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PORR Group

PORR's Cash & Cash Equivalents rose 39.9% yoy to EUR 466 mil in 2014

By Helgi Library - April 2, 2020

PORR Group's total assets reached EUR 2,146 mil at the end of 2014, down 6.55% compared to the previous year. Curr...

Profit Statement 2012 2013 2014
Sales EUR mil 2,315 2,630 3,009
Gross Profit EUR mil 859 881 983
EBITDA EUR mil 93.7 147 156
EBIT EUR mil 32.5 80.9 81.7
Financing Cost EUR mil 37.8 21.3 15.6
Pre-Tax Profit EUR mil 22.0 59.7 63.1
Net Profit EUR mil 17.3 46.4 41.4
Dividends EUR mil 3.78 12.1 ...
Balance Sheet 2012 2013 2014
Total Assets EUR mil 2,058 2,296 2,146
Non-Current Assets EUR mil 1,101 1,069 728
Current Assets EUR mil 959 1,228 1,418
Working Capital EUR mil 176 134 142
Shareholders' Equity EUR mil 323 348 385
Liabilities EUR mil 1,735 1,949 1,761
Total Debt EUR mil 697 690 401
Net Debt EUR mil 587 357 -64.6
Ratios 2012 2013 2014
ROE % 5.51 13.8 11.3
ROCE % 1.31 3.74 3.99
Gross Margin % 37.1 33.5 32.7
EBITDA Margin % 4.05 5.57 5.20
EBIT Margin % 1.40 3.08 2.72
Net Margin % 0.745 1.76 1.38
Net Debt/EBITDA 6.26 2.44 -0.413
Net Debt/Equity 1.82 1.03 -0.168
Cost of Financing % 5.08 3.07 2.86
Valuation 2012 2013 2014
Market Capitalisation USD mil 269 410 785
Enterprise Value (EV) USD mil 1,043 902 707
Number Of Shares mil 11.0 11.9 14.5
Share Price EUR 18.6 25.0 44.6
EV/EBITDA 8.67 4.64 3.50
EV/Sales 0.351 0.258 0.182
Price/Earnings (P/E) 11.8 6.41 15.7
Price/Book Value (P/BV) 0.632 0.855 1.68
Dividend Yield % 1.85 4.07 ...

