STRABAG SE FY 2013 RESULTS 30 APRIL 2014
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. industry in which the Company operates. These statements generally are identified by words such as "believes“, "expects”, "predicts”, "intends”, This presentation speaks as of April 2014. The facts and information "projects”, "plans”, "estimates”, "aims”, "foresees”, "anticipates”, "targets”, contained herein might be subject to revision in the future. Neither the and similar expressions. The forward/looking statements, including but not delivery of this presentation nor any further discussions of the Company limited to assumptions, opinions and views of the Company or information with any of the recipients shall, under any circumstances, create any from third party sources, contained in this presentation are based on implication that there has been no change in the affairs of the Company current plans, estimates, assumptions and projections and involve since such date. None of the Company or any of its parents or subsidiaries uncertainties and risks. Various factors could cause actual future results, or any of such person's directors, officers, employees or advisors nor any performance or events to differ materially from those described in these other person makes any representation or warranty, express or implied as statements. The Company does not represent or guarantee that the to, and no reliance should be placed on, the accuracy or completeness of assumptions underlying such forward/looking statements are free from the information contained in this presentation. None of the Company or errors nor do they accept any responsibility for the future accuracy of the any of its parents or subsidiaries or any of their directors, officers, opinions expressed in this presentation. No obligation is assumed to employees and advisors nor any other person shall have any liability update any forward/looking statements. whatsoever for any loss howsoever arising, directly or indirectly, from any use of this presentation. The same applies to information contained in By accepting this presentation you acknowledge that you will be solely other material made available at the meeting. 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 This document is selective in nature and is intended to provide an be solely responsible for forming your own view of the potential future introduction to, and overview of, the business of the Company. Where any performance of the Company's business. 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. FY 2013, April 2014 Page 2
FULL�YEAR FIGURES THE STRABAG STRATEGY APPENDIX 1 2 3 2013 AND INVESTMENT PROPOSITION FY 2013, April 2014 Page 3
FULL�YEAR FIGURES 1 2013
OUTPUT VOLUME DECLINES DUE TO WEATHER OUTPUT VOLUME (€M) 20000 ● Weather/related declines not fully compensated /3% ● STRABAG broadly diversified: declines in Poland, 14,043 13,573 Canada, Benelux and Romania nearly balanced out by increases in Hungary, Austria and Africa 0 2013 2012 OUTPUT VOLUME 2013 BY REGION Rest of World Rest of 6% Europe 11% Germany 43% CEE 25% Austria 15% FY 2013, April 2014 1 Page 5
FULL ORDER BOOKS ORDER BACKLOG (€M) 20000 ● Completion of large projects in Russia and 2% Benelux 13,470 13,203 ● Several new building construction orders in Germany 0 2013 2012 ORDER BACKLOG 2013 BY REGION Rest of World 11% Germany Rest of 38% Europe 19% CEE Austria 21% 11% FY 2013, April 2014 1 Page 6
EBITDA AND EBIT SHOW DOUBLE�DIGIT GROWTH EBITDA (€M) 14% 750 ● Previous year’s EBITDA had been distorted by 695 608 damage compensation payments (€ 43 m) ● Still a burden: cost development in projects in hydraulic engineering, the Netherlands and 5.6% Sweden as well as competitive pressure in railway 4.7% construction 0 2013 2012 EBIT (€M) 750 ● Depreciation and amortisation increased by 8% –> specialty equipment for international business depreciated over just a few years of 26% construction 262 ● Relatively high depreciation in the fields of railway 207 construction and hydraulic engineering 2.1% 1.6% 0 2013 2012 FY 2013, April 2014 1 Page 7
EARNINGS PER SHARE +90% NET INCOME AFTER MINORITIES (€M) EARNINGS PER SHARE (€) 200 2 87% 90% 114 1.11 61 0.58 0.9% 0.5% 0 0 2013 2012 2013 2012 ● Positive FX effects of € 13 m (2012: € /12 m) ● Tax rate of 32.1% ● Minority shareholders account for a result of € 43 m (2012: € 49 m) ● Number of weighted outstanding shares down to 102,716,850 FY 2013, April 2014 1 Page 8
