Slide 1: STRABAG SE FY 2018 Results
STRABAG SE FY 2018 RESULTS 29 APRIL 2019
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: 2018: Again Triple Record Highs
2018: AGAIN TRIPLE RECORD HIGHS ORDER BACKLOG (€M) OUTPUT VOLUME (€M) +2% +12% 20,000 20.000 20,000 20.000 16,592 16,900 16,323 14,403 14,816 14,290 14,621 13,135 13,566 13,491 0 0 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 EBIT (€M) AND EBIT MARGIN (%) 700 +25% 5582 503 448 3.7% 4251 341 3.4
Slide 4: Output Volume at Record Level of 16.3 Billion
OUTPUT VOLUME AT RECORD LEVEL OF 16.3 BILLION OUTPUT VOLUME (€M) 20,000 20000 +12% ● Growth in all of the group’s most important 16,323 14,621 markets ● Unusual good construction weather 2018 ● In the Americas, the output volume grew as a result of the contract extension for the Alto Maipo tunneling
Slide 5: Numerous Orders in the Group's Largest Markets
NUMEROUS ORDERS IN THE GROUP’S LARGEST MARKETS ORDER BACKLOG (€M) 20000 20,000 ● Large orders above all in Germany, Austria and 16,900 +2% 16,592 Poland ● Contract extension for the Alto Maipo tunnelling project in Chile ● With the working-off of large-scale projects, the order backlog fell back in
Slide 6: EBIT Growth in the Double-Digit Area – Even When Adjusted
EBIT GROWTH IN THE DOUBLE-DIGIT AREA – EVEN WHEN ADJUSTED EBITDA (€M) AND EBITDA MARGIN (%) 1,200 1200 ● EBITDA 2018 adjusted for a non-operating step-up +14% 9531 profit regarding the consolidation of PANSUEVIA, 835 the BAB A8 concession company: € 897 million (+8%) 6.3%1 6.2% ● Property and Facili
Slide 7: Earnings per Share Rose Significantly
EARNINGS PER SHARE ROSE SIGNIFICANTLY NET INCOME A. MINORITIES (€M) & MARGIN (%) EARNINGS PER SHARE (€) 400 +27% 354 4 +27% 3.45 279 2.72 2.3% 2.1% 0 0 2018 2017 2018 2017 ● Net interest income comparable to that of the previous year ● Income tax rate stood slightly higher at 31.7% (2017: 30.6%) ● E
Slide 8: Unchanged High Dividend of €1.30 per Share Proposed
UNCHANGED HIGH DIVIDEND OF € 1.30 PER SHARE PROPOSED (PROPOSED) DIVIDEND (€) AND PAYOUT RATIO (%) €2 100% ● Payout ratio 2018 of 38% within predetermined payout range of 30–50% of net income after 1.30 1.30 minorities 43% 0.95 48% 40% 38% ● STRABAG has distributed a dividend within the 0.65 predeter
Slide 9: Net Cash Still Extraordinarily High, Equity Ratio Increased
NET CASH STILL EXTRAORDINARILY HIGH, EQUITY RATIO INCREASED NET DEBT (+)/NET CASH (-) (€M) EQUITY RATIO (%) 1500 1,500 0 40 30.6% 31.0% 31.5% 30.7% 31.4% 0 -249 -449 -1,094 -1,218 -1500 -1,500 -1,335 2014 2015 2016 2017 2018 0 2014 2015 2016 2017 2018 ● Equity ratio increased despite balance sheet g
Slide 10: Cash and Cash Equivalents of €2.4 Billion
CASH AND CASH EQUIVALENTS OF € 2.4 BILLION (€m) 2018 ∆% 2017 Cash – beginning of period 2,790 40 1,998 Cash flow from earnings 654 3 634 ∆ Working Capital 82 -88 711 Cash flow from operating activities 736 -45 1,345 Cash flow from investing activities -588 -76 -333 Cash flow from financing activitie
Slide 11: Again High Cash Inflow in Q4
AGAIN HIGH CASH INFLOW IN Q4 WORKING CAPITAL PATTERN: CASH OUTFLOWS IN Q1–3; INFLOWS IN Q4 (€M) 1,300 1300 1,001 1,112 604 494 0 -107 -49 -69 -123 -65 -263 -172 -209 -230 -227 -418 -330 -1300 -1,300 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2015 2016 2017 2018 COMMENTS ● Working capital outflo
