Quarterly Report • May 28, 2014
Quarterly Report
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28.5.2014
| Key Figures 3 |
|
|---|---|
| CEO's Review4 | |
| Important Events5 | |
| Share 7 |
|
| Management Report January–March 20148 | |
| Segment Report | 11 |
| Consolidated Interim Financial Statements |
14 |
| Notes to the Consolidated Interim Financial Statements | 19 |
| Statement of all Legal Representatives | 28 |
| € mln. | q1/2014 | q1/2013 | ∆ % | 2013 |
|---|---|---|---|---|
| Output volume | 2,343.74 | 2,135.12 | 10 | 13,573.07 |
| Revenue | 2,163.96 | 1,962.58 | 10 | 12,475.65 |
| Order backlog | 14,481.88 | 13,818.94 | 5 | 13,469.68 |
| Employees | 69,335 | 69,998 | -1 | 73,100 |
| € mln. | q1/2014 | q1/2013 | ∆ % | 2013 |
|---|---|---|---|---|
| EBITDA | -69.91 | -77.79 | 10 | 694.91 |
| EBITDA margin (% of revenue) | -3.2 | -4.0 | 5.6 | |
| EBIT | -163.74 | -172.30 | 5 | 261.58 |
| EBIT margin (% of revenue) | -7.6 | -8.8 | 2.1 | |
| EBT | -167.77 | -172.86 | 3 | 230.04 |
| Net income | -140.30 | -141.24 | 1 | 156.26 |
| Net income after minorities | -132.01 | -140.29 | 6 | 113.56 |
| Net income after minorities margin (% of revenue) | -6.1 | -7.1 | 0.9 | |
| Earnings per share (€) | -1.29 | -1.36 | 5 | 1.11 |
| Cash-flow from operating activities | -117.36 | -215.46 | 46 | 693.70 |
| ROCE (%) | -2.2 | -2.3 | 4.6 | |
| Investments in fixed assets | 60.60 | 69.34 | -13 | 387.36 |
| € mln. | 31.3.2014 | 31.12.2013 | ∆ % |
|---|---|---|---|
| Equity | 3,073.86 | 3,238.77 | -5 |
| Equity ratio (%) | 31.0 | 30.7 | |
| Net debt | 98.40 | -73.73 | n.m. |
| Gearing ratio (%) | 3.2 | -2.3 | |
| Capital employed | 5,276.85 | 5,462.11 | -3 |
| Balance sheet total | 9,915.00 | 10,560.79 | -6 |
EBITDA = earnings before net interest income, income tax expense and depreciation and amortisation
EBIT = earnings before net interest income and income tax expense 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 less 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
Dear shareholders, associates and friends of STRABAG SE,
Just a few weeks ago, during the presentation of our financial figures for 2013, we described the underlying conditions currently prevailing in the construction industry. In summary, we see ourselves faced with a challenging environment in 2014 with higher price pressure in the European infrastructure construction sector; at the same time, however, we are registering continued favourable conditions in building construction for the private sector, above all in our home market of Germany.
This situation did not change in the first quarter of the current financial year. What did change, however, is the weather versus the comparison quarter: In the previous year, the weather conditions had made construction activity impossible for longer periods of time. In the first few months of this year, by comparison, the weather conditions supported a return to usual levels of output volume.
To some degree, this could involve moving up construction services into the first quarter that would otherwise have been performed in subsequent quarters; my management board colleagues and I are therefore staying with the previously announced estimate for the year 2014: We expect an unchanged output volume of € 13.6 billion and earnings before interest and taxes of at least € 260 million.
Your
Thomas Birtel CEO of STRABAG SE
STRABAG SE is building a designer outlet centre near Vancouver International Airport (YVR), Canada, for Vancouver Airport Authority and McArthurGlen, Europe's leading owner, developer and manager of designer outlets. McArthurGlen Designer Outlet Vancouver Airport foresees the construction of more than 65,000 m² (35,000 m² gross leaseable area) in a prime location on YVR land for more than CAD 100 million (~ € 70 million). The Designer Outlet is scheduled to open in spring 2015.
STRABAG subsidiary Ed. Züblin AG, in a consortium with VAMED Deutschland, has begun construction at the Charité hospital in Berlin. Over the next three years, the 21-storey bed tower of the university clinic in Berlin-Mitte will be renovated and equipped with the latest in state-of-the-art medical technology for a total cost of about € 203 million. The contract comprises the end-to-end execution planning, gutting and renovation of the bed tower as well as the construction of a new five-storey building to house several intensive care units, 15 operating rooms, and one emergency department. Planning of the medical technology as well as support during trial operation of the facility also form part of the consortium's tasks. The construction works are expected to last until the end of 2016.
Ed. Züblin AG has been awarded the contract to build the urban motorway A 100 in Berlin. The contract has a value of € 73 million. Construction is expected to last until August 2017.
EFKON Group, a subsidiary of STRABAG headquartered in Raaba near Graz, is a leading provider of intelligent transportation and tolling solutions. In March, it was awarded the contract from Austrian road operator ASFINAG for the modernisation of the national toll sticker monitoring system.
Polish STRABAG Sp. z o.o. has been awarded the contract to build the Zielone Arkady ("Green Arcades") shopping centre with a scheduled date of completion at the end of October 2015. With 50,000 m2 of rental space, it will be the largest shopping centre in Bydgoszcz. The construction volume is valued in the mid-double-digit million euro range. The development is being built in accordance with the BREEAM principles of sustainable construction.
STRABAG SE, as part of the DirectRoute consortium, will finance, plan, build and operate the 57 km long section of the Irish N17/N18 motorway between Gort and Tuam near Galway. The publicprivate partnership project has a total private sector investment value of about € 330 million. Equity funding represents 12 % of the overall funding for the project, with STRABAG's share as investor amounting to 10 % of this equity. The Austrian-based STRABAG AG holds a stake of 25 % in the construction consortium. The motorway is to be opened to traffic in November 2017.
Züblin A/S, a Danish subsidiary of the STRABAG Group, was awarded the contract to build the "Axeltorv, AT2" project, a fourteen-storey multi-use building in the city center of Copenhagen. The contract value of the turnkey agreement amounts to about € 103 million. Leading the consortium of investors is Denmark's largest public pension fund ATP. The project is to be handed over to the client by the end of 2016.
Share
The first quarter of 2014 was overshadowed by the political tensions between Russia and Ukraine. Although the negative consequences until the end of March of the so-called Crimean crisis were limited, they prevented a rapid development of the stock markets – especially the European ones.
