Letls Get to Work

WHy invest Let’s get to work the strabag group As one of Europe’s leading construction groups, and with approximately 73,000 employees, we generated an output volume of around € 13.7 billion in the 2008 financial year. From our core markets Austria and Germany, we are present via our numerous subsidiaries in all countries of Eastern and South-East Europe, in selected markets in Western Europe and in indi- in strabag se? vidual cases on other continents. We offer our services under the five main brands STRABAG, Dywidag, Heilit+Woerner, Möbius and Züblin. These services span the entire construction industry and cover the entire value-added chain in the field of construction. strong Management Team and Employees (pages 30–38) … because our management board has worked together for over twenty years. … because the average period of employment is significantly over ten years at the next management level as well. … because our STRABAG Academy is open to all employees. Segment building construction & civil Engineering

Leading Market Position (pages 16–17) change change … because we are the number 1 in Austria, Germany and Hungary. 2008 2007–2008 2007 2006–2007 2006 … because we are the leading construction company in Central and Eastern Europe. € Mln. % € Mln. % € Mln. Output volume 5,822 7 5,418 11 4,899 … because we generate 80 % of our output volume in countries in which we hold a top 3 market position. Revenue 5,244 9 4,816 13 4,257 Order backlog 6,774 8 6,262 26 4,959 successful Acquisitions (pages 26–27) EBIT 78 1 77 45 53 … because we acquire companies that complement our value-added chain. EBIT margin … because we integrate these companies into the group immediately. % of revenue 1.5 1.6 1.2 … because we value existing employees during acquisitions. Employees 28,802 9 26,322 17 22,525

all-In-One Provider (pages 6–7) … because we offer all services from planning to facility management. … because no other construction company in Europe is geographically and technologically as broadly Segment transportation infrastructures positioned as STRABAG.

change change 2008 2007–2008 2007 2006–2007 2006 central Business Units and Uniform Reporting (pages 8–9) € Mln. % € Mln. % € Mln. … because with our management information system we can manage all our corporate units. Output volume 6,274 36 4,617 -1 4,646 … because the operating areas are supported by group-owned service companies so that they can Revenue 5,464 23 4,455 6 4,217 concentrate fully on their actual business – the business of building. Order backlog 3,957 90 2,081 5 1,986 … because every day we know where we stand – on all construction sites. EBIT 138 -26 186 24 1501) EBIT margin strabag Team Concept (Page 27) % of revenue 2.5 4.2 3.6 Employees 33,906 20 28,352 13 25,047 … because we work together with our clients as partners. 1) adjusted for proceeds from sale of DEUTAG of €T 70,625

own Raw Materials Basis (Pages 18–21) … because our access to raw materials gives us a competitive advantage. … because from stone and gravel to asphalt and concrete we produce everything ourselves. Segment Special Divisions & Concessions … because our raw materials have made us independent for over 100 years.

change change 2008 2007–2008 2007 2006–2007 2006 For further questions please refer to our Investor Relations department: € Mln. % € Mln. % € Mln. Output volume 1,417 143 582 -16 693  STRABAG SE, Donau-City-Strasse 9, A-1220 Vienna Revenue 1,483 154 585 -37 935 ☎ +43 (0)800 / 880 890 Order backlog 2,480 6 2,348 54 1,525 @ [email protected] EBIT 52 8 48 -29 68  www.strabag.com EBIT margin % of revenue 3.5 8.2 7.3 This Annual Report is also available in German. annual report 2008 Employees 5,174 184 1,824 19 1,538 In case of discrepancy, the German version prevails. STRABAG annual report 2008 SE WHy invest Let’s get to work the strabag group As one of Europe’s leading construction groups, and with approximately 73,000 employees, we generated an output volume of around € 13.7 billion in the 2008 financial year. From our core markets Austria and Germany, we are present via our numerous subsidiaries in all countries of Eastern and South-East Europe, in selected markets in Western Europe and in indi- in strabag se? vidual cases on other continents. We offer our services under the five main brands STRABAG, Dywidag, Heilit+Woerner, Möbius and Züblin. These services span the entire construction industry and cover the entire value-added chain in the field of construction. strong Management Team and Employees (pages 30–38) … because our management board has worked together for over twenty years. … because the average period of employment is significantly over ten years at the next management level as well. … because our STRABAG Academy is open to all employees. Segment building construction & civil Engineering

m Please add my e-mail address to the key figures 2004–2008 key figures Investor Relations Newsletter mailing list: ...... key financial figures development of the most important key figures 2004–2008 m Please send me the Annual Reports in FIMAG FIMAG STRABAG Se STRABAG SE STRABAG Se printed form. €T 2004 2005 2006 2007 2008 EBIT development 2004–2008 EBITDA development 2004–2008 Output Volume 5,963,530 9,314,847 10,385,111 10,746,223 13,742,501 € 800 million € 800 million m I no longer wish to receive the Annual STRABAG SE Revenue 5,222,905 6,955,797 9,430,621 9,878,600 12,227,795 € 700 million € 700 million Reports in printed form. Investor Relations Order Backlog 4,980,112 7,927,000 8,505,614 10,742,287 13,253,795 CAGR¹) CAGR¹) € 600 million 25 % € 600 million 19 % Employees 33,287 44,513 52,971 61,125 73,008 Donau-City-Strasse 9 € 500 million € 500 million A-1220 Wien € 400 million € 400 million € 300 million € 300 million My address: Key Earnings Figures € 200 million € 200 million € 100 million € 100 million Name ...... FIMAG FIMAG STRABAG Se STRABAG SE STRABAG Se € 0 million € 0 million €T 2004 2005 2006 2007 2008 2004 2005 2006 2007 2008 2004 2005 2006 2007 2008 Address ...... EBITDA 320,590 341,806 502,407 595,899 647,732 ...... EBITDA margin output volume development 2004–2008 order backlog development 2004–2008 % of revenue 6.1 4.9 5.3 6.0 5.3 € 16 billion € 16 billion EBIT 111,701 163,129 272,729 312,428 269,866 ✂ ✂ € 14 billion € 14 billion EBIT margin ) CAGR¹ CAGR¹) % of revenue 2.1 2.4 2.9 3.2 2.2 € 12 billion 23 % € 12 billion 28 % Earnings before taxes 91,350 134,715 216,578 1) 276,256 229,258 € 10 billion € 10 billion Net income 65,748 94,566 160,441 2) 207,614 166,360 € 8 billion € 8 billion EPS 4.99 7.41 2.73 2.05 1.38 € 6 billion € 6 billion Cash-flow from € 4 billion € 4 billion operating activities 104,098 267,755 446,351 493,989 689,885 € 2 billion € 2 billion ROCE % 6.3 8.0 3) 10.3 2) 8.5 5.3 € 0 billion € 0 billion Investments 2004 2005 2006 2007 2008 2004 2005 2006 2007 2008 in fixes assets 207,490 254,688 347,020 543,842 876,800 output volume by region order backlog by segment

■ Building Construction key balance sheet figures ■ Germany 37 % & Civil Engineering 51 % ■ CEE 31 % ■ Transportation FIMAG FIMAG STRABAG Se STRABAG SE STRABAG Se ■ Austria 17 % Owner and Publisher €T 2004 2005 2006 2007 2008 Infrastructures 30 % Equity 802,256 905,470 1,035,894 3,096,454 2,978,981 ■ Rest of Europe 9 % ■ Special Divisions STRABAG SE Equity Ratio % 22.0 17.7 18.6 40.0 30.5 ■ Rest of World 6 % & Concessions 19 % A-9500 Villach, Triglavstrasse 9 Net Debt 681,231 697,782 675,415 -926,972 -109,663 Austrian Commercial Register Number FN 88983 h Gearing Ratio % 84.9 77.1 65.2 -29.9 -3.7 District Court Klagenfurt Capital Employed 1,695,886 2,159,109 2,297,574 4,135,257 5,158,849 output volume and ebit by segment order backlog by region Total 3,653,257 5,126,927 5,575,826 7,740,814 9,765,206 Segment contact ■ Building Construction ■ Germany 29 % & Civil Engineering 42 % ■ CEE 36 % ■ Transportation STRABAG SE ■ Austria 10 % Christian Ebner Infrastructures 46 % ■ Rest of Europe 15 % Corporate Communications ■ Special Divisions ■ Rest of World 10 %  Donau-City-Strasse 9, A-1220 Vienna & Concessions 10 % ☎ +43 (0)1 / 22 4 22 ■ Others 2 % 1) adjusted for the one time result of the Deutag sale amounting to €T 70,625 @ [email protected] 2) adjusted for the one time result of the Deutag sale amounting to €T 63,563 EBIT (interior circle)  www.strabag.com 3) 2005 adjusted for Züblin Group ■ Building Construction & Civil Engineering 29 % ■ Transportation Infrastructures 51 % The Annual Report was prepared with the highest possible attention to detail. All information was verified. EBITDA = profit for the period before net interest income, income tax expense and depreciation and amortization The possibility of rounding errors, printing errors or misprints, however, can not be completely excluded. EBIT = profit for the period before net interest income and income tax expense ■ Special Divisions & Concessions 19 % The Annual Report contains information and forecasts related to the future development of STRABAG SE. These forecasts represent estimates made on the basis of all available information at the time of publication. ROCE = net income + interest on debt-interest tax shield (25 %) / (average group equity + interest-bearing debt) 1 % Should the assumptions underlying the forecasts fail to appear, the actual results could deviate from the expectations. Net Debt = financial liabilities less non-recourse debts + provisions for severance and pension obligations – cash and cash equivalents ■ Others Gearing Ratio = Net Debt/Group Equity Many of the projects contained in this financial report were carried out in special partnerships. Capital Employed = group equity + interest-bearing debt 1) CAGR = Compound annual growth rate We hereby extend a warm “thank you” to all our partners. ✂ ✂

group report management S C C employees strategy -let at strabag aglance ceo CONTENT 1) T glossary and calendar financial notes F

orporate S orporate G hares, B hares, inancial statementinancial hese parts have been audited by KPM by audited been have parts hese ’ s review 1) Events after the R the after Events R Objectives and Outlook to §243a ugb Pursuant Disclosures R Employees, R S Job Potential Fostering and Finding S Investments Financing/ Cash-Flow and Position Financial Performance Financial to S Changes of Effects B Order S STRABAG A S S First Our S Engagement Ecological R Human B Feature S Country R Country Highlights S R Investor S A to the Commitment Year Financial 2008 the for Figures Employee Our S Position Market of Expansion G T Feature Investments in Value- in Investments R B Management the of Methods Working Projects Concession (PPP) and Partnerships Private Public ustainability in Procurement and Occupational Health and S and Health Occupational and Procurement in ustainability hareholder S hareholder trict Cost and R and Cost trict egments S STRABAG of hares ocial and S and ocial A ecuring nnual G nnual Parties elated Evaluation External the on eport Management isk Principles roup onds I and afety acklog Dividend and Meeting eneral ocial R ocial esource Development with “EN with Development esource overnance P L elations eport T ustainability R ustainability T A ccess to R ccess reasury E B Engagement ocietal ’ Environment Development, and esearch G s get to works get for the future tructure . onds isk Discipline to Increase the Margins Margins the to Increase Discipline isk Period eporting ustrian Code of Corporate G Corporate of Code ustrian A esources Context International and National the E in esponsibility dding A dding Consolidation of cope nvestor R nvestor eport 1)

cquisitions

1) oard and of the S the of and oard GAG elations E” overnance upervisory B upervisory afety oard oard 108 102 160 48 34 58 52 30 14 100 101 101 96 84 99 83 80 98 33 54 34 48 35 82 56 50 62 49 50 22 32 32 59 26 52 28 78 78 57 57 76 31 47 10 16 18 15 12 6 2

1 content strabag SE ANNUAL REPORT 2008 2 ceo’s review strabag SE ANNUAL REPORT 2008 Management Board Board Management the of Chairman haselsteiner peter hans ceo our minority interest in the process. the in interest minority our package of outstanding shares of our publicly listed listed publicly our of shares outstanding of package T seen be to is selected was that approach accounting careful. and the conservative as that provisions, and write-downs well as the impairments and as losses currency extraordinary the considering comfort, little is It profitability. comparison. year taxes and interest before earnings the acquisitions, our by all above in plus % 28 a Despite which models PPP dramatically. unrealisable. be have proven to financing dropped bank on dependent has part in are the – buildings commission that office or companies centres private shopping with of and construction example, for developers, estate real with – clients

In the 2008 financial year, we already felt the first effects of the crisis. crisis. the of effects first the felt already we year, financial 2008 the In akgs r ehutd Fr hs esn te nuty lyr ms tk avnae f hs period this construction of expected 2013/2014/2015 of the crisis advantage survive to order take in adaptations must structural players necessary the industry drive and the grace of reason, this For exhausted. are packages he he el y % ls svrl ta te er eoe a w aqie a acquired we as before, year the than severely less %, 8 by fell minorities after income net A ’ s a result, we failed to reach the objective of raising our margins and improving our improving and margins our raising of objective the reach to failed we result, a s s review construction output construction . terms of volume. volume. of terms in declines modest only face likely will years, to three two next the in to nomic provide programmes stimulus a for benefit projects building In contrast, the construction sector, which can count on the the on count can which sector, construction the contrast, In dramatic. to significant from vary will industry, of sector the on depending which, losses, revenue the with a lack of growth, will lead to a collapse in earnings – not to making it to impossible nearly plan insecurities, ahead. mention of inherent a involves number conditions such under business Doing of trio the institutions. of international and measures bank defensive central state, the of knights” to “white react even will it if and – next move will “monster” this direction which in knowing without crisis the against steer to attempts well-intentioned the come, to still represents is what of most and far, so done been has that thing Every- effects. its cushion insights least at or secure it overcome can any we how to have as not do still – economists bank and central as governors much as ministers finance includes that and – we T shareholders, fellow Dear hm ht uh oe ifcl t oecm oc te stimulus the once overcome to difficult more much that them he ongoing ongoing he , driven by the high revenue of the first three quarters and quarters three first the of revenue high the by driven , is so alarming because alarming so is crisis financial and economic B ut this will only delay the big challenges, making challenges, big the delay only will this ut G erman subsidiary subsidiary erman B (E I T ) STRABAG fell by 14 % in the year-on- the in 14% by fell T e uies ih certain with business he n reduced and AG T his, his, together eco- Chairman of the Management B Management the of Chairman Haselsteiner Peter Hans Your T trust. On this as note, II ask that you hope youmy will your share tocompany ourconfidence continue lend advantage. cost crisis-resistant a secure to us allow further will divisions central our in tasks ordinate to reduce costs considerably through the application of sophisticated logistic concepts. logistic sophisticated of application the through considerably costs to reduce T division renewable central new of Our field example. the for in energies, technologies forward-looking in invest to and areas focus on concentrate to Thirdly, S F these with deal to prepared times: are turbulent we well how and times, difficult these during off pay will strategy our before. T company. our to support lend and shareholders our that conviction for appreciation our show to want we dividend, proposed this With higher. much be naturally would yield dividend the although before, to year the as amount decided same have I and colleagues board the to management propose my profit, lower the despite and reason, this Our geographic market penetration are highlighted further on in this A this in on further highlighted are penetration market geographic business. of areas and/or regions certain in declines Vienna, 30 A 30 Vienna, responsibility. corporate of amount commensurate a employee every ransport), featured in a special article inside this report, is one such focus. Our experts will help us help will experts Our focus. such one is report, this inside article special a in featured ransport), hank you for your support, your for you hank he he next few won’t years certainly be easy. In we short, will have to “get to work” even more than strongly econdly, irstly, stock T his motto also titles the present present the titles also motto his did not fare well in the past financial year either, losing around two-thirds of its value. For value. its of two-thirds around losing either, year financial past the in well fare not did e il eei fo or mliee rnil” f aig h gops ie opnae for compensate size group’s the having of principle” “millipede our from benefit will we e a cut n n fiin ognsto i a iely lt yai srcue ht gives that structure pyramid flat ideally an in organisation efficient an on count can we pril 2009 pril our equity base will – despite self-prescribed cuts to our capital expenditure – allow us allow – expenditure capital our to cuts self-prescribed despite – will base equity our – STRABAG in terms of both its as liquidity well as the future profitsexpected –is astable A nnual nnual G eneral Meeting a Meeting eneral S STRABAG of oard A nnual nnual dividend B R L eport. We want to show where our strengths lie, why lie, strengths our where show to Wewant eport. T of € 0.55 per share. In absolute terms, this is the is this terms, absolute In share. per 0.55 € of E B T aulogistik und und aulogistik he great diversity of our projects and our broad our and projects our of diversity great he nnual R nnual T ransport ( ransport eport. T e ocnrto o super- of concentration he B uilding Logistics and Logistics uilding 3 ceo’s review strabag SE ANNUAL REPORT 2008 4 ceo’s review strabag SE ANNUAL REPORT 2008 Quarry D Quarry germany hamburg, exhibition, new ennig, G ennig, raz, A raz, ustria motorway A motorway 2, P 2, oznan, P oznan, oland 5 ceo’s review strabag SE ANNUAL REPORT 2008 6 strabag at a glance strabag SE ANNUAL REPORT 2008 number of employees 2004–2008 employees of number Glance STRABAG at a

2) Year’s average ■ 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 1) Central and Eastern Europe Eastern and 1) Central ■ ■ ■ ■ ■

white-collar white-collar

0 R R A CEE G volume output ustria est of World World of est Europe of est ermany ermany by region 2004 1)

2005

■

37 % 37 31 % 17 % blue-collar 6 % 9 % 2006 2007

■ ■ ■ ■

B Other Engineering & Civil S Infrastructure T & Concessions volume output ransportation pecial Divisions pecial uilding Construction uilding by segment 2008

2) h etr cntuto idsr ad oe the cover and entire value-added chain industry in the field construction of construction. entire the Züblin. and Woerner, Möbius brands main five the Czech S the includes which positions, three top the of one hold we which in 80 % of our output volume is in generated markets and on Nearly in cases other continents. individual East Europe, in selected markets in Western Europe and Eastern of countries all in subsidiaries and and year. financial 2008 Fromourmarkets core € 13.7 of around volume the in billion output an ed with approximately 73,000 employees, we generat- A

m s one of Europe’s leading construction groups, and groups, construction leading Europe’s of one s lovakia and Poland. We offer our services under services our offer We Poland. and lovakia ■ ■ ■

# 3 in Czech R Czech # 3in S # 2in A # 1in arket P arket G ray w ae rsn va u numerous our via present are we ermany, 46 % 46 42 % 42 10 % 2 % ustria, G ustria, lovakia and R and lovakia ositions

■ ■ ■ ■ epublic and Poland and epublic ermany and Hungary Hungary and ermany

STRABAG Engineering & Civil B Other & Concessions S Infrastructure T ransportation pecial Divisions pecial uilding Construction uilding b omania Y S

T R E hese services span services hese egment pbi, Hungary, epublic, , Dywidag, Heilit+ Dywidag, , bit A S ustria 29 % 29 outh- 51 % 19 % 1 % & C B T S W ransportation I ransportation pecial D pecial uilding C uilding e are active in segments: three main active e are ivil E ivil ngineering ngineering ivisions &C ivisions onstruction nfrastructures ■ ■ ■ ■ ■ ■

E Volume Output E Volume Output E Volume Output oncessions oncessions B B B I I I T T T € 137.8 million million € 78.3 € 51.9 million 46 % 46 42 % 42 10 % T clients. external and group the supply to construction aggre gates and concrete of asphalt, as production such materials the includes also our activities in property and facility management. and facility in property our activities of expansion the and engineering ground of field business new the of inclusion the involved which “ S of name previous the as year cial finan 2008 the in Concessions” & Divisions cial operation. and financing development, as such services related business. concessions sites. struction con largest world’s the of some at operate to us allows that know-how leading possess we field, this In caverns. and galleries underground of as well as tunnels railway and road of construction the the comprises which of area cludes tunnelling, T engineering were added as important specialist areas. specialist hydraulic important as and added were construction engineering railway years, few last the In projects. bridge small-scale and struc tures protective and safety facilities, creational construction, re and sport of construction the waterway paving, dyking, canalisation, earth- moving, as such construction, road with sociated as activities construction remaining any as as well construction road concrete and asphalt vers In the fieldof Civil Engineering, activities. business the of core the form – clients private from predominantly – projects large-scale and Medium-sized elements. tion of prefabricated produc the and estate real residential buildings, and office and administration properties, industrial commercial of construction the comprises ment portation Infrastructures. Infrastructures. in portation mainly activities development project T technology. environmental in as well bridge as building large-scale in construction, plant power of field business growing strongly the in projects, infrastructure complex of construction the in ged he he he he he he ervices” no longer did justice to the new reality, reality, new the to justice did longer no ervices” B S T uilding Construction & uilding Construction Civil seg Engineering pecial Divisions & Concession segment in segment Concession & Divisions pecial asotto Ifatutrs emn co segment Infrastructures ransportation T he he T ransportation Infrastructure segment Infrastructure ransportation T further area of business is the the is business of area further A he segment was renamed “ renamed was segment he S ervices include global global include ervices T ee nld project- include hese is STRABAG enga T neln & unnelling T rans S pe ------7 strabag at a glance strabag SE ANNUAL REPORT 2008 8 strabag at a glance strabag SE ANNUAL REPORT 2008 ■ ■ ■ ■

€ 12billion € 14billion € 16billion output volume 2004–2008 volume output 4) 1) € 10billion onstruction Building Construction TP BR € 2billion € 4billion € 6billion € 8billion

& CivilEngineering A GesellschaftfürQualitätssicherung undInnovation VZ Bau-,Rechen-undVerwaltungszentrum other S T B & C ransportation I ransportation pecial D pecial uilding C uilding ivil E ivil 2 0 Board Members 10 2004 ngineering Divisions ivisions &C ivisions Affairs Legal onstruction 2005 1) nfrastructures

oncessions 2006 CEO -HansP 2) M aumaschinentechnik International BMTIaumaschinentechnikInternational anagement Central Staff Divisions Contract 2007 Central Divisions Infrastructures T Sub-divisions 2) ransportation 2 2008 Board Members Divisions 11 Divisions eter Haselsteiner segment. the of volume output the in growth to contributed Hungary and S in ions thanks, among other things, to acquisit- enterprise growth significant showed segment the year cial 2007, in finan- 2008 the stagnated in frastructures in in the the group’s in presence of expansion the to due is Engineering Civil & tion T %. 28 by year financial 2008 the in volume output to our helped boost and acquisitions growth ganic While only modest growth could be seen 2004. in since 2007,% 23 of average or annual an by grown has volume output Our companies. European construction of league top the to ascending years, STRABAG he increased he output increased volume in candinavia. Projects in in Projects candinavia. Secretariat G General ermany and ermany 3) G 3)

BL ermany, the Czech Czech the ermany, T Baulogistikund S E has grown strongly in the past few past the in strongly grown has E S S eil iiin & Concessions & Divisions pecial lovakia. While While lovakia. Special Divisions Department & Concessions 4) ransport R 2 ussia ussia as well as to growth Audit Board Members G 5 ray Italy, ermany, R Divisions epublic, Poland and Poland epublic, B T uilding uilding Construc ransportation In- ransportation

A ustria - - criteria for the assessment of new projects and control systems serve as filters to avoid loss-bringing loss-bringing avoid to filters projects. as serve systems control and projects new of assessment the for criteria tem in where apply that us all helps toregions that the standards ensure same sys information a wegroup, of management havethe entire developed an overview to maintain In order CEO. to the directly report and auditing internal and secretariat) (general relations investor and cations T reporting. and controlling standardised in results and scale of manner. T efficient an in clients to the services their deliver and business core the on concentrate can these that so units operating the support companies of these tasks, the management board is supported by Central Central by supported is board management the execution tasks, the these of During goals. strategic its determines and balance, financial its maintaining for ponsible services in the areas of accounting, treasury, controlling, risk management, personnel development, development, personnel logistics. and management, management quality management, risk equipment development, technical controlling, treasury, accounting, of areas the in services T manager. unit business by the controlled and coordinated managed, arule as units. business T measures. the specified realise to and planning operating and strategic the in out laid objectives the reach to responsibility their is it i.e.policy, group’sbusiness the of framework the within responsibility own their on and dently division. their for responsible member board T Divisions. T management. risk and control internal of aspect important an is structure management dual the bilities. responsi one and with with another commercial technical bymembers, board headed two management markets. national respective in their active company parent the of roof the Under he he he he the by managed is business operating he he he are one divisions of for the central the group’smain ingredients success. are responsible for legal matters, contract management, corporate communi corporate management, contract matters, for legal responsible are divisions staff central coordinate and steer their sub-divisions and report directly to the management management the to directly report and sub-divisions their steer and coordinate managers division of of board management T his his applies not applies “four-eyes” principle only at the executive level but at levels, all and management T hey are responsible for the greatest possible success in their regional markets and are are and markets regional their in success possible greatest the for responsible are hey STRABAG S STRABAG E exercises the coordinated management of the group, is res is group, the of management coordinated the exercises E T he top level of organisation is the segment, each of which is is of which each segment, the is top he level of organisation sub-divisions T he division managers manage their business indepen business their manage managers division he S he uniformity of the organisation creates economies economies creates organisation the of uniformity he E, a number of legally independent subsidiaries are are subsidiaries independent legally of number a E, , which in turn are organised into individual individual into organised are turn in which , S taff Units, Units, taff S T ervice Companies and the the and Companies ervice hey handle group-internal hey group-internal handle is active. STRABAG Clear T he central service service he central - - - - - 9 strabag at a glance strabag SE ANNUAL REPORT 2008 10 TPA strabag SE ANNUAL REPORT 2008 and safety and that everything works perfectly in terms of perfectly terms in works thateverything operates. operates. STRABAG which in markets core the in acquisitions of aseries through nuously projects around the globe. T globe. the around projects Poland, to T slab. foundation the complete to took it hours 60 almost the over constant remained concrete the of struction material recycling and another for bitumen emulsion. In the years since, since, years the In emulsion. bitumen for another and recycling material struction A poland in condition soil of test were were merged to form a single unit, organisational Quality and T It all began back in 1987, when two laboratories for road construction in Carinthia and Lower Lower and Carinthia in construction road for laboratories two 1987, when in back began all It T division Herbert says advantage,” competitive clear a customers our offer to us neering segment (8 the %). for those and (11%) group the for contracts general between reme loads. of monitoring Constant the of quality the concrete is essential. long and 23.65 wide in meters – which the a is tomasterpiece concrete ext required technical withstand later, at 4:45 p.m., the job is finished. Hamburg. in Center One morning in mid-December, 5:06 a.m.: T A tpa 62 62 % of B customers are the second largest group of customers for for customers of group largest second the are customers customers. external for provider service a as acts P P sphalt und und sphalt he W road C road t STRABAG t s cie t vr 2 sts n wle uoen onre wt aon 60 esne. n addition In personnel. 600 around with countries European twelve in sites 120 over at active is A come into their own. own. their into come A A ustria, ustria, orld’s L orld’s T R P P ussia, ussia, A A ustomer B ustomer G ’s are with activities the . B ermany, the Czech Czech the ermany, eton eton S erbia and Montenegro, Montenegro, and erbia G ongest C ongest T , TPA , mbH. mbH. he challenge is to build the world’s longest continuous foundation slab. slab. foundation continuous longest world’s the build to is challenge he “ Our Our extensive and organisation laboratory knowledge international transfer allow ase T hey performed the appropriate inspections on site to ensure that the quality quality the that ensure to site on inspections appropriate the performed hey T wo other laboratories were also established in the same year: one for con for one year: same the in established also were laboratories other wo his makes T makes his , an in-house service provider, ensures ensures provider, service in-house an , ontinuous Foundationontinuous S R epublic, epublic, T A ransportation Infrastructures segment. segment. Infrastructures ransportation lmost 6,500 m³ 6,500 lmost of make concrete up a slab 272 foundation meters P T one of the largest private laboratories in Europe. Europe. in laboratories private largest the of A one he he firstof many concrete mixers arrives at the DE T S P lovakia, Hungary, Croatia, Croatia, Hungary, lovakia, lo fes t srie a itrainl construction international at services its offers also A A ccounting for 19 % of services provided, external external provided, services of % 19 for ccounting T T echnical echnical Development, within the company P A . lab T e eann atvte ae divided are activities remaining he B uilding Construction & Civil Engi- Civil & Construction uilding S T B his his is where the from experts lovenia, lovenia, illmaier, Manager of central of Manager illmaier, B ut the central division ut also the division central T P R has grown conti grown has A omania, omania, q S uality uality Y R T B wo days days wo esearch esearch ulgaria, A ustria - - -

says costs,” reasonable at functionality and A quality of levels high achieve to possible it makes ment clothing. high-visibility and protective for available be will standard group-wide the IQM also allows pre-qualifi- for key of togroup-wide standards be set. course From early 2009, the for example, in an international requests safety, In the of area measures. occupational as prevention answer a for and basis serves accident also cations, to statistics provides benchmark, internal an establish T D TPA in tests proficiency accidents. work-based of evaluation for and environmental standards recording group and the B of and safety definition clothing, the occupational high-visibility equipment, of and safety areas protective personal the for in selection activities product of protection, coordination and design the on investigations excluding or including either sites, construction land or in the assistance laboratory. and services consultancy comprehensive T E

With the help of its IQM (Integrated Quality Management) business unit, unit, business tasks Management) and on offers services a and Quality group-widecountry-specific basis. (Integrated IQM its of help the With of introduction the including B materials,” development and methods and construction new methods, construction of selection the on consulting P he uniform and group-wide recording and evaluation of work-based accidents makes it possible to possible it makes accidents work-based of evaluation and recording group-wide and uniform he lfred Popelak of IQM. of Popelak lfred esides its advisory roles, T roles, advisory its esides xtensive S xtensive ata C ■ ■ ■ ■ ■ ■ ■ ■ ■ T provides services in all areas of the construction industry. industry. construction the of areas all in services provides A Consultancy services for clients and consulting engineers consulting and clients for services Consultancy plans assurance quality of Preparation bodies specialist international and national in Involvement projects Innovative work warranty-based and concepts Maintenance diagnosis damage and opinions Expert S B he tpa P Holding of specialist training courses training specialist of Holding tructural engineering quality assurance quality engineering tructural uilding material tests in the laboratory and onsite and laboratory the in tests material uilding ollection ortfolio ervice P ervice ortfolio P -own offices -own also offers or organises training on all of these subjects. subjects. these of all on training organises or offers A also “ Our Our core specialist areas are quality construction assurance, illmaier explains. illmaier T hese hese include, among other things, T e evc prflo includes portfolio service he T P netks rne of range a undertakes A “ Centralised procure- Centralised 11 TPA strabag SE ANNUAL REPORT 2008 12 influenced by 30 %oftotal BLT strabag SE ANNUAL REPORT 2008 costs anbe logistics company in Poland. In the next few years, we plan to invest in specific transport equipment in order in equipment time. transport in resources to secure and specific advantage competitive in added an to achieve invest to plan we years, few next the In Poland. in company company and motor truck company in in company truck motor and company railway own its has unit logistics the Furthermore, needs. supply proprietary for trucks 1,500 motor and transport services in with the group the best supply to way order In possible, site. we use construction the equipment, proprietary on among other installation and things. assembly, and manufacture T us more independent and reliable. reliable. and independent more us With our central division for Construction Logistics and and Logistics Construction for division central our With S O BLT w strabag for competitive strength. For this reason, we will realise this ambitious project quickly and smoothly. and quickly project ambitious this realise basis will we important reason, an this is For and strength. works competitive construction for of execution efficient the for foundation processes basic a logistics forms optimised using control and planning Cooperative logistics. by influenced be can group the in costs overall the of % 30 that show studies Industry competition. the over advantage clear T manner. friendly environment an in and economically reliably, solutions logistics excellent with Europe throughout units operating group’s the support to is unit new we are Europe’s first construction group that has its own integrated logistics system. system. logistics integrated own its has that group construction first Europe’s are we i ms al e oriae – rm eore lnig rw aeil pouto ad upy to supply and production materials raw planning, resource from – coordinated be all must his here is enormous potential in the area of transport and logistics, something which gives the group a group the gives which something logistics, and transport of area the in potential enormous is here ince ince 2008, we have had a clear competitive advantage over other players industry in the area of logistics. ■ ■ ■ ■ ■ ■ ne S tens of thousands of supplier relationships supplier of thousands of tens ayear contracts transport 4million about million €800 of costs transport annual year every tonnes 100 of million volume atransport group the in companies over 2,500 17,000 than sites more construction hen talking about the world of construction logistics at logistics construction of world the hen talking about tep A , we are talking about: are , we head of the C head A peet te ru psess oe 0 ri fegt wagons freight rail 700 some possesses group the present, t G ermany and is engaged in cooperation with a further railway further a with cooperation in engaged is and ermany ompetition

T ransport ( ransport B aulogistik und und aulogistik T ransport – ransport T he task of the of task he T his his makes B L T ), on Hungary, the Czech R Czech the Hungary, on BLT B iiin a be o te ogdsac spl o mxn fclte ad ag cntuto sites, construction large and facilities mixing solution. of logistics every supply nearly realise and long-distance deliver to us the allowing on been has division countries). three these in generated is volume output the of % (60 irl L E began operations in 2008 in A in 2008 in operations T began ’ S MA rkets gb F ■ markets core epublic, S epublic, b nl l ch ustria, G ustria, lovakia, S lovakia, dk D D n ■ i ermany and Poland, three of STRABAG of three Poland, and ermany erbia and R and erbia P 2009 &2010 2009 countries riority slo A A cz cz s hr bih omania. sk sk PL PL mne H H rus al srb srb T S mk he focus in 2009 and 2010 will be will 2010 and 2009 in focus he gr sf o far, the focus of the new central new the of focus the far, o lt est lv ro ro bg by mda ’s main core markets ’s core main ua rus tr cy report (page 50) part ofthis BLT intheCSR information on further 13 BLT strabag SE ANNUAL REPORT 2008 14 strategy strabag SE ANNUAL REPORT 2008 m E1. for the future let “ xpansion of xpansion arket P arket GIMME FIVE osition a S 2. r ’ ecuring ccess t ccess esources s get to work to get s O p p P 3. and C and artnerships ( artnerships rojects ublic P ublic oncession rivate PPP a I4. nvestments in V in nvestments dding A dding ) ” – c q uisitions alue- m i d S 5. and R and ncrease the ncrease trict C trict iscipline to iscipline argins isk ost m i d S 5. and R and ncrease the ncrease trict C trict iscipline to iscipline argins isk ost employees and all other parties to our activities are among our main concerns. main our among are activities to our parties other all and employees in line objectives with those of the to group and give group interests. priority waste. and emissions to reduce and manner friendly environmentally an in resources and energy to handle we strive services, our providing and products our delivering In environment. the toward responsibility our of aware We are competition. fair of rules the recognise and laws existing all We observe society. of good general the promote and rights human We respect S us. guide subcontractors and suppliers our of capacities the and experience our we let decision, the making In subcontractors. and suppliers our of selection We atargeted make S themselves. inform actively employees Our conditions. working suitable have and We education. further information adequate and receive they that ensure and employees of our training development personal the through support employees our of productivity and skills the promote We E the of prices. needs to reasonable and innovation, a dedication the professionalism, meet contact, client close We through market clients. our of expectations and demands the on focused are services Our C shareholders. our of interests the to safeguard and company our of continuity the to ensure order in stage early an at risks and business opportunities Wetoprime identify strive objective. our is success business long-term reason, this For itself. company the toward as well as subcontractors and suppliers employees, clients, shareholders, our toward responsibility a Wehave B activities. entrepreneurial our and strategy our for objectives, our the basis provide principles group Our G strategy lients lients uppliers and S and uppliers ocial R ocial mployees mployees usiness S usiness to achieve and maintain market leadership in all defined markets and areas of business.” of areas and markets defined all in leadership market maintain and achieve to “ O T roup P ur strategic objective hrough cost leadership, employee quality, employee motivation and innovative strength innovative and motivation employee quality, employee leadership, cost hrough esponsibility uccess uccess ubcontractors ubcontractors rinciples T he safety he and of health safety our T hey bring their own own their bring hey 15 strategy strabag SE ANNUAL REPORT 2008 16 strategy strabag SE ANNUAL REPORT 2008 1. E xpansion of M arket P arket osition our markets our structures. Many other European countries are expected to benefit from the EU Cohesion Funds Cohesion EU the from earnings benefit stable to a expected be programmes. stimulus to are economic national various the from and proving countries now European is of other field years, the Many in ten growth structures. past strong surprisingly the seeing in are we hope Poland in of and provider, lot off. a paid given has been strategy this not and – had stage geo- on early focus to an began at We country. diversification one just graphic on growth our focusing not by risk our diversify and ly one quick- of in markets a variety if We keep going. feet 999 to the able other are foot fails, opportunities seize Principle”: “Millipede the products of range wide and positioning geographic broad this call We been have activities our East, countries. these in Middle activities our of component astandard are the In example. for Libya, know-how or on focused Oman, Qatar, technological India of Canada, degree in high a – which required in is Europe of outside projects individual in engage S Learn more about our markets in the Management R Management the in markets our about more Learn countries. non-European selected in as well as Europe Eastern and Central of markets all in our presence expanding on focused are we reason, it this – For crisis position. financial geographical broad ongoing a have the to during important is case the is as – pressure economic high of times in Especially in leadership growth our market in annually. position market our and the shares shares market our we review success, our market maintain our expand to to be and to continue markets will years coming the for objective Our O ■ ■ ■ ur O

other markets other markets growth positions 3market top with markets growth and home

bjectives A bu bu Dhabi and S audi audi A rabia. rabia. eport on Page 62. Page on eport S G pecific know-how andpecific clientrelations long-term ermany, A ustria and Hungary. Hungary. and ustria G uoen akt. r we non- Or markets. European onto clients pean Euro- our follow we Often Europe. Eastern and tral the construction sector in in Cen- leader market the us makes and competition the to compared position year. in 2008 – as volume it did the previous output group overall the of % 31 about for accounted countries these in business the that so Europe Eastern of ries output volume in the count- our increased continuously have we years, few past the In firms. construction 3 top the among position market a hold we which in countries those output in volume our of % 80 arly ne- generated we 2008, In success. for factor critical a be to markets two these in just not position market a Weleading tria. consider are ets mark- home whose group European a is strabag ray a akt which market a ermany, T T his his gives us a unique ransportation Infra- ransportation G ermany and and ermany T measure o A us- Europe 31% share Eastern 17 strategy strabag SE ANNUAL REPORT 2008 18 strategy strabag SE ANNUAL REPORT 2008 2. S 2. ecuring A ccess to R esources hn n h peiu ya. 3 o tee eore wr sl t tid ate (07 6 %. 7 % 27 %). 68 (2007: parties (2007: 20 %). segment the in third 19 need the %of to the in sold exclusively were nearly group, resources the within these sold of was % 73 year. previous the in than sold 32 % of the concrete within produced the group (2007: 35 %), covering 34 % (2007: 75 %).resources the Czech rate; market usual the at parties. group third to the sold within was sold rest was produced asphalt the of %) 62 (2007: % 64 available in the region where they were needed. needed. were they where region the in available 1) optimise will We resources. proprietary to way. aselective in access network our extend will and this portfolio materials raw our from profit will we year, financial 2009 the In O is Work factory. cement proprietary first the on Hungary planned. in as proceeding began construction 2007, autumn In C T S R in place took production concrete our of half than year.More previous T C in produced was 2007. in asphalt the of Most tonnes million to 14.3 compared year, financial past the in asphalt of tonnes 16.7million produced We A facilities. mixing concrete and asphalt 95 further a purchased have and 76 successful. were – and we In year, access the our previous raw of materials the expanding weobjective had set ourselves exist. already facilities such which down. volatility price to keep thus and in suppliers regions those in extent limited A a to only granted is facilities T increase the density of our resource network in particular in of the in network increase density our particular resource & Concessions segment. & Concessions Engineering segment, 40 % in in % 40 segment, Engineering the in used was concrete produced (2007:28%). 47proprietarily the of % ih 8 qare ad rvl is 38 shl ad 9 cnrt mxn fclte, e oss an possess we facilities, markets. growth several on as mixing concrete 199 and asphalt 348 in of quite the dense stone/gravel areas is on as which already well the markets home network extensive pits, gravel and quarries 188 With he he the to compared % 60 of plus a m³, million 5.5 to amounted 2008 in concrete of production he mixing new for approval the as advantage, competitive significant a us offers resources to access he lso, the supply of resources from within the group helps us to reduce our dependency on external on dependency our reduce to us helps group the within from resources of supply the lso, oncrete ement epublic; epublic; tone and G and tone sphalt T ur O he relatively high percentage of third-party sales and purchases is explained by the fact that the desired resource-type and quality were not not were quality and resource-type desired the that fact the by explained is purchases and sales third-party of percentage high relatively he STRABAG R pbi. n h ps fnnil er w cvrd 7 o or shl dmn truh group through demand asphalt our of % 77 covered we year, financial past the In epublic. A bjectives ustrian production more than doubled compared to 2007 as the result of an acquisition. We acquisition. an of result the as 2007 to compared doubled than more production ustrian G ravel roup produced around 33.5 million tonnes of stone and gravel in 2008, 43 % more % 43 2008, in gravel and stone of tonnes million 33.5 around produced roup T hrough acquisitions, we have increased the number of quarries and gravel pits by pits gravel and quarries of number the increased have we acquisitions, hrough T he highest internal demand was in in was demand internal highest he T T ransportation Infrastructures and 13 % in the the in % 13 and Infrastructures ransportation i hglgt te motne f rawd acs t rw aeil i a ie gorpi area. geographic given a in materials raw to access area-wide of importance the highlights his G ermany, T ransportation Infrastructures segment, covering segment, Infrastructures ransportation A ustria, Poland and the Czech Czech the and Poland ustria, G ermany, the Czech G ermany, A ustria, Hungary and the Czech the and Hungary ustria, B A uilding Construction & Civil & Construction uilding s a result, we were able to able were we result, a s A 1) R of our internal demand ustria, Poland and the and Poland ustria, epublic and epublic S eil Divisions pecial R epublic. epublic. R omania. A bout bout plants conrete mixing 547 Asphalt and and gravel pits, 188 quarries 19 strategy strabag SE ANNUAL REPORT 2008 20 strategy strabag SE ANNUAL REPORT 2008 production sites (proprietary facilities and holdings) (proprietary facilities and sites production ■ ■ ■

stone-gravel concrete ASPHALT 16 S Concrete 38 20 A hungary 41 S Concrete 63 31 A republic czech 1 S 1 A S 10 S 12 Concrete 14 A S 4 S 4 A S 4 S 4 Concrete 3 A S S 22 8 Concrete 16 A romania 9 S 3 Concrete A 39 P 5 S 4 Concrete 7 A croatia 1 S 4 Concrete 1 A B S 44 37 Concrete 165 A germany 31 S 26 Concrete 47 A austria lovenia lovakia erbia/ witzerland oland ulgaria tone- tone- tone- tone- tone- tone- sphalt sphalt sphalt sphalt sphalt tone- sphalt tone- tone- sphalt sphalt tone- sphalt sphalt tone- sphalt tone- sphalt G G G G G G G G G G G G ravel ravel ravel ravel ravel ravel K ravel ravel ravel ravel ravel ravel ravel osovo 21 strategy strabag SE ANNUAL REPORT 2008 22 strategy strabag SE ANNUAL REPORT 2008 ( Public3. P PPP ) and C rivate P oncession P artnerships rojects uoe bt niiul rjcs r prud usd o Erp a wl. ot mninn hr are here mentioning Worth well. as Europe of outside pursued are projects individual but Europe, construction. landfill and removal waste G as well as facilities, treatment wastewater plants, and power railways, supply transit, water rapid underground involve also these – Europe Eastern and INF Central in Development “Project division – construction road of focus division’s main the the buildings, administrative or jails hospital, schools, as Development division “Project the While success. group’s the to significantly and constantly contributed time some for have develop- project two up set in the we divisions ment projects, PPP of growth and demand the to respond best to order In way to the operation. all construction and planning from services of package whole the clients our offer STR G in % 50 below acquired we just chain, stake value-added the minority extend a to and area, this in competences our expand to order In participated and 1990s early the in solutions PPP of tenders. of anumber in future successfully promising the recognised already We risk. utilisation instalment – and a variable, performance-based portion. portion. performance-based variable, a and – instalment T A period set a while conditions, for arranged of time contractually under service public certain a provide to right the holder concession the grant Concessions framework. legal the and state, the of influence the project, the of services of regarding scope the on sector depending private the and public the between the financing,building, andmaintenance partnership operation of projects. infrastructure a involve projects PPP years. few past the in projects public-sector in importance in gaining been have (PPP) Partnerships Private Public model business the T B services. defined specially of implementation S travelled. distance the on based or charge T H are: concessions of linked to certain quality requirements or mixed forms (e.g. shadow toll). toll). shadow (e.g. forms mixed or requirements quality certain to linked the return on the investment occurs in the form of user’s fees (tolls, ticketing, handling T fees), availability fees possible. as low as to him, attributed are which T possible. as quickly as income on. concession the accessing draws in interest an has he as time already on completed is client for pays the and which sector private the services to those risk the only of part a transfers lifecycle, project’s the over possible as are kept as that costs low the With PPP guarantees client. the client model, to the public-sector hospital or tunnel motorway, the transfers company private the expires, period concession the When years. 30 around often concession, along-term through invested andwinfunds private backthe aproject finance and plan to partner private a commissions government a projects, infrastructure the finance to able be still to order In Europe. Eastern and Central in all above – infrastructure for need enormous an despite T G STRABAG the which of some his involves a periodic lump-sum payment consisting of at least a fixed portion – similar to a leasing a to similar – portion fixed a least at of consisting payment lump-sum periodic a involves his he licenser pays a fee to the concessionaire. T concessionaire. to the afee pays licenser he he fee is collected directly from the user. Depending on the toll system, this can be either as a single a as either be can this system, toll the on Depending user. the from directly collected is fee he he concession income represents a stable cash-flow over several years. Depending on the risk profile, risk onthe Depending years. several over cash-flow a stable represents income he concession costs, maintenance the keep to order in work the of quality the in interested further is contractor he kept be must budgets and lacking often are funds public clear: are model PPP the of advantages he hadow T hadow vailability F vailability uild-Finance-Operate (D uild-Finance-Operate ard T ard orpial, u PP ciiis r cnetae o te an akt i Cnrl n Eastern and Central in markets main the on concentrated are activities PPP our eographically, ermany-based property and facility management firm De firm management facility and property ermany-based UC oll T U R oll E” handles projects in the areas of transport, energy and the environment. In addition to addition In environment. the and energy transport, of areas the in projects handles E” ee S pecial Divisions & Concessions segment under the under segment & Concessions Divisions pecial B UILDIN B FO), CON G roup has already completed. already has roup B uild-Own-Operate ( uild-Own-Operate G STR a-ae tl seils EKN s el s 10 sae in stake % 100 a as well as EFKON specialist toll raz-based T UC he concessionaire usually bears the traffic and utilisation risk. utilisation and traffic the bears usually concessionaire he number of special forms of of forms special of number A T ION” realises public-sector building PPP projects such projects PPP building public-sector realises ION” he concessionaire bears the traffic risk. traffic the bears concessionaire he builds and operates a number of motorways motorways of number a operates and builds STRABAG B B OO) and Private Finance Initiative (PFI) models, (PFI) Initiative Finance Private and OO) uild-Operate- T T he concessionaire bears nearly no traffic or traffic no nearly bears concessionaire he T e otatr urnes ht h project the that guarantees contractor he eImmobilien. eImmobilien. T ransfer ( ransfer S T ervices business field which field business ervices S B he acquisitions allow us to us allow acquisitions he T everal everal forms of PPPs exist, O e ot omn types common most he B exist, such as Design- as such exist, T O T ) projects involve ) the projects RA - 23 strategy strabag SE ANNUAL REPORT 2008 projects in2008 24

strategy strabag SE ANNUAL REPORT 2008 nine newppp O relevant the in reported – segments is volume output the parts: two into projects PPP from income the divide We them. realise repeatedly and PPP of models advantages T we successfully expanded our portfolio of PPP projects from 1524. to from projects PPP of portfolio our expanded successfully we year, reporting 2008 the In projects. concession and PPP in engagement our with ahead press to want we fluctuations, seasonal or cyclical economic, mitigate to order construction In phase. the unfavourable an when in is times sector during even – income of stream continuous a offer projects Concession and as a result of the economic stimulus packages promised by various national governments. national by various promised packages stimulus economic the of aresult as and improve due to and Europe’sCentral Eastern toneed catch up in terms of road and railway infrastructure conditions However,see to hope we environment. market current the in finance to difficult very also are markets. capital the on conditions the Whether we in succeed expanding the further fieldof PPPinprojects the near future stronglyon depends €5.6 of billion. volume investment and are either consolidated at equity or fully in accordance with relevant regulations. regulations. relevant with accordance in fully or equity at consolidated either are and segment. & Concessions in the is included business – the concession while & Concessions only the capital employed. capital the only most at apply and approach conservative a for opt we projects, PPP of assessment internal the During guarantees debt subsidies, financing, start-up companies contributions, project non-cash the risks. political and risks utilisation of in and acceptance the or stake capital a of through distribution form risk projects the refinancing, individual in and the financing of of structure areas collateralisation the in and significantly included generally is sector urkey, the United United the urkey, ur O bjectives B uilding Construction & uilding Construction Civil Engineering, A rab Emirates, and North and East East and North and Emirates, rab A ll concession companies are organised as are organised companies ll concession A s is the case with many other large-scale projects, PPP models PPP models projects, large-scale other many with case the is s T ransportation Infrastructures or Infrastructures ransportation A frica – countries which have recognised the recognised have which countries – frica S ervices field of the field ervices S ingle Purpose Companies ( ingle Companies Purpose T hese projects represent a total total a represent projects hese S S pecial Divisions pecial pecial pecial Divisions T e public he S PCs) ppp Projects

proportionate proportionate debt debt total share of share of (non-recourse) (recourse) Current debt volume equity Committed equity straBAG´s share straBAG´s share strabag straBAG project Country € mln. € mln. € mln. € mln. € mln. € mln. share % status Infrastructure M5 motorway Hungary 1,292.00 252.00 252.00 798.20 0.00 798.20 100.0 in operation birecik power plant Turkey 981.00 11.87 11.87 34.87 0.00 34.87 8.4 in operation a2 motorway Poland 880.00 23.54 23.54 166.46 0.00 166.46 20.0 in operation Zagreb motorway Croatia 371.00 20.86 20.86 128.67 0.00 128.67 51.0 in operation Limerick motorway Ireland 437.00 0.01 8.20 51.22 0.00 10.56 20.0 in progress Fermoy motorway Ireland 215.00 3.28 3.28 13.89 0.00 13.89 12.5 in operation Nordkettenbahn aerial tramway austria 51.00 1.30 1.30 3.45 1.79 5.24 51.0 in operation M6 motorway Hungary 958.00 18.67 24.38 262.80 0.00 89.64 30.0 in progress Marienfeld Harsewinkel by-pass road germany 5.70 0.08 0.00 0.00 0.00 0.00 100.0 in operation

Real Estate Underground car park ”bowling green“ germany 19.00 0.00 0.00 14.70 4.00 16.77 100.0 in operation schools, Witten Germany 9.00 0.00 0.00 0.00 0.00 0.00 100.0 in operation rest stop Wörthersee Techelsberg A2 austria 9.20 1.03 1.03 0.00 8.17 8.17 100.0 in operation rest stop Schwechat S1 Austria 20.01 1.00 1.00 16.20 0.00 10.33 100.0 in operation rest stop Potzneusiedl A6 Austria 11.97 1.10 1.10 10.20 0.00 10.20 100.0 in progress rest stop Brennerpass A13 Austria 10.00 0.00 1.00 9.00 1.00 9.00 100.0 in progress sports and community pool Spittal/Drau austria 12.31 0.00 0.00 0.00 0.00 0.00 100.0 in operation Proton therapy centre, Essen Germany 136.00 0.00 2.10 68.00 0.00 38.32 50.0 in progress gov’t administration centre, Heidelberg germany 13.50 0.00 1.02 0.00 10.20 0.80 100.0 in progress Vocational academy, Heidenheim germany 32.20 0.00 0.00 0.00 32.20 2.55 100.0 in progress Ministry of Finance, Potsdam Germany 16.00 0.00 0.00 0.00 16.00 3.10 100.0 in progress schools, Ratzeburg/Lauenburg germany 30.00 0.00 0.00 0.00 30.00 2.90 100.0 in progress schools, Monheim am Rhein Germany 75.00 0.20 0.00 0.00 0.00 0.00 100.0 in operation schools, Kreis Düren Germany 50.00 0.18 0.00 0.00 0.00 0.00 100.0 in operation Heinrich Böll Foundation Germany 13.90 0.00 0.00 0.00 0.00 0.00 100.0 in operation Total 5,648.79 335.12 352.68 1,577.66 103.36 1,349.67

Dark grey: New projects in 2008 25 strategy strabag SE ANNUAL REPORT 2008 26 strategy strabag SE ANNUAL REPORT 2008 Ac I 4. q nvestments in V nvestments uisitions alue- A dding

