Slide 1: STRABAG SE FY 2019 Results
STRABAG SE FY 2019 RESULTS 29 APRIL 2020
Slide 2: Disclaimer
DISCLAIMER This presentation is made by STRABAG SE (the "Company") solely for information or statistics should not be interpreted as having been adopted use at investor meetings and is furnished to you solely for your or endorsed by the Company as being accurate. information. This presentation conta
Slide 3: 2019: Renewed records – yet dividend cut and conditioned due to coronavirus
2019: RENEWED RECORDS – YET DIVIDEND CUT AND CONDITIONED DUE TO UNCERTAINTIES OVER CORONAVIRUS PANDEMIC ORDER BACKLOG (€M) OUTPUT VOLUME (€M) +3% +2% 20,000 20.000 20,000 20.000 16,592 16,900 17,411 16,618 16,323 14,816 14,290 14,621 13,135 13,491 0 0 2015 2016 2017 2018 2019 2015 2016 2017 2018 201
Slide 4: Output volume at record level of 16.6 billion
OUTPUT VOLUME AT RECORD LEVEL OF 16.6 BILLION OUTPUT VOLUME (€M) 20,000 20000 +2% 16,618 ● Growth in the home market of Austria and in 16,323 transportation infrastructures in Poland, Hungary and Czech Republic ● Loss of a key client in Germany in property & facility services as from 1 July 2019 onw
Slide 5: Significant increase in order backlog in Germany, Czech Republic and UK
SIGNIFICANT INCREASE IN ORDER BACKLOG IN GERMANY, CZECH REPUBLIC AND UK – NEW RECORD AT YEAR’S END ORDER BACKLOG (€M) 20000 20,000 ● Substantial expansion of an existing order in the 17,411 +3% 16,900 UK ● Significant increase in the order backlog in Germany and Czech Republic ● Declines in Hungary,
Slide 6: EBITDA topping €1 billion mark for the first time
EBITDA TOPPING € 1 BILLION MARK FOR THE FIRST TIME EBITDA (€M) AND EBITDA MARGIN (%) +17% ● First-time application of IFRS 16 Leases 1200 1,200 1,113 9531 ● Growth of 24 % compared to EBITDA adjusted for non-operating step-up profit in 2018 7.1% 6.3%1 0 2019 2018 EBIT (€M) AND EBIT MARGIN (%) 1,000
Slide 7: Earnings per share rose by 5%
EARNINGS PER SHARE ROSE BY 5% NET INCOME A. MINORITIES (€M) & MARGIN (%) EARNINGS PER SHARE (€) 400 +5% 372 4 +5% 3.62 354 3.45 2.4% 2.3% 0 0 2019 2018 2019 2018 ● Net interest income comparable to that of the previous year ● Income tax rate stood slightly higher at 34.4% (2018: 31.7%) ● Earnings ow
Slide 8: Net cash still extraordinarily high, equity ratio nearly unchanged
NET CASH STILL EXTRAORDINARILY HIGH, EQUITY RATIO NEARLY UNCHANGED NET DEBT (+)/NET CASH (-) (€M) EQUITY RATIO (%) 1500 1,500 40 0 31.0% 31.5% 30.7% 31.6% 31.5% 0 -449 -1.094 -1,218 -1,144 -1500 -1,500 -1,335 2015 2016 2017 2018 2019 0 2015 2016 2017 2018 2019 ● Equity ratio remained nearly unchange
Slide 9: Cash and cash equivalents of €2.5 billion
CASH AND CASH EQUIVALENTS OF € 2.5 BILLION (€m) 2019 ∆% 2018 Cash – beginning of period 2,384 -15 2,790 Cash flow from earnings 851 30 654 ∆ Working Capital 225 67 135 Cash flow from operating activities 1,076 36 789 Cash flow from investing activities -593 7 -641 Cash flow from financing activities
Slide 10: Again high cash inflow in 2HY/2019
AGAIN HIGH CASH INFLOW IN 2HY/2019 WORKING CAPITAL PATTERN: CASH OUTFLOWS IN 1HY; INFLOWS IN 2HY (€M) 1200 1,200 981 775 800 430 322 400 0 -400 -270 -295 -800 -550 -748 -1200 -1,200 1HY 2016 2HY 2016 1HY 2017 2HY 2017 1HY 2018 2HY 2018 1HY 2019 2HY 2019 COMMENTS ● Working capital outflows generally
Slide 11: Another year of positive free cash flow
