Wienerberger, the leading provider of wall, roof and landscaping solutions, has released financial details of a successful 2012, seeing revenues rise by 23% to €2.4 billion and operating EBITDA by 2% to €246 million.
Despite a bottom line loss, the results were mitigated by both a goodwill amortisation of €10 million in Croatia and Lithuania and the initiation of a restructuring programme that is set to save €50 million by the end of 2014. Furthermore, the company has seen free cash flow increase from €135 million in 2011 to €164 million in 2012.
Heimo Scheuch, Chief Executive Officer of Wienerberger AG, explained:
“Wienerberger’s results were influenced by three major factors in 2012: lower revenues and earnings in the Bricks & Tiles Europe Division due to a decline in residential construction throughout Europe; the initial consolidation of Pipelife, which made a sound contribution to revenues and earnings; and modest recovery in new residential construction on the US market. The takeover of Pipelife and the related expansion of a new business area allowed us to stabilise operating earnings at the Group level during the past year and create a broader industrial base for Wienerberger’s future.“
Discussing the company’s outlook and strategy for 2013, Heimo continued:
“Our focus remains on the generation of free cash flows through organic growth, an increase in profitability through continuous optimisation, a restrictive investment policy and strict working capital management. A recently established project team is now also working on the structured sale or development of our non-core properties. This should add nearly €100 million of additional liquidity over the next four years. Within our financial capacity, we will also utilise opportunities for selective expansion through smaller, value-creating acquisitions, especially in the renovation segment.”