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Edited Transcript of WIE.VA earnings conference call or presentation 13-Aug-19 12:00pm GMT

Half Year 2019 Wienerberger AG Earnings Call

Vienna Aug 15, 2019 (Thomson StreetEvents) -- Edited Transcript of Wienerberger AG earnings conference call or presentation Tuesday, August 13, 2019 at 12:00:00pm GMT

TEXT version of Transcript

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Corporate Participants

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* Heimo Scheuch

Wienerberger AG - Chairman of Managing Board & CEO

* Klaus Ofner

Wienerberger AG - Head of Corporate IR

* Solveig Menard-Galli

Wienerberger AG - Chief Performance & Transformation Officer and Member of Managing Board

* Willy Van Riet

Wienerberger AG - CFO & Member of Managing Board

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Conference Call Participants

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* Ami Galla

Citigroup Inc, Research Division - Senior Associate

* Gregor Kuglitsch

UBS Investment Bank, Research Division - Executive Director, Head of European Building & Construction Research and Equity Research Analyst

* Paul Chabran

On Field Investment Research LLP - Analyst

* Yves Brian Felix Bromehead

Exane BNP Paribas, Research Division - Analyst of Building Materials

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Presentation

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Operator [1]

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Ladies and gentlemen, thank you for standing by. I'm Timo, your Chorus Call operator. Welcome, and thank you for joining the Wienerberger conference call on the first half year results of 2019. (Operator Instructions) I would now like to hand over the conference to Mr. Klaus Ofner, Head of Investor Relations. Please go ahead.

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Klaus Ofner, Wienerberger AG - Head of Corporate IR [2]

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Thank you, operator. Ladies and gentlemen, welcome also from our side to this conference call on our H1 results 2019. Wienerberger representatives on today's call are Heimo Scheuch, CEO; Willy Van Riet, CFO; and also for the first time we welcome, Solveig Menard-Galli, CPO. As always, we will open the call with an executive summary by Mr. Scheuch, focusing on the key developments of the first half year and also on our outlook. Following the opening statement, we will take -- I'll now hand over to Mr. Scheuch for the executive summary.

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Heimo Scheuch, Wienerberger AG - Chairman of Managing Board & CEO [3]

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Thank you, Klaus. Ladies and gentlemen, a warm good afternoon from Vienna and Austria. And we would like to walk you very briefly through our results -- set of results for the first half year of 2019. As already indicated by Klaus, we have a record first half year result, a very strong set of results coming through from our business.

We are glad to report an increase of 8% in our revenues to a record high of more than EUR 1.7 billion. The EBITDA like-for-like is also up 33 billion (sic) [EUR 287 million], so a strong performance on the cost side and on the pricing side, the 2 major aspects that we will focus on in a minute. And very satisfactory, the net profit is up more than 100% to EUR 127 million in the first half year.

Ladies and gentlemen, we have made a huge progress in a number of fields that we were active in over the last couple of years. We always have clearly indicated that Wienerberger is in a transition from a production-oriented company in a more service and distribution and customer-oriented company.

We have made enormous progress in our product portfolio. A product portfolio which is perfectly in line with the expectations of our customers, meeting the requirements of, on the one side, climate change, having solutions for walls that meet all standards from energy efficiency to cooling in the summer to actually systems for rainwater management and management of water, as such, sewage or drinking water, to the applications in housing when it comes to electrical supply or to data transfer. So a lot of systems that we have focused on are gaining momentum in the markets that we are active in.

On top of it, and that's my second important point, is that in our Fast Forward project, we are making great progress, great progress that we can report to you that EUR 25 million of additional EBITDA to be added to the, sort of, activity in the first half. So a strong set of results also coming through from this performance enhancement project that obviously, touches all our processes in the company from production to sales and admin.

Again, when we look at the performance of Wienerberger, we have achieved this because we are focusing on our value-enhancing strategy, on organic growth on one side, on acquisitions that we have achieved also in the first half of this year, which are selective acquisitions that add to our product portfolio, deepen our value creation in the markets that we are active in by offering a broader range of products and offer more solutions to our clients. And obviously, also, by a self-help program to improve our efficiencies in all fields of the activity of the company.

When we look at the sort of underlying markets that we are finding, they are perfectly in line with the expectations that we had at the beginning of this year. So actually, solid markets that we found in Eastern Europe, especially, where we have seen growth throughout the first half of the year, and we will see this growth throughout the whole of this year.

