Financial position and cash flows
Balance sheet
€ mn | 31.12.2024 | % of balance sheet total | 31.12.2023 | % of balance sheet total |
Non-current assets | 5,822 | 40 | 5,477 | 40 |
Current assets | 8,853 | 60 | 8,229 | 60 |
Equity | 5,000 | 34 | 4,409 | 32 |
Non-current liabilities | 2,288 | 16 | 2,228 | 16 |
Current liabilities | 7,387 | 50 | 7,069 | 52 |
Total | 14,675 | 100 | 13,706 | 100 |
The total of assets and liabilities grew by 7% year on year to € 14,674.58 million. On the assets side, the increase was mainly due to higher inventories and cash and cash equivalents. Growth was also seen in the Group’s investment property, attributable to the establishment of the STRABAG Hold Estate portfolio for the purpose of managing long-term, strategic real estate holdings.
34.1%
Equity ratio
The equity at the end of 2024 amounted to € 5,000.37 million, marking the first time that this figure has reached the € 5.0 billion mark. The final step of the capital measures to reduce the stake held by MKAO “Rasperia Trading Limited” was carried out in March 2024 with entry of the ordinary non-cash capital increase in the commercial register. As a result, the share capital of STRABAG SE increased from € 102.6 million to € 118.2 million, while the capital reserves decreased by the same amount. The equity ratio rose to 34.1% (31 December 2023: 32.2%) due to the exceptionally high earnings in the reporting year and so remains comfortably above the Group’s minimum target of 25%.
Key balance sheet figures
31.12.2020 | 31.12.2021 | 31.12.2022 | 31.12.2023 | 31.12.2024 | |
Equity ratio (%) | 33.9 | 33.3 | 31.7 | 32.2 | 34.1 |
Net debt (€ mn) | -1,747.23 | -1,937.18 | -1,927.70 | -2,643.24 | -2,905.25 |
Gearing ratio (%) | -42.5 | -47.6 | -47.9 | -59.9 | -58.1 |
Capital employed (€ mn) | 5,815.14 | 5,750.63 | 5,407.37 | 5,726.41 | 6,331.38 |
€2.9billion
Net cash position
STRABAG SE reported another net cash position as at 31 December 2024, with a noticeable increase to € 2,905.25 million due to higher cash and cash equivalents.
Calculation of net debt1
€ mn | 31.12.2020 | 31.12.2021 | 31.12.2022 | 31.12.2023 | 31.12.2024 |
Financial liabilities | 1,156.01 | 1,193.62 | 957.20 | 898.93 | 927.27 |
Severance provisions | 122.55 | 108.36 | 91.38 | 98.27 | 99.34 |
Pension provisions | 428.36 | 376.83 | 333.55 | 319.85 | 304.40 |
Non-recourse debt | -597.20 | -652.74 | -607.97 | -509.67 | -512.57 |
Cash and cash equivalents | -2,856.95 | -2,963.25 | -2,701.85 | -3,450.62 | -3,723.70 |
Total | -1,747.23 | -1,937.18 | -1,927.70 | -2,643.24 | -2,905.25 |
The cash flow from operating activities decreased to € 1,387.21 million in the year under review (2023: € 1,816.51 million); this figure is still at the upper end of the multi-year average, however. While cash flow from earnings increased year-on-year, working capital remained largely unchanged following the unexpected reduction in the previous year. A reduction in advance payments has not yet materialised.
The cash flow from investing activities was, as expected, more negative due to higher investments in line with the Group Strategy 2030 and amounted to € -749.54 million (2023: € -654.87 million). An increase in investment property was recorded due to the establishment of the STRABAG Hold Estate portfolio and in property, plant and equipment.
The cash flow from financing activities was less negative at € -353.69 million (2023: € -430.58 million). The previous year’s figure included the cash outflow from the acquisition of own shares tendered as part of an anticipatory mandatory takeover offer by the Austrian core shareholders. The absence of this effect more than offset the higher dividend distribution in the past financial year
Report on own shares
As at 31 December 2024, the company held 2,779,006 own shares (2.4% of the share capital), which it acquired under a share purchase agreement concluded with Haselsteiner Familien-Privatstiftung, RAIFFEISEN-HOLDING NIEDERÖSTERREICH-WIEN reg. Gen.m.b.H. and UNIQA Österreich Versicherungen AG on the occasion of their mandatory takeover bid on the basis of the authorisation granted by the Annual General Meeting on 24 June 2022 pursuant to Section 65 Para 1 No 8 AktG. The rights arising from these 2,779,006 no-par value shares are therefore now suspended in accordance with Section 65 Para 5 AktG.
Further details can be found in the management report under Disclosures under Sec 243a Para 1 UGB.