The STRABAG\u00a0SE Group is a leading European technology group for construction services. STRABAG\u00a0SE has its headquarters in Triglavstra\u00dfe 9, 9500 Villach, Austria. STRABAG\u00a0SE is the ultimate parent company of the group. From its core markets of Austria and Germany, STRABAG is present via its numerous subsidiaries in all countries of Eastern and South-East Europe, in selected markets in North and Western Europe and the Arabian Peninsula, as well as in the project business in Africa, Asia and the Americas. STRABAG\u2019s activities span the entire construction industry (Building Construction & Civil Engineering, Transportation Infrastructures, Tunnelling, construction-related services) and cover the entire value-added chain in the field of construction.
\n \n \nThe consolidated financial statements of STRABAG\u00a0SE, at the reporting date 31\u00a0December\u00a02023, were drawn up under application of Section 245a Paragraph 2 of the Austrian Commercial Code (UGB) in accordance with the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB), including the interpretations of the International Financial Reporting Interpretations Committee (IFRIC).
\n \n \n \n \nApplied were exclusively those standards and interpretations adopted by the European Commission before the reporting deadline and published in the Official Journal of the European Union. Further reporting requirements of Section 245a Paragraph 1 of the Austrian Commercial Code (UGB) were fulfilled as well.
\n \n \n \n \nIn addition to a statement of total comprehensive income and the consolidated balance sheet, the financial statements include a cash flow statement in accordance with IAS 7 and a statement of changes in equity (IAS 1). The disclosures in the Notes also contain a segment reporting section in accordance with IFRS 8.
\n \n \nIn order to improve the clarity of the representation, various items in the balance sheet and the income statement have been combined. These items have been shown separately and are explained in the Notes. The income statement has been drawn up in accordance with the nature of expense method.
\n \nThere have been no changes in accounting policies during the financial year.
\n \n \nThe preparation of the consolidated financial statements was based on the assumption that the company will continue as a going concern.
\n \nThe consolidated financial statements were prepared in T\u20ac. The presentation in T\u20ac may result in rounding differences.
\n \n \n \nThe IASB has made the following amendments to the existing IFRS and passed several new IFRS and IFRIC, which have also been adopted by the European Commission. Application thus became mandatory on 1\u00a0January\u00a02023.
\nApplication for financial years which begin on or after (according to IASB) | Application for financial years which begin on or after (according to EU endorsement) | |
IFRS 17 Insurance Contracts | 1.1.2023 | 1.1.2023 |
IFRS 17 Insurance Contracts: Initial Application of IFRS 17 and IFRS 9 \u2013 Comparative Information | 1.1.2023 | 1.1.2023 |
Amendments to IAS 1 \u2013 Disclosure of Accounting Policies | 1.1.2023 | 1.1.2023 |
Amendments to IAS 8 \u2013 Definition of Accounting Estimates | 1.1.2023 | 1.1.2023 |
Amendments to IAS 12 \u2013 Deferred Tax related to Assets and Liabilities arising from a Single Transaction | 1.1.2023 | 1.1.2023 |
Amendments to IAS 12 \u2013 International Tax Reform - Pillar Two Model Rules | 1.1.2023 | 1.1.2023 |
The first-time adoption of the IFRS standards had no impact on the consolidated financial statements as at 31\u00a0December\u00a02023.
\nThe IASB and the IFRIC approved further standards and interpretations. However, these were neither required to be applied in the 2023 financial year nor adopted by the European Commission. The amendments affect the following standards and interpretations:
\nApplication for financial years which begin on or after (according to IASB) | Application for financial years which begin on or after (according to EU endorsement) | Impact on the consolidated financial statements | |
Amendments to IAS 1 \u2013 Classification of Liabilities as Current or Non-Current \u2013 Defferal of Effective Date and Non-Current Liabilities with Covenants | 1.1.2024 | n. a.1 | is being analysed |
Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback | 1.1.2024 | n. a.1 | minor |
Amendments to IAS 7/IFRS 7 \u2013 Supplier Finance with Arrangements | 1.1.2024 | n. a.1 | minor |
Amendments to IAS 21 \u2013 Lack of Exchangeability | 1.1.2025 | n. a.1 | minor |
1n. a. \u2013 endorsement process is still in progress
Early application of the new standards and interpretations is not planned.
\n \n \nThe financial statements of the domestic and foreign companies included in the consolidated group are drawn up in accordance with uniform methods of accounting and valuation. The annual financial statements of the domestic and foreign Group companies are adapted accordingly.
\n \n \nEntities whose financial and operating policies are controlled by the Group constitute subsidiaries.
\n \n \nThe consolidated financial statements include the financial statements of the parent and entities (including structured entities) over which the Group has control. An entity is considered to be under control if the following criteria are met:
\n \nControl over an entity is reassessed if facts and circumstances indicate that there are changes to one or more of the three elements of control discussed above.
\n \n \nOwning a majority of the voting rights is not always necessary to have power and control over an investee. Control can be achieved through other rights or contractual agreements which give the parent the possibility to affect the returns of the investee.
\n \n \n \n \nA subsidiary is included in the consolidated financial statements from the date on which the parent acquired control. Conversely, the entity is deconsolidated when control ends.
\n \n \n \n \n \n \nCapital consolidation is performed in accordance with IFRS 3 using the acquisition method. The acquisition costs of the subsidiary are measured as the sum of the fair values of assets given, equity instruments issued and liabilities assumed. Contingent considerations are also measured at their fair value from the date of the business combination. Later deviations from this value are recognised in profit or loss. Transaction costs are also recognised immediately in profit or loss.
\n \n \n \n \n \n \nNon-controlling interests are recognised based on their proportional interest in the net assets of the acquired entity (partial goodwill method). The option of recognising non-controlling interests at fair value is not used.
\n \n \n \n \n \n \nIn business combinations achieved in stages (step acquisitions), the existing equity interest of the entity is remeasured at fair value from the date of acquisition. The resulting profit or loss is recognised in the income statement.
\n \n \n \n \n \nThe acquisition costs, contingent considerations, existing equity interests and non-controlling interests are to be compared with all identifiable assets and liabilities of the subsidiary measured at fair value. Any remaining difference on the assets side is classified as goodwill. Differences arising from the capital consolidation on the liabilities side are recognised immediately in profit or loss following another review. Goodwill is subjected to impairment testing in accordance with IAS 36 at least once a year.
\n \n \n \nIn the 2023 financial year, T\u20ac 53,258 (2022: T\u20ac 0) in goodwill arising from capital consolidation was recognised as assets. Impairment losses on goodwill in the amount of T\u20ac 7,454 (2022: T\u20ac 6,700) were recognised.
\n \n \n \nDifferences arising from the acquisition or disposal of investments in affiliated entities without acquisition or loss of control are recognised in full in equity outside profit or loss.
\n \n \nWhen control over a subsidiary is lost, the assets and liabilities of the former subsidiary are derecognised. The resulting profit or loss attributable to the former controlling interest is recognised in profit or loss. The amounts recognised in other comprehensive income are reclassified to the income statement or recognised directly against profit or loss brought forward. The profit or loss from deconsolidation is recognised as an amount in other operating income or expense.
\n \n \nWhen control over a subsidiary is lost, any remaining investment is remeasured at fair value. The difference to the existing carrying amounts is recognised in profit or loss. Associates, joint arrangements or financial assets are initially recognised at this fair value. All previous amounts recognised to date in other income are accounted for as if the assets and liabilities of the affected entities had been sold directly.
\n \n \nWhen a real estate project company is deconsolidated and sold under a share deal in the course of the project development business, the disposal profit is not presented as a deconsolidation gain but - from an economic point of view - as gross revenue and expenses from the project development. This ensures that asset deals and share deals are presented in the same way in the project development business.
\n \n \nStructured entities are entities that are not controlled by voting rights, but mainly through contractual arrangements for a specific business purpose. The business purpose is usually restricted to a narrow field of activity. Structured entities typically have little equity capital and rely on owner financing. There are no structured entities within the STRABAG\u00a0SE Group.
\n \n \n \nEntities in which the Group exercises significant influence constitute associates. This is generally the case with a holding of between 20% and 50% of the voting rights. Investments in associates are accounted for using the equity method and recognised in the item equity-accounted investments. The acquired investment is initially measured at cost. Any differences that arise are treated according to the principles of consolidation. In subsequent years, the carrying amount of the investment increases or decreases in proportion to the share of profit or loss and/or the investee\u2019s other income. Distributions reduce the carrying amount of the investment. As soon as the Group\u2019s share of losses equals or exceeds the interest in the associate, no further losses are recognised unless the Group is liable for the associate\u2019s losses.
\n \n \n \n \nAt the end of every accounting period, the Group determines whether there are any indications for an impairment of the investment in the associate. If there are, then the difference between the carrying amount and the recoverable amount is recognised as an impairment expense in the income statement.
\n \n \n \n \nIn the year under review, the initial equity measurement of newly acquired entities resulted in goodwill in the amount of T\u20ac 84,030 (2022: T\u20ac 0), which is reported under equity-accounted investments.
\n \n \n \n \nJoint ventures are entities over which the Group exercises joint control together with a third entity. Joint control exists when the determination of the financial and operating policies requires the unanimous consent of all parties to the joint control. STRABAG accounts for joint ventures using the equity method and these are recognised in the item equity-accounted investments.
\n \n \n \n \nConsortia are quite common in the construction industry in Austria and Germany. According to the Institute of Public Auditors in Germany (IDW) and a statement by the Austrian Financial Reporting and Auditing Committee (AFRAC), the typical German and Austrian construction consortium meets the requirements to be classified as a joint venture. Earnings from construction consortia are presented proportionately under share of profit or loss of equity-accounted investments. The receivables from and payables to construction consortia include mainly in- and outflows of cash, charges resulting from services as well as proportional contract results and are recorded under trade receivables and trade payables.
\n \n \n \n \nJoint arrangements for the execution of construction work in the remaining countries are accounted for either as joint ventures or as joint operations depending on the substance of the arrangement.
\n \n \n \nIn accordance with IFRS 9, investments which do not constitute subsidiaries, joint ventures or associates are recognised at fair value through profit or loss and are stated under other investments.
\n \n \nSubsidiaries, joint ventures and associates which, being immaterial, are not consolidated or accounted for using the equity method are measured at amortised cost and reported under other investments.
\n \n \nAs part of the consolidation of intercompany balances, any trade receivables, loans and other receivables existing within the Group are set off against the corresponding liabilities and provisions of the subsidiaries included in the consolidated financial statements.
\n \n \nExpenses and revenues from intra-group transactions are eliminated. Results incurred from intra-group transactions that are recognised in the non-current and current assets are eliminated if they are material. Non-controlling interests are taken into consideration during the elimination of intra-group profits or losses.
\n \n \nUnrealised profits from transactions between Group entities and associates are eliminated in proportion to the Group\u2019s share in the associate.
\n \n \nNon-controlling interests in equity and profits of companies controlled by the parent are shown separately in the consolidated financial statements.
\n \n \nThe necessary tax deferrals are made for consolidation procedures.
\n \n \nThe consolidated financial statements as at 31\u00a0December\u00a02023 include STRABAG\u00a0SE as well as all major domestic and foreign subsidiaries over which STRABAG\u00a0SE either directly or indirectly has control. Associates and joint ventures are reported in the balance sheet using the equity method (equity-accounted investments).
\nGroup companies which are of minor importance for the purpose of giving a true and fair view of the financial position, financial performance and cash flows of the Group are not consolidated. The decision to include an entity in the consolidated group is based on quantitative and qualitative considerations.
\nSubsidiaries and equity-accounted investments included in the 2023 consolidated financial statements are given in the list of investments.
\nThe financial year for all consolidated and associated companies, with the exception of the following companies that are included in the consolidated group on the basis of an interim report effective 31\u00a0December\u00a02023, is identical with the calendar year.
\nCompanies | Reporting date | Method of inclusion |
EFKON INDIA Pvt. Ltd., Mumbai | 31.3. | consolidation |
Th\u00fcringer Stra\u00dfenwartungs- und Instandhaltungsgesellschaft mbH & Co. KG, Apfelst\u00e4dt | 30.9. | equity-accounted investment |
The number of consolidated companies changed in the 2022 and 2023 financial years as follows:
\n \n \nConsolidation | Equity method | |
Balance as at 31.12.2021 | 266 | 22 |
First-time inclusions in the reporting period | 10 | 0 |
First-time inclusions in the reporting period due to merger/accrual of assets | 3 | 0 |
Merger/Accrual of assets in the reporting period | -4 | 0 |
Exclusions in the reporting period | -9 | 0 |
Balance as at 31.12.2022 | 266 | 22 |
First-time inclusions in the reporting period | 19 | 2 |
First-time inclusions in the reporting period due to merger/accrual of assets | 8 | 0 |
Merger/Accrual of assets in the reporting period | -17 | 0 |
Exclusions in the reporting period | -15 | -1 |
Balance as at 31.12.2023 | 261 | 23 |
The following companies formed part of the consolidated group for the first time in the reporting period:
\n \n \nConsolidation | Direct stake\n% | Date of acquisition\nor foundation |
Adolf List Bauunternehmung GmbH & Co. KG, Reutlingen | 100.00 | 29.6.2023 |
Aspern Manufactory Projektentwicklung GmbH & Co KG, Vienna | 100.00 | 1.1.20231 |
Aspern Manufactory Projektentwicklung GmbH, Vienna | 100.00 | 1.1.20231 |
Bockholdt GmbH & Co. KG, L\u00fcbeck | 100.00 | 28.2.2023 |
D+B Holding und Beteiligungs GmbH, Salzburg | 100.00 | 8.8.2023 |
Hans Lohr Gesellschaft m.b.H., Vienna | 100.00 | 20.1.2023 |
Obermayr Holzkonstruktionen Gesellschaft m.b.H., Schwanenstadt | 100.00 | 27.9.2023 |
P&T Immobili\u00e8re S.\u00e0 r.l., Luxembourg | 100.00 | 9.10.2023 |
SITEC Verkehrstechnik GmbH, Liebenfels | 100.00 | 8.8.2023 |
STRABAG Invest HoldCo GmbH, Vienna | 100.00 | 1.1.20231 |
STRABAG Vorrat Vierzehn GmbH & Co KG, Vienna | 100.00 | 1.1.20231 |
STRABAG Vorrat Vierzehn GmbH, Vienna | 100.00 | 1.1.20231 |
STRABAG Vorrat F\u00fcnfzehn GmbH & Co KG, Vienna | 100.00 | 1.1.20231 |
STRABAG Vorrat F\u00fcnfzehn GmbH, Vienna | 100.00 | 1.1.20231 |
STRABAG Vorrat Sechzehn GmbH & Co KG, Vienna | 100.00 | 1.1.20231 |
STRABAG Vorrat Sechzehn GmbH, Vienna | 100.00 | 1.1.20231 |
STRABAG Vorrat Siebzehn GmbH & Co KG, Vienna | 100.00 | 22.2.2023 |
STRABAG Vorrat Siebzehn GmbH, Vienna | 100.00 | 22.2.2023 |
Wieser Verkehrssicherheit GmbH, Wals-Siezenheim | 100.00 | 8.8.2023 |
Merger/Accrual of assets | Direct stake\n% | Date of Merger/Accrual of assets |
AWB Asphaltmischwerk B\u00fcttelborn GmbH & Co. KG, B\u00fcttelborn | 100.00 | 19.9.20232 |
AWB Asphaltmischwerk B\u00fcttelborn Verwaltungs-GmbH, B\u00fcttelborn | 100.00 | 19.9.20232 |
BSB Betonexpress Verwaltungs-GmbH, Berlin | 100.00 | 17.8.20232 |
Palaoro Elektrotechnik GmbH, Vienna | 100.00 | 14.9.20232 |
Rhein-Regio Neuenburg Projektentwicklung GmbH, Neuenburg am Rhein | 100.00 | 30.8.20232 |
Slabihoud GmbH, Vienna | 100.00 | 19.9.20232 |
SRE Erste Verm\u00f6gensverwaltung GmbH, Cologne | 100.00 | 22.8.20232 |
STRABAG Beton GmbH & Co. KG, Berlin | 100.00 | 21.9.20232 |
Equity-accounted investments | ||
Innsbrucker Nordkettenbahnen Betriebs GmbH, Innsbruck | 51.00 | 1.1.20233 |
CMBlu Energy AG, Alzenau | 14.71 | 23.10.20234 |
1Due to its increased business volumes, the company was included in the consolidated group for the first time effective 1 January. The foundation/acquisition of the company occurred before 1 January 2023.
2The companies listed under Merger/Accrual of assets were merged with/accrued on already consolidated companies and as such are simultaneously represented as additions \nto and removals from the consolidated group.
3There are deviating contractual provisions concerning this joint venture.
4Possibilities to exert influence exist that may differ from the ownership interest.
Companies included for the first time were consolidated at the date of acquisition or the next reporting date, provided this had no significant difference to an inclusion at the date of acquisition.
\n \n \nWith the purchase agreement from 21\u00a0December\u00a02022, STRABAG acquired 100% of northern German cleaning services provider Bockholdt\u00a0GmbH & Co. KG, L\u00fcbeck. After obtaining the necessary official approvals, the closing took place on 28\u00a0February\u00a02023. The acquisition of the Bockholdt Group is aimed at reinforcing STRABAG\u2019s services in infrastructural facility management in northern Germany. In addition to maintenance cleaning, the portfolio of the acquired companies also includes innovative services in the field of industrial cleaning, robot-assisted cleaning of ventilation systems, and the environmentally friendly cleaning of solar and wind power plants, provided by the company\u2019s own industrial climbers. Professional pest control as well as operating room and hospital cleaning are also among the special features of the service portfolio. The goodwill results primarily from the market expansion in northern Germany.
\n \n \nAdditions to assets and liabilities from the\u00a0first-time consolidation of Bockholdt\u00a0GmbH & Co. KG are comprised as follows:
\n \n \nT\u20ac | First-time consolidation |
Assets and liabilities acquired | |
Goodwill | 29,029 |
Other non-current assets | 20,032 |
Current assets | 15,826 |
Non-current liabilities | -1,810 |
Current liabilities | -21,408 |
Consideration (purchase price) | 41,669 |
Cash and cash equivalents | -9 |
Net cash outflow from acquisition | 41,660 |
\n STRABAG\u00a0SE acquired the following medium-sized companies in Austria during the 2023 financial year.
\n \n \nThe closing of the acquisition of 100% of the shares in Slabihoud\u00a0GmbH, Hans Lohr\u00a0GmbH\u00a0as well as Palaoro Elektrotechnik GmbH, all based in Vienna, took place in January\u00a02023. With this acquisition, STRABAG is expanding its M&E (mechanical and electrical) competencies in Austria to include further business areas. Technical building equipment (including heating and cooling systems as well as electrical installations) is an important factor for ensuring sustainable building operations.
\n \n \nThe acquisition of 100% of the shares in Wieser Verkehrssicherheit\u00a0GmbH, Wals-Siezenheim, and the acquisition of 100% of the shares in SITEC Verkehrstechnik\u00a0GmbH, Liebenfels, were closed in August\u00a02023. Both companies are active in the field of traffic safety technology.
\n \n \nSTRABAG acquired 100% of Obermayr Holzkonstruktionen\u00a0GmbH, Schwanenstadt, by way of an assignment agreement dated 13\u00a0July\u00a02023. The acquisition strengthens the company\u2019s expertise in timber construction. The closing took place in September\u00a02023.
\n \n \nThe goodwill arising from the acquisitions is attributable to the expansion of expertise and business areas.
\n \n \n \nAdditions to assets and liabilities from the first-time consolidations in Austria are comprised as follows:
\n \n \nT\u20ac | First-time consolidation |
Assets and liabilities acquired | |
Goodwill | 22,599 |
Other non-current assets | 12,713 |
Current assets | 28,325 |
Non-current liabilities | -5,697 |
Current liabilities | -14,261 |
Consideration (purchase price) | 43,679 |
Non-cash effective purchase price component | -35 |
Cash and cash equivalents acquired | -5,463 |
Net cash outflow from acquisition | 38,181 |
Under a purchase and assignment agreement from March\u00a02023, the STRABAG\u00a0SE Group acquired 100% of the shares in Adolf List Bauunternehmung\u00a0GmbH & Co. KG, Reutlingen. Antitrust approval was granted in June\u00a02023. The company is active in the fields of road construction and ground engineering as well as in building construction and civil engineering for public and private customers and has around 110 employees.
\n \n \nAdditions to assets and liabilities from the first-time consolidation of Adolf List Bauunternehmung\u00a0GmbH & Co. KG are comprised as follows:
\n \n \nT\u20ac | First-time consolidation |
Assets and liabilities acquired | |
Goodwill | 1,630 |
Other non-current assets | 17,226 |
Current assets | 11,349 |
Non-current liabilities | -1,570 |
Current liabilities | -6,140 |
Consideration (purchase price) | 22,495 |
Cash and cash equivalents acquired | -2,394 |
Net cash outflow from acquisition | 20,101 |
The other first-time consolidations had only an insignificant impact on assets and liabilities.
\n \n \nAll companies which were consolidated for the first time in 2023 contributed T\u20ac 122,409 (2022: T\u20ac 17,469) to revenue and with a profit of T\u20ac 3,548 (2022: profit\u00a0T\u20ac 4,121) to net income after minorities.
\n \n \nAssuming a theoretical first-time consolidation on 1\u00a0January\u00a02023 for all new acquisitions, they would contribute T\u20ac 173,136 (2022: T\u20ac 17,469) to consolidated revenue and a profit of T\u20ac 4,881 (2022: T\u20ac 4,121) to net income.
\n \n \nAs at 31\u00a0December\u00a02023, the following companies were no longer included in the consolidated group:
\nDisposals from the consolidated group | |
BITUNOVA Romania SRL, Bucharest | Fell below material level |
Dywidag Saudi Arabia Co. Ltd., Jubail | Fell below material level |
EVOLUTION TWO Sp. z o.o., Warsaw | Fell below material level |
I.C.S. \"STRABAG\" S.R.L., Chisinau | Fell below material level |
Innsbrucker Nordkettenbahnen Betriebs GmbH, Innsbruck | Loss of control |
Mitterhofer Projekt GmbH & Co. KG, Cologne | Fell below material level |
Na Belidle s.r.o., Prague | Fell below material level |
Ranita OOO, Moscow | Winding up Russia |
STRABAG Bau GmbH, Vienna | Fell below material level |
STRABAG BRVZ OOO, Moscow | Winding up Russia |
STRABAG Development Belgium NV, Antwerp | Fell below material level |
STRABAG Projektutveckling AB, Stockholm | Fell below material level |
STRABAG REAL ESTATE EOOD, Sofia | Fell below material level |
STRABAG SIA, Milzkalne | Fell below material level |
Z\u00fcblin Holding GesmbH, Vienna | Fell below material level |
Merger/Accrual of assets1 | |
AWB Asphaltmischwerk B\u00fcttelborn GmbH & Co. KG, B\u00fcttelborn | Accrual of assets |
AWB Asphaltmischwerk B\u00fcttelborn Verwaltungs-GmbH, B\u00fcttelborn | Merger |
BSB Betonexpress Verwaltungs-GmbH, Berlin | Merger |
LIMET Beteiligungs GmbH & Co. Objekt K\u00f6ln KG, Cologne | Accrual of assets |
Palaoro Elektrotechnik GmbH, Vienna | Merger |
Rhein-Regio Neuenburg Projektentwicklung GmbH, Neuenburg am Rhein | Merger |
SAT Sp. z o.o., Olawa | Merger |
Slabihoud GmbH, Vienna | Merger |
SRE Erste Verm\u00f6gensverwaltung GmbH, Cologne | Merger |
STRABAG Beton GmbH & Co. KG, Berlin | Accrual of assets |
STRABAG Building and Industrial Services GmbH, Stuttgart | Merger |
STRABAG System Dienstleistungen GmbH, F\u00fcrstenfeldbruck | Merger |
Z. Br\u00fcckenbau Immobiliengesellschaft mbH & Co. KG, Cologne | Accrual of assets |
Z. Holzbau Immobiliengesellschaft mbH & Co. KG, Cologne | Accrual of assets |
Z. Immobiliengesellschaft mbH & Co. KG, Cologne | Accrual of assets |
Z. Sander Immobiliengesellschaft mbH & Co. KG, Cologne | Accrual of assets |
Z. Stahlbau Immobiliengesellschaft mbH & Co. KG, Cologne | Accrual of assets |
Equity-accounted investments | |
SeniVita Social Estate AG, Bayreuth | Fell below material level |
1The companies listed under Merger/Accrual of assets were merged with already consolidated companies or, as a result of accrual of assets, formed part of consolidated companies.
The disposals of assets and liabilities from deconsolidations are composed as follows:
\nT\u20ac | Disposals from the consolidated group |
Assets and liabilities disposed of | |
Other non-current assets | 6,813 |
Current assets | 40,585 |
Non-current liabilities | -854 |
Current liabilities | -31,467 |
Profit on deconsolidations recognised in profit or loss | 374 |
Non-controlling interests | -3,244 |
Consideration received (purchase price) | 12,207 |
Non-cash effective purchase price component | -12,207 |
Cash and cash equivalents disposed of | 9,206 |
Net cash outflow from deconsolidation | 9,206 |
Resulting profit in the amount of T\u20ac 7,600 (2022: T\u20ac 1,111) and losses in the amount of T\u20ac 7,226 (2022: T\u20ac 334) are recognised in profit or loss under other operating income or other operating expense. The deconsolidation earnings of companies whose functional currency differs from the euro also includes the recycled earnings of the currency translation differences recognised directly in equity up to the date of deconsolidation.
\nOne of the STRABAG\u00a0SE Group\u2019s business fields is real estate project development. When project developments are sold as share deals, the disposal profit is not presented as a deconsolidation gain but - from an economic point of view - is recognised as revenues from the project development. No project companies were sold in 2023. In the previous year, revenues from project development in the amount of\u00a0T\u20ac 52,253\u00a0and corresponding expenses in the amount of\u00a0T\u20ac 40,673\u00a0were recognised gross.
\nThere were no significant restrictions on the use of assets or risks related to structured entities at the end of the reporting period.
\nStarting with the 2022 financial year, only those orders in Russia that had been in place before the start of the war in Ukraine continued to be fulfilled. New orders are no longer accepted.
\nDue to the decision to withdraw from Russia, existing sites and buildings in the amount of T\u20ac 8,987 as well as the real estate project in Moscow recognised in inventories in the amount of T\u20ac 20,529 were written off in full in the 2022 financial year as well. A provision in the amount of T\u20ac 9,131 was made for the cost of severance payments to existing staff.
\nExisting orders were completed or sold in the 2023 financial year. This did not result in any significant impact on earnings. As at 31\u00a0December 2023, only a small order backlog of T\u20ac 3,547 remained in Russia.
\nA presentation of the activities in Russia as discontinued operations as defined by IFRS 5 is not possible as these activities were not discontinued immediately. The impact on earnings from the discontinuation is therefore recognised in the relevant items of the income statement.
\n \nAs at 31\u00a0December\u00a02023, the amount of the non-controlling interests stood at T\u20ac 18,443 (2022: T\u20ac 22,392) in the STRABAG\u00a0SE Group and is thus immaterial. The non-controlling interests comprise numerous subsidiaries and mainly affect the project development companies.
\n \n \nBesides the above-mentioned investments, the ownership interests in subsidiaries in the financial year changed only insignificantly or had insignificant impact. The changes are represented in the list of investments, which is included in the annual financial report.
\n \n \nThe items contained in the financial statements of each Group entity are measured on the basis of the currency corresponding to the currency of the primary economic environment in which the entity operates (functional currency).
\n \n \nThe functional currency of STRABAG\u2019s subsidiaries is the respective local currency, with the exception of the following companies, whose functional currency is the euro:
\n \nThe consolidated financial statements are prepared in euro, STRABAG\u2019s reporting currency.
\n \n \nForeign currency transactions are translated into the functional currency at the foreign exchange rate on the day of the trans-action. On the reporting date, monetary items are translated at the closing rate, while non-monetary items are translated at the rate on the day of the transaction. Exchange differences are recognised in profit or loss.
\n \n \nAssets and liabilities of Group entities whose functional currency is not the euro are translated from the respective local currency into euro at the average exchange rate on the reporting date. As well as the corresponding profit for the period, the income statements of foreign Group entities whose functional currency is not the euro are translated at the average exchange rate for the reporting period. The differences resulting from the use of both rates are reported outside profit or loss.
\n \n \nMonetary items in form of receivables or payables which settlement is neither planned nor likely to occur in the foreseeable future are, in substance, a part of an entity\u2019s net investment in a foreign operation. Currency translation differences arising on such monetary items are initially recognised in other comprehensive income and reclassified from equity to profit and loss on disposal of the net investment.
\n \n \nThe most important currencies, including their average exchange rates, are listed under item (35) Financial instruments. Currency translation differences of T\u20ac 3,645 (2022: T\u20ac 1,768) were recognised directly in equity in the financial year.
\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2209": { "value": "\nThe STRABAG\u00a0SE Group is a leading European technology group for construction services. STRABAG\u00a0SE has its headquarters in Triglavstra\u00dfe 9, 9500 Villach, Austria. STRABAG\u00a0SE is the ultimate parent company of the group. From its core markets of Austria and Germany, STRABAG is present via its numerous subsidiaries in all countries of Eastern and South-East Europe, in selected markets in North and Western Europe and the Arabian Peninsula, as well as in the project business in Africa, Asia and the Americas. STRABAG\u2019s activities span the entire construction industry (Building Construction & Civil Engineering, Transportation Infrastructures, Tunnelling, construction-related services) and cover the entire value-added chain in the field of construction.
\n \n \nThe consolidated financial statements of STRABAG\u00a0SE, at the reporting date 31\u00a0December\u00a02023, were drawn up under application of Section 245a Paragraph 2 of the Austrian Commercial Code (UGB) in accordance with the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB), including the interpretations of the International Financial Reporting Interpretations Committee (IFRIC).
\n \n \n \n \nApplied were exclusively those standards and interpretations adopted by the European Commission before the reporting deadline and published in the Official Journal of the European Union. Further reporting requirements of Section 245a Paragraph 1 of the Austrian Commercial Code (UGB) were fulfilled as well.
\n \n \n \n \nIn addition to a statement of total comprehensive income and the consolidated balance sheet, the financial statements include a cash flow statement in accordance with IAS 7 and a statement of changes in equity (IAS 1). The disclosures in the Notes also contain a segment reporting section in accordance with IFRS 8.
\n \n \nIn order to improve the clarity of the representation, various items in the balance sheet and the income statement have been combined. These items have been shown separately and are explained in the Notes. The income statement has been drawn up in accordance with the nature of expense method.
\n \nThere have been no changes in accounting policies during the financial year.
\n \n \nThe preparation of the consolidated financial statements was based on the assumption that the company will continue as a going concern.
\n \nThe consolidated financial statements were prepared in T\u20ac. The presentation in T\u20ac may result in rounding differences.
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2214": { "value": "STRABAG\u00a0SE", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2215": { "value": "SE", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2216": { "value": "Triglavstra\u00dfe 9, 9500 Villach, Austria.", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2217": { "value": "Villach", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2218": { "value": "Villach", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2219": { "value": "Austria", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2221": { "value": "STRABAG\u00a0SE is the ultimate parent company of the group. ", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2222": { "value": "STRABAG\u00a0SE is the ultimate parent company of the group. ", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2225": { "value": "STRABAG\u2019s activities span the entire construction industry (Building Construction & Civil Engineering, Transportation Infrastructures, Tunnelling, construction-related services) and cover the entire value-added chain in the field of construction.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2226": { "value": "\n \nThe consolidated financial statements of STRABAG\u00a0SE, at the reporting date 31\u00a0December\u00a02023, were drawn up under application of Section 245a Paragraph 2 of the Austrian Commercial Code (UGB) in accordance with the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB), including the interpretations of the International Financial Reporting Interpretations Committee (IFRIC).
\n \n \n \nApplied were exclusively those standards and interpretations adopted by the European Commission before the reporting deadline and published in the Official Journal of the European Union. Further reporting requirements of Section 245a Paragraph 1 of the Austrian Commercial Code (UGB) were fulfilled as well.
\n \n \n \nIn addition to a statement of total comprehensive income and the consolidated balance sheet, the financial statements include a cash flow statement in accordance with IAS 7 and a statement of changes in equity (IAS 1). The disclosures in the Notes also contain a segment reporting section in accordance with IFRS 8.
\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2227": { "value": "\nThe consolidated financial statements of STRABAG\u00a0SE, at the reporting date 31\u00a0December\u00a02023, were drawn up under application of Section 245a Paragraph 2 of the Austrian Commercial Code (UGB) in accordance with the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB), including the interpretations of the International Financial Reporting Interpretations Committee (IFRIC).
\n \nApplied were exclusively those standards and interpretations adopted by the European Commission before the reporting deadline and published in the Official Journal of the European Union. Further reporting requirements of Section 245a Paragraph 1 of the Austrian Commercial Code (UGB) were fulfilled as well.
\n \nIn addition to a statement of total comprehensive income and the consolidated balance sheet, the financial statements include a cash flow statement in accordance with IAS 7 and a statement of changes in equity (IAS 1). The disclosures in the Notes also contain a segment reporting section in accordance with IFRS 8.
\n ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2240": { "value": "\nThere have been no changes in accounting policies during the financial year.
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfReclassificationsOrChangesInPresentationExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2242": { "value": "\nThe preparation of the consolidated financial statements was based on the assumption that the company will continue as a going concern.
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2247": { "value": "\nThe IASB has made the following amendments to the existing IFRS and passed several new IFRS and IFRIC, which have also been adopted by the European Commission. Application thus became mandatory on 1\u00a0January\u00a02023.
\nApplication for financial years which begin on or after (according to IASB) | Application for financial years which begin on or after (according to EU endorsement) | |
IFRS 17 Insurance Contracts | 1.1.2023 | 1.1.2023 |
IFRS 17 Insurance Contracts: Initial Application of IFRS 17 and IFRS 9 \u2013 Comparative Information | 1.1.2023 | 1.1.2023 |
Amendments to IAS 1 \u2013 Disclosure of Accounting Policies | 1.1.2023 | 1.1.2023 |
Amendments to IAS 8 \u2013 Definition of Accounting Estimates | 1.1.2023 | 1.1.2023 |
Amendments to IAS 12 \u2013 Deferred Tax related to Assets and Liabilities arising from a Single Transaction | 1.1.2023 | 1.1.2023 |
Amendments to IAS 12 \u2013 International Tax Reform - Pillar Two Model Rules | 1.1.2023 | 1.1.2023 |
The first-time adoption of the IFRS standards had no impact on the consolidated financial statements as at 31\u00a0December\u00a02023.
\nThe IASB and the IFRIC approved further standards and interpretations. However, these were neither required to be applied in the 2023 financial year nor adopted by the European Commission. The amendments affect the following standards and interpretations:
\nApplication for financial years which begin on or after (according to IASB) | Application for financial years which begin on or after (according to EU endorsement) | Impact on the consolidated financial statements | |
Amendments to IAS 1 \u2013 Classification of Liabilities as Current or Non-Current \u2013 Defferal of Effective Date and Non-Current Liabilities with Covenants | 1.1.2024 | n. a.1 | is being analysed |
Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback | 1.1.2024 | n. a.1 | minor |
Amendments to IAS 7/IFRS 7 \u2013 Supplier Finance with Arrangements | 1.1.2024 | n. a.1 | minor |
Amendments to IAS 21 \u2013 Lack of Exchangeability | 1.1.2025 | n. a.1 | minor |
1n. a. \u2013 endorsement process is still in progress
Early application of the new standards and interpretations is not planned.
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2425": { "value": "\nThe financial statements of the domestic and foreign companies included in the consolidated group are drawn up in accordance with uniform methods of accounting and valuation. The annual financial statements of the domestic and foreign Group companies are adapted accordingly.
\n \nAs part of the consolidation of intercompany balances, any trade receivables, loans and other receivables existing within the Group are set off against the corresponding liabilities and provisions of the subsidiaries included in the consolidated financial statements.
\n \nExpenses and revenues from intra-group transactions are eliminated. Results incurred from intra-group transactions that are recognised in the non-current and current assets are eliminated if they are material. Non-controlling interests are taken into consideration during the elimination of intra-group profits or losses.
\n \nUnrealised profits from transactions between Group entities and associates are eliminated in proportion to the Group\u2019s share in the associate.
\n \nNon-controlling interests in equity and profits of companies controlled by the parent are shown separately in the consolidated financial statements.
\n \nThe necessary tax deferrals are made for consolidation procedures.
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2427": { "value": "\nEntities whose financial and operating policies are controlled by the Group constitute subsidiaries.
\n \nThe consolidated financial statements include the financial statements of the parent and entities (including structured entities) over which the Group has control. An entity is considered to be under control if the following criteria are met:
\n The parent has power over the investee. The parent is exposed to variable returns on the investment. The parent has the ability to affect the returns from the investment through its power over the investee.\nControl over an entity is reassessed if facts and circumstances indicate that there are changes to one or more of the three elements of control discussed above.
\n \nOwning a majority of the voting rights is not always necessary to have power and control over an investee. Control can be achieved through other rights or contractual agreements which give the parent the possibility to affect the returns of the investee.
\n \nA subsidiary is included in the consolidated financial statements from the date on which the parent acquired control. Conversely, the entity is deconsolidated when control ends.
\n \nCapital consolidation is performed in accordance with IFRS 3 using the acquisition method. The acquisition costs of the subsidiary are measured as the sum of the fair values of assets given, equity instruments issued and liabilities assumed. Contingent considerations are also measured at their fair value from the date of the business combination. Later deviations from this value are recognised in profit or loss. Transaction costs are also recognised immediately in profit or loss.
\n \nNon-controlling interests are recognised based on their proportional interest in the net assets of the acquired entity (partial goodwill method). The option of recognising non-controlling interests at fair value is not used.
\n \nIn business combinations achieved in stages (step acquisitions), the existing equity interest of the entity is remeasured at fair value from the date of acquisition. The resulting profit or loss is recognised in the income statement.
\n \nThe acquisition costs, contingent considerations, existing equity interests and non-controlling interests are to be compared with all identifiable assets and liabilities of the subsidiary measured at fair value. Any remaining difference on the assets side is classified as goodwill. Differences arising from the capital consolidation on the liabilities side are recognised immediately in profit or loss following another review. Goodwill is subjected to impairment testing in accordance with IAS 36 at least once a year.
\n \nIn the 2023 financial year, T\u20ac 53,258 (2022: T\u20ac 0) in goodwill arising from capital consolidation was recognised as assets. Impairment losses on goodwill in the amount of T\u20ac 7,454 (2022: T\u20ac 6,700) were recognised.
\n \nWhen control over a subsidiary is lost, the assets and liabilities of the former subsidiary are derecognised. The resulting profit or loss attributable to the former controlling interest is recognised in profit or loss. The amounts recognised in other comprehensive income are reclassified to the income statement or recognised directly against profit or loss brought forward. The profit or loss from deconsolidation is recognised as an amount in other operating income or expense.
\n \nWhen control over a subsidiary is lost, any remaining investment is remeasured at fair value. The difference to the existing carrying amounts is recognised in profit or loss. Associates, joint arrangements or financial assets are initially recognised at this fair value. All previous amounts recognised to date in other income are accounted for as if the assets and liabilities of the affected entities had been sold directly.
\n \nWhen a real estate project company is deconsolidated and sold under a share deal in the course of the project development business, the disposal profit is not presented as a deconsolidation gain but - from an economic point of view - as gross revenue and expenses from the project development. This ensures that asset deals and share deals are presented in the same way in the project development business.
\n \nStructured entities are entities that are not controlled by voting rights, but mainly through contractual arrangements for a specific business purpose. The business purpose is usually restricted to a narrow field of activity. Structured entities typically have little equity capital and rely on owner financing. There are no structured entities within the STRABAG\u00a0SE Group.
\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2448": { "value": "\n \n \nA subsidiary is included in the consolidated financial statements from the date on which the parent acquired control. Conversely, the entity is deconsolidated when control ends.
\n \n \n \n \n \nCapital consolidation is performed in accordance with IFRS 3 using the acquisition method. The acquisition costs of the subsidiary are measured as the sum of the fair values of assets given, equity instruments issued and liabilities assumed. Contingent considerations are also measured at their fair value from the date of the business combination. Later deviations from this value are recognised in profit or loss. Transaction costs are also recognised immediately in profit or loss.
\n \n \n \n \n \nNon-controlling interests are recognised based on their proportional interest in the net assets of the acquired entity (partial goodwill method). The option of recognising non-controlling interests at fair value is not used.
\n \n \n \n \n \nIn business combinations achieved in stages (step acquisitions), the existing equity interest of the entity is remeasured at fair value from the date of acquisition. The resulting profit or loss is recognised in the income statement.
\n \n \n \n \nThe acquisition costs, contingent considerations, existing equity interests and non-controlling interests are to be compared with all identifiable assets and liabilities of the subsidiary measured at fair value. Any remaining difference on the assets side is classified as goodwill. Differences arising from the capital consolidation on the liabilities side are recognised immediately in profit or loss following another review. Goodwill is subjected to impairment testing in accordance with IAS 36 at least once a year.
\n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2449": { "value": "\n \nA subsidiary is included in the consolidated financial statements from the date on which the parent acquired control. Conversely, the entity is deconsolidated when control ends.
\n \n \n \nCapital consolidation is performed in accordance with IFRS 3 using the acquisition method. The acquisition costs of the subsidiary are measured as the sum of the fair values of assets given, equity instruments issued and liabilities assumed. Contingent considerations are also measured at their fair value from the date of the business combination. Later deviations from this value are recognised in profit or loss. Transaction costs are also recognised immediately in profit or loss.
\n \n \n \nNon-controlling interests are recognised based on their proportional interest in the net assets of the acquired entity (partial goodwill method). The option of recognising non-controlling interests at fair value is not used.
\n \n \n \nIn business combinations achieved in stages (step acquisitions), the existing equity interest of the entity is remeasured at fair value from the date of acquisition. The resulting profit or loss is recognised in the income statement.
\n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2480": { "value": "\nDifferences arising from the acquisition or disposal of investments in affiliated entities without acquisition or loss of control are recognised in full in equity outside profit or loss.
\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2500": { "value": "\n \nEntities in which the Group exercises significant influence constitute associates. This is generally the case with a holding of between 20% and 50% of the voting rights. Investments in associates are accounted for using the equity method and recognised in the item equity-accounted investments. The acquired investment is initially measured at cost. Any differences that arise are treated according to the principles of consolidation. In subsequent years, the carrying amount of the investment increases or decreases in proportion to the share of profit or loss and/or the investee\u2019s other income. Distributions reduce the carrying amount of the investment. As soon as the Group\u2019s share of losses equals or exceeds the interest in the associate, no further losses are recognised unless the Group is liable for the associate\u2019s losses.
\n \n \n \nAt the end of every accounting period, the Group determines whether there are any indications for an impairment of the investment in the associate. If there are, then the difference between the carrying amount and the recoverable amount is recognised as an impairment expense in the income statement.
\n \n \n \nIn the year under review, the initial equity measurement of newly acquired entities resulted in goodwill in the amount of T\u20ac 84,030 (2022: T\u20ac 0), which is reported under equity-accounted investments.
\n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2501": { "value": "\nEntities in which the Group exercises significant influence constitute associates. This is generally the case with a holding of between 20% and 50% of the voting rights. Investments in associates are accounted for using the equity method and recognised in the item equity-accounted investments. The acquired investment is initially measured at cost. Any differences that arise are treated according to the principles of consolidation. In subsequent years, the carrying amount of the investment increases or decreases in proportion to the share of profit or loss and/or the investee\u2019s other income. Distributions reduce the carrying amount of the investment. As soon as the Group\u2019s share of losses equals or exceeds the interest in the associate, no further losses are recognised unless the Group is liable for the associate\u2019s losses.
\n \nAt the end of every accounting period, the Group determines whether there are any indications for an impairment of the investment in the associate. If there are, then the difference between the carrying amount and the recoverable amount is recognised as an impairment expense in the income statement.
\n \nIn the year under review, the initial equity measurement of newly acquired entities resulted in goodwill in the amount of T\u20ac 84,030 (2022: T\u20ac 0), which is reported under equity-accounted investments.
\n \n \nJoint ventures are entities over which the Group exercises joint control together with a third entity. Joint control exists when the determination of the financial and operating policies requires the unanimous consent of all parties to the joint control. STRABAG accounts for joint ventures using the equity method and these are recognised in the item equity-accounted investments.
\n \n \n \nConsortia are quite common in the construction industry in Austria and Germany. According to the Institute of Public Auditors in Germany (IDW) and a statement by the Austrian Financial Reporting and Auditing Committee (AFRAC), the typical German and Austrian construction consortium meets the requirements to be classified as a joint venture. Earnings from construction consortia are presented proportionately under share of profit or loss of equity-accounted investments. The receivables from and payables to construction consortia include mainly in- and outflows of cash, charges resulting from services as well as proportional contract results and are recorded under trade receivables and trade payables.
\n \n \n \nJoint arrangements for the execution of construction work in the remaining countries are accounted for either as joint ventures or as joint operations depending on the substance of the arrangement.
\n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2518": { "value": "\nJoint ventures are entities over which the Group exercises joint control together with a third entity. Joint control exists when the determination of the financial and operating policies requires the unanimous consent of all parties to the joint control. STRABAG accounts for joint ventures using the equity method and these are recognised in the item equity-accounted investments.
\n \nConsortia are quite common in the construction industry in Austria and Germany. According to the Institute of Public Auditors in Germany (IDW) and a statement by the Austrian Financial Reporting and Auditing Committee (AFRAC), the typical German and Austrian construction consortium meets the requirements to be classified as a joint venture. Earnings from construction consortia are presented proportionately under share of profit or loss of equity-accounted investments. The receivables from and payables to construction consortia include mainly in- and outflows of cash, charges resulting from services as well as proportional contract results and are recorded under trade receivables and trade payables.
\n \nJoint arrangements for the execution of construction work in the remaining countries are accounted for either as joint ventures or as joint operations depending on the substance of the arrangement.
\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2530": { "value": "\nIn accordance with IFRS 9, investments which do not constitute subsidiaries, joint ventures or associates are recognised at fair value through profit or loss and are stated under other investments.
\n \nSubsidiaries, joint ventures and associates which, being immaterial, are not consolidated or accounted for using the equity method are measured at amortised cost and reported under other investments.
\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2601": { "value": "\nThe number of consolidated companies changed in the 2022 and 2023 financial years as follows:
\n \nConsolidation | Equity method | |
Balance as at 31.12.2021 | 266 | 22 |
First-time inclusions in the reporting period | 10 | 0 |
First-time inclusions in the reporting period due to merger/accrual of assets | 3 | 0 |
Merger/Accrual of assets in the reporting period | -4 | 0 |
Exclusions in the reporting period | -9 | 0 |
Balance as at 31.12.2022 | 266 | 22 |
First-time inclusions in the reporting period | 19 | 2 |
First-time inclusions in the reporting period due to merger/accrual of assets | 8 | 0 |
Merger/Accrual of assets in the reporting period | -17 | 0 |
Exclusions in the reporting period | -15 | -1 |
Balance as at 31.12.2023 | 261 | 23 |
The following companies formed part of the consolidated group for the first time in the reporting period:
\n \nConsolidation | Direct stake\n% | Date of acquisition\nor foundation |
Adolf List Bauunternehmung GmbH & Co. KG, Reutlingen | 100.00 | 29.6.2023 |
Aspern Manufactory Projektentwicklung GmbH & Co KG, Vienna | 100.00 | 1.1.20231 |
Aspern Manufactory Projektentwicklung GmbH, Vienna | 100.00 | 1.1.20231 |
Bockholdt GmbH & Co. KG, L\u00fcbeck | 100.00 | 28.2.2023 |
D+B Holding und Beteiligungs GmbH, Salzburg | 100.00 | 8.8.2023 |
Hans Lohr Gesellschaft m.b.H., Vienna | 100.00 | 20.1.2023 |
Obermayr Holzkonstruktionen Gesellschaft m.b.H., Schwanenstadt | 100.00 | 27.9.2023 |
P&T Immobili\u00e8re S.\u00e0 r.l., Luxembourg | 100.00 | 9.10.2023 |
SITEC Verkehrstechnik GmbH, Liebenfels | 100.00 | 8.8.2023 |
STRABAG Invest HoldCo GmbH, Vienna | 100.00 | 1.1.20231 |
STRABAG Vorrat Vierzehn GmbH & Co KG, Vienna | 100.00 | 1.1.20231 |
STRABAG Vorrat Vierzehn GmbH, Vienna | 100.00 | 1.1.20231 |
STRABAG Vorrat F\u00fcnfzehn GmbH & Co KG, Vienna | 100.00 | 1.1.20231 |
STRABAG Vorrat F\u00fcnfzehn GmbH, Vienna | 100.00 | 1.1.20231 |
STRABAG Vorrat Sechzehn GmbH & Co KG, Vienna | 100.00 | 1.1.20231 |
STRABAG Vorrat Sechzehn GmbH, Vienna | 100.00 | 1.1.20231 |
STRABAG Vorrat Siebzehn GmbH & Co KG, Vienna | 100.00 | 22.2.2023 |
STRABAG Vorrat Siebzehn GmbH, Vienna | 100.00 | 22.2.2023 |
Wieser Verkehrssicherheit GmbH, Wals-Siezenheim | 100.00 | 8.8.2023 |
Merger/Accrual of assets | Direct stake\n% | Date of Merger/Accrual of assets |
AWB Asphaltmischwerk B\u00fcttelborn GmbH & Co. KG, B\u00fcttelborn | 100.00 | 19.9.20232 |
AWB Asphaltmischwerk B\u00fcttelborn Verwaltungs-GmbH, B\u00fcttelborn | 100.00 | 19.9.20232 |
BSB Betonexpress Verwaltungs-GmbH, Berlin | 100.00 | 17.8.20232 |
Palaoro Elektrotechnik GmbH, Vienna | 100.00 | 14.9.20232 |
Rhein-Regio Neuenburg Projektentwicklung GmbH, Neuenburg am Rhein | 100.00 | 30.8.20232 |
Slabihoud GmbH, Vienna | 100.00 | 19.9.20232 |
SRE Erste Verm\u00f6gensverwaltung GmbH, Cologne | 100.00 | 22.8.20232 |
STRABAG Beton GmbH & Co. KG, Berlin | 100.00 | 21.9.20232 |
Equity-accounted investments | ||
Innsbrucker Nordkettenbahnen Betriebs GmbH, Innsbruck | 51.00 | 1.1.20233 |
CMBlu Energy AG, Alzenau | 14.71 | 23.10.20234 |
1Due to its increased business volumes, the company was included in the consolidated group for the first time effective 1 January. The foundation/acquisition of the company occurred before 1 January 2023.
2The companies listed under Merger/Accrual of assets were merged with/accrued on already consolidated companies and as such are simultaneously represented as additions \nto and removals from the consolidated group.
3There are deviating contractual provisions concerning this joint venture.
4Possibilities to exert influence exist that may differ from the ownership interest.
Companies included for the first time were consolidated at the date of acquisition or the next reporting date, provided this had no significant difference to an inclusion at the date of acquisition.
\n \nWith the purchase agreement from 21\u00a0December\u00a02022, STRABAG acquired 100% of northern German cleaning services provider Bockholdt\u00a0GmbH & Co. KG, L\u00fcbeck. After obtaining the necessary official approvals, the closing took place on 28\u00a0February\u00a02023. The acquisition of the Bockholdt Group is aimed at reinforcing STRABAG\u2019s services in infrastructural facility management in northern Germany. In addition to maintenance cleaning, the portfolio of the acquired companies also includes innovative services in the field of industrial cleaning, robot-assisted cleaning of ventilation systems, and the environmentally friendly cleaning of solar and wind power plants, provided by the company\u2019s own industrial climbers. Professional pest control as well as operating room and hospital cleaning are also among the special features of the service portfolio. The goodwill results primarily from the market expansion in northern Germany.
\n \nAdditions to assets and liabilities from the\u00a0first-time consolidation of Bockholdt\u00a0GmbH & Co. KG are comprised as follows:
\n \nT\u20ac | First-time consolidation |
Assets and liabilities acquired | |
Goodwill | 29,029 |
Other non-current assets | 20,032 |
Current assets | 15,826 |
Non-current liabilities | -1,810 |
Current liabilities | -21,408 |
Consideration (purchase price) | 41,669 |
Cash and cash equivalents | -9 |
Net cash outflow from acquisition | 41,660 |
\n STRABAG\u00a0SE acquired the following medium-sized companies in Austria during the 2023 financial year.
\n \nThe closing of the acquisition of 100% of the shares in Slabihoud\u00a0GmbH, Hans Lohr\u00a0GmbH\u00a0as well as Palaoro Elektrotechnik GmbH, all based in Vienna, took place in January\u00a02023. With this acquisition, STRABAG is expanding its M&E (mechanical and electrical) competencies in Austria to include further business areas. Technical building equipment (including heating and cooling systems as well as electrical installations) is an important factor for ensuring sustainable building operations.
\n \nThe acquisition of 100% of the shares in Wieser Verkehrssicherheit\u00a0GmbH, Wals-Siezenheim, and the acquisition of 100% of the shares in SITEC Verkehrstechnik\u00a0GmbH, Liebenfels, were closed in August\u00a02023. Both companies are active in the field of traffic safety technology.
\n \nSTRABAG acquired 100% of Obermayr Holzkonstruktionen\u00a0GmbH, Schwanenstadt, by way of an assignment agreement dated 13\u00a0July\u00a02023. The acquisition strengthens the company\u2019s expertise in timber construction. The closing took place in September\u00a02023.
\n \nThe goodwill arising from the acquisitions is attributable to the expansion of expertise and business areas.
\n \nAdditions to assets and liabilities from the first-time consolidations in Austria are comprised as follows:
\n \nT\u20ac | First-time consolidation |
Assets and liabilities acquired | |
Goodwill | 22,599 |
Other non-current assets | 12,713 |
Current assets | 28,325 |
Non-current liabilities | -5,697 |
Current liabilities | -14,261 |
Consideration (purchase price) | 43,679 |
Non-cash effective purchase price component | -35 |
Cash and cash equivalents acquired | -5,463 |
Net cash outflow from acquisition | 38,181 |
Under a purchase and assignment agreement from March\u00a02023, the STRABAG\u00a0SE Group acquired 100% of the shares in Adolf List Bauunternehmung\u00a0GmbH & Co. KG, Reutlingen. Antitrust approval was granted in June\u00a02023. The company is active in the fields of road construction and ground engineering as well as in building construction and civil engineering for public and private customers and has around 110 employees.
\n \nAdditions to assets and liabilities from the first-time consolidation of Adolf List Bauunternehmung\u00a0GmbH & Co. KG are comprised as follows:
\n \nT\u20ac | First-time consolidation |
Assets and liabilities acquired | |
Goodwill | 1,630 |
Other non-current assets | 17,226 |
Current assets | 11,349 |
Non-current liabilities | -1,570 |
Current liabilities | -6,140 |
Consideration (purchase price) | 22,495 |
Cash and cash equivalents acquired | -2,394 |
Net cash outflow from acquisition | 20,101 |
The other first-time consolidations had only an insignificant impact on assets and liabilities.
\n \nAll companies which were consolidated for the first time in 2023 contributed T\u20ac 122,409 (2022: T\u20ac 17,469) to revenue and with a profit of T\u20ac 3,548 (2022: profit\u00a0T\u20ac 4,121) to net income after minorities.
\n \nAssuming a theoretical first-time consolidation on 1\u00a0January\u00a02023 for all new acquisitions, they would contribute T\u20ac 173,136 (2022: T\u20ac 17,469) to consolidated revenue and a profit of T\u20ac 4,881 (2022: T\u20ac 4,121) to net income.
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f3846": { "value": "\nAs at 31\u00a0December\u00a02023, the amount of the non-controlling interests stood at T\u20ac 18,443 (2022: T\u20ac 22,392) in the STRABAG\u00a0SE Group and is thus immaterial. The non-controlling interests comprise numerous subsidiaries and mainly affect the project development companies.
\n \nBesides the above-mentioned investments, the ownership interests in subsidiaries in the financial year changed only insignificantly or had insignificant impact. The changes are represented in the list of investments, which is included in the annual financial report.
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f3858": { "value": "\nThe items contained in the financial statements of each Group entity are measured on the basis of the currency corresponding to the currency of the primary economic environment in which the entity operates (functional currency).
\n \nThe functional currency of STRABAG\u2019s subsidiaries is the respective local currency, with the exception of the following companies, whose functional currency is the euro:
\n AKA Zrt., Budapest AMFI HOLDING Kft., Budapest BHK KRAK\u00d3W JOINT VENTURE Sp. z o.o., Warsaw EXP HOLDING Kft., Budapest\nThe consolidated financial statements are prepared in euro, STRABAG\u2019s reporting currency.
\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f3880": { "value": "\nForeign currency transactions are translated into the functional currency at the foreign exchange rate on the day of the trans-action. On the reporting date, monetary items are translated at the closing rate, while non-monetary items are translated at the rate on the day of the transaction. Exchange differences are recognised in profit or loss.
\n \nAssets and liabilities of Group entities whose functional currency is not the euro are translated from the respective local currency into euro at the average exchange rate on the reporting date. As well as the corresponding profit for the period, the income statements of foreign Group entities whose functional currency is not the euro are translated at the average exchange rate for the reporting period. The differences resulting from the use of both rates are reported outside profit or loss.
\n \nMonetary items in form of receivables or payables which settlement is neither planned nor likely to occur in the foreseeable future are, in substance, a part of an entity\u2019s net investment in a foreign operation. Currency translation differences arising on such monetary items are initially recognised in other comprehensive income and reclassified from equity to profit and loss on disposal of the net investment.
\n \nThe most important currencies, including their average exchange rates, are listed under item (35) Financial instruments. Currency translation differences of T\u20ac 3,645 (2022: T\u20ac 1,768) were recognised directly in equity in the financial year.
\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f3889": { "value": "Currency translation differences of T\u20ac 3,645 (2022: T\u20ac 1,768) were recognised directly in equity in the financial year.", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f3894": { "value": "\nGoodwill from a business combination is initially measured at cost. This is calculated as the excess of the consideration transferred over the identifiable assets acquired and liabilities assumed. Subsequent to initial recognition, goodwill is measured at cost less accumulated impairment losses. Goodwill is not amortised, rather, it is subjected to annual impairment testing in accordance with IAS 36. The Group conducts its annual test for goodwill impairment at year\u2019s end. Testing is also performed if events or circumstances indicate that the figure could be impaired. For the purpose of the impairment testing, goodwill is assigned to one or more of the Group\u2019s cash-generating units that should benefit from the synergy effects of the combination. The recoverability of goodwill is determined by comparing the carrying amount of the respective cash-generating unit (CGU) or units with the recoverable amount. If the goodwill is impaired, an impairment loss is recognised. A reversal of impairment losses once the reasons for the impairment no longer apply is not foreseen for goodwill.
\n \n \n \n \n \nService concession arrangements between the STRABAG\u00a0SE Group and the public sector to build, operate, maintain and finance infrastructure facilities are treated in accordance with the requirements of IFRIC 12.
\n \n \n \n \n \n \nA right from a concession arrangement is recognised if the consideration does not represent an enforceable right to payment, but instead a right to charge a usage fee is granted.
\n \n \n \n \n \n \nThe right from the concession arrangement is accounted for at the fair value of the consideration and subsequently recognised less depreciation over the period of the concession and impairment losses. If the reasons for the previously recognised impairment loss no longer apply, these assets are written back through profit or loss. The amount may not exceed the carrying amount that would have resulted if no impairment loss had been recognised in previous periods.
\n \n \n \n \n \nAcquired intangible assets are recognised at their initial costs less amortisation and impairment losses if applicable.
\n \n \n \n \n \n \nDevelopment costs for an internally generated intangible asset are capitalised if the Group can demonstrate the technical feasibility of completing the intangible asset so that it will be available for internal use or sale and if it can demonstrate the intent to complete the intangible asset and use or sell it. The Group must also demonstrate that the intangible asset will generate probable future economic benefits, that it has adequate resources to complete the asset and that it is able to reliably measure the expense attributable to the asset during its development. The construction costs for these assets comprise all construction costs directly attributable to the construction process as well as production-related overheads. Borrowing costs are capitalised for qualified assets. Research costs which do not fulfil these criteria are recognised as an expense in the period in which they are incurred. Costs that have already been recognised as an expense are not capitalised in a subsequent period.
\n \n \n \n \n \nThe subsequent measurement of intangible assets with definite useful lives is performed at cost less accumulated amortisation and impairment losses. Within the Group, there are no intangible assets with indefinite useful lives.
\n \n \n \n \n \nThe following useful lives were assumed for intangible assets for amortisation using the straight-line method:
\n \n \n \n \n \nIntangible assets | Useful life in years |
Property rights, utilisation rights and other rights | 3\u201350 |
Software | 2\u20135 |
Patents and licences | 3\u201310 |
Property, plant and equipment is initially recognised at cost. STRABAG performs subsequent measurements using the cost model \u2013 cost less accumulated depreciation and impairment losses. If the reasons for a previously recognised impairment loss no longer apply, these assets are written back through profit or loss. The amount may not exceed the carrying amount that would have resulted if no impairment loss had been recognised in the previous periods.
\n \n \nSubsequent acquisition costs are capitalised if it is probable that future economic benefits will flow to the Group and if the costs can be reliably determined. Repair and maintenance costs which do not constitute significant maintenance expense is recognised as expenses in the period in which they are incurred.
\n \n \nDepreciable property, plant and equipment is generally depreciated using the straight-line method over the expected useful life. In individual cases, output-based depreciation is applied. If there is an indication that an asset may be impaired and if the present values of the future cash inflow surpluses are below the carrying amounts, the amount is revalued to the lower recoverable amount in accordance with IAS 36.
\n \n \nThe following useful lives were assumed for property, plant and equipment:
\n \n \n \nProperty, plant and equipment | Useful life in years |
Buildings | 10\u201350 |
Investments in third-party buildings | 5\u201340 |
Machinery | 3\u201315 |
Office equipment/furniture and fixtures | 3\u201310 |
Vehicles | 4\u20139 |
Investment property is property held to earn rental income or for the purpose of capital gains. Investment property is initially measured at cost. STRABAG uses the cost model for subsequent measurements, i.e. the measurement is performed at cost less accumulated depreciation and impairment losses. If the present values of the future cash inflow surpluses are below the carrying amounts, the amount is revalued to the lower recoverable amount in accordance with IAS 36. The fair value of this investment property is disclosed separately. The fair value is determined using recognised methods such as derivation from the current market price of comparable properties or the discounted cash flow method.
\n \n \nThe useful life of investment property varies between 10 and 35 years. Investment property is depreciated using the straight-line method.
\n \n \nThe presentation in the balance sheet is under property, plant and equipment.
\n \n \nA lease is a contractual arrangement in which the lessor (owner) grants the lessee (user) the right to control an identified asset for a specified period of time in exchange for a consideration.
\n \n \nThe STRABAG\u00a0SE Group is a lessee of real estate properties (offices, storage spaces, etc.). A large number of the contracts are stand-alone contracts with comparatively low annual rental payments, of both limited and unlimited duration and with ordinary termination rights.
\n \n \nLeases are to be presented as a right-of-use asset and a corresponding lease liability in the balance sheet. The lease payments are split into a financing and a principal component. The finance costs are recognised in profit or loss over the term of the lease, resulting in a constant periodic interest rate on the remaining amount of the liability for each period. The right-of-use asset is amortised on a straight-line basis over the shorter of the two periods of useful life or term of lease.
\n \n \nLease payments are made at the Group\u2019s incremental borrowing rate, i.e. the rate of interest that the Group would have to pay to borrow the funds necessary to obtain an asset of a similar value and at similar terms in a similar economic environment.
\n \n \nPayments for short-term leases and leases for which the underlying asset is of low value are recognised as an expense. Short-term leases are leases with a term of up to twelve months.
\n \n \nTo a minor extent, the Group also acts as a lessor. This essentially involves office space, in particular the TECH GATE VIENNA in Vienna. These leases are to be classified as operating leases. Rental income from these leases is shown in other operating income.
\n \n \n \nGovernment subsidies and investment grants are offset against the cost of the assets and amortised in proportion to their useful lives. A government grant is recognised when there is reasonable assurance that the grant will be received, and the Group complies with the necessary conditions for receiving the grant.
\n \n \n \nA total of T\u20ac 3,127 (2022: T\u20ac 2,297) of the investment promotion bonus (\u201cInvestitionsf\u00f6rderungpr\u00e4mie\u201d) was utilised, of which T\u20ac 2,110 (2022: T\u20ac 1,280) still remains outstanding as at the reporting date.
\n \n \nAdditional energy cost subsidies totalling T\u20ac 5,347 were granted in Austria and Germany. These are recognised in profit or loss.
\n \n \nBorrowing costs that are directly attributable to the acquisition or production of a qualifying asset are recognised as part of the cost of that asset. Qualifying assets are assets that necessarily take a substantial period of time (over six months) to get ready for their intended use or sale. Other borrowing costs are recognised as an expense in the period in which they are incurred.
\n \n \n \nAssets that are subject to depreciation or amortisation, as well as other investments and associates, are tested for impairment whenever events or changes in circumstances indicate that their carrying amount may no longer be recoverable. Assets that have an indefinite useful life, such as goodwill or intangible assets not yet available for use, are tested for impairment annually as such assets are not subject to depreciation or amortisation.
\n \n \n \n \nTo identify the need for an impairment loss, the recoverable amount is determined. The recoverable amount is the higher of fair value of the asset less costs to sell and value in use. If it is not possible to determine the recoverable amount for an individual asset, then the recoverable amount is determined for the smallest identifiable group of assets (cash-generating unit) to which the asset in question can be assigned.
\n \n \n \n \nConsidering that, as a rule, market prices are not available for individual units, the present value of net cash inflows is used to determine the fair value less costs to sell. The forecast of the cash flows is based on STRABAG\u2019s latest planning, with a planning horizon of at least four years. The last detailed planning year forms the basis for calculating the perpetuity if applicable legislation and legal requirements do not limit the usability of the cash-generating unit to a shorter period of time.
\n \n \n \n \nFor the purpose of determining the fair value less costs to sell, the cash-generating unit is measured from the viewpoint of an independent market participant. In calculating the value in use of an asset, on the other hand, the cash flows are considered based on the previous use. For the net cash inflows beyond the detailed planning period, individual growth rates derived from market information are determined based on long-term business expectations in both methods of calculation.
\n \n \n \n \nNet cash inflows are discounted at the cost of capital, which is calculated as the weighted average cost of equity and debt. Consideration is given to the different yield and risk profiles of STRABAG\u2019s various areas of expertise by determining the individual costs of capital using comparison companies. The cost of equity corresponds to the required rate of return for investors, while the cost of debt is based on the long-term financing conditions available to comparison companies. Both components are derived from capital market information.
\n \n \n \n \n \nThe following table shows the parameters growth rate and cost of capital for impairment testing:
\n \n \n \n \n% | 2023 | 2022 |
Growth rate | 0.0\u20130.5 | 0.0\u20130.5 |
Cost of capital (after tax) | 8.1\u201311.8 | 7.6\u201312.2 |
Cost of capital (before tax) | 9.5\u201313.9 | 10.5\u201314.6 |
The Management Board has calculated the budgeted gross margin based on past developments and on expectations for future market development.
\n \n \n \n \nIf the recoverable amount of an asset is lower than the carrying amount, an impairment loss is recognised immediately in profit or loss. In the case of impairment losses related to cash-generating units which contain goodwill, existing goodwill is initially reduced. If the impairment loss exceeds the carrying amount of the goodwill, the difference is generally apportioned proportionally over the remaining non-current assets of the cash-generating unit.
\n \n \n \n \nWith the exception of goodwill, non-financial assets for which an impairment loss was charged in the past are reviewed at every balance sheet date to determine whether the impairment loss should be reversed.
\n \n \n \n \nFinancial assets are recognised in the consolidated balance sheet if STRABAG has a contractual right to receive cash or other financial assets from another party. Regular way purchases and sales of financial assets are recognised using settlement date; the trade date is used for derivatives.
\n \n \n \n \nFinancial assets that are not measured at fair value through profit or loss are initially recognised at fair value plus transaction costs which are directly attributable to the acquisition.
\n \n \n \n \nTransaction costs which arise upon the acquisition of financial assets measured at fair value through profit or loss are immediately recognised as an expense.
\n \n \n \n \nReceivables bearing no interest or interest below the market rate are initially recognised at the present value of the expected future cash flows.
\n \n \n \n \nFor purposes of subsequent measurement, financial assets are classified in one of the following categories in accordance with IFRS 9, with each category having its own measurement requirements. The classification is determined at initial recognition.
\n \n \n \n \nFor measurement and accounting purposes, financial assets are to be assigned to one of the following categories:
\n \n \nFinancial assets in this category are measured at amortised cost if the objective of the business model is to hold the financial asset to collect the contractual cash flows, and the contractual terms of the instrument give rise to cash flows that are solely payments of principal and interest on the principal amount outstanding. These are classified as current financial assets if they mature within twelve months after the reporting date or within the usual business cycle. Otherwise they are classified as non-current financial assets. As part of the subsequent measurement, financial assets measured at amortised cost are valued using the effective interest method. When applying the effective interest method, all directly attributable fees, fees paid or received, transaction costs and other premiums or discounts included in the calculation of the effective interest rate are amortised over the expected life of the financial instrument. Interest income from the application of the effective interest method is recognised through profit or loss under interest income from financial instruments.
\n \n \nTrade receivables, receivables from consortia, receivables from subsidiaries and receivables from participation companies, as well as other financial assets, are measured at amortised cost less impairment allowances for expected credit losses.
\n \n \n \nTrade receivables also include receivables from consortia and advances paid to subcontractors.
\n \n \n \n \nTrade receivables and receivables from consortia are recognised in the consolidated balance sheet if STRABAG has a contractual right to receive cash or other financial assets from another party. Recognition is made on the settlement date.
\n \n \n \n \nReceivables bearing no interest or interest below the market rate are initially recognised at the present value of the expected future cash flows.
\n \n \n \n \nSubsequent measurement of trade receivables and receivables from consortia is at amortised cost less impairment losses for expected credit losses (see the section \u201cImpairment of financial assets and contract assets\u201d).
\n \n \n \n \nThese are classified as current financial assets if they mature within twelve months after the reporting date or within the usual business cycle. Otherwise, they are classified as non-current financial assets.
\n \n \n \n \nA financial asset that is to be classified as a debt instrument under IAS 32 is measured at fair value through profit or loss if it is held for trading purposes, the cash flow criteria are not met, or it is designated as at FVPL at initial recognition. A financial asset at STRABAG is assigned to this category if it was principally acquired with an intention to sell in the short term. Derivatives also belong to this category if they do not qualify as hedging instruments. Assets in this category are recognised as current assets if the asset is expected to be realised within twelve months. All other assets are classified as non-current. Value changes of financial assets measured at fair value through profit or loss are recognised through profit or loss.
\n \n \n \n \nThis category includes securities reported under non-current financial assets and securities reported under cash and cash equivalents.
\n \n \n \n \nThe fair value option may be elected for financial assets which, based on the underlying business model and the contractual cash flows, are classified as measured at amortised cost if doing so eliminates or significantly reduces a measurement or recognition inconsistency. The fair value option is not elected at STRABAG.
\n \n \n \n \nFinancial assets which represent equity instruments under IAS 32 are also measured at fair value through profit or loss. Value changes are recognised through profit or loss in the income statement.
\n \n \n \n \nThis category contains mainly investments below 20% that are held under other investments.
\n \n \n \n \nUpon initial recognition of equity instruments measured at fair value, there exists an irrevocable option to recognise value changes in other comprehensive income rather than in the income statement, provided the equity instrument is not held for trading purposes. Equity investments recognised in the other comprehensive income may not be later reclassified to the income statement. The option is not exercised at STRABAG.
\n \n \n \n \n \nFor the recognition of impairment losses, STRABAG allows for expected credit losses under IFRS 9. The expected loss impairment model is used for debt instruments for which subsequent measurement is made at amortised cost. The impairment requirements under IFRS 9 are also applied to non-financial contract assets.
\n \n \n \n \n \n \nEquity instruments measured at fair value through profit or loss or through other comprehensive income are not within the scope of the IFRS 9 impairment requirements.
\n \n \n \n \n \n \n\n IFRS 9 outlines a three-stage model to determine the scope of the risk provision, requiring expected credit losses to be measured from initial recognition at an amount equal to the twelve-month expected credit losses or, if the credit risk has worsened significantly, the full expected credit losses over the remaining life of the financial instrument. The general impairment model (general approach) is used for receivables from concession arrangements and for current and non-current other financial assets in the Group. Besides the general impairment model, the simplified impairment model (simplified approach) is used for trade receivables and for contract assets under IFRS 15. The simplified impairment model requires a risk provision equal to the expected losses over the full remaining life of the financial instrument to be recognised for trade receivables or contract assets regardless of the respective credit quality.
