Strabag SE

Strabag's Cash & Cash Equivalents rose 12.4% yoy to EUR 1,924 mil in 2014

By Helgi Analytics - April 2, 2020

Strabag SE's total assets reached EUR 10,276 mil at the end of 2014, down 2.7% compared to the previous year. Curr...

Profit Statement 2012 2013 2014
Sales EUR mil 12,983 12,394 12,476
Gross Profit EUR mil 4,328 4,190 4,312
EBITDA EUR mil 608 695 720
EBIT EUR mil 207 262 282
Financing Cost EUR mil 50.7 31.5 26.2
Pre-Tax Profit EUR mil 156 230 256
Net Profit EUR mil 60.6 114 128
Dividends EUR mil 20.8 37.7 57.6
Balance Sheet 2012 2013 2014
Total Assets EUR mil 10,138 10,561 10,276
Non-Current Assets EUR mil 4,546 4,416 4,506
Current Assets EUR mil 5,591 6,145 5,769
Working Capital EUR mil 843 867 593
Shareholders' Equity EUR mil 3,163 3,239 3,144
Liabilities EUR mil 6,975 7,322 7,131
Total Debt EUR mil 2,055 1,723 1,610
Net Debt EUR mil 693 10.7 -314
Ratios 2012 2013 2014
ROE % 1.92 3.55 4.01
ROCE % 1.16 2.13 2.47
Gross Margin % 33.3 33.8 34.6
EBITDA Margin % 4.69 5.61 5.77
EBIT Margin % 1.60 2.11 2.26
Net Margin % 0.467 0.916 1.03
Net Debt/EBITDA 1.14 0.015 -0.436
Net Debt/Equity 0.219 0.003 -0.100
Cost of Financing % 2.42 1.67 1.57
Valuation 2012 2013 2014
Market Capitalisation USD mil 3,003 3,019 2,258
Enterprise Value (EV) USD mil 3,918 3,034 1,877
Number Of Shares mil 111 103 103
Share Price EUR 20.4 21.3 18.2
EV/EBITDA 5.02 3.29 2.02
EV/Sales 0.235 0.184 0.117
Price/Earnings (P/E) 37.5 19.3 14.6
Price/Book Value (P/BV) 0.680 0.675 0.593
Dividend Yield % 0.915 1.72 3.09