While shares of STRABAG SE had started the new year on an upswing – the year-to-date high was reached on 30 January 2014 at € 22.20 –, their price steadily declined from February, although STRABAG's business is hardly affected by the occurrences in Ukraine. At the end of the first quarter, the price settled at € 18.80, a decline of 12 %. Similar, although overall less negative, was the development of the Austrian benchmark index ATX, which closed the first three months of 2014 with a slight minus of 1 %. In comparison, the industry index STOXX Europe 600 Construction & Materials reported a plus of 10 %. The other international stock markets – with the exception of the Japanese benchmark Nikkei, which made news in the first quarter of 2014 with growth of 12 % – remained rather sluggish. Europe's Euro Stoxx 50 closed up 2 %, while New York's Dow Jones Industrial registered a decline of 1 %.
The cumulative trade volume of STRABAG SE shares on the Vienna Stock Exchange in the first three months of 2014 amounted to € 76 million1), with an average trade volume per day of 62,097 shares1). Due to the low trade volume, STRABAG SE lost its place in the Vienna Stock Exchange's benchmark index ATX towards the end of March 2014.
STRABAG's share is currently under observation by ten international banks. The analysts calculated an average share price target of € 20.70. Detailed analyses and recommendations are available on the STRABAG SE website: www.strabag.com > Investor Relations > Share > Equity Research
Q1/14
| STRABAG SE share |
|---|
| ------------------ |
| Market capitalisation on 31 March 2014 (€ million) | 1,929 |
|---|---|
| Closing price on 31 March 2014 (€) | 18.80 |
| Year's maximum on 30 January 2014 (€) | 22.20 |
| Year's minimum on 14 March 2014 (€) | 18.07 |
| Performance three months 2014 (%) | -12 |
| Outstanding bearer shares on 31 March 2014 (absolute) (shares) | 102,599,997 |
| Outstanding bearer shares three months 2014 (weighted) (shares) | 102,599,997 |
| Weight in ATX on 31 March 2014 (%) | n.a. |
| Volume traded three months 2014 (€ million)1) | 76 |
| Average trade volume per day (shares)1) | 62,097 |
| % of total volume traded on Vienna Stock Exchange | 0.53 |
The STRABAG SE Group registered an output volume of € 2,343.74 million in the first quarter of 2014. This corresponds to an increase by 10 %. After unfavourable weather conditions had restricted the construction activity in the previous year, the return to the usual level was especially evident in the home markets of Germany and Austria.
The consolidated group revenue, like the output volume, exhibited an increase of 10 %. The ratio of revenue to output stood at 92 % as in the first quarter last year.
The order backlog also showed upward growth year on year, gaining 5 % to € 14,481.88 million. This development was driven particularly by large projects that had been acquired last year in Germany, Chile, Slovakia and Hungary, while projects were largely completed in Benelux, Africa and Italy.
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 two quarters of the year typically have 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.
With the higher revenue, the earnings before interest, taxes, depreciation and amortisation (EBITDA) in the first quarter of 2014 improved by 10 % to € -69.91 million. The depreciation and amortisation fell by 1 %. The earnings before interest and taxes (EBIT), with € -163.74 million, was 5 % less deeply in negative territory.
The interest income, with € -4.04 million after € -0.56 million in the first quarter last year, again was nearly balanced. This figure had included positive currency exchange rate differences in the amount of € 8.74 million in the comparison quarter, versus € 3.85 million this year. Below the line, this resulted in a 3 % improvement of the earnings before tax (EBT) of € -167.77 million. Accordingly, the income tax was again in positive territory with € 27.47 million and thus provided some relief; being 13 % lower on the year, however, the remaining net income of € -140.30 million was more or less unchanged over the comparison quarter (1 %). But as third-party shareholders helped bear a loss of € 8.29 million, the net income after minorities improved by 6 % to € -132.01 million.
Due to the – now concluded – share buyback programme, the number of weighted outstanding shares was down from 103,018,317 to 102,599,997. The earnings per share thus amounted to € -1.29 after € -1.36 in the first quarter of the previous year.
The balance sheet total stood at € 9,915.00 million, showing itself below the € 10 billion mark. Seasonal factors resulted in a decrease of both the trade receivables and the trade payables over 31 December 2013. Moreover, cash and cash equivalents were down due to the financing of the typical losses during the winter quarter.
The equity ratio, with 31.0 % after 30.7 % at the end of 2013, remained at the usual high level. The net cash position had turned – as is usual in the first quarter – into net debt of € 98.40 million by 31 March, corresponding to a change of 78 %.
The cash flow from profits, at € -98.37 million after € -100.79 million, ended up slightly more positive. The other cash flows all improved as well: The cash flow from operating activities was 46 % less negative at € -117.36 million after € -215.46 million; the cash flow from investing activities amounted to € -48.15 million after € -67.98 million; and the cash flow from financing activities reached € -18.14 million after € -22.14 million.
In addition to the necessary maintenance expenditures, STRABAG invested especially in projectspecific equipment needed for its international business in the first three months of 2014. More such investments are planned for the coming months of the current financial year.
The expenditures included € 60.60 million for the purchase of property, plant and equipment and intangible assets, € 1.24 million for the purchase of financial assets and € 1.75 million for cash outflows from changes to the scope of consolidation.
The number of employees fell by only 1 % to 69,335 compared to the same period of the previous year. Large changes in several entities nearly balanced each other out: The workforce was scaled back for market reasons in Poland and for project-related reasons in Russia and Romania, while new large projects in Germany and in Hungary led to increases in staff levels.
During the first three months of the financial year, there were no transactions with related parties which significantly influenced the financial situation or the business result nor were there any changes to transactions with related parties which were presented in the annual financial statements and which significantly influenced the financial situation or business result of the first three months of the current financial year.
In the course of its entrepreneurial activities, the STRABAG Group is exposed to a number of risks, which can be identified and assessed using an active risk management system and dealt with by applying an appropriate risk policy. Among the most important risks are external risks such as cyclical fluctuations in the construction industry, operating risks in the selection and execution of projects, as well as financial, organisational, personnel, and investment risks.
The risks are explained in more detail in the 2013 management report. A review of the current risk situation revealed that in the reporting period there existed no risks which threatened the existence of the company and that for the future no risks are recognisable which constitute a threat to its continued existence.
The management board of STRABAG SE continues to expect the output volume for the 2014 financial year to remain more or less unchanged versus 2013 at € 13.6 billion. This will likely be composed of € 6.0 billion from the segment North + West, € 4.7 billion from the segment South + East and € 2.8 billion from the segment International + Special Divisions. The rest can be allotted to Other. The segment composition should thus remain largely unchanged in comparison to 2013.
