Earnings Release • May 31, 2017
Earnings Release
Open in ViewerOpens in native device viewer
Interim Report January–March 2017 31 May 2017
REVERSE
THINKING
| 3M/2017 | 3M/2016 | ∆ % | 2016 | |
|---|---|---|---|---|
| Output volume (€ mln.) | 2,426.79 | 2,256.93 | 8 | 13,491.03 |
| Revenue (€ mln.) | 2,211.49 | 2,124.01 | 4 | 12,400.46 |
| Order backlog (€ mln.) | 16,113.13 | 13,976.62 | 15 | 14,815.79 |
| Employees | 69,679 | 68,808 | 1 | 71,839 |
| 3M/2017 | 3M/2016 | ∆ % | 2016 | |
|---|---|---|---|---|
| EBITDA (€ mln.) | -50.71 | -57.71 | 12 | 855.18 |
| EBITDA margin (% of revenue) | -2.3 | -2.7 | 6.9 | |
| EBIT (€ mln.) | -143.09 | -145.40 | 2 | 424.91 |
| EBIT adjusted (€ mln.) | 397.101) | |||
| EBIT margin (% of revenue) | -6.5 | -6.8 | 3.4 | |
| EBIT margin adjusted (% of revenue) | 3.21) | |||
| EBT (€ mln.) | -161.80 | -154.29 | -5 | 421.13 |
| Net income (€ mln.) | -125.19 | -130.13 | 4 | 282.00 |
| Net income after minorities (€ mln.) | -121.70 | -116.99 | -4 | 277.65 |
| Net income after minorities margin (% of revenue) | -5.5 | -5.5 | 2.2 | |
| Earnings per share (€) | -1.19 | -1.14 | -4 | 2.71 |
| Cash flow from operating activities (€ mln.) | -145.85 | -513.56 | 72 | 264.17 |
| ROCE (%) | -2.2 | -2.1 | 6.4 | |
| Investment in fixed assets (€ mln.) | 88.25 | 71.59 | 23 | 412.46 |
| 31.3.2017 | 31.12.2016 | ∆ % | |
|---|---|---|---|
| Equity (€ mln.) | 3,154.14 | 3,264.59 | -3 |
| Equity ratio (%) | 31.5 | 31.5 | |
| Net debt (€ mln.) | -235.89 | -449.06 | 47 |
| Gearing ratio (%) | -7.5 | -13.8 | |
| Capital employed (€ mln.) | 5,121.48 | 5,258.17 | -3 |
| Balance sheet total (€ mln.) | 10,010.31 | 10,378.41 | -4 |
EBITDA = earnings before interest, taxes, depreciation and amortisation
EBIT = earnings before interest and taxes
EBT = earnings before income tax expense 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
As usual in the construction sector, the first quarter does not allow us to draw any conclusions for the full year. Still, the figures for the first three months of 2017 – and especially the renewed record order backlog of more than € 16 billion – reinforce our decision to confirm the existing outlook: The output volume is expected to rise and the EBIT margin should reach at least 3 %. The business development in the weeks after the quarterly reporting date also supports this forecast.
In short: everything is going as planned!
Yours,
Thomas Birtel CEO of STRABAG SE
STRABAG SE generated an output volume of € 2,426.79 million in the first quarter of the 2017 financial year – an increase of 8 %. This upwards trend is being driven especially by the German transportation infrastructures business and large tunnelling projects in Chile. The consolidated group revenue grew slightly less strongly than the output, gaining 4 % to € 2,211.49 million. The ratio of revenue to output volume amounted to just 91 %, compared to 94 % in the first three months of the previous year.
The order backlog on 31 March 2017 surpassed the € 16 billion mark for the first time in company history to reach again a record level of € 16,113.13 million (+15 %). Contributing to this development once again were numerous new large orders from the public sector and the industry in Germany. Several new projects in different construction segments were also reported in the group's core markets of Central and Eastern Europe.
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 in the first quarter of 2017 from € -57.71 million to € -50.71 million. This can be explained by a variety of effects from numerous different projects, although the first quarter is usually not very meaningful for making statements about the further course of the financial year. The depreciation and amortisation was up by 5 %, so that the earnings before interest and taxes (EBIT), at € -143.09 million, ended up slightly less deep in negative territory.