In Western Europe also, markets that were perfectly in line with our expectations when we come to Belgium, the Netherlands, also Germany and to the U.K., obviously. The weakest market in this region was obviously France, which has remained on the level that we have estimated France at the beginning of this year, so no major change. And I think this is important to mention, we'll operate throughout the rest of the year in such a market environment.

So again, I think you see that Wienerberger has been able to grow in these markets by a better product portfolio. You will draw your attention also on the overall volume perspective. To be said one thing in this context is that Wienerberger deliberately focused also to exit some commodity markets being in pipes, being in bricks, in order to go into more value addition products and higher value-added products.

So this is obviously a deliberate choice to go in this market areas, and therefore increased our margin. You have seen it strongly increasing our margin in the Piping Solutions side because we are focusing more on the solution business and highly value-added products in all the markets that we are active in and also, in the Building Solutions side where we are active in higher value-added bricks, for example for walls but also in the facade systems.

So on the back of this change in portfolio, we were able to increase our prices significantly in certain countries, obviously not only because we increased prices as such, because we improved our portfolio and we add also services to it in an increasing way, so we are able obviously to price our solutions better than in the past. And this will continue on the way forward in the years to come because this is the transition phase of Wienerberger that we are currently going through.

All in all, as I said, we are operating in this market environment that we are confident with, that provides us with the necessary growth for the rest of the year. That's why, at the end of my sort of initial remarks, we are guiding you towards EUR 570 million, EUR 580 million EBITDA towards the end of the year. You remember our original range that was starting with EUR 560 million, so we are guiding you towards the upper range of our guidance being more positive, more optimistic with the rest of the year and the performance in the prospective markets in Europe and the U.S.

So all in all, a very strong set of results for the first half of the year. We are confident with the remaining part of the year. There's not, sort of, anxiety from us with respect to markets, it's the market environment that we face. From a pilot's perspective, I can say we didn't get in the first half year. A lot of tailwinds from the markets and won't get them in the second half either. Wienerberger is growing in these markets, and we are set for growth in the future as well, because as I've said, we have been successfully repositioning Wienerberger in the last couple of years.

From my side, two words on the capital allocation. We have spent around EUR 50 million on M&A, so very successful projects in the U.K. and on the continent in order to improve our portfolio. We are currently looking at a number of midsized and smaller deals also that improve our performance in the respective markets in Europe, especially and also in Eastern Europe. And you will see us move on these targets, as we said, very cautiously and in a way that we are sure to create the necessary value that we request from such transactions.

And on the other hand, we will spend more or less about EUR 200 million of -- when it comes to CapEx. This includes, obviously, the classical maintenance CapEx, but to a quite a sizable degree also of performance enhancement measures due to the Fast Forward on one side but also debottlenecking of new products in our production lines, be it in pipes, be it in bricks or roof tiles.

So it's quite a substantial measure of investments that we foresee for this year, but this is necessary in order to improve our performance, especially when it comes to Fast Forward, and therefore we are confident that we will reach the EUR 40 million target for this year. So this is something where we remain very confident. And also, when we look at EUR 60 million for the next year that we have foreseen and guided for from these investments that we are currently doing and the improvements, especially in manufacturing, make us optimistic that we will reach this target as well.

So on the capital allocation side, on track. On the market side, on track with respect to prices and the change of portfolio. We'll obviously beef up our efforts also on the -- on other fronts, like the M&A side, as I've said, and get some very interesting project also in the second half of the year.

So I would say, from my side, this is the -- a note of confidence with respect to the performance based on a very strong half year and a very optimistic outlook also for the next second half of this year.

And I think all my colleagues are now ready to take your questions. And please go ahead.

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Questions and Answers

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Operator [1]

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(Operator Instructions) The first question comes from Yves Bromehead, Exane.

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Yves Brian Felix Bromehead, Exane BNP Paribas, Research Division - Analyst of Building Materials [2]

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I have 3 questions, if I can. My first one, could you please provide a picture of the overall sales bridge in terms of volume versus price in H1 '19? That would be really helpful.

My second question is on the outlook, where you mentioned that markets have become more volatile, and you now expect many of your key markets to be readily stable versus positive on the maps that you provided on the presentation. Could you maybe help us to understand what you have identified in Q2 '19 that has changed the group's sentiments on underlying market conditions?