Due to the necessary purchase of project-related specialty equipment, the net investments (cash flow from investing activities) are expected to rise from € 332.38 million in 2013 to around € 350 million in 2014.
The management board forecasts an EBIT of at least € 260 million for the current financial year, which more or less corresponds to the value of 2013. Although the realisation of the measures proposed by the internal STRABAG 2013ff task force is beginning to show first successes, STRABAG faces a challenging environment in 2014 with higher price pressure in the European infrastructure construction sector. On the other hand, the company is registering continued solid conditions in building construction for the private sector.
| € mln. | Q1/2014 | Q1/2013 | ∆ % |
∆ absolute |
|---|---|---|---|---|
| Output volume | 1,098.49 | 952.32 | 15 | 146.17 |
| Revenue | 1,047.72 | 902.03 | 16 | 145.69 |
| Order backlog | 5,699.17 | 5,483.58 | 4 | 215.59 |
| EBIT | -72.35 | -76.25 | 5 | 3.90 |
| EBIT margin (% of revenue) | -6.9 | -8.5 | ||
| Employees | 21,963 | 24.212 | -9 | -2,249 |
The output volume of the segment North + West underwent a very positive development thanks to the mild winter, growing by 15 % over the first quarter of the previous year to € 1,098.49 million. In the German transportation infrastructures business, the weather conditions resulted in an increase of the output volume by more than 30 %. Poland, the second biggest market in this segment, and Denmark also proved stronger than before.
The revenue gained along with the output volume, climbing upward by 16 %. Meanwhile, the earnings before interest and taxes (EBIT) were 5 % less deeply in negative territory – negative income is a usual situation for the first quarter. While the construction activity helped cover a higher share of the fixed costs, strong competition e.g. in the German transportation infrastructures business remains a burden, which explains why the higher revenue is not fully reflected in the EBIT.
The order backlog grew by 4 % to € 5,699.17 million. In particular, the German building construction and civil engineering business more than compensated for declines in other markets in this segment – e.g. in Benelux, where the group successfully completed large projects. The most important projects acquired during the first quarter of 2014 include the construction of the Zielone Arkady shopping centre in Bydgoszcz, Poland, with a contract value in mid doubledigit million euro territory; the renovation works for the hospital bed tower and the construction of a new surgery and intensive care building for Charité Berlin; and the construction of a section of the A 100 motorway in Germany for about € 73 million.
The declining market situation in Poland in the past year and the previous year's organisational shifting of more than 2,000 employees in Chile from the segment North + West to the segment International + Special Divisions were reflected in the number of employees for the first quarter of 2014: Despite a significant increase in Germany, the total number of employees in the segment fell by 9 % to 21,963.
A word on the segment outlook: An output volume of € 6.0 billion is expected in the 2014 financial year in the segment North + West – 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 quite positively to both output volume and earnings, although rising subcontractor prices must be expected. In transportation infrastructures, the mild weather resulted in a large portion of the work that would usually have been begun in the second quarter being moved up into the first quarter. A good use of capacities is expected in the German waterway construction business, despite the current situation of relatively high price pressure; however, STRABAG registers globally higher demand for its large equipment in this business field.
After the shrinking of the market last year, the Polish construction sector should recover significantly in the years 2014–2020 due to the passing of several road construction projects in the country. Tenders for about 700 km of road are expected with an estimated total tender volume of around € 1.9 billion.
In Scandinavia, the countries of Sweden and Denmark are making the most significant contributions to the output volume. Here both the overall economic environment and the market for tunnel and infrastructure projects continue to be stable. Especially in the Stockholm region, a series of larger infrastructure projects is up for execution in the years to come. Higher competitive pressure is expected, however, as additional internationally active construction groups are likely to enter the market. The economic environment for the building construction business in Sweden is attractive and offers growth potential with continued stable margins. The steady growth of housing prices is having a positive influence on the project development market.
| Segment South + East |
|---|
| ---------------------- |
| € mln. | Q1/2014 | Q1/2013 | ∆ % |
∆ absolute |
|---|---|---|---|---|
| Output volume | 624.74 | 600.25 | 4 | 24.49 |
| Revenue | 570.75 | 546.07 | 5 | 24.68 |
| Order backlog | 4,635.54 | 4,356.61 | 6 | 278.93 |
| EBIT | -74.90 | -85.51 | 12 | 10.61 |
| EBIT margin (% of revenue) | -13.1 | -15.7 | ||
| Employees | 18,323 | 19,189 | -5 | -866 |
The segment South + East generated an output volume of € 624.74 million in the first quarter of 2014, a plus of 4 % over the same period of the previous year. The weather encouraged the construction activity in the home market of Austria, while both Slovakia and Hungary registered the first positive effects from the large transportation infrastructure contracts that were acquired in the past year.
The revenue in this segment increased as well, namely by 5 %. As a rule, the earnings before interest and taxes (EBIT) in the first quarter is in negative territory, but this year it improved by 12 % to settle at € -74.90 million. This can be explained by the overall better fixed cost cover as a result of the higher construction activity; at the same time, however, the high level of depreciation on large railway construction equipment remains a burden and a relaxation of the competitive situation in South-East Europe is still not in sight.
The order backlog for the segment registered growth of 6 % to € 4,635.54 million. This can largely be explained by the aforementioned transportation infrastructure projects in Slovakia and Hungary.
Given the ongoing implementation of measures to raise efficiency, the number of employees dropped by 5 % to 18,323. With the exception of Hungary, white-collar staff was reduced in nearly all markets.
A word on the segment outlook: As was announced, the segment South + East is expected to reach an output volume of € 4.7 billion in the 2014 financial year. This possible minor increase over the previous year is expected to be driven by smaller projects, as the low number of large projects tendered at this time puts the focus on the mass market. The business environment in the Central and Eastern European construction sector remains challenging. Especially in the Czech Republic, in Romania and in the Adriatic region, strong competition for few contracts is putting pressure on the margins.
The situation in the Austrian transportation infrastructures business also did not relax; in fact, the competitive pressure is even on the rise. The Viennese building construction business, by comparison, remains pleasant. Also positive was the building construction and transportation infrastructures business in Slovakia, where further tenders are expected.
A number of large projects in Russia – such as those related to the Olympic Games in Sochi or the Balakovo Steel Works – were concluded and handed over in the past few months. The aim now is to refill the order books in the Russia and neighbouring countries (RANC) region, where the order backlog fell by nearly half in comparison to the end of March 2013. STRABAG sees the potential for this in the field of heavy industrial construction; but renewed contract opportunities are also expected in the regular business of residential and commercial construction in Moscow and St. Petersburg.
