strabag se investor presentation june 2014 · disclaimer this presentation is made by str abag se...

STRABAG SEINVESTOR PRESENTATION

JULY 2014

DISCLAIMER

This presentation is made by STRABAG SE (the "Company") solely for use at investor meetings and is furnished to you solely for your information.

This presentation speaks as of July 2014. The facts and information contained herein might be subject to revision in the future. Neither the delivery of this presentation nor any further discussions of the Company with any of the recipients shall, under any circumstances, create any implication that there has been no change in the affairs of the Company since such date. None of the Company or any of its parents or subsidiaries or any of such person's directors, officers, employees or advisors nor any other person makes any representation or warranty, express or implied as to, and no reliance should be placed on, the accuracy or completeness of the information contained in this presentation. None of the Company or any of its parents or subsidiaries or any of their directors, officers, employees and advisors nor any other person shall have any liability whatsoever for any loss howsoever arising, directly or indirectly, from any use of this presentation. The same applies to information contained in other material made available at the meeting.

This document is selective in nature and is intended to provide an introduction to, and overview of, the business of the Company. Where any information and statistics are quoted from any external source, such information or statistics should not be interpreted as having been adopted or endorsed by the Company as being accurate.

This presentation contains forward-looking statements relating to the business, financial performance and results of the Company and/or the industry in which the Company operates. These statements generally are identified by words such as "believes“, "expects”, "predicts”, "intends”, "projects”, "plans”, "estimates”, "aims”, "foresees”, "anticipates”, "targets”, and similar expressions. The forward-looking statements, including but not limited to assumptions, opinions and views of the Company or information from third party sources, contained in this presentation are based on current plans, estimates, assumptions and projections and involve uncertainties and risks. Various factors could cause actual future results, performance or events to differ materially from those described in these statements. The Company does not represent or guarantee that the assumptions underlying such forward-looking statements are free from errors nor do they accept any responsibility for the future accuracy of the opinions expressed in this presentation. No obligation is assumed to update any forward-looking statements.

By accepting this presentation you acknowledge that you will be solely responsible for your own assessment of the market and of the market position of the Company and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the Company's business.

Investor Presentation July 2014

2 3

4 5

1 STRABAG AT A GLANCE THE CONSTRUCTION SECTOR WITHIN EVOLVING GLOBAL THEMES

THE STRABAG STRATEGY & INVESTMENTPROPOSITION

FINANCIAL PERFORMANCE

APPENDIX


STRABAG AT A GLANCE1

STRABAG AT A GLANCE

1

● Output volume 2013: € 13.6 bn● Net income after minorities 2013: € 114 m● 73,100 employees● > 500 locations in more than 80 countries

● Highly innovative: Central Technical Division with over750 engineers

● Equity ratio: > 30%● Strong brands: STRABAG & Züblin

FACTS & FIGURES

Germany43%

Austria15%

CEE25%

Rest of Europe

11%

Rest of World

6%

MARKETS

OUTPUT VOLUME BY REGION (2013)

Source: www.gtai.de, company information

#1

#2#1

#1#1

#2

#4

#2

#1#3

SaudiArabia

OmanAbu Dhabi

Qatar


LARGEST PROJECTS IN PROGRESS

Country ProjectOrder

backlogin €m

As % of total

order backlog

ltaly Pedemontana motorway 1,015 7.5Chile Hydro power plant Alto Maipo 372 2.8

Austria Koralm Tunnel, lot 2 324 2.4

GermanyStuttgart 21,under-ground railway station 314 2.3

United ArabEmirates STEP wastewater systems 189 1.4Germany Jena University Hospital 164 1.2Germany Upper West Berlin 161 1.2Germany Albabstieg Tunnel 149 1.1Italy Grosseto–Siena motorway 107 0.8Poland S8 Opacz–Paszków 106 0.8Total 2,903 21.6

NO SPECIFIC EXPOSURE TO ANY LARGE PROJECT (DEC. 2013)

1

STEP wastewater systems

S8 Poland


FLAGSHIP PROJECTS – EXAMPLES

Upgrading and operation of A8 from Ulm to Augsburg

Size: € 205 m (=50% share)

Project schedule: 2011–2016

Project scope: Upgrading to a six-lane motorway and operate and maintain it for 30 years

PPP-MOTORWAY A8 –GERMANY

Construction of S8 between Walichnowy and SieradzPołudnie

Size: € 254 m


Project scope: Construction of two expressway segments, bridges and service area

EXPRESSWAY S8 –POLAND

Construction of the new Central Station in Vienna

Size: € 59 m (=27% share)


Project scope: Theconstruction includes all adjoining buildings, shopping facilities and underground parking

CENTRAL STATION VIENNA – AUSTRIA

Construction of two towers

Size: € 190 m


Project scope: Turnkey ready construction of a 41 floor commercial tower and a 18 floor residential tower

TAUNUSTURM –GERMANY

1 Investor Presentation July 2014

BUSINESS SEGMENT CONTRIBUTION 2013

North + West South + EastInternational +

Special Divisions

Regions / Areas

Germany, Poland, Benelux, Scandinavia,

Ground and Hydraulic Engineering, Offshore Wind

Austria, Switzerland, Hungary, Czech Republic, Slovakia,

Adriatic region, Russia and neighbouring countries, Rest of Europe, Railway Construction,

Environmental Technology

International, Tunnelling, Construction Materials (except

asphalt), Property & Facility Services, Real Estate and

Infrastructure Development(concessions)

Output volume (€m) 6,021 4,593 2,822

Order backlog (€m) 5,451 3,805 4,202

EBIT (€m) 73 138 70

EBIT margin (%) 1.3 3.1 2.8

Employees 22,695 21,089 23,575

1

44% of output volume 34% of

output volume

21% of output volume


4th, non-operating segment „Others“, output volume 1%, not shown

KEY FINANCIALS

1

(€m) 2013 2012 %

Output volume 13,573 14,043 -3

Revenue 12,476 12,983 -4

EBITDA 695 608 14

EBIT 262 207 26

Net income after minorities 114 61 87

Cash flow from operating activities 694 269 158

Cash flow from investing activities -332 -447 26

Balance sheet total 10,561 10,138 4

Group equity 3,239 3,163 2

Equity ratio 30.7% 31.2%

Net debt (+)/cash (-) -74 155 n.m.


∆% was calculated with original, not rounded figures therefore, rounding differences may occur.