Company w s

1) A planned. not are sitions acqui In year,the in coming Larger 2008. acquired will our focus of be on the the companies integration O ■ ■ ■ ■ ■ purchases. major eight made and acquisitions through growing of strategy our pursuing in consistent We remained year. financial past the during candidates takeover potential for open eyes our kept we reason, this For alone. growth organic through leadership market of objective strategic our pursue to able be won’tWe O f on cnrlig n te al icuin f h cnrco i te lnig hs hl t minimise to help phase planning the in deadline. contractor and costs quality, of terms in the security to raise and of parties both for risk the inclusion early the and controlling joint of our “team concept” in which the client and contractor work together as partners. partners. as together work contractor and client the which in concept” “team our stages. planning the during influenced be can costs operating and is property to a large extent decided before even construction begins. all receive to them allows T it as clients, source. our single a for from services partner and valuable products a us makes portfolio service our of chain – our value-added through the of acquisition De to just not attempting are we acquisitions, our With tes for a takeover based on the following criteria: following the on based atakeover for tes

eam Concept”: Whether a promising construction job actually becomes an economically successful economically an becomes actually job construction promising a Whether Concept”: eam financial discipline regarding acquisition price acquisition regarding discipline financial plan integration detailed and competence management scale of economies and competences know-how, of expert transfer through synergies to materials raw access STRABAG with conformity Beton AG Beton AG EFKON S companies the of consisting spol. sr.o. spol. JHP (3) Consolidation from Q4/08 from Consolidation (3) Q3/08 from Consolidation (2) (1) A A A O (De S I S H F Deutsche T Deutsche KIR A entreprenad ur O ssuming the companies were acquired on 1 January 2008. 1January on acquired were companies the ssuming und mmobilien . K und trassenbau traB ervice G ervice danti S danti olding G olding c D itta Bau AG Bau itta t-equity or full consolidation from Q2/08 from consolidation full or t-equity q A EN T C irchhoff AG irchhoff e uisitions in 2008 uisitions HNER I AG mmobilien) bjectives nläggnings- p - T , G mb A mb his alone led to a rise in our output volume by volume € 2.0 output in toour billion a led rise alone his

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output volume 1,000 eMployees € MLN. 350 350 373 ~28 ~27 160 121

70 ’s regional focus ’s regional

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g 6,240 g 1,600 g 1,500 s 400 a 700 280 s 168 370

T his is also evidenced by the success of the “ the of success the by evidenced also is his Country Czech R Czech Italy Hungary Poland International T but also to also but shares market our strengthen ustria, ustria, s witzerland weden lovakia, ermany ermany, ermany, eImmobilien or eImmobilien EFKON, for example. epublic A T 1) bout bout 80 % of all later construction his idea led us to come up with up come to us led idea his Strategy in S in t Expansion of market share in share market of Expansion Italy presence so far, so materials raw presence little with markets regional in especially Infrastructures Expansion in T in Expansion facility management facility and property in Extension of competencies of Extension Infrastructures Expansion in T in Expansion Expansion in Civil Engineering Civil in Expansion infrastructure for & Concessions segment & Concessions value-added of Extension S in Entry chain in the S the in chain . We evaluate potential candida . We potential evaluate ransportation Infrastructures ransportation trengthening of trengthening witzerland wedish market wedish pecial Divisions pecial ransportation ransportation ransportation ransportation T e introduction he

T he he diversity STRABAG extend - - of output volume to arisein Acquisitions led € 2billion 27 strategy strabag SE ANNUAL REPORT 2008 28 strategy strabag SE ANNUAL REPORT 2008 5. S 5. to I trict C ncrease the M ncrease ost and R ost argins isk D iscipline 0.0 % 0.5 % 1.0 % 1.5 % 2.0 % 2.5 % 3.0 % 3.5 % 4.0 % In the 2009 financial year, we are paying increasing attention to our liquidity management. liquidity our to attention increasing year,paying are we financial 2009 the In O 25 %. 20 %and A assets) between equity/total (shareholder ratio equity an with satisfied be will we term, medium the In measure strength. to which with figure suitable a as ratio equity the see We M EBIT of development year. financial past the in so do to manage not did we Unfortunately, margins. our increasing on worked havewe years, recent In and offer our shareholders an attractive return on their investment.” their on return attractive an salary fair shareholders our a offer and employees our offer investments, will long-term which make profitability strategies, our sustained implement to to us committed enable are “We Ethics: of Code our in say it does nothing for Not company. the of existence continued the ensuring and liquidity adequate assuring of objective the with discipline risk and cost of strategy our complementing are we environment, market current the In know-how- toward business our shifting increasingly activities. niche are intensive we Furthermore, management. risk and strict capital of employment disciplined efficiency, cost on focus to continuing are we Naturally, %. 2.2 ur O bjectives 2004 T he E he t the end of December 2008, the group’s equity ratio stood at 30.5 %. 30.5 at stood ratio group’s the equity 2008, December of end t the 2005 B argin I T D margin fell from 6.0 % to 5.3 %, the E the %, 5.3 to % 6.0 from fell margin A 2006 STRABAG 2007 B I ’s financial stability and and stability financial ’s margin from 3.2 % to % 3.2 from margin T 2008 30.5 % ratio of equity 2.2 % from 3.2%to EBIT margin 29 down strategy strabag SE ANNUAL REPORT 2008 30 employees strabag SE ANNUAL REPORT 2008 ■ ■ ■ ■ Engineering &Civil

■ ■ ■ Employees

A O Others Others S B T world employees at73,000 locations 500 over around the central management instrument management central education of employees ransportation Infrastructures Infrastructures ransportation pecial Divisions & Concessions &Concessions Divisions pecial uilding Construction uilding wn group academy for and group the furtherwn academy training nnual employee appraisal interview as a as interview nnual employee appraisal E mployees by segment mployees 40 % 40 % 46 7 % 7 % ■ ■ ■ ■ ■

R R A G CEE ustria ustria World of est Europe of est ermany ermany E mployees by country mployees 29 % 29 32 % 32 18 % 15 % 6 % 2008 F O ■ ■ ■ ■ ■ principles: basic following the on based is relationship employee-employer Our respect by characterised therefore is other each with behaviour. and actions to unfair avoid order in openness and interaction Our success. company’s the for T T We rely of and on competence our the in employees performance order to achieve our targets. corporate receive a remuneration comprised of a fixed and a performance-based portion. performance-based a and afixed of comprised aremuneration receive T number of employees 2004–2008 employees of number 1) Year’s average ■ 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 he quality of the cooperation between supervisors, colleagues development. and he colleagues all of quality employees is supervisors, professional the of between cooperation great importance and personal their promote we communication, open and regular hrough he approximately 1,200 employees in the first four management levels within the group management group the within levels management four first the in employees 1,200 approximately he

betv, niiul efrac apasl ta tk it acut h idvda cnrbto to contribution individual the account into effort. take team to the and objectives of reaching the that appraisals performance individual periodic, and objective, remuneration of system competitive a with culture performance-based a maintain We management. to the access employees all grants which policy open-door an We practice and them reprisal. or supports harassment discrimination, from free employees, environment toWe have aworking strive qualified for attractive is company. to the them binds that environment working a create We standards. legal and ethical with comply and We respect

white-collar white-collar ur E 0 2004 mployee F inancial Y inancial 2005

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blue-collar 2006 2007 2008 1) igures for the ear fluctuation. dynamic, which results in a higher level of employee T market. labour the on situation relevant the by ed T disability. serious of form some had %) 1 about In 2008, about 1 % of the group’s employees (2007: of percentage 8%(2007: was the women 9%). management, group Within within the employed was group 14 % (2007: 16 %). men. employs ingly T apprentices. white-collar were 160) (2007: 196 and blue-collar and blue-collar (45,984 27,024 73,008 Of white-collar). these, 904 (2007: to 787) were % 20 about by In grew employees of basis. number average the 2008, employee our expanded greatly we where have Europe, Eastern in growth strong the %. 22 around by annually S average. annual an as stated be only can – dustry in construction the in usual is as – employees of number the reason, this For numbers. employee T raditionally, raditionally, the overwhelm- industry construction e aor akt i Esen uoe r more are Europe Eastern in markets labour he influenc- is decidedly of employment he duration in fluctuations seasonal to subject is group he ince 2004, the number of employees has grown grown has employees of number the 2004, ince T e ecnae f women of percentage he T his is due above all to all above due is his - since 2004 22 %annually employees grew number of 31 employees strabag SE ANNUAL REPORT 2008 32 employees strabag SE ANNUAL REPORT 2008 possible. as customer” the to as “close always i.e. active, is group the which in countries specific the in locations issues. intercultural regarding I law, business, technology, of fields the in training how. know- them and in methodical job their and allow expert them to the support the gain additional employees, for events training develop experts external and Internal supervisors. their with upon decided events training further the for online register the via access In interview. appraisal an of context the within place takes T year. every theses diploma several sponsor and fairs career university with selected selected with increased as well as group, the of internationalisation increasing the accommodate better in which we are present. present. are we which company, in the to these tie strongly more a and introduced talent we young suitable support and discover to order In feedback extensive supervisors their from receive employees our analyses. potential behaviour the as talks, exist. additional they should – problems, any necessary out if point to and plans career personal their conditions. working the discuss to and objectives supervisors. their and levels all at employees year, between a place Once analysis. potential behaviour so-called the process, In order to properly assess the potential of employees, we use an I an use we employees, of potential the assess properly to order In F ■ ■ ■ ■ “EN called portal management I provide will completed, resource when human a of development the on working are company,we software external an with cooperation In employees. our of education further and training on and the planning resource human value on westrategic great place reason, this factor. For bottleneck critical a represent and construc success the for factor in significant a form workers both sector industry, tion the in processes production human-resource-intensive the to Due “ with H is active is being carried out in a systematic manner. asystematic in out carried being is group active is the which in countries remaining the in tools other the and database training the of introduction T R e rmto o te mlye’ esnl eeomn truh riig n frhr education further and training through development personal employees’ the of promotion he he applicant database is already successfully in use in in use in successfully already is database applicant he

epublic, epublic, aaeet oeta dtbs: rain f dtbs o ptnil aaeet tf ad docu- and staff skills and know-how management necessary and potential existing of mentation of database a of creation database: potential Management employees group of know-how and qualifications on information database: Employee T A raining database: seminar offer for employees for offer seminar database: raining inding and F pplicant database: recruitment support support recruitment database: pplicant uman R uman T he target-group-oriented training is divided into basic, expert and method training and includes includes and training method and expert basic, into divided is training target-group-oriented he S lovakia, lovakia, universities nrnt o h “okhp it o te ru aaey n ae be to able are and academy group the of list” “workshop the to Intranet STRABAG o yug kle epoes n eeuie tf i al countries all in staff executive and employees skilled young for programme trainee ENGAGE B elgium, elgium, n re t tp h nx gnrto o qaiid edr. e atcpt at participate We leaders. qualified of generation next the tap to order in esource D T e esrs nld a itrainl rie ecag porme to programme exchange trainee international an include measures he R support for all human resource processes: resource human all for T support omania and and omania T e otn i cnee i cascl lsro smnr a different at seminars classroom classical in conveyed is content he ostering P ” R ussia; the training database in in database training the ussia; T T , methodological and social competence as well as well as competence social and methodological , he talks give employees the opportunity to discuss to opportunity the employees give talks he A evelopment ustria, ustria, G ermany and and ermany ht et h nes of needs the meet that academy group T he purpose of these talks is to define to is talks these of purpose he G ermany, Hungary, Croatia, the Czech the Croatia, ermany,Hungary, take interviews appraisal personal T -supported aptitude diagnostics aptitude -supported otential A ustria, all employees have employees all ustria, A ustria and and ustria constant and continuous and constant B sd n hs o – or these on ased GAG G ermany. cooperation ” which, E” T he -

countries. CEE the in exist committees safety Corresponding committees. safety employees. group profiles and units organisational new or employee twice-yearly the is information of source sub-divisions. and divisions individual the and group as the releases about press information and as well decisions company important to as information employees offers also Intranet s r

a s b s r s a g n the plan to management the for manner. focused and easier atargeted in employees a their for it healthcare and prevention enable accident make will will this and future, benchmarking the In and accidents. comparison occupational group-wide of evaluation detailed and collection relevant the the for of support staff-related providing for areas. specialist responsible are experts health and safety trained In J internal find can career their changing in interested Employees a a

r s b t Hungary R Czech Poland Croatia East Middle

Italy Ireland A ob S otal ustria frica witzerland lovakia lovenia candinavia erbia sia merica Europe of est ussia omania enelux ulgaria ermany ustria and and ustria umber of E of umber epublic G afety ermany, the group’s occupational safety and health activities are monitored by internal by monitored are activities health and safety occupational group’s the ermany, uniform classification system was created in all countries in which the group isactive group the inwhich countries inall created was system classification A uniform 2008 mployees V isit our career portal I in the career our isit 73,008 21,438 11,082 group 4,882 4,992 2,543 2,580 2,062 1,009 1,534 3,941 1,789 1,075 8,710 1,018 2,161 363 296 282 497 191 517 46 www.strabag.com – www.strabag.com

Construction Building engineering 28,802 & civil 6,668 5,585 2,297 4,793 1,832 1,326 1,457 490 846 464 353 350 932 626 320 307 34 38 35 29 15 5

magazine “inform” magazine structures portation > C 33,906 12,032 trans- Divisions infra- 3,534 4,242 1,879 2,313 3,874 1,152 660 853 554 388 832 847 373 183 areer 143 19 19 7 2 0 0 o ofr i te ru Intranet group the in offers job

nternet: Consolidation &conessions , which reports on new projects new on reports which , special 1,091 1,925 5,174 399 548 230 272 143 151 86 77 20 67 70 37 14 17 11 9 3 0 1 3

A A cross the group, group, the cross nother important nother other and 1,896 5,126 383 956 459 202 108 373 101 187 127 174 . 64 34 31 16 12 T 0 0 3 0 0 0 he

33 employees strabag SE ANNUAL REPORT 2008 34 corporate governance strabag SE ANNUAL REPORT 2008 A in contained governance, of the corporate In the presentation ments ments require but by minimum all the of by the only Code’s not – stipulations including abide the to endeavours company the reason, this For 2009. January in as in amended June 2007, and, for all from the procedures 2009 financial year, tothe as version amended STRABAG 2008. December 31 after begin which years financial for self-regulation voluntary for valid is code of the c ards, which outlines responsible leadership and governance of companies in in companies of governance and leadership responsible outlines which ards, ■ ■ governance corporate T of C C ■ of the the of as the “ published Law Commercial the to response In the of website the at available – version 2007 June the is year financial 2008 the for valid is T requirements. legal the beyond go and voluntary are which rules i.e. those Explain”), or lue creation. va long-term responsible, on focus company’s the through and shareholders, the and board su the pervisory board, management the between cooperation qualitative increased the through transparency, through confidence shareholder boosts governance, tocorporate good commitment for voluntary basis Working Working S supervision. and governance corporate good for standard recognised

he he e ÖC he ustrian Financial R Financial ustrian E (www.strabag.com -> Investor

ommitment to the R N committed to theA STRABAG Ö and its committees incl. remuneration incl. committees its and report management board and of the supervisory board A orporate ustrian Code of Corporate Corporate of Code ustrian CGK esults of external evaluationesults of external of compliance with otes on compositionotes working of and methods the A ustrian Working Working ustrian G G K, introduced in 2002, has become an indispensable part of of part indispensable an become has 2002, in introduced K, roup roup for Corporate S orporate G E is fully and without exception committed to the the to committed exception without and fully is E B A y committing y to committing the code, with a (“Comply C-rules company must explain non-compliance nx o te oe s mne i Jnay 09 s el s h psto o the of position the as well as 2009 January in amended as code the of 2 nnex A ustrian Code of Corporate of Code Corporate ustrian eporting and A and eporting G G roup for Corporate Corporate for roup overnance G overnance, www.corporate-governance.at, and the website of overnance, www.corporate-governance.at, G R overnance (ÖC overnance uditing Committee. Committee. uditing elations elations -> Corporate A mendment mendment G G overnance overnance, www.corporate-governance.at. www.corporate-governance.at. overnance, overnance as amended in January 2009” on 2009” the website in as January amended overnance STRABAG G K) is a body of rules, in line with international stand- international with line in rules, of body a is K) A t f My 08 te ÖC the 2008, May 7 of ct G R ustrian C ustrian -rules -rules ( overnance overnance -> Code of Corporate A S E already voluntarily follows the proposals follows voluntarily E already A ustrian ustrian ustrian Code of Corporate Corporate of Code ustrian R ecommendation) – ecommendation) without exception. T A ode of he version of the code that that code the of version he sra bsns lf ad a and life business ustrian A ustria. ustria. G ws eokd and reworked was K T he code, as the as code, he C G G T overnance). overnance). ode his version version his overnance STRABAG A ustrian - - - together on the basis of basis the on together C M ih h rls f h ÖC the of rules at standards the ethical with and behavioural legal, internal priority. high top the a as optimise code the within contained rules the all with compliance ■ ■ ■ Corporate of Code T S W N

he management and supervisory boards of of boards supervisory and management he

an open exchange of opinion and open dialogue among the members of the supervisory board as board. management board the and board supervisory the of supervisory members the the between as well of members the among dialogue open and opinion of exchange open an immediate the and disposals, as well as information; and important of board acquisitions supervisory the of chairman the of informing particularly transactions, business important and management risk business, the of development the strategy, concerning board board supervisory the and management the of chairman the between opinions and information of exchange regular the and situation risk the including entities; group important the and business, company the in management risk company’s the of development the concerning matters relevant toall as board management bythe board supervisory the of informing extensive and regular ommittees upervisory B otes on theotes C anagement B orking M G vrac (ÖC overnance G K, the management and supervisory boards of of boards supervisory and management the K, ethods of the G ) s mne i Jn 20 ad ih t ojcie ad see and objectives its with and 2007 June in amended as K) oard and its omposition and oard and of the STRABAG S E commit themselves fully to the the to fully themselves commit E STRABAG T his will help to constantly to help will his STRABAG S . n accordance In E. S A work E ustrian 35 corporate governance strabag SE ANNUAL REPORT 2008 36 corporate governance strabag SE ANNUAL REPORT 2008 Management Management aesenr a be cara o te aaeet or o svrl ru cmais including companies, group several of board management the IL of chairman been has Haselsteiner Vienna. in firm law and Economics of University Vienna the from degree doctorate his received 1970, he In 1944. February 1 on born was Haselsteiner Peter Hans R Board Management the of Chairman H dr. M the of Members THE COMPOSITION OF THE BOARD MANAGEMENT aesenr a be a ebr n cara o te aaeet or sne 97 Hs term His 1987. since board management the of chairman and 2010. 31 on December expires member a been has Haselsteiner 2002, he also served as management board member of of 2010. member 31 December board management as served also he 2002, been a of member board the since 1994 management a and group since vice 2003. Fromchairman 1998 to as Magyar of director career managing became later professional years eleven his began for He (Prokurist) signatory authorised made 1971. construction. was 1978,in he In building in the joining firm, building small engineer a at engineer construction certified a as 1968 in Fritz Oberlerchner was born on 16 June 1948 and graduated from the H the from graduated and 1948 16June on born was Oberlerchner Fritz T V ing. F echnical R echnical ice Chairman ice esponsibilities for Central S Central for esponsibilities BA U ans P ans AG ritz O ritz , B esponsibilities for T for esponsibilities auholding auholding AG eter H eter berlerchner . From 1994 to 1998, he also was a member of the the of member a was also he 1998, to 1994 From . T wo years later he joined Isola & Lerchbaumer. Lerchbaumer. & Isola joined he later years wo A aselsteiner Thomas ktiengesellschaft, ktiengesellschaft, Birtel anagement B anagement taff U taff ransportation I ransportation nits and B and nits B usiness usiness A oard in the 2008 F 2008 in the oard -W A 02 Central Division Central 02 RVZ Y Holding und Finanz Finanz und Holding Y nfrastructures nfrastructures A Nematollah F dministration and started working at a commercial a at working started and dministration arrokhnia A STRABAG szfalt Kft, Kft, szfalt STRABAG A S sphalt & sphalt inancial Y inancial ince joining the group, Hans Peter Hans group, the joining ince G B AG roup ( roup A AG udapest. Fritz Oberlerchner has Oberlerchner Fritz udapest. ustrian parliament. Hans Peter Hans parliament. ustrian T Oberlerchner Clge Hs em ns on ends term His Cologne. , L Villach polytechnic institute polytechnic Villach L , and FIM and , AS B Fritz eton eton PH A ear Finanz Industrie Finanz AG L B TBA auges.m.b.H. and auges.m.b.H. U G es.m.b.H.) dr. Thomas Birtel Commercial Responsibilities for Building Construction & Civil Engineering

Thomas Birtel was born on 3 June 1954. He graduated with a degree in economics from the Ruhr- University Bochum in 1978 and completed his doctorate four years later. Thomas Birtel began his career in 1983 at Klöckner & Co. The last position he held there before leaving in 1989 was division manager of the accounting department of Klöckner Industrie-Anlagen GmbH. From 1989 to 1996, he worked for Sweden’s Frigoscandia Group as head of the Central European region. Thomas Birtel joined the STRABAG Group in 1996 as a member of the management board of STRABAG Hoch- & Ingenieur- bau AG. In 2002, he was appointed member of the management board of STRABAG AG, Cologne, responsible for building construction, finance, accounting, controlling, risk management and procurement. Thomas Birtel has been a member of the group management board since 2006. His term ends on 31 December 2010. di Nematollah Farrokhnia Technical Responsibilities for Building Construction & Civil Engineering

Nematollah Farrokhnia was born on 8 August 1946. After graduating with a civil engineering degree from the Vienna Technical University in 1973, he started working at Zivilingenieurbüro Dr. Schickl in Vienna. In 1977, he joined the STRABAG Group at ILBAU Ges.m.b.H., where he became managing director in 1988. In 1991, he was appointed member of the management board of Bauholding STRABAG AG and from 1998 to 2002 he served as management board member of STRABAG AG, Cologne. Nematollah Farrokhnia has been a member of the group management board since 2003. His term ends on 31 December 2010.

Hans Peter Roland Wolfgang Hannes Haselsteiner Jurecka Merkinger Truntschnig

37 38 corporate governance strabag SE ANNUAL REPORT 2008 Wolfgang Merkinger has been a member of the group management board since 1999. His term ends term His 1999. 2010. since 31on December board management group the of member a been has Merkinger Wolfgang director. From 1996 to 1998, he was a member of the management board of of board management the of member a was he 1998, to 1996 From director. since 2006. His term ends on 31 December 2010. 31 on December ends term His 2006. since A board of of board of board management the of 1996 of member board of the management 1974. in graduated and Cologne From 1981 to 1991, R B R as well as R Commercial H mag. of accounting R Commercial W mag. R T R di Kepler University in Linz. He began working at a commercial law firm in 1976 and qualified as a tax a as qualified the and joined 1976 in Merkinger firm Wolfgang 1980, law 1979. In in commercial accountant a Johannes at the working at began He administration Linz. business in studied University and Kepler 1952 July 5 on born was Merkinger Wolfgang department at at department in versities engineering in 1978 and went on to study at the Karl Franzens University in in University 1981. in Hannes administration Franzens business in Karl degree the at study to on went and 1978 in engineering Hannes in 1981. in aaig ietr f aiu gop opne. n 92 h ws pone atoie signatory authorised appointed was 2010. 31 on December ends 1995. term His since board he 1992, In companies. group for various of director managing echnical R echnical -W oland Jurecka was born on 18 November 1944. He studied civil engineering at the the at engineering civil studied He 1944. November 18 on born was Jurecka oland 05 Central Division (Construction L (Construction Division LT Central 05 BA A oland J oland Y Holding und Finanz Finanz und Holding Y UHOLDIN S T annes T annes BA olfgang Merkinger olfgang runtschnig was born on 22 July 1956. He completed his qualifications in electromechanical in qualifications his completed He 1956. July 22 on born was runtschnig ince 1985, he has held several management positions within the group, including positions as positions including group, the within positions management several held 1985,has he ince A UHOLDIN achen and Munich and graduated in in and and achen Munich 1969.graduated the career technical He his professional began esponsibilities for S for esponsibilities esponsibilities for BM for esponsibilities STRABAG esponsibilities for S for esponsibilities T for esponsibilities urecka STRABAG G STRABAG runtschnig G STRABAG B in in AG AG au- STRABAG AG . G R . Hannes Hannes . slshf mbH, iz I 19, e a apitd ru finance group appointed was he 1990, In Linz. m.b.H., esellschaft pecial Divisions &Concessions Divisions pecial oland Jurecka has been a member of the group management board management group the of member a been has Jurecka oland G and, from 2004 to 2005, member of the management board of board management the of member 2005, to 2004 from and, AG 04 Central Division, Central TPA 04 Division, 01Central TI ermany. ransportation I ransportation pecial Divisions &Concessions Divisions pecial AG ogistics and T and ogistics STRABAG T , Cologne. He then became a member of the management the of member a became then He Cologne. , runtschnig has been a member of the group management group the of member a been has runtschnig A te ae ie h suid a a te nvriy of University the at law studied he time, same the t T runtschnig joined the the joined runtschnig nfrastructures oland Jurecka was branch head and from 1991 from and to head branch was Jurecka oland AG , ransport) ransport) A ustria. From ustria. 1996 to 1999, he was a member STRABAG G STRABAG roup as head of finance and finance of head as roup G STRABAG raz, graduating with a with graduating raz, G roup (IL roup T cncl Uni- echnical AG , BA A ustria. U AG ) R DI

a T Hannes Mag. Oberlerchner Fritz Ing. Merkinger Wolfgang Mag.

Dr. T

website website of responsi- group-wide the on posted with bycontinually law and required as reported are employees Dealings, Directors’ management-level so-called the bilities, other by as well as companies or persons Name Dr. Hans Peter Haselsteiner Dr. Haselsteiner Peter Hans statements) financial consolidated the in included A in (not companies non-group at functions similar or mandates board supervisory held members board year,management financial theIn following the 2008 M Proprietary transactions with with transactions Proprietary D Dealings) Dealings) as well as on the website of the only). only). -> Companies Operating Exchange Disclosure irectors’ D irectors’ andates ustria and abroad: and ustria oland Jurecka Jurecka oland homas B homas STRABAG irtel irtel runtschnig ealings S E (www.strabag.com E ->(www.strabag.com Investor STRABAG

A Versicherung AG Versicherung VHV A VHV AG Versicherung S G development CEMM S EFKON AG HDI- R EFKON AG

Deutsche B Deutsche R A BE K Company” Care “Health (formerly B K G P. G CONCO Non-group companies utostrada Wielkopolska S Wielkopolska utostrada yrena Immobilien Holding AG Holding Immobilien yrena yrena Immobilien Holding AG Holding Immobilien yrena K ndritz AG ndritz Krankenhaus BG project evolution aiffeisen ail Holding AG Holding ail eteiligungs G eteiligungs Privatstiftung emeinnützige TR T eorg S eorg IEN G IE Industrie erling llgemeine A A BS G ustrian ustrian Financial Market C a.s. R S E DI E shares by members of the company’s boards and related related and boards company’s the of members by shares E FÜHR porschill S ank AG ank A S ELL RA R mbH mbH ozialprojekte NKENH equirements -> Directors Dealings-Meldungen ( -> equirements Dealings-Meldungen Directors S GS UN b , Hannover CH A F - R A T elations elations -> Corporate U ) S . A . A uthority uthority (www.fma.gv.at -> Providers -> S the of Chairman Vice Member of the S the of Member B A the of the of Member Vice Chairman of the A the of Chairman Vice S the of Chairman Vice B B S the of Member B Member of the S the of Member B S the of Member B S the of Member B Member of the of the A the of the of Member B S the of Chairman Chairman of the S the of Chairman B B Chairman of the S the of Chairman

Chairman of the of Chairman A or similarfunction Supervisory boardmanate upervisory B upervisory upervisory B upervisory dvisory B dvisory oard (since 13 2008) (since November oard oard (since 1 December 2008) 1December (since oard oard oard oard oard oard 18 (since A oard oard oard (since 18 (since A oard oard (until 7 October 2008) 7October (until oard G overnance overnance -> Directors’ oard oard oard upervisory upervisory upervisory upervisory upervisory upervisory upervisory upervisory ugust 2008) ugust ugust 2008) ugust upervisory upervisory upervisory upervisory upervisory dvisory dvisory dvisory dvisory G erman 39 corporate governance strabag SE ANNUAL REPORT 2008 40 corporate governance strabag SE ANNUAL REPORT 2008 eadn te conig rcs ad h mntrn o te fetvns o te nenl system internal the system. of audit the effectiveness and the system of management risk monitoring the the supervision, of and process accounting the regarding Law Commercial resulting 2008 tasks new the future from its consideration into taking committee, audit the Furthermore, 2007. June the of and business the of course the board by of means of of reports the detailed inform regularly supervisory the informed meetings toall in board management the particular, order In company. the of situation in board supervisory the with T h mngmn bad ebr ad ih h cnrculy ged aais n md a relevant a made and salaries agreed contractually the T board. supervisory to the with proposal of and terms members contract the board of harmonisation management the with the dealt have itself presidium the as well as committee with accordance in events T divergence. of analyses appropriate the and planning of shareholders remaining the as well as of tothe De acquisition made offer voluntary the projects. large included or Issues acquisitions enterprise as such transactions business its important obtained and regarding approval disposals, or investments regarding plans any and situation personnel performance,

REPORT BOARD SUPERVISORY of STRA of S the of Chairman W he board of management engaged in an exchange of information and opinion and open discussion open and opinion and information of exchange an in engaged management of board he he internal audit department informed the audit committee of the audit plan and of significant significant of and plan audit the of committee audit the informed department audit internal he upervisory Board upervisory aldemar J aldemar B AG SE ud R ule C-18 of the the of C-18 ule T eImmobilien. eImmobilien. A G the within contained accordance conditions in the with meetings relevant the in represented were and dent 2008. indepen- are in committees its place and board took supervisory the of committee members audit the the of of meetings meeting two and one board, supervisory committee, nominations and of the presidium one meeting presidium, the of meetings regular A of Corporate Corporate of under it upon incumbent duties the performed diligently board supervisory year,the financial 2008 the In year. difficult economically an in acquisitions planned the make and niche areas. areas. niche and in specialty competence its extending and improving and base terials its Europe, of expanding raw markets and growth Eastern ma- Central the in position strong a pursuing of strategy its continued STRABAG STRABAG T S STRABAG of friends and associates shareholders, Dear mendment mendment he 2008 financial year was a very successful and eventful year for year eventful and successful very a was year financial 2008 he rticles of of rticles overnance. he supervisory board accepted the proposal. the accepted board supervisory he STRABAG . T A A he supervisory board studied in studied board great depth the corporate he supervisory A ssociation and the the and ssociation ustrian Code of Corporate Corporate of Code ustrian ct, ct, G vrac (ÖC overnance BGB G T i alwd h cmay o rw ute ad to and further grow to company the allowed his roup’s cash flowsdirection, strategic and financial I 087, imy salse frhr actions further established firmly 2008/70, I l G R K) as amended in June 2007, the the 2007, June in amended as K) ules of Procedure. Procedure. of ules T A e rsdu ad nominations and presidium he ustrian law, the the law, ustrian G A overnance as amended in in amended as overnance ustrian Code of Corporate of Code ustrian STRABAG total of four four of total A A AG ustrian Code ustrian E, Cologne, , A ll audited by audited KPM T (U of application under year financial 2008 the for board T unqualified their awarded and complaint for confirmation. of stamp cause no had auditors the audit, the of result final the to (U T income. net of appropriation the for proposal its in board management the supports completion. board its acknowledging thus report, financial 2008 the approved officially and board visory stated its with agreement the andfinancialreport the 2008statements financialconsolidated with cordance Company Company International International Vienna, 27 A Vienna, Jud Waldemar T year. financial past the in contribution valuable their for employees to all and T KPM appointing S und proposes committee, audit the by proposed T board. supervisory the by report financial annual the of approval the preparing thus report, management group and statements financial consolidated theand 2008 of profits distribution proposed T T confirmation. of stamp unqualified their KPM by e iaca saeet n mngmn rpr of report management and statement financial he he consolidated financial statement and the group management report drawn up by the management the by up drawn report management group the and statement financial consolidated he he supervisory board, in accordance with with accordance in board, supervisory he he Chairman of the S the of Chairman he management of board the to recognition its express and thank to like would board supervisory he e uevsr bad eiwd l dcmns s el s h rpr b te ui cmite n ac in committee audit the by report the as well as documents all reviewed board supervisory he he audit committee which convened in accordance with with accordance in convened which committee audit he board. supervisory the to submitted were auditor’sreports financial group the and auditor’s reports he GB GB ) in accordance with the International Financial Financial International the with accordance in ) ) and and ) teuerberatungsgesellschaft, Linz, group auditors for the 2009 financial year. financial 2009 the for auditors group Linz, teuerberatungsgesellschaft, G A A R t ( ct ustria ustria pril 2009 pril ule 78 of the the of 78 ule A ccounting ccounting A A G rticle 96 of the the of 96 rticle kt A G G ustria ustria mbH Wirtschaftsprüfungs- und und Wirtschaftsprüfungs- mbH rvee te 08 iaca rpr ad h mngmn rpr icuig the including report management the and report financial 2008 the reviewed ) upervisory B upervisory S G A tandards tandards mbH Wirtschaftsprüfungs- und Wirtschaftsprüfungs- mbH ustrian Code of Corporate Corporate of Code ustrian A ustrian Company Company ustrian S STRABAG of oard B oard (I oard A ASB rticle 270 Paragraph 1 of the the of 1 Paragraph 270 rticle ) applicable on the balance sheet date were reviewed were date sheet balance the on applicable ) A ct ( ct S STRABAG eebrtnseelcat Ln, n awarded and Linz, teuerberatungsgesellschaft, E G A A kt overnance as amended in June 2007, and as 2007,and June in amended as overnance rticle 245a of the the of 245a rticle R S G eporting eporting teuerberatungsgesellschaft, Linz. Pursuant Linz. teuerberatungsgesellschaft, ). In a meeting of 27 of meeting a In ). A rticle 92 Paragraph 4a of the the of 4a Paragraph 92 rticle G S A E for the 2008 financial year were year financial 2008 the for E ustria ustria S adrs (IF tandards G A A b Wirtschaftsprüfungs- mbH ustrian Commercial Code Commercial ustrian ustrian Commercial Code Commercial ustrian A pril 2008, the super- the 2008, pril RS ise b the by issued ) T he supervisory he A ustrian - 41 corporate governance strabag SE ANNUAL REPORT 2008 42 corporate governance strabag SE ANNUAL REPORT 2008 S STRABAG of board supervisory board of of board supervisory Hameseder additionally assumed the position of chairman of the management board of of board management the of chairman of position the assumed additionally Hameseder L from and director-general of of director-general and epnil fr mlmnig h dvlpet taey n oesen ivsmn atvte. From activities. investment overseeing and strategy development the implementing for responsible R at positions gement EM an (Moscow) and the University of of University the and (Moscow) a rsosbe o ivsmn mngmn, rm 91 s ed f h dprmn. e a been has He department. the of head as 1991 managing director from of management, investment for responsible was versity, graduating with honours. honours. with graduating versity, current supervisory board of of board supervisory current of board 2008, management to 2003 From construction. and engineering plant Deutsche of board management S the of member was he 2001,manage- to risk 1998 of head From and ment. department credit the in analyst senior to promoted being before manager B 2002, Until 1988. in doctorate a with graduated and Freiburg S STRABAG of board supervisory the of amember been has He G 1) Formerly B 1) Formerly G dr. S G G dr. department legal the joined 1987, he In 2006. of in brigadier of and 2002 in colonel of the rank in the achieve officer an as served Hameseder 1987,Erwin to 1975University the From from Vienna. degree of law of master a received He 1956. May 28 on born was Hameseder Erwin V E mag. at law commercial for professor associate of appointed University political was the and Jud 1966 in Waldemar 1979, law In in 1969. doctorate in his received science He Poitiers). de (Université France and Montreal) University the of at science political and law studied He 1943. November 26 on born was Jud Waldemar S the of Chairman o. S the of Members COMPOSITION OF THE SUPERVISORY BOARD came a full professor for commercial and securities law at the University of of University the at law securities and commercial for professor full a came appointed to the supervisory board of of board supervisory the to appointed term ends in 2010. in ends term A ice Chairman of the S the of Chairman ice d I 20, e a sno cei eeuie epnil goal fr osmr od, rd and trade goods, consumer for globally responsible executive credit senior was he 2002, In üd. iemens iemens U ank ank ulzhan Moldazhanova was born on 11 June 1966. 11 June on born was Moldazhanova ulzhan erhard erhard U G NDE SA RA raz with study terms in the UK (University of Cambridge, of Cambridge, in the terms UK with study (University raz niv.- AG and Deutschen RA L, from 2002 to 2004 director for strategy and corporate development. In this position, she was she position, this In development. corporate and strategy for director 2004 to 2002 from L, IFFEI erhard G erhard ulzhan M ulzhan (Executive Master of of Master (Executive BA SBA rwin H rwin IFFEI au Holding AG/B Holding au G in Munich and and Munich in AG P ribkowsky was born on 16 on born was ribkowsky S K NIEDE NK rof. DD ENL S ENL A G ameseder NDE raz with a focus on corporate law and intellectual property rights. In 1984, he be he 1984, In rights. property intellectual and law corporate on focus a with raz upervisory Board, F Board, upervisory ribkowsky A oldazhanova RA S au Holding S Holding au NDE E r. W r. ibirsky ibirsky STRABAG R SBA 1) 1) IFFEI B Ö B upervisory Board upervisory since 1998. since upervisory B upervisory RA ayerische Landesbank, Munich. Munich. Landesbank, ayerische SBA ST ank ank Kreditbank aldemar J aldemar K NIEDE NK IFFEI E S B A trabag AG/B trabag RR K NIEDE NK ENL erlin. erlin. STRABAG luminium. From 2000 to 2002, she was sales and marketing director at at director marketing and sales was she 2002, to 2000 From luminium. S EICH-WIEN EICH-WIEN A T S B EN-HOLDIN A tep ( ntwerp his was followed by a doctorate from Moscow Moscow from doctorate a by followed was his o 17 on E usiness usiness NDE S ubsequently, he studied law at the the at law studied he ubsequently, R A auholding S auholding Ö pril 1958. From 1979 to 1981, he completed a traineeship with traineeship a completed 1981, he to 1979 From 1958. pril SBA ree F ree STRABAG R AG ST ud S Ö B oard in the 2008 F 2008 in the oard o 2 Nvme 20. i cret em ns n 2010. in ends term current His 2006. November 29 on E A ST E . A elgium). elgium). NK NK NIEDE A RR dministration) from the the from dministration) gs 20. e a be a ebr f h supervisory the of member a been has He 2007. ugust AG loat R loat NIEDE G fter fter completion of a trainee program, he worked as branch E trabag AG/B trabag RR IHWE reg. EICH-WIEN Ewn aeee ws oiae t te current the to nominated was Hameseder Erwin . EICH-WIEN EICH-WIEN S epresentative epresentative S G o 2 Nvme 20 (is tm) Hs current His time). (first 2006 November 29 on E he studied physics at the Kazakhstan Kazakhstan the at physics studied he R lhn odzaoa ae hl vros mana- various held later Moldazhanova ulzhan R Ö auholding S auholding Ö ST ST G G T erhard erhard erhard erhard E G E rinity College), Canada (Mc Canada College), rinity RR R erhard erhard E since 2006. E since AG IHWE reg. EICH-WIEN trabag S trabag EICH-WIEN EICH-WIEN reg. G nmbH Fo 18 t 19, he 1994, to 1988 From en.m.b.H. sne 01 I Jl 20, Erwin 2007, July In 2001. since ) inancial Y inancial G G ikwk ws mme o the of member a was ribkowsky ikwk ws pone t the to appointed was ribkowsky E. E. G A cademy of National Economy Economy National of cademy ribkowsky worked at Deutsche at worked ribkowsky A br-uwg-nvriy in lbert-Ludwigs-University G A raz. Waldemar Jud was Jud Waldemar raz. ustrian army, where he he where army, ustrian G G ear nmbH a spin-off (a en.m.b.H en.m.b.H. en.m.b.H. since 1994 S tate University and University tate B ank ank G RA ill ill University, AG IFFEI S tate Uni- tate R egion S EN- - S 1998 STRABAG since current supervisory board of board supervisory current 2006. His term ends in 2010. He has been a member of the supervisory board of of board supervisory the of member a been has He 2010. in ends term His 2006. in this position until his nomination to co-CEO in in co-CEO to nomination his remained until and Inc. position International this Magna in of chairman vice executive appointed was he 2002, February G G S STRABAG of board supervisory the of of board supervisory the to Inc. He held this position until 2001, when he was appointed president and CEO of Magna Magna of CEO and president appointed was he when 2001, until position this International held Magna He of Inc. board supervisory the of chairman vice became he 1999, In 1995. in company Versicherungs-Holding Versicherungs-Holding KU the of director managing was He has been a full-time employee representative since since representative employee full-time a been has He G ( signatory rised the “social academy” ( academy” “social the business. aluminium group’s the of director of board managing supervisory the to appointed as was Moldazhanova serving already after Element ment board of Leipnik-Lundenburger Invest Invest Leipnik-Lundenburger of board ment manage- the of member a was he 1993, to1991 From companies. group various of director managing as branch manager for Upper Upper for manager branch as and manager, in initially project accounting as and the commercial from payroll 1978department, to 1997 Peter was Nimmervoll born on 16 1944January and has worked for the P Wien). Metallwerke (Vereinigte VMW at Hirtenberger joined control quality of manager director quality as assistant worked he and 1983, to 1981 From degree. master engineering of an stages obtaining the to up through training craftsman professional his continued and die-maker and tool a as trained S ing. S the at worked he 1984, to 1980 From training. court of of University G G dr. 2009, March to 2005 February 1) Formerly B 1) Formerly G G Josef J S STRABAG of board supervisory the of amember been has and representative rm 94 o 1990, to 1984 From a group company in 1973. He was appointed to the supervisory board of of board supervisory tothe 1973. in appointed was company He group a S STRABAG of board supervisory the of amember been has oocr ehnc n hs en mme o te mlye oni sne aur 19. Josef 1994. January since council employee the of member a R been has and mechanic motorcar osef R osef iegfried Wolf was born on 31 October 1957. He started his career with Philips, Vienna, where he he where Vienna, Philips, with career his started He 1957. October 31 on born was Wolf iegfried adosztics was appointed to the supervisory board of board to was appointed the supervisory adosztics ottfried Wanitschek was appointed to the current supervisory board of board supervisory to current the was appointed Wanitschek ottfried tfid aishk a be a ebr f h mngmn bad f UNIQ of board management the of member a been has Wanitschek ottfried eter N eter ottfried Wanitschek was born on 14 May 1955. He studied law at the University of Vienna and at the the at and Vienna of University the at law studied He 1955. 14May on born was Wanitschek ottfried erhard erhard roup in 1977. From 1977 to 1983, he worked as construction foreman and employee representative. employee and foreman construction as worked he 1983, to 19771977. From in roup erhard S erhard R ottfried W ottfried iegfried W adosztics was born on 19 February 1956. He joined the the joined He 1956. 19February on born was adosztics au Holding AG/B Holding au S adosztics rne ws on n 6 ac 15. e rie a cntuto frmn n attended and foreman construction as trained He 1952. March 26 on born was pringer immervoll immervoll S pringer alzburg. alzburg. G esamtprokurist). In 1994, he joined Magna Europa Europa Magna joined he 1994, In esamtprokurist). AG au Holding S Holding au G anitschek olf olf S , where he advanced from director for quality control to plant director and autho and director to plant control quality for director from he advanced , where ottfried Wanitschek was secretary-general of of secretary-general was Wanitschek ottfried A AG E ozialakademie) of the the of ozialakademie) fter receiving his doctorate degree in 1979, he performed his mandatory year mandatory his performed 1979, he in degree doctorate his receiving fter 1) . , where he was a member of the management board until 1999. until board management the of member a was he where , STRABAG STRABAG trabag AG/B trabag A ustria. Peter Nimmervoll began his function in the employee council of of council employee the in function his began Nimmervoll Peter ustria. G ulzhan Moldazhanova was head of the management board of of board management the of head was Moldazhanova ulzhan R IE group and several group companies. In 1997, he joined joined 1997, he In companies. group several and group R auholding S auholding S E S E on 17 1) 1) a a epoe rpeettv ad a be a member a been has and representative employee an as E since 1995. since B A eteiligungs eteiligungs ustrian Chamber of Labour before joining the the joining before Labour of Chamber ustrian trabag AG/B trabag A ugust 2007 (first time). His current term ends in ends 2010. term time). current His 2007 (first ugust A STRABAG pril 2005. 2005. pril A auholding S auholding AG A ustrian ustrian STRABAG rl 1983. pril . From 1993 to 1997,to 1993 From . E 1) 1) since 2000. since STRABAG trabag S trabag S S A E as an employee representative and E as an representative employee efid of a apitd o the to appointed was Wolf iegfried ssociation of Insurance Companies. Insurance of ssociation STRABAG G S E. E. R AG erhard erhard E on 17 on E aiffeisen Versicherung Versicherung aiffeisen STRABAG STRABAG , becoming president of the the of president becoming , G roup ( roup S A E rne ws appointed was pringer G Versicherungen Versicherungen A ugust 2007 (first time). (first 2007 ugust 1) 1) G roup roup since ST since 2001.since S S ottfried Wanitschek ottfried S E on 29 November efid of then Wolf iegfried U E as an employee an as E AG STRABAG ) in 1976a in as ) S A STRABAG ince 1999, ince pril pril 1968, S G and AG er In teyr. ulzhan BAR B asic AG S C E - . 43 corporate governance strabag SE ANNUAL REPORT 2008 44 corporate governance strabag SE ANNUAL REPORT 2008

Name G Nimmervoll Peter Dr. G Dr. G Hameseder Erwin Mag. o. Univ.-Prof. (Chairman) Jud DDr. Waldemar A matters. urgent on decisions makes and planning succession of questions with up, deals opening are which positions or mandates board management newof filling the T P member board management a of removal or appointment options. stock of granting the regarding or the regarding decisions excluding but relating to matters the board, especially the of management board members, remuneration management T Chairman) (Vice Hameseder Erwin Mag. o. Univ.-Prof. (Chairman) Jud DDr. Waldemar P Committees agra Hameseder Erwin Mag. Jud Waldemar o. Univ.-Prof. DDr. abroad: and in companies listed publicly at functions at similar or mandates mandate board supervisory board held members supervisory their to addition In M

G Nimmervoll Peter Dr. G Chairman) (Vice Hameseder Erwin Mag. o. Univ.-Prof. (Chairman) Jud DDr. Waldemar

Ing. S Ing. he presidium and nominations committee presents the supervisory board with proposals regarding proposals with board supervisory the presents committee nominations and presidium he of members the and company the between relations the affecting matters all with deals presidium he residium and N and residium residium: udit Committee: udit erhard S erhard erhard S erhard andates ulzhan Moldazhanova ulzhan ulzhan Moldazhanova ulzhan ottfried Wanitschek ottfried iegfried Wolf iegfried pringer pringer omination Committee: omination

Ottakringer B Ottakringer AG &Catering R &CO DO Publicly listedcompany Elektrizitätswirtschafts- Österreichische Deutschland GA AG Mühlen VK UNIQ Deutschland –Ochsenfurt/ Mannheim S AG Wien Flughafen üdzucker AG üdzucker Z G Versicherungen AG A Versicherungen N roup, R roup, A B estaurants eteiligungs- rauerei AG rauerei Föderation ussische , , Hamburg/ STRABAG AG b AG (Verbund) S , h floig uevsr board supervisory following the E, S the of Chairman Vice or similarfunction B S the of Chairman Supervisory boardmanate Vice Chairman of the of Chairman Vice Vice Chairman of Chairman Vice Member of the S the of Member B S the S Member of the S the of Member Member of the S the of Member B S the of Chairman 2008), 7December (until B B B S the of Member Member of the S the of Member upervisory B upervisory upervisory B upervisory oard oard oard (since 27 June 2008) 27 June (since oard oard (since 8 December 2008) 8December (since oard oard oard oard upervisory B upervisory oard oard oard upervisory upervisory upervisory upervisory upervisory upervisory upervisory upervisory oard upervisory upervisory upervisory A ustria Independence of the the of Independence Investor -> www.strabag.com also (see ■ ■ ■ ■ ■ the within contained conditions A I G to the board supervisory the of management. risk the of efficiency con- the to the as T report of auditor’s the auditing with as the well as as auditor financial well the as report, statements. management financial the solidated and profits of distribution proposed T pendent members in accordance with Rules 39 and 53 of the Austrian Corporate Governance Code. Governance Corporate Austrian the of 53 and 39 inde Rules of with number accordance in sufficient a members contain pendent committees its and it whether judge shall board supervisory The The interests. shareholder's a such Report. Annual the in represents published be shall who members board or the supervisory of % 10 of independence than board more of share supervisory a not a is who the with shareholders Code, shareholder the by delegated Governance member independent Corporate one least at Austrian include shall the Company of 54 Rule to According independence her or his declare by to elected shareholders Company the the defined. by of criteria to the according board delegated or supervisory Meeting the of General member Annual each the of responsibility the be shall It of Procedure for the S the for Procedure of T A the of conditions oevr i acrac wt Anx o te utin oprt Gvrac Cd, h following the Code, Governance Corporate Austrian the of apply: guidelines 1 Annex with accordance in Moreover, behaviour. member's the influence could has thus and constitute interest of she would conflict which or a material board he if management its or independent Company the with deemed relations be personal shall or Company business no the of board supervisory the of member A Company”) (“the SE STRABAG of Members ÖCGK the of 53 Rule with Board Accordance in Supervisory of Independence the for Guidelines embers of the S the of Members the of ndependence e ui cmite ae a rpsl o te eeto o te uio ad rsns h proposal the presents and auditor the of selection the for proposal a makes committee audit he the report, financial annual the of approval and auditing the for responsible is committee audit he he independence of the supervisory board members is defined as follows (Excerpt from the the from (Excerpt follows as defined is members board supervisory the of independence he

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t t b otal remuneration for the management board members in the 2008 financial year amounted to € 8.72 € to amounted year financial 2008 the in members board management the for remuneration otal hree board members perform their services on the basis of a contract for services (Werkvertrag) bet (Werkvertrag) services for contract a of basis the on services their perform members board hree their of period the for clause competition a to subject are board management the of members he S STRABAG of board management he emuneration R emuneration 1) Non-monetary after deductibles after 1) Non-monetary Haselsteiner €T (non-monetary) Haselsteiner Merkinger Jurecka Farrokhnia Oberlerchner runtschnig otal irtel outine remuneration 2008 remuneration outine T he contracts expire on he 312010.contracts December If is a board of dismissed member the management T eport –M eport

he board members are also covered by legal expense insurance in the event of event the in insurance expense legal by covered also are members board he BOARDS anagement B anagement E holds its meetings approximately every two weeks. weeks. two every approximately meetings its E holds fixedportion (incl. non-monetary

G mbH) owned either fully or partly by the relevant the by partly or fully either owned mbH) oard 2,832 546 456 366 366 366 366 366 0 100, when pre-determined targets are met. are targets pre-determined when 100, T 1) ru poi acrig o cost to according profit group STRABAG ) V ariabel 5,885 800 960 640 640 640 640 565 1,000 T he profit-related profit-related he total 2008 A 1,000 1,006 1,006 1,006 1,006 931 1,506 8,717 1,256 ccident - - board. supervisory board. the supervisory the of of members with transactions members other the to paid was remuneration (other) no 2008, In company. the for service their during duty of neglect careless of event the o cnutn atvte fr t cara. utemr, h mmes f h sprioy or are, board amount. supervisory maximum the of members the the with Furthermore, accordance in chairman. its for activities consultant for sation for expenses. expenses. for sation A supervisory and board management the of actions the year. financial 2009 the of for members board approval the on decides which 2010, of the Ö E chairman for the period from 1 January 2007 to the end of the ordinary ordinary the of end the to 2007 January 1 from period the for the chairman for 50,000 € and chairman vice the for 25,000 € board, supervisory the of members regular the for oiae o eetd y h saeodr a wl a o ay diinl eueain o special for A remuneration additional any on as well as shareholders applicable. if performed, tasks the by elected or nominated or agreements No prior No members. functions. or board offer. takeover apublic of event the for exist mandates rules exception management group internal for for programme granted is option recompense stock additional a against decided also STRABAG service their of termination the A by the set of amount event maximum the company,to the with the in pay severance contractual and legal to right a have ny R T R the and company members. the board between exist agreements pension other No company. the of subsidiaries from payments pension non-growing to entitled is members board management the of One member. board For the 2008 financial year, the evaluation was conducted by the legal firm firm legal the by conducted was evaluation the year, financial 2008 the For ÖC the B Several rules were not applicable to STRABAG SE during the period of evaluation. evaluation. of period the during SE to STRABAG applicable not were rules Several 1).57, (Rule Question member board supervisory one for company listed publicly a of board nagement ma the of board members are who supervisory members board of number supervisory by companies stock maximum non-group the at mandates regarding rule the of exception the with – compliance to commitment of SE’sdeclaration STRABAG in included were these as far so in – year financial 2008 the (…) we that to the STRABAGof SE can confirm Following rules theevaluation, adhered the ÖCGKduring re- the following rules the with also compliance of is evaluation ÖCGK. the of SE external STRABAG voluntary a out (“ÖCGK”). carry to ÖCGK Governance the of Corporate commendation of Code Austrian rules the the observing of to committed SE 2007, STRABAG of autumn in offering public initial its of part As G Corporate 2008 the from R he he t the dditionally to their annual remuneration, the supervisory board members also receive cash compen- cash receive also members board supervisory the remuneration, annual their to dditionally echtsanwälte. In summary, the evaluation of March 2009 came to the following conclusion (excerpt conclusion following the to came 2009 March of evaluation the summary, In echtsanwälte. eginning in 2009, 2009, in eginning emuneration R emuneration valuation of C eport on the E G G nrl etn dcds n h ana rmnrto o te ebr o te uevsr board supervisory the of members the of remuneration annual the on decides Meeting eneral G eneral Meeting of Meeting eneral 27 2007, of February € remuneration approved annual 15,000 the shareholders K for the previous year. previous the K for CGK T he members of the management board which are directly employed by the compa the by employed directly are which board management the of members he STRABAG T e nuac cvr te esnl iblt o te uevsr bad ebr in members board supervisory the of liability personal the covers insurance he T eport –S eport e uevsr bad a frhr prvd € 0,0 lmt n remuneration on limit 100,000 € a approved further has board supervisory he A rticles of of rticles S STRABAG regarding report evaluation overnance S E plans to submit to a voluntary external evaluation of compliance with compliance of evaluation external voluntary a to submit to plans E upervisory B upervisory A scain cvrd y & laiiy nuac u t a certain a to up insurance liability D&O by covered ssociation, ompliance with xternal oard ustrian Employee A Employee ustrian ct (öct B A E, March 2009): March E, erger erger A nnual nnual ng G S ). G aurer Zöchbauer aurer nrl Meeting eneral T here were no were here - - 47 corporate governance strabag SE ANNUAL REPORT 2008 48 Corporate Social Responsibility strabag SE ANNUAL REPORT 2008 R can find a quiet place, make a new start or grow old in dignity. dignity. in old grow or start new make a place, quiet a find can people 55 for the ground up and re-opened in May 2008. in May 2008. re-opened up and ground the His Concordia project expanded its activities to Moldova in 2004 and to and 2004 in Moldova to activities its expanded project Concordia His social centre for Father S Father for centre social a become have which and people hungry 1,600 about for food provide which kitchens soup 23 up set

