HY11 Presentation Aug2011 - STRABAG SE...Assets (1) (€m) HY/2011 2010 Share capital 114 114...
Transcript of HY11 Presentation Aug2011 - STRABAG SE...Assets (1) (€m) HY/2011 2010 Share capital 114 114...
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STRABAG SESEMI-ANNUAL 2011 RESULTS, 31 AUGUST 2011
2 © STRABAG SE (8/2011)
This presentation is made by STRABAG SE (the "Company") solely for use at investor meetings and is furnished to you solely for your
information.
This presentation speaks as of August 2011. The facts and information contained herein might be subject to revision in the future. Neither the
delivery of this presentation nor any further discussions of the Company with any of the recipients shall, under any circumstances, create any
implication that there has been no change in the affairs of the Company since such date. None of the Company or any of its parents or
subsidiaries or any of such person's directors, officers, employees or advisors nor any other person makes any representation or warranty,
express or implied as to, and no reliance should be placed on, the accuracy or completeness of the information contained in this presentation.
None of the Company or any of its parents or subsidiaries or any of their directors, officers, employees and advisors nor any other person shall
have any liability whatsoever for any loss howsoever arising, directly or indirectly, from any use of this presentation. The same applies to
information contained in other material made available at the meeting.
This document is selective in nature and is intended to provide an introduction to, and overview of, the business of the Company. Where any
information and statistics are quoted from any external source, such information or statistics should not be interpreted as having been adopted
or endorsed by the Company as being accurate.
This presentation contains forward-looking statements relating to the business, financial performance and results of the Company and/or the
industry in which the Company operates. These statements generally are identified by words such as "believes," "expects," "predicts," "intends,"
"projects," "plans," "estimates," "aims," "foresees," "anticipates," "targets," and similar expressions. The forward-looking statements, including
but not limited to assumptions, opinions and views of the Company or information from third party sources, contained in this presentation are
based on current plans, estimates, assumptions and projections and involve uncertainties and risks. Various factors could cause actual future
results, performance or events to differ materially from those described in these statements. The Company does not represent or guarantee that
the assumptions underlying such forward-looking statements are free from errors nor do they accept any responsibility for the future accuracy of
the opinions expressed in this presentation. No obligation is assumed to update any forward-looking statements.
By accepting this presentation you acknowledge that you will be solely responsible for your own assessment of the market and of the market
position of the Company and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future
performance of the Company's business.
DISCLAIMER
3 © STRABAG SE (8/2011)
13,254 13,968 14,739 15,752
2008 2009 2010 HY/10 HY/11
13,743 13,021 12,777
5,234
2008 2009 2010 HY/10 HY/11
DOUBLE-DIGIT GROWTH IN OUTPUT VOLUME
Output volume (€m) � Double-digit growth compared to HY/2010, when harsh weather conditions hampered construction works
� Increases in all segments
� Germany, Poland and Northern Europe show especially high rises
+17%
Order backlog (€m)
-6%
� Order backlog 6 % below record level of HY/2010
� For the largest part due to cancellation of order backlog in Libya and working off order backlog in Poland
6,136
14,879
-7%
+11%
4 © STRABAG SE (8/2011)
270 283 299
-10
17
197186
735684648
2008 2009 2010 HY/10 HY/11
EBIT ALREADY POSITIVE IN HY/2011
EBITDA (€m)
6%
EBIT (€m)
� EBITDA rose 6% on good earnings from Germany and Poland
� Despite positive distortion in HY/2010
� First time in company history: EBIT already positive in HY: € 16.67 million
� Positive one-off of last year amounted to € 10.6 million
HY/10 HY/112010
+11%
+13%
2008 2009
-10
5 © STRABAG SE (8/2011)
RECOVERY OF EBIT IN S&C
70
18-16
34
59
2008 2009 2010 HY/10 HY/11
Special Divisions & Concessions
4143
154
124
86
2008 2009 2010 HY/10 HY/11
Building Construction & Civil Engineering
-100
145 143
184
-74
2008 2009 2010 HY/10 HY/11
Transportation Infrastructures
17
-10
299283270
2008 2009 2010 HY/10 HY/11
Total Group
HY/10
-10
-5%-34%
280%
6 © STRABAG SE (8/2011)
1.53
-0.10-0.10
175
-11-11
EPS AGAIN NEGATIVE DUE TO HIGH MINORITIES
Net income after minorities (€m)
� Net interest expense similar to last year’s level
� Tax rate almost 30%
� Minority interest even positive (!) at € 19.75 million; last year they bore a loss of € 1.33 million
� Earnings per share again at € -0.10, BUT: bear in mind the positive one-off in HY/2010!