COMPREHENSIVE COUNTRY NETWORK

INTEGRATED MODEL TAKES ADVANTAGE OF

● local management skills

● market knowledge

● cost and efficiency synergies

● risk diversification

COMPREHENSIVE COUNTRY NETWORK ENABLES STRABAG TO

● make more use of technology and machinery

● follow clients around the world


1) Only countries with a minimum annual output volume of € 1 m are considered.

Region-wide presenceDirect Export business1)

Mixed according to region

THE CONSTRUCTION SECTOR WITHIN EVOLVINGGLOBAL THEMES

2

THREE EUROPEAN TRENDS:(1) URBANISATION / DEMOGRAPHICS

● By 2020 56% of the global population will live in cities (today: 50%) – an increase of the urban population by 730 million.

Higher need for infrastructure

● Example: Significant need for rehabilitation and extension of the German transportation network within the next ten years – € 2.55 bn of additional investments p.a. necessary between 2014–2020 according to Daehre Commission 2012

● Example: Germany invested € 22 bn into the maintenance of roads and € 34 bn into road extension and new construction between 2001–2013.

GERMANY: DAILY TRAFFIC LOAD 2025F

2

Sources: Tatjana Tegtbauer, BMVBS, Weimar, 22.3.2013; Handelsblatt

Over 160

140-160

120-140

100-120

80-100

60-80

Under 60

Vehicles(thousands)


EXAMPLE:MOTORWAY DENSITY IN DIFFERENT MARKETS

0

45

Slovenia Austria Croatia Hungary Czech Republic Slovakia Bulgaria Poland Romania

km m

otor

way

/ 1,0

00 k

m2

1997 2001 2005 2008 2010

2

Source: Eurostat


THREE EUROPEAN TRENDS:(2) ENERGY / SUSTAINABILITY

● Kyoto Protocol: Current commitment period 2013–2020; 37 countries with binding emissions reduction targets (mostly in Europe)

● EU: Greenhouse gas emissions to be cut by 20% until 2020 (vs. 1990), planned reduction of 80–95% by 2050

● Construction sector responsible for 30% of all greenhouse gas emissions – measures to reduce emissions could bring this share down to 25% by 2050(1)

Clients increasingly ask for energy-efficient solutions, environmentally friendly products and a sustainable business conduct of suppliers.

Own building materials network provides a high barrier to entry for other market participants, as the permits for building new mixing plants are not granted easily due to environmental concerns.

2

A2 Poland


(1) DIW Berlin

THREE EUROPEAN TRENDS:(3) FINANCIAL ENVIRONMENT

● Historically low interest rates and highly volatile financial environment make real estate an attractive investment alternative for some investor groups

● Low financing costs facilitate investment into real estate

2

STRABAG Real Estate Development Tanzende Türme, Hamburg


CONSTRUCTION SEGMENTS WITH OWN BUSINESS MODELS AND CYCLES

2

-10%

0%

10%

2010 2011 2012 2013e 2014e

Residential Other building construction Civil

CONSTRUCTION SUBSEGMENTS GERMANY

● Public clients:The price is mostly the dominant criterion.

● Private client:Often opts for the best offer, not necessarily thelowest.

STRABAG CLIENT STRUCTURE

CONSTRUCTION OUTPUT BY COUNTRIES

Public65%

Private35%

-10%

0%

10%

2010 2011 2012 2013e 2014e

Germany Austria Eastern EuropeSource: Euroconstruct


SELECTION CRITERIA IN CONSTRUCTION

2

Financial strength

References

Technology& Innovation

Constructionmaterials supply

Experience andKnow-how of employees

Clients’ selection criteria

Price


THE STRABAG STRATEGY & INVESTMENTPROPOSITION

3

A EUROPEAN-BASED TECHNOLOGY GROUP FOR CONSTRUCTION SERVICES„STRABAG is a European-based technology group for construction services,

a leader in innovation and financial strength. We create added value for our

clients by integrating the most diverse services and assuming responsibility

for them: We bring together people, materials and machinery at the right place

and at the right time in order to realise even the most complex construction

projects – on schedule, of quality and at the best price.“

3

STRABAG takes an agreed scope of responsibility and part of the risk, thereby relieving the client e.g. of the risk of delays and cost overruns.

Professional and market experience as well as financial strength needed to create added value

Helps clients meet their goals (time, quality, lower costs)

Technology/Innovation: Differentiation through superior technology and innovative solutions


THE STRABAG INVESTMENT PROPOSITION

(1) Growth and Margin Upside Strategic priority: Strengthening risk and opportunity management Strategic priority: Implementing efficiency-rising measures proposed by task force

(2) Flexible Business Model, Selective Diversity Strategic priority: Showing flexibility Strategic priority: Staying diversified Strategic priority: Offering top technology and sustainability

(3) Financial Strength Strategic priority: Maintaining financial strength

(4) Attractive Dividends on a reliable level


(1) GROWTH AND MARGIN UPSIDE: TARGETS

3

MID-TERM TARGET OF 3% EBIT MARGIN

● 2014e: € ≥ 260 m EBIT

● Task Force

Streamline overhead costs

Organisational development

Measures currently and continuously being implemented

● Comprehensive risk management

TOP-LINE GROWTH AS OF 2016 EXPECTED

● Output volume 2014e: € 13.6 bn (stable vs. 2013)

● Grow share of non-European operations to 10% by 2016

Americas, Middle East, Asia, Africa

2013: 6%

-5%-2%

12%

-2% -3%

-5%

12%

2009 2010 2011 2012 2013

2.3% 2.4% 2.4%1.6%

2.1%

0%

4%

2009 2010 2011 2012 2013


(1) GROWTH AND MARGIN UPSIDE: RISK MANAGEMENT

3

● Four-eyes-principle● Contract Management (most risks occur prior to

the signature of the contract)● Internal price committees (including a STRABAG

SE board member when project volume ≥ € 70 m)● Internal Audits● Organisational structure with central divisions● Management information system:

“We have developed a management information system that helps us to ensure that the same standards apply in all regions where STRABAG is active. This means: clear criteria for the assessment of new projects, a standardisedprocess for the submission of bids and control systems serve as filters to avoid loss-bringing projects.”

