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[September 2002]
Half-Year Report from Wienerberger
In spite of the difficult operating environment, the Wienerberger Group recorded a sizeable improvement in earnings during the first half of 2002. The company said that this development was a direct result of the consistent and rapid implementation of restructuring and optimisation measures in 2001.
Group sales rose by 7% to 799.3 million euro. Organic sales growth totalled 3% and resulted primarily from higher sales volumes and prices in the growth markets of Eastern Europe. In addition, the brick activities of Hanson in Continental Europe added 30.7 million euro. In the Pipe and Roofing Investments segment, Bramac profited from its subsidiaries in Eastern Europe but the Pipelife and Steinzeug ventures were faced with declining sales, above all in Western Europe.
Group EBITDA increased by 37% over the comparable prior year value to 147.3 million euro, primarily as a result of successful optimisation programmes. All countries reported higher earnings and in some cases significant growth. The main driver for this substantial improvement was the brick business in Germany, where plant shutdowns in 2001 led to a further reduction in costs and higher prices. The initial consolidation of Hanson activities added 5.3 million euro to group EBITDA.
EBIT rose from 32.1 million euro to 72.6 million euro, or more than double the comparable prior year value.
Profit after tax showed a significant increase - from 14.5 million euro to 44.6 million euro - and earnings per share more than tripled from 0.20 euro to 0.67 euro.
ENDS