\n \n \n \n \n \n \nApplication of the 30-days-past-due criterion is not useful in the construction sector, on the one hand because of incomplete performance recognition, and on the other hand because contracts are often fulfilled for public-sector clients, whose internal processes to release payment may be lengthy but usually result in full and complete payment.
\n \n \n \n \n \n \nTo determine the expected credit losses, trade receivables and contract assets are grouped into different portfolios with similar risk characteristics. In establishing the portfolios, STRABAG also considers the underlying country risk and the creditworthiness.
\n \n \n \n \n \n \nDuring the initial recognition of financial assets, STRABAG takes into consideration the probability of defaults and continually monitors the development of the credit risk in each reporting period, taking into account all reasonable and supportable information and forecasts. This includes especially the following indicators:
\n \n \n \nMacroeconomic information (such as market interest rates) and other forecasts are included in the assessment of the credit risk.
\n \n \n \n \n \n \nBesides the application of the general and the simplified impairment approach, financial assets are considered impaired if there is objective evidence of credit default indicators. STRABAG recognises such impairments if the debtor has significant financial difficulty; if there is a high probability that insolvency proceedings will be commenced against the debtor; if a breach of contract and payment default has occurred; or if the issuer\u2019s technological, economic, legal and market environment changes substantially.
\n \n \n \n \n \n \nImpairment losses lower the carrying amount of the financial assets.\u00a0If the reasons for the previously recognised impairment loss no longer apply, these assets are written back through profit or loss. The impairment losses or reversals of impairment losses resulting from the application of the impairment requirements is recognised through profit or loss in the other operating expense or income.
\n \n \n \n \n \n \nA financial asset defaults if bankruptcy proceedings have been started or it is highly probable that there is no reasonable expectation for repayment. These financial assets are then derecognised. When derecognising financial assets, STRABAG continues to undertake enforcement measures to attempt to recover the receivables that are due.
\n \n \n \n \n \n \nDuring the reporting period, there were no changes with regard to the impairment approaches and criteria that were applied.
\n \n \n \n \n \n \n \nFinancial assets are derecognised when the contractual rights to receive payment from the financial assets no longer exist or if the financial assets are transferred along with all substantial risks and rewards. An asset is also derecognised if the substantial risks and rewards of ownership of the asset are neither transferred nor retained but control is relinquished. If control is retained, such transferred financial assets are recognised to the extent of the continuing involvement.
\n \n \n \n \n \n \nFinancial assets and financial liabilities are offset and the net amount is presented in the balance sheet when there is a legally enforceable right to offset the recognised amounts and the settlement is on a net basis. This concerns, to a minor extent, the settlement of trade receivables and payables.
\n \n \n \n \n \n \nDerivative financial instruments are employed exclusively to mitigate risks arising from movements in currency exchange rates and interest rates. The utilisation of financial derivatives is subject to internal guidelines and controls.
\n \n \n \n \n \n \n \n \nDerivative financial instruments are classified as financial assets measured at fair value through profit and loss or as derivatives used for hedging purposes at the date of contract conclusion. Derivative financial instruments are initially recognised at cost and measured at fair value in subsequent periods. Unrealised gains or losses on the measurement are recognised in the income statement if the conditions for hedge accounting under IFRS 9 are not met. Derivative financial instruments are stated under other financial assets or other financial liabilities.
\n \n \n \n \n \n \n \n \nDerivative financial instruments are measured based on observable market data (interest and exchange rates) and non- observable market data (the counterparty\u2019s credit rating). The fair value is determined using generally accepted methods of mathematical finance.
\n \n \n \n \n \n \n \n \n \nOn application of the hedge accounting requirements, the Group designates derivative financial instruments as hedging instruments to either:
\n \n \n \n \nIn the case of fair value hedge accounting, the change in the fair value of the hedged item that is attributable to the hedged risk and the change in the fair value of the hedging derivative are recognised in the income statement. Fair value hedging is not used in the STRABAG\u00a0SE Group.
\n \n \n \n \n \n \n \n \nIf, however, a derivative financial instrument is used as a hedging instrument in a cash flow hedge, the effective unrealised gains or losses from the hedging instrument are initially accounted for under other comprehensive income. They are reclassified to profit or loss when the hedged item affects profit or loss. Any changes resulting from the ineffectiveness of these financial instruments are recognised immediately in profit or loss in the income statement.
\n \n \n \n \n \n \n \n \nWhen concluding a hedging transaction, STRABAG documents the clear hedging relationship between the hedging instrument and the hedged item, the objective of its risk management, and the underlying strategy. It is also established that there exists an economic relationship between the hedged item and the hedging instrument and that credit risk does not dominate the resulting value changes. The hedging relationship\u2019s hedging ratio reflects the ratio between the designated nominal amount of the hedged item actually used by STRABAG and the designated nominal amount actually designated by STRABAG to hedge the nominal amount of the hedged item. An assessment is made at the beginning of the hedging relationship, with documentation provided continually thereafter, of whether the derivatives used in the hedge are effective or not in offsetting the changes in fair value or cash flow of the hedged item. Hedging relationships are adjusted when there are changes in the hedged item.
\n \n \n \n \n \n \n \n \nThe critical term match method is used to determine the prospective hedge effectiveness. The retrospective determination of hedge ineffectiveness is made on the basis of the dollar offset method.
\n \n \n \n \n \nService concession arrangements between the STRABAG\u00a0SE Group and the public sector to build, operate, maintain and finance infrastructure facilities are treated in accordance with the requirements of IFRIC 12.
\n \n \nService concession agreements which provide an absolute contractual right to receive payment are recognised as financial assets. All receivables from concession arrangements are accounted for under the special balance sheet item receivables from concession arrangements. The receivables are carried at the present value of the payments to be made. The accumulation amount calculated annually using the effective interest method is recognised in revenue. Impairment allowances are made for expected credit losses.
\n \n \nThe income tax payables and receivables contain mainly rights and obligations regarding domestic and foreign income taxes. These comprise the rights and obligations from the current year as well as possible rights and obligations from previous years. The receivables/payables are calculated based on the tax regulations in the respective countries.
\n \n \n \nDeferred tax is measured using the balance sheet liability method for all temporary differences between the valuation of the balance sheet items in the IFRS financial statements and the existing tax value at the individual companies. Furthermore, any realisable tax advantage from existing losses carried forward will be included in the calculation. Exceptions to this comprehensive tax deferral are balances from non-tax-deductible goodwill.
\n \n \n \n \nDeferred tax assets may only be recognised if the associated tax advantage is likely to be realisable. The calculation of the tax deferral is based on the usual income tax rate in the respective country at the point of the predicted reversal.
\n \n \n \n \nRecognition is made of deferred tax liabilities arising from temporary differences in relation to investments in subsidiaries and associates unless the timing of the reversal of the temporary differences in the Group can be determined and the temporary differences are unlikely to reverse in response to this influence in the foreseeable future.
\n \n \n \nInventory costs include cost of purchase and production and are required to be stated at the lower of cost and net realisable value.
\n \n \nThis item mainly includes undeveloped land as well as finished and unfinished buildings sold in the course of the project development business but for which there is not yet a specific investor.
\n \n \nProduction costs include all direct costs as well as appropriate parts of overhead arising in the production. Distribution costs, as well as costs for general administration, are not included in the production costs. Borrowing costs related to production are recognised for inventories which are to be classified as qualifying assets.
\n \nRegarding construction contracts with customers, revenue is recognised over time as required by IFRS 15, as the construction projects are built on the customers\u2019 properties and the customers thus always control the assets that are created or enhanced.
\nConstruction is performed based on stand-alone contracts. The allocation of the transaction price to each performance obligation is made on the basis of the work estimate for the respective stand-alone item. If significant integration services are provided, a separate performance obligation is assumed. Transaction prices for construction contracts in the STRABAG\u00a0SE Group are determined on the basis of the contract value agreed with the customer. Contractual penalties or bonus payments during the construction period may lead to amendments of the transaction price. These are carried with the most probable value by reason and amount on the basis of the project controlling.
\nRevenue recognition over time is made using the output-oriented method on the basis of the work performed. The actual work performed, and the corresponding revenue are determined at the level of the individual item according to the work estimate. Because of unforeseen deviations in the budgeted costs, the best indicator here is the percentage of completion as derived directly from the actual work performed. The performance completed to date, one of the key corporate governance figures, must be directly determined by the construction site team on a monthly basis.
\nThe contract asset represents the Group\u2019s right to consideration from construction contracts with customers. If the value of a contract asset of a construction contract exceeds the payments received for it, then this is shown on the assets side under contract assets. In the opposite case, the figure is reported on the equity and liabilities side under contract liabilities.
\nPayments for construction contracts are usually made parallel to the performance on the basis of regular invoicing. Payments of advance consideration before the actual performance are common practice, especially in building construction. Agreements covering extended terms of payment or staggered invoicing of performance completed are made only on a case-by-case basis with special approval by the Management Board of STRABAG\u00a0SE.
\nIf it is probable that the costs exceed the recoverable proceeds, an onerous contract provision is recognised in accordance with IAS 37. Any costs directly attributable to the contract are taken into account to determine the costs. The onerous contract provision, considered individually, is recognised at the amount that is required for the completion of the obligation from the construction contract. Up to the value of the contract asset, an impairment loss is recognised. If the value of the respective contract asset is exceeded, an onerous contract provision is recognised on the equity and liabilities side under the current provisions.
\nWith regard to impairment losses, see the section \u201cImpairment of financial assets and contract assets\u201d.
\nInventories that have not yet been used in the construction process but are already present on the construction sites are no longer accounted for as a separate asset but are instead assigned to the respective contract and recognised as a contract asset.
\nClaims and variation orders in connection with construction contracts involve any modification or change (actual construction progress) to the contractually agreed scope of work (agreed specifications). Due to the existing contractual agreements, these modifications to the work to be performed cannot be invoiced until the client approves the changes or agrees to their invoiceability.
\nModifications or changes to the work to be performed include agreed changes to the work to be performed as well as disputed claims for additional costs due to disruption or due to changes in the scope of work.
\nIn the event of agreed changes to the work to be performed, the client actively intervenes in the construction process and changes the scope of work. Changes to the work to be performed are regularly commissioned by the contractor before execution. In this case, a contract modification as defined by IFRS 15.18 exists in which all parties to the contract have agreed to the change in the scope of work and/or price. As a rule, the contract modification is accounted for as part of the original contract in accordance with IFRS 15.21(b), as the changes in the work to be performed are not distinct from the order before contract modification and the contract remains a single performance obligation.
\nClaims for additional costs arising from disruption are incurred when adjustments must be made to the construction process due to disruptions that lie within the client\u2019s sphere of influence. Claims for additional costs also arise in the case of changes ordered by the client who believes these do not result in additional costs, due e.g. to guarantees for completeness, but which, in the opinion of the contractor, are not included in the scope of the contract. The complexity of construction contracts often leads to different legal views regarding the existence of a legal claim between the client and the contractor, which often results in protracted legal disputes.
\nIn accordance with IFRS 15.19, the disputed claims for additional costs involve contract modifications for which the parties to the contract have not yet reached a final agreement with regard to the scope and/or price of the contract. The variable consideration from these contract modifications is therefore estimated in accordance with the provisions of IFRS 15.50\u201359 and recognised as revenue as part of the original contract in accordance with IFRS 15.21(b).
\nThe estimate is based on qualitative and quantitative criteria. The large number of individual claims and variation orders in a construction project, the uncertainty over a long period of time, the individuality of the circumstances, the legal enforceability of the claim and the quality of the documentation are taken into account when estimating the variable consideration. The variable consideration is measured in such a way that there is no reversal of previously recognised revenue in subsequent periods.
\nThe corresponding expense is recognised in profit or loss immediately when it is incurred.
\nThe consideration for revenue from project developments which, on the basis of the work performed by the reporting date, are realised over time, is recorded under contract assets. The contract asset represents the Group\u2019s right to considerations from project developments.
\nRevenue is recognised over time if a contractual agreement excludes the possibility of any alternative use and there exists a right to payment including a profit margin on the work performed. These conditions are always met if real estate projects are already sold prior to their completion.
\nIn these cases, the revenue is recognised pro rata based on the degree of completion of the work. If the real estate projects are only partially sold, for example, in the case of owner-occupied flats, the revenue is recognised pro rata only for those parts already sold. The project is then presented pro rata under contract assets. Unsold portions are held as inventories measured at cost.
\nThe advances received are offset against the cost of the contract asset. If the advances received exceed the value of the contract asset, presentation is made on the equity and liabilities side under contract liabilities.
\nThe notes on construction contracts with customers apply by analogy.
\n \nThe cash and cash equivalents include all liquid financial assets which at the date of acquisition or investment have a remaining term of less than three months. This comprises bank deposits, time deposits and cash on hand. Cash and cash equivalents are measured at amortised cost.
\n \n \nCash and cash equivalents where availability is restricted by foreign exchange restrictions or other legal constraints are not part of the cash and cash equivalents for the cash flow statement.
\n \n \n \n \nThe following defined benefit plans for which provisions must be recognised exist within the Group.
\n \n \n \n \n \n \nThe company\u2019s obligation relating to defined benefit plans consists in fulfilling the promised benefits to current and former employees.
\n \n \n \n \n \n \nDefined contribution plans in the form of financing through third-party support funds exist for employees of Austrian subsidiaries whose employment began after 1\u00a0January\u00a02003. The severance payments obligations are funded by the regular payment of contributions into the employee provident fund.
\n \n \n \n \n \n \nThe Group is legally required to provide an one-off severance payment to employees of Austrian subsidiaries in the case of termination or at the date of retirement if their employment began before 1\u00a0January\u00a02003. The level of this payment depends on the number of years at the company and amount due at the date of severance and comes to between two and twelve monthly salaries. A provision is made for this obligation.
\n \n \n \n \n \n \nAdditionally, the severance payment rights in other countries in the case of termination or retirement amount from one to three monthly salaries. Due to the relatively insignificant amounts involved, provisions for severance payments arising from these obligations are determined using financial mathematical methods.
\n \n \n \n \n \n \nThe provisions for pensions are formed for obligations from the right to future pension payments and current payments to present and past employees and their dependents. The Group\u2019s pension promises in Germany, Austria and the Netherlands exist on the basis of individual contracts or internal labour-management agreements. The obligations are based on a number of different pension arrangements. The number of different employee benefit plans is the result of the Group\u2019s enterprise acquisitions in Germany. New agreements are not concluded within the Group.
\n \n \n \n \n \n \nAs a rule, the pension promises foresee the granting of monthly old age, invalidity and survivors\u2019 benefits. With some promises, the pension arrangement foresees benefits to be paid in the form of a capital payment.
\n \n \n \n \n \n \nThe benefit plans exist in various designs. The range of plan structures includes specified benefit systems (e.g. specified amount per year of employment), dynamic systems (e.g. % per year of employment) and benefit promises (e.g. specified promise). Plans also exist with or without survivors\u2019 benefits.
\n \n \n \n \n \n \nIn Switzerland, the legal regulations governing pension plans require payments to be made into pension foundations. One half of the contributions are made by the employer, the other half by the employee. The employee contributions depend on the amount of insured income as well as on age and are treated as reduction of the service cost. At retirement, employees can choose to receive an one-off severance payment, regular monthly pension payments or a hybrid of the two options.
\n \n \n \n \n \n \nAs restructuring contributions are required if the pension foundation has insufficient funds for coverage, the promises are categorised as defined benefit plans in accordance with IAS 19.
\n \n \n \n \n \n \nWithin the STRABAG\u00a0SE Group, the obligations of the pension funds are reinsured.
\n \n \n \n \n \n \nThe Group\u2019s obligations relating to defined benefit plans are determined separately for each plan using actuarial principles in accordance with the projected unit credit method. The projected unit credit method is used to determine the discounted pension entitlements acquired up to the end of the accounting period. The existing plan assets measured at their fair value are subtracted from the defined benefit obligations. This yields the defined benefit liability (asset) to be recognised.
\n \n \n \n \n \n \nDetermination of the net defined benefit liability at the end of the reporting year is based on an actuarial report from a certified actuarial analyst.
\n \n \n \n \n \n \nThe rate used to discount severance and pension provisions is determined on the basis of market yields at the end of the respective reporting period on high-quality fixed-interest industrial bonds with a comparable term.
\n \n \n \n \n \n \nThe assumptions relating to discounting, pay rises and fluctuation that are used to calculate the severance and pension provisions vary in proportion to the economic situation of each specific country. Life expectancy is calculated according to the respective country\u2019s mortality tables.
\n \n \n \n \n \n \nActuarial gains and losses are recognised in equity outside profit or loss. The service cost is stated in employee benefits expense, while the interest component of the allocation to the provision is reported in the net interest income.
\n \n \n \n \n \n \nIf the present value of a defined benefit obligation changes in response to plan amendments, the resulting effects are recognised in profit or loss as past service cost in the year of the amendment. Any income resulting from a settlement is also recognised directly in the income statement.
\n \n \n \n \n \n \nThe company is exposed to various risks in relation to the defined contribution severance and pension plans. Besides the general actuarial risks such as the longevity risk and the interest rate risk, the Group is also exposed to currency risk as well as to capital market risk or investment risk.
\n \n \n \n \n \n \nMore information concerning the risks is available in the sensitivity analysis under item (27) Provisions.
\n \n \n \n \nThe other provisions take into consideration all realisable risks and uncertain obligations. They are recognised at the respective amount which, according to commercial judgement, is necessary at the balance sheet date to cover future payment obligations of the Group. Hereby the respective amount which arises as the most probable on careful examination of the facts is recognised.
\n \n \nLong-term provisions are, as far as they are not immaterial, entered into the accounts at their discounted discharge amount as at the balance sheet date. The discharge amount also includes the cost increases to be considered on the reporting date. Provisions which arise from the obligation to recultivate gravel sites are allocated according to the rate of utilisation.
\n \nNon-financial liabilities are carried at the repayment amount. Contract liabilities under IFRS 15 are qualified as non-financial liabilities.
\n \n \nThe financial liabilities at STRABAG comprise non-derivative liabilities and derivatives with a negative fair value on the reporting date.
\n \n \n \n \nFor measurement and accounting purposes, financial liabilities are to be assigned to one of the following categories:
\n \n \nNon-derivative financial liabilities are recognised in the consolidated balance sheet if STRABAG has a contractual obligation to transfer cash or other financial assets to another party. Initial recognition of non-derivative financial liabilities is made at fair value. Financial liabilities that are not measured at fair value through profit or loss are initially recognised at fair value plus transaction costs, which are directly attributable to the acquisition.
\n \n \n \n \nA financial liability is classified as current provided the company does not have an unconditional right to defer settlement of the liability for at least twelve months after the reporting period.
\n \n \n \n \nDuring subsequent measurement of non-derivative financial liabilities carried at amortised cost, any premiums or discounts between the amount received and the repayment amount are spread over the financing term using the effective interest method and recognised in interest expense on an accrual basis.
\n \n \n \n \nA financial liability is only measured at fair value through profit or loss if it is held for trading purposes or designated as such at initial recognition. Derivatives with negative market value also belong to this category if they are not designated as hedging instruments.
\n \n \n \n \nTransaction costs which arise upon the acquisition of financial liabilities measured at fair value through profit or loss are immediately recognised as an expense.
\n \n \n \n \nThe fair value option was not exercised for financial liabilities.
\n \n \n \n \n \nFinancial liabilities are derecognised if the contractual obligations are discharged, cancelled or have expired. Costs related to the issue of corporate bonds are offset over the term using the effective interest method.
\n \n \n \n \n \nTrade payables also include payables from consortia. For measurement and accounting purposes, these are classified as financial liabilities measured at amortised cost.
\n \n \n \n \nNon-derivative financial liabilities are recognised in the consolidated balance sheet if STRABAG has a contractual obligation to transfer cash or other financial assets to another party. Initial recognition of non-derivative financial liabilities is made at fair value.
\n \n \n \n \nTrade payables are classified as current provided the company does not have an unconditional right to defer settlement of the liability for at least twelve months after the reporting period or within the normal business cycle.
\n \n \n \nContingent liabilities are present or possible future obligations for which an outflow of resources is not probable. They are \u2013 as long as IFRS 3 does not require recognition on acquisition \u2013 not reflected in the balance sheet.
\n \n \nSTRABAG only provides financial guarantees for the benefit of third parties in the case of payables from its own subsidiaries or associates for which no commissions are agreed. If utilisation of the guarantee is not to be expected, no separate valuation is made in the balance sheet.
\n \n \nContingent assets are assets whose actual occurrence depends on future uncertain events that are not under the company\u2019s control. These must be disclosed in the notes if an inflow of economic benefits is not unlikely. Recognition in the financial statements is not permitted as this would result in the recognition of income that may never be realised.
\n \n \nThe revenue within the STRABAG\u00a0SE Group comprises revenue from construction contracts with customers, which regularly account for more than 80% of the total revenue, revenue from project developments, revenue from construction materials, revenue from facility management and other revenue.
\n \n \nThe revenue from construction contracts with customers is recognised over time as required by IFRS 15. Revenue recognition over time is made using the output-oriented method on the basis of the work performed at the reporting date.
\n \n \nFor further information, please see the notes on contract assets.
\n \n \nThe recognition of revenue from construction contracts performed in consortia is made over time corresponding to the actual work performed by the reporting date. Impending losses arising from further construction work are accounted for by means of appropriate depreciation.
\n \n \nThe revenue from project developments is recognised at a point in time after the performance obligation is satisfied by the STRABAG\u00a0SE Group and after the customer assumes control and has the opportunity to derive benefit from the project.
\n \n \nAlternatively, the revenue is recognised over time on the basis of the work performed by the reporting date if a contractual agreement for the STRABAG\u00a0SE Group excludes the possibility of any alternative use and the contractual agreement foresees a right to payment including the profit margin on the work performed.
\n \n \nFor real estate projects that are sold already prior to their completion, the revenue is therefore recognised pro rata and the right to payment including the profit margin is presented under the contract assets.
\n \n \nFor further information, please see the notes on contract assets.
\n \n \nThe revenue from construction materials, the revenue from the facility management, and the other revenue are recognised with satisfaction of the performance obligation upon obtainment of control by the customer.
\n \n \nInterest income is recognised as it accrues using the effective interest method. Interest related to concession models and default interest are part of the transaction price of contracts with customers and are therefore recognised under revenue.
\n \n \nOther income, such as rental income or expenses passed through, is stated on the basis of the amount accrued in accordance with the respective agreements.
\n \n \n \nThe revenue from dividends and the share of profits from investments are recognised if a legal right to payment exists.
\n \n \n \n \n \nNet interest income includes interest income and interest expense as well as foreign exchange gains and losses on financing, as these are not part of the operating business. Changes in value as well as gains and losses on disposals of securities are also included in net interest income.
\n \n \n \nThe price increases for energy and construction materials triggered by the Ukraine war pose major challenges for the construction industry as well. Fuel for the vehicle and construction equipment fleet accounts for a large part of energy costs.
\nAfter some very dynamic cost development in the first few months after the start of the war, prices began to stabilise to a certain extent, although at a high level \u2013 where they are likely to remain for the long term.
\nThe availability of construction materials improved over the course of the year, and the main supply chains are again intact. The management is addressing supply chain risks with a high degree of decentralisation, the long-term procurement of raw materials, in-house production of construction materials and a proactive pricing policy.
\nThe high construction prices and increased interest rates are bound to have an impact on demand. The Group\u2019s broad diversification, however, will cushion these effects. The shift from private to public contracts is expected to continue in the short term. STRABAG is well positioned in this respect, as over 60% of its customers are in the public sector. In addition, the Group has a diversified portfolio in building construction and positive trends were recognisable in commercial and industrial construction. Residential construction activities account for less than 10% of the Group\u2019s total output.
\nThe increase in long-term interest rates for the calculation of personnel provisions is offset by the increase in salary and pension trends, with the result that there is no material impact on the equity of the STRABAG\u00a0SE Group.
\n \nThe climate crisis is one of the most pressing challenges of our time, bringing with it increasing economic impacts and risks for businesses in the future.
\n \n \nThe STRABAG\u00a0SE Group is heavily dependent on fossil fuels. Stricter regulations and higher prices resulting from CO2 pricing present the risk of volatile and higher energy and commodity prices that cannot be fully passed on to customers.
\n \n \nStricter environmental protection regulations and additional expenses for climate-friendly business processes are expected to lead to cost increases and a further rise in construction prices.
\n \n \nThe risk exists that fewer contracts will be awarded, particularly for the construction of new roads, due to a change in public investment habits and stricter zoning laws, which will have to be compensated for by contracts in other business areas.
\n \n \nDemand is set to increase for sustainable buildings that take life-cycle considerations into account as well as for reconstruction, conversion and refurbishment work on existing buildings and the circularity of the built environment. Public sector clients are starting to issue tenders that include sustainability as an evaluation criterion.\u00a0This will lead to an increased demand for sustainable building materials, which, however, do not yet exist or are not yet available in sufficient quantities.
\n \n \nThe increase in extreme weather events will lead to construction delays and increased insurance costs.
\n \n \nThe property and facility services business will increasingly offer green services using sustainable cleaning agents and environmentally friendly equipment in the future. The higher average temperatures are expected to result in an increased need for refurbishment and modernisation at IT locations for telecommunications and at data centres.
\n \n \nIn the field of project development services, more projects related to renewable energies will be put out to tender in the future.
\n \n \nWhen preparing the consolidated financial statements, possible risks from climate change must be taken into account, especially in the valuation of goodwill, property, plant and equipment, inventories and provisions.
\n \n \nSignificant goodwill at the STRABAG\u00a0SE Group is reported under item (13) Goodwill. Even if an additional risk premium is applied for possible delays or the non-awarding of individual construction projects, especially in road construction, no impairment of goodwill is required. The sensitivity analyses carried out for this purpose show that the changes to the key assumptions considered possible by management do not require an impairment to be made.
\n \n \nProperty, plant and equipment consists largely of construction equipment, machinery and the vehicle fleet, which are utilised on a decentralised basis for a wide variety of construction projects. Temperature increases or severe weather will not have any significant impact on property, plant and equipment in the future. The future need for environmentally friendly technology and equipment was taken into account when determining the useful life and residual values. STRABAG is looking closely at alternative powertrain systems for its construction machinery and vehicle fleet. At present, however, it is not yet possible to equip most of the equipment and vehicle fleet with such alternatives.
\n \n \nIn the case of inventories, particularly real estate projects without an investor, relevant environmental aspects such as energy efficiency, EU Taxonomy alignment, etc. were taken into account when determining the net sales proceeds. Risks here include but are not limited to the fact that ongoing changes to laws and regulations at the time of sale have resulted in new requirements that had not yet been foreseeable in the planning phase. These aspects are taken into account in the measurement. This also applies to the formation of provisions.
\n \n \nThis does not, however, give rise to any risks that could jeopardise the continuation of the company as a going concern.
\n \n \nOn the contrary, the construction sector, as a result of the construction and technology measures required to adapt to climate change, will make a significant contribution to protecting ourselves against the expected impacts.
\n \n \nThe increasing demand for climate-resilient construction and refurbishment as well as the development of new business models for the generation and use of renewable energy sources are seen as key opportunities in this regard.
\n \n \nAs part of the sustainability strategy adopted in the 2021 financial year, STRABAG has set itself the goal of achieving climate neutrality along the entire value chain by the year 2040. When designing and building construction projects, the company focuses on ecologically compatible, sustainable construction methods as well as on the efficient use of resources and their recycling in order to limit any negative impact of construction on the environment as far as possible.
\n \n \n \nThe preparation of financial statements in conformity with IFRS requires estimates and assumptions to be made that affect the reported amounts of assets and liabilities, the disclosure of contingent liabilities and the reported amounts of revenue and expenses.
\n \n \n \n \nThe estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.
\n \n \n \n \nThe Group conducts an annual test to determine whether its goodwill is impaired in accordance with the accounting policies described in the section \u201cImpairment of non-financial assets\u201d. The recoverable amount of the CGUs was determined using fair value less costs of disposal. These calculations are based on assumptions about the expected business development and the recoverable margin. Estimates about the expected business development are based on the facts and circumstances prevailing at the time of preparation of the consolidated financial statements as well as on realistic assumptions about the future development of the global and industry-specific environment. In response to changes in these underlying conditions which deviate from the assumptions and are beyond the Management Board\u2019s control, actual values may deviate from the estimated values.
\n \n \n \n \nAll other things remaining equal, an annual 5% decrease of the free cash flow used to calculate the recoverable amount would result in a total impairment loss of all goodwill of T\u20ac 1,818 (2022: T\u20ac 592), while an isolated increase of the cost of capital by 1\u00a0percentage point would lead to an impairment of goodwill of T\u20ac 7,219 (2022: T\u20ac 2,940). These two effects together would trigger an impairment loss of T\u20ac 9,275 (2022: T\u20ac 6,681).
\n \n \n \n \nAn extended sensitivity analysis was performed due to the current uncertainties in the economic environment. Due to the large number of different types of orders and the fact that a large part of the work included in the planning has not yet been commissioned, a worst-case scenario was determined with regard to the achievable cash flows. An annual and sustained decrease of 15% in the recoverable free cash flows and a simultaneous increase of 3\u00a0percentage points in the weighted average cost of capital would result in an impairment loss of T\u20ac 26,939 (2022: T\u20ac 12,916).
\n \n \n \n \nThe write-offs would affect Czech companies in the materials and concrete production business within the South + East segment in the amount of T\u20ac 7,209\u00a0(2022: T\u20ac 7,391), several German construction companies in the North + West segment in the amount of T\u20ac 2,064 (2022: T\u20ac 5,525), several Austrian construction companies in the South + East segment in the amount of T\u20ac 9,436 (2022: T\u20ac 0), as well as German companies in the facility management business in the International + Special Divisions segment in the amount of T\u20ac 8,230 (2022: T\u20ac 0).
\n \n \n \n \nOther non-current financial assets include US dollar receivables from a Chilean project company. One part of this receivable, Lien 1, carries a fixed interest rate. The second part of this receivable, Lien 2, bears a fixed interest rate and is subject to additional variable components and a possible final conversion into shares. Lien 1 is serviced before Lien 2. Lien 1 is measured at amortised cost. Lien 2 is serviced subject to available cash. The subsequent measurement of Lien 2 is therefore at fair value.
\n \n \n \n \nThe carrying amounts of non-current receivables, which arose from the financial restructuring of a supplier credit from a large Chilean project (power plant), were recognised at fair value on completion of the project. The measurement was made on the basis of the cash flows that can be generated in the future using planned data from the project company, taking into account generally available data on electricity price and hydrological developments as well as the current interest rate environment.
\n \n \n \n \nIn December\u00a02022 and in the course of the 2023 financial year, tunnel collapses were reported, the cause of which remain unclear. The incidents led to a temporary shutdown of the power plant in 2023. The resulting loss of production necessitated corresponding impairments and fair value adjustments in 2022. Clean-up following the collapses is ongoing and it remains unclear when the power plant can be put back into operation.
\n \n \n \nFurther impairments were therefore recognised on non-current receivables in the 2023 financial year.
\n \n \n \nDue to the complex economic environment, the long terms to maturity, the dependence on the development of electricity prices, and the local climatic conditions, the actual returns may differ significantly from the estimated values.
\n \n \n \n \nOn top of this, the project company is asserting claims against STRABAG due to the alleged failure to complete the project on time. Depending on the cause of the tunnel collapses, it is not possible to rule out that STRABAG may have to bear the costs of remediation. A final clarification of the circumstances was not foreseeable at the time of preparation of this report. For this reason, further provisions were formed in the 2023 financial year and the payment that was made on the performance bond \u2013 which STRABAG believes was drawn improperly \u2013 in November\u00a02023 was recognised as an expense.
\n \n \n \n \nDue to the unclear cause of the damages and the complex legal circumstances, the actual claim may deviate from the value provided for.
\n \n \n \n \nThe revenue from construction contracts with customers is recognised over time. The Group estimates the work performed by the reporting date as a percentage of the total volume of the order backlog as well as the remaining contract cost to be incurred. If it is probable that the production costs will exceed the recoverable proceeds, an impairment is recognised up to the value of the contract asset; if the value of the respective contract asset is exceeded, an onerous contract provision is recognised. Technically complex and demanding projects, in particular, involve the risk that the estimate of the total cost deviates considerably from the actual cost incurred.
\n \n \n \n \nIn the event of changes to the contract\u2019s scope and/or price that remain disputed between the parties to the contract (claims and variation orders), revenue from claims and variation orders is estimated in accordance with the provisions on variable consideration under IFRS 15.50ff for the respective project. The estimate is based on qualitative and quantitative criteria.
\n \n \n \n \nThe following factors must be taken into account when estimating the variable consideration:
\n \n \nThe actual claims arising from claims and variation orders may therefore differ from the estimated amount, especially in the case of complex construction projects with a large number of different claims and variation orders as well as counterclaims of the client.
\n \n \n \n \nThe above also applies to over-time recognition of revenue from project developments.
\n \n \n \n \nThe Group holds a 30% investment in Holcim Cement CE Holding\u00a0GmbH. Holcim operates cement works in Austria, Hungary, the Czech Republic and Slovenia. The carrying amount of the investment amounted to T\u20ac 201,980 on 31\u00a0December\u00a02023 (2022: T\u20ac 201,974). As earnings developed according to plan and because of the ongoing distributions, an impairment test was not required.
\n \n \n \n \nDeviations from the expected business development as well as developments in the economic environment that are beyond the Management Board\u2019s control may influence the value of the investment.
\n \n \n \n \nSTRABAG has to calculate the actual income tax expected for each taxable entity and must assess the temporary differences arising from the different treatment of certain balance sheet items in the IFRS consolidated financial statements and the statutory financial statements required for tax purposes. The existence of temporary differences usually results in the recognition of deferred tax assets and liabilities in the consolidated financial statements.
\n \n \n \n \nThe management must make assessments in the calculation of current and deferred tax. Deferred tax assets are recognised to the extent that their use is probable. The use of deferred tax assets depends on the possibility of realising sufficient taxable income under the respective tax type and jurisdiction under consideration of any possible legal restrictions regarding the maximum loss carry forward period. A number of different factors are used to assess the probability of the future usability of deferred tax assets, such as the past financial performance, operational planning, loss carry forward periods and tax planning strategies. If the actual results deviate from these estimates, or if these estimates must be adjusted in future periods, this could have a negative impact on the financial position, financial performance and cash flows. In the event of a changed assessment of the recoverability of deferred tax assets, the deferred tax assets which have been recognised are written down in profit or loss or, depending on their original formation, outside profit or loss; impaired deferred tax assets are similarly recognised either in profit or loss or outside profit or loss.
\n \n \n \n \nThe fair value of financial instruments that are not traded in an active market is determined by using suitable valuation techniques selected from among a number of different methods. The assumptions used are mainly based on market conditions existing at the balance sheet date. The Group uses present value techniques to determine the fair value of a number of financial assets that are not traded in an active market.
\n \n \n \n \nWithin the STRABAG\u00a0SE Group, a large number of the contracts are lease contracts with comparatively low annual rental expenses, of both limited and indefinite duration and with ordinary termination rights. The lease liability is determined by estimating the most likely duration in consideration of extension options and termination rights. All economic aspects for exercising or not exercising the options are taken into account. Deviations between the actual lease terms and these assumptions have an impact on the respective carrying amounts. The risk is reduced by the large number of stand-alone contracts, however.
\n \n \n \n \nThe present value of the severance and pension obligations depends on a number of different factors based on actuarial assumptions. One of the assumptions used to determine the net expenses or income for pensions is the discount rate. Any change to these assumptions will influence the carrying amount of the pension obligation.
\n \n \n \n \nThe Group determines the appropriate discount rate at the end of every year. The discount rate is the interest rate used to determine the present value of future cash flows required to settle the obligation. For the purpose of determining the discount rate, the Group employs the interest rate of highest-grade industrial bonds in the same currency in which the benefits are paid and which have terms to maturity equivalent to those of the pension obligations.
\n \n \n \n \nAdditional substantial assumptions relating to severance and pension obligations are based in part on market conditions. Further information and sensitivity analyses can be found in item (27) Provisions.
\n \n \n \n \nOther construction-related provisions, in particular, involve the risk that in individual cases the actual costs for warranty obligations or remaining performance obligations will turn out higher or lower than expected. The balance sheet item other construction-related provisions is composed of several individual projects together, however, as a result of which the risk is reduced to the individual consideration of the projects.
\n \n \n \n \nGroup companies STRABAG\u00a0AG and F. Lang u. K. Menhofer Baugesellschaft m.b.H. & Co. KG issued an acknowledgement as part of a settlement in the antitrust proceedings against them in Austria. Subsequently, the Federal Competition Authority (BWB) in July\u00a02021 filed an application with the Cartel Court for a fine against the two companies in the amount of \u20ac 45.37 million.
\n \n \n \n \nThe settlement is being made against the background of a criminal and antitrust investigation that was opened in spring 2017 against STRABAG\u00a0AG and F. Lang u. K. Menhofer Baugesellschaft m.b.H. & Co. KG, along with several other construction companies, regarding allegations of anti-competitive agreements for construction projects in Austria in the period from 2002 to 2017. Both group companies cooperated fully with the Federal Competition Authority from the outset and ultimately issued an acknowledgement as part of a settlement. Their cooperation had a corresponding positive effect on the amount of the fine. In October\u00a02021, the Cartel Court imposed the fine of \u20ac 45.37 million, thus confirming the amount requested by the Federal Competition Authority. The ruling was made public on 3\u00a0February\u00a02022. Claims for damages by the contracting parties are now to be expected.
\n \n \n \n \nIn July\u00a02022, the Federal Competition Authority requested a review of the Cartel Court\u2019s final decision regarding the imposed fine. In its decision from October\u00a02022, the Cartel Court rejected the Federal Competition Authority\u2019s application as inadmissible and upheld the view of STRABAG\u00a0AG. The Federal Competition Authority appealed against this decision to the Austrian Supreme Court (OGH), which granted the appeal in a decision on 25\u00a0May\u00a02023 on the grounds that the formal rejection of the Federal Competition Authority\u2019s application without a substantive review by the Higher Regional Court was inadmissible.
\n \n \n \n \nIn this context, it must be pointed out that the decision does not deprive STRABAG\u00a0AG of its state\u2019s witness status. Rather, the Supreme Court, referring to its previous rulings, clarified that the decision of the Federal Competition Authority to apply the state\u2019s witness rule was made autonomously by the Federal Competition Authority and that the courts have no competence to review this decision.
\n \n \n \n \nNow it is up to the Higher Regional Court to review the merits of the Federal Competition Authority\u2019s request. This means that the court must take the relevant evidence and consider both sides of the argument. The relevant proceedings before the Higher Regional Court are currently underway and a decision is not expected until Q4/2024 at the earliest.
\n \n \n \n \nThe Management Board is firmly convinced that the petition is unfounded. STRABAG\u00a0SE cooperated fully and thoroughly with the Federal Competition Authority under the terms of the state\u2019s witness programme. This cooperation made a significant contribution to clarifying the matter. In addition, STRABAG has since enhanced its compliance system through corporate-wide certification and has implemented a new type of monitoring system.
\n \n \n \n \nCorresponding provisions were made in the consolidated financial statements for damage control and possible claims resulting from the cartel violations. The provision \u2013 with the exception of the time value of money \u2013 remained largely unchanged in the 2023 financial year. Given the complexity of the matter (long period of time, large number of projects, very different clients, heterogeneous structures, etc.), it is extremely difficult to estimate the final extent to which STRABAG will be negatively impacted as a result. The actual amounts may therefore deviate from the amount provided for.
\n \n \n \n \nProvisions for ongoing and pending legal proceedings are formed on the basis of current assessments. The outcome of these legal proceedings cannot be determined or is subject to uncertainties. The actual claims from the legal proceedings may therefore differ from the provision amounts.
\n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f3896": { "value": "\n \nGoodwill from a business combination is initially measured at cost. This is calculated as the excess of the consideration transferred over the identifiable assets acquired and liabilities assumed. Subsequent to initial recognition, goodwill is measured at cost less accumulated impairment losses. Goodwill is not amortised, rather, it is subjected to annual impairment testing in accordance with IAS 36. The Group conducts its annual test for goodwill impairment at year\u2019s end. Testing is also performed if events or circumstances indicate that the figure could be impaired. For the purpose of the impairment testing, goodwill is assigned to one or more of the Group\u2019s cash-generating units that should benefit from the synergy effects of the combination. The recoverability of goodwill is determined by comparing the carrying amount of the respective cash-generating unit (CGU) or units with the recoverable amount. If the goodwill is impaired, an impairment loss is recognised. A reversal of impairment losses once the reasons for the impairment no longer apply is not foreseen for goodwill.
\n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f3897": { "value": "\nGoodwill from a business combination is initially measured at cost. This is calculated as the excess of the consideration transferred over the identifiable assets acquired and liabilities assumed. Subsequent to initial recognition, goodwill is measured at cost less accumulated impairment losses. Goodwill is not amortised, rather, it is subjected to annual impairment testing in accordance with IAS 36. The Group conducts its annual test for goodwill impairment at year\u2019s end. Testing is also performed if events or circumstances indicate that the figure could be impaired. For the purpose of the impairment testing, goodwill is assigned to one or more of the Group\u2019s cash-generating units that should benefit from the synergy effects of the combination. The recoverability of goodwill is determined by comparing the carrying amount of the respective cash-generating unit (CGU) or units with the recoverable amount. If the goodwill is impaired, an impairment loss is recognised. A reversal of impairment losses once the reasons for the impairment no longer apply is not foreseen for goodwill.
\n \n \n \nService concession arrangements between the STRABAG\u00a0SE Group and the public sector to build, operate, maintain and finance infrastructure facilities are treated in accordance with the requirements of IFRIC 12.
\n \n \n \n \n \nA right from a concession arrangement is recognised if the consideration does not represent an enforceable right to payment, but instead a right to charge a usage fee is granted.
\n \n \n \n \n \nThe right from the concession arrangement is accounted for at the fair value of the consideration and subsequently recognised less depreciation over the period of the concession and impairment losses. If the reasons for the previously recognised impairment loss no longer apply, these assets are written back through profit or loss. The amount may not exceed the carrying amount that would have resulted if no impairment loss had been recognised in previous periods.
\n \n \n \n \nAcquired intangible assets are recognised at their initial costs less amortisation and impairment losses if applicable.
\n \n \n \n \n \nDevelopment costs for an internally generated intangible asset are capitalised if the Group can demonstrate the technical feasibility of completing the intangible asset so that it will be available for internal use or sale and if it can demonstrate the intent to complete the intangible asset and use or sell it. The Group must also demonstrate that the intangible asset will generate probable future economic benefits, that it has adequate resources to complete the asset and that it is able to reliably measure the expense attributable to the asset during its development. The construction costs for these assets comprise all construction costs directly attributable to the construction process as well as production-related overheads. Borrowing costs are capitalised for qualified assets. Research costs which do not fulfil these criteria are recognised as an expense in the period in which they are incurred. Costs that have already been recognised as an expense are not capitalised in a subsequent period.
\n \n \n \n \nThe subsequent measurement of intangible assets with definite useful lives is performed at cost less accumulated amortisation and impairment losses. Within the Group, there are no intangible assets with indefinite useful lives.
\n \n \n \nThe following useful lives were assumed for intangible assets for amortisation using the straight-line method:
\n \n \n \nIntangible assets | Useful life in years |
Property rights, utilisation rights and other rights | 3\u201350 |
Software | 2\u20135 |
Patents and licences | 3\u201310 |
Service concession arrangements between the STRABAG\u00a0SE Group and the public sector to build, operate, maintain and finance infrastructure facilities are treated in accordance with the requirements of IFRIC 12.
\n \n \n \nA right from a concession arrangement is recognised if the consideration does not represent an enforceable right to payment, but instead a right to charge a usage fee is granted.
\n \n \n \nThe right from the concession arrangement is accounted for at the fair value of the consideration and subsequently recognised less depreciation over the period of the concession and impairment losses. If the reasons for the previously recognised impairment loss no longer apply, these assets are written back through profit or loss. The amount may not exceed the carrying amount that would have resulted if no impairment loss had been recognised in previous periods.
\n \n \nAcquired intangible assets are recognised at their initial costs less amortisation and impairment losses if applicable.
\n \n \n \nDevelopment costs for an internally generated intangible asset are capitalised if the Group can demonstrate the technical feasibility of completing the intangible asset so that it will be available for internal use or sale and if it can demonstrate the intent to complete the intangible asset and use or sell it. The Group must also demonstrate that the intangible asset will generate probable future economic benefits, that it has adequate resources to complete the asset and that it is able to reliably measure the expense attributable to the asset during its development. The construction costs for these assets comprise all construction costs directly attributable to the construction process as well as production-related overheads. Borrowing costs are capitalised for qualified assets. Research costs which do not fulfil these criteria are recognised as an expense in the period in which they are incurred. Costs that have already been recognised as an expense are not capitalised in a subsequent period.
\n \n \nThe subsequent measurement of intangible assets with definite useful lives is performed at cost less accumulated amortisation and impairment losses. Within the Group, there are no intangible assets with indefinite useful lives.
\n \nThe following useful lives were assumed for intangible assets for amortisation using the straight-line method:
\n \nIntangible assets | Useful life in years |
Property rights, utilisation rights and other rights | 3\u201350 |
Software | 2\u20135 |
Patents and licences | 3\u201310 |
Service concession arrangements between the STRABAG\u00a0SE Group and the public sector to build, operate, maintain and finance infrastructure facilities are treated in accordance with the requirements of IFRIC 12.
\n \nA right from a concession arrangement is recognised if the consideration does not represent an enforceable right to payment, but instead a right to charge a usage fee is granted.
\n \nThe right from the concession arrangement is accounted for at the fair value of the consideration and subsequently recognised less depreciation over the period of the concession and impairment losses. If the reasons for the previously recognised impairment loss no longer apply, these assets are written back through profit or loss. The amount may not exceed the carrying amount that would have resulted if no impairment loss had been recognised in previous periods.
\n \nService concession arrangements between the STRABAG\u00a0SE Group and the public sector to build, operate, maintain and finance infrastructure facilities are treated in accordance with the requirements of IFRIC 12.
\n \nService concession agreements which provide an absolute contractual right to receive payment are recognised as financial assets. All receivables from concession arrangements are accounted for under the special balance sheet item receivables from concession arrangements. The receivables are carried at the present value of the payments to be made. The accumulation amount calculated annually using the effective interest method is recognised in revenue. Impairment allowances are made for expected credit losses.
\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForServiceConcessionArrangementsExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f3929": { "value": "\nAcquired intangible assets are recognised at their initial costs less amortisation and impairment losses if applicable.
\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProgrammingAssetsExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f3933": { "value": "\nDevelopment costs for an internally generated intangible asset are capitalised if the Group can demonstrate the technical feasibility of completing the intangible asset so that it will be available for internal use or sale and if it can demonstrate the intent to complete the intangible asset and use or sell it. The Group must also demonstrate that the intangible asset will generate probable future economic benefits, that it has adequate resources to complete the asset and that it is able to reliably measure the expense attributable to the asset during its development. The construction costs for these assets comprise all construction costs directly attributable to the construction process as well as production-related overheads. Borrowing costs are capitalised for qualified assets. Research costs which do not fulfil these criteria are recognised as an expense in the period in which they are incurred. Costs that have already been recognised as an expense are not capitalised in a subsequent period.
\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f3942": { "value": "\n \n \nIntangible assets | Useful life in years |
Property rights, utilisation rights and other rights | 3\u201350 |
Software | 2\u20135 |
Patents and licences | 3\u201310 |
Property, plant and equipment | Useful life in years |
Buildings | 10\u201350 |
Investments in third-party buildings | 5\u201340 |
Machinery | 3\u201315 |
Office equipment/furniture and fixtures | 3\u201310 |
Vehicles | 4\u20139 |
Property, plant and equipment is initially recognised at cost. STRABAG performs subsequent measurements using the cost model \u2013 cost less accumulated depreciation and impairment losses. If the reasons for a previously recognised impairment loss no longer apply, these assets are written back through profit or loss. The amount may not exceed the carrying amount that would have resulted if no impairment loss had been recognised in the previous periods.
\n \nSubsequent acquisition costs are capitalised if it is probable that future economic benefits will flow to the Group and if the costs can be reliably determined. Repair and maintenance costs which do not constitute significant maintenance expense is recognised as expenses in the period in which they are incurred.
\n \nDepreciable property, plant and equipment is generally depreciated using the straight-line method over the expected useful life. In individual cases, output-based depreciation is applied. If there is an indication that an asset may be impaired and if the present values of the future cash inflow surpluses are below the carrying amounts, the amount is revalued to the lower recoverable amount in accordance with IAS 36.
\n \nThe following useful lives were assumed for property, plant and equipment:
\n \nProperty, plant and equipment | Useful life in years |
Buildings | 10\u201350 |
Investments in third-party buildings | 5\u201340 |
Machinery | 3\u201315 |
Office equipment/furniture and fixtures | 3\u201310 |
Vehicles | 4\u20139 |
Investment property is property held to earn rental income or for the purpose of capital gains. Investment property is initially measured at cost. STRABAG uses the cost model for subsequent measurements, i.e. the measurement is performed at cost less accumulated depreciation and impairment losses. If the present values of the future cash inflow surpluses are below the carrying amounts, the amount is revalued to the lower recoverable amount in accordance with IAS 36. The fair value of this investment property is disclosed separately. The fair value is determined using recognised methods such as derivation from the current market price of comparable properties or the discounted cash flow method.
\n \nThe useful life of investment property varies between 10 and 35 years. Investment property is depreciated using the straight-line method.
\n \nThe presentation in the balance sheet is under property, plant and equipment.
\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f4060": { "value": "\nA lease is a contractual arrangement in which the lessor (owner) grants the lessee (user) the right to control an identified asset for a specified period of time in exchange for a consideration.
\n \nThe STRABAG\u00a0SE Group is a lessee of real estate properties (offices, storage spaces, etc.). A large number of the contracts are stand-alone contracts with comparatively low annual rental payments, of both limited and unlimited duration and with ordinary termination rights.
\n \nLeases are to be presented as a right-of-use asset and a corresponding lease liability in the balance sheet. The lease payments are split into a financing and a principal component. The finance costs are recognised in profit or loss over the term of the lease, resulting in a constant periodic interest rate on the remaining amount of the liability for each period. The right-of-use asset is amortised on a straight-line basis over the shorter of the two periods of useful life or term of lease.
\n \nLease payments are made at the Group\u2019s incremental borrowing rate, i.e. the rate of interest that the Group would have to pay to borrow the funds necessary to obtain an asset of a similar value and at similar terms in a similar economic environment.
\n \nPayments for short-term leases and leases for which the underlying asset is of low value are recognised as an expense. Short-term leases are leases with a term of up to twelve months.
\n \nTo a minor extent, the Group also acts as a lessor. This essentially involves office space, in particular the TECH GATE VIENNA in Vienna. These leases are to be classified as operating leases. Rental income from these leases is shown in other operating income.
\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f4079": { "value": "\n \nGovernment subsidies and investment grants are offset against the cost of the assets and amortised in proportion to their useful lives. A government grant is recognised when there is reasonable assurance that the grant will be received, and the Group complies with the necessary conditions for receiving the grant.
\n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f4080": { "value": "\nGovernment subsidies and investment grants are offset against the cost of the assets and amortised in proportion to their useful lives. A government grant is recognised when there is reasonable assurance that the grant will be received, and the Group complies with the necessary conditions for receiving the grant.
\n \nA total of T\u20ac 3,127 (2022: T\u20ac 2,297) of the investment promotion bonus (\u201cInvestitionsf\u00f6rderungpr\u00e4mie\u201d) was utilised, of which T\u20ac 2,110 (2022: T\u20ac 1,280) still remains outstanding as at the reporting date.
\n \nAdditional energy cost subsidies totalling T\u20ac 5,347 were granted in Austria and Germany. These are recognised in profit or loss.
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f4100": { "value": "\nBorrowing costs that are directly attributable to the acquisition or production of a qualifying asset are recognised as part of the cost of that asset. Qualifying assets are assets that necessarily take a substantial period of time (over six months) to get ready for their intended use or sale. Other borrowing costs are recognised as an expense in the period in which they are incurred.
\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f4105": { "value": "\n \nAssets that are subject to depreciation or amortisation, as well as other investments and associates, are tested for impairment whenever events or changes in circumstances indicate that their carrying amount may no longer be recoverable. Assets that have an indefinite useful life, such as goodwill or intangible assets not yet available for use, are tested for impairment annually as such assets are not subject to depreciation or amortisation.
\n \n \n \nTo identify the need for an impairment loss, the recoverable amount is determined. The recoverable amount is the higher of fair value of the asset less costs to sell and value in use. If it is not possible to determine the recoverable amount for an individual asset, then the recoverable amount is determined for the smallest identifiable group of assets (cash-generating unit) to which the asset in question can be assigned.
\n \n \n \nConsidering that, as a rule, market prices are not available for individual units, the present value of net cash inflows is used to determine the fair value less costs to sell. The forecast of the cash flows is based on STRABAG\u2019s latest planning, with a planning horizon of at least four years. The last detailed planning year forms the basis for calculating the perpetuity if applicable legislation and legal requirements do not limit the usability of the cash-generating unit to a shorter period of time.
\n \n \n \nFor the purpose of determining the fair value less costs to sell, the cash-generating unit is measured from the viewpoint of an independent market participant. In calculating the value in use of an asset, on the other hand, the cash flows are considered based on the previous use. For the net cash inflows beyond the detailed planning period, individual growth rates derived from market information are determined based on long-term business expectations in both methods of calculation.
\n \n \n \nNet cash inflows are discounted at the cost of capital, which is calculated as the weighted average cost of equity and debt. Consideration is given to the different yield and risk profiles of STRABAG\u2019s various areas of expertise by determining the individual costs of capital using comparison companies. The cost of equity corresponds to the required rate of return for investors, while the cost of debt is based on the long-term financing conditions available to comparison companies. Both components are derived from capital market information.
\n \n \n \nThe following table shows the parameters growth rate and cost of capital for impairment testing:
\n \n \n \n% | 2023 | 2022 |
Growth rate | 0.0\u20130.5 | 0.0\u20130.5 |
Cost of capital (after tax) | 8.1\u201311.8 | 7.6\u201312.2 |
Cost of capital (before tax) | 9.5\u201313.9 | 10.5\u201314.6 |
The Management Board has calculated the budgeted gross margin based on past developments and on expectations for future market development.
\n \n \n \nIf the recoverable amount of an asset is lower than the carrying amount, an impairment loss is recognised immediately in profit or loss. In the case of impairment losses related to cash-generating units which contain goodwill, existing goodwill is initially reduced. If the impairment loss exceeds the carrying amount of the goodwill, the difference is generally apportioned proportionally over the remaining non-current assets of the cash-generating unit.
\n \n \n \nWith the exception of goodwill, non-financial assets for which an impairment loss was charged in the past are reviewed at every balance sheet date to determine whether the impairment loss should be reversed.
\n \n \n \nFor the recognition of impairment losses, STRABAG allows for expected credit losses under IFRS 9. The expected loss impairment model is used for debt instruments for which subsequent measurement is made at amortised cost. The impairment requirements under IFRS 9 are also applied to non-financial contract assets.
\n \n \n \nEquity instruments measured at fair value through profit or loss or through other comprehensive income are not within the scope of the IFRS 9 impairment requirements.
\n \n \n \n\n IFRS 9 outlines a three-stage model to determine the scope of the risk provision, requiring expected credit losses to be measured from initial recognition at an amount equal to the twelve-month expected credit losses or, if the credit risk has worsened significantly, the full expected credit losses over the remaining life of the financial instrument. The general impairment model (general approach) is used for receivables from concession arrangements and for current and non-current other financial assets in the Group. Besides the general impairment model, the simplified impairment model (simplified approach) is used for trade receivables and for contract assets under IFRS 15. The simplified impairment model requires a risk provision equal to the expected losses over the full remaining life of the financial instrument to be recognised for trade receivables or contract assets regardless of the respective credit quality.
\n \n \n \nApplication of the 30-days-past-due criterion is not useful in the construction sector, on the one hand because of incomplete performance recognition, and on the other hand because contracts are often fulfilled for public-sector clients, whose internal processes to release payment may be lengthy but usually result in full and complete payment.
\n \n \n \nTo determine the expected credit losses, trade receivables and contract assets are grouped into different portfolios with similar risk characteristics. In establishing the portfolios, STRABAG also considers the underlying country risk and the creditworthiness.
\n \n \n \nDuring the initial recognition of financial assets, STRABAG takes into consideration the probability of defaults and continually monitors the development of the credit risk in each reporting period, taking into account all reasonable and supportable information and forecasts. This includes especially the following indicators:
\n \n \n internal estimate of creditworthiness by the client\n \n external information on creditworthiness based on the corresponding country risk\n \n \nMacroeconomic information (such as market interest rates) and other forecasts are included in the assessment of the credit risk.
\n \n \n \nBesides the application of the general and the simplified impairment approach, financial assets are considered impaired if there is objective evidence of credit default indicators. STRABAG recognises such impairments if the debtor has significant financial difficulty; if there is a high probability that insolvency proceedings will be commenced against the debtor; if a breach of contract and payment default has occurred; or if the issuer\u2019s technological, economic, legal and market environment changes substantially.
\n \n \n \nImpairment losses lower the carrying amount of the financial assets.\u00a0If the reasons for the previously recognised impairment loss no longer apply, these assets are written back through profit or loss. The impairment losses or reversals of impairment losses resulting from the application of the impairment requirements is recognised through profit or loss in the other operating expense or income.
\n \n \n \nA financial asset defaults if bankruptcy proceedings have been started or it is highly probable that there is no reasonable expectation for repayment. These financial assets are then derecognised. When derecognising financial assets, STRABAG continues to undertake enforcement measures to attempt to recover the receivables that are due.
\n \n \n \nDuring the reporting period, there were no changes with regard to the impairment approaches and criteria that were applied.
\n \n \n \nFinancial assets are derecognised when the contractual rights to receive payment from the financial assets no longer exist or if the financial assets are transferred along with all substantial risks and rewards. An asset is also derecognised if the substantial risks and rewards of ownership of the asset are neither transferred nor retained but control is relinquished. If control is retained, such transferred financial assets are recognised to the extent of the continuing involvement.
\n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f4106": { "value": "\nAssets that are subject to depreciation or amortisation, as well as other investments and associates, are tested for impairment whenever events or changes in circumstances indicate that their carrying amount may no longer be recoverable. Assets that have an indefinite useful life, such as goodwill or intangible assets not yet available for use, are tested for impairment annually as such assets are not subject to depreciation or amortisation.
\n \nTo identify the need for an impairment loss, the recoverable amount is determined. The recoverable amount is the higher of fair value of the asset less costs to sell and value in use. If it is not possible to determine the recoverable amount for an individual asset, then the recoverable amount is determined for the smallest identifiable group of assets (cash-generating unit) to which the asset in question can be assigned.
\n \nConsidering that, as a rule, market prices are not available for individual units, the present value of net cash inflows is used to determine the fair value less costs to sell. The forecast of the cash flows is based on STRABAG\u2019s latest planning, with a planning horizon of at least four years. The last detailed planning year forms the basis for calculating the perpetuity if applicable legislation and legal requirements do not limit the usability of the cash-generating unit to a shorter period of time.
\n \nFor the purpose of determining the fair value less costs to sell, the cash-generating unit is measured from the viewpoint of an independent market participant. In calculating the value in use of an asset, on the other hand, the cash flows are considered based on the previous use. For the net cash inflows beyond the detailed planning period, individual growth rates derived from market information are determined based on long-term business expectations in both methods of calculation.
\n \nNet cash inflows are discounted at the cost of capital, which is calculated as the weighted average cost of equity and debt. Consideration is given to the different yield and risk profiles of STRABAG\u2019s various areas of expertise by determining the individual costs of capital using comparison companies. The cost of equity corresponds to the required rate of return for investors, while the cost of debt is based on the long-term financing conditions available to comparison companies. Both components are derived from capital market information.
\n \nThe following table shows the parameters growth rate and cost of capital for impairment testing:
\n \n% | 2023 | 2022 |
Growth rate | 0.0\u20130.5 | 0.0\u20130.5 |
Cost of capital (after tax) | 8.1\u201311.8 | 7.6\u201312.2 |
Cost of capital (before tax) | 9.5\u201313.9 | 10.5\u201314.6 |
The Management Board has calculated the budgeted gross margin based on past developments and on expectations for future market development.
\n \nIf the recoverable amount of an asset is lower than the carrying amount, an impairment loss is recognised immediately in profit or loss. In the case of impairment losses related to cash-generating units which contain goodwill, existing goodwill is initially reduced. If the impairment loss exceeds the carrying amount of the goodwill, the difference is generally apportioned proportionally over the remaining non-current assets of the cash-generating unit.
\n \nWith the exception of goodwill, non-financial assets for which an impairment loss was charged in the past are reviewed at every balance sheet date to determine whether the impairment loss should be reversed.
\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f4190": { "value": "\n \nFinancial assets are recognised in the consolidated balance sheet if STRABAG has a contractual right to receive cash or other financial assets from another party. Regular way purchases and sales of financial assets are recognised using settlement date; the trade date is used for derivatives.
\n \n \n \nFinancial assets that are not measured at fair value through profit or loss are initially recognised at fair value plus transaction costs which are directly attributable to the acquisition.
\n \n \n \nTransaction costs which arise upon the acquisition of financial assets measured at fair value through profit or loss are immediately recognised as an expense.
\n \n \n \nReceivables bearing no interest or interest below the market rate are initially recognised at the present value of the expected future cash flows.
\n \n \n \nFor purposes of subsequent measurement, financial assets are classified in one of the following categories in accordance with IFRS 9, with each category having its own measurement requirements. The classification is determined at initial recognition.
\n \n \n \nFor measurement and accounting purposes, financial assets are to be assigned to one of the following categories:
\n \n Financial assets measured at amortised cost (AC) Financial assets measured at fair value through profit or loss (FVPL) Financial assets, classified as equity instruments under IAS 32, measured at fair value through other comprehensive income (FVOCI-equity) Financial assets, classified as debt instruments under IAS 32, measured at fair value through other comprehensive income (FVOCI-debt)", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f4191": { "value": "\nFinancial assets are recognised in the consolidated balance sheet if STRABAG has a contractual right to receive cash or other financial assets from another party. Regular way purchases and sales of financial assets are recognised using settlement date; the trade date is used for derivatives.
\n \nFinancial assets that are not measured at fair value through profit or loss are initially recognised at fair value plus transaction costs which are directly attributable to the acquisition.
\n \nTransaction costs which arise upon the acquisition of financial assets measured at fair value through profit or loss are immediately recognised as an expense.
\n \nReceivables bearing no interest or interest below the market rate are initially recognised at the present value of the expected future cash flows.
\n \nFor purposes of subsequent measurement, financial assets are classified in one of the following categories in accordance with IFRS 9, with each category having its own measurement requirements. The classification is determined at initial recognition.
\n \nFor measurement and accounting purposes, financial assets are to be assigned to one of the following categories:
\n \n Financial assets measured at amortised cost (AC)\n \n Financial assets measured at fair value through profit or loss (FVPL)\n \n Financial assets, classified as equity instruments under IAS 32, measured at fair value through other comprehensive income (FVOCI-equity)\n \n Financial assets, classified as debt instruments under IAS 32, measured at fair value through other comprehensive income (FVOCI-debt)\n \nFinancial assets in this category are measured at amortised cost if the objective of the business model is to hold the financial asset to collect the contractual cash flows, and the contractual terms of the instrument give rise to cash flows that are solely payments of principal and interest on the principal amount outstanding. These are classified as current financial assets if they mature within twelve months after the reporting date or within the usual business cycle. Otherwise they are classified as non-current financial assets. As part of the subsequent measurement, financial assets measured at amortised cost are valued using the effective interest method. When applying the effective interest method, all directly attributable fees, fees paid or received, transaction costs and other premiums or discounts included in the calculation of the effective interest rate are amortised over the expected life of the financial instrument. Interest income from the application of the effective interest method is recognised through profit or loss under interest income from financial instruments.
\n \nTrade receivables, receivables from consortia, receivables from subsidiaries and receivables from participation companies, as well as other financial assets, are measured at amortised cost less impairment allowances for expected credit losses.
\n \n \nTrade receivables also include receivables from consortia and advances paid to subcontractors.
\n \n \n \nTrade receivables and receivables from consortia are recognised in the consolidated balance sheet if STRABAG has a contractual right to receive cash or other financial assets from another party. Recognition is made on the settlement date.
\n \n \n \nReceivables bearing no interest or interest below the market rate are initially recognised at the present value of the expected future cash flows.
\n \n \n \nSubsequent measurement of trade receivables and receivables from consortia is at amortised cost less impairment losses for expected credit losses (see the section \u201cImpairment of financial assets and contract assets\u201d).
\n \n \n \nThese are classified as current financial assets if they mature within twelve months after the reporting date or within the usual business cycle. Otherwise, they are classified as non-current financial assets.
\n \n \nA financial asset that is to be classified as a debt instrument under IAS 32 is measured at fair value through profit or loss if it is held for trading purposes, the cash flow criteria are not met, or it is designated as at FVPL at initial recognition. A financial asset at STRABAG is assigned to this category if it was principally acquired with an intention to sell in the short term. Derivatives also belong to this category if they do not qualify as hedging instruments. Assets in this category are recognised as current assets if the asset is expected to be realised within twelve months. All other assets are classified as non-current. Value changes of financial assets measured at fair value through profit or loss are recognised through profit or loss.
\n \nThis category includes securities reported under non-current financial assets and securities reported under cash and cash equivalents.
\n \nThe fair value option may be elected for financial assets which, based on the underlying business model and the contractual cash flows, are classified as measured at amortised cost if doing so eliminates or significantly reduces a measurement or recognition inconsistency. The fair value option is not elected at STRABAG.
\n \nFinancial assets which represent equity instruments under IAS 32 are also measured at fair value through profit or loss. Value changes are recognised through profit or loss in the income statement.
\n \nThis category contains mainly investments below 20% that are held under other investments.
\n \nUpon initial recognition of equity instruments measured at fair value, there exists an irrevocable option to recognise value changes in other comprehensive income rather than in the income statement, provided the equity instrument is not held for trading purposes. Equity investments recognised in the other comprehensive income may not be later reclassified to the income statement. The option is not exercised at STRABAG.
\n \n \n \nFor the recognition of impairment losses, STRABAG allows for expected credit losses under IFRS 9. The expected loss impairment model is used for debt instruments for which subsequent measurement is made at amortised cost. The impairment requirements under IFRS 9 are also applied to non-financial contract assets.
\n \n \n \n \n \nEquity instruments measured at fair value through profit or loss or through other comprehensive income are not within the scope of the IFRS 9 impairment requirements.
\n \n \n \n \n \n\n IFRS 9 outlines a three-stage model to determine the scope of the risk provision, requiring expected credit losses to be measured from initial recognition at an amount equal to the twelve-month expected credit losses or, if the credit risk has worsened significantly, the full expected credit losses over the remaining life of the financial instrument. The general impairment model (general approach) is used for receivables from concession arrangements and for current and non-current other financial assets in the Group. Besides the general impairment model, the simplified impairment model (simplified approach) is used for trade receivables and for contract assets under IFRS 15. The simplified impairment model requires a risk provision equal to the expected losses over the full remaining life of the financial instrument to be recognised for trade receivables or contract assets regardless of the respective credit quality.
\n \n \n \n \n \nApplication of the 30-days-past-due criterion is not useful in the construction sector, on the one hand because of incomplete performance recognition, and on the other hand because contracts are often fulfilled for public-sector clients, whose internal processes to release payment may be lengthy but usually result in full and complete payment.
\n \n \n \n \n \nTo determine the expected credit losses, trade receivables and contract assets are grouped into different portfolios with similar risk characteristics. In establishing the portfolios, STRABAG also considers the underlying country risk and the creditworthiness.
\n \n \n \n \n \nDuring the initial recognition of financial assets, STRABAG takes into consideration the probability of defaults and continually monitors the development of the credit risk in each reporting period, taking into account all reasonable and supportable information and forecasts. This includes especially the following indicators:
\n \n \n internal estimate of creditworthiness by the client external information on creditworthiness based on the corresponding country risk\n \n \nMacroeconomic information (such as market interest rates) and other forecasts are included in the assessment of the credit risk.
\n \n \n \n \n \nBesides the application of the general and the simplified impairment approach, financial assets are considered impaired if there is objective evidence of credit default indicators. STRABAG recognises such impairments if the debtor has significant financial difficulty; if there is a high probability that insolvency proceedings will be commenced against the debtor; if a breach of contract and payment default has occurred; or if the issuer\u2019s technological, economic, legal and market environment changes substantially.
\n \n \n \n \n \nImpairment losses lower the carrying amount of the financial assets.\u00a0If the reasons for the previously recognised impairment loss no longer apply, these assets are written back through profit or loss. The impairment losses or reversals of impairment losses resulting from the application of the impairment requirements is recognised through profit or loss in the other operating expense or income.
\n \n \n \n \n \nA financial asset defaults if bankruptcy proceedings have been started or it is highly probable that there is no reasonable expectation for repayment. These financial assets are then derecognised. When derecognising financial assets, STRABAG continues to undertake enforcement measures to attempt to recover the receivables that are due.
\n \n \n \n \n \nDuring the reporting period, there were no changes with regard to the impairment approaches and criteria that were applied.
\n \n \n \n \n \nFinancial assets are derecognised when the contractual rights to receive payment from the financial assets no longer exist or if the financial assets are transferred along with all substantial risks and rewards. An asset is also derecognised if the substantial risks and rewards of ownership of the asset are neither transferred nor retained but control is relinquished. If control is retained, such transferred financial assets are recognised to the extent of the continuing involvement.
\n \n \n \n \nFinancial assets and financial liabilities are offset and the net amount is presented in the balance sheet when there is a legally enforceable right to offset the recognised amounts and the settlement is on a net basis. This concerns, to a minor extent, the settlement of trade receivables and payables.
\n \n \n \nDerivative financial instruments are employed exclusively to mitigate risks arising from movements in currency exchange rates and interest rates. The utilisation of financial derivatives is subject to internal guidelines and controls.
\n \n \n \nDerivative financial instruments are classified as financial assets measured at fair value through profit and loss or as derivatives used for hedging purposes at the date of contract conclusion. Derivative financial instruments are initially recognised at cost and measured at fair value in subsequent periods. Unrealised gains or losses on the measurement are recognised in the income statement if the conditions for hedge accounting under IFRS 9 are not met. Derivative financial instruments are stated under other financial assets or other financial liabilities.
\n \n \n \nDerivative financial instruments are measured based on observable market data (interest and exchange rates) and non- observable market data (the counterparty\u2019s credit rating). The fair value is determined using generally accepted methods of mathematical finance.
\n \n \n \nOn application of the hedge accounting requirements, the Group designates derivative financial instruments as hedging instruments to either:
\n \n \n \n hedge the exposure to changes in the fair value of a recognised asset or liability (fair value hedge), or to\n \n \n \n hedge the exposure to variability in cash flows (cash flow hedge).\n \n \n \nIn the case of fair value hedge accounting, the change in the fair value of the hedged item that is attributable to the hedged risk and the change in the fair value of the hedging derivative are recognised in the income statement. Fair value hedging is not used in the STRABAG\u00a0SE Group.
\n \n \n \nIf, however, a derivative financial instrument is used as a hedging instrument in a cash flow hedge, the effective unrealised gains or losses from the hedging instrument are initially accounted for under other comprehensive income. They are reclassified to profit or loss when the hedged item affects profit or loss. Any changes resulting from the ineffectiveness of these financial instruments are recognised immediately in profit or loss in the income statement.
\n \n \n \nWhen concluding a hedging transaction, STRABAG documents the clear hedging relationship between the hedging instrument and the hedged item, the objective of its risk management, and the underlying strategy. It is also established that there exists an economic relationship between the hedged item and the hedging instrument and that credit risk does not dominate the resulting value changes. The hedging relationship\u2019s hedging ratio reflects the ratio between the designated nominal amount of the hedged item actually used by STRABAG and the designated nominal amount actually designated by STRABAG to hedge the nominal amount of the hedged item. An assessment is made at the beginning of the hedging relationship, with documentation provided continually thereafter, of whether the derivatives used in the hedge are effective or not in offsetting the changes in fair value or cash flow of the hedged item. Hedging relationships are adjusted when there are changes in the hedged item.
\n \n \n \nThe critical term match method is used to determine the prospective hedge effectiveness. The retrospective determination of hedge ineffectiveness is made on the basis of the dollar offset method.
\n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f4242": { "value": "\nTrade receivables also include receivables from consortia and advances paid to subcontractors.
\n \nTrade receivables and receivables from consortia are recognised in the consolidated balance sheet if STRABAG has a contractual right to receive cash or other financial assets from another party. Recognition is made on the settlement date.
\n \nReceivables bearing no interest or interest below the market rate are initially recognised at the present value of the expected future cash flows.
