Porr AG

Annual Report • Mar 21, 2024

HOME OF CONSTRUCTION

Yearly Financial Report 2023

KEY DATA

OPERATING DATA

in EUR m	2023	Change	2022	2021	2020
Production output1	6,577	5.6%	6,226	5,727	5,185
Foreign share	54.9%	0.7 PP	54.2%	53.9%	54.8%
Order backlog	8,452	3.0%	8,204	7,764	7,067
Order intake	6,835	2.7%	6,659	6,414	5,905
Staffing level (average)	20,665	2.1%	20,232	20,177	20,193

EARNINGS INDICATORS

in EUR m	2023	Change	2022	2021	2020
Revenue	6,048.5	4.5%	5,786.0	5,169.8	4,651.8
EBITDA	344.3	8.0%	318.9	287.5	131.4
EBIT	140.3	16.8%	120.1	95.2	-37.2
EBT	130.7	18.8%	110.0	85.4	-51.0
Profit	95.0	15.0%	82.6	61.4	-42.4
Earnings per share (in EUR)	2.21	34.3%	1.65	1.18	-2.28

FINANCIAL POSITION INDICATORS

in EUR m	31.12.2023	Change	31.12.2022	31.12.2021	31.12.2020
Total assets	4,136	-0.3%	4,147	4,065	3,509
Equity (incl. non-controlling interests)	860	7.7%	799	824	651
Equity ratio	20.8%	1.5 PP	19.3%	20.3%	18.5%
Cash and cash equivalents	631	-3.7%	656	765	583
Net debt	-40	-32.1%	-59	-65	135

CASH FLOW AND INVESTMENTS

in EUR m	2023	Change	2022	2021	2020
Cash flow from operating activities	276.4	-3.6%	286.8	418.5	167.0
Cash flow from investing activities	-177.0	84.0%	-96.2	-155.8	-86.7
Cash flow from financing activities	-127.5	-57.6%	-300.9	-84.3	-73.4
Free cash flow	99.4	-47.9%	190.6	262.8	80.3
CAPEX2	329.5	39.5%	236.2	257.3	187.2
Depreciation/amortisation/impairment	204.0	2.6%	198.8	192.3	168.6

1 The production output corresponds to the output of all companies and consortiums (fully consolidated, equity method, proportional or those of minor significance) in line with the interest held by PORR AG.

2 Investments in property, plant and equipment and intangible assets

NON-FINANCIAL INDICATORS

	2023	Change	20221	2021	2020
Energy consumption within PORR (MWh)	736,629	-5.1%	775,986	757,422	649,316
Energy intensity (MWh/TEUR)	0.114	-10.4%	0.127	0.134	0.126
Self-generated green energy (MWh)	354	7.3%	330	358	337
Direct GHG emissions - scope 1 (t CO2 e)	161,991	-1.4%	164,249	166,933	132,543
Indirect GHG emissions - scope 2 (t CO2 e)	20,504	-39.3%	33,767	25,372	29,042
Other GHG emissions - scope 3 (t CO2 e)	72,081	78.2%	40,442	41,129	904
Intensity of GHG emissions (scope 1+2)
(t CO2 e/TEUR)	0.028	-13.3%	0.033	0.034	0.032
Total waste (t)	10,651	16.3%	9,158	17,204	9,436
Recycled materials used (t)	109,515	17.5%	93,200	84,761	104,841
Total water consumption (Tm³)	218	-9.1%	240	380	171
Work-related injuries (rate)	13.5	-11.6%	15.3	15.7	15.3
Staff on parental leave (no.)	415	10.4%	376	307	273
Training hours (h)	126,658	22.3%	103,547	76,396	68,311
Performance reviews (no.)	7,046	8.6%	6,488	6,197	6,451
Share of female staff	16.1%	0.3 PP	15.8%	15.8%	15.1%
Share of women
in middle and lower management	16.4%	2.3 PP	14.1%	13.2%	13.1%
Share of women
in training to become future managers	38.7%	14.7 PP	24.0%	19.0%	22.2%
Anti-corruption training (Number of employees)	3,965	25.6%	3,158	1,655	1,921

KEY DATA REGARDING SHARES

in EUR	2023	Change	2022	2021	2020
Number of shares as per 31.12.	39,278,250	-	39,278,250	39,278,250	29,095,000
Closing price as per 31.12.	12.70	8.0%	11.76	13.74	12.90
Year high	14.80	5.7%	14.00	17.50	17.10
Year low	11.00	22.2%	9.00	11.80	10.88
Market capitalisation as per 31.12. (in EUR m)	498.8	8.0%	461.9	539.7	375.3
Dividends per share	0,752	25.0%	0.60	0.50	0.00
Dividend yield	5,9%2	0.8 PP	5.1%	3.6%	0.0%
Payout ratio	33,9%2	-2.5 PP	36.4%	42.4%	0.0%
Price-earnings ratio	5.7	-19.5%	7.1	11.6	-5.7

1 Partially adjusted comparison values due to change in reporting entity

2 Proposal to the AGM

The figures have been rounded off using the compensated summation method. Absolute changes are calculated using the rounded values, relative changes (in percent) are derived from the non-rounded values.

Foreword by the Executive board Supervisory Board Report

Highlights CEO Interview

Our business model Our Group strategy PORR 2025

Segment Reporting Non-Financial Statement

Forecast Report Risk report

Shareholdings

References Glossary 250 Auditor's Report

Contact

PORR on the stock exchange Corporate Governance

Disclosure acc. to Sec. 243a 1 of the Austrian Commercial Code

Consolidated Statement of Comprehensive Income

Consolidated Statement of Financial Position Statement of Changes in Group Equity Notes to the Consolidated Financial Statements

Consolidated Cash flow Statement

ESG-Key performance indicators

Appropriation Of Earnings Acknowledgements Financial Calendar

Statement of all Legal Representatives

HOME OF CONSTRUCTION ¹² About this Report

PORR ATA GLANCE ²⁴ Our Mission statement

GROUP MANAGEMENT REPORT ⁵⁰ Markets and Performance

CONSOLIDATED FINANCIAL STATEMENTS ¹⁴⁰ Consolidated Income Statement

FURTHER INFORMATION ²¹⁰ EU TaxonomY REGULATION

• HOME OF CONSTRUCTION ¹² About this Report
  • 14 Foreword by the Executive board
  • 16 Supervisory Board Report
  • 18 Highlights
  • 20 CEO Interview
• PORR ATA GLANCE ²⁴ Our Mission statement
  • 26 Our business model
  • 30 Our Group strategy
  • 32 PORR 2025
  • 34 PORR on the stock exchange
  • 37 Corporate Governance
• GROUP MANAGEMENT REPORT ⁵⁰ Markets and Performance
  • 56 Segment Reporting
  • 64 Non-Financial Statement
  • 122 Forecast Report
  • 123 Risk report
  • 134 Disclosure acc. to Sec. 243a 1 of the Austrian Commercial Code
• CONSOLIDATED FINANCIAL STATEMENTS ¹⁴⁰ Consolidated Income Statement
  • 141 Consolidated Statement of Comprehensive Income
  • 142 Consolidated Cash flow Statement
  • 143 Consolidated Statement of Financial Position
  • 144 Statement of Changes in Group Equity
    • 146 Notes to the Consolidated Financial Statements
    • 204 Shareholdings
• FURTHER INFORMATION ²¹⁰ EU TaxonomY REGULATION
  • 216 ESG-Key performance indicators
  • 238 References
  • 246 Glossary
  • 250 Auditor's Report
  • 258 Statement of all Legal Representatives
  • 259 Appropriation Of Earnings
  • 260 Acknowledgements
  • 261 Financial Calendar
  • Contact

POWER OF GROWTH.

PORR follows a clear strategy: Intelligent Growth with Green and Lean. Our success proves us right. PORR is one of the leading infrastructure construction companies in Europe. We engage in selective growth and sustainable business. PORR is a one-stop shop for construction.

Supreme Audit Office Prague, Czech Republic

4 HOME OF CONSTRUCTION

OPTIMISTIC INTO THE FUTURE.

PORR is aware of its responsibility. It lives for its vision PORR – Home of Construction. To Build a Better World. It works towards this on every single one of its numerous and diverse projects. What we build lasts. How we build is ground-breaking.

Home of Construction

To Build A Better World

RICH IN EXPERIENCE.

Great things can only come to life on a solid foundation. And PORR builds on more than 150 years of experience. It has construction in its DNA. Its expertise and unrivalled range of services have long made it a pioneer in every area. As a trailblazer in digitalisation and sustainability, PORR is setting new standards.

READY FOR ANY CHALLENGE.

High up or low down, in the middle of a city or on a snowy mountain. With conventional methods or individually developed approaches. PORR has a solution for every challenge – with quality you can trust.

Drammen Bridge

10 HOME OF CONSTRUCTION

Norway

ABOUT THIS REPORT

HOME OF CONSTRUCTION

REPORTING PRACTICES AND FRAMEWORK

In addition to its financial reporting, PORR reports annually on its commitment to sustainability. On 21 March 2024, the annual and sustainability report for the 2023 reporting year was published in a combined format, in accordance with Section 267a of the Austrian Commercial Code. This underlines the importance of sustainability at PORR.

The contents of this combined annual and sustainability report, together with the individual financial statements, also constitute the annual financial report.

This annual and sustainability report is aimed at all of PORR's stakeholder groups and covers business activities from 1 January to 31 December 2023. It has been prepared in accordance with the standards of the Global Reporting Initiative (GRI) and meets the requirements of the Austrian Sustainability and Diversity Improvement Act (NaDiVeG). A detailed GRI content index and an index on NaDiVeG issues can be found in the appendix to the report, starting on page 238. In addition, PORR discloses its share of taxonomy-eligible and taxonomy-aligned economic activities in terms of revenue, CAPEX and OPEX in accordance with the EU Taxonomy Regulation.

The 2022 materiality analysis 2022 was reviewed to ensure it was up to date and was also used as the basis for the sustainability priorities and reporting for the 2023 reporting year. Detailed information can be found in the materiality analysis section starting on page 65.

Non-financial reporting is carried out at both Group and country level. The scope of reporting only includes PORR's key markets. These are the home markets of Austria, Germany, Switzerland, Poland, the Czech Republic, Slovakia and Romania as well as the project markets of Norway, and Qatar. For the project market of Great Britain (UK), non-financial reporting will only be carried out from 2024 onwards. In total, 98.6% of production output is generated in PORR's home and project markets. A list of all PORR AG's shareholdings can be found from page 204.

Selected key performance indicators are presented at the beginning of the report in the form of a four-year overview. This makes the information transparent and facilitates comparisons. Where possible, all country-specific KPIs are shown in relation to the previous year's figures and are presented in the appendix of the report.

External assurance

This financial report has been submitted for an external joint audit by BDO Assurance GmbH Wirtschaftsprüfungsund Steuerberatungsgesellschaft and Ernst & Young Wirtschaftsprüfungsgesellschaft m.b.H. The non-financial reporting was audited externally with limited assurance by BDO Assurance GmbH Wirtschaftsprüfungs- und Steuerberatungsgesellschaft. Pursuant to Section 96 Paragraph 1 of the Austrian Stock Corporation Act, this report has been checked by the Supervisory Board. The auditor's reports can be found in the section for further information starting on page 250.

Further information

The Yearly Financial Report for 2023, audited by the Group's auditors, together with the notes and management report (consolidated and individual financial statements) can be obtained free of charge from the company, 1100 Vienna, Absberggasse 47, and will be available at the Annual General Meeting. The entire document can also be downloaded from the website https://porr-group.com/annualreports.

Your contact persons Lisa Galuska

Head of Investor Relations T +43 50 626-1765 ir@porr-group.com

Fanny Gruböck

Head of Corporate Sustainability T +43 50 626-3670 esg@porr-group.com

FOREWORD BY THE EXECUTIVE BOARD

Dear stakeholders,

2023 was both an enormously exciting and challenging year for PORR. On the one hand, there were lots of opportunities in multiple areas, above all in civil engineering and infrastructure construction. Here, the European Recovery and Resilience Facility and the NextGenerationEU budget in particular ensured robust demand. Environmental and energy policy also provided strong positive impetus, with the green transformation and the energy transition as key growth drivers. The only decline experienced by the con-

struction industry was in residential construction.

In this tough environment, PORR delivered strong results.

In this tough environment, PORR delivered strong results. Not only did it increase production output across the Group by 5.6% against the previous year to EUR 6,577m, it also achieved double-digit growth

on the home markets of Poland, Romania and Germany. The positive trend from the previous year continued in terms of the order books. At EUR 8,452m, the order backlog increased by 3.0%, while the order intake also rose by 2.7% to EUR 6,835m.

More than half of 2023 production output came from civil engineering. The largest new orders of the year were also in this area. Leading the pack is construction lot H53 of the Brenner Base Tunnel – the largest construction lot in Austria's history with a total contract value of almost EUR 1 bn. In the infrastructure sector, PORR is taking significant steps towards the energy transformation: We are building the cavern and tunnel system for the pumped storage power plant in Ebensee, Austria, and tunnelling under the River Elbe as part of the SuedLink project for a high-performance wind-power line. Examples like these confirm it: The construction industry is an important part of the energy transition and PORR is playing a significant role in this. Extensive new building construction projects include the oncological hospital in Wrocław and the Pomeranian Medical University in Szczecin, Poland. They show that the healthcare sector is a major growth market.

Parallel to the 4.5% increase in turnover, PORR was able to achieve a 5.8% reduction in the cost of materials versus the previous year. With the resulting very pleasing earnings before taxes (EBT) of EUR 130.7m, PORR has once again proven to be extremely resilient. The EBT margin on production output was increased to 2.0%. Earnings per share also rose sharply – growing by 34.3% to EUR 2.21.

As part of our consistent capital management, we have significantly improved our balance sheet structure. As of 31 December 2023, the equity ratio was 20.8%, and the share of equity accounted for by hybrid capital fell to 28.8%. That is not all, however: Thanks to the early refinancing of our hybrid and profit participation capital, we are now fully financed long term. The positive business and earnings performance leads us to expect a sustainable equity ratio of more than 20%. Trade receivables were successfully reduced through focused receivables management, while working capital underwent a further decrease as well. Our liquidity reserves totalled EUR 1,036.6m and we once again achieved a net cash position of EUR 40.1m. For 2024, we expect a moderate increase in output as well as growth in EBIT. In the medium term, we anticipate an increase in the EBT margin along with an EBIT margin of 3.0%.

In terms of Green and Lean, we are making great progress with the PORR 2025 future programme. We have already integrated 20 additional areas in five home markets into our LEAN transformation and successfully implemented Building Information Modelling (BIM) in several civil engineering pilot projects. As part of our photovoltaic rollout, we are fitting solar panels to the roofs of more than 30 branches. We are increasing the proportion of electric vehicles and providing the requisite charging infrastructure at the same time. In 2023, we already managed to reduce our energy intensity by 10.4%. With green electricity accounting for over 64% of the total, we cut our Scope 2 emissions by 39.3%. The circular economy is at the forefront of many innovative projects: Together with partners, we have given the go-ahead for Austria's first gypsum recycling plant. In 2023 the PORR Group's recycling volumes reached 2.8m tonnes. We also made significant progress in the area of occupational safety, reducing work-related injuries by 11.6%.

Shoulder-to-shoulder with our stakeholders, we were able to conclude this financial year with many success stories – with great projects, innovative and sustainable developments, and a very pleasing economic performance. We would like to thank you for the trust you have placed in us and look forward to enjoying many more successes together.

Home of Construction

To Build A Better World

Klemens Eiter Member of the Board and CFO Karl-Heinz Strauss Chairman of the Board and CEO Claude-Patrick Jeutter Member of the Board and COO Jürgen Raschendorfer Member of the Board and COO

SUPERVISORY BOARD REPORT

The year 2023 was characterised by persistent inflation and a historic key interest rate high of 4.5%, which put the construction industry under severe pressure. Despite these headwinds, PORR proved extremely robust and resilient in a challenging market environment thanks to its strategic focus, with residential construction making up a low proportion of the portfolio.

An outstanding example of our success is winning the project of the century H53 Pfons – Brenner (BBT) in civil engineering and the construction of a new oncological hospital in Wrocław, Poland, in building construction. In industrial construction, PORR acquired the order to expand Terminal 3 at Vienna Airport. We are also showing initiative and foresight in the energy sector. With projects such as the Elbe crossing for the Suedlink power line, a 20-metre-deep tunnel under the Elbe, we are actively spearheading the energy transition. In addition, the expanded use of our photovoltaic systems covers a significant proportion of our annual electricity consumption in Austria, allowing us to significantly increase our energy autonomy.

The figures speak for themselves and confirm that PORR is stronger and more future-oriented today than ever before:

Production output increased by 5.6% year-on-year to EUR 6.6bn, with the segment PL standing out clearly, where output increased by 27.9%. Output in the segment DE also increased by a further 16.7%.

With earnings before taxes of EUR 130.7m, we exceeded expectations and are solidly positioned for the coming years. Our order backlog of EUR 8.5bn provides a strong foundation for the future. As a design-build contractor offering all construction services from a single source, we want to continue to expand our market position in terms of environment, economy and society well into the future.

The Supervisory Board thanks the Executive Board for the good cooperation and the comprehensive response even to critical questions.

The Supervisory Board actively monitored and supported the development of the company within the scope of its duties.

The Supervisory Board has actively encouraged and supported the company's development in keeping with the responsibilities assigned to it. In line with Section 81 of the Stock Corporation Act, the Executive Board has kept the Supervisory Board constantly informed of full details of the development of the business and financial position of the Group and its shareholdings, of staff and planning matters, and of investment and acquisition projects through spoken and written reports, and discussed the strategy, business development and risk management with the Supervisory Board. In a total of five meetings, the Supervisory Board passed the relevant resolutions that were required. The average level of attendance at Supervisory Board meetings by members that had been elected by the AGM was 97.5%.

The necessary approval for the transactions for which consent is required under Section 95 Paragraph 5 of the Stock Corporation Act and pursuant to the rules of procedure for the Executive Board was obtained; in urgent cases, written voting was used for authorisation of this nature.

Josef Pein resigned from the Executive Board before the end of his term of office on 31 December 2024 with effect from 31 December 2023 and went into retirement. The Supervisory Board would like to express its thanks to Josef Pein for his successful work as a member of the Executive Board and COO of PORR AG.

Claude-Patrick Jeutter has been a full member of the Executive Board and COO of PORR AG since 1 January 2024. Since then, he has been responsible on the Executive Board for Germany and Romania as well as for Compliance and Internal Audit.

SUPERVISORY BOARD COMMITTEES

The following Supervisory Board committees were established in the 2023 financial year to support and efficiently deal with complex issues:

Audit Committee

The Audit Committee dealt with the following main topics in six meetings:

• Invitation to tender for the election of a new auditor
• Election of the auditors for the individual and consolidated financial statements
• Supervision of the audit of the individual and consolidated financial statements, the audit plan and the focal points of the audit
• Internal Audit report on the audit plan and related party transactions
• Monitoring the effectiveness and functionality of the internal control system (ICS) and risk management
• Approval of non-audit services provided by the (Group) auditors
• Audit and preparation of the adoption of the annual financial statements as of 31 December 2022 as well as the audit of the management report, the corporate governance report, the report on payments to government

agencies, the consolidated financial statements as of 31 December 2022 with the Group management report (including non-financial statement) and the proposal for the appropriation of earnings

• Monitoring of the accounting process
• Reciprocal communication between the (Group) auditor and the Audit Committee

In two meetings, there was also the opportunity for an exchange between the Audit Committee and the (Group) auditor without the presence of the Executive Board.

Nomination Committee

In two meetings, it dealt with the election of the new members of the Supervisory Board and the nomination of the new Executive Board member Claude-Patrick Jeutter.

Remuneration Committee

The Remuneration Committee dealt with the following main topics in three meetings:

• Variable remuneration for members of the Executive Board
• Review of the remuneration report
• Long-Term Incentive Programme/revising the remuneration policy
• Approval of sideline activities of Executive Board members
• Parameters of the employment contract for the new Executive Board member Claude-Patrick Jeutter

Sustainability Committee

In two meetings, the Sustainability Committee focused on the following topics:

• The EU regulations EU Taxonomy, CSRD and CSDDD and their impact on PORR
• Reporting
• Organisational anchoring of ESG
• Measures and progress in the areas of environment, social and governance
• Status quo on ESG rating results

ANNUAL AND CONSOLIDATED FINANCIAL STATEMENTS 2023

The annual financial statements of PORR AG as of 31 December 2023, including the notes to the financial statements and the management report, and the consolidated financial statements that had been prepared as of 31 December 2023 in accordance with International Financial Reporting Standards (IFRS, as applied in the EU) and the Group management report, were audited by BDO Assurance GmbH Wirtschaftsprüfungs- and Steuerberatungsgesellschaft, Vienna, and Ernst & Young Wirtschaftsprüfungsgesellschaft m.b.H., Vienna, in a joint audit. The audit, based on the bookkeeping and documentation of the company as well as the explanations and documentation provided by the Executive Board, revealed that the bookkeeping records and the annual financial statements and consolidated accounts complied with the legal requirements and provided no cause for complaint. The management report and Group management report accord with the individual and consolidated financial statements. The Group has produced a (consolidated) corporate governance report. The consolidated non-financial statement has been included in the Group management report of the annual and consolidated financial statements. The aforementioned audit companies, as (Group) auditors, have therefore issued an unqualified audit opinion for the annual and consolidated financial statements.

The audit report prepared by the (Group) auditors, the corporate governance report, the report on payments to government entities and the Executive Board's proposal on the appropriation of earnings were dealt with in detail with the auditors in a meeting on 20 March 2024 in the Audit Committee and submitted to the Supervisory Board. The Executive Board proposes to pay out a dividend of EUR 0.75 per share entitled to dividends from the net retained profits of EUR 28,757,400.19 with the rest of the balance carried forward.

The Audit Committee and the Supervisory Board have approved the annual financial statements as of 31 December 2023, the management report, the corporate governance report, the report on payments to government entities, as well as the Executive Board's proposal for the appropriation of earnings following intensive discussion and review. The annual financial statements as of 31 December 2023 have thus been adopted. The Audit Committee and the Supervisory Board also approved the consolidated accounts for 2023 that had been prepared in accordance with IFRS and the Group management report (including non-financial statement). The Supervisory Board agreed with the Executive Board's proposal regarding the appropriation of earnings.

The Supervisory Board thanks customers and shareholders for the confidence they have placed in PORR AG and their commitment to the company, as well as the Executive Board and staff for their dedication over the past year and their good collaboration.

Vienna, 20 March 2024

Karl Pistotnik m.p. Chairman of the Supervisory Board

HIGHLIGHTS PORR IN TOP FORM

A tunnel through the Alps

The Brenner Base Tunnel will be the longest underground railway link in the world. The H53 Pfons – Brenner section is the largest construction lot in Austria's history. Two single-track, main tunnel tubes with a total length of 25.2 kilometres as well as 3.6 kilometres of exploratory and cross-passage tunnels are being built for a total of EUR 959m. The H53 consortium, consisting of PORR Bau GmbH, MARTI GmbH and MARTI Tunnel AG, will complete this project of the century within around 70 months.

Electrifying

20 metres below the River Elbe, PORR is building the tunnel through which sustainable wind energy will flow from the north to the south of Germany. The high-performance SuedLink power line is making it possible: It will transport four gigawatts of electricity via two underground cables. A mega project that will bring Germany one step closer to the energy transition. The client for the 5.2-kilometre ElbX tunnel is the European grid operator TenneT TSO. The contract is worth more than EUR 250m.

Building with solar power

PORR is again one step ahead with the rollout of its photovoltaic strategy: Over the next three years, it will equip around 30 roofs of PORR sites in Austria with photovoltaic systems along with several former landfill sites. These will cover a third of PORR's annual electricity requirements and generate a total of around 33 gigawatt hours of energy. The charging infrastructure for company vehicles is also being expanded: A network of e-charging stations is being installed at the PORR sites.

Living circularity

Together with partners, PORR is building Austria's first gypsum-to-gypsum recycling plant in Stockerau. This makes the zero-waste vision in the plasterboard sector a reality. The material can be recycled almost endlessly, conserving natural resources. With an annual capacity of around 60,000 tonnes, the plant will be able to cover demand in the east of Austria from 2025.

Energy from the lake

The Ebensee pumped storage power plant in Upper Austria is a particularly effective supplier of green elec tricity. Water from Lake Traun will be pumped up almost 500 metres into a reservoir in the mountains. If demand rises, sustainable electricity can be produced. PORR is carrying out earthworks and structural engineering works, as well as other tasks including the construction of the outlet structure and the tunnelling. PORR is also demonstrating its extensive expertise in Forbach in Ger many on the conversion of the Rudolf-Fettweis-Werk storage and run-of-river power plant into a pumped stor age power plant.

Building for health

The expansion of medical infrastructure is one of the key challenges facing Europe. In Poland, the Lower Silesian Centre for Oncology, Pulmonology and Haematology has commissioned PORR to build a hospital using the design & build method. 26 wards with over 670 beds, 30 outpatient units and more than 14 operating theatres will be built on 100,000 square metres. PORR is building another major project together with a partner compa ny for the Pomeranian Medical University in Szczecin. There, a new clinic, teaching and research building is be ing built.

Green office

The European Patent Office offers the opportunity to ob tain patent protection for innovations in 44 countries. Its Vienna branch now has a new look: PORR has removed the core of the 50-year-old, four-storey building and is erecting an attractive and climate-positive structure in its place. The eye-catching feature is the prefabricated timber element facade. The energy requirements are covered by a geothermal system with 19 geothermal probes, a heat pump, a PV system, and an internal stor age system.

HOME OF CONSTRUCTION

CEO INTERVIEW

To Build a Better World. With this vision and the proven strategy of "Intelligent Growth with Green and Lean", PORR is ideally equipped for the future. In this interview, CEO Karl-Heinz Strauss tells us how he found the year 2023, what he's looking forward to, and what a better world means to him.

If you think about the future of PORR, what are you looking forward to?

We are just finishing an extremely successful 2023 and I am optimistic about the future. I look forward to many of our projects being completed and new ones being added. We are very well positioned with our high order backlog. Of course, there are numerous international challenges, but let me say it again: PORR is more than 150 years old and has already experienced everything and survived. We will continue to focus on ourselves, our customers, and our projects. As long as we continue to deliver reliably, we will be on the safe side of the future.

How was 2023 for you?

It has been a very interesting year. Due to the major geopolitical tensions seen internationally, one of the four Ds, which also include digitalisation, decarbonisation and demographics – demographic change – is becoming even more important: Deglobalisation. Our strategy Intelligent Growth with Green and Lean is exactly right. We will continue to focus increasingly on our home markets. I am often

Now it's all about remaining the best.

on the ground with my fellow Executive Board members, we visit the construction sites and meet lots of enthusiastic colleagues. We experience a spirit of optimism everywhere we go and we feel a

passion for our PORR. This also gives us a lot of strength, confidence, and motivation. Our challenge now is to remain the best.

Despite all the optimism, there have also been some international crises. How do you assess these conflicts, also in relation to PORR?

You have to assess crises carefully and draw the appropriate conclusions. Some things then turn out to be a storm in a teacup. But yes, the wars in Ukraine and the Middle East are causing unrest in the world, as are other conflicts. This increases uncertainty. And that can have an impact on the economy and lead to a decline in investments. However, I cannot say that this is the case at PORR. The figures agree with us. The desire for a better world is particularly strong in times like these. And we have a vision: PORR – Home of Construction. To Build a Better World.

What makes a better world for you?

A world in which people talk to each other, get to know each other and create great things together. It is also a world with clear rules that must be upheld. And it is a sustainable world. Decarbonisation – the next D – plays a key role in this. It is very pleasing that we were able to confirm our status as one of the best construction companies in terms of sustainability in 2023. The areas of environment, social and governance, or ESG for short, are becoming increasingly important to all stakeholders. What does this mean for us? Firstly, we manage our resources very carefully. Secondly, we focus on our existing staff, inspire new employees with our employer branding and train people at PORR to become experts and managers. And thirdly, we act ethically at all times – there are no grey areas.

What role does the circular economy play?

Building and living in cycles is essential for reducing emissions. For example, we are actively taking steps to increase the proportion of recycled building materials. Together with partner companies, we have launched the first gypsum-to-gypsum recycling plant in Austria and are conducting research into polystyrene recycling, CO2 -reduced building materials and so on. We operate large recycling centres. But that alone is only a small cog in the wheel. The main thing is to think about the circularity of the building from the very first moment of planning: What happens at the end of the life cycle? PORR has a clear advantage here and at the same time a huge responsibility, precisely because we offer everything from design to demolition and recycling as a one-stop shop.

So D number one is deglobalisation – concentrating on the home markets. D number two is the targeted decarbonisation and the circular economy. What do demographics and digitalisation mean for PORR?

First of all, digitalisation. With Building Information Modelling – BIM for short – and apps that streamline work on the construction site and the Sequello logistics platform, this has long been an everyday feature for us. We are also increasingly working with artificial intelligence and robotics, and we use both in a targeted manner. There, you have to be open-minded and critical at the same time. You have to step back a bit and consider what really makes sense. Everything we do in this area is aimed at supporting our colleagues in their work.

Die PORR im Überblick

PORR at a Glance

Home of Construction

To Build A Better World

Is PORR already using AI?

We have been working on this topic for a long time and have been involved in the latest developments right from the start. Algorithms play a role in construction that should not be underestimated. For example, in robotics or occupational safety. The huge potential that the new large lan-

guage models offer is also evident in the construction sector. We are currently training an AI with the documents from our integrated management system – our collected standards and guidelines. However, we are also in the pro-

Our vision is increasingly becoming a reality.

cess of integrating AI-supported software into our processes. AI covers a broad spectrum, and we at PORR are making use of the clear advantages it offers us. Nevertheless, we must not forget: At the centre of all these efforts is always the PORRian, who needs the right information at the correct time in order to make the important decisions. Construction is and remains a people business.

We have now discussed three of the four Ds. That leaves demographics.

Exactly. We see demographic change in our society every day. It is getting older and has higher expectations in terms of health, wellbeing and comfort. People are the cornerstones, the foundation of our vision. Because it is precisely for them that we want to build a better world. At the same time, we are also dependent on them. Construction requires people who want to achieve something, highly trained specialists who can get to work. Labour can no longer be taken for granted. Only those who have the right people at the right time and in the right place can build. That is a crucial point in today's industry.

Let's take a look into the future: Where do you see PORR in a year's time?

PORR will be very well positioned by the end of 2024. We will have restructured our digitalisation and completed several major projects for the continuous evolution of our PORR. We will also have made considerable progress with our work on our strategy and our future programme PORR 2025 towards a process-oriented workflow organisation with LEAN. And our vision of building a better world will increasingly have become a reality.

⁷ PORR AT European home markets A GLANCE

OUR MISSION STATEMENT

PORR –HOME OF CONSTRUCTION.

OUR MISSION

We believe in a better world, a home facilitated by sustainable buildings. Those who build change the world. For more than 150 years, standing at the forefront of the construction industry with new technologies has been in our DNA.

Our goal is to shape the environment sustainably while driving innovation and growth. And with it create a world worth living in for everyone – today and tomorrow.

This allows us to offer holistic construction solutions from a single source – from design to construction to operations, in building construction, civil engineering and infrastructure.

Innovation, expertise and reliability – powered by PORR

TO BUILD A BETTER WORLD.

OUR PRINCIPLES

Appreciation

Shoulder to Shoulder

Pioneering Spirit

Passion

To Build A Better World

Weitere Angaben

Further Information

OUR BUSINESS MODEL

PORR is and will remain a construction company. It is one of the leading players in Europe. For more than 150 years, PORR has been successfully realising complex construction projects in building construction and civil engineering. It is one of the few specialists in the infrastructure sector and covers the entire construction value chain there as well.

As a design-build provider and general contractor, it realises extensive construction projects. The aim is to further expand its strong market position. At the same time, as a technology pioneer in the fields of Building Information Modelling (BIM) and circular construction, PORR sets standards for the entire industry. It enables innovative and sustainable solutions in design, planning and construction. Across all projects, the focus is on partnership-based cooperation with all stakeholders, coupled with efficient processes and the core competency in construction.

PORR's business activities are divided into permanent business and the project business. PORR only offers its full range of services on its permanent markets. In addition to Austria, where the company has its headquarters in Vienna, this also includes all of PORR's other European home markets: Germany, Eastern Switzerland, Poland, the Czech Republic and Slovakia as well as Romania. On its project markets of Norway, Qatar and the United Kingdom (UK) PORR focuses very selectively on export products in tunnelling, railway construction and specialist civil engineering.

ORGANISATION

PORR's lean organisational structure has clearly defined areas of responsibility, thereby facilitating transparency and comparability within the Group. PORR AG forms the organisational umbrella with central functions. Operational responsibility is decentralised and divided into five segments.

The segment AT / CH includes country responsibility for the home markets of Austria and Eastern Switzerland. In addition to the permanent business, the international competencies for major projects in building construction are bundled here as is Slab Track Europe. Industrial construction Germany and equity interests such as IAT, Schwarzl and pde Integrale Planung are also reported in this segment.

The segment DE contains the majority of PORR's activities on the home market of Germany. It also includes all German equity interests such as BBGS.

The segment PL has overall country responsibility for the home market of Poland. All of PORR's holdings in Poland are also integrated, including Stump Franki.

The segment CEE focuses on the home markets of the Czech Republic, Slovakia and Romania, including the local holdings.

The segment Infrastructure International brings together PORR's expertise in tunnelling and Slab Track International. The overarching responsibility for the project markets of Norway, Qatar and the UK is also anchored here.

PORR Beteiligungen und Management and PORR Equipment Services are reported directly in the holding company. The Shared Service Center, which is also located here, encompasses all service areas and staff units of PORR.

Die PORR im ÜberblickPORR at a Glance

To Build A Better World

ONE-STOP SHOP

Its holistic approach allows PORR to cover the entire construction value chain on its home markets. It builds as much as possible itself: Starting with design and planning, through to construction – in all its facets – and facility management to renovation and revitalisation as well as demolition and recycling. Years of experience and technical expertise make PORR the right partner when it comes to reliable and innovative construction solutions.

PORR is as good as its word and combines more than 150 years of expertise with forward-looking concepts – in every area of the construction industry.

Civil engineering

What's required? Civil engineering is the basis of modern infrastructure and primarily comprises facilities that are located directly on or below the earth's surface. Road and rail construction, tunnelling and bridge construction are essential for mobility. At the same time, pipeline and power plant construction ensures a sustainable and reliable energy supply. Structural engineering and specialised foundation engineering are particularly necessary when it comes to highly complex construction projects. Rock engineering and hydraulic engineering demand maximum versatility.

What does PORR offer? Civil engineering requires the interplay of a wide range of expert fields. As a specialist in this segment, PORR offers all services from a single source. With maximum flexibility and reliability, PORR creates solutions for a sustainable future. The focus here is on power plants for renewable energies, the expansion of the existing electricity grid and the expansion and modernisation of the railway infrastructure.

Building construction

What's required? Building construction defines cityscapes and landscapes. New worlds are being created with residential buildings, hotels, offices and industrial facilities. In addition, important social needs are met with health, education, shopping and sports facilities. Renovation and revitalisation are just as important as the extensive field of industrial construction.

What does PORR offer? As a design-build contractor, PORR accompanies every project phase in building construction and can offer all steps from planning to commissioning inhouse. As a full-service provider, it fulfils the highest requirements and is on hand to advise and support its clients right from the start of the project. The modernisation of existing buildings is becoming increasingly important in this area.

Environmental engineering

What's required? The demolition of existing buildings is not the end of the story. On the contrary, through demolition, professional recycling and urban mining, old raw materials are utilised and so kept in the cycle. Waste management and landfill operations are just as much a part of the circular economy as remediating contaminated sites, which also includes the removal of asbestos and pollutants.

What does PORR offer? PORR is already focusing on sustainable building materials. Due to the high use of materials in the construction industry, earthworks and gravel management are also part of this area. PORR respects the principles of the circular economy: Reuse, repair, recycle.

Design & engineering

What's required? From planning to realising a construction project, you need a partner who is truly by your side. This means considering not just a single service phase, but the entire life cycle.

What does PORR offer? From tender management, construction preparation and supervision through to general planning and building certification: In all its projects, PORR strives to preserve the design idea, plan economically, and handle processes efficiently. With the use and ongoing development of state-of-the-art technologies and methods such as BIM and LEAN management, it delivers sustainable project success, efficient work, and maximum transparency thanks to real-time data processing.

Special competencies

What's required? The demand for services that cannot be fully categorised into existing areas such as building construction or civil engineering is increasing. Individual requirements call for specialist expertise and customised solutions.

What does PORR offer? PORR has specialist expertise in numerous construction sectors: From producing asphalt, concrete and mastic asphalt as well as concrete construction, facade construction, steel construction and waterproofing through to high mountain and airport construction and erecting high-rise buildings. With the patented Slab Track Austria system, it enables sustainable mobility at high speed. PORR also offers facility and property management for the efficient utilisation of buildings. As a full-service provider, it also makes a valuable contribution to society in the healthcare sector with the design, construction and operation of healthcare facilities.

ADDED VALUE

The process of value creation in the construction industry is shaped by many independent players. This results in an extremely complex construction value chain. In addition to construction companies like PORR, others intensively involved in the process include planning and engineering offices, suppliers and subcontractors, as well as the customers themselves.

When calculating value added, PORR uses the revenue for a given period as the basis. This means that numerous different activities that it performs along the construction value chain are included in the figure. In 2023, value added totalled EUR 1,620.7m and was therefore 9.2% higher than the previous year.

Construction value chain

As soon as the need for a new project arises, a tender is usually issued for the execution. There, the participating construction companies must fulfil specified requirements.

Following a successful tendering procedure, the procurement and planning processes begins. These include procuring materials as well as selecting and commissioning subcontractors. In addition, hazard, opportunity and risk analyses are carried out and occupational health and safety and environmental protection are ensured.

In the subsequent construction and project preparation phase, the construction site is set up and detailed personnel and logistics planning is carried out. This is continuously adapted and optimised.

Construction and project realisation usually represent the largest contribution to value creation for PORR. The duration of this phase can vary depending on the type and scope of the respective project. Building construction projects, such as residential and industrial buildings, generally have shorter construction periods, while civil engineering projects can be expected to take several years. The completion of a project is marked by the handover to the client. The building then enters the utilisation phase.

At the end of the utilisation phase, PORR takes over the revitalisation or demolition and the professional recycling as well as the landfilling or disposal of materials. The aim is to return as many building materials as possible to the construction cycle.

Sustainability along the entire construction value chain is a key concern for PORR and one that it has been pursuing with great commitment for years. To ensure this sustainability, the company liaises closely with all project participants. When selecting business partners and reducing risks along the value chain, PORR relies on full compliance with the principles set out in the Codes of Conduct for staff and business partners.

Construction value chain

OUR GROUP STRATEGY

Four megatrends – namely demographic change, decarbonisation, the digitalisation of construction processes, and deglobalisation, i.e. the "four Ds" – serve as the framework conditions defining the future of construction.

The vision "PORR – Home of Construction. To Build a Better World." sets the direction for the Group strategy. The strategic focus remains on Intelligent Growth with Green and Lean. In concrete terms, this means expanding the leading

THE FUTURE OF BUILDING

market positions in the European home markets. This will be achieved by selectively expanding the depth of value creation and strengthening the Group's regional presence. As a technology pioneer and with strong, Group-wide expertise in circular construction, PORR is positioning itself as a sustainable infrastructure provider. It serves as a onestop shop for holistic solutions in all areas of construction. The primary goal is to increase the value of the company long term. And to do this for and with every stakeholder.

The PORR Group strategy is influenced by complex, long-term framework conditions. The following four Ds not only define our society today but are also determining the future evolution of the European construction industry. In terms of demand, demographic change and deglobalisation are playing a decisive role. Digitalisation is having a significant impact on construction processes in particular, while decarbonisation is changing the industry as a whole.

Demographic change

Urbanisation: The urban population will double by 2050. This can go hand in hand with an increase in productivity and innovation. However, it also requires complex challenges to be overcome such as the creation of affordable housing, sustainable infrastructure and reliable transport systems – smart mobility, for short.

Ageing society: The global average age will increase by over five years by 2050. This is due to a longer life expectancy and a lower birth rate. Older generations will need more support and their housing needs will shift towards rehabilitation clinics and care homes. A well-developed public transport network is essential for long-term mobility.

Deglobalisation

In search of resilience for production and supply chains. Globalisation has increased growth and instability. Its weaknesses are causing many companies to rethink. Supply bottlenecks, geopolitical uncertainties and national legislation are leading to what is known as nearshoring or reshoring – this means relocating production and supply chains to one's own country or neighbouring countries.

Regionalisation requires extensive adjustments. Shorter supply chains and increased trade within a region in turn place greater demands on local logistics. This requires long-term investment in public transport and digital infrastructure. Meanwhile, companies are focusing on building new production and storage facilities.

Decarbonisation

Plus 1.5 degrees Celsius – maximum. With the Paris Agreement, around 200 countries have made a joint commitment to stop global warming. The focus is on reducing greenhouse gas (GHG) emissions and increasing resilience to climate change. This opens up extensive new opportunities, particularly in the areas of energy and transport.

Europe: First climate-neutral continent with EU Green Deal and EUR 600 bn investment. The ultimate goal is to reduce GHG emissions by 55% by 2030. Sustainable transport, a clean energy system, the refurbishment of buildings, and the green industrial revolution are the keys to achieving this. The latter requires extensive adjustments and innovations in processes and technologies, particularly in the resource-intensive construction industry.

Digitalisation

Level-up with artificial intelligence. New technologies are taking digitalisation to the next level. As part of NextGenerationEU, the EU is investing around EUR 250 bn in areas such as digital skills, markets and administration. In addition to artificial intelligence (AI), the programme also focuses on competitiveness in chip manufacturing, cybersecurity and big data.

Digitalisation in construction: Here to stay. Data collection with sensitive sensors and 3D scanners, process automation with robotics, 3D printers and drones – it's all almost standard now. With building information modelling (BIM), augmented and virtual reality, artificial intelligence and digital twins, the construction industry is increasingly becoming a digital industry.

INTELLIGENT GROWTH WITH GREEN AND LEAN

PORR continues to focus on intelligent growth. This strategy has been supplemented by Green and Lean to help shape the future of construction sustainably. The aim is to be the market leader for resource-conscious, circular construction. Partnership-based concepts and lean structures and processes are key factors for future collaboration and profitability.

The Group strategy is based on twelve action fields in four pillars: Company, Staff, LEAN and ESG. Strategic projects – the strategic project portfolio – are driven forward within this framework. The measures implemented are evaluated in a continuous strategy process based on predefined key indicators.

Company

PORR's ambition is not to be one of the biggest, but to be the best. This can only be achieved with the right personnel and first-class solutions. The focus is on lean, partnership-based project management. At the same time, the focus is on securing the company's strong market position by strengthening its own construction value chain. PORR aims to achieve sustainable profitability by digitalising processes and optimising risk management. A strong equity and liquidity position as well as reliable investment management provide a stable foundation for this.

Staff

The five PORR Principles form the basis for working together at PORR. To continue to secure skilled labour and talent, the focus – in addition to occupational safety – is on establishing the company as a top employer. With the PORR Academy, PORR consistently promotes its strengths from within its own ranks, thereby ensuring staff loyalty to the company. Occupational health management (OHM) and the new social policy emphasise the company's position on health, diversity and performance. Details on the Staff pillar can be found in the Better Society section from page 96.

LEAN

The more complex the projects, the more important the expertise. As a design-build contractor, PORR relies on inhouse expertise and its own construction value chain. This delivers innovative solutions in design and construction from a single source. BIM has long since become the standard. At the same time, it is driving forward the development of digital future topics as a technology pioneer. Efficient and standardised processes are essential for outstanding quality and the optimised use of resources. Flexibility, cost awareness and clear responsibilities are key aspects of the ongoing LEAN transformation.

ESG

As a construction company, PORR bears a high level of responsibility to the environment. For us, sustainable construction is an opportunity and not a contradiction. Various initiatives and measures are aimed at the careful use of energy and resources. The focus is on decarbonisation and circularity. Ethical, fair and transparent behaviour is a matter of course for every member of staff and means stability. This is the only way to build long-term trust among all stakeholders and live sustainable business practices. Details on the ESG pillar can be found in the PORR sustainability strategy from page 67.

To Build A Better World

Weitere Angaben

Further Information

PORR 2025

The goals of the future programme PORR 2025 are to secure sustainable profitable growth and improve resilience to any cyclical and geopolitical influences. Far-reaching measures such as adjusting cost and organisational structures and optimising the broad service portfolio are being implemented to achieve this. At the same time, growth topics and innovative digital technologies are being driven forward in order to guarantee PORR's future competitiveness.

STRATEGY GOALS

Realising future potential

More focus

Markets

Operational excellence

and digitalisation

PORR remains convinced of the long-term potential of its seven European home markets. The aim is to safeguard and expand the strong market position in Europe. The focus is on selective, results-oriented growth and sustainable construction.

With the transformation currently underway, uniform standards should be secured across the whole Group along with connected processes. Digital, efficient solutions across the entire construction value chain and new, data-based business models open up a new dimension in terms of

• Unite economy, environment and society in building construction
• Intelligent growth with Green and Lean
• Expand on leading position in the home markets
• Build on general contractor/design-build approach
• Innovation leader in construction and technology
• Utilise digital opportunities
• Optimise construction processes
• Increase project margins by a further 1.1% to 1.3% by 2025 (based on 2021)

Greater efficiency

potential.

The rapidly changing market environment demands new flexibility. With a lean and efficient organisation, PORR should be strong and well prepared for (un)foreseeable external impacts. A modern and appreciative working environment is intended to provide an ongoing Best Place to Work.

• LEAN management flat hierarchies and fast decision paths
• Best Place to Work: Increase staff satisfaction and reduce fluctuation
• Cut overheads increase EBT margin by a further 0.2% to 0.4% (based on 2021)

Enhancing value

The changing market conditions and PORR's strong growth in the last few years have necessitated an improvement in earnings power and cost structures along with optimising capital employed and the capital structure.

• Improve capital employed: Sustainable increase in free cash flow, reduce working capital, maintain adequate liquidity
• Optimise the capital structure: Improve the equity ratio (20% to 25%) through capital measures and organic growth, reduce hybrid capital (medium-term equity < 30%), significant reduction in financial liabilities

Finances

Staff and

organisation

To Build A Better World

	MILESTONES 2023	MEASURES 2025
Markets	• Record output: EUR 6,577m • Top order backlog: EUR 8,452m • Selective M&A increases depth of added value: Pannonia Group and Sanitär-Elementbau • Around 10% of the projects in the order backlog are closely related to the energy transition	• Promote sustainable construction (energy-efficient buildings, smart mobility/infrastructure, renewable energy) • Extend value chain • Expand permanent business • Optimal portfolio mix via Heatmap – expand high-margin product areas
Operational excellence and digitalisation	• LEAN transformation: Launched for around twenty additional organisational areas in five home markets • Successful BIM pilot projects in civil engineering; standards established for surveying and machine control • Sequello rollout accelerated (supplier connection, material master mapping, construction site onboarding) and Joystick pilot phase (material logistics platform) completed • iTwo rollout completed: Handover to country responsibility, reporting finalised	• Group-wide rollout of BIM and LEAN • Task force to avoid and further reduce loss-making construction sites • Digitalise the supply chain and construction processes through innovative IT solutions (Sequello, DigiTun, ISHAP) • Increase efficiency in project management – Group-wide roll-out of iTwo for construction
organisation Staff and	• Employer branding: New measures lead to record applications (+24% compared to the previous year) • Digital HR: Project launch for three SAP SuccessFactors modules • Update PORR Academy with new e-learning courses (including ESG, Diversity & Inclusion) • Rollout of Leadership Academy completed across the entire Group	• Digitalise administrative processes/process automation with Robotics • Expand PORR Academy • Leadership programme at every management level
Finances	• Increased financial performance: – Further reduction in working capital – Reduction of trade receivables by EUR 152m – Cash and cash equivalents ~ EUR 631m Increase in liquidity reserve to EUR 1,037m • Improvement of capital structure: – Sharp decrease in hybrid capital as share of equity to 28.8% • – Equity ratio improved to 20.8%	• Optimise financial performance/capital employed: – Reduce receivables and working capital through cash conversion – Intensify investment controlling – Reduce total assets • Optimise capital structure: – Reduce financial liabilities through cash/reduction in working capital – Strengthen equity by increasing profitability and securing sustainable payout ratio of 30% to 50%

PORR 2025 33

PORR ON THE STOCK EXCHANGE

INTERNATIONAL STOCK MARKETS ON THE RISE

The international stock markets got off to a good start in 2023. The easing of high inflation rates, a milder than expected recession and the end of the strict Covid policy in China provided positive impetus in the first few months. In March, negative headlines from the US and Swiss banking sector put an end to this momentum. Several banks came under pressure due to the higher interest rate environment and required support measures including state assistance.

After this, declining inflation rates and persistent interest-rate and economic concerns proved to be the main sentiment drivers. Investors took a wait-and-see approach, which led to a decline in volatility, particularly in the second quarter. The accompanying sideways movement of international indices continued until the end of the summer. A downward trend began in September with the European Central Bank's (ECB) latest increase in the base rate to 4.5%. Interest rates at the US Federal Reserve (Fed) had already been at 5.5%. The start of the military conflict in the Middle East added to the uncertainty.

The lack of further interest rate hikes in autumn led to a turnaround in the mood on the capital markets. This led to a strong upward trend in share prices at the start of November, which continued until the end of the year. Encouragingly low inflation data from both Europe and the USA supported rising expectations. In December, the Fed announced that interest rates had now peaked and spoke of interest rate cuts in 2024, prompting international trading hubs to record further strong price rises until the end of the year.

The majority of international indices reported an extremely positive performance for the year. For example, the leading US index, the Dow Jones Industrial Average, was up by 13.7% on the previous year's closing price. The European benchmark index EURO STOXX 50 performed almost in line with the German benchmark index DAX 40, ending 2023 with price increases of 19.2% and 20.3% respectively. The Polish benchmark index WIG20 clearly outperformed the market as a whole following the parliamentary elections in October. It recorded growth of 30.7% at the end of the year.

Austria's leading index, the ATX, lagged behind the larger indices from as early as March due to its heavy weighting of bank stocks. Despite this, it still ended the year with an increase of 9.9%.

PORR SHARE DISPLAYS VOLATILITY

The PORR share has been listed on the Vienna Stock Exchange since 8 April 1869. This makes it the oldest traded stock exchange share in Austria. The share is listed in the prime market, the top segment of the Vienna Stock Exchange.

The PORR share made a good start to 2023 in line with the market, reaching an initial high with the publication of the preliminary results for 2022. As the year progressed, however, it had to succumb to the cloudy market environment. Construction and real estate stocks in particular came under significant pressure in 2023 due to the stricter financing environment.

From March onwards, the PORR share showed a slightly positive lateral movement. From there, the share rose to its year high of EUR 14.80 on 22 May, before losing value again in the medium term due to further interest rate hikes by the central banks. During this phase, the publication of the halfyear report at the end of August provided a temporary boost. On 25 October, however, the PORR share reached its year low of EUR 11.00.

With expectations rising for an imminent turnaround in interest rates, the share price development took a positive turn. In November the PORR share was able to catch up with the market as a whole. The closing price on 31 December 2023 was EUR 12.70 and therefore 8.0% above the end of the previous year. The market capitalisation was EUR 498.8m and the average daily trading volume was 27,066 shares.

SHARE BUYBACK PROGRAMME ENDED

In June 2023, PORR successfully completed its share buyback programme. In the period from 7 October 2022 to 7 June 2023, 785,565 shares (or 2.0% of the share capital) were bought back at a weighted average price of EUR 12.65. The total value of the repurchased shares was EUR 9.9m.

Share price and trading volumes of the PORR share 2023 (index)

PORR share – stock market indicators

		2023	2022
Price as of 31 December	EUR	12.70	11.76
Market capitalisation as of 31 December	EUR m	498.8	461.9
Year high	EUR	14.80	14.00
Year low	EUR	11.00	9.00
Earnings per share	EUR	2.21	1.65
Dividends per share	EUR	0.751	0.60
Dividend yield		5.9%1	5.1%
Payout ratio		33.9%1	36.4%
Price-earnings ratio		5.7	7.1
Number of shares in issue as of 31 December	No.	39,278,250	39,278,250

1 Proposal to the AGM

ANALYST COVERAGE

The PORR share is currently covered by seven brokers. They are currently issuing a buy recommendation:

ERSTE Group Bank AG	Buy
Joh. Berenberg, Gossler & Co. KG	Buy
Kepler Cheuvreux	Buy
Montega AG	Buy
Raiffeisen Bank International AG	Buy
SRC Research	Buy
M.M. Warburg & CO (AG & Co.) KGaA	Buy

DIVIDEND POLICY

The Executive Board and Supervisory Board of PORR will propose a dividend of EUR 0.75 for the 2023 reporting year at the Annual General Meeting. The dividend yield is thereby 5.9% and the payout ratio is 33.9%.

PORR is consistently adhering to its dividend policy, which provides for a payout ratio of 30% to 50%. The payout ratio is defined as the ratio between dividends per share and earnings per share.

To Build A Better World

1 includes PORR Management and PORR AG treasury shares

INTERNATIONAL SHAREHOLDER STRUCTURE

The syndicate (Strauss Group, IGO Industries Group) holds the majority of the shares outstanding, with 50.4%. According to the survey conducted in January 2024, the free float of 49.6% was primarily distributed across Austria (24.7%), the USA (12.4%) and Germany (6.5%). Around 8.3% of investors came from the rest of Europe. Retail investors recently accounted for 33.8%. Around 13.4% of the shares in free float are not directly assignable.

INVESTOR RELATIONS

The PORR Investor Relations team strives for comprehensive and long-term relationships with its stakeholders. The focus is on prompt, transparent communication and open dialogue. Stakeholders include private and institutional investors and analysts as well as cross-industry interest groups, banks, the media and ESG rating agencies.

Together with the Executive Board, the PORR Investor Relations team participated in numerous national and international capital market conferences in 2023. PORR also hosted several roundtables for institutional investors. In over 60 physical and virtual meetings, PORR met around 110 investors. PORR also organised conference calls for analysts, investors and banks as part of its quarterly reporting. At the annual results press conference in March, the Breakdown of free float1

(in %)

Executive Board team was available for questions from the press about the results of the past year. The 2023 Annual General Meeting was held in person again for the first time since the pandemic and attracted numerous private and institutional investors. Interested parties were also able to talk in person with the Executive Board and the Investor Relations team at the GEWINN trade fair in October.

The discussions focused on international geopolitical developments, whereby current strategic measures and PORR's financing structure were explained. In the second half of the year, PORR's future margin performance also took centre stage.

All relevant information such as the latest financial reports, presentations, factsheets and the financial calendar can be accessed at any time at www.porr-group.com/en/ir. The website also provides daily updates on the share price as well as information and contact details for broker coverage. Details on the outstanding bonds, corporate governance and other corporate actions are also available there. All documents relating to the Annual General Meeting and frequently asked questions can be found in this section as well.

Any interested stakeholders are invited to register for the PORR newsletter on results publications and press releases at ir@porr-group.com. Questions and concerns can be submitted by telephone or email to the PORR Investor Relations team at any time.

To Build A Better World

CORPORATE GOVERNANCE

PORR views corporate governance as a key concept for responsible and transparent company management and the comprehensive auditing that accompanies this. The Executive Board and Supervisory Board work closely to gether in the interests of the company and its staff and continuously approve the strategic direction of the PORR Group. Constant dialogue with all relevant interest groups builds trust, also in corporate activities, and provides the basis for sustainable corporate growth in the future.

In December 2014, the PORR Group made a joint formal declaration by the Executive Board and the Supervisory Board committing itself to the observance of the Austrian Code of Corporate Governance. A central concern for PORR is continuously implementing the standards of responsible and sustainable corporate management.

With reference to the deviations listed below in the com ply-or-explain catalogue, PORR is committed to compliance with the rules of the Austrian Code of Corporate Govern ance and sees this as a key precondition for responsible corporate management. The following corporate govern ance report contains the corporate governance report of the parent company PORR AG and the consolidated group in accordance with AFRAC statement 22.

In accordance with Rule 62 of the Austrian Code of Cor porate Governance, an external evaluation of adherence to the C Rules is conducted at regular intervals. BDO Assur ance GmbH Wirtschaftsprüfungs- und Steuerberatungs gesellschaft was hired to conduct the assessment for the 2021 business year and confirmed PORR's adherence to the C Rules in its report of 15 March 2022.

In accordance with Rule 36 of the Austrian Code of Cor porate Governance, in 2023 the Supervisory Board once again conducted a self-evaluation in the form of a survey which primarily addressed the efficiency of the Supervisory Board, its organisation and its working practices. The find ings were then evaluated and discussed by the Supervisory Board.

COMPLY-OR-EXPLAIN CATALOGUE

Rules 27 and 27a: A core issue for PORR is to ensure that Executive Board remuneration is objectively as measurable and transparent as possible. The Executive Board remu neration contains fixed and variable components which conform to the directives of Rule 27 to the greatest possible extent. The variable component is based on parameters in -

cluding personal performance, personal dedication, PORR's economic situation and the respective sphere of responsi bility, as well as non-financial parameters. The non-finan cial parameters primarily relate to implementing steps for the further development of PORR's sustainable profitability as well as the compliance focal points to be determined annually by the Supervisory Board. These are, however, difficult to subject to objective measurement. The option of demanding back variable remuneration components in the event that the payout was based on demonstrably false data is already granted under civil law. Beyond this, no obli gation to demand back variable remuneration components has been implemented. Furthermore, the Executive Board contracts do not contain any regulations specifying that, in the event of an Executive Board member's premature departure from the Board, the circumstances of the de parture and the economic state of the company should be taken into account. On the basis of the legal provisions of the (EU) 2017/828 directive (Second Shareholder Rights Directive) and the Austrian Stock Corporation Act, PORR complies with the specifications related to disclosure of a remuneration policy and a report on remuneration for the Supervisory Board and Executive Board. In the 2020 Annual General Meeting (AGM), the remuneration policy produced by the Supervisory Board was approved in accordance with the Second Shareholder Rights Directive for the first time. It was amended in the AGM on 28 April 2023. In this 2023 AGM, the remuneration report for 2022 was also presented to the AGM for its approval and approved by a big majority.

Rule 49: The conclusion of contracts with members of the Supervisory Board in which such members are committed to the performance of a service outside of their activities on the Supervisory Board for the company or a subsidiary for remuneration not of minor value is subject to approval by the Supervisory Board in line with the law. The company will, however, refrain from publishing these details due to related operational and business confidentiality issues. In any case, the notes to the consolidated financial statements show PORR disclosures on "related party transactions", which detail the remuneration for services of members of the Supervisory Board outside of their activities on the Supervisory Board.

The latest version of the "Austrian Code of Corporate Gov ernance" as laid out by the Austrian Working Group for Corporate Governance is available on the website of the Austrian Working Group at www.corporate-governance.at. The website also includes an English translation of the Code and the interpretations developed by the working group. Furthermore, the latest Austrian Code of Corpo rate Governance is available on the PORR homepage at https://porr-group.com/cg-code .

THE COMPANY'S EXECUTIVE BOARD

As of 31 December 2023, the Executive Board had four members.

The Executive Board conducts its business in accordance with the provisions of the Stock Corporation Act, the statutes, other laws and the rules of procedure, and reports regularly to the Supervisory Board on its activities. The Supervisory Board rules on the division of responsibilities in the Executive Board in line with maintaining the overall responsibility of the Executive Board as a whole. The Executive Board requires the prior consent of the Supervisory Board to carry out the transactions listed in Section 95 Paragraph 5 of the Austrian Stock Corporation Act, as amended from time to time. Furthermore, the Supervisory Board has issued rules of procedure in which, in accordance with Section 95 Paragraph 5 Stock Corporation Act, amount limits are set up to which its consent is not required. The rules of procedure also contain additional types of transactions that require the approval of the Supervisory Board.

The Executive Board in 2023

The management of the company is based on an efficient reporting and control system. Notwithstanding the overall responsibility of the Executive Board, the members of the Executive Board have been assigned business areas by the Supervisory Board. Decisions in their business area are made independently by the responsible members of the Executive Board, whereby the members of the Executive Board support each other and inform each other about all important processes and matters in their business area.

As a rule, the Executive Board holds meetings every fortnight for mutual information and shared decision-making on all important matters. In addition, an intensive exchange of information also takes place outside the meetings.

The Executive Board passes its resolutions by simple majority, with the Chairman of the Executive Board having the casting vote in the event of a tie. The company is represented by two members of the Executive Board jointly or by one member of the Executive Board together with an authorised signatory ("dual control principle").

Name	Date of birth	Position	Member	Appointed until
Karl-Heinz Strauss	27.11.1960	Chairman of the Executive Board and CEO	13.09.2010	31.12.2024
Klemens Eiter	02.05.1970	Executive Board member and CFO	01.05.2022	30.04.2026
Josef Pein	07.10.1958	Executive Board member and COO	01.01.2020	31.12.20241
Jürgen Raschendorfer	27.07.1972	Executive Board member and COO	08.03.2021	07.03.2025

1 Josef Pein resigned from the Executive Board as of 31 December 2023 and retired.

Karl-Heinz Strauss, MBA, FRICS, was born on 27 November 1960 in Klagenfurt, Austria. After graduating from the technical college of civil engineering, he completed international study programmes at Harvard, St. Gallen and Fontainebleau. He received his MBA from IMADEC. From 1980 to 1984 he worked as an independent entrepreneur in the civil engineering sector. In 1987 he started his career at Raiffeisen Zentralbank Österreich Aktiengesellschaft (RZB) in the corporate customers sector. From 1992 he worked in various positions as a Managing Director and member of the Supervisory Board in various RZB real estate companies and was head of Concorde Projektentwicklungsgesellschaft m.b.H., which he played a large role in founding and building up. In 1994 he was appointed to the Executive Board of Raiffeisen Wohnbaubank AG. In 2000 he took over the management of STRAUSS & PARTNER IMMOBILIEN GmbH.

Karl-Heinz Strauss has been Chairman of the Executive Board and CEO of PORR AG since 13 September 2010. On the Executive Board, he was responsible for Germany as well as for Compliance, Internal Audit, Group Communications, Investor Relations & Sustainability, Group Management, Legal & Insurance, Group Human Resources, Corporate Development & PMO and Real Estate until 31 December 2023. From 1 January 2024, Karl-Heinz Strauss will be responsible for Austria and Switzerland as well as for Compliance, Internal Audit, Group Communications, Group Management, Legal & Insurance, Group Human Resources, Real Estate, Corporate Development & PMO, Operational Management/PORR Equipment Services GmbH, Group Procurement, and the Digital Unit.

Ing. Josef Pein, born on 7 October 1958 in Altneudörfl, Austria, worked as a technician and division manager in various companies after graduating from the secondary technical school for construction and civil engineering in Graz and passing the concession examination for the master builder trade in 1994. Since 1987, he has held various management and leadership positions within the PORR Group. Josef Pein was appointed to the management board of PORR Bau GmbH in 2011.

To Build A Better World

Josef Pein was a full member of the Executive Board and COO of PORR AG from 1 January 2020. Until his departure on 31 December 2023, he was responsible on the Executive Board for Austria, Switzerland and Romania as well as for Compliance, Internal Audit and pde Integrale Planung GmbH.

Josef Pein retired on 31 December 2023 before his Executive Board mandate expired on 31 December 2024.

Dipl.-Ing. Jürgen Raschendorfer, born on 27 July 1972 in Ingolstadt, Germany, studied civil engineering at the University of Wuppertal and graduated in 1999 with a degree in engineering. He began his career at Ed. Züblin AG. Until 2020, he was responsible for the non-European international construction business within the STRABAG Group.

Jürgen Raschendorfer has been a full member of the Executive Board and COO of PORR AG since 8 March 2021. As of 31 December 2023, he was responsible on the Executive Board for Poland, Norway, the Czech Republic, Slovakia, GCC, Tunnelling, Major Projects and Slab Track International, Compliance, Internal Audit and Operational Management/PORR Equipment Services GmbH. From 1 January 2024, Jürgen Raschendorfer will be responsible for Poland, Norway, the Czech Republic, Slovakia, GCC and the areas of Tunnelling, Slab Track International, Compliance and Internal Audit.

Mag. Klemens Eiter was born on 2 May 1970 in Innsbruck, Austria. He studied business informatics at the University of Vienna and the Vienna University of Economics and Business Administration and has worked in auditing and tax consultancy since 1996. Klemens Eiter has been Managing Partner of BDO Austria GmbH since 2009 and most recently headed the IFRS Competence Centre and the Construction Industry Sector Centre.

Klemens Eiter has been a full member of the Executive Board and CFO of PORR AG since 1 May 2022. As of 31 December 2023, he was responsible on the Executive Board for the Digital Unit, Group Accounting, Group Tax, Group Treasury, Commercial Management, Group Procurement, Compliance and Internal Audit. From 1 January 2024, Klemens Eiter will be responsible for GCC and the areas of Slab Track International, Group Accounting, Group Tax, Group Treasury, Corporate Sustainability, Investor Relations, Commercial Management, Compliance, and Internal Audit.

On 31 August 2023, the Nomination Committee of the Supervisory Board passed a resolution to nominate Dipl.-Ing. Claude-Patrick Jeutter, born on 13 October 1968 in Stuttgart, Germany, as a further full member of the Executive Board of PORR AG. At its meeting on 21 September 2023, the Supervisory Board appointed Claude-Patrick Jeutter as a member of the company's Executive Board from 1 January 2024 for a period of five years. Claude-Patrick Jeutter studied civil engineering at the University of Stuttgart and graduated in 1995 with a degree in engineering. He began his career at Müller-Altvatter GmbH & Co. Until 2019, he held management and board positions at various construction companies in Germany. Since 2019 was in a management position in the PORR Group and was responsible for the Germany division as a member of the management board of PORR Management GmbH.

From 1 January 2024, Claude-Patrick Jeutter will be a full member of the Executive Board and COO of PORR AG with responsibility for Germany and Romania as well as for Compliance and Internal Audit.

The members of the company's Executive Board each fulfil the following additional functions on supervisory boards or comparable positions in (non-consolidated) domestic and foreign companies:

Supervisory board mandates or comparable functions of Executive Board members in external companies as of 31 December 2023

Executive Board member	Company	Position
Karl-Heinz Strauss	UBM Development AG1	Chairman of the Supervisory Board

1 Listed on the stock exchange

The Executive Board members of the parent company also realise management and supervisory functions in companies included in the consolidated financial statements.

Executive and supervisory board functions of Executive Board members of companies included in the consolidated financial statements as of 31 December 2023

Executive Board member	Company	Position
Karl-Heinz Strauss	PORR AG1	Chairman of the Executive Board
	PORR Bau GmbH	Chairman of the Supervisory Board
	PORR Bauindustrie GmbH	Managing Director
	PORR GmbH & Co. KGaA	Chairman of the Supervisory Board
	PORR SUISSE AG	President of the Administrative Board
Klemens Eiter	PORR AG1	Executive Board member
	PORR a.s.	Supervisory Board member
	PORR Bau GmbH	Deputy Chairman of the Supervisory Board member
	PORR GmbH & Co. KGaA	Supervisory Board member
	PORR S.A.	Supervisory Board member
Jürgen Raschendorfer	PORR AG1	Executive Board member
	PNC Norge AS	Chairman of the Supervisory Board
	PORR a.s.	Supervisory Board member
	PORR Bau GmbH	Supervisory Board member
	PORR GmbH & Co. KGaA	Supervisory Board member
	PORR S.A.	Chairman of the Supervisory Board
Josef Pein2	PORR AG1	Executive Board member
	PORR GmbH & Co. KGaA	Supervisory Board member

1 Listed on the stock exchange

2 Josef Pein resigned from his functions as of 31 December 2023.

THE COMPANY'S SUPERVISORY BOARD

As of 31 December 2023, the Supervisory Board of the company consisted of eight members elected by the Annual General Meeting plus four additional members appointed by the Works Council.

