Quarterly Report • May 29, 2015
Quarterly Report
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| KEY FIGURES 3 |
|---|
| CEO'S REVIEW4 |
| IMPORTANT EVENTS 6 |
| SHARE8 |
| MANAGEMENT REPORT JANUARY–MARCH 20159 |
| SEGMENT REPORT 12 |
| CONSOLIDATED INTERIM FINANCIAL STATEMENTS16 |
| NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS21 |
| STATEMENT OF ALL LEGAL REPRESENTATIVES28 |
| FINANCIAL CALENDAR29 |
| 3M/2015 | 3M/2014 | ∆ % | 2014 | |
|---|---|---|---|---|
| Output volume (€ mln.) | 2,468.34 | 2,343.74 | 5 | 13,566.00 |
| Revenue (€ mln.) | 2,283.96 | 2,163.96 | 6 | 12,475.67 |
| Order backlog (€ mln.) | 15,128.02 | 14,481.88 | 4 | 14,403.44 |
| Employees | 71,176 | 69,335 | 3 | 72,906 |
| Cash flow from operating activities (€ mln.) | -184.67 | -117.36 | -57 | 805.33 |
| Investments in fixed assets (€ mln.) | 66.41 | 60.60 | 10 | 346.49 |
| 3M/2015 | 3M/2014 | ∆ % | 2014 | |
|---|---|---|---|---|
| EBITDA (€ mln.) | -66.09 | -69.91 | 5 | 719.94 |
| EBITDA margin (% of revenue) | -2.9 | -3.2 | 5.8 | |
| EBIT (€ mln.) | -159.32 | -163.74 | 3 | 281.96 |
| EBIT margin (% of revenue) | -7.0 | -7.6 | 2.3 | |
| EBT (€ mln.) | -151.62 | -167.77 | 10 | 255.76 |
| Net income (€ mln.) | -127.45 | -140.30 | 9 | 147.50 |
| Net income after minorities (€ mln.) | -116.47 | -132.01 | 12 | 127.97 |
| Net income after minorities margin (% of revenue) | -5.1 | -6.1 | 1.0 | |
| Earnings per share (€) | -1.14 | -1.29 | 12 | 1.25 |
| ROCE (%) | -2.0 | -2.2 | 4.3 |
| 31.3.2015 | 31.12.2014 | ∆ % | |
|---|---|---|---|
| Equity (€ mln.) | 3,054.34 | 3,144.30 | -3 |
| Equity ratio (%) | 29.7 | 30.6 | |
| Net debt (€ mln.) | -55.87 | -249.11 | 78 |
| Gearing ratio (%) | -1.8 | -7.9 | |
| Capital employed (€ mln.) | 5,471.49 | 5,357.82 | 2 |
| Balance sheet total (€ mln.) | 10,280.87 | 10,275.54 | 0 |
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 - 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
The first quarter in the construction industry is not an especially informative one. But even if the first three months do not allow any reliable conclusions for the full year, we are pleased to have further contained the typical winter losses this year.
More important now than the earnings is the order backlog – and at over € 15 billion, it is particularly high. This leaves us optimistic regarding the financial year and enables us to confirm our outlook: The output volume should reach € 14.0 billion, the earnings before interest and taxes at least € 300 million.
I am pleased to be able to report on a successful start to the year.
Yours,
Thomas Birtel CEO of STRABAG SE
STRABAG SE has issued a € 200 million corporate bond. The fixed-interest bond has a term to maturity of seven years and a coupon of 1.625 % p.a. The issue price has been set at 101.212 %. The international ratings agency Standard & Poor's assigned an investment grade rating of BBB- for the STRABAG Bond 2015. This issuance continued the company's years-long bond issue strategy. The proceeds from the issue, which was used for general business purposes such as refinancing the 2010 bond or making investments in property, plant and equipment, allowed STRABAG SE to maintain its optimal financing structure.
Ed. Züblin AG has been awarded the contract to build Construction Section 16, Contract Section 4, of the urban A 100 motorway in Berlin by the Berlin Senate Department for Urban Development and the Environment. This follows the award for Contract Section 2/3, which in 2014 also went to Züblin. The contract for the new section amounts to about € 44 million.
STRABAG SE has been awarded the distinction of European PPP Deal of the Year by industry journal Project Finance International (PFI) for the financing of the construction of the Irish N17/N18 motorway between Gort and Tuam. PFI praised the STRABAG-led consortium DirectRoute for securing long-term debt from international commercial lenders in the first Irish public-private partnership (PPP) since the Irish sovereign debt crisis.
STRABAG has been awarded the contract to build the Romanian A3 motorway between Ungheni and Ogra. The 10.1 km section has a contract value of € 57 million (approximately RON 251 million). The company holds a majority stake in and is leader of the construction consortium.
