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[August 2007]
Wienerberger Announces First Half Preliminary Results
Wienerberger AG (Vienna, Austria) has announced preliminary results for the first six months of 2007 based on monthly reporting because of the unusually high growth in revenues and earnings, which significantly exceeds the current expectations of the capital market. Group revenues increased 21% during the first six months to €1.2273 billion, EBITDA 30% to €256.6 million and EBIT 43% to €166.6 million. The driver for this development was the favourable weather during the first quarter combined with steady and strong construction activity in large parts of Europe, especially in Central-East Europe.In spite of the slump in US housing and disappointing progress in the new residential construction market in Germany, Wienerberger also recorded two-digit growth rates during the second quarter of 2007 as a result of substantially higher sales volumes in Central-East Europe and North-West Europe as well as an increase in prices.
"Strong operating results and non-recurring income of roughly €10 million from the sale of securities during the first quarter also led to an increase of 73% in profit after tax to €140.1 million and a plus of 56% in earnings per share to €1.70 (adjusted +44% to €1.57)," commented Wolfgang Reithofer on the outstanding earnings situation. "These figures confirm the strength of our geographic portfolio and the success of our growth course.
"I expect a continuation of this positive earnings trend during the remainder of the year, even though growth rates will not reach the levels of the first six months. Demand should remain sound across most of Europe, but there are still no signs of recovery on the residential construction markets in the USA and Germany at this time. Based on our excellent results for the first two quarters and the optimistic outlook for the second half year – above all in Central-East Europe – we will also report higher results for the full year than previously forecasted. From the current point of view, we assume that EBITDA and adjusted earnings per share will increase by at least 15% in 2007.”
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ENDS