Wienerberger fy 2013

1
Investor and Analyst Presentation
Financial Results 2013
February 27, 2014
2
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 correctness of this information or opinions contained herein.
 Certain statements contained in this document may be statements of future expectations and other forward-
looking statements that are based on management‘s current view and assumptions and involve known and
unknown risks and uncertainties that could cause actual results, performance or events to differ materially from
those expressed or implied in such statements.
 None of Wienerberger AG or any of its affiliates, advisors or representatives shall have any liability whatsoever
(in negligence or otherwise) for any loss howsoever arising from any use of this document or its content or
otherwise arising in connection with this document.
 This document does not constitute an offer or invitation to purchase or subscribe for any securities and neither it
nor any part of it shall form the basis of or be relied upon in connection with any contract or commitment
whatsoever.

2
3
Highlights 2013
Sound revenue and earnings growth despite
difficult market environment and unfavorable
weather at the beginning of the year
Successfully met EBITDA goal: € 267 mn
Execution of restructuring program and sale
of non-operating assets according to plan
€ 63 mn reduction of net debt causes
decline of net debt / op. EBITDA ratio to
2.0 years
Dividend proposal: 12 Eurocent per share
4
Difficult Market Environment in 2013
Source: Management expectation (SFH starts; SFH permits in GER, CH, HU)
-8%
-1%-5%
-17%
+9%
-5%
-3%
-6%
-11%
-22%
-5%
WB management assessment:
SFH starts 2013
Mid-Atlantic
Midwest
Southeast
Mountain Region
SFH +15%
Source: U.S. Census Bureau (growth rate 2013)
Partially significant
declines in F, NL, B, PL,
CZ and HU
GER, RO and BU stable | Positive
development in UK und RU
USA: Positive development
Market growth (>2%)
Stable development
Market decline (<-2%)

3
5
Volumes Prices
Clay Building Materials WE
Clay Building Materials EE
North America
Pipelife
Steinzeug-Keramo
Semmelrock
Diverse Market Impact on Business Units
6
Successful Diversification Strategy Yields
Stabilization of Earnings Development
CBM Europe P&P Europe North America
184
171
0
40
80
120
160
200
2012 2013
10 13
0
40
80
120
160
200
2012 2013
67
100
0
40
80
120
160
200
2012 2013
39%53%
8%
Revenues2013op.EBITDAin€mn
CBM…Clay Building Materials | P&P…Pipes & Pavers

4
7
Revenue:
€ 2,662.9 mn
(2012: € 2,355.5 mn | +13%)
Operating EBITDA 1):
€ 266.5 mn
(2012: € 245.5 mn | +9%)
Sound Increase in Revenues and Earnings
Net Debt:
€ 538.9 mn
(31/12/12: € 602.0 mn | -10%)
Total Investments:
€ 106.7 mn
(2012: € 268.7 mn | -60%)
1) Adjusted for non-recurring income and expenses
8
Earnings Increase in Pipes & Pavers Europe
Division due to Consolidation of Pipelife
 Significant revenue and earnings growth:
- Ext. revenues 2013: € 1,029 mn (PY: € 711 mn)
- EBITDA 2013 : € 100 mn (PY: € 67 mn)
- Consolidation effect Pipelife: € 348 mn | € 31 mn
 Pipelife: Earnings growth in the project
business and in Eastern Europe compensate
decline in Western Europe
 Steinzeug-Keramo: One-time costs cause
earnings decline | Stable organic development
 Semmelrock: Cost savings result in earnings
growth despite volume declines

5
9
Strong Q4 in CBME Division Cannot
Compensate H1 Decline
 H2 shows volume growth in all product groups
and an increase in operating EBITDA
 Moderate volume decline in 2013 due to
unfavorable weather conditions at the
beginning of the year and declines in several
core markets
 Prices are nearly stable: Price increases in
line with cost inflation in Western Europe |
Proactive price adjustments result in price
declines in Eastern Europe
 Cost savings in CBME are on track
10
Recovery on the US Residential
Construction Market
 Brick business records strong volume
growth in H2 after moderate growth in H1 |
2013 brick volume growth amounted to 12%
 Price pressure in a number of regional brick
markets results in slightly lower prices
 Plastic pipes: Moderate earnings decline as
very strong prior year results remain
unmatched

