1. 133rd Annual General Meeting of Wienerberger AG
Welcome to the
133rd Annual General Meeting
of Wienerberger AG
Vienna, May 8, 2002

2. 2001:
Year of Transition
2002:
Building the Future

3. Content The Year 2001 Strategy – the Future of Wienerberger
First Quarter and Outlook on 2002

4. The Year 2001

5. Internal Changes Managing Board (May 21, 2001)
Holding company  Operating Building Materials Company
"Year of Harvest 2000" with high non-recurring income (40% of Group EBIT)
Building materials  (Value) Driver for the future
Greater transparency

6. External Changes Decline in global economy in 2001
Intensified and accelerated by September 11
Economic slump in Germany and Poland
End of 10-year growth phase in USA
 Adjustment of strategy and measures

7. Strategy 2001
Optimization programs: Early start and focus on Germany, Austria, Switzerland, Poland and USA
Integration and focusing
Cautious with investments - no major projects

8. Measures for 2001 Active management of capacity and costs
Shutdown of 17 plants in Europe and USA
Market restructuring in Germany: Acquisition of Megalith, Gessner and Taucha
Acquisition of Apfelberg in Austria and marketing cooperation for hollow bricks in Switzerland
New construction of prefab concrete element ceiling plant in Hungary and completion of Gnaszyn brick plant in Poland

9. Measures for 2001 (2) Expansion of direkt sales in USA
Integration of Optiroc brick business in Northern Europe
Sale of Rouffach brick plant in France
30% investment in Fornaci Giuliane S.p.A. with 3 brick plants in Italy

10. Operating Results for 2001
Losses in Germany, Austria and Switzerland totaling € -43 million in operating profit
Decline in Benelux - negative influence from Germany
Sharp earnings decline in Poland (but still positive!)
Higher profits in Eastern Europe (ex. Poland) and Italy
End of 10-year growth phase leads to lower earnings in USA
Declines in pipe investments, Bramac gains through strong presence in Eastern Europe

11. Wienerberger Group Operating Results

12. Results by Segment
Sales 2001
Operating EBITDA 2001

13. Restructuring
Shutdown of 17 primarily older plants to adjust production capacity to match slowing demand
Non-recurring restructuring costs of € 92.0 million, including € 73.0 million in write-downs
Roughly one-half of restructuring costs related to Germany
 Requirement for return to former earning power

14. Wienerberger Group
1) Thereof approx. € 110 mill. for current investments

15. Value Management
Earnings per Share
ROCE

16. Balance Sheet Structure

17. Share Buyback From October 1– 31, 2001, approved by 131st AGM
Conducted over Vienna Stock Exchange
Volume: 4,176,339 shares (= 6.01%) repurchased
Average price: € per share
Capital required: € 67.2 million
Goal : optimize capital structure and cost of capital
Gearing increased and WACC reduced from 8.0 to 7.0%
Shares cancelled  New issued capital: €

18. Treasury Stock
In 2000 Wienerberger purchased 640,000 shares of its own stock for a Performance Share Plan
Treasury stock as a percentage of issued capital: 0.98%
Actual value (April 30, 2002): € million
Performance Share Plan expired in April 2001
Price goal not reached  No shares for management
Managing Board wants to use shares for employee stock participation program and stock option plan (see Point 7)

19. Transition Year 2001 Exception in development of earnings
Higher EBITDA (> € 200 mill.) in spite of market downturn and restructuring
Wienerberger – secure in times of crisis !
No change in dividend policy (3.5 – 4,.% dividend yield)
Dividend for 2001: € 0.60 per share (2000: € 0.80)

20. Strategy – the future of Wienerberger

21. Pipe and Roofing Investments (JVs) (and related products)
Wienerberger Today
Wienerberger AG
Pipe and Roofing Investments (JVs)
Bricks
(and related products)
Real Estate and
Other
Pipelife
Plastic pipes
Real Estate
Austria
Pavers
Eastern Europe
Central and Eastern Europe
Steinzeug
Clay pipes
Other
Bramac
Concrete roof tiles
Western Europe
Real Estate and Other = < 1% of Sales and Capital Employed in 2001
Germany
Switzerland
Italy
Tondach Gleinstätten
Clay roof tiles
France
Benelux
Northen Europe
Pipe and Roofing Investments = 28% of Sales in 2001
USA
Bricks = 71% of Sales in 2001

22. Wienerberger Group Multicultural company Decentralized organization
Transparent structure
 Direct and efficient management by top executives