Within the framework of the statutory provisions and the provisions of the statutes, the Supervisory Board has issued rules of procedure that define the working methods of the Supervisory Board as a whole and of the committees as well as the approval and resolution requirements.

The Supervisory Board regularly passes its resolutions in meetings. The Supervisory Board holds a meeting as often as the interests of the company require, but at least quarterly. The Supervisory Board held five ordinary Supervisory Board meetings in the 2023 financial year. The average attendance rate of the members elected by the Annual General Meeting at the Supervisory Board meetings was 97.5%.

The Supervisory Board actively accompanied and supported the development of the company within the scope of its duties.

The Executive Board reported in detail to the Supervisory Board in accordance with Section 81 of the Stock Corporation Act and informed the Supervisory Board in a timely and comprehensive manner, in particular through oral and written reports, about the business and financial situation of the company as well as of the Group and the affiliated companies, about staff and planning issues as well as about investment and acquisition projects, and discussed strategy, business development and risk management with the Supervisory Board. The necessary approvals were obtained for transactions requiring the approval of the Supervisory Board in accordance with Section 95 Paragraph 5 of the Stock Corporation Act and the rules of procedure for the Executive Board, and in urgent cases in the form of a written vote.

Resolutions are passed by a simple majority of the votes cast. Abstentions do not count as votes cast. In the event of a tie – including in elections – the Chairman shall have the casting vote. Each Deputy, when acting on behalf of the Chairman, as well as the Chairman of a committee shall have the casting vote in the case of resolutions and elections.

The Supervisory Board in 2023

					Independent acc. to
Name	Date of birth	Positions	Member since	Appoint ed until	C Rule 53 of the ACCG	C Rule 54 of the ACCG
Karl Pistotnik	12.08.1944	Chairman of the Supervisory Board, the Nomination committee and the Remuneration committee, Member of the Audit committee	06.12.2012	AGM 20251	Yes	No
		Deputy Chairman of the Super visory Board, the Audit committee, the Nomination committee and the Remuneration committee;		AGM
Klaus Ortner Robert Grüneis	26.06.1944 22.05.1968	Remuneration expert Member of the Supervisory Board, Deputy Chairman of the Sustaina bility committee	30.07.1998 22.05.2014	20251 AGM 20251	No Yes	No Yes
Walter Knirsch	08.02.1945	Member of the Supervisory Board	06.12.2012	AGM 20251	Yes	Yes
Iris Ortner	31.08.1974	Member of the Supervisory Board, Chairwoman of the Sustainability committee	27.05.2010	AGM 20251	No	No
Bernhard Vanas	10.07.1954	Member of the Supervisory Board, Chairman of the Audit commit tee; financial expert as defined in Section 92 Paragraph 4a Stock Corporation Act	06.12.2012	AGM 20251	Yes	No
Susanne Weiss	15.04.1961	Member of the Supervisory Board, the Nomination committee, the Remuneration committee and the Sustainability committee; Remuneration expert	06.12.2012	AGM 20251	Yes	Yes
Thomas Winischhofer	26.05.1970	Member of the Supervisory Board and the Audit committee	29.05.2008	AGM 20251	No	No
Gottfried Hatzenbichler2	17.12.1971	Member of the Supervisory Board, the Audit committee, and the Sustainability committee	26.06.2017	n/a	n/a	n/a
Wolfgang Ringhofer2	15.02.1971	Member of the Supervisory Board and the Audit committee	26.06.2017	n/a	n/a	n/a
Martina Stegner2	13.04.1976	Member of the Supervisory Board and the Sustainability committee	17.06.2022	n/a	n/a	n/a
Christian Supper2	16.04.1970	Member of the Supervisory Board	17.06.2022	n/a	n/a	n/a

1 The Supervisory Board members are appointed by the Annual General Meeting until the end of the Annual General Meeting which will rule on the fiscal year 2024. 2 Appointed by the Works Council

The members of the company's Supervisory Board each hold the following supervisory board mandates or comparable functions in (non-consolidated) domestic and foreign companies:

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Supervisory board mandates or comparable functions of the Supervisory Board members as of 31 December 2023

Name	Company	Position
Klaus Ortner	ELIN GmbH	Supervisory Board member
	UBM Development AG1	Supervisory Board member
Robert Grüneis	Philips Austria GmbH	Supervisory Board member
Iris Ortner	ELIN GmbH	Chairman of the Supervisory Board
	Liechtensteinische Landesbank (Österreich) AG	Supervisory Board member
	Österreichische Beteiligungs AG	Supervisory Board member
	TKT Engineering Sp. z o.o. (Poland)	Deputy Chairwoman of the Supervisory Board
	UBM Development AG1	Deputy Chairwoman of the Supervisory Board
Bernhard Vanas	Bankhaus Denzel Aktiengesellschaft	Deputy Chairman of the Supervisory Board
	UBM Development AG1	Supervisory Board member
	Wolfgang Denzel Aktiengesellschaft	Deputy Chairman of the Supervisory Board
	Wolfgang Denzel Auto AG	Deputy Chairman of the Supervisory Board
	Wolfgang Denzel Holding Aktiengesellschaft	Supervisory Board member
Susanne Weiss	ROFA AG	Chairwoman of the Supervisory Board
	UBM Development AG1	Supervisory Board member
	Wacker Chemie AG1	Supervisory Board member
Thomas Winischhofer	TKT Engineering Sp. z o.o. (Poland)	Supervisory Board member

1 Listed on the stock exchange

Criteria for independence

C Rule 53 of the Austrian Code of Corporate Governance specifies that the majority of the members of the Supervisory Board elected by the Annual General Meeting or appointed by shareholders in line with the statutes shall be independent of the company and its Executive Board. A Supervisory Board member shall be considered independent if they do not have any business or personal relationship with the company or its Executive Board which constitutes a material conflict of interests and could therefore influence the behaviour of the member. The following criteria serve to define the independence of a Supervisory Board member:

• a) In the past five years the Supervisory Board member has not served on the Executive Board or as a management-level employee of PORR AG or one of its subsidiaries.
• b) In the past year the Supervisory Board member has not maintained any business relations with PORR AG or one of its subsidiaries to an extent which is significant for the member of the Supervisory Board. This also applies to relationships with companies in which a member of the Supervisory Board has considerable economic interest, although this does not apply to exercising functions in bodies of the Group. Group matters as well as a member of the Supervisory Board merely exercising the function of a member of the Executive Board or Managing Director do not, as a rule, lead to the relevant company being regarded as a "company in which a member of the Supervisory Board has a significant economic interest",

unless it can be assumed under the circumstances that the member of the Supervisory Board derives a direct personal benefit from a transaction with these companies. The approval of individual transactions by the Supervisory Board pursuant to Rule 48 of the Austrian Code of Corporate Governance does not automatically mean the person is classified as not independent.

• c) In the past three years the Supervisory Board member has not been an auditor of PORR AG or been a shareholder or employee of the audit company which audited the company.
• d) The Supervisory Board member has not served on the Executive Board of a different company in which an Executive Board member of the PORR AG serves on the Supervisory Board.
• e) The Supervisory Board member has not been on the Supervisory Board for more than 15 years. This shall not apply to Supervisory Board members who are shareholders with a direct investment in the company or who represent the interests of such a shareholder.
• f) The Supervisory Board member is not a close family member (direct offspring, spouse, life partner, parent, uncle, aunt, sibling, niece, nephew) of a member of the PORR AG Executive Board, or of a person to whom any of the items a) to e) apply.

The Supervisory Board members Robert Grüneis, Walter Knirsch, Karl Pistotnik, Bernhard Vanas and Susanne Weiss have declared themselves to be independent. The Supervisory Board members Iris Ortner, Klaus Ortner and Thomas Winischhofer have not submitted a declaration.

To Build A Better World

C Rule 54 of the Austrian Code of Corporate Governance specifies that companies in which free float accounts for more than 20% of shares must have at least one independ ent member as defined by C Rule 53 on the Supervisory Board, as elected by the general meeting or appointed under the statutes, who does not hold more than 10% of shares or represents the interests of such a shareholder. The Supervisory Board members Robert Grüneis, Walter Knirsch and Susanne Weiss have declared that they meet these criteria.

Committees of the Supervisory Board

In the business year 2023, the following committees were formed by the Supervisory Board in order to support and deal efficiently with complex issues:

Audit Committee

The responsibilities of the Audit Committee include:

• (a)monitoring the financial reporting process as well as issuing recommendations or suggestions to ensure its reliability;
• (b) monitoring the effectiveness of the Group-wide internal control system, the internal audit system and the Group's risk management system;
• (c)monitoring the auditing of the individual and consoli dated financial statements under consideration of the findings and conclusions in the reports published by the Regulatory Authority on Auditors in accordance with Ar ticle 26 Section 6 of EU Regulation No. 537/2014;
• (d)assessing and monitoring the independence of the chartered (Group) auditors, in particular as regards any additional services they may have provided to the com pany. Article 5 Section 5 of EU Regulation No. 537/2014 applies;
• (e)producing the report on the results of the audit to the Supervisory Board and a statement on how the audit has contributed to the reliability of financial reporting and the role of the audit committee;
• (f) assessing the annual financial statements and preparing for their approval, assessing the proposal for appropria tion of earnings, the management report and the corpo rate governance report, as well as reporting on the audit findings to the Supervisory Board;
• (g)assessing the consolidated financial statements and the Group management report, the consolidated corpo rate governance report, as well as reporting back to the Supervisory Board of the parent company on the audit findings; and
• (h)carrying out the process for selecting the (Group) auditor under consideration of the appropriateness of their fee and preparing the Supervisory Board's recommendation on the choice of auditor. Article 16 of EU Regulation No. 537/2014 applies.

In six meetings in 2023, the Audit Committee dealt with the following main topics:

• An invitation to tender for the election of a new auditor
• Election of the auditors for the 2023 individual and consolidated financial statements
• Supervision of the audit of the individual and consolidated financial statements, the audit plan and key audit areas
• Report of the internal audit on the audit plan and related party transactions
• Monitoring the effectiveness and functionality of the in ternal control system and the risk management system
• Approval of non-audit services of the (Group) auditors
• Audit and preparation of the adoption of the annual fi nancial statements as of 31 December 2022 as well as the audit of the management report, the corporate gov ernance report, the report on payments to government agencies, the consolidated financial statements as of 31 December 2022 with the Group management report (incl. non-financial statement) and the proposal for the appropriation of earnings
• Monitoring of the accounting process
• Reciprocal communication between the (Group) auditors and the Audit Committee

In two of these meetings, there was also an opportunity for an exchange between the Audit Committee and the (Group) auditors without the presence of the Executive Board.

Nomination Committee

The Nomination Committee has the following responsibil ities:

• (a)preparing Executive Board appointments: Before ap pointing Executive Board members, the nomination committee shall define the requisite profile for the Ex ecutive Board member taking into account the corpo rate strategy and state of the company and prepare the decision by the entire Supervisory Board;
• (b) proposing possible candidates for the Supervisory Board: The nomination committee is involved in plan ning the allocation of Supervisory Board mandates. The nomination committee shall submit appointment proposals to the entire Supervisory Board, which shall be proposed on the basis of a resolution of the entire Supervisory Board to the AGM for their approval. When proposing appointments, attention must be paid to the qualifications and personal skills of the Supervisory Board members, as well as the balanced composition of the Supervisory Board in light of the structure and business area of PORR AG. Furthermore, the aspects of diversity in the Supervisory Board with regard to rep resentation of gender, age and internationality shall be considered appropriately. Attention shall be paid to the fact that no-one shall be proposed as a member of the Supervisory Board who has been convicted of a crime that calls their professional reliability into question.

In two meetings, the Nomination Committee dealt with the election of new members to the Supervisory Board and with Executive Board matters.

Remuneration Committee

The Remuneration Committee has the following responsibilities:

• (a) handling matters related to remuneration of the Executive Board members and the content of the employment agreements with Executive Board members, particularly specifying the underlying principles of Executive Board member remuneration and determining the criteria for variable remuneration components;
• (b) evaluating the remuneration policy for Executive Board members at regular intervals;
• (c)approving sideline activities of Executive Board members.

In three meetings in 2023, the Remuneration Committee dealt with the following main topics:

• Variable remuneration for the members of the Executive Board
• Review of the remuneration report
• Long-Term Incentive Program / amendment of the remuneration policy
• Approval of sideline activities of Executive Board members
• Parameters of the employment contract for the new Executive Board member Claude-Patrick Jeutter

Sustainability Committee

The Sustainability Committee has the following responsibilities:

• (a)addressing and analysing sustainability criteria and corporate responsibility concepts in the corporate process, in particular determining relevant environmental, social and governance factors (sustainability), which are determined in detail by the industry and business model of the company and are subject to regional influences.
• (b)Sustainability aims to take into account factors resulting from the impact on or by the environment (environmental), from social and societal influences, as well as from the corporate constitution and governance;
• (c) oversight as well as consultation on a set of sustainability measures with clear allocation of responsibilities at Executive Board and Supervisory Board level;
• (d)monitoring and review of the sustainability measures set, in particular impacts of procurement and development processes on ecosystems.

In two meetings in 2023, the Sustainability Committee dealt with the following main topics:

• EU regulations EU Taxonomy, CSRD & CSDDD and their impact on PORR
• Reporting
• Organisational implementation of ESG
• Measures and progress in the areas of environment, social and governance
• Status quo on ESG rating results

Attendance on the Supervisory Board and in the Committees

			Nomination	Remuneration	Sustainability
Name	Supervisory Board	Audit committee	committee	committee	committee
Karl Pistotnik	5/5	6/6	2/2	3/3
Klaus Ortner	5/5	6/6	2/2	3/3
Robert Grüneis	5/5				2/2
Walter Knirsch	5/5
Iris Ortner	5/5				2/2
Bernhard Vanas	5/5	6/6
Susanne Weiss	4/5		2/2	3/3	2/2
Thomas Winischhofer	5/5	6/6
Gottfried Hatzenbichler	5/5	6/6			2/2
Wolfgang Ringhofer	5/5	6/6
Martina Stegner	4/5				1/2
Christian Supper	5/5

To Build A Better World

DIVERSITY IN THE PORR GROUP

Around 21,000 staff members from around 90 nations are the foundation of the PORR Group. PORR acts in the in terests of its employees and creates an attractive working environment for them.

Composition of the Executive Board and Supervisory Board of the PORR Group

When selecting and appointing members of the Executive Board, the focus and the related decision-making criteria of the Supervisory Board lie primarily on the skills and ex pertise required for leading an industrial, listed construction company with international operations. Furthermore, the candidate's education and professional background, age and gender, and general aspects of the respective person are taken into account and influence the decision.

In light of the requirements of the Austrian Code of Cor porate Governance, the Supervisory Board defines an appropriate job profile when appointing a member to the Executive Board. The appointment of the Executive Board member is realised on the basis of a predefined appoint ment process.

The composition of the Supervisory Board adheres to the legal requirements of Sections 86 and 87 of the Stock Corporation Act. Prior to the vote, the proposed candi dates have to provide the general shareholders' meeting with their professional qualifications, their professional or comparable functions, and any factors that could give rise to concerns regarding impartiality. Furthermore, the candidate's education and professional background, age and gender, and general aspects of the respective person are taken into account for appointments to the Supervisory Board.

The selection of the proposed candidates is realised under consideration of a Supervisory Board that is well-balanced in terms of professional qualifications and that takes into account the company's business environment. Diversity aspects considered here include representation of both genders, as well as the inclusion of different ages and na tionalities. In accordance with legal requirements, attention is paid to ensure that nobody is appointed to the Supervi sory Board who has been convicted of a criminal offence that calls their professional reliability into question.

Any new appointments to the Supervisory Board will be made on the basis of the legal requirements of the Austrian Equality Act for Men and Women on Supervisory Boards, which specifies a female ratio of at least 30%.

The primary goal is to find the best possible people for the Executive Board and Supervisory Board of one of Austria's largest construction companies and Europe's leading infrastructure specialists, taking into account the afore mentioned aspects. As of 31 December 2023, the Exec utive Board of PORR AG consists of four men of different nationalities. Their ages range from 51 to 65. They have a professional and educational background in technology/ engineering/construction and/or commerce.

Two of the eight shareholder representatives on the Su pervisory Board of PORR AG are women. The shareholder representatives are between 49 and 79 years old and have a range of different educational and professional backgrounds. These include professional backgrounds in the fields of technology, engineering, law, economics, and business.

Measures for the promotion of women

The construction industry is still a male-dominated sec tor, where women are underrepresented. However, PORR is aware that diversity increases its success. It also wants to promote equal opportunities and equality both within the company and in society at large. PORR's central focus areas are Women, Diversity & Inclusion, Age & Generation, and Health.

In order to promote PORR's competitiveness and avoid the risks of labour shortages, PORR has launched several initiatives to guarantee a safe, respectful and fair working environment. One focus is on raising awareness of diversity and empowering female PORRians.

More women in technology. We must succeed in getting more women interested in careers in the construction industry in order to increase the proportion of women in the company and at various management levels. Women should therefore come into contact with STEM professions and activities early on. The focus of Group-wide collab orations with educational institutions such as technical universities and participation in trade fairs is to familiarise trainees with the construction industry and the various fields of activity in an interactive and practice-oriented way.

Creating an equal footing. The Women@PORR initiative focuses on topics relating to women and equal opportunities. Various international initiatives support women in the PORR Group in terms of their presence, their communication and their networking, while also promoting further education and a sense of community. In the reporting year, the junior management programme for women once again took place in the DACH region. A remarkable increase in the proportion of women in junior management training programmes to 38.7% (2022: 24.0%) has already been achieved. This means that this sustainability target has not only been met, but significantly surpassed. PORR also supports the Diversity Charter and the Women's Empowerment Principles (WEPs) of UN Global Compact and UN Women.

Giving equal recognition. Appreciating employees and honouring their performance fairly are at the core of PORR. The remuneration of employees is based on the principle of equal treatment and is gender-neutral. A Group-wide equal pay analysis was carried out in the reporting year in order to identify any potential deviations. These results are being used to derive and implement measures within the PORR Group.

Attention and mindfulness. In order to ensure a safe and respectful environment, an additional reporting channel was established in the reporting year to promote anti-harassment and anti-discrimination. The published policy on anti-harassment and anti-discrimination describes PORR's approach to a safe working environment and offers employees a confidential opportunity to report suspicions and incidents. This promotes equal opportunities and creates a clear process to ensure this.

Proportion of women in management as of 31 December

	2023	2022
Executive Board	0.0%	0.0%
Supervisory Board	25.0%	25.0%
Upper management	4.3%	4.2%
Middle and lower
management	16.4%	14.1%

People first. For our employees, flexible working hours that suit their individual needs are a must. Particularly in view of the labour shortage, it is important as a company to offer flexibility in order to guarantee a balance between family, private life and work. PORR ensures this balance through a variety of working time models, time-off models, care programmes and health services. Depending on the local legal framework and the job profile, various options are available for employees. PORR is firmly in favour of paternity leave. We are constantly working on further developing parental leave processes in order to support women during this time, to connect them with each other, and to offer them further education and training. PORR supports parents and endeavours to ease the burden on them. As part of childcare initiatives, it offers childcare options during school holidays.

To Build A Better World

Expressway Sibiu – Pitesti Lot 4 Romania

GROUP MANAGEMENT REPORT

+6% Production output

2.8 m t Group-wide recycling volume

Production output by market

ÜBERSICHT

(in EUR m)

Number of employees by market

(average)

Austria 10,561	Germany 2,861	Poland 2,589	Czech Republic 1,120	Slovakia 258	Romania 1,465
			Switzerland 358	Project markets 845	Other 608
		Total 20,665

2020 2021 2022 2023 2020 2021 2022 2023

Die PORR im Überblick

To Build A Better World

All figures have been rounded off using the compensated summation method. Absolute changes are calculated using the rounded values, relative changes (in percent) are derived from the non-rounded values.

MARKETS AND PERFORMANCE

GLOBAL ECONOMY UNDER PRESSURE

The global economy was burdened by numerous factors in 2023. On the one hand, ongoing and new geopolitical conflicts were responsible for some massive uncertainty and restrictions in global trade. On the other hand, negative economic data, rising key interest rates and persistently high inflation dampened economic growth. Due to the higher interest rates, several banks found themselves in financial trouble and had to be bailed out or supported by the respective countries. It was not until the end of the year that positive signs began to emerge. The interest rate peak appears to have been reached. The high inflation rates are currently falling. At the same time, however, the tighter financing environment is leading to a partial decrease in economic development. Experts at the International Monetary Fund (IMF) see global economic growth of 3.1% for 2023. Due to the ongoing uncertainties and conflicts, they also expect an increase of 3.1% in 2024. However, this is likely to vary greatly from region to region. They anticipate a decline in high energy and commodity prices as well. This should also lead to a gradual reduction in key interest rates from the summer onwards.1

The key interest rate range of the US Federal Reserve has remained unchanged at 5.25% – 5.50% since July 2023. The maximum interest rate has clearly been reached here. Despite this, economic growth in the USA exceeded expectations in the second half of 2023. IMF experts estimate that economic output will expand by 2.5% for the year as a whole. Lagging effects from the higher interest rate level, stricter fiscal policy and a weakening of the labour market are not expected to have an impact until 2024. For this year growth of just 2.1% is forecast.2

In the European Union, the economic impact of the Ukraine conflict is clearly noticeable. As a result, export demand in particular stagnated in 2023. The inflation-induced rise in the cost of living and high interest rates also dampened economic development. This was offset by solid spending on services and a robust labour market. The European Central Bank (ECB) last raised its key interest rate to 4.5% in September. This means that interest rates have probably peaked here too. Some European central banks outside the eurozone already started to cut interest rates in autumn. Overall, the European Commission (EC) is seeing economic growth of 0.5% for 2023. Rising real incomes in 2024 – driven by falling inflation rates and subsequent wage and salary adjustments – will lead to higher consumption. Corporate investment activity is also likely to increase further due to the need to adapt to energy and climate targets. The infrastructure sector, supported by the EU Recovery and was compounded by stricter financing conditions and a ¹ IMF, January 2024

2 IMF, January 2024 and

• Hauck Aufhäuser,
• January 2024 3 EC, February 2024
• 4 IHS, December 2023
• 5 BMWK, January 2024 and
• ifo Institut, March 2024 6 State Secretariat for Economic Affairs, December 2023

Resilience Facility and the funds from the European Cohesion Policy, showed continuous positive momentum. However, the strict lending standards continue to have a dampening effect. The first interest rate cuts by the ECB are not expected until the second quarter at the earliest. The EC experts are therefore forecasting economic growth of 0.8% for Europe in 2024.3

Subdued consumption due to high inflation, rising interest rates and the ongoing labour shortage have also impacted investment activity in Austria. Export demand has weakened as well due to the difficult global environment. However, this negative momentum slowed in the final months of the year. Overall, the Institute for Advanced Studies (IHS) nevertheless expects economic output to decline by 0.7% in 2023. However, the experts are much more confident for the year 2024. Strong increases in real incomes are likely to provide strong positive impetus for consumer spending. Inflation rates, which are already on the decline, are likely to fall further next year, albeit at a much slower rate than in neighbouring countries. IHS experts are therefore forecasting economic growth of 0.8% for 2024.4

The picture in Germany is broadly similar. The inflationinduced decline in purchasing power and the resulting reduction in consumption had a negative impact, as did geopolitical uncertainties and the tighter monetary policy. In contrast, the state offset the sometimes massive inflation with support measures for private households. The German Federal Ministry for Economic Affairs and Climate Protection (BMWK) expects economic output to fall by 0.3% in 2023. The experts anticipate a turnaround in the second half of 2024. Rising real wages, a continued decline in inflation and a recovery in the global economy are likely to support this development. The ifo Institute therefore expects the economy to grow by 0.2% in 2024.5

The Swiss National Bank also raised interest rates – albeit not to the same extent as the US or the EU. In addition to the only slightly higher inflation rates here, the Swiss economy also came under pressure due to a major bank getting into difficulties. The Swiss State Secretariat for Economic Affairs is forecasting economic growth of 0.8 % for 2023. With rises in consumer spending and a normalisation of the international environment, growth should recover to 1.5% next year.6

Inflation also saw a temporary sharp rise in Poland, the Czech Republic, Slovakia and Romania in the reporting year. This put the brakes on consumer spending, as massive and persistent inflation was particularly noticeable in the energy sector. The global slowdown in growth also had an impact on the respective economic performance. This persistent shortage of labour. The EC expects economic growth of 0.2% in Poland, 1.1% in Slovakia and 1.8% in Romania in 2023. Only in the Czech Republic do the experts see a slight decrease in output of 0.4%. For 2024, the Vienna Institute for International Economic Studies (WIIW) sees positive impetus in the form of significantly falling inflation rates, rising real incomes and a recovery in consumer spending. Poland and Romania are forecast to grow by 2.7% and 2.9% respectively. The Czech Republic and Slovakia are expected to expand their economic output by 1.1% and 2.3% respectively.1

UNEVEN DEVELOPMENTS IN THE CONSTRUCTION INDUSTRY

In 2023, the production volume of the European construction industry stagnated and only recorded slight growth of 0.3%. However, this performance varied greatly from region to region. While most of PORR's home markets in Eastern Europe still recorded solid or strong growth rates, construction volumes in Central Europe showed little to no increase.2

Within the construction industry, there were significant differences between building construction and civil engineering. The average monthly growth in civil engineering for all EU countries was 3.4% compared to the same month of the previous year. There was a decline of 0.3% in building construction.2

This is mainly due to residential construction. It came under significant pressure due to the stricter financing environment. Higher construction prices and lower real incomes placed an additional burden on private residential construction. Increased material and labour costs made investors more cautious. Nevertheless, the demand for housing remains unabated. Individual national subsidy programmes are intended to counteract this. Nevertheless, a sustainable, broad-based improvement is not likely to materialise before 2025.3

In contrast to this is non-residential building construction. This includes industrial construction and public building construction amongst others. Due to its dependence on the economic cycle, non-residential building construction as a whole is likely to stagnate over the next few years. However, healthcare construction – not least due to the demographic change – will provide significant positive impetus from 2024 onwards. In industrial construction, the green transformation and the planned European energy transition will ensure good long-term growth prospects, particularly in Eastern Europe.3

Civil engineering has a stabilising effect on the entire construction industry. In 2023, it once again proved to be less dependent on economic growth, as it mostly involves longterm projects with public financing. The European Recovery and Resilience Facility and the NextGenerationEU budget are particularly supportive in this regard. Environmental and energy policy also places a strong focus on civil engineering. Focal points here are sustainable mobility as well as energy security and independence.3

Important construction materials that are traded on exchanges, such as steel and copper, have recently stabilised significantly. Energy prices have also evened out at a high level. In most EU countries, however, it has already become common practice to pass on higher costs to clients via price increase clauses in construction contracts. This allows construction companies to protect themselves well against the cost risk. However, this passing on also led to hikes in construction prices – in some cases significant ones –in 2023.4

The shortage of specialists and labour is also a major limiting factor for the continued growth of the industry as a whole. However, most large European construction companies already have this well under control. Particular focal points here are training and further education as well as employee retention.

DEVELOPMENT OF OUTPUT

The indicator production output includes traditional design, planning and construction services as well as services from landfill operations and raw material sales and therefore all of PORR's key services. For fully consolidated companies, this output corresponds approximately to the revenue defined and reported in accordance with IFRS. In contrast to revenue, production output also includes the output from joint ventures and companies accounted for using the equity method and subordinate companies in line with the interest held by the Group. Differences in definitions are reconciled pursuant to commercial criteria.

In 2023 PORR's production output totalled EUR 6,577m and was therefore 5.6% higher than the previous year. Both Poland and Romania, as well as Germany, recorded doubledigit growth. The areas of civil engineering Romania and infrastructure Poland also performed particularly well.

PORR generated 97.4% of total output on its home markets. Austria remains the most important market with a share of 45.1%. While 24.4% of output was generated in Germany, Poland contributed 15.4%. The Czech Republic and Slovakia were jointly responsible for 5.6%, while 5.2% of production output came from Romania. The smallest home market, Switzerland, contributed 1.7% to total output.

Accounting for 53.0% of production output, the focus remained on civil engineering. Building construction accounted for 37.0% of output. Residential construction made up 10.9% of total output.

• 1 EC, February 2024 and
• WIIW, January 2024 2 Eurostat, March 2024
• 3 Euroconstruct,
• December 2023 4 Refinitiv Workspace, January 2024

Group Management Report

Konzernlagebericht

To Build A Better World

Die PORR im Überblick

ORDER BALANCE

The order backlog stood at EUR 8,452m as of 31 December 2023, an increase of 3.0%. During the year, the order backlog was temporarily at a record level. The significant increase in incoming orders in December of the previous year meant that the high rises during the year could not be achieved over the year as a whole. The order intake rose by 2.7% compared to the previous year to EUR 6,835m. This development is mainly attributable to the tunnelling division within infrastructure construction. The order backlog thereby remains well above the value of a year's output.

The largest order in the year under review once again came from civil engineering. In tunnelling, PORR won the H53 Pfons – Brenner contract – a section of the Brenner Base Tunnel – the largest construction lot in Austria's history. Another major project is the construction of the ElbX tunnel in Germany, through which the high-performance Sued-Link power line will run. Other major orders also came from the power plant construction sector. Here PORR was awarded the contract to build the Ebensee pumped storage power plant in Upper Austria and to rebuild the Forbach run-of-river power plant in Germany.

In industrial construction, PORR won the contract for the expansion of Terminal 3 at Vienna International Airport and for two clean room capacity expansions. It is responsible for the construction of the Innovation Centre for Aixtron in Herzogenrath, Germany, and the expansion of the ams-OSRAM production facility in Premstätten, Austria. It was also awarded two major contracts in the healthcare sector with the construction of a new oncological hospital in Wrocław and the expansion of the Pomeranian Medical University in Szczecin. In residential and office building construction, DC Tower 2 in Vienna was the largest contract in the reporting year. In public building construction, PORR also won a significant new contract with the construction of the Elisabeth-Selbert-Haus administrative building in Berlin.

FINANCIAL PERFORMANCE

In 2023, the PORR Group's revenue totalled EUR 6,048.5m, reaching a new record level. The increase of 4.5% is below the increase in output of 5.6%. This is primarily because the output of consortiums, which is included in production output on a pro rata basis, experienced stronger growth.

The income from companies accounted for using the equity method includes results from associates and joint ventures, as well as the income from interests in consortiums. The latter increased significantly in the reporting year and totalled EUR 106.8m. Overall, the income from companies accounted for using the equity method rose by 74.6% to EUR 98.6m.

Other operating income fell by 3.8% to EUR 181.9m. This mainly includes income from recharges, income from the disposal of fixed assets, valuations of investment property and revenue from the reversal of provisions. The decline is due in particular to the absence of a one-off effect from the previous year.

Other operating expenses rose by 9.9% to EUR 394.3m due to the increase in variable, mainly project-related costs. This item includes a large number of different expenses, such as for real estate, office operations, contributions and fees as well as for legal cases, insurance, consultations and claims.

The cost of materials and other related production services increased at a significantly lower rate than revenue, rising by 3.4% to EUR 4,142.1m and marking a decline in the share of revenue it accounts for, which fell by 0.7 PP to 68.5%. Purchased services are included here and increased by EUR 215.8m to EUR 2,854.3m due to inflation. The cost of materials was reduced significantly in 2023. It fell by 5.8% to EUR 1,287.8m. The cost of materials as a percentage of revenue was 21.3% and therefore 2.3 PP below the previous year's level.

Staff expenses rose by a total of 7.7% due to the 2.1% increase in the average number of staff and amendments to the collective labour agreement. At EUR 1,453.7m, they accounted for 24.0% of revenue, rising by 0.7 PP. In total, own construction costs (sum of staff expenses and cost of materials) remained almost unchanged, increasing by 0.9%. The share of revenue they account for fell by 1.6 PP to 45.3%.

Overall, EBITDA increased by 8.0% to EUR 344.3m. In addition to the increase in output and revenue, this is primarily due to successful cost management and the resulting reduction in the cost of materials.

Depreciation, amortisation and impairment expense rose only slightly by 2.6% compared to the previous year and amounted to EUR 204.0m. This led to EBIT of EUR 140.3m, up by 16.8% on the previous year (2022: EUR 120.1m).

The financial result (sum of income from financial assets and current financial assets and financing expenses) improved by 5.0% to EUR -9.6m. Financial income increased significantly due to the higher interest rate environment. In contrast, financing expenses underwent a less pronounced rise due to the high proportion of fixed-interest financing and financing hedged by interest rate swaps as well as because of the reduction in gross debt.

In the 2023 reporting period, earnings before taxes (EBT) rose by 18.8% to EUR 130.7m (2022: EUR 110.0m).

Die PORR im Überblick

To Build A Better World

The tax rate was 27.3%, with the tax result amounting to EUR -35.7m (2022: EUR -27.4m). This resulted in a EUR 12.4m improvement in the profit for the period to EUR 95.0m (2022: EUR 82.6m). Earnings per share incre ased by 34.3% and totalled EUR 2.21 in the reporting year (2022: EUR 1.65).

FINANCIAL POSITION

As of 31 December 2023, the total assets of the PORR Group stood at EUR 4,135.7m, a reduction of 0.3% against the previous year despite the increase in output.

Non-current assets increased by 6.1% to EUR 1,547.3m. This growth is mainly due to the increase in property, plant and equipment as a result of higher investment activity. These totalled EUR 1,166.4m on the reporting date. Current assets fell by 3.7% to EUR 2,588.4m. The focus in the year under review was on receivables management, as a result of which trade receivables underwent a significant reduc tion of 9.1% to EUR 1,512.7m despite an increase in revenue.

As of the reporting date, equity totalled EUR 860.2m and was therefore 7.7% higher than in the previous year. The 22.9% increase in retained earnings had a particularly po sitive effect here. The equity ratio rose by 1.5 PP to 20.8%, while at the same time profit participation rights/hybrid capital as a percentage of total equity was reduced to 28.8% over the course of the year. Further information on profit participation rights/hybrid capital can be found in the section 'Events after the end of the reporting period' on page 55.

Liabilities fell significantly by EUR 72.4m or 2.2%. While trade payables and other liabilities were significantly redu ced, project-related construction provisions increased considerably. Gross debt (the sum of leases and financial liabilities) was again reduced by a total of EUR 5.4m.

PORR's successful working capital management was re flected in a further reduction in working capital to EUR 9.2m (2022: EUR 14.8m). In terms of net debt, PORR once again achieved a net cash position at the end of 2023. This stood at EUR 40.1m (2022: EUR 59.0m). Net debt is defined as the sum of financial liabilities and leases – excluding derivatives with a negative market value – reduced by cash and cash equivalents and investments in current and non-current assets (e.g. investment certificates and time deposits).

Green Finance

In line with its sustainability strategy and sustainable cor porate development, PORR has drawn up a Green Finance Framework. This provides access to green financing forms like Green bonds, Green bonded loans (Green Schuld scheindarlehen) and Green loans.

The proceeds from the issue of a Green bonded loan in 2018 of EUR 31.5m are being used to finance or refinance sustainable and environmentally beneficial projects ("Eli gible Green Projects").

The following factors are included in the impact analysis:

"Green Buildings"

• Estimated annual energy consumption
• Estimated CO2 savings
• Sustainable labels and building certifications

"Pollution and Prevention Control"

• Volume of recycled materials
• CO2 saved through recycling

As of 31 December 2023, EUR 0.5m is still outstanding un der the Green bonded loan tranches issued, with a maturity date in 2024.

In February 2023, new bonded loans were also issued in connection with ESG criteria and terms of three, five and seven years. Their interest rate is partly tied to a sustaina bility rating for PORR AG.

In addition, PORR has implemented sustainable ("ESGlinked") cash lines of EUR 102.5m and ESG-linked guarantee lines totalling EUR 605.1m. Their conditions also depend in part on the development of PORR AG's sustainability ratings.

CASH FLOWS

The operating cash flow increased by EUR 9.4m to EUR 277.0m compared to the previous period due to the improved net profit in the reporting period.

In contrast, cash flow from operating activities fell slightly by 3.6% year-on-year to EUR 276.4m (2022: EUR 286.8m). The funds from the reduction in trade receivables by EUR 152.3m were used to reduce liabilities, primarily trade payables. In addition, the previous year's figure was cha racterised by a positive one-off effect from the sale of securities. Overall, the individual components of cash flow from operating activities reflect both the improved earnings situation and the optimisation of working capital manage ment.

Cash flow from investing activities increased by EUR 80.8m to EUR -177.0m. This is due in particular to higher invest ments in property, plant and equipment – primarily due to the delayed delivery of vehicles – as well as in equipment and mixing plants as part of the expansion of the permanent business in the segment CEE. In the previous year, the repayment of hybrid capital by UBM Development AG had a one-off positive effect.

Cash flow from financing activities totalled EUR -127.5m (2022: EUR -300.9m). While the amounts for dividend payments, interest on profit participation and hybrid capital as well as lease financing were comparable to the previous year's figures, hybrid capital totalling EUR 51.1m was also reduced in 2022. Financial liabilities also underwent a further reduction in 2023, although not as much as in the previous year due to the lower starting level.

The free cash flow (FCF) consists of cash flow from operating activities and cash flow from investing activities and shows the amount of cash the company has generated from the operating business after deducting investments. PORR's FCF stood at EUR 99.4m, a reduction of EUR 91.2m. This is primarily due to pandemic-related catch-up effects on investments – such as the delayed delivery of vehicles.

Cash and cash equivalents remained high at EUR 631.3m as of 31 December 2023 (31 December 2022: EUR 655.8m). Taking into account the committed cash lines, PORR's liquidity reserves stood at EUR 1,036.6m (31 December 2022: EUR 949.3m).

INVESTMENTS

Investment activity is measured by applying the CAPEX indicator (capital expenditure). This includes investments in intangible assets, property, plant and equipment, and assets under construction including finance leases.

In the reporting year, the main investments were in replacement and new construction equipment. In addition, there were pandemic-related catch-up effects in investments in property, plant and equipment due to the delayed delivery of vehicles. CAPEX therefore increased compared to the previous year and amounted to EUR 329.5m (2022: EUR 236.2m). This results in a CAPEX ratio of 4.7% in relation to production output (2022: 3.8%).

RESEARCH AND DEVELOPMENT

Digital surveying

In addition to defining Group-wide hardware and software standards, PORR focuses on digital surveying systems and laser scanning technologies.

In the field of surveying systems, PORR concentrates on satellite-based navigation, measurement and inventory apps. The aim is to simplify activities that used to be analogue – such as locating and marking lines or measuring with a trundle wheel and paper – and to increase user-friendliness. This guarantees a clean and digital basic survey.

So-called mobile mapping systems utilise laser scanning technologies. The environment is measured on the move using laser scanners and/or cameras – for example while travelling by car. In road construction, the road surface can be precisely measured in this way, avoiding time-consuming and costly road closures. When renovating roads, the data obtained are then processed in such a way that the existing asphalt surface can be milled using 3D-controlled machines.

Construction machinery simulator

Training and further education opportunities are essential for PORR, as is occupational safety. With the construction machinery simulator, which has been in regular use since 2023, a wide range of training scenarios can be flexibly designed and tested. This makes training in a safe environment possible, regardless of time and place. The realistic handling of construction machinery is applied for apprentices in particular and in the area of occupational safety.

Resource planning and scheduling

Complex and interlinked construction processes such as resource planning require a collaborative partnership. Digital scheduling enables the efficient and sustainable management of all resources. Planning transparency and coordination take centre stage. Easier access to information and administration for operational personnel increases efficiency. Its use also makes construction management even more resource-efficient.

Material logistics platform

Almost all PORR projects generate enormous quantities of excavated material. Efficient material logistics are required in order to process surplus and recycled materials for other construction projects. PORR relies on matchmaking in the interests of sustainability. With an innovative, cross-interface software solution, information is shared in a smart network and work steps are significantly reduced. The new platform optimises and efficiently coordinates procurement, transport and disposal logistics. This enables the highest possible degree of recycling to be achieved.

Passive tracking

Together with an industry partner, PORR is developing advanced passive tracking technology for the digital identification of components during crane transport. The main

Die PORR im Überblick

To Build A Better World

focus in 2023 was on the successful development of a prototype. The prototype is currently being integrated into the Internet of Things (IoT) and the hardware, battery life and tracking radius are being optimised. The progress already promises to increase efficiency and significantly reduce transport costs and times.

Robotics

The main focus of the RODRIGO project is on robot-assisted drilling. New automation measures ensure more efficient construction processes through the use of robots and reduce any strain on employees' health. The first prototype has been developed successfully and forms the basis for further improvements. The focus is now on continuous further development in order to improve performance and adaptability to different construction site environments.

STAFF

In the year under review, PORR employed 20,665 people on average. The growth of 2.1% is disproportionately low compared to the increase in output.

Sustainability reporting covers the staffing levels on the key PORR markets as of 31 December. This increased by 8.0% against the previous year, which is mainly due to the growth in output.

BRANCH OFFICES AND SUBSIDIARIES

PORR Bau GmbH has branch offices in the federal provinces Vienna, Lower Austria, Burgenland, Salzburg, Styria, Tyrol, Carinthia and Upper Austria as well as in Hungary, Romania, Bulgaria, Serbia, England, Norway (indirectly via PORR S.A.), Poland, the United Arab Emirates (Abu Dhabi and Dubai), Qatar and Israel. Please refer to the list of shareholdings for information on the subsidiaries.

EVENTS AFTER THE END OF THE REPORTING PERIOD

Acquiring the Pannonia Group

In order to further strengthen its vertical integration and regional presence, PORR acquired the Pannonia Group on 15 November 2023, based in the Parndorf and Markgrafneusiedl area in Austria. Closing is currently still pending and is expected in the second quarter of 2024. The Pannonia Group's main business areas are raw materials processing and supply as well as earthworks and landfill operations.

Refinancing hybrid capital and profit-participation rights

PORR successfully issued a deeply subordinated bond at the beginning of February 2024 to refinance its hybrid bonds 2020 and 2021, which are repayable for the first time in February 2025 and November 2026 respectively. This new hybrid bond 2024 was issued with a volume of EUR 135m, an unlimited term and a coupon of 9.5%.

At the same time, existing investors in the 2020 and 2021 hybrid bonds were offered the opportunity to have their holdings bought back at a price of 99.50. This offer was taken up in the amount of EUR 135m in total. The hybrid capital currently outstanding has a total nominal value of EUR 200m (sum of all three hybrid bonds 2020, 2021 and 2024).

Independently of this, in February 2024, PORR also repurchased the existing profit-participation rights with a nominal value of EUR 40m in full and redeemed them.

Production output by segment

(in EUR m)

Order backlog by segment (in EUR m)

Order intake by segment (in EUR m)

Number of employees by segment (average)

The figures have been rounded off using the compensated summation method.

56 GROUP MANAGEMENT REPORT

SEGMENT AT / CH

Key data

in EUR m	2023	Change	2022	2021
Production output	3,380	3.4%	3,269	3,020
Foreign share	16.2%	-2.1 PP	18.3%	19.4%
EBT	92.0	8.6%	84.7	80.1
Order backlog	3,159	-2.5%	3,242	3,153
Order intake	3,225	-8.1%	3,511	3,521
Average staffing levels	10,616	0.7%	10,547	10,297

The segment AT / CH includes country responsibility for the home markets of Austria and Eastern Switzerland. PORR is represented here with its full range of services. In addition to the permanent business – with the focal points of road, residential and industrial construction – the national competencies in in railway and pipeline construction, office and special civil engineering, steel construction and environmental engineering are bundled in this segment. The areas of large-scale building construction projects, German industrial construction and Slab Track Austria for Europe are also housed here. In addition, equity interests such as IAT, Schwarzl, pde Integrale Planung and PORR Verkehrstechnik are integrated in the segment AT / CH.

In 2023, the segment AT / CH generated production output of EUR 3,380m, an increase of 3.4%. This mainly came from the railway and structural engineering business and the federal province of Styria. The industrial construction Germany area also recorded positive growth. Earnings before taxes (EBT) showed a pleasing increase of 8.6% to EUR 92.0m, primarily due to the strong performance in Austria. The EBT margin for the AT / CH segment was 2.7%.

The order backlog in the segment AT / CH fell by 2.5% and totalled EUR 3,159m. Among other things, this is due to the cancellation of a large order in the area of major building construction projects. In contrast, the order backlog in the environmental engineering area rose sharply. The order intake fell by 8.1% to EUR 3,225m. The reduction was primarily due to the cancellation of an order.

The new orders in the segment AT /CH include the two major orders for the expansion of Terminal 3 at Vienna Schwechat Airport and the construction of the Ebensee pumped storage power plant in Upper Austria. Other major orders in industrial construction include the expansion of clean room capacities for Aixtron in Germany and ams OSRAM in Austria as well as the construction of a logistics hall for the food retailer Lidl. With the construction of DC Tower 2 and the BRIO residential complex in Vienna, PORR won two important orders in the office and residential construction sector. In civil engineering an extensive project to clean up a contaminated landfill site in the Wiener Neustadt area came in as well. The segment AT / CH also won several major road renovation projects, such as the repair of the Arlberg tunnel on the S16 and the general renovation of the A10 between the Reittunnel and the Eben junction.

The Austrian construction industry reported a slight decrease in the year under review of 0.9%. While building construction decreased overall by 1.4%, civil engineering recorded average growth of 1.7%. This development is due in particular to weakening residential construction, which was burdened not only by high construction costs and a higher interest rate environment, but also by stricter private lending. In civil engineering, investments in the energy sector in particular ensured a positive trend. Construction costs have stabilised at a high level.1

Experts continue to see civil engineering as a stabilising growth driver in the coming years. Infrastructure investments of around EUR 6.3 bn are expected in 2024. This includes the expansion of road and railway infrastructure by the Austrian road and rail operators ASFINAG and ÖBB with investment totals of EUR 1.6 bn and EUR 3.3 bn respectively. In public building construction, Bundesimmobiliengesellschaft (BIG) is planning projects worth EUR 1.4 bn.2

In civil engineering, the ÖBB framework plan will ensure positive long-term momentum and provides for investments totalling EUR 21.1 bn between 2024 and 2029. Further positive impetus will come from promoting climate protection measures, particularly in the energy and power plant sector. Austrian electricity producer Verbund, for example, is planning extensive investments in hydropower and wind power.3

While new residential construction continues to face difficult conditions, government subsidises are primarily supporting the energy-efficient renovation and refurbishment of existing buildings. Industrial construction, which is dependent on the economic cycle, is likely to decline in 2024 at first before recording renewed growth in line with economic conditions.4

The picture is similar in Switzerland, although construction activity was slightly weaker in the reporting year. This is due in particular to residential construction, although a turnaround is expected as early as 2024. Swiss civil engineering has recently recorded continuous growth, which is expected to accelerate in the coming years. Civil engineering thereby remains the most important growth driver here too.4

• 1 Eurostat, March 2024 and EUROCONSTRUCT, December 2023 and Statistics Austria, February 2024
• 2 Report, January 2024 3 ÖBB, February 2024 and Reuters, December 2023
• 4 EUROCONSTRUCT, December 2023

Die PORR im Überblick

To Build A Better World

SEGMENT DE

Key data

in EUR m	2023	Change	2022	2021
Production output	1,009	16.7%	865	814
EBT	8.2	> 100.0%	3.6	-4.3
Order backlog	1,337	-6.8%	1,435	1,225
Order intake	911	-15.1%	1,073	917
Average staffing levels	2,283	4.4%	2,187	2,234

The segment DE comprises the majority of PORR's activities in Germany. Here the company is active in the fields of building construction, industrial construction, structural engineering and steel construction. It also trades in mineral raw materials and offers specialist civil engineering and tunnelling services as well as environmental engineering and traffic route construction. This gives PORR a powerful position along the entire value chain in German infrastructure construction. The segment DE also includes German subsidiaries such as BBGS with the service area Government Services. The subsidiaries Oevermann, Stump-Franki and Radmer Kies have been operating under the PORR brand since the start of 2024. By bundling these activities under the PORR name, the focus is on a one-stop shop for a comprehensive range of services.

Production output in the segment DE totalled EUR 1,009m. The increase of 16.7% is primarily due to the renovation of bridges in the structural engineering area, traffic route construction and public contracts in the Government Services division. Earnings before taxes (EBT) continue to be affected by working off old orders in structural engineering. Nevertheless, an improvement of EUR 4.5m to EUR 8.2m was achieved due to the strong performance in building construction and Government Services. This resulted in an EBT margin of 0.8%.

The order backlog in the segment DE declined by 6.8% to EUR 1,337m. This was due in particular to working off old major projects in structural engineering. On the other hand, there was a clear increase in the order backlog in the building construction East segment. The order intake in the segment DE totalled EUR 911m. The decline of 15.1% is largely attributable to strong acquisitions in 2022, whereby good capacity had already been achieved. In contrast, the high-margin area of building construction achieved a significant increase.

The largest new order in the segment DE relates to the tunnelling of the Elbe. In the ElbX tunnel, the high-performance SuedLink power line will transport green energy from northern Germany to the south of the country. The segment also won a major contract in public building construction with the construction of the Elisabeth-Selbert-Haus administration building. In hotel construction, the Airport Hotel Schönefeld project in Berlin was acquired. The segment DE also won several major contracts in residential construction, including the construction of the Havelufer Quartier in Berlin.

In the reporting year, revenue in the German main construction sector fell by 5.5% on a price-adjusted basis. The main reason for this was residential construction. This sector remains under pressure due to factors like the increased financing environment and high construction prices. In contrast, public construction only underwent a slight decline of around 2%. The main focus here was on investments in transport infrastructure. Commercial construction – which also includes investments by Deutsche Bahn – reported an almost unchanged sales volume. Extensive investments in the railway and energy sectors in particular had a positive effect here. German civil engineering therefore recorded positive growth overall in the reporting year. In terms of costs, numerous construction materials showed a downward trend in the year under review. The construction cost index remained almost unchanged.1

The Hauptverband der deutschen Bauindustrie (HDB) expects major challenges to persist in residential construction in 2024. Experts forecast that the German government will again miss its target of building 400,000 new homes a year. A turnaround in new residential construction is only anticipated in the longer term. On the other hand, the stable volume of subsidies for the energy-efficient refurbishment of existing apartments is providing positive impetus.2

In industrial and commercial construction, investment grants and subsidies for companies are also ensuring good demand for renovations. This is one of the reasons why it is likely to become a pillar of the German construction industry in 2024. The recent increase in building permits for the construction of factory and workshop buildings will provide additional positive momentum. In addition, EUR 10.8 bn has been earmarked for the expansion of railway infrastructure in 2024, while large-scale projects in the energy sector will also be accelerated again.3

Given the investment volume of EUR 8.5 bn for motorways and federal trunk roads in 2024, the HDB experts are also extremely confident about public construction. In addition, the increase in building permits in public building construction should continue to have a stimulating effect.4

However, the expected growth in commercial and public construction is unlikely to fully compensate for the weak growth in residential construction. The HDB experts are thereby forecasting a renewed decline in revenues in the main construction sector for 2024.5

• 1 HDB, January 2024 and Eurostat, February 2024 and Statistisches Bundsamt, February 2024 2 HDB, January 2024
• and EUROCONSTRUCT, December 2023 3 ifo Institut, December 2023
• and HDB, January 2024 4 Bundesministerium für
• Finanzen, January 2024 and HDB, January 2024 5 HDB, January 2024

SEGMENT PL

Key data

in EUR m	2023	Change	2022	2021
Production output	1,012	27.9%	791	720
EBT	18.5	-13.4%	21.4	13.3
Order backlog	1,384	-5.5%	1,465	1,469
Order intake	931	18.3%	787	545
Average staffing levels	2,574	1.3%	2,540	2,488

The segment PL encompasses the entire country responsibility for Poland. All of PORR's Polish shareholdings, such as Stump Franki, are included in this segment. As a reliable partner with technical expertise and a holistic understanding of construction, PORR is a leader in Polish civil engineering. It offers services in the fields of infrastructure, railway construction, power plant construction and specialist civil engineering. In building construction, the focus is not only on residential and office construction, but also on the construction of hospitals, hotels, educational facilities, industrial plants and public buildings.

The segment PL achieved production output of EUR 1,012m. The 27.9% growth is attributable in particular to the building construction, industrial construction and infrastructure areas. Due to the strong growth in output and the completion of numerous building construction contracts with high cost increases, earnings before taxes (EBT) could not be increased any further and totalled EUR 18.5m (2022: EUR 21.4m). With an EBT margin of 1.8%, the PL segment nevertheless recorded a good result.

The order backlog totalled EUR 1,384m, 5.5% below the previous year's figure. While the order backlog in railway construction decreased due to delays in tenders, there was an increase in general infrastructure construction. The order intake rose by 18.3% to EUR 931m. This development is mainly due to growth in infrastructure construction and building construction.

Two major new projects came from the Polish healthcare sector. These include the construction of an oncological hospital in Wrocław and the expansion of the Medical University in Szczecin. Other major acquisitions include the construction of the S8 between Wrocław and Kłodzko and the extensive site expansion of the plant for neutralising extraction waste for KGHM Polska Miedź, which includes hydraulic engineering works and the construction of a pumping station with the associated infrastructure. PORR was also awarded the contract to build the offshore part of the installation terminal for wind farms in Świnoujście. This is a key project in the Polish energy transition towards the use of renewable energy sources.

Monthly construction volumes in Poland rose by an average of 4.7% in the reporting year. While revenue stagnated in building construction, civil engineering saw significant growth of 12.3%. Despite subsidies for social housing construction, building permits for new apartments declined. This is due in particular to the higher interest rate environment and stricter lending guidelines. In non-residential building construction, Poland was one of the most important growth markets in the reporting year. This is due to the ongoing positive impetus from the economy as a whole. Civil engineering showed pleasing momentum, particularly due to infrastructure expansion, although extensive EU financing could not yet be utilised. This stood in the way of an even more positive performance.1

The increase in construction costs for both materials and labour has decreased compared to the previous year but is still at a high level. Compared to overall inflation in Poland, however, the trend was encouraging.2

Experts anticipated further positive impetus in Polish infrastructure construction in 2024 due to the change of government at the start of the year. The inflow of funds from the Recovery and Resilience Facility and the NextGenerationEU budget should ensure strong growth of 5.2%. As part of the green transition, investments totalling EUR 16.9 bn are planned for the expansion of wind energy and energy import capacities as well as for smart and green mobility. In addition to continued high levels of investment in road construction, increased procurement activity is also expected in railway construction, where significant project postponements have recently been seen.3

While a sustainable turnaround in residential construction is not expected until 2025 despite the already lower interest rate environment, non-residential building construction remains a key growth driver. Forecasts of continuous economic growth support this assessment. Poland is increasingly establishing itself as an important business location for nearshoring – bringing supply chains closer to future sales and utilisation markets. This ensures sustained demand in industrial construction and secures Poland's position as one of Europe's largest growth markets in nonresidential building construction.4

Overall, experts anticipate pleasing growth prospects for the Polish construction industry. They expect construction volumes to grow by 2.5% in 2024.5

Group Management Report Konzernlagebericht

Die PORR im Überblick

To Build A Better World

• 1 Eurostat, March 2024 and EUROCONSTRUCT, December 2023
• 2 Statistics Poland, February 2024
• 3 WIIW, January 2024 and EUROCONSTRUCT, December 2023 and EC, February 2024
• 4 EUROCONSTRUCT, December 2023 and IMF, October 2023
• 5 EUROCONSTRUCT, December 2023

SEGMENT CEE

Key data

in EUR m	2023	Change	2022	2021
Production output	678	3.8%	653	548
EBT	19.7	68.0%	11.7	5.7
Order backlog	849	-1.9%	865	760
Order intake	652	-14.1%	758	668
Average staffing levels	2,730	21.1%	2,255	2,179

The segment CEE focuses on the home markets of the Czech Republic, Slovakia and Romania. The local shareholdings are also integrated here. In this segment PORR offers construction services in building construction and civil engineering. The broad range is complemented by largescale projects in infrastructure and specialist civil engineering. The focus is on integrated project management along the entire value chain. PORR is also particularly active in asphalt construction on these three home markets.

In the reporting year 2023, production output in the CEE segment totalled EUR 678m and was therefore 3.8% higher than the previous year. The area of infrastructure construction and civil engineering in Romania was the main contributor to this increase. Earnings before taxes (EBT) totalled EUR 19.7m, up 68.0% on the previous year. Infrastructure Romania in particular performed very strongly. With an EBT margin of 2.9%, the target EBT margin has almost been achieved.

In the segment CEE, the order backlog slipped back by 1.9% to EUR 849m. The order intake fell by 14.1% to EUR 652m. This is primarily due to the weaker performance in the Czech Republic and the lack of new infrastructure projects in Slovakia.

Key acquisitions in 2023 include several orders in road construction, including a modernisation project in Oradea, Romania, and the renovation of the Branický Bridge in Prague. In Romania, PORR is also responsible for expanding the harbour infrastructure in Constanța and Giurgiu. In the healthcare sector, the CEE segment won the contract to expand the Motol University Hospital in Prague, while in Czech industrial construction it is building a warehouse for Continental in Otrokovice and an industrial hall in Mikulov.

In the Czech Republic, the construction industry came under pressure because of the unfavourable macroeconomic development, leading to a decline in production volumes. However, there were significant differences within the industry. While civil engineering recorded a low growth rate in the reporting year, residential construction in particular experienced significant negative growth. The experts at WIIW expect the economy to pick up in 2024. This should continue to support investment in non-residential building construction – particularly of the automotive industry near the German border as well as in healthcare and warehouse construction. It therefore remains the most important growth driver in the construction industry. An expected fall in interest rates means that only a very slight decline is likely in residential construction. In civil engineering, public investment in transport infrastructure – not least as part of the European Recovery and Resilience Facility and the NextGenerationEU budget – continues to have a stabilising effect.1

In Slovakia, production volumes in the construction industry rose by around 2.0%. While the volume of building construction also declined here due to the difficult conditions in residential construction, civil engineering – the area in which PORR's focus lies – recorded an average growth rate of over 12%. This is mainly because EU-funded projects from the previous budget period are now being completed. This trend is likely to continue in 2024, while the competition for individual major projects in the infrastructure sector is set to become even fiercer. A turnaround in residential construction is only expected in the medium term. In nonresidential building construction, the areas of education, healthcare and agricultural construction in particular are generating positive momentum.2

The Romanian construction industry recorded an average growth rate of 13.8% in the reporting year. This makes it extremely important for the entire Romanian economy. The high level of financial support from the EU – including as part of the Recovery and Resilience Facility and the Next-GenerationEU budget – is the main reason for this positive development. OECD experts forecast construction activity will remain at a high level in 2024.3

• 1 Eurostat, March 2024 and WIIW, January 2024 and EUROCONSTRUCT, December 2023
• 2 Eurostat, March 2024 and EUROCONSTRUCT, December 2023
• 3 Eurostat, March 2024 and OECD, December 2023

Die PORR im Überblick

To Build A Better World

SEGMENT INFRASTRUCTURE INTERNATIONAL

Key data

in EUR m	2023	Change	2022	2021
Production output	392	-23.9%	515	534
Foreign share	74.3%	-3.0 PP	77.3%	75.3%
EBT	18.1	> 100.0%	0.0	-12.9
Order backlog	1,630	62.6%	1,003	1,080
Order intake	1,040	> 100.0%	435	686
Average staffing levels	1,286	-16.1%	1,533	1,425

PORR's expertise in tunnelling is bundled in the segment Infrastructure International along with the Slab Track International division. The patented railway product enables greater efficiency, quality and speed in rail transport and is also offered on international markets. The overarching responsibility for the project markets of Norway, Qatar and the United Kingdom (UK) is also anchored here. On its project markets, PORR focuses on individual infrastructure construction contracts and on cooperation with local partners. These PORR infrastructure export products are offered by the segment Infrastructure International on a highly selective basis on international markets and only where there is clear added value.

Production output in the segment Infrastructure International stood at EUR 392m. The reduction of 23.9% is primarily due to the finalisation of several projects and the newly acquired large-scale tunnelling projects, which were not due to the start their execution phase until 2024. Successful negotiations and completions in tunnelling, led the segment Infrastructure International to achieve exceptionally good EBT of EUR 18.1m (2022: EUR 0.0m). The EBT margin was 4.6%.

As of the reporting date, the order backlog for the segment Infrastructure International totalled EUR 1,630m, up 62.6% on the previous year. This was due to extensive new acquisitions in the tunnelling sector, especially in the areas of energy transformation and power plant construction. The order intake mirrored this trend and more than doubled. It reached EUR 1,040m.

With lot H53 of the Brenner Base Tunnel, the segment Infrastructure International won the largest new order of the year for the entire PORR Group. Large tunnelling projects are often carried out jointly with the local units. These include the ElbX tunnel, which is being realised together with the DE segment, and the Ebensee pumped storage power plant in Upper Austria, where the segment AT / CH is the partner. Other important tunnelling and railway construction projects include the conversion of the Forbach run-ofriver power plant in Germany, the expansion of the Weissenstein Tunnel in Switzerland, and the renovation of the Cramberger and Fachinger Tunnels in Germany.

On its project markets, PORR only pursues projects very selectively as local partner. The focus is on strict risk management and the consistent and careful review of emerging opportunities. Project acquisition is only pursued where there are clear and decisive advantages.

Having withdrawn from the United Arab Emirates (UAE) due to a stricter risk profile, PORR is now focusing solely on smaller projects in Qatar.

PORR's involvement in the UK is extremely selective. Over the next few years, it will be focusing in particular on completing the major High Speed 2 project.

In Norway PORR is focusing on the successful completion of its projects. The strategic development of this project market was recently analysed and assessed in detail. A possible disinvestment has not been ruled out. No final decision has yet been made. No new projects are being accepted at present.

The planned Trans-European Transport Network (TEN-T) ensures a continuously good order situation in European tunnelling and railway construction. Financing is provided by the multi-year NextGenerationEU budget, among other things, thereby ensuring long-term demand. PORR therefore anticipates stable market developments on its home and project markets.

SEGMENT HOLDING

Key data

in EUR m	2023	Change	2022	2021
Production output	106	-20.3%	133	534
EBT	-25.8	> 100.0%	-11.5	3.4
Order backlog	93	-52.4%	194	77
Order intake	76	-19.6%	95	77
Average staffing levels	1,176	0.5%	1,170	1,554

The segment Holding includes all non-operational areas of PORR – i.e. the Shared Service Center. In addition, other equity interests such as PORR Beteilungungen und Management GmbH are included here. It also includes the areas that are managed directly by the top management level due to developments not in line with the market.

Production output in the segment Holding fell by 20.3% to EUR 106m, primarily due to the sale of an equity interest. Earnings before taxes (EBT) were negatively impacted by the wind-up of Western Switzerland and totalled EUR -25.8m. Therefore the EBT margin was negative.

The order backlog fell by 52.4% to EUR 93m due to systematically working off old orders. The order intake showed a similar trend, falling by 19.6% to EUR 76m.

NON-FINANCIAL STATEMENT

–39% Scope 2 emissions

90% of clients would recommend PORR as a reliable construction partner

MSCI ESG rating of AA maintained

2.8mt Material recycled Group-wide

64% Group-wide use

of green electricity

+22% Training hours

Climate Change & Water Security

MATERIALITY ANALYSIS

WHAT MATTERS

Get an overview, set priorities. Identifying the material topics is the basis for PORR's targeted sustainability management. This is why a materiality analysis was carried out in 2022 in accordance with the draft European Sustainability Reporting Standards (ESRS) based on the requirements of double materiality. This also covers the requirements of external frameworks such as the UN Global Compact, the Women's Empowerment Principles (WEPs), the Global Reporting Initiative (GRI) and the Sustainable Development Goals (SDGs).

As part of the analysis, the impact of various ESG topics along the entire construction value chain was assessed and prioritised with internal and external experts. In addition, a stakeholder survey was conducted in accordance with GRI.

In the reporting year, the materiality analysis was reviewed as part of division-specific reconciliations and assessed as still being up to date.

Materiality analysis at a glance

Step 1 – Research

Based on the draft ESRS, environmental, social and governance (ESG) issues were researched and compiled. This resulted in a long list of 69 topics, which formed the basis for further analysis.

Step 2 – Evaluation

Double materiality requires both an inside-out and an outside-in perspective when analysing the relevant topics. The inside-out perspective considers the effects of PORR's internal risks on the environment and society. In the process, each topic was discussed with the respective internal technical experts and assessed using predefined scales. These include the potential and actual extent, as well as the irreversibility of the respective impact of business activities along the entire value chain. The financial impact of external risks on the company is analysed in the outside-in perspective. These were assessed by risk management.

At the same time, more than 3,200 stakeholders were surveyed. In the anonymous stakeholder survey, they were asked to prioritise the twelve top issues that had previously been derived from the long list. Each top issue was presented with a short description to enable them to form a qualified opinion.

Step 3 – Material topics

Based on the assessments by experts and risk management, it was possible to relate the individual sustainability topics to one another. In total, all 69 topics were analysed. Three topics and their risks were classified as financially nonexistent for PORR and were therefore not pursued any further. All relevant topics from the long list were subdivided into 48 material and 18 non-material topics using a materiality matrix. The results of the stakeholder survey are in line with this internal assessment.

The results were presented to the Sustainability Committee and the Executive Board. The resulting material issues were discussed and validated together.

Step 4 – Action fields

The material topics and the results of the stakeholder survey led to eight action fields. These are the focus of PORR's sustainability management. Accordingly, sustainability reporting is also oriented towards these action fields.

Die PORR im Überblick

To Build A Better World

ACTION FIELDS IN DETAIL

Transparency is important. In order to summarise PORR's commitment to sustainability, an overview of the action fields and PORR's contributions can be found below. How the action fields relate to the Austrian Sustainability and Diversity Improvement Act (NaDiVeG) is shown on page 245. Further details can be found in the respective sections of this report.

	ACTION FIELDS	PAGE	OUR CONTRIBUTION	SDG
	Decarbonisation	71	• Climate strategy, energy and resource efficiency • Renewable energy • Green building certification	7 11 13
ment	Circular Economy	80	• Recycling building materials • 3D printing and robotic manufacturing of materials • Digital building models (BIM) • Sustainability criteria for procurement	9 12 17
Better Environ	Habitats	85	• Water recirculation • Replacement of fresh water • Greening measures • Bee@PORR • Remediation of contaminated sites	6 15
	Occupational Safety	96	• Vision Zero • Safety Walks • Safety Check Card • Limits for noise, dust and vibrations	3 8
Better Society	Health	100	• Workplace health management and occupational medicine • PORR Care+ • Mental health and conflict counselling • Workplace health promotion and fitness offers	3 8
	Working Worlds	104	• PORR Principles and Code of Conduct • Women's network women@PORR • Family-friendly workplace • Support programmes and further training	4 5 10
	Human Rights and Ethics	111	•Signatory to UN Global Compact • Supplier Assessment System • ISHAP personnel documentation system • Prevention of wages and social dumping	8 16
Better Governance	Compliance	116	• Mandatory training on compliance topics • Whistleblowing system • Internal audit	8 16

To Build A Better World

Die PORR im Überblick

SUSTAINABILITY STRATEGY

Our vision is clear: PORR Home of Construction – To Build a Better World. The Group strategy forms the core of this and anchors the ESG principles in corporate governance. This is continuously expanded based on ongoing stakeholder dialogue, the materiality analysis, and current and future regulations. This enables PORR to act consistently with foresight.