ATTRACTIVE DIVIDENDS: CONSISTENT PAYOUT RATIO DIVIDEND (€) AND PAYOUT RATIO (%) € 2 100% ● Dividend per share of € 0.45 proposed (+125%) ● Payout ratio at 41% within predetermined payout range of 30–50 % of net income after minorities 41% 36% 35% 34% 34% 0.60 0.55 0.50 0.45 0.20 € 0 0% 2009 2010 2011 2012 2013 FY 2013, April 2014 1 Page 9
NET CASH AND HIGH EQUITY RATIO NET DEBT/NET CASH (�) (€M) EQUITY RATIO (%) 0 1000 40 32.2 31.1 31.2 30.3 30.7 155 0 /74 /268 /596 /669 0 /1000 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 ● Net cash position in 2013 again – uncharacteristically high project/related prepayments at year/end ● Cash and cash equivalents end of 2013 at € 1.7 bn (2012: € 1.4 bn) ● Equity ratio stable over the medium term at approx. 30% vs. current sector average of 19% (1) (1) Weighted average includes ACS, Balfour Beatty, BAM, Bilfinger, Bouygues, Budimex, Eiffage, Ferroval, Hochtief, Porr, Skanska, Vinci, YIT; last reported balance sheet date FY 2013, April 2014 1 Page 10
ALL CASH FLOWS IMPROVED (€m) 2013 ∆% 2012 1,351 Cash – beginning of period /20 1,689 513 Cash flow from profits 1 509 181 ∆ Working Capital n.m. /240 694 Cash flow from operating activities 158 269 �332 Cash flow from investing activities 26 /447 �6 Cash flow from financing activities 96 /176 355 Net change in cash n.m. /355 �18 FX changes n.m. 29 �3 Change restricted cash 76 /13 1,685 Cash – end of period 25 1,351 Rounding differences might occur. FY 2013, April 2014 1 Page 11
2013: POSITIVE FCF AGAIN GROSS CAPEX 2013 (€M) CFO VS. CFI (€M) CFI VS. DEPRECIATION (€M) 800 800 800 694 616 616 501 447 447 433 387 412 401 332 332 269 23 11 0 0 0 PP&E Acquisitions Financial 2011 2012 2013 2011 2012 2013 assets CFI Depreciation CFO CFI ● FCF positive, after having been negative for two years ● ~ € 250 m maintenance CAPEX in PP&E ● Expansion CAPEX due to tunnelling and international business – special equipment needed ● Lower PP&E: Purchase of specialty equipment needed for certain projects shifted in part to 2014 ● 2013 depreciation includes goodwill impairment of € 4 m (2012: € 10 m) ● Depreciation higher than CFI for the first time FY 2013, April 2014 1 Page 12
NORTH + WEST: EBIT TURNS INTO CLEARLY POSITIVE TERRITORY KEY INDICATORS COMMENTS ● Market/ and weather/related declines in Poland 2013 ∆% 2012 (€m) 6,021 ● Positive contribution to EBIT from building Output volume /3 6,237 construction in Germany; results improved in Poland 5,524 Revenue 0 5,510 and in the German transportation infrastructures 5,451 Order backlog 13 4,827 market 73 EBIT n.m. /51 ● Hydraulic engineering projects and large/scale ��� ������������� ���� projects in the Netherlands and Sweden still a burden 22,695 Employees /10 25,108 ● Growth in order backlog in Germany, among others: − Thuringia’s new university clinic SHARE OF GROUP OUTPUT VOLUME − Office building at Stuttgart airport − Cultural quarter in Dresden ● Outlook: 44% of group − Expected 2014 output volume € 6.0 bn output volume − Stable construction materials prices vs. rising subcontractor prices − Slight optimism for Poland as of 2014 FY 2013, April 2014 1 Page 13
SOUTH + EAST: EBIT MARGIN STABLE ON A HIGH LEVEL KEY INDICATORS COMMENTS ● Output volume decreased due to an internal shift 2013 ∆% 2012 (€m) of the Polish building construction unit; growth in 4,593 Output volume /3 4,756 Hungary and Czech Republic 4,466 Revenue /7 4,792 ● EBIT /7%: Result improvement programme in 3,805 Order backlog /12 4,326 environmental technology, but continued 138 EBIT /7 149 competitive pressure in railway construction ��� ������������� ��� ● Completion of large projects in RANC (1) , recovery 21,089 Employees /7 22,699 of order situation in Slovakia and Hungary ● Outlook: SHARE OF GROUP OUTPUT VOLUME − Output volume at € 4.7 bn expected in 2014 − Austria: no reduction of margin pressure in transportation infrastructures expected − Continued price pressure in transportation infrastructures in CEE 34% of group output volume (1) Russia and neighbouring countries FY 2013, April 2014 1 Page 14
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