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EQS-News: STRABAG SE: order backlog exceeds € 25 billion for first time

EQS-News: STRABAG SE: order backlog exceeds € 25 billion for first time
   EQS-News: STRABAG SE / Key word(s): Half Year Results
   STRABAG SE: order backlog exceeds € 25 billion for first time

   30.08.2024 / 07:00 CET/CEST
   The issuer is solely responsible for the content of this announcement.

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   STRABAG SE: order backlog exceeds € 25 billion for first time

     • Slight output growth of 1%
     • Order backlog up to € 25.2 billion (+7% vs. 31 December 2023)
     • EBIT margin stable at 1.1% at the half-year mark, net income after
       minorities up 23% to € 91.5 million
     • Outlook for 2024 confirmed: output of around € 19.4 billion, EBIT
       margin ≥ 4%
     • Semi-Annual Report 2024 now also available fully online at
       report.strabag.com

    

                                         
   STRABAG SE           6M/2024   6M/2023   % 6M/2023–6M/2024  
   Output volume        8,329.29  8,258.62  1%                 
   Order backlog        25,191.89 24,320.48 4%                 
   Employees (FTE)      77,337    75,551    2%                 
                                                               
   NORTH + WEST         6M/2024   6M/2023   % 6M/2023–6M/2024  
   Output volume        3,589.32  3,628.35  -1%                
   Order backlog        12,035.28 10,529.54 14%                
   Employees (FTE)      22,050    21,787    1%                 
                                                               
   SOUTH + EAST^1)      6M/2024   6M/2023   % 6M/2023–6M/2024  
   Output volume        3,143.96  3,171.41  -1%                
   Order backlog        8,078.81  8,513.15  -5%                
   Employees (FTE)      26,159    26,310    -1%                
                                                               
   INTERNATIONAL +                                             
   SPECIAL DIVISIONS^1) 6M/2024   6M/2023   % 6M/2023–6M/2024
   Output volume        1,481.03  1,345.93  10%                
   Order backlog        5,053.19  5,197.35  -3%                
   Employees (FTE)      21,532    19,889    8%                 
                                                               
   OTHER                6M/2024   6M/2023   % 6M/2023–6M/2024  
   Output volume        114.98    112.93    2%                 
   Order backlog        24.61     80.44     -69%               
   Employees (FTE)      7,596     7,565     0%                 

   1)    The construction materials business, previously reported as part of
   International + Special Divisions, was integrated into the South + East
   segment with retroactive effect from 1 January 2023. The previous year’s
   figures have been adjusted accordingly.

   STRABAG SE, the publicly listed European technology group for construction
   services, today announced its figures for the first half of 2024. “A look
   at the first half of the year reveals a continued challenging market
   environment in certain European countries, especially in Austria. We can
   compensate for these fluctuations at the corporate level, however,
   allowing us to report another strong result. Of particular note is our
   record order backlog of over € 25 billion, which offers us good visibility
   towards 2026,” says Klemens Haselsteiner, CEO of STRABAG SE.

   Output volume and revenue
   STRABAG SE generated an output volume of € 8,329.29 million in the first
   half of 2024, a slight plus of 1% compared to the same period of the
   previous year. Output growth in the home market of Germany, in Poland and
   in transportation infrastructures in Romania had a particularly positive
   influence on this figure. Output fell substantially in Austria, on the
   other hand, where the sharp decline in the residential construction market
   is having an expected impact. Following the successful acquisition of
   several large-scale projects, which are being realised under joint venture
   arrangements, Group revenue fell by 3% in relation to output. This
   development is also reflected in the revenue-to-output ratio, which fell
   from 93% to 90% year-on-year.

   Order backlog
   The order backlog exceeded the € 25 billion mark for the first time at the
   end of June 2024, reaching a total of € 25,191.89 million. This
   corresponds to a year-on-year increase of 4%. Compared to the end of 2023,
   the order backlog grew by 7%, reflecting the state of project acquisitions
   in the year to date. “In line with our Strategy 2030, we acquired several
   new projects related to the energy transition and the adaptive reuse of
   existing buildings. These include the civil engineering works for the
   European energy infrastructure project SuedOstLink and the refurbishment
   of the main and regional offices of the pension insurance organisation in
   Vienna. In addition, we were awarded contracts for major infrastructure
   projects in Germany and Canada as well as in Central and Eastern European
   countries,” says Klemens Haselsteiner, CEO of STRABAG SE.

   The largest increases in absolute terms were recorded in Germany, Poland
   and Slovakia. In contrast, the volume of orders is down in building
   construction in Austria – here due primarily to the difficult situation in
   residential construction – as well as in Hungary and the United Kingdom –
   here as a result of the gradual completion of major projects.

   Financial performance
   Earnings before interest, taxes, depreciation and amortisation (EBITDA)
   increased slightly by 2% to € 358.87 million in the first half of 2024.
   The depreciation and amortisation expense grew by 5% year-on-year to €
   276.95 million. As a result, earnings before interest and taxes (EBIT)
   were slightly lower at € 81.92 million (6M/2023: € 87.35 million). Despite
   the slight decrease, however, the EBIT is still very much in line with the
   multi-year comparison. While earnings improved in the segments North +
   West and International + Special Divisions, losses in South + East
   increased in the first half of the year.