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summary Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
income statement                                
Sales EUR mil                   2,656 2,456 2,217 2,212 2,315    
Gross Profit EUR mil ... ... ... ... ... ... ... ... ... 838 786 757 742 859    
EBIT EUR mil                   70.9 64.0 49.1 -43.1 32.5    
Net Profit EUR mil                   28.1 23.8 8.09 -74.9 17.3    
ROE %                   7.69 5.63 1.70 -19.2 5.51    
EBIT Margin %                   2.67 2.61 2.21 -1.95 1.40    
Net Margin %                   1.06 0.968 0.365 -3.39 0.745    
Employees ... ... ... ... ... ... ...     12,116 11,880 11,654 10,618 10,696    
balance sheet                                
Total Assets EUR mil                   1,903 1,991 2,178 2,145 2,058    
Non-Current Assets EUR mil                   956 1,051 1,131 1,178 1,101    
Current Assets EUR mil                   946 940 1,047 959 959    
Shareholders' Equity EUR mil                   368 476 477 303 323    
Liabilities EUR mil                   1,534 1,515 1,701 1,841 1,735    
Non-Current Liabilities EUR mil                   713 648 769 843 596    
Current Liabilities EUR mil                   822 867 932 990 1,143    
Net Debt/EBITDA                   4.23 4.04 4.29 77.9 6.26    
Net Debt/Equity                   1.46 0.999 0.925 2.10 1.82    
Cost of Financing % ...                 6.48 6.07 5.59 6.31 5.08    
cash flow                                
Total Cash From Operations EUR mil ...                 52.4 78.8 160 39.5 111    
Total Cash From Investing EUR mil ...                 -85.8 -88.2 -99.9 -126 -108    
Total Cash From Financing EUR mil ...                 4.42 84.0 -10.5 28.1 -46.0    
Net Change In Cash EUR mil ...                 -29.0 74.6 49.1 -58.3 -43.4    
valuation                                
Market Capitalisation USD mil                   382 399 440 421 269    
Number Of Shares mil                   8.13 8.83 10.6 10.8 11.0    
Share Price EUR                   33.8 31.6 31.3 30.0 18.6    
Earnings Per Share (EPS) EUR                   3.46 2.69 0.762 -6.91 1.58    
Book Value Per Share EUR                   45.3 53.9 45.0 28.0 29.5    
Dividend Per Share EUR                   0.550 0.661 0.138 0 0.345   ...
Price/Earnings (P/E)                   9.76 11.7 41.0 -4.34 11.8    
Price/Book Value (P/BV)                   0.745 0.585 0.695 1.07 0.632    
Dividend Yield %                   1.63 2.10 0.440 0 1.85   ...
Earnings Per Share Growth % ...                 27.7 -22.1 -71.7 -1,007 -123    
Book Value Per Share Growth % ...                 1.72 19.0 -16.5 -37.8 5.25    
income statement Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
income statement                                
Sales EUR mil                   2,656 2,456 2,217 2,212 2,315    
Cost of Goods & Services EUR mil ... ... ... ... ... ... ... ... ... 1,819 1,670 1,460 1,471 1,455    
Gross Profit EUR mil ... ... ... ... ... ... ... ... ... 838 786 757 742 859    
Staff Cost EUR mil ... ... ... ... ... ... ... ... ... 592 572 555 583 625    
Other Cost EUR mil ... ... ... ... ... ... ... ... ... 118 95.5 98.8 150 140    
EBITDA EUR mil                   128 118 103 8.16 93.7    
Depreciation EUR mil                   56.7 53.5 53.7 51.3 61.2    
EBIT EUR mil                   70.9 64.0 49.1 -43.1 32.5    
Financing Cost EUR mil                   40.0 38.4 36.1 45.5 37.8    
Extraordinary Cost EUR mil                   -15.8 -10.9 -7.78 -2.91 -27.3    
Pre-Tax Profit EUR mil                   46.7 36.5 20.7 -85.7 22.0    
Tax EUR mil                   8.75 5.53 4.03 -13.5 4.02    
Minorities EUR mil                   9.82 7.22 8.62 2.75 0.742    
Net Profit EUR mil                   28.1 23.8 8.09 -74.9 17.3    
Dividends EUR mil                   4.47 5.84 1.46 0 3.78   ...
growth rates                                
Total Revenue Growth % ...                 20.0 -7.55 -9.71 -0.224 4.63    
Operating Cost Growth % ... ... ... ... ... ... ... ... ... ... -5.92 -2.05 12.1 4.39    
EBITDA Growth % ...                 19.7 -7.86 -12.6 -92.1 1,048    
EBIT Growth % ...                 33.2 -9.66 -23.3 -188 -175    
Pre-Tax Profit Growth % ...                 21.1 -21.8 -43.2 -514 -126    
Net Profit Growth % ...                 27.7 -15.5 -66.0 -1,026 -123    
ratios                                
ROE %                   7.69 5.63 1.70 -19.2 5.51    
ROCE % ...                 2.29 1.80 0.582 -5.34 1.31    
Gross Margin % ... ... ... ... ... ... ... ... ... 31.5 32.0 34.1 33.5 37.1    
EBITDA Margin %                   4.80 4.79 4.63 0.369 4.05    
EBIT Margin %                   2.67 2.61 2.21 -1.95 1.40    
