Strabag Se · VIE:STR
Strabag — FY2008 Earnings Presentation
22 slides from Strabag's earnings presentation, Apr 30, 2009
Slide 1: STRABAG SE – FY 2008 results
STRABAG SE – FY 2008 results 30 April 2009
Slide 2: Highlights 2008
Highlights 2008 Output and Output volume +28% to € 13,743 million order backlog Order backlog +23% to € 13,254 million EBITDA increased 9% to € 648 million, EBIT down 14% to € 270 million Earnings Lower minorities -> Net income after minorities decreased only by 8% Dividend remains stable at € 0.55
Slide 3: Highlights 2008 (cont.)
Highlights 2008 (cont.) Total of 24 (2007: 15) projects, total investment volume of € 5.6 billion PPP AKA (M5, Hungary), Schools (Ratzeburg/Lauenburg, Monheim, Düren, Heidenheim, all Germany), Highway hotels (Potzneusiedl, Brennerpass, both Austria) Adanti (Italy), JHP (Czech Republic), Kirchhoff (G
Slide 4: Strong top-line growth, cautious accounting approach
Strong top-line growth, cautious accounting approach Output volume (€m) EBITDA (€m) CAGR CAGR +28% +9% 14% 24% 13,743 595.9 647.7 10,385 10,746 502.4 9,315 341.8 6.0 5.3 5.3 4.9 2005 2006 2007 2008 2005 2006* 2007 2008 EBIT (€m) Order backlog (€m) CAGR CAGR +23% 18% 19% 13,254 -14% 10,742 7,927 8,50
Slide 5: Shift to Transportation Infrastructures
Shift to Transportation Infrastructures Output volume 2008 Order backlog 2008 By region By segment By region By segment Rest of Rest of World Other World Rest of S&C 2% 10% S&C 6% 10% Germ any Europe 19% 9% Germ any 29% Rest of 37% BC & CE Europe 42% 15% BC & CE CEE Austria 51% 31% 10% TI TI Austria
Slide 6: Output volume by segment and region 2008
Output volume by segment and region 2008 Building Construction & Civil Engineering Transportation Infrastructures Rest of Rest of World Rest of World Rest of 10% Europe 3% Europe 4% 9% Germ any Germ any 34% CEE 41% 38% CEE 29% Austria 18% Austria Total: € 5,822 million 14% Total: € 6,274 million Spe
Slide 7: Solid liquidity situation
Solid liquidity situation Repayment schedule (T€) Net Debt (Cash)(1) & Equity Ratio -927 40.0 Cash Cash Cash Book value requirement requirement requirement 31.12.2008 T€ 2009 T€ 2010-2013 T€ after 2013 T€ 18.6 30.5 17.7 Bonds 370,000 69,898 366,842 0 -110 Bank liabilities 1,217,977 239,411 525,161 7
Slide 8: Strong track record of acquisitions
Strong track record of acquisitions 2008 Output volume / 160(1) ~27(1) 350(2) 121(1) 373(2) ~28(1) 70(1) 1,000(3) revenue (€ million) Employees 370 280 1,600 400 1,500 168 700 6,240 Germany, Germany, Austria, Country Italy Czech Republic Germany Sweden Switzerland Slovakia, Poland International Hung
Slide 9: Building Construction & Civil Engineering
Building Construction & Civil Engineering Key Indicators Comments Increase in output volume +7% and in order backlog +8% – below group average due to acquisitions in other segments Increases in output volume mainly in Russia, Slovakia and Germany EBIT margin more or less unchanged at 1.5% Projects:
Slide 10: Key projects in Building Construction & Civil Engineering
Key projects in Building Construction & Civil Engineering Hotel Moskva – Russia Vyksa Steelwork – Russia Landmark project on Red Steelworks in Western Square in Moscow Siberia Size: €550m Size: €334m Project schedule: 2004- Project schedule: 2007- 2009 2010 Challenge: Multifunctional Challenge: Cons
Slide 11: Transportation Infrastructures