S to care some basic and food provides ■ ■ ■ C 1) For us, C us, 1) For T V Father C Our Corporate S employees. group all from but managers, and officers our in defined clearly guide- have those we with which compliance principles on and lines emphasis great place We pressure. economic high of times during We social aspects. and respecting environmental – feel to activity economic committed even sustainable A projects, charity associations and the arts. the and associations charity projects,

e Vinzi he t tephan and its chairwoman Cecily Corti. With With Corti. Cecily chairwoman its and tephan oncordia R inzi published S first STRABAG co A STRABAG STRABAG ocial andocial S 2009 2009 rail rail orporate S esponsibility G means voluntary compliance with the rules of sustainable management. sustainable of rules the with compliance voluntary means SR 2 ast- eorg eorg reduction through shifting of transport to reduction through shifting of transport R ast-CortiHaus homeless shelter was opened in 2004 by the Vinzenzgemeinschaft Vinzenzgemeinschaft the by 2004 in opened was shelter homeless ast-CortiHaus w dfn ssanblt a te aac bten ecig uies betvs while objectives business reaching between balance the as sustainability define we , S icuig e, inr n bekat pu 1 aatet wee p o 5 people 25 to up where apartments 16 plus breakfast, and dinner bed, including , C S porschill has been caring for abandoned children and orphans in in orphans and children abandoned for caring been has porschill H orti ocial ocial R esponsibility activities (C activities esponsibility rt aus porschill’s “villages”. porschill’s A ward I ocietal E 1,000at 33 centres. children nternational for planned T he he Vinzi SR 1) STRABAG ) are on focused and the of promotion support youth R ast-CortiHaus offers offers ast-CortiHaus ustainability R Code of Ethics of Code s ep te hle ws eoae from renovated was shelter the help, ’s ngagement T ogether with ogether ocial , not just from our directors, directors, our from just not , B emergency accommodation emergency ulgaria in 2007. Concordia 2007.Concordia in ulgaria STRABAG R omania since 1991. since omania eport , Concordia , Concordia S t.

research. technologies new in investing are and services of A equipment. and plants power of operation and T of construction the clean-up as well as production, treatment and biogas water waste collection facilities, construction, treatment water and sewage landfill of operation the supply, treatment, water land, and contaminated collection waste on focused service. as sales such after services as and well as financing facilities operation, environmental of building and planning consulting, of areas the ( Umwelttechnik STRABAG E group-wide and support which partners initiatives of clients, action: number sustainable our a launched to have we recognisable years, few last clearly the be In investors. should matters environmental in competence this and services, environmental our improving and developing on working constantly are We manner. friendly environmentally an in and sparingly resources available resources. the use to energy attempt we valuable reason, up this For use and waste and noise dust, create activities our that aware are We E ■ ■ ■ ■ ■ T perspective. alternate an experience of world the up opening at the for foundation the laid we 1990s, early the In K STRABAG “ opera. children’s or music of piano evenings well as as concerts symphony and highlights opera balanced featuring a programme diverse and audience the offers festival, the at conductor the and director the both as acts who Kuhn, operas. Wagnerian director festival 1997, In F b r

S e 0 epoes r crety cie n 3 onre i adto t te an akt of markets main the to addition in countries 33 in active currently are employees 500 he

ustria and and ustria estspiele E estspiele nvironmental T nvironmental studio for artists from A from artists for studio ARTSTU artist Carinthian by sculptures monumental nine of exhibition permanent a featuring headquarters, GIRONC headquarters; Vienna the of topfloor the on ARTLOUNGE ART ARTAWAR contemporary contemporary new new and drawing, plus related acquisitions and exhibitions. From June 2009, the award will be replaced by the ymphony No. 8 ymphony cological E epublic. epublic. runo runo C STRABAG OLLE G ironcoli; ironcoli; three additional bronze and aluminium sculptures can be seen in front of the premises; D OLI IO G D C unstforum – award the endowment for art ray I odr o otne o rw w ae osaty xadn te portfolio the expanding constantly are we grow, to continue to order In ermany. - te el aatd tdo t h Ven haqatr, ih iig ures n a and quarters living with headquarters, Vienna the at studio adapted newly the – TION KRISTALL te pcaua, w-try xiiin pc ad omnctv meig point meeting communicative and space exhibition two-storey spectacular, the – A and the children’s opera “ children’s opera the ” and rl A ustrian painters and sculptors at local offices, mostly in Vienna and and Vienna in mostly offices, local at sculptors and painters ustrian has been a sponsor of the festival from the beginning. Every year, Every the beginning. from of the festival a sponsor been has STRABAG rt A – one of the largest art collections in in collections art largest the of one – given to artists from from to artists given International ward echnology ustria and abroad. and ustria G T – a multifunctional space for arts and events affiliated to the Vienna Vienna the to affiliated events and arts for space multifunctional a – to employees and visitors and, in so doing, allow them to them allow doing, so in and, visitors and employees to art contemporary ustav Kuhn founded the the founded Kuhn ustav Environmental Environmental STRABAG he 2008 highlights included included highlights 2008 he Kunstforum comprise: Kunstforum STRABAG the of activities he ngagement T he Valiant Little T Little Valiant he T A e pcfc nwhw of know-how specific he ustrian artists under the under age of artists 40 ustrian in the area of painting Kunstforum, whose activities are aimed are activities whose Kunstforum, STRABAG T T rlr etpee r, aos bv al o its for all above famous Erl, Festspiele iroler cnlg) fes opeesv srie in services comprehensive offers echnology) G iuseppe Verdi’s iuseppe A A ustria, Hungary, Hungary, ustria, sra wt oe 150 ok o at by art of works 1,500 over with ustria, ailor by Wolfgang Mitterer. Mitterer. ” by Wolfgang metehi is Umwelttechnik STRABAG “ R equiem S lovakia and the Czech the and lovakia ” , G ustav Mahler’s ustav S pittal/Drau; G ustav 49 Corporate Social Responsibility strabag SE ANNUAL REPORT 2008 central division BLT onpages12 50 Details onthe Corporate Social Responsibility strabag SE ANNUAL REPORT 2008 and 13. million tonne-kilometres. In this million way,tonne-kilometres. we see page 52). page see and Investor Communications by is our Corporate handled communication mely communication with clients, suppliers, subcontractors, partners, investors and the public. public. the and investors partners, subcontractors, suppliers, clients, with communication ti mely and continuous the emphasise we Furthermore, transparency. increases and group our into insight in company transport rail own by the being group’stransported and in material equipment tonnes metric of some 895,000 construction T andof flowsand of bundling planning and mineral the analysis through synergies. coordination paration, an use. resource and through energy it, with and, inefficiencies companies reduces service and units operating group’s Report locations. group all at check-ups preventive regular and programmes and O S T C T O protective gear in line with the personal – required if – and clothing work provided are employees Operating accidents. of number the lower and regular safety site construction offer increase to We area, this in awareness raise to assessment. order in sessions risk training and investigation accident equipment, and tools clothing, work as T safety health and stage. early an with at processes T cooperation the in the suppliers our intensifying including and group, T rings the partner and within partners tools quality electronic our computer-assisted expanding are organise using we must reason, we this procurement situation, For changed efficiently. the more even meet to processes will order that procurement In our situation prices. a on years, pressure coming the higher in to markets lead many likely in competition increased see to expect We P S his his leads to lower costs and lower emissions. We shifted a part of our from transport road to rail, resulting he central division for Construction Logistics and and Logistics Construction for division central he he dialogue with all our stakeholders is important to us. In 2008, we published our first first our published we 2008, In us. to important is stakeholders our all with dialogue he such matters regarding advice and support employee include activities safety and health group’s he costs. administration and procurement lower in results standardisation he his onstruction L onstruction rocurement ustainability in in ustainability afety ur reduces process times and optimises procurement conditions. procurement optimises and times process reduces programme procurement internal based on the guidelines of the the of guidelines the on based F irst irst ccupational H ogistics and T and ogistics group’s standards quality G S ermany and Poland in 2008. 2008. in Poland and ermany ustainability G reduced our reduced CO in emissions 2008 by about lobal lobal ransport ( ransport R eporting Initiative ( Initiative eporting T ransport ( ransport . Our occupational physicians . also care physicians organise Our occupational 2 P BLT rocurement rocurement T ) ealth and his is achieved through the targeted pre targeted the through achieved is his T hi ta significantly that chain supply optimal B his corresponds to approximately 276 approximately to corresponds his aulogistik und und aulogistik GR I). T he report provides even more more even provides report he R elations (Investor (Investor elations T R ransport) supplies the supplies ransport) 13.3 million tonnes eport S ustainability ustainability R elations elations T his his - - . contact us at [email protected] at us contact S m a s hould you have any questions or comments on the subject of sustainability, please do not hesitate to hesitate not do please sustainability, of subject the on comments or have you questions any hould gas liquid and Natural Electricity total Fuel Diesel Concrete tone- sphalt aterial use 2008 G ravel . approx. 100 million litres 100 million approx. 59.3 million tonnes 59.3 million 15.3 tonnes million € 159.3 million 6.0 million m³ 6.0 million € 26.5 million million € 26.5 € 42.5 million € 42.5 million 51 Corporate Social Responsibility strabag SE ANNUAL REPORT 2008 52 investor relations strabag SE ANNUAL REPORT 2008 European Investor Investor European Investor our in improvement constant for strive to and market the with communicate to time the taking us from benefits investor individual Every tunnelling the of specifics the of T division. as well as situation market the of guests our informed management lose 67 %of their shares stock strabag 35 working days on investor talks in places such as Vienna, London, Frankfurt, Paris, Paris, Frankfurt, London, Vienna, as such places in talks investor on days working 35 man 2007. October in offering public initial the during price issue the of ■ Relations and I S at the the at first our organised we 2008, October In road show all events the as planned well includes as results. the of dates for our the financial publication our visit please activities, -> show Investor www.strabag.com road at website our about more learn to want you If Moscow. and Milan Zurich, Investor our reason, this For a company. assess to which adequately with information need ever,than Now more participants market I dramatically. sank portfolios toof had their value the watch as investors Many downwards. to plummet prices market that crisis subprime the as 2008 U the on in started markets capital international the over shadow a cast Uncertainty ■ ■ effect on share price. share on effect took we example, the for in 2008, in part – events investor private in part take regularly also We website. our on our of portions of broadcasts to also provide information extensive our Not only are we in and e-mail with constant contact telephone our investors and weinstitutional analysts, and analysts. investors 20some institutional ment board, Hans Peter Haselsteiner, appeared as a guest at “ at guest a as appeared Haselsteiner, Peter Hans board, ment shows 22 in part took We talks. group and conferences telephone 216 in one-on-ones, analysts and tors inves 300 about informed we reports, quarterly prescribed the to addition In company. listed a as year nvestor R nvestor N D G market value market S ividend €0.55 per share lobal financial crisis shakes the markets – the markets crisis shakes financial lobal SE coverine STRABAG banks hares, B achs, Natixis, Natixis, achs, G and investor conferences organised by Cheuvreux, Citigroup, Deutsche Deutsche Citigroup, by Cheuvreux, organised conferences investor and ewinn trade fair in Vienna, where he engaged in dialogue with a number of interested persons. interested of number a with dialogue in engaged he where Vienna, in fair trade ewinn his was followed by a visit to the Perschling ( Perschling to the by avisit followed was his B örseexpress/ A t the end of the year, the stock market price of of price market stock the year, the of end the t real estate market grew into a global economic and confidence crisis, causing stock causing crisis, confidence and economic global a into grew market estate real S R R elations elations aiffeisen Centrobank, Centrobank, aiffeisen A ktienforum road shows in Vienna and and Vienna in shows road ktienforum nvestor R elations activities were working persistently in 2008, our first full financial financial full first our 2008, in persistently working were activities elations S A urvey showed that excellent Investor Investor excellent that showed urvey nnual nnual elations G eneral Meetings, investor conferences and press conferences press and conferences investor Meetings, eneral private private investors R Capital Markets Day Markets Capital elations. elations. R S T elations work. work. elations ociété ociété he members of the management board and of board the of general the he management members G T he financial calendar is updated continuously and and continuously updated is calendar financial he énérale, U énérale, onds A ustria) tunnel construction site. construction tunnel ustria) . We do so other among things by web offering A fter all, the the all, fter , held in Vienna, which was attended by attended was which Vienna, in held , and UniCredit. In BS all, weand UniCredit. some spent STRABAG S G tar der der tar raz. raz. R T ltos ok a a positive a has work elations T he chairman of our manage- our of chairman he S homson homson tunde” (“ tunde” S hd aln o one-third to fallen had E B ank, Erste Erste ank, R S ues xe Pan- Extel euters G tar of the Hour”) the of tar eneva, Warsaw, eneva, B ank, ank, G road road old - -

Diana Klein, Investor R Investor Klein, Diana Ebner, S Christian R Investor STRA you: from to hearing forward look We services. our of improvement continued the for to us important are suggestions and Yourquestions @  ☎  o R you – atwill which find endcard theof us your this reply send our send we that simultaneously. and quickly groups shareholder all informing on importance great We place course. of matter a are blic pu the and participants market capital with dialogue constant a and information comprehensive times, response quick us, For units. group’soperating the for issues market capital for contact of point the as well as analysts, and investors institutional shareholders, private potential and existing for department STRABAG H S STRABAG for recommendations and up totake havedecided banks additional – markets capital of stock the of of assessment the of assessments indication first a with correct shareholders potential as well as make current provide observations analysts bank help to order in Investor our increase It tois goal our further

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STRABAG Order form for the print versions of our publications our of versions print the for form Order A the of versions Download charts price share Individual S S conferences investor and telephone of recordings and broadcasts Live A presentations Company documents show road Up-to-date B (Peter Vienna UniCredit, S R Prieto) (Luis Lynch, London Merrill H G B Erste B Deutsche R (Markus Vienna Cheuvreux, +43 (0)1+43 422-1177 /22 Donau-City- +43 (0)800 880 890 880 (0)800 +43 [email protected] n www.strabag.com – n www.strabag.com ur stock is currently is stock analysedbyur nine regularly banks ubscription to receive daily share price information information price share daily to receive ubscription tock calculator tock al. Oppenheim, Vienna (Paul Hoffmann) (Paul Vienna Oppenheim, al. nalyst consensus recommendations consensus nalyst aiffeisen Centrobank, Vienna (Klaus Ofner) (Klaus Vienna Centrobank, aiffeisen SB oldman S oldman B AG SE C, Düsseldorf ( C, Düsseldorf elations S ank, Vienna (Franz Hörl) (Franz Vienna ank, E’s Investor S achs, London (Laurie Mathers) (Laurie London achs, ank, Vienna (Christian B (Christian Vienna ank, S T . o ti rao, e r pod ht epcal gvn h dfiut er o the for year difficult the given especially – that proud are we reason, this For E. o achieve this, we publish all company-relevant news on our website at the same time time same the at website our on news company-relevant all publish we this, achieve o trasse 9, A trasse per e-mail. If you would like to receive this information, please please information, this receive to like would you If e-mail. per newsletter shareholder ecretary G ecretary elations T R homas T homas elations department reports directly to the CEO and sees itself as the service service the as itself sees and toCEO the directly reports department elations -1220 Vienna S STRABAG eneral auernfried) at www.strabag.com. at nnual R nnual eetz) emis) > I nvestor relations you will also find also you will relations nvestor E. E. eports and Interim R Interim and eports ader) R elations efforts of maintaining a steady flowa of steady information of maintaining efforts elations E coverage eports A nnual nnual of our stock to issue target prices target toissue stock our of R eport – or register at the Investor – or register eport STRABAG S E. E. A nalyst - on thecover can befound the reply card 53 investor relations strabag SE ANNUAL REPORT 2008 54 investor relations strabag SE ANNUAL REPORT 2008 Over a period of many many of period a Over B market of capitalisation € 1,847 million at the end of 2008 – to compared € 5,554 million at the end of 2007. of its stock market value, closing at € 16.20 on the last day of trading in 2008. 2008. in trading of day last the on 16.20 € at closing value, market stock its of increasing signs of an economic cooling-off. cooling-off. of signs an economic increasing a by pressure on pressure the T this forfeit to had but 612008 down 1,750.8 %at year, the of closing half of points. second the in advantage months six first the in 50 Eurostoxx than better significantly performed and D and D S onal and onal A tern Europe put a strain on the the on strain a put Europe tern T year. that plus the in still were mentioned indexes other the %. 0.25 to % 0.00 of corridor target a towards % 4.25 from step of lowering the and governments national the by packages stimulus economic of promises following 2008 of months last the in rising inflationpressure, the stock markets began adownhill slide that only appeared to have been slowed the the U to 2.50 and % year’s mid-October between end. the Meanwhile, although market crisisbeganfinancial in B a minus of 42 %. 42 of minus a %. 44 100 % 105 % 110 % 115 % 120 % 20 % 25 % 30 % 35 % 40 % 45 % 50 % 55 % 60 % 65 % 70 % 75 % 80 % 85 % 90 % 95 % he market environment and a number of negative reports from the real estate sector put enormous put sector estate real the from reports negative of number a and environment market he he careful attitude in 2008 among international investors regarding the countries of Central and Eas- and Central of countries the regarding investors international among 2008 in attitude careful he lready at the start of 2008, losses could be seen on the international stock markets. markets. stock international the on seen be could losses 2008, of start the at lready y comparison, the construction industry index industry construction the comparison, y n rie itrs rts lgty n h sme o 20 bfr lwrn te fo 42 % 4.25 from them lowering before 2008 of summer the in slightly rates interest raised ank evelopment of of evelopment hares of hares sideways movement with high deviations and fluctuations. fluctuations. and deviations high with movement sideways S , the U Oct. –Dec.2007 G ow J ow ermany’s ermany’s ■ S stock market index C STOXX ones

SE STRABAG STRABAG T DA he Japanese index had already been in the loss zone in 2007 (minus 11 %), while 11%), (minus 2007 in zone loss the in been already had index Japanese he X months,the ofshare losses price index fell by 40 %. 40 by fell index Jan. –March 2008 STRABAG interest interest . rates S

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STRABAG S E € million € million € billion € billion shares shares b r s e s type SE shares strabag unit A WKN I S Vienna S % % % % % tock ymbols xchange symbol euters A str symbol loomberg A IN € € € € € € €

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Vienna S Vienna Ordinary share Ordinary 113,999,997 91,527,632 50.92 16.20 11.53 0.55 3.50 39.9 1.90 1.38 24.9 13.0 1.67 11.7 2008 tock Exchange tock 114 3.3 3.4 1.8 6.1

at a STR 0M23V 000000 113,999,997 V.VI 48,844,710 V 55.00 48.72 42.51 STR 0.55 25.2 23.8 2.05 36.8 3.48 26.4 3.37 4.11 2007 114 6.0 5.6 2.4 1.1 1 55 investor relations strabag SE ANNUAL REPORT 2008 56 investor relations strabag SE ANNUAL REPORT 2008 1) Distribution of free-float (= institutional and private investors) was determined in S determined was investors) private and institutional (= free-float of 1) Distribution ■ ■ ■ ■ ■ S steiner will remain Chairman of the Management B Management the of Chairman remain will steiner be appointed by the ownership side. side. ownership the by appointed be to members six least of at consists board supervisory the agreement, syndicate the with accordance In of 5 October 2007. 5October of T Ireland, 3.7 % by investors in other European countries, 2.9 % by U by % 2.9 countries, European other in investors by % 3.7 Ireland, no-par shares. Every bearer and registered share equals one vote. one equals share registered and bearer Every shares. no-par remaining 113,999,997 shares of Wien Wien of the syndicate agreement of the four major shareholder groups (Haselsteiner (Haselsteiner groups shareholder major four the of agreement syndicate the of T company. the 5%of than investors. institutional T a commissioned we No. 1 and No. 3 reserved for the Haselsteiner ■ ■ ■ ■ of respectively R shareholder core the While T A of registered shares of shares of registered he shareholder structure he of structure shareholder the whose is identity shareholders known by of % 5.7 that revealed analysis he he shareholder structure at 31 December 2008 changed only slightly in comparison to the of end 2007.in comparison slightly only changed 2008 at 31 structure December he shareholder Joint development of the R the of development Joint R voting of Coordination R s is legally prescribed, prescribed, legally is s aiffeisen/UNIQ N

R investors Institutional R R G Haselsteiner hareholder hareholder estrictions on the transfer of shares of transfer the on estrictions ight to nominate supervisory board members board supervisory to nominate ight umber of shares outstanding: shares of umber etail etail asperia asperia aiffeisen/UNIQ G roup, roup, UNIQ STRABAG A 114 million roup roup G A A G roup made acquisitions during the 2008 financial year and held 25.1 % held 26.5 and and % year financial 2008 the during acquisitions made roup he current syndicate agreement essentially lays down rules for the following: the for rules down lays essentially agreement syndicate current he G roup, and roup, and S STRABAG roup roup A hrhle ID shareholder hareholder S hareholder fr s e nw n ivso ohr hn h cr saeodr hls more holds shareholders core the than other investor no know, we as far s STRABAG S R E at year’s end. end. year’s at E ussian market as a new core market core anew as market ussian asperia continued to hold 25 % plus 1 share, the Haselsteiner Haselsteiner the share, 1 plus % 25 hold to continued asperia STRABAG R S asperia asperia 25 %+1share 25 E. Currently there are three registered shares, with registered shares with registered shares, are registered there three E. Currently S E keeps a share register containing information about the holders holders the about information containing register share a keeps E T n re t bte gt o nw u fe fot investors. float free our know to get better to order in he syndicate partners have also agreed that Hans Peter Hasel- Peter Hans that agreed also have partners syndicate he STRABAG

S S T 26.5 % 26.5 25.1 % E are bearer shares. In all, 17.2 % G rading Ltd.) are presented in the stock exchange prospectus in exchange the Ltd.)stock rading presented are 6.2 % 6.2 tructure as of 31.12.2008 of as tructure tructure roup roup and registered share No. 2 for T he free float thus stood at 23.4 %. In %. 23.4 at stood thus float free he

S STRABAG of oard S sae wr hl b ivsos n h U and UK the in investors by held were shares E ■ ■ ■ ■ ■ ■

UK & Ireland &Ireland UK Unidentified Unidentified Others A A North Europe Continental eptember 2008. 2008. eptember G ustria ustria eographical distribution of distribution eographical institutional ownership institutional merica merica STRABAG T investors and 1.1by and % investors S here are no caps on voting rights. voting on caps no are here E at least until A until least E at STRABAG

S R 1) E has issued 114,000,000 asperia asperia G roup, roup, S E as well as details S pril 2010.pril eptember 2008, eptember T R rading rading Ltd. aiffeisen NÖ- aiffeisen G roup and roup A ustrian 2.9 % 2.9 3.3 % 3.3 0.5 % 0.5 3.7 % 3.7 5.7 % 5.7 1.1 % T he he

materials, the broad geographic positioning and the strong order backlog. backlog. order strong the and positioning geographic broad the materials, outlook stable elevating A ->Investor www.strabag.com at website our on found be can procedure correct the to as Details 2009. June 15by bank your with shares your deposit please attend, to like would shareholder, in a difficult market environment. market adifficult in that fact the on No STRABAG C structure. financing its improve to further group the helped also term SE C strabag SE B STRABAG of 3 %. out ratio of 40 % on of and, the based price share € 16.20 at a yield 2008, the dividend end of December of € 62.7 or million € year.0.55 for share per the financial 2008 b as well as business year. a a of form once the in dividend shareholders the to minorities after income net the of 50% to 30% out paying of goal policy. dividend constant a on value great places STRABAG D T share. 87,992,560 shares. no-par no-par representing per shareholders 0.55 € of amount the in the on dividend decided a and of report payment financial the of auditor the selected boards, supervisory and management 2008 favour, the in vote the of % 99.99 With A and D A a matured € 50 million bond that was issued in 2003 and for general business purposes. purposes. business general for and 2003 in issued was that bond million 50 € matured a STRABAG ment board of continued the years-long strategy of bond issues. issues. bond of strategy years-long the continued of 5.75coupon a with 2008-2013%, bond a of five-year 2008 in issue the With listed. still he he next nnual G nnual orporate C 2007–2012 2006–2011 2008–2013 2008–2013 2005–2010 2004–2009 nnual G ividend ebr 2007, vember nnual G T he he ex-dividend date has been set for 26 June 2009, the dividend payment date for 29 June 2009. A eneral Meeting. eneral STRABAG nnual nnual S S E (and its predecessor, FIM E (and predecessor, its E and its bonds are rated by the international ratings agency agency ratings international the by rated are bonds its and E STRABAG as as G ividend osse a oi cptl tutr wih ie te opn a cushion a company the gives which structure capital solid a possesses STRABAG eneral M eneral S STRABAG eneral Meeting will Meeting eneral take place in on Vienna 19 June 2009 at 10:00 a.m. CE &P raised the corporate credit rating for for rating credit corporate the raised &P orporate B orporate S y the group’s opportunities for growth. In accordance with this goal, the manage the goal, this with accordance In growth. for group’sopportunities the y E to „investment grade”. In November 2008, 2008, November In grade”. „investment to E T redit R e xc pyu rto il e eemnd y h gnrl eeomn o the of development general the by determined be will ratio payout exact he interest S 5.50 % 5.50 5.25 % 5.25 4.25 % 5.75 % 5.75 % E will thus to propose the eneral M eneral S E benefits from the vertical integration of its business, the access to raw to access the business, its of integration vertical the from benefits E eeting onds ating onds AG ) has to date issued seven corporate bonds, of which five of are which bonds, seven ) corporate tohas date issued € 50 million million € 50 at € 75 million at € 75 million € 75 million at € 75 million A nnual nnual Volume T he proceeds from the issue were used to pay back pay to used were issue the from proceeds he A G nnual nnual eneral Meeting approved the actions of both the the both of actions the approved Meeting eneral eeting G T eneral Meeting of Meeting eneral 19 June 2009 a dividend T he management board is staying with its its with staying is board management he STRABAG his would correspond to pay a his dividend would correspond S T AT AT &P confirmed its its confirmed &P he meeting was attended by 326 by attended was meeting he 0000 0000 0000 0000342332 0000342332 0000492723 0000492723 ISIN Number S A A S A E from from E 05HY9 05HY9 09H96 09H96 tandard & Poor’s ( Poor’s & tandard 013U3 S &P also based its rating its based also &P BB to + BBB STRABAG ST R - rating and rating - exchange BBB elations -> elations . If you, as T Vienna Vienna Vienna Vienna Vienna he issue he S , thus -, &P). In &P). S E - - 57 investor relations strabag SE ANNUAL REPORT 2008 58 group management report strabag SE ANNUAL REPORT 2008 1) T work. T ment repor group manage his part has been audited by KPM by audited been has part his he highlights of hard of ayear G . t 1) - 2008. quarter second the in consolidated was company berg. In 2007, the company employed 1,600 em- 1,600 employed company 2007, the In berg. white-collar and 250 blue-collar workers. workers. blue-collar 250 and white-collar 120 employed and 2007 in million 160 € of nues reve generated Italy, in segments all in active is poland in s8 27is %. 490 € Polish the approximately million; to amounts volume total structures in structures the hoff hoff STRABAG M construction firm T STRABAG 2008. quarter second 280 people. employed and 2006 in million) 26.5 (€ million 750 CZK about of revenues generated JHP building. firmJHP truction spol. s r.o.,in abridge- specialist STRABAG FEBRUAR Prymasa and Konotopa between motorway the of construction the A million. €434 of volume atotal has ject of city the T in infrastructure urban complete the STRABAG JANUARY 2008 STRABAG 2008. quarter second 2007. year financial 15€ the in million about of generated revenues and acquisition of time the at people company. construction est ajura in the greater T greater the in ajura rema Engineering 2 sh p.k., sh 2 Engineering rema consortium led by led consortium arch 2008 AG T , the market leader in transportation infra transportation in leader market the , e opn ws osldtd n the in consolidated was company he won an order for the modernisation of modernisation the for order an won S S S S T E acquired a stake majority in F. Kirch- E acquired a majority stake E a of acquired majority 51 % of E acquired 100 cons % Czech of the E acquired E acquired 100 % of of % 100 acquired E he company was consolidated in he the was company consolidated y 2008 G A erman state erman of danti danti STRABAG STRABAG ripolis area in Libya. T Libya. in area ripolis S .p. A T . ea mlyd 230 employed rema A T won the tender for tender wonthe S he he company, which lbania’s third-larg- lbania’s . oo’ share o.o.’s z p. B T B aden-Württem ysiąclecia. ysiąclecia. ologna-based ologna-based S 8 in Poland Poland in 8 his pro his T T he he he - - - - - Hungarian of the acquisition complete the ved T the of to 51amounts %. share the and million 1.line Metro of extension second the build to tender scheduled for spring 2009. spring for scheduled is Completion million. 62 € about of value total a from kilometers 40 about in project STRABAG quarter third 2008. the in consolidated was company D terminal at at a of terminal construction finish and plan will STRABAG construction. infrastructure of area the in KI million. 373 € of ume vol- output construction a generated and people led by the 100 %- bythe led A 2008. quarter second the in at-equity solidated in based EFKON, systems. control in the fieldand of in transportation intelligent traffic systems payment in electronic company a leading tion tion ding nues nues of € about 70 million. reve generated EFKON2007, In countries. 17 in employees 700 with company active globally a is just shares below a holding in EFKONmajority STRABAG ODEN in was 2008. fully the consolidated quarter second people. 400 about employed and million 121€ of volume output an 2007,generated ODEN In andtunnelling. construction of road in the fields STRABAG in was 2008. fully the consolidated quarter second of about € 28 million. ployed 168 people and generated an output volume STRABAG APRIL 2008 2008. quarter third € 350 million. of about volume output an generated and ployees AG S G STRABAG MA nad ODEN company struction he management board of of board management he tra International International AG roup, which consists of the construction firms firms construction the of consists which roup, und Frey + G BAG , AB S erman- G y 2008 MEs. In 2007, the company employed 1,500 employed 2007, In company the MEs. mbH, one of of one mbH, S S tockholm. tockholm. S S trassenbau und und trassenbau was awarded the tender for its first its for tender the awarded was AG S S S E acquired 100 % of the A E acquired 82.3 % of the E acquired 80 % of KI of % 80 acquired E E acquired a substantial package of of package substantial a acquired E T T S ochi, ochi, gra-tla bdig consortium bidding lgerian-Italian he order has a total volume of € a volume 252total has he order he he company was consolidated in the ochi’s G ötschi ötschi STRABAG G R G T b hs en wre the awarded been has mbH T si. ne te contract, the Under ussia. he company is largely active is he largely company A ermany’s leading construc- leading ermany’s he he newly company acquired AG dler International International dler R CHNE . In 2007, em the group T B S he company he was company con A STRABAG eton eton S ochi. ochi. nläggningsentrepre- E subsidiary DYWI subsidiary E is mainly active mainly is R group STRABAG AG S T R G S e re has order he wiss wiss , CHNE raz, raz, wedish wedish con- W S i tta E appro E S A A tra A Hol- R ustria, ustria, lgier’s irport BAG B T AG M5 a he u - - - - - , 59 group management report strabag SE ANNUAL REPORT 2008 60 group management report strabag SE ANNUAL REPORT 2008 approval process is still pending. still is process approval ilo i te ae year. same 6 the € in to million amounted revenues Hungaria’s CEMEX A pro stone and gravel in duction concrete, of field the in participants market important two Kft., töanyagok CEMEX of otat a a oue f ogl € 1 million. 217 € roughly of volume a has contract STRABAG 2008. quarter fourth the in consolidated and to 2007 financial year. nerated revenues of € approximately 1 billion in the the on Institute Loeffler Friedrich and the for facilities laboratory housing animal high-security new build to tium consor a of contractor general as chosen been Cologne-based Cologne-based of shareholders to submitted offer the Following for prices R in cement declining of – realised already part in time the for being. markets core group’s the outside to put on hold plans to expand its cement activities of the national road DK 6 from from 6 DK road national the of a 16 as well as section km contractor a general as going to the construct by-pass of the city of the field of facility management. management. the of field facility in services comprehensive provides and ployees De Frankfurt. Deutsche of subsidiary % 100 Züblin Ed. JUN 2031. year the until acquiring 25 about held % already of STRABAG way by is the operated company. concession motorway T SEPTEMBER 2008 million. 375 € of amount total Polish AUGUST 2008 und mobilien STRABAG JUL G STRABAG Infrastruktur PPP he management board of of board management he sra eeae rvne o € 9 million. 196 € of revenues generated ustria dańsk, among other projects. other among dańsk, Property and STRABAG Property Facility y 2008 T e 2008 STRABAG he decision was based on expectations – expectations on based was decision he A ’s to 100 %. share AG A A S K S ussia. ustria and Hungary. In 2007, CEMEX CEMEX 2007, In Hungary. and ustria ustria ustria E announced the 100 % acquisition acquisition % 100 the announced E A E acquired Deutsche Deutsche acquired E T , a subsidiary of of subsidiary a , S ’s holding company from from company ’sholding Imble hs bu 620 em 6,240 about has eImmobilien ervice ervice STRABAG B altic altic and CEMEX Hungaria Epi Hungaria CEMEX and AG T S B he he company was re-named in- . oo gt res ih a with orders got o.o. z p. eteiligungs eteiligungs G A S b (De mbH K ea island of of island ea concession company. A concession STRABAG T for the acquisitio the for AG e atl authorities cartel he T he concession runs concession he STRABAG T T T elekom based in in based elekom G T he company he ge- company S e opn is company he T Imble) a eImmobilien), b, bringing mbH, e 5 motor- M5 he ervices ervices T S lkm Im- elekom R S A cei to zczecin iems. iems. E decided E K R before A before aiffeisen S S G E, has has E, łupsk mbH T he he n - - - - amounts to 32%. amounts S mately 12 km, and of forms part the of upgrade the rc vlm cmrss mdsz double-digit million-euro-figure. mid-size a comprises volume tract city of city the around by-pass of an eastern the construction Poland totalling € 340 million. in contract construction a road awarded been has the around A consortium road. access Długołęka the of km 5.6 and road aevr f h fclt mngmn fr Hypo for management Vereinsbank facility the of takeover of subsidiary a Facility and Property STRABAG 2012. by February completed be should and 2009 in toquarter the first start are scheduled of the the of the of construction an approximately 13 km section amounts to € 86 million. million. 86 € to amounts the ruct its stake to 90.0 % as at 31 December 2008. 31 at %as to December 90.0 stake its continued its share so acquisition, that it increased of rights STRABAG voting and capital share the of % 21.1 upon upon the Poland. in € 500 million contract to build the Wrocław by-pass around consortium A O shares, their of BAG ZIPP DE AG accepted for a total of 851,679 shares of by issued offer purchase public voluntary the 2008, July 22 traded publicly its man subsidiary. of % 89.3 holds 2008 1 and and 1 c , Cologne. Cologne. , TOBER 2008 c S B B EMBER 2008 E, received the order to build and reconst and build to order the received E, ratislava spol. s r.o., a subsidiary of of r.o.,subsidiary s a spol. ratislava A ielsko- B 8 motorway, 0.5 km of the the of km 0.5 motorway, 8 STRABAG S ratislava airport. airport. ratislava 69 expressways. expressways. 69 A AG STRABAG bout 70 % of the contract value falls falls value contract the of % 70 bout on 1 on AG . Following the deadline, the group the deadline, the Following . T B STRABAG his corresponds to approximately to corresponds his B STRABAG iała, with iała, a total of length approxi- y the deadline for on acceptance G A roup. roup. STRABAG S pril 2009. 2009. pril o 1 Jn hd been had June 17 on E G T S erman Kirchner affiliate erman he construction works construction he T S T E as of 30 30 of as E he value of the order the of value he he project he comprises project , a asge the assigned was E, T T he he contract involves e ru’ share group’s he S T S ervices ervices he annual con- annual he E has won the won has E S S STRABAG express 8 eptember G STRA mbH, G er- - - sports facility and pool area drautalperle, S drautalperle, area pool and facility sports pittal/ D rau, A rau, ustria 61 group management report strabag SE ANNUAL REPORT 2008 62 group management report strabag SE ANNUAL REPORT 2008 pean pean markets, non-Euro- the On Europe. Eastern and Central in sector construction the in leader market the it makes put volume in 2008. 2008. years, in volume few put past the the from In profit and region. volume risk in Europe, Eastern this with in business these states for accounting country about 31 % in of the the total group out- diversify margins to high order in relatively 1985 since Europe Eastern in active been

g country report is a European company whose home markets are are markets home whose company European a is STRABAG

r s s a r s b a s a s

o SE by country 2007–2008 STRABAG of volume output 1) Central and Eastern Europe (CEE) comprises the Czech R Czech the comprises (CEE) Europe Eastern and 1) Central € MLN. B Czech R Czech Hungary Poland East Middle Croatia Italy Ireland thereof CEE thereof total volume ustria frica witzerland lovakia lovenia candinavia erbia sia mericas omania ussia Europe of est enelux ulgaria ermany utput ulgaria. epublic 1) STRABAG is active in a requiring projects individual high level of know-how. technological

T his gives the company a unique position in comparison to the competition and competition the to comparison in position unique a company the gives his 13,743 5,096 2,270 4,319 2008 490 889 558 842 429 273 183 188 975 158 182 476 181 178 118 89 53 46 40 29

% oftotal volume output 100 % 100 37 % 31 % 17 % 7 % 6 % 7 % 3 % 4 % 4 % 2 % 4 % 1 % 1 % 1 % 2 % 1 % 1 % 1 % 1 % 0 % 0 % 0 % 0 % 2008 epublic, Poland, Hungary, S Hungary, Poland, epublic, 10,746 3,300 3,802 2,114 2007 864 346 258 248 160 371 145 125 191 316 614 714 110 114 43 30 49 36 49 47 Change Change

G lovakia, R lovakia, ermany and and ermany a icesd t output its increased has STRABAG 284 % 284 285 % -22 % -27 % -19 % 28 % 28 84 % 84 34 % 34 43 % 43 55 % 55 33 % 33 50 % 50 26 % 26 % 25 % 37 % 31 % 24 % 13 % 11 % ussia, R ussia, 7 % 7 % 8 % 7 % %

omania, Croatia, S Croatia, omania, A ustria. ustria. absolute 2,997 1,294 1,019 228 134 156 139 187 218 175 -66 T 174 111 -25 83 33 38 82 18 10 he group has also has group he -7 8 4 3 lovenia, S lovenia,

% oftotal und erbia volume output 100 % 100 35 % 35 20 % 31 % 3 % 7 % 8 % 4 % 3 % 2 % 6 % 1 % 2 % 0 % 2 % 2 % 1 % 1 % 1 % 1 % 1 % 0 % 0 % 0 % 2007 rwh s tl cery bv ta o Wsen uoe I Wsen uoe te opn wl attempt will company the Europe, Western In areas. niche in Europe. projects of help the with margins raise and Western shares market its to consolidate of that above clearly still is growth A Europe. Eastern and Central of Polish markets the on focusing of strategy its the in affirmed itself sees by STRABAG co-financed often are projects construction road the of EU. the and many government that fact the to due situation made clear by the example of Poland: the expected growth rates in the country are relatively high entirely throughout the construction sector. construction off the called or throughout entirely postponed being projects promising in and slowly more completed being projects going T projects. commercial and residential in declines compensate tohelp schools and motorways hospitals, 10 % 12 % stimulus programmes that include plans for infrastructure construction. that include stimulus construction. programmes plans for infrastructure example, for – countries several country. to country from varied extent the although markets, all in noticed be could cooling-off economic an of signs first the 2008, In European Eastern the for expected is growth sector. positive construction clearly but low while volume, output of terms in decline significant a forecast experts the Europe, Western In 2009. in further decline to rates growth Europe in terms of both both of terms in Eastern Europe in expected is growth higher that shows Europe Eastern and Western in volume output the of Europe. Eastern and For years, S ■ ■ ■ ■ COMPARISON WEST GROWTH -6 % -4 % -2 % ource: Euroconstruct December 2008 December Euroconstruct ource: 0 % 2 % 4 % 6 % 8 % he global financial crisis has imposed significant restrictions on the access to credit, resulting in on- in resulting credit, to access the on restrictions significant imposed has crisis financial global he tog te cnmc oeat hv be ajse fr hs mres s el te expected the well, as markets these for adjusted been have forecasts economic the lthough

western european output volume growth volume output european western growth volume output european eastern western european gdp growth gdp european western growth gdp european eastern has pursued the of its in strategy has expanding market of pursued shares STRABAG the Central countries 2007 comparison of the forecasted growth of the the of growth forecasted the of comparison A G DP and output volume. volume. output and DP 2008e A G te osrcin nuty s n motn die o te economy, the of driver important an is industry construction the s ermany, ern EUROP ern B T ulgaria and and ulgaria his has made EU subsidies more important than ever, a ever, than important more subsidies EU made has his 2009e e and eastern EUROP eastern e and T e bv gah hw ta eooit expect economists that shows graph above he R omania – began putting together economic economic together putting began – omania G ross Domestic Product ( Product Domestic ross T 2010e he he aim is for of the construction e 2011e G DP) and DP) 63 group management report strabag SE ANNUAL REPORT 2008 64 group management report strabag SE ANNUAL REPORT 2008 austria office building paar company, graz, austria graz, company, paar building office austria hofgastein, bad bridge, gorge anger in the country. While the the While country. the in the total output volume in in volume output total the is the market leader in in leader market the is STRABAG billion several of amount A the the for rates in growth predict economists spending the all, 2010. In until public construction motorway and from railway for euros impulses expects Euroconstruct growth: to contribution of 40 % came from the the from came % 40 of contribution 2) A volume output group total of share 1) Country necessary most the the but all by cut hit increasingly spending. hard companies as sector particularly the in been likely are has declines and centres) crisis, shopping (offices, construction building Commercial at economists the to according 2009, in stagnate to expected are Euroconstruct. and 2008 in % 2.0 just by grew year. last the in crisis financial international the of quences the While the group average. group the materials, construction of price € 32.7 billion € 32.7 output construction country overall ll growth forecasts as well as the national construction volumes are taken from the Euroconstruct’s December 2008 report. 2008 December Euroconstruct’s the from taken are volumes construction national the as well as forecasts growth ll ustrian construction sector significantly above the Western European average. European abovethe Western significantly sector construction ustrian A B ustrian economy still enjoyed a high in 2007, the country was unable to avoid the conse- the avoid to unable was country 2007,the in high a enjoyed still economy ustrian cmaio, nrsrcue osrcin s xetd o ae sgiiat contribution significant a make to expected is construction infrastructure comparison, y B uilding Construction & Civil Engineering segment still contributed 53 % to % 53 contributed still segment Engineering Civil & Construction uilding A ustria in the 2007 financial year, this percentage fell to 45 % in 2008. 2008. in % 45 to fell percentage this year, financial 2007 the in ustria kept the margins in the the in margins the kept STRABAG A ustria. ustria. T asotto Ifatutrs emn. ept te increasing the Despite segment. Infrastructures ransportation S ome 17 % of the overall group output volume is generated is volume output group overall the of 17% ome 17 % 1) G Construction G Construction DP G DP A ustria’s rowth % rowth G A DP and its construction sector construction its and DP sra hm mre a about at market home ustrian rowth % rowth 2)

2008e 2.0 2.0 2009e 0.0 0.0 A germany the property and facility management specialist De specialist and management facility the property o h E the to the years, the While G in fragmented the strongly the of consolidation the Holding Kirchner firms construction in road the acquired STRABAG participated actively has G company the years, in sector construction the in leader materials can be purchased at a more affordable price during a downturn while revenue from fixed- from revenue while and downturn a services stable. during remains contracts price price subcontractor affordable secondly, more a at acceptance; purchased order be can selective materials more a through and processes generates 37 % of its output volume on the the on volume output its of % 37 generates STRABAG hospitals. and quickly. more implemented be to investments the lawallow to schools procurement of simplification kindergartens, roads, as such infrastructure for construction billion 14 € of amount the in spending public things, other among foresees, gramme least because of a package of stimulus measures from the the from measures stimulus of package a of because least hns o t efrs t aor akt eom n bcue t a srntee is nentoa com international its strengthened has it because petitiveness. and reform market labour at efforts its to thanks see Euroconstruct at economists the theless, A rate. of anegative at growth solid however, that 2009, In so 2008. for construction, expected is % 3.1 infrastructure and construction building commercial struction, con- residential from degree same the to profited year past the in growth Construction 2009. in % 0.2 again scaled back their forecasts and now expect the country’s country’s the once expect now and have forecasts their back economists scaled again crisis, financial the of wake the In industry. construction European the of child For For ten before years, the signsfirst of an in upswing appeared and 2006 2007, european P european s an export-oriented country, country, export-oriented an s erman construction market, establishing a nationwide presence in the process. In 2008, for example, example, for 2008, In process. the in presence nationwide a establishing market, construction erman € 263.9 billion € 263.9 output construction country overall ermany. T ransportation Infrastructures segment already generates 51 % of of % 51 generates already segment Infrastructures ransportation B I in in T T B asotto Ifatutrs emn hs rvdd aifcoy agn i te at few past the in margins satisfactory provided has segment Infrastructures ransportation idn Cntuto & ii Egneig emn hs ny eety eu t contribute to begun recently only has segment Engineering Civil & Construction uilding T atent O atent he economists expect expect economists he G ermany. ffice, munich, germany munich, ffice, T i hs en civd isl b ipoig h itra rs management risk internal the improving by firstly achieved been has his G ray ol b priual hr ht y h fnnil rss Never crisis. financial the by hit hard particularly be could ermany G ermany, the company’s largest national market. In the past few past the In market. national largest company’s the ermany, G ermany to have overcome the economic crisis by 2011 – not not – 2011 by crisis economic the overcome have to ermany G G ermany as being better prepared than other countries, countries, other than prepared better being as ermany 37 % ermany’s construction business is expected to grow to expected is business construction ermany’s T eImmobilien. eImmobilien. G erman home market. market. home erman Construction G Construction G DP G DP G erman government. government. erman G A G rowth % rowth DP to grow by 1.8 % in 2008 and just and by1.8 togrow 2008 DP in % cquisitions are of part cquisitions the that reason mbH and F. and mbH Kirchhoff ute maue novs the involves measure further A rowth % rowth STRABAG G ermany ermany was the problem is the market the is STRABAG T he investment pro investment he 2008e s upt volume output ’s 1.8 3.1 AG , as well as well , as 2009e -0.5 0.2 - - - 65 group management report strabag SE ANNUAL REPORT 2008 66 group management report strabag SE ANNUAL REPORT 2008 A czech republic B Czech Czech T o hs rwh Fr 09 Ercntut o epcs oeae e pstv got i comparison in growth positive yet moderate expects now G the of Europe to Western Euroconstruct 2009, For high. growth. as this times to five even was volume output the of sector. is the third-largest construction company in the Czech Czech the in company construction third-largest the is STRABAG the company generates around 80 % of its output volume in the the in volume investments. infrastructure public-sector to the thanks so to do output continue its of % 80 around generates company the segment. segment. ak t te eauto o te oua n te ih netet ead ic te er 00 the 2000, year the since demand investment high the and koruna the of revaluation the to hanks us T us sphalting airport K airport sphalting € 20.3 billion € 20.3 output construction country overall erminal H erminal R T epublic posted significant growth rates both in terms of terms in both rates growth significant posted epublic he country was able to report report to able was country he B t te rwh s el s h mris r dvlpn stsatrl ad r epce to expected are and satisfactorily developing are margins the as well as growth the oth radec K radec baly, czech republic baly, czech rálové, K rálové, DP (+2.8 %) and the construction sector (+3.6 %). sector (+2.8DP %) construction the and aplice, czech republic czech aplice, G P rwh he tms ht f etr Erp – growth – Europe Western of that times three growth DP 7 % T e eod af f 08 hwvr pt n end an put however, 2008, of half second he Construction G Construction G DP G DP rowth % rowth G DP as well as in the construction the in as well as DP R pbi. n hs rwh market, growth this On epublic. T asotto Infrastructures ransportation rowth % rowth 2008e 3.2 2.2 2009e 3.6 2.8 poland A LUMINA building office by tougher competition and higher salaries. salaries. projects. construction higher and competition tougher by in the totenders However, future. position win is boom favourable further accompanied the construction A A EU.the by co-financed them of sector, many energy market. growth Polish a with 2009, T in % 8.0 of plus a by followed be could 2010. in 2008 already rates growth to double-digit of return growth two-digit the that average. EU expects the than higher significantly still is increase T projected the 2009, in strongly as grow to High levels of public-sector spending and strong private consumption have been responsible for the for responsible been have above-average consumption private strong and spending public-sector of levels High Engineering segment. segment. Engineering the by generated is e rprtos o te 02 UEF 2012 the for preparations he he crisisdoes notfinancial appear to have itsleft mark on the sector: Euroconstruct Polishconstruction partments, P partments, s the market leader in the Polish Polish the in leader market the s bout 73 % of the the of % 73 bout € 39.5 billion € 39.5 output construction country overall G ruszków, P ruszków, DP growth in Poland of the past few years. years. few past the of Poland in growth DP STRABAG T ransportation Infrastructures segment, 25 % by the the by % 25 segment, Infrastructures ransportation A T lready in 2008, 2008, in lready he state is planning projects in road construction as well as in the water and water the in as well as construction road in projects planning is state he , W oland arsaw, P arsaw, G roup’s Polish output volume (about 6 % of the group output volume) output group the of % 6 (about volume output Polish roup’s uoen otal hminhp r cetn iple o the on impulses creating are Championship Football European A T ransportation Infrastructures segment, the group sees itself in a in itself sees group the segment, Infrastructures ransportation was awarded tenders totalling more than € 1 billion. 1 € than more totalling tenders awarded was STRABAG oland nlds hs fcs n h cluain of calculation the in facts these includes STRABAG 6 % Construction G Construction G DP G DP A lthough the the lthough rowth % rowth rowth % rowth B G uilding Construction & Civil & Construction uilding DP is no longer expected longer no is DP 2008e 12.4 5.5 2009e 8.0 4.4 67 group management report strabag SE ANNUAL REPORT 2008 68 group management report strabag SE ANNUAL REPORT 2008 I hungary H financial year – thanks to ongoing large-scale orders such as the M6 motorway.M6 the as such orders large-scale ongoing to thanks – year financial the in place fifth in country the STRABAG placing volume, output group overall the to % 6 contributes Hungary compensate partially least at will Nevertheless, 2010. in growth slight for 2009. hope is in there that so projects spending, state declining the for negative infrastructure remain to EU-sponsored and that now year expects experts full the the Euroconstruct for % 2008, of 6.5 beginning by the collapse at to figures forecast expect been still had growth construction slight While moment. inopportune most a positive. at remain barely to only 2009 in growth economic country’s the Hungary expect economists reached crisis financial global the However, to restructuring efforts, Hungary’s Hungary’s efforts, restructuring to Hungarian government have nearly led to a standstill in public-sector infrastructure construction. A biden T biden gainst the background of a very high state deficit, the extensive savings measures undertaken by the by undertaken measures savings extensive the deficit, state high very a of background the gainst ighway M € 9.8 billion € 9.8 output construction country overall echnical C echnical G 6, V 6, op I Hnay te opn ws be o ep t odr ako sal i te 2008 the in stable backlog order its keep to able was company the Hungary, In roup. éménd- enter, D enter, B óly, hungary unavars G DP growth was a little higher in 2008 than in the previous year. previous the in than 2008 in higher little a was growth DP Á ny, hungary 6 % Construction G Construction G DP G DP rowth % rowth rowth % rowth 2008e -6.5 2.0 A a result, a s T 2009e -3.8 hanks 0.7 slovakia strabag head strabag engineering itself set has government the as Fund. In of the civil area the Cohesion from proceeds using infrastructure network the motorway of the goal extending transportation toward growth of shift a see to expect sector has profited from strong demand in the field of residential construction. construction. residential of field the in demand strong from profited has sector construction the years, few past the In segments. construction individual the in seen be to differences T S in output volume in the country in the the in country the in volume output cnm ge ee fse – n hs en n pt o epnin ic 2001. since expansion of path a on been has and – faster even grew economy margins in this country are above the group average. group the above are country this in margins in market construction road the in tenders several in third one A 2009. 3.0of %in decline a and 2008 for 16.0% of plus a expect experts the comparison, by construction, residential of 1) Includes road construction according to the Euroconstruct definition definition Euroconstruct the to according construction road 1) Includes S his dynamic is predicted to level off in the coming years, according to Euroconstruct, with significant with Euroconstruct, to according years, coming the in off level to predicted is dynamic his lovakia again posted one of Europe’s highest highest Europe’s of one posted again lovakia s the number two on the the on two number the s € 5.6 billion € 5.6 output construction country overall lovakia in 2008 is expected to have grown by 6.0 % – as in the previous year. previous the in by to 6.0 %–as have grown expected is 2008 in lovakia 1) T , Euroconstruct projects a of minus 6.1 projects , % a and of Euroconstruct for plus 2008 14.5 % in In 2009. the field ransportation Infrastructures. In the past financial year, financial past the In Infrastructures. ransportation q uarters bratislava, slovakia bratislava, uarters S lovak construction market, market, construction lovak B idn Cntuto & ii Egneig emn ad about and segment Engineering Civil & Construction uilding G 4 % DP growth rates (7.7%). rates growth DP S lovakia. lovakia. eeae aot w tid o its of thirds two about generates STRABAG G Construction G Construction DP G DP A s is the case in the Czech Czech the in case the is s rowth % rowth succeeded in winning in succeeded STRABAG rowth % rowth T he country’s construction country’s he T he economists now economists he T e upt volume output he 2008e 6.0 7.7 R epublic, the epublic, 2009e 2.2 4.9 69 group management report strabag SE ANNUAL REPORT 2008 70 group management report strabag SE ANNUAL REPORT 2008 russia for the the for A office building with parking “ parking with building office High High Western the them among projects, specific postponed or cancelled have 2009. clients that in so difficult, stable more remain to volume output the expects now the however, on situation, volume market output the the to doubling of goal the itself set had STRABAG margins. high above-average achieve to order in contracts construction the in fee” plus “cost of cept con the through pushing in succeeded has group the segment, luxury the in active also is brand BAG in active been has STRABAG year. following the in stable barely remain to expected is figure same this 2008, in 11.6% by grown private clients in the field of building construction, building hotels, commercial properties and luxury and properties commercial hotels, apartments. building construction, building of field the in clients private M crisis. financial the of consequences the from recover to countries first the bidder. preferred as chosen been gainst the backdrop of the global financial crisis, Euroconstruct has significantly lowered the forecasts theforecasts lowered significantly has Euroconstruct crisis, financial of the global the backdrop gainst ultifunctional complex H complex ultifunctional € 105.0 billion € 105.0 output construction country overall S R peed Diameter, a PPP project in in project PPP a Diameter, peed ussian market. While the output volume of the volume output the While market. ussian S ince ince 2007, active the has in been also company the of area civil engineering. R otel moscow, moscow, R moscow, moscow, otel ussia since 1991. In the beginning, the group worked exclusively for for exclusively worked group the beginning, the In 1991. since ussia has been forced to amend its forecasts. forecasts. its amend to forced been has STRABAG remains confident, however, that that however, confident, remains STRABAG N orth tower orth S . eesug fr hc a which for Petersburg, t. 3 % ” , moscow, R , moscow, R ussian construction sector is projected to have projected is sector construction ussian Construction G Construction G DP G DP ussia A ccess to project financing has become become has financing project to ccess ussia rowth % rowth STRABAG rowth % rowth R ussian market yearly. Due Due yearly. market ussian R ld osrim had consortium -led si wl b oe of one be will ussia 2008e 11.6 5.6 T A e company he s the 2009e -2.5 STRA -0.1 - - switzerland I O shopping and entertainment centre in B in centre entertainment and shopping 19 in % & Civil Engineering segment (2007: 58 %), 32 % in the the in % 32 %), 58 (2007: segment Engineering Civil & A growth. dynamic stable. remain T slisbergtunnel, U slisbergtunnel, he he ffice B ffice bout 49 bout % of the € 32.6 billion € 32.6 output construction country overall S wiss economy is towiss economy projected have grown by 1.9 % in 2008. For to2009, growth expect the experts T uilding H uilding ransportation Infrastructures. In the past financial year, the company completed the Westside the completed company year,the financial past the In Infrastructures. ransportation T he output volume has been at a high level since 2003, leaving little room for further for room little leaving 2003, since level high a at been has volume output he STRABAG agenholzstrasse, Z agenholzstrasse, etliberg W etliberg G roup’s activities roup’sin activities estern K estern ern, the group’s largest project in the country. the in project group’s the largest ern, urich, switzerland urich, nonau, switzerland nonau, 3 % S witzerland in 2008 were in in the 2008 witzerland S pecial Divisions & Concession segment and segment Concession & Divisions pecial G Construction G Construction DP G DP rowth % rowth rowth % rowth B uilding Construction uilding 2008e 0.7 1.9 2009e 0.3 0.8 71 group management report strabag SE ANNUAL REPORT 2008 72 group management report strabag SE ANNUAL REPORT 2008 rai (. %), (3.5 Croatia in Europe Western to comparison in growth economic high relatively A R S expand its business activities in the region. Particular potential can be seen in in seen be can potential Particular region. the in activities business its for expand basis perfect the represent volume output the of rates growth double-digit expected 2007, EU in accession 2007,January the has country taken increasingly advantage of byco-financing the EU.In volume. &R HOTEL NOVI bulgaria sofia, airport ccording to Euroconstruct, the markets in in markets the Euroconstruct, to ccording erbia, B erbia, est of CEE est firm in for STRABAG the construction timefirst wasthe second-largest esort, N esort, ulgaria S oei (. %50 %), %–5.0 (4.0 lovenia : R omania, C omania, ovi V ovi inodolski, C inodolski, S roatia, S S erbia (5.0 %–7.0 %) and and %) %–7.0 (5.0 erbia roatia outh-East Europe continue to show dynamic growth. growth. dynamic show to continue Europe outh-East lovenia, R B omania (6.0 %–8.0 % in 2008), in % %–8.0 (6.0 omania lai (. %50 ) n the and %) %–5.0 (4.2 ulgaria R omania in omania terms of output R omania – following its following – omania to STRABAG 4 % T he osrcin im DN n re t poi fo te bv-vrg mris n h ra construction road the in margins above-average the country. the in from business profit to order in ODEN firm construction fields of the and infrastructures in tunnelling. transportation In projects the past financiallarge-scale year, selected all above include here activities business, area-wide smaller volume. output group overall the to T S R O C itybanan Sö itybanan he remaining countries of Western and Northern Europe in which the group is active contributed 4 % 4 contributed active is group the which in Europe Northern and Western of countries remaining he ffice B ffice candinavia, B candinavia, est of W est uilding E uilding der, S der, estern and N and estern ijssen, B ijssen, tockholm, S tockholm, enelux, I enelux, elgium has no special focus on these countries; in addition to addition in countries; these on focus special no has STRABAG weden orthern E taly, I reland urope: STRABAG acquired the S wedish 4 % 73 group management report strabag SE ANNUAL REPORT 2008 74 group management report strabag SE ANNUAL REPORT 2008 opn, h nnErpa mres r giig n motne n h cret akt environment market current the in markets. importance regular the in volume output in growth lower of in expectations away toas compensate gaining are markets non-European the company, T M areas in which high technological expertise is required. required. is expertise technological high which in areas T markets, In non-European the a special status, as the output volume generated in this region alone accounts for 4 % of the overall the of % 4 for accounts output. alone group region this in generated volume output the as status, special a of areas geographic the includes R hired to set up the infrastructure for a city district of of district city a for infrastructure the up set to hired In A In BUILDING OFFICE DATA and CENTRE INJAZAT B he non-European presence of the the of presence non-European he he focus in these regions is on civil engineering, industrial and infrastructure projects and tunnelling – tunnelling and projects infrastructure and industrial engineering, civil on is regions these in focus he each V each est of W est iddle E lgeria, the company is continuing construction of the A the of construction continuing is company the lgeria, illa C illa G omplex, D omplex, ast, A rowth is to be expected in in expected be to is rowth orld oha, Qatar, uae Qatar, oha, frica, A frica, is usually active as a general contractor through direct export. export. direct through contractor a as general active usually is STRABAG A sia, sia, STRABAG A mericas, A mericas, mericas, mericas, A frica in the coming years: in Libya, Libya, in years: coming the in frica , M G ohammed B ohammed roup is reflected in the item “ item the in reflected is roup A frica and the Middle East. East. Middle the and frica T A ioi n t bid h ra to road the build to and ripoli lthough lthough lgiers Metro line 1. line Metro lgiers sia – sia in Z in sees itself as a European a as itself sees STRABAG ayed C ayed ity, A ity, bu D bu T has been has STRABAG R e ide at has East Middle he s o Wrd and World” of est habi, uae habi, T ripoli ripoli A 6 % irport. M iddle M iddle arsyangdi H arsyangdi ydroelectric P ydroelectric roject, N roject, epal epal 75 group management report strabag SE ANNUAL REPORT 2008 76 group management report strabag SE ANNUAL REPORT 2008 € 10billion € 12billion € 14billion 2004–2008 backlog order of development a r g order backlog

