Annual Report 2006 Key Figures

ANNUAL REPORT 2006 KEY FIGURES

KeyFinancialFigures

2004 1) Changeto2005 1) ChangetoSTRABAG SE 2006 previous yearprevious year in T€ in %in% Revenue5,222,90533.18 6,955,79735.58 9,430,621 Output Volume 5,963,530 56.20 9,314,84711.49 10,385,111 OrderBacklog 4,980,11259.177,927,000 7.30 8,505,614 Netincome 65,748 43.8394,566 136.88 224,004 Employees33,28736.73 45,51316.3952,971 1) FIMAG FinanzIndustrie ManagementAG KeyEarningsFigures

2004 1) Changeto2005 1) ChangetoSTRABAG SE 2006 previous yearprevious year in T€ in %in% EBITDA 2) 320,5906.62 341,806 67.65573,032 EBITDA margin asa%ofrevenue6.14 –4.91 –6.08 EBIT 3) 111,70146.04163,129110.48 343,354 EBIT margin asa%ofrevenue2.14 –2.35– 3.64 Earningsbeforetaxes91,35047.47134,715 113.19 287,203 Netincome 65,748 43.8394,566 136.88 224,004 Cash-ﬂowfrom operating activities104,098 157.21267,755 66.70 446,351 ROCE 4) 6.3–8.0 5) –13.2 Investments in ﬁxed assets 207,49022.75254,688 36.25347,020 1) FIMAG FinanzIndustrie ManagementAG 2)EBITDA =Earningsbeforeinterests,taxes,depreciation and amortisation 3)EBIT =Earningsbeforeinterest and taxes 4) ROCE =Earningsaftertaxes+interest on debt-interest taxshield (25%) /(average groupequity capital+interest-bearing debt) 5) 2005adjusted forZüblin Group KeyBalanceSheetFigures

2004 1) Changeto2005 1) ChangetoSTRABAG SE 2006 previous yearprevious year in T€ in %in% Equity 802,25612.87905,470 14.401,035,894 Equity Ratio in %21.9619.58 17.66 5.19 18.58 NetDebt 2) 681,2312.43697,782-3.21675,415 CapitalEmployed 3) 1,695,88627.102,159,1096.422,297,574 Total3,653,25740.345,126,927 8.76 5,575,826 1) FIMAG FinanzIndustrie ManagementAG 2)Netdebt=ﬁnancialliabilities+provisionsforseveranceand pension obligations–cashand cashequivalents 3)Capitalemployed =groupequity capital+interest-bearing debt

KeySegmentFigures

SegmentBuilding Construction RoadTunnelling and Otherand in T€ and Civil Engineering Construction ServicesConsolidation 20052006 20052006 20052006 20052006 Output Volume 4,356,9384,898,7644,171,527 4,646,303 624,528693,218 161,854 146,826 Revenue2,733,300 4,257,2433,655,248 4,216,820 540,110935,21327,13921,345 Operating Result48,68653,39275,828220,40837,977 68,0966381,458 Employees17,28322,52521,937 25,0471,459 1,5383,8343,861 STRABAG’SCORE MARKETS AND MAIN GROWTH MARKETS

STRABAG’s CoreMarkets and Main GrowthMarkets – Focus on Centraland EasternEurope and Russia

■ ■ STRABAG’s home markets ■ STRABAG’s growthmarkets withnationwide presence ■ STRABAG’s growthmarkets –nationwide presencebeing established orin planning phase ■ WesternEuropeanmarkets withnationwide presence ■ Nationwide presencebeing established Localpresencethrough projects in progress

Successfulprojects on all of the world’s continents Canada Libya Algeria China VAE India Oman

Kenya EquatorialGuinea

Australia

Chile

STRABAGprojects around the world KEYFIGURES NT NTE CO

Developmentof the most importantkeyﬁgures2004-2006

1% 2% 1% 1% 2% 2% EBIT Development EBITDADevelopment 3% 2% 2004-2006 in T € 2004-2006 in T € 2% 2% 38% 3%

600 Mio. 573,032 5%

500 Mio. 500 Mio. 8% 400 Mio. 400 Mio. 341,806 343,354 320,590 300 Mio. 300 Mio. 8%

200 Mio. 163,129 200 Mio. 20 % 111,701 100 Mio. 100 Mio.

0 0 Output Volume byregion 2006 2004 20052006 2004 20052006 ■ Germany38% ■ Austria20 % ■ CzechRepublic8% ■ Hungary 8% ■ Poland 5% Output Volume Development OrderBacklog Development ■ Slovakia3% 2004-2006 in T € 2004-2006 in T € ■ Croatia2% ■ Russia2% ■ OtherCEE 2% Switzerland 3% 12Mrd 12Mrd. ■ 10,385,111 ■ Benelux 2% 10Mrd 9,314,847 1) 10Mrd. ■ Rest of Europe 2% 8,505,614 ■ MiddleEast 2% 7,927,000 8Mrd 8Mrd. ■ America 1% Africa 1% 6Mrd 5,963,530 6Mrd. ■ 4,980,112 ■ Asia1% 4Mrd 4Mrd.

2Mrd 2Mrd.

0 0 2004 20052006 2004 20052006 7% 1% 1) incl.Züblin Group(T€ 1,542,534) 47%

Equity ratio developmentin % of balancesheettotal 45 % 2004-2006

50 Construction Output Volume 40 bysegment2006

21.96% 18.58 % ■ Building Construction and 20 17.66 % Civil Engineering 47%

10 ■ RoadConstruction 45 % ■ Tunnelling and Services7% 0 ■ Otherand Consolidation 1% 2004 20052006 CONTENTS

MANAGEMENT BoardofManagement2 Supervisory BoardReport 8

STRATEGY 10

GROUP STRUCTURE 11

FINANCIAL HIGHLIGHTS 12

MANAGEMENT REPORT CountryReport 15 CompanyDevelopment24 SegmentReport 29 SegmentReport Overview30 SegmentReport Building Construction and Civil Engineering 31 SegmentReport RoadConstruction 34 SegmentReport Tunnelling and Services38 RiskReporting 42 Researchand Development45 HumanResources46 EnvironmentalPolicies49 Outlook 50 Events afterBalanceSheetDate52

CORPORATE SOCIAL RESPONSIBILITY CorporateCommunications56 STRABAG KUNSTFORUM 58 TirolerFestspiele Erl59 Concordia59

PPP -PUBLIC PRIVATEPARTNERSHIP 60

2006 FINANCIAL STATEMENT Consolidated Income Statement64 Consolidated BalanceSheet65 Consolidated Cash-FlowStatement66 Statementof Changesin Equity 67 Statementof Recognized Income and Expense67 Consolidated Statementof Changesin Fixed Assets 68

NOTES 72

UNQUALIFIED INDEPENDENT AUDITOR’SREPORT 120

ADDRESSES 124 COKOMANANZERNLANTENTGEMENTGEBERICHT –STRABAGSE

BOARD OF MANAGEMENT DIPL.-ING.NEMATOLLAH DR.HANS PETER FARROKHNIA HASELSTEINER

TechnicalResponsibilities Chairman Building Construction and of the ManagementBoard Civil Engineering

DIPL.-ING.ROLAND ING.FRITZ JURECKA OBERLERCHNER

TechnicalResponsibilities Vice-Chairman Tunnelling and Services TechnicalResponsibilities RoadConstruction

SUPERVISORY GROUP FINANCIAL MANAGEMENT MANAGEMENT BOARD STRUCTURE HIGHLIGHTS REPORT STRABAG 2006 3 NTENT CO

MAG.HANNES MAG.WOLFGANG TRUNTSCHNIG MERKINGER

CommercialResponsibilities CommercialResponsibilities Tunnelling and Services RoadConstruction

DR.THOMAS PROF.DR.ING.E.H.MANFRED BIRTEL NUSSBAUMER

CommercialResponsibilities Vice-Chairman Building Construction and Civil Engineering TechnicalResponsibilities Building Construction and Civil Engineering

CORPORATE PPP - SEGMENT SOCIAL PUBLIC PRIVATE FINANCIAL NOTES REPORT RESPONSIBILITY PARTNERSHIP STATEMENT 2006 COKOMANANZERNLANTENTGEMENTGEBERICHT –STRABAGSE

FOREWORD BY THE BOARD Dearshareholders,associatesand friendsof STRABAG SE, OF MANAGEMENT The 2006 ﬁnancialyearwasayearof harvest and optimismforthe STRABAG Group.

First the harvest:thankstoits growthstrategy–acombination of adynamic acquisitionspolicyand strong organicgrowth–STRABAG wasable topost its best results in companyhistory last year.In2006,STRABAG made itintothe Top Five of the Europeanconstruction industry.Bygrowing our output volume by11 %to €10.4 billion, wewereable toboost earningstoanewrecord. The EBITDA wasup bymorethan67 %to€573 million and the EBIT grewby110%to€343million.

Severalfactors contributed tothe recordresults:

Results werevery good in Germany,one of our most importantcoremarkets.The various companiesacquired from the insolventWalterBauin 2005managed a remarkablypositivebusiness performanceasmembers of the STRABAG Groupin 2006.Asaresultof the booming Germaneconomy,our growth-oriented strategy forthisimportantEuropeanmarketmorethanpaid offlast year.Business in our second home market,Austria,aswell asin the otherWesternEuropeanmarkets like German-speaking Switzerland, wasalsopositive.

InSTRABAG’s othercoremarkets –the countriesof Centraland EasternEurope and Russia–wemanaged tocontinuethe dynamicgrowthofthe previous years in the 2006 ﬁnancialyear,even outgrowing the localmarkets.Already29%of STRABAG’s construction volume takesplaceinthesecountries,atabove-average margins. Heretoo our strategyof entering the marketearlyin ordertotake advantage of existing growthopportunitieshaspaid off. Today,STRABAG isthe leading construction ﬁrminCentraland EasternEurope, amarketwhich, duetothe need tobuild upits infrastructuretomeetWesternEuropeanlevels,holdsextremely attractiveprospects.

SUPERVISORY GROUP FINANCIAL MANAGEMENT MANAGEMENT BOARD STRUCTURE HIGHLIGHTS REPORT STRABAG 2006 5 NTENT CO

Otherfactors whichcontributed tothe positivecompanydevelopmentin 2006 include STRABAG’s successesin the ﬁeld of directexport.Wehaveachieved a considerable marketposition in the projectbusiness on the ArabianPeninsula and in NorthEast Africa in particularand wereable tofurthergrowthe numberof importantcontracts in 2006.Finally,STRABAG wasawarded severalimportantPPP projects last year.

The high volume of orderbacklog totalling around €8.5 billion atthe end of 2006 formsthe foundation foracontinuation of the positivebusiness developmentin the 2007 ﬁnancialyear.

Wehavealsomade importantstrategicdecisionstoguarantee our growthinthe long term.

The entryof the RussianBasicElementGroupasashareholderof STRABAG SE marksthe beginning of aneweraforSTRABAG.The addition of another shareholder,and the related capitalincreaseofover€1billion, helpspavethe way forSTRABAG towardsfurthergrowthinRussia.BasicElementacquired 30 %of STRABAG SE’s sharesand joined the existing shareholdersyndicateasapartner. Asaresult,STRABAG and BasicElementtogetherbecame the numberone in the Russianconstruction industryovernight,withjointconstruction output in Russia totalling around €2billion ayear.The actualdimensionsof the growthopportuni- tiesarising from thispartnership cannotbeestimated atpresentbut will likelybe limited onlybythe speed atwhichresourcescanbemade available.

CORPORATE PPP - SEGMENT SOCIAL PUBLIC PRIVATE FINANCIAL NOTES REPORT RESPONSIBILITY PARTNERSHIP STATEMENT 2006 COMANANTENTGEMENT

Smallerbut just asimportantstepsweremade in the expansion of our range of servicesin growth-oriented niche markets like railwayconstruction. Inthe medium term, weareaiming atbecoming the leading providerin the ﬁeld of transport infrastructure, whichincludesthe roadconstruction segmentaswell asthe construction of railwayand watertransport routes.Thereisanimmenseneed fornew transport routesin Russiaand in aunited Europe. Thisneed formsthe foundation of our growthexpectationsin thesesegments.Wearefurtherplanning toexpand our concessionsand servicesbusiness and expectparticularlyattractivemargins and high growthratesin thissegment.Withthe acquisition of The Linde Group’s environmentaltechnologydivision, STRABAG isnowactiveasanoverall provider of environmentaltechnologyservices,animportantissueinWesternEurope and in the CEE countriesalike.

Our output volume hasgrowntremendouslyin the last three years,growing byover 70 %. Thousandsof newemployeeshavejoined our company.Inordertoprovide all of our over53,000 colleagueswithaconcretesetof guidelinesregarding the normalworkday,wereworked our ethicscode thisyear.Weaim for“best practice” solutionsregarding the personalbehaviour of our employeestowardsclients, authoritiesand society.Asaleading Europeancompany,webelievewehavea particularlyhigh level of responsibility in thisregardand thatwemust actasarole model asaresult.

STRABAG isbetterprepared tomeetthe challengesand opportunitiescoming our wayin the construction industrytodaythaneverbefore. The excellenceofour teamand our strategicposition in Europe and in Russia,combined withasolid capitalbase, giveus reason tobeoptimisticabout the future. Weareinthe middle of adynamiccycle of growthwhichwebelievewill continueformanymoreyears in Centraland EasternEurope and aboveall in Russia.Nowisthe time totake advantage of the booming economies.Itisour goaltobecome marketleaderin every single countryin Centraland EasternEurope.

SUPERVISORY GROUP FINANCIAL MANAGEMENT MANAGEMENT BOARD STRUCTURE HIGHLIGHTS REPORT STRABAG 2006 7 NTENT CO

Atthispointwewishtoextend our thankstoall our employeesand business partners forthe good worktogetherin the yearunderreport.Let’sgo thiswaytogether –join us on the waytothe top of Europe’s construction industry.

The BoardofManagement

HANS PETER HASELSTEINER MANFRED NUSSBAUMER

FRITZ OBERLERCHNER THOMAS BIRTEL

NEMATOLLAH FARROKHNIA ROLAND JURECKA

WOLFGANG MERKINGER HANNES TRUNTSCHNIG

Vienna,May2007

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UNIV.PROF.DDR. STRABAG canlook backonavery successful2006 financialyear.Inaddition WALDEMAR JUD togrowing its output volume bymorethan10%overthe previous year,the consolidated results alsogrewsignificantlycompared to2005. The strategypursued –ofachieving astrong marketposition in the growthmarkets of the CEE countries, expanding our rawmaterialsbaseand increasing and improving our level of compe- tenceinthe specialty fieldsand niche markets –proved toberight.

Inthe 2006 ﬁnancialyear,the Supervisory Boardperformed the dutiesincumbent upon itunderAustrianlawand companyby-laws.The ManagementBoardregularly reported tothe Supervisory Boardonthe courseofbusiness and the situation of the company.Four ordinary meetingswereheld during the 2006 business year,as well asameeting of the FinancialAuditCommittee in accordancewithArticle 92 Paragraph 4ofthe AustrianCompanyAct(AktGa.F.).

Additionally,aconstituentassemblyof the Supervisory Boardtook placeon 29November2006,atwhichUniv.Prof. DDr.WaldemarJudwaschosen asnew Chairmanofthe Supervisory Boardand Mag. Erwin HamesederasViceChairman. FormerSupervisory BoardChairmanDr.ChristianKonradand ViceChairmanKR Herbert Schimetschek stepped downfrom theirposts forpersonalreasonsand with the mutualconsentfrom the shareholdergroups.The Supervisory Boardwould like tothank the outgoing boardmembers fortheirexcellentand valuable work. The constituentmeeting of the Supervisory Boardfurthervoted on standing orders for the managementand supervisory boards,whichnotonlytake intoaccountthe legal frameworkbut alsothe guidelinessetbythe AustrianCorporateGovernanceCode. Inaddition tosetting the tasksof the presidium, the boardfurthersetupaPresidium and NominationsCommittee aswell asanAuditCommittee. Chairmanofthe Supervisory Board STRABAGSE The BoardofManagementinformed the Supervisory Boardofthe contents of all meetingsbymeansof detailed reportson the strategicdirection of the STRABAG Group, the proﬁtand ﬁnancialsituation, the personnel situation, aswell asabout anyplanned investments and acquisitions,and requested approvalonimportant business transactions.The Supervisory Boardstudied in greatdepththe corporate planning and the appropriateanalysesof divergence.

The ﬁnancialstatementand managementreport of STRABAG SE forthe 2006 business yearhavebeen audited byT&AWirtschaftsprüfungs-und Steuer- beratungsgesellschaftmbH of Linz.

Pursuanttothe finalresultof the audit,the auditors hadnocauseforcomplaintand awarded theirunqualified stamp of confirmation on 10April 2007.

SUPERVISORY GROUP FINANCIAL MANAGEMENT MANAGEMENT BOARD STRUCTURE HIGHLIGHTS REPORT STRABAG 20072006 9 NTENT NTENT CO CO

The consolidated financialstatementand the groupmanagementreport drawnup bythe ManagementBoardforthe 2006 business yearunderapplication of Article 245aof the AustrianCommercialCode (UGB)inaccordancewiththe International FinancialReporting Standards(IFRS)issued bythe InternationalAccounting StandardsBoard(IASB)applicable on the balancesheetdatewerereviewed by KPMG AustriaGmbH Wirtschaftsprüfungs-und Steuerberatungsgesellschaftof Linzand T&AWirtschaftsprüfungs-und SteuerberatungsgesellschaftmbH,Linz, asjointfinancialauditors and awarded theirunqualified stamp of confirmation on 10April 2007. The auditors’ reportsand the groupfinancialauditors’ reportsweresubmitted to the Supervisory Board. The AuditCommittee whichconvened in accordancewithArticle 92Paragraph 4a of the AustrianCompanyAct(AktG)reviewed the 2006 financialreport including the proposed distribution of profits,the consolidated financialstatementand the groupmanagementreport,thus preparing the approvalofthe annualfinancial report bythe Supervisory Board.

The Supervisory Boardreviewed all documents aswell asthe report bythe Audit Committee in accordancewithArticle 96of the AustrianCompanyAct(AktG)and acknowledgesand approvesthe results of the ﬁnalaudit.

Inameeting of 20 April 2007,the Supervisory Boardofﬁciallyapproved the 2006 annualreport and acknowledgesits completion in accordancewithArticle 125 Paragraph 2of the AustrianCompanyAct(AktG). The Supervisory Boardsupports the ManagementBoardinits proposalforthe appropriation of netincome.

The Supervisory Board, in accordancewithArticle 270 Paragraph 1ofthe Austrian CommercialCode (UGB)and the proposalbythe AuditCommittee, proposes appointing T&AWirtschaftsprüfungs-und SteuerberatungsgesellschaftmbH in Linzasauditorand KPMG AustriaGmbH Wirtschaftsprüfungs-und Steuerbera- tungsgesellschaftin Linzaswell asT&AWirtschaftsprüfungs-und Steuerbera- tungsgesellschaftmbH in Linzasjointgroupauditors forthe 2007 ﬁnancialyear.

The Supervisory Boardfurtherwishestothank and express its recognition tothe BoardofManagementand the STRABAG employeesfortheirperformanceinthe yearunderreport.

The Chairmanofthe Supervisory BoardofSTRABAG SE

Univ.Prof. DDr.WaldemarJudVienna,20 April 2007

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OUR MANAGEMENT AGENDA

PROFITABLE GROWTH

ATTRACT &RETAIN FOSTER STRONG SUPPORT THE BEST PEOPLE ENTREPRENEURIAL BY CULTURE SERVICE UNITS

EXPAND MARKET CAPITALISE ON STRENGTHEN POSITIONS IN LEADERSHIP IN ACCESS TO GROWTH MARKETS GERMANY AND AUSTRIA BUILDING MATERIALS

EXPAND PPP INVEST IN MAINTAIN STRICT AND CONCESSION VALUE-ACCRETIVE COST,CAPITAL AND PROJECTS ACQUISITIONS RISK DISCIPLINE

STRABAG’s strategyissimple: using our strong marketposition in Centraland EasternEurope asapointof departure, wewanttobecome the numberone Europeanconstruction company.Toreachthisgoal, STRABAG isaiming at revenuegrowthand increased earning power.

And toguarantee thatrevenueand proﬁtcontinuetogrowin the future, STRABAG ispursuing aclearlydeﬁned agenda,whichincludes

•expanding our marketposition in the growthmarkets –particularlyin Eastern Europe and Russia, •capitalising on our leadership position in the home markets of Germanyand Austria, •strengthening our rawmaterialsbaseinordertoguarantee agreaterdegree of independencefrom priceﬂuctuationson the rawmaterialsmarkets, •expanding our PPP and concession projects –aguaranteed sourceofcontinued income, •investing in value-accretiveacquisitions, •maintaining strictcost,capitaland riskmanagementdiscipline.

SUPERVISORY GROUP FINANCIAL MANAGEMENT MANAGEMENT BOARD STRUCTURE HIGHLIGHTS REPORT STRABAG 20072006 11 GROUP STRUCTURE NTENT NTENT CO CO

SOCIETAS EUROPAEA

CEO –HANS PETER HASELSTEINER

BUILDING ROAD TUNNELLING AND CONSTRUCTION AND CONSTRUCTION SERVICES CIVIL ENGINEERING

3BOARD MEMBERS 2BOARD MEMBERS 2BOARD MEMBERS 10DIVISIONS 10DIVISIONS 5DIVISIONS

SERVICE COMPANIES T P A

CORPORATE PPP - SEGMENT SOCIAL PUBLIC PRIVATE FINANCIAL NOTES REPORT RESPONSIBILITY PARTNERSHIP STATEMENT 2006 COMANASEGMENTNTENTGEMENTOVERVIEW

Building Construction and Building Construction and Civil Engineering Civil Engineering in million EUR 200420052006 Output Volume 2,281 4,3574,899 Change -91.0%12.4 % Revenue2,0242,733 4,257 Change -35.0%55.8 % OrderBacklog 2,119 4,6784,959 Change -120.8 %6.0% EBIT 11 49 53 Margin 0.5 %1.8 %1.3%

Output Volume byRegion: 39%Germany 8%RoW

10%RoE

22 %Austria 21%CEE

RoadConstruction RoadConstruction in million EUR 200420052006 Output Volume 3,0644,172 4,646 Change -36.2%11.4 % Revenue2,654 3,655 4,217 Change -37.7%15.4 % OrderBacklog 2,085 2,1081,986 Change -1.1 %-5.8 % EBIT 107 76 1491) Margin 4.0%2.1 %3.5 % 1) Doesnotinclude proﬁtfrom sale of Deutag(EUR 71million) Output Volume byRegion:

39%Germany 1%RoW 1%RoE

41 %CEE 18 %Austria

SUPERVISORY GROUP FINANCIAL MANAGEMENT MANAGEMENT BOARD STRUCTURE HIGHLIGHTS REPORT STRABAG 20062007 13 NTENT NTENT NTENT CO CO CO

Tunnelling and Services Tunnelling and in million EUR 200420052006 Services Output Volume 500 625693 Change -25.0%10.9 % Revenue534540935 Change -1.1 %73.1 % OrderBacklog 790985 1,525 Change -24.7%54.8 % EBIT -9 3868 Margin -1.7%6.9 %7.0%

Output Volume byRegion: 28%Germany

12%RoW

19 %Austria

25%RoE 16%CEE

CORPORATE PPP -PRIVAT SEGMENT SOCIAL PAPUBLICRTNERSHIPPRIVATE FINANCIALJAHRES- NOKONZERNTES - REPORT RESPONSIBILITY PROPARTNERSHIPJECTS STABSCHLATEMENTUSS 2006ANHANG 2006

MANAGEMENT REPORT

STRABAGSE

COUNTRY REPORT

COMPANY DEVELOPMENT

SEGMENT REPORT

RISK REPORTING

RESEARCH AND DEVELOPMENT

HUMAN RESOURCES

ENVIRONMENTAL POLICIES

OUTLOOK

EVENTS AFTER BALANCE SHEET DATE COKOMANANZERNLANTENTGEMENTGEBERICHTREPORT –STRABAGSE

COUNTRY REPORT ECONOMIC DEVELOPMENT AND DEVELOPMENT OF THE CONSTRUCTION INDUSTRY BY COUNTRY

GERMANY

Germany–the fifthlargest economyin the world –hasbecome one of the Euro- zone‘s slowest growing economies.However,signsof aturnaround of Germany’s economyoccurred in 2006,leading tostrongergrowthand aconsiderably improved employmentsituation. GDP growthamounted to-2.7%in2006. Meanwhile, highergovernmentrevenuefrom the cyclicalupturnin2006 has reduced Germany‘s budgetdeficittowithin the EU‘s 3%debtlimit. Increased construction demand –onthe risesincethe summerof 2005–was reflected in production and turnovergrowthforthe first time in 2006.Demand impulsesthus became relevantforproduction and turnovermorequicklythan expected and the Germanconstruction sectorappears tohavemanaged an economicturnaround. Forthe full year2006 anominalturnoverincreaseof7.2% isexpected, caused toacertain extentbysubstantialpriceincrease. The number of employeesstabilized at2005levelsand first bottleneckscould beseen on Kranhaus Süd, Cologne Rheinauhafen, the labour market.Inthe field of publicprivatepartnerships,2006 wasthe most Germany successfulyearforpublic-sectorbuilding construction since2000.Atotalof16PPP projects withaninvestmentvolume of €540million and atotalprojectvolume of €1billion wereawarded in Germanyin 2006.One distinctivefeatureofthe German construction marketremained unchanged in 2006:the high degree of fragmentation on the bidding side, whichhastraditionallyresulted in strong and partiallyruinous pricecompetition.

The Group’s output volume in Germanyreached €3,988 million, up13.2%from €3,523 million in 2005. Among the four coremarkets (Germany,Austria,Hungary, CzechRepublic), STRABAG thus posted its highest level of growthinGermany,due tothe acquisition of Preusse-Groupand Stratebau-Group. Germany’scontribution toSTRABAG’s groupoutput volume grewslightly,from 37.8 %in2005to38.4 %in 2006.Thisgrowth–abovethe STRABAG countryaverage –cannotbecompared withthe growthrateof2005, when output volume rose78.8 %following the major acquisitionsof Züblin, Dywidagand Heilit+Woerner.

STRABAG isthe leaderon the Germanconstruction industrymarket.Asaresult A38Motorway,Leipzig southernby-pass, of anextensiveorganization in all segments of the Germanconstruction industry, Germany STRABAG iscapable of realising projects from small tomajorsizeinthe country.

SUPERVISORY GROUP FINANCIAL MANAGEMENT MANAGEMENT BOARD STRUCTURE HIGHLIGHTS REPORT STRABAG 2006 17 NTENT NTENT CO CO

AUSTRIA

The favourable globalbusiness conditionshavehadapositiveinfluenceonthe Austrianeconomyasawhole. For2006,GDP growthisexpected tohavereached 3.1 %. Domesticfixed investmentpicked upstrongly,witha5%increaseexpected for2006.Demand waslivelyforbothmachinery and equipmentaswell asfornew structures.Export of goods,the majorforcedriving the Austrianeconomy,gained 10%in2006.Overall, Austrianexportsareexpected toincreasemoremoderately atfiguresbelow7%. Privateconsumption in Austriaisrising markedlyfaster (1.9 %) thanthe average of the past fewyears but istrailing against otherdemand components.The Austrianunemploymentratereceded to6.9 %ofthe available labour forcein2006.Duetodelays in the impactof the 2005taxreform, the generalgovernmentdeficitwasupfrom 1.5 %ofthe GDP in 2005to1.6%in2006. Forthe Austrianconstruction industryarealgrowthof4.0%isexpected. The average on-siteworkforcein2006 grewbyapprox.2%. During high season in particularconstruction companiesnoticed first signsof ashortage of skilled labour.

STRABAG’s output volume in 2006 wasup8.1 %to€2,079million. Withthisfigure, the home marketAustriaaccounts forone fifthofconsolidated output.InAustria,STRABAG ismarketleaderin all segments of the industryas well. Despitethisalreadyexcellentmarketposition, the Groupmanaged topost above-average growthand expand its marketshareeven further.Through selected acquisitions,STRABAG furtherimproved its marketposition in the country’sregions and integrated additionaltechnologycomponents intothe Group. Asexpected, pricecompetition did notrelaxin 2006,leaving the pressureonprofitmarginsjust ashigh. The regionalexpansion strategyof severalGermanconstruction firmshas furtherintensified competition.

STRABAGHAUS,Vienna,Austria

CORPORATE PPP - SEGMENT SOCIAL PUBLIC PRIVATE FINANCIAL NOTES REPORT RESPONSIBILITY PARTNERSHIP STATEMENT 2006 COKOMANANZERNLANTENTGEMENTGEBERICHTREPORT –STRABAGSE

COUNTRY REPORT HUNGARY

Hungary hasapercapitaincome nearlytwo-thirdsthatof the EU-25average. While the GDP isprojected togrowby4.0%for2006 and inflation declined from 14 % in 1998 to3.7%in2006,unemploymenthaspersisted abovethe 6%level. Future policychallengesarecutting the publicsectordeficitto3%ofthe GDP by2008 from some 6.5 %in2006,aswell asorchestrating anorderlyinterest ratereduction without sparking capitaloutflows. For2006,totalconstruction output isexpected togrowby3.5 %. Growthimpulses come from newnon-residentialbuilding and newcivil engineering projects.Ahigh ÁRCÁD shopping centre, Györ,Hungary level of infrastructuregrowthseemslikelyin the coming years.Arecentdecision about furtherinvestments in rail and roadinfrastructurewill havesome effecton construction from 2007. The STRABAG Group’s construction output in Hungary fell by14.1 %year-on-yearto €806 million, mainlyduetothe completion of large-scale projects.Nevertheless, STRABAG remainsthe marketleaderin Hungary’s construction sector.The company’soutput volume in Hungary accounts for7.8 %ofthe overall figure, making Hungary STRABAG’s thirdmost importantmarket.

M35Motorway,Hungary CZECH REPUBLIC

The CzechRepublicexperienced aGDP growthof5.6%in2006.Asinterest rates drop and the availability of creditcardsand mortgagesincrease, domesticdemand plays anincreasinglyimportantrole in underpinning growth. The currentaccount deficitin 2006 fell toaround 3%ofthe GDP,withanincreasing demand forCzech products in the EuropeanUnion. Inflation isundercontrol. The CzechRepublic’s construction industryshowed solid growthin2006,aplus of between 5%and 6%isexpected in realtermsyear-on-year.The inflowof new fundsfrom the newEU budgetperiod ispromoting publicsectorinvestments in infrastructure. Arobust overall economyhasled toanincreased demand forcom- mercialconstruction. Construction materialsareparticularlyin demand. The construction industryin the CzechRepublichasbeen growing continuouslysince2000, and will continuetogrow–albeitatamorerestrained ratecompared tothe record years of 2003 and 2004, whichbroughtgrowthof9.2%and 9.9 %respectively.In D5MotorwaynearPlzenˇ,CzechRepublic the CzechRepublic,the construction industrybenefits from lowinterest ratesand the racetocatchupintermsof infrastructureand housing.

