Interim Report January–March 2011 31 MAY 2011 Strabag SE Interim Report January–March 2011 Content S C M Figures Key I Share S CEO Notes

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Interim Report January–March 2011 31 MAY 2011 strabag SE Interim Report January–March 2011 content S C M figures key I share S CEO notes

mportant E onsolidated interim statements financial tatement legal of representatives all egment R anagement R ´ S R

eview eport vents eport January-M

arch 2011 26 10 18 13 4 6 7 5 3 Key figures

key financial figures

change € Mln. Q1/2011 Q1/2010 in % 2010 Output volume 2,309.25 1,837.38 26 % 12,777.00 Revenue 2,210.04 1,788.45 24 % 12,381.54 Order backlog 15,176.99 15,634.71 -3 % 14,738.74 Employees 72,363 68,318 6 % 73,600

key earnings figures

change € Mln. Q1/2011 Q1/2010 in % 2010 EBITDA -59.80 -46.02 -30 % 734.69 EBITDA margin % of revenue -2.7 % -2.6 % 5.9 % EBIT -145.38 -149.89 3 % 298.95 EBIT margin % of revenue -6.6 % -8.4 % 2.4 % Profit before taxes -148.59 -164.40 10 % 279.27 Net income -116.87 -128.65 9 % 188.38 Earnings per share -1.03 -1.03 0 % 1.53 Cash-flow from operating activities -294.12 -117.35 -151 % 690.42 ROCE in % -1.8 % -2.1 % 5.4 % Investments in fixed assets 74.75 102.90 -27 % 553.84 Net income after minorities -117.53 -117.83 0 % 174.86

Net income after minorities margin % of revenue -5.3 % -6.6 % 1.4 % arch 2011 M

key balance sheet figures port January– m Re

change i r

€ Mln. 31.3.2011 31.12.2010 in % e Equity 3,155.60 3,232.44 -2 % E Int Equity Ratio % 31.8 % 31.1 % Net Debt -268.90 -669.04 -60 %

Gearing Ratio % -8.5 % -20.7 % strabag S Capital Employed 5,187.04 5,235.74 -1 % Balance sheet total 9,920.34 10,382.16 -4 %

EBITDA = earnings before interest, taxes, depreciation and amortization igures EBIT = earnings before interest and taxes ey F

ROCE = (net income + interest on debt - interest tax shield (25 %)) / (average group equity + interest-bearing debt) K Net Debt = financial liabilities less non-recourse debt + provisions for severance and pension obligations – cash and cash equivalents Gearing Ratio = Net Debt / Group Equity Capital Employed = group equity + interest-bearing debt 3 4 CEO’S REVIEW strabag SE Interim Report January–March 2011 C n E n E n R n D n O CE D

r. H r. previous year’s first quarter first year’s previous %; here, too, a positive one-off effect in the comparison period comparison the in effect one-off apositive too, %; here, -6.6 expected; outlook for 2012 also higher also 2012 for outlook expected; Poland and northern E northern and Poland oeat asd o te 2011 the for raised Forecast eo´s R arnings per share unchanged at € -1.03 at unchanged share per arnings B % – growth across all segments; particularly significant in G significant particularly segments; all across % –growth 24 by climbs evenue evelopment of the E the of evelopment ans P ans I T negative as usual in the first quarter, but stable at € at stable but quarter, first the in usual as negative T eter H eter aselsteiner B urope I eview TD million) negatively distorted by a positive one-off effect in the in effect one-off a positive by distorted negatively million) A (€ -59.80 financial year: € year: financial 14.0 billion output volume and an an and volume output billion Dr. H outlook. new this with satisfied fully We are million. € 330 of € of volume output an expect now put volume of € 2012 the For € 320 million. ted to increase to € the for outlook 2011 our altering therefore are We report. cial lion). We now expect E expect now We lion). colleagues and I are now more positive about the future future than we were at the the of presentation the 2010 about positive more now are I and colleagues A of 2010. quarter first the in as negative as not was E sheet. balance the in effect one-off a by distorted positively significantly was (E taxes and interest before earnings year’s Last side: earnings the on news good have also We volume. output of the growth of double-digit to report pleased wewhy are is which earlier, significantly building begin to us allowed winter. hard and long a very T STRA of friends and associates D he first quarter of the previous year was characterised by characterised was year previous the of quarter first he B fter seeing the quarterly results, my management board board management my results, quarterly the seeing fter ear shareholders, ear I in the first three months of the current financial year year financial current the of months three first the in T financial year as follows: the output volume is expec asvolume follows: output the year financial ans P ans -148.59 eter H eter financial year, we had so far expected an out an expected far so had we year, financial -8.4 from improved margin million; 13.7 aselsteiner

14.0 billion billion and an E N evertheless, with € -145.38 million, million, -145.38 € with evertheless, B

billion (previous target: € I to reach not € not reach to T T his year’s weather conditions his year’sconditions weather ermany, E 14.3 B B I I T of € o € of T billion and an E an and billion 295 300 annual finan 320 B million, but but million, million. million. We AG SE

13.5 million to % B

B bil I , T I T - - - - ) I mportant Events JANUARY April

STRABAG obtained the contract to rehabilitate and up- A consortium made up of HOCHTIEF Concessions sub- grade national roads DN 14 and 15a in Romania. The sidiary HOCHTIEF PPP Solutions and the STRABAG SE combined value of both contracts totals around € 106 subsidiary Hermann Kirchner Projektgesellschaft has million. The planning and construction works comprise won a contract for a further German highway network the widening and improvement of the existing road net- project on a public private partnership (PPP) basis. The work, the rehabilitation of bridges, and the installation of two companies are to plan, finance and upgrade an ap- safety facilities. The works will take place between Sibiu prox. 58-kilometer section of federal highway 8 (A8) bet- and Sighişoara and between Târgu Mureş and Sărăţel. ween Ulm and Augsburg and subsequently operate and Construction began in April 2011 and is scheduled for maintain it for 30 years. The investment volume is around completion in March 2013. € 410 million. HOCHTIEF PPP Solutions and Hermann Kirchner Projektgesellschaft each have a 50 % shareholding in the concession company. The financial close is FEBRUARY expected by the second quarter of 2011.

STRABAG subsidiary EFKON AG, a company providing STRABAG acquired 100 % of the German civil hydraulic intelligent transportation systems and tolling solutions, engineering firm Ludwig Voss, Cuxhaven. The compa- has been awarded a contract to install and thereafter ny is a specialised service provider in the field of civil operate an intelligent transportation system on freeways hydraulic engineering operating mainly in Germany’s in South Africa for five years. The contract is worth ap- seaports and along the coasts of the North and Baltic prox. € 85 million. Seas. The group generates average revenue of just over € 20 million a year. Pending approval by the cartel authorities, the transaction will be effective retroactively to MARCH 1 January 2011.

STRABAG SE announced the simultaneous acquisition of two established Swiss companies, Brunner Erben Hol- May ding AG, Zurich, and Astrada AG, Subingen. The output volume in Switzerland is expected to double to approx. STRABAG again issued a € 175 million corporate bond. € 615 million (CHF 800 million) a year. With this acquisi- The fixed-interest bond has a term to maturity of seven arch 2011

tion STRABAG advanced to the third largest construction years (2011-2018) and a coupon of 4.75 % p.a. The issue M company in Switzerland. price has been set at 101.04.

