T 200 5 REPOR – ANNUAL SE STRABAG
STRABAG SE A–1220 Vienna,Donau-City-Straße 9 Tel. +43 (0)1 / 224 22 - 0 www.strabag.at ANNUAL REPORT 2005
Partner of TIROLER FESTSPIELE ERL CONSOLIDATED PROFIT AND LOSS ACCOUNT KEY FIGURES (consolidated) CONSOLIDATED BALANCE SHEET OF FIMAG FINANZ INDUSTRIE MANAGEMENT AG CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE 2005BUSINESS YEAR
Notes 20052004 T d T d 2003 2004 2005
Revenue(1) 6,955,7975,222,905 Changes in inventories34,38738,884 A Own workcapitalized 16,56411,727 Output incl.specialpartnerships (in million ) Other operating income (2)149,901136,967 Germany2,115 1,970 3,523 Cost of materialand services(3)-5,019,607 -3,609,458 Austria1,545 1,5681,924 Personnel expenditure(4) -1,401,876 -1,185,509 Hungary 548 678938 Depreciation on tangible and intangible assets (5) -178,677 -208,889 CzechRepublic384 504714 Other operating expenses(6)-400,981 -311,496 Poland 297276 433 Earnings beforededucting financing costs and taxes155,50895,131 Switzerland 115 183295 Shareofprofit of associates(7)5,4247,897 Slovakia59 219 253 Earnings from investments (8) 2,1978,673 Croatia15698 241 Other financial results (9) -28,414 -20,351 Benelux 205196209 Financial result-20,793-3,781 Other Countries213272 785 Earnings before taxes134,715 91,350 Total5,637 5,9649,315 Income tax(10)-40,149 -25,602 Earnings after taxes94,566 65,748 Average level of employment Minority interest -8,8171) -30,249 Germany10,9649,988 14,668 Consolidated results85,749 35,499 Austria8,970 8,789 9,731 Hungary 3,8873,849 4,013 CzechRepublic2,8083,222 3,742 CONSOLIDATED BALANCE SHEET ON 31DECEMBER 2005 Poland 1,5611,366 2,408 Assets Switzerland 781 9611,591 Slovakia514 2,059 2,149 Notes 31.12.200531.12.2004 Croatia754 534692 d d T T Benelux 579528550 Non-current assets Other Countries1,881 1,991 4,969 Intangible assets (11) 67,085 32,550 Total32,699 33,28744,513 Tangible assets (11) 1,135,867 955,907 Investments in associates(12)64,84245,495 A Other financialassets (12)305,770 264,016 Order backlog (in million ) Trade receivables and receivables for services rendered (15) 43,618 99,563 Germany1,100 1,2212,475 Other accounts receivable and other assets (15) 33,169110,670 Austria798 955 1,558 Deferred taxes(13)86,45792,161 1,736,8081,600,362 Hungary 186731458 Current assets CzechRepublic358 438641 Inventories(14) 618,717540,856 Poland 139368464 Trade receivables and receivables for services rendered (15) 1,948,5781,157,146 Switzerland 444 363 331 Other accounts receivable and other assets (15) 266,967 142,494 Cashand cashequivalents (16)555,857212,399 Slovakia118 158 151 3,390,119 2,052,895 Croatia42204162 5,126,927 3,653,257 Benelux 123 152251 Equity and Liabilities Other Countries3693901,436 Notes 31.12.200531.12.2004 Total3,677 4,9807,927 T d T d A Groupequity Key figures in accordance withIFRS (in million ) Sharecapital53,93853,938 Investments in fixed assets 244 207 305 Capital reserves163,800 163,800 Depreciation on fixed assets 173 209179 Retained earnings541,264237,380 Minority interest 146,4681) 347,138 (17) 905,470 802,256 Key balance sheet figures Non-current liabilities Equity incl. minority interest (in million d )760 802 905 Provisions(18) 556,617358,737 Equity ratio (in %) 23 22 18 Financialliabilities(19) 602,630 561,161 EBITDA (in million d ) 1) 2 56304334 Liabilities from trade payables and payables for services rendered (19) 25,077 55,944 d 2) Other liabilities(19) 11,148 8,599 EBIT (in million ) 8295 156 Deferred taxes(13)3,5171,847 Earnings before taxes (in million d )8391 135 1,198,989 986,288 Earnings after taxes (net income) (in million d )536695 Current liabilities Provisions(18) 299,525246,960 Financialliabilities(19) 339,234141,791 Liabilities from trade payables and payables for services rendered (19) 1,922,399 1,165,266 Other liabilities(19) 461,310310,696 3,022,4681,864,713 5,126,927 3,653,257
1) Divergent from the 2005certified consolidated financial statement of FIMAG Finanz Industrie Management AG (see Page 52 ff) the planned 2006 1) Earnings beforedepreciation, deducting financing costs and taxes merger of FIMAG Finanz Industrie Management AG withSTRABAG SE was already taken intoaccount in the determination of minority interest. 2)Earnings beforededucting financing costs and taxes CONTENTS
MANAGEMENT 2
FOREWORD BY THE BOARD OF MANAGEMENT 4
SUPERVISORYBOARD 6
SUPERVISORYBOARD REPORT 7
CORPORATE GOVERNANCE 8
MANAGEMENT REPORT Development of the Construction Industry10 Company Development14 Important Acquisitions15 TotalOutput and Order Volume 16 Investments 20 Finances21 Profit Situation 21 Employees23 Researchand Development25 EnvironmentalPolicies25 RiskReporting 26 Outlook 28 Significant Events after BalanceSheet Date 30
GROUP STRUCTURE 31
SEGMENT REPORT RoadConstruction 32 Building Construction 38 Other Construction Fields44
STRABAG KUNSTFORUM 50
2005FINANCIAL STATEMENT Consolidated Profit and Loss Account54 Consolidated BalanceSheet55 Consolidated CashFlow Statement56 Development of GroupEquity 57 Statement of Recognized Income and Expense57 Consolidated Statement of Changes in Fixed Assets 58 STRABAG SE,its subsidiaries and associated companies canbefound at NOTES 60 over 500 locations across Europe. STRABAG SE is activeinternationally in UNQUALIFIED AUDIT CERTIFICATE 103 the project development business. ADDRESSES 104
Agreat number of the projects contained in this financial report werecarried out in specialpartnerships. Many thanks toall our partners. MANAGEMENT
BOARD OF MANAGEMENT
Dr. Hans Peter Prof.Dr. Ing.e.h.Manfred Ing.Fritz Dr. Thomas Dipl.-Ing.Nematollah Dipl.-Ing.Roland Mag.Wolfgang Mag.Hannes HASELSTEINER NUSSBAUMER OBERLERCHNER BIRTEL FARROKHNIA JURECKA MERKINGER TRUNTSCHNIG
Chairman of the Board Vice-Chairman Vice-Chairman
Technical Responsibilities Technical Responsibilities Commercial Technical Responsibilities Technical Responsibilities Commercial Commercial Building Construction and Road Construction Responsibilities Building Construction and Services Responsibilities Responsibilities Civil Engineering Building Construction and Civil Engineering Road Construction Services and Service Civil Engineering Operations
2 I STRABAG SE - 2005STRABAG SE - 2005 I 3 MANAGEMENT
FOREWORD BY THE BOARD OF MANAGEMENT
We are Number 1 in four of our regional core markets: Our long-term strategy of risk diversification truly Germany,Austria,Poland and Hungary.We are among came to fruition in the 2005 financial results. Profits the Top 3 in Switzerland, the Benelux countries, the are good in all segments and in all core markets. Czech Republic and Slovakia, and in Croatia, Romania The members of our management distinguish and Bulgaria we are among the Top 5. In Moscow we themselves through their many years of service to the are Number 1 in Building Construction. company. As a result, the entire management serves as a backbone for further growth and the long-term We have also been able to post great successes in positive development of the company. the direct export business outside of our core markets. Projects include the construction over the next four In preparation of our planned public offering, we years of a 14.4-metre-wide power plant tunnel near have changed our name from BAUHOLDING Niagara Falls for e 440 m. In Innsbruck, the con- STRABAG SE to STRABAG SE. The next step will be struction works on the Hungerburgbahn are sure to the merger with FIMAG Finanz Industrie Management result in an architectonic marvel. STRABAG has also AG to make STRABAG SE the new parent of the been chosen to operate the funicular railway upon its entire group. completion. In the first quarter of 2006 we were awarded our largest project in company history – the In the year under report, the STRABAG Group grew construction of a four-lane highway in Italy’s Marche to become one of the five largest construction groups region. The project, which will be carried out jointly in Europe. We particularly thank our clients and our with partner companies, is worth a total of e 1.15 bn. employees for this achievement. Dear shareholders, associates and friends of STRABAG SE Board of ManagementVienna, May 2006
With this annual report, we are pleased to be able Surely the most important event last business year to present our most successful year in the history was the takeover of significant portions of the of the company. insolvent Walter-Bau Group and Ed. Züblin AG. These acquisitions gave us not only an additional With revenue of e 9.3 bn and a profit before tax 9,000 employees and an added e 2.3 bn in revenue of e 135 m, a new dimension has opened up for but also allowed us to strengthen the group with three STRABAG. Output has nearly doubled in the past first-rate brand names: DYWIDAG, three years and in 2005 our growth reached 56.2%, HEILIT+WOERNER and ZÜBLIN. Their integration is with 17.6% due to organic growth and the rest largely complete so that we can now expect rising HANS PETER HASELSTEINER MANFRED NUSSBAUMER FRITZ OBERLERCHNER THOMAS BIRTEL through acquisitions. synergies from these highly important acquisitions in the next few years. We are particularly proud of the fact that our profit before tax grew by 48.4% despite the acquisitions and the related costs of integrating these acquisitions. In 2005, we provided jobs for over 44,500 employees. NEMATOLLAH FARROKHNIA ROLAND JURECKA WOLFGANG MERKINGER HANNES TRUNTSCHNIG
4 I STRABAG SE - 2005 STRABAG SE - 2005 l 5 SUPERVISORYBOARD SUPERVISORY BOARD REPORT
Dr. Christian KONRAD Chairman The financial statement and management report of FIMAG Finanz Industrie Management AG for the Komm.Rat Herbert SCHIMETSCHEK Vice-Chairman 2005 business year have been audited by T & A Wirtschaftsprüfungs- und Steuerberatungs- gesellschaft mbH of Vienna. Mag.arch.Julius EBERHARDT Pursuant to the final result of the audit, the auditors Mag.Erwin HAMESEDER had no cause for complaint and awarded their unqualified stamp of confirmation on 26 April 2006. Dr. Gottfried WANITSCHEK The consolidated financial statement and the group Dr. Jürgen KUCHENWALD management report for the 2005 business year were audited and awarded the stamp of confirmation on 26 April 2006 by KPMG Austria GmbH Peter NIMMERVOLL Member of the Supervisory Board Wirtschaftsprüfungs- und Steuerberatungs- gesellschaft of Linz and by T & A Josef RADOSZTICS Member of the Supervisory Board Wirtschaftsprüfungs- und Steuerberatungs- Ök.Rat Dr. Christian KONRAD gesellschaft mbH of Vienna, both serving as group Gerhard SPRINGER Member of the Supervisory Board Chairman of the Supervisory Board financial auditors.
The auditors’ reports and the group financial auditors’ reports were submitted to the Supervisory Board.
The Supervisory Board acknowledges the consolidated financial statement and the group management report drawn up by the Management In the 2005 business year, the Supervisory Board Board for the 2005 business year under application performed the duties incumbent upon it under of Article 245a of the Austrian Commercial Code Austrian law and company by-laws. (HGB) in accordance with the International Financial Reporting Standards (IFRS) issued by the The Management Board regularly reported to the International Accounting Standards Board (IASB) Supervisory Board on the course of business and the applicable on the balance sheet date. situation of the company. Four ordinary meetings were held during the 2005 business year. The Supervisory Board approved the 2005 financial statement at its meeting of 31 May 2005, thus The Board of Management informed the Supervisory deeming it to be in accordance with Article 125 Board of the contents of all meetings by means of Paragraph 2 of the Austrian Company Act (AktG). detailed reports on the strategic direction of the FIMAG Finanz Industrie Management Group, the The Supervisory Board agrees to the proposal made profit and financial situation, the personnel situation, by the Management Board concerning the use of as well as about any planned investments and retained earnings. acquisitions, and requested approval on important business transactions. The Supervisory Board Furthermore the Supervisory Board would like to studied in great depth the corporate planning and thank the Management Board and the employees and the appropriate analyses of divergence. acknowledge their work in the past business year.
The most important issue last year was the takeover of core portions of the insolvent Walter Bau Group in Germany. With the resulting acquisition of the brand names ZÜBLIN, DYWIDAG and HEILIT+WOERNER, the STRABAG Group has achieved a strategic position which will have lasting positive consequences for the entire group in the next few years. This decision, made by the Board of The Chairman of the Supervisory Board Management in close coordination with the Dr. Christian Konrad Supervisory Board, has an impact which goes far beyond the German market. Vienna, 31 May 2006
6 I STRABAG SE - 2005STRABAG SE - 2005 I 7 CORPORATE GOVERNANCE
Panorama Donau-City with STRABAG HAUS, Vienna, Austria
Transparency and responsibility of management rate The Board of Management takes decisions in close Important Projects Completion of DN6 National Road, east-west roadway towards Timis¸ oara, Romania high at STRABAG. In this area, we orient ourselves cooperation and constant coordination with the Begin of construction of Niagara Power Plant Tunnel, Canada along national and international standards. Our Supervisory Board, in line with the fundamental Handover of Uniqa Tower in Vienna, Austria German subsidiary STRABAG AG is listed on the concepts of Austrian Corporate Governance and with Construction and PPP operation of Hungerburgbahn in Innsbruck, Austria Frankfurt Stock Exchange and is thus subject to the the goal of a lasting rise and safeguarding of the Hotel Moskva at Red Square in Moscow, Russia strict German codex. company’s value. ECE Shopping Centre in Klagenfurt, Austria Completion of Delhi Metro, India Corporate Governance for us means the goal of We have a policy of transparency in all actions with Brown coal power plant, Neurath by Cologne, Germany responsible company management and controlling, our employees and partners. It is therefore a matter of M5 Motorway, Hungary with a focus on the creation of lasting and long-term course for us to increasingly extend this transparency Fermoy Bypass, Ireland company value. This should involve a high degree of in our external dealings as well in our future as a DaimlerChrysler Museum in Stuttgart, Germany transparency for all involved in and with the company stock-listed company. University of Beirut, Lebanon and has long been a principle at STRABAG. Telekom Center Munich, Germany Arkaden Shopping Centre Cologne, Germany
8 I STRABAG SE - 2005STRABAG SE - 2005 I 9 MANAGEMENT REPORT – FIMAG Finanz Industrie Management AG, Spittal an der Drau
DEVELOPMENT OF THE CONSTRUCTION INDUSTRY
The development of the construction industry in 2005 in the markets in which the STRABAG Group is Hungary Economic growth in Hungary remained dynamic in 2005, with a growth rate of active was marked by regional differences. Growth remained cautious in Germany,while the development 4.0 %. The steady growth will continue intact this year and it seems likely that last in Austria was satisfactory.The countries of Eastern Europe,as well as the remaining markets,were year’s levels will be reached this year as well. characterized by high growth rates. Meanwhile, the simultaneous trade and budget deficit are dominating economic policy discussions and dampening the otherwise positive mood in the country. The construction industry, with growth of 4.4 %, is growing faster than the economy as a whole. Hungary’s accession to the European Union has brought the country a significant increase in passenger traffic and the transport of goods. For this reason, the upgrading of the country’s primary road network has top priority in transport policy. Other measures include the modernization of the country’s rail network. Hungary’s long-term goals include closing the gaps in the Trans-European Networks as part of the European Union’s transport plans. The EU Structural Funds and the Cohesion Fund provide the necessary resources for specific projects, contributing to the continued flow of considerable amounts of capital into Hungary from abroad. As an EU member and neighbour to the future growth markets in Eastern and Southeastern Europe (Romania, Croatia, Serbia and Ukraine), Hungary holds a strategic position in Central Europe.
Czech Republic The Czech economy posted thoroughly solid growth of 4.9 % last year. The low inflation rate and low trade deficit provide a stable foundation for continued Roadway Cleaning, Airport Linz/Hörsching, Austria macroeconomic development. The growth of the country’s building industry is Germany Germany’s economic growth of 0.9 per cent was too weak to lend the construction slightly above that of the economy as a whole, but below the extraordinarily industry any macroeconomic drive. Moreover, the restrained economic upswing dynamic developments of the previous two years. The Czech Republic’s accession was largely due to exports. The recession in the construction industry continued in to the European Union has resulted in significant influences on the country’s 2005, with construction activity again on the decline. Across the country, the volume construction industry. The construction and renewal of the primary road and rail of new orders fell by 1 per cent year on year. The downwards trend has begun to networks is of central importance and is being supported by European Union level off, however, and was continuing only in the “new” federal states. The trend in development funds. Investments in Prague’s underground network are also worth western Germany meanwhile showed definite signs of improving. The figures allow mentioning here. Furthermore, the continued readiness on the part of Czech and us to conclude that the investment backlog of the past will come to an end in the foreign investors to make investments has had a positive effect on construction medium term, and that both public as well as private investors are becoming activity, which will result in pleasing growth rates in the years to come. increasingly less reluctant to make new investments. It remains to be seen, however, whether these developments will be lasting. A distinctive feature of the German Poland Poland’s economic growth weakened slightly compared to 2004, dropping down to construction market is the high degree of fragmentation on the bidding side, which 3.2 % in 2005. This development is due particularly to restrained domestic demand. has traditionally resulted in high and partially ruinous price competition in the country. Higher growth, significantly above 4 %, is again expected for the coming years. The construction industry in Poland has posted above-average growth since the Austria The Austrian economy grew at a rate of 1.9 % in 2005, putting it on a moderate country joined the European Union in 2004. Construction activity in Poland is growth path. Still, growth was below the levels of the previous year. The country’s focused mainly on construction in and upgrades to the country’s infrastructure, construction industry is following a steady upwards trend: The building production with significant amounts of funds available from the European Union’s Cohesion value (the total of building trade and construction industry) was up 3.0 % to Fund for this purpose. Priority in this area is given the construction of the A1 e 11.6 bn (2004: e 11.2 bn). Despite the positive development in terms of quantity, Motorway, the continued work on the A2 and A4, as well as a number of express- the price situation remained difficult and the expected slow-down of price way projects. In addition to tenders for the primary road network, by-pass roads as competition again failed to materialize in 2005. Construction activity in the area of well as regional and local roads are also gaining in importance. These projects are civil engineering grew by 6.6 % and like last year developed generally satisfactorily. partly co-financed by the EU as well. The total production value in building construction grew by a mere 0.3 %. While the Since EU accession, Poland has become more attractive for private investors, demand on the part of business and industry recovered noticeably, a downwards which has led to lasting improvements in the demand for building construction. trend could be observed in other building construction markets as well as in the Unfortunately, the public sector is lagging behind in these developments. construction of residential buildings and housing developments.
10 I STRABAG SE - 2005 STRABAG SE - 2005 I 11 MANAGEMENT REPORT
DEVELOPMENT OF THE CONSTRUCTION INDUSTRY
Switzerland The general economic data show that the development of Switzerland’s economy Other Countries was very positive during the period under review. The economy grew by around 1.9 %. The Swiss construction industry has a very small-scale structure, resulting in Russian Federation The overall economic development within the Russian Federation remains positive. strong price competition. The Russian economy grew by 5.7 % during the reporting period. Large infrastructure projects provide a strong impulse for certain segments, Large investments by state and private clients have led to a boom in construction especially for tunnelling. The general propensity to invest on the part of the public activity in the major metropolitan areas, particularly in Moscow. sector is rather restrained, however. An increase in business can be observed in the private sector, although it is quite distinct from region to region and remains Romania Economic growth in Romania reached only 3.7 % in 2005, compared to 8.3 % the concentrated above all in the metropolitan areas. previous year, as the country’s flood disasters significantly slowed developments. Growth is expected to again pick up speed in 2006. Slovakia Slovakia’s economy grew by 5.6 % in 2005, just above last year’s value. The rapid and lasting growth of the economy is the result of radical reforms in the Bulgaria In Bulgaria the economy grew by 5.3 %, somewhat more slowly than in 2004, country’s social and fiscal policies. Foreign investors find a very friendly business also in part due to the summer’s floods in parts of the country. climate in Slovakia. The National Bank of Slovakia is aiming to replace the Slovak koruna with the euro on 1 January 2009. United Arab The economy of the United Arab Emirates is growing very dynamically. In Slovakia, the construction industry receives a significant amount of impulses Emirates Projects currently in the planning phase in Dubai and Abu Dhabi promise an from investments in infrastructure and industrial facilities. Some examples are the extraordinarily high volume of construction in the next few years. PSA car factory in Trnava and the Kia assembly plant in Zˇ ilina. Production is to begin in both plants in 2006. In addition to these assembly plants, ancillary Oman In Oman the additional income from the oil industry and the high oil prices has industries will in part be set up in their own industrial parks. One such park will be significantly improved the readiness to make investments in the country. located in the town of Senec near Bratislava. New large infrastructure projects are being planned or have already begun. The Bratislava metropolitan region is developing into an interesting location for The country’s road network is being further upgraded for tourism purposes. logistics and distribution centres and is currently undergoing a boom in shopping At the same time, new housing, business centres and recreational facilities are and entertainment centres. being built.
Croatia Economic growth in Croatia stood at 4.0 % in 2005, picking up speed compared Other There were no noteworthy changes over the previous year in the remaining to 2004. Following the official start of accession negotiations in October 2005, countries in which STRABAG is active. Croatia is on course to join the EU. Croatia is in a very good position economically and should not hesitate to rank itself with the other EU hopefuls. Croatia’s growth dynamic, combined with the country’s path towards European integration, provide the optimal conditions for a positive development of the construction industry.
Benelux Building activity in the Benelux countries recovered in 2005 against the background of the general economic framework. Respectable growth rates were observed in Belgium in the area of civil engineering in particular. After the downward trend of the past few years in the Netherlands, the situation in the country’s construction industry improved as well and growth can also be seen here once more. The strongly fragment bidding side remains characteristic of the construction market in the Benelux countries, resulting in repeated flare-ups of price competition.
Road Construction, Oman
12 I STRABAG SE - 2005STRABAG SE - 2005 I 13 MANAGEMENT REPORT
COMPANY DEVELOPMENT
The STRABAG Group ended 2005 on a very successful note and was again able to significantly IMPORTANT In February 2005, STRABAG SE signed a contract for the takeover of important improve its position in the markets. Through a strategic policy of acquisitions,STRABAG managed to ACQUISITIONS portions of the insolvent German WALTER-BAU Group. decisively expand its leading market position in the again blossoming German market and so create The takeover package includes the newly founded DYWIDAG Holding GmbH for itself an outstanding starting position for the future.Furthermore, the company significantly comprising DYWIDAG SF- und Ing. Bau GmbH, DYWIDAG Bau GmbH and improved its presence in the booming Eastern European markets with above-average organic growth. Walter-Heilit Verkehrswegebau GmbH (now HEILIT+WOERNER Bau GmbH), as well as DYWIDAG International GmbH. These companies were responsible for an output volume of around e 760 m in 2005. The takeover package also contained a 4.9 % stake in Ed. Züblin AG, Stuttgart. In June 2005, the Bayerische Landesbank awarded the tender for a further package of 48.7 % of Ed. Züblin AG to STRABAG SE. With a total stake of 53.6 %, STRABAG SE now is the majority stockholder of Ed. Züblin. Ed. Züblin AG employs around 6,500 people and has a construction volume of over e 1.5 bn.
ZÜBLIN and the various DYWIDAG subsidiaries have helped the STRABAG Group to a regional expansion and added expertise in the fields of civil engineering and tunnelling in Germany in particular.
In addition to turnkey building construction, the German DYWIDAG subsidiaries concentrate also on civil engineering. DYWIDAG International GmbH is a globally active and respected company in the field of project work.
Ed. Züblin AG is one of the leading companies in the fields of turnkey building construction as well as specialized groundwork and civil engineering in Germany and is very successful in large projects internationally as well.
HEILIT+WOERNER is mostly active in road construction with its core competencies of concrete paving and large projects. The company helps the STRABAG Group to further expand its activities in this area, providing STRABAG with improved know-how in concrete road construction and with regional additions in Germany in particular, but also in Poland and the Czech Republic, where HEILIT+WOERNER is represented by its subsidiary companies.
As a result of these acquisitions, the STRABAG Group has set the stage for a future-oriented realignment on the German market. STRABAG is now in a position to become a one-stop provider of a comprehensive range of combined road construction and civil engineering services.