The net interest income stood at € -18.72 million, compared to € -8.89 million in the first three months of the previous year. This development can be explained by the higher negative exchange rate differences in the amount of € -13.04 million. In the comparison period of the previous year, this figure had stood at just € -2.73 million. This resulted in slightly more negative earnings before taxes (EBT) of € -161.80 million − as is usual for the season. Accordingly, the income tax was again in positive territory with € 36.62 million and thus provided relief. This left a net income of € -125.19 million (+4 %). The thirdparty shareholders bore a loss of € -3.49 million; in the previous year's comparison period – when there had still been minority shareholdings in Stuttgart-based subsidiary Ed. Züblin AG – this figure amounted to € -13.14 million. Overall, the net income after minorities fell by 4 % to € -121.70 million. With 102,600,000 outstanding shares, this corresponds to earnings per share of € -1.19 after € -1.14 in the first quarter of the previous year.
The balance sheet total fell slightly from 31 December 2016 to € 10,010.31 million. Conspicuous was the decrease of both the trade receivables and the trade payables as well as the decrease in cash and cash equivalents. Despite the typical winter losses, the equity ratio remained unchanged versus the end of 2016 at 31.5 %. The net cash position stood at € -235.89 million; it therefore decreased, as is seasonally usual, in comparison to year's end.
The cash flow from operating activities, at € -145.85 million, was significantly less deep in negative territory than in the first quarter of the previous year, when it had still amounted to € -513.56 million. This was due above all to the lower reduction of the trade payables, as the working capital at 31 December 2016 had not been as exceptionally low as in the previous year. The cash flow from investing activities, through higher investments in property, plant and equipment and the acquisition of financial assets (a share increase in a Hungarian concession model), decreased by € -28.32 million from the first quarter of the previous year to € -80.30 million. The cash flow from financing activities stood at € -25.05 million after € -78.62 million in the previous year, when the figure had been influenced by the repayment of a project financing.
The current record order backlog leads us to expect a positive development of the output volume for the 2017 financial year. The Management Board of STRABAG SE continues to expect an increase to at least € 14.0 billion (≥ +4 %). Growth should be seen in all three operating segments – North + West, South + East and International + Special Divisions. STRABAG is working towards again achieving an EBIT margin of at least 3 %.
The output and earnings forecasts are based on the assumption of continued solid demand in the German building construction & civil engineering and transportation infrastructures businesses. The property & facility management entities and real estate development are again expected to make positive contributions to the earnings. Negative contributions, on the other hand, are again expected from the regional business in Switzerland.
Even without considering the capital expenditures following the planned acquisition of the minority interest of the German listed subsidiary STRABAG AG, Cologne – represented in the cash flow from financing –, the net capital expenditures should increase in 2017. The cash flow from investing should therefore come to rest at about € 450 million.
| € mln. | 3M/2017 | 3M/2016 | ∆ % |
∆ absolute |
|---|---|---|---|---|
| Output volume | 1,087.32 | 991.93 | 10 | 95.39 |
| Revenue | 1,021.72 | 964.58 | 6 | 57.14 |
| Order backlog | 7,652.07 | 6,208.74 | 23 | 1,443.33 |
| EBIT | -80.36 | -79.67 | -1 | -0.69 |
| EBIT margin (% of revenue) | -7.9 | -8.3 | ||
| EBT | -80.36 | -79.67 | -1 | -0.69 |
| Employees | 22,253 | 21,347 | 4 | 906 |
The output volume of the North + West segment stood at € 1,087.32 million after the first three months of the 2017 financial year, which corresponds to a plus of 10 % over the high level from 31 March 2016. This development reflects the growth in transportation infrastructures on the German home market, which, in turn was influenced by a high order backlog at the end of 2016 and the relatively good weather in the period under report.
The revenue increased by 6 % to € 1,021.72 million. The earnings before interest and taxes (EBIT) remained more or less unchanged at € -80.36 million after € -79.67 million. Given its high share of road construction, the segment thus shows the typical substantial winter losses.
The order backlog was also influenced by the figures from Germany, where it grew by more than € 1.5 billion or 37 % compared to the end of the first quarter of last year. In Denmark, the order backlog fell back due to the completion of a building construction project in Copenhagen that the group had been working on for the past few years. In total, the order levels in the segment increased considerably by 23 % to € 7,652.07 million. The most important new projects acquired in the first quarter of 2017 include the construction of a production facility for an automobile manufacturer as well as a new factory for a provider of electronic components, both in Germany.