SUPERVISORY GROUP FINANCIAL MANAGEMENT MANAGEMENT BOARD STRUCTURE HIGHLIGHTS REPORT STRABAG 2006 19 NTENT NTENT CO CO

Inits fourthmost importantmarket(7.6%ofgroupoutput volume), STRABAG posted aconstruction output of €791 million in 2006,up10.8 %year-on-yearasa resultof the advanced stage setting upacountrywide organization. STRABAG is among the top three construction companiesin the CzechRepublic.

POLAND

Macroeconomicindicators showthatthe Polisheconomyison apathofconstant growth. For2006,GDP growthisexpected toreach5.2%. Ahigh riseinthe level of investmentin the economyhasbeen observed sincethe fourthquarterof Residentialcomplexin Prague, CzechRepublic 2005. Poland’s economicfiguresforthe first three quarters of 2006 showed that manyof the positiveEU effects areacting oncemore. Asignificantacceleration of economicgrowthhasbeen observed asaresultof increased industrialproduction, salesand consumption demand. The Polishconstruction industryhasshownstrong signsof increasing activity since the fourthquarterof 2005asaresultof the absorption of even largerinflows of EU fundsforthe paymentof contractors of projects qualified tobefinanced bythe Cohesion Funds.The second and thirdquarterof 2006 werethe sixthand seventh consecutivequarters in whichanincreaseofconstruction output wasnoted. The overall growthrateofthe construction industryin 2006 isexpected toreach9.9 %. Thishigher-than-expected growthismainlythe resultof ahigher-than-expected level of civil engineering outlays.But the growing demand forconstruction work islikelytocollide withthe lackofpossibilitiesforcompletion bythe domestic construction potential. STRABAG’s construction output in Poland grewby27.3% to€551 million in 2006.Thankstothe consistentextension of the countrywide presenceinthe roadconstruction and building construction/civil engineering segments,the Groupwasable tofurtherincreaseits marketshareinthisstrategic market.

A2Motorway,Koło-Da˛ bie, Poland

CORPORATE PPP - SEGMENT SOCIAL PUBLIC PRIVATE FINANCIAL NOTES REPORT RESPONSIBILITY PARTNERSHIP STATEMENT 2006 COMANANTENTGEMENT REPORT

COUNTRY REPORT SLOVAKIA

Slovakia’s GDP grewdynamicallyby6.6%in2006.The rapid and lasting growth of the economyisthe resultof radicalreformsin the country’ssocialand ﬁscal policies.Foreign investors ﬁnd avery friendlybusiness climateinSlovakia.The NationalBank of Slovakiaisaiming toreplacethe Slovakkorunawiththe euroon 1January 2009. InSlovakia,the construction industrygrewby10.8 %strongerthan the GDP. Slovakiarepresents the seventhlargest marketforthe STRABAG Group. In2006, output volume in the countrywasup18.6%from €253million to€300 million. STRABAG isnumbertwoonthe Slovakmarketand byfarthe biggest foreign construction companyin the country. TruckService&SalesCentre, Senec,Slovakia CROATIA

The country’spositiveeconomicdevelopmentand the preparationsforaccession tothe EU areproviding formanybusiness opportunitiesin Croatia.The economyis expected tohavegrownby4.7%inrealtermsin 2006,withparticularlydynamic growthseen in the country’scapitalexpendituresand in foreign trade. Although Croatiaisinvesting less thanitdid following the massivelarge-scale orders of the past fewyears,furtherinfrastructureexpendituresareexpected in the coming years,e.g. the construction of the motorwaytoDubrovnik, toSisakorin the eastern part of the country,from the borderwithHungary toBosnia-Herzegovina. Croatia’s building and construction industrycontinuestogrow,although thereare signsthatitwill growless dynamicallythanithasin the past.Construction output in the ﬁrst eightmonthsof 2006 wasup11%year-on-year,but the plus in neworders reached only3.9 %inthe ﬁrst half of the year. In2006,STRABAG hadtoacceptayear-on-yeardrop of 20.7%inthe output volume to€191 million duetothe coming-to-an-end of animportantmotorway project. MotorwayZagreb-Macelj, Croatia RUSSIAN FEDERATION

Russia’s economyisgrowing byastable 6%p.a.For2006 arealGDP growthof 6.9 %isexpected. Incomesareupand privateconsumption isbooming. Invest- ments areupaswell and gaining in volume. The construction industryproﬁted particularlyfrom Russia’s economicboom. Construction output in 2006 grewby15.7%tosome €65.9 billion. Morethan one-ﬁfthofthe construction business takesplaceinthe Moscowmetropolitanarea. Tyumen, aregion richinrawmaterials,wasthe most importantregionalmarket, aheadofSt.Petersburg.

SUPERVISORY GROUP FINANCIAL MANAGEMENT MANAGEMENT BOARD STRUCTURE HIGHLIGHTS REPORT STRABAG 20072006 21 NTENT NTENT CO CO

STRABAG’s output volume in Russiagrewby88.0%to€173 million in 2006 thankstocompetitiveprices,the establishmentof areputation asahighly competentconstruction servicesproviderand ageneralincreaseinthe average volume of construction projects.InRussia,the Groupisexclusivelyactivefor privateclients in the building construction segment.

OTHER CEE COUNTRIES

SLOVENIA The valueofconstruction workperformed in Sloveniain the ﬁrst eightmonthsof 2006 grewbyareal4.2%yearon year.The civil engineering segmentposted growthof5.1 %, building construction 3.6%. Overall, construction permits were up10.9 %in2006.

ROMANIA The construction sector,anessentialfactordriving the Romanianeconomy,grew by7.8 %in2006.The EU’s recommendation thatRomaniausesthe €31billion available forinfrastructureconstruction by2013should resultin some good business projects forinternationallyactivecompaniesin the planning and construction of motorways,bridgesand railroadsin the coming years.

BULGARIA The construction sectorhasbeen the fastest growing industryin Bulgariasincethe end of 2003.Anumberof majorprojects arebeing realized, particularlyin relation withthe country’saccession tothe EU.The valueofconstruction servicesroseby anaverage of 18 %between 2003 and 2005. For2006,aplus of 15 %isexpected. Ingeneral, the process of concentration isadvancing, fanned byincreasingly tough competition. Hotel Moskva,RussianFederation SERBIA Construction activity in Serbiaisgrowing steadilyand should continuetogrow in the coming years.Residentialconstruction iscurrentlybeing driven byhigh demand in the cities,newbusiness and shopping centresarebeing builtin Belgrade in particular.The high level of economicgrowthleadsintonewcontracts forthe construction of factory buildingsand warehouses.Infrastructurebuilding should alsodevelop favourablyin the future. Aninvestmentprogramme bySerbia’s governmentforeseesincreased spending forroadconstruction.

CORPORATE PPP - SEGMENT SOCIAL PUBLIC PRIVATE FINANCIAL NOTES REPORT RESPONSIBILITY PARTNERSHIP STATEMENT 2006 COMANANTENTGEMENT REPORT

COUNTRY REPORT MONTENEGRO Montenegro’s economyhasmaintained its strong growthratefollowing the country’sindependenceinmid-2006.Opportunitiesin 2007 canbefound in the areaof roadconstruction and infrastructureupgradesformunicipalutilities.Other importantbusiness segments arethe dynamicallygrowing tourismsectorand tourism-related construction.

STRABAG’s output volume in the remaining CEE countriesrosebyanabove- average 40.1 %to€220 million. The positivedevelopments in thesehopeful markets showthatthe Groupwasable togain afoothold withﬁrst successesin all segments.

SWITZERLAND

The boom of the Swiss economyseemstobecontinuing. GDP growthisbroadly based and isexpected toreach2.6%in2006.Overall, growthwill increasinglybe driven bythe domesticeconomy.Switzerland’s construction sectorcontinued to growin 2006,albeitatmodest rates,and isexpected topost aplus of 2.1 %. For the past three years,newnon-residentialconstruction hasshownthe beginning of arecovery process afteraserious crisisin 2003.STRABAG’s output volume in 2006 grewby9.5 %to€323 million. STRABAG ismainlyactiveinthe German- speaking regionsof easternSwitzerland.

GotthardBaseTunnel, Switzerland BENELUX

The Belgianeconomyisgrowing atabout the same rateasthe Eurozone. For 2006,GDP growthof2.7%isexpected. Following the recession of 2003,the Dutch economytook arunning start and grew3.1 %in2006,according toaforecast.

Withananticipated increaseof7%, construction output in Belgiumshould, once again, sustain the overall economy.Demand, mainlyfornewresidentialconstruc- tion, isexpected tocontinuetogrow.Asregardstonewnon-residentialconstruction, itseemsthatdemand hasreturned toalevel thatisﬁnallymoreinline withthe needsof the economyand that–following the anticipated realignment–nomore majormovements canbeexpected in the short term. The output volume of the Benelux countries–withanoverwhelming contribution from Belgium–grew4.8 %to€219 million.

NewTownHall, Koksijde, Belgium

SUPERVISORY GROUP FINANCIAL MANAGEMENT MANAGEMENT BOARD STRUCTURE HIGHLIGHTS REPORT STRABAG 20072006 23 NTENT NTENT CO CO

OTHER COUNTRIES OF REST OF EUROPE

Inthe remaining countriesin Europe (e.g. Italy,Ireland, Scandinavia,Latvia), STRABAG posted aoutput volume of €159 million in 2006,nearlytwice(+91.6%) the 2005level. Decisivefactors contributing tothe developments include the successfulentryon the IrishPPP market.STRABAG completed the FermoyBypass (M8) and began concessionary operations.Additionally,anumberof building construction projects wassuccessfullycompleted in thispromising newmarketin WesternEurope. InItaly,one of the largest contracts in companyhistory wasawarded in 2006. The contractinvolvesaprojecttobuild afour-lane motorwayin the Marche region worthatotalof€1.15 billion (withSTRABAG’s shareofthe contractvalueover €400 million). QuadrilateroMarche highwayand REST OF WORLD tunnel project,Italy

Inthe non-Europeanmarkets,STRABAG isexclusivelyactiveasgeneralcontractor through directexport and projectdevelopmentorspecialty projects.The focus is on civil engineering, industrialconstruction, infrastructureprojects and tunnelling. The most dynamicgrowthcould beseen in STRABAG’s output volume in the Middle East (aboveall the United Arab Emirates,Qatarand Oman). Output volume grewby59.8 %year-on-yearto€203 million. Inthe Americas(whereSTRABAG ismainlypresentwiththe NiagaraFallspowerplanttunnel projectin Canadaand severalmining projects in Chile), the Group’s output volume roseby75.6%to €144 million. InAfrica (e.g. Kenya,EquatorialGuinea,Algeriaand Libya), STRABAG posted a output volume of some €128million (+14.3%) in 2006. InAsia,whereSTRABAG isinteraliapresentwithametropolitanrailwayproject PortoArabial, Doha,Qatar in Delhi and aknow-howtransferprojectin the rail sectorin China,output fell by 16.7%to€110million.

CORPORATE PPP - SEGMENT SOCIAL PUBLIC PRIVATE FINANCIAL NOTES REPORT RESPONSIBILITY PARTNERSHIP STATEMENT 2006 COMANANTENTGEMENT REPORT

COMPANY DEVELOPMENT TOTAL GROUP OUTPUT VOLUME

2006 2005 €m€m Germany3,988 3,523 Austria2,0791,924 Hungary 806 938 CzechRepublic791 714

Poland 551 433 Slovakia300 253 Croatia191 241 RussianFederation 173 92 OtherCEE countries220 157 Rest of CEE 1,4351,176

Switzerland 323 295 Benelux 219 209 Othercountriesof Rest of Europe 159 83 Rest of Europe 701587

Middle East 203 127 America 144 82 Africa 128112 Asia110132 Rest of World 585 453 Total10,385 9,315

Output volume increased from €9.3billion in the 2005financialyearby11.8 %to €10.4 billion in 2006.Withtheseresults,the STRABAG Groupcame closertoits strategicgoalofbecoming Europe‘s leading construction group. In2006,mainly organicgrowth, particularlyin Centraland EasternEurope, wasduetoincreasesin output volume in all segments,The STRABAG Group’s output volume growthrate wasconsiderablyhigherthanthe growthratesin the construction sectors of the respectivecountries; thishasfurthercontributed toimproving STRABAG‘s market position.

SUPERVISORY GROUP FINANCIAL MANAGEMENT MANAGEMENT BOARD STRUCTURE HIGHLIGHTS REPORT STRABAG 20072006 25 NTENT NTENT CO CO

ORDER BACKLOG

The totalorderbacklog rose7.3%to€8.5 billion bythe end of December2006 compared toyearend 2005, underlining the positivedevelopmentof the Group’s output volume. The orderbacklog aspercentage of output volume remained relativelystable at85.1 %in2005and 81.9 %in2006.

IMPORTANT ORDER BACKLOG

Projects Orderbacklog in €m Quadrilaterod.Marche, motorwayand tunnel project,Italy414 NiagaraTunnel, Canada320 SaadiyatBridge AbuDhabi, United Arab Emirates120 LimerickRing Road, Ireland 108 Krokus Tower,Business-Center,RussianFederation 104 GotthardBaseTunnel, Amsteg section, Switzerland 102 ARGE H8Tunnel, Jenbach, Austria97 A4Motorway,Krzyzowa-Wykroty,Poland 95 BMW IT-Center,Munich, Germany94 D47Motorway,various sections,CzechRepublic80

SaadiyatBridge, AbuDhabi, United Arab Emirates

INVESTMENTS

Inthe yearunderreview,the STRABAG groupinvested €347.0million (2005: €304.8 million) in tangible aswell asintangible assets. Constantreplacementand expansion investments guarantee the efﬁciencyand productivity within the group. Depreciationson tangible assets stood at €229.7million in 2006,compared to€178.7million in 2005.

CORPORATE PPP - SEGMENT SOCIAL PUBLIC PRIVATE FINANCIAL NOTES REPORT RESPONSIBILITY PARTNERSHIP STATEMENT 2006 COMANANTENTGEMENT REPORT

COMPANY DEVELOPMENT FINANCES

Cashand cashequivalents asof 31December2006 were€586.3million, upfrom €555.9 million atthe end of 2005. In2006,STRABAG SE successfullyissued a€75million bond, the fifthcorporate bond overall. Withthisbond, atotalof€300 million in bond issueshasbeen placed on the market.STRABAG thus systematicallypursued the strategyof applying alternativecorporatefinancing forms.Considering the consequences of Basel II and the ongoing consolidation in the banking sector,thisstrategyhas proven tobecorrect. STRABAG signed abroadsyndicated guarantee loanatthe end of 2005, guaranteeing asignificantportion of the group’s paymentdefaultcoverage in the long term. The loan, guaranteed bySTRABAG SE,hasatotalvolume of €1.5 billion and aguaranteed termofthree years,withanoption toextend the termforamaximumoffiveyears.Following the first extension in December2006, the guaranteed termisagain three years.

In2006 the cashflowfrom profits reached €357.7million (2004: €286.3million). The ratio tothe corresponding output volume1) is3.4 %(2005: 3.7%). Inconsideration of the necessary information regarding the useoffinancialinstru- ments pursuanttoArticle 243Paragraph 3.5 of the AustrianCommercialCode (UGB), wepointtothe information given in the notestothe IFRS consolidated financialstatement.

1) In2005output volume without Züblin Group

SUPERVISORY GROUP FINANCIAL MANAGEMENT MANAGEMENT BOARD STRUCTURE HIGHLIGHTS REPORT STRABAG 20072006 27 NTENT NTENT CO CO

PROFIT SITUATION

The exemplary performanceofall employees,togetherwiththe optimumutilization of available resources,ensured thatthe groupattained excellentresults in 2006. Earnings,asin the previous year,wereabovethe industryaverage. Diversification bycountryand segmentprovidesthe groupwithstability and ensuresasound earningsbasis.The profitbeforetax(EBT)determined according tothe IFRS (InternationalFinancialReporting Standards)accounting standardsof €287.2million (2005: €134.7million) isproof of the company’sincreased efficiency and earning power.€70.6million of thissubstantialincreaseresulted from an extraordinary capitalgain realized bythe sale of DEUTAG GmbH &CoKG.

The profitmargin, expressed asthe ratio between the operating results (EBIT)and the corresponding output volume1),is3.3%(2005: 2.1 %), considerablyhigherthan thatof our competitors.

1) In2005output volume without Züblin Group

Berlin CentralRailwayStation, Germany

CORPORATE PPP - SEGMENT SOCIAL PUBLIC PRIVATE FINANCIAL NOTES REPORT RESPONSIBILITY PARTNERSHIP STATEMENT 2006

SEGMENT REPORT

BUILDING CONSTRUCTION AND CIVIL ENGINEERING

ROAD CONSTRUCTION

TUNNELLING AND SERVICES COMANANTENTGEMENT REPORT

SEGMENT REPORT OVERVIEW

The Group‘s primary reporting segments areBuilding Construction and Civil Engineering, RoadConstruction and Tunnelling and Services.Building Construction and Civil Engineering and RoadConstruction arethe most signiﬁcantof thesethree segments; in 2006,theycontributed 47.2%and 44.7%respectivelytothe total output volume, while Tunnelling and Servicescontributed 6.7%.

SegmentBuilding Construction RoadTunnelling Otherand in T€ and Civil Engineering Construction and ServicesConsolidation 2006 20052006 20052006 20052006 2005 Output volume 4,898,7644,356,9384,646,303 4,171,527 693,218 624,528146,826 161,854 Revenue4,257,2432,733,300 4,216,820 3,655,248 935,213540,11021,345 27,139 EBIT 53,39248,686220,40875,82868,09637,977 1,458 638 Employees22,52517,28325,04721,937 1,5381,459 3,8613,834

HaseltalBridge, A73 Motorway,Germany

SUPERVISORY GROUP FINANCIAL MANAGEMENT MANAGEMENT BOARD STRUCTURE HIGHLIGHTS REPORT STRABAG 20072006 31 NTENT NTENT CO CO

SEGMENT REPORT BUILDING CONSTRUCTION AND CIVIL ENGINEERING

General

The Building Construction and Civil Engineering Segmentcontributed €4.9 billion, or47.2%, toSTRABAG‘s totaloutput volume in 2006,a12.4 %plus year-on-year. Withastrong orderbacklog STRABAG iswell positioned for2007 and the following years. The EBIT in thissegmentrosefrom €49 million to€53million year-on-yeardespite noteworthyﬁnancialpressurefrom individualprojects mainlyin Germany,Czech Republicand Poland.

The Groupiswell positioned in Austria,Germanyand the overall CEE region. STRABAG hasaninnovativeand highlydiversiﬁed productportfolio and aleading technologicalposition in complexcivil engineering projects.The Grouphasturn- keycompetenceforlarge sized mandateswithaspecialfocus on infrastructure, industrialand environmentalprojects.The acquisitionsof the GermanZüblin and Dywidaggroupsin 2005complemented the Group‘s organicgrowthand expanded its civil engineering competence.

Building Construction and Civil Engineering –Developmentbycountry

Regionaldevelopmentof output volume

2006 2005 Output volume according tocountryin % (T€)(T€) Germany1,910,863 1,750,810 39.0Germany ■ 8.5 Rest of World ■ Austria1,073,895 974,158

9.8 ■ Hungary 216,831181,296 Rest of Europe ■ CzechRepublic148,862 185,797 ■ Rest of CEE 654,680550,269 13.4 21.9 Rest of CEE Austria 3.0 4.4 Hungary ■ Rest of Europe 477,693365,077 CzechRepublic

■ Rest of World 415,940349,531 Total4,898,7644,356,938

CORPORATE PPP - SEGMENT SOCIAL PUBLIC PRIVATE FINANCIAL NOTES REPORT RESPONSIBILITY PARTNERSHIP STATEMENT 2006 COMANANTENTGEMENT REPORT

SEGMENT REPORT BUILDING CONSTRUCTION AND CIVIL ENGINEERING

Germany

From 2005to2006,output volume in Germanyincreased by9.1 %to€1.9 billion. Inaddition toanumberof small and medium-sized projects,the Group‘s current largerprojects whichcontributed tothisincreaseinclude apowerstation in Neurath, aproton therapycentreinEssen, the Alcatel ofﬁceand ahotel building in Stuttgart, and the newtrade faircomplexNeueMesseinHamburg. The Group‘s building construction and civil engineering activitiesin Germanyhavebeen concentrated at Ed. Züblin AG in ordertocreatesynergies.

Austria

From 2005to2006,output volume in Austriaincreased by10.2%to€1.1 billion. Currentprojects include various residentialand ofﬁcebuildingsin Vienna, hospitalbuildingsin Klagenfurtand Spittal, Carinthia,and ashopping centrein Vöcklabruck, UpperAustria.

Hungary

InHungary,output volume showed asteadyincreaseof19.6%in2006 duetothe developmentof abuilding construction ﬁeld witharea-wide coverage. STRABAG isactiveinthe building construction ﬁeld across the countryand occupiesatop marketposition in termsof output volume. Currentprojects include astation of the Metro4subwayin Budapest,adistribution centre, outlets of aGermansupermar- ketchain and the ÁrkádShopping CentreinGyör. NeurathPowerPlant,Germany CzechRepublic

Afteranincreaseby20.7%from 2004to2005, the output volume decreased from 2005to2006 by19.9 %asaresultfrom the completion of severalmajorprojects aswell asamoreselectivepolicyof making acquisitions.In2006,STRABAG enhanced its business activitiesbythe takeoverof alocalcompany.The Groupis currentlymaking effortstoincreaseconstruction workforthe publicsector. Atpresent,STRABAG‘s largest projectin the CzechRepublicisPrague‘s PalladiumShopping Centre. Otherprojects include the OCP GeminyOfﬁce Building in Pragueand twooutlets of anAustrianfurnishing store.

Furnishing store, Prague, CzechRepublic

SUPERVISORY GROUP FINANCIAL MANAGEMENT MANAGEMENT BOARD STRUCTURE HIGHLIGHTS REPORT STRABAG 20072006 33 NTENT NTENT CO CO

Rest of CEE

From 2005to2006,the output volume in the Rest of the CEE region increased by 19.0%. Recentprojects thatcontributed tothisincreaseinMoscowinclude the SevernayaBashnyaOfficeTowerand the Hotel Moskvaon Red Square. InDecem- ber2006,the newInternationalSofiaAirport wasofficiallyput intooperation.

The Groupisabig playerin termsof output volume in Poland and Slovakia where itisconcentrating on industrialand commercialobjects,ofﬁcebuildingsand shopping centres.InSlovakiathe Groupalsooperatesamajorproduction plant of prefabricated elements.Inthe RussianFederation, Poland, Croatia,Romania and BulgariaSTRABAG isactiveasgeneralcontractor.STRABAG isthe leading internationalconstruction companyin Moscowand hasrecentlyentered the St.Petersburgmarket.

Rest of Europe

Output volume in the Rest of Europe region between 2005and 2006 increased by30.9 %. The Group‘s projects whichcontributed tothisincreaseinclude an underground station in Amsterdamand the OoitTongeren theme parkand Les Jardinsde Waterloo apartmentbuildingsin Belgium. STRABAG isfocusing on Benelux and Switzerland. STRABAG‘s serviceproﬁle in Switzerland rangesfrom building worktogeneralcontractorship;amajorSwiss projectisthe “West Side Bern”multifunctionalbuilding complex.

Rest of World

From 2005to2006,output volume in the Rest of world region increased by19.0% to€415.9 million. Currentprojects whichcontributed tothisincreaseinclude the Mongomeyen Airport in EquatorialGuinea,asewage treatmentplantin Quargla, Algeria,and the SaadiyatBridge in AbuDhabi.

STRABAG haslocalpresenceand along-standing marketexperienceinthe Middle East (including Omanand Saudi Arabia)and Chile and isactiveindirect export world wide withprojects in Africa,Asiaand SouthAmerica.

EtisalatTower,Dubai, United Arab Emirates

CORPORATE PPP - SEGMENT SOCIAL PUBLIC PRIVATE FINANCIAL NOTES REPORT RESPONSIBILITY PARTNERSHIP STATEMENT 2006 COMANANTENTGEMENT REPORT

SEGMENT REPORT ROAD CONSTRUCTION

General

The RoadConstruction Segmentcontributed €4.6billion (representing ashareof 44.7%) toSTRABAG‘s totaloutput volume in 2006,an11.4 %plus year-on-year. The Groupholdsaleading position in Germany,Austriaand isatleast among the TOP 3in the CEE growthmarkets Hungary,CzechRepublic,Slovakiaand Poland (afteracquisition of NCC RoadsPolskaSp. zo.o.) in termsof output volume.

Thissegmentcovers besidesthe classicalroadconstruction alsothe Group’s building materialactivities,thereunderadensenetworkofconcreteand asphalt mixing plants aswell asgravel pits and quarriespredominantlysituated in South- ernGermany,Austria,Hungary,the CzechRepublic,Poland and in the rest of CEE.

The EBIT in thissegmentrosefrom €76 million toEUR 220 million year-on-year. While the 2005results wereunderpressurefrom one-offlossesatHeilit+Woerner, the sale of DEUTAG GmbH &CoKG contributed €70.6million tothe 2006 EBIT. The adjusted EBIT of €150million in 2006 isanevidenceofproﬁtability of the group.

RoadConstruction –Developmentbycountry

Regionaldevelopmentof output volume

Output volume according tocountryin % 2006 2005 (T€)(T€) 1.5 Rest of World Germany1,835,091 1,576,082 0.9 39.5 Germany ■ Rest of Austria827,296785,592 Europe ■

15.1 Hungary 533,989 653,112 Rest of ■ CEE ■ CzechRepublic634,410522,391 ■ Rest of CEE 704,067 490,600 17.8 Austria 13.7CzechRepublic 11.5 Hungary ■ Rest of Europe 43,81253,163

■ Rest of World 67,63890,587 Total4,646,303 4,171,527

SUPERVISORY GROUP FINANCIAL MANAGEMENT MANAGEMENT BOARD STRUCTURE HIGHLIGHTS REPORT STRABAG 20072006 35 NTENT NTENT CO CO

Germany

Output volume roseby16.4 %, from €1,576 million in 2005to€1,835million in 2006.Motorwayprojects involving sectionsof the A38and A94 motorways,the construction of newtaxiways atLeipzig Airport,Ramstein military baseand the Airbus plantin Hamburgaswell asakerosene pipeline from Aalen toLeipheim are examplesforthe construction workinthissegment.

STRABAG holdsaleading position in termsof output volume in roadconstruction in Germany.The acquisitionsin 2006 of Preussegroupand of the remaining 50% shareinStratebaugroup, whichisthe marketleaderin asphaltroadconstruction in Bavaria,havefurtherstrengthened STRABAG‘s marketposition and national marketpresence. Aspart of theseacquisitionsSTRABAG alsoacquired a49 % shareinasphaltproducerBayerische Asphalt-Mischwerke GmbH &Co. Komman- ditgesellschaftfür Straßenbaustoffe whichoperatesanetworkofasphaltmixing plants throughout Bavaria.STRABAG sold its 49 %equity interest in Deutagtogain greaterﬂexibility undercartel lawin building upits ownnetworkofasphaltmixing plants.In2006,the Groupalsoentered the railroadconstruction business through its acquisition of the EichholzGroup, one of the marketleaders in Germanrailroad construction.

Austria A94 Motorway,Germany

InAustria,output volume, whichisalreadyon ahigh level in accordancewith the Group‘s marketshare, developed in line withthe generaldevelopmentof the construction industryin the country:Output volume increased from €786million in 2005by5.2%to€827 million in 2006.Currentprojects whichcontributed tothis increaseinclude the completerenewalofsectionsof the A1and A2motorways,the newA6motorway,aconnection between the A4motorwayand the Slovakborder atKittsee aswell asmajorrailwayconstruction projects throughout the country. STRABAG occupiesaleading position in termsof output volume in the ﬁeld of road construction in Austria.

A12Motorway,Austria

CORPORATE PPP - SEGMENT SOCIAL PUBLIC PRIVATE FINANCIAL NOTES REPORT RESPONSIBILITY PARTNERSHIP STATEMENT 2006 COMANANTENTGEMENT REPORT

SEGMENT REPORT ROAD CONSTRUCTION

Hungary

From 2005to2006,the segment‘s output volume in Hungary decreased by18.2% to€534.0million asthe resultof the completion of severalmotorwayprojects. STRABAG holdsaleading position in termsof output volume in the Hungarian roadconstruction sectorand hasasigniﬁcantrole in the expansion and upgrade of the country‘s primary roadnetwork. Examplesinclude the M5motorway,tobe operated underaconcession model, aswell asthe M35, the M7and the M0motor- ways.STRABAG isprimarilyactiveinthe ﬁeld of asphaltroadconstruction but also in the construction of concreteroadways.Inaddition tolarge roadwayprojects, STRABAG isalsoengaged in regionalroadconstruction and the construction of secondary roadnetworks.In2006 STRABAG started planning worksof setting up anowncementplantin Hungary.

Roundabout,Györ,Hungary CzechRepublic

From 2005to2006,the segment‘s output volume increased by21.4 %to €634.4 million, partlyduetomajorprojects suchasthe circularroadinPrague and the D47motorway.STRABAG isone of the leading providers of road construction servicesin the countryand iscurrentlyengaged in the construction of large sectionsof the country‘s motorways and highways,including the D47, amotorwayconnection in the east of the countrytowardsthe Polishborder.The Groupmainlyworkson projects relating tothe country‘s primary roadnetwork. The majorprojects arecomplemented bysmallerand medium-sized roadconstruction projects on aregionallevel. STRABAG hasawell-developed networkofasphalt mixing plants in the CzechRepublic,whichsupportsits leading marketposition in thisbusiness ﬁeld.

Rest of CEE D5Motorway,CzechRepublic From 2005to2006,the output volume in the remainderof the CEE region increased by43.5 %to€704.1 million owing tothe pushtoextend the Group‘s region-wide presence. Currentmajorprojects whichcontributed tothisincreasearethe construction of the A2and A4motorway,the Gorzowbypass and the renewalof GlogowskaStreetin PoznaninPoland. InPoland the Groupisnotonlyactivein smallerand medium-sized roadconstruction projects withregionalofﬁcesall over the countrybut isalsoone of the marketleaders in motorwayconstruction. Upon integration of NCC RoadsPolskaSp. zo.o., whichwasacquired atthe beginning of 2007,the Groupexpects tohold aleading marketposition in termsof output R2Highway,Slovakia volume.

SUPERVISORY GROUP FINANCIAL MANAGEMENT MANAGEMENT BOARD STRUCTURE HIGHLIGHTS REPORT STRABAG 20072006 37 NTENT NTENT CO CO

The Groupholdsaleading marketposition in Slovakiaaswell asexcellentmarket positionsin Romania,Serbiaand Croatia.

Rest of Europe

From 2005to2006,the output volume in the rest of Europe decreased by €9.4 million. STRABAG isfocusing on Switzerland, whereitismainlyinvolved in conventionalroadconstruction projects.

Rest of World

Inthe Rest of World region, output volume washighlyvolatile and declined from €90.6million in 2005to€67.6million in 2006 duetofinished projects.STRABAG frequentlyundertakestechnicallydemanding infrastructureprojects on aproject- GSF19 concretefinishing machine in action basisin locationsall overthe world, including the Middle East and Africa.InOman, the Groupiswell established on the localmarket,having done business there formanyyears.Selected projects arebeing carried out in Africa aspart of the Europeandevelopmentaid programindirectexport financed bythe EU.