Muratli Power Plant, Turkey
14 I STRABAG SE - 2005STRABAG SE - 2005 I 15 MANAGEMENT REPORT
COMPANY DEVELOPMENT
TOTAL OUTPUT AND Group output increased by 56.2 % ( e 3.3 bn) to a total of e 9.3 bn in the reporting Hungary The construction volume in Hungary increased 38.4 % from e 678 m to e 938 m. ORDER VOLUME year. With these results, the STRABAG Group came significantly closer to its While the volume of building construction remained roughly the same year on year, strategic goal of becoming Europe’s leading construction group. the good market situation in the country led to a particularly dynamic road The outstanding development of the group’s output was due to the above- construction segment. The good results are due primarily to our participation in the mentioned acquisitions as well as the overall dynamic growth of the group in large M0, M5, M7 and M35 Motorway projects. Despite the good biding situation, Central and Eastern Europe. significant price competition can be seen in Hungary. Even if the acquisitions are excluded, the STRABAG Group can post growth of The total volume of orders fell sharply compared to 2004. The decline was limited to 17.6 %, a rate which is significantly higher than the growth rates in the construction the road construction segment, however, which can be explained through the sectors of the respective countries and which has further contributed to improving completion of major road works according to plan. Meanwhile, interesting public- STRABAG’s market position. private partnerships were concluded in the building construction segment.
Germany The output volume in Germany increased from e 1.970 bn in 2004 to e 3.523 bn Czech Republic Total output grew in the Czech Republic by around 41.7 %, due partly to the in 2005, a year-on-year rise of nearly 78.8 %. acquisition of the Heilit+Woerner Group, which is active in the country with its This increase is largely due to the acquisitions of ZÜBLIN, DYWIDAG and subsidiary Dálni ˇc ní stavby Praha a.s. HEILIT+WOERNER. Adjusted for acquisitions, the STRABAG Group grew by just over 20 % in the Germany contributed 37.8 per cent to the consolidated construction volume. Czech Republic, above all due to road construction works, despite the fact that Due to the overall still difficult economic conditions and the continuing price our building construction segment also outperformed the construction industry competition, it is particularly important to adapt capacities for the long term and to as a whole. increase efforts at creating a lean organizational structure. A highly selective STRABAG was able to further strengthen its market position in the Czech Republic tendering process determines the approach to the market in all segments. in both segments, which, considering the continued growth in the volume of orders, The expansion and consolidation of the performance profile through the above- places us in a good starting position for the future. mentioned acquisitions bolsters STRABAG’s market position in road construction. In the fields of building construction and civil engineering, STRABAG will reach an Poland Construction volume was up 56.9 % in Poland to e 433 m (2004: e 276 m). order of a magnitude which will guarantee lasting successes on the German market Decent growth rates were posted in both the road and building construction through the merger of these activities at Ed. Züblin AG, to be concluded by the segments. Heilit+Woerner’s Polish subsidiary, Heilit+Woerner Budowlana sp.zo.o. middle of 2006. was successfully integrated into the group during the reporting period, rounding off STRABAG’s road construction business in the country. The growth in the volume of Austria The construction volume of the STRABAG Group in Austria rose 22.7 % from road construction works was largely due to our involvement in the construction of e 1.568 bn at the end of 2004 to e 1.924 bn in 2005. the A2 Motorway, although consolidation can be observed in the classic mainstay While the road construction segment grew at around the same rate as the overall business. construction industry, the building construction segment showed strong growth. In building construction, adequate demand remains guaranteed on the part of Acquisitions, in particular that of the Mischek Group in 2004, which in 2005 formed important private investors. The volume of orders was very satisfactory at the end of part of the consolidated figures for the first time, contributed to an extraordinary 2005, allowing for a selective bidding policy. growth spurt in this segment. Just as satisfactory was the development of the project volume. Switzerland The construction volume in Switzerland increased from e 183 m to e 295 m in 2005. The STRABAG Group thus further consolidated its position on the market in the The higher output is largely due to the completed merger of the Egolf Group, period under review. A particular competitive aspect comes in the form of German active in roadwork and other civil engineering, and Züblin-Strabag AG (formerly construction firms expanding regionally into Austria. While Upper Austria, Salzburg Züblin-Schlittler-Spaltenstein), active in the fields of building construction and and Tyrol are affected primarily in the field of road construction, in the field of civil engineering. Both companies were acquired in 2004. With these acquisitions, building construction we face competition with German companies above all in the STRABAG is represented in all construction segments in the country. large cities and metropolitan areas. Tunnel construction continues to dominate activities in Switzerland. The ongoing work on the Gotthard and Lötschberg rail tunnels are particularly important in this area.
16 I STRABAG SE - 2005 STRABAG SE - 2005 I 17 MANAGEMENT REPORT
COMPANY DEVELOPMENT
Other Countries
Russian Federation STRABAG already managed to establish itself in the Russian Federation in the past and today is market leader among Western European companies in the Moscow metropolitan area. The construction and revitalization of housing, office parks, retail centres and industrial facilities form part of STRABAG’s range of building services in the country. Currently under construction is the large-scale Hotel Moskva project on Red Square, one of STRABAG’s largest projects in Moscow. STRABAG is aiming to expand its share of the Moscow construction market and capture new markets in other Russian cities and regions. Particularly of interest is the city of Saint Petersburg.
United Arab Emirates Despite the booming construction industry, a lasting price competition can be observed in the United Arab Emirates. Currently STRABAG is working on a villa project in Qatar and a parking garage in Dubai. Both projects will be handed over to the clients in 2006. Several projects are ongoing at this time and it is to be expected that STRABAG will receive further mandates in the future.
Tunnel Breakthrough, Lötschberg Base Tunnel, Switzerland Romania In Romania, STRABAG completed work on the DN6, an east-west connection from Timis¸ oara, during the period under review. STRABAG is also engaged in the Slovakia In Slovakia, the volume of construction increased by over 15.5 %. rehabilitation and expansion of the road network in Bucharest and our mainstay Road construction was particularly dynamic, more than doubling during the period business is being accelerated in the east of the country. under review. The higher construction volume is due mainly to the acquisition of medium-sized and large-volume deals, both in the expansion and upgrade of the Bulgaria In Bulgaria the focus is on activities in and around Sofia and on the expansion of primary road network as well as in setting up new industrial parks in and around our regional presence in the country. In the building construction segment, Bratislava and the connection of these facilities to the transport networks. STRABAG is active as general contractor. The volume of building construction works stabilized at a high level during 2005 as the result of the completion of major contracts in this segment. Oman In Oman, STRABAG is mainly active in bituminous road construction and operates four mixing facilities in the north of the country. A further business field in Oman Croatia Construction output in Croatia more than doubled compared to 2004. involves the small-scale production of pre-cast concrete. With a total output of around e 241 m, STRABAG is among the top companies STRABAG enjoys a particularly good reputation in the country thanks to our active in Croatia’s building sector. efficiency and adherence to schedules. An increasing demand can be observed for Worth mentioning are the works on the Zagreb-Macelj Motorway project, being waste disposal and environmental technology in the larger cities, making this field carried out with STRABAG under a concession model, and the completion of a an interesting business area. STRABAG has already built a landfill site for the hotel project in Dubrovnik in 2005. In STRABAG’s view, Croatia will prove to be an capital city of Muscat. important hub and catalysts for the overall development of the Balkan region. Kenya In Kenya, STRABAG is working on the rehabilitation of a section of the Nairobi- Benelux STRABAG is active exclusively in building construction and project development in Mombasa Road (A109). The project involves the renewal of the road as well as the the Benelux countries. The acquisition of a ZÜBLIN subsidiary was able to more construction of some new sections and eleven new bridges. The road is part of than compensate for the otherwise declining construction volume, which reached a the northern corridor from Kenya into Congo and Sudan and is being co-financed value of e 209 m in 2005 after e 196 m the previous year. Several considerable by the European Union. Private financing models are being used in the Nairobi acquisitions were made during the period under review although the volume of new By-Pass and the expansion of Nairobi’s international airport. contracts remained noticeably behind the 2004 values. The overall volume of orders improved due to the acquisition of ZÜBLIN. Rwanda In the 2005 financial year, three projects were successfully completed in Rwanda, including the upgrade of the runway, taxiways and apron at the Kigali International Airport as well as the Kigali-Kayonza road.
18 I STRABAG SE - 2005STRABAG SE - 2005 I 19 MANAGEMENT REPORT
COMPANY DEVELOPMENT
FINANCES Liquid assets as of 31 December 2005 were e 555.9 m, up from e 212.4 m Total Group Output 2003 20042005 at the end of 2004. Volume including Germany2,115 1,970 3,523 In 2005 the STRABAG parent company FIMAG Finanz Industrie Management AG Special Partnerships Austria1,545 1,5681,924 successfully issued a e 75 m bond, the fourth corporate bond over all. (in mio. E ) Hungary 548 678938 With this bond, a total of e 225 m in bond issues has been placed on the market. Czech Republic384 504714 FIMAG and STRABAG thus systematically pursued the strategy of applying Poland 297276 433 alternative corporate financing forms. Considering the consequences of Basel II Switzerland115 183295 and the ongoing consolidation in the banking sector, this strategy has proven Slovakia59 219 253 to be correct. Croatia15698 241 Effective 22 December 2005, a syndicated aval loan to the amount of e 1.5 bn Benelux 205196209 was signed with joint liability on the part of STRABAG parent company FIMAG Other Countries213272 785 Finanz Industrie Management AG. The loan replaces significant parts of the previous aval loan taken out by STRABAG AG, Cologne, and Ed. ZÜBLIN AG, Total5,637 5,9649,315 Stuttgart, at the same time that the security pool was dissolved. All collateral which formed part of the security pool has thus been released. The loan was successfully Order Backlog The STRABAG Group’s order backlog on the reference date (31 December 2005) placed with a total of 19 banks, each with a different share, and has a term of three was particularly positive with e 7.927 bn (2004: e 4.980 bn). years. There are two options to extend the term by one year for a maximum term The year-on-year growth of 59.2 % is largely due to the inclusion of newly of 5 years. The syndicated aval loan forms part of a well-thought-out long-term acquired companies. Excluding acquisitions, the volume of orders grew by 10.9 % financing strategy and increases the STRABAG Group’s flexibility in this regard. during 2005. In 2005 the cash flow from earnings reached e 286.3 m (2004: e 262.9 m). Major tunnel projects, investments in primary road and rail networks in Central and The ratio to the corresponding adjusted construction volume is 3.7 % (2004: 4.4 %). Eastern Europe, and important work done for internationally active private investors In consideration of the necessary information regarding the use of financial resulted in a positive development of the order volume. instruments pursuant to Article 243 Paragraph 3.5 of the Austrian Commercial Code Many small and medium-sized projects contributed to the utilization of regional (HGB), we point to the information given in the notes to the IFRS consolidated capacities and helped to create a balanced diversification of the overall portfolio. financial statement. Important Projects Niagara Tunnel, Canada e 442 m PROFIT SITUATION The exemplary performance of all employees, together with the optimum utilization (figures in E m) Gotthard Base Tunnel, Amsteg section, Switzerland e 173 m of available resources, ensured that the group again attained excellent results in Neurath Power Station, Germany e 125 m 2005. Earnings, as in the previous year, were above the industry average. M35 Motorway, Hungary e 117 m Diversification by country and segment provides the group with increased stability D47 Motorway, various sections, Czech Republic e 108 m and ensures a sound earnings basis. The earnings before taxes (EBT) determined Perschling Railway Tunnels, Austria e 92 m according to the IFRS (International Financial Reporting Standards) accounting Akademie Housing, Russian Federation e 89 m standards of e 134.7 m (2004: e 91.4 m) is proof of the company’s increased ARGE Neue Messe Hamburg, Germany e 77 m efficiency and earning power. Palladium Shopping Centre, Czech Republic e 73 m The profit margin, expressed as the ratio between the operating results and the Alcatel Office Building, Stuttgart-Zuffenhausen, Germany e 71 m corresponding adjusted construction volume1, is 2.1 % (2004:1.9%), considerably M7 Motorway, Hungary e 67 m higher than that of our rivals. Severnaya Bashnya Office Tower, Russian Federation e 62 m Zagreb-Macelj Motorway, Croatia e 61 m
INVESTMENTS In the year under review, the STRABAG group invested e 304.8 m (2004: e 207.5 m) in tangible as well as intangible assets. Constant replacement and expansion investments guarantee the efficiency and productivity within the group. Depreciations on tangible assets stood at e 178.7 m in 2005, compared to e 208.9 m in 2004. 1) construction volume without Züblin Group 2) operating results = earnings before financial results and taxes + earnings from stakes in associated companies + income from investments
20 I STRABAG SE - 2005STRABAG SE - 2005 I 21 MANAGEMENT REPORT
COMPANY DEVELOPMENT
EMPLOYEES 2003 20042005
Group Employees Germany10,9649,988 14,668 (average employment Austria8,970 8,789 9,731 levels) Hungary 3,8873,849 4,013 Czech Republic2,8083,222 3,742 Poland 1,5611,366 2,408 Switzerland 781 9611,591 Slovakia514 2,059 2,149 Croatia754 534692 Benelux 579528550 Other Countries1,881 1,991 4,969
Total32,699 33,28744,513
The construction sector is also increasingly affected by the ongoing economic changes. More and more it is not the classical building activity which stands in the foreground; rather, the main focus in the construction industry is shifting towards providing building services such as planning, development, financing and operating services. This will increasingly require interdisciplinary teams, and it can be expected that the qualifications demanded of employees in these teams will differ significantly from traditional training profiles. In addition to the necessary professional competence, increased mobility, a pronounced customer orientation, interdisciplinary network thinking and entrepreneurial action are indispensable. One focus of our continuing education is therefore especially dedicated to customer orientation. Furthermore, we see “leadership” as an essential factor for our continued business success. We believe that given our employees more responsibility allows them to grow and that mutual trust is conducive to their performance. Our goal is to create a critical feedback culture in all areas of the company which is as open as possible and which will form the basis for higher employee satisfaction. Leadership means accepting responsibility in the area of finances as well as taking responsibility for the motivation and development of one’s own employees.
Recruitment With this in mind, STRABAG pays special attention to the correct personal and professional competence required to reach these goals already when searching for suitably skilled employees or executive personnel. STRABAG has at its disposal an electronic job board on its Intranet in order to optimize the group-intern personnel search and allocation. Our external recruiting is supported by a newly developed online Applicant Management Information System at our Internet site. These two networked applicant systems allow a more efficient and quicker comparison of job offer and demand.
Our employees at work for their clients
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COMPANY DEVELOPMENT
STRABAG Akademie STRABAG’s own academy provides comprehensive, target-group-oriented training RESEARCH AND Functional building mandates and PPP models are becoming more and more for group employees, including training in the fields of technology, law, business, DEVELOPMENT common, leading to a shift in the focus of competition away from pure price computing and methodological and social competence. competition towards competition for quality. For the past two years, we have, in addition to existing face-to-face seminars, offered IT training material on an e-learning platform to employees in a pilot project This presents a new challenge for the TPA GESELLSCHAFT FÜR in one of the countries where we are active. This new, flexible way of learning, which QUALITÄTSSICHERUNG UND INNOVATION (“TPA Society for Quality Assurance can be done anywhere and anytime, met with such positive response that we will and Innovation”), the STRABAG Group’s competence centre for research and now offer it in other countries as well. development. While the focus in the past was on the inspection of building materials, today Trainee Programme In order to discover and support suitable young talent and more strongly tie these questions of quality prognosis concerning structural life spans are increasingly to the company, we have introduced a trainee programme for young skilled coming to the fore. In relation to the life cycle, innovation and development cycles employees and executive staff in all countries. The programme is to promote the are significantly shorter than in most other sectors. A mere inspection and analysis international exchange of trainees and better accommodate the increasing of existing structures is not enough, but rather must be supplemented by internationalization of the group. simulations processes. In order to assist our search for young commercial and technical talents, we have In addition to the different norms in the countries in which STRABAG is active, further expanded our cooperation with selected universities – particularly in the differing constraints such as building subsoil, availability of building materials, Central and Eastern Europe. climatic influences etc. require targeted regional development processes. For this reason, the decision was made to make investments for further TPA Communication Within the scope of our personnel management, we strive to ensure communication competence centres in Warsaw and Bratislava. through continual mutual feedback and structured employee-management talks. The addition of recycling asphalt to the production of asphalt mixtures has been Topics of discussion include suggestions for improvement, analysis of critical further promoted in all countries. Following the modification of the mixing facilities, points, joint selection of further training measures and career planning. In order to we have already been able to make contributions in the areas of resource provide expert assistance in this constant dialogue concerning the development of conservation and waste avoidance. management competence, a management potential analysis was carried out One of TPA’s most important tasks is the networking of group knowledge and among all managers and executives during the year under review. experience across all countries. In 2005 several technological innovations were further disseminated and successfully applied throughout Europe. Code of Conduct The values which the company conveys to customers, clients and especially its Low-temperature asphalt was tested on two road sections in the Czech Republic employees are the leadership benchmarks according to which management at all in order to gain the necessary approval for its use in the construction of the D8 levels orients itself. Furthermore, all employees take these values with them in their Motorway in the environmentally sensitive Ore Mountains next year. In addition to behaviour outside the workplace and we have established appropriate codes of lowering emissions and saving energy, the construction works can be postponed conduct to guarantee integrity in business transactions. until the cold season in order to minimize the influence on flora and fauna.
Job Safety and Accident A modern, ergonomic and friendly working environment helps employees to ENVIRONMENTAL STRABAG is extremely aware of its responsibility towards the environment. Prevention accomplish their tasks in a goal-oriented manner. We place great importance on job POLICIES When preparing and carrying out construction projects, the company strives to use safety and accident prevention at the construction site. In order to guarantee the energy and raw materials in such a manner as to conserve resources and to keep safety and health of our employees before problems occur, we provide protective emissions and waste production at a minimum. equipment, organize accident prevention seminars and hire and train safety STRABAG has committed itself to the continued development and improvement officers. of environmental services and aspires to be a pioneer in environmental action on the building market. This commitment is to promote the company and should be easily recognized by customers, clients and business partners. The number one principle is abidance with environmental legislation, regulations The management wishes to thank all employees for their commitment to the company and their identification and official restrictions. In this regard, a great amount of responsibility falls on our with the company’s goals. We also thank all workers’ representatives for their honest and constructive teamwork. on-site employees, for whom compliance with the changing project-specific Without this cooperation, the company’s successes would not have been possible. environmental requirements presents a special challenge.
24 I STRABAG SE - 2005STRABAG SE - 2005 I 25 MANAGEMENT REPORT
COMPANY DEVELOPMENT
RISK REPORTING The STRABAG Group is subject to a great number of risks in its business activities, Financial Risks Under financial risk we understand risks in financial matters and in accounting, which are identified and assessed using an active risk management system and including instances of manipulation. Special attention is paid to our liquidity and dealt with using an adequate risk policy. receivables management, which is secured through constant financial planning and daily status reports. Compliance with internal commercial guidelines is guaranteed Risk Management Our active risk management system serves the assessment, avoidance and by the central accounting and controlling departments, which are also responsible System reduction of risks which jeopardize business. The organization of STRABAG’s risk for internal reporting and the periodic planning process. Risks from possible management builds on the project-related job-site and acquisitions controlling, instances of manipulation (acceptance of advantages, fraud, deception or other supplemented by the higher-level assessment and steering management. These infringements of the law) are monitored by all business areas, but by internal activities are supported by a number of regulations and measures, including a auditing in particular. certified quality management system, internal group guidelines for operations workflow, a centralized administration, our Controlling Department, the Contract Organizational Risks Risks concerning the quality and quantity of personnel are covered by the central Management Department and internal auditing. personnel department with the help of a specialized data base. The company’s IT The internal auditing oversees compliance with the company’s technical and configuration and infrastructure (hardware and software) is handled by the central commercial guidelines. Through the establishment of company-wide quality IT department, controlled by our international IT steering committee. standards in quotation processing and supplemental services management, our centrally organized Contract Management Department can better assert our claims Personnel Risks Highly qualified and motivated personnel are an essential competitive factor. In the for outstanding debt. period under review, the entire management participated in a potentials analysis. In The following central risk groups were defined in our group-intern risk report: subsequent feedback talks, group executives and company managers discussed topics such as succession planning, motivation, company loyalty and social External Risks The entire construction industry is subject to cyclical fluctuations and reacts competence. to varying degrees depending on region and sector. The overall economic growth, the development of the building market and Investment Risks STRABAG can exert influence on the management of associated companies the competitive situation, as well as the conditions on the capital markets and through its shareholder position and, if applicable, any existing advisory functions. technological changes in construction, could lead to risks. The shares in asphalt and concrete mixing companies usually involve minority These risks are continually observed and monitored by the various departments holdings, typical for the sector. With these companies, economies of scope are and operating units. at the fore. Changes in external risks lead to adjustments in our organization, market presence and range of services as well as the adaptation of our strategic and operating A review of the current risk situation shows that in the reporting period there were planning. no risks which jeopardized the company’s existence, nor were there any future risks to be seen. Operating Risks The operating risks include primarily the complex risks of project selection and execution. STRABAG keeps acquisition lists in order to review the project choice. Business transactions requiring consent are reviewed and approved by our division managers and department heads or by the management board according to our internal rules of procedure. Cost accounting and expense allocation guidelines have been set up to assure a uniform process of job costing and to establish a performance profile at our construction sites. Project execution is managed by the construction team on site and controlled by monthly target/performance comparisons; at the same time our central controlling Further information regarding interest risk, currency translation risk and credit risk can be found in the Notes provides constant commercial backing. on page 93 under section (22) Financial Instruments.
26 I STRABAG SE - 2005 STRABAG SE - 2005 I 27 MANAGEMENT REPORT
OUTLOOK
REORGANIZATION OF MARKET PRESENCE Germany The economic indicators in Germany have improved noticeably in the recent past. It is already foreseeable that the construction industry will also be seized by these The economic forecasts for the markets on which the STRABAG Group is active are predominantly developments and that the long recession is finally over. The recent positive trend positive.Our current market position provides us with an excellent foundation for a disproportionate in new orders is a first indication of this . participation in the economic growth. The mood in the country has brightened following the political changes. A positive market environment and improved corporate earnings have again As a result of the corporate acquisitions, the STRABAG Group’s market presence underwent some important created a good climate for investment which will benefit the construction industry. changes in 2005. The newly acquired companies and brands perfectly complement the core STRABAG Moreover, consumer behaviour has stabilized, further driving economic growth. brand. There is a lot of work left to be done by the public sector in the area of Our work on the markets will no longer be determined by a single brand name strategy, but rather by the infrastructure. In this area, the toll on heavy trucks introduced in 2005 and the mutually complementary presence of the four main brands STRABAG, DYWIDAG, HEILIT+WOERNER and public-private programme to expand and modernize Germany’s motorways ZÜBLIN. These names, each steeped in tradition, stand for dependability and professionalism and will be (A Models) – despite the tight budget – will provide a much-needed impulse. maintained to the advantage of the entire group. The STRABAG Group, as largest provider of construction services in Germany, has created the necessary conditions for success in a difficult market and will profit particularly from this upswing using all possible synergy effects.
Austria Robust growth of the construction industry is expected in Austria, even if the price situation, like in Germany, remains difficult. According to the economic experts, Austria’s construction industry will benefit particularly from an increased demand for transport infrastructure projects between Austrian and the Eastern European countries. This is just as true for road construction as it is for railway infrastructure. An important catalyst for the industry will be the accelerated construction of the Trans-European Networks (TEN): of 30 high-priority projects, 5 have a direct relation to Austria. The willingness to use alternative forms of project execution creates additional possibilities and flexibility. The realization of the A5 Motorway and the S1 and S2 expressways, for example, are to take place under a concession-and-operator model with private and public partners. STRABAG will be able to maintain its status as market leader throughout Austria.
Central and Eastern According to experts, the construction industry in the new EU member states, Europe as well as in the countries of the next round of enlargement, will continue their dynamic trend. Infrastructure investments can be expected to drive growth. The renewal and expansion of the primary road network and of the railway infrastructure has top political priority, and it is a matter of great concern for the European Union to accelerate Eastern Europe’s economic catch-up process. Thanks to the funds from the EU development programmes, the countries of the region will come closer to this goal in the coming years. Furthermore, the problem of tight national budgets is to be addressed by including private capital in the form of PPP projects. In addition to the infrastructure sector, the environmental field and water resources management are especially important in Eastern Europe. Great demand can be seen for projects such as water treatment facilities or water and sewage lines. STRABAG’s good position in these countries forms the basis for lasting growth of our output and earnings, despite higher competition as the result of new market participants in the region.