STRABAG’s Environmental Technology won three in- STRABAG signed an agreement on acquiring a 51 % ternational projects with a total value of more than stake in two holdings to develop, build and operate off-

€ 30 million. These projects concern the retrofit of flue shore wind power plants. With the transaction, the com- port January– gas denitrification systems for several coal-fired boi- pany extends its existing competence as a builder of m Re i

ler power plants in Poland; the engineering, produc- wind power facilities. The companies will develop up to r e tion, assembly and start-up of a flue gas system from 850 wind power facilities in the German North Sea to be

voestalpine Stahl GmbH, Linz, Austria, as well as a de- built over the next ten to 15 years. E Int livery order of denitrification systems on the basis of a framework agreement for two inline gas turbine power In Sweden, STRABAG acquired 100 % of five subsidiari-

plants in California, USA. es of Sweden’s NIMAB Group. These are NIMAB Entre- strabag S prenad AB, NIMAB Support AB, NIMAB Anläggning AB, Through its German subsidiary Ed. Züblin AG, STRABAG NIMAB Fastigheter AB and Linnetorp AB, which are all has been awarded the contract for the turnkey construc- active in southern Sweden. In the 2010 financial year, the tion of the Taunus Turm in Frankfurt’s financial district at companies generated a total output volume of about the Taunusanlage park. The construction contract, with € 40 million (SEK 360 million) and together employed more a value of approx. € 200 million, comprises a 170 m of- than 200 employees. With this acquisitions, STRABAG fice tower in central location with 40 floors and a 62 m bolsters its presence in this important market in southern residential tower with 16 floors connected by a six-storey Sweden and widens its construction activities in this perimeter block. Construction started in April 2011 and is market through the addition of building construction ser- vents scheduled for completion at the end of 2013. vices. mportant E I

5 6 Share strabag SE Interim Report January–March 2011 share comparison toamounting figure, € comparison Vienna the shares. It closed with a plus of 3 %. of aplus with closed It shares. of level growth high the with up keep not could also shares, sector construction of performance T 2011. 11on February 31 M 2011. of quarter first the in rope also lower at 175,374 at lower also months. three 1) double count 1) double S

the first quarter of 2011,quarter the first Dowthewhile T AT index benchmark 100 % 110 % 120 % he cumulative trade volume of of volume trade cumulative he he he Volume traded Q1/2011Volume traded AT in Weight O O P Y Y C A M STRABAG SEshare % of total volume traded on Vienna S Vienna on traded volume total % of hares of of hares 90 % ear’s minimum on 15 on ear’s minimum M 2011 11 on ear’s maximum February verage trade volume per day per volume trade verage erformance Q1/2011erformance losing price on 31 on M price losing utstanding shares Q1/2011 shares utstanding (weighted) 31 on M shares utstanding arket capitalisation on 31 on M capitalisation arket AT arch 600 600 X, X, 2011, just below their high for the year of € C A S onstruction ustria’s index of leading shares, lost 1 lost shares, leading of index ustria’s taa s strabag tock Exchange was below the year-on-year year-on-year the below was Exchange tock X on 31X on M T he average trade volume per day was was day per volume trade average he January 2011 ■ STRA X was 1.82X was %. shares 2011arch & M 2011arch rgsee got o 9 of growth registered E 2011arch B aterials, which measures the the measures which aterials, 1) ■ AT SE AG T . 2011arch (absolute) e coe a € at closed hey T 2011arch he weight in the the in weight he STRABAG 233 Jones Jones tock Exchange tock million STRABAG S X ■STO 1) STO shares on on shares in the first 22.43 on on 22.43 A XX Eu XX ustrian ustrian 22.61 % in in % XX E XX % February 2011 E - urope 600 C 600 urope the the on available are recommendations and analyses tailed € of target price share average an calculated banks. international twelve from analysts R S mid- in M starting disaster earthquake the by influenced of the at year, the start positively was developed strongly and 6 and 4 gaining plus, a with quarter first the ended also als T S Euro he hares of of hares elations /S elations % by the end of the quarter. the of end 5 %by the losing arch, STRABAG S % respectively. Japan’s respectively. % onstruction &M onstruction are currently under observation by observation under currently are STRABAG toxx hare /R hare E website at / www.strabag.com Investor 50 and and 50 esearch &A esearch N ew € million aterials € million shares Y shares shares ork’s Dow Jones Industri Jones Dow ork’s N March 2011 nalysts ikkei Index, which had had which Index, ikkei % % % € € € 1) 1) 113,999,997 113,999,997 T he analysts analysts he 23.65. De 23.65. 175,374 22.43 2,557 20.01 22.61 1.82 233 1.3 9 %

- - M anagement Report january–March 2011 Output volume and revenue

STRABAG generated an output volume of € 2,309.25 mil- nificant increases in Germany, Poland and the northern lion in the first quarter of 2011, which corresponds to an European markets. increase of 26 %. In the comparison period of the previous year, construction activity had been greatly restric- The consolidated group revenue reached € 2,210.04 mil- ted by unfavourable weather conditions. Growth of the lion in the first three months of the 2011 financial year, construction volume was witnessed across all segments, compared to € 1,788.45 million the year before (+24 %), though it was particularly strong in the Transportation In- bringing the ratio of revenue to output volume to 96 %. frastructures segment. A country-level view reveals sig-

Order backlog

The order backlog was not enough to reach the re- backlog in Benelux as well as the reduction in Poland cord high of the previous year’s first quarter; with and in Hungary. While large infrastructure projects are € 15,176.99 million, this figure was 3 % lower on the year. continuously completed and transformed into output in This can be attributed for the most part to the cancel- the boom market of Poland, the impact of public-sector lation of the projects in Libya due to the political unrest savings efforts can be seen in Hungary. in that country. Also striking is the increase of the order

Financial performance

The limited capacity for construction in winter results interest and taxes) therefore remained relatively stable at in significant seasonal effects on the development of € -145.38 million, although for comparison purposes the earnings and other financial figures ofSTRABAG S E. The previous year’s EBIT of € -149.89 million would have to be first two quarters of the year typically have a negative adjusted by the positive one-off effect of € 10.6 million arch 2011

effect on results, which is then overcompensated by re- from the Viamont transaction. The EBIT margin improved M sults in the second half of the year. As a result of the from -8.4 % to -6.6 % in the face of the rising revenue. seasonal effects, a comparison of a quarter with its previous quarter makes little sense. At € -3.21 million, the interest income in the first three months was far less negative than in the same period

The EBITDA (earnings before interest, taxes, deprecia- of the previous year (€ -14.51 million). While interests report January– tion and amortisation) was more strongly negative than mained more or less unchanged, the exchange rate los- m Re i in the first quarter of the previous year, amounting to ses from the conversion of internal group financing did r e € -59.80 million. This can be explained by the extraor- not apply. The pre-tax result was € -148.59 million, com- dinary write-up through profit or loss for Czech railway pared to € -164.40 million in the first quarter of 2010.T he E Int construction company Viamont DSP a.s. of € 24.60 milli- negative earnings after taxes was improved by 9 % to on in the previous year reported in the result from associ- € -116.87 million.

ates. The EBITDA margin, however, changed only slightly strabag S from -2.6 % to -2.7 %. While third-party shareholders still bore a loss of € 10.82 million in the first quarter of the previous year, The depreciation and amortisation fell by 18 % to the earnings attributable to minority shareholders this € -85.58 million – in part related to a one-time impair- year amounted to € +0.66 million. This results in nearly ment of goodwill in the amount of € -14.00 million per- unchanged consolidated losses of € -117.53 million (pre- formed in the first quarter of the previous year related vious year: € -117.83 million) and an unchanged result per to the Viamont transaction. The EBIT (earnings before share of € -1.03. eport anagement R M

7 8 Management Report strabag SE Interim Report January–March 2011 motorway project, which had significantly influenced the influenced significantly had which project, motorway income. net improved an to due territory negative in deeply less T response to the build-up of the working capital. € fell significantlyfrom € after 31.1after T break. winter by the fected af also were which payables, trade lower the of result a receivables. trade of the current assets is due to the seasonally lower current € after T iat nrae in increase ficant n h cus o is nrpeera atvte, the nagement system and dealt with ma by applying an risk appropri active activities, an using assessed and entrepreneurial identified be can its of STRABAG course the In the current financial year. of months three first the of result business or situation al statements and which significantly theinfluenced financi whichlated were parties presented in the annual financial result nor were there any changes to transactions with business re the or situation financial the influenced cantly signifi which parties related with transactions no were there year, financial the of months three first the During by acquired was then which and for working 4,000 than more the of half M T Employees for business niche machinery on specialty remains focus of G markets home the in use for machines in creasingly equipment, and plant in property, which account for about one third of the total investments expenditures, maintenance necessary the to addition In C F

he cash-flow from earnings stood at € at stood earnings from cash-flow he he equity ratio showed little change, settling at 31.8at settling change, little showed ratio equity he he balance sheet total on 31 he number of employees grew by of he 6 employees number 10 ermany ermany and apital e inancial position cash-flows and inancial a

billion mark as expected, landing at € j

10,382.16 or transactions and risks and or transactions A

% on 31 s expected, the advance payment for the

G R roup is exposed to a number of risks, which which risks, of number a to exposed is roup A imex, which had been active in in active been had which imex, ustria ustria in the of firstquarter 2011.

millionat the ofend 2010.