Building Materials

The Grouphasestablished adensenetworkofconcreteand asphaltmixing plants, gravel pits and quarriesin Bavaria,Austria,Hungary,the CzechRepublic,Slovakia aswell asin Poland. The Grouphasproprietary access torawmaterialreserves of over2billion tonsof stonesand gravel in around 110quarriesand gravel pits. STRABAG operatesover200 asphaltmixing plants,morethan100 concretemix- Nairobi-MombasaRoad, Kenya ing plants (including investments). Inaddition, STRABAG hassigniﬁcantrecycling activities,including recruiting of roadmaterialsand industrialslagat16sitesin six countries.The Groupiscurrentlyin the position tocoverasubstantialportion of its asphaltand stone supplyinternally. Withbituminous emulsion production sitesemploying 300 people in 8countries, Bitunovaand its regionalsubsidiariesaremarketleaders in the countriesof Central and EasternEurope.

Asphaltmixing plant,Budapest,Hungary

CORPORATE PPP - SEGMENT SOCIAL PUBLIC PRIVATE FINANCIAL NOTES REPORT RESPONSIBILITY PARTNERSHIP STATEMENT 2006 COMANANTENTGEMENT REPORT

SEGMENT REPORT TUNNELLING AND SERVICES

General

The Tunnelling and ServicesSegmentcontributed €693.2million (6.7%ofgroup output)toSTRABAG‘s totaloutput volume in 2006.Overall, output volume in thissegmentwasup11.0%. Majortunnelling workinCanadacontributed tothe increaseofoutput volume.

STRABAG‘s servicerange in Tunnelling includesconventionalaswell asmechani- caltunnel driving methods.STRABAG isone of the leading tunnel builders in Europe, withmanyyears of internationalexperience, and iscurrentlyworking on a numberof large-volume projects.Currently,the Groupisworking on approximately 50tunnelling projects.The EBIT in thissegmentreached €68million in 2006,up from €38million the previous year.The sale of aportfolio of realestateprojects in particularstronglyinﬂuenced results in the reporting period.

All of the Group‘s projectdevelopments,including all PPP projects,aremanaged bythe ServicesDivisions.Construction projects areassigned tothe relevant segmentaccording tothe ﬁeld of specialization. Tothe extentpossible and commerciallyfeasible, the Groupendeavours toperformthe construction work through its ownoperating units.The related output volume isreﬂected in the relevantsegmentof the group, thus the output volume of projectdevelopments is relativelysmall.

Tunnelling and Services–Developmentbycountry

Regionaldevelopmentof output volume Output volume according tocountryin % 2006 2005 28.0Germany (T€)(T€) 12.2Rest of World 18.5 Austria ■ Germany193,911 127,912 ■ Austria128,015 103,058

■ Hungary 40,18794,758 ■ CzechRepublic4,598 1,201 25.0 5.8 Hungary Rest of CEE 68,011 123,334 Rest of ■ Europe 0.7CzechRepublic 9.8 Rest of CEE ■ Rest of Europe 173,546162,139

■ Rest of World 84,95012,126 Total693,218 624,528

SUPERVISORY GROUP FINANCIAL MANAGEMENT MANAGEMENT BOARD STRUCTURE HIGHLIGHTS REPORT STRABAG 20072006 39 NTENT NTENT CO CO

Germany

Currenttunnelling projects include the Nord-Süd-Linie subwayin Cologne aswell asthe Katzenbergand the BleßbergSüdrailwaytunnels.

STRABAG‘s activitiesin the field of ProjectDevelopment–Building Construction, subsequenttothe acquisition of Züblin in 2005, wereintegrated in ZÜBLIN Devel- opmentGmbH in 2006 in ordertocreatesynergyeffects.The most significant ongoing projectdevelopmentisthe construction of aproton therapycentrein Essen, the City Carrée Salzgitterand anofficebuilding in Hamburg. German authoritieshaveput out fortenderthe first “A-Models”,aPPP concession model tofinancethe expansion of the country‘s motorways; STRABAG isbidding asa consortiummember.

Austria North-SouthCity Line, Cologne, Germany

Atpresentthe largest tunnelling projectinvolvesthe Perschling railwaytunnels, achain of railwaytunnelsin the provinceofLowerAustriaand the Wienerwald railwaytunnel tothe west of Vienna.

Inthe ﬁeld of ProjectDevelopment–Infrastructure, the Groupiscurrentlyactivein the Nordkettenbahn projectin Innsbruck, Tyrol, whichisaPPP projectin regional transport and tourism. Aspart of the project,STRABAG isbuilding and will operate afunicularrailwayand modernizethe gondolacable cars ascending the Nordkette outside the city of Innsbruck. Construction istobecompleted in 2007.InVienna, STRABAG iscurrentlybuilding amultifunctionalrest areaalong the S1bypass road around the city.

Rest of CEE Tunnel boring machine, Perschling Tunnels, Austria STRABAG‘s main tunnelling projectin CEE isthe metroM4subwayin Budapest. Inthe ﬁeld of ProjectDevelopment–Infrastructurethe Grouphasaleading role in the CEE region. Currentprojects include the M5motorwayin Hungary,the Zagreb-Macelj motorwayin Croatiaand the A2motorwayin Poland, all of whichare operated underaconcession model.

CORPORATE PPP - SEGMENT SOCIAL PUBLIC PRIVATE FINANCIAL NOTES REPORT RESPONSIBILITY PARTNERSHIP STATEMENT 2006 COMANANTENTGEMENT REPORT

SEGMENT REPORT TUNNELLING AND SERVICES

Rest of Europe

InWesternEurope STRABAG isbuilding the RandstadRail subwaytunnel in Rotterdam.

Inthe ﬁeld of ProjectDevelopment–Infrastructurethe Groupisengaged in Ireland in the projects FermoyBypass toll projectand the Shannon Rivercartunnel in Limerick.

Rest of world

The NiagaraFallsprojectin Canadawithavolume of around €440million is STRABAG‘s largest single tunnelling projectworldwide;driving of the 10.4 km tunnel istaking placeusing the world‘s largest open hardrocktunnel boring machine.

Inthe ﬁeld of ProjectDevelopment–Infrastructure, the Groupisoperating the Birecik hydropowerstation in Turkey.

Motorwaytunnel, Limerick, Ireland

Birecik powerplant,Turkey

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World’s largest open hardrocktunnel boring machine, NiagaraTunnel, Canada

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RISK REPORTING The STRABAG Groupissubjecttoagreatnumberof risksin its business activities, whichareidentiﬁed and assessed using anactiveriskmanagementsystem and dealtwithusing anadequateriskpolicy.

RiskManagementSystem

Our activeriskmanagementsystem servesthe assessment,avoidanceand reduction of riskswhichjeopardizebusiness.The organization of STRABAG’s risk managementbuildson the project-related job-siteand acquisitionscontrolling, supplemented bythe higher-level assessmentand steering management.These activitiesaresupported byanumberof regulationsand measures,including a certified quality managementsystem, internalgroupguidelinesforoperations workflow,acentralized administration, our Controlling Department,the Contract ManagementDepartmentand internalauditing. The internalauditing oversees compliancewiththe company’stechnicaland commercialguidelines.Through the establishmentof company-wide quality standardsin quotation processing and supplementalservicesmanagement,our centrallyorganized ContractManage- mentDepartmentcanbetterassert our claimsforoutstanding debt. The following centralriskgroupsweredefined in our group-internriskreport:

ExternalRisks

The entireconstruction industryissubjecttocyclicalﬂuctuationsand reacts to varying degreesdepending on region and sector.The overall economicgrowth, the developmentof the building marketand the competitivesituation, aswell as the conditionson the capitalmarkets and technologicalchangesin construction, could leadtorisks.Theserisksarecontinuallyobserved and monitored bythe various departments and operating units.Changesin externalrisksleadtoadjust- ments in our organization, marketpresenceand range of servicesaswell asthe adaptation of our strategicand operating planning.

Operating Risks

The operating risksinclude primarilythe complexrisksof projectselection and execution. STRABAG keepsacquisition lists in ordertoreviewthe projectchoice. Business transactionsrequiring consentarereviewed and approved byour division managers and departmentheadsorbythe managementboardaccording toour internalrulesof procedure. Cost accounting and expenseallocation guidelineshave been setuptoassureauniformprocess of jobcosting and toestablishaperform-

Asphaltcleaning, airﬁeld, anceproﬁle atour construction sites.Projectexecution ismanaged bythe construc- Linz/Hörsching airport,Austria

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tion teamonsiteand controlled bymonthlytarget/performancecomparisons; atthe same time our centralcontrolling providesconstantcommercialbacking.

FinancialRisk

Underfinancialriskweunderstand risksin financialmatters and in accounting, including instancesof manipulation. Specialattention ispaid toour liquidity and accountingsreceivable management,whichissecured through constantfinancial planning and dailystatus reports.Compliancewithinternalcommercialguidelines isguaranteed bythe centralaccounting and controlling departments,whichare alsoresponsible forinternalreporting and the periodicplanning process.Risks from possible instancesof manipulation (acceptanceofadvantages,fraud, deception orotherinfringements of the law)aremonitored byall business areas, but byinternalauditing in particular.

The federalprosecutor’sofﬁceinChemnitz reportsof repeated violationsof the law in the GermanstateofSaxony,inparticularinvolving corruption. Some of these caseshaveharmed STRABAG directlyand itcannotberuled out thatthirdparties will raiseclaimsforcompensation against the group. STRABAG hasentered provisionson the balancesheetin thisregard.

OrganizationalRisks

Risksconcerning the quality and quantity of personnel arecovered bythe central personnel departmentwiththe help of aspecialized database. The company’sIT conﬁguration and infrastructure(hardwareand software) ishandled bythe central IT department,controlled byour internationalIT steering committee.

Personnel Risk

Past experiencehasshownthathaving ahighlyqualiﬁed and motivated workforce isanimportantfactorin competition. Inordertoproperlyassess the potentialof our employeesin management,weintroduced aseriesof aptitude diagnostics measureslast year,including amanagementpotentialanalysis.Insubsequent feedbacktalks,the managementemployeesand the group’s seniorexecutives togetherdiscussed issuessuchasplanning, motivation, companyloyalty and socialcompetence.

Newheadquarters forHofersupermarkets, Sattledt,Austria

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RISK REPORTING

InvestmentRisks

STRABAG canexert inﬂuenceonthe managementof associated companies through its shareholderposition and, if applicable, anyexisting advisory functions. The sharesin asphaltand concretemixing companiesusuallyinvolveminority holdings,typicalforthe sector.Withthesecompanies,economiesof scope areat the fore.

Areviewof the currentrisksituation shows thatin the reporting period there werenoriskswhichjeopardized the company’sexistence, norwerethereany futureriskstobeseen.

Furtherinformation regarding interest riskand creditriskcanbefound in the Noteson page Notes108undersection (23)FinancialInstruments.

Noisewall, A7Motorway,Austria

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RESEARCH AND DEVELOPMENT

CentralTechnicalDepartment

The STRABAG GrouphasaCentralTechnicalDepartment(Zentrale Technik) responsible forthe technicalmanagementwithin the Group. Itisorganized asa CentralStaff Unitreporting directlytothe Chairmanofthe ManagementBoard.

The CentralTechnicalDepartmentemploys atotalofover320 highlyqualiﬁed engineers.Theycoverall aspects of building construction, civil engineering and tunnelling and provide on-sitesupport toall of the Group‘s operationalunits in planning, design and construction. The CentralTechnicalDepartmentactivelyparticipatesin nationaland international researchand developmentprojects.Its engineers areengaged in the development of newand innovativetools,equipmentand methodsthatcanbeutilized on-siteona permanentbasis.Thissystem promotesengineering excellenceand the multidiscipli- nary exchange of know-how,aswell astechnicalcollaboration within the Group. The CentralTechnicalDepartmentalsoservesasatraining centreforyoung engineers who arelatertransferred astechnicalexpertstothe Group‘s operating units. Asphaltﬁnishing machine, Germany

TPA

The TPAGesellschaftfür Qualitätssicherung und Innovation isthe STRABAG Group‘s competencecentreforquality managementincluding researchand developmentin connection withbuilding materialsproduction, particularlyin the context of roadconstruction. Itisorganized asaCentralBusiness Unitwith competenciesacross the Groupand one of the leading researchinstitutesin the construction industryin Europe.

Questionsof quality prognosisconcerning the life spanofstructuresareincreas- inglyimportantin the construction industry.The inspection and analysisof existing structuresissupplemented bysimulation processes. Inaddition tothe applicable legalrequirements,various otherconstraints suchas building subsoil, availability of building materialsand climaticinﬂuencesrequire targeted regionaldevelopmentprocesses. Based on the contributionsof TPAthe production of asphaltmixtureshasbeen expanded byintroducing the recycling of asphalt,whichisbeing promoted in all Materialstesting, TPALinz,Austria of STRABAG‘s countriesof operation. The modiﬁcation of its mixing facilitieshas enabled the Grouptocontributetoresourceconservation and toavoid waste. One of TPA‘s most importanttasksistosharegroupknowledge and experience across all the Group‘s countriesof operation. Inthe past years severaltechnologi- calinnovationsweredisseminated and successfullyrolled out throughout Europe.

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HUMAN RESOURCES Employees2006 2005 ■ Germany15,307 14,666 ■ Austria10,111 9,738 ■ Hungary 4,076 4,013 ■ CzechRepublic3,941 3,743 ■ Rest of CEE 9,0507,255 ■ Rest of Europe 2,7612,819 ■ Rest of World 7,7252,279 Total52,97144,513

Employeesaccording tocountryin % Bothtechnicaland commercialstaff faceaconstantdevelopmentand increasingly complexdeﬁnition of tasksand objectives.Inordertoguarantee thatour employ- 28.9 Germany eesreceivethe necessary qualiﬁcation on time, long-term, targeted occupational

14.6Rest of World 19.1 Austria measuresforall of our employeesformanimportantpart of STRABAG’s lasting corporatesuccess.Forthisreason, STRABAG continued toinvest in the constant developmentof our employees’ professionaland personalskillslast year.Our continuing education programme notonlyaimsatmaintaining alevel of profes-

5.2 sionalcompetencebut alsoplacesemphasison clientorientation aswell associal Rest of 7.7Hungary and methodologicalskills.Inparticular,wesee correctlyunderstood “leadership” Europe 7.4 asanessentialfactorforour continued business success.Webelievethatgiving 17.1 Rest of CEE CzechRepublic our employeesmoreresponsibility allows them togrowand thatmutualtrust is conducivetotheirperformance. Our goalistocreateacriticalfeedbackculture in all areasof the companywhichisasopen aspossible and whichwill formthe basisforhigheremployee satisfaction. Leadership atSTRABAG meansaccepting responsibility in the areaof ﬁnancesaswell astaking responsibility forthe motivation and developmentof one’s ownemployees.

Recruitment

Withthisin mind, STRABAG pays particularattention tothe correctpersonaland professionalcompetencerequired toreachthesegoalsalreadywhen searching forsuitablyskilled employeesorexecutivepersonnel. STRABAG hasatits disposal anelectronicjobboardonits Intranetsitetooptimizegroup-internpersonnel searchand allocation. Our externalrecruiting issupported byanewlydeveloped online ApplicantManagementInformation System on our Internetsite. Thesetwo networked applicantsystemsallowamoreefﬁcientand quickercomparison of job offerand demand.

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STRABAG Academy

STRABAG’s ownacademyprovidescomprehensive, target-group-oriented training forgroupemployees,including training in the ﬁeldsof technology,law,business, computing, communicationsand methodologicaland socialcompetence. Asecond IT module, aSeminarManagementmodule, isnearing completion as part of the furtherdevelopmentof the module-based, internationallystandardized PersonalManagementPortal. The portalallows participants tocomfortablyregister forall STRABAG training events and facilitatesthe efﬁcienthandling of all subse- quentadministrativework.

Trainee Programme

Inordertodiscoverand support suitable young talentand morestronglytie thesetothe company,wehaveintroduced atrainee programme foryoung skilled employeesand executivestaff in all countries.The programme istopromote the internationalexchange of traineesand betteraccommodatethe increasing internationalization of the group. Inordertoassist our searchforyoung commercial and technicaltalents,wehavefurtherexpanded our cooperation withselected universities–particularlyin Centraland EasternEurope.

Communication

Within the scope of our personnel management,westrivetoensurecommunica- tion through continualmutualfeedbackand structured employee-management interviews.Topicsof discussion include suggestionsforimprovement,analysis of criticalpoints,jointselection of furthertraining measuresand careerplanning. Inordertoprovide expert assistanceinthisconstantdialogueconcerning the developmentof managementcompetence, amanagementpotentialanalysisis carried out among all managers and executives.Duetothe positiveexperiences withthisaptitude diagnosticinstrumentatthe managementlevel, wehavedecided toimplementanIT-supported behaviouralproﬁle analysisamong selected new managementemployeesand skilled workers asabasisforpromotionaldecisions.

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HUMAN RESOURCES

Code of Conduct

Asaresultof the company’sinternationalization and growing size, newways of corporateand personnel managementmust constantlybesought.The values whichthe companyconveys tocustomers,clients and especiallyits employeesare the leadership benchmarksaccording towhichmanagementatall levelsorients itself. Furthermore, all employeestake thesevalueswiththem in theirbehaviour outside the workplaceand wehaveestablished appropriatecodesof conduct (ethiccodes)toguarantee integrity in business transactions.Thesecodesare constantlyamended tomeetthe changing needs.

JobSafety and AccidentPrevention

Amodern, ergonomicand friendlyworking environmenthelpsemployeesto accomplishtheirtasksin agoal-oriented manner. Weplacegreatimportanceonjobsafety and accidentprevention atthe construction site. Inordertoguarantee the safety and healthofour employeesbefore problemsoccur,weprovide protectiveequipment,organizeaccidentprevention seminars and hireand train safety ofﬁcers.

The managementwishestothank all employeesfortheircommitmenttothe companyand theiridentiﬁcation withthe company’sgoals. Wealsothank all workers’representativesfortheirhonest and constructiveteamwork. Without thiscooperation, the company’ssuccesseswould nothavebeen possible.

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ENVIRONMENTAL POLICIES

STRABAG isextremelyawareofits responsibility towardsthe environment.When preparing and carrying out construction projects,the companystrivestouse energyand rawmaterialsin suchamannerastoconserveresourcesand tokeep emissionsand wasteproduction ataminimum.

STRABAG hascommitted itself tothe continued developmentand improvementof environmentalservicesand aspirestobeapioneerin environmentalaction on the building market. Thiscommitmentistopromotethe companyand should beeasilyrecognized by customers,clients and business partners.

The numberone principle isabidancewithenvironmentallegislation, regulations and ofﬁcialrestrictions. Inthisregard, agreatamountof responsibility fallson our on-siteemployees,for whom compliancewiththe changing project-speciﬁcenvironmentalconditions representaspecialchallenge.

Raising of Bockhartsee Damand enlargementof reservoir,Nassfeld, Austria

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OUTLOOK Favourable macroeconomicoutlook forEurope GDP growth, whichcanbeseen askeyindicatorforthe construction industry, looksfavourable forEurope in 2007.Amajorshareofthisgrowthwill stem from EasternEuropeancountries.While growthinWesternEurope isexpected tobe around 2.2%, GDP in EasternEurope will growatanaverage rateof5%.

Growthperspectivesof Europeanconstruction market The currentpositivemacroeconomicsituation isreﬂected in anaverage annual growthrateof1.7%forecasted bymarketexpertsforthe construction industryfor the period 2006 -2009. While average growthinWesternEurope isexpected tobe 1.4 %forthisperiod, estimatesforaverage growthinEasternEurope are7.3%.

The recovery of the Europeanconstruction marketisdriven bythree majormarket trends:

Strong growthinEasternEurope GDP percapitaand construction output percapitaareinEasternEuropeancoun- trieswell belowWesternEuropeanlevels.Thesecountrieshaveahuge backlog for construction work. Russia,Bulgaria,Serbiaetc.areleading the table of countries withhighest construction output growthratesin Europe. Especiallycivil engineering drivesgrowthinEasternEurope.

Infrastructuresegmentwithhighest growthpotential GrowthinEuropeanConstruction ismainlydriven bythe infrastructuresegment. Especiallythe transport segment,whichincludesroadsand railways,will growby 3.5 %(according toestimates). EasternEurope will see high infrastructureinvest- ments withagrowthrateof11.3%compared withamere2.2%inWesternEurope. Although roadconstruction isstill the keydriver,railroadispicking up. One of the majordrivers of thisgrowthareEU fundswhichareshifted toEastern Europe. Until 2013,the EU Cohesion fundswill pump EUR 177 billion in thisregion. Inaddition, institutionaland privateequity investors showgrowing interest infra- structureinvestments.

Recovery and consolidation of Germanmarket The Germanconstruction marketshowed slightimprovementin 2006.Experts expectacompound annualgrowthrateof1.2%for2006 to2009. Thisassessment issupported bythe positiveIFO business climateindex.

The outlook forSTRABAG isespeciallypositiveconsidering thatnon-residential construction and civil engineering showthe strongest growth.

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The main reasonsforthisdevelopmentare: •Ongoing investments in East Germanytoestablishand improvetransport links between West and East Germany •Additionalfundsareavailable through highwaytollsfortrucks(‘Mautgebühr’) •Deutsche Bahn planshuge investments toimproveits rail network

Morethan50%ofGermanroadsareolderthan20 years –in1990,the same ﬁgure wasonly40%. Asaconsequence, the GermanBundestagannounced aninvest- mentprogramin2004whichforecasts totalinvestments of some EUR 80billion until 2015. Morethan50powerplants in Germanyareplanned oralreadyunder construction until 2012.

InAustria,the business climateiscurrentlyvery positive, growthof3%for2007 is expected. Civil engineering isthe majordriverduetohigh investments in the major roadsand expansion of railwaynetwork. The currentAustriangovernmentin March2007 announced investments in Austrian infrastructure(roads,railways and railwaystations)totalling EUR 11 billion until 2010.

STRABAG’s goalistobecome the leading Europeanconstruction companywith strongest CEE portfolio. STRABAG focuseson top line growth–but onlyif itadds tothe bottom line of the business.Growing the earningsbaseforSTRABAG is moreimportantthanmerelygrowing the revenuebase.

ToachievethesegoalsSTRABAG isfollowing aclearstrategicagenda: •Expand marketposition in Centralund EasternEurope and Russia–the most promising markets in Europeanconstruction industry •Strengthen access tobuilding materialsthrough furtheracquisition of quarries, gravel pits,asphaltmixing plants and the construction of anowncementworks •Invest in intelligentadd-on acquisitionsin promising niche segments like environmentaltechnology,railwayconstruction and facility management •Acquisition of complementary technologicalknow-howand resources •GrowPPP projects and concession business,especiallyin Centraland Eastern Europe

Taking the strategy,the leading marketposition in STRABAG’s coremarkets and the positivebusiness climateforthe construction industryintoaccount,STRABAG is optimisticforthe ﬁscalyear2007.STRABAG expects afurtheroutput growthdueto the strong orderbacklog.

All in all, thesewill leadtofurthergrowthbothinoutput and proﬁts in 2007.

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EVENTS AFTER The following acquisitionsweresuccessfullyconcluded afterthe BalanceSheetDate: BALANCE SHEET DATE •The Polishsubsidiary NCC Poland wasacquired from its parentcompany, the Swedishconstruction groupNCC.The selling pricetotalsEUR 110million including all assumed debts and isdueafterthe imminentformalclosing of the deal. In2006,NCC Poland hadaturnoverof EUR 110million withaheadcount of 900.The companyisactiveinthe roadconstruction segmentand owns numerous quarriesand asphaltmixing plants.Thisacquisition represents a signiﬁcantand reasonable extension toSTRABAG’s currentactivitiesin Poland.

•WitheffectJanuary 2007,STRABAG acquired Linde KCA-Umweltanlagen GmbH,Dresden,from The Linde Group. Linde KCA hasbeen activeinthe field of environmentaltechnologyfordecadesand hasachieved anexcellentmarket position through the developmentof proprietary processesand technologiesas well ascustom solutionsforspecifictasksin the fieldsof wastetreatment,waste waterpurification, watertreatmentand wastegasand airpurification.

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•AlsoinJanuary 2007,STRABAG acquired OttokarKlugGes.m.b.H. The Vienna-based companyisactiveinthe ﬁeld of wastemanagement. The range of servicesprovided bythe previouslyfamily-owned company includescontainerservices,sand and gravel deliveries,demolition and excavation worksand awastesorting facility.

•Tocompletethe range of servicesin railwayconstruction, STRABAG acquired the Essen-based FahrleitungsbauGmbH,Essen in March2007.The dealis pending approvalbythe cartel authorities.The company’sbusiness activities coverthe entirevalue-added chain forthe construction of railroadoverhead lines.While specialized in the construction of overheadlinesforlocalpublic transport systems(tramways and suburbanmetropolitanrailways), the company alsocarriesout selected projects on the long-distancerailwaynetwork.

•Subjecttoregulatory approvalpartsof the Tyroleanbased group Kurz, Walchsee will beacquired. Withthisacquisition the presenceofthe business segmentbuilding construction and civil engineering in the Austrianprovinceof Tyrol could befurtherexpanded and the regionalmarketforbuilding materials could beadditionallydeveloped.

10April 2007 BoardofManagement

Pressurepipeline, Quilleco, Chile

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CORPORATE SOCIAL RESPONSIBILITY

CORPORATE COMMUNICATIONS

STRABAGKUNSTFORUM

TIROLER FESTSPIELE ERL

CONCORDIA COCORPORANTENTTE SOCIAL RESPONSIBILITY

CORPORATE Inthe first half of 2007,STRABAG SE carried out anextensiveand all-encompass- COMMUNICATIONS ing communicationscampaign in Austria,the first of its kind in companyhistory. Specifically,the pointwastohighlightSTRABAG’s position asaleading European construction companyand asmarketleaderin its coremarkets of Austria, Germany,Hungary and the CzechRepublicaswell astocall attention toits top position in the rest of CEE and toprovide aninsightintoits uniquespectrumof servicesand technologicalcompetence. Thesemessagesweretobetransmitted in atechnicallysophisticated but friendly-emotionalcampaign. The coreelementunderlying the entirecommunicationsstrategywasthe slogan

Thisclaim wasdesigned toexpress the company’scorevaluesasmuchasits commitmenttoquality. STRABAG’s choiceofmediaforthe campaign wasground-breaking foranAustrian industrialcompany.

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The main part of the campaign involved aTVspotwhichinthree differentversions portrayed the company’srange of services.The spotshowed howdifferenttypes of construction projects –abridge, ahospital, afootball stadiumoranairport –are built,from the planning stages,through construction, all the waytotheiractual use. Inthisway,the campaign illustrated thatSTRABAG isaconstruction company thatdoesitall –from the ﬁrst conceptdrawing tothe laying of the last stone. The second pillarof the communicationsstrategyinvolved anadvertising campaign in the most importantnewspapers and magazines.The imagesand the creative realisation stayed stronglyin line withwhatwasfeatured in the TV spot.Aparticular eye-catcherwasthe branding conceptdesigned forthe STRABAG Headquarters in Vienna.The entireDanube-facing façade –1,310m 2 –wascovered witha subjectfrom the advertising campaign plus the STRABAG claim. Atthe time of going topress,the installation wasstill up.

Atthe same time, aninternalmotivation and information campaign wasorganised forthe group’s morethan53,000 employeesin over20countries.

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STRABAGKUNSTFORUM

The manifold activitiesof the STRABAG KUNSTFORUM arededicated tothe promotion of contemporary Austrianart.In2004the STRABAG KUNSTFORUM, founded in the early1990s in Carinthia,moved tothe ViennaSTRABAG HAUS designed byarchitects Hoffmann &Janz.Itisour belief thatart,inconnection with vision and innovation, promotesthe dialoguebetween visitors and employees. STRABAG SE isone of today’smost trend-setting carriers of the arts.

ARTAWARD –Astepping stone toacareerasanartist

The Art Award, in existencesince1994, servestopromoteyoung Austrianartists underthe age of 40. Inaddition tothe €10,000 endowmentforpainting and printing itincludesfour awardsof €3,000 each, individualexhibitionsforeachofthe ﬁveartists nominated in the Art Lounge aswell asacquisitions. STRABAG awarded its HungarianArt AwardinBudapest forthe 10thtime last year.

ARTCOLLECTION –Art forEmployeesand Visitors

The Art Collection isanimportantcollection of nearly1,300 worksof 20th and 21 st centuryAustrianart. The worksbyrenowned artists,outsiders and young talentcanbeseen atvarious STRABAG ofﬁcesbut primarilyin SpittalanderDrauand in Vienna.

ARTLOUNGE –The Focus of Communication

The Art Lounge isaone-of-a-kind exhibition spaceonthe twotop ﬂoors of the STRABAG HAUS withanexceptionalviewoverthe city of Vienna. The currentprogramme consists of the exhibits from the Art Awardand aspecial anniversary exhibition of collected works.

Art Lounge, STRABAGHAUS,Vienna GIRONCOLI-KRISTALL –Sculptureatthe Fore

Thisspectacularart and events hall, ﬁrst opened in the summerof 2004, houses the ﬁrst permanentexhibitof sculpturesbythe internationallyrenowned Austrian sculptorBruno Gironcoli in Vienna.Nine monumentaland machine-like polyester sculpturesinside and three castingson the companygroundsoutside formthe coreofthe artist’sfuturisticwork.

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TIROLER FESTSPIELE ERL

ForAustrianconductorand musicaldirectorGustavKuhn, the TirolerFestspiele Erl, the festivalofthe performing artswhichhefounded in 1997in the Tyrolean townofErlnearKufstein, isa“placeofencounter”.Here, in the green foothills of the Alps,Newmeets Old, and Classiccrossespathswiththe AvantGarde. AWagnerianstronghold from the beginning, the festivalearned ravereviews and became aninternationalsensation witha24-hour marathon performanceof Wagner’s Ring in 2005. In2006,GustavKuhn and hisyoung ensemble staged Wagner’s Tristanand Isolde and Parsifal .STRABAG isproudtobeapartnerand sponsorof GustavKuhn’s innovativeand often surprising festival(“atightrope walk of the most ambitious projects” – FrankfurterRundschau ).

CONCORDIA

“Whoeversavesone life savesthe entireworld!”

300 children haveanewhome in Pirita,aruralcommunity on the banksof the DniesterRiverin Moldova.The “City of Children”,setupbyCONCORDIA withthe help of STRABAG,wasopened in December2006.

Since1991, Fr.GeorgSporschill, SJ,hasbeen helping abandoned children in EasternEurope ﬁnd anewhome withCONCORDIA. Concordiaissettoexpand its activitiestoBulgariain 2007.

www.concordia.co.at

Opening upanewfuture: Dr.Hans-PeterHaselsteiner

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STRABAGisaPublicPrivatePartnership Pioneer

M5(Motorway), Hungary PowerPlantBirecik, Turkey

A2(Motorway), Poland LimerickMotorway,Ireland

MotorwayZagreb-Macelj, Croatia FermoyMotorway,Ireland

Essen Proton TherapyCentre, Nordkettenbahn Innsbruck, Austria Germany

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PublicPrivatePartnership (PPP)modelsarebecoming increasinglyimportantin the realisation of majorprojects.InaPPP project,the contractorhandlesnotonly the entireconstruction projectbut its ﬁnancing aswell. Construction costs are largelyrecouped overaperiod of years oreven decadesthrough acontinuous sourceofpost-construction income suchasamotorwaytoll.