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summary Unit 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
income statement                    
Sales EUR mil       12,228 12,552 12,382 13,714 12,983    
Gross Profit EUR mil       3,734 4,105 4,163 4,484 4,328    
EBIT EUR mil       270 283 299 335 207    
Net Profit EUR mil       157 161 175 195 60.6    
ROE %       5.17 5.31 5.52 6.11 1.92    
EBIT Margin %       2.21 2.25 2.41 2.44 1.60    
Net Margin %       1.28 1.29 1.41 1.42 0.467    
Employees       73,008 75,548 73,600 76,866 74,010    
balance sheet                    
Total Assets EUR mil       9,765 9,614 10,382 10,386 10,138    
Non-Current Assets EUR mil       4,294 4,300 4,345 4,534 4,546    
Current Assets EUR mil       5,471 5,313 6,037 5,852 5,591    
Shareholders' Equity EUR mil       2,979 3,099 3,232 3,150 3,163    
Liabilities EUR mil       6,786 6,515 7,150 7,236 6,975    
Non-Current Liabilities EUR mil       2,396 2,305 2,363 2,359 2,432    
Current Liabilities EUR mil       4,390 4,209 4,786 4,877 4,543    
Net Debt/EBITDA       1.04 0.390 0.104 0.617 1.14    
Net Debt/Equity       0.227 0.086 0.024 0.146 0.219    
Cost of Financing % ...     2.85 0.960 0.991 -0.413 2.42    
cash flow                    
Total Cash From Operations EUR mil       690 1,115 690 501 269    
Total Cash From Investing EUR mil       -1,046 -437 -524 -616 -447    
Total Cash From Financing EUR mil       -96.9 -386 -20.2 -81.7 -176    
Net Change In Cash EUR mil       -453 292 147 -197 -355    
valuation                    
Market Capitalisation USD mil ... ...   2,571 3,382 3,101 3,267 3,003    
Number Of Shares mil       114 114 114 114 111    
Share Price EUR ... ...   16.2 20.7 20.5 22.1 20.4    
Earnings Per Share (EPS) EUR       1.38 1.42 1.53 1.71 0.544    
Book Value Per Share EUR       26.1 27.2 28.4 27.6 30.1    
Dividend Per Share EUR ... ...   0.550 0.500 0.550 0.586 0.187    
Price/Earnings (P/E) ... ...   11.8 14.6 13.4 12.9 37.5    
Price/Book Value (P/BV) ... ...   0.620 0.761 0.723 0.800 0.680    
Dividend Yield % ... ...   3.40 2.42 2.68 2.65 0.915    
Earnings Per Share Growth % ...     -32.9 2.83 8.30 11.5 -68.2    
Book Value Per Share Growth % ...     -30.0 4.03 4.30 -2.56 8.78    
income statement Unit 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
income statement                    
Sales EUR mil       12,228 12,552 12,382 13,714 12,983    
Cost of Goods & Services EUR mil       8,494 8,447 8,218 9,230 8,655    
Gross Profit EUR mil       3,734 4,105 4,163 4,484 4,328    
Staff Cost EUR mil       2,575 2,823 2,801 3,004 3,052    
Other Cost EUR mil       512 597 628 733 668    
EBITDA EUR mil       648 684 735 746 608    
Depreciation EUR mil       378 401 436 412 401    
EBIT EUR mil       270 283 299 335 207    
Financing Cost EUR mil       40.6 19.9 19.7 -8.54 50.7    
Extraordinary Cost EUR mil       0 0 0 < -0.001 < 0.001    
Pre-Tax Profit EUR mil       229 263 279 343 156    
Tax EUR mil       62.9 78.4 90.9 104 46.4    
Minorities EUR mil       9.34 23.2 13.5 44.3 49.4    
Net Profit EUR mil       157 161 175 195 60.6    
Dividends EUR mil ... ...   62.7 57.0 62.7 66.9 20.8    
growth rates                    
Total Revenue Growth % ...     23.8 2.65 -1.36 10.8 -5.33    
Operating Cost Growth % ...     20.9 10.8 0.225 9.01 -0.470    
EBITDA Growth % ...     8.70 5.64 7.37 1.58 -18.5    
EBIT Growth % ...     -13.6 4.81 5.69 12.0 -38.1    
Pre-Tax Profit Growth % ...     -17.0 14.7 6.20 22.9 -54.4    
Net Profit Growth % ...     -7.76 2.83 8.30 11.5 -68.9    
ratios                    
ROE %       5.17 5.31 5.52 6.11 1.92    
ROCE % ...     3.85 3.31 3.78 4.06 1.16    
Gross Margin %       30.5 32.7 33.6 32.7 33.3    
EBITDA Margin %       5.30 5.45 5.93 5.44 4.69    
EBIT Margin %       2.21 2.25 2.41 2.44 1.60    
Net Margin %       1.28 1.29 1.41 1.42 0.467    
Payout Ratio % ... ...   39.9 35.3 35.9 34.3 34.3    
Cost of Financing % ...     2.85 0.960 0.991 -0.413 2.42    
Net Debt/EBITDA       1.04 0.390 0.104 0.617 1.14    
balance sheet Unit 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
balance sheet                    
Non-Current Assets EUR mil       4,294 4,300 4,345 4,534 4,546    
Property, Plant & Equipment EUR mil       2,045 2,146 2,102 2,154 2,226    
Intangible Assets EUR mil       463 496 536 537 530    
Current Assets EUR mil       5,471 5,313 6,037 5,852 5,591    
Inventories EUR mil       674 656 706 818 1,032    
Receivables EUR mil       2,836 2,402 2,549 2,630 2,535    
Cash & Cash Equivalents EUR mil       1,491 1,709 1,918 1,680 1,362    
Total Assets EUR mil       9,765 9,614 10,382 10,386 10,138    
Shareholders' Equity EUR mil       2,979 3,099 3,232 3,150 3,163    
Of Which Minority Interest EUR mil       141 149 141 211 301    
Liabilities EUR mil       6,786 6,515 7,150 7,236 6,975    
Non-Current Liabilities EUR mil       2,396 2,305 2,363 2,359 2,432    
Long-Term Debt EUR mil       1,448 1,343 1,342 1,325 1,299    