Net Margin %                   1.06 0.968 0.365 -3.39 0.745    
Payout Ratio %                   15.9 24.6 18.0 0 21.9   ...
Cost of Financing % ...                 6.48 6.07 5.59 6.31 5.08    
Net Debt/EBITDA                   4.23 4.04 4.29 77.9 6.26    
balance sheet Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
balance sheet                                
Non-Current Assets EUR mil                   956 1,051 1,131 1,178 1,101    
Property, Plant & Equipment EUR mil                   406 384 401 410 394    
Intangible Assets EUR mil                   55.7 57.3 31.4 51.0 61.5    
Current Assets EUR mil                   946 940 1,047 959 959    
Inventories EUR mil                   95.7 75.0 74.3 55.1 81.1    
Receivables EUR mil                   694 602 652 603 610    
Cash & Cash Equivalents EUR mil                   88.4 163 212 154 110    
Total Assets EUR mil                   1,903 1,991 2,178 2,145 2,058    
Shareholders' Equity EUR mil                   368 476 477 303 323    
Of Which Minority Interest EUR mil                   76.7 75.5 83.3 2.89 3.88    
Liabilities EUR mil                   1,534 1,515 1,701 1,841 1,735    
Non-Current Liabilities EUR mil                   713 648 769 843 596    
Long-Term Debt EUR mil                   550 465 507 632 442    
Deferred Tax Liabilities EUR mil ... ... ... ... ... ... ... ... ... ... ... ... ... ...    
Current Liabilities EUR mil                   822 867 932 990 1,143    
Short-Term Debt EUR mil                   77.7 174 147 158 255    
Trade Payables EUR mil                   439 388 418 470 515    
Provisions EUR mil ... ... ... ... ... ... ... ... ... ... ... ... ... ...    
Equity And Liabilities EUR mil                   1,903 1,991 2,178 2,145 2,058    
growth rates                                
Total Asset Growth % ...                 2.67 4.63 9.40 -1.53 -4.04    
Shareholders' Equity Growth % ...                 1.72 29.1 0.339 -36.5 6.37    
Net Debt Growth % ...                 9.88 -11.9 -7.14 44.1 -7.79    
Total Debt Growth % ...                 3.72 1.63 2.38 20.9 -11.8    
ratios                                
Total Debt EUR mil                   628 638 654 790 697    
Net Debt EUR mil                   540 475 441 636 587    
Working Capital EUR mil                   351 290 308 187 176    
Capital Employed EUR mil                   1,307 1,340 1,440 1,365 1,278    
Net Debt/Equity                   1.46 0.999 0.925 2.10 1.82    
Cost of Financing % ...                 6.48 6.07 5.59 6.31 5.08    
cash flow Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
cash flow                                
Net Profit EUR mil                   28.1 23.8 8.09 -74.9 17.3    
Depreciation EUR mil                   56.7 53.5 53.7 51.3 61.2    
Non-Cash Items EUR mil ...                 28.1 -59.6 116 -57.9 21.3    
Change in Working Capital EUR mil ...                 -60.5 61.1 -18.6 121 11.2    
Total Cash From Operations EUR mil ...                 52.4 78.8 160 39.5 111    
Capital Expenditures EUR mil ...                 -87.0 -87.3 -105 -127 -116    
Other Investments EUR mil ...                 1.21 -0.934 4.95 0.992 7.61    
Total Cash From Investing EUR mil ...                 -85.8 -88.2 -99.9 -126 -108    
Dividends Paid EUR mil                   -4.47 -5.84 -1.46 0 -3.78   ...
Issuance Of Debt EUR mil ...                 22.6 10.2 15.2 136 -93.0    
Total Cash From Financing EUR mil ...                 4.42 84.0 -10.5 28.1 -46.0    
Net Change In Cash EUR mil ...                 -29.0 74.6 49.1 -58.3 -43.4    
ratios                                
Days Sales Outstanding days                   95.4 89.5 107 99.4 96.2    
Days Sales Of Inventory days ... ... ... ... ... ... ... ... ... 19.2 16.4 18.6 13.7 20.3    
Days Payable Outstanding days ... ... ... ... ... ... ... ... ... 88.1 84.7 105 117 129    
Cash Conversion Cycle days ... ... ... ... ... ... ... ... ... 26.5 21.2 21.4 -3.65 -12.6    
Cash Earnings EUR mil                   84.8 77.3 61.8 -23.6 78.4    
Cash Earnings Per Share EUR                   10.4 8.76 5.82 -2.18 7.16    
Price/Cash Earnings (P/CE)                   3.24 3.60 5.37 -13.8 2.60    
Free Cash Flow EUR mil ...                 -33.4 -9.34 59.6 -86.4 2.61    
Free Cash Flow Yield % ...                 -12.8 -3.25 17.9 -28.5 1.25    
other data Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
other data                                
ROA %                   1.50 1.22 0.388 -3.47 0.821    
Gross Margin % ... ... ... ... ... ... ... ... ... 31.5 32.0 34.1 33.5 37.1    
Employees ... ... ... ... ... ... ...     12,116 11,880 11,654 10,618 10,696    
Cost Per Employee USD per month ... ... ... ... ... ... ... ... ... 5,953 5,585 5,255 6,367 6,255    
