Porr Ag · VIE:POS
Porr — Q1 2016 Earnings Presentation
31 slides from Porr's earnings presentation, May 31, 2016
Slide 1: Q1 2016 of PORR AG – Investor Presentation
Q1 2016 of PORR AG NEW WORLDS Investor Presentation May 2016
Slide 2: Disclaimer
Disclaimer • This presentation was prepared by PORR AG (the "Company") solely for use at investors’ meetings and is furnished to you solely for informational purposes. • This presentation dates as of May 2016. The facts and information contained herein might be subject to revision in the future. Nei
Slide 3: Highlights
01 HIGHLIGHTS
Slide 4: Strong First Quarter: Order Backlog surpasses Five-Billion-Euro Mark
Strong First Quarter: Order Backlog surpasses the Five-Billion-Euro Mark – all-time High +13% Continued growth in revenues 85% +17% of production output Full order book of generated in strong EUR 5,1bn with a home markets high visibility 3 May, 2016
Slide 5: Healthy Balance Sheet – High Liquidity
Healthy Balance Sheet – High Liquidity Solid balance sheet enables operational and investment flexibility EBT +17% EUR 38 m increased of Net debt – improved by operational performance EUR 149m compared through effectiv cost to 3/2015 management 4 May, 2016
Slide 6: Key Figures Q1 2016
Key Figures Q1 2016 EUR m Q1 15 Q1 16 Change2 Production output1 591.6 648.3 +9.6% Order Intake 925.1 1,218.4 +31.7% Order Backlog 4,391.9 5,149.4 +17.2% Revenues 528.8 598.3 +13.1% EBITDA 7.3 12.9 +75.7% ∆ in EUR m + 5.6 EBT -12.0 -10.0 +16.9% ∆ in EUR m + 2.0 Periodic result -11.6 -8.2 +29.3% Earn
Slide 7: Persistent Successful Strategy Focus
Persistent Successful Strategy Focus 1 Stable and consistent growth in home markets Strong geographical footprint supported by technical excellence 2 Value over volume Deep focus on projects adding most value 3 Solid balance sheet Improved efficiency and cash generation 4 Creating value through stra
Slide 8: A new Consistent and Lean Organizational Structure
A new Consistent and Lean Organizational Structure: Bundling Activities and Creating Synergies „Shared Services“ unit PORR AG PES Porr Bau PD&E GmbH BU 1 - A/CH/CZ BU 2 - Germany BU 3 - International BU 4 - Environment, Healthcare & Services Austria Germany Poland Nordic (NOR,SWE,DEN) Switzerland Qa
Slide 9: Markets & Strategy
02 Markets & Strategy
Slide 10: PORR Strategy – Intelligent Growth
PORR Strategy – Intelligent Growth MARKETS OPERATIONS Leading role in home markets 3 % EBT margin Profitable project markets Net-debt-free Promising target markets Focus on earnings not revenues Strict cost & risk management TECHNOLOGY & CULTURE INNOVATION Best place to work Leading role in innovati
Slide 11: Strategic Achievements
Strategic Achievements MARKETS OPERATIONS Leading market position in Austria Clear roadmap of sustainable margin Solid growth in Germany, strong improvements leading to an EBT presence in complex infrastructure margin of 2.3% in 2015 (1.9% FY 14) projects Net cash increased to EUR 187m,
Slide 12: PORR Construction Markets Start Showing Stable Growth Perspectives
PORR Construction Markets Start Showing Stable Growth Perspectives Market Volume & Approach Home markets 1,411bn EUR • Well-established with a strong profile in its Total construction home markets volume in Europe • Detailed knowledge about the markets, competitors and clients • Great depth of added
Slide 13: A Stable and Consistent Business Supported by a Full Order Pipeline
A Stable and Consistent Business Supported by a Full Order Pipeline PORR Markets – focused business model Order backlog by region, EURm 89 AT 436 GER 535 1,620 1,440 78% PL CH 1,294 1,357 CZ Production output by region, EURm 18.7 29 19 28.8 AT 37.3 37 GER 149.6 150 85% 317.8 317 PL 149.6 CH Full-ser
Slide 14: Year 2016: Challenges of the Future
Year 2016: Challenges of the Future Importance BIM Better construction materials Lack of specialists Virtual project spaces high Apps from SHA to MFD Smart Home SHA Energy efficiency Green Modular construction/ Nano in building temporary building 3D-Print construction Micro appartments Urban Mining
Slide 15: Market Trends and Drivers in the Construction Industry
Market Trends and Drivers in the Construction Industry Demographic factors / Urbanisation Consolidation / Anticipating Tomorrow • Urbanisation – the future of cities - drives the • Strengthening core and/or further diversifying need for building infrastructure such as housing, via small and mid-cap
Slide 16: Digitalization and Construction – Achieving Long-Term Value Added
