Earnings Release • May 30, 2018
Earnings Release
Open in ViewerOpens in native device viewer
| 3M/2018 | 3M/2017 | ∆ % | 2017 | |
|---|---|---|---|---|
| Output volume (€ mln.) | 2,599.77 | 2,426.79 | 7 | 14,620.89 |
| Revenue (€ mln.) | 2,355.55 | 2,211.49 | 7 | 13,508.72 |
| Order backlog (€ mln.) | 17,669.37 | 16,113.13 | 10 | 16,591.87 |
| Employees | 71,325 | 69,679 | 2 | 72,904 |
| 3M/2018 | 3M/2017 | ∆ % | 2017 | |
|---|---|---|---|---|
| EBITDA (€ mln.) | -49.85 | -50.71 | 2 | 834.58 |
| EBITDA margin (% of revenue) | -2.1 | -2.3 | 6.2 | |
| EBIT (€ mln.) | -138.90 | -143.09 | 3 | 448.36 |
| EBIT margin (% of revenue) | -5.9 | -6.5 | 3.3 | |
| EBT (€ mln.)1 | -142.21 | -157.41 | 10 | 421.21 |
| Net income (€ mln.)1 | -115.25 | -120.79 | 5 | 292.36 |
| Net income after minorities (€ mln.)1 | -116.68 | -117.40 | 1 | 278.91 |
| Net income after minorities margin (% of revenue)1 | -5.0 | -5.3 | 2.1 | |
| Earnings per share (€)1 | -1.14 | -1.14 | 1 | 2.72 |
| Cash flow from operating activities (€ mln.) | -144.07 | -145.85 | 1 | 1,345.19 |
| ROCE (%)1 | -2.0 | -2.1 | 6.7 | |
| Investment in fixed assets (€ mln.) | 104.13 | 88.25 | 18 | 457.62 |
| 31.3.2018 | 31.12.2017 | ∆ % | |
|---|---|---|---|
| Equity (€ mln.) | 3,311.62 | 3,397.72 | -3 |
| Equity ratio (%) | 31.1 | 30.7 | |
| Net debt (€ mln.) | -1,025.16 | -1,335.04 | 23 |
| Gearing ratio (%) | -31.0 | -39.3 | |
| Capital employed (€ mln.) | 5,143.90 | 5,242.91 | -2 |
| Balance sheet total (€ mln.) | 10,640.88 | 11,054.12 | -4 |
EBITDA = earnings before interest, taxes, depreciation and amortisation EBIT = earnings before interest and taxes
EBT = earnings before taxes
ROCE = (net income + interest on debt - interest tax shield (25 %)) /(average group equity + interest-bearing debt)
Net debt = financial liabilities - non-recourse debt + provisions for severance and pension obligations - cash and cash equivalents Gearing ratio = net debt/group equity
Capital employed = group equity + interest-bearing debt
1 Adjustment of comparative values 3M/2017 due to the presentation of net investments in foreign operational entities acc. IAS 21.32
STRABAG is off to a similarly good start to the financial year in 2018 as it had been the year before. The first quarter does not allow any reliable conclusions for the full year, but the figures – above all the new record order backlog of € 17.7 billion – reinforce our decision to confirm our existing outlook: The output volume should increase to about € 15 billion and the EBIT margin is expected to again reach at least 3 %.
So far, then, the 2018 financial year is going according to plan!
Yours,
Thomas Birtel CEO of STRABAG SE
STRABAG SE generated an output volume of € 2,599.77 million in the first quarter of the 2018 financial year – an increase of 7 %. This upwards trend is being driven especially by the German transportation infrastructures business. The consolidated group revenue also grew by 7 %. The ratio of revenue to output volume remained unchanged at 91 %.
The order backlog reached another record high of € 17,669.37 million (+10 %) on 31 March 2018, surpassing the € 17 billion mark for the first time in company history. Contributing to this development once more were numerous new large orders in the group's largest markets, above all Hungary, Poland and Germany.
The limited capacity for construction in winter results in significant seasonal effects on the development of earnings and other financial figures of STRABAG SE. The first half of the year typically has a negative effect on results, which is then overcompensated by results in the second half of the year. As a result of the seasonal effects, a quarterly comparison makes little sense.
