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[April 2003]
Wienerberger Reports on 2002
Wienerberger AG said it could look back on an extremely successful year in
2002, despite an unfavourable operating environment. The early and
consequent optimisation of the company, combined with profitable growth
steps, led to above-average results.Group revenues rose by 7% to 1.6537 billion euro. This development was
supported by significant organic growth in the brick business in Eastern
Europe and Italy and the initial consolidation of Hanson Brick Continental
Europe, which contributed 109.6 million euro. In spite of this major
acquisition, the number of employees increased by only 1% to 11,478.
Revenues in the core brick business rose by a total of 11% to 1.2274 billion
euro. In the Pipe and Roofing Investments segment, revenues declined by 3%
to 420.7 million euro. Higher revenues from the Bramac roofing business and
clay pipe activities in part offset lower sales volumes of Pipelife plastic
pipes.Operating EBITDA for the group rose by 37% to 302.6 million euro. The
largest improvement was recorded in the German brick business, following
restructuring and an increase in prices. In the Central European turnaround
markets of Germany, Austria and Switzerland, operating EBITDA increased by a
total of 38.5 million euro over the prior year. Italy, Hungary, Slovakia
and Croatia showed further improvement in earnings over the already
excellent base. Earnings in the Czech Republic remained at a good level.
Results in Poland were better than expected, with a sizeable increase in
EBITDA.Markets were stable in Belgium, but declined in Holland. However, the
integration of Hanson BCE with EBITDA of 16.4 million euro was more than
able to offset the market-related decline in the facing brick business. In
the USA, higher utilisation of capacity after plant shutdowns in 2001 had a
positive impact on earnings, although the weaker dollar exerted a downward
influence. After adjustment for currency translation effects, EBITDA in the
USA rose by 10%.In the Pipe and Roofing Investments segment, operating EBITDA increased by
18% to 47.3 million euro. The Pipelife, Steinzeug and Bramac joint ventures
reported strong growth in earnings after the implementation of optimisation
programmes in 2001.Bramac was able to further increase earnings as a result of its strong basis
in Eastern Europe. The Steinzeug joint venture was more than able to offset
lower sales volumes in Germany with higher exports, price adjustments and a
reduction in fixed costs.
ENDS