Porr Ag · VIE:POS
Porr — Q1-3 2021 Earnings Presentation
25 slides from Porr's earnings presentation, November 2021
Slide 1: Q1-3 Results 2021
Q1-3 Results 2021 November 2021 1
Slide 2: Disclaimer
Disclaimer • This presentation was prepared by PORR AG (the • This presentation contains forward-looking statements "Company") solely for use at investors’ meetings and is relating to the business, financial performance and results provided solely for informational purposes. of the Company and/or th
Slide 3: Highlights Q1-3/2021
Highlights Q1-3/2021 Construction “supercycle” to fuel demand Post-pandemic construction projects as a booster Full order book of EUR 7.8 bn Secured pipeline over the next 2 years Strong output. Top earnings Transformation in full swing. Anti-trust included. Strong balance sheet Low net debt. Improv
Slide 4: Construction “Supercycle” Continues
Construction “Supercycle” Continues Production output for PORR home markets1 Sample construction input cost indices in EUR bn indexed by Dec ‘20 CAGR +6.1% 1,125 1,070 1,013 958 916 836 875 923 +6.6% 776 825 741 669 167 175 182 188 195 202 +3.9% 12.2020 02.2021 04.2021 06.2021 08.2021 10.2021 2020 2
Slide 5: Home Run: Full Order Book
Home Run: Full Order Book Order backlog* in EURm TOP order intakes in Q1-3 / 2021 +17.6% Urbanisation ABC Tower, Berlin 7,778 6,614 6,808 Mobility ARGE U2 lot 17-21 subway, Vienna ARGE Pumped storage power plant, Sustainability Limberg III, Kaprun (AT) Q3/19 Q3/20 Q3/21 ARGE railway equipment for Di
Slide 6: Strong Output. Top EBT in Q3: Delivered
Strong Output. Top EBT in Q3: Delivered Production output EBT in 2021 In EURm In EURm 26 – 40 4,080 4,135 4,055 31.1 3,778 20.8 (9.4) Q1-3/18 Q1-3/19 Q1-3/20 Q1-3/21 Q1 Q2 Q3 Q4 According to COVID guidance Winner of the crisis: Q1-3 EBT of EUR 42.5m Strong output continues above average Increase fir
Slide 7: Balance Sheet Strength
Balance Sheet Strength Net debt incl. IFRS 16 Equity ratio in EURm in % (27.4%) 434 19.5% 20%-25% Optimal capital structure 315 17.1% Hybrid 16.4% 30% 137 Equity 70% Q3/20 FY/20 Q3/21 Target 2019 Q3/21 Q3/21 Target pro forma range Net debt reduction with Seasonal outflow due to optimised financing p
Slide 8: Outlook Re-confirmed
Outlook Re-confirmed 2021 2025 Production output Production output CAGR +3% per year EUR 5.3 bn – EUR 5.5 bn Sustainable EBT margin ~3% EBT margin Improved balance sheet structure 1.3% - 1.5% (based on output) Investor Presentation ● November 2021 ● 8
Slide 9: Strategy
Strategy 9
Slide 10: Green and Lean. PORR‘s Strategic Evolution
Green and Lean. PORR‘s Strategic Evolution GREEN From best-in-class to best in class in sustainable construction Evolution in technology needs as a must-have AND Setting a partnering standard Evolution in client and stakeholder needs – holistic approach LEAN Lean approach in management and organisat
Slide 11: PORR 2025 – A Holistic Approach
PORR 2025 – A Holistic Approach Markets Digital 2025 Opportunities Continue to expand Streamline portfolio position as with the Heat Map technology leader Add value as a design-build Operational Harmonise IT across Organisation contractor Analysis the entire Group Streamline and Improve operating Bu
Slide 12: Ready to Climb the Mountain
Ready to Climb the Mountain EBT margin targets In % ~3.0% >3.0% 2.8%-3.2% 3.0%-3.2% 2.8%-3.3% 2.3%-2.8% 1.3%-1.5% Group AT / CH DE PL CEE Infra Group 2021 2025 Share of output 53% 15% 13% 8% 10% in HY/212 AT / CH: Long-standing earnings track record and core profitability contributor DE: Realignment
Slide 13: Financial Performance
Financial Performance 13
Slide 14: Key Financials
Key Financials Key Earnings Figures (EURm) Q1-3 2021 %∆ Q1-3 2020 Production output 4,134.8 9.4% 3,778.3 Revenue 3,722.9 10.6% 3,365.9 EBT 42.5 < (100.0%) (62.4) Net profit for the period 26.3 < (100.0%) (46.8) Key Assets and Financial Figures (EURm) 30.09.2021 %∆ 31.12.2020 Total assets 3,785.7 7.9