The earnings before interest, taxes, depreciation and amortisation (EBITDA) improved slightly in the first quarter of 2018 (2 %) to € -49.85 million. Depreciation and amortisation was down by 4 %, so that the earnings before interest and taxes (EBIT), at € -138.90 million, ended up 3 % less deep in negative territory.
The net interest income stood at € -3.31 million, compared to € -14.32 million in the first three months of the previous year when higher negative exchange rate differences had pushed the net interest income down. In total, this made it possible to stem the seasonally usual negative earnings before taxes (EBT) by 10 % to € -142.21 million. The income tax was in positive territory with € 26.96 million and thus provided relief. This left a net income of € -115.25 million (+5 %). Earnings attributable to third-party shareholders amounted to € 1.43 million. Last year, they still had to bear a loss € -3.39 million. Overall, the net income after minorities remained stable at € -116.68 million. With 102,600,000 outstanding shares, this corresponds to earnings per share of € -1.14, the same as in the first quarter of the previous year.
The balance sheet total fell back below € 11 billion from 31 December 2017 to € 10,640.88 million. The picture was coined by the higher trade receivables, which increased especially as a result of the reclassification of real estate project developments as required by the first-time adoption of IFRS 15. The cash and cash equivalents decreased as is seasonally usual. Despite the typical winter losses, the equity ratio remained unchanged versus the end of 2017 at about 31 %. The net cash position decreased, as is seasonally usual, from € 1,335.04 million at the end of 2017 to € 1,025.16 million.
The cash flow from operating activities, at € -144.07 million, was nearly unchanged. The cash flow from investing activities, through higher investments in property, plant and equipment, decreased by 12 % to € -90.06 million. The acquisition of the minority shares of the now delisted German subsidiary STRABAG AG, Germany, influenced the cash flow from financing activities, which reached a value of € -83.87 million after € -25.05 million in the first quarter last year.
The record order backlog leads us to expect another positive development of the output volume for the 2018 financial year. The Management Board of STRABAG SE continues to expect an increase to around € 15.0 billion (+3 %). Growth should be seen in all three operating segments – North + West, South + East and International + Special Divisions. Moreover, STRABAG is working towards again achieving an EBIT margin of at least 3 %.
Demand is expected to at least remain stable or to grow slightly in nearly all of the group's markets. This is also true for the group's three largest markets, Germany, Austria and Poland, which are already at a high level. Declines of the output volume are expected individually in those markets in which large projects were completed in 2017 and where the group is not active nationwide. The earnings forecast is based on the expectation that the Property & Facility Services entities, the Real Estate Development and the Infrastructure Development continue to contribute positively to the earnings and that large risks do not manifest at the same time.
The net capital expenditures (cash flow from investing activities) in 2018 should significantly surpass the previous year's value of € 333.30 million.
| € mln. | 3M/2018 | 3M/2017 | ∆ % |
∆ absolute |
|---|---|---|---|---|
| Output volume | 1,237.73 | 1,087.32 | 14 | 150.41 |
| Revenue | 1,112.68 | 1,021.72 | 9 | 90.96 |
| Order backlog | 8,639.07 | 7,652.07 | 13 | 987.00 |
| EBIT | -82.63 | -80.36 | -3 | -2.27 |
| EBIT margin (% of revenue) | -7.4 | -7.9 | ||
| EBT | -82.63 | -80.36 | -3 | -2.27 |
| Employees | 22,914 | 22,253 | 3 | 661 |
In the segment North + West, the output volume increased by 14 % year on year in the first quarter of 2018. This can be attributed to the high order backlog in Germany at the end of 2017 and the relatively good weather in that country. The winter months brought virtually no restrictions especially in building construction in Germany but also in the Benelux countries. The relatively low growth of the output volume in Poland, in comparison to Germany, was evened out by the decrease in Denmark.
The revenue increased by 9 %, while the EBIT decreased barely noticeably. The weather conditions in the two largest markets of the segment, Germany and Poland, had contrary effects on the figures.