C December S urrent liabilitiesweredownwell urrent as as x witzerland can be explained by the the by explained be can witzerland

669.04 penditures

March 2010. million to € new employees had been been had employees new invested in invested STRABAG STRABAG T

he net position cash 2011 offell the short % to 72,363.

268.90

9,920.34 -78.05 T he reduction hereduction . T G

special A special he signi he million in ermany ermany million, million,

N million P early early olish

% ------

buted almost exclusively to the higher bank borrowings. bank higher to the exclusively almost buted in comparison, doubled to € the previous year. 4 just € of by grew figure activities a to investing led from assets cash-flow intangible in and equipment and plant property, in investments the of reduction simultaneous tangible assets, € assets, tangible in and equipment and plant property, of purchase the (changes in scope of consolidation) and € and consolidation) of scope in (changes Enterprise acquisitions, for example in example for acquisitions, Enterprise 2010. terials base. base. terials ma raw own the of optimisation the on as well as fields Workforce reductions were registered in in registered were reductions Workforce acquired two of companies, employees the of inclusion first-time assets. financial of purchase the for to its continued existence. continued to its threat a constitute which recognizable are risks no future the forthat and companythe existenceof the threatened which risks no existed there period reporting the in that ment report. the C the this value stood at € at stood value this T risks. investment and personnel, organisational, financial, as well as projects, executionand of selection theindustry,in risks operating construction the in fluctuations cyclical as such risks nal rating activities of rating activities € build-up of the working capital and a cash-flowfrom ope corresponding a to leading year, previous the of quarter first the in as receivables trade of reduction strong larly reduced. partly been already 2010,year-endhas at sheet balance ate policy. risk A he risks are explained in more detail in the 2010 zech R zech A t the same time, however, there was no simi no was however,there time, same the t epublic. B A T runner review of the current risk situation revealed he expenditures include € include expenditures he mong the most important risks are exter are risks important themong most 64.01 T he cash-flowfrom financingactivities, -294.12

Erben Erben % compared to the same period of of period same the to compared % -117.35 million for enterprise acquisitions million for acquisitions enterprise million. million.

H 28.42

million in the first quarter of quarter first the in million and and AG olding

million and can be attri B y way of comparison, -119.74 S 74.75 witzerland, with witzerland, H ungary and in in and ungary 10.82 A million. T million. AG strada million for for million

manage million million his his ------. Outlook

After seeing the quarterly results, the management board For the 2012 financial year, STRABAG had so far expec- of STRABAG SE is more positive about the future than ted an output volume of € 13.7 billion and an EBIT of it was at the presentation of the 2010 annual financial € 300 million. The management board now expects an report and is therefore altering its outlook for the 2011 fi- output volume of € 14.3 billion, an EBIT of € 330 million nancial year as follows: the output volume is expected to and a corresponding margin of 2.3 %. increase to € 14.0 billion (previous target: € 13.5 billion). The Building Construction & Civil Engineering segment Decisive for the higher forecast were the positive contri- will likely contribute € 5.1 billion, the Transportation Inf- butions from Germany and Poland as well as the positive rastructures segment € 6.3 billion and the Special Divisi- developments in the niche markets. STRABAG therefore ons & Concessions segment € 2.5 billion to this growth. continues to place a special strategic focus on intensify- The remaining € 100 million can be ascribed to “Other”. ing its activities in these business fields and on expan- ding in the northern European markets. STRABAG now expects the EBIT for the current 2011 financial year to reach not € 295 million, but € 320 million. As a result, the EBIT margin as a measure of the output volume will rise from 2.2 % to 2.3 %. arch 2011 M port January– m Re i r e E Int strabag S eport anagement R M

Kempinski Grand Hotel, St. Moritz 9 10 Segment Report strabag SE Interim Report January–March 2011 S contrast, a significant decline can be seen in seen be can decline significant a contrast, In growth. the of majority the for responsible were land ding “ the will build it territory, euro million triple-digit in volume a with district financial Frankfurt’s the of construction handle the will company orders: construction building larger three awarded registered some successes in order acquisition. acquisition. order in successes some registered In % to 42 38 %. from upward climbed backlog T G of markets the too, T in tower Frankfurt. office core and shell work for the European Central B in centre (E taxes and interest before T € -6.73 million). year: (previous quarter first the in situation usual a – territory negative in slightly double-digit percentage to percentage € double-digit T AG trada construction S and neighbouring countries). and neighbouring of market home thein growth the is noting worth Especially volume. output reduced unusually an to led year had the before period same the in conditions weather geous € tion 1) P T Building C he segment’s contribution to the consolidated order order consolidated the to contribution segment’s he e niomna tcnlg ui of unit technology environmental he he order backlog grew by 7 he revenue grew in tandem with the output volume byvolumea output the with tandem inrevenuegrew he he output volume generated in the in generated volume output he witzerland can be attributed to the acquisitions of two two of acquisitions the to attributed be can witzerland EB Employees E R O € Mln. O 983.78 resentation in accordance with the A the with accordance in resentation B G G evenue utput volume utput rder backlog rder

egment report I I ermany, in ermany, & ermany, T margin as a % of revenue a%of as T margin C vl niern sget nrae b 26 by increased segment Engineering civil onstruction . S million in the first quarter of 2011.Disadvanta of quarter first the in million tuttgart, and it has been hired to perform the the perform to hired been has it and tuttgart, SM STRABAG P Es, Es, oland and in the in and oland

& B ermany, P ermany, ivil Engineering segment also also segment Engineering civil onstruction &C runner Erben Erben runner usday Ed. subsidiary nnual R nnual

B % to €

926.58 T I T he output volumehigher in oland, RANC oland, ), at € at ), eport 2010. C eport

6,400.50 RANC

H million. T

B and and AG olding hink -9.75 STRABAG uilding uilding

Züblin T region ( region hanges in segment structure starting from 2011 are not considered. 2011 not are from starting structure segment in hanges

aunus aunus K

and S and T million. million, were were million, ” city district district city he earnings he earnings C ank’s new H onstruc AG T ungary. ungary. ’s R witzer urm in urm

H ussia ussia was to % Buil ere, ere, T A 6,400.50 he he s 926.58 Q1/2011 983.78 19,682 ------1.1 %

-9.75 ivil E ivil thuania with growing success. growing with thuania like countries neighbouring the in working been has market this of charge in division level. price lower a of top STRABAG a burden. be will wages collective higher while result, the boost to of the year into comparison the year before are expected T of the output istarget covered already by existing orders. oue t r-rss ees n hs onr fr 2011. for country this in levels pre-crisis at volume projects, large-scale R funds. E with financed being are projects infrastructure more and protection projects. environmental particular in – measures ting stimula expects economy the although weak, remains after after a previous estimate of € STRABAG year. financial the for forecast the of adjustment upward T figures. over 1,100 personnel overall to the employees C the from sulting 19,682 as well, rising by more than 2,100 than more by rising well, as grew workforce the backlog, order higher the of view In C and tria start-up of flue gas denitrification systems in P systems denitrification gas flue of start-up € with three projects international a joint value of more than

he more beneficial weather conditions at the beginning beginning the at conditions weather beneficial more he he development in the first quarter of 2011 justifies an justifies 2011 of quarter first the in development he ussia is on its way to recovery and, thanks to several several to thanks and, recovery to way its on is ussia onstruction 30 S

million involve the retrofit, delivery, engineering and and engineering delivery, retrofit, the involve million lovakia is showing slight improvement as more and and more as improvement slight showing lovakiais

employees. employees. ngineering T alifornia. sees stronger demand in demand stronger sees now expects an output volume for the he construction climate in the in climate construction he 5,969.19 -0.9 % -0.9 780.45 Q1/2010 738.87

17,512 & -6.73 ivil Engineering segment of € of segment Engineering ivil C S wiss acquisitions, which contributed contributed which acquisitions, wiss T he number includes the growth re growth the includes number he STRABAG H ungary’s construction sector sector construction ungary’s

A 4.7 change zerbaijan, zerbaijan, -45 % -45

26 % 25 % 12 % billion. In can expect an output output an expect can 7 % IN % persons, or 12 or persons, R omania, albeit on on albeit omania, U zech Czech G rie n Li and kraine ermany, 90 oland, A oland,