The number of employees in the segment increased for the first time in years, growing by 4 % versus Q1/2016 to 22,253. The increase of the total employee numbers is mainly due to the growth among both blue-collar and white collar personnel in Germany. Slight increases could also be observed in nearly all other markets of the segment.
A word on the segment outlook: The output volume in the North + West segment in the 2017 financial year is expected to grow in a year-onyear comparison – an assumption that to a large degree is already covered by existing contracts. The German building construction and civil engineering business should continue to contribute positively to both output volume and earnings. Because of the good employment situation, however, the prices for subcontractor services and construction materials have been in a slight upwards trend and suppliers are passing on their price increases to the market to a far greater degree than in previous years. STRABAG is therefore being very selective in its bidding.
An overall positive outlook is also expected in the German transportation infrastructures business for the years to come. At the end of the first quarter, the order backlog and the output are already clearly above the previous year's figures. The German government had announced substantially increased investments in transportation infrastructures: A total of around € 265 billion are planned for more efficient transport networks until 2030. The number of projects up for tender slowly increased in the first quarter of 2017, but the level remained unsatisfactory in the most populous state of North Rhine-Westphalia as the procurement and planning capacities there were reduced to a greater extent than in the rest of the country. The railway construction sector in Germany remains characterised by high risks and a difficult clientele. Deutsche Bahn has announced plans to increase its tendering activities with regard to its bridge building projects. Also in the planning pipeline are larger projects in western Germany.
Overall, the output volume in the German transportation infrastructures business is expected to exhibit slight growth. Noteworthy increases, however, will remain limited due to staff capacities. Gaining and retaining personnel is proving to be an especially difficult challenge in this market. The revitalisation of the market involves an
increased labour demand in the entire industry, which means that STRABAG is under pressure from potential poaching due to the fact that its employees possess above-average qualifications.
Our construction materials business shows similarly positive development as the transportation infrastructures business, as evidenced by the year-on-year growth of the asphalt production figures in the first quarter of 2017.
The Polish construction sector in 2016 had remained far below the expectations with regard to the volume of tenders for large-scale projects. The public sector tendered more road construction projects in the first quarter of 2017 than had been awarded the previous year. With the result, however, that the competition is correspondingly aggressive in terms of the pricing. The situation is better in railway construction, where STRABAG has already been able to register new orders this year. Meanwhile, the company is becoming more active in the area of public-sector tenders in the Polish building construction and civil engineering sector. Overall, the group expects the output to grow by a low double digit percentage in Poland in 2017.
The upwards trend in the construction sector in Scandinavia is continuing. The main factor driving this development is the high number of infrastructure projects and residential units especially in Denmark. Investments of more than € 60 billion are planned in this country until 2023. High spending volumes are flowing into large projects such as the Fehmarnbelt Tunnel, the world's largest infrastructure project, or ultra-modern hospitals. But the list of projects also includes bridges, roads, railways lines and the revitalisation of urban industrial areas.
| € mln. | 3M/2017 | 3M/2016 | ∆ % |
∆ absolute |
|---|---|---|---|---|
| Output volume | 641.87 | 610.70 | 5 | 31.17 |
| Revenue | 630.13 | 574.72 | 10 | 55.41 |
| Order backlog | 4,147.63 | 3,672.98 | 13 | 474.65 |
| EBIT | -24.32 | -43.94 | 45 | 19.62 |
| EBIT margin (% of revenue) | -3.9 | -7.6 | ||
| EBT | -24.32 | -43.94 | 45 | 19.62 |
| Employees | 15,933 | 15,886 | 0 | 47 |
The South + East segment generated an output volume of € 641.87 million in the first three months of the 2017 financial year, 5 % more than in the same period of the preceding year. Driving this growth were markets like Austria and Hungary. In other markets, for example in the Czech Republic, the output volume was down in a year-on-year comparison.
The revenue increased more significantly than the output volume, growing by 10 % to € 630.13 million. The earnings before interest and taxes (EBIT) was less deep in negative territory, settling at € -24.32 million after € -43.94 million, thanks to improvements in several countries including Hungary and Russia.