Blackwater Viaduct, Ireland
28 I STRABAG SE - 2005 STRABAG SE - 2005 I 29 MANAGEMENT REPORT GROUP STRUCTURE
SIGNIFICANT EVENTS AFTER BALANCE SHEET DATE (Supplemental Report) GROUP STRUCTURE MAY2006
The company changed its name from BAUHOLDING STRABAG SE to STRABAG SE and presented a new logo and organizational structure. MINORITY INTERESTS
ZBLIN STRABAG SHAREHOLDER The internal organization is being changed due to the addition of the newly acquired companies. DEUTSCHLANDGERMANY SOCIETAS EUROPAEA The Tunnelling and Civil Engineering segment and the Building Construction segment are being merged into 42,7 % ~34 % a single segment called Building Construction and Civil Engineering. The future organization of the group will be divided into three building segments: Road Construction, Building Construction and Civil Engineering, ~ 66 % 88 %* 57,3 % and Services. STRABAG STRABAGSTRABAG DEUTSCHLANDGERMANY OTHERANDERECOUNTRIESLNDER
BUILDING ROAD CONSTRUCTION & ROAD SERVICES STRUCTURAL CONSTRUCTION SERVICES ENGINEERING BOARD OF MANAGEMENT 26 April 2006 ENGINEERING CORE BRANDS
OPERATIONAL STRABAG BUSINESS
SERVICE COMPANIES
T P A
* 65% owned directly by STRABAG SE, 35% indirectly over STRABAG Germany ** STRABAG SE’s stake has increased to around 57% due to acquisitions since 31 December 2005
30 I STRABAG SE - 2005STRABAG SE - 2005 I 31 SEGMENT REPORT ROAD CONSTRUCTION
M35 Motorway, Hungary Asphalting A12 Motorway, Austria Cleaning works, A4 Motorway, Poland
D8 Motorway, Czech Republic Motorway Toll Plaza, Zagreb-Macelj Motorway, Croatia De-icing, Airport Munich, Germany Renovations Bahnhofsplatz Kaiserslautern, Germany
Pipe laying, Berlin-Brandenburg, Germany Asphalting Laaer-Straße, Austria Container Terminal, Hamburg-Altenwerder, Germany Construction of sport field, Ritzing, Austria
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ROAD CONSTRUCTION
The Road Construction segment was again the most significant segment within the Hungary STRABAG is market leader in the Hungarian road construction sector and once STRABAG Group, contributing 44.8% to the total construction volume in 2005. again made decisive contributions to the expansion and upgrade of the country’s Today we are the Number 1 in road construction in 4 countries: Germany, Austria, primary road network in 2005. Examples include the second and third phase of the Hungary and Poland. While we have grown through corporate acquisitions in our M5 Motorway, to be operated under a concession model, as well as the M35 and mainstay markets, successes in our Central European markets have been the result M7 Motorways. The good regional distribution of the asphalt mixing plants in of organic growth. The market is being determined by the European commitment to Hungary guarantees that our operating units receive a constant supply of paving creating new and modern transport routes with the goal of interconnecting Europe’s mixture and provides a solid foundation for our activities in the country. countries and regions and of integrating the flow of commodities. STRABAG is primarily active in the field of asphalt road construction but also One of the most important factors contributing to our outstanding market position disposes of adequate know-how and experience in the construction of concrete is our excellent access to raw materials – indispensable in the field of road roadways, a technique used for the first time in Hungarian motorways last year. construction – as well as the good regional distribution of our asphalt mixing In addition to the large roadway projects, STRABAG has also become successfully facilities. active in regional road construction and the construction of secondary road networks.
Germany STRABAG is the unchallenged market leader in road construction in Germany. Czech Republic In the Czech Republic we are currently focusing on the construction of large The integration of the activities of Heilit+Woerner Bau GmbH has allowed us to sections of the country’s motorways, including the D47, a motorway connection in expand our leading market position to include concrete road construction as well. the east of the country in the direction of the Polish border. The work on the Czech Although the construction volume of Heilit+Woerner Bau GmbH was down in 2005 Republic’s primary road network makes for an excellent use of capacities in the – attributable above all to the repercussions of the insolvency of Walter Bau – country. The major projects are complemented by smaller and medium-sized road the volume was up at the remaining operating units in road construction as well as construction on the regional level. STRABAG disposes of a well-developed network at our asphalt mixing plants. Due to the general overcapacities on the market, of asphalt mixing plants in the Czech Republic, which support our leading market there has been no improvement in the price level. position in this segment. In 2005 STRABAG again won the tender for a number of major projects in Germany. These include the upgrade of the BAB A60 Motorway with two new off-ramps and Poland We further intensified our mainstay business in the Road Construction segment in noise reduction measures (Mainzer Ring), the modernization of the Sportfeld railway Poland and are present with regional offices in all 16 voivodships. Separate offices station in Frankfurt in time for the 2006 Football World Cup, and the laying of are responsible for major projects in the country’s primary road network. Bridge 245,000 m 2 of bituminous pavement at a container terminal in Hamburg- building is handled by a separate unit as well. The penetration of the bridge Altenwerder. In addition to these projects, we acquired a number of larger contracts building market in all of Poland forms a significant part of our strategy in the Road for motorway sections in Germany. Meanwhile, the “A-Models” – the name given a Construction segment. Entry into railway construction is currently being planned. PPP financing model – for the upgrade of defined motorway sections in Germany Around one half of the road construction volume is generated in the construction of will first be put out to tender this year. First construction work under this model will motorways. Significant projects in this area are the Konin-Ko =lo and Ko =lo-D¸abie take place in 2007. sections of the A2 Motorway. STRABAG remains active in the classic mainstay markets and intends to further intensify activity in this area. In 2005, STRABAG was Austria STRABAG is market leader in road construction in Austria, where it has access able to further solidify its dominant market position in road construction in Poland. to a dense network of asphalt mixing facilities. Despite the positive demand, however, tough price competition could be seen Slovakia Clear progress was made during the period under review regarding the ongoing across the country in 2005, a situation which can be expected to continue due to transformation of STRABAG’s activity profile in Slovakia from one of minor repairs the existing overcapacities. Renewed impulses came from large infrastructure and upgrade services to large-volume contracts. This change can be seen best in projects and investments were observed in the primary road network as well as the dynamic growth of our turnover. The strategic expansion of the motorway in tunnel and bridge construction. network in eastern Sloˇvakia will be handled out of a new office in Kosˇ ice. Slovakia Revenue from vehicle tolls is primarily being used for the upgrading and plans to continue to expand and modernize its motorway and expressway system modernization of the motorway network. Projects include the complete renewal with particular importance given the connection with the east. Several sections of of sections of the A1 and A2 Motorways. motorway are to be built under a PPP model.
34 I STRABAG SE - 2005 STRABAG SE - 2005 I 35 SEGMENT REPORT
ROAD CONSTRUCTION
Switzerland STRABAG entered the road construction market in Switzerland with its acquisition Building Materials The Building Materials business field was able to post higher output and production of the Egolf Group in 2004. With its new subsidiaries in the Thurgau Canton in in all of its areas of business last year. Developments in Hungary and the Czech northern Switzerland, STRABAG is now well established in the country and is Republic were particularly positive. In these two countries, we were able to take working on projects in the area of conventional road construction and civil part in the accelerated expansion of the primary transport networks, resulting in engineering. In Switzerland, we dispose of sufficient gravel reserves and disposal above-average growth in business. sites. Contracts generally involve minor projects. The expansion in the direction of Eastern and Southeastern Europe is to continue. In 2005 around 2.8 million m 3 of concrete were produced at our concrete mixing Croatia STRABAG’s construction volume in Croatia can easily be documented by high- facilities. lighting a number of examples. One project currently under construction is the With bituminous emulsion production sites employing 300 people in 8 countries, Zagreb-Macelj motorway in the direction of Maribor in Slovenia, being carried out Bitunova and its regional subsidiaries are market leaders in the countries of Central under a concession. The route will form part of the European Pyhrn Motorway. and Eastern Europe. The total production of bituminous emulsion in 2005 stood at STRABAG is leading a consortium in Croatia’s ambitious motorway projects. around 55,000 tonnes. Declining quantities in Austria were compensated for Difficult sections also required significant tunnelling and engineering services, through business expansions in the remaining countries. which were handled from Zagreb in cooperation with Austrian engineers. Top priority is given to the supply of raw materials of the STRABAG Group and In addition to the major projects ongoing in the country, STRABAG also holds an expansion; as a result, we are promoting the expansion in our core markets important position in the mainstay market in regional road construction, which accordingly. Total output at our numerous production sites in 2005 reached around involves all regional urban and interurban roads. 21 million tonnes of stone and gravel. The local subsidiaries of SAT posted their greatest growth in market share in the Other Countries field of recycling. The core business of pavement milling also had another very satisfactory year in 2005. Romania, Bulgaria In Romania and Bulgaria we are continuing work on establishing our national market presence. The emphasis in these two countries is on smaller and medium- sized construction work in and around the capitals Bucharest and Sofia. Segment 2003 20042005 Individually, however, larger contracts involving EU-financed interurban connections Road Construction are handled as well. Construction volume (in T e )3,077,6523,064,120 4,171,527 Serbia In Serbia we were able to make good progress in our efforts begun in 2005 at Revenue (in T e )2,426,2782,653,630 3,655,248 acquiring road construction projects in the country. STRABAG succeeded in taking Operating income (in T e )68,789 106,69075,828 over a majority stake in two local road construction firms, PZP Zajecar and Putevi Employees 19,65719,126 21,937 Caˇ ˇc ak. Output according Middle East In the Middle East the STRABAG has been active in Oman for many years, where it to country Germany 37.8 % is well established on the local market.
Africa In Africa selected projects are being carried out in Kenya and Rwanda as part of Other Countries Austria 18.9 % 4.2 % the European development aid programme in direct export. Benelux 0.1 % Croatia 1.6 % Slovakia 2.4 % Switzerland 0.9 %
Poland 6.0 % Hungary 15.7 % Czech Republic 12.5 %
36 I STRABAG SE - 2005 STRABAG SE - 2005 I 37 SEGMENT REPORT BUILDING CONSTRUCTION
Severnaya Bashnya Office Tower, Moscow, Russian Federation Uniqa Tower, Vienna, Austria Klinikum Barmbek, Germany
Madou Tower Brussels, Belgium Neue Messe, Hamburg, Germany Valua Retail Village, Ingolstadt, Germany Automobile Factory PSA Peugeot Citroen, Bratislava, Slovakia
Hundertwasserhaus Essen, Germany Restoration, Hotel Polonia, Poland Indoor Stadium, Zurich-Oerlikon, Switzerland Airport Terminal Prague, Czech Republic
38 I STRABAG SE - 2005 STRABAG SE - 2005 I 39 SEGMENT REPORT
BUILDING CONSTRUCTION
The Building Construction segment contributed a share of 35.3 % to the total Czech Republic In the Czech Republic, building construction is a particularly successful segment in construction volume, making it STRABAG’s most important segment next to Road the Prague metropolitan area. The expansion of our market share and continued Construction. The segment’s importance has increased significantly as the result of growth throughout the country form part of our strategy in the Czech Republic, dynamic growth and a targeted acquisitions policy. with special emphasis on gaining a foothold in Moravia. STRABAG specializes on large-scale projects in the Czech Republic, where clients include Czech as well as Germany The investment climate in building construction, largely determined by private foreign private investors. Currently we are making efforts to win over the public clients, improved somewhat ahead of the German parliamentary elections. sector as a client, which remains difficult, however, due to the overall reluctance to In 2005, STRABAG acquired important competences in the field of turnkey building make investments and due to the strong price competition. construction with the takeover of Ed. Züblin AG and DYWIDAG Bau GmbH. Our largest project in the Czech Republic at this time is Prague’s Palladium Building construction and civil engineering activities in Germany are to be bundled Shopping Centre, which includes a shopping gallery, office building and at Ed. Züblin AG in order to achieve market leadership and to create the necessary underground car park. The client is a European real estate fund. synergies and streamlining opportunities to become cost leader in the country. A number of small and medium-sized projects were entered into the books in 2005. Poland In the Polish building construction segment, STRABAG is focused mainly on Moreover, notable larger projects were acquired as well, including the expansion of the construction of shopping centres, office buildings and logistics centres. Concourse C of the Frankfurt International Airport, as well as the construction of an Residential housing and environmental technology at the municipal level administration building for the Baseler Securitas Versicherung AG in Bad Homburg (e.g. water purification plants) are seen as future markets in Poland. and an administration building for Ford GmbH in Cologne. In 2005, STRABAG Hochbau won the Central and Eastern European Real Estate Quality Award for the highest level of quality in construction. Austria Interesting projects were again advanced in the period under review, among Our presence in Warsaw was intensified. them the construction of the City Arkaden shopping centre in Klagenfurt. Furthermore, we have opened offices in the other major cities in Poland in order The work, being carried out as a general contractor for a German investor, to capture regional markets and raise our performance potential. In the period will be concluded in 2006. under review, the Silesia City shopping centre in Katowice was completed and In 2005, STRABAG was able to successfully integrate the newly acquired handed over to the client. A further STRABAG shopping centre project involves the companies Fussenegger and Mischek into the group. Following a period of construction of the ECE Krakow shopping gallery, to be completed in 2006. consolidation, a lasting positive effect is now expected to take place. The positive investment climate, healthy organic growth, a good market presence Effective risk management, selective bidding and the optimization of the company’s and an outstanding client acceptance form the basis for future success in the procurement created the right conditions for a significantly improved profit situation. country. The order situation is also very satisfactory. A further expansion of business activities in the country’s provinces and the expansion of the value-added chain Switzerland STRABAG already entered the building construction sector in Switzerland with form part of the strategy on the Austrian building construction market. individual projects a few years ago. One example of the group’s work in the country is the Grand Hotel in St. Moritz. Our service profile ranges from typical building work Hungary STRABAG is active in the field of building construction across the country and was to general contractorship. Through the acquisitions made in 2004, STRABAG was able to become market leader in the segment even with very moderate growth in able to expand its presence throughout the country. the volume of construction. Due to the high number of small and medium-sized enterprises in Hungary, price competition in the country is very aggressive. Slovakia In Slovakia’s building construction segment, the STRABAG Group is represented The fact that EU development funds primarily go towards large infrastructure by Zipp Bratislava – one of the leading construction companies in the country. projects favours market development in the road construction segment over The main business field in Slovakia is the construction of industrial and commercial building construction. As the result of measures to dam up the country’s budget objects as well as of office buildings, shopping centres and residential housing. deficit, state-financed investments in building construction have dropped as well. The construction of water treatment facilities and bridges rounds off our range of PPP models are now used in order to relieve some of the burden on the budget. services in the field of civil engineering. As part of the national development plan, the fields of education, health care and A regional focus is on construction in the Bratislava metropolitan area. sports are to be significantly improved until 2008. An infrastructure programme The construction volume in the country has levelled off since 2005 – in part due to modernize, revitalize and upgrade higher educational facilities, student housing to the completion of existing large-scale projects. STRABAG’s strategy in Slovakia and university buildings was launched in 2005. The programme involves mostly involves securing the market leadership and expanding its regional presence. public-private partnership concepts with STRABAG playing an important role as PPP pioneer.
40 I STRABAG SE - 2005 STRABAG SE - 2005 I 41 SEGMENT REPORT
BUILDING CONSTRUCTION
Croatia STRABAG is active in Croatia as a general contractor. Among the projects acquired in the past are the construction and revitalization of the Kraˇs sugar factory, a Segment 2003 20042005 business and office centre in Zagreb’s Branimir Centre as well as the construction of Building Construction the Hilton Hotel in Dubrovnik and a Bauhaus DIY store in Zagreb. Construction volume (in T e )1,844,999 2,115,323 3,287,370 Revenue (in T e )1,703,845 1,860,319 2,335,106 Benelux The market in Belgium, the Netherlands and Luxembourg is handled out of Operating income (in T e )26,34616,695 31,610 STRABAG’s Benelux office in Antwerp. Our activities in the region range from Employees 7,600 9,051 12,738 industrial facilities – including a lot of work for larger clients – to residential buildings and renovation work, which often involve small to medium-sized contracts. Among the largest projects acquired in the Benelux countries are the construction Output according of a multi-storey car park at the Brussels Airport, the construction of a factory outlet to country Germany 39.4 % centre in Wertheim and the works on a theme park in Tongeren.
Russian Federation STRABAG was able to significantly raise its construction volume in the Russian Austria 24.6 % Federation in the 2005 financial year. In Moscow, where STRABAG is active as a Other Countries general contractor, we are proving our ability and reliability in the handling of large- 8.2 % scale projects. Current examples include the Severnaya Bashnya Office Tower and Benelux 5.4 % the Hotel Moskva on Red Square. Continued positive developments are to be expected. Croatia 0.8 % Slovakia 4.4 % Hungary 5.1 % Romania,Bulgaria, STRABAG is also active as a general contractor in Romania and Bulgaria, Switzerland 1.7 % Czech Republic 5.3 % Middle East as well as in the Middle East, and is quite successful in all these regions. Poland 5.1 %
View over Moscow from construction site of Hotel Moskva, Russian Federation
42 I STRABAG SE - 2005 STRABAG SE - 2005 I 43 SEGMENT REPORT OTHER CONSTRUCTION FIELDS
Ravninscica Bridge, Zagreb-Macelj Motorway, CroatiaA9 Motorway Bridge, Switzerland Haselbachtal Motorway Bridge, Suhl, Germany
Perschling Railway Tunnels, Austria Hydro-electric power plant, Marsyangdi River, Nepal Al Khadra Reservoir, Libya Water Treatment Facility, Uganda
Uetliberg Tunnel, Switzerland Levaˇci´c a Tunnel, Croatia Algiers Metro Tunnel, Algeria New Delhi Metro, India
44 I STRABAG SE - 2005 STRABAG SE - 2005 I 45 SEGMENT REPORT
OTHER CONSTRUCTION FIELDS
The segment “Other Construction Fields” largely comprises the fields of Tunnelling Project Development – The field of Project Development–Infrastructure is growing, as witnessed by the and Civil Engineering, Project Development–Building Construction and Project Infrastructure number of new projects in the past few years. While the market volume in the Development–Infrastructure. STRABAG plans to completely realign this segment in field of infrastructure projects has been increasing steadily, political changes in 2006. Tunnelling and Civil Engineering is to be included in the segment Building the EU’s easternmost members have led to occasional delays in implementation. Construction and Civil Engineering; Project Development will be grouped into a new Due to tight federal budget policies, however, the market situation should continue segment called Services. to improve in the medium and long term. Countries like Russia and Ukraine are also already preparing the legal framework for the effective application of public- Tunnelling and STRABAG is one of the leading tunnel builders in Europe, with many years of private partnership (PPP) models. Civil Engineering international experience, and is currently working on many large-volume jobs in several countries. STRABAG has already been able to gather important experience in concessionary In Switzerland, STRABAG is working on two major Transalpine rail tunnels – and operating models in the field of infrastructure. Worth mentioning in this context the Gotthard Base Tunnel and the Lötschberg Base Tunnel North. are the M1/M15 Motorway project as well as phases I-III of the M5 Motorway in The largest contract in Austria at this time involves the Perschling Railway Tunnels, Hungary, the A2 Motorway in Poland and the Birecik Power Plant project in Turkey. a chain of railway tunnels in Lower Austria. Also worth mentioning is the Krapina Tunnel in Croatia, part of the Zagreb-Macelj Projects currently under construction include the Zagreb-Macelj motorway in motorway. Croatia in the direction of Maribor in Slovenia, being realized under a concession. Further tunnel projects are ongoing in Italy, including the Castellanza Railway The route will form part of the European Pyhrn Motorway. In Ireland, STRABAG is Tunnel on the line between Milan and Malpensa International Airport. working on the Fermoy Bypass toll project together with local partners and has The tunnel is to be handed over to the client this year. already made the best bid for a second toll motorway project.
STRABAG’s largest single contract is in Canada. The Niagara Project has a volume Two projects are currently being carried out in Austria. The Nordkettenbahn project of around e 400 m and is a design-and-build contract for a tunnel to divert is a PPP project in the field of regional transport and tourism in Innsbruck, Tyrol. additional water upstream of the Niagara Falls to the Sir Adam Beck Generating As part of the project, STRABAG will build and operate a funicular railway and Station near Queenston Heights. Excavation of the 10.4-km tunnel will take place modernize the gondola cable cars going up the Nordkette, the mountains above using the world’s largest open hard rock TBM (tunnel boring machine). the city. Construction is to be completed in 2007. In Vienna, STRABAG will build and operate a multifunctional rest area along the In Austria, the Bindermichl Tunnel on the A7 motorway in Linz, Upper Austria, was a S1 bypass road around the city. The S1 represents a portion of the Vienna Outer particularly demanding project. The project involved the construction of a 1-km Ring Expressway. The project includes a filling station, a restaurant and a hotel tunnel, built using the wall-cover construction method, as well as a 600-m frame as well as enough truck and car parking. noise-reduction enclosure with up to 7 lanes of traffic per carriageway during construction. Work was carried out with continuous traffic flow of around 100,000 Of particular importance and magnitude in Austria is the realization of the A5 vehicles per day and was largely completed in 2005. Motorway and the S1 and S2 Expressways, which together comprise the Ostregion public-private partnership concession. The project encompasses 113 km of new The field of civil engineering covers complex traffic structures, power plant motorways divided into four “packages”. The connection of Austria’s road network construction, major bridge projects, dams, railway construction, environmental to the Czech Republic and a forward-looking traffic engineering concept for the technology and specialized groundwork. The acquisitions of Ed. Züblin and Vienna metropolitan area form part of this regional project. STRABAG is a member Dywidag have wonderfully complemented and expanded this segment in terms of of a bidding consortium with other Austrian partner companies. know-how and competence. The acquisitions of the Züblin Group and Dywidag International have also In Germany, the first “A-Models” – a PPP concession model to finance the contributed to the STRABAG Group being a respected construction partner expansion of the country’s motorways – are being put out for tender. internationally, with projects around the world from Chile and Saudi Arabia to Libya STRABAG will bid as part of a bidding consortium. and Algeria in Africa and further projects in Asia. Dywidag International is leading an international consortium to build a 6.6-km section of the underground in Delhi, India. The main works were completed last year
46 I STRABAG SE - 2005 STRABAG SE - 2005 I 47 SEGMENT REPORT
OTHER CONSTRUCTION FIELDS
Project Development – This business field is operated by a wholly-owned subsidiary in Germany and the Segment Other Construction Fields Building Construction Benelux countries. Existing project development activities of STRABAG and ZÜBLIN 200320042005 are to be merged in the ZÜBLIN Development GmbH in order to create more synergy effects. Construction volume (in T e )609,886665,311 1,694,096 Revenue (in T e )394,034697,164938,304 Project developments in building construction traditionally involve commercial real Operating income (in T e )7,472 -14,17555,053 estate development for office buildings and other business premises. Employees 2,6342,203 6,004 Our business field will receive an additional emphasis: mixed-use real estate. Mixed-use real estate, which also encompasses retail space, offers the necessary letting rates to reduce the risk of our investments and promotes the development Output according Germany 35.1 % of large-space retail objects. to country
In addition to selective acquisitions in the above-mentioned business fields, Austria 15.8 % STRABAG will significantly increase its involvement in PPP projects. Hungary 6.4 % The general situation of the national budgets will be able to support this development, even if the overall framework for such projects will take some Czech Republic 0.7 % time to truly take shape. Poland 0.8 % Other Countries 19.3 % Switzerland 11.6 % Slovakia 0.1 % Benelux 1.5 %Croatia 8.7 %
Airport Sofia, Bulgaria
48 I STRABAG SE - 2005 STRABAG SE - 2005 I 49 STRABAG KUNSTFORUM
ART LOUNGE, STRABAG HAUS, Vienna
The manifold activities of the STRABAG KUNSTFORUM are dedicated to the This spectacular art and events hall, first opened in the summer of 2004, houses promotion of contemporary Austrian art.In 2004 the STRABAG KUNSTFORUM, the first permanent exhibit of sculptures by the internationally renowned Austrian founded in the early 1990s in Carinthia,moved to the Vienna STRABAG HAUS sculptor Bruno Gironcoli in Vienna. Nine monumental and machine-like polyester designed by architects Hoffmann & Janz. It is our belief that art,in connection sculptures inside and three castings on the company grounds outside form the with vision and innovation, will promote the dialogue between visitors and core of the artist’s futuristic work. employees. STRABAG SE is one of today’s most trend-setting carriers of the arts.
ART AWARD The Art Award, in existence since 1994, serves to promote young Austrian artist GIRONCOLI-KRISTALL A stepping stone to a under the age of 40. Sculpture at the Fore career as an artist The e 10.000 endowment for painting and printing involves four awards of e 2.000 each, individual exhibitions for each of the five artists nominated in the Art Lounge and acquisitions. Next year, STRABAG will award its Hungarian Art Award in Budapest for the 10 th time.
ART COLLECTION The Art Collection is an important collection of nearly 1,200 works of 20th and Art for Employees 21 st century Austrian art. and Visitors The works of renowned artists, as well as by outsiders and young talent, can be seen at various STRABAG offices but primarily in Spittal an der Drau and in Vienna.