\n \nSubsequent measurement of trade receivables and receivables from consortia is at amortised cost less impairment losses for expected credit losses (see the section \u201cImpairment of financial assets and contract assets\u201d).
\n \nThese are classified as current financial assets if they mature within twelve months after the reporting date or within the usual business cycle. Otherwise, they are classified as non-current financial assets.
\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f4260": { "value": "\n \nA financial asset that is to be classified as a debt instrument under IAS 32 is measured at fair value through profit or loss if it is held for trading purposes, the cash flow criteria are not met, or it is designated as at FVPL at initial recognition. A financial asset at STRABAG is assigned to this category if it was principally acquired with an intention to sell in the short term. Derivatives also belong to this category if they do not qualify as hedging instruments. Assets in this category are recognised as current assets if the asset is expected to be realised within twelve months. All other assets are classified as non-current. Value changes of financial assets measured at fair value through profit or loss are recognised through profit or loss.
\n \n \n \nThis category includes securities reported under non-current financial assets and securities reported under cash and cash equivalents.
\n \n \n \nThe fair value option may be elected for financial assets which, based on the underlying business model and the contractual cash flows, are classified as measured at amortised cost if doing so eliminates or significantly reduces a measurement or recognition inconsistency. The fair value option is not elected at STRABAG.
\n \n \n \nFinancial assets which represent equity instruments under IAS 32 are also measured at fair value through profit or loss. Value changes are recognised through profit or loss in the income statement.
\n \n \n \nThis category contains mainly investments below 20% that are held under other investments.
\n \n \n \nUpon initial recognition of equity instruments measured at fair value, there exists an irrevocable option to recognise value changes in other comprehensive income rather than in the income statement, provided the equity instrument is not held for trading purposes. Equity investments recognised in the other comprehensive income may not be later reclassified to the income statement. The option is not exercised at STRABAG.
\n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f4286": { "value": "\nFor the recognition of impairment losses, STRABAG allows for expected credit losses under IFRS 9. The expected loss impairment model is used for debt instruments for which subsequent measurement is made at amortised cost. The impairment requirements under IFRS 9 are also applied to non-financial contract assets.
\n \nEquity instruments measured at fair value through profit or loss or through other comprehensive income are not within the scope of the IFRS 9 impairment requirements.
\n \n\n IFRS 9 outlines a three-stage model to determine the scope of the risk provision, requiring expected credit losses to be measured from initial recognition at an amount equal to the twelve-month expected credit losses or, if the credit risk has worsened significantly, the full expected credit losses over the remaining life of the financial instrument. The general impairment model (general approach) is used for receivables from concession arrangements and for current and non-current other financial assets in the Group. Besides the general impairment model, the simplified impairment model (simplified approach) is used for trade receivables and for contract assets under IFRS 15. The simplified impairment model requires a risk provision equal to the expected losses over the full remaining life of the financial instrument to be recognised for trade receivables or contract assets regardless of the respective credit quality.
\n \nApplication of the 30-days-past-due criterion is not useful in the construction sector, on the one hand because of incomplete performance recognition, and on the other hand because contracts are often fulfilled for public-sector clients, whose internal processes to release payment may be lengthy but usually result in full and complete payment.
\n \nTo determine the expected credit losses, trade receivables and contract assets are grouped into different portfolios with similar risk characteristics. In establishing the portfolios, STRABAG also considers the underlying country risk and the creditworthiness.
\n \nDuring the initial recognition of financial assets, STRABAG takes into consideration the probability of defaults and continually monitors the development of the credit risk in each reporting period, taking into account all reasonable and supportable information and forecasts. This includes especially the following indicators:
\n \n \n internal estimate of creditworthiness by the client\n \n \n \n external information on creditworthiness based on the corresponding country risk\n \n \nMacroeconomic information (such as market interest rates) and other forecasts are included in the assessment of the credit risk.
\n \nBesides the application of the general and the simplified impairment approach, financial assets are considered impaired if there is objective evidence of credit default indicators. STRABAG recognises such impairments if the debtor has significant financial difficulty; if there is a high probability that insolvency proceedings will be commenced against the debtor; if a breach of contract and payment default has occurred; or if the issuer\u2019s technological, economic, legal and market environment changes substantially.
\n \nImpairment losses lower the carrying amount of the financial assets.\u00a0If the reasons for the previously recognised impairment loss no longer apply, these assets are written back through profit or loss. The impairment losses or reversals of impairment losses resulting from the application of the impairment requirements is recognised through profit or loss in the other operating expense or income.
\n \nA financial asset defaults if bankruptcy proceedings have been started or it is highly probable that there is no reasonable expectation for repayment. These financial assets are then derecognised. When derecognising financial assets, STRABAG continues to undertake enforcement measures to attempt to recover the receivables that are due.
\n \nDuring the reporting period, there were no changes with regard to the impairment approaches and criteria that were applied.
\n \nFinancial assets are derecognised when the contractual rights to receive payment from the financial assets no longer exist or if the financial assets are transferred along with all substantial risks and rewards. An asset is also derecognised if the substantial risks and rewards of ownership of the asset are neither transferred nor retained but control is relinquished. If control is retained, such transferred financial assets are recognised to the extent of the continuing involvement.
\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f4348": { "value": "\n \n \n \nFinancial assets are derecognised when the contractual rights to receive payment from the financial assets no longer exist or if the financial assets are transferred along with all substantial risks and rewards. An asset is also derecognised if the substantial risks and rewards of ownership of the asset are neither transferred nor retained but control is relinquished. If control is retained, such transferred financial assets are recognised to the extent of the continuing involvement.
\n \n \n \n \n \nFinancial liabilities are derecognised if the contractual obligations are discharged, cancelled or have expired. Costs related to the issue of corporate bonds are offset over the term using the effective interest method.
\n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f4360": { "value": "\nFinancial assets and financial liabilities are offset and the net amount is presented in the balance sheet when there is a legally enforceable right to offset the recognised amounts and the settlement is on a net basis. This concerns, to a minor extent, the settlement of trade receivables and payables.
\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f4366": { "value": "\n \n \n \nDerivative financial instruments are employed exclusively to mitigate risks arising from movements in currency exchange rates and interest rates. The utilisation of financial derivatives is subject to internal guidelines and controls.
\n \n \n \n \n \n \n \nDerivative financial instruments are classified as financial assets measured at fair value through profit and loss or as derivatives used for hedging purposes at the date of contract conclusion. Derivative financial instruments are initially recognised at cost and measured at fair value in subsequent periods. Unrealised gains or losses on the measurement are recognised in the income statement if the conditions for hedge accounting under IFRS 9 are not met. Derivative financial instruments are stated under other financial assets or other financial liabilities.
\n \n \n \n \n \n \n \nDerivative financial instruments are measured based on observable market data (interest and exchange rates) and non- observable market data (the counterparty\u2019s credit rating). The fair value is determined using generally accepted methods of mathematical finance.
\n \n \n \n \n \n \n \nOn application of the hedge accounting requirements, the Group designates derivative financial instruments as hedging instruments to either:
\n \n \n \n hedge the exposure to changes in the fair value of a recognised asset or liability (fair value hedge), or to hedge the exposure to variability in cash flows (cash flow hedge).\n \n \n \nIn the case of fair value hedge accounting, the change in the fair value of the hedged item that is attributable to the hedged risk and the change in the fair value of the hedging derivative are recognised in the income statement. Fair value hedging is not used in the STRABAG\u00a0SE Group.
\n \n \n \n \n \n \n \nIf, however, a derivative financial instrument is used as a hedging instrument in a cash flow hedge, the effective unrealised gains or losses from the hedging instrument are initially accounted for under other comprehensive income. They are reclassified to profit or loss when the hedged item affects profit or loss. Any changes resulting from the ineffectiveness of these financial instruments are recognised immediately in profit or loss in the income statement.
\n \n \n \n \n \n \n \nWhen concluding a hedging transaction, STRABAG documents the clear hedging relationship between the hedging instrument and the hedged item, the objective of its risk management, and the underlying strategy. It is also established that there exists an economic relationship between the hedged item and the hedging instrument and that credit risk does not dominate the resulting value changes. The hedging relationship\u2019s hedging ratio reflects the ratio between the designated nominal amount of the hedged item actually used by STRABAG and the designated nominal amount actually designated by STRABAG to hedge the nominal amount of the hedged item. An assessment is made at the beginning of the hedging relationship, with documentation provided continually thereafter, of whether the derivatives used in the hedge are effective or not in offsetting the changes in fair value or cash flow of the hedged item. Hedging relationships are adjusted when there are changes in the hedged item.
\n \n \n \n \n \n \n \nThe critical term match method is used to determine the prospective hedge effectiveness. The retrospective determination of hedge ineffectiveness is made on the basis of the dollar offset method.
\n \n \n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f4367": { "value": "\n \n \nDerivative financial instruments are employed exclusively to mitigate risks arising from movements in currency exchange rates and interest rates. The utilisation of financial derivatives is subject to internal guidelines and controls.
\n \n \n \n \n \nDerivative financial instruments are classified as financial assets measured at fair value through profit and loss or as derivatives used for hedging purposes at the date of contract conclusion. Derivative financial instruments are initially recognised at cost and measured at fair value in subsequent periods. Unrealised gains or losses on the measurement are recognised in the income statement if the conditions for hedge accounting under IFRS 9 are not met. Derivative financial instruments are stated under other financial assets or other financial liabilities.
\n \n \n \n \n \nDerivative financial instruments are measured based on observable market data (interest and exchange rates) and non- observable market data (the counterparty\u2019s credit rating). The fair value is determined using generally accepted methods of mathematical finance.
\n \n \n \n \n \nOn application of the hedge accounting requirements, the Group designates derivative financial instruments as hedging instruments to either:
\n \n \n \n hedge the exposure to changes in the fair value of a recognised asset or liability (fair value hedge), or to\n \n hedge the exposure to variability in cash flows (cash flow hedge).\n \n \n \nIn the case of fair value hedge accounting, the change in the fair value of the hedged item that is attributable to the hedged risk and the change in the fair value of the hedging derivative are recognised in the income statement. Fair value hedging is not used in the STRABAG\u00a0SE Group.
\n \n \n \n \n \nIf, however, a derivative financial instrument is used as a hedging instrument in a cash flow hedge, the effective unrealised gains or losses from the hedging instrument are initially accounted for under other comprehensive income. They are reclassified to profit or loss when the hedged item affects profit or loss. Any changes resulting from the ineffectiveness of these financial instruments are recognised immediately in profit or loss in the income statement.
\n \n \n \n \n \nWhen concluding a hedging transaction, STRABAG documents the clear hedging relationship between the hedging instrument and the hedged item, the objective of its risk management, and the underlying strategy. It is also established that there exists an economic relationship between the hedged item and the hedging instrument and that credit risk does not dominate the resulting value changes. The hedging relationship\u2019s hedging ratio reflects the ratio between the designated nominal amount of the hedged item actually used by STRABAG and the designated nominal amount actually designated by STRABAG to hedge the nominal amount of the hedged item. An assessment is made at the beginning of the hedging relationship, with documentation provided continually thereafter, of whether the derivatives used in the hedge are effective or not in offsetting the changes in fair value or cash flow of the hedged item. Hedging relationships are adjusted when there are changes in the hedged item.
\n \n \n \n \n \nThe critical term match method is used to determine the prospective hedge effectiveness. The retrospective determination of hedge ineffectiveness is made on the basis of the dollar offset method.
\n \n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f4369": { "value": "\nDerivative financial instruments are employed exclusively to mitigate risks arising from movements in currency exchange rates and interest rates. The utilisation of financial derivatives is subject to internal guidelines and controls.
\n \nDerivative financial instruments are classified as financial assets measured at fair value through profit and loss or as derivatives used for hedging purposes at the date of contract conclusion. Derivative financial instruments are initially recognised at cost and measured at fair value in subsequent periods. Unrealised gains or losses on the measurement are recognised in the income statement if the conditions for hedge accounting under IFRS 9 are not met. Derivative financial instruments are stated under other financial assets or other financial liabilities.
\n \nDerivative financial instruments are measured based on observable market data (interest and exchange rates) and non- observable market data (the counterparty\u2019s credit rating). The fair value is determined using generally accepted methods of mathematical finance.
\n \nOn application of the hedge accounting requirements, the Group designates derivative financial instruments as hedging instruments to either:
\n \n \n \n hedge the exposure to changes in the fair value of a recognised asset or liability (fair value hedge), or to\n \n \n \n \n \n hedge the exposure to variability in cash flows (cash flow hedge).\n \n \n \nIn the case of fair value hedge accounting, the change in the fair value of the hedged item that is attributable to the hedged risk and the change in the fair value of the hedging derivative are recognised in the income statement. Fair value hedging is not used in the STRABAG\u00a0SE Group.
\n \nIf, however, a derivative financial instrument is used as a hedging instrument in a cash flow hedge, the effective unrealised gains or losses from the hedging instrument are initially accounted for under other comprehensive income. They are reclassified to profit or loss when the hedged item affects profit or loss. Any changes resulting from the ineffectiveness of these financial instruments are recognised immediately in profit or loss in the income statement.
\n \nWhen concluding a hedging transaction, STRABAG documents the clear hedging relationship between the hedging instrument and the hedged item, the objective of its risk management, and the underlying strategy. It is also established that there exists an economic relationship between the hedged item and the hedging instrument and that credit risk does not dominate the resulting value changes. The hedging relationship\u2019s hedging ratio reflects the ratio between the designated nominal amount of the hedged item actually used by STRABAG and the designated nominal amount actually designated by STRABAG to hedge the nominal amount of the hedged item. An assessment is made at the beginning of the hedging relationship, with documentation provided continually thereafter, of whether the derivatives used in the hedge are effective or not in offsetting the changes in fair value or cash flow of the hedged item. Hedging relationships are adjusted when there are changes in the hedged item.
\n \nThe critical term match method is used to determine the prospective hedge effectiveness. The retrospective determination of hedge ineffectiveness is made on the basis of the dollar offset method.
\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f4437": { "value": "\nThe income tax payables and receivables contain mainly rights and obligations regarding domestic and foreign income taxes. These comprise the rights and obligations from the current year as well as possible rights and obligations from previous years. The receivables/payables are calculated based on the tax regulations in the respective countries.
\n \nDeferred tax is measured using the balance sheet liability method for all temporary differences between the valuation of the balance sheet items in the IFRS financial statements and the existing tax value at the individual companies. Furthermore, any realisable tax advantage from existing losses carried forward will be included in the calculation. Exceptions to this comprehensive tax deferral are balances from non-tax-deductible goodwill.
\n \nDeferred tax assets may only be recognised if the associated tax advantage is likely to be realisable. The calculation of the tax deferral is based on the usual income tax rate in the respective country at the point of the predicted reversal.
\n \nRecognition is made of deferred tax liabilities arising from temporary differences in relation to investments in subsidiaries and associates unless the timing of the reversal of the temporary differences in the Group can be determined and the temporary differences are unlikely to reverse in response to this influence in the foreseeable future.
\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f4442": { "value": "\n \nDeferred tax is measured using the balance sheet liability method for all temporary differences between the valuation of the balance sheet items in the IFRS financial statements and the existing tax value at the individual companies. Furthermore, any realisable tax advantage from existing losses carried forward will be included in the calculation. Exceptions to this comprehensive tax deferral are balances from non-tax-deductible goodwill.
\n \n \n \nDeferred tax assets may only be recognised if the associated tax advantage is likely to be realisable. The calculation of the tax deferral is based on the usual income tax rate in the respective country at the point of the predicted reversal.
\n \n \n \nRecognition is made of deferred tax liabilities arising from temporary differences in relation to investments in subsidiaries and associates unless the timing of the reversal of the temporary differences in the Group can be determined and the temporary differences are unlikely to reverse in response to this influence in the foreseeable future.
\n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f4451": { "value": "\nInventory costs include cost of purchase and production and are required to be stated at the lower of cost and net realisable value.
\n \nThis item mainly includes undeveloped land as well as finished and unfinished buildings sold in the course of the project development business but for which there is not yet a specific investor.
\n \nProduction costs include all direct costs as well as appropriate parts of overhead arising in the production. Distribution costs, as well as costs for general administration, are not included in the production costs. Borrowing costs related to production are recognised for inventories which are to be classified as qualifying assets.
\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f4493": { "value": "\nThe cash and cash equivalents include all liquid financial assets which at the date of acquisition or investment have a remaining term of less than three months. This comprises bank deposits, time deposits and cash on hand. Cash and cash equivalents are measured at amortised cost.
\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f4498": { "value": "\nCash and cash equivalents where availability is restricted by foreign exchange restrictions or other legal constraints are not part of the cash and cash equivalents for the cash flow statement.
\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f4500": { "value": "\n \n \nThe following defined benefit plans for which provisions must be recognised exist within the Group.
\n \n \n \n \n \nThe company\u2019s obligation relating to defined benefit plans consists in fulfilling the promised benefits to current and former employees.
\n \n \n \n \n \nDefined contribution plans in the form of financing through third-party support funds exist for employees of Austrian subsidiaries whose employment began after 1\u00a0January\u00a02003. The severance payments obligations are funded by the regular payment of contributions into the employee provident fund.
\n \n \n \n \n \nThe Group is legally required to provide an one-off severance payment to employees of Austrian subsidiaries in the case of termination or at the date of retirement if their employment began before 1\u00a0January\u00a02003. The level of this payment depends on the number of years at the company and amount due at the date of severance and comes to between two and twelve monthly salaries. A provision is made for this obligation.
\n \n \n \n \n \nAdditionally, the severance payment rights in other countries in the case of termination or retirement amount from one to three monthly salaries. Due to the relatively insignificant amounts involved, provisions for severance payments arising from these obligations are determined using financial mathematical methods.
\n \n \n \n \n \nThe provisions for pensions are formed for obligations from the right to future pension payments and current payments to present and past employees and their dependents. The Group\u2019s pension promises in Germany, Austria and the Netherlands exist on the basis of individual contracts or internal labour-management agreements. The obligations are based on a number of different pension arrangements. The number of different employee benefit plans is the result of the Group\u2019s enterprise acquisitions in Germany. New agreements are not concluded within the Group.
\n \n \n \n \n \nAs a rule, the pension promises foresee the granting of monthly old age, invalidity and survivors\u2019 benefits. With some promises, the pension arrangement foresees benefits to be paid in the form of a capital payment.
\n \n \n \n \n \nThe benefit plans exist in various designs. The range of plan structures includes specified benefit systems (e.g. specified amount per year of employment), dynamic systems (e.g. % per year of employment) and benefit promises (e.g. specified promise). Plans also exist with or without survivors\u2019 benefits.
\n \n \n \n \n \nIn Switzerland, the legal regulations governing pension plans require payments to be made into pension foundations. One half of the contributions are made by the employer, the other half by the employee. The employee contributions depend on the amount of insured income as well as on age and are treated as reduction of the service cost. At retirement, employees can choose to receive an one-off severance payment, regular monthly pension payments or a hybrid of the two options.
\n \n \n \n \n \nAs restructuring contributions are required if the pension foundation has insufficient funds for coverage, the promises are categorised as defined benefit plans in accordance with IAS 19.
\n \n \n \n \n \nWithin the STRABAG\u00a0SE Group, the obligations of the pension funds are reinsured.
\n \n \n \n \n \nThe Group\u2019s obligations relating to defined benefit plans are determined separately for each plan using actuarial principles in accordance with the projected unit credit method. The projected unit credit method is used to determine the discounted pension entitlements acquired up to the end of the accounting period. The existing plan assets measured at their fair value are subtracted from the defined benefit obligations. This yields the defined benefit liability (asset) to be recognised.
\n \n \n \n \n \nDetermination of the net defined benefit liability at the end of the reporting year is based on an actuarial report from a certified actuarial analyst.
\n \n \n \n \n \nThe rate used to discount severance and pension provisions is determined on the basis of market yields at the end of the respective reporting period on high-quality fixed-interest industrial bonds with a comparable term.
\n \n \n \n \n \nThe assumptions relating to discounting, pay rises and fluctuation that are used to calculate the severance and pension provisions vary in proportion to the economic situation of each specific country. Life expectancy is calculated according to the respective country\u2019s mortality tables.
\n \n \n \n \n \nActuarial gains and losses are recognised in equity outside profit or loss. The service cost is stated in employee benefits expense, while the interest component of the allocation to the provision is reported in the net interest income.
\n \n \n \n \n \nIf the present value of a defined benefit obligation changes in response to plan amendments, the resulting effects are recognised in profit or loss as past service cost in the year of the amendment. Any income resulting from a settlement is also recognised directly in the income statement.
\n \n \n \n \n \nThe company is exposed to various risks in relation to the defined contribution severance and pension plans. Besides the general actuarial risks such as the longevity risk and the interest rate risk, the Group is also exposed to currency risk as well as to capital market risk or investment risk.
\n \n \n \n \n \nMore information concerning the risks is available in the sensitivity analysis under item (27) Provisions.
\n \n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f4501": { "value": "\n \nThe following defined benefit plans for which provisions must be recognised exist within the Group.
\n \n \n \nThe company\u2019s obligation relating to defined benefit plans consists in fulfilling the promised benefits to current and former employees.
\n \n \n \nDefined contribution plans in the form of financing through third-party support funds exist for employees of Austrian subsidiaries whose employment began after 1\u00a0January\u00a02003. The severance payments obligations are funded by the regular payment of contributions into the employee provident fund.
\n \n \n \nThe Group is legally required to provide an one-off severance payment to employees of Austrian subsidiaries in the case of termination or at the date of retirement if their employment began before 1\u00a0January\u00a02003. The level of this payment depends on the number of years at the company and amount due at the date of severance and comes to between two and twelve monthly salaries. A provision is made for this obligation.
\n \n \n \nAdditionally, the severance payment rights in other countries in the case of termination or retirement amount from one to three monthly salaries. Due to the relatively insignificant amounts involved, provisions for severance payments arising from these obligations are determined using financial mathematical methods.
\n \n \n \nThe provisions for pensions are formed for obligations from the right to future pension payments and current payments to present and past employees and their dependents. The Group\u2019s pension promises in Germany, Austria and the Netherlands exist on the basis of individual contracts or internal labour-management agreements. The obligations are based on a number of different pension arrangements. The number of different employee benefit plans is the result of the Group\u2019s enterprise acquisitions in Germany. New agreements are not concluded within the Group.
\n \n \n \nAs a rule, the pension promises foresee the granting of monthly old age, invalidity and survivors\u2019 benefits. With some promises, the pension arrangement foresees benefits to be paid in the form of a capital payment.
\n \n \n \nThe benefit plans exist in various designs. The range of plan structures includes specified benefit systems (e.g. specified amount per year of employment), dynamic systems (e.g. % per year of employment) and benefit promises (e.g. specified promise). Plans also exist with or without survivors\u2019 benefits.
\n \n \n \nIn Switzerland, the legal regulations governing pension plans require payments to be made into pension foundations. One half of the contributions are made by the employer, the other half by the employee. The employee contributions depend on the amount of insured income as well as on age and are treated as reduction of the service cost. At retirement, employees can choose to receive an one-off severance payment, regular monthly pension payments or a hybrid of the two options.
\n \n \n \nAs restructuring contributions are required if the pension foundation has insufficient funds for coverage, the promises are categorised as defined benefit plans in accordance with IAS 19.
\n \n \n \nWithin the STRABAG\u00a0SE Group, the obligations of the pension funds are reinsured.
\n \n \n \nThe Group\u2019s obligations relating to defined benefit plans are determined separately for each plan using actuarial principles in accordance with the projected unit credit method. The projected unit credit method is used to determine the discounted pension entitlements acquired up to the end of the accounting period. The existing plan assets measured at their fair value are subtracted from the defined benefit obligations. This yields the defined benefit liability (asset) to be recognised.
\n \n \n \nDetermination of the net defined benefit liability at the end of the reporting year is based on an actuarial report from a certified actuarial analyst.
\n \n \n \nThe rate used to discount severance and pension provisions is determined on the basis of market yields at the end of the respective reporting period on high-quality fixed-interest industrial bonds with a comparable term.
\n \n \n \nThe assumptions relating to discounting, pay rises and fluctuation that are used to calculate the severance and pension provisions vary in proportion to the economic situation of each specific country. Life expectancy is calculated according to the respective country\u2019s mortality tables.
\n \n \n \nActuarial gains and losses are recognised in equity outside profit or loss. The service cost is stated in employee benefits expense, while the interest component of the allocation to the provision is reported in the net interest income.
\n \n \n \nIf the present value of a defined benefit obligation changes in response to plan amendments, the resulting effects are recognised in profit or loss as past service cost in the year of the amendment. Any income resulting from a settlement is also recognised directly in the income statement.
\n \n \n \nThe company is exposed to various risks in relation to the defined contribution severance and pension plans. Besides the general actuarial risks such as the longevity risk and the interest rate risk, the Group is also exposed to currency risk as well as to capital market risk or investment risk.
\n \n \n \nMore information concerning the risks is available in the sensitivity analysis under item (27) Provisions.
\n \n \nThe other provisions take into consideration all realisable risks and uncertain obligations. They are recognised at the respective amount which, according to commercial judgement, is necessary at the balance sheet date to cover future payment obligations of the Group. Hereby the respective amount which arises as the most probable on careful examination of the facts is recognised.
\n \nLong-term provisions are, as far as they are not immaterial, entered into the accounts at their discounted discharge amount as at the balance sheet date. The discharge amount also includes the cost increases to be considered on the reporting date. Provisions which arise from the obligation to recultivate gravel sites are allocated according to the rate of utilisation.
\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f4502": { "value": "\nThe following defined benefit plans for which provisions must be recognised exist within the Group.
\n \nThe company\u2019s obligation relating to defined benefit plans consists in fulfilling the promised benefits to current and former employees.
\n \nDefined contribution plans in the form of financing through third-party support funds exist for employees of Austrian subsidiaries whose employment began after 1\u00a0January\u00a02003. The severance payments obligations are funded by the regular payment of contributions into the employee provident fund.
\n \nThe Group is legally required to provide an one-off severance payment to employees of Austrian subsidiaries in the case of termination or at the date of retirement if their employment began before 1\u00a0January\u00a02003. The level of this payment depends on the number of years at the company and amount due at the date of severance and comes to between two and twelve monthly salaries. A provision is made for this obligation.
\n \nAdditionally, the severance payment rights in other countries in the case of termination or retirement amount from one to three monthly salaries. Due to the relatively insignificant amounts involved, provisions for severance payments arising from these obligations are determined using financial mathematical methods.
\n \nThe provisions for pensions are formed for obligations from the right to future pension payments and current payments to present and past employees and their dependents. The Group\u2019s pension promises in Germany, Austria and the Netherlands exist on the basis of individual contracts or internal labour-management agreements. The obligations are based on a number of different pension arrangements. The number of different employee benefit plans is the result of the Group\u2019s enterprise acquisitions in Germany. New agreements are not concluded within the Group.
\n \nAs a rule, the pension promises foresee the granting of monthly old age, invalidity and survivors\u2019 benefits. With some promises, the pension arrangement foresees benefits to be paid in the form of a capital payment.
\n \nThe benefit plans exist in various designs. The range of plan structures includes specified benefit systems (e.g. specified amount per year of employment), dynamic systems (e.g. % per year of employment) and benefit promises (e.g. specified promise). Plans also exist with or without survivors\u2019 benefits.
\n \nIn Switzerland, the legal regulations governing pension plans require payments to be made into pension foundations. One half of the contributions are made by the employer, the other half by the employee. The employee contributions depend on the amount of insured income as well as on age and are treated as reduction of the service cost. At retirement, employees can choose to receive an one-off severance payment, regular monthly pension payments or a hybrid of the two options.
\n \nAs restructuring contributions are required if the pension foundation has insufficient funds for coverage, the promises are categorised as defined benefit plans in accordance with IAS 19.
\n \nWithin the STRABAG\u00a0SE Group, the obligations of the pension funds are reinsured.
\n \nThe Group\u2019s obligations relating to defined benefit plans are determined separately for each plan using actuarial principles in accordance with the projected unit credit method. The projected unit credit method is used to determine the discounted pension entitlements acquired up to the end of the accounting period. The existing plan assets measured at their fair value are subtracted from the defined benefit obligations. This yields the defined benefit liability (asset) to be recognised.
\n \nDetermination of the net defined benefit liability at the end of the reporting year is based on an actuarial report from a certified actuarial analyst.
\n \nThe rate used to discount severance and pension provisions is determined on the basis of market yields at the end of the respective reporting period on high-quality fixed-interest industrial bonds with a comparable term.
\n \nThe assumptions relating to discounting, pay rises and fluctuation that are used to calculate the severance and pension provisions vary in proportion to the economic situation of each specific country. Life expectancy is calculated according to the respective country\u2019s mortality tables.
\n \nActuarial gains and losses are recognised in equity outside profit or loss. The service cost is stated in employee benefits expense, while the interest component of the allocation to the provision is reported in the net interest income.
\n \nIf the present value of a defined benefit obligation changes in response to plan amendments, the resulting effects are recognised in profit or loss as past service cost in the year of the amendment. Any income resulting from a settlement is also recognised directly in the income statement.
\n \nThe company is exposed to various risks in relation to the defined contribution severance and pension plans. Besides the general actuarial risks such as the longevity risk and the interest rate risk, the Group is also exposed to currency risk as well as to capital market risk or investment risk.
\n \nMore information concerning the risks is available in the sensitivity analysis under item (27) Provisions.
\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTerminationBenefits", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f4607": { "value": "Provisions which arise from the obligation to recultivate gravel sites are allocated according to the rate of utilisation.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDecommissioningRestorationAndRehabilitationProvisionsExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f4612": { "value": "\n \nThe financial liabilities at STRABAG comprise non-derivative liabilities and derivatives with a negative fair value on the reporting date.
\n \n \n \nFor measurement and accounting purposes, financial liabilities are to be assigned to one of the following categories:
\n \n Financial liabilities measured at amortised cost (FlaC) Financial liabilities measured at fair value through profit or loss (FVPL)\n \nNon-derivative financial liabilities are recognised in the consolidated balance sheet if STRABAG has a contractual obligation to transfer cash or other financial assets to another party. Initial recognition of non-derivative financial liabilities is made at fair value. Financial liabilities that are not measured at fair value through profit or loss are initially recognised at fair value plus transaction costs, which are directly attributable to the acquisition.
\n \n \n \nA financial liability is classified as current provided the company does not have an unconditional right to defer settlement of the liability for at least twelve months after the reporting period.
\n \n \n \nDuring subsequent measurement of non-derivative financial liabilities carried at amortised cost, any premiums or discounts between the amount received and the repayment amount are spread over the financing term using the effective interest method and recognised in interest expense on an accrual basis.
\n \n \n \nA financial liability is only measured at fair value through profit or loss if it is held for trading purposes or designated as such at initial recognition. Derivatives with negative market value also belong to this category if they are not designated as hedging instruments.
\n \n \n \nTransaction costs which arise upon the acquisition of financial liabilities measured at fair value through profit or loss are immediately recognised as an expense.
\n \n \n \nThe fair value option was not exercised for financial liabilities.
\n \n \n \n \nFinancial liabilities are derecognised if the contractual obligations are discharged, cancelled or have expired. Costs related to the issue of corporate bonds are offset over the term using the effective interest method.
\n \n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f4613": { "value": "\nThe financial liabilities at STRABAG comprise non-derivative liabilities and derivatives with a negative fair value on the reporting date.
\n \nFor measurement and accounting purposes, financial liabilities are to be assigned to one of the following categories:
\n \n Financial liabilities measured at amortised cost (FlaC)\n \n Financial liabilities measured at fair value through profit or loss (FVPL)\n \nNon-derivative financial liabilities are recognised in the consolidated balance sheet if STRABAG has a contractual obligation to transfer cash or other financial assets to another party. Initial recognition of non-derivative financial liabilities is made at fair value. Financial liabilities that are not measured at fair value through profit or loss are initially recognised at fair value plus transaction costs, which are directly attributable to the acquisition.
\n \nA financial liability is classified as current provided the company does not have an unconditional right to defer settlement of the liability for at least twelve months after the reporting period.
\n \nDuring subsequent measurement of non-derivative financial liabilities carried at amortised cost, any premiums or discounts between the amount received and the repayment amount are spread over the financing term using the effective interest method and recognised in interest expense on an accrual basis.
\n \nA financial liability is only measured at fair value through profit or loss if it is held for trading purposes or designated as such at initial recognition. Derivatives with negative market value also belong to this category if they are not designated as hedging instruments.
\n \nTransaction costs which arise upon the acquisition of financial liabilities measured at fair value through profit or loss are immediately recognised as an expense.
\n \nThe fair value option was not exercised for financial liabilities.
\n \nFinancial liabilities are derecognised if the contractual obligations are discharged, cancelled or have expired. Costs related to the issue of corporate bonds are offset over the term using the effective interest method.
\n \n \nTrade payables also include payables from consortia. For measurement and accounting purposes, these are classified as financial liabilities measured at amortised cost.
\n \n \n \nNon-derivative financial liabilities are recognised in the consolidated balance sheet if STRABAG has a contractual obligation to transfer cash or other financial assets to another party. Initial recognition of non-derivative financial liabilities is made at fair value.
\n \n \n \nTrade payables are classified as current provided the company does not have an unconditional right to defer settlement of the liability for at least twelve months after the reporting period or within the normal business cycle.
\n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f4656": { "value": "\nTrade payables also include payables from consortia. For measurement and accounting purposes, these are classified as financial liabilities measured at amortised cost.
\n \nNon-derivative financial liabilities are recognised in the consolidated balance sheet if STRABAG has a contractual obligation to transfer cash or other financial assets to another party. Initial recognition of non-derivative financial liabilities is made at fair value.
\n \nTrade payables are classified as current provided the company does not have an unconditional right to defer settlement of the liability for at least twelve months after the reporting period or within the normal business cycle.
\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f4669": { "value": "\nContingent liabilities are present or possible future obligations for which an outflow of resources is not probable. They are \u2013 as long as IFRS 3 does not require recognition on acquisition \u2013 not reflected in the balance sheet.
\n \nContingent assets are assets whose actual occurrence depends on future uncertain events that are not under the company\u2019s control. These must be disclosed in the notes if an inflow of economic benefits is not unlikely. Recognition in the financial statements is not permitted as this would result in the recognition of income that may never be realised.
\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f4675": { "value": "\nSTRABAG only provides financial guarantees for the benefit of third parties in the case of payables from its own subsidiaries or associates for which no commissions are agreed. If utilisation of the guarantee is not to be expected, no separate valuation is made in the balance sheet.
\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialGuaranteesExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f4685": { "value": "\nThe revenue within the STRABAG\u00a0SE Group comprises revenue from construction contracts with customers, which regularly account for more than 80% of the total revenue, revenue from project developments, revenue from construction materials, revenue from facility management and other revenue.
\n \nThe revenue from construction contracts with customers is recognised over time as required by IFRS 15. Revenue recognition over time is made using the output-oriented method on the basis of the work performed at the reporting date.
\n \nFor further information, please see the notes on contract assets.
\n \nThe recognition of revenue from construction contracts performed in consortia is made over time corresponding to the actual work performed by the reporting date. Impending losses arising from further construction work are accounted for by means of appropriate depreciation.
\n \nThe revenue from project developments is recognised at a point in time after the performance obligation is satisfied by the STRABAG\u00a0SE Group and after the customer assumes control and has the opportunity to derive benefit from the project.
\n \nAlternatively, the revenue is recognised over time on the basis of the work performed by the reporting date if a contractual agreement for the STRABAG\u00a0SE Group excludes the possibility of any alternative use and the contractual agreement foresees a right to payment including the profit margin on the work performed.
\n \nFor real estate projects that are sold already prior to their completion, the revenue is therefore recognised pro rata and the right to payment including the profit margin is presented under the contract assets.
\n \nFor further information, please see the notes on contract assets.
\n \nThe revenue from construction materials, the revenue from the facility management, and the other revenue are recognised with satisfaction of the performance obligation upon obtainment of control by the customer.
\n \nInterest income is recognised as it accrues using the effective interest method. Interest related to concession models and default interest are part of the transaction price of contracts with customers and are therefore recognised under revenue.
\n \nOther income, such as rental income or expenses passed through, is stated on the basis of the amount accrued in accordance with the respective agreements.
\n \nThe revenue from dividends and the share of profits from investments are recognised if a legal right to payment exists.
\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f4714": { "value": "\n \nThe revenue from dividends and the share of profits from investments are recognised if a legal right to payment exists.
\n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f4717": { "value": "\n \n \nNet interest income includes interest income and interest expense as well as foreign exchange gains and losses on financing, as these are not part of the operating business. Changes in value as well as gains and losses on disposals of securities are also included in net interest income.
\n \n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f4718": { "value": "\n \nNet interest income includes interest income and interest expense as well as foreign exchange gains and losses on financing, as these are not part of the operating business. Changes in value as well as gains and losses on disposals of securities are also included in net interest income.
\n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f4719": { "value": "\nNet interest income includes interest income and interest expense as well as foreign exchange gains and losses on financing, as these are not part of the operating business. Changes in value as well as gains and losses on disposals of securities are also included in net interest income.
\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f4734": { "value": "\nThe climate crisis is one of the most pressing challenges of our time, bringing with it increasing economic impacts and risks for businesses in the future.
\n \nThe STRABAG\u00a0SE Group is heavily dependent on fossil fuels. Stricter regulations and higher prices resulting from CO2 pricing present the risk of volatile and higher energy and commodity prices that cannot be fully passed on to customers.
\n \nStricter environmental protection regulations and additional expenses for climate-friendly business processes are expected to lead to cost increases and a further rise in construction prices.
\n \nThe risk exists that fewer contracts will be awarded, particularly for the construction of new roads, due to a change in public investment habits and stricter zoning laws, which will have to be compensated for by contracts in other business areas.
\n \nDemand is set to increase for sustainable buildings that take life-cycle considerations into account as well as for reconstruction, conversion and refurbishment work on existing buildings and the circularity of the built environment. Public sector clients are starting to issue tenders that include sustainability as an evaluation criterion.\u00a0This will lead to an increased demand for sustainable building materials, which, however, do not yet exist or are not yet available in sufficient quantities.
\n \nThe increase in extreme weather events will lead to construction delays and increased insurance costs.
\n \nThe property and facility services business will increasingly offer green services using sustainable cleaning agents and environmentally friendly equipment in the future. The higher average temperatures are expected to result in an increased need for refurbishment and modernisation at IT locations for telecommunications and at data centres.
\n \nIn the field of project development services, more projects related to renewable energies will be put out to tender in the future.
\n \nWhen preparing the consolidated financial statements, possible risks from climate change must be taken into account, especially in the valuation of goodwill, property, plant and equipment, inventories and provisions.
\n \nSignificant goodwill at the STRABAG\u00a0SE Group is reported under item (13) Goodwill. Even if an additional risk premium is applied for possible delays or the non-awarding of individual construction projects, especially in road construction, no impairment of goodwill is required. The sensitivity analyses carried out for this purpose show that the changes to the key assumptions considered possible by management do not require an impairment to be made.
\n \nProperty, plant and equipment consists largely of construction equipment, machinery and the vehicle fleet, which are utilised on a decentralised basis for a wide variety of construction projects. Temperature increases or severe weather will not have any significant impact on property, plant and equipment in the future. The future need for environmentally friendly technology and equipment was taken into account when determining the useful life and residual values. STRABAG is looking closely at alternative powertrain systems for its construction machinery and vehicle fleet. At present, however, it is not yet possible to equip most of the equipment and vehicle fleet with such alternatives.
\n \nIn the case of inventories, particularly real estate projects without an investor, relevant environmental aspects such as energy efficiency, EU Taxonomy alignment, etc. were taken into account when determining the net sales proceeds. Risks here include but are not limited to the fact that ongoing changes to laws and regulations at the time of sale have resulted in new requirements that had not yet been foreseeable in the planning phase. These aspects are taken into account in the measurement. This also applies to the formation of provisions.
\n \nThis does not, however, give rise to any risks that could jeopardise the continuation of the company as a going concern.
\n \nOn the contrary, the construction sector, as a result of the construction and technology measures required to adapt to climate change, will make a significant contribution to protecting ourselves against the expected impacts.
\n \nThe increasing demand for climate-resilient construction and refurbishment as well as the development of new business models for the generation and use of renewable energy sources are seen as key opportunities in this regard.
\n \nAs part of the sustainability strategy adopted in the 2021 financial year, STRABAG has set itself the goal of achieving climate neutrality along the entire value chain by the year 2040. When designing and building construction projects, the company focuses on ecologically compatible, sustainable construction methods as well as on the efficient use of resources and their recycling in order to limit any negative impact of construction on the environment as far as possible.
\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEnvironmentRelatedExpenseExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f4772": { "value": "\n \nThe preparation of financial statements in conformity with IFRS requires estimates and assumptions to be made that affect the reported amounts of assets and liabilities, the disclosure of contingent liabilities and the reported amounts of revenue and expenses.
\n \n \n \nThe estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.
\n \n \n \nThe Group conducts an annual test to determine whether its goodwill is impaired in accordance with the accounting policies described in the section \u201cImpairment of non-financial assets\u201d. The recoverable amount of the CGUs was determined using fair value less costs of disposal. These calculations are based on assumptions about the expected business development and the recoverable margin. Estimates about the expected business development are based on the facts and circumstances prevailing at the time of preparation of the consolidated financial statements as well as on realistic assumptions about the future development of the global and industry-specific environment. In response to changes in these underlying conditions which deviate from the assumptions and are beyond the Management Board\u2019s control, actual values may deviate from the estimated values.
\n \n \n \nAll other things remaining equal, an annual 5% decrease of the free cash flow used to calculate the recoverable amount would result in a total impairment loss of all goodwill of T\u20ac 1,818 (2022: T\u20ac 592), while an isolated increase of the cost of capital by 1\u00a0percentage point would lead to an impairment of goodwill of T\u20ac 7,219 (2022: T\u20ac 2,940). These two effects together would trigger an impairment loss of T\u20ac 9,275 (2022: T\u20ac 6,681).
\n \n \n \nAn extended sensitivity analysis was performed due to the current uncertainties in the economic environment. Due to the large number of different types of orders and the fact that a large part of the work included in the planning has not yet been commissioned, a worst-case scenario was determined with regard to the achievable cash flows. An annual and sustained decrease of 15% in the recoverable free cash flows and a simultaneous increase of 3\u00a0percentage points in the weighted average cost of capital would result in an impairment loss of T\u20ac 26,939 (2022: T\u20ac 12,916).
\n \n \n \nThe write-offs would affect Czech companies in the materials and concrete production business within the South + East segment in the amount of T\u20ac 7,209\u00a0(2022: T\u20ac 7,391), several German construction companies in the North + West segment in the amount of T\u20ac 2,064 (2022: T\u20ac 5,525), several Austrian construction companies in the South + East segment in the amount of T\u20ac 9,436 (2022: T\u20ac 0), as well as German companies in the facility management business in the International + Special Divisions segment in the amount of T\u20ac 8,230 (2022: T\u20ac 0).
\n \n \n \nOther non-current financial assets include US dollar receivables from a Chilean project company. One part of this receivable, Lien 1, carries a fixed interest rate. The second part of this receivable, Lien 2, bears a fixed interest rate and is subject to additional variable components and a possible final conversion into shares. Lien 1 is serviced before Lien 2. Lien 1 is measured at amortised cost. Lien 2 is serviced subject to available cash. The subsequent measurement of Lien 2 is therefore at fair value.
\n \n \n \nThe carrying amounts of non-current receivables, which arose from the financial restructuring of a supplier credit from a large Chilean project (power plant), were recognised at fair value on completion of the project. The measurement was made on the basis of the cash flows that can be generated in the future using planned data from the project company, taking into account generally available data on electricity price and hydrological developments as well as the current interest rate environment.
\n \n \n \nIn December\u00a02022 and in the course of the 2023 financial year, tunnel collapses were reported, the cause of which remain unclear. The incidents led to a temporary shutdown of the power plant in 2023. The resulting loss of production necessitated corresponding impairments and fair value adjustments in 2022. Clean-up following the collapses is ongoing and it remains unclear when the power plant can be put back into operation.
\n \n \nFurther impairments were therefore recognised on non-current receivables in the 2023 financial year.
\n \n \nDue to the complex economic environment, the long terms to maturity, the dependence on the development of electricity prices, and the local climatic conditions, the actual returns may differ significantly from the estimated values.
\n \n \n \nOn top of this, the project company is asserting claims against STRABAG due to the alleged failure to complete the project on time. Depending on the cause of the tunnel collapses, it is not possible to rule out that STRABAG may have to bear the costs of remediation. A final clarification of the circumstances was not foreseeable at the time of preparation of this report. For this reason, further provisions were formed in the 2023 financial year and the payment that was made on the performance bond \u2013 which STRABAG believes was drawn improperly \u2013 in November\u00a02023 was recognised as an expense.
\n \n \n \nDue to the unclear cause of the damages and the complex legal circumstances, the actual claim may deviate from the value provided for.
\n \n \n \nThe revenue from construction contracts with customers is recognised over time. The Group estimates the work performed by the reporting date as a percentage of the total volume of the order backlog as well as the remaining contract cost to be incurred. If it is probable that the production costs will exceed the recoverable proceeds, an impairment is recognised up to the value of the contract asset; if the value of the respective contract asset is exceeded, an onerous contract provision is recognised. Technically complex and demanding projects, in particular, involve the risk that the estimate of the total cost deviates considerably from the actual cost incurred.
\n \n \n \nIn the event of changes to the contract\u2019s scope and/or price that remain disputed between the parties to the contract (claims and variation orders), revenue from claims and variation orders is estimated in accordance with the provisions on variable consideration under IFRS 15.50ff for the respective project. The estimate is based on qualitative and quantitative criteria.
\n \n \n \nThe following factors must be taken into account when estimating the variable consideration:
\n \n The amount of consideration is susceptible to external factors such as the actions of third parties or court rulings. There are different legal views regarding the contractually agreed claims. The uncertainty about the amount of consideration remains over a longer period of time. The company\u2019s experience from similar construction projects is limited by the individual nature of the projects. Due to the large number of individual claims and variation orders in a construction project, a contract will have a broad range of possible consideration amounts.\n \nThe actual claims arising from claims and variation orders may therefore differ from the estimated amount, especially in the case of complex construction projects with a large number of different claims and variation orders as well as counterclaims of the client.
\n \n \n \nThe above also applies to over-time recognition of revenue from project developments.
\n \n \n \nThe Group holds a 30% investment in Holcim Cement CE Holding\u00a0GmbH. Holcim operates cement works in Austria, Hungary, the Czech Republic and Slovenia. The carrying amount of the investment amounted to T\u20ac 201,980 on 31\u00a0December\u00a02023 (2022: T\u20ac 201,974). As earnings developed according to plan and because of the ongoing distributions, an impairment test was not required.
\n \n \n \nDeviations from the expected business development as well as developments in the economic environment that are beyond the Management Board\u2019s control may influence the value of the investment.
\n \n \n \nSTRABAG has to calculate the actual income tax expected for each taxable entity and must assess the temporary differences arising from the different treatment of certain balance sheet items in the IFRS consolidated financial statements and the statutory financial statements required for tax purposes. The existence of temporary differences usually results in the recognition of deferred tax assets and liabilities in the consolidated financial statements.
\n \n \n \nThe management must make assessments in the calculation of current and deferred tax. Deferred tax assets are recognised to the extent that their use is probable. The use of deferred tax assets depends on the possibility of realising sufficient taxable income under the respective tax type and jurisdiction under consideration of any possible legal restrictions regarding the maximum loss carry forward period. A number of different factors are used to assess the probability of the future usability of deferred tax assets, such as the past financial performance, operational planning, loss carry forward periods and tax planning strategies. If the actual results deviate from these estimates, or if these estimates must be adjusted in future periods, this could have a negative impact on the financial position, financial performance and cash flows. In the event of a changed assessment of the recoverability of deferred tax assets, the deferred tax assets which have been recognised are written down in profit or loss or, depending on their original formation, outside profit or loss; impaired deferred tax assets are similarly recognised either in profit or loss or outside profit or loss.
\n \n \n \nThe fair value of financial instruments that are not traded in an active market is determined by using suitable valuation techniques selected from among a number of different methods. The assumptions used are mainly based on market conditions existing at the balance sheet date. The Group uses present value techniques to determine the fair value of a number of financial assets that are not traded in an active market.
\n \n \n \nWithin the STRABAG\u00a0SE Group, a large number of the contracts are lease contracts with comparatively low annual rental expenses, of both limited and indefinite duration and with ordinary termination rights. The lease liability is determined by estimating the most likely duration in consideration of extension options and termination rights. All economic aspects for exercising or not exercising the options are taken into account. Deviations between the actual lease terms and these assumptions have an impact on the respective carrying amounts. The risk is reduced by the large number of stand-alone contracts, however.
\n \n \n \nThe present value of the severance and pension obligations depends on a number of different factors based on actuarial assumptions. One of the assumptions used to determine the net expenses or income for pensions is the discount rate. Any change to these assumptions will influence the carrying amount of the pension obligation.
\n \n \n \nThe Group determines the appropriate discount rate at the end of every year. The discount rate is the interest rate used to determine the present value of future cash flows required to settle the obligation. For the purpose of determining the discount rate, the Group employs the interest rate of highest-grade industrial bonds in the same currency in which the benefits are paid and which have terms to maturity equivalent to those of the pension obligations.
\n \n \n \nAdditional substantial assumptions relating to severance and pension obligations are based in part on market conditions. Further information and sensitivity analyses can be found in item (27) Provisions.
\n \n \n \nOther construction-related provisions, in particular, involve the risk that in individual cases the actual costs for warranty obligations or remaining performance obligations will turn out higher or lower than expected. The balance sheet item other construction-related provisions is composed of several individual projects together, however, as a result of which the risk is reduced to the individual consideration of the projects.
\n \n \n \nGroup companies STRABAG\u00a0AG and F. Lang u. K. Menhofer Baugesellschaft m.b.H. & Co. KG issued an acknowledgement as part of a settlement in the antitrust proceedings against them in Austria. Subsequently, the Federal Competition Authority (BWB) in July\u00a02021 filed an application with the Cartel Court for a fine against the two companies in the amount of \u20ac 45.37 million.
\n \n \n \nThe settlement is being made against the background of a criminal and antitrust investigation that was opened in spring 2017 against STRABAG\u00a0AG and F. Lang u. K. Menhofer Baugesellschaft m.b.H. & Co. KG, along with several other construction companies, regarding allegations of anti-competitive agreements for construction projects in Austria in the period from 2002 to 2017. Both group companies cooperated fully with the Federal Competition Authority from the outset and ultimately issued an acknowledgement as part of a settlement. Their cooperation had a corresponding positive effect on the amount of the fine. In October\u00a02021, the Cartel Court imposed the fine of \u20ac 45.37 million, thus confirming the amount requested by the Federal Competition Authority. The ruling was made public on 3\u00a0February\u00a02022. Claims for damages by the contracting parties are now to be expected.
\n \n \n \nIn July\u00a02022, the Federal Competition Authority requested a review of the Cartel Court\u2019s final decision regarding the imposed fine. In its decision from October\u00a02022, the Cartel Court rejected the Federal Competition Authority\u2019s application as inadmissible and upheld the view of STRABAG\u00a0AG. The Federal Competition Authority appealed against this decision to the Austrian Supreme Court (OGH), which granted the appeal in a decision on 25\u00a0May\u00a02023 on the grounds that the formal rejection of the Federal Competition Authority\u2019s application without a substantive review by the Higher Regional Court was inadmissible.
\n \n \n \nIn this context, it must be pointed out that the decision does not deprive STRABAG\u00a0AG of its state\u2019s witness status. Rather, the Supreme Court, referring to its previous rulings, clarified that the decision of the Federal Competition Authority to apply the state\u2019s witness rule was made autonomously by the Federal Competition Authority and that the courts have no competence to review this decision.
\n \n \n \nNow it is up to the Higher Regional Court to review the merits of the Federal Competition Authority\u2019s request. This means that the court must take the relevant evidence and consider both sides of the argument. The relevant proceedings before the Higher Regional Court are currently underway and a decision is not expected until Q4/2024 at the earliest.
\n \n \n \nThe Management Board is firmly convinced that the petition is unfounded. STRABAG\u00a0SE cooperated fully and thoroughly with the Federal Competition Authority under the terms of the state\u2019s witness programme. This cooperation made a significant contribution to clarifying the matter. In addition, STRABAG has since enhanced its compliance system through corporate-wide certification and has implemented a new type of monitoring system.
\n \n \n \nCorresponding provisions were made in the consolidated financial statements for damage control and possible claims resulting from the cartel violations. The provision \u2013 with the exception of the time value of money \u2013 remained largely unchanged in the 2023 financial year. Given the complexity of the matter (long period of time, large number of projects, very different clients, heterogeneous structures, etc.), it is extremely difficult to estimate the final extent to which STRABAG will be negatively impacted as a result. The actual amounts may therefore deviate from the amount provided for.
\n \n \n \nProvisions for ongoing and pending legal proceedings are formed on the basis of current assessments. The outcome of these legal proceedings cannot be determined or is subject to uncertainties. The actual claims from the legal proceedings may therefore differ from the provision amounts.
\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f4773": { "value": "\nThe preparation of financial statements in conformity with IFRS requires estimates and assumptions to be made that affect the reported amounts of assets and liabilities, the disclosure of contingent liabilities and the reported amounts of revenue and expenses.
\n \nThe estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.
\n \nThe Group conducts an annual test to determine whether its goodwill is impaired in accordance with the accounting policies described in the section \u201cImpairment of non-financial assets\u201d. The recoverable amount of the CGUs was determined using fair value less costs of disposal. These calculations are based on assumptions about the expected business development and the recoverable margin. Estimates about the expected business development are based on the facts and circumstances prevailing at the time of preparation of the consolidated financial statements as well as on realistic assumptions about the future development of the global and industry-specific environment. In response to changes in these underlying conditions which deviate from the assumptions and are beyond the Management Board\u2019s control, actual values may deviate from the estimated values.
\n \nAll other things remaining equal, an annual 5% decrease of the free cash flow used to calculate the recoverable amount would result in a total impairment loss of all goodwill of T\u20ac 1,818 (2022: T\u20ac 592), while an isolated increase of the cost of capital by 1\u00a0percentage point would lead to an impairment of goodwill of T\u20ac 7,219 (2022: T\u20ac 2,940). These two effects together would trigger an impairment loss of T\u20ac 9,275 (2022: T\u20ac 6,681).
\n \nAn extended sensitivity analysis was performed due to the current uncertainties in the economic environment. Due to the large number of different types of orders and the fact that a large part of the work included in the planning has not yet been commissioned, a worst-case scenario was determined with regard to the achievable cash flows. An annual and sustained decrease of 15% in the recoverable free cash flows and a simultaneous increase of 3\u00a0percentage points in the weighted average cost of capital would result in an impairment loss of T\u20ac 26,939 (2022: T\u20ac 12,916).
\n \nThe write-offs would affect Czech companies in the materials and concrete production business within the South + East segment in the amount of T\u20ac 7,209\u00a0(2022: T\u20ac 7,391), several German construction companies in the North + West segment in the amount of T\u20ac 2,064 (2022: T\u20ac 5,525), several Austrian construction companies in the South + East segment in the amount of T\u20ac 9,436 (2022: T\u20ac 0), as well as German companies in the facility management business in the International + Special Divisions segment in the amount of T\u20ac 8,230 (2022: T\u20ac 0).
\n \nOther non-current financial assets include US dollar receivables from a Chilean project company. One part of this receivable, Lien 1, carries a fixed interest rate. The second part of this receivable, Lien 2, bears a fixed interest rate and is subject to additional variable components and a possible final conversion into shares. Lien 1 is serviced before Lien 2. Lien 1 is measured at amortised cost. Lien 2 is serviced subject to available cash. The subsequent measurement of Lien 2 is therefore at fair value.
\n \nThe carrying amounts of non-current receivables, which arose from the financial restructuring of a supplier credit from a large Chilean project (power plant), were recognised at fair value on completion of the project. The measurement was made on the basis of the cash flows that can be generated in the future using planned data from the project company, taking into account generally available data on electricity price and hydrological developments as well as the current interest rate environment.
\n \nIn December\u00a02022 and in the course of the 2023 financial year, tunnel collapses were reported, the cause of which remain unclear. The incidents led to a temporary shutdown of the power plant in 2023. The resulting loss of production necessitated corresponding impairments and fair value adjustments in 2022. Clean-up following the collapses is ongoing and it remains unclear when the power plant can be put back into operation.
\n \nDue to the complex economic environment, the long terms to maturity, the dependence on the development of electricity prices, and the local climatic conditions, the actual returns may differ significantly from the estimated values.
\n \nOn top of this, the project company is asserting claims against STRABAG due to the alleged failure to complete the project on time. Depending on the cause of the tunnel collapses, it is not possible to rule out that STRABAG may have to bear the costs of remediation. A final clarification of the circumstances was not foreseeable at the time of preparation of this report. For this reason, further provisions were formed in the 2023 financial year and the payment that was made on the performance bond \u2013 which STRABAG believes was drawn improperly \u2013 in November\u00a02023 was recognised as an expense.
\n \nDue to the unclear cause of the damages and the complex legal circumstances, the actual claim may deviate from the value provided for.
\n \nThe revenue from construction contracts with customers is recognised over time. The Group estimates the work performed by the reporting date as a percentage of the total volume of the order backlog as well as the remaining contract cost to be incurred. If it is probable that the production costs will exceed the recoverable proceeds, an impairment is recognised up to the value of the contract asset; if the value of the respective contract asset is exceeded, an onerous contract provision is recognised. Technically complex and demanding projects, in particular, involve the risk that the estimate of the total cost deviates considerably from the actual cost incurred.
\n \nIn the event of changes to the contract\u2019s scope and/or price that remain disputed between the parties to the contract (claims and variation orders), revenue from claims and variation orders is estimated in accordance with the provisions on variable consideration under IFRS 15.50ff for the respective project. The estimate is based on qualitative and quantitative criteria.
\n \nThe following factors must be taken into account when estimating the variable consideration:
\n \n The amount of consideration is susceptible to external factors such as the actions of third parties or court rulings.\n \n There are different legal views regarding the contractually agreed claims.\n \n The uncertainty about the amount of consideration remains over a longer period of time.\n \n The company\u2019s experience from similar construction projects is limited by the individual nature of the projects.\n \n Due to the large number of individual claims and variation orders in a construction project, a contract will have a broad range of possible consideration amounts.\n \nThe actual claims arising from claims and variation orders may therefore differ from the estimated amount, especially in the case of complex construction projects with a large number of different claims and variation orders as well as counterclaims of the client.
\n \nThe above also applies to over-time recognition of revenue from project developments.
\n \nThe Group holds a 30% investment in Holcim Cement CE Holding\u00a0GmbH. Holcim operates cement works in Austria, Hungary, the Czech Republic and Slovenia. The carrying amount of the investment amounted to T\u20ac 201,980 on 31\u00a0December\u00a02023 (2022: T\u20ac 201,974). As earnings developed according to plan and because of the ongoing distributions, an impairment test was not required.
\n \nDeviations from the expected business development as well as developments in the economic environment that are beyond the Management Board\u2019s control may influence the value of the investment.
\n \nSTRABAG has to calculate the actual income tax expected for each taxable entity and must assess the temporary differences arising from the different treatment of certain balance sheet items in the IFRS consolidated financial statements and the statutory financial statements required for tax purposes. The existence of temporary differences usually results in the recognition of deferred tax assets and liabilities in the consolidated financial statements.
\n \nThe management must make assessments in the calculation of current and deferred tax. Deferred tax assets are recognised to the extent that their use is probable. The use of deferred tax assets depends on the possibility of realising sufficient taxable income under the respective tax type and jurisdiction under consideration of any possible legal restrictions regarding the maximum loss carry forward period. A number of different factors are used to assess the probability of the future usability of deferred tax assets, such as the past financial performance, operational planning, loss carry forward periods and tax planning strategies. If the actual results deviate from these estimates, or if these estimates must be adjusted in future periods, this could have a negative impact on the financial position, financial performance and cash flows. In the event of a changed assessment of the recoverability of deferred tax assets, the deferred tax assets which have been recognised are written down in profit or loss or, depending on their original formation, outside profit or loss; impaired deferred tax assets are similarly recognised either in profit or loss or outside profit or loss.
\n \nThe fair value of financial instruments that are not traded in an active market is determined by using suitable valuation techniques selected from among a number of different methods. The assumptions used are mainly based on market conditions existing at the balance sheet date. The Group uses present value techniques to determine the fair value of a number of financial assets that are not traded in an active market.
\n \nWithin the STRABAG\u00a0SE Group, a large number of the contracts are lease contracts with comparatively low annual rental expenses, of both limited and indefinite duration and with ordinary termination rights. The lease liability is determined by estimating the most likely duration in consideration of extension options and termination rights. All economic aspects for exercising or not exercising the options are taken into account. Deviations between the actual lease terms and these assumptions have an impact on the respective carrying amounts. The risk is reduced by the large number of stand-alone contracts, however.
\n \nThe present value of the severance and pension obligations depends on a number of different factors based on actuarial assumptions. One of the assumptions used to determine the net expenses or income for pensions is the discount rate. Any change to these assumptions will influence the carrying amount of the pension obligation.
\n \nThe Group determines the appropriate discount rate at the end of every year. The discount rate is the interest rate used to determine the present value of future cash flows required to settle the obligation. For the purpose of determining the discount rate, the Group employs the interest rate of highest-grade industrial bonds in the same currency in which the benefits are paid and which have terms to maturity equivalent to those of the pension obligations.
\n \nAdditional substantial assumptions relating to severance and pension obligations are based in part on market conditions. Further information and sensitivity analyses can be found in item (27) Provisions.
\n \nOther construction-related provisions, in particular, involve the risk that in individual cases the actual costs for warranty obligations or remaining performance obligations will turn out higher or lower than expected. The balance sheet item other construction-related provisions is composed of several individual projects together, however, as a result of which the risk is reduced to the individual consideration of the projects.
\n \nGroup companies STRABAG\u00a0AG and F. Lang u. K. Menhofer Baugesellschaft m.b.H. & Co. KG issued an acknowledgement as part of a settlement in the antitrust proceedings against them in Austria. Subsequently, the Federal Competition Authority (BWB) in July\u00a02021 filed an application with the Cartel Court for a fine against the two companies in the amount of \u20ac 45.37 million.
\n \nThe settlement is being made against the background of a criminal and antitrust investigation that was opened in spring 2017 against STRABAG\u00a0AG and F. Lang u. K. Menhofer Baugesellschaft m.b.H. & Co. KG, along with several other construction companies, regarding allegations of anti-competitive agreements for construction projects in Austria in the period from 2002 to 2017. Both group companies cooperated fully with the Federal Competition Authority from the outset and ultimately issued an acknowledgement as part of a settlement. Their cooperation had a corresponding positive effect on the amount of the fine. In October\u00a02021, the Cartel Court imposed the fine of \u20ac 45.37 million, thus confirming the amount requested by the Federal Competition Authority. The ruling was made public on 3\u00a0February\u00a02022. Claims for damages by the contracting parties are now to be expected.
\n \nIn July\u00a02022, the Federal Competition Authority requested a review of the Cartel Court\u2019s final decision regarding the imposed fine. In its decision from October\u00a02022, the Cartel Court rejected the Federal Competition Authority\u2019s application as inadmissible and upheld the view of STRABAG\u00a0AG. The Federal Competition Authority appealed against this decision to the Austrian Supreme Court (OGH), which granted the appeal in a decision on 25\u00a0May\u00a02023 on the grounds that the formal rejection of the Federal Competition Authority\u2019s application without a substantive review by the Higher Regional Court was inadmissible.
\n \nIn this context, it must be pointed out that the decision does not deprive STRABAG\u00a0AG of its state\u2019s witness status. Rather, the Supreme Court, referring to its previous rulings, clarified that the decision of the Federal Competition Authority to apply the state\u2019s witness rule was made autonomously by the Federal Competition Authority and that the courts have no competence to review this decision.
\n \nNow it is up to the Higher Regional Court to review the merits of the Federal Competition Authority\u2019s request. This means that the court must take the relevant evidence and consider both sides of the argument. The relevant proceedings before the Higher Regional Court are currently underway and a decision is not expected until Q4/2024 at the earliest.
\n \nThe Management Board is firmly convinced that the petition is unfounded. STRABAG\u00a0SE cooperated fully and thoroughly with the Federal Competition Authority under the terms of the state\u2019s witness programme. This cooperation made a significant contribution to clarifying the matter. In addition, STRABAG has since enhanced its compliance system through corporate-wide certification and has implemented a new type of monitoring system.
\n \nCorresponding provisions were made in the consolidated financial statements for damage control and possible claims resulting from the cartel violations. The provision \u2013 with the exception of the time value of money \u2013 remained largely unchanged in the 2023 financial year. Given the complexity of the matter (long period of time, large number of projects, very different clients, heterogeneous structures, etc.), it is extremely difficult to estimate the final extent to which STRABAG will be negatively impacted as a result. The actual amounts may therefore deviate from the amount provided for.
\n \nProvisions for ongoing and pending legal proceedings are formed on the basis of current assessments. The outcome of these legal proceedings cannot be determined or is subject to uncertainties. The actual claims from the legal proceedings may therefore differ from the provision amounts.
\n ", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f4989": { "value": "\n \nRevenue is represented as follows:
\nT\u20ac | North + West | South + East | International + \nSpecial Divisions | Other | Group |
Business | |||||
Construction | 6,983,509 | 6,568,486 | 1,763,042 | 38,574 | 15,353,611 |
Germany | 6,525,689 | 225,476 | 72,108 | 0 | 6,823,273 |
Austria | 29,146 | 2,427,186 | 38,341 | 0 | 2,494,673 |
Poland | 0 | 1,129,359 | 0 | 0 | 1,129,359 |
Czech Republic | 0 | 801,718 | 0 | 0 | 801,718 |
Great Britain | 28,793 | 6,924 | 711,797 | 0 | 747,514 |
Hungary | 0 | 587,054 | 0 | 0 | 587,054 |
Romania | 24,681 | 445,098 | 271 | 0 | 470,050 |
Chile | 0 | 0 | 454,060 | 0 | 454,060 |
Other countries, each below \u20ac\u00a0400\u00a0million | 375,200 | 945,671 | 486,465 | 38,574 | 1,845,910 |
Construction materials | 185,195 | 634,454 | 2,247 | 0 | 821,896 |
Facility management | 0 | 0 | 735,722 | 0 | 735,722 |
Project development | 0 | 0 | 377,177 | 0 | 377,177 |
Other | 111,483 | 141,123 | 106,290 | 19,238 | 378,134 |
Total | 7,280,187 | 7,344,063 | 2,984,478 | 57,812 | 17,666,540 |
Effective 1\u00a0January\u00a02023, the construction activities in Switzerland were moved from South + East to the North + West segment, the construction activities in Poland were moved from North + West to the South + East segment and the building materials activities were moved from International + Special Divisions to the South + East segment.\u00a0The previous year\u2019s figures have been restated with regard to segment allocation for better comparability.
\nT\u20ac | North + West | South + East | International + \nSpecial Divisions | Other | Group |
Business | |||||
Construction | 6,905,938 | 6,072,845 | 1,797,837 | 0 | 14,776,620 |
Germany | 6,377,878 | 149,566 | 97,070 | 0 | 6,624,514 |
Austria | 36,455 | 2,249,462 | 29,117 | 0 | 2,315,034 |
Poland | 1,321 | 994,523 | 8,177 | 0 | 1,004,021 |
Czech Republic | 0 | 904,454 | 14,615 | 0 | 919,069 |
Great Britain | 44,133 | 0 | 632,780 | 0 | 676,913 |
Hungary | 0 | 519,942 | 2,124 | 0 | 522,066 |
Slovakia | 0 | 434,430 | 4,904 | 0 | 439,334 |
Chile | 0 | 0 | 365,947 | 0 | 365,947 |
Other countries, each below \u20ac\u00a0300\u00a0million | 446,151 | 820,468 | 643,103 | 0 | 1,909,722 |
Construction materials | 160,353 | 589,940 | 1,663 | 0 | 751,956 |
Facility management | 0 | 0 | 561,968 | 0 | 561,968 |
Project development | 0 | 0 | 581,306 | 0 | 581,306 |
Other | 90,970 | 126,191 | 119,199 | 17,637 | 353,997 |
Total | 7,157,261 | 6,788,976 | 3,061,973 | 17,637 | 17,025,847 |
Service concession arrangements to develop, design, build, operate and finance infrastructure facilities are part of the operating business of STRABAG\u00a0SE. Interest income from these concession arrangements is therefore recognised in revenue from project development amounting to T\u20ac 63,482 (2022: T\u20ac 58,099).
\nThe interest income is calculated using the effective interest method.
\nAll values presented under revenue involve revenue from contracts with customers.
\nIn the 2023 financial year, revenue from approved claims in the amount of T\u20ac 240,242 (2022: T\u20ac 211,698) was recognised. The costs were already recognised in profit or loss in previous periods. This involves a large number of individual projects. Due to the complexity of construction projects, there can be numerous claims, some of which are approved during the construction process while others are negotiated only after project completion. During the execution of a construction project, therefore, new claims may arise on an ongoing basis while existing claims from previous periods may be approved. Up to 100 individual claims are quite common in a medium-sized construction project. It is therefore not possible to clearly allocate the costs to the approved claims, so that assumptions must be made when determining the value.
\nRevenue provides only an incomplete picture of the output volume achieved in the financial year. Output volume is an usual concept in the construction industry and at the STRABAG\u00a0SE Group comprises the value of the produced goods and services. The total output volume of the Group also includes the proportional output of consortia and associates and is presented in detail in the management report.
\n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f4990": { "value": "\nRevenue is represented as follows:
\nT\u20ac | North + West | South + East | International + \nSpecial Divisions | Other | Group |
Business | |||||
Construction | 6,983,509 | 6,568,486 | 1,763,042 | 38,574 | 15,353,611 |
Germany | 6,525,689 | 225,476 | 72,108 | 0 | 6,823,273 |
Austria | 29,146 | 2,427,186 | 38,341 | 0 | 2,494,673 |
Poland | 0 | 1,129,359 | 0 | 0 | 1,129,359 |
Czech Republic | 0 | 801,718 | 0 | 0 | 801,718 |
Great Britain | 28,793 | 6,924 | 711,797 | 0 | 747,514 |
Hungary | 0 | 587,054 | 0 | 0 | 587,054 |
Romania | 24,681 | 445,098 | 271 | 0 | 470,050 |
Chile | 0 | 0 | 454,060 | 0 | 454,060 |
Other countries, each below \u20ac\u00a0400\u00a0million | 375,200 | 945,671 | 486,465 | 38,574 | 1,845,910 |
Construction materials | 185,195 | 634,454 | 2,247 | 0 | 821,896 |
Facility management | 0 | 0 | 735,722 | 0 | 735,722 |
Project development | 0 | 0 | 377,177 | 0 | 377,177 |
Other | 111,483 | 141,123 | 106,290 | 19,238 | 378,134 |
Total | 7,280,187 | 7,344,063 | 2,984,478 | 57,812 | 17,666,540 |
Effective 1\u00a0January\u00a02023, the construction activities in Switzerland were moved from South + East to the North + West segment, the construction activities in Poland were moved from North + West to the South + East segment and the building materials activities were moved from International + Special Divisions to the South + East segment.\u00a0The previous year\u2019s figures have been restated with regard to segment allocation for better comparability.
\nT\u20ac | North + West | South + East | International + \nSpecial Divisions | Other | Group |
Business | |||||
Construction | 6,905,938 | 6,072,845 | 1,797,837 | 0 | 14,776,620 |
Germany | 6,377,878 | 149,566 | 97,070 | 0 | 6,624,514 |
Austria | 36,455 | 2,249,462 | 29,117 | 0 | 2,315,034 |
Poland | 1,321 | 994,523 | 8,177 | 0 | 1,004,021 |
Czech Republic | 0 | 904,454 | 14,615 | 0 | 919,069 |
Great Britain | 44,133 | 0 | 632,780 | 0 | 676,913 |
Hungary | 0 | 519,942 | 2,124 | 0 | 522,066 |
Slovakia | 0 | 434,430 | 4,904 | 0 | 439,334 |
Chile | 0 | 0 | 365,947 | 0 | 365,947 |
Other countries, each below \u20ac\u00a0300\u00a0million | 446,151 | 820,468 | 643,103 | 0 | 1,909,722 |
Construction materials | 160,353 | 589,940 | 1,663 | 0 | 751,956 |
Facility management | 0 | 0 | 561,968 | 0 | 561,968 |
Project development | 0 | 0 | 581,306 | 0 | 581,306 |
Other | 90,970 | 126,191 | 119,199 | 17,637 | 353,997 |
Total | 7,157,261 | 6,788,976 | 3,061,973 | 17,637 | 17,025,847 |
Service concession arrangements to develop, design, build, operate and finance infrastructure facilities are part of the operating business of STRABAG\u00a0SE. Interest income from these concession arrangements is therefore recognised in revenue from project development amounting to T\u20ac 63,482 (2022: T\u20ac 58,099).