Thomas Birtel, CEO

RISK MANAGEMENT INSTRUMENTS

● Joint Venture with the client

● Cost + fee

● Guaranteed maximum price

● Lump-sum

● Unit pricing

TYPES OF CONTRACTS

COMPOSITION OF THE ORDER BACKLOG

22 %Total of the ten largestprojects in the order

backlog

15,315Construction sites

per year


ORDER BACKLOG (€M)

(2) FLEXIBLE BUSINESS MODEL, SELECTIVE DIVERSITY: RESILIENCE OVER A VOLATILE PERIOD

3

13,021 12,77714,326 14,043

13,573

0

20000

2009 2010 2011 2012 2013

OUTPUT VOLUME (€M)

EBITDA (€M) AND EBITDA MARGIN (%) EBIT (€M) AND EBIT MARGIN (%)

2010 EBITDA and EBIT figures include a positive one-off of € 24.6 m and € 10.6 m, respectively.

14%

-3%

684 735 746608

695

0

1000

2009 2010 2011 2012 2013

5.5%5.9%

5.4%4.7%

5.6% 283 299 335207 262

0

1000

2009 2010 2011 2012 2013

2.3% 2.4% 2.4%1.6% 2.1%

26%


13,968 14,73913,354 13,203 13,470

0

20000

2009 2010 2011 2012 2013

2%

(2) FLEXIBLE BUSINESS MODEL, SELECTIVE DIVERSITY: SUBCONTRACTING AND PORTFOLIO MIXSUBCONTR. BUILDING & CIVIL ENGINEERING

● Diversifying selectively

● Top market positions in stable home markets

● Growing share of non-European countries

Own70%

Sub-contractors

30%

SUBC. TRANSPORTATION INFRASTRUCTURE

3

DIVERSIFIED PORTFOLIO BALANCES CYCLICAL/PROJECT-DRIVEN NATURE OF CONSTRUCTION


Own30%

Sub-contractors

70%

Building Construction &

Civil Engineering

40%

Transportation Infrastructure

37%

Services 7%

International 6%

Tunnelling 5%

Construction materials 3% Concessions 2%

(2) FLEXIBLE BUSINESS MODEL, SELECTIVE DIVERSITY: OWN DENSE CONSTRUCTION MATERIALS NETWORK

● Asphalt mixing plants 301(2)

● Concrete mixing plants 165(2)

● Total quarries and gravel pits 178(2)

● Cement mixing plants 6(3)

● Production of 3.7 m m³ of concrete, 15.2 m tons of asphalt and 1.0 m tons of cement in 2013

● More than € 2.2 bn tons reserves of stone and gravel

● Sales revenue of € 575 m in 2013

STRABAG FACILITIES(1)

● Hedge against price fluctuations, securing supply

● Existing quarries as effective entry barriers – lack of permits for new sites

● 30% in joint venture (at equity-consolidated since Q3/2011) with Lafarge secures access to cement in Austria, Hungary, Czech Republic, Slovenia.

● Further optimisation of raw materials network and increased self-sufficiency except in asphalt

OWN COVERAGE OF MATERIAL NEEDS (%)

3

HIGHLIGHTS

(1) As of December 2013, (2) Includes active facilities from joint ventures and associates, (3) JV with Lafarge, STRABAG share 30%


84%

29% 26%18%

83%

28%18%

0%

100%

Asphalt Concrete Cement Stone/Gravel2013 2012

(2) FLEXIBLE BUSINESS MODEL, SELECTIVE DIVERSITY: STEADY INCOME THROUGH CONCESSION BUSINESS

3

NUMBER OF STRABAG’S PPP(1) PROJECTS

● Focus on infrastructure and large public buildings

● PPP/BOT(1) in home markets, Eastern Europe and increasingly in selected international markets (insufficient legal framework in some countries)

● Growing importance as public procurement method due to cost advantages and austerity programmes

● High barriers to entry due to necessary PPP expertise and financial strength

SELECTED PPP PROJECTS

PPP STRATEGY

(1) Public-Private Partnership/Build-Operate-Transfer

Vocational schools, Germany Motorway A8, Germany

COUNTRY PROJECT TOTAL COST (€M) % SHARE CONCESSION

UNTIL STATUS

PL A2 Section II 1,543 10 2037 Operation

HU M5 Motorway 1,292 100 2031 Operation

HU M6 Motorway 966 30 2037 Operation

PL A2 Motorway I 880 10 2037 Operation

GER Schools,Hamburg 301 50 - In progress

GER Ministries, Potsdam 16 100 - In progress

2933 35 36 36

0

40

2009 2010 2011 2012 2013


(2) FLEXIBLE BUSINESS MODEL, SELECTIVE DIVERSITY: PROPERTY & FACILITY SERVICES

3

TARGET MARKETS

● Output 2013: € 955 m

● ~ 10,700 employees

● ~ 30 m m² managed area

● ~ 56,800 objects in portfolio(1)

● Active in 12 countries

● 2014: „Top Arbeitgeber in Deutschland 2014“ (Top Employer in Germany 2014)

● Consolidated in the International + Special Divisions segment

● 2013: #2 facility management company in Germany according to revenue

KEY FACTS 2013

PROJECTS UNDER MANAGEMENT

(1) without residential units

Deutsche Telekom AG, Germany

Tower 185, Frankfurt, Germany

City Tower, Praha, Czech Republic


(2) OFFERING TECHNOLOGY AND SUSTAINABILITY: CASE STUDY – MINING PARTNERSHIP WITH RIO TINTO

LONG-TERM PARTNERSHIP FEATURING NEW MINING CONSTRUCTION TECHNOLOGY

● Two tunnel boring systems

● One shaft boring system

3

Phase 1: STRABAG to carry out field trials in 2012–2014Installations in Australia and USA

Phase 2: STRABAG to exclusively carry out Rio Tinto projects using new systems for five years


(2) OFFERING TECHNOLOGY AND SUSTAINABILITY: CASE STUDY – CENTRAL TECHNICAL DIVISION / TPA

● Zentrale Technik – organisation in charge of planning and execution of R&D projects

● Focus on building construction and civil engineering

● >750 employees in 21 locations; personnel cost ~ € 50 m p.a.

