Slide 1: STRABAG SE FY 2017 Results
STRABAG SE FY 2017 RESULTS 27 APRIL 2018
Slide 2: Disclaimer
DISCLAIMER This presentation is made by STRABAG SE (the "Company") solely for This presentation contains forward-looking statements relating to the use at investor meetings and is furnished to you solely for your business, financial performance and results of the Company and/or the information. indu
Slide 3: 2017: A Year of Records
2017: A YEAR OF RECORDS Proposed Dividend Order backlog per share € 16.6 billion, +12% (2016: € 14.8 billion) € 1.30, +37% (2016: € 0.95) EBIT € 448 million +6% (2016: € 425 million1) EBIT margin 3.3% (Target: ≥3%) (2016: 3.2%/3.4%1) Balance sheet total Output volume >11 billion € 14.6 billion, +8%
Slide 4: Output Volume Increased in Numerous Markets
OUTPUT VOLUME INCREASED IN NUMEROUS MARKETS OUTPUT VOLUME (€M) 20000 20,000 +8% ● Output volume rose by 8% to € 14.6 billion 14,621 13,491 ● Especially strong increase in German transportation infrastructure and Austrian building construction German share in group output volume continually rising
Slide 5: Several Large Contracts Lead to Record Order Backlog
SEVERAL LARGE CONTRACTS LEAD TO RECORD ORDER BACKLOG ORDER BACKLOG (€M) 20000 20,000 ● Several large orders from diverse fields and 16,592 +12% 14,816 markets: Transportation infrastructure in Hungary and Poland Building construction and civil engineering in Germany 0 Tunnelling in Singapore 2
Slide 6: EBIT Higher Despite Positive One-Off in 2016, EBIT Margin at 3.3%
EBIT HIGHER DESPITE POSITIVE ONE-OFF IN 2016, EBIT MARGIN AT 3.3% – TARGET OF ≥3.0% SOLIDLY ACHIEVED EBITDA (€M) AND EBITDA MARGIN (%) 1000 1,000 -2% 835 855 ● EBITDA 2016 clean of non-operating non-recurring item: € 827 million, EBITDA margin 6.7% ● Earnings improvements in several markets, e.g. Ge
Slide 7: Earnings Per Share Stable
EARNINGS PER SHARE STABLE NET INCOME A. MINORITIES (€M) & MARGIN (%) EARNINGS PER SHARE (€) 0% 300 279 278 0% 3 2.72 2.71 2.1% 2.2% 0 0 2017 2016 2017 2016 ● Net interest income strongly worsened due to absence of positive foreign currency effects ● Effective tax rate at 30.6% slightly improved (201
Slide 8: Highest Dividend Since IPO Proposed: € 1.30 per Share
HIGHEST DIVIDEND SINCE IPO PROPOSED: € 1.30 PER SHARE (PROPOSED) DIVIDEND (€) AND PAYOUT RATIO (%) €2 100% ● Dividend per share of € 1.30 proposed (+37%) ● Payout ratio of 48% at higher end of predetermined payout range of 30–50% of net 48% 41% 40% 43% 35% income after minorities ● STRABAG has distr
Slide 9: Net Cash Position Expanded and High Equity Ratio Maintained
NET CASH POSITION EXPANDED AND HIGH EQUITY RATIO MAINTAINED NET DEBT (+)/NET CASH (-) (€M) EQUITY RATIO (%) 1500 1,500 0 40 30.7% 30.6% 31.0% 31.5% 30.7% 0 -,74 -,249 -449 -1,094 -1500 -1,500 -1,335 2013 2014 2015 2016 2017 0 2013 2014 2015 2016 2017 ● Equity ratio remains at 31%; target: ≥25% ● Net
Slide 10: Cash and Cash Equivalents of € 2.8 Billion
CASH AND CASH EQUIVALENTS OF € 2.8 BILLION (€m) 2017 ∆% 2016 Cash – beginning of period 1,998 -27 2,727 Cash flow from earnings 634 -8 690 ∆ Working Capital 711 n.m. -426 Cash flow from operating activities 1,345 409 264 Cash flow from investing activities -333 23 -434 Cash flow from financing activ
Slide 11: Extraordinarily High Cash Inflow in Q4/2017
EXTRAORDINARILY HIGH CASH INFLOW IN Q4/2017 WORKING CAPITAL PATTERN: CASH OUTFLOWS IN Q1–3; INFLOWS IN Q4 (€M) 1,300 1300 1,001 1,103 552 494 0 -19 -107 -49 -64 -122 -209 -139 -172 -206 -263 -330 -418 -1300 -1,300 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2014 2015 2016 2017 COMMENTS ● Working