\nThe interest income is calculated using the effective interest method.
\nAll values presented under revenue involve revenue from contracts with customers.
\nIn the 2023 financial year, revenue from approved claims in the amount of T\u20ac 240,242 (2022: T\u20ac 211,698) was recognised. The costs were already recognised in profit or loss in previous periods. This involves a large number of individual projects. Due to the complexity of construction projects, there can be numerous claims, some of which are approved during the construction process while others are negotiated only after project completion. During the execution of a construction project, therefore, new claims may arise on an ongoing basis while existing claims from previous periods may be approved. Up to 100 individual claims are quite common in a medium-sized construction project. It is therefore not possible to clearly allocate the costs to the approved claims, so that assumptions must be made when determining the value.
\nRevenue provides only an incomplete picture of the output volume achieved in the financial year. Output volume is an usual concept in the construction industry and at the STRABAG\u00a0SE Group comprises the value of the produced goods and services. The total output volume of the Group also includes the proportional output of consortia and associates and is presented in detail in the management report.
\n \n \n \n \nOther operating income includes insurance compensation and indemnification in the amount of T\u20ac 66,749 (2022: T\u20ac 49,788), exchange rate gains from currency fluctuations in the amount of T\u20ac 16,452 (2022: T\u20ac 15,019) as well as gains from the disposal of fixed assets without financial assets in the amount of T\u20ac 59,898 (2022: T\u20ac 57,200).
\n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f5703": { "value": "\n \nOther operating income includes insurance compensation and indemnification in the amount of T\u20ac 66,749 (2022: T\u20ac 49,788), exchange rate gains from currency fluctuations in the amount of T\u20ac 16,452 (2022: T\u20ac 15,019) as well as gains from the disposal of fixed assets without financial assets in the amount of T\u20ac 59,898 (2022: T\u20ac 57,200).
\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f5704": { "value": "\nOther operating income includes insurance compensation and indemnification in the amount of T\u20ac 66,749 (2022: T\u20ac 49,788), exchange rate gains from currency fluctuations in the amount of T\u20ac 16,452 (2022: T\u20ac 15,019) as well as gains from the disposal of fixed assets without financial assets in the amount of T\u20ac 59,898 (2022: T\u20ac 57,200).
\n \n \n \n \nOther operating expense of T\u20ac 1,086,601 (2022: T\u20ac 1,013,283) mainly includes general administrative costs, travel and advertising costs, insurance premiums, impairment of receivables, the balance of allocations to and utilisation of provisions, legal and advisory costs, rental and lease costs, interest expense from concession projects and losses on the disposal of assets (excluding financial assets). Other taxes amounting to T\u20ac 71,545 (2022: T\u20ac 68,941) are included.
\nOther operating expense includes losses from exchange rate differences from currency fluctuations in the amount of T\u20ac 16,832 (2022: T\u20ac 11,368).
\nThe other operating expense in the financial year still includes impairments, losses and reversals of impairment losses on receivables in the amount of T\u20ac 100,882 (2022: T\u20ac 71,137). The changes in the impairments for expected credit losses under IFRS 9 in the financial year in the amount of T\u20ac 486 as income (2022: expense\u00a0T\u20ac 2,157) are included in other operating expense.
\nSpending on research and development arose in various special technical proposals, in connection with concrete competitive projects and in the introduction of building processes and products into the market and was therefore recognised in full in the income statement.
\n \n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f5721": { "value": "\n \nT\u20ac | 2023 | 2022 |
Construction materials, consumables | 3,457,162 | 3,727,990 |
Services used | 7,817,918 | 7,260,664 |
Construction materials, consumables and services used | 11,275,080 | 10,988,654 |
Services used are mainly attributed to services of subcontractors and professional craftsmen as well as planning services, short-term rentals for equipment and third-party repairs. The change of provisions for onerous contracts arising from construction contracts is included in this item.
\n \n \n \n \nT\u20ac | 2023 | 2022 |
Wages | 1,650,392 | 1,486,644 |
Salaries | 2,095,948 | 1,921,033 |
Social security and related costs | 721,632 | 657,761 |
Expenses for severance payments and contributions to employee provident fund | 22,926 | 21,087 |
Expenses for pensions and similar obligations | 6,055 | 9,236 |
Other social expense | 43,942 | 37,973 |
Employee benefits expense | 4,540,895 | 4,133,734 |
The expenses for severance payments and contributions to the employee provident fund and expenses for pensions and similar obligations include the expenses for service costs and indemnity claims resulting from old age part-time claims in the business year. The proportions of interest included in the expenses for severance payments as well as for pensions and similar obligations are recognised in the item net interest income.
\n \n \nExpenses from defined contribution plans amounted to T\u20ac 17,117 (2022: T\u20ac 16,888).
\n \n \nThe average number of employees with the proportional inclusion of all participation companies is as follows:
\n \n \nAverage number of employees (FTE) | 2023 | 2022 |
White-collar workers | 33,657 | 32,336 |
Blue-collar workers | 43,479 | 41,404 |
Total | 77,136 | 73,740 |
Other operating expense of T\u20ac 1,086,601 (2022: T\u20ac 1,013,283) mainly includes general administrative costs, travel and advertising costs, insurance premiums, impairment of receivables, the balance of allocations to and utilisation of provisions, legal and advisory costs, rental and lease costs, interest expense from concession projects and losses on the disposal of assets (excluding financial assets). Other taxes amounting to T\u20ac 71,545 (2022: T\u20ac 68,941) are included.
\nOther operating expense includes losses from exchange rate differences from currency fluctuations in the amount of T\u20ac 16,832 (2022: T\u20ac 11,368).
\nThe other operating expense in the financial year still includes impairments, losses and reversals of impairment losses on receivables in the amount of T\u20ac 100,882 (2022: T\u20ac 71,137). The changes in the impairments for expected credit losses under IFRS 9 in the financial year in the amount of T\u20ac 486 as income (2022: expense\u00a0T\u20ac 2,157) are included in other operating expense.
\nSpending on research and development arose in various special technical proposals, in connection with concrete competitive projects and in the introduction of building processes and products into the market and was therefore recognised in full in the income statement.
\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f5722": { "value": "\nT\u20ac | 2023 | 2022 |
Construction materials, consumables | 3,457,162 | 3,727,990 |
Services used | 7,817,918 | 7,260,664 |
Construction materials, consumables and services used | 11,275,080 | 10,988,654 |
Services used are mainly attributed to services of subcontractors and professional craftsmen as well as planning services, short-term rentals for equipment and third-party repairs. The change of provisions for onerous contracts arising from construction contracts is included in this item.
\n \n \nT\u20ac | 2023 | 2022 |
Wages | 1,650,392 | 1,486,644 |
Salaries | 2,095,948 | 1,921,033 |
Social security and related costs | 721,632 | 657,761 |
Expenses for severance payments and contributions to employee provident fund | 22,926 | 21,087 |
Expenses for pensions and similar obligations | 6,055 | 9,236 |
Other social expense | 43,942 | 37,973 |
Employee benefits expense | 4,540,895 | 4,133,734 |
The expenses for severance payments and contributions to the employee provident fund and expenses for pensions and similar obligations include the expenses for service costs and indemnity claims resulting from old age part-time claims in the business year. The proportions of interest included in the expenses for severance payments as well as for pensions and similar obligations are recognised in the item net interest income.
\n \n \nExpenses from defined contribution plans amounted to T\u20ac 17,117 (2022: T\u20ac 16,888).
\n \n \nThe average number of employees with the proportional inclusion of all participation companies is as follows:
\n \n \nAverage number of employees (FTE) | 2023 | 2022 |
White-collar workers | 33,657 | 32,336 |
Blue-collar workers | 43,479 | 41,404 |
Total | 77,136 | 73,740 |
Other operating expense of T\u20ac 1,086,601 (2022: T\u20ac 1,013,283) mainly includes general administrative costs, travel and advertising costs, insurance premiums, impairment of receivables, the balance of allocations to and utilisation of provisions, legal and advisory costs, rental and lease costs, interest expense from concession projects and losses on the disposal of assets (excluding financial assets). Other taxes amounting to T\u20ac 71,545 (2022: T\u20ac 68,941) are included.
\nOther operating expense includes losses from exchange rate differences from currency fluctuations in the amount of T\u20ac 16,832 (2022: T\u20ac 11,368).
\nThe other operating expense in the financial year still includes impairments, losses and reversals of impairment losses on receivables in the amount of T\u20ac 100,882 (2022: T\u20ac 71,137). The changes in the impairments for expected credit losses under IFRS 9 in the financial year in the amount of T\u20ac 486 as income (2022: expense\u00a0T\u20ac 2,157) are included in other operating expense.
\nSpending on research and development arose in various special technical proposals, in connection with concrete competitive projects and in the introduction of building processes and products into the market and was therefore recognised in full in the income statement.
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f5781": { "value": "\nT\u20ac | 2023 | 2022 |
Wages | 1,650,392 | 1,486,644 |
Salaries | 2,095,948 | 1,921,033 |
Social security and related costs | 721,632 | 657,761 |
Expenses for severance payments and contributions to employee provident fund | 22,926 | 21,087 |
Expenses for pensions and similar obligations | 6,055 | 9,236 |
Other social expense | 43,942 | 37,973 |
Employee benefits expense | 4,540,895 | 4,133,734 |
The expenses for severance payments and contributions to the employee provident fund and expenses for pensions and similar obligations include the expenses for service costs and indemnity claims resulting from old age part-time claims in the business year. The proportions of interest included in the expenses for severance payments as well as for pensions and similar obligations are recognised in the item net interest income.
\n \nExpenses from defined contribution plans amounted to T\u20ac 17,117 (2022: T\u20ac 16,888).
\n \n \nT\u20ac | Balance \nas at \n1.1.2023 | Currency\ntranslation | Changes \nin the \nconsoli-\ndated\n group | Added | Used | Balance \nas at \n31.12.2023 |
Provisions for severance payments | 91,382 | -126 | 738 | 6,274 | 0 | 98,268 |
Provisions for pensions | 333,547 | 0 | 1,958 | 0 | 15,651 | 319,854 |
Construction-related provisions | 476,344 | 7,086 | 2,438 | 88,916 | 27,408 | 547,376 |
Personnel-related provisions | 5,608 | -90 | -53 | 1,741 | 53 | 7,153 |
Other provisions | 371,910 | 429 | 0 | 10,987 | 19,180 | 364,146 |
Non-current provisions | 1,278,791 | 7,299 | 5,081 | 107,918 | 62,292 | 1,336,797 |
Construction-related provisions | 623,464 | 6,287 | -1,807 | 693,673 | 628,376 | 693,241 |
Personnel-related provisions | 227,893 | -1,293 | -3,100 | 224,255 | 224,636 | 223,119 |
Other provisions | 277,749 | -399 | -1,572 | 241,345 | 276,581 | 240,542 |
Current provisions | 1,129,106 | 4,595 | -6,479 | 1,159,273 | 1,129,593 | 1,156,902 |
Total | 2,407,897 | 11,894 | -1,398 | 1,267,191 | 1,191,885 | 2,493,699 |
The actuarial assumptions as at 31\u00a0December\u00a02023 used to calculate provisions for severance payments and pensions are represented as follows:
\n \nSeverance payments | Pension obligation Austria | Pension obligation Germany | Pension obligation Switzerland | Pension obligation Netherlands | |
Biometric tables | AV\u00d6 2018-P | AV\u00d6 2018-P | Dr. Klaus Heubeck 2018G | BVG 2020G | Prognosetafel AG2022 |
Discount rate (%) | 3.20 | 3.20 | 3.20 | 1.52 | 3.20 |
(2022: 3.78) | (2022: 3.78) | (2022: 3.78) | (2022: 2.25) | (2022: 3.20) | |
Salary increase (%) | 3.00 | 0.00 | 0.00 | 2.00 | 0.00 |
(2022: 3.00) | (2022: 0.00) | (2022: 0.00) | (2022: 2.40) | (2022: 0.00) | |
Future pension increase (%) | dependent on contractual\n adjustment | 3.00 | 0.25 | 3.00 | |
n. a. | (2022: 3.95) | (2022: 0.25) | (2022: 2.60) | ||
Retirement age for men | 62 | 65 | 63\u201367 | 65 | 65 |
(2022: 62) | (2022: 65) | (2022: 63\u201367) | (2022: 65) | (2022: 65) | |
Retirement age for women | 62 | 60 | 63\u201367 | 65 | 65 |
(2022: 62) | (2022: 60) | (2022: 63\u201367) | (2022: 65) | (2022: 65) |
All other parameters remaining equal, a change in the discount rate by +/- 0.5\u00a0percentage points, a change in the salary increase by + 1.0\u00a0percentage points as well as a change in the pension increase by + 1.0\u00a0percentage points would have the following impact on the amount of the provisions for severance payments and pension obligations as at 31\u00a0December\u00a02023:
\n \nT\u20ac | Change in discount rate | Change in salary increase | Change in future pension increase | |
Change1 | -0.5 %-points | +0.5 %-points | +1.0 %-points | +1.0 %-points |
Severance payments | -3,086 | 2,911 | -6,307 | n.a. |
Pension obligations | -28,841 | 26,044 | -1,488 | -40,268 |
1Sign: - increase in obligation, + decrease in obligation
\n Provisions for severance payments show the following development:
\n \nT\u20ac | 2023 | 2022 |
Present value of the defined benefit obligation as at 1.1. | 91,382 | 108,361 |
Changes in the consolidated group/currency translation | 612 | 410 |
Current service cost | 2,629 | 1,272 |
Interest cost | 2,786 | 849 |
Severance payments | -6,259 | -9,444 |
Actuarial gains/losses arising from experience adjustments | 3,897 | 940 |
Actuarial gains/losses arising from change in the discount rate | 3,221 | -11,006 |
Present value of the defined benefit obligation as at 31.12. | 98,268 | 91,382 |
The development of the provisions for pensions is shown below:
\n \nT\u20ac | 2023 | 2022 |
Present value of the defined benefit obligation as at 1.1. | 488,793 | 566,229 |
Changes in the consolidated group/currency translation | 10,590 | 8,101 |
Current service cost | 4,770 | 9,516 |
Interest cost | 15,947 | 4,253 |
Pension payments | -34,702 | -34,548 |
Actuarial gains/losses arising from experience adjustments | 670 | 7,707 |
Actuarial gains/losses arising from change in the discount rate | 10,142 | -72,312 |
Actuarial gains/losses arising from demographic changes | 1,195 | -153 |
Present value of the defined benefit obligation as at 31.12. | 497,405 | 488,793 |
The plan assets for pension provisions developed as follows in the reporting period:
\n \nT\u20ac | 2023 | 2022 |
Fair value of the plan assets as at 1.1. | 155,246 | 189,404 |
Changes in the consolidated group/currency translation | 8,632 | 8,349 |
Return on plan assets | 3,752 | 835 |
Contributions | 7,195 | 9,312 |
Pension payments | -12,141 | -12,491 |
Actuarial gains/losses | 6,364 | -14,406 |
Assets not included according to IFRIC 14 | 30,030 | -25,757 |
Reclassification assets | -21,527 | 0 |
Fair value of the plan assets as at 31.12. | 177,551 | 155,246 |
The plan assets consist of the following risk groups:
\n \nT\u20ac | 31.12.2023 | 31.12.2022 |
Shares1 | 30,294 | 25,519 |
Bonds1 | 44,678 | 42,157 |
Cash | 1,805 | 1,766 |
Investment funds | 11,515 | 10,698 |
Real estate | 19,525 | 20,396 |
Liability insurance | 67,774 | 64,309 |
Other assets | 38,835 | 32,135 |
Assets not included according to IFRIC 14 | -15,348 | -41,734 |
thereof reclassified assets | -21,527 | 0 |
Total | 177,551 | 155,246 |
1All shares and bonds are traded in an active market.
The plan assets involve almost exclusively the assets of the pension foundation of STRABAG\u00a0AG, Switzerland. Any investments in this regard are subject to the applicable laws and regulations governing the supervision of foundations. Capital investments are to be chosen by trained experts in such a way as to guarantee the investment goal of revenue-generating and risk-minimising asset management while taking into consideration security, risk distribution, returns and the liquidity to fulfil the pension purposes. The investment strategy can be adjusted on an annual basis in order to reflect market changes. Currently the split is 50% in nominal value assets and 50% in tangible assets.
\n \nIn the 2023 financial year, STRABAG\u00a0AG, Switzerland, had a surplus of plan assets over the pension liability in the amount of\u00a0T\u20ac 21,527 (2022:\u00a0T\u20ac 0). This surplus is reported under other non-current financial assets.
\n \nThe expected contributions to pension foundations in the following year will amount to T\u20ac 3,767 (2022: T\u20ac 3,218).
\n \nPension payments in Switzerland are provided by pension foundations with funds dedicated to this purpose, while payments in Austria and in Germany are covered by readily available cash and cash equivalents as well as securities.
\n \nThe actual income from plan assets amounted to T\u20ac 9,471 in the 2023 financial year (2022: expenses of T\u20ac 11,644).
\n \nThe following amounts for pension and severance provisions were recognised in the income statement:
\n \nT\u20ac | 2023 | 2022 |
Current service cost | 7,399 | 10,788 |
Interest cost | 18,733 | 5,102 |
Return on plan assets | 3,752 | 835 |
The development of the net defined benefit obligation for pension and severance provisions was as follows:
\n \nT\u20ac | 31.12.2023 | 31.12.2022 |
Net obligation for severance provisions | 98,268 | 91,382 |
Present value of the defined benefit obligation (pension provisions) | 497,405 | 488,793 |
Fair value of plan assets (pension provisions) | -177,551 | -155,246 |
Net obligation for pension provisions | 319,854 | 333,547 |
Net obligation total | 418,122 | 424,929 |
The maturity profile of the benefit payments from the net defined benefit liability as at 31\u00a0December\u00a02023 was as follows:
\n \nT\u20ac | < 1 year | 1\u20135 years | 6\u201310 years | 11\u201320 years | > 20 years |
Provisions for severance payments | 10,105 | 36,058 | 32,332 | 31,091 | 842 |
Provisions for pensions | 29,090 | 120,691 | 99,556 | 131,743 | 91,143 |
The maturity profile of the benefit payments from the net defined benefit liability as at 31\u00a0December\u00a02022 was as follows:
\n \nT\u20ac | < 1 year | 1\u20135 years | 6\u201310 years | 11\u201320 years | > 20 years |
Provisions for severance payments | 9,407 | 32,795 | 31,293 | 30,511 | 743 |
Provisions for pensions | 28,511 | 123,450 | 108,723 | 154,569 | 123,215 |
The durations (weighted average term) are shown in the following table.
\n \nYears | 31.12.2023 | 31.12.2022 |
Severance payments Austria | 7.55 | 7.65 |
Pension obligations Austria | 5.56 | 5.69 |
Pension obligations Germany | 9.79 | 10.16 |
Pension obligations Switzerland | 13.60 | 12.40 |
Pension obligations the Netherlands | 14.92 | 15.39 |
The average number of employees with the proportional inclusion of all participation companies is as follows:
\n \nAverage number of employees (FTE) | 2023 | 2022 |
White-collar workers | 33,657 | 32,336 |
Blue-collar workers | 43,479 | 41,404 |
Total | 77,136 | 73,740 |
Other operating expense of T\u20ac 1,086,601 (2022: T\u20ac 1,013,283) mainly includes general administrative costs, travel and advertising costs, insurance premiums, impairment of receivables, the balance of allocations to and utilisation of provisions, legal and advisory costs, rental and lease costs, interest expense from concession projects and losses on the disposal of assets (excluding financial assets). Other taxes amounting to T\u20ac 71,545 (2022: T\u20ac 68,941) are included.
\nOther operating expense includes losses from exchange rate differences from currency fluctuations in the amount of T\u20ac 16,832 (2022: T\u20ac 11,368).
\nThe other operating expense in the financial year still includes impairments, losses and reversals of impairment losses on receivables in the amount of T\u20ac 100,882 (2022: T\u20ac 71,137). The changes in the impairments for expected credit losses under IFRS 9 in the financial year in the amount of T\u20ac 486 as income (2022: expense\u00a0T\u20ac 2,157) are included in other operating expense.
\nSpending on research and development arose in various special technical proposals, in connection with concrete competitive projects and in the introduction of building processes and products into the market and was therefore recognised in full in the income statement.
\n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f5972": { "value": "\n \n \nT\u20ac | 2023 | 2022 |
Income from equity-accounted investments | 53,681 | 29,985 |
Expenses arising from equity-accounted investments | -7,634 | -17,140 |
Profit from construction consortia | 169,037 | 134,115 |
Losses from construction consortia | -70,952 | -86,073 |
Share of profit or loss of equity-accounted investments | 144,132 | 60,887 |
\n \n Holcim Cement CE Holding\u00a0GmbH\n , Vienna, is a significant associate. The group\u2019s share of the capital and voting rights amounts to 30%. The company is accounted for using the equity method. We also refer to item (38) Notes on related parties.
\n \nThe following financial information concerns the consolidated financial statements prepared in accordance with IFRS.
\n \nT\u20ac | 2023 | 2022 |
Revenue | 308,075 | 299,723 |
Net income from continuing operations | 42,328 | 24,635 |
Other comprehensive income | -13,945 | -8,005 |
Total comprehensive income | 28,383 | 16,630 |
attributable to: non-controlling interests | -69 | 8 |
attributable to: equity holders of the parent | 28,452 | 16,622 |
31.12.2023 | 31.12.2022 | |
Non-current assets | 551,205 | 564,252 |
Current assets | 128,722 | 109,632 |
Non-current liabilities | -148,165 | -149,750 |
Current liabilities | -144,764 | -137,090 |
Net assets | 386,998 | 387,044 |
attributable to: non-controlling interests | 4,008 | 4,077 |
attributable to: equity holders of the parent | 382,990 | 382,967 |
The financial information presented here can be transferred to the equity carrying amount of the Holcim Cement CE Holding\u00a0GmbH in the consolidated financial statements as follows:
\n \nT\u20ac | 2023 | 2022 |
Group's share of net assets as at 1.1. | 114,890 | 123,403 |
Group's share of net income from continuing operations | 12,538 | 7,273 |
Group's share of other comprehensive income | -4,003 | -2,286 |
Group's share of total comprehensive income | 8,535 | 4,987 |
Dividends received | -8,529 | -13,500 |
Group's share of net assets as at 31.12. | 114,896 | 114,890 |
Goodwill | 87,084 | 87,084 |
Equity-method carrying amount as at 31.12. | 201,980 | 201,974 |
Another significant associate is CMBlu Energy\u00a0AG, Alzenau. The STRABAG\u00a0SE Group acquired 14.71% of the company in the 2023 financial year. The shares are classified as those of an associate because STRABAG has the right to appoint a member to the company\u2019s Supervisory Board.
\n \nThe following financial information concerns the consolidated financial statements prepared in accordance with IFRS.
\n \nT\u20ac | 2023 |
Net income from continuing operations | -31,795 |
Other comprehensive income | 24 |
Total comprehensive income | -31,771 |
attributable to: non-controlling interests | 0 |
attributable to: equity holders of the parent | -31,771 |
31.12.2023 | |
Non-current assets | 9,674 |
Current assets | 106,809 |
Non-current liabilities | -8,747 |
Current liabilities | -4,473 |
Net assets | 103,263 |
attributable to: non-controlling interests | 0 |
attributable to: equity holders of the parent | 103,263 |
The financial information presented here can be transferred to the equity carrying amount of CMBlu Energy\u00a0AG in the consolidated financial statements as follows:
\n \nT\u20ac | 2023 |
Group's share of net assets as at 1.1. | 15,969 |
Group's share of net income from continuing operations | -779 |
Group's share of other comprehensive income | 0 |
Group's share of total comprehensive income | -779 |
Dividends received | 0 |
Group's share of net assets as at 31.12. | 15,190 |
Goodwill | 84,030 |
Equity-method carrying amount as at 31.12. | 99,220 |
The following table arranges in aggregate form the carrying amount and the group\u2019s share of the profit and other comprehensive income from associates that would be immaterial by themselves:
\n \nT\u20ac | 2023 | 2022 |
Total of equity-method carrying amounts as at 31.12. | 104,566 | 94,578 |
Group's share of net income from continuing operations | 30,602 | 7,700 |
Group's share of other comprehensive income | 1,837 | 5,535 |
Group's share of total comprehensive income | 32,439 | 13,235 |
Proportionate losses from equity-accounted investments in the amount of T\u20ac 4,845 (2022: T\u20ac 7,801) were not recognised in profit or loss, as the carrying amounts of these investments already are T\u20ac 0.
\n \nThe following list shows the equity accounted associates included in the consolidated financial statement:
\n \nCompany\nEquity accounted associate | Residence | Country | Direct stake % | |
Holcim Cement CE Holding GmbH | Vienna | Austria | 30.00 | |
Bayerische Asphaltmischwerke GmbH & Co. Kommanditgesellschaft f\u00fcr Stra\u00dfenbaustoffe | Hofolding | Germany | 48.33 | |
Bodensee - Mor\u00e4nekies Gesellschaft mit beschr\u00e4nkter Haftung & Co. Kommanditgesellschaft Tettnang | Tettnang | Germany | 33.33 | |
CMBlu Energy AG | Alzenau | Germany | 14.71 | |
Natursteinwerke im Nordschwarzwald NSN GmbH & Co. KG | M\u00fchlacker | Germany | 25.00 | |
DESARROLLO VIAL AL MAR S.A.S. | Medell\u00edn | Colombia | 37.50 | |
A-Lanes A15 Holding B.V. | Nieuwegein | The Netherlands | 24.00 | |
Z\u00fcblin International Qatar LLC | Doha | Qatar | 49.00 | |
SOCIETATEA COMPANIILOR HOTELIERE GRAND SRL | Bucharest | Romania | 35.32 | |
MAK Mecsek Autopalya Koncesszios Zrt. | Budapest | Hungary | 50.00 |
T\u20ac | 2023 | 2022 |
Income from equity-accounted investments | 53,681 | 29,985 |
Expenses arising from equity-accounted investments | -7,634 | -17,140 |
Profit from construction consortia | 169,037 | 134,115 |
Losses from construction consortia | -70,952 | -86,073 |
Share of profit or loss of equity-accounted investments | 144,132 | 60,887 |
The following table arranges in aggregate form the carrying amount and the group\u2019s share of the profit and other comprehensive income from joint ventures that would be immaterial by themselves:
\n \nT\u20ac | 2023 | 2022 |
Total of equity-method carrying amounts as at 31.12. | 135,260 | 114,620 |
Group's share of net income from continuing operations | 3,686 | -2,128 |
Group's share of other comprehensive income | -573 | 6,353 |
Group's share of total comprehensive income | 3,113 | 4,225 |
The following list shows the equity accounted joint ventures included in the consolidated financial statement:
\n \nCompany\nEquity accounted joint venture | Residence | Country | Direct stake % | |
Innsbrucker Nordkettenbahnen Betriebs GmbH | Innsbruck | Austria | 51.00 | 4 |
A 49 Autobahngesellschaft mbH & Co. KG | Schwalmstadt | Germany | 50.00 | |
AMB Asphaltmischwerke Bodensee GmbH & Co. KG | Singen Hohentwiel | Germany | 50.00 | |
FLARE Living GmbH & Co. KG | Cologne | Germany | 50.00 | |
Kieswerke Schray GmbH & Co. KG | Stei\u00dflingen | Germany | 50.00 | |
Messe City K\u00f6ln GmbH & Co. KG | Hamburg | Germany | 50.00 | |
NWM Nordwestdeutsche Mischwerke GmbH & Co. KG | Gro\u00dfenkneten | Germany | 50.00 | |
PANSUEVIA Service GmbH & Co. KG | Jettingen-Scheppach | Germany | 50.00 | |
Silenos Energy Geothermie Garching a.d. Alz GmbH & Co. KG | Garching a.d.Alz | Germany | 50.00 | |
SRE-ECE-JV General\u00fcbernehmer GmbH & Co. KG | Oststeinbek | Germany | 50.00 | |
Th\u00fcringer Stra\u00dfenwartungs- und Instandhaltungsgesellschaft mbH & Co. KG | Apfelst\u00e4dt | Germany | 50.00 | |
Autocesta Zagreb-Macelj d.o.o. | Zagreb | Croatia | 51.00 | 4 |
A2 ROUTE Sp. z o.o. | Pruszkow | Poland | 50.00 |
4There are deviating contractual provisions concerning this joint venture.
T\u20ac | 2023 | 2022 |
Income from equity-accounted investments | 53,681 | 29,985 |
Expenses arising from equity-accounted investments | -7,634 | -17,140 |
Profit from construction consortia | 169,037 | 134,115 |
Losses from construction consortia | -70,952 | -86,073 |
Share of profit or loss of equity-accounted investments | 144,132 | 60,887 |
T\u20ac | 2023 | 2022 |
Carrying amount as at 1.1. | 411,172 | 403,163 |
Changes in the consolidated group | 2,104 | 0 |
Acquisitions/contributions | 120,050 | 16,954 |
Income and expenses from equity-accounted investments | 46,047 | 12,845 |
Distributions received | -37,518 | -40,188 |
Repayments of capital | -3,000 | 0 |
Share of other comprehensive income | -2,739 | 9,602 |
Adjustment for expenses not covered by the carrying amount | 4,910 | 8,796 |
Carrying amount as at 31.12. | 541,026 | 411,172 |
As at 31\u00a0December\u00a02023, provisions for equity-accounted investments amounting to T\u20ac 9,044 (2022: T\u20ac 11,244) are reported under other current provisions. Changes in provisions recognised in profit or loss are reported under income or expenses from equity-accounted investments.
\n \n \n\n \n Holcim Cement CE Holding\u00a0GmbH\n , Vienna, is a significant associate. The group\u2019s share of the capital and voting rights amounts to 30%. The company is accounted for using the equity method. We also refer to item (38) Notes on related parties.
\n \n \nThe following financial information concerns the consolidated financial statements prepared in accordance with IFRS.
\n \n \nT\u20ac | 2023 | 2022 |
Revenue | 308,075 | 299,723 |
Net income from continuing operations | 42,328 | 24,635 |
Other comprehensive income | -13,945 | -8,005 |
Total comprehensive income | 28,383 | 16,630 |
attributable to: non-controlling interests | -69 | 8 |
attributable to: equity holders of the parent | 28,452 | 16,622 |
31.12.2023 | 31.12.2022 | |
Non-current assets | 551,205 | 564,252 |
Current assets | 128,722 | 109,632 |
Non-current liabilities | -148,165 | -149,750 |
Current liabilities | -144,764 | -137,090 |
Net assets | 386,998 | 387,044 |
attributable to: non-controlling interests | 4,008 | 4,077 |
attributable to: equity holders of the parent | 382,990 | 382,967 |
The financial information presented here can be transferred to the equity carrying amount of the Holcim Cement CE Holding\u00a0GmbH in the consolidated financial statements as follows:
\n \n \nT\u20ac | 2023 | 2022 |
Group's share of net assets as at 1.1. | 114,890 | 123,403 |
Group's share of net income from continuing operations | 12,538 | 7,273 |
Group's share of other comprehensive income | -4,003 | -2,286 |
Group's share of total comprehensive income | 8,535 | 4,987 |
Dividends received | -8,529 | -13,500 |
Group's share of net assets as at 31.12. | 114,896 | 114,890 |
Goodwill | 87,084 | 87,084 |
Equity-method carrying amount as at 31.12. | 201,980 | 201,974 |
Another significant associate is CMBlu Energy\u00a0AG, Alzenau. The STRABAG\u00a0SE Group acquired 14.71% of the company in the 2023 financial year. The shares are classified as those of an associate because STRABAG has the right to appoint a member to the company\u2019s Supervisory Board.
\n \n \nThe following financial information concerns the consolidated financial statements prepared in accordance with IFRS.
\n \n \nT\u20ac | 2023 |
Net income from continuing operations | -31,795 |
Other comprehensive income | 24 |
Total comprehensive income | -31,771 |
attributable to: non-controlling interests | 0 |
attributable to: equity holders of the parent | -31,771 |
31.12.2023 | |
Non-current assets | 9,674 |
Current assets | 106,809 |
Non-current liabilities | -8,747 |
Current liabilities | -4,473 |
Net assets | 103,263 |
attributable to: non-controlling interests | 0 |
attributable to: equity holders of the parent | 103,263 |
The financial information presented here can be transferred to the equity carrying amount of CMBlu Energy\u00a0AG in the consolidated financial statements as follows:
\n \n \nT\u20ac | 2023 |
Group's share of net assets as at 1.1. | 15,969 |
Group's share of net income from continuing operations | -779 |
Group's share of other comprehensive income | 0 |
Group's share of total comprehensive income | -779 |
Dividends received | 0 |
Group's share of net assets as at 31.12. | 15,190 |
Goodwill | 84,030 |
Equity-method carrying amount as at 31.12. | 99,220 |
The following table arranges in aggregate form the carrying amount and the group\u2019s share of the profit and other comprehensive income from associates that would be immaterial by themselves:
\n \n \nT\u20ac | 2023 | 2022 |
Total of equity-method carrying amounts as at 31.12. | 104,566 | 94,578 |
Group's share of net income from continuing operations | 30,602 | 7,700 |
Group's share of other comprehensive income | 1,837 | 5,535 |
Group's share of total comprehensive income | 32,439 | 13,235 |
The following table arranges in aggregate form the carrying amount and the group\u2019s share of the profit and other comprehensive income from joint ventures that would be immaterial by themselves:
\n \n \nT\u20ac | 2023 | 2022 |
Total of equity-method carrying amounts as at 31.12. | 135,260 | 114,620 |
Group's share of net income from continuing operations | 3,686 | -2,128 |
Group's share of other comprehensive income | -573 | 6,353 |
Group's share of total comprehensive income | 3,113 | 4,225 |
Proportionate losses from equity-accounted investments in the amount of T\u20ac 4,845 (2022: T\u20ac 7,801) were not recognised in profit or loss, as the carrying amounts of these investments already are T\u20ac 0.
\n \nThe group classifies construction consortia as joint ventures and records their earnings under share of profit or loss of equity-accounted investments. The following table shows the group\u2019s ten most important consortia with regard to the output volume in the 2023 financial year.
\nConstruction consortia | Stake in % |
ARGE A1 DAMMER BERGE, Germany (DAM) | 50.00 |
ARGE ALLIANZ CAMPUS STUTTGART VAIHINGEN, Germany (CAMP) | 50.00 |
ARGE FLUGHAFENTUNNEL, Germany (FHT) | 65.00 |
ARGE NB JVA WILLICH I, Germany (JVA) | 50.00 |
ARGE SCHULNEUBAU ALLEE DER KOSMONAUTEN, Germany (KOS) | 70.00 |
ARGE TUNNEL IBBENB\u00dcREN, Germany (IBBE) | 50.00 |
ARGE U2 17-21, Austria (U2) | 50.00 |
ARGE US-KLINIK WEILERBACH, Germany (WEIL) | 75.00 |
BAU-ARGE \u00d6PP BAB A49 SLW, Germany (A49) | 50.00 |
COMBINATIE HEREPOORT VOF, the Netherlands (HER) | 39.48 |
The financial information in the 2023 financial year on these consortia is presented 100% and before consolidation and valuation approaches deviating from the consortia balance sheet if applicable.
\nT\u20ac | Revenue | Non-current assets | Current assets | thereof cash and cash equivalents | Current liabilities |
A49 | 199,983 | 5,229 | 645,654 | 90,479 | 650,883 |
WEIL | 130,743 | 41 | 35,568 | 7,148 | 35,609 |
CAMP | 127,944 | 0 | 39,043 | 27,125 | 39,043 |
DAM | 125,986 | 2,666 | 431 | 20 | 3,097 |
U2 | 98,831 | 12,604 | 23,867 | 1,184 | 36,471 |
KOS | 96,555 | 0 | 123,760 | 25,391 | 123,760 |
FHT | 94,537 | 6,602 | 382,733 | 18,316 | 389,335 |
HER | 81,529 | 187 | 833 | 3,114 | 1,020 |
JVA | 53,883 | 325 | 29,154 | 29,025 | 29,479 |
IBBE | 49,759 | 14,084 | 7,835 | 54 | 21,919 |
In the 2023 financial year, the share of profit or loss of equity-accounted investments recorded for the above-mentioned consortia included T\u20ac 41,862 in profits from consortia and T\u20ac 37,623 in losses from consortia including impending losses.
\nThe financial information in the 2022 financial year on these consortia is presented 100% and before consolidation and valuation approaches deviating from the consortia balance sheet if applicable.
\nT\u20ac | Revenue | Non-current assets | Current assets | thereof cash and cash equivalents | Current liabilities |
A49 | 176,087 | 6,521 | 432,625 | 67,114 | 439,146 |
WEIL | 32,911 | 0 | 49,861 | 14,696 | 49,861 |
CAMP | 76,323 | 0 | 36,267 | 31,921 | 36,267 |
DAM | 93,939 | 5,052 | 7,242 | 262 | 12,294 |
U2 | 89,173 | 6,665 | 18,224 | 5,864 | 24,889 |
KOS | 36,772 | 0 | 61,292 | 23,370 | 61,292 |
FHT | 114,892 | 8,813 | 298,918 | 28,376 | 307,731 |
HER | 107,150 | 394 | 18,050 | 1,245 | 18,444 |
JVA | 60,217 | 373 | 39,632 | 38,495 | 40,005 |
IBBE | 28,369 | 3,889 | 6,487 | 5,318 | 10,376 |
In the 2022 financial year, the share of profit or loss of equity-accounted investments recorded for the above-mentioned consortia included T\u20ac 27,700 in profits from consortia and T\u20ac 55,591 in losses from consortia including impending losses.
\n \nThe business transactions with the consortia in the financial year can be presented as follows:
\nT\u20ac | 2023 | 2022 |
Work and services performed | 1,025,947 | 958,228 |
Work and services received | 31,441 | 13,751 |
Receivables as at 31.12. | 389,333 | 409,721 |
Liabilities as at 31.12. | 325,912 | 330,158 |
The following list shows the equity accounted associates included in the consolidated financial statement:
\n \n \n \nCompany\nEquity accounted associate | Residence | Country | Direct stake % | |
Holcim Cement CE Holding GmbH | Vienna | Austria | 30.00 | |
Bayerische Asphaltmischwerke GmbH & Co. Kommanditgesellschaft f\u00fcr Stra\u00dfenbaustoffe | Hofolding | Germany | 48.33 | |
Bodensee - Mor\u00e4nekies Gesellschaft mit beschr\u00e4nkter Haftung & Co. Kommanditgesellschaft Tettnang | Tettnang | Germany | 33.33 | |
CMBlu Energy AG | Alzenau | Germany | 14.71 | |
Natursteinwerke im Nordschwarzwald NSN GmbH & Co. KG | M\u00fchlacker | Germany | 25.00 | |
DESARROLLO VIAL AL MAR S.A.S. | Medell\u00edn | Colombia | 37.50 | |
A-Lanes A15 Holding B.V. | Nieuwegein | The Netherlands | 24.00 | |
Z\u00fcblin International Qatar LLC | Doha | Qatar | 49.00 | |
SOCIETATEA COMPANIILOR HOTELIERE GRAND SRL | Bucharest | Romania | 35.32 | |
MAK Mecsek Autopalya Koncesszios Zrt. | Budapest | Hungary | 50.00 |
The following list shows the equity accounted joint ventures included in the consolidated financial statement:
\n \n \n \nCompany\nEquity accounted joint venture | Residence | Country | Direct stake % | |
Innsbrucker Nordkettenbahnen Betriebs GmbH | Innsbruck | Austria | 51.00 | 4 |
A 49 Autobahngesellschaft mbH & Co. KG | Schwalmstadt | Germany | 50.00 | |
AMB Asphaltmischwerke Bodensee GmbH & Co. KG | Singen Hohentwiel | Germany | 50.00 | |
FLARE Living GmbH & Co. KG | Cologne | Germany | 50.00 | |
Kieswerke Schray GmbH & Co. KG | Stei\u00dflingen | Germany | 50.00 | |
Messe City K\u00f6ln GmbH & Co. KG | Hamburg | Germany | 50.00 | |
NWM Nordwestdeutsche Mischwerke GmbH & Co. KG | Gro\u00dfenkneten | Germany | 50.00 | |
PANSUEVIA Service GmbH & Co. KG | Jettingen-Scheppach | Germany | 50.00 | |
Silenos Energy Geothermie Garching a.d. Alz GmbH & Co. KG | Garching a.d.Alz | Germany | 50.00 | |
SRE-ECE-JV General\u00fcbernehmer GmbH & Co. KG | Oststeinbek | Germany | 50.00 | |
Th\u00fcringer Stra\u00dfenwartungs- und Instandhaltungsgesellschaft mbH & Co. KG | Apfelst\u00e4dt | Germany | 50.00 | |
Autocesta Zagreb-Macelj d.o.o. | Zagreb | Croatia | 51.00 | 4 |
A2 ROUTE Sp. z o.o. | Pruszkow | Poland | 50.00 |
4There are deviating contractual provisions concerning this joint venture.
T\u20ac | 2023 | 2022 |
Income from investments | 63,950 | 74,024 |
Expenses arising from investments | -21,117 | -9,877 |
Gains on the disposal of investments | 5,635 | 4,073 |
Impairment losses and reversal of impairment losses on investments | -1,993 | -9,762 |
Losses on the disposal of investments | -257 | -89 |
Net income from investments | 46,218 | 58,369 |
The Management Board proposes to pay out a dividend in the amount of \u20ac 2.20 per dividend-bearing share for the 2023 financial year. Taking into account the increase in share capital on 21\u00a0March\u00a02024 to 118,221,982 shares, the maximum distribution amount would be T\u20ac 260,088, which corresponds to 41.3% of the net income after minorities of T\u20ac 630,508.
\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f6136": { "value": "\n\n Amortisation and depreciation, including the amortisation of rights from concession arrangements, amounted to T\u20ac 543,278 in the financial year (2022: T\u20ac 533,960). In the reporting period impairments on intangible assets and on property, plant and equipment to the amount of T\u20ac 5,884 (2022: T\u20ac 10,149) and reversal of impairment losses in the amount of T\u20ac 18,500 (2022: T\u20ac 0) were made. Impairment on goodwill amounts to T\u20ac 7,454 (2022: T\u20ac 6,700). For goodwill impairments we refer to the details under item (13) Goodwill.
\nDepreciation and amortisation expense of intangible and tangible assets includes depreciation and amortisation of right-of-use assets for leases in the amount of T\u20ac 68,474 (2022: T\u20ac 65,082).
\n \nImpairment losses totalling T\u20ac 13,338 and reversal of impairment losses of T\u20ac 18,500 were recognised in 2023.
\n \nImpairment losses totalling T\u20ac 16,849\u00a0were recognised in 2022.
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f6141": { "value": "Amortisation and depreciation, including the amortisation of rights from concession arrangements, amounted to T\u20ac 543,278 in the financial year (2022: T\u20ac 533,960).", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f6163": { "value": "\n \n \n \n \n \nT\u20ac | 2023 | 2022 |
Interest and similar income | 119,194 | 50,742 |
Interest expense and similar charges | -75,068 | -40,066 |
Net interest income | 44,126 | 10,676 |
Included in interest and similar income are exchange rate gains amounting to T\u20ac 2,259 (2022: T\u20ac 9,074) and interest portions from the plan assets for pension provisions in the amount of T\u20ac 3,752 (2022: T\u20ac 835).
\n \n \n \n \nIncluded in interest expense and similar charges are interest components from the allocation of severance payment and pension provisions amounting to T\u20ac 18,733 (2022: T\u20ac 5,102) as well as currency losses of T\u20ac 18,166 (2022: T\u20ac 5,877).
\n \n \n \n \nInterest from leases in the amount of T\u20ac 7,630 (2022: T\u20ac 7,326) is included in the interest expense and similar charges.
\n \n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f6164": { "value": "\n \n \n \n \nT\u20ac | 2023 | 2022 |
Interest and similar income | 119,194 | 50,742 |
Interest expense and similar charges | -75,068 | -40,066 |
Net interest income | 44,126 | 10,676 |
Included in interest and similar income are exchange rate gains amounting to T\u20ac 2,259 (2022: T\u20ac 9,074) and interest portions from the plan assets for pension provisions in the amount of T\u20ac 3,752 (2022: T\u20ac 835).
\n \n \n \n \nIncluded in interest expense and similar charges are interest components from the allocation of severance payment and pension provisions amounting to T\u20ac 18,733 (2022: T\u20ac 5,102) as well as currency losses of T\u20ac 18,166 (2022: T\u20ac 5,877).
\n \n \n \n \nInterest from leases in the amount of T\u20ac 7,630 (2022: T\u20ac 7,326) is included in the interest expense and similar charges.
\n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f6165": { "value": "\n \n \n \nT\u20ac | 2023 | 2022 |
Interest and similar income | 119,194 | 50,742 |
Interest expense and similar charges | -75,068 | -40,066 |
Net interest income | 44,126 | 10,676 |
Included in interest expense and similar charges are interest components from the allocation of severance payment and pension provisions amounting to T\u20ac 18,733 (2022: T\u20ac 5,102) as well as currency losses of T\u20ac 18,166 (2022: T\u20ac 5,877).
\n \n \n \nInterest from leases in the amount of T\u20ac 7,630 (2022: T\u20ac 7,326) is included in the interest expense and similar charges.
\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f6166": { "value": "\n \n \nT\u20ac | 2023 | 2022 |
Interest and similar income | 119,194 | 50,742 |
Interest expense and similar charges | -75,068 | -40,066 |
Net interest income | 44,126 | 10,676 |
Included in interest and similar income are exchange rate gains amounting to T\u20ac 2,259 (2022: T\u20ac 9,074) and interest portions from the plan assets for pension provisions in the amount of T\u20ac 3,752 (2022: T\u20ac 835).
\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f6167": { "value": "\n \nT\u20ac | 2023 | 2022 |
Interest and similar income | 119,194 | 50,742 |
Interest expense and similar charges | -75,068 | -40,066 |
Net interest income | 44,126 | 10,676 |
Included in interest expense and similar charges are interest components from the allocation of severance payment and pension provisions amounting to T\u20ac 18,733 (2022: T\u20ac 5,102) as well as currency losses of T\u20ac 18,166 (2022: T\u20ac 5,877).
\n \nInterest from leases in the amount of T\u20ac 7,630 (2022: T\u20ac 7,326) is included in the interest expense and similar charges.
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f6168": { "value": "\nT\u20ac | 2023 | 2022 |
Interest and similar income | 119,194 | 50,742 |
Interest expense and similar charges | -75,068 | -40,066 |
Net interest income | 44,126 | 10,676 |
Included in interest and similar income are exchange rate gains amounting to T\u20ac 2,259 (2022: T\u20ac 9,074) and interest portions from the plan assets for pension provisions in the amount of T\u20ac 3,752 (2022: T\u20ac 835).
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f6255": { "value": "\nIncome tax includes taxes paid in the individual companies or owed on income, as well as deferred tax and the payments of additional tax payments resulting from tax audits:
\nT\u20ac | 2023 | 2022 |
Current tax | 231,088 | 201,923 |
Deferred tax | 59,841 | 35,021 |
Income tax expense | 290,929 | 236,944 |
The following tax components are recognised directly in equity in the statement of total comprehensive income:
\nT\u20ac | 2023 | 2022 |
Change in hedging reserves | 4,647 | -19,468 |
Actuarial gains/losses | -3,401 | -10,707 |
Total | 1,246 | -30,175 |
The reasons for the difference between the Austrian corporate income tax rate of 24% (2022: 25%) valid in 2023 and the actual consolidated tax rate are as follows:
\nT\u20ac | 2023 | 2022 |
EBT | 924,323 | 717,073 |
Theoretical tax expense 24% (2022: 25%) | 221,837 | 179,268 |
Differences against foreign tax rates | 2,166 | 4,639 |
Changes in tax rates | -482 | 4,276 |
Non-tax-deductible expense | 16,729 | 30,254 |
Tax-free income | -39,826 | -30,844 |
Additional tax payments/tax refunds | -17,708 | 11,970 |
Change in valuation allowances on deferred tax assets | 105,893 | 36,733 |
Other | 2,320 | 648 |
Recognised income tax expense | 290,929 | 236,944 |
The basic earnings per share is calculated by dividing the consolidated profit or loss by the weighted average number of ordinary shares. As there are no stock options at the STRABAG\u00a0SE Group, the diluted earnings per share equal the basic earnings per share.
\n2023 | 2022 | |
Number of ordinary shares | 102,600,000 | 102,600,000 |
Number of shares bought back | -2,779,006 | 0 |
Number of shares outstanding as at 31.12. | 99,820,994 | 102,600,000 |
Profit or loss attributable to equity holders of the parent (consolidated profit/loss) T\u20ac | 630,508 | 472,454 |
Weighted number of shares outstanding during the year | 100,125,543 | 102,600,000 |
Earnings per share \u20ac | 6.30 | 4.60 |
Acquisition and production cost | ||||||||
T\u20ac | Balance\nas at\n1.1.2023 | Additions\nto the\nconsolidated\ngroup | Disposals\nfrom the\nconsolidated\ngroup | Currency translation | Additions | Transfers | Disposals | Balance\nas at 31.12.2023 |
I. Goodwill | 690,200 | 53,258 | 3,316 | 1,938 | 0 | 0 | 0 | 742,080 |
II. Rights from concession arrangements | 551,793 | 0 | 0 | 0 | 0 | 0 | 0 | 551,793 |
III. Other intangible assets | ||||||||
1. Concessions, software, licences, rights | 138,733 | 19,481 | 2,629 | 331 | 1,760 | -111 | 9,794 | 147,771 |
2. Advances paid | 299 | 0 | 0 | 0 | 22 | 111 | 0 | 432 |
Total | 139,032 | 19,481 | 2,629 | 331 | 1,782 | 0 | 9,794 | 148,203 |
IV. Property, plant and equipment | ||||||||
1. Land and buildings | 1,700,659 | 10,120 | 6,904 | 3,649 | 42,359 | 87,198 | 23,548 | 1,813,533 |
2. Right-of-use assets | 537,944 | 7,907 | 412 | 1,613 | 110,371 | 0 | 50,691 | 606,732 |
3. Technical equipment and machinery | 3,159,667 | 20,771 | 9,609 | 5,623 | 216,888 | 69,658 | 171,021 | 3,291,977 |
4. Other facilities, furniture and fixtures and office equipment | 1,450,276 | 12,154 | 6,363 | 3,558 | 225,299 | 1,396 | 121,040 | 1,565,280 |
5. Advances paid and assets under construction | 192,764 | 50 | 34 | 179 | 54,528 | -158,252 | 393 | 88,842 |
6. Investment property | 137,445 | 0 | 0 | -38 | 15,773 | 0 | 0 | 153,180 |
Total | 7,178,755 | 51,002 | 23,322 | 14,584 | 665,218 | 0 | 366,693 | 7,519,544 |
Accumulated depreciation, amortisation and impairment | ||||||||||
T\u20ac | Balance\nas at\n1.1.2023 | Additions\nto the\nconsolidated\ngroup | Disposals\nfrom the\nconsolidated\ngroup | Currency translation | Additions | Transfers | Disposals | Balance\nas at 31.12.2023 | Carrying amount \nas at 31.12.2023 | Carrying amount \nas at 31.12.2022 |
I. | 247,804 | 0 | 3,316 | -600 | 7,454 | 0 | 0 | 251,342 | 490,738 | 442,396 |
II. | 78,638 | 0 | 0 | 0 | 20,305 | 0 | 0 | 98,943 | 452,850 | 473,155 |
III. | ||||||||||
1. | 114,185 | 4,859 | 2,627 | 154 | 6,709 | 0 | 8,304 | 114,976 | 32,795 | 24,548 |
2. | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 432 | 299 |
III. | 114,185 | 4,859 | 2,627 | 154 | 6,709 | 0 | 8,304 | 114,976 | 33,227 | 24,847 |
IV. | ||||||||||
1. | 748,784 | 1,886 | 2,944 | 827 | 43,356 | 1 | 16,354 | 775,556 | 1,037,977 | 951,875 |
2. | 185,550 | 0 | 284 | 460 | 68,474 | 0 | 26,331 | 227,869 | 378,863 | 352,394 |
3. | 2,414,425 | 13,628 | 8,796 | 4,118 | 258,326 | -3 | 163,154 | 2,518,544 | 773,433 | 745,242 |
4. | 951,921 | 8,544 | 5,413 | 2,207 | 151,878 | 2 | 112,181 | 996,958 | 568,322 | 498,355 |
5. | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 88,842 | 192,764 |
6. | 134,612 | 0 | 0 | 0 | -18,386 | 0 | 0 | 116,226 | 36,954 | 2,833 |
4,435,292 | 24,058 | 17,437 | 7,612 | 503,648 | 0 | 318,020 | 4,635,153 | 2,884,391 | 2,743,463 |
Impairment losses totalling T\u20ac 13,338 and reversal of impairment losses of T\u20ac 18,500 were recognised in 2023.
\n \n \nAcquisition and production cost | ||||||||
T\u20ac | Balance\nas at\n1.1.2022 | Additions\nto the\nconsolidated\ngroup | Disposals\nfrom the\nconsolidated\ngroup | Currency translation | Additions | Transfers | Disposals | Balance\nas at\n31.12.2022 |
I. Goodwill | 688,161 | 0 | 0 | 2,039 | 0 | 0 | 0 | 690,200 |
II. Rights from concession arrangements | 551,793 | 0 | 0 | 0 | 0 | 0 | 0 | 551,793 |
III. Other intangible assets | ||||||||
1. Concessions, software, licences, rights | 140,763 | 669 | 3 | -46 | 2,406 | 2 | 5,058 | 138,733 |
2. Advances paid | 2 | 0 | 0 | 0 | 299 | -2 | 0 | 299 |
Total | 140,765 | 669 | 3 | -46 | 2,705 | 0 | 5,058 | 139,032 |
IV. Property, plant and equipment | ||||||||
1. Land and buildings | 1,560,602 | 4,548 | 0 | 2,336 | 134,241 | 17,074 | 18,142 | 1,700,659 |
2. Right-of-use assets | 476,015 | 0 | 0 | 412 | 106,788 | 0 | 45,271 | 537,944 |
3. Technical equipment and machinery | 3,046,390 | 805 | 104 | 13,416 | 230,343 | 16,261 | 147,444 | 3,159,667 |
4. Other facilities, furniture and fixtures and office equipment | 1,375,303 | 312 | 76 | 958 | 172,682 | -3,108 | 95,795 | 1,450,276 |
5. Advances paid and assets under construction | 99,635 | 0 | 0 | 123 | 123,541 | -30,217 | 318 | 192,764 |
6. Investment property | 137,389 | 0 | 0 | 46 | 138 | -10 | 118 | 137,445 |
Total | 6,695,334 | 5,665 | 180 | 17,291 | 767,733 | 0 | 307,088 | 7,178,755 |
Accumulated depreciation, amortisation and impairment | ||||||||||
T\u20ac | Balance\nas at\n1.1.2022 | Additions\nto the\nconsolidated\ngroup | Disposals\nfrom the\nconsolidated\ngroup | Currency translation | Additions | Transfers | Disposals | Balance\nas at\n31.12.2022 | Carrying amount \nas at 31.12.2022 | Carrying amount \nas at 31.12.2021 |
I. | 240,482 | 0 | 0 | 622 | 6,700 | 0 | 0 | 247,804 | 442,396 | 447,679 |
II. | 58,964 | 0 | 0 | 0 | 19,674 | 0 | 0 | 78,638 | 473,155 | 492,829 |
III. | ||||||||||
1. | 112,370 | 644 | 3 | -16 | 6,001 | 0 | 4,811 | 114,185 | 24,548 | 28,393 |
2. | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 299 | 2 |
III. | 112,370 | 644 | 3 | -16 | 6,001 | 0 | 4,811 | 114,185 | 24,847 | 28,395 |
IV. | ||||||||||
1. | 706,585 | 1,884 | 0 | 1,540 | 47,581 | 0 | 8,806 | 748,784 | 951,875 | 854,017 |
2. | 147,772 | 0 | 0 | 196 | 65,081 | 0 | 27,499 | 185,550 | 352,394 | 328,243 |
3. | 2,290,818 | 661 | 104 | 13,358 | 249,740 | 0 | 140,048 | 2,414,425 | 745,242 | 755,572 |
4. | 882,440 | 305 | 76 | 1,203 | 155,913 | 0 | 87,864 | 951,921 | 498,355 | 492,863 |
5. | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 192,764 | 99,635 |
6. | 134,603 | 0 | 0 | 0 | 119 | 0 | 110 | 134,612 | 2,833 | 2,786 |
4,162,218 | 2,850 | 180 | 16,297 | 518,434 | 0 | 264,327 | 4,435,292 | 2,743,463 | 2,533,116 |
Impairment losses totalling T\u20ac 16,849\u00a0were recognised in 2022.
\n \n \n \n \n \n \nSTRABAG has held 100% of PANSUEVIA\u00a0GmbH & Co. KG, Jettingen-Scheppach, since 28\u00a0September\u00a02018.
\nThe company concluded a concession arrangement with the Federal Republic of Germany to design, build and finance a section of the A8 motorway and to maintain and operate a section of the A8 motorway between Ulm and Augsburg.
\nIn exchange, PANSUEVIA receives the right to charge trucks an uniform toll rate per kilometre on an approx. 57 km long concession section. The toll may be adapted annually. The term of the concession arrangement is set at 30 years and ends on 30\u00a0June\u00a02041.
\nThe development of the concession right can be found under item (12) Consolidated statement of changes in fixed assets. The concession right is amortised over the term of 30 years on the basis of the use of the concession section. The annual income from the toll collections is recognised as revenue.
\nThe right from the concession arrangement is offset by variable and fixed interest rate non-recourse financing in the amount of T\u20ac 339,847 (2022: T\u20ac 353,412) classified either as a current or non-current liability depending on the term to maturity. The resulting interest expense is recognised under other operating expense. The interest risk based on variable interest was hedged through the conclusion of interest rate swap agreements that satisfy the requirements for presentation as a cash flow hedge. The changes in the value of the interest rate swap are therefore recognised in the other comprehensive income.
\n \n \n \n \nThe composition of and changes in other intangible assets are shown under item (12) Consolidated statement of changes in fixed assets.
\nNo borrowing costs were capitalised for other intangible assets in the reporting period.
\n \nA total of T\u20ac 17,135 (2022: T\u20ac 15,769) in research and development costs incurred in the 2023 financial year were recorded as expenses.
\n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f6590": { "value": "\n \n \nAcquisition and production cost | ||||||||
T\u20ac | Balance\nas at\n1.1.2023 | Additions\nto the\nconsolidated\ngroup | Disposals\nfrom the\nconsolidated\ngroup | Currency translation | Additions | Transfers | Disposals | Balance\nas at 31.12.2023 |
I. Goodwill | 690,200 | 53,258 | 3,316 | 1,938 | 0 | 0 | 0 | 742,080 |
II. Rights from concession arrangements | 551,793 | 0 | 0 | 0 | 0 | 0 | 0 | 551,793 |
III. Other intangible assets | ||||||||
1. Concessions, software, licences, rights | 138,733 | 19,481 | 2,629 | 331 | 1,760 | -111 | 9,794 | 147,771 |
2. Advances paid | 299 | 0 | 0 | 0 | 22 | 111 | 0 | 432 |
Total | 139,032 | 19,481 | 2,629 | 331 | 1,782 | 0 | 9,794 | 148,203 |
IV. Property, plant and equipment | ||||||||
1. Land and buildings | 1,700,659 | 10,120 | 6,904 | 3,649 | 42,359 | 87,198 | 23,548 | 1,813,533 |
2. Right-of-use assets | 537,944 | 7,907 | 412 | 1,613 | 110,371 | 0 | 50,691 | 606,732 |
3. Technical equipment and machinery | 3,159,667 | 20,771 | 9,609 | 5,623 | 216,888 | 69,658 | 171,021 | 3,291,977 |
4. Other facilities, furniture and fixtures and office equipment | 1,450,276 | 12,154 | 6,363 | 3,558 | 225,299 | 1,396 | 121,040 | 1,565,280 |
5. Advances paid and assets under construction | 192,764 | 50 | 34 | 179 | 54,528 | -158,252 | 393 | 88,842 |
6. Investment property | 137,445 | 0 | 0 | -38 | 15,773 | 0 | 0 | 153,180 |
Total | 7,178,755 | 51,002 | 23,322 | 14,584 | 665,218 | 0 | 366,693 | 7,519,544 |
Accumulated depreciation, amortisation and impairment | ||||||||||
T\u20ac | Balance\nas at\n1.1.2023 | Additions\nto the\nconsolidated\ngroup | Disposals\nfrom the\nconsolidated\ngroup | Currency translation | Additions | Transfers | Disposals | Balance\nas at 31.12.2023 | Carrying amount \nas at 31.12.2023 | Carrying amount \nas at 31.12.2022 |
I. | 247,804 | 0 | 3,316 | -600 | 7,454 | 0 | 0 | 251,342 | 490,738 | 442,396 |
II. | 78,638 | 0 | 0 | 0 | 20,305 | 0 | 0 | 98,943 | 452,850 | 473,155 |
III. | ||||||||||
1. | 114,185 | 4,859 | 2,627 | 154 | 6,709 | 0 | 8,304 | 114,976 | 32,795 | 24,548 |
2. | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 432 | 299 |
III. | 114,185 | 4,859 | 2,627 | 154 | 6,709 | 0 | 8,304 | 114,976 | 33,227 | 24,847 |
IV. | ||||||||||
1. | 748,784 | 1,886 | 2,944 | 827 | 43,356 | 1 | 16,354 | 775,556 | 1,037,977 | 951,875 |
2. | 185,550 | 0 | 284 | 460 | 68,474 | 0 | 26,331 | 227,869 | 378,863 | 352,394 |
3. | 2,414,425 | 13,628 | 8,796 | 4,118 | 258,326 | -3 | 163,154 | 2,518,544 | 773,433 | 745,242 |
4. | 951,921 | 8,544 | 5,413 | 2,207 | 151,878 | 2 | 112,181 | 996,958 | 568,322 | 498,355 |
5. | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 88,842 | 192,764 |
6. | 134,612 | 0 | 0 | 0 | -18,386 | 0 | 0 | 116,226 | 36,954 | 2,833 |
4,435,292 | 24,058 | 17,437 | 7,612 | 503,648 | 0 | 318,020 | 4,635,153 | 2,884,391 | 2,743,463 |
Impairment losses totalling T\u20ac 13,338 and reversal of impairment losses of T\u20ac 18,500 were recognised in 2023.
\n \n \nAcquisition and production cost | ||||||||
T\u20ac | Balance\nas at\n1.1.2022 | Additions\nto the\nconsolidated\ngroup | Disposals\nfrom the\nconsolidated\ngroup | Currency translation | Additions | Transfers | Disposals | Balance\nas at\n31.12.2022 |
I. Goodwill | 688,161 | 0 | 0 | 2,039 | 0 | 0 | 0 | 690,200 |
II. Rights from concession arrangements | 551,793 | 0 | 0 | 0 | 0 | 0 | 0 | 551,793 |
III. Other intangible assets | ||||||||
1. Concessions, software, licences, rights | 140,763 | 669 | 3 | -46 | 2,406 | 2 | 5,058 | 138,733 |
2. Advances paid | 2 | 0 | 0 | 0 | 299 | -2 | 0 | 299 |
Total | 140,765 | 669 | 3 | -46 | 2,705 | 0 | 5,058 | 139,032 |
IV. Property, plant and equipment | ||||||||
1. Land and buildings | 1,560,602 | 4,548 | 0 | 2,336 | 134,241 | 17,074 | 18,142 | 1,700,659 |
2. Right-of-use assets | 476,015 | 0 | 0 | 412 | 106,788 | 0 | 45,271 | 537,944 |
3. Technical equipment and machinery | 3,046,390 | 805 | 104 | 13,416 | 230,343 | 16,261 | 147,444 | 3,159,667 |
4. Other facilities, furniture and fixtures and office equipment | 1,375,303 | 312 | 76 | 958 | 172,682 | -3,108 | 95,795 | 1,450,276 |
5. Advances paid and assets under construction | 99,635 | 0 | 0 | 123 | 123,541 | -30,217 | 318 | 192,764 |
6. Investment property | 137,389 | 0 | 0 | 46 | 138 | -10 | 118 | 137,445 |
Total | 6,695,334 | 5,665 | 180 | 17,291 | 767,733 | 0 | 307,088 | 7,178,755 |
Accumulated depreciation, amortisation and impairment | ||||||||||
T\u20ac | Balance\nas at\n1.1.2022 | Additions\nto the\nconsolidated\ngroup | Disposals\nfrom the\nconsolidated\ngroup | Currency translation | Additions | Transfers | Disposals | Balance\nas at\n31.12.2022 | Carrying amount \nas at 31.12.2022 | Carrying amount \nas at 31.12.2021 |
I. | 240,482 | 0 | 0 | 622 | 6,700 | 0 | 0 | 247,804 | 442,396 | 447,679 |
II. | 58,964 | 0 | 0 | 0 | 19,674 | 0 | 0 | 78,638 | 473,155 | 492,829 |
III. | ||||||||||
1. | 112,370 | 644 | 3 | -16 | 6,001 | 0 | 4,811 | 114,185 | 24,548 | 28,393 |
2. | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 299 | 2 |
III. | 112,370 | 644 | 3 | -16 | 6,001 | 0 | 4,811 | 114,185 | 24,847 | 28,395 |
IV. | ||||||||||
1. | 706,585 | 1,884 | 0 | 1,540 | 47,581 | 0 | 8,806 | 748,784 | 951,875 | 854,017 |
2. | 147,772 | 0 | 0 | 196 | 65,081 | 0 | 27,499 | 185,550 | 352,394 | 328,243 |
3. | 2,290,818 | 661 | 104 | 13,358 | 249,740 | 0 | 140,048 | 2,414,425 | 745,242 | 755,572 |
4. | 882,440 | 305 | 76 | 1,203 | 155,913 | 0 | 87,864 | 951,921 | 498,355 | 492,863 |
5. | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 192,764 | 99,635 |
6. | 134,603 | 0 | 0 | 0 | 119 | 0 | 110 | 134,612 | 2,833 | 2,786 |
4,162,218 | 2,850 | 180 | 16,297 | 518,434 | 0 | 264,327 | 4,435,292 | 2,743,463 | 2,533,116 |
Impairment losses totalling T\u20ac 16,849\u00a0were recognised in 2022.
\n \n \n \n \n \nThe composition of and changes in goodwill is shown under item (12)\u00a0consolidated statement of changes in fixed assets.
\nThe goodwill at the balance sheet date is composed as follows:
\nT\u20ac | 31.12.2023 | 31.12.2022 |
STRABAG Cologne (N+W) | 131,118 | 131,118 |
STRABAG Cologne (S+E) | 61,105 | 61,105 |
Czech Republic (S+E) | 73,580 | 75,435 |
STRABAG Poland (S+E) | 60,560 | 56,144 |
STRABAG PFS Germany (I+S) | 39,650 | 39,650 |
Bockholdt GmbH & Co. KG (I+S) | 29,029 | 0 |
Germany (various CGUs; N+W) | 22,679 | 28,429 |
Austria (various CGUs; S+E) | 22,599 | 0 |
Ed. Z\u00fcblin AG (N+W) | 17,057 | 17,057 |
STRABAG PFS International (I+S) | 12,173 | 12,198 |
Construction materials (various CGUs; S+E) | 9,209 | 9,466 |
Other | 11,979 | 11,794 |
Total goodwill | 490,738 | 442,396 |
The comparison of the carrying amounts with the recoverable amounts of the cash-generating units determined by the annual impairment testing showed a need to recognise an impairment loss of T\u20ac 7,454 (2022: T\u20ac 6,700) on goodwill. This figure is shown under depreciation and amortisation. The depreciation and amortisation in the financial year related to two companies in the North + West segment, one of which is active in the refractory business, the other in the energy and systems technology sector. The recoverable amount of the impaired cash-generating units amounts to T\u20ac 13,724 (2022: T\u20ac 11,581).
\nThe recoverable amount of these cash-generating units (CGUs) corresponds to their fair value less cost to sell. The necessary impairments of the cash-generating units exclusively affected goodwill; impairment was not necessary for other assets of the CGUs.
\nThe methods of measurement are explained in the section \u201cAccounting policies\u201d (Impairment of non-financial assets). The method applied here is a Level 3 measurement.
\nRegarding the sensitivity analysis of goodwill, we refer to our notes under \u201cEstimates - (a) Recoverability of goodwill\u201d.
\nThe following table presents the key assumptions used in calculating the recoverable amount for significant goodwill.
\n \nThere were no intangible assets with indefinite useful lives allocated to the CGUs listed below.
\nCarrying amount | Methodology | Detailed planning period | Growth rate | Discount rate after tax | |
T\u20ac | 31.12.2023 | 31.12.2023 | 31.12.2023 | 31.12.2023 | 31.12.2023 |
STRABAG Cologne (N+W) | 131,118 | FV less cost of disposal (Level 3)\n[2022: FV less cost of disposal (Level 3)] | 4 (2022: 4) | 0 (2022: 0) | 9.25%\n(2022: 9.77%) |
STRABAG Cologne (S+E) | 61,105 | FV less cost of disposal (Level 3)\n[2022: FV less cost of disposal (Level 3)] | 4 (2022: 4) | 0 (2022: 0) | 9.89%\n(2022: 10.17%) |
Czech Republic (S+E) | 73,580 | FV less cost of disposal (Level 3)\n[2022: FV less cost of disposal (Level 3)] | 4 (2022: 4) | 0 (2022: 0) | 10.20%\n(2022: 10.46%) |
STRABAG Poland (S+E) | 60,560 | FV less cost of disposal (Level 3)\n[2022: FV less cost of disposal (Level 3)] | 4 (2022: 4) | 0 (2022: 0) | 11.01%\n(2022: 11.26%) |
STRABAG PFS Germany (I+S) | 39,650 | FV less cost of disposal (Level 3)\n[2022: FV less cost of disposal (Level 3)] | 4 (2022: 4) | 0 (2022: 0) | 9.25%\n(2022: 9.54%) |
The method used is a discounted cash flow model based on recognised valuation techniques, with the forecast of the cash flows calculated by the management on the basis of experience. The key assumptions used to determine the recoverable amount were future cash flows and the cost of capital. Management does not consider that any reasonably possible change in the key assumptions would cause the carrying amount of the CGU which contains the above-mentioned goodwill to exceed its recoverable amount.
\nThe sensitivity analyses described in the section \u201cEstimates \u2013 (a) Recoverability of goodwill\u201d did not lead to an impairment loss of the above-mentioned significant goodwill in any of the analysed cases.
\n \n \nSTRABAG has held 100% of PANSUEVIA\u00a0GmbH & Co. KG, Jettingen-Scheppach, since 28\u00a0September\u00a02018.
\nThe company concluded a concession arrangement with the Federal Republic of Germany to design, build and finance a section of the A8 motorway and to maintain and operate a section of the A8 motorway between Ulm and Augsburg.
\nIn exchange, PANSUEVIA receives the right to charge trucks an uniform toll rate per kilometre on an approx. 57 km long concession section. The toll may be adapted annually. The term of the concession arrangement is set at 30 years and ends on 30\u00a0June\u00a02041.
\nThe development of the concession right can be found under item (12) Consolidated statement of changes in fixed assets. The concession right is amortised over the term of 30 years on the basis of the use of the concession section. The annual income from the toll collections is recognised as revenue.
\nThe right from the concession arrangement is offset by variable and fixed interest rate non-recourse financing in the amount of T\u20ac 339,847 (2022: T\u20ac 353,412) classified either as a current or non-current liability depending on the term to maturity. The resulting interest expense is recognised under other operating expense. The interest risk based on variable interest was hedged through the conclusion of interest rate swap agreements that satisfy the requirements for presentation as a cash flow hedge. The changes in the value of the interest rate swap are therefore recognised in the other comprehensive income.
\n \n \nThe composition of and changes in other intangible assets are shown under item (12) Consolidated statement of changes in fixed assets.
\nNo borrowing costs were capitalised for other intangible assets in the reporting period.
\n \nA total of T\u20ac 17,135 (2022: T\u20ac 15,769) in research and development costs incurred in the 2023 financial year were recorded as expenses.