The political developments in Ukraine since February 2014 are having no significant influence on the situation of the STRABAG Group from today's perspective. The company generates less than 1 % of its annual output volume in Ukraine. In Russia, the group expects to generate less than 3 % of its output volume in 2014. As construction is an export non-intensive industry in which most of the services are provided locally, and the STRABAG Group provides its services almost exclusively for private clients, the company does not expect the political developments to have any immediate impact on its business in Russia.
The railway construction business will remain characterised by overcapacities and a distorted competitive landscape in Germany in the future. The activities in this business field will therefore be focused increasingly more strongly on the international market.
| € mln. | Q1/2014 | Q1/2013 | ∆ % |
∆ absolute |
|---|---|---|---|---|
| Output volume | 595.00 | 545.71 | 9 | 49.29 |
| Revenue | 540.96 | 507.86 | 7 | 33.10 |
| Order backlog | 4,137.00 | 3,967.51 | 4 | 169.49 |
| EBIT | -21.28 | -26.85 | 21 | 5.57 |
| EBIT margin (% of revenue) | -3.9 | -5.3 | ||
| Employees | 23,272 | 20,810 | 12 | 2,462 |
Thanks to the growth in the home markets of Germany and Austria, the output volume in the segment International + Special Divisions increased by 9 % in the first quarter of 2014. These countries succeeded in more than compensating for the declines in the volatile international business, namely, in the Middle East and in Asia.
The revenue of this segment also grew, namely by 7 %. Despite the margin pressure in tunnelling, the earnings before interest and taxes (EBIT) improved by 21 % from € -26.85 million to € -21.28 million due to the volatile course of business.
The order backlog increased by 4 % to € 4,137.00 million. Responsible for this development were, among other things, the award for an approximately € 370 million project in Chile in the fourth quarter of 2013 and the contract to build a McArthurGlen Designer Outlet Centre near Vancouver International Airport in Canada for the equivalent of about € 70 million, at the same time that orders were reduced in Africa, in Germany and in Austria. The plus of 12 % in the number of employees was influenced by the transfer from the segment North + West of more than 2,000 employees in Chile.
A word on the segment outlook: The output volume should settle at € 2.8 billion – unchanged versus the previous year. Earnings are also expected to remain satisfactory, even if the price level is ruinously low in some areas, e.g. in tunnelling. The economic situation continues to be difficult especially in the traditional markets.
It is therefore to be expected that STRABAG will increasingly offer its technological know-how outside of Europe. Internationally the company is active in specialty businesses such as the tunnelling technique of pipe jacking, in test track construction and in the field of liquefied natural gas (LNG). In non-European core markets such as East Africa, Oman or the United Arab Emirates, the company remains engaged with the same level of commitment, so that the orders situation can be assessed as satisfactory despite the great competition that projects are subject to here as well. The market for concession projects in Western Europe also remains challenging, which is why markets like Peru, Chile, Canada and Africa are being actively observed.
In comparison, the group again expects a solid earnings contribution from the following two business fields: In property & facility services, increased productivity should make it possible to partially compensate for the higher personnel costs from the newly concluded collective agreement for 2014. The real estate development business, meanwhile, is profiting from an increasing office space turnover as well as higher rents in the German real estate centres. Moreover, in view of the continuously low interest rates, German and Austrian real estate should remain a much sought after investment alternative.
In general, the mild winter encouraged an earlier start to the season, resulting in improved performance and earnings in the construction materials business. There also are first indications of an incipient stabilisation of the economic situation of the construction industry in several markets – e.g. Hungary and Slovakia. Prices for concrete have reached a historic low in countries such as the Czech Republic, however, and increased demand from infrastructure projects currently in the pipeline in Central and Eastern Europe is not expected until the second half of 2014 at the earliest. For the ongoing financial year, therefore, the margins are unlikely to receive support from the construction materials business.
| T€ | 1.1.–31.3.2014 | 1.1.–31.3.2013 |
|---|---|---|
| Revenue | 2,163,960 | 1,962,578 |
| Changes in inventories | 8,369 | 29,484 |
| Own work capitalised | 3,651 | 885 |
| Other operating income | 42,366 | 51,139 |
| Construction materials, consumables and services used | -1,468,863 | -1,337,225 |
| Employee benefits expenses | -683,029 | -661,709 |
| Other operating expenses | -129,712 | -131,557 |
| Share of profit or loss of associates | -7,167 | 5,069 |
| Net income from investments | 516 | 3,550 |
| EBITDA | -69,909 | -77,786 |
| Depreciation and amortisation expense | -93,826 | -94,514 |
| EBIT | -163,735 | -172,300 |
| Interest and similar income | 19,841 | 22,141 |
| Interest expense and similar charges | -23,880 | -22,704 |
| Net interest income | -4,039 | -563 |
| EBT | -167,774 | -172,863 |
| Income tax expense | 27,473 | 31,626 |
| Net income | -140,301 | -141,237 |
| Attributable to: non-controlling interests | -8,288 | -947 |
| Attributable to: equity holders of the parent company | -132,013 | -140,290 |
| Earnings per share (€) | -1.29 | -1.36 |
| T€ | 1.1.–31.3.2014 | 1.1.–31.3.2013 |
|---|---|---|
| Net income | -140,301 | -141,237 |
| Differences arising from currency translation | -9,873 | -15,740 |
| Recycling of differences arising from currency translation | -2,430 | 0 |
| Change in hedging reserves including interest rate swaps | -16,396 | -440 |
| Recycling of hedging reserves including interest rate swaps | 5,502 | 5,742 |
| Deferred taxes on neutral change in equity | 2,236 | -1,061 |
| Other income from associates | -2,873 | -3,616 |
| Total of items which are later recognised ("recycled") in the income statement | -23,834 | -15,115 |
| Other income from associates | -17 | 20 |
| Total of items which are not later recognised ("recycled") in the income statement | -17 | 20 |
| Other income | -23,851 | -15,095 |
| Total comprehensive income | -164,152 | -156,332 |
| Attributable to: non-controlling interests | -9,764 | -1,464 |
| Attributable to: equity holders of the parent company | -154,388 | -154,868 |
| T€ | 31.3.2014 | 31.12.2013 |
|---|---|---|
| Intangible assets | 499,956 | 501,788 |
| Property, plant and equipment | 2,101,046 | 2,145,517 |
| Investment property | 36,008 | 36,894 |
| Investments in associates | 364,211 | 371,596 |
| Other financial assets | 254,370 | 253,376 |
| Receivables from concession arrangements | 762,285 | 780,628 |
