Slide 1: STRABAG SE FY 2015 Results
STRABAG SE FY 2015 RESULTS 29 APRIL 2016
Slide 2: Disclaimer
DISCLAIMER This presentation is made by STRABAG SE (the "Company") solely for This presentation contains forward-looking statements relating to the use at investor meetings and is furnished to you solely for your business, financial performance and results of the Company and/or the information. indu
Slide 3: 2015 Was a Good Year
2015 WAS A GOOD YEAR Target 2015 Output volume € 14.0 bn € 14.3 bn EBIT ≥ € 300 m € 341 m 3% until 2016 EBIT margin 2.6% (2014: 2.3%) Equity ratio ≥ 25% 31.0% 30–50% of net income 43%, € 0.65 per Dividend after minorities (2014: € 0.50 per share) share FY 2015, April 2016 Page 3
Slide 4: Output Volume Rose by 5%
OUTPUT VOLUME ROSE BY 5% OUTPUT VOLUME (€M) 20.000 5% ● Output volume rose by 5% to € 14.3 bn 14,290 13,566 ● Germany and Austria still the two largest single markets ● Slovakia, Czech Republic, Poland and Hungary stood out with especially high gains 0 2015 2014 OUTPUT VOLUME 2015 BY REGION Rest of
Slide 5: Order Backlog Down – "Put Profitability Before Revenue"
ORDER BACKLOG DOWN – “PUT PROFITABILITY BEFORE REVENUE” ORDER BACKLOG (€M) 20.000 ● Completion of large projects in Hungary, Italy and -9% 14,403 Slovakia 13,135 ● Adverse economic environment in the RANC region (Russia and Neighbouring Countries) ● “Put profitability before revenue” means opting ag
Slide 6: Further Step Towards 3% EBIT Margin
FURTHER STEP TOWARDS 3% EBIT MARGIN EBITDA (€M) AND EBITDA MARGIN (%) 900 13% 816 ● Higher earnings compared to previous year in 720 Poland, Czech Republic and Slovakia amongst others ● Increases despite burdening tunnelling project in 6.2% 5.8% Chile 0 2015 2014 EBIT (€M) AND EBIT MARGIN (%) 900 ●
Slide 7: Earnings per Share: € 1.52
EARNINGS PER SHARE: € 1.52 NET INCOME A. MINORITIES (€M) & MARGIN (%) EARNINGS PER SHARE (€) 200 2 22% 1.52 22% 156 128 1.25 1.2% 1.0% 0 0 2015 2014 2015 2014 ● Net interest income at about the same level of the previous year: € -24 m versus € -26 m ● Again high income tax rate of 42.4% due to the l
Slide 8: Highest Dividend Since IPO: € 0.65
HIGHEST DIVIDEND SINCE IPO: € 0.65 DIVIDEND (€) AND PAYOUT RATIO (%) €2 100% ● Dividend per share of € 0.65 proposed (+30%) ● Payout ratio of 43% within predetermined payout range of 30–50% of net income after minorities 41% 40% 43% 34% 34% 0.65 0.60 0.50 0.45 0.20 €0 0% 2011 2012 2013 2014 2015 FY
Slide 9: Net Cash Increased, High Equity Ratio
NET CASH INCREASED, HIGH EQUITY RATIO NET DEBT (+)/NET CASH (-) (€M) EQUITY RATIO (%) 1.300 0 40 30.3 31.2 30.7 30.6 31.0 155 0 -74 -268 -249 -1.300 -1,094 0 2011 2012 2013 2014 2015 2011 2012 2013 2014 2015 ● Equity ratio at 31%; target: ≥ 25% ● Net cash position increased – uncharacteristically hi
Slide 10: Cash and Cash Equivalents Raised from € 1.9 bn to € 2.7 bn
CASH AND CASH EQUIVALENTS RAISED FROM € 1.9 BN TO € 2.7 BN (€m) 2015 ∆% 2014 Cash – beginning of period 1,906 13 1,685 Cash flow from earnings 658 6 620 ∆ Working Capital 582 215 185 Cash flow from operating activities 1,240 54 805 Cash flow from investing activities -320 26 -435 Cash flow from fina
Slide 11: Free Cash Flow of € 920 m
FREE CASH FLOW OF € 920 M ∆ WORKING CAPITAL (€M) CFO VS. CFI (€M) CFI VS. DEPRECIATION (€M) 700 582 1.500 1.000 1,240 181 185 805 694 433 435 438 475 0 332 320 435 332 320 0 0 2013 2014 2015 2013 2014 2015 -700 2013 2014 2015 ● FCF positive (CFO-CFI) ● Purchase of PP&E at € 396 m (2014: € 346 m), th
