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Wienerberger

Wienerberger's Cash & Cash Equivalents fell 43.7% yoy to EUR 155 mil in 2015

By Helgi Library - April 2, 2020

Wienerberger's total assets reached EUR 3,692 mil at the end of 2015, down 3.64% compared to the previous year. Cu...

Profit Statement 2013 2014 2015
Sales EUR mil 2,663 2,835 2,972
Gross Profit EUR mil 1,624 2,011 1,908
EBITDA EUR mil 276 316 370
EBIT EUR mil 64.7 -165 163
Financing Cost EUR mil 67.8 50.2 56.1
Pre-Tax Profit EUR mil -3.09 -215 107
Net Profit EUR mil -38.9 -262 32.5
Dividends EUR mil 13.8 13.8 17.5
Balance Sheet 2013 2014 2015
Total Assets EUR mil 4,211 3,831 3,692
Non-Current Assets EUR mil 2,663 2,475 2,450
Current Assets EUR mil 1,549 1,356 1,242
Working Capital EUR mil 601 637 680
Shareholders' Equity EUR mil 2,254 1,986 2,054
Liabilities EUR mil 1,957 1,844 1,637
Total Debt EUR mil 1,127 959 747
Net Debt EUR mil 630 683 593
Ratios 2013 2014 2015
ROE % -1.89 -12.3 1.61
ROCE % -1.15 -8.21 1.04
Gross Margin % 61.0 70.9 64.2
EBITDA Margin % 10.4 11.1 12.4
EBIT Margin % 2.43 -5.82 5.49
Net Margin % -1.46 -9.23 1.09
Net Debt/EBITDA 2.28 2.16 1.60
Net Debt/Equity 0.280 0.344 0.288
Cost of Financing % 5.34 4.82 6.58
Valuation 2013 2014 2015
Market Capitalisation USD mil 1,829 1,608 2,419
Enterprise Value (EV) USD mil 2,698 2,435 3,136
Number Of Shares mil 115 116 117
Share Price EUR 11.5 11.5 17.1
EV/EBITDA 7.37 5.98 6.58
EV/Sales 0.763 0.666 0.819
Price/Earnings (P/E) -34.1 -5.08 61.5
Price/Book Value (P/BV) 0.589 0.669 0.973
Dividend Yield % 1.04 1.04 0.878