\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f6591": { "value": "\n \nAcquisition and production cost | ||||||||
T\u20ac | Balance\nas at\n1.1.2023 | Additions\nto the\nconsolidated\ngroup | Disposals\nfrom the\nconsolidated\ngroup | Currency translation | Additions | Transfers | Disposals | Balance\nas at 31.12.2023 |
I. Goodwill | 690,200 | 53,258 | 3,316 | 1,938 | 0 | 0 | 0 | 742,080 |
II. Rights from concession arrangements | 551,793 | 0 | 0 | 0 | 0 | 0 | 0 | 551,793 |
III. Other intangible assets | ||||||||
1. Concessions, software, licences, rights | 138,733 | 19,481 | 2,629 | 331 | 1,760 | -111 | 9,794 | 147,771 |
2. Advances paid | 299 | 0 | 0 | 0 | 22 | 111 | 0 | 432 |
Total | 139,032 | 19,481 | 2,629 | 331 | 1,782 | 0 | 9,794 | 148,203 |
IV. Property, plant and equipment | ||||||||
1. Land and buildings | 1,700,659 | 10,120 | 6,904 | 3,649 | 42,359 | 87,198 | 23,548 | 1,813,533 |
2. Right-of-use assets | 537,944 | 7,907 | 412 | 1,613 | 110,371 | 0 | 50,691 | 606,732 |
3. Technical equipment and machinery | 3,159,667 | 20,771 | 9,609 | 5,623 | 216,888 | 69,658 | 171,021 | 3,291,977 |
4. Other facilities, furniture and fixtures and office equipment | 1,450,276 | 12,154 | 6,363 | 3,558 | 225,299 | 1,396 | 121,040 | 1,565,280 |
5. Advances paid and assets under construction | 192,764 | 50 | 34 | 179 | 54,528 | -158,252 | 393 | 88,842 |
6. Investment property | 137,445 | 0 | 0 | -38 | 15,773 | 0 | 0 | 153,180 |
Total | 7,178,755 | 51,002 | 23,322 | 14,584 | 665,218 | 0 | 366,693 | 7,519,544 |
Accumulated depreciation, amortisation and impairment | ||||||||||
T\u20ac | Balance\nas at\n1.1.2023 | Additions\nto the\nconsolidated\ngroup | Disposals\nfrom the\nconsolidated\ngroup | Currency translation | Additions | Transfers | Disposals | Balance\nas at 31.12.2023 | Carrying amount \nas at 31.12.2023 | Carrying amount \nas at 31.12.2022 |
I. | 247,804 | 0 | 3,316 | -600 | 7,454 | 0 | 0 | 251,342 | 490,738 | 442,396 |
II. | 78,638 | 0 | 0 | 0 | 20,305 | 0 | 0 | 98,943 | 452,850 | 473,155 |
III. | ||||||||||
1. | 114,185 | 4,859 | 2,627 | 154 | 6,709 | 0 | 8,304 | 114,976 | 32,795 | 24,548 |
2. | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 432 | 299 |
III. | 114,185 | 4,859 | 2,627 | 154 | 6,709 | 0 | 8,304 | 114,976 | 33,227 | 24,847 |
IV. | ||||||||||
1. | 748,784 | 1,886 | 2,944 | 827 | 43,356 | 1 | 16,354 | 775,556 | 1,037,977 | 951,875 |
2. | 185,550 | 0 | 284 | 460 | 68,474 | 0 | 26,331 | 227,869 | 378,863 | 352,394 |
3. | 2,414,425 | 13,628 | 8,796 | 4,118 | 258,326 | -3 | 163,154 | 2,518,544 | 773,433 | 745,242 |
4. | 951,921 | 8,544 | 5,413 | 2,207 | 151,878 | 2 | 112,181 | 996,958 | 568,322 | 498,355 |
5. | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 88,842 | 192,764 |
6. | 134,612 | 0 | 0 | 0 | -18,386 | 0 | 0 | 116,226 | 36,954 | 2,833 |
4,435,292 | 24,058 | 17,437 | 7,612 | 503,648 | 0 | 318,020 | 4,635,153 | 2,884,391 | 2,743,463 |
Impairment losses totalling T\u20ac 13,338 and reversal of impairment losses of T\u20ac 18,500 were recognised in 2023.
\n \n \nAcquisition and production cost | ||||||||
T\u20ac | Balance\nas at\n1.1.2022 | Additions\nto the\nconsolidated\ngroup | Disposals\nfrom the\nconsolidated\ngroup | Currency translation | Additions | Transfers | Disposals | Balance\nas at\n31.12.2022 |
I. Goodwill | 688,161 | 0 | 0 | 2,039 | 0 | 0 | 0 | 690,200 |
II. Rights from concession arrangements | 551,793 | 0 | 0 | 0 | 0 | 0 | 0 | 551,793 |
III. Other intangible assets | ||||||||
1. Concessions, software, licences, rights | 140,763 | 669 | 3 | -46 | 2,406 | 2 | 5,058 | 138,733 |
2. Advances paid | 2 | 0 | 0 | 0 | 299 | -2 | 0 | 299 |
Total | 140,765 | 669 | 3 | -46 | 2,705 | 0 | 5,058 | 139,032 |
IV. Property, plant and equipment | ||||||||
1. Land and buildings | 1,560,602 | 4,548 | 0 | 2,336 | 134,241 | 17,074 | 18,142 | 1,700,659 |
2. Right-of-use assets | 476,015 | 0 | 0 | 412 | 106,788 | 0 | 45,271 | 537,944 |
3. Technical equipment and machinery | 3,046,390 | 805 | 104 | 13,416 | 230,343 | 16,261 | 147,444 | 3,159,667 |
4. Other facilities, furniture and fixtures and office equipment | 1,375,303 | 312 | 76 | 958 | 172,682 | -3,108 | 95,795 | 1,450,276 |
5. Advances paid and assets under construction | 99,635 | 0 | 0 | 123 | 123,541 | -30,217 | 318 | 192,764 |
6. Investment property | 137,389 | 0 | 0 | 46 | 138 | -10 | 118 | 137,445 |
Total | 6,695,334 | 5,665 | 180 | 17,291 | 767,733 | 0 | 307,088 | 7,178,755 |
Accumulated depreciation, amortisation and impairment | ||||||||||
T\u20ac | Balance\nas at\n1.1.2022 | Additions\nto the\nconsolidated\ngroup | Disposals\nfrom the\nconsolidated\ngroup | Currency translation | Additions | Transfers | Disposals | Balance\nas at\n31.12.2022 | Carrying amount \nas at 31.12.2022 | Carrying amount \nas at 31.12.2021 |
I. | 240,482 | 0 | 0 | 622 | 6,700 | 0 | 0 | 247,804 | 442,396 | 447,679 |
II. | 58,964 | 0 | 0 | 0 | 19,674 | 0 | 0 | 78,638 | 473,155 | 492,829 |
III. | ||||||||||
1. | 112,370 | 644 | 3 | -16 | 6,001 | 0 | 4,811 | 114,185 | 24,548 | 28,393 |
2. | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 299 | 2 |
III. | 112,370 | 644 | 3 | -16 | 6,001 | 0 | 4,811 | 114,185 | 24,847 | 28,395 |
IV. | ||||||||||
1. | 706,585 | 1,884 | 0 | 1,540 | 47,581 | 0 | 8,806 | 748,784 | 951,875 | 854,017 |
2. | 147,772 | 0 | 0 | 196 | 65,081 | 0 | 27,499 | 185,550 | 352,394 | 328,243 |
3. | 2,290,818 | 661 | 104 | 13,358 | 249,740 | 0 | 140,048 | 2,414,425 | 745,242 | 755,572 |
4. | 882,440 | 305 | 76 | 1,203 | 155,913 | 0 | 87,864 | 951,921 | 498,355 | 492,863 |
5. | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 192,764 | 99,635 |
6. | 134,603 | 0 | 0 | 0 | 119 | 0 | 110 | 134,612 | 2,833 | 2,786 |
4,162,218 | 2,850 | 180 | 16,297 | 518,434 | 0 | 264,327 | 4,435,292 | 2,743,463 | 2,533,116 |
Impairment losses totalling T\u20ac 16,849\u00a0were recognised in 2022.
\n \n \n \nThe composition of and changes in goodwill is shown under item (12)\u00a0consolidated statement of changes in fixed assets.
\nThe goodwill at the balance sheet date is composed as follows:
\nT\u20ac | 31.12.2023 | 31.12.2022 |
STRABAG Cologne (N+W) | 131,118 | 131,118 |
STRABAG Cologne (S+E) | 61,105 | 61,105 |
Czech Republic (S+E) | 73,580 | 75,435 |
STRABAG Poland (S+E) | 60,560 | 56,144 |
STRABAG PFS Germany (I+S) | 39,650 | 39,650 |
Bockholdt GmbH & Co. KG (I+S) | 29,029 | 0 |
Germany (various CGUs; N+W) | 22,679 | 28,429 |
Austria (various CGUs; S+E) | 22,599 | 0 |
Ed. Z\u00fcblin AG (N+W) | 17,057 | 17,057 |
STRABAG PFS International (I+S) | 12,173 | 12,198 |
Construction materials (various CGUs; S+E) | 9,209 | 9,466 |
Other | 11,979 | 11,794 |
Total goodwill | 490,738 | 442,396 |
The comparison of the carrying amounts with the recoverable amounts of the cash-generating units determined by the annual impairment testing showed a need to recognise an impairment loss of T\u20ac 7,454 (2022: T\u20ac 6,700) on goodwill. This figure is shown under depreciation and amortisation. The depreciation and amortisation in the financial year related to two companies in the North + West segment, one of which is active in the refractory business, the other in the energy and systems technology sector. The recoverable amount of the impaired cash-generating units amounts to T\u20ac 13,724 (2022: T\u20ac 11,581).
\nThe recoverable amount of these cash-generating units (CGUs) corresponds to their fair value less cost to sell. The necessary impairments of the cash-generating units exclusively affected goodwill; impairment was not necessary for other assets of the CGUs.
\nThe methods of measurement are explained in the section \u201cAccounting policies\u201d (Impairment of non-financial assets). The method applied here is a Level 3 measurement.
\nRegarding the sensitivity analysis of goodwill, we refer to our notes under \u201cEstimates - (a) Recoverability of goodwill\u201d.
\nThe following table presents the key assumptions used in calculating the recoverable amount for significant goodwill.
\n \nThere were no intangible assets with indefinite useful lives allocated to the CGUs listed below.
\nCarrying amount | Methodology | Detailed planning period | Growth rate | Discount rate after tax | |
T\u20ac | 31.12.2023 | 31.12.2023 | 31.12.2023 | 31.12.2023 | 31.12.2023 |
STRABAG Cologne (N+W) | 131,118 | FV less cost of disposal (Level 3)\n[2022: FV less cost of disposal (Level 3)] | 4 (2022: 4) | 0 (2022: 0) | 9.25%\n(2022: 9.77%) |
STRABAG Cologne (S+E) | 61,105 | FV less cost of disposal (Level 3)\n[2022: FV less cost of disposal (Level 3)] | 4 (2022: 4) | 0 (2022: 0) | 9.89%\n(2022: 10.17%) |
Czech Republic (S+E) | 73,580 | FV less cost of disposal (Level 3)\n[2022: FV less cost of disposal (Level 3)] | 4 (2022: 4) | 0 (2022: 0) | 10.20%\n(2022: 10.46%) |
STRABAG Poland (S+E) | 60,560 | FV less cost of disposal (Level 3)\n[2022: FV less cost of disposal (Level 3)] | 4 (2022: 4) | 0 (2022: 0) | 11.01%\n(2022: 11.26%) |
STRABAG PFS Germany (I+S) | 39,650 | FV less cost of disposal (Level 3)\n[2022: FV less cost of disposal (Level 3)] | 4 (2022: 4) | 0 (2022: 0) | 9.25%\n(2022: 9.54%) |
The method used is a discounted cash flow model based on recognised valuation techniques, with the forecast of the cash flows calculated by the management on the basis of experience. The key assumptions used to determine the recoverable amount were future cash flows and the cost of capital. Management does not consider that any reasonably possible change in the key assumptions would cause the carrying amount of the CGU which contains the above-mentioned goodwill to exceed its recoverable amount.
\nThe sensitivity analyses described in the section \u201cEstimates \u2013 (a) Recoverability of goodwill\u201d did not lead to an impairment loss of the above-mentioned significant goodwill in any of the analysed cases.
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f6592": { "value": "\nAcquisition and production cost | ||||||||
T\u20ac | Balance\nas at\n1.1.2023 | Additions\nto the\nconsolidated\ngroup | Disposals\nfrom the\nconsolidated\ngroup | Currency translation | Additions | Transfers | Disposals | Balance\nas at 31.12.2023 |
I. Goodwill | 690,200 | 53,258 | 3,316 | 1,938 | 0 | 0 | 0 | 742,080 |
II. Rights from concession arrangements | 551,793 | 0 | 0 | 0 | 0 | 0 | 0 | 551,793 |
III. Other intangible assets | ||||||||
1. Concessions, software, licences, rights | 138,733 | 19,481 | 2,629 | 331 | 1,760 | -111 | 9,794 | 147,771 |
2. Advances paid | 299 | 0 | 0 | 0 | 22 | 111 | 0 | 432 |
Total | 139,032 | 19,481 | 2,629 | 331 | 1,782 | 0 | 9,794 | 148,203 |
IV. Property, plant and equipment | ||||||||
1. Land and buildings | 1,700,659 | 10,120 | 6,904 | 3,649 | 42,359 | 87,198 | 23,548 | 1,813,533 |
2. Right-of-use assets | 537,944 | 7,907 | 412 | 1,613 | 110,371 | 0 | 50,691 | 606,732 |
3. Technical equipment and machinery | 3,159,667 | 20,771 | 9,609 | 5,623 | 216,888 | 69,658 | 171,021 | 3,291,977 |
4. Other facilities, furniture and fixtures and office equipment | 1,450,276 | 12,154 | 6,363 | 3,558 | 225,299 | 1,396 | 121,040 | 1,565,280 |
5. Advances paid and assets under construction | 192,764 | 50 | 34 | 179 | 54,528 | -158,252 | 393 | 88,842 |
6. Investment property | 137,445 | 0 | 0 | -38 | 15,773 | 0 | 0 | 153,180 |
Total | 7,178,755 | 51,002 | 23,322 | 14,584 | 665,218 | 0 | 366,693 | 7,519,544 |
Accumulated depreciation, amortisation and impairment | ||||||||||
T\u20ac | Balance\nas at\n1.1.2023 | Additions\nto the\nconsolidated\ngroup | Disposals\nfrom the\nconsolidated\ngroup | Currency translation | Additions | Transfers | Disposals | Balance\nas at 31.12.2023 | Carrying amount \nas at 31.12.2023 | Carrying amount \nas at 31.12.2022 |
I. | 247,804 | 0 | 3,316 | -600 | 7,454 | 0 | 0 | 251,342 | 490,738 | 442,396 |
II. | 78,638 | 0 | 0 | 0 | 20,305 | 0 | 0 | 98,943 | 452,850 | 473,155 |
III. | ||||||||||
1. | 114,185 | 4,859 | 2,627 | 154 | 6,709 | 0 | 8,304 | 114,976 | 32,795 | 24,548 |
2. | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 432 | 299 |
III. | 114,185 | 4,859 | 2,627 | 154 | 6,709 | 0 | 8,304 | 114,976 | 33,227 | 24,847 |
IV. | ||||||||||
1. | 748,784 | 1,886 | 2,944 | 827 | 43,356 | 1 | 16,354 | 775,556 | 1,037,977 | 951,875 |
2. | 185,550 | 0 | 284 | 460 | 68,474 | 0 | 26,331 | 227,869 | 378,863 | 352,394 |
3. | 2,414,425 | 13,628 | 8,796 | 4,118 | 258,326 | -3 | 163,154 | 2,518,544 | 773,433 | 745,242 |
4. | 951,921 | 8,544 | 5,413 | 2,207 | 151,878 | 2 | 112,181 | 996,958 | 568,322 | 498,355 |
5. | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 88,842 | 192,764 |
6. | 134,612 | 0 | 0 | 0 | -18,386 | 0 | 0 | 116,226 | 36,954 | 2,833 |
4,435,292 | 24,058 | 17,437 | 7,612 | 503,648 | 0 | 318,020 | 4,635,153 | 2,884,391 | 2,743,463 |
Acquisition and production cost | ||||||||
T\u20ac | Balance\nas at\n1.1.2022 | Additions\nto the\nconsolidated\ngroup | Disposals\nfrom the\nconsolidated\ngroup | Currency translation | Additions | Transfers | Disposals | Balance\nas at\n31.12.2022 |
I. Goodwill | 688,161 | 0 | 0 | 2,039 | 0 | 0 | 0 | 690,200 |
II. Rights from concession arrangements | 551,793 | 0 | 0 | 0 | 0 | 0 | 0 | 551,793 |
III. Other intangible assets | ||||||||
1. Concessions, software, licences, rights | 140,763 | 669 | 3 | -46 | 2,406 | 2 | 5,058 | 138,733 |
2. Advances paid | 2 | 0 | 0 | 0 | 299 | -2 | 0 | 299 |
Total | 140,765 | 669 | 3 | -46 | 2,705 | 0 | 5,058 | 139,032 |
IV. Property, plant and equipment | ||||||||
1. Land and buildings | 1,560,602 | 4,548 | 0 | 2,336 | 134,241 | 17,074 | 18,142 | 1,700,659 |
2. Right-of-use assets | 476,015 | 0 | 0 | 412 | 106,788 | 0 | 45,271 | 537,944 |
3. Technical equipment and machinery | 3,046,390 | 805 | 104 | 13,416 | 230,343 | 16,261 | 147,444 | 3,159,667 |
4. Other facilities, furniture and fixtures and office equipment | 1,375,303 | 312 | 76 | 958 | 172,682 | -3,108 | 95,795 | 1,450,276 |
5. Advances paid and assets under construction | 99,635 | 0 | 0 | 123 | 123,541 | -30,217 | 318 | 192,764 |
6. Investment property | 137,389 | 0 | 0 | 46 | 138 | -10 | 118 | 137,445 |
Total | 6,695,334 | 5,665 | 180 | 17,291 | 767,733 | 0 | 307,088 | 7,178,755 |
Accumulated depreciation, amortisation and impairment | ||||||||||
T\u20ac | Balance\nas at\n1.1.2022 | Additions\nto the\nconsolidated\ngroup | Disposals\nfrom the\nconsolidated\ngroup | Currency translation | Additions | Transfers | Disposals | Balance\nas at\n31.12.2022 | Carrying amount \nas at 31.12.2022 | Carrying amount \nas at 31.12.2021 |
I. | 240,482 | 0 | 0 | 622 | 6,700 | 0 | 0 | 247,804 | 442,396 | 447,679 |
II. | 58,964 | 0 | 0 | 0 | 19,674 | 0 | 0 | 78,638 | 473,155 | 492,829 |
III. | ||||||||||
1. | 112,370 | 644 | 3 | -16 | 6,001 | 0 | 4,811 | 114,185 | 24,548 | 28,393 |
2. | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 299 | 2 |
III. | 112,370 | 644 | 3 | -16 | 6,001 | 0 | 4,811 | 114,185 | 24,847 | 28,395 |
IV. | ||||||||||
1. | 706,585 | 1,884 | 0 | 1,540 | 47,581 | 0 | 8,806 | 748,784 | 951,875 | 854,017 |
2. | 147,772 | 0 | 0 | 196 | 65,081 | 0 | 27,499 | 185,550 | 352,394 | 328,243 |
3. | 2,290,818 | 661 | 104 | 13,358 | 249,740 | 0 | 140,048 | 2,414,425 | 745,242 | 755,572 |
4. | 882,440 | 305 | 76 | 1,203 | 155,913 | 0 | 87,864 | 951,921 | 498,355 | 492,863 |
5. | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 192,764 | 99,635 |
6. | 134,603 | 0 | 0 | 0 | 119 | 0 | 110 | 134,612 | 2,833 | 2,786 |
4,162,218 | 2,850 | 180 | 16,297 | 518,434 | 0 | 264,327 | 4,435,292 | 2,743,463 | 2,533,116 |
The composition of and changes in property, plant and equipment are shown under item (12) Consolidated statement of changes in fixed assets.
\n \nNo borrowing costs were capitalised for property, plant and equipment in the reporting period.
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f8935": { "value": "\n \n \nSTRABAG has held 100% of PANSUEVIA\u00a0GmbH & Co. KG, Jettingen-Scheppach, since 28\u00a0September\u00a02018.
\nThe company concluded a concession arrangement with the Federal Republic of Germany to design, build and finance a section of the A8 motorway and to maintain and operate a section of the A8 motorway between Ulm and Augsburg.
\nIn exchange, PANSUEVIA receives the right to charge trucks an uniform toll rate per kilometre on an approx. 57 km long concession section. The toll may be adapted annually. The term of the concession arrangement is set at 30 years and ends on 30\u00a0June\u00a02041.
\nThe development of the concession right can be found under item (12) Consolidated statement of changes in fixed assets. The concession right is amortised over the term of 30 years on the basis of the use of the concession section. The annual income from the toll collections is recognised as revenue.
\nThe right from the concession arrangement is offset by variable and fixed interest rate non-recourse financing in the amount of T\u20ac 339,847 (2022: T\u20ac 353,412) classified either as a current or non-current liability depending on the term to maturity. The resulting interest expense is recognised under other operating expense. The interest risk based on variable interest was hedged through the conclusion of interest rate swap agreements that satisfy the requirements for presentation as a cash flow hedge. The changes in the value of the interest rate swap are therefore recognised in the other comprehensive income.
\n \n \n \n \nSTRABAG has a 100% interest in the Hungarian M5 motorway concession company, AKA Alf\u00f6ld Koncesszi\u00f3s Aut\u00f3p\u00e1lya Zrt., Budapest (AKA).
\nIn the concession arrangement with the Hungarian state, AKA committed to develop, plan and finance and to build and operate the M5 motorway. The motorway itself is the property of the state; all vehicles and equipment necessary for motorway operation are to be transferred to the state free of charge following the end of the concession period.
\nIn exchange, AKA will regularly receive an availability fee, independent of transit volume, from the Hungarian state for making the motorway available to the public. AKA bears the operator\u2019s risk of motorway closure and non-compliance of contractually agreed roadway criteria.
\nThe route totals 156.5 km and was built in three phases. The concession period runs until 2031. A one-time extension for up to 17.5 years is possible.
\nAll services provided under this concession arrangement are accounted for under the separate balance sheet item receivables from concession arrangements. The receivables are carried at the present value of the payment to be made by the state. The annual accumulation amount is recognised in revenue.
\nThe contract also includes interest adjustment payments to be made by the Hungarian state. As a result, the state bears the interest risk from the financing of AKA. These interest adjustment payments represent a separate hedging transaction. Presentation is made as a cash flow hedge; as a result, changes in the fair value of the interest rate swap are recognised in other comprehensive income.
\nThe market value of the interest rate swap in the amount of T\u20ac 174 (2022: T\u20ac 377) is recognised under short-term receivables (2022: long-term receivables) from concession arrangements.
\nRecognisable receivables from concession arrangements are offset by non-recourse financing in the amount of T\u20ac 32,933 (2022: T\u20ac 98,489), which are included in current liabilities according to their term to maturity. The resulting interest expense is recognised in other operating expense.
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfServiceConcessionArrangementsExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f8966": { "value": "\nA total of T\u20ac 17,135 (2022: T\u20ac 15,769) in research and development costs incurred in the 2023 financial year were recorded as expenses.
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f8980": { "value": "\n \nNo borrowing costs were capitalised for property, plant and equipment in the reporting period.
\n \n \nFor qualifying assets, interest on borrowings was recognised in the amount of T\u20ac 694 (2022: T\u20ac 121).
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f8983": { "value": "\nThe development of right-of-use assets from leases is shown under item (12) Consolidated statement of changes in fixed assets.
\n \nThe cash outflows from leases in the 2023 financial year break down as follows:
\n \nT\u20ac | 31.12.2023 | 31.12.2022 |
Interest expense on lease liabilities | 7,630 | 7,326 |
Repayment of lease liabilities | 63,052 | 62,522 |
Variable lease payments | 7,485 | 6,394 |
Payments for short-term leases | 7,605 | 8,435 |
Total lease payments | 85,772 | 84,677 |
Additionally, expenses for short-term equipment rentals that do not meet the leasing criteria in the amount of T\u20ac 203,805 (2022: T\u20ac 207,529) were incurred in the financial year.
\n \nTo a minor extent, the STRABAG\u00a0SE Group also rents office space to third parties and thus acts as a lessor. This particularly involves the TECH GATE VIENNA in Vienna. The annual rental income amounts to T\u20ac 2,445 (2022: T\u20ac 2,363) and is shown in other operating income.
\n \nThe carrying amount of this building as at 31\u00a0December\u00a02023 is T\u20ac 62,088 (2022: T\u20ac 64,230) and is recorded under property, plant and equipment (properties and buildings). Rental income in the next year and the following five years will remain roughly constant. All leases are classified as operating leases.
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f9087": { "value": "\nAs at the balance sheet date there was T\u20ac 85,769 (2022: T\u20ac 106,684) in contractual commitments for acquisition of property, plant and equipment which were not considered in the consolidated financial statements.
\n \n \nIn the construction industry, it is customary and necessary to provide various types of guarantees to secure the contractual obligations. These guarantees are usually issued by banks or credit insurers and most commonly comprise bid, contract performance, prepayment and warranty guarantees. In the event these guarantees are called upon, the relevant banks have a contractual right of recourse against the Group. The risk that such guarantees are utilised and that a right of recourse arises materialises only if the primary contractual obligations are not properly performed.
\nObligations and possible risks from such guarantees are recognised in the balance sheet as\u00a0liabilities or provisions.
\nNot included in the balance sheet or the contingent liabilities as at 31\u00a0December\u00a02023 are performance bonds in the amount of \u20ac 2.8 billion (2022: \u20ac 3.0 billion) of which an outflow of resources is unlikely.
\nContract fulfilment guarantees issued by the Group for nonconsolidated subsidiaries or investees are to be classified as insurance contracts in accordance with IFRS 17. No fee is charged for these guarantees. As at 31\u00a0December\u00a02023, guarantees amounting to T\u20ac 9,945 (2022: T\u20ac 474) had been issued for which an outflow of resources is unlikely.
\nAs is customary in the industry, STRABAG\u00a0SE shares liability with the other partners of consortia in which companies of the STRABAG\u00a0SE Group hold a share interest.
\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f9102": { "value": "\nThe development of investment property is shown under item (12) Consolidated statement of changes in fixed assets.
\n \nIn the 2023 financial year, the decision was made to implement a real estate hold investment strategy. This will close a gap in the value chain by holding properties while covering the full life cycle of buildings. The plan is to build up a property portfolio that retains or increases in value in an attractive market environment.
\n \nA project previously reported under inventories was therefore reclassified to investment property at the end of 2023. Initial recognition was carried at cost.
\n \nThe fair value of investment property as at 31\u00a0December\u00a02023 amounts to T\u20ac 45,467 (2022: T\u20ac 2,833). The fair value was determined using internal valuation reports or by employing the fair value of development land at market prices.
\n \nThe internal valuations are considered Level 3 measurements as they are not based on observable market data.
\n \nThe rental income from investment property in the 2023 financial year amounted to T\u20ac 10,700 (2022: T\u20ac 6,573) and direct operating expenses totalled T\u20ac 8,491 (2022: T\u20ac 8,267). Due to implementation of the real estate hold investment strategy, rental income will increase in the next year and in the following five years; rental income from existing projects will remain more or less constant.
\n \nIn the financial year, as in the year before, no direct expenses were incurred from unlet investment property. Additionally, gains from asset disposals and payments from contract extensions in the amount of T\u20ac 0 (2022: T\u20ac 991) and losses from asset disposals in the amount of T\u20ac 0 (2022: T\u20ac 9) were achieved.
\n \nA reversal of impairment losses in the amount of T\u20ac 18,500 was made in the 2023 financial year (2022: T\u20ac 0).
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f9148": { "value": "\nT\u20ac | 2023 | 2022 |
Carrying amount as at 1.1. | 411,172 | 403,163 |
Changes in the consolidated group | 2,104 | 0 |
Acquisitions/contributions | 120,050 | 16,954 |
Income and expenses from equity-accounted investments | 46,047 | 12,845 |
Distributions received | -37,518 | -40,188 |
Repayments of capital | -3,000 | 0 |
Share of other comprehensive income | -2,739 | 9,602 |
Adjustment for expenses not covered by the carrying amount | 4,910 | 8,796 |
Carrying amount as at 31.12. | 541,026 | 411,172 |
As at 31\u00a0December\u00a02023, provisions for equity-accounted investments amounting to T\u20ac 9,044 (2022: T\u20ac 11,244) are reported under other current provisions. Changes in provisions recognised in profit or loss are reported under income or expenses from equity-accounted investments.
\n \n \n\n \n Holcim Cement CE Holding\u00a0GmbH\n , Vienna, is a significant associate. The group\u2019s share of the capital and voting rights amounts to 30%. The company is accounted for using the equity method. We also refer to item (38) Notes on related parties.
\n \n \nThe following financial information concerns the consolidated financial statements prepared in accordance with IFRS.
\n \n \nT\u20ac | 2023 | 2022 |
Revenue | 308,075 | 299,723 |
Net income from continuing operations | 42,328 | 24,635 |
Other comprehensive income | -13,945 | -8,005 |
Total comprehensive income | 28,383 | 16,630 |
attributable to: non-controlling interests | -69 | 8 |
attributable to: equity holders of the parent | 28,452 | 16,622 |
31.12.2023 | 31.12.2022 | |
Non-current assets | 551,205 | 564,252 |
Current assets | 128,722 | 109,632 |
Non-current liabilities | -148,165 | -149,750 |
Current liabilities | -144,764 | -137,090 |
Net assets | 386,998 | 387,044 |
attributable to: non-controlling interests | 4,008 | 4,077 |
attributable to: equity holders of the parent | 382,990 | 382,967 |
The financial information presented here can be transferred to the equity carrying amount of the Holcim Cement CE Holding\u00a0GmbH in the consolidated financial statements as follows:
\n \n \nT\u20ac | 2023 | 2022 |
Group's share of net assets as at 1.1. | 114,890 | 123,403 |
Group's share of net income from continuing operations | 12,538 | 7,273 |
Group's share of other comprehensive income | -4,003 | -2,286 |
Group's share of total comprehensive income | 8,535 | 4,987 |
Dividends received | -8,529 | -13,500 |
Group's share of net assets as at 31.12. | 114,896 | 114,890 |
Goodwill | 87,084 | 87,084 |
Equity-method carrying amount as at 31.12. | 201,980 | 201,974 |
Another significant associate is CMBlu Energy\u00a0AG, Alzenau. The STRABAG\u00a0SE Group acquired 14.71% of the company in the 2023 financial year. The shares are classified as those of an associate because STRABAG has the right to appoint a member to the company\u2019s Supervisory Board.
\n \n \nThe following financial information concerns the consolidated financial statements prepared in accordance with IFRS.
\n \n \nT\u20ac | 2023 |
Net income from continuing operations | -31,795 |
Other comprehensive income | 24 |
Total comprehensive income | -31,771 |
attributable to: non-controlling interests | 0 |
attributable to: equity holders of the parent | -31,771 |
31.12.2023 | |
Non-current assets | 9,674 |
Current assets | 106,809 |
Non-current liabilities | -8,747 |
Current liabilities | -4,473 |
Net assets | 103,263 |
attributable to: non-controlling interests | 0 |
attributable to: equity holders of the parent | 103,263 |
The financial information presented here can be transferred to the equity carrying amount of CMBlu Energy\u00a0AG in the consolidated financial statements as follows:
\n \n \nT\u20ac | 2023 |
Group's share of net assets as at 1.1. | 15,969 |
Group's share of net income from continuing operations | -779 |
Group's share of other comprehensive income | 0 |
Group's share of total comprehensive income | -779 |
Dividends received | 0 |
Group's share of net assets as at 31.12. | 15,190 |
Goodwill | 84,030 |
Equity-method carrying amount as at 31.12. | 99,220 |
The following table arranges in aggregate form the carrying amount and the group\u2019s share of the profit and other comprehensive income from associates that would be immaterial by themselves:
\n \n \nT\u20ac | 2023 | 2022 |
Total of equity-method carrying amounts as at 31.12. | 104,566 | 94,578 |
Group's share of net income from continuing operations | 30,602 | 7,700 |
Group's share of other comprehensive income | 1,837 | 5,535 |
Group's share of total comprehensive income | 32,439 | 13,235 |
The following table arranges in aggregate form the carrying amount and the group\u2019s share of the profit and other comprehensive income from joint ventures that would be immaterial by themselves:
\n \n \nT\u20ac | 2023 | 2022 |
Total of equity-method carrying amounts as at 31.12. | 135,260 | 114,620 |
Group's share of net income from continuing operations | 3,686 | -2,128 |
Group's share of other comprehensive income | -573 | 6,353 |
Group's share of total comprehensive income | 3,113 | 4,225 |
Proportionate losses from equity-accounted investments in the amount of T\u20ac 4,845 (2022: T\u20ac 7,801) were not recognised in profit or loss, as the carrying amounts of these investments already are T\u20ac 0.
\n \nThe group classifies construction consortia as joint ventures and records their earnings under share of profit or loss of equity-accounted investments. The following table shows the group\u2019s ten most important consortia with regard to the output volume in the 2023 financial year.
\nConstruction consortia | Stake in % |
ARGE A1 DAMMER BERGE, Germany (DAM) | 50.00 |
ARGE ALLIANZ CAMPUS STUTTGART VAIHINGEN, Germany (CAMP) | 50.00 |
ARGE FLUGHAFENTUNNEL, Germany (FHT) | 65.00 |
ARGE NB JVA WILLICH I, Germany (JVA) | 50.00 |
ARGE SCHULNEUBAU ALLEE DER KOSMONAUTEN, Germany (KOS) | 70.00 |
ARGE TUNNEL IBBENB\u00dcREN, Germany (IBBE) | 50.00 |
ARGE U2 17-21, Austria (U2) | 50.00 |
ARGE US-KLINIK WEILERBACH, Germany (WEIL) | 75.00 |
BAU-ARGE \u00d6PP BAB A49 SLW, Germany (A49) | 50.00 |
COMBINATIE HEREPOORT VOF, the Netherlands (HER) | 39.48 |
The financial information in the 2023 financial year on these consortia is presented 100% and before consolidation and valuation approaches deviating from the consortia balance sheet if applicable.
\nT\u20ac | Revenue | Non-current assets | Current assets | thereof cash and cash equivalents | Current liabilities |
A49 | 199,983 | 5,229 | 645,654 | 90,479 | 650,883 |
WEIL | 130,743 | 41 | 35,568 | 7,148 | 35,609 |
CAMP | 127,944 | 0 | 39,043 | 27,125 | 39,043 |
DAM | 125,986 | 2,666 | 431 | 20 | 3,097 |
U2 | 98,831 | 12,604 | 23,867 | 1,184 | 36,471 |
KOS | 96,555 | 0 | 123,760 | 25,391 | 123,760 |
FHT | 94,537 | 6,602 | 382,733 | 18,316 | 389,335 |
HER | 81,529 | 187 | 833 | 3,114 | 1,020 |
JVA | 53,883 | 325 | 29,154 | 29,025 | 29,479 |
IBBE | 49,759 | 14,084 | 7,835 | 54 | 21,919 |
In the 2023 financial year, the share of profit or loss of equity-accounted investments recorded for the above-mentioned consortia included T\u20ac 41,862 in profits from consortia and T\u20ac 37,623 in losses from consortia including impending losses.
\nThe financial information in the 2022 financial year on these consortia is presented 100% and before consolidation and valuation approaches deviating from the consortia balance sheet if applicable.
\nT\u20ac | Revenue | Non-current assets | Current assets | thereof cash and cash equivalents | Current liabilities |
A49 | 176,087 | 6,521 | 432,625 | 67,114 | 439,146 |
WEIL | 32,911 | 0 | 49,861 | 14,696 | 49,861 |
CAMP | 76,323 | 0 | 36,267 | 31,921 | 36,267 |
DAM | 93,939 | 5,052 | 7,242 | 262 | 12,294 |
U2 | 89,173 | 6,665 | 18,224 | 5,864 | 24,889 |
KOS | 36,772 | 0 | 61,292 | 23,370 | 61,292 |
FHT | 114,892 | 8,813 | 298,918 | 28,376 | 307,731 |
HER | 107,150 | 394 | 18,050 | 1,245 | 18,444 |
JVA | 60,217 | 373 | 39,632 | 38,495 | 40,005 |
IBBE | 28,369 | 3,889 | 6,487 | 5,318 | 10,376 |
In the 2022 financial year, the share of profit or loss of equity-accounted investments recorded for the above-mentioned consortia included T\u20ac 27,700 in profits from consortia and T\u20ac 55,591 in losses from consortia including impending losses.
\n \nThe business transactions with the consortia in the financial year can be presented as follows:
\nT\u20ac | 2023 | 2022 |
Work and services performed | 1,025,947 | 958,228 |
Work and services received | 31,441 | 13,751 |
Receivables as at 31.12. | 389,333 | 409,721 |
Liabilities as at 31.12. | 325,912 | 330,158 |
The following list shows the equity accounted associates included in the consolidated financial statement:
\n \n \n \n \n \nCompany\nEquity accounted associate | Residence | Country | Direct stake % | |
Holcim Cement CE Holding GmbH | Vienna | Austria | 30.00 | |
Bayerische Asphaltmischwerke GmbH & Co. Kommanditgesellschaft f\u00fcr Stra\u00dfenbaustoffe | Hofolding | Germany | 48.33 | |
Bodensee - Mor\u00e4nekies Gesellschaft mit beschr\u00e4nkter Haftung & Co. Kommanditgesellschaft Tettnang | Tettnang | Germany | 33.33 | |
CMBlu Energy AG | Alzenau | Germany | 14.71 | |
Natursteinwerke im Nordschwarzwald NSN GmbH & Co. KG | M\u00fchlacker | Germany | 25.00 | |
DESARROLLO VIAL AL MAR S.A.S. | Medell\u00edn | Colombia | 37.50 | |
A-Lanes A15 Holding B.V. | Nieuwegein | The Netherlands | 24.00 | |
Z\u00fcblin International Qatar LLC | Doha | Qatar | 49.00 | |
SOCIETATEA COMPANIILOR HOTELIERE GRAND SRL | Bucharest | Romania | 35.32 | |
MAK Mecsek Autopalya Koncesszios Zrt. | Budapest | Hungary | 50.00 |
The following list shows the equity accounted joint ventures included in the consolidated financial statement:
\n \n \n \n \n \nCompany\nEquity accounted joint venture | Residence | Country | Direct stake % | |
Innsbrucker Nordkettenbahnen Betriebs GmbH | Innsbruck | Austria | 51.00 | 4 |
A 49 Autobahngesellschaft mbH & Co. KG | Schwalmstadt | Germany | 50.00 | |
AMB Asphaltmischwerke Bodensee GmbH & Co. KG | Singen Hohentwiel | Germany | 50.00 | |
FLARE Living GmbH & Co. KG | Cologne | Germany | 50.00 | |
Kieswerke Schray GmbH & Co. KG | Stei\u00dflingen | Germany | 50.00 | |
Messe City K\u00f6ln GmbH & Co. KG | Hamburg | Germany | 50.00 | |
NWM Nordwestdeutsche Mischwerke GmbH & Co. KG | Gro\u00dfenkneten | Germany | 50.00 | |
PANSUEVIA Service GmbH & Co. KG | Jettingen-Scheppach | Germany | 50.00 | |
Silenos Energy Geothermie Garching a.d. Alz GmbH & Co. KG | Garching a.d.Alz | Germany | 50.00 | |
SRE-ECE-JV General\u00fcbernehmer GmbH & Co. KG | Oststeinbek | Germany | 50.00 | |
Th\u00fcringer Stra\u00dfenwartungs- und Instandhaltungsgesellschaft mbH & Co. KG | Apfelst\u00e4dt | Germany | 50.00 | |
Autocesta Zagreb-Macelj d.o.o. | Zagreb | Croatia | 51.00 | 4 |
A2 ROUTE Sp. z o.o. | Pruszkow | Poland | 50.00 |
4There are deviating contractual provisions concerning this joint venture.
The following list shows the not consolidated subsidiaries:
\n \nCompany\nSubsidiaries not consolidated | Residence | Country | Direct stake % | |
|---|---|---|---|---|
\"DOMIZIL\" Bautr\u00e4ger GmbH | Vienna | Austria | 100.00 | |
A.S.T. Bauschuttverwertung GmbH | Klagenfurt | Austria | 66.67 | |
A.S.T. Bauschuttverwertung GmbH & Co KG | Klagenfurt | Austria | 66.67 | |
Asphaltmischwerk Rieder Vomperbach GmbH | Zirl | Austria | 60.00 | |
Asphaltmischwerk Rieder Vomperbach GmbH & Co KG | Zirl | Austria | 60.00 | |
Asphaltmischwerk Roppen GmbH | Roppen | Austria | 70.00 | |
Asphaltmischwerk Roppen GmbH & Co KG | Roppen | Austria | 70.00 | |
Asphaltmischwerk Zeltweg Gesellschaft m.b.H. | Steyr | Austria | 100.00 | |
AUSTRIA ASPHALT GmbH | Spittal an der Drau | Austria | 100.00 | |
Baugesellschaft \"Negrelli\" Ges.m.b.H. | Vienna | Austria | 100.00 | |
Bitumen Handelsgesellschaft m.b.H. | Vienna | Austria | 100.00 | |
BLUMENFELD Liegenschaftsverwaltungs GmbH | Vienna | Austria | 100.00 | |
BrennerWasser GmbH | Vienna | Austria | 100.00 | |
Bug-AluTechnic GmbH | Vienna | Austria | 100.00 | |
Campus Eggenberg Immobilienprojekt GmbH in Liqu. | Graz | Austria | 60.00 | |
CML Construction Services GmbH | Vienna | Austria | 100.00 | |
Die Haustechniker Technisches B\u00fcro GmbH | Jennersdorf | Austria | 100.00 | |
Eckstein Holding GmbH | Spittal an der Drau | Austria | 100.00 | |
Erlaaer Stra\u00dfe Liegenschaftsverwertungs-GmbH | Vienna | Austria | 100.00 | |
Erste Nordsee-Offshore-Holding GmbH | Vienna | Austria | 51.00 | |
Fanny von Lehnert Stra\u00dfe 4 Komplement\u00e4r GmbH | Vienna | Austria | 100.00 | |
Fanny von Lehnert Stra\u00dfe 4 Projektentwicklung GmbH & Co KG | Vienna | Austria | 100.00 | |
FUSSENEGGER Hochbau und Holzindustrie GmbH | Dornbirn | Austria | 100.00 | |
GBZ - Baurestmassen GmbH | Graz | Austria | 100.00 | |
gr\u00fcnraum GmbH | Schwanenstadt | Austria | 100.00 | |
GTE-Geb\u00e4ude-Technik-Energie-Betriebs- und Verwaltungsgesellschaft m.b.H. | Vienna | Austria | 61.00 | |
GTE-Geb\u00e4ude-Technik-Energie-Betriebs- und Verwaltungsgesellschaft m.b.H. & Co. KG | Vienna | Austria | 62.00 | |
Hotelprojekt am Tabor GmbH & Co KG | Vienna | Austria | 100.00 | |
Hotelprojekt am Tabor Komplement\u00e4r GmbH | Vienna | Austria | 100.00 | |
InfoSys Informationssysteme GmbH | Spittal an der Drau | Austria | 100.00 | |
KAB Stra\u00dfensanierung GmbH | Spittal an der Drau | Austria | 50.60 | |
Kirchner Baugesellschaft m.b.H. in Liqu. | Spittal an der Drau | Austria | 100.00 | |
Lieferasphalt Gesellschaft m.b.H. & Co OG, Viecht | Viecht | Austria | 66.50 | |
Lieferasphalt Gesellschaft m.b.H. & Co. OG | Maria Gail | Austria | 60.00 | |
MHA Projekt GmbH | Vienna | Austria | 100.00 | |
Mischek Leasing eins Gesellschaft m.b.H. | Vienna | Austria | 100.00 | |
MSO Mischanlagen GmbH Ilz & Co KG | Ilz | Austria | 52.81 | |
MSO Mischanlagen GmbH Pinkafeld & Co KG | Pinkafeld | Austria | 52.67 | |
Nottendorfer Gasse 13 GmbH | Vienna | Austria | 100.00 | |
Obermayr Dach+Fassade GmbH | Schwanenstadt | Austria | 100.00 | |
OBZ Oberk\u00e4rntner Baurestmassenzentrum GmbH | Spittal an der Drau | Austria | 100.00 | |
Passivhaus Kammelweg Bautr\u00e4ger GmbH | Vienna | Austria | 100.00 | |
RE Klitschgasse Errichtungs GmbH | Vienna | Austria | 67.00 | |
R\u00f6\u00dflergasse Bauteil Sechs GmbH | Vienna | Austria | 100.00 | |
S.U.S. Abflussdienst Gesellschaft m.b.H. | Vienna | Austria | 100.00 | |
Sakela Beteiligungsverwaltungs GmbH | Vienna | Austria | 100.00 | |
SCHOTTERWERK EDLING GESELLSCHAFT M.B.H. | Spittal an der Drau | Austria | 74.00 | |
SILO DREI Komplement\u00e4rgesellschaft m.b.H. | Vienna | Austria | 100.00 | |
SILO II Komplement\u00e4rgesellschaft m.b.H. | Vienna | Austria | 51.00 | |
SILO ZWEI Beteiligungsverwaltungs GmbH & Co KG | Vienna | Austria | 100.00 | |
SPK - Errichtungs- und Betriebsges.m.b.H. | Spittal an der Drau | Austria | 100.00 | |
STRABAG Anlagentechnik GmbH | Thalgau | Austria | 100.00 | |
STRABAG BahnLogistik GmbH | Gerasdorf bei Wien | Austria | 100.00 | |
STRABAG Bau GmbH | Vienna | Austria | 100.00 | |
STRABAG Bedachungsgesellschaft m.b.H. in Liqu. | Salzburg | Austria | 100.00 | |
STRABAG Krankenhaus Errichtungs- und BetriebsgmbH | Vienna | Austria | 99.00 | |
STRABAG Motorway GmbH | Spittal an der Drau | Austria | 100.00 | |
STRABAG Vorrat Achtzehn GmbH | Vienna | Austria | 100.00 | |
STRABAG Vorrat Achtzehn GmbH & Co KG | Vienna | Austria | 100.00 | |
STRABAG Vorrat Dreiundzwanzig GmbH | Vienna | Austria | 100.00 | |
STRABAG Vorrat Dreiundzwanzig GmbH & Co KG | Vienna | Austria | 100.00 | |
STRABAG Vorrat Dreizehn GmbH | Vienna | Austria | 100.00 | |
STRABAG VORRAT Dreizehn GMBH & CO KG | Vienna | Austria | 100.00 | |
STRABAG Vorrat Einundzwanzig GmbH | Vienna | Austria | 100.00 | |
STRABAG Vorrat Einundzwanzig GmbH & Co KG | Vienna | Austria | 100.00 | |
STRABAG Vorrat Elf GmbH | Vienna | Austria | 100.00 | |
STRABAG Vorrat Elf Gmbh & Co KG | Vienna | Austria | 100.00 | |
STRABAG Vorrat Neun GmbH | Vienna | Austria | 100.00 | |
STRABAG Vorrat Neun GmbH & Co KG | Vienna | Austria | 100.00 | |
STRABAG Vorrat Neunzehn GmbH | Vienna | Austria | 100.00 | |
STRABAG Vorrat Neunzehn GmbH & Co KG | Vienna | Austria | 100.00 | |
STRABAG Vorrat Sieben GmbH | Vienna | Austria | 100.00 | |
STRABAG Vorrat Sieben GmbH & Co KG | Vienna | Austria | 100.00 | |
STRABAG Vorrat Vierundzwanzig GmbH | Vienna | Austria | 100.00 | |
STRABAG Vorrat Zwanzig GmbH | Vienna | Austria | 100.00 | |
STRABAG Vorrat Zwanzig GmbH & Co KG | Vienna | Austria | 100.00 | |
STRABAG Vorrat Zweiundzwanzig GmbH | Vienna | Austria | 100.00 | |
STRABAG Vorrat Zweiundzwanzig GmbH & Co KG | Vienna | Austria | 100.00 | |
STRABAG Vorrat Zw\u00f6lf GmbH | Vienna | Austria | 100.00 | |
STRABAG Vorrat Zw\u00f6lf GmbH & Co KG | Vienna | Austria | 100.00 | |
Treuhandbeteiligung B | Vienna | Austria | 100.00 | |
Universit\u00e4tszentrum Althanstra\u00dfe Erweiterungsgesellschaft m.b.H. | Vienna | Austria | 100.00 | |
Unterst\u00fctzungseinrichtung f\u00fcr die Angestellten der ehemaligen Bau-Aktiengesellschaft \"Negrelli\" Gesellschaft m.b.H. | Vienna | Austria | 55.00 | |
VAM-Valentiner Asphaltmischwerk Gesellschaft m.b.H. | Linz | Austria | 75.00 | |
VAM-Valentiner Asphaltmischwerk Gesellschaft m.b.H. & Co.KG | Linz | Austria | 75.00 | |
VIOLA PARK Immobilienprojekt GmbH | Vienna | Austria | 75.00 | |
Wohnen am Krautgarten Bautr\u00e4ger GmbH | Vienna | Austria | 100.00 | |
Z\u00fcblin Holding GesmbH | Vienna | Austria | 100.00 | |
Zweite Nordsee-Offshore-Holding GmbH | Vienna | Austria | 51.00 | |
A 1 Autobahn Verwaltungsgesellschaft mbH | Bad Hersfeld | Germany | 100.00 | |
A 1 Autobahngesellschaft mbH & Co. KG | Bad Hersfeld | Germany | 100.00 | |
ADOMUS Facility-Management GmbH | Frankfurt am Main | Germany | 100.00 | |
A-Modell Ulm-Augsburg Verwaltungsgesellschaft mbH | Jettingen-Scheppach | Germany | 100.00 | |
AMW Westsachsen Verwaltung GmbH | Cologne | Germany | 100.00 | |
Arriba GmbH | Stuttgart | Germany | 100.00 | |
Asphaltmischwerk Westsachsen GmbH & Co. KG | Oberwiera | Germany | 100.00 | |
Asphaltmischwerke Gesellschaft mit beschr\u00e4nkter Haftung | Nehren | Germany | 100.00 | |
AWN Asphaltmischwerke GmbH & Co. KG | Nehren | Germany | 52.00 | |
AWN Beteiligungs GbR | Nehren | Germany | 52.00 | |
B+R K\u00f6ln GmbH | Cologne | Germany | 100.00 | |
BBS Baustoffbetriebe Sachsen GmbH | Hartmannsdorf | Germany | 100.00 | |
Bockholdt Verwaltungs GmbH | L\u00fcbeck | Germany | 100.00 | |
Center Systems Deutschland GmbH | Berlin | Germany | 100.00 | |
DYWIDAG Schl\u00fcsselfertig und Ingenieurbau GmbH | Munich | Germany | 100.00 | |
EBERHARDT Baugesellschaft mbH Deutschland | Berlin | Germany | 100.00 | |
ECS European Construction Services GmbH i.L. | M\u00f6rfelden-Walldorf | Germany | 100.00 | |
Erste STRABAG Vorrats GmbH | Hamburg | Germany | 100.00 | |
F 101 Verwaltungs GmbH | Cologne | Germany | 100.00 | |
Fachmarktzentrum Kielce Projekt GmbH | Berlin | Germany | 100.00 | |
Forum Mittelrhein Beteiligungsgesellschaft mbH | Hamburg | Germany | 51.00 | |
Forum Mittelrhein Koblenz General\u00fcbernehmergesellschaft mbH & Co.KG | Oststeinbek | Germany | 51.00 | |
Forum Mittelrhein Koblenz Kultur GmbH & Co. KG | Hamburg | Germany | 51.00 | |
Freo Projektentwicklung Berlin GmbH i.L. | Berlin | Germany | 50.10 | |
GITA Gunter Ingenieure TA GmbH | Nidda | Germany | 100.00 | |
IBV - Immobilien Besitz- und Verwaltungsgesellschaft mbH Werder i. L. | Cologne | Germany | 99.00 | |
iCOR INTELLIGENT CORROSION CONTROL GmbH | M\u00f6nchengladbach | Germany | 100.00 | |
IQ Plan Beteiligung GmbH | Oststeinbek | Germany | 75.00 | |
IQ Plan GmbH & Co. KG | Hamburg | Germany | 75.00 | |
JBA GmbH | Cologne | Germany | 50.10 | |
Kieswerk Diersheim GmbH | Rheinau/Baden | Germany | 60.00 | |
Kieswerk Ohr GmbH | Cologne | Germany | 100.00 | |
Kieswerk Ziegelheim GmbH | Nobitz | Germany | 100.00 | |
Kirchner PPP Service GmbH | Bad Hersfeld | Germany | 100.00 | |
Koch GmbH | Kreuztal | Germany | 100.00 | |
Koscheinz & Partner Ingenieurgesellschaft mbH | Ruhstorf a.d. Rott | Germany | 100.00 | |
Leonhard Moll Tiefbau GmbH | Munich | Germany | 100.00 | |
Lift-Off GmbH & Co. KG | Cologne | Germany | 100.00 | |
List Bau- und Verwaltungsgesellschaft mit beschr\u00e4nkter Haftung | Reutlingen | Germany | 100.00 | |
Ludwig Voss GmbH | Cuxhaven | Germany | 100.00 | |
Mitterhofer Projekt GmbH & Co. KG | Cologne | Germany | 100.00 | |
Northern Energy GAIA I. GmbH | Aurich | Germany | 100.00 | |
Northern Energy GAIA II. GmbH | Aurich | Germany | 100.00 | |
Northern Energy GAIA III. GmbH | Aurich | Germany | 100.00 | |
Northern Energy GAIA IV. GmbH | Aurich | Germany | 100.00 | |
Northern Energy GAIA V. GmbH | Aurich | Germany | 100.00 | |
Northern Energy SeaStorm I. GmbH | Aurich | Germany | 100.00 | |
Northern Energy SeaStorm II. GmbH | Aurich | Germany | 100.00 | |
Northern Energy SeaWind I. GmbH | Aurich | Germany | 100.00 | |
Northern Energy SeaWind II. GmbH | Aurich | Germany | 100.00 | |
Northern Energy SeaWind III GmbH | Aurich | Germany | 100.00 | |
Northern Energy SeaWind IV. GmbH | Aurich | Germany | 100.00 | |
NR Bau- u. Immobilienverwertung GmbH | Berlin | Germany | 100.00 | |
OBIT GmbH | Berlin | Germany | 100.00 | |
PGA Projekt GmbH | Cologne | Germany | 100.00 | |
PH Bau Erfurt GmbH | Erfurt | Germany | 100.00 | |
PPP Management GmbH | Cologne | Germany | 100.00 | |
PPP Schulen Monheim am Rhein GmbH | Bad Hersfeld | Germany | 100.00 | |
PPP SchulManagement Witten GmbH & Co. KG | Cologne | Germany | 100.00 | |
PPP SeeCampus Niederlausitz GmbH | Bad Hersfeld | Germany | 100.00 | |
Projekt Lohsepark Beteiligungsgesellschaft mbH | Hamburg | Germany | 100.00 | |
Projekt Lohsepark GmbH & Co. KG | Hamburg | Germany | 100.00 | |
RGL Rekultivierungsgesellschaft Langentrog mbH | Langenargen | Germany | 80.00 | |
RM Asphalt Verwaltungs GmbH | Sprendlingen | Germany | 100.00 | |
RST Rail Systems and Technologies GmbH | Barleben | Germany | 82.00 | |
Schotter- und Kies-Union GmbH & Co. KG | Leipzig | Germany | 57.90 | |
Schotter- und Kies-Union Verwaltungsgesellschaft mbH | Leipzig | Germany | 100.00 | |
SENSOR Dichtungs-Kontroll-Systeme GmbH | Bremen | Germany | 100.00 | |
SF-BAU-Grundst\u00fccksgesellschaft \"ABC-Bogen\" mbH | Cologne | Germany | 100.00 | |
Silenos Energy Geothermie Gauting Interkommunal GmbH & Co. KG | Cologne | Germany | 100.00 | |
Silenos Energy GmbH & Co. KG | Cologne | Germany | 100.00 | |
Silenos Energy Verwaltungs GmbH | Cologne | Germany | 100.00 | |
SRE Zweite Verm\u00f6gensverwaltung GmbH | Cologne | Germany | 100.00 | |
STRABAG Baustoffaufbereitung und Recycling GmbH | Duesseldorf | Germany | 51.00 | |
STRABAG BMTI Rail Service GmbH | Berlin | Germany | 100.00 | |
STRABAG BMTI Verwaltung GmbH | Cologne | Germany | 100.00 | |
STRABAG BRVZ Verwaltung GmbH | Cologne | Germany | 100.00 | |
STRABAG PPP Hochbau GmbH | Bad Hersfeld | Germany | 100.00 | |
STRABAG Rail Operations GmbH | Berlin | Germany | 100.00 | |
STRABAG Residential Property Services GmbH | Berlin | Germany | 99.51 | |
STRABAG Versicherungsvermittlung GmbH | Cologne | Germany | 100.00 | |
STRABAG Wertstoff und Recycling GmbH | Cologne | Germany | 100.00 | |
STRABIL STRABAG Bildung im Lauenburgischen GmbH | Cologne | Germany | 100.00 | |
S\u00fcdprojekt A-Modell GmbH & Co. KG | Bad Hersfeld | Germany | 100.00 | |
S\u00fcdprojekt A-Modell Verwaltung GmbH | Bad Hersfeld | Germany | 100.00 | |
Verwaltung Forum Mittelrhein Koblenz General\u00fcbernehmergesellschaft mbH | Oststeinbek | Germany | 51.00 | |
Wohnbautr\u00e4gergesellschaft Objekt \"Freising - Westlich der Jagdstra\u00dfe\" mbH | Cologne | Germany | 100.00 | |
Wollhaus HN GmbH & Co. KG | Cologne | Germany | 100.00 | |
Z.P.C. Deutschland GmbH | Stuttgart | Germany | 100.00 | |
Z-Bau GmbH i.L. | Magdeburg | Germany | 100.00 | |
Z-Bau Immobilien Verwaltungs GmbH | Cologne | Germany | 100.00 | |
ZDE Siebte Verm\u00f6gensverwaltung GmbH | Cologne | Germany | 100.00 | |
ZTI Zentrale Technik International GmbH | Stuttgart | Germany | 100.00 | |
Z\u00fcblin Egypt LLC | Cairo | Egypt | 100.00 | |
STRABAG Algerie EURL | Algier | Algeria | 100.00 | |
EUROTEC ANGOLA, LDA | Luanda | Angola | 99.00 | |
STRABAG AUSTRALIA PTY LTD | Brisbane | Australia | 100.00 | |
Z\u00fcblin Australia Pty Ltd | Perth | Australia | 100.00 | |
CML Construction Services | Antwerpen | Belgium | 100.00 | |
EFKON Belgium BV | Antwerpen | Belgium | 100.00 | |
STRABAG BMTI BV | Antwerpen | Belgium | 100.00 | |
STRABAG BRVZ BV | Antwerpen | Belgium | 100.00 | |
STRABAG Development Belgium NV | Antwerpen | Belgium | 100.00 | |
Strabag RS d.o.o. | Banja Luka | Bosnia und Herzegovina | 100.00 | |
\"Mineral 2000\" EOOD | Sofia | Bulgaria | 100.00 | |
\"STRABAG REAL ESTATE\" EOOD | Sofia | Bulgaria | 100.00 | |
CML Construction Services EOOD | Sofia | Bulgaria | 100.00 | |
STRABAG BRVZ EOOD | Sofia | Bulgaria | 100.00 | |
TPA EOOD | Sofia | Bulgaria | 100.00 | |
Z-Design EOOD | Sofia | Bulgaria | 100.00 | |
Z\u00fcblin Bulgaria EOOD | Sofia | Bulgaria | 100.00 | |
CML CHILE SPA | Vitacura | Chile | 100.00 | |
Beijing Z\u00fcblin Equipment Production Co., Ltd. | Beijing | China | 100.00 | |
Z\u00fcblin Engineering Consulting (Shanghai) Co., Ltd. | Shanghai | China | 100.00 | |
CML Construction Services A/S | Trige | Denmark | 100.00 | |
STRABAG BRVZ A/S | Trige | Denmark | 100.00 | |
STRABAG Oy | Helsinki | Finland | 100.00 | |
CML CONSTRUCTION SERVICES LIMITED | London | Gro\u00dfbritannien | 100.00 | |
STRABABG INFRASTRUCTURE AND SAFETY SOLUTIONS Pvt. Ltd. | Mumbai | India | 100.00 | |
STRABAG India Private Limited | Mumbai | India | 100.00 | |
EFKON IRELAND LIMITED | Dublin | Ireland | 100.00 | |
CML CONSTRUCTION SERVICE S.R.L. | Bologna | Italiy | 100.00 | |
STRABAG BRVZ SRL | Bologna | Italiy | 100.00 | |
CML CONSTRUCTION SERVICES LIMITED | Mississauga, Ontario | Canada | 100.00 | |
Z\u00fcblin Inc. | Saint John/NewBrunswick | Canada | 100.00 | |
Infraestructura y Prosperidad S.A.S. | Bogot\u00e1, D.C. | Colombia | 100.00 | |
Trema Engineering 2 Sh.p.k. | Pristina | Kosovo | 100.00 | |
BHG Bitumen Adria d.o.o. | Zagreb | Croatia | 100.00 | |
CML CONSTRUCTION SERVICES d.o.o. | Zagreb | Croatia | 100.00 | |
SAT SANIRANJE cesta d.o.o. | Zagreb | Croatia | 100.00 | |
STRABAG BMTI d.o.o. | Zagreb | Croatia | 100.00 | |
STRABAG Property and Facility Services d.o.o. | Zagreb | Croatia | 100.00 | |
Z\u00fcblin Hrvatska d.o.o. u likvidaciji | Zagreb | Croatia | 100.00 | |
Latasfalts SIA i.L. | Milzkalne | Latvia | 100.00 | |
STRABAG SIA i.L. | Milzkalne | Latvia | 100.00 | |
Al-Hani General Construction Inc. | Tripolis | Libya | 60.00 | |
EFKON ASIA SDN. BHD. | Kuala Lumpur | Malaysia | 100.00 | |
Z\u00fcblin International Malaysia Sdn. Bhd. | Kuala Lumpur | Malaysia | 100.00 | |
I.C.S. \"STRABAG\" S.R.L. | Chisinau | Moldavia | 100.00 | |
Coldmix B.V. | Roermond | The Netherlands | 100.00 | |
STRABAG DOOEL Skopje | Skopje | North Macedonia | 100.00 | |
TolLink Pakistan (Private) Limited | Islamabad | Pakistan | 60.00 | |
\"Granite Mining Industries\" Sp. z o.o. | Breslau | Poland | 100.00 | |
\"RE PROJECT DEVELOPMENT\" Sp. z o.o. | Warsaw | Poland | 100.00 | |
Asfalt Slaski Wprinz Sp.z o.o. | Warsaw | Poland | 100.00 | |
CML CONSTRUCTION SERVICES Sp. z o.o. | Pruszkow | Poland | 100.00 | |
EVOLUTION GAMMA Sp. z o.o. | Warsaw | Poland | 100.00 | |
EVOLUTION ONE Sp. z o.o. | Warsaw | Poland | 100.00 | |
EVOLUTION TWO Sp. z o.o. | Warsaw | Poland | 100.00 | |
Mazowieckie Asfalty Sp.z o.o. | Pruszkow | Poland | 100.00 | |
PRZEDSIEBIORSTWO ROBOT DROGOWYCH Sp.z o.o. W LIKWIDACJI | Choszczno | Poland | 100.00 | |
STRABAG DROGI WOJEWODZKIE Sp. z o.o. | Pruszkow | Poland | 100.00 | |
STRABAG-PROJEKT 2 Sp.z o.o. | Pruszkow | Poland | 100.00 | |
STRABAG-PROJEKT Sp.z o.o. | Pruszkow | Poland | 100.00 | |
SZYBKI TRAMWAY Sp. z o.o. | Pruszkow | Poland | 100.00 | |
WMB Drogbud Sp. z o.o. | Lubojenka | Poland | 51.00 | |
Constrovia Construcao Civil e Obras Publicas Lda. | Lissabon | Portugal | 95.00 | |
Z.P.C. Lda | Amadora | Portugal | 100.00 | |
Strabag Qatar W.L.L. | Doha | Qatar | 100.00 | |
BHG COMERCIALIZARE BITUM SRL | Bucharest | Romania | 100.00 | |
BITUNOVA Romania SRL | Bucharest | Romania | 100.00 | |
DYWIDAG ROMANIA SRL | Bucharest | Romania | 100.00 | |
FLOWER CITY SRL | Bucharest | Romania | 100.00 | |
SAT REABILITARE RECICLARE SRL | Cluj-Napoca | Romania | 100.00 | |
CML OOO | Moscow | Russia | 100.00 | |
OOO STRASTROI | Moscow | Russia | 100.00 | |
Ranita OOO | Moscow | Russia | 100.00 | |
STRABAG BRVZ OOO | Moscow | Russia | 100.00 | |
STRABAG Infrastruktur Development OOO | Moscow | Russia | 100.00 | |
TPA OOO | Moscow | Russia | 100.00 | |
Dywidag Saudi Arabia Co. Ltd. | Jubail | Saudi Arabia | 100.00 | |
Strabag Saudi Arabia | Dhahran | Saudi Arabia | 100.00 | |
Zublin Saudi Arabia LLC | Riyadh | Saudi Arabia | 100.00 | |
CML Construction Services AB | Stockholm | Sweden | 100.00 | |
Nimab Support AB | Sj\u00f6bo | Sweden | 100.00 | |
STRABAG Projektutveckling AB | Stockholm | Sweden | 100.00 | |
STRABAG Rail AB | Kumla | Sweden | 100.00 | |
Beton AG B\u00fcrglen | B\u00fcrglen TG | Switzerland | 65.60 | |
CML Construction Services GmbH | Schlieren | Switzerland | 100.00 | |
STRABAG Infrastructure & Safety Solutions GmbH | Erstfeld | Switzerland | 100.00 | |
TPA Gesellschaft f\u00fcr Qualit\u00e4tssicherung und Innovation GmbH | Erstfeld | Switzerland | 100.00 | |
CML Construction Services d.o.o. Beograd | Belgrad | Serbia | 100.00 | |
MINERAL RS d.o.o. BEOGRAD | Novi Beograd | Serbia | 100.00 | |
STRABAG BMTI D.O.O. BEOGRAD | Novi Beograd | Serbia | 100.00 | |
STRABAG BRVZ d.o.o. BEOGRAD | Novi Beograd | Serbia | 100.00 | |
BHG SK s.r.o. | Bratislava | Slovakia | 100.00 | |
CML CONSTRUCTION SERVICES s. r. o. | Bratislava | Slovakia | 100.00 | |
OAT spol. s r.o. | Bratislava | Slovakia | 100.00 | |
Rezidencie Machnac, s.r.o. | Bratislava | Slovakia | 100.00 | |
SAT SLOVENSKO s.r.o. | Bratislava | Slovakia | 100.00 | |
STRABAG BMTI s.r.o. | Bratislava | Slovakia | 100.00 | |
STRABAG Property and Facility Services s.r.o. | Bratislava | Slovakia | 55.00 | |
Viedenska brana s.r.o. | Bratislava | Slovakia | 100.00 | |
CML CONSTRUCTION SERVICES d.o.o. | Ljubljana | Slovenia | 100.00 | |
DRP, d.o.o. | Ljubljana | Slovenia | 100.00 | |
STHOI Co., Ltd. | Bangkok | Thailand | 100.00 | |
STRABAG Construction Co., Ltd. | Bangkok | Thailand | 100.00 | |
STRABAG Industries (Thailand) Co.,Ltd. | Bangkok | Thailand | 100.00 | |
Z\u00fcblin (Thailand) Co. Ltd. i.L. | Bangkok | Thailand | 100.00 | |
Z\u00fcblin Holding (Thailand) Co. Ltd. | Bangkok | Thailand | 79.35 | |
CML CONSTRUCTION SERVICES s.r.o. | Prague | Czech Republic | 100.00 | |
Hotel Na Belidle s.r.o. | Prague | Czech Republic | 100.00 | |
Hrusecka obalovna, s.r.o. | Hrusky | Czech Republic | 80.00 | |
Na Belidle s.r.o. | Prague | Czech Republic | 100.00 | |
OAT,s.r.o. | Prague | Czech Republic | 100.00 | |
Obalovna Sokolov s.r.o. | Sobeslav | Czech Republic | 51.00 | |
STRABAG PROLAN, s.r.o. | Prague | Czech Republic | 100.00 | |
STRABAG Silnice a.s. | Prague | Czech Republic | 100.00 | |
STRABAG Water s.r.o. | Prague | Czech Republic | 100.00 | |
Strabag Kiew TOW | Kiew | Ukraine | 100.00 | |
A-WAY Zrt. | \u00dajharty\u00e1n | Hungary | 100.00 | |
BHG Bitumen Kft. | Budapest | Hungary | 100.00 | |
CML Construction Services Zrt. | Budapest | Hungary | 100.00 | |
E.S.T.M. KFT | Budapest | Hungary | 100.00 | |
Frisspumpa Kft. | Budapest | Hungary | 100.00 | |
KFX Holding Kft. | Budapest | Hungary | 100.00 | |
OAT Kft. | Budapest | Hungary | 100.00 | |
RBZ Holding Kft. | Budapest | Hungary | 100.00 | |
SAT \u00datjav\u00edt\u00f3 Kft. | Budapest | Hungary | 100.00 | |
STRABAG Logisztika Kft. | Budapest | Hungary | 100.00 | |
STRABAG Sportl\u00e9tes\u00edtm\u00e9nyek Kft. | Budapest | Hungary | 100.00 | |
STRABAG V\u00edz\u00e9p\u00edt\u00f6 Kft. | Budapest | Hungary | 100.00 | |
Treuhandbeteiligung Q | Budapest | Hungary | 100.00 | |
EFKON USA, INC. | Dallas | United States of America | 100.00 | |
Zublin Corporation | Wilmington | United States of America | 100.00 | |
STRABAG ABU DHABI LLC | Abu Dhabi | United Arab Emirates | 100.00 | |
Z\u00fcblin Ground and Civil Engineering LLC | Dubai | United Arab Emirates | 100.00 | |
IVERUS ENTERPRISES LTD | Limassol | Cyprus | 100.00 |
The following list shows the not consolidated investee companies:
\n \nCompany\nInvestee companies not consolidated | Residence | Country | Direct stake % | |
|---|---|---|---|---|
\"kabelwerk\" bautr\u00e4ger gmbh | Vienna | Austria | 25.00 | |
ABO Asphalt-Bau Oeynhausen GmbH. | Oeynhausen | Austria | 22.50 | |
AMB Asphalt-Mischanlagen Betriebsgesellschaft m.b.H. | Zistersdorf | Austria | 40.00 | |
AMB Asphalt-Mischanlagen Betriebsgesellschaft m.b.H.& Co.KG | Zistersdorf | Austria | 40.00 | |
AMG - Asphaltmischwerk Gunskirchen Gesellschaft m.b.H. | Linz | Austria | 33.33 | |
AMG-Asphaltmischwerk Gunskirchen Gesellschaft m.b.H. & Co.KG | Linz | Austria | 33.33 | |
AMS-Asphaltmischwerk S\u00fcd Gesellschaft m.b.H. | Linz | Austria | 35.00 | |
Anton Beirer Hartsteinwerke GmbH & Co KG | Pinswang | Austria | 50.00 | |
ASAMER Baustoff Holding Wien GmbH | Vienna | Austria | 30.93 | |
ASAMER Baustoff Holding Wien GmbH & Co.KG | Vienna | Austria | 30.93 | |
ASF Fr\u00e4stechnik GmbH | Kematen | Austria | 40.00 | |
ASF Fr\u00e4stechnik GmbH & Co KG | Kematen | Austria | 40.00 | |
Asphaltmischwerk Betriebsgesellschaft m.b.H. | Rauchenwarth | Austria | 20.00 | |
Asphaltmischwerk Betriebsgesellschaft m.b.H. & Co KG | Rauchenwarth | Austria | 20.00 | |
Asphaltmischwerk Greinsfurth GmbH | Amstetten | Austria | 33.33 | |
Asphaltmischwerk Greinsfurth GmbH & Co OG | Amstetten | Austria | 33.33 | |
Asphaltmischwerk Kundl GmbH | Kundl | Austria | 50.00 | |
Asphaltmischwerk Kundl GmbH & Co KG | Kundl | Austria | 50.00 | |
ASTRA - BAU Gesellschaft m.b.H. Nfg. OG | Bergheim | Austria | 50.00 | |
AWM Asphaltwerk M\u00f6tschendorf Gesellschaft m.b.H. | Graz | Austria | 50.00 | |
AWM Asphaltwerk M\u00f6tschendorf GmbH & Co.KG | Graz | Austria | 50.00 | |
CAPE 10 Errichtung & Betrieb GmbH | Vienna | Austria | 26.00 | |
DC Waterline GmbH | Vienna | Austria | 50.00 | |
Donau City Residential GmbH | Vienna | Austria | 50.00 | |
Eisen Blasy Reutte GmbH | Pflach | Austria | 50.00 | |
EPM PSO GMBH & CO KG | Spittal an der Drau | Austria | 20.00 | |
Franck4tel Komplement\u00e4r Acht GmbH | Vienna | Austria | 50.00 | |
Franck4tel Komplement\u00e4r Drei GmbH | Vienna | Austria | 50.00 | |
Franck4tel Komplement\u00e4r Eins GmbH | Vienna | Austria | 50.00 | |
Franck4tel Komplement\u00e4r F\u00fcnf GmbH | Vienna | Austria | 50.00 | |
Franck4tel Komplement\u00e4r Sechs GmbH | Vienna | Austria | 50.00 | |
Franck4tel Komplement\u00e4r Sieben GmbH | Vienna | Austria | 50.00 | |
Franck4tel Komplement\u00e4r Vier GmbH | Vienna | Austria | 50.00 | |
Franck4tel Komplement\u00e4r Zwei GmbH | Vienna | Austria | 50.00 | |
Franck4tel Projektabwicklung GmbH & Co KG | Vienna | Austria | 50.00 | |
Franck4tel Projektentwicklung Drei GmbH & Co KG | Vienna | Austria | 50.00 | |
Franck4tel Projektentwicklung Eins GmbH & Co KG | Vienna | Austria | 50.00 | |
Franck4tel Projektentwicklung F\u00fcnf GmbH & Co KG | Vienna | Austria | 50.00 | |
Franck4tel Projektentwicklung Sechs GmbH & Co KG | Vienna | Austria | 50.00 | |
Franck4tel Projektentwicklung Sieben GmbH & Co KG | Vienna | Austria | 50.00 | |
Franck4tel Projektentwicklung Vier GmbH & Co KG | Vienna | Austria | 50.00 | |
Franck4tel Projektentwicklung Zwei GmbH & Co KG | Vienna | Austria | 50.00 | |
GDK Flight Management GmbH | Spittal an der Drau | Austria | 20.00 | |
H S Hartsteinwerke GmbH | Pinswang | Austria | 50.00 | |
KAB K\u00e4rntner Abfallbewirtschaftung GmbH | Klagenfurt | Austria | 36.25 | |
Klinik f\u00fcr Psychosomatik und psychiatrische Rehabilitation GmbH | Spittal an der Drau | Austria | 30.00 | |
KSH Kalkstein Heiterwang GmbH | Pinswang | Austria | 30.00 | |
KSH Kalkstein Heiterwang GmbH & Co KG | Pinswang | Austria | 30.00 | |
Lieferasphalt Gesellschaft m.b.H. | Vienna | Austria | 50.00 | |
Lieferasphalt Gesellschaft m.b.H.& Co.OG, Zirl | Vienna | Austria | 50.00 | |
Linzer Schlackenaufbereitungs- und vertriebsgesellschaft m.b.H. | Linz | Austria | 33.33 | |
LISAG Linzer Splitt- und Asphaltwerk GmbH. | Linz | Austria | 50.00 | |
LISAG Linzer Splitt- und Asphaltwerk GmbH. & CO KG | Linz | Austria | 50.00 | |
MIGU-Asphalt-Baugesellschaft m.b.H. | Lustenau | Austria | 50.00 | |
MSO Mischanlagen GmbH | Ilz | Austria | 33.33 | |
PAM Pongauer Asphaltmischanlagen GmbH | St. Johann im Pongau | Austria | 50.00 | |
PAM Pongauer Asphaltmischanlagen GmbH & Co KG | St. Johann im Pongau | Austria | 50.00 | |
PPP Campus AM + SEEA GmbH | St. P\u00f6lten | Austria | 50.00 | |
PPP Campus AM + SEEA GmbH & Co KG | St. P\u00f6lten | Austria | 50.00 | |
PPP Campus RAP + LGG GmbH | St. P\u00f6lten | Austria | 45.00 | |
PPP Campus RAP + LGG GmbH & Co KG | St. P\u00f6lten | Austria | 45.00 | |
Prottelith Produktionsgesellschaft mbH | Liebenfels | Austria | 24.00 | |
RFM Asphaltmischwerk GmbH & Co KG | Traiskirchen | Austria | 46.00 | |
RFM Asphaltmischwerk GmbH. | Traiskirchen | Austria | 46.00 | |
Rieder Asphaltgesellschaft m.b.H. | Ried im Zillertal | Austria | 50.00 | |
Rieder Asphaltgesellschaft m.b.H. & Co. KG. | Ried im Zillertal | Austria | 50.00 | |
Salzburger Lieferasphalt GmbH & Co OG | Sulzau | Austria | 20.00 | |
SG Kies GmbH | Vienna | Austria | 50.00 | |
SG Kies GmbH & Co KG | Vienna | Austria | 50.00 | |
SHKK-Rehabilitations GmbH | Baden | Austria | 50.00 | |
SRK Kliniken Beteiligungs GmbH | Baden | Austria | 25.00 | |
Syrena Immobilien Holding Aktiengesellschaft | Spittal an der Drau | Austria | 50.00 | |
Triplus Beton GmbH | Zell am See | Austria | 50.00 | |
Triplus Beton GmbH & Co KG | Zell am See | Austria | 50.00 | |
Vereinigte Asphaltmischwerke Gesellschaft m.b.H. | Spittal an der Drau | Austria | 50.00 | |
Vereinigte Asphaltmischwerke Gesellschaft m.b.H. & Co KG | Spittal an der Drau | Austria | 50.00 | |
VIANOVA - Bitumenemulsionen GmbH | F\u00fcrnitz | Austria | 24.90 | |
VKG-Valentiner Kieswerk Gesellschaft m.b.H. | Linz | Austria | 50.00 | |
WMW Weinviertler Mischwerk Gesellschaft m.b.H. | Zistersdorf | Austria | 33.33 | |
WMW Weinviertler Mischwerk Gesellschaft m.b.H. & Co KG | Zistersdorf | Austria | 33.33 | |
A 1 Lohne-Bramsche GmbH & Co. KG | Neuenkirchen-V\u00f6rden | Germany | 50.00 | |
AGS Asphaltgesellschaft Stuttgart GmbH & Co. - Kommanditgesellschaft - | Stuttgart | Germany | 40.00 | |
AGS Asphaltgesellschaft Stuttgart Verwaltungs-GmbH | Stuttgart | Germany | 40.00 | |
AMH Asphaltmischwerk Hauneck GmbH & Co. KG | Hauneck | Germany | 50.00 | |
AMH Asphaltmischwerk Hauneck Verwaltungs GmbH | Hauneck | Germany | 50.00 | |
AMSS Asphaltmischwerke S\u00e4chsische Schweiz GmbH & Co. KG | Dresden | Germany | 24.00 | |
AMSS Asphaltmischwerke S\u00e4chsische Schweiz Verwaltungs GmbH | Dresden | Germany | 24.00 | |
ASB Transportbeton GmbH & Co. KG | S\u00fclzetal | Germany | 50.00 | |
Asphaltmischwerke Bodensee Verwaltungs-GmbH | Singen Hohentwiel | Germany | 50.00 | |
AUT Grundst\u00fccksverwaltungsgesellschaft mbH | Stuttgart | Germany | 40.00 | |
Bayerische Asphaltmischwerke Gesellschaft mit beschr\u00e4nkter Haftung | Hofolding | Germany | 48.29 | |
BBO Bauschuttaufbereitung Verwaltungsgesellschaft mbH | Stei\u00dflingen | Germany | 33.33 | |
BBO Bodensee/Hegau Bauschuttaufbereitung GmbH & Co. KG | Stei\u00dflingen | Germany | 22.22 | |
BBO Bodenseekreis Bauschuttaufbereitung GmbH & Co. KG | Stei\u00dflingen | Germany | 25.00 | |
BLU Beteiligungs-GmbH | Karlsruhe | Germany | 50.00 | |
BLU GmbH & Co. KG | Karlsruhe | Germany | 50.00 | |
Catchup Connect GmbH | Hamburg | Germany | 50.00 | |
CSE Centrum-Stadtentwicklung GmbH i.L. | Cologne | Germany | 50.00 | |
DAM Deutzer Asphaltmischwerke GmbH & Co. KG | Cologne | Germany | 40.44 | |
DAM Deutzer Asphaltmischwerke Verwaltungs-GmbH | Cologne | Germany | 40.44 | |
Deponie Westk\u00fcste GmbH & Co. KG | Nindorf | Germany | 50.00 | |
Deponie Westk\u00fcste Verwaltungs-GmbH | Nindorf | Germany | 50.00 | |
Diabaswerk Nesselgrund GmbH & Co. KG | Floh-Seligenthal | Germany | 20.00 | |
Diabaswerk Nesselgrund Verwaltungs-GmbH | Floh-Seligenthal | Germany | 20.00 | |
Entwicklung Quartier am Mail\u00e4nder Platz Beteiligungsgesellschaft mbH | Hamburg | Germany | 50.00 | |
Entwicklung Quartier am Mail\u00e4nder Platz Management GmbH i.L. | Hamburg | Germany | 50.00 | |
FBW Frischbetonwerk GmbH & Co. KG | Reutlingen | Germany | 42.39 | |
FLARE Grundst\u00fcck Verwaltungs GmbH | Berlin | Germany | 50.00 | |
Frischbetonwerk-Beteiligungs GbR | Reutlingen | Germany | 42.39 | |
Geothermie Gr\u00e4felfing GmbH & Co. KG | Gr\u00e4felfing | Germany | 49.00 | |
Geothermie Gr\u00e4felfing Verwaltungs GmbH | Gr\u00e4felfing | Germany | 49.00 | |
GFR remex Baustoffaufbereitung Verwaltungs-GmbH Krefeld i.L. | Krefeld | Germany | 50.00 | |
Glasklar Glas- und Geb\u00e4udereinigung GmbH | Bad Segeberg | Germany | 25.00 | |
GuS Gu\u00dfasphaltwerk GmbH & Co. KG | Stuttgart | Germany | 50.00 | |
GuS Gu\u00dfasphaltwerk-Verwaltungsgesellschaft mbH | Stuttgart | Germany | 50.00 | |
Heideasphalt GmbH & Co. KG | Wittingen | Germany | 50.00 | |
HK-Rohstoff & Umwelttechnik GmbH & Co. KG | Hildesheim | Germany | 50.00 | |
IQ Office Beteiligungsgesellschaft mbH | Hamburg | Germany | 49.00 | |
IQ Office GmbH & Co. KG | Hamburg | Germany | 49.00 | |
IQ Residential Beteiligungsgesellschaft mbH | Hamburg | Germany | 49.00 | |
IQ Residential GmbH & Co. KG | Hamburg | Germany | 49.00 | |
IQ Tower Beteiligungsgesellschaft mbH | Hamburg | Germany | 49.00 | |
IQ Tower GmbH & Co. KG | Hamburg | Germany | 49.00 | |
Kiesabbau G\u00e4mmerler-H\u00fctwohl GmbH & Co. Aug Kommanditgesellschaft | K\u00f6nigsdorf | Germany | 50.00 | |
Kiesabbau G\u00e4mmerler-H\u00fctwohl GmbH & Co. Grube Grafing KG | K\u00f6nigsdorf-Wiesen | Germany | 50.00 | |
Kiesabbau G\u00e4mmerler-H\u00fctwohl GmbH&Co. Grube Leitzinger Au KG | K\u00f6nigsdorf | Germany | 50.00 | |
Kiesabbau G\u00e4mmerler-H\u00fctwohl Verwaltungs- GmbH | K\u00f6nigsdorf | Germany | 50.00 | |
Kiesgesellschaft Karsee Beteiligungs-GmbH | Immenstaad am Bodensee | Germany | 50.00 | |
Kiesgesellschaft Karsee GmbH & Co. KG | Immenstaad am Bodensee | Germany | 50.00 | |
Kieswerk Rheinbach Gesellschaft mit beschr\u00e4nkter Haftung | Cologne | Germany | 50.00 | |
Kieswerk Rheinbach GmbH & Co. KG | Rheinbach | Germany | 50.00 | |
Kieswerke Schray Verwaltungs GmbH | Stei\u00dflingen | Germany | 50.00 | |
Koch Carbon Consulting GmbH | Kreuztal | Germany | 49.00 | |
Main-Aurach-Autobahngesellschaft mbH & Co. KG i.L. | Berlin | Germany | 50.00 | |
Messe City K\u00f6ln Beteiligungsgesellschaft mbH | Hamburg | Germany | 50.00 | |
Milet Ditzingen Beteiligungsgesellschaft mbH | Heidelberg | Germany | 49.00 | |
MLT Maschinen Logistik Technik GmbH & Co. KG | Nesse-Apfelst\u00e4dt | Germany | 50.00 | |
MLT Verwaltungs GmbH | Nesse-Apfelst\u00e4dt | Germany | 50.00 | |
M\u00fcritz-Klinikum Service GmbH | Waren (M\u00fcritz) | Germany | 49.00 | |
Natursteinwerke im Nordschwarzwald NSN Verwaltungsgesellschaft mit beschr\u00e4nkter Haftung | M\u00fchlacker | Germany | 25.00 | |
Prompt Geb\u00e4udereinigung GmbH | Osterr\u00f6nfeld | Germany | 37.50 | |
QMP General\u00fcbernehmer GmbH & Co. KG | Oststeinbek | Germany | 50.00 | |
REMEX Coesfeld GmbH | D\u00fclmen-Buldern | Germany | 50.00 | |
ROBA-Neuland Beton GmbH & Co. KG | Hamburg | Germany | 50.00 | |
Rohstoff & Umwelttechnik Verwaltungs GmbH | Hildesheim | Germany | 50.00 | |
Ronald Brockmann Glas- und Geb\u00e4udereinigung GmbH | G\u00fcstrow | Germany | 25.47 | |
RSV Rheinische Schlacke Verwertungs GmbH | Leverkusen | Germany | 50.00 | |
SAT Spezialbau GmbH | Cologne | Germany | 50.00 | |
SAV S\u00fcdnieders\u00e4chsische Aufbereitung und Verwertung GmbH & Co. KG | Hildesheim | Germany | 50.00 | |
SAV S\u00fcdnieders\u00e4chsische Aufbereitung und Verwertung Verwaltungs GmbH | Hildesheim | Germany | 50.00 | |
Schlackenkontor Bremen GmbH | Bremen | Germany | 33.35 | |
SeniVita Social Estate AG | Bayreuth | Germany | 50.00 | |
SMB Construction International GmbH | Sengenthal | Germany | 50.00 | |
STA Asphaltmischwerk Strahlungen GmbH | Strahlungen | Germany | 24.90 | |
stahl + verbundbau gesellschaft f\u00fcr industrielles bauen m.b.H. | Dreieich | Germany | 30.00 | |
Steinbruch Spittergrund GmbH | Erfurt | Germany | 50.00 | |
Stephan Beratungs-GmbH | Linz am Rhein | Germany | 30.00 | |
TDE Mitteldeutsche Bergbau Service GmbH | Espenhain | Germany | 50.00 | |
teamup GmbH | Baden-Baden | Germany | 29.75 | |
TSI VERWALTUNGS GMBH | Nesse-Apfelst\u00e4dt | Germany | 50.00 | |
Verwaltung MesseCity K\u00f6ln General\u00fcbernehmer GmbH i.L. | Oststeinbek | Germany | 50.00 | |
Verwaltung QMP General\u00fcbernehmer GmbH | Oststeinbek | Germany | 50.00 | |
Verwaltungsgesellschaft ROBA-Neuland Beton m.b.H. | Hamburg | Germany | 50.00 | |
Wohnbau Tafelgel\u00e4nde Beteiligungs-GmbH i.L. | Munich | Germany | 25.00 | |
Wohnbau Tafelgel\u00e4nde GmbH & Co. KG i.L. | Munich | Germany | 25.00 | |
SHUSHICA HYDROPOWER sh p.k. | Tirana | Albania | 33.00 | |
ASG INVEST N.V. | Genk | Belgium | 25.00 | |
Ontwikkelingscombinatie Maasmechelen N.V. | Antwerpen | Belgium | 50.00 | |
Satellic NV | Groot-Bijgaarden | Belgium | 24.00 | |
Tierra Chuquicamata SpA | Santiago de Chile | Chile | 50.00 | |
Straktor Bau Aktien Gesellschaft | Kifisia | Greece | 50.00 | |
A-WAY LAGAN INFRASTRUCTURE SERVICES LIMITED | Kilcloony, Ballinasloe, Galway | Ireland | 50.00 | |
DIRECTROUTE (FERMOY) CONSTRUCTION LIMITED | Dublin | Ireland | 25.00 | |
DIRECTROUTE (LIMERICK) CONSTRUCTION LIMITED | Dublin | Ireland | 40.00 | |
DIRECTROUTE (TUAM) CONSTRUCTION LIMITED | Dublin | Ireland | 25.00 | |
TORONTO TUNNEL PARTNERS 401 RER INC. | London, Ontario | Canada | 50.00 | |
Z.I.P.O.S. d.o.o. | Antunovac | Croatia | 50.00 | |
Industrial Engineering and Contracting Co. S.A.R.L. (INDECO) i.L. | Beirut | Lebanon | 50.00 | |
STRABAG ARCHIRODON LTD. | Port Louis | Mauritius | 50.00 | |
A-Lanes Management Services B.V. | Utrecht | The Netherlands | 25.00 | |
Philman Holdings Co. | Manila | Philippines | 20.00 | |
Walter Group International Philippines, Inc. | Manila | Philippines | 26.00 | |
ODRA-ASFALT Sp. z o.o. | Szeczecin | Poland | 33.33 | |
STRABAG Gorz\u00f3w Wielkopolski Sp. z o.o. | Gorz\u00f3w Wielkopolski | Poland | 49.00 | |
AL SRAIYA - STRABAG Road & Infrastructure WLL | Doha | Qatar | 49.00 | |
Grandemar SA | Cluj-Napoca | Romania | 41.27 | |
SIFEE TERRA HEAT SRL | Selimbar | Romania | 25.00 | |
Betun Cadi SA | Trun | Switzerland | 35.00 | |
Kies- und Betonwerk AG Sedrun | Sedrun | Switzerland | 35.00 | |
Obal'ovna Bratislava s.r.o. | Bratislava | Slovakia | 50.00 | |
VIANOVA SLOVENIJA d.o.o. | Logatec | Slovenia | 50.00 | |
Beton Pisek spol. s.r.o. | Pisek | Czech Republic | 50.00 | |
Brnenska obalovna, s.r.o. | Brno | Czech Republic | 50.00 | |
JCO s.r.o. | Plana | Czech Republic | 50.00 | |
Liberecka Obalovna s.r.o. | Liberec | Czech Republic | 50.00 | |
TBG Ceske Budejovice spol. s.r.o. | Budweis | Czech Republic | 50.00 | |
VCO - Vychodoceska obalovna, s r.o | Hradec Kralove | Czech Republic | 33.33 | |
BASALT-K\u00d6Z\u00c9PK\u00d6 Kft | Uzsa | Hungary | 25.14 | |
Immorent Oktat\u00e1si Kft. | Budapest | Hungary | 20.00 | |
Mecsek Autopalya-\u00fczemeltet\u00f6 Zrt. | Budapest | Hungary | 25.00 | |
Strabag Oktat\u00e1si PPP Kft. | Budapest | Hungary | 30.00 | |
MAC ZT Vietnam Co. Ltd. | Ho Chi Minh City | Vietnam | 50.00 |
The other investments in companies include investments in subsidiaries, associated companies, joint ventures and other investments which, being immaterial, are reported as not consolidated and are not included at equity in the consolidated financial statements. Detailed information on the group\u2019s investments (shares of more than 20%) can be found in the list of investments, which is included in the annual financial report.