STRABAG alreadyhasyears of experiencewithPublicPrivatePartnership models, including manyexamplesfrom the Hungarian, Polishand Croatianmotorway networks.

Inthe future, STRABAG planstocontinuetoexpand and consolidateits market position in internationalPPP projects.ForSTRABAG,thesemeanasteadysource of income independentof the economiccycle.

In2007,STRABAG received the PPP Projectof the Year2006 awardand the HealthPPP Dealofthe Year2006 awardbythe internationaljournalofbusiness and ﬁnanceEuromoney.

CountryProjectProjectSTRABAG Concession Volume sharePeriod in million €in % Hungary M5(Motorway)1,300 25until 2030 TurkeyBirecik (PowerPlant)9808until 2016 Poland A2(Motorway)88020until 2037 Ireland LimerickMotorway433 20 2009–2036 CroatiaZagreb-Macelj 370 51 2007 –2034 Motorway Ireland FermoyMotorway215 132006 –2036 GermanyEssen Proton 109502009–2024 TherapyCentre AustriaInnsbruck51512008–2037 (Nordkettenbahn)

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2006 CONSOLIDATED FINANCIAL STATEMENTS OF STRABAGSE,SPITTAL AN DER DRAU 2006 FINANCIAL STATEMENT

CONSOLIDATED INCOME STATEMENT FORTHE 2006 BUSINESSYEAR

2006 2005 NotesT € T € Revenue(1) 9,430,6216,955,797 Changesin inventories-173,119 34,387 Ownworkcapitalized 19,43816,564 Otheroperating income (2)231,500 149,901 Rawmaterials,consumables and servicesused (3)-6,588,108-5,019,607

Employee beneﬁts expense(4) -1,831,660 -1,401,876

Depreciationand amortization expense(5) -229,678-178,677 Otheroperating expenses(6)-614,264-400,981 Earningsbeforeﬁnancialresultand tax244,730 155,508

Shareofproﬁt orloss of associates(7)76,9865,424 Netinvestmentincome (8) 21,6382,197 Otherﬁnancialresult(9) -56,151 -28,414 Financialresult42,473 -20,793

Proﬁtbeforetax287,203 134,715

Income taxexpense(10)-63,199 -40,149 Proﬁtforthe period 224,00494,566 Attributable to: Minority interest 32,65344,628 Attributable to: Equity holders of the parent191,351 49,938

Earningspershare(in €)(28) 2.73 7.41 STRABAG 2006 65

CONSOLIDATED BALANCE SHEET AS OF 31DECEMBER 2006

Assets 31.12.2006 31.12.2005 NotesT € T € Non-currentassets Intangible assets (11) 79,61267,085 Property,plantand equipment(11) 1,130,089 985,226 Investmentproperty(12)155,208150,641 Investments in associates(13)75,494 64,842 Otherﬁnancialassets (13)318,290305,770 Trade receivables(16)30,573 43,618 Otherreceivablesand otherassets (16)20,18233,169 Deferred taxes(14) 92,87186,457 1,902,319 1,736,808

Currentassets Inventories(15) 456,365618,717 Trade receivables(16)2,315,3421,948,578 Otherreceivablesand otherassets (16)315,535266,967 Cashand cashequivalents (17)586,265555,857 3,673,507 3,390,119 5,575,826 5,126,927

Equity and Liabilities31.12.2006 31.12.2005 NotesT€ T€ Groupequity Sharecapital70,000 53,938 Capitalreserves448,047163,800 Retained earnings339,970 278,785 Minority interests 177,877 408,947 (18) 1,035,894 905,470 Non-currentliabilities Provisions(19) 630,303 556,617 Financialliabilities(20)484,536 602,630 Trade payables(20)13,39225,077 Otherliabilities(20)9,015 11,148 Deferred taxes(14) 6,0563,517 1,143,302 1,198,989 Currentliabilities Provisions(19) 401,650299,525 Financialliabilities(20)434,997339,234 Trade payables(20)2,047,589 1,922,399 Otherliabilities(20)512,394 461,310 3,396,630 3,022,468 5,575,826 5,126,927 2006 FINANCIAL STATEMENT

CONSOLIDATED CASH-FLOW STATEMENT FORTHE 2006 BUSINESSYEAR

2006 2005 T€ T€ Profitforthe period 224,00494,566 Deferred taxes-19,718 -4,677 Non-casheffectiveresults from consolidation -12,8460 Non-casheffectiveresults from associates-4,876 -1,110 Depreciations/write-ups233,176 193,859 Changesin long termprovisions25,598 17,634 Gains/losseson disposalofnon-currentassets -87,683-13,962 Cash-flowfrom profits 357,655 286,310

Change in items: –Inventories219,57432,502 –Trade receivables, construction contracts and consortia-262,797-235,973 –Receivablesfrom subsidiaries and receivablesfrom participation companies-26,491 26,347 –Otherassets 22,9743,353 –Trade payables, construction contracts and consortia45,909117,867 –Liabilitiesfrom subsidiaries and liabilitiesfrom participation companies4,398 -6,998 –Otherliabilities26,673 20,194 –Currentprovisions58,45624,153 Cash-ﬂowfrom operating activities446,351 267,755

Purchaseofﬁnancialassets -57,721-46,296 Purchaseofproperty,plant,equipmentand intangible assets -347,020 -254,688 Gains/losseson disposalsof non-currentassets 87,68313,962 Disposalsof non-currentassets (carrying value) 67,85058,829 Change in othercashpooling receivables2,87123,580 Change in scope of consolidation -24,82191,236 Cash-ﬂowfrom investing activities-271,158 -113,377

Change in bank borrowings-88,106 90,421 Change in bonds75,000 75,000 Change in liabilitiesfrom financeleases1,376 5,272 Change in othercashpooling liabilities-24,74642,677 Acquisition of minority interest -3,2010 Contributions202,06425,003 Distribution and withdrawalsfrom partnerships-310,736 -52,114 Cash-flowfrom financing activities-148,349 186,259

Cash-flowfrom operating activities446,351 267,755 Cash-flowfrom investing activities-271,158 -113,377 Cash-flowfrom financing activities-148,349 186,259 Netchangeincashand cashequivalents 26,844 340,637 Cashand cashequivalents atthe beginning of the year555,857212,399 Change in cashand cashequivalents duetocurrencytranslation 3,5642,821 Cashand cashequivalents atthe end of the year586,265555,857

Interest paid 70,298 51,921 Interest received 38,189 35,680 Taxespaid 69,30138,773 STRABAG 2006 67

STATEMENT OF CHANGES IN EQUITY

ShareCapitalRetained Minority CapitalReservesEarningsInterests Total T€ T€ T€ T€ T€ Balanceat1January 200553,938163,800 237,380347,138802,256 Differencesarising from currencytranslation 001,1435,420 6,563 Proﬁtforthe period 0049,93844,62894,566 Contribution 00025,003 25,003 Change in Hedging reserves00-4,377 -3,903 -8,280 Neutralchange of actuarialgains and losses00-5,053-4,668-9,721 Neutralchange FinancialInstruments IAS 3900-1,158 -1,772 -2,930 Deferred taxeson changes recognized directlyin equity 009128431,755 Change in minority interest resulting from initialconsolidation 00048,372 48,372 Distribution of dividends000-52,114 -52,114 Balanceat31December2005= Balanceat1January 2006 53,938163,800 278,785 408,947905,470 Changesdueto mergerFIMAG intoSTRABAG SE 16,062 85,247159,051 -260,360 0 Differencesarising from currencytranslation 0015,418 2,44317,861 Proﬁtforthe period 00191,351 32,653224,004 Contribution 0199,000 3,0640202,064 Change in Hedging reserves006,4748257,299 Neutralchange of actuarialgains and losses00-3,227 572 -2,655 Neutralchange FinancialInstruments IAS 3900622 320 942 Deferred taxeson neutral change in equity 00-3,856-1,298 -5,154 Change in minority interest resulting from initialconsolidation 000-3,201-3,201 Distribution of dividends00-307,712-3,024-310,736 Balanceat31December2006 70,000 448,047339,970 177,877 1,035,894

STATEMENT OF RECOGNIZED INCOME AND EXPENSE 2006 2005 T€ T€ Differencesarising from currencytranslation 17,8616,563 Changesin fairvalueofinvestments pursuanttoIAS 39recognized in groupequity 942-2,930 Change in Hedging Reserves7,299 -8,280 Actuarialgains/lossesfrom pensionsand similarobligations-2,655 -9,721 Deferred taxeson changesrecognized directlyin equity -5,154 1,755 Netincome recognized directlyin equity 18,293-12,613 Proﬁtforthe period 224,00494,566 Totalofrecognized income and expense forthe period 242,29781,953 Attributable to: Minority interest 35,515 40,548 Equity holders of the parent206,78241,405 2006 FINANCIAL STATEMENT

CONSOLIDATED STATEMENT OF CHANGES IN FIXED ASSETS AS OF 31DECEMBER 2005

Acquisition and Production Costs Changesin BalanceonScope of CurrencyBalanceon 31.12.2004Consolidation Translation 1.1.2005AdditionsTransfers Disposals T€ T€ T€ T€ T€ T€ T€ I.Intangible Assets: 1. Concessions; industrial propertyrights and similarrights,advantages and licences25,6804,8043930,523 2,407 36 761 2.Goodwill 53,801155 053,95650,14305,362 3.Advancespaid 7007115 -120 79,488 4,959 3984,48652,665246,123 II.Tangible Assets: 1. Properties; land rights equivalenttorealproperty; buildingsincluding buildingson third-partyproperty876,94045,2432,955 925,13823,73126429,461 2.Technicalequipment and machinery 804,436 164,702 5,707 974,845 138,358 5,74345,264 3.Otherfacilities,furnitureand ﬁxturesand ofﬁceequipment373,18070,927 3,473 447,58063,476 -1,09738,624 4, Advancespaid and facilitiesunderconstruction 21,5652,14249024,19726,601-4,9349,887 2,076,121283,014 12,6252,371,760 252,166 -24123,236 2,155,609287,973 12,6642,456,246304,8310129,359

1) of thisamount,impairments of T€ 15,590(2004: T€ 61,668);2)ofthisamount,reversalofdepreciation of T€ 0(2004: T€ 5,710)

CONSOLIDATED STATEMENT OF CHANGES IN FIXED ASSETS AS OF 31DECEMBER 2006

Acquisition and Production Costs Changesin BalanceonScope of CurrencyBalanceon 31.12.2005Consolidation Translation 1.1.2006 AdditionsTransfers Disposals T€ T€ T€ T€ T€ T€ T€ I.Intangible Assets: 1. Concessions; industrial propertyrights and similarrights,advantages and licences32,2052,336 8734,6284,592-352,762 2.Goodwill 98,737 29,462 3128,202 951 010,045 3.Advancespaid 110001101000 131,05231,798 90162,9405,553-3512,807 II.Tangible Assets: 1. Properties; land rights equivalenttorealproperty; buildingsincluding buildingson third-partyproperty645,10129,1574,367 678,62540,386-3,555 20,160 2.Technicalequipment and machinery 1,065,17876,8836,044 1,148,105161,333 24,34699,524 3.Otherfacilities,furnitureand ﬁxturesand ofﬁceequipment467,754 87,0922,580557,426 94,500 -7,07869,805 4. Advancespaid and facilitiesunderconstruction 35,825119 75036,694 36,352-18,040112 2,213,858 193,251 13,741 2,420,850332,571-4,327 189,601 III.InvestmentProperty286,80801,770 288,5785,8657,3931,482 2,631,718 225,049 15,6012,872,368343,989 3,031203,890

1) of thisamount,impairments of T€ 19,060 (2005: T€ 15,590); 2) of thisamount,reversalofdepreciation of T€ 318 (2005: T€ 0) STRABAG 2006 69

Accumulated Depreciation Carrying Values Changesin BalanceonBalanceonScope of CurrencyBalanceon Values Values 31.12.200531.12.2004Consolidation Translation Additions 1) Transfers Disposals 2) 31.12.2005 31.12.2005 31.12.2004 T€ T€ T€ T€ T€ T€ T€ T€ T€ T€

32,20517,641 5,053-342,988 22 826 24,844 7,3618,039 98,737 29,2970015,188 05,362 39,123 59,614 24,504 11000000001107 131,05246,9385,053-3418,176 22 6,188 63,967 67,085 32,550

919,672 322,446-8,28619025,176 -42911,240327,857591,815 554,494

1,073,682545,891 114,754 2,96882,536 1,80436,921711,032 362,650258,545

471,335251,877 53,2682,151 52,789 -1,39732,778325,910145,425121,303

35,977 000000035,977 21,565 2,500,666 1,120,214 159,736 5,309160,501-22 80,9391,364,799 1,135,867 955,907 2,631,718 1,167,152164,789 5,275178,677 087,127 1,428,766 1,202,952988,457

Accumulated Depreciation Carrying Values Changesin BalanceonBalanceonScope of CurrencyBalanceon Values Values 31.12.2006 31.12.2005Consolidation Translation Additions 1) Transfers Disposals 2) 31.12.2006 31.12.2006 31.12.2005 T€ T€ T€ T€ T€ T€ T€ T€ T€ T€

36,423 24,844 2,037 804,338-872,627 28,585 7,8387,361 119,10839,123 0015,120 06,789 47,454 71,654 59,614 120 0000000120 110 155,651 63,967 2,037 8019,458 -879,41676,03979,61267,085

695,296196,01010,218 14021,124-70 11,483215,939479,357449,091

1,234,260 707,689 76,503 4,037 111,5566,598 86,705819,678414,582357,489

575,043324,933 66,898 2,41669,593-6,441 63,612393,787181,256142,821

54,894 000000054,894 35,825 2,559,4931,228,632 153,619 6,593202,273 87161,800 1,429,4041,130,089 985,226 300,354 136,167 01,032 7,94700145,146155,208150,641 3,015,498 1,428,766 155,6567,705229,6780171,2161,650,589 1,364,9091,202,952

NOTES NOTES TO THE 2006 CONSOLIDATED FINANCIAL STATEMENTS STRABAGSE,VILLACH

BASIC PRINCIPLES

The consolidated ﬁnancialstatements of STRABAG SE reporting date31December2006,wasdrawnup underapplication of Article 245aParagraph 2of the AustrianCommercialCode (UGB)inaccordancewiththe InternationalFinancialReporting Standards(IFRS)issued bythe InternationalAccounting StandardsBoard (IASB), including the interpretationsof the InternationalFinancialReporting InterpretationsCommittee (IFRIC).

Applied wereexclusivelythosestandardsand interpretationsadopted bythe EuropeanCommission before the reporting deadline and published in the OfﬁcialJournalofthe EuropeanUnion. Furtherreporting requirements of Article 245aParagraph 1ofthe AustrianCommercialCode (UGB)werefulﬁlled aswell.

Inaddition tothe income statementand the balancesheet,acashﬂowstatementwasdrawnupinaccord- ancewithIAS 7and the changesin equity will beshown(IAS 1). The groupnoteswill furtherinclude a segmentreporting in accordancewithIAS 14.

Inordertoimprovethe clarity of the representation, various itemsin the balancesheetand the income state- menthavebeen combined. Theseitemshavebeen shownseparatelyand areexplained in the groupnotes. The income statementhasbeen drawnupinaccordancewiththe natureofexpensemethod.

MERGER OF FIMAGFINANZ INDUSTRIE MANAGEMENT AG INTOSTRABAGSE

Withthe mergeragreementof 3July2006,the corporateholding companyFIMAG FinanzIndustrie ManagementAG wasmerged astransferring companyintoSTRABAG SE within the context of universal succession.

STRABAG SE thus becomesthe newgroupparentcompany.The previous year’sfigurespresented in the consolidated financialstatementrepresentthe financialstatementof FIMAG FinanzIndustrie ManagementAG asof 31December2005.

Withexception of the composition of the shareholders’ equity and of the profitforthe period concerning minority interest and earningsper-shareresult,the financialfigurescanbedirectlycompared tothe previous year’sfigures.

Landﬁll, Tunesia STRABAG 2006 73

CHANGES TO ACCOUNTING AND VALUATION METHODS The IASB haspassed aseriesof changestothe existing bodyof IFRS aswell asseveralnewIFRS standards whichmust beapplied asof 1January 2006.The ﬁrst-time application of the IFRS standardsmentioned had the following consequenceson STRABAG SE´sconsolidated ﬁnancialstatements asof 31December2006:

IAS 39(FINANCIAL INSTRUMENTS) Financialguarantee contracts whichwereunlikelytobeclaimed werepreviouslyrecognized underContin- gentLiabilitiesin the Notes.Since1January 2006,suchfinancialguarantee contracts aretoberecognized atfairvalueinthe balancesheetand aslong asthereisno probable loss shall bereported atcontinued initialrecognition. ForSTRABAG SE group, the advantagesgained from the financialguarantee contracts correspond tothe fairvaluetobeclassified asliability sothatthe newruleshavenoconsequencesforthe consolidated financialstatements.

The outstanding amountof the ﬁnancialguarantee contracts isdeclared in the Notesasusual.

Forannualperiodsbeginning on orafter1January 2006,the amendments tothe fair-valueoption apply. The fair-valueoption allows afinancialinstrumentundercertain circumstancestoberecognized atfairvalue through profitand loss.Thisoption wasnotapplied in the 2006 financialstatement.

IFRIC 4: DETERMINING WHETHER AN ARRANGEMENT CONTAINS ALEASE IFRIC 4requiresthe determination bemade whetheranarrangementdirectlyorindirectlycontainsalease. Suchanarrangementmust beaccounted forin accordancewithIAS 17.The application of IFRIC 4did not haveamaterialimpactin the consolidated ﬁnancialstatement.

FUTURE AMENDMENTS TO ACCOUNTING STANDARDS IASB and IFRIC havealsopassed the following Standardsand Interpretations,whicharenoteffectiveforthe 2006 ﬁnancialyear:

Effectiveforannualperiodsbeginning on orafter IFRS 7FinancialInstruments:Disclosures1January 2007 IFRIC 7Applying the RestatementApproachunderIAS 291March2006 IFRIC 8Scope of IFRS 21May2006 IFRIC 9Reassessmentof Embedded Derivatives1June 2006 IFRIC 10Interim FinancialReporting and Impairment1November2006 IFRS 8Operating Segments 1January 2009 IAS 23 Borrowing Costs 1January 2009

The companydoesnotexpectsubstantialchangestothe consolidated ﬁnancialstatementbyapplying these standardsand Interpretations. NOTES

SCOPE OF CONSOLIDATION

The consolidated ﬁnancialstatements asof 31December2006 include STRABAG SE aswell asall major domesticand foreign subsidiarieswhereSTRABAG SE eitherdirectlyorindirectlyholdsamajority of the voting rights.Majorassociated companiesarereported in the balancesheetusing the equity method.

The annualfinancialstatements of all majorconsolidated domesticand foreign companies,aswell asthose subjecttostatutory auditaccording tonationalregulations,wereaudited byindependentchartered accountants and issued withunqualified auditopinions. Notincluded were278(2005: 245) companieswhoseinfluenceonthe group‘s asset,financeand profit situation isinsignificant.The output volume performed bythe subsidiariesnotincluded in the consolidated financialstatements comestoless than1.5 %ofthe totaloutput volume of the group.

Subsidiariesincluded in the 2006 consolidated ﬁnancialstatements aregiven in the list of subsidiaries, associated companiesand investments (Appendix2tothe Notes).

The ﬁnancialyearforall consolidated and associated companies-withexception of ViamontDSP a.s., ÚstínadLabem, CzechRepublicand ProjektaBauvorbereitungsgesellschaftm.b.H.Nfg. KG,Vienna,whose ﬁnancialyearendsasof 31May-isidenticalwiththe calendaryear.

The numberof consolidated companieschanged in the 2006 accounting yearasfollows:

consolidation equity method Situation on 31.12.2005220 12 First-time inclusionsin yearunderreport 41 2 Mergers in yearunderreport -9 0 Exclusionsin yearunderreport -11 -2 Situation on 31.12.2006 241 12

M7Motorway,Hungary STRABAG 2006 75

The following companiesformed part of the scope of consolidation forthe ﬁrst time on the reporting date:

Dateof NominalStake Acquisition/ CompanyCurrencyCapital%Foundation Consolidation: “Putevi”Cacak, CacakTCSD 155,476 68.60 09.03.2006 Augustowskie PrzedsiebiorstwoDrogoweS.A., AugustowTPLN 800 100 26.10.2006 BauträgergesellschaftOlande mbH,HamburgT€ 255101.01.2006 1) Bauunternehmung OhneisGesellschaftmit beschränkterHaftung, Straubing T€ 51 100 10.10.2006 beckerbauGmbH u.Co.KG,Bornhöved T€ 3,100 100 12.06.2006 Beton und Recycling GmbH &Co. KG,HalberstadtT€ 1,030 100 12.06.2006 BHG CZ s.r.o., C ˇ eské BudeˇjoviceTCZK 200 100 01.03.2006 BHG Sp. zo.o., WarsawTPLN 500 100 01.01.2006 1) BitunovaRomaniaSRL,Bucharest TRON 1697.77 01.01.2006 1) Bug-AluTechnicGmbH,KennelbachT€ 5,000 100 23.02.2006 CLS Construction LegalServicesGmbH,Cologne T€ 25100 30.05.2006 Deutsche AsphaltGmbH,Cologne T€ 26 100 01.01.2006 1) Eckstein Holding GmbH,KennelbachTATS1,000 100 23.02.2006 EduardHachmann GmbH,Lunden T€ 520 100 12.06.2006 EichholzRail GmbH,Lauda-Königshofen T€ 25100 01.09.2006 ErrichtungsgesellschaftStrabagSlovensko s.r.o., Bratislava-RuzinovTSKK 200 100 21.12.2006 ETG Erzgebirge Transportbeton GmbH,FreibergT€ 2906027.12.2006 Ezel Bauunternehmung Sindelﬁngen GmbH, Sindelﬁngen T€ 310100 12.06.2006 FriedrichPreusseBauunternehmung Gesellschaft mitbeschränkterHaftung, Braunschweig T€ 1,050100 12.06.2006 JakobGärtnerGmbH,FriedbergT€ 54 100 10.10.2006 Josef Riepl Unternehmen für Ingenieur-und HochbauGmbH,RegensburgT€ 900 100 01.01.2006 MiTTaG spol. s.r.o. pozemni aprumyslove stavitelstvi, Brno TCZK 10,100 100 07.11.2006 Preduzecezaputeve“Zajecar” a.D.Zajecar,ZajecarTCSD 282,002 93.2902.11.2005 PREFIN a.s., Chrudim TCZK 2,250100 21.11.2006 PreusseBaubetriebeGesellschaftmit beschränkterHaftung, HamburgT€ 1,050100 12.06.2006 PreusseBaubetriebeund Partner GmbH &Co. KG,HalberstadtT€ 520 100 12.06.2006 PreusseBauholding GmbH &Co. KG,HamburgT€ 15,340100 12.06.2006 PREZIPP s.r.o., Chrudim TCZK 2,580100 21.11.2006 Roba AsphaltGmbH,AugsburgT€ 560 100 27.12.2006 Roba BaustoffGmbH,AugsburgT€ 10,226 100 27.12.2006 Roba Transportbeton GmbH,AugsburgT€ 520 100 27.12.2006 Robert Kieserling Industriefußboden Gesellschaft mitbeschränkterHaftung, HamburgT€ 1,050100 12.06.2006 NOTES

Dateof NominalStake Acquisition/ CompanyCurrencyCapital%Foundation Consolidation: SAM Sächsische Asphaltmischwerke GmbH &Co. KG,Dresden T€ 3,100 100.00 12.09.2006 SATÚtjavítóKorlátoltFelelöségüTársaság, Budapest THUF 268,000 100.00 20.02.2006 SBR VerwaltungsGmbH,Kehl T€ 7,000 100.00 01.01.2006 1) StorfHoch- und Tiefbaugesellschaftm.b.H., ReutteT€ 727 100.00 19.07.2006 STRABAG DubaiLLC,DubaiTAED 300 100.00 01.01.2006 1) StrabagQatarW.L.L., QatarTRIY 200 100.00 01.01.2006 1) StratebauGmbH,RegensburgT€ 4,090100.00 10.10.2006 Vojvodinaput-Pancevoa.d. Pancevo, PancevoTCSD 179,70981.51 23.06.2006 Züblin DevelopmentGmbH,Cologne T€ 5,000 100.00 01.01.2006 1) Equity Method: Bayerische Asphalt-Mischwerke GmbH &Co. KG für Straßenbaustoffe, Hofolding T€ 12,300 48.30 10.10.2006 SlokenbekaSIA,Milkalne TLVL 1,000 41.0412.06.2006

1) Duetotheirincreased business volume, thesecompanieswereincluded in the group‘s scope of consolidation forthe ﬁrst time on 1January 2006. The companieswereestablished oracquired before1January 2006.

The initialconsolidationsessentiallyconcernthe following acquisitions:

The PreusseBauholding GmbH &Co. KG,Hamburg, withits participations,isthe marketleaderin asphaltroadconstruction in Schleswig Holstein and in regionalconcreteproduction in NorthernGermany. Furthermorethe servicespectrumalsoincludesindustrialﬂooring whichisdistributed throughout Germany. Asaresultof thisacquisition, STRABAG will gain aneven strongerpresenceonthe NorthGermanmarket.

The purchasepricecanbebroken downintoassets and liabilitiesasfollows:

Preusse-Group T€ Acquired assets and liabilities: Negativegoodwill -13,387 Othernon-currentassets 18,023 Currentassets 72,249 Non-currentliabilities-14,253 Currentliabilities-62,543 Purchaseprice89 Acquired cashand cashequivalents -9,019 Netcashinﬂowfrom the acquisition -8,930

The negativegoodwill, whichresults from the balancebetween the purchasepriceand the acquired assets and liabilities,wasimmediatelyincluded underotheroperating income in the business yearin accordance withIFRS 3.56(b), thus affecting the operating result.In2006 the acquisition of the PreusseGroupcontributed 148.3Mio €tothe consolidated revenueaswell as4.3Mio €tothe consolidated result. STRABAG 2006 77

StratebauGmbH,Regensburg, isthe Bavarianmarketleaderin bituminous roadconstruction. Stratebau GmbH wasincluded at-equity asa50%participation in the 2005consolidated ﬁnancialstatement.The acquisition of the remaining 50%hasfurtherimproved the marketposition of the STRABAG GroupinBavaria.

The purchasepricecanbebroken downintoassets and liabilitiesasfollows:

Stratebau-Group T€ Acquired assets and liabilities: Goodwill 8,250 Othernon-currentassets 33,621 Currentassets 45,531 Non-currentliabilities-40,240 Currentliabilities-24,162 Purchaseprice23,000 Acquired cashand cashequivalents -1,720 Netcashoutﬂowfrom the acquisition 21,280

The goodwill from the acquisition of StratebauGmbH isthe resultof the balancebetween the purchaseprice and the fairvalueofthe acquired netassets.The acquisition of StratebauGmbH contributed 52.5 Mio €tothe consolidated revenueand 2.3Mio €tothe consolidated resultin 2006.

The ROBA-Groupownseleven mixing plants and furthermixing plantparticipations; italsohasbusiness in ready-mixed concrete. The acquisition hasadvanced the establishmentof the newcorporatedivision, building materials,inGermany. The ROBA-Groupwasacquired in 2005aspart of the acquisition of the Züblin-Group. The antitrust non- prohibition wasonlygranted in 2006,whichisthe reason whyitwasﬁrst included in the 2006 business year.

The purchasepricecanbebroken downintoassets and liabilitiesasfollows:

ROBA-Group T€ Acquired assets and liabilities: Negativegoodwill -3,080 Othernon-currentassets 9,960 Currentassets 14,778 Non-currentliabilities-652 Currentliabilities-5,706 Purchaseprice15,300 Non casheffectivepurchasepricein2006 -15,300 Acquired cashand cashequivalents -7,629 Netcashinﬂowfrom the acquisition -7,629

The negativegoodwill, whichresults from the balancebetween the purchasepriceand the acquired assets and liabilities,wasimmediatelyincluded underotheroperating income in the business yearin accordance withIFRS 3.56(b), thus affecting the operating result.The acquisition of the ROBA-Grouphadnoinﬂuenceon the consolidated revenuenoron the consolidated resultin 2006. NOTES

The Serbianroadconstruction companiesVojvodinaput-Panchevoa.d, Panchevo, “Putevi”Cacak, Cacak, and Preduzecezaputeve“Zajecar” a.d., Zajecar,wereincluded in the consolidated ﬁnancialstatementin the 2006 business year.Withtheseacquisitionsthe entryintothe Serbianmarket,especiallyin the road construction segment,wasexecuted.

The purchasepricecanbebroken downintoassets and liabilitiesasfollows:

AcquisitionsSerbia T€ Acquired assets and liabilities: Goodwill 5,312 Othernon-currentassets 14,001 Currentassets 20,541 Increaseinminority interest in equity -2,044 Non-currentliabilities-6,780 Currentliabilities-14,232 Purchaseprice16,798 Non casheffectivepurchasepricein2006 -3,939 Acquired cashand cashequivalents -399 Netcashoutﬂowfrom the acquisition 12,460

InEasternEurope the following acquisitionswerecarried out:

Inthe roadconstruction division 100 %ofthe Augustowskie PrzedsiebiorstwoDrogoweS.A.(ADP), Augustow,Poland, wasacquired toestablishthe nationalbusiness in Poland. Thiswasincluded in the consolidated ﬁnancialstatementasof 31December2006,asthe anti-trust approvalwasnotgranted until December2006.

The remaining 50%ofPrezipp s.r.o, Chrudim, wasacquired asaresultof the purchaseofPREFIN a.s, Chrudim. Bothcompanieswherethus initiallyincluded in the scope of consolidation in 2006.

100 %ofthe companyMiTTaG spol s.r.o, Brno, wasacquired withanassignmentcontractfrom 7November 2006 in ordertoround offthe nationalbusiness in building construction in the CzechRepublic.

The purchasepricecanbebroken downintoassets and liabilitiesasfollows:

AcquisitionsEasternEurope T€ Acquired assets and liabilities: Goodwill 8,069 Othernon-currentassets 4,417 Currentassets 15,937 Non-currentliabilities-886 Currentliabilities-13,826 Purchaseprice13,711 Acquired cashand cashequivalents -2,711 Netcashoutﬂowfrom the acquisition 11,000 STRABAG 2006 79

InAustria,the remaining 76 %ofEckstein Holding GmbH,Kennelbach, withits 100 %subsidiary Bug-Alu TechnicGmbH,Kennelbach, aswell as100 %ofStorfHoch- und Tiefbaugesellschaftm.b.H., Reutte, were acquired in the 2006 ﬁnancialyear.