SMART GROWTH WITH GREEN AND LEAN

As pioneers, we want to pave the way for a sustainable construction industry. As an international company, PORR builds for generations and shapes living environments – with and for people. After all, the construction industry is a people business with many different ethnicities and a high consumption of energy and resources, one which demands a global and future-oriented mindset. Responsible management is the foundation of PORR's success and is deeply rooted in its corporate strategy. This requires backbone and attitude. As a social player, PORR sees it as its mission to make a positive contribution. The clear goal is to achieve smart growth and to operate in a futureoriented manner in line with ESG criteria.

PORR's sustainability strategy is reflected in the Group strategy "Green and Lean", which pursues a clear, holistic approach. The pillars "Staff" and "ESG" show their importance within the company. PORR's aim is to create added value for its stakeholders, society and the company while at the same time minimising its environmental footprint. To this end, it has set itself defined, long-term targets up to 2030, supplemented by interim targets to help drive progress in an agile manner.

OUR FOCUS

Decarbonisation. As a construction company, PORR's business activities have a major impact on the environment and society. The company therefore focuses intensively on research and development for climate protection. With its Group-wide climate strategy, PORR aims to effectively mitigate or avoid the greatest challenges of our time – namely climate change and its negative consequences. Climate-related risks are systematically analysed and managed by risk management. In addition, PORR follows the recommendations on climate reporting for companies and investors by the Task Force on Climate-Related Financial Disclosures (TCFD).

Circular economy and habitats. Conserving resources is a top priority in order to preserve natural living conditions for future generations. PORR takes sustainability aspects into account along the entire construction value chain from the start. This includes circular design, resource-efficient consumption and the recycling of building materials. Partnerships are formed to find solutions together. In this way, PORR aims to drive the evolution towards a circular economy and the associated innovations as well as promote the optimal use of resources.

Occupational health and safety. Responsible management also includes responsibility for staff. Numerous training and development programmes and high occupational safety standards ensure an attractive and safe working environment. The health of employees is promoted with a wide range of programmes in the areas of sport, nutrition and mental wellbeing.

Working worlds. The five PORR Principles – Reliability, Shoulder to Shoulder, Appreciation, Passion and Pioneering Spirit – form the shared corporate culture. They contribute significantly to an inclusive and appreciative working environment. All PORRians are ambassadors of these values – in accordance with the guiding principle of acting in a morally, ethically and legally unimpeachable way. The wide range of training and further education programmes are designed to maximise the potential from within the company's own ranks. Diversity and inclusion strengthen cohesion and create an important foundation for future success.

Human rights, ethics and compliance. Human dignity and rights are inviolable. PORR is committed to respecting and promoting human rights and follows internationally recognised guidelines. The Codes of Conduct, which are mandatory, serve as a guide. The guidelines contained therein are intended to prevent misconduct and promote the principles laid down. Corporate governance is an essential cornerstone of the corporate culture and involves every area of the company. PORR is committed to the highest compliance standards and transparent behaviour in everyday professional life.

HOW WE MANAGE SUSTAINABILITY

Sustainability must be lived at every level of the company.

Achieving this requires sustainability management with clear controls and a structured organisation. The goal is to decentralise the operational implementation of sustainability measures. Through building skills and raising awareness, all PORRians are empowered to apply social and environmental standards in their activities and recognise potential for improvement. The existing expertise of the employees must be bundled and steered in a successful direction. After all, achieving a holistic, sustainable transformation of the company is only possible if everyone pulls together.

Organisational anchoring of ESG in the Group

Strategic management

Continuous advances – also in the ESG organisation. Sustainability management at PORR is subject to constant development and dynamic adjustment. In the reporting year, an organisational change was made since nonfinancial and financial reporting are increasingly being treated equally: The Corporate Responsibility (CR) department was renamed Corporate Sustainability (CS) and placed under Commercial Management under the CFO's remit. The head of department regularly liaises with the Executive Board and the sustainability bodies on current developments and issues. The CS department continues to be responsible for Group-wide sustainability issues within the framework of the business model and strategy and is responsible for sustainability reporting. It is also responsible for the further development and monitoring of the sustainability strategy and targets as well as raising awareness of ESG across the Group. The department also drives sustainability transformation initiatives and actively provides stimulus. Continuous participation in ESG ratings is pursued together with the Investor Relations department.

To ensure that the company's evolution is geared towards sustainability, the Sustainability Committee on the Supervisory Board is the highest supervisory body. This committee meets every six months and reviews the degree to which the measures taken have met the targets and the planned course of action. The Executive Board and the CS department inform the Supervisory Board about current regulatory developments and market trends. Materiality analyses, sustainability reports and adjustments to ESG governance are also discussed, reviewed and approved.

A cross-departmental steering committee, the Group Sustainability Board, was established in 2023. This is made up of Group heads of sustainability-relevant departments and the CS department. From 2024, the Group Sustainability Board will meet quarterly and as required. Its focus is on defining, managing, monitoring and implementing the sustainability strategy and delivering measures. It also aims to identify challenges and barriers in the implementation of ESG measures and share experiences across departments. Group managers from the following departments are represented on the Group Sustainability Board: Commercial Management, Group Human Resources, Group Compliance, Group Procurement, Corporate Environmental Management, Digital Unit, Corporate Development & PMO and Group Operational Management.

At the same time, the Executive Board is also involved through regular management reviews. These are based on the annually updated context analyses, SWOT analyses and PESTEL analyses. Project-specific coordination meetings are also held as required. The Executive Board strives for active further training in sustainability and represents PORR in professional dialogue on ESG topics.

Operational management

From data to strategy. The CS department is responsible for coordinating and monitoring the success of sustainability management across the Group. The operational implementation of the measures is carried out by the respective specialist departments. Group Controlling supports the specialist departments in data processing for consolidated ESG reporting. The Green programme, which was responsible for the operational implementation of the Group-wide environmental and climate strategy, was transferred during the organisational restructuring. In its place, Topic Working Groups were formed for the strategic action fields of the ESG pillar in the Group strategy. In these topic-specific working groups, the nominated experts focus either on optimising the data basis and data collection ("ESG Data") or on strategy development and the implementation of measures ("ESG Strategy"). The necessary decisions and financial resources are coordinated in the Group Sustainability Board. Social issues in the "Staff" strategic pillar are driven forward via the lines of the relevant specialist departments. The Sustainability Board handles the overall coordination between the two strategic pillars.

From 2024, the Topic Working Groups will be involved in regular dialogue as required. In addition, there are topic-specific committees that are managed via the line of the respective sustainability-relevant departments (e.g. Occupational Safety Committee).

From the Group to the countries. The involvement of the countries is essential for successful Group-wide ESG implementation. This is the only way to ensure a holistic approach to sustainability management that considers local regulations, socio-political parameters and human resources. ESG governance is therefore mirrored in the countries. To this end, Local Sustainability Boards and Local Topic Working Groups have been set up in the respective PORR markets. Each PORR market has an ESG Director who is responsible for the overall coordination of sustainability management in the respective country. These ESG Directors report to the country management as well as the head of the CS department. The ESG Directors Board meets on a quarterly basis to identify examples of best practice, lessons learnt from the PORR markets, and the sustainability issues where progress is needed.

To Build A Better World

Die PORR im Überblick

STAKEHOLDER ENGAGEMENT

Dialogue with the environment and society. PORR's longterm economic success is based on matching the needs of stakeholders with the company's activities. Open, regular dialogue tailored to the target group promotes a common understanding of interests, expectations and goals. PORR proactively tackles this complex challenge in cooperation with all stakeholders. This allows risks and opportunities to be recognised at an early stage and the concerns of the target groups to be addressed proactively. The aim is to engage in mutually beneficial dialogue. Numerous awards through ratings and top positions in rankings confirm PORR's commitment and prove that it is on the right track.

PORR regularly identifies the relevant stakeholders and involves them at multiple levels. In doing so, PORR ensures a balanced composition of stakeholder groups and topic-specific expertise. The latest information and developments are communicated via various channels such as the annual sustainability report, internal communications and media reports. Intensive dialogue is sought at specific stakeholder events, via memberships or with cooperation projects. Supplementary input from comprehensive stakeholder surveys or topic-based workshops is processed internally and used to optimise existing measures or develop new content. As a result of the 2022 stakeholder survey, the list of material topics was confirmed once again.

OUR KEY STAKEHOLDERS

Our staff members are essential for delivering the Group strategy. They are regularly informed about progress and requirements for action in the area of ESG through circulars, the employee magazine rePORRt, the employee platform PORRtal, training courses, workshops and various events. They can also use these tools to get actively involved in various topics. Various sustainability committees provide information on strategic developments in the ESG area and evaluate the need for action in the countries. The focus of the ongoing dialogue is on raising awareness and jointly promoting strategic goals, measures and their implementation.

Our customers expect high-quality, reliable and safe construction work. As customer satisfaction is a key success factor in the construction business, it is recorded using a standardised process as part of the PORR management system. It is ensured through uniform measurement, evaluation and continuous optimisation.

Our suppliers and subcontractors are responsible for compliance with environmental and social standards along PORR's complex supply chains. Awareness of sustainable procurement is raised on both the buyer and supplier side through fair business relationships and transparency in action, as well as through annual buyer conferences and direct coordination with suppliers.

Sustainability criteria are becoming an increasingly important decision-making criterion for shareholders and investors. This development is being reinforced in particular by the EU Taxonomy Regulation and new regulatory requirements such as the German Supply Chain Due Diligence Act or the CSRD. PORR maintains direct dialogue with the capital market through the Annual General Meeting, roadshows, conferences, trade fair appearances and press events. Assessments by ESG rating agencies are also taken into account when determining the strategic focus.

Our cooperation partners such as planners, consultants, civil engineers and architects, as well as universities and research institutes are also part of the complex construction value chain. Regular, close dialogue on the feasibility of projects, materials selection and efficient processes ensures joint success.

PORR is in regular contact with media representatives and responds to questions on ESG topics in various formats. Proactively engaging in public dialogue on the topic of sustainability is part of the Group strategy.

Authorities and policymakers define the legal framework within which PORR operates. PORR takes an active part in sustainability discussions through memberships in industry-specific associations, as well as through direct dialogue with authorities and institutions. Building permits for construction projects are obtained from the client.

PORR is a member and supporter of numerous representation-of-interest groups. The aims are to drive forward common topics, exchange experiences and consciously glean an external perspective. This allows it to keep abreast of current developments in the sustainability sector – both within and outside the construction industry. For example, PORR is a member of respACT - austrian business council for sustainable development and a signatory to the UN Global Compact.

Construction projects inevitably affect neighbouring residents, cities and communities. This makes it all the more important to take their needs into account and guarantee their safety. In close consultation with the respective clients, we therefore provide comprehensive information to these stakeholders, especially before and during the execution of construction projects.

BETTER ENVIRONMENT

DECARBONISATION

It is a fact that the climate is changing. This results in multiple challenges to which PORR is responding proactively with a wide range of measures. The clear goal is to reduce overall energy and resource consumption, thereby continuously increasing energy efficiency.

The temperature curve is rising. Climate change and its consequences are among the greatest challenges of our time. Rising emissions are reinforcing the trend towards global warming with devastating consequences. A growing world population, the increasing mobility of people and the rising demand for goods and raw materials are further accelerating climate change.

The clearest signs of this are the increasing frequency and intensity of extreme weather events. The growing global demand for energy and meeting this demand primarily through fossil fuels is leading to increased greenhouse gas (GHG) emissions. The consequences and risks of climate change impact both the political framework and objectives as well as the economic landscape for companies. The need to reduce global GHG emissions is therefore also widely recognised at a political level. The environmental responsibility that the entire economy has due to its energy consumption and emissions is reflected in the legal requirements and regulations.

The continued strong dependency on fossil fuels has come to the fore with the political unrest in Europe and the consequence has been a sharp rise in energy prices. This underpins the need for an energy transition towards a self-sufficient industrial sector. That is the clear goal. Strategies must be developed to facilitate swift reactions to unforeseen developments. Switching to renewable energy sources leads to independence and can therefore promote price stability. This benefits not only PORR, but also its customers as well.

Our success stories

• Around 64% pure green electricity in the entire PORR Group
• Start of photovoltaic rollout on roof and open spaces owned by the Group
• Expansion of charging infrastructure for e-mobility at eleven company sites
• Participation in the UP!crete project for better recycling of concrete
• Launch of the first gypsum-togypsum recycling plant in Austria
• Over 80% local procurement across the Group

Significance of the topic

It could not be more relevant. PORR is aware of its responsibility for the climate: A significant proportion of CO2 emissions in the construction sector are caused by the very high energy and resource requirements. Energy consumption ranges from the extraction and processing of raw materials to the transport of building materials, construction site operations and administrative infrastructure, including staff mobility, through to renovation and building demolition, recycling, disposal and landfill activities. The high demand is mainly covered by fossil fuels at present. The European Commission's goal of drastically reducing GHG emissions is making the use of renewable energy sources in the construction industry a growing necessity. Upstream economic activities, such as the production of concrete are undergoing changes, as is the actual construction process.

As an internationally active construction company, PORR influences global GHG emissions through its use of energy-intensive equipment and systems. This results in a big responsibility to make a significant contribution to climate protection.

Die PORR im Überblick

To Build A Better World

The sustainable development and operation of buildings are crucial in the transition towards decarbonisation.

Building and operating buildings is responsible for almost 40% of energy and process-related emissions. Key factors are the materials used and energy consumption during the utilisation phase. By planning and constructing energy-efficient buildings and

reducing GHG emissions in the course of construction activities, PORR makes a significant contribution to achieving global emissions targets.1

Along the entire construction value chain, from planning to revitalisation and demolition, there is already a growing awareness of environmental issues – among both public and private clients. This is also creating new opportunities and business areas for PORR.

Our guiding principles

Activities at every level. PORR is driving forward the achievement of energy and emission-specific targets with various guidelines, strategies and requirements:

• Green and Lean strategy
• Climate strategy
• Sustainability criteria for procurement
• Energy and environmental policy as integral components of corporate policy
• Energy management system ISO 50001

Our responsibilities

Focus on energy and emissions. The topic of energy and emissions is managed by Group Energy Management in close coordination with its local contacts, the CS department and Quality Management. The Group Controlling department provides support with consolidated data processing. Various specialist departments are involved in the internal planning and decision-making processes, including Equipment and Fleet Management and the Corporate Real Estate and Group Procurement departments.

As the highest authority, the Executive Board is strategically responsible for the topic and reports to the Sustainability Committee, which meets regularly.

Partnerships and initiatives

In the interests of climate protection, PORR cooperates with various organisations and building certifications, including:

• Building Research Establishment Environmental Assessment Methodology (BREEAM)
• Carbon Disclosure Project (CDP) Climate Change
• Concrete Sustainability Council
• DGNB Deutsche Gesellschaft für Nachhaltiges Bauen
• klimaaktiv
• Leadership in Energy and Environmental Design (LEED)
• Austrian Sustainable Building Council (ÖGNI)
• Swiss Lean Construction
• VERBUND

Our targets

	Timeframe
	2025	2030	Status quo
Reducing specific primary energy demand by 35% versus 2020
Cutting specific GHG emissions by 55% versus 2020
Increasing the percentage of renewable energies to at least 40%
Decarbonising construction processes by 21% versus 2014
Group-wide ISO 50001:2018 certification
Adherence to climate strategy through monitoring and progress reports
Intensifying cooperation with stakeholders in the area of climate protection
Consortium projects for the automation of construction site processes using robotics in the Construction Robotics Centre
Development projects for automated construction documentation and performance recording
Implementation of an energy database for procurement
Increased focus on regional purchasing and local cooperation initiatives

Timeframe Achieved Underway Planned

Greenhouse gas emissions of PORR AG

* Categories of Scope 3 emissions in faint font will be disclosed from the 2024 reporting year.

How we steer

Continuously, as a high priority and at the top of the agenda. Climate protection is a continuous process. PORR uses the approach of the continuous improvement process (CIP) in order to keep pace with the technical, environmental, economic, legal and social challenges in all areas. The energy and emissions-specific guidelines, the energy policy and the climate strategy are reviewed annually in direct consultation with the Executive Board, adjusted where necessary and developed further. The targets derived from this are translated into operational measures. Based on the Plan-Do-Check-Act cycle, they are implemented, continuously evaluated and proactively managed. Organisational units are divided into meaningful areas in terms of energy use, energy indicators are developed and compared using tools such as benchmark analyses. The resulting data is used to determine the effectiveness of the measures before adjusting them if necessary.

PORR's certified management systems play an important part in coordination and control. The Group-wide environmental management system has been certified to ISO 14001 for over ten years. The energy management system in Austria has also been certified to ISO 50001 since 2020. In 2022, the scope of certification was extended to include Germany and Switzerland, and Romania was added in 2023. The aim is to implement sustainable energy management for all PORR's home markets by 2025.

Die PORR im Überblick

To Build A Better World

Our facts and figures

Gather data. Analyse data. Act. With the Group-wide energy management system, PORR aims to continuously improve its energy-related performance and reduce its energy consumption. The goal is to increase energy efficiency while simultaneously reducing costs, thereby optimising the use of energy. This and the increasing share of renewable energies should lead to a steady reduction in CO2 emissions. PORR uses the data collected to determine energy performance indicators and develops measures based on them that are in line with the Group's energy and climate targets and energy policy. By setting up and expanding an energy monitoring system, which has already been implemented in the DACH region and is set to be extended to the entire PORR Group, it will be possible in future to react quickly to deviations using automated energy data collection. The recorded data and the findings derived from it will be incorporated into the ongoing improvement process.

The published energy data relates to the proportionate consolidated energy consumption of all companies and subsidiaries in which a majority stake is held. This includes the energy consumption of all office, operating and production facilities and the entire vehicle fleet. The energy consumption of all construction projects with a minimum term of two years and a minimum order value of EUR 2m is also recorded. In order to present a complete picture of our consumption and emissions, we primarily follow a costbased approach, using consumption data where available. The calculation logic of energy intensity relates to the countries in the reporting scope of this non-financial statement. Further details on the recording of energy consumption can be found in the glossary from page 248.

Total energy consumption

Energy consumption within the PORR Group

Total energy consumption across all energy sources within PORR totalled around 737 GWh in the year under review. Compared to the previous year, there was a reduction of 5.1% with an increase in production output of 5.5%. This led to a reduction in energy intensity of 10.4% in 2023. This is partly due to a decline in energy consumption at our own production facilities in Austria, Poland and Romania.

Non-renewable fuels currently still account for the largest share of energy consumption within PORR. They include diesel (around 61%), natural gas (around 19%), liquid gas, heating oil, pulverised lignite (in total around 12%) and petrol (around 7%). The second largest share is accounted for by grid-based energy sources in the form of electricity (around 14%) with a small share of district heating (around 1%). In 2022, many of our production facilities were temporarily converted to heating oil on the recommendation of the Austrian government's crisis committee due to the Ukraine crisis. These were largely converted to natural gas in the 2023 financial year. More details on the energy-specific key indicators can be found from page 217 onwards.

Energy performance indicators outside the PORR Group

Energy consumption outside the organisation relates to Group-wide business trips. This includes car rental trips, business trips by private car, as well as train and air travel. These totalled around 7.4 GWh, an increase of 6.0% compared to the previous year. This is primarily due to the overall increase in travel. A detailed list of the energyspecific key indicators can be found from page 218 onwards, while the calculation methodology is described in the glossary starting from page 248.

Emissions

All of PORR's GHG emissions are determined as CO2 e equivalents (CO2 e) for the countries in the reporting scope on the basis of energy consumption data. These are in accordance with the GRI Standards and are reported as a 100-year Global Warming Potential (GWP) based on the Greenhouse Gas Protocol (GHG Protocol). As shown in the infographic on the left, these include

• direct GHG emissions arising from fuel use in the company (Scope 1)
• indirect GHG emissions from electricity and district heating purchases (Scope 2)
• upstream, indirect GHG emissions from the extraction, processing and transport of all energy sources (Scope 3 – Category 3)
• upstream, indirect GHG emissions generated by the transport and distribution of the four product groups with the highest transport volumes (concrete, asphalt, steel and timber) (Scope 3 – Category 4)
• upstream indirect GHG emissions from business travel (Scope 3 – Category 6)

Scope 1

In the year under review, PORR generated 161,991 tonnes of Scope 1 GHG emissions. Due to the predominant use of fossil fuels, the majority of PORR's Scope 1 GHG emissions also come from this source. Scope 1 GHG emissions are caused, among other things, by the use of diesel and petrol (around 70%), followed by natural gas (around 15%), heating oil, lignite dust and liquid gas. Compared to the previous year, emissions have remained relatively constant, as there are currently not enough technologically viable alternatives available to replace fossil fuels.

Scope 2

A total of 20,504 tonnes of Scope 2 GHG emissions were generated in the reporting year. The majority of these emissions come from purchased electricity. Compared to the previous year, emissions were reduced by around 39%, which was achieved through both lower electricity consumption and the increased proportion of green electricity. Due to the high proportion of purchased green electricity, the PORR Group's electricity mix is around 39,0% lower than the national electricity mix of the countries, resulting in a saving of around 13,000 tonnes of CO2 e.

Die PORR im Überblick

To Build A Better World

We rely on the power of water, wind and sun. We are determined to steadily increase the proportion of electricity from renewable energy sources. Our clear goal is to procure 100% renewable green electricity across the Group. By 2023, PORR in Austria will already be procuring around 85% pure green electricity from hydropower, wind power, solar energy, biomass and similar energy sources. In Norway, PORR sources 100% green electricity. In Romania, a green electricity share of around 73% has been achieved. Poland was able to increase the share of green electricity from around 11% to 47% compared to 2022. Group-wide, the share of green electricity was around 64% in 2023. We are continuing our efforts to significantly increase the share of green electricity in the other markets as well.

Scope 1 and Scope 2

The sum of Scope 1 and 2 GHG emissions in 2023 is 182,496 tonnes of CO 2 e. This represents a reduction of 8.6% compared to the previous year. The intensity of Scope 1 and 2 GHG emissions compared to production output is 0.028 tonnes CO 2 e/TEUR, which represents a reduction of 13.3% compared to the previous year. The specific CO 2 emissions in 2023 are 0.25 kg CO 2 e/kWh. A detailed list of the emission-specific key indicators can be found from page 218 onwards.

Scope 3

PORR's upstream and downstream emissions totalled 71,990 t CO 2 e in the reporting year and are made up of categories 3, 4 and 6. These have increased against the previous year due to a new calculation methodology that includes more comprehensive emission factors. The largest share of Scope 3 emissions comes from energyrelated upstream chains (category 3). Scope 3 GHG emissions from inbound logistics for the four product groups with the high est transport volumes in the home markets amounted to 30,342 tonnes of CO2 e in 2023. This corresponds to an in crease of around 37% compared to the previous year, which can also be attributed to a new calculation logic. Further details on the recording of Scope 3 GHG emissions can be found in the glossary from page 248.

Air pollutants

Reduce emissions. Here, too, we want to ensure a constant increase in the transparency of our data. For this reason, the overall determination of air pollutants was redesigned for the reporting year. In addition to all construction machinery, emissions from the vehicle fleet were recorded for the first time as well. This includes passenger cars, light commercial vehicles (LCVs) and heavy commercial vehicles (HCVs). Details on the method of recording and calculating emis sions from construction machinery and the vehicle fleet can be found in the glossary from page 248.

In the reporting year, the total output of construction machinery managed by PORR Equipment Services (PES) totalled 365,684 kW. The total output of the vehicle fleet was 784,482 kW. Various measures to reduce emissions from construction machinery and the vehicle fleet can be found from page 76.

The ratio of the respective amount of air pollutants to the total output (kW) was calculated in order to show the com parison of ozone-depleting substances (HC) and other pollutant emissions (CO, NOx, PM). Details can be found on page 219.

Our measures

Certified energy monitoring

Expansion of ISO 50001. The expansion of ISO 50001 certification to all PORR subsidiaries is intended to reduce energy consumption, increase energy efficiency, and drive up the proportion of renewable energy sources. On the other hand, the aim is to create greater compatibility and comparability with existing standards and to establish a good database for the further development of targets and measures. As part of the overall goal of full ISO 50001 coverage for every area of the company by 2025, the home market of Romania was successfully certified in the reporting year. The certification process for the Czech Republic and Slovakia was also initiated for 2024.

Expansion of data monitoring. Evaluating the effectiveness of measures and verifying whether targets have been met requires a reliable database. This data is recorded in a decentralised manner, including at temporary construction sites. The expansion of smart energy meters to measure energy-relevant data (e.g. for electricity, heating, cooling and gas) is essential for the automation process. PORR is therefore pushing ahead with the gradual introduction and consistent further development of intelligent monitoring concepts for electrical energy. The use of construction site power distributors with smart measurement technology in combination with innovative software systems makes it possible to systematically record and evaluate energy consumption on construction sites. Analyses based on this at the level of the individual project and portfolio enable data-based planning of new projects in particular – in addition to the optimisation of ongoing construction operations.

In Austria and Germany, 90% of all buildings as well as all office locations in Switzerland and the construction sites in eastern Switzerland have already been connected to the monitoring system. In Romania, three office buildings and four construction sites are currently being connected to the monitoring system. The energy monitoring system is also being rolled out in the home market of Slovakia. Initiation began in the reporting year. Initial certification will follow in 2024 with final implementation in 2025. This makes it possible to record all relevant, energy-related consumption data here as well.

Building on this, further awareness-raising measures will be implemented for staff members, such as reduced heating and cooling, the formation of car pools, and the use of a company-owned electric scooter for short journeys.

Photovoltaics rollout

Towards the energy transition. In addition to purchasing certified green electricity, PORR is also focusing on expanding its in-house PV systems in order to increasingly drive forward the energy transition. To increase the share of renewable energy and reduce dependence on fossil fuels, extensive analyses were carried out in 2023 on equipping open spaces and roof areas with PV systems. Potential analyses for PV systems were carried out in 2023 for all roofs of PORR-owned branch offices and for three open spaces in Austria. Comprehensive preparations are underway for the installation on around 30 roofs. In addition, PV systems are being installed at five locations on land and water in cooperation with the energy company VERBUND. Over the next few years, PORR expects an annual electricity yield of 9 GWh from the systems on roofs and 13 GWh from those on open spaces. This should cover a significant proportion of the energy requirements throughout Austria. The current high demand and the limited capacities of grid access, installation teams and hardware pose a challenge at present. Early planning and sufficient lead time are essential here. PV systems will be commissioned step by step from the beginning of 2024.

In Germany, container roofs will also be equipped with PV systems in addition to the roofs of the plant and office locations. One PV system with an output of 9 kWp is currently in operation. In order to make the most of the existing potential, further systems on roofs, conveyor belts, fences and open spaces with a potential output of 6 MWp are being planned. Implementation is scheduled for 2024. In addition, a night adjustment has been programmed for all construction containers with digital heating control. This leads to significantly lower heating and energy requirements.

Poland, electricity generation is largely dependent on fossil fuels such as coal and natural gas. A PV system with an output of 50 kWp has been installed at the headquarters of PORR S.A. in Warsaw to actively tackle the energy transition here. This is set to be expanded to an output of 140 kWp in 2024. In addition, e-charging stations in combination with a PV system with an output of 5.7 kWp have already been installed in a railway building. To ensure the energy potential is utilised on the construction site as well, construction containers are gradually being equipped with PV systems.

Increased efficiency for equipment and vehicle fleet

Less diesel, more electric. Construction equipment and the vehicle fleet cause the highest proportion of GHG emissions due to their use of diesel. The investment and operation of all equipment and vehicles in Austria, Germany, the Czech Republic and Slovakia is managed by PES. The aim is to achieve a sustainable increase in efficiency and a reduction in air emissions in equipment management by means of standardised processes and by defining Groupwide technical standards. For example, the best exhaust emission level available on the market is always selected for new light equipment purchases. The automatic startstop function for construction equipment is already a standard feature. This delivers a significant reduction in energy consumption, particularly for large construction equipment, by reducing idle time.

The procurement of more energy-efficient new vehicles and the use of electric vehicles is being actively promoted. Electric vehicles are preferred where their use is economically efficient and sensible due to the driving profile (route length, driving frequency). Investments are also being made in the charging structure. In 2023, 71 charging points were installed at eleven sites. These are available to all company cars using a fuel card. The primary goal is to actively replace the consumption of fossil fuels, thereby reducing GHG emissions as well.

A further measure was taken to increase energy efficiency by reducing the useful life and in turn increasing the fleet renewal rate. This ensures that equipment is used in line with technological progress.

Proper and carefully considered scheduling is essential for managing the available resources in an economically and environmentally efficient manner. With the PORR 2025 project "Equipment and Transport Logistics", PORR is analysing, optimising and digitalising these processes as a pioneer in the construction industry. As part of this project, a forward-looking strategy is being developed based on a survey of the needs of the operating units in order to reduce transport routes and the associated CO2 emissions.

Temporary infrastructure and, in particular, stacked containers are a major energy consumer on construction sites. Standard containers and convector heating systems commonly used in the industry are not sustainable due to their low energy efficiency. Together with equipment and technology suppliers, intelligent and energy-efficient containers are being developed to set new standards in this area. A clear commitment to future-proof containers when buying new containers and replacements will ensure modernisation and greening in the medium term.

Administration buildings and mixing plants

Focus on energy efficiency. When building and renovating the Group's own sites, the focus is always on energy efficiency measures for heating, cooling, ventilation and lighting, as well as intelligent building management systems. All new buildings at PORR locations are already equipped with PV systems and climate-friendly heat pumps or district heating system as standard. The renovation of the Simmering branch also focused on thermal refurbishment and an air-to-air heat pump was installed to replace the gas heating system. This has resulted in an estimated annual saving of approx. 250 MWh of natural gas. This corresponds to a saving of 62,500 kg CO2 e. The gradual conversion of outdated heating systems was also accelerated in the reporting year. As part of this, two branches in Austria were connected to the district heating network and the heating system at the Ennsdorf branch was converted from heating oil to wood chips.

The fact that even small steps can have a big impact is demonstrated by switching from outdated lighting to LED. In a single branch alone, the switch has saved 20 MWh of electricity per year. Other measures such as installing a shutdown switch or optimising the running times of a ventilation system are also proving effective. This has resulted in savings of 9 MWh of electricity annually at the Linz branch.

Die PORR im Überblick

To Build A Better World

Sustainability is also a priority when moving into new office buildings. In the reporting year, the office location in Zurich was relocated from a building with outdated construction and building technology to an efficient new building. Low-temperature heating and cooling components, external shading and LED lighting with motion sensors throughout ensure climate-friendly heating and electricity consumption.

In addition to the office locations, PORR is also focusing on energy efficiency in its mixing plants. By renewing the control and frequency regulation of the motors, their output can be adapted to actual demand, processes optimised, and efficient operation secured. Energy and heating oil savings of around 19% were also achieved by covering sand bunkers, resulting in lower moisture content of the material.

Focus on local procurement

The closer, the better. Sustainable procurement means supporting the local economy. Regional procurement and with it the reduction of CO2 emissions is a priority. However, it depends on the local availability of raw materials and supplies and so it is subject to project-specific and location-specific conditions. By definition, local procurement must not fall outside of the area of the main business location and a maximum distance of 150 kilometres in any direction. PORR has already achieved a great deal here: On average, PORR procures around 80% of goods from local suppliers across the Group. Local procurement per country makes up the following proportions:

• Austria around 80%
• Germany around 70%
• Switzerland around 90%
• Poland around 94%
• Czech Republic around 92%
• Slovakia around 95%
• Romania around 95%
• Norway around 70%
• Qatar around 20%

Qatar is heavily dependent on imports of construction materials due to the local resource situation. PORR generated around 1% of its output here in the year under review. It supports the promotion of local industry with special projects such as the "Local Industry Participation Plan".

Decarbonisation in procurement

Putting the chain under the microscope. Due to the large number of suppliers and subcontractors, the construction industry has a complex supply chain (see also page 79). Against this backdrop, creating transparency as part of sustainable supplier management is a top priority at PORR. The focus here is on building long-term, stable supplier and subcontractor relationships – with a strong emphasis on social, environmental and economic concerns. For example, reducing GHG emissions and improving energy efficiency are prerequisites.

PORR's most frequently used building material is concrete. The production of one tonne of cement releases around 700 kg of CO2 . It is therefore essential that emissions are reduced in the production of concrete. Concrete consumption should be further reduced through innovation.

With a share of around 35% of the total sales volume, the construction industry is one of the most important customers of the steel industry. Due to the high impact of steel production on the environment, PORR requires its suppliers to utilise steel in a way that is as resource efficient as possible. To this end, the recycling of steel is to be promoted through separation and reutilisation in order to reduce CO2 emissions and conserve raw materials.1

The impact on the climate should also be reduced for other product groups such as construction materials (e.g. formwork, timber, stone), asphalt/bitumen, C-parts (occupational safety items, office supplies, IT supplies or tools and standard parts) and other materials. Compliance with social standards is a minimum requirement along the entire value chain.

From planning to certification

A holistic approach. Buildings generate emissions and require resources throughout their entire life cycle. Not only the energy demand during the utilisation phase, but also the production and transport of building materials as well as the dismantling of buildings and the disposal of building materials all play a role.

Simply reducing the energy required for heating and cooling is therefore no longer sufficient; instead, the focus must be on the full range of emissions caused by the construction industry. As a key industry, the construction sector therefore has a major responsibility: It can ensure the use of CO2 -reduced building materials, for example, or innovative building construction approaches.

With the help of a life cycle assessment, one of the central tools of sustainability certification, the environmental impact of a building can be analysed holistically. It provides a basis for environmental policy decisions. This allows potential for optimising emissions to be identified and appropriate measures derived as early as the planning stage. The recyclability of buildings is also becoming increasingly important, not least due to the EU Taxonomy.

With pde Integrale Planung GmbH, a wholly owned subsidiary, PORR has the prerequisites in place for the creation and "life" of sustainable buildings. This is where the competencies for environmental building management, life cycle assessments, recyclable construction, sustainable construction sites, EU Taxonomy audits, climate risk analyses and the creation of green building certifications are bundled. pde assumes responsibility for resourceefficient and energy-efficient building planning and provides support from the start of the project through to the completion of the building.

1 Steel Industry Association, 2019

Looking ahead

We are consistently leading the way. The huge responsibility the construction industry has for achieving global climate targets reinforces PORR's Green and Lean strategy. This strategy will continue the path already taken towards consistent decarbonisation and increasing the energy efficiency of processes.

The planned Group-wide rollout of the energy management system in accordance with ISO 50001 by 2025 forms the basis for all further measures. The increasing use of green electricity, expansion of the PV strategy, greater e-mobility and increased monitoring of data on consumption will also be the focus in 2024. Successful pilot projects, such as the roofing of sand storage facilities, will be extended to all relevant sites in future. Further measures relating to the construction sites and the energy consumption of stacked containers are already being implemented.

In addition to measuring energy consumption, the GHG balance plays a key role. This will be extended to other categories in 2024. Work is also continuing on improving the availability of data in order to get a comprehensive picture of PORR's main GHG emissions in the future. Further measures will be developed and implemented on this basis.

Our supply chain

Die PORR im Überblick

To Build A Better World

CIRCULAR ECONOMY

Make it, use it, bin it – that is a concept consigned to the past. The future belongs to the circular economy. As part of the solution, PORR uses (raw) materials several times over, thereby conserving valuable resources.

Circular not linear. A rethink is being applied to the still predominantly linear production and consumption practices and a strong trend towards circularity is underway. Key drivers in this area are the EU Circular Economy Package and the EU Taxonomy Regulation. The construction industry has a high demand for primary raw materials and is responsible for a large proportion of the total waste generated. It thereby has a correspondingly high responsibility for and influence on the circular economy.

Recycling building materials has been an important instrument for saving primary raw materials and conserving landfill space for many years. In Austria, the Federal Waste Management Plan, a central control element for the implementation of the national circular economy strategy, was updated in the reporting year. The main changes relate to the principles for treating excavated materials. In Germany, the Mantelverordnung für Ersatzbaustoffe und Bodenschutz was issued, focusing on the requirements for the production and installation of mineral substitute building materials. For PORR, this is both an incentive and a mandate.

Significance of the topic

Waste is a waste. Any waste that is not recycled represents a loss of valuable resources. PORR is aware of its responsibility as part of the economic system and is committed to the efficient use of resources. This includes not only recycling waste materials, but first and foremost avoiding creating waste and actually reusing materials. The construction and property sector is one of the industries that uses an especially large amount of resources. Each project generates specific waste, most of which is of mineral in nature. This applies in particular to demolition work and renovation projects. PORR specialises in processing the largest factor in the waste stream in Austria – accounting for 75% – which is construction and demolition waste as well as excavated soil. In our own plants and through targeted research, this and industrial waste is processed in such a way that it can be reused. In addition, PORR develops new building materials and construction methods and optimises logistics on construction sites.1

With regard to sustainable construction, the use of recycled building materials has become an increasingly important factor. In recent years, PORR has consistently expanded its expertise in the processing of construction waste. It contributes the knowhow it has acquired right from the earliest project phases. For PORR, circular economy and the inclusion of waste and recycling begin at the planning stage of a construction project. To further promote efficient resource management, PORR focuses on innovation and circular economy concepts. In doing so, it works closely with clients and other players along the supply chain. It is involved in developing new technologies and systems to keep materials such as plasterboard, rock wool and glass wool, as well as EPS and XPS boards and excavated soil in the material cycle. In this way, it proactively contributes to the circular economy.

Our guiding principles

PORR's commitment to the responsible use of resources is anchored in the Group-wide sustainability strategy. An environmental management guideline was issued in 2023 in relation to this. All documents that form the basis for PORR's environmentally friendly and resource-conserving business practices are listed below:

• Green and Lean strategy
• Sustainability strategy
• Codes of Conduct for staff and business partners
• Sustainability criteria for procurement
• Environmental management guideline
• Management system ISO 14001
• List of environmental aspects
• Checklist for construction and demolition waste – Work instructions for handling construction and
• demolition waste
• Site-specific waste management concepts

Our responsibilities

Corporate Environmental Management (CEM), which includes environmental management, is in place throughout the Group. This serves as an expert contact point that provides advice and support for implementing waste legislation as effectively as possible and promoting recycling. It liaises with the Group-wide environmental network, which consists of specialists from the individual countries. PORR's environmental and waste management team are also in contact with the authorities, business groups and interest groups. In Austria there are three central Waste Management Officers in accordance with Austrian waste legislation as well as a network of local environmental and waste coordinators (LEWCs), who liaise with and support the responsible construction project managers.

Waste and recycling-specific expertise is bundled in the environmental engineering competence centre of PORR Umwelttechnik (PUT). The responsible construction or project manager has the remit for the correct handling of construction and demolition waste on the building site. The plant managers or managing directors on site are responsible at the respective recycling sites.

1 Federal Waste Management Plan (BAWP), 2022

Die PORR im Überblick

To Build A Better World

Partnerships and initiatives

PORR is represented in the following organisations and advocates for a circular construction industry:

• European Quality Association for Recycling
• Fachverband Entsorgungs- und Ressourcenmanagement
• Österreichischer Baustoff Recycling Verband
• Österreichischer Wasser- und Abfallwirtschaftsverband
• Verband österreichischer Entsorgungsbetriebe

PORR engages in professional exchanges with the following associations:

• European Construction Industry Federation (FIEC)
• Österreichische Bautechnikvereinigung (ÖBV)
• Umweltausschuss der Deutschen Bauindustrie

How we steer

Ecology is always a consideration. At the beginning of each construction project (construction initiation), all wasterelevant activities and the associated obligations are identified. In the case of hazardous construction and demolition waste, its volume is reported internally in advance.

Statutory Group-wide measures are agreed annually with the Executive Board, reported to the Sustainability Committee and adjusted if necessary. In addition, environmental management ensures the integration of ecological aspects into all major corporate decision-making processes through ISO 14001 certification.

Procurement at PORR is divided into the areas of material buyers, subcontractors, and operating materials. These are specific to each country. Material procurement can be more regionally or supra-regionally orientated, while subcontractors and service providers are mainly regionally active. One exception is Qatar, which is heavily dependent on imports.

The supply chain is set out and detailed in the Procurement Policy. The supply chain model covers all procurement activities. It defines and plans these step by step. The supply chain impacts all construction processes – from (public) procurement, design and construction through to the final acceptance of the project. The procurement segments of the product groups are organised as follows:

• Energy/fuels
• Water
• Steel/armouring
• Concrete/gravel
• Building materials (formwork, timber, stone)
• Asphalt/bitumen
• C-parts (industrial safety items, office supplies, standard parts, e.g. screws, etc.)
• Commodities/IT
• Manpower suppliers

Asphalt, gravel and recycled materials are partly produced by PORR itself and used for its own construction activities.

Our targets

	Timeframe		Status quo
	2025	2030
Cutting contaminated fractions by further developing waste utilisation processes
Further improving waste separation with regard to optimisation of recycling options
Further increasing the reuse and recycling of building materials
Increased focus on the circular economy
Group-wide implementation of the price changes database with a focus on sustainability
Increasing in the purchasing volume of sustainable materials by 20%

Timeframe Achieved Underway Planned

Our facts and figures

Less waste, more recycling. PORR concentrates on the processing of various mineral construction materials. The company cooperates with external partners for waste disposal. Certified waste disposal service providers are selected in consultation with the Waste Management Officer.

Reporting is limited to waste for which PORR is the first waste producer and has a direct influence on the type, quantity and disposal route and therefore the recycling potential. An active and continuous reduction in the total volume of waste is a challenge, as waste volumes can fluctuate greatly depending on the order situation and due to conversions and modernisations of operating sites. In the reporting year, the amount of waste generated as a primary producer was 10,651 tonnes. This is around 1,500 tonnes more than in the previous year. The reason for the increased total volume is due to a large-scale remodelling of a site in Austria, which generated demolition materials. Otherwise, the quantities of waste generated at the other sites remained almost unchanged versus the previous year. In Germany and Norway, the total volumes were significantly lower than in the previous year. This is due to a more detailed survey. The Group's total recycling volume amounted to 2.8m tonnes, of which 1.6m tonnes was used in place of primary raw materials at our own construction sites and plants. These volumes are subject to general fluctuations in construction site operations, which explains the reduction/increase in the recycling volume compared to the previous year (2022: Recycling volume: 1.6m tonnes with own use of 1m tonnes).

The building materials cycle

Our measures

Circular construction

From start to finish – a one-stop shop. PORR offers comprehensive solutions that cover the entire life cycle of a building or structure: From planning and construction, the utilisation phase and refurbishment through to dismantling, demolition and the processing or recycling of building materials. This approach enables PORR to increasingly close the loop for construction materials.

Joystick for material utilisation. VITAVO Joystick has been ensuring the more efficient use of materials at PORR in Austria since the start of 2023. The customised software solution quickly and efficiently matches surplus material supply with the corresponding demand. This reduces transport routes, cuts emissions, saves energy costs and minimises waste. The cross-interface software intelligently networks information, thereby streamlining internal processes. VITAVO Joystick also operates at the highest level of data security and guarantees traceable logging as well as automated, secure storage.

Digital circular economy – we are Kennedy. Madaster is an online register for installed products and materials. It provides the option to store, manage, enhance and exchange material and product data in the form of a material certificate for properties. Circular economy information, the CO2 footprint and residual material values are displayed here. PORR has been a pioneer in the Austrian construction industry in Madaster's Kennedy programme since 2023. Together with its partners in the Madaster network, it is developing innovative solutions for the circular economy and decarbonisation.

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Resource-efficient procurement

Incorporating recycling right from the start. In addition to social and climate-related requirements for its suppliers, PORR also prioritises the conservation of resources and the use of recycled content in materials when selecting sup pliers. Not least because of the circular economy, it favours local procurement and strives for end-to-end transparency along the complex supply chain. More on this on page 77.

From construction site waste to recycled product

Avoiding landfill. With the help of mobile plants, mineral building materials and excavated materials are processed directly on construction sites. As long as they fulfil the nec essary quality requirements, the recycled materials can be reused immediately on site. This not only helps avoid trans port routes but also reduces harmful emissions. The envi ronmental compatibility and structural suitability of these recycled materials are continuously monitored by accred ited testing and inspection centres. Recycled building ma terials must meet the same quality standards as primary materials.

In urban construction projects, it is often not possible to set up mobile recycling plants and maintain the required safety distances due to a lack of space. In such cases, the waste is taken to the company's own recycling sites. There, bricks, concrete, building rubble and excavated soil are converted into high-quality recycled products by crushing, sorting, classifying and wet processing. Instead of ending up in landfill sites, construction waste is transformed into valu able building materials.

The recycled products are used in various construction projects. Areas of application include base layers in road and car park construction or backfill in building construc tion. However, they are also used for paving beds, construc tion site access roads, field and forestry road construction, bankfill for soil stabilisation and as a plant substrate. In the reporting year, around 52,000 tonnes of substrates of var ying quality were produced from the total recycling volume of 2.8m tonnes in PORR's own recycling plants and distrib uted for various forms of green roofs. This enabled the greening of roofs with an area of around 473,000m 2 , as both extensive and intensive green roofs.

Collaborative innovation with gypsum to gypsum. Gypsum is a natural raw material in limited supply. It is extracted in mining or is a by-product of coal-fired power plants (FGD gypsum). The EU Green Deal calls for all coal-fired power plants to be shut down by 2035. In order to avoid a bottle neck, recycling must be stepped up. Together with project partners from the value chain, PORR is building Austria's first gypsum-to-gypsum recycling plant. This will have an annual capacity of around 60,000 tonnes, making it able to cover the entirety of demand in eastern Austria. The joint initiative not only conserves raw material deposits, but also the limited landfill volume. It is a proactive approach to the nationwide landfill ban on plasterboard that comes into force on 1 January 2026. To date, around 100% of demoli tion material has ended up in landfill sites. The gypsum it contains can now be recycled. Up to 40% recycled gypsum can be used for new plasterboard. In 2023, the final pro -

cessing steps that need to be implemented to achieve the required target quality were also worked out.

Pioneering research projects

EPSolutely. Expanded polystyrene (EPS), also known as Styrofoam, consists of 98% air and 2% polystyrene. Due to its properties, it has a wide range of applications and is mainly used as insulation and packaging material. Styrofoam is currently disposed of as hazardous waste using a specific incineration process. However, PORR also sees potential here to close the loop. The idea? To make polystyrene 100% recyclable. Together with eleven partners and Fraunhofer Austria, PORR has been able to gain initial insights into how theory can become practice in the EPSo lutely research project. Various dismantling methods have been tested using the example of dismantling an external thermal insulation composition system (ETICS). The anal ysis has shown that shredding and material disintegration are generally possible without any problems, enabling sep aration into light materials (= EPS) and heavy materials (= bricks, mortar, etc.).

In the reporting year, a digital return system for EPS offcuts was also tested on selected pilot construction sites. This involves the person responsible, such as the site manager or foreman, scanning a QR code on the designated disposal bags to document exactly where the EPS waste comes from. If other materials are mistakenly mixed in, this can be corrected by means of traceability. The system will be further developed and implemented across the board in 2024.

UP!crete. The recycling of concrete is a key lever for conserving resources. However, the upcycling of demol ished concrete in the form of recycled concrete, which is comparable to primary concrete in terms of its properties, currently faces technical and regulatory obstacles. The UP!crete research project addresses this problem: The project is generating scientifically sound findings on im proved properties of recycled aggregates in order to achieve greater substitution of natural stone. The consortium is made up of partners from industry and research. The first test results are expected in 2024.

Recycling wind turbine blades. Together with the Warsaw University of Technology and a company from the sustainable energy industry, a project is currently being carried out to process composite materials (glass and carbon fibres) from worn wind turbine blades. These will subsequently be used in asphalt or concrete.

Pioneer for mineral wool

Minus 80 percent. Mineral wool is one of the most commonly used insulation materials. Due to its low density, it is very light and voluminous. These properties lead to increased transport costs and take up valuable landfill space in the event of disposal, whereby the stability of the landfill body is also impaired. PORR has taken important steps to overcome this problem. The landfill capability is

Collaborative innovations are essential for the circular economy.

being improved with a specially developed processing plant. Contaminated mineral wool waste from dismantling or unmixed mineral wool offcuts from production are processed for this purpose.

Due to its composition, mineral

wool can be hazardous waste. For this reason, the entire plant is designed as a closed unit. The air is completely extracted and cleaned of asbestos fibres using special filters. This ensures that no hazardous fibres are released during the manufacturing process. The process leads to considerable compaction of the mineral wool, resulting in a reduction in volume of up to 80%. The fibres filtered out are bound and can then be landfilled or otherwise recycled.

In 2023, around 1,700 tonnes of hazardous and nonhazardous mineral wool waste had already been treated. This saved a landfill volume of around 10,000m3 . In addition, another research project was launched in which alternative recycling approaches are being researched in cooperation with industry and university partners. The first trials are due to be carried out in 2024.

Small steps, big impact

Separating waste for the future. In addition to construction and demolition waste, another significant aspect of waste management is the company's own waste, which is generated in the course of operating offices, production facilities and workshops. The declared aim is to minimise waste. If avoidance is not possible, the focus is on the best possible way to recycle. This conserves resources and reduces disposal costs at the same time. It does, however, require clear waste separation concepts.

In the reporting year, the sorting system at head office and at some Austrian sites was revamped in order to optimise waste processing. The purchase of a worm bin has meant that organic waste can be processed into compost, thereby becoming a valuable resource. Where possible, this is being extended to other company locations as well.

Significant progress has also been made in preventing waste by using reusable packaging for cleaning products and drinks bottles. Other measures include paper-saving print settings and digital internal communication. In addition, functional office equipment that is no longer required is passed on to locations that need it. If there is no internal demand, the equipment is offered to external organisations. One example of this is the donation of toner cartridges to the children's cancer charity Kinder-Krebs-Hilfe.

Looking ahead

Green and lean, across the Group. The way buildings and other structures are designed and built today determines the living environments of future generations. This is why PORR strives to continuously develop and advance innovative processes. The focus is increasingly on meeting the rising demand for resources with recycled products. The Group wide "Green and Lean" strategy sets the course: The topic of circular economy is being strategically promoted even more strongly. Circular research projects and innovations in construction technology will also be promoted heavily in 2024 in order to standardise further solutions for clean waste recycling and avoiding waste.

HABITATS

A careful and responsible approach to nature: This forms the basis of our Green and Lean strategy. In practice, this means using water sparingly and protecting biodiversity in our activities.

Diversity as the basis of life. The earth harbours a multitude of animal and plant species in the most diverse habitats. The greater the biodiversity, the more stable the habitat and consequently the basis of humanity's existence and quality of life. The reality is that many species are now acutely threatened with extinction.

The driver of this worrying development is manmade climate change. Rising temperatures, more frequent extreme weather events and rising sea levels are reducing the resilience of global ecosystems. This goes hand in hand with an increasing risk to the diversity of flora and fauna. In addition to regulatory requirements, biodiversity-related aspects are also increasingly finding their way into market requirements as part of corporate sustainability. For example, there is a noticeable increase in awareness of biodiversity and soils among clients, cooperation partners and investors in the construction industry.

In addition, climate change is putting even more attention on the importance of water as a vital resource. The resulting rise in demand and increasing environmental pollution emphasise the urgency of conserving resources. Companies are therefore increasingly called upon to shape a future in which water is distributed fairly and used sustainably.

Significance of the topic

Protecting nature. PORR influences ecosystems through its business activities. Building development, soil consumption and land sealing all have a significant impact on the natural regulatory function of the environment. These interventions exacerbate climate change and reduce the diversity of flora and fauna. Dust and noise pollution also frequently occur during construction work. Vehicle traffic, machinery and equipment or lighting masts for night-time work also have a direct impact on flora and fauna.

Construction activities and the operation of production facilities consume resources. Material and energy consumption are directly linked to greenhouse gas emissions and so contribute to climate change. This has an impact on biodiversity by changing habitat conditions and favouring the spread of invasive species.

Water is used in almost every construction activity, be it a new build, remodelling or demolition project. Most operating sites and raw material production facilities also have the potential to draw water. The amount of water drawn and the source of the water vary depending on the location and project. Water is supplied via the public water network, wells or surface water, depending on the location, size and requirements and taking local conditions into account. The way the water is used determines whether it is consumed or can be recycled.

PORR is committed to protecting the environment in the best possible way. This applies not only to construction sites, but also to all PORR locations. It is aware of its social

responsibility regarding the utilisation of water as a valuable resource.

Certain projects that are likely to have a significant impact on the environment are subjected to a systematic assessment process, the Environmental Impact Assessment (EIA), before being greenlit.

Our guiding principles

PORR's corporate policy regarding the environment is laid down in various guiding principles. These strategies, guidelines and work instructions are intended to minimise the impact of PORR's business activities on the local environment, animals and plant species:

• Green and Lean strategy
• Codes of Conduct for staff and business partners
• Sustainability criteria for procurement
• Environmental management guideline
• Management system ISO 14001
• Management documentation on environmental aspects
• Management documentation on assessing working materials (list of hazardous substances)
• Water Policy

Our responsibilities

Careful handling. Within the PORR environmental network, a Group Environmental Coordinator and regional Environmental Officers work in close coordination with the CS department, the Centre of Excellence for Resources, PORR Umwelttechnik (PUT), the local environmental and waste coordinators and IAT Greenline. External parties such as cooperation partners, suppliers and neighbours are also involved as required. The Executive Board is the highest authority responsible. The Water Officer identifies the construction sites and operating locations that fall within the reporting scope. The PORR Group's water consumption is determined together with the defined contact persons and regional colleagues. For the areas with the highest specific water consumption, solutions for reducing water consumption and measures for water recycling are developed together with the environmental network and the Innovation Management department.

PORR's aim is not only to realise (construction) projects of the highest quality, but also to protect the environment in the best possible way.

Die PORR im Überblick

To Build A Better World

Partnerships and initiatives

PORR cooperates with the following organisations or engages in professional exchanges with them:

• Bienenlieb
• Building Research Establishment Environmental Assessment Methodology
• Carbon Disclosure Project (CDP) Water Security
• Deutsche Gesellschaft für nachhaltiges Bauen (DGNB)
• Gesellschaft für Ökologie und Abfallwirtschaft
• Österreichische Gesellschaft für Nachhaltige Immobilienwirtschaft (ÖGNI)
• Österreichischer Wasser- und Abfallwirtschaftsverband (ÖWAV)
• Umweltausschuss der Deutschen Bauindustrie
• Umweltbundesamt
• Umweltdachverband
• Umweltschutzverband

How we steer

Standards, training and knowledge sharing. The certified environmental management system ISO 14001 is used to implement the environmental policy throughout the Group, taking into account all legal requirements. Potential

Our targets

environmental impacts are identified in all relevant processes. These are managed together with internal and external experts as well as specialists working for the authorities.

Regular training courses are held throughout the Group to raise environmental awareness in everyday life on the construction site and secure a deeper understanding of environmental issues like resource utilisation or biodiversity. Project-related environmental training courses are organised before the start of relevant construction projects. These training sessions are held with all employees before work begins in order to communicate potential environmental impacts and necessary countermeasures. These workshops are repeated to minimise potential risks on the construction site. Topics such as waste management, resource conservation, biodiversity and other environmental aspects are continuously addressed in interactive dialogue rounds with construction site employees.

Together with the contact persons on the construction sites and operating locations as well as the specialist colleagues in the PORR markets, the Water Officer regularly evaluates the progress made in meeting the targets. The set of measures and the Water Policy are revised and supplemented if necessary.

	Timeframe
2025	2030	Status quo

Timeframe Achieved Underway Planned

Our facts and figures

In the year under review, around 676 Ml of water was withdrawn. This amount is divided between the different types of water: 52.8% groundwater, 29.1% water from third parties and 18.1% surface water. Groundwater is mostly taken from wells on site. Water from third parties includes that taken from the public water network. Water from surface water comes from rivers or lakes.

The total volume of water recycled in the reporting period totalled around 458 MI. PORR's water consumption was therefore around 218 Ml.

In general, these volumes are subject to the fluctuations of construction site operations as well as the respective weather conditions. For example, more water is needed for dust suppression during dry periods. Water withdrawal is usually measured using water meters. The return flow and consumption are calculated per site, depending on the utilisation of the extracted water.

Our measures

Protect and promote biodiversity

More than required by law. During construction work, earth filling, earthworks and, if necessary, blasting may be required. PORR endeavours to keep negative environmental impacts to a minimum through targeted measures that go beyond the legal requirements.

In addition, the focus is on optimising the life cycle of the projects in terms of economic efficiency, environmental protection and socio-cultural aspects. The aim is not only to increase sustainability performance, but also to maximise the usability and value of the land.

- To prevent damaging the soil when driving over it with heavy equipment, protective fills made of recycled material are applied for the period it needs to be driven over during the construction phase.

• Dust pollution is reduced by water misting. Noise barriers and silencers reduce noise pollution for residents and animals.
• Dimmed and diffuse lighting is increasingly used, especially to minimise disturbance to bats and other nocturnal animals.
• If the construction project takes place near a biodiversity-sensitive area, biological construction monitoring of the surrounding FFH (Flora, Fauna, Habitat) area is carried out. Regular inspection reports by the biological construction monitoring team point out possible deficiencies and potential for improvement.
• If there are any wetland habitats in the immediate vicinity of the project, they are irrigated where necessary or new replacements are created in the run-up to the project. In addition, the creation of amphibian migration paths and replacement spawning waters with floodplain grassland serve to support the undisturbed behaviour of the animals living there.
• Migration sites for rare species of bird (such as swifts in urban areas) are sometimes built along with migration barriers for toads, or "toad tunnels".

To make an additional contribution, orchard meadows have been planted on the company's own fallow land covering an area of around 20,000m². PORR also builds beehives and homes for insects at all suitable, non-mobile sites to contribute to biodiversity. With the Bee@PORR initiative, around 500 beehives have already been erected on 50 Group-owned properties. Partners such as the non-profit association Bienenlieb, Umweltbundesamt and Umwelt dachverband support PORR in ongoing improvements.

Data-based analyses for the biodiversity assessment of PORR sites are used to identify risks and possible measures. To this end, PORR is in dialogue with independent service providers, with whom two pilot tests were carried out at one location each in Austria and Germany as a first step.

Natural building

The environment takes centre stage. PORR is actively involved at national and international level in driving forward the transition towards the sustainable use of natural resources. Its range of services covers a wide range of activities, including the recultivation of landfills, renaturation and greening measures and special animal welfare measures.

Recultivation refers to the restoration or return of a landscape to a usable state. Various PORR landfills are recultivated with soil from an ecological humification process to enable subsequent agricultural utilisation. The humification material plays a key role here and is customised for the respective site. Biogenic waste such as wood, green waste, municipal sewage sludge and excavated soil materials are used for this purpose; mineral fine fractions and wood ash are also added. The materials for humification are subjected to strict quality controls.

An additional focus point is renaturation measures. This refers to the restoration of near-natural habitats in areas that were previously used for commercial purposes. Habitats are partially altered by landfills, the mining of gravel and crushed stone, and PORR operating sites. The utilised areas are returned to nature by means of appropriate measures, taking into account the local fauna and flora. This is done in close consultation with nature conservation experts from the provincial governments and in compliance with official requirements. When PORR is commissioned with renaturation as part of a construction project by the client, it generally works closely with technical experts and is subject to monitoring by experts. Possible measures include landscaped lakes, tree and bush arrangements and sites for rare, protected animal species such as green toads and bee-eaters. The Tattendorf site, for example, is currently in the aftercare phase. During this phase, vegetation mapping is being carried out, mowing alternatives are being sought, and breeding sites for the endangered stone-curlew are being established.

Within the PORR Group, IAT GmbH Greenline – a wholly owned subsidiary – specialises in site-appropriate and species-friendly garden and green space design. Its range of services includes the greening of flat roofs and traffic embankments, the recultivation of landfill sites, the design of open spaces in residential complexes and the construc tion of bio-ponds. Recycled materials from the company's own production are used for the green roofs. Due to their rainwater retention capacity, these have a positive influ ence on the water balance as well.

PORR is also known for its expertise in the construction of hydropower plants and pumped-storage power plants in particular. In the year under review, it was awarded two extensive contracts in this area: The conversion of the Forbach power plant in Germany and the construction of the Ebensee power plant in Upper Austria. Its range of services also includes the construction of rainwater retention basins and flood protection projects. Last but not least, PORR has extensive expertise in the construction of sewage treatment plants.

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To Build A Better World

Securing and remediating contaminated sites

Combination as a recipe for success. Securing and remediating contaminated sites is a key area of work for PORR Umwelttechnik. Contaminated sites often present a complex challenge and their contamination requires intensive preparation and frequently a combination of several different measures. This begins with risk assessments and variant studies as the basis for remediation planning. Depending on the specific circumstances and requirements, PORR offers not only pre-treatment, clearance and disposal, but also enclosure with sealing walls, immobilisation, microbiological and chemical-physical waste treatment, groundwater purification and soil vapour extraction.

The securing and remediation of contaminated sites is another part of PORR's range of services. Be it the decontamination of areas contaminated with toxic substances or the stabilisation and immobilisation of pollutants in soil and water – the focus here is on the comprehensive, sustainable improvement of the environment at contaminated sites.

PORR is intensively involved in driving forward the construction sector in terms of the sustainable use of natural resources.

In the year under review, PORR was able to make a significant contribution to improving the decontamination and safety measures for the site and the surrounding protected assets during the remediation measures at the K05 Brückl contaminated site. Under the coordination of PORR Umwelttechnik and in collaboration with PORR Spezialtiefbau, IAT, and PORR Tiefbau Kärnten, a total of 10 wells

were constructed south of the plant site by spring 2023. In addition, existing water gauges were converted into wells and a large number of different exploration and investigation measures were carried out. The volume of water extracted during subsequent operations was connected to the existing groundwater purification plant via newly constructed pressurised pump lines and associated power and control lines and purified there. The excavated material produced in the course of the well construction and exploration measures as well as the pipeline construction was disposed of properly after the requisite waste characterisation.

Careful use of water

Maximum wastewater quality, minimum wastewater quantity. In all PORR's markets, the legal requirements for the responsible use of water are regarded as the minimum standard. The corresponding utilisation specifications are derived by classifying the types of water used. Water consumption includes all water that is extracted and integrated into products or used in concrete production – including water used during construction work. This also includes water that evaporates or can no longer be recycled due to contamination.

PORR promotes the efficient use of water in both construction and end use. Continuous research and development is aimed at optimising water-saving technologies and processes. The implementation of water recirculation systems offers the opportunity to utilise water effectively on construction sites and company premises. Regular monitoring and maintenance of sanitary facilities also contributes to saving water. Rainwater tanks have been installed at some of the company's sites.

Water that is consumed or unused on the construction site is then discharged properly back into the surface water, groundwater or seawater or handed over to third parties. Construction site wastewater can be contaminated with gravel, sand, cement dust, oils or diesel, for example from cleaning truck wheels. This wastewater undergoes pre-treatment in sedimentation tanks and is then properly discharged via the public sewer network or directly into receiving waters. The quality requirements that wastewater must fulfil before being discharged are defined in national water quality standards and contracts with the operators of the wastewater networks. Grey water from offices is discharged into the municipal wastewater system.

PORR sets a high standard for water recycling and a high level of protection throughout the Group. The principle is to maximise wastewater quality and minimise wastewater quantity, whether at offices, plants or construction sites. New processes are constantly being developed and implemented for this purpose.

Considering environmental aspects from the outset. As part of the approval process, water-related impacts are calculated, carefully weighed up and minimised. Before the project starts, a comprehensive analysis of relevant environmental aspects is carried out using a checklist. This analysis takes into account the planned activities and their potential impact. It aims to prevent possible soil and water contamination, for example due to improper fuel storage or equipment defects. Regular maintenance and safety measures on construction sites as well as site protection against contamination are intended to prevent water pollution. In the event of unforeseen incidents that pose a risk to people and nature, emergency plans ensure that the situation is quickly and safely defused and the damage repaired. Furthermore, clear guidelines are laid down for handling hazardous substances, which are adhered to not only for safety reasons but also for environmental ones.

If there are rivers, streams or lakes in the vicinity of construction sites that are susceptible to water discharge, preventative measures are taken to avoid any contamination. PORR uses innovative covers that function as filters, for example, for this purpose. Emissions are monitored in endangered areas to fulfil all the requirements of the environmental authorities. On construction sites in Romania, special treatment plants are also provided to purify the water in accordance with national regulations. These systems are used in washing ramps for trucks, for example.

There are hardly any regions with water stress on PORR's home markets. In other regions of the world, however, the situation is different. Some of PORR's project markets are among the driest countries in the world. Some of these countries have no surface water resources and are therefore dependent on third parties for their supply. To avoid contaminating the groundwater, PORR relies on water-conserving practices throughout the entire construction process. In addition, water quality is regularly monitored and environmental reports are drawn up, the results of which are analysed in accordance with legal requirements. If deviations are identified, corrective measures are taken immediately

Looking ahead

Good data quality is the basis for all decisions and the measures derived from them. For this reason, PORR is currently in the process of installing a smart meter concept for water withdrawal across all its sites. Timely and regular data can be used to identify high withdrawal volumes and take targeted countermeasures. All measures that have already been implemented will be continuously reviewed, improved and, if necessary, extended to other construction sites in the future. In addition, existing concepts will be expanded and evaluated through the installation of smart meters. Furthermore, PORR is planning a biodiversity analysis in the coming year, from which new measures can be developed.

Die PORR im Überblick

To Build A Better World

EU TAXONOMY

THE REGULATION

Regulation (EU) 2020/852 requires publicly traded companies subject to non-financial reporting requirements to disclose the proportion of their taxonomy-eligible and taxonomy-aligned revenue, capital expenditure (CAPEX) and operational expenditure (OPEX).

Economic activities are classified as taxonomy-eligible if they are addressed by the EU Taxonomy and their description matches the company's own business activities. Any taxonomy-eligible economic activities that fulfil the following three test requirements are classified as taxonomy-aligned:

• 1. Substantial contribution: The economic activity in 2023 must substantially contribute to one of the two climate objectives (climate change mitigation, climate change adaptation). It is envisaged that a substantial contribution must be made to one of the additional four environmental objectives from 2024. These include:
  2. Climate change mitigation (CCM)
  3. Climate change adaptation (CCA)
  4. Sustainable use and protection of water and marine resources (WTR)
  5. Pollution prevention and control (PPC)
  6. Transition to a circular economy (CE)
  7. Protection and restoration of biodiversity and ecosystems (BIO)
• 1. Do no significant harm (DNSH): The economic activity must not significantly harm any of the other environmental objectives.
• 1. Minimum Safeguards: The economic activities must comply with the minimum safeguards. These include:
  2. OECD Guidelines for Multinational Enterprises
  3. UN Guiding Principles on Business and Human Rights
  4. Fundamental principles and rights from the eight fundamental conventions set out in the International Labour Organisation's Declaration on Fundamental Principles and Rights at Work
  5. International Bill of Human Rights

From the 2021 fiscal year, disclosure of taxonomy eligibility was required in relation to climate-related environmental objectives (CCM & CCA). From 2022, taxonomy alignment was also reported in relation to CCM and CCA. In 2023, Delegated Regulation (EU) 2023/2486 published the technical assessment criteria for the other environmental objectives. Furthermore, Delegated Regulation (EU) 2023/2485 adapted Delegated Regulation (EU) 2021/2139 and published new economic activities. In the 2023 reporting year, the taxonomy eligibility for the remaining four environmental objectives (WTR, PPC, CE, BIO) must therefore be disclosed for the first time.

The economic activities related to gas or nuclear energy listed in Delegated Regulation (EU) 2022/1214 are not relevant for PORR. PORR is therefore of the opinion that the reporting templates listed in Annex XII of Delegated Regulation (EU) 2021/2178 are not applicable to the company and therefore do not need to be disclosed.

THE PROCEDURE

Our economic activities

Economic activities within the value creation process of PORR are activities that lead to revenue generation by PORR or for which individual measures have been taken. Accordingly, an economic activity takes place when resources such as capital, goods, labour, production techniques or intermediate products are combined to produce certain goods or services. It is characterised by the use of resources, a production process and the resulting products.