NIMAB Entreprenad AB of Sjöbo, Sweden, has been commissioned to build two new apartment buildings on behalf of Ikano Bostad AB of Stockholm. Both projects are situated in Malmö, Sweden's third-largest city, and include a total of 236 apartments as well as a number of business premises. The two projects will be performed turnkey in close collaboration with Ikano Bostad under the STRABAG teamconcept partnering model. Construction work on the Alvine project will begin in June 2015 and will be finished early in 2017. Alvine will be built as a single linked housing body of varying height. The project comprises a total of 123 apartments arranged around a central courtyard. Construction of Mjölner, a residential and commercial project at Hyllie Allétorg, began in the autumn of 2014 and will be finished in the summer of 2016. The project comprises 113 apartments and seven business premises.
STRABAG a.s., the Czech subsidiary of STRABAG SE, has been awarded two new motorway contracts in the Czech Republic as part of a consortium. The companies will build two sections of the D3 motorway linking Prague with southern Bohemia. Client for both contracts is the Road and Motorway Directorate of the Czech Republic. The section between Veselí nad Lužnicí and Bošilec is worth a total of € 23 million (CZK 635 million), of which STRABAG holds a 55 % share (about € 12.7 million). The section measures 5,125 m in length. The second contract involves the 3,160 m section between Borek and Úsilné. STRABAG's share of 45 % amounts to about € 11.7 million (around CZK 322 million).
The STRABAG SE share developed in line with the Austrian benchmark index ATX and the industry index STOXX Europe 600 Construction & Materials with continuous growth in the first quarter. In total, the STRABAG SE share reached a plus of 15 % for a closing price of € 20.85 on 31 March 2015.
For the international stock market, on the other hand, the first quarter was a quiet one overall. After slight fluctuations, New York's Dow Jones Industrial came to rest at nearly the same level as at the beginning of the year (-1 %) as did the Japanese Nikkei 225.
STRABAG's shares are currently under observation by nine international banks. The analysts calculated an average share price target of € 22.10. Detailed analyses and recommendations are available on the STRABAG SE website: www.strabag.com > Investor Relations > Share > Equity Research
| 3M/2015 | |
|---|---|
| Market capitalisation on 31 March 2015 (€ million) | 2,138.70 |
| Closing price on 31 March 2015 (€) | 20.85 |
| Year's maximum on 13 March 2015 (€) | 22.25 |
| Year's minimum on 21 January 2015 (€) | 17.45 |
| Performance three months 2015 (%) | 15 |
| Outstanding bearer shares on 31 March 2015 (absolute) (shares) | 102,599,997 |
| Outstanding bearer shares three months 2015 (weighted) (shares) | 102,599,997 |
| Weight in WBI on 31 March 2015 (%) | 2.68 |
| Volume traded three months 2015 (€ million)1) | 57.39 |
| Average trade volume per day (shares)1) | 45,274 |
| % of total volume traded on Vienna Stock Exchange (%) | 0.38 |
STRABAG SE generated an output volume of € 2,468.34 million in the first quarter of the 2015 financial year. This increase of 5 % was driven primarily by the markets of Poland, Germany, Chile and Slovakia.
The consolidated group revenue, like the output volume, was also up, growing by 6 % to € 2,283.96 million. The ratio of revenue to output volume amounted to 93 %, compared to 92 % in the first three months of the previous year.
The order backlog grew to € 15,128.02 million on 31 March 2015, up 4 % versus 31 March 2014. This growth was influenced in particular by industrial construction orders acquired in Russia the year before, but also came in response to large orders in Denmark and a number of transportation infrastructure projects in Poland.
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 higher revenue also resulted in improved earnings before interest, taxes, depreciation and amortisation (EBITDA) in the first quarter of 2015 by 5 % to € -66.09 million. The depreciation and amortisation was at about last year's level (+1 %). The earnings before interest and taxes (EBIT) stood at € -159.32 million, 3 % less deeply in negative territory. This development was influenced by the segments South + East as well as International + Special Divisions.
Significant positive exchange rate differences, especially regarding the Swiss franc, in the amount of € 14.66 million – compared to € 3.85 million in the first quarter of 2014 – resulted in a positive net interest income of € 7.70 million after € -4.04 million a year before. Below the line, this resulted in a 10 % improvement of the earnings before taxes (EBT) of € -151.62 million. Accordingly, the income tax was again in positive territory with € 24.17 million and thus provided some relief despite being 12 % lower on the year. This left a net income of € 127.45 million (+9 %). But as third-party shareholders helped bear a loss of € 10.98 million, the net income after minorities improved by 12 % to € -116.47 million. In light of 102,600,000 outstanding shares, this corresponds to earnings per share of € -1.14 after € -1.29 for the first quarter last year.
The balance sheet total of € 10,280.87 million on 31 March 2015 remained more or less unchanged versus the end of 2014. Conspicuous was the increase of non-current liabilities resulting from a € 200 million bond issue in the first quarter of 2015. As usual, the typical winter losses also led to a seasonally influenced slightly lower equity. The equity ratio, however, remained at the usual high level with 29.7 % after 30.6 % at the end of 2014. The net cash position stood at € 55.87 million; it therefore decreased, as is seasonally usual, in comparison to year's end, but did not move into a net debt position as it had done in the first quarter of the previous year.