The order backlog grew by 13 % over the level of 31 March 2017, which corresponds to about € 1 billion in absolute figures. Contributing to this growth were increases in Poland, Germany and, to a slightly lesser degree, the Benelux countries. New orders acquired in the first quarter in Germany included the projects "Sonnenhöfe im Sternenviertel" near the new Berlin Brandenburg Airport; SKAIO, the first timber high-rise in the country; and the construction of another office building for existing client trivago. In Poland, STRABAG was awarded the contracts for two further sections of the S7 expressway north of Warsaw and, at the end of 2017, for the first Mercedes-Benz engine plant in the country.
Regarding the outlook, the segment North + West is expected to slightly surpass last year's record output volume in the 2018 financial year.
The German building construction and civil engineering business should continue to contribute positively to both output volume and earnings. The ongoing tense situation on the subcontractor and supplier market is being countered by binding these parties at an early stage before the contract with the client is concluded.
The transportation infrastructures business in Germany got off to an excellent start in 2018. The economic environment is characterised by sustained low interest rates, high tax revenues and a years-long investment backlog in public infrastructure. It is expected that the high output volume posted last year can be maintained, especially as a large portion of the planned output has already been acquired and the order backlog is stronger than it was at this time last year. Labour remains a limiting factor for an expansion of the business.
In contrast, the situation on the market in Poland is becoming bleaker. The industry is experiencing a shortage of qualified staff, of construction material and of capacities in general to attend to the enormous demand. This led to price increases last year in the double-digit percent range for labour costs, construction materials and subcontractor fees. However, the order backlog is at a very high level, and so has already secured the output volume for the ongoing financial year, which enables a greater selection of the projects for which bids are to be made. The output volume is expected to exhibit strong growth so that earnings should continue to be generated at an attractive level.
| 3M/2018 | 3M/2017 | ∆ % |
∆ absolute |
|---|---|---|---|
| 644.35 | 641.87 | 0 | 2.48 |
| 603.83 | 630.13 | -4 | -26.30 |
| 5,063.94 | 4,147.63 | 22 | 916.31 |
| -53.15 | -24.32 | -119 | -28.83 |
| -8.8 | -3.9 | ||
| -53.15 | -24.32 | -119 | -28.83 |
| 16,454 | 15,933 | 3 | 521 |
The output volume in the segment South + East reached € 644.35 million in the first quarter of 2018, largely unchanged in a year-on-year comparison. Minor increases and decreases in the individual markets balanced each other out.
The revenue sank by 4 %. The seasonally negative EBIT more than doubled. This is attributable to the fact that the staff had already been increased in response to the high volume of orders, but the output volume failed to grow due to the weather conditions. Moreover, the winterrelated losses had been relatively low in the first quarter last year.
The order backlog, on the other hand, registered a significant jump of 22 % over the level of 31 March 2017, growing to € 5,063.94 million. This development is attributable above all to transportation infrastructure projects in Hungary that had already been acquired last year. The trend in the other markets of this segment was more inconsistent.
Regarding the outlook of the segment, the output volume is expected to continue to grow with attractive margins in the 2018 financial year. The combination of high demand and lack of skilled labour has led to increasing costs in most of the markets. Political risks are also on the rise.
The situation on the home market of Austria remains positive. New large building construction projects in the cities are continually restocking the order backlog as similar projects reach completion.
In the Czech Republic and Slovakia, the margins have been falling for several years. The construction climate is getting tenser, as has been expected. In Slovakia, tenders are mostly for transportation projects with EU financing, including several railway projects. In the Czech Republic, the focus is on building construction for the automobile industry as well as commercial centres and office buildings for industrial clients.
In Hungary, the greatest challenge in the coming months and years will be to work off the high order backlog. The entire Hungarian construction industry is currently in an unusually active phase.
The markets of South-East Europe are rather inconspicuous. Competition remains strong in several countries. The increasing scarcity of human resources is also an issue in this region, for example in Romania and Croatia.
The environmental technology sector is developing positively. The business in Switzerland has, as expected, remained unchanged versus the previous year.