Assessing taxonomy eligibility

In determining taxonomy eligibility, PORR follows a very textual interpretation of the description of economic activities, as in the previous year. If an activity can be clearly categorised, it is considered taxonomy eligible. PORR is also involved in civil engineering projects that contribute to the green energy transition. Where possible, these construction projects were allocated to the economic activity "3.5 Use of concrete in civil engineering".

If there is no clear categorisation, the possibility of taxonomy alignment is used as an additional indicator. Furthermore, only those economic activities for which PORR acts as general contractor, design/build contractor or master builder are considered eligible for the taxonomy. Collective cost centres, framework agreements or similar are excluded due to a lack of allocability.

Due to the allocation of construction sectors and construction projects, economic activities from four sectors are currently relevant for PORR:

• Energy
• Transport
• Water Supply, Sewerage, Waste Management and Remediation
• Construction and Real Estate

Overview of our taxonomy-eligible economic activities

In the table below, the respective taxonomy-eligible economic activities are assigned to PORR's construction sectors and explained. The classification is based on the current state of knowledge and interpretation and is subject to possible changes.

Code	Economic activity as per directive	Description of the economic activity	Justification of taxonomy eligibility
WTR	2.3 Sustainable urban drainage systems	Construction, expansion, operation and renewal of urban drainage systems that reduce pollution and flood risk from the discharge of untreated urban runoff [] by utilising natural processes such as infiltration	The construction of anaerobic wastewater treatment plants, including sludge dewatering, is addressed by this economic activity.
		and retention.	Construction sector: Industrial/ civil engineering
PPC	2.4 Remediation of contaminat ed sites and areas	The activity includes the decontamination or remediation of soil and groundwater in the contaminated area [], of contaminated industrial facilities [], and/or the removal of hazardous substances, mixtures or products, such as asbestos or lead-based paint [].	The securing and remediation of contaminated sites are part of the service range offered by PORR.
CE	3.3 Demolition and wrecking of buildings and other structures	Demolition of buildings, roads, runways, railways, bridges, tunnels, wastewater treatment plants, water treatment plants,	Only PORR demolition work without any connection to new construction is addressed here.
		pipelines, wells and boreholes, power stations [].	Construction sector: Demolition work
CE	3.4. Maintenance of roads and motorways	Maintenance of roads, streets and motor ways, other roads and paths for vehicles and pedestrians, ground works on roads,	This applies to PORR's roadway renovations. The construction of new roads is excluded.
		streets, motorways, bridges or in tunnels and construction of airfield runways, taxiways and aprons [].	Construction sector: Road construction
CE	3.5 Use of concrete in civil engineering	Use of concrete for the construction, reconstruction or maintenance of civil engineering works, with the exception of concrete pavements on the following elements: Roads, motorways, other vehicular and pedestrian roads and paths, bridges, tunnels and aerodrome runways, taxiways and aprons covered by the economic activity 'Maintenance of roads and motorways'.	The description addresses civil engineering structures, such as bridges, anchor walls, retention basins or foundations for wind farms, where concrete is used to a large extent. Construction sectors: Industrial/civil engineering, bridge/highway construction, other special/civil engineering, foundation engineering, road construction
CCM	4.5 Electricity generation from hydropower	Construction or operation of power generation plants that generate electricity from hydropower	The description includes not only operation, but also upstream value-creation stages, including construction, which is why this economic activity is assessed as taxonomy-eligible. Construction sector: Power plant construction
CCM	4.10 Storage of electricity	Construction and operation of plants that store electricity and release it again in the form of electricity at a later date. This activity includes pumped storage power plants.	PORR's activities include the construction and operation of electricity storage facilities, including pumped-storage power plants. Construction sector: Tunnelling
CCM	5.5 Collection and transport	Separate collection and transport of non	This section addresses those
	of non-hazardous waste in source-segregated fractions	hazardous waste in individual or mixed fractions for preparation for reuse or recycling	business activities in which PORR acts as a collector and transporter of non-hazardous waste.

Die PORR im Überblick

To Build A Better World

CCM	5.9 Material recovery from non-hazardous waste	Construction and operation of facilities for sorting separately collected, non-hazardous waste streams and for their recovery into secondary raw materials by mechanical conversion, except for backfilling purposes	Based on the description and the technical evaluation criteria, the recycling sites which PORR is responsible for operation are eligible.
CCM	6.13 Infrastructure for personal mobility, cycle logistics	Construction, modernisation, maintenance and operation of infrastructure for personal mobility, including the construction of roads, motorway bridges and tunnels and other infrastructure for pedestrians and bicycles with or without electric assistance	The description addresses road construction projects that are used exclusively for pedestrians or as cycle paths. Construction sectors: Road construction, traffic route construction
CCM	6.14 Infrastructure for rail transport	Construction, modernisation, operation and maintenance of railways and subways, bridges and tunnels, terminals []	The description addresses infrastructure projects including the construction of bridges and tunnels. Construction sectors: Railway construction, bridge construction, Slab Track, catenary and track construction
CCM	7.1 Construction of new buildings	Development of building projects for residential and non-residential buildings by bringing together financial, technical and material resources to realise the construction projects for subsequent sale as well as the construction of complete residential or non-residential buildings, on own account for sale or on a fee or contract basis	All projects in connection with the construction of buildings in which PORR acts as general contractor and design/build provider are taxonomy-eligible. Construction sectors: Resi dential construction, industrial construction, other building construction, commercial and office building construction, universities, schools, hospitals, rehabilitation centres, hotel construction
CCM	7.2 Renovation of existing buildings	Building construction and civil engineering works or their preparation thereof	The description addresses major renovations to buildings and structures for which PORR acts as design/build provider or general contractor or master builder. Construction sector: Adaptations in building construction
CCM	7.3 Installation, maintenance and repair of energy efficiency equipment	Individual renovation measures consisting of the installation, maintenance or repair of energy-efficient equipment	The description addresses individual measures in building construction as well as climate protection measures in Group properties
CCM	7.4 Installation, maintenance and repair of charging stations for electric vehicles in buildings (and parking spaces attached to buildings)	See economic activity as per directive	Climate protection measures in Group properties
CCM	7.5 Installation, maintenance and repair of instruments and devices for measuring, regulation and controlling energy performance of buildings	See economic activity as per directive	Climate protection measures in Group properties
CCM	7.6 Installation, maintenance and repair of renewable energy technologies	See economic activity as per directive	Climate protection measures in Group properties

Group Management Report Konzernlagebericht

Die PORR im Überblick

To Build A Better World

Assessing taxonomy-alignment

Shoulder to shoulder

As in the previous year, the CS and Group Controlling departments, the management of the PORR markets and nominated coordinators worked together in this reporting year. Following the eligibility review of PORR's activities, the relevant coordinators and suitable construction managers were nominated by the managing directors. The digital infrastructure created in 2022 was used to ensure a transparent and complete audit, including the provision of evidence. The logic and requirements for taxonomy alignment are stored in the verification tool set up for this purpose.

The coordinators ("subject matter experts") nominated for each country have been trained by the department in the technical screening criteria and aspects of proving taxonomy alignment and carried out the audit processing together with the project managers. The construction management for each project was responsible for the verification, substantiation and categorisation. Based on project-specific evidence, such as tender documents, construction certificates, energy performance certificates, documents from waste disposal companies and internal risk analysis documentation, the significant contribution to the climate targets and fulfilment of the DNSH criteria were assessed. The coordinators ensured that the audit was carried out properly and confirmed this in the verification tool using the dual control principle.

The verification process in connection with the Minimum Safeguards and the climate risk and vulnerability analysis were developed and compiled by the CS department together with the respective specialist departments.

Climate risk and vulnerability analysis

The climate risk and vulnerability analysis (CRVA) is an elementary component of the EU Taxonomy. The aim of this analysis is to identify the impact of climate change on economic activities on a scientific basis. It is therefore a prerequisite for the development of adaptation strategies for regions or sectors particularly affected by climate change. In 2022 PORR carried out a CRVA each economic activity for the first time. Another CRVA was conducted in the year under review, now for all aligned projects at the level of the location. According to the EU Commission's announcement (C/2023/267), at least two scenarios should be used for a robust CRVA. The climate scenarios SSP5-8.5 (pessimistic view) and SSP2-4.5 (moderate view) were therefore used to carry out the CRVA. As the risks do not affect all components and processes of a construction site or operating site equally, the potential risks were considered for each system element. The adaptation measures are allocated according to economic activity.

Challenges and opportunities

The formulations and terms contained in the EU Taxonomy and in the delegated acts issued in this regard still allow considerable room for interpretation. This was again evident in the new eligibility test due to the expansion of economic activities. In addition, many of the verifications to be provided are not within PORR's area of responsibility. Enquiries to third parties, be it the client, the customer, waste disposal companies or other service providers, are therefore often necessary. Furthermore, many requirements for construction projects are not within PORR's scope of services or area of responsibility.

PORR is committed to following developments in the EU Taxonomy in order to ensure a correct assessment for its annual disclosure. As a company, we are aware that the legal framework is constantly evolving.

Changes to the previous year

The findings from previous years in the recording of taxonomy eligibility formed the basis for 2023. Due to newly commissioned pumped storage power plants, the eco nomic activity "4.10 Storage of electricity" of Delegated Regulation (EU) 2021/2139 Annex I was supplemented. With Delegated Regulation (EU) 2023/2486, the eligibility was expanded to include the economic activities "2.3 Sustainable urban drainage systems (SUDS)", "2.4 Remediation of con taminated sites and arease", "3.3 Demolition and wrecking of buildings and other structures", "3.4 Maintenance of roads and motorways" and "3.5 Use of concrete in civil engineering".

Internal process optimisations enabled an improved information basis for the classification of cash flows. As a result, the revenue generated with consortiums was included in the analysis and recording of key figures in accordance with IFRS 11.

Classification of the financial performance indicators

Revenue

Revenue includes construction services provided by our own construction sites, deliveries and services to joint ventures and other income from ordinary business activities. More information on this can be found on page 52.

The share of taxonomy-eligible revenue in the construction industry is derived from the taxonomy-eligible production output. The output from consortiums and companies accounted for using the equity method and those of minor significance is not shown in revenue. Such projects are therefore excluded from the evaluation. Revenue resulting from enabling activities in connection with the climate objective "climate change adaptation" (Article 11 (1) (b) of Regulation (EU) 2020/852), in accordance with Annex II of Delegated Regulation (EU) 2021/2139), cannot be reported.

The taxonomy-aligned revenue results from the share of production output that meets the technical assessment criteria.

Capital expenditure (CAPEX)

CAPEX includes investments in intangible assets, property, plant and equipment and assets under construction, including finance leases. More information on this can be found on page 54.

Taxonomy-eligible CAPEX includes investments in either category (a) or (c) of the Delegated Regulation (EU) 2021/2178 to Art. 8 para. 1.1.2.2. These include

• Investments in construction equipment and the vehicle fleet, the share of which corresponds to that of the taxonomy-eligible revenue
• Investments directly attributable to taxonomy-eligible projects or operating sites (e.g. recycling plants)
• Investments in various building efficiency measures for the Group's own properties

This method is applied analogously for taxonomy-aligned CAPEX. No CAPEX plan for category (b) can be reported for the year under review.

Operational expenditure (OPEX)

OPEX comprises all direct, non-capitalised expenses. This includes short-term rent, training, research and development costs, personnel costs in connection with maintenance and repair as well as all other direct expenses to ensure that the assets concerned are in working order (e.g. real estate, construction equipment, vehicles and machinery). Taxonomy-eligible OPEX includes operating expenses in either category (a) or (c) of the Delegated Regulation (EU) 2021/2178 to Art. 8.1.1.3.2:

• Directly attributable operating expenses of taxonomyeligible economic activities (including recycling facilities)
• Aliquot OPEX of taxonomy-eligible projects, which are determined using equipment operating times
• Other direct expenses in connection with the ongoing maintenance of property, plant and equipment
• Expenditure on research and development to increase the efficiency of construction processes
• Maintenance and building efficiency measures for the Group's own properties

This method is applied analogously for taxonomy-aligned OPEX. No OPEX in category (b) can be reported in the reporting year as there is no CAPEX plan in category (b).

Avoidance of double counting

PORR applies the consolidated Group values for measuring revenue.

For determining CAPEX, PORR only measures fixed assets from a Group perspective and excludes intra-Group transfers and sales.

The OPEX of construction equipment, vehicles and machinery is determined using cost unit accounting. In the case of Group real estate, the directly attributable OPEX is determined for each location.

Overview

		2023	2022
Revenue	in TEUR	in %	in TEUR	in %
Absolute revenue	6,048,546	100.0	5,786,011	100.0
of which taxonomy-eligible	2,873,250	47.5	1,971,241	34.1
of which taxonomy-aligned	227,158	3.8	257,315	4.5

		2023		2022
CAPEX	in TEUR	in %	in TEUR	in %
Absolute capital expenditure	307,839	100.0	236,247	100.0
of which taxonomy-eligible	59,987	19.5	34.377	14.6
of which taxonomy-aligned	7,713	2.5	7,736	3.3
		2023		2022
OPEX	in TEUR	in %	in TEUR	in %
Absolute operational expenditure	166,637	100	178,192	100.0
of which taxonomy-eligible	36,534	22.0	16,325	9.2

Detailed reporting of the key indicators for revenue, CAPEX and OPEX for the EU Taxonomy can be found from page 210 onwards.

Die PORR im Überblick

To Build A Better World

BETTER SOCIETY

OCCUPATIONAL SAFETY

Even if digitalisation is making strides: Construction involves physical work. Staff safety is thereby a top priority for PORR. Intensive training, Safety Walks and safe equipment are just a few of the tools implemented at PORR to establish a safety culture and pave the way for its Vision Zero of no accidents.

Building on safety. Occupational safety is the basis for any successful construction project. Due to new regulations, special attention was paid to the safe handling of quartz dust and mineral fibres as well as the use of diisocyanates in the reporting year. In addition, the increased requirements of the European Machinery Directive (EU) 2023/1230, which regulates the safe placing of machinery on the market and comes into force in 2027, will be applied when procuring new compliant machinery in future.

Significance of the topic

Cultural foundation, basis for success. Being safe when moving about the construction site and in the office: Occupational safety is firmly anchored in PORR's corporate culture. It is the basis for sustainable success. Noise, dust and the handling of hazardous materials and equipment are just a few examples of potential dangers on construction sites. Only modern, safe and state-of-the-art working methods and equipment offer the best possible protection for staff, partners, clients, neighbours and the environment. A common, continuous coordination and optimisation process with developers, manufacturers, suppliers and service providers is required to ensure occupational safety in all aspects and across the entire construction value chain. This requires agility and a pioneering spirit embracing modern prevention approaches. The signing of the PORR Safety Charter by the Executive Board and the works councils is a clear commitment to proactive occupational health and safety. This is also being driven forward with high levels of investment in numerous safety precautions and preventative measures, as well as clear targets and guidelines.

Our success stories

• Recognition as exemplary company from the Office for Occupational Safety and Health
• Progress made towards Vision Zero
• Renewed award of the BGF seal of quality
• Rollout of customised hearing protection for all staff members
• Around 40% more women in junior management programmes
• Introduction of a reporting channel for anti-harassment and antidiscrimination

Our guiding principles

Vision Zero. The basis for all management processes in this area is ISO 45001 – Management System for Safety and Health at Work, which is anchored in PORR's integrated management system. The requirements for an occupational health and safety management system described there are set out in clear instructions for safe working, taking into account the occupational health and safety laws, guidelines and regulations. The aim is to ensure that they are always easy to understand so that the requirements can be implemented quickly and easily.

The following is an excerpt from a list of important directives and guidelines:

• Codes of Conduct for staff and business partners
• Vision Zero
• PORR Safety Charter
• Occupational safety guideline and supplementary occupational safety-relevant documents for integrated
• Sector-specific work instructions (e.g. handling construction machinery)

Vision Zero forms the basis for the long-term goal of zero accidents at work within PORR. The defined interim target is an accident frequency rate of less than ten accidents per million hours worked.

Our responsibilities

Protecting and promoting health. The coordination, management and continuous optimisation of measures to improve occupational safety are carried out in consultation with the Executive Board and the Occupational Safety (OS) department. As part of this coordination, specific guidelines for the countries are defined by the managing directors and the OS teams responsible for the countries.

Depending on the legal requirements in the respective PORR markets, further country-specific occupational safety committees have been set up, consisting of works council members, members of the preventive services such as Safety Officers, occupational health practitioners, occupational psychologists and the employer.

Partnerships and initiatives

PORR is involved in various organisations, boards and committees for a safe construction industry. Here are a few examples:

• Alpine Colloquium
• European Construction Industry Federation (FIEC)
• International Tunneling Association EU
• Standards Committee for Occupational Health and
• Safety, Ergonomics, Safety Engineering
• Austrian Building Technology Association

Furthermore, in the area of research for safe construction solutions, PORR relies on intensive cooperation with

universities (e.g. Aachen University of Technology) and various stakeholders (e.g. accident insurance organisations).

Vision Zero is the guideline for the goal of zero accidents at work.

Our targets

	Timeframe
	2025	2030	Status quo
Group-wide saturation of the Vision Zero campaign: reduction in accident frequency < 10

Timeframe Achieved Underway Planned

How we steer

ISO and much more. The OS department coordinates across the Group and ensures compliance with health and safety standards together with the OS teams responsible for the countries. Implementing the established and applicable health and safety standards is the responsibility of every single person in the Group. Compliance with these standards is regularly audited by means of Safety Walks, safety inspections and last-minute risk analyses involving employees.

Regular dialogue takes place with works councils – both Group-wide and at national level – as part of the central health and safety committee meeting and in various working groups (workwear, personal protective equipment).

Our facts and figures

On course for Vision Zero. Documentable work-related injuries, injuries with serious consequences and fatalities are recorded and reported using an accident report form. Recognised hazards and near misses are also reported using a form or hazard report booklet. The rates of the key figures listed are calculated per million hours worked. Accordingly, the accident frequency is the number of work-related injuries x 1,000,000 / hours worked.

In the year under review, the accident frequency rate (LTIFR, Lost Time Injury Frequency Rate) fell by around 12% across the Group. With only one accident and an accident frequency rate of 0.3, Romania stands as a role model for the Group. Although Poland, the Czech Republic and Slovakia have slightly higher accident figures than in the previous year, they continue to exceed the Group target of fewer than 10 accidents per 1 million hours worked. The rate in Austria improved significantly (18 compared to 22 in the previous year). In Germany, Norway and Switzerland, the accident figures increased in the year under review.

Three quarters of all work-related injuries can be attributed to typical construction accidents. These include "trip and fall", "handling hand tools and power tools", "falling/being hit by objects" and "being trapped/crushed". The most common types of injury were contusions and bruises, sprains, strains and torn ligaments as well as puncture wounds, cuts, slashes and chop wounds.

Konzernabschluss

Consolidated Financial Statements

To Build A Better World

Die PORR im Überblick

Our measures

Clear rules. Seven rules provide guidance on implementation and target achievement:

• 1. Assume leadership responsibility and be a role model.
• 1. Identify and mitigate hazards and risks.
• 1. Set health and safety targets and follow up on them.
• 1. Get well organised with a system and delegate responsibility.
• 1. Use safe technologies and check their application.
• 1. Foster skills and provide training.
• 1. Listen to staff ideas and encourage care.

The aim of the Asi25 project is to optimise the Group-wide standard. In particular, this includes the development of safety-relevant processes. Three pilot units are currently in the test phase for feasibility in practice.

Wearable protection. Wearing hard hats, high-visibility clothing and safety shoes is mandatory for everyone working on the construction site. Increased safety measures apply when handling hazardous substances that have already been identified in advance in the risk assessment. Proper protective equipment and specified limit values are used, for example, to prevent hearing damage caused by noise or impairment of the respiratory tract caused by dust. Only state-of-the-art equipment is used so that health hazards caused by hand, arm and whole-body vibrations can be avoided. The preferred use of remote-controlled compaction equipment, self-propelled work equipment, and equipment with an operator's seat minimises exposure to vibrations.

Safety Walks and documentation

Planning safety. Good work preparation is a prerequisite for any safe construction site. All aspects of a project relevant to occupational safety are centralised in one tool. This enables the project manager to carry out a risk assessment and optimise planning. The various country-specific requirements and the client's specifications are always taken into account during safety-related work preparation.

Raising awareness on site. Safety Walks are one of the ways in which management staff act as role models and fulfil their leadership responsibilities. This mandatory measure makes it possible to visualise occupational safety on the construction sites and in the workplaces and to evaluate and manage it quickly and purposefully. Once the Safety Walk has been completed, the results are sent digitally to the Safety Officer and the relevant line manager. Any necessary measures are assigned to the responsible site manager. The transparent, documented handling of the results provides a platform for dialogue between Safety Officers and management about the further development and identification of the need for preventative measures.

In many organisational units, the Safety Walk has been extended beyond the minimum requirements to include site managers, technicians and foremen. This serves the purpose of self-monitoring and will be rolled out as standard in all markets in 2024.

Always on hand: Safety Check Card

Information in twelve languages. The Safety Check card,

which can be attached to work clothing with a clip, contains five short questions on safety at work and the most important pictograms for safety-related orientation. It is available in twelve different languages, thereby giving every staff member the opportunity to assess the risks in the workplace before starting any work.

Caution with technical installations

Checks protect. Technical and work equipment is regularly inspected and maintained within the framework of the statutory maintenance periods and manufacturer's specifications. When procuring equipment, care is taken to ensure that it complies with the applicable health and safety regulations and is properly labelled. If untested or unlabelled work equipment is found during construction site audits, it is immediately taken out of service.

Protection against twisting

Move safely. Working on construction sites places special demands on employees' ankles. A large proportion of accidents on construction sites are due to tripping, falling and slipping while walking. In the civil engineering division in Vienna and Lower Austria, special safety shoes with ankle protection were therefore selected together with the manufacturer, taking anatomical and ergonomic aspects into account. After a successful test phase, these safety shoes were introduced in the eastern region of Austria. The shoes are currently available to all staff members via the internal purchasing platform.

Training enhances skills

Learning from mistakes. To increase safety awareness, various training courses on occupational health and safety are mandatory throughout the Group. The exchange of practical experiences and challenges on construction sites and in workplaces as well as possible prevention approaches are an important part of further training. At the end of the training courses, the content covered is tested by means of a knowledge check. Additional regular briefings, first aid courses and introductory training sessions are designed to alert staff to potential hazards, safety precautions and any potential for improvement. The publication of various reports and documentation (e.g. safety alerts, good practice) is another way of increasing safety awareness.

Using images to overcome language barriers. New findings and the resulting stricter requirements for handling working materials mean that the construction industry is called upon to further improve the protection of workers. PORR fulfils this responsibility and trains both managers and operational staff on how to handle these substances safely. Employees who use products that frequently trigger occupational respiratory diseases (diisocyanates) are trained in how to work safely with this hazardous substance as part of an extensive training initiative. Another focus in the reporting year was on raising awareness among operational employees about protection from UV radiation and heat during the summer months.

Training formats are also offered in the respective home and project markets as required:

• Germany: Additional Safety Certificate Contractors training courses are offered and accidents from the previous year are reviewed in the form of workshops. Particular attention is paid to the topics of tripping and falling, safe access in workplaces and on construction sites, safe ascent and descent of construction machinery, the use of the Safety Check Card and the safe use of scaffolding and ladders.
• Poland: Before any work is carried out on construction sites for the first time, there is a compulsory introduction session for all workers, subcontractors, suppliers and visitors. A daily safety talk is held with the workers and a briefing is given before any dangerous work is carried out.
• Qatar: Before the start of construction and during the entire project execution, every worker must complete a series of mandatory training courses – in accordance with local regulations and the construction site's Health Safety Security Environment Plan (HSSE plan) and the project training matrix. Additional training is provided for high-risk operations as required. The publication of safe work practices on construction sites also contributes to the continuous prevention of hazardous situations. Training and additional awareness courses are also offered at the start of the project in line with the training needs analysis. The HSSE Manager reviews all policies, procedures and training requirements throughout the company on a monthly basis. An external HSSE training centre was set up in the beginning of 2020 to provide training for all staff, projects, clients and third parties.

If something does happen: The return-to-work talk

Active improvement. In cooperation with managers and site management, discussions are held with the person affected after any accidents at work in Austria and Germany. This serves to process the events and sensitise all A pioneering spirit and agility embracing modern prevention approaches are necessary to ensure occupational health and safety along the construction value chain.

employees regarding the safe execution of the work. The Safety Officers are on hand to provide advice, help identify measures and give input on potential improvements. The findings are recorded and passed on to staff members in other organisational units, for example, in annual briefings.

Looking ahead

Flexible learning. The development of a digital learning for workers began in 2022. The multilingualism and visual language make it possible to learn flexibly and independently of location. This tool is set to be rolled out across the Group in 2024.

Digital protection. As part of the continuous evolution in the digitalisation of occupational safety topics, the introduction of a digital safety check of the construction site and workplaces by the site management is planned. This self-monitoring is intended to help raise awareness among operational managers and improve the health and safety of staff.

In order to create further Group-wide standards, there are plans for intensified cross-border cooperation of occupational safety specialists, occupational psychologists, occupational health practitioners and other experts. This is to be driven forward by the new organisational level of the OS department and will take place in joint projects between the countries.

What is more, occupational safety management will be realigned and optimised with the use of KPIs. In addition to the reactive indicators, preventive and proactive indicators will be brought to the fore. These include the number of near-accident reports, the number of Safety Walks and the number of return-to-work talks.

Die PORR im Überblick

To Build A Better World

HEALTH

When your employees are doing well, your company does well. PORR recognised this even before the pandemic. Prevention, support, early detection, and acute assistance are the cornerstones of PORR's occupational health management.

Significance of the topic

Staying healthy for a long time – that's what PORR wants to facilitate for its staff through measures that promote good health. Health is an important factor for performance and plays a central role at PORR. Only those who are healthy can achieve optimal professional growth and contribute to the company's success. Occupational health management (OHM) ensures that managers also deal with the topic of

health at a strategic level.

Prevention, support, early detection and acute assistance are the cornerstones of PORR's occupational health management.

This commitment not only led to the renewed awarding of the BGF seal of quality for health promotion in 2023 but has also been recognised by the Austrian Health Insurance Fund (ÖGK) by being named a best-practice company in the field of health promotion.

Our guiding principles

Going beyond the law. The newly created OHM is also concerned with implementing the requirements of ISO 45001, some of which go beyond the legally stipulated framework. Other guiding principles that deal with health issues are as follows:

• Workplace health promotion strategy
• Occupational health and safety policy

Our responsibilities

Everyone at the same table. All health stakeholders in the company are represented on the OHM steering committee. This is made up of management, the heads of the Group Human Resources, Occupational Safety, Occupational Medicine, Psychological Counselling, Workplace Health Promotion (WHP) and OHM and Works Council representatives. In addition to the responsible health stakeholders, the regional health contact persons are also involved in the implementation.

Partnerships and initiatives

We engage in professional exchanges with the following organisations:

• Akademie für Arbeitsmedizin und Prävention (AAMP)
• Labour Inspectorate
• Allgemeine Unfallversicherungsanstalt (AUVA)
• Vienna Medical Association Department of Occupational Medicine
• BGF Seal of Quality (ÖGK)
• Fonds Gesundes Österreich
• Österreichische Gesellschaft für Arbeitsmedizin (ÖGAM)
• Vienna Chamber of Commerce
• Gesundes Österreich GmbH (GÖG)

How we steer

High priority, rapid implementation. All measures within the framework of OHM are decided in the Steering Board of all health stakeholders and decision-makers. The focus is on the centralised further development and management of health targets. The dialogue at the highest management level facilitates a rapid response to any changes and means that measures can be implemented quickly with the responsible decision-makers.

Our goals
		Timeframe
	2025	2030	Status quo
Group-wide rollout of occupational health management

Timeframe Achieved Underway Planned

Our facts and figures

Due to the complexity and sensitivity of the topic, recording and collecting illness-related data is challenging. Data protection plays an important role here. Key figures can only be derived indirectly and strategies and measures can only be planned and implemented on this basis. PORR is therefore working intensively on the development of new key indicators. These are intended to measure the success of the current health programme and determine whether it is being well received. Participation in health activities and the accessibility of programmes also contribute to the development of future indicators.

In the year under review, a health survey was conducted in Austria as part of OHM with a response rate totalling 54%. The results form the basis for localising specific needs and developing individually tailored offers.

The next step will see the results of the survey prioritised by the Steering Board, with short-term improvements and medium to long-term measures being derived on this basis. The generally applicable matrix established for this survey for the first time will be used for further surveys in future. This will facilitate specific analyses and a targeted approach while also allowing comparisons to be made over the coming years.

Influential factors from the private lives of staff members pose a challenge when analysing data on sickness rates and occupational illnesses. Lack of exercise, heavy nicotine consumption or genetic predisposition can lead to illnesses and absences from work that do not correlate directly with the company's healthcare programme. Measures to counteract this include smoking cessation courses, for example.

Our measures

Holistic and precise

Helping before it hurts. Ten occupational health practitioners currently work for PORR throughout Austria. They regularly visit construction sites in order to support staff members in complying with health and safety regulations (e. g. hygiene) and to initiate appropriate measures if necessary. In the PORR markets, there is direct cooperation with occupational health practitioners (e.g. in Germany) as well as with occupational health services (e.g. in Norway). These work closely with the Safety Officers and the Works Council. Consultation and cooperation with the occupational safety department, debriefing of accidents, and assistance with complex work requirements are just some of the other tasks handled by occupational health practitioners.

The occupational health network not only looks after industrial staff on construction sites, but also advises employees at other workplaces. The aim is to clarify the current occupational health needs and to care for the health of the employees. All personal health information is treated in the strictest confidence in accordance with the GDPR and is not passed on to third parties.

Learning from each other. A framework has been created for freelance occupational health practitioners in Austria that enables and promotes personal dialogue. In addition, each occupational health practitioner has one or more specialisations. On top of this, occupational health assistants have been put in place at all Austrian sites. They act as a link between occupational medicine and the staff members and arrange medical services or organise health activities.

Together we achieve more. The reorganisation of occupa tional safety has strengthened and improved cooperation with preventive experts in many areas. This has led to the development of measures and solutions on a wide range of topics. For example, there is a strong focus on improving the range of services for working in increasingly hot con ditions. Close cooperation between occupational medicine and occupational safety means that training courses can be implemented in a more targeted and effective manner.

Fit and healthy through everyday working life. PORR's programmes range from sport and exercise to nutrition and mental health. Training courses offered in the area of health are being taken advantage of ever more frequently. On-site fitness programmes and courses, support for sports activities, participation in various sporting events, support for memberships in various clubs and much more are also available to PORR staff. The programme is constantly being expanded and improved. The main focus is on nationwide availability and low-threshold accessibility.

The international expansion of health services and regular dialogue with health managers was initiated in the reporting

• year and will be further expanded in 2024: Germany: Kick-off OHM Germany, introduction of JobRad, charity football tournament, cooperation with fitness providers, support with screen glasses, training on mental health, counselling units for mental health
• Switzerland: Vouchers for fitness centres, participation in running events, sports activities (including football and cycling), mental health counselling sessions
• Czech Republic: Support for membership of sports clubs, offers of medical check-ups
• Slovakia: Joint activities with Czech colleagues, running events, subsidies for membership of sports clubs
• Romania: Online offers for health, sports programmes
• Norway: Preventive check-ups, information programmes

Health on the construction site and in the office. In the year under review, all staff members were offered the opportunity to obtain customised hearing protection. This was a low-threshold and quick process. In view of the high demand, this offer will also be part of the health promotion programme in 2024.

Hot days and the resulting higher UV exposure are an increasing problem. In order to protect employees on construction sites from sun damage and the resulting illnesses, all staff members are provided with highly effective sun protection products. In addition, the container bathrooms have been equipped with recommended skin protection products since 2023.

Extensive office workplace inspections were carried out in cooperation with the occupational safety department in the reporting year. As part of this, a large number of employees were informed about the correct positioning of desks and chairs and many workstations were ergonomically adjusted. An eye test was also offered. In addition, online training materials focussing on the "ergonomic workplace" are available.

Die PORR im Überblick

To Build A Better World

You are what you eat. Alongside exercise, nutrition is one of the key health issues. In spring 2023, a focus on fasting and nutrition was organised on site and virtually. Together with an external consultant, a wide variety of approaches to a diet that promotes sustainable health were demonstrated. This form of knowledge transfer will continue to be an important pillar of the health programme in the future.

Mental health

A stitch in time saves nine. This is particularly true for people with mental health problems, who often find it difficult to seek and access help quickly due to a lack of social acceptance. The "Mental Health and Conflict Counselling" contact point, which can be accessed around the clock, offers a solution to this problem. The free, anonymous counselling service is used throughout the Group. By providing professional support at an early stage, it is possible in many cases to prevent long-term absences and avoid damage as a result. The counselling centre is also available as a first point of contact in the event of accidents at work and organises the deployment of a crisis intervention team if necessary.

Care+ insurance and care services

More is more. At least in the healthcare sector. This is why there are different insurance and care services on the PORR markets, tailored to regional circumstances. In the DACH region, PORR provides a group insurance model together with the Vienna Insurance Group. PORR Care+ offers additional immediate financial assistance in the event of serious illness or death. Taking certain illness parameters into account, the insured employees receive a one-off sum of EUR 20,000, which is paid out to the beneficiary or relatives in the event of death. PORR pays half of the insurance premium as a voluntary measure to secure the future. The PORR Care+ contract was renegotiated in 2023. Important improvements have been achieved in the medical sphere.

In addition, a care leave model is offered for Austria and Germany. This enables employees to care for their relatives for three months while continuing to receive their salary. The prerequisite is that an application for level 3 care allowance (level 2 in Germany) is submitted for the acute care case.

Tailor-made offers are also available in other markets. In Poland, PORR provides non-work-related medical care to its staff, including for family members, at the minimum cost. In addition to diseases of affluence and healthy nutrition, the programmes also include special care for women.

In Romania, PORR provides access to medical care via an individual healthcare membership card that can be used for a private network of clinics and healthcare facilities. PORR covers the monthly costs for these services.

Helping hand when things get tough. The OHM has also given rise to what is known as Case Management. This has been established to adapt workplaces for staff members who return to work after long periods of sick leave or serious accidents at work. The first cases were presented in the reporting year and options were discussed in expert panels. An expansion of Case Management is planned for 2024.

Looking ahead

Looking to a healthy future. The results of the aforementioned health survey will be evaluated and analysed in 2024 and serve as the basis for targeted measures and the further optimisation of health services. The continuous improvement of nationwide services will ensure that the standard is raised in all countries and that individual, country-specific requirements can be accommodated more effectively.

OHM will become ever more important. The expertise of decision-makers on health issues is growing, as is awareness of the key importance of this area. The projects initiated in the reporting year, such as customised hearing protection, improved equipment in the container bathrooms, and comprehensive implementation of the skin protection plan, will be continued in 2024.

The planned introduction of software for occupational health care in Austria will enable more occupational health services to be offered directly on site.

Successive improvements will also be achieved by the occupational health assistants. Other key topics include easier access to medical care and the development and implementation of low-threshold, customised services for different target groups.

WORKING WORLDS

We know who we owe our success to – our people. So, appreciating them is the basis of our corporate culture. In concrete terms, this means that PORR is not only a construction company, but also a promoter and enabler, an encourager and provider of security – also beyond the workplace.

Adaptability. The world of work reflects megatrends such as urbanisation, demographic change, digitalisation and many more. In order to be sustainable in the long term, PORR believes challenges and upheavals in society must be tackled successfully. This means not only optimising the company's own framework conditions, but also promoting a strong corporate culture in order to prevent potential risks. We promote respectful cooperation at work based on the PORR Principles. This environment enables staff members to play their part and feel connected to the company.

Significance of the topic

Creating sustainable value. PORR's people are the driving force behind the company's success. PORR promotes their individual skills and creates an attractive working environment for them. In order to remain successful, the Group wants to attract, develop and retain the best talent.

Sustainability means successfully tackling challenges and upheavals in society.

PORR is committed to complying with internationally recognised and fair labour and social standards. Its holistic approach takes into account the physical, mental and social wellbeing of employees. Promoting diversity and inclusion as well as lifelong learning strengthens innovation, motivation and performance. Remuneration in line

with the market and flexible working models complete the package.

Our guiding principles

The framework conditions for sustainable working conditions are anchored in various guidelines and principles:

• PORR Principles
• Codes of Conduct for staff and business partners
• Human Resources policy
• Social policy
• Anti-harassment and anti-discrimination policy
• UN Women's Empowerment Principles (WEPs)
• UN Guiding Principles on Business and Human Rights (UNGPs)
• Guidelines for Multinational Enterprises of the Organisation for Economic Co-operation and Development (OECD MNE Guidelines)
• The Declaration of the International Labour Organisation on Fundamental Principles and Rights at Work
• The International Bill of Human Rights

Our responsibilities

The central, Group-wide management of Recruiting, Employer Branding, People Development and PORR Campus, HR Controlling, HR Business Partners, Compensation & Benefits, HR Processes & Projects, Diversity & Inclusion, HR Services, Labour Law, Mobility Management, Payroll, Apprentice Management and HR Systems is carried out by the Group Human Resources department in close coordination with the Executive Board.

The local Human Resources teams are responsible for implementation in the countries, taking into account the legal and contractual frameworks. Regular meetings are held between the Human Resources teams to share specialist information. A joint HR strategy and targets ensure coordinated action.

Partnerships and initiatives

PORR is shaping the working world of tomorrow with the following cooperation partners and/or is engaged in professional dialogue with them:

• Arbeitsmarktservice (AMS)
• Berufsförderungsinstitut (BFI)
• Diversity Charter
• IBIS Acam
• Jugend am Werk
• Training construction site
• Lobby-16
• Teach For Austria
• UN Global Compact
• UN Women's Empowerment Principles

How we steer

Cooperation matters. To ensure trusting, transparent cooperation throughout the Group, the interests of employees in Austria and Germany are represented by works councils. In some PORR markets, local labour law prescribes certain measures or bodies which are implemented in the respective country. At European level, the European Works Council is PORR's social partner. The works councils are consulted and involved at an early stage, depending on the project. Decisions from collective bargaining and wage agreement negotiations are communicated to staff members and implemented promptly.

Operational changes are published on the internal employee platform PORRtal as required, and at least four weeks before they come into effect. These communications are drafted and published by PORR's top management level. Communication with staff members is maintained on an ongoing basis and company-relevant information is shared regularly.

Our targets

	Timeframe
	2025	2030	Status quo
Group-wide training campaign for standardised calculation and planning software
Group-wide implementation of LEAN construction training and safety courses
Implementing a holistic age and generation management approach
Increasing the share of women in junior management training to 25%
Increasing the percentage of women overall and the percentage of women in management in the same ratio
Securing skilled workers through Group-wide apprenticeship management

Timeframe Achieved Underway Planned

Our facts and figures

The relevant key figures in the human resources area are recorded using a Group-wide standard. PORR primarily employs permanent staff. The types of contracts within PORR mainly comprise permanent employment contracts and training contracts. In some cases of short-term work peaks, it works together with selected local manpower leasing companies, taking labour law requirements into account. These companies undertake to comply with the Code of Conduct, registration via the ISHAP personnel documentation system, and other social law standards. As a result, staff with non-guaranteed working hours, such as salaried employees without minimum hours or casual workers are not employed by PORR directly.

92.5% of all employees had permanent employment contracts. For 93.5% of the workforce in our home markets, collective or wage agreements served as the basis for their employment contracts. Only a marginal proportion of all staff members in Switzerland and Poland are not covered by collective or wage agreements. In this case, these employees have standardised employment contracts, just as in the project markets. The local statutory notice periods apply to employees. In the reporting year, around 1,300 employees were employed on a part-time basis.

The proportion of locally recruited managers in Austria was around 88% in 2023 (2022: 83%).

In the reporting year, the completion rate for performance reviews was increased to 95.1% (2022: 91%) through targeted communication measures.

Group-wide training hours increased by 22.3% in the reporting year. The average training hours for female employees in particular increased by 19.2%, but the average total training hours also rose to 13.3 (2022: 12).

With the expansion of the Leadership Academy and the programme for managers, the number of training hours for management levels increased by 80.0%.

Thanks to our efforts to promote women, we were able to increase the proportion of women within the PORR Group by 0.3%. In addition, the proportion of women in junior management training programmes rose to 38.7% in the reporting year (2022: 24.0%). The proportion of female managers in middle and lower management also increased to 16.4% (2022: 14.1%). The number of female construction technicians increased again in 2023. This rose by 2.5% to 21.3% in the reporting year.

Thanks to PORR's constant promotion of flexible working conditions, the number of employees on parental leave increased by 10.4% in the year under review. In addition, no incidents of discrimination were reported.

Die PORR im Überblick

To Build A Better World

Our measures

Becoming part of PORR

Built by PORR. One focus is on strengthening the employer presence across the Group. In 2023 PORR further expanded its digital presence, as planned, through online campaigns. It also further improved its brand presence by cooperating with various platforms. Thanks to the implementation of the Talk'n'Job tool, it is now also possible for apprentices and industrial staff to apply for jobs in their own language.

In addition, the employee campaign PORRians and much more was implemented. It emphasises the diversity of PORRians and puts people in the foreground. The StoryBox cooperation was also expanded further. The resulting videos are now embedded directly in job adverts and published on social media.

The launch of the revamped careers website in Germany, Romania, the Czech Republic, Slovakia and Switzerland laid the foundation for the new, local employer presence. A Germany-wide online campaign and other recruiting and branding measures also increased PORR's presence on the German job market.

Building a future. In various schools and universities, PORR provides insights into the world of work and about PORR as an employer. These collaborations were further intensified in the reporting year to highlight career opportunities at PORR. One of these is the PORR scholarship programme. In the year under review, scholarship holders from the programme successfully completed their studies and began their full-time employment at PORR. This supports the smooth entry of young talent.

Across Austria, these measures once again resulted in a significant increase of 23.6% in incoming applications versus the previous year.

Successful start. Sustainable onboarding forms the foundation for employee retention. PORR is constantly expanding its onboarding process. In order to ensure optimal conditions for a great start at PORR, e-learning onboarding was rolled out in Austria and Germany in the year under review. Accompanying programmes include the Group-wide Buddy Programme and the Welcome Day. To promote personal experience, young employees have the opportunity to familiarise themselves with different areas through rotations during the onboarding process. This creates a better understanding of different working methods and promotes cross-divisional networks.

Promoting a sense of community. The sense of togetherness between wage-earning and salaried staff is promoted through special initiatives. These include the Builders Day, where various departments travel to construction sites and experience the work on site. Local team-building events are also regularly organised to strengthen relationships and cooperation. The Football Championship was organised within PORR for the first time to connect employees and create a shared experience.

Growing with PORR

Intelligent growth needs bright minds. The individual promotion and further development of strengths, competencies and soft skills is a crucial component of employee satisfaction. PORR's extensive training programme aims to secure knowledge and increase innovative strength.

Targeted promotion of knowledge transfer. Networking within PORR is an essential building block for securing knowledge and exchanging ideas. Local initiatives promote networks between PORRians. Experienced employees can share their professional, personal and PORR-specific knowledge with new employees through mentoring. Young employees inspire others to change their perspective and embrace new ideas.

With regard to internships, feedback from managers and trainees is constantly analysed. This makes it possible to continuously optimise the programme. A newly introduced networking event at the PORR Campus allows trainees to exchange ideas and share their experiences within PORR.

Promoting potential. Apprentices and interns are an important part of PORR's success. With almost 500 apprentices, it is one of the largest apprenticeship training centres on its home markets. Campaigns on specific platforms for apprentices have enabled PORR to reach and inform this target group even more effectively.

The 23 apprenticeships focus on practical learning. This is characterised by gaining professional and social experience and receiving close personal support. Realising individual potential and promoting strengths is a priority, as is a constant exchange with the trainers. The PORR Campus provides the framework for additional training for employees, apprentices and labourers and serves as a flagship project in the industry.

The Group-wide PORR Academy encompasses all training and further education programmes and is expanded every year. In the year under review, for example, training courses were offered on the topics of "LEAN", "Generation Management", "iTwo", "BIM" and "Agile Methods". Customised training academies provide support in construction-specific job profiles. This ensures the acquisition of essential professional and personal skills. PORR offers a wide range of technical training courses, training programmes and e-learning courses in various learning formats. The "ESG Basics" course was rolled out across the Group and in the reporting year and completed by 75.4% of the target group in the DACH region.

Leadership of tomorrow. Based on the Positive Leadership model, the PORR Leadership Academy was established Group-wide for all management levels in the reporting year. This is a customised leadership development programme characterised by varied learning formats and practice-based leadership tools. The leadership approach focuses on optimising the use of individual talents and strengths. An additional tool of the PORR Leadership Academy is the Group-wide 360-degree feedback PORR Principles Compass. This was revised to make the PORR Principles even more tangible and was rolled out in the reporting year. It supports managers in their personal development and in living the PORR culture.

The quality of the training courses offered is assessed using digital feedback forms, which provides insights into the individual benefits for participants.

In order to make information on initiatives and offers even more accessible to employees, the Human Resources presence on the PORR intranet was redesigned. It is now simpler to access information and easier for employees to find out about offers and be part of a networked PORR.

A two-day programme with various workshops was held for industrial staff in Romania for the first time in the reporting year. The aim was to support further training and promote dialogue. The Foreman Academy in Poland has the same focus and also promotes technical knowledge and soft skills among industrial staff.

Cultivating a feedback culture

Showing appreciation. The PORR culture is characterised by passion. PORR wants to show its appreciation for many years of solidarity and honour longstanding employees. This is why it holds anniversary celebrations. In Germany and Austria, 210 employees with 25, 35 or 45 years of service were honoured in the year under review. In other markets, employees celebrating anniversaries are also honoured by highlighting their achievements and loyalty. In Romania, for example, the "PORRfect colleague" programme recognises employees who have proven their exceptional commitment.

Setting common goals. PORR's culture is also reflected in performance reviews. The focus is on setting individual goals and seeing how they contribute to achieving the corporate goals. Other topics discussed in the performance review include personal development goals, the person's willingness to be mobile and how the PORR Principles are applied in everyday working life. Local initiatives are being implemented in our home markets to help managers prepare for these discussions. With improved communication measures, a Group-wide implementation rate of 95.1% was achieved in the reporting year (comparison 2022: 91.0%).

Diversity as potential

Commonality in our differences. The approximately 21,000 staff from almost 91 nations are the foundation of PORR. The top priority is to create a safe, inclusive and respectful

environment. In order to meet these needs, employees are a key pillar of the corporate strategy, which is realised within the company through the We@PORR initiative. The goals of We@PORR are described in more detail in the Social Policy published for the first time in 2023. The aim is to create a

Our approximately 21,000 employees from almost 91 nations are the foundation of PORR.

workplace in which the different needs, lifestyles and experiences of all employees are taken into account. Diversity within PORR opens up great and sustainable potential, instils purpose and increases staff loyalty.

Living diversity. The first step towards sustainable diversity is raising awareness and creating an inclusive environment. For example, PORR offers various prayer rooms for the religions represented. Apprentices and managers are sensitised to the aspects of diversity and inclusion through interactive training courses, while being given practical tips for everyday life. In addition, the "Diversity & Inclusion" e-learning programme is made available to all employees in the DACH region. Ideas on diversity and inclusion can be submitted at any time during training sessions or by e-mail.

Zero tolerance for discrimination. PORR guarantees an appealing environment for all staff members. To ensure this, a publicly available anti-harassment and antidiscrimination reporting channel and an accompanying policy were implemented in the reporting year. Reporting parties can submit cases anonymously. PORR has a zero-tolerance policy towards discrimination and harassment. Should a suspected case prove to be true, legal consequences follow for the person responsible, based on the incident in question. The illustration below shows the process for reviewing reports. Further information on the tool, the process and definitions of harassment and discrimination can be found in the anti-discrimination and anti-harassment policy.

The wellbeing@PORR initiative provides information on various factors affecting employees' mental health and offers tools to improve it.

Die PORR im Überblick

To Build A Better World

Women@PORR. The Women@PORR initiative focuses on topics relating to women and equal opportunities. This year, women were given the opportunity to network at several Group-wide Online Lunch Roulettes. Two Group-wide digital micro-workshops focusing on self-empowerment and resilience were also held. Local initiatives were organised in the countries to strengthen the sense of community among women and to provide them with further training.

PORR supports the Diversity Charter and the Women's Empowerment Principles (WEPs) of the UN Global Compact and UN Women. In order to promote female talent, a junior management programme specifically for women in the DACH region was held again this year.

Improved and more targeted communication also led to a notable increase in the proportion of women in junior management training programmes to 38.7%. This sustainability target was thereby not only met quickly, but actually surpassed. The junior management training courses focus on discussing the particular challenges faced by female managers in a male-dominated industry, their role awareness and effective leadership techniques. The "Building women up" training courses, which took place twice again in 2023 for the DACH region, also aim to provide specific support for women.

Growing older with PORR. The megatrends highlight the need for senior retention measures. The focus here is on keeping employees in the company beyond retirement age. Above all, this will counteract the immense loss of knowledge that accompanies the departure of long-serving employees.

In the year under review, PORR launched workshops on the topic of talent management in order to ensure futureoriented planning and prevent the risks of labour shortages and the loss of knowledge. Training sessions were also held to improve understanding and communication between generations. For managers in particular, PORR encourages a closer look at leading mixed-age teams. Retired PORRians are also kept informed about the world of PORR through the staff magazine reporrt. This is published regularly and provides information on projects and current topics. Employment at PORR beyond retirement age is also an option that is taken up by some passionate PORRians.

Group Management Report Konzernlagebericht

Die PORR im Überblick

To Build A Better World

Weitere AngabenFurther Information

Employment is changing

Work evolves. PORR puts people first. The compatibility of work and private life is ensured through a variety of working time and time-off models, care and health programmes. Depending on the country and job profile, employees can choose from a variety of programmes. There is no differentiation in entitlement between full-time and parttime employment. These options are constantly being revised and expanded. PORR also offers a wide range of benefits and constantly adds to them.

The sabbatical framework was optimised in the reporting year, making it even more flexible. In addition, the option of leasing a bicycle was successfully rolled out for employees in Austria and Germany.

Equal opportunities for parents. Various parental leave options are available to employees for parental leave and returning to work, depending on the local legal framework. To promote equal opportunities for fathers, PORR is firmly in favour of paternity leave and actively supports it. In Switzerland, special support is offered over and above the legally prescribed benefits. The network for people on parental leave has been revised in order to maintain contact during this time and invite people to take part in initiatives.

Reconciling family and career. Childcare programmes are an important part of PORR's family-friendly offering. Parents are provided with support and relief. The annual PORR Adventure Camp offers a week-long adventure for the children of staff members. The PORR Kids Week in summer has an equally varied programme, focusing on excursions and puzzle contests, for example. PORR workshops for expectant parents are also part of the varied programme, as is the parent-child office at the headquarters. In many PORR markets, the PORR Baby Box welcomes newborns.

Fair pay. Appreciation of staff members and fair remuneration for their services are anchored in the PORR Principles. Remuneration at PORR is based on the principle of equal treatment and is gender-neutral. In most countries, salaries are regulated by collective agreements, which guarantee a decent livelihood. PORR offers all staff fair and competitive salaries to enable them to organise their lives individually.

In the year under review, a Group-wide equal pay analysis was carried out among staff members in order to identify any potential deviations. As part of this, basic data was compared across all countries, management levels and functions. To ensure comparability, all salaries were taken on a full-time basis. The formulas of the European Sustainability Reporting Standard (ESRS) of the Corporate Sustainability Reporting Directive (CSRD) were used as the basis for the calculation.

Shoulder to shoulder with society

For and with people. Thanks to the cooperation with the unemployment office (AMS) in Austria, PORR has been able to expand its network, show people opportunities in the construction industry and introduce them to new career paths. By certifying the PORR Campus as an independent training centre, PORR is also demonstrating that it stands shoulder to shoulder with society. By teaching practical content, occupational safety and language skills, PORR gives people the skills they need for the construction site.

This commitment also underpins the recruiting and onboarding of employees from India in Romania and Slovakia. Holistic support is provided here to establish what is needed for a new life.

With voluntary activities such as blood donation campaigns, charity runs, charity sports competitions and fundraising, PORRians across the Group are committed to helping others in society. For example, managers built bicycles for the SOS Children's Village organisation. For the second year in a row, PORR organised a tree-planting campaign for employees and once again ran a charity Christmas punch stall. PORR also donated gifts for children and young people in need in the year under review.

Looking ahead

Diversity in construction. By continuously integrating the UN Women's Empowerment Principles and through stakeholder engagement, PORR aims to continue to raise awareness of job opportunities in the construction industry in order to increase employer attractiveness and staff retention. In campaigns for various target groups, special attention is therefore paid to raising greater awareness. To this end, further measures focusing on generation management are being planned, such as the implementation of an e-learning course. Next year, the "Diversity & Inclusion" e-learning programme will also be rolled out in additional languages.

Future-proof managers. With a revamped concept for junior managers, PORR is driving forward the integration of the positive leadership approach at the PORR Academy. In order to retain its role as a pioneer with an individualised offering for managers, new support is being implemented to promote the trend of individualisation.

Experience PORR. PORR's new employer presence will be established on all markets and communicated even better to the target groups by revising the international career websites. This will further raise the company's profile as an employer by broadening its presence. The new candidate management system is being rolled out across the Group, automating processes, and optimising the candidate journey for job applicants.

Fair distribution. After analysing the composition of salaries within the PORR Group in detail, the results will be communicated to relevant stakeholders within the company. This exchange will be used to finalise further measures to promote equality within the company.

Streamlined processes. As part of the "Digital HR" project, a standardised, Group-wide, modern HR system will be introduced by 2025. This will set up automated, standardised and workflow-supported HR processes at PORR and promote the independence and autonomy of employees.

PORR Principles in everyday working life. To mark the 5th anniversary of the PORR Principles in 2024, all top 400 managers will be asked to rate their perception of the principles in their daily work lives in an online survey. The findings will be presented at the management retreat.

BETTER GOVERNANCE

One thing is set in stone for us: Respect for human rights is the central prerequisite for all of PORR's economic activities. To ensure that this is not just empty talk, we consistently conduct checks and surveys – along the entire supply chain.

HUMAN RIGHTS AND ETHICS

Fair and transparent conditions, everywhere. Respect for human rights is an important responsibility of companies, especially when they operate internationally. It must be ensured along the entire value chain. From the perspective of the capital market, the issue has become an increasingly important factor in investment decisions in recent years. Due diligence has grown in importance since 2022, particularly as a result of the German Supply Chain Due Diligence Act and the EU Taxonomy Minimum Safeguards.

Significance of the topic

Clear commitments. Binding rules. Our principle is clear and unwavering: Respect for human rights is a cornerstone of any economic activity at PORR. This is quite a challenge in practice, as the industry is characterised by very complex supply chains and subcontractor levels. This poses the risk of a lack of transparency and violations of workers' rights. This is why PORR and its suppliers have committed to a set of principles in order to minimise the risk of human rights violations both at their own sites and throughout the entire supply chain.

Its approaches are reflected in the PORR Principles and in the Codes of Conduct for staff and business partners. PORR is committed to the principles of the UN Global Compact and the SDGs. In its business activities, it also observes the principles and rights set out in the International Labour Organization (ILO) Declaration on Fundamental Principles and Rights at Work and its follow-up and aligns its due diligence processes with the requirements of the United Nations Guiding Principles on Business and Human Rights. With the Modern Slavery Act Policy, it is committed to eliminating modern slavery and human trafficking along the entire value chain.

Our success stories

• Around 1,500 suppliers audited for environmental and social standards
• Human rights training programme developed
• Whistleblowing system for reporting human rights violations successfully expanded
• Compliance training programme for apprentices implemented
• Around 42,500 scans of workers using the personnel verification system
• Over 90% of customers recommend PORR as a reliable construction partner

Child labour and forced labour as well as all forms of human trafficking are not tolerated on its construction sites or within its sphere of influence. Staff members are guaranteed freedom of association and the right to collective bargaining. Regular discussions with the Group Works Council ensure that the measures taken are targeted and do not have any unintended negative effects on the workforce.

Comprehensive procurement management is used to ensure human rights and fair employment along the value chain. This is achieved through a selective choice of suppliers, regular audits, master data sheets and exclusion criteria. PORR also favours long-term, stable supplier relationships and local procurement. Strict guidelines are in place to monitor human rights within the company and in cooperation with partners and subcontractors.

Die PORR im Überblick

To Build A Better World

Our guiding principles

The following guiding principles are particularly important for human rights activities and policies:

• PORR Principles
• Codes of Conduct for staff and business partners
• Human Rights Declaration
• Sustainability criteria for procurement
• Guideline for the prevention of wage and social dumping
• Compliance Management manual
• Modern Slavery Act Policy
• Supplier master data sheet
• Purchasing policy
• Supplier audit protocol
• ISHAP personnel documentation system
• ISO 45001 management system

Our responsibilities

Beyond every border. The Executive Board is responsible for managing the topic of human rights. It drives the issue forward together with the Chief Compliance Officer, who is also the Group's Human Rights Officer, and the Corporate Sustainability department. The Chief Compliance Officer reports directly to the Supervisory Board at least once a year.

Points of contact for human rights issues are local committees, experts from the Group Human Resources department, the European Works Council and the Mental Health and Conflict Counselling Centre. In addition, human rights violations can be reported directly to the Compliance Officer or via an anonymous reporting channel.

Respect for human rights is the central prerequisite for all PORR's activities.

The compliance organisation has uniform Group-wide processes for identifying risks and dealing with incidents. Cross-functional teams work closely together to design and implement appropriate countermeasures. They consist of compliance experts and

the operational Procurement department as well as other specialist departments as required. Responsibility for implementing and complying with the relevant measures lies with the relevant specialist departments.

Procurement and supply chain management are managed by the Head of Group Procurement in consultation with the Executive Board. Progress in procurement is also reported to the Sustainability Committee of the Supervisory Board. The lead and local buyers are responsible for implementing the Group-wide guidelines and ensuring compliance with them.

Partnerships and initiatives

PORR cooperates with various organisations and/or engages in professional exchanges on value-based management:

• Bundesverband Materialwirtschaft, Einkauf und Logistik
• EcoVadis
• Österreichischer Gewerkschaftsbund (ÖGB)
• UN Global Compact
• Verein zur Förderung fairer Bedingungen am Bau e. V.
• Workers Welfare Forum

How we steer

What PORR relies on: Checks, discussions, surveys. With the ISO 45001 management system, human rights aspects are integrated into the organisational processes and checked. The implementation of the principles above is monitored by means of annual update checks. Stringent supplier selection and evaluation as well as random audits of the business locations by the Compliance department ensure adherence to the measures.

Traffic light system for suppliers. PORR sets out the rules for cooperation with suppliers in the Group-wide procurement guideline, the sustainability criteria for procurement and the Code of Conduct for business partners. These standards are regularly reviewed and revised as necessary. Minimum and exclusion criteria for the areas of corporate governance, social affairs and the environment are also laid out in the supplier evaluation. The listed guidelines, evaluation methods etc. relate to topics such as labour and safety practices, compliance with human rights and environmental standards.

The procurement process is controlled and monitored by means of supplier evaluations, the ISHAP personnel verification programme, the supplier management system and the associated database, where supplier master data sheets and audit logs are stored. Incidents or deviations in the environmental and social areas are recorded during project execution and therefore directly on the construction site, noted in the supplier database, and evaluated using a traffic light system. The certification of the supplied products is checked before any building materials are installed.

The assessment results are analysed by the Group Procurement department. Non-compliance with the applicable ESG standards can lead to the supplier being blocked. The annual customer feedback meetings serve as a further means of evaluation.

Our targets

	Timeframe
	2025	2030	Status quo
Conduct a Group-wide awareness campaign
Group-wide rollout of SAP MM and SAP ARIBA
Implementing a subcontractor database
Sustainability training for lead and local buyers
Closer checks on sustainability criteria when conducting supplier audits

Timeframe Achieved Underway Planned

Our facts and figures

Human rights compliance checks, for example regarding child labour and forced labour, are carried out as part of compliance audits. These took place at around 30% of all relevant PORR sites in the reporting period. In the reporting year, there were no reports of human rights violations by PORR or even suspected violations by internal or external parties (2022: 0).

PORR's supplier relationships are managed with great care. In the reporting year, a total of 4,065 companies with 38,015 employees were checked for proper compliance with social legislation using the ISHAP personnel documentation system. In the year under review, around 42,500 access control scans of workers were carried out on PORR construction sites using turnstile containers with an ISHAP CARD. Around 2,000 company assessments were documented. An additional 9 suppliers were analysed for their environmental and social impact using external audits. Self-disclosures were obtained in the Czech Republic/ Slovakia, Romania and Poland. Social governance thereby fulfils the legal requirements of the different countries.

In the reporting period, 33 collaborations were terminated due to significant negative environmental and social impacts. The risks in the supply chain primarily include human rights issues such as freedom of association and collective bargaining, forced labour and child labour. To the best of our current knowledge, PORR does not come into contact with indigenous peoples through its business activities and markets. There were therefore no incidents in which the rights of indigenous people were violated.

Our measures

Living fairness. Anti-discrimination, transparency, protection and the wellbeing of all staff members are top priorities at PORR. One thing is clear: Challenges in the area of human rights cannot be tackled alone, but only together with all stakeholders. PORR uses various standards and guidelines to improve the quality of cooperation with its partners along the entire value chain. Regular audits ensure respect for human rights and social responsibility. PORR has a comprehensive reporting system for human rights violations. This is an optional, completely anonymous twoway communication system which, like the whistleblowing system, guarantees the highest standards of anonymity and security. The availability of this reporting system is communicated throughout the Group, including via a dedicated human rights training programme. The first test rollout of this training took place in December 2023. The process flow for a human rights incident is standardised across the Group in the same way as for compliance incidents. The protection of the whistleblower is absolutely guaranteed, regardless of whether the report is made anonymously or not.

The sustainability criteria for procurement provides a Group-wide guideline and is divided into the areas of materials, subcontracting and consumables. Cooperation partners are asked to align themselves on the listed criteria and instructions, thereby contributing to greater sustainability in procurement. The mandatory Code of Conduct for business partners, which is available on the PORR website, also sets out clear rules of behaviour. It aims to achieve greater sustainability in procurement and efficient cooperation in the complex PORR supply chain. The company assessment is used to check suppliers' compliance with internal company requirements. The supplier evaluation system and the supply chain are shown graphically on pages 79 and 115 for a clearer picture.

In addition, round table discussions are held with suppliers at regular intervals to record developments and progress in the area of sustainability and to promote dialogue among suppliers.

In 2023, risk screening for suppliers was introduced in accordance with the German Supply Chain Due Diligence Act and launched with the provider Integrity Next. Around 10,000 German suppliers were uploaded. An abstract risk analysis is currently underway, analysing country and sector risks. This analysis is used to identify and evaluate potential risks and develop appropriate risk mitigation measures.

Die PORR im Überblick

To Build A Better World

Focus on the Gulf region

More than the law requires. PORR has made the issue of respecting human rights and ethics a top priority in its market entry in Qatar. That is why it goes above and beyond the legal requirements and implements various (preventative) measures to ensure that not only the legal but also the internal guidelines and procedures are adhered to at the highest level and that worker rights are safeguarded. All employees are guaranteed freedom of movement, the original employment contract is handed over, information is provided on all legal occupational health and safety aspects and a complaints system has been set up for all staff. There is also a focus on worker protection and safety on construction sites. Working conditions and compliance with human rights are regularly reviewed by the local compliance officer in cooperation with the Group Works Council. In addition, a comprehensive internal audit was conducted by the Chief Compliance Officer in Qatar in November 2023. All locations relevant to human rights, such as workers' dormitories, production facilities and construction sites, were inspected.

Looking ahead

The topic of human rights will continue to be pursued intensively and consistently in 2024 as part of the German Supply Chain Due Diligence Act. The Compliance and Group Procurement departments are responsible for this. At the same time, the Group Human Resources, Group Procurement and Costing departments, among others, will continue to promote the continuous improvement of processes.

Specifically, a detailed analysis of individual suppliers using the Integrity Next risk management system is planned for 2024. Strategies will be defined for suppliers with a high ("red") and medium ("yellow") risk. In 2024 and 2025, there are plans to roll out the risk management system to other countries in order to expand the coverage of the supply chain and take global risks into account.

The anonymous reporting procedure for human rights violations along the supply chain has been continued and is evaluated on an ongoing basis. From 2024, relevant employees and managers will receive comprehensive awareness raising and human rights training geared towards this. Further measures on anti-discrimination processes can be found in the "Working Worlds" section on pages 107 and 108.

Supplier evaluation system

Die PORR im Überblick

To Build A Better World

COMPLIANCE

Acting ethically, fairly and transparently is not a matter of obligation for PORR, but of conviction. The PORR Principles, clear rules and responsibilities as well as intensive training ensure that this conviction is also practised in everyday life.

Growing requirements. The relevance of compliance has increased significantly in recent years due to the growing complexity of regulatory and legal frameworks, especially

Ethical, fair and transparent behaviour is the essence of responsible corporate governance.

in the areas of issuer compliance, anti-corruption, and antitrust and competition law. This also increases the expectations stakeholders have of companies to implement and document these requirements consistently. Advancing digitalisation is also having a major impact, particularly in the areas of tax compliance and data protection.

However, the lack of a standardised tax system at international level makes it difficult to record tax-related transactions. This makes responsible corporate governance all the more important. It can help to avoid penalties and fines in the future, prevent damage to a company's image and ensure a high level of customer satisfaction and effective protection against the misuse of data.

Significance of the topic

Fairness and transparency build trust. Ethical, fair and transparent action is in line with the company's principles and means stability in times of change. It also represents the essence of responsible corporate governance. Adherence to compliance rules is particularly important in the highly fragmented construction environment. Legally compliant and transparent behaviour is a top priority at PORR and is the only way to build trust with stakeholders and for responsible business practices to be put into practice. The overriding guiding principle of the compliance organisation is prevention. Here PORR works with a series of training measures that not only cover as many staff members as possible in quantitative terms, but also specifically address particularly vulnerable functions within the company. These include the Recruiting department and the Group Procurement department.

The PORR Group has a compliance management system that covers all relevant aspects. This includes the topics of anti-corruption, antitrust and competition law, wage and social dumping and issuer compliance. The careful handling of personal data is also ensured by the compliance management system. This minimises risks, ensures the quality of products and services and, last but not least, safeguards PORR's reputation. The result is reflected in increased trust on the part of customers, business partners and authorities.

Our values and our code of fair and ethical behaviour are set out in the form of Codes of Conduct for staff and for business partners. These contain binding economic, ethical-social and environmental minimum standards as well as the five PORR Principles: Reliability, Shoulder to Shoulder, Appreciation, Passion and Pioneering Spirit. They form the cornerstone of the corporate culture. This is why everyone who (wants to) work with PORR is called upon to behave in accordance with the Code of Conduct, to comply with the guidelines set out therein as well as with locally applicable laws, and to act responsibly.

Our guiding principles

The compliance system is based on the PORR Principles. It contains Group-wide guidelines, requirements and policies that are binding for all stakeholders along the construction value chain:

• PORR Principles
• Codes of Conduct for staff and business partners
• Compliance Management manual
• Data protection confidentiality statement
• PORR Tax Policy

The most important guidelines include

• Anti-corruption
• Wage and social dumping
• Conflicts of interest
• Data protection
• Issuer compliance
• External site inspections
• Prevention of money laundering and terrorist financing
• Search warrants
• Antitrust and competition law
• Group tax guideline
• Check of contracts and business partners (Business Partner Check)
• Handling end devices and data security
• Checklist for consortiums (working groups) and founding joint ventures

Our responsibilities

Clear responsibilities. The Chief Compliance Officer, who works closely with the Internal Audit department and the Legal department, has the authority to issue guidelines for the entire Group and monitors adherence to the compliance guidelines. He reports directly to the Executive Board and the Supervisory Board. Advice on ethical behaviour is provided by the internal compliance organisation and the Construction Compliance Ambassadors in Austria, the ombudsman (in Poland) and externally through legal advisors and compliance monitoring by experienced and respected compliance experts.