While the cash flow from earnings was 21 % more positive after the first quarter of 2015, the cash flow from operating activities, at € -184.67 million, was 57 % deeper in negative territory. This was due to the lower reduction of receivables compared to last year's first quarter. The other cash flows improved: The cash flow from investing activities, with € -32.82 million after € -48.15 million, was less negative thanks to increased asset sales. The cash flow from financing activities benefited from the aforementioned bond issue.
In addition to the necessary maintenance expenditures – for the most part in Germany – STRABAG invested especially in project-specific equipment needed for its international business, e.g. in the liquefied natural gas (LNG) business, in the first quarter of 2015. The company also registered a higher investment volume in the Czech Republic and Poland as well as in the construction materials business in Austria.
The capital expenditures included € 66.41 million for the purchase of property, plant and equipment and intangible assets as well as € 0.50 million for the purchase of financial assets. This time, cash inflows from changes to the scope of consolidation gave the company an additional € 4.61 million.
The 3 % growth in the number of employees to 71,176 in the first quarter of 2015 is almost exclusively due to the acquisition of Germanyand Austria-based DIW Group last year. The increases and decreases in the other markets
balanced each other out: in the Americas region, for example, the group employed an additional 1,000 persons compared to the first quarter of the previous year, while the employee levels in Africa were reduced by a similarly high amount.
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, legal, political and investment risks.
The risks are explained in more detail in the 2014 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 expects the output volume in the 2015 financial year to grow from € 13.6 billion to € 14.0 billion. The EBIT should increase to at least € 300 million. In this regard, the efforts made thus far to further improve the risk management and to lower costs would already have an impact on earnings. This would bring the company one step closer to its target of achieving an EBIT margin (EBIT/revenue) of 3 % in 2016.
The earnings expectations are based on the assumption that demand in the German building construction and civil engineering market will remain at the same high level. At the same time, there are no expectations yet of large increases in investments by the public sector in transportation infrastructures in this home market. While the margins in the construction materials business should continue to improve in 2015 and the turnaround appears to have been reached in environmental technologies, such a forecast is not yet possible for hydraulic engineering. The company continues to expect positive contributions from its property and facility management units and from real estate development. The price pressure is expected to remain strong in the countries of Central and Eastern Europe, although in Slovakia or in Poland, for example, the company is capable of successful bids for larger tenders. The same can be said of the tunnelling business and of public-private partnerships, i.e. of concession projects, in the home markets, which is leading STRABAG to become more active in this area in non-European markets than before.
As larger acquisitions are not planned, the net investments (cash flow from investing activities) are expected to decline significantly to around € 350 million after € 435.30 million the year before.
| € mln. | 3M/2015 | 3M/2014 | ∆ % |
∆ absolute |
|---|---|---|---|---|
| Output volume | 1,111.43 | 1,098.49 | 1 | 12.94 |
| Revenue | 1,033.25 | 1,047.72 | -1 | -14.47 |
| Order backlog | 5,927.78 | 5,699.17 | 4 | 228.61 |
| EBIT | -86.71 | -72.35 | -20 | -14.36 |
| EBIT margin (% of revenue) | -8.4 | -6.9 | ||
| Employees | 21,820 | 21,963 | -1 | -143 |
The output volume of the North + West segment reached € 1,111.43 million in the first quarter of the 2015 financial year, the same high level as the year before (+1 %). In the largest market, Germany, the figure was slightly higher overall with a small increase in building construction and civil engineering balancing out a minor decrease in transportation infrastructures. Poland, the second-largest market in this segment, generated significant output growth thanks to a high order backlog. By comparison, a decline was registered in Sweden.
The revenue also changed little (-1 %). However, the higher winter losses in transportation infrastructures – including railway construction, which was represented in this segment for the first time – had a clear impact on the earnings before interest and taxes (EBIT), which fell 20 % more deeply into negative territory to € -86.71 million.
The order backlog increased by 4 % over the comparison value from 31 March of the previous year to settle at € 5,927.78 million. This growth was driven above all by the business in Poland and Denmark, which more than compensated for the reduction of the previously high order backlog in Germany due to the completion of large projects such as Frankfurt's Taunus Turm. The most important projects acquired during the first quarter of 2015 include the construction of section 4 of the A 100 motorway in Berlin by Ed. Züblin AG, with a contract value of about € 44 million, and the building of several hundred residential units in Malmö, Sweden, by STRABAG subsidiary NIMAB Entreprenad AB.
The number of employees in the segment shrank by 1 % in the first quarter of 2015 versus the previous year's period to 21,820. This overall low decrease is due exclusively to the decline of blue-collar staff in nearly all markets in the segment. In response to the positive order backlog in Germany and Denmark, staff numbers were higher overall in these two countries.
A word on the segment outlook: An output volume of € 6.2 billion is expected in the 2015 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. Prices for subcontractor services and for construction materials have remained moderate so far despite the lively building construction activity in the country; with decreasing capacities, however, higher prices are to be expected. Bids are currently being calculated for large projects in building construction and civil engineering, with a bid total of about € 1.4 billion, to help secure the future utilisation of capacities. In transportation infrastructures, STRABAG does not expect any significant changes to the current market situation over the year. Possible investment increases in infrastructure on the part of the public sector would reflate market development from 2016 at the earliest. Good capacity utilisation is expected in the German waterway construction business, despite the current situation of relatively high price pressure; at the same time, STRABAG sees lower demand for its large equipment in this business field.