6
11
Clay Building
Materials WE
41%
Clay Building
Materials EE
12%
Pipes & Pavers
WE 22%
Pipes & Pavers
EE 17%
North America
8%
Holding &
Others
0%
Results 2013 by Segment
Clay Building
Materials WE
49%
Clay Building
Materials EE
15%
Pipes & Pavers
WE 25%
Pipes & Pavers
EE 13%
North America
5%
Holding &
Others
-7%
Revenues: € 2,662.9 mn | +13% EBITDA 1): € 266.5 mn | +9%
WE…Western Europe | EE…Eastern Europe
12
Results 2013 by Product
2) Includes holding costs of divisions Clay Building Materials Europe und Pipes & Pavers Europe
Wall
26%
Roof
31%Facade
16%
Surface
4%
Holding &
Others 2)
-13%
Pipes
36%
Revenues: € 2,662.9 mn | +13% EBITDA 1): € 266.5 mn | +9%
Wall
23%
Roof
15%
Facade
22%
Surface
4%
Pipes
36%
Holding &
Others
0%

7
13
Wienerberger Products and Projects
14
Ceramic Pipes from Steinzeug-Keramo are
Cradle to Cradle® Certified
 Our ceramic pipes meet
demanding ecological
criteria of the Cradle to
Cradle® certification
 Ceramic pipes
- Are made from natural raw
materials only
- Are recyclable
- Create value through their
durability
STEINZEUG-KERAMO.
INSPIRED BY NATURE.

8
15
New Sewage System in Mikolow (PL)
 Polish city Mikolow trusts in
Steinzeug-Keramo products
 In total 175 km of ceramic pipes
were laid to build a new sewage
system
 Main decision criteria for the
local authority were the
durability and the resistance to
chemical and physical impacts
16
Semmelrock Supplies New Central Railway
Station in Vienna
Key data
 Surface area: 28,000 m²
 Product: Tec Line Paver
 Specialties:
− Einstein® System
− Semmelrock Premium
Protect®
− Luminance contrast
− Tactile guidance system
Central Railway Station Vienna © ÖBB, Roman Bönsch

9
17
ARTE Pavers
ARTE Pavers create an impressive surface
image - no matter if used to resemble
traditional style or if used as contrast to
modern architecture. At first glance the
surface is made up of many individual stones.
Indeed it is easily applied because it consists
of only ten different paving elements.
ARTE Pavers Combine Tradition and
Modern Design
Békéscsaba, Hungary
Baden, Austria
18
Pipelife Holds the World Record for Extruded
Plastic Pipes
 Pipelife is the only producer of
Long Length Large Diameter PE
pipe systems
 The innovative pipes with a
diameter of up to 2.5 meters and
a length of up to 600 meters are
shipped worldwide, e.g. to:
- Ghana
- Algeria
- Venezuela
- Spain

10
19
Wienerberger Invests in Production Capacity for
Insulation Filled Clay Blocks in Austria
 Investment in a production line
for the top product Porotherm
W.i. in Haiding, Austria
 Stone wool is integrated in the
clay block as insulation
material
 Construction time and project
costs are reduced as no
additional exterior insulation is
required
 Most modern production line in
the Wienerberger Group
 100% added value in Austria
20
Wienerberger Bricks for Multistory Student
Dormitory
 Multistory student dormitory
with 213 housing units in
Angers, France
 Meets low energy standard
 Location between bypass road
and tramline posed specific
challenge with regards to
sound insulation
 Massive brick walls made from
insulation filled clay blocks
Porotherm GFR20 Th+
 Project size: 5,000 m2

