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21st Austria weekly - Porr, UBM, ams, Vienna Stock Exchange, Bawag (27/04/2020)

03.05.2020

Porr: Construction group Porr has concluded its year of consolidation, 2019, with a robust foundation. Stability is ensured by the strong order backlog of more than Euro 7.1 bn. Production output of Euro 5.6 bn remained at the high level of the previous year. Earnings before taxes of EUR 37.4m met the target as amended in November and fell short of the previous year due to one-off impacts. The focus on the home markets increased once again as their share of production output climbed to 94%. “The past year has left a mark on our construction markets. We are not satisfied with the result and our Porr 2025 transformation programme is enabling us to consistently implement the requisite measures”, said Karl-Heinz Strauss, CEO of Porr. “The economic backdrop will remain challenging in 2020 because of the COVID-19 pandemic. But every crisis is also an opportunity. And we will seize it from a position of strength.” EBT stood at Euro 37.4 mn and was therefore significantly lower than the previous year with a decline of 57.6%. The Group thereby met its amended profit guidance issued in November. The one-off negative impact on earnings from a project in Norway and the high pressure on prices and margins in Poland had an adverse effect on the earnings situation. For the medium and long term, the fundamentals of the construction industry remain positive. The main trends include inexorable urbanisation with rising demand for infrastructure and residential properties, economic and social factors, and the issue of digitalisation, which benefits technological trailblazers like Porr. These trends will open up further growth opportunities in the future.
Porr: weekly performance: 2.35%

UBM: Hotel developer UBM follows a dividend policy that is based on continuity and reflects both the past financial year’s performance as well as future earnings expectations. Based on the record year in 2019 and in view of the uncertain market environment, the company recommends a stable dividend of Euro 2.20 per share to the Annual General Meeting. This will reduce the payout ratio to 31% compared with 41% in previous years, which is also seen as a precautionary measure in view of the expected recession resulting from the COVID-19 pandemic. “We are working to create a balance between the interests of all stakeholders – also in the current extreme environment“, explains Thomas G. Winkler, CEO of UBM Development AG. 2019 represents the second record year in a row for UBM. With the best performance in the company’s history, the initial expectations were clearly exceeded. EBT rose by 27% to Euro 70.5 mn. The equity ratio equalled 35% at the end of 2019, which represents the upper end of the 30–35% target range. Moreover, UBM currently has more than Euro 200 mn of cash at hand. “Even if there is no longer any interest in the previous year’s performance, it gives us an important cushion in this strongest downturn since the global financial crisis“, comments Winkler. UBM has a balanced project pipeline with a residential share of more than 40% – which is probably the least affected asset class – and almost 20% in office. In addition, the projects are located in top cities with a focus on Germany and Austria. The consequent focus on risk minimisation in past years is now paying off. All hotel and office projects which will be completed in 2020 were forward sold before the corona crisis to buyers with strong credit standings, and the apartment sales in projects currently under construction averages 70%.
UBM: weekly performance: 25.87%

ams: ams AG, a leading worldwide supplier of high performance sensor solutions, announces that, based on the current outstanding number of 274,289,280 bearer shares, the maximum repurchase volume under the current share repurchase program of max. 5% or 13,714,464 bearer shares has been achieved and the repurchase program has been completed.The purpose of the share repurchase program was to repurchase the necessary shares to service obligations under long-term employee incentive programs.
AMS: weekly performance: 18.71%

Vienna Stock Exchange: The Vienna Stock Exchange starts the calculation of the new CECE Soft index and the ROTX Total Return. CECE Soft comprises the largest and most liquid companies in the "Software & IT Services" sector in Central, Eastern and Southeastern Europe. The Romanian dividend index RITX Total Return was launched in response to the demand of international market participants. It reflects the attractive dividend yields of the growth market Romania. The index offering of the Vienna Stock Exchange thus comprises of 147 indices. 108 of which track national, regional and sector developments in Central, Eastern and South-Eastern Europe.

Bawag: Banking group Bawag released its first quarter 2020 results, reporting a net profit of Euro 61 mn. Core revenues increased by Euro 5 mn, or 2%, to Euro 292 mn. Net interest income rose by 3% to Euro 220 mn reflecting growth in our core retail products as well as the acquisitions closed during the course of 2019. Net fee and commission income remained broadly stable at Euro 72 mn. Operating expenses decreased by 1% as a result of ongoing efficiency measures. The cost-income ratio was stable at 42.3%. This resulted in a preprovision profit of Euro 171 mn, stable versus prior year and a reflection of the strong underlying operating performance of the business. The first quarter 2020 also included regulatory charges of Euro 36 mn, which represent 85% of full-yearcharges that are required to be booked in the first quarter. To address the deteriorating macroeconomic environment as well prudently provision against the observed build-up of customer payment deferrals due to COVID-19, an incremental general reserve of Euro 25 mn was posted in the first quarter 2020, leading to total risk costs of Euro 55 mn. The bank’s capital position remained strong, with a fully loaded CET1 ratio of 12.7%. The Bank continues to deduct the full year 2019 and first quarter 2020 dividends from capital and will wait for further guidance from our regulators regarding capital distributions later in the year. 
Bawag: weekly performance: 24.28%

(From the 21st Austria weekly https://www.boerse-social.com/21staustria (27/04/2020)