Russia is feeling the impact of the new US sanctions, which have led to a devaluation of the ruble and a general sense of insecurity on the market. Project financing is expected to become more difficult, which would have a negative effect on the demand for housing construction services from STRABAG. An estimate of the medium-term demand situation for industrial construction is not possible at this time.
| € mln. | 3M/2018 | 3M/2017 | ∆ % |
∆ absolute |
|---|---|---|---|---|
| Output volume | 694.59 | 661.54 | 5 | 33.05 |
| Revenue | 634.48 | 554.43 | 14 | 80.05 |
| Order backlog | 3,960.92 | 4,306.31 | -8 | -345.39 |
| EBIT | -0.51 | -38.32 | 99 | 37.81 |
| EBIT margin (% of revenue) | -0.1 | -6.9 | ||
| EBT | -0.51 | -38.32 | 99 | 37.81 |
| Employees | 25,792 | 25,543 | 1 | 249 |
The segment International + Special Divisions closed the first quarter with a year-on-year plus of 5 % in output volume, attributable especially to large projects in the Americas.
With a plus of 14 %, the revenue grew significantly more strongly than the output volume. This development is attributable to the sales of real estate project developments. The EBIT nearly made it out of negative territory with € -0.51 million compared to € -38.32 million in the first quarter last year. Here, too, these sales had a positive impact – as did, among other things, the fact that earnings were no longer burdened by large international projects as they had been the year before.
The order backlog decreased by 8 %. This development is due in part to last year's reduction of the order volume at the Italian transportation infrastructures project Pedemontana. In Asia, on the other hand, new large contracts had been added to the order books. A noteworthy new order in the first quarter of 2018 is a contract in the United Kingdom to build an approximately 13 km tunnel section for the underground transport system at the Woodsmith Mine.
Regarding the outlook of the segment, it should be possible in the 2018 financial year to achieve an output volume at a comparable level to that of 2017 and to post stable earnings in the segment International + Special Divisions thanks to the absence of burdens at the Alto Maipo project in Chile. Difficult technical conditions at this hydropower project and the withdrawal of a contractor led the client, AES Gener, to conclude a new construction agreement with STRABAG S.p.A. of Chile on 19 February 2018. The agreement had been pending the bank financing and became effective on 8 May 2018. With the contract, STRABAG took on another construction section of this large project, adding approximately € 800 million to the order volume for a total order backlog of about € 1.5 billion.
The real estate development business should continue to make very positive earnings contributions, as the ongoing low interest rates are responsible for a generally good framework for this business field. Although demand for commercial and residential real estate remains unbroken, there are scattered instances of returns dropping continuously as well as signs of sectoral and local overheating in Germany against the backdrop of considerably higher property and construction prices. STRABAG's focus is therefore on products that in the past had not been in the immediate interest of investors, e.g. logistics or social real estate; on the recently established field of development services, where project developments are performed other than for own account; and on relatively new geographic markets such as Romania, Poland, Hungary, Czech Republic and Slovakia. The countries of Central and Eastern Europe are seeing above-average growth rates and an increasing level of prosperity – but also an increasing lack of skilled labour with a corresponding rise in wage costs. The already available properties, however, have already laid the foundation for new project developments. In Austria, the group continues to offer the entire range of residential construction from subsidised to privately financed housing as well as related uses – such as student housing – and commercial project developments.
Although the market for concession projects remains a difficult one, the income from existing public-private partnerships (PPP) should help the infrastructure development business to another significant earnings contribution. With the exception of a few lighthouse projects e.g. in Slovakia and Poland, however, no PPP tenders are expected in the field of road construction in the group's core countries at this time. For this reason, the company is focusing on selected markets in Latin America and South-East Africa.
The international business – i.e. the business that STRABAG conducts in countries outside of Europe – also has been focused on these two regions, in addition to the Middle East, for years – although the relatively low price of oil has brought the construction markets in many countries of the Middle East to a standstill. As competition in the aforementioned regions remains intense, the group is only pursuing projects here in which it can contribute its know-how and its technical expertise in a way to generate value. This includes specialities such as test track construction.
In tunnelling, on the other hand, new markets are not a focus at this time. Besides its core European markets, the group is also especially active in tunnelling in Canada, Chile and Singapore at technically very challenging projects. While the harsh competition on the home markets of Germany and Austria is unlikely to improve even in the medium term, short-term opportunities in Europe are expected especially in the United Kingdom, in Norway and in the countries of South-East Europe. A similar situation applies to the field of tunnel technology.