And my last question is on the EBITDA guidance, which you have now raised to a midpoint of EUR 575 million. If I look at what that implies for H2 '19, it suggests margin decline ex-IFRS 16. So I'm just trying to understand the drivers of that, and whether this implies some volume decline in H2 '19?

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Willy Van Riet, Wienerberger AG - CFO & Member of Managing Board [3]

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If we -- thank you for your question. It's really valid. If you look at the sales bridge, we have -- clearly, we have about a growth of 6% organic, and a majority part of that is on pricing. But if you look to the individual business units, you see clearly, we continue on volume growth in Building Solutions. And we have a lesser -- we have a decrease in the volumes on the pipes, but that's something we have already alluded to because -- that's because we're getting out of the commodity pipe business. And in the U.S., the decrease is due to the fact that, as we already indicated, the Canadian market was going down, and also there, on the pipes, we see a shift into the second half of the year. And the rest is -- the 2% is basically on consolidation, the majority.

As to the midpoint. If you look to where we are going to, it is not a deterioration, but it's a continuation of the strong margins that we see in the first half of the year that it will continue into the second half of the year.

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Yves Brian Felix Bromehead, Exane BNP Paribas, Research Division - Analyst of Building Materials [4]

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Yes. If I may on that point. I mean that still implies margin decline versus last year. So how should we think about this? Is this that you believe that you have now reached levels of margin in Eastern Europe, potentially, which are at peak levels, and you're seeing some cost pressure or the inability to pass on the costs?

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Heimo Scheuch, Wienerberger AG - Chairman of Managing Board & CEO [5]

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No. I think I clearly can say if that there is no pressure at all, as far as cost is concerned. I don't see any margin erosion in our business, nor in East, and nor in Western Europe. There is no sort of pressure coming from prices or as such. We have continuously been able to improve the pricing, and this will continue. Obviously, we won't be able to make these major steps that we have done at the beginning of the year, it's not the same, obviously, in the second half. But again, the trends -- the underlying trends are pretty much the same. So there's nothing to interpret it in the numbers as such. I think we are shooting for a very good and a very strong second half of the year. I can also confirm that when I look at the numbers of July, that we have already coming in. So it's a good underlying business.

I think -- and I just want to make it clear for everybody, as I said in my initial statements, Wienerberger deliberately made the choice to go out of some commodity markets and low-margin business. So from a volume perspective, we are actually not growing that much because we did this step. And this is part of our strategy. And obviously, therefore you see that margins are going up because we are focusing on these new segments that we want to build, and there, obviously, our growth rates in these segments are strong ones.

To your EBITDA, I think, when you look at the market as such, I think from a perspective of today, to make a strong statement that we will reach the EUR 570 million to EUR 580 million shows clearly that we are confident in it, that we are, from a market perspective and from a self-help perspective, we are making the necessary contributions.

And your last question was on market sentiment. I said in my initial statement, I think Wienerberger had clearly the vision for the whole year that certain markets of ours in Europe and in North America, if I take Canada, for example, will be somehow weaker. Weaker because of intervention from government, from state bodies when it comes to Canada or the -- as in France, as you perfectly know. And we have not seen any different trends. We are not sort of -- you shouldn't interpret from our way of saying that there is something dramatically that has changed. No. The markets are, as they were and are continuing to be, in some areas strong or very strong.

And let me just say one word. We are far away from any whatever you call peak levels, because peak levels for me were probably in the late 2007, '08, whatever. But I think here, we are in a very, I would call it, solid and robust environment, where we still see good demand levels in all the markets that we operate in, where we have actually very low interest rates, when you see the financing for real estate, et cetera. And I think where we are operating in a fairly favorable environment when it comes to infrastructure to renovation and to new build.

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Operator [6]

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The next question is from the line of Paul Chabran of On Field Investment Research.

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Paul Chabran, On Field Investment Research LLP - Analyst [7]

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A bit of question, first of all, I'd like to go back on pricing. So your comments suggest that pricing was up 4% to 5% in Q2. I was wondering if you are seeing this momentum moving forward in 2019. And if you see it moving forward, it suggests that there might be an EBITDA improvement beyond your guidance. So what are the key risks for you in H2 that will explain that the guidance was not raised further than that?