5,659.60 5.1 3,975.84 4,279.07 R B 18,253 153.77 epublic epublic 3.9 % 3.9

uilding uilding billion, billion, 2010 %, to %, T us

he he % 1) U - - - - TRANSPORTATION INFRASTRUCTURES

change € Mln. Q1/2011 Q1/2010 IN % 20101) Output volume 749.07 547.16 37 % 5,809.94 Revenue 715.10 519.80 38 % 5,691.96 Order backlog 5,255.28 5,767.49 -9 % 4,735.39 EBIT -158.08 -142.34 -11 % 183.58 EBIT margin as a % of revenue -22.1 % -27.4 % 3.2 % Employees 28,251 27,358 3 % 30,059

The Transportation Infrastructures segment registered novate and upgrade national roads DN 14 and 15a. The growth of the output volume of 37 % to € 749.07 million. economic environment in this country, however, remains This can be attributed on the one hand to a milder and strongly influenced by the crisis of 2008. shorter winter compared to the year before, resulting in significant increases in the home market of Germany. On The tendering activity in the home market of Germany re- the other hand, the construction boom in Poland and the mained at a moderate level, although it was in part above expansion in Scandinavia also had a beneficial effect. the previous year’s level. The business development is being driven by increased demand from private clients, The revenue developed similarly to the output volume, however, although a higher yield is not possible due to the gaining 38 % to settle at € 715.10 million. The earnings be- strong competition for such projects. fore interest and taxes (EBIT), however, were 11 % below the previous year’s level. Public-sector budget cuts in Austria will probably lead to a significant decline in the output volume in the Trans- The order backlog stood at € 5,255.28 million, 9 % below portation Infrastructures segment. There is price pres- the level at the end of March of the year before. The re- sure and an even more significant need for acquisitions ason for this is the above-average volume of new orders in the federal states. Meanwhile, the construction boom in Poland in the previous year, which has now fallen back in Poland will likely be over towards the end of the year. to a usual level. Additionally, weather conditions have In January 2011, the Polish government passed plan- allowed incoming orders in Germany to be already parti- ning legislation to limit investments in road construction ally worked off in the first quarter this year. to € 23 billion between 2010 and 2013. Nearly the entire amount is accounted for by projects which have already arch 2011

STRABAG is currently handling orders in markets which been awarded. M have so far played a subordinate role, but which could now be among the growth markets of the future. Note- As in the other two segments, a higher-than-planned out- worthy in this context are the Baltic and Balkan states put volume is in sight for Transportation Infrastructures as well as northern Europe. STRABAG recently emerged in 2011. The STRABAG management therefore raises its victorious as bidder in Romania for the contract to re- output forecast from € 6.0 billion to € 6.3 billion. port January– m Re i r e E Int strabag S eport egment R S

11 1) Presentation in accordance with the Annual Report 2010. Changes in segment structure starting from 2011 are not considered. 12 Segment Report strabag SE Interim Report January–March 2011 of financing widens thepublic sector’s scope of action;on tion or in the tendering phase. O In term. medium PPP 2011, of however. quarter first the for log back order the in included yet not is project the – many P ruinous competition there. low price level in the core countries and the in part already before.thanto greateradegree Europe northern on focused are tunnelling in efforts tion the Like planned. as continuing are region the in projects and situation cal the point. this at sight in evacuated. were personnel all and unrest, political the to due year the of beginning investment volume of € of volume investment operate theand tofinance plan,der in importance. € about of on. value a with Libya in projects includes T T H in by declines tered time, the beforeearnings interest and taxes (E reductions reductions in in increase significant theisoning 4 by grew numbers Employee tunnelling. international from contributions earnings be explained mainly by improvements thanks to aperiodic 1) P G export. direct in and tunnelling in business volatile quite naturally the to attributed however, be development, can 15by increased segment ons T SPECIAL &CONCESSIONS DIVISIONS from negative into positive territory. he 9 he revenue grew by 8 he output volume in the in volume output he ublic private partnership models ( models partnership private ublic O € Mln. O R EB E Employees rowth in in rowth resentation in accordance with the A the with accordance in resentation B evenue utput volume utput rder backlog rder STRABAG M building construction should also grow further in thein growfurther also should buildingconstruction I I T margin as a % of revenue a%of as T margin

iddle East report of no further changes in the politithein changes further noof report East iddle % lower order backlog of € T ransportation Infrastructures segment, acquisi segment, Infrastructures ransportation G ermany, Italy and the the and Italy ermany, A ’sthe at Libya inactivities weresuspended A frica frica and in the n indication of this development is the or of this development n indication G ermany, around 120 around ermany, ungary and in A in and ungary T

4.1 % to € he group’s organisational units in units organisational group’s he billion are currently in prepara in currently are billion S nnual R nnual pecial Divisions & Divisions pecial A

resumption of work is not is work of resumption 560.40 M % to € to % % to 18,948. Worth menti Worth 18,948.to %

n the one hand, this form iddle East. T 3,507.78 eport 2010. C eport he reason forthisthe is reason he M G PPP T iddle East was coun was East iddle ermany compared to compared ermany A his development can

frica. million. 542.57 8

) are likely to gain gain to likely are )

motorwayin

projects with an an with projects million no longer T hanges in segment structure starting from 2011 are not considered. 2011 not are from starting structure segment in hanges he market for market he million. million. A B t the same C I 350 T oncessi ) moved milli G T his his 3,507.78 er 560.40 Q1/2011 542.57 18,948 ------3.4 % 19.30 employed 818employed people. € volumeand put two fieldscontributedbusiness € 2011, these of quarter first the In accordingly. adjusted were earnings and volume output employees, backlog, order for year previous the of quarter first the for values T from the and Wind Effective 1 Effective to € 2.5lion billion. back its forecast for the 2011 output volume from € segment in 2011.in segment on to earnings from the from earnings to on contributi positive significant renewed a expects already markets, non-European in business negative the and tunnelling in competition price strong the to due field:while a loss wasgenerated in the 2010 te trendsdifferent depending on the market and business T relevant result. the of developmentpositive slightly a and volume output higher a in result likely will which backlog, order positive In region. European Eastern and tors. inves global for buildings residential of development the STRABAG hotels. and estate real business offi ces, including range, euro million mid-double-digit the in properties commercial on focused remains company the field, business this In space. office of turnover rising struction – still mostly instill–mostly struction con building in developments project group’s own the In an inhibitory effect. having are – terms financing shorter to trend a with costs liquidity and premiums interest higher significantly – crisis ofthefinancial thehand,othertheconsequences aken together, this yields the following picture – with qui ransportation Infrastructures segment. segment. Infrastructures ransportation P roperty and Facility and roperty R egionally, the view is on opportunities in the S pecial Divisions pecial has since the previous year been driving ahead

S 3,873.51 January eil onain niern wr moved were Engineering Foundation pecial -0.3 % -0.3 520.83 Q1/2010 18,208 473.38 -1.69

A 179.45 t the same time, same the t

2011, the business fields of 2011,fields business the S anagement, Management,

G million to the order backlog and and backlog million toorder the pecial Divisions pecial

ermany – ermany & C change oncessions segment tosegment oncessions the 15 % -9 % -9 n.m.

8 % 4 % IN % 45.80 STRABAG STRABAG A STRABAG

million to the out te ae time, same the t T

& he comparison comparison he C

financial year oncessions oncessions expects a expects STRABAG is scaling scaling is 4,318.36 2,671.85 2,517.84 O -0.6 % -0.6 19,867 -15.54 sees a sees

C ffshore ffshore 2.8 2010 entral entral

bil 1) ------

C onsolidated interim Financial Statements strabag se, villach, as of 31 March 2011 arch 2011 M port January– m Re i r e E Int strabag S tatements inancial S onsolidated interim C F

13 14 Consolidated interim strabag SE Interim Report January–March 2011 Financial Statements N expense tax Income tax before Profit N charges similar and expense Interest income similar and Interest A A E A A Total comprehensive income Total comprehensive equity in change neutral on taxes Deferred S CONSOLIDATED INCOME STATEMENT FOR 1.1.–31.3.2011 E expense amortisation and Depreciation O C translation currency from arising Differences N R O expenses benefits Employee R O C E S N ttributable to: non-controlling interests to: non-controlling ttributable ttributable to: equity holders of the parent company parent the of holders to: equity ttributable ttributable to: equity holders of the parent company parent the of holders to: equity ttributable interests to: non-controlling ttributable hare of profit or loss of associates of loss or profit of hare arnings per share (in €) (in share per arnings B B evenue aw materials, consumables and services used services and consumables aw materials, hange in hedging reserves including interest rate swaps rate interest including reserves hedging in hange hanges in inventories in hanges et income et et investment income investment et et income et income interest et wn work capitalized work wn ther operating income operating ther ther operating expenses operating ther tatement of COMPREHENSIVE INCOME FOR 1.1.–31.3.2011 I I T TD A