Deferred Tax Liabilities EUR mil ... ... ... ... ... ... ... ...    
Current Liabilities EUR mil       4,390 4,209 4,786 4,877 4,543    
Short-Term Debt EUR mil       718 633 652 816 756    
Trade Payables EUR mil       2,765 2,635 3,068 2,910 2,724    
Provisions EUR mil ... ... ... ... ... ... ... ...    
Equity And Liabilities EUR mil       9,765 9,614 10,382 10,386 10,138    
growth rates                    
Total Asset Growth % ...     26.2 -1.55 7.99 0.038 -2.39    
Shareholders' Equity Growth % ...     -3.79 4.03 4.30 -2.56 0.403    
Net Debt Growth % ...     -155 -60.5 -71.4 503 50.5    
Total Debt Growth % ...     217 -8.81 0.943 7.31 -3.96    
ratios                    
Total Debt EUR mil       2,167 1,976 1,994 2,140 2,055    
Net Debt EUR mil       675 267 76.4 460 693    
Working Capital EUR mil       745 422 187 538 843    
Capital Employed EUR mil       5,040 4,723 4,532 5,072 5,389    
Net Debt/Equity       0.227 0.086 0.024 0.146 0.219    
Cost of Financing % ...     2.85 0.960 0.991 -0.413 2.42    
cash flow Unit 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
cash flow                    
Net Profit EUR mil       157 161 175 195 60.6    
Depreciation EUR mil       378 401 436 412 401    
Non-Cash Items EUR mil ...     251 229 -155 246 112    
Change in Working Capital EUR mil ...     -95.6 323 235 -351 -305    
Total Cash From Operations EUR mil       690 1,115 690 501 269    
Capital Expenditures EUR mil       -877 -509 -554 -477 -458    
Other Investments EUR mil       -170 71.5 30.3 -139 11.1    
Total Cash From Investing EUR mil       -1,046 -437 -524 -616 -447    
Dividends Paid EUR mil ... ...   -62.7 -57.0 -62.7 -66.9 -20.8    
Issuance Of Shares EUR mil       0 0 0 -185 -42.9 ... ...
Issuance Of Debt EUR mil ...     1,483 -191 18.6 146 -84.8    
Total Cash From Financing EUR mil       -96.9 -386 -20.2 -81.7 -176    
Net Change In Cash EUR mil       -453 292 147 -197 -355    
ratios                    
Days Sales Outstanding days       84.7 69.8 75.1 70.0 71.3    
Days Sales Of Inventory days       29.0 28.3 31.3 32.4 43.5    
Days Payable Outstanding days       119 114 136 115 115    
Cash Conversion Cycle days       -5.19 -15.7 -29.8 -12.7 -0.098    
Cash Earnings EUR mil       535 563 611 607 462    
Cash Earnings Per Share EUR       4.69 4.94 5.36 5.32 4.14    
Price/Cash Earnings (P/CE) ... ...   3.45 4.19 3.83 4.16 4.93    
Free Cash Flow EUR mil       -356 678 167 -115 -178    
Free Cash Flow Yield % ... ...   -20.3 27.9 7.12 -4.89 -7.63    
other data Unit 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
other data                    
ROA %       1.79 1.67 1.75 1.88 0.591    
Gross Margin %       30.5 32.7 33.6 32.7 33.3    
Employees       73,008 75,548 73,600 76,866 74,010    
Cost Per Employee USD per month       4,299 4,332 4,196 4,529 4,412    
Cost Per Employee (Local Currency) EUR per month       2,939 3,114 3,171 3,257 3,436    
Staff Cost (As % Of Total Cost) %       21.5 23.0 23.2 22.5 23.9    
Effective Tax Rate %       27.4 29.8 32.5 30.3 29.7    
Enterprise Value (EV) USD mil ... ...   3,510 3,764 3,202 3,864 3,918    
EV/EBITDA ... ...   3.70 3.96 3.29 3.72 5.02    
EV/Capital Employed ... ...   0.500 0.556 0.533 0.588 0.551    
EV/Sales ... ...   0.196 0.216 0.195 0.203 0.235    
EV/EBIT ... ...   8.89 9.57 8.10 8.30 14.7    
Capital Expenditures (As % of Sales) %       7.17 4.05 4.47 3.48 3.53    
Sales from North & West Segment EUR mil ... ... ... ... ... ... ... ...    
Sales from South & East Segment EUR mil ... ... ... ... ... ... ... ...    
Sales from Int. & Special Divisions Segment EUR mil ... ... ... ... ... ... ... ...    
Sales from Other Segment EUR mil ... ... ... ... ... ... ... ...    
EBIT from North & West Segment EUR mil ... ... ... ... ... ... ... ...    
EBIT from South & East Segment EUR mil ... ... ... ... ... ... ... ...    
EBIT from Int. & Special Divisions Segment EUR mil ... ... ... ... ... ... ... ...    
EBIT from Other Segment EUR mil ... ... ... ... ... ... ... ...    
Employees - North & West Segment ... ... ... ... ... ... ... ...    
Employees- South & East Segment ... ... ... ... ... ... ... ...    
Employees - Int. & Special Divisions Segment ... ... ... ... ... ... ... ...    
Employees - Other Segment ... ... ... ... ... ... ... ...    
Output volume from North & West Segment EUR mil ... ... ... ... ... ... ... ...    
Output volume from South & East Segment EUR mil ... ... ... ... ... ... ... ...    
Output volume from International & Special Divisions Segment EUR mil ... ... ... ... ... ... ... ...    
Output volume from Other Segment EUR mil ... ... ... ... ... ... ... ...    
Order backlog from North & West Segment EUR mil ... ... ... ... ... ... ... ...    
Order backlog from South & East Segment EUR mil ... ... ... ... ... ... ... ...    
Order backlog from International & Special Divisions Segment EUR mil ... ... ... ... ... ... ... ...    
Order backlog from Other Segment EUR mil ... ... ... ... ... ... ... ...    