And the second question. Can you talk a bit more about the mix effect? There seems to be a substantial acceleration in the share of value-added products in your sales. So could you maybe share some detail about what type of higher value-added products you are referring? And do you see further room for improvements in some part of the year and in 2019 regarding this product?

And the last question regarding innovative products in 2018. The share of innovative products in your sales was around 30% of your sales. What level do you see in 2019? And maybe if you could share with us some type of outlook on the medium-term for the innovative product?

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Heimo Scheuch, Wienerberger AG - Chairman of Managing Board & CEO [8]

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Thank you very much for your 3 questions. I think if I may start with your last one on the innovation side. We have focused a lot during the last years in bringing the share of these sort of solutions, product systems up to a 30% level. As we speak, we are developing new ones. We are working on new ones, we are rolling out existing ones in new markets. So I think a share around 30% is a very ambitious one for Wienerberger.

Obviously, we won't shy away in the future if we see new potentials to improve it even further. I think it's too early to give you a new target. You remember that we had this target of 30%, and we achieved it a little early. Obviously, it was originally planned for 2020, so we have moved very close on that. I think strategically, I can tell you that, obviously, we would like to have even a stronger share of these products in the next years to come. And so we'll clearly give you an update on this on the Capital Markets Day on the 16th of September in London, when we are talking about this.

On the mixed effect, again, let me be clear on that. I think it is in a group like ours with thousands of products and thousands of different solutions that we offer from electrical components where installers to plumbers to brick and roof tiles and all sorts of accessories. Here, I can only give you a very, very sort of strong overview saying that, obviously, these new products that the 30% of turnover contributes, obviously, to a stronger degree on margin and profitability, and that's why we are driving this part of the business. And clearly, and I think this is -- when we talk about commercial excellence, when we talk about new positioning of Wienerberger, we have taken the clear strategy to exit low-margin businesses. And I think this is an important message to give to you that we are not going on with those businesses because they are not contributing what we want. And your last question on risk. Please, Willy?

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Willy Van Riet, Wienerberger AG - CFO & Member of Managing Board [9]

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On pricing, we -- just remember, we set price increases in the market already in the last quarter of last year. We continue doing that in the first quarter of this year, and we are still holding on to those price increases which we have put into the market. And we do not see any reason why that pricing increases should weaken. What we will see in the course of the year, of course, and we hinted to that during the first quarter as well, is some of the inflationary cost increases will come through slightly there, and that's about it. And we will also still endeavor to put also towards the end of the year, to put further price increases into the market. So be assured we are not losing our momentum on pricing on the back, as Heimo hinted on new products that we put into the market and also on our -- if you want to, our pricing powers into the markets.

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Operator [10]

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The next question comes from the line of Ami Galla of Citi.

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Ami Galla, Citigroup Inc, Research Division - Senior Associate [11]

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I have 2 questions here. The first one is on the optimization gains that you have delivered in the first half, which is EUR 25 million. If you compare it to the level that you delivered in the second half, is it right to assume that sequentially, optimization gains have increased by about EUR 5 million? And there's a bigger step-up that we should be expecting in the second half?

My second question is, if you could give us a guidance on the structural costs that we should be expecting to be charged in the second half, that would be quite helpful.

And just one broader question on the guidance. I remember in the Capital Markets Day last year, in the broad bridge of the EBITDA from 2018 to 2020, you had assumed the step-up in organic EBITDA growth of about EUR 15 million each year. Now at the end of H1 '19, you have over exceeded that level. So given the sort of guidance that you're giving here, are we expecting a flat organic development for EBITDA in the second half?

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Heimo Scheuch, Wienerberger AG - Chairman of Managing Board & CEO [12]

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Thank you. I just want to make clear that I got your second question. This was about structural costs?

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Ami Galla, Citigroup Inc, Research Division - Senior Associate [13]

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Yes.

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Heimo Scheuch, Wienerberger AG - Chairman of Managing Board & CEO [14]

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Restructuring, right?

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Ami Galla, Citigroup Inc, Research Division - Senior Associate [15]

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Yes, exactly.

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Heimo Scheuch, Wienerberger AG - Chairman of Managing Board & CEO [16]

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Okay. Got it. No, sorry. I just wanted to clarify. Yes. I will -- the first question will be answered by my colleague, Solveig, right here, our colleague on the Board.