Slide 15: Consolidated Income Statement
Consolidated Income Statement EUR m1 Q1-3 2021 Q1-3 2020 % Δ Q1-3 21/20 2020 Production output2 4,134.8 3,778.3 9.4% 5,185.3 Revenue 3,722.9 3,365.9 10.6% 4,651.8 Share of profit/loss of companies accounted for 57.0 20.0 > 100.0% 34.0 under the equity method Cost of materials and other related produ
Slide 16: Key Ratios
Key Ratios EUR m1 Q1-3 2021 Q1-3 2020 Δ Q1-3 21/20 2020 Production output2 4,134.8 3,778.3 9.4% 5,185.3 Revenue 3,722.9 3,365.9 10.6% 4,651.8 Ratio of profit/loss of companies (at equity) 1.4% 0.5% 0.9PP 0.7% Material cost ratio3 (59.3%) (59.7%) 0.4PP (60.1%) Personnel cost ratio (23.1%) (23.4%) 0.3
Slide 17: Balance Sheet Key Figures
Balance Sheet Key Figures EUR m 30.09.2021 31.12.2020 30.09.2020 Non-current assets 1,291.4 1,283.8 1,384.4 Assets Current assets 2,494.3 2,225.6 2,336.8 Total assets 3,785.7 3,509.5 3,721.2 Equity1 645.4 650.5 650.1 Equity & liabilities Non-current liabilites 780.4 819.3 908.3 Current liabilities 2
Slide 18: Balance Sheet Assets
Balance Sheet Assets EUR m 30.09.2021 31.12.2020 % Δ ‘21 30.09.2020 Intangible assets 154.1 147.9 4.2% 149.1 Property, plant and equipment 927.7 926.8 0.1% 926.9 Non-current assets Investment property 29.4 31.4 (6.2%) 56.0 Shareholdings in comp. acc. for under the equity meth. 91.1 92.2 (1.3%) 84.4
Slide 19: Equity and Liabilities
Equity and Liabilities EUR m 30.09.2021 31.12.2020 % Δ ‘21 30.09.2020 Share capital 29.1 29.1 - 29.1 Capital reserve 251.3 251.3 - 251.3 Profit-participation rights/hybrid capital 297.3 325.9 (8.8%) 323.0 Equity Other reserves 47.5 29.7 59.6% 33.9 Non-controlling interest 20.3 14.6 39.3% 12.9 Total
Slide 20: Maturity Profile of PORR‘s Financial Liabilities
Maturity Profile of PORR‘s Financial Liabilities as of 30.09.2021 165 127 80 54 49 55 38 4 30 31 26 33 21 12 24 21 8 9 14 5 10 2021 2022 2023 2024 2025 from 2026 Term loans SSD fixed SSD floating Bonds Short-term project related Comments: Chart excludes leasing liabilities and FX-hedge-liabilities.
Slide 21: CAPEX and Cash Balance Development in 2020
CAPEX and Cash Balance Development in 2020 246.1 IFRS 16 581.9 582.5 53.8m 176.5 187.2 319.7 2018 2019 2020 2018 2019 2020 CAPEX in EURm Cash and cash equivalents in EURm CAPEX ratio: Cash to Total Assets ratio: 4.4% PORR 2025: 4% EURt % of Assets 3.2% 2019: 581,890 15.9% 3.6% +72bps 2018 2019 2020
Slide 22: Top Order Intakes 2020/2021
Top Order Intakes 2020/2021 • High Speed 2, London – Birmingham – • App. Bldg. Gastgebgasse BPL 3, Vienna/AT/64.1m Crewe/UK/287.6m • App. Bldg. FLT Fischereihafen Travemünde/ • LK131 Railroad Chorzów – Nakło/PL/248.9m DE/52.0m • Hybrid Bldg. BMW Portal West, Munich/DE/97.5m • App. Bldg. Ferdinand’s
Slide 23: Stable Shareholder Structure
Stable Shareholder Structure Ownership Structure Free Float – Geographical Split 18.3% 22.3% 49.6%1 6.0% 1.4% 50.4% 7.3% 3.8% 34.9% 6.2% Syndicate (Strauss Group, IGO-Ortner Group) Free float Austria Rest of Europe Germany US France Not directly assignable UK Retail 1 of 2.92% PORR Management and PO
Slide 24: Coverage
Coverage Institution Analysts Price Target Recommendation Last Update Warburg Research Jonas Blum 20.0 Buy 23.11.2021 Kepler Cheuvreux Torsten Sauter 13.75 Hold 23.11.2021 FMR Research Felix Lutz 19.5 Buy 20.10.2021 Stefan Scharff SRC Research 17.5 Accumulate 15.10.2021 Christopher Mehl Raiffeisen B
Slide 25: IR Information for PORR AG
IR Information for PORR AG Share Information Financial Calendar Share price1 EUR 11.80 7 February 2022: Interest payment Market capitalisation EUR 463.5m Hybrid bond 2017 + hybrid bond 2020 Official market Vienna Stock Exchange Prime Market 28 April 2022: Publication Annual Report 2021 + Number of s