Transportation Infrastructures Key Indicators Comments Output volume rose by 36% due to acquisitions of Kirchhoff and Kirchner (both Germany), ODEN (Sweden) and StraBAG (Switzerland); good organic growth in Czech Republic and Slovakia Volatile prices for raw materials, impairments and integration co
Slide 12: Key projects in Transportation Infrastructures
Key projects in Transportation Infrastructures A8 Wroclaw by-pass – Poland Motorway A1 – Poland Construction of a by-pass A1 highway between Belk in Wroclaw and Swierklany Size: €385m (70% share) Size: €234m Project schedule: 2008-2011 Project schedule: 2008- Challenge: The project 2010 comprises th
Slide 13: Further development of our raw materials network
Further development of our raw materials network STRABAG facilities(1) Highlights Asphalt mixing plants 348(2) 76 new quarries and gravel pits, 95 Concrete mixing plants 199(2) additional mixing plants in 2008 Total quarries and gravel pits 188(2) Acquisition of CEMEX’ Austrian and Production of 5.5
Slide 14: Special Divisions & Concessions
Special Divisions & Concessions Key Indicators Comments Output volume rose by 143% due to acquisitions Adanti (Italy), EFKON (Austria), DeTeImmobilien (Germany) and AKA concession (Hungary) New sub-divisions “ground engineering” from BC & CE, output volume in 2007 of € 202 million Order backlog high
Slide 15: Key projects in Special Divisions & Concessions
Key projects in Special Divisions & Concessions Niagara Tunnel – Canada Quadrilatero d. Marche – Italy Landmark project outside Landmark project in of key-region Europe Marche-Umbria Region Size: €420m Size: €414m (33% share) Project schedule: 2005- Project schedule: 2006- 2011 2011 Challenge: Plann
Slide 16: Outlook
Outlook Margins Initial objective to increase the margins will not be reached in 2009 First quarter No client defaults 2009 Order backlog satisfactory CAPEX Only the most necessary replacement investments Long-term 2009–2012 impact of governmental spending programmes outlook Construction “crisis” be
Slide 17: Appendix
Appendix STRABAG
Slide 18: Group P&L 2008
Group P&L 2008 (€m) 2008 2007 % change Output Volume 13,742.5 10,746.2 28% Revenue 12,227.8 9,878.6 24% Changes in inv./own work capitalised 106.8 (128.7) (n.m.) Other operating income 221.6 192.4 15% Materials and services cost (8,494.1) (6,730.5) 26% Personnel cost (2,574.5) (2,102.2) 22% Other op
Slide 19: Group P&L 2008 (continued)
Group P&L 2008 (continued) (€m) 2008 2007 % change EBITDA 647.7 595.9 9% Margin (%) 5.3% 6.0% Depreciation and amortization (377.8) (283.5) 33% EBIT 269.9 312.4 (14%) Margin (%) 2.2% 3.2% Net interest income (40.6) (36.2) 12% Income tax expense (62.9) (68.6) (8%) Profit for the period 166.4 207.6 (2
Slide 20: Balance sheet 31 December 2008
Balance sheet 31 December 2008 Assets* Liabilities and Equity* (€m) 2005(2) 2006 2007 2008 (€m) 2005(2) 2006 2007 2008 Intangible assets 67 80 240 463 Share capital 54 70 114 114 PP&E(1) 1,136 1,285 1,693 2,188 Capital reserves 164 448 2,311 2,311 Associated companies 65 76 139 156 Retained earnings
Slide 21: Cash Flow 2008
Cash Flow 2008 (€m) +690 -97 -1,046 +1,966 -21 +1,491 Cash CFO CFF CFI Currency Cash 1.1.2008 translation 31.12.2008 CFO: Cash flow from operating activities CFF: Cash flow from financing activities 21 CFI: Cash flow from investing activities
Slide 22: Let's get to work
LET'S GET TO WORK STRABAG Building Visions. Building Values. Building Europe.