In coordination with the CFO, the Group Tax department is responsible for the Group-wide Group tax guidelines and tax policy as well as their compliance. The Data Protection Chief Compliance Officer (DCCO), the Data Protection Compliance Officers (DCOs) of the countries and the data protection coordinators in each majority shareholding are responsible for implementing the data protection requirements. The heads of IMS & Process Management, in turn, control and monitor Group-wide compliance with the integrated management system.

Our compliance system at a glance

Partnerships and initiatives

PORR works together with the following organisations:

• Austrian Standards
• Transparency International

How we steer

Audited processes. PORR systematically fulfils its duty of care: The Group is certified in accordance with ISO 37001 (Anti-Corruption Management) and ISO 37301 (Compliance Management System). PORR's quality management system is certified to ISO 9001. The implementation of the aforementioned guidelines is monitored by means of annual update checks.

The compliance organisation with the Chief Compliance Officer reports directly to the Supervisory Board and performs its function independently of the management structure of the operational area. This guarantees maximum independence and freedom from instructions. The reports to the Supervisory Board took place at the Supervisory Board meetings in September and December 2023.

The Compliance Management manual, the compliance guidelines and the constant transfer of knowledge and information via internal communication channels ensure that Group employees, including subsidiaries and associated companies in which a majority stake is held, are informed about the existing regulations on all other compliance-relevant topics.

The Chief Compliance Officer has the authority to issue guidelines in all compliance-relevant areas and is responsible for further developing the compliance system and ISO certifications and, together with Internal Audit, has Group-wide control and auditing expertise. In addition, the compliance organisation is responsible for the entire training programme in its area.

Ongoing (annual) updates based on changes in legal requirements are a matter of course. Adherence to the requirements of the compliance management system is continuously monitored through risk analyses, audits and internal audits. Infringements are penalised and at the same time provide starting points for improvements and compensatory measures.

A particular focus is on the comprehensive whistleblower system, which PORR provides in all markets with independent systems. The system is aimed at both internal and external stakeholders and guarantees the highest standards of anonymity and security. Every report is consistently followed up and standardised processes ensure the same standards throughout the Group.

Internal Audit monitors the efficiency of the compliance management system and regularly audits all PORR's business locations and processes on a random basis. The reports are discussed with the Executive Board and special audits are carried out if required.

Suppliers and subcontractors undertake to adhere to PORR's high compliance standards as part of the Business Partner Check.

Die PORR im Überblick

To Build A Better World

Tax Compliance

In the area of tax compliance, the Group Tax department monitors compliance with the relevant standards together with Internal Audit. As the parent company, PORR AG carries out country-by-country reporting for all PORR companies and submits the report to the competent Austrian tax office.

Data protection

In the PORR Group, the implementation of the GDPR is controlled and monitored via the data protection management system (DSMS) in accordance with ISAE 3000. The data protection team, in cooperation with the legal department, establishes the organisational framework conditions in all majority shareholdings and reports to senior management on an ongoing basis about changes to framework conditions, risks to personal data and the status of measures to improve the level of implementation.

The quality of GDPR implementation in the PORR Group is assessed at country level, broken down into the areas of concept, organisation, duties, communication, rules of conduct, and control. Every quarter, the PORR Security Board, with representatives from operating units and central departments as well as the Executive Board, reports on the development of GDPR implementation and decides on measures for further improvement.

Our targets

	Timeframe
	2025	2030	Status quo
Increasing checks on branch offices and sites by 50% versus 2020
Complete coverage of compliance training for apprentices in Austria
Group-wide introduction of compliance training for apprentices in every market
Certification of the management system to prevent money laundering and terrorist financing
Expanding public sustainability engagement

Timeframe Achieved Underway Planned

Our facts and figures

The compliance management system is subject to regular external audits. In October 2023, the successful recertification to ISO 37001 and ISO 37301 was completed without any non-conformities or findings. External compliance monitoring by three compliance experts on behalf of the supporting organisation Austrian Standards also accompanied the PORR compliance organisation in the year under review. In the reporting period, 64 of around 220 relevant locations were audited internally for compliance requirements with a focus on corruption and human rights. No violations were identified. Accordingly, the company is not affected by any public corruption proceedings. In the reporting year, 21,077 staff members were informed about corruption risks. All newly recruited employees receive comprehensive training as part of the mandatory training programme when they join PORR. The take-up rate is consistently between 80% and 90%.

Furthermore, there were no serious information security or data protection incidents or legally binding convictions in connection with tax evasion offences at PORR in the year under review (2022: 0).

Our measures

Successful compliance work

Lots of information but zero tolerance. Legally compliant and transparent behaviour is a top priority at PORR. Corruption has no place here. This is binding for all stakeholders. There are no exceptions, as unfair business practices can cause lasting damage to PORR's reputation and bring it into disrepute. In addition to the aforementioned guidelines and policies, PORR has taken further countermeasures in recent years to prevent dishonest business practices and unfair competition. In recent years, the Group has consistently and successively withdrawn from politically unstable countries with unclear legal situations. Accordingly, PORR does not process any orders in countries with a low CPI value (Corruption Perceptions Index: scale of 0-100, 0 = very corrupt). Training, communication and information as well as the direct identification of potential stumbling blocks are increasingly being pushed in order to continuously raise awareness.

Highlighting violations

Systematic reporting. As a responsible company, a whistleblowing system is an integral part of the compliance organisation. Since July 2022, PORR's whistleblowing system has fulfilled all the requirements for reporting in accordance with Art. 8 of Directive (EU) 2019/1937 "Whistleblowing Directive" and/or the Whistleblower Protection Act as well as all requirements for confidentiality and anonymity.

Since 2017, PORR has had a system in place for reporting violations regulated by the Market Abuse Regulation (issuer compliance) as well as violations in connection with money laundering or terrorist financing. On the one hand, reports can be made via the email address compliance@porrgroup.com. Secondly, the whistleblowing platform (whbs.porr.at) allows anyone to communicate anonymously via the PORR website. It covers all national legal requirements and fulfils all the requirements of the Whistleblowing Directive. The platform can only be analysed by the Chief Compliance Officer and the compliance officers of the respective countries. If any information is received, it is reported to the Executive Board by the Chief Compliance Officer while maintaining the anonymity of the whistleblower and analysed by the Compliance Committee. If a suspicion turns out to be false, whistleblowers do not have to fear any sanctions from the company. PORR also undertakes to keep the identity of these persons secret, unless legal disclosure obligations force the company to pass on information to law enforcement agencies.

Analogously to the whistleblowing system, PORR is currently implementing an IT system for reporting incidents and suggestions for improvement in the areas of anti-discrimination, harassment, residents' complaints and

Human rights grievance mechanism procedure

human rights. In accordance with the German Supply Chain Due Diligence Act, the reporting of human rights incidents goes beyond the existing system. It also offers a fully anonymous entry option.

In the spirit of a continuous improvement process and the company's responsibility to society, initiatives can be launched on the basis of this information and input in order to strengthen PORR's internal processes in these areas. Should a stakeholder decide to sub-

mit personal data, this data will be treated with absolute confidentiality in accordance with both the GDPR and the Whistleblower Act. Twoway communication with a corre-

Corruption has no place with us.

sponding feedback loop to the stakeholder is ensured at all times, whether the identity is anonymous or disclosed. All processes are set up in parallel to the existing processes in the Compliance area and are therefore already partially implemented in the company.

Complaints from local residents are taken seriously. Various construction notices are therefore mandatory at all construction sites. There are information boxes for public construction projects. For the duration of the expansion of the Vienna underground, for example, there is an information centre as well as an ombudsman's office for the individual construction phases. Complaints are typically forwarded to PORR via the client and are passed on directly to the respective project manager. They then deal with each complaint individually to find a solution.

In 2023, there were 95 violations of laws and regulations in which fines were imposed. The majority of these were administrative penal proceedings that are customary for a corporate group.

Die PORR im Überblick

To Build A Better World

Lobbying and political engagement

PORR has a clear position on political lobbying: The company does not engage in lobbying. This includes both the employment of its own lobbyists as well as the financing of corresponding law firms. However, the company does provide input on political issues within the framework of statutory professional organisations and interest groups, associations and organisations. According to PORR's internal sponsoring guidelines, donations to political parties are not permitted. The guidelines only allow donations to social, cultural or sporting institutions.

Raising awareness of compliance

PORR's compliance training programme is comprehensive and reflects the high demands that the company places on its employees. The training programme focuses on the topics of anti-corruption, antitrust and competition law. To this end, every new salaried employee and selected wage workers receives training during the induction phase. An annual training cycle covers all relevant employees. In addition, specialised training and training for particularly highrisk areas ensure high quality standards. The same applies to members of management and supervisory bodies. A separate apprentice training programme has been in place in Austria since 2023.

Construction Compliance Ambassadors. In addition to the legal requirements, PORR has created the function of Construction Compliance Ambassador in Austria. In the reporting year, the training of Construction Compliance Ambassadors was completed in a course organised by Austrian Standards. There is now a Construction Compliance Ambassador in every federal state and in the most important sectors. Their task is to raise awareness of the issue within the company. The Construction Compliance Ambassadors act as multipliers and communicators between the compliance organisation and the operational area.

Transparent tax policy

Compliance with all national and international tax laws is an essential part of sustainable corporate management for the PORR Group. With this in mind, the tax strategy aims for a legally compliant, tax-optimised policy at home and abroad. In doing so, the company promotes open and honest dialogue.

Tax compliance applies to all PORR stakeholders. The aim is to prevent abusive behaviour to gain tax advantages. Unlawful behaviour can be reported via the compliance email address above. The commitment to tax compliance is part of the PORR Tax Policy, which is communicated in the Group tax guidelines. The company does not use any methods to undermine the tax assessment basis or shift profits. The Group tax rate in the 2023 financial year is around 27.3% (previous year: 24.9%) and is therefore higher than the Austrian corporation tax rate of 24%, see also page 155. Further information – including on the tax concept and the stakeholder approach – is documented in the Tax policy and published on the PORR website.

The PORR tax guidelines lay out the organisational structure of the tax functions in the PORR Group, headed by the CFO. They also include the (minimum) requirements for the tax control system, which ensures Group-wide compliance with all tax laws. Tax risks are identified and suitable control processes implemented on the basis of documented processes. The risk and control activities are recorded in a risk-control matrix (process control). The effectiveness of the controls and processes is regularly reviewed and adjusted if necessary. The Group Tax department monitors compliance with these standards together with Internal Audit. More details on profit, revenue, taxes, etc. by segment or region can be found from page 189 onwards.

To ensure tax compliance is upheld, the Group Tax department offers numerous internal training courses and webinars for commercial employees and technical staff in the areas of VAT, transfer pricing and tax relief. In addition, employees in the Group Tax department can receive further training both internally and externally through training courses, conferences and webinars.

PORR cooperates fully with all (tax) authorities and values its professional relationships, which are characterised by mutual respect. However, this does not preclude the possibility of adopting a different legal position in disputes with tax authorities and enforcing this in the context of ordinary legal remedies and appeals. PORR supports the work of the OECD and the United Nations as globally recognised standard setters and contributes constructively to the content of new measures and proposed legislation. This is done transparently via national interest groups and by participating in public consultations and assessments.

PORR has no business activities in offshore financial centres of the International Monetary Fund (IMF) or in countries that the OECD considers not sufficiently compliant with tax transparency rules. PORR is not aware of any tax investigations outside of the usual tax audits by the relevant tax offices.

Financial support 2023

	in TEUR
Tax deferrals granted	0
Investment and research bonus 2023	3.871
of which investment bonus for investments in greening and digitalisation	949

Opportunities through efficient risk management

Violations of compliance requirements represent a high risk with manifold consequences. Efficient risk management and an internal control system (ICS) are important prerequisites for economic success at PORR. In addition to performance and finance risks such as those related to the market, liquidity, interest rates, currency exchange, procurement, borrowing and capital risks, Group-wide risk management also assesses social and environmental risks. Further information on this can be found in the risk report from page 121.

Group Management Report Konzernlagebericht

To Build A Better World

Die PORR im Überblick

Good testimonials from customers

The quality management system ensures the fulfilment of various internal and external requirements. It is organised in the form of an integrated management system (IMS). Customer satisfaction is a key success factor in the construction business and is recorded using a standardised process as part of the PORR management system. Customers can provide feedback on project handovers via a Group-wide digital questionnaire. This covers a wide range of topics – from environmental and social issues to project and contract management through to cooperation between project participants. Customer satisfaction for the reporting year is positive throughout. PORR has expanded the customer satisfaction survey to include the topic of sustainability and is increasingly positioning itself as a pioneer:

• Almost 60% of clients chose PORR as their contractor because it has implemented a modern, up-to-date sustainability management system.
• Over 70% of clients attest that PORR pursued and met sustainability targets during the implementation phase.
• Over 90% of customers would recommend PORR as a reliable construction partner.
• In addition, there is often outstanding customer feedback on the quality of work, cleanliness on the construction site, the expertise of employees, occupational safety, and adherence to costs and deadlines.

Utmost care with data protection

One of the strategic priorities is the responsible handling of personal data and data protection itself. This concerns not only compliance with all applicable data protection laws, but also the continuous improvement of data protection measures. In the period under review, particular emphasis was placed on monitoring obligations in the majority shareholdings. Both the quality of contract processors and internal processes were checked and recorded in order to demonstrably fulfil the legal requirements. In October 2023, all German subsidiaries were also included in the PORR Group's data protection management system.

Data protection training is designed specifically for each area of activity and is mandatory. A two-day workshop was held for the country Data Protection Officers to ensure that Group-wide consistency in data processing is guaranteed. The introduction of the new Swiss Data Protection Act has also necessitated adjustments to many processes and documents.

Looking ahead

We are on the right track. Compliance is an ongoing process that will continue to be crucial for PORR in the future. Continuous development, internal communication and training aim to prevent any potential breaches of the company's ethical principles.

The most important ongoing measures concern the expansion of ISO certification to additional countries and holdings as well as the further strengthening of the training programme, including the expansion of compliance training to apprentices as well as foremen and site managers. In 2024, the topic-specific basic training courses will be further expanded depending on the function of the staff member.

Compliance with all applicable tax regulations plays an important role in all economic and social relationships. In 2024, PORR will play an active role in developments relating to global minimum taxation, for example by participating in committees and submitting concerns to the Chamber of Tax Consultants and Auditors. This will contribute to international tax justice.

FORECAST REPORT

The global economy continues to be under pressure. Key uncertainties remain, such as the persistently high level of interest rates, the resulting slowdown in consumer spending, and geopolitical risks in connection with the wars in Ukraine and the Middle East. The IMF is forecasting global economic growth of 3.1% for 2024. From the start of the summer, experts forecast the first interest rate cuts by the major central banks and the end of the strict financing policy. Nevertheless, the current decline in high global inflation rates is likely to accelerate over the course of the year – overall, global inflation is estimated to reach 5.8% in 2024.1

In Europe, high inflation rates have recently fallen faster than expected. Reasons for this include the ECB's current key interest rate of 4.5%, as well as falling energy prices in particular. As a result, the first steps towards lowering interest rates are expected as early as the second quarter of 2024. In addition to lower interest for borrowers, rising real incomes and a resilient labour market are likely to support consumer spending. Experts from the European Commission expect economic growth in the eurozone to accelerate to 0.8% overall over the course of the year. At the same time, inflation is likely to fall to 2.7%.2

In Austria as well, rising real incomes are providing positive impetus for consumer spending. The good performance of foreign trading partners is also providing support and leading to an economic growth forecast of 0.8% in 2024. The picture is similar in Germany, with the ifo Institute predicting growth of 0.2%. For PORR's Eastern European home markets, the European Commission is forecasting economic growth of between 1.1% (Czech Republic) and 2.9% (Romania).3

The four Ds continue to shape the long-term trends in the European construction industry. Demographic change, with increasing urbanisation, an ageing society, and an acute shortage of labour, is both an opportunity and a challenge. On the one hand, the large urban population is creating solid demand for sustainable infrastructure and affordable housing. On the other hand, the need for care services and long-term healthcare is increasing, while there is fierce competition for labour and skilled workers on the labour market. Deglobalisation is leading to the regionalisation of supply chains to ensure sustainable resilience. The construction industry has a major responsibility in decarbonisation in two respects. While buildings and structures themselves – i.e. the service portfolio – must become more sustainable, processes in the construction business must as well. Digitalisation has long since determined the way we build. Building information modelling, LEAN and collaborative partnerships are now essential.

In the short to medium term, civil engineering is set to remain the construction industry's growth driver. The European Recovery and Resilience Facility and the multiannual NextGenerationEU budget will ensure continuous demand in the infrastructure sector. This should lead to a 2.5% increase in construction activity in civil engineering. In contrast, residential construction remains under pressure due to the current interest rate level and the associated strict financing environment. Euroconstruct experts forecast European construction volumes to fall by 5.4%. In non-residential building construction, the healthcare sector is providing particularly positive momentum – not least due to demographic change. In industrial construction, the desired digital transformation and the regionalisation of procurement and production options are boosting demand. Experts therefore expect that construction activity in non-residential building construction will remain stable.4

Civil engineering accounted for 57.6% of PORR's order backlog. Here PORR is one of the few specialists able to cover the entire construction value chain as a one-stop shop. This gives the company a strong competitive advantage, positioning it as a leader on its home markets and benefiting it in public tenders. Only 8.0% of the order backlog relates to residential construction. This means that PORR remains resilient to short-term changes in demand. In non-residential building construction – which accounts for 29.5% – PORR relies on partnership-based relationships with clients. By getting involved at an early stage in the design and planning phase, it can identify efficiency improvements and deliver them in an optimal way.

Based on an order backlog of EUR 8.5bn (+3.0% against the previous year), the Executive Board expects a moderate increase in output for 2024. At the same time, it expects a rise in EBIT. In the medium term, the Executive Board anticipates an increase in the EBT margin and an EBIT margin of 3.0%.

The assessment of how the business will perform is based on the current goals in the individual segments as well as the opportunities and risks arising in the respective markets. Should the geopolitical situation intensify, this could have a negative impact on PORR and its business activities. Any assessment of economic development is therefore subject to forecasting risks.

1 IMF, January 2024

• 2 EC, February 2024
• 3 IHS, December 2023 and ifo Institut, March 2024 and
• EC, February 2024
• 4 Euroconstruct, December 2023

Die PORR im Überblick

To Build A Better World

RISK REPORT

Active risk management is an integral part of responsible corporate management at PORR and safeguards the com pany's competitiveness in the long term. Should risks have an impact on one of PORR's business fields or markets, this could have a negative effect on the company's earn ings. That's why the aim of risk management is to identify risks and then minimise them while still maintaining the company's earnings potential. The required organisational processes and monitorings, which help to pinpoint risks early on, should be continuously developed and improved – as should measures to counter those risks. Listed below are the most significant risks known to PORR, which can have a lasting influence on the financial position, cash flows and financial performance of the company as well as the environment.

All risks in connection with financial instruments can be found in note 41 of the notes to the consolidated financial statements.

GEOPOLITICAL RISKS

The ongoing war between Russia and Ukraine is having a significant impact on the geopolitical, economic and social situation in the region and beyond. In this context, strict economic sanctions and restrictions have been imposed. The associated restrictions are hampering international economic growth and have led to an increase in inflation rates, among other impacts. Energy and commodity prices have risen significantly within a very short time frame. The situation has also worsened in terms of the shortage of skilled labour. In 2023, most energy and commodity prices fell or levelled off at a high level, while the shortage of skilled workers moved independently of the Ukraine conflict. It can be assumed that the situation will continue to develop very dynamically. The associated political, social and economic risks are therefore difficult to assess at present.

In addition, the recent conflict in the Middle East could destabilise the region and lead to a reduction in oil pro duction. This could have a negative impact on global energy and commodity prices.

PORR is currently not active in Ukraine or Russia and does not conduct any significant transactions or business in the Middle East. However, it could be affected by the indirect consequences of the conflict.

MARKET RISKS

Market risks result from changes to the macroeconomic frameworks in the most important PORR markets. Fur thermore, disparities between national economies cause variation in demand across PORR's markets. The company

is reacting to fluctuations in national markets and busi ness segments and to the current geopolitical uncertainty by concentrating on the home markets, namely Austria, Germany, Switzerland, Poland, the Czech Republic, Slovakia and Romania. On the project markets of Qatar and the UK, PORR only offers export products for selected projects in the fields of tunnelling, railway construction and civil engi neering (special and large-scale projects).

In Europe and the USA, high inflation has led to an increase in interest rates on the credit markets. This can have a particularly negative impact on demand in the residential construction sector, as financing becomes more expensive. This could also be accompanied by lower demand from in dividual customers and property development companies.

PROJECT RISKS

Monitoring the project risks applies to all PORR operating units and can be qualified in terms of calculation and ex ecution risks. From the tender stage to the conclusion of a contract, all projects are assessed for specific technical, commercial and legal risks. This is carried out in close col laboration between the parties responsible for operations and the risk managers with the aid of risk checklists and in the course of final price meetings. Ongoing target/per formance comparisons are carried out while executing the project. If the project is outside the target parameters, then appropriate countermeasures are initiated, monitored by the risk managers, and assessed in terms of their effec tiveness. As part of the Commercial Management division, Risk Management has taken over the management of the countries at Group level.

In 2016, BBT SE invited tenders for the construction of a section of the BBT on the Austrian side between Pfons and the Austrian-Italian border and in August 2018 awarded the contract to the H51 Pfons – Brenner consortium, consisting of the companies PORR Bau GmbH, G. Hinteregger & Söhne Baugesellschaft mbH, Società Italiana Per Condotte D'Ac qua S.p.A. and Itinera S.p.A.. Construction then began in No vember 2019, with the project volume totalling EUR 966m. On 27 October 2020, BBT SE unilaterally terminated the contract for Lot H51. The alleged reason for the termination was the apparently irreconcilable technical differences in the design of the segment system for the TBM tunnelling. In connection with the premature cancellation of the BBT project, discussions are still underway to clarify open issues such as mutual claims resulting from the contract's early termination.

At the end of 2017, the Group was awarded the contract for the construction of the eight-lane Rhine bridge of the A1 federal motorway over the River Rhine near Leverkusen ("Leverkusen Bridge") by the Federal Republic of Germany, represented by the state-owned enterprise Straßenbau Nordrhein-West.The contract was worth approximately EUR 362m. In a letter dated 24 April 2020, Straßen.NRW terminated the contract "for cause" due to alleged defects in the steel components. Arbitration proceedings were carried out regarding the defects in the steel components. The report of the independent arbitration expert, Prof. Mensinger of the Technical University of Munich, is available and confirms PORR's standpoint on the technical details. In addition, the state-owned Autobahn GmbH (the successor to Straßen.NRW) filed a lawsuit against PORR in October 2021 for a declaration that the termination was justified. Incidentally, these proceedings are examining whether there were grounds for termination, i.e. whether the steel parts were defective. PORR, in turn, has asserted its claims arising from the unjustified termination of the contract in April 2022 by way of counterclaim. The legal dispute is ongoing.

SUPPLIER RISKS

PORR's procurement market is subdivided into three parts – subcontractors, materials and operating materials. Individual risk mitigation measures are implemented for each of these. In addition, the Ukraine conflict could lead to possible supply bottlenecks in the supply chain. In order to ensure security of supply despite any impediments, the focus is on strengthening the regional procurement structure.

With regard to subcontractors, price and quality are being assured by longstanding partnerships for project work and long-term framework contracts while selecting a number of suppliers. In addition, procurement strives for maximum risk mitigation in the socioeconomic and environmental sector through a sustainable approach to selecting trade providers. The complex and highly fragmented supply chain in the construction sector may lead to a lack of transparency relating to adherence to legal or internal stipulations in the economic, environmental or social sphere. The supplier assessments, supplier audit, supplier management system and the corresponding database as well as the personnel verification programme serve as control instruments. Any environmental incidents or deviations from environmental or social standards are determined during project execution, i.e. directly at the construction site, recorded in the supplier database and monitored using a traffic-light system and supplier evaluation standards. Non-adherence to the specified standards can lead up to a ban on future work orders.

In the materials segment, long-term supplier agreements ensure price continuity on the one hand. On the other, the use of strategic purchase mechanisms allows individual price fluctuations to be balanced out. Price fluctuations resulting from specific market conditions (concentration processes of suppliers, exchange-linked commodities prices, restrictions to supply chains and availabilities etc.) naturally cannot be ruled out. Incorporating procurement into the calculation phase provides additional earnings security. Furthermore, the introduction of SAP MM across the board has given PORR even greater market transparency, which helps to mitigate the risks outlined as well as optimize the price situation.

Group-wide purchasing also ensures maximum price benefits for operating materials. In addition, the "PORR Purchasing Strategy Energy" safeguards the long-term orientation of procurement in the area of operating materials. PORR has a proactive approach to managing energy costs (such as diesel, electricity and natural gas), one that is designed to secure resources for construction operations as well as provide a reliable basis for cost-planning. A detailed scheduling system safeguards not only the costs but also the physical availability of energy sources. Almost half of the demand is for diesel, followed by electricity and gas.

In the case of diesel, price hedging is carried out through hedging transactions concluded with banks. In the case of electricity and natural gas, demand volumes and prices are secured by the lead buyers of central purchasing through the conclusion of framework agreements. This means that substantial parts of the existing procurement risk have already been significantly minimised for the following years. For example, 90% of the electricity demand has already been secured for 2024. Natural gas is mainly used in the operation of asphalt mixing plants. To minimise risk, some plants have been converted to dual operation with heating oil. If there is a shortage of gas, these can also be operated with heating oil as an alternative. For 2024, 50% of the demand for gas is already secured. For 2025, 30% of electricity and 15% of gas are secured.

By dividing the procurement structure into a lead buyer and local buyer structure, bulk-buying advantages have been secured along with local opportunities for maximisation. This system has been applied in every area of procurement and leads to an overall mitigation of the purchase risk.

CYBER RISKS

PORR uses extensive IT systems to manage its business activities, including servers, specialised software, access control systems and data mirroring. These systems can be exposed to failures or security breaches. Included here are unauthorised access or hacker attacks, for example with programs that are capable of spying on login data for remote control, and denial-of-service or ransomware attacks. Such incidents can have a significant impact on operations and lead to a complete loss of data.

Access to this data is essential for the management of "digital" construction sites and PORR's financial management. Misuse of data or a breach of cyber security could damage PORR's image and lead to legal consequences (related to data protection).

INTERNAL CONTROL SYSTEM

PORR's internal control system (ICS) is oriented towards the EU standards which are mandatory since 2009. Furthermore, PORR is dedicated to securing the company's assets, the actual effectiveness and efficiency of operational processes and ensuring the reliability of financial reporting. PORR's aim is to continually develop the ICS and adapt it to changing framework conditions and new Group guidelines.

The responsibility for implementing and adhering to legal stipulations for the accounting-related ICS lies with the Executive Board, which has in turn charged the Commercial Management department with internal reporting and the Group Accounting department with external reporting tasks.

The ICS involves assessing operational risks as well as the appropriate implementation of organisational standards and processes across all areas of accounting and reporting within PORR. It ensures that the recording, preparation and accounting of business transactions are standardised across the Group and incorporated correctly into Group accounting. Measures such as clear, Group-internal guidelines, predefined process directives and system-supported processes for recording accounting data all support a uniform and orderly accounting practice. The reporting of subsidiaries included in the consolidated accounts as well as their consolidation is carried out using integrated IT systems supported by databases. The relevant requirements for guaranteeing correct accounting practices are laid out in uniform Group methods of accounting and valuation and disseminated regularly. The clear functional separation and various control and monitoring methods such as plausibility checks, regular auditing activities at various reporting levels and the dual-control principle mean that proper and reliable accounting is assured. The systematic controls ensure that accounting in PORR conforms to national and international accounting standards and internal guidelines. furthermore it guarantees the proper and uniform execution of all accounting-related processes.

Within the ICS, the audit committee takes on the Supervisory Board's task of monitoring accounting processes and financial reporting. The compliance management system and the internal audit also guarantee the effectiveness of the ICS by independently monitoring its impacts with the aim of improving business processes.

The internal audit of PORR was most recently externally certified in October 2023 by the Austrian Institute of Internal Audit in accordance with IIA (Institute of Internal Auditors) standards, thereby conforming to internationally recognised stipulations. The internal auditors have comprehensive audit powers, including both preventative and exploratory controls, at their disposal to enable them to realise their duties. The audit activities of the internal auditors are carried out to a yearly audit plan directly on behalf of the Group Executive Board. In addition, ad-hoc audits can be initiated at any time at the request of the Executive Board should events occur that may yield risks.

In 2023, the comprehensive compliance management system was recertified as planned by the external audit in accordance with ISO 37301 and ISO 37001 by Austrian Standards. All compliance certificates were confirmed as planned in autumn 2023.

Die PORR im Überblick

To Build A Better World

RISK AND IMPACT ANALYSIS OF NON-FINANCIAL RISKS

Environmental and climate risks

Key issues	Risks	Internal effects	External effects
Decarbonisation	Acute risks: Extreme weather events Chronic risks: Long term shifts in climate patterns Political and legal risks: Increased emissions reporting obligations Technological risks Market (price) risks: Increasing GHG emissions pricing on the basis of legal regulations Reputational risks	• Loss of revenue due to interruptions in construction operations or changes in customer requirements • Increased investment costs for research and development as well as replacements • Increased operating costs due to rising energy prices and regulations • Increased financing costs • Negative external perception by customers and stakeholders • Low attractiveness on the labour market • Increased environmental impact due to higher costs for	• Increased climate-related requirements for products and services • Change in focus of public investments • Tightening of land-use planning • Increasing GHG emission pricing • Short-term, unexpected raw material or energy price increases • Environmental pressure from energy-related emissions • Climate change intensifies
		fuel, energy, etc.
Circular economy	Resources wasted and increased waste generation	• Loss of orders • Delivery bottlenecks or production stoppages • Additional staffing and cost expenditure • Necessary conversion of construction processes • Long approval and control procedures due to over regulation • Criminal proceedings (e.g. for environmental damage, compliance offences) • Increased construction costs • Increased costs due to non-utilisation of material properties • Increased disposal costs for non-recyclable materials	• Increased waste generation • Resources wasted • Damage to the ecosystem through resource depletion • Damage to the ecosystem through environmentally harmful materials • Prevention of a circular economy
Habitats	• Environmental damage in business activity • Loss of biodiversity due to soil sealing	• Criminal proceedings • (Costly) procedures for land remediation • Damage to image • Construction delays due to increased project costs • Long approval and control procedures • Additional costs due to more stringent driving bans and protection zones • Increased costs due to rehabilitation of contaminated soil	• Destruction of habitats, protected areas, biodiversity • Reduction of arable land • Reduction of primary production • Loss of climate regulation through e.g. urban heat islands • Environmental pollution through emissions (CO2, exhaust gases, fine dust) • Light emissions • Impaired ecosystem performance • Increased risk of weather extremes and natural hazards • Excessive consumption of fresh water • Damage to water bodies

Health and safety risks

Key issues	Risks	Internal effects	External effects
Occupational • Impairment of mental/ • Increased costs through safety and health physical health in the course construction delays: Loss of of business operations and along the supply chain at work		expenditure	• Increased economic cost
	employees through accidents	• Early retirement due to physical or psychological strain
	• Staff absenteeism	• Criminal proceedings (e.g. corporate liability, administrative fines)	• Adverse effects on the health of local residents due to fine dust, noise and vibrations
• Reduced competitiveness (e.g. contracting, recruiting) • Increased project costs • Increased external control	• Road safety impaired due to construction site entrances and
			exits
			• Road users affected by swerving of construction vehicles

Staff risks

Key issues	Risks	Internal effects	External effects
Working worlds	• Fluctuation risk	• Lack of quality	• Lack of promotion opportunities
	• Loss of know-how	• Susceptibility to errors	• Loss of skills and education
	• Shortage of skilled workers, • Loss of know-how due to future managers and technological stagnation managers in business • Stagnating order acquisition operations • Lack of development • Intercultural opportunities misunderstandings in • Difficulty in project business operations implementation due to lack of teamwork, communication problems and potential for conflict • Endangering international reputation • Reduced innovation potential due to lack of diversity		• Increased financial contribution
			• Increased mental stress due to lack of competency
			• Low employability on the labour market
			• Obstacles to innovation and progress
			• Locational disadvantage
			• Conflicts/tensions due to different values
			• Discrimination against minorities
			• Promotion of slum formation and ghettoisation

Human rights and compliance risks

Key issues	Risks	Internal effects	External effects
Human rights and ethics	• Misconduct related to human rights, labour, social and environmental issues in business operations and along the supply chain	• Criminal proceedings (e.g. for human rights violations and environmental damage) • Increased project costs due to construction delays • Work pressure increases susceptibility to errors • Damage to image • Increased external control • Negative impact on contract awards • Recruiting problems	• Violation of fundamental rights (child labour, forced labour, rights of indigenous peoples and local communities) • Loss of democracy and freedom • Physical and mental illness • Social tensions • Damage to the national economy
Compliance	• Unfair competition and corruption in business activities and supply chain • Violation of the General Data Protection Regulation (GDPR)	• Damage to image • Legal consequences • Distorting effects or exclusion from tenders • Negative effects on stock market price • Restricted financing possibilities	• Damage to the business location • Subversion of the rule of law • Lack of tax revenue • Waste of public funds • Increase in state legal expenses

Die PORR im Überblick

To Build A Better World

CLIMATE-RELATED RISKS AND OPPORTUNITIES

Climate change is a drastic development that is having an ever greater impact on PORR's business model. Not least because there is close interplay between PORR's business activities and the environment. By reporting climate-related risks and opportunities in accordance with the recommendations of the Task Force on Climaterelated Financial Disclosures (TCFD), PORR is striving for even greater transparency and better comparability.

Our governance

At Executive Board level

The topic of climate change and the associated risks and opportunities are highly relevant at PORR. The highest responsibility lies with the Executive Board. Together with the Group Sustainability Board, they define the sustainability strategy and targets as well as the climate strategy, steer the further development of the strategy, and decide on key sustainability issues, including those relating to climate change.

In 2020, new quantitative climate targets were adopted and the decision was made to report climate-related risks and opportunities in accordance with the TCFD. In view of the high relevance of climate issues, an efficient flow of information and prompt evaluation of climate-related developments are essential. This exchange of information as well as the timely assessment of sustainability-related risks and opportunities is ensured by centralising the information in the CS department in cooperation with Risk Management.

PORR has formed its own Sustainability Committee on the Supervisory Board. The committee, which meets every six months, deals with the topics of energy efficiency, greenhouse gas emissions and climate change. In addition, the Sustainability Report is discussed, assessed and approved in in the Supervisory Board meetings.

At management level

PORR assigns climate-related responsibilities to the relevant specialist units. These are entrusted with tasks like monitoring and implementing the sustainability strategy and achieving the targets set. The responsible persons engage in constant consultations. The main areas that handle climate-related issues are:

• Corporate Sustainability
• Corporate Environmental Management
• Group Procurement
• Group Controlling
• Operational Management
• Risk Management

As part of the Group Sustainability Board, the CS department annually evaluates and adapts the climate strategy as well as the target definitions and the accompanying set of measures. Proposals for prioritising planned sustainability measures are made by many including the Group-wide CR Topic Working Groups. Best-practice examples are compared along with lessons learned from the PORR markets and any need for action is identified. Those responsible for climate-related areas maintain regular dialogue with PORR's stakeholders and involve them in the further development of sustainability activities in the form of special activities such as workshops, lectures, training courses or live Q&As of events. A further direct exchange also takes place with ESG ratings agencies and other stakeholders. This ensures a rapid and comprehensive flow of information and the timely assessment of any developments related to climate change.

Our strategy

Responsible corporate governance forms the foundation of the Group strategy. Due to the high energy and resource requirements of construction operations, the company is proactively driving forward topics like sustainable construction processes, recycling and energy efficiency measures. With its own climate strategy and quantitative GHG-reduction targets, PORR aims to make a concrete contribution to climate protection. What's more, with activities such as sustainability certification of its own sites and refurbishment work to enhance its energy and climate credentials, the company is sending a clear signal in the area of structural climate adaptation as well.

Climate-related risks and opportunities

As an internationally active construction company, PORR is directly affected by the risks of climate change. On the one hand, there are transitory risks in connection with changing legal and political framework conditions, such as the European Green Deal and the accompanying EU Taxonomy Regulation. On the other hand, acute and chronic physical risks such as extreme weather events or temperature increases may occur. The growing severity of impacts associated with climate change make it necessary for PORR to take countermeasures by applying efficient risk management and developing solutions to climaterelated challenges early on. The aim is to be aware of the corresponding risks at an early stage, to perceive them as opportunities and to integrate them into the core business in order to continue to work in a manner that is both sustainable and profitable. A detailed list of our main risks and opportunities can be found in the overview on pages 132 and 133.

Effects on business activities and corporate planning

The need to curb climate change has an impact on Groupwide environmental and energy management and is incorporated into corporate decisions. For example, the Group strategy Intelligent Growth with Green and Lean has been laid out. This contributes to achieving the climate targets adopted by the Executive Board and set for 2030. The progress of the project is regularly reported to the members of the Executive Board and the Supervisory Board.

Die PORR im Überblick

To Build A Better World

Weitere Angaben

Further Information

Resilience of the strategy

The climate strategy and climate risk analysis are reviewed annually in order to identify potential and new risks in advance and to be able to initiate appropriate counter measures in good time. This is to ensure that the goals set in the area of energy and climate are achieved.

Our risk management

PORR relies on efficient risk management and the internal control system (ICS). They are essential prerequisites for economic success. The ICS is aligned with mandatory EU standards and includes the assessment of operational risks and the proper implementation of organisational procedures. The risk assessment process includes quantitative analyses of risks and opportunities, which are also used in various forms of management documentation.

Identification and assessment of climate-related risks

Based on the climate scenario analysis, the main risks and opportunities are identified annually with a SWOT and a PESTEL analysis. The findings are presented to the Supervisory Board.

Based on these results, the Group strategy is amended and measures are taken to remain climate resilient. Furthermore, the project-related opportunity and risk analyses are used to further develop risk management. To increase efficiency and ensure successful implementation, a climate risk identification process has been integrated into the existing processes. For this purpose, the recommendations of the TCFD have been supplemented in the already existing guidelines, the management manual and the IMS documents.

The Head of Group Risk Management, who reports to the CFO, controls the proper execution of the risk agendas. Risks and opportunities are identified and analysed throughout the Group and coordinated and monitored through appropriate measures. Risk management takes a holistic and integrated approach to the effective and efficient identification, assessment and management of risks and opportunities. It reports on this and has to ensure the appropriateness and functionality of the processes. The financial impact of opportunities and risks – should they occur – is calculated under consideration of the associated probability of occurrence. Due to the inevitably subjective assessment, the identification and evaluation is carried out in a team. This team consists of a person responsible for results, a costing expert and, if necessary, other experts.

Climate scenario analysis

In 2021 PORR carried out a scenario analysis based on the recommendations of the TCFD. Here the future effects of climate change on PORR were considered according to the guidelines of the TCFD ("Outside-In"). Due to the impact on PORR's economic activities, the focus was placed on the consideration of physical risks. To this end, interdisciplinary internal workshops were held to identify the main risks and opportunities. In addition to physical risks, transitory risks from climate change were also considered. The following physical and cost-related risks were identified as being material for PORR:

Acute risks

• Floods
• One-day-heat
• Storms

Chronic risks

• Persistent heat waves, heat stress
• Change in wind conditions
• Water shortages

In 2022, the identified risks were incorporated into the risk management process and have been subject to annual screening since then. The goal is to identify, prioritise, quantify and mitigate risks related to climate change and to take advantage of opportunities in operations and in the supply chain. To this end, a financial assessment of selected physical and transitory risks has been carried out by Risk Management together with the relevant technical experts. The climate risks were assessed to check they are still up to date in the year under review.

The other risks identified and the possible effects for PORR can be found in the climate risk overview on page 132.

Two different emission concentration paths were taken into account when considering the development of the risks and opportunities. The scenarios used were those published by the Intergovernmental Panel on Climate Change (IPCC). The organisation regularly publishes scenarios that have long been used by the scientific community and policymakers to assess future risks and opportunities for national economies in relation to climate change.

On the one hand, the impacts of a temperature increase of < 2 °C – the limit of the Paris Climate Agreement – were qualitatively analysed and summarised at project level. The selected scenario is a decarbonisation scenario in which CO 2 emissions decrease (scenario RCP 2.6). As a second scenario, a worst-case scenario was chosen in which the Earth's temperature warms by > 4 °C by the end of the century (Scenario RCP 8.5). The influence of climate risks that could have an impact on PORR's business model in the short (by 2030), medium (by 2050) and long term (by 2100) were considered here. In the process, the PORR markets were examined for the identified risks and the associated impacts. No distinction was made between the risks to various economic activities. The risks associated with flooding and heat waves were examined. The impacts of storm events could not be analysed due to lack of available data. In 2022, for the first time and using the qualitative analysis as a starting point, the main risks were assessed quantitatively to estimate their potential financial impact and the likelihood of their occurrence.

The following tools were used:

Scenario analysis

• The World Bank's "Climate Knowledge Portal" and "The Global Calculator" of the UK Government's International Climate Funds and the EU's Climate KIC (Knowledge and Innovation Community) were used to analyse risks arising from heat waves.
• For the analysis of the flooding risk, the "Water Risk Filter" of the World Wildlife Fund (WWF) was used. Here it is possible to examine how risks may develop up to the year 2050.

The graphic on the right shows the procedure for the scenario analysis.

Management of climate-related risks

Opportunity and risk management is a support process that runs alongside a project. The expectations of a project's result can only be met through the transparent transfer of information from the acquisition phase to the execution phase. Opportunity and risk management is continuously refined by comparing the risks and opportunities realised by the end of the project with the assessments made during the acquisition and execution phases.

In the future, quantitative risk and opportunity analysis, as well as the individual risks and opportunities will be assessed by estimating the probability of occurrence (P) and the associated impact (A) of opportunity and risk events. The individual risk is calculated by multiplying these values. A risk checklist is used to identify the risks and opportunities during the acquisition phase and in the construction process.

In a further step, a list of risks and opportunities, along with the associated financial consequences and probabilities of occurrence, is drawn up for each project. The risk management measures are defined and the associated monetary consequences are then recorded. This and the lists of environmental aspects to be completed by all project managers show the materiality and significance of the consequences of climate risks.

The respective managers are responsible for regular reviews, updates and plausibility checks. Project discussions or random spot checks are carried out for this purpose. In order to reduce the process risk, application of the dual-control principle is planned, whereby checks will be made in teams.

Integration of climate-related processes in risk management

The results arising from sustainability aspects that could have a direct impact on the PORR business model are identified and analysed by Group Risk Management together with the CS department. The topic of climate change plays a key role here. Physical and transitory risks are assessed along the entire supply chain along with the environmental, economic and social dimensions. A precise listing of our key risks and opportunities can be seen in the overview on pages 132 and 133.

Our KPIs and targets

Evaluating KPIs

By setting quantitative climate protection targets and monitoring the respective progress made, PORR measures, monitors and controls whether its targets have been met. Key indicators include direct and indirect energy consumption inside and outside the company. The basis for the verifiability of the quantitative targets is, among other things, the energy management system. Detailed information on our quantitative energy and climate targets with a precise time horizon and progress status, as well as the year-on-year development of energy and emissions can be found from page 217 onwards.

Disclosure of Scope 1, 2 and 3 GHG emissions

PORR reports in detail on its carbon footprint in this report. Information on the different emission factors in connection with Scope 1, 2 and 3 can be found from pages 73 and 248 onwards. The risks associated with not managing decarbonisation can be found on page 132.

GHG-reduction targets

PORR's reduction targets include a 55% reduction in specific GHG emissions versus 2020 and the decarbonisation of construction processes by 21% versus 2014.

Die PORR im Überblick

To Build A Better World

Overview of climate risks

Risk category		Consequences	Potential risks for PORR
Transitory risks	Political and legal risks	• Increased climate-related requirements for products and services • Changed focus of public investments • More stringent spatial planning with regard to construction projects • Increased GHG-emissions pricing • Increased complexity of legal requirements • Increased emissions reporting requirements	• Loss of revenue due to: • Changes in public investment behaviour • Stricter zoning laws • Increased costs due to: • GHG emissions pricing • Tighter environmental regulation in the short term • Potential litigation • Reporting requirements • Early or increased impairment due to changes in legal/political framework conditions
	Technological risks	• Substituting existing products and services with lower-emission options • Costs for the transition to lower-emission technologies • Erroneous investment in non-target technologies	• Loss of revenue from products and services with non-competitive technology • Increased costs due to: • Equipment and systems using more sophisticated technology • Converting and adapting processes • Early or increased impairment/depreciation of obsolete equipment and facilities or for bad investments • Increased investment and R&D expenditure on new technologies
	Market (price) risks	• Short-term and unforeseeable increases in raw material and energy prices • Changes in customer wishes and in the pace of demand • Increasing relevance to achieve sustainability targets and sustainability ratings • Increased climate-related requirements for supply chain management	• Loss of revenue due to • Non-fulfilment of customer requirements • Changes in customer requirements in relation to current product portfolio • Construction interruptions • Increased costs due to • Volatile energy and raw material prices (e.g. electricity, diesel, building materials, water) • Expenses for the implementation of climate-friendly business processes • Additional complexity in meeting customer requirements
	Reputational risks	• Increased awareness of climate protection among customers, investors and other stakeholders • Stigmatisation of sub-sectors • Damage to image	• Loss of revenue due to : • Negative external perception by customers and stakeholders • Shortage of skilled workers and staff shortages (recruiting, staff retention) • Failure to achieve sustainability goals • Insufficient rating results • Increased costs for: • Acquisition and marketing • Financing
Physical risks	Acute risks Extreme weather events	• Floods • Drainage overloads • One-day heat waves • Strong wind events • Snow overload • Avalanches & landslides • Soil erosion	• Loss of revenue due to factors including interruptions in construction: • Flooding • Work stoppage during intense heat • Crane stop during storm • Reduction in productivity and resulting increase in costs due to: • Delivery and transport difficulties
	Chronic risks Long-term shifts in climate patterns	• Water shortages, water stress • Fluctuating groundwater levels • Persistent heat waves, heat stress • Change in wind patterns	• Heat stress for employees • Increased building operating costs due to factors including: • Storm protection • Climatic influences on building materials, air conditioning systems, water supply • Increased risk coverage • Early or increased impairment/depreciation due to: Damage to plant, construction equipment or operating facilities, increased wear and tear • Increased investment costs for • Air-conditioned construction containers and equipment • More resilient construction equipment

Overview of climate opportunities

Opportunity category	Potential opportunities for PORR	Financial impacts
Resource efficiency	• More energy-efficient and resource efficient technologies • More efficient production and construction processes and operating sites • Focus on recycled building materials • More efficient modes and means of transport	• Increasing productivity through: • Optimisation of plant and construction site processes • Reduction of staff downtime • Reduction of operating costs through more efficient operating sites, vehicles, construction equipment, facilities, etc.
Energy sources	• Independence from volatile fossil fuel markets • Lower-emission energy sources and technologies • Self-generation of renewable energy • Establishment of and participation in energy communities • Promotion of investments in renewable energy production	• Increase in revenue through reputational advantages and reaching new customers/ market segments • Reduction in operating costs through: • More cost-effective renewable energy sources • Reduction of GHG-emission pricing • Independence from volatile fossil fuel markets • Self-generation of renewable energy • Participation in energy communities • Reduce investment costs by using subsidies • Lower financing costs through higher investor interest
Products and services	• Low-emission products and services • Develop solutions for adapting to climate change • Demand for green products and services • Subsidies related to product innovation	• Increased revenue by: • Increased demand for lower-emission products and services • Solutions to adapt to climate change • Meeting changing customer preferences • Cost reduction in R&D investments through systematic use of subsidies
Markets	• Access to new market segments • Changes in focus of public investment • Increased appeal for climate-conscious employees	• Increase revenue by: • Access to new and emerging market segments • Public investment in low-emission infrastructure projects • Easier access to and retention of skilled workers
Resilience	• Substituting and diversifying raw materials, energy sources and technologies • Possibility of diversifying the product and service range	• Revenue protection in relation to changes in demand in specific product and service segments • Cost efficiency and increased reliability in relation to volatile changing supply chain conditions • Higher market value through resilience planning

Die PORR im Überblick

To Build A Better World

DISCLOSURE ACCORDING TO 243A (1) AUSTRIAN COMMERCIAL CODE

1. The share capital as of the end of 2023 comprises 39,278,250 no-par value shares. All shares are no-par value bearer shares, each of which participates equally in the share capital of EUR 39,278,250. At the end of the reporting period, all 39,278,250 shares were in circulation.

The same legally standardised rights and obligations apply to all no-par value shares. In particular, each no-par value share confers the voting rights exercised according to the number of shares and participates equally in profit and, in the event of winding up, in the remaining liquidation proceeds. The share capital of the company is fully paid in. The company held a total of 1,002,060 treasury shares, or 2.55% of the share capital, as of 31 December 2023. A total of 785,565 treasury shares were acquired between October 2022 and June 2023 as part of a buyback programme based on the authorisation resolution of the Annual General Meeting on 17 June 2022. In accordance with Section 65 Paragraph 5 of the Stock Corporation Act, the company does not have any rights, particularly voting rights, from the treasury shares.

In line with Section 5 Paragraph 2 of the company statues, shares from future capital increases can be bearer shares or registered shares. If the resolution authorising the capital increase does not specify whether the shares are to be bearer shares or registered shares, they will be bearer shares. In accordance with Section 5 Paragraph 3 of the company statues and Section 10 Paragraph 2 of the Stock Corporation Act, shares are to be issued in one, or where necessary multiple, global certificate(s) and deposited at a securities depository bank in accordance with Section 1 Paragraph 3 of the Austrian Act on Securities Deposits, or at an equivalent facility abroad. The company has met this obligation. All the share certificates previously in circulation have been declared invalid, in line with the respective legal regulations.

• 1. A syndicate agreement is in place between the Strauss Group and the IGO Industries Group. The Chairman of the Executive Board is aware of this syndicate agreement as he is the founder and beneficiary of the PROSPERO Privatstiftung, which the Strauss Group manages. The Executive Board as a whole has no knowledge of the content of the syndicate agreement from his function as an Executive Board. Resolutions passed by the syndicate oblige the syndicate members when exercising their voting rights. There is a reciprocal acquisition right.
• 1. The following shareholders had a direct or indirect holding in the capital of at least ten percent as of 31 December 2023:

% of share capital	syndicated
36.21%	35.96%
15.19%	14.43%

• The Strauss Group includes SuP Beteiligungs GmbH, which is wholly and directly attributed to the PROSPERO Privatstiftung, which is under the control of Karl-Heinz Strauss, Chairman of the Executive Board. Regarding the shares of the IGO Industries Group, the majority are directly and indirectly held by Klaus Ortner and his family.
• 1. The company has no shares with special rights of control.
• 1. Employees who hold an interest in the company's capital exercise their voting rights individually and directly.
• 1. In accordance with Section 6 Paragraph 1 of the company statues, the Executive Board consists of between two and six people. In line with Section 6 Paragraph 2 of the company statutes, the Supervisory Board can appoint deputies to the Executive Board within this number. In line with Section 6 Paragraph 3 of the company statutes, the Supervisory Board can name one member as the Chairman and one member as the Deputy Chairman. Any deputy Executive Board members have the same powers of representation as the regular Executive Board members.

In line with Section 9 Paragraph 1 of the company statutes, the Supervisory Board is composed of at least three and not more than twelve members elected by the Annual General Meeting (AGM). In line with Section 9 Paragraph 8 of the company statutes, an alternate member can be appointed at the same time as the appointment of a Supervisory Board member takes place, in which case the alternate member would take up their seat on the Supervisory Board effective immediately if the Supervisory Board member steps down before the end of their time in office. If multiple alternate members are appointed, the order in which they are to replace a Supervisory Board member who steps down must be determined. An alternate member can also be appointed as an alternate for multiple Supervisory Board members, so that they take a seat on the Supervisory Board if any one of these members steps down prematurely. The term of office of an alternate member who joins the Supervisory Board is terminated as soon as a successor to the former Supervisory Board member has been appointed, or at the latest when the remainder of the former Supervisory Board member's time in office comes to an end. Should the term of office of an alternate member who joins the Supervisory Board be terminated because a successor

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to the former Supervisory Board member has been appointed, the alternate member still serves as an alternate for the additional Supervisory Board members they have been chosen to represent. In line with Section 9 Paragraph 2 of the company statutes, the AGM can determine a shorter period in office than legally stipulated for all Supervisory Board members. Should certain members leave the Board before the end of their term in office, in line with Section 9 Paragraph 6 of the company statutes, a vote to replace them is not required until the next AGM. However, an alternate vote is required at an extraordinary general meeting, to be held within six weeks, if the number of Supervisory Board members falls below three. In line with Section 9 Paragraph 4 of the company statutes, the appointment of a member of the Supervisory Board can be revoked before the end of their time in office by AGM resolution requiring a simple majority of votes cast. In accordance with Section 19 Paragraph 1 of the company statues, resolutions of the AGM are passed by simple majority of the votes present, unless another type of majority is proscribed by law; in cases where a capital majority is required, a simple majority of the share capital represented in voting is required for resolutions. In the legal opinion of the Executive Board, this company statutory regulation has reduced the necessary majority of at least three quarters of the share capital represented in voting as required by the Stock Corporation Act, also for changes to the company statutes, to a simple capital majority (except in the case of changes to the business

purpose).

1. a. Authorised capital: By resolution of the Annual General Meeting on 28 April 2023, the Executive Board was authorised, with the approval of the Supervisory Board, to increase the company's share capital by up to EUR 3,927,825 within five years from 30 June 2023 by issuing up to 3,927.825 no-par value bearer shares against cash and/or non-cash contributions – in several tranches if necessary – also by way of indirect subscription rights in accordance with Section 153 (6) Stock Corporation Act (authorised capital) and to determine the issue price, which may not be lower than the pro rata amount of the share capital, the issue conditions, the subscription ratio and the further details of implementation with the approval of the Supervisory Board. The Executive Board was authorised, with the approval of the Supervisory Board, to exclude shareholders' subscription rights in full or in part (i) if the capital increase is carried out in return for a non-cash contribution or (ii) if the capital increase is carried out in return for a cash contribution and (A) the total notional interest in the company's share capital attributable to the shares issued in return for a cash contribution while excluding subscription rights does not exceed the limit of 10% (ten percent) of the company's share capital at the time the authorisation is exercised, or (B) the exclusion of subscription rights in this respect is carried out for the purpose of servicing an over-allotment option (greenshoe) in the capital increase or (C) the exclusion of subscription rights in this respect is carried out to equalise fractional amounts.

The Supervisory Board is authorised to adopt amendments to the company statutes resulting from the use of this authorisation of the Executive Board.

1. b. Acquisition of treasury shares: As of 31 December 2023, the Executive Board is authorised by resolution of the AGM of 17 June 2022 to acquire treasury shares over a 30-month period from the date of the resolution, for up to 10.0% of share capital including treasury shares already purchased, also under application of the repeated exploitation of the 10.0% limit. The equivalent amount to be paid in the buyback may not be less than EUR 1.00 or higher than a maximum of 10.0% over the average, unweighted share price at closing on the stock exchange on the ten stock-exchange days preceding the buyback. The purchase can be conducted on the stock exchange or through a public offering or in another legally permitted way, particularly over the counter, especially also from individual shareholders who are willing to sell (negotiated purchase) and also under the exclusion of shareholders' pro rata tender rights. The Executive Board is further authorised to determine the respective buyback conditions of an acquisition, whereby the Executive Board must publish the Executive Board resolution and the respective buyback programme based thereon, including its duration, in accordance with the statutory provisions (in each case). The authorisation can be exercised in full or in stages and also in multiple tranches for one or more purposes, by the Group, by a subsidiary (Section 189a Austrian Commercial Code) or by third parties acting for the company. Trading treasury shares is not permitted as a purpose for the buyback. Finally, the Executive Board is authorised, without further resolution by the AGM, to retire treasury shares with the approval of the Supervisory Board. The Supervisory Board has the authority to pass resolutions on amendments to the company statutes resulting from the retirement of treasury shares.

The Executive Board exercised this authorisation and decided on 3 October 2022 to carry on a share buyback programme starting on 7 October 2022. The buyback was completed on 7 June 2023 when the maximum buyback volume of 785,565 shares was reached. The buyback was intended to serve any purpose permissible under Section 65 Paragraph 1 (8) of the Stock Corporation Act – including the servicing of possible future PORR profit-sharing programmes for staff.

• 7.c. Selling or using treasury shares: In the AGM of 27 May 2021, a resolution was passed to authorise the Executive Board, with the consent of the Supervisory Board, to sell or use treasury shares in a manner other than via the stock exchange or by public offering for a period of five years from the date of the resolution. The authorisation can be exercised in full or in stages and also in multiple tranches for one or more purposes. The shareholders' pro rata tender rights in the event of sale or use by means other than via the stock exchange or by means of a public offering is excluded (exclusion of subscription rights).
• 1. In January 2020, PORR AG issued a deeply subordinated hybrid bond with a total nominal value of EUR 150.0m with an unlimited term and an early redemption option by the issuer after five years. The interest rate is 5.375% p.a. until the first redemption option in February 2025. If this option is not exercised, the interest rate will rise to

the 5-year mid-swap rate determined on this date plus 10.641%.

In November 2021, a new hybrid bond with a volume of EUR 50.0m and a coupon of 7.5% was issued with an unlimited term and an early redemption option by the issuer in November 2026.

The 2020 and 2021 hybrid bonds contain the provisions that if there is a change in control (as defined in the bond conditions):

• i) the interest rate of the hybrid bonds increases by 5.0 PP p. a. and
• ii) the company is entitled to pay back the hybrid bonds in full.

As of 31 December 2023, the total amount of bonded loans (Schuldscheindarlehen) amounted to EUR 151.0m, all of which were issued in 2023, except one tranche of EUR 11.0m. Compared to the bonded loans (Schuldscheindarlehen) as of 31 December 2022, EUR 170.5m was repaid in 2023 and new bonded loans (Schuldscheindarlehen) with a volume of EUR 140.0m were issued in February 2023.

The relevant loan contracts include the following agreement: Where a change of control takes place (as defined in the loan contracts), every creditor shall be entitled to call due an amount corresponding to his/her stake in the loan and demand immediate repayment of this capital contribution at the nominal value, plus interest accrued up to the date of repayment.

The company also has four framework guarantee credit contracts for EUR 350m (with a term to 2 January 2025), EUR 230m (with a term to 17 June 2024), EUR 175m (with a term to 30 September 2025) and EUR 180m (with a term to 30 June 2024), which contain the following agreements: Should one or more people, who at the time of signing the relevant contract do not hold a share or a controlling share, attain a controlling share, as defined in Section 22 of the Austrian Takeover Act, in the beneficiary or a significant Group company (as defined in the contracts), then the agent and the individual lenders are entitled to immediately terminate the respective shares (with regard to their respective shares in the guarantee credit contract) of the framework contracts.

There were no other significant agreements under the terms of Section 243a, Paragraph 1, Line 8 of the Commercial Code.

1. Indemnity agreements under the terms of Section 243a Paragraph 1 Line 9 of the Commercial Code shall not apply.

TREASURY SHARES

PORR AG held 1,002,060 treasury shares as of 31 December 2023. The treasury shares break down as follows:

		Nominal value
PORR AG	No. of shares	per share in EUR	Nominal value in EUR	% of share capital
Interest held on 31.12.2022	481,854	1.00	481,854	1.227%
Interest held on 31.12.2023	1,002,060	1.00	1,002,060	2.551%

Share buyback programme

In 2023, PORR AG acquired 520,206 treasury shares as follows:

	No. of	Weighted average price per	Value of repurchased shares
Month	repurchased shares	share in EUR	in EUR	% of share capital
January 2023	109,077	12.73	1,388,281	0.278%
February 2023	96,474	13.56	1,308,498	0.246%
March 2023	115,190	13.78	1,587,355	0.293%
April 2023	94,174	13.72	1,291,969	0.240%
May 2023	87,430	13.86	1,212,195	0.223%
June 2023	17,861	13.71	244,902	0.045%

REPORT ON PAYMENTS TO GOVERNMENT ENTITIES

In 2023 payments in a minor amount were made to government entities by Group subsidiaries operating in the extractive industries. As a result of the inclusion in the Group tax group and the profit-and-loss transfer agreements concluded, no corporation tax was paid. Reference is made to the application of the simplified option pursuant to Section 243d Paragraph 5 of the Austrian Commercial Code.

CONSOLIDATED FINANCIAL STATEMENTS

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Die PORR im Überblick

Konzernlagebericht

• 140 Consolidated Income Statement
• 141 Statement of Comprehensive Income
• 142 Consolidated Cash Flow Statement
• 143 Consolidated Statement of Financial Position
• 144 Statement of Changes in Group Equity
• 146 Notes to the Consolidated Financial Statements
• 204 Shareholdings

CONSOLIDATED INCOME STATEMENT

in TEUR Notes	2023	2022
Revenue (6)	6,048,546	5,786,011
Own work capitalised in non-current assets	5,292	1,567
Income from companies accounted for using the equity method (19)	98,576	56,466
Other operating income (7)	181,928	189,124
Cost of materials and other related production services (8,4)	-4,142,102	-4,005,696
Staff expenses (9)	-1,453,726	-1,349,993
Other operating expenses (11,4)	-394,256	-358,580
Earnings before interests, taxes, depreciation
and amortisation (EBITDA)	344,258	318,899
Depreciation, amortisation and impairment expense (10)	-203,987	-198,792
Earnings before interests and taxes (EBIT)	140,271	120,107
Income from financial investments and other current financial assets (12)	26,665	14,150
Finance costs (13)	-36,238	-24,223
Earnings before taxes (EBT)	130,698	110,034
Income tax expense (14)	-35,680	-27,399
Profit for the year	95,018	82,635
of which attributable to shareholders of the parent	85,013	64,413
of which attributable to holders of profit-participation rights/hybrid capital	14,212	14,213
of which attributable to non-controlling interests	-4,207	4,009
Basic earnings per share, total (in EUR) (15)	2.21	1.65
Diluted earnings per share, total (in EUR) (15)	2.21	1.65

STATEMENT OF COMPREHENSIVE INCOME

in TEUR	Notes	2023	2022
Profit for the year		95,018	82,635
Other comprehensive income
Result from revaluation of property, plant and equipment	(17)	6,535	2,663
Remeasurement of defined benefit obligations	(32)	-1,924	193
Change in fair value of equity instruments		-	-185
Income tax on other comprehensive income	(14)	-1,817	-969
Items which cannot be reclassified to profit or loss (non-recyclable)		2,794	1,702
Exchange rate differences		10,912	111
Result from cash flow hedges
in the year under review		-2,771	2,983
Income tax on other comprehensive income	(14)	637	-698
Items which can subsequently be reclassified to profit or loss (recyclable)			2,396
Other comprehensive income		11,572	4,098
Total comprehensive income		106,590	86,733
of which attributable to shareholders of the parent		96,404	68,419
of which attributable to holders of profit-participation rights/hybrid capital		14,212	14,213
of which attributable to non-controlling interests		-4,026	4,101

Konzernlagebericht

To Build A Better World

Die PORR im Überblick

CONSOLIDATED CASH FLOW STATEMENT

in TEUR Note (40) 2023 2022 Profit for the year 95,018 82,635 Depreciation, impairment and reversals of impairment on fixed assets and financial assets 204,367 188,177 Interest income/expense 10,511 9,477 Income from companies accounted for using the equity method 8,218 5,347 Dividends from companies accounted for using the equity method 8,616 10,479 Profits from the disposal of fixed assets -32,239 -35,236 Decrease in long-term provisions -756 -2,841 Deferred income tax -16,755 9,524 Operating cash flow 276,980 267,562 Increase/decrease in short-term provisions 62,621 -19,730 Increase/decrease in tax liabilities 17,973 -6,041 Decrease/increase in inventories 5,576 -27,202 Decrease/increase in receivables 60,346 -197,389 Decrease/increase in payables -135,979 247,584 Decrease in other current financial assets - 38,604 Interest received 15,579 9,671 Interest paid -30,425 -22,600 Other non-cash transactions 3,714 -3,636 Cash flow from operating activities 276,385 286,823 Proceeds from the disposal of intangible assets 23 - Proceeds from sale of property, plant and equipment and investment property 34,876 34,589 Proceeds from the sale of financial investments 6,921 26,223
Proceeds from repayment of loans 4,305 2,326
Payments for investments in intangible assets -7,831 -7,731
Payments for investments in property, plant and equipment and investment property -227,309 -164,886
Payments for investments in financial investments -2,656 -1,692
Payments for investments in loans -2,344 -1,800
Proceeds from the sale of consolidated companies less cash and cash equivalents 17,028 23,872
Payouts/proceeds for the purchase of subsidiaries less cash and cash equivalents - -7,110
Cash flow from investing activities -176,987 -96,209
Paid dividends and interest from profit-participation rights/hybrid capital -37,232 -36,268
Payouts to non-controlling interests -3,453 -2,885
Acquisition of non-controlling interests - -784
Acquisition of treasury shares -7,033 -2,900
Repayment of profit-participation rights/hybrid capital - -51,075
Repayment of lease financing -67,236 -64,423
Proceeds from loans and other financing 197,386 8,737
Repayment of loans and other financing -209,902 -151,350
Cash flow from financing activities 1 -127,470 -300,948
Cash flow from operating activities 276,385 286,823
Cash flow from investing activities -176,987 -96,209
Cash flow from financing activities -127,470 -300,948
Change to cash and cash equivalents -28,072 -110,334
Cash and cash equivalents as of 1 Jan 655,803 765,034
Currency differences 3,611 1,103
Cash and cash equivalents as of 31 Dec 631,342 655,803
Tax paid 34,462 23,915

1 In the comparative figures for 2022, the cash flows from lease financing, loans and bonded loans (Schuldscheindarlehen) were recombined in accordance with the presentation in the consolidated statement of financial position.