● R&D spend increased 13% in 2012 to € 17 m

● TPA – organisation focused on optimising technical processes, workplace safety and quality

● Focus on transportation infrastructure

● STRABAG’s competence centre for quality management and construction R&D

● 900 employees in 130 locations

STRABAG AND PEERS: R&D/TECHNICAL DIVISION STAFF HEADCOUNT

3

1.1%

3.2%

1.9%1.5%

0.6%0.2% 0.2% 0.1% 0.1%

0%

4%% of total headcount

STRABAG Peers

0 0

753500 500 450

150 125 105 100 90

0

1600 Number of employees

900

STRABAG PeersCentral Technical DivisionTPA

1700


(2) OFFERING TECHNOLOGY AND SUSTAINABILITY: OUR SUSTAINABILITY AGENDA


(2) OFFERING TECHNOLOGY AND SUSTAINABILITY: EXAMPLE ON NON FINANCIAL TARGETS – WOMENGROW SHARE OF WOMEN IN TOTAL EMPLOYMENT AND MANAGEMENT POSITIONS EACH YEAR

3

13.6% 13.4%

8.6% 8.7%

0%

16%

2013 2012Women as % of staff Women as % of management


(3) FINANCIAL STRENGTH AS COMPETITIVE ADVANTAGE

3

(1) According to S&P definition

RATING

● STRABAG SE is one of the few European construction companieswith an official corporate credit rating.

● S&P confirmed investment grade rating BBB-, stable outlook, in May 2014 vertical integration and strategic access to construction materials strong liquidity position & track record of relatively stable margins indicators necessary for investment grade rating still offer

considerable flexibility in terms of investments and acquisitions● Rating as a competitive advantage: bond issued with a coupon of

3.00%, 2013–2020● Target: maintain investment grade credit rating at least

EQUITY RATIO

NET CASH

● High equity ratio of 31% despite share buyback (sector average 19%)

● Target: maintain equity ratio of ≥ 25%

● Net cash of € 74 m end of 2013


(3) FINANCIAL STRENGTH: DIVERSIFIED FINANCING

DEBT REPAYMENT PROFILE (€M)

● Cash and surety credit lines (31 Dec. 2013): € 6.7 bn (thereof cash credit lines of € 0.6 bn)

● Bond issue: € 200 m, 3.00%, 2013-2020

● € 2 bn syndicated surety loan

● € 400 m syndicated cash credit line

DIVERSIFIED MEANS OF FINANCING


7.5

100.0

175.0

100.0

200.0

116.5 23.5

0

400

2014 2015 2016 2017 2018 2019 2020Bonds Bonded loans

161 175195

61

1141.3%

1.4% 1.4%

0.5%0.9%

0

300

2009 2010 2011 2012 2013

(4) ATTRACTIVE DIVIDENDS:CONSISTENT PAYOUT RATIO

3

NET INCOME A.M. (€M) AND MARGIN (%) DIVIDEND (€) AND PAYOUT RATIO (%)

EARNINGS PER SHARE (€)

87%


0.50 0.55 0.600.20

0.45

35% 36% 34% 34%41%

0%

100%

€ 0

€ 2

2009 2010 2011 2012 2013

1.42 1.531.75

0.58

1.11

0

2

2009 2010 2011 2012 2013

90%

27.8%

-1.0%

7.9%

-7.6%

4.1%

4.8%

2.7%

2.9%

3.0%

2.1%

-10%

40%

2009 2010 2011 2012 2013

Return from share price Return from dividends

(4) ATTRACTIVE DIVIDENDS: TOTAL SHAREHOLDER RETURN 2009–2013

3

Dividend policy: 30-50 % of net income after minorities distributed as a dividend


FINANCIAL PERFORMANCE

4

OUTPUT VOLUME DECLINES DUE TO WEATHER, FULL ORDER BOOKSOUTPUT VOLUME (€M)

13,470 13,203

0

20000

2013 2012


4

13,573 14,043

0

20000

2013 2012

● Weather-related declines not fully compensated

● STRABAG broadly diversified: declines in Poland, Canada, Benelux and Romania nearly balanced out by increases in Hungary, Austria and Africa

● Completion of large projects in Russia and Benelux

● Several new building construction orders in Germany


2%

-3%

695608

0

750

2013 2012

EBITDA AND EBIT SHOW DOUBLE-DIGIT GROWTH

EBITDA (€M)

EBIT (€M)

4

● Previous year’s EBITDA had been distorted by damage compensation payments (€ 43 m)

● Still a burden: cost development in projects in hydraulic engineering, the Netherlands and Sweden as well as competitive pressure in railway construction

● Depreciation and amortisation increased by 8% –> specialty equipment for international business depreciated over just a few years of construction

● Relatively high depreciation in the fields of railway construction and hydraulic engineering

14%


262207

0

750

2013 2012

26%

N+W MAKES THE TURNAROUND, S+E ALMOST ON 2012 RECORD HIGH, I+S BACK TO NORMAL

4

EBIT NORTH + WEST (€M) EBIT SOUTH + EAST (€M)

EBIT INTERNAT. + SPECIAL DIVISIONS (€M)

283 299335

207

0

400

2009 2010 2011 2012 2013

EBIT TOTAL GROUP (€M)

N+W = North + West; S+E = South + East; I+S = International & Special Divisions

262


73

-51

-100

0

100

2013 2012

138149

0

200

2013 2012

n.m. -7%

70

127

0

200

2013 2012

-45%

26%

EARNINGS PER SHARE +90%

NET INCOME AFTER MINORITIES (€M)

● Positive FX effects of € 13 m (2012: € -12 m)

● Minority shareholders account for a result of € 43 m (2012: € 49 m)

● Number of weighted outstanding shares down to 102,716,850

1.11

0.58

0

2

2013 2012


4

90%


114

61

0

200

2013 2012

87%

GROUP INCOME STATEMENT 2013

(€m) 2013 2012 ∆%

Output volume 13,573.07 14,042.60 -3

Revenue 12,475.65 12,983.23 -4

Changes in inventories/own work capitalised 42.49 53.96 -21

Other operating income 232.24 221.07 5Construction materials, consumables and servicesused -8,204.35 -8,655.10 5

Personnel cost -2,998.65 -3,051.78 2

Other operating expenses -857.29 -938,16 9

Share of profit or loss of associates 5.78 -9.22 n.m.

Net income from investments -0.96 4.35 n.m.

EBITDA 694.91 608.35 14

4



GROUP INCOME STATEMENT 2013 (CONT.)