ART LOUNGE The Art Lounge is a one-of-a-kind exhibition space on the two top floors of the The Focus of STRABAG HAUS and offers an exceptional view over Vienna. Communication The current programme is comprised of the exhibits of the Art Award and a special anniversary exhibition of collected works. www.strabag-kunstforum.at GIRONCOLI-KRISTALL Arts and Events Hall, STRABAG HAUS, Vienna
50 I STRABAG SE - 2005 STRABAG SE - 2005 I 51 2005 CONSOLIDATED FINANCIAL STATEMENT of FIMAG Finanz Industrie Management AG, Spittal an der Drau
Begin of construction works, Niagara Tunnel, Canada
52 I STRABAG SE - 2005 STRABAG SE - 2005 I 53 2005 FINANCIAL STATEMENT
CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE 2005 BUSINESS YEAR CONSOLIDATED BALANCE SHEET AS OF 31 DECEMBER 2005
Assets Notes 20052004 T d T d Notes 31.12.200531.12.2004 T d T d Revenue(1) 6,955,7975,222,905 Non-current assets Changes in inventories34,38738,884 Intangible assets (11) 67,085 32,550 Own work capitalized 16,56411,727 Tangible assets (11) 1,135,867 955,907 Other operating income (2)149,901136,967 Investments in associates(12)64,84245,495 Cost of material and services(3)-5,019,607 -3,609,458 Other financial assets (12)305,770 264,016 Personnel expenditure(4) -1,401,876 -1,185,509 Trade receivables and receivables for services rendered (15) 43,618 99,563 Depreciation on tangible and Other accounts receivable and other assets (15) 33,169110,670 intangible assets (5) -178,677 -208,889 Deferred taxes(13)86,45792,161 Other operating expenses(6)-400,981 -311,496 1,736,8081,600,362 Earnings before deducting financing costs and taxes155,50895,131 Current assets Inventories(14) 618,717540,856 Share of profit of associates(7)5,4247,897 Trade receivables and receivables for services rendered (15) 1,948,5781,157,146 Earnings from investments (8) 2,1978,673 Other accounts receivable and other assets (15) 266,967 142,494 Other financial results (9) -28,414 -20,351 Cash and cash equivalents (16)555,857212,399 Financial result-20,793-3,781 3,390,119 2,052,895 5,126,927 3,653,257 Earnings before taxes134,715 91,350
Income tax(10)-40,149 -25,602 Equity and Liabilities Earnings after taxes94,566 65,748
Notes 31.12.200531.12.2004 Minority interest -44,628-30,249 T d T d Consolidated results 49,93835,499 Group equity Earnings per share (in d )(27)7.41 5.27 Share capital53,93853,938 Capital reserves163,800 163,800 Retained earnings278,785 237,380 Minority interest 408,947347,138 (17) 905,470 802,256 Non-current liabilities Provisions(18) 556,617358,737 Financial liabilities(19) 602,630 561,161 Liabilities from trade payables and payables for services rendered (19) 25,077 55,944 Other liabilites(19) 11,148 8,599 Deferred taxes(13)3,5171,847 1,198,989 986,288 Current liabilities Provisions(18) 299,525246,960 Financial liabilities(19) 339,234141,791 Liabilities from trade payables and payables for services rendered (19) 1,922,399 1,165,266 Other liabilities(19) 461,310310,696 3,022,4681,864,713 5,126,927 3,653,257
54 I STRABAG SE - 2005 STRABAG SE - 2005 I 55 2005 FINANCIAL STATEMENT
CONSOLIDATED CASH-FLOW STATEMENT FOR THE 2005 BUSINESS YEAR CHANGES IN GROUP EQUITY
20052004 ShareCapitalParticipation Retained d d T T Capitalreservesrights capitalearnings Total Earnings after taxes94,566 65,748 T d T d T d T d T d Deferred taxes-4,677 1,489 Non-cash effective results from associates-1,1103,529 Balance at 1 January 200453,938163,800 186,039356,339760,116 Depreciations / write-ups193,859 210,355 Changes in long term provisions17,6342,007 Differences arising from currency translation 0011,3789,25620,634 Profit / loss from sale / disposal of plants -13,962 -20,177 Cash-flow from profits 286,310262,951 Consolidated results 0035,499 30,249 65,748 Contribution 00637 0637 Change in items: Neutral change –Inventories32,502 -40,340 of actuarial profit –Trade receivables and receivables from services rendered, and loss 00-1,829-1,915 -3,744 construction contracts and special partnerships-235,973 -64,364 Hedging reserves005,6565,054 10,710 –Group receivables and receivables from companies Distribution of dividends000-51,845 -51,845 with which there is an investment relation 26,347-11,788 Balance at 31 December 2004 = –Other assets 3,3536,355 Balance at 1 January 200553,938163,800 237,380347,138802,256 –Liabilities from trade, construction contracts and special partnerships 117,867 -68,852 Differences arising from currency translation 001,1435,420 6,563 –Group liabilities and liabilities from companies Consolidated results 0049,93844,62894,566 with which there is an investment relation -6,998 18,222 Contribution 00025,003 25,003 –Other liabilities20,194 18,373 Hedging reserves00-4,377 -3,903 -8,280 –Current provisions24,153-16,459 Neutral change Cash-flow from operating activities267,755 104,098 of actuarial profit and loss 00-4,141 -3,825-7,966 Acquisition of financial assets -46,296-65,175 Neutral change Acquisition of fixed assets -254,688 -207,490 Financial Instruments IAS 3900-1,158 -1,772 -2,930 Profit / loss from sale / disposal of plants 13,962 20,177 Reduction from fixed assets (book value) 58,82975,741 Change in minority interest resulting Change in other receivables from cash clearing 23,58028,598 from first-time consolidation 00048,372 48,372 Change in consolidation circle minus acquired cash and cash equivalents 91,236 -13,061 Distribution of dividends000-52,114 -52,114 Cash-flow from investing activities-113,377 -161,210 Balance at 31 December 200553,938163,800 278,785 408,947905,470
Change in bank liabilities90,421-43,768 Change in loans75,000 50,000 STATEMENT OF RECOGNIZED INCOME AND EXPENSE Change in liabilities from finance leases5,272 -7,493 Change in other liabilities from cash clearing 42,677 113 20052004 Other neutral changes in share capital25,003 0 T d T d Distribution and withdrawals from partnerships-52,114 -51,846 Cash-flow from financing activities186,259 -52,994 Changes in value pursuant to IAS 39 recognized in group equity -2,930 0 Cash-flow from operating activities267,755 104,098 Actuarial gains / losses from pensions and Cash-flow from investing activities-113,377 -161,210 similar obligations-9,721-4,449 Cash-flow from financing activities186,259 -52,994 Net change in cash and cash equivalents 340,637 -110,106 Deferred taxes on changes recognized directly in equity 1,755 705 Cash and cash equivalents at the start of the year212,399 318,976 Changes in value recognized directly in group equity -10,896-3,744 Change in cash and cash equivalents due to exchange rate differences2,8213,529 Earnings after taxes 94,566 65,748 Cash and cash equivalents at the end of the year555,857212,399 Total of result and changes for the period with no effect on income 83,670 62,004 Interest paid 51,92136,064 Interest received 35,68028,259 Minority interest 39,03128,334 Taxes paid 38,773 31,206 Company shareholders 44,63933,670
56 I STRABAG SE - 2005 STRABAG SE - 2005 I 57 2005 FINANCIAL STATEMENT
CONSOLIDATED STATEMENT OF CHANGES IN FIXED ASSETS AS OF 31 DECEMBER 2004
Acquisition and Production Costs Accumulated Write-DownsCarrying Values Changes in Changes in Balance on Basis of CurrencyBalance on Balance on Balance on Basis of CurrencyBalance on 31.12.2003 Consolidation Translation 1.1.2004AdditionsTransfers Disposals31.12.200431.12.2003 Consolidation Translation Additions 1) Transfers Disposals 2) 31.12.2004 31.12.2004 31.12.2003 T e T e T e T e T e T e T e T e T e T e T e T e T e T e T e T E T e
I.Intangible Assets: 1. Concessions; industrial property rights and similar rights, advantages and licences20,8924,126 32925,3472,551 -132,20525,68014,4921,009-2103,012-5 65717,641 8,0396,400 2.Goodwill 54,032 0054,032 0023153,80125,362 003,981 04629,29724,50428,670 3.Pre-payments made 11 15 0260 -4 15 7000 0000 711 74,9354,141 32979,4052,551 -172,451 79,488 39,854 1,009-2106,993-5 703 46,93832,55035,081 II.Tangible Assets: 1. Real estate; land rights equivalent to real property; buildings including buildings on third-party property (real estate value T e 210,511; 2003: T e 178,703)760,063 102,544 13,094 875,70129,460 2,319 30,540876,940235,02912,677 -2,28383,643-1316,489 322,446554,494 525,034 2.Technical installations and machinery 735,33437,285 14,087786,706 101,372 77184,413804,436 514,86526,879-8,22172,425-63 59,994 545,891 258,545 220,469 3.Other facilities, industrial and business equipment/furnishings330,22824,206 4,602 359,036 58,693844 45,392373,180226,632 20,855 -2,826 45,828199 38,811 251,877 121,303 103,596 4. Pre-payments made and facilities under construction 8,6013,008407 12,01615,414 -3,9161,949 21,565000000021,5658,601 1,834,226 167,04332,1902,033,459 204,93917162,294 2,076,121976,526 60,411 -13,330 201,8965105,294 1,120,214 955,907 857,700 1,909,161171,184 32,519 2,112,864207,4900164,745 2,155,6091,016,38061,420 -13,540208,889 0105,9971,167,152988,457892,781
1) of this amount, extraordinary write-downs of T e 61,668 (previous year T e 34,898); 2) of this amount, reversal of write-downs of T e 5,710 (previous year T e 750)
CONSOLIDATED STATEMENT OF CHANGES IN FIXED ASSETS AS OF 31 DECEMBER 2005
Acquisition and Production Costs Accumulated Write-DownsCarrying Values Changes isChanges is Balance on Basis of CurrencyBalance on Balance on Balance on Basis of CurrencyBalance on 31.12.2004Concolidation Translation 1.1.2005AdditionsTransfers Disposals31.12.200531.12.2004Consolidation Translation Additions 1) Transfers Disposals 2) 31.12.2005 31.12.2005 31.12.2004 T e T e T e T e T e T e T e T e T e T e T e T e T e T e T e T E T e
I.Intangible Assets: 1. Concessions; industrial property rights and similar rights, advantages and licences25,6804,8043930,523 2,407 36 76132,20517,641 5,053-342,988 22 826 24,844 7,3618,039 2.Goodwill 53,801155 053,95650,14305,362 98,737 29,2970015,188 05,362 39,123 59,614 24,504 3.Pre-payments made 7 007115 -120110000 00001107 79,488 4,959 3984,48652,665246,123 131,05246,9385,053-3418,176 22 6,188 63,967 67,085 32,550 II.Tangible Assets: 1. Real estate; land rights equivalent to real property; buildings including buildings on third-party property (real estate value T e 195,107; 2004: T e 210,511) 876,94045,2432,955 925,13823,73126429,461919,672 322,446-8,28619025,176 -42911,240327,857591,815 554,494 2.Technical installations and machinery 804,436 164,702 5,707 974,845 138,358 5,74345,2641.073,682545,891 114,754 2,96882,536 1,80436,921711,032 362,650258,545 3.Other facilities, industrial and business equipment/furnishings373,18070,927 3,473 447,58063,476 -1,09738,624471,335251,877 53,2682,151 52,789 -1,39732,778325,910145,425121,303 4. Pre-payments made and facilities under construction 21,5652,14249024,19726,601-4,9349,88735,977 000000035,977 21,565 2,076,121283,014 12,6252,371,760 252,166 -24123,236 2,500,666 1,120,214 159,736 5,309160,501-22 80,9391,364,799 1,135,867 955,907 2,155,609287,973 12,6642,456,246304,8310129,359 2,631,718 1,167,152164,789 5,275178,677 087,127 1,428,766 1,202,952988,457
1) of this amount, extraordinary write-downs of T e 15,590 (previous year T e 61,668); 2) of this amount, reversal of write-downs of T e 0 (previous year T e 5,710)
58 I STRABAG SE - 2005 STRABAG SE - 2005 I 59 NOTES NOTES TO THE 2005 ANNUAL REPORT FIMAG Finanz Industrie Management AG, Spittal an der Drau
BASIC PRINCIPLES The consolidated financial statement of FIMAG Finanz Industrie Management AG, with reporting date 31 December 2005, was drawn up under application of Article 245a Paragraph 2 of the Austrian Commercial Code (HGB) in accordance with the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB), including the interpretations of the International Financial Reporting Interpretations Committee (IFRIC).
Applied were exclusively those standards and interpretations adopted by the European Commission before the reporting deadline and published in the Official Journal of the European Union. Further reporting requirements of Article 245a Paragraph 1 of the Austrian Commercial Code (HGB) were fulfilled as well.
In addition to the profit-and-loss account and the balance sheet, a cash flow statement was drawn up in accordance with IAS 7 and the changes in equity will be shown (IAS 1). The group notes will further include a segment report in accordance with IAS 14.
In order to improve the clarity of the representation, various items in the balance sheet and the profit-and-loss account have been combined. These items have been shown separately and are explained in the group notes. The profit-and-loss account has been drawn up in accordance with the total-cost method.
Gotthard Base Tunnel, Switzerland
60 I STRABAG SE - 2005 STRABAG SE - 2005 I 61 NOTES
CHANGES TO The IASB has passed a series of changes to the existing body of IFRS as well as FUTURE CHANGES TO The IASB and the IFRIC have approved further standards and interpretations, ACCOUNTING AND several new IFRS standards which must be applied as of 1 January 2005. The first- FINANCIAL REPORTING not yet mandatory for the 2005 accounting year. The new standards and VALUATION METHODS ever application of the IFRS standards mentioned essentially had the following con- REQUIREMENTS interpretations are as follows: sequences on FIMAG's consolidated financial statement as of 31 December 2005: IFRS 7 (Financial Instruments: Disclosures) is effective for annual periods beginning on or after 1 January 2007. IAS 1 IAS 1 (2003) requires the presentation of a classified balance sheet separating PRESENTATION current and non-current assets and liabilities. The balance sheet thus reports IFRIC 4 (Determining Whether an Arrangement Contains a Lease) is effective for OF FINANCIAL assets and liabilities as long or short-term. Assets and liabilities are classified as annual periods beginning on or after 1 January 2006. STATEMENTS short-term if they are held for trading withing the next twelve months or if they can be realized/settled within the enterprise's normal operating cycle. The future application of these standards and interpretations will not significantly affect the consolidated financial statement. The item Other Financial Assets includes stakes held in associated companies, other investments, loans and long-term security investments. BASIS OF The consolidated financial statement as of 31 December 2005 includes FIMAG The stakes held by other shareholders are posted as special items in the CONSOLIDATION Finanz Industrie Management AG as well as all major domestic and foreign Statement of Shareholders’ Equity. Changes in minority holdings are reflected in subsidiaries where FIMAG Finanz Industrie Management AG either directly or the Statement of Changes in Shareholders’ Equity. indirectly holds a majority of the voting rights. Major associated companies are reported in the balance sheet using the equity accounting method. Reserves for pensions, severance pay and similar liabilities are shown in Long-Term Liabilities, in accordance with their character. The annual financial statements of all major fully consolidated domestic and foreign companies, as well as those subject to statutory audit according to Deferred Taxes are to be classified in the balance sheet fundamentally as national regulation, were audited by independent chartered accountants and long-term. Asset and liability accruals and deferrals are no longer posted as issued with unqualified audit opinions. special items in the balance sheet, but instead will be classified under Other Assets and Receivables or Other Liabilities. Not included were 245 (2004: 170) associated companies whose influence on the group's asset, finance and profit situation is insignificant. The construction work performed by the subsidiaries not included in the consolidated financial IAS 39 Financial assets classified as available-for-sale are on initial recognition valued statement comes to less than 1.3 % of the total construction volume. FINANCIAL according to acquisition costs and later measured at fair value in the balance INSTRUMENTS: sheet if reliable assessment of value is possible. Previously, fair value changes Companies included in the 2005 consolidated financial statement are given in the MEASUREMENT AND had been recognized directly in the balance sheet. As of 2005, fair value changes list of associated companies (Appendix 2 to the Notes). RECOGNITION above the cost of acquisition are recognized directly in equity; changes below the cost of acquisition are recognized directly in the financial results. The financial year is identical to the calendar year for all consolidated and associated companies. It was further decided to apply the following accounting changes in accordance with the recommendations of the IASB across the group effective 1 January 2005: The basis of consolidated companies changed in the 2005 accounting year as follows: IAS 19 (2004) In December 2004, the IASB approved an amendment to IAS 19 (Employee full equity EMPLOYEE BENEFITS Benefits) to allow the recognition of actuarial gains and losses in full in the period consolidation valuation in which they occur, outside profit or loss, in a statement of recognized income Situation on 31.12.2004185 11 and expense. Furthermore, the changes require a more detailed accounting of First-time inclusions in year under report 45 3 post-employment benefits. IAS 19 (2004) takes effect for accounting periods Mergers/accruals in year under report -30 beginning on or after 1 January 2006. Exclusions in year under report -7-2 Situation on 31.12.2005220 12 Previously, actuarial gains and losses were recognized directly in the period in which the benefit was earned. In accordance with the IASB recommendations, the actuarial gains or losses were recognized in full in the period in which they occurred, outside profit or loss. The values of the previous year were adapted to the new rules, resulting in an actuarial gain for 2004 of r 4.449 m before deferred taxes of r 705,000. The individual segment results were amended as well.
62 I STRABAG SE - 2005 STRABAG SE - 2005 I 63 NOTES
The following companies formed part of the BASIS OF CONSOLIDATION for the first time The total volume of first-time consolidations involves primarily the acquisition of the Dywidag International on the reporting date: Group, the Dywidag Holding Group, the Züblin Group and a subsequent increase of the purchase price for Strabag AG, Cologne. Date of NominalAcquisistion / CompanyCurrencyCapitalStake %Formation With the contract for purchase and transfer of 14 February 2005 and the supplemental deed of 11/12 April 2005, all shares of Dywidag International GmbH and Dywidag Holding GmbH, as well as 4.9 % of the shares of Ed. Full Consolidation: Züblin AG, Stuttgart, were acquired from Werner Schneider, insolvency administrator of the assets of Walter-Bau –Geschäfts- und Bürohaus Sterneckstraße Errichtungs- und Betriebs GmbH, ViennaTe 35100.00%01.01.2005 1) AG, Augsburg. A further 48.702 % of the shares of Ed. Züblin AG, Stuttgart, were acquired with the stock –BL Baulogistik GmbH, Stuttgart T e 250100.00%17.11.2005 purchase agreement of 17 November 2005. –Dálniˇc ní stavby Praha, a.s., PragueTCZK 136,000 100.00%14.02.2005 –Dyckerhoff & Widmann AG and Partner LLC, OmanTOMR 150100.00%14.02.2005 Significant one-off losses were accrued in the Dywidag Holding Group following acquisition, which were fully –DYWIDAG Bau GmbH, MunichT e 25100.00%14.02.2005 entered in the 2005 consolidated financial statement. –DYWIDAG-Holding GmbH, Cologne T e 500 100.00%14.02.2005 –DYWIDAG International GmbH, Aschheim T e 5,000 100.00%14.02.2005 –Dywidag Saudi Arabia Limited, Riyadh TSAR 10,000 100.00%14.02.2005 Assuming a fictitious first-time consolidation on 1 January 2005 for all additions in the accounting year, the –DYWIDAG Schlüsselfertig und Ingenieurbau GmbH, MunichT e 25100.00%14.02.2005 consolidated revenue would amount to e 8,099,885,000 and consolidated earnings would have increased by a 1) –Eberhardt Bau-Gesellschaft mbH, Berlin TDEM 300 100.00%01.01.2005 total of e 28,095,000 in the 2005 financial year. –Ed. Züblin AG, Stuttgart T e 20,45253.60%17.11.2005 –HEILIT Umwelttechnik GmbH, DüsseldorfT e 100 100.00%14.02.2005 –HEILIT + WOERNER Bau GmbH, MunichT e 18,000 100.00%14.02.2005 The purchase price can be broken down into assets and liabilities as follows: –HEILIT + WOERNER Budowlana sp. z o.o., Wroc =lawTPLN 16,140100.00%14.02.2005 –Industrielles Bauen Betreuungsgesellschaft GmbH, Stuttgart T e 256100.00%17.11.2005 e –INSOND Gesellschaft mbH, ViennaT1,500 100.00%17.11.2005 Züblin Group e 1) –Mischek Leasing eins Gesellschaft m.b.H., ViennaT36 100.00%01.01.2005 e –Niersberger Gebäudemanagement GmbH & Co. KG, Erlangen T e 100 75.00%17.11.2005 T –Nordpark Errichtungs- und Betriebs GmbH, InnsbruckT e 35100.00%01.01.2005 1) –Pyhrn Concession Holding GmbH, Cologne T e 38100.00%14.02.2005 Acquired assets and liabilities: e –Pyhrn Motorway GmbH, Aschheim T 26 100.00%14.02.2005 Goodwill 13,987 –Rodinger Ingenierbau GmbH, Roding T e 30 100.00%31.07.2005 Other non-current assets 183,228 –SAT s.r.o., PragueTCZK 1,000 100.00%01.01.2005 1) –SF-Ausbau, GmbH, FreibergT e 600 100.00%17.11.2005 Current assets 652,126 –Slask sp. z o.o., KatowiceTPLN 294 51.01% 17.11.2005 Increase in minority interest in equity -48,372 –Strabag Inc., TorontoTCAD 0100.00%25.08.2005 Non-current liabilities-196,598 –TPA Societate pentru asigurarea calitatii si inovatii SRL, Bucharest TRON 0100.00%28.12.2004 Current liabilities-536,371 –Z-Bau GmbH, MagdeburgT e 100 100.00%17.11.2005 –ZUCOTEC Sociedade de Construçoe˜ s, Lda., Lisbon T e 200 100.00%17.11.2005 Purchase price68,000 –Züblin Baugesellschaft m.b.H., ViennaTe 2,544 100.00%17.11.2005 Acquired cash and cash equivalents -195,642 –Züblin Holding Ges.mbH, ViennaTe 35100.00%17.11.2005 Net inflow from the acquisistion -127,642 –Züblin Hrvatska d.o.o., ZagrebTHRK 20 100.00%17.11.2005 –Züblin International Chile Ltda., Santiago de Chile TCLP 5,969100.00%17.11.2005 –Züblin International GmbH, Stuttgart T e 2,500 100.00%17.11.2005 –Züblin International Malaysia Sdn.Bhd, Kuala Lumpur TMYR 1,000 100.00%17.11.2005 The Züblin Group is one of Germany's leading companies in the field of turnkey building construction as well as –Züblin Kft., Budapest THUF 3,000 100.00%17.11.2005 in specialized groundwork and civil engineering and is very successful in large projects internationally as well. –Züblin Projektentwicklung GmbH, Stuttgart T e 2,556100.00%17.11.2005 The goodwill of e 13.987m arising from the acquisition can be attributed particularly to the acquisition of new –Züblin Scandinavia A/S, VibyTDKK 500 100.00%17.11.2005 expertise in the field of tunnelling and civil engineering, in addition to the regional expansion. –Züblin Scandinavia AB, SollentunaTSEK 100 100.00%17.11.2005 –Züblin Shanghai Changijang Construction Engineering Co. Ltd, ShanghaiTCNY 29,31275.00%17.11.2005 The acquired companies of the Züblin Group did not influence group revenue or consolidated earnings –Züblin sp. z o.o., Pozna´nTPLN 2,500 100.00%17.11.2005 in 2005. –Züblin Spezialtiefbau GmbH, Stuttgart T e 3,068100.00%17.11.2005 –Züblin spol s.r.o., PragueTCZK 100 100.00%17.11.2005 –Züblin Stahlbau GmbH, HosenaTe 1,534100.00%17.11.2005 –Züblin Umwelttechnik GmbH, Stuttgart T e 2,000 100.00%17.11.2005 at-equity : –AMH Asphaltmischwerk Hellweg GmbH, ErwitteT e 800 30.00%01.01.2005 –DIRECTROUTE (FERMOY) CONSTRUCTION LIMITED, Dublin T e 025.00%01.01.2005 –Viamont DSP a.s.TCZK 180,000 50.00%14.02.2005
1) Due to their increased business volume, these companies were included in the group’s circle of fully consolidated companies for the first time on 1 January 2005. The companies were established or acquired before 1 January 2005.