Cost Per Employee (Local Currency) EUR per month ... ... ... ... ... ... ... ... ... 4,069 4,016 3,972 4,579 4,872    
Staff Cost (As % Of Total Cost) % ... ... ... ... ... ... ... ... ... 22.9 23.9 25.6 25.9 27.4    
Effective Tax Rate %                   18.7 15.1 19.4 15.8 18.2    
Enterprise Value (EV) USD mil                   1,133 1,080 1,026 1,246 1,043    
EV/EBITDA                   6.07 6.61 7.54 110 8.67    
EV/Capital Employed                   0.623 0.562 0.537 0.704 0.619    
EV/Sales                   0.292 0.316 0.350 0.405 0.351    
EV/EBIT                   10.9 12.1 15.8 -20.8 25.0    
Capital Expenditures (As % of Sales) % ...                 3.28 3.55 4.73 5.74 5.01    
Employees (Domestic) ... ... ... ... ... ... ...     9,010 8,644 8,227 8,205 8,244    
Employees (Abroad) ... ... ... ... ... ... ...     3,106 3,236 3,427 3,392 3,526    
Production Output (Total) EUR mil ... ... ... ... ... ... ... ... ... ... 2,905 2,797 2,905 2,891    
Production Output (Domestic) EUR mil ... ... ... ... ... ... ... ... ... ... 1,822 1,745 1,822 1,946    
Production Output (Abroad) EUR mil ... ... ... ... ... ... ... ... ... ... 1,083 1,052 1,083 945    
Order Backlog (Total) EUR mil ... ... ... ... ... ... ... ... ... 1,935 2,187 1,999 2,529 3,373    
Order Backlog (Austria) EUR mil ... ... ... ... ... ... ... ... ... 1,233 1,335 1,264 1,822 1,946    
Order Backlog (Germany) EUR mil ... ... ... ... ... ... ...     265 234 220 254 330    
Order Backlog (Poland) EUR mil ... ... ... ... ... ... ...     129 335 273 236 234    
Order Backlog (Switzerland) EUR mil ... ... ... ... ... ... ... ... ... 122 107 140 85.0 55.0    
Order Backlog (Czech Republic) EUR mil ... ... ... ... ... ... ...     185 176 103 141 130    
Sales from Dach Unit EUR mil ... ... ... ... ... ... ... ... ... ... ... 1,495 1,531 1,535    
Sales from CEE/SEE Unit EUR mil ... ... ... ... ... ... ... ... ... ... ... 431 381 348    
Sales from Infrastructure Unit EUR mil ... ... ... ... ... ... ... ... ... ... ... 281 281 384    
Sales from Environmental Engineering Unit EUR mil ... ... ... ... ... ... ... ... ... ... ... 27.0 30.0 38.0    
Production Output from Dach Unit EUR mil ... ... ... ... ... ... ... ... ... 1,748 1,669 1,600 1,636 1,719    
Production Output CEE/SEE Unit EUR mil ... ... ... ... ... ... ... ... ... 553 399 466 425 364    
Production Output Infrastructure Unit EUR mil ... ... ... ... ... ... ... ... ... 603 559 496 515 462    
Production Output Environmental Engineering Unit EUR mil ... ... ... ... ... ... ... ... ... 70.0 67.0 89.0 70.0 78.0    
Production Output Real Estate Unit EUR mil ... ... ... ... ... ... ... ... ... 215 183 176 259 268    
Production Output - Foreign Share from Dach Unit % ... ... ... ... ... ... ... ... ... 17.1 14.4 14.4 13.1 13.8    
Production Output - Foreign Share from Infrastructure Unit % ... ... ... ... ... ... ... ... ... 53.3 58.1 48.8 53.0 38.9    
Production Output - Foreign Share from Environmental Engineering Unit % ... ... ... ... ... ... ... ... ... 12.8 10.3 9.30 14.3 18.2    
Production Output - Foreign Share from Real Estate Unit % ... ... ... ... ... ... ... ... ... 67.9 65.0 60.1 62.0 55.7   ...
Order Backlog from Dach Unit EUR mil ... ... ... ... ... ... ... ... ... 1,007 1,082 1,243 1,251 1,492    
Order Backlog from CEE/SEE Unit EUR mil ... ... ... ... ... ... ... ... ... 395 601 416 342 379    
Order Backlog from Infrastructure Unit EUR mil ... ... ... ... ... ... ... ... ... 851 834 641 1,024 1,205    
Order Backlog from Environmental Engineering Unit EUR mil ... ... ... ... ... ... ... ... ... 52.0 23.0 15.0 43.0 66.0    
Order Backlog from Real Estate Unit EUR mil ... ... ... ... ... ... ... ... ... 249 144 134 104 217   ...
Order Bookings from Dach Unit EUR mil ... ... ... ... ... ... ... ... ... ... ... 1,761 1,644 1,960    
Order Bookings from CEE/SEE Unit EUR mil ... ... ... ... ... ... ... ... ... ... ... 416 342 401    
Order Bookings from Infrastructure Unit EUR mil ... ... ... ... ... ... ... ... ... ... ... 303 899 642    
Order Bookings from Environmental Engineering Unit EUR mil ... ... ... ... ... ... ... ... ... ... ... 80.0 98.0 101    
Employees - Dach Unit ... ... ... ... ... ... ... ... ... 7,617 7,451 7,133 6,821 6,629    
Employees - CEE/SEE Unit ... ... ... ... ... ... ... ... ... 2,034 2,030 2,015 1,811 1,662    
Employees - Infrastructure Unit ... ... ... ... ... ... ... ... ... 1,531 1,315 1,264 1,125 1,285    
Employees - Environmental Engineering Unit ... ... ... ... ... ... ... ... ... 220 230 236 195 229    
Employees - Real Estate Unit ... ... ... ... ... ... ... ... ... 331 460 594 262 300   ...