11
21
Office Building Without Heating System
 Office Building without heating
system or air conditioning in
Lustenau, Austria
 People, lamps and computers
are the only heat sources
 Massive brick walls made from
Porotherm N+F, high ceilings
and deep embrasures maintain
room temperatures of 22-26°C
22
Format Follows Function
 Modern annex to the
Paasitorni Hotel in Helsinki,
Finland
 Facing brick „Tuohi Retro“
with integrated long holes
was custom designed for
this project
 In the development process
the format followed the
function to create light-
flooded combs
 Project size:
1,400 m² facade

12
23
Modern Flat Roof with Koramic Roof Tiles
 Flat roofs with a pitch as
low as 10° can be realized
with clay roof tiles
 In Oldenburg (GER) the
large format clay roof tile
Alegra 8 from Koramic
was used for this project
 The Sturmfix-system
guarantees a long life
time despite the harsh
weather of North Sea
storms
24
Clay roof tiles for Sotchi
 Clay roof tiles cover the
Olympic media village and
adjacent buildings of the
sports and tourism
complex „Gornaja
Karusel“
 Tondach Gleinstätten
develops „VENUS RV 3“
roof tile for this contract
 Project size:
160,000 m² clay roof tiles

13
25
Results 2013
26
1,600
1,800
2,000
2,200
2,400
2,600
2,800
Revenue
2012
Sales
Volume
Sales
Prices
FX-
Effect
Pipelife Revenue
2013
in€mn
Consolidation Effect Outweighs
Organic Revenue Decline in 2013
+13%
2,355.5
-1%
0%
-1%
2,662.9+15%
Revenues increased
by 13%
1% organic volume
decline
Stable average
prices
-1% FX effect
15% revenue change
related to Pipelife

14
27
Stable Prices in Challenging Environment 2013
 Clay Building Materials Europe
- Western Europe: Price increases in line with cost inflation despite
challenging market conditions
- Eastern Europe: Continued price pressure for building materials as a
result of demanding market conditions especially in PL, CZ, SK and HU |
Wienerberger utilizes cost advantages for proactive price strategy in
selected markets to strengthen market positions
 North America
- Prices slightly below prior year levels as a result of price pressure in a
number of regional brick markets and inventory reductions in Q4 2013
 Pipelife
- Stable margins due to strict price management
28
Implementation of Restructuring Program
on Schedule
 Restructuring program in implementation with a focus on the
Netherlands, Belgium, Germany and France
 Optimization measures include mothballing of plants, reduction
of shifts and structural adjustments in administration
 Cost savings 2013: € 19.1 mn
 Cost savings well on track to reach our target
 Target for total cost savings from the restructuring program by
the end of 2014: € 50 mn

15
29
Sale of Non-operating Assets
 Sale of non-operating assets according to plan
 2013 non-operating assets worth € 22.2 mn were sold
(Cash in 2013: € 13.6 mn)
 Correspondingly € 11.9 mn are reported in other operating income
Target: Proceeds of ~ € 100 mn in the period 2012-2016
30
Income Statement 2013
in € mn 2012 2013 Chg. in %
Revenues 2,355.5 2,662.9 +13
Operating EBITDA 1) 245.5 266.5 +9
Operating EBITDA margin 10.4% 10.0% -
Depreciation -214.5 -211.2 -2
Operating EBIT 1) 31.0 55.3 +78
Operating EBIT margin 1.3% 2.1% -
Restructuring costs and impairment charges to PPE -43.0 0.0 -100
Impairment charges to goodwill -9.8 0.0 -100
Release of a provision for an impending antitrust
penalty 0.0 9.4 >100
EBIT -21.7 64.7 >100