1.1.-31.3.2011 1.1.-31.3.2011 -1,548,005 2,210,035 -645,532 -145,383 -148,592 -116,870 -116,870 -173,181 -117,529 -59,804 -89,001 -85,579 -89,477 -21,320 -3,209 16,968 32,301 13,546 13,628 52,701 31,722 -2,727 -1,366 18,111 -1.03 -303 659 476 T€ T€ 1.1.-31.3.2010 1.1.-31.3.2010 -1,215,256 1,788,448 -164,399 -128,648 -149,886 -578,897 -103,864 -155,829 -128,648 -117,827 -46,022 -97,984 -34,031 -14,513 -10,060 -87,924 -10,821 12,596 23,218 71,530 35,751 32,196 19,518 8,615 -1.03 -966 -566 -447 T€ T€ CONSOLIDATED BALANCE SHEET AS OF 31.3.2011

31.3.2011 31.12.2010 Assets T€ T€ Non-current assets Intangible assets 556,130 535,687 Property, plant and equipment 2,076,392 2,102,364 Investment property 72,784 73,524 Investments in associates 86,750 87,933 Other financial assets 249,237 257,256 Receivables from concession arrangements 990,104 968,875 Trade receivables 65,402 64,229 Non-financial assets 4,560 4,044 Other financial assets 40,733 36,778 Deferred taxes 235,019 214,349 4,377,111 4,345,039

Current assets Inventories 787,882 705,721 Receivables from concession arrangements 19,863 19,477 Trade receivables 2,283,531 2,548,790 Non-financial assets 184,632 138,260 Other financial assets 456,147 440,527 Cash and cash equivalents 1,561,503 1,952,452 Assets held for sale 249,672 231,891 5,543,230 6,037,118 9,920,341 10,382,157

31.3.2011 31.12.2010 Equity and Liabilities T€ T€ Group equity

Share capital 114,000 114,000 arch 2011 M Capital reserves 2,311,384 2,311,384 Retained earnings 572,046 665,726 Non-controlling interests 158,167 141,328

3,155,597 3,232,438 port January– m Re Non-current liabilities i r e Provisions 934,620 927,948

Financial liabilities1) 1,319,182 1,318,305 E Int Trade payables 50,151 43,231 Non-financial liabilities 1,528 1,003 strabag S Other financial liabilities 20,721 23,847 Deferred taxes 36,795 49,142 2,362,997 2,363,476

Current liabilities Provisions 685,991 710,810 Financial liabilities2) 270,298 240,847 Trade payables 2,726,772 3,067,759

Non-financial liabilities 269,144 355,381 tatements Other financial liabilities 449,542 411,446 4,401,747 4,786,243 inancial S onsolidated interim 9,920,341 10,382,157 C F

15 1) Thereof T€ 697,664 concerning non-recourse liabilities from concession arrangements (31 December 2010 T€ 678,713) 2) Thereof T€ 41,172 concerning non-recourse liabilities from concession arrangements (31 December 2010 T€ 41,172) 16 Consolidated interim strabag SE Interim Report January–March 2011 Financial Statements T C C partnership from withdrawals and Distribution C C C Interest received Interest paid Interest C N C C C C C C C T Inventories C P P C companies participation from liabilities and subsidiaries from Liabilities T O R C value) (carrying assets non-current of Disposals C G C ups Depreciations/write G C O CONSOLIDATED CASH N taxes Deferred N axes paid axes rade receivables, construction contracts and consortia and contracts construction receivables, rade rade payables, construction contracts and consortia and contracts construction payables, rade urchase of property, plant, equipment and intangible assets intangible and equipment plant, property, of urchase assets financial of urchase eceivables from subsidiaries and receivables from participation companies participation from receivables and subsidiaries from eceivables ash-flow from operating activities operating from ash-flow ash-flow from financing activities financing from ash-flow activities investing from ash-flow ash and cash equivalents at the beginning of the period the of beginning the at equivalents cash and ash hange due to acquisitions of non-controlling interests non-controlling of to acquisitions due hange liabilities clearing cash other in hange leases finance from liabilities in hange hange in bank borrowings bank in hange hange in cash and cash equivalents due to currency translation to currency due equivalents cash and cash in hange urrent provisions urrent hange in scope of consolidation of scope in hange hange in items: in hange hange in other cash clearing receivables clearing cash other in hange hanges in long term provisions term long in hanges on-cash effective results from associates from results effective on-cash income et ash-flow from financing activities financing from ash-flow ash and cash equivalents at the end of the period the of end the at equivalents cash and ash ash-flow from investing activities investing from ash-flow ash-flow from operating activities operating from ash-flow ash-flow from profits from ash-flow et change in cash and cash equivalents cash and cash in change et ains/losses on disposal of non-current assets non-current of disposal on ains/losses ains/losses on disposal of non-current assets non-current of disposal on ains/losses ther assets ther ther liabilities ther -FLOW STATEMENT FOR 1.1.–31.3.2011 1.1.-31.3.2011 1,561,503 1,952,452 -385,431 -385,431 -349,087 -349,087 -294,119 -294,119 -119,736 -119,736 -294,119 -294,119 -116,870 -119,736 -64,006 -64,006 251,867 -78,047 -78,047 -88,672 -88,672 -16,863 -30,774 -41,087 -74,750 -10,817 28,424 -17,720 90,209 45,271 22,252 14,505 28,424 20,976 14,201 37,681 -4,441 -3,791 -5,518 -2,510 -7,626 -2,157 1,768 8,413 7,626 -799 -799 -41 T€ 1.1.-31.3.2010 1,592,128 1,782,951 -106,809 -218,976 -278,650 -115,444 -102,896 -117,354 -128,648 -115,444 -117,354 430,649 103,796 -58,353 -23,209 -22,660 -27,233 -97,891 -31,914 -15,705 -11,054 13,822 36,483 25,893 13,822 -8,803 -4,656 28,153 13,101 18,124 -1,005 -7,925 8,803 4,803 8,408 9,798 1,162 -661 649

T€ STATEMENT OF CHANGES IN EQUITY FOR 1.1.–31.3.2011

Foreign Non-con- Share Capital Retained Hedging currency Group trolling Total capital reserves earnings reserve reserve equity interests equity T€ T€ T€ T€ T€ T€ T€ T€ Balance as of 1.1.2011 114,000 2,311,384 724,317 -73,296 14,705 3,091,110 141,328 3,232,438 Net income 0 0 -117,529 0 0 -117,529 659 -116,870 Net income recognised directly in equity 0 0 0 10,659 17,393 28,052 -183 27,869 Total comprehensive income 0 0 -117,529 10,659 17,393 -89,477 476 -89,001 Subtotal 114,000 2,311,384 606,788 -62,637 32,098 3,001,633 141,804 3,143,437 Transactions concerning non-controlling interests 0 0 -4,203 0 0 -4,203 18,520 14,317 Distribution of dividends 0 0 0 0 0 0 -2,157 -2,157 Balance as of 31.3.2011 114,000 2,311,384 602,585 -62,637 32,098 2,997,430 158,167 3,155,597

Foreign Non-con- Share Capital Retained Hedging currency Group trolling Total capital reserves earnings reserve reserve equity interests equity arch 2011

T€ T€ T€ T€ T€ T€ T€ T€ M Balance as of 1.1.2010 114,000 2,311,384 617,207 -65,284 -27,120 2,950,187 148,877 3,099,064 Net income 0 0 -117,827 0 0 -117,827 -10,821 -128,648 port January– Net income m Re recognised i r directly in e

equity 0 0 0 -1,495 31,398 29,903 761 30,664 E Int Total comprehensive

income 0 0 -117,827 -1,495 31,398 -87,924 -10,060 -97,984 strabag S Subtotal 114,000 2,311,384 499,380 -66,779 4,278 2,862,263 138,817 3,001,080 Transactions concerning non-controlling interests 0 0 -4,824 0 0 -4,824 -6,230 -11,054 Distribution of dividends 0 0 0 0 0 0 -1,005 -1,005 Balance as of

31.3.2010 114,000 2,311,384 494,556 -66,779 4,278 2,857,439 131,582 2,989,021 tatements inancial S onsolidated interim C F

17 18 notes to the Consolidated strabag SE Interim Report January–March 2011 interim Financial Statements N V S Interim illach, as ofillach, 31 as M tatements STRA otes to the C F inancial onsolidated B arch 2011 AG SE , Basic Principles

The consolidated interim financial statements of In accordance with IAS 34, the consolidated interim finan- STRABAG SE, based in Villach, Austria, with reporting cial statements do not contain all the information and de- date 31 March 2011 were drawn up under application of tails required of annual financial statements. The interim IAS 34 in accordance with the International Financial Re- statements should therefore be read in conjunction with porting Standards (IFRS) – issued by the International Ac- the annual financial statements of STRABAG SE, Villach, counting Standards Board (IASB) in London and recognis- with reporting date 31 December 2010. ed by the European Union – including the interpretations of the International Financial Reporting Interpretations The consolidated financial statements of the Group as at Committee (IFRIC) valid on the reporting date. Applied and for the year ended 31 December 2010 are available at were exclusively those IASB standards and interpretations www.strabag.com. adopted by the European Commission before the reporting deadline and published in the Official Journal of the European Union.