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Feb 2014
Statistical Dossier
Mar 2014
Company Report

Strabag SE is an Austria-based construction company. The Company provides civil engineering, building and road construction, project development, tunneling and other services. The Company generates three fourths of its output volume in markets in which it holds one of the top three market positions: Austria, Germany, Hungary, Slovakia, Poland, Romania and Croatia. The Group offers its services under several brands, including Strabag and Züblin. The services span all areas of the construction industry and cover the entire construction value chain

Finance

Strabag SE has been growing its sales by a year on average in the last 5 years. EBITDA has grown on average by 1.02% a year during that time to total of EUR 720 mil in 2014, or 5.77% of sales. That’s compared to 5.49% average margin seen in last five years.

The company netted EUR 128 mil in 2014 implying ROE of 4.01% and ROCE of 2.47%. Again, the average figures were 4.22% and 2.72%, respectively when looking at the previous 5 years.

Strabag SE’s net debt amounted to EUR -314 mil at the end of 2014, or -0.100 of equity. When compared to EBITDA, net debt was -0.436x, down when compared to average of 0.288x seen in the last 5 years.

Valuation

Strabag SE stock traded at EUR 18.2 per share at the end of 2014 resulting in a market capitalization of USD 2,258 mil. Over the previous five years, stock price fell by 12.2% or -2.56% a year on average. The closing price put stock at a 12-month trailing EV/EBITDA of 2.02x and price to earnings (PE) of 14.6x as of 2014.

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