16
31
EBITDA1) Change by Segment
2012 vs. 2013
210
220
230
240
250
260
270
280
EBITDA
2012
CBM
WE
CBM
EE
P&P
WE
P&P
EE
North
America
Holding &
Others
EBITDA
2013
in€mn
245.5
-5.4
-6.8
+21.1
266.5+11.8
+3.4
-3.1
32
Loss After Tax 2013: € 7.8 mn
in € mn 2012 2013 Chg. in %
EBIT -21.7 64.7 >100
Income from investments in associates 4.5 -2.6 <-100
Interest and similar income 10.7 7.8 -27
Interest and similar expenses -61.4 -63.8 +4
Other financial results 31.7 -9.2 <-100
Financial results -14.5 -67.8 <-100
Profit before tax -36.2 -3.1 +91
Income taxes -4.3 -4.8 +9
Profit after tax 1) -40.5 -7.8 +81
1) Before non-controlling interests and accured hybrid coupon

17
33
 Producer of clay roof tiles in Eastern
Europe
 15 plants in 11 countries
 50% Wienerberger | 50% family-owned
 Consolidated at equity in financial results
 Revenue 2013: ~ € 155 mn
 Earnings burdened by difficult market
environment in Eastern Europe, structural
adjustments and optimization of working
capital
Tondach Gleinstätten
34
Schlagmann
 Producer of clay blocks
 4 plants in the south of Germany (Bavaria)
 Modern and efficient plant network
 50% Wienerberger | 50% family-owned
 Consolidated at equity in financial results
 Revenue 2013: ~ € 60 mn
 Earnings increase in 2013

18
35
Cash Flow Development
in € mn 2012 2013 Chg. in € mn Chg. in %
Gross cash flow 127.0 164.6 +37.6 +30
Change in working capital 1) 102.5 26.2 -76.3 -74
Normal capex -105.3 -106.0 -0.7 -1
Divestments and other 39.4 8.0 -31.4 -80
Free cash flow 163.6 92.9 -70.7 -43
Growth capex -163.4 -0.7 +162.7 +100
Dividend / hybrid coupon 2) -33.3 -43.1 -9.8 -29
Net cash flow -33.1 49.1 +82.2 >100
1) Adjusted for changes in the consolidation range
2) Including dividends paid to shareholders and dividend payments from associates
36
Working Capital Development
in € mn 2012 2013 Chg. in %
Increase/decrease in inventories 46.8 34.9 -25
Increase/decrease in trade receivables 48.9 -4.3 <-100
Increase/decrease in trade payables -39.3 15.2 >100
Increase/decrease in other net current assets 43.2 -17.0 <-100
Changes in non-cash items resulting from foreign
exchange translation 3.1 -2.5 <-100
Change in working capital 102.5 26.2 -74
Pipelife effect 1) +103.1 -2.0 -
Change in working capital excl. Pipelife -0.6 28.2 >100
1) Positive Pipelife effect in 2012 due to timing of first time consolidation (May 31, 2012)

19
37
Total Investments 2013: € 106.7 mn
in € mn 2012 2013 Chg. in %
Normal capex 105.3 106.0 +1
in % of depreciation 54% 54% -
Growth capex 163.4 0.7 -100
thereof Pipelife 146.6 0.0 -100
Total investments 268.7 106.7 -60
 Pipelife takeover drives growth capex in 2012
 Normal capex remains on previous year level
 Normal capex includes besides maintenance also investments for
technological upgrades in the production process and product innovation
38
Development of Net Debt in 2013
0
100
200
300
400
500
600
700
31/12/2012 Gross Cash Flow Dividends
received/payed
Hybrid Coupon Total Investments Working Capital &
Others
31/12/2013
in€mn
-164.6
+10.6
+32.5
+106.7
-48.3
538.9
602.0

20
39
in € mn 31/12/2012 30/9/2013 31/12/2013
Chg. in % vs.
31/12/2012
Equity 1) 2,364 2,267 2,254 -5
Net debt 602 663 539 -10
Equity ratio 57% 53% 54% -
Gearing 26% 29% 24% -
1) Including non-controlling interest and hybrid capital (100% equity according to IFRS)
Strong Balance Sheet and Low Gearing Ratio
Changes to net debt:
 Gross cash flow increased by € 37.6 mn in 2013
 Reduction of working capital 2013: € 26.2 mn
40
0
100
200
300
400
500
600
2014 2015 2016 2017 2018 2019 2020+
in€mn
WB Maturities Cash Balance
Strong Liquidity and Balanced Term Structure
Hybrid
 Cash 31/12/2013: € 496.7 mn
 Term structure:
Note: Term structure of gross debt; cash position and financial liabilities as of 31/12/2013
Targets:
 Maintain financial discipline
 Balanced repayment profile