23. Core Brick Business
Wienerberger: leader in hollow and facing bricks in Europe and the USA
Bricks: the most important material for residential construction
New housing starts in Europe: ca. 2 mill. housing units per year  60% share of brick market in Europe
Bricks: strong position in non-residential segment (facade)

24. Hollow Bricks Continental Europe + North and Central Africa
Russia and China
Latin America

25. No Wienerberger target markets
Facing Bricks
North America: 30%
UK: 20%
Northwest Europe: 20%
Australia: 15%
South Africa: 10%
Remainder: other markets
No Wienerberger target markets

26. Wienerberger Markets USA Europe Growth markets Turnaround markets
Southeast
Midwest
Turnaround markets
Growth markets
Free cash flow markets
Europe

27. Mid-term Strategy Core Brick Business
Growth markets (Eastern Europe and USA)  Expansion  Regional growth  Bolt-on acquisitions
Turnaround markets (D, A, CH)  Return to positive earnings  Market restructuring  Price recovery
Mature markets (Western Europe)  Free cash flow  Optimization  Stronger market position

28. Mid-term Strategy Investments and Real Estate
Pipe and Roofing Investments  Optimize cash flows  Dissolve joint venture structures
Real Estate and Other  Sell non-operating assets  Value: € 160 to 180 million  Realize over next 5 years

29. Strategy in 3 Phases Phase 1 – Uncertainty 
Internal and external consolidation
Cautious with investments, no major projects
Phase 2 – Building the Future
Stronger earning power after optimization in 2001
Free cash flows
Phase 3 – Profitable Growth
Bolt-on acquisitions
New markets

30. Strong Basis for the Future
High cash flows
Current investment less than depreciation ( %)
Solid financing structure: 67% Gearing
Active management of costs and capacity
Core expertise in bricks  Roll-out concepts
Strong positions in all local markets
Motivated and experienced international management team  stock participation models

31. First Quarter and
Outlook on 2002

32. Report on the First Quarter of 2002
In total, significant increase in earnings despite unfavorable business climate
Operating improvement in all areas after cost optimization and capacity adjustment in 2001
Price increase in Germany as of March 1
EU approved acquisition of Hanson Brick Continental Europe  integration started

33. Acquisition of Hanson Brick Continental Europe
Bolt-on Acquisition in Core Business
Takeover of 23 brick plants in Holland (10), Belgium (7), Germany (3), Poland (2) and France (1)
Strengthening of facing brick area
Expansion of product range (clay pavers)
High synergy potential through integration in Terca

34. Hanson Brick Continental Europe 2001
Sales: € 150 million
EBITDA: € 14.2 million
Employees: 1,060
Attractive purchase price: € 64.5 million
 Goal: to strengthen earning power through integration and use of synergies

35. Results for the First Quarter of 2002
EBITDA in Austria, Hungary, Slovenia, Croatia, Slovakia and Semmelrock significantly above prior year level
Substantial earnings growth in Germany due to advance purchases before price increase (March 1)
Improvement in France, Switzerland and Italy
Earnings decline in Belgium and the Netherlands

36. Results for the First Quarter of 2002
Satisfactory earnings growth in USA
Sales declines at Pipelife and Steinzeug, but major improvement in earnings following optimization in 2001
Sales and earnings growth at Bramac supported by focus on Eastern Europe

37. Sales

38. EBITDA

39. EBIT

40. Outlook on 2002
Central Europe: new housing starts remain under pressure, but price recovery in Germany
General stability in Western Europe  Integration of Hanson will strengthen earning power
Positive forecasts for new housing starts in USA
Long-term growth in Eastern Europe, no recovery in Poland before 2003
 Goal for 2002: > € 100 mill. EBIT (2003: > € 147 mill.)

41. Potentials
Strong presence and high earning power in growth market of Eastern Europe
Bolt-on acquisitions and organic growth in USA and Western Europe
Significant turnaround potential in Central Europe (D, A, CH)
Long-term opportunities for growth
Crisis-proof
Transparency

42. Investor Relations
Second-best Annual Report 2000 in Austria (Business Journal “Trend“)
Second Place in Austrian Stock Exchange Award (Business Journal “Gewinn“)
Further improvement in Quarterly Reporting starting in Third Quarter 2002
Simultaneous information to all shareholders via Website: press releases, schedules, live transmission of press and analysts conferences etc. under

43. Our Mission
Building Value
for Investors,
Customers,
and Employees