The purchasepricecanbebroken downintoassets and liabilitiesasfollows:

AcquisitionsAustria T€ Acquired assets and liabilities: Goodwill 7,419 Othernon-currentassets 15,414 Currentassets 27,607 Non-currentliabilities-17,718 Currentliabilities-28,272 Purchaseprice4,450 Acquired cashand cashequivalents -6,656 Netcashinﬂowfrom the acquisition -2,206

The purchaseprices,acquired assets and liabilitiesof the remaining initialconsolidationsisrepresented as follows:

Others T€ Acquired assets and liabilities: Non-currentassets 7,167 Currentassets 18,773 Increaseinminority interest in equity -20 Non-currentliabilities-4,488 Currentliabilities-10,379 Purchaseprice11,053 Acquired cashand cashequivalents -3,395 Netcashoutﬂowfrom the acquisition 7,658

The consolidation of companiesincluded forthe ﬁrst time took placeatthe dateofacquisition orthe nearest reporting dateprovided thatthishadnosigniﬁcantimplicationstoaninclusion atthe dateofacquisition.

Assuming afictitious first-time consolidation on 1 st January 2006 forall acquisitionsin the financialyear2006 the consolidated revenueworld amounttoT€ 9,700,626 and consolidated profitwould havedecreased bya totalofT€ -1,523.

All companies,whichwereconsolidated forthe ﬁrst time in 2006 contributed T€ 348,674torevenueand T€ -5,874toproﬁt. NOTES

Asof 31December2006,the following companieswerenolongerincluded in the scope of consolidation:

Consolidation: A-WAYHolding und FinanzAG,SpittalanderDraumergerwithSTRABAG SE,Villach AlfaBeteiligungsa.s., C ˇ eské BudeˇjovicemergerwithIlbauPlzen a.s., C ˇ eské Budeˇjovice BHG a.s., C ˇ eské BudeˇjovicemergerwithIlbauPlzen a.s., C ˇ eské Budeˇjovice BL-Baulogistik GmbH,Stuttgart reduction of business activity Epsilon Beteiligungsa.s., C ˇ eské BudeˇjovicemergerwithIlbauPlzen a.s., C ˇ eské Budeˇjovice FIMAG FinanzIndustrie ManagementmergerwithSTRABAG SE, AG,SpittalanderDrauVillach GamaBeteiligungsa.s., C ˇ eské BudeˇjovicemergerwithIlbauPlzen a.s., C ˇ eské Budeˇjovice Goldeck-FlugGesellschaftm.b.H., SpittalanderDrausale tothirdparties IBV-Immobilien Besitz-und Verwaltungs- gesellschaftmbH Werder,Cologne reduction of business activity IlbauPlzen a.s., C ˇ eské BudeˇjovicemergerwithStrabaga.s., Prague Infosys Informationssysteme GmbH,SpittalanderDraureduction of business activity J+OAlsterﬂeetGrundstücksGmbH,Hamburgreduction of business activity MELYGARAZS 2000 Epitö, Szervezö, LebonyolitoesUzemetetöKFT,Budapest sale tothirdparties PPP SchulManagementWitten GmbH &Co. KG,Cologne reduction of business activity Rhein-Regio NeuenburgProjektentwicklung GmbH,NeuenburgamRhein reduction of business activity SF-BAU Gesellschaftfür Projektentwicklung und schlüsselfertigesBauen mbH,Leipzig reduction of business activity SF-BAU Grundstücksgesellschaft “ABC-Bogen”mbH,Cologne reduction of business activity StrabagEtaGroupa.s., Brno mergerwithIlbauPlzen a.s., C ˇ eské Budeˇjovice StrabagSibeGroupa.s., BerounmergerwithIlbauPlzen a.s., C ˇ eské Budeˇjovice WohnbauträgergesellschaftObjekt “Freising -WestlichderJagdstraße”mbH,Cologne reduction of business activity

Equity Method: DEUTAG GmbH &Co. KG,LinzamRhein sale tothirdparties StratebauGmbH,Regensburgconsolidation duetoacquisition

The de-consolidation of companiesled in addition tothe disposalofimmaterialcurrentassets and liabilitiesto adisposalofnon-currentassets of T€ 26,186and of bank borrowingsof T€ 30,917.

The purchasepricereceived in exchange amounted toT€ 8,926 in total. STRABAG 2006 81

METHODS OF CONSOLIDATION

The ﬁnancialstatements of the domesticand foreign companiesincluded in the consolidation aredrawn upinaccordancewithuniformmethodsof accounting and valuation. The annualﬁnancialstatements of the domesticand foreign groupcompaniesareadapted accordingly.

Capitalconsolidation ismade in accordancewiththe stipulationscontained in IFRS 3.All assets and debts of the subsidiary companiesarerecorded atthe fairvalues.The proportionalequity therebydetermined is offsetbythe carrying valueofthe investment.Adifferenceonthe assets side, whichisallotted tospecial, identiﬁable intangible assets acquired in the courseofbusiness combinations,isrecognized separatelyfrom goodwill. Ifausefullife canbeallocated totheseassets,the planned amortization ismade overthe projected usefullife. Intangible assets withanundeﬁned usefullife aretested annuallyfortheirfairvalueand amortized if necessary on the basisof animpairmenttest.

Anyremaining differenceson the assets side arecapitalized asgoodwill and submitted onceannuallyto animpairmenttest in accordancewithIAS 36.Forimpairmenttesting cash-generating units areidentiﬁed and the goodwill isassigned accordingly.Ifthe book valueofacash-generating unitincluding its goodwill exceedsthe highest of its fairvalueorits valueinuse, animpairmentloss must berecognized.

The internalreporting ﬁguresformed the basisforthe impairmenttest.Within the frameworkofthe application of the DCF-method marketinterest ratesaftertaxwereapplied in aspreadofbetween 8.5 %and 10.0%.

Inthe 2006 ﬁnancialyear,T€ 30,001(previous year:T€ 50,143)ingoodwill arising from capitalconsolidation wererecognized asasset.

Negativegoodwill stemming from capitalconsolidation arerecorded directlythrough proﬁtand loss.Inthe 2006 accounting year,abalanceonthe liabilitiesside of T€ 16,552(previous yearT€ 2,954) isreﬂected as otheroperating income.

The same principlesof capitalconsolidation areapplied toinvestments accounted forunderthe equity method asin the caseofconsolidated companies,wherebythe respectivelast available financialstatements serveasthe basisforthe equity method. Inthe caseofcompaniesrecognized underthe equity method, the localvaluation principlesarekeptonlyin the eventof insignificantdifferences.Agoodwill of T€ 18,951 (2005: T€ 6,790)inthe accountbalanceresults from the first-time application of the equity method of the newlyacquired companies.

Within the frameworkofdebtconsolidation, outstanding trade receivables,loansand otherreceivables areoffsetwiththe corresponding liabilitiesand provisionsof the subsidiariesincluded in the consolidated ﬁnancialstatements.

Expensesand revenuesfrom intra-grouptransactionshavebeen eliminated. Results incurred from intra-group transactions,thatarerecognized in the non-currentand currentassets havebeen eliminated if theyare material.

Minority interests in equity and proﬁts of companiescontrolled bythe parentcompanyareshownseparately in the consolidated ﬁnancialstatements.

The necessary taxdeferralsaremade forconsolidation procedures. NOTES

The following list shows the fullyconsolidated companiesincluded in the consolidated ﬁnancialstatement.

AUSTRIA nominalcapitalstake TATS/T€ %

“A-WAYInfrastrukturprojektentwicklungs-und -betriebsGmbH”,SpittalanderDrau€35100.00 “Daheim”Bau-und Wohnungseigentumsgesellschaftm.b.H., Vienna€36 100.00 “DOMIZIL”BauträgerGmbH,Vienna€727 100.00 “FilmforumamBahnhof”Errichtungs-und Betriebsgesellschaftm.b.H., Vienna3,000 100.00 “Geschäfts-und Bürohaus Sterneckstraße Errichtungs-und BetriebsGmbH”,Vienna€35100.00 “SBS StrabagBauHolding ServiceGmbH”,SpittalanderDrau€35100.00 “WienerHeim”Wohnbaugesellschaftm.b.H., Vienna€741 100.00 ABR Abfall Behandlung und Recycling SchwadorfGmbH,Schwadorf€36 100.00 ANLAGENTECHNIK GMBH,Thalgau€1,000 100.00 Asphalt&Beton GmbH,Lendorf€36 100.00 AUSTRIA ASPHALTGmbH &CoOHG,SpittalanderDrau500 100.00 BauHolding BeteiligungsAG,SpittalanderDrau€48,000 100.00 Bitumen Handelsgesellschaftm.b.H.&CoKG,Loosdorf3,000 100.00 BITUNOVABaustofftechnik Gesellschaftm.b.H., SpittalanderDrau2,000 100.00 BMTI Baumaschinentechnik InternationalGmbH,Trumau€1,454 100.00 BRVZ Bau-, Rechen- u.VerwaltungszentrumGesellschaftm.b.H., SpittalanderDrau€37 100.00 Bug-AluTechnicGmbH,Kennelbach€5,000 100.00 BUSINESS BOULEVARD Errichtungs-und BetriebsGmbH,Vienna€90100.00 Eckstein Holding GmbH,Kennelbach1,000 100.00 ERMATEC Maschinen Technische Anlagen Gesellschaftm.b.H., Vienna€1,897100.00 F.Lang u.K.MenhoferBaugesellschaftm.b.H.&Co. KG,Eggendorf1,192100.00 FachmarktzentrumArland Errichtungs-und VermietungsgesellschaftmbH,Vienna500 100.00 Facility ManagementAustriaGmbH,SpittalanderDrau500 100.00 FUSSENEGGER Hochbauund Holzindustrie GmbH,Dornbirn€44 100.00 GoldeckBergbahnen GmbH,SpittalanderDrau€363 100.00 H.WesterthalerBaugesellschaftm.b.H., St.Johann i. Pongau36100.00 HEILIT+WOERNER BauGmbH,Vienna€80100.00 IlbauLiegenschaftsverwaltung GmbH,SpittalanderDrau€4,500 100.00 InnerebnerBaustahl GmbH,WienerNeustadt€36 100.00 INSOND GesellschaftmbH,Vienna€1,500 100.00 KAB Straßensanierung Gesellschaftm.b.H.&CoKG,SpittalanderDrau€133 50.60 Kanzel SteinbruchDennig GesellschaftmitbeschränkterHaftung, Gratkorn500 75.00 LeitnerGesellschaftm.b.H., Hausmening 4,800 100.00 MineralAbbauGmbH,SpittalanderDrau€36 100.00 Mischek BauträgerServiceGmbH,Vienna€36 100.00 Mischek Leasing einsGesellschaftm.b.H., Vienna€36 100.00 Mischek SystembauGmbH,Vienna€1,000 100.00 NordparkErrichtungs-und BetriebsGmbH,Innsbruck€35100.00 OAT-Bohr-und Fugentechnik Gesellschaftm.b.H., SpittalanderDrau1,000 51.00 OsttirolerAsphaltHoch- und Tiefbauunternehmung GmbH,Lavanti. Osttirol €36 80.00 Pagitz Metalltechnik GmbH,SpittalanderDrau€35100.00 PRO Liegenschaftsverwaltungs-und Verwertungsgesellschaftm.b.H., Vienna500 100.00 RBS Rohrbau-Schweißtechnik Gesellschaftm.b.H., Linz€291 100.00 StadtbaumeisterArchitektFranzBöhm GmbH,Vienna€36 100.00 StorfHoch- und Tiefbaugesellschaftm.b.H., Reutte€727 100.00 STRABAG AG,SpittalanderDrau€12,000 100.00 StrabagLiegenschaftsverwaltung GmbH,Linz€4,500 100.00 TPAGesellschaftfür Qualitätssicherung und Innovation GmbH,Vienna€37 100.00 Treuhandbeteiligung 500 100.00 STRABAG 2006 83

UNIPROJEKT Bau-und InnenbauGmbH,Vienna500 100.00 VAM-ValentinerAsphaltmischwerkGesellschaftm.b.H.&CoKG,Linz€73 75.00 VereinigteAsphaltmischwerke Gesellschaftm.b.H.&CoKG,SpittalanderDrau€263 50.00 ZentrumRennweg S-Bahn Immobilienentwicklung GmbH,Vienna500 99.00 Züblin Baugesellschaftm.b.H., Vienna35,000 100.00 Züblin Holding GesmbH,Vienna€35100.00

GERMANY nominalcapitalstake TDEM/T€ %

A.H.I-BAU Allgemeine Hoch- und Ingenieurbau-GmbH,Cologne 6,600 100.00 August &JeanHilpert GmbH &Co. KG,Nuremberg1,000 100.00 Baumann &BurmeisterGmbH,Halle/Saale €51 100.00 BauträgergesellschaftOlande mbH,Hamburg€2551.00 Bauunternehmung OhneisGesellschaftmitbeschränkterHaftung, Straubing 51 100.00 beckerbauGmbH u.Co.KG,Bornhöved €3,100 100.00 Beton und Recycling GmbH &Co. KG,Halberstadt€1,030 100.00 Blees-Kölling-BauGmbH,Cologne 2,500 100.00 BMTI -Baumaschinentechnik InternationalGmbH,Cologne €307 100.00 BRVZ Bau-Rechen-und VerwaltungszentrumGmbH,Dahlwitz/Hoppegarten 100 100.00 BRVZ Bau-Rechen-und VerwaltungszentrumGmbH,Cologne €30 100.00 CLS Construction LegalServicesGmbH,Cologne €25100.00 Colonius CarréEntwicklungsgesellschaftmbH,Cologne €100 51.00 Deutsche AsphaltGmbH,Cologne €26 100.00 DYWIDAG BauGmbH,Munich€25100.00 DYWIDAG-Holding GmbH,Cologne €500 100.00 DYWIDAG InternationalGmbH,Munich€5,000 100.00 DYWIDAG Schlüsselfertig und IngenieurbauGmbH,Munich€25100.00 EberhardtBau-GesellschaftmbH,Berlin 300 100.00 EberhardPöhnerUnternehmen für Hoch- und TiefbauGmbH,Bayreuth€30 100.00 EduardHachmann GmbH,Lunden €520 100.00 EichholzRail GmbH,Lauda-Königshofen €25100.00 EraprojectImmobilien-, Projektentwicklung und Beteiligungsverwaltung GmbH,Berlin 100 100.00 Erschließungsgesellschaft“AmSchloßberg”Pantelitz GmbH,Neubrandenburg€25100.00 ETG Erzgebirge Transportbeton GmbH,Freiberg€29060.00 Ezel Bauunternehmung Sindelﬁngen GmbH,Sindelﬁngen €310100.00 FriedrichPreusseBauunternehmung GesellschaftmitbeschränkterHaftung, Braunschweig €1,050100.00 GVD Versicherungsvermittlungen -Dienstleistungen GmbH,Cologne €26 100.00 HEILIT Umwelttechnik GmbH,Düsseldorf€100 100.00 HEILIT +WOERNER BauGmbH,Munich€18,000 100.00 Helmus Straßen-Bau-GesellschaftmbH &Co. KG,Vechta6,000 100.00 IlbauGmbH Deutschland, Berlin €4,700 100.00 IlbauLiegenschaftsverwaltung GmbH,Dahlwitz-Hoppegarten €7,669100.00 IndustriellesBauen BetreuungsgesellschaftGmbH,Stuttgart 500 100.00 JakobGärtnerGmbH,Friedberg54100.00 Josef Riepl Unternehmen für Hoch- und TiefbauGmbH,Regensburg20,000 100.00 Josef Riepl Unternehmen für Ingenieur-und HochbauGmbH,Schermbeck€900 100.00 LeonhardMoll Hoch- und TiefbauGmbH,Munich€51 100.00 LeonhardMoll TiefbauGmbH,Munich9,000 100.00 MAVMineralstoff-Aufbereitung und -Verwertung GmbH,Krefeld €600 50.00 NiersbergerGebäudemanagementGmbH &Co. KG,Erlangen €100 75.00 Ooms-Ittner-Hof GmbH,Cologne 1,000 100.00 OttoRohrGmbH,Helmstedt2,501100.00 PreusseBaubetriebeGesellschaftmitbeschränkterHaftung, Hamburg€1,050100.00 NOTES

PreusseBaubetriebeund ParntnerGmbH &Co. KG,Halberstadt€520 100.00 PreusseBauholding GmbH &Co. KG,Hamburg€15,340100.00 PROTECTAGesellschaftfür Oberﬂächenschutzschichten mbH,Düsseldorf500 75.00 PyhrnConcession Holding GmbH,Cologne €38100.00 PyhrnMotorwayGmbH,Aschheim €26 100.00 RKB Rohrleitungs-und KanalbauGmbH,Berlin €2,660 100.00 Roba AsphaltGmbH,Augsburg€560 100.00 Roba BaustoffGmbH,Augsburg10,226 100.00 Roba Transportbeton GmbH,Augsburg€520 100.00 Robert Kieserling Industriefußboden GesellschaftmitbeschränkterHaftung, Hamburg€1,050100.00 RodingerIngenieurbauGmbH,Roding €30 100.00 SAM Sächsische Asphaltmischwerke GmbH &Co. KG,Dresden €3,100 100.00 SATStraßensanierung GmbH,Horhausen €30 100.00 SBR VerwaltungsGmbH,Kehl €7,000 100.00 SF-AusbauGmbH,Freiberg€600 100.00 STRABAG AG,Cologne €104,78065.85 STRABAG Beton GmbH &Co. KG,Berlin 2,000 100.00 StrabagInternationalGmbH,Cologne 5,000 100.00 STRABAG Projektentwicklung GmbH,Cologne 20,000 100.00 STRABAG SportstättenbauGmbH,Dortmund 200 100.00 STRABAG UnterstützungskasseGmbH,Cologne €26 100.00 StratebauGmbH,Regensburg4,090100.00 TPAGesellschaftfür Qualitätssicherung und Innovation GmbH,Cologne €511 100.00 Z-BauGmbH,Magdeburg€100 100.00 Züblin DevelopmentGmbH,Cologne €5,000 100.00 Züblin Ed. AG,Stuttgart €20,45257.26 Züblin InternationalGmbH,Stuttgart €2,500 100.00 Züblin Projektentwicklung GmbH,Stuttgart 5,000 100.00 Züblin SpezialtiefbauGmbH,Stuttgart 6,000 100.00 Züblin StahlbauGmbH,Hosena3,000 100.00 Züblin Umwelttechnik GmbH,Stuttgart €2,000 100.00

BELGIUM nominalcapitalstake T€ %

N.V.STRABAG BelgiumS.A., Antwerp8,059 100.00 N.V.STRABAG Benelux S.A., Antwerp6,863 100.00 STRABAG BMTI Benelux,Antwerp19100.00 STRABAG BRVZ BENELUX,Antwerp19100.00

BULGARIA nominalcapitalstake TLEW %

BRVZ EOOD,Sofia100 100.00 INGSTROY SOFIA AD,Sofia13,313100.00 TPAEOOD,Sofia5100.00

CHILE nominalcapitalstake TCLP %

Züblin InternationalChile Ltda., Santiago de Chile 5,969100.00 STRABAG 2006 85

CHINA nominalcapitalstake TCNY %

Züblin ShanghaiChangjiang Construction Engineering Co. Ltd., Shanghai29,31275.00

DENMARK nominalcapitalstake TDKK %

Züblin ScandinaviaA/S,Viby500 100.00

CANADA nominalcapitalstake TCAD %

StrabagInc., Toronto8,000 100.00

CROATIA nominalcapitalstake THRK %

BMTI -gradevinski strojeviinternationald.o.o., Zagreb40100.00 BRVZ gradevinski-, racˇunovodstveni- iupravni centard.o.o., Zagreb20 100.00 MINERAL IGM dionicko drustvozaproizvodnjutrgovinugradevnim materijalom, Benkovac 10,681 100.00 PoduzeceZA CesteSplitdionicˇ ko drustvo, Split18,81087.31 Strabagzagradevinske posloved.o.o., Zagreb48,230 100.00 TPAodrzˇavanje kvalitetaiinovacijadrustvosogranicenom odgovornoscu,Zagreb20 100.00 Züblin Hrvatskad.o.o., Zagreb20 100.00

MALAYSIA nominalcapitalstake TMYR %

Züblin InternationalMalaysiaSdn.Bhd, KualaLumpur 1,000 100.00

NEDERLANDS nominalcapitalstake T€ %

STRABAG Bouw en Ontwikkeling B.V., Dordrecht450100.00

OMAN nominalcapitalstake TOMR %

Dyckerhoff&Widmann AG and PartnerLLC,Oman150100.00 STRABAG OMAN,Muscat1,000 100.00 NOTES

POLAND nominalcapitalstake TPLN %

Augustowskie PrzedsiebiorstwoDrogoweS.A., Augustow800 100.00 BHG sp. zo.o., Warsaw500 100.00 Bitupol sp. zo.o., Warsaw1,800 60.00 BMTI Polskasp. zo.o., Pruszkow2,000 100.00 BRVZ sp. zo.o., Warsaw500 100.00 Facility ManagementPolskasp. zo.o., Warsaw58 100.00 HEILIT +WOERNER Budowlanasp. zo.o., Wrocław16,140100.00 KopalniaGranitu Mikoszowsp. zo.o., Strzelin 9,361100.00 Kopalnie Melaﬁru wCzarnymBorzesp. zo.o., CzarnyBor9,700 99.23 PL-Bitunovasp. zo.o., Bierawa2,700 95.00 PrzedsiebiorstwoBudownictwaOgólnego iUslugTechnicznych, Slask, Katowice295 60.98 SATsp. zo.o., Olawa4,171100.00 STRABAG sp. zo.o., Warsaw11,000 100.00 TPAInstytut BadanTechnicznychsp. zo.o., Poznan600 100.00 Züblin Polskasp. zo.o., Poznan7,765100.00

PORTUGAL nominalcapitalstake TPTE %

ZUCOTEC Sociedade de Construções,Lda., Lisbon 40,000 100.00

QATAR nominalcapitalstake TRIY %

StrabagQatarW.L.L., Qatar200 100.00

ROMANIA nominalcapitalstake TRON/TUSD %

BitunovaRomanias.r.l., Bucharest 1697.77 BMTI -Tehnica UtilajelorPentru Constructii s.r.l., Bucharest 28100.00 BRVZ SERVICII &ADMINISTRARE s.r.l., Bucharest 278100.00 CarbSA,Brasov10,90999.47 DRUMCO SA,Timisoara12,95670.00 Strabags.r.l., Bucharest 13,108100.00 TPASocietatepentru asigurareacalitatii siinovatii s.r.l., Bucharest 0100.00

RUSSIAN FEDERATION nominalcapitalstake TRUR %

SAO BRVZ Ltd, Moscow313100.00 Strabagz.a.o., Moscow14,926 100.00 STRABAG 2006 87

SAUDI ARABIA nominalcapitalstake TSAR %

DywidagSaudi ArabiaLimited, Jubail Saudi Arabia10,000 100.00

SWEDEN nominalcapitalstake TSEK %

Züblin ScandinaviaAB,Sollentuna100 100.00

SWITZERLAND nominalcapitalstake TSFR %

BMTI GmbH,Erstfeld 20 100.00 BRVZ Bau-, Rechen- und VerwaltungszentrumAG,Erstfeld 100 100.00 Eggstein AG,Kriens1,850100.00 Egolf AG Weinfelden, Weinfelden 3,000 100.00 Egolf Baustoffe AG,Bürglen 1,200 100.00 Egolf Bauunternehmungen AG,Weinfelden 7,070 100.00 MeyerhansAG Amriswil, Amriswil 2,500 100.00 MeyerhansAG,Straßen- und TiefbauUzwil, Uzwil 100 100.00 Murer-StrabagAG,Erstfeld 6,500 100.00 Züblin-StrabagAG,Zurich13,450100.00

SERBIA nominalcapitalstake TCSD/TUSD %

Preduzecezaputeve“Zajecar” a.D.Zajecar,Zajecar282,002 93.29 “Putevi”Cacak, Cacak155,476 68.60 STRABAG Beogradd.o.o., Belgrade (TUSD)5 100.00 Vojvodinaput-Pancevoa.d. Pancevo, Pancevo179,70981.51

SLOVAKIA nominalcapitalstake TSKK %

BMTI SK s.r.o., Bratislava1,000 100.00 BRVZ s.r.o., Bratislava1,000 100.00 C.S.Bitunovaspol. s.r.o., Zvolen 36,000 100.00 ErrichtungsgesellschaftStrabagSlovensko s.r.o., Bratislava-Ruzinov200 100.00 KSR -KamenolomySR,s.r.o., Zvolen 744 100.00 OATspol. s.r.o., Bratislava6,000 100.00 PREFABRIKAT,spol. s.r.o., Vel‘ké Leváre199,164100.00 Slovasfaltspol.s.r.o., Bratislava277,835100.00 STRABAG s.r.o., Bratislava2,000 100.00 TPAs.r.o., Bratislava200 100.00 ZIPP BRATISLAVA spol. s.r.o., Bratislava4,000 100.00 NOTES

SLOVENIA nominalcapitalstake TSIT %

BRVZ centerzaracunovodstvoinupravljanje d.o.o., Ljubljana2,100 100.00 Gradbeno podjetje in kamnolom GRASTO d.o.o., Ljubljana80,85099.85 STRABAG gradbene storitved.o.o., Ljubljana2,100 100.00 STRABAG Imobilija-agencijazaposrednistvovprometu znepremicninami d.o.o., Ljubljana16,115 100.00

CZECH REPUBLIC nominalcapitalstake TCZK %

BHG CZ s.r.o., C ˇ eské Budeˇjovice200 100.00 BMTI CR s.r.o., Brno 100 100.00 BohemiaBitunova,spol s.r.o., Jihlava100 100.00 BRVZ s.r.o., C ˇ eské Budeˇjovice1,000 100.00 C ˇ MO-C ˇ eské amoravské Obalovnas.r.o., Sobeslav10,000 100.00 Dalnicni stavbyPraha,a.s., Prague136,000 100.00 Ilbauspol s.r.o., Prague20,600 100.00 KAMENOLOMY C ˇ Rs.r.o., Ostrava-Svinov106,200 100.00 MiTTaG spol. s.r.o. pozemni aprumyslovestavitelstvi, Brno 10,100 100.00 Na belidle spol s.r.o., Prague100 100.00 OATs.r.o., Prague4,000 80.00 PREFIN a.s., Chrudim 2,250100.00 PREZIPP,s.r.o., Chrudim 2,580100.00 SATs.r.o., Prague1,000 100.00 Strabaga.s., Prague1,119,600 100.00 TPACˇ Rs.r.o., Beroun1,000 100.00 ZIPP PRAHA,s.r.o., Prague17,100 100.00 Züblin spol s.r.o., Prague100,000 100.00

HUNGARY nominalcapitalstake THUF %

ASIA CenterIngatlanforgalmazo, Berbeado, HasznositoesKereskedelmi Kft., Budapest 1,830,080100.00 BHG Bitumen Kereskedelmi Kft., Budapest 3,000 100.00 BMTI NemzetköziEpitögepeszetiKft., Budapest 5,000 100.00 H-TPAInnovaciosesMinösegvizsgalo Kft., Budapest 113,000 100.00 KÖKA Kö-esKavicsbanyaszatiKft., Budapest 778,680100.00 MagyarAszfaltKeverekgyartoesEpitölpariKorlatolt,Budapest 100,000 100.00 OATKözlekedesiFelületek SpecialisJavitasaKorlatolt,Budapest 25,000 100.00 SATÚtjavítóKft., Budapest 268,000 100.00 STR LakasepitöKft., Budapest 352,000 100.00 StrabagEpitöZartköruen Muködo Reszvenytarsasag, Budapest 2,100,000 100.00 Szamito- esÜgyviteli KözpontKft., Budapest 45,000 100.00 SzentesiVasutepitöKft., Budapest 189,120 100.00 Züblin K.F.T,Budapest 3,000 100.00

UNITED ARAB EMIRATES nominalcapitalstake TAED/TRIY %

STRABAG DubaiLLC,Dubai(TAED)300 100.00 STRABAG 2006 89

CURRENCYTRANSLATION

The groupcurrencyisEuro. The ﬁnancialstatements forforeign companiesareconverted intoEuroaccording tothe functionalcurrencyconcept(IAS 21). Inall companiesthisisthe respectivelocalcurrency.

All balancesheetitemsareconverted atthe closing rateatthe balancesheetdate. Expenseand income itemsareconverted atthe average annualrate.

Inthe courseofconsolidation, currencytranslation differencesof T€ 17,861(previous yearT€ 6,563)are recognized in directlyequity in the 2006 ﬁnancialyear.The currencytranslation differencesbetween the closing rateforthe balancesheetand the average rateforthe income statementareallocated toequity.

The recognition of forwardexchange operationsdirectlyin equity (hedging) increased the retained earnings byT€ 7,299 (previous yeardecreaseofT€ 8,280).

Restatements in accordancewithIAS 29(FinancialReporting in Hyperinﬂationary Economies)werenot necessary.

ACCOUNTING POLICIES

PROPERTY,PLANT AND EQUIPMENT AND INTANGIBLE ASSETS

Acquired intangible assets and property,plantand equipmentarerecognized attheirinitialcosts orcosts of production minus depreciationsand impairments.Boththe directand the appropriatepartsof overheadcosts forthe self-constructed plants areincluded in the production costs.Borrowing costs in connection withthe purchaseorproduction arenotcapitalized.

Goodwill and intangible assets without adeterminable usefullife aresubjecttoanannualimpairmenttest in accordancewithIAS 36 based on whichthe valuation adjustmentisundertaken.

Otherintangible and tangible assets aredepreciated according tothe straight-line method overits estimated usefullifes.Ifthereisanindication thatanassetmaybeimpaired and if the presentvalueofthe futurecash surplusesislowerthanthe carrying value, then the asset‘s recoverable amountmust becalculated in accord- ancewithIAS 36. NOTES

The following usefullifeswereassumed in the determination of the rateofdepreciation/amortisation:

UsefulLife in Years Intangible Assets: PropertyRights 5-20 Software2-5 Patents,Licences3-10 Tangible Assets: Buildings10-50 InvestmentProperty10-35 Investments in Third-PartyBuildings5-40 Machinery 3-18 Ofﬁceequipment/Furnituresand ﬁxtures3-15 Vehicles4-10

Subsidiesand investmentallowancesof publicbodiesarededucted from the respectiveassetvalueand depreciated asplanned according tothe usefullife.

Land and realestate, whichareheld in ordertogain rentalincome and/ortoriseinvalue, arestated as investmentpropertyin accordancewithIAS 40since2006.The amountreported and the evaluation are made in accordancewiththe cost model. Investmentpropertyisrecognized atcost and depreciated within the straight-line method. Ifthe presentvalueofthe cashﬂowislowerthanthe carrying valuethen animpairmenttothe lowerfairvalueinaccordancewithIAS 36 ismade. The fairvalueofthisinvestment propertyisstated separately.Thisisdetermined according torecognised methodssuchasthe derivation of the currentmarketpriceofcomparable realestateorthe discounted cashﬂowmethod.

Leasing contracts on assets on whichall the chancesand risksessentiallylie withthe companyare treated asﬁnanceleases.The ﬁxed assets underlying theseleasing agreements arecapitalized atthe presentvalueofthe minimumpayments atthe beginning of leasing relationsand depreciated overits usefullife orovershortercontractterms.Theseareoffsetbythe liabilitiesarising from futureleasing payments,wherebythe formerarerecognized atthe presentvalueofthe outstanding obligationsatthe balancesheetdate.