| Trade receivables | 69,643 | 72,576 |
| Income tax receivables | 6,433 | 7,978 |
| Other financial assets | 28,526 | 28,649 |
| Deferred taxes | 253,111 | 217,288 |
| Non-current assets | 4,375,589 | 4,416,290 |
| Inventories | 1,136,335 | 1,104,978 |
| Receivables from concession arrangements | 25,131 | 24,643 |
| Trade receivables | 2,218,593 | 2,697,645 |
| Non-financial assets | 78,938 | 56,020 |
| Income tax receivables | 37,889 | 35,066 |
| Other financial assets | 523,039 | 514,180 |
| Cash and cash equivalents | 1,519,483 | 1,711,968 |
| Current assets | 5,539,408 | 6,144,500 |
| Assets | 9,914,997 | 10,560,790 |
| Share capital | 114,000 | 114,000 |
| Capital reserves | 2,311,384 | 2,311,384 |
| Retained earnings and other reserves | 337,216 | 491,604 |
| Non-controlling interests | 311,261 | 321,781 |
| Group equity | 3,073,861 | 3,238,769 |
| Provisions | 980,840 | 994,744 |
| Financial liabilities1) | 1,351,490 | 1,353,870 |
| Trade payables | 45,848 | 48,534 |
| Non-financial liabilities | 1,398 | 1,397 |
| Other financial liabilities | 24,769 | 27,866 |
| Deferred taxes | 36,661 | 39,377 |
| Non-current liabilities | 2,441,006 | 2,465,788 |
| Provisions | 684,895 | 695,824 |
| Financial liabilities2) | 353,347 | 368,830 |
| Trade payables | 2,652,786 | 2,936,051 |
| Non-financial liabilities | 279,532 | 391,600 |
| Income tax liabilities | 76,034 | 97,281 |
| Other financial liabilities | 353,536 | 366,647 |
| Current liabilities | 4,400,130 | 4,856,233 |
| Equity and Liabilities | 9,914,997 | 10,560,790 |
1) Thereof T€ 538,608 concerning non-recourse liabilities from concession arrangements (31 December 2013: T€ 538,608)
2) Thereof T€ 46,497 concerning non-recourse liabilities from concession arrangements (31 December 2013: T€ 46,497)
| T€ | 1.1.–31.3.2014 | 1.1.–31.3.2013 |
|---|---|---|
| Net income | -140,301 | -141,237 |
| Deferred taxes | -35,319 | -39,086 |
| Non-cash effective results from consolidation | -2,958 | 0 |
| Non-cash effective results from associates | 4,495 | 5,470 |
| Depreciations/write ups | 94,427 | 94,747 |
| Change in long-term provisions | -12,553 | -11,703 |
| Gains/losses on disposal of non-current assets | -6,164 | -8,982 |
| Cash flow from profits | -98,373 | -100,791 |
| Change in inventories | -32,927 | -55,396 |
| Change in trade receivables, construction contracts and consortia | 467,799 | 423,638 |
| Change in receivables from subsidiaries and receivables from participation companies | 1,976 | 727 |
| Change in other assets | -43,115 | -28,800 |
| Change in trade payables, construction contracts and consortia | -263,984 | -302,263 |
| Change in liabilities from subsidiaries and liabilities from participation companies | -2,550 | 7,075 |
| Change in other liabilities | -139,022 | -120,700 |
| Change in current provisions | -7,162 | -38,954 |
| Cash flow from operating activities | -117,358 | -215,464 |
| Purchase of financial assets | -1,243 | -3,724 |
| Purchase of property, plant, equipment and intangible assets | -60,596 | -69,339 |
| Gains/losses on disposal of non-current assets | 6,164 | 8,982 |
| Disposals of non-current assets (carrying value) | 9,193 | 13,617 |
| Change in other cash clearing receivables | 78 | -17,513 |
| Change in scope of consolidation | -1,745 | 0 |
| Cash flow from investing activities | -48,149 | -67,977 |
| Change in bank borrowings | -9,134 | -14,156 |
| Change in bonds | -7,500 | 0 |
| Change in liabilities from finance leases | -937 | -2,372 |
| Change in other cash clearing liabilities | -551 | -136 |
| Acquisition of own shares | 0 | -5,480 |
| Distribution and withdrawals from partnerships | -15 | 0 |
| Cash flow from financing activities | -18,137 | -22,144 |
| Net change in cash and cash equivalents | -183,644 | -305,585 |
| Cash and cash equivalents at the beginning of the period | 1,684,700 | 1,350,669 |
| Change in cash and cash equivalents due to currency translation | -8,841 | -4,610 |
| Change in restricted cash and cash equivalents | 5,325 | -4,710 |
| Cash and cash equivalents at the end of the period | 1,497,540 | 1,035,764 |
| T€ | Share capital |
Capital reserves |
Retained earnings |
Hedging reserves |
Foreign currency reserves |
Group equity |
Non controlling interests |
Total equity |
|---|---|---|---|---|---|---|---|---|
| Balance as at 1.1.2014 | 114,000 | 2,311,384 | 641,977 | -96,686 | -53,687 | 2,916,988 | 321,781 | 3,238,769 |
| Net income | 0 | 0 | -132,013 | 0 | 0 | -132,013 | -8,288 | -140,301 |
| Differences arising from | ||||||||
| currency translation | 0 | 0 | 0 | 0 | -11,079 | -11,079 | -1,224 | -12,303 |
| Change in hedging reserves | 0 | 0 | 0 | -297 | 0 | -297 | -7 | -304 |
| Changes in investments in | ||||||||
| associates | 0 | 0 | -17 | -562 | -2,246 | -2,825 | -65 | -2,890 |
| Change of interest rate swap | 0 | 0 | 0 | -10,363 | 0 | -10,363 | -227 | -10,590 |
| Deferred taxes on neutral | ||||||||
| change in equity | 0 | 0 | 0 | 2,189 | 0 | 2,189 | 47 | 2,236 |
| Total comprehensive income | 0 | 0 | -132,030 | -9,033 | -13,325 | -154,388 | -9,764 | -164,152 |
| Transactions concerning | ||||||||
| non-controlling interests | 0 | 0 | 0 | 0 | 0 | 0 | -741 | -741 |
| Distribution of dividends | 0 | 0 | 0 | 0 | 0 | 0 | -15 | -15 |
| Balance as at 31.3.2014 | 114,000 | 2,311,384 | 509,947 | -105,719 | -67,012 | 2,762,600 | 311,261 | 3,073,861 |
| T€ | Share capital |
Capital reserves |
Retained earnings |
Hedging reserves |
Foreign currency reserves |
Group equity |
Non controlling interests |
Total equity |
|---|---|---|---|---|---|---|---|---|
| Balance as at 1.1.2013 | 114,000 | 2,311,384 | 554,709 | -121,825 | 3,246 | 2,861,514 | 301,028 | 3,162,542 |
| Net income | 0 | 0 | -140,290 | 0 | 0 | -140,290 | -947 | -141,237 |
| Differences arising from | ||||||||
| currency translation | 0 | 0 | 0 | 0 | -15,229 | -15,229 | -511 | -15,740 |
| Change in hedging reserves | 0 | 0 | 0 | -299 | 0 | -299 | -8 | -307 |
| Changes in investments in | ||||||||
| associates | 0 | 0 | 20 | -524 | -3,010 | -3,514 | -82 | -3,596 |
| Change of interest rate swap | 0 | 0 | 0 | 5,508 | 0 | 5,508 | 101 | 5,609 |
| Deferred taxes on neutral | ||||||||
| change in equity | 0 | 0 | 0 | -1,044 | 0 | -1,044 | -17 | -1,061 |
| Total comprehensive income | 0 | 0 | -140,270 | 3,641 | -18,239 | -154,868 | -1,464 | -156,332 |
| Acquisition of own shares | 0 | 0 | -5,480 | 0 | 0 | -5,480 | 0 | -5,480 |
| Balance as at 31.3.2013 | 114,000 | 2,311,384 | 408,959 | -118,184 | -14,993 | 2,701,166 | 299,564 | 3,000,730 |
The consolidated interim financial statements of STRABAG SE, based in Villach, Austria, with reporting date 31 March 2014, were drawn up under application of IAS 34 in accordance with the International Financial Reporting Standards (IFRS) – issued by the International Accounting Standards Board (IASB) in London and recognised by the European Union – including the interpretations of the International Financial Reporting Interpretations Committee (IFRIC) valid on the reporting date. Applied were exclusively those IASB standards and interpretations adopted by the European Commission before the reporting deadline and published in the Official Journal of the European Union.
