PORR AG achieves outstanding results for 2013

• Production output up by 19%
• Growth in every segment
• Order backlog reaches record high of EUR 4,591m (+36.1%)
• Significant improvements in all KPIs
• Sharp fall in net debt to EUR 358m
• Dividends tripled to EUR 1 per share
• Positive outlook for 2014

Vienna, April 9th 2014 – PORR AG has reported exceptionally positive results for the year 2013. The Group managed to increase production output by 19% or EUR 548m to EUR 3,439m. In addition to the strong performance on the home markets (Austria, Germany, Switzerland, Poland and the Czech Republic), another key driver in this impressive growth was infrastructure, a core competency. The order backlog rose to EUR 4,591m, a record high for the company.
 
Karl-Heinz Strauss, CEO of PORR AG, on last year’s performance: “PORR’s upward trend continued in impressive fashion in 2013. Along with the rise in production output, we also succeeded in significantly improving all key performance indicators in the reporting period. This is the result of consistently implementing our intelligent growth strategy and our optimisation process, fitforfuture, as well as the dedication of our highly motivated employees. In light of these positive developments, the Executive Board will propose that we triple the dividend to EUR 1 per share at the Annual General Meeting”.
 
Record highs in order backlog and order bookings
With an order backlog of EUR 4,591m, PORR succeeded in exceeding the high level of the previous year by 36.1% or EUR 1,217m, a historic high. The increases here were mainly triggered by the DACH region and the infrastructure sector, with major acquisitions in Qatar and in Austrian tunnelling. At December 31st 2013 order bookings amounted to EUR 4,656m, a rise of 33.0% or EUR 1,156m. The largest tenders in 2013 were the Green Line of the Doha metro in Qatar, Koralm Tunnel lot KAT 3 in Austria, the Emscher Canal BA 40 consortium in Germany, the Rudolfsheim care home in Vienna, the LK 132 Blotnica–Opole rail line in Poland and numerous building construction projects.
 
Strong rise in earnings – significant fall in net debt
PORR managed to achieve an impressive increase in earnings in the 2013 business year. EBITDA rose by 49.0% or EUR 50.9m to EUR 154.7m, while EBIT reached EUR 88.0m following on from EUR 53.8m in 2012 (up by 63.6%). EBT saw almost a three-fold increase against the previous year to EUR 60.5m (2012: EUR 22m). This pleasing development was first and foremost due to the consistent implementation of the corporate strategy of concentrating on the home markets with a strong credit rating as well as high-margin international projects. The reduction of the property portfolio combined with optimisation in working capital also led to a fall in net debt of around 40% to EUR 357.5m (2012: EUR 586.5m). In view of this positive performance, a three-fold increase in dividends to EUR 1 per share will be proposed to the Annual General Meeting (2012: EUR 0.3125 per share).
 
At year end 2013 PORR had cash and cash equivalents of EUR 332.9m (2012: EUR 110.4m).
 
Continuation of strategy: increase in output and earnings forecast for 2014
One significant factor in this good performance has been PORR’s strategic decision to concentrate on the stable, attractive home markets, which offer high planning security and the best credit standing, as well as implementing a targeted expansion in the infrastructure sector on the international markets. Given the high order backlog, the strong position on the most important markets, the positive impact of fitforfuture, and the dedication of the PORR staff,  the Executive Board expects a renewed increase in output and earnings in 2014. Net debt should also see further cuts through the steady focus on divesting real estate and on working capital management.