(€m) 2013 2012 ∆%

EBITDA 694.91 608.35 14

Margin (%) 5.6 4.7

Depreciation and amortisation -433.34 -401.17 -8

EBIT 261.58 207.19 26

Margin (%) 2.1 1.6

Net interest income -31.54 -50.73 38

Income tax expense -73.78 -46.42 -59

Net income 156.26 110.04 42

Attributable to minority interest 42.70 49.41 -14

Attributable to equity holders of the parent 113.56 60.63 87

Earnings per share (€) 1.11 0.58 90

4



HIGHLY SEASONAL BUSINESS

3,614

1,837

3,397

3,8633,680

2,309

3,8274,169

4,020

2,263

3,7744,075

3,932

2,135

3,508

3,966

108 -150140 203 106

-145

162 191127

-165-2 168 205

-172162

222

-500

4500

Q4/09 Q1/10 Q2/10 Q3/10 Q4/10 Q1/11 Q2/11 Q3/11 Q4/11 Q1/12 Q2/12 Q3/12 Q4/12 Q1/13 Q2/13 Q3/13 Q4/13

Output volume EBIT

3,964

49

QUARTERLY DEVELOPMENT OF OUTPUT VOLUME AND EBIT (€M)

4

(1) EBIT/revenue

3.2%

-7.5%-6.6%

5.0%

5.3%

4.4%4.3%

-8.4%

3.0%2.9%

4.7%

-0.1%

5.6%

-8.6%

1.6%

4.4%EBIT

mar

gin(

1)


6.2%

(€m) 2013 2012Share capital 114 114

Capital reserves 2,311 2,311

Retained earnings 492 437

Non-controlling interests 322 301

Equity 3,239 3,163Provisions 995 1,026

Financial liabilities 1,354 1,266

Trade payables & other liab. 78 96

Deferred taxes 39 44

Non-current liabilities 2,466 2,432Provisions 696 665

Financial liabilities 369 384

Trade payables 2,936 2,724

Other current liabilities 856 770

Current liabilities 4,856 4,543Liabilities & equity 10,561 10,138

(€m) 2013 2012Intangible assets 502 530

PP&E & investment property 2,183 2,268

Associated companies 372 379

Other financial assets 253 250

Concession receivables 780 783

Trade and other receivables 109 139


Non-current assets 4,416 4,547

Inventories 1.105 1,032

Trade and other receivables 3,303 3,161


Cash and cash equivalents 1,712 1,375

Current assets 6,145 5,591

Total assets 10,561 10,138

EQUITY RATIO REMAINS HIGH AT 31%

ASSETS(1) LIABILITIES AND EQUITY(1)

4

(1) Rounding differences might occur.


NET CASH AND HIGH EQUITY RATIO

4

-596 -669

-268

155

-74

-1000

0

1000

2009 2010 2011 2012 2013

NET DEBT/NET CASH (-) (€M)

32.2 31.1 30.3 31.2 30.7

0

0

2009 2010 2011 2012 2013

EQUITY RATIO (%)

● Net cash position in 2013 again – uncharacteristically high project-related prepayments at year-end

● Cash and cash equivalents end of 2013 at € 1.7 bn (2012: € 1.4 bn)

● Equity ratio stable over the medium term at approx. 30% vs. current sector average of 19%(1)

(1) Weighted average includes ACS, Balfour Beatty, BAM, Bilfinger, Bouygues, Budimex, Eiffage, Ferroval, Hochtief, Porr, Skanska, Vinci, YIT; last reported balance sheet date


40

(€m) 2013 ∆% 2012

Cash – beginning of period 1,351 -20 1,689

Cash flow from profits 513 1 509

∆ Working Capital 181 n.m. -240

Cash flow from operating activities 694 158 269

Cash flow from investing activities -332 26 -447

Cash flow from financing activities -6 96 -176

Net change in cash 355 n.m. -355

FX changes -18 n.m. 29

Change restricted cash -3 76 -13

Cash – end of period 1,685 25 1,351

ALL CASH FLOWS IMPROVED

4

Rounding differences might occur.


CASH AT € 1.7 BILLION

0

2500

Cash1/1/2013

CFO CFI CFF Currencytranslation

Restrictedcash

Cash31/12/2013

1,351

694

-332 -7 -18

1,685

-3

CASH DEVELOPMENT (€M)

● Unusually high decrease of working capital due to uncharacteristically high project-related prepayments; likely to reverse in 2014

● Purchase of specialty equipment needed for certain projects shifted in part to 2014

● Enterprise acquisitions took place to only a minor extent

● Buyback of own shares cost approx. € 9 m in 2013 (0.4% of shares)

COMMENTS

4

CFO: Cash flow from operating activities CFF: Cash flow from financing activities CFI: Cash flow from investing activities (net CAPEX)


SUCCESSFUL WORKING CAPITAL MANAGEMENT

542 535466

365

6.0%5.2%

4.6%3.8%

0

1200

2010 2011 2012 2013

9M CASH OUTFLOWS FROM WORKING CAPITAL (€M)

WORKING CAPITAL PATTERN: CASH OUTFLOWS IN Q1–3; INFLOWS IN Q4 (€M)

-10

-496-36

711

-216 -231 -88

332 83

-383 -166

226

-114 -127 -124

-800

800

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q32010 2011 2012 2013

4

● Working capital outflows generally occur over the first nine months of the year due to business seasonality

● Size of 9M outflows has consistently fallen over past three years – both in absolute terms and as % of output volume


2013: RETURN TO POSITIVE FCF

387

11 230

800

PP&E Acquisitions Financialassets

GROSS CAPEX 2013 (€M)

● FCF positive, after having been negative for two years

● ~ € 250 m maintenance CAPEX in PP&E

● Expansion CAPEX due to tunnelling and international business – special equipment needed

● Lower PP&E: Purchase of specialty equipment needed for certain projects shifted in part to 2014

● 2013 depreciation includes goodwill impairment of € 4 m (2012: € 10 m)

● Depreciation higher than CFI for the first time

501

269

694616

447332

0

800

2011 2012 2013CFO CFI

CFO VS. CFI (€M)

616

447332

412 401 433

0

800

2011 2012 2013CFI Depreciation

CFI VS. DEPRECIATION (€M)


44% of group output volume

NORTH + WEST: EBIT TURNS INTO CLEARLY POSITIVE TERRITORY

4

KEY INDICATORS

● Market- and weather-related declines in Poland

● Positive contribution to EBIT from building construction in Germany; results improved in Poland and in the German transportation infrastructures market

● Hydraulic engineering projects and large-scale projects in the Netherlands and Sweden still a burden