s s a r b r

a a s b s

s € 2billion € 4billion € 6billion € 8billion € 0billion order backlog of strabag se by segment 2007–2008 strabag of backlog order Hungary R Czech Poland Italy 31.12.2008 East Middle € mln. Croatia Ireland total O CEE thereof backlog order to group bution ustria frica witzerland lovakia lovenia candinavia erbia sia egment contri- egment mericas ussia Europe of est omania enelux ulgaria ermany rder backlog rder epublic 2004 others) 2005 13,254 total 4,828 1,399 1,302 3,797 1,188 (incl. 2008 454 368 589 503 559 265 422 286 705 254 252 412 211 60 92 61 24 51 Con- Building 2006 struction neering & civil 2,561 6,774 1,376 1,811 51 % engi- 2007 385 301 196 270 271 120 212 814 317 211 141 48 55 62 49 42 67 19 0 7 portation 2008 struc- trans- Divisions infra- Cessions tures 3,957 1,955 1,207 30 % 30 888 601 224 186 134 314 110 115 43 29 51 15 19 17 1 0 2 0 0 0 1 O C

t s onstruction rder rder orders Large orders Medium-sized large: medium: small: size order of Categories Category special otal otal orders mall & con- 2,480 19 % 559 283 765 169 242 192 174 65 35 22 29 82 20 76 41 6 1 0 0 1 0 0 1 B

acklog on 31 31 on acklog over € 50 million over €50 € 15 to million €50 million to €15€ 0million million others) 10,742 Backlog number ofcon- struction sites total 2,624 1,677 4,274 1,187 Change Change (incl. S 2007 446 488 498 556 358 229 792 250 224 451 150 478 ites 68 38 82 73 51 14 8

17,430 I 17,116 ncluded in the ncludedin D 394 % 394 538 % 538 292 % 292 149 % 125 % group -29 % -26 % -27 % -24 % -16 % 220 -17 % 23 % 23 45 % 45 56 % 56 35 % 35 25 % 61 % 61 % 71 % 10 % 13 % 41 % ecember 2008 ecember -9 % -9 94 94 6 %

13,253,795 13,253,795 absolute 5,160,337 2,881,725 5,211,733 group order 2,512 1,173 -203 -278 -104 -134 554 254 279 201 139 710 213 -44 115 113 -22 -76 43 23 61 24 10 15 T€

O niiul otat, urnes ht h rs ivle wt oe rjc de nt hetn h group the threaten not does project one awhole. as with success involved risk the that guarantees contracts, individual of € 50 million or more fell from 45 % in 2007 to 39 % in 2008. volume of up to € 15 million each account for 39 % of the order backlog, a further 22 % is from mid- from is % 22 € with a further 15volume between sized projects a and € million 50 million. backlog, order the of % 39 for account each million 15 € to up of volume T future a to points % 25 about of decline the Hungary, capacities. of In reduction million. 1,399.0 € to order % the 17 market, by this in fell year: backlog previous the of levels high same the maintain to unable was group the In year. previous the over doubled G than more country the in backlog order the 1,188.5 million, € with T in 2008. volume output the of 96 % covers figure time, growing by 23 % over the previous year to reach € 13.3 billion on 31 December 2008. 2008. December 31 on billion 13.3 € reach to year previous the over % 23 by growing first the time, for billion 13 € of mark historic the passed backlog order group the year, financial 2008 the In r r s r project Country t he overall order backlog is comprised of more than 17,000 individual projects. Minor projects with a with projects Minor projects. 17,000individual than more of comprised is backlog order overall he mentioning: worth particularly is Poland of market growth the on backlog order the of development he rder B rder ermany, the order backlog was up by about 45 %, largely due to In acquisitions. Canada a a Poland Poland Libya Hungary Italy g witzerland ussia ussia ussia he ten L he ten ■ ■ ■

large projects projects large projects medium-sized projects small acklog on 31 D 31 on acklog argest P argest Moscow Hotel Niagara T Niagara Kautschuk Vyksa S Vyksa T III Phase M6 Marche delle Quadrilatero ajura 1 Motorway by-pass 8 –Wrocław otthard B otthard rojects C rojects teelwork unnel ase T ase ecember 2008 unnel North, Lot 151 Lot North, unnel 22 % 22 39 % 39 % 39 urrently in P N umber of P of umber rogress T

■ ■ ■ his reduction, coupled the his coupled high reduction, of number

order volume large projects projects large projects medium-sized projects small on 31 D 31 on T he percentage of large-scale orders of large-scale he percentage € mln. rojects in P rojects ecember 2008 264 283 243 184 195 242 192 130 159 414 R ussia, ussia, by comparison, order backlog as %oftotal 98.2 % 98.2 rogress rogress 0.5 % 0.5 1.3 % 2.0 % 1.2 % 1.5 % 1.5 % 1.8 % 1.8 % 1.0 % 1.4 % 3.1 % 2.1 % T his 77 group management report strabag SE ANNUAL REPORT 2008 78 group management report strabag SE ANNUAL REPORT 2008

further made East. Middle the example for group Europe, of outside the projects business, large-scale for provisions export direct the In as risk. currency and such default higher a to response countries, European Eastern in %).(+56 million 858.4 € T 2,574.5 € to % (+22 expenses personnel as well to revenue. comparison in stable as relatively kept be could million) million) 8,494.0 € to % (+26 services other consumables and materials, raw for Expenses substitutable. partially are services other and consumables portfolio. estate real a of sale the from resulted value year’s R before. in Central and Eastern Europe accounted for 31 % of the overall output volume, the same level as construction the the year in increase % 28 a to contributing tions STRABAG FINANCIAL PERFORMANCE by €1,897.9 liabilities million. non-current and current by €2,464.5 million, increased minorities. after income net the T time. first the for consolidation of scope the in included were companies 46 year, financial 2008 the In CONSOLIDATION EFFECTS OFTO SCOPE CHANGES OF r in headquarters group the of construction the to particularly due million, B 76.9 € to % 72 by grew %, 43 contributed segment

T consortia. of output ratio. atypical shows output and proportional construction the subsidiaries includes also unconsolidated output of construction the revenue, Unlike sector. construction B €881.5 of revenue million. rate. high portionately the acquisitions, enterprise 12 to year.49 %, 6 % 45 % in %,previous the and to compared revenue, the respectively, n cntuto cmay like company construction a In the fact that this figure fell by 87 % to € 2.6 million in the 2008 financial year. financial 2008 the in million € 2.6 to % 87 by fell figure this that fact the T three at-equity subsidiaries. T subsidiaries. at-equity three he he a total of contributed € 881.5companies hese revenue and € tomillion -23.3 the consolidated tomillion he he he he evenue esides the revenue, revenue, the esides ratislava, S ratislava, expenses operating Other expense benefits Employee expense amortisation and Depreciation used services other and consumables aw materials, share of share high orprofit in was loss of year the especially – associates reference which in explains part moved from the negative into positive territory to reach € 30.0 million. Last million. 30.0 € reach to territory positive into negative the from moved inventories in changes f 216 ilo (1 % ws fst by offset was %) (+15 million 221.6 € of income operating other grew by 24by12,227.8 € to % grew year. on year million S lovakia, and of a cement plant in Hungary. Hungary. in plant acement of and lovakia, E exceeded its growth targets in the 2008 financial year, with organic growth and acquisi- and growth organic with year, financial 2008 the in targets growth its exceeded E lo eot cntuto otu vlm – ky iue n the in figure key a – volume output construction reports also STRABAG T A he other operating expenses include depreciation and amortisation charges amortisation and depreciation include expenses operating other he qiiin i te 08 iaca ya hle t gnrt additional generate to helped year financial 2008 the in cquisitions S T ransportation Infrastructures 45 % and and % 45 Infrastructures ransportation he net investment income fell to €15.9 fell income million. investment net he pecial Divisions & Concessions segment in particular grew at a dispro- a at grew particular in segment Concessions & Divisions pecial A s a result of the first-time inclusion, current and non-current assets non-current and current inclusion, first-time the of result a s STRABAG , S ri ad otngo wih eae eesr in necessary became which Montenegro, and erbia esne epne ad xess o rw materials, raw for expenses and expenses personnel A 8 % te eain ewe rvne and revenue between relation the %, 89 t T output volume output he he

B uilding Construction & Civil Engineering Engineering Civil & Construction uilding T he he 8,494.0 2,574.5 mut f w wr capitalised work own of amount € mln. 858.4 S 377.9 2008 pecial Divisions & Concessions & Divisions pecial to € 13,742.5€ to million. te oeaig expenses operating other T his item is dominated by dominated is item his 6,730.5 2,102.2 € mln. 283.5 551.6 Change 2007 A s a result of s a result A ctivities 33 % 33 56 % 56 22 % 22 26 % % of T minorities. after income net the to compared % 33 of decline average above an 1.38, € of share per T €157.0 of minorities after %). (-8 income million to anet 75 leading %to €9.3 million, S was up 9%to up €647.7was T million. holders of the the of holders year, financial 2008 the In T carryforward. loss tax of in 2008, due to especially the fact that no full tax relief was out carried for losses through the capitalisation T securities. of devaluation the and losses exchange currency by offset was 2007. of effect However,increases positive this capital before. year T 2004–2008 development EBITDA amortisation and depreciation taxes, from interest, before earnings earnings the lower the associates, in and investments receivables accounts on write-downs the provisions, higher the Despite development 2004–2008 development ROCE T %, 29 before. year the % to 3.2 goodwill). compared on impairment for million 25 € approx. (thereof related toand charges and charges due tion expenditures acquisitions toand amortisation extraordinary 10 % 12 % 2005 adjusted for Züblin G Züblin for adjusted 2005 ■ ■ € 100million € 200million € 300million € 400million € 500million € 600million € 700million € 800million 0 % 2 % 4 % 6 % 8 % he R he was up 82,904,110shares from of outstanding he weighted number to 114,000,000, to leading earnings he he he he he he E held 90.0 % of the shares of of shares the of % 90.0 held E € 0million

ebitda margin ebitda ebitda fell tax bybefore profit 17 % to € 229.3 million. earnings before interest and taxes (E taxes and interest before earnings of € -40.6 million placed this figure 12 % deeper in negative territory than the than territory negative in deeper % 12 figure this placed million -40.6 € of income interest net eturn on capital employed ( employed capital on eturn T ransportation Infrastructures 51 % and and % 51 Infrastructures ransportation 2004 T e neet eut b cmaio, rw n h ya-nya cmaio tak t the to thanks comparison year-on-year the in grew comparison, by result, interest he G erman subsidiary subsidiary erman roup; 2006 adjusted for profit from sale of DEU of sale from profit for adjusted 2006 roup; 2004 STRABAG his led to a net income of €166.4 (-20 of %). million income to anet led his 2005 he E he R STRABAG was calculated at 5.3 %(2007: 5.3 at %). 8.5 calculated was OCE) 2005 B T STRABAG S I he he T E made a voluntary public takeover offer to the remaining share- remaining the to offer takeover public voluntary a made E D B B margin, however, 6.0 %to %. 5.3 A margin, from fell uilding Construction & Civil Engineering segment contributed segment Engineering Civil & Construction uilding I T ) fell by 14 deprecia- of % higher to € because 269.9 million AG , Cologne. For this reason, the the reason, this For Cologne. , AG S in the amount of T of amount TAG the in T eil iiin & ocsin 1 % o h E the to % 19 Concessions & Divisions pecial , Cologne. Cologne. , he he 2006 CAGR 2006 19 % increased from 24.8 rate increased % tax in 2007 to 27.4 % T i rsle i a E an in resulted his A s of 31 December 2008, 2008, December 31 of s € 63,563 2007 2007 fell by fell interest minority B I agn f . %, 2.2 of margin T 2008 STRABAG 2008 (E B I T B DA 0 % 0,5 % 1 % 1,5 % 2 % 2,5 % 3 % 3,5 % 4 % 4,5 % 5 % 5,5 % 6 % 6,5 % 7 % 7,5 % 8 % I T . )

79 group management report strabag SE ANNUAL REPORT 2008 80 group management report strabag SE ANNUAL REPORT 2008 receivables from concession arrangements, is presented in other operating income. operating other in presented is arrangements, concession from receivables T group. the by be explained by the full consolidation of the the of consolidation full the by explained be can inturn liabilities of financial the to € of increase the million liabilities € million. 798.2 1,434.3 financial million was calculated. calculated. was million a increases, 2007, capital of two the 31 On backdrop the December against total. sheet balance the %of 45 for accounted again million) T

g 20 % and 25 % to be a realistic target in the medium term. medium the in target 25 arealistic %to20 %and be s CASH FINANCIAL POSITION AND

n T level. to €1,491.4 ahigh at million remained but million 1,965.8 € from fell equivalents cash and 5,471.0Cash € to million. % 4 by slightly grew assets Current state. the by made be to payment the of value present the contains arrangements” concession from the in year, financial 2008 the In arrangements”. concession from in 74increase the % to least not due million year, past the In

e neet xes o tee o-eore iac laiiis a wl a te neet noe from income interest the as well as liabilities, finance non-recourse these of expense interest he he he he he €mln. Employed Capital assets Current calculation of net debt ( debt net of calculation Equity assets Non-current liabilities Financial % ratio Equity €mln. debt Net equivalents cash and Cash debt Non-recourse provisions Pension total sheet Balance debt Current debt Non-current provisions everance 31.12.2008 at debt et earing R earing fell from 40.0 % to 30.5 %. 30.5 to % 40.0 from fell ratio equity doubled to € 2,396.0 million as a result of the nearly three-fold increase of increase three-fold nearly the of result a as million 2,396.0 € to doubled liabilities non-current A K concession company that operates the M5 motorway in Hungary. Hungary. in motorway M5 the operates that company concession A atio % atio T - his figure does not include € 798.2 million in non-recourse liabilities related to related liabilities non-recourse in million 798.2 € include not does figure his STRABAG FLOWS T i fgr dcesd o 197 ilo de o h aqiiin undertaken acquisitions the to due million € 109.7 to decreased figure his S

E’s grew significantly once again, up 26 % to € again, 9,765.2 once significantly grew total sheet balance € Mln.) 9,765.2 4,390.2 4,294.2 2,396.0 2,979.0 5,471.0

€ Mln. 2008 T mainly from the new item “receivables “receivables item new the from mainly assets non-current he management board considers an equity ratio between ratio equity an considers board management he A K ocsin company. concession A % ofbalance sheet total 100 % 100 increased to 100 % its stake stake its % 100 to increased STRABAG 44 % 44 45 % 45 56 % 56 31 % 24 % 3,096.4 2,469.8 7,740.8 3,476.0 5,271.0 1,168.4 urn liabilities Current € Mln. of € 927.0 position cash net 2007 T -1,491.4 he item “receivables “receivables item he 1,708.4 5,158.9 -798.2 -109.7 -109.7 405.9 30.5 65.6 -3.7 2008 2008 % ofbalance sheet total € 4,390.2 (€ -1,965.8 4,135.3 100 % 100 -927.0 -927.0 293.5 684.1 68 % 68 45 % 45 40 % 40 32 % 32 15 % -29.9 40.0 61.2 2007 2007 A 0.0 K A . figure in the 2007 financial year (the result of the two capital increases). increases). AG capital STRABAG in interest two minority of acquisition the for million the of result (the year financial 2007 the in figure T of shares additional of acquisition the from 156.1 € million of goodwill includes assets intangible and equipment In line with the the with line In management. capital working to astricter attention more pay year, financial next the 2007. In December 31 to compared capital working the of reduction a 536.1and € by% to million 19 profits from cash-flow increased the to part in due is growth significantly by 63 % to € € million. -1,046.4 to % 63 by significantly T ■ ■ ■ e of development € -1,500million € -1,000million € 1,000million € 1,500million € 2,000million € 2,500million € 3,000million € 3,500million he negative(€he entered-96.9 territory activities from cash-flow million), financing after positive strongly a he cash-flow from operating activities grew significantly last year by 40 % to € 689.9 million. million. € 689.9 to % 40 by year last significantly grew activities operating from cash-flow he € -500million € 500million

e debt net e € 0million q quity uity ratio uity STRABAG STRABAG AG 2004 , Cologne. € 157.1 million are due to changes to the scope of consolidation. of scope the to changes to due are 157.1 € million Cologne. , q uity, net debt and e and debt uity, net G ops xaso srtg, h cs-lw rm netn atvte grew activities investing from cash-flow the strategy, expansion roup’s 2005 T he € 876.8 million for the acquisition of property, plant and and plant property, of acquisition the for million 876.8 € he 2006 q uity ratio uity , Cologne. 2007 T his figure includes € -95.8 € includes figure his wants to wants STRABAG 2008 T 0 % 5 % 10 % 15 % 20 % 25 % 30 % 35 % 40 % 45 % 50 % his 81 group management report strabag SE ANNUAL REPORT 2008 82 group management report strabag SE ANNUAL REPORT 2008 corporate management. In practice, liquidity risks come in various forms: forms: various in come risks liquidity practice, In lines. management. corporate credit surety the of sufficient element central a become has risks by liquidity of management the crisis, hand financial the of face the In other the on lines, credit cash and cash sufficient by hand confirmed the BBB the confirmed S amount the in 2007, 2003 agency In November ratings the international year the from bond the far, thus issued bonds 2008. June in out paid was and due became million €50 of corporate the Of %. 5.75 is € 75 million each with a term to maturity of five years each. In June 2008, a further bond in the in bond further a 2008, June In each. years five of issued. was years five of maturity maturity to term a to and million 75 € of amount term a with each of million tranches three 75 and each € million 50 € of tranches two issued group the 2007 to 2003 From well. as T banks. and warranty guarantees and/or sureties. sureties. and/or guarantees warranty and guarantees. for Liquidity liquidity. long-term and medium-term short-term, sufficient of provision the through lines include a syndicated surety credit line in the amount of € 1.5 billion with a maturity until the end end the until maturity a 2010. of with billion 1.5 € of amount the in line credit surety syndicated a include lines STRABAG group. entire the for defined is reserve aliquidity and made are T which action, for scope environment. market great adifficult in a importance maintain particular of is to able been has a avoid company to the as way, way this a In such risk. in liabilities refinancing financial the of structure maturity the organised has and above In the past, existence of existence solvency.of the the through company constant maintenance ■ ■ ■ T F maturity of five years with Österreichische Kontrollbank and various house banks in December 2008. December in banks A house various and Kontrollbank Österreichische with years five of maturity T

o further improve its financing structure, the group agreed upon a € 200 million loan with a period until until period a with loan million € a 200 upon agreed group the structure, financing its improve further o he medium- and long-term liquidity needs have so far been covered by the issue of corporate bonds bonds corporate of issue the by covered been far so have needs liquidity long-term and medium- he he necessary liquidity is determined by liquidity planning. planning. by liquidity determined is liquidity he necessary he number one objective for the the for objective one number he

E from from E s of the balance sheet date, €175 used. date, been sheet had million balance the s of n h ln tr, h isfiin aalblt o fnnil en las o oeta ipimn of impairment potential to leads means financial of availability perspectives. development strategic the insufficient the term, long the In pace. desired the at executed be cannot they that guarantees or or means financial entirety. sufficient of ex- lack their a to acquisitions, due (e.g. in impossible transaction become and/or no projects or time that penditures) so in sufficient covered be must be levels must liquidity term, obligations medium the payment In daily all term, short the In (€ million) expense other and Interest (€ million) income other and Interest E inancing/ B I T income interest /Net A high degree of creates an diversification adequate risk spread in the provision of the credit lines. T BB he remaining cash and surety credit lines are managed bilaterally in cooperation with various various with cooperation in bilaterally managed are lines credit surety and cash remaining he S has always oriented its financing decisions according to the risk aspects outlined outlined toaspects therisk according decisions its financing has always oriented STRABAG T to + E has a total credit line for cash and surety loans in the amount of € 5.5 billion. billion. 5.5 € of amount the in loans surety and cash for line credit total a has E STRABAG he he building activity requires the constant availability of bid, contract fulfilment,pre-payment BBB S STRABAG for outlook stable and - rating -, thus elevating elevating thus -, S mas o ol slec i te tit es bt lo h aalblt of availability the also but sense strict the in solvency only not means E T T reasury reasury Management of of Management reasury STRABAG T he financial scope of action is thus defined on the one the on defined thus is action of scope financial he -131,003 90,395 S S E to “investment grade”. In November 2008, 2008, November In grade”. “investment to E -6.7x &P raised the corporate credit rating for rating credit the corporate raised &P 2008 B ased on this, liquidity assurance measures assurance liquidity this, on ased E. STRABAG T -86,490 he annual coupon of the bond the of coupon annual he 50,318 T S -8.6x his objective his is objective to be reached i asrn te continued the assuring is E 2007 STRABAG T -93,893 he credit he 37,742 -4.9x 2006 S &P needs. Nevertheless, further bond issues are planned, depending on the market situation, in order to order well. as in futures the in situation, reserves liquidity of level ahigh market maintain the on depending planned, are issues bond further Nevertheless, needs. T b b

Property and Facility Facility and Property ai i te at iaca ya: n diin o h aqiiin f ad n gae fclte, the facilities, gravel and sand of acquisition the to addition in places other in among – groups materials year: construction smaller acquired also financial company past the in basis strategy, corporate the with line In breakdown CAPEX CAPITAL EXPENDITURES lo nrae is tk i te 5 oowy ocsin n ugr t 10 %. is 100 it to where income”, Hungary operating “Other in item financing. the concession non-recourse related from in expense interest the with balanced motorway reported is M5 concession the this from in revenue stake interest its increased also STRABAG (Italy), (Italy), F. Kirchhoff ( T R Czech the and

■ ■ ■

€ 1,080million € 1,200million he extisting liquidity of € 1.5 billion and cash credit lines of € 0.4 billion assure the group's liquidity liquidity group's the assure billion 0.4 € of lines credit cash and billion 1.5 € of liquidity extisting he he item “Changes to the the to “Changes item he € 120million € 240million € 360million € 480million € 600million € 720million € 840million € 960million P leasing Financial liabilities Other

€ 0million assets financial in Investment assets intangible and equipment and plant property, in Investment A consolidation) of scope liabilities ank onds ayment obligations (repayments interest) incl. cquisitions (changes in (changes cquisitions epublic. G T b ermany), ermany), ODEN ( S ervices (formerly Deutsche Deutsche (formerly ervices S cope of Consolidation” is largely comprised of the acquisitions of of acquisitions the of comprised largely is Consolidation” of cope € 876.8 million € 876.8 € 131.8 € 157.1 million continued to invest in the expansion of its raw materials raw its of expansion the in invest to continued STRABAG S weden), Kirchner ( million Book value 1,708,381 T 1,217,977 elekom Immobilien und und Immobilien elekom 31.12.2008 370,000 116,230 ses n dpeito o poet, ln and €377.9 of amount the in million. equipment plant property, on depreciation and assets intangible on amortisation against seen be must report under year the during equipment and plant property, and assets intangible on Expenditures AG STRABAG of shares additional of acquisition the from million 156.1 € of 14 % of its revenue. revenue. its of % 14 of (C expenditures capital cast year, financial 2008 the In to the S to the (Changes acquisitions enterprise and investments and as well and plant equipment, as property, financial assets intangible on expenditures includes and to revenues of % 10 amounted actually figure expenditures. expenditures. and 65 expenditures % maintenance to expansion to ascribed be can 876.8 % 35 € about to which of % million, 61 by grew equipment and plant property, and assets intangible on Expenditures G 4,174 ermany), ermany), t€

cope of Consolidation). Consolidation). of cope Cash flows 332,790 S 239,411 69,898 23,481 tra T e au icue gowl of goodwill includes value he BAG ( 2009 T€ 0

S S Cash flows witzerland) and witzerland) , Cologne. ervice ervice A 31.12.2008 966,000 2010-2013 366,842 € ,6. mlin this 1,165.7 million, € t 525,161 69,197 A a fore- had STRABAG 4,800 PEX) in the amount the in PEX) G T€ mbH) ( mbH) A ustria, ustria, Cash flows after 2013 STRABAG 824,007 G 786,796 ermany). 37,211 R A ussia danti T€ T 0 0 he 83 group management report strabag SE ANNUAL REPORT 2008 84 group management report strabag SE ANNUAL REPORT 2008 the construction part can be assigned to a single segment but the concession part is assigned to the the to of unit assigned is concessions part concession the but segment single a to assigned be can part construction the segment. one than may more to projects assigned be Certainly, also below). chart (see segments the of one to assigned are projects Construction effects. consolidation as well as units staff and companies and income at employees the expenditures, group’s as encompasses service and “Other Consolidation” the overall project value. project overall the of share higher the has which segment that to assigned is responsibility technical and commercial the Engineering, Engineering,

T D segments expressway S expressway

he operating business of of business operating he & civil engineering & civil construction building ■ ■ ■ ■ ■ ■ ■ ■ ■ evelopment of the S evelopment R Engineering Environmental Power Plants B Engineering Civil of Production B Public and Commercial Housing Facilities Industrial Elements Prefabricated ailway S ailway ridges uildings T tructures ransportation Infrastructures and and Infrastructures ransportation 1, S 1, chwechat/ S pecial Divisions & Concessions. In projects which span more than one segment, segment, one than more span which projects In Concessions. & Divisions pecial STRABAG

R annersdorf, austria annersdorf, infrastructures transportation ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■

R B S S Protective Landscape A Landscape Engineering, Hydraulic R Production of Construction of Production S Large- Paving Materials Development and Dyking Waterways, Material ewer S ewer ports and R and ports ailway S ailway ridges Earthworks oads, S E is divided into three segments: segments: three into divided is E egments A Works rea ystems T tructures his is the case, for example, with PPP projects in which which in projects PPP with example, for case, the is his S tructures pecial Divisions & Concessions. Concessions. & Divisions pecial rchitecture ecreational & concessions divisions special ■ ■ ■ ■ ■ ■

Property &Facility Property Infrastructure R G T Operation/Maintenance/ Marketing of PPP of projects Marketing Management Development B unnelling eal Estate Development Estate eal round Engineering round uilding Construction & Civil Civil & Construction uilding T he segment defined defined segment he

s s r r

large-scale bridge building and environmental technology projects. technology environmental and building bridge large-scale elements. admi prefabricated and of production office the as T hospitals, well as hotels, estate, real airports, residential and properties, buildings, nistration industrial and commercial of construction a b a g T S

r r

b a a s s o

segment to the overall group output volume fell from 50 % to 42 % as the the as % 42 to % 50 from fell volume output group overall the to segment T E S acquisitions. enterprise through growth above-average shown has particular in segment structures ilo i te 08 iaca ya, hc rpeet ognc rwh f % vr h peiu year. and million) previous 352.5 the € % to over % 8 of growth organic represents G which year, financial 2008 the in million e il o Cvl niern cmrss ope ifatutr sltos pwr ln construction, plant power solutions, infrastructure complex comprises Engineering Civil of field he he he he he B egment egment rowth in absolute terms was particularly high in in high particularly was terms absolute in rowth E backlog Order Czech R Czech Hungary East Middle € mln. output volume building construction & civil engineering &civil construction building volume output E Poland volume Output Employees revenue % of € mln. Ireland Croatia Italy CEE thereof egment building construction E &civil I B B was practically unchanged at 1.5 at %(2007: unchanged 1.6 %). practically was T margin ustria frica witzerland lovakia lovenia candinavia sia mericas evenue ussia omania Europe of est enelux ulgaria ermany total volume utput B B I I T margin as a as T margin uilding Construction half of the the of half Construction uilding uilding Construction & Civil Engineering segment generated an an generated segment Engineering Civil & Construction uilding revenues epublic amounted to € 5,244.1 million, a 9 % increase over the 2007 financial year. financial 2007 the over increase % 9 a million, 5,244.1 € to amounted 28,802 28,802 1.5 % 5,822 5,822 5,244 6,774 output volume G 2008 78 ray + % o 1,975.1 million). € to % (+5 ermany c

5,822 1,684 1,032 1,975 2008 465 353 320 256 105 134 192 152 210 219 113 B 83 33 58 62 24 18 14 4 uilding Construction & Civil Engineering segment includes the includes segment Engineering Civil & Construction uilding 2007–2008 Change 9 % 1 % 8 % 7 % 9 % C hange output volume %

R si (8 % o 447 million), 464.7 € to % (+83 ussia 5,418 1,264 1,873 1,114 2007 200 238 254 255 228 227 107 107 187 212 26,322 26,322 98 34 38 48 62 75 24 19 18 1.6 % 6,262 6,262 4,816 5,418 2007 77 77 T

he proportional contribution of the the of contribution proportional he -88 % -88 -36 % -36 -42 % -42 -22 % -31 % 83 % 83 63 % 63 55 % 55 33 % 33 40 % 40 33 % 33 26 % 25 % 13 % 15 % 17 % -5 % -5 -9 % -9 -7 % -7 % 5 % 5 % 8 % upt volume output 2006–2007 change % ngineering 45 % 45 26 % 13 % 17 % 11 % in % T asotto Infra ransportation

absolute change f 5,821.8 € of S oai (+55 lovakia 22,525 1.2 % 4,899 4,959 4,257 2006 404 420 102 125 211 -86 -82 -30 -20 -24 -10 -15 65 53 30 29 32 27 24 10 15 -4 -1 T 6 he - - 85 group management report strabag SE ANNUAL REPORT 2008 86 group management report strabag SE ANNUAL REPORT 2008 in in regarding new orders from the first quarter 2009. For 2009, the management board expects board management of the confident is 2009, company the For segment, the 2009. in environment. difficult the despite earnings figures the improve again to once able of being quarter terms In slightly. first fall to the volume output from the orders new regarding S levels. 2008 on based volume output cancellations and delays. delays. and nevertheless, cancellations stable; remain model, to fee” plus “cost business a under handled contracts on and segment luxury private the For stable. remains contracts at fixed-price purchased from revenue be while in can downturn case a materials during the price is and affordable than services more time a of subcontractor period secondly, larger example; a for covers Infrastructures, – average on years 1.5 of times construction project longer comparatively to thanks – backlog order the firstly, downturn: economic an 2009 financial year and now expects a largely unchanged situation over 2008. oversituation 2008. and unchanged nowyear a largely financial expects 2009 as such Europe. contractor Eastern in general markets a However, individual the in great especially are differences the – country the on ding T East, Middle the in increases to due largely persons, 28,802 G and to year financial 2008 the in T Europe. of outside projects for in project first group’s the represents million lava airport in in airport lava of 2008, quarter fourth In the line 1 with a volume of €216 of avolume ( 1with line million R worth mentioning in the the in mentioning worth year, financial 2008 the In group. to the €217 of total 28 attributable %is project million, the Of Infrastructures total 60 %); and in in %); and 60 total Infrastructures T thanks to two in in projects Libya, particular: In fluctuations. cyclical and compensate to economic for order in activities its of diversification geographic the on work to continues STRABAG 2009. in law procurement of simplification a for as well as infrastructure and institutions educational of construction G the from expected are impulses Positive centres. shopping and buildings office hotels, of construction the involving development project private of area the in decline a see to expects however,company the T a volume of about € 200 million, of which 50 % are attributable to attributable are % 50 which of million, 200 € about of volume a at f cnotu ld by led consortium a of part in headquarters in of Munich the headquarters shopping Westside Libeskind-designed tenders. new of Daniel number a the including – year in centre financial past the in projects T On the the On projects. construction building selected for bidding STRABAG with 2009, early in followed T ripoli (€ 433 million, million, 433 (€ ripoli he he he he company, working as part of a consortium, is also busy expanding expanding busy also is consortium, a of part as working company, he he he he total volume of the order amounts to about € 62 million. million. 62 € about to amounts order the of volume total he il dsie h hg odr ako, h epce otu vlm i afce b te uncertainty the by affected is volume output expected the backlog, order high the despite till, esearch Institute for for Institute esearch erman government’s economic stimulus package, which provides for billions in investments for the for investments in billions for provides which package, stimulus economic government’s erman R S ochi, ochi, si sod t rud 14 ilo o 3 Dcme 20, infcnl mr ta tie the twice than more significantly 2008, December 31 on billion 1.4 € around at stood ussia grew by 8 % to € 6,774.0 million. million. 6,774.0 € to % 8 by grew backlog order o te 09 iaca ya vr depen vary year financial 2009 the for expectations management the and situation economic in the the in employees of number ermany. In A ermany. In G R erman home market, the the market, home erman B ussian market, market, ussian R ern, ern, si: h pann fr n mdriain f h tria a te nentoa airport. international the at terminal the of modernisation and for planning the ussia: S S lovakia for € 86 million. million. 86 € for lovakia witzerland, and the the and witzerland, ustria, the number of employee was on the decline. the on was employee of number the ustria, A share share STRABAG nimal Health, the Friedrich-Loeffler-Institute, on the the on Friedrich-Loeffler-Institute, the Health, nimal B ihrw t oiia tre o duln te upt oue n the in volume output the doubling of target original its withdrew STRABAG S uilding Construction & Civil Engineering segment in in segment Engineering Civil & Construction uilding A o far, however, there have been no client bankruptcies. bankruptcies. client no been have there however,far, o i nt e ntc ay osqecs f h fnnil crisis financial the of consequences any notice yet not did STRABAG t the end of of end the t was awarded the contract to build a new terminal at the the at a terminal new to build contract the awarded was STRABAG G STRABAG erman automobile club automobile erman STRABAG A B lgeria, the company is continuing construction of the the of construction continuing is company the lgeria, STRABAG A idn Cntuto & ii Egneig emn ge b 9 % 9 by grew segment Engineering Civil & Construction uilding kademie housing estate in Moscow, in estate housing kademie T finds itself in a relatively favourable situation during situation favourable relatively a in itself finds STRABAG B he tender to build a JW Marriott Hotel in in Hotel Marriott JW a build to tender he A A uilding Construction & Civil Engineering and and Engineering Civil & Construction uilding . Further tenders for the 2014 Winter Olympics in in Olympics Winter 2014 the for tenders Further . frica, the group managed to nearly double its order backlog order its double nearly to managed group the frica, pril, pril, STRABAG is up setting for the a infrastructure of city district s eig n nraig ubr f contract of number increasing an seeing is STRABAG G ’s 25 %). share roup was awarded the contract to build the new national new the to build contract the awarded was roup A was awarded the tender for its first project first its for tender the awarded was STRABAG zerbaijan. zerbaijan. A opee a ubr f large-scale of number a completed STRABAG D A s urnl bdig increasingly bidding currently is STRABAG C under a partnership model. model. C a under partnership T subsidiary Ed. Züblin Züblin Ed. subsidiary STRABAG e rjc i big are ot as out carried being is project he R B ussia – while also securing also while – ussia altic altic T hanks tohanks its on focus the G B S ermany. From 2009, 2009, From ermany. G aku for around € 75€ around for aku ea island of of island ea expects STRABAG T rays Federal ermany’s he order backlog order he T T T ransportation ransportation A he order he has order lgiers Metro lgiers R R B S iems. ussia ratis- ochi AG - . leisure and shopping centre westside, bern, switzerland switzerland bern, westside, centre shopping and leisure project a t 1) Only order backlog, not total project value. project total not backlog, order 1) Only S engineering & civil P selected Vyksa S Vyksa Hotel Moscow Moscow Hotel Metro A Metro ajura D A C headquarter C headquarter lgier teelwork teelwork building construction building in the rojects egment rder backlog o Constructionperiod country G R A R Libya lgeria ussia ussia ussia ussia ermany ermany 08/04–09/09 08/04–09/09 09/08–02/11 09/08–02/11 09/08–05/11 10/08–10/12 11/07–10/10 ( © A rchitekturfotografie A rchitekturfotografie € 243 million € 195 million € 148 million € 99 million € 99 € 91 million . G empeler) 1) 87 group management report strabag SE ANNUAL REPORT 2008 88 group management report strabag SE ANNUAL REPORT 2008 and aggregates also forms part of the segment. the of part forms also aggregates and structures protective projects. and bridge safety facilities, small-scale recreational or and sport of construction the paving, dyking, construction, waterway canalisation, earth-moving, as such construction, road to related activities any

r T S a g

s r s s s a

s b a

G STRABAG the in consolidated 2007. in Holding million 350 € about of volume output an generated r b transportation infrastructures business in the the in business infrastructures transportation acquired a majority stake in the road building company F. Kirchhoff Kirchhoff F. company building road the in stake majority a acquired costs integration and prices materials raw Fluctuating EB the on report. aburden to be proved under year the in million 5,464.3 € to T

segment in segment the 2008 financial year to €6,274.2 million. In in increase % 36 a to led acquisitions of number A he he hanks hanks to a number of acquisitions, € Mln. 1) adjusted for proceeds from sale of DEU of sale from proceeds for 1) adjusted output volume transportation infrastructures transportation volume output E volume Output backlog Order Czech R Czech revenue % of E € Mln. Employees Hungary Poland East Middle Croatia R Italy CEE thereof O egment transportation infrastructures B B ustria frica witzerland lovakia candinavia erbia lovenia sia evenue omania Europe of est ulgaria ussia enelux ermany total volume utput T I I ransportation Infrastructures segment comprises asphalt segment and comprises Infrastructures concrete road as ransportation construction well as margin as a as T margin T G b, hc gnrtd n upt oue f 33 ilo i 2007. in million 373 € of volume output an generated which mbH, epublic 33,906 33,906 2.5 % 5,464 5,464 3,957 6,274 output volume 2008 138 TAG € of

roup in the third quarter. third the in roup I T T e rdcin f osrcin aeil sc a apat concrete asphalt, as such materials construction of production he and the E the and revenues 6,274 2,360 2,598 T 70,625 2008 898 646 782 437 128 124 178 111 83 99 44 43 33 42 14 5 5 3 1 2007–2008 change -26 % 90 % 90 36 % 36 23 % 20 % in the B I T margin. Change output volume % G

erman state of of state erman T ransportation Infrastructures segment grew Infrastructures by ransportation 23 % in the the in volume output G 1,903 4,617 1,734 ermany ermany (+50 % to € 2,598.2 million), 2007 645 355 138 815 512 28,352 60 45 38 77 42 28 97 17 4.2 % 4.2 4,455 4,455 2,081 0 9 5 0 0 0 4,617 2007 A 186 s aqie ws 0 o KI of % 80 was acquired lso

B aden-Württemberg. aden-Württemberg. 100 % 100 % 100 % 100 % 147 % 113 % 36 % 36 84 % 84 50 % 50 29 % 29 56 % 56 23 % 26 % 61 % 21 % AG 10 % 24 % 13 % 18 % T 2 % 5 % 0 % ransportation Infrastructures Infrastructures ransportation 2006–2007 % te akt edr n the in leader market the , change 24 % 13 % -1 % 6 % 5 % B t aqiiin were acquisitions oth %

absolute change T e company he STRABAG R 25,047 3.6 % CHNE 4,646 1,657 1,986 4,217 150 2006 864 457 134 137 111 83 68 38 40 82 25 47 2 2 5 5 5 0 5 3 1 1) R R to addition %).(+90 In T of number a for bidding is company PPP projects. three the including projects and million, 400 € about of total a worth contracts struction countries, two these In 178.2 million). € to (+29% the by acquired % 100 was based million. 121 € of volume output an oe a ee ut e et n h ipt rcs i te 08 iaca ya, iue pie, for prices, bitumen year, financial 2008 the contracts. new in materials in construction for clauses adjustment price – to agree to sure make prices input the on example, kept were subject to of fluctuations € be 230 to € 420 per must tonne. For this reason, eye an more, Further- pressure. price higher to it, with and, competition increased to lead could volume construction declining the time, in tendered not are projects the If 2009. in business of development the for decisive T outside projects high-margin selected pursuing of strategy the well. as Europe of to testify %) 60 million, 48 (€ Libya million, 191 € stable. least at of margins infrastructure urban the and of volume modernisation the like output projects the Large-scale keep to us allowing subsidies, EU and programmes Czech the as such Poland, markets competition, and the higher orders to in fewer response public-sector Hungary T employees. 33,906 to % 20 up well, as A stable. 2012 the host remain will UEF Ukraine, the with together to expected are margins field, the in competition T of lot a is there while and, country year. financial 2009 the from motorway National of section the a of of construction the including billion, 1 € than more totalling Poland 2008, In million. 888 € to (+204 up threefold in the %) country backlog million),with in order out stood in Poland growth particular, R Czech the in all above good remained growth Organic increase, to expected are pressure. cost to investments alleviate helps base materials raw own our having and Infrastructure downturn: economic the of effects the cushion locations. 300 than at more in 16countries European maintenance emulsion/road bitumen gravel and in sand places other of among – acquisition groups materials the to construction smaller addition as well In as year. facilities financial past the in basis materials raw its of T 2007. in € 28 million quarter. In 2007,second the the in bySTRABAG fully consolidated was which and 2008 in stake amajority bought STRABAG where in volume output the of all Nearly T granted. been million. 61 € to amounted revenues Hungaria’s In 2007, production. stone gravel and concrete, CEMEX of field the in participants market important two July, in Kft. Epitöanyagok Hungaria CEMEX Czech the he he e cnmc tmls rgams en pand y h idvda ntoa gvrmns il be will governments national individual the by planned being programmes stimulus economic he he Poland, as least not 2013, by Poland in billion 67 € some invest to plans (EU) Union European he he he he s was the case with the output volume and the order backlog, backlog, order the and volume output the with case the was s epublic (+660), Poland (+393) and S (+393) and (+660), Poland epublic of the the of backlog order differs from country to country: while while country: to country from differs environment economic T B ransportation Infrastructures segment made intensive investments in the continued expansion expansion continued the in investments intensive made segment Infrastructures ransportation idn Mtras iiin s cie n h mi bsns fed o cnrt, tn/rvl and stone/gravel concrete, of fields business main the in active is division Materials uilding S tra BAG R R epublic –, –, epublic epublic and and epublic share 60 %) and the construction of the road to road the of construction the and %) 60 share STRABAG G B roup, consisting of of consisting roup, ełk to Świerklany. Świerklany. to ełk G STRABAG ermany (+76 % to € 1,207.2 million) and the Czech Czech (+761,207.2 the € to and ermany % million) T R he group is bidding for various motorway and expressway projects in the the in projects expressway and motorway various for bidding is group he STRABAG T oad DK 16 to an expressway and the construction of a section of the the of section a of construction the and expressway an to 16 DK oad G asotto Ifatutrs emn nal duld o 3969 million 3,956.9 € to doubled nearly segment Infrastructures ransportation S STRABAG ray r epce t poi fo te poig cnmc stimulus economic upcoming the from profit to expected are ermany tockholm ( tockholm S A candinavia (€ 110.7 million) was generated by the ODEN subsidiary, ODEN the by 110.7(€ generated was candinavia million) S ’s lso consolidated fully in the second quarter was the the was quarter second the in fully consolidated lso E announced the 100 % acquisition of CEMEX CEMEX of acquisition % 100 the announced E candinavia (+371).candinavia S sees Poland as the driving force behind growth in in growth behind force driving the as Poland sees STRABAG tra T G T S ransportation Infrastructures segment was awarded orders in orders awarded was segment Infrastructures ransportation roup in May. in roup he growth was borne mainly by mainly borne was growth he weden)-based company employed 400 people and generated and people 400 employed company weden)-based BAG A ustria generated revenues of € revenues 196 CEMEX while generated million, ustria S European Football Championship. Football A European trassenbau und und trassenbau A pr ac 20, euaoy prvl a nt yet not had approval regulatory 2009, March per s was awarded tenders for large road con road large for tenders awarded was STRABAG T he group generated an output volume of about of volume output an generated group he epublic (+21epublic %to S €782.4 and million) B in the segment grew grew segment the in levels employee eton eton s utn cpcte in capacities cutting is STRABAG and and AG S G T łupsk by-pass, the upgrade the by-pass, łupsk ajura, Libya (project volume (project Libya ajura, T R ermany (+3,072), the Czech Czech (+3,072), the ermany ripoli International International ripoli epublic (+89 % to € 600.6 € to % (+89 epublic STRABAG will continue W i tta tta A ustria, ustria, A B ustria ustria a T u S his helps to helps his R witzerland-

AG ussia and ussia and and AG lovakia A , which , irport, A 1 - pages 18–21 raw materials on on thedivision more inforation 89 group management report strabag SE ANNUAL REPORT 2008 90 group management report strabag SE ANNUAL REPORT 2008 t a

a project C onnection from road 2531 to 22 N 22 to 2531 road from onnection M6 Phase III Phase M6 1) Only order backlog, not total project value. project total not backlog, order 1) Only selected P selected D3 T D3 ajura 1 Motorway 1 Motorway 8 – Wrocław by-pass by-pass 8 –Wrocław abor-Veseli S infrastructures transportation in the rojects Poland Poland Libya Libya Hungary Poland Czech R Czech country ational R ational epublic epublic oad, P oad, orderbacklog constrution period oland 09/08–12/10 09/08–12/12 10/08–12/10 10/08–10/12 11/07–03/10 € 184 million € 242 million € 152 million egment € 116 million € 114 million 1) 91 group management report strabag SE ANNUAL REPORT 2008 92 group management report strabag SE ANNUAL REPORT 2008

b r

r T S r s g caverns. and business. galleries Concessions the is underground of business of as area well as tunnels railway and road of construction a management. property and facility in activities our of expansion reality, which involved and the of the inclusion engineering the foundation new fieldof business specialty “ of name previous the as year financial 2008 operation. and financing ment,

Divisions & Concessions segment in the medium term but ended up still negative in the past financial past the in negative still up ended but term medium the in segment Concessions & Divisions r s s in in