The Polish construction sector has been undergoing a significant recovery since the year 2014. Several road construction contracts helped to boost the order backlog last year. The volume of public-sector tenders will likely reach about € 4 billion this year, a comparable level to 2014. For the full year, STRABAG expects a significant increase of its own output volume with growth in the double-digit percent range. A large portion has already been secured through existing contracts.
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. New tenders for large infrastructure projects are expected especially in the regions around Stockholm and Copenhagen in the near future, although stronger competitive pressure is expected as well. The economic environment for building construction in Sweden continues to exhibit growth potential at currently stable margins.
| € mln. | 3M/2015 | 3M/2014 | ∆ % |
∆ absolute |
|---|---|---|---|---|
| Output volume | 637.82 | 624.74 | 2 | 13.08 |
| Revenue | 592.06 | 570.75 | 4 | 21.31 |
| Order backlog | 4,332.00 | 4,635.54 | -7 | -303.54 |
| EBIT | -57.49 | -74.90 | 23 | 17.41 |
| EBIT margin (% of revenue) | -9.7 | -13.1 | ||
| Employees | 16,313 | 18,323 | -11 | -2,010 |
The output volume in the South + East segment was up slightly in the first quarter 2015, increasing by 2 % to € 637.82 million. While growth was registered in countries such as Slovakia and Hungary, the output volume sank in Croatia and Austria, among others.
The revenue grew slightly as well, specifically by 4 %. The earnings before interest and taxes (EBIT) improved by 23 % to € -57.49 million due, among others, to an agreement that was reached regarding a large construction project after its completion.
The order backlog fell by 7 % to € 4,332.00 million. Although industrial construction orders acquired in Russia the year before and the contract award for construction of the Ogra– Ungheni section of the A3 motorway in Romania had led to an increase, the figure was down in Austria and Hungary. The same overall development was seen in the Czech Republic, despite the group having been awarded in the first quarter two new motorway orders with a total contract value of around € 24 million.
The number of employees fell significantly by 11 % to 16,313. Half of this decline is due to the reclassification of a portion of the railway construction activities from the South + East segment to the segment North + West and because of the market conditions in the individual countries, respectively.
A word on the segment outlook: The output volume is expected to grow to € 4.5 billion in the 2015 financial year. The order books are adequately filled to reach this target – even if the currently low volume of new orders will require more conservative planning for the years to come.
Austria, the largest market in this segment, continues to paint a mixed picture: In the field of building construction, business will continue at a satisfactory level especially in the greater Vienna area. Against the backdrop of lower public investments, however, the tense situation in transportation infrastructures has not improved. In some regions, the state of the construction sector can only be described as dramatic.
In 2015, Hungary will continue to benefit from a good order backlog and from the good weather for transportation infrastructures at the start of the year. As further projects have not yet been tendered, the outlook for 2016 remains cautious.
In Slovakia, the current stable development in both building construction and road construction suggests an improvement of the climate in that country. In the Czech Republic, on the other hand, this holds true only for the private sector, although bidding prices are close to the limit of profitability. The price level in transportation infrastructures will not improve until a sufficient number of projects are tendered in road construction – as is already the case in railway construction.
The Swiss market is expected to remain modest at best. On the one hand, an increased number of infrastructure construction projects are coming onto the market after a very quiet period; on the other hand, STRABAG is seeing a declining building construction volume accompanied by falling prices. Switzerland's secondhome purchase restrictions, which limit the percentage of holiday homes in any community to 20 %, led to a noticeable drop in the number of new building projects in tourism regions. Additionally, the Swiss National Bank in mid-January chose to unpeg its currency from the euro, resulting in a sudden revaluation of the franc. This should slow the Swiss economy in the short to medium term.
The Adriatic region continues to be characterised by strong price competition. In Slovenia, there are hardly any public tenders to be seen. While the transportation infrastructures business has stabilised in Romania, all activities were stopped in Moldova.
In Russia, the devaluation of the ruble, the limited financing options due to the sanctions, and the declining oil prices have considerably dampened the economy. The stabilising measures that have been set will probably not yet fully take hold by the end of 2015. Still, the housing market in Moscow – the relevant field of activity for STRABAG – has been less affected by the negative overall environment and remains steady at the 2014 level. In the field of industrial construction, on the other hand, the large projects acquired the year before will probably be worked off over the next few years.
| 3M/2015 | 3M/2014 | % | ∆ absolute |
|---|---|---|---|
| 683.49 | 595.00 | 15 | 88.49 |
| 653.73 | 540.96 | 21 | 112.77 |
| 4,856.50 | 4,137.00 | 17 | 719.50 |
| -19.69 | -21.28 | 7 | 1.59 |
| -3.0 | -3.9 | ||
| 27,294 | 23,272 | 17 | 4,022 |
| ∆ |
The output volume of the segment International + Special Divisions grew by 15 % to € 683.49 million in the first quarter of 2015. This development was due to the previous year's acquisition of DIW Group as well as growth in Italy and Chile.
