operating base. As you know, the hoped-for recovery in new residential construction did not materialize last year and the demand for building materials was severely limited by bad weather. Construction was virtually brought to a standstill by the unusually long and snowy winter in Europe and the USA during the first three months, flooding in Eastern Europe during April and May and the early start of the next winter at year-end. We closed the first quarter of 2010 with operating EBITDA of € -22.6 million, or roughly € 40 million behind the first three months of 2009. Starting in the second quarter, when we completed the turnaround, we recorded a steady improvement despite lower average prices in Eastern Europe. By year-end we had not only made up for this lost ground, but also increased margins slightly over 2009. These results clearly confirmed the success of our action plan as the expected cost savings of € 35 million were fully realized. We were also able to generate cash flow of € 230 million from operating activities in this difficult market environment and reduce net debt to € 375 million, which represents gearing of only 15%.“
Decline in financial results due to lower income from investments and higher interest expense
In detail, results for 2010 are as follows: Group revenues declined 4% to € 1,744.8 million, while operating EBITDA was slightly higher than the prior year at € 210.8 million due to cost savings and better capacity utilization. EBIT rose significantly from € -258.1 million to € 10.7 million. Financial results decreased in 2010 because of lower income from the investments in Pipelife and Tondach Gleinstätten as well as higher interest expense. After the deduction of € -51.5 million in financial results and the addition of € 5.9 million in taxes, the after-tax loss amounted to € 34.9 million compared with € 258.7 million in 2009, when restructuring costs had a strong negative impact on earnings. Earnings per share for 2010 equaled € -0.57.
Strong cash flow of € 230.4 million from operating activities
In this difficult financial year, Wienerberger again demonstrated its strong cash flow-generating capability. Gross cash flow amounted to € 151.3 million, or roughly € 100 million more than in 2009, while cash flow from operating activities reached € 230.4 million. A total of € 149.8 million were used for investments, with € 61.7 million for maintenance capex and € 88.1 million for the completion of previously started projects and smaller acquisitions. At the end of March 2010 Wienerberger issued a new bond with a volume of € 250 million. The proceeds were used in part to prematurely repurchase approx. € 141 million of the € 400 million bond that is due in April 2012. The remaining funds were directed to repaying other financial liabilities. Wienerberger has strong liquidity reserves of € 539.7 million and further reduced net debt from € 408.0 million to € 374.5 million in 2010. Accordingly, gearing equals only 15%.
New covenants negotiated
In January 2011 Wienerberger also renegotiated the covenants included in the bank credit agreements. Following a temporary change in the contracts during 2009, Wienerberger was able to obtain a permanent amendment of the covenants with its banks by unanimous agreement. In the future, the ratio of net debt to EBITDA (12 months rolling) may not exceed 3.5 and EBITDA interest coverage may not fall below 3.75. The new covenants are limited to these two indicators, which better reflect the seasonal and cyclical fluctuations in the building materials industry.
Significant earnings improvement in fourth quarter of 2010
The sales of bricks, which in most of our markets significantly exceeded the comparable prior year values during October and November, fell sharply in December due to the early winter weather in Europe and the USA. Group revenues remained stable at € 401.5 million (2009: € 400.2 million), while operating EBITDA rose by a substantial 62% from € 31.1 to 50.3 million. EBIT amounted to € -6.9 million, for a significant improvement over the comparable prior year value of € -17.7 million. However, developments in the four Wienerberger regions differed. Fourth quarter revenues in Central-East Europe rose slightly to € 124.2 million (2009: € 120.1 million), but lower average prices triggered a 13% drop in earnings to € 18.7 million. In Central-West Europe, where Germany is responsible for approx. 65% of results, revenues were slightly lower than the previous year at € 89.0 million, but operating EBITDA more than doubled to € 9.0 million. Revenues in North-West Europe were constant at € 165.6 million and operating EBITDA increased 56% to € 26.6 million. In North America volumes of facing bricks increased by 5%, which triggered an operating EBITDA of € 4.8 million (2009: € -4.3 million) due to a better capacity utilization. The strong earnings improvement in the latter three regions resulted from the end of standstill costs, which led to higher expenses in the fourth quarter of 2009 due to extended plant closings.