Changes in Accounting Policies

The following amended or new accounting standards are effective for annual periods beginning on or after 1 Ja- Application nuary 2011: Application for financial for financial years which years which begin on or begin on or after (accor- after (according to EU ding to IASB) endorsement) IAS 24 Related Party Disclosures (amended) 1.1.2011 1.1.2011 Amendment to IAS 32 about Classification of Rights Issues 1.2.2010 1.2.2010 IFRIC 14 Prepayment of a Minimum Funding Requirement 1.1.2011 1.1.2011 IFRIC 19 Extinguishing Financial Liabilities with Equity Instruments 1.7.2010 1.7.2010 generally 1.7.2010/ Amendments to various IFRS under the 2010 annual improvement process 1.7.2010 1.1.2011

The first-time application of the IFRS and IFRIC menti- solidated financial statements for the period ending arch 2011

oned had secondary consequences on the interim con- 31 March 2011. M

Accounting and Valuation Methods

With exception of the above mentioned changes in the Information regarding the accounting and valuation me- port January– accounting and valuation methods the accounting and thods can be found in the annual financial statements with m Re i valuation are fundamentally based on the same accoun- reporting date 31 December 2010. r e ting principles and valuation methods underlying the consolidated annual financial statements with reporting date E Int 31 December 2010.

Estimates strabag S

The establishment of the interim report requires estima- as well as the figures for the assets, liabilities, expenses tions and assumptions to be made which may influence and income. The actual results could deviate from these the application of the accounting and valuation methods estimates. tatements onsolidated inancial S notes to the C interim F

19 20 notes to the Consolidated strabag SE Interim Report January–March 2011 interim Financial Statements T neering, and industrial and residential construction. road and ground-level construction, railway and civil engi of fields the in employees 350 about with active is pany M T transport. and ding) roadconstruction), building (incl.constructionwood buil - and engineering foundation (special engineering ground construction company construction addition In active on the A component price purchase non-cash-effective Less price Purchase C N In rights. voting the of majority a holds indirectly or directly either where subsidiaries foreign and domestic 31 pany S S N C O C any Comp date: reporting the on time first the for consolidation T A period reporting the in inclusions First-time 31.12.2010 on Situation T S A B K. B G A Situation on 31.3.2011 on Situation period reporting the in Exclusions B he closing was effective on 23 M on effective was closing he he approval of the cartel authorities was effective on 16on effective was authorities cartel the ofapproval he he consolidated interim financial statements as of as statements financial interim consolidated he e olwn cmais omd at f h soe of scope the of part formed companies following he cquired cash and cash equivalents cash and cash cquired F teffes- strada AG strada cquired assets and liabilities: and assets cquired F runner Erben AG Erben runner runner Erben H Erben runner urrent liabilities urrent urrent assets urrent on-current liabilities on-current onsolidation: et cash outflow from the acquisition the from outflow cash et oodwill ther non-current assets non-current ther arch 2011.arch H March 2011 cope of C B dditions to S B M . G arch 2011 include arch B ehmann Feuerfestbau G Feuerfestbau ehmann ehmann Feuerfestbau G Feuerfestbau ehmann aul G aul runner Erben Erben runner jr soitd opne ae eotd n the in reported are companies associated Major M ies G ies STRABAG , S mb S ubingen STRABAG wiss market in the fields ofcivil and under mb H &C olding AG olding , Zurich H &C Holding o. K acquired in acquired onsolidation A STRABAG S o. K strada acquired the com construction G , S , Zurich G AG prendlingen , S mb cope of C mb AG , Zurich. , prendlingen arch 2011.arch H H arch 2011theMarch , , S E as well as all major major all as well as E , B Subingen. chwedt/ remen T he company is is company he taa sE strabag O T der he com he onsolidation S wiss wiss - - - -

the construction materials activities in thein activities materials construction the segment. structures the in included be to is company liabilities as follows: as liabilities T of festbau G festbau shares of K. K. of shares A Feuerfestbau Feuerfestbau Effective 1 Effective 1-3/2011 follows: as period T balance sheet using the method. equity he purchase price is preliminary allocated to assets and and toallocated assets preliminary is price hepurchase he number of consolidated companies changed in the in changed companies consolidated of number he s efcie 1 effective lso R hineland- mb

January H H P G . , S falz and mb G chwedt/ aul January c H on

2011, the companies companies 2011,the , T G B he acquisition serves to strengthen tostrengthen serves acquisition he solid mb essen. Hessen. remen, and remen, O H 2011, d der, acquired. were & a i t r 295 295 301 301 i ec C on -1 7 o.K t st 100.00 100.00 100.00 100.00 100.00 100.00 100.00 acquired all all acquired STRABAG SF G T ake ake asotto Infra ransportation , B % S

prendlingen. B ehmann Feuer ehmann e fo or B G q F erman states erman A ui B ac c t 23.3.2011 qui 16.3.2011 16.3.2011

B y m un qui 1.1.2011 1.1.2011 1.1.2011 1.1.2011 -40,986 -40,986 -46,501 -46,501 -22,038 -12,049 ehmann ehmann 83,538 49,451 66,265 Da 19,242 85,518 s d e s i t a t t i io t t e of h T 14 14 io i 14 14 od o n he 0 0 T€

n n s - - Assuming a fictitious initial consolidation on 1 January 2011 All companies which were consolidated for the first time in for all acquisitions in the reporting period, the consolidated the reporting period contributed T€ 11,190 to revenue and revenue would amount to T€ 2,236,175 and consolidated T€ -2,902 to profit. profit would have changed by a total of T€ -1,940.

Disposals of Scope of Consolidation

Due to the political unrest in Libya, the activities in the for a longer period of time, control cannot be exercised country were temporarily suspended in March 2011. The over the Libyan subsidiary Al-Hani General Construction employees were evacuated, the equipment was secu- Co. and the company was deconsolidated effective 31 red as much as possible and the construction sites were March 2011. closed. As it is to be expected that the unrest will continue

Methods of Consolidation and Currency Translation

The same methods of consolidation and principles of al financial statements with reporting date 31 December currency translation were applied in drawing up the con- 2010. Details regarding the methods of consolidation and solidated interim financial statements with reporting date principles of currency translation are available in the 2010 31 March 2011 as were used for the consolidated annu- annual report. N otes on the Items in the Consolidated I ncome Statement Seasonality arch 2011

Due to snow, ice and other adverse weather conditions, is expected in the third and fourth quarters. Seasonal fluc- M revenue is usually lower in the winter months than in the tuations in the Transportation Infrastructures business are summer. As the largest part of the costs involves fixed greater than they are in Building Construction & Civil En- costs, noteworthy losses are posted in the first quarter gineering. every year. Starting with the second quarter, these losses

are compensated for by rising contribution margins. The The above-described, annually repeating business trend port January– break-even point is usually not yet reached before the end allows a year-on-year comparison of output volume, reve- m Re i

of the second quarter. The largest portion of the earnings nue and results of the respective quarters. r e E Int Other operating income

Interest income from concession contracts which is inclu- (also see notes on receivables from concession arrange- strabag S ded in other operating income is represented as follows ments):

1.1.-31.3.2011 1.1.-31.3.2010 T€ T€ Interest income 18,497 18,430 Interest expense -9,280 -9,333 Total 9,217 9,097 tatements onsolidated inancial S notes to the C interim F