In accordance with IAS 34, the consolidated interim financial statements do not contain all the information and details required of annual financial statements. The interim statements should therefore be read in conjunction with the annual financial statements of STRABAG SE, Villach, with reporting date 31 December 2013.
The consolidated financial statements of the Group as at and for the year ended 31 December 2013 are available at www.strabag.com.
The following amended or new accounting standards are effective for annual periods beginning on or after 1 January 2014.
| Application for financial years which begin on or after (according to IASB) |
Application for financial years which begin on or after (according to EU endorsement) |
|
|---|---|---|
| IFRS 10 Consolidated Financial Statements | 1.1.2013 | 1.1.2014 |
| IFRS 11 Joint Arrangements | 1.1.2013 | 1.1.2014 |
| IFRS 12 Disclosure of Interests in Other Entities | 1.1.2013 | 1.1.2014 |
| Amendments to IAS 27 Separate Financial Statements | 1.1.2013 | 1.1.2014 |
| Amendments to IAS 28 Investment in Associates and Joint Ventures | 1.1.2013 | 1.1.2014 |
| Amendments to IAS 32 Financial Instruments Presentation – Offsetting Rules | 1.1.2014 | 1.1.2014 |
| Transition guidance – Amendments to IFRS 10, IFRS 11 and IFRS 12 | 1.1.2013 | 1.1.2014 |
| Investment entities – Amendments to IFRS 10, IFRS 12 and IAS 27 | 1.1.2014 | 1.1.2014 |
| Amendments to IAS 36 Impairment of Assets – Recoverable Amount Disclosures | 1.1.2014 | 1.1.2014 |
| Amendments to IAS 39 Financial Instruments: Recognition and Measurement – Novation of | ||
| Over-the-Counter Derivatives and Continuation of Existing Hedging Relationships | 1.1.2014 | 1.1.2014 |
IFRS 10 defines the principle of control and establishes control as the sole basis for determining the scope of consolidation. IFRS 10 supersedes the corresponding standards in IAS 27 and SIC-12.
IFRS 11 and IAS 28 regulate the accounting of arrangements in which an entity exercises joint control over a joint venture or a joint operation. It supersedes the previous rules under IAS 31 and SIC-13. The new standard does away with the option of proportionate consolidation for jointly controlled entities.
According to a statement by the Institute of Public Auditors in Germany (IDW), the typical German construction consortium meets the requirements to be classified as a joint venture. Based on the current status of our analysis this also applies to Austrian construction consortia. The impact on the consolidated financial statements is limited to changes in the presentation in the income statement. Starting with the 2014 financial year, the share of profit or loss will no longer be recognised as revenue or other operating expense but instead as income from associates. For better comparability, the previous year figures are presented in the changed form.
IFRS 12: This new standard encompasses all disclosure requirements for subsidiaries, associates and joint arrangements as well as for unconsolidated structured entities. It replaces the relevant requirements in IAS 27, IAS 28 and IAS 31.
IAS 36, consequential to the issue of IFRS 13, was modified to require disclosure of the recoverable amount of each cashgenerating unit (or group of units) for which material goodwill or material intangible assets with indefinite useful lives are allocated. IAS 36 also introduces new disclosure requirements for cases of impairment loss (reversal) of assets or cashgenerating units.
The first-time adoption of the aforementioned IFRS and IAS standards, with the exception of the presentation of joint ventures, had only minor impact on the interim consolidated financial statements as at 31 March 2014.
With exception of the above mentioned changes in the accounting and valuation methods the accounting and valuation are fundamentally based on the same accounting principles and valuation methods underlying the consolidated annual financial statements with reporting date 31 December 2013.
Information regarding the accounting and valuation methods can be found in the annual financial statements with reporting date 31 December 2013.
Estimates and assumptions which refer to the amount and recognition of the assets and liabilities accounted, the income and expenditure as well as the statement of contingent liabilities are necessary for the preparation of the consolidated financial statement according to IFRS. The actual results could deviate from these estimates.
The consolidated interim financial statements as at 31 March 2014 include STRABAG SE as well as all major domestic and foreign subsidiaries where STRABAG SE either directly or indirectly holds a majority of the voting rights. Major associated companies are reported in the balance sheet using the equity method.
The number of consolidated companies changed in the first three months of 2014 as follows:
| Consolidation | Equity method | |
|---|---|---|
| Situation as at 31.12.2013 | 298 | 21 |
| First-time inclusions in year under report | 0 | 1 |
| Exclusions in year under report | -2 | 0 |
| Situation as at 31.3.2014 | 296 | 22 |
Following a share transfer agreement effective 1 January 2014, the company Strabag Qatar W.L.L., Qatar was deconsolidated and is now accounted for using the equity method.