\nThe development of the other investments in the financial year was as follows:
\nT\u20ac | Balance \nas at \n1.1.2023 | Currency translation | Changes in the consoli\u00addated group | Additions | Transfers | Disposals | Impair\u00adment losses/ Reversal of impairment losses | Balance\nas at\n31.12.2023 |
Investments in subsidiaries | 92,929 | -827 | 11,605 | 6,380 | 0 | -10,274 | -3,383 | 96,430 |
Investments | 105,072 | 498 | 4,118 | 11,771 | 0 | -699 | 1,390 | 122,150 |
Other investments | 198,001 | -329 | 15,723 | 18,151 | 0 | -10,973 | -1,993 | 218,580 |
The development of the other investments in the previous financial year was as follows:
\nT\u20ac | Balance\n as at\n 1.1.2022 | Currency translation | Changes in the consoli\u00addated group | Additions | Transfers | Disposals | Impair\u00adment losses/ Reversal of impair\u00adment losses | Balance\n as at\n 31.12.2022 |
Investments in subsidiaries | 90,224 | -10 | -4,273 | 15,985 | 19 | -2,458 | -6,558 | 92,929 |
Investments | 105,164 | 362 | -8 | 5,448 | -19 | -2,671 | -3,204 | 105,072 |
Other investments | 195,388 | 352 | -4,281 | 21,433 | 0 | -5,129 | -9,762 | 198,001 |
Tax accruals and deferrals recognised in the balance sheet on temporary differences between the amounts stated in the IFRS financial statements and the respective tax amounts as well as on losses carried forward developed as follows:
\nT\u20ac | Balance\n as at\n 1.1.2023 | Currency translation | Changes in \nthe consoli-\ndated group | Other changes | Balance \nas at\n 31.12.2023 |
Intangible assets and property, plant and equipment | 50,875 | 354 | -105 | 25,952 | 77,076 |
Financial assets | 1,893 | 4 | 0 | 11,511 | 13,408 |
Inventories | 27,493 | 114 | 0 | 11,374 | 38,981 |
Receivables and other assets | 66,924 | -466 | -17 | 34,045 | 100,486 |
Provisions | 160,553 | 65 | 599 | 59,233 | 220,450 |
Liabilities | 22,165 | 1,329 | -397 | -6,678 | 16,419 |
Tax loss carryforwards | 73,238 | 0 | 0 | -10,353 | 62,885 |
Deferred tax assets | 403,141 | 1,400 | 80 | 125,084 | 529,705 |
Offsetting of deferred tax assets and liabilities relating to the same taxation authority | -292,605 | 0 | 0 | -127,370 | -419,975 |
Deferred tax assets offset | 110,536 | 1,400 | 80 | -2,286 | 109,730 |
Intangible assets and property, plant and equipment | -81,505 | 323 | -205 | -20,565 | -101,952 |
Financial assets | -11,685 | 0 | -6,891 | 4,274 | -14,302 |
Inventories | -27,025 | -566 | 0 | -23,225 | -50,816 |
Receivables and other assets | -297,023 | 1,709 | 97 | -124,733 | -419,950 |
Provisions | -2,265 | -243 | 0 | -3,061 | -5,569 |
Liabilities | -47,923 | 4 | 0 | -16,133 | -64,052 |
Deferred tax liabilities | -467,426 | 1,227 | -6,999 | -183,443 | -656,641 |
Offsetting of deferred tax assets and liabilities relating to the same taxation authority | 292,605 | 0 | 0 | 127,370 | 419,975 |
Deferred tax liabilities offset | -174,821 | 1,227 | -6,999 | -56,073 | -236,666 |
Deferred tax on losses carried forward was capitalised as these can probably be offset with future taxable profits. The planning period is limited to five years.
\nFor the STRABAG\u00a0SE tax group, Austria, deferred tax was capitalised despite tax losses in the previous years as well as in the reporting period. The recognised deferred tax for losses carried forward amounted to T\u20ac 52,469 (2022: T\u20ac 62,691) for the STRABAG\u00a0SE tax group. This contains deferred tax assets on open amortisation over seven years in the amount of T\u20ac 52,469 (2022: T\u20ac 62,691). The Austrian Corporate Income Tax Act (K\u00f6rperschaftsteuergesetz) requires a tax-effective impairment of investments to be claimed over a period of seven years.
\nThe losses of the ongoing year and of the past were strongly influenced by negative special items. To avoid such negative projects, the Group has continuously expanded and improved its opportunity and risk management and implemented organisational and strategic improvements. The tax planning for the STRABAG\u00a0SE tax group for the next five years documents the usability of the tax loss carryforwards.
\nAs at 31\u00a0December\u00a02023, there were differences of T\u20ac 1,086,560 (2022: T\u20ac 1,135,051) between the carrying amount and the equity of subsidiaries recognised in the Group. No deferred taxes were recognised as STRABAG determines the disposal and dividend policy of the subsidiaries. STRABAG can therefore control the timing of the reversal of the temporary differences. The Management Board assumes that there will be no reversals in the foreseeable future.
\nIn January\u00a02022, a gradual reduction of the corporate income tax rate from 25% to 23% was decided in Austria. The tax rate was lowered to 24% in 2023 and will be lowered to 23% in 2024. An adjustment of the existing deferred taxes to the tax rate of the reversal was already made in 2022. The resulting tax expense in the amount of T\u20ac 4,213 was recognised in profit or loss. The existing deferred taxes in Austria as at 31\u00a0December\u00a02023 are recognised at 23%.
\nBased on the rules developed by the OECD for the introduction of a global minimum tax, the EU on 22\u00a0December\u00a02022 adopted a directive on a global minimum level of taxation. The individual member states had until 31\u00a0December\u00a02023 to transpose the directive into national legislation. As a result, the OECD\u2019s so-called Pillar II rules become applicable for accounting periods starting with the 2024 financial year. The basic idea of the rather complex rules is that in jurisdictions in which the effective tax rate determined in accordance with Pillar II is below 15%, additional taxes must be levied either in that jurisdiction itself or at the level of the highest parent company.
\nWith Hungary, Bulgaria, Montenegro, Bosnia and the United Arab Emirates, the STRABAG\u00a0SE Group operates in countries with a nominal tax rate below 15%, meaning that additional tax expense is to be expected for the 2024 financial year as a result of the Pillar II rules. As the majority of the operating business is conducted in countries with higher tax rates (in particular Germany and Austria), however, the additional tax expense will not be of any material significance. In accordance with the provisions of IAS 12, the exemption from recognising deferred taxes due to Pillar II is applied.
\nWith regard to deferred taxes, these can only be taken into account for Pillar II purposes provided that the deferred tax assets and liabilities in the financial accounts of all business entities in a tax jurisdiction for the transition year have been demonstrably recognised or disclosed in financial statements.\u00a0
\nThe following table therefore shows all unrecognised deferred taxes on losses carried forward and temporary differences. In the absence of a reversal of deferred taxes in the next five years, an impairment was made with regard to these losses carried forward and temporary differences in the consolidated financial statements. Determination of the impairment took into account the fact that losses carried forward exist in project companies with only limited business activities in subsequent years and that losses carried forward are recognised multiple times in the investment chain due to tax-effective investment write-downs and that their use would lead to tax-effective write-ups.
\nOf the non-capitalised losses carried forward, T\u20ac 3,004,650 (2022: T\u20ac 3,144,913) have unrestricted use. Non-capitalised losses carried forward in the amount of T\u20ac 260,625\u00a0(2022: T\u20ac 117,980) can theoretically be used for up to\u00a020\u00a0years (2022: 20 years).
\n \nThe unrecognised deferred taxes are as follows:
\n31.12.2023 | 31.12.2022 | |||||||||
not recognised in the future due to lack of usability | ||||||||||
T\u20ac | Losses carried forward | Deferred tax | Temporary differences | Deferred tax | Deferred tax total | Losses carried forward | Deferred tax | Temporary differences | Deferred tax | Deferred tax total |
Austria | 1,231,924 | 283,342 | 0 | 0 | 283,342 | 1,244,206 | 286,167 | 0 | 0 | 286,167 |
Austria - open amortisation over seven years | 372,542 | 85,685 | 0 | 0 | 85,685 | 296,000 | 68,080 | 0 | 0 | 68,080 |
Chile | 424,840 | 114,706 | 119,642 | 32,304 | 147,010 | 300,032 | 81,009 | 160,360 | 43,297 | 124,306 |
Netherlands | 211,760 | 54,633 | 26,878 | 6,934 | 61,567 | 222,335 | 57,362 | 45,760 | 11,806 | 69,169 |
Sweden | 159,562 | 32,870 | 6,267 | 1,291 | 34,161 | 233,396 | 48,079 | 3,232 | 666 | 48,745 |
Denmark | 138,226 | 30,410 | 53,001 | 11,660 | 42,070 | 128,993 | 28,378 | 59,183 | 13,020 | 41,399 |
Germany | 113,751 | 18,001 | 34,828 | 10,736 | 28,737 | 131,705 | 20,744 | 23,748 | 7,320 | 28,064 |
Germany - German trade tax (Gewerbesteuer) | 87,333 | 13,100 | 0 | 0 | 13,100 | 107,483 | 16,203 | 0 | 0 | 16,203 |
Hungary | 103,732 | 9,336 | 104,141 | 9,373 | 18,709 | 104,932 | 9,444 | 96,172 | 8,655 | 18,099 |
Canada | 84,388 | 22,363 | 55,873 | 14,806 | 37,169 | 17,989 | 4,767 | 0 | 0 | 4,767 |
Switzerland | 80,241 | 14,443 | 0 | 0 | 14,443 | 82,254 | 14,806 | 18 | 3 | 14,809 |
Slovakia | 68,550 | 14,396 | 20,434 | 4,291 | 18,687 | 74,126 | 15,567 | 23,426 | 4,919 | 20,486 |
Italy | 53,996 | 12,959 | 71,668 | 17,200 | 30,159 | 48,748 | 11,700 | 77,606 | 18,625 | 30,325 |
Belgium | 50,311 | 12,578 | 5,590 | 1,398 | 13,976 | 65,541 | 16,385 | 5,960 | 1,490 | 17,875 |
Russia | 39,863 | 7,973 | 16,791 | 3,358 | 11,331 | 89,803 | 17,961 | 45,693 | 9,139 | 27,099 |
Great Britain | 15,505 | 3,876 | 0 | 0 | 3,876 | 40,546 | 10,136 | 0 | 0 | 10,136 |
Other | 28,751 | 5,307 | 350,627 | 67,982 | 73,289 | 74,804 | 13,478 | 165,257 | 31,956 | 45,434 |
3,265,275 | 735,978 | 865,740 | 181,333 | 917,311 | 3,262,893 | 720,266 | 706,416 | 150,898 | 871,164 |
T\u20ac | 31.12.2023 | 31.12.2022 |
Construction materials, auxiliary supplies and fuel | 264,494 | 280,687 |
Finished buildings | 167,644 | 122,647 |
Unfinished buildings | 341,019 | 187,303 |
Undeveloped land | 421,005 | 400,905 |
Finished goods and work in progress | 27,643 | 22,230 |
Advances paid | 34,234 | 54,935 |
Inventories | 1,256,039 | 1,068,707 |
For qualifying assets, interest on borrowings was recognised in the amount of T\u20ac 694 (2022: T\u20ac 121).
\n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f12160": { "value": "\nIn the reporting period, no costs of contract initiation or contract satisfaction were capitalised as separate assets.
\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCustomerAcquisitionCostsExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f12165": { "value": "\n\n Trade receivables are comprised as follows:
\n31.12.2023 | 31.12.2022 | |||
T\u20ac | Total | thereof current | Total | thereof current |
Trade receivables | 1,365,315 | 1,365,315 | 1,314,939 | 1,314,939 |
Receivables from consortia | 255,712 | 255,712 | 262,899 | 262,899 |
Advances paid to subcontractors | 72,274 | 72,274 | 103,156 | 103,156 |
Trade receivables | 1,693,301 | 1,693,301 | 1,680,994 | 1,680,994 |
\n Other financial assets are comprised as follows:
\n31.12.2023 | 31.12.2022 | |||||
T\u20ac | Total | thereof current | thereof \nnon-current | Total | thereof current | thereof \nnon-current |
Securities | 27,359 | 0 | 27,359 | 26,018 | 0 | 26,018 |
Receivables from subsidiaries | 110,663 | 107,343 | 3,320 | 95,300 | 91,173 | 4,127 |
Receivables from participation companies | 135,099 | 71,095 | 64,004 | 146,664 | 74,512 | 72,152 |
Other financial assets | 306,804 | 82,335 | 224,469 | 390,740 | 87,384 | 303,356 |
Other financial assets | 579,925 | 260,773 | 319,152 | 658,722 | 253,069 | 405,653 |
\n Other financial assets are comprised as follows:
\n31.12.2023 | 31.12.2022 | |||||
T\u20ac | Total | thereof current | thereof \nnon-current | Total | thereof current | thereof \nnon-current |
Securities | 27,359 | 0 | 27,359 | 26,018 | 0 | 26,018 |
Receivables from subsidiaries | 110,663 | 107,343 | 3,320 | 95,300 | 91,173 | 4,127 |
Receivables from participation companies | 135,099 | 71,095 | 64,004 | 146,664 | 74,512 | 72,152 |
Other financial assets | 306,804 | 82,335 | 224,469 | 390,740 | 87,384 | 303,356 |
Other financial assets | 579,925 | 260,773 | 319,152 | 658,722 | 253,069 | 405,653 |
\n Other financial assets are comprised as follows:
\n31.12.2023 | 31.12.2022 | |||||
T\u20ac | Total | thereof current | thereof \nnon-current | Total | thereof current | thereof \nnon-current |
Securities | 27,359 | 0 | 27,359 | 26,018 | 0 | 26,018 |
Receivables from subsidiaries | 110,663 | 107,343 | 3,320 | 95,300 | 91,173 | 4,127 |
Receivables from participation companies | 135,099 | 71,095 | 64,004 | 146,664 | 74,512 | 72,152 |
Other financial assets | 306,804 | 82,335 | 224,469 | 390,740 | 87,384 | 303,356 |
Other financial assets | 579,925 | 260,773 | 319,152 | 658,722 | 253,069 | 405,653 |
T\u20ac | 31.12.2023 | 31.12.2022 |
Securities | 26 | 10 |
Cash on hand | 945 | 1,332 |
Bank deposits | 3,449,651 | 2,700,507 |
Cash and cash equivalents | 3,450,622 | 2,701,849 |
Details as to the development of the equity of STRABAG\u00a0SE are represented in the statement of changes in equity.
\n \n \n \nThe fully paid-in share capital as at 31\u00a0December\u00a02023 amounts to \u20ac 102,600,000.00 and is divided into 102,599,997 no-par bearer shares and three registered shares.
\n \n \n\n Mandatory offer by core shareholders\n
\n \nOn 18\u00a0August\u00a02022 Haselsteiner Familien-Privatstiftung, RAIFFEISEN-HOLDING NIEDER\u00d6STERREICH-WIEN registrierte Genossenschaft mit beschr\u00e4nkter Haftung and UNIQA \u00d6sterreich Versicherungen\u00a0AG informed STRABAG\u00a0SE of their intention, as bidders, to make a mandatory (anticipatory) public offer pursuant to Section 22 et seq of the Austrian Takeover Act (\u00dcbG) for the acquisition of all outstanding no-par value bearer shares of STRABAG\u00a0SE (ISIN AT0000STR1) not held by the bidders or by legal entities acting in concert with the bidders, with an offer price of \u20ac 38.94 per STRABAG share.
\n \nThe offer was also intended to remove the restriction on voting rights of the bidders (and the legal entities acting jointly with them) that existed at the time to a total of 26%, which arose due to a passive acquisition of control because of the European sanction restrictions on MKAO \u201cRasperia Trading Limited\u201d.
\n \n\n STRABAG\u00a0SE agreed with the bidders of the mandatory offer to acquire, as own shares, up to 10,260,000 of the shares tendered into the offer, representing up to 10% of the share capital, at the same price as the offer price (\u20ac 38.94). This required a current financial liability in the amount of the maximum theoretical purchase obligation of T\u20ac 399,524 to be deducted directly from retained earnings effective 31\u00a0December\u00a02022.
\n \n \nWith the share purchase agreement dated 9\u00a0February\u00a02023, STRABAG\u00a0SE acquired 2,779,006 own shares (2.7% of the share capital) in the amount of T\u20ac 108,214 on the basis of this arrangement. The theoretical purchase obligation of T\u20ac 291,310 deducted directly from equity effective 31\u00a0December\u00a02022 was therefore reversed with no effect on profit or loss.
\n \n \nVarious capital measures were approved at the Annual General Meeting of STRABAG\u00a0SE held on 16\u00a0June\u00a02023. These resolutions are summarised as follows:
\n \na) Resolution concerning the capital adjustment from company funds
\n \nThe share capital of the Company of currently \u20ac 102,600,000.00 shall be increased by \u20ac 1,900,000,000.00 to \u20ac 2,002,600,000.00 from company funds through conversion of the corresponding portion of the committed capital reserves reported in the annual financial statements for the year ending 31\u00a0December\u00a02022 pursuant to Section 1 et seq. KapBG with retroactive effect to the beginning of the current financial year without the issue of new shares.
\n \nb) Resolution concerning the ordinary reduction of the share capital of the Company for the purpose of allocation to non-committed reserves
\n \nThe share capital of the Company shall be reduced in accordance with the provisions on ordinary capital reductions pursuant to Section 175 et seq. AktG from the amount of the share capital after the capital adjustment of \u20ac 2,002,600,000.00 by \u20ac 996,620,004.30 to \u20ac 1,005,979,995.70 for the purpose of allocation to non-committed reserves of the Company, whereby the reduction of the share capital of the Company shall be effected by reducing the pro-rata amount of the share capital of the Company attributable to the individual no-par share without reverse stock split (\u201ccapital reduction for allocation to non-committed reserves\u201d).
\n \nc) Resolution concerning the ordinary reduction of the share capital of the Company for the purpose of distribution to the shareholders
\n \nThe share capital of the Company shall be reduced in accordance with the provisions on ordinary capital reductions pursuant to Section 175 et seq. AktG from the amount of the share capital after the ordinary capital reduction for allocation to non-committed reserves in the amount of \u20ac 1,005,979,995.70 by \u20ac 903,379,995.70 to \u20ac 102,600,000.00 for the purpose of repaying the reduction amount to the shareholders of the Company (\u201ccapital reduction for the purpose of distribution\u201d) according to the following specifications and under the following conditions:
\n \n(i) The reduction of the share capital of the Company shall be effected by reducing the pro-rata amount of the share capital attributable to each no-par share to the minimum amount of \u20ac 1.00 pursuant to Section 8 Para 3 AktG without reverse stock split.
\n \n(ii) The distribution entitlement resulting from the capital reduction in accordance with the conditions set out in this resolution in the amount of \u20ac 9.05 per no-par share entitled to distribution (\u201cdistribution entitlement\u201d) shall be paid in cash or, at the option of each shareholder, in new shares of the Company issued in connection with the non-cash capital increase to be resolved under item d).
\n \n(iii) For the distribution entitlement and its payment, the following conditions apply:
\n \na. The condition precedent of the fulfilment of the legal payment requirements pursuant to Section 178 Para 2 AktG.
\n \nb. The condition precedent that shareholders of the Company, in respect of shares entitled to distribution that together represent at least approximately 57.78% of the share capital of the Company, have elected the payment of the distribution from the capital reduction in new shares of the Company and the contribution in kind determined in the resolution concerning the ordinary capital increase (item d)) is raised through waiver of the distribution entitlements for these shares within the determined implementation period.
\n \nc. The resolutory condition if the implementation of the non-cash increase of the share capital (item d)) is not entered in the commercial register pursuant to Section 156 AktG by 31\u00a0March\u00a02024 at the latest.
\n \nIf one of the conditions precedent (a. or b.) does not occur, no distribution entitlement arises and no payment can be made and, accordingly, the distribution entitlement cannot be used to raise the non-cash contribution of the ordinary capital increase (item d)). In these cases, the alternative purpose of the ordinary capital reduction shall be to transfer the amount of the capital reduction to non-committed reserves of the Company.
\n \nIf the resolutory condition (c.) occurs, the distribution entitlement from the capital reduction shall lapse accordingly and no payment can be made and the alternative purpose of the ordinary capital reduction shall be to transfer the amount of the capital reduction to non-committed reserves of the Company. This purpose shall then also apply to that amount of distribution entitlements already waived to raise the non-cash contribution of the ordinary capital increase (item d)).
\n \nd) Resolution concerning the ordinary non-cash increase of the share capital of the Company
\n \nThe share capital of the Company shall be increased by up to \u20ac 24,955,248.00 through the issue of up to 24,955,248 new no-par bearer shares (ordinary shares), each with a pro-rata amount of the share capital of \u20ac 1.00 (hereinafter \u201cnew shares\u201d), against non-cash contributions through the waiver of distribution entitlements from the ordinary capital reduction for the purpose of distribution (item c)) according to the following specifications and under the following conditions:
\n \n(i) The new shares shall be issued at an issue price of \u20ac 1.00 per share (minimum issue price pursuant to Section 8 Para 3 AktG), thus at a total issue price of up to \u20ac 24,955,248.00.
\n \n(ii) The new shares shall participate in the profits from the beginning of the financial year, for which, at the time of the issue of the new shares, no resolution has yet been passed on the appropriation of the balance sheet profit.
\n \n(iii) The shareholders shall be granted the legal subscription rights. The subscription ratio shall be set at 1:4 (1 new share for 4 existing shares) (\u201csubscription ratio\u201d) and the subscription price per new share at \u20ac 36.20 (\u201csubscription price\u201d). The contribution in kind to be made for the subscription of each new share will therefore comprise 4 distribution entitlements in the nominal amount of \u20ac 9.05 per share entitled to distribution. The subscription price and the subscription ratio are based on an business value of the Company with a valuation date of 16\u00a0June\u00a02023 (date of the Annual General Meeting of the Company), from which a pro-rata business value per share of the Company of \u20ac 36.22 is derived as of 16\u00a0June\u00a02023 (\u201creference price\u201d), taking into account the distribution entitlement from the ordinary capital reduction for the purpose of the distribution of \u20ac 9.05. The subscription ratio is calculated as the ratio of the result of dividing the reference price by the nominal amount of a distribution entitlement (\u20ac 9.05) rounded down to two decimal places after the decimal point. The subscription price shall correspond to the subscription ratio multiplied by the nominal amount of a distribution entitlement (\u20ac 9.05).
\n \nThe minority shareholder MKAO \u201cRasperia Trading Limited\u201d is controlled by Russian businessman Oleg Deripaska, who was added to the sanctions lists in the following jurisdictions: Canada (on 6\u00a0March\u00a02022), United Kingdom (on 10\u00a0March\u00a02022), Australia (on 18\u00a0March\u00a02022), European Union (on 8\u00a0April\u00a02022), Switzerland (on 13\u00a0April\u00a02022) and Poland (on 26\u00a0April\u00a02022). Due to the EU sanctions against Oleg Deripaska, the shares of MKAO \u201cRasperia Trading Limited\u201d in STRABAG\u00a0SE and all rights associated with these shares, including voting rights and dividend entitlements, are frozen. Consequently, MKAO \u201cRasperia Trading Limited\u201d is not entitled to a rights offer for new shares in respect of its 28,500,001 ordinary shares.
\n \nThe aim of the capital measures was to reduce the stake of minority shareholder MKAO \u201cRasperia Trading Limited\u201d from 27.8% to below 25%.
\n \nThe full text of the resolutions is available on the website of STRABAG\u00a0SE at www.strabag.com.
\n \nThe subscription period for choosing the share option ended on 29\u00a0September\u00a02023. As contractually agreed in advance, the core shareholders \u2013 the Haselsteiner family, UNIQA and Raiffeisen \u2013 chose to exercise the share-based option. Additionally, 26.4% of STRABAG\u00a0SE\u2019s free float shareholders also opted to receive new shares, thereby supporting the goal of the ongoing capital measures to reduce the shareholding interest held by MKAO \u201cRasperia Trading Limited\u201d.
\n \nAs a result, shareholders representing 87.6% of the eligible shares chose the share-based option. This corresponds to 60.9% of the company\u2019s share capital and therefore met the acceptance quota as one of the conditions precedent for the distribution.
\n \n15,621,982 new shares were therefore issued as part of the ordinary non-cash capital increase in March\u00a02024, increasing the share capital by 15.2% from \u20ac 102,600,000.00 to \u20ac 118,221,982.00. The share capital increase was entered into the commercial register on 21\u00a0March\u00a02024. The stake held by minority shareholder MKAO \u201cRasperia Trading Limited\u201d was thus reduced from 27.8% to 24.1%.
\n \nConsequently, only the capital reduction amount of T\u20ac 337,864 attributable to the distribution option is represented as a decrease in equity and\u00a0other current financial liabilities in the consolidated financial statements as at 31\u00a0December\u00a02023. The first payment of the dividend from the capital decrease to the free float will be made on 15\u00a0April\u00a02024; the amount attributable to the minority shareholder MKAO \u201cRasperia Trading Limited\u201d has been frozen due to the sanctions provisions.
\n \nMKAO \u201cRasperia Trading Limited\u201d contested the resolutions passed by the Annual General Meeting, although the action was dismissed by the Regional Court of Klagenfurt. The ruling is not yet final, however.
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f12513": { "value": "\nDetails as to the development of the equity of STRABAG\u00a0SE are represented in the statement of changes in equity.
\n \nThe fully paid-in share capital as at 31\u00a0December\u00a02023 amounts to \u20ac 102,600,000.00 and is divided into 102,599,997 no-par bearer shares and three registered shares.
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f12540": { "value": "\nWith the share purchase agreement dated 9\u00a0February\u00a02023, STRABAG\u00a0SE acquired 2,779,006 own shares (2.7% of the share capital) in the amount of T\u20ac 108,214 on the basis of this arrangement. The theoretical purchase obligation of T\u20ac 291,310 deducted directly from equity effective 31\u00a0December\u00a02022 was therefore reversed with no effect on profit or loss.
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f12653": { "value": "\nLong-term economic success, within the context of responsibility to our shareholders, customers, employees, suppliers, sub-contractors and the company itself, is the primary entrepreneurial objective of the STRABAG\u00a0SE Group. Working to pursue these goals, recognising opportunities and risks before and as they arise, and responsibly taking these into consideration safeguards the continuity of the Group and protects the interests of the shareholders.
\n \nTo guarantee the continuity of the company, the management and responsible employees assure that there is a balanced relationship between opportunities and risks during the selection of projects and assess the individual risks against the background of the overall company risk.
\n \nThe group equity ratio target was defined at between 20% and 25% during the IPO of STRABAG\u00a0SE in October\u00a02007. The equity ratio is calculated from the carrying amount of the equity as at 31\u00a0December divided by the balance sheet total as at 31\u00a0December. The equity contains all parts of the equity according to the balance sheet: share capital, capital reserves, retained earnings and other reserves and non-controlling interests.
\n \nThe group equity ratio as at 31\u00a0December\u00a02023 amounted to 32.2%\u00a0(2022: 31.7%). With this equity base, the STRABAG\u00a0SE Group will be able to participate increasingly in tenders for Public-Private Partnership (PPP) projects. This means that the necessary funds for a participation in equity capital are available and that the related change in the balance sheet total will be manageable.
\n \nIf the Group is awarded the tender for large-scale projects, or if a strategically suitable acquisition is made, the equity ratio could briefly fall below the set minimum. In this case, the company reserves the right to adjust the dividend payments to the shareholders or to issue new shares.
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f12674": { "value": "\n \n \nT\u20ac | Balance \nas at \n1.1.2023 | Currency\ntranslation | Changes \nin the \nconsoli-\ndated\n group | Added | Used | Balance \nas at \n31.12.2023 |
Provisions for severance payments | 91,382 | -126 | 738 | 6,274 | 0 | 98,268 |
Provisions for pensions | 333,547 | 0 | 1,958 | 0 | 15,651 | 319,854 |
Construction-related provisions | 476,344 | 7,086 | 2,438 | 88,916 | 27,408 | 547,376 |
Personnel-related provisions | 5,608 | -90 | -53 | 1,741 | 53 | 7,153 |
Other provisions | 371,910 | 429 | 0 | 10,987 | 19,180 | 364,146 |
Non-current provisions | 1,278,791 | 7,299 | 5,081 | 107,918 | 62,292 | 1,336,797 |
Construction-related provisions | 623,464 | 6,287 | -1,807 | 693,673 | 628,376 | 693,241 |
Personnel-related provisions | 227,893 | -1,293 | -3,100 | 224,255 | 224,636 | 223,119 |
Other provisions | 277,749 | -399 | -1,572 | 241,345 | 276,581 | 240,542 |
Current provisions | 1,129,106 | 4,595 | -6,479 | 1,159,273 | 1,129,593 | 1,156,902 |
Total | 2,407,897 | 11,894 | -1,398 | 1,267,191 | 1,191,885 | 2,493,699 |
The actuarial assumptions as at 31\u00a0December\u00a02023 used to calculate provisions for severance payments and pensions are represented as follows:
\n \n \nSeverance payments | Pension obligation Austria | Pension obligation Germany | Pension obligation Switzerland | Pension obligation Netherlands | |
Biometric tables | AV\u00d6 2018-P | AV\u00d6 2018-P | Dr. Klaus Heubeck 2018G | BVG 2020G | Prognosetafel AG2022 |
Discount rate (%) | 3.20 | 3.20 | 3.20 | 1.52 | 3.20 |
(2022: 3.78) | (2022: 3.78) | (2022: 3.78) | (2022: 2.25) | (2022: 3.20) | |
Salary increase (%) | 3.00 | 0.00 | 0.00 | 2.00 | 0.00 |
(2022: 3.00) | (2022: 0.00) | (2022: 0.00) | (2022: 2.40) | (2022: 0.00) | |
Future pension increase (%) | dependent on contractual\n adjustment | 3.00 | 0.25 | 3.00 | |
n. a. | (2022: 3.95) | (2022: 0.25) | (2022: 2.60) | ||
Retirement age for men | 62 | 65 | 63\u201367 | 65 | 65 |
(2022: 62) | (2022: 65) | (2022: 63\u201367) | (2022: 65) | (2022: 65) | |
Retirement age for women | 62 | 60 | 63\u201367 | 65 | 65 |
(2022: 62) | (2022: 60) | (2022: 63\u201367) | (2022: 65) | (2022: 65) |
All other parameters remaining equal, a change in the discount rate by +/- 0.5\u00a0percentage points, a change in the salary increase by + 1.0\u00a0percentage points as well as a change in the pension increase by + 1.0\u00a0percentage points would have the following impact on the amount of the provisions for severance payments and pension obligations as at 31\u00a0December\u00a02023:
\n \n \nT\u20ac | Change in discount rate | Change in salary increase | Change in future pension increase | |
Change1 | -0.5 %-points | +0.5 %-points | +1.0 %-points | +1.0 %-points |
Severance payments | -3,086 | 2,911 | -6,307 | n.a. |
Pension obligations | -28,841 | 26,044 | -1,488 | -40,268 |
1Sign: - increase in obligation, + decrease in obligation
\n Provisions for severance payments show the following development:
\n \n \nT\u20ac | 2023 | 2022 |
Present value of the defined benefit obligation as at 1.1. | 91,382 | 108,361 |
Changes in the consolidated group/currency translation | 612 | 410 |
Current service cost | 2,629 | 1,272 |
Interest cost | 2,786 | 849 |
Severance payments | -6,259 | -9,444 |
Actuarial gains/losses arising from experience adjustments | 3,897 | 940 |
Actuarial gains/losses arising from change in the discount rate | 3,221 | -11,006 |
Present value of the defined benefit obligation as at 31.12. | 98,268 | 91,382 |
The development of the provisions for pensions is shown below:
\n \n \nT\u20ac | 2023 | 2022 |
Present value of the defined benefit obligation as at 1.1. | 488,793 | 566,229 |
Changes in the consolidated group/currency translation | 10,590 | 8,101 |
Current service cost | 4,770 | 9,516 |
Interest cost | 15,947 | 4,253 |
Pension payments | -34,702 | -34,548 |
Actuarial gains/losses arising from experience adjustments | 670 | 7,707 |
Actuarial gains/losses arising from change in the discount rate | 10,142 | -72,312 |
Actuarial gains/losses arising from demographic changes | 1,195 | -153 |
Present value of the defined benefit obligation as at 31.12. | 497,405 | 488,793 |
The plan assets for pension provisions developed as follows in the reporting period:
\n \n \nT\u20ac | 2023 | 2022 |
Fair value of the plan assets as at 1.1. | 155,246 | 189,404 |
Changes in the consolidated group/currency translation | 8,632 | 8,349 |
Return on plan assets | 3,752 | 835 |
Contributions | 7,195 | 9,312 |
Pension payments | -12,141 | -12,491 |
Actuarial gains/losses | 6,364 | -14,406 |
Assets not included according to IFRIC 14 | 30,030 | -25,757 |
Reclassification assets | -21,527 | 0 |
Fair value of the plan assets as at 31.12. | 177,551 | 155,246 |
The plan assets consist of the following risk groups:
\n \n \nT\u20ac | 31.12.2023 | 31.12.2022 |
Shares1 | 30,294 | 25,519 |
Bonds1 | 44,678 | 42,157 |
Cash | 1,805 | 1,766 |
Investment funds | 11,515 | 10,698 |
Real estate | 19,525 | 20,396 |
Liability insurance | 67,774 | 64,309 |
Other assets | 38,835 | 32,135 |
Assets not included according to IFRIC 14 | -15,348 | -41,734 |
thereof reclassified assets | -21,527 | 0 |
Total | 177,551 | 155,246 |
1All shares and bonds are traded in an active market.
The plan assets involve almost exclusively the assets of the pension foundation of STRABAG\u00a0AG, Switzerland. Any investments in this regard are subject to the applicable laws and regulations governing the supervision of foundations. Capital investments are to be chosen by trained experts in such a way as to guarantee the investment goal of revenue-generating and risk-minimising asset management while taking into consideration security, risk distribution, returns and the liquidity to fulfil the pension purposes. The investment strategy can be adjusted on an annual basis in order to reflect market changes. Currently the split is 50% in nominal value assets and 50% in tangible assets.
\n \n \nIn the 2023 financial year, STRABAG\u00a0AG, Switzerland, had a surplus of plan assets over the pension liability in the amount of\u00a0T\u20ac 21,527 (2022:\u00a0T\u20ac 0). This surplus is reported under other non-current financial assets.
\n \n \nThe expected contributions to pension foundations in the following year will amount to T\u20ac 3,767 (2022: T\u20ac 3,218).
\n \n \n \nPension payments in Switzerland are provided by pension foundations with funds dedicated to this purpose, while payments in Austria and in Germany are covered by readily available cash and cash equivalents as well as securities.
\n \n \nThe actual income from plan assets amounted to T\u20ac 9,471 in the 2023 financial year (2022: expenses of T\u20ac 11,644).
\n \n \nThe following amounts for pension and severance provisions were recognised in the income statement:
\n \n \nT\u20ac | 2023 | 2022 |
Current service cost | 7,399 | 10,788 |
Interest cost | 18,733 | 5,102 |
Return on plan assets | 3,752 | 835 |
The development of the net defined benefit obligation for pension and severance provisions was as follows:
\n \n \nT\u20ac | 31.12.2023 | 31.12.2022 |
Net obligation for severance provisions | 98,268 | 91,382 |
Present value of the defined benefit obligation (pension provisions) | 497,405 | 488,793 |
Fair value of plan assets (pension provisions) | -177,551 | -155,246 |
Net obligation for pension provisions | 319,854 | 333,547 |
Net obligation total | 418,122 | 424,929 |
The maturity profile of the benefit payments from the net defined benefit liability as at 31\u00a0December\u00a02023 was as follows:
\n \n \nT\u20ac | < 1 year | 1\u20135 years | 6\u201310 years | 11\u201320 years | > 20 years |
Provisions for severance payments | 10,105 | 36,058 | 32,332 | 31,091 | 842 |
Provisions for pensions | 29,090 | 120,691 | 99,556 | 131,743 | 91,143 |
The maturity profile of the benefit payments from the net defined benefit liability as at 31\u00a0December\u00a02022 was as follows:
\n \n \nT\u20ac | < 1 year | 1\u20135 years | 6\u201310 years | 11\u201320 years | > 20 years |
Provisions for severance payments | 9,407 | 32,795 | 31,293 | 30,511 | 743 |
Provisions for pensions | 28,511 | 123,450 | 108,723 | 154,569 | 123,215 |
The durations (weighted average term) are shown in the following table.
\n \n \nYears | 31.12.2023 | 31.12.2022 |
Severance payments Austria | 7.55 | 7.65 |
Pension obligations Austria | 5.56 | 5.69 |
Pension obligations Germany | 9.79 | 10.16 |
Pension obligations Switzerland | 13.60 | 12.40 |
Pension obligations the Netherlands | 14.92 | 15.39 |
The construction-related provisions include warranty obligations, costs of the contract execution and subsequent costs of invoiced contracts, as well as impending losses from projects pending which are not accounted for elsewhere. The personnel-related provisions essentially include bonus obligations and premiums, service anniversary bonuses, contributions to occupational funds as well as costs of the old age part-time scheme and expenses for personnel downsizing measures. Other provisions especially include provisions for damages and litigations.
\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f12676": { "value": "\nT\u20ac | Balance \nas at \n1.1.2023 | Currency\ntranslation | Changes \nin the \nconsoli-\ndated\n group | Added | Used | Balance \nas at \n31.12.2023 |
Provisions for severance payments | 91,382 | -126 | 738 | 6,274 | 0 | 98,268 |
Provisions for pensions | 333,547 | 0 | 1,958 | 0 | 15,651 | 319,854 |
Construction-related provisions | 476,344 | 7,086 | 2,438 | 88,916 | 27,408 | 547,376 |
Personnel-related provisions | 5,608 | -90 | -53 | 1,741 | 53 | 7,153 |
Other provisions | 371,910 | 429 | 0 | 10,987 | 19,180 | 364,146 |
Non-current provisions | 1,278,791 | 7,299 | 5,081 | 107,918 | 62,292 | 1,336,797 |
Construction-related provisions | 623,464 | 6,287 | -1,807 | 693,673 | 628,376 | 693,241 |
Personnel-related provisions | 227,893 | -1,293 | -3,100 | 224,255 | 224,636 | 223,119 |
Other provisions | 277,749 | -399 | -1,572 | 241,345 | 276,581 | 240,542 |
Current provisions | 1,129,106 | 4,595 | -6,479 | 1,159,273 | 1,129,593 | 1,156,902 |
Total | 2,407,897 | 11,894 | -1,398 | 1,267,191 | 1,191,885 | 2,493,699 |
The construction-related provisions include warranty obligations, costs of the contract execution and subsequent costs of invoiced contracts, as well as impending losses from projects pending which are not accounted for elsewhere. The personnel-related provisions essentially include bonus obligations and premiums, service anniversary bonuses, contributions to occupational funds as well as costs of the old age part-time scheme and expenses for personnel downsizing measures. Other provisions especially include provisions for damages and litigations.
\n \nOn 29\u00a0June\u00a02020, the tribunal in STRABAG\u00a0SE v Libya (ICSID Case No. ARB (AF)/15/1) issued its award holding Libya in breach of the agreement between the Republic of Austria and the State of Libya for the promotion and protection of investments. The tribunal consequently awarded STRABAG\u00a0SE damages of \u20ac 75 million plus interest, and ordered Libya to reimburse STRABAG 75% of its legal costs and expenses, and to bear 75% of the costs of the arbitration.
\nSTRABAG commenced its activities in Libya \u2013 the construction of infrastructure \u2013 in 2006. The operations were interrupted in 2011 by the conflict in the country. In the arbitration proceedings, STRABAG claimed compensation for losses and damages suffered during the conflict and for work it had already performed on the various construction projects.
\nA motion filed by Libya with the competent courts in the United States to set aside the arbitration award was dismissed by final decision after passing through several instances.
\nIt remains uncertain whether Libya will honour the award. STRABAG is examining all possibilities of enforcing the arbitration award and has initiated recognition and enforcement proceedings. These proceedings are moving along very slowly and have not yet led to any additional findings. Because of the existing uncertainties no receivable was recognised.
\n \n \n \nThe company has accepted the following guarantees:
\nT\u20ac | 31.12.2023 | 31.12.2022 |
Guarantees without financial guarantees | 20 | 20 |
31.12.2023 | 31.12.2022 | |||||
T\u20ac | Total | thereof\n current | thereof\n non-\ncurrent | Total | thereof\n current | thereof\n non-\ncurrent |
Bank borrowings | 534,707 | 209,032 | 325,675 | 624,763 | 241,757 | 383,006 |
Lease liabilities | 364,223 | 63,690 | 300,533 | 332,438 | 59,112 | 273,326 |
Financial liabilities | 898,930 | 272,722 | 626,208 | 957,201 | 300,869 | 656,332 |
The bank borrowings involve non-recourse liabilities in the amount of T\u20ac 509,668 (thereof non-current: T\u20ac 325,628). This value amounted to T\u20ac 607,974 (thereof non-current: T\u20ac 372,859) in the previous year.
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f14287": { "value": "\nPhysical securities (mainly mortgages) were established to cover liabilities to banks in the amount of T\u20ac 18,042 (2022: T\u20ac 7,087).
\n \nThe non-recourse liabilities in the amount of T\u20ac 509,668 (2022: T\u20ac 607,974) are secured with the return flows from the respective project.
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f14303": { "value": "\nThe lease liabilities are presented less the rental deposits of T\u20ac 23,970 (2022: T\u20ac 27,861).
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasePrepaymentsExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f14310": { "value": "\n31.12.2023 | 31.12.2022 | |||
T\u20ac | Total | thereof\n current | Total | thereof\n current |
Trade payables | 2,528,944 | 2,528,944 | 2,326,851 | 2,326,851 |
Liabilities from construction consortia | 261,817 | 261,817 | 242,191 | 242,191 |
Trade payables | 2,790,761 | 2,790,761 | 2,569,042 | 2,569,042 |
31.12.2023 | 31.12.2022 | |||||
T\u20ac | Total | thereof\n current | thereof\n non-\ncurrent | Total | thereof\n current | thereof\n non-\ncurrent |
Payables to subsidiaries | 114,109 | 114,109 | 0 | 91,884 | 91,884 | 0 |
Payables to participation companies | 17,388 | 17,388 | 0 | 10,839 | 10,839 | 0 |
Other financial liabilities | 684,378 | 656,304 | 28,074 | 703,392 | 619,574 | 83,818 |
Other financial liabilities | 815,875 | 787,801 | 28,074 | 806,115 | 722,297 | 83,818 |
The other current financial liabilities include the capital reduction amount of T\u20ac 337,864 attributable to the distribution option. As at 31\u00a0December\u00a02022, the liability from the existing purchase obligation for treasury shares was included in the amount of T\u20ac 399,524. See also the comments under item (26) Equity.
\n \n \n \nThe dividend entitlements of MKAO \u201cRasperia Trading Limited\u201d in the amount of T\u20ac 82,650 (2022: T\u20ac 41,325), which are frozen due to the sanctions imposed on Oleg Deripaska, are also recognised in other current financial liabilities.
\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f14404": { "value": "\n \n31.12.2023 | 31.12.2022 | |||||
T\u20ac | Total | thereof\n current | thereof\n non-\ncurrent | Total | thereof\n current | thereof\n non-\ncurrent |
Payables to subsidiaries | 114,109 | 114,109 | 0 | 91,884 | 91,884 | 0 |
Payables to participation companies | 17,388 | 17,388 | 0 | 10,839 | 10,839 | 0 |
Other financial liabilities | 684,378 | 656,304 | 28,074 | 703,392 | 619,574 | 83,818 |
Other financial liabilities | 815,875 | 787,801 | 28,074 | 806,115 | 722,297 | 83,818 |
The other current financial liabilities include the capital reduction amount of T\u20ac 337,864 attributable to the distribution option. As at 31\u00a0December\u00a02022, the liability from the existing purchase obligation for treasury shares was included in the amount of T\u20ac 399,524. See also the comments under item (26) Equity.
\n \nThe dividend entitlements of MKAO \u201cRasperia Trading Limited\u201d in the amount of T\u20ac 82,650 (2022: T\u20ac 41,325), which are frozen due to the sanctions imposed on Oleg Deripaska, are also recognised in other current financial liabilities.
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f14405": { "value": "\n31.12.2023 | 31.12.2022 | |||||
T\u20ac | Total | thereof\n current | thereof\n non-\ncurrent | Total | thereof\n current | thereof\n non-\ncurrent |
Payables to subsidiaries | 114,109 | 114,109 | 0 | 91,884 | 91,884 | 0 |
Payables to participation companies | 17,388 | 17,388 | 0 | 10,839 | 10,839 | 0 |
Other financial liabilities | 684,378 | 656,304 | 28,074 | 703,392 | 619,574 | 83,818 |
Other financial liabilities | 815,875 | 787,801 | 28,074 | 806,115 | 722,297 | 83,818 |
The company has accepted the following guarantees:
\nT\u20ac | 31.12.2023 | 31.12.2022 |
Guarantees without financial guarantees | 20 | 20 |
The company has accepted the following guarantees:
\nT\u20ac | 31.12.2023 | 31.12.2022 |
Guarantees without financial guarantees | 20 | 20 |
In the construction industry, it is customary and necessary to provide various types of guarantees to secure the contractual obligations. These guarantees are usually issued by banks or credit insurers and most commonly comprise bid, contract performance, prepayment and warranty guarantees. In the event these guarantees are called upon, the relevant banks have a contractual right of recourse against the Group. The risk that such guarantees are utilised and that a right of recourse arises materialises only if the primary contractual obligations are not properly performed.
\nObligations and possible risks from such guarantees are recognised in the balance sheet as\u00a0liabilities or provisions.
\nNot included in the balance sheet or the contingent liabilities as at 31\u00a0December\u00a02023 are performance bonds in the amount of \u20ac 2.8 billion (2022: \u20ac 3.0 billion) of which an outflow of resources is unlikely.
\nContract fulfilment guarantees issued by the Group for nonconsolidated subsidiaries or investees are to be classified as insurance contracts in accordance with IFRS 17. No fee is charged for these guarantees. As at 31\u00a0December\u00a02023, guarantees amounting to T\u20ac 9,945 (2022: T\u20ac 474) had been issued for which an outflow of resources is unlikely.
\nAs is customary in the industry, STRABAG\u00a0SE shares liability with the other partners of consortia in which companies of the STRABAG\u00a0SE Group hold a share interest.
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f14636": { "value": "\nThe representation of the cash flow statement was made according to the indirect method and separated into the cash flows classified by operating, investing and financing activities. The cash and cash equivalents include exclusively cash on hand, bank deposits and short-term securities. Any effects from changes in the consolidated group were eliminated and represented in the cash flow from investing activities.
\n \nThe cash and cash equivalents are composed as follows:
\n \n \nT\u20ac | 31.12.2023 | 31.12.2022 |
Securities | 26 | 10 |
Cash on hand | 945 | 1,332 |
Bank deposits | 3,449,651 | 2,700,507 |
Pledged cash and cash equivalents | -150 | -150 |
Cash and cash equivalents | 3,450,472 | 2,701,699 |
Moreover, in construction projects executed through consortia there are cash and cash equivalents whose use can only be determined jointly with other partner companies.
\n \nThe cash flow from financing activities for the financial year 2023 can be derived from the balance sheet items as follows:
\nT\u20ac | Bank borrowings | Other financial liabilities1 | Lease liabilities | Total |
Balance as at 1.1.2023 | 624,763 | 65,471 | 332,438 | 1,022,672 |
Proceeds | 12,631 | 0 | 0 | 12,631 |
Repayments | -96,630 | 0 | 0 | -96,630 |
Increase (+)/decrease (-) in financing | 0 | -13,504 | -63,052 | -76,556 |
Total cash flows from financing activities | -83,999 | -13,504 | -63,052 | -160,555 |
Currency translation | -2,152 | 39 | 972 | -1,141 |
Changes in the consolidated group | -3,905 | 0 | 7,786 | 3,881 |
Other changes | 0 | 386,533 | 86,079 | 472,612 |
Total non-cash changes | -6,057 | 386,572 | 94,837 | 475,352 |
Balance as at 31.12.2023 | 534,707 | 438,539 | 364,223 | 1,337,469 |
1The recognition in the balance sheet was made under current and non-current other financial liabilities.
The other changes relate mainly to non-cash changes in other financial liabilities (see under item (30) Other financial liabilities).
\nThe cash flow from financing activities can be derived as follows:
\nT\u20ac | Inflow (+)\nOutflow (-) |
Cash flows from financing activities | -160,555 |
Acquisition of own shares | -108,214 |
Distribution of dividends | -161,812 |
Cash flow from financing activities | -430,581 |
The cash flow from financing activities for the financial year 2022 can be derived from the balance sheet items as follows:
\nT\u20ac | Bonds | Bank borrowings | Other financial liabilities1 | Lease liabilities | Total |
Balance as at 1.1.2022 | 200,000 | 687,764 | 29,073 | 305,851 | 1,222,688 |
Proceeds | 0 | 34,458 | 0 | 0 | 34,458 |
Repayments | -200,000 | -97,046 | 0 | 0 | -297,046 |
Increase (+)/decrease (-) in financing | 0 | 0 | -5,025 | -62,522 | -67,547 |
Total cash flows from financing activities | -200,000 | -62,588 | -5,025 | -62,522 | -330,135 |
Currency translation | 0 | -413 | -65 | 274 | -204 |
Other changes | 0 | 0 | 41,488 | 88,835 | 130,323 |
Total non-cash changes | 0 | -413 | 41,423 | 89,109 | 130,119 |
Balance as at 31.12.2022 | 0 | 624,763 | 65,471 | 332,438 | 1,022,672 |
1The recognition in the balance sheet was made under current and non-current other financial liabilities.
The cash flow from financing activities can be derived as follows:
\nT\u20ac | Inflow (+)\nOutflow (-) |
Cash flows from financing activities | -330,135 |
Change due to acquisition of non-controlling interests | -151 |
Distribution of dividends | -173,369 |
Cash flow from financing activities | -503,655 |
The cash and cash equivalents are composed as follows:
\n \nT\u20ac | 31.12.2023 | 31.12.2022 |
Securities | 26 | 10 |
Cash on hand | 945 | 1,332 |
Bank deposits | 3,449,651 | 2,700,507 |
Pledged cash and cash equivalents | -150 | -150 |
Cash and cash equivalents | 3,450,472 | 2,701,699 |
\n \n T\u20ac 150\n (2022: T\u20ac 150) of cash and cash equivalents, T\u20ac 815 (2022: T\u20ac 790) of securities and T\u20ac 2,097 (2022: T\u20ac 1,974) of other financial instruments were pledged as collateral for liabilities.
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f15220": { "value": "\nA financial instrument is a contract that results in a financial asset at one enterprise and a financial liability or equity instrument at another. Financial assets include especially cash and cash equivalents, trade receivables and other receivables and derivatives. Financial liabilities are obligations to pay cash or other financial assets on a regular basis. These include especially financial liabilities such as bank borrowings, bonds, lease liabilities and trade payables.
\n \nThe financial instruments as at the balance sheet date were as follows:
\n \n \n31.12.2023 | 31.12.2022 | |||||
T\u20ac | Measurement\n category\n according to\n IFRS 9 | Carrying amount | Fair value | Measurement\n category\n according to\n IFRS 9 | Carrying amount | Fair value |
Assets | ||||||
Investments below 20% (other investments) | FVPL | 56,147 | 56,147 | FVPL | 48,351 | 48,351 |
Trade receivables | AC | 1,621,027 | 1,621,027 | AC | 1,577,838 | 1,577,838 |
Receivables from concession arrangements | AC | 481,311 | 474,487 | AC | 532,251 | 513,740 |
Other non-current financial assets | AC | 237,061 | 231,542 | AC | 328,869 | 322,190 |
Other current financial assets | AC | 260,773 | 260,773 | AC | 253,069 | 253,069 |
Cash and cash equivalents | AC | 3,450,596 | 3,450,596 | AC | 2,701,839 | 2,701,839 |
Securities | FVPL | 27,359 | 27,359 | FVPL | 26,018 | 26,018 |
Cash and cash equivalents (securities) | FVPL | 26 | 26 | FVPL | 10 | 10 |
Derivatives held for hedging purposes (receivables from concession arrangements) | Derivatives | 174 | 174 | Derivatives | 377 | 377 |
Derivatives held for hedging purposes (other financial assets) | Derivatives | 33,231 | 33,231 | Derivatives | 50,766 | 50,766 |
Liabilities | ||||||
Financial liabilities | FLaC | -898,930 | -883,666 | FLaC | -957,201 | -939,856 |
Trade payables | FLaC | -2,790,761 | -2,790,761 | FLaC | -2,569,042 | -2,569,042 |
Other non-current financial liabilities | FLaC | -28,074 | -28,074 | FLaC | -75,403 | -75,403 |
Other current financial liabilities | FLaC | -780,666 | -780,666 | FLaC | -711,956 | -711,956 |
Derivatives other (other financial liabilities) | FVPL | -7,135 | -7,135 | FVPL | -18,756 | -18,756 |
Measurement\n category\n according to\n IFRS 9 | Measurement\n category\n according to\n IFRS 9 | |||||
AC | 6,050,768 | 6,038,425 | AC | 5,393,866 | 5,368,676 | |
FVPL | 76,397 | 76,397 | FVPL | 55,623 | 55,623 | |
FLaC | -4,498,431 | -4,483,167 | FLaC | -4,313,602 | -4,296,257 | |
Derivatives | 33,405 | 33,405 | Derivatives | 51,143 | 51,143 | |
Total | 1,662,139 | 1,665,060 | Total | 1,187,030 | 1,179,185 |
Cash and cash equivalents, trade receivables and other receivables have for the most part short remaining terms. Accordingly, their carrying amounts on the balance sheet date approximate their fair value. The fair value of non-current financial assets corresponds to the present value of the related payments under consideration of the prevailing market parameters to the extent that market values were not available.
