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EQS-News: STRABAG SE / Key word(s): Annual Results
STRABAG SE successfully masters second year of Covid-19 pandemic
Vienna, 29 April 2022 The publicly listed construction group STRABAG SE looks back on the second year of the Covid-19 pandemic: Output rose by 4 % and settled at just below the level from the record year of 2019. Both the order backlog and earnings before interest and taxes (EBIT) are at record levels. The EBIT margin is exceptionally high at 5.9 %.
Thomas Birtel, CEO of STRABAG SE: "As much as we are pleased with this successful past year, we must focus on the challenges currently before us. In the interest of our company and in view of our responsibility for our 74,000 employees, we are taking every legally possible step to clearly distance ourselves from our Russian shareholder and to prevent any influence from being exerted in this regard. We have done this not least through our early decision not to pay a dividend to Rasperia."
The earnings before interest and taxes (EBIT) rose by 42 % to € 896.11 million as a result of numerous positive earnings effects in all segments. This corresponds to an EBIT margin of 5.9 % after 4.3 % in 2020.
The net interest income improved by € 8.03 million to € -12.57 million due to the absence of interest expenses. The negative exchange rate result of € -3.88 million was slightly lower than in the previous year (2020: € -5.35 million).
The income tax rate, at 32.5 %, was slightly lower compared to the previous year. The net income amounted to € 596.40 million, which corresponds to an increase of € 197.34 million compared to 2020. The earnings owed to minority shareholders amounted to € 10.69 million after € 3.84 million in the previous year. The net income after minorities for 2021 thus stood at € 585.71 million, which corresponds to an increase of 48 %. The earnings per share amounted to € 5.71 (2020: € 3.85).
Financial position and cash flows
Equity decreased slightly to € 4,071.82 million yet remained above the € 4 billion mark as in the previous year. This was reflected in a decline in the equity ratio from 33.9 % to 33.3 %. A net cash position was reported as usual on 31 December 2021. This figure was up to € 1.9 billion in the face of the lower severance and pension provisions and the increased cash and cash equivalents.
The cash flow from operating activities fell slightly from € 1,279.66 million to € 1,220.56 million, despite the increased cash flow from earnings. The main reason for this development was a less pronounced reduction in working capital compared to the previous year. The expectation of a significant reduction in advance payments in 2021 and a concomitant increase in working capital to familiar levels again failed to materialise.
The cash flow from investing activities was again slightly more negative following the lower investments in intangible assets and property, plant and equipment in 2020 due to Covid-19. The cash flow from financing activities showed a value of € -743.90 million after € -495.89 million in the previous year, which is mainly due to the dividend payment.
29.04.2022 This Corporate News was distributed by EQS Group AG. www.eqs.com
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