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Solveig Menard-Galli, Wienerberger AG - Chief Performance & Transformation Officer and Member of Managing Board [17]

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Pleasure to be on the call this time, for the first time. As you know, let me briefly recap our optimization program called Fast Forward 2020. It's a 3-year program that we set up based on speeding up our efficiency gains in our internal operational excellence. So we started this program based on 2017 baseline, and we are going step-by-step through the whole program with the different streams. As said before, it actually hits and covers all areas of the organization.

And we made a clear plan, what are the steps that we can take year-over-year. So we had already last year delivered EUR 20 million on step-change improvement on optimization. And for this year, the clear guidance is to reach EUR 40 million. I want to explain to you, once again, that this is not a linear stepping up and linear calculation because what we do here is a number -- quite a big number of single initiatives. And particularly in the manufacturing area, we do have a certain lead time for this project. So you need to go, especially if you go into automation, you go in with a project team. And you have also some temporary upfront project costs that you need to cover before you can go to the structural step down of the cost base. And this is what we factored into our -- this year's results and this year contribution out of the program. Therefore, we stick, and we are fully on track with the planning and all the projects that are currently ongoing to fully deliver the EUR 40 million improvement this year. But then, also be ready for the next step because remember, we have a full-year program -- full program contribution of EUR 120 million envisaged, which means it will deliver next year another EUR 60 million of structural improvements.

And that's what we are working towards. So I hope that clarifies a little bit the approach that we take.

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Heimo Scheuch, Wienerberger AG - Chairman of Managing Board & CEO [18]

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Thank you, Solveig. Your other 2 questions have been relating to restructuring costs. I can sort of allude to this in the following way that this will be a single-digit million number at the year-end for the whole group, that's our prediction at this stage. And your last one was referring to organic growth. If you take actually our upper range of the guidance that we provide you with for the whole year, you will see that there is some organic growth included in this. So you have already -- to answer your question, you will see some organic growth in the second half of this year.

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Operator [19]

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(Operator Instructions) The next question is from the line of Gregor Kuglitsch of UBS.

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Gregor Kuglitsch, UBS Investment Bank, Research Division - Executive Director, Head of European Building & Construction Research and Equity Research Analyst [20]

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A few questions from my side. Can you just come back on this commodity and you, kind of, shrinking parts of the business? Can you just give us a sense when that started? Perhaps that's a journey you've been on for a while, and perhaps we haven't quite seen it because of the overall market strength. But if you could just give us a sense, kind of how much revenue you ultimately just want to exit? I appreciate this is a very low-margin business, but for our purposes, we don't have that in expectations, so we don't perhaps get disappointed by lower top line as you exit these businesses, that would be really helpful.

The second question is just kind of looking at Q2. So I think Q2 had a percent of organic growth, obviously, a sort of a shift from Q1 to Q2. What's your kind of sense for the underlying run rate? Because I appreciate there's trading days that obviously went against you, those are probably winter effects flowing backwards and forwards between Q1 and Q2, so that I want to get a sense what you think the underlying growth is kind of -- And then you mentioned July there, if you're kind of tracking -- back on track, I guess, in July?

And then in the slide pack, I don't think you talked to it, but you did a few slides on the U.K., I believe. Would be interested to sort of get your summary thoughts there. Obviously, most of the sale in the U.K., so kind of quite close to the market. But I'd be particularly interested in how do you -- sort of trade flows matter for you in the foreign exchange because I think you're importing a meaningful amount into the U.K. So I'd be interested in how that -- how the economics change for you if sterling is at EUR 1.05 or EUR 1.06, which is where it is now compared to maybe a year ago. Or does it kind of -- is it too small to matter? That would be it for me.

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Heimo Scheuch, Wienerberger AG - Chairman of Managing Board & CEO [21]

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We will share the questions here, Gregor, among Willy and myself.

I would like to say one thing on the U.K., if I may, before Willy intervenes. We remain confident on the U.K., as you have seen from our presentation. We just wanted to make two things clear. First of all, we are prepared to any sort of legal changes that might arise from Brexit and the whole sort of Brexit situation. We have prepared and trained for this now a couple of times in the company. So everything is lined up. I think this is just that you can tick your box Wienerberger has done the homework from the logistics side to all sorts of other aspects of the business.

The underlying business in the U.K. has been strong in the first half. We have made again good progress, good progress in volumes and in margin. So I think this is a good news for you also that you can see that our business is developing very well in the U.K., and we are making good inroads. And again, this is not only due to the fact that the market is supportive, but we have actually outperformed the market again with our solution approach and with different angles like the digital services that we provide to our clients, et cetera.