   Net interest income almost doubled year-on-year to € 52.23 million
   (6M/2023: € 26.54 million). This development was mainly due to a
   significant increase in interest income. STRABAG SE’s solid liquidity and
   the prevailing interest rate environment had a positive effect. The net
   interest income includes negative exchange rate differences of € -5.54
   million (6M/2023: € -4.65 million). Earnings before taxes (EBT) therefore
   came to € 134.15 million, compared to € 113.89 million in the previous
   year. Income taxes amounted to €  -41.11 million (6M/2023: € -37.28
   million), which corresponds to a slightly lower income tax rate of 31%.
   This resulted in net income of € 93.04 million, corresponding to a plus
   21% over the first half of 2023.

   The earnings attributable to minority shareholders remained almost
   unchanged in absolute terms at € 1.53 million. Overall, net income after
   minorities increased by 23% to € 91.51 million (6M/2023: € 74.14 million)
   – the highest figure ever achieved by STRABAG SE in a first half-year
   period. With a weighted number of 108,490,336 shares outstanding in the
   first half of 2024, earnings per share amounted to € 0.84 (6M/2023: €
   0.74).

   Financial position and cash flows
   The balance sheet total fell slightly to € 13.6 billion, a decrease of 1%
   compared to the end of 2023. Due to seasonal effects, inventories and
   contract assets increased, while cash and cash equivalents decreased in
   the first half of 2024.

   The final step in the capital measures to reduce the stake held by MKAO
   “Rasperia Trading Limited” – the implementation of the ordinary non-cash
   capital increase – was entered into the commercial register in March 2024.
   As a result, the share capital of STRABAG SE increased from € 102.6
   million to € 118.2 million. Due in particular to the dividend distribution
   for the 2023 financial year, which took place in June 2024, the equity
   ratio fell from a still high level of 32.2% at the end of 2023 to 31.2% at
   the end of June.

   STRABAG continues to report a net cash position. Compared to 31 December
   2023, this figure fell, as is usual for the season, from € 2,643.24
   million to € 1,619.08 million.

   The cash flow from operating activities returned to negative territory at
   € -415.00 million (6M/2023: € 174.93 million), primarily due to the
   increase in inventories and contract assets.

   At € -322.49 million, the cash flow from investing activities was slightly
   less negative than in the previous year (6M/2023: € -344.65 million).
   Higher investments in intangible assets and in property, plant and
   equipment were offset by higher inflows from asset disposals and slightly
   lower outflows for enterprise acquisitions. The focus of the Group’s
   investing activities was on acquisitions to further expand its expertise
   in mechanical and electrical engineering services (M&E).

   The cash flow from financing activities amounted to € -299.76 million in
   the first half of 2024 (6M/2023: € -292.37 million). In addition to the
   distribution of the dividend for the 2023 financial year, this figure also
   includes the payment of the capital reduction to those free float
   shareholders who opted for the cash alternative as part of the capital
   measures and who have already submitted their book-entry securities in
   this regard. The first half of 2023 included the payment for the
   acquisition of own shares tendered as part of the mandatory offer made at
   that time.

   Employees
   STRABAG had an average of 77,337 employees (FTE) in the first half of
   2024, an increase of 2% compared to the same period of the previous year.
   The largest increases were recorded in Germany and the Benelux region from
   acquisitions in the property and facility services portfolio, specifically
   in M&E and energy management.

   Outlook for 2024
   The Management Board continues to expect an output volume of around € 19.4
   billion for the full year 2024, a target that is well supported by the
   current state of the order backlog. The EBIT margin should again reach at
   least 4%. Net investments (cash flow from investing activities) are also
   forecast to reach a maximum of
   € 750 million.

   STRABAG SE is a European-based technology group for construction services,
   a leader in innovation and financial strength. Our activities span all
   areas of the construction industry and cover the entire construction value
   chain. We create added value for our clients by taking an end-to-end view
   of construction over the entire life cycle – from planning and design to
   construction, operation and facility management to redevelopment or
   demolition. In all of our work, we accept responsibility for people and
   the environment: We are shaping the future of construction and are making
   significant investments in our portfolio of more than 250 innovation and
   400 sustainability projects. Through the hard work and dedication of our
   approximately 86,000 employees, we generate an annual output volume of
   around € 19 billion.

   Our dense network of subsidiaries in various European countries and on
   other continents extends our area of operation far beyond the borders of
   Austria and Germany. Working together with strong partners, we are
   pursuing a clear goal: to design, build and operate construction projects
   in a way that protects the climate and conserves resources. More
   information is available at www.strabag.com.

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   30.08.2024 CET/CEST This Corporate News was distributed by EQS Group AG.
   www.eqs.com

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   Language:    English
   Company:     STRABAG SE
                Donau-City-Straße 9
                1220 Vienna
                Austria
   Phone:       +43 1 22422 – 1089
   Fax:         +43 1 22422 - 1177
   E-mail:      investor.relations@strabag.com
   Internet:    www.strabag.com
   ISIN:        AT000000STR1, AT0000A36HJ5
   Listed:      Vienna Stock Exchange (Official Market)
   EQS News ID: 1974995


    
   End of News EQS News Service


   1974995  30.08.2024 CET/CEST

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