● Growth in order backlog in Germany, among others:

Thuringia’s new university clinic

Office building at Stuttgart airport

Cultural quarter in Dresden

● Outlook:

Expected 2014 output volume € 6.0 bn

Stable construction materials prices vs. rising subcontractor prices

Slight optimism for Poland as of 2014

COMMENTS

SHARE OF GROUP OUTPUT VOLUME

(€m) 2013 ∆% 2012

Output volume 6,021 -3 6,237

Revenue 5,524 0 5,510

Order backlog 5,451 13 4,827

EBIT 73 n.m. -51

EBIT margin % 1.3 -0.9

Employees 22,695 -10 25,108



(€m) 2013 ∆% 2012


Revenue 4,466 -7 4,792

Order backlog 3,805 -12 4,326

EBIT 138 -7 149

EBIT margin % 3.1 3.1

Employees 21,089 -7 22,699

SOUTH + EAST: EBIT MARGIN STABLE ON A HIGH LEVEL

4

KEY INDICATORS

● Output volume decreased due to an internal shift of the Polish building construction unit; growth in Hungary and Czech Republic

● EBIT -7%: Result improvement programme in environmental technology, but continued competitive pressure in railway construction

● Completion of large projects in RANC(1), recovery of order situation in Slovakia and Hungary

● Outlook:

Output volume at € 4.7 bn expected in 2014

Austria: no reduction of margin pressure in transportation infrastructures expected

Continued price pressure in transportation infrastructures in CEE

COMMENTS


(1) Russia and neighbouring countries



INTERNATIONAL + SPECIAL DIVISIONS: VOLATILE AS USUAL

4

KEY INDICATORS

● Volatile international and tunnelling business influences EBIT

● Order backlog grew by 4%: New orders in Germany, Chile and Canada

● Outlook:

Output volume unchanged at € 2.8 bn expected

Extremely low price levels in tunnelling core markets

Market for concession projects remains challenging in Europe

Construction materials business will continue to put pressure on margins

Significant positive earnings contributions from real estate development

STRABAG to diversify more broadly internationally

COMMENTS


(€m) 2013 ∆% 2012


Revenue 2,459 -8 2,661


EBIT 70 -45 127

EBIT margin % 2.8 4.8

Employees 23,575 15 20,426


OUTPUT VOLUME GROWS BY 10 % IN Q1/2014 –WEATHER-RELATED DECLINES LAST YEAROUTPUT VOLUME (€M)

4

2,344 2,135

13,573

0

20000

Q1/14 Q1/13 2013

● Unfavourable weather conditions had restricted the construction activity in the previous year

● Return to usual levels of output volume

● Increases especially in Germany and Austria


10%


14,482 13,819 13,470

0

20000

Q1/14 Q1/13 2013

5% ● Large projects in Germany, Chile, Slovakia and Hungary acquired

-70 -78

-150

750

Q1/14 Q1/13 2013

EBITDA AND EBIT LESS DEEPLY IN – AS USUAL IN Q1 –NEGATIVE TERRITORYEBITDA (€M)

EBIT (€M)

4

● Higher revenue leads to higher EBITDA; higher share of fixed costs covered

● Depreciation and amortisation fell by 1 %

10%


-164 -172

262

-450

0

450

Q1/14 Q1/13 2013

5%

695

-1.29 -1.36

1.11

-2

2

Q1/14 Q1/13 2013

-132 -140

114

-200

200

Q1/14 Q1/13 2013

EARNINGS PER SHARE AT € -1.29 AFTER € -1.36 (5%)

NET INCOME AFTER MINORITIES (€M)

● Interest income with € -4.04 m nearly balanced

● Income tax again in positive territory

● Minority shareholders helped bear a loss of € 8.29 m

● 102,599,997 bearer shares outstanding


4

5%


6%

0.5%

(€m) Q1/14 2013Share capital 114 114

Capital reserves 2,311 2,311

Retained earnings 337 492

Non-controlling interests 311 322

Equity 3,074 3,239Provisions 981 995

Financial liabilities 1,351 1,354

Trade payables & other liab. 72 78


Non-current liabilities 2,441 2,466Provisions 685 696

Financial liabilities 353 369

Trade payables 2,653 2,936

Other current liabilities 709 856

Current liabilities 4,400 4,856Liabilities & equity 9,915 10,561

(€m) Q1/14 2013Intangible assets 500 502

PP&E & investment property 2,137 2,183

Associated companies 364 372

Other financial assets 254 253


Trade and other receivables 106 109


Non-current assets 4,376 4,416

Inventories 1.136 1.105

Trade and other receivables 2,859 3,303


Cash and cash equivalents 1,519 1,712

Current assets 5,539 6,145

Total assets 9,915 10,561

EQUITY RATIO REMAINS HIGH AT 31%,LOW NET DEBT OF €M 98ASSETS(1) LIABILITIES AND EQUITY(1)

4

(1) Rounding differences might occur.


(€m) Q1/14 ∆% Q1/13

Cash – beginning of period 1,685 25 1,351

Cash flow from profits -98 2 -101

∆ Working Capital -19 83 -114

Cash flow from operating activities -117 46 -215

Cash flow from investing activities -48 29 -68

Cash flow from financing activities -18 18 -22

Net change in cash -183 40 -305

FX changes -9 -92 -5

Change restricted cash 5 n.m. -5

Cash – end of period 1,498 45 1,036

ALL CASH FLOWS IMPROVED

4

Rounding differences might occur.