The order backlog is showing very positive development. The figure of € 4,147.63 million at the end of the first quarter represents a plus of 13 % versus 31 March 2016. This growth was driven mainly by large orders in the group's core markets. In Austria, numerous building construction contracts in Vienna are helping to fill the order books. In Hungary, STRABAG is working on new road and rail orders and is building an art storage facility for around € 39 million. In Slovakia, the group was awarded a € 96 million contract for the site development of the Nitra Industrial Park. In Russia, STRABAG has landed its first substantial order in a long time, specifically a luxury apartment complex in Moscow with a contract value in the mid-double-digit million euros.
At first glance, the number of employees remained more or less unchanged at 15,933. Viewed in detail, however, there were significant movements at the country level: staff was up in Austria and Croatia, but fell in Switzerland and in several countries of Central and Eastern Europe.
A word on the segment outlook: In the 2017 financial year, STRABAG expects to be able to grow its output in the South + East segment and to keep the margins at an attractive level. In its home market of Austria, the building construction market in the greater Vienna area is exhibiting dynamic growth. In contrast, no growth is expected in the rest of the country or in transportation infrastructures.
The situation in Slovakia is characterised by large, EU-financed infrastructure projects, with a focus on the automobile industry and sports infrastructure. However, the relatively high volume of tenders is leading to higher prices for subcontractor services. Qualified staff is also a scarce resource. At the same time, construction sector competitors are estimating their bidding prices near the limit of profitability. This is also true in the Czech Republic. In contrast to Slovakia, however, projects here mostly involve private clients in building construction and civil engineering.
The market volume in Switzerland is stagnating at a high level, yet the price situation remains tense. The market in South East Europe also remains a hotly contested one. Many competitors are vying for few projects, with the result that high price pressure dominates the situation. This is true in both building construction and civil engineering as well as in transportation infrastructures.
In Russia, the market appears to be slowly coming out of the recession and STRABAG seems to have left the trough on the output curve behind it. Loans to industry are still only hesitatingly being granted and the interest rates remain high, but the city of Moscow has launched a residential construction scheme and several private projects are coming onto the market. With its many years of experience in the construction of residential property, mainly in the luxury segment in large Russian cities, STRABAG should be able to benefit from this development.
| € mln. | 3M/2017 | 3M/2016 | ∆ % |
∆ absolute |
|---|---|---|---|---|
| Output volume | 661.54 | 623.64 | 6 | 37.90 |
| Revenue | 554.43 | 578.91 | -4 | -24.48 |
| Order backlog | 4,306.31 | 4,090.52 | 5 | 215.79 |
| EBIT | -38.32 | -24.95 | -54 | -13.37 |
| EBIT margin (% of revenue) | -6.9 | -4.3 | ||
| EBT | -38.32 | -24.95 | -54 | -13.37 |
| Employees | 25,543 | 25,768 | -1 | -225 |
In the first three months of the 2017 financial year, the output volume in the segment International + Special Divisions increased by 6 % to € 661.54 million. This development is due mostly to large projects in the Americas. The increases and decreases in Austria and Germany, on the other hand, balanced each other out.
In contrast to the output volume, the revenue fell by 4 % to € 554.43 million as the sale of a real estate project development had led to an unusually high revenue in the first quarter of the previous year. This transaction, among others, had also influenced the earnings before interest and taxes (EBIT), which thus sank to € -38.32 million after € -24.95 million.
The order backlog also grew versus the level from 31 March 2016, gaining 5 % to € 4,306.31 million, mainly as the result of a new tunnel project for a copper mine in Chile in the previous year and a follow-up contract with another Chilean tunnel project. A negative effect on the orders in the first quarter of 2017 came from an Italian transportation infrastructures project.
The number of employees fell slightly by 1 % to 25,543. Large changes were limited to the human resource-intensive international segment, where the decline by more than 1,100 persons in the Middle East could not be fully compensated by the increases in the Americas, in Africa and in Asia.
A word on the segment outlook: In the 2017 financial year, it should be possible to generate a slightly higher output volume in the segment International + Special Divisions.