On the logistical side, one thing, Gregor, is cleared. Most of our products are U.K.-based and produced ones. The ones that we bring in from the continent, namely Belgium and the Netherlands, we have optimized our logistical side. We have, obviously, from the cost side, very attractive cost prices and cost structures on the continent. So we are highly competitive. And on top of it, it's a unique product range that we have there, and that makes very good inroads and still does in the U.K. because we are continuously innovating it.

And I think on the foreign exchange, Willy, if I may hand over to you?

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Willy Van Riet, Wienerberger AG - CFO & Member of Managing Board [22]

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You will never hear me say that something is meaningless, yes? But it does not make a big difference in the total picture. We try to hedge first. That is one thing. Secondly, of course, when you see the pound getting weaker, we have something new now as well. We have a business which we acquired in the U.K., which is on roof accessories, in which will be exporting some of its products into the continent. So we get a little bit of a, I call it, a natural hedge there as well.

And secondly, if you look at the total build cost of a house, bricks are still about 5%, and that's typically what we talk about in the U.K. And the bricks that are imports or we bring out of the continent to the U.K. market, are in the higher end of the housing. So I think it does matter. It may take over a few percentage points from our pricing, but not more than that. So it's not really a big meaningful thing. And mind you, we do have our improvements also in productivity on the factories that are producing those bricks. So I don't see a big issue in that.

If I come to your question about the underlying markets and market strength, I think you described it very well. It shifts between the quarters. You can then stop talking about days in the -- that you can -- number of days in activities. Yes, we saw like most of the industry, we saw our weakest month sometimes, and then you pick it up afterwards. The underlying trend in the first half of the year is exactly as we expected for it. And it's continuing, and it's giving us the full confidence also for the second half of the year. So that's a very clear statement on that one.

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Heimo Scheuch, Wienerberger AG - Chairman of Managing Board & CEO [23]

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Your first one, Gregor, was on the what we call the lower-margin business and how we sort of structured this approach. It is obvious that this is something we started a couple of years back, this transition phase and this transfer. You can't do it in a month or 2, you need to prepare the market for it. I want to give you 2 examples, basically. You remember that we indicated that we want to restructure our pipe operations in France. France has been very much centered on pure commodity pipes for infrastructure with very low margin, it's a very low single-digit margin EBITDA. So we clearly said this is not going to continue. We exited from a production perspective, we had the restructuring costs, and therefore we are now concentrating more on agricultural products and some sewage pipes. So here, it's a transition that we started 2 years ago, and actually, which we see now kicking in.

The same goes for the ceramic pipes where we had our closure in Germany, and we go out of some of these commodity-type markets. And then in some brick countries as well, we leave certain very standardized commodity bricks and move more into highly insulating in-field blocks, et cetera.

Gregory, if you don't mind, I take up your question, and we will sort of give you more color to this on the Capital Markets Day in a month's time because I understand that it is important that you understand where the company, as such, and the Group, as such, is moving to. But I just wanted to give 2 examples to get a better view for that.

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Gregor Kuglitsch, UBS Investment Bank, Research Division - Executive Director, Head of European Building & Construction Research and Equity Research Analyst [24]

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Helpful. One -- maybe one final question. So you had EUR 8 million, I think, contribution from acquisitions in the first half from your slides. Can you update us whether that's supposed to be for the year based on the deals you've concluded so far?

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Heimo Scheuch, Wienerberger AG - Chairman of Managing Board & CEO [25]

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A little bit about EUR 10 million.

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Operator [26]

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Excuse me, Mr. Ofner, there are no further questions at this time.

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Klaus Ofner, Wienerberger AG - Head of Corporate IR [27]

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Ladies and gentlemen, thank you for your questions and for dialing in today. At the end of this call, I would like to bring to your attention our upcoming Capital Markets Day. We will hold the management presentation in London on the 16th of September, and the follow-up -- and we will follow-up with a management presentation in New York on September 17. If you would like to obtain more information about these events or you would like to register at the location that's most convenient to you, please contact the IR team.

So all that's left for the day is to thank you again for your attention. Have a nice day, and goodbye.

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Operator [28]

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Ladies and gentlemen, this concludes the Wienerberger conference call. Thank you for joining, and have a pleasant day. Goodbye.