Coronavirus forces Strabag to slash dividend
24 April 2020Construction firm Strabag’s management board has proposed to its shareholders a conditional dividend of just €0.90 per share. This is exactly half the €1.80 per share that would have been justified by the firm’s 2019 net income of €371.7m (after minorities).
In a recent statement, the board explained: “Against the background of the coronavirus crisis, steps must be taken to ensure that the payment of even such a reduced dividend does not unduly burden the company’s liquidity.”
KPMG Austria is to confirm whether the conditions for the dividend announcement have been met, based on Strabag’s total liquid assets and the contractually agreed but unused loans. If the conditions are met, the dividend payout date will be on 30 November. Strabag’s 2019 financial year closed with a balance sheet profit of €121m.