21
41
Treasury Ratios
Treasury Ratios 31/12/2012 30/9/2013 31/12/2013 Covenant
Net debt / operating EBITDA 1) 2.2 2.6 2.0 <3.50
Operating EBITDA 1) / interest result 2) 5.0 4.5 4.8 >3.75
 Target level: Net debt / operating EBITDA < 2.5 at year-end
1) Adjusted for non-recurring income and expenses; Calculated based on 12-month EBITDA
2) Calculated based on 12-month interest result
3) Calculated based on pro-forma 12-month EBITDA and interest result of Pipelife
Comfortably in-line with covenants
3)
42
Wienerberger Segments

22
43
Clay Building Materials Western Europe
Results 2013
CBM Western Europe (in € mn) 2012 2013 Chg. in %
External revenues 1,129.6 1,089.9 -4
Operating EBITDA 1) 136.5 131.1 -4
 Continuation of difficult market environment in F, NL und B with in part
significant declines in new residential construction activity
 GER: Positive trend of SFH building permits | SFH Housing starts are slightly
below the 2012 level | Facings bricks and roof tiles record declining volumes
 UK: Due to „Help to Buy“ stimulus program new residential construction activity
continues to recover which results in volume increases
 Price increases in-line with cost inflation in large parts
41%
49%
Share of Group Ext.
Revs. 2013
Share of Group
EBITDA 2013
44
Clay Building Materials Eastern Europe
Results 2013
CBM Eastern Europe (in € mn) 2012 2013 Chg. in %
External revenues 314.2 312.4 -1
Operating EBITDA 1) 47.0 40.2 -14
Operating EBIT 1) 4.6 0.7 -85
12% 15%
 Continuation of difficult market environment in PL, CZ, SK and HU results in
significant declines in new residential construction activity for SFH
 PL: Signs of stabilization towards the end of the year
 Wienerberger utilized cost advantages to proactively manage prices | Slight
growth of clay block volumes | Strengthening of market positions
 Investments in production facilities for innovative products in AT and CZ
 Positive development in Russia continued
 Stabilization in RO and BU confirmed
Share of Group Ext.
Revs. 2013
Share of Group
EBITDA 2013

23
45
Pipes & Pavers Western Europe
Results 2013
P&P Western Europe (in € mn) 2012 2013 Chg. in %
External revenues 392.2 592.8 +51
22%
25%
Pipelife
 Stable sales volumes | International project business compensates declines in F
and NL | Moderate increase in operating EBITDA
 Mild weather supports revenue and earnings increase in Q4
Steinzeug-Keramo
 Stable revenues due to stable volumes and prices
 Costs for structural adjustments in production cause decrease in earnings
Share of Group Ext.
Revs. 2013
Share of Group
EBITDA 2013
46
Pipes & Pavers Eastern Europe
Results 2013
P&P Eastern Europe (in € mn) 2012 2013 Chg. in %
Operating EBIT 1) 3.7 12.9 >100
13%
17%
Pipelife
 Volume growth in challenging market environment in 2013
 Earnings and margin growth as a result of higher sales volumes
Semmelrock
 Challenging markets in Eastern Europe and long winter at the beginning of the
year result in double digit volume decline
 Cost savings result in earnings growth despite lower sales volumes
Share of Group Ext.
Revs. 2013
Share of Group
EBITDA 2013