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

in TEUR	Notes	31.12.2023	31.12.2022
Assets
Non-current assets
Intangible assets	(16)	185,367	194,128
Property, plant and equipment	(17)	1,166,363	1,055,267
Investment property	(18)	34,951	33,923
Shareholdings in companies accounted for using the equity method	(19)	76,485	78,408
Other financial investments	(20)	2,659	8,372
Other financial assets	(23)	56,760	70,700
Deferred tax assets	(27)	24,718	17,502
		1,547,303	1,458,300
Current assets
Inventories	(21)	119,034	124,323
Trade receivables	(22)	1,512,696	1,665,040
Other financial assets	(23)	182,019	147,658
Other receivables and current assets	(24)	142,178	61,215
Cash and cash equivalents	(25)	631,342	655,803
Non-current assets held for sale	(26)	1,124	34,456
		2,588,393	2,688,495
Total assets		4,135,696	4,146,795

Equity and liabilities

Equity
Share capital (28)	39,278	39,278
Capital reserve (29)	358,833	358,833
Profit-participation rights/hybrid capital (30)	247,525	247,526
Other reserves (29)	189,320	118,968
Equity attributable to shareholders of parent	834,956	764,605
Non-controlling interests (31)	25,289	34,320
	860,245	798,925
Non-current liabilities
Provisions (32)	145,421	144,512
Lease liabilities (33)	321,023	318,778
Financial liabilities (34)	197,213	166,827
Other financial liabilities (36)	5,883	2,647
Deferred tax liabilities (27)	26,752	41,425
	696,292	674,189
Current liabilities
Provisions (32)	332,106	271,338
Lease liabilities (33)	60,287	55,640
Financial liabilities (34)	13,037	55,743
Trade payables (35)	1,114,344	1,233,040
Other financial liabilities (36)	37,598	33,947
Other liabilities (37)	978,011	1,000,921
Tax payables	43,776	18,574
Non-current liabilities held for sale (26)	-	4,478
	2,579,159	2,673,681
Total equity and liabilities	4,135,696	4,146,795

To Build A Better World

Die PORR im Überblick

Konzernlagebericht

STATEMENT OF CHANGES IN GROUP EQUITY

				Reserve for remeasure ment of defined benefit	Valuation of equity
in TEUR Notes (28-31) Balance as of 31 Dec 2021	Share capital 39,278	Capital reserve 358,833	Revaluation reserve 11,225	obligations -36,301	instruments -214
Adjustment according to new or changed IFRS	-	-	-	-	-
Balance as of 1 Jan 2022	39,278	358,833	11,225	-36,301	-214
Total profit for the year	-	-	-	-	-
Other comprehensive income	-	-	2,704	-877	394
Total income for the year	-	-	2,704	-877	394
Dividend payout	-	-	-	-	-
Profit-participation rights/hybrid capital	-	-	-	-	-
Income tax on interest of holders of profit-participation rights/hybrid capital	-	-	-	-	-
Capital increases	-	-	-	-	-
Acquisition of treasury shares	-	-	-	-	-
Changes to the consolidated group/ acquisition of non-controlling interests	-	-	-	-	-
Balance as of 31 Dec 2022	39,278	358,833	13,929	-37,178	180
Total profit for the year	-	-	-	-	-
Other comprehensive income	-	-	4,461	-2,068	-
Total income for the year	-	-	4,461	-2,068	-
Dividend payout	-	-	-	-	-
Income tax on interest of holders of profit-participation rights/hybrid capital	-	-	-	-	-
Capital increase	-	-	-	-	-
Acquisitions of treasury shares	-	-	-	-	-
Share-based payments	-	-	-	-	-
Changes to the consolidated group/ acquisition of non-controlling interests	-	-	-	-14	-
Balance as of 31 Dec 2023	39,278	358,833	18,390	-39,260	180

		Equity attributable to	Retained earnings and	Profit-participation	Reserve for	Foreign currency
	Non-controlling interests	shareholders of parent	non-retained profit	rights/hybrid capital	cash flow hedges	translation reserves
824,410	33,869	790,541	118,691	299,954	-422	-503
-22,125	-	-22,125	-22,125	-	-	-
802,285	33,869	768,416	96,566	299,954	-422	-503
82,635	4,009	78,626	64,216	14,213	-	197
4,098	92	4,006	-541	-	2,285	41
86,733	4,101	82,632	63,675	14,213	2,285	238
-39,153	-2,885	-36,268	-19,531	-16,737	-	-
-51,105	-	-51,105	-1,201	-49,904	-	-
	-	3,849	3,849	-	-	-
	-	-	-	-	-	-
	-	-2,900	-2,900	-	-	-
	-765	-19	-19	-	-	-
	34,320	764,605	140,439	247,526	1,863	-265
	-4,207	99,225	85,070	14,212	-	-57
	181	11,391	-97	-	-2,134	11,229
	-4,026	110,616	84,973	14,212	-2,134	11,172
	-3,453	-37,232	-23,019	-14,213	-	-
	-	3,269	3,269	-	-	-
	16	-	-	-	-	-
	-	-7,033	-7,033	-	-	-
	-	745	745	-	-	-
	-1,568	-14	-	-	-	-
	25,289	834,956	199,374	247,525	-271	10,907

Konzernlagebericht

To Build A Better World

Die PORR im Überblick

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

1. GENERAL INFORMATION

The PORR Group consists of PORR AG and its subsidiaries. PORR AG is a public limited company according to Austrian law and has its registered head office at Absberggasse 47, 1100 Vienna, Austria. The company is registered with the commercial court of Vienna under reference number FN 34853f. The Group deals mainly with the planning and execution of a whole range of building construction activities.

The consolidated financial statements have been prepared pursuant to Art. 245a of the Austrian Commercial Code in accordance with the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB) and endorsed by the European Union and in accordance with the interpretations issued by the International Financial Reporting Interpretations Committee (IFRIC).

The euro is the reporting currency as well as the functional currency of PORR AG and the majority of its subsidiaries included in the consolidated financial statements.

The consolidated financial statements were prepared with the closing date of 31 December and relate to the business year from 1 January to 31 December. Results preceded by the abbreviation TEUR are in euro thousand. The majority of numerical entries are rounded up or down to the nearest thousand (TEUR) and may result in rounding differences.

2. CONSOLIDATED GROUP

	2023	2022
Fully consolidated companies as of 1 Jan	134	131
Mergers	-2	-4
Liquidations	-1	-3
Sales	-3	-2
Additions due to foundations	-	7
Additions due to acquisitions	-	5
Fully consolidated companies as of 31 Dec	128	134
of which domestic subsidiaries	63	66
of which foreign subsidiaries	65	68

For one company the PORR Group only holds 49% of the shares, however, the remainder of the shares are held in trust for Group and the company is therefore included in the consolidated group.

The assets and liabilities where control was lost as a result of sales break down as follows:

in TEUR	2023
Non-current assets
Intangible assets	8,036
Property, plant and equipment	600
Other financial assets	5
Deferred tax assets	62
Current assets
Trade receivables	499
Other financial assets	390
Other receivables and current assets	33
Cash and cash equivalents	1,972
Non-current liabilities
Provisions	-78
Lease liabilities	-379
Deferred tax liabilities	-1,835
Current liabilities
Lease liabilities	-104
Trade payables	-63
Other financial liabilities	-428
Other liabilities	-499
Tax payables	-385
Non-controlling interests	-1,568

The purchase price of TEUR 19,000 was settled in cash. The gains on sale totalling TEUR 12,742 are recognised in other operating income.

Furthermore, 57 (previous year: 53) domestic and 36 (previous year: 38) foreign associated companies and joint ventures were included under application of the equity method. The consolidated subsidiaries and companies accounted for using the equity method are shown in the list of shareholdings (see page 204). Companies that are of minor significance for the consolidated financial statements are not included. Accordingly, 12 (previous year: 14) subsidiaries and 22 (previous year: 23) shareholdings in associated companies and joint ventures were not included in the consolidated group or accounted for using the equity method; this primarily relates to general partner companies.

3. NEW ACCOUNTING STANDARDS

3.1. Standards applied for the first time in the reporting period

The Group applied the following standards for the first time as of 1 January 2023; with the exception of the amendments to IAS 12 International Tax Reform – Pillar 2, there were no material effects on the Group:

New standard or amendment	Date of publication by IASB	Date of adoption into EU law	Date of entry into force
IFRS 17 Insurance Contracts	18.5.2017	19.11.2021	1.1.2023
Amendments to IFRS 17	25.6.2020	19.11.2021	1.1.2023
Amendments to IAS 1 Disclosure of Accounting Policies	12.2.2021	2.3.2022	1.1.2023
Amendments to IAS 8 Definition of Accounting Estimates	12.2.2021	2.3.2022	1.1.2023
IAS 12 Deferred Tax Related to Assets and Liabilities Arising from a Single Transaction	7.5.2021	11.8.2022	1.1.2023
IFRS 17 Initial Application of IFRS 17 and IFRS 9 - Comparative Infor mation	9.12.2021	8.9.2022	1.1.2023
Amendments to IAS 12 International Tax Reform - Pillar Two Model Rules	23.5.2023	8.11.2023	1.1.2023

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Konzernlagebericht

Amendments to IAS 12 – International Tax Reform – Pillar 2

The amendments to IAS 12 introduce a temporary exception for the recognition of deferred taxes as part of implementing the global minimum taxation (BEPS Pillar 2 regulation of the OECD). This should help to ensure the consistency of the financial statements and at the same time facilitate the implementation of the regulations. Targeted disclosure requirements will also be introduced to help investors better understand the impact on the company of the additional taxes resulting from the reform, particularly before country-specific legislation implementing the minimum taxation comes into force. Further information on the impact and application is given in note 14.

3.2. New accounting standards that have not yet been applied

The following standards and interpretations were not mandatory in reporting periods beginning on or after 1 January 2023 and have not been applied early. The Group plans to apply them once they come into force in the EU. The initial application is not expected to have any material impact on the Group.

Standards and interpretations already adopted by the European Union

New standard or amendment	Date of publication by IASB	Date of adoption into EU law	Date of entry into force
Amendments to IAS 1 Classification of Liabilities as Current or Non Current	23.1.2020	19.12.2023	1.1.2024
Amendments to IFRS 16 Lease Liability in a Sale and Leaseback	22.9.2022	20.11.2023	1.1.2024
Amendment to IAS 1 Non-Current Liabilities with Covenants	31.10.2022	19.12.2023	1.1.2024

Standards and interpretations not yet adopted by the European Union

New standard or amendment	Date of publication by IASB	Date of entry into force acc. to IASB
Amendments to IAS 7 and IFRS 7 Supplier Finance Arrangements	25.5.2023	1.1.2024
Amendments to IAS 21 Lack of Exchangeability	15.8.2023	1.1.2025

4. CONSOLIDATION PRINCIPLES

The acquisition method is used to account for business combinations, whereby the assets acquired and liabilities assumed as well as contingent liabilities are measured on the acquisition date at their fair value. Where the difference between the acquisition costs and the attributable proportion of net assets valued at fair value shows an excess, this item is recognised as goodwill, which is not amortised in regular amounts but is subjected to an annual impairment test. Here a separate decision is made for every transaction as to whether the partial or full goodwill method is applied. Where any difference relates to a bargain purchase, its effect on net income is recognised immediately and presented in other operating income.

All accounts receivable and payable between consolidated companies are eliminated in the process of consolidation. Intragroup income and expense are offset within the course of consolidation of expense and income. Intragroup profits or losses from intragroup sales are eliminated if these relate to significant amounts and the relevant assets are still recognised in the consolidated financial statements.

Shares in net assets of subsidiaries not attributable to the PORR Group are presented separately as a component of equity under the item "Non-controlling interests".

The annual financial statements of all companies included in the consolidated financial statements are prepared according to standard accounting and measurement methods.

Accounting policies

Currency translation: The companies included in the consolidated financial statements prepare their annual financial statements in their respective functional currencies, which is the currency of the company's primary operating environment. The functional currency for all companies included is the currency of the country in which the company is located. The following key exchange rates were applied for the currency translation of foreign subsidiaries:

	Mean exchange rate as of 31 Dec 2023	Average annual exchange rate 2023
CHF	0.92600	0.97166
CZK	24.72500	23.97125
GBP	0.86905	0.86880
NOK	11.24050	11.46843
QAR	4.02160	3.94532
PLN	4.34800	4.52837
RON	4.97460	4.95200

	Mean exchange rate as of 31 Dec 2022	Average annual exchange rate 2022
CHF	0.98470	1.00170
CZK	24.11500	24.53708
GBP	0.88693	0.85482
NOK	10.51380	10.11222
QAR	3.89739	3.83460
PLN	4.68990	4.68828
RON	4.94740	4.93353

Items in the consolidated statement of financial position are translated at the exchange rate at the end of the reporting period and income statement items are translated at the annual average exchange rate for the business year as an arithmetic mean of all end-of-month quotations. Differences resulting from currency translation are reported in other comprehensive income. These translation differences are recognised in the income statement under other operating income and expense at the date of disposal of the business activities.

In the event of a foreign company acquisition, adjustments made to the carrying amounts of assets and liabilities to the fair value at the acquisition date, or, goodwill arising on acquisition, are treated as assets or liabilities of the acquired subsidiary and are, accordingly, subject to currency translation.

Exchange gains or losses on transactions undertaken by companies included in the consolidated group in a currency other than the functional currency (foreign currency) are recognised in profit or loss for the period. Monetary items not denominated in the functional currency held by companies included in the consolidated group are translated at the mean exchange rate on the balance sheet date. Exchange gains or losses resulting from this translation are also recognised in the income statement under other operating income and expense.

Other accounting and measurement methods as well as the key assumptions and key sources of estimation uncertainty are disclosed in the respective notes.

Changes to comparative information

The reclassification of the provision-related expense items between other operating expenses and the cost of purchased services serves to enable a more precise and appropriate assignment of the allocations for contingent losses and provisions for contingent liabilities, as these contribute to a more consistent and relevant information content of the PORR Group's earnings position. There is only a voluntary change in the presentation.

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Konzernlagebericht

The previous year's figures have been adjusted in the income statement as shown in the following table:

	2022
	after		before
in TEUR	adjustment		adjustment
Cost of materials and other related production services	-4,005,696	-28,940	-3,976,756
Other operating expenses	-358,580	28,940	-387,520
EBITDA	318,899	-	318,899
EBIT	120,107	-	120,107
EBT	110,034	-	110,034

5. ECONOMIC IMPACTS OF CLIMATE CHANGE, GEOPOLITICAL CONFLICTS AND INFLATION

Climate change

The PORR Group focuses on climate-friendly and resource-conserving production in order to build sustainably in environmental as well as economic terms. New technologies, innovative construction machinery and awareness-raising among employees ensure a more efficient and increasingly climate-friendly performance with future growth potential. Due to the direct correlation between construction services, the climate and the environment, the PORR Group sees itself with increasing responsibility in this area and is building on the assessment of climate-related risks by management and the Executive Board, as well as seizing the opportunity to establish new technologies and thereby reduce the Group's environmental footprint.

The PORR Group is directly affected by the risks of climate change due to its business model. On the one hand, these involve changes to the legal and political framework conditions, and on the other, acute and chronic physical risks such as extreme weather events and rising temperatures. The growing risks posed by climate change make it necessary to recognise their impacts early on and develop solutions. For this reason, a climate scenario analysis was carried out for the first time in 2021. With a transparent climate strategy and quantitative GHG-reduction targets, the PORR Group aims to make a concrete contribution to climate protection and continuously reduce the high resource requirements of the construction industry through targeted energy and emissions management. The reduction targets include cutting specific GHG emissions by 55% (versus 2020) and decarbonising construction processes by 21% (versus 2014). Implementation should be completed by 2030 (see Group Management Report page 83).

For acute risks such as extreme weather events, but also chronic risks such as persistent heat waves, changing wind conditions or water scarcity – as discussed in more detail in the risk report – scenarios are being developed to proactively counter the high demand for energy and resources in the construction industry with sustainable construction processes, recycling and energy efficiency measures. Targeted development activities for technological progress and resource conservation, as well as tapping into new energy sources and diversifying product portfolios and service ranges, are evidence of the opportunities that have opened up as a result of the PORR Group's strategic approach and awareness-raising climate policy.

Detailed information on the climate scenario analysis is given in the Group Management Report.

Specific impacts on the consolidated financial statements of the PORR Group are evaluated on an ongoing basis. The following items have been analysed with regard to environmental and climate risks. Overall, no material impacts on the Group have been identified as the measures and initiatives described are being used to counteract this.

With regard to customer contracts, environmental and climate-related effects may arise due to economic and legal conditions as well as physical risks. These risks are taken into consideration in the design and planning from the outset and assessed accordingly. The risks are continuously evaluated over the duration of the contracts. As of the reporting date, no material risks not already recognised in the statement of financial position were identified (see note 22).

Assets or goodwill were tested for impairment, especially with regard to environmental and climate risks. As of the reporting date, this test did not result in any specific indications of impairment (see note 16).

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Konzernlagebericht

Significant investments in new technologies are necessary to implement the climate strategy (in particular the decarbonisation strategy). In line with the sustainability strategy, existing property, plant and equipment is utilised until the end of its useful life. An analysis of existing property, plant and equipment did not identify any significant reduction in the useful life of existing assets as of the reporting date (see note 17).

Corresponding provisions were recognised for obligations in connection with recultivation as of the reporting date. Furthermore, a corresponding analysis of the risks relating to environmental and climate protection at the end of the reporting period did not lead to the identification of any obligations requiring recognition or any contingent liabilities requiring disclosure (see note 32).

Geopolitical conflicts and inflation

Overall, economic growth in 2023 was characterised by ongoing and new geopolitical conflicts, negative economic data, hikes in key interest rates and continuing high inflation rates. Macroeconomic developments may have an impact on accounting, as described below.

In response to the high inflation rates, the European Central Bank (ECB) gradually raised its key interest rate in 2023. In autumn, the ECB's key interest rate peaked at 4.5%. Inflation rates fell in the second half of the year as a result of the interest rate increases. In connection with financial liabilities taken on, the interest rate risk has been comprehensively analysed and the interest rate hedging strategy adjusted to current economic market developments by means of interest rate swaps (see note 41.5.).

The high inflation mainly put pressure on the private residential construction sector. Residential construction only accounts for a non-material share of the PORR Group's portfolio, while civil engineering acts as a stabiliser and is less dependent on economic developments due to long-term projects and public financing. Paired with strong cost management, the challenging market environment failed to have a negative impact on EBT. The high order backlog should also be noted as it provides a positive outlook for the coming year as well.

Assets and goodwill are tested for impairment annually and whenever there is an indication that the valuation unit may be impaired. The test is based on the relevant assumptions and estimates on the reporting date and thus takes into account the current macroeconomic environment, including the interest rate environment. As in the previous year, the test did not result in any specific indications of impairment as of the reporting date of 31 December 2023 (see note 16).

With regard to the recoverability of deferred taxes on loss carryforwards, the usability of existing loss carryforwards is analysed on the basis of tax planning and deferred taxes are only recognised if realisation can be expected with sufficient certainty. The tax planning is based on the approved budget and takes into account the current macroeconomic environment (see note 27).

With regard to the geopolitical conflicts, the PORR Group has no companies, projects or other significant economic activities in Ukraine, Russia or the Middle East. The Ukraine conflict has therefore only had an indirect impact on the PORR Group's assets and financial position to date, resulting from the sharp rise in energy and commodity prices within a very short space of time and the subsequent increase in inflation. The recent conflict in the Middle East could have an indirect negative impact on global energy and commodity prices by curbing oil production, but this is still difficult to predict at present. In general, most energy and commodity prices have fallen or stabilised at a high level in 2023. Risks are proactively hedged, e.g. in the case of diesel, by means of price-hedging transactions concluded with banks (see note 41.6.). The material price risk is mostly mitigated by medium and long-term framework agreements with key suppliers. The profitability of existing orders is barely affected due to price adjustment clauses with customers. Purchasing management counteracts potential supply bottlenecks in the supply chains through forward-looking and diversified procurement strategies, which is why no material or commodity-related restrictions have arisen in construction operations to date.

Provisions for constructions include provisions for warranties, damages and penalties as well as impending losses. These take into account all currently recognisable risks and uncertain obligations from past events that are likely to result in an outflow of resources. As in the previous year, a corresponding analysis of the risks was carried out as of the reporting date of 31 December 2023. As a result, the increase in production output is leading to higher provisions for constructions (see note 32).

Further information on the economic impact on the Group and its key financial indicators can be found in the Group Management Report.

6. REVENUES

The revenues of TEUR 6,048,546 (previous year: TEUR 5,786,011) include the construction work of own construction sites, goods and services to consortiums, and other revenues from ordinary activities.

The following table shows the revenues of the Group by business area:

2023					Infrastructure
in TEUR	AT / CH	DE	PL	CEE	International	Holding	Group
Revenue
Building construction
Commercial/office construc
tion	192,978	32,141	122,654	332	-	-	348,105
Industrial engineering	366,125	15,316	99,374	71,598	-	-	552,413
Miscellaneous building
construction	317,499	329,642	43,270	9,548	-	-	699,959
Residential construction	406,732	87,404	76,865	53,100	-	59,526	683,627
Civil engineering
Railway construction	239,438	35,442	208,069	68,780	30,186	-	581,915
Bridge/overpass construc
tion	98,177	47,899	52,284	38,498	20,554	-	257,412
Miscellaneous civil engi
neering	489,794	230,428	134,938	54,583	73,732	571	984,046
Road construction	432,366	172,748	243,722	365,454	13,683	-	1,227,973
Tunnelling	14,065	17,373	37,953	-	207,020	-	276,411
Other sectors	370,464	12,946	1,069	8,000	583	43,623	436,685
Revenue	2,927,638	981,339	1,020,198	669,893	345,758	103,720	6,048,546
Revenue recognised over time	2,763,150	975,082	1,019,318	667,948	345,758	99,263	5,870,519
Revenue recognised at a point
of time	164,488	6,257	880	1,945	-	4,457	178,027

2022					Infrastructure
in TEUR	AT / CH	DE	PL	CEE	International	Holding	Group
Revenue
Building construction
Commercial/office construc
tion	221,610	26,178	95,246	1,000	-	-	344,034
Industrial engineering	288,380	1,596	19,043	57,157	-	-	366,176
Miscellaneous building
construction	327,690	241,568	29,829	35,343	-	-	634,430
Residential construction	455,652	81,408	55,724	49,706	-	45,638	688,128
Civil engineering
Railway construction	204,349	32,214	201,178	90,195	34,810	-	562,746
Bridge/overpass construc
tion	105,448	43,418	82,922	28,428	57,544	-	317,760
Miscellaneous civil engi
neering	480,317	194,533	78,747	46,531	99,053	19,510	918,691
Road construction	418,829	138,619	178,782	300,379	12,539	-	1,049,148
Tunnelling	11,651	36,301	40,938	-	221,474	-	310,364
Other sectors	407,738	78,708	37,459	7,317	3,719	59,593	594,534
Revenue	2,921,664	874,543	819,868	616,056	429,139	124,741	5,786,011
Revenue recognised over time	2,736,807	867,009	819,769	616,056	429,139	120,908	5,589,688
Revenue recognised at a point of time	184,857	7,534	99	-	-	3,833	196,323

The revenues can be subdivided as follows:

in TEUR	2023	2022
Revenues from construction contracts	5,741,629	5,436,980
Revenues from sales of raw materials and other services	306,917	349,031
Total	6,048,546	5,786,011

Revenues exclusively comprise revenue from customer contracts. Promised goods or services in the amount of TEUR 6,953,673 (previous year: TEUR 7,287,284) would result in revenue of TEUR 4,010,470 (previous year: TEUR 4,012,154) in the following year and TEUR 2,943,203 (previous year: TEUR 3,275,130) in the subsequent periods.

Accounting policies

Revenue is recognised after deductions for sales tax, discounts and other reductions as well as sales-related taxes. The timing of when the revenue is realised depends on the type of revenue, described as follows:

For revenues from construction contracts, the revenue is realised over the period of the service rendered under application of the POC method. The expected contract revenue is shown in accordance with the respective percentage of completion. The basis for determining the percentage of completion is the services rendered to date relative to the overall services estimated. This also applies to revenues from contracts with customers that are realised in consortiums. Should appropriate conditions be met, multiple contracts are aggregated and measured in a combined way across the Group. Variable components of contract revenue – especially supplements – are to be applied when it is highly probable that they will not lead to a reversal of the revenues already recognised. Invoices for advance payments are provided in line with a predefined payment plan that broadly corresponds to progress made on the construction project. In individual cases, the payment plans include a financing component that is recognised separately in the financing result as interest income.

Following the deduction of customer payments, the service rendered is recognised as a contract asset under trade receivables or as a contract liability under other liabilities if the payments received exceed the services rendered so far. If it is probable that the total contract costs will exceed the contract revenue, the expected loss is immediately recognised in full in the amount necessary to fulfil the contract. Contract-fulfilment costs are recognised and written down over the duration of the project as long as they would not have been incurred had the contract not been fulfilled.

Revenues from landfills and from the sale of raw materials are mostly realised at a point in time following transfer of the material opportunities and risks. Revenue from real estate management (property management) is realised over a period of time.

7. OTHER OPERATING INCOME

in TEUR	2023	2022
Income from reversals of provisions	35,654	27,003
Income from sale of fixed assets	34,733	36,446
Revenue from provision of staff	12,890	15,292
Insurance payments	9,647	9,425
Exchange rate gains	14,908	7,764
Revenue from charging materials	5,015	7,950
Revenue from other charges passed on	26,910	29,671
Rent from space and land	4,830	3,740
Other income related to staff	13,404	11,983
Valuation of investment properties	209	13,282
Other	23,728	26,568
Total	181,928	189,124

Miscellaneous other operating income largely comprises income from other ancillary services rendered, compensation for damages in connection with realising contracts and education, training and research bonuses.

8. COST OF MATERIALS AND OTHER RELATED PRODUCTION SERVICES

in TEUR	2023	2022
Expenditure on raw materials and supplies and for goods received	-1,287,791	-1,367,202
Expenditure on services received	-2,854,311	-2,638,494
Total	-4,142,102	-4,005,696

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Konzernlagebericht

9. STAFF EXPENSE

in TEUR	2023	2022
Wages and salaries	-1,175,877	-1,087,325
Social welfare expenses	-264,559	-249,468
Expenditure on severance payments and pensions	-13,290	-13,200
Total	-1,453,726	-1,349,993

Expenditure on severance payments and pensions includes the prior service costs and contributions to the staff provision fund for employees who commenced employment with an Austrian group company after 31 December 2002 and voluntary severance payments. The interest expense arising from severance payments and pension obligations is presented under the item finance costs.

10. DEPRECIATION, AMORTISATION AND IMPAIRMENT EXPENSE

in TEUR	2023	2022
Amortisation to intangible assets	-8,799	-6,107
Depreciation to property, plant and equipment	-193,273	-179,466
Impairment on property, plant and equipment	-1,916	-9,819
Impairment on non-current assets held for sale	-	-3,400
Total	-203,988	-198,792

For more details, see notes 16 and 17.

11. OTHER OPERATING EXPENSES

in TEUR	2023	2022
Legal and consultancy services, insurance	-61,916	-56,956
Buildings and land	-42,815	-42,214
Exchange rate losses	-14,329	-5,525
Fleet	-20,725	-20,097
Advertising	-13,523	-12,954
Office operations	-41,124	-36,183
Commission on bank guarantees	-25,922	-23,250
Other taxes	-13,552	-12,916
Contributions and fees	-12,749	-12,643
Training	-6,350	-5,221
Travel expenses	-41,098	-38,577
Project related provisions and claims	-78,786	-66,275
Other	-21,367	-25,769
Total	-394,256	-358,580

Other operating expenses mainly include maintenance costs, charges on monetary transactions and catering and conference costs.

12. INCOME FROM FINANCIAL INVESTMENTS AND CURRENT FINANCIAL ASSETS

in TEUR	2023	2022
Income from shareholdings	1,635	1,057
of which from non-consolidated subsidiaries	(-)	(364)
Expenditure from shareholdings	-870	-968
of which from non-consolidated subsidiaries	(-12)	(-49)
Income/expenditure from current financial assets	174	-685
Interest	25,727	14,746
of which from non-consolidated subsidiaries	(2)	(14)
Total	26,666	14,150

Interest income in the previous year included interest of TEUR 666 (see note 43) from hybrid capital of the UBM Group that was paid back in financial year 2022.

Accounting policies

Interest income is defined in accordance with the effective interest method. The effective interest rate is any interest rate where the present value of future cash flows from a financial asset is equal to its carrying amount.

Dividend income from financial investments is recognised when the legal claim arises.

13. FINANCE COSTS

in TEUR	2023	2022
Interest and similar expenditure relating to bonds and bonded loans
(Schuldscheindarlehen)	-7,376	-6,398
Other interest and similar expenses	-28,862	-17,825
of which from non-consolidated subsidiaries	(-14)	(-31)
of which interest expenditure from social overhead capital provisions	(-4,510)	(-1,380)
Total	-36,238	-24,223

As in the previous year, no borrowing costs were capitalised in the financial year. The average interest rate on financial liabilities and lease liabilities is 3.49% (previous year: 2.30%).

Accounting policies

Borrowing costs are capitalised if and to the extent that they are directly attributable to financing the acquisition or construction of a qualifying asset that necessarily takes a substantial period of time to get ready for its intended use or sale and are incurred during the period of acquisition or manufacture; otherwise they are recorded as an expense in the period in which they were incurred.

14. INCOME TAX EXPENSE

Income tax comprises the current taxes on income and earnings paid or owed in the individual countries for the year under review and deferred taxes.

The calculation is based on applicable tax rates pursuant to the prevailing tax laws or according to tax laws whose entry into force has been essentially finalised, at the probable date of realisation.

in TEUR	2023	2022
Current tax expense	-52,436	-17,874
Deferred tax expense (-)/income (+)	16,756	-9,525
Income tax expense	-35,680	-27,399

The tax expense resulting from the application of the current Austrian Corporation Tax rate of 24% (previous year: 25%) can be reconciled to the tax expense as reported in the income statement as follows:

in TEUR	2023	2022
EBT	130,698	110,034
Theoretical tax expense (-)/income (+)	-31,368	-27,509
Differences to tax rates of foreign subsidiaries	-17,013	-6,820
Tax effect of non-deductible expenditure and tax-exempt income	31,918	3,487
Income/expenses from companies accounted for using the equity method	363	578
Changes in deferred tax assets not applied in relation to losses carried forward and
temporary differences	-17,193	-3,984
Effect from changes in tax rates	-767	4,174
Tax expense (-)/income (+) related to other periods	-822	2,867
Other	-798	-192
Income tax expense	-35,680	-27,399

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Konzernlagebericht

The Austrian Eco-Social Tax Reform 2022 stipulates that the corporate tax rate, which was 25% until 2022, is reduced to 24% for 2023 and to 23% from 2024 onwards. The deferred tax assets and liabilities of PORR AG and the Austrian subsidiaries included in the consolidated financial statements were therefore recognised in the reporting year at the tax rate of 23% applicable from 2024. The taxes to be paid for the 2023 financial year were measured at the applicable tax rate of 24%.

In the course of implementing the EU directive on global minimum taxation for multinational enterprise groups and large domestic groups in the European Union (BEPS Pillar 2 income taxes), the Minimum Taxation Act was passed in Austria, and came into force on 1 January 2024. The minimum tax regulations are intended to ensure that multinational corporate groups are taxed at an effective tax rate of at least 15% in all countries in which they are represented. Additional taxation therefore only arises if the level of taxation falls below this minimum tax rate. Due to the complexity of the regulations and the fact that the legislative process has not yet been finalised in many countries, it is currently not possible to reliably determine the exact amount of the future burden. The PORR Group has therefore analysed the potential future minimum tax burden based on information available at the reporting date. Historical data such as country-by-country reporting and annual financial statements as well as medium-term planning calculations were used for this purpose. On this basis, no significant additional tax expense is expected for the PORR Group under the rules of the Minimum Taxation Act.

The PORR Group has applied the temporary, mandatory exemption regarding the recognition and disclosure of deferred taxes in connection with Pillar 2 income taxes in accordance with IAS 12.4A.

In addition to the tax expense recognised in the consolidated income statement, the tax effect of expenses and income charged was also recognised in other comprehensive income. The tax expense recognised in other comprehensive income amounted to TEUR 1,180 (previous year: TEUR 1,667). Payouts from hybrid capital and profit-participation rights each designated as equity, are tax deductible. The resulting tax of TEUR 3,269 (previous year: TEUR 3,859) was recognised directly in equity.

Summary of tax effects in other comprehensive income:

in TEUR	2023	2022
Result from revaluation of property, plant and equipment	-1,662	41
Remeasurement of defined benefit obligations	-144	-1,037
Chance in fair value of equity instruments	-	35
Result from cash flow hedges	637	-698
Equity attributable to shareholders of parent	-1,169	-1,659
Equity attributable to non-controlling interests	-11	-8
Total tax expense (-)/income (+)	-1,180	-1,667

15. EARNINGS PER SHARE

Earnings per share are calculated by dividing the proportion of the annual profit relating to the shareholders of the parent by the weighted average number of shares issued.

in TEUR	2023	2022
Profit for the year attributable to shareholders of parent	85,013	64,413
Weighted average number of issued shares	38,383,946	39,023,747
Basic earnings per share (in EUR)	2.21	1.65
Diluted earnings per share (in EUR)	2.21	1.65

Diluted earnings per share correspond to basic earnings per share, as the employee shares allocated as part of the LTIP as of 31 December 2023 had no impact on the weighted average number of shares issued due to the performance criteria being met for 2023.

Share-based payment arrangement

PORR AG pursues a strategic direction aimed at sustainable growth and increasing the value of the company in the long term. For this reason, the Supervisory Board of PORR AG approved a share-based payment arrangement (Long Term Incentive Program, LTIP for short) with effect from 31 May 2023. The agreement is a performance-based share remuneration model, which extends over a three-year term (performance period) and requires a personal investment by the participants based on an annual retention as a percentage of the bonus and premium agreement payments in cash, as well as at least 20,000 shares for members of the Executive Board by the end of the term. Remuneration is paid in the form of ordinary shares (a maximum of 500,000 shares will be issued) after three years of meeting the Group's annual EBT targets for 2023-2025, as approved by the Supervisory Board. The annual share allocation is calculated in each case at a strike price of EUR 13.67 and amounts to 25% of the bonus base value set in the individual target agreement. The aim of the LTIP is to bind the members of the Executive Board and other managers in the company in the long term and to increase their motivation and the way they identify with the company's goals. The agreement is also intended to further enhance the appeal of the PORR Group as an employer.

The fair value of the share-based payments at the grant date is EUR 13.44 per expected share, giving the LTIP with a threeyear term an expected maximum value of EUR 3,833,021. Staff expense and provisions as of 31 December 2023 amount to EUR 745,311.

Reconciliation statement for the weighted number of shares:

	2023	2022
Shares issued as of 1 Jan	39,278,250	39,278,250
Less treasury shares	-1,002,060	-481,854
Granted shares acc. to LTIP	95,065	-
Shares issued less treasury shares plus granted shares as of 1 Jan	38,371,255	38,796,396
Impact of weighted average treasury shares	12,691	227,351
Weighted average of ordinary shares as of 31 Dec	38,383,946	39,023,747

Accounting policies

The share-based payment is recognised at fair value on the grant date and is earned over the performance period of the beneficiaries. As compensation is settled through equity instruments, no ongoing revaluation is performed. The impacts of share-based payment transactions are recognised in the consolidated financial statements pro rata over the three-year performance period in staff expense and in equity reserves.

To Build A Better World

Die PORR im Überblick

Konzernlagebericht

16. INTANGIBLE ASSETS

			Other intangible	Payments on account and assets under
in TEUR	Software	Goodwill	assets	construction	Total
Acquisition costs and manufacturing costs
Balance as of 1 Jan 2022	72,219	131,741	24,220	11,924	240,104
Additions/disposals due to changes
in the consolidated group	-228	5,671	-	-	5,443
Additions	3,437	-	-	4,294	7,731
Disposals	-639	-	-	-	-639
Reclassifications	196	-	-	-1,014	-818
Currency translation	27	178	-	-	205
Balance as of 31 Dec 2022	75,012	137,590	24,220	15,204	252,026
Additions/disposals due to changes
in the consolidated group	-17,580	-	-	-	-17,580
Additions	763	-	-	7,068	7,831
Disposals	-5,470	-	-	-3	-5,473
Reclassifications	5,468	-	-	-5,364	104
Currency translation	76	526	-	5	607
Balance as of 31 Dec 2023	58,269	138,116	24,220	16,910	237,515
Accumulated amortisation
and impairment
Balance as of 1 Jan 2022	47,726	4,881	-	-	52,607
Additions/disposals due to changes
in the consolidated group	-206	-	-	-	-206
Additions	6,107	-	-	-	6,107
Disposals	-639	-	-	-	-639
Currency translation	29	-	-	-	29
Balance as of 31 Dec 2022	53,017	4,881	-	-	57,898
Additions/disposals due to changes
in the consolidated group	-9,544	-	-	-	-9,544
Additions	8,799	-	-	-	8,799
Disposals	-5,161	-	-	-	-5,161
Reclassifications	94	-	-	-	94
Currency translation	62	-	-	-	62
Balance as of 31 Dec 2023	47,267	4,881	-	-	52,148
Carrying amounts as of
31 Dec 2022	21,995	132,709	24,220	15,204	194,128
Carrying amounts as of 31 Dec 2023	11,002	133,235	24,220	16,910	185,367
The carrying amount of goodwill applies to the segments as shown below:

	Balance as of	Currency	Newly acquired	Disposal of		Balance as of
in TEUR	1 Jan 2023	translation	goodwill	goodwill	Impairment	31 Dec 2023
AT / CH	10,938	-	-	-	-	10,938
DE	62,998	-	-	-	-	62,998
PL	10,764	847	-	-	-	11,611
CEE	13,027	-321	-	-	-	12,706
Infrastructure International	20,180	-	-	-	-	20,180
Holding	14,802	-	-	-	-	14,802
Total	132,709	526	-	-	-	133,235

	Balance as of	Currency	Newly acquired	Disposal of		Balance as of
in TEUR	1 Jan 2022	translation	goodwill	goodwill	Impairment	31 Dec 2022
AT / CH	10,938	-	-	-	-	10,938
DE	57,328	-	5,670	-	-	62,998
PL	10,976	-212	-	-	-	10,764
CEE	12,636	391	-	-	-	13,027
Infrastructure International	20,180	-	-	-	-	20,180
Holding	14,802	-	-	-	-	14,802
Total	126,860	179	5,670	-	-	132,709

Material goodwill is allocated as follows to the cash-generating units:

in TEUR		Goodwill	Goodwill
Segment	Cash-generating unit	31 Dec 2023	31 Dec 2022
AT / CH/Infrastructure International	PBG Austria	30,230	30,230
DE	Oevermann	49,840	49,840
DE	BB GS	13,157	13,157
PL	PORR Polska Infrastructure	10,828	10,039
CEE	PORR a.s.	12,705	13,027
Holding	hospitals	14,780	14,780

In the financial year 2023, as in the previous year, no impairment losses on goodwill were recognized.

Accounting policies

Intangible assets are capitalised at acquisition or manufacturing cost and amortisation is recognised on a straight-line basis over the probable useful life.

	Rates of amortisation
in %	2023	2022
Licences, software	8.33 - 50.0	8.33 - 50.0

If impairment is established, the intangible assets concerned are written down to the recoverable amount, which is the higher of fair value less costs to sell and its value in use. If the impairment no longer exists after reviewing external as well as internal sources of information, the impairment loss is reversed to the carrying amount that would have been determined had no impairment loss been recognised in prior periods.

The amount of amortisation and impairment for the financial year is reported in the consolidated income statement under depreciation, amortisation and impairment expense.

Goodwill is determined as part of purchase price allocations within business combinations and allocated to a group of cash-generating units. Each unit to which goodwill is allocated corresponds to the lowest level within the entity at which it is monitored for internal management purposes and represents the smallest identifiable group of assets with largely independent cash flows. Goodwill is tested for impairment annually and whenever there is an indication that the unit may be impaired by comparing the carrying amount of the unit, including goodwill, with its recoverable amount. The recoverable amount of the cash-generating unit is the higher of fair value less costs to sell and its value in use. The fair value less costs to sell is determined on the basis of a DCF calculation. In cases where no fair value less costs to sell can be determined, the value in use, i.e. the present value of future cash flows expected to be derived from an asset or cash-generating unit, is used as the recoverable amount. The estimates of the future discounted cash flows, the corresponding discount rates, and the growth rates are based to a large extent on management estimates and assumptions, which is why the cash flows require approval by the Executive Board and are derived from the current planning for three to five years following the time the impairment test is carried out. Impairment of goodwill is recognised in the income statement under the item depreciation, amortisation and impairment expense.

To Build A Better World

Die PORR im Überblick

Konzernlagebericht

Sensitivities and sources of estimation uncertainty

The PORR Group assesses the recoverability of goodwill and other intangible assets in accordance with IAS 36 both annually and when specific indicators are present. The assessment is based on both internal and external sources of information in order to identify the recoverability of assets.

For goodwill, the value in use – which is the present value of estimated future cash flows expected to arise from the continuing use of an asset and from its disposal at the end of its useful life – is determined using the weighted average cost of capital (WACC) model. The WACC approach is justified by the international activities of the PORR Group, as the reconciliation of parameterised equity and debt capital costs is reproduced. The risk-free basic interest rate is supplemented with a pretax debt premium and a market risk premium. Equity and debt capital interest rates are calculated separately and then supplemented with a taxation rate dependent on the country of domicile. Sector and industry specifics (derived from a peer group), such as seasonality and weather dependency, are reflected by the beta component, which reflects PORR's market risk without the influence of debt capital.

Management generally assumes a moderate increase in revenue for the Group, based on estimates regarding the development of target markets and the planned expansion of order volumes. Planned or already made investments in the use of climate-friendly and intelligent technology as well as a modern management approach (see "PORR 2025" page 32) support this assumption and are intended to proactively avoid factors such as lower sales revenues or rising expenses and the resulting lower net cash flows or adverse effects of the climate change.

	Goodwill in	Fair Value		Business plan	Growth	Discount rate	Effective
2023	TEUR	hierarchy	Method used	assumptions	rate %	after taxes %	date
				Revenue p.a.
PBG Austria	30,230	-	Value in use	3.1 - 1.0%	1	7.51	31.12.
Oevermann	49,840	-	Value in use	Revenue p.a. -6.5 -6.3%	1	6.98	31.12.
BB GS	13,157	-	Value in use	Revenue p.a. -6.8 - 0.8%	1	8.01	31.12.
Porr Polska Infrastructure	10,828	-	Value in use	Revenue p.a. -6.9 - 7.8%	1	8.69	31.12.
PORR a.s.	12,705	-	Value in use	Revenue p.a. 11.7 - 5.0%	1	7.87	31.12.
hospitals	14,780	-	Value in use	Revenue p.a. 0.2 - 2.0%	1	4.28	31.12.

The carrying amounts and the valuation assumptions applied to key impairment tests on goodwill are as follows:

	Goodwill in	Fair Value		Business plan	Growth	Discount rate
2022	TEUR	hierarchy	Method used	assumptions	rate %	after taxes %	Effective date
				Revenue p.a.
PBG Austria	30,230	-	Value in use	-10.8 - 3.4%	1	7.55	31.12.
				Revenue p.a.
Oevermann	44,170	-	Value in use	2.5 -9.2%	1	6.74	31.12.
				Revenue p.a.
BB GS	13,157	-	Value in use	-8.7 - 2.5%	1	6.71	31.12.
				Revenue p.a.
Porr Polska Infrastructure	10,039	-	Value in use	-2.3 - 18.8%	1	10.86	31.12.
				Revenue p.a.
PORR a.s.	13,027	-	Value in use	-2.4 - 22.1%	1	9.65	31.12.
				Revenue p.a.
hospitals	14,780	-	Value in use	0.1 - 2.7%	1	4.96	31.12.

For the goodwill listed (except for 'hospitals'), there was no material change in assumptions considered possible by management that would have led to any impairment. The following table shows the parameter changes that would have led to impairment for the cash-generating unit of 'hospitals':

	2023		2022
	Discount rate	EBITDA margin	Discount rate	EBITDA margin
in TEUR	+1 %	-15%	+0.5 %	-10%
hospitals	-4,634	-4,361	-10,795	-15,827

17. PROPERTY, PLANT AND EQUIPMENT

	Land, land rights and build ings, including buildings on land owned by others and assets under	Technical equipment and	Other plant, factory and business	Payments on account and assets under	Right of use – land and	Right of use – technical equipment, machinery and other plant, factory and business
in TEUR	construction	machinery	equipment	construction	buildings	equipment	Total
Acquisition costs, manufacturing costs and revaluations
Balance as of 1 Jan 2022	535,540	631,363	228,710	18,829	306,145	234,920	1,955,507
Additions/disposals due to changes in the consoli
dated group	-109	4,624	397	235	-3,168	143	2,122
Additions	22,022	73,475	52,955	14,246	28,558	33,749	225,005
Disposals	-1,136	-48,554	-37,301	-	-2,815	-9,546	-99,352
Reclassifications Currency translation	-84 950	42,889 516	11,850 653	-25,958 814	-596 -1	-27,517 250	584 3,182
Revaluation	2,582	-	-	-	-	-	2,582
Balance as of 31 Dec 2022	559,765	704,313	257,264	8,166	328,123	231,999	2,089,630
Additions/disposals due to changes in the consoli
dated group Additions	-23 38,751	-1 90,094	-572 59,628	- 38,880	-751 41,846	-175 52,447	-1,522 321,646
Disposals	-3,151	-52,298	-44,962	-435	-29,292	-14,727	-144,865
Reclassifications	21,017	27,205	12,971	-13,849	-6,570	-9,699	31,075
Currency translation	405	3,602	756	225	2,404	714	8,106
Revaluation	6,530	-	-	-	-	-	6,530
Balance as of 31 Dec 2023	623,294	772,915	285,085	32,987	335,760	260,559	2,310,600
Accumulated deprecia tion and impairment
Balance as of 1 Jan 2022	239,991	403,401	130,552	-	56,909	96,000	926,853
Additions/disposals due to changes in the consoli dated group	-37	2,687	444	-	-1,219	-23	1,852
Additions	13,871	62,520	45,374	-	24,722	32,979	179,466
Impairment	9,586	2	-	-	-	231	9,819
Disposals	-870	-38,848	-33,924	-	-2,315	-9,234	-85,191
Reclassifications	159	13,446	4,767	-	-427	-18,214	-269
Currency translation	505	795	421	-	27	85	1,833
Balance as of 31 Dec 2022	263,205	444,003	147,634	-	77,697	101,824	1,034,363
Additions/disposals due to changes in the consoli
dated group	-12	-1	-460	-	-335	-116	-924
Additions	13,520	69,878	47,538	-	27,452	34,885	193,273
Impairment	1,916	-	-	-	-	-	1,916
Disposals	-2,041	-46,052	-39,784	-	-4,113	-14,324	-106,314
Reclassifications	14,439	8,737	8,260	-	-4,482	-8,973	17,981
Currency translation Balance as of 31 Dec	90	1,941	778	-	871	261	3,941
2023	291,117	478,506	163,966	-	97,090	113,557	1,144,236
Carrying amounts as of 31 Dec 2022	296,560	260,310	109,630	8,166	250,426	130,175	1,055,267
Carrying amounts as of 31 Dec 2023	332,177	294,409	121,119	32,987	238,670	147,002	1,166,364

To Build A Better World

Die PORR im Überblick

Konzernlagebericht

Land, land rights and buildings, including buildings on land owned by others, includes reserves for raw materials (such as gravel) and amounted to TEUR 33,524 (previous year: TEUR 35,561), which is written off based on output.

Scheduled and non-scheduled depreciation is shown under "Depreciation, amortisation and impairment expense".

The value of property under property, plant and equipment, which was valued by an external valuation expert as of the reporting date, amounts to TEUR 46,979 (previous year: TEUR 58,867).

The carrying amount for property, plant and equipment pledged for security at the end of the reporting period is TEUR 0 (previous year: TEUR 19,762).

The carrying amount for land, land rights and buildings, including buildings on land owned by others and usage rights shown under intangible assets would have amounted to TEUR 314,678 (previous year: TEUR 278,187) under application of the cost model as of 31 December 2023.

The reclassifications mainly relate to reclassifications from non-current assets held for sale and reclassifications to current assets and investment property.

Leases

The following amounts arising from leases were recognised:

in TEUR	2023	2022
Interest expense on lease liabilities	13,911	10,670
Short-term lease expense	40,555	38,288
Low-value lease expense	2	-
Total cash outflows from leases	79,066	72,964

The maturity profile of leases is presented in note 41.4.

Accounting policies

Property, plant and equipment, with the exception of real estate used by the company, is valued at cost, including ancillary costs less reductions in the acquisition costs, or at manufacturing cost, and was subject to the previously accumulated and regularly applied straight-line depreciation during the year under review, whereby the following rates of depreciation were applied:

	Rates of depreciation
in %	2023	2022
Technical plants and machinery	4.0 - 50.0	4.0 - 50.0
Construction site equipment	6.0 - 50.0	6.0 - 50.0
Officeequipment	5.0 - 50.0	5.0 - 50.0
Vehicles	6.0 - 50.0	6.0 - 50.0
Hardware	10.0 - 50.0	10.0 - 50.0

If impairment is determined, the asset is written down to its recoverable amount, which is the higher of its fair value less costs to sell and its value in use. If the impairment no longer applies, the impairment loss is reversed to the carrying amount that would have been determined if no impairment loss had been recognised in prior periods. Impairment losses are applied analogously to impairment losses on intangible assets and are described in more detail in note 16. Fundamental rebuilding work is recognised in the statement of financial position, while ongoing maintenance work, repairs and minor rebuilding work are recognised in profit or loss at the time they arose.

Real estate used for operational purposes is valued according to the revaluation method pursuant to IAS 16.31. External opinions or assessments from internal experts are used as the basis for determining fair values. The external assessments are held at periodic intervals of maximum five years; in the interim period assessments from internal experts are used to update the expert opinions. Revaluations are performed on a regular basis so that the carrying amounts do not deviate significantly from the fair values attributable at the end of the reporting period. The date for the revaluation for the end of the reporting period generally falls in the fourth quarter of the reporting year. The carrying amount is adjusted to the respective fair value by using a revaluation reserve in other comprehensive income. The revaluation reserve is reduced by the applicable deferred tax liability. On a subsequent sale or decommissioning of revalued land or buildings, the amount recorded in the revaluation reserve in respect of the relevant plot of land or building is transferred to retained earnings. Regular depreciation of revalued buildings is carried out pursuant to the straight-line method and recognised in the income statement. The following depreciation rates were applied:

	Rates of depreciation
in %	2023	2022
Land rights	1.22 - 50.0	1.22 - 50.0
Mining rights	depends on assets	depends on assets
Buildings, including buildings on land owned by
others	1.00 - 4.00	1.00 - 4.00

Assets under construction, including buildings under construction, which are intended for operational purposes or whose type of use has not yet been determined, are accounted for at acquisition cost or manufacturing cost less impairment. Depreciation or impairment of these assets commences upon their completion or attainment of operational status.

Rights of use in property, plant and equipment and real estate used for operational purposes (including building rights) conferred under lease agreements are recognised as future lease payments in the amount of their present value and written down on a straight-line basis over the term of the lease and/or under application of the specified rates of depreciation.

The terms of the leases for properties are between 2 and 65 years and for fixed assets between 2 and 13 years.

Lease agreements for both properties and fixed assets sometimes include extension options that are only applied in the calculation of the lease liability if there is sufficient certainty that the option will actually be exercised.

Exercise prices for options to acquire an asset at the end of the lease term are only capitalised if there is sufficient certainty that the purchase option will actually be exercised. Variable lease payments, which are linked to an index, are measured at the applicable index on the date the asset is rendered. A revaluation is carried out if a significant event occurs or there is a material change in conditions. In the case of a non-lease component, this is separated and not included in the rate.

Fair value of land and buildings

The fair value is determined by being inferred from a current market price, by being inferred from a price attained in a transaction with similar items of real estate in the recent past, or – in the absence of suitable market data – by discounting estimated future cash flows that are usually generated in the market by this type of real estate in the course of letting. An internal valuation team determines the market value of any property that has not been evaluated externally.

The various levels are defined as follows:

• Quoted (non-adjusted) prices in active markets for identical assets or liabilities (Level 1)
• Inputs which differ from the quoted market prices in Level 1, which are either indirectly observable (i.e. as a price) or directly observable (i.e. derived from the price) (Level 2)
• Inputs which are based on unobservable market data for the assets or liabilities (Level 3)

in TEUR	Fair value as of 31 Dec 2023
Property type	Prices quoted in active markets for identical assets Level 1	Other key observable inputs Level 2	Other key unobservable inputs Level 3
Operating premises/storage/mix plant	-	-	247,483
Gravel pit/stone quarry	-	-	49,852
Landfill	-	-	34,842

in TEUR	Fair value as of 31 Dec 2022
	Prices quoted in active markets
	for identical assets	Other key observable inputs	Other key unobservable inputs
Property type	Level 1	Level 2	Level 3
Operating premises/storage/mix plant	-	-	220,735
Gravel pit/stone quarry	-	-	51,794
Landfill	-	-	24,031

To Build A Better World

Die PORR im Überblick

Konzernlagebericht

Reconciliation of Level 3 valuations

	Property type
in TEUR	Operating premises/stor age/mix plant	Gravel pit/stone quarry	Landfill
Balance as of 1 Jan 2023	220,735	51,794	24,031
Additions/disposals due to changes in the consolidated
group	-11	-	-
Additions	28,186	2,909	7,656
Disposals	-51	-1,059	-
Reclassifications	1,498	-1,189	6,269
Currency translation	311	-	4
Revaluation	6,530	-	-
Depreciation	-8,945	-2,603	-1,972
Impairment	-770	-	-1,146
Balance as of 31 Dec 2023	247,483	49,852	34,842

	Property type
in TEUR	Operating premises/stor age/mix plant	Gravel pit/stone quarry	Landfill
Balance as of 1 Jan 2022	206,722	63,610	25,217
Additions/disposals due to changes in the consolidated
group	-72	-	-
Additions	18,326	1,892	1,804
Disposals	-120	-116	-30
Reclassifications	49	-292	-
Currency translation	445	-	-
Revaluation	3,623	-1,041	-
Depreciation	-8,238	-2,673	-2,960
Impairment	-	-9,586	-
Balance as of 31 Dec 2022	220,735	51,794	24,031

Sensitivities and sources of estimation uncertainty

Significant investments in new technologies will be necessary to implement the climate strategy (in particular the decarbonization strategy). In line with the sustainability strategy, existing plants will be used until the end of their useful life. As in the previous year, an analysis of existing plants as of 31 December 2023 did not reveal any significant reduction in the useful life of existing plants.

The parameters applied represent the best estimate derived on the basis of available information. As at the reporting date, the management does not consider any change in parameters to be possible that would lead to a materially different measurement. The relationship of unobservable inputs to fair value is generally as follows:

• Capitalisation interest rate: the lower the capitalisation interest rate, the higher the fair value
• Rent: the higher the price per m², the higher the fair value
• Maintenance: the higher the anticipated cost of maintenance, the lower the fair value
• Vacancy rates: the higher the anticipated vacancy rates, the lower the fair value.

Range of unobservable inputs 2023

	Property type
	Operating premises/stor
	age/mix plant	Gravel pit/stone quarry	Landfills
Valuation method	CE, CV	CE, CV	CE
Capitalisation interest rate in %	1.50 - 9.50	6.20
Rent in EUR/m²	2.93 - 20.00	4.20 - 20.46
Maintenance in % 1	0.10 - 8.00	1.28
Maintenance in % 2	2.65 - 10.00
Vacancy rate in % 2	3.00 - 25.00	2.97
Income in EUR/t		3.50 - 41.45	1.80 - 299.25
Expense in EUR/t		1.84 - 25.45	1.70 -239.40
Land value in EUR/m²	37.39 - 38.94

Range of unobservable inputs 2022

	Property type
	Operating premises/stor age/mix plant	Gravel pit/stone quarry	Landfills
Valuation method	CE, CV	CE, CV	CE
Capitalisation interest rate in %	4.00 - 9.50	6.20
Rent in EUR/m²	2.76 - 20.00	3.50 - 6.00
Maintenance in %1	0.40 - 1.50
Maintenance in %2	0.90 - 20.00
Vacancy rate in %2	3.00 - 22.00	5.00
Income in EUR/t		6.16 - 54.09	8.80 - 145.00
Expense in EUR/t		6.45 - 14.45
Land value in EUR/m²	33.85 - 38.00

CE = capitalised earnings

CV = comparative value

1 Discount from value of new construction 2 Discount from value of gross annual income

18. INVESTMENT PROPERTY

		Right of use –
in TEUR	Investment property	investment property	Total
Fair value
Balance as of 1 Jan 2022	25,103	350	25,453
Additions for manufacturing costs	118	-	118
Disposals	-4,026	-	-4,026
Reclassifications	-244	-	-244
Adjustments to fair value	12,622	-	12,622
Balance as of 31 Dec 2022	33,573	350	33,923
Additions for manufacturing costs	323	-	323
Reclassifications	846	-350	496
Adjustments to fair value	209	-	209
Balance as of 31 Dec 2023	34,951	-	34,951

The PORR Group holds investment property to generate rental income and for the purpose of value appreciation. This includes office and commercial buildings, residential buildings and undeveloped land. There was no investment property assessed by an external expert as of the reporting date (previous year: TEUR 28,470).

The rental income from investment property amounted to TEUR 458 in the year under review (previous year: TEUR 528). Operating expenses related to investment property for which there was no rental income in the year under review amounted to TEUR 28 (previous year: TEUR 199).

The reclassifications mainly concern reclassifications to non-current assets held for sale.

Konzernlagebericht

To Build A Better World

Die PORR im Überblick

Accounting policies

Investment property is recognised at fair value. External appraisals or assessments by internal experts are used as a basis for determining the fair values. The external appraisals are carried out at intervals of no more than five years; in the interim, the appraisals are updated by the internal experts. Gains or losses from changes in the fair value are reflected in profit or loss for the period in which the change in value occurred.

Rights of use in investment property acquired under lease agreements are recognised as future lease payments in the amount of their present value and measured at fair value in the subsequent periods.

Fair value of land and buildings

The fair value is determined in the same way as the fair value of the revalued land and buildings in property, plant and equipment (see note 17) and can be allocated to the different levels as follows:

in TEUR	Fair value as of 31 Dec 2023
	Prices quoted in active markets
	for identical assets	Other key observable inputs	Other key unobservable inputs
Property type	Level 1	Level 2	Level 3
Office/commercial	-	-	3,390
Undeveloped properties	-	30,997	-
Other	-	-	564

in TEUR	Fair value as of 31 Dec 2022
	Prices quoted in active markets
	for identical assets	Other key observable inputs
Property type	Level 1	Level 2	Level 3
Office/commercial	-	-	3,390
Undeveloped properties	-	30,183	-

Reconciliation of Level 3 valuations

	Property type
in TEUR	Office/commercial	Other
Balance as of 1 Jan 2023	3,390	-
Additions	-	5
Reclassifications	-	350
Adjustments to fair value	-	209
Balance as of 31 Dec 2023	3,390	564

	Property type
in TEUR	Office/commercial	Other
Balance as of 1 Jan 2022	3,390	1,783
Disposals	-	-1,765
Adjustments to fair value	-	-18
Balance as of 31 Dec 2022	3,390	-

Range of unobservable inputs 2023

Property type	Valuation method	Land value1 in EUR/m²
Undeveloped properties	CV	1.10 - 171.63

Range of unobservable inputs 2022

Property type	Valuation method	Land value1 in EUR/m²
Undeveloped properties	CV	1.10 - 171.63

CV = comparative value

1 Without construction plans

Sensitivities and sources of estimation uncertainty

The parameters applied represent the best estimate derived on the basis of available information. As at the reporting date, the management does not consider any change in parameters to be possible that would lead to a significantly different valuation.

With regard to the sensitivities and uncertainty of estimates as well as the relationships of the unobservable inputs to the fair value, please refer to the comments on revalued land and buildings in property, plant and equipment in note 17.

Range of unobservable inputs 2023

		Capitalisation
Property type	Valuation method	interest rate in %	Rent in EUR/m²	Maintenance in %2	Vacancy rate in %1
Office/commercial	CE	7.00	8.29 - 18.66	1.25	5.00
Other	CE	4.50	10.50	1.50	10.00

Range of unobservable inputs 2022

		Capitalisation
Property type	Valuation method	interest rate in %	Rent in EUR/m²	Maintenance in %2	Vacancy rate in %1
Office/commercial	CE	7.00	8.29 - 17.73	1.00	4.50

CE = capitalised earnings

1 Discount from value of gross annual income

2 Discount from value of new construction

19. SHARES IN COMPANIES ACCOUNTED FOR USING THE EQUITY METHOD

For five companies (previous year: six) the Group holds the majority of shares, however there is no control due to a shareholder agreement and so the companies are accounted for using the equity method.

Associated companies

Disclosures on material associated companies

In the 2023 financial year, no associated companies were classified as material.

Disclosures on immaterial associated companies

in TEUR	2023	2022
Carrying amount of companies accounted for using the equity method as of 31 Dec	18,585	21,750
Group share of
profit for the year	2,460	2,850
other comprehensive income	-143	627
Total comprehensive income	2,317	3,477

As of 31 December 2023, the non-recognised shares of losses of associated companies amounted to TEUR 45 (previous year: TEUR 0).

Konzernlagebericht

To Build A Better World

Die PORR im Überblick

Joint ventures

Disclosures on material joint ventures

The following joint venture is KMG – Klinikum Management Gesellschaft mbH and its subsidiary Klinikum Austria Gesundheitsgruppe GmbH (KMG Group), both domiciled in Austria. The PORR Group directly holds 50% (previous year: 50%) of shares in the KMG Group. The company works in developing and preparing hospital projects.

in TEUR	2023	2022
Revenue	58,528	56,024
Depreciation, amortisation and impairment	-3,533	-3,094
Interest expense	-100	-151
Income tax expense	-2,455	-2,477
Profit for the year	5,725	6,045
Total comprehensive income	5,725	6,045
Non-current assets	40,910	41,208
Current assets	16,695	15,921
of which cash and cash equivalents	(6,595)	(8,568)
Non-current liabilities	-8,238	-9,201
of which non-current financial liabilities	(-8,238)	(-9,201)
Current liabilities	-14,885	-13,802
of which current financial liabilities	(-10,694)	(-9,222)
Net assets	34,482	34,126
Net assets of non-controlling interests	-8,780	-8,689
Net assets of controlling shareholders	25,702	25,437
Group share of net assets as of 1 Jan	12,718	13,370
Group share in total comprehensive income	2,863	3,023
Dividends received	-2,730	-3,675
Group share of net assets as of 31 Dec	12,851	12,718
Goodwill	15,655	15,655
Carrying amount of companies accounted for using the equity method as of 31 Dec	28,506	28,373

Disclosures on immaterial joint ventures

in TEUR	2023	2022
Carrying amount of companies accounted for using the equity method as of 31 Dec	29,394	28,285
Group share of
profit for the year	-2,240	13,546
other comprehensive income	247	664
Total comprehensive income	-1,993	14,210

The share of the Group in the annual profit also includes the pro-rata earnings from non-significant consortiums amounting to TEUR 11,300 (previous year: TEUR 24,766); the resulting outstanding amounts are recognised under trade receivables and trade payables.

As of 31 December 2023, the non-recognised shares of losses of joint ventures amoounted to TEUR 953 (previous year: TEUR 1,252).

The joint ventures listed below represent the ten largest consortiums measured by proportionate annual revenue; the disclosures on financial information represent 100%.

	Share in
consortium in % Consortium 2023 2022			Projects	Location
ATCOST21	61	61	Construction of Filder, Obertürkheim and Untertürkheim tunnels	Germany
U2 17-21	50	50	Metro sections U2/17 to U2/21	Austria
UK St. Pölten	40	40	Comprehensive planning and construction of St. Pölten university hospital	Austria
PSW Limberg III	50	50	Main construction works Limberg III pumped-storage power plant	Austria
Feste Fahrbahn Koralm	50	50	Railway engineering for Koralm Tunnel	Austria
Stadtstraße	50	50	Construction of Aspern town road including lot 03 Emichgasse Tunnel and lot 04 Hausfeldstraße Tunnel	Austria
KAT GU2	45	45	Railway engineering for Koralm Tunnel GU2	Austria
Lederer - PORR Reining haus Q1	50	50	Sophisticated high-rise construction project including a two-storey underground car park	Austria
IPC-AmGÖ	39	39	Miscellaneous construction activities for maintenance of road and structures along the A2 (Gotthard Motorway) between Amsteg and Göschenen	Switzerland
AG44	50	50	Main contract for construction of a four-building residential complex, an underground car park, 333 apartments, 190 parking spaces	Austria

								Lederer
					Feste			- PORR
2023 in TEUR	ATCOST21	U2 17-21	UK St. Pölten	PSW Lim berg III	Fahrbahn Koralm	Stadt straße	KAT GU2	Reining haus Q1	IPC AmGÖ	AG44
Revenue	200,396	98,879	92,880	82,472	76,824	56,636	37,375	26,118	23,778	20,327
Depreciation, amortisation and impairment	-339	-1,424	-40	-1,390	-1,668	-161	-558	-11	-41	-
Interest expense	-	-	-	-	-	-	-	-	-	-
Non-current assets	-	12,604	424	2,421	6,102	523	1,826	11		-
Current assets	294,490	11,839	47,511	16,911	65,930	15,775	18,261	19,202	8,632	8,943
of which cash and cash equivalents	(15,224)	(1,184)	(18,671)	(10,199)	(8,317)	(10,115)	(95)	(10,879)	(618)	(339)
Non-current liabilities	-	-	-	-	-	-	-	-	-	-
Current liabilities	-294,490	-24,443	-47,935	-19,332	-72,032	-16,298	-20,087	-19,213	-8,632	-8,943
Net assets	-	-	-	-	-	-	-	-	-	-

					Feste			Lederer - PORR
			UK St.	PSW Lim	Fahrbahn	Stadt		Reining	IPC
2022 in TEUR	ATCOST21	U2 17-21	Pölten	berg III	Koralm	straße	KAT GU2	haus Q1	AmGÖ	AG44
Revenue	156,936	89,271	71,348	84,010	93,319	30,524	4,656	23,804	26,976	19,570
Depreciation, amortisation and
impairment	-2,143	-1,193	-48	-1,402	-3,723	-34	-9	-12	-40	-15
Interest expense	-	-	-	-	-17	-	-	-	-	-
Non-current
assets	15	6,665	461	2,821	9,897	227	63	14	17	-
Current assets	409,401	15,388	20,615	11,585	54,282	11,557	2,797	15,901	4,886	8,591
of which cash and cash
equivalents	(74,568)	(5,864)	(7,587)	(1,709)	(8,601)	(7,684)	(1,156)	(4,625)	(881)	(2,297)
Non-current liabilities	-	-	-	-	-	-	-	-	-	-
Current liabilities	-409,416	-22,053	-21,076	-14,406	-64,179	-11,784	-2,860	-15,915	-4,903	-8,591
Net assets	-	-	-	-	-	-	-	-	-	-

Konzernlagebericht

To Build A Better World

Die PORR im Überblick

The Group's share of the profit for the reporting period of these material consortiums amounts to TEUR 95,494 (previous year: TEUR 37,048) and is allocated to trade receivables and trade payables.

Accounting policies

Investments in associates and joint ventures are initially recognised at acquisition cost, being the fair value of the identifiable net assets acquired and, where applicable, goodwill. Subsequently, the carrying amount is increased or decreased annually by the Group's share of net profit or loss for the year, dividends received and other changes in equity. Goodwill is not subject to planned amortisation, rather it is assessed for impairment as a part of the relevant shareholding when circumstances exist that indicate there may be possible impairment.

Shares in consortiums (joint ventures): Group shares in profits and losses from consortiums classified as joint ventures are presented in the consolidated income statement under profit/loss from companies accounted for using the equity method. Group revenues from goods and services to consortiums are presented in the consolidated income statement under revenue. Capital paid into a consortium is entered under trade receivables (see note 22), together with profit shares and trade receivables for the relevant consortium and after deductions for withdrawals and general losses; if there is on balance a passive entry, this is included under trade payables (see note 35).

Shares in joint operations: The consolidated financial statements recognise the proportionate assets and liabilities and the proportionate expenses and income attributable to the PORR Group.

20. OTHER FINANCIAL INVESTMENTS

in TEUR	2023	2022
Shareholdings in non-consolidated subsidiaries	309	295
Other shareholdings	2,124	2,880
Other debt instruments	226	5,197
Total	2,659	8,372

The other debt instruments of TEUR 226 (previous year: TEUR 5,197) mainly comprise fixed-interest items. They are not subject to any restrictions on disposal.

Accounting policies

Shares in GmbHs, non-consolidated companies and other shareholdings presented under other financial investments are valued at fair value through other comprehensive income, whereby they are mostly determined using measurement methods such as the discounted cash flow method. Limited partnership interests listed under other financial investments are measured at fair value through profit or loss. Securities (shown under other financial investments and other non-current financial assets) are classified as being in the category FVTPL, i.e. measured at fair value. If they represent debt instruments for which only interest and principal payments have been agreed, they are recognised at amortised cost.

