Wienerberger AG recently reported a year-on-year increase of 2% in revenues to €546.1 million (approximately $693 million) and 20% in EBITDA to €100.9 million (~ $127 million) for the second quarter of 2010. The company attributed this positive development to its restructuring measures implemented in 2009 and the related cost savings. However, revenues for January to June 2010 declined by 8% to €825.6 million (~ $1 billion) and EBITDA went down 22% to €78.3 million (~$99 million).
“The completion of restructuring measures has given us a stable and strong foundation, and we are ready to restart full speed as soon as the economy fully recovers,” said Heimo Scheuch, CEO. “We have a strong balance sheet and a strong financial base. Our gearing of only 19% for the first half-year is very low.
“The market environment was difficult during the first months of this year. Uncertainty still prevails, consumer confidence is low and unemployment remains high in many of our markets; such factors have a negative influence on new residential construction. However, the second quarter developments should continue with a steady positive trend in most West European countries. I expect only very limited construction activity in Central-East Europe, but stable volumes in the U.S. We have created the basis for future growth and sustainable success with our restructuring program. That is confirmed by the satisfactory development of business over the past three months. We intend to use this solid foundation and our proven track record to strengthen and further expand Wienerberger’s leading role in the building and construction sector.”
For more information, visit www.wienerberger.com