The real estate development business continues to show unchanged positive development, and the economic framework as well as the project pipeline give reason for further optimism in 2017. But close observation is necessary of interest rates and property prices. While the demand for commercial and residential properties remains undiminished, the property prices in Germany's cities show a considerable upward momentum that will make it increasingly challenging to profitably initiate new project developments in the long term. STRABAG has therefore been expanding its activities in real estate development to include other countries and market segments. Besides Germany, the company is also active in project developments in Austria, Poland and Romania. In Austria, Vienna-based STRABAG Real Estate GmbH (formerly: Raiffeisen evolution project development GmbH) is a specialist in the development of high-quality sustainable residential real estate in all parts of the country. The portfolio includes subsidised, affordable and privately financed residential construction as well as related uses such as student housing and commercial project developments.
The property and facility services business is also expected to make another quite positive contribution to the earnings. The entity is continuously expanding its activities with innovative new services. In the first quarter of 2017, for example, STRABAG Property & Facility Services GmbH acquired 75 % of an industrial cleaning start-up, based in Salzburg, Austria. The company is a specialist in the environmentally friendly cleaning of machinery and industrial facilities with compressed air.
Demand is currently high for the group's intelligent infrastructure solutions. STRABAG Infrastructure & Safety Solutions GmbH is playing an important role in the modernisation of Austria's tunnels and is working to capacity.
In tunnelling, the scarce human resources and the extremely low price level in the core markets of Austria, Germany and Italy are making it difficult to do business economically. In the UK, the US and Canada, on the other hand, an upswing of the tunnelling business is expected due to plans for large infrastructure projects. The higher standards for the water supply in Asia's big cities should also open up new business opportunities for the micro tunnelling business. It is generally to be expected that large tunnelling projects will increasingly come onto the market as public-private partnerships (PPP) or as concession projects.
The PPP business, at STRABAG organised within the infrastructure development unit, has a strong project pipeline in Germany and the Netherlands but stagnating markets especially in South East Europe. For this reason, the company is focusing increasingly on Northern Europe as well as on selected markets in Latin America and East Africa – even if this involves considerable bid-related costs.
The development of the construction materials business is strongly tied to the construction economy of the individual countries. The situation in South East Europe is difficult at this time, while the markets in Austria and the Czech Republic are stable and the business in Slovakia is developing on the positive side.
| € mln. | 3M/2017 | 3M/2016 | ∆ % |
∆ absolute |
|---|---|---|---|---|
| Output volume | 36.06 | 30.66 | 18 | 5.40 |
| Revenue | 5.21 | 5.80 | -10 | -0.59 |
| Order backlog | 7.12 | 4.38 | 63 | 2.74 |
| EBIT | -0.80 | -0.42 | -90 | -0.38 |
| EBIT margin (% of revenue) | -15.4 | -7.2 | ||
| EBT | -19.51 | -9.31 | -110 | -10.20 |
| Employees | 5,950 | 5,807 | 2 | 143 |
Reconciliation of the EBT of the segments to the group's EBT according to IFRS financial statements is allocated as follows:
| € mln. | 3M/2017 | 3M/2016 |
|---|---|---|
| EBT segments | -162.51 | -157.87 |
| Net income from investments | 2.43 | 5.08 |
| Other consolidations | -1.72 | -1.50 |
| EBT IFRS financial statements | -161.80 | -154.29 |
| T€ | 1.1.−31.3.2017 | 1.1.−31.3.2016 |