Slide 12: North + West: Earnings Significantly Better Following a Weak Year 2014
NORTH + WEST: EARNINGS SIGNIFICANTLY BETTER FOLLOWING A WEAK YEAR 2014 KEY INDICATORS COMMENTS (€m) 2015 ∆% 2014 ● Output volume nearly unchanged yoy: growth in Output volume 6,368 1 6,292 Poland, Germany stable, declines in Sweden and 5,895 Benelux Revenue 3 5,719 Order backlog 5,397 -5 5,682 ● EBI
Slide 13: South + East: Positive Earnings, but Lower Volume of New Orders
SOUTH + EAST: POSITIVE EARNINGS, BUT LOWER VOLUME OF NEW ORDERS KEY INDICATORS COMMENTS (€m) 2015 ∆% 2014 ● Output volume increased significantly: large Output volume 4,535 9 4,171 projects in Slovakia and Czech Republic Revenue 4,412 10 3,997 ● Strong market positions: No. 1 in home market Order ba
Slide 14: International + Special Divisions: Volatile Project Business
INTERNATIONAL + SPECIAL DIVISIONS: VOLATILE PROJECT BUSINESS KEY INDICATORS COMMENTS (€m) 2015 ∆% 2014 ● Output volume up 9% due to acquisition of DIW 3,250 and increases in the non-European markets Output volume 9 2,970 Revenue 2,791 2 2,738 ● Volatile project business results in fluctuating EBIT;
Slide 15: What Has Been: Earnings Strongly Improved, Higher Output Volume
WHAT HAS BEEN: EARNINGS STRONGLY IMPROVED, HIGHER OUTPUT VOLUME – LESS NEW ORDERS IN DIFFICULT MARKETS ● Output volume up to € 14.3 bn ● Order backlog reduced by 9% to € 13.1 bn ● Earnings improved EBIT significantly increased by 21% to € 341 m Earnings per share: € 1.52 (+22%) Cash flow from
Slide 16: Flexible Business Model, Selective Diversity: Resilience Over a Volatile Period
FLEXIBLE BUSINESS MODEL, SELECTIVE DIVERSITY: RESILIENCE OVER A VOLATILE PERIOD OUTPUT VOLUME (€M) ORDER BACKLOG (€M) 20.000 20.000 14,326 14,043 14,290 13,470 14,403 13,573 13,566 13,354 13,203 13,135 0 0 2011 2012 2013 2014 2015 2011 2012 2013 2014 2015 EBITDA (€M) AND EBITDA MARGIN (%) EBIT (€M)
Slide 17: What Is to Come: Sustainable 3% EBIT Margin Starting in 2016
WHAT IS TO COME: SUSTAINABLE 3% EBIT MARGIN STARTING IN 2016 ● Output volume 2016 at about previous year’s level of € 14.3 bn ● Target 2016: ensure EBIT margin sustainably at a level of 3% (2015: 2.6%) Task Force “STRABAG 2013ff” focused on raising cost awareness Central risk management unit ana
Slide 18: Appendix
APPENDIX
Slide 19: Equity Ratio Remains High at 31%
EQUITY RATIO REMAINS HIGH AT 31% ASSETS(1) LIABILITIES AND EQUITY(1) (€m) 2015 2014 (€m) 2015 2014 Intangible assets 511 536 Share capital 114 114 PP&E & investment property 1,895 2,048 Capital reserves 2,311 2,311 Associated companies 373 402 Retained earnings 614 459 Other financial assets 202 233
Slide 20: Group Income Statement 2015
GROUP INCOME STATEMENT 2015 (€m) 2015 2014 ∆% Output volume 14,289.76 13,566.00 5 Revenue 13,123.48 12,475.67 5 Changes in inventories/own work capitalised -20.43 -25.66 20 Other operating income 221.46 225.21 -2 Construction materials, consumables and services used -8,619.03 -8,163.25 -6 Personnel
Slide 21: Group Income Statement 2015 (cont.)
GROUP INCOME STATEMENT 2015 (CONT.) (€m) 2015 2014 ∆% EBITDA 816.10 719.94 13 Margin (%) 6.2 5.8 Depreciation and amortisation -475.06 -437.98 -8 EBIT 341.04 281.96 21 Margin (%) 2.6 2.3 Net interest income -24.42 -26.20 7 Income tax expense -134.13 -108.26 -24 Net income 182.49 147.50 24 Attributab
Slide 22: STRABAG SE FY 2015 Results
STRABAG SE FY 2015 RESULTS 29 APRIL 2016