The revenue was also significantly higher (+ 21 %). The earnings before interest and taxes (EBIT) reached € -19.69 million, about the same level as had been reported in the first quarter of the previous year (€ -21.28 million).
The order backlog also climbed upward, gaining 17 % to € 4,856.50 million. Three regions stood out in particular: In Germany, the property and facility services business was influenced not only by the assets acquired from DIW Group, but the existing group entities involved in this field of activity also grew their orders. In Austria, positive impulses came from a construction section for the Brenner Base Tunnel that had been acquired the year before and from concrete deliveries for various tunnelling projects. And in the Middle East, a whole series of midsized projects, e.g. in Oman, led to considerable growth in the region.
The number of employees in the segment grew by 17 % to 27,294. Compared to the first quarter of the previous year, this corresponds to an additional 4,000-plus employees. This growth is due primarily to the acquisition of DIW, although the start of a project in Chile also contributed to the higher staff levels.
A word on the segment outlook: It should be possible to generate a higher output volume of € 3.2 billion in the segment in the ongoing 2015 financial year, driven in part by the property and facility services business and by tunnelling. While a reversal of the trend remains elusive and edge-out competition continues to define the extremely difficult tunnelling environment in the core markets of Austria, Germany, Switzerland and Italy, the company is more optimistic about regions such as Scandinavia or the non-European markets. This necessary market expansion can also be observed for the concession business, the public-private partnerships: As the pipeline of possible projects remains thin in Western Europe, and the political framework and competition present themselves as very challenging in Eastern Europe, the group is keeping markets such as Chile, Canada, Columbia and selected countries in Africa under observation.
The STRABAG Group also is a successful provider internationally in specialty fields such as the tunnelling method of pipe jacking, the construction of liquefied natural gas tanks, test track construction and the production of concrete sleepers in railway construction. The prospects here remain positive. In general, however, the market development activities in the international business must be handled selectively due to the strong competition in Africa or the Middle East.
As in past years, the real estate development
business should make a very positive contribution to both output volume and earnings. The demand for commercial and residential properties in the core market of Germany remains undiminished. The weak euro has led investors from outside Europe to become increasingly involved in this business field. First steps have already been taken to develop projects in markets
outside of Germany. Thanks to a promising product pipeline and the positive environment, STRABAG can look forward to 2015 with optimism.
The construction materials business helped shore up the incipient stabilisation of the construction economy in several Eastern European markets. This represents a significant improvement of the situation compared to the previous year.
| T€ | 1.1.–31.3.2015 | 1.1.–31.3.2014 |
|---|---|---|
| Revenue | 2,283,959 | 2,163,960 |
| Changes in inventories | -29,471 | 8,369 |
| Own work capitalised | 1,937 | 3,651 |
| Other operating income | 53,961 | 42,366 |
| Construction materials, consumables and services used | -1,529,450 | -1,468,863 |
| Employee benefits expenses | -705,395 | -683,029 |
| Other operating expenses | -145,767 | -129,712 |
| Share of profit or loss of associates | 4,497 | -7,167 |
| Net income from investments | -360 | 516 |
| EBITDA | -66,089 | -69,909 |
| Depreciation and amortisation expense | -93,235 | -93,826 |
| EBIT | -159,324 | -163,735 |
| Interest and similar income | 29,697 | 19,841 |
| Interest expense and similar charges | -21,998 | -23,880 |
| Net interest income | 7,699 | -4,039 |
| EBT | -151,625 | -167,774 |
| Income tax expense | 24,173 | 27,473 |
| Net income | -127,452 | -140,301 |
| Attributable to: non-controlling interests | -10,984 | -8,288 |
| Attributable to: equity holders of the parent company | -116,468 | -132,013 |
| Earnings per share (€) | -1.14 | -1.29 |
| T€ | 1.1.–31.3.2015 | 1.1.–31.3.2014 |
|---|---|---|
| Net income | -127,452 | -140,301 |
| Differences arising from currency translation | 37,613 | -9,873 |
| Recycling of differences arising from currency translation | 0 | -2,430 |
| Change in hedging reserves including interest rate swaps | -8,447 | -16,396 |
| Recycling of hedging reserves including interest rate swaps | 7,168 | 5,502 |
| Deferred taxes on neutral change in equity | 87 | 2,236 |