21. INVENTORIES

in TEUR	2023	2022
Finished and unfinished products and merchandise	5,935	5,366
Raw materials and supplies	107,146	110,396
Advance payments	5,953	8,561
Total	119,034	124,323

Allowances of TEUR -379 (previous year: TEUR -600) were recognised on products and merchandise in the year under review. No inventories were pledged as collateral for liabilities.

Accounting policies

Raw materials and supplies are valued at the lower of acquisition or production cost and net realisable value.

22. TRADE RECEIVABLES

Contract assets

The client contracts valued in accordance with the POC method at the end of the reporting period are as follows:

		Recorded as a	Recorded as a
in TEUR	2023	receivable	liability
Contract assets	6,858,608	4,273,206	2,585,402
of which unrealised partial gains	(265,852)	(144,650)	(121,202)
Less attributable payments on account	-6,874,602	-3,627,893	-3,246,709
Net	-15,994	645,313	-661,307

		Recorded as a	Recorded as a
in TEUR	2022	receivable	liability
Contract assets	6,290,881	3,741,906	2,548,975
of which unrealised partial gains	(221,516)	(126,659)	(94,857)
Less attributable payments on account	-6,333,583	-3,135,004	-3,198,579
Net	-42,702	606,902	-649,604

Changes to the contract assets were as follows in the period under review:

Increase caused by:

– Newly started construction service contracts or progress made on projects

Decrease caused by:

• Completed construction service contracts and those for which a final invoice has been issued
• Advance payments received

Shares of the profits from consortiums are allocated to receivables from consortiums.

If any advances are received, including preliminary payments on invoices for partial delivery, they are allocated to other liabilities, where these exceed proportional contract values capitalised according to the percentage of completion of the contract. Impending losses and damages and penalties from contracts are recorded in provisions, in as far as the respective proportional contract values according to the percentage of completion are exceeded.

Composition and maturity terms of trade receivables

		Remaining		Remaining
in TEUR	31.12.2023	term > 1 year	31.12.2022	term > 1 year
Trade receivables	760,649	54,443	939,064	48,123
Contract assets	645,313	-	606,902	-
Receivables from consortiums	106,734	12,068	119,073	24,626
Total	1,512,696	66,511	1,665,039	72,749

Trade receivables are classified as current in accordance with IAS 1 as they are to be settled within the entity's normal operating cycle. The significant payment terms from contracts with customers under which revenue is realised over a period of time specify payment 30 days after the review period of the issue of a monthly invoice. In individual cases, payments follow a specific payment schedule based on the project. Contracts with customers under which revenue is realised at a point in time specify payment 30 days after the service has been rendered and/or the invoice has been issued.

Trade receivables include contractual retentions of TEUR 66,970 (previous year: TEUR 61,665).

Konzernlagebericht

To Build A Better World

Die PORR im Überblick

in TEUR	2023	2022
Trade receivables before allowances	1,147,621	1,585,004
Impairment allowances as of 1 Jan	645,940	417,794
Additions/disposals due to changes in the consolidated group	-	-1,052
Additions	99,804	313,680
Utilisation	-337,428	-74,567
Reversal	-21,344	-9,915
Balance as of 31 Dec	386,972	645,940
Carrying amount of trade receivables	760,649	939,064

Maturity structure of receivables

in TEUR	2023	2022
Carrying amount as of 31 Dec	760,649	939,064
of which not overdue at closing date	406,869	517,814
of which overdue at closing date in the following time periods
less than 30 days	38,458	54,182
between 30 and 60 days	17,592	13,113
between 60 and 180 days	26,745	22,469
more than 180 days	270,985	331,486

In the overdues shown above, amounts of ongoing invoice checks are also included and could take up to 120 days to settle. Allowances for impairment were included at reasonable amounts.

Accounting policies

Trade receivables and other financial receivables are measured at amortised cost, in the year under review allowances for expected credit losses were formed on the basis of historic default rates and forecast data.

For trade receivables, contract assets and lease receivables, the PORR Group uses the simplified approach pursuant to IFRS 9.5.5.15 and recognises the lifetime expected credit loss when calculating impairment. The Group draws on historic data and future-oriented information when estimating the expected credit loss. As a general rule, no external creditworthiness assessments are available for financial instruments. The expected credit loss is calculated on the basis of the product from the expected net of the financial instrument, the probability of default for the period and the amount lost in the case of actual default.

Sensitivities and sources of estimation uncertainty

The evaluation of client contracts under the POC method until project completion, in particular with a view to the accounting of claims, the contract revenue using the POC method, and the estimate of the probable operating profit from the contract, is based on expectations relating to the future development of the relevant construction contracts. A change in these estimates, particularly as regards contract costs to complete the contract, percentage of completion, the estimated operating profit and the final claims accepted, can have a significant impact on the Group's financial position and financial performance. Environmental and climate-related risks, in particular changes in economic and legal conditions as well as physical risks such as extreme weather events, are taken into account in the form of scenarios and assessed accordingly when planning the expected income from orders. Beyond this, a significant risk of carrying amount adjustments that goes beyond is not recognised due to the rather short turnaround time of the orders.

The following sensitivity analysis shows the effect of changes to the key parameters on the carrying amounts:

	Carrying amount			Effect on carry
in TEUR	31.12.2023	Significant valuation assumptions	Change	ing amounts
Contract assets before deduction of
advance payments	6,858,608	EBT margin	+/-0.5 PP	+/-34,293
Provisions for impending losses	30,058	Provision/contract value	+/-0.5 PP	+/-2,715
Provisions for damages and penalties	136,450	Provision/contract value	+/-0.5 PP	+/-26,750
Provisions for warranty claims	164,928	Provision/contract value	+/-0.5 PP	+/-51,839

	Carrying amount			Effect on carry
in TEUR	31.12.2022	Significant valuation assumptions	Change	ing amounts
Contract assets before deduction of advance
payments	6,290,881	EBT margin	+/-0.5 PP	+/-31,454
Provisions for impending losses	39,285	Provision/contract value	+/-0.5 PP	+/-1,872
Provisions for damages and penalties	102,437	Provision/contract value	+/-0.5 PP	+/-25,442
Provisions for warranty claims	128,952	Provision/contract value	+/-0.5 PP	+/-37,727

23. OTHER FINANCIAL ASSETS

		Remaining		Remaining
in TEUR	31.12.2023	term > 1 year	31.12.2022	term > 1 year
Loans to companies accounted for using the equity method	40,718	28,375	41,022	40,180
Loans to companies for other shareholdings	35,436	9,621	33,091	9,477
Other loans	2	2	60	2
Receivables from non-consolidated subsidiaries	50	-	180	-
Receivables from companies accounted for under the equity method	59,043	2,149	55,230	2,884
Receivables from other shareholdings	7,574	5,674	7,166	5,700
Receivables from insurance	10,014	2,093	5,838	1,140
Deposits	16,523	5,295	16,771	5,708
Investment certificates	269	-	135	-
Other	69,149	3,551	58,865	5,609
Total	238,778	56,760	218,358	70,700

Forward contracts at fair value amounting to TEUR 10,379 (previous year: TEUR 8,037) are included in the item other financial assets (see note 41.9).

Contractual retentions amounting to TEUR 884 (previous year: TEUR 1,272) are included under receivables from non-consolidated subsidiaries, companies accounted for using the equity method and other shareholdings.

Accounting policies

Acquisitions and sales of financial assets common to the market (spot transactions) are recognised at acquisition costs, which also corresponds to the fair value as of settlement date. Loans and other financial assets that exclusively have preagreed interest and redemption payments are recognised at amortised cost, all other loans are measured at fair value through profit or loss. Investment certificates are measured at fair value through profit or loss. Derivatives are used for hedging purposes only to cushion the economic impact of risk management activities and do not resemble financing instruments. They are also measured at fair value through profit or loss (FVTPL). Allowances for expected credit losses are calculated using the general model. No allowances for expected credit losses were formed in the business years as neither the historic data nor the forecast data resulted in loss rates (see also note 22).

The general impairment model is applied to loans for companies accounted for using the equity method and other equity interests. In the absence of external credit ratings, credit risk is monitored separately for each interest based on key figures such as days outstanding and equity ratio.

To Build A Better World

Die PORR im Überblick

Konzernlagebericht

24. OTHER RECEIVABLES AND ASSETS

		Remaining		Remaining
in TEUR	31.12.2023	term > 1 year	31.12.2022	term > 1 year
Tax receivables	2,622	-	3,723	-
Advance payments	137,236	-	55,644	-
Other	2,320	-	1,848	-
Total	142,178	-	61,215	-

25. CASH AND CASH EQUIVALENTS

in TEUR	2023	2022
Cash and cash equivalents with banks	631,132	655,660
Cash in hand	210	143
Total	631,342	655,803

26. NON-CURRENT ASSETS AND LIABILITIES HELD FOR SALE

The non-current assets held for sale relate to two properties in the segment DE, for both of which the signing of the purchase agreement has already taken place, but the closing was still pending as of 31 December 2023. Six companies of the PWW Group were reclassified due to the discontinuation of the intention to sell and are no longer recognised in these items.

The assets and liabilities that were reclassified from these items break down as follows:

in TEUR	2023
Property, plant and equipment	14,013
Other assets	5,751
Financial liabilities	-1,902
Other liabilities	-2,582

Accounting policies

Assets held for sale or groups of assets and liabilities are valued at fair value less cost to sell as long as this is lower than their carrying amount. If the intention to sell is discontinued, either the recoverable amount at the time is recognised or the amortised carrying amount, if this is lower.

27. DEFERRED TAX ASSETS AND LIABILITIES

The following tax deferrals presented in the statement of financial position arise from temporary differences between the valuations in the IFRS consolidated financial statements and the respective valuations for tax purposes as well as from utilisable loss carryforwards:

	2023		2022
in TEUR	Assets	Liabilities	Assets	Liabilities
Non-current assets, lease liabilities	170,491	142,044	149,952	145,821
POC method	-	72,925	-	77,568
Untaxed reserves	-	1,821	-	2,217
Provisions	27,418	11,212	23,351	9,803
Tax losses carried forward	28,059	-	38,183	-
Off-setting	-201,250	-201,250	-193,984	-193,984
Deferred taxes	24,718	26,752	17,502	41,425

Deferred tax assets based on loss carryforwards are recognised to the extent that these can probably be offset against future taxable profits.

Non-capitalised deferred tax assets derived from loss carryforwards amount to TEUR 74,108 (previous year: TEUR 56,398), of which TEUR 40,773 (previous year: TEUR 45,545) relate to losses that can be carried forward without limitation and TEUR 33,335 (previous year: TEUR 10,853) relate to losses that can be carried forward over a period of four to seven years (previous year: five to eight years).

The PORR Group manages a total of four Austrian tax corporate groups, including their parent companies and the majority of group members within the full scope of consolidation. The settlement of tax income is primarily based on profit and loss transfer agreements, and to a lesser extent, on tax allocation agreements. In the case of positive tax income, tax allocation agreements impose a burden on the affected group member.

In Germany, the PORR Group maintains a corporate association where taxable income and deductible losses are offset through profit and loss transfer agreements. Within this framework, the income of the contracting companies is consolidated and assessed at the controlling entity. Tax loss carryforwards of a subsidiary existing at the time such an agreement is concluded become unusable from that point onward as long as the agreement remains in force. Consequently, no deferred tax claims related to loss carryforwards are recognized for affected subsidiaries. Upon termination, the loss carryforwards would become usable again, provided no other circumstances contradict this.

Accounting policies

Deferred tax items are recognised where there are temporary differences between the values of assets and liabilities in the consolidated financial statements on the one hand and the values for tax purposes on the other hand in the amount of the anticipated future tax expense or tax relief. In addition, a deferred tax asset for future benefit resulting from tax loss carryforwards is recognised if there is sufficient certainty of realisation. Temporary differences arising from the first-time recognition of goodwill constitute exceptions to this comprehensive tax deferral.

The determination of deferred taxes involves the future tax rate applicable in the respective country. For Austrian companies, this has been determined as 23% (previous year: 23%) following amendments pursuant to the Eco-Social Tax Reform (see note 14 for details).

28. SHARE CAPITAL

	No. 2023	EUR 2023	No. 2022	EUR 2022
Ordinary bearer shares	39,278,250	39,278,250	39,278,250	39,278,250
Total share capital	39,278,250	39,278,250	39,278,250	39,278,250

The shares are ordinary no-par shares. Each ordinary share has a pro-rata interest of EUR 1.00 in the share capital of EUR 39,278,250 and participates in profits to the same extent and each share entitles the bearer to one vote at the Annual General Meeting (AGM). The shares are no-par bearer shares.

In the course of a buyback programme, the company acquired a total of 785,565 treasury shares between October 2022 and June 2023. As of 31 December 2023, the company held a total of 1,002,060 treasury shares (previous year: 481,854 shares), respectively 2.55% of the share capital. In accordance with Section 65 Paragraph 5 of the Stock Corporation Act, the company does not have any rights, particularly voting rights, from the treasury shares.

	No. of	Weighted average price per	Value of repurchased shares
Month	repurchased shares	share in EUR	in EUR	% of share capital
January 2023	109,077	12.73	1,388,281	0.278%
February 2023	96,474	13.56	1,308,498	0.246%
March 2023	115,190	13.78	1,587,355	0.293%
April 2023	94,174	13.72	1,291,969	0.240%
May 2023	87,430	13.86	1,212,195	0.223%
June 2023	17,861	13.71	244,902	0.045%

Authorised capital

By resolution of the Annual General Meeting of 28 April 2023, the Executive Board was authorised, with the approval of the Supervisory Board and within five years from 30 June 2023, to increase the share capital of the company by up to EUR 3,927,825 by issuing up to 3,927,825 no-par value bearer shares in exchange for cash or contribution in kind – in either case also in multiple tranches – also by way of indirect subscription rights in accordance with Section 153 Paragraph 6 of the Stock Corporation Act (authorised capital) and to determine the issue price, which may not be lower than the pro rata To Build A Better World

Die PORR im Überblick

Konzernlagebericht

share of share capital, the conditions of issue, the subscription ratio and the further details of the implementation to be determined with the approval of the Supervisory Board. The Executive Board has been authorised, with the approval of the Supervisory Board, to exclude shareholders' subscription rights in whole or in part:

(i) if the capital increase is in exchange for contribution in kind; or (ii) if the capital increase is in exchange for cash and

(A) the arithmetic total of the cash consideration of the share of share capital in the company, under exclusion of subscription rights, does not exceed the limit of 10% (ten percent) of the company's share capital at the time the authorisation is exercised, or

(B) the exclusion of subscription rights is for the purpose of servicing an over-allotment option (greenshoe) in the capital increase, or

(C) the exclusion of subscription rights in this respect is used to balance out fractional amounts.

The Supervisory Board is authorised to rule on changes to the company statutes resulting from the use of this authorisation by the Executive Board.

Accounting policies - treasury shares

When a Group company purchases shares in PORR AG, the value of the consideration paid, including directly attributable incremental costs (net of income taxes), is deducted from the equity of PORR AG until the shares are cancelled or reissued. If these treasury shares are subsequently reissued, the consideration received (net of any directly attributable incremental transaction costs and related income taxes) is recognised in the equity of PORR AG.

29. RESERVES

The capital reserves result mainly from capital increases, adjustments and statute-barred dividend claims arising from previous years, less the costs for the capital increases. The capital reserves include an amount of TEUR 304,780 (previous year: TEUR 304,780) of legal reserves, whereby the release is restricted. It may only be released to compensate for a loss which would otherwise be presented in the annual financial statements of PORR AG, to the extent that free reserves are not available to cover a loss in full.

The other reserves comprise the revaluation reserves in accordance with IAS 16, the currency translation reserves for the annual financial statements of subsidiaries in foreign currencies, the reserves for cash flow hedges, reserves for remeasurement of benefit obligations and reserves for equity instruments, retained earnings of PORR AG including the statutory reserve and the untaxed reserves after deducting deferred tax items, retained post-acquisition profits from subsidiaries and the effects of adjusting the annual financial statements of companies included in the consolidated financial statements to the accounting and measurement methods used in the consolidated financial statements. Treasury shares as of 31 December 2023 were deducted from reserves and amounted to 1,002,060 shares as of the reporting date. An amount of TEUR 519 from disposals was reclassified from the revaluation reserve into retained earnings in the year under review.

In the reporting year, a dividend of EUR 0.60 per share entitled to dividends was distributed to the shareholders of PORR AG. The remainder was carried forward.

There is income of TEUR 28,757 available for distribution to shareholders in PORR AG. The unappropriated capital reserve in PORR Construction Holding GmbH, which was the result of the original contribution of TEERAG-ASDAG Aktiengesellschaft shares in 2007 by PORR AG totalling EUR 64,693,064.82, was blocked from distribution in accordance with Section 235 Paragraph 1 Line 3 of the Austrian Commercial Code. Even though PORR Construction Holding GmbH merged with PORR AG in the 2020 business year and ceased to exist following the upstream merger, this payout ban still applies to PORR AG as the acquiring company pursuant to AFRAC 31 Paragraph 15. A partial amount of TEUR 101,747 is thereby blocked from distribution from the free reserves of PORR AG totalling TEUR 173,982 as of 31 December 2023 in accordance with Section 235 Paragraph 1, Line 3 of the Austrian Commercial Code and Paragraph 2. The residual amount of TEUR 72,235 may be released and distributed to the shareholders of PORR AG. The statutory reserve of PORR AG of TEUR 458 (previous year: TEUR 458) may only be released to offset a net loss that would otherwise have to be reported, whereby the release to offset losses does not contradict the fact that free reserves are available to offset losses.

The Executive Board proposes to pay out a dividend of EUR 0.75 per share entitled to dividends from the net retained profits of EUR 28,757,400.19 with the rest of the balance carried forward.

30. PROFIT-PARTICIPATION RIGHTS/HYBRID CAPITAL

Profit-participation rights

PORR AG recognises profit-participation capital of TEUR 40,000, assumed from a wholly owned subsidiary in 2019, in equity attributable to shareholders of the parent.

The interest rate until 31 December 2025 is 6.0% p.a. of the nominal value of the profit-participation rights.

PORR AG is only obliged to pay interest if it decides to pay a dividend to shareholders from the annual profit. PORR AG is not obliged to pay the due interest for a year without a dividend payout, and if it utilises the right not to pay, the outstanding amount is kept as arrears of interest which must be paid as soon as PORR AG decides to pay a dividend from the annual profit to its shareholders. In the case of termination by the issuer or the extraordinary notice of termination by the bearers of profit-participation rights, the capital from profit-participation rights plus the valid interest accrued until termination date and the outstanding interest becomes due.

As payments on the profit-participation rights – interest as well as capital redemption – are only compulsory when the conditions are activated, where their activation can be authorised or prevented by PORR AG, and the Group therefore has the option of avoiding payment on this part of the profit participation rights permanently, these profit-participation rights are categorised as equity instruments. Interest in the amount of TEUR 2,400, which would be paid on these profit-participation rights, less any tax, is recorded directly in equity as a deduction.

On 20 February 2024, PORR AG bought back the existing profit-participation rights in the amount of TEUR 40,000 in full and subsequently redeemed them.

Hybrid capital

In January 2020 PORR AG issued a deeply subordinated hybrid bond with a total nominal value of EUR 150,000,000 as a perpetual bond with an early buyback option for the issuer after five years. The interest rate until the first buyback option in February 2025 is 5.375% p.a. Should this option not be exercised, the interest rate will rise to the 5-year mid-swap rate determined on that date plus 10.641 PP.

In November 2021, a new hybrid bond with a volume of EUR 50.0m was issued with a coupon of 7.5% with an unlimited term and an early redemption option by the issuer in November 2026. If this option is not utilised, the interest rate will rise to the 5-year mid-swap rate determined on this date plus 12.58 PP

Balance as of 31 Dec 2023	Nominal amount in TEUR	ISIN
5.375% hybrid bond 2020	150,000	XS2113662063
7.5% hybrid bond 2021	50,000	XS2408013709

As payments of interest and capital redemption are only compulsory when the conditions are activated, where their activation can be authorised or prevented by PORR AG, and the Group therefore has the option of avoiding payment permanently, this hybrid capital is categorised as an equity instrument. Interest of TEUR 11,813 which is paid on the hybrid capital, less any tax effect, is recorded directly in equity as a deduction.

Please refer to note 44 for details on the buyback offer at the beginning of February 2024.

31. NON-CONTROLLING INTERESTS

The shares in equity of subsidiaries which are not owned by PORR AG or a shareholder of the Group are presented in equity under non-controlling interests. The share of non-controlling interests in subsidiaries is not material.

To Build A Better World

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Konzernlagebericht

32. PROVISIONS

in TEUR	Severance	Pensions	Anniversary bonuses	Constructions/ Other	Recultivation	Total
Balance as of 31 Dec 2022	72,530	28,661	24,174	271,338	19,146	415,849
Offsetting proportional con tract values	-	-	-	14,038	-	14,038
Balance as of 1 Jan 2023 (before offsetting)	72,530	28,661	24,174	285,376	19,146	429,887
Additions/disposals from changes to the consolidated
group	-	-64	-	-	-	-64
Currency differences	-12	192	-32	5,003	49	5,200
Transfer	5,698	2,225	1,613	219,837	4,312	233,685
OCI changes
from changes to financial assumptions	-5,650	3,025	-	-	-	-2,625
from changes to expe rience
based adjustments	2,700	1,681	-	-	-	4,381
Utilisation	-7,119	-4,029	-1,546	-77,914	-2,116	-92,724
Reversal	-	-	-	-35,483	-170	-35,653
Reclassifications from liabili ties held for sale	154	-	-	476	-	630
Balance as of 31 Dec 2023 (before offsetting)	68,301	31,691	24,209	397,295	21,221	542,717
Offsetting proportional con tract values	-	-	-	-65,190	-	-65,190
Balance as of 31 Dec 2023	68,301	31,691	24,209	332,105	21,221	477,527
of which non-current	68,301	31,691	24,209	-	21,221	145,422
of which current	-	-	-	332,105	-	332,105

Based on collective agreements, PORR AG and its subsidiaries have to pay anniversary bonuses to employees in Austria and Germany at specific anniversaries. The provision for anniversary bonuses was calculated in accordance with regulations of IAS 19 for other long-term benefits. The actuarial assumptions used for the calculation are shown after the measurement basis below.

Provisions for constructions contain TEUR 30,058 (previous year: TEUR 39,285) worth of provisions for impending losses arising from the order backlog; TEUR 164,928 (previous year: TEUR 128,952) worth of provisions for warranty claims; and TEUR 136,450 (previous year: TEUR 102,437) worth of provisions for damages and penalties. Provisions for impending losses are based on current contract calculations. Provisions for warranty claims and other contract risks are determined on the basis of an individual assessment of the risks. Claims arising against the Group from these risks are deemed to be more likely than not; the amount recognised is the best estimate of the claim. As construction contracts can take several years to be carried out, and any claim possibly precedes a long ongoing legal dispute, the timing of usage is uncertain but will, as a rule, lie within the relevant operating cycle. Provisions for recultivation that also contain aftercare obligations are mainly formed for the landfill business of segment AT / CH. The provisions are allocated on the basis of the amounts of landfill over the operating life in instalments and are used across the term of the recultivation and/or the aftercare on the basis of the area recultivated.

Retirement plans

Defined benefit plans

Provisions for severance pay have been recognised for white-collar employees and blue-collar workers who are entitled to receive severance payments pursuant to the Employee Act, the Wage Earners' Severance Pay Act or company agreements. Employees whose employment is subject to Austrian law, if the relevant employment began prior to 1 January 2003 and has been ongoing for at least ten years without interruption, are entitled to receive severance payments where the employment is terminated upon the employee reaching the statutory age of retirement, even if the employment is terminated by the employee. The amount of the severance payments depends on the amount of remuneration at the time of termination and on the years of service. These employee obligations should therefore be treated as obligations under defined benefit retirement plans, whereby plan assets do not need to exist to cover these obligations. Similar considerations apply to blue-collar workers to whom severance payment is due pursuant to the Wage Earners' Severance Pay Act and for severance pay payable pursuant to company agreements.

The Construction Workers' Leave and Severance Pay Act 1987 applies to the majority of blue-collar workers, according to which their claims are directed towards the holiday pay and severance pay fund to be financed by the employer's contributions. This is a state defined contribution plan, for which a severance payment provision does not need to be created.

Pension commitments are usually defined as individual benefit commitments for senior staff that are partially covered by plan assets. The amount of the pension claim depends on the number of years of service in each case.

Development of provisions for severance pay

in TEUR	2023	2022
Present value of severance obligations (DBO) as of 1 Jan	72,530	65,443
Changes to the consolidated group	-	-43
Service cost (entitlements)	3,740	3,092
Past service cost	-	1,726
Interest expense	1,958	620
Severance payments	-7,119	-5,734
Currency differences	-12	160
Actuarial gains (-)/losses (+)	-2,950	7,266
Reclassifications from liabilities held for sale	154	-
Present value of severance obligations (DBO) as of 31 Dec	68,301	72,530

Severance costs

in TEUR	2023	2022
Service cost (entitlements)	3,740	3,092
Interest expense	1,958	620
Severance costs (recognised in profit and loss for the period)	5,698	3,712
Severance costs (recognised in other comprehensive income)	-2,950	7,266

For the year 2024, an interest expense of TEUR 1,908 and current service costs of TEUR 3,457 are planned.

Provision for pensions

Reconciliation from the pension obligation to the provision for pensions

in TEUR	2023	2022
Present value of the obligations covered by plan assets	49,524	37,562
Fair value of the plan assets	-39,249	-32,206
Net value of the obligations covered by plan assets	10,275	5,356
Present value of the obligations not covered by plan assets	21,416	23,305
Carrying amount of provisions as of 31 Dec	31,691	28,661

Pension costs

in TEUR	2023	2022
Service cost (entitlements)	1,422	194
Interest expense	1,822	473
Interest income	-1,019	-119
Pension costs (recognised in profit and loss for the period)	2,225	548
Pension costs (recognised in other comprehensive income)	4,706	-7,214

Description of retirement plans

Claims – Austria: In the case of defined benefit retirement plans, the company is obliged to grant the promised benefits to both active and former employees. The amount of the pension commitment is based on reaching the age of 63 for all pension groups to be formed (Group A-F) and is calculated either by means of a percentage of the assessment basis or an agreed amount including reductions due to early retirement.

Claims – Germany: there are multiple pension plans with defined benefits for active and retired employees.

Konzernlagebericht

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Die PORR im Überblick

Claims – Switzerland: Employees' entitlements are regulated by the pension fund regulations (connection to Helvetia Group Foundation) and include entitlements to survivors' pensions and orphans' pensions in addition to retirement pensions.

Employee claims to these defined benefit pension plans are tied to the number of eligible calendar years and the class of pension which was determined for the pension candidate when the claim was acquired.

In addition, there are individual commitments involving defined benefit obligations.

Development of pension obligations

in TEUR 2023 2022 Present value of pension obligations (DBO) as of 1 Jan 60,867 49,270 Changes to the consolidated group -293 - Service cost (entitlements) 1,422 191 Past service cost - 21,472 Interest expense 1,822 473 Pension payments -10,254 -3,536 Currency differences 2,234 - Actuarial profits (-)/losses (+) 15,142 -7,003 Present value of pension obligations (DBO) as of 31 Dec 70,940 60,867

For obligations from direct pension commitments, qualified reinsurance policies have been taken out both in Austria and in Germany, which have been pledged to secure the pension claims in favour of the insured employees. The insurance of the old-age pension is entitled to share in profits in line with Section 16 of the General Terms and Conditions Governing Endowment and Pension Insurance, while the insurance for the disability pension and widows' pension is also entitled to share in profits. Profits, which are refunded to policyholders at 50% of the balance of income and expenses, and losses, which are carried forward to the next insurance year, are determined on the basis of an income-expenditure statement. The pension plan reinsurance is held in an independent section of the premium reserve fund for life insurance as laid down in Section 20 Paragraph 2 Line 1 in conjunction with Section 78 of the Insurance Supervision Act. The obligations arising from the agreement in Switzerland are covered retroactively by insurance contracts concluded with Helvetia Schweizerische Lebensversicherungsgesellschaft AG.

Endowment life insurance policies have been concluded for the pension commitments of the German companies. The policyholder is the employer, while the insured or beneficiaries are the employees and they can choose either a capital benefit or an equivalent pension.

Development of plan assets

in TEUR	2023	2022
Fair value of the plan assets as of 1 Jan	32,206	11,386
Changes to the consolidated group	-229	-
Contribution payments	3,008	105
Interest income	1,019	119
Payouts (benefit payments)	-9,233	-1,088
Currency differences	2,042	-
Past service cost	-	21,473
Actuarial gains (+)/losses (-)	10,436	211
Present value of plan assets as of 31 Dec	39,249	32,206

For the year 2024, an interest payment of TEUR 1,555 and a current service cost of TEUR 1,486 are planned.

The plan assets amounting to TEUR 8,716 have been invested with WIENER STÄDTISCHE VERSICHERUNG AG Vienna Insurance Group and those of TEUR 29,238 have been invested with Helvetia Schweizerische Lebensversicherungsgesellschaft AG as follows:

Structure of investments in classic cover pool

in %	Wiener Städtische Versicherung 2023	Helvetia 2023	Wiener Städtische Versicherung 2022
Fixed-income securities	56.00	57.85	59.30
Shares, supplementary capital, profit-participation rights, non-ownership capital	2.00	1.78	2.10
Investment funds	28.20	-	25.70
Affiliates and shareholdings	5.50	-	4.70
Loans	5.30	11.65	4.90
Properties	2.30	16.04	2.00
Cash in bank	0.70	4.98	-
Others	-	7.70	1.30
Total	100.00	100.00	100.00

The following table shows the average duration of the respective obligations:

	Maturity profile - DBO		DBO	Maturity profile - cash		Cash
2023	1 - 5 years	6 - 10 years	10+ years	Duration	1 - 5 years	6 - 10 years	10+ years	Duration
Pensions	14,419	9,612	12,854	8.92	15,509	12,162	23,596	11.42
Severance	29,407	20,372	18,171	7.03	33,791	34,257	96,976	14.60

		Maturity profile - DBO		DBO		Maturity profile - cash		Cash
2022	1 - 5 years	6 - 10 years	10+ years	Duration	1 - 5 years	6 - 10 years	10+ years	Duration
Pensions	15,189	10,124	14,081	9.22	16,223	12,698	28,249	13.27
Severance	28,165	20,186	24,063	7.66	31,932	32,912	106,721	14.07

Defined contribution plans

Employees whose employment is subject to Austrian law and who commenced employment after 31 December 2002, and blue-collar workers subject to the Construction Workers' Leave and Severance Pay Act, do not acquire any severance payment claims towards their respective employer. For these employees, except for those subject to the Construction Workers' Leave and Severance Pay Act, contributions of 1.53% of the wage or salary must be paid to an employee welfare fund; this amounted to TEUR 3,935 for 2023 (previous year: TEUR 3,527), of which TEUR 71 (previous year: TEUR 61) relates to managers in key positions.

Contributions are payable by the employer to the holiday pay and severance pay fund in respect of those employees whose employment is covered by the Construction Workers' Leave and Severance Pay Act. At the present time, around 37% of the wage of relevant employees is payable to the holiday pay fund for 2023, amounting to TEUR 68,067 (previous year: TEUR 64,460) and 4.6% of the wage of relevant employees is payable to the severance pay fund, amounting to TEUR 9,889 in 2023 (previous year: TEUR 9,356). This contribution covers employee severance payment claims and other benefits, in particular the holiday pay and holiday allowance payable by the holiday pay and severance pay fund to the relevant employees. This state plan covers all the companies in the building sector. The benefits are financed on a pay-asyou-earn basis, i.e. the benefits falling due in a particular period are to be financed by the contributions of this same period, while the future benefits earned in the period under review will be funded by future contributions. The companies are not legally or actually obliged to pay these future benefits. The companies are only obliged to pay the prescribed contributions as long as they employ workers whose employment is covered by the Construction Workers' Leave and Severance Pay Act.

Payments to external employee pension funds are recognised under the item staff expense.

In addition, the employees of the PORR Group belong to their country-specific, state pension plans, which are usually funded on a pay-as-you-earn basis. The Group is only obliged to pay the contributions when they become due. There is no legal or actual obligation to provide future benefits.

To Build A Better World

Die PORR im Überblick

Konzernlagebericht

Accounting policies

The provisions for severance payments, pensions and anniversary bonuses are determined by the projected unit credit method in accordance with IAS 19, which involves an actuarial assessment being performed by a recognised actuary on each reference date and based on the following key parameters:

2023 Austria	Pensions	Severances	Anniversary bonuses
Discount rate	3.08%	3.08%	3.08%
Salary valorisation	-	2.57%	2.42%
Pension valorisation active	0.00% - 3.55%	-	-
Pension valorisation liquid	0.00% - 2.83%	-	-
Fluctuations	-	0.00% - 5.65%	0.00% - 8.60%
Lifetable	AVÖ 2018 - P	AVÖ 2018 - P	AVÖ 2018 - P
2023 Germany	Pensions	Severances	Anniversary bonuses
Discount rate	3.08%	-	3.08%
Salary valorisation	-	-	2.42%
Pension valorisation active	0.00% - 3.55%	-	-
Pension valorisation liquid	0.00% - 2.00%	-	-
Fluctuations	-	-	0.00% - 13.11%
Lifetable	Richttafeln 2018 G	-	Richttafeln 2018 G
2023 Switzerland	Pensions	Severances	Anniversary bonuses
Discount rate	1.40%	-	-
Salary valorisation	1.00%	-	-
Lifetable	BVG 2020 Generationen tafeln	-	-
2023 Czech Republic	Pensions	Severances	Anniversary bonuses
Discount rate	-	4.22%	4.22%
Salary valorisation	-	3.50%	3.50%
Fluctuations	-	2.24% - 15.96%	2.24% - 15.96%
Lifetable	-	AVÖ 2018 - P	AVÖ 2018 - P
2023 Slovakia	Pensions	Severances	Anniversary bonuses
Discount rate	-	3.08%	3.08%
Salary valorisation	-	3.50%	3.50%
Fluctuations	-	2.24% - 15.96%	2.24% - 15.96%
Lifetable	-	AVÖ 2018 - P	AVÖ 2018 - P
2023 Poland	Pensions	Severances	Anniversary bonuses
Discount rate	-	6.55%	-
Salary valorisation	-	6.00%	-
Fluctuations	-	0.00% - 9.25%	-
Lifetable	-	AVÖ 2018 - P	-
2023 Romania	Pensions	Severances	Anniversary bonuses
Discount rate	-	3.08%	-
Salary valorisation	-	7.30%	-
Fluctuations	-	0.00% - 8.60%	-
Lifetable	-	AVÖ 2018 - P	-

2022 Austria	Pensions	Severances	Anniversary bonuses
Discount rate	3.00%	3.00%	3.00%
Salary valorisation	-	3.70%	3.37%
Pension valorisation active	0.00% - 3.70%	-	-
Pension valorisation liquid	0.00% - 2.00%	-	-
Fluctuations	-	0.00% - 5.65%	0.00% - 8.60%
Lifetable	AVÖ 2018 - P	AVÖ 2018 - P	AVÖ 2018 - P
2022 Germany	Pensions	Severances	Anniversary bonuses

Discount rate	3.00%	-	3.00%
Salary valorisation	-	-	2.70%
Pension valorisation active	0.00% - 2.70%	-	-
Pension valorisation liquid	0.00% - 2.00%	-	-
Fluctuations	-	-	0.00% - 13.65%
Lifetable	Richttafeln 2018 G	-	Richttafeln 2018 G

2022 Switzerland	Pensions	Severances	Anniversary bonuses
Discount rate	2.31%	-	-
Pension valorisation active	2.25%	-	-
Fluctuations	0.00% - 19.06%	-	-
Lifetable	Richttafeln 2018 G	-	-

2022 Czech Republic	Pensions	Severances	Anniversary bonuses
Discount rate	-	4.70%	4.70%
Salary valorisation	-	3.50%	3.50%
Fluctuations	-	2.24% - 15.96%	2.24% - 15.96%
Lifetable	-	AVÖ 2018 - P	AVÖ 2018 - P

2022 Slovakia	Pensions	Severances	Anniversary bonuses
Discount rate	-	3.00%	3.00%
Salary valorisation	-	3.50%	3.50%
Fluctuations	-	2.24% - 15.96%	2.24% - 15.96%
Lifetable	-	AVÖ 2018 - P	AVÖ 2018 - P

2022 Poland	Pensions	Severances	Anniversary bonuses
Discount rate	-	6.88%	-
Salary valorisation	-	4.75%	-
Fluctuations	-	0.00% - 9.25%	-

For Austrian companies the assumed retirement age is the earliest possible retirement age permitted by law following the 2004 pension reform (corridor pension), taking into account all transitional arrangements and for German companies the legal retirement age is used. The same parameters as for Austrian companies apply to the Polish subsidiaries for the purpose of provisions for severance payments.

Actuarial gains and losses for severance payments and pensions are recognised in full in other comprehensive income under the item remeasurement of defined benefit obligations, while anniversary bonuses are shown under profit or loss for the period under the item staff expense. Service costs are also shown and charged under staff expense. Interest expense is recorded under finance costs.

Other provisions (constructions/other) take account of all currently discernible risks and uncertain obligations from past events whereby an outflow of resources is judged to be probable. They are recognised with the best estimate of the expenditure required to settle the present obligation if a reliable estimate exists. Provisions related to impending losses and damages and penalties from contracts are recorded in other provisions, insofar as the respective proportional contract values according to the percentage of completion are exceeded.

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Konzernlagebericht

Sensitivities and sources of estimation uncertainty

The valuation of existing pension and severance obligations relies on assumptions and estimates which could have a significant impact on the amounts recognised.

The sensitivity analysis of life expectancy was carried out on the basis of a shift in the average life expectancy for the total candidates of the respective plan.

The differences to the values disclosed in the statement of financial position are shown in the tables below as relative deviations:

2023		Interest +0.25 PP				Interest -0.25 PP
	active	vested	liquid	total	active	vested	liquid	total
Pension DBO	-3.20%	-2.40%	-1.30%	-2.20%	3.60%	2.50%	1.40%	2.50%
		Pension trend +0.25 PP
						Pension trend -0.25 PP
	active	vested	liquid	total	active	vested	liquid	total

	Life expectancy +1 year			Life expectancy -1 year
	active	vested	liquid	total	active	vested	liquid	total
Pension DBO	1.20%	3.70%	5.80%	3.50%	-1.20%	-3.80%	-5.70%	-3.50%

	Wage increase + 0.5% until 25th year of work			Wage increase + 0.5% until 25th year of work
	active	vested	liquid	total	active	vested	liquid	total
Pension DBO	0.50%	0.00%	0.10%	0.30%	-0.60%	0.00%	-0.10%	-0.30%

2022		Interest +0.25 PP			Interest -0.25 PP
	active	vested	liquid	total	active	vested	liquid	total
Pension DBO	-6.50%	-2.50%	-2.00%	-3.60%	7.10%	2.60%	2.10%	3.90%

	Pension trend +0.25 PP				Pension trend -0.25 PP
	active	vested	liquid	total	active	vested	liquid	total
Pension DBO	3.50%	2.70%	1.80%	2.40%	-3.40%	-2.60%	-1.70%	-2.30%

	Life expectancy +1 year			Life expectancy -1 year
	active	vested	liquid	total	active	vested	liquid	total
Pension DBO	2.00%	3.70%	6.10%	4.60%	-2.00%	-3.70%	-5.90%	-4.50%

	Fluctuation + 0.5% until 25th year of work				Fluctuation + 0.5% until 25th year of work
	active	vested	liquid	total	active	vested	liquid	total
Pension DBO	-2.80%	0.00%	0.00%	-1.00%	2.90%	0.00%	0.00%	1.00%

2023	Interest +0.25 PP	Interest -0.25 PP	Salary trend +0.25 PP	Salary trend -0.25 PP
Severance DBO	-1.68%	1.73%	1.76%	-1.71%
	Fluctuation +0.5 PP up to 25th year of work	Fluctuation -0.5 PP up to 25th year of work	Life expectan cy +1 year	Life expectan cy -1 year
Severance DBO	-0.23%	0.26%	0.06%	-0.07%

	Interest +0.25	Interest -0.25	Salary trend	Salary trend
2022	PP	PP	+0.25 PP	-0.25 PP
Severance DBO	-2.29%	1.41%	1.38%	-2.38%

	Fluctuation +0.5 PP up to 25th year of work	Fluctuation -0.5 PP up to 25th year of work	Life expectan cy +1 year	Life expectan cy -1 year
Severance DBO	-0.27%	0.31%	-0.39%	-0.57%

As in the previous year, orresponding provisions were recognised for obligations in connection with recultivation as of the reporting date of 31 December 2023. Furthermore, a corresponding analysis of the risks relating to environmental and climate protection did not lead to the identification of any obligations requiring recognition or any contingent liabilities requiring disclosure as of the reporting date of 31 December 2023 as well as in the previous year.

For sensitivities of provisions for constructions, see note 22.

33. LEASE LIABILITIES

in TEUR	2023	2022
Lease liabilities
Land and buildings	252,028	259,611
Technical equipment and machinery	45,861	52,687
Other plant, factory and business equipment	83,421	62,120
Total	381,310	374,418

The Group's obligations from leases are secured by the leased assets with a carrying amount of TEUR 385,671 (previous year: TEUR 380,951) which are the property of the lessor under civil law.

		Remaining term			of which secured
in TEUR	31.12.2023	< 1 year	1-5 years	> 5 years	by collateral
Lease liabilities	381,310	60,287	169,830	151,193	381,310
Total	381,310	60,287	169,830	151,193	381,310

			Remaining term		of which secured
in TEUR	31.12.2022	< 1 year	1-5 years	> 5 years	by collateral
Lease liabilities	374,418	55,640	146,584	172,194	374,418
Total	374,418	55,640	146,584	172,194	374,418

Maturities of outstanding minimum lease payments:

in TEUR	31.12.2023	31.12.2022
With a remaining period up to one year	72,843	66,300
With a remaining period of more than one year and less than five years	201,922	177,080
With a remaining period of more than five years	196,217	230,423
Total	470,982	473,803
Future financing costs	-89,672	-99,385
Present value of minimum lease payments	381,310	374,418

The interest rates for lease liabilities range from 0.01% to 12.86%. The interest component of the lease payments is adjusted to the market interest rate where necessary, in accordance with the respective contractual stipulations.

Accounting policies

Lease liabilities are measured at the present value of future lease payments. Interest charges are based on the interest rate on which the lease agreement is based. Should it not be possible to determine this rate, the Group's incremental borrowing rate of interest for the respective term is applied.

Konzernlagebericht

To Build A Better World

Die PORR im Überblick

34. FINANCIAL LIABILITIES AND BONDED LOANS (SCHULDSCHEINDARLEHEN)

in TEUR	2023	2022
Bank loans
at variable interest rates	48,168	28,101
at fixed interest rates	10,872	13,071
Bonded loans (Schuldscheindarlehen)
at variable interest rates	124,876	133,423
at fixed interest rates	25,978	47,975
Other financial liabilities
at fixed interest rates	356	-
Total	210,250	222,570

Bank loans subject to variable rates of interest are mainly charged at the 3-month EURIBOR rate or the 6-month EURIBOR interest rate plus differing margins. In the reporting year, the 3-month EURIBOR rate averaged 3.43% and the 6-month EURIBOR rate averaged 3.69%, the average margin for the lines implemented with a maximum 3-month term averaged 1.41 PP as of 31 December 2023.

		Remaining term			of which secured
in TEUR	31.12.2023	< 1 year	1-5 years	> 5 years	by collateral
Bank loans	59,040	9,967	41,837	7,236	-
Bonded loans (Schuldscheindarlehen)	150,854	3,000	127,876	19,978	-
Other financial liabilities	356	70	286	-	356
Total	210,250	13,037	169,999	27,214	356

		Remaining term			of which secured
in TEUR	31.12.2022	< 1 year	1-5 years	> 5 years	by collateral
Bank loans	41,172	11,754	19,731	9,687	50
Bonded loans (Schuldscheindarlehen)	181,398	43,989	137,409	-	-
Total	222,570	55,743	157,140	9,687	50

In the financial year 2022, all of the bank loans which were secured by collateral involved real estate.

Bonded loans (Schuldscheindarlehen)

As of December 2023 there was a total of TEUR 151,000 in bonded loans (Schuldscheindarlehen), of which TEUR 140,000 were issued in 2023. TEUR 140,000 of the bonded loans (Schuldscheindarlehen) have been issued in line with ESG criteria. Their interest rate is partially tied to the performance of sustainability ratings of the PORR Group. TEUR 500 meets the "Eligible Green Principles" criteria and was placed as a Green bonded loan (Schuldscheindarlehen). A second-party opinion by the independent ratings agency Sustainalytics was provided to confirm that these principles are upheld. Under this scheme, environmentally friendly and sustainable investments in PORR office buildings are being refinanced along with investments related to PORR activities in environmental engineering

	Nominal amount in TEUR
	ESG-linked bond		Green bonded
Term	ed loans	Bonded loans	loans	Total	in %
February 2024		3,000		3,000	2.00
February 2026	33,000	7,500	500	41,000	27.00
February 2028	87,000			87,000	58.00
February 2030	20,000			20,000	13.00
Total	140,000	10,500	500	151,000	100.00
Carrying amount as of 31 Dec 2023				150,854

In the financial year 2023, bonded loans (Schuldscheindarlehen) totalling TEUR 170,500 were redeemed. TEUR 112,000 of the variable tranches totalling TEUR 125,000 were hedged using interest rate swaps (swapping variable rates for fixed rates), classified as a cash flow hedge.

Accounting policies

Financial liabilities, trade payables (see note 35) and other liabilities (see note 37) are recognised at amortised cost using the effective interest method.

35. TRADE PAYABLES

		Remaining term			of which secured
in TEUR	31.12.2023	< 1 year	1-5 years	> 5 years	by collateral
Trade payables	1,059,504	988,279	45,978	25,247	-
Payables to consortiums	54,840	54,763	77	-	-
Total	1,114,344	1,043,042	46,055	25,247	-

		Remaining term			of which secured
in TEUR	31.12.2022	< 1 year	1-5 years	> 5 years	by collateral
Trade payables	1,153,222	1,094,100	40,548	18,574	-
Payables to consortiums	79,818	79,056	762	-	-
Total	1,233,040	1,173,156	41,310	18,574	-

Trade payables are classified as current as they are to be settled within the entity's normal operating cycle. Any trade payables with a remaining term of more than five years are classified as security deposits.

36. OTHER FINANCIAL LIABILITIES

		Remaining term			of which secured
in TEUR	31.12.2023	< 1 year	1-5 years	> 5 years	by collateral
Payables to non-consolidated subsidiaries	1,213	1,213	-	-	-
Payables to companies accounted for using the equity method	18,586	17,936	650	-	-
Payables to other shareholdings	184	184	-	-	-
Derivative financial instruments	7,732	4,622	3,110	-	-
Other	15,766	13,643	2,123	-	-
Total	43,481	37,598	5,883	-	-

		Remaining term	of which secured
in TEUR	31.12.2022	< 1 year	1-5 years	> 5 years	by collateral
Payables to non-consolidated subsidiaries	1,156	1,156	-	-	-
Payables to companies accounted for using the equity method	15,083	15,083	-	-	-
Payables to other shareholdings	143	143	-	-	-
Derivative financial instruments	5,624	4,647	977	-	-
Other	14,588	12,918	1,670	-	-
Total	36,594	33,947	2,647	-	-

Derivative financial instruments relate to forward exchange contracts, interest rate swaps and futures, which are measured at fair value as at the end of the reporting period (see note 41.9).

Accounting policies

Derivative financial instruments are measured at fair value through profit or loss. Hedging transactions are conducted in line with interest rate risk management as well as the securitisation of commodity prices. Other financial liabilities are recognised at amortised cost while applying the effective interest method.

Konzernlagebericht

To Build A Better World

Die PORR im Überblick

37. OTHER LIABILITIES

			of which secured
in TEUR	31.12.2023	< 1 year	1-5 years	> 5 years	by collateral
Tax liabilities	126,003	126,003	-	-	-
Social security liabilities	26,302	26,302	-	-	-
Contract liabilities	661,307	661,307	-	-	-
Payables to staff	163,922	163,922	-	-	-
Other	477	477	-	-	-
Total	978,011	978,011	-	-	-

			of which secured
in TEUR	31.12.2022	< 1 year	1-5 years	> 5 years	by collateral
Tax liabilities	177,459	177,459	-	-	-
Social security liabilities	25,479	25,479	-	-	-
Contract liabilities	649,604	649,604	-	-	-
Payables to staff	148,203	148,203	-	-	-
Other	176	176	-	-	-
Total	1,000,921	1,000,921	-	-	-

38. CONTINGENT LIABILITIES AND GUARANTEES

in TEUR	2023	2022
Guarantees, guarantee bonds and other contingent liabilities	10,655	10,810
of which for companies accounted for using the equity method	(-)	(-)

The guarantees primarily relate to securing bank loans of non-consolidated subsidiaries, companies accounted for using the equity method and other companies in which the Group holds a stake, as well as other liabilities from the operational business whose drawdown is theoretically possible but considered unlikely.

Other financial obligations

The operational construction business requires various types of guarantees in order to ensure contractual obligations. This generally relates to guarantees for tenders, contract fulfilment, advance payments and warranties. Apart from this, the Group is jointly and severally liable for all consortiums in which it participates. Claims arising from these obligations are not likely.

The Group has access to European credit lines totalling TEUR 4,354,556 (previous year: TEUR 3,971,775). Of these credit lines, TEUR 1,487,500 (previous year: TEUR 1,353,000) was concluded with a term of at least three years. The remainder of TEUR 2,867,056 (previous year: TEUR 2,618,775) generally run for a one-year term. Lines with a volume totalling TEUR 605,116 have an ESG link, whereby the interest rate is partly tied to sustainability ratings of the PORR Group. Furthermore, there were credit lines in several Arabic countries of TEUR 242,217 (previous year: TEUR 251,661). As of 31 December 2023, around 60% (previous year: 63%) of the European credit lines had been drawn on and around 36% (previous year: 35%) of the lines in Arabic countries.

The three-year credit lines of TEUR 1,487,500 (previous year: TEUR 1,353,000) include harmonised financial covenants. The majority of these relate to the ratio between net debt and EBITDA or to the equity ratio. All triggers had been met as of 31 December 2023.

39. NOTES ON SEGMENT REPORTING

The segment report was prepared in accordance with the internal reporting structure and management of the PORR Group.

IFRSs are used as the accounting basis for all business transactions between reportable segments. The reported production output of the PORR Group includes, in comparison to segment revenues, the proportional output from consortiums as well as non-consolidated subsidiaries (equity method and those of minor significance). The report contains the following segments:

Segment AT / CH: The segment AT / CH covers PORR's entire responsibility for the home markets of Austria and East Switzerland. In addition to this permanent business – with the focal points of residential construction, office construction and road construction – come the national competencies in railway engineering, structural engineering and environmental engineering. The areas of large-scale building construction projects, German industrial construction and Slab Track Europe are also housed here. In addition, equity interests such as pde Integral Planung, IAT, ÖBA, Prajo, TKDZ, and ALU-SOMMER have been integrated here.

Segment DE: The segment DE comprises the majority of PORR's activities in Germany. On its second largest market, the company offers building construction, specialist civil engineering and infrastructure services provided by highly qualified experts employed by the company to facilitate high levels of in-depth value creation. PORR has a strong position on the German infrastructure market with its structural engineering, tunnelling, and traffic route construction. The segment DE is home to the German equity interests including PORR Oevermann and Stump-Franki Spezialtiefbau. This allows PORR to cover the entire value chain in specialist civil engineering.

Segment PL: The segment PL holds complete responsibility for Poland, PORR's third largest home market. All Polish equity interests held by PORR are included in this segment. In civil engineering PORR is one of the leading providers in the fields of road, infrastructure and rail construction, as well as specialised civil engineering. In building construction, the focus is on office, industrial and hotel construction as well as on buildings and facilities for the public sector.

Segment CEE: The segment CEE is focused on the home markets of the Czech Republic, Slovakia and Romania. The local equity interests are integrated here as well. PORR offers construction services in building construction and civil engineering, whereby the goal is to provide complete coverage of permanent business in the Czech Republic and Romania in particular. Selected major projects in the infrastructure sector are also undertaken.

Segment Infrastructure International: Within the segment Infrastructure International the Group's competencies in international tunnelling, railway construction and specialist civil engineering are bundled along with Slab Track International. The area of Major Projects, which is responsible for the project markets of Norway, Qatar and the United Arab Emirates (UAE) is also integrated here. In this area, PORR focuses on contracts in infrastructure construction and on cooperation with local partners. The PORR export products are offered for the international markets in a highly selective way and only when there is clear value added.

Holding: This segment bundles operating areas that are not allocated to the operating segments but are managed by the top management level due to developments that are not in line with the market, and other equity interests. The segment mainly comprises equity interests in PORR Beteiligungen und Management GmbH and the building construction business in the west of Switzerland. The Shared Service Center covers all service areas and PORR staff units and is also integrated into the holding.

Information on the performance of the business segments can be found in the Group Management Report.

To Build A Better World

Die PORR im Überblick

Konzernlagebericht

Segment report 2023

					Infrastructure
in TEUR	AT / CH	DE	PL	CEE	International	Holding	Group
Production output (Group)	3,379,874	1,009,057	1,012,202	678,104	391,951	105,986	6,577,174
Segment revenue	2,927,638	981,339	1,020,197	669,892	345,759	103,721	6,048,546
Intersegment revenue	79,545	12,122	68	170	74	111,750
EBT (Earnings before tax = segment earnings)	92,016	8,167	18,547	19,733	18,076	-25,841	130,698
Share of profit/loss of compa nies accounted for using the equity method	32,871	5,985	1,086	-154	57,537	1,251	98,576
Depreciation, amortisation and impairment	-98,260	-34,797	-13,424	-14,894	-16,822	-25,790	-203,987
of which impairment	(-1,217)	(-)	(-)	(-)	(-)	(-699)	(-1,916)
Interest income	4,309	3,850	4,890	5,035	1,581	6,062	25,727
Interest expense	-12,137	-2,387	-1,637	-829	-877	-18,371	-36,238

Segment report 2022

					Infrastructure
in TEUR	AT / CH	DE	PL	CEE	International	Holding	Group
Production output (Group)	3,269,005	864,889	791,226	653,241	515,113	132,935	6,226,409
Segment revenue	2,921,665	874,543	819,868	616,056	429,139	124,741	5,786,012
Intersegment revenue	47,220	10,352	175	411	6,404	110,642
EBT (Earnings before tax = segment earnings)	84,698	3,638	21,410	11,743	14	-11,469	110,034
Share of profit/loss of compa nies accounted for using the
equity method	28,213	1,007	2,739	427	25,975	-1,895	56,466
Depreciation, amortisation and
impairment	-104,240	-32,619	-13,052	-11,462	-13,775	-23,644	-198,792
of which impairment	(-13,219)	(-)	(-)	(-)	(-)	(-)	(-13,219)
Interest income	5,734	921	1,760	1,735	542	4,054	14,746
Interest expense	-7,084	-1,989	-974	-648	-765	-12,763	-24,223

The following information relates to the geographic business areas in which the Group is active:

in TEUR	Production output by cus tomer location 2023	Non-current assets by com pany location 2023	Production output by cus tomer location 2022	Non-current assets by com pany location 2022
Domestic	2,964,175	899,660	2,853,713	855,342
Germany	1,607,638	232,714	1,361,445	229,876
Poland	1,014,702	78,536	834,344	66,591
Czech Republic	310,613	61,568	331,336	56,712
Qatar	50,428	2,553	141,223	13,752
Italy	19,348	124	19,606	179
Romania	343,951	58,597	268,312	32,668
Bulgaria	4,571	1,573	1,739	1,421
Switzerland	111,806	23,402	241,594	15,945
Serbia	12,500	12,611	11,505	-
Great Britain	6,136	8,716	4,167	5,078
Slovakia	54,505	3,887	60,231	2,816
Norway	19,363	512	48,428	318
Croatia	5,327	831	5,446	729
Belgium	22,942	-	23,028	262
Other foreign	29,169	1,397	20,292	1,629
Total foreign	3,612,999	487,021	3,372,696	427,976
Segment total	6,577,174	1,386,681	6,226,409	1,283,318

40. NOTES ON THE CASH FLOW STATEMENT

The reconciliation of the changes in cash flow from financing activities is as follows:

				Bonded loans	Total debts
	Financial	Other financial		(Schuldschein	from financing
in TEUR	liabilities	liabilities	Lease liabilities	darlehen)	activities
Balance as of 1 Jan 2023	41,172	-	374,418	181,398	596,988
Cash changes
Proceeds	57,386	-	-	140,000	197,386
Repayment	-39,392	-10	-67,236	-170,500	-277,138
Non-cash changes
Corporate acquisitions/divestments	-	-	1,419	-	1,419
Additions/Contract adjustments	-	366	70,640	-	71,006
Currency differences	-126	-	2,069	-	1,943
Accrued interest	-	-	-	-44	-44
Balance as of 31 Dec 2023	59,040	356	381,310	150,854	591,560

			Bonded loans	Total debts
	Financial		(Schuldschein	from financing
in TEUR	liabilities	Lease liabilities	darlehen)	activities
Balance as of 1 Jan 2022	67,990	376,879	294,744	739,613
Cash changes
Proceeds	8,737	-	-	8,737
Repayment	-37,850	-64,423	-113,500	-215,773
Non-cash changes
Corporate acquisitions/divestments	1,983	-1,901	-	82
Additions	-	63,918	-	63,918
Currency differences	312	64	-	376
Accrued interest	-	-	154	154
Reclassification liabilities held for sale	-	-119	-	-119
Balance as of 31 Dec 2022	41,172	374,418	181,398	596,988

To Build A Better World

Die PORR im Überblick

Konzernlagebericht

41. NOTES ON FINANCIAL INSTRUMENTS

41.1. Categories of financial instruments

41.1.1. Carrying amounts, measurement rates and fair values

	Measu rement	Carrying amount as of	Measured at amortised	Fair value through other comprehensi	Fair value through profit	Fair value	Fair value as
in TEUR Assets	category	31.12.2023	cost	ve income	and loss	hierarchy	of 31.12.2023
Other financial investments	FVTOCI	2,045		2,045		Level 3	2,045
Other financial investments	FVTPL	388			388	Level 3	388
Other financial investments	FVTPL	226			226	Level 1	226
Trade receivables	AC	867,383	867,383
Other financial assets	AC	202,316	202,316
Other financial assets	FVTPL	269			269	Level 1	269
Other financial assets	FVTPL	25,814			25,814	Level 3	25,814
Derivatives (without hedges)	FVTPL	9,561			9,561	Level 2	9,561
Derivatives (with hedges)		818		818		Level 2	818
Cash and cash equivalents		631,342	631,342
Liabilities
Bonded loans (Schuldschein darlehen)
at fixed interest rates	AC	25,978	25,978			Level 3	26,391
at variable interest rates	AC	124,876	124,876
Bank loans
at fixed interest rates	AC	10,872	10,872			Level 3	9,685
at variable interest rates	AC	48,168	48,168
Lease liabilities1		381,310	381,310
Other financial liabilities
at fixed interest rates	AC	356	356			Level 3	368
Trade payables	AC	1,114,344	1,114,344
Other financial liabilities	AC	35,749	35,749
Derivatives (without hedges)	FVTPL	6,191			6,191	Level 2	6,191
Derivatives (with hedges)		1,541		1,541		Level 2	1,541
by category
Financial assets at amortised
cost	AC	1,069,699	1,069,699
Cash and cash equivalents		631,342	631,342
Fair value through profit & loss	FVTPL	30,067			30,067
Fair value through OCI Financial liabilities at	FVTOCI	2,045		2,045
amortised cost	AC	1,360,343	1,360,343

1 Lease liabilities are subject to application of IFRS 16

The carrying amount of the financial instruments not measured at fair value corresponds to an appropriate approximation of the fair value in accordance with IFRS 7.29 with the exception of deposits from banks subject to fixed interest rates (fair value hierarchy level 3), and bonded loans (Schuldscheindarlehen) subject to fixed interest rates (fair value hierarchy level 3).

The fair value measurement for derivatives is determined in accordance with market data from information service provider REFINITIV. Loans and borrowings as well as bonded loans (Schuldscheindarlehen) are valued using the discounted cash flow method, whereby the zero-coupon yield curve published by REFINITIV as of 31 December 2023 was used for the discounting of the cash flows.

Other financial investments, which are measured at fair value directly in equity, relate to an equity interest in UBM Development Deutschland GmbH (TEUR 1,021), as well as other insignificant interests in GmbH companies (TEUR 1,024). The option to recognise them directly in equity under other operating income was exercised to prevent distortion of operating income. Dividends of TEUR 780 were recognised in the reporting period.

				Fair value
	Measu rement	Carrying amount as of	Measured at amortised	through other comprehensi	Fair value through profit	Fair value	Fair value as
in TEUR	category	31.12.2022	cost	ve income	and loss	hierarchy	of 31.12.2022
Assets
Other financial investments	FVTOCI	2,779		2,779		Level 3	2,779
Other financial investments	FVTPL	396			396	Level 3	396
Other financial investments	FVTPL	5,197			5,197	Level 1	5,197
Trade receivables	AC	1,058,138	1,058,138
Other financial assets	AC	186,707	186,707
Other financial assets	FVTPL	135			135	Level 1	135
Other financial assets	FVTPL	23,614			23,614	Level 3	23,614
Derivatives (without hedges)	FVTPL	4,996			4,996	Level 2	4,996
Derivatives (with hedges)		3,041		3,041		Level 2	3,041
Cash and cash equivalents		655,803	655,803
Liabilities
Bonded loans (Schuldschein
darlehen)
at fixed interest rates	AC	47,975	47,975			Level 3	47,129
at variable interest rates	AC	133,423	133,423
Bank loans
at fixed interest rates	AC	13,071	13,071			Level 3	11,555
at variable interest rates	AC	28,101	28,101
Lease liabilities1		374,418	374,418
Trade payables	AC	1,233,040	1,233,040
Other financial liabilities	AC	30,970	30,970
Derivatives (without hedges)	FVTPL	5,624			5,624	Level 2	5,624
by category
Financial assets at
amortised cost	AC	1,244,845	1,244,845
Cash and cash equivalents		655,803	655,803
Fair value through profit & loss	FVTPL	28,714			28,714
Fair value through OCI	FVTOCI	2,779		2,779
Financial liabilities at amortised cost	AC	1,486,580	1,486,580

1 Lease liabilities are subject to application of IFRS 16 To Build A Better World

Die PORR im Überblick

Konzernlagebericht

Accounting policies

Every financial instrument that is within the scope of IFRS 9 is classified into measurement categories based on the underlying business model and the contractually agreed cash flow characteristics. Financial assets and liabilities are measured at fair value at the settlement date and measured at fair value on initial recognition. In the subsequent period, they are measured at amortised cost or fair value depending on the respective measurement category.

For financial instruments measured at amortised cost or at fair value through other comprehensive income (FVOCI), the expected credit loss model is applied for any impairment losses. In such case a risk provision is formed on the date of acquisition in the amount of the 12-month expected credit loss (Level 1). Should a significant increase in the credit risk occur, then the lifetime expected credit loss is recognised (Level 2). If there is objective evidence of actual impairment, then the classification is made to Level 3.

Sensitivities and interrelationships

The valuation methods applied are subject to fluctuation of the three input factors, defined above as pricing criteria. Any change in a single factor results in a respective change in value (e.g. if the mid swap increases by 1 BP, the receivable decreases in value by 1 BP).

Possible interdependencies are not considered as it is not possible to assume either a significant negative or a significant positive correlation; therefore any individual change would increase the overall valuation in the respective amount.

41.1.2. Net income by measurement category

		from subsequent measurement
		from interest/				Net income
in TEUR		income	at fair value	Allowances	from disposal	2023
Financial assets at
amortised cost	AC	23,527	-	-	-	23,527
Fair value through
profit & loss	FVTPL	2,538	167	-8	7	2,704
Fair value through OCI	FVTOCI	1,184	-	-748	-	436
Financial liabilities at amor
tised cost	AC	-17,817	-	-	-	-17,817

		from subsequent measurement
		from interest/				Net income
in TEUR		income	at fair value	Allowances	from disposal	2022
Financial assets at amortised cost	AC	14,080	-	-	-	14,080
Fair value through profit & loss	FVTPL	-420	-604	-	-475	-1,499
Fair value through OCI	FVTOCI	1,486	-	-313	396	1,569
Financial liabilities at amor tised cost	AC	-12,173	-	-	-	-12,173

41.2. Capital risk management

The aim of the Group's capital management is to substantially strengthen equity and maintain a low level of debt.

In the reporting year, equity increased by around TEUR 61,320. With almost no change in total assets, the equity ratio increased from 19.3% to 20.8%.

Net debt is defined as the balance of cash and cash equivalents, investments in current and non-current assets (investment certificates, time deposits), bonded loans (Schuldscheindarlehen) and current and non-current financial liabilities, excluding derivatives with a negative market value.

The net cash position totalled TEUR 40,051 (previous year net debt: TEUR 58,950), decreasing by TEUR 18,899.

The net gearing ratio is applied for the control of capital risk management. This is defined as net cash/net debt divided by equity. In 2023 the net gearing ratio was -0.05 (previous year: -0.07), marking a slight year-on-year increase of 0.02.

Composition of net cash/net debt and the net gearing ratio:

	Net cash/net debt	Net cash/net debt
in TEUR	31.12.2022	31.12.2023	Change
Lease liabilities	374,418	381,310	-6,892
Financial liabilities	222,570	210,250	12,320
Cash and cash equivalents	-655,803	-631,342	-24,461
Investment certificates	-135	-269	134
Balance as of 31 Dec 2023	-58,950	-40,051	-18,899

Equity	798,925	860,245	-61,320
Net gearing ratio	-0.07	-0.05	-0.02

Free cash flow	99,398
Acquisitions of treasury shares	-7,033
Financial liabilities from changes to the consolidated group	-1,419
Lease liabilities/Other financial liabilities	-71,006
Interest from profit-participation rights/hybrid capital and payouts
including non-controlling interests	-40,685
Others (currency translation, reclassifications and more)	1,846
Change in net cash/net debt

41.3. Objectives of financial risk management

Managing financial risks, in particular liquidity risks and interest rate/currency risks is governed by uniform Group accounting guidelines. The management's aim is to minimise the risks as far as possible. To this end, selected derivative and nonderivative hedging instruments are used in line with evaluations. In general, the only risks that are anticipated are those which have consequences on the Group's cash flow. Derivative financial instruments are used exclusively as hedging instruments, i.e. they are not used for trade or other speculative purposes.

All hedge transactions are performed centrally by the Group Treasury, unless in specific cases other Group companies are authorised to conclude transactions outside the Group Treasury. An internal control system (ICS) designed around current requirements has been implemented to monitor and control risks linked to money market and foreign exchange trading. All Group Treasury activities are subject to strict risk/processing controls, the cornerstone of which is the functional separation of commerce, processing and accounting.

Konzernlagebericht

To Build A Better World

Die PORR im Überblick

41.4. Liquidity risk

Liquidity risk is defined as the risk that liabilities cannot be settled when due. The management of liquidity risk is based on integrated financial planning in the course of Group profit planning and forecasting, which originates at operational level. The operational component involves planning all liquidity-related financial issues such as due dates for financing, M&A and capital market transactions, interest and dividends; this is performed centrally at holding level with the person holding Group responsibility.

