STRABAG SE Q results 31 May 2010

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Gustav Johansen
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1 STRABAG SE Q results 31 May 2010

2 Record order backlog, harsh winter Output volume ( m) 1, % 2,190 13,021 Output volume / Revenue Harsh winter conditions and finalised projects in the Middle East and Russia Revenue down by 14% As usual little output in TI, but BC & CE decreased by 22% Order backlog ( m) +21.7% 15,635 13,968 12,849 Order backlog Record due to large infrastructure projects in Poland, new Russian orders and contracts in non- European countries BC & CE: Building Construction & Civil Engineering TI: Transportation Infrastructures S & C: Special Divisions & Concessions 2

3 Smaller loss in earnings due to special effect in TI EBIT ( m) -1.8 % 283 Better winter cost management in TI (150) (153) EBITDA ( m) Comments Special effect: Write-up for acquisition (+50% to 100%) of Viamont DSP of 24.6 million, simultaneous goodwill impairment of 14.0 million % (46) (66) 3

4 Q1/2009 Q1/2010 Q1 Q1 Growth ( m) % Illustrative development of STRABAG s operational results intra-year Output volume 1,837 2, % Order backlog 15,635 12, % Revenue 1,788 2, % EBITDA (46) (66) 31 % Margin (2.6 %) (3.2 %) EBIT (150) (153) 2 % Margin (8.4 %) (7.3 %) Net income a.m. (118) (129) 9 % Margin (6.6 %) (6.2%) 31 Jan 31 Mar 30 Jun 30 Sep 31 Dec Results 2007 Results 2008 Results 2009 Results 2010 Note: The graph does not reflect the company's IFRS results, but instead reflects figures derived from the company s internal controlling; actual trends could be different from those depicted in the graph 4

5 Output volume by segment and region Q Building Construction & Civil Engineering Transportation Infrastructures Europe 12% World 3% Europe 7% World 0% CEE 26% Germ any 36% CEE 39% Germ any 44% Total: 780 million Austria 23% Special Divisions & Concessions Total: 510 million Austria 10% World 26% Europe 13% CEE 9% Total: 511 million Austria 7% Germ any 45% 5

6 Building Construction & Civil Engineering Key Indicators Q1/10 Change Q1/ * Output Volume % 996 4,773 Revenue % 938 4,368 Order Backlog 5,969 9% 5,475 6,237 EBIT -7 29% EBIT margin -0.9% -1.0% 1.8% Employees 17,512-13% 20,035 26,843 * Presentation in accordance with the Annual Report Changes in segment structure starting from 2010 are not considered. Output volume ( m) Comments Output volume and revenue down due to harsh weather conditions in Germany and Russia EBIT less negative than last year s New large projects: De Rotterdam, Netherlands ( 170 million) Gazela bridge, Serbia ( 58 million) Balakovo steel works, Russia ( 150 million) -21.7% ,773 Outlook: Prices under presser, however, large projects tendered in non-european countries Stable 2010 compared to

7 Transportation Infrastructures Key Indicators Q1/10 Change Q1/ * Output Volume 510-6% 541 6,001 Revenue 489-4% 510 5,853 Order Backlog 5,595 36% 4,126 4,806 EBIT % EBIT margin -27.8% -28.0% 2.8% Employees 26,566-2% 27,077 33,374 * Presentation in accordance with the Annual Report Changes in segment structure starting from 2010 are not considered. Output volume ( m) Comments Harsh winter weather conditions weigh on output volume and revenue even worse than last year Special effect Viamont acquisition New large project: S7 expressway, Poland ( 260 million) Outlook: 6,001 High tendering volume in German PPP market Railway construction a growth field -5.8 % Output and margins 2010 at 2009 level 7

8 Special Divisions & Concessions Key Indicators Q1/10 Change Q1/ * Output Volume % 613 2,078 Revenue % 625 2,293 Order Backlog 4,046 26% 3,224 2,903 EBIT -8-3% EBIT margin -1.5% -1.3% 2.6% Employees 19,000-10% 21,153 9,943 * Presentation in accordance with the Annual Report Changes in segment structure starting from 2010 are not considered. Output volume ( m) Comments Output volume fell by 17% due to declines in Middle East and a lack of projects in tunnelling New large projects: Coker unit ( 23 million) and warehouses ( 18 million), Saudi Arabia M51 motorway PPP project, Denmark (total investment volume 148 million) Södermalm tunnel, Sweden ( 31 million) Outlook: % STRABAG PFS slightly higher earnings on a little lower output 2010 German PPP will continue to grow 8

9 Balance sheet 31 March 2010 Assets* ( m) Q Intangible assets PP&E (1) 2,318 2,260 Associated companies Other financial assets Concession receivables Other long-term rec Deferred taxes Non-current assets 4,404 4,300 Inventories Accounts Receivables 2,525 2,874 Cash and cash equivalents 1,592 1,783 Current assets 4,812 5,313 Liabilities and Equity * ( m) Q Share capital Capital reserves 2,311 2,311 Retained earnings Minority interest Equity 2,989 3,099 Provisions Financial liabilities 1,266 1,275 Other non-current liab Deferred taxes Non-current liabilities 2,274 2,305 Provisions Financial liabilities Trade payables 2,459 2,635 Other current liab Current liabilities 3,953 4,209 Total assets 9,215 9,614 Liabilities and equity 9,215 9,614 (1) PP&E + investment property * Rounding differences might occur 9

10 Woking capital management boosts cash-flow Q1/10 ( million) % Q1/09 ( million) Cash beginning of period 1, % Cash beginning of period 1,491.4 Cash-flow from profits % Cash-flow from profits Working Capital % Working Capital CFO % CFO CFI (97%) CFI CFF 13.8 (57%) CFF 32.0 Net change in cash (1%) Net change in cash FX changes 28.2 n.m. FX changes Cash end of period 1, % Cash end of period 1,240.5 Rounding differences might occur. 10

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