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| Strabag to confirm 2009 outlook Austrian builder Strabag SE was able to grow its construction output in the first nine months of 2008 by 23 % over the same period last year to € 9,381.8 million. About one-third of this increase was contributed by Germany and the initial consolidation of F. Kirchhoff AG (Germany: +€ 604.7 million to € 3,328.4 million). Significant growth was seen in Russia and Hungary as well. Consolidated group revenue in the first nine months of the 2008 financial year amounted to € 8,314.5 million, compared to € 6,860.9 million in the same period last year (+21 %). Revenue in the third quarter 2008 was up by 26 % to € 3,537.1 million. The order backlog at 30 September 2008 reached a new record high of € 13,966.8 million, up 29 % compared to the first nine months of the previous year. The increase in the order backlog is due two thirds to increases in Central and Eastern Europe – in Russia and Poland, additional projects were generated worth around € 908 million and € 559 million respectively. Strabag sees no reliable indications that would require a significant change to the 2008 and 2009 full-year outlook made after the first six months of 2008. Strabag expects the output volume in 2008 to grow by 24 % to € 13.3 billion over the 2007 financial year. Strabag is aiming for the ambitious goal of raising its earnings before interest and taxes (EBIT) to nearly € 400 million, which should allow for a slight improvement of the EBIT margin. Following the acquisition of further shares of the publicly listed German subsidiary Strabag AG, Cologne, the minority interest in the group profit of € 37 million in the 2007 financial year should fall to between € 20 million and € 25 million this year. For this reason, Strabag expects the margin of the net profit after minority interest in the 2008 financial year to rise more significantly than the EBIT margin. In 2009, Strabag expects to increase its output volume and revenues subject to the overall economic development. The EBIT should reach a similar level as in the 2008 financial year. The tax ratio is expected to remain stable at about 25 %. STRABAG estimates the amount of the earnings attributable to minority shareholders at between € 25 million and € 30 million. write your comments about the article :: © 2008 Construction News :: home page |