24
47
North America
Results 2013
North America (in € mn) 2012 2013 Chg. in %
Operating EBIT 1) -14.7 -9.3 +37
8% 5%
 Moderate growth of housing starts for single family homes in our relevant
regional markets
 Slight volume growth in H1 (activity burdened by long winter)
 Significant increase in brick volumes in H2
 Reduction of inventories in positive Q4 market environment
 Price pressure in individual markets results in slightly lower average prices
 Plastic pipe business posts moderate earnings decline in comparison to the
very strong results of 2012
Share of Group Ext.
Revs. 2013
Share of Group
EBITDA 2013
48
Outlook 2014

25
49
Stabilization to Slight Growth of Housing Starts
in Europe | Growth in the USA
Source: Management expectation (SFH starts; SFH permits in GER, CH, HU)
-3%
+2%
-1%
-9%+10%
0%
-2%
0%
+5%
-14%
-1%
WB management forecast :
SFH starts 2014
Mid-Atlantic
Midwest
Southeast
Mountain Region
SFH +15%
Source: Management expectation (SFH starts)
Market growth (>2%)
Stable development
+2%
+2%
+5%
-4%
50
Moderate Growth of RMI Spending Expected
Euroconstruct forecast:
RMI spending in residential
construction 2014
Source: Euroconstruct December 2013 (RMI spending in residential construction)
-1%
+1%+3%
+2%
+2%
+1%
+5%
-2%
0%
+3%
+8%
+2%
 Euroconstruct expects
a slight decrease in the
Czech Republic and
France
 All other countries
show a stable to
slightly positive
development of RMI
spending
Market growth (>2%)
Stable development

26
51
Clay Building Materials Europe:
Outlook 2014
 Moderate volume growth expected in 2014 | Weak prior year basis in H1
 Price increases should cover cost inflation
- Expectation: Price increases ~ 1.5% | Cost inflation ~ 2.0%
- In Eastern Europe we must wait for the start of the construction season to have a reliable
assessment of the pricing environment
 Savings from cost optimization program will be realized according to plan:
~ € 17 mn in 2014 | ~ € 50 mn in the period 2012-2014
 EBITDA contribution of ~ € 10 mn from the sale of non-operating assets
Revenue and earnings growth
52
North America:
Outlook 2014
Bricks
 Double digit volume growth
 Flexible price policy of H2 2013 will carry over to 2014
Pipes
 Stable earnings
Revenue and earnings growth

27
53
Pipes & Pavers Europe:
Outlook 2014
 Pipelife
- Stable development of European core markets
- 2013 record result in project business is unlikely to be matched in 2014
- Slight earnings decline possible
 Steinzeug-Keramo
- Slight revenue growth
- Significant earnings growth as non-recurring costs do not apply in 2014
 Semmelrock
- Revenue and earnings growth
- Cost saving measures continue to unfold and market environment is stabilizing
Stable to slightly positive earnings development
54
Assumptions for Wienerberger Group 2014
Depreciation
Normal Capex
Working Capital
~ € 125 mn
~ € 200 mn
Change according to revenue development
Real Estate Sales ~ € 10 mn EBITDA contribution (part of EBITDA-goal)
Prices | Costs ~ 1.5% price increases | ~ 2% cost inflation
Group EBITDA ~ € 300 mn
Cost Savings ~ € 17 mn in 2014 | ~ € 50 mn in total by year-end 2014
Interest Result ~ € 50 mn

28
55
We Have a Clear Strategy
Ready for the future
1
2
3
4
5
Broadening of Core Business
Operational Excellence
Product Innovation & System Supplier
Portfolio Optimization
Clear Strategy for All Business Units
56
Thank you for your attention!
Wienerberger Investor Relations
Wienerberger AG, A-1100 Vienna, Wienerbergstrasse 11
T +43 1 60192 - 10221, F +43 1 60192 - 10425
investor@wienerberger.com | www.wienerberger.com

Wienerberger fy 2013

Recomendados

Recomendados

Mais conteúdo relacionado

Destaque

Destaque (20)

Semelhante a Wienerberger fy 2013

Semelhante a Wienerberger fy 2013 (20)

Mais de Company Spotlight

Mais de Company Spotlight (20)

Último

Último (20)

Wienerberger fy 2013