64 I STRABAG SE - 2005 STRABAG SE - 2005 I 65 NOTES
Dywidag Holding Group As of 31 December 2005, the following companies were no longer included in the group's basis T e of consolidated companies:
Acquired assets and liabilities: Full Consolidation: Goodwill 16,140 –Bautest CZ s.r.o., Praguereduction of business activity Other non-current assets 27,697 –Cottbuser Frischbeton GmbH, Cottbus reduction of business activity Current assets 163,387 –Bürozentrum Honauerstraße Non-current liabilities-41,823 Projektentwicklungsgesellschaft m.b.H., Viennareduction of business activity Current liabilities-112,426 –Dipl. Ing. H.K. Mischek Gesellschaft m.b.H., Viennamerger with Mischek Systembau GmbH, Vienna Purchase price52,975 –LIMET Beteiligungs GmbH & Co. Objekt Berlin KG, Munichaccrual to STRABAG AG, Cologne Acquired cash and cash equivalents -32,262 –Mischek Systembau, Net outflow from the acquisistion 20,713 Vorfertigungs u. Logistik GmbH, Viennamerger with Mischek Systembau GmbH, Vienna –Shopping Center d.o.o., Zagrebsale to third parties –H.I.C. Gesellschaft für Projektierung und Bau von sozialen Einrichtungen mbH, Bremen reduction of business activity The goodwill of e 16.140 m arising from the acquisition of the DYWIDAG Holding Group can primarily be –Kieswerk Hohenwarthe GmbH, Hohenwarthe reduction of business activity attributed to the strengthening of the market position in concrete construction, particularly in Germany, the –STRABAG Trappenkamp GmbH, Trappenkamp reduction of business activity Czech Republic and Poland. A part of the goodwill arises from the added know-how in civil engineering. at-equity valuation: –CSE Centrum-Stadtentwicklung GmbH, Cologne reduction of business activity –PWG-Bau Pfersee Wohn- und Gewerbebauträger GmbH & Co. KG, Munichreduction of business activity Dywidag International Group T e
Acquired assets and liabilities: METHODS OF CONSOLIDATION Other non-current assets 18,817 Current assets 127,463 The financial statements of the domestic and foreign companies included in the consolidation are drawn up in Non-current liabilities-3,118 accordance with uniform methods of accounting and valuation. The annual financial statements of the domestic Current liabilities-113,248 and foreign group companies are adapted accordingly; insignificant deviations remain unchanged. Purchase price29,914 Acquired cash and cash equivalents -20,812 Capital consolidation was made according to the book value method up to 31 March 2004, whereby the Net outflow from the acquisition 9,102 proportional equity at the point of the first-time inclusion is offset by the respective participation book value. Following the allocation, the remaining differing amounts on the assets side are capitalized (as of 1 January 1995) as goodwill and amortized using the straight line method. A balance arising beforehand on the assets side was Due to an earn-out provision, subsequent acquisition costs of e 19.867m accrued in the 2005 accounting year offset with the retained earnings. for the acquisition of Strabag AG, Cologne. These costs were fully recognized as goodwill during the process of consolidation. For acquisitions after 31 March 2004, capital consolidation is made in accordance with the stipulations contained in IFRS 3. All assets and debts of the subsidiary companies are recorded at the accompanying values. The The remaining first-time consolidations involve new businesses and stock acquisitions whose purchase price proportional equity thereby determined is offset by the participation book value. A balance on the assets side, includes cash amounts and assumption of liabilities. These resulted in insignificant balances which were which is allotted to special, identifiable intangible assets acquired in the course of business mergers, is recognized directly in the 2005 accounting year. recognized separately from the goodwill. If a useful life can be allocated to these assets, the planned amortization is made over the projected useful life. Intangible assets with an undefined useful life are tested annually for their The consolidation of companies included for the first time took place at the time of acquisition or the nearest intrinsic value and amortized if necessary on the basis of an impairment test. reporting date provided that this had no significant implications for inclusion at the time of acquisition.
Any remaining balance on the assets side is capitalized as goodwill and submitted once annually to an impairment test in accordance with IAS 36. The impairment test identifies cash-generating units and assigns them a goodwill value. If the book value of a cash-generating unit including its goodwill exceeds the highest of its fair value or its value in use, an impairment loss must be recognized. As of the 2005 financial year, there will be no more planned amortization goodwill.
66 I STRABAG SE - 2005 STRABAG SE - 2005 I 67 NOTES
In the 2005 financial year, r 50.143 m in goodwill arising from capital consolidation were recognized as asset. The following list shows the fully consolidated companies included in the consolidated financial statement.
The balance on the liabilities side in the capital consolidation is recorded directly as affecting the profit and loss AUSTRIA nominal capital stake e account. In the 2005 accounting year, a balance on the liabilities side of r 2.954 m resulted from retained TATS/T % earnings, which are classified as Other Operating Income. ABR Abfall Behandlung und Recycling Schwadorf GmbH, Schwadorf(e ) 36 100.00 ANLAGENTECHNIK GMBH, Thalgau( e ) 1,000 100.00 The same principles of capital consolidation are applied to holdings included under the equity method as in Asphalt & Beton GmbH, Lendorf(e ) 36 100.00 the case of fully consolidated companies, whereby the respective last available financial statement serves as ASPHALT & BETON GmbH Nfg OHG, Spittal an der Drau500 100.00 the basis for the equity consolidation. In the case of companies recognized under the equity method, the A-WAY Holding und Finanz AG, Spittal an der Drau( e ) 3,000 100.00 local valuation principles are kept only in the event of insignificant differences. A goodwill of r 6.790 m „A-WAY Infrastrukturprojektentwicklungs- und -betriebs GmbH”, Spittal an der Drau( e ) 35100.00 (2004: r 4.791 m) in the account balance results from the first-time equity evaluation of the newly acquired Bau Holding Beteiligungs AG, Spittal an der Drau( e ) 48,000 100.00 companies. STRABAG SE, Spittal an der Drau( e ) 68,43959.94 Bitumen Handelsgesellschaft m.b.H. & Co KG, Loosdorf3,000 100.00 Within the framework of debt consolidation, outstanding trade debts, lendings and other receivables are posted BITUNOVA Baustofftechnik Gesellschaft m.b.H., Spittal an der Drau2,000 100.00 with the corresponding liabilities and provisions of the subsidiaries included in the consolidated financial BMTI Baumaschinentechnik International GmbH, Trumau( e ) 1,454 100.00 statement. BRVZ Bau-, Rechen- u. Verwaltungszentrum Gesellschaft m.b.H., Spittal an der Drau( e ) 37 100.00 BUSINESS BOULEVARD Errichtungs- und Betriebs GmbH, Vienna( e ) 90100.00 Expenses and revenue from group-intern trade have been eliminated. Interim results incurred from group-intern „Daheim” Bau- und Wohnungseigentumsgesellschaft m.b.H., Vienna( e ) 36 100.00 trade transactions in the fixed and current assets have been cancelled if they are of importance. „DOMIZIL” Bauträger GmbH, Vienna( e ) 727 100.00 Edenstrasser GmbH, Wörgl 500 100.00 Minority interests in equity and in the earnings of companies controlled by the parent company are shown ERMATEC Maschinen Technische Anlagen Gesellschaft m.b.H., Vienna( e ) 1,897100.00 separately in the consolidated financial statement. F. Lang u. K. Menhofer Baugesellschaft m.b.H. & Co KG, Eggendorf16,400 100.00 Fachmarktzentrum Arland Errichtungs- und Vermietungsgesellschaft mbH, Vienna500 100.00 The necessary tax deferrals are made for consolidation procedures. Facility Management Austria GmbH, Spittal an der Drau500 100.00 „Filmforum am Bahnhof” Errichtungs- und Betriebsgesellschaft m.b.H., Vienna3,000 100.00 FUSSENEGGER Hochbau und Holzindustrie GmbH, Dornbirn(e ) 44 100.00 *„Geschäfts- und Bürohaus Sterneckstraße Errichtungs- und Betriebs GmbH”, Vienna( e ) 35100.00 Goldeck Bergbahnen GmbH, Spittal an der Drau ( e ) 363 100.00 Goldeck - Flug Gesellschaft m.b.H., Spittal an der Drau2,000 100.00 H. Westerthaler Baugesellschaft m.b.H., Bischofshofen 500 100.00 „Hochbau Consult” Bauplanungs- und Kontroll-GmbH, Vienna( e ) 36 100.00 Ilbau Liegenschaftsverwaltung GmbH, Spittal an der Drau( e ) 4,500 100.00 InfoSys Informationssysteme GmbH, Spittal an der Drau( e ) 363 100.00 Innerebner Baustahl GmbH, Wiener Neustadt( e ) 36 100.00 *INSOND Gesellschaft mbH, Vienna( e ) 1,500 100.00 KAB Straßensanierung Gesellschaft m.b.H. & Co KG, Spittal an der Drau( e ) 133 50.60 Kanzel Steinbruch Dennig Gesellschaft mit beschränkter Haftung, Gratkorn500 75.00 Leitner Gesellschaft m.b.H, Hausmening 4,800 100.00 Mischek Systembau GmbH, Vienna( e ) 1,000 100.00 *Mischek Leasing eins Gesellschaft m.b.H, Vienna( e ) 36 100.00 *Nordpark Errichtungs- und Betriebs GmbH, Innsbruck(e ) 35100.00 OAT - Bohr- und Fugentechnik Gesellschaft m.b.H., Spittal an der Drau1,000 51.00 Osttiroler Asphalt Hoch- und Tiefbauunternehmung GmbH, Lavant in Osttirol ( e ) 36 80.00 Pagitz Metalltechnik GmbH, Spittal an der Drau( e ) 35100.00 PRO Liegenschaftsverwaltungs- und Verwertungsgesellschaft m.b.H., Vienna500 100.00 RBS Rohrbau-Schweißtechnik Gesellschaft m.b.H., Linz( e ) 291 100.00 SBS Strabag Bau Holding Service GmbH, Spittal an der Drau( e ) 35100.00 Stadtbaumeister Architekt Franz Böhm GmbH, Vienna( e ) 36 100.00 STRABAG AG, Spittal an der Drau( e ) 12,000 100.00 Strabag Liegenschaftsverwaltung GmbH, Linz( e ) 4,500 100.00 TPA Gesellschaft für Qualitätssicherung und Innovation GmbH, Vienna( e ) 37 100.00
Kigali Airport, Rwanda * initial consolidation
68 I STRABAG SE - 2005 STRABAG SE - 2005 I 69 NOTES
Treuhandbeteiligung 500 100,00 *Rodinger Ingenierbau GmbH, Roding ( e ) 30 100.00 UNIPROJEKT Bau- und Innenbau GmbH, Vienna500 100,00 SAT Straßensanierung GmbH, Horhausen ( e ) 30 100.00 VAM-Valentiner Asphaltmischwerk Gesellschaft m.b.H. & Co KG, Linz( e ) 73 75,00 *SF-Ausbau GmbH, Freiberg(e ) 600 100.00 Vereinigte Asphaltmischwerke Gesellschaft m.b.H. & Co KG., Spittal an der Drau( e ) 263 50,00 SF-BAU Gesellschaft für Projektentwicklung und schlüsselfertiges Bauen mbH, Leipzig 500 100.00 „Wiener Heim” Wohnbaugesellschaft mbH, Vienna( e ) 741 100,00 SF-BAU Grundstücksgesellschaft „ABC-Bogen” mbH, Cologne 50100.00 Zentrum Rennweg S-Bahn Immobilienentwicklung GmbH, Vienna500 99,00 STRABAG AG, Cologne ( e ) 104,78065.85 *Züblin Baugesellschaft m.b.H., Vienna( e ) 2.544 100,00 Strabag Beton GmbH & Co. KG, Berlin 2,000 100.00 *Züblin Holding Ges.mbH, Vienna( e ) 35100,00 STRABAG International GmbH, Cologne 5,000 100.00 STRABAG Projektentwicklung GmbH, Cologne 20,000 100.00 GERMANY nominal capital stake STRABAG Sportstättenbau GmbH, Dortmund 200 100.00 TDEM/T e % STRABAG Unterstützungskasse GmbH, Cologne ( e ) 26 100.00 TPA Gesellschaft für Qualitätssicherung und Innovation GmbH, Cologne ( e ) 511 100.00 A.H.I. - BAU Allgemeine Hoch- und Ingenieurbau-GmbH, Cologne 6,600 100.00 Wohnbauträgergesellschaft Objekt „Freising - Westlich der Jagdstraße” mbH, Cologne 100 100.00 August & Jean Hilpert GmbH & Co. KG, Nuremberg1,000 100.00 *Z-Bau GmbH, Magdeburg(e ) 100 100.00 Baumann & Burmeister GmbH, Halle/Saale 100 100.00 *Züblin International GmbH, Stuttgart ( e ) 2,500 100.00 *BL Baulogistik GmbH,Stuttgart ( e ) 250100.00 *Züblin Projektentwicklung GmbH, Stuttgart ( e ) 2,556100.00 Blees-Kölling-Bau GmbH, Cologne 2,500 76.00 *Züblin Spezialtiefbau GmbH, Stuttgart ( e ) 3,068100.00 BMTI - Baumaschinentechnik International GmbH, Cologne ( e ) 307 100.00 *Züblin Stahlbau GmbH, Hosena( e ) 1,534100.00 BRVZ Bau-Rechen-und Verwaltungszentrum GmbH, Dahlwitz/Hoppegarten 100 100.00 *Züblin Umwelttechnik GmbH, Stuttgart ( e ) 2,000 100.00 BRVZ Bau-, Rechen- und Verwaltungszentrum GmbH, Cologne ( e ) 30 100.00 Colonius Carré Entwicklungsgesellschaft mbH, Cologne ( e ) 100 51.00 BELGIUM nominal capital stake *DYWIDAG Bau GmbH, Munich(e ) 25100.00 T e % *DYWIDAG-Holding GmbH, Cologne ( e ) 500 100.00 *DYWIDAG International GmbH, Aschheim ( e ) 5,000 100.00 N.V. STRABAG Belgium S.A., Antwerpen 8,059 100.00 *DYWIDAG Schlüsselfertig und Ingenieurbau GmbH, Munich(e ) 25100.00 N.V. STRABAG Benelux S.A., Antwerpen 6,263 100.00 *Eberhardt Bau-Gesellschaft mbH, Berlin 300 100.00 STRABAG BRVZ BENELUX, Antwerpen 19 100.00 Eberhard Pöhner Unternehmen für Hoch- und Tiefbau GmbH, Bayreuth(e ) 30 100.00 STRABAG BMTI BENELUX, Antwerpen 19 100.00 *Ed. Züblin AG, Stuttgart ( e ) 20,45253.60 Eraproject Immobilien-, Projektentwicklung und Beteiligungsverwaltung GmbH, Berlin 100 100.00 BULGARIA nominal capital stake Erschließungsgesellschaft „Am Schloßberg” Pantelitz GmbH, Neubrandenburg(e ) 25100.00 TLEW % GVD Versicherungsvermittlungen - Dienstleistungen GmbH, Cologne ( e ) 26 100.00 BRVZ EOOD, Sofia100 100,00 *HEILIT Umwelttechnik GmbH, Düsseldorf(e ) 100 100.00 INGSTROY SOFIA AD, Sofia13,31375.00 *HEILIT + WOERNER Bau GmbH, Munich(e ) 18,000 100.00 TPA EOOD, Sofia5100.00 *Industrielles Bauen Betreuungsgesellschaft GmbH, Stuttgart ( e ) 256100.00 Helmus Straßen-Bau-Gesellschaft mbH & Co. KG, Vechta6,000 100.00 CHILE nominal capital stake IBV-Immobilien Besitz- und Verwaltungsgesellschaft mbH Werder, Cologne 5099.00 TCLP % Ilbau GmbH Deutschland, Cottbus ( e ) 4,700 100.00 Ilbau Liegenschaftsverwaltung GmbH, Dahlwitz-Hoppegarten ( e ) 7,669100.00 *Züblin International Chile Ltda., Santiago de Chile 5,969100.00 J + O Alsterfleet Grundstücks GmbH, Hamburg(e ) 2594.00 Josef Riepl Unternehmen für Hoch- und Tiefbau GmbH, Regensburg20,000 100.00 CHINA nominal capital stake Leonhard Moll Tiefbau GmbH, Munich9,000 100.00 TCNY % Leonhard Moll Hoch- und Tiefbau GmbH, Munich(e ) 51 100.00 *Züblin Shanghai Changijang Construction Engineering Co. Ltd, Shanghai29,31275.00 MAV Mineralstoff-Aufbereitung und -Verwertung GmbH, Krefeld ( e ) 600 50.00 *Niersberger Gebäudemanagement GmbH & Co. KG, Erlangen ( e ) 100 75.00 DENMARK nominal capital stake Ooms-Ittner-Hof GmbH, Cologne 1,000 100.00 TDKK % Otto Rohr GmbH, Helmstedt2,501100.00 *Pyhrn Concession Holding GmbH, Cologne ( e ) 38100.00 *Züblin Scandinavia A/S, Viby500 100.00 *Pyhrn Motorway GmbH, Aschheim ( e ) 26 100.00 PPP SchulManagement Witten GmbH & Co. KG, Cologne ( e ) 10100.00 CANADA nominal capital stake PROTECTA Gesellschaft für Oberflächenschutzschichten mbH, Düsseldorf500 75.00 TCAD % Rhein-Regio Neuenburg Projektentwicklung GmbH, Neuenburg am Rhein 15090.00 *Strabag Inc., Toronto0100.00 RKB Rohrleitungs- und Kanalbau GmbH, Berlin ( e ) 2,660 100.00
* initial consolidation * initial consolidation
70 I STRABAG SE - 2005 STRABAG SE - 2005 I 71 NOTES
BRVZ SERVICII & ADMINISTRARE s.r.l., Bucharest 278100.00 CROATIA nominal capital stake Carb SA Brasov, Bra¸sov10,90999.47 THRK % DRUMCO S.A. Timis¸ oara12,959 70.00 BMTI - gradevinski strojevi international d.o.o., Zagreb40100.00 Strabag s.r.l., Bucharest (USD) 1,000 100.00 BRVZ - gradevinski-, racˇ unovodstveni- i upravni centar d.o.o., Zagreb20 100.00 *TPA Societate pentru asigurarea calitatii si inovatii SRL, Bucharest (RON) 0 100.00 MINERAL IGM dionicˇ ko drustvo za proizvodnju trgovinu i gradevnim materijalom, Benkovac 10,681 95.44 Poduzece ZA Ceste Split d.d., Split18,81086.39 RUSSIAN FEDERATION nominal capital stake Strabag d.o.o., Zagreb48,230 100.00 TRUR % TPA odrzˇ avanje kvaliteta i inovacija d.o.o., Zagreb20 100.00 SAO BRVZ Ltd., Moscow313100.00 *Züblin Hrvatska d.o.o., Zagreb20 100.00 Strabag z.a.o., Moscow14,926 100.00
MALAYSIA nominal capital stake SAUDI ARABIA nominal capital stake TMYR % TSAR % *Züblin International Malaysia Sdn.Bhd, Kuala Lumpur 1,000 100.00 *Dywidag Saudi Arabia Limited, Riyadh 10,000 100.00
NETHERLANDS nominal capital stake SWEDEN nominal capital stake T e % TSEK % STRABAG Bouw en Ontwikkeling B.V., Dordrecht450100.00 *Züblin Scandinavia AB, Sollentuna100 100.00
OMAN nominal capital stake SWITZERLAND nominal capital stake TOMR % TCHF % *Dyckerhoff & Widmann AG and Partner LLC, Oman150100.00 BMTI GmbH, Erstfeld 20 100.00 STRABAG OMAN, Muscat1,000 100.00 BRVZ Bau-, Rechen- und Verwaltungszentrum AG, Erstfeld 100 100.00 Eggstein AG, Kriens1,850100.00 POLAND nominal capital stake Egolf AG Weinfelden, Weinfelden 3,000 100.00 TPLN % Egolf Baustoffe AG, Bürglen 1,200 100.00 Bitupol sp. z o.o., Warsaw1,800 60.00 Egolf Bauunternehmungen AG, Weinfelden 7,070 100.00 BMTI Polska sp. z o.o., Pruszkow2,000 100.00 Meyerhans AG Amriswil, Amriswil 2,500 100.00 BRVZ sp. z o.o., Warsaw 500 100.00 Meyerhans AG, Straßen- und Tiefbau Uzwil, Uzwil 100 100.00 Facility Management Polska sp. z o.o., Warsaw 58 100.00 Murer-Strabag AG, Erstfeld 6,500 100.00 *HEILIT + WOERNER Budowlana sp. z o.o., Wroclaw16,140100.00 Züblin-Strabag AG, Zurich13,450100.00 Kopalnia Granitu Mikoszow sp. z o.o., Strzelin 9,361100.00 Kopalnie Melafiru w Czarnym Borze sp. z o.o., Czarny Bor9,700 99.23 SERBIA and MONTENEGRO nominal capital stake PL-Bitunova sp. z o.o., Bierawa2,700 95.00 TUSD % SAT sp. z o.o., Olawa4,171100.00 STRABAG Beograd d.o.o., Belgrad5100.00 *Slask sp. z o.o., Katowice294 51.01 STRABAG sp. z o.o., Warsaw 11,000 100.00 SLOVAKIA nominal capital stake TPA Instytut Badan Technicznych sp. z o.o., Poznan600 100.00 TSKK % *Züblin sp. z o.o., Poznan2,500 100.00 BMTI SK s.r.o., Bratislava1,000 100.00 PORTUGAL nominal capital stake BRVZ s.r.o., Bratislava1,000 100.00 T O % C.S. Bitunova spol. s.r.o., Zvolen 36,000 100.00 KSR - Kamenolomy SR, s.r.o, Zvolen 744 100.00 *ZUCOTEC Sociedade de Construçoe˜ s, Lda., Lisbon 200 100.00 OAT spol. s.r.o., Bratislava6,000 100.00 PREFABRIKAT, a.s., Vel´ké Leváre199,164100.00 ROMANIA nominal capital stake Slovasfalt spol. s.r.o., Bratislava277,835100.00 TRON/TUSD % STRABAG s.r.o., Bratislava2,000 100.00 BMTI - Tehnica Utilajelor Pentru Constructii s.r.l., Bucharest 28100.00 TPA s.r.o., Bratislava200 100.00 ZIPP BRATISLAVA spol. s.r.o., Bratislava4,000 100.00
* initial consolidation * initial consolidation
72 I STRABAG SE - 2005 STRABAG SE - 2005 I 73 NOTES
SLOVENIA nominal capital stake CURRENCY The group currency is the euro. The financial statements for foreign companies TRANSLATION TSIT % are converted into euros according to the functional currency concept (IAS 21). In all companies this is the respective local currency. BRVZ center za racunovodstvo in upravljanje d.o.o., Ljubljana2,100 100.00 Gradbeno podjetje in kamnolom GRASTO d.o.o., Ljubljana80,85099.85 All balance sheet items are converted at the mean foreign exchange rate at the STRABAG gradbene storitve d.o.o., Ljubljana2,100 100.00 balance sheet date. Expense and income items are converted at the average STRABAG Immobilija d.o.o., Ljubljana16,115 100.00 annual rate.
e CZECH REPUBLIC nominal capital stake In the course of the capital consolidation, exchange rate differences of 6.563 m TCZK % are recognized in the equity during the 2005 financial year with no effect on the operating result. The currency translation differences between the cut-off date for Alfa Beteiligungs a.s., Cˇ eské Budejoˇ vice18,194 100.00 the balance sheet and the average price of the profit and loss account are BHG a.s., Cˇ eské Budejoˇ vice497,722 100.00 allocated to equity. BMTI CR s.r.o., Brno 100 100.00 Bohemia Bitunova spol. s.r.o., Jihlava100 100.00 The inclusion of currency hedging which do not affect the profit and loss account BRVZ s.r.o., Cˇ eské Budejoˇ vice1,000 100.00 increased the retained earnings by e 8.280 m. C ˇ MO-C ˇ eské a moravské Obalovna s.r.o., Sobeslav10,000 100.00 *Dalnicni stavby Praha, a.s., Prague 136,000 100.00 Restatements in accordance with IAS 29 (Financial Reporting in Hyperinflationary Epsilon Beteiligungs a.s., Cˇ eské Budejoˇ vice78,261100.00 Economies) were not made as these were immaterial. Gama Beteiligungs a.s, Cˇ eské Budejoˇ vice106,000 100.00 Ilbau spol s.r.o., Prague 20,600 100.00 Ilbau Plzen a.s., Cˇ eské Budejoˇ vice1,888 100.00 METHODS OF ACCOUNTING AND VALUATION KAMENOLOMY C ˇ R s.r.o., Ostrava-Svinov106,200 100.00 TANGIBLE AND Acquired tangible and intangible assets are recognized at their original price Na belidle spol s.r.o., Prague100 100.00 INTANGIBLE ASSETS or cost of production minus planned and unplanned depreciation. Both the direct OAT s.r.o., Prague 4,000 80.00 and the appropriate parts of overhead costs for the self-constructed plants are *SAT s.r.o., Prague 1,000 100.00 included in the production costs. Strabag a.s., Prague 1,119,600 100.00 Strabag Eta Group a.s., Brno 289,245 98.32 Goodwill and intangible assets without a determinable useful life are subjected Strabag Sibe Group a.s., Beroun74,418 100.00 to an annual impairment test in accordance with IAS 36 based on which the TPA C ˇ R s.r.o., Beroun1,000 100.00 valuation adjustment is undertaken. ZIPP PRAHA s.r.o., Prague17,100 100.00 *Züblin spol s.r.o., Prague100 100.00 The planned write-off of depreciable fixed assets is made according to the straight line method in accordance with the forseeable useful life. HUNGARY nominal capital stake If there is an indication that an asset may be impaired and if the present value THUF % of the future cash surpluses is lower than the book value, then the asset's recoverable amount must be calculated in accordance with IAS 36. ASIA Center Kft., Budapest 1,830,080100.00 BHG Bitumen Kereskedelmi Korlatolt Felelössegü Tarsasag, Budapest 3,000 100.00 The following useful lives were assumed in the determination of the rate of BMTI Nemzetközi Épitögépészeti Kft., Budapest 5,000 100.00 depreciation: H-TPA Innovacios es Minösegvizsgalo Kft., Budapest 113,000 100.00 KÖKA Kö-es Kavicsbanyaszati Korlatolt Felelössegü Tarsasag, Budapest 778,680100.00 Useful Magyar Aszfalt Kft, Budapest 100,000 100.00 Life Melygarazs 2000 Kft, Budapest 15,000 100.00 in Years OAT-Diamanttechnika, Budapest 25,000 100.00 Intangible Assets: STR Lakasepitö Korlatolt Felelössegü Tarsasag, Budapest 352,000 100.00 Property Rights 5 – 20 Strabag Építö Zartköruen Muködo Részvenytársaság, Budapest 2,100,000 100.00 Software2 – 5 Szamito-es Ügyviteli Központ Kft.(BRVZ), Budapest 45,000 100.00 Patents, Licences3 – 10 Szentesi Vasutepitö Kft., Budapest 189,120 100.00 Tangible Assets: *Züblin Kft., Budapest 3,000 100.00 Buildings10 – 50 Investments in Third-Party Buildings5 – 40 Machinery 3 – 18 Equipment/Furnishings3 – 15 Vehicles4 – 10
* initial consolidation
74 I STRABAG SE - 2005 STRABAG SE - 2005 I 75 NOTES
Subsidies and investment allowances are deferred from the respective asset DEFERRED TAXES Deferred taxes are measured using the balance sheet liability method for all value and appropriated as planned according to the useful life. variances between the valuation of the balance sheet items in the IFRS consolidated financial statement and the existing tax value at the individual Leasing contracts on assets on which all the chances and risks essentially lie companies. Furthermore, any realizable tax advantage from existing loss with the company are treated as finance leases. The fixed assets underlying carryforwards will be included in the calculation. Exceptions to this these leasing agreements are capitalized at the present value of the minimum comprehensive tax deferral are balances from non-tax-deductible goodwill. payments at the beginning of leasing relations and depreciated over the forseeable useful life or over shorter contract terms. These are offset by the Deferred tax assets may only be recognized if the associated tax advantage is liabilities arising from future leasing payments, whereby the former are likely to be realizable. The calculation of the tax deferral is based on the usual recognized at the present value of the outstanding obligations at the balance income tax rate in the respective country at the point of the predicted reversal in sheet date. their value difference.