Slide 12: FCF of Over € 1 Billion in 2017
FCF OF OVER € 1 BILLION IN 2017 Δ WORKING CAPITAL (€M) CFO VS. CFI (€M) CFI VS. DEPRECIATION (€M) 800 711 1500 1,500 1,345 1,000 1000 582 1,240 475 434 430 0 386 434 320 333 320 264 333 -426 0 0 2015 2016 2017 2015 2016 2017 -800 2015 2016 2017 ● Exceptionally high FCF in 2015 and 2017 ● Purchase of
Slide 13: North + West Benefits from Germany
NORTH + WEST BENEFITS FROM GERMANY KEY INDICATORS COMMENTS (€m) 2017 Δ% 2016 ● Output volume 11% higher 6,843 Output volume 11 6,175 ● EBIT rose due to stronger project earnings Revenue 6,378 10 5,802 ● Order backlog (+16%) driven again to new record Order backlog 8,138 16 7,030 level by Germany and
Slide 14: South + East: Strong at a High Level
SOUTH + EAST: STRONG AT A HIGH LEVEL KEY INDICATORS COMMENTS (€m) 2017 Δ% 2016 ● Output volume increased by 6%, driven by Austria, Output volume 4,242 6 4,001 Hungary and Slovakia Revenue 4,073 5 3,889 ● EBIT 5% higher due to improvements in several Order backlog 4,505 29 3,483 countries EBIT 205 9
Slide 15: International + Special Divisions: Earnings Plus After Number of Contrary Effects
INTERNATIONAL + SPECIAL DIVISIONS: EARNINGS PLUS AFTER NUMBER OF CONTRARY EFFECTS KEY INDICATORS COMMENTS ● Output volume down especially due to Italy (€m) 2017 Δ% 2016 ● Output volume rose by 8% due to large projects in ● EBIT hardly changed in absolute terms – number of contrary effects related Ou
Slide 16: 2018: Focus Kept on Margin, Slightly Higher Output Volume
2018: FOCUS KEPT ON MARGIN, SLIGHTLY HIGHER OUTPUT VOLUME ● Output volume 2018 of € 15.0 billion forecasted (+3%) ● EBIT margin 2018 again targeted at ≥3% ● Management Board appointed for 2019–2022 16 FY 2017, April 2018
Slide 17: Management Board Members Appointed for 2019–2022
MANAGEMENT BOARD MEMBERS APPOINTED FOR 2019–2022 Dr. Thomas Birtel Mag. Christian Dr. Peter Krammer DI Siegfried Mag. Hannes DI Alfred Watzl Harder Wanker Truntschnig CEO Segment Appointed as a CFO South + East Segment Will retire end of member of the International + 2018 Management Board Special Di
Slide 18: Appendix
@ APPENDIX » SOCIETAS EUROPAEA
Slide 19: 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 16,592 14,290 13,491 14,621 14,403 14,816 13,573 13,566 13,470 13,135 0 0 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 EBITDA (€M) AND EBITDA MARGIN (%
Slide 20: Equity Ratio Remains High at 31%
EQUITY RATIO REMAINS HIGH AT 31% ASSETS1 LIABILITIES AND EQUITY1 (€m) 2017 2016 (€m) 2017 2016 Intangible assets 499 496 Share capital 110 110 Capital reserves 2,315 2,315 PP&E & investment property 1,942 1,936 Retained earnings 945 761 Associated companies 350 348 Non-controlling interests 27 79 Ot
Slide 21: Group Income Statement 2017
GROUP INCOME STATEMENT 2017 (€m) 2017 2016 Δ% Output volume 14,620.89 13,491.03 8 Revenue 13,508.72 12,400.46 9 Changes in inventories/own work capitalised -48.09 55.55 n.m. Other operating income 282.99 235.83 20 Construction materials, consumables and services used -8,839.87 -7,980.01 -11 Employee
Slide 22: Group Income Statement 2017 (cont.)
GROUP INCOME STATEMENT 2017 (CONT.) (€m) 2017 2016 Δ% EBITDA 834.58 855.181 -2 Margin (%) 6.2 6.9 Depreciation and amortisation -386.22 -430.27 10 EBIT 448.36 424.911 6 Margin (%) 3.3 3.4 Net interest income -27.15 -3.78 -618 Income tax expense -128.85 -139.13 7 Net income 292.36 282.00 4 Attributab
Slide 23: Your Questions, Please
STRABAG SE FY 2017 RESULTS YOUR QUESTIONS, PLEASE 27 APRIL 2018