NORTH + WEST: POSITIVE DEVELOPMENT IN OUTPUT VOLUME AND EBIT

4

KEY INDICATORS● Output volume: very positive development thanks to mild

winter

● German transportation infrastructures business up 30%; Poland and Denmark proved stronger, too

● Higher revenue not fully reflected in EBIT

● New orders in Germany and Poland:

Charité Berlin, Germany

A 100 motorway in Berlin, Germany

Zielone Arkady shopping centre in Bydgoszcz, Poland

● Outlook:

Output volume of € 6.0 bn expected in 2014

German BC&CE business should continue to contribute quite positively to earnings

Polish construction sector could recover significantly in 2014–2020

Scandinavia: stable markets

COMMENTS


(€m) Q1/14 ∆% Q1/13

Output volume 1,098 15 952

Revenue 1,048 16 902


EBIT -72 5 -76

EBIT margin % -6.9 -8.5

Employees 21,963 -9 24,212



(€m) Q1/14 ∆% Q1/13

Output volume 625 4 600

Revenue 571 5 546


EBIT -75 12 -86


Employees 18,323 -5 19,189

SOUTH + EAST:SLOVAKIA AND HUNGARY IN AN UPSWING

4

KEY INDICATORS

● Weather encouraged construction activity in Austria; Slovakia and Hungary profited from infrastructure contracts

● Better fixed costs cover, but high level of depreciation on railway construction equipment and strong competition in South-East Europe

● Order backlog climbed upwards due to Slovakian and Hungarian infrastructure projects

● Outlook:

€ 4.7 bn output 2014 forecasted

Smaller projects drive potential increase

CEE construction sector remains a challenge

Austrian transportation infrastructures business did not relax, but pleasant Viennese building construction sector

COMMENTS




INTERNATIONAL + SPECIAL DIVISIONS:INCREASINGLY INTERNATIONAL

4

KEY INDICATORS

● Growth in output volume in Germany & Austria

● EBIT improved 21% due to volatile business

● Order backlog (+4%) enhanced by:

Alto Maipo hydropower complex, Chile

McArthurGlen Designer Outlet Centre, Canada

● Outlook:

Output volume 2014 should settle at € 2.8 bn

STRABAG will increasingly offer technological know-how outside of Europe

PPP market in Europe remains challenging

Solid earnings contribution from property & facility services and real estate development expected

COMMENTS


(€m) Q1/14 ∆% Q1/13

Output volume 595 9 546

Revenue 541 7 508


EBIT -21 21 -27


Employees 23,272 12 20,810


APPENDIX5

(€m) 2009 2010 2011 2012 2013 CAGR(1) (%)Germany 5,380 5,051 5,609 5,779 5,789 2Austria 1,981 1,907 1,985 1,888 1,982 0Hungary 832 580 436 393 496 -12Czech Republic 786 867 769 646 645 -5Bulgaria 35 36 18 27 20 -13Croatia 149 92 106 130 133 -3Poland 993 1,352 1,719 1,139 787 -6RANC(2) 282 351 487 527 561 19Romania 161 165 206 372 322 19Serbia 37 45 87 72 31 -4Slovenia 67 43 49 81 67 0Slovakia 480 427 441 400 340 -8Benelux 221 284 360 456 400 16Switzerland 378 370 574 425 386 1ltaly 108 128 186 157 168 12Other European Countries 168 65 44 83 81 -17Scandinavia 199 248 512 579 510 26Africa 168 136 63 125 165 0Middle East 350 295 309 305 323 -2Asia 84 89 109 111 103 5Americas 162 246 257 348 263 13Total 13,021 12,777 14,326 14,043 13,573 1

OUTPUT VOLUME BY COUNTRY

5

(1) CAGR over period 2009–2013; (2) Russia and neighbouring countries


2012 (€M) CONSTRUCTION OUTPUT STRABAG OUTPUT MARKET SHARE (%)Germany 275,506 5,779 2.1Austria 32,586 1,888 5.8Hungary 7,410 393 5.3Czech Republic 17,448 646 3.7Poland 45,980 1,139 2.5Slovakia 4,595 400 8.7Switzerland 52,384 425 0.8Benelux 101,377 456 0.4Romania 17,902 372 2.1Italy 172,153 157 0.1Scandinavia 133,533 579 0.4RANC 170,917 527 0.3Croatia 3,120 130 4.2Slovenia 1,459 81 5.6Serbia 2,040 72 3.5Bulgaria 6,035 27 0.4

STRABAG MARKET SHARE DATA


Sources: Euroconstruct December 2013, EECFA Country Reports September 2013, company data

MARKET LEADING POSITION IN CENTRAL AND EASTERN EUROPEAN COUNTRIES

5

Sources: companies’ Annual Reports; Handelsblatt; ajpes.si; Euroconstruct reports (generally, in December Euroconstruct releases the final figures for the previous full year)

AUSTRIA

Output volume/Revenue 12 (€m)

1. Porr 1,948

2. STRABAG 1,888

3. Swietelsky 801

4. Habau 301

5. Wolf Holding 115

GERMANY


1. STRABAG 5,779

2. Bilfinger 3,331

3. Vinci 2,374

4. Hochtief 2,130

5. Bauer 385

CZECH REPUBLIC


1. Metrostav 822

2. STRABAG 646

3. Skanska 507

4. Eurovia 408

5. OHL 352

POLAND


1. Budimex 1,452

2. STRABAG 1,139

3. Skanska 1,019

4. Polimex Mostostal 982

5. PBG 432

WESTERN EUROPE

EASTERN EUROPEHUNGARY


1. STRABAG 393

2. KÖZGÉP 211

3. KÉSZ Group 126

4. Market Group 122

5. Colas-Hungária 69


MARKET LEADING POSITION IN CENTRAL AND EASTERN EUROPEAN COUNTRIES (CONT.)

5

SLOVAKIA


1. STRABAG 400

2. Doprastav 289

3. Vahostav 117

4. Skanska 93

5. Eurovia 84

CROATIA


1. STRABAG 130

2. Viadukt 118

3. Osijek Koteks 81

4. GP Krk 72

5. Hidroelektra-Niskogradnja 65

SLOVENIA


1. CGP 108

2. Pomgrad 102

3. STRABAG 81

4. Gorenjska 74

5. Begrad 45

ROMANIA


1. STRABAG 372

2. UMB Grup 262

3. STRACO 196

4. Tehnologica Radion 126

5. Delta 113


Sources: companies’ Annual Reports; Handelsblatt; ajpes.si; Euroconstruct reports (generally, in December Euroconstruct releases the final figures for the previous full year)

OWN BUILDING MATERIALS NETWORK


FINANCING PPP-PROJECTS

● The SPV(1) is financed with equity (10%–30%) and bank debt (70%–90%)

● STRABAG – as a shareholder in the SPV –puts in equity

● Other SPV shareholders are e.g. governments, infrastructure funds and developers or other construction companies.

● The grantor pays a fee to the SPV which is used for construction, maintenance, repaying debt and paying dividends to equity partners.