\n \n \nTrade payables and other financial liabilities typically have short terms; their carrying amounts approximate the fair value. The fair value of\u00a0 bank borrowings and lease liabilities are measured at the present value of the payments associated with them and under consideration of the relevant applicable market parameters to the extent that market values were not available. The fair value of the financial liabilities would qualify entirely as a Level 2 measurement at T\u20ac 883,666 (2022: T\u20ac 939,856).
\n \n \n\n \n T\u20ac 150\n (2022: T\u20ac 150) of cash and cash equivalents, T\u20ac 815 (2022: T\u20ac 790) of securities and T\u20ac 2,097 (2022: T\u20ac 1,974) of other financial instruments were pledged as collateral for liabilities.
\n \n \nThe non-recourse liabilities in the amount of T\u20ac 509,668 (2022: T\u20ac 607,974) are secured with the return flows from the respective project.
\n \n \nThere was no reclassification between the valuation categories in the 2023 financial year.
\n \nThe net income effects of the financial instruments according to valuation categories are as follows:
\n2023 | 2022 | |||||||
T\u20ac | AC | FVPL | FLaC | Derivatives (Hedge accounting) | AC | FVPL | FLaC | Derivatives (Hedge accounting) |
Interest | 110,420 | 0 | -32,102 | 0 | 39,617 | 0 | -25,890 | 0 |
Interest from concession arrangements | 63,482 | 0 | -10,985 | -1,854 | 58,099 | 0 | -14,230 | -3,140 |
Result from securities and investments | 0 | 10,380 | 0 | 0 | 0 | 6,905 | 0 | 0 |
Credit losses, impairment losses and reversal of impairment losses | -85,226 | 0 | 0 | 0 | -67,654 | 0 | 0 | 0 |
Payments of derecognised receivables and income from derecognition of liabilities | 495 | 0 | 56,379 | 0 | 25 | 0 | 6,643 | 0 |
Net income from other derivatives | 0 | 11,621 | 0 | 0 | 0 | -11,950 | 0 | 0 |
Net income recognised in profit or loss | 89,171 | 22,001 | 13,292 | -1,854 | 30,087 | -5,045 | -33,477 | -3,140 |
Value changes recognised directly in equity | 0 | 0 | 0 | -15,762 | 0 | 0 | 0 | 71,805 |
Net income | 89,171 | 22,001 | 13,292 | -17,616 | 30,087 | -5,045 | -33,477 | 68,665 |
Interest from financial assets and financial liabilities is reported in net interest income, with the exception of interest from concession arrangements. Concession arrangements are part of the operating business, which is why interest income from concession arrangements is recognised in revenue and interest expense from concession arrangements is recognised in other operating expense.
\nImpairments, credit losses and reversals of impairment losses on financial assets and liabilities \u2013 excluding investments of less than 20% as well as securities \u2013 are reported under other operating expense or other operating income. Gains and losses on the disposal of financial receivables and liabilities are also recognised in other operating income or other operating expense.
\nIncome from the derecognition of liabilities as well as payments received on derecognised receivables are reported under other operating income.
\nIncome, expenses, impairment losses and reversals of impairment losses as well as disposal gains and losses on investments of less than 20% are recognised in net income from investments.
\nIncome, expenses, impairment losses and reversals of impairment losses as well as disposal gains and losses on securities are recognised in net interest income.
\nChanges in other derivatives measured through profit or loss are recognised in net interest income.
\n \n \n \nThe fair values as at 31\u00a0December\u00a02023 for financial instruments measured at fair value in the balance sheet were determined as follows:
\n \n \n \n \nT\u20ac | Level 1 | Level 2 | Level 3 | Total |
Assets | ||||
Investments below 20% (other investments) | 56,147 | 56,147 | ||
Securities | 27,359 | 27,359 | ||
Cash and cash equivalents (securities) | 26 | 26 | ||
Derivatives held for hedging purposes | 33,405 | 33,405 | ||
Total | 27,385 | 33,405 | 56,147 | 116,937 |
Liabilities | ||||
Derivatives other | -7,135 | -7,135 | ||
Total | 0 | -7,135 | 0 | -7,135 |
The fair values as at 31\u00a0December\u00a02022 for financial instruments measured at fair value in the balance sheet were determined as follows:
\n \n \n \n \nT\u20ac | Level 1 | Level 2 | Level 3 | Total |
Assets | ||||
Investments below 20% (other investments) | 48,351 | 48,351 | ||
Securities | 26,018 | 26,018 | ||
Cash and cash equivalents (securities) | 10 | 10 | ||
Derivatives held for hedging purposes | 51,143 | 51,143 | ||
Total | 26,028 | 51,143 | 48,351 | 125,522 |
Liabilities | ||||
Derivatives other | -18,756 | -18,756 | ||
Total | 0 | -18,756 | 0 | -18,756 |
STRABAG records regroupings between the different fair-value-hierarchy levels at the end of the reporting period in which the regrouping took place.
\nDuring the financial years 2023 and 2022, there were no transfers between the levels.
\n \n \nThe fair value is determined on the basis of quoted prices in an active market. An active market exists if the prices are regularly established and readily available to the market participants. The quoted market price for the financial instruments presented in Level 1 corresponds to the bid price at the balance sheet date.
\n \n \nThese financial instruments are not traded in an active market. They involve exclusively derivatives held for hedging purposes and other derivatives. The fair value expresses the expected realisable value of the transaction on the balance sheet date. It is determined using recognised and standard financial methods of measurement on the basis of observable market data. Specifically, measurement is made using interest yield and currency curves in proportion to the term of the derivative. The methods of measurement used also take into account fees, market risk, credit risk, ratings and exchange rate risks.
\n \n \nThese financial instruments involve exclusively a large number of smaller investments below 20% that are not traded on an active market. Their fair value is determined on the basis of simplified company valuations.
\n \nThe carrying amount of investments below 20% developed as follows:
\n2023 | 2022 | |
Carrying amount as at 1.1. | 48,351 | 48,511 |
Currency translation/Transfers | 397 | 292 |
Changes in the consolidated group | 36 | 0 |
Additions | 5,502 | 3,350 |
Disposals | -146 | -1,207 |
Depreciation | -138 | -700 |
Changes in fair value | 2,145 | -1,895 |
Carrying amount as at 31.12. | 56,147 | 48,351 |
Due to the broad diversification of the investments, no major fluctuations in value are expected in the future.
\n \n \nThe derivatives are comprised as follows:
\n \n \nT\u20ac | 31.12.2023 | 31.12.2022 | ||||
Bank | Assets | Liabilities | Total | Assets | Liabilities | Total |
Republic of Hungary | 174 | 0 | 174 | 377 | 0 | 377 |
National Bank of Canada | 2,889 | 0 | 2,889 | 5,253 | 0 | 5,253 |
SMBC Capital Markets | 2,864 | 0 | 2,864 | 5,202 | 0 | 5,202 |
KfW IPEX-Bank | 7,116 | 0 | 7,116 | 10,488 | 0 | 10,488 |
Norddeutsche Landesbank | 6,652 | 0 | 6,652 | 9,925 | 0 | 9,925 |
SEB AG | 6,902 | 0 | 6,902 | 9,797 | 0 | 9,797 |
Soci\u00e9t\u00e9 G\u00e9n\u00e9rale | 6,808 | 0 | 6,808 | 10,101 | 0 | 10,101 |
Total derivatives held for hedging purposes | 33,405 | 0 | 33,405 | 51,143 | 0 | 51,143 |
Bayerische Landesbank | 0 | -1,883 | -1,883 | 0 | -2,178 | -2,178 |
Cr\u00e9dit Agricole Corp. & Investment | 0 | 0 | 0 | 0 | -4,985 | -4,985 |
Raiffeisenbank International AG1 | 0 | -1,679 | -1,679 | 0 | -7,388 | -7,388 |
UniCredit Bank Austria AG | 0 | -3,573 | -3,573 | 0 | -4,205 | -4,205 |
Total other derivatives | 0 | -7,135 | -7,135 | 0 | -18,756 | -18,756 |
Total | 33,405 | -7,135 | 26,270 | 51,143 | -18,756 | 32,387 |
1Can be offset in the event of insolvency.
Hedge accounting is not applied to other derivatives, but they are part of economic hedging relationships.
\n \n \n \nThe STRABAG\u00a0SE Group is subject to credit, market and liquidity risks related to its financial assets, financial liabilities and planned transactions. The goal of financial risk management is to minimise these risks through ongoing financially-oriented activities.
\n \n \n \n \nThe basics of the financial policy are set by the Management Board and monitored by the Supervisory Board. The implementation of the financial policy and responsibility for the risk management are the domain of the group treasury. Certain transactions require prior approval by the Management Board, which is regularly informed as to the scope and amount of the current risk exposure.
\n \n \n \n \nThe Group assesses concentrations of risk with regard to interest rate risk, currency risk and credit risk as low because customers are located in different countries, belong to different industries and operate in largely independent markets.
\n \n \n \n \nThe Group\u2019s business activities are subject to market price risks that are customary in the industry. These risks are not hedged through derivatives or financial instruments but through other hedging activities including but not limited to contractual agreements.
\n \n \n \n \nFurther explanations on risk management can be found in the group management report from 31\u00a0December\u00a02023.
\n \n \n \n \n \nThe receivables from concession arrangements in the amount of T\u20ac 481,311 (2022: T\u20ac 532,251) and the non-current other financial assets in the amount of T\u20ac 319,152 (2022: T\u20ac 405,653) are mostly at fixed interest rates. Bank deposits, on the other hand, are mainly at variable interest rates. Investments with fixed interest rates are concluded for a maximum of three months. The risk of financial instruments on the assets side consists of falling interest rates. The increase in interest rates in the main Group countries in the 2023 financial year had a positive impact on net interest income due to the Group\u2019s net cash position.
\n \n \n \n \nThe most important bank borrowings involve non-recourse financing from projects in the amount of T\u20ac 509,668 (2022: T\u20ac 607,974), which are either at fixed interest rates or hedged against interest rate changes by means of interest rate swaps. The risk of the variable interest-bearing financial instruments on the liabilities side consists of rising interest rates on expenses resulting from an unfavourable change in market interest rates.
\n \n \n \n \nThe interest rate risk is managed by concluding fixed interest rate agreements or through hedging with interest rate swaps for significant financing liabilities. In the case of bank deposits, investments are constantly adjusted to the changed market conditions by continuously monitoring the interest rate environment.
\n \n \n \n \n \nThe amount of bank deposits and bank borrowings according to currency \u2013 giving the average interest rate at the balance sheet date \u2013 is represented as follows:
\n \n \n \n \n \n \nCurrency | Carrying amount \n31.12.2023\nT\u20ac | Weighted average \ninterest rate 2023\n% |
EUR | 2,203,359 | 3.58 |
PLN | 488,568 | 3.62 |
CZK | 279,730 | 4.65 |
HUF | 181,854 | 6.53 |
GBP | 48,874 | 1.01 |
Other | 247,266 | 3.15 |
Total | 3,449,651 | 3.77 |
Currency | Carrying amount \n31.12.2022\nT\u20ac | Weighted\n average\n interest rate\n 2022\n% |
EUR | 1,816,484 | 1.59 |
PLN | 209,402 | 5.47 |
HUF | 139,148 | 15.22 |
CZK | 249,085 | 4.46 |
GBP | 90,810 | 0.53 |
CAD | 22,636 | 2.05 |
Other | 172,942 | 1.46 |
Total | 2,700,507 | 2.82 |
Currency | Carrying amount \n31.12.2023\nT\u20ac | Weighted average \ninterest rate 2023\n% |
EUR | 393,387 | 4.04 |
CAD | 136,939 | 6.41 |
Other | 4,381 | 1.29 |
Total | 534,707 | 4.62 |
Currency | Carrying amount \n31.12.2022\nT\u20ac | Weighted\n average \ninterest rate\n 2022\n% |
EUR | 468,486 | 2.61 |
CAD | 156,074 | 5.42 |
Other | 203 | 9.25 |
Total | 624,763 | 3.32 |
Had the interest rate level at 31\u00a0December\u00a02023 been higher by 100 basis points, then the EBT would have been higher by T\u20ac 28,110 (2022: T\u20ac 19,713) and the equity at 31\u00a0December\u00a02023 would have been higher by T\u20ac 47,567 (2022: T\u20ac 40,847). Had the interest rate level been lower by 100 basis points, this would have meant a correspondingly lower equity and EBT. The calculation is made based on the level of interest-bearing financial assets and liabilities as at 31\u00a0December. Tax effects from interest rate changes were not considered.
\n \n \n \n \nDue to the decentralised structure of the Group, characterised by local companies in the respective countries, mainly closed currency positions appear in the balance sheet. Receivables and liabilities from business activities mainly offset each other in the same currency.
\n \n \n \n \nInternal hedging is performed for construction contracts where there are no closed currency positions (e.g. construction contracts that are not concluded in functional currency). As part of corporate-wide treasury management, these positions are then combined, and external hedging is performed if necessary.
\n \n \n \n \nThe internal financing of companies within the Group using different functional currencies resulted in an earnings-relevant currency risk. Derivative financial instruments are transacted to limit this risk. The market values of these hedging transactions in the amount of T\u20ac -7,135 (2022: T\u20ac -18,756) are recognised in profit or loss in the income statement. The hedging transactions are reported under other financial assets or other financial liabilities.
\n \n \n \n \nIn addition to the bank deposits and bank borrowings in foreign currencies (see \u201cInterest rate risk\u201d), the other non-current financial assets still include carrying amounts of T\u20ac 21,554 (2022: T\u20ac 128,795) in foreign currencies.
\n \n \n \n \n \nDevelopment of the important currencies in the Group:
\n \n \n \n \nCurrency | Closing rate \n31.12.2023: 1 \u20ac = | Average rate\n2023: 1 \u20ac = | Closing rate \n31.12.2022: 1 \u20ac = | Average rate\n2022: 1 \u20ac = |
HUF | 382.8000 | 382.1354 | 400.8700 | 391.2708 |
CZK | 24.7240 | 23.9821 | 24.1160 | 24.5624 |
PLN | 4.3395 | 4.5355 | 4.6808 | 4.6799 |
CHF | 0.9260 | 0.9727 | 0.9847 | 1.0041 |
CLP | 979.4000 | 911.9477 | 916.9100 | 919.7438 |
USD | 1.1050 | 1.0816 | 1.0666 | 1.0563 |
GBP | 0.8691 | 0.8702 | 0.8869 | 0.8537 |
RON | 4.9756 | 4.9513 | 4.9495 | 4.9352 |
CAD | 1.4642 | 1.4606 | 1.4440 | 1.3757 |
The following table shows the hypothetical changes in EBT and equity if the euro had been appreciated or depreciated by 10% in relation to another currency in the year 2023:
\n \n \n \n \nAppreciation of the euro by 10% | Depreciation of the euro by 10% | |||
T\u20ac\nCurrency | Change in EBT | Change in equity | Change in EBT | Change in equity |
PLN | 4,127 | -4,055 | -5,044 | 4,956 |
HUF | -2,671 | 12,254 | 3,265 | -14,978 |
CHF | -323 | -9,159 | 395 | 11,194 |
CZK | 755 | 2,573 | -922 | -3,145 |
GBP | 23,231 | 23,231 | -28,393 | -28,393 |
USD | -1,715 | -1,715 | 2,096 | 2,096 |
Other | -32,964 | -32,964 | 40,290 | 40,290 |
The following table shows the hypothetical changes in EBT and equity if the euro had been appreciated or depreciated by 10% in relation to another currency in the year 2022:
\n \n \n \n \nAppreciation of the euro by 10% | Depreciation of the euro by 10% | |||
T\u20ac\nCurrency | Change in EBT | Change in equity | Change in EBT | Change in equity |
PLN | 146 | 146 | -178 | -178 |
HUF | 4,179 | 16,652 | -5,108 | -20,352 |
CHF | -830 | -9,139 | 1,014 | 11,169 |
CZK | 1,147 | 6,601 | -1,402 | -8,068 |
GBP | 13,149 | 13,149 | -16,071 | -16,071 |
USD | -2,866 | -2,866 | 3,503 | 3,503 |
Other | -24,496 | -26,899 | 29,939 | 32,877 |
The calculation is based on original and derivative foreign currency holdings in non-functional currency as at 31\u00a0December as well as underlying transactions for the next twelve months. The effect on tax resulting from changes in currency exchange rates was not taken into consideration. Currency effects from net investments in foreign operations are recognised in the change in equity. Currency differences recognised directly in equity from the translation of the different functional currencies into euros are not taken into account.
\n \n \n \n \n \n\n Currency risks in the Group result when the currency of the order differs from the functional currency of the company. The planned proceeds are received in the currency of the order (for example, euro or US dollar), while a substantial part of the associated costs is incurred in the local currency.
\n \n \n \n \n \n \nThe Group uses foreign exchange forwards to hedge against this risk. These contracts are classified as hedges against future payments and are presented as cash flow hedges. As in the previous year, there were no currency hedging instruments to be recognised as cash flow hedges in the 2023 financial year.
\n \n \n \n \n \n \nTo hedge against variable interest rate obligations, interest rate swaps are used especially with financing obligations from concession arrangements. This serves to hedge the variability of future cash flows from variable interest rate payments. Interest rate swaps are presented as cash flow hedges. These involve derivatives that are settled net.
\n \n \n \n \n \n \nThe Group determines the existence of an economic relationship between the hedging instrument and the hedged item for the purpose of assessing the effectiveness of the hedge based on the interest rate benchmarks, terms, repricing dates and maturities of the nominal amounts.
\n \n \n \n \n \n \nThe amounts of the hedged items as at 31\u00a0December\u00a02023 are as follows:
\n \n \n \n \n \n \nT\u20ac\nHedged item | Value changes in the basis for effectiveness measurement | Hedging reserves |
Interest rate risk | ||
Interest AKA | 25 | -116 |
Interest PANSUEVIA | 6,992 | 20,809 |
Interest Scarborough | -5,413 | 6,935 |
Total | 1,604 | 27,628 |
The amounts of the hedged items as at 31\u00a0December\u00a02022 are as follows:
\n \n \n \n \n \n \nT\u20ac\nHedged item | Value changes in the basis for effectiveness measurement | Hedging\n reserves |
Interest rate risk | ||
Interest AKA | -6,344 | 262 |
Interest PANSUEVIA | -51,468 | 33,213 |
Interest Scarborough | -8,697 | 9,916 |
Total | -66,509 | 43,391 |
The hedging instruments as at 31\u00a0December\u00a02023 were comprised as follows:
\n \n \n \n \n \n \nT\u20ac\nHedge | Nominal value | Carrying amount | Balance sheet \nitem where \nthe hedge is \npresented | OCI change in value of the hedge | Recycling amount from hedging reserves | P&L item where the recycling amount is recognised |
Interest rate risk | ||||||
Interest rate swap AKA | 32,933 | 174 | Receivables from concession arrangements | -25 | -353 | Other operating expense |
Interest rate swaps PANSUEVIA | 228,002 | 27,478 | Other financial assets | -6,992 | -5,411 | Other operating expense |
Interest rate swaps Scarborough | 175,445 | 5,753 | Other financial assets | 5,413 | -8,394 | Interest expense |
Total | 436,380 | 33,405 | -1,604 | -14,158 |
Possible sources of ineffectiveness in these hedging relationships include:
\n \n \n \nIn the 2023 financial year, a total of T\u20ac 1,721\u00a0(2022: T\u20ac 539) was recognised in the income statement under interest and similar income for the Scarborough interest rate swap due to ineffectiveness.
\n \n \n \n \n \n \nThe hedging instruments as at 31\u00a0December\u00a02022 were made up as follows:
\n \n \n \n \n \n \nT\u20ac\nHedge | Nominal value | Carrying amount | Balance sheet \nitem where \nthe hedge is \npresented | OCI change in value of the hedge | Recycling amount from hedging reserves | P&L item where the recycling amount is recognised |
Interest rate risk | ||||||
Interest rate swap AKA | 98,489 | 377 | Receivables from concession arrangements | 6,344 | 4,423 | Other operating expense |
Interest rate swaps PANSUEVIA | 237,098 | 40,311 | Other financial assets | 51,467 | 2,269 | Other operating expense |
Interest rate swaps Scarborough | 215,030 | 10,455 | Other financial assets | 8,697 | -1,395 | Interest expense |
Total | 550,617 | 51,143 | 66,508 | 5,297 |
In the 2022 financial year, a total of T\u20ac 539\u00a0was recognised in the income statement under interest and similar income for the Scarborough interest rate swap due to ineffectiveness.
\n \n \n \n \n \n \n \nOn 31\u00a0December\u00a02023, the Group held the following instruments for the purpose of hedging interest rate fluctuation:
\n \n \n \n \n \n \nMaturity | |||
1\u20136 months | 6\u201312 months | > 1 year | |
Interest rate swap | |||
Nominal amount in T\u20ac | 37,750 | 180,177 | 218,453 |
Average fixed interest rate (%) | 2.56 | 1.19 | 0.90 |
On 31\u00a0December\u00a02022, the Group held the following instruments for the purpose of hedging interest rate fluctuation:
\n \n \n \n \n \n \nMaturity | |||
1\u20136 months | 6\u201312 months | > 1 year | |
Interest rate swap | |||
Nominal amount in T\u20ac | 37,749 | 36,904 | 475,965 |
Average fixed interest rate (%) | 2.58 | 2.56 | 1.17 |
The reconciliation of the equity components as at 31\u00a0December\u00a02023 is as follows:
\n \n \n \n \n \n \nT\u20ac | Hedging reserves |
As at 1.1. | 18,260 |
Fair value changes | |
Interest rate risk | -1,604 |
Recycling | |
Interest rate risk | -14,158 |
Deferred tax | |
Interest rate risk | 4,647 |
Change in hedging reserves from equity-accounted investments | -7,260 |
As at 31.12. | -115 |
The reconciliation of the equity components as at 31\u00a0December\u00a02022 is as follows:
\n \n \n \n \n \n \nT\u20ac | Hedging reserves |
As at 1.1. | -47,209 |
Fair value changes | |
Interest rate risk | 66,508 |
Recycling | |
Interest rate risk | 5,297 |
Deferred tax | |
Interest rate risk | -19,468 |
Change in hedging reserves from equity-accounted investments | 13,132 |
As at 31.12. | 18,260 |
Credit risks arise when contractual parties do not meet their payment obligations by the date of settlement. Such risks exist with regard to payments of receivables from the operating business as well as the contractual cash flows from debt instruments in the category of measured at amortised cost (AC). To manage the credit risk from the operating business, STRABAG established a credit risk management system in line with the market conditions and customers. In particular, due to the economic uncertainties, loans to and receivables from private clients are being monitored even more closely than in the past.
\n \n \n \n \n \n \nThe maximum credit risk of trade receivables, contract assets and other financial assets corresponds to the carrying amounts presented in the balance sheet.
\n \n \n \n \n \n \nThe risk for receivables from clients can be rated as low due to the wide dispersion, a constant creditworthiness check and the presence of the public sector as an important client. The performance of work for private customers is largely secured by ongoing partial payments.
\n \n \n \n \n \n \nThe risk of default for other primary financial instruments shown on the assets side can also be regarded as low, as the contract partners are mainly financial institutions with the highest level of creditworthiness or the public sector and/or there is wide dispersion. In the case of other non-current financial assets, ongoing creditworthiness checks are also carried out individually on the basis of expected future cash flows.
\n \n \n \n \n \n \n\n STRABAG\u00a0SE holds no non-financial assets as security collateral. Financial collateral is only of minor importance, as the large number of public-sector customers presents hardly any payment risk.
\n \n \n \n \n \n \nImpairments on trade receivables and on contract assets are determined using the simplified approach. The impairments are determined taking into consideration the country-specific risks and the creditworthiness of the customers. For public clients, the probability of default for any country is based on Moody\u2019s national scale ratings for that country, while for private clients in the country in question, the probability of default is assumed to be two rating levels higher.
\n \n \n \n \n \n \nImpairments, considered individually, are also made on financial assets if the carrying amount of the financial asset is higher than the present value of the future cash flows. This can be triggered by financial difficulties, insolvency of the client, breach of contract or significant default of payment. These impairments are composed of many individual items.
\n \n \n \n \n \n \n \n \nThe risk provision as at 31\u00a0December\u00a02023 for trade receivables and for contract assets developed as follows during the financial year:
\n \n \n \n \n \n \n \n \nT\u20ac | Trade receivables | Contract assets |
Gross carrying amount as at 31.12.2023 | 1,676,144 | 1,289,512 |
Lifetime ECL as at 1.1. | 8,733 | 7,506 |
Exchange differences/changes in the consolidated group | -193 | -55 |
Change due to change in volumes | 213 | -942 |
Change due to change in ratings | -54 | -501 |
Lifetime ECL as at 31.12. | 8,699 | 6,008 |
Impairment as at 1.1. | 50,270 | 0 |
Exchange differences/changes in the consolidated group | -1,470 | 0 |
Added/used | -2,382 | 0 |
Impairment as at 31.12. | 46,418 | 0 |
Net carrying amount as at 31.12.2023 | 1,621,027 | 1,283,504 |
In addition, ECL impairments on other financial assets amounting to T\u20ac 4,056 (2022: T\u20ac 3,144) exist as at 31\u00a0December\u00a02023, as well as individual impairments amounting to T\u20ac 260,451 (2022: T\u20ac 143,857) for other non-current financial assets.
\n \n \n \n \n \n \n \n \nThe risk provision as at 31\u00a0December\u00a02022 for trade receivables and for contract assets developed as follows during the financial year:
\n \n \n \n \n \n \n \n \nT\u20ac | Trade receivables | Contract assets |
Gross carrying amount as at 31.12.2022 | 1,636,841 | 1,365,247 |
Lifetime ECL as at 1.1. | 7,144 | 6,633 |
Exchange differences/changes in the consolidated group | 21 | 308 |
Change due to change in volumes | 625 | 277 |
Change due to change in ratings | 943 | 288 |
Lifetime ECL as at 31.12. | 8,733 | 7,506 |
Impairment as at 1.1. | 56,578 | 0 |
Exchange differences/changes in the consolidated group | 450 | 0 |
Added/used | -6,758 | 0 |
Impairment as at 31.12. | 50,270 | 0 |
Net carrying amount as at 31.12.2022 | 1,577,838 | 1,357,741 |
The following shows the gross carrying amounts of the financial assets by risk class for which the expected losses were recognised over the entire remaining term.
\n \n \n \n \n \n \n \n \nThe risk classes were determined according to the probabilities of default depending on country risk and creditworthiness of the debtors. Below 0.55% is assumed to be low risk, between 0.55% and 1.2% medium risk and above 1.2% high risk.
\n \n \n \n \n \n \n \n \n \nThe gross carrying amounts for the 2023 financial year are as follows:
\n \n \n \n \n \n \n \n \nT\u20ac | Trade receivables | Contract assets |
Low risk | 1,055,012 | 931,616 |
Medium risk | 595,812 | 303,406 |
High risk | 25,320 | 54,490 |
Gross carrying amount as at 31.12.2023 | 1,676,144 | 1,289,512 |
The gross carrying amounts for the 2022 financial year are as follows:
\n \n \n \n \n \n \n \n \nT\u20ac | Trade receivables | Contract assets |
Low risk | 758,429 | 740,232 |
Medium risk | 859,105 | 601,472 |
High risk | 19,307 | 23,543 |
Gross carrying amount as at 31.12.2022 | 1,636,841 | 1,365,247 |
Liquidity for the STRABAG\u00a0SE Group means not only solvency in the strict sense but also the availability of the necessary financial margin for mainstay business through sufficient aval lines.
\n \n \n \n \nTo guarantee financial flexibility, liquidity reserves are kept in the form of cash and credit lines for cash and aval loans. The STRABAG\u00a0SE Group keeps bilateral credit lines with banks and syndicated cash and aval credit lines in the amount of \u20ac 0.4 billion (2022: \u20ac 0.4 billion) and \u20ac 2.0 billion (2022: \u20ac 2.0 billion) respectively. The overall line for cash and aval loan amounts to \u20ac 8.5 billion (2022: \u20ac 8.2 billion). The syndicated surety credit line contains covenants which were clearly fulfilled at the reporting date due to the Group\u2019s current financial and liquidity situation.
\n \n \n \n \nThe STRABAG\u00a0SE Group has sufficient liquidity reserves. Despite the uncertain economic situation, no significant changes in customers\u2019 payment behaviour could be detected. An increase in liquidity risk could not be identified in the 2023 financial year.
\n \n \n \n \n \nIn addition to continuous monitoring of the liquidity situation by the Group Treasury, a corporate-wide cash pooling system and strict working capital management at project level are used to manage liquidity risk. Internal allowances and charges as well as regular reporting obligations ensure efficient receivables and accounts payable management at project level. Another liquidity management tool is the regular financial planning based on output, earnings and investment plans.
\n \n \n \n \n \n \nThe following payment obligations arise from the financial liabilities (interest payments based on interest rate as at 31\u00a0December and redemption) for the subsequent years:
\n \n \n \n \nThe payment obligations from financial liabilities as at 31\u00a0December\u00a02023 are comprised as follows:
\n \n \n \n \nCarrying amount | Cash flows | Cash flows | Cash flows | |
T\u20ac | 31.12.2023 | 2024 | 2025\u20132028 | after 2028 |
Bank borrowings | 534,707 | 237,286 | 114,748 | 324,436 |
Lease liabilities | 364,223 | 78,272 | 233,540 | 173,650 |
Financial liabilities | 898,930 | 315,558 | 348,288 | 498,086 |
The trade payables and the other liabilities without derivatives essentially lead to cash outflows in line with the maturity at the amount of the carrying amounts.
\n \n \n \n \nThe payment obligations from leasing liabilities amount to T\u20ac 72,134 for 2025, T\u20ac 61,355 for 2026, T\u20ac 51,862 for 2027 and T\u20ac 48,189 for 2028.
\n \n \n \n \nThe payment obligations from derivatives as at 31\u00a0December\u00a02023 are comprised as follows:
\n \n \n \n \nCarrying amount | Cash flows | Cash flows | |
T\u20ac | 31.12.2023 | 2024 | 2025\u20132028 |
Derivatives held for hedging purposes | -33,405 | 0 | 0 |
Derivatives other | 7,135 | 7,135 | 0 |
Derivatives | -26,270 | 7,135 | 0 |
The derivatives held for hedging purposes showed a positive market value as at the reporting date, which is why no payment obligations arise for them.
\n \n \n \n \nThe payment obligations from financial liabilities as at 31\u00a0December\u00a02022 are comprised as follows:
\n \n \n \n \nCarrying amount | Cash flows | Cash flows | Cash flows | |
T\u20ac | 31.12.2022 | 2023 | 2024\u20132027 | after 2027 |
Bank borrowings | 624,763 | 263,436 | 139,538 | 336,219 |
Lease liabilities | 332,438 | 69,831 | 219,759 | 172,203 |
Financial liabilities | 957,201 | 333,267 | 359,297 | 508,422 |
The trade payables and the other liabilities without derivatives essentially lead to cash outflows in line with the maturity at the amount of the carrying amounts.
\n \n \n \n \nThe payment obligations from leasing liabilities amount to T\u20ac 65,120 for 2024, T\u20ac 59,774 for 2025, T\u20ac 51,012 for 2026 and T\u20ac 43,853 for 2027.
\n \n \n \n \n \nThe payment obligations from derivatives as at 31\u00a0December\u00a02022 are comprised as follows:
\n \n \n \n \nCarrying amount | Cash flows | Cash flows | |
T\u20ac | 31.12.2022 | 2023 | 2024\u20132027 |
Derivatives held for hedging purposes | -51,143 | 0 | 0 |
Derivatives other | 18,756 | 10,341 | 8,416 |
Derivatives | -32,387 | 10,341 | 8,416 |
STRABAG has issued financial guarantees to banks for the benefit of its own subsidiaries or associates. Based on the loan amount outstanding as at 31\u00a0December\u00a02023, the maximum guarantee amount is T\u20ac 74,557 (2022: T\u20ac 71,343). As utilisation of the guarantees is unlikely, no provision has been made for them. Theoretically, these abstract guarantees can be utilised at any time, which would lead to a short-term outflow of liquidity.
\n \n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f15231": { "value": "\nThe financial instruments as at the balance sheet date were as follows:
\n \n31.12.2023 | 31.12.2022 | |||||
T\u20ac | Measurement\n category\n according to\n IFRS 9 | Carrying amount | Fair value | Measurement\n category\n according to\n IFRS 9 | Carrying amount | Fair value |
Assets | ||||||
Investments below 20% (other investments) | FVPL | 56,147 | 56,147 | FVPL | 48,351 | 48,351 |
Trade receivables | AC | 1,621,027 | 1,621,027 | AC | 1,577,838 | 1,577,838 |
Receivables from concession arrangements | AC | 481,311 | 474,487 | AC | 532,251 | 513,740 |
Other non-current financial assets | AC | 237,061 | 231,542 | AC | 328,869 | 322,190 |
Other current financial assets | AC | 260,773 | 260,773 | AC | 253,069 | 253,069 |
Cash and cash equivalents | AC | 3,450,596 | 3,450,596 | AC | 2,701,839 | 2,701,839 |
Securities | FVPL | 27,359 | 27,359 | FVPL | 26,018 | 26,018 |
Cash and cash equivalents (securities) | FVPL | 26 | 26 | FVPL | 10 | 10 |
Derivatives held for hedging purposes (receivables from concession arrangements) | Derivatives | 174 | 174 | Derivatives | 377 | 377 |
Derivatives held for hedging purposes (other financial assets) | Derivatives | 33,231 | 33,231 | Derivatives | 50,766 | 50,766 |
Liabilities | ||||||
Financial liabilities | FLaC | -898,930 | -883,666 | FLaC | -957,201 | -939,856 |
Trade payables | FLaC | -2,790,761 | -2,790,761 | FLaC | -2,569,042 | -2,569,042 |
Other non-current financial liabilities | FLaC | -28,074 | -28,074 | FLaC | -75,403 | -75,403 |
Other current financial liabilities | FLaC | -780,666 | -780,666 | FLaC | -711,956 | -711,956 |
Derivatives other (other financial liabilities) | FVPL | -7,135 | -7,135 | FVPL | -18,756 | -18,756 |
Measurement\n category\n according to\n IFRS 9 | Measurement\n category\n according to\n IFRS 9 | |||||
AC | 6,050,768 | 6,038,425 | AC | 5,393,866 | 5,368,676 | |
FVPL | 76,397 | 76,397 | FVPL | 55,623 | 55,623 | |
FLaC | -4,498,431 | -4,483,167 | FLaC | -4,313,602 | -4,296,257 | |
Derivatives | 33,405 | 33,405 | Derivatives | 51,143 | 51,143 | |
Total | 1,662,139 | 1,665,060 | Total | 1,187,030 | 1,179,185 |
Cash and cash equivalents, trade receivables and other receivables have for the most part short remaining terms. Accordingly, their carrying amounts on the balance sheet date approximate their fair value. The fair value of non-current financial assets corresponds to the present value of the related payments under consideration of the prevailing market parameters to the extent that market values were not available.
\n \nTrade payables and other financial liabilities typically have short terms; their carrying amounts approximate the fair value. The fair value of\u00a0 bank borrowings and lease liabilities are measured at the present value of the payments associated with them and under consideration of the relevant applicable market parameters to the extent that market values were not available. The fair value of the financial liabilities would qualify entirely as a Level 2 measurement at T\u20ac 883,666 (2022: T\u20ac 939,856).
\n \n \nThe fair values as at 31\u00a0December\u00a02023 for financial instruments measured at fair value in the balance sheet were determined as follows:
\n \n \n \nT\u20ac | Level 1 | Level 2 | Level 3 | Total |
Assets | ||||
Investments below 20% (other investments) | 56,147 | 56,147 | ||
Securities | 27,359 | 27,359 | ||
Cash and cash equivalents (securities) | 26 | 26 | ||
Derivatives held for hedging purposes | 33,405 | 33,405 | ||
Total | 27,385 | 33,405 | 56,147 | 116,937 |
Liabilities | ||||
Derivatives other | -7,135 | -7,135 | ||
Total | 0 | -7,135 | 0 | -7,135 |
The fair values as at 31\u00a0December\u00a02022 for financial instruments measured at fair value in the balance sheet were determined as follows:
\n \n \n \nT\u20ac | Level 1 | Level 2 | Level 3 | Total |
Assets | ||||
Investments below 20% (other investments) | 48,351 | 48,351 | ||
Securities | 26,018 | 26,018 | ||
Cash and cash equivalents (securities) | 10 | 10 | ||
Derivatives held for hedging purposes | 51,143 | 51,143 | ||
Total | 26,028 | 51,143 | 48,351 | 125,522 |
Liabilities | ||||
Derivatives other | -18,756 | -18,756 | ||
Total | 0 | -18,756 | 0 | -18,756 |
There was no reclassification between the valuation categories in the 2023 financial year.
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfReclassificationOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f16179": { "value": "\nThe fair values as at 31\u00a0December\u00a02023 for financial instruments measured at fair value in the balance sheet were determined as follows:
\n \nT\u20ac | Level 1 | Level 2 | Level 3 | Total |
Assets | ||||
Investments below 20% (other investments) | 56,147 | 56,147 | ||
Securities | 27,359 | 27,359 | ||
Cash and cash equivalents (securities) | 26 | 26 | ||
Derivatives held for hedging purposes | 33,405 | 33,405 | ||
Total | 27,385 | 33,405 | 56,147 | 116,937 |
Liabilities | ||||
Derivatives other | -7,135 | -7,135 | ||
Total | 0 | -7,135 | 0 | -7,135 |
The fair values as at 31\u00a0December\u00a02022 for financial instruments measured at fair value in the balance sheet were determined as follows:
\n \nT\u20ac | Level 1 | Level 2 | Level 3 | Total |
Assets | ||||
Investments below 20% (other investments) | 48,351 | 48,351 | ||
Securities | 26,018 | 26,018 | ||
Cash and cash equivalents (securities) | 10 | 10 | ||
Derivatives held for hedging purposes | 51,143 | 51,143 | ||
Total | 26,028 | 51,143 | 48,351 | 125,522 |
Liabilities | ||||
Derivatives other | -18,756 | -18,756 | ||
Total | 0 | -18,756 | 0 | -18,756 |
The fair value is determined on the basis of quoted prices in an active market. An active market exists if the prices are regularly established and readily available to the market participants. The quoted market price for the financial instruments presented in Level 1 corresponds to the bid price at the balance sheet date.
\n \nThese financial instruments are not traded in an active market. They involve exclusively derivatives held for hedging purposes and other derivatives. The fair value expresses the expected realisable value of the transaction on the balance sheet date. It is determined using recognised and standard financial methods of measurement on the basis of observable market data. Specifically, measurement is made using interest yield and currency curves in proportion to the term of the derivative. The methods of measurement used also take into account fees, market risk, credit risk, ratings and exchange rate risks.
\n \nThese financial instruments involve exclusively a large number of smaller investments below 20% that are not traded on an active market. Their fair value is determined on the basis of simplified company valuations.
\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f16695": { "value": "\nThe derivatives are comprised as follows:
\n \nT\u20ac | 31.12.2023 | 31.12.2022 | ||||
Bank | Assets | Liabilities | Total | Assets | Liabilities | Total |
Republic of Hungary | 174 | 0 | 174 | 377 | 0 | 377 |
National Bank of Canada | 2,889 | 0 | 2,889 | 5,253 | 0 | 5,253 |
SMBC Capital Markets | 2,864 | 0 | 2,864 | 5,202 | 0 | 5,202 |
KfW IPEX-Bank | 7,116 | 0 | 7,116 | 10,488 | 0 | 10,488 |
Norddeutsche Landesbank | 6,652 | 0 | 6,652 | 9,925 | 0 | 9,925 |
SEB AG | 6,902 | 0 | 6,902 | 9,797 | 0 | 9,797 |
Soci\u00e9t\u00e9 G\u00e9n\u00e9rale | 6,808 | 0 | 6,808 | 10,101 | 0 | 10,101 |
Total derivatives held for hedging purposes | 33,405 | 0 | 33,405 | 51,143 | 0 | 51,143 |
Bayerische Landesbank | 0 | -1,883 | -1,883 | 0 | -2,178 | -2,178 |
Cr\u00e9dit Agricole Corp. & Investment | 0 | 0 | 0 | 0 | -4,985 | -4,985 |
Raiffeisenbank International AG1 | 0 | -1,679 | -1,679 | 0 | -7,388 | -7,388 |
UniCredit Bank Austria AG | 0 | -3,573 | -3,573 | 0 | -4,205 | -4,205 |
Total other derivatives | 0 | -7,135 | -7,135 | 0 | -18,756 | -18,756 |
Total | 33,405 | -7,135 | 26,270 | 51,143 | -18,756 | 32,387 |
1Can be offset in the event of insolvency.
Hedge accounting is not applied to other derivatives, but they are part of economic hedging relationships.
\n \n \n \n\n Currency risks in the Group result when the currency of the order differs from the functional currency of the company. The planned proceeds are received in the currency of the order (for example, euro or US dollar), while a substantial part of the associated costs is incurred in the local currency.
\n \n \n \n \n \nThe Group uses foreign exchange forwards to hedge against this risk. These contracts are classified as hedges against future payments and are presented as cash flow hedges. As in the previous year, there were no currency hedging instruments to be recognised as cash flow hedges in the 2023 financial year.
\n \n \n \n \n \nTo hedge against variable interest rate obligations, interest rate swaps are used especially with financing obligations from concession arrangements. This serves to hedge the variability of future cash flows from variable interest rate payments. Interest rate swaps are presented as cash flow hedges. These involve derivatives that are settled net.
\n \n \n \n \n \nThe Group determines the existence of an economic relationship between the hedging instrument and the hedged item for the purpose of assessing the effectiveness of the hedge based on the interest rate benchmarks, terms, repricing dates and maturities of the nominal amounts.
\n \n \n \n \n \nThe amounts of the hedged items as at 31\u00a0December\u00a02023 are as follows:
\n \n \n \n \n \nT\u20ac\nHedged item | Value changes in the basis for effectiveness measurement | Hedging reserves |
Interest rate risk | ||
Interest AKA | 25 | -116 |
Interest PANSUEVIA | 6,992 | 20,809 |
Interest Scarborough | -5,413 | 6,935 |
Total | 1,604 | 27,628 |
The amounts of the hedged items as at 31\u00a0December\u00a02022 are as follows:
\n \n \n \n \n \nT\u20ac\nHedged item | Value changes in the basis for effectiveness measurement | Hedging\n reserves |
Interest rate risk | ||
Interest AKA | -6,344 | 262 |
Interest PANSUEVIA | -51,468 | 33,213 |
Interest Scarborough | -8,697 | 9,916 |
Total | -66,509 | 43,391 |
The hedging instruments as at 31\u00a0December\u00a02023 were comprised as follows:
\n \n \n \n \n \nT\u20ac\nHedge | Nominal value | Carrying amount | Balance sheet \nitem where \nthe hedge is \npresented | OCI change in value of the hedge | Recycling amount from hedging reserves | P&L item where the recycling amount is recognised |
Interest rate risk | ||||||
Interest rate swap AKA | 32,933 | 174 | Receivables from concession arrangements | -25 | -353 | Other operating expense |
Interest rate swaps PANSUEVIA | 228,002 | 27,478 | Other financial assets | -6,992 | -5,411 | Other operating expense |
Interest rate swaps Scarborough | 175,445 | 5,753 | Other financial assets | 5,413 | -8,394 | Interest expense |
Total | 436,380 | 33,405 | -1,604 | -14,158 |
Possible sources of ineffectiveness in these hedging relationships include:
\n \n \n the effect of counterparty and own credit risk on the fair value of derivatives, which is not reflected in the change in the fair value of the hedged cash flows, and is attributable to interest rates changes differences in the repricing dates of the hedging instrument and the underlying transactions changes in the expected value of the cash flows from the underlying transaction being hedged and from the hedging instrument\n \n \nIn the 2023 financial year, a total of T\u20ac 1,721\u00a0(2022: T\u20ac 539) was recognised in the income statement under interest and similar income for the Scarborough interest rate swap due to ineffectiveness.
\n \n \n \n \n \nThe hedging instruments as at 31\u00a0December\u00a02022 were made up as follows:
\n \n \n \n \n \nT\u20ac\nHedge | Nominal value | Carrying amount | Balance sheet \nitem where \nthe hedge is \npresented | OCI change in value of the hedge | Recycling amount from hedging reserves | P&L item where the recycling amount is recognised |
Interest rate risk | ||||||
Interest rate swap AKA | 98,489 | 377 | Receivables from concession arrangements | 6,344 | 4,423 | Other operating expense |
Interest rate swaps PANSUEVIA | 237,098 | 40,311 | Other financial assets | 51,467 | 2,269 | Other operating expense |
Interest rate swaps Scarborough | 215,030 | 10,455 | Other financial assets | 8,697 | -1,395 | Interest expense |
Total | 550,617 | 51,143 | 66,508 | 5,297 |
In the 2022 financial year, a total of T\u20ac 539\u00a0was recognised in the income statement under interest and similar income for the Scarborough interest rate swap due to ineffectiveness.
\n \n \n \n \n \nOn 31\u00a0December\u00a02023, the Group held the following instruments for the purpose of hedging interest rate fluctuation:
\n \n \n \n \n \nMaturity | |||
1\u20136 months | 6\u201312 months | > 1 year | |
Interest rate swap | |||
Nominal amount in T\u20ac | 37,750 | 180,177 | 218,453 |
Average fixed interest rate (%) | 2.56 | 1.19 | 0.90 |
On 31\u00a0December\u00a02022, the Group held the following instruments for the purpose of hedging interest rate fluctuation:
\n \n \n \n \n \nMaturity | |||
1\u20136 months | 6\u201312 months | > 1 year | |
Interest rate swap | |||
Nominal amount in T\u20ac | 37,749 | 36,904 | 475,965 |
Average fixed interest rate (%) | 2.58 | 2.56 | 1.17 |
The reconciliation of the equity components as at 31\u00a0December\u00a02023 is as follows:
\n \n \n \n \n \nT\u20ac | Hedging reserves |
As at 1.1. | 18,260 |
Fair value changes | |
Interest rate risk | -1,604 |
Recycling | |
Interest rate risk | -14,158 |
Deferred tax | |
Interest rate risk | 4,647 |
Change in hedging reserves from equity-accounted investments | -7,260 |
As at 31.12. | -115 |
The reconciliation of the equity components as at 31\u00a0December\u00a02022 is as follows:
\n \n \n \n \n \nT\u20ac | Hedging reserves |
As at 1.1. | -47,209 |
Fair value changes | |
Interest rate risk | 66,508 |
Recycling | |
Interest rate risk | 5,297 |
Deferred tax | |
Interest rate risk | -19,468 |
Change in hedging reserves from equity-accounted investments | 13,132 |
As at 31.12. | 18,260 |
The STRABAG\u00a0SE Group is subject to credit, market and liquidity risks related to its financial assets, financial liabilities and planned transactions. The goal of financial risk management is to minimise these risks through ongoing financially-oriented activities.
\n \n \n \nThe basics of the financial policy are set by the Management Board and monitored by the Supervisory Board. The implementation of the financial policy and responsibility for the risk management are the domain of the group treasury. Certain transactions require prior approval by the Management Board, which is regularly informed as to the scope and amount of the current risk exposure.
\n \n \n \nThe Group assesses concentrations of risk with regard to interest rate risk, currency risk and credit risk as low because customers are located in different countries, belong to different industries and operate in largely independent markets.
\n \n \n \nThe Group\u2019s business activities are subject to market price risks that are customary in the industry. These risks are not hedged through derivatives or financial instruments but through other hedging activities including but not limited to contractual agreements.
\n \n \n \nFurther explanations on risk management can be found in the group management report from 31\u00a0December\u00a02023.
\n \n \n \nThe receivables from concession arrangements in the amount of T\u20ac 481,311 (2022: T\u20ac 532,251) and the non-current other financial assets in the amount of T\u20ac 319,152 (2022: T\u20ac 405,653) are mostly at fixed interest rates. Bank deposits, on the other hand, are mainly at variable interest rates. Investments with fixed interest rates are concluded for a maximum of three months. The risk of financial instruments on the assets side consists of falling interest rates. The increase in interest rates in the main Group countries in the 2023 financial year had a positive impact on net interest income due to the Group\u2019s net cash position.
\n \n \n \nThe most important bank borrowings involve non-recourse financing from projects in the amount of T\u20ac 509,668 (2022: T\u20ac 607,974), which are either at fixed interest rates or hedged against interest rate changes by means of interest rate swaps. The risk of the variable interest-bearing financial instruments on the liabilities side consists of rising interest rates on expenses resulting from an unfavourable change in market interest rates.
\n \n \n \nThe interest rate risk is managed by concluding fixed interest rate agreements or through hedging with interest rate swaps for significant financing liabilities. In the case of bank deposits, investments are constantly adjusted to the changed market conditions by continuously monitoring the interest rate environment.
\n \n \n \nThe amount of bank deposits and bank borrowings according to currency \u2013 giving the average interest rate at the balance sheet date \u2013 is represented as follows:
\n \n \n \nCurrency | Carrying amount \n31.12.2023\nT\u20ac | Weighted average \ninterest rate 2023\n% |
EUR | 2,203,359 | 3.58 |
PLN | 488,568 | 3.62 |
CZK | 279,730 | 4.65 |
HUF | 181,854 | 6.53 |
GBP | 48,874 | 1.01 |
Other | 247,266 | 3.15 |
Total | 3,449,651 | 3.77 |
Currency | Carrying amount \n31.12.2022\nT\u20ac | Weighted\n average\n interest rate\n 2022\n% |
EUR | 1,816,484 | 1.59 |
PLN | 209,402 | 5.47 |
HUF | 139,148 | 15.22 |
CZK | 249,085 | 4.46 |
GBP | 90,810 | 0.53 |
CAD | 22,636 | 2.05 |
Other | 172,942 | 1.46 |
Total | 2,700,507 | 2.82 |
Currency | Carrying amount \n31.12.2023\nT\u20ac | Weighted average \ninterest rate 2023\n% |
EUR | 393,387 | 4.04 |
CAD | 136,939 | 6.41 |
Other | 4,381 | 1.29 |
Total | 534,707 | 4.62 |
Currency | Carrying amount \n31.12.2022\nT\u20ac | Weighted\n average \ninterest rate\n 2022\n% |
EUR | 468,486 | 2.61 |
CAD | 156,074 | 5.42 |
Other | 203 | 9.25 |
Total | 624,763 | 3.32 |
Had the interest rate level at 31\u00a0December\u00a02023 been higher by 100 basis points, then the EBT would have been higher by T\u20ac 28,110 (2022: T\u20ac 19,713) and the equity at 31\u00a0December\u00a02023 would have been higher by T\u20ac 47,567 (2022: T\u20ac 40,847). Had the interest rate level been lower by 100 basis points, this would have meant a correspondingly lower equity and EBT. The calculation is made based on the level of interest-bearing financial assets and liabilities as at 31\u00a0December. Tax effects from interest rate changes were not considered.
\n \n \n \nDue to the decentralised structure of the Group, characterised by local companies in the respective countries, mainly closed currency positions appear in the balance sheet. Receivables and liabilities from business activities mainly offset each other in the same currency.
\n \n \n \nInternal hedging is performed for construction contracts where there are no closed currency positions (e.g. construction contracts that are not concluded in functional currency). As part of corporate-wide treasury management, these positions are then combined, and external hedging is performed if necessary.
\n \n \n \nThe internal financing of companies within the Group using different functional currencies resulted in an earnings-relevant currency risk. Derivative financial instruments are transacted to limit this risk. The market values of these hedging transactions in the amount of T\u20ac -7,135 (2022: T\u20ac -18,756) are recognised in profit or loss in the income statement. The hedging transactions are reported under other financial assets or other financial liabilities.
\n \n \n \nIn addition to the bank deposits and bank borrowings in foreign currencies (see \u201cInterest rate risk\u201d), the other non-current financial assets still include carrying amounts of T\u20ac 21,554 (2022: T\u20ac 128,795) in foreign currencies.
\n \n \n \nDevelopment of the important currencies in the Group:
\n \n \n \nCurrency | Closing rate \n31.12.2023: 1 \u20ac = | Average rate\n2023: 1 \u20ac = | Closing rate \n31.12.2022: 1 \u20ac = | Average rate\n2022: 1 \u20ac = |
HUF | 382.8000 | 382.1354 | 400.8700 | 391.2708 |
CZK | 24.7240 | 23.9821 | 24.1160 | 24.5624 |
PLN | 4.3395 | 4.5355 | 4.6808 | 4.6799 |
CHF | 0.9260 | 0.9727 | 0.9847 | 1.0041 |
CLP | 979.4000 | 911.9477 | 916.9100 | 919.7438 |
USD | 1.1050 | 1.0816 | 1.0666 | 1.0563 |
GBP | 0.8691 | 0.8702 | 0.8869 | 0.8537 |
RON | 4.9756 | 4.9513 | 4.9495 | 4.9352 |
CAD | 1.4642 | 1.4606 | 1.4440 | 1.3757 |
The following table shows the hypothetical changes in EBT and equity if the euro had been appreciated or depreciated by 10% in relation to another currency in the year 2023:
\n \n \n \nAppreciation of the euro by 10% | Depreciation of the euro by 10% | |||
T\u20ac\nCurrency | Change in EBT | Change in equity | Change in EBT | Change in equity |
PLN | 4,127 | -4,055 | -5,044 | 4,956 |
HUF | -2,671 | 12,254 | 3,265 | -14,978 |
CHF | -323 | -9,159 | 395 | 11,194 |
CZK | 755 | 2,573 | -922 | -3,145 |
GBP | 23,231 | 23,231 | -28,393 | -28,393 |
USD | -1,715 | -1,715 | 2,096 | 2,096 |
Other | -32,964 | -32,964 | 40,290 | 40,290 |
The following table shows the hypothetical changes in EBT and equity if the euro had been appreciated or depreciated by 10% in relation to another currency in the year 2022:
\n \n \n \nAppreciation of the euro by 10% | Depreciation of the euro by 10% | |||
T\u20ac\nCurrency | Change in EBT | Change in equity | Change in EBT | Change in equity |
PLN | 146 | 146 | -178 | -178 |
HUF | 4,179 | 16,652 | -5,108 | -20,352 |
CHF | -830 | -9,139 | 1,014 | 11,169 |
CZK | 1,147 | 6,601 | -1,402 | -8,068 |
GBP | 13,149 | 13,149 | -16,071 | -16,071 |
USD | -2,866 | -2,866 | 3,503 | 3,503 |
Other | -24,496 | -26,899 | 29,939 | 32,877 |
The calculation is based on original and derivative foreign currency holdings in non-functional currency as at 31\u00a0December as well as underlying transactions for the next twelve months. The effect on tax resulting from changes in currency exchange rates was not taken into consideration. Currency effects from net investments in foreign operations are recognised in the change in equity. Currency differences recognised directly in equity from the translation of the different functional currencies into euros are not taken into account.
\n \n \n \n\n Currency risks in the Group result when the currency of the order differs from the functional currency of the company. The planned proceeds are received in the currency of the order (for example, euro or US dollar), while a substantial part of the associated costs is incurred in the local currency.
\n \n \n \nThe Group uses foreign exchange forwards to hedge against this risk. These contracts are classified as hedges against future payments and are presented as cash flow hedges. As in the previous year, there were no currency hedging instruments to be recognised as cash flow hedges in the 2023 financial year.
\n \n \n \nTo hedge against variable interest rate obligations, interest rate swaps are used especially with financing obligations from concession arrangements. This serves to hedge the variability of future cash flows from variable interest rate payments. Interest rate swaps are presented as cash flow hedges. These involve derivatives that are settled net.
\n \n \n \nThe Group determines the existence of an economic relationship between the hedging instrument and the hedged item for the purpose of assessing the effectiveness of the hedge based on the interest rate benchmarks, terms, repricing dates and maturities of the nominal amounts.
\n \n \n \nThe amounts of the hedged items as at 31\u00a0December\u00a02023 are as follows:
\n \n \n \nT\u20ac\nHedged item | Value changes in the basis for effectiveness measurement | Hedging reserves |
Interest rate risk | ||
Interest AKA | 25 | -116 |
Interest PANSUEVIA | 6,992 | 20,809 |
Interest Scarborough | -5,413 | 6,935 |
Total | 1,604 | 27,628 |
The amounts of the hedged items as at 31\u00a0December\u00a02022 are as follows:
\n \n \n \nT\u20ac\nHedged item | Value changes in the basis for effectiveness measurement | Hedging\n reserves |
Interest rate risk | ||
Interest AKA | -6,344 | 262 |
Interest PANSUEVIA | -51,468 | 33,213 |
Interest Scarborough | -8,697 | 9,916 |
Total | -66,509 | 43,391 |
The hedging instruments as at 31\u00a0December\u00a02023 were comprised as follows:
\n \n \n \nT\u20ac\nHedge | Nominal value | Carrying amount | Balance sheet \nitem where \nthe hedge is \npresented | OCI change in value of the hedge | Recycling amount from hedging reserves | P&L item where the recycling amount is recognised |
Interest rate risk | ||||||
Interest rate swap AKA | 32,933 | 174 | Receivables from concession arrangements | -25 | -353 | Other operating expense |
Interest rate swaps PANSUEVIA | 228,002 | 27,478 | Other financial assets | -6,992 | -5,411 | Other operating expense |
Interest rate swaps Scarborough | 175,445 | 5,753 | Other financial assets | 5,413 | -8,394 | Interest expense |
Total | 436,380 | 33,405 | -1,604 | -14,158 |
Possible sources of ineffectiveness in these hedging relationships include:
\n \n \n the effect of counterparty and own credit risk on the fair value of derivatives, which is not reflected in the change in the fair value of the hedged cash flows, and is attributable to interest rates changes\n \n differences in the repricing dates of the hedging instrument and the underlying transactions\n \n changes in the expected value of the cash flows from the underlying transaction being hedged and from the hedging instrument\n \n \nIn the 2023 financial year, a total of T\u20ac 1,721\u00a0(2022: T\u20ac 539) was recognised in the income statement under interest and similar income for the Scarborough interest rate swap due to ineffectiveness.
\n \n \n \nThe hedging instruments as at 31\u00a0December\u00a02022 were made up as follows:
\n \n \n \nT\u20ac\nHedge | Nominal value | Carrying amount | Balance sheet \nitem where \nthe hedge is \npresented | OCI change in value of the hedge | Recycling amount from hedging reserves | P&L item where the recycling amount is recognised |
Interest rate risk | ||||||
Interest rate swap AKA | 98,489 | 377 | Receivables from concession arrangements | 6,344 | 4,423 | Other operating expense |
Interest rate swaps PANSUEVIA | 237,098 | 40,311 | Other financial assets | 51,467 | 2,269 | Other operating expense |
Interest rate swaps Scarborough | 215,030 | 10,455 | Other financial assets | 8,697 | -1,395 | Interest expense |
Total | 550,617 | 51,143 | 66,508 | 5,297 |
In the 2022 financial year, a total of T\u20ac 539\u00a0was recognised in the income statement under interest and similar income for the Scarborough interest rate swap due to ineffectiveness.
\n \n \n \nOn 31\u00a0December\u00a02023, the Group held the following instruments for the purpose of hedging interest rate fluctuation:
\n \n \n \nMaturity | |||
1\u20136 months | 6\u201312 months | > 1 year | |
Interest rate swap | |||
Nominal amount in T\u20ac | 37,750 | 180,177 | 218,453 |
Average fixed interest rate (%) | 2.56 | 1.19 | 0.90 |
On 31\u00a0December\u00a02022, the Group held the following instruments for the purpose of hedging interest rate fluctuation:
\n \n \n \nMaturity | |||
1\u20136 months | 6\u201312 months | > 1 year | |
Interest rate swap | |||
Nominal amount in T\u20ac | 37,749 | 36,904 | 475,965 |
Average fixed interest rate (%) | 2.58 | 2.56 | 1.17 |
The reconciliation of the equity components as at 31\u00a0December\u00a02023 is as follows:
\n \n \n \nT\u20ac | Hedging reserves |
As at 1.1. | 18,260 |
Fair value changes | |
Interest rate risk | -1,604 |
Recycling | |
Interest rate risk | -14,158 |
Deferred tax | |
Interest rate risk | 4,647 |
Change in hedging reserves from equity-accounted investments | -7,260 |
As at 31.12. | -115 |
The reconciliation of the equity components as at 31\u00a0December\u00a02022 is as follows:
\n \n \n \nT\u20ac | Hedging reserves |
As at 1.1. | -47,209 |
Fair value changes | |
Interest rate risk | 66,508 |
Recycling | |
Interest rate risk | 5,297 |
Deferred tax | |
Interest rate risk | -19,468 |
Change in hedging reserves from equity-accounted investments | 13,132 |
As at 31.12. | 18,260 |
Credit risks arise when contractual parties do not meet their payment obligations by the date of settlement. Such risks exist with regard to payments of receivables from the operating business as well as the contractual cash flows from debt instruments in the category of measured at amortised cost (AC). To manage the credit risk from the operating business, STRABAG established a credit risk management system in line with the market conditions and customers. In particular, due to the economic uncertainties, loans to and receivables from private clients are being monitored even more closely than in the past.
\n \n \n \nThe maximum credit risk of trade receivables, contract assets and other financial assets corresponds to the carrying amounts presented in the balance sheet.
\n \n \n \nThe risk for receivables from clients can be rated as low due to the wide dispersion, a constant creditworthiness check and the presence of the public sector as an important client. The performance of work for private customers is largely secured by ongoing partial payments.
\n \n \n \nThe risk of default for other primary financial instruments shown on the assets side can also be regarded as low, as the contract partners are mainly financial institutions with the highest level of creditworthiness or the public sector and/or there is wide dispersion. In the case of other non-current financial assets, ongoing creditworthiness checks are also carried out individually on the basis of expected future cash flows.
\n \n \n \n\n STRABAG\u00a0SE holds no non-financial assets as security collateral. Financial collateral is only of minor importance, as the large number of public-sector customers presents hardly any payment risk.
\n \n \n \nImpairments on trade receivables and on contract assets are determined using the simplified approach. The impairments are determined taking into consideration the country-specific risks and the creditworthiness of the customers. For public clients, the probability of default for any country is based on Moody\u2019s national scale ratings for that country, while for private clients in the country in question, the probability of default is assumed to be two rating levels higher.
\n \n \n \nImpairments, considered individually, are also made on financial assets if the carrying amount of the financial asset is higher than the present value of the future cash flows. This can be triggered by financial difficulties, insolvency of the client, breach of contract or significant default of payment. These impairments are composed of many individual items.
\n \n \n \nThe risk provision as at 31\u00a0December\u00a02023 for trade receivables and for contract assets developed as follows during the financial year:
\n \n \n \nT\u20ac | Trade receivables | Contract assets |
Gross carrying amount as at 31.12.2023 | 1,676,144 | 1,289,512 |
Lifetime ECL as at 1.1. | 8,733 | 7,506 |
Exchange differences/changes in the consolidated group | -193 | -55 |
Change due to change in volumes | 213 | -942 |
Change due to change in ratings | -54 | -501 |
Lifetime ECL as at 31.12. | 8,699 | 6,008 |
Impairment as at 1.1. | 50,270 | 0 |
Exchange differences/changes in the consolidated group | -1,470 | 0 |
Added/used | -2,382 | 0 |
Impairment as at 31.12. | 46,418 | 0 |
Net carrying amount as at 31.12.2023 | 1,621,027 | 1,283,504 |
In addition, ECL impairments on other financial assets amounting to T\u20ac 4,056 (2022: T\u20ac 3,144) exist as at 31\u00a0December\u00a02023, as well as individual impairments amounting to T\u20ac 260,451 (2022: T\u20ac 143,857) for other non-current financial assets.
\n \n \n \nThe risk provision as at 31\u00a0December\u00a02022 for trade receivables and for contract assets developed as follows during the financial year:
\n \n \n \nT\u20ac | Trade receivables | Contract assets |
Gross carrying amount as at 31.12.2022 | 1,636,841 | 1,365,247 |
Lifetime ECL as at 1.1. | 7,144 | 6,633 |
Exchange differences/changes in the consolidated group | 21 | 308 |
Change due to change in volumes | 625 | 277 |
Change due to change in ratings | 943 | 288 |
Lifetime ECL as at 31.12. | 8,733 | 7,506 |
Impairment as at 1.1. | 56,578 | 0 |
Exchange differences/changes in the consolidated group | 450 | 0 |
Added/used | -6,758 | 0 |
Impairment as at 31.12. | 50,270 | 0 |
Net carrying amount as at 31.12.2022 | 1,577,838 | 1,357,741 |
The following shows the gross carrying amounts of the financial assets by risk class for which the expected losses were recognised over the entire remaining term.
\n \n \n \nThe risk classes were determined according to the probabilities of default depending on country risk and creditworthiness of the debtors. Below 0.55% is assumed to be low risk, between 0.55% and 1.2% medium risk and above 1.2% high risk.
\n \n \n \nThe gross carrying amounts for the 2023 financial year are as follows:
\n \n \n \nT\u20ac | Trade receivables | Contract assets |
Low risk | 1,055,012 | 931,616 |
Medium risk | 595,812 | 303,406 |
High risk | 25,320 | 54,490 |
Gross carrying amount as at 31.12.2023 | 1,676,144 | 1,289,512 |
The gross carrying amounts for the 2022 financial year are as follows:
\n \n \n \nT\u20ac | Trade receivables | Contract assets |
Low risk | 758,429 | 740,232 |
Medium risk | 859,105 | 601,472 |
High risk | 19,307 | 23,543 |
Gross carrying amount as at 31.12.2022 | 1,636,841 | 1,365,247 |
Liquidity for the STRABAG\u00a0SE Group means not only solvency in the strict sense but also the availability of the necessary financial margin for mainstay business through sufficient aval lines.
\n \n \n \nTo guarantee financial flexibility, liquidity reserves are kept in the form of cash and credit lines for cash and aval loans. The STRABAG\u00a0SE Group keeps bilateral credit lines with banks and syndicated cash and aval credit lines in the amount of \u20ac 0.4 billion (2022: \u20ac 0.4 billion) and \u20ac 2.0 billion (2022: \u20ac 2.0 billion) respectively. The overall line for cash and aval loan amounts to \u20ac 8.5 billion (2022: \u20ac 8.2 billion). The syndicated surety credit line contains covenants which were clearly fulfilled at the reporting date due to the Group\u2019s current financial and liquidity situation.
\n \n \n \nThe STRABAG\u00a0SE Group has sufficient liquidity reserves. Despite the uncertain economic situation, no significant changes in customers\u2019 payment behaviour could be detected. An increase in liquidity risk could not be identified in the 2023 financial year.
\n \n \n \nIn addition to continuous monitoring of the liquidity situation by the Group Treasury, a corporate-wide cash pooling system and strict working capital management at project level are used to manage liquidity risk. Internal allowances and charges as well as regular reporting obligations ensure efficient receivables and accounts payable management at project level. Another liquidity management tool is the regular financial planning based on output, earnings and investment plans.
\n \n \n \nThe following payment obligations arise from the financial liabilities (interest payments based on interest rate as at 31\u00a0December and redemption) for the subsequent years:
\n \n \n \nThe payment obligations from financial liabilities as at 31\u00a0December\u00a02023 are comprised as follows:
\n \n \n \nCarrying amount | Cash flows | Cash flows | Cash flows | |
T\u20ac | 31.12.2023 | 2024 | 2025\u20132028 | after 2028 |
Bank borrowings | 534,707 | 237,286 | 114,748 | 324,436 |
Lease liabilities | 364,223 | 78,272 | 233,540 | 173,650 |
Financial liabilities | 898,930 | 315,558 | 348,288 | 498,086 |
The trade payables and the other liabilities without derivatives essentially lead to cash outflows in line with the maturity at the amount of the carrying amounts.
\n \n \n \nThe payment obligations from leasing liabilities amount to T\u20ac 72,134 for 2025, T\u20ac 61,355 for 2026, T\u20ac 51,862 for 2027 and T\u20ac 48,189 for 2028.
\n \n \n \nThe payment obligations from derivatives as at 31\u00a0December\u00a02023 are comprised as follows:
\n \n \n \nCarrying amount | Cash flows | Cash flows | |
T\u20ac | 31.12.2023 | 2024 | 2025\u20132028 |
Derivatives held for hedging purposes | -33,405 | 0 | 0 |
Derivatives other | 7,135 | 7,135 | 0 |
Derivatives | -26,270 | 7,135 | 0 |
The derivatives held for hedging purposes showed a positive market value as at the reporting date, which is why no payment obligations arise for them.
\n \n \n \nThe payment obligations from financial liabilities as at 31\u00a0December\u00a02022 are comprised as follows:
\n \n \n \nCarrying amount | Cash flows | Cash flows | Cash flows | |
T\u20ac | 31.12.2022 | 2023 | 2024\u20132027 | after 2027 |
Bank borrowings | 624,763 | 263,436 | 139,538 | 336,219 |
Lease liabilities | 332,438 | 69,831 | 219,759 | 172,203 |
Financial liabilities | 957,201 | 333,267 | 359,297 | 508,422 |
The trade payables and the other liabilities without derivatives essentially lead to cash outflows in line with the maturity at the amount of the carrying amounts.
\n \n \n \nThe payment obligations from leasing liabilities amount to T\u20ac 65,120 for 2024, T\u20ac 59,774 for 2025, T\u20ac 51,012 for 2026 and T\u20ac 43,853 for 2027.
\n \n \n \nThe payment obligations from derivatives as at 31\u00a0December\u00a02022 are comprised as follows:
\n \n \n \nCarrying amount | Cash flows | Cash flows | |
T\u20ac | 31.12.2022 | 2023 | 2024\u20132027 |
Derivatives held for hedging purposes | -51,143 | 0 | 0 |
Derivatives other | 18,756 | 10,341 | 8,416 |
Derivatives | -32,387 | 10,341 | 8,416 |
STRABAG has issued financial guarantees to banks for the benefit of its own subsidiaries or associates. Based on the loan amount outstanding as at 31\u00a0December\u00a02023, the maximum guarantee amount is T\u20ac 74,557 (2022: T\u20ac 71,343). As utilisation of the guarantees is unlikely, no provision has been made for them. Theoretically, these abstract guarantees can be utilised at any time, which would lead to a short-term outflow of liquidity.
\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f17061": { "value": "\nThe STRABAG\u00a0SE Group is subject to credit, market and liquidity risks related to its financial assets, financial liabilities and planned transactions. The goal of financial risk management is to minimise these risks through ongoing financially-oriented activities.
\n \nThe basics of the financial policy are set by the Management Board and monitored by the Supervisory Board. The implementation of the financial policy and responsibility for the risk management are the domain of the group treasury. Certain transactions require prior approval by the Management Board, which is regularly informed as to the scope and amount of the current risk exposure.
\n \nThe Group assesses concentrations of risk with regard to interest rate risk, currency risk and credit risk as low because customers are located in different countries, belong to different industries and operate in largely independent markets.
\n \nThe Group\u2019s business activities are subject to market price risks that are customary in the industry. These risks are not hedged through derivatives or financial instruments but through other hedging activities including but not limited to contractual agreements.
\n \nFurther explanations on risk management can be found in the group management report from 31\u00a0December\u00a02023.
\n \nThe receivables from concession arrangements in the amount of T\u20ac 481,311 (2022: T\u20ac 532,251) and the non-current other financial assets in the amount of T\u20ac 319,152 (2022: T\u20ac 405,653) are mostly at fixed interest rates. Bank deposits, on the other hand, are mainly at variable interest rates. Investments with fixed interest rates are concluded for a maximum of three months. The risk of financial instruments on the assets side consists of falling interest rates. The increase in interest rates in the main Group countries in the 2023 financial year had a positive impact on net interest income due to the Group\u2019s net cash position.
\n \nThe most important bank borrowings involve non-recourse financing from projects in the amount of T\u20ac 509,668 (2022: T\u20ac 607,974), which are either at fixed interest rates or hedged against interest rate changes by means of interest rate swaps. The risk of the variable interest-bearing financial instruments on the liabilities side consists of rising interest rates on expenses resulting from an unfavourable change in market interest rates.
\n \nThe interest rate risk is managed by concluding fixed interest rate agreements or through hedging with interest rate swaps for significant financing liabilities. In the case of bank deposits, investments are constantly adjusted to the changed market conditions by continuously monitoring the interest rate environment.