Inaddition thereareleasing agreements fortangible assets,whichareregarded asoperatingleases. Leasing payments resulting from thesecontracts arerecognized asexpenditure.

FINANCIAL ASSETS

InaccordancewithIAS 28, investments in associatesarerecognized using the equity-method aslong as theyarenotimmaterial. Forpurposeoftransition toIFRS,the ﬁnancialstatements of the majorcompanies evaluated in accordancewiththe equity method aretobeadapted toIFRS in termsof uniformaccount- ing policies. STRABAG 2006 91

Subsidiarieswhicharenotconsolidated and otherinvestments whicharenotreported using the equity method arereported athistoricalcost orwiththe fairvalueinaccordancewithIAS 39inasfarasthisvalue canbereliablydetermined.

Interest-bearing loansare, aslong asno impairments arenecessary,reported atnominalvalue. Interest-free orlow-interest-bearing loansarediscounted totheirpresentvalue.

Securitiesclassified asavailable forsale areoninitialrecognition valued according toacquisition costs and laterrecognized atfairvalue. Fairvaluechangesareinprinciple recognized directlyin equity and only recognized in the consolidated income statementupon disposalofthe security.The permanentimpairmentof securitiesclassified asavailable forsale isrecorded through profitand loss.

DEFERRED TAXES

Deferred taxesaremeasured using the balancesheetliability method forall differencesbetween the valuation of the balancesheetitemsin the IFRS ﬁnancialstatements and the existing taxvalueatthe individualcom- panies.Furthermore, anyrealizable taxadvantage from existing lossescarried forwardwill beincluded in the calculation. Exceptionstothiscomprehensivetaxdeferralarebalancesfrom non-tax-deductible goodwill.

Deferred taxassets mayonlyberecognized if the associated taxadvantage islikelytoberealizable. The calculation of the taxdeferralisbased on the usualincome taxrateinthe respectivecountryatthe pointof the predicted reversal.

INVENTORIES

Inventory costs include cost of purchaseand production and arerequired tobestated atthe lowerof cost and netrealizable value.

Production costs include all directcosts aswell asappropriatepartsof overheadarising in the production. Distribution costs,aswell ascosts forgeneraladministration, arenotincluded in the production costs. Borrowing costs in connection tothe production arenotcapitalized.

TRADE AND OTHER RECEIVABLES

Trade receivablesand otherreceivablesareevaluated attheirnominalvalueminus valuation adjustments for realizable individualrisks.Graduated valuation adjustments areformed according toriskgroupsin orderto take generalloanriskson customerreceivablesintoconsideration.

Non-interest bearing and low-interest-bearing receivablesarediscounted. Foreign currencyreceivablesare evaluated on the balancesheetdateatthe valid exchange rateor,inthe caseofhedging, atthe hedged rate. NOTES

Inthe caseofreceivablesfrom construction contracts,the results arerealized according tothe percentage of completion method (IAS 11). The output volume actuallyattained atthe balancesheetdateservesas abenchmarkforthe degree of completion. Impending lossesfrom the furtherconstruction process are accounted forbymeansof appropriatedepreciations.

Ifthe costs incurred plus recognized proﬁts exceed the payments received forit,then thisisshownonthe assets side underreceivablesfrom construction contracts.Viceversa,thisisreported on the liabilitiesside underliabilitiesfrom construction contracts.

The results,inthe caseofconstruction contracts,whicharecarried out in consortiaarerealized according tothe percentage of completion method in accordancewiththe degree of completion on the balancesheet date. Impending lossesarising from furtherconstruction workareaccounted forbymeansof appropriate depreciations.Receivablesfrom orliabilitiestoconsortiainclude the proportionalcontractresultaswell as capitalcontributions,in- and outﬂows of cashand chargesresulting from services.

The valuation of otherassets ismade atpurchasecost minus impairments.

PROVISIONS

Provisionsforseverancepayments arecreated asaresultof statutory regulations.The groupisobliged topayaone-offseverancepaymenttoemployeesof domesticsubsidiariesin the caseofdismissalorat retirement.

The level of thispaymentdependson the numberof years atthe companyand amountdueatthe time of severanceand comestobetween 2and 12monthlysalaries.Aprovision ismade forthisobligation.

The provision forseverancepayments isdetermined byusing actuarialexpertise. Herethe futureclaim over the lengthofemploymentof the employeesiscollected while taking anyfuturepayrisesintoconsideration. The presentvalueofthe alreadyearned partial-claimson deadline dayisrecognized asthe provision.

Pension provisionsarecalculated according tothe projected unitcreditmethod (IAS 19). Thismethod determinesthe discounted post-employmentbeneﬁtobligation acquired uptothe balancesheetdate. Dueto the commitmentof ﬁxed pensions,itisnotnecessary toconsiderexpected futuresalary risesaspart of the actuarialparameters.

The effectin valueofthe change totheseassumptionsisrecognized asactuarialgainsand lossesand isfully and directlyrecognized in equity.Servicecosts arerecognized in the employee beneﬁts expense, interest costs in the allocation of provisionsin the ﬁnancialresult.

Old-age-part-time indemnity payments aredetermined according tothe same actuarialprinciplesasthe pension provisions. STRABAG 2006 93

The conditionsapplied tocalculatethe severanceand pension provisionsfordiscounting, payrisesand ﬂuctuation vary from countrytocountrydepending on the economicsituation. Life expectancyiscalculated according tothe respectivecountry’smortality tables.

The otherprovisionstake intoconsideration all realizable risksand uncertain obligations.Theyarerecognized atthe respectiveamount,whichisnecessary atthe balancesheetdateaccording tocommercialjudgement in ordertocoverfuturepaymentobligations,realizable risksand uncertain obligationswithin the group. Herebythe respectiveamountisrecognized, whicharisesasthe most probable on carefulexamination of the facts.Long-termprovisionsare, in asfarastheyarenotimmaterial, entered intothe accounts attheir discounted discharge amounton the balancesheetdate. The discharge amountalsoincludesthe cost increasestobeconsidered on the reporting date. Provisionswhicharisefrom the obligation torecultivate gravel sitesareallocated according tothe rateofutilization.

LIABILITIES

Liabilitiesarebasicallyrecognized atthe repaymentamount.Foreign currencyliabilitiesareevaluated atthe closing rateatthe balancesheetdate. Interest free liabilities,especiallythosefrom ﬁnanceleasing liabilities, areaccounted atthe presentvalueofthe repaymentobligation.

Costs related tothe issueofcorporatebondsarecapitalized in the yearof issueand deducted overthe term.

CONTINGENT LIABILITIES

Contingentliabilitiesarepresentorpossible futureobligationswhicharenotreflected in the balancesheet asliabilitieseitherbecauseanoutflowof resourcesisnotprobable orbecausethe amountof the obligation cannotbeassessed in advancewithsufficientreliability.The amountof the contingentliabilitiesreported correspondstothe amountof existing guaranteesoutstanding on balancesheetdate.

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES

Derivativeﬁnancialinstruments areemployed exclusivelytomitigaterisksarising from movements in exchange ratesand interest rates.The utilization of ﬁnancialderivativesissubjecttointernalguidelinesand controls.

All derivativeﬁnancialinstruments areaccounted foratfairvalueinaccordancewithIAS 39and reported underOtherReceivablesorOtherLiabilities.

Derivativeﬁnancialinstruments aremeasured on the basisof inter-bank conditionsand, if necessary,the loan margin applicable forSTRABAG orstockexchange price, underapplication of the buying and selling rateon the balancesheetdate. Wherestockexchange pricesarenotused, the fairvalueiscalculated bymeansof ﬁnancialmathematicmethods. NOTES

Gainsand lossesfrom derivativefinancialinstruments designated asqualified hedging instruments within the frameworkofafairvaluehedge, orforwhichnoqualified hedge relationship in accordancewithIAS 39could beestablished and whichthereforedonotqualifyforhedge accounting, arerecognized withaneffecton income in the consolidated income statement.Results from derivativefinancialinstruments forwhichacash flowhedge hasbeen formed and whoseeffectiveness hasbeen established arecarried in equity withnoeffect on income uptothe dateofrealization of the hedge transaction. Anypotentialchangesin results duetothe ineffectiveness of thesefinancialinstruments arerecognized in the income statementwithanimmediateeffect on income.

ESTIMATES

Estimationsand assumptions,whichrefertothe amountand recognition of the assets and liabilitiesaccounted, the income and expenditureaswell asthe statementof contingentliabilities,arenecessary forthe preparation of the consolidated financialstatementaccording toIFRS and essentiallyconcernthe assessmentof building projects until completion, in particularthe amountof the realization of profits,the accounting and evaluation of provisionsand the impairmenttest of goodwill and otherassets.Inthe caseoffuture-oriented assumptionsand estimationson the balancesheetdatethe realisticallyexpected developmentof the globaland branch-related environmentaretaken intoaccountwithregardtothe expected futurebusiness developmentatthe time of the preparation of the consolidated financialstatements.Inthe caseofdevelopments in the underlying conditions whichdeviatefrom the assumptionsand whicharebeyond the control of the managementboardthe amount whichactuallyresults candeviatefrom the estimated values.Inthe casethatsuchadevelopmentoccurs, the assumptionsand, if necessary,the carrying valuesof the affected assets and liabilitiesareadjusted tothe latest information. Asthe consolidated financialstatementisbeing prepared, therearenosignswhichindicate the necessity tosignificantlychange the underlying assumptionsand estimations.

NOTES ON THE ITEMS IN THE CONSOLIDATED INCOME STATEMENT

(1) REVENUE

The revenueofT€ 9,430,621(2005: T€ 6,955,797)isattributed in particulartorevenuefrom construction contracts,revenuefrom ownprojects,trade toand servicesforconsortia,aswell asotherservicesand propor- tionallyacquired proﬁts resulting from consortia.Revenuefrom construction contracts containing the annual- ized part of proﬁts according tothe level of completion of the respectivecontract(percentage of completion method) amounttoT€ 8,769,273 (2005: T€ 6,379,703).

Revenueaccording tobusiness ﬁeldsand regionsarerepresented individuallyin the segmentreporting. STRABAG 2006 95

Revenueprovidesonlyanincompletepictureofthe output volume achieved in the ﬁnancialyear.Additionally, therefore, the totaloutput volume of the groupisrepresented, whichincludesthe proportionaloutput of consortiaand participation companies:

2006 2005 in Mio. €in Mio. € Germany3,988 3,523 Austria2,0791,924 Hungary 806 938 CzechRepublic791 714 Poland 551 433 Slovakia300 253 Croatia191 241 RussianFederation 173 92 otherCEE countries220 157 Rest of CEE 1,4351,176 Switzerland 323 295 Benelux 219 209 otherEuropeancountries159 83 Rest of Europe 701587 Middle East 203 127 America 144 82 Africa 128112 Asia110132 Rest of World 585 453 TotalOutput Volume 10,385 9,315

(2)OTHER OPERATING INCOME

2006 2005 T€ T€ Gainson disposalorwrite-upof property,plant,equipmentexcluding ﬁnancialassets 24,39021,539 Income from reversalofprovisions12,306 3,063 Other194,804125,299 231,500 149,901

The otherremaining operating income includesrevenuefrom letting and leasing, insurancecompensation, exchange ratedifferences,reversalofvaluation allowances,aswell asrevenuefrom re-charging aswell as income from initialconsolidation and de-consolidation of companieswhichisnotattributable tootheritems. NOTES

(3)RAWMATERIALS,CONSUMABLES AND SERVICES USED

2006 2005 T€ T€ Rawmaterials,consumables2,214,915 1,621,586 Servicesused 4,373,1933,398,021 6,588,1085,019,607

Servicesused aremainlyattributed toservicesof subcontractors and professionalcraftsmen aswell as planning services,machine rentalsand third-partyrepairs.

(4) EMPLOYEE BENEFITS EXPENSE

2006 2005 T€ T€ Wages705,556557,586 Salaries771,791 554,610 Socialsecurity and related costs 323,946266,238 Expensesforseverancepayments and contributionstoemployee providentfund 10,859 7,830 Expensesforpensions and similarobligations3,0353,564 Othersocialexpenditure16,473 12,048 1,831,660 1,401,876

The expensesforseverancepaymentand contributionstothe employee providentfund and expensesfor pensionsand similarobligationsinclude the expensesforservicecosts and indemnity claimsresulting from old-age-part-time claimsin the business year.Actuarialgainsand losseswererecognized directlyin equity. The proportion of interest included in the expensesforseverancepayments aswell asforpensionsand other obligationsarerecognized in the ﬁnancialresult.

The average numberof employees withthe proportionalinclusion of all participation companiesisas follows:

2006 2005 T€ T€ Salaried Employees19,133 16,805 Labourers 33,83827,708 52,97144,513 STRABAG 2006 97

(5) DEPRECIATION AND AMORTIZATION EXPENSE

Depreciationsand impairments on property,plantand equipmentand intangible assets arerepresented in the consolidated statementof changesin ﬁxed assets.Inthe yearunderreport impairments on property, plantand equipmenttothe amountof T€ 3,940weremade (2005: T€ 402). Impairmenton goodwill amounts toT€ 15,120 (2005: T€ 15,188) and mainlyresultfrom twofactors:Onthe one side the decision of the restructuring of the niche business ﬁeld of façade construction in 2006 and on the otherside animpairment on goodwill allocated toHeilit+WoernerBudowlana,Poland, duetoongoing lossesof the companywas necessary.

(6)OTHER OPERATING EXPENSES

The otheroperating expensesof T€ 614,264(2005: T€ 400,981) mainlyinclude generaladministrativecosts, travel and advertising costs,insurancepremiums,proportionaltransferof lossesfrom consortia,impairment of receivables,the balanceofallocationstoand utilisation of provisions,legaland advisory costs,rental and leasecosts and losseson the disposalofassets (excluding ﬁnancialassets). Othertaxesamounting to T€ 29,392(2005: T€ 27,479) areincluded.

Spending on researchand developmentaroseinvarious specialtechnicalproposals,inconnection with concretecompetitiveprojects and in the introduction of building processesand products intothe market,and wasthereforerecognized in full in income statement.

(7)SHARE OF PROFIT OR LOSS OF ASSOCIATES

2006 2005 T€ T€ Income from investments in associates77,0876,980 Expensesarising from investments in associates-101-1,556 76,9865,424

(8) NET INVESTMENT INCOME

2006 2005 T€ T€ Investmentincome 25,71319,691 Expensesarising from investments -5,353-2,473 Gainson the disposaland write-upofinvestments 3,737 939 Impairmentof investments -2,432 -15,958 Losseson the disposalofinvestments -27 -2 21,6382,197 NOTES

(9) OTHER FINANCIAL RESULTS

2006 2005 T€ T€ Interest and similarincome 35,61635,458 Interest and similarexpenses-91,999 -65,863 Netinterest income -56,383-30,405 Otherfinancialincome 2,126 2,463 Otherfinancialexpenses-1,894 -472 Otherfinancialresults 232 1,991 -56,151 -28,414

Included in interest and similarexpensesareinterest components from the allocation of severancepayment and pension provisionsamounting toT€ 14,888 (2005: T€ 9,568).

(10)INCOME TAXEXPENSE

Income taxincludestaxespaid in the individualcompaniesorowed on income and revenue, aswell as deferred taxesand the payments of additionaltaxpayments resulting from taxaudits:

2006 2005 T€ T€ CurrentTaxes82,91744,826 Deferred Taxes-19,718 -4,677 63,199 40,149

The reasonsforthe differencebetween the Austriancorporateincome taxrateof25%valid in 2006 and the actualconsolidated taxrateareasfollows:

2006 2005 T€ T€ Earningsbeforetaxes287,203 134,715 Theoreticaltaxexpenditure25% 71,800 33,679 Differencestoforeign taxrates2,476 -2,530 Non-tax-deductible expenses2,207 6,635 Tax-free earnings-6,850-4,629 Taxeffects of resultfrom associates-561-620 CapitalConsolidation -1,154 2,123 Additionaltaxpayments 300 1,463 Change of valuation adjustmenton deferred taxassets -98 8,844 Other-4,921-4,816 Recognized income tax63,199 40,149 STRABAG 2006 99

NOTES ON ITEMS IN THE CONSOLIDATED BALANCE SHEET

(11) PROPERTY,PLANT AND EQUIPMENT AND INTANGIBLE ASSETS

The composition and changesin tangible and intangible assets isshownapart in the Consolidated statement of changesin ﬁxed assets.

Leasing

Duetoexisting ﬁnanceleasing contracts,the following book valuesareincluded in property,plantand equipmentassets on the balancesheetdate:

31.12.2006 31.12.2005 T€ T€ Propertyleasing 43,43545,209 Machinery leasing 26,262 25,488 69,69770,697

Offsetagainst theseareliabilitiesarising from the presentvalueofleasing obligationsamounting toT€ 63,296 (2005: T€ 61,920).

The termsof the ﬁnanceleasesforpropertyarebetween 4and 20 years,while thoseformachinesare between 2and 5years.

Insubsequentbusiness years the following payments will arisefrom ﬁnancialleases:

31.12.2006 31.12.2005 T€ T€ Termuptoone year16,398 16,837 Termbetween one and ﬁveyears 32,80929,444 Termoverﬁveyears 26,35718,274 75,56464,555

Inaddition tothe ﬁnanceleases,therearealsooperating leasesforthe utilization of technicalequipmentand machinery.The expensesfrom thesecontracts arerecognized in the income statement.The payments made forthe 2006 business yearamounttoT€ 54,252(2005: T€ 47,216).

Paymentobligationsarising from operating leaseagreements in subsequentbusiness years arerepresented as follows:

31.12.2006 31.12.2005 T€ T€ Termuptoone year24,141 20,201 Termbetween one and ﬁveyears 60,172 47,248 Termoverﬁveyears 60,09757,644 144,410125,093 NOTES

Restrictionson property,plantand equipment

Onthe reporting date, therewererealsecuritiesforavalloansof 5,2Mio €.

Onthe balancesheetdatetherewerenosigniﬁcantcontractualcommittents foracquisition of property,plant and equipmentwhichhavenotbeen considered in the ﬁnancialstatement.

(12)INVESTMENT PROPERTY

The developmentof investmentpropertyisshowninthe consolidated change of ﬁxed assets (see page 68), asof 31December2006 the fairvalueofthe investmentpropertyessentiallycorrespondstothe carrying value.

The rentalincome from investmentpropertyamounted toT€ 10,516in the 2006 ﬁnancialyear. Directoperating expensestotaling T€ 10,841 consisted of T€ 10,822 in expensesforrented and T€ 19 for unrented investmentproperties.

Test track, Wörth, Germany STRABAG 2006 101

(13)FINANCIAL ASSETS

Detailed information on the group‘s investments (sharesof morethan20 %) canbefound in the list of subsidiaries,associated companiesand investments.

The developmentof the ﬁnancialassets in the ﬁnancialyearwasasfollows:

BalanceonCur-ChangesChangesAd- Trans-Dis-Impair- Balanceon 01.01.2006 rencyin according ditionsfers posalsments 31.12.2006 Trans-Scope of toIAS 39 lation Consoli- noteffecting dation netincome T€ T€ T€ T€ T€ T€ T€ T€ T€ Investments in associates64,84255011,235018,853019,986075,494 Investments in subsidiaries76,322 -159 -15,849 012,8612,3752,6611,311 71,578 Loansto subsidiaries385 09203,003 385 1,386544 1,935 Other investments 112,303 135-1,455 94224,005-2,3755401,121131,894 Loansto participation companies5,800 0-4750527 -3,485 1,045 01,322 Securities26,788 -11 4,220 01,16403,205523 28,433 Otherloans84,172 02502,184 03,253083,128 370,612515 -2,207 94262,597-3,100 32,076 3,499 393,784

Ofthe securities,T€ 6,705(2005: T€ 22,098) havebeen pledged ascollateralforsector-typicalcontingentliabilities.

The following table shows ﬁnancialinformation of the associated companies(100 %):

2006 2005 T€ T€ Totalassets 391,935649,675 Totalliabilities250,030 508,184 Revenue437,031457,555 Proﬁtforthe period 30,26422,306 NOTES

(14) DEFERRED TAXES

Temporary differencesin amounts stated in the IFRS ﬁnancialstatements and the respectivetaxamounts stated affectthe taxaccrualsand deferralsrecognized in the balancesheetasfollows:

31.12.2006 31.12.2005 Assets LiabilitiesAssets Liabilities T€ T€ T€ T€ Property,plantand equipment and intangible assets 8,788 -37,8166,510-36,526 Financialassets 1,204-9,489 1,891 -673 Inventories4,943-849 6,334-172 Trade and otherreceivables18,310-72,094 35,847-89,791 33,245 -120,248 50,582-127,162 Provisions80,072 -10,36468,574-9,654 Liabilities11,104-398 11,500 -2,456 Taxloss carryforward93,404091,5560 Deferred taxassets/liabilities217,825-131,010222,212-139,272 Netting out of deferred taxassets and liabilities tothe same taxauthorities-124,954 124,954 -135,755 135,755 Deferred taxesnetted out 92,871-6,05686,457-3,517

Based on the currentlyvalid taxregulations,itcanbeassumed thatthe differencesbetween the tax-related investments and the proportionalequity of the subsidiariesincluded in the consolidated ﬁnancialstatements remain basicallytax-free. Thereforetherewasno accrualordeferraloftaxes.

Deferred taxeson lossescarried forwardwerecapitalized asthesecanprobablybeoffsetwithfuturetaxable proﬁts.

Nodeferred taxassets weremade fordifferencesin book valueonthe assets side and taxlossescarried forwardof473.1 Mio €(2005: 464.6Mio €), astheireffectiveness asﬁnaltaxrelief isnotsufﬁcientlyassured.

(15) INVENTORIES

31.12.2006 31.12.2005 T€ T€ Rawmaterials,auxiliary suppliesand fuel 115,341 95,055 Finished goodsand buildings84,258 134,608 Unﬁnished goodsand buildings176,970 285,534 Developmentland 73,073 97,950 Payments made 6,723 5,570 456,365618,717 STRABAG 2006 103

(16)RECEIVABLES AND OTHER ASSETS

31.12.2006 31.12.2005 totalcurrentnon-currenttotalcurrentnon-current T€ T€ T€ T€ T€ T€ Trade receivables: Receivablesfrom construction contracts 3,251,8433,251,84302,667,355 2,666,266 1,089 Advancesreceived -2,379,855 -2,379,855 0-1,785,929-1,785,9290 871,988 871,988 0881,426 880,337 1,089 Othertrade receivables1,172,633 1,142,060 30,573 811,721769,19242,529 Receivablesfrom consortia301,294 301,294 0299,049 299,049 0 2,345,915 2,315,34230,573 1,992,1961,948,57843,618

Otherreceivables and otherassets: Receivablesfrom subsidiaries78,99278,992062,526 56,272 6,254 Receivablesfrom participation companies39,79039,076 714 29,53427,541 1,993 Otherreceivablesand accrualsand deferrals216,935197,467 19,468208,076 183,154 24,922 335,717315,53520,182300,136 266,967 33,169

Receivablesfrom construction contracts wereasfollows:

31.12.2006 31.12.2005 T€ T€ All contracts in progress atbalancesheetdate: Costs incurred tobalancesheetdate4,927,5644,500,341 Proﬁts arising tobalancesheetdate171,717162,003 Accumulated losses-179,238-148,268 minus receivablesrecognized underliabilities-1,668,200 -1,846,721 3,251,8432,667,355 NOTES

Receivablesfrom construction contracts amounting toT€ 1,668,200 (2005: T€ 1,846,721) arerecognized in liabilities,asadvancesreceived exceed the receivables.

Asisusualinthe industry,the customerhasthe contractualrighttoretain part of the totalamountof the invoice. Theseretentionsare, however,redeemed asarule bysecurity (bank orgroupguarantees).

Trade receivablesin 2005contained trade receivablesfrom the Republicof Iraqin the amountof 80,5 Mio €. Thisamountwasfullyreceived in March2006.

(17)CASH AND CASH EQUIVALENTS

31.12.2006 31.12.2005 T€ T€ Securities3,90810,236 Cashonhand 2,7832,302 Bank deposits 579,574543,319 586,265555,857

Ofthe cashand cashequivalents,T€ 9,741 (2005: T€ 1,023)arepledged tosecureguarantees.

(18) EQUITY

The fullypaid-in sharecapitalamounts to€70,000,000 and issplitinto70,000,000 no-parshares.

The AnnualGeneralMeeting of 29November2006 authorized the ManagementBoard, withapprovalbythe Supervisory Board, toincreasethe company’ssharecapitalagainst cashcontributionsorcontributionsin kind byupto€35,000,000 through the issueof35,000,000 newsharesto€105,000,000 (approved capital) within ﬁveyears of entryof the amendments tothe articlesof incorporation in the companyregister.

Retained earningsinclude differencesarising from currencytranslation, statutory and mandatory reserves, ﬁnancialinstrumentchangesrecorded directlyin equity (including hedging reserves), aswell aschangesin equity recorded directlyfrom actuarialgains/lossesfrom the calculation of provisionsforpersonnel. The retained earningsalsoinclude the proﬁtforthe period aswell asthe resultbroughtforwardfrom previous periodsof STRABAG SE and its consolidated subsidiaries,asfarasthesewerenoteliminated bythe capitalconsolidation.

Following the mergerof the corporateholding companyFIMAG Finanz-Industrie und ManagementAG into STRABAG SE,the consolidated ﬁnancialstatements nowreﬂectthe sharecapitaland capitalreservesof STRABAG SE.Minority interests resulting from the 59.9 %stake of FIMAG FinanzIndustrie ManagementAG in STRABAG SE weredisposed effective3July2006 and recognized directlyin equity asretained earningsof the amount260 Mio €.

Changesin equity arising from the mergerand detailson the equity of STRABAG SE canbefound in the statementof Changesin Equity (see P.67). STRABAG 2006 105

(19) PROVISIONS

BalanceonReclas-CurrencyChangesAllo- Appro- Utili- Balanceon 1.1.2006 siﬁcation Translation in Scope cation priation sation 31.12.2006 of Consoli- dation T€ T€ T€ T€ T€ T€ T€ T€ Provisionsfor severance payments 54,3801,141 01,9109,31207,177 59,566 Provisionsfor pensions257,395 0030,119 13,466 018,399 282,581 Provisionsfor taxes23,4740-71,24317,452465,026 37,090 Otherprovisions: Construction- related provisions295,889 -615 6,07429,717121,5868,377 77,819 366,455 Personnel- related provisions114,017-13,130 -2,93516,972 64,648 236 42,278137,058 Other provisions110,987777 -1,458 9,144 59,9803,64726,580149,203 856,142-11,827 1,67489,105286,444 12,306 177,2791,031,953

Provisionsforseverancepayments showthe following development:

2006 2005 T€ T€ Presentvalueofthe defined benefitobligation (severancepayment)on1January 54,38048,990 Changesin scope of consolidation 1,910807 Reclassifications1,141 0 CurrentServicecosts 3,0962,181 Interest costs 2,6292,430 Severancepayments -7,177 -4,244 Actuarialgains/losses3,5874,216 Presentvalueofthe defined benefit obligation (severancepayment)on31December59,566 54,380

The provisionsforpensionsareformed forobligationsfrom the righttofuturepension payments and current payments topresentand past employeesand theirdependents.The obligationsprimarilyrefertoretirement pensions.The individualcommitments aregenerallydetermined according tothe employmentconditionsof the employee atthe time of the commitment(and lengthofservice, salary of employee). Basicallyno new commitments havebeen awarded since1999.

The companypension scheme consists of anon-fund-financed, defined benefitpension plan. Inthe caseof defined benefitpension systems,the companyisobliged tofulfill paymentcommitments topresentand past employees.Therearenodefined contribution plansin the formoffinancing byrelief fundsoutside the group. NOTES

The amountof the provision iscalculated using acturialmethodsbased on biometrictablesbyKlaus Heubeck(Germany)orthe AVÖ1999 (Austria). Thisisbased on adiscounting rateof4.75%(2005: 4.75%) forprovisionsforseverancepayments and pensionsand asalary increaseof2.00 %(2005: 2.00 %) in the caseofsalary-related commitments.Forfuturepension increases,arateofescalation issetdependenton the contractualadaptation terms.

Withreferencetothe companyagreementconcerning the old-age-part-time settlement,whichhadinitially affected the operativeGermancompaniesin the STRABAG Groupin2000,furtheradditionalobligations forretirementindemnity payments incurred. Theseobligationshavebeen transferred tothe STRABAG UnterstützungskasseGmbH,Cologne. The old-age-part-time indemnity payments aredetermined using the same basicprinciplesasforthe pension provisions.Theyareincluded in the groupasaresultof the consolidation of the STRABAG UnterstützungskasseGmbH,Cologne.

The developmentof the provisionsforpensions isshownbelow:

2006 2005 T€ T€ Presentvalueofthe defined benefitobligation (pension) on 1January 257,395 141,688 Changesin scope of consolidation 30,119 113,874 CurrentServicecosts 2,1401,019 Interest costs 12,259 7,138 Pension payments -18,399 -11,829 Actuarialgains/losses-933 5,505 Presentvalueofthe defined benefitobligation (pension) on 31December282,581 257,395

thereof deducted planassets T€ -4,709(2005: T€ 4,797)

The construction-related provisionsinclude otherwarranty obligations,costs of the contractexecution and subsequentcosts of invoiced contracts,aswell asimpending lossesfrom projects pending whicharenot accounted forelsewhere. The personnel-related provisionsessentiallyinclude anniversary bonus obligations, contributionstooccupationalaccidentfundsaswell ascosts of the old-age-part-time scheme and personnel downsizing measures.

Otherprovisionsinclude provisionsfordamagesand litigationsand restructuring. The provision in connection tothe fraudand betrayalsuspicion Chemitz isalsoreﬂected underotherprovisions.

Contractfor60newshopping centresin Slovenia STRABAG 2006 107

(20)LIABILITIES

The liabilitiescanberepresented asfollows:

31.12.2006 31.12.2005 thereof thereof totalcurrentnon-currenttotalcurrentnon-current T€ T€ T€ T€ T€ T€ FinancialLiabilities: Bonds300,000 50,000 250,000 225,000 0225,000 Bank borrowings552,384 374,022 178,362 651,241 330,335320,906 Liabilities from ﬁnanceleases63,29610,97552,32161,920 8,899 53,021 Otherliabilities, accrualsand deferrals3,85303,8533,703 03,703 919,533 434,997484,536 941,864339,234602,630

Trade payables: Liabilitiesfrom construction contracts -1,668,200 -1,668,200 0-1,846,721-1,846,7210 Advancesreceived 1,910,2741,910,27402,239,0862,238,141 945 Othertrade payables1,611,5921,598,200 13,3921,341,1391,317,007 24,132 Payablestoconsortia207,315 207,315 0213,972 213,972 0 2,060,981 2,047,589 13,3921,947,476 1,922,399 25,077

OtherLiabilities: Payablestosubsidiaries35,95035,950039,741 39,741 0 Payables toparticipation companies24,90524,905018,03518,0350 Otherliabilities, accrualsand deferrals460,554 451,5399,015 414,682403,53411,148 521,409512,394 9,015 472,458 461,31011,148

Inordertosecureliabilitiestobanks,realsecuritiesamounting toT€ 364,730 (2005: T€ 440,642)havebeen booked. NOTES

(21) CONTINGENT LIABILITIES

The companyhasaccepted the following guarantees:

31.12.2006 31.12.2005 T€ T€ Guaranteeswithout ﬁnancialguarantees 37,007 31,228

Duetonewregulationsin IAS 39financialguaranteesarenotshownascontingentliabilitiesbut areinstead reflected in the balancesheet.The amountof outstanding financialguaranteesareshownundercreditrisk (see 23). Prioryearfigureshavebeen adjusted accordingly.