As at 31 March 2014, the following companies were no longer included in the scope of consolidation:
Przedsiebiorstwo Budownictwa Ogólnego i Uslug Technicznych Slask Sp. z o.o., Katowice sale Strabag Qatar W.L.L., Qatar at-equity
Deconsolidation led to an insignificant disposal of assets and liabilities.
The same methods of consolidation and principles of currency translation were applied in drawing up the consolidated interim financial statements with reporting date 31 March 2014 as were used for the consolidated annual financial statements with reporting date 31 December 2013. Details regarding the methods of consolidation and principles of currency translation are available in the 2013 annual report.
Due to snow, ice and other adverse weather conditions, revenue is usually lower in the winter months than in the summer. As the largest part of the costs involves fixed costs, noteworthy losses are posted in the first quarter every year. Starting with the second quarter, these losses are compensated for by rising contribution margins. The break-even point is usually not yet reached before the end of the second quarter. The largest portion of the earnings is expected in the third and fourth quarters. Seasonal fluctuations in the Transportation Infrastructures business are greater than they are in Building Construction & Civil Engineering.
The above-described, annually repeating business trend allows a year-on-year comparison of output volume, revenue and results of the respective quarters.
Interest income from concession contracts which is included in other operating income is represented as follows (also see notes on receivables from concession arrangements):
| T€ | 1.1.–31.3.2014 | 1.1.–31.3.2013 |
|---|---|---|
| Interest income | 16,764 | 17,555 |
| Interest expense | -7,906 | -8,620 |
| Net interest income | 8,858 | 8,935 |
Goodwill assets are subjected to an annual impairment test in accordance with IAS 36. The impairment test is carried out in the last two months of the financial year.
In 1-3/2014, no total goodwill from capital consolidation was capitalised and no impairments were made.
In 1-3/2014, tangible and intangible assets in the amount of T€ 60,596 (1-3/2013: T€ 69,339) were acquired.
In the same period, tangible and intangible assets with a book value of T€ 4,288 (1-3/2013: T€ 5,720) were sold.
On the reporting date, there were T€ 118,916 (31 March 2013: T€ 105,910) in contractual commitments for the acquisition of property, plant and equipment which were not considered in the financial statement.
STRABAG has a 100 % interest in the Hungarian M5 Motorway Concession Company, AKA Alföld Koncesszios Autopalya Zrt., Budapest (AKA).
In the concession agreement with the Hungarian state, AKA committed to develop, plan, finance and to build and operate the M5 motorway. The motorway itself is the property of the state; all vehicles and equipment necessary for motorway operation are to be transferred to the state free of charge following the end of the concession period.
In exchange, AKA will regularly receive an availability fee, independent of transit volume, from the Hungarian state for making the motorway available to the public. AKA bears the operator's risk of motorway closure and non-compliance of contractually agreed roadway criteria.
The route totals 156.5 km and was built in three phases. The concession period runs until 2031. A one-time extension for up to 17.5 years is possible.
All services provided under this concession arrangement are accounted for under the separate balance sheet item receivables from concession arrangements. The receivables are carried at the present value of the payment to be made by the state. The annual accumulation amount is recognised in other operating income.
A part of the availability fee consists of interest adjustment payments of the Hungarian state. As a result, the state bears the interest risk from the financing of AKA. These interest adjustment payments represent an embedded hedging transaction which is measured separately in accordance with IAS 39.11. Presentation is made as a cash flow hedge; as a result, changes in the fair value of the interest rate swap are recognised directly in equity.
The market value of the interest rate swap in the amount of T€ -50,368 (31 December 2013: T€ -38,493) is also recognised as long-term receivables from concession arrangements.
Recognisable receivables from concession arrangements are offset by non-recourse financing in the amount of T€ 585,105 (31 December 2013: T€ 585,105), classified either as a current or non-current liability depending on the term. The resulting interest expense is recognised in other operating income.
The fully paid in share capital amounts to € 114,000,000 and is divided into 113,999,997 no-par bearer shares and three registered shares.
The changes in equity are shown in the statement of changes in equity.
The company has accepted the following guarantees:
| T€ | 31.3.2014 | 31.12.2013 |
|---|---|---|
| Guarantees without financial guarantees | 153 | 903 |
Furthermore, there is a derived credit risk arising from the financial guarantee contracts (guarantees issued) of T€ 49,693 (31 December 2013: T€ 59,199).
The representation of the cash flow statement was made according to the indirect method and separated into the cash flows classified by operating, investing and financing activities. The cash and cash equivalents include exclusively cash on hand, bank deposits and short-term securities. Any effects of changes in consolidation were eliminated and represented in the cash flow from investing activities.
The cash and cash equivalents are composed as follows:
| T€ | 1.1.–31.3.2014 | 1.1.–31.3.2013 |
|---|---|---|
| Securities | 3,075 | 11,099 |
| Cash on hand | 3,921 | 6,101 |
| Bank deposits | 1,512,487 | 1,047,560 |
| Restricted cash abroad | -11,364 | -13,706 |
| Pledge of cash and cash equivalents | -10,579 | -15,290 |
| Cash and cash equivalents | 1,497,540 | 1,035,764 |
The cash flow from operating activities in the reporting year contains the following items:
| T€ | 1.1.–31.3.2014 | 1.1.–31.3.2013 |
|---|---|---|
| Interest paid | 9,285 | 12,894 |
| Interest received | 10,833 | 8,701 |
| Taxes paid | 29,648 | 33,239 |
The rules of IFRS 8 Operating Segments apply to the segment reporting. IFRS 8 prescribes defining the segments and reporting the earnings on the basis of the internal reporting (Management Approach).
Internal reporting at STRABAG is based on the dedicated management board functions North + West, South + East and International + Special Divisions, which represent also the segments. In addition, there are the central business units and central staff units, which handle services in the areas of accounting, group financing, technical development, machine management, quality management, logistics, legal affairs, contract management etc. These services are included in the segment Other.