|---|---|---|
| Revenue | 2,211,485 | 2,124,015 |
| Changes in inventories | 5,354 | 23,158 |
| Own work capitalised | 489 | 1,588 |
| Other operating income | 50,777 | 51,297 |
| Construction materials, consumables and services used | -1,450,752 | -1,437,182 |
| Employee benefits expenses | -752,924 | -695,728 |
| Other operating expenses | -131,670 | -140,436 |
| Share of profit or loss of equity-accounted investments | 13,519 | 12,852 |
| Net income from investments | 3,015 | 2,727 |
| EBITDA | -50,707 | -57,709 |
| Depreciation and amortisation expense | -92,380 | -87,686 |
| EBIT | -143,087 | -145,395 |
| Interest and similar income | 16,623 | 13,943 |
| Interest expense and similar charges | -35,341 | -22,837 |
| Net interest income | -18,718 | -8,894 |
| EBT | -161,805 | -154,289 |
| Income tax expense | 36,618 | 24,158 |
| Net income | -125,187 | -130,131 |
| Attributable to: non-controlling interests | -3,488 | -13,138 |
| Attributable to: equity holders of the parent company | -121,699 | -116,993 |
| Earnings per share (€) | -1.19 | -1.14 |
| T€ | 1.1.−31.3.2017 | 1.1.−31.3.2016 |
|---|---|---|
| Net income | -125,187 | -130,131 |
| Differences arising from currency translation | 13,103 | 2,277 |
| Change in hedging reserves including interest rate swaps | -1,722 | -13,295 |
| Recycling of hedging reserves including interest rate swaps | 5,063 | 5,586 |
| Deferred taxes on neutral change in equity | -448 | 1,552 |
| Other income from equity-accounted investments | 96 | -1,033 |
| Total of items which are later recognised ("recycled") in the income statement | 16,092 | -4,913 |
| Other income from equity-accounted investments | 143 | 125 |
| Total of items which are not later recognised ("recycled") in the income statement | 143 | 125 |
| Other income | 16,235 | -4,788 |
| Total comprehensive income | -108,952 | -134,919 |
| Attributable to: non-controlling interests | -2,628 | -13,463 |
| Attributable to: equity holders of the parent company | -106,324 | -121,456 |
| T€ | 31.3.2017 | 31.12.2016 |
|---|---|---|
| Intangible assets | 498,120 | 496,402 |
| Property, plant and equipment | 1,918,082 | 1,927,739 |
| Investment property | 7,797 | 7,916 |
| Equity-accounted investments | 355,496 | 347,605 |
| Other investments | 168,912 | 166,731 |
| Receivables from concession arrangements | 676,075 | 683,486 |
| Other financial assets | 254,136 | 254,220 |
| Deferred taxes | 294,500 | 245,827 |
| Non-current assets | 4,173,118 | 4,129,926 |
| Inventories | 1,242,502 | 1,182,805 |
| Receivables from concession arrangements | 31,798 | 31,180 |
| Trade receivables | 2,211,607 | 2,444,400 |
| Non-financial assets | 125,317 | 87,654 |
| Income tax receivables | 111,898 | 112,804 |
| Other financial assets | 350,218 | 386,376 |
| Cash and cash equivalents | 1,763,849 | 2,003,261 |
| Current assets | 5,837,189 | 6,248,480 |
| Assets | 10,010,307 | 10,378,406 |
| Share capital | 110,000 | 110,000 |
| Capital reserves | 2,315,384 | 2,315,384 |
| Retained earnings and other reserves | 654,292 | 760,654 |
| Non-controlling interests | 74,464 | 78,551 |
| Total equity | 3,154,140 | 3,264,589 |
| Provisions | 1,113,541 | 1,111,727 |
| Financial liabilities1) | 1,223,994 | 1,223,527 |
| Other financial liabilities | 60,423 | 63,750 |
| Deferred taxes | 23,302 | 21,390 |
| Non-current liabilities | 2,421,260 | 2,420,394 |
| Provisions | 798,114 | 810,362 |
| Financial liabilities2) | 182,533 | 202,549 |
| Trade payables | 2,714,370 | 2,818,000 |
| Non-financial liabilities | 312,020 | 367,977 |
| Income tax liabilities | 92,816 | 103,501 |
| Other financial liabilities | 335,054 | 391,034 |
| Current liabilities | 4,434,907 | 4,693,423 |
| Equity and liabilities | 10,010,307 | 10,378,406 |
| T€ | 1.1.−31.3.2017 | 1.1.−31.3.2016 |
|---|---|---|
| Net income | -125,187 | -130,131 |
| Deferred taxes | -46,810 | -37,542 |
| Non-cash effective results from consolidation | -674 | 0 |
| Non-cash effective results from equity-accounted investments | 9,560 | 1,967 |