| Other income from associates | 3,549 | -2,873 |
| Total of items which are later recognised ("recycled") in the income statement | 39,970 | -23,834 |
| Other income from associates | 0 | -17 |
| Total of items which are not later recognised ("recycled") in the income statement | 0 | -17 |
| Other income | 39,970 | -23,851 |
| Total comprehensive income | -87,482 | -164,152 |
| Attributable to: non-controlling interests | -8,964 | -9,764 |
| Attributable to: equity holders of the parent company | -78,518 | -154,388 |
| T€ | 31.3.2015 | 31.12.2014 |
|---|---|---|
| Intangible assets | 542,654 | 535,725 |
| Property, plant and equipment | 2,007,906 | 2,015,061 |
| Investment property | 17,833 | 33,773 |
| Investments in associates | 397,006 | 401,622 |
| Other financial assets | 230,428 | 232,644 |
| Receivables from concession arrangements | 716,060 | 728,790 |
| Trade receivables | 76,163 | 72,509 |
| Income tax receivables | 2,490 | 2,331 |
| Other financial assets | 205,062 | 205,883 |
| Deferred taxes | 312,308 | 278,123 |
| Non-current assets | 4,507,910 | 4,506,461 |
| Inventories | 892,457 | 849,400 |
| Receivables from concession arrangements | 27,182 | 26,654 |
| Trade receivables | 2,377,986 | 2,473,559 |
| Non-financial assets | 90,675 | 58,727 |
| Income tax receivables | 54,473 | 40,004 |
| Other financial assets | 395,770 | 396,713 |
| Cash and cash equivalents | 1,934,413 | 1,924,019 |
| Current assets | 5,772,956 | 5,769,076 |
| Assets | 10,280,866 | 10,275,537 |
| Share capital | 114,000 | 114,000 |
| Capital reserves | 2,311,384 | 2,311,384 |
| Retained earnings and other reserves | 380,827 | 459,328 |
| Non-controlling interests | 248,125 | 259,588 |
| Total equity | 3,054,336 | 3,144,300 |
| Provisions | 1,127,556 | 1,121,609 |
| Financial liabilities1) | 1,370,479 | 1,176,724 |
| Trade payables | 58,164 | 56,815 |
| Non-financial liabilities | 1,167 | 1,167 |
| Other financial liabilities | 12,645 | 13,072 |
| Deferred taxes | 36,828 | 39,317 |
| Non-current liabilities | 2,606,839 | 2,408,704 |
| Provisions | 661,070 | 667,361 |
| Financial liabilities2) | 446,878 | 433,198 |
| Trade payables | 2,747,014 | 2,729,754 |
| Non-financial liabilities | 310,644 | 422,419 |
| Income tax liabilities | 99,981 | 104,030 |
| Other financial liabilities | 354,104 | 365,771 |
| Current liabilities | 4,619,691 | 4,722,533 |
| Equity and liabilities | 10,280,866 | 10,275,537 |
| T€ | 1.1.–31.3.2015 | 1.1.–31.3.2014 |
|---|---|---|
| Net income | -127,452 | -140,301 |
| Deferred taxes | -34,457 | -35,319 |
| Non-cash effective results from consolidation | 122 | -2,958 |
| Non-cash effective results from associates | 6,411 | 4,495 |
| Depreciations/write ups | 93,246 | 94,427 |
| Change in long-term provisions | -2,313 | -12,553 |
| Gains/losses on disposal of non-current assets | -13,404 | -6,164 |
| Cash flow from earnings | -77,847 | -98,373 |
| Change in inventories | -36,025 | -32,927 |
| Change in trade receivables, construction contracts and consortia | 122,962 | 467,799 |
| Change in receivables from subsidiaries and receivables from participation companies | -2,933 | 1,976 |
| Change in other assets | -40,407 | -43,115 |
| Change in trade payables, construction contracts and consortia | -8,950 | -263,984 |
| Change in liabilities from subsidiaries and liabilities from participation companies | -8,959 | -2,550 |
| Change in other liabilities | -119,421 | -139,022 |
| Change in current provisions | -13,085 | -7,162 |
| Cash flow from operating activities | -184,665 | -117,358 |
| Purchase of financial assets | -501 | -1,243 |
| Purchase of intangible assets, property, plant and equipment | -66,411 | -60,596 |
| Gains/losses on disposal of non-current assets | 13,404 | 6,164 |
| Disposals of non-current assets (carrying value) | 12,040 | 9,193 |
| Change in other cash clearing receivables | 4,042 | 78 |
| Change in scope of consolidation | 4,606 | -1,745 |
| Cash flow from investing activities | -32,820 | -48,149 |
| Change in bank borrowings | 7,233 | -9,134 |
| Change in bonds | 200,000 | -7,500 |
| Change in liabilities from finance leases | -192 | -937 |
| Change in other cash clearing liabilities | -351 | -551 |
| Change in non-controlling interests due to acquisition | -78 | 0 |
| Distribution and withdrawals from partnerships | -2,404 | -15 |
| Cash flow from financing activities | 204,208 | -18,137 |
| Net change in cash and cash equivalents | -13,277 | -183,644 |
| Cash and cash equivalents at the beginning of the period | 1,906,038 | 1,684,700 |
| Change in cash and cash equivalents due to currency translation | 23,671 | -8,841 |
| Change in restricted cash and cash equivalents | -386 | 5,325 |
| Cash and cash equivalents at the end of the period | 1,916,046 | 1,497,540 |
| T€ | Share capital |
Capital reserves |
Retained earnings |
Hedging reserves |
