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  • EBITDA +35 %, EBIT rose to € 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.

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 %.

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.

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).

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.


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.


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.

end of announcement euro adhoc

Attachments with Announcement:

issuer: STRABAG SE
Donau-City-Straße 9
A-1220 Wien
phone: +43 1 22422 -0
FAX: +43 1 22422 – 1177
ISIN: AT000000STR1, AT0000A05HY9
indexes: WBI, ATX, SATX
stockmarkets: Wien
language: English

Digital press kit:

Rückfragen & Kontakt:

Diana Neumüller-Klein
Head of Corporate Communications & Investor Relations
Tel: +43 1 22422-1116




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