In the field of property and facility services, the signing of a contract with the service provider ISS has eliminated a factor that had been the cause of uncertainty. As reported, effective 1 July 2019 the facility management services for Deutsche Telekom AG and its subsidiaries in Germany will no longer be provided by the companies of the STRABAG Group but by ISS. At the end of last year, STRABAG and ISS began negotiations on ways to continue to employ the more than 3,000 employees of STRABAG Property and Facility Services GmbH (STRABAG PFS) and STRABAG Facility Services GmbH (STRABAG FS) who are currently working on the Deutsche Telekom account. On 10 April 2018, an asset purchase agreement was concluded. The employees affected by the change will receive an offer from ISS to continue their employment after 1 July 2019. The agreement will enable a socially acceptable transfer of the employees. In light of this solution, together with the continued stable order situation at Deutsche Telekom and the volume of new orders, the earnings development in property and facility services is expected to remain at an attractive level.
| € mln. | 3M/2018 | 3M/2017 | ∆ % |
∆ absolute |
|---|---|---|---|---|
| Output volume | 23.10 | 36.06 | -36 | -12.96 |
| Revenue | 4.56 | 5.21 | -12 | -0.65 |
| Order backlog | 5.44 | 7.12 | -24 | -1.68 |
| EBIT | -0.42 | -0.80 | 47 | 0.38 |
| EBIT margin (% of revenue) | -9.2 | -15.4 | ||
| EBT1 | -3.73 | -15.12 | 75 | 11.39 |
| Employees | 6,165 | 5,950 | 4 | 215 |
Reconciliation of the EBT of the segments to the group's EBT according to IFRS financial statements is allocated as follows:
| € mln. | 3M/2018 | 3M/2017 |
|---|---|---|
| EBT segments1 | -140.02 | -158.12 |
| Net income from investments | 1.02 | 2.43 |
| Other consolidations | -3.21 | -1.72 |
| EBT IFRS financial statements1 | -142.21 | -157.41 |
| T€ | 1.1.−31.3.2018 | 1.1.−31.3.2017 |
|---|---|---|
| Revenue | 2,355,546 | 2,211,485 |
| Changes in inventories | -537 | 5,354 |
| Own work capitalised | 6,611 | 489 |
| Other operating income | 46,461 | 50,777 |
| Construction materials, consumables and services used | -1,559,446 | -1,450,752 |
| Employee benefits expenses | -763,802 | -752,924 |
| Other operating expenses | -148,193 | -131,670 |
| Share of profit or loss of equity-accounted investments | 12,568 | 13,519 |
| Net income from investments | 941 | 3,015 |
| EBITDA | -49,851 | -50,707 |
| Depreciation and amortisation expense | -89,054 | -92,380 |
| EBIT | -138,905 | -143,087 |
| Interest and similar income1 | 9,639 | 16,591 |
| Interest expense and similar charges1 | -12,940 | -30,913 |
| Net interest income1 | -3,301 | -14,322 |
| EBT1 | -142,206 | -157,409 |
| Income tax expense | 26,960 | 36,618 |
| Net income1 | -115,246 | -120,791 |
| Attributable to: non-controlling interests1 | 1,432 | -3,390 |
| Attributable to: equity holders of the parent company1 | -116,678 | -117,401 |
| Earnings per share (€)1 | -1.14 | -1.14 |
| T€ | 1.1.−31.3.2018 | 1.1.−31.3.2017 |
|---|---|---|
| Net income1 | -115,246 | -120,791 |
| Differences arising from currency translation1 | -2,983 | 8,707 |
| Change of interest rate swaps | -3,392 | -1,722 |
| Recycling of interest rate swaps | 4,641 | 5,063 |
| Deferred taxes on neutral change in equity | -126 | -448 |
| Other income from equity-accounted investments | -526 | 96 |
| Total of items which are later recognised ("recycled") in the income statement1 | -2,386 | 11,696 |
| Other income from equity-accounted investments | 0 | 143 |
| Total of items which are not later recognised ("recycled") in the income statement | 0 | 143 |