Digitalization and Construction – Achieving Long-Term Value Added Digitalization of internal organizational workflows (e-billing, e-commerce, standardized workflows): helps to manage and utilize all kind of information provides new opportunities to be PORR with a leading leaner and faster role
Slide 17: Operational Performance
03 Operational Performance
Slide 18: Increased Production Output and Strong Order Intake
Increased Production Output and Strong Order Intake …% share of production output Business units 1 A/CH/CZ 47% 2 Germany 12% 3 International 33% 4 Environmental 7% Engineering, Healthcare & Services 729 729 464 301 334 272 268 206 214 79 124 78 56 35 42 69 64 Output Intake Output Intake Output Intak
Slide 19: Highest Order Backlog in History
Highest Order Backlog in History Order backlog and TOP 15 projects in Q1 2016 (EUR m) Selected projects Country EUR m1 Entry Duration POC Metro Doha "Green Line" QA 944 Jun-13 Jun-18 49.0% KAT 3 Koralm tunnel AT 297 Jun-13 Jul-20 31.2% "Stuttgart 21" Filder tunnel DE 266 Jul-11 Jul-20 28.3% Tunnel A
Slide 20: Order Intake increase by 31.7% over all Business Units
Order Intake increase by 31.7% over all Business Units Order intake and TOP 12 projects in Q1 2016 (EUR m) Selected projects Country EUR m1 Entry Duration Al Wakrah Stadium QA 202 Feb-16 Nov-18 Europaallee ZH Lot F CH 130 Feb-16 Mar-19 Intake Expressway S 6 Koszalin PL 99 Mar-16 Jul-18 +293 Expressw
Slide 21: Comprehensive Control and Steering Mechanisms Established
Comprehensive Control and Steering Mechanisms Established Control and steering mechanisms Tender • Established detailed directives and checklists for risk recognition (contract, client, etc.) • Implemented consistent company-wide risk pricing methodology • Decision control – project approval on diff
Slide 22: Financial Section
04 FINANCIAL SECTION
Slide 23: Consolidated Income statement
Consolidated Income statement EUR thd 2014 2015 Q1 2015 Q1 2016 ∆% Production output1 3,474,885 3,523,752 591,608 648,322 +9.6% Revenues 3,009,118 3,139,687 528,800 598,258 +13.1% Material costs + Purchased S. -2,026,001 -2,060,827 -344,395 -378,498 +9.9% - Material costs -680,195 -651,443 -102,249
Slide 24: Consolidated Balance Sheet
Consolidated Balance Sheet EUR thd 31.12.2013 31.12.2014 31.12.2015 31.03.2016 Long-term 1,068,659 728,013 715,871 723,215 assets Assets Short-term 1,227,811 1,418,017 1,588,126 1,387,556 assets Total assets 2,296,470 2,146,030 2,303,997 2,110,771 Equity (incl. 347,662 385,171 412,118 403,397 non-co
Slide 25: Strong Liquidity and Well-balanced Financial Liabilities Profile
Strong Liquidity and Well-balanced Financial Liabilities Profile1 173 18 103 95 84 6 71 22 9 83 48 28 55 47 17 20 4 14 8 7 6 13 5 2016 2017 2018 2019 2020 from 2021 Term loans Bonds SSD Finance lease constr. machinery 1 Maturity profile of Porr’s financial liabilities as of 31.03.2016 (in EUR m) per
Slide 26: Unique Step in Austria – First Scrip Dividend Ever
Unique Step in Austria – First Scrip Dividend Ever: PORR Increases Ordinary Dividend and Offers an Additional Extraordinary Scrip Dividend Dividend The way scrip dividend works Next steps • PORR proposed the AGM • Shareholders can elect to • A subscription period of on 24th May an ordinary reinves
Slide 27: Scrip Dividend: What Happens From an Investors' Point of View?
Scrip Dividend1: What Happens From an Investors‘ Point of View? Options for the Investor Option 1 Option 2 EUR 1.00 (66.7%) in cash EUR 1,00 (66.7%) in cash + + EUR 0.50 (33.3%) in cash or EUR 0.50 in shares (33.3%) = = EUR 1.50 (100%) in cash EUR 1.50 in cash & shares (rd. 50:1)2 1 Taxation of the
Slide 28: Sustainable Dividend Policy
Sustainable Dividend Policy Dividends Dividend per share1 (in EUR) 0.50 0.75 0.50 1.00 0.16 2012 2013 2014 2015 Dividend 1.66% 4.00%2 3.37%2 5.37%3 yield 1 Adjusted to share split 2015 to allow better comparison 3 Dividend yield including scrip dividend 2 Restated excl. discontinued operations 27 Ma
Slide 29: Key Takeaways
05 KEY TAKEAWAYS
Slide 30: Key Strategic Priorities 2016
Key Strategic Priorities 2016 Continued focus on home markets 1 Growth potential especially in Germany, Poland, Czech Republic and Switzerland 2 Exploiting new growth opportunities via export products New target markets as UK and Scandinavia in the fields of tunneling, bridge, slab track and foundat
Slide 31: IR Information for PORR AG
IR Information for PORR AG Share Information Financial Calendar 2016 Trade ex-dividend Stock Exchange on the Vienna 1 Share price 26.44 EUR 31.05.2016 Q1 2016 Market capitalisation 769.27m EUR 31.05.2016 Record Date Dividend Official market Vienna Stock Exchange 21.06.2016 Dividend payment for 2015