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Apr 2014
Company Report
Apr 2014
Statistical Dossier

Porr AG is an Austria-based construction Company involved in various types of construction projects worldwide. The Company offers specialized civil and underground engineering, road construction, environmental technology and real estate development activities. In addition, the Company is involved in developing PPP projects in civil engineering and building construction, as well as infrastructure, energy, healthcare, and tourism; and development of projects in office and residential construction. The Company also develops, rents, and sells real estate; and provides services in the areas of environmental engineering sector as well as offers real estate consultancy services. The company was founded in 1869 and is headquartered in Vienna, Austria.

Finance

PORR Group has been growing its sales by a year on average in the last 5 years. EBITDA has grown on average by 5.88% a year during that time to total of EUR 156 mil in 2014, or 5.20% of sales. That’s compared to 3.96% average margin seen in last five years.

The company netted EUR 41.4 mil in 2014 implying ROE of 11.3% and ROCE of 3.99%. Again, the average figures were 2.63% and 0.856%, respectively when looking at the previous 5 years.

PORR Group’s net debt amounted to EUR -64.6 mil at the end of 2014, or -0.168 of equity. When compared to EBITDA, net debt was -0.413x, down when compared to average of 18.1x seen in the last 5 years.

Valuation

PORR Group stock traded at EUR 44.6 per share at the end of 2014 resulting in a market capitalization of USD 785 mil. Over the previous five years, stock price grew by 41.3% or 7.15% a year on average. The closing price put stock at a 12-month trailing EV/EBITDA of 3.50x and price to earnings (PE) of 15.7x as of 2014.

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