Foreign currency reserves |
Group equity |
Non controlling interests |
Total equity |
|---|---|---|---|---|---|---|---|---|
| Balance as at 1.1.2015 | 114,000 | 2,311,384 | 659,165 | -112,259 | -87,578 | 2,884,712 | 259,588 | 3,144,300 |
| Net income | 0 | 0 | -116,468 | 0 | 0 | -116,468 | -10,984 | -127,452 |
| Differences arising from | ||||||||
| currency translation | 0 | 0 | 0 | 0 | 35,613 | 35,613 | 2,000 | 37,613 |
| Change in hedging reserves | 0 | 0 | 0 | 573 | 0 | 573 | 14 | 587 |
| Changes in investments in | ||||||||
| associates | 0 | 0 | 0 | -53 | 3,521 | 3,468 | 81 | 3,549 |
| Change of interest rate swap | 0 | 0 | 0 | -1,778 | 0 | -1,778 | -88 | -1,866 |
| Deferred taxes on neutral | ||||||||
| change in equity | 0 | 0 | 0 | 74 | 0 | 74 | 13 | 87 |
| Total comprehensive income | 0 | 0 | -116,468 | -1,184 | 39,134 | -78,518 | -8,964 | -87,482 |
| Transactions concerning | ||||||||
| non-controlling interests | 0 | 0 | 17 | 0 | 0 | 17 | -95 | -78 |
| Distribution of dividends | 0 | 0 | 0 | 0 | 0 | 0 | -2,404 | -2,404 |
| Balance as at 31.3.2015 | 114,000 | 2,311,384 | 542,714 | -113,443 | -48,444 | 2,806,211 | 248,125 | 3,054,336 |
| 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 |
The consolidated interim financial statements of STRABAG SE, based in Villach, Austria, with reporting date 31 March 2015, 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 2014.
The consolidated financial statements of the Group as at and for the year ended 31 December 2014 are available at www.strabag.com.
The following amended or new accounting standards are effective for annual periods beginning on or after 1 January 2015.
| 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) |
|
|---|---|---|
| IFRIC 21 Levies | 1.1.2014 | 17.6.2014 |
| Annual Improvements to IFRS 2011–2013 | 1.7.2014 | 1.1.2015 |
The first-time adoption of the aforementioned standards had only minor impact on the interim consolidated financial statements as at 31 March 2015.
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 2014.
Information regarding the accounting and valuation methods can be found in the annual financial statements with reporting date 31 December 2014.
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 2015 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 (investments in associates).
The number of consolidated companies changed in the first three months of 2015 as follows:
| Consolidation | Equity method | |
|---|---|---|
| Situation as at 31.12.2014 | 263 | 24 |
| Exclusions in year under report | -1 | -1 |
| Situation as at 31.3.2015 | 262 | 23 |
As at 31 March 2015, the following companies were no longer included in the scope of consolidation:
"Filmforum am Bahnhof" Errichtungs- und Betriebsgesellschaft m.b.H., Vienna Sale
Oder Havel Mischwerke Gmbh & Co. KG i.L., Berlin Fell below significant level
The deconsolidation resulted in disposal of assets in the amount of T€ 17,130 and of liabilities in the amount of T€ 12,524.
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 2015 as were used for the consolidated annual financial statements with reporting date 31 December 2014. Details regarding the methods of consolidation and principles of currency translation are available in the 2014 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.–31.3.2015 | 1.1.–31.3.2014 |
|---|---|---|
| Interest income | 16,325 | 16,764 |
| Interest expense | -7,312 | -7,906 |
| Net interest income | 9,013 | 8,858 |
| T€ | 1.1.–31.3.2015 | 1.1.–31.3.2014 |
|---|---|---|
| Income from investments in associates | 4,878 | 2,831 |
| Expenses arising from investments in associates | -9,401 | -7,326 |
| Profits resulting from consortia | 20,582 | 14,970 |
| Losses resulting from consortia | -11,562 | -17,642 |
| Share of profit or loss of associates | 4,497 | -7,167 |
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 1-3/2015, no goodwill from capital consolidation was capitalised and no impairments were made.
In 1-3/2015, tangible and intangible assets in the amount of T€ 66,411 (1-3/2014: T€ 60,596) were acquired.
In the same period, tangible and intangible assets with a book value of T€ 6,642 (1-3/2014: T€ 4,288) were sold.
On the reporting date, there were T€ 86,134 (31 March 2014: T€ 118,916) in contractual commitments for the acquisition of property, plant and equipment which were not considered in the interim financial statements.
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€ -69,411 (31 December 2014: T€ -63,677) 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€ 538,608 (31 December 2014: T€ 538,608), 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:
Guarantees without financial guarantees 155 155
T€ 31.3.2015 31.12.2014
Furthermore, there is a derived credit risk arising from the financial guarantee contracts (guarantees issued) of T€ 42,213 (31 December 2014: T€ 42,209).