| Other income1 | -2,386 | 11,839 |
| Total comprehensive income | -117,632 | -108,952 |
| Attributable to: non-controlling interests | 1,463 | -2,628 |
| Attributable to: equity holders of the parent company | -119,095 | -106,324 |
| T€ | 31.3.2018 | 31.12.2017 |
|---|---|---|
| Intangible assets | 498,079 | 498,827 |
| Property, plant and equipment | 1,941,944 | 1,936,032 |
| Investment property | 6,210 | 6,244 |
| Equity-accounted investments | 351,525 | 350,013 |
| Other investments | 193,326 | 182,698 |
| Receivables from concession arrangements | 649,139 | 662,311 |
| Other financial assets | 263,399 | 270,648 |
| Deferred taxes | 216,924 | 188,968 |
| Non-current assets | 4,120,546 | 4,095,741 |
| Inventories | 699,799 | 1,137,805 |
| Receivables from concession arrangements | 34,196 | 33,724 |
| Trade receivables | 2,798,725 | 2,532,919 |
| Non-financial assets | 125,727 | 82,839 |
| Income tax receivables | 92,144 | 63,879 |
| Other financial assets | 302,083 | 316,769 |
| Cash and cash equivalents | 2,467,657 | 2,790,447 |
| Current assets | 6,520,331 | 6,958,382 |
| Assets | 10,640,877 | 11,054,123 |
| Share capital | 110,000 | 110,000 |
| Capital reserves | 2,315,384 | 2,315,384 |
| Retained earnings and other reserves | 856,238 | 945,089 |
| Non-controlling interests | 29,994 | 27,246 |
| Total equity | 3,311,616 | 3,397,719 |
| Provisions | 1,150,028 | 1,160,536 |
| Financial liabilities1 | 864,211 | 882,879 |
| Other financial liabilities | 76,871 | 77,716 |
| Deferred taxes | 23,217 | 24,230 |
| Non-current liabilities | 2,114,327 | 2,145,361 |
| Provisions | 747,048 | 747,318 |
| Financial liabilities2 | 422,718 | 411,098 |
| Trade payables | 3,290,585 | 3,402,367 |
| Non-financial liabilities | 334,830 | 458,572 |
| Income tax liabilities | 80,050 | 78,424 |
| Other financial liabilities | 339,703 | 413,264 |
| Current liabilities | 5,214,934 | 5,511,043 |
| Equity and liabilities | 10,640,877 | 11,054,123 |
2 Thereof T€ 51,053 concerning non-recourse liabilities from concession arrangements (31 December 2017: T€ 51,053)
| T€ | 1.1.−31.3.2018 | 1.1.−31.3.2017 |
|---|---|---|
| Net income1 | -115,246 | -120,791 |
| Deferred taxes | -36,575 | -46,810 |
| Non-cash effective results from consolidation | 2,581 | -674 |
| Non-cash effective results from equity-accounted investments | 2,660 | 9,560 |
| Other non-cash effective results | -2,000 | 0 |
| Depreciations/write ups | 89,055 | 93,180 |
| Change in long-term provisions | -8,922 | -2,591 |
| Gains/losses on disposal of non-current assets | -10,511 | -9,015 |
| Cash flow from earnings | -78,958 | -77,141 |
| Change in inventories | -58,365 | -51,187 |
| Change in trade receivables, construction contracts and consortia | 252,278 | 238,879 |
| Change in receivables from subsidiaries and receivables from participation companies | 41,667 | 20,101 |
| Change in other assets | -73,240 | -18,897 |
| Change in trade payables, construction contracts and consortia | -111,058 | -115,580 |
| Change in liabilities from subsidiaries and liabilities from participation companies | -14,455 | -17,164 |
| Change in other liabilities | -103,351 | -109,594 |
| Change in current provisions | 1,414 | -15,264 |
| Cash flow from operating activities | -144,068 | -145,847 |
| Purchase of financial assets | -7,691 | -20,269 |
| Purchase of property, plant, equipment and intangible assets | -104,133 | -88,253 |
| Inflows from asset disposals | 18,726 | 25,476 |
| Change in other financing receivables | 2,413 | 2,721 |
| Change in scope of consolidation | 625 | 23 |
| Cash flow from investing activities | -90,060 | -80,302 |