Firstly, the two sub-divisions comprising the the comprising sub-divisions two the Firstly, volume. output segment the of growth the to support helped cular parti in things two report, under period the In projects. large-scale of number small the to due volatile transferred from the the from transferred cessions segment in the first quarter. In the 2007 financial year, the two subdivisions had an output an had subdivisions two the year, financial of € 202.0volume million. 2007 the In quarter. first the in segment cessions

share of the overall group output volume from 5 % tofrom 10volume output %. group of overall the share its in of € to plus % a increase 143 an 1,417.4showed year, to it financial corresponding 2008, in million the While o b s

he he Poland € mln. output volume S volume output volume Output Croatia Ireland East Middle Italy Canada Hungary E backlog Order € mln. Czech R Czech E CEE thereof Employees revenue % of egment S T B B ustria witzerland lovakia candinavia lovenia ransportation Infrastructures in particular. particular. in Infrastructures ransportation omania evenue Europe of est ussia enelux ulgaria ermany total volume utput S I I T margin as a as T margin pecial Divisions & Concessions segment includes the area of tunnelling, which comprises the the comprises which tunnelling, of area the includes segment Concessions & Divisions pecial output volume in output the epublic pecial D pecial B uilding Construction & Civil Engineering segment to the the to segment Engineering Civil & Construction uilding 3.5 % 3.5 pecial D pecial 2,480 1,483 T output volume 1,417 5,174 he margin was expected to move towards the average margin of the of the margin toaverage movethe towards expected was margin he 2008 52 S c

pecial Divisions & Concessions segment was in on the the decline segment 2007 & Concessions Divisions pecial T he segment was renamed “ renamed was segment he ivisions &C ivisions 1,417 2008 ivisions &C ivisions 206 250 461 136 122 172 60 44 42 42 28 16 16 13 4 6 2 1 2 0 2007–2008 Change 184 % 154 % 143 % 6 % 8 % T T Change output volume % S hese include project-related services such as develop as such services project-related include hese unnelling & unnelling S

pecialty Foundation Engineering business field were field business Engineering Foundation pecialty ervices include global project development activities activities development project global include ervices oncessions oncessions 2007 582 106 135 149 99 38 49 22 25 13 12 13 T S 8.2 % 8.2 2,348 2,348 1 9 1 0 4 8 1 2 1 1,824 he business in the field is traditionally very very istraditionally field in the business he ervices” no longer did justice to the new new the to justice did longer no ervices” S 2007 585 585 582 582 pecial Divisions & Concessions” in the the in Concessions” & Divisions pecial 48 48

4,300 % 4,300 1,223 % 4,100 % -100 % 455 % 455 209 % 209 143 % 100 % 211 % -36 % -36 -75 % 85 % 85 33 % 33 94 % 94 50 % 50 22 % 22 37 % 11 % 0 % 0 % 0 % 2006–2007 % change -37 % -29 % -16 % 54 % 54 S 19 % pecial Divisions & Con- & Divisions pecial %

absolute change further further A 7.3 % 1,538 1,525 S pecial 835 2006 693 935 100 100 159 312 115 43 68 37 19 41 11 -6 -9 -1 4 0 4 4 2 0 0 - - in intelligent traffic control systems. systems. control traffic intelligent in EFKON ding. May,In million. € 558.5 to million 444.6 € from increased backlog order 172.0the € 12.9 to € and million from million Italy in me the consolidation, the With quarter. 2007. in employees 370 had and million 160 € of revenue 01 Fl cnoiain a md i te eod ure. eal a t te conig f the Deutsche based of accounting the July,Deutsche to In as Details quarter. second the in report. this of Notes the in found be can made concession was consolidation Full 2031. company. concession motorway M5 A projects. PPP of infrastructure area the in bids making when system toll the also but service 2007.in € 70 million of acquisition % 100 the already held about 25 % of of % 25 about held already STRABAG S duration. short rather of projects involve small usually in orders as segment, the in 2008 financial year through acquisitions. In February, February, In acquisitions. through year financial 2008 PPP Infrastruktur Infrastruktur PPP year. sche sche Property and Facility Facility and Property growing but ted fragmen strongly the in company. market the of new share high a capture the to able be will it in that confident is activities STRABAG management facility group existing the merge to like would step, next equity and borrowed capital a scarce resource. Many banks have withdrawn from the project financing financing project the from withdrawn have banks Many resource. scarce a capital borrowed and equity both made has markets financial international the on However, crisis the negotiation. and processing of stages various in currently are amounts similar with projects Further sum. million-euro three-digit a for In markets. foreign in achieved be can margins higher while prices low at tendered to be continue will of as such new markets on focus low,a is stronger there and De renamed STRABAG year. financial 2007 field. estate real the in chain the value-added entire the in offer to competitively STRABAG billion 1 € of revenue generated and people 6,240 to is examining a number of tenders. tenders. of number a examining is STRABAG markets. non-European selected in as well as markets core the in trains metro underground and ways of acquisition the of result a as millions triple-digit the in backlog De order additional the to thanks year. T previous the million to €585.0 T to 5,174persons by 3,350 year financial employees. the in increase toan T T T age in the next few years. In December, the new company was able to post its first success: effective 1 success: first its post to able was company new the December, In years. few next the in age T he segment generated generated he segment of of the field the merger and acquisitions, he above-mentioned sum. million-euro double-digit amid-range comprises contract the of volume annual he he he he he econdly, the econdly, the lso lso in May, the board management of A R S effective 1 effective STRABAG 2008. October T pril 2009, the company will take over the facility management of HypoVereinsbank in in HypoVereinsbank of management facility the over take will company the 2009, pril eImmobilien. eImmobilien. eal eal Estate Development pecialty Foundation Engineering, the situation is similar: large-scale projects in projects the is situation Engineering, Foundation large-scale similar: pecialty of the segment increased by 6 % to € 2,479.6 million, more than tripling in in tripling than 2,479.6more € to % million, 6 by increased segment the of backlog order is currently bidding for large infrastructure projects such as tunnels for motor for tunnels as such projects infrastructure large for bidding currently is business tunnelling T T elekom. elekom. he restructuring is expected to somewhat balance out the traditionally volatile course of business course volatile out the traditionally balance to is somewhat expected he restructuring STRABAG is a leading company in electronic payment systems in the field of transportation and and transportation of field the in systems payment electronic in company leading a is AG S A pecial Divisions & Concessions segment expanded and strengthened its portfolio in the in the portfolio its strengthened and expanded segment & Concessions Divisions pecial ccording to ccording the terms of De the agreement, T G T B elekom Immobilien und und Immobilien elekom erman facility management market. Following a period of consolidation, consolidation, of period a Following market. management facility erman S elekom and and elekom eteiligungs eteiligungs T E acquired a substantial package of shares in EFKON in shares of package a substantial E acquired in the the in employees of number he investment in EFKONin allows investment he S T ervices ervices revenues eImmobilien into into eImmobilien B ologna, Italy-based construction firm firm construction Italy-based ologna, , the S pecialty Foundation Engineering, in contrast to the rest of the segment, the of rest the to contrast in Engineering, Foundation pecialty G STRABAG G STRABAG mbH, bringing bringing mbH, in of the amount € 1,483.3 year,in million the financial 2008 compared b i epce t gnrt E generate to expected is mbH S B he EB he T pecial Divisions & Concessions segment boosted its output volu output its boosted segment Concessions & Divisions pecial ased in in ased STRABAG he M5 motorway is operated by the the by operated is motorway M5 he T A he property and facility management specialist employed some specialist and management facility he property K S S Property and Facility Facility and Property STRABAG before acquiring acquiring before A I G ervice ervice T E concluded an agreement over the purchase of Frankfurt- of purchase the over agreement an concluded E roup is pre-qualified for PPP building construction projects projects for PPProup is construction building pre-qualified grew by 8%to grew €51.9 million. G T he price level in the core markets, however, is generally generally however, is markets, core the in level price he raz, raz, STRABAG S S G E approved the complete of acquisition the Hungarian pecial Divisions & Concessions segment in the 2008 2008 the in segment Concessions & Divisions pecial mbH (De mbH A to offer not just motorway construction construction motorway just not to offer STRABAG ustria, the company generated revenues of about about of revenues generated company the ustria, STRABAG ’s share to 100 %. 100 to share ’s S T A eImmobilien was sold eImmobilien by Deutsche candinavia and the Middle East. In the area area In the East. Middle the and candinavia T danti was first consolidated in the second second the in consolidated first was danti eImmobilien), a 100 % subsidiary of Deut a 100eImmobilien), % subsidiary A K A S A danti danti S pecialty Foundation Engineering, led led Engineering, Foundation pecialty B ’s holding company from from company holding ’s E signed the agreements covering covering agreements the signed E I agn aoe h gop aver group the above margins T S .p. just below a majority hol a majority below AG just A A S T . K ervices ervices he concession runs until runs concession he T concession company. concession A he company generated generated company he T he acquisition allows allows acquisition he G ermany and ermany G b ad i a in and, mbH STRABAG R G G aiffeisen T ermany. ermany elekom elekom A ustria ustria ------93 group management report strabag SE ANNUAL REPORT 2008 94 group management report strabag SE ANNUAL REPORT 2008 Nowy Nowy On 30 S the of construction the cing bottlenecks have already forced some large-scale projects to be delayed in in delayed be to projects large-scale some forced already have bottlenecks cing Finan authorities. into local pump will packages stimulus the money how much just to seen be remains It processing. toare in phase project the and allow planning time, projects selective bidding and enough STRABAG closing is planned for mid-2009. for planned is closing der behaviour in sector.the public For behaviour der In the 2009 financial year, the financial 2009 the In margins. increased for room no leave of field the in competition tougher the but growth, volume continued of ments. Falling construction prices due to higher subcontractor capacities and reduced raw materials materials raw reduced and the costs should stabilise at margins a lower level. capacities subcontractor higher to due prices construction Falling ments. develop project attractive into enter to market, the by induced opportunities, favourable see company to the However,hopes prices. sales of erosion an and demand tenant declining a estate, real mercial A conditions. viable economically or options financing capital. equity of commitment higher a with possible be only will projects large for financing the and business, project t g

gainst the background of this situation, situation, this of background the gainst 1) Only order backlog, not total project value. project total not backlog, order 1) Only selected P selected Quadrilatero delle Marche Marche delle Quadrilatero Niagara T Niagara Metro A Metro unnel B unnel otthard B otthard T A omyśl, omyśl, with a total volume investment of € 1.5 billion, was with signed the Polish government. ugust ugust 2008, the governing the phase of contract second the A s a result, it is to be expected that projects will be delayed or even cancelled due to a lack of of lack a to due cancelled even or delayed be will projects that expected be to is it result, a s msterdam msterdam lessberg lessberg G unnel unnel roup’s share in the consortium roup’s is 10 in share the consortium %; is 100the of share the %.construction ase T ase rojects in the S in the rojects unnel North, Lot 151 Lot North, unnel t. Petersburg by-pass (Western High S High (Western by-pass Petersburg t. activities will be largely influenced by the the ten by influenced largely be will activities Development Infrastructure STRABAG pecial D pecial orderbacklog onstruction period C Country

s g

expects to see weaker investor demand for com for demand investor weaker see to expects STRABAG Italy Italy Canada Canada Netherlands Netherlands witzerland witzerland ermany ermany , no change in the tender behaviour can be seen at this be can seen , in behaviour the no tender change G ivisions &C ivisions overnmental stimulus programmes hold the stimulus programmes promise overnmental peed Diameter). peed S oncessions A 08/08–06/13 08/08–06/13 04/03–06/11 04/03–06/11 08/05–12/09 08/05–12/09 03/06–12/11 03/07–12/12 2 motorway between 2 Świecko and between motorway R eal Estate Development will will Development Estate eal R ussia, among them them among ussia, egment € 192 million € 159 million € 414 million € 112 million € 85 million € 85 T he financial he financial T 1) he he - - - - D am power plant N plant power am assfeld, B assfeld, ockhartsee, B ockhartsee, ad G ad astein, austria astein, 95 group management report strabag SE ANNUAL REPORT 2008 96 group management report strabag SE ANNUAL REPORT 2008 udlns o te oklw n h oeaig nt, cnrl diitain cnrlig adtn and auditing controlling, administration, central a management. contract units, operating the in workflow the for guidelines T Management Contract debt. organised outstanding for claims assert centrally better can department the management, services supplemental and processing ment. ment. manage- steering and assessment higher-level the by supplemented controlling, acquisitions and site rcse fr h tml ietfcto o ptnil ik ta cud tn i te a o achieving of way the in stand could that risks potential of objectives. company identification timely the for processes ie u cnrl otoln poie cntn cmeca bcig esrn ta rss f individual of risks that ensuring company. the of backing, continuance the endanger not do projects commercial same constant the the by at provides controlling comparisons; managed is central target/performance our monthly time execution by Project controlled sites. and site construction on team our at construction profile and costing job performance of a process uniform establish a assure to to accounting up set Cost been feasibility. have guidelines economic allocation and expense technical and their for reviewed and commissions segmental ih nenl omril udlns s urned y h cnrl conig n cnrlig depart- controlling and process. planning accounting periodic the and reporting internal central for responsible also are the which ments, by guaranteed is guidelines commercial internal Compliance with reports. status daily and planning financial constant through secured is which nagement, instances of manipulation. manipulation. of instances previously a pays client the which in project. the of contracts costs the on margin agreed “cost-plus-fee” signing at efforts possible. makes as STRABAG demand low the as by or market services individual an certain by for exerted success company’s the on influence the keep to order in diversification product-related and geographic with risk market to planning. responds operating further and STRABAG strategic of adaptation the as well as services of range and presence market in adjustments to lead risks external in Changes units. operating and ments T policy. risk appropriate the T activities, business its of course the In risk MANAGEMENT Under financial risks, risks, financial Under F procedure. of rules internal to according board management the by or heads department and managers division by approved and reviewed are choice. project the review to order in lists acquisition keeps T O construction in risks. changes in the technological result market, and all building markets can the capital of the on development conditions growth, situation, economic competitive Overall sector. and region on pending T E he group’s internal risk report defines the following central risk groups: risk central following the defines report risk group’she internal e ru’ gas r dfnd t l lvl o te company. the of levels all at defined are goals group’s he an using with dealt and system management risk active an using assessed and identified are hese he operating risks primarily include the complex risks of project selection and execution. execution. and selection project of risks complex the include primarily risks operating he de- degrees varying to reacts and fluctuations cyclical to subject is industry construction entire he inancial R inancial xternal R xternal perating R perating T e ik otoln poes nlds criid ult mngmn sse, nenl group internal system, management quality certified a includes process controlling risk he isks isks isks T understands risks in financial matters and in accounting, including including accounting, in and matters financial in risks understands STRABAG he organisation of of organisation he T T ee ik ae otnal osre ad oioe b te aiu depart various the by monitored and observed continually are risks hese ruh h etbihet f opn-ie ult sadrs n quotation in standards quality company-wide of establishment the hrough S eil teto i pi t or iudt ad conig rcial ma receivable accountings and liquidity our to paid is attention pecial STRABAG T B aod ern te nie ik f iig rcs y itself, by prices rising of risk entire the bearing avoid o d o € 0 ilo o mr ms b aaye b inter- by analysed be must more or million 10 € of ids STRABAG ’s risk management builds on project-related job- project-related on builds management risk ’s G op s ujc t a ra nme o risks. of number great a to subject is roup B usiness transactions requiring consent requiring transactions usiness T i ws peeust t stig up setting to prerequisite a was his STRABAG ’s organisation, ’s STRABAG - - T employees. group all from but employees Compliance management-level other from as well supervi as and boards management the sory of members the from only not expected is principles and values these the of instructions and guidelines the in flected eiw f h cret ik iuto rvas ht h rprig eid hw n rss which risks no shows period risks. future reporting visible any there were the nor existence, that company’s the reveals jeopardised situation risk current the of review A found be can risk liquidity and risk Instruments. 23 Financial credit point under Notes the in risk, currency risk, interest regarding information Detailed fore. the at are scope of economies companies, these With sector. the for typical holdings, minority involve usually companies functions. advisory shareholder existing its any applicable, through if and, companies position associated of management the on influence exert can STRABAG I together competence. executives social and loyalty company senior motivation, planning, as group’s such issues discuss the and employees management In the analysis. talks, potential feedback management a subsequent including measures, diagnostics aptitude of series a management, in introduced employees of potential the assess properly to order In competition. in tor fac important an is workforce motivated and qualified highly a having that shown has experience Past P committee. I central the by handled is software) and ware ment with the support of a data specialised base. R O Compliance convey to order In implementation. for departments relevant to the on passed were behaviour. unethical and of corruption board to management the presented were combat results to designed activities the and systems compliance Wirtschaftsprüfung PwC commissioned last STRABAG regard. this in sheet balance the on provisions entered has the group. against for compensation claims will raise that third parties be it precluded cannot corruption. particular. involving particular in law, in the of auditing internal by but areas, business the all In by monitored are law) the of infringements R nvestment R nvestment he Code of Ethics is available for download at www.strabag.com -> www.strabag.com at download for available is Ethics of Code he isks concerning the quality and quantity of personnel are covered by the central personnel depart- personnel central the by covered are personnel of quantity and quality the concerning isks other or deception fraud, advantages, of (acceptance manipulation of instances possible from isks ersonnel R ersonnel rganisational R rganisational G erman state of of state erman G G uidelines and the Code of Ethics are to guarantee honest and ethical business practices. practices. business ethical and honest guarantee to are Ethics of Code the and uidelines uidelines in 2007. in uidelines isks STRABAG isks S axony, the federal prosecutor’s office in Chemnitz reported repeated violations repeated reported Chemnitz in office prosecutor’s axony,federal the isks ’s values and principles, the group drew up its Code of Ethics and internal internal and Ethics of Code its up drew group the principles, and ’svalues T he values and principles contained within these documents are re are documents these within contained principles and values he S ome of these cases have harmed harmed have cases these of ome department, controlled by the international I international the by controlled department, T T companies and divisions. Compliance with with Compliance divisions. and companies STRABAG he he company’s I STRABAG G mbH in 2007 to review and assess the group’sin mbH 2007 to assess review and T he shares in asphalt and concrete mixing concrete and asphalt in shares he S T andconfiguration (hard- infrastructure E, and the auditors’ recommendations auditors’ the and E, STRABAG directly and directly STRABAG S E -> Code of Ethics. of ->Code E STRABAG STRABAG steering T T T he he he - - - 97 group management report strabag SE ANNUAL REPORT 2008 98 group management report strabag SE ANNUAL REPORT 2008 ntuet o ge epoe ojcie ta ae agtd o h epoe’ seii fed and field specific employee’s the to targeted are that qualifications. and skills personal their the with line in objectives are which and career employee agree to instrument management central a as interview appraisal employee regular the during these of use make -makers, group programme). analyses, trainee potential academy, behaviour database, employee database, training database, applicant (e.g. T matters. waste-related and environment- and safety, job inspections, materials as well as production, materials to relating and development building research include Its activities tence management. for centre quality netet i te ra o tasotto, e tcnlge ad ntaie fr utial building, sustainable for initiatives levels. and emission its reducing on intent also is STRABAG technologies new research transportation, to of addition areas In areas. the in business investments different of number a in reflected is that something services, ( Innovation und sicherung and I programmes standardised centrally T levels. employee unchanged essentially the justifies backlog (2007: ~€4million). During the 2008 financial year, the phase. on in energy efficiency the building lifecycle. inDecisions this regard are already made in the pre-planning wethat construction, construction requires holistic sustainable emphasise solutions, with a special focus tions while sustaining the natural at resources the same time. as their goal the of extension the solu group’s and through technical advantage high-quality competitive to 5,174to the in reported was social aspects in construction. construction. in aspects social management. site and planning execution to processing bid and phase turnkey and engineering construction construction. engineering, civil and tunnelling of areas the in units operating of chairman the board. management It as is a tounit directly organised staff andwith the employees central about 500 reports highly qualified environment, economic difficult the Despite employees. its winter, of number the the in in work of interruption the to Due backlog. order and volume output increased the as well as acquisitions numerous the by explained be the employees. of number workers. blue-collar 45,984 and white-collar year, financial past the In employees B environment T and developmentresearch ogether with ogether of the management the units, Z operating o assure effective, long-term personnel development, development, personnel long-term effective, assure o he Central Central he esides the objective of growing its business, business, its growing of objective the esides B uilding Construction & Civil Engineering segment a plus of 9 % to 28,802. to % 9 of plus a segment Engineering Civil & Construction uilding T echnical department (Zentrale (Zentrale department echnical T he range of services covers the entire construction process, from the early acquisitions acquisitions early the from process, construction entire the covers services of range he T he he employed an average of 73,008 employees, of which 27,024 which were of employees, 73,008 of average an employed STRABAG T T P S ransportation Infrastructures segment reported a plus of 20 % to 33,906; 33,906; to % 20 of plus a reported segment Infrastructures ransportation Company for Quality Quality for Company A pecial Divisions & Concessions segment. segment. Concessions & Divisions pecial T T he company is focused on developing and improving its environmental its improving and developing on focused is company he e prtn mngmn epoes a hmn eore decision resource human as employees, management operating he STRABAG T he department provides services he for provides services department the of support group-wide the T -supported tools and manages and monitors their application and monitors tools and manages -supported G T echnik – Z – echnik A roup roup spent about € 5 million on research and development ll three company segments showed an increase in the the in increase an showed segments company three ll s ujc t srn saoa fluctuations seasonal strong to subject is STRABAG lo is o epc evrnetl and environmental respect to aims also STRABAG A ssurance and Innovation) is is Innovation) and ssurance T and T ) bundles the group’s technical competence. technical group’s the bundles ) a a is ipsl nme of number a disposal its at has STRABAG A T s a technology leader in all areas of turnkey P A , as internal competence centres, , have as centres, competence internal T T he higher employee levels can can levels employee higher he P A G esellschaft für Qualitäts- für esellschaft STRABAG plus of about 184 % 184 about of plus A STRABAG ’s large order large ’s ’scompe- -

5. 4. 3. 2. 1. § 243 disclosures pursuant to 9. 8. 7. 6.

T T T

T ihs otos n a iiu saeodn ad ht r Hn Ptr aesenr il remain will Haselsteiner Peter Hans Dr. that and 23 A least at until board shareholding management the of chairman minimum pre-emptive mutual a of form and the in options shares of rights, transfer the on restrictions foresees also agreement Limited each have the right to nominate two members of the supervisory board. board. supervisory the of members two nominate to right the have each Limited aesenr Haselsteiner shares at the the at shares a core market. market. core a teiligungs-Holding teiligungs-Holding of voting, (3) restriction on the transfer of shares and (4) joint development of the the of development (4)joint and shares of transfer the on restriction (3) voting, of coordination (2) members, board supervisory for rights (1) nomination points: following the primarily to a agreement. syndicate are parties by Deripaska, Oleg controlled Limited, UNIQ m.b.H., sellschaft gungs gungs vote (one share - one vote). -one vote share (one S STRABAG of board supervisory the Limited. are bearer shares and are traded on the Prime Market Market Prime the on traded are and shares bearer are paid-in, no-par value shares with a value pro-rata of €1 per share of the share capital. 113,999,997 shares UNIQ No. 1 and No. 3 held by the Haselsteiner Haselsteiner by the No. 3 held No. 1 and Familien-Privatstiftung Haselsteiner 2008: 31 at December existed capital 10 share the %of exceeded or board members or employees in the event of a public takeover offer. takeover apublic of event the in employees or members board feisen feisen effective, change or end due to a change of ownership in the company following a takeover offer. takeover a following company the in ownership of change a to due end or change effective, No employee share option programmes exist. programmes option share employee No cf. 2 and 4. cf. 2and T No compensation agreements exist between between exist agreements compensation No o the knowledge of of knowledge the o hree shares are registered shares. Each bearer share and each registered share accounts for one for accounts share registered each and share bearer Each shares. registered are shares hree S STRABAG of board management he he share capital of of capital share he he Haselsteiner Haselsteiner he ee xs n sgiiat gemns o hc te opn i pry n wih ol become would which and party is company the which to agreements significant no exist here here here exist three shares in registered the register of shareholder asperia T asperia IFFEI Versicherungen AG (UNIQ A Versicherungen G G S roup ( roup mbH, “Octavia” Holding Holding “Octavia” mbH, R EN-HOLDIN gsee sae N. ad o 2 lo ter err t nmnt a ebr ah to each member a nominate to bearers their allow 2 No. and 1 No. shares egistered Limited rading a ugb RA G G roup, the the roup, T IFFEI eneral Meeting of of Meeting eneral G e ydct prnr are o oriae hi vtn rgt fo syndicated from rights voting their coordinate to agree partners syndicate he G roup (Haselsteiner Familien-Privatstiftung, Dr. Hans Peter Haselsteiner), the the Haselsteiner), Peter Dr. Hans Familien-Privatstiftung, (Haselsteiner roup mbH, UNIQ mbH, STRABAG Niederösterreich-Wien reg. G Niederösterreich-Wien STRABAG S EN-HOLDIN A S R achversicherung achversicherung aiffeisen aiffeisen S Personenversicherung Personenversicherung A G S A G E, the following direct or indirect shareholdings which equalled to equalled which shareholdings indirect or direct following the E, mbH), the UNIQ the mbH), aons o 140000 n cnit o 140000 fully 114,000,000 of consists and 114,000,000 € to amounts E NIEDE G G roup) STRABAG E. op oehr ih h UNIQ the with together roup E is not authorised to issue or buy back shares. back buy or to issue authorised not E is G roup and registered share No. 2 held by No. 2 held share registered and roup R AG Ö STRABAG , ST S R E. E. E aiffeisen Versicherung Versicherung aiffeisen A G RR en.m.b.H. ( en.m.b.H. G pril 2010.pril A roup (UNIQ roup EICH-WIEN reg. reg. EICH-WIEN crig o h sniae gemn, the agreement, syndicate the to ccording AG S S egment of the Vienna Vienna the of egment E and its management and supervisory and management its and E , UNIQ , STRABAG R aiffeisen G aiffeisen Versicherungen Versicherungen A Erwerb von Erwerb A A G G roup and and roup en.m.b.H, en.m.b.H, AG S E, E, with shares registered roup) T ) and and ) he agreement governs he agreement R B S R R ussian market as market ussian R eteiligungen eteiligungen B ok Exchange. tock asperia asperia AG asperia asperia asperia asperia L T R e syndicate he , UNIQ , - B aubeteili- T T T 25.0 % 13.7 % 12.7 % 25.1 % rading rading rading A R G B aif- e- e- 99 group management report strabag SE ANNUAL REPORT 2008 100 group management report strabag SE ANNUAL REPORT 2008 year. T soon. are implemented that It programmes these is of therefore programmes. importance great stimulus economic national various the from toprofit expected are example, for engineering, civil and structures in 2009, despite the planned and agreed upon cost reduction and restructing measures. restructing and reduction cost upon agreed and planned the despite 2009, in risk. currency and default higher a to response in necessary negro, as such countries, European Eastern in receivables accounts on write-downs were and charges (thereof approx. amortisation € 25 million for of impairment goodwill). markets. successful more other, in engagement stronger through markets certain on slowdown the for compensate help portfolio product broad the and activities the of further secured through a restrictive acquisitions and investment policy as well as through an active an through as management. well as capital policy working investment and acquisitions restrictive a be through must which secured position further liquidity and financial solid a in itself sees company the billion, 1.5 € about of For for possible. are Europe, scenarios many –too STRABAG of of business future the on crisis outside projects large-scale for East. Middle direct provisions the example the further In made currencies. group European the Eastern business, with export losses rate exchange and securities of devaluation T defaults payment minimise to order in suppliers its and to supply. interruption and clients its of creditworthiness the monitor closely will company the markets, core further and these In markets. growth its as seen previously had and output volume construction in a number of Central and Eastern which European countries Economists at independent economic research institutes predict a significant slowdownof a significant predict institutes models research PPP economic at independent Economists significantly. slowed – offices or centres environment. market current the in realisable not be proved to financing shopping bank on dependent of construction the commission T T outlook and objectives he first consequences of the financial and economic crisis could already be felt in the 2008 financial 2008 the in felt be already could crisis economic and financial the of consequences first he his is where the advantages of of advantages the where is his he business with certain clients – such as real estate developers and other private companies which companies private other and developers estate real as such – clients certain with business. business he doing of rules the rewritten have crisis economic the subsequently, and, crisis financial he STRABAG T he E he B I was down 14 % year on year, due, among other things, to extraordinary depreciation extraordinary to things, other among due, year, on year % 14 down was T , security comes first in 2009. With an equity ratioof equivalents anequity inWith 31cash and 2009. %first cash and comes , security A t this time, it is difficult to seriously estimate the exact effect of the global the of effect exact the estimate seriously to difficult is it time, this t T e rvos betv o riig h mris il tl nt e reached be not still will margins the raising of objective previous he STRABAG ’s strategy become clear: the geographical diversification diversification geographical the clear: become strategy ’s T e ra o tasotto infra- transportation of areas he A ohr ra novs the involves area nother A lso affecting lso earnings affecting S erbia and Monte- and erbia G DP DP growth STRABAG S B o epc ta ti icdn wl hv ay infcn cneune fr h 20 fnnil state financial 2009 the for consequences significant any have do will ments. We pit. incident building this the flooded that material expect of metres not cubic thousand several accident, the before just Historical the of buildings. neighbouring collapse two of portions the significant in resulting (underground), A its %; 12.5 is company concession the of share 41 is Kirchhoff’s %. construction the of share million. 343 € to volume construction section. the on levied toll truck the over of the In motorway will a 30 the receive exchange, years. company period and maintain will operate could only be brought out dead. dead. out brought be only could the with agreement cession the include members whose consortium, A T between lines overhead and track the of construction company, was awarded a large-scale order worth € 183 million. Of this amount, 37.5% amount, this the to Of attributable is million. 183 € worth order large-scale a awarded was company, construction consortium around a Hungarian subsidiary of of subsidiary Hungarian a around consortium A pending. still is Hungarian cartel authorities of their approval of the transaction. A A period the reporting after events T related parties his topic is discussed in the Notes under point 25. point under Notes the in discussed is topic his te einn o Mrh 09 a acdn ocre drn cntuto o te oon U- Cologne the of construction during occurred accident an 2009, March of beginning the t t the end of July 2008, 2008, July of end the t ustrian and Hungarian activities of CEMEX. On 13 February 2009, 2009, February 13 On CEMEX. of activities Hungarian and ustrian üdwest üdwest aden- B T he group has a 33.3 % share in the consortium working on a part of the construction project. construction the of part a on working consortium the in share % 33.3 a has group he aden and Offenburg. Offenburg. and aden G mbH & Co. K Co. & mbH STRABAG will plan, finance and oversee construction for the upgrade to six lanes and lanes six to upgrade the for construction oversee and finance plan, will G STRABAG G A erman government over a 60 km section of the the of section km 60 a over government erman G s part of this public private partnership (PPP) undertaking, Via Via undertaking, (PPP) partnership private public this of part s roup. roup. T S he cause of the accident is still unclear. What is certain is that, that, is certain is What unclear. still is accident the of cause he T E signed the purchase agreement covering the acquisition of the of acquisition the covering agreement purchase the signed E he total investment volume amounts to about € 660 million, the million, 660 € about to amounts volume investment total he T he consortium is charged with the modernisation and upgrade and modernisation the with charged is consortium he árnok und S und árnok subsidiary F. Kirchhoff Kirchhoff F. subsidiary STRABAG STRABAG T wo residents who were trapped under the rubble the under trapped were who residents wo zékesfehérvár, Hungary. zékesfehérvár, S A E, Central and Eastern Europe’s largest Europe’s Eastern and Central E, A pproval pproval by the cie f h Ct o Clge and Cologne of City the of rchive a ifre b the by informed was STRABAG A ustrian ustrian cartel authorities AG A 5 motorway between motorway 5 , has signed a con- a signed has , S olution B ahn - 101 group management report strabag SE ANNUAL REPORT 2008 102 notesfinancial to the statement financial statement strabag SE annual report 2008 1) T statemen financial his part has been audited by K by audited been has part his P M G . t 1) A A T period the for Profit N equity in change neutral on taxes Deferred I instruments financial in Changes losses and gains actuarial in Changes O O swap rate interest including reserves hedging in Change translation currency from arising Differences T S O expense benefits Employee R for 1.1.2008 –31.12.2008 C FINANCIAL STATEMENT 31.12.2008 inventories in Changes income similar and Interest E expense amortisation and Depreciation E N S R E A A period the for Profit expense tax Income tax before Profit N charges similar and expense Interest period the for expense and income recognised of otal parent the of holders to: Equity ttributable interest to: Minority ttributable parent the of holders to: Equity ttributable interest to: Minority ttributable associates of loss or profit of hare €) (in share per arnings BI BI evenue used services and consumables aw materials, income investment et equity in directly recognised income et income interest et capitalised work wn income operating ther expenses operating ther onsolidated I tatement of R T T DA ncome S ecognised I method equity and 39 AS tatement ncome E and notes (27) (27) (10) (9) (7) (5) (6) (8) (3) (2) (4) (1)

29,753 -8,494,027 12,227,795 -2,574,515 xpense -377,866 -129,897 -858,429 31.12.2008 31.12.2008 -142,326 -131,003 229,258 269,866 166,360 -40,608 166,360 647,732 221,564 -62,898 157,020 -37,252 36,463 90,395 28,968 29,984 76,868 20,713 15,911 9,340 2,581 6,710 1.38 T€ t€ 0 -6,730,453 -2,102,182 9,878,600 -283,471 31.12.2007 31.12.2007 -173,404 -551,612 595,899 276,256 221,858 312,428 192,384 207,614 170,229 -86,490 -68,642 -36,172 182,150 207,614 14,244 44,692 39,708 18,467 50,318 19,407 37,385 9,995 2,432 2.05 892 707 218 T€ T€ 103 notesfinancial to the statement financial statement strabag SE annual report 2008 104 notesfinancial to the statement financial statement strabag SE annual report 2008 interests Minority R reserves Capital O N T O T Financial liabilities Financial Provisions N

O Equity andLiabilites assets Intangible N Assets C 2) thereof T 2) thereof T 1) thereof S equity Group

taxes Deferred N Provisions liabilities Current Financial liabilities Financial N T R Inventories equivalents cash and Cash taxes Deferred O N O associates in Investments equipment and plant Property, T assets Current

property Investment R payables rade payables rade receivables rade receivables rade capital hare earnings etained arrangements concession from eceivables arrangements concession from eceivables liabilities financial on liabilities financial on assets financial on assets financial on liabilities on-current assets on-current liabilities financial ther liabilities financial ther assets financial ther assets financial ther assets financial ther onsolidated S Balance

€ 757,080 non-recourse liabilities € 757,080 non-recourse € 41,078 non-recourse liabilities € 41,078 non-recourse 1) 2)

heet as of 31.12.2008 as heet notes notes (18) (20) (20) (20) (20) (20) (20) (20) (20) (16) (16) (15) (16) (16) (16) (16) (16) (19) (16) (19) (17) (13) (13) (12) (14) (14) (11) (11)

2,396,002 4,390,223 9,765,206 9,765,206 2,978,981 4,294,182 5,471,024 2,836,432 2,044,698 1,434,340 2,311,384 1,491,373 2,765,177 31.12.2008 31.12.2008 444,206 846,946 368,956 462,889 100,392 138,220 265,316 155,631 972,824 537,843 352,013 114,000 143,410 274,041 141,424 674,164 412,173 38,859 64,783 73,977 16,650 14,002 25,824 7,552 913 T€ T€

2,469,844 3,096,454 3,475,994 5,270,970 1,168,366 1,543,569 2,275,687 1,965,775 2,448,074 7,740,814 7,740,814 2,311,384 31.12.2007 31.12.2007 625,863 306,427 239,852 270,960 225,950 223,567 139,260 484,772 199,320 149,407 448,109 114,000 445,120 477,443 281,918 34,580 30,556 40,062 93,528 73,251 21,100 5,490 6,019 585 T€ T€ 0 0

O companies participation from R T Inventories companies participation from L T items: in Change O profits from Cash-flow ups /write Depreciations paid Interest period the of end the at equivalents cash and Cash activities investing from Cash-flow consolidation of scope in Change receivables pooling cash other in Change value) (carrying assets non-current of Disposals G P P provisions Current G provisions term long in Changes N N taxes Deferred T received Interest received Dividends translation to currency due equivalents cash and cash in Change leases finance from liabilities in Change bonds in Change borrowings bank in Change activities operating from Cash-flow period the for Profit for 1.1.2008 –31.12.2008 C T year the of beginning the at equivalents cash and Cash N activities financing from Cash-flow activities investing from Cash-flow activities operating from Cash-flow activities financing from Cash-flow partnership from withdrawals and Distribution increase/contributions Capital A liabilities pooling cash other in Change paid axes consortia and contracts construction receivables, rade consortia and contracts construction payables, rade iabilities from subsidiaries and liabilities and subsidiaries from iabilities assets intangible and equipment plant, property, of urchase assets financial of urchase interest minority of cquisition eceivables from subsidiaries and receivables and subsidiaries from eceivables associates from results effective on-cash consolidation from results effective on-cash equivalents cash and cash in change et assets non-current of disposal on ains/losses assets non-current of disposal on ains/losses assets ther liabilities ther onsolidated C

ash-flow S ash-flow tatement

-1,046,370 -1,046,370 1,491,373 1,965,775 -453,366 -876,800 31.12.2008 -131,802 689,885 -157,087 536,078 689,885 393,488 166,360 -96,881 -35,209 -96,650 -69,961 -96,881 135,121 -91,490 -21,036 -36,102 -14,064 111,613 84,099 25,000 52,504 39,077 19,063 52,607 36,763 14,064 78,012 -6,358 63,195 23,158 -1,544 -1,001 17,197 5,972 4,351 7,441 t€ 0

1,524,055 1,965,775 1,524,055 1,377,131 1,907,337 -640,913 -543,842 -330,825 -640,913 -199,385 31.12.2007 448,839 493,989 586,265 493,989 165,495 288,781 165,441 -65,961 -49,659 -82,857 207,614 -21,844 -32,758 -51,656 -19,064 -16,616 45,463 25,000 21,844 -4,275 65,741 -9,576 21,194 -3,518 32,115 71,170 -7,666 -1,091 -7,091 2,379 9,675 1,513 T€ 0

105 notesfinancial to the statement financial statement strabag SE annual report 2008 106 notesfinancial to the statement financial statement strabag SE annual report 2008

III. III.

II. II.

c ba ba I. of 31decemas consolidated statement assets in fixed of changes as of 31decemas consolidated statement assets in fixed of changes 1) ofthisamount,impairmentsT€7,087(Previous year:T€19,060) 1) ofthisamount,impairments ofT€36.075(Previous year:T€7,087);2) I.

Investment Property Investment Property dvances paidand 4. A dvances paidand 4. A ther facilities,furnitureand 3. O ther facilities,furnitureand 3. O 2. T 2. T roperties, landrights 1. P roperties, landrights 1. P T T dvances paid 3. A dvances paid 3. A oodwill 2. G oodwill 2. G 1. 1. Intangible Assets: Intangible Assets: angible Assets: angible Assets: facilities underconstruction facilities underconstruction fixtures andofficeequipment fixtures andofficeequipment and machinery and machinery on third-party property buildings including equivalent toreal property; on third-party property buildings including equivalent toreal property; similar rights,advantages property rightsand Concessions; industrial similar rights,advantages property rightsand Concessions; industrial

echnical equipment echnical equipment b b er 2007 er 2008 3,015,498 3,981,539 2,559,493 3,356,583 1,234,260 1,720,527 LIDA 31.12.2006 LIDA 31.12.2007 Inscope BALAnce Inscope BALAnce 300,354 300,027 575,043 684,098 695,296 853,154 155,651 324,929 119,108 264,881 54,894 98,804 36,423 60,048 120 on on t€ t€ 0

Cur- Changes

of conso- of conso- ; 2)ofthisamount,reversal ofdepreciation T€2,387(Previous year:T€318) 643,082 485,968 481,153 367,145 306,120 147,177 149,998 161,929 118,823 142,384 13,348 62,146 64,751 99,539 92,701 19,545 26,122 ofthisamount,reversal ofdepreciation T€2,110(Previous year:T€2,387) 5,219 LA tion LA tion T€ T€ 0 0 0 0

-62,611 -45,651 -16,443 -34,431 -15,704 trans- trans- 11,066 BALAnce rency BALAnce rency -6,613 -4,931 8,277 6,119 1,759 3,715 3,581 tion tion -926 -517 -101 -739 500 324 134 T€ T€ 0 0

3,669,646 4,404,896 3,048,923 3,678,077 1,546,499 1,833,273 acquiston andproucosts acquiston andproucosts 299,428 299,510 104,347 637,088 742,236 796,594 998,221 321,295 427,309 265,073 341,878 ADDItions 1.1.2007 ADDItions 1.1.2008 68,742 56,102 85,431 120 on on T€ T€ 0

539,437 876,800 528,018 702,202 204,711 136,883 146,242 259,737 280,146 170,415 158,183 75,204 56,194 71,103 12,154 4,403 4,183 7,016 6,422 594 78 T€ T€ 0

DIsposal transfers DIsposal transfers -45,142 -75,060 26,290 37,576 22,121 34,559 -1,127 4,405 4,375 1,106 1,798 1,127 1,127 -120 150 30 T€ T€ 0 0 0 0 0 0

231,949 299,771 224,733 293,073 111,999 145,632 90,979 89,803 21,755 57,638 3,804 2,576 3,412 4,122 1,605 2,626 2,517 786 T€ T€ 0 0 0 0

3,981,539 4,981,925 3,356,583 4,086,079 1,720,527 2,005,363 1,046,245 31.12.2007 31.12.2008 Inscope BALAnce balance n scope I BALAnce balance 300,027 301,117 233,998 684,098 800,473 853,154 324,929 594,729 264,881 498,456 98,804 60,048 96,195 on on 78 T€ T€ 0

1,650,589 2,048,711 1,429,404 1,813,014 1,075,248 LIDA 31.12.2006 LIDA 31.12.2007 145,146 150,620 393,787 457,822 819,678 215,939 279,944 76,039 85,077 47,454 52,061 28,585 33,016 on on T€ T€ 0 0 0 0

Cur- Changes Cur- Changes ofconso- ofconso- 269,767 178,025 265,134 165,089 176,747 50,097 44,385 81,149 38,290 39,555 12,936 12,936 4,633 1,064 3,569 LA tion LA tion T€ T€ 0 0 0 0 0 0 0 accumula accumula

-30,167 -28,645 -22,011 trans- trans- rency rency -1,140 -4,781 -1,853 4,330 4,412 3,666 ADDItions tion ADDItions tion -130 -382 -373 693 53 48 45 ted eprecia ted eprecia T€ T€ -9 0 0 0 0 3

283,471 377,866 267,293 332,806 112,027 155,413 186,568 87,083 24,797 34,211 36,833 25,463 11,370 9,052 8,227 7,126 3,924 3,202 T€ T€ 0 0 0 0 1) 1) tion tion

transfers disposal transfers disposal -16,574 9,902 6,607 -119 -124 -235 240 119 119 -65 65 65 T€ T€ 0 0 0 0 0 0 0 0 0 0

159,446 243,507 153,164 240,764 127,204 56,624 87,715 90,158 25,845 3,448 6,382 2,834 2,743 2,450 2,188 384 555 T€ T€ 0 0 0 0 0 2) 2)

BALAnce BALAnce

2,048,711 2,330,928 1,813,014 2,041,381 1,075,248 1,193,515 31.12.2007 31.12.2008 150,620 157,707 457,822 521,614 279,944 326,252 131,840 85,077 52,061 76,960 33,016 54,880 on on T€ T€ carrying v carrying v 0 0 0 0

1,932,828 2,650,997 1,543,569 2,044,698 31.12.2007 31.12.2008 149,407 143,410 233,998 226,276 278,859 645,279 811,848 573,210 719,993 239,852 462,889 212,820 421,496 v v 98,804 27,032 41,315 alues alues 78 t€ T€ t€ T€ alues alues 0

1.932,828 1.543,569 1,364,909 1,130,089 31.12.2006 31.12.2007 149,407 226,276 645,279 155,208 573,210 239,852 181,256 414,582 212,820 479,357 v v 98,804 54,894 27,032 79,612 71,654 alues alues 7,838 120 0

III. III.

II. II.

ba ba c c I. of 31decemas consolidated statement assets in fixed of changes 1) ofthisamount,impairments ofT€36.075(Previous year:T€7,087);2) I. of 31decemas consolidated statement assets in fixed of changes 1) ofthisamount,impairmentsT€7,087(Previous year:T€19,060)

echnical equipment echnical equipment b b er 2007 er 2008 3,015,498 3,981,539 2,559,493 3,356,583 1,234,260 1,720,527 LIDA 31.12.2007 LIDA 31.12.2006 Inscope BALAnce Inscope BALAnce 300,354 300,027 575,043 684,098 695,296 853,154 155,651 324,929 119,108 264,881 54,894 98,804 36,423 60,048 120 on on t€ t€ 0

Cur- Changes Cur- Changes

-62,611 -45,651 -16,443 -34,431 -15,704 trans- trans- 11,066 BALAnce rency BALAnce rency -6,613 -4,931 8,277 6,119 1,759 3,715 3,581 tion tion -926 -517 -101 -739 500 324 134 T€ T€ 0 0

3,669,646 4,404,896 3,048,923 3,678,077 1,546,499 1,833,273 acquiston andproucosts acquiston andproucosts 299,428 299,510 104,347 637,088 742,236 796,594 998,221 321,295 427,309 265,073 341,878 ADDItions 1.1.2008 ADDItions 1.1.2007 68,742 56,102 85,431 120 on on T€ T€ 0

539,437 876,800 528,018 702,202 204,711 136,883 146,242 259,737 280,146 170,415 158,183 75,204 56,194 71,103 12,154 4,403 4,183 7,016 6,422 594 78 T€ T€ 0

DIsposal transfers DIsposal transfers -45,142 -75,060 26,290 37,576 22,121 34,559 -1,127 4,405 4,375 1,106 1,798 1,127 1,127 -120 150 30 T€ T€ 0 0 0 0 0 0

231,949 299,771 224,733 293,073 111,999 145,632 90,979 89,803 21,755 57,638 3,804 2,576 3,412 4,122 1,605 2,626 2,517 786 T€ T€ 0 0 0 0

3,981,539 4,981,925 3,356,583 4,086,079 1,720,527 2,005,363 1,046,245 31.12.2008 31.12.2007 n scope I BALAnce balance Inscope BALAnce balance 300,027 301,117 233,998 684,098 800,473 853,154 324,929 594,729 264,881 498,456 98,804 60,048 96,195 on on 78 T€ T€ 0

1,650,589 2,048,711 1,429,404 1,813,014 1,075,248 LIDA 31.12.2007 LIDA 31.12.2006 145,146 150,620 393,787 457,822 819,678 215,939 279,944 76,039 85,077 47,454 52,061 28,585 33,016 on on T€ T€ 0 0 0 0

-30,167 -28,645 -22,011 trans- trans- rency rency -1,140 -4,781 -1,853 4,330 4,412 3,666 ADDItions tion ADDItions tion -130 -382 -373 693 53 48 45 ted eprecia ted eprecia T€ T€ -9 0 0 0 0 3

283,471 377,866 267,293 332,806 112,027 155,413 186,568 87,083 24,797 34,211 36,833 25,463 11,370 9,052 8,227 7,126 3,924 3,202 T€ T€ 0 0 0 0 1) 1) tion tion

transfers disposal transfers disposal -16,574 9,902 6,607 -119 -124 -235 240 119 119 -65 65 65 T€ T€ 0 0 0 0 0 0 0 0 0 0

159,446 243,507 153,164 240,764 127,204 56,624 87,715 90,158 25,845 3,448 6,382 2,834 2,743 2,450 2,188 384 555 T€ T€ 0 0 0 0 0 2) 2)

BALAnce BALAnce

107 notesfinancial to the statement financial statement strabag SE annual report 2008 108 notes to the financial statement strabag SE annual report 2008 1) T Villach of STRA 31.12.2008 S F C N his part has been audited by K by audited been has part his onsolidated inancial tatements tatements otes to the P M G . 1 B ) AG SE , in rounding differences. rounding in T notes. Villach, Villach, statement havestatement been combined. income the and sheet balance the in items various representation, the of clarity the improve to order In I with accordance in section T C and Eastern of countries all in subsidiaries STRABAG P Basic IF IF I A application of of application Engineering, Civil & the in and the and Europe Western in only in isolated cases. T cases. isolated in only S T noe n Epne (I Expense and Income Financial the International T construction. of field the in chain value-added entire the flow flow of requirements B before before the reporting deadline and published in the A (IF Committee In addition to the Income Income the to addition In well. as 39 /IF 39 AS he Consolidated Financial Financial Consolidated he e I he he first-time application of the IF application he first-time he consolidated financial statements of statements financial consolidated he ’ cnoiae fnnil ttmns s f 1 eebr 08 s h cags ee applicable were changes the as 2008 December 31 of as statements financial consolidated E’s pplication became mandatory on 1 January 2008. 2008. 1January on mandatory became pplication pplied were exclusively those standards and interpretations adopted by the European Commission European the by adopted interpretations and standards those exclusively were pplied ad (I oard R R hanges in A hanges IC 14– IC IC 11IC /IF S a md aedet t te xsig IF existing the to amendments made has ASB tatement tatement in accordance with I T A he income statement has been drawn up in accordance with the nature of expense method. expense of nature the with accordance in up drawn been has statement income he ASB ustria. From its core markets of of markets core its From ustria. 7–R RS A T S mericas. mericas. 2–G RS he he E is one of Europe’s leading construction groups. groups. construction leading Europe’s of one is E ), including the interpretations of the International Financial Financial International the of interpretations the including ), rinciples R A L IC). rticle 245a rticle imit on a Defined Defined a on imit A eclassification of Financial A Financial of eclassification tce 245a rticle T roup and T and roup STRABAG ransportation Infrastructures, tunnelling, construction-related services) and cover and services) construction-related tunnelling, Infrastructures, ransportation here were no changes to the accounting policies. accounting to the changes no were here ccounting P 1). AS S R tatement and the the and tatement eporting eporting P 14.AS aragraph 2 of the the of 2 aragraph S A tatements were drawn up in in up drawn were tatements P

rabian rabian ’s activities span the entire construction industry ( industry construction entire the span ’sactivities reasury S reasury T aragraph 1 of the the of 1 aragraph T standards mentioned had secondary consequences on consequences had secondary mentioned RS standards hese hese items have been shown and separately are in explained the group he Disclosures in the the in Disclosures he AS 7, a B enefit enefit S tandards (IF tandards P eninsula, as well as in the project business in in business project the in as well as eninsula, STRABAG S hare T hare A A tatement tatement of Changes in Equity and a ustria and and ustria sset, Minimum Funding Funding Minimum sset, S B outh-East Europe including including Europe outh-East olicies alance alance ssets ssets ransactions A O ustrian Commercial Code ( Code Commercial ustrian RS fficialJournal of the European S ) issued by the International by) issued the International A E as of 31 December 2008, were drawn up under up drawn were 2008, 31December of as E G S sra Cmeca Cd ( Code Commercial ustrian n pse svrl e IF new several passed and RS heet, the Financial Financial the heet, ermany, N ts lo oti a contain also otes T €. €. is present via its numerous its via present is STRABAG T he company has its headquarters in headquarters its has company he T he presentation in in presentation he R equirements and their Interaction their and equirements R S ussia, in selected markets selected in ussia, tatements include a Cash- a include tatements UGB R S prig Interpretations eporting U tatement tatement of A nion. nion. Further reporting B ) in accordance with accordance in ) ccounting ccounting S uilding Construction uilding UGB egment egment n IF and RS wr fulfilled were ) T my result may € R A frica, frica, ecognised STRABAG S R tandards eporting R A sia IC. 109 notes to the financial statement strabag SE annual report 2008 110 notes to the financial statement strabag SE annual report 2008 which apply to acquisition, construction or production of a qualifying asset from 1 January 2009, will 2009, asset. to that related costs January borrowing of 1 capitalisation from higher in result asset qualifying a of production or construction acquisition, to apply which initial costs. costs. initial IA equity. in changes owner present only may equity in changes of statement the either in presented one of statement income or comprehensive in two Furthermore, separate statements. IA the of presentation the in expected segments. are changes no methods, reporting internal the to corresponded is segments of defining the that based on the used for means segmentation internal segment reporting. which approach”, “management the using out carried be will I liabilities and assets recognised previously the of loss. or profit in remeasurement a in result acquisitions step and price, of the purchase reassessment with post-acquisition are possible adjustments no or loss, goodwill at interest fair value non-controlling costs (full must in be method), goodwill transaction profit recognised solidation. IF Exposures qualifying for hedge accounting hedge for qualifying Exposures I liquidation on arising obligations and I IF Jointly Controlled Entity or A or Entity Controlled Jointly IF T F IF I E 1) pending IF interpretations: and I no with reorganisation through at parent. measured previous the of is equity formed the of share its of value parent book the new the is in investment the company of cost the levels, parent ownership relative new the to changes a If reserves. post-acquisition or or entities controlled jointly subsidiaries, in investments with I In accordance of associates. cost initial the measure to value book or IF A IF IF IF

IF IF I I I required to be applied in the 2008 financial year. financial 2008 the in applied be to required

39 Financial Instruments: R Instruments: Financial 39 AS 32 and I and 32 AS resentation of Financial S Financial of 1Presentation AS 23B AS S and 27AS Consolidated 8 FRS 1 and IA and 1 FRS 3 and IA and 3 FRS e I he mendments to various IF to various mendments R 8O RS 1 and I 1and RS alw frttm aotr t ue sroae au o ete fi vle codn toI according value fair either of value surrogate a use to adopters first-time allows 1 RS 2S RS 3 Capital Consolidation (amended 2008) (amended Consolidation 3Capital RS R R R R R uture C uture 23 Borrowing Costs: Costs: Borrowing 23 S 1 Presentation of of Presentation 1 S IC 17 Distributions of N of 17IC Distributions IC 18IC T IC 12IC S IC 16 Hedges of aN of 16IC Hedges IC 13 Customer L 13IC Customer IC 15IC A n te IF the and ASB O U recognition Costs orrowing hare-based P hare-based perating S perating perating perating ransfers of A of ransfers greements for the Construction of R of Construction the for greements ervice Concession A Concession ervice T 1A AS he most important changes are that IF that are changes important most he 27 Cost of an Investment in aS in Investment an of 27AS Cost T he option of immediately recognising interest as an expense was removed. was removed. as an expense interest recognising of he immediately option 27 Cost of an Investment in a in Investment an of Cost 27 S 27: S hanges of F hanges mendments on puttable financial instruments financial puttable on mendments S egments egments: egments: Programmes oyalty P R ayment: Vesting Conditions and Cancellations Cancellations and Conditions Vesting ayment: hase II of the the of II hase ssets from Customers from ssets C prvd ute sadrs n itrrttos Hwvr tee ee not were these However, interpretations. and standards further approved IC et Investment in a Foreign O aForeign in Investment et F inancial inancial under the annual improvement process process improvement annual the under RS on-cash A on-cash eparate Financial S Financial eparate T ssociate he amendments require borrowing costs to be capitalised as part of the of part as capitalised be to costs borrowing require amendments he rrangements ecognition and Measurement – Measurement and ecognition IF AS 27, out paid of of pre-acquisition is dividends required no separation tatements 8 reshaped the rules of segment reporting. In the future, reporting future, the In reporting. segment of rules the reshaped 8 RS S tatements: tatements: B ssets to O ssets usiness Combination project reworked the rules for capital con- capital for rules the reworked project Combination usiness inancial R inancial 1) 1)

