STRABAG SE Q1 2010 results 31 May 2010
Record order backlog, harsh winter Output volume ( m) 1,837-16.1% 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
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 684-30.6 % (46) (66) 3
Q1/2009 Q1/2010 Q1 Q1 Growth ( m) 2010 2009 % Illustrative development of STRABAG s operational results intra-year Output volume 1,837 2,190-16 % Order backlog 15,635 12,849 22 % Revenue 1,788 2,082-14 % 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
Output volume by segment and region Q1 2010 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
Building Construction & Civil Engineering Key Indicators Q1/10 Change Q1/09 2009* Output Volume 780-22% 996 4,773 Revenue 739-21% 938 4,368 Order Backlog 5,969 9% 5,475 6,237 EBIT -7 29% -10 79 EBIT margin -0.9% -1.0% 1.8% Employees 17,512-13% 20,035 26,843 * Presentation in accordance with the Annual Report 2009. 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% 780 996 4,773 Outlook: Prices under presser, however, large projects tendered in non-european countries Stable 2010 compared to 2009 6
Transportation Infrastructures Key Indicators Q1/10 Change Q1/09 2009* Output Volume 510-6% 541 6,001 Revenue 489-4% 510 5,853 Order Backlog 5,595 36% 4,126 4,806 EBIT -136 5% -143 164 EBIT margin -27.8% -28.0% 2.8% Employees 26,566-2% 27,077 33,374 * Presentation in accordance with the Annual Report 2009. 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 % 510 541 Output and margins 2010 at 2009 level 7
Special Divisions & Concessions Key Indicators Q1/10 Change Q1/09 2009* Output Volume 511-17% 613 2,078 Revenue 552-12% 625 2,293 Order Backlog 4,046 26% 3,224 2,903 EBIT -8-3% -8 59 EBIT margin -1.5% -1.3% 2.6% Employees 19,000-10% 21,153 9,943 * Presentation in accordance with the Annual Report 2009. 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: 511-16.7 % 613 2.078 STRABAG PFS slightly higher earnings on a little lower output 2010 German PPP will continue to grow 8
Balance sheet 31 March 2010 Assets* ( m) Q1 2010 2009 Intangible assets 549 496 PP&E (1) 2,318 2,260 Associated companies 108 132 Other financial assets 244 241 Concession receivables 914 939 Other long-term rec. 103 100 Deferred taxes 169 134 Non-current assets 4,404 4,300 Inventories 695 656 Accounts Receivables 2,525 2,874 Cash and cash equivalents 1,592 1,783 Current assets 4,812 5,313 Liabilities and Equity * ( m) Q1 2010 2009 Share capital 114 114 Capital reserves 2,311 2,311 Retained earnings 432 525 Minority interest 132 149 Equity 2,989 3,099 Provisions 879 868 Financial liabilities 1,266 1,275 Other non-current liab. 99 109 Deferred taxes 29 54 Non-current liabilities 2,274 2,305 Provisions 576 580 Financial liabilities 268 235 Trade payables 2,459 2,635 Other current liab. 650 759 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
Woking capital management boosts cash-flow Q1/10 ( million) % Q1/09 ( million) Cash beginning of period 1,783.0 20% Cash beginning of period 1,491.4 Cash-flow from profits -106.8 4% Cash-flow from profits -110.8 Working Capital -10.5 87% Working Capital -79.1 CFO -117.4 38% CFO -189.9 CFI -115.4 (97%) CFI -58.6 CFF 13.8 (57%) CFF 32.0 Net change in cash -219.0 (1%) Net change in cash -216.5 FX changes 28.2 n.m. FX changes -34.4 Cash end of period 1,592.1 28% Cash end of period 1,240.5 Rounding differences might occur. 10