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  Corporate news transmitted by euro adhoc with the aim of a Europe-wide 
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* EBITDA +35 %, EBIT rose to EUR 140.19 million 
* Sustainability strategy envisages climate neutrality along entire value chain 
by 2040 
* 2021 outlook raised 
 
Mid Year Results 
 
Vienna - Today, Tuesday, the publicly listed construction company STRABAG SE 
reported figures for the first half of 2021. 
 
"We had entered the year 2021 with caution, and our forecast had been 
correspondingly cautious. The order backlog in the first quarter, which for the 
first time exceeded the EUR 20 billion mark, quickly showed that business in the 
financial year would be brisk. And the situation after six months confirmed this 
development, with an order backlog of more than EUR 21 billion - a new all-time 
high. These good prospects in our day-to-day business allow us to resolutely 
invest human and financial resources in projects within the framework of our 
strategic programme FASTER TOGETHER 2022 - among other things, in the further 
digitalisation and automation of construction and construction-related services 
or in the implementation of our recently defined sustainability strategy, which 
envisages climate neutrality along our entire value chain by 2040", says Thomas 
Birtel, CEO of STRABAG SE. 
 
 
Zwtl.: Output volume and revenue 
 
STRABAG SE generated a 3 % higher output volume of EUR 6,943.37 million in the 
first half of 2021. This growth is primarily due to the nearly one-fifth 
increase in the home market of Austria following the temporary suspension of 
construction activities in the wake of the coronavirus crisis in the same period 
of the previous year. The consolidated group revenue also increased by 3 %. 
 
 
Zwtl.: Order backlog 
 
The order backlog reached again a new record level of EUR 21,101.85 million as 
at 30 June 2021, an increase of 9 % over 30 June 2020. The backlog grew 
particularly in the home markets of Germany and Austria thanks to numerous new 
projects in a wide range of sectors. 
 
 
Zwtl.: Financial performance 
 
Earnings before interest, taxes, depreciation and amortisation (EBITDA) 
increased by 35 % to EUR 406.29 million in the first half of 2021 compared to 
the same period of the last year, while earnings before interest and taxes 
(EBIT) rose by approx. EUR 95 million to EUR 140.19 million. This development is 
due to the performance of the International + Special Divisions and North + West 
segments. EBIT in the South + East segment shifted from positive to negative. 
 
With EUR -3.40 million versus EUR -13.49 million in the first six months of the 
previous year, net interest income was less negative. The figure includes 
positive exchange rate differences of EUR 1.37 million, as opposed to negative 
exchange rate differences in the same period of the previous year. Accordingly, 
earnings before taxes (EBT) came in at EUR 136.79 million (6M/2020: EUR 31.61 
million). Income taxes amounted to EUR -45.85 million, which corresponds to a 
tax rate of 33 %. In the previous year, income taxes had amounted to EUR -30.98 
million. The net income this year reached EUR 90.94 million (6M/2020: EUR 0.63 
million). 
 
The earnings attributable to minority shareholders, at EUR 2.67 million, changed 
very little in absolute terms. Overall, a net income after minorities of EUR 
88.27 million was achieved. In the same period of the previous year, this figure 
had been just barely in negative territory at EUR -0.79 million. With 
102,600,000 outstanding shares, this corresponds to earnings per share of EUR 
0.86 (6M/2020: EUR -0.01). 
 
 
Zwtl.: Financial position and cash flows 
 
The balance sheet total decreased from EUR 12.1 billion at the end of 2020 to 
EUR 11.7 billion due mainly to the lower cash and cash equivalents resulting 
from the distribution of a this time increased dividend. This was counteracted 
by the significant, business-related increase in contract assets. Compared to 
the same period of the previous year, the equity ratio decreased from 31.7 % to 
30.1 %; at the end of 2020, it had amounted to 33.9 %. Despite the distribution 
of the increased dividend totalling EUR 707,94 million for 2020 from retained 
earnings, the equity ratio remained very strong. The net cash position declined 
from EUR 1,747.23 million at the end of 2020 to EUR 813,57 million (30 June 
2020: EUR 946.47 million), driven not only by the dividend effect but also by 
seasonal factors. 
 
While the cash flow from operating activities was still positive in the same 
period of the previous year, it now registered in negative territory at EUR - 
62.51 million mainly due to a strong increase in receivables. As investments in 
intangible assets and in property, plant and equipment were similar to those in 
the first six months of the previous year, the cash flow from investing 
activities also remained in a similar range, with EUR -220.17 million versus EUR 
-180.16 million. The cash flow from financing activities was strongly influenced 
by the increased dividend mentioned above, especially since the dividend in the 
previous year had only been paid out in the fourth quarter. 
 
 
Zwtl.: Employees 
 
The number of employees decreased slightly by 2 % to 72,942. This is almost 
exclusively due to the completion of the tunnelling works for the Alto Maipo 
hydropower megaproject in Chile. In the home markets of Germany and Austria, 
only very minor changes were recorded - in opposite directions. 
 
 
Zwtl.: Outlook 
 
The Management Board now expects to achieve an output volume above the previous 
year's level, i.e. above EUR 15.4 billion, in the 2021 financial year. 
Previously, only a "slightly" higher output had been projected. The EBIT margin 
should reach a level close to the target of 4 % set for 2022. 
 
 
 
Further inquiry note: 
STRABAG SE 
Diana Neumüller-Klein 
Head of Corporate Communications & Investor Relations 
Tel:   +43 1 22422-1116 
diana.klein@strabag.com 
 
end of announcement                         euro adhoc 
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Attachments with Announcement: 
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http://resources.euroadhoc.com/documents/2246/5/10780304/1/STRABAG_SE_Press_Release_6M2021_Aug2021_e.pdf

(END) Dow Jones Newswires

August 31, 2021 01:30 ET (05:30 GMT)