21 22 notes to the Consolidated strabag SE Interim Report January–March 2011 interim Financial Statements C of amount the 1-3/2011,in In assets intangible and tangible year. financial the of months two last the in out carried A torway R P Intangib P I with accordance in test G G N STRABAG (31 O In the concession agreement with the the with agreement concession the In ment payments of the the of payments ment adjust interest of consists fee availability the of part A “O in recognised is amount pay the state. the by made of be to ment value present the at carried are ceivables operate the the operate accounted for under the separate balance sheet item item sheet “ balance separate the under for accounted A to up 17.5 for tension possible. is years A state bears the interest risk from the financing of financing the from risk interest the bears state T T criteria. roadway agreed contractually of compliance non- and closure motorway of risk operator’s public. the bears the to available motorway the making for H the from volume, transit of independent In exchange, period. concession the of end the following charge of free state the to transferred be to are operation motorway for sary neces equipment and vehicles all state; the of property R he concession period runs until 2031. until runs period concession he phases. three in built was and 156.5 km totals route he utopalya Zrt., B Zrt., utopalya K ll services provided under this concession contract are are contract concession this under provided ll services oodwill assets are subjected to an annual impairment impairment annual an to subjected are assets oodwill te eotn dt, hr wr € were there date, reporting the n T cials rm ocsin arrangements”. concession from eceivables roperty, P urchase Ob urchase oodwill eceiva A € M onsolidated S Balance committed to develop, plan, finance and build and and build and finance plan, develop, to committed

74,750 otes on the I arch 2010 arch C oncession oncession has a 100 % interest in the H the in interest % 100 a has

(1-3/2010 M A K 5 motorway. motorway. 5 A b € udapest ( udapest will regularly receive an availability fee, an receive will availability regularly le le 123.8 les from concessionles arrangements C ompany ompany T H € A

lant and Eq and lant ungarian state. state. ungarian 102,896) were acquired. million) in contractual commit contractual in million) AS A ssets ligations ther operating income”. operating ther K T 36. 36. A he motorway itself is the the is itself motorway he T A ). he annual accumulation accumulation annual he K T A he impairment test is is test impairment he

A lföld Koncessizios Koncessizios lföld ungarian M ungarian H A one-time ex one-time A ungarian state, state, ungarian

ungarian state state ungarian s a result, the the result, a s 179.8

T million million e re he uipment and 5 M 5 A A K K o A A ------.

tems in the of T of T in equity. directly recognised are fair swap rate the interest in the changes of value result, a as hedge; flow cash a as I with accordance in tely separa measured is which transaction hedging bedded ments are offset by non-recourse financing in the amount amount the in financing non-recourse by of offset are ments R gements. gnised as long-term receivables from concession arran T statement. financial the in considered not were which ments for the acquisition of property, plant and equipment T of value book a with assets intangible and tangible period, same the In were made. amount of the in allocations price purchase preliminary the of basis In 1-3/2011, a total goodwill from capital consolidation on the T “O term. the on depending liability non-current or current a as either cember 2010 cember of amount the in financing recourse non- includes works construction the of financing terim M G be paid for by regular payments from the state. state. the from payments regular by for paid be state. the to sold be will road the 2012,of spring the in completion Followingplanned the T 26 of period a over road the rate 18 project. he market value of the interest rate swap in the amount amount the in swap rate interest of the value market he hese interest adjustment payments represent an em an represent payments adjustment interest hese he he he total investment volume amounts to € to amounts volume investment total he cgial rcials rm ocsin arrange concession from receivables ecognisable roup was awarded the tender for Denmark’s first first Denmark’s for tender the awarded was roup 51 motorway from Kliplev to to Kliplev from motorway 51 km of side roads and seven interchanges and will ope will and interchanges seven and roads side of km T ther operating income”. operating ther € €

23,889 STRABAG 715,099 T T he consortium will plan and build 26 build and plan will consortium he T€ he resulting interest expense is recognised in in recognised is expense interest resulting he (31 December 2010 T December (31 T

19,242 (31 December 2010 (31 December € were sold (1-3/2010 sold were € 3,338 T osrim K consortium

4,786). was capitalized and no impairments 39.11. AS MG

S years from completion. completion. from years T ønderborg as well as as well as ønderborg T € he operation will then then will operation he - Kliplev Kliplev - resentation is made made is Presentation € 12,818) is also reco 12,818) also is

715,099), classified 715,099), classified heet T € 23,737 € 4,100). 148

M km of the the of km otorway otorway (31 De (31 T million. he in he PPP ------

Equity

The fully paid share capital amounts to € 114,000,000 and The changes in equity are shown in the statement of chan- is divided into 113,999,997 no-par bearer shares and 3 re- ges in equity. gistered shares.

Contingent Liabilities

The company has accepted the following guarantees: 31.3.2011 31.12.2010 T€ T€ Guarantees without financial guarantees 2,190 12,633

Furthermore, there is a derived credit risk arising from the financial guarantee contracts (guarantees issued) of T€ 31,510 (31 December 2010 T€ 42,754).

Segment Reporting

The rules of IFRS 8 Operating Segments apply to the seg- logistics, legal affairs, contract management etc. These ment reporting. IFRS 8 prescribes defining the segments services are included in the segment Other. and reporting the earnings and net assets on the basis of the internal reporting. The settlement between the single segments is made at arm’s-length prices. Internal reporting at STRABAG is based on the dedicated management board functions Building Construction & Ci- Since 1 January 2011, the special foundation engineering vil Engineering, Transportation Infrastructures and Spe- and offshore wind activities, which had previously been cial Divisions & Concessions, which represent the group’s grouped in the Special Divisions & Concessions segment, operating segments. In addition, there are the central busi- have been bundled in the Transportation Infrastructures ness units and central staff units, which handle services segment. For the sake of comparison, the previous year’s in the areas of accounting, group financing, technical de- figures were adjusted to match the new structure. velopment, machine management, quality management, arch 2011 Segment Reporting for 1.1.-31.3.2011 M

Building Special Reconcilia- Construc- Transpor- Divisions & tion to IFRS tion & Civil tation Infra- Concessi- Financial

Engineering structures ons Other Statements Total port January– 1.1.-31.3.2011 1.1.-31.3.2011 1.1.-31.3.2011 1.1.-31.3.2011 1.1.-31.3.2011 1.1.-31.3.2011 m Re

T€ T€ T€ T€ T€ T€ i r Output Volume 983,780 749,065 542,574 33,828 2,309,247 e Revenue 926,584 715,102 560,396 7,953 0 2,210,035 E Int Inter-segment revenue 43,743 9,576 0 176,978 EBIT -9,748 -158,084 19,299 4 3,146 -145,383 Interest and similar income 0 0 0 18,111 0 18,111 strabag S Interest expense and similar charges 0 0 0 -21,320 0 -21,320 Profit before tax -9,748 -158,084 19,299 -3,205 3,146 -148,592 tatements onsolidated inancial S notes to the C interim F