1) 1) tatements

eal Estate eal

ubsidiary, wners I S 1 requires all non-owner changes in equity to be to equity in changes non-owner all requires 1 AS ubsidiary, Jointly Controlled Controlled Jointly ubsidiary, 3 allows an accounting policy choice to measure to choice policy accounting an allows 3 RS peration T 1) e mnmns fet h floig standards following the affect amendments he

1) 1)

eporting S 1)

A s the definitionof the already segments Applica tion forfnacialyers which beginonorafter tandards E ntity or Associate: or ntity T he he new rules, 1.10.2008 ..009 1.7.20 09 1.7.20 ..009 1.7.20 1.7.2009 ..009 1.7.20 1.7.2008 1.1.2009 1.1.2009 1.1.2009 1.1.2009 1.1.2009 1.1.2009 1.1.2009 1.1.2009 1.1.2009 1.1.2008 39 AS Early application of the new standards is not planned. not is standards new the of application Early services. or goods of to asupply access ongoing with customer the to provide or network to a customer the to connect either use then must company the that asset an a customer from receives I assets. non-cash of distribution I operation. aforeign in investment anet of ahedge of accounting I applies. – if not, I design of estate the real elements structural the major to specify the has ability the buyer I the in participate which or themselves programmes companies. by other such offered programmes loyalty offer which companies by programmes S S group. included in the comesstatements financial toconsolidated less than 2 %of the totaloutput volumeof the I to I according contracts construction of concept I presentation. of form the in changes in When mainly result will model). asset the has (intangible assets, recognised merely is its company the asset If intangible classifying an fee, model). usage a asset users (financial charge to recognised right is asset financial a payment, a receive to right contractual unconditional an has company the If agreements. concession service from T A report under year in Exclusions report under year in accretions and/or Mergers accretion and/or to merger due report under year in inclusions First-time report under year in inclusions First-time S T A insignificant. is cash-flows and performance N the in method. reported are companies associated Major rights. voting the of where and major subsidiaries foreign domestic T S I AS 18 for of with the agreements real construction estate. IF FR FR FR FR FR FR he number of consolidated companies changed in the 2008 financial year as follows: as year financial 2008 the in changed companies consolidated of number he he he financial yearfor all consolidatedand associatedcompanies –with the exceptionof Viamont D Financial Consolidated he ussig, Czech R Czech ussig, ubsidiaries included in included ubsidiaries the Financial 2008 Consolidated ssociated Companies and Investments. and Companies ssociated 31.12.2008 on ituation 31.12.2007 on ituation ot included ot were 368 included (2007: 311) on financial whose influence the position, group‘s companies financial cope of C IC 18 IC IC 17 Distributions of of Distributions 17 IC IC 16 IC of Construction the for Agreements 15 IC IC 13 Customer Loyalty Programmes: Programmes: Loyalty Customer 13 IC IC 12 IC T S H Customers: from Assets of ransfers ervice Concession Arrangements: Arrangements: Concession ervice edges of a of edges epublic, whose financial year ends on 31 May – is identical with the calendar year. calendar the with on identical is May – ends 31 year financial whose epublic, onsolidation led lrey ple te ue o IF of rules the applies largely already STRABAG N et Investment in a in Investment et N S on-cash Assets to to Assets on-cash tatements as of 31 December 2008 include include 2008 December 31 of as tatements F IF STRABAG oreign oreign T e upt oue efre b te usdais not subsidiaries the by performed volume output he 11 and reconciles revenue recognition according to according recognition revenue 11AS reconciles and R IF C 3 euae te conig f utmr loyalty customer of accounting the regulates 13 IC R IF R O eal eal IC 12 regulates the accounting of rights and duties and rights of accounting the 12regulates IC R IF wners: IC 18 deals with agreements in which a company company a which in agreements with 18 deals IC O E peration: S state: state: S tatements are tatements given in the E either directly or indirectly E holds or a directly either indirectly majority R IC IC 15 states that I R IF C 7 euae te conig f the of accounting the regulates 17 IC consolida R IF IC 15 puts into concrete terms the terms concrete into puts 15 IC R IC 16 provides guidelines for the for guidelines provides 16 IC B alance alance R STRABAG tion C 2 s ta application that so 12, IC 278 311 -28 -13 46 28 AS 11 is only if applicable S heet using the equity the using heet L ist ist of S E as well as all as well as E equity method S ubsidiaries, SP a.s., AS 18 12 14 -3 0 0 1 111 notes to the financial statement strabag SE annual report 2008 112 notes to the financial statement strabag SE annual report 2008 rojekt Elbpark G Elbpark Projekt Hermsdorf/ Merger/Accretion: date: KIM JH B mbH, Projektgesellschaft Kirchner Hermann Kirchhoff A Kirchhoff Kirchhoff L Kirchhoff A A Diabaswerk B Diabaswerk De Zakarpatska Karier, Chustskij Hermann Kirchner P Kirchner Hermann G Ingenieurbau und Hoch- Kirchner Hermann B Kirchner Hermann F. S Kirchhoff BLT B G A A A Consolidation: T A R Züblin G Züblin R PO P F. AG Kirchhoff E B roperty and Facility S Facility and Property STRABAG s.r.o spol. Štěrkovny B Dolní B M5 M. G International Kirchner G Holding Kirchner Kirchner &Völker B Kirchner Company A A AAL Elpro Verkehrstechnik G Verkehrstechnik Elpro F. S Kirchhoff S O B Mobil B Mobil G Holding M5 Ernst Meyer B Meyer Ernst T S P WI W Z rema Engineering 2 sh p. k., 2sh T Engineering rema he following companies formed part of the the of part formed companies following he Kirchhoff G Kirchhoff SB PS omgrad Inženjering d.o.o., S Inženjering omgrad IK danti S danti tra trabag-Hidroinženjering d.o.o., S trabag-Hidroinženjering MH A MH K lpines Hartschotterwerk lpines lpen- rthur Hellberg G Hellberg rthur VE G VE H DE eorg Kässbohrer &S Kässbohrer eorg S dditions to S A T TTA BAU AG spol. s.r.o.,P spol. Prague A G B ßÖ I Westerfelder S I Westerfelder spol. s.r.o, spol. ASO Prague e Immobilien-Hungary Zrt, B Zrt, e Immobilien-Hungary AG G . d.o.o., S BAG S V O N A eteiligungs G eteiligungs aulogistik und T und aulogistik G sphaltanlage L sphaltanlage esellschaft für R für esellschaft lföld Koncesszios A Koncesszios lföld B Hamburg mbH, itumenhandelsgesellschaft sphaltmischwerk Hafen Verwaltungs G Verwaltungs Hafen sphaltmischwerk austoffe G austoffe G austoffe E lcnava s.r.o.,lcnava O au Mecklenburg G Mecklenburg au omania S omania , S AB nläggningsentreprenad . p. A round & Civil Engeneering LL Engeneering &Civil round L &PARTN mbH, L mbH, trassenbau und B und trassenbau eipzig S eipzig sphaltmischwerke G sphaltmischwerke T hür., S traßenbau G traßenbau ystembau G ystembau plit ., B Vienna mbH, erge G erge auunternehmung G auunternehmung , L , Zurich mbH & Co K &Co mbH einfeld-Echterdingen ologna esellschaft mit beschränkter Haftung, B Haftung, beschränkter mit esellschaft einfeld-Echterdingen mbH &Co. K mbH . mbH, R mbH, &Co. K mbH R Vienna mbH, traßenbau G traßenbau mbH, B mbH, t. G t. auunternehmung G auunternehmung tein Industrie G Industrie tein . 2) E olska S olska auunternehmung G auunternehmung L mbH & Co K &Co mbH eukersdorf Verwaltungs- eukersdorf

R STRA ransport G ransport ., B ohn G ohn lcnava eststoffverwertung und Entsorgung mbH, L mbH, Entsorgung und eststoffverwertung angloff mbH, B mbH, mbH, B mbH, ukarest mbH & Co K &Co mbH eichenfels mbH &Co. K mbH utopalya Zrt., B Zrt., utopalya mbH, S mbH, Hersfeld ad cope of C p z.o.o., Łódź enešov, Dolní B enešov, Dolní eton AGeton mbH &Co. K mbH G plit ßE , L G irana G Hersfeld ad mbH &Co. K mbH mbH &Co. K mbH erlin N udapest , Cologne Vienna mbH, , Ditzingen angenargen G mbH, B mbH, - UN ervices G ervices plit atow , S mbH & Co K &Co mbH , Zurich chmallenberg C, Dubai tockholm G D T Erfurt mbH, G , Münsingen , Münsingen mbH, B mbH, , L erlin G udapest IEF einfeld-Echterdingen , S Münster mbH, enešov onsolidation G G for the first time on the reporting reporting the on time first the for consolidation of scope BAU G mbH, B mbH, G Hamburg mbH, enden , G , L Hersfeld ad G Hersfeld ad Jahnsdorf mbH, einfeld-Echterdingen , S roßlehna undern M Hersfeld ad B H ad S ad egeberg ünen direct st 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 90.00 94.99 99.95 75.79 51.00 51.00 ake %

or founda acquiston 01.10.2008 01.10.2008 19.11.2008 17.10.2008 05.6.2008 26.6.2008 26.6.2008 26.6.2008 02.5.2008 30.4.2008 02.5.2008 02.4.2008 25.9.2008 25.9.2008 25.9.2008 25.9.2008 25.9.2008 25.9.2008 25.9.2008 15.2.2008 24.9.2008 24.9.2008 15.2.2008 10.4.2008 14.2.2008 14.2.2008 14.2.2008 12.6.2008 14.4.2008 14.4.2008 15.7.2008 15.7.2008 15.7.2008 15.7.2008 15.7.2008 15.7.2008 15.7.2008 15.7.2008 01.1.2008 01.1.2008 01.1.2008 01.1.2008 01.1.2008 01.1.2008 01.1.2008 01.1.2008 01.1.2008 01.1.2008 01.1.2008 17.1.2008 Da te of tion

1) 1) 1) 1) 1) 1) 1) EFK In In – area this in facilities engineering. proprietary civil and of construction building of field the in as well as number a possesses company the – processing and extraction at-equity: of Kirchner Holding Holding Kirchner of by Echterdingen, &Co. K mbH Z-Zwo Verwaltungsgesellschaft A price Purchase liabilities Current southern southern F. of takeover Kirchhoff majority the approved authorities competition the 2008, July In A N assets Current R liabilities: and assets Acquired company, concession motorway M5 Following approval cartel in June 2008, A 2) T t 1) F. B Kirchhoff A L Haftung, beschränkter mit Verwaltungsgesellschaft A A TGS T N T 16). item (see consolidation by statements financial the in included was company the 2008, June 26 L L S Kirchhoff G F.K. L C S S S MI Verwaltungs- Kieswerke Maselheimer G Kieswerke Maselheimer B Möbius Josef S S P m.b.H., Hamburg Möbius-Verwaltungsgesellschaft P eipziger S eipziger afrentz B afrentz he purchase price is preliminary allocated to assets and liabilities as follows: as liabilities and to assets allocated preliminary is price purchase he eter G eter lzeňská obalovna spol s.r.o., spol obalovna P lzeňská equivalents cash and cash cquired prossener A prossener traßen- und A und traßen- B tapelfeld aale A aale A aale sphaltmischwerke Villingen G Villingen sphaltmischwerke O sphalt-Mischwerke O sphalt-Mischwerke as additions to and removals from the scope of consolidation. of scope the from removals and to additions as 2008. January 1 effective time first the for group the of consolidation of scope the in included was company the volume, business increased to its Due arrangements concession from eceivables A liabilities on-current acquisition the from outflow cash et röne B röne cquisitions in G cquisitions K he companies listed under “Merger/ under listed he companies 2008. 1January before occurred company the of foundation/acquisition he N S W G A AGON eptember 2008, 2008, eptember E K. S K. RAL ogistik G ogistik ransport- M eisler T eisler sphalt Verwaltungs G Verwaltungs sphalt G sphalt lföld Koncesszios A Koncesszios lföld au G au B G au G au Chemnitz H, , G traßen- und B und traßen- ervices G ervices erman state of of state erman augesellschaft mbH &Co. K mbH augesellschaft mbH &Co. K mbH etonstraßenbau G etonstraßenbau sphaltmischanlage G sphaltmischanlage raz Markranstädt mbH, . K. d.o.o.,. K. Cavle iefbauunternehmen G iefbauunternehmen mbH &Co. K mbH sphaltbau N sphaltbau G au- mbH &Co. K mbH esellschaft S esellschaft STRABAG G esellschaft R esellschaft mbH, L mbH, received approval by the cartel authorities for its acquisition of 80 % 80 of acquisition its for authorities cartel the by approval received STRABAG G berschwaben G berschwaben ermany mbH, mbH, rückenbau G rückenbau G mbH &Co. K mbH A ccretion” were merged with/accrued on already fully consolidated companies and as companies such are at on fully consolidated once already represented were with/accrued merged ccretion” B ord G ord , Halberstadt G einfelden-Echterdingen . aden-Württemberg. Kirchhoff is also active in the fields of raw materials raw of fields the in active also is Kirchhoff aden-Württemberg. mbH, Dehlitz/ mbH, G , Hamburg üsel mbH, S mbH, üsel B T , Dehlitz/ mbH, Villingen- mbH, ilsen mbH, G mbH, he Kirchhoff Kirchhoff he ad Hersfeld. Kirchner perfectly complements complements perfectly Kirchner Hersfeld. ad mbH, S mbH, ostock m.b.H, R ostock Zeitz mbH, Hamburg mbH, utopalya Z G mbH &Co. K mbH mbH &Co. K mbH acquired STRABAG through acquired interim holdings 100 % of Hungarian G A Maselheim mbH, roßlehna L G atow K , Maselheim ösau , S üsel A L ösau oltau G A G S lföld Koncessizios Koncessizios lföld , S op s h mre lae i ra cntuto i the in construction road in leader market the is roup chwenningen tuttgart ostock G G rt. , Halberstadt angenargen , L angenargen A utopalya Zrt., Zrt., utopalya 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 49.78

STRABAG B dps. Effective udapest. AG , s business ’s 28.4.2008 L 15.7.2008 15.7.2008 15.7.2008 15.7.2008 15.7.2008 15.7.2008 15.7.2008 01.1.2008 01.1.2008 01.1.2008 01.1.2008 01.1.2008 01.1.2008 01.1.2008 01.1.2008 01.1.2008 01.1.2008 01.1.2008 01.1.2008 01.1.2008 01.1.2008 01.1.2008 01.1.2008 01.1.2008 einfelden- 1,048,898 -862,846 251,928 181,979 -69,949 -10,390 76,266 AK T€

113 notes to the financial statement strabag SE annual report 2008 114 notes to the financial statement strabag SE annual report 2008 T U the in stone hard of supplier main L price Purchase liabilities Current A T S northeastern in quarry G in production concrete mobile in position aleading holds N equity in interest minority in Increase assets Current O %. 100 T with consolidated been has company the owner, previous recognised. been has price option estimated the of the amount the in A liability by option put existing an construction road the in presence Kirchner’s in segment materials. construction and materials raw of field in as to strengthen its know-how in this field. this in know-how its to strengthen STRABAG allows acquisition the N A L price Purchase liabilities Current STRABAG the secure to order in year financial the during Europe base. Eastern materials raw in acquired were quarries Further In R Czech the in basis materials raw proprietary its strengthen significantly

G liabilities: and assets Acquired in activities d.o.o., of acquisition the approved authority competition Croatian the 2008, February In O O G liabilities: and assets Acquired Dolní s.r.o. spol. Štěrkovny stone Czech of miner acquisition % 100 the approved authorities competition competent the 2008, June In A N N equity in interest minority in Increase assets Current component price purchase non-cash-effective ess component price purchase non-cash-effective ess he purchase price is preliminary allocated to assets and liabilities as follows: as liabilities and to assets allocated preliminary is price purchase he he group also acquired 75.79 % of Chustskij Karier, a.o.a., Zakarpatska, Zakarpatska, a.o.a., Karier, Chustskij of % 75.79 acquired also group he he purchase price is preliminary allocated to assets and liabilities as follows: as liabilities and to assets allocated preliminary is price purchase he equivalents cash and cash cquired equivalents cash and cash cquired liabilities on-current liabilities on-current acquisition the from outflow cash et acquisition the from outflow cash et oodwill oodwill oodwill cquisitions in R cquisitions assets non-current ther assets non-current ther ther A ther S eptember 2008, 2008, eptember S plit. plit. cquisitions S G P P E acquired 100 % of stone miner Z miner stone of 100% acquired E oland represents an important addition to addition important an represents oland ermany in the area of infrastructure construction and environmental technologies as well as technologies environmental and construction infrastructure of area the in ermany omgrad Inženjering d.o.o. is a specialist in the construction of ports and port facilities and facilities port and of ports in d.o.o.the construction is Inženjering a specialist omgrad acquired 100 % of Mobil Mobil of % 100 acquired STRABAG esources and R and esources lovakia, and 100 % of Czech stone miner P miner stone 100 Czech %of and lovakia, krainian Carpathians. Carpathians. krainian B enešov, Dolní Dolní enešov, aw M PS V O aterials B lcnava s.r.o., lcnava enešov. STRABAG B ermany, A austoffe austoffe T he acquisition allows allows acquisition he O IK ’s activities in that country. Due to Due country. that in activities ’s G lcnava, which operates a dolomite a operates which lcnava, ustria and S and ustria s.r.o.,ASO Prague. mbH, mbH, epublic. epublic. Recoures andr U R kraine. kraine. eichenfels. eichenfels. Acquistons nGermany witzerland. P omgrad Inženjering omgrad T he company is a is company he T to STRABAG he company he w ma -222,090 -116,832 272,306 104,061 136,024 -31,484 -40,516 -10,552 -37,622 terials 34,209 68,444 95,202 -21,181 85,277 44,358 18,379 17,994 -5,577 -2,510 -2,105 T€ T€

T Deutsche for services management facility G fetv 1 Effective surfacing. and paving as well as construction underground and engineering WI and A T of by atotal decreased to amount would revenue consolidated the year, A T of amount the in goodwill year,negative financial 2008 the In of date the at inclusion acquisition. an to implications significant no had this that provided date reporting nearest T N A L price Purchase liabilities Current T services. construction-related of field the in competencies In May 2008, 2008, May In A N equity in interest minority in Increase assets Current O In In %. 100 with consolidated been has company recognised. been has price the option estimated the of amount the owner, previous the by option put S entreprenad

G liabilities: and assets Acquired In bridge-building. in specialist In 51of T %of the in presence its expand further to order In € -23,274 to profit. component price purchase non-cash-effective ess his amount is reported under O under reported is amount his the or acquisition of date the at place took time first the for included companies of consolidation he follows: as liabilities and assets to the preliminary allocated is price purchase he danti is one of the leading construction companies on the Italian market and operates in all segments. segments. all in operates and market Italian the on companies construction leading the of one is danti equivalents cash and cash cquired weden and is largely active in the fields of road construction and tunnelling. Due to an existing an to Due tunnelling. and construction road of fields the in active largely is and weden ssuming a fictitious first-time consolidation on 1 January 2008 for all acquisitions in the 2008 financial 2008 the in acquisitions all for 2008 January 1 on consolidation first-time fictitious a ssuming ll companies which were consolidated for the first time in 2008 contributed contributed 2008 in time first the for consolidated were which companies ll liabilities on-current acquisition the from inflow cash et mbH. mbH. oodwill assets non-current ther A A A pril 2008, 2008, pril pril 2008, the responsible cartel authorities approved the acquisition of of acquisition the approved authorities cartel responsible the 2008, pril pril 2008, 2008, pril TTA T ogether with the acquisition, an extensive ten-year service agreement was signed to provide to signed was agreement service ten-year extensive an acquisition, the with ogether rema Engineering 2 sh p.k., 2sh T Engineering rema O BAU , AB STRABAG ctober 2008, 2008, ctober acquired 82.3 % of the the of % 82.3 acquired STRABAG curd 0 % f zc cntuto fr JH firm construction Czech of % 100 acquired STRABAG S AG tockholm. tockholm. , Zurich. Zurich. , € -11,652. S E acquired acquired E acquired 100 % of of % 100 acquired STRABAG T T e opn i cniee a pcait o ifatutr poet in projects infrastructure for specialist a considered is company he e an uies ciiy s n h aes f od osrcin civil construction, road of areas the in is activity business main he ther O ther S perating Income. perating witzerland-based witzerland-based irana, A irana, T B elekom elekom alkan region, region, alkan lbania’s third-largest construction company. construction lbania’s third-largest S T wedish construction company company construction wedish 1,8,7 ad osldtd rft ol have would profit consolidated and 13,389,475 € AG S . tra T STRABAG T BAG he acquisition strengthens strengthens acquisition he € 1,865€ ( STRABAG S trassenbau und und trassenbau revious year: year: Previous roperty und Facility Facility und Property S E acquired a majority stake majority a acquired E T pl s.r.o., spol. P € 881,518€ and torevenue A danti danti O DE B T S eton eton € 613)€ occurred. N .p. A A iblt in liability A STRABAG nläggnings- AG ., au, a Prague, B -360,350 -126,925 -256,266 -240,033 , Zurich, , 126,663 608,335 S ologna. -13,555 Others 56,788 -3,018 ervice 81,174 T€ ’s

115 notes to the financial statement strabag SE annual report 2008 116 notes to the financial statement strabag SE annual report 2008 BR N P Management Facility B und Projektentwicklung Immobilien-, Eraproject BR BR B assets and liabilities. and assets T Entsorgung mbH, L mbH, Entsorgung R V PRO L B DI A at-equity B B the to assigned be to In July 2008, 2008, July In granted. consolidation: A D A A B Disposal fromcoeofonsolida N production in production stone and gravel concrete, of in field the participants market important two Kft., Epitöanyagok Hungaria ugras eeus mutd o 6 mlin n h sm year. same the in million 61 € to amounted revenues Hungaria’s outstanding at the time the balance sheet was prepared. was sheet balance the time the at outstanding A e ipsl f opne fo te cp o cnoiain e t isgiiat ipsl among disposals insignificant to led consolidation of scope the from companies of disposal he fter the balance sheet date, date, sheet balance the fter K s of 31 December 2008, the following companies were were companies following the 2008, December 31 of s VE G VE M M M M eteiligungsverwaltung G eteiligungsverwaltung M iersberger G iersberger eumünster, effective 1 January 2009. 2009. January 1 effective eumünster, R cquisitions the R after isposals from the S isposals M-Valentiner A M-Valentiner VZ E VZ VZ d.o.o.VZ B B VZ A T T T T T EC I S I d.o.o. B I B I -T d.o.o, Zagreb international strojevi I -gradevinski Vienna Verwertungsgesellschaft, und iegenschaftsverwaltungs- esellschaft für R für esellschaft lföld Koncesszios A Koncesszios lföld T ROUT K, s.r.o.,K, B enelux, A enelux, OO E ehnica U ehnica N E D, S LU eograd, N eograd, A eograd, N eograd, ebäudemanagement G ebäudemanagement E (FE STRABAG X; A X; ustria and In Hungary. ustria 2007, CEMEX ofia ntwerp tilajelor P tilajelor sphaltmischwerk G sphaltmischwerk ratislava ratislava ntwerp ünen R M und eststoffverwertung olska S olska T O ovi B ovi B ransportation Infrastructures segment. segment. Infrastructures ransportation Y) C Y) mbH, B mbH, S utopalya Zrt., B Zrt., utopalya entru Constructii SRL Constructii entru E announced the 100 % acquisition of CEMEX CEMEX of acquisition % 100 the announced E eograd eograd ONSTRU p.z.o.o., Warsaw acquired 100 % of Johannes Johannes of % 100 acquired STRABAG erlin tion: esellschaft m.b.H. & Co K m.b.H. & Co esellschaft mbH &Co.K mbH C T T cope of C he purchase price amounted to € 8.5 million. million. 8.5 € to amounted price purchase he I udapest L ON IMI eporting P , B G T ucharest , N ED, Dublin A ustria generated revenues of revenues € generated ustria 196 million. CEMEX uremberg onsolidation G o ogr nldd n h soe of scope the in included longer no , L R egulatory approval has already been already has approval egulatory inz inz eriod

R S gltr apoa ws still was approval egulatory ienknecht ienknecht Fell below significant level significant Fell below Fell below significant level significant Fell below level significant Fell below level significant Fell below level significant Fell below level significant Fell below Fell below significant level significant Fell below S since 14.4.2008 since Consolidated company Consolidated Fell below significant level significant Fell below level significant Fell below Fell below significant level significant Fell below S level significant Fell below Fell below significant level significant Fell below Fell below significant level significant Fell below A ale ale ustria ustria G n CEMEX and AG b & o K Co. & mbH T he company is company he G , T shown are company parent the by controlled statements. companies financial consolidated the in of separately profits and equity in interests Minority eliminated been have assets current and non-current material. are they if the in recognised are that the transactions group in included subsidiaries have and revenues transactions been from eliminated. Expenses intra-group the of provisions and liabilities corresponding S Financial Consolidated the with offset are receivables other and loans receivables, trade outstanding consolidation, debt of framework the Within acquired companies. newly the of method equity the of application first-time the from results balance account the A ehd s n h cs o cnoiae cmais weey h rsetv ls aalbe financial available last respective the whereby companies, method. equity the for basis the as consolidated serve statements of case the in as method T N asset. as recognised In the 2008 financial year a total of a total year financial 2008 the In AG shares. acquired further From the of acquisition the additional 943,186 no-par bearer shares of shares. bearer 851,679no-par for accepted was offer AG 2008, June In I with accordance in test impairment to an A life test. useful impairment an of undefined basis the an on with necessary if assets amortised and value Intangible fair their life. for annually useful tested are projected planned the the over assets, consolidation, these made to is capital allocated be of can amortisation life course useful the a If in goodwill. from acquired separately assets recognised is intangible identifiable special, to allotted investment. is the of value carrying the by offset is determined liabilities of the subsidiary companies are recorded at the fair values. values. fair the at recorded are companies subsidiary the of IF liabilities in contained stipulations the with accordance in made is consolidation Capital accordingly. adapted are companies group foreign and domestic the of statements are drawn up in accordance with uniform methods of accounting and valuation. valuation. and accounting of methods uniform with accordance in up drawn are T M he necessary tax deferrals are made for consolidation procedures. consolidation for made are deferrals tax necessary he e ae rnils f aia cnoiain r apid o netet icue udr h equity the under included investments to applied are consolidation capital of principles same he he financial statements of the domestic and foreign companies included in the scope of consolidation of scope the in included companies foreign and domestic the of statements financial he cquisition and and cquisition ny remaining differences on the assets side are capitalised as goodwill and submitted once annually once submitted and goodwill as capitalised are side assets the on differences remaining ny gtv gowl semn fo cptl osldto i rcre drcl truh rft r loss. or profit through directly recorded is consolidation capital from stemming goodwill egative ethods of C ethods , Cologne, goodwill in the amount of of amount the in goodwill Cologne, , Cologne. , T STRABAG he offer price was € 260 per share. share. per 260 € was price offer he T akeover akeover tatements. onsolidation S A E made a public purchase offer in accordance with the the with accordance in offer purchase public a made E ct for the purchase of up to 1,346,186 no-par bearer shares of of shares bearer 1,346,186no-par to up of purchase the for ct T 2094 n odil rsn fo cptl osldto were consolidation capital from arising goodwill in 250,924 € T € 156,122 was capitalised as part of the capital consolidation. capital the of part 156,122 € as capitalised was 36. AS B goodwill of A goodwill efore the deadline for acceptance, the purchase the acceptance, for deadline the efore A fter the end of the offer period, period, offer the of end the fter difference on the assets side, which which side, assets the on difference A T € 47,333 year: (previous T he proportional equity thereby thereby equity proportional he R esults incurred from esults incurred intra- 3. 3. RS T he annual financial annual he G erman erman A STRABAG ll assets and and assets ll T STRABAG STRABAG S € 1,613) in ecurities ecurities S E 117 notes to the financial statement strabag SE annual report 2008 118 notes to the financial statement strabag SE annual report 2008 „Wohngarten S „Wohngarten „Daheim“ B „Daheim“ S „ A statement. consolidatedthe financial the fullyshows list the following consolidated companies included in B „ B B am „Filmforum „ A ABR m.b.H., Vienna Wohnbaugesellschaft Heim“ „Wiener

„D A B B AUSTR B B BLT B BR B S B BUS Diabaswerk S Diabaswerk Eckstein Holding G Holding Eckstein Vienna mbH, Vermietungsgesellschaft A Fachmarktzentrum G F E F Ilbau L Ilbau B Westerthaler H. Innerebner B Innerebner Kanzel S Kanzel K S Insond L G Ingenieurbau und Hoch- Kurz M5 B M5 Mineral A Mineral M5 Holding G Holding M5 Mischek L Mischek B Mischek N B Mobil Mischek S Mischek O L O OAT -B P P R RBS S A STRABAG S S G S SBS A . L eitner G eitner USS avant i. O avant R ustria agitz Metalltechnik G Metalltechnik agitz assivhaus Kammelweg B Kammelweg assivhaus Drau der an pittal Drau der an pittal sphalt &B sphalt tadtbaumeister A tadtbaumeister torf Hoch- und T und Hoch- torf G Metalltechnik toppacher I au Holding B Holding au aukontor G aukontor etriebs G etriebs m.b.H., Vienna etriebsgesellschaft M itumen Handelsgesellschaft m.b.H. & Co K m.b.H. &Co Handelsgesellschaft itumen ug- S AB ordpark Errichtungs- und B und Errichtungs- ordpark oldeck B oldeck sttiroler A sttiroler ttokar Klug G Klug ttokar TUNO -W O eschäfts- und B und eschäfts- M VZ B VZ T ang u. K. Menhofer B Menhofer u. K. ang MIZI I I- AT A N A eteiligungs G eteiligungs E aulogistik und T und aulogistik B lu Y Infrastrukturprojektentwicklungs- und -betriebs G -betriebs und Y Infrastrukturprojektentwicklungs- bfall B bfall traßensanierung G traßensanierung ohrbau- iegenschaftsverwaltung G iegenschaftsverwaltung E N I trabag B trabag EC Maschinen T EC Maschinen austoffe G austoffe aumaschinentechnik International G International aumaschinentechnik A ASP ohr- und Fugentechnik G ohr- Fugentechnik und au- R au- T BOUL SS V L E teinbruch Dennig G Dennig teinbruch pezialtiefbau G pezialtiefbau echnic G echnic m.b.H., Hausmening esellschaft bbau G bbau A B “ B GG easing eins G eins easing ystembau G ystembau auträger S auträger ergbahnen G ergbahnen Vienna mbH, sttirol sphalt Hoch- und T und Hoch- sphalt m.b.H., Vienna Wohnungseigentumsgesellschaft und au- eton G eton nlagentechnik G nlagentechnik aaden G aaden auträger G auträger ehandlung und R und ehandlung austahl G austahl austofftechnik G austofftechnik echen- u. Verwaltungszentrum G u. Verwaltungszentrum echen- E aalfelden G aalfelden mbH, Vienna mbH, H eteiligungs AG eteiligungs S Hochbau und Holzindustrie G Holzindustrie und R Hochbau esellschaft m.b.H., Vienna esellschaft ensengasse“ B ensengasse“ ALT G au Holding S Holding au chweißtechnik G chweißtechnik ahnhof“ Errichtungs- und Errichtungs- ahnhof“ mbH, S mbH, EV augesellschaft m.b.H., S augesellschaft mbH, Vienna mbH, iefbaugesellschaft m.b.H., R iefbaugesellschaft mbH, R mbH, mbH, Vienna mbH, mbH, L mbH, ürohaus S ürohaus rchitekt Franz B Franz rchitekt mbH, S mbH, AR rland Errichtungs- und Errichtungs- rland ervice G ervice esellschaft m.b.H., G esellschaft ransport G ransport mbH & Co O &Co mbH mbH, S mbH, mbH, Wiener N Wiener mbH, mbH, Vienna mbH, D Errichtungs- und B und D Errichtungs- Vienna mbH, mbH, S mbH, echnische A echnische esellschaft m.b.H., Vienna esellschaft esellschaft m.b.H, Vienna esellschaft Drau der an pittal augesellschaft m.b.H. &Co. K augesellschaft mbH & Co K &Co mbH esellschaft m.b.H., S esellschaft eichenfels endorf auträger G auträger Drau der an pittal

mbH, S mbH, esellschaft mbH, G mbH, esellschaft mbH, T mbH, terneckstraße Errichtungs- und Errichtungs- terneckstraße ervice G ervice , S etriebs G etriebs mbH, Vienna mbH, esellschaft m.b.H., S esellschaft ecycling S ecycling Drau der an pittal auträger G auträger iefbauunternehmung G iefbauunternehmung

Drau der an pittal

Drau der an pittal Walchsee mbH, mbH, Vienna mbH, esellschaft m.b.H., L esellschaft esellschaft m.b.H., S esellschaft mbH, S mbH, öhm G öhm H

Drau der an pittal nlagen G nlagen halgau G mbH, Vienna mbH, mbH“, S G eustadt , S Innsbruck mbH, , S chwadorf G chwadorf Drau der an pittal Drau der an pittal mbH, Vienna mbH,

mbH, Vienna mbH, Drau der an pittal aaden t. Johann i. Johann t.

mbH, T mbH, G etriebs G etriebs esellschaft m.b.H., Vienna esellschaft

Drau der an pittal , L aalfelden am S am aalfelden esellschaft m.b.H., esellschaft eutte Dornbirn mbH, ratkorn oosdorf

Drau der an pittal rumau mbH, S mbH,

P inz Drau der an pittal mbH, Vienna mbH, mbH,

ongau G , Eggendorf mbH“, chwadorf Meer teinernen

nominal capit

€ 48,000 € 5,000 € 4,500 € 1,000 € 1,000 € 1,500 € 1,454 € 1,897 € 1,192 t a 3,000 3,000 2,000 4,800 € 363 € 363 € 727 1,000 € 100 € 291 € 100 € 727 € 133 € 741 ts/t€ € 90 € 36 € 35 € 36 € 35 € 35 € 35 € 36 € 36 € 36 € 44 € 36 € 36 € 35 € 36 € 36 € 35 € 36 € 36 € 35 € 35 € 36 € 50 € 73 € 37 € 70 € 37 500 500 500 al

S A A BR T UN Zentrum R Zentrum B Krautgarten am Wohnen S A Vereinigte B B B B BR becker bau G bau becker B BBS S B B B B Diabaswerk B Diabaswerk A Deutsche C Dahlwitz/Hoppegarten Eduard Hachmann G Hachmann Eduard DYWID Eichholz Eivel G Eivel Eichholz AG Ed. Züblin P Eberhard B Eberhardt DYWID DYWID Elpro Verkehrstechnik G Verkehrstechnik Elpro R Eichholz Ernst Meyer B Meyer Ernst EC „ Erschließungsgesellschaft G B Ezel N G B Preusse Friedrich G Fahrleitungsbau F. S Kirchhoff F. AG Kirchhoff E E F. S Kirchhoff G reuhandbeteiligung Kirchhoff G Kirchhoff SB ermany T TG Erzgebirge ugust & Jean Hilpert G Hilpert &Jean ugust Drau der an pittal trabag L trabag traubing lpines Hartschotterwerk G Hartschotterwerk lpines .H.I. -BAU.H.I. A M aumann &B aumann augesellschaft Claus A Claus augesellschaft H auunternehmung O auunternehmung O auträgergesellschaft lees-Kölling- eton und R und eton T Construction L Construction LS eubrandenburg mbH &Co., S mbH eorg B eorg ebr. von der Wettern G ebr. Wettern von der f “ Ingenieur- und T und “ Ingenieur- European Construction S Construction S European VZ B VZ VZ B VZ G B I B T PRO I- “ G B auunternehmung S auunternehmung esellschaft für Qualitätssicherung und Innovation G Innovation und Qualitätssicherung für esellschaft austoffbetriebe S austoffbetriebe Hamburg mbH, itumenhandelsgesellschaft AG B AG G AG International aumaschinentechnik International G International aumaschinentechnik au- R au- au- esellschaft für B für esellschaft G m.b.H., Vienna augesellschaft örner Dach und S und Dach örner JEK iegenschaftsverwaltung G iegenschaftsverwaltung ondorf -Holding G -Holding ennweg S ennweg ail G ail öhner U öhner R sphalt G sphalt sphaltmischwerke G sphaltmischwerke au- au G au Villach E, ecycling G ecycling T B echen-und Verwaltungszentrum G Verwaltungszentrum echen-und echen- und Verwaltungszentrum G Verwaltungszentrum und echen- traßenbau G traßenbau ystembau G ystembau mbH u. Co. K mbH urmeister G urmeister , S erge G erge , S auunternehmung G auunternehmung B llgemeine Hoch- und Ingenieurbau- und Hoch- llgemeine mbH, L mbH, , L enden G au G au au- und Innenbau G Innenbau und au- mbH, B mbH, mbH & Co K &Co mbH tuttgart pittal an der Drau, S Drau, der an pittal Vienna esmbH, Munich mbH, mbH, B mbH, ransportbeton G ransportbeton einfelden-Echterdingen Essen mbH, nternehmen für Hoch- und T und Hoch- für nternehmen auunternehmung G auunternehmung egal S egal Cologne mbH, Cologne mbH, - mbH & Co K &Co mbH iefbau G iefbau hneis G hneis esellschaft mit beschränkter Haftung, L Haftung, beschränkter mit esellschaft Cologne mbH, B auda-Königshofen ahn Immobilienentwicklung G Immobilienentwicklung ahn mbH &Co. K mbH erlin achsen G achsen mbH &Co. K mbH mbH, B mbH, auwerksabdichtungen mbH, auwerksabdichtungen Hamburg mbH, lande Cologne Haftung, beschränkter mit esellschaft lpen mbH, N mbH, lpen erlin indelfingen G indelfingen mbH, Halle/ mbH, Munich mbH, mbH & Co K &Co mbH mbH &Co. K mbH traße G traße ervices G ervices auträger G auträger G eorg Kässbohrer &S Kässbohrer eorg A esellschaft mit beschränkter Haftung, beschränkter mit esellschaft , B G Kobern mbH, m S ervices G ervices , L ornhöved erlin esellschaft m.b.H. & Co K m.b.H. &Co esellschaft angenargen G chloßberg“ P chloßberg“ mbH, B mbH, mbH, B mbH, Hartmannsdorf mbH, Freiberg mbH, mbH, S mbH, , S Cologne mbH, Vienna mbH, mbH, L mbH, G Drau der an pittal eustadt/Holstein G Vienna mbH, S chmallenberg , Emersleben G mbH, S mbH, , N aale G esellschaft mbH, B mbH, esellschaft , Münsingen Möhrfelden-Walldorf mbH, , L Hersfeld ad erlin uremberg Drau der an pittal einfelden-Echterdingen inz Cologne mbH,

indelfingen antelitz G antelitz mbH, iefbau G iefbau Cologne mbH, ohn G Cologne esellschaft, Vienna mbH, mbH, mbH, B mbH, Vienna mbH, G raunschweig , unden ayreuth nominal capit € 114,000 € 20,452 € 12,000 € 23,319 € 13,010 tdem/t€ € 5,000 € 4,500 € 2,045 € 2,557 € 1,500 € 1,030 € 1,550 € 1,050 € 3,100 € 1,310 35,000 30,000 6,600 € 600 5,000 € 500 2,500 € 290 € 263 € 205 € 307 € 256 1,000 € 520 € 225 € 104 € 310 € 36 € 30 € 55 € 35 € 30 € 26 € 26 € 26 € 25 € 25 € 25 € 37 € 25 € 25 € 25 € 51 300 500 500 500 500 100 100 al

100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100,00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 60.00 50.00 st 94.99 75.00 51.00 57.26 ake % 119 notes to the financial statement strabag SE annual report 2008 120 notes to the financial statement strabag SE annual report 2008 G HEI Heilit + Woerner B +Woerner Heilit Helmus S Helmus Hermann Kirchner B Kirchner Hermann Hermann Kirchner Hoch- und Ingenieurbau G Ingenieurbau und Hoch- Kirchner Hermann rojektgesellschaft mbH, B mbH, Projektgesellschaft Kirchner Hermann Jakob G Jakob B Industrielles L Ilbau G Ilbau Josef Möbius B Möbius Josef Josef R Josef Josef R Josef R KIM Kirchhoff L Kirchhoff A Kirchhoff Kirchner &Völker B Kirchner Kirchner Holding G Holding Kirchner L G International Kirchner L reusse B Preusse S Mineral B Mineral M Hamburg G B Preusse P Dusseldorf Haftung, beschränkter mit G Protecta G Elbpark Projekt R Mineral B Mineral Mobil B Mobil O B ROBA A ROBA T ROBA R O PO Entsorgung mbH, L mbH, Entsorgung R R SA SAT S Verwaltungs- SBR B STRABAG S rojektentwicklung G Projektentwicklung STRABAG S AG STRABAG roperty and Facility S Facility and Property STRABAG R STRABAG S STRABAG U STRABAG TPA G S U STRABAG W T TSS eonhard Moll Hoch- und T und Hoch- Moll eonhard eonhard Moll T Moll eonhard t. G t. F- trabag International G International trabag tratebau G tratebau yhrn Concession Holding G Holding Concession yhrn egensburg VE G VE obert Kieserling Industriefußboden G Industriefußboden Kieserling obert odinger Ingenieurbau G Ingenieurbau odinger K riproad S riproad mbH &Co. K mbH oms-Ittner-Hof G oms-Ittner-Hof tto R tto A S M S B R ßÖ V Mineralstoff -A V Mineralstoff I Westenfelder S I Westenfelder L A AG G I usbau G usbau angloff T U echnische S echnische traßensanierung G traßensanierung G esellschaft für Qualitätssicherung u.Innovation G u.Innovation Qualitätssicherung für esellschaft esellschaft für R für esellschaft ohr G ohr iegenschaftsverwaltung G iegenschaftsverwaltung ohrleitungs- und Kanalbau G Kanalbau und ohrleitungs- ächsische A ächsische mbH Deutschland, B Deutschland, mbH iepl U iepl iepl U iepl austoffe G austoffe E ransportbeton G ransportbeton sphalt G sphalt austoff G austoff ärtner G ärtner mwelttechnik G mwelttechnik L &PARTN mbH, L mbH, austoff G austoff austoff Verwaltungs G Verwaltungs austoff traßen- aubetriebe G aubetriebe aubetriebe und P und aubetriebe esellschaft für O für esellschaft pezialbeläge und B und pezialbeläge eipzig S eipzig sphaltmischwerke G sphaltmischwerke mbH, R mbH, Helmstedt mbH, portstättenbau G portstättenbau eton G eton eal Estate G Estate eal mweltanlagen G mweltanlagen nterstützungskasse G nterstützungskasse nternehmen für Hoch- und T und Hoch- für nternehmen nternehmen für Ingenieur- und Hochbau G Hochbau und Ingenieur- für nternehmen Freiberg mbH, , Cologne auen B auen Halberstadt G Halberstadt, au- iefbau G iefbau Friedberg mbH, mbH, A mbH, einfelden-Echterdingen B mbH, A mbH, mbH &Co. K mbH mbH &Co. K mbH au G au icherheits- G au- mbH &Co. K mbH Cologne mbH, traßenbau G traßenbau A sphaltmischwerke G sphaltmischwerke mbH, B mbH, mbH &Co. K mbH auunternehmung G auunternehmung ünen egensburg tein Industrie G Industrie tein mbH, Kehl/ mbH, E auunternehmung G auunternehmung Hamburg ktiengesellschaft, ufbereitung und - Verwertung G - Verwertung und ufbereitung etreuungsgesellschaft mbH, S mbH, etreuungsgesellschaft R STRA G eststoffverwertung und eststoffverwertung Munich mbH, Cologne mbH, esellschaft mit beschränkter Haftung, beschränkter mit esellschaft esellschaft mbH &Co. K mbH esellschaft mbH, B mbH, ugsburg Dusseldorf mbH, Cologne mbH, Horhausen mbH, Cologne mbH, Munich mbH, ugsburg mbH, R mbH, Hersfeld ad berflächenschutzschichten artner iefbau G iefbau erlin Dresden mbH, S Cologne mbH, ßE Dortmund mbH, Cologne mbH, augesellschaft ysteme G ysteme G G R Hersfeld ad mbH &Co. K mbH mbH &Co. K mbH Cologne mbH, G N G , Cologne Cologne mbH, oding , Ditzingen Dahlwitz-Hoppegarten mbH, hein , Cologne - UN ervices G ervices , B Cologne mbH, mbH & Co K &Co mbH mbH, B mbH, Munich mbH, erlin D T Hamburg mbH, esellschaft Erfurt mbH, mbH &Co. K mbH mbH, B mbH, Cologne mbH, esellschaft iefbau G iefbau IEF erlin Munster mbH, G G BAU G mbH, B mbH, , G , L Hersfeld ad Hersfeld ad G G einfelden-Echterdingen roßlehna , S , Vechta mbH, R mbH, tuttgart M undern G Krefeld mbH, Hersfeld ad B , Dresden Cologne mbH, H, mbH, egensburg € 104,780 € 30,000 € 18,000 € 15,000 € 3,068 € 6,833 € 2,000 € 5,000 € 2,000 € 2,500 € 2,000 € 9,220 € 2,660 € 1,000 € 4,700 € 1,280 € 1,050 € 1,050 € 7,000 € 3,100 20,000 20,000 20,000 15,000 € 900 € 600 8,000 € 600 5,000 € 500 9,000 € 560 2,000 € 250 € 520 € 256 € 520 € 250 1,000 € 100 2,501 € 511 € 511 € 38 € 30 € 30 € 77 € 26 € 25 € 10 € 51 400 500 400 200 105 270 € 0

Züblin U Züblin chile al rema Engineering 2 sh p.k., 2sh T Engineering rema omgrad Inzenjering d.o.o., S Inzenjering omgrad oduzece Z oduzece danti S danti trabag za gradevinske poslove d.o.o., poslove Zagreb gradevinske za trabag trabag Inc., T trabag Co. &Engineering Construction Changjiang-Züblin hanghai l-Hani G l-Hani ulgaria elgium .V. B STRABAG .V. B STRABAG b B N A b drustvo s ogranicenom odgovornoscu za gradenje, za odgovornoscu sogranicenom STAR drustvo VZ-gradevinski-, racunovodstveni- i upravni centar d.o.o., centar Zagreb iupravni racunovodstveni- VZ-gradevinski-, ya au G au . d.o.o., S E ania I RAL OO achner G achner pezialtiefbau G pezialtiefbau tahlbau G tahlbau candinavia A candinavia Magdeburg mbH, mwelttechnik G mwelttechnik .p. k D, S eneral Construction Co., T Construction eneral -HID G A Ceste S A Ceste A ., B M drustvo s ogranicenom odgovornoscu za odgovornoscu sogranicenom M drustvo plit ofia D, S oronto RO ologna mbH, S mbH, enelux S enelux S elgium Hosena mbH, ofia I N ZE / mbH, S mbH, S plit dionicko drustvo, S drustvo, dionicko plit N mbH, S mbH, , Viby mbH, S mbH, traubing JE . . A A tda., S tda., R ., A ., A mbH, S mbH, I tuttgart d.o.o.,NG S plit irana dn. B dn. tuttgart ntwerp ntwerp tuttgart antiago tuttgart ripoli hd., Kuala L hd., Kuala plit plit lavonski B lavonski umpur rod L td., S hanghai nominal capit nominal capit nominal capit nominal capit nominal capit nominal capit nominal capit nominal capit nominal capit nominal capit nominal capit 306,767 € 2,000 € 2,500 48,230 20,000 25,534 24,000 18,059 10,681 29,312 18,810 13,313 6,000 3,000 5,000 6,863 5,969 5,526 1,000 € 100 1,100 tmyr tlew thrk tdkk tcad tcny tclp tl tALL 500 500 144 20 20 20 yd 71 al al al al al al al al al al al t€ t€ 5 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 60.00 st st st st st st st st st st st 92.02 75.00 74.90 51.00 ake ake ake ake ake ake ake ake ake ake ake % % % % % % % % % % % 121 notes to the financial statement strabag SE annual report 2008 122 notes to the financial statement strabag SE annual report 2008 poland B BR AS O STRABAG oman B STRABAG A „Crnagoraput“ montenegro Dywidag S Dywidag SAO BR ANTR S -S Zucotec A qatar B Carb SA Carb B BR HEI

netherlands S saudi ara saudi R Züblin TPA S S D romania Züblin Construct s.r.l., B Construct Züblin B Hermann Kirchner P Kirchner Hermann Kopalnia G Kopalnia Kopalnie Melafiru w Czarnym B Czarnym w Melafiru Kopalnie LPR russia PL SAT S P TPA I S STRABAG S P rzedsiebiorstwo B Przedsiebiorstwo WM Züblin P Züblin portugal olski A olski olskie Kruszywa S Kruszywa olskie rzedsiebiorstwo Drogowe S Drogowe Przedsiebiorstwo ugustowskie trabag Qatar W. Qatar trabag z.a.o., Moscow trabag trabag srl, B srl, trabag lask S lask I H M itunova R itunova RU z.o.o., SP TUPOL Warsaw - F VZ S VZ VZ SPOL VZ G S B T L Drogbud S B Drogbud ALT SLAS D, L MC I P I I NST T +W TUNO E p. zo.o., O ocietate pentru asigurarea calitatii si inovatii SRL inovatii si calitatii asigurarea pentru ocietate p. zo.o., Warsaw PR olska sp.z.o.o., olska Pruszkow p. zo.o., Katowice E sfalt S sfalt eszno VZ L VZ olska S olska O SA omania S omania , B R Y IZ VICII &A VICII audi A audi omania SRL omania ranitu Mikoszow S Mikoszow ranitu BA TUT O rasov b V ociedade de Construcoes L Construcoes de ociedade DE R A DE K p.z o.o.,p.z Warsaw ouw en O en ouw M td, Moscow ia E spolka z organiczona odpowiedzialnoscia, B odpowiedzialnoscia, zorganiczona A spolka , T ucharest A z.o.o., Warsaw KI S KI RN polka zO polka AN p.z o.o.,p.z P imisoara D, P lawa p. zo.o., Czestochowa rabia L rabia L E . , Muscat p. zo.o., G R . R B D L E DMI udownictwa O udownictwa polka zO polka . olska S olska L ., Qatar T AN PARAT odgorica ., Domnita ., Domnita ntwikkeling B.V., ntwikkeling Dordrecht udowlana S udowlana

, B N graniczona O graniczona imited, Jubail S Jubail imited, ucharest I oznan ECH STRAR ucharest polka z.o.o.,polka L II S liwice graniczona O graniczona p. zo.o., S N I LU orze S orze ICZ

E SRL gólnego iU gólnego p.z o.o.,p.z B C N RAR YCH SP Wroclaw dpowiedzialnoscia, p. zo.o., B Czarny , Bucharest audi A audi da., L da., trzelin I ARLC odz Wroclaw dpowiedzialnoscia, . reslau A Ó isbon slug T slug rabia ., A L K ugustow A .z.o.o., Pruszków LU

echnicznych J S , Bucharest . or A ., Cluj- ierawa N

apoca nominal capit nominal capit nominal capit nominal capit nominal capit nominal capit nominal capit nominal capit nominal capit tpln/T€ 60,000 10,000 10,909 18,936 10,638 14,926 12,957 11,000 61,215 13,108 16,140 2,000 9,365 1,000 1,800 9,361 9,700 2,700 1,789 7,765 tomr 4,171 tron trur tsar triy 600 600 800 500 500 200 200 450 295 920 278 313 € 0 16 al al al al al al al al al t€ t€ t€ 0 5