Ascustomary in the industrythe STRABAG Grouphasissued bid, perfomance, advancepaymentand warranty guaranteesand incurred jointliabilitieswithotherpartners in consortia.

(22)NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT

The representation of the cashflowstatementwasmade according tothe indirectmethod and separated intothe cashflows classified byoperating, investing and financing activities.The cashand cashequivalents include exclusivelycashonhand, bank deposits and short-termsecurities.Anyeffects of changesin consolidation wereeliminated and represented in the cashflowfrom investing activities.

The cashand cashequivalents arecomposed asfollows:

31.12.2006 31.12.2005 T€ T€ Securities3,90810,236 Cashonhand 2,7832,302 Bank deposits 579,574543,319 586,265555,857

(23)FINANCIAL INSTRUMENTS

The financialinstruments basicallyinclude primary and derivativefinancialinstruments.Financialassets, trade receivables,cashatbanks,financialliabilitiesand trade and otherpayablesformthe most significant basisforthe existing groupprimary financialinstruments.The amountof primary financialinstruments arises from the balancesheet.

Derivativeinstruments areexclusivelyused tosecureexisting risksin changesof currencyand interest rates.The useofderivativeﬁnancialinstruments in the groupissubjecttothe appropriateauthorization and supervision processes.The connection toamainstaybusiness isamust,trading isnotpermissible. STRABAG 2006 109

STRABAG SE agreed amedium-termnoteprogramme of 500 Mio €in the 2001business year.Therewere issued 3tranchesof 50Mio €eachwithin the scope of the medium-termnoteprogramme and one tranche of 75Mio €between 2002 -2005. InJune 2006 anadditionaltranche of 75Mio €withatermof5years wasissued.The annualcoupon of thistranche is5.25%.Borrowing viathe capitalmarkets issigniﬁcant. According tothe marketsituation on the capitalmarkets,furtherbondsareplanned. The corporatebonds improvethe matching of maturitiesin the ﬁnancing structure.

Interest raterisk

The financialinstruments bearvariable interest rateson the assets side, on the liabilitiesside thereareboth variable and fixed interest obligations.The riskoffinancialinstruments bearing variable interest ratesconsists of increasing interest chargesand decreasing interest revenueresulting from anunfavourable change in marketinterest rates.Fixed interest obligationsmainlyresultfrom the tranchesof the bondsissued amounting toatotalof300 Mio €aswell asfrom the derivativeinterest instruments.

Asof 31December2006,the following hedging transactionsexisted:

2006 2005 NominalvalueMarketValueNominalvalueMarketValue T€ T€ T€ T€ Interest rateswaps25,594 364135,000 -795 1,2502300 387-795

The amountof bank deposits and bank borrowingsaccording tocurrency–giving the average interest rateat balancesheetdate–isrepresented asfollows:

Bank deposits Carrying Weighted average Valueinterest rate T€ 2006 EUR 451,6432.64 CZK 30,2421.56 PLN 23,3013.07 RON 22,855 3.90 Other51,533 2.26 579,574

Bank borrowings Carrying Weighted average Valueinterest rate T€ 2006 EUR 426,5974.45 HUF 114,5698.61 PLN 5,2384.80 CHF 4,918 3.17 Other1,062 4.94 552,384 NOTES

CurrencyRisk

Duetothe decentralized natureofthe group, characterized bylocalcompaniesin the respectivecountries, mainlyclosed currencypositionsappearin the balancesheet.Thismeansthatreceivablesand liabilitiesfrom business activitiesmainlyoffseteachotherin the same currency.

Loanﬁnancing and investments werepredominantlymade bythe groupcompaniesin the respective country’slocalcurrency.Inordertosecurethe remaining currencyrisk, derivativeﬁnancialinstruments, aboveall forwardexchange operations,weretransacted. The respectivetermisunderone year.

On31December2006 following hedging transactionsexisted:

2006 2005 CurrencyNominalMarketValueCurrencyNominalMarketValue ValueT€ ValueT€ CurrencySwapsTCZK 00TCZK 934,000 -109 TPLN 00TPLN 120,1758 TSKK 00TSKK 65,000 1 THRK 00THRK 57,200 6 0-94 ForwardExchange THUF 23,069,362 8,695 THUF 00 OperationsTPLN 96,3781,076 TPLN 151,366 2,525 TPLN 251,708-553TPLN 00 TCZK 413,39671TCZK 00 TCAD 3,500 -7TCAD 00 TDKK 1,1400TDKK 00 9,2822,525 9,2822,431

Developmentof signiﬁcant currenciesin the group:

Exchange Average Exchange Average RateRateRateRate 31.12.2006 2006 31.12.20052005 1€=1€=1€=1€= HUF 251.7700 264.1729252.6650248.6283 CZK 27.485028.2358 28.9900 29.7575 SKK 34.435037.057537.8700 38.5742 PLN 3.83103.9066 3.86864.0329 HRK 7.35047.3177 7.36257.3928 CHF 1.60691.5767 1.5555 1.5476

Asof the balancesteetdate, acommodity hedge withthe marketvalueofT€ 61(Previous year:T€ 0)exists.

Ofthe derivativefinancialinstruments classified ascashflowhedgesasof 31December2005, T€ 2,431were shifted from equity and recognized in the consolidated statementof income. STRABAG 2006 111

CreditRisk

The riskforreceivablesfrom clients can, duetothe wide dispersion and aconstantcreditworthiness check, berated asvery low.

The riskofdefaultforotherprimary financialinstruments shownonthe assets side canalsoberegarded as low,asthe contractpartners areexclusivelyfinancialinstitutionswiththe highest level of creditworthiness. The maximumriskofdefaultisthe book valuesof eachfinancialassetin the balancesheet.

Furthermore, thereisaderived creditriskarising from the ﬁnancialguarantee contracts (guaranteesissued) of T€ 30,700 (previous year:T€ 36,984).

MarketValues

The marketvalueofthe financialassets and liabilitieswithvariable interest ratearedepicted underthe respectiveitems.The marketvalueoffixed interest bearing financialliabilitiesand derivatefinancial instruments werecalculated on the basisof recognised measurementmethods.Marketvaluesof derivative financialinstruments areshownunderthe hedging transactions.Marketvaluesof the fixed interest bearing financialliabilitiesamounttoT€ 324,005asof 31December2006 (Carrying amountasof 31December2006 T€ 328,420).

(24) SEGMENT REPORTING

The segments arepresented according tobusiness ﬁelds(primary segmentreporting) and regions(secondary segmentreporting). The segmentation according tobusiness ﬁeldscorrespondstothe internalgroup reporting. Assets and liabilitiesaswell asexpenseand revenuewereattributed tothe individualsegments onlyasfarastheycould beattributed directlyorbyapplying anallocation according tothe principle of causation tothe respectivesegment.Itemsnotattributed in thiswayareshownunderMiscellaneous.This segmentprimarilyincludesgroupmanagement,commercialadministration, IT and machine management. Intra-segmenttransactionsarebased on arm’s lengthprices.

ElbeBridge, Mühlberg, Germany NOTES

Primary SegmentReporting

The primary segmentreporting comprisesthe following business ﬁelds:

Building Construction and Civil Engineering

Inthe field of Building Construction, bothclassicalbuilding servicesaswell asturnkeybuilding projects are executed aspart of the mainstaybusiness.The range of construction servicesin thisfield includeshousing; commercialand industrialfacilitiessuchasshopping centres,business parks,officebuildings,hotels,air- portsand railwaystations; publicbuildingssuchashospitals,universitiesschoolsand otherpublicbuildings; the production of prefabricated elements; and steel-girderand façade construction.

Inparticularmedium-sized and large-scale projects –predominantlyforprivateclients –formthe coreofthe business activities.Regionalorganizationalunits workthe respectivelocalmarkets and areactiveasself- contained and independentproﬁtcentres.

Civil Engineering activitiesinclude the construction of bridges,powerplants and specialfoundation engineering. Environmentalengineering activities–including the construction of landﬁlls,wastetreatment plants,and wastewatercollection and treatmentsystems,aswell asthe regeneration of polluted soilsand industrialsites–arehandled bythe Civil Engineering business ﬁeld aswell.

Galvanizing facility,steel works,Linz,Austria STRABAG 2006 113

RoadConstruction

Thisbusiness ﬁeld covers mainlyasphaltand concreteroadconstruction in the Group’s relevantcountry markets.Otherservicesencompassed bythe RoadConstruction division include the remaining activities attributable tocivil engineering, e.g. sewerengineering and pipeline construction, smallerand medium-sized engineering-related concretestructures,and paving. The RoadConstruction segmentfurthercomprisesthe construction of large-areaworkssuchasrunways and taxiways,reloading and parking facilities,sport and recreation facilitiesand railwaystructures.

The production of asphalt,concreteand otherconstruction materials,aswell asbitumen trading, areimpor- tantpartsof the RoadConstruction segmentaswell. The construction materialsbusiness includesadense networkofasphaltand concretemixing facilities,aswell asexcellentaccess torawmaterials(in particular gravel pits and quarries).

Unlike isthe casewithprojects handled bythe Civil Engineering division, the servicesin thisbusiness ﬁeld arecarried out bysmaller,localorganizationalunits working alimited, regionalmarketasindependentproﬁt centres.

Tunnelling and Services

The range of Tunnelling servicesincludesthe construction of roadand railwaytunnelsaswell asunderground galleriesand chambers withvarious technology.Tunnelling workisdone employing bothcyclicaland continuous driving. Projects around the world aremanaged and executed bycentralorganizationalunits.

The Servicesbusiness field encompassesthoseprojectdevelopmentcontracts around the world which include all integrated servicessuchasfinancing, operation, marketing and utilization, aswell asthe usual construction services,within the frameworkofavalue-added chain in anoverall project.Servicesinclude infrastructureprojects (e.g. traffic,energy), aswell asbuilding projects forofficeand commercialproperties orhotels.

The EBIT canbebroken downasfollows:

2006 2005 T€ T€ Earningsbeforeﬁnancialresultand tax244,730 155,508 Shareofproﬁtorloss of associates76,9865,424 Netinvestmentincome 21,6382,197 EBIT 343,354 163,129

The revenuesand expensesfrom investments aswell asfrom associated companiesconcernbusiness- induced investments whichformanimportantcomponentof the group‘s operating activity. NOTES

2006 SEGMENT REPORT

RoadConstruction Building Construction and Civil Engineering

BUSINESS FIELD 2006 20052006 2005 T€ T€ T€ T€ Output Volume 4,646,303 4,171,527 4,898,7644,356,938 Revenue4,216,820 3,655,248 4,257,2432,733,300 Inter-segmentrevenue27,819 132,900 105,654 66,311 EBIT 220,40875,82853,39248,686 thereof shareof proﬁtorloss of associates74,284 1,25000 Segmentassets 1,376,584 1,197,7961,455,970 1,525,650 thereof investments in associates53,633 48,670 00 Segmentliabilities1,110,0971,038,2641,455,3131,520,146 Investments in tangible and intangible assets 0000 Depreciation on tangible and intangible assets 0000 thereof impairment0000

Employees25,04721,937 22,52517,283

SECONDARY SEGMENT

GermanyAustria

REGION 2006 20052006 2005 T€ T€ T€ T€ Revenue3,716,611 2,357,7682,212,4682,191,931 Segmentassets 2,160,823 2,107,8961,381,2311,402,424 Investments in tangible and intangible assets 99,858 38,10584,74671,205

The representation of the secondary segmentreporting ismade according tothe location of the company headquarters. STRABAG 2006 115

Tunnelling and ServicesMiscellaneous and Consolidation Total

2006 20052006 20052006 2005 T€ T€ T€ T€ T€ T€ 693,218 624,528146,826 161,854 10,385,111 9,314,847 935,213540,11021,345 27,1399,430,6216,955,797 5,000 0443,601357,533 68,09637,977 1,458 638343,354 163,129

2,7534,174-51 076,9865,424 453,977 734,6012,289,295 1,668,8805,575,826 5,126,927

21,86116,172 0075,494 64,842 365,512634,660 1,609,0101,028,3874,539,932 4,221,457

13,258 7,220 333,762 297,611 347,020 304,831

6,814 9,502 222,864169,175229,678178,677

0019,060 15,59019,060 15,590

1,5381,459 3,8613,83452,97144,513

Rest of Europe Rest of World and Consolidation Total

2006 20052006 20052006 2005 T€ T€ T€ T€ T€ T€ 3,051,8862,296,245 449,656109,8539,430,6216,955,797 1,849,930 1,517,738183,84298,8695,575,826 5,126,927

143,124142,806 19,29252,715 347,020 304,831 NOTES

(25) NOTES ON RELATED PARTIES

The shareholders of STRABAG SE arethe Haselsteiner-Group, aswell asthe Raiffeisen-Holding NÖ-Wien Groupand the UNIQA-Group, withwhom arm‘s-lengthbusiness relationsexist.

Inpast business years,the STRABAG SE Grouptransferred propertyprojectcompaniesagainst the granting of participation rights toIDAG Immobilienbeteiligung u.-DevelopmentGmbH whichisheld bythirdparties. Itisthe business purposeofIDAG Immobilienbeteiligung u.-DevelopmentGmbH todevelop propertyand to participateinpropertyprojects.

Inthe 2001business year,all sharesin IDAG Immobilienbeteiligung u.-DevelopmentGmbH aswell asall the participation rights held bySTRABAG SE and bySTRABAG AG,wereacquired byATLAS Immobilien &DevelopmentPrivatstiftung. InNovember2002 50%ofthe sharesand participation rights of IDAG Immobilienbeteiligung u.-DevelopmentAktiengesellschaftweretransferred byATLAS Immobilien & DevelopmentPrivatstiftung toARION Immobilien &DevelopmentPrivatstiftung.

Strabag’s ofﬁcebuildingsin Viennaand Grazareheld in the realestateportfolio of subsidiariesof IDAG Immobilienbeteiligung u.–DevelopmentGmbH.The buildingsarelettoand in part subletbySTRABAG SE at the usualmarketconditions.Rentalcosts arising from bothbuildingsin the 2006 ﬁnancialyearamounted to T€ 6,086(Previous year:T€ 6,067).

Inthe 2006 ﬁnancialyear,revenueofaround 6Mio €weregenerated withIDAG Immobilienbeteiligung u. -DevelopmentGmbH.Onthe balancesheetdateof31December2006,the STRABAG SE Grouphadreceiva- blesamounting toaround 77 Mio €and rentdeposits amounting to14Mio €from IDAG Immobilienbeteiligung u.-DevelopmentGmbH,ATLAS Immobilien &DevelopmentPrivatstiftung and ARION Immobilien &Develop- mentPrivatstiftung and theirsubsidiaries.

TogetherwithR.B.T.Beteiligungsgesellschaftm.b.H,“URUBU”Holding GmbH (bothRaiffeisen group) and UNIQA Beteiligungs-Holding GmbH,Raiffeisen evolution projectdevelopmentGmbH,ajointprojectdevelop- mentcompany,wasfounded in September2003.

Raiffeisen evolution projectdevelopmentGmbH bundlesprojectdevelopments in building construction activitiesof the shareholders (without Germanyand Benelux). The STRABAG SE Groupisemployed in the construction workonthe basisof arm‘s-lengthcontracts.

The shareholders of the Raiffeisen evolution projectdevelopmentGmbH havebasicallyagreed toproportion- allyacceptanyobligationsarising from the projectdevelopments. STRABAG 2006 117

(26)NOTES ON THE MANAGEMENT AND SUPERVISORY BOARDS AND THE EMPLOYEES

BOARD OF MANAGEMENT:

Dr.HansPeterHASELSTEINER (Chairman) Prof. Dr.Ing. e.h. Manfred NUSSBAUMER (ViceChairman) (since1.1.2006) Ing. Fritz OBERLERCHNER (ViceChairman) Dr.ThomasBIRTEL (since1.1.2006) Dipl.-Ing. NematollahFARROKHNIA Dipl.-Ing. Roland JURECKA (since3.7.2006) Mag. Wolfgang MERKINGER Mag. HannesTRUNTSCHNIG (since3.7.2006)

SUPERVISORYBOARD:

Univ.Prof. DDr.WaldemarJUD (Chairman) (since29.11.2006) Dr.ChristianKONRAD (Chairman) (until 29.11.2006) Mag. Erwin HAMESEDER (ViceChairman) (since29.11.2006) KR Herbert SCHIMETSCHEK (ViceChairman) (until 29.11.2006) Mag. arch. Julius EBERHARDT (until 3.7.2006) Dr.GerhardGRIBKOWSKY (since3.7.2006) Dr.Jürgen KUCHENWALD Dr.Gottfried WANITSCHEK PeterNIMMERVOLL (workscouncil) Josef RADOSZTICS (workscouncil) GerhardSPRINGER (workscouncil)

The employee beneﬁts expensesand otheroperating expensesinclude the totalsalariesof the members of the boardwithT€ 5,751 (2005: T€ 5,580). The severancepayments of T€ -68(2005: T€ 421) affectthe members of the board.

Noremuneration waspaid tomembers of the supervisory board. Neitherthe members of the managementboardnorthe members of the supervisory boardofSTRABAG SE received advancesorloans. NOTES

(27)EVENTS AFTER THE BALANCE SHEET DATE

Pending approvalbythe cartel authorities,STRABAG will acquirethe Polishconstruction companyNCC Poland from its SwedishparentNCC for€110million. In2006,NCC Poland turned over€110million and employed 900 people. NCC Poland isactiveinthe roadconstruction segmentand hasanumberof quarries and asphaltmixing facilitiesatits disposal. Withthe acquisition, STRABAG signiﬁcantlyexpandsits current activitiesin Poland.

InJanuary 2007,STRABAG acquired Linde KCA-Umweltanlagen GmbH,Dresden, from The Linde Group. Linde KCA hasbeen activeinthe field of environmentaltechnologyfordecadesand hasachieved anexcel- lentmarketposition through the developmentof proprietary processesand technologiesaswell ascustom solutionsforspecifictasksin the fieldsof wastetreatment,wastewaterpurification, watertreatmentand waste gasand airpurification.

AlsoinJanuary,STRABAG acquired OttokarKlugGes.m.b.H.The Vienna-based companyisactiveinthe ﬁeld of wastemanagement.The range of servicesprovided bythe previouslyfamily-owned companyincludes containerservices,sand and gravel deliveries,demolition and exaction worksand awastesorting facility.

Tocompletethe range of servicesin railwayconstruction, STRABAG acquired the Essen-based Fahrleitungs- bauGmbH in March2007.The dealispending approvalbythe cartel authorities.The company’sbusiness activitiescoverthe entirevalue-added chain forthe construction of railroadoverheadlines.While specialized in the construction of overheadlinesforlocalpublictransport systems(tramways and suburbanmetropolitan railways), the companyalsocarriesout selected projects on the long-distancerailwaynetwork.

Subjecttothe granting of the anti-trust approvalpartsof the Kurz group, Walchsee, wereacquired. Through thisacquisition building construction and civil engineering in the Tyrol region (Austria)canbeextended and newregionalmarkets in the ﬁeld of rawmaterialscanbeopened up. STRABAG 2006 119

(28) EARNINGS PER SHARE

The earningspersharearecalculated bydividing the proﬁtforthe period attributable toequity holders of the parentbythe weighted average numberof the ordinary sharesand participation rights outstanding during the year.

The earningspershareshownfor2006 arenotcomparable to2005duetothe change of the headofgroup from FIMAG FinanzIndustrie ManagementAG toSTRABAG SE:

2006 2005 Proﬁtforthe period attributable toequity holders of the parentin T€ 191,351 49,938 Weighted numberof sharesoutstandig during the year70,000,000 6,742,240 Earningspersharein€2.73 7.41

Villach, 10April 2007

BoardofManagement

Dr.HansPeterHaselsteiner

Prof. Dr.Ing. e.h. Manfred NußbaumerIng. Fritz OberlerchnerDr.ThomasBirtel

Dipl.-Ing. NematollahFarrokhniaDipl.-Ing. Roland JureckaMag. Wolfgang Merkinger

Mag. HannesTruntschnig NOTES

UNQUALIFIED INDEPENDENT AUDITOR‘SREPORT

Report on the consolidated ﬁnancialstatements

Wehaveaudited the accompanying consolidated financialstatements of STRABAG SE,Villach, Austria forthe financialyearfrom January 1toDecember31, 2006.Theseconsolidated financialstatements com- prisethe balancesheetasatDecember31, 2006,and the income statement,statementof changesin equity and cashflowstatementforthe yearended December31, 2006,and asummary of significantaccounting policiesand otherexplanatory notes.

Management’sResponsibility forthe Consolidated FinancialStatements

Managementisresponsible forthe preparation and fairpresentation of theseconsolidated ﬁnancial statements in accordancewithInternationalFinancialReporting Standardsasadopted bythe EU.This responsibility includes:designing, implementing and maintaining internalcontrol relevanttothe preparation and fairpresentation of ﬁnancialstatements thatarefree from materialmisstatement,whetherduetofraud orerror; selecting and applying appropriateaccounting policies; and making accounting estimatesthatare reasonable in the circumstances.

Auditor‘s Responsibility

Our responsibility istoexpress anopinion on theseconsoldiated ﬁnancialstatements based on our audit. Weconducted our auditin accordancewithlaws and regulationsapplicable in Austriaand in accordance withInternationalStandardson Auditing, issued bythe InternationalAuditing and AssuranceStandardsBoard (IAASB)ofthe InternationalFederation of Accountants (IFAC). Thosestandardsrequirethatwecomplywith ethicalrequirements and planand performthe audittoobtain reasonable assurancewhetherthe consolidated ﬁnancialstatements arefree from materialmisstatement.

Anauditinvolvesperforming procedurestoobtain auditevidenceabout the amounts and disclosuresin the consolidated financialstatements.The proceduresselected depend on the auditor’sjudgement,including the assessmentof the risksof materialmisstatementof the consolidated financialstatements,whetherduetofraud orerror.Inmaking thoseriskassessments,the auditorconsiders internalcontrol relevanttothe entity’sprepara- tion and fairpresentation of the consolidated financialstatements in ordertodesign auditproceduresthatare appropriateinthe circumstances,but notforthe purposeofexpressing anopinion on the effectiveness of the entity’sinternalcontrol. Anauditalsoincludesevaluating the appropriateness of accounting policiesused and the reasonableness of accounting estimatesmade bymanagement,aswell asevaluating the overall presenta- tion of the consolidated financialstatements. STRABAG 2006 121

Webelievethatthe auditevidencewehaveobtained issufﬁcientand appropriatetoprovide abasisforour auditopinion.

Opinion

Our auditdid notgiverisetoanyobjections.Based on the results of our auditin our opinion, the consolidated financialstatements presentfairly,inall materialrespects,the financialposition of the groupasof December31, 2006,and of its financialperformanceand its cashflows forthe financialyearfrom January 1toDecember31, 2006 in accordancewithInternationalFinancialReporting Standardsasadopted bythe EU.

Report on OtherLegaland Regulatory Requirements

Laws and regulationsapplicable in Austriarequireus toperformauditprocedureswhetherthe consolidated managementreport isconsistentwiththe consolidated ﬁnancialstatements and whetherthe otherdisclosures made in the consolidated managementreport do notgiverisetomisconception of the position otthe group.

Inour opinion, the consolidated managementreport forthe groupisconsistentwiththe consolidated ﬁnancial statements.

Linz,April 10,2007

T&A KPMG AustriaGmbH Wirtschaftsprüfungs-und Wirtschaftsprüfungs-und SteuerberatungsgesellschaftmbH SteuerberatungsgesellschaftmbH

Dr.Helge LöfflerMag. PeterHumerDr.Helge LöfflerMag. PeterHumer AustrianCertified AustrianCertified AustrianCertified AustrianCertified PublicAccountantPublicAccountantPublicAccountantPublicAccountant

Thisreport isatranslation of the originalreport in German, whichissolelyvalid. Publication of the consolidated ﬁnancialstatements togetherwithour auditor‘s opinion mayonlybemade if the ﬁnancialstatements are identicalwiththe audited version attached tothisreport.§281 Abs2öUGB applies.

STRABAG 2007 123 ADDRESSES ADDRESSES

AUSTRIA INSOND GesellschaftmbH A-1030 Vienna,Ungargasse64/Stg. 2,TOP 306 STRABAG SE Tel.: +43(0)1 /877 3588-0,Fax:+43(0)1 /877 66 29-11 A-1220 Vienna,Donau-City-Straße 9 Tel.: +43(0)1 /22422 -0,Fax:+43(0)1 /22422 -1003 KAB Straßensanierung GmbH &CoKG A-3382Loosdorf, WienerStraße 24 ABR Abfall Behandlung und Recycling SchwadorfGmbH Tel.: +43(0)27 54 /6844-0,Fax:+43(0)27 54 /6844-305 A-2432 Schwadorf, Müllnerstraßl 3 Kanzel SteinbruchDennig Tel.: +43(0)22 30 /291 67 -0,Fax:+43(0)22 30 /291 67 -18 GesellschaftmitbeschränkterHaftung A-8046Graz-Gratkorn, AndritzerReichsstraße 162 ANLAGENTECHNIK GMBH Tel.: +43(0)316/692811 A-5303 Thalgau,Breitwies32 Tel.: +43(0)62 35/6471-0,Fax:+43(0)62 35/6471-299 LeitnerGesellschaftm.b.H. A-3363 Neufurth-Amstetten, Rauscherstraße 10 Asphalt&Beton GmbH Tel.: +43(0)7475/522 21-0,Fax:+43(0)7475/522 21-33 A-9800 Spittal/Drau,Ortenburgerstraße 27 Tel.: +43(0)4762/620 -0,Fax:+43(0)4762/49 62 MineralAbbauGmbH A-9800 Spittal/Drau,Ortenburgerstraße 27 AUSTRIA ASPHALTGmbH &CoOHG Tel.: +43(0)4762/620 -0,Fax:+43(0)4762/49 62 A-2492Eggendorf, Tritolstraße Tel.: +43(0)26 22 /23577,Fax:+43(0)26 22 /23577 -40 Mischek BauträgerServiceGmbH A-2201Gerasdorf, Hugo Mischek Straße 10 Bitumen Handelsgesellschaftm.b.H.&Co.KG Tel.: +43(0)22 46/2155-0,Fax:+43(0)22 46/2155-599 A-3382Loosdorf, WienerStraße 24 Tel.: +43(0)27 54 /6486-0,Fax:+43(0)27 54 /6486-222 Mischek SystembauGmbH A-2201Gerasdorf, Hugo Mischek Straße 10 BITUNOVA Baustofftechnik Gesellschaftm.b.H. Tel.: +43(0)22 46/2155-0,Fax:+43(0)22 46/2155-598 A-3382Loosdorf, WienerStraße 24 Tel.: +43(0)27 54 /6981, Fax:+43(0)27 54 /6874 OAT-Bohr-und Fugentechnik Gesellschaftm.b.H. A-9800 Spittal/Drau,Ortenburgerstraße 27 Bug-AluTechnicGmbH Tel.: +43(0)4762/620 -0,Fax:+43(0)4762/789 A-6850Dornbirn, Gütlestraße 5 Tel.: +43(0)55 72 /24381 OsttirolerAsphaltHoch- und Tiefbauunternehmung GmbH A-9900 Lienz,Oberlienz61 ERMATEC Maschinen Technische Anlagen Tel.: +43(0)48 52/644 46-0,Fax:+43(0)48 52/644 46-6 Gesellschaftm.b.H. A-1220 Vienna,Donau-City-Straße 9 Pagitz Metalltechnik GmbH Tel.: +43(0)1 /22422 -0,Fax:+43(0)1 /22422 -22 26 A-9360 Friesach, Industriestraße 42 Tel.: +43(0)4268/2577 -0,Fax:+43(0)4268/2577 -29 F.Lang u. K.MenhoferBaugesellschaftmbH &Co.KG A-2492Eggendorf, Tritolstraße RBS Rohrbau-Schweißtechnik Gesellschaftm.b.H. Tel.: +43(0)26 22 /23574-0,Fax:+43(0)26 22 /23574-40 A-4614 Marchtrenk, Westbahnstraße 62/1 Tel.: +43(0)72 43/50800 -0,Fax:+43(0)72 43/50800 -870 Facility ManagementAustriaGmbH A-1220 Vienna,Donau-City-Straße 9 StadtbaumeisterArchitektFranzBöhm GmbH Tel.: +43(0)1 /22422 -0,Fax:+43(0)1 /22422 -1356 A-1220 Vienna,Donau-City-Straße 9 Tel.: +43(0)1 /22422 -0,Fax:+43(0)1 /22422 -1525 FUSSENEGGER Hochbauund Holzindustrie GmbH A-6850Dornbirn, Gütlestraße 5 StorfHoch- und Tiefbaugesellschaftm.b.H. Tel.: +43(0)55 72 /24381 -0,Fax:+43(0)55 72 /24381 -20 A-6600 Reutte, Mühlerstraße 35 Tel.: +43(0)5672/6911-0,Fax:+43(0)5672/6911-101 GoldeckBergbahnen GmbH A-9800 Spittal/Drau STRABAG AG Tel.: +43(0)4762/2864-0,Fax:+43(0)4762/5335 A-9800 Spittal/Drau,Ortenburgerstraße 27 Tel.: +43(0)4762/620 -0,Fax:+43(0)4762/49 62 H.WesterthalerBaugesellschaftm.b.H. A-5600 St.Johann/Pongau,Urreiting 92 A-1220 Vienna,Donau-City-Straße 9 Tel.: +43(0)6462 /2337-0,Fax:+43(0)6462 /49 48 Tel.: +43(0)1 /22422 -0,Fax:+43(0)1 /22422 -22 26

InnerebnerBaustahl Gesellschaftm.b.H. UNIPROJEKT Bau-und InnenbauGmbH A-2512Oeynhausen, Jochäckerstraße 8 A-1220 Vienna,Donau-City-Straße 9 Tel.: +43(0)22 52/44651, Fax:+43(0)22 52/44753 Tel.: +43(0)1 /22422 -0,Fax:(0)1 /22422 -1505 STRABAG 2006 125