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21st Austria weekly - Porr, UBM, ams, Vienna Stock Exchange, Bawag (27/04/2020)


03.05.2020


Porr: Construction group Porr has concluded its year of consolidation, 2019, with a robust foundation. Stability is ensured by the strong order backlog of more than Euro 7.1 bn. Production output of Euro 5.6 bn remained at the high level of the previous year. Earnings before taxes of EUR 37.4m met the target as amended in November and fell short of the previous year due to one-off impacts. The focus on the home markets increased once again as their share of production output climbed to 94%. “The past year has left a mark on our construction markets. We are not satisfied with the result and our Porr 2025 transformation programme is enabling us to consistently implement the requisite measures”, said Karl-Heinz Strauss, CEO of Porr. “The economic backdrop will remain challenging in 2020 because of the COVID-19 pandemic. But every crisis is also an opportunity. And we will seize it from a position of strength.” EBT stood at Euro 37.4 mn and was therefore significantly lower than the previous year with a decline of 57.6%. The Group thereby met its amended profit guidance issued in November. The one-off negative impact on earnings from a project in Norway and the high pressure on prices and margins in Poland had an adverse effect on the earnings situation. For the medium and long term, the fundamentals of the construction industry remain positive. The main trends include inexorable urbanisation with rising demand for infrastructure and residential properties, economic and social factors, and the issue of digitalisation, which benefits technological trailblazers like Porr. These trends will open up further growth opportunities in the future.
Porr: weekly performance: 2.35%

UBM: Hotel developer UBM follows a dividend policy that is based on continuity and reflects both the past financial year’s performance as well as future earnings expectations. Based on the record year in 2019 and in view of the uncertain market environment, the company recommends a stable dividend of Euro 2.20 per share to the Annual General Meeting. This will reduce the payout ratio to 31% compared with 41% in previous years, which is also seen as a precautionary measure in view of the expected recession resulting from the COVID-19 pandemic. “We are working to create a balance between the interests of all stakeholders – also in the current extreme environment“, explains Thomas G. Winkler, CEO of UBM Development AG. 2019 represents the second record year in a row for UBM. With the best performance in the company’s history, the initial expectations were clearly exceeded. EBT rose by 27% to Euro 70.5 mn. The equity ratio equalled 35% at the end of 2019, which represents the upper end of the 30–35% target range. Moreover, UBM currently has more than Euro 200 mn of cash at hand. “Even if there is no longer any interest in the previous year’s performance, it gives us an important cushion in this strongest downturn since the global financial crisis“, comments Winkler. UBM has a balanced project pipeline with a residential share of more than 40% – which is probably the least affected asset class – and almost 20% in office. In addition, the projects are located in top cities with a focus on Germany and Austria. The consequent focus on risk minimisation in past years is now paying off. All hotel and office projects which will be completed in 2020 were forward sold before the corona crisis to buyers with strong credit standings, and the apartment sales in projects currently under construction averages 70%.
UBM: weekly performance: 25.87%

ams: ams AG, a leading worldwide supplier of high performance sensor solutions, announces that, based on the current outstanding number of 274,289,280 bearer shares, the maximum repurchase volume under the current share repurchase program of max. 5% or 13,714,464 bearer shares has been achieved and the repurchase program has been completed.The purpose of the share repurchase program was to repurchase the necessary shares to service obligations under long-term employee incentive programs.
AMS: weekly performance: 18.71%

Vienna Stock Exchange: The Vienna Stock Exchange starts the calculation of the new CECE Soft index and the ROTX Total Return. CECE Soft comprises the largest and most liquid companies in the "Software & IT Services" sector in Central, Eastern and Southeastern Europe. The Romanian dividend index RITX Total Return was launched in response to the demand of international market participants. It reflects the attractive dividend yields of the growth market Romania. The index offering of the Vienna Stock Exchange thus comprises of 147 indices. 108 of which track national, regional and sector developments in Central, Eastern and South-Eastern Europe.

Bawag: Banking group Bawag released its first quarter 2020 results, reporting a net profit of Euro 61 mn. Core revenues increased by Euro 5 mn, or 2%, to Euro 292 mn. Net interest income rose by 3% to Euro 220 mn reflecting growth in our core retail products as well as the acquisitions closed during the course of 2019. Net fee and commission income remained broadly stable at Euro 72 mn. Operating expenses decreased by 1% as a result of ongoing efficiency measures. The cost-income ratio was stable at 42.3%. This resulted in a preprovision profit of Euro 171 mn, stable versus prior year and a reflection of the strong underlying operating performance of the business. The first quarter 2020 also included regulatory charges of Euro 36 mn, which represent 85% of full-yearcharges that are required to be booked in the first quarter. To address the deteriorating macroeconomic environment as well prudently provision against the observed build-up of customer payment deferrals due to COVID-19, an incremental general reserve of Euro 25 mn was posted in the first quarter 2020, leading to total risk costs of Euro 55 mn. The bank’s capital position remained strong, with a fully loaded CET1 ratio of 12.7%. The Bank continues to deduct the full year 2019 and first quarter 2020 dividends from capital and will wait for further guidance from our regulators regarding capital distributions later in the year. 
Bawag: weekly performance: 24.28%

(From the 21st Austria weekly https://www.boerse-social.com/21staustria (27/04/2020)




 

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