Slide 12: 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) 800 711 1500 1,500 1,345 1,500 1500 82 736 588 588 0 434 434 430 394 264 333 333 386 -426 0 0 2016 2017 2018 2016 2017 2018 -800 2016 2017 2018 ● Another positive Free Cash Flow in 2018 despite
Slide 13: North + West Characterised by High Order Backlog and Provisions
NORTH + WEST CHARACTERISED BY HIGH ORDER BACKLOG AND PROVISIONS FOR LARGE-SCALE PROJECTS KEY INDICATORS COMMENTS (€m) 2018 Δ% 2017 ● Output volume +14% over the past year Output volume 7,827 14 6,843 ● EBIT declined by 19% – Provisions for individual Revenue 7,242 14 6,378 large-scale projects in se
Slide 14: South + East: Intensified Competition
SOUTH + EAST: INTENSIFIED COMPETITION KEY INDICATORS COMMENTS (€m) 2018 Δ% 2017 ● Output volume up by 9% due to Austria, Hungary Output volume 4,639 9 4,242 and Czech Republic Revenue 4,522 11 4,073 ● EBIT margin normalised from an exceptionally Order backlog 4,311 -4 4,505 high level to a lower lev
Slide 15: International + Special Divisions: Absence of Prior-Year Earnings Burdens
INTERNATIONAL + SPECIAL DIVISIONS: ABSENCE OF PRIOR-YEAR EARNINGS BURDENS KEY INDICATORS COMMENTS ● Output volume down especially due to Italy (€m) 2018 Δ% 2017 ● Output volume rose by 10%, attributable especially ● EBIT hardly changed in absolute terms – number of contrary effects related Output to
Slide 16: 2019: Stable at a High Level
2019: STABLE AT A HIGH LEVEL ● Output volume 2019 of about € 16.0 billion expected to continue to stay at a high level (-2%) ● EBIT margin 2019 at least 3.3% 16 FY 2018, April 2019
Slide 17: Appendix
O ‘—_ emetil SOCIETAS EUROPAEA
Slide 18: Flexible Business Model, Selective Diversity: Resilience in a Volatile Industry
FLEXIBLE BUSINESS MODEL, SELECTIVE DIVERSITY: RESILIENCE IN A VOLATILE INDUSTRY OUTPUT VOLUME (€M) ORDER BACKLOG (€M) 20,000 20000 20,000 20000 16,323 16,592 16,900 14,290 13,491 14,621 14,403 14,816 13,566 13,135 0 0 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 EBITDA (€M) AND EBITDA MARGIN (%
Slide 19: Equity Ratio Remains High at 31%
EQUITY RATIO REMAINS HIGH AT 31% ASSETS1 EQUITY AND LIABILITIES1 (€m) 2018 2017 (€m) 2018 2017 Intangible assets 493 499 Share capital 110 110 Rights from concession Capital reserves 2,315 2,315 arrangements 601 0 Retained earnings 1,195 945 PP&E & investment property 2,144 1,942 Non-controlling int
Slide 20: Group Income Statement 2018
GROUP INCOME STATEMENT 2018 (€m) 2018 2017 Δ% Output volume 16,322.88 14,620.89 12 Revenue 15,221.83 13,508.72 13 Changes in inventories/own work capitalised -33.07 -48.09 31 Other operating income 222.98 282.99 -21 Construction materials, consumables and services used -10,125.77 -8,839.87 -15 Emplo
Slide 21: Group Income Statement 2018 (cont.)
GROUP INCOME STATEMENT 2018 (CONT.) (€m) 2018 2017 Δ% EBITDA 952.60 834.58 14 Margin (%) 6.3 6.2 Depreciation and amortisation -394.39 -386.22 -2 EBIT 558.211 448.36 25 Margin (%) 3.7 3.3 Net interest income -27.43 -27.15 -1 Income tax expense -168.00 -128.85 -30 Net income 362.78 292.36 24 Attribut
Slide 22: Your Questions, Please
STRABAG SE FY 2018 RESULTS YOUR QUESTIONS, PLEASE 29 APRIL 2019