The settlement between the single segments is made at arm's-length prices.
| T€ | North + West | South + East | International + Special Divisions |
Other | Reconciliation to IFRS Financial Statements |
Group |
|---|---|---|---|---|---|---|
| Output Volume | 1,098,490 | 624,740 | 595,002 | 25,512 | 2,343,744 | |
| Revenue | 1,047,721 | 570,753 | 540,963 | 4,523 | 0 | 2,163,960 |
| Inter-segment revenue | 23,914 | 2,271 | 23,388 | 150,197 | ||
| EBIT | -72,348 | -74,899 | -21,285 | 64 | 4,733 | -163,735 |
| Interest and similar income | 0 | 0 | 0 | 19,841 | 0 | 19,841 |
| Interest expense and similar | ||||||
| charges | 0 | 0 | 0 | -23,880 | 0 | -23,880 |
| EBT | -72,348 | -74,899 | -21,285 | -3,975 | 4,733 | -167,774 |
| T€ | North + West | South + East | International + Special Divisions |
Other | Reconciliation to IFRS Financial Statements |
Group |
|---|---|---|---|---|---|---|
| Output Volume | 952,316 | 600,249 | 545,711 | 36,840 | 2,135,116 | |
| Revenue | 902,032 | 546,071 | 507,861 | 6,614 | 0 | 1,962,578 |
| Inter-segment revenue | 30,448 | 1,248 | 18,956 | 132,851 | ||
| EBIT | -76,255 | -85,510 | -26,854 | 37 | 16,282 | -172,300 |
| Interest and similar income | 0 | 0 | 0 | 22,141 | 0 | 22,141 |
| Interest expense and similar | ||||||
| charges | 0 | 0 | 0 | -22,704 | 0 | -22,704 |
| EBT | -76,255 | -85,510 | -26,854 | -526 | 16,282 | -172,863 |
Income and expense in the internal reporting are shown essentially in accordance with IFRS. An exception is income taxes, including those applicable to deferred tax, which are not considered in the internal reporting.
The basis for the internal reporting is formed by all subsidiaries. In the IFRS financial statements, earnings from companies which were not fully consolidated respectively reported using the equity method are recognised in conformity with dividends, transfer of earnings and/or depreciation and amortisation. For this reason, the internal reporting does not conform 100 % with EBIT respectively EBT in the consolidated financial statements in terms of the investment result.
Other minor differences result from the other consolidation entries.
Reconciliation of the internal reporting to IFRS Financial Statements is allocated as follows:
| T€ | 1.1.–31.3.2014 | 1.1.–31.3.2013 |
|---|---|---|
| Net income from investments | 5,989 | 17,686 |
| Other consolidations | -1,256 | -1,404 |
| Total | 4,733 | 16,282 |
With exception of the financial liabilities the book value of the financial instruments corresponds to the fair value. The fair value of the financial liabilities amounts to T€ -1,747,118 on 31 March 2014 (31 December 2013: T€ -1,756,085) compared to the recognised book value of T€ -1,704,838 (31 December 2013: T€ -1,722,700).
The fair values as at 31 March 2014 for financial instruments were measured as follows:
| T€ | Level 1 | Level 2 | Total |
|---|---|---|---|
| Assets | |||
| Securities | 35,347 | 0 | 35,347 |
| Cash and cash equivalents | 3,075 | 0 | 3,075 |
| Derivatives held for hedging purposes | 0 | -48,578 | -48,578 |
| Total | 38,422 | -48,578 | -10,156 |
| Liabilities | |||
| Derivatives held for hedging purposes | 0 | -6,374 | -6,374 |
| Total | 0 | -6,374 | -6,374 |
The fair values as at 31 December 2013 for financial instruments were measured as follows:
| T€ | Level 1 | Level 2 | Total |
|---|---|---|---|
| Assets | |||
| Securities | 35,339 | 0 | 35,339 |
| Cash and cash equivalents | 7,820 | 0 | 7,820 |
| Derivatives held for hedging purposes | 0 | -36,628 | -36,628 |
| Total | 43,159 | -36,628 | 6,531 |
| Liabilities | |||
| Derivatives held for hedging purposes | 0 | -5,464 | -5,464 |
| Total | 0 | -5,464 | -5,464 |
Notes on related parties may be found in the 2013 consolidated financial statements. Since 31 December 2013, there have been no significant changes in this area. Arm's-length business relations exist in transactions with related parties.
No material events occurred after the reporting for this interim financial statements.
The present interim financial statements for STRABAG SE were neither audited nor subjected to an audit review.
We confirm to the best of our knowledge that the condensed interim financial statements as of 31 May 2014 give a true and fair view of the assets, liabilities, financial position and profit or loss of the group as required by the applicable accounting standards and that the group management report gives a true and fair view of the important events that have occurred during the first three months of the financial year and their impact on the condensed interim financial statements, of the principal risks and uncertainties for the remaining nine months of the financial year and of the major related party transactions to be disclosed.
Villach, 28 May 2014
Management Board
Dr. Thomas Birtel CEO Responsibility Central Divisions and Central Staff Divisions (except BRVZ) as well as Divisions 3L RANC1) and 3M RANC
Mag. Christian Harder CFO Responsibility Central Division BRVZ
Mag. Hannes Truntschnig Responsibility Segment International + Special Divisions
Dipl.-Ing. Dr. Peter Krammer Responsibility Segment North + West
Dipl.-Ing. Siegfried Wanker Responsibility Segment South + East (except Divisions 3L RANC and 3M RANC)
| Interim Report January–March 2014 | 28 May 2014 |
|---|---|
| Publication | 7:30 a.m. |
| Investor and analyst conference call | 2:00 p.m. |
| Notice of annual general meeting | 30 May 2014 |
| Shareholding confirmation record date | 17 June 2014 |
| Annual general meeting 2014 | 27 June 2014 |
| Beginning | 10:00 a.m. |
| Location: Austria Center Vienna, 1220 Wien | |
| Ex-dividend date | 4 July 2014 |
| payment date for dividend | 7 July 2014 |
| Semi-annual report 2014 | 29 August 2014 |
| Publication | 7:30 a.m. |
| Investor and analyst conference call | 2:00 p.m. |
| Interim Report January–September 2014 | 28 November 2014 |
| Publication | 7:30 a.m. |
|---|---|
| Investor and analyst conference call | 2:00 p.m. |
All times are CET/CEST Please find the current road show schedule on the website www.strabag.com > Investor Relations > Company Calendar.
| Maturity | Coupon % | Volume € mln. | Isin | Stock Exchange |
|---|---|---|---|---|
| 2010–2015 | 4.25 | 100 | AT0000A0DRJ9 | Vienna |
| 2011–2018 | 4.75 | 175 | AT0000A0PHV9 | Vienna |
| 2012–2019 | 4.25 | 100 | AT0000A0V7D8 | Vienna |
| 2013–2020 | 3.00 | 200 | AT0000A109Z8 | Vienna |
Standard & Poors BBB- Outlook stable
| Bloomberg: | STR AV |
|---|---|
| Reuters: | STR.VI |
| Vienna Stock Exchange | STR |
| ISIN: | AT000000STR1 |
For further questions, please contact our Investor Relations Department:
Donau-City-Str. 9, 1220 Vienna/Austria
This Interim Report is also available in German. In case of discrepancy the German version prevails.
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