Earnings per share (€)
HY/10 HY11 2010 HY/10 HY/11 2010
7 © STRABAG SE (8/2011)
Assets(1)
(€m) HY/2011 2010
Share capital 114 114
Capital reserves 2,311 2,311
Retained earnings 616 666
Minority interest 178 141
Equity 3,219 3,232
Provisions 926 928
Financial liabilities 1,271 1,318
Other non-current liabilities 72 68
Deferred taxes 37 49
Non-current liabilities 2,306 2,363
Provisions 711 711
Financial liabilities 396 241
Trade payables 3,118 3,068
Other current liabilities 769 767
Current liabilities 4,994 4,787
Intangible assets 555 536
PP&E(2) 2,210 2,176
Associated companies 88 88
Other financial assets 260 257
Concession receivables 894 969
Other long-term receivables 119 105
Deferred taxes 218 214
Non-current assets 4,344 4,345
Inventories 793 706
Accounts receivables 3,714 3,147
Cash and cash equivalents 1,405 1,952
Assets held for sale 263 232
Current assets 6,175 6,037
EQUITY RATIO AT 31%, NET CASH OF € 25 MILLION
Total assets 10,519 10,382
(1) Rounding differences might occur. (2) PP&E + investment property
(€m) HY/2011 2010
Liabilities & equity 10,519 10,382
Liabilities and Equity(1)
8 © STRABAG SE (8/2011)
LOWER BUILD-UP OF WORKING CAPITAL
1,405
1
-548
46
-302
-292
-447
155
1,952
HY/2011
€m
-14n.m.CFF
-242-25%CFI
-40828%CFO
1,13024%Cash – end of period
10-93%FX changes
-66417%Net change in cash
-50612%∆ Working Capital
9859%Cash-flow from profits
1,78310%Cash – beginning of period
HY/2010
€m∆ %
Rounding differences might occur.
9 © STRABAG SE (8/2011)
1,8402,307
4,279
HY/10 HY/11 2010
BUILDING CONSTRUCTION & CIVIL ENGINEERING
17,931
2.5%
43
5,958
1,748
1,840
HY/2010
€m
18,25313%20,215Employees
3.9%1.9%EBIT margin
154-5%41EBIT
5,6607%6,402Order backlog
3,97623%2,142Revenue
4,27925%2,307Output volume
2010
€mChange
HY/2011
€m� Double-digit output volume increase; growth
mainly in Germany, Poland and RANC
� In Switzerland, acquisitions Brunner Erben and Astrada are included
� EBIT fell slightly due to an aperiodic effect
� 13% more employees due to Swiss acquisitions
� Order backlog up by 7%, boosted mainly by Germany, Poland, RANC and Switzerland
� Poseidonhaus office building, Frankfurt
(€ 96 million)
� Oberlaa Ost housing complex, Vienna (€ 82 million)
� Outlook reiterated: Output volume of € 5.1 billion in FY2011 expected
Key Indicators
Output volume (€m)
Comments
+25%
10 © STRABAG SE (8/2011)
TRANSPORTATION INFRASTRUCTURES
� Mild winter has positive effect on output volume; increases above all in Germany, Poland and Scandinavia
� EBIT by 34% deeper in the negative territory: weak public sector investments in Czech Republic
� Order backlog lower by 8% due to order intake in Poland normalising and mild winter in Germany enabling order intake to be turned into output volume immediately; growth in Scandinavia
� Outlook confirmed: € 6.3 billion output volume in FY2011 expected
� Germany stable, decline in Austria expected, Poland boom likely to end this year
� Increase in Josef Möbius stake from 70% to 100%, acquisition of Ludwig Voss, both Germany
Key Indicators
Output volume (€m)
Comments
2,2392,628
5,810
HY/10 HY/11 2010
+17%
29,538
-3.5%
-74
5,697
2,134
2,239
HY/2010
€m
30,0592%30,196Employees
3.2%-3.9%EBIT margin
184-34%-100EBIT
4,735-8%5,256Order backlog
5,69219%2,530Revenue
5,81017%2,628Output volume
2010
€mChange
HY/2011
€m
11 © STRABAG SE (8/2011)
Key Indicators
� Volatile tunnelling business and Direct Export led to increases in output volume in Italy and Middle East, while Hungary and Africa lower
� EBIT nearly tripled to € 69.50 million; volatile business in non-European markets
� Order backlog reduced by 21%; last year driven by developments in non-European markets; excludes Libyan orders
� PPP division especially successful in Northern Europe, bidding in Germany, Belgium, Finland and the Netherlands
� New PPP project: A8 in Germany
� Outlook unchanged: Forecast for output volume at € 2.5 billion
Output volume (€m)
Comments
1,072 1,135
2,518
HY/10 HY/11 2010
+6%
SPECIAL DIVISIONS & CONCESSIONS
18,014
1.6%
18
4,072
1,135
1,072
HY/2010
€m
19,8678%19,383Employees
-0.6%5.6%EBIT margin
-16280%70EBIT
4,318-21%3,209Order backlog
2,6728%1,230Revenue
2,5186%1,135Output volume
2010
€mChange
HY/2011
€m
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