| Depreciations/write ups | 93,180 | 89,649 |
| Change in long-term provisions | -2,591 | -7,652 |
| Gains/losses on disposal of non-current assets | -9,015 | -11,874 |
| Cash flow from earnings | -81,537 | -95,583 |
| Change in inventories | -51,187 | -40,099 |
| Change in trade receivables, construction contracts and consortia | 241,077 | 260,414 |
| Change in receivables from subsidiaries and receivables from participation companies | 20,101 | 4,237 |
| Change in other assets | -18,897 | -32,184 |
| Change in trade payables, construction contracts and consortia | -113,382 | -418,305 |
| Change in liabilities from subsidiaries and liabilities from participation companies | -17,164 | -12,523 |
| Change in other liabilities | -109,594 | -176,458 |
| Change in current provisions | -15,264 | -3,058 |
| Cash flow from operating activities | -145,847 | -513,559 |
| Purchase of financial assets | -20,269 | -804 |
| Purchase of property, plant, equipment and intangible assets | -88,253 | -71,589 |
| Inflows from asset disposals | 25,476 | 20,081 |
| Change in other financing receivables | 2,721 | 331 |
| Change in scope of consolidation | 23 | 0 |
| Cash flow from investing activities | -80,302 | -51,981 |
| Issue of bank borrowings | 23,282 | 36,556 |
| Repayment of bank borrowings | -42,858 | -111,903 |
| Repayment of payables relating to finance lease | -91 | -178 |
| Change in other financing liabilities | -3,888 | -3,066 |
| Change in non-controlling interests due to transactions | -396 | -25 |
| Distribution of dividends | -1,101 | 0 |
| Cash flow from financing activities | -25,052 | -78,616 |
| Net change in cash and cash equivalents | -251,201 | -644,156 |
| Cash and cash equivalents at the beginning of the period | 1,997,574 | 2,726,646 |
| Change in cash and cash equivalents due to currency translation | 11,790 | 3,416 |
| Change in restricted cash and cash equivalents | 147 | 639 |
| Cash and cash equivalents at the end of the period | 1,758,310 | 2,086,545 |
| 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 income | 0 | 0 | -121,699 | 0 | 0 | -121,699 | -3,488 | -125,187 |
| Differences arising from | ||||||||
| currency translation | 0 | 0 | 0 | 0 | 12,297 | 12,297 | 806 | 13,103 |
| 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 income | 0 | 0 | -121,559 | 2,615 | 12,620 | -106,324 | -2,628 | -108,952 |
| Transactions concerning | ||||||||
| non-controlling interests | 0 | 0 | 88 | 0 | -126 | -38 | -358 | -396 |
| Distribution of dividends | 0 | 0 | 0 | 0 | 0 | 0 | -1,101 | -1,101 |
| Balance as at 31.3.2017 | 110,000 | 2,315,384 | 799,428 | -95,122 | -50,014 | 3,079,676 | 74,464 | 3,154,140 |
| T€ | Share capital |
Capital reserves |
Retained earnings |
Hedging reserves |
Foreign currency reserves |
Group equity |
Non controlling interests |
Total equity |
|---|---|---|---|---|---|---|---|---|
| Balance as at 1.1.2016 | 114,000 | 2,311,384 | 777,329 | -97,465 | -66,217 | 3,039,031 | 281,604 | 3,320,635 |
| Net income | 0 | 0 | -116,993 | 0 | 0 | -116,993 | -13,138 | -130,131 |
| Differences arising from | ||||||||
| currency translation | 0 | 0 | 0 | 0 | 2,466 | 2,466 | -189 | 2,277 |
| Changes in equity-accounted | ||||||||
| investments | 0 | 0 | 122 | -619 | -391 | -888 | -20 | -908 |
| Neutral change of interest rate | ||||||||
| swaps | 0 | 0 | 0 | -7,566 | 0 | -7,566 | -143 | -7,709 |
| Deferred taxes on neutral | ||||||||
| change in equity | 0 | 0 | 0 | 1,525 | 0 | 1,525 | 27 | 1,552 |
| Total comprehensive income | 0 | 0 | -116,871 | -6,660 | 2,075 | -121,456 | -13,463 | -134,919 |
| Transactions concerning | ||||||||
| non-controlling interests | 0 | 0 | -4 | 0 | 0 | -4 | -21 | -25 |
| Changes in equity-accounted | ||||||||
| investments | 0 | 0 | -995 | 0 | 0 | -995 | -23 | -1,018 |
| Balance as at 31.3.2016 | 114,000 | 2,311,384 | 659,459 | -104,125 | -64,142 | 2,916,576 | 268,097 | 3,184,673 |
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.