\n \nThe amount of bank deposits and bank borrowings according to currency \u2013 giving the average interest rate at the balance sheet date \u2013 is represented as follows:
\n \nCurrency | Carrying amount \n31.12.2023\nT\u20ac | Weighted average \ninterest rate 2023\n% |
EUR | 2,203,359 | 3.58 |
PLN | 488,568 | 3.62 |
CZK | 279,730 | 4.65 |
HUF | 181,854 | 6.53 |
GBP | 48,874 | 1.01 |
Other | 247,266 | 3.15 |
Total | 3,449,651 | 3.77 |
Currency | Carrying amount \n31.12.2022\nT\u20ac | Weighted\n average\n interest rate\n 2022\n% |
EUR | 1,816,484 | 1.59 |
PLN | 209,402 | 5.47 |
HUF | 139,148 | 15.22 |
CZK | 249,085 | 4.46 |
GBP | 90,810 | 0.53 |
CAD | 22,636 | 2.05 |
Other | 172,942 | 1.46 |
Total | 2,700,507 | 2.82 |
Currency | Carrying amount \n31.12.2023\nT\u20ac | Weighted average \ninterest rate 2023\n% |
EUR | 393,387 | 4.04 |
CAD | 136,939 | 6.41 |
Other | 4,381 | 1.29 |
Total | 534,707 | 4.62 |
Currency | Carrying amount \n31.12.2022\nT\u20ac | Weighted\n average \ninterest rate\n 2022\n% |
EUR | 468,486 | 2.61 |
CAD | 156,074 | 5.42 |
Other | 203 | 9.25 |
Total | 624,763 | 3.32 |
Had the interest rate level at 31\u00a0December\u00a02023 been higher by 100 basis points, then the EBT would have been higher by T\u20ac 28,110 (2022: T\u20ac 19,713) and the equity at 31\u00a0December\u00a02023 would have been higher by T\u20ac 47,567 (2022: T\u20ac 40,847). Had the interest rate level been lower by 100 basis points, this would have meant a correspondingly lower equity and EBT. The calculation is made based on the level of interest-bearing financial assets and liabilities as at 31\u00a0December. Tax effects from interest rate changes were not considered.
\n \nDue to the decentralised structure of the Group, characterised by local companies in the respective countries, mainly closed currency positions appear in the balance sheet. Receivables and liabilities from business activities mainly offset each other in the same currency.
\n \nInternal hedging is performed for construction contracts where there are no closed currency positions (e.g. construction contracts that are not concluded in functional currency). As part of corporate-wide treasury management, these positions are then combined, and external hedging is performed if necessary.
\n \nThe internal financing of companies within the Group using different functional currencies resulted in an earnings-relevant currency risk. Derivative financial instruments are transacted to limit this risk. The market values of these hedging transactions in the amount of T\u20ac -7,135 (2022: T\u20ac -18,756) are recognised in profit or loss in the income statement. The hedging transactions are reported under other financial assets or other financial liabilities.
\n \nIn addition to the bank deposits and bank borrowings in foreign currencies (see \u201cInterest rate risk\u201d), the other non-current financial assets still include carrying amounts of T\u20ac 21,554 (2022: T\u20ac 128,795) in foreign currencies.
\n \nDevelopment of the important currencies in the Group:
\n \nCurrency | Closing rate \n31.12.2023: 1 \u20ac = | Average rate\n2023: 1 \u20ac = | Closing rate \n31.12.2022: 1 \u20ac = | Average rate\n2022: 1 \u20ac = |
HUF | 382.8000 | 382.1354 | 400.8700 | 391.2708 |
CZK | 24.7240 | 23.9821 | 24.1160 | 24.5624 |
PLN | 4.3395 | 4.5355 | 4.6808 | 4.6799 |
CHF | 0.9260 | 0.9727 | 0.9847 | 1.0041 |
CLP | 979.4000 | 911.9477 | 916.9100 | 919.7438 |
USD | 1.1050 | 1.0816 | 1.0666 | 1.0563 |
GBP | 0.8691 | 0.8702 | 0.8869 | 0.8537 |
RON | 4.9756 | 4.9513 | 4.9495 | 4.9352 |
CAD | 1.4642 | 1.4606 | 1.4440 | 1.3757 |
The following table shows the hypothetical changes in EBT and equity if the euro had been appreciated or depreciated by 10% in relation to another currency in the year 2023:
\n \nAppreciation of the euro by 10% | Depreciation of the euro by 10% | |||
T\u20ac\nCurrency | Change in EBT | Change in equity | Change in EBT | Change in equity |
PLN | 4,127 | -4,055 | -5,044 | 4,956 |
HUF | -2,671 | 12,254 | 3,265 | -14,978 |
CHF | -323 | -9,159 | 395 | 11,194 |
CZK | 755 | 2,573 | -922 | -3,145 |
GBP | 23,231 | 23,231 | -28,393 | -28,393 |
USD | -1,715 | -1,715 | 2,096 | 2,096 |
Other | -32,964 | -32,964 | 40,290 | 40,290 |
The following table shows the hypothetical changes in EBT and equity if the euro had been appreciated or depreciated by 10% in relation to another currency in the year 2022:
\n \nAppreciation of the euro by 10% | Depreciation of the euro by 10% | |||
T\u20ac\nCurrency | Change in EBT | Change in equity | Change in EBT | Change in equity |
PLN | 146 | 146 | -178 | -178 |
HUF | 4,179 | 16,652 | -5,108 | -20,352 |
CHF | -830 | -9,139 | 1,014 | 11,169 |
CZK | 1,147 | 6,601 | -1,402 | -8,068 |
GBP | 13,149 | 13,149 | -16,071 | -16,071 |
USD | -2,866 | -2,866 | 3,503 | 3,503 |
Other | -24,496 | -26,899 | 29,939 | 32,877 |
The calculation is based on original and derivative foreign currency holdings in non-functional currency as at 31\u00a0December as well as underlying transactions for the next twelve months. The effect on tax resulting from changes in currency exchange rates was not taken into consideration. Currency effects from net investments in foreign operations are recognised in the change in equity. Currency differences recognised directly in equity from the translation of the different functional currencies into euros are not taken into account.
\n \n\n Currency risks in the Group result when the currency of the order differs from the functional currency of the company. The planned proceeds are received in the currency of the order (for example, euro or US dollar), while a substantial part of the associated costs is incurred in the local currency.
\n \nThe Group uses foreign exchange forwards to hedge against this risk. These contracts are classified as hedges against future payments and are presented as cash flow hedges. As in the previous year, there were no currency hedging instruments to be recognised as cash flow hedges in the 2023 financial year.
\n \nTo hedge against variable interest rate obligations, interest rate swaps are used especially with financing obligations from concession arrangements. This serves to hedge the variability of future cash flows from variable interest rate payments. Interest rate swaps are presented as cash flow hedges. These involve derivatives that are settled net.
\n \nThe Group determines the existence of an economic relationship between the hedging instrument and the hedged item for the purpose of assessing the effectiveness of the hedge based on the interest rate benchmarks, terms, repricing dates and maturities of the nominal amounts.
\n \nThe amounts of the hedged items as at 31\u00a0December\u00a02023 are as follows:
\n \nT\u20ac\nHedged item | Value changes in the basis for effectiveness measurement | Hedging reserves |
Interest rate risk | ||
Interest AKA | 25 | -116 |
Interest PANSUEVIA | 6,992 | 20,809 |
Interest Scarborough | -5,413 | 6,935 |
Total | 1,604 | 27,628 |
The amounts of the hedged items as at 31\u00a0December\u00a02022 are as follows:
\n \nT\u20ac\nHedged item | Value changes in the basis for effectiveness measurement | Hedging\n reserves |
Interest rate risk | ||
Interest AKA | -6,344 | 262 |
Interest PANSUEVIA | -51,468 | 33,213 |
Interest Scarborough | -8,697 | 9,916 |
Total | -66,509 | 43,391 |
The hedging instruments as at 31\u00a0December\u00a02023 were comprised as follows:
\n \nT\u20ac\nHedge | Nominal value | Carrying amount | Balance sheet \nitem where \nthe hedge is \npresented | OCI change in value of the hedge | Recycling amount from hedging reserves | P&L item where the recycling amount is recognised |
Interest rate risk | ||||||
Interest rate swap AKA | 32,933 | 174 | Receivables from concession arrangements | -25 | -353 | Other operating expense |
Interest rate swaps PANSUEVIA | 228,002 | 27,478 | Other financial assets | -6,992 | -5,411 | Other operating expense |
Interest rate swaps Scarborough | 175,445 | 5,753 | Other financial assets | 5,413 | -8,394 | Interest expense |
Total | 436,380 | 33,405 | -1,604 | -14,158 |
Possible sources of ineffectiveness in these hedging relationships include:
\n \n \n the effect of counterparty and own credit risk on the fair value of derivatives, which is not reflected in the change in the fair value of the hedged cash flows, and is attributable to interest rates changes\n \n \n \n differences in the repricing dates of the hedging instrument and the underlying transactions\n \n \n \n changes in the expected value of the cash flows from the underlying transaction being hedged and from the hedging instrument\n \n \nIn the 2023 financial year, a total of T\u20ac 1,721\u00a0(2022: T\u20ac 539) was recognised in the income statement under interest and similar income for the Scarborough interest rate swap due to ineffectiveness.
\n \nThe hedging instruments as at 31\u00a0December\u00a02022 were made up as follows:
\n \nT\u20ac\nHedge | Nominal value | Carrying amount | Balance sheet \nitem where \nthe hedge is \npresented | OCI change in value of the hedge | Recycling amount from hedging reserves | P&L item where the recycling amount is recognised |
Interest rate risk | ||||||
Interest rate swap AKA | 98,489 | 377 | Receivables from concession arrangements | 6,344 | 4,423 | Other operating expense |
Interest rate swaps PANSUEVIA | 237,098 | 40,311 | Other financial assets | 51,467 | 2,269 | Other operating expense |
Interest rate swaps Scarborough | 215,030 | 10,455 | Other financial assets | 8,697 | -1,395 | Interest expense |
Total | 550,617 | 51,143 | 66,508 | 5,297 |
In the 2022 financial year, a total of T\u20ac 539\u00a0was recognised in the income statement under interest and similar income for the Scarborough interest rate swap due to ineffectiveness.
\n \nOn 31\u00a0December\u00a02023, the Group held the following instruments for the purpose of hedging interest rate fluctuation:
\n \nMaturity | |||
1\u20136 months | 6\u201312 months | > 1 year | |
Interest rate swap | |||
Nominal amount in T\u20ac | 37,750 | 180,177 | 218,453 |
Average fixed interest rate (%) | 2.56 | 1.19 | 0.90 |
On 31\u00a0December\u00a02022, the Group held the following instruments for the purpose of hedging interest rate fluctuation:
\n \nMaturity | |||
1\u20136 months | 6\u201312 months | > 1 year | |
Interest rate swap | |||
Nominal amount in T\u20ac | 37,749 | 36,904 | 475,965 |
Average fixed interest rate (%) | 2.58 | 2.56 | 1.17 |
The reconciliation of the equity components as at 31\u00a0December\u00a02023 is as follows:
\n \nT\u20ac | Hedging reserves |
As at 1.1. | 18,260 |
Fair value changes | |
Interest rate risk | -1,604 |
Recycling | |
Interest rate risk | -14,158 |
Deferred tax | |
Interest rate risk | 4,647 |
Change in hedging reserves from equity-accounted investments | -7,260 |
As at 31.12. | -115 |
The reconciliation of the equity components as at 31\u00a0December\u00a02022 is as follows:
\n \nT\u20ac | Hedging reserves |
As at 1.1. | -47,209 |
Fair value changes | |
Interest rate risk | 66,508 |
Recycling | |
Interest rate risk | 5,297 |
Deferred tax | |
Interest rate risk | -19,468 |
Change in hedging reserves from equity-accounted investments | 13,132 |
As at 31.12. | 18,260 |
Credit risks arise when contractual parties do not meet their payment obligations by the date of settlement. Such risks exist with regard to payments of receivables from the operating business as well as the contractual cash flows from debt instruments in the category of measured at amortised cost (AC). To manage the credit risk from the operating business, STRABAG established a credit risk management system in line with the market conditions and customers. In particular, due to the economic uncertainties, loans to and receivables from private clients are being monitored even more closely than in the past.
\n \nThe maximum credit risk of trade receivables, contract assets and other financial assets corresponds to the carrying amounts presented in the balance sheet.
\n \nThe risk for receivables from clients can be rated as low due to the wide dispersion, a constant creditworthiness check and the presence of the public sector as an important client. The performance of work for private customers is largely secured by ongoing partial payments.
\n \nThe risk of default for other primary financial instruments shown on the assets side can also be regarded as low, as the contract partners are mainly financial institutions with the highest level of creditworthiness or the public sector and/or there is wide dispersion. In the case of other non-current financial assets, ongoing creditworthiness checks are also carried out individually on the basis of expected future cash flows.
\n \n\n STRABAG\u00a0SE holds no non-financial assets as security collateral. Financial collateral is only of minor importance, as the large number of public-sector customers presents hardly any payment risk.
\n \nImpairments on trade receivables and on contract assets are determined using the simplified approach. The impairments are determined taking into consideration the country-specific risks and the creditworthiness of the customers. For public clients, the probability of default for any country is based on Moody\u2019s national scale ratings for that country, while for private clients in the country in question, the probability of default is assumed to be two rating levels higher.
\n \nImpairments, considered individually, are also made on financial assets if the carrying amount of the financial asset is higher than the present value of the future cash flows. This can be triggered by financial difficulties, insolvency of the client, breach of contract or significant default of payment. These impairments are composed of many individual items.
\n \nThe risk provision as at 31\u00a0December\u00a02023 for trade receivables and for contract assets developed as follows during the financial year:
\n \nT\u20ac | Trade receivables | Contract assets |
Gross carrying amount as at 31.12.2023 | 1,676,144 | 1,289,512 |
Lifetime ECL as at 1.1. | 8,733 | 7,506 |
Exchange differences/changes in the consolidated group | -193 | -55 |
Change due to change in volumes | 213 | -942 |
Change due to change in ratings | -54 | -501 |
Lifetime ECL as at 31.12. | 8,699 | 6,008 |
Impairment as at 1.1. | 50,270 | 0 |
Exchange differences/changes in the consolidated group | -1,470 | 0 |
Added/used | -2,382 | 0 |
Impairment as at 31.12. | 46,418 | 0 |
Net carrying amount as at 31.12.2023 | 1,621,027 | 1,283,504 |
In addition, ECL impairments on other financial assets amounting to T\u20ac 4,056 (2022: T\u20ac 3,144) exist as at 31\u00a0December\u00a02023, as well as individual impairments amounting to T\u20ac 260,451 (2022: T\u20ac 143,857) for other non-current financial assets.
\n \nThe risk provision as at 31\u00a0December\u00a02022 for trade receivables and for contract assets developed as follows during the financial year:
\n \nT\u20ac | Trade receivables | Contract assets |
Gross carrying amount as at 31.12.2022 | 1,636,841 | 1,365,247 |
Lifetime ECL as at 1.1. | 7,144 | 6,633 |
Exchange differences/changes in the consolidated group | 21 | 308 |
Change due to change in volumes | 625 | 277 |
Change due to change in ratings | 943 | 288 |
Lifetime ECL as at 31.12. | 8,733 | 7,506 |
Impairment as at 1.1. | 56,578 | 0 |
Exchange differences/changes in the consolidated group | 450 | 0 |
Added/used | -6,758 | 0 |
Impairment as at 31.12. | 50,270 | 0 |
Net carrying amount as at 31.12.2022 | 1,577,838 | 1,357,741 |
The following shows the gross carrying amounts of the financial assets by risk class for which the expected losses were recognised over the entire remaining term.
\n \nThe risk classes were determined according to the probabilities of default depending on country risk and creditworthiness of the debtors. Below 0.55% is assumed to be low risk, between 0.55% and 1.2% medium risk and above 1.2% high risk.
\n \nThe gross carrying amounts for the 2023 financial year are as follows:
\n \nT\u20ac | Trade receivables | Contract assets |
Low risk | 1,055,012 | 931,616 |
Medium risk | 595,812 | 303,406 |
High risk | 25,320 | 54,490 |
Gross carrying amount as at 31.12.2023 | 1,676,144 | 1,289,512 |
The gross carrying amounts for the 2022 financial year are as follows:
\n \nT\u20ac | Trade receivables | Contract assets |
Low risk | 758,429 | 740,232 |
Medium risk | 859,105 | 601,472 |
High risk | 19,307 | 23,543 |
Gross carrying amount as at 31.12.2022 | 1,636,841 | 1,365,247 |
The amount of bank deposits and bank borrowings according to currency \u2013 giving the average interest rate at the balance sheet date \u2013 is represented as follows:
\n \n \n \n \n \nCurrency | Carrying amount \n31.12.2023\nT\u20ac | Weighted average \ninterest rate 2023\n% |
EUR | 2,203,359 | 3.58 |
PLN | 488,568 | 3.62 |
CZK | 279,730 | 4.65 |
HUF | 181,854 | 6.53 |
GBP | 48,874 | 1.01 |
Other | 247,266 | 3.15 |
Total | 3,449,651 | 3.77 |
Currency | Carrying amount \n31.12.2022\nT\u20ac | Weighted\n average\n interest rate\n 2022\n% |
EUR | 1,816,484 | 1.59 |
PLN | 209,402 | 5.47 |
HUF | 139,148 | 15.22 |
CZK | 249,085 | 4.46 |
GBP | 90,810 | 0.53 |
CAD | 22,636 | 2.05 |
Other | 172,942 | 1.46 |
Total | 2,700,507 | 2.82 |
Credit risks arise when contractual parties do not meet their payment obligations by the date of settlement. Such risks exist with regard to payments of receivables from the operating business as well as the contractual cash flows from debt instruments in the category of measured at amortised cost (AC). To manage the credit risk from the operating business, STRABAG established a credit risk management system in line with the market conditions and customers. In particular, due to the economic uncertainties, loans to and receivables from private clients are being monitored even more closely than in the past.
\n \n \n \n \n \nThe maximum credit risk of trade receivables, contract assets and other financial assets corresponds to the carrying amounts presented in the balance sheet.
\n \n \n \n \n \nThe risk for receivables from clients can be rated as low due to the wide dispersion, a constant creditworthiness check and the presence of the public sector as an important client. The performance of work for private customers is largely secured by ongoing partial payments.
\n \n \n \n \n \nThe risk of default for other primary financial instruments shown on the assets side can also be regarded as low, as the contract partners are mainly financial institutions with the highest level of creditworthiness or the public sector and/or there is wide dispersion. In the case of other non-current financial assets, ongoing creditworthiness checks are also carried out individually on the basis of expected future cash flows.
\n \n \n \n \n \n\n STRABAG\u00a0SE holds no non-financial assets as security collateral. Financial collateral is only of minor importance, as the large number of public-sector customers presents hardly any payment risk.
\n \n \n \n \n \nImpairments on trade receivables and on contract assets are determined using the simplified approach. The impairments are determined taking into consideration the country-specific risks and the creditworthiness of the customers. For public clients, the probability of default for any country is based on Moody\u2019s national scale ratings for that country, while for private clients in the country in question, the probability of default is assumed to be two rating levels higher.
\n \n \n \n \n \nImpairments, considered individually, are also made on financial assets if the carrying amount of the financial asset is higher than the present value of the future cash flows. This can be triggered by financial difficulties, insolvency of the client, breach of contract or significant default of payment. These impairments are composed of many individual items.
\n \n \n \n \n \nThe risk provision as at 31\u00a0December\u00a02023 for trade receivables and for contract assets developed as follows during the financial year:
\n \n \n \n \n \nT\u20ac | Trade receivables | Contract assets |
Gross carrying amount as at 31.12.2023 | 1,676,144 | 1,289,512 |
Lifetime ECL as at 1.1. | 8,733 | 7,506 |
Exchange differences/changes in the consolidated group | -193 | -55 |
Change due to change in volumes | 213 | -942 |
Change due to change in ratings | -54 | -501 |
Lifetime ECL as at 31.12. | 8,699 | 6,008 |
Impairment as at 1.1. | 50,270 | 0 |
Exchange differences/changes in the consolidated group | -1,470 | 0 |
Added/used | -2,382 | 0 |
Impairment as at 31.12. | 46,418 | 0 |
Net carrying amount as at 31.12.2023 | 1,621,027 | 1,283,504 |
In addition, ECL impairments on other financial assets amounting to T\u20ac 4,056 (2022: T\u20ac 3,144) exist as at 31\u00a0December\u00a02023, as well as individual impairments amounting to T\u20ac 260,451 (2022: T\u20ac 143,857) for other non-current financial assets.
\n \n \n \n \n \nThe risk provision as at 31\u00a0December\u00a02022 for trade receivables and for contract assets developed as follows during the financial year:
\n \n \n \n \n \nT\u20ac | Trade receivables | Contract assets |
Gross carrying amount as at 31.12.2022 | 1,636,841 | 1,365,247 |
Lifetime ECL as at 1.1. | 7,144 | 6,633 |
Exchange differences/changes in the consolidated group | 21 | 308 |
Change due to change in volumes | 625 | 277 |
Change due to change in ratings | 943 | 288 |
Lifetime ECL as at 31.12. | 8,733 | 7,506 |
Impairment as at 1.1. | 56,578 | 0 |
Exchange differences/changes in the consolidated group | 450 | 0 |
Added/used | -6,758 | 0 |
Impairment as at 31.12. | 50,270 | 0 |
Net carrying amount as at 31.12.2022 | 1,577,838 | 1,357,741 |
The following shows the gross carrying amounts of the financial assets by risk class for which the expected losses were recognised over the entire remaining term.
\n \n \n \n \n \nThe risk classes were determined according to the probabilities of default depending on country risk and creditworthiness of the debtors. Below 0.55% is assumed to be low risk, between 0.55% and 1.2% medium risk and above 1.2% high risk.
\n \n \n \n \n \nThe gross carrying amounts for the 2023 financial year are as follows:
\n \n \n \n \n \nT\u20ac | Trade receivables | Contract assets |
Low risk | 1,055,012 | 931,616 |
Medium risk | 595,812 | 303,406 |
High risk | 25,320 | 54,490 |
Gross carrying amount as at 31.12.2023 | 1,676,144 | 1,289,512 |
The gross carrying amounts for the 2022 financial year are as follows:
\n \n \n \n \n \nT\u20ac | Trade receivables | Contract assets |
Low risk | 758,429 | 740,232 |
Medium risk | 859,105 | 601,472 |
High risk | 19,307 | 23,543 |
Gross carrying amount as at 31.12.2022 | 1,636,841 | 1,365,247 |
The risk provision as at 31\u00a0December\u00a02023 for trade receivables and for contract assets developed as follows during the financial year:
\n \n \n \n \n \n \n \nT\u20ac | Trade receivables | Contract assets |
Gross carrying amount as at 31.12.2023 | 1,676,144 | 1,289,512 |
Lifetime ECL as at 1.1. | 8,733 | 7,506 |
Exchange differences/changes in the consolidated group | -193 | -55 |
Change due to change in volumes | 213 | -942 |
Change due to change in ratings | -54 | -501 |
Lifetime ECL as at 31.12. | 8,699 | 6,008 |
Impairment as at 1.1. | 50,270 | 0 |
Exchange differences/changes in the consolidated group | -1,470 | 0 |
Added/used | -2,382 | 0 |
Impairment as at 31.12. | 46,418 | 0 |
Net carrying amount as at 31.12.2023 | 1,621,027 | 1,283,504 |
In addition, ECL impairments on other financial assets amounting to T\u20ac 4,056 (2022: T\u20ac 3,144) exist as at 31\u00a0December\u00a02023, as well as individual impairments amounting to T\u20ac 260,451 (2022: T\u20ac 143,857) for other non-current financial assets.
\n \n \n \n \n \n \n \nThe risk provision as at 31\u00a0December\u00a02022 for trade receivables and for contract assets developed as follows during the financial year:
\n \n \n \n \n \n \n \nT\u20ac | Trade receivables | Contract assets |
Gross carrying amount as at 31.12.2022 | 1,636,841 | 1,365,247 |
Lifetime ECL as at 1.1. | 7,144 | 6,633 |
Exchange differences/changes in the consolidated group | 21 | 308 |
Change due to change in volumes | 625 | 277 |
Change due to change in ratings | 943 | 288 |
Lifetime ECL as at 31.12. | 8,733 | 7,506 |
Impairment as at 1.1. | 56,578 | 0 |
Exchange differences/changes in the consolidated group | 450 | 0 |
Added/used | -6,758 | 0 |
Impairment as at 31.12. | 50,270 | 0 |
Net carrying amount as at 31.12.2022 | 1,577,838 | 1,357,741 |
The following shows the gross carrying amounts of the financial assets by risk class for which the expected losses were recognised over the entire remaining term.
\n \n \n \n \n \n \n \nThe risk classes were determined according to the probabilities of default depending on country risk and creditworthiness of the debtors. Below 0.55% is assumed to be low risk, between 0.55% and 1.2% medium risk and above 1.2% high risk.
\n \n \n \n \n \n \n \nThe gross carrying amounts for the 2023 financial year are as follows:
\n \n \n \n \n \n \n \nT\u20ac | Trade receivables | Contract assets |
Low risk | 1,055,012 | 931,616 |
Medium risk | 595,812 | 303,406 |
High risk | 25,320 | 54,490 |
Gross carrying amount as at 31.12.2023 | 1,676,144 | 1,289,512 |
The gross carrying amounts for the 2022 financial year are as follows:
\n \n \n \n \n \n \n \nT\u20ac | Trade receivables | Contract assets |
Low risk | 758,429 | 740,232 |
Medium risk | 859,105 | 601,472 |
High risk | 19,307 | 23,543 |
Gross carrying amount as at 31.12.2022 | 1,636,841 | 1,365,247 |
Liquidity for the STRABAG\u00a0SE Group means not only solvency in the strict sense but also the availability of the necessary financial margin for mainstay business through sufficient aval lines.
\n \nTo guarantee financial flexibility, liquidity reserves are kept in the form of cash and credit lines for cash and aval loans. The STRABAG\u00a0SE Group keeps bilateral credit lines with banks and syndicated cash and aval credit lines in the amount of \u20ac 0.4 billion (2022: \u20ac 0.4 billion) and \u20ac 2.0 billion (2022: \u20ac 2.0 billion) respectively. The overall line for cash and aval loan amounts to \u20ac 8.5 billion (2022: \u20ac 8.2 billion). The syndicated surety credit line contains covenants which were clearly fulfilled at the reporting date due to the Group\u2019s current financial and liquidity situation.
\n \nThe STRABAG\u00a0SE Group has sufficient liquidity reserves. Despite the uncertain economic situation, no significant changes in customers\u2019 payment behaviour could be detected. An increase in liquidity risk could not be identified in the 2023 financial year.
\n \nIn addition to continuous monitoring of the liquidity situation by the Group Treasury, a corporate-wide cash pooling system and strict working capital management at project level are used to manage liquidity risk. Internal allowances and charges as well as regular reporting obligations ensure efficient receivables and accounts payable management at project level. Another liquidity management tool is the regular financial planning based on output, earnings and investment plans.
\n \nThe following payment obligations arise from the financial liabilities (interest payments based on interest rate as at 31\u00a0December and redemption) for the subsequent years:
\n \nThe payment obligations from financial liabilities as at 31\u00a0December\u00a02023 are comprised as follows:
\n \nCarrying amount | Cash flows | Cash flows | Cash flows | |
T\u20ac | 31.12.2023 | 2024 | 2025\u20132028 | after 2028 |
Bank borrowings | 534,707 | 237,286 | 114,748 | 324,436 |
Lease liabilities | 364,223 | 78,272 | 233,540 | 173,650 |
Financial liabilities | 898,930 | 315,558 | 348,288 | 498,086 |
The trade payables and the other liabilities without derivatives essentially lead to cash outflows in line with the maturity at the amount of the carrying amounts.
\n \nThe payment obligations from leasing liabilities amount to T\u20ac 72,134 for 2025, T\u20ac 61,355 for 2026, T\u20ac 51,862 for 2027 and T\u20ac 48,189 for 2028.
\n \nThe payment obligations from derivatives as at 31\u00a0December\u00a02023 are comprised as follows:
\n \nCarrying amount | Cash flows | Cash flows | |
T\u20ac | 31.12.2023 | 2024 | 2025\u20132028 |
Derivatives held for hedging purposes | -33,405 | 0 | 0 |
Derivatives other | 7,135 | 7,135 | 0 |
Derivatives | -26,270 | 7,135 | 0 |
The derivatives held for hedging purposes showed a positive market value as at the reporting date, which is why no payment obligations arise for them.
\n \nThe payment obligations from financial liabilities as at 31\u00a0December\u00a02022 are comprised as follows:
\n \nCarrying amount | Cash flows | Cash flows | Cash flows | |
T\u20ac | 31.12.2022 | 2023 | 2024\u20132027 | after 2027 |
Bank borrowings | 624,763 | 263,436 | 139,538 | 336,219 |
Lease liabilities | 332,438 | 69,831 | 219,759 | 172,203 |
Financial liabilities | 957,201 | 333,267 | 359,297 | 508,422 |
The trade payables and the other liabilities without derivatives essentially lead to cash outflows in line with the maturity at the amount of the carrying amounts.
\n \nThe payment obligations from leasing liabilities amount to T\u20ac 65,120 for 2024, T\u20ac 59,774 for 2025, T\u20ac 51,012 for 2026 and T\u20ac 43,853 for 2027.
\n \nThe payment obligations from derivatives as at 31\u00a0December\u00a02022 are comprised as follows:
\n \nCarrying amount | Cash flows | Cash flows | |
T\u20ac | 31.12.2022 | 2023 | 2024\u20132027 |
Derivatives held for hedging purposes | -51,143 | 0 | 0 |
Derivatives other | 18,756 | 10,341 | 8,416 |
Derivatives | -32,387 | 10,341 | 8,416 |
STRABAG has issued financial guarantees to banks for the benefit of its own subsidiaries or associates. Based on the loan amount outstanding as at 31\u00a0December\u00a02023, the maximum guarantee amount is T\u20ac 74,557 (2022: T\u20ac 71,343). As utilisation of the guarantees is unlikely, no provision has been made for them. Theoretically, these abstract guarantees can be utilised at any time, which would lead to a short-term outflow of liquidity.
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f19372": { "value": "\n \n \nIn addition to continuous monitoring of the liquidity situation by the Group Treasury, a corporate-wide cash pooling system and strict working capital management at project level are used to manage liquidity risk. Internal allowances and charges as well as regular reporting obligations ensure efficient receivables and accounts payable management at project level. Another liquidity management tool is the regular financial planning based on output, earnings and investment plans.
\n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f19800": { "value": "\n \nThe rules of IFRS 8 Operating Segments apply to the segment reporting. IFRS 8 prescribes defining the segments and reporting the earnings on the basis of the internal reporting (management approach). Segment assets are not disclosed as these do not form part of the regular internal reporting.
\n \n \nThe internal reporting in the STRABAG\u00a0SE Group is based on Management Board areas, which also represent the segments. The settlement between the single segments is made at arm\u2019s length prices.
\n \n \nThe segment North + West bundles the construction activities in Germany, Switzerland, Benelux and Scandinavia as well as the ground engineering activities.
\n \n \nThe segment South + East comprises the construction activities in Austria, Poland, Hungary, Czech Republic, Slovakia, Adriatic and Rest of Europe and the environmental engineering business. In July\u00a02023, the construction materials business was allocated to this segment with effect from 1\u00a0January\u00a02023.
\n \n \nThe segment International + Special Divisions includes the international construction activities, tunnelling, services, real estate development and infrastructure development.
\n \n \nIn addition, there are the Central Divisions and Central Staff Divisions, which handle services in the areas of accounting, group financing, technical development, digitalisation and innovation, machine management, quality management, logistics, legal affairs, contract management, etc. These services are included in the segment Other.
\n \nT\u20ac | North + West | South + East | International + Special Divisions | Other | Reconciliation to IFRS financial statements | Group |
Output volume1 | 8,216,660 | 7,741,898 | 2,957,272 | 223,308 | 19,139,138 | |
Revenue | 7,280,187 | 7,344,063 | 2,984,478 | 57,812 | 0 | 17,666,540 |
Inter-segment revenue | 139,732 | 189,488 | 0 | 1,081,165 | ||
EBIT | 644,823 | 392,570 | -132,104 | 3,300 | -28,392 | 880,197 |
thereof share of profit or loss of equity-accounted investments | 135,671 | 24,960 | -16,466 | -33 | 0 | 144,132 |
Interest and similar income | 0 | 0 | 0 | 119,194 | 0 | 119,194 |
Interest expense and similar charges | 0 | 0 | 0 | -75,068 | 0 | -75,068 |
EBT | 644,823 | 392,570 | -132,104 | 47,426 | -28,392 | 924,323 |
Investments in property, plant and equipment and intangible assets | 0 | 0 | 0 | 667,000 | 0 | 667,000 |
Depreciation, amortisation and impairment losses, reversals of impairment losses | 7,454 | 0 | 20,305 | 510,357 | 0 | 538,116 |
thereof impairment losses and reversals of impairment losses | 7,454 | 0 | 0 | -12,616 | 0 | -5,162 |
1Not an IFRS measure, therefore not audited
Effective 1\u00a0January\u00a02023, the construction activities in Switzerland were moved from South + East to the North + West segment, the construction activities in Poland were moved from North + West to the South + East segment and the building materials activities were moved from International + Special Divisions to the South + East segment.\u00a0The previous year\u2019s figures have been restated for better comparability.
\nT\u20ac | North + West | South + East | International + Special Divisions | Other | Reconciliation to IFRS financial statements | Group |
Output volume1 | 7,865,465 | 7,087,077 | 2,644,807 | 138,122 | 17,735,471 | |
Revenue | 7,157,261 | 6,788,976 | 3,061,973 | 17,637 | 0 | 17,025,847 |
Inter-segment revenue | 99,568 | 231,762 | 0 | 1,004,606 | ||
EBIT | 456,530 | 236,891 | 44,813 | 997 | -32,834 | 706,397 |
thereof share of profit or loss of equity-accounted investments | 40,527 | 18,837 | 1,554 | -31 | 0 | 60,887 |
Interest and similar income | 0 | 0 | 0 | 50,742 | 0 | 50,742 |
Interest expense and similar charges | 0 | 0 | 0 | -40,066 | 0 | -40,066 |
EBT | 456,530 | 236,891 | 44,813 | 11,673 | -32,834 | 717,073 |
Investments in property, plant and equipment and intangible assets | 0 | 0 | 0 | 770,438 | 0 | 770,438 |
Depreciation, amortisation and impairment losses, reversals of impairment losses | 6,700 | 0 | 19,674 | 524,435 | 0 | 550,809 |
thereof impairment losses | 6,700 | 0 | 0 | 10,149 | 0 | 16,849 |
1Not an IFRS measure, therefore not audited
Income and expense in the internal reporting are essentially shown in accordance with IFRS. An exception is income taxes, including those applicable to deferred tax, which are not considered in the internal reporting.
\nThe basis for the internal reporting is formed by all subsidiaries and participation companies. In the IFRS financial statements, earnings from companies which were not fully consolidated or reported using the equity method are only recognised in conformity with dividends, transfer of earnings and/or depreciation and amortisation. For this reason, the internal reporting does not conform with EBIT and EBT in the consolidated financial statements in terms of net income from investments.
\nOther minor differences result from entries in other consolidations.
\n \nReconciliation of the internal reporting to IFRS financial statements is allocated as follows:
\nT\u20ac | 2023 | 2022 |
Net income from investments | -25,513 | -26,815 |
Other consolidation adjustments | -2,879 | -6,019 |
Total | -28,392 | -32,834 |
T\u20ac | 2023 | 2022 |
Germany | 8,005,923 | 7,677,021 |
Austria | 2,848,802 | 2,764,058 |
Rest of Europe | 5,879,026 | 5,649,463 |
Rest of world | 932,789 | 935,305 |
Revenue | 17,666,540 | 17,025,847 |
The rules of IFRS 8 Operating Segments apply to the segment reporting. IFRS 8 prescribes defining the segments and reporting the earnings on the basis of the internal reporting (management approach). Segment assets are not disclosed as these do not form part of the regular internal reporting.
\n \nThe internal reporting in the STRABAG\u00a0SE Group is based on Management Board areas, which also represent the segments. The settlement between the single segments is made at arm\u2019s length prices.
\n \nThe segment North + West bundles the construction activities in Germany, Switzerland, Benelux and Scandinavia as well as the ground engineering activities.
\n \nThe segment South + East comprises the construction activities in Austria, Poland, Hungary, Czech Republic, Slovakia, Adriatic and Rest of Europe and the environmental engineering business. In July\u00a02023, the construction materials business was allocated to this segment with effect from 1\u00a0January\u00a02023.
\n \nThe segment International + Special Divisions includes the international construction activities, tunnelling, services, real estate development and infrastructure development.
\n \nIn addition, there are the Central Divisions and Central Staff Divisions, which handle services in the areas of accounting, group financing, technical development, digitalisation and innovation, machine management, quality management, logistics, legal affairs, contract management, etc. These services are included in the segment Other.
\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f20840": { "value": "\nArm\u2019s-length finance and insurance transactions exist with the Raiffeisen Holding N\u00d6-Wien Group and the UNIQA Group. The receivables on 31\u00a0December\u00a02023 to the Raiffeisen Group relating to current accounts and investments amounted to T\u20ac 446,904 (2022: T\u20ac 522,584), the payables on 31\u00a0December\u00a02023 to the Raiffeisen Group relating to financing and current accounts amounted to T\u20ac 1,507 (2022: T\u20ac 4,050). The interest income in the 2023 financial year amounted to T\u20ac 15,046 (2022: T\u20ac 5,088), and the interest expense amounted to T\u20ac 173 (2022: T\u20ac 470).
\nPremiums for insurance contracts with the UNIQA Group were recognised as an expense in the amount of T\u20ac 837 (2022: T\u20ac 772).
\nWith effect from 1\u00a0January\u00a02023, Haselsteiner Familien-Privatstiftung withdrew from five real estate companies of the Z\u00fcblin subgroup, of which it held 5.1% each, in return for compensation totalling T\u20ac 2,380. The acquisition of the minority interests had an impact of T\u20ac -858 on the Group\u2019s earnings. The income from real estate companies attributable to the Haselsteiner Group is included in net interest income at T\u20ac -116 in the previous year.
\nThe Haselsteiner Group now holds 5.1% of each of the following: STRABAG Real Estate\u00a0GmbH, Cologne, and Z\u00fcblin Projektentwicklung\u00a0GmbH. The earnings from these companies\u00a0are reported under income attributable to non-controlling interests with an amount of T\u20ac -5 (2022: T\u20ac 959). In the 2023 financial year, the dividends from the above-mentioned companies amounted to T\u20ac 22 (2022: T\u20ac 114).
\nThe business relations between STRABAG\u00a0SE and the companies of the Haselsteiner Group during the financial year, including joint investments, mainly relate to construction services and are presented as below.
\nT\u20ac | 2023 | 2022 |
Work and services performed | 24,001 | 29,147 |
Work and services received | 8,224 | 4,835 |
Receivables as at 31.12. | 23,092 | 30,248 |
Liabilities as at 31.12. | 1,355 | 858 |
\n IDAG Immobilienbeteiligung u. -Development\u00a0GmbH is entirely held by private foundations whose beneficiaries are the Haselsteiner Group and the Raiffeisen-Holding N\u00d6-Wien Group. It is the business purpose of IDAG Immobilienbeteiligung u. -Development\u00a0GmbH to develop property and to participate in property projects.
\nSTRABAG\u2019s headquarters in Vienna and office buildings in Graz are held in the real estate portfolio of subsidiaries of IDAG Immobilienbeteiligung u. -Development\u00a0GmbH. The buildings are let to the STRABAG\u00a0SE Group at the usual market conditions. Rental costs arising from both buildings in the 2023 financial year amounted to T\u20ac 9,761 (2022: T\u20ac 8,998). Under IFRS 16, these leases are recognised as right-of-use assets and lease liabilities. The consolidated financial statements as at 31\u00a0December\u00a02023 show right-of-use assets of T\u20ac 56,506 (2022: T\u20ac 55,329) and lease liabilities of T\u20ac 34,842 (2022: T\u20ac 29,514). The lease liabilities are presented less the rental deposits of T\u20ac 23,970 (2022: T\u20ac 27,861). Other services in the amount of T\u20ac 116 (2022: T\u20ac 180) were obtained from the IDAG Group.
\nFurthermore, revenues of T\u20ac 1,574 (2022: T\u20ac 846) were made with the IDAG Group in the 2023 financial year. In the 2023 financial year, a dividend from an investment of the IDAG Group, in which the STRABAG\u00a0SE Group holds a minority interest, in the amount of T\u20ac 102 (2022: T\u20ac 694) was recognised as investment income.
\n\n \n Holcim Cement CE Holding\u00a0GmbH\n bundles the cement activities of Holcim, a market leader in construction materials manufacturing, and STRABAG in the countries of Central Europe. The joint activities aim at maintaining a commensurate cement supply in the Group\u2019s core countries. In 2023, STRABAG procured cement services worth T\u20ac 41,667 (2022: T\u20ac 36,333). At the balance sheet date, there were liabilities to Holcim Cement CE Holding\u00a0GmbH Group in the amount of T\u20ac 842 (2022: T\u20ac 1,123).
\nThe business transactions with the other equity-accounted investments can be presented as follows:
\nT\u20ac | 2023 | 2022 |
Work and services performed | 148,936 | 119,612 |
Work and services received | 77,259 | 65,674 |
Receivables as at 31.12. | 21,496 | 45,902 |
Liabilities as at 31.12. | 14,272 | 15,414 |
Financing receivables as at 31.12. | 109,821 | 110,819 |
For information about consortia we refer to item (17) Notes on consortia.
\n \nConcerning business transactions with the Management Board members and employees of the first management level (management in key positions) and with their family members and companies which are controlled by the management in key positions or decisively influenced by them in the reporting period, services worth T\u20ac 452 (2022: T\u20ac 860) were provided and services worth T\u20ac 34 (2022: T\u20ac 55) were procured. At the balance sheet dates, there were receivables in the amount of T\u20ac 0 (2022: T\u20ac 264) and liabilities in the amount of T\u20ac 0 (2022: T\u20ac 0) out of these business relations.
\nThe total remuneration including any severance and pension payments, as well as other long-term payments for employees of the first management level, amounted to T\u20ac 25,118 (2022: T\u20ac 23,657) in the reporting period. Of this amount, T\u20ac 24,867 (2022: T\u20ac 23,399) is attributable to the current remuneration, which includes fixed and variable remuneration for the previous financial year, and T\u20ac 251 (2022: T\u20ac 258) to severance and pension payments. As at 31\u00a0December\u00a02023, obligations from variable remuneration amounted to T\u20ac 18,000\u00a0(2022: T\u20ac 19,069). These include the provisions for profit-sharing for the financial year as well as retentions from variable remuneration.
\n \n \n\n Management Board\n
\n \n \nKlemens H a s e l s t e i n e r, BBA, BF (CEO since 1\u00a0January\u00a02023)
\n \n \nMag. Christian H a r d e r
\n \n \nDipl.-Ing. (FH)\u00a0J\u00f6rg R \u00f6 s l e r (since 1\u00a0January\u00a02023)
\n \n \nDipl.-Ing.\u00a0Siegfried W a n k e r
\n \n \nDipl.-Ing. (FH) Alfred W a t z l
\n \n\n Supervisory Board\n
\nMag. Kerstin G e l b m a n n (Chairman since 1\u00a0January\u00a02024)
\nDr. Alfred G u s e n b a u e r (Chairman until 31\u00a0December\u00a02023)
\nMag. Erwin H a m e s e d e r (Vice Chairman)
\nDr. Andreas B r a n d s t e t t e r
\nDr. Valerie H a c k l (since 25\u00a0January\u00a02024)
\nMag. Gabriele S c h a l l e g g e r
\nDipl.-Ing. Andreas B a t k e (works council)
\nMagdolna P. G y u l a i n \u00e9 (works council)
\nGeorg H i n t e r s c h u s t e r (works council)
\nWolfgang K r e i s (works council)
\n \nThe total salaries of the Management Board members in the financial year amount to T\u20ac 9,953 (2022: T\u20ac 9,815). The severance payments for Management Board members amount to T\u20ac 166 (2022: T\u20ac 111). As at 31\u00a0December\u00a02023, obligations exist from variable remuneration amounted to T\u20ac 6,687 (2022: T\u20ac 9,631). These include the provisions for profit-sharing for the financial year as well as retentions from variable remuneration.
\n \n \nThe remunerations for the Supervisory Board members in 2023 amounted to T\u20ac 240 (2022: T\u20ac 244). Neither the Management Board members nor the Supervisory Board members of STRABAG\u00a0SE received advances or loans.
\n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f21134": { "value": "\n\n Management Board\n
\n \nKlemens H a s e l s t e i n e r, BBA, BF (CEO since 1\u00a0January\u00a02023)
\n \nMag. Christian H a r d e r
\n \nDipl.-Ing. (FH)\u00a0J\u00f6rg R \u00f6 s l e r (since 1\u00a0January\u00a02023)
\n \nDipl.-Ing.\u00a0Siegfried W a n k e r
\n \nDipl.-Ing. (FH) Alfred W a t z l
\n \nThe total salaries of the Management Board members in the financial year amount to T\u20ac 9,953 (2022: T\u20ac 9,815). The severance payments for Management Board members amount to T\u20ac 166 (2022: T\u20ac 111). As at 31\u00a0December\u00a02023, obligations exist from variable remuneration amounted to T\u20ac 6,687 (2022: T\u20ac 9,631). These include the provisions for profit-sharing for the financial year as well as retentions from variable remuneration.
\n \nThe remunerations for the Supervisory Board members in 2023 amounted to T\u20ac 240 (2022: T\u20ac 244). Neither the Management Board members nor the Supervisory Board members of STRABAG\u00a0SE received advances or loans.
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f21186": { "value": "\nThe expenses for the auditor, KPMG Austria\u00a0GmbH, incurred in the financial year amount to T\u20ac 1,826 (2022: T\u20ac 1,684) of which T\u20ac 1,653 (2022: T\u20ac 1,506) were for the audit of the consolidated financial statements (including the audit of separate financial statements of group companies) and T\u20ac 173 (2022: T\u20ac 178) for other services.
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f21205": { "value": "\nWith entry of the increase in the share capital from \u20ac 102,600,000.00 to \u20ac 118,221,982.00 in the commercial register on 21\u00a0March\u00a02024, the capital measures approved by the Annual General Meeting on 16\u00a0June\u00a02023 to reduce the stake held by the minority shareholder MKAO \u201cRasperia Trading Limited\u201d were completed. As of this date, the increase in the share capital can be recognised in the balance sheet. A detailed description of the capital measures can be found under item (26) Equity.
\nOn 26\u00a0March\u00a02024, STRABAG\u00a0SE received major holdings notifications from Oleg Deripaska and Iliadis JSC indicating that MKAO \u201cRasperia Trading Limited\u201d had been transferred to Iliadis JSC, thus completing the sale in Russia that had been announced in December\u00a02023.
\nAccording to the notifications, MKAO \u201cRasperia Trading Limited\u201d, with its 24.1% stake in STRABAG\u00a0SE, is now controlled by Iliadis JSC, and Oleg Deripaska has relinquished his previous (indirect) control.
\nSTRABAG has no further information regarding the transaction that has now been completed in Russia as announced in the major holdings notifications. It is therefore currently not possible to carry out a sanctions review, so that STRABAG continues to assume that the STRABAG shares held by MKAO \u201cRasperia Trading Limited\u201d remain frozen in accordance with the EU Sanctions Regulation.
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f21235": { "value": "2.2", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f21242": { "value": "\nIn Austrian companies organised as corporations limited by shares, the consolidated financial statements prepared by the Management Board are approved by the Supervisory Board. The STRABAG\u00a0SE Supervisory Board meeting for the approval of the consolidated financial statements for the year ended 31\u00a0December\u00a02023 will take place on 23\u00a0April\u00a02024.
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:529900TYYSRJH2VJSP60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f21294": { "value": "\nThe following list shows the consolidated companies included in the consolidated financial statements:
\n \nCompany\nConsolidated companies | Residence | Country | Direct stake % | |
|---|---|---|---|---|
\"A-WAY Infrastrukturprojektentwicklungs- und -betriebs GmbH\" | Spittal an der Drau | Austria | 100.00 | |
\"SBS Strabag Bau Holding Service GmbH\" | Spittal an der Drau | Austria | 100.00 | |
\"Wiener Heim\" Wohnbaugesellschaft m.b.H. | Vienna | Austria | 100.00 | |
ABR Abfall Behandlung und Recycling GmbH | Schwadorf | Austria | 100.00 | |
Aspern Manufactory Projektentwicklung GmbH | Vienna | Austria | 100.00 | |
Aspern Manufactory Projektentwicklung Gmbh & Co KG | Vienna | Austria | 100.00 | |
Asphalt & Beton GmbH | Spittal an der Drau | Austria | 100.00 | |
AUSTRIA ASPHALT GmbH & Co OG | Spittal an der Drau | Austria | 100.00 | |
Bau Holding Beteiligungs GmbH | Spittal an der Drau | Austria | 100.00 | |
Bitumen Handelsgesellschaft m.b.H. & Co KG | St. P\u00f6lten | Austria | 100.00 | |
BITUNOVA Baustofftechnik Gesellschaft m.b.H. | Spittal an der Drau | Austria | 100.00 | |
B\u00f6hm Stadtbaumeister & Geb\u00e4udetechnik GmbH | Vienna | Austria | 100.00 | |
BrennerRast GmbH | Vienna | Austria | 100.00 | |
D+B Holding und Beteiligungs GmbH | Salzburg | Austria | 100.00 | |
DC1 Immo GmbH | Vienna | Austria | 100.00 | |
Diabaswerk Saalfelden Gesellschaft m.b.H. | Saalfelden | Austria | 100.00 | |
EFKON GmbH | Raaba | Austria | 100.00 | |
Erdberger Mais GmbH & Co KG | Vienna | Austria | 100.00 | |
F. Lang u. K. Menhofer Baugesellschaft m.b.H. & Co. KG | Wiener Neustadt | Austria | 100.00 | |
Goldeck Bergbahnen GmbH | Spittal an der Drau | Austria | 100.00 | |
Hans Lohr Gesellschaft m.b.H. | Vienna | Austria | 100.00 | |
Ilbau Liegenschaftsverwaltung GmbH | Spittal an der Drau | Austria | 100.00 | |
KAB Stra\u00dfensanierung GmbH & Co KG | Spittal an der Drau | Austria | 50.60 | |
Kanzelsteinbruch Gratkorn GmbH | Gratkorn | Austria | 100.00 | |
Krems Sunside Living Projektentwicklung GmbH | Vienna | Austria | 100.00 | |
Leystra\u00dfe 122-126 Komplement\u00e4r GmbH | Vienna | Austria | 100.00 | |
Leystra\u00dfe 122-126 Projektentwicklung GmbH & Co KG | Vienna | Austria | 100.00 | |
M5 Beteiligungs GmbH | Vienna | Austria | 100.00 | |
M5 Holding GmbH | Vienna | Austria | 100.00 | |
Meischlgasse 28-32 Komplement\u00e4r GmbH | Vienna | Austria | 100.00 | |
Meischlgasse 28-32 Projektentwicklung GmbH & Co KG | Vienna | Austria | 100.00 | |
Metallica Stahl- und Fassadentechnik GmbH | Vienna | Austria | 100.00 | |
Mineral Abbau GmbH | Spittal an der Drau | Austria | 100.00 | |
Mischek Bautr\u00e4ger Service GmbH | Vienna | Austria | 100.00 | |
Mischek Systembau GmbH | Vienna | Austria | 100.00 | |
MOBIL Baustoffe GmbH | Spittal an der Drau | Austria | 100.00 | |
Nottendorfer Gasse 13 Kom GmbH | Vienna | Austria | 100.00 | |
OAT - Bohr- und Fugentechnik Gesellschaft m.b.H. | Spittal an der Drau | Austria | 51.00 | |
Obermayr Holzkonstruktionen Gesellschaft m.b.H. | Schwanenstadt | Austria | 100.00 | |
Osttiroler Asphalt Hoch- und Tiefbauunternehmung GmbH | Lavant i. Osttirol | Austria | 80.00 | |
Q4a Immobilien GmbH | Graz | Austria | 60.00 | |
Raststation A 3 GmbH | Vienna | Austria | 100.00 | |
RBS Rohrbau-Schwei\u00dftechnik Gesellschaft m.b.H. | Marchtrenk | Austria | 100.00 | |
RE Beteiligungsholding GmbH | Vienna | Austria | 100.00 | |
RE Wohnraum GmbH | Vienna | Austria | 100.00 | |
RE Wohnungseigentumserrichtungs GmbH | Vienna | Austria | 100.00 | |
SF Bau vier GmbH | Vienna | Austria | 100.00 | |
SILO DREI Beteiligungsverwaltungs GmbH & Co KG | Vienna | Austria | 100.00 | |
SILO DREI next LBG 57 Liegenschaftsverwertung GmbH & Co KG | Vienna | Austria | 100.00 | |
SITEC Verkehrstechnik GmbH | Liebenfels | Austria | 100.00 | |
STRABAG AG | Spittal an der Drau | Austria | 100.00 | |
STRABAG Beteiligungen GmbH | Spittal an der Drau | Austria | 100.00 | |
STRABAG BMTI GmbH | Vienna | Austria | 100.00 | |
STRABAG BRVZ GmbH | Spittal an der Drau | Austria | 100.00 | |
STRABAG Holding GmbH | Vienna | Austria | 100.00 | |
STRABAG Infrastructure & Safety Solutions GmbH | Vienna | Austria | 100.00 | |
STRABAG Invest HoldCo GmbH | Vienna | Austria | 100.00 | |
Strabag Liegenschaftsverwaltung GmbH | Linz | Austria | 100.00 | |
STRABAG Property and Facility Services GmbH | Vienna | Austria | 100.00 | |
STRABAG Real Estate GmbH | Vienna | Austria | 100.00 | |
STRABAG SE | Villach | Austria | 100.00 | |
STRABAG Vorrat F\u00fcnfzehn GmbH | Vienna | Austria | 100.00 | |
STRABAG Vorrat F\u00fcnfzehn GmbH & Co KG | Vienna | Austria | 100.00 | |
STRABAG Vorrat Sechzehn GmbH | Vienna | Austria | 100.00 | |
STRABAG Vorrat Sechzehn GmbH & Co KG | Vienna | Austria | 100.00 | |
STRABAG Vorrat Siebzehn GmbH | Vienna | Austria | 100.00 | |
STRABAG Vorrat Siebzehn GmbH & Co KG | Vienna | Austria | 100.00 | |
STRABAG Vorrat Vierzehn GmbH | Vienna | Austria | 100.00 | |
STRABAG Vorrat Vierzehn GmbH & Co KG | Vienna | Austria | 100.00 | |
TECH GATE VIENNA Wissenschafts- und Technologiepark GmbH | Vienna | Austria | 100.00 | |
TPA Gesellschaft f\u00fcr Qualit\u00e4tssicherung und Innovation GmbH | Trumau | Austria | 100.00 | |
Wieser Verkehrssicherheit GmbH | Wals-Siezenheim | Austria | 100.00 | |
Wohnquartier Reininghausstra\u00dfe GmbH | Graz | Austria | 60.00 | |
Z\u00fcblin Spezialtiefbau Ges.m.b.H. | Vienna | Austria | 100.00 | |
Adolf List Bauunternehmung GmbH & Co. KG | Reutlingen | Germany | 100.00 | 1 |
Alpines Hartschotterwerk GmbH | Leinfelden-Echterdingen | Germany | 100.00 | 1 |
Baumann & Burmeister GmbH | Halle/Saale | Germany | 100.00 | 1 |
BHG Bitumenhandelsgesellschaft mbH | Hamburg | Germany | 100.00 | 1 |
BITUNOVA GmbH | Duesseldorf | Germany | 100.00 | 1 |
Blees-K\u00f6lling-Bau GmbH | Cologne | Germany | 100.00 | 1 |
Blutenburg Projekt GmbH | Cologne | Germany | 100.00 | 1 |
Bockholdt GmbH & Co. KG | L\u00fcbeck | Germany | 100.00 | 1 |
CML Construction Services GmbH | Cologne | Germany | 100.00 | |
Deutsche Asphalt GmbH | Cologne | Germany | 100.00 | 1 |
DYWIDAG International GmbH | Cologne | Germany | 100.00 | 1 |
DYWIDAG-Holding GmbH | Cologne | Germany | 100.00 | 1 |
Ed. Z\u00fcblin AG | Stuttgart | Germany | 100.00 | 1 |
Eraproject GmbH | Cologne | Germany | 100.00 | 1 |
F 101 Projekt GmbH & Co. KG | Cologne | Germany | 100.00 | |
F. Kirchhoff GmbH | Leinfelden-Echterdingen | Germany | 100.00 | 1 |
F.K. SYSTEMBAU GmbH | M\u00fcnsingen | Germany | 100.00 | 1 |
Fahrleitungsbau GmbH | Essen | Germany | 100.00 | 1 |
Gaul GmbH | Sprendlingen | Germany | 100.00 | |
GBS Gesellschaft f\u00fcr Bau und Sanierung mbH | Leuna | Germany | 100.00 | |
Hexagon Projekt GmbH & Co. KG | Cologne | Germany | 100.00 | 1 |
HUMMEL Komplement\u00e4r GmbH | Frickenhausen | Germany | 100.00 | 1 |
HUMMEL Systemhaus GmbH & Co. KG | Frickenhausen | Germany | 100.00 | 1 |
Ilbau GmbH Deutschland | Berlin | Germany | 100.00 | |
Kuhwald 55 Projekt GmbH & Co. KG | Cologne | Germany | 100.00 | 1 |
LIMET Beteiligungs GmbH | Cologne | Germany | 100.00 | 1 |
MAV Kelheim GmbH | Kelheim | Germany | 100.00 | |
MAV Krefeld GmbH | Krefeld | Germany | 50.00 | 3 |
MAV L\u00fcnen GmbH | L\u00fcnen | Germany | 100.00 | |
Metallica Stahl- und Fassadentechnik GmbH | Stuttgart | Germany | 100.00 | 1 |
Mineral Baustoff GmbH | Cologne | Germany | 100.00 | 1 |
MOBIL Baustoffe GmbH | Munich | Germany | 100.00 | 1 |
NE Sander Immobilien GmbH | Sande | Germany | 100.00 | 1 |
PANSUEVIA GmbH & Co. KG | Jettingen-Scheppach | Germany | 100.00 | 1 |
Pyhrn Concession Holding GmbH | Cologne | Germany | 100.00 | 1 |
REPASS-SANIERUNGSTECHNIK GMBH Korrosionsschutz und Betoninstandsetzung | Munderkingen | Germany | 100.00 | 1 |
RM Asphalt GmbH & Co. KG | Sprendlingen | Germany | 80.00 | 1 |
ROBA Transportbeton GmbH | Berlin | Germany | 100.00 | 1 |
SAT Stra\u00dfensanierung GmbH | Cologne | Germany | 100.00 | 1 |
SF-Ausbau GmbH | Freiberg | Germany | 100.00 | 1 |
STRABAG AG | Cologne | Germany | 100.00 | 1 |
STRABAG Aircraft Services GmbH | Stuttgart | Germany | 100.00 | 1 |
STRABAG BMTI GmbH & Co. KG | Cologne | Germany | 100.00 | 1 |
STRABAG BRVZ GmbH & Co. KG | Cologne | Germany | 100.00 | 1 |
STRABAG Facility Management GmbH | Berlin | Germany | 100.00 | 1 |
STRABAG GmbH | Bad Hersfeld | Germany | 100.00 | 1 |
STRABAG Gro\u00dfprojekte GmbH | Munich | Germany | 100.00 | 1 |
STRABAG Infrastructure & Safety Solutions GmbH | Cologne | Germany | 100.00 | 1 |
STRABAG Infrastrukturprojekt GmbH | Bad Hersfeld | Germany | 100.00 | 1 |
STRABAG International GmbH | Cologne | Germany | 100.00 | 1 |
STRABAG Kieserling Flooring Systems GmbH | Hamburg | Germany | 100.00 | 1 |
STRABAG Mechanical Engineering GmbH | Stuttgart | Germany | 100.00 | 1 |
STRABAG Projektentwicklung GmbH | Cologne | Germany | 100.00 | 1 |
STRABAG Property and Facility Services GmbH | Frankfurt am Main | Germany | 100.00 | 1 |
STRABAG Rail Fahrleitungen GmbH | Berlin | Germany | 100.00 | 1 |
STRABAG Rail GmbH | Lauda-K\u00f6nigshofen | Germany | 100.00 | 1 |
STRABAG Real Estate GmbH | Cologne | Germany | 94.90 | |
STRABAG Real Estate Invest GmbH | Cologne | Germany | 100.00 | 1 |
STRABAG Sportst\u00e4ttenbau GmbH | Dortmund | Germany | 100.00 | 1 |
STRABAG Umwelttechnik GmbH | Duesseldorf | Germany | 100.00 | 1 |
STRABAG Wasserbau GmbH | Hamburg | Germany | 100.00 | |
Torkret GmbH | Stuttgart | Germany | 100.00 | 1 |
TPA GmbH | Cologne | Germany | 100.00 | |
Turm am Mail\u00e4nder Platz GmbH & Co. KG | Stuttgart | Germany | 100.00 | 1 |
Wolfer & Goebel Bau GmbH | Stuttgart | Germany | 100.00 | 1 |
ZDE Sechste Verm\u00f6gensverwaltung GmbH | Cologne | Germany | 100.00 | |
Z\u00fcblin Chimney and Refractory GmbH | Cologne | Germany | 100.00 | 1 |
Z\u00dcBLIN Haustechnik Mainz GmbH | Mainz | Germany | 100.00 | 1 |
Z\u00fcblin Hoch- und Br\u00fcckenbau GmbH | Bad Hersfeld | Germany | 100.00 | 1 |
Z\u00fcblin International GmbH | Cologne | Germany | 100.00 | 1 |
Z\u00fcblin Projektentwicklung GmbH | Stuttgart | Germany | 94.88 | 1 |
Z\u00fcblin Spezialtiefbau GmbH | Stuttgart | Germany | 100.00 | 1 |
Z\u00fcblin Stahlbau GmbH | Hosena | Germany | 100.00 | 1 |
Z\u00dcBLIN Timber Gaildorf GmbH | Gaildorf | Germany | 100.00 | 1 |
Z\u00dcBLIN Timber GmbH | Aichach | Germany | 100.00 | 1 |
Z\u00fcblin Umwelttechnik GmbH | Stuttgart | Germany | 100.00 | 1 |
Trema Engineering 2 sh p.k. | Tirana | Albania | 100.00 | |
N.V. STRABAG Belgium S.A. | Antwerpen | Belgium | 100.00 | |
STRABAG d.o.o. Sarajevo | Sarajevo | Bosnia und Herzegovina | 100.00 | |
STRABAG EAD | Sofia | Bulgaria | 100.00 | |
Strabag SpA | Santiago de Chile | Chile | 100.00 | |
STRABAG-EDILMAC Desarrollos Verticales SpA | Santiago de Chile | Chile | 80.00 | |
Z\u00fcblin International GmbH Chile SpA | Santiago de Chile | Chile | 100.00 | |
KMG - KLIPLEV MOTORWAY GROUP A/S | Aarhus | Denmark | 100.00 | |
Z\u00fcblin A/S | Aarhus | Denmark | 100.00 | |
STRABAG UK LIMITED | London | Gro\u00dfbritannien | 100.00 | |
EFKON INDIA Pvt. Ltd. | Haryana | India | 100.00 | |
STRABAG S.p.A. | Bozen | Italiy | 100.00 | |
STRABAG INC. | Toronto | Canada | 100.00 | |
STRABAG SCARBOROUGH PROJECT INC. | Mississauga, Ontario | Canada | 100.00 | |
STRABAG S.A.S. | Bogot\u00e1, D.C. | Colombia | 100.00 | |
MINERAL IGM d.o.o. | Zapuzane | Croatia | 100.00 | |
POMGRAD INZENJERING d.o.o. | Split | Croatia | 100.00 | |
STRABAG BRVZ d.o.o. | Zagreb | Croatia | 100.00 | |
STRABAG d.o.o. | Zagreb | Croatia | 100.00 | |
TPA odrzavanje kvaliteta i inovacija d.o.o. | Zagreb | Croatia | 100.00 | |
SRE Lux 1 Immobili\u00e8re S.\u00e0 r.l. | Luxembourg | Luxembourg | 100.00 | |
SRE Lux Projekt SQM 27E S.\u00e0 r.l. | Belvaux | Luxembourg | 100.00 | |
SRE Real Estate Luxembourg S.\u00e0 r.l. | Belvaux | Luxembourg | 100.00 | |
ZUBLIN PRECAST INDUSTRIES SDN. BHD. | Johor | Malaysia | 100.00 | |
\"Crnagoraput\" AD, Podgorica | Podgorica | Montenegro | 95.32 | |
\"Strabag\" d.o.o. Podgorica | Podgorica | Montenegro | 100.00 | |
STRABAG B.V. | Breda | The Netherlands | 100.00 | |
Z\u00fcblin Nederland B.V. | Breda | The Netherlands | 100.00 | |
STRABAG OMAN L.L.C. | Maskat | Oman | 100.00 | |
BHG Sp. z o.o. | Pruszkow | Poland | 100.00 | |
BHK KRAK\u00d3W JOINT VENTURE Sp. z o.o. | Warsaw | Poland | 100.00 | |
BITUNOVA Sp. z o.o. | Warsaw | Poland | 100.00 | |
Mineral Polska Sp. z o.o. | Czarny Bor | Poland | 100.00 | |
POLSKI ASFALT Sp. z o.o. | Krakow | Poland | 100.00 | |
STRABAG BMTI Sp. z o.o. | Pruszkow | Poland | 100.00 | |
STRABAG BRVZ Sp. z o.o. | Pruszkow | Poland | 100.00 | |
STRABAG INFRASTRUKTURA POLUDNIE Sp. z o.o. | Wroclaw | Poland | 100.00 | |
STRABAG PFS Sp. z o.o. | Warsaw | Poland | 100.00 | |
STRABAG Sp. z o.o. | Pruszkow | Poland | 100.00 | |
TPA Sp. z o.o. | Pruszkow | Poland | 100.00 | |
ANTREPRIZA DE REPARATII SI LUCRARI A R L CLUJ SA | Cluj-Napoca | Romania | 98.59 | |
CENTRUM BUCHAREST DEVELOPMENT SRL | Bucharest | Romania | 100.00 | |
DISTRICT DEVELOPMENT SRL | Bucharest | Romania | 100.00 | |
MINERAL ROM SRL | Brasov | Romania | 100.00 | |
STRABAG SRL | Bucharest | Romania | 100.00 | |
ZUBLIN ROMANIA SRL | Bucharest | Romania | 100.00 | |
STRABAG AO | Moscow | Russia | 100.00 | |
Nimab Entreprenad AB | Sj\u00f6bo | Sweden | 100.00 | |
STRABAG AB | Stockholm | Sweden | 100.00 | |
STRABAG BRVZ AB | Kumla | Sweden | 100.00 | |
STRABAG Sverige AB | Stockholm | Sweden | 100.00 | |
Z\u00fcblin Scandinavia AB | Stockholm | Sweden | 100.00 | |
STRABAG AG | Schlieren | Switzerland | 100.00 | |
STRABAG BMTI GmbH | Erstfeld | Switzerland | 100.00 | |
STRABAG BRVZ AG | Erstfeld | Switzerland | 100.00 | |
STRABAG d.o.o. | Novi Beograd | Serbia | 100.00 | |
TPA za obezbedenje kvaliteta i inovacije d.o.o. Beograd | Novi Beograd | Serbia | 100.00 | |
BITUNOVA spol. s r.o. | Zvolen | Slovakia | 100.00 | |
ERRICHTUNGSGESELLSCHAFT STRABAG SLOVENSKO s.r.o. | Bratislava | Slovakia | 100.00 | |
KSR - Kamenolomy SR, s.r.o. | Zvolen | Slovakia | 100.00 | |
STRABAG BRVZ s.r.o. | Bratislava | Slovakia | 100.00 | |
STRABAG Pozemne a inzinierske stavitel'stvo s. r. o. | Bratislava | Slovakia | 100.00 | |
STRABAG PS s.r.o. | Bratislava | Slovakia | 100.00 | |
STRABAG Real Estate s.r.o. | Bratislava | Slovakia | 100.00 | |
STRABAG s.r.o. | Bratislava | Slovakia | 100.00 | |
TPA Spolocnost pre zabezpecenie kvality a inovacie s.r.o. | Bratislava | Slovakia | 100.00 | |
STRABAG BRVZ d.o.o. | Ljubljana | Slovenia | 100.00 | |
STRABAG gradbene storitve d.o.o. | Ljubljana | Slovenia | 100.00 | |
BHG CZ s.r.o. | Ceske Budejovice | Czech Republic | 100.00 | |
BITUNOVA spol. s r.o. | Jihlava | Czech Republic | 100.00 | |
FRISCHBETON s.r.o. | Prague | Czech Republic | 100.00 | |
KAMENOLOMY CR s.r.o. | Ostrava | Czech Republic | 100.00 | |
Rezidence Her\u00e1leck\u00e1 s.r.o. | Prague | Czech Republic | 100.00 | |
SAT s.r.o. | Prague | Czech Republic | 100.00 | |
STRABAG a.s. | Prague | Czech Republic | 100.00 | |
STRABAG Asfalt s.r.o. | Sobeslav | Czech Republic | 100.00 | |
STRABAG BMTI s.r.o. | Brno | Czech Republic | 100.00 | |
STRABAG BRVZ s.r.o. | Prague | Czech Republic | 100.00 | |
STRABAG Pozemn\u00ec a inzenyrsk\u00e8 stavitelstv\u00ec s.r.o. | Prague | Czech Republic | 100.00 | |
STRABAG Property and Facility Services a.s. | Prague | Czech Republic | 100.00 | |
STRABAG Rail a.s. | Usti nad Labem | Czech Republic | 100.00 | |
TPA CR, s.r.o. | Ceske Budejovice | Czech Republic | 100.00 | |
AKA Zrt. | Budapest | Hungary | 100.00 | |
AMFI HOLDING Kft. | Budapest | Hungary | 100.00 | |
ASIA Center Kft. | Budapest | Hungary | 100.00 | |
Bitunova Kft. | Budapest | Hungary | 100.00 | |
EXP HOLDING Kft. | Budapest | Hungary | 100.00 | 2 |
First-Immo Hungary Kft. | Budapest | Hungary | 100.00 | |
Frissbeton Kft. | Budapest | Hungary | 100.00 | |
Gener\u00e1l M\u00e9ly- \u00e9s Magas\u00e9pit\u00f6 Zrt. | Budapest | Hungary | 100.00 | |
K\u00d6KA Kft. | Budapest | Hungary | 100.00 | |
STR Holding Gener\u00e1l Kft. | Budapest | Hungary | 100.00 | |
STR Holding MML Kft. | Budapest | Hungary | 100.00 | |
STR M\u00e9ly- \u00e9s Magas\u00e9p\u00edt\u00f6 Kft | Budapest | Hungary | 100.00 | |
STRABAG \u00c1ltal\u00e1nos \u00c9p\u00edt\u00f6 Kft. | Budapest | Hungary | 100.00 | |
STRABAG Aszfalt Kft. | Budapest | Hungary | 100.00 | |
STRABAG BMTI Kft. | Budapest | Hungary | 100.00 | |
STRABAG BRVZ Kft. | Budapest | Hungary | 100.00 | |
STRABAG \u00c9pit\u00f6 Kft. | Budapest | Hungary | 100.00 | |
STRABAG \u00c9pit\u00f6ipari Zrt. | Budapest | Hungary | 100.00 | |
STRABAG Gener\u00e1l\u00e9pit\u00f6 Kft. | Budapest | Hungary | 100.00 | |
STRABAG Rail Kft. | Budapest | Hungary | 100.00 | |
STRABAG Real Estate Kft. | Budapest | Hungary | 100.00 | |
STRABAG Vas\u00fat\u00e9p\u00edt\u00f6 Kft. | Budapest | Hungary | 100.00 | |
STRABAG-MML Kft. | Budapest | Hungary | 100.00 | |
TPA HU Kft. | Budapest | Hungary | 100.00 | |
Treuhandbeteiligung H | Hungary | 100.00 | 2 | |
Z\u00fcblin Kft. | Budapest | Hungary | 100.00 | |
STRABAG Dubai LLC | Dubai | United Arab Emirates | 100.00 | |
Zublin Construction L.L.C. | Abu Dhabi | United Arab Emirates | 100.00 | |
BONDENO INVESTMENTS LTD | Limassol | Cyprus | 100.00 |
1For these companies, the option allowed by Sec 264 Para 3 or by Sec 264b of the German Commercial Code (HGB) was exercised.
2The presentation of interest is done using the economic approach, the interest as defined by civil law may deviate from this presentation.
3The voting rights according to the contract of association amount to 50% plus one vote.