23 24 notes to the Consolidated strabag SE Interim Report January–March 2011 interim Financial Statements T over €20 million. just of revenues annual average coasts of the STRABAG G Profit before tax before Profit charges similar and expense Interest prtn mil in mainly operating engineering hydraulic civil of field the in provider service engineering hydraulic civil the of % 100 of In there have been no significantchanges in this area. E solidated financial statements. financial solidated IF the In sidiaries. income similar and Interest V revenue Inter-segment T which are not in considered the internal reporting. tax, deferred to applicable those including taxes, come IF with accordance in essentially shown are reporting internal the in expense and Income N de and/or earnings of transfer dividends, with formity con in recognised are method equity the using reported companies which were not fully consolidated respectively Revenue to P E N R S Total O income Investment V Output F he transaction is still pending cartel approval by by approval cartel pending still is transaction he he basis for the internal reporting is formed by all sub all by formed is reporting internal the for basis he oss oss B otes on related parties may be found in the 2010con the in found be may parties related on otes ermany’s Federal C Federal ermany’s ther consolidations ther egment R inancial S inancial A vents after the R after vents econciliation of the S otes on R otes I T pril 2011, the contract was signed for the acquisition the for signed 2011,was pril contract the G mb rofit b olume acquired the acquired & H N orth and orth C RS o. o. G artel O artel KG financial statements, earnings from earnings statements, financial rays eprs n aog the along and seaports ermany’s eporting for 1.1.-31.3.2010 elated P B efore T . SM tatements altic T he company is a specialised specialised a is company he ffice. ffice. E S Stassfurter Baubetriebe Baubetriebe Stassfurter S eas. eas. ince 31 December 2010, 31December ince RS E 1.1.-31.3.2010 nginee t Con . T i he group generates o A Buil 738,867 780,454 n &C n exception is in is exception n a str 21,495 -6,731 -6,731 eporting D arties d ring x according to IFRS SM uc ivil ivil ing T€ 0 0 - E t str L a 1.1.-31.3.2010 t udwig udwig T A um of the S i r o rm`s- -142,339 -142,339 t uc anspor 519,800 n 547,160 20,934 I n - - - - - u fr r e T€ a 0 0 s G T struction activities. con revenuesfrom10 €annual inmillionaround nerates ge and engineering civil and construction road of the fields in mainly operates employees, 90 has which pany, between region the in presence 2011,its January strengthening 1 R tion entries. O result. investment the of terms in statements financial consolidated the in tax before profit does not conformreporting 100 internal the reason, this For amortisation. and preciation G parties. length business relations exist in transactions with related S - In In - he transaction is still pending cartel approval by by approval cartel pending still is transaction he tatements is allocated as follows: as allocated is tatements econciliation of the internal reporting to IF to reporting internal the of econciliation ermany’s Federal C Federal ermany’s ther minor differences result from the other consolida other the from result differences minor ther mb M 1.1.-31.3.2010 Divi ay 2011, Co H ate 520,831 473,380 , S nce s -1,685 -1,685 p A i o agdeburg and the and Magdeburg ecial ecial tzendorf/ n on ss s & STRABAG T€ i 0 0 0 s - egment E 1.1.-31.3.2010 S tassfurt, in tassfurt, 158,848 artel O artel -34,031 -14,572 36,381 19,518 O S 8,950 t E issued another another E issued he -59 T€ r ffice. ffice. 1.1.-31.3.2011 arz mountains. Harz Rec S t 1.1.-31.3.2010

G % with E t i o a Financial Financial ermany retroactively to retroactively ermany I n to te 3,146 2,016 o 1,130 arnings ncilia m T€ ts en 928 928 FRS FRS corporate bond T€ B 0 0 0 - I T RS respectively respectively 1.1.-31.3.2010 1.1.-31.3.2010 1,788,448 1,837,375 T Financial Financial -164,399 -149,886 he com he -34,031 -3,059 -3,059 19,518 3,987 Tot 928 928 al T€ T€ - - - - with a volume of € 175 million. The fixed-interest bond has NIMAB Entreprenad AB, NIMAB Support AB, NIMAB An- a 7-year term to maturity and a coupon of 4.75 %. läggning AB, NIMAB Fastigheter AB and NIMAB Linnetorp AB. In the 2010 financial year, the companies generated a In May 2011, STRABAG signed an agreement on acquiring total output volume of about € 40 million (SEK 360 million) a 51 % stake in two holding companies to develop, and together employed more than 200 employees. build and operate offshore wind power plants. With the transaction, the company extends its existing compe- With an annual output volume of about € 33 million (SEK tence as a builder of wind power facilities. 300 million) and 124 employees, NIMAB Entreprenad AB, which is mainly active in building construction, is the lar- STRABAG and project developer Northern Energy Pro- gest of the companies in the group. With NIMAB Support jekt GmbH have contractually agreed to jointly manage 15 AB, which generated an output volume of around € 6 mil- offshore wind farm project development companies un- lion (SEK 51 million) with 43 employees in 2010, the group der the umbrella of two holding companies. The holding also delivers services in the area of building maintenance companies will develop up to 850 wind power facilities in and facility management. NIMAB Anläggning AB is the the German North Sea to be built over the next ten to 15 smallest company and is mainly active in earthworks and years. infrastructure projects. The region of Scania in southern Sweden is the group’s main market. Measured in terms With this investment in the field of offshore wind power, of the construction output, Scania is Sweden’s second- STRABAG strengthens its strategic positioning in this de- largest regional construction market after Stockholm. cisive future market for Germany within the field of rene- wable energy. With the acquisition of the five companies, STRABAG bolsters its presence in this important market in southern The investment is pending cartel approval by the German Sweden. and Austrian cartel authorities. The transaction is still pending approval by the Swedish In May 2011, STRABAG announced the 100 % acquisition competition authorities. of five subsidiaries ofS weden’s NIMAB Group. These are

Audit Waiver

The present interim financial statements forSTRABAG S E were neither audited nor subjected to an audit review. arch 2011 M port January– m Re i r e E Int strabag S tatements onsolidated inancial S notes to the C interim F

25 26 Statement of all strabag SE Interim Report January–March 2011 Legal Representatives related party transactions to be disclosed. to be transactions party related for the nine of months remaining of risks the statements, and the uncertainties principal yearand financial of the major financial interim condensed the on impact their and year financial the of months three first the during occurred have gives a true and report fair and view that of the events that group management the standards of accounting important true and fair view and of position profit financial orthe lossliabilities, assets, ofthe group asrequired by the applicable of as 31 statements financial interim condensed the that knowledge our of best the to Weconfirm L S egal R tatement of all T echnical R echnical T echnical R echnical esponsibilities for B for esponsibilities (without R (without esponsibilities for T for esponsibilities Ing. Fritz O Fritz Ing. S pecial Divisions &C Divisions pecial T DI S DI Dr. P echnical R echnical ussia and N and ussia iegfried Wanker iegfried Vice C Vice eter Krammer eter uilding C uilding esponsibilities for esponsibilities epresentatives hairman hairman berlerchner B eighboring C eighboring ransportation Infrastructures ransportation uilding C uilding onstruction &C onstruction oncessions R onstruction &C onstruction esponsibilities for C for esponsibilities ountries) Dr. H as well as technical R technical as well as ivil Engineering Engineering ivil C hairman of the M the of hairman Management Board Management Villach, 31 M Villach, ivil Engineering of R of Engineering ivil ans P ans entral S entral eter H eter taff U taff anagement B anagement esponsibilities for esponsibilities ay 2011 aselsteiner nits and C and nits ussia and N and ussia C ommercial R ommercial oard entral Divisions entral eighboring C eighboring B uilding C uilding M esponsibilities for T for esponsibilities S ag. H ag. C pecial Divisions &C Divisions pecial ommercial R ommercial Dr. T onstruction &C onstruction annes T annes ountries homas B homas esponsibilities for esponsibilities ransportation Infrastructures, ransportation runtschnig oncessions ivil Engineering ivil irtel M arch 2011 arch a give financial calendar Interim Report January – March 2011 Tue., 31 May 2011 Publication 7:30 am Investor and Analyst Telephone Conference 2:00 pm

Shareholding confirmation record date 31 May 2011 Annual General Meeting 2011 Fri., 10 June 2011 Beginning 10:00 am Location: Austria Center Vienna, Bruno-Kreisky-Platz 1, 1220 Vienna Ex-dividend date Fri., 17 June 2011 Payment date for dividend Mon., 20 June 2011

Semi-annual report 2011 Wed., 31 August 2011 Publication 7:30 am Investor and Analyst Telephone Conference 2:00 pm

Interim Report January – September 2011 Wed., 30 November 2011 Publication 7:30 am Investor and Analyst Telephone Conference 2:00 pm All times are CET/CEST Please find the roadshow schedule on the website www.strabag.com -> Investor Relations -> Financial Calendar

corporate bonds

Maturity Coupon Volume isin Stock Exchange 2006 - 2011 5,25 % € 75 Mio. AT0000A013U3 Vienna 2007 - 2012 5,75 % € 75 Mio. AT0000A05HY9 Vienna 2008 - 2013 5,75 % € 75 Mio. AT0000A09H96 Vienna

2010 - 2015 4,25 % € 100 Mio. AT0000A0DRJ9 Vienna arch 2011 M 2011 - 2018 4,75 % € 175 Mio. AT0000A0PHV9 Vienna port January– m Re i

corporate credit rating r e E Int

Standard & Poors BBB- Outlook stable strabag S

codes

Bloomberg: STR AV Reuters: STRV.VI Vienna Stock Exchange: STR ISIN: AT000000STR1

27 for further questions please refer to our Investor Relations department:

 STRABAG SE, Donau-City-Straße 9, 1220 Vienna, Austria ☎ +43 (0)800 / 880 890 @ [email protected]  www.strabag.com

This Interim Report is also available in German. In case of discrepancy the German version prevails.