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Financial Figures/Balance Sheet 
 
Vienna - STRABAG SE, the publicly listed construction group, recorded a decline 
in output volume in the 2020 financial year, based on the high order backlog, 
however, the company is cautiously optimistic about the future. Earnings before 
interest and taxes (EBIT) also increased despite the Covid-19 crisis. With the 
simultaneously lower revenue, this results in an EBIT margin at the exceptional 
level of 4.3 %. 
 
Thomas Birtel, CEO of STRABAG SE: "A definitive end to the pandemic is not yet 
in sight, but from today's perspective we can say that our strategy and our 
business model have proven their worth. We therefore expect a slight increase in 
output in 2021, although the EBIT margin, our most important financial 
indicator, is likely to return to normal - especially given the currently 
observable price increases for construction materials." 
 
Output volume, revenue and order backlog 
The STRABAG SE Group recorded a slightly smaller decline in output overall in 
the 2020 financial year than had been expected after the first six months: At 
EUR 15.4 billion, the output volume was 7 % below the record level from 2019. 
The consolidated group revenue amounted to EUR 14.7 billion, which corresponds 
to a decline of 6 %. The operating segments North + West contributed 51 %, South 
+ East 32 % and International + Special Divisions 18 % to the revenue. The order 
backlog as at 31 December 2020 increased by 5 % to EUR 18.4 billion compared to 
the previous year. 
 
Financial performance 
The earnings before interest, taxes, depreciation and amortisation (EBITDA) 
again topped the EUR 1.0 billion mark in 2020 with EUR 1,174.45 million. The 
EBITDA margin grew from 7.1 % to 8.0 %. The depreciation and amortisation 
expense was EUR 33.08 million higher at EUR 543.80 million as a result of the 
high investments in previous years. 
 
The earnings before interest and taxes (EBIT) increased by 5 % to EUR 630.65 
million, which corresponds to an EBIT margin of 4.3 % after 3.8 % in 2019. This 
development can be attributed to a combination of many positive factors, 
particularly in the transportation infrastructures business in the core markets, 
which outweighed the Covid-19-related burdens on earnings. Earnings growth was 
achieved in the North + West and South + East segments. 
 
The net interest income improved by EUR 4.74 million to EUR -20.60 million due 
to lower interest expenses for personnel-related provisions, among other things. 
The negative exchange rate result of EUR 5.35 million was comparable to that of 
the previous year (2019: EUR -5.93 million). 
 
The income tax rate remained stable year-on-year at 34.6 %. The net income 
amounted to EUR 399.06 million, an increase of 5 % compared to 2019. The 
earnings owed to minority shareholders amounted to EUR 3.84 million after EUR 
6.86 million in the previous year. The net income after minorities for 2020 thus 
stood at EUR 395.22 million - an increase of 6 %. The earnings per share 
amounted to EUR 3.85 (2019: EUR 3.62). 
 
Financial position and cash flows 
The total of assets and liabilities, at EUR 12.1 billion, remained almost 
unchanged compared to the previous year. Equity reached EUR 4,108.22 million, 
exceeding the EUR 4 billion mark for the first time, which was reflected in an 
increase in the equity ratio from 31.5 % to 33.9 %. A net cash position was 
reported as usual on 31 December 2020. This figure increased significantly to 
EUR 1.7 billion in the face of low financial liabilities and increased cash and 
cash equivalents. 
 
The cash flow from operating activities improved from EUR 1,075.94 million to 
EUR 1,279.66 million as a result of a higher cash flow from earnings and a 
higher reduction in working capital compared to the previous year. The 
expectation of a significant reduction in advance payments in 2020 and a 
concomitant increase in working capital to familiar levels once again failed to 
materialise. 
 
The cash flow from investing activities was less negative, mainly due to the 
significantly lower investments in intangible assets and property, plant and 
equipment. Due to Covid-19, investments were temporarily suspended in spring 
2020 as a precautionary measure. 
 
The cash flow from financing activities showed a value ofEUR -495.9 million 
after EUR -411.62 million in the previous year. This increase is due to a bond 
repayment with a higher volume than in the previous year as well as the payment 
of retained dividends to core shareholder MKAO "Rasperia Trading Limited". 
Repayments of bank borrowings, by contrast, were down. 
 
Outlook 
STRABAG SE expects to achieve an output volume slightly above the previous 
year's level in the 2021 financial year. This forecast is supported by the high 
order backlog. Following the extraordinary earnings situation in the past 
financial year, the situation should return to normal in 2021 with an EBIT 
margin of below 4.0 %. 
 
 
 
Further inquiry note: 
STRABAG SE 
Marianne Jakl 
Interim. Head of Corporate Communications 
Tel:   +43 1 22422-1174 
marianne.jakl@strabag.com 
 
end of announcement                         euro adhoc 
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Attachments with Announcement: 
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http://resources.euroadhoc.com/documents/2246/5/10711204/1/STRABAG_SE_Pressemitteilung_FY2020_April2021_e.pdf

(END) Dow Jones Newswires

April 30, 2021 01:30 ET (05:30 GMT)