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€ | 31.3.2015 | 31.3.2014 |
|---|---|---|
| Securities | 3,099 | 3,075 |
| Cash on hand | 4,912 | 3,921 |
| Bank deposits | 1,926,402 | 1,512,487 |
| Restricted cash abroad | -7,751 | -11,364 |
| Pledge of cash and cash equivalents | -10,616 | -10,579 |
| Cash and cash equivalents | 1,916,046 | 1,497,540 |
The cash flow from operating activities in the reporting year contains the following items:
| T€ | 1.1.–31.3.2015 | 1.1.–31.3.2014 |
|---|---|---|
| Interest paid | 13,301 | 9,285 |
| Interest received | 11,429 | 10,833 |
| Taxes paid | 22,533 | 29,648 |
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 is based on the dedicated Management Board areas 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 | 1,111,427 | 637,820 | 683,488 | 35,600 | 2,468,335 | |
| Revenue | 1,033,255 | 592,057 | 653,725 | 4,922 | 0 | 2,283,959 |
| Inter-segment revenue | 22,338 | 7,601 | 21,176 | 146,974 | ||
| EBIT | -86,705 | -57,492 | -19,695 | -270 | 4,838 | -159,324 |
| Interest and similar income | 0 | 0 | 0 | 29,697 | 0 | 29,697 |
| Interest expense and similar charges | 0 | 0 | 0 | -21,998 | 0 | -21,998 |
| EBT | -86,705 | -57,492 | -19,695 | 7,429 | 4,838 | -151,625 |
| 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 |
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 or 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 with EBIT respectively EBT in the consolidated financial statements in terms of the investment result.
Other minor differences result from entries in other consolidation.
| T€ | 1.1.–31.3.2015 | 1.1.–31.3.2014 |
|---|---|---|
| Net income from investments | 4,650 | 5,989 |
| Other consolidations | 188 | -1,256 |
| Total | 4,838 | 4,733 |
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€ -1,873,236 on 31 March 2015 (31 December 2014: T€ -1,663,428) compared to the recognised book value of T€ -1,817,357 (31 December 2014: T€ -1,609,922).
The fair values as at 31 March 2015 for financial instruments were measured as follows:
| T€ | Level 1 | Level 2 | Total |
|---|---|---|---|
| Assets | |||
| Securities | 35,730 | 0 | 35,730 |
| Cash and cash equivalents (securities) | 3,099 | 0 | 3,099 |
| Derivatives held for hedging purposes | 0 | -64,932 | -64,932 |
| Total | 38,829 | -64,932 | -26,103 |
| Liabilities | |||
| Derivatives held for hedging purposes | 0 | -8,070 | -8,070 |
| Total | 0 | -8,070 | -8,070 |
The fair values as at 31 December 2014 for financial instruments were measured as follows:
| T€ | Level 1 | Level 2 | Gesamt |
|---|---|---|---|
| Assets | |||
| Securities | 36,546 | 0 | 36,546 |
| Cash and cash equivalents (securities) | 3,093 | 0 | 3,093 |
| Derivatives held for hedging purposes | 0 | -63,425 | -63,425 |
| Total | 39,639 | -63,425 | -23,786 |
| Liabilities | |||
| Derivatives held for hedging purposes | 0 | -12,980 | -12,980 |
| Total | 0 | -12,980 | -12,980 |
Notes on related parties may be found in the 2014 consolidated financial statements. Since 31 December 2014, 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 March 2015 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 of 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, 29 May 2015
Management Board
Dr. Thomas Birtel CEO Responsibility Central Divisions and Central Staff Divisions (except BRVZ) as well as Division 3L RANC1)
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 Division 3L RANC)
| Interim Report January–March 2015 | 29 May 2015 |
|---|---|
| Publication | 7:30 a.m. |
| Investor and analyst conference call | 2:00 p.m. |
| Notice of Annual General Meeting | 15 May 2015 |
| Shareholding confirmation record date | 2 June 2015 |
| Annual General Meeting 2015 | 12 June 2015 |
| Beginning | 10:00 a.m. |
| Location: Austria Center Vienna, 1220 Vienna | |
| Ex-dividend date | 19 June 2015 |
| Payment date for dividend | 22 June 2015 |
| Semi-annual Report 2015 | 31 August 2015 |
| Publication | 7:30 a.m. |
| Investor and analyst conference call | 2:00 p.m. |
| Interim Report January–September 2015 | 30 November 2015 |
| Publication | 7:30 a.m. |
| Investor and analyst conference call | 2:00 p.m. |
All times are CET/CEST. Please find the current roadshow schedule on the website www.strabag.com > Investor Relations > Company Calendar.
| Maturity | Coupon % | Volume € mln. |
ISIN | Stock exchange |
|---|---|---|---|---|
| 2011–2018 | 4.75 | 175 | AT0000A0PHV9 | Vienna |
| 2012–2019 | 4.25 | 100 | AT0000A0V7D8 | Vienna |
| 2013–2020 | 3.00 | 200 | AT0000A109Z8 | Vienna |
| 2015–2022 | 1.625 | 200 | AT0000A1C741 | 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:
This Interim Report is also available in German. In case of discrepancy the German version prevails.
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