ANOTHER YEAR OF POSITIVE FREE CASH FLOW Δ WORKING CAPITAL (€M) CFO VS. CFI (€M) CFI VS. DEPRECIATION (€M) 1500 1,500 1,345 1,500 1500 800 711 1,076 225 789 135 641 641 593 593 511 0 394 333 333 386 0 0 2017 2018 2019 2017 2018 2019 -800 2017 2018 2019 ● Another positive Free Cash Flow of € 483 milli
Slide 12: North + West: Building boom in core markets
NORTH + WEST: BUILDING BOOM IN CORE MARKETS KEY INDICATORS COMMENTS (€m) 2019 Δ% 2018 ● Output volume +4% over the past year Output volume 8,107 4 7,827 ● EBIT nearly doubled thanks to strong growth in Revenue 7,556 4 7,242 German infrastructure business, among others Order backlog 8,808 0 8,804 ● O
Slide 13: South + East: Growth in output volume, decrease in earnings
SOUTH + EAST: GROWTH IN OUTPUT VOLUME, DECREASE IN EARNINGS KEY INDICATORS COMMENTS (€m) 2019 Δ% 2018 ● Output volume up by 6%, growth mainly in Austria, Output volume 4,916 6 4,639 Hungary, Czech Republic and Serbia Revenue 4,880 8 4,522 ● EBIT fell by 14% due to provisions and lower Order backlog
Slide 14: International + Special Divisions: Expected loss of a large client
INTERNATIONAL + SPECIAL DIVISIONS: EXPECTED LOSS OF A LARGE CLIENT IN PROPERTY & FACILITY SERVICES KEY INDICATORS COMMENTS ● Output volume down especially due to Italy (€m) 2019 Δ% 2018 ● Output volume fell as expected after loss of major ● EBIT hardly changed in absolute terms – number of contrary
Slide 15: New outlook for 2020 reflecting uncertainties over coronavirus effects
NEW OUTLOOK FOR 2020 REFLECTING UNCERTAINTIES OVER CORONAVIRUS EFFECTS ● Output volume of about € 14.4 billion – corresponding to a 10% decrease vs. the previous outlook of over € 16.0 billion ● EBIT margin of at least 3.5% ● Coronavirus pandemic: Different situations in different markets Mid- a
Slide 16: Appendix
@ APPENDIX ~—
Slide 17: Flexible business model, selective diversity
FLEXIBLE BUSINESS MODEL, SELECTIVE DIVERSITY OUTPUT VOLUME (€M) ORDER BACKLOG (€M) 20,000 20000 20,000 20000 16,618 16,900 17,411 16,323 16,592 14,290 13,491 14,621 14,816 13,135 0 0 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 EBITDA (€M) AND EBITDA MARGIN (%) EBIT (€M) AND EBIT MARGIN (%) 100
Slide 18: Equity ratio remains high at 31%
EQUITY RATIO REMAINS HIGH AT 31% ASSETS1 EQUITY AND LIABILITIES1 (€m) 2019 2018 (€m) 2019 2018 Intangible assets 491 493 Share capital 110 110 Rights from concession Capital reserves 2,315 2,315 arrangements2 530 547 Retained earnings 1,397 1,196 PP&E & investment property 2,632 2,144 Non-controllin
Slide 19: Group income statement 2019
GROUP INCOME STATEMENT 2019 (€m) 2019 2018 Δ% Output volume 16,617.97 16,322.88 2 Revenue 15,668.57 15,221.83 3 Changes in inventories/own work capitalised 31.36 -33.07 n.a. Other operating income 233.14 222.98 5 Construction materials, consumables and services used -10,111.85 -10,125.77 0 Employee
Slide 20: Group income statement 2019 (cont.)
GROUP INCOME STATEMENT 2019 (CONT.) (€m) 2019 2018 Δ% EBITDA 1,113.30 952.601 17 Margin (%) 7.1 6.3 Depreciation and amortisation -510.71 -394.39 29 EBIT 602.58 558.211 8 Margin (%) 3.8 3.7 Net interest income -25.34 -27.43 -8 Income tax expense -198.68 -168.00 -18 Net income 378.56 362.78 4 Attribu
Slide 21: Your questions, please
STRABAG SE FY 2019 RESULTS YOUR QUESTIONS, PLEASE 29 APRIL 2020