VAM-ValentinerAsphaltmischwerk BRVZ Bau-Rechen-und VerwaltungszentrumGmbH Gesellschaftm.b.H.&Co.KG D-50679Cologne, SiegburgerStraße 241 A-4300 St.Valentin, Neu-Thurnsdorf21 Tel.: +49 (0)221/824-01, Fax:+49 (0)221/824-2936 Tel.: +43(0)7435/544 71 CLS Construction LegalServicesGmbH “WienerHeim”Wohnbaugesellschaftm.b.H. D-50679Cologne, SiegburgerStraße 241 A-1030 Vienna,Ungargasse64/Stg. 4, TOP 302 Tel.: +49 (0)221/824-01, Fax:+49 (0)221/824-2936 Tel.: +43(0)1 /360 70 -0,Fax:+43(0)1 /360 70 -351 Deutsche AsphaltGmbH D-50679Cologne, SiegburgerStraße 241 Züblin Baugesellschaftm.b.H. Tel.: +49 (0)221/824-01, Fax:+49 (0)221/824-26 11 A-1030 Vienna,Ungargasse64/Stg. 2,TOP 306 Tel.: +43(0)1 /60145-0,Fax:+43(0)1 /60145-10 DYWIDAG BauGmbH D-80807 Munich, Mies-van-der-Rohe-Straße 6 Züblin Holding Ges.m.b.H. Tel.: +49 (0)89 /360 555 -20,Fax:+49 (0)89 /360 555 -2498 A-1030 Vienna,Ungargasse64/Stg. 2,TOP 306 Tel.: +43(0)1 /60145-0,Fax:+43(0)1 /60145-10 DYWIDAG InternationalGmbH D-81677 Munich, KlausenburgerStraße 9 Tel.: +49 (0)89 /921048 -0,Fax:+49 (0)89 /921048 -36 88 SERVICEBETRIEBE DYWIDAG Schlüsselfertig und IngenieurbauGmbH BMTI Baumaschinentechnik InternationalGmbH D-80807 Munich, Mies-van-der-Rohe-Straße 6 A-9800 Spittal/Drau,Ortenburgerstraße 27 Tel.: +49 (0)89 /360 555 -2423,Fax:+49 (0)89 /360 555 -2498 Tel.: +43(0)4762/620 -640,Fax:+43(0)4762/620 -788 EberhardPöhner Unternehmen für Hoch- und TiefbauGmbH BRVZ Bau-, Rechen- und Verwaltungszentrum D-95447Bayreuth, Leuschnerstraße 20 Gesellschaftm.b.H Tel.: +49 (0)921/5305-0,Fax:+49 (0)921/5305-11 A-9800 Spittal/Drau,Ortenburgerstraße 27 Tel.: +43(0)4762/620 -0,Fax:+43(0)4762/620 -294 EduardHachmann GmbH D-25774Lunden, Koogchaussee 24 BRVZ IT (INFOSYS) Tel.: +49 (0)48 82/599 -0,Fax:+49 (0)48 82/599 -44 A-9800 Spittal/Drau,Ortenburgerstraße 27 Tel.: +43(0)4762/620 -0,Fax:+43(0)4762/620 -443 EichholzRail GmbH D-97922 Lauda-Koenigshofen, Bahnhofstraße17 TPAGesellschaftfür Qualitätssicherung und Tel.: +49 (0)9343/506 -0,Fax:+49 (0)9343/506 -111 Innovation GmbH A-1220 Vienna,Polgarstraße 30 Ezel Bauunternehmung Sindelﬁngen GmbH Tel.: +43(0)1 /21728-312,Fax:+43(0)1 /21728-112 D-71069Sindelﬁngen, Maybachstraße 21 Tel.: +49 (0)70 31/7361-0,Fax:+49 (0)70 31/7361-20

GERMANY GVD Versicherungsvermittlungen -Dienstleistungen GmbH D-50679Cologne, SiegburgerStraße 241 Tel.: +49 (0)221/824-02,Fax:+49 (0)221/824-2877 Baumann &BurmeisterGmbH D-06258 SchkopauOT Doellnitz,BerlinerStraße 100 HEILIT+WOERNER BauGmbH Tel.: +49 (0)345 /7825320,Fax:+49 (0)345 /7825320 D-80807 Munich, Mies-van-der-Rohe-Straße 6 Tel.: +49 (0)89 /360 555 -50,Fax:+49 (0)89 /360 555 -5790 beckerbauGmbH u. Co.KG D-24619 Bornhoeved, SegebergerLandstraße 54-58 HEILIT Umwelttechnik GmbH Tel.: +49 (0)4323/81 -0,Fax:+49 (0)4323/81 -184 D-40470 Düsseldorf, VogelsangerWeg 111 Tel.: +49 (0)211 /6104-50,Fax:+49 (0)211 /6104-555 Beton und Recycling GmbH &Co.KG D-38822 HalberstadtOT Emersleben, EmerslebenerWeg 1a Helmus Straßen-Bau-GesellschaftmbH und Co.KG Tel.: +49 (0)394 24/953-0,Fax:+49 (0)394 24/953-95 D-49377 Vechta,ZumLangenberg2 Tel.: +49 (0)44 41 /888 -0,Fax:+49 (0)44 41 /888 -309 Blees-Kölling-BauGmbH ILBAU GmbH Deutschland D-50679Cologne, SiegburgerStraße 229a D-12103 Berlin, Bessemerstraße 42b Tel.: +49 (0)221/824-01, Fax:+49 (0)221/824-20 44 Tel.: +49 (0)30 /754 87-0,Fax:+49 (0)30 /754 87-365

BMTI -Baumaschinentechnik InternationalGmbH IndustriellesBauen BetreuungsgesellschaftGmbH D-50679Cologne, SiegburgerStraße 241 D-70567 Stuttgart,Albstadtweg 3 Tel.: +49 (0)221/824-01, Fax:+49 (0)221/824-2418 Tel.: +49 (0)711 /7883-0,Fax:+49 (0)711 /7883-9342 ADDRESSES

JakobGärtnerGmbH SATStraßensanierung GmbH D-86316Friedberg, Afrastraße 44 D-56593Horhausen, Industriepark2 Tel.: +49 (0)821/267893-0,Fax:+49 (0)821/609381 Tel.: +49 (0)26 87/891 -0,Fax:+49 (0)26 87/891 -43

Josef Riepl Unternehmen für Hoch- und TiefbauGmbH SF-AusbauGmbH D-93059 Regensburg, ImGewerbeparkD55 D-09599 Freiberg, ZugerStraße 13 Tel.: +49 (0)941 /5682-0,Fax:+49 (0)941 /5682-403 Tel.: +49 (0)37 31/7878-0

LeonhardMoll Hoch- und TiefbauGmbH STRABAG AG D-80807 Munich, Mies-van-der-Rohe-Straße 6 D-50679Cologne, SiegburgerStraße 241 Tel.: +49 (0)89 /360 555 -0,Fax:+49 (0)89 /360 555 -7897 Tel.: +49 (0)221/824-01, Fax:+49 (0)221/824-2936

MAVMineralstoff-Aufbereitung und -Verwertung GmbH STRABAG Beton GmbH &Co.KG D-12057Berlin, Neuköllnische Allee1-3 D-47809Krefeld, BataverStraße 7-9 Tel.: +49 (0)30 /683928-0,Fax:+49 (0)30 /683928-77 Tel.: +49 (0)2151/574-810,Fax:+49 (0)2151/574-849 STRABAG InternationalGmbH NiersbergerGebäudemanagementGmbH &Co.KG D-50679Cologne, SiegburgerStraße 241 D-90471Nuremberg, Lina-Ammon-Straße 22 Tel.: +49 (0)221/824-2989, Fax:+49 (0)221/824-2462 Tel.: +49 (0)911 /981 81 -0,Fax:+49 (0)911 /981 81 -29 STRABAG Projektentwicklung GmbH Ooms-Ittner-Hof GmbH D-50679Cologne, Dr.-Simons-Straße 20 D-50679Cologne, SiegburgerStraße 229a Tel.: +49 (0)221/824-01, Fax:+49 (0)221/824-2173 Tel.: +49 (0)221/824-2943,Fax:+49 (0)221/824-22 44 STRABAG SportstättenbauGmbH OttoRohrGmbH D-44147Dortmund, Schäferstraße 49 D-38350Helmstedt,EmmerstedterStraße 22 Tel.: +49 (0)231/98 20 23 -0,Fax:+49 (0)231/98 20 23 -20 Tel.: +49 (0)5351 /3908-0,Fax:+49 (0)5351 /3908-80 StratebauGmbH PreusseBaubetriebe D-93059 Regensburg, DonaustauferStraße 176 GesellschaftmitbeschränkterHaftung Tel.: +49 (0)941 /4021-0,Fax:+49 (0)941 /400687 D-38820 Halberstadt,Kruggang 1 Tel.: +49 (0)3941/6828-0,Fax:+49 (0)3941/6828-28 TPAGesellschaftfür Qualitätssicherung und Innovation GmbH PreusseBauholding GmbH &Co.KG D-50679Cologne, Dr.-Simons-Straße 20 D-22453Hamburg, Papenreye51 Tel.: +49 (0)221/824-20 79, Fax:+49 (0)221/824-2450 Tel.: +49 (0)40/23508-0,Fax:+49 (0)40/23508-734 Züblin DevelopmentGmbH PROTECTA D-50679Cologne, SiegburgerStraße 241 Gesellschaftfür Oberﬂächenschutzschichten mbH Tel.: +49 (0)221/824-01, Fax:+49 (0)221/824-30 36 D-47809Krefeld, BataverStraße 7-9 Tel.: +49 (0)2151/574-700,Fax:+49 (0)2151/574-749 Züblin Ed.AG D-70567 Stuttgart,Albstadtweg 3 RKB Rohrleitungs-und KanalbauGmbH Tel.: +49 (0)711 /7883-0,Fax:+49 (0)711 /7883-134 D-12103 Berlin, Bessemerstraße 42b Tel.: +49 (0)30 /754 77 -0,Fax:+49 (0)30 /754 77 -160 Züblin InternationalGmbH D-70567 Stuttgart,Albstadtweg 3 Tel.: +49 (0)711 /7883-583,Fax:+49 (0)711 /7883-575 Roba Baustoff GmbH D-86153Augsburg, Otto-Lindenmeyer-Straße 258 Züblin Projektentwicklung GmbH Tel.: +49 (0)821/567 10-0,Fax:+49 (0)821/567 10-10 D-70567 Stuttgart,Albstadtweg 1 Tel.: +49 (0)711 /7883-528, Fax:+49 (0)711 /7883-533 Robert Kieserling Industriefußboden GesellschaftmitbeschränkterHaftung Züblin SpezialtiefbauGmbH D-22045 Hamburg, Albert-Schweitzer-Ring 22 D-70567 Stuttgart,Albstadtweg 1 Tel.: +49 (0)40/733 23 -0,Fax:+49 (0)40/733 23 -50 Tel.: +49 (0)711 /7883-454, Fax:+49 (0)711 /7883-273

RodingerIngenierbauGmbH Züblin StahlbauGmbH D-93426 Roding Alaunweg 8 D-01996Hosena,Bahnhofstraße 13 Tel.: +49 (0)94 61/94 00 -0,Fax:+49 (0)94 61/94 00 -11 Tel.: +49 (0)35756/71-0,Fax:+49 (0)35756/71-123

SAM Sächsische Asphaltmischwerke GmbH &Co.KG Züblin Umwelttechnik GmbH D-01099 Dresden, Forststraße 2a D-70567 Stuttgart,Albstadtweg 1 Tel.: +49 (0)351 /82985-0,Fax:+49 (0)351 /82985-53 Tel.: +49 (0)711 /7883-257,Fax:+49 (0)711 /7883-154 STRABAG 2006 127

BELGIUM MINERAL IGM dionicko drustvozaproizvodnjuitrgovinu gradevnim materijalom N.V.STRABAG BelgiumS.A. HR -23420 Benkovac,Benkovac b.b. BE -2000 Antwerp, Rijnkaai37 Tel.: +385 (0)23 /662 -331, Fax:+385 (0)23 /662 -205 Tel.: +32 (0)3/2016-0,Fax:+32 (0)3/2016-912 PoduzeceZA CesteSplitdionicko drustvo STRABAG BRVZ BENELUX HR -21000 Split,Hercegovacka104 BE -2000 Antwerp, Rijnkaai37 Tel.: +385 (0)21/54 02 40-0,Fax:+385 (0)21/54 02 40-102 Tel.: +32 (0)3/2016-935, Fax:+32 (0)3/2016-931 Strabagzagradevinske posloved.o.o. STRABAG BMTI Benelux HR -10000 Zagreb,PetraHektorovica 2 BE -2260 Oevel-Westerlo, Nijverheidsstraaat48 F Tel.: +385 (0)1 /639-20 00,Fax:+385 (0)1 /639-23 33 Tel.: +32 (0)14 /507410-0,Fax:+32 (0)14 /51 7876 TPAodrzavanje kvalitetaiinovacijadrustvosogranicenom odgovornoscu BULGARIA HR -10000 Zagreb,PetraHektorovica 2 Tel.: +385 (0)1 /639-20 00,Fax:+385 (0)1 /639-22 55 BRVZ EOOD BG -1309Soﬁa,Ulica KukuschNr.1 Züblin Hrvatskad.o.o. Tel.: +359 (0)2/9330-297,Fax:+359 (0)2/920 3566 HR -10000 Zagreb,Jurkoviceva3 Tel.: +385 (0)1 /4603-870,Fax:+385 (0)1 /4603-888 INGSTROY SOFIA AD BG -1309Soﬁa,Ulica KukuschNr.1 Tel.: +359 (0)2/9330-243,Fax:+359 (0)2/920 81 37 NETHERLANDS

TPAEOOD STRABAG Bouw en Ontwikkeling B.V. BG -1510Soﬁa,ResbarskaNr.7 NL -3316DD DordrechtAmstelwijckweg 2 Tel.: +359 (0)2/845 20 65, Fax:+359 (0)2/845 7800 Tel.: +31(0)78/6547-767,Fax:+31(0)78/6547-799

CHILE OMAN

Züblin InternationalGmbH Chile Ltda. Dyckerhoff &Widmann AG and PartnerLLC CerroPortezuelo N°9760,Loteo IndustrialElPortezuelo SultanateofOman, P.O.Box109, PostalCode 118, PanamericanaNorte-Quilicura AlHarthyComplex,OfﬁceNo. 33,Muscat Santiago de Chile /Chile Tel.: +968-571396,Fax:+968-571397 Tel.: +56/2685 9700,Fax:+56/2685 9712 STRABAG OMAN SultanateofOman, PostalCode 113,P.O.Box444, Muscat CHINA Tel.: +968(0)/24491500,Fax:+968(0)/24491502

Züblin ShanghaiChangijang Construction Engineering Co.Ltd. POLAND 200336 Shanghai, 1591 Hong QiaoRoad2F,Building No. 12 Tel.: +86(0)/2162 70 -22 88, Fax:+86(0)/2162 70 -0990 Augustowskie PrzedsiebiorstwoDrogoweS.A. PL -16-300 Augustow,ul. WojskaPolskiego 54 Tel.: +48 (0)87/643-27 19, Fax:+48 (0)87/643-5409 DENMARK BHG sp.zo.o. Züblin ScandinaviaA/S PL -05-092Lomianki, ul. Partyzantow23 DK -8260 VibyJ,Sonderhøj 46 Tel.: +48 (0)22 /732 27 47,Fax:+48 (0)22 /751 6890 Tel.: +45 (0)86/1215 82,Fax:+45 (0)86/1215 83 Bitupol sp.zo.o. PL -01-919 Warszawa,ul. Wolczynska237 CROATIA Tel.: +48 (0)22 /81795 30,Fax:+48 (0)22 /81795 90

BMTI -gradevinski strojeviinternationald.o.o. BMTI Polskasp.zo.o. HR -10000 Zagreb,PetraHektorovica 2 PL -05-804Pruszków,ul. Blonska6 Tel.: +385 (0)1 /639-20 00,Fax:+385 (0)1 /639-22 40 Tel.: +48 (0)22 /7384050,Fax:+48 (0)22 /7388545

BRVZ-gradevinski-, racunovodstveni- iupravni centard.o.o. BRVZ sp.zo.o. HR -10000 Zagreb,PetraHektorovica 2 PL -03-472 Warszawa,ul. Brechta7 Tel.: +385 (0)1 /639-20 00,Fax:+385 (0)1 /639-22 20 Tel.: +48 (0)22 /45 13-962,Fax:+48 (0)22 /45 13-960 ADDRESSES

Facility ManagementPolskasp.zo.o. BRVZ SERVICII &ADMINISTRARE SRL PL -00-675Warszawa,ul. Koszykowa54 RO -050726 Bucuresti, Sector5, Calea13Septembrie Nr.90 Tel.: +48 (0)22 /6211331, Fax:+48 (0)22 /6211394 Tel.: +40(0)21/403 4375, Fax:+40(0)21/403 4351

HEILIT +WOERNER Budowlanasp.zo.o. CarbSA PL -53-129Wrocław(Breslau), ul. Sudecka98 RO -500030 Brasov,B-dulEroilornr.17etaj2 Tel.: +48 (0)71/36900 -00,Fax:+48 (0)71/36900 -10 Tel.: +40(0)268/41 8774, Fax:+40(0)268/41 7403

KopalniaGranitu Mikoszowsp.zo.o. DRUMCO SA PL -57-100 Strzelin, Mikoszow47 RO -300569Timisoara,Str.Dr.Aurel PawnescuPodeanuNr.147 Tel.: +48 (0)71/39237-0,Fax:+48 (0)71/39237-27 Tel.: +40(0)256/224055, Fax:+40(0)256/224054

KopalniaMelaﬁru wCzarnymBorzesp.zo.o. Strabagsrl PL -58-379CzarnyBor,ul. Wesola12 RO -050726 Bucuresti, Sector5, Calea13Septembrie Nr.90 Tel.: +48 (0)74/88668-0,Fax:+48 (0)74/88668-33 Tel.: +40(0)21/403 4387,Fax:+40(0)21/411 9739

PL-BITUNOVA sp.zo.o. TPASocietatepentru asigurareacalitatii siinovatii SRL PL -47-240Bierawa,ul. Gliwicka9 RO -077120 JilavaSos.Giurgiului, JilavaNr.3 Tel.: +48 (0)77 /4872245, Fax:+48 (0)77 /4872179 Tel.: +40(0)21/40560 34, Fax:+40(0)21/4501770

SATsp.zo.o. PL -55-200 Olawa,ul. Opolska9 RUSSIAN FEDERATION Tel.: +48 (0)71/3132828, Fax:+48 (0)71/3134226 SAOBRVZLtd STRABAG sp.zo.o. RF -107031Moscow,ul. Petrowka27 PL -03-472 Warszawa,ul. Brechta7 Tel.: +7 (495) /737 03 80,Fax:+7 (495) /9562462 Tel.: +48 (0)22 /451 3800,Fax:+48 (0)22 /451 3801 Strabagz.a.o. TPAInstytut BadanTechnicznychsp.zo.o. RF -103031Moscow,ul. Petrovka27 PL -61-028Poznan, ul. Warszawska43 Tel.: +7 (495) /737 03 80,Fax:+7 (495) /9562463 Tel.: +48 (0)61/6503132,Fax:+48 (0)61/6503133

Züblin Polskasp.zo.o. SAUDI ARABIA PL -60-164Poznan, ul. Ziebicka35 Tel.: +48 (0)61/8649 -400,Fax:+48 (0)61/8649 -401 DywidagSaudi ArabiaLimited P.O.Box1261, Jubail 31951 Saudi Arabia PORTUGAL Tel.: +966 3-341 63 06,Fax:+966 -341 63 02

ZUCOTEC Sociedade de Construções,Lda. SWEDEN P-2614-521AmadoraAv.daQuintaGrande, n˚53,4˚A, Edifício Prime, Alfragide Züblin ScandinaviaAB Tel.: +351 (0)21/01706-0,Fax:+351 (0)21/01706-10 S-191 62 Sollentuna,TurebergsAllé 2 Tel.: +49 (0)711 /7883-9634 QATAR SWITZERLAND StrabagQatarW.L.L. Civil Engineering &Contracting BMTI GmbH Q-P.O.Box22980,DOHA,MuseumRoad, Qatar CH -6472 Erstfeld, Bifang 4 Tel.: +974(0)431/49 29, Fax:+974(0)431/5377 Tel.: +41 (0)41 /88 21-111, Fax:+41 (0)41 /88 21-181

BRVZ Bau-, Rechen- und VerwaltungszentrumAG ROMANIA CH -6472 Erstfeld, Bifang 4 Tel.: +41 (0)41 /88 21-111, Fax:+41 (0)41 /88 21-171 BitunovaRomaniaSRL RO -031574Bucuresti, Sector3, Eggstein AG Str.Traian2-bl. F1tronson 3et.8ap. 19 CH -6010Kriens,Industriestraße 12 Tel.: +40(0)21/322 89 22,Fax:+40(0)21/322 8622 Tel.: +41 (0)41 /3480-450,Fax:+41 (0)41 /3480-451

BMTI -Tehnica UtilajelorPentru Constructii SRL Egolf AG Weinfelden RO -077120 JilavaSos.Giurgiului, JilavaNr.3 CH -8570 Weinfelden, Walkestraße 101 Tel.: +40(0)21/40560 37,Fax:+40(0)21/45711 20 Tel.: +41 (0)71/626 29-29, Fax:+41 (0)71/626 29-20 STRABAG 2006 129

Egolf BaustoffeAG Slovasfalt,spol.s.r.o. CH -8575Bürglen, Nordstraße SK -82011 Bratislava211 -Podunajske BiskupiceSvornosti69 Tel.: +41 (0)71/633 -1919, Fax:+41 (0)71/633 -2824 Tel.: +421(0)2/402 06 -0,Fax:+421(0)2/402 06 -722

MeyerhansAG Amriswil STRABAG s.r.o. CH -8580Amriswil, Weinfelderstraße 116 SK -82518 Bratislava,Mlynské Nivy 61/A Tel.: +41 (0)71/414 07 -07,Fax:+41 (0)71/414 07 -08 Tel.: +421(0)2/58236-101, Fax:+421(0)2/5341 36 51

MeyerhansAG,Strassen- und TiefbauUzwil TPAs.r.o. CH -9244 Niederuzwil, Hummelweg 2 SK -82011 Bratislava211 -Podunajske BiskupiceSvornosti69 Tel.: +41 (0)71/955 01-30,Fax:+41 (0)71/955 01-31 Tel.: +421(0)2/402 06 -0,Fax:+421(0)2/5341 45 35

Murer-StrabagAG ZIPP BRATISLAVA spol.s.r.o. CH -6472 Erstfeld, Bifang 4 SK -83244 Bratislava3,StaraVajnorska16 Tel.: +41 (0)41 /88 21-111, Fax:+41 (0)41 /88 21-110 Tel.: +421(0)2/49241 -187,Fax:+421(0)2/49241 -420

Züblin-StrabagAG CH -8037 Zurich, Okenstraße 4 SLOVENIA Tel.: +41 (0)44 /3666-222,Fax:+41 (0)44 /3666-223 GRADBENO PODJETJE IN KAMNOLOM GRASTOd.o.o. SI -1230 Domzale, Ulica Matije Tomca 4 SERBIA Tel.: +386(0)1 /54 66 -0,Fax:+386(0)1 /54 66 -701

Preduzecezaputeve“Zajecar” a.D.Zajecar STRABAG gradbene storitved.o.o. RS -19000 Zajecar,GeneralaGambete68 SI -1000 Ljubljana,Letaliskacesta33 Tel.: +381 (0)19 /422 -0,Fax:+381 (0)19 /422 -719 Tel.: +386(0)1 /54 66 -700,Fax:+386(0)1 /54 66 -701

STRABAG Beogradd.o.o. STRABAG Imobilja-agencijazaposrednistvovprometu RS -11070 NoviBeograd, ul. Proleterske solidarnosti13a znepremicninami d.o.o. Tel.: +381 (0)11 /2221-700,Fax:+381 (0)11 /2221-740 SI -1000 Ljubljana,Letaliskacesta33 Tel.: +386(0)1 /54 66 -727,Fax:+386(0)1 /54 66 -739 Vojvodinaput-Pancevoa.d.Pancevo RS -26000 Pancevo, ZarkaZrenjanina12 Tel.: +381 (0)13/3467 55, Fax:+381 (0)13/3467 99 CZECH REPUBLIC

BHG CZ s.r.o. SLOVAKIA CZ -37006 C ˇ eské Budeˇjovice, Vrbenská182131 Tel.: +420 (0)3870 04, Fax:+420 (0)387412029 BMTI SK,s.r.o. SK -82011 Bratislava211 -Podunajske BiskupiceSvornosti69 BMTI CR s.r.o. Tel.: +421(0)2/402 06 -0,Fax:+421(0)2/402 06 -766 CZ -62000 Brno, Tovární 3 Tel.: +420 (0)545 423750,Fax:+420 (0)545 219847 BRVZ s.r.o. SK -82518 Bratislava,Mlynské Nivy 61/A BohemiaBitunova,spol s.r.o. Tel.: +421(0)2/58236-111, Fax:+421(0)2/58236-460 CZ -58601Jihlava,Kosovska16 Tel.: +420 (0)567 3106 70,Fax:+420 (0)567 30 6906 C.S.Bitunovaspol.s.r.o. BRVZ s.r.o. SK -96051 Zvolen, NeresnickaCesta3 CZ -37006 C ˇ eské Budeˇjovice, Vrbenská182131 Tel.: +421(0)45 /5243-0,Fax:+421(0)45 /5243-301 Tel.: +420 (0)38700 4232,Fax:+420 (0)38700 4201 ErrichtungsgesellschaftStrabagSlovensko s.r.o. C ˇ MO-C ˇ eské amoravské obalovnys.r.o. SK -82518 Bratislava,Mlynské Nivy 61/A CZ -39201-Sobeslav,Na Svadlackách478/II Tel.: +421(0)2/58236-101, Fax:+421(0)2/58236-462 Tel.: +420 (0)381 54 1-192,Fax:+420 (0)381 54 1-180 KSR -KamenolomySR,s.r.o. Dalnicni stavbyPraha,a.s. SK -96051 Zvolen, NeresnickaCesta3 CZ -15000Praha5, Na Bélidle 198-21 Tel.: +421(0)45 /5321-176,Fax:+421(0)45 /5333102 Tel.: +420 (0)222 868-237,Fax:+420 (0)222 868-270

OATspol.s.r.o. Ilbauspol s.r.o. SK -82518 Bratislava,Mlynské Nivy 61/A CZ -15000Praha5, Na Bélidle 198-21 Tel.: +421(0)2/58236-0,Fax:+421(0)2/5341 30 48 Tel.: +420 (0)222 8681 87,Fax:+420 (0)2573160 29 ADDRESSES

KAMENOLOMY C ˇ Rs.r.o. OATKözlekedsiFelületek SpecialisJavitasaKorlatolt CZ -72108Ostrava-Svinov,Polanecká849 H-1097Budapest,Gubacsiút 8/b Tel.: +420 (0)596978356,Fax:+420 (0)596967496 Tel.: +36 (0)1 /45 66 -102,Fax:+36 (0)1 /45 66 -155

OATs.r.o. StrabagÉpitöZartköruen Muködo Részvenytársaság CZ -102 00 Praha10,Nedokoncena H-1135Budapest,Szegedi út 35-37 Tel.: +420 (0)272 70 00 72,Fax:+420 (0)272 70 00 72 Tel.: +36 (0)1 /270 -8300,Fax:+36 (0)1 /270 -8221

SATs.r.o. Szamito-esÜgyviteli KözpontKorlatoltFelelössegü CZ -78353VelkaBystrice, Olomouc Társaság Tel.: +420 (0)585 351 890,Fax:+420 (0)585 351 890 H-1135Budapest,Szegedi út 35-37 Tel.: +36 (0)1 /270 -8352,Fax:+36 (0)1 /270 -8241 STRABAG a.s. CZ -15000Praha5, Na Bélidle 198-21 SzentesiVasutepitöKorlatoltFelelössegüTársaság Tel. +420 (0)222 868-0,Fax+420 (0)222 8681 96 H-6600 Szentes,Baross G.u.2. Tel.: +36 (0)63 /311 -974, Fax:+36 (0)63 /316-269 TPACˇ Rs.r.o. CZ -37006 C ˇ eské Budeˇjovice, Vrbenská182131 Züblin K.F.T. Tel.: +420 (0)3870045 52,Fax:+420 (0)38741 20 46 H-1117Budapest,Budafoki út 209 Tel.: +36 (0)1 /440-00 80,Fax:+36 (0)1 /440-00 85 ZIPP PRAHA s.r.o. CZ -15000Praha5, Na Bélidle 198-21 Tel.: +420 (0)222 8681 45, Fax:+420 (0)222 8681 00 UNITED ARAB EMIRATES

Züblin spol sr.o. STRABAG DubaiLLC CZ -19000Praha9, Kolbenova5a U.A.E.-P.O.Box115623,DubaiAlMoosaTowerI Tel.: +420 (0)2830616-21, Fax:+420 (0)2830616-99 OfﬁceNo1502 Sheikh Zayed Road Tel.: +971-43317154, Fax:+971-43317155 HUNGARY

ASIA CenterIngatlanforgalmazo, Berbeado, Hasznosito esKereskedelmi KorlatoltFelelössegüTársaság H-1152Budapest,Szentmihalyiút 167-169 Tel.: +36 (0)1 /688 -8888, Fax:+36 (0)1 /688 /88 89

BHG Bitumen Kereskedelmi KorlatoltFelelössegü Társaság H-1113Budapest,Szegedi út 35-37 Tel.: +36 (0)1 /270 -0,Fax:+36 (0)1 /270 -8390

BMTI NemzetköziÉpítögépészetiKorlatolt FelelössegüTársaság H-1097Budapest,Gubacsiút 8/b Tel.: +36 (0)1 /4566 -102,Fax:+36 (0)1 /45 66 -101

H-TPAInnovációsésMinöségvizsgáló Korlatolt FelelössegüTársaság H-1116Budapest,Épitész u.40-44 Tel.: +36 (0)1 /3715 -700,Fax:+36 (0)1 /3715 -799

KÖKA Kö-esKavicsbanyaszatiKorlatoltFelelössegü Társaság H-1113Budapest,Daróciút 30 Tel.: +36 (0)1 /3728-161, Fax:+36 (0)1 /3728-282

MagyarAszfaltKeverekgyartoesEpitölpariKorlatolt H-1113Budapest,Szegedi út 35-37 Tel.: +36 (0)1 /270 -8514, Fax:+36 (0)1 /270 -8500 NTENT CO

Ownerand Publisher:

STRABAG SE Triglavstraße 9 A-9500 Villach Austria

AustrianCommercialRegisterNumberFN 88983h DistrictCourtKlagenfurt

Contact:

STRABAG SE Dr.ChristianEbner CorporateCommunications Donau-City-Straße 9 A-1220 Vienna Austria Tel.: +43(0)1 /22422 e-mail: [email protected] Website: www.strabag.com

Thisannualreport isalsoavailable in German.

The annualreport wasprepared withthe highest possible attention todetail. All information wasveriﬁed. The possibility of rounding errors,printing errors ormisprints,however,cannotbecompletelyexcluded. The annualreport containsinformation and forecasts related tothe futuredevelopmentof STRABAG SE. Theseforecasts representestimatesmade on the basisof all available information atthe time of publication. Should the assumptionsunderlying the forecasts fail toappear,the actualresults could deviatefrom the expectations.

Manyof the projects contained in thisﬁnancialreport werecarried out in specialpartnerships. Weherebyextend awarm“thank you” toall our partners. STRABAG SE Donau-City-Straße 9 A-1220 Vienna Tel. +43(0)1 /22422 -0 www.strabag.com