In addition there are leasing agreements for tangible assets, which are regarded as operating leases. Leasing payments resulting from these contracts are INVENTORIES Inventory costs should include cost of purchase and production and are required recognized as expenditure. to be stated at the lower of cost and net realizable value.
Production costs include all direct costs as well as appropriate parts of overhead arising in the production. Distribution costs, as well as costs for general administration, are not included in the production costs. The interest on borrowing in connection to the production is not capitalized.
ACCOUNTS Trade receivables, receivables for services rendered and other receivables are RECEIVABLE AND evaluated at their nominal value minus valuation adjustments for realizable OTHER ASSETS individual risks. Graduated valuation adjustments are formed according to risk groups in order to take general loan risks on customer receivables into consideration.
Non-interest bearing and low-interest-bearing receivables are discounted. Foreign currency receivables are evaluated on the balance sheet date at the Panorama View of Heldenplatz, Vienna, Austria valid exchange rate or, in the case of hedging, at the hedged rate. FINANCIAL ASSETS In accordance with IAS 28, shares in associated companies are evaluated at equity – in as far as they are not shares of minor significance. For purpose of In the case of receivables from construction contracts, the results are realized transition to IFRS, the financial statements of the major companies evaluated according to the percentage of completion method (IAS 11). The output actually in accordance with the equity method are to be adapted to IFRS in terms of attained by the balance sheet date serves as a benchmark for the degree of accounting and valuation. The revaluation will be made on the basis of completion. Impending losses from the further construction process are estimations if the companies to be valued at equity do not report in accordance accounted for by means of appropriate depreciations. with IFRS. When the performance to be evaluated is provided within the framework of a Subsidiaries which are not consolidated and holdings which are not reported at construction contract and exceeds the payments received for it, then this equity are reported at their historical cost or with the accompanying fair value in is shown on the assets side under Receivables from Construction Contracts. accordance with IAS 39 in as far as this value can be reliably determined. Vice versa, this is reported on the liabilities side under Liabilities from Construction Contracts. Interest-bearing lendings are, as long as no value deductions are necessary, reported at nominal value. Interest-free or low-interest-bearing loans are The results, in the case of construction contracts, which are carried out in special discounted to their present value. partnerships are realized according to the percentage of completion method in accordance with the degree of completion on the balance sheet date. Impending All securities in the fixed assets are classified in accordance with IAS 39 as losses arising from further construction work are accounted for by means of available-for-sale. They are reported at cost at the date of acquisition and appropriate depreciations. Receivables from or liabilities to consortia include the evaluated in later periods at the respective market value. The market values proportional contract result as well as capital contributions, in- and out-payments of the securities result from the official price at the balance sheet date. and charges resulting from services.
The majority of securities are held to cover severance payments and pensions The valuation of other assets is made at purchase cost minus extraordinary provisions. depreciation.
76 I STRABAG SE - 2005 STRABAG SE - 2005 I 77 NOTES
PROVISIONS Provisions for severance pay are created as a result of statutory regulations. LIABILITIES Liabilities are basically recognized at the repayment amount. Foreign currency The group is obliged to pay a one-off severance payment to employees of liabilities are evaluated at the mean foreign currency rate at the balance sheet domestic subsidiaries in the case of dismissal or at retirement. date. Interest free liabilities, especially those from finance leasing liabilities, are accounted at the present value of the repayment obligation. The level of this payment depends on the number of years at the company and Costs related to the issue of corporate bonds are capitalized in the year of issue amount due at the time of severance and comes to between 2 and 12 monthly and portionately deducted over the term. salaries. A provision is made for this obligation.
The provision for severance payments is determined by using actuarial expertise. Here the future claim over the length of employment of the employees is collected CONTINGENT Contingent liabilities are possible or existing obligations with which an outflow of while taking any future pay rises into consideration. The present value of the partly LIABILITIES resources is not probable. They are not recognized in the balance sheet. earned partial-claims on deadline day is recognized as the provision. The reported obligation volumes of the contingent liabilities correspond to the extent of liability on the balance sheet date. Pension provisions are calculated according to the projected unit credit method (IAS 19). This method determines the discounted pension claim acquired up to the balance sheet date. Due to the commitment of fixed pensions, it is not necessary NOTES ON THE ITEMS IN THE CONSOLIDATED PROFIT AND LOSS ACCOUNT to consider expected future salary rises as part of the actuarial parameters.
The effect in value of the change to these assumptions is recognized as actuarial (1) REVENUE The revenue of e 6,955,797,000 (2004: e 5,222,905,000) is attributed in gains and losses and is fully and directly recognized in the profit and loss particular to revenue from construction contracts, revenue from own projects, account. Service costs are recognized in the personnel expenditure, the trade to and services for consortia, as well as other services and proportionally proportion of the interest in the allocation of provisions in the financial result. acquired profits resulting from special partnerships. Revenue from construction contracts containing the annualized part of profits according to the level of Old-age-part-time indemnity payments are determined according to the same completion of the respective contract (percentage of completion method) e e actuarial principles as the pension provisions. amount to 6,379,703,000 (2004: 4,675,048,000).
Revenue according to business fields and regions are represented individually in The conditions applied to calculate the severance and pension provisions for the segment information. discounting, pay rises and fluctuation vary from country to country depending on the economic situation. Life expectancy is calculated according to the respective Revenue provides only an incomplete picture of the output achieved in the country’s mortality tables. business year. Additionally, therefore, the total output of the group is represented, which includes the proportional output of special partnerships and associates The other provisions take into consideration all realizable risks and uncertain (including Züblin Group): obligations. They are recognized at the respective amount, which is necessary at the balance sheet date according to commercial judgement in order to cover 20052004 future payment obligations, realizable risks and uncertain obligations within the in mio e in mio e group. Hereby the respective amount is recognized, which arises as the most probable on careful examination of the facts. Long-term provisions are, in as far Germany3,523 1,970 as they are not immaterial, entered into the accounts at their discounted Austria1,9241,568 discharge amount on the balance sheet date. The discharge amount also Hungary 938678 includes the cost increases to be considered on the reporting date. Provisions Czech Republic714 504 which arise from the obligation to recultivate gravel sites are allocated according Poland 433 276 to the rate of utilization. Switzerland 295 183 Slovakia253219 Croatia241 98 Benelux 209196 Other Countries785 272 9,315 5,964
78 I STRABAG SE - 2005 STRABAG SE - 2005 I 79 NOTES
(2)OTHER The expenditure for severance pay, contributions to the company pension fund, 20052004 OPERATING pensions and similar obligations include the expenditure for service costs and T e T e INCOME indemnity claims resulting from old-age-part-time claims in the business year. Actuarial gains and losses were recognized in full in the equity, outside profit Income from disposal and or loss, in accordance with the amendments to IAS 19 (2004); the 2004 figures write-up of fixed assets were adjusted accordingly. The proportion of interest included in the expenditure excluding financial assets 21,53924,845 for severance payments as well as for pensions and other obligations are Income from reversal of provisions3,063 9,208 recognized under the financial result. Other125,299 102,914 149,901136,967 The average number of employees with the proportional inclusion of all associated companies (including the Züblin Gruppe) is as follows:
The other remaining operating income includes revenue from letting and leasing, insurance compensation, appropriation of valuation adjustments, as well as 20052004 revenue from re-charging and exchange rate differences.
Salaried Employees16,80512,207 Labourers 27,70821,080 (3)COST OF MATERIAL 44,51333,287 AND SERVICES 20052004 T e T e
Material Costs 1,621,5861,185,929 Costs of Services3,398,0212,423,529 (5) DEPRECIATION Ordinary and extraordinary depreciations on tangible and intangible assets are 5,019,607 3,609,458 ON TANGIBLE represented in the Consolidated Statement of Changes in Fixed Assets. AND INTANGIBLE In the year under report, extraordinary depreciation on tangible assets to the ASSETS amount of e 402,000 were made (2004: e 61.668 m). As a result of the restructuring of 2004 and 2005, the goodwill (customer relations, brand name Costs for services are mainly attributed to services of subcontractors and and project volume) of the former locations was no longer ascertainable. professional craftsmen as well as planning services, machine rentals and third- Furthermore a lasting negative profit situation and a reduced volume party repairs. of construction work at other operating units led to depreciations totalling e 15.188 m.
(4) PERSONNEL EXPENDITURE 20052004 T e T e (6)OTHER OPERATING The other operating expenses of e 400.981 m (2004: e 311.496 m) mainly EXPENSES include general administrative costs, travel and advertising costs, insurance Wages557,586485,651 premiums, proportional transfer of losses from special partnerships, devaluation Salaries554,610453,376 of receivables, the account balance from the allocation and utilisation of Social Security and provisions, legal and advisory costs, rental and lease costs and losses from the Related Costs 266,238225,924 sale of assets (excluding financial assets). Other taxes amounting to e 27.479 m Expenditure for Severance Payments and (2004: e 26.704 m) are included. contributions to Company Pension Fund 7,830 6,688 Expenditure for Pensions Payments and Spending on research and development arose in various special technical similar Liabilities3,5643,990 proposals, in connection with concrete competitive projects and in the introduction of building processes and products onto the market, and was Other Social Expenditure12,048 9,880 therefore recognized in full in the profit and loss account. 1,401,876 1,185,509
80 I STRABAG SE - 2005 STRABAG SE - 2005 I 81 NOTES
(7)SHARE OF PROFIT (9) OTHER FINANCIAL 20052004 OF ASSOCIATED 20052004 RESULTS e e e e COMPANIES T T T T
Income from investments in Interest and similar income (of this amount, associates6,98011,282 T e 2,703 from associates; 2004: T e 1,203)35,458 29,175 Expenses arising from investments in Interest and similar expenses associates-1,556-3,385 (of this amount,T e 2,066 from associates; 5,4247,897 2004: T e 924) -65,863 -50,890 Net interest income -30,405-21,715 Other financial income 2,463 2,569 (8) EARNINGS FROM INVESTMENTS 20052004 Other financial expenses-472 -1,205 T e T e Other financial results 1,991 1,364 -28,414 -20,351 Earnings from investments (of this amount T e 5,249 from associates; 2004: T e 8,557)19,691 22,365 Included in interest and similar expenditure are interest components from the allocation of severance payment and pension provisions amounting to e 9.568 m Expenses arising from investments (2004: e 10.008 m). (of this amount T e 2,932 from associates; 2004: T e 7,568) -2,473 -11,116 (10) INCOME TAX Income tax includes taxes paid in the individual companies or owed on income Earnings from the sale and write-up and revenue, as well as deferred taxes and the payments of back taxes resulting of investments 9394,768 from tax audits: Depreciation on investments e (of this amount T 3,350 from associates; 20052004 e 2004: T 3,879) -15,958 -7,045 T e T e Expenses arising from disposal of investments -2-299 Actual Taxes44,826 24,113 2,1978,673 Deferred Taxes-4,677 1,489 40,149 25,602
Previously, valuation changes with investments classified as available-for-sale The reasons for the difference between the Austrian corporate income were recognized as affecting current-period results. As of 2005, valuation tax rate of 25 % valid in 2005 and the actual consolidated tax rate are changes will be calculated in the equity above the historical purchase costs, as follows: outside of profit or loss. 20052004 T e T e Furthermore, within the framework of IAS 39 valuation, depreciations were made on the remaining investment holdings as well. Earnings before taxes134,715 91,350
Theoretical tax expenditure 25 % (2004: 34 %) 33,67931,059 Differences to foreign tax rates-2,530 -12,923 Non-tax-deductible expenses6,6351,337 Tax-free earnings-4,629-22,682 at-equity effects -620 7,858 Amortization of goodwill 2,123 -768 Payment of back taxes1,463 0 Change in tax rate017,608 Other-4,816-4,574 Change of valuation adjustment on deferred tax assets 8,844 8,687 Recognized income tax expenditure40,149 25,602 Mixing Plant, Bad Fischau, Austria
82 I STRABAG SE - 2005 STRABAG SE - 2005 I 83 NOTES
NOTES ON ITEMS IN THE CONSOLIDATED BALANCE SHEET Effective 22 December 2005, a syndicated aval loan was signed with joint liability on the part of the companies belonging to the group to replace the previous aval loan.
The composition and changes in tangible and intangible assets is shown apart in As a result, the mortgage on group properties in the amount of e 98.2 m (2004) and the collateralization of the Appendix 1 to the Notes (Consolidated Statement of Changes in Fixed Assets). stake in Deutag GmbH & Co KG, Linz, which served as security for the aval credit lines, were dissolved. On the reporting date, mortgage liabilities of e 73.9 m to secure the aval loan still remained from parts of the (11) TANGIBLE AND Due to existing finance leasing contracts, the following book values are included Züblin Group. These were also dissolved at the beginning of 2006. The aval credit will now be secured almost INTANGIBLE in the tangible assets on the balance sheet date: exclusively within the framework of the syndicated loan agreement. On the reporting date, there were real e ASSETS securities for other aval loans of 4.5 m.
31.12.200531.12.2004 On the balance sheet date there were no significant liabilities concerning the acquisition of tangible assets e e T T which have not been considered in the financial statement.
Real estate leasing 45,20932,059 Machinery leasing 25,488 7,891 (12)FINANCIAL ASSETS 70,69739,950
Detailed information on the group's holdings (shares of more than 20 %) can be found Offset against these are liabilities arising from the present value of leasing in the list of holdings. obligations amounting to e 61.920 m (2004: e 38.423 m). The development of the financial assets in the year under review was as follows: The terms of the finance leases for real estate are between 4 and 20 years, while those for the machine leases are between 2 and 5 years. Balance on CurrencyChanges in AdditionsTransfers DisposalsWrite-DownsBalance on In subsequent business years the following liabilities will arise 1.1.2005Translation Basis of 31.12.2005 Consolidation from leases: T e T e T e T e T e T e T e T e
31.12.200531.12.2004 Investments T e T e in associates45,495 09,96813,276 03,897064,842 Term up to one year16,837 9,371 Investments Term between one and five years 29,444 17,659 in related Term over five years 18,27421,409 parties36,654 -627,989 15,480521966 3,35076,322 64,555 48,439 Lendings to related In addition to the finance leases, there are also operating leases for the utilization parties00385 0000385 of technical plants and machines. The expenditure from these contracts is Holdings108,335789,94614,506 -5217,433 12,608112,303 recognized as affecting the profit and loss. The payments made for the 2005 Lendings to e e business year amount to 47.216 m (2004: 32.905 m). companies with which Payment obligations arising from operating lease agreements in subsequent there is an business years are represented as follows: investment relation 6,159 04373801,14005,800
31.12.200531.12.2004 Securities29,568001,784 05,339-77526,788 T e T e Other lendings83,300 001,623 0751 084,172 Term up to one year20,20116,810 309,511 72 48,33147,407 019,526 15,183370,612 Term between one and five years 47,248 39,061 Term over five years 57,644 62,668 Of the securities, e 22.098 m (2004: e 22.192 m) have been pledged as collateral for 125,093118,539 sector-typical liabilities.
84 I STRABAG SE - 2005 STRABAG SE - 2005 I 85 NOTES
(13)DEFERRED TAXES Temporary differences in amounts stated in the IFRS financial statement and the (15) ACCOUNTS respective tax amounts stated affect the tax accruals and deferrals recognized in RECEIVABLE the balance sheet as follows: AND OTHER ASSETS
31.12. 200531.12.2004 31.12.200531.12.2004 Assets LiabilitiesAssets Liabilities T e T e T e T e Totalshort-termlong-termTotalshort-termlong-term T e T e T e T e T e T e Tangible and Intangible Assets 6,533 -36,526 7,853-9,718 Financial Assets 1,891 -2,848 1,891 -507 Receivables from Inventories6,334-172 00 construction contracts 2,667,355 2,666,266 1,089 1,914,0691,914,0690 Accounts Receivable and Other Assets 37,110-112,785 30,929-43,694 Payments 51,868-152,33140,673 -53,919 rendered on these-1,785,929-1,785,9290-1,385,805-1,385,8050 Provisions70,542-58,154 54,699 -5,383 881,426 880,337 1,089 528,264528,2640 Liabilities81,916-2,45600 Other trade receivables and Tax Loss Carryforwards91,555 054,244 0 receivables for services rendered 811,721769,19242,529596,694 497,13199,563 Deferred Tax Assets/Liabilities295,881 -212,941 149,616-59,302 Accounts receivable from Netting out of deferred tax assets and special partnerships299,049 299,049 0131,751 131,751 0 liabilities to the same tax authorities-209,424209,424-57,455 57,455 Trade receivables and receiv- Deferred Taxes Netted Out 86,457-3,51792,161-1,847 ables for services rendered 1,992,1961,948,57843,618 1,256,7091,157,14699,563 Accounts receivable from related parties62,526 56,272 6,254 40,03834,8795,159 Based on the currently valid tax regulations, it can be assumed that a large Receivables from part of the balances between the tax-related holdings and the proportional companies with which equity of the subsidiaries included in the consolidated financial statement which there is and arises in the profits received remains tax-free. Therefore there was no accrual investment relation 29,53427,541 1,99336,584 32,7823,802 or deferral of taxes. Other accounts Deferred taxes on losses carried forward were capitalized as these can receivable and accruals probably be offset with future taxable profits. No deferred tax assets were and deferrals208,076 183,154 24,922 176,54274,833 101,709 made for differences in book value on the assets side and tax losses Other accounts receivable carried forward of e 413.678 m (2004: e 399.282 m), as their effectiveness and other assetrs300,136 266,967 33,169253,164142,494 110,670 as final tax relief is not sufficiently assured.
Accounts receivable from construction contracts were as follows:
(14) INVENTORIES 31.12.200531.12.2004 31.12.200531.12.2004 T e T e T e T e
Raw materials, auxiliary supplies and fuel 95,055 97,463 (All contracts non invoiced for at balance sheet date) Finished works, goods and buildings134,608107,864 Costs incurred to balance sheet date4,500,341 2,612,891 Unfinished works and buildings285,534258,021 Profits arising to balance sheet date162,003 72,243 Undeveloped ground 97,95066,166 Accumulated losses-148,268-115,757 Payments made 5,570 11,342 Minus accounts receivable recognized under liabilities -1,846,721-655,308 618,717540,856 2,667,355 1,914,069
86 I STRABAG SE - 2005 STRABAG SE - 2005 I 87 NOTES
Receivables from construction contracts amounting to e 1,846,721,000 (18) PROVISIONS (2004: e 655,308,000) are recognized under liabilities, as payments received from these exceed the accounts receivable. Balance on Reclassifi- CurrencyChangesAllocation Appro- Utilisation Balance on 1.1.2005cation Translation in Basis of priation 31.12.2005 As is usual in the industry, the customer has the contractual right to retain part of Consolidation the total amount of the invoice. These retainers are, however, redeemed as a rule T e T e T e T e T e T e T e T e by security (bank or group guarantees). Provisions for The group’s short-term trade receivables and receivables for services rendered severance pay48,99000807 8,82804,245 54,380 to the Republic of Iraq for the two building projects Expressway No. 1/Section 11 Provisions for and Basra International Airport amount to e 59.5 m. pensions141,688 00113,87413,662 011,829257,395 The framework of conditions for a rescheduling of the Republic of Iraq’s debt Provisions for concluded at the end of 2004 by the Paris Club resulted in a bilateral debt taxes10,863 0-526,558 6,522 940823,474 rescheduling and remission agreement between the Federal Republic of Other Germany and Iraq in the year under report. The group introduced claims of provisions: e 454.4 m including interest into the Iraq debt rescheduling. As the result Construction-related of the debt remission agreement, these claims have been reduced to a base provisions207,826 -2,921-1,206 38,74099,070 2,01643,604295,889 amount of e 91.4 m. The debt rescheduling will take place over a 23-year Personnel-related period including a six-year intial grace period. The redemption of the provisions118,834-34,841 -606 20,52177,1163366,974114,017 rescheduled debt by a one-off payment of e 59.5 m was concluded at the Other beginning of 2006. The redemption sum accrued in March 2006. provisions77,4962,921-30931,337 29,3081,00528,761110,987 605,697-34,841 -2,173 211,837 234,506 3,063 155,821856,142
(16)CASH AND 31.12.200531.12.2004 CASH EQUIVALENTS The classification to the amount of e 34.841 m involves provisions made for holiday T e T e and comp-time, recognized as of 2005 as Other Current Liabilities.
Securities10,236 1,499 Cash in hand 2,302 1,663 Cash at banks543,319 209,237 555,857212,399 Provisions for severance pay show the following development:
Of the cash and cash equivalents, e 1.023 m (2004: e 2.734 m) are pledged to secure guarantees. 20052004 T e T e
(17)GROUP EQUITY The fully-paid share capital amounts to e 59,937,920.00 and is split into Present value of the defined benefit obligation 6,742,240 no-par-value shares. (severance pay) on 1 January 48,99044,957 Changes in basis of consolidation 807 3,007 The retained earnings include currency translation differences, statutory and Service costs 2,181 2,233 mandatory retained earnings, hedging reserves, as well as equity changes not Interest costs 2,430 2,487 affecting operating results arising from actuarial gains/losses during the Severance payments -4,244 -5,876 calculation of provisions for personnel and from the valuation of investments. Actuarial gains/losses4,2162,182 The retained earnings also include the profit for the period as well as the result Present value of the defined benefit brought forward from previous periods of FIMAG Finanz Industrie Management obligation (severance pay) on 31 December54,38048,990 AG and its included subsidiaries, in as far as these were not eliminated by the capital consolidation.
Details on the equity of the FIMAG-Group can be found in the Development of Group Equity (see Page 57ff).
88 I STRABAG SE - 2005 STRABAG SE - 2005 I 89 NOTES
The provisions for pensions are formed for obligations from the right to future (19) LIABILITIES The liabilities can be represented as follows: pension payments and current payments to present and past employees and their dependents. The obligations primarily refer to retirement pensions. The individual commitments are generally determined according to the employment conditions of the employee at the time of the commitment 31.12.200531.12.2004 (and length of service, salary of employee). Basically no new commitments have been awarded since 1999. Totalshort-termlong-termTotalshort-termlong-term T e T e T e T e T e T e The company pension scheme consists of a non-fund-financed and performance- oriented pension system. In the case of performance-oriented pension systems, Financial Liabilities: the company is obliged to fulfill payment commitments to present and past Bonds225,000 0225,000 150,000 0150,000 employees. There are no contribution-oriented pension systems in the form of Liabilities financing by relief funds. to banks651,241 330,335320,906 514,529137,173 377,356 The amount of the provision is calculated using the acturial methods based Liabilities on guidelines by Klaus Heubeck (Germany) or the AVÖ 1999 (Austria). from finance leases61,920 8,899 53,02138,423 4,618 33,805 This is based on a discounting rate of 4.75 % (2004: 5.25 %) for provisions for Other liabilities, severance pay and pensions and a salary increase of 2.00 % (2004: 2.00 %) accruals and in the case of salary-related commitments. For future pension increases, a rate deferred income 3,703 03,703 000 of escalation is set dependent on the contractual adaptation terms. 941,864339,234602,630 702,952141,791 561,161 Liabilities from With reference to the company agreement concerning the old-age-part-time trade payables and payables settlement, which had initially affected the operative German companies in the for services rendered: STRABAG Group in 2000, further additional obligations for retirement indemnity Liabilities payments incurred. These obligations have been transferred to the STRABAG from construction contracts -1,846,721-1,846,7210-655,308-655,3080 Unterstützungskasse GmbH, Cologne. The old-age-part-time indemnity payments Payments are determined using the same basic principles as for the pension provisions. received from these2,239,0862,238,141 945 866,294 866,294 0 They are included in the group as a result of the full consolidation of the STRABAG Unterstützungskasse GmbH, Cologne. Other liabilities from trade payables and payables The development of the pension provisions is shown below: for services rendered 1,341,1391,317,007 24,132 882,312826,36855,944 Liabilities 20052004 to special T e T e partnerships213,972 213,972 0127,912127,9120 1,947,476 1,922,399 25,077 1,221,2101,165,266 55,944 Other Liabilities: Present value of the defined benefit obligation (pension) on 1 January 141,688 142,531 Liabilities Changes in basis of consolidation 113,874-174 to associates39,741 39,741 026,47924,3042,175 Service costs 1,019 1,511 Liabilities Interest costs 7,1387,521 to companies with which Pension payments -11,829-11,968 there is an investment Actuarial gains5,5052,267 relation 18,03518,035029,03429,0340 Present value of the defined benefit Other liabilities, obligation (pension) on 31 December257,395 141,688 accruals and The construction-related provisions include other warranty obligations, costs of deferred income 414,682403,53411,148 263,782257,358 6,424 the contract execution and subsequent costs of invoiced contracts, as well as 472,458 461,31011,148 319,295 310,6968,599 impending losses from projects pending which are not accounted for elsewhere. The personnel-related provisions essentially include anniversary bonus obligations, contributions to occupational accident funds as well as costs of the In order to secure liabilities to banks, real securities amounting to e 440.642 m old-age-part-time scheme and personnel downsizing measures. (2004: e 212.700 m) have been booked.