Optimization of Wienerberger holdings
Wienerberger also restructured its investments during the last six months. Following the takeover of the Steinzeug Group, for a leading produces of ceramic sewage pipe systems, in October 2010, Wienerberger subsequently acquired the remaining 25% stake in the concrete paver specialist Semmelrock and now holds 100% of this company. The roof segment investments were also restructured through a stock swap with Monier in January 2011. Wienerberger transferred its 50% stake in the concrete tile producer Bramac to the former joint venture partner Monier and received a further 25% in Tondach Gleinstätten plus a settlement payment. Wienerberger will then own 50% of Tondach, a clay roof tile producer with a regional focus on Eastern Europe. Heimo Scheuch explained the rationale behind these transactions: “Our major strategic goals include the expansion of the core business, above all to reduce the dependence on new residential construction, as well as the strengthening of our position in Eastern Europe – and all three companies are a perfect fit with these criteria. The products made by Semmelrock, our specialist for modern and innovative concrete pavers, are used nearly 60% in non-residential construction. Semmelrock is active exclusively in Eastern Europe and should benefit, just the same as Wienerberger, from the medium-term growth in this region. The Steinzeug Group has specialized in the production of highly resistant ceramic pipes that are used, above all, in sewerage projects and industrial facilities where aggressive waste water can arise. We see significant growth opportunities for this company over the coming years because of the substantial need for renovation in waste water systems throughout Western Europe as well as the planned construction of a wide-ranging sewerage network in Eastern Europe that will be realized with extensive financing from the European Union. For Tondach I see strong medium-term growth potential on the East European renovation market, where there is also substantial pent-up demand. The superior properties of clay roof tiles have led to a steady increase in their share of the renovation market in Western Europe, and I expect a similar development in Eastern Europe over the coming years.
Outlook and Strategy
Wienerberger is not in the position to provide a specific guidance for 2011 at the present time because visibility in two key regions – Eastern Europe and the USA – is still very limited. “I am generally optimistic for 2011, since I expect stable to slightly positive development on all West European markets and a moderate increase in the demand for bricks. However, I prefer to remain cautious concerning forecasts for the USA", commented Heimo Scheuch. “As in recent years, the NAHB (National Association of Home Builders) is again forecasting a substantial increase in housing starts from a low level in 2011. I would be happy if they were right this time, but I have my doubts because of the high unemployment and prevailing consumer uncertainty in the USA. My estimates for the first half-year are focused on stable demand for building materials at a low level, with possible recovery in US new residential construction during the second half-year. The markets in Central-East Europe are also difficult to judge. Poland, with its strong domestic demand, is the only country in the region that gives me grounds for optimism in 2011, because of a stable to slightly positive development in the demand. Visibility is so low in the other East European countries that I cannot make any predictions and would also not exclude a further slight decline in demand.“
Significant earnings improvement expected for 2011
It is still too early to draw any conclusions on the first quarter, but business in most countries had a good start in January. Wienerberger expects a slight increase in input costs for 2011, especially for energy. More than half of the required quantities of gas and electricity have already been secured through fixed price contracts on the energy markets. Taking into account possible price increases in the uncovered requirements a price-related increase of approx. € 15 million in energy costs is possible. “I assume we will be able to adjust our prices to reflect this cost inflation, above all in Western Europe, and expect a substantial improvement in earnings during 2011 that will also be supported by € 30 million of non-recurring effects from the stock swap in the roof segment“, added Heimo Scheuch in conclusion.
Outlook for West Europe stable to slightly positive, forecast for East Europe and the USA not yet possible due to limited visibility
Heimo Scheuch looks to the future with optimism: “Wienerberger has a very strong operating base, from which we intend to benefit in the coming years. The restructuring process has been concluded and the turnaround completed. In comparison with 2008 we reduced fixed costs by a total of € 200 million and now have lean cost structures, a modern plant network and innovative products. We have created efficient structures and will continue to direct our full attention to the operating business. For me, this means increasing our focus on premium products in existing markets and their launch into new markets as well as intensifying our marketing activities. In addition to opportunities for organic growth, we also want to realize smaller growth projects that can be financed from cash flow or without a significant increase in net debt. We have budgeted € 110 million for maintenance capex and replacement investments and will invest the remaining cash flow to pursue value-creating projects in our core business on existing markets in order to further strengthen and expand our market positions in 2011.“
Managing Board recommends € 0.10 dividend per share based on increased optimism for 2011
Based on the increased optimism for 2011, Wienerberger also plans to send a positive signal to shareholders. The Managing Board will make a recommendation to the annual general meeting on May 13, calling for the payment of a 10 Eurocents dividend per share after a two-year, crisis-related postponement. “The past year was not easy, but we believe we have mastered the crisis and want to convey this optimism to our shareholders in the form of a small dividend,“ explained Heimo Scheuch, CEO Wienerberger AG, on the reasons for this decision.
Details on results for 2010 are provided in the attached financial information. The full annual report and the annual financial report for 2010 will be published on March 31, 2011 and also be available for review and download from the homepage.
Source Wienerberger
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