100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 60.98 95.00 st st st st st st st st st 50.99 70.00 99.47 51.00 51.00 57.29 ake ake ake ake ake ake ake ake ake % % % % % % % % % BR B BR BR slo Vojvodinaput- d.o.o. iinovacije B kvaliteta TPA obezbedenje za B STRABAG Zajecar a.D.Zajecar, „Zajecar“ puteve za Preduzece „ AG A Meyerhans AG S Egolf AG Eggstein B n Ode sweden B S Errichtungsgesellschaft C. BO S OAT s.r.o., spol. B K P OAT s.r.o., Prague N

nepre micninami d.o.o., micninami L nepre z vprometu posrednistvo za Imobilija-agencija STRABAG d.o.o., storitve L gradbene STRABAG czech repu czech GRA S AG STRABAG AG Meyerhans Züblin S Züblin s.r.o.,STRABAG B switzerland ZI BR B slo Z Prague a.s., Praha, stavby Dalnicni PR JH s.r.o., spol Ilbau Prague Mi K WI TPA S -ZI STRABAG SAT s.r.o., Prague ser P PS IK - Kamenolomy SR -Kamenolomy SR lovasfalt, spol.s.r.o.,lovasfalt, B tra M M H ohemia B ohemia A a belidle spol s.r.o., spol a belidle Prague PP BRAT S Cacak Cacak, utevi“ TT TTA BAU AG spol. s.r.o.,P spol. Prague EFI VZ B VZ VZ center za racunovodstvo in upravljanje d.o.o., L upravljanje in racunovodstvo za center VZ s.r.o.,VZ B VZ s.r.o.,VZ B ME G CZ s.r.o., B Ceské HEMI T T ASO . B v v BAG S b V O I G I C D a a enia ia polocnost pre zabezpecenie kvality a inovacie s.r.o, ainovacie B kvality zabezpecenie pre polocnost Chrudim N a.s., B s.r.o. stavitelstvi, G spol. aprumyslove pozemni A NOLO B itunova spol. s.r.o., spol. itunova Zvolen k R s.r.o., B Erstfeld mbH, E lcnava, spolocnost s rucenim obmedzenym, O obmedzenym, srucenim spolocnost lcnava, au-, R ,spol. s.r.o.,,spol. Prague , S AB candinavia ia , S AB nläggningsentreprenad A AS PO NO trassenbau und B und trassenbau trassen- und T und trassen- itunova, spol s.r.o., spol itunova, Jihlava I SLA , Kriens eograd d.o.o.,eograd B MY C MY b F P udweis ratislava echen- und Verwaltungszentrum AG Verwaltungszentrum und echen- , Zurich Development s.r.o.,PP Development B lic , S ALT ancevo a.d. P a.d. ancevo , Zurich V DJE mriswil, A mriswil, spol. sr.o.,A spol. B rno trassen- und T und trassen- ratislava R s.r.o., O , s.r.o., S ratislava T JE I JE , s.r.o., Zvolen ratislava udejovice jubljana N K ollentuna Weinfelden iefbau, trabag S trabag mriswil obeslav strava -S strava elgrade eton AGeton ancevo, P ancevo, A M ratislava iefbau U iefbau NOLO lovensko s.r.o.,lovensko B , Zurich jubljana vinov tockholm d.o.o.,M GRASTO L ancevo ratislava zwil, U zwil, zwil eograd, N eograd, , Erstfeld ratislava- jubljana lcnava rno ovi B jubljana ratislava R uzinov eograd nominal capit nominal capit nominal capit nominal capit nominal capit nominal capit 106,200 136,000 265,015 155,477 277,835 108,747 € 5,004 tcsd/T€ 36,000 20,000 20,000 20,600 10,000 15,975 10,100 8,000 6,000 4,000 4,000 2,000 2,500 2,250 1,000 1,000 1,000 1,000 1,850 7,070 tczk tskk tsek tsfr 300 200 200 200 200 337 100 100 100 100 100 100 167 744 € 1 20 67 al al al al al al t€ 9 9 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 93.29 80.00 st st st st st st 99.85 85.02 81.51 ake ake ake ake ake ake % % % % % % 123 notes to the financial statement strabag SE annual report 2008 124 notes to the financial statement strabag SE annual report 2008 De T Felelössegü Épitö Korlátolt Felelösségü T Felelösségü Korlátolt Épitö Korlátolt Felelösségü T Felelösségü Korlátolt B Frissbeton Felelössegü T Felelössegü H- Magyar A Magyar T Felelössegü KÖK Korlátolt Felelösségü T Felelösségü Korlátolt G Cement NOSTRA Közlekedesi Felületek S OAT Felületek Közlekedesi Útjavító Korlátolt Felelöségü T SAT Felelöségü Korlátolt Útjavító S T Felelössegü S STRABAG S Züblin K.f.t,Züblin B united ara united Korlátolt Felelösségü T Felelösségü Korlátolt B B L STR Útépitögépek S Útépitögépek Dubai LL Dubai STRABAG G Züblin R Müködö A B S S R STRABAG s.r.o., konstrukce STRABAG Chrudim B T Felelössegü Korlatolt Kereskedelmi ZI TPA S

AS Zakarpatska Karier, Chustskij Möbius Construction U Construction Möbius u s.r.o., spol stavebni Züblin Prague Zezelivskij karier TO karier Zezelivskij hungary zentesi Vasutepitö Korlatolt Felelössegü T Felelössegü Korlatolt Vasutepitö zentesi Korlatolt Központ Ügyviteli es zamito- trabag Epitö Zartköruen Muködo R Muködo Zartköruen Epitö trabag Prague a.s., trabag sr.o. spol. terkovny B Dolni K k I M H itunova Útfenntartó és Emulziógyártó és Útfenntartó itunova PP PRA TUNO Innovacios es Minösegvizsgalo Korlatolt Minösegvizsgalo es TPA Innovacios T I raine A G B T Center Ingatlanforgalmazo, B Ingatlanforgalmazo, A Center e Immoblien-Hungary Zrt., B Zrt., e Immoblien-Hungary Kö-es Kavicsbanyaszati Korlatolt Kavicsbanyaszati A Kö-es I N polocnost pre zabezpecenie kvality a inovacie s.r.o., ainovacie B kvality zabezpecenie pre polocnost akasepitö Korlatolt Felelössegü T Felelössegü Korlatolt akasepitö lföld Koncesszios A Koncesszios lföld itumen Kereskedelmi Korlatolt Felelössegü T Felelössegü Korlatolt Kereskedelmi itumen emzetközi Epitögepeszeti Korlatolt Epitögepeszeti emzetközi V round and Civil Engineering LL Engineering Civil and round A U szfalt Keverekgyarto es Epitölpari Korlatolt, B Korlatolt, Epitölpari es Keverekgyarto szfalt H észvénytársaság, B észvénytársaság, -MM A as A as etongyártó és Forgalmazó és etongyártó b emirates , s.r.o., Prague K udapest arsasag, B arsasag, arsasag, B arsasag, B arsasag, arsasag, B arsasag, RA Magas- és Mérnöki L Mérnöki és L Magas- zolgáltató Korlátolt Felelösségü T Felelösségü Korlátolt zolgáltató l Khaimah LL l Khaimah I TO NA yártó és Kereskedelmi és yártó C, Dubai W, Zezelev ársaság, B ársaság, ársaság, B ársaság, ársaság, B ársaság, kraine L kraine udapest udapest udapest udapest W, B utopalya Zárkörüen utopalya pecialis Javitasa Korlatolt, B Korlatolt, Javitasa pecialis ársaság, B ársaság, enesov, Dolni B enesov, Dolni rovary C, R udapest td., O udapest udapest udapest udapest as A as ársaság, B ársaság, erbeado, Hasznosito es Hasznosito erbeado, eszvenytarsasag, B eszvenytarsasag, dessa arsasag, B arsasag, étesitmény l Khaimah C, Dubai arsasag, B arsasag, udapest arsasag, B arsasag, enesov udapest udapest ársaság, B ársaság, udapest arsasag, B arsasag, udapest udapest udapest udapest udapest eroun udapest nominal capit nominal capit nominal capit 24,000,000 1,830,080 2,100,000 2,100,000 5,517,000 1,119,600 500,000 268,000 352,000 100,000 100,000 100,000 761,680 113,000 189,120 45,000 50,000 20,000 33,663 25,000 10,000 13,130 17,100 3,000 3,000 5,000 2,580 1,000 1,000 5,149 tczk thuf tAED 300 546 150 al al al 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 60.00 st st st 99.35 75.79 51.00 ake ake ake % % % earnings by T earnings T S Income the for rate average the R result. of differences translation T currency consolidation, capital of course the In rate. annual average the at converted are items income A (I currency. concept currency functional the to according f h peet au o te uue ah upue i lwr hn h cryn vle te te asset‘s the then value, carrying the than lower is surpluses and cash impaired I with be accordance in future calculated be may must amount recoverable the asset an of that value indication present an is the there if If lives. useful estimated attainable their over highest method the exceeds goodwill O its including unit cash-generating a recognised. be must loss impairment an value, of value book the T I with accordance in G capitalised. not are costs. production or purchase the with production connection in the costs in included are plants impairment. self-constructed the for and costs overhead of depreciation parts less production of costs or costs A I and P A necessary. not were T C € 9,995) are recognised directly in equity in the 2008 financial year with no effect on the operating the on effect no with year financial 2008 the in equity in directly recognised are 9,995) € he annual impairment test identifies cash-generating units and assigns them a goodwill value. If value. goodwill a them assigns and units cash-generating identifies test impairment annual he e eonto o frad xhne prtos iety n qiy hdig dcesd h retained the decreased (hedging) equity in directly operations exchange forward of recognition he he group currency is the euro. euro. the is currency group he qie itnil ast ad rpry pat n eupet r rcgie a ter initial their at recognised are equipment and plant property, and assets intangible cquired l aac set tm ae ovre a te lsn rt a te aac set ae Epne and Expense date. sheet balance the at rate closing the at converted are items sheet balance ll saeet i acrac wt I with accordance in estatements oodwill and intangible assets without life a useful to determinable testoodwill assets intangible are and subject impairment an annual hr nagbe n tnil ast ae mrie ad ercae acrig o h straight-line the to according depreciated and amortised are assets tangible and intangible ther urrency T urrency roperty, P ccounting P T he currency translation differences between the closing rate for the the for rate closing the between differences translation currency he ntangi € 94,618 net of tax (previous year increase of T of increase year € 94,618 (previous tax of net 36 based on which the impairment is undertaken. is impairment the which on based 36 AS ranslation lant and E and lant b le A T ssets tatement are allocated to equity. allocated are tatement he financial statements for foreign companies are converted into euro into converted are companies foreign for statements financial he 29 (Financial (Financial 29 AS olicies quipment 1. n l cmais hs s h rsetv local respective the is this companies all In 21). AS R 36. AS eporting in Hyperinflationary Economies) Hyperinflationary in eporting € 707). B t te iet n te appropriate the and direct the oth T -722 peiu year (previous -37,252 € B alance alance S B et and heet orrowing 125 notes to the financial statement strabag SE annual report 2008 126 notes to the financial statement strabag SE annual report 2008 In addition there are leasing agreements for property, plant and equipment which are regarded as as regarded are which equipment and plant leases. property, for operating agreements leasing are there addition In at obligations outstanding the of value sheet. balance the present the at recognised are former the whereby payments, terms. contract shorter over or life its over useful depreciated and relations leasing of beginning the at payments minimum the of value present investment property is stated separately. separately. stated is property investment Vehicles O Machinery buildings third-party in Investments property Investment treated as finance leases. leases. finance as treated L the of derivation real the estate market or of price method. current the cash-flow comparable discounted carrying the than lower is flows to cash with value, the I then an lower impairment fair value in accordance future the of value present the If method. depreciated straightline and the cost within at recognised is property Investment model. cost the with accordance in made B equipment: and plant Property, P S costs and later recognised at fair value. Fair value changes are in principle recognised directly in in directly recognised principle in are Income changes Consolidated the value in Fair recognised only value. and equity fair at recognised later and costs value. S nominal at reported necessary, are impairments no value. present to their discounted as are loans low-interest-bearing or Interest-free long as are, loans Interest-bearing I with accordance in value fair determined. the reliably be can value this as with or cost historical at reported are method equity S IF to adapted be to are method policies. accounting uniform equity the with accordance IF in to evaluated transition of companies purpose For immaterial. not are they as /U rights Property assets: Intangible T In accordance with I with accordance In F permanent impairment of securities classified as available for sale is recorded through profit or loss. or profit through recorded is sale for available as classified securities of impairment permanent stated as investment property in accordance with I with accordance in property investment as stated L life. useful to the according depreciated and S easing contracts on assets on which all opportunities and risks essentially lie with the company are company the with lie essentially risks and opportunities all which on assets on contracts easing he following useful lives were assumed in the determination of the rate of depreciation/amortisation: of rate the of determination the in assumed were lives useful following he and and real estate which are held in order to gain rental income and/or to rise in value have been been have value in rise to and/or income rental gain to order in held are which estate real and and licences atents, biire wih r nt osldtd n ohr netet wih r nt eotd sn the using reported not are which investments other and consolidated not are which ubsidiaries ubsidies and investment allowances of public bodies are deducted from the respective asset value asset respective the from deducted are bodies public of allowances investment and ubsidies oftware crte casfe a aalbe o sl ae n nta rcgiin aud codn t acquisition to according valued recognition initial on are sale for available as classified ecurities uildings fixtures and equipment/furniture ffice inancial A inancial

rights tilisation L aig amns eutn fo tee otat ae eonsd s expenditure. as recognised are contracts these from resulting payments easing 28, investments in associates are recognised using the equity method as long as method equity the using recognised are associates in investments 28, AS ssets T he fixed assets underlying these leasing agreements are capitalised at the the at capitalised are agreements leasing these underlying assets fixed he T T his is determined according to recognised methods such as as such methods recognised to according determined is his hese are offset by the liabilities arising from future leasing future from arising liabilities the by offset are hese 40. 40. AS S tatement upon disposal of the security. security. the of disposal upon tatement T he amount reported and the evaluation are are evaluation the and reported amount he RS te iaca saeet o te major the of statements financial the , AS 36 is made. T useful lifeinyears he he fair value of this n em of terms in RS 39 as far as 39 AS 10–35 10–50 5–40 5–50 3–10 3–18 3–15 4–10 T 2–5 he he contract result as well as capital contributions, in- and out-flows of cash and charges resulting from resulting charges and cash of out-flows services. and in- contributions, capital as well as result contract depreciation. appropriate of by means for accounted are work construction on further completion from arising of losses degree Impending date. the sheet with balance the accordance in method completion of percentage the to according T L under side liabilities the shown is under this then side it, assets for the received payments on further the exceed the profits recognised from plus incurred costs losses the If Impending completion. of degree the for depreciation. appropriate of by means for accounted are benchmark process construction a as serves date risks. individual realisable T T “ item the in shown T financing. non-recourse related from expense interest the with balanced is it income”,where operating made. tobe payment the of value present the “ item sheet balance cial separately. shown are S R the in the included in not are arising administration, overhead general of for parts costs B costs. production appropriate as well as as well costs, as Distribution costs production. direct all include costs Production value. of realisable lower net and cost the at stated be to required are and production and purchase of cost include costs Inventory In at country respective the in rate tax income usual the on based reversal. predicted the of point the is deferral tax the of calculation balances are may deferral assets tax if is only advantage Deferred tax be the likely recognised associated to be realisable. tax comprehensive this to Exceptions calculation. goodwill. the non-tax-deductible from in included be forward carried will losses existing from advantage tax realisable any Furthermore, companies. individual IF the the in items between sheet balance differences the all of for valuation method liability sheet balance the using measured are taxes Deferred D n h cs o rcials rm osrcin otat, h rsls r raie acrig o the to according realised are results the contracts, (I construction method completion of from percentage receivables of case the In the at hedging, of case the in or, rate. hedged rate exchange valid the at date sheet balance the on evaluated are N consideration. into receivables customer on risks loan general ae eevbe ad te rcials r eautd t hi nmnl au ls ipimn for impairment less value nominal their at evaluated are receivables other and receivables rade e eut, n h cs o cntuto cnrcs hc ae are ot n osri, r realised are consortia, in out carried are which contracts construction of case the in results, he and value fair at carried are arrangements concession the in embedded transactions hedging he rie ocsin ragmns hc poie n boue otata rgt o eev payment receive to right contractual absolute an provide which arrangements concession ervice on-interest bearing and low-interest-bearing receivables are discounted. Foreign currency receivables currency Foreign are discounted. receivables and low-interest-bearing bearing on-interest rade and O and rade ecei eferred T v entories v a b les from C les R orrowing costs in connection to the production are not capitalised. not are production to the connection in costs orrowing eceivables from concession arrangements”. concession from eceivables axes A ther R ll receivables from concession arrangement are accounted for under the spe the under for accounted are arrangement concession from receivables ll iabilities from Construction Contracts. Construction from iabilities R G eceivables from concession arrangements”. arrangements”. concession from eceivables R cials rm osrcin otat. ie es, hs s eotd on reported is this versa, Vice Contracts. Construction from eceivables raduated impairment is formed according to risk groups in order to take to order in groups risk to according formed is impairment raduated ecei R 11). AS oncession A eceivables from or liabilities to consortia include the proportional the include consortia to liabilities or from eceivables v T a he output volume actually attained by the balance sheet balance the by attained actually volume output he financial statements and the existing tax value at the at value tax existing the and statements financial RS T he annual accumulation amount is recognised in “O in recognised is amount accumulation annual he b les rrangements T he receivables are carried at carried are receivables he ther ther T he - 127 notes to the financial statement strabag SE annual report 2008 128 notes to the financial statement strabag SE annual report 2008 oiin wih rs fo te biain o eutvt gae sts r alctd codn t the to according allocated are sites gravel recultivate utilisation. of rate to obligation the sheet from arise balance which the Provisions on amount discharge discounted their date. at accounts the facts. into the entered of immaterial, examination most the careful as arises on which uncertain recognised, and probable is amount to risks respective realisable according the Hereby date obligations, group. the sheet payment within future balance obligations cover the to at order in necessary is judgement which commercial amount, respective the at recognised T situation. economic tables. the mortality country’s on respective to the according calculated depending is country to country from vary fluctuation and T provisions. pension the as O result. financial the in provisions of allocation the in costs interest expense, equity. in recognised directly and fully is and T salary future expected consider to necessary not is it parameters. pensions, actuarial the of part as rises fixed of commitment the to Due date. sheet balance the to up acquired obligation benefit post-employment discounted the determines P provision. the as recognised is date reporting the on partial-claims consideration. into rises pay future any is taking employees while the collected of employment of length the over claim future the Here expertise. actuarial using by T obligation. salaries. monthly twelve and two between to comes and severance of time T or dismissal of case the in subsidiaries retirement. at domestic of employees to payment severance one-off a pay remaining term of less than three months. Cash and cash equivalents are measured at amortised cost. amortised at measured are equivalents cash and Cash months. three than less of term remaining have at or which the investment a date of assets all liquid acquisition include equivalents and cash Cash C as Financial assets classified loans and are receivables atcost carried less losses. amortised impairment O N N rovisions Provisions for severance payments are created as a result of regulations. statutory P he other provisions take into consideration all realisable risks and uncertain obligations. obligations. uncertain and risks realisable all consideration into take provisions other he rises pay discounting, for provisions pension and severance the calculate to applied conditions he losses and gains actuarial as recognised is assumptions these to change the of value in effect he method credit unit projected the to according calculated are payments severance for provision he the at due amount and company the at years of number the on depends payment this of level he ension provisions are calculated according to the projected unit credit method (I method credit unit projected the to according calculated are provisions ension on-financial assets are measured at cost less extraordinary depreciation. extraordinary less cost at measured are assets on-financial daepr-ie nent pyet ae eemnd codn t te ae cura principles actuarial same the to according determined are payments indemnity ld-age-part-time ash and C and ash ro ther financial R ther financial on financial receion financial T v he discharge amount also includes the cost increases to be considered on the reporting date. reporting the on considered be to increases cost the includes also amount discharge he isions ash E ash qui ecei v v alents a v b a les b S ervice costs are recognised in the employee benefits employee the in recognised are costs ervice les les L n-em rvsos r, s a a te ae not are they as far as are, provisions ong-term T he present value of the already earned already the of value present he provision is made for this for made is provision A T he he group is obliged to 19). AS L f expectancy ife T his method his T e are hey and H and reported under O under reported A controls. and guidelines to internal liabilities. non-financial as qualified are contracts construction from amounts paid iblte rpre crepns o h aon o eitn gaate ottnig n aac sheet balance on outstanding guarantees existing of date. amount the to corresponds reported liabilities fetvns hs en salse ae are i eut wt n efc o icm u t te ae of date transaction. the to up hedge income on the effect of no with equity realisation in carried are established been has effectiveness R S Income Consolidated the in income on effect an with recognised I accordance in with relationship hedge qualified no which for or hedge, value fair a of framework the within G the used, not are prices exchange stock Where methods. valuation date. actuarial of by means calculated is value fair sheet balance the on for rate selling and applicable buying margin loan necessary, if the and, conditions inter-bank of basis the on measured are instruments financial Derivative rates. interest and movements from rates arising exchange risks mitigate currency to in exclusively employed are instruments financial Derivative D amount the because or probable not is resources reliability. of sufficient with advance in assessed be outflow cannot obligation the of an because either balance the liabilities in as reflected not are sheet which obligations future possible or present are liabilities Contingent C over deducted and issue of year the term. in the capitalised are bonds corporate of issue the to related Costs obligation. repayment the of value present the at accounted are liabilities, lease finance from those especially liabilities, Interest-free date. sheet balance the at rate closing the at L F N N retrospective effectiveness is determined by applying the dollar-offset method. dollar-offset the by applying determined is effectiveness retrospective f hs fnnil ntuet ae eonsd n h icm saeet ih n meit efc on effect immediate an with statement income the income. in recognised are instruments financial these of iabilities are basically recognised at the repayment amount. Foreign currency liabilities are evaluated are liabilities currency Foreign amount. repayment the at recognised basically are iabilities ll derivative financial instruments are accounted for at fair value in accordance with I with accordance in value fair at for accounted are instruments financial derivative ll esults from derivative financial instruments for which a cash flow hedge has been formed and whose and formed been has hedge flow cash a which for instruments financial derivative from esults on-financial liabilities reported under under reported liabilities on-financial is n lse fo drvtv fnnil ntuet dsgae a qaiid egn instruments hedging qualified as designated instruments financial derivative from losses and ains ontingent L inancial L inancial eri on-financial L on-financial 9 ol b etbihd n wih hrfr d nt ulf fr eg acutn, are accounting, hedge for qualify not do therefore which and established be could 39 AS v T ati he critical term-match method is used to determine the prospective effectiveness. effectiveness. prospective the determine to used is method term-match critical he edging A v ther Financial R Financial ther e F ia inancial I inancial ia b cti ilities b ia ilities v eceivables or O or eceivables b ities r tc ecag pie udr plcto o the of application under price, exchange stock or STRABAG ilities O A ther ther y oeta cags n eut de o h ineffectiveness the to due results in changes potential ny nstruments L iabilities are carried at the repayment amount. amount. repayment the at carried are iabilities ther Financial L Financial ther T e tlsto o fnnil eiaie i subject is derivatives financial of utilisation he iabilities. tatement. T he amount of the contingent contingent the of amount he 9 and 39 AS T he over he T he - 129 notes to the financial statement strabag SE annual report 2008 130 notes to the financial statement strabag SE annual report 2008 underlying assumptions and estimations. and assumptions underlying Financial Consolidated the of preparation S the During information. latest the to adjusted are liabilities a and such assets affected event the of values the carrying the In necessary, if and, values. assumptions the occurs, estimated development the from deviate can results actually which amount the board, management the of control the beyond are which and assumptions the from deviate which conditions Financial Consolidated the of preparation environ of the time the at development business future branch-related to expected the regard with and into account taken are ment global the of development expected the on realistically estimations the and date, sheet assumptions balance future-oriented of case the In assets. other and goodwill of test the accounting and evaluation of provisions, accounting and of arrangements the concession impairment the of in until amount of the building projects completion, particular assessment of the realisation profits, otat pretg o cmlto mto) mut to amount method) completion of (percentage contract as well of therespective to thelevel of completion according of profits as part the annualised containing contracts consortia, for consortia. from services resulting profits and acquired to proportionally and trade services other projects, own from revenue contracts, construction C Financial Consolidated the of preparation the for liabilities and necessary are liabilities assets contingent of the statement the as of well as expenditure and recognition income the and accounted, amount the to refer which assumptions and Estimations E services. the of of rendering transfer the with the and/or with risks realised and are opportunities bitumen related the and and materials dispose to construction power of sale the from and services R completion. of degree the for method. R R R T (1) R N R he revenue of of revenue he aeet, hr wr n sgs hc idct te eest t sgiiaty hne the change significantly to necessity the indicate which signs no were there tatements, evenues from the sale of proprietary projects, from trade to and services for consortia from other other from consortia for services and to trade from projects, proprietary of sale the from evenues percentage-of-completion the to according realised are contracts construction the from evenues evenue according to business fields and regions are represented individually in the the in individually represented are regions and fields business to according evenue eporting. stimates e onsolidated otes on theotes I v enue R e v T e upt oue culy tand t h blne he dt sre a a benchmark a as serves date sheet balance the at attained actually volume output he enue T € 12,227,795€ ( ecognition revious year: year: Previous I tems of the ncome S tatements. In the case of developments in the underlying the in developments of case the In tatements. T € 9,878,600) is attributed in particular to revenue from from revenue to particular in attributed is 9,878,600) € S tatement according to IF to according tatement T 10,659,146 ( € S tatement revious year: year: Previous and essentially concern essentially and RS R evenue from construction from evenue T 9,033,845). € S egment -

S R R(3) T expense Interest income Interest is income operating other in included is which arrangements 16): item on notes also (see follows as represented concession from income Interest of € ( amount 24.9million the in assets financial without ( million 33.9 € of ( million 39.8 € of amount ( million 28.2 € T O (2) R Czech Austria Germany companies: participation and consortia of output proportional A R well as planning services, machine rentals and third-party repairs. third-party and rentals machine services, planning as well S H Poland R S R countries CEE other S S R A East Middle R countries European other B A A R T otal volume output otal e te rmiig prtn icm icue rvne rm etn ad esn i te mut of amount the in leasing and letting from revenue includes income operating remaining other he dtoal, hrfr, h ttl upt oue f h gop s ersne, hc icue the includes which represented, is group the of volume output total the therefore, dditionally, frica used ervices witzerland lovakia rie ue ae any trbtd o evcs f ucnrcos n poesoa catmn as craftsmen professional and subcontractors of services to attributed mainly are used ervices candinavia sia merica evenue provides only an incomplete picture of the output volume achieved in the financial year. financial the in achieved volume output the of picture incomplete an only provides evenue consumables aw materials, omania ussia enelux est of C of est est of E of est est of W of est ungary ther O aw M epublic urope EE orld eiu ya: 2. mlin, nuac cmesto ad nenfcto i the in indemnification and compensation insurance million), 23.3 € year: Previous aterials, C eiu ya: 3. mlin a wl a gis rm h dsoa o fxd assets fixed of disposal the from gains as well as million) 35.5 € year: Previous perating I revious year: € 30.5 million), and exchange rate differences in the amount the in differences rate exchange and million), 30.5 € year: Previous onsuma ncome b revious year: € 30.3 million). €30.3 year: Previous les and S and les 8,494,027 5,345,285 3,148,742 -20,586 -20,586 er 16,451 13,743 37,037 € Mln. 5,096 2,270 1,613 1,178 889 880 2008 2008 2008 842 306 490 558 429 975 273 379 183 188 182 476 118 89 v T€ T€ ices U ices sed 6,730,453 2,328,526 4,401,927 10,746 € Mln. 3,802 1,108 2,114 864 2007 2007 2007 685 845 346 202 288 258 248 614 714 371 145 191 316 110 114 49 T€ T€ 0 0 0 131 notes to the financial statement strabag SE annual report 2008 132 notes to the financial statement strabag SE annual report 2008

market, and was therefore recognised in full in income statement. statement. income in full in recognised therefore was and market, the into products and processes building of introduction the in and projects competitive concrete with S ( million € 43.9 (excluding T assets of disposal the on losses and costs lease and O assets). financial rental costs, provisions, of advisory utilisation and and to allocations legal of balance the receivables, of impairment consortia, from losses of transfer proportional premiums, insurance costs, advertising and travel costs, administrative S Wages (4) E associates in investments from arising Expenses associates in investments from Income (6) S T (5) O S

fund provident to employee contributions and payments severance for Expenses S obligations similar and pensions for Expenses L O for pensions and similar obligations include the expenses for service costs and indemnity claims re- claims year. indemnity business the in and claims costs old-age-part-time from sulting service for expenses the include obligations similar and pensions for T follows: as T to T amounted plans contribution defined from Expenses result. financial the in recognised are obligations similar and pensions for as directly in equity. equity. in directly abourers e te oeaig xess nld lse fo ecag rt dfeecs n h aon of amount the in differences rate exchange from losses include expenses operating other he he other operating expenses of of expenses operating other he he expenses for severance payment and contributions to the employee provident fund and expenses and fund provident employee the to contributions and payment severance for expenses he he he edn o rsac ad eeomn aoe n aiu seil ehia pooas i connection in proposals, technical special various in arose development and research on pending alaries Employees alaried costs related and security ocial expenditure social ther with the proportional inclusion of all participation companies is companies participation all of inclusion proportional the with employees of number average hare of P hare ther O mployee Benefits E revious year: €25.5 million). year: Previous T ther taxes amounting to T amounting taxes ther he proportion of interest included in the expenses for severance payments as well as payments severance for expenses the in included interest of proportion he perating E rofit or L T 8849 ( 858,429 € xpenses oss of A oss € 48,717 ( xpense revious year: year: Previous revious year: T year: Previous € 6,534 ( € 6,534 A ssociates ctuarial gains and losses were recognised were losses and gains ctuarial revious year: T year: Previous T 5162 mil icue general include mainly 551,612) € € 38,438) are included. included. are € 38,438) 2,574,515 1,158,974 948,776 401,610 -13,324 73,008 45,984 15,905 14,856 27,688 22,611 27,024 2,581 2008 2008 2008 T€ T€ € 6,334). 2,102,182 890,011 361,424 811,869 19,407 20,487 39,612 61,125 15,757 21,513 18,125 -1,080 4,997 2007 2007 2007 T€ T€

taxes Deferred taxes Current well as audits: tax from revenue, resulting payments and tax additional of income payments the and on taxes deferred as owed or companies individual the in paid taxes includes tax Income (10) I to amounting rates exchange from gains are income similar ( and interests in Included T of losses severance of allocation the from components to amounting interest provisions and pension payment are expenses similar and interest in Included N expenses similar and Interests income similar and Interests (9) O S Infrastructure to G amounts goodwill on pairment of amount the to repre- equipment and plant are property, on impairments assets report under year intangible the In assets. and fixed in changes of equipment statement consolidated and the in sented plant property, on impairments and Depreciations (8) D L investment of Impairment income Investment (7) N G investments from arising Expenses revious year: T year: Previous € 795). investment of disposal the on osses weden and the Fahrleitungsbau G Fahrleitungsbau the and weden income interest et ebr. von der Wettern Wettern der von ebr. investment of write-up and disposal the on ains ther F epreciation A and et I et ncome T T € 10,384 ( 10,384 € n S egment in Montenegro, the the Montenegro, in egment € 0). v estment incomeestment inancial R inancial revious year: year: Previous ax E ax G roup, the “Crnagoraput” “Crnagoraput” the roup, xpense mbH, Essen, active in railroad construction. railroad in active Essen, mbH, T T € 1,195) as well as currency losses of of losses currency as well 1,195) as € 2,6 ( 25,463 € esults mortisation E T O € 20,790 ( DE revious year: year: Previous N T € 10,612 were made ( 10,612 € made were A A nläggningsentreprenad nläggningsentreprenad D, revious year: Previous P odgorica, active in the the in active odgorica, T 394 ad any ocrs the concerns mainly and 3,924) € xpense -131,003 T -40,608 -35,209 62,898 -17,732 € 15,982), security impairment € 15,982), impairment security 90,395 -12,113 15,911 41,955 98,107 revious year: year: Previous 3,976 -175 2008 2008 2008 T T€ T€ T€ € 36,184( € , AB S okom from tockholm, T revious year: Previous T ransportation € 3,163).€ Im- T 7,988 € -86,490 -36,172 68,642 18,467 50,318 27,540 72,160 -2,324 -3,518 -7,254 -1,192 1,697 2007 2007 2007 T€ T€ T€ 133 notes to the financial statement strabag SE annual report 2008 134 notes to the financial statement strabag SE annual report 2008 assets tax deferred on adjustment valuation of Change T T O rate from 25 % to 15 % effective 1 January 2008. 1January 25 %to 15 from rate %effective R O consolidation goodwill/capital of Depreciation A N rates tax in Change rates tax to foreign Differences Josef Möbius B Möbius Josef A s.r.o spol. Štěrkovny B Dolní AG Ed. Züblin G A P A A

Change in previous year tax rates involve the effects due to the change of the the of change the to due effects the involve rates tax year previous in Change T tax before Profit follows: as are rate tax consolidated actual the and T AG STRABAG T G assets. fixed of statement consolidated in apart shown T (11) P N and I and C of market performance, form the basis for the calculation. calculation. the for basis the form performance, market of T T value. book corresponding its with compared is unit acash-generating of value T associates from result of effects ax earnings ax-free heoretical tax expenditure 25% expenditure tax heoretical the between difference the for reasons he he goodwill at the balance sheet date is composed as follows: follows: as composed is date sheet balance the at goodwill he is equipment and plant property, and goodwill, assets, intangible in changes and of composition he he internal reporting figures, which are based on past experience as well as on future expectations future on as well as experience past on based are which figures, reporting internal he cash-flows. future value is the the from value discounted fair he or value recoverable in use determined recoverable the testing, impairment For year. a once test impairment an to submitted is goodwill he olski A olski payments tax dditional Europe Western other in cquistions Europe Eastern in cquisitions G in cquisitions cquisitions in A in cquisitions expenses on-tax-deductible tax income ecognised DE ebr. von der Wettern G ebr. Wettern vonder thers oodwill onsolidated S Balance otes on I otes N A sfalt G sfalt , S AB nläggningsentreprenad roperty, P ntangi , S , Cologne roup au- tuttgart ustria ermany A Hamburg ktiengesellschaft, b roup le A enešov, Dolní B enešov, Dolní lant and E and lant tems in the ssets ssets tockholm enešov A ustrian corporate income tax rate of 25 % valid in 2008 in valid % 25 of rate tax income corporate ustrian quipment T he discount rate for the future cash-flow future the for rate discount he 31.12.2008 421,496 229,258 -12,889 174,122 62,898 38,500 59,297 10,339 14,938 13,887 62,318 11,304 -8,664 11,558 heet 17,098 10,165 57,315 8,309 1,566 2,631 6,122 7,100 -935 2008 313 T€ T€ G erman corporate tax corporate erman 31.12.2007 212,820 276,256 68,642 68,538 69,064 46,231 18,000 14,869 14,938 24,790 27,853 -4,004 -9,450 10,165 -3,570 -5,710 -1,454 -1,619 6,954 3,562 2,305 2007 T€ T€ 0 0 0 follows: as represented P to T amount 2008 year financial the for made ments T T

T machinery. and In to addition for areleases there equipment thethe of alsoleases, operating utilisation finance technical T T years. eight and two between are T T O leasing Machinery leasing Property plant property, in included are values book date: sheet balance the on following assets equipment and the contracts, leasing finance existing to Due L of impairment goodwill for need a showed test impairment annual the by determined T T rates. growth and capital of cost average weighted specific country and segmental the to corresponds ( T T revious year: T year: Previous over five years erm five years and one between erm year to up one erm year to up one erm five years and one between erm over five years erm € 116,230 ( he following payment obligations will arise from financial leases in subsequent financial years: financial subsequent in leases financial from arise will obligations payment following he machines for those while years, 20 and four between are property for leases finance the of terms he entities cash-generating the of values attainable highest the with values book the of comparison he 12 tax. %and 8.5 %before between ranged capital of cost average weighted he yet biain aiig rm prtn lae gemns n usqet uies er are years business subsequent in agreements lease operating from arising obligations ayment easing ffset against these are liabilities arising from the present value of leasing obligations amounting to amounting obligations leasing of value present the from arising liabilities are these against ffset revious year: T year: Previous T € 3,924) as of 31 December 2008. € 3,924) 31 of as December he expenses from these contracts are recognised in the income statement. statement. income the in recognised are contracts these from expenses he € 102,687). € 77,749 ( 31.12.2008 116,230 Present 34,954 56,225 v 25,051 alues T€ revious year: T year: Previous 31.12.2007 102,687 Present 35,964 v 15,709 51,014 alues 31.12.2008 31.12.2008 182,959 135,771 T€ 80,063 36,279 56,601 66,617 79,170 € 63,663). T€ T€ P 31.12.2008 a 129,889 yments 23,481 69,197 37,211 T€ T P 25,463 € T 31.12.2007 31.12.2007 31.12.2007 a 118,835 126,316 176,051 he pay he yments 66,884 33,351 60,756 25,870 81,944 62,671 51,951 37,775 T€ T€ T€ - 135 notes to the financial statement strabag SE annual report 2008 136 notes to the financial statement strabag SE annual report 2008 Ventures):(Joint with I in of method the accordance accounting equity applying which were reported companies T

T T tovalue. the 31 corresponds carrying 2008, the fair basically value December of the property investment T (12) I O R T O S subsidaries in Investments associates in Investments T investments. and companies associated subsidiaries, of list the in found be can %) 20 than more of (shares investments group‘s the on information Detailed (13) F year:

ted investment properties. properties. investment ted R financial the in considered statement. not were which equipment and plant property, of acquisition for mitments R T companies participation L subsidiaries L investment O year: year: period the for Profit

assets otal liabilities otal € 11,647€ ( oans to oans oans to oans he following table provides an overview of the financial information (100 %) for associates and for for and associates for %) (100 information financial the of overview an provides table following he he rental income from investment property in the 2008 financial year amounted to amounted year financial 2008 the in property investment from income rental he assets. fixed of statement consolidated the in shown is property investment of development he he development of the financial assets in the financial year was as follows: as was year financial the in assets financial the of development he ecurities estrictions exist for non-current assets in the amount of T of amount the in assets non-current for exist estrictions evenue n the balance sheet date there were € 156.6 million ( 156.6€ million were there date sheet balance the n loans ther ther estrictions on property, plant and equipment/ and plant property, on estrictions T T € 1,305) were achieved and write-ups in the amount of of amount the in write-ups and achieved were 1,305) € € 12,112). Direct operating expenses totalling totalling expenses 12,112). € operating Direct n inancial A inancial v revious year: year: Previous estment P estment Balance on LA 01.01.2008 362,827 139,260 86,400 90,847 27,806 9,889 5,252 3,373 t€ T€ Cur-

Consoli- trans- T rency € 12,162) in expenses for rented and and rented 12,162)for € expenses in -153 A DA tion 750 794 ssets dditionally, gains from asset disposals in the amount of of amount the in disposals asset from gains dditionally, 69 40 0 0 0 roperty Change i scope of -19,957 28,578 -4,989 -1,400 3,980 tion 906 720 122 T€ transfers Additions 141,841 83,089 25,536 23,780 6,601 2,570 134 131 T€ T revious year: € 32.8 million) in contractual com contractual in million) 32.8 € year: Previous € 11,647€ (

€ 19,632. -9,627 9,624 T -733 736 € 0 ( 0 € revious year: year: Previous T t€ T€ € 0 ( 0 € 0 0 0 0

revious year: year: Previous Disposal P -55,538 revious year: year: Previous -70,719 1,207,214 -4,035 -4,987 -2,640 urchase Ob urchase -1,389 -1,029 -1,101 942,546 711,654 -18,920 2008

T€ Impai rment T € 12,291) consisted of of 12,291)consisted € -10,549 -17,732 T T -5,981 -1,202 € 302) were made. were 302) € € 13,749€ ( T € 129) for unren 129)for € ligations T T€ 0 0 0 0 0 ( 0 €

Balance on 1,694,396 2,124,858 31.12.2008 420,947 AS 31.38 revious Previous revious Previous 134,064 155,631 593,661 76,434 13,833 26,713 51,029 4,561 9,711 A 2007 s of of s T€ T€ - - L P land Development U buildings and goods Finished T Provisions T assets/liabilities tax Deferred out netted taxes Deffered authorities tax same the of liabilities and N

In In the concession agreement with the Hungarian state, company, concession motorway M5 Hungarian the A Koncesszios in interest % 100 a has STRABAG R (16) R inventories excluding raw materials, supplies auxiliary and fuel were with reported the net realisable value. fuel. and supplies auxiliary materials, excluding inventories of amount the in impairment year, financial the In R (15) I Inventories assets Financial assets intangible and equipment and plant Property, T (14) D sufficiently assured. assured. sufficiently ( million 533.8 € of forward N future with profits. taxable offset be probably can these as capitalised were forward carried losses on taxes Deferred T tax-free. basically remain statements financial in the included of consolidated the equity subsidiaries and the investments related proportional B eesr fr oowy prto ae o e rnfre t te tt fe o cag floig the following charge of free state the to transferred be to period. concession the of end are operation motorway for necessary motorway. M5 the operate follows: as sheet balance the in recognised deferrals and accruals tax the affect stated emporary differences in amounts stated in the IF the in stated amounts in differences emporary carryforward loss ax receivables other and rade iabilities made ayments ased on the currently valid tax regulations, it can be assumed that the differences between the tax- the between differences the that assumed be can it regulations, tax valid currently the on ased fuel and supplies auxiliary aw materials, buildings and goods nfinished etting out of deferred tax assets tax deferred of out etting o deferred tax assets o were tax assets deferred in made for book value differences on the side assets and carried tax losses ecei v n

a ecei eferred T v b les from C from les entories utopalya Zrt., B Zrt., utopalya v a b les and O and les

revious year: € 487.4 million), as their effectiveness as final tax relief is not not is relief tax final as effectiveness their 487.4 as € million), year: Previous T oncession A oncession axes he motorway itself is the property of the state; all vehicles and equipment and vehicles all state; the of property the is itself motorway he udapest. udapest.

herefore there was no accrual or deferral of taxes. of deferral or accrual no was there herefore ther A rrangements financial statements and the respective tax amounts tax respective the and statements financial RS T € 260 ( 260 € 138,220 -170,515 106,382 A 308,735 137,077 ssets 46,899 33,288 Assets 18,377 K 9,305 3,130 1,176 A committed to develop, plan, finance,build and revious year: year: Previous T€ T 31.12.2008 € 84,384 ( 84,384 € Liabilities -222,251 -244,492 -125,596 -73,977 170,515 -16,460 -13,952 -74,301 -8,289 -5,894 revious year: year: Previous 31.12.2008 120,367 674,164 107,088 341,778 T€ 57,289 47,642 T 0 € 1,527) was recognised on recognised was 1,527) € T€ -134,575 228,103 114,513 93,528 25,212 Assets 10,046 78,701 11,020 9,677 1,432 2,714 T T€ € 88,467) of the of 88,467) € 31.12.2007 A K Liabilities -142,167 31.12.2007 -155,675 A 477,443 134,575 204,748 100,712 -21,100 -57,764 -71,181 84,344 16,448 -9,535 -3,687 -4,324 71,191 -9,184 A lföld T€ T€ 0 137 notes to the financial statement strabag SE annual report 2008 138 notes to the financial statement strabag SE annual report 2008 R

T of amount R arrangements. concession from receivables long-term as T equity. in directly recognised are swap rate interest the of accordance in I separately measured with is which transaction hedging embedded an represent payments

A to up 17.5 for extension possible. is one-time years value of the payment to be made by the state. by state. the tomade be payment of the value “ item sheet part of the availability fee consists of interest adjustment payments of the Hungarian state. state. Hungarian the of payments adjustment interest of consists fee availability the of part A income”. operating rsl, h sae er te neet ik rm h fnnig of financing the from risk interest the bears state the result, a

T public. the to available motorway the making for state Hungarian exchange, In arrangements concession R T criteria. roadway agreed contractually of non-compliance and closure motorway contracts construction R A

consortia R O subcontractors A O

N O companies participation R subsidiaries R

receivables rade he resulting interest expense is recognised in “O in recognised is expense interest resulting he he positive market value of the interest rate swap in the amount of of amount the in swap rate interest the of value market positive he he route totals 156.5 km and was built in three phases. phases. three in built was and km 156.5 totals route he received dvances dvances paid to paid dvances ll services provided under this concession arrangement are accounted for under the separate balance separate the under for accounted are arrangement concession this under provided ll services ecognisable receivables from concession arrangements are offset by non-recourse financing in the in financing non-recourse by offset are arrangements concession from receivables ecognisable eceivables from eceivables eceivables from eceivables eceivables from eceivables from eceivables eceivables and O and eceivables eceivables from eceivables assets on-financial receivables trade ther assets financial ther assets financial ther 39.11. AS T R € 798,158, classified either as a current or non-current liability depending on the term. the on depending liability non-current or current a as either classified 798,158, € eceivables from concession arrangements”. arrangements”. concession from eceivables A K resentation is made as a cash flow hedge; as a result, changes in the fair value fair the in changes result, a as hedge; flow cash a as made is Presentation il eual rcie n viaiiy e, needn o tast oue fo the from volume, transit of independent fee, availability an receive regularly will A are comprised as follows: as comprised are Assets ther -4,030,504 2,901,215 5,063,342 1,032,838 1,374,993 390,872 989,474 202,233 344,587 107,944 148,797 119,753 68,886 tot T € L Current AL

-4,030,504 2,836,432 5,063,342 1,032,838 1,310,210 31.12.2008 100,392 thereof 352,013 344,587 166,613 148,797 118,597 16,650 66,803 T T € he annual accumulation amount is recognised in “O in recognised is amount accumulation annual he

ther operating income”. operating ther non-current 972,824 thereof 38,859 64,783 35,620 64,783 2,083 7,552 1,156 T T he receivables are carried at the present the at carried are receivables he e ocsin eid us ni 2031. until runs period concession he T € 0 0 0 0 0

-3,125,418 2,488,136 4,016,768 1,197,103 334,300 341,007 891,350 217,077 A 79,270 65,383 A 84,459 39,471 K tot K er te prtrs ik of risk operator’s the bears A A T T € . L Current AL 4,2 i as recognised also 47,724 is € 0 T

ee neet adjustment interest hese -3,125,418 2,448,074 4,016,768 1,157,513 31.12.2007 306,427 thereof 333,828 891,350 194,172 73,251 65,383 74,501 37,754 T € 0

non-current thereof 34,580 40,062 39,590 22,905 6,019 9,958 1,717 ther 472 A T € A 0 0 0 0 0 s

R L A

not eliminated by the capital consolidation. capital by the eliminated not of periods previous from as reserves), personnel. for T provisions hedging of calculation the (including from equity gains/losses actuarial from in equity in directly changes as well recorded changes instrument financial reserves, R T (18) E S (17) C 31.12. of As A consolidation of scope in Changes translation Currency 1.1. of as Impairment T date: sheet balance at progress in conctracts All follows: as T rofits arising to balance sheet date sheet balance to arising Profits date sheet to balance incurred Costs follows: as developed receivables trade on impairment period, reporting the In T invoice. A receivables. the exceed received advances as liabilities, in recognised

B hand on Cash receivables trade of value Book impairment before receivables rade liabilities under recognised receivables ess e eand anns lo nld te rft o te eid s el s h rsl bogt forward brought result the as well as period the for profit the include also earnings retained he shares. no-par 114,000,000 into split is and 114,000,000 € to amounts capital share paid-in fully he he losses ccumulated ecurities s is usual in the industry, the customer has the contractual right to retain part of of the tototal part amount right the retain s has in the is contractual usual the the industry, customer llocation/utilisation eceivables from construction contracts amounting to amounting contracts construction from eceivables tie erig icue ifrne aiig rm urny rnlto, tttr ad mandatory and statutory translation, currency from arising differences include earnings etained deposits ank in progress at the balance sheet date are represented represented are date sheet balance the at progress in contracts construction from receivables ash and C and ash quity hese retentions are, however, redeemed as a rule by security (bank or group guarantees). guarantees). group or (bank by security arule as however, are, redeemed retentions hese ash E ash STRABAG qui S ad t cnoiae sbiire, s a a tee were these as far as subsidiaries, consolidated its and E v alents T € 2,297,559( € -2,297,559 5,063,342 1,455,838 1,374,993 1,491,373 1,439,698 7,238,327 revious year: year: Previous 31.12.2008 31.12.2008 31.12.2008 -207,633 330,207 80,845 71,846 49,180 -2,093 5,204 5,888 2,495 T€ T€ T€

T € 1,777,957)are € 1,268,949 -1,777,957 1,965,775 4,016,768 5,709,986 1,908,931 1,197,103 -190,204 31.12.2007 31.12.2007 31.12.2007 274,943 71,846 74,717 53,747 -7,670 3,097 4,531 268 T€ T€ T€

139 notes to the financial statement strabag SE annual report 2008 140 notes to the financial statement strabag SE annual report 2008 Distribution of dividends of Distribution consolidation capital from resulting interest minority in Change equity in change neutral on taxes Deferred swap rate interest of Change losses and gains actuarial of Change reserves hedging in Changes period the for Profit translation currency from arising Differences equity in change neutral on taxes Deferred losses and gains actuarial of Change instruments I instruments financial in Changes reserves hedging in Change divided by the balance sheet sum as of 31 December. December. 31 interests. and minority earnings retained of reserves, capital capital, share tosheet: as the balance according sum sheet balance the by divided O 1.1.2008 at Balance = 31.12.2007 at Balance

31.12.2008 at Balance 1.1.2007 at Balance S S STRABAG of equity to the as Details T projects of section the during risks risk. company overall the of background and the against risks individual the assess and opportunities between relationship balanced a is there that T of continuity the safeguard to is consideration into shareholders. the of interests the protect and these group the taking responsibly and arise, they as and the objective of entrepreneurial primary the is itself, company the and subcontractors suppliers, employees, L 2) T 1) T period the for Profit increase Capital consolidation capital from resulting interest minority in Change Distribution of dividends of Distribution

translation currency from arising Differences gaate h cniut o te opn, h mngmn ad epnil epoes assure employees responsible and management the company, the of continuity the guarantee o n-em cnmc ucs, ihn h cnet f epniiiy o u saeodr, customers, shareholders, our to responsibility of context the within success, economic ong-term he group equity ratio target was defined at between 20and %the I 25 %between during at was defined target ratio equity he group tatement C of ctober 2007.ctober he total dividend payment of T of payment dividend total he he total dividend payment of T of payment dividend total he STRABAG

39 AS T he equity capital ratio is calculated from the book value of the equity as of the value of from book 31the equity is ratio calculated December capital he equity

G op Wrig o use hs gas rcgiig potnte ad ik before risks and opportunities recognising goals, these pursue to Working roup. hanges in E hanges € 77,000 corresponds to a dividend per share of € 0.68 based on 114,000,000 shares at 31.12.2007. at shares 114,000,000 on based €0.68 of share per adividend to corresponds € 77,000 € 62,700 corresponds to a dividend per share of € 0.55 based on 114,000,000 shares at 31.12.2008. at shares 114,000,000 on based €0.55 of share per adividend to corresponds € 62,700 1) 2)

114,000 114,000 Capit 70,000 44,000 Share eArnings reserves AL T€

0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

quity E are represented in the S the in represented E are 2,311,384 2,311,384 1,851,447 448,047 Capit 11,890

L ret AL T€ 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

430,206 432,587 333,745 170,229 -46,038 157,020 -62,700 -91,306 -77,000 28,694 16,711 1,221 mInority Currency aineD 1,315 T 579 e qiy otis l prs f h equity the of parts all contains equity he 117 T€ 0 0 0 0 0

foreign tatement of Changes in Equity: in Changes of tatement reserve -35,328 -20,414 14,914 6,225 8,689 T€ 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

tot Interest 225,950 PO of 141,424 177,877 -83,975 14,222 37,385 -5,857 -3,312 -1,924 -1,670 -7,261 4,002 9,340 1,306 1,117 -329 101 128 274 T€ STRABAG 0

3,096,454 1,035,894 2,978,981 1,895,447 166,360 -69,961 -82,857 -83,975 207,614 -94,618 -37,252 -47,708 28,968 14,222 12,782 20,713 9,995 2,432 S 707 218 E in al T€

O provisions related P provisions related Construction-

P the base, equity taxes for Provisions pensions for Provisions

1January on payment) (severance obligation benefit defined the of value Present payments severance for Provisions (19) P reserves company the case, this In minimum. shares. new to issue or set shareholders to the payments dividend the the to adjust right the below fall is briefly acquisition could suitable ratio strategically equity a if the or made, projects, large-scale for tender the awarded is group the If manageable. be will total sheet balance the in change related the that and available are T employment conditions of the employee at the time of the commitment (and length of service, salary service, of length B employee). of (and commitment the of time the at employee the of conditions employment S costs Interest costs service Current consolidation of scope in Changes year: year: T T refer to retirement pensions. pensions. retirement to refer A development: following the show payments severance for Provisions current payments to present and past employees and their dependents. dependents. their and employees past and present to payments current T 31 December on payment) (severance obligation benefit defined the of value Present € 489,014 ( 489,014 € he group equity ratio as of 31 December 2008 amounted to 31 % ( % 31 to amounted 2008 December 31 of as ratio equity group he e hr-em rvsos nld poiin fr ae a wl a ohr rvsos n h aon of amount the in provisions other as well as taxes for provisions include provisions short-term he he provisions for pensions are formed for obligations from the right to future pension payments and and payments pension future to right the from obligations for formed are pensions for provisions he ersonnel- rnrhp ( artnership gains/losses ctuarial payments everance provisions ther T € 625,863) mainly include severance pension provisions, provisions and provisions for guarantees. ro revious year: year: Previous PPP v asically no new commitments have been awarded since 1999. since awarded have been commitments new no asically isions STRABAG poet. t en ta te eesr fns o a atcpto i eut capital equity in participation a for funds necessary the that means It projects. ) Balance on 1,073,972 293,536 373,691 175,686 131,803 38,081 LA 1.1.2008 61,175 T G T€ € 410,028).€ roup will be able to participate increasingly in tenders for for tenders in increasingly participate to able be will roup T

e niiul omtet ae eeal dtrie acrig o the to according determined generally are commitments individual he

Currency Consoli- trans- -7,692 -7,846 -1,261 DA tion 678 737 T€ T 0 0 he long-term provisions amounting to amounting provisions long-term he

Changes i

scope of 306,777 155,417 85,055 51,022 3,483 9,944 1,856 tion T€ Additions 572,217 263,502 142,788 123,156 20,020 15,681 7,070 T€

Disposal 22,061 revious year: 40 %). With this With %). 40 year: Previous 11,306 9,465 65,631 61,175 -4,470 885 405 2,965 2,891 1,856 1,214 T€ 2008 0 0 T

T€ e biain primarily obligations he Impairment T 538,424 € 846,946 ( 846,946 € 246,859 126,760 88,529 63,117 8,689 4,470 T€ P ublic ublic

