Q3 result as a strong tailwind
- Focus on optimising the balance sheet
- Targeted equity ratio of 20-25%
- Outlook for 2023 remains positive
Vienna, 29.11.2023 - As part of the optimisation of its equity structure, PORR is currently examining the issue of a hybrid bond in the 2024 financial year, including the possibility of a repurchase offer for the hybrid bonds 2020 and 2021. Raiffeisen Bank International AG and M.M. Warburg & CO (AG & Co.) KGaA have been mandated for this purpose.
PORR's balance sheet is to be further strengthened with the potential issue of a hybrid bond in the coming year. "Following our extremely pleasing results for the third quarter of 2023, we now want to take an important step towards long-term financing", said Karl-Heinz Strauss, CEO of PORR. "With bank balances and cash lines currently totalling around EUR 737m, we are already in a strong position in terms of liquidity, the targeted refinancing of the hybrid bonds issued in 2020 and 2021 will also create a continuously reliable capital structure for our future business development."
In line with PORR's proactive financial strategy, the steps towards refinancing take place as planned at least one year before the first call date. The issue of a standard market hybrid bond remains subject to the prevailing market situation and the approval of the Supervisory Board. As part of the future programme PORR 2025 , an equity ratio of 20-25% is still being targeted.
PORR remains optimistic for the year 2023. With an order backlog of EUR 8.7 bn as of 30 September 2023, the pipeline is well filled. Based on this and PORR's current output development, the Management Board expects output for the 2023 financial year to be in the range of EUR 6.5 bn to EUR 6.7 bn and earnings before taxes of between EUR 125m and EUR 130m.
This announcement is not a prospectus and does not constitute an offer to sell or the solicitation of an offer to buy or subscribe for securities, nor does it constitute financial analysis or advice or a recommendation relating to financial instruments. The securities have not been and will not be registered under any foreign securities laws, including the U.S. Securities Act of 1933, as amended, with any foreign securities authority and may not be offered or sold in the United States of America ("U.S.") absent registration or an exemption from the registration requirements of the Securities Act. This release is not for distribution in or into the United States, Australia, Canada or Japan or any other jurisdiction in which the distribution or dissemination would be unlawful and must not be distributed or forwarded to publications with a general circulation in the United States.
For enquiries, please contact:
Karl-Heinz Strauss
CEO
PORR AG
T +43 50 626 1001
comms@porr-group.com
Klemens Eiter
CFO
PORR AG
T +43 50 626 1004
comms@porr-group.com
Press contact:
Melanie Manner
Press Spokesperson & Media Relations
PORR AG
T +43 50 626 5867
comms@porr-group.com
Treasury contact:
Stefan Ondra
Deputy Head of Group Treasury
PORR AG
T +43 50 626 1829
stefan.ondra@porr.at
