PORR achieves strong growth in order bookings and improves earnings in first quarter

• Production output of EUR 592m matches high level of previous year
• EBT up by EUR 9.8m
• Order backlog of EUR 4,392m holds steady
• Sharp rise in order bookings to EUR 925m

Vienna, May 31th 2015 – Despite the mild winter in the comparable period 2014, PORR has managed to maintain the previous year’s high output level. Production output of EUR 592m was almost the same as in the first quarter 2014. The stable output performance and improvements in costs also had an impact on earnings. At EUR -12.0m, PORR managed to improve earnings before taxes (EBT) by EUR 9.8m against the previous year. The post-tax earnings for the period were 36.4% higher than the comparable period, totalling EUR -11.6m for the first quarter 2015. The Group succeeded in slashing net debt by 64.5% to EUR 181.3m.
 
“The performance in the first quarter is another testament to our intelligent growth strategy. We interpret this as doing business with a focus on quality, earnings and security. This approach rests on two pillars: our five home markets of Austria, Germany, Switzerland, Poland and the Czech Republic, where we offer our entire portfolio, and selected project markets in CEE/SEE and Qatar. We are predominantly active in tunnelling, railway con-struction and civil engineering in these countries – our premium products”, said Karl-Heinz Strauss, CEO of PORR AG. 
 
Order situation remains positive
At the end of March 2015 the order backlog stood at EUR 4,392m, only slightly below the high level of the previous year. Order bookings rose by 36.0% to EUR 925m. This growth was driven by all of the business units, in particular by Business Unit 2 – CEE/SEE, which almost tripled its new orders.
 
The largest order bookings in the first quarter 2015 included the Europaallee office building in Zurich for the Swiss Railways, as well as Albula Tunnel II and the Ceneri Base Tunnel, also in Switzerland. In Poland the Group acquired the Krakow-Prokocim university clinic and the Marriott Okecie Hotel in Warsaw. In the key Greater Vienna area, PORR won tenders to build the Jedleseer Straße 79-95 apartment complex and another lot for the client Boehringer. 
 
“The good start to the construction year and the solid cushion of orders has led us to forecast an increase in production output for the full year 2015”, said Karl-Heinz Strauss, CEO of PORR AG. “Despite more challenging weather conditions than the previous year, the construction start went as planned in most of the regions”.
 
The interim report on the first quarter 2015 is available for download here: Investor Relations