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summary Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                                  
Sales EUR mil                     1,817 1,745 1,915 2,356 2,663    
Gross Profit EUR mil                     999 995 1,139 1,287 1,624    
EBIT EUR mil                     -258 4.60 37.5 -21.7 64.7    
Net Profit EUR mil                     -289 -67.0 7.67 -70.3 -38.9    
ROE %                     -14.3 -3.28 0.386 -3.69 -1.89    
EBIT Margin %                     -14.2 0.264 1.96 -0.921 2.43    
Net Margin %                     -15.9 -3.84 0.400 -2.98 -1.46    
Employees                     12,676 11,848 11,893 13,060 13,787    
balance sheet                                  
Total Assets EUR mil                     4,087 4,059 3,991 4,140 4,211    
Non-Current Assets EUR mil                     2,782 2,766 2,657 2,841 2,663    
Current Assets EUR mil                     1,305 1,294 1,335 1,299 1,549    
Shareholders' Equity EUR mil                     2,054 2,033 1,938 1,871 2,254    
Liabilities EUR mil                     2,033 2,026 2,053 2,269 1,957    
Non-Current Liabilities EUR mil                     1,620 1,516 1,248 1,653 1,115    
Current Liabilities EUR mil                     413 510 806 616 842    
Net Debt/EBITDA                     18.1 4.66 4.18 6.39 2.28    
Net Debt/Equity                     0.484 0.469 0.484 0.624 0.280    
Cost of Financing % ...                   3.76 4.03 3.59 4.33 5.34    
cash flow                                  
Total Cash From Operations EUR mil ...                   291 230 164 230 191    
Total Cash From Investing EUR mil ...                   -112 -142 -84.8 -229 -98.7    
Total Cash From Financing EUR mil ...                   63.4 -84.9 -26.9 -248 164    
Net Change In Cash EUR mil ...                   243 3.79 52.3 -248 256    
valuation                                  
Market Capitalisation USD mil                     1,672 2,210 1,055 1,052 1,829    
Number Of Shares mil                     91.3 117 117 115 115    
Share Price EUR                     12.8 14.3 6.97 6.93 11.5    
Earnings Per Share (EPS) EUR                     -3.17 -0.575 0.066 -0.611 -0.338    
Book Value Per Share EUR                     22.5 17.4 16.6 16.3 19.6    
Dividend Per Share EUR                     0 0.100 0.120 0.120 0.120    
Price/Earnings (P/E)                     -4.03 -24.9 106 -11.3 -34.1    
Price/Book Value (P/BV)                     0.568 0.819 0.420 0.426 0.589    
Dividend Yield %                     0 0.700 1.72 1.73 1.04    
Earnings Per Share Growth % ...                   -531 -81.9 -111 -1,030 -44.6    
Book Value Per Share Growth % ...                   2.98 -22.5 -4.86 -2.04 20.5    
income statement Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                                  
Sales EUR mil                     1,817 1,745 1,915 2,356 2,663    
Cost of Goods & Services EUR mil                     818 749 776 1,068 1,039    
Gross Profit EUR mil                     999 995 1,139 1,287 1,624    
Staff Cost EUR mil ...     ...             488 489 525 593 637    
Other Cost EUR mil ...     ...             456 301 390 512 711    
EBITDA EUR mil                     54.8 205 224 183 276    
Depreciation EUR mil                     313 200 187 204 211    
EBIT EUR mil                     -258 4.60 37.5 -21.7 64.7    
Financing Cost EUR mil                     58.7 57.5 50.9 61.4 67.8    
Extraordinary Cost EUR mil                     11.3 20.4 -28.4 -14.4 < 0.001    
Pre-Tax Profit EUR mil                     -328 -73.3 14.9 -68.7 -3.09    
Tax EUR mil                     -36.9 -5.88 8.01 4.35 4.75    
Minorities EUR mil                     -1.88 -0.466 -0.743 -2.74 31.1    
Net Profit EUR mil                     -289 -67.0 7.67 -70.3 -38.9    
Dividends EUR mil                     0 11.7 14.0 13.8 13.8    
growth rates                                  
Total Revenue Growth % ...                   -25.3 -3.97 9.78 23.0 13.0    
Operating Cost Growth % ... ...   ... ...           -12.7 -16.3 15.8 20.6 22.1    
EBITDA Growth % ...                   -85.4 273 9.41 -18.4 51.0    
EBIT Growth % ...                   -263 -102 715 -158 -398    
Pre-Tax Profit Growth % ...                   -462 -77.7 -120 -560 -95.5    
Net Profit Growth % ...                   -529 -76.8 -111 -1,017 -44.6    
ratios                                  
ROE %                     -14.3 -3.28 0.386 -3.69 -1.89    
ROCE % ...                   -8.15 -2.05 0.240 -2.12 -1.15    
Gross Margin %                     55.0 57.0 59.5 54.6 61.0    
EBITDA Margin %                     3.02 11.7 11.7 7.76 10.4    
EBIT Margin %                     -14.2 0.264 1.96 -0.921 2.43    
Net Margin %                     -15.9 -3.84 0.400 -2.98 -1.46    
Payout Ratio %                     0 -17.4 183 -19.6 -35.5    
Cost of Financing % ...                   3.76 4.03 3.59 4.33 5.34    
Net Debt/EBITDA                     18.1 4.66 4.18 6.39 2.28    
balance sheet Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
balance sheet                                  
Non-Current Assets EUR mil                     2,782 2,766 2,657 2,841 2,663    
Property, Plant & Equipment EUR mil                     1,905 1,872 1,727 1,803 1,663    
Intangible Assets EUR mil                     641 676 680 882 843    
Current Assets EUR mil                     1,305 1,294 1,335 1,299 1,549    
Inventories EUR mil                     552 570 577 701 666    
Receivables EUR mil                     109 84.7 109 199 203    
Cash & Cash Equivalents EUR mil                     450 453 490 242 497    
Total Assets EUR mil                     4,087 4,059 3,991 4,140 4,211    
Shareholders' Equity EUR mil                     2,054 2,033 1,938 1,871 2,254    
Of Which Minority Interest EUR mil                     24.4 5.12 3.26 3.40 1.91    
Liabilities EUR mil                     2,033 2,026 2,053 2,269 1,957    
Non-Current Liabilities EUR mil                     1,620 1,516 1,248 1,653 1,115    
Long-Term Debt EUR mil                     1,373 1,268 1,007 1,352 836    
Deferred Tax Liabilities EUR mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... 104    
Current Liabilities EUR mil                     413 510 806 616 842    
Short-Term Debt EUR mil                     69.9 139 421 58.1 291    
Trade Payables EUR mil                     155 177 188 253 268    
Provisions EUR mil ... ... ... ...             188 205 197 266 57.4    
Equity And Liabilities EUR mil                     4,087 4,059 3,991 4,140 4,211    
growth rates                                  
Total Asset Growth % ...                   -6.76 -0.689 -1.67 3.72 1.73    
Shareholders' Equity Growth % ...                   2.49 -1.04 -4.67 -3.46 20.5    
Net Debt Growth % ...                   -32.5 -4.02 -1.74 24.6 -46.0    
Total Debt Growth % ...                   -14.1 -2.51 1.45 -1.25 -20.1    
ratios                                  
Total Debt EUR mil                     1,443 1,407 1,428 1,410 1,127    
Net Debt EUR mil                     994 954 937 1,167 630    
Working Capital EUR mil                     507 478 497 647 601    
Capital Employed EUR mil                     3,289 3,243 3,154 3,488 3,264    
Net Debt/Equity                     0.484 0.469 0.484 0.624 0.280    
Cost of Financing % ...                   3.76 4.03 3.59 4.33 5.34    
cash flow Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
cash flow                                  
Net Profit EUR mil                     -289 -67.0 7.67 -70.3 -38.9    
Depreciation EUR mil                     313 200 187 204 211    
Non-Cash Items EUR mil ...                   50.0 68.1 -10.5 245 -27.4    
Change in Working Capital EUR mil ...                   217 29.2 -19.7 -150 46.0    
Total Cash From Operations EUR mil ...                   291 230 164 230 191    
Capital Expenditures EUR mil ...                   -130 -98.6 -115 -122 -107    
Other Investments EUR mil ...                   18.2 -43.2 30.3 -107 7.93    
Total Cash From Investing EUR mil ...                   -112 -142 -84.8 -229 -98.7    
Dividends Paid EUR mil                     0 -11.7 -14.0 -13.8 -13.8    
Issuance Of Shares EUR mil ...                   320 0 -20.8 0 ... ... ...
Issuance Of Debt EUR mil ...                   -236 -36.2 20.4 -17.8 -283    
Total Cash From Financing EUR mil ...                   63.4 -84.9 -26.9 -248 164    
Net Change In Cash EUR mil ...                   243 3.79 52.3 -248 256    
ratios                                  
Days Sales Outstanding days                     21.9 17.7 20.7 30.9 27.9    
Days Sales Of Inventory days                     246 277 271 239 234    
Days Payable Outstanding days                     69.1 86.1 88.5 86.4 94.3    
Cash Conversion Cycle days                     199 209 203 184 168    
Cash Earnings EUR mil                     23.6 133 194 134 172    
Cash Earnings Per Share EUR                     0.259 1.14 1.66 1.17 1.50    
Price/Cash Earnings (P/CE)                     49.4 12.5 4.19 5.94 7.70    
Free Cash Flow EUR mil ...                   179 88.7 79.1 0.189 92.2    
Free Cash Flow Yield % ...                   14.9 5.31 10.4 0.023 6.69    
other data Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
other data                                  
ROA %                     -6.83 -1.64 0.190 -1.73 -0.932    
Gross Margin %                     55.0 57.0 59.5 54.6 61.0    
Employees                     12,676 11,848 11,893 13,060 13,787    
Cost Per Employee USD per month ...     ...             4,462 4,553 5,118 4,854 5,114    
Cost Per Employee (Local Currency) EUR per month ...     ...             3,208 3,442 3,681 3,781 3,852    
Staff Cost (As % Of Total Cost) % ...     ...             23.5 28.1 28.0 24.9 24.5    
Effective Tax Rate %                     11.2 8.02 53.6 -6.33 -154    
Enterprise Value (EV) USD mil                     3,096 3,475 2,269 2,593 2,698    
EV/EBITDA                     40.6 12.8 7.29 11.1 7.37    
EV/Capital Employed                     0.657 0.808 0.555 0.563 0.600    
EV/Sales                     1.23 1.51 0.852 0.857 0.763    
EV/EBIT                     -8.63 571 43.5 -93.1 31.4    
Capital Expenditures (As % of Sales) % ...                   7.14 5.65 6.01 5.18 4.00    