90 I STRABAG SE - 2005 STRABAG SE - 2005 I 91 NOTES
(20)CONTINGENT The company has accepted the following guarantees: (22)FINANCIAL The financial instruments basically include primary and derivative financial LIABILITIES INSTRUMENTS instruments. Financial assets, trade receivables and receivables for services rendered, cash at banks, financial liabilities and liabilities arising from trade and 31.12.200531.12.2004 services rendered form the most significant basis for the existing primary group e e T T financial instruments. The amount of primary financial instruments arises from the balance sheet. Guarantees 68,212179,888 Derivative instruments are exclusively used to secure existing risks in Furthermore, as is usual in the industry, joint liability exists with the other partners changes of currency and interest rates. The use of derivative financial in special partnerships in which companies of STRABAG SE participate. instruments in the group is subject to the appropriate authorization and supervision processes. The connection to a mainstay business is a must, trading is not permissible.
STRABAG SE agreed a medium-term note programme of e 500 m in the 2001 business year. The first 3 tranches of e 50 m each were issued by (21) NOTES TO THE The representation of the cash flow statement was made according to the indirect STRABAG SE between 2002 and 2004. In June 2005, FIMAG Finanz Industrie CONSOLIDATED method and separated into the payment streams resulting from operating, und Management AG issued a 5-year e 75 m bond with an annual coupon CASH FLOW investment and financing activities. The cash and cash equivalents include of 4.25 %. Borrowing via the capital markets will become increasingly STATEMENT exclusively cash in hand, cash at banks and short-term securities. Any effects of significant in the future. According to the market situation on the capital changes in consolidation were eliminated and represented in the cash-flow from markets, further bonds are planned within the scope of the medium-term note investment activities. programme. The corporate bond improves the matching of maturities in the financing structure. The cash and cash equivalents are composed as follows:
31.12.200531.12.2004 T e T e
Securities10,236 1,499 Cash in hand 2,302 1,663 Interest Risk Cash at banks543,319 209,237 The financial instruments bear variable interest rates on the assets side, 555,857212,399 on the liabilities side there are both variable and fixed interest obligations. The risk of financial instruments bearing variable interest rates consists of increasing interest charges and sinking interest revenue resulting from an unfavourable change in market interest rates. Fixed interest liabilities/obligations mainly result from the tranches of the bonds issued by STRABAG SE and FIMAG Finanz und Industrie Management AG amounting to a total of e 225 m as well as from the derivative interest instruments.
As of 31 December 2005, the following hedging transactions existed:
20052004 Nominal valueMarket valueNominal valueMarket value T e T e T e T e
Interest Swaps135,000 -795 135,000 -2,078 0010,000 46 -795 -2,032
City-Arkade Klagenfurt, Austria
92 I STRABAG SE - 2005 STRABAG SE - 2005 I 93 NOTES
The amount of cash at and liabilities to banks according to currency – On 31 December 2005 following hedging transactions existed: giving the average interest rate at balance sheet date – is represented as follows: 20052004 Nominal ValueMarket ValueNominal ValueMarket Value Cash at banks CurrencyT e T e
Currency Swaps Weighted average Book Valueinterest rate TCZK 934,000 -109600,000 -38 CurrencyT e 2005 THUF 002,931,91713 THUF 00331,776 0 EUR 394,0682.05 TPLN 120,175813,600 9 CZK 75,600 1.07 TSKK 65,000 100 PLN 39,859 2.88 THRK 57,200 600 HUF 10,3284.37 -94 -16 Other23,4641.46 Forward Exchange Transactions 543,319 THUF 0013,140,000 1,169 THUF 00710,000 -9 TPLN 151,366 2,525419,2049,624 Liabilities to banks TPLN 0050,787-57 2,52510,727 2,43110,711 Weighted average Book Valueinterest rate CurrencyT e 2005 Development of the significant group currencies:
EUR 588,4533.84 HUF 44,611 6.56 Exchange Average Exchange Average USD 8,185 5.32 RateRateRateRate PLN 5,7435.40 31.12.2005200531.12.20042004 e e e e Other4,249 4.03 Currency1 =1=1=1= 651,241 HUF 252.6650248.6283245.7727 250.5533 CZK 28.9900 29.757530.3900 31.8950 Currency Translation Risk SKK 37.8700 38.574238.7300 40.0258 Due to the decentralized nature of the group, characterized by local companies in PLN 3.86864.03294.0877 4.5286 the respective countries, mainly closed currency positions appear in the balance HRK 7.36257.39287.6600 7.4893 sheet. This means that accounts receivable and liabilities from business activities CHF 1.5555 1.5476 1.5437 1.5442 mainly offset each other in the same currency. Credit Risk Loan financing and investments were predominantly made by the group The risk for accounts receivable from clients can, due to the wide dispersion and companies in the respective country’s local currency. In order to secure the a constant creditworthiness check, be rated as very low. remaining currency risk, derivative financial instruments, above all forward exchange deals, were transacted. The respective term is under one year. The risk of default for other primary financial instruments shown on the assets side can also be regarded as low, as the contract partners are exclusively financial institutions with the highest level of creditworthiness. The maximum risk of default is the book values of each financial asset in the balance sheet.
Market Values The market value of the financial assets and liabilities are depicted under the respective items. The market value of the derivate financial instruments was calculated on the basis of the recognised evaluation methods.
94 I STRABAG SE - 2005 STRABAG SE - 2005 I 95 NOTES
(23)SEGMENT The segments are presented according to business fields (primary segment Other Construction Segments REPORTING reporting) and regions (secondary segment reporting). The segmentation according to business fields corresponds to the internal group reporting. This business field primarily comprises major projects in tunnelling and civil Assets and liabilities as well as expenditure and income were attributed to the engineering and are managed and executed worldwide by Austrian or, individual segments only in as far as they could be attributed directly or by in the case of tunnelling, Swiss organizational units. Civil engineering mainly applying an allocation according to the principle of causation to the respective comprises major bridge construction, power plants and dams as well as segment. Items not attributed in this way are shown under Miscellaneous. other major civil-engineering-related concrete constructions. In the tunnelling This segment primarily includes group management, commercial administration, field, tunnels for traffic purposes as well as such for other uses applying the IT and machine management. The settlement between the single segments is varying technologies were erected. made at arm’s-length prices. Project development is another pillar of this business field. This comprises those worldwide contracts which include all the integrated Primary Segment Reporting services such as financing, operation, marketing and utilization, as well as the usual construction services, within the framework of a value-added chain The primary segment reporting comprises the following business fields: in an all-round project. In addition to infrastructure projects (traffic, energy), building projects utilized as offices, for commercial purposes or hotels are executed. Road Construction The operating result can be broken down as follows: This business field mainly comprises road construction in the group’s relevant country markets. In addition to the work in asphalt and concrete road 20052004 construction, all other services attributable to civil engineering, such as earth T e T e work, waste water and pipe construction, small-to-medium-sized civil- engineering-related concrete structures as well as the production of asphalt, Earnings before financial result and taxes155,50895,131 concrete and raw materials, are included in the performance spectrum. As opposed to civil engineering, the services in this business field are carried out Earnings from investments by smaller local organizational units. These organizational units work a limited in associates5,4247,897 regional market in their business as independent profit centres. Earnings from investments 2,1978,673 Operating Result163,129111,701
Building Construction The revenues and expenditures from investments as well as from associated companies concern business-induced investments which form an important Classical building services, as well as turnkey building construction projects, component of the group’s operating activity. were executed within the framework of the mainstay business. The business field ranges from residential construction to commercial and industrial building over the erection of office and administrative buildings to the construction of hotel and leisure complexes covering all possible types of utilization. The medium-sized and major projects in particular – predominantly for private clients – form the core of the business activities. Regional organizational units work the respective local markets and are active as self-contained and independent profit centres.
Unterföhring Tunnel, Germany
96 I STRABAG SE - 2005 STRABAG SE - 2005 I 97 NOTES
2005 Segment Report
Road Construction Building Construction Other construction fieldsMiscellaneous and Consolidation Total BUSINESS FIELD 2005200420052004 200520042005200420052004 T e T e T e T e T e T e T e T e T e T e
Construction volume 4,171,527 3,064,120 3,287,370 2,115,323 1,694,096665,311 161,854 118,776 9,314,8475,963,530 Revenue3,655,248 2,653,630 2,335,106 1,860,319 938,304697,16427,13911,7926,955,7975,222,905 Inter-segment revenue132,900 130,72563,985 18,427 2,326 0357,533 369,757 Operating income 75,828106,69031,61016,695 55,053-14,1756382,491 163,129111,701 of this, profit of associates1,2508,51200 4,174-615 005,4247,897
Segment assets 1,197,796857,4311,013,745 756,004 1,246,506 470,7351,668,8801,569,0875,126,927 3,653,257 of this, assets of associates48,670 39,581 00 16,172 5,914 0064,84245,495 Segment liabilities1,038,264669,2401,066,524875,828 1,088,282252,6751,028,3871,053,258 4,221,4572,851,001
Investments in tangible and intangible assets 0000 7,220 32,631297,611 174,859 304,831207,490 Depreciation on tangible and intangible assets 03,4610521 9,502 71,797169,175133,110178,677 208,889 of this, extraordinary depreciation 0000 061,10415,59056415,59061,668
Employees21,937 19,126 12,7389,051 6,0042,203 3,8342,907 44,51333,287
Secundary Segment
GermanyAustria Rest of Europe Rest of World and Consolidation Total REGION 2005200420052004 200520042005200420052004 T e T e T e T e T e T e T e T e T e T e
Revenue2,357,7681,650,9082,191,9311,603,841 2,296,245 1,915,083109,85353,073 6,955,7975,222,905 Segment assets 2,107,8961,154,2751,402,4241,322,357 1,517,7381,157,44298,86919,1835,126,927 3,653,257 Investments in tangible and intangible assets 38,10533,19271,20551,111 142,806 122,15252,715 1,035304,831207,490
98 I STRABAG SE - 2005 STRABAG SE - 2005 I 99 NOTES
(24) NOTES ON The shareholders of FIMAG Finanz Industrie Management AG are the (25) NOTES ON THE BOARD OF MANAGEMENT RELATED PARTIES Haselsteiner and Lerchbaumer families, as well as the UNIQA Versicherung AG MANAGEMENT AND Dr. Hans Peter HASELSTEINER (Chairman) Group and the Raiffeisen-Holding NÖ-Wien Group, with whom arm’s-length SUPERVISORY business relations exist. BOARDS AND THE SUPERVISORY BOARD EMPLOYEES Dr. Christian KONRAD (Chairman) In past business years, the FIMAG Group transferred real estate project Komm.Rat Herbert SCHIMETSCHEK (Vice Chairman) companies against the granting of participation rights to IDAG Mag. arch Julius EBERHARDT Immobilienbeteiligung u. -Development GmbH which is held by third parties. Mag. Erwin HAMESEDER Dr. Gottfried WANITSCHEK It is the business purpose of IDAG Immobilienbeteiligung u. -Development GmbH to develop real estate and to participate in real estate projects. The salary expenses include the total salaries of the members of the board (including STRABAG SE) with e 5.580 m (2004: e 4.834 m). In the 2001 business year, all shares in IDAG Immobilienbeteiligung u. The severance costs of e 421,000 affect the members of the board. -Development GmbH as well as all the participation rights held by STRABAG SE and by STRABAG AG, were acquired by ATLAS Immobilien & Development No remuneration was paid to members of the supervisory board. Neither the members Privatstiftung. In November 2002. 50 % of the shares and participation rights of of the management board nor the members of the supervisory board of FIMAG Finanz IDAG Immobilienbeteiligung u. -Development Aktiengesellschaft were transferred Industrie Management AG received advances or loans. by ATLAS Immobilien & Development Privatstiftung to ARION Immobilien & Development Privatstiftung.
IDAG Immobilienbeteiligung u. Development GmbH is essentially employed (26) SIGNIFICANT Significant events after the closure of the business year are described in the EVENTS AFTER management report. as investor in real estate projects. Within the framework of typical arm’s-length BALANCE SHEET business relations, the FIMAG Group takes over the development of real DATE estate as well as the construction work for the project companies of the IDAG Immobilienbeteiligung u. -Development GmbH. Furthermore, IDAG Immobilienbeteiligung u. -Development GmbH has transferred tasks of financial matters and accounting within the framework of an arm’s-length contract (27)EARNINGS The earnings per share are calculated by dividing the group result by the weighted to the BRVZ Bau-, Rechen- u. Verwaltungszentrum Gesellschaft m.b.H. PER SHARE number of the ordinary shares outstanding and participation rights during the year.
In the 2005 financial year, turnover of around e 6 m were generated with IDAG 20052004 Immobilienbeteiligung u. -Development GmbH. On the balance sheet date of 31 December 2005, the FIMAG Group had receivables amounting to around Net consolidated profits for the period in thousands of e 49,93835,499 e 93 m from IDAG Immobilienbeteiligung u. -Development GmbH, ATLAS Weighted number of shares in circulation 6,742,2406,742,240 e Immobilien & Development Privatstiftung and ARION Immobilien & Development Profit per share in 7.41 5.27 Privatstiftung and their subsidiary enterprises.
Raiffeisen evolution project development GmbH, a joint project development company, was founded in September 2003 together with Raiffeisen Zentralbank Board of Management Austria, Raiffeisen-Holding Niederösterreich-Wien and UNIQA.
Raiffeisen evolution project development GmbH bundles project developments in building construction activities of the shareholders (without Germany and Benelux). The FIMAG Group is employed in the construction work on the basis of arm's-length contracts. Dr. Hans Peter Haselsteiner The shareholders of the Raiffeisen evolution project development GmbH have basically agreed to proportionally accept any obligations arising from the project developments. Spittal an der Drau, 26 April 2006
100 I STRABAG SE - 2005 STRABAG SE - 2005 I 101 UNQUALIFIED AUDIT CERTIFICATE
To the Board of Management and the members of the Supervisory Board of FIMAG Finanz Industrie Management AG,Vienna:
We have audited the German version of the consolidated financial statement of FIMAG Finanz Industrie Management AG, Spittal an der Drau, for the financial year ending 31 December 2005. The company’s management is responsible for the drawing up and for the content of these financial statements in accordance with the International Financial Reporting Standards (IFRS), as they are to be applied in the European Union, and under application of the rules stipulated by the Austrian Commercial Code. On the basis of our audit, it is our responsibility to express an opinion on these financial statements and whether the management report is consistent with the financial statements.
We have conducted our audit in accordance with the Austrian legal requirements and standards governing the establishment of an orderly audit of annual accounts and under application of the International Standards on Auditing (ISA). These standards require that we plan and perform the audit in order to obtain reasonable assurance that the financial statements are free of material misstatement and that an opinion can be made whether the management report is consistent with the financial statements. The audit takes into consideration information concerning business activity, the economic and legal framework of the company and expectations of possible errors. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
Our audit has resulted in no objections to the annual report. As a result of the insight gained from our audit, it is our opinion that the consolidated financial statements are conform with the legal requirements and that they present fairly, in all material respects, the financial position of the company as of 31 December 2005, as well as the results of its operations and its cash flows for the year ended, in accordance with the International Financial Reporting Standards (IFRS) as they are to be applied in the European Union. The management report is consistent with the financial statements.
Vienna/Linz, 26 April 2006
T & A KPMG Austria GmbH Wirtschaftsprüfungs- und Wirtschaftsprüfungs- und Steuerberatungsgesellschaft mbH Steuerberatungsgesellschaft
Mag. Rudolf Kraus Dkfm. Herbert F. Maier Mag. Rudolf Kraus Dr. Helge Löffler
Wirtschaftsprüfer Wirtschaftsprüfer Wirtschaftsprüfer Wirtschaftsprüfer und Steuerberater und Steuerberater und Steuerberater und Steuerberater (Austrian Chartered Accountant) (Austrian Chartered Accountant) (Austrian Chartered Accountant) (Austrian Chartered Accountant) The consolidated financial statements with our audit certificate may only be published or circulated in the form certified by us. For variant versions (e.g. summaries or translations) the requirements of Article 281 Paragraph 2 of the Austrian Commercial Code (HGB) apply. Wissensturm, Linz, Austria
102 I STRABAG SE - 2005 STRABAG SE - 2005 I 103 ADRESSES