| Issue of bank borrowings | 2,900 | 23,282 |
| Repayment of bank borrowings | -9,769 | -42,858 |
| Repayment of payables relating to finance leases | 0 | -91 |
| Change in other financing liabilities | 164 | -3,888 |
| Change in non-controlling interests due to transactions | -77,100 | -396 |
| Distribution of dividends | -63 | -1,101 |
| Cash flow from financing activities | -83,868 | -25,052 |
| Net change in cash and cash equivalents | -317,996 | -251,201 |
| Cash and cash equivalents at the beginning of the period | 2,789,686 | 1,997,574 |
| Change in cash and cash equivalents due to currency translation | -4,794 | 11,790 |
| Change in restricted cash and cash equivalents | 150 | 147 |
| Cash and cash equivalents at the end of the period | 2,467,046 | 1,758,310 |
| T€ | Share capital |
Capital reserves |
Retained earnings |
Hedging reserves |
Foreign currency reserves |
Group equity |
Non controlling interests |
Total equity |
|---|---|---|---|---|---|---|---|---|
| Balance as at 31.12.2017 | 110,000 | 2,315,384 | 1,073,907 | -78,797 | -50,021 | 3,370,473 | 27,246 | 3,397,719 |
| Adjustments on initial application | ||||||||
| of IFRS 9 and IFRS 15 | 0 | 0 | 30,244 | 0 | 0 | 30,244 | 1,348 | 31,592 |
| Balance as at 1.1.2018 | 110,000 | 2,315,384 | 1,104,151 | -78,797 | -50,021 | 3,400,717 | 28,594 | 3,429,311 |
| Net income | 0 | 0 | -116,678 | 0 | 0 | -116,678 | 1,432 | -115,246 |
| Differences arising from | ||||||||
| currency translation | 0 | 0 | 0 | 0 | -3,014 | -3,014 | 31 | -2,983 |
| Changes in equity-accounted | ||||||||
| investments | 0 | 0 | 0 | -235 | -291 | -526 | 0 | -526 |
| Neutral change of interest rate | ||||||||
| swaps | 0 | 0 | 0 | 1,249 | 0 | 1,249 | 0 | 1,249 |
| Deferred taxes on neutral | ||||||||
| change in equity | 0 | 0 | 0 | -126 | 0 | -126 | 0 | -126 |
| Total comprehensive income | 0 | 0 | -116,678 | 888 | -3,305 | -119,095 | 1,463 | -117,632 |
| Distribution of dividends | 0 | 0 | 0 | 0 | 0 | 0 | -63 | -63 |
| Balance as at 31.3.2018 | 110,000 | 2,315,384 | 987,473 | -77,909 | -53,326 | 3,281,622 | 29,994 | 3,311,616 |
| T€ | Share capital |
Capital reserves |
Retained earnings |
Hedging reserves |
Foreign currency reserves |
Group equity |
Non controlling interests |
Total equity |
|---|---|---|---|---|---|---|---|---|
| Balance as at 1.1.2017 | 110,000 | 2,315,384 | 920,899 | -97,737 | -62,508 | 3,186,038 | 78,551 | 3,264,589 |
| Net income1 | 0 | 0 | -117,401 | 0 | 0 | -117,401 | -3,390 | -120,791 |
| Differences arising from | ||||||||
| currency translation1 | 0 | 0 | 0 | 0 | 7,999 | 7,999 | 708 | 8,707 |
| Changes in equity-accounted | ||||||||
| investments | 0 | 0 | 140 | -229 | 323 | 234 | 5 | 239 |
| Neutral change of interest rate | ||||||||
| swaps | 0 | 0 | 0 | 3,287 | 0 | 3,287 | 54 | 3,341 |
| Deferred taxes on neutral | ||||||||
| change in equity | 0 | 0 | 0 | -443 | 0 | -443 | -5 | -448 |
| Total comprehensive income1 | 0 | 0 | -117,261 | 2,615 | 8,322 | -106,324 | -2,628 | -108,952 |
| Transactions concerning | ||||||||
| non-controlling interests | 0 | 0 | 88 | 0 | -126 | -38 | -358 | -396 |
| Changes in equity-accounted | ||||||||
| investments | 0 | 0 | 0 | 0 | 0 | 0 | -1,101 | -1,101 |
| Balance as at 31.3.20171 | 110,000 | 2,315,384 | 803,726 | -95,122 | -54,312 | 3,079,676 | 74,464 | 3,154,140 |
For further questions, please contact our Investor Relations department:
This Interim Report is also available in German. In case of discrepancy the German version prevails.
Building tools?
Free accounts include 100 API calls/year for testing.
Have a question? We'll get back to you promptly.