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Apr 2016
Statistical Dossier
Feb 2014
Company Report
Feb 2014
Statistical Dossier

Wienerberger AG is an Austria-based producer of bricks and clay roof tiles, the largest in the World with 215 plants in 30 countries. Wienerberger also maintains a leading position in concrete pavers in CEE and pipe systems in Europe. The Company operates in four divisions: Bricks & Tiles Europe (producing clay blocks, facing bricks and roof tiles), Pipes & Pavers Europe (including plastic pipe producer Pipelife, the ceramic pipe producer Steinzeug Keramo and the concrete paver producer Semmelrock), the North America division includes activities in North America, and the Holding & Others division consists primarily of Wienerberger's brick business in India and activities at the corporate headquarters. Wienerberger was founded in 1819 in Vienna and its stocks have been traded on the Vienna Stock Exchange since 1869

Finance

Wienerberger has been growing its sales by a year on average in the last 5 years. EBITDA has grown on average by 12.5% a year during that time to total of EUR 370 mil in 2015, or 12.4% of sales. That’s compared to 10.7% average margin seen in last five years.

The company netted EUR 32.5 mil in 2015 implying ROE of 1.61% and ROCE of 1.04%. Again, the average figures were -3.19% and -2.04%, respectively when looking at the previous 5 years.

Wienerberger’s net debt amounted to EUR 593 mil at the end of 2015, or 0.288 of equity. When compared to EBITDA, net debt was 1.60x, down when compared to average of 3.32x seen in the last 5 years.

Valuation

Wienerberger stock traded at EUR 17.1 per share at the end of 2015 resulting in a market capitalization of USD 2,419 mil. Over the previous five years, stock price grew by 19.6% or 3.64% a year on average. The closing price put stock at a 12-month trailing EV/EBITDA of 6.58x and price to earnings (PE) of 61.5x as of 2015.

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