MISCHEK Systembau GmbH PROTECTA AUSTRIA GERMANY A - 1190 Vienna, Billrothstraße 2 Gesellschaft für Oberflächenschutzschichten mbH Tel. +43 (0)1 / 360 70 - 0, Fax +43 (0)1 / 360 70 - 353 D - 47809 Krefeld, Bataver Straße 7-9 Tel. +49 (0)21 51 / 574 - 700, Fax +49 (0)21 51 / 574 - 749 STRABAG SE BL-Baulogistik GmbH MISCHEK Leasing eins Gesellschaft m.b.H. A - 1220 Vienna, Donau-City-Straße 9 D - 70567 Stuttgart, Albstadtweg 3 A - 1190 Vienna, Billrothstraße 2 RKB Rohrleitungs- und Kanalbau GmbH Tel. +43 (0)1 / 224 22 - 0, Fax +43 (0)1 / 224 22 - 10 03 Tel. +49 (0)711 / 78 83 - 96 80, Fax +49 (0)711 / 78 83 - 96 85 Tel. +43 (0)1 / 360 70 - 0, Fax +43 (0)1 / 360 70 - 351 D - 12103 Berlin, Bessemerstraße 42b Tel. +49 (0)30 / 75 44 65 - 98, Fax +49 (0)30 / 75 44 65 - 99 ABR Abfall Behandlung und Recycling Schwadorf GmbH BMTI Baumaschinentechnik International GmbH OAT - Bohr- und Fugentechnik Gesellschaft m.b.H. A - 2432 Schwadorf, Müllnerstraßl 3 D - 50679 Cologne, Siegburger Straße 241 A - 9800 Spittal/Drau, Ortenburgerstraße 27 Rodinger Ingenierbau GmbH Tel. +43 (0)22 30 / 291 67 - 0, Fax +43 (0)22 30 / 291 67 - 18 Tel. +49 (0)221 / 824 - 01, Fax +49 (0)221 / 824 - 24 18 Tel. +43 (0)47 62 / 620 - 0, Fax +43 (0)47 62 / 453 D - 93426 Roding Alaunweg 8 ANLAGENTECHNIK GMBH BRVZ Bau-, Rechen- und Verwaltungszentrum GmbH Tel. +49 (0)94 61 / 94 00 - 0, Fax +49 (0) 94 61 / 94 00 - 34 PAGITZ Metalltechnik GmbH A - 5303 Thalgau, Enzersberg 123 D - 50679 Cologne, Siegburger Straße 241 A - 9360 Friesach, Industriestraße 42 SAT Straßensanierung GmbH Tel. +43 (0)62 35 / 64 71 - 0, Fax +43 (0)62 35 / 64 71 - 299 Tel. +49 (0)221 / 824 01, Fax +49 (0)221 / 824 - 29 36 Tel. +43 (0)42 68 / 25 77 - 0, Fax +43 (0)42 68 / 25 77 - 29 D - 56593 Horhausen, Industriepark 2 ASPHALT & BETON GmbH Nfg OHG DYWIDAG Bau GmbH Tel. +49 (0)26 87 / 891 - 0, Fax +49 (0)26 87 / 891 - 43 RBS Rohrbau-Schweißtechnik Gesellschaft m.b.H. D - 85609 Aschheim, Dywidagstraße 1 A - 9800 Spittal/Drau, Ortenburgerstraße 27 A - 4614 Marchtrenk, Westbahnstraße 62/1 Tel. +43 (0)47 62 / 620 - 0, Fax +43 (0)47 62 / 620 - 711 Tel. +49 (0)89 / 92 55 - 1, Fax +49 (0)89 / 92 55 - 27 54 SF-Ausbau GmbH Tel. +43 (0)72 43 / 508 00 - 0, Fax +43 (0)72 43 / 508 00 - 70 D - 09599 Freiberg, Zuger Straße 13 DYWIDAG International GmbH Tel. +49 (0)37 31 / 78 78 - 0, Fax +49 (0)37 31 / 78 78 - 30 BITUMEN Handelsgesellschaft m.b.H.& Co.KG Stadtbaumeister Architekt Franz BÖHM D - 85609 Aschheim, Dywidagstraße 1 A - 3382 Loosdorf, Wiener Straße 24 Gesellschaft m.b.H. Tel. +43 (0)27 54 / 64 86 - 0, Fax +43 (0)27 54 / 64 86 - 222 Tel. +49 (0)89 / 92 55 - 04, Fax +49 (0)89 / 92 55 - 36 88 STRABAG AG A - 1220 Vienna, Donau-City-Straße 9 D - 50679 Cologne, Siegburger Straße 241 Tel. +43 (0)1 / 224 22 - 0, Fax +43 (0)1 / 224 22 - 15 25 BITUNOVA Baustofftechnik Gesellschaft m.b.H. DYWIDAG Schlüsselfertig und Ingenieurbau GmbH Tel. +49 (0)221 / 824 - 01, Fax +49 (0)221 / 824 - 29 36 D - 85609 Aschheim, Dywidagstraße 1 A - 3382 Loosdorf, Wiener Straße 24 STRABAG AG Tel. +49 (0)89 / 92 55 - 92 55, Fax +49 (0)89 / 92 55 - 23 38 STRABAG International GmbH Tel. +43 (0)27 54 / 69 81, Fax +43 (0)27 54 / 68 74 A - 9800 Spittal/Drau, Ortenburgerstraße 27 D - 50679 Cologne, Siegburger Straße 241 Tel. +43 (0)47 62 / 620 - 0, Fax +43 (0)47 62 / 49 62 EDENSTRASSER GmbH Ed.Züblin AG Tel. +49 (0)221 / 824 - 29 89, Fax +49 (0)221 / 824 - 24 62 D - 70567 Stuttgart, Albstadtweg 3 A - 6300 Wörgl, Pinnersdorf 16 A - 1220 Vienna, Donau-City-Straße 9 Tel. +49 (0)711 / 78 83 - 0, Fax +49 (0)711 / 78 83 - 390 STRABAG Projektentwicklung GmbH Tel. +43 (0)53 32 / 750 07 - 0, Fax +43 (0)53 32 / 750 07 - 18 Tel. +43 (0)1 / 224 22 - 0, Fax +43 (0)1 / 224 22 - 22 26 D - 50679 Cologne, Siegburger Straße 229 HEILIT+WOERNER Bau GmbH F.LANG u. K.MENHOFER Baugesellschaft mbH & Co.KG UNIPROJEKT Bau- und Innenbau Gesellschaft m.b.H. Tel. +49 (0)221 / 82 70 - 0, Fax +49 (0)221 / 82 70 - 21 73 A - 2700 Wiener Neustadt, Pernerstorferstraße 9 D - 81677 Munich, Klausenburger Straße 9 A - 1220 Vienna, Donau-City-Straße 9 Tel. +49 (0)89 / 930 03 - 456, Fax +49 (0)89 / 930 03 - 620 Tel. +43 (0)26 22 / 235 74 - 0, Fax +43 (0)26 22 / 235 74 - 40 Tel. +43 (0)1 / 224 22 - 0, Fax +43 (0)1 / 224 22 - 15 05 STRABAG Sportstättenbau GmbH D - 44147 Dortmund, Schäferstraße 49 HEILIT Umwelttechnik GmbH FACILITY MANAGEMENT Austria GmbH ZÜBLIN Baugesellschaft m.b.H. Tel. +49 (0)231 / 98 20 23 - 0, Fax +49 (0)231 / 98 20 23 - 20 A - 1220 Vienna, Donau-City-Straße 9 D - 40470 Düsseldorf, Vogelsanger Weg 111 A - 1030 Vienna, Ungargasse 64 / Stg. 2, TOP 306 Tel. +49 (0)211 / 61 04 - 50, Fax +49 (0)211 / 61 04 - 555 Tel. +43 (0)1 / 224 22 - 0, Fax +43 (0)1 / 224 22 - 13 56 Tel. +43 (0)1 / 601 45 - 0, Fax +43 (0)1 / 601 45 - 10 TPA Gesellschaft für Qualitätssicherung und Innovation GmbH ILBAU GmbH Deutschland FUSSENEGGER Hochbau und Holzindustrie GmbH D - 50679 Cologne, Siegburger Straße 241 ZÜBLIN Holding Ges.m.b.H. D - 12103 Berlin, Bessemerstraße 42b A - 6850 Dornbirn, Gütlestraße 5 Tel. +49 (0)221 / 824 - 20 79, Fax +49 (0)221 / 824 - 24 50 A - 1030 Vienna, Ungargasse 64 / Stg. 2, TOP 306 Tel. +49 (0)30 / 754 87 - 0, Fax +49 (0)30 / 754 87 - 572 Tel. +43 (0)55 72 / 243 81 - 0, Fax +43 (0)55 72 / 243 81 - 20 Tel. +43 (0)1 / 601 45 - 0, Fax +43 (0)1 / 601 45 - 10 Züblin International GmbH JOSEF RIEPL Unternehmen für Hoch- und Tiefbau GmbH H.WESTERTHALER Baugesellschaft m.b.H. D - 93059 Regensburg, Im Gewerbepark D 55 D - 70567 Stuttgart, Albstadtweg 3 A - 5500 Bischofshofen, Sparkassenstraße 21 Tel. +49 (0)941 / 56 82 - 0, Fax +49 (0)941 / 56 82 - 302 Tel. +49 (0)711 / 78 83 - 583, Fax +49 (0)711 / 78 83 - 575 Tel. +43 (0)64 62 / 23 37 - 0, Fax +43 (0)64 62 / 49 48 SERVICE COMPANIES BMTI Baumaschinentechnik International GmbH LEONHARD MOLL Hoch- und Tiefbau Gesellschaft m.b.H. Züblin Projektentwicklung GmbH INNEREBNER Baustahl Gesellschaft m.b.H. A - 9800 Spittal/Drau, Ortenburgerstraße 27 D - 81379 Munich, Perchtinger Straße 16 D - 70567 Stuttgart, Albstadtweg 1 A - 2512 Oeynhausen, Jochäckerstraße 8 Tel. +43 (0)47 62 / 620 - 640, Fax +43 (0)47 62 / 620 - 788 Tel. +49 (0)89 / 71 07 - 0, Fax +49 (0)89 / 71 07 - 387 Tel. +49 (0)711 / 78 83 - 529, Fax +49 (0)711 / 78 83 - 533 Tel.+43 (0)22 52 / 446 51, Fax +43 (0)22 52 / 447 53 BRVZ Bau-, Rechen- und Verwaltungszentrum GmbH MAV Mineralstoff-Aufbereitung und Verwertung GmbH Züblin Spezialtiefbau GmbH INSOND Ges.m.b.H. A - 9800 Spittal/Drau, Ortenburgerstraße 27 D - 47809 Krefeld, Bataver Straße 7-9 D - 70567 Stuttgart, Albstadtweg 1 A - 1030 Vienna, Ungargasse 64 / Stg. 2, TOP 306 Tel. +43 (0)47 62 / 620 - 0, Fax +43 (0)47 62 / 294 Tel. +49 (0)21 51 / 574 - 810, Fax +49 (0)21 51 / 574 - 849 Tel. +49 (0)711 / 78 83 - 454, Fax +49 (0)711 / 78 83 - 273 Tel.+43 (0)1 / 877 35 88 - 0, Fax +43 (0)1 / 877 662 911 BRVZ IT (INFOSYS) Niersberger Gebäudemanagement GmbH & Co.KG Züblin Stahlbau GmbH KAB - Straßensanierung GmbH & Co KG A - 9800 Spittal/Drau, Ortenburgerstraße 27 D - 90471 Nürnberg, Lina-Ammon-Straße 22 D - 01996 Hosena, Bahnhofstraße 13 A - 3382 Loosdorf, Wiener Straße 24 Tel. +43 (0)47 62 / 620 - 0, Fax +43 (0)47 62 / 620 - 443 Tel. +49 (0)911 / 981 81 - 0, Fax +49 (0)911 / 981 81 - 29 Tel. +49 (0)357 56 / 71 - 0, Fax +49 (0)357 56 / 71 - 123 Tel. +43 (0)27 54 / 68 44 - 0, Fax +43 (0)27 54 / 68 44 - 305 TPA Gesellschaft für Qualitätssicherung und OOMS-ITTNER-HOF GmbH Züblin Umwelttechnik GmbH LEITNER Gesellschaft m.b.H. Innovation GmbH D - 50679 Cologne, Siegburger Straße 229 D - 70567 Stuttgart, Albstadtweg 1 A - 3363 Neufurth - Amstetten, Rauscherstraße 10 A - 1220 Vienna, Polgarstraße 30 Tel. +49 (0)221 / 824 - 29 43, Fax +49 (0)221 / 824 - 22 44 Tel. +49 (0)711 / 78 83 - 257, Fax +49 (0)711 / 78 83 - 154 Tel. +43 (0)74 75 / 522 21 - 0, Fax +43 (0)74 75 / 522 21 - 33 Tel. +43 (0)1 / 217 28 - 312, Fax +43 (0)1 / 217 28 - 112
104 I STRABAG SE - 2005 STRABAG SE - 2005 I 105 ADRESSES
TPA odrzˇ avanje kvaliteta i inovacija d.o.o. MEYERHANS AG,Strassen- und Tiefbau Uzwill BELGIUM ROMANIA HR - 10000 Zagreb, Ulica kneza Branimira 29 CH - 9244 Niederuzwill, Hummelweg 2 Tel. +385 (0)1 / 46 99 - 000, Fax +385 (0)1 / 51 70 56 38 Tel. +41 (0)71 / 955 01 - 30, Fax +41 (0)71 / 955 01 - 31 N.V.STRABAG Belgium S.A. Züblin Hrvatska d.o.o. BMTI Romania s.r.l. BE - 2000 Antwerp, Rijnkaai 37 RO - 050726 Bucuresti, Sector 5, Calea 13 Septembrie Nr. 90 MURER-STRABAG AG Tel. +32 (0)3 / 20 16 - 0, Fax +32 (0)3 / 20 16 - 912 HR - 10000 Zagreb, Jurkoviceva 3 CH - 6472 Erstfeld, Postfach, Bifang 4 Tel. +385 (0)1 / 46 03 - 870, Fax +385 (0)1 / 46 03 - 888 Tel. +40 (0)21 / 405 60 36, Fax +40 (0)21 / 457 11 20 Tel. +41 (0)41 / 88 21 - 111, Fax +41 (0)41 / 88 21 - 110 STRABAG BRVZ BENELUX BE - 2000 Antwerp, Rijnkaai 37 BRVZ SERVICII & ADMINISTRARE s.r.l. Tel. +32 (0)3 / 20 16 - 935, Fax +32 (0)3 / 20 16 - 931 NETHERLANDS RO - 050726 Bucuresti, Sector 5, Calea 13 Septembrie Nr. 90 Züblin-Strabag AG Tel. +40 (0)21 / 403 43 57, Fax +40 (0)21 / 403 43 51 CH - 8037 Zurich, Okenstraße 4 STRABAG BMTI BENELUX Tel. +41 (0)1 / 36 66 - 222, Fax +41 (0)1 / 36 66 - 223 BE - 2260 Oevel-Westerlo, Nijverheidsstraaat 48 F STRABAG Bouw en Ontwikkeling B.V. DRUMCO S.A.Timisoara Tel. +32 (0)14 / 50 74 10 - 0, Fax +32 (0)14 / 51 78 76 RO - 300571 Timisoara, Calea Buziasului Nr. 8 NL- 3316 DD Dordrecht Amstelwijckweg 2 Tel. +40 (0)256 / 22 40 55, Fax +40 (0)256 / 22 40 54 SLOVAKIA Tel. +31(0)78/ 65 47 - 767, Fax +31 (0)78/ 65 47 - 799 BULGARIA STRABAG s.r.l. RO - 050726 Bucuresti, Sector 5, Calea 13 Septembrie Nr. 90 BMTI SK s.r.o. POLAND Tel. +40 (0)21 / 403 43 87, Fax +40 (0)21 / 411 97 39 BRVZ EOOD SK - 82518 Bratislava, Mlynské Nivy 61/A BG - 1309 Sofia, Ulica Kukusch Nr. 1 Tel. +421 (0)2 / 58 23 62 33, Fax +421 (0)2 / 53 41 35 32 Tel. +359(0)2 / 93 30 - 297, Fax +359(0)2 / 920 35 66 BMTI Polska sp.z o.o. RUSSIAN FEDERATION BRVZ s.r.o. INGSTROY SOFIA AD PL - 05-804 Pruszków, ul. Blonska 6 SK - 82518 Bratislava, Mlynské Nivy 61/A BG - 1309 Sofia, Ulica Kukusch Nr. 1 Tel. +48 (0)22 / 738 40 50, Fax +48 (0)22 / 738 85 45 Tel. +359(0)2 / 93 30 - 243, Fax +359(0)2 / 920 81 37 BRVZ z.a.o. Tel. +421 (0)2 / 58 23 61 11, Fax +421 (0)2 / 58 23 64 60 BRVZ sp.z o.o. RF - 107031 Moscow, ul. Petrowka 27 TPA EOOD PL - 03-472 Warszawa, ul. Brechta 7 Tel. +7 (0)95 / 737 03 80, Fax +7 (0)95 / 956 24 62 C.S.BITUNOVA spol.s.r.o. BG - 1309 Sofia, Ulica Kukusch Nr. 1 Tel. +48 (0)22 / 451 38 00, Fax +48 (0)22 / 451 38 01 SK - 96051 Zvolen, Neresnicka Cesta 3 Tel. +359(0)2 / 93 30 - 0, Fax +359(0)2 / 845 78 00 FACILITY MANAGEMENT o.o.o. Tel. +421 (0)45 / 532 13 61, Fax +421 (0)45 / 532 02 78 FACILITY MANAGEMENT Polska sp.z o.o. RF - 107031 Moscow, ul. Petrowka 27 Züblin Bulgaria EOOD PL - 00-647 Warszawa, Plac Konstytucji 1 lok. 416 Tel. +7 (0)95 / 730 56 07, Fax +7 (0)95 / 730 56 07 KSR - Kamenolomy SR,s.r.o. BG - 1407 Sofia, Bul. Nikola Vaptzarov Nr. 55 / Expo2000 Tel. +48 (0)22 / 621 19 72, Fax +48 (0)22 / 621 13 94 Tel. +359(0)2 / 962 20 - 41, Fax +359(0)2 / 962 20 - 49 SK - 96051 Zvolen, Neresnicka Cesta 3 STRABAG z.a.o. Tel. +421 (0)45 / 52 50 - 125, Fax +421 (0)45 / 53 33 102 HEILIT+WOERNER Budowlana sp.z o.o. RF - 103031 Moscow, ul. Petrovka 27 PL - 53-129 Wroclaw (Breslau), ul. Sudecka 98 DENMARK Tel. +7 (0)95 / 737 03 80, Fax +7 (0)95 / 956 24 63 Tel. +48 (0)71 / 369 00 - 00, Fax +48 (0)71 / 369 00 - 10 OAT spol.s.r.o. SK - 82518 Bratislava, Mlynské Nivy 61/A Tel. +421 (0)2 / 582 36 - 0, Fax +421 (0)2 / 53 41 30 48 Züblin Scandinavia A/S PL-BITUNOVA sp.z o.o. SWEDEN DK - 8260 Viby J, Sonderhøj 46 PL - 47-240 Bierawa, ul. Gliwicka 9 Tel. +45 (0)86 / 12 15 82, Fax +45 (0)86 / 12 15 83 Tel. +48 (0)77 / 487 22 45, Fax +48 (0)77 / 487 21 79 SLOVASFALT spol.s.r.o. Züblin Scandinavia AB SK - 82518 Bratislava, Mlynské Nivy 61/A SCHMITT Asphalttechnik Polska sp.z o.o. S - 191 62 Sollentuna, Turebergs Allé 2 Tel. +421 (0)2 / 582 36 - 283, Fax +421 (0)2 / 53 41 35 32 CROATIA PL - 55-200 Olawa, ul. Opolska 9 Tel. +46 (0)850 / 53 30 - 06, Fax +46 (0)850 / 53 30 - 16 Tel. +48 (0)71 / 313 28 28, Fax +48 (0)71 / 313 42 26 STRABAG s.r.o. SK - 82518 Bratislava, Mlynské Nivy 61/A BMTI - gradevinski strojevi international d.o.o. STRABAG sp.z o.o. SWITZERLAND Tel. +421 (0)2 / 58 236 - 101, Fax +421 (0)2 / 53 41 36 51 HR - 10000 Zagreb, Ulica kneza Branimira 29 PL - 03-472 Warszawa, ul. Brechta 7 Tel. +385 (0)1 / 46 99 - 000, Fax +385 (0)1 / 46 19 - 302 Tel. +48 (0)22 / 451 38 00, Fax +48 (0)22 / 451 38 01 TPA s.r.o. BRVZ - gradevinski-,raˇcunovodstveni-i upravni centar d.o.o. TPA sp.z o.o. BMTI GmbH SK - 82518 Bratislava, Mlynské Nivy 61/A HR - 10000 Zagreb, Ulica kneza Branimira 29 PL - 61-028 Poznan, ul. Warszawska 43 CH - 6472 Erstfeld, Bifang 4 Tel. +421 (0)2 / 582 36 - 0, Fax +421 (0)2 / 53 41 45 35 Tel. +385 (0)1 / 46 99 - 000, Fax +385 (0)1 / 46 19 - 300 Tel. +48 (0)61 / 650 31 32, Fax +48 (0)61 / 650 31 33 Tel. +41 (0)41 / 88 21 - 111, Fax +41 (0)41 / 88 21 - 181 ZIPP BRATISLAVA spol.s.r.o. IGM dioni ˇc ko drustvˇ o za proizvodnju i trgovinu BRVZ Bau-, Rechen- und Verwaltungszentrum AG Züblin Polska sp.z o.o. SK - 83244 Bratislava 3, Stara Vajnorska 16 gradevnim materijalom CH - 6472 Erstfeld, Bifang 4 PL - 60-164 Poznan, ul. Ziebicka 35 Tel. +421 (0)2 / 492 41 - 187, Fax +421 (0)2 / 492 41 - 420 HR - 23420 Benkovac, Zapuzˇane b.b. Tel. +41 (0)41 / 88 21 -111, Fax +41 (0)41 / 88 21 - 171 Tel. +385 (0)23 / 662 - 331, Fax +385 (0)23 / 662 - 205 Tel. +48 (0)61 / 86 49 - 400, Fax +48 (0)61 / 86 49 - 401 EGGSTEIN AG PODUZECE ZA Ceste SPLIT d.o.o. SLOVENIA HR - 21000 Split, Hercegovaˇ cka 104 PORTUGAL CH - 6010 Kriens, Industriestraße 12 Tel. +385 (0)21 / 540 - 240, Fax +385 (0)21 / 508 - 102 Tel. +41 (0)41 / 34 80 - 450, Fax +41 (0)41 / 34 80 - 451
STRABAG d.o.o. ZUCOTEC Sociedade de Construçoe˜ s,Lda EGOLF AG Weinfelden STRABAG gradbene storitve d.o.o. HR - 10000 Zagreb, Ulica kneza Branimira 29 P - 1200-370 Lisbon, Rua dos Remolares 35-1.˚ Esq. CH - 8575 Weinfelden, Walkenstraße 101 SI - 1000 Ljubljana, Letalisˇ ka cesta 33 Tel. +385 (0)1 / 46 99 - 000, Fax +385 (0)1 / 46 19 - 297 Tel. +351 (0)21 / 324 27 - 90, Fax +351 (0)21 / 324 28 - 09 Tel. +41 (0)71 / 626 29 - 29, Fax +41 (0)71 / 626 29 - 20 Tel. +386 (0)54 66 - 0, Fax +386 (0)54 66 - 701
106 I STRABAG SE - 2005 STRABAG SE - 2005 I 107 ADRESSES
BRVZ center za racˇ unovodstvo Züblin International (M) Sdn.Bhd. UKRAINE SOUTH AMERICA in upravljanje d.o.o. 50480 Kuala Lumpur, Level 10 B, Menara Dato´ Onn Putra SI - 1000 Ljubljana, Letaliska cesta 33 World Trade Centre, 45, Jalan Tun Ismail Tel. +60 / 3 40 45 12 18, Fax +60 / 3 40 45 62 18 Tel. +386 (0)1 / 54 66 - 0, Fax +386(0)1 / 54 66 - 793 STRABAG Ltd, Kiew Züblin International GmbH Chile Ltda. UA - 01504 Kiev, Vorovskogo Street 36 Cerro Portezuelo N°9760, Loteo Industrial El Portezuelo Tel. +380 (0)44 / 246 93 16, Fax +380 (0)44 / 246 93 15 Panamericana Norte - Quilicura CZECH REPUBLIC Santiago de Chile / Chile BITUNOVA Ukraina GmbH Tel. +56 / 2 685 97 00, Fax +56 / 2 685 97 12 UA - 07400 Brovary, ul. Kutusova 2-A BHG a.s. Tel. +380 (0)44 / 451 79 50, Fax +380 (0)44 / 94 65 - 026 CZ - 37006 Cˇ eské Budejoˇ vice, Vrbenská 1821 31 AFRICA Tel. +420 (0)545 42 37 50, Fax +420 (0)545 21 98 47 HUNGARY STRABAG International GmbH – Kenya Branch BMTI CRˇ spol.s.r.o. Kigwa Ridge CZ - 62000 Brno, Tovární 3 P.O. Box 30522, Nairobi, Kenya Tel. +420 (0)545 42 37 50, Fax +420 (0)545 21 98 47 BMTI Nemzetközi Építögépészeti Kft. Tel. +254 - 2 - 86 27 45, Fax +254 - 2 - 86 07 48 H - 1097 Budapest, Gubacsi út 8/b BOHEMIA BITUNOVA spol s.r.o. Tel. +36 (0)1 / 456 - 61 00, Fax +36 (0)1 / 456 - 61 01 STRABAG International GmbH – Uganda Branch CZ - 58601 Jihlava, Kosovska 16 Spear House, Fourth Floor, Jinja Road Tel. +420 (0)567 31 06 70, Fax +420 (0)567 30 69 06 H-TPA Innovációs és Minöségvizsgáló Kft. P.O. Box 23707, Kampala, Uganda H - 1116 Budapest, Épitész u. 40-44 Tel. +256 - 41 25 47 23, Fax +256 - 41 25 47 24 BRVZ s.r.o. Tel. +36 (0)1 / 205 - 62 14, Fax +36 (0)1 / 205 - 62 66 CZ - 37006 Cˇ eské Budejoˇ vice, Vrbenská 31 Tel. +420 (0)38 700 42 32, Fax +420 (0)38 700 42 01 KÖKA Kö-es Kavicsbanyaszati Kft. MIDDLE EAST H - 1113 Budapest, Daróci út 30 CMOˇ Cˇ eské a moravské Obalovny s.r.o. Tel. +36 (0)1 / 372 - 81 61, Fax +36 (0)1 / 209 - 07 44 Dyckerhoff & Widmann AG and Partner L.L.C. CZ - 392 01 - Sobeslav, Na Sˇ vadlackách 478/II MAGYAR ASZFALT Kft. Sultanate of Oman, P.O. Box 109, Postal Code 118, Tel. +420 (0)381 54 11 92, Fax +420 (0)381 54 11 80 H - 1113 Budapest, Szegedi út 35-37 Al Harthy Complex, Office No. 33, Muscat Tel. +36 (0)1 / 270 - 85 14, Fax +36 (0)1 / 270 - 85 00 Tel. +968 - 57 13 96, Fax +968 - 57 13 97 DÁLNICNÍ STAVBY PRAHA a.s. CZ - 150 00 Praha 5, Na Bélidle 198-21 DYWIDAG Saudi Arabia Co.Ltd. OAT-Diamanttechnika Kft. Tel. +420 (0)22 42 66 - 939, Fax +420 (0)22 42 66 - 946 P.O. Box 1261, Jubail 31951 H - 1097 Budapest, Gubacsi út 8/b Saudi Arabia Tel. +36 (0)1 / 45 66 - 144, Fax +36 (0)1 / 45 66 - 155 ILBAU Bohemia spol.s.r.o. Tel. +966 3 - 341 63 06, Fax +966 - 341 63 02 CZ - 150 00 Praha 5, Na Bélidle 198-21 STRABAG Epitö Zartköruen Muködo Részvenytársaság STRABAG ABU DHABI L.L.C. Tel. +420 (0)222 86 81 87, Fax +420 (0)257 31 60 29 H - 1135 Budapest, Szegedi út 35-37 U.A.E. - P.O. Box 28708, Abu Dhabi, Al Dhafra Street Tel. +36 (0)1 / 270 - 83 00, Fax +36 (0)1 / 270 - 82 02 Hammad Hassan Salem Bldg KAMENOLOMY CRˇ s.r.o. Tel. +971 - 24 45 33 11, Fax +971 - 24 46 33 52 CZ - 721 08 Ostrava - Svinov, Polanecká 849 H - 1113 Budapest, Daróci út 30 Tel. +420 (0)596 97 83 56, Fax +420 (0)596 96 74 96 Tel. +36 (0)1 / 372 - 81 00, Fax +36 (0)1 / 209 - 07 66 STRABAG DUBAI L.L.C. U.A.E. - P.O. Box 115623, Dubai AlMoosa Tower I OAT s.r.o. SZAMITO es Ügyviteli Központ Kft. (BRVZ) Office No 1502 Sheikh Zayed Road CZ - 102 00 Praha 10, Nedokoncena H - 1135 Budapest, Szegedi út 35-37 Tel. +971 - 43 31 71 54, Fax +971 - 43 31 71 55 Tel. +420 (0)272 70 00 72, Fax +420 (0)272 70 00 72 Tel. +36 (0)1 / 270 - 83 52, Fax +36 (0)1 / 270 - 82 41 STRABAG OMAN L.L.C. STRABAG a.s. SZENTESI Vasutepitö Kft. Sultanate of Oman, Postal Code 113, P.O. Box 444, Muscat CZ - 150 00 Praha 5, Na Bélidle 198-21 H - 6600 Szentes, Baross G. u. 2. Tel. +968 - 24 49 15 00, Fax +968 - 24 49 15 02 Tel. +420 (0)222 86 8 - 0, Fax +420 (0)222 86 81 96 Tel. +36 (0)63 / 311 - 974, Fax +36 (0)63 / 316 - 269 STRABAG Qatar W.L.L Civil Engineering & Contracting ˇ Züblin Kft. TPA CR s.r.o. P.O. Box 22980, DOHA, Qatar ˇ H - 1117 Budapest, Budafoki út 209 CZ - 37006 Ceské Budejoˇ vice, Vrbenská 1821 31 Tel. +974 / 4314929, Fax +974 / 4315377 Tel. +420 (0)387 00 45 52, Fax +420 (0)387 41 20 46 Tel. +36 (0)1 / 440 - 00 80, Fax +36 (0)1 / 440 - 00 85
ZIPP Praha s.r.o. ASIA CZ - 150 00 Praha 5, Na Bélidle 198-21 SERBIA AND MONTENEGRO Tel. +420 (0)222 86 81 45, Fax +420 (0)222 86 81 00 Shanghai Changijang Züblin - Construction und Züblin spol.s r.o. STRABAG Beograd d.o.o. Engineering Co.Ltd. CZ - 190 00 Praha 9, Kolbenova 5a SCG - 11070 Beograd, Bulevar Mihajla Pupina 10z-533 200336 Shanghai, 1591 Hong Qiao Road 2F, Building No. 12 Tel. +420 (0)283 06 16 - 10, Fax +420 (0)283 06 16 - 99 Tel. +381 (0)11 / 311 82 - 96, Fax +381 (0)11 / 311 56 89 Tel. +86 / 21 62 70 - 06 30, Fax +86 / 21 62 70 - 06 32
108 I STRABAG SE - 2005 STRABAG SE - 2005 I 109 M5 Motorway, Hungary
110 I STRABAG SE - 2005 STRABAG SE - 2005 I 111 Owner and Publisher:FIMAG Finanz Industrie Management AG A-9800 Spittalander Drau,Ortenburgerstraße 27,Austria
AustrianCommercialRegister Number FN 141577 b District Court Klagenfurt
Contact:CorporateCommunications Dr.ChristianEbner A-1220 Vienna,Donau-City-Straße 9, Austria Tel. +43 (0)1 / 224 22 e-mail [email protected] internet www.strabag.at
This annual report is alsoavailable in German.
The annual report was prepared with the highest possible attention todetail. All information was verified. The possibility of rounding errors,printing errors or misprints,however,cannot beexcluded. The annual report contains information and forecasts related to the futuredevelopment of STRABAG SE. Theseforecasts represent estimates made on the basis of all available information at the time of publication. Should the assumptions underlying the forecasts fail toappear, the actual results could deviatefrom the expectations.
112 I STRABAG SE - 2005