● Availability and hard toll projects, forfeiting models ● Maintenance part of availability fee linked to

inflation● WACCs differ according to risk: 6%–13%● ROE targets: minimum 12%● Current debt in PPP SPVs consolidated in

STRABAG balance sheet: € 585 m (as at end of 2013, only SPV with material impact)

TYPICAL FINANCING EQUITY INVESTED IN PPP (€M)

5

(1) Special Purpose Vehicle


349 375 382 386 410

0

700

2009 2010 2011 2012 2013

ILLUSTRATIVE PPP PROJECT STRUCTURE

5

SPC / Project Consortium / Company

Grantor

Construction Joint Venture(EPC – Contract)

Operations & Maintenance Company

STRABAG

[Public Entity]

Lenders

Insurance Providers

Project/Concession Contract

Funding Agreements

InsuranceContracts

Turnkey Design andConstruction

ContractOperations & Maintenance

Contract

ShareholdersAgreement

STRABAG

CJV Partner(s)

Partner(s)

IndependentEngineer

IndependentEngineer

Agreement

DEBT

EQU

ITY

A-Way

OJV Partner(s)


2008 Acquisition of Deutsche Telekom Immobilien und Services GmbH | Germany

2010 ● Acquisition of RIMEX Group | Germany● Acquisition of ECM Facility a.s. | Czech Republic

2011 Start of Technical FM operations in Belgium, Netherlands and Switzerland

2012 Acquisition of BWG (GSW Betreuungsgesellschaft f. Wohnungs- und Gewerbebau mbH) | Germany

PROPERTY & FACILITY SERVICES: STRATEGIC RATIONALE & TARGETS

5

● Offsets seasonal and cyclicality factors (contracts of 3-5 years duration)

● One integrated provider for planning, construction and operation of properties

● Long-term relationship with customers, that does not end after the construction project has finished

● Growth opportunities through international market access and rising importance of lean real estate operations

EXTENDING THE VALUE CHAIN

● Real Estate Management

Property Management

Leasing and letting/area management

● Technical Facility Management

● Infrastructural Facility Management

● Support of tenancy and marketing activities

● Extend business with new and existing customers

● Stable output volume of over € 930 m, considering expected turnover declines in German market (Deutsche Telekom accounts for 80% of turnover in Germany)

● Enter new market segments (e.g. industrial services, automotive, energy management etc.)

● Increase competitiveness by further optimisation of productivity and costs

TARGETS FOR 2014

BUSINESS SEGMENTS MILESTONES


STABLE SHAREHOLDER STRUCTURE

HaselsteinerFamily28.3%

UNIQA/ Raiffeisen29.3%

RasperiaTrading

19.4%

Free float13.0%

Treasury shares10.0%

SHAREHOLDER STRUCTURE 1/2014

● Core shareholders account for the majority 77% stake

● Flexibility: Strategic decisions can be taken and implemented very fast.

● Rasperia holds the option to buy a further 5.6% STRABAG SE stake from Haselsteiner, Raiffeisen and UNIQA by July 2014.

● Share buyback programme July 2011–May 2013; acquisition of 10% of shares

COMMENTS


ORGANISATION – CENTRAL UNITS

5

(1) BRVZ: Bau- Rechen- und Verwaltungszentrum (3) TPA: Gesellschaft zur Optimierung von technischen Prozessen, Arbeitssicherheit und Qualität(2) BMTI: Baumaschinentechnik International (4) Zentrale Technik: Central Technical Division

ORGANISATIONAL STRUCTURE

Central Divisions & Central Staff Divisions

Operative Segments

North + West

1 Board Member

6 DivisionsDivision Managers39 Subdivisions

Subdivision Managers

South + East

1 Board Member



CEO

1 DivisionDivision Managers

4 SubdivisionsSubdivision Managers

International + Special Divisions

1 Board Member



CEO

CFO

BRVZ(1)

Accounting, Taxes, Finances, IT,Human Resources, Real Estate, Insurance

BMTI(2) TPA(3) Zentrale Technik(4)

Legal Internal Auditing Contract ManagementBusiness Compliance


THE MANAGEMENT BOARD

Thomas Birtel, CEO (second left) ● Joined STRABAG in 1996● Management Board member since 2006● Born 1954 Education: Economics

Christian Harder, CFO (second right) ● Joined STRABAG in 1994● Management Board member since 2013● Born 1968 Education: Business Administration

Peter Krammer, Head of North + West segment (left) ● Joined STRABAG in 1998● Management Board member since 2010● Born 1966 Education: Civil Engineering

Siegfried Wanker, Head of South + East segment (right) ● Joined STRABAG in 1994● Management Board member since 2011● Born 1968 Education: Civil Engineering

Hannes Truntschnig, Head of International + Special Divisions segment (centre) ● Joined STRABAG in 1981● Management Board member since 1995● Born 1956 Education: Engineering and Business Administration

LONG RECORD OF EXPERIENCE WITHIN STRABAG AND IN THE CONSTRUCTION SECTOR

5

Over

100years combined experience at STRABAG


STRABAG SHARE IS COVERED BY TEN INSTITUTIONS

COMPANY DATE TITLE TARGET PRICE RATING

Goldman Sachs 9.7.2014 Down to Sell on recent outperformance € 24.0 Sell

LBBW 28.5.2014Milder Winter führt zu Anstieg der Bauleistung € 23.0 Hold

RCB 28.5.20141Q results below RCBe, full-year targets confirmed € 22.0 Hold

Erste Group 27.5.2014 Emerging Europe € 22.0 Hold

MainFirst Bank 23.5.2014 On the right path € 27.0 Outperform

Deutsche Bank 21.5.2014 Company & numbers update € 19.0 Hold

Kepler Cheuvreux 30.4.2014 Solid FY results € 19.5 Hold

DZ Bank 18.3.2014

Starker Kursrückgang bietet Einstiegschance – Neues Anlageurteil: „Kaufen“ € 20.0 Buy

Commerzbank 14.2.2014Prel. Q4 due 17 February – output recovering further € 23.0 Buy

HSBC 2.12.2013FY13 EBIT guidance continues to look challenging € 16.5 Underweight


FINANCIAL CALENDAR AND IR CONTACT

● Annual General Meeting 2014 27 June 2014● Semi-annual Report 2014 29 August 2014● Interim Report January–September 2014 28 November 2014● Full-year results 2014 29 April 2015

Diana Neumüller-Klein, CFAHead of Investor Relations & Corporate Communications+43 1 [email protected]

www.strabag.com


strabag se investor presentation june 2014 · disclaimer this presentation is made by str abag se...

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