Balance on 1,384,789 31.12.2008 revious Previous 405,856 422,204 230,740 211,529 48,829 65,631 59,566 Private -5,602 61,175 3,231 2,722 2007 583 675 T€ T€ 141 notes to the financial statement strabag SE annual report 2008 142 notes to the financial statement strabag SE annual report 2008 T U STRABAG the of consolidation the of aresult as group determined using the same basic principles as for the pension provisions. provisions. pension the for as principles basic same the using determined the the incurred. payments indemnity retirement for obligations With reference to the company agreement concerning the old-age-part-time settlement, which had had which settlement, operative old-age-part-time the the affected initially concerning agreement company the to reference With terms. adaptation contractual the on dependent set is escalation of arate increases, pension 2.5 % for ( payments severance respectively % 2 of increase salary a and pensions and payments severance for provisions %) for 5.25 Heubeck Heubeck ( T group. the outside biain, otiuin t ocptoa acdn fns s el s ot o te old-age-part-time the of costs as well as funds accident occupational to contributions obligations,

2) thereof deducted plan assets T assets plan deducted 2) thereof P costs Interest costs services Current employees. past present and to commitments payment fulfil to obliged is company the systems, pension benefit defined of T are are not for accounted elsewhere. which pending projects from losses impending as well as contracts, invoiced of costs subsequent and T O provision) (pension obligation benefit defined the of value Present obligation benefit defined the of value Present in directly which equity, were recognised as of 31to2008 amounted December T T assets plan of change 1) thereof consolidation of scope in Changes 1January on (pension) obligation benefit defined the of value Present T T (pension) on 31 December on (pension) obligation benefit defined the of value Present A provision) (pension assets plan of value Fair E provision pension of adjustments Experience provision severance of adjustments Experience deficit Budgeted € 14,392). he development of the provisions for pensions is shown below: shown is pensions for provisions the of development he he amount of the provision is calculated using actuarial methods based on biometric tables of Klaus Klaus of tables biometric on based methods actuarial using calculated is provision the of amount he he he company pension scheme of consists benefita definedpension plan. non-fund-financed, theIn case he construction-related provisions include other warranty obligations, costs of the contract execution contract the of costs obligations, warranty other include provisions construction-related he provisions, and plans benefit severance for pension gains and losses defined actuarial he accumulated he experience adjustments to pension and severance provisions are represented as follows: as represented are provisions severance and to pension adjustments experience he ension payments ension gains/losses ctuarial adjustments xperience ther P ther STRABAG G ro ermany) ermany) or the v U isions nterstützungskasse nterstützungskasse 1)

T € 301 ( € 301 € 107 ( here are no defined contribution plans in the form of financing by relief funds relief by financing of form the in plans contribution defined no are here A P VÖ 2008- P revious year: T year: revious 2) revious year: T year: revious

G revious Previous year: 2 %) For in future commitments. the case of salary-related erman companies in the the in companies erman T he personnel-related provisions essentially include anniversary bonus include anniversary essentially provisions he personnel-related P ( G € 194) €4,515) 31.12.2008 mbH, Cologne. Cologne. mbH, A 471,487 406,157 -20,713 -21,927 65,631 ustria). ustria). 1,214 -301 T€ T his his is based on a discounting rate of 6 % ( 31.12.2007 354,711 293,730 -2,432 -3,015 61,175 T he old-age-part-time indemnity payments are payments indemnity old-age-part-time he nterstützungskasse G nterstützungskasse -194 583 STRABAG T T€ ee biain hv be taserd to transferred been have obligations hese 31.12.2006 342,147 287,290 59,566 -4,709 2,654 G 3,587 -933 roup in 2000, further additional further 2000, in roup 293,536 405,856 155,417 -21,927 -41,190 T€ 17,899 2,121 2008 T T€ T mbH, Cologne. Cologne. mbH, e ae nldd n the in included are hey € -6,321 ( 31.12.2005 311,775 262,192 54,380 -4,797 5,505 9,721 4,216 T€ revious Previous year: revious Previous year: 31.12.2004 293,536 282,581 190,678 141,688 -22,953 48,990 13,260 21,851 -3,015 4,449 2,267 1,812 2,182 2007 T€ T€ 0 O P N companies participation P A contracts construction R O leases finance L

liabilities O

T attorney. the of inquiries present the considering accordingly adapted and B B P O

In order to secure liabilities to banks, real securities amounting to amounting securities real to banks, liabilities to secure In order 1) T F (20) L “O under reflected also is Chemnitz in trust measures. downsizing personnel and scheme have been booked. have been restructuring. and litigations payables rade iabilities from iabilities liabilities inancial to subsidiaries ayables ayables to ayables to consortia ayables dvances received dvances eceivables from eceivables borrowings ank onds liabilities on-financial liabilities financial ther liabilities ther payables trade ther ther financial ther he prepayment balance from construction contracts shown here is qualified as non-financial. as qualified is here shown contracts construction from balance prepayment he ia b ilities 1)

-2,297,559 1,708,381 2,791,001 2,802,342 2,050,287 1,217,977 458,208 369,869 504,783 T 388,887 370,000 235,931 116,230 45,982 23,339 he provision made in connection to the suspicion of fraud and breach of breach and fraud of suspicion the to connection in made provision he tot 4,174 T € L Current AL

-2,297,559 2,802,342 2,765,177 2,024,474 31.12.2008 444,206 368,956 504,783 thereof 198,990 235,920 274,041 375,223 50,000 45,982 23,001 25,051 T € ther ther 0 O

hr rvsos nld poiin fr aae and damages for provisions include provisions ther non-current Provisions”. 1,434,340 1,018,987 thereof 320,000 25,824 14,002 13,664 25,813 91,179 4,174 338 913 T € 11 0 0 0 0

T T 2,306,243 -1,777,957 € 107,610 ( i poiin a nwy evaluated newly was provision his 1,766,741 2,125,374 684,092 271,545 287,408 325,000 252,395 192,085 102,687 347,417 214,764 49,875 22,769 tot 4,010 T € L Current AL

revious year: year: Previous 2,275,687 -1,777,957 1,736,185 2,125,374 31.12.2007 270,960 199,320 thereof 209,282 281,918 192,085 347,417 133,611 50,000 49,867 22,769 15,709 T € 0

non-current T € 101,739) 484,772 thereof 275,000 118,784 30,556 30,556 86,978 5,490 5,482 4,010 585 T € 0 8 0 0 0 0

143 notes to the financial statement strabag SE annual report 2008 144 notes to the financial statement strabag SE annual report 2008 equivalents include exclusively cash on hand, bank deposits and short-term securities. securities. short-term and deposits bank hand, on cash exclusively include equivalents bonds, liabilities arising from financial leasing and trade payables. trade and leasing financial from arising liabilities bonds,

T activities. investing from cash-flow the in represented and eliminated were consolidation in changes rated into the cash flows classified by operating, investing and financing activities. activities. financing and investing operating, by classified flows cash the into rated T n (22) prepayments. as as well obligations warranty and fulfilment contract bid, to cover the of companies which in ventures joint and A G T c (21) rd rcials n ohr eevbe ad eiaie. iaca laiiis r olgtos o pay to obligations are liabilities assets. Financial financial derivatives. other or and cash receivables other and receivables financial a and trade equivalents, cash and enterprise one cash at especially include assets asset Financial another. at financial a instrument equity in or liability results that contract a is instrument financial A F (23) S B hand on Cash T year: order. construction the of completion official T T 1,8) sbet o h rsrcin ht hy a ol b taserd o nte cuty following country another to transferred be only may they that restriction the to 17,889), subject € are composed as follows: as composed are equivalents cash and cash he he representation of the cash flow statement was made according to the indirect method and sepa and method indirect the to according made was statement flow cash the of representation he guarantees: following the accepted has company he he cash and cash equivalents include deposits abroad in the amount of of amount the in abroad deposits include equivalents cash and cash he ecurities s is customary in the the industry, s is customary deposits ank guarantees financial without uarantees € 10,190) are pledged as collateral (see also item 23). item also (see € 10,190) collateral as pledged are inancial I inancial ontingent L otes to the to otes nstruments T ee nld epcal fnnil iblte sc a bn borrowing, bank as such liabilities financial especially include hese ia C STRABAG onsolidated b ilities G STRABAG O roup shares liability with the other partners of consortia with partners the other liability shares roup f the cash and cash equivalents, equivalents, cash and cash the f G roup have a stake and takes out aval loans aval out takes and stake a have roup C ash ash 1,491,373 1,439,698 31.12.2008 31.12.2008 F 14,550 49,180 low 2,495 T T€ T€ 954 ( 9,594 € S T T tatement he cash and cash cash and cash he 677 ( 6,747 € eiu year: Previous A ny effects of of effects ny 1,965,775 1,908,931 Previous 31.12.2007 31.12.2007 14,029 53,747 3,097 T€ T€ -

Derivatives (Hedge A (Hedge Derivatives T L Categories Measurement T N N A (Hedge Derivatives (F costs amortised at liabilities Financial A O contracts construction L T under consideration of the prevailing market parameters. market prevailing the of consideration under short part most the for T have receivables other and terms. remaining receivables trade equivalents, cash and Cash I to ding to amounting investments other and subsidiaries in 1) Investments liabilities Financial costs historical at Valuation a equivalents cash and Cash S O companies L L costs historical V A T T O LIABILI A (Hedge Derivatives

a subsidiaries in Investments V l N O arrangements concession R payables rade receivables rade otal otal oans and R and oans oans to participation oans to subsidiaries oans iabilities from iabilities he fair value of non-current financial assets corresponds to the present value of the related payments related the of value present the to corresponds assets financial non-current of value fair he follows: as were date sheet balance the of as instruments financial he aluation at aluation value fair at aluation vailable for sale ( sale for vailable ecurities eceivables from eceivables ssets liabilities on-financial instruments o financial assets on-financial liabilities financial ther investments ther loans ther assets financial ther 39 because their fair value cannot be reliably determined. reliably be cannot value fair their because 39 AS T

I ccounting) ES eceivables ( eceivables A A L ccordingly, their book values on the balance sheet date approximate their fair value. fair their approximate date sheet balance the on values book their ccordingly, fs) aC) ccounting) ccounting) L & measurement R ) CArrying according ca to IAS39 tegory F F F no FI no no FI no no FI no L L L L L L L L A A & & & & & & aC aC aC f f f f R R R R R R S S S S

-5,327,459 -4,367,268 -2,286,218 -1,708,381 4,368,527 4,260,583 T 1,777,667 1,728,584 2,901,215 1,491,373 -369,869 € 202,842 ( € 202,842 -504,783 -372,669 -766,708 31.12.2008 818,735 818,735 134,064 389,513 -85,539 -36,456 107,944 941,750 49,083 76,434 13,833 26,713 v 4,561 9,711 alue T€ P revious year: year: revious

-4,440,351 -4,354,812 -2,286,218 -1,695,925 4,260,583 T 1,597,899 1,597,899 4,260,583 1,777,667 1,728,584 2,901,215 1,491,373 € 168,386) are recognised at cost less impairment accor impairment less cost at recognised are € 168,386) -372,669 31.12.2008 134,064 389,513 -85,539 -36,456 941,750 49,083 76,434 13,833 26,713 v 4,561 9,711 alue f CArrying air T€ T

1) 1)

-3,549,288 -2,930,326 -1,958,826 1,548,467 1,548,467 2,916,489 2,181,266 1,965,775 2,488,136 2,837,219 2,170,829 -684,092 -539,692 -271,545 31.12.2007 -287,408 -347,417 330,569 86,400 90,847 10,438 10,438 79,270 27,806 v 9,889 5,252 3,373 alue t€ 0 0

-2,926,620 -2,926,620 -1,958,826 2,091,865 2,091,865 2,837,219 2,181,266 1,965,775 2,488,136 2,837,219 2,170,828 -680,386 31.12.2007 -287,408 330,569 86,400 90,847 10,438 10,438 27,806 v 9,889 5,252 3,373 alue f air T€ 0 0

1) 1) - 145 notes to the financial statement strabag SE annual report 2008 146 notes to the financial statement strabag SE annual report 2008 which is regularly informed as to the scope and amount of the current risk exposure. risk current the of amount and scope to the as informed regularly is which management, of board bythe approval prior require transactions Certain treasury. group the of domain arrangements concession from receivables from Interest securities from Income board. board. T activities. oriented financially ongoing of the securities and and securities the of R losses Impairment Interest T the of consideration available. not were values market as under far as parameters them market applicable with relevant associated payments the of value present the at measured are value. fair the T T P and planned transactions. transactions. planned and T receivable. concession T liabilities. for collateral as pledged receivables off written of payments and liabilities of derecognition G losses/profits Disposal loss or profit in N noe n teeoe o pr o te e icm. maret oss rvra o ipimn losses, impairment of reversal losses, of losses Impairment disposal and gains income. disposal net the of part not therefore and income of the shown in are operating part the income investments from net investment and expenses Dividends equity in directly recognised Value changes Impairment losses, reversal of impairment losses, disposal gains and disposal losses of the Financial the of Instruments losses disposal and gains disposal losses, impairment of reversal losses, Impairment (F Cost at N permissible. procedures. control and approval rates. interest and currency in changes form resulting risks existing hedge to exclusively used are instruments Derivative N in otherwise investments, other or subsidiaries rade payables and other financial liabilities typically have short terms; their book values approximate values book their terms; short have typically liabilities financial other and payables rade € 6,747€ ( he basics of the financial policy are set by the board of management and monitored byandmonitored theare supervisory setpolicy byof he of thethe board management basics financial he he e e icm efcs f h fnnil ntuet acrig o auto ctgr ae s follows: as are category valuation to according instruments financial the of effects income net he the from income the using hedged are receivable concession the to related liabilities non-recourse he impairment of eversal et income recognised income et income et rinciples of R of rinciples ains from ains STRABAG T he implementation of the financial policy and responsibility for the risk management are the are management risk the for responsibility and policy financial the of implementation he revious year: year: Previous L aC) are carried in O in carried are aC) A vailable for for vailable T G e ar au o bns bn broig n laiiis rsn fo fnnil leasing financial from arising liabilities and borrowing bank bonds, of value fair he op s ujc t cei, akt n lqiiy ik rltd o t ast, liabilities assets, its to related risks liquidity and market credit, to subject is roup T he use of derivative financial instruments in the group is subject to the appropriate the to subject is group the in instruments financial derivative of use he is T k M T 1,5 ( 10,951 € € 10,190) of the cash and cash equivalents, 10,190)equivalents, € cash and cash the of S -25,926 ale ( ale 79,823 79,823 80,246 T 20,320 anagement 2,836 e ol f iaca rs mngmn i t mnms tee ik through risks these minimise to is management risk financial of goal he 2,347 ther Income or O or Income ther 2008 L&R A t€ € t t € t€ t€ t€ t€ T€ f 0 0 0 S

) are carried in the the in carried are ) revious year year Previous T -20,931 -20,931 e oncin o misa bsns i a ut taig s not is trading must; a is business mainstay a to connection he -28,799 L 3,803 1,906 2,159 oans & oans 2008 fLaC Afs 0 0 0 0

-54,336 -54,336 -62,964 R ther Expenses. ther eceivables ( eceivables et Interest. et 8,628 2008 T € 9,333) of the other financial instruments were instruments financial other the of 9,333) € 0 0 0 0 0 0 N

et Investment Income if they are investments in investments are they if Income Investment et -146,195 -142,326 Deriv -3,869 -3,869 L tives 2008 & R a- 0 0 0 0 0 0 ) and of Financial Financial of and ) -26,224 35,287 35,287 48,811 T 5,494 7,206 € 6,433 ( 6,433 € 2007 L&R 0 0 0 0

-5,698 -5,370 -8,079 1,138 revious year: year: Previous 2007 736 507 328 fLaC Afs 0 0 0 L iabilities iabilities -54,692 -54,692 -67,645 12,953 2007 0 0 0 0 0 0 A

T mortised € 6,392) € Deriv tives 2007 707 707 a- 0 0 0 0 0 0 0 0

O T

functional currency of the subsidiary. subsidiary. the of currency functional T currency. same the in other each offset mainly activities business from liabilities and were made predominantly by the respective group the companies in the in respective country’s local currency. companies local by mainly appear in characterised closed positions countries, currency the balance sheet. group, the of structure decentralised the to Due C E Ban H CZK PLN E Ban swaps rate Interest existed: A million. €350 of to atotal amounting an issued bonds the of from resulting tranches revenue the from result mainly interest obligations interest Fixed sinking rates. interest market and in change unfavourable charges interest increasing of consists obligations. rates interest interest fixed and variable both are T I

rate changes were not considered. not were changes rate tax. before December. 31 at profit liabilities and assets and financial interest-bearing of level the equity on lower correspondingly a meant have by O higher higher by by 100higher would have been bp, 2008 rate the been level result then at 31Had the interest December T follows: as represented –is date sheet balance at rate T nterest R nterest otal otal e eann crec rs mil rsls hn h crec o te re dvae fo the from deviates order the of currency the when results mainly risk currency remaining he there side liabilities the on side, assets the on rates interest variable bear instruments financial he he amount of bank deposits and bank borrowings according to currency – giving the average interest interest average the giving – currency to according borrowings bank and deposits bank of amount he UR UR s of 31 December 2008, following hedging transactions in connection with concession arrangements concession with connection in transactions hedging following 2008, December 31 of s urrency R urrency U thers thers F T € 58,843 ( 58,843 € k Borrowings k D T eposits € 4,243 ( revious year: year: Previous ate R is k revious Previous year: is k

Nominal v T € 17,416). Had the interest rate level been lower by 100 bp, this would this bp, 100 by lower been level rate interest 17,416). the € Had 798,158 T € 17,416) and the at equity 31 2008 December would have been higher mArketv alue T€

2008 T he risk of financial instruments bearing variable bearing instruments financial of risk he 47,724 47,724 nomialv alue T€ Carrying v Carrying v 1,439,698 1,217,977 T 1,207,650 L e aclto i md based made is calculation he 983,949 153,887 115,598 137,318 oan oan andfinancing investments 48,946 10,327 weighteda alue weighteda alue mArketv alue T€ T€ T ax effects from interest from effects ax

T€ 0

2007 interest ra interest ra R eceivables verage verage alue 5.02 8.96 5.00 8.50 2.25 2.47 3.14 1.77 7.35 2008 2008 te te T€ 0 0 147 notes to the financial statement strabag SE annual report 2008

148 148 notes to the financial statement strabag SE annual report 2008 osrcin otat rltd o osri ivle non cntuto poet ad r therefore are and projects construction ongoing involve consortia to related contracts construction T ( PLN CZK S S currencies in the group: the in currencies important the of Development year. financial 2008 the in T mentioned below: mentioned A transacted. were operations, exchange forward all above instruments, financial derivative calculation, the secure and risk currency remaining the limit to order In currency. local the in made are costs associated T PLN H T T C H curreny CZK H H PLN ( O

resulting from changes in currency exchanges rates was not taken into consideration. into taken not was rates exchanges currency in changes from resulting T Essentially, the the Essentially, 2008 would have meant a decrease in equity by equity in decrease a meant have would 2008 (devaluation). revaluation by CHF

mentioned below: mentioned as of 31 December as well as underlying transaction for the next twelve months. months. twelve next the for transaction underlying as well as December 31 of as T tax. before profit of increase an and ( equity in increase a corresponding in have resulted would currencies other all A decrease in decrease profitbeforetax curreny curreny revious year: year: Previous revious year: year: Previous otal otal hereof hereof e lne poed ae eevd n h crec o te re wie n motn pr o the of part important an while order the of currency the in received are proceeds planned he his involves in particular orders in Eastern Europe and the CI the and Europe Eastern in orders particular in involves his he maximum risk of default of the financial assets on the balance sheet date was was date sheet balance the on assets financial the of default of risk maximum he he calculation is based on original and derivative foreign currency holdings in non-functional currency non-functional in holdings currency foreign derivative and original on based is calculation he KK KK s of of s s redit R redit U U R U f the derivative financial instruments classified as cash flow hedges as of 31 December 2007, as December of hedges 31 flow cash as classified instruments financial f derivative the K F F F of 31 December 2007 December 31 of 31 December 2008 December 31 T 29125 ( 2,901,215 € is k T P T € 9,282) were shifted from equity and recognised in the consolidated income statement statement income in the consolidated and recognised € equity 9,282)from were shifted olish zloty, the Czech koruna, the the koruna, Czech the zloty, olish 30270 ad orsod t te ok aus rsne i te aac sheet. balance the in presented values book the to corresponds and 3,052,710) € CAshflows cash flows CAshflows cash flows expected expected revious year: year: Previous 460,748 309,182 290,437 143,339 114,300 Exchange r 170,311 , the following hedging transactions existed for the underlying transactions transactions underlying the for existed transactions hedging following the , 30,043 , the following hedging transactions existed for the underlying transactions underlying the for existed transactions hedging following the , 21,500 2008 T€ 2009 T€ 31.12.2008 1€= T 10 % revaluation of the Euro over all other currencies at 31 December 31 at currencies other all over Euro the of revaluation % 10 A € 26,530 ( 266.7000 26.8750 30.1260

1.4850 7.3555 4.1535 te revious year: increase Previous byyear: increase expected expected T 143,322 112,000 132,000 € 2,488,136) involve trade receivables. receivables. trade involve 2,488,136) € 75,000 37,000 11,322 2009 T€ 2010 T€ 0 0 T

€ 42,111€ ( S 251.0483 lovak koruna and the Hungarian forint are affected are forint Hungarian the and koruna lovak 2008 1€= a 25.0388 31.1251 exchangr verage 3.5278 1.5786 7.2217 604,070 tot tot 189,300 180,339 422,437 421,182 181,633 30,043 21,500 revious year: increase by increase year: Previous al T€ al T€ states which are concluded in E in concluded are which states S Positvemarket Positvemarket Designa Designa

T € 26,785) 31.12.2007 1€= transaction T€ transaction T€ v v alue ofthe alue ofthe 253.7300 33.5830 26.6280 3.5935 7.3308 1.6547 hedging hedging devaluation compared A to compared devaluation 11,590 revious year: decrease) year: Previous 1,359 8,903 1,094 1,511 te 942 Designa teD Designa teD 417 82 R T cials from eceivables T e fet n tax on effect he nega nega € 15,585) and a 15,585)and € transaction T€ transaction T€ T v v € 4,546,877 4,546,877 € tive market tive market alue ofthe alue ofthe 251.3742 T 2007 1€= a hedging hedging -85,539 33.7698 27.7325 -73,662 € 9,421 -11,877 verage 1.6459 7.3340 3.7749 -1,152 -338 -814 UR ted ted 0 0 .

maturity at the amount of the book values. book the of amount the at maturity T O L B B B

O F L B F L risks. L credit general consideration into take to groups risk to according formed consideration. the are into of taken also estimation adjustments is the risk to country addition relevant In the significant. risk, is alone, creditworthiness seen none, payment. which of of items default individual significant many or contract of breach client, the of cash-flows. future the than higher of is value assets financial present the the of value book the if item by item down written are assets Financial (guarantees contracts guarantee financial the T of issued) from arising risk highest credit derived the a is there with Furthermore, institutions financial exclusively are partners contract the creditworthiness. of level as low, as regarded T low. as employer, rated be important an as sector public the of presence the and check T T full. in payable yet not years: subsequent the for redemption) and 31 of as rate December T planned. are bonds further need, appropriate the and situation market the on Depending 2008. June %.5.75 is issued. bond was the years in 5 bond of maturity further to a term 2008, a and June In million 75 each. € of years amount 5 the of maturity to term a with each million 75 € of tranche well. as T 1.5billion. € of amount the in line credit loans. aval and T lines. aval sufficient through business mainstay for margin financial necessary the of o guarantee financial flexibility, liquidity reserves are kept in the form of cash and credit lines for cash for lines credit and cash of form the in kept are reserves liquidity flexibility, financial guarantee o € 1,197,103), down. written not and overdue 1%are than less leasing financial from iabilities leasing financial from iabilities for the iquidity he trade payables and the other liabilities (see item 20) essentially lead to cash outflows in line with the the inwith line outflows to cash lead 20) item (see essentially liabilities the other and payables he trade e ik f eal fr te piay iaca isrmns hw o te ses ie a as be also can side assets the on shown instruments financial primary other for default of risk he creditworthiness constant a dispersion, wide the to due can, clients from receivables for risk he he following payment obligations arise from the financial liabilities (interest payments based on interest based payments (interest liabilities the from financial arise obligations he payment following bonds corporate of issue the by covered been far so have needs liquidity long-term and medium- he liabilities: inancial liabilities: inancial borrowings ank borrowings ank onds onds iquidity R iquidity liabilities ther liabilities ther T he group issued 2004 a bond in the amount of € 50 million, from 2005 to 2007 every year a year every 2007 to 2005 from million, 50 € of amount the in bond a 2004 issued group he € 52,862 ( is T STRABAG he he k STRABAG T revious year: T year: Previous he corporate bond from the year 2003 in the amount of € 50 million was paid in in paid was million 50 € of amount the in 2003 year the from bond corporate he O f the remaining trade receivables in the amount of of amount the in receivables trade remaining the f S E G S roup means not only solvency in the strict sense but also the but also availability in sense not the solvency only roup strict means E G roup keeps bilateral credit lines with banks and a syndicated aval syndicated a and banks with lines credit bilateral keeps roup € 34,955). T he overall line for cash and aval loan amounts to € 5.5 billion. 5.5 € to amounts loan aval and cash for line overall he T Carrying v Carrying v his can be triggered by financial difficulties, insolvency insolvency difficulties, financial by triggered be can his 1,708,381 1,217,977 31.12.2008 31.12.2007 684,092 325,000 370,000 252,395 102,687 116,230 alues alues 4,010 4,174 T€ T€

Cash flows Cash flows 332,790 192,782 100,099 239,411 69,898 23,481 25,870 66,813 T he write-down is composed of of composed is write-down he 2009 2008 T€ T€ 0 0 T

T he annual bond coupon of of coupon bond annual he € 1,374,993€ ( Cash flows Cash flows 31.12.2008 31.12.2007 966,000 After2013 2010-2013 After2012 2009-2012 439,818 366,842 525,161 313,188 G 62,671 59,159 69,197 4,800 4,800 autd valuation raduated T€ T€

revious year Previous Cash flows Cash flows 824,007 786,796 88,294 50,519 37,775 37,211 T€ T€ 0 0 0 0

149 149 notes to the financial statement strabag SE annual report 2008 150 notes to the financial statement strabag SE annual report 2008 r crid u b salr lcl raiainl nt wrig lmtd rgoa mre as market regional limited, a working units organisational local smaller, by centres. profit independent out carried raw are to access excellent as U well as facilities, mixing concrete and quarries). and pits gravel asphalt particular (in materials of network dense a of parts the important T structures. railway and facilities recreation and sport facilities, parking and segment the further comprises of construction works large-area such as runways and taxiways, reloading of the business activities. activities. business the core the of form – clients private for predominantly projects– large-scale and medium-sized particular In construction. facade and steel-girder and elements; prefabricated of production the buildings; public other and schools universities, hospitals, as such buildings public stations; railway and airports hotels, buildings, office parks, business centres, as such shopping facilities and industrial commercial housing; ler and medium-sized engineering-related concrete structures, and paving. paving. and structures, concrete engineering-related medium-sized and ler smal construction, pipeline and engineering sewer e.g. engineering, civil to attributable activities ning markets. country business. mainstay the of part as executed are of In the field E &Civil Construction Building T P under shown I administration, are way this in attributed Consolidation. not and Items Miscellaneous segment. respective the to causation of the principle to according allocation an applying by or directly attributed be could they as far as only segments reporting. group (secondary segment reporting). T T T – sites industrial and soils polluted as well. field of business Environmental Engineering Civil by the handled are regeneration the plants. as well as power systems, and treatment and collection bridges water waste of and plants, treatment waste landfills, of construction construction the including – the activities engineering include activities Engineering Civil centres. profit independent and self-contained as active (24) S (24) ransportation Infrastructures ransportation he production of asphalt, concrete and other construction materials, as well as bitumen trading, are trading, bitumen as well as materials, construction other and concrete asphalt, of production he he primary segment reporting comprises the following business fields: fields: business following the comprises reporting segment primary he regions and reporting) segment (primary fields business to according presented are segments he his business field covers mainly asphalt and concrete road construction in the the in construction road concrete and asphalt mainly covers field business his nlike is the case with projects handled by the Civil division, Engineering the in services this business field rimary S rimary egment R B egment R uilding Construction, both classical building services as well as turnkey building projects projects building well turnkey as services building classical both Construction, uilding and machine management. Intrasegment transactions are on based arm’s-length prices. transactions T Intrasegment and management. machine A O ssets and liabilities as well as expense and revenue were attributed to the individual the to attributed were revenue and expense as well as liabilities and ssets ther services encompassed by the the by encompassed services ther R oad Construction segment as segment oad well. Construction eporting eporting R eporting goa ognstoa uis ok h rsetv lcl akt ad are and markets local respective the work units organisational egional T he he segmentation according to business fieldscorresponds tothe internal ngineering ngineering T i sget rmrl icue gop aaeet commercial management, group includes primarily segment his T he range of construction services in this field includes includes field this in services construction of range he R oad Construction division include the remai the include division Construction oad T he construction materials business includes business materials he construction T he he R a Construction oad G roup’s relevant relevant roup’s - - project. overall an in chain value-added hotels. or properties commercial a of framework the S within services, construction usual which include all such integrated services as financing,marketingoperation, and utilisation,as wellas the T units. organisational driving. continuous and cyclical technology. various with chambers and galleries underground T management. facility and property as such services construction-related T from renamed was segment the 2008 In S he concessions business field encompasses those project development contracts around the world the around contracts development project those encompasses field business concessions he as well as tunnels railway and road of construction the includes services tunnelling of range he other and developments project engineering, foundation specialty tunnelling, comprises segment his ervices include infrastructure projects (e.g. traffic, energy), as well as building projects for office and office for projects building as well as energy), traffic, (e.g. projects infrastructure include ervices pecial Divisions &Concessions Divisions pecial oet aon te ol ae aae ad xctd y central by executed and managed are world the around Projects T unnelling & unnelling S ervices into into ervices T unnelling work is done employing both employing done is work unnelling S pecial Divisions & Concessions. & Divisions pecial 151 notes to the financial statement strabag SE annual report 2008 152 notes to the financial statement strabag SE annual report 2008

Inter-segment revenue Revenue Output Volume S EBIT thereof investmentsinassociates thereof Segment assets loss ofassociates ofprofitor share thereof and intangibleassets Investments intangible Segment liabilities and intangibleassets Depreciation ontangible Employees impairment thereof and intangibleassets Investments intangible

Segment assets Revenue S

to thelocationofcompanyheadquarters. The representation ofthesecondarysegmentreporting ismadeaccording Region business feld

2008 egment report econdary segment 5,244,136 5,821,822 2,960,786 1,762,679 3,081,469 4,550,301 133,756 414,900 78,335 28,802 2008 2008 building constrution T€ T€ & civilengineering 0 0 0 0 0

germany 4,815,571 5,417,841 2,929,302 1,721,501 2,223,101 3,672,952 147,719 157,124 76,565 26,322 2007 2007 T€ T€ 0 0 0 0 0 5,464,302 6,274,209 2,920,056 1,535,063 2,012,715 2,714,684 137,808 17,557 59,483 25,463 25,463 33,906 91,031 8,734 2008 2008 T€ T€ 0 infrastructures transport austria 4,455,142 4,616,841 2,604,574 1,312,955 2,843,317 2,270,684 a tion 185,646 24,793 57,511 28,352 86,878 6,636 3,319 3,319 2007 2007 T€ T€ 0 1,483,286 1,417,385 2,031,474 1,761,204 4,339,651 4,391,982 309,789 51,871 96,148 -6,153 2,516 4,183 7,524 5,174 2008 2008 special divions T€ T€ 0 & conessions Rest ofeurope

2,502,239 3,583,804 584,961 582,077 602,337 298,088 265,764 48,455 81,749 12,771 5,367 1,882 7,231 1,824 2007 2007 T€ T€ 0

Rest ofworldandconsolida 1,852,890 1,727,279 696,560 229,085 872,617 344,879 331,371 570,828 36,071 10,612 61,080 1,852 5,126 2008 2008 and consolida T€ T€ 0 0 miscellaneous 1,604,601 1,311,816 507,082 129,464 541,960 272,921 172,157 351,160 tion 22,926 34,076 1,762 4,627 3,768 2007 2007 T€ T€ 0 0 tion 13,742,501 12,227,795 12,227,795 9,765,206 6,786,225 9,765,206 269,866 155,631 876,800 377,866 876,800 73,008 36,075 2,581 2008 2008 T€ T€

tot tot al al 10,746,223 9,878,600 7,740,814 4,644,360 7,740,814 9,878,600 312,428 139,260 543,842 283,471 543,842 19,407 61,125 7,087 2007 2007 T€ T€

Employees impairment thereof and intangibleassets Depreciation ontangible and intangibleassets Investments intangible Segment liabilities investmentsinassociates thereof Segment assets loss ofassociates ofprofitor share thereof EBIT Inter-segment revenue S Revenue Output Volume S and intangibleassets Investments intangible Segment assets Revenue

to thelocationofcompanyheadquarters. The representation ofthesecondarysegmentreporting ismadeaccording Region business feld

econdary segment 2008 egment report 1,762,679 2,960,786 5,244,136 5,821,822 3,081,469 4,550,301 133,756 414,900 28,802 78,335 2008 2008 building constrution T€ T€ & civilengineering 0 0 0 0 0

germany 1,721,501 2,929,302 4,815,571 5,417,841 2,223,101 3,672,952 147,719 157,124 26,322 76,565 2007 2007 T€ T€ 0 0 0 0 0 1,535,063 2,920,056 5,464,302 6,274,209 2,012,715 2,714,684 137,808 33,906 25,463 25,463 59,483 17,557 91,031 8,734 2008 2008 T€ T€ 0 infrastructures transport austria 1,312,955 2,604,574 4,455,142 4,616,841 2,843,317 2,270,684 a tion 185,646 28,352 57,511 24,793 86,878 3,319 3,319 6,636 2007 2007 T€ T€ 0 1,761,204 2,031,474 1,483,286 1,417,385 4,339,651 4,391,982 309,789 96,148 51,871 -6,153 5,174 7,524 4,183 2,516 2008 2008 special divions T€ T€ 0 & conessions Rest ofeurope

2,502,239 3,583,804 298,088 602,337 584,961 582,077 265,764 81,749 12,771 48,455 1,824 7,231 1,882 5,367 2007 2007 T€ T€ 0

Rest ofworldandconsolida 1,727,279 1,852,890 344,879 872,617 696,560 229,085 331,371 570,828 10,612 36,071 61,080 5,126 1,852 2008 2008 and consolida T€ T€ 0 0 miscellaneous 1,311,816 1,604,601 272,921 541,960 507,082 129,464 172,157 351,160 tion 22,926 34,076 4,627 3,768 1,762 2007 2007 T€ T€ 0 0 tion 12,227,795 13,742,501 12,227,795 6,786,225 9,765,206 9,765,206 377,866 155,631 876,800 269,866 876,800 73,008 36,075 2,581 2008 2008 T€ T€

tot tot al al 10,746,223 4,644,360 7,740,814 9,878,600 7,740,814 9,878,600 283,471 139,260 543,842 312,428 543,842 61,125 19,407 7,087 2007 2007 T€ T€ 153 notes to the financial statement strabag SE annual report 2008 154 notes to the financial statement strabag SE annual report 2008 proportionally accept any obligations arising from the project developments. project the from arising obligations any accept proportionally T million 15 € about of revenues 2008 In contracts. arm’s-length ( of basis the on work (without construction shareholders the of activities R R (both is part of the airport business of B of business airport the of part is company company company, was founded together with with together founded was company, the by renovate to hired leadership been has STRABAG industrial under relationship 50:50 a in jointly S STRABAG handled be will developments the between states in cooperation operating joint for principles the out lays agreement cooperating A by owned is infrastructure, and materials raw construction, of T B T n (25) In In A Haselsteiner the are beneficiaries ID IDAG 1 mlin ( million 16 € the 2008, 31 December conditions. market usual the at N STRABAG projects. property in ID of purpose Immobilienbeteiligung u. –Development –Development u. Immobilienbeteiligung u. Immobilienbeteiligung -Development utemr, eeus f bu € mlin ( million 7 € about of revenues Furthermore, to T amounted A O and the UN the and revious year: €12 made. year: were million) Previous he shareholders of the the of shareholders he he he of shareholders core he rm’s-length finance and insurance transactions exist with the the with exist transactions insurance and finance rm’s-length aiffeisen evolution project development development project evolution aiffeisen Ö-Wien Ö-Wien leg Deripaska. Deripaska. leg E ASIC Immobilienbeteiligung u. -Development -Development u. Immobilienbeteiligung AG ssociates S eptember 2003, 2003, eptember B asic Element Element asic aiffeisen group) and UN and group) aiffeisen R lement G ’s officebuildings in Vienna and enaissance Construction. Construction. enaissance IQ otes on R otes roup, the the roup, E G A G Immobilienbeteiligung u. -Development -Development u. Immobilienbeteiligung AG eiu ya: 1 mlin fo ID from million) 15 € year: Previous € 6,980 ( € 6,980 roup. roup. roup. G STRABAG roup, a group with numerous industrial holdings, among other things in the area the in things other among holdings, industrial numerous with group a roup, R UN revious year: T year: Previous aiffeisen evolution project development development project evolution aiffeisen STRABAG IQ STRABAG R A aiffeisen evolution project development development project evolution aiffeisen elated P G IQ roup and and roup S A B R E asic Element. asic G S ental costs arising from both buildings in the 2008 financial year financial 2008 the in buildings both from arising costs ental roup and the the and roup G E eteiligungs-Holding G eteiligungs-Holding T S roup and the the and roup R he he contract has a volume of € 62 million. G E are the Haselsteiner- the are E € 7,072). G . A roup had receivables from rental deposits amounting to around to around amounting deposits rental from receivables had roup G B. mbH. mbH. G dler International International dler G G mbH in the 2008 financial year. financial 2008 the in mbH R T ermany and and ermany mbH bundles project developments in building construction building in developments project bundles mbH raz raz are held in the real of estate of portfolio subsidiaries ID . asperia asperia B arties eiu ya: bu € mlin wr md wt ID with made were million) 4 € about year: Previous eteiligungsgesellschaft m.b.H, “ m.b.H, eteiligungsgesellschaft T G he he buildings are let to and in part sublet by R b i etrl hl b piae onain whose foundations private by held entirely is mbH Immobilienbeteiligung u. -Development -Development u. Immobilienbeteiligung AG aiffeisen-Holding aiffeisen-Holding T B rading rading asic Element Element asic B G enelux). enelux). mbH. mbH to develop property and to participate to and property develop to mbH A L irport together with with together irport mtd ond by owned imited, G roup, as well as the the as well as roup, R ussian businessman businessman ussian G R STRABAG b, jit rjc development project joint a mbH, aiffeisen Holding Holding aiffeisen G N G op Ftr lresae project large-scale Future roup. Ö-Wien Ö-Wien b hv bscly ged to agreed basically have mbH A t the balance sheet date of of date sheet balance the t A URUBU G S dler International dler International roup. It is the business the is It roup. i epoe i the in employed is E R R sin businessman ussian sin construction ussian R R ussia and the CI the and ussia aiffeisen-Holding ” Holding Holding ” N O Ö-Wien Ö-Wien leg Deripaska. leg STRABAG G A G G mbH. irport mbH roup AG AG S S E of the S the of ( T T ( T G Josef R Josef P S Ing. Mag. Hannes T Hannes Mag. Dr. G Dr. G Dr. G in management the follows: as by represented are them by influenced controlled decisively or keyare positions which companies and members family whose positions) key in T L R received services and Work Mag. Wolfgang M Wolfgang Mag.

Mag. Erwin Ha Erwin Mag. U S N Dipl.-Ing. Dr. T O Fritz Ing. Dr. P Hans M of Board theBoards and E (26) N performed services and Work performed services and Work T Dipl.-Ing. R Dipl.-Ing. received services and Work L R revious year: T year: Previous revious year: year: Previous € 50) are included in the expenses. expenses. the in included are 50) € iabilities at 31.12. at iabilities iabilities at 31.12. at iabilities he remunerations for the members of the supervisory board in the amount of of amount the in board supervisory the of members the for remunerations he he total salaries of the members of the board of management in the financial year amount to amount year financial the in management of board the of members the of salaries total he he business he relations to business the board and members management the level firstmanagement (management he business relationships to the other associates can be presented as follows: as presented be can associates other to the relationships business he eter Nimme eter eceivables at 31.12. at eceivables eceivables at 31.12. at eceivables uper niv. Ju Prof. DDr. Waldemar erhard erhard homas Bi homas ulzhan Mol ulzhan ottfried Wan i ottfried G erhard iegfried Wol iegfried a upervisory B upervisory v Spri d otes on the M otes isory Board isory eter Has eter os b oland Jur oland ematollah Farro ematollah erl r ng z ri rt v me runts t T anagement b oll € 1,361). ic er € 9,304). € el e da k er s r ts s f o ch elst

r ede (works council) (works (works council) (works zh (works council) (works S STRABAG of oards ki w chek eck ng ch n sky v ano er ei (Vice Chairman) Chairman) (Vice n er T a n (Vice Chairman) (Vice

he severance payments for management board members amount to amount members board management for payments severance he i

g er kh a d

(Chairman) (Chairman) (Chairman) ni mployees a anagement S and N either the members of the Management Management the of members the either E received advances or loans. or advances E received uper 22,253 21,866 2,583 4,790 5,764 1,623 2008 2008 639 37 T€ T€ v B T oard nor the members the nor oard isory € 168 ( 168 € revious year: Previous T € 8,717€ 66,010 17,263 T 5,038 5,649 1,862 3,753 € 111€ 2007 2007 234 T€ T€ 4 155 notes to the financial statement strabag SE annual report 2008 156 notes to the financial statement strabag SE annual report 2008

o epc ta ti icdn wl hv ay infcn cneune fr h 20 fnnil state financial 2009 the for consequences significant any have do will ments. We pit. incident building this the flooded that material expect of metres not cubic thousand several accident, the before just Historical the of buildings. neighbouring collapse two of portions the significant in resulting (underground), share. per earnings basic could only be brought out dead. dead. out brought be only could (28) Ev E year the during outstanding shares of number Weighted in T profit/loss) (consolidated parent the of holders equity to attributable loss or Profit A shares. ordinary of number average T (27) E A he diluted earnings per share are calculated by dividing the consolidated profit or loss byorloss the weighted profit the consolidated by dividing calculated are share per earnings he diluted t the beginning of March 2009, an accident occurred during construction of the Cologne Cologne the of construction during occurred accident an 2009, March of beginning the t s there are not stock options at the the at options stock not are there s arnings per share in € in share per arnings T he group has a 33.3 % share in the consortium working on a part of the construction project. construction the of part a on working consortium the in share % 33.3 a has group he Dipl.-Ing. NematollahFarrokhnia arnings per S ents after the Balance S the Balance after ents Mag. Wolfgang Merkinger Ing. FritzOberlerchner

T hare he cause of the accident is still unclear. What is certain is that, that, is certain is What unclear. still is accident the of cause he Dr. HansPeter Haselsteiner Board of M of Board STRABAG Villach, 8A Villach, € anagement T

G pril 2009 pril wo residents who were trapped under the rubble the under trapped were who residents wo op te iue erig pr hr eul the equal share per earnings diluted the roup, heet D heet A cie f h Ct o Clge and Cologne of City the of rchive Mag. HannesTruntschnig Dipl.-Ing. RolandJurecka 114,000,000 Dr. ThomasBirtel 157,020 ate 1.38 2008 82,904,110 170,229 U - B 2.05 2007 ahn -

1) T company parent the fair of loss and or true a profit and give position financial statements liabilities, financial assets, separate the of the view that knowledge our of best true the to confirm a We gives group, the report of position management the and group business the the faces. of group the uncertainties and risks principal the of performance adescription that with together and development and required as the of group the true a standards view of fair and accounting loss give or statements profit applicable and financial position the consolidated financial by the liabilities, that assets, the knowledge of view our fair of and best the to confirm We Rep S y h apial acutn sadrs n ta te aaeet eot ie a re n fair and true a gives report faces. company the management uncertainties together and risks company, principal the of the adescription of with the position the and that business the of and performance and development the standards of view accounting applicable the by he annual financial statements are included in the annual financial report. financial annual the in included are statements financial annual he tatement of L all Dipl.-Ing. NematollahFarrokhnia r Mag. Wolfgang Merkinger Ing. FritzOberlerchner esentatives

Dr. HansPeter Haselsteiner Board of Management of Board Villach, 8A Villach,

pril 2009 pril egal Mag. HannesTruntschnig Dipl.-Ing. RolandJurecka Dr. ThomasBirtel 1) as required as 157 notes to the financial statement strabag SE annual report 2008 158 notes to the financial statement strabag SE annual report 2008 ttmns opie h blne he a a Dcme 3, 08 ad h icm statement, income the and 2008, 31,notes. explanatory other and policies accounting significant of December summary a at and 31, 2008, December ended year the as for statement flow cash and sheet equity in changes of statement balance the comprise statements A S M of statements financial consolidated accompanying the audited have We R auditor´s report unqualified independent We our conducted audit in with accordance laws in and applicable regulations O A Financial International financial with consolidated these accordance of in presentation statements fair and preparation the for responsible is Management hte de o ru o err slcig n apyn aporae conig oiis ad making and policies; accounting appropriate misstatement, circumstances. applying the in reasonable are that estimates and material accounting from selecting free error; or are fraud that to statements due whether financial of presentation fair and preparation T B International with of expressing an opinion on the effectiveness of the entity’s internal control. control. internal entity’s the of effectiveness purpose the the for on not opinion but an circumstances, expressing the in of in statements appropriate are financial that consolidated procedures the audit of design to presentation order fair and preparation entity’s the to relevant control internal considers auditor the assessments, risk those making In error. or fraud to due whether statements, financial of the consolidated misstatement of of the material risks the assessment including statements. financial consolidated the in A assurance reasonable obtain to audit the perform misstatement. material from free are statements and financial consolidated the whether plan and requirements ethical with comply e eiv ta te ui eiec w hv otie i sfiin ad prpit t provide to appropriate and sufficient is obtained have we evidence audit opinion. audit our for a basis the that believe We consolidated the of presentation overall the accounting statements. evaluating financial of as well reasonableness as the management, and by used made estimates policies accounting of appropriateness the evaluating i rsosblt icue: einn, mlmnig n mitiig nenl oto rlvn t the to relevant control internal maintaining and implementing designing, includes: responsibility his sra o te iaca ya fo Jnay t Dcme 3, 2008. 31, December to 1 January from year financial the for ustria n audit involves performing procedures to obtain audit evidence about the amounts and disclosures disclosures and amounts the about evidence audit obtain to procedures performing involves audit n oard (I oard tatements uditor ur responsibility ur is responsibility to express an opinion on these statementsbasedfinancial consoldiated on our audit. anagement’s R anagement’s eport oneport the consolidated statements financial AASB ’s R ) of the International Federation of of Federation International the of ) esponsibility S tandards on on tandards esponsibility for the C the for esponsibility A uditing, issued by the International by International the issued uditing, T he procedures selected depend on the auditor’s judgement, judgement, auditor’s the on depend selected procedures he A ccountants (IF ccountants onsolidated F R eporting eporting A C). S A adrs s dpe b te E the by adopted as tandards uditing and and uditing T hose standards require that we that require standards hose T ee osldtd financial consolidated hese inancial inancial A ustria ustria and in accordance STRABAG A A adt lo includes also audit n ssurance ssurance S , Villach, E, S tandards U . from January 1 to December 31, 2008 in accordance with International Financial the of Financial International with 31, accordance in 2008 to1 December January from position financial the year financial the for flows cash respects, its and performance material financial its of 31, and 2008, all December of as group in fairly, present statements financial consolidated any modified version (e. g. shortened versions or translations) translations) or versions shortened g. (e. version modified any may statement only with be our published auditor´s in opinion the audited and version approved by us. For L Repo E by the adopted O Opinion A Commercial Code ( Code Commercial T L consolidated the with consistent is statements. group financial the for report management consolidated the opinion, our In group. the ot position the of misconception to rise give not do report management consolidated the in whether made and disclosures other the statements financial consolidated the with consistent is report management consolidated P inz, 8A inz, aws and regulations applicable in in applicable regulations and aws his report his is report a of translation in the report original ur audit did not give rise to any objections. objections. any to rise give not did audit ur r pril 2009 pril t on O t on the U . UGB r L p Mag. Ernst P Ernst Mag. a ) applies. Wirtschaftsprüfungs- und S und Wirtschaftsprüfungs- ublic A ublic Certified ustrian egal and Regulato and egal ccountant ichler A sra eur u t prom ui poeue wehr the whether procedures audit perform to us require ustria K P M G A B G ustria G ustria sd n h rsls f u adt n u oiin the opinion, our in audit our of results the on ased erman, which erman, is solely valid. teuerberatungsgesellschaft r y Requi mbH Mag. S Mag. P A ublic A ublic Certified ustrian A r rticle 281 rticle ements tephan B tephan ccountant P eurle aragraph 2 of the the of 2 aragraph T he consolidated he financial consolidated R eporting eporting S tandards as tandards

A ustrian 159 notes to the financial statement strabag SE annual report 2008 160 financial calendar and glossary strabag SE annual report 2008 A P S A Conference Press Financial P R Annual F Capital employed CAGR (CompoundAnnualGrowth Rate) BOT (Build-Operate-T Book valuepershare ATX (AustrianT at-equity consolidation Y glossar Please findthe roadshow scheduleonthewebsitewww.strabag.com ->InvestorRelationsFinancialCalendar All timesare CET/CEST eturn onEquity) ROE (Return onCapitalEmployed) ROCE (Return Risk management onAssets( ROA) Return PPP (Public-rivate-artnerships) Payout ratio Order backlog öCGK Net Debt Joint Venture IPO (InitialPublicOffering) B FinancialReportingStandards)IFRS (International Gearing Ratio Free cash-flow Equity ratio EBITDA margin EBITDA EBIT margin EBIT pershareEarnings Directors’ Dealings Corporate SocialResponsibility Corporate Governance Compliance Guidelines Code ofEthics CEE Cash-flow E Payment date for dividend dividend for date Payment A P R Interim Annual General M General Annual shares for deadline Deposit A L N A P R Interim ocation to be announced announced to be ocation ublication ublication ublication ublication ublication ublication ublication ublication nalyst T nalyst nalyst T nalyst nalyst T nalyst nalyst Conference & Webcast &Webcast Conference nalyst nalyst T nalyst emi-annual report 2009 2009 report emi-annual x-dividend date date x-dividend otice of Annual General M General Annual of otice inancial C inancial elephone Conference Conference elephone elephone Conference Conference elephone elephone Conference Conference elephone elephone Conference Conference elephone eport 2008 2008 eport raded Index) eport January– eport eport January– eport ransfer) eeting 2009 2009 eeting M S eptember 2009 2009 eptember arch 2009 2009 arch eeting eeting T Mean growth rateonanannualisedbasis client afteraspecificperiod In BOTprojects, afacilityisbuiltandoperatedfortheclient,withownershiptransferred backtothe Book valueofequity/numbershares The indexofleadingshares oftheVienna StockExchange(WienerBörse) Method ofconsolidationcompanies,inwhichSTRABAGhasastakebetween20%and50 Net income/equity Net income+interest ondebt-interest taxshield(25%)/(averagegroup equity+interest-bearing debt) An approach torecognise potentialriskstothecompanyanddevelopstrategiesmanagethese risks EBIT/total assetsemployed public-sector institutions Projects whichare fundedandoperatedthrough apartnershipofprivate-sectorcompaniesand Dividends/net incomepershare Future revenues from contracts signed toaspecificdate,lessworksalready accomplished Codex Austrian CorporateGovernance equivalents Financial liabilitieslessnon-recourse debts+severanceandpensionprovisions lesscashand particular businessenterprise A contractualagreement joiningtogethertwoormore partiesforthepurposeofexecutinga The firstsaleofstockapreviously privatecompanyinvolvingthefirst-timeissueofshare certificates board (IASB) Financial reporting standards andinterpretationsAccountingStandards adoptedbytheInternational Net debt/group equitycapital (purchase ofproperty, plant,equipmentandintangibleassets). Cash-flow availablefordistributionamongallthesecurityholdersofacompanyafter deducting capex Book valueofequity/balancesheettotal The ratioofEBIDAtorevenue inpercent Net incomebefore interests andincometaxexpense,depreciation andamortisation The ratioofEBItorevenue inpercent Net incomebefore interests andincometaxexpense Profit fortheperiod/numberofshares T Voluntary compliancewithasetofrulesforsustainablecorporatemanagement maximise transparency andcontrol inorder toavoidconflictsofinterest comprisesallguidelineswhich A codeofconductforpubliclylistedcompanies.Corporategovernance rules,guidelinesandstandardsexternal Recognition oftheimportanceandcompliancewithallrelevant lawsaswellwithinternal management Values andprincipleswhichreflect thecompany’s policyandwhichare keptbyemployeesand EuropeCentral andEastern non-current provisions as thesumofretained profit carriedforward, taxesonprofits andincome,write-offs andchangesto A measure ofcashbeingreceived andspentinabusiness.Thecash-flowamountislargely calculated alendar otal ofgroup equitycapitalandinterest-bearing debtcapital ransactions withcompanysecuritiesbydirectors orofficers

M on., 30 N 30 on., M on., 31 August 2009 31 August on., M T M T hur., 30 April 2009 April 30 hur., F on., 29 June 2009 June 29 on., hur., 28 M 28 hur., on., 15 June 2009 15 June on., F F ri., 26 June 2009 June 26 ri., ri, 19 June 2009 19 June ri, ri., 29 M 29 ri., ovember 2009 ovember 10:00 am 10:00 am ay 2009 ay ay 2009 ay 2:00 pm 2:00 pm 2:00 pm 2:00 pm 1:30 pm 7:30 am 7:30 am 7:30 am 7:30 am