At year-end 2023, the Group had a liquidity level of TEUR 631.342 this liquidity is used on the one hand for the seasonal peak liquidity demand from April to November typical to the construction industry, as well as for settling loans due, bonded loan (Schuldscheindarlehen) tranches and potential corporate acquisitions. Should additional liquidity demand arise, this could be covered by drawing on existing lines of credit.

As of 31 December 2023, net cash, defined as the balance from cash and cash equivalents, securities in current and noncurrent assets and current and non-current financial liabilities excluding derivatives with a negative market value, amounted to TEUR 40,051 (previous year: TEUR 58,950).

Current and non-current leases and financial liabilities totalled TEUR 591,560 (previous year: TEUR 596,988) and are covered by cash and cash equivalents.

As of 31 December 2023, there was TEUR 405,100 (previous year: TEUR 293,400) available in unused securitised credit lines with banks, which could be drawn on for the immediate refinancing of current financial liabilities. Lines totalling TEUR 102,500 have an ESG link, whereby the conditions are partly tied to the performance of PORR AG's sustainability rating. See note 38 for details on the syndicated guaranteed credit line.

As of 31 December 2023, there was TEUR 1,036,711 (previous year: TEUR 949,338) in disposable liquidity, defined as the sum of funds available in bank accounts, time deposits and confirmed, unused money market facilities.

The following table shows the maturities of financial liabilities, leases and trade payables:

	Non-discounted cash outflow
	until March
in TEUR	2024	April-Dec 2024	2025-2028	from 2029
Bonded loans (Schuldscheindarlehen)
at fixed interest rates	3,969	-	16,716	10,448
at variable interest rates	3,635	3,772	137,585	11,506
Bank loans
at fixed interest rates	833	2,490	4,607	3,669
at variable interest rates	6,342	2,947	44,806	4,406
Lease liabilities	19,302	53,541	201,922	196,217
Other financial liabilities
at fixed interest rates	20	59	302	-
Trade payables	959,873	28,406	71,225	-

		Non-discounted cash outflow
	until March
in TEUR	2023	April-Dec 2023	2024-2027	from 2028
Bonded loans (Schuldscheindarlehen)
at fixed interest rates	7,847	-	42,114	-
at variable interest rates	6,647	33,653	99,936	-
Bank loans
at fixed interest rates	858	2,469	7,540	2,876
at variable interest rates	7,164	2,199	14,885	7,673
Lease liabilities	17,268	49,032	177,080	230,423
Trade payables	1,070,325	23,775	59,122	-

The average interest rate on financial and lease liabilities is 3.49% (previous year: 2.30%). Payables to consortiums and other financial liabilities essentially lead to cash outflows in the amount of the carrying amounts, analogous to the maturities.

41.5. Interest rate risk management

The Group's interest rate risk is defined as the risk from rising interest cost or decreasing interest income in connection with financial items and for the PORR Group's financial liabilities this risk results from the scenario of rises in interest rates, especially in the short term. In contrast, an increase in current interest for cash and cash equivalents would have a positive impact and lead to an increase in interest income. Any future hedge transactions that are required will be concluded by the Group Treasury. At the end of the reporting period, the interest rate risk management was conducted with non-derivative instruments as well as nine interest rate swaps (IRS) with a nominal amount of TEUR 211,929 (previous year: TEUR 171,000). Of these, seven derivative hedges are designated as cash flow hedges. The basic purpose of the interest rate swaps is to hedge bonded loans (Schuldscheindarlehen) issued at the variable EURIBOR rate, as well as two loans and equipment leases at variable interest rates. All interest rate swaps relate to swapping variable interest flows for fixed interest flows. As of 31 December 2023, the market value of the IRS had a fair value of TEUR -344 (previous year: TEUR 3,041).

Derivative	Start	Maturity	Reference value in TEUR	Fixed interest rate in %	Reference interest rate	Market value 31.12.2023	Market value 31.12.2022
Interest rate swap	12.8.2021	14.8.2023	30,000	0.900	6-month EURIBOR	-	295
Interest rate swap	14.2.2022	13.2.2024	10,000	1.342	6-month EURIBOR	29	170
Interest rate swap	16.8.2022	3.7.2024	22,000	2.069	6-month EURIBOR	190	264
Interest rate swap	16.8.2022	16.2.2026	30,000	2.288	6-month EURIBOR	475	639
Interest rate swap	16.8.2022	15.2.2024	30,000	1.882	6-month EURIBOR	81	310
Interest rate swap	16.6.2022	28.2.2029	14,929	2.245	6-month EURIBOR	124	371
Interest rate swap	30.6.2022	30.6.2026	30,000	2.143	6-month EURIBOR	298	992
Interest rate swap	15.8.2023	15.2.2028	25,000	3.053	6-month EURIBOR	-553	-
Interest rate swap	15.8.2023	15.2.2028	25,000	3.035	6-month EURIBOR	-458	-
Interest rate swap	28.9.2023	28.3.2028	25,000	3.021	6-month EURIBOR	-530	-

As of 31 December 2023, the Group used the following derivative financial instruments to hedge interest rate risks:

An analysis of the floating interest rate position (credit) as of 31 December 2023 amounting to around TEUR 196,995 showed the following sensitivities that would occur under the scenario of an interest rate decrease of 0.01 PP and 0.03 PP. The extent of the interest rate decrease is based on the average volatility of the 3-month and 6-month EURIBOR in 2023. An interest rate range of 1 BP therefore falls statistically within a probability band of 67% and an interest rate range of 3 BP falls statistically within a probability band of 99%. The simulated impact on interest rates is as follows:

in TEUR	Lower interest income for the year 2024	Lower interest income (p. a.) with straight-line extrapolation from 2025
at interest rate reduction of 0.01 PP	19	20
at interest rate reduction of 0.03 PP	58	60

41.6. Risk of raw material price changes

The risk of changes to raw materials prices is defined as the risk of rising prices compared with the costing date of the construction project. This risk is generally mitigated with medium and long-term framework agreements with key suppliers and price-adjustment clauses with customers. In terms of energy procurement, a mix of fixed prices or weekly exchange prices is selected depending on the situation, thereby minimizing price volatility and risk.

To Build A Better World

Die PORR im Überblick

Konzernlagebericht

In the case of diesel, derivative hedges in the form of purchased futures were concluded for the demand in the first three quarters of 2024.

	Hedging
Hedging period	(metric tonnes)	Hedging ratio	Valuation in TEUR
1-3/2024	2,556	28%	-331
4-6/2024	3,181	29%	-551
7-9/2024	3,218	30%	-541

1 metric ton = 1.183 litres

41.7. Foreign currency risks

The foreign currency risk is treated within the PORR Group as transaction-oriented and results either from construction contracts or from financing in connection with such contracts. Group policy is to hedge any operational foreign currency risks in full. In accordance with the respective functional currency of the Group unit that processes the order, the aim is to conduct local orders in the corresponding national currency. This happens in every instance in which the services to be rendered are locally generated. If this is not possible, or if services must be provided in other currencies, the resulting risk is secured by hedging. With regard to derivative financial instruments, the Group Treasury exclusively uses forward contracts and first-generation currency options (see note 41.8).

As of 31 December 2023, the following currency positions existed for the entire Group:

Reporting currency	Currency pair	VAR1 in TEUR
EUR	EURGBP	724
EUR	EURPLN	471
QAR	QAREUR	394
EUR	EURNOK	106
EUR	EURQAR	49
EUR	EURRON	33
CHF	CHFEUR	27
USD	USDEUR	22
AED	AEDEUR	12
EUR	EURCZK	11
various	various	-72

1 VAR = Value At Risk at a one-sided 95% confidence interval, this corresponds to a standard deviation of 1.96 over a time period of ten days.

The currency positions shown are only netted in the course of the respective reporting currency of the companies; correlations between individual currency pairs are not considered. At a confidence interval of 95% over a time period of ten days, the VAR amounts to TEUR 3,190 (previous year: TEUR 4,996).

VAR at Group level, when the items are netted over the reporting currencies and under inclusion of correlations between currency pairs, amounts to TEUR 969 (previous year: TEUR 1,844).

Reporting currency	Currency pair	VAR1 in TEUR
QAR	QAREUR	525
GBP	GBPEUR	371
USD	USDEUR	57
NOK	NOKEUR	42
CHF	CHFEUR	29
AED	AEDEUR	22
RSD	RSDEUR	1
RON	RONEUR	-13
CZK	CZKEUR	-13
PLN	PLNEUR	-52

1 VAR = Value At Risk at a one-sided 95% confidence interval, this corresponds to a standard deviation of 1.96 over a time period of ten days.

41.8. Hedging currency risks

The PORR Group has concluded forward exchange contracts of TEUR 343,952 (previous year: TEUR 380,949) as of 31 December 2023; of these, TEUR 275,442 were forward purchases and TEUR 68,510 were forward sales. An amount of TEUR 152,532 (previous year: TEUR 191,279) is used as hedges for project cash flows and the remaining amount of around TEUR 191,420 (previous year: TEUR 189,669) for hedging intragroup financing.

As of 31 December 2023, the market valuation of open forward exchange contracts resulted in a fair value of TEUR 4,428. In the business year 2023, total expense of TEUR 4,461 that resulted from changes in the fair value of forward contracts was recognised in profit or loss.

The following tables show the predicted contractual due dates for payments from forward contracts as estimated on 31 December 2023, i.e. when payments from the underlying transactions are expected:

		Cash flows in TEUR
Forward sales due date	PLN	SGD	Total
1-3/2024	46,537	273	46,810
4-6/2024	10,147		10,147
7-9/2024	7,973		7,973
10-12/2024	3,511	68	3,579

	Cash flows in TEUR
Forward purchases
due date	PLN	NOK	CHF	GBP	AED	QAR	SGD	RON	Total
1-3/2024	21,251	1,500	93,600	3,583	1,725	64,736	10,748	20,200	217,343
4-6/2024	1,962	1,500		11,719					15,181
7-9/2024	1,238			266					1,504
10-12/2024	112			1,186			69		1,367
2025				26,131					26,131
2026				1,153					1,153
2027				9,572					9,572
2028				3,191					3,191

41.9. Derivative financial instruments

The following table shows the fair values recognised for the different derivative instruments:

in TEUR	2023	2022
Assets
Derivatives
without hedges	9,561	5,988
with hedges	818	2,049
Liabilities
Derivatives
without hedges	6,191	5,624
with hedges	1,541	-

41.10. Credit risks

The risk related to receivables from customers can be classified as low, owing to the broad dispersion and ongoing creditworthiness checks. Specific to the industry, construction contracts require an advance payment by the general contractor that will not be covered by payments until a later date. To reduce any potential default risk, an extensive creditworthiness check is carried out and adequate collateral are agreed as far as possible.

The risk of default in the case of other original financial instruments shown under assets in the statement of financial position is also regarded as low because all contracting parties are financial institutions and other debtors with prime credit ratings. The carrying amount of the financial assets represents the maximum risk of default. Where risks of default are recognised in relation to financial assets, they are taken into account by performing allowances for impairment. There are high levels of outstanding receivables which relate mostly to infrastructure and building construction projects for public clients or public and private companies. Except for these, there are no occurrences of concentration of operating risks arising from significant outstanding amounts from individual debtors.

Weitere Angaben

Further Information

To Build A Better World

Die PORR im Überblick

Konzernlagebericht

As of 31 December 2023, the maximum credit risk amounted to TEUR 1,739,952 (previous year: TEUR 1,940,527) and relates mainly to loans, other financial investments and securities, other financial assets, trade receivables and cash and cash equivalents.

42. AVERAGE NUMBER OF EMPLOYEES

	2023	2022
White-collar employees
Domestic	3,789	3,638
Foreign	5,599	5,346
Blue-collar workers
Domestic	6,772	6,879
Foreign	4,505	4,369
Total employees 1	20,665	20,232
of which fully consolidated
White-collar	9,369	8,983
Blue-collar	11,174	11,153
Total fully consolidated	20,543	20,136

1 due to production output

43. RELATED PARTY DISCLOSURES

In addition to subsidiaries and companies accounted for using the equity method, related parties include the UBM Group and the companies of the IGO Industries Group, as they or their controlling entity hold shares together with the Strauss Group, over which one member of the PORR AG Executive Board has significant control. In addition to people and related companies who have control over PORR AG, related parties also include the members of the Executive and Supervisory Boards of PORR AG as well as their close family members.

Transactions between Group companies included in the consolidated financial statements were eliminated within the consolidation and are not examined any further.

Receivables and liabilities to consortiums only include direct services charged.

Transactions between Group companies and companies accounted for using the equity method are disclosed in the following analysis:

	Income		Expenses		Receivables		Liabilities
in TEUR	2023	2022	2023	2022	2023	2022	2023	2022
Associates	17,351	24,136	22,940	30,272	33,330	23,869	379	4,882
Joint ventures	72,520	56,234	130,646	118,817	25,712	31,361	18,207	10,202
Consortiums	303,406	413,740	27,389	39,955	13,979	66,549	5,696	4,800

Transactions with other related companies and members of the management in key positions and companies over which they have control were as follows:

	Income Expenses			Receivables		Liabilities
in TEUR	2023	2022	2023	2022	2023	2022	2023	2022
From trade payables and receivables
UBM Group	15,286	25,491	5,576	2,272	2,564	6,366	92	19
IGO Industries Group	1,746	801	43,975	13,744	784	856	2,192	2,640
Strauss Group	5,877	3,648	54	116	693	1,094	5	26
Other	6	212	130	322	-	-	2	2
From financing
UBM Group	-	666	-	-	-	-	-	-

With the purchase agreement dated 11 July 2023 and closing on 13 October 2023, the PORR Group acquired 60% of the shares in Sanitär-Elementbau Gesellschaft m.b.H. from IGO Technologies GmbH; the purchase price amounts to TEUR 1,680. Resolutions at the Annual General Meeting must be passed with a majority of 75%, which is why this company is accounted for using the equity method. This is a transaction between related parties.

Outstanding accounts receivable are not secured and are settled in cash. No guarantees were given nor were any enforced. No allowances were made in respect of amounts owed by related companies or persons, nor were any bad debt losses recognised during the reporting period.

44. EVENTS AFTER THE END OF THE REPORTING PERIOD AND OTHER DISCLOSURES

To refinance existing hybrid bonds, a new hybrid bond of TEUR 135,000 with an unlimited term and an interest rate of 9.5% p.a. was issued at the beginning of February 2024. After five years, there is a right to early redemption for the first time. If this is not utilised, the interest rate increases to the five-year mid-swap rate applicable at that time plus 11.931%. The hybrid capital is categorised as an equity instrument, as interest payments and capital repayments must only be made if conditions arise which PORR AG can authorise or prevent, and the Group therefore has the option of permanently avoiding payments. As part of a proactive financial strategy, parts of the hybrid bonds 2020 and 2021, which are due for redemption for the first time in February 2025 and November 2026 respectively, were refinanced. Investors were offered the opportunity to have their holdings bought back at a price of EUR 99.50. This offer was taken up by investors in the 2020 hybrid bond in the amount of TEUR 103,550 and by those in the 2021 hybrid bond in the amount of TEUR 31,450. The holdings of the outstanding hybrid bonds 2020 and 2021 were thereby reduced to TEUR 46,450 and TEUR 18,550 respectively in February 2024.

On 20 February 2024, PORR AG repurchased the existing profit participation rights in the amount of TEUR 40,000 in full and subsequently redeemed them.

In a notarial deed dated 15 November 2023, the PORR Group acquired 100% of the shares of PANNONIA Kiesgewinnung GmbH with its five subsidiaries; the purchase price amounts to TEUR 27,250. Closing is still open and is expected in the second quarter of 2024.

The Executive Board of PORR AG approved the consolidated financial statements and handed them over to the Supervisory Board on 19 March 2024.

45. FEES PAID TO THE GROUP'S AUDITORS

The following table shows the fees paid to the Group's auditors in the reporting period:

		BDO Assurance GmbH		Ernst & Young Wirtschaftsprü fungsgesellschaft m.b.H.
in TEUR	2023	2022	2023	2022
Auditing the financial statements	198	301	203	-
Other audit services	463	528	152	-
Other advisory services	63	35	71	-

To Build A Better World

Die PORR im Überblick

Konzernlagebericht

46. EXECUTIVE BODIES

Members of the Executive Board

Karl-Heinz Strauss, CEO Klemens Eiter Josef Pein (until 31 December 2023) Claude-Patrick Jeutter (from 1 January 2024) Jürgen Raschendorfer

Members of the Supervisory Board

Karl Pistotnik, Chairman Klaus Ortner, Deputy Chairman Robert Grüneis Walter Knirsch Iris Ortner, MBA Bernhard Vanas Susanne Weiss Thomas Winischhofer

Members delegated by the Works Council

Gottfried Hatzenbichler Wolfgang Ringhofer Martina Stegner Christian Supper

The table below shows the remuneration paid to the managers in key positions, i.e. the members of the Executive Board and of the Supervisory Board of PORR AG, broken down according to payment categories:

			Long Term Incentive Program	Additional remuneration
	Salary	Variable bonus	(LTIP) 1	components	2023
Executive Board remuneration
Karl-Heinz Strauss	850	850	-	78	1,778
Klemens Eiter	500	450	125	73	1,148
Josef Pein	500	500	-	110	1,110
Jürgen Raschendorfer	500	450	125	85	1,160
Total	2,350	2,250	250	346	5,196
of which benefits due short term	2,350	2,250	-	116	4,716
of which remuneration due after
termination of employment	-	-	-	230	230
of which variable bonus (LTIP)	-	-	250	-	250
Supervisory Board remuneration
Current benefits due					377

1 Granted amount, corresponds to a calculated share allocation of 9,144 shares

			Additional
			remuneration
	Salary	Variable bonus	components	2022
Executive Board remuneration
Karl-Heinz Strauss	850	850	82	1,782
Klemens Eiter	333	333	41	707
Josef Pein	500	500	134	1,134
Jürgen Raschendorfer	500	500	210	1,210
Total	2,183	2,183	467	4,833
of which benefits due short term	2,183	2,183	184	4,550
of which remuneration due after
termination of employment	-	-	283	283
Supervisory Board remuneration
Current benefits due				360

19 March 2024, Vienna

The Executive Board

Karl-Heinz Strauss m. p. Klemens Eiter m. p. Claude-Patrick Jeutter m. p. Jürgen Raschendorfer m. p.

Konzernlagebericht

To Build A Better World

Die PORR im Überblick

SHAREHOLDINGS

	Country	Cur		PORR AG	PORR Group	Type of consoli	PORR AG share previ	PORR Group share previous	Type of conso lidation previous
Company	code	rency	Domicile	share %	share %	dation	ous year %	year %	year
Subsidiaries
"EAVG Enzersdorfer Abfallverwertungsgesell schaft m.b.H."	AT	EUR	Wien	0.00000	100.00000	F	0.00000	100.00000	F
A. Niedermühlbichler Baugesellschaft m.b.H.	AT	EUR	Seeboden	0.00000	100.00000	F	0.00000	100.00000	F
ABW Abbruch, Boden- und Wasserreinigungs
Gesellschaft m.b.H.	AT	EUR	Wien	0.00000	100.00000	F	0.00000	100.00000	F
Altlastensanierung und Abraumdeponie Langes
Feld Gesellschaft m.b.H.	AT	EUR	Wien	0.00000	86.38750	F	0.00000	86.38750	F
AME Asphaltmischwerk Ennshafen GmbH	AT	EUR	Linz	0.00000	100.00000	M	0.00000	100.00000	M
AME Asphaltmischwerk Ennshafen GmbH & Co KG	AT	EUR	Linz	0.00000	100.00000	F	0.00000	100.00000	F
			Unterpremstätten,
			politische Gemeinde
AMF - Asphaltmischanlage Feistritz GmbH	AT	EUR	Premstätten	0.00000	100.00000	M	0.00000	100.00000	M
			Unterpremstätten,
AMF - Asphaltmischanlage Feistritz GmbH &			politische Gemeinde
Co KG	AT	EUR	Premstätten	0.00000	100.00000	F	0.00000	100.00000	F
AMO Asphaltmischwerk Oberland GmbH	AT	EUR	Linz	0.00000	90.00000	M	0.00000	90.00000	M
AMO Asphaltmischwerk Oberland GmbH & Co KG	AT	EUR	Linz	0.00000	90.00000	F	0.00000	90.00000	F
ASCI Logistik GmbH in Liqu.	AT	EUR	Premstätten	0.00000	100.00000	F	0.00000	100.00000	F
Asphaltmischwerk Greinsfurth GmbH	AT	EUR	Amstetten	0.00000	66.66750	M	0.00000	66.66750	M
Asphaltmischwerk Greinsfurth GmbH & Co OG	AT	EUR	Amstetten	0.00000	66.66750	F	0.00000	66.66750	F
Bautech Labor GmbH	AT	EUR	Wien	0.00000	100.00000	F	0.00000	100.00000	F
C21 Beteiligungs GmbH	AT	EUR	Wien	0.00000	100.00000	F	0.00000	100.00000	F
CIS Beton GmbH in Liqu.	AT	EUR	Premstätten	0.00000	100.00000	F	0.00000	100.00000	F
Edos Beteiligungsverwaltungs GmbH	AT	EUR	Wien	0.00000	100.00000	F	0.00000	100.00000	F
EPS LAA 43 GmbH	AT	EUR	Wien	0.00000	100.00000	F	0.00000	100.00000	F
FEHBERGER Stahlbau GmbH in Liqu. G. Hinteregger & Söhne Baugesellschaft m.b.H.	AT AT	EUR EUR	Völkermarkt Salzburg	0.00000 0.00000	100.00000 100.00000	F F	0.00000 0.00000	100.00000 100.00000	F F
Gesellschaft für Bauwesen GmbH	AT	EUR	Wien	0.00000	100.00000	F	0.00000	100.00000	F
Grund- Pfahl- und Sonderbau GmbH	AT	EUR	Wien	0.00000	100.00000	F	0.00000	100.00000	F
Hinteregger Holding Gesellschaft m.b.H.	AT	EUR	Wien	100.00000	100.00000	F	100.00000	100.00000	F
hospitals Projektentwicklungsges.m.b.H.	AT	EUR	Wien	0.00000	67.25000	F	0.00000	67.25000	F
IAT GmbH	AT	EUR	Wien	0.00000	100.00000	F	0.00000	100.00000	F
IBAP Beteiligungsholding GmbH	AT	EUR	Wien	0.00000	100.00000	F	0.00000	100.00000	F
ISHAP Gebäudedokumentations GmbH	AT	EUR	Wien				0.00000	87.50000	F
ISHAP Personaldokumentations GmbH	AT	EUR	Wien				0.00000	80.00000	F
ISHAP Software Solutions GmbH	AT	EUR	Wien				0.00000	80.00000	F
KOLLER TRANSPORTE - KIES - ERDBAU GMBH	AT	EUR	Wien	0.00000	100.00000	F	0.00000	100.00000	F
Kraft & Wärme Rohr- und Anlagentechnik GmbH	AT	EUR	Wien	0.00000	100.00000	F	0.00000	100.00000	F
			Unterpremstätten,
			politische Gemeinde
Kratochwill Schotter & Beton GmbH	AT	EUR	Premstätten	0.00000	100.00000	F	0.00000	100.00000	F
Kröll Pflasterbau GmbH	AT	EUR	Sulz	0.00000	100.00000	F	0.00000	100.00000	F
			Unterpremstätten,
			politische Gemeinde
LD Recycling GmbH Lieferasphaltgesellschaft JAUNTAL GmbH	AT AT	EUR EUR	Premstätten Klagenfurt	0.00000 0.00000	100.00000 71.99671	F F	0.00000 0.00000	100.00000 71.99671	F F
M.E.G. Mikrobiologische Erddekontamination
GmbH	AT	EUR	Linz	0.00000	100.00000	F	0.00000	100.00000	F
Nägele Hoch- und Tiefbau GmbH	AT	EUR	Sulz	0.00000	100.00000	F	0.00000	100.00000	F
O.M. Meissl & Co. Bau GmbH	AT	EUR	Wien	0.00000	100.00000	F	0.00000	100.00000	F
ÖBA - Österreichische Betondecken Ausbau
GmbH	AT	EUR	Graz	0.00000	100.00000	F	0.00000	100.00000	F
pde Integrale Planung GmbH	AT	EUR	Wien	100.00000	100.00000	F	0.00000	100.00000	F
PKM - Muldenzentrale GmbH	AT	EUR	Wien	0.00000	97.97021	F	0.00000	97.97021	F
PONTUM Immobilien GmbH	AT	EUR	Wien	100.00000	100.00000	F	100.00000	100.00000	F
PONTUM Immobilien GmbH & Co KG	AT	EUR	Wien	94.00000	100.00000	F	94.00000	100.00000	F
PORR AUSTRIARAIL GmbH	AT	EUR	Wien	0.00000	100.00000	F	0.00000	100.00000	F
PORR Bau GmbH	AT	EUR	Wien	52.48926	100.00000	F	52.48926	100.00000	F
PORR Bauindustrie GmbH	AT	EUR	Wien	100.00000	100.00000	F	100.00000	100.00000	F

Currency Domicile PORR AG share % PORR Group share % consolidation share previous year % share previous PORR Beteiligungen und Management GmbH AT EUR Wien 100.00000 100.00000 F 100.00000 100.00000 F PORR Equipment Services GmbH AT EUR Wien 0.00000 100.00000 F 100.00000 100.00000 F PORR Mischanlagen GmbH AT EUR Wien 0.00000 100.00000 F 0.00000 100.00000 F PORR Recycling GmbH AT EUR Wien 0.00000 100.00000 F 0.00000 100.00000 F PORR Umwelttechnik GmbH AT EUR Wien 0.00000 100.00000 F 0.00000 100.00000 F PORR Verkehrstechnik GmbH AT EUR Salzburg 0.00000 100.00000 F 0.00000 100.00000 F PORRisk Solutions GmbH AT EUR Wien 100.00000 100.00000 F 100.00000 100.00000 F Unterpremstätten,

Type of

PORR AG

PORR Group

year %

Type of consolidation previous year

To Build A Better World

Die PORR im Überblick

Prajo & Co GmbH	AT	EUR	Wien	0.00000	100.00000	F	0.00000	100.00000	F
			Unterpremstätten,
			politische Gemeinde
PRONAT Steinbruch Preg GmbH	AT	EUR	Premstätten	0.00000	100.00000	F	0.00000	100.00000	F
RCH Recycling Center Himberg GmbH	AT	EUR	Himberg	0.00000	100.00000	F	0.00000	100.00000	F
REHA Tirol Errichtungs GmbH	AT	EUR	Münster	0.00000	100.00000	F	0.00000	100.00000	F
Reha Zentrum Münster Betriebs GmbH	AT	EUR	Münster	0.00000	74.90000	F	0.00000	74.90000	F
Sabelo Beteiligungsverwaltungs GmbH	AT	EUR	Wien	100.00000	100.00000	M	100.00000	100.00000	M
			Sulzau, politsche
Salzburger Lieferasphalt GmbH & Co OG	AT	EUR	Gemeinde Werfen	0.00000	80.00000	F	0.00000	80.00000	F
SAM03 Beteiligungs GmbH	AT	EUR	Wien	0.00000	100.00000	F	0.00000	100.00000	F
Schotter- und Betonwerk Karl Schwarzl
Betriebsgesellschaft m.b.H.	AT	EUR	Premstätten	100.00000	100.00000	F	100.00000	100.00000	F
Schotterwerk GRADENBERG Gesellschaft m.b.H.	AT	EUR	Köflach	0.00000	100.00000	F	0.00000	100.00000	F
			Unterpremstätten, politische Gemeinde
Schwarzl Transport GmbH	AT	EUR	Premstätten	0.00000	100.00000	F	0.00000	100.00000	F
STRAUSS Property Management GmbH	AT	EUR	Wien	0.00000	100.00000	F	0.00000	100.00000	F
TEERAG-ASDAG Bau GmbH	AT	EUR	Wien	0.00000	100.00000	F	0.00000	100.00000	F
TEERAG-ASDAG GmbH	AT	EUR	Wien	52.48926	100.00000	F	52.48926	100.00000	F
Wibeba Hochbau GmbH & Co. Nfg. KG	AT	EUR	Wien	100.00000	100.00000	F	100.00000	100.00000	F
Wiener Betriebs- und Baugesellschaft m.b.H.	AT	EUR	Wien	0.00000	100.00000	F	0.00000	100.00000	F
BB Government Services Benelux société á
responsabilité limitée	BE	EUR	Jodoigne	0.00000	100.00000	F	0.00000	100.00000	F
PORR Bulgaria EOOD	BG	BGN	Sofia	0.00000	100.00000	F	0.00000	100.00000	F
Bolfing AG	CH	CHF	Schwyz	0.00000	100.00000	F	0.00000	100.00000	F
FBB Spezialtiefbau Rebstein AG	CH	CHF	Rebstein	0.00000	100.00000	F	0.00000	100.00000	F
PORR SUISSE AG	CH	CHF	Altdorf	0.00000	100.00000	F	0.00000	100.00000	F
Obalovna Bechovice s.r.o.	CZ	CZK	Praha	0.00000	100.00000	F	0.00000	100.00000	F
PORR a.s.	CZ	CZK	Praha	0.00000	100.00000	F	0.00000	100.00000	F
PORR Equipment Services Cesko s.r.o	CZ	CZK	Praha	0.00000	100.00000	F	0.00000	100.00000	F
Alexander Parkside Verwaltungs GmbH	DE	EUR	München	0.00000	100.00000	M	0.00000	50.00000	M
BB Government Services GmbH	DE	EUR	Kaiserslautern	0.00000	100.00000	F	0.00000	100.00000	F
CMG Gesellschaft für Baulogistik GmbH	DE	EUR	Münster	0.00000	100.00000	F	0.00000	100.00000	F
Emil Mayr Hoch- und Tiefbau GmbH	DE	EUR	München	0.00000	100.00000	F	0.00000	100.00000	F
Franki Grundbau GmbH	DE	EUR	Seevetal	0.00000	100.00000	F	0.00000	100.00000	F
Franki Grundbau Verwaltungs GmbH	DE	EUR	Seevetal				0.00000	100.00000	F
G-S Straßenbau GmbH	DE	EUR	Münster	0.00000	100.00000	F	0.00000	100.00000	F
HAT Schwertransporte GmbH	DE	EUR	Dülmen	0.00000	100.00000	F	0.00000	100.00000	F
Hinteregger, Brandstetter & Co. Baugesellschaft m.b.H. in Liqu.	DE	EUR	Traunstein	0.00000	100.00000	F	0.00000	100.00000	F
IAT Deutschland GmbH	DE	EUR	München	0.00000	100.00000	F	0.00000	100.00000	F
ÖBA Betondecken Ausbau Deutschland GmbH	DE	EUR	München	0.00000	100.00000	F	0.00000	100.00000	F
Oevermann Hochbau GmbH	DE	EUR	Münster	0.00000	100.00000	F	0.00000	100.00000	F
Oevermann Ingenieurbau GmbH	DE	EUR	Münster	0.00000	100.00000	F	0.00000	100.00000	F
Oevermann Verkehrswegebau GmbH	DE	EUR	Münster	0.00000	100.00000	F	0.00000	100.00000	F
pde Integrale Planung GmbH	DE	EUR	Berlin	0.00000	100.00000	F	0.00000	100.00000	F
Porr Equipment Services Deutschland GmbH	DE	EUR	München	0.00000	100.00000	F	0.00000	100.00000	F
Porr Franki GmbH & Co. KG	DE	EUR	Seevetal				0.00000	100.00000	F
PORR GmbH & Co. KGaA	DE	EUR	München	0.00000	94.66235	F	0.00000	94.66235	F
Porr Industriebau GmbH	DE	EUR	Passau	0.00000	100.00000	F	0.00000	100.00000	F
PORR Management GmbH	DE	EUR	München	100.00000	100.00000	F	100.00000	100.00000	F

Company

Country code

Konzernlagebericht

Company	Country code	Cur rency	Domicile	PORR AG share %	PORR Group share %	Type of consoli dation	PORR AG share previ ous year %	PORR Group share previous year %	conso lidation previous year
PORR Oevermann GmbH	DE	EUR	Münster	0.00000	100.00000	F	0.00000	100.00000	F
			Aschheim, Land
PORR Ressourcen Verwaltungs GmbH	DE	EUR	kreis München	0.00000	100.00000	M	0.00000	100.00000	M
PORR Spezialtiefbau GmbH	DE	EUR	München	0.00000	100.00000	F	0.00000	100.00000	F
PORR Spezialtiefbau Planung GmbH	DE	EUR	Seevetal	0.00000	100.00000	F	0.00000	100.00000	F
PORR Stahl- und Systembau GmbH	DE	EUR	Zahna-Elster	0.00000	100.00000	F	0.00000	100.00000	F
PORR Stahl- und Systembau Verwaltungs GmbH	DE	EUR	Zahna-Elster				0.00000	100.00000	M
Porr Umwelttechnik Deutschland GmbH	DE	EUR	München	0.00000	100.00000	F	0.00000	100.00000	F
PORR Vermögensverwaltung MURNAU GmbH	DE	EUR	München Aschheim, Land	0.00000	100.00000	M	0.00000	100.00000	M
Radmer Kies GmbH & Co. KG	DE	EUR	kreis München	0.00000	100.00000	F	0.00000	100.00000	F
STRAUSS & CO. Development GmbH	DE	EUR	München	0.00000	100.00000	F	0.00000	100.00000	F
Thorn Abwassertechnik GmbH	DE	EUR	München	0.00000	100.00000	M	0.00000	100.00000	M
TKDZ GmbH	DE	EUR	Wellen	0.00000	100.00000	F	0.00000	100.00000	F
TOTALPLAN GmbH	DE	EUR	Berlin	0.00000	100.00000	F	0.00000	100.00000	F
Unterstützungskasse Franki Grundbau GmbH	DE	EUR	Seevetal	0.00000	100.00000	F	0.00000	100.00000	F
PORR SLOVAKIA LTD.	GB	GBP	London	0.00000	100.00000	F	0.00000	100.00000	F
PORR UK Ltd.	GB	GBP	London	0.00000	100.00000	F	0.00000	100.00000	F
Schwarzl drustvo s ogranicenom odgovornoscu
za obradu betona i sljunka	HR	EUR	Glina	0.00000	100.00000	F	0.00000	100.00000	F
PORR Épitési Kft."végelszámolás alatt"	HU	HUF	Budapest				0.00000	100.00000	F
BB GOVERNMENT SERVICES SRL	IT	EUR	Vicenza	0.00000	100.00000	F	0.00000	100.00000	F
IAT Impermeabilizzazioni Srl in Liquidazione	IT	EUR	Bozen				0.00000	100.00000	M
PORR GRADEZNISTVO DOOEL Skopje	MK	MKD	Skopje	0.00000	100.00000	F	0.00000	100.00000	F
PNC Norge AS	NO	NOK	Oslo	0.00000	100.00000	F	0.00000	100.00000	F
Porr Construction LLC under liquidation	OM	OMR	Mascat	0.00000	100.00000	M	0.00000	100.00000	M
BBGS Spólka z ograniczona odpowiedzialnoscia Joint Venture LNG Offshore (cz.morska) -	PL	PLN	Warszawa	0.00000	100.00000	F	0.00000	100.00000	F
Hydrotechnical Part	PL	PLN		0.00000	99.90000	F	0.00000	99.90000	F
Joint Venture LNG Offshore (cz.morska) -
Technological Part	PL	PLN		0.00000	75.00000	F	0.00000	75.00000	F
Joint Venture PORR - AKME (Karpacz, Piemonte Hotel)	PL	PLN		0.00000	75.00000	F	0.00000	75.00000	F
Joint Venture PORR/AMW SINEVIA
(3/3 Military Task)	PL	PLN	Warszawa	0.00000	50.00000	F	0.00000	50.00000	F
Joint Venture Tunel Swinoujscie s.c.	PL	PLN		0.00000	48.38100	F	0.00000	48.38100	F
JV PORR - TM.E	PL	PLN		0.00000	85.00000	F	0.00000	85.00000	F
PORR Spólka Akcyjna	PL	PLN	Warszawa	0.00000	100.00000	F	0.00000	100.00000	F
Stump Franki Spólka z ograniczona odpowiedzi
alnoscia	PL	PLN	Warszawa	0.00000	100.00000	F	0.00000	100.00000	F
Tunel Swinoujscie 2 s.c. Joint Venture	PL	PLN		0.00000	50.00000	F	0.00000	50.00000	F
RADMER BAU PORTUGAL - CONSTRUCOES, LIMITADA	PT	EUR	Lisboa	0.00000	99.00000	M	0.00000	99.00000	M
PORR Qatar Construction W.L.L	QA	QAR	Doha	0.00000	49.00000	F	0.00000	49.00000	F
PORR-HBK-MIDMAC C853/2 JV (Joint Venture)	QA	QAR	Doha	0.00000	34.00000	F	0.00000	34.00000	F
BBGSRO Construction S.R.L.	RO	RON	Bucuresti	0.00000	100.00000	F	0.00000	100.00000	F
Porr Construct S.R.L.	RO	RON	Bucuresti	0.00000	100.00000	F	0.00000	100.00000	F
Gradevinsko preduzece Porr d.o.o. - u likvidaciji	RS	RSD	Belgrad	0.00000	100.00000	F	0.00000	100.00000	F
PWW d.o.o. Nis	RS	RSD	Nis	0.00000	100.00000	F	0.00000	100.00000	F
PWW Deponija d.o.o. Jagodina	RS	RSD	Jagodina	0.00000	100.00000	F	0.00000	100.00000	F
PWW Deponija Dva d.o.o. Leskovac	RS	RSD	Leskovac	0.00000	100.00000	F	0.00000	100.00000	F
PWW Jagodina doo Jagodina	RS	RSD	Jagodina	0.00000	80.00000	F	0.00000	80.00000	F
PWW Leskovac doo Leskovac	RS	RSD	Leskovac	0.00000	70.00000	F	0.00000	70.00000	F
PWW Prokuplje doo Prokuplje	RS	RSD	Prokuplje	0.00000	100.00000	F	0.00000	100.00000	F
PORR - GATES R150 JV (Joint Venture)	SG	SGD		0.00000	50.00000	F	0.00000	50.00000	F
PORR Construction Pte. Ltd.	SG	SGD	Singapur	0.00000	100.00000	F	0.00000	100.00000	F
PORR s.r.o.	SK	EUR	Bratislava	0.00000	100.00000	F	0.00000	100.00000	F
Associated companies
			Oeynhausen,
			politische Gemeinde
ABO Asphalt-Bau Oeynhausen GmbH.	AT	EUR	Traiskirchen	0.00000	22.50000	E	0.00000	22.50000	E
ALU-SOMMER GmbH AMB Asphalt-Mischanlagen Betriebsgesellschaft	AT	EUR	Stoob	0.00000	49.49857	E	0.00000	49.49857	E

m.b.H & Co KG AT EUR Zistersdorf 0.00000 20.00000 M 0.00000 20.00000 M

Type of

Company	Country code	Cur rency	Domicile	PORR AG share %	PORR Group share %	Type of consoli dation	PORR AG share previ ous year %	PORR Group share previous year %	conso lidation previous year
			Zistersdorf-Maus
AMB Asphalt-Mischanlagen Betriebsgesellschaft m.b.H.	AT	EUR	trenk, politische Ge meinde Zistersdorf	0.00000	20.00000	M	0.00000	20.00000	M
AMG - Asphaltmischwerk Gunskirchen
Gesellschaft m.b.H.	AT	EUR	Linz	0.00000	33.33333	M	0.00000	33.33333	M
ASF Frästechnik GmbH & Co KG	AT	EUR	Kematen	0.00000	40.00000	E	0.00000	40.00000	E
Asphaltmischwerk Betriebsgesellschaft m.b.H. & Co KG	AT	EUR	Rauchenwarth	0.00000	40.00000	E	0.00000	40.00000	E
AWB Asphaltmischwerk Weißbach Betriebs
GmbH FMA Asphaltwerk GmbH & Co KG	AT AT	EUR EUR	Wien Feldbach	0.00000 0.00000	45.00000 35.00000	M E	0.00000 0.00000	45.00000 35.00000	M E
KAB Straßensanierung GmbH & Co KG	AT	EUR	Spittal an der Drau	0.00000	19.98800	M	0.00000	19.98800	M
Lavanttaler Bauschutt - Recycling GmbH	AT	EUR	Wolfsberg	0.00000	49.99999	E	0.00000	49.99999	E
MSO Mischanlagen GmbH Ilz & Co KG	AT	EUR	Ilz	0.00000	47.19000	E	0.00000	47.19200	E
MSO Mischanlagen GmbH Pinkafeld & Co KG	AT	EUR	Pinkafeld	0.00000	47.33333	E	0.00000	47.33333	E
Pocket House GmbH	AT	EUR	Wien	0.00000	28.36684	E	0.00000	27.33629	E
QuickSpeech GmbH	AT	EUR	Gablitz	0.00000	24.90000	E	0.00000	24.90000	E
RFM Asphaltmischwerk GmbH & Co KG	AT	EUR	Wienersdorf Oeynhausen, politische Gemeinde Traiskirchen Wienersdorf Oeynhausen, politische Gemeinde	0.00000	46.00000	E	0.00000	46.00000	E
RFM Asphaltmischwerk GmbH.	AT	EUR	Traiskirchen	0.00000	46.00000	M	0.00000	46.00000	M
Sava Most Gradevinsko Preduzece OG	AT	EUR	Wien	0.00000	27.93000	M	0.00000	27.93000	M
TB Betonwerk Zams GmbH	AT	EUR	Zams	0.00000	24.00000	E	0.00000	24.00000	E
Obalovna Boskovice, s.r.o.	CZ	CZK	Boskovice	0.00000	45.00000	E	0.00000	45.00000	E
Alexander Parkside GmbH & Co. KG i.L.	DE	EUR	Berlin	0.00000	50.00000	E	0.00000	50.00000	E
ASDAG Kavicsbánya és Épitö Korlátolt Felelösségü Társaság	HU	HUF	Janossomorja	0.00000	34.88000	E	0.00000	34.88000	E
Joint Venture Doraco - PORR PUM Szczecin	PL	PLN		0.00000	50.00000	E
Advanced Utility Construction and Contracting LLC	QA	QAR	Doha	0.00000	40.00000	E	0.00000	40.00000	E
Joint Venture Al Wakrah Stadium & Precinct Main
Works and Masterplan (SC-14-G-171)	QA	QAR	Doha	0.00000	33.33330	E	0.00000	33.33330	E
Joint Venture Al-BALAGH-PORR	QA	QAR		0.00000	49.00000	E	0.00000	49.00000	E
Joint Venture LNG Onshore (czesc ladowa)	PL	PLN		0.00000	50.00000	E	0.00000	50.00000	E
Joint Venture TGE-PORR Joint Ventures	PL	PLN		0.00000	50.00000	E	0.00000	50.00000	E
JV BB CLC Società Consortile a
responsabilitá limitata	IT	EUR	Vicenza	0.00000	51.00000	E	0.00000	51.00000	E
JV MACC NAVY	IT	EUR		0.00000	95.00000	E	0.00000	95.00000	E
ACCOMEGA Gewerbeimmobilien Leoben GmbH	AT	EUR	Leoben	0.00000	40.00000	E
AMG - Asphaltmischwerk Gunskirchen
Gesellschaft m.b.H. & Co. KG	AT	EUR	Linz	0.00000	33.33333	E	0.00000	33.33333	E
AMW Asphalt-Mischwerk GmbH	AT	EUR	Sulz	0.00000	50.00000	M	0.00000	50.00000	M
AMW Asphalt-Mischwerk GmbH & Co KG	AT	EUR	Sulz	0.00000	50.00000	E	0.00000	50.00000	E
AMW Leopoldau GmbH & Co OG	AT	EUR	Wien	0.00000	33.34000	E	0.00000	33.34000	E
ARIWA Abwasserreinigung im Waldviertel GmbH	AT	EUR	Wien	0.00000	75.00000	E	0.00000	75.00000	E
ASB Nörsach GmbH	AT	EUR	Linz	0.00000	50.00000	E	0.00000	50.00000	E
ASF Frästechnik GmbH	AT	EUR	Kematen	0.00000	40.00000	M	0.00000	40.00000	M
Asphaltmischwerk Betriebsgesellschaft m.b.H.	AT	EUR	Rauchenwarth	0.00000	40.00000	M	0.00000	40.00000	M
Asphaltmischwerk Roppen GmbH	AT	EUR	Roppen	0.00000	30.00000	M	0.00000	30.00000	M
Asphaltmischwerk Roppen GmbH & Co KG	AT	EUR	Roppen	0.00000	30.00000	E	0.00000	30.00000	E
Asphaltmischwerk Weißbach GmbH & Co. Nfg.KG	AT	EUR	Salzburg	0.00000	45.00000	E	0.00000	45.00000	E
ASTRA - BAU Gesellschaft m.b.H. Nfg. OG	AT	EUR	Bergheim	0.00000	50.00000	E	0.00000	50.00000	E
AUL Abfallumladelogistik Austria GmbH	AT	EUR	Gerasdorf bei Wien	0.00000	50.00000	E	0.00000	50.00000	E
CamBER22 GmbH CBL City Beton Logistik GmbH	AT AT	EUR EUR	Wien Wien	0.00000 0.00000	26.00000 50.00000	E M	0.00000 0.00000	26.00000 50.00000	E M
CBL City Beton Logistik GmbH & Co KG	AT	EUR	Wien	0.00000	50.00000	E	0.00000	50.00000	E
FMA Asphaltwerk GmbH	AT	EUR	Feldbach	0.00000	35.00000	M	0.00000	35.00000	M
			Klagenfurt am
FSF WA TVK Errichtungs GmbH	AT	EUR	Wörthersee	0.00000	40.00000	E	0.00000	40.00000	E
FSF Wohnanlage Annenheim Errichtungs GmbH	AT	EUR	Klagenfurt am Wörthersee	0.00000	40.00000	E

Type of

To Build A Better World

Die PORR im Überblick

Konzernlagebericht

Company	Country code	Cur rency	Domicile	PORR AG share %	PORR Group share %	Type of consoli dation	PORR AG share previ ous year %	PORR Group share previous year %	conso lidation previous year
			Klagenfurt am
FSF Wohnanlage Finkenweg Errichtungs GmbH	AT	EUR	Wörthersee Klagenfurt am	0.00000	40.00000	E	0.00000	40.00000	E
FSF Wohnanlage Kranzlhofen GmbH	AT	EUR	Wörthersee	0.00000	40.00000	E	0.00000	40.00000	E
FSF Wohnanlage Oberfeldstraße Errichtungs GmbH	AT	EUR	Klagenfurt am Wörthersee	0.00000	40.00000	E	0.00000	40.00000	E
FSF Wohnanlage St. Georgen Errichtungs GmbH	AT	EUR	Klagenfurt am Wörthersee	0.00000	40.00000	E
FSF Wohnanlage Völkendorf Errichtungs GmbH	AT		Klagenfurt am Wörthersee	0.00000	40.00000	E	0.00000	40.00000	E
FSF Wohnanlage WB3 Errichtungs GmbH	AT	EUR	Klagenfurt am Wörthersee	0.00000	40.00000	E	0.00000	40.00000	E
Gaspix Beteiligungsverwaltungs GmbH	AT	EUR	Zirl	0.00000	31.57894	M	0.00000	31.57894	M
Grazer Transportbeton GmbH	AT	EUR	Gratkorn	0.00000	50.00000	E	0.00000	50.00000	E
GzG Gipsrecycling GmbH	AT	EUR	Stockerau	0.00000	33.33333	E
INTERGEO Umweltmanagement GmbH	AT	EUR	Salzburg	0.00000	50.00000	E	0.00000	50.00000	E
IP Real Estate Amraser Straße GmbH in Liqu.	AT	EUR	Innsbruck				0.00000	50.00000	E
johaNovum Projekt GmbH	AT	EUR	Sankt Johann im Pongau	0.00000	33.30000	E	0.00000	33.30000	E
KMG - Klinikum Management Gesellschaft mbH	AT	EUR	Graz	0.00000	50.00000	E	0.00000	50.00000	E
Lieferasphalt Gesellschaft m.b.H.	AT	EUR	Wien	0.00000	50.00000	M	0.00000	50.00000	M
			Viecht, politische Gemeinde
Lieferasphalt Gesellschaft m.b.H. & Co OG, Viecht	AT	EUR	Desselbrunn Maria Gail, politi	0.00000	33.50000	E	0.00000	33.50000	E
Lieferasphalt Gesellschaft m.b.H. & Co. OG	AT	EUR	sche Gemeinde Villach	0.00000	40.00000	E	0.00000	40.00000	E
Lieferasphalt Gesellschaft m.b.H. & Co. OG, Zirl	AT	EUR	Wien	0.00000	50.00000	E	0.00000	50.00000	E
Linzer Schlackenaufbereitungs- und vertriebsgesellschaft m.b.H.	AT	EUR	Linz	0.00000	33.33333	E	0.00000	33.33333	E
LISAG Linzer Splitt- und Asphaltwerk GmbH.	AT	EUR	Linz	0.00000	50.00000	M	0.00000	50.00000	M
LISAG Linzer Splitt- und Asphaltwerk GmbH. & Co KG	AT	EUR	Linz	0.00000	50.00000	E	0.00000	50.00000	E
MSO Mischanlagen GmbH	AT	EUR	Ilz	0.00000	66.66667	M	0.00000	66.66667	M
RBA - Recycling- und Betonanlagen Ges.m.b.H. & Co. Nfg. KG	AT	EUR	Zirl	0.00000	31.57895	E	0.00000	31.57895	E
			Mannersdorf am
RCM Recyclingcenter Mannersdorf GmbH	AT	EUR	Leithagebirge	0.00000	50.00000	E	0.00000	50.00000	E
REHAMED Beteiligungsges.m.b.H.	AT	EUR	Graz	0.00000	50.00000	E	0.00000	50.00000	E
Salzburger Reststoffverwertung GmbH Sanitär-Elementbau Gesellschaft m.b.H.	AT AT	EUR EUR	Salzburg Haus/Ennsthal	0.00000 0.00000	50.00000 60.00000	E E	0.00000	50.00000	E
SEQUELLO GmbH	AT	EUR	Wien	0.00000	33.33333	E	0.00000	33.33333	E
Stöckl Schotter- und Splitterzeugung GmbH	AT	EUR	Weißbach bei Lofer	0.00000	40.00001	E	0.00000	40.00001	E
TAL Betonchemie Handel GmbH	AT	EUR	Wien	0.00000	50.00000	E	0.00000	50.00000	E
TAM Traisental Asphaltmischwerk Ges.m.b.H.	AT	EUR	Nußdorf ob der Traisen	0.00000	33.33333	M	0.00000	33.33333	M
TAM Traisental Asphaltmischwerk Ges.m.b.H. &			Nußdorf ob der
Co KG	AT	EUR	Traisen	0.00000	33.33333	E	0.00000	33.33333	E
Tauernkies GmbH	AT	EUR	Salzburg	0.00000	50.00000	E	0.00000	50.00000	E
TB Transportbeton GmbH	AT	EUR	Linz	0.00000	33.33333	E	0.00000	33.33333	E
TBT Transportbeton Tillmitsch GmbH TBT Transportbeton Tillmitsch GmbH & Co KG	AT AT	EUR EUR	Tillmitsch Tillmitsch	0.00000 0.00000	50.00000 50.00000	M E	0.00000 0.00000	50.00000 50.00000	M E
Vereinigte Asphaltmischwerke Gesellschaft
m.b.H. Vereinigte Asphaltmischwerke Gesellschaft	AT	EUR	Spittal an der Drau	0.00000	50.00000	M	0.00000	50.00000	M
m.b.H. & Co KG	AT	EUR	Spittal an der Drau	0.00000	50.00000	E	0.00000	50.00000	E
Weyerhof Steinbruch GmbH	AT	EUR	Murau	0.00000	50.00000	M	0.00000	50.00000	M
Weyerhof Steinbruch GmbH & Co KG	AT	EUR	Murau	0.00000	50.00000	E	0.00000	50.00000	E
WPS Rohstoff GmbH	AT	EUR	Peggau	0.00000	49.00000	E	0.00000	49.00000	E
Obalovna Havlickuv Brod s.r.o.	CZ	CZK	Hradec Králové	0.00000	50.00000	E	0.00000	50.00000	E
OBALOVNA PRÍBRAM, s.r.o.	CZ	CZK	Praha	0.00000	37.50000	E	0.00000	37.50000	E
Obalovna Stredokluky s.r.o.	CZ	CZK	Praha	0.00000	50.00000	E	0.00000	50.00000	E
Obalovna Tábor s.r.o.	CZ	CZK	Ceské Budejovice	0.00000	50.00000	E	0.00000	50.00000	E
Obalovna Tyniste s.r.o.	CZ	CZK	Ceské Budejovice	0.00000	33.33333	E	0.00000	33.33333	E
SILASFALT s.r.o. Spolecne obalovny, s.r.o. v likvidaci	CZ CZ	CZK CZK	Ostrava - Kuncice Praha	0.00000	50.00000	E	0.00000 0.00000	50.00000 50.00000	E E
AMW Asphaltmischwerke Westfalen GmbH	DE	EUR	Münster	0.00000	50.00000	E	0.00000	50.00000	E

Type of

	Country	Cur		PORR AG	PORR Group	Type of consoli	PORR AG share previ	PORR Group share previous	conso lidation previous
Company	code	rency	Domicile	share %	share %	dation	ous year %	year %	year
AVALERIA Beteiligungsgesellschaft mbH	DE	EUR	München	0.00000	60.00000	M	0.00000	60.00000	M
AVALERIA Hotel HafenCity GmbH & Co. KG	DE	EUR	München	0.00000	56.88000	E	0.00000	56.88000	E
Beteiligungsgesellschaft Nordharz Asphalt Mischwerke mbH	DE	EUR	Wegeleben	0.00000	50.00000	M	0.00000	50.00000	M
H + E Haustechnik und Elektro GmbH	DE	EUR	Plattling	0.00000	50.00000	E	0.00000	50.00000	E
Nordharz Asphalt-Mischwerke GmbH & Co. KG	DE	EUR	Wegeleben	0.00000	50.00000	E	0.00000	50.00000	E
PORR Becker Abbruchtechnik GmbH	DE	EUR	München	0.00000	50.00000	E	0.00000	50.00000	E
AF Haehre/PNC ANS (Joint Venture)	NO	NOK		0.00000	50.00000	E	0.00000	50.00000	E
JOINT VENTURE FARRIS BRU ANS	NO	NOK	Larvik				0.00000	65.00000	E
JOINT VENTURE HARPE BRU ANS	NO	NOK	Larvik				0.00000	65.00000	E
"Modzelewski & Rodek" Spólka z ograniczona odpowiedzialnoscia	PL	PLN	Warszawa	0.00000	50.00000	E	0.00000	50.00000	E
Berlin Office Spólka z ograniczona
odpowiedzialnoscia	PL	PLN	Warszawa	0.00000	26.00000	E	0.00000	26.00000	E
Joint Venture AMW SINEVIA/PORR	PL	PLN	Warszawa	0.00000	50.00000	E	0.00000	50.00000	E
Poleczki Amsterdam Office Spólka z ograniczona
odpowiedzialnoscia	PL	PLN	Warszawa	0.00000	26.00000	E	0.00000	26.00000	E
Poleczki Vienna Office Spólka z ograniczona odpowiedzialnoscia	PL	PLN	Warszawa	0.00000	26.00000	E	0.00000	26.00000	E
Warsaw Office Spólka z ograniczona
odpowiedzialnoscia	PL	PLN	Warszawa	0.00000	26.00000	E	0.00000	26.00000	E
AUCC Precast Factory LLC	QA	QAR	Doha	0.00000	40.00000	E	0.00000	40.00000	E
EQCC PORR W.L.L.	QA	QAR	Doha	0.00000	49.00000	E	0.00000	49.00000	E
Hamad Bin Khalid Contracting - PORR Qatar
Construction JV W.L.L.	QA	QAR	Doha	0.00000	45.00000	E	0.00000	45.00000	E
Joint Venture MIDMAC-PORR	QA	QAR		0.00000	50.00000	E	0.00000	50.00000	E
Joint Venture MIDMAC-PORR I/C	QA	QAR		0.00000	50.00000	E	0.00000	50.00000	E
D4R7 Construction s.r.o.	SK	EUR	Bratislava Bratislava - mestská	0.00000	35.00000	E	0.00000	35.00000	E
Slovenské Asfalty s.r.o.	SK	EUR	cast´ Ruzinov	0.00000	50.00000	E	0.00000	50.00000	E
Other equity interests
KAB Straßensanierung GmbH	AT	EUR	Spittal an der Drau	0.00000	19.98800	M	0.00000	19.98800	M
PPP Campus Bednar Park Errichtungs- und
Betriebs GmbH	AT	EUR	Wien	0.00000	1.00000	M	0.00000	1.00000	M
			Garanas, politische Gemeinde
Pumpspeicherkraftwerk Koralm GmbH	AT	EUR	Schwanberg	0.00000	1.00000	M	0.00000	1.00000	M
Schaberreiter GmbH	AT	EUR	Kindberg	0.00000	6.80000	M	0.00000	6.80000	M
Senuin Beteiligungsverwaltungs GmbH	AT	EUR	Wien	0.00000	1.00000	M	0.00000	1.00000	M
WMW Weinviertler Mischwerk Gesellschaft m.b.H.	AT	EUR	Zistersdorf	0.00000	16.66667	M	0.00000	16.66667	M
WMW Weinviertler Mischwerk Gesellschaft m.b.H. & Co KG	AT	EUR	Zistersdorf	0.00000	16.66667	M	0.00000	16.66667	M
Arena Boulevard GmbH & Co. KG i.L.	DE	EUR	Berlin	0.00000	6.00000	M	0.00000	6.00000	M
BTM BAUSTOFF-TECHNIK + MISCHWERKE Gesellschaft mit beschränkter Haftung	DE	EUR	Bielefeld	0.00000	15.00000	M	0.00000	15.00000	M
GeMoBau Gesellschaft für modernes Bauen mbH i.L.	DE	EUR	Berlin	6.00000	6.00000	M	6.00000	6.00000	M
SONUS City GmbH & Co. KG in Liqu.	DE	EUR	Berlin	0.00000	6.00000	M	0.00000	6.00000	M
UBM Development Deutschland GmbH	DE	EUR	München	0.00000	6.00000	M	0.00000	6.00000	M
Zero Bypass (Holdings) Limited	GB	GBP	London	0.00000	10.00000	M	0.00000	10.00000	M
AQUASYSTEMS gospodarjenje z vodami d.o.o.	SI	EUR	Maribor	0.00000	10.00030	M	0.00000	10.00030	M

Key:

F = Fully consolidated companies

E = Companies consolidated using the equity method

M = Companies of minor significance

Type of

To Build A Better World

Die PORR im Überblick

FURTHER INFORMATION EU TAXONOMY REGULATION

REVENUE

	Propor tion of
	Revenue
Code Revenue	2023
TEUR	%
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1 Environmentally sustainable activities (Taxonomy-aligned)
Electricity generation from hydropower CCM 4.5 2,027	0.0
Storage of electricity CCM 4.10 3,890	0.1
Collection and transport of non-hazardous waste in source-segregated fractions CCM 5.5 8,204	0.1
Material recovery from non-hazardous waste CCM 5.9 8,535	0.1
Infrastructure for personal mobility, cycle logistics CCM 6.13 12,099	0.2
Infrastructure for rail transport CCM 6.14 174,624	2.9
Construction of new buildings CCM 7.1 17,779	0.3
Revenue of environmentally sustainable activities (Taxonomy-aligned) (A.1) 227,158	3.8
190,613	3.2
Of which transitional 0	0.0
A.2 Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
Sustainable urban drainage systems (SUDS) WTR 2.3 5,034	0.1
Remediation of contaminated sites and areas PPC 2.4 2,436	0.0
Demolition and wrecking of buildings and other structures CE 3.3 5,583	0.1
Maintenance of roads and motorways CE 3.4 86,029	1.4
Use of concrete in civil engineering CE 3.5 534,316	8.8
Electricity generation from hydropower CCM 4.5, CCA 4.5 17,461	0.3
Storage of electricity CCM 4.10, CCA 4.10 1,316	0.0
Infrastructure for personal mobility, cycle logistics CCM 6.13, CCA 6.13 8,458	0.1
Infrastructure for rail transport CCM 6.14, CCA 6.14 444,695	7.4
Construction of new buildings CCM 7.1, CCA 7.1, CE 3.1 1,385,587	22.9
Renovation of existing buildings CCM 7.2, CCA7.2, CE 3.2 149,523	2.5
Installation, maintenance and repair of energy efficiency equipment CCM 7.3, CCA 7.3 5,654	0.1
Revenue of Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (A.2) 2,646,092	43.7
A. Revenue of Taxonomy-eligible activities (A1+A2) 2,873,250	47.5
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
Revenue of Taxonomy-non-eligible activities 3,175,296	52.5
6,048,546	100.0

Substantial Contribution Criteria DNSH criteria ('Do No Significant Harm')

Category transitional activity

	Proportion of revenue / Total revenue
	Eligible per objective in %	Aligned per objective in %
CCM	37.1	3.8
CCA	0
WTR	0,1
CE	10.3
PPC	0
BIO	0

Substantial Contribution Criteria DNSH criteria ('Do No Significant Harm')
Proportion of Taxon safeguards adaptation adaptation mitigation economy Minimum diversity diversity economy Pollution Pollution omy-aligned (A.1) or Circular Circular Climate Climate Climate change change change Water Water Taxonomy-eligible Bio Bio (A.2) revenue, 2022	Category Category transi enabling tional activity activity
Y; N; Y; N; Y; N; Y; N; Y; N; N/EL N/EL N/EL N/EL N/EL Y/N Y/N Y/N Y/N Y/N Y/N Y/N %	E T
N N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 0.3
N N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 0.0 N N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 0.4	E
N N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 0.2
N N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 0.1	E
N N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 3.5	E
N N/EL N/EL N N/EL Y Y Y Y Y Y Y 0.0
0 0 0 0 0 Y Y Y Y Y Y Y 4.5
0 0 0 0 0 Y Y Y Y Y Y Y 3.6	E
0.0
N/EL EL N/EL N/EL N/EL 0.0
N/EL N/EL EL N/EL N/EL 0.0
N/EL N/EL N/EL EL N/EL 0.0
N/EL N/EL N/EL EL N/EL 0.0
N/EL N/EL N/EL EL N/EL 0.0
EL N/EL N/EL N/EL N/EL 0.2
EL N/EL N/EL N/EL N/EL 0.0
EL N/EL N/EL N/EL N/EL 0.0
EL N/EL N/EL N/EL N/EL 3.7
EL N/EL N/EL EL N/EL 22.6
EL N/EL N/EL EL N/EL 3.0
EL N/EL N/EL N/EL N/EL 0.1
0.0 0.1 0.0 10.3 0.0 29.6
0.0 0.1 0.0 10.3 0.0 34.1
65.9
100.0

REVENUE

CCM 37.1 3.8

CCA 0 WTR 0,1 CE 10.3 PPC 0 BIO 0

Proportion of revenue / Total revenue Eligible per objective in % Aligned per objective in % To Build A Better World

Die PORR im Überblick

Konzernlagebericht

Konzernabschluss

CAPEX

			Propor tion of CAPEX
	Code	CAPEX	2023
		TEUR	%
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1 Environmentally sustainable activities (Taxonomy-aligned)
Electricity generation from hydropower	CCM 4.5	35	0.0
Storage of electricity	CCM 4.10	69	0.0
Collection and transport of non-hazardous waste in source segregated fractions	CCM 5.5	1,570	0.5
Material recovery from non-hazardous waste	CCM 5.9	2,366	0.8
Infrastructure for personal mobility, cycle logistics	CCM 6.13	261	0.1
Infrastructure for rail transport	CCM 6.14	3,102	1.0
Construction of new buildings	CCM 7.1	310	0.1
CAPEX of environmentally sustainable activities (Taxonomy-aligned) (A.1)		7,713	2.5
Of which enabling		3,431	1.1
Of which transitional		0	0.0
A.2 Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
Sustainable urban drainage systems (SUDS)	WTR 2.3	87	0.0
Remediation of contaminated sites and areas	PPC 2.4	367	0.1
Demolition and wrecking of buildings and other structures	CE 3.3	103	0.0
Maintenance of roads and motorways	CE 3.4	2,238	0.7
Use of concrete in civil engineering	CE 3.5	11,995	3.9
Electricity generation from hydropower	CCM 4.5, CCA 4.5	342	0.1
Storage of electricity	CCM 4.10, CCA 4.10	41	0.0
Infrastructure for personal mobility, cycle logistics	CCM 6.13, CCA 6.13	153	0.1
Infrastructure for rail transport	CCM 6.14, CCA 6.14	7,810	2.5
Construction of new buildings	CCM 7.1, CCA 7.1, CE 3.1	24,455	8.0
Renovation of existing buildings	CCM 7.2, CCA 7.2, CE 3.2	2,751	0.9
Installation, maintenance and repair of energy efficiency equipment	CCM 7.3, CCA 7.3	682	0.2
Installation, maintenance and repair of charging stations for electric vehicles in buildings
(and parking spaces attached to buildings)	CCM 7.4, CCA 7.4	314	0.2
Installation, maintenance and repair of renewable energy technologies	CCM 7.6, CCA 7.6	936	0.3
CAPEX of Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (A.2)		52,274	17.0
A. CAPEX of Taxonomy-eligible activities (A1+A2)		59,987	19.5
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
CAPEX of Taxonomy-non-eligible activities		247,852	80.5
Total (A+B)		307,839	100.0

Substantial Contribution Criteria DNSH criteria ('Do No Significant Harm')

Category transitional activity

	Proportion of CAPEX / Total CAPEX
	Eligible per objective in %	Aligned per objective in %
CCM	14.8	2.5
CCA	0
WTR	0
CE	4.6
PPC	0.1
BIO	0

		Substantial Contribution Criteria						DNSH criteria ('Do No Significant Harm')
Propor tion of CAPEX CAPEX 2023	mitigation Climate change	adaptation Climate change	Water	Pollution	economy Circular	diversity Bio	mitigation Climate change	adaptation Climate change	Water	Pollution	Economy Circular	diversity Bio	safeguards Minimum	Proportion of Taxon omy-aligned (A.1) or Taxonomy-eligible (A.2) CAPEX, 2022	Category enabling activity	Category transi tional activity
%	Y; N; N/EL	Y; N; N/EL	Y; N; N/EL	Y; N; N/EL	Y; N; N/EL	Y; N; N/EL	Y/N	Y/N	Y/N	Y/N	Y/N	Y/N	Y/N	%	E
	Y Y	N N	N/EL N/EL	N/EL N/EL	N/EL N/EL	N/EL N/EL	Y Y	Y Y	Y Y	Y Y	Y Y	Y Y	Y Y	0.1 0.0	E
0.0 0.5	Y	N	N/EL	N/EL	N/EL	N/EL	Y	Y	Y	Y	Y	Y	Y	0.1
0.8	Y	N	N/EL	N/EL	N/EL	N/EL	Y	Y	Y	Y	Y	Y	Y	1.7
	Y	N	N/EL	N/EL	N/EL	N/EL	Y	Y	Y	Y	Y	Y	Y	0.1	E
0.1 1.0	Y	N	N/EL	N/EL	N/EL	N/EL	Y	Y	Y	Y	Y	Y	Y	1.3	E
	Y	N	N/EL	N/EL	N	N/EL	Y	Y	Y	Y	Y	Y	Y	0.0
	2.5	0	0	0	0	0	Y	Y	Y	Y	Y	Y	Y	3.3
	1.1	0	0	0	0	0	Y	Y	Y	Y	Y	Y	Y	1.4	E
1.1 0.0	0.0													0.0
0.0	N/EL	N/EL	EL	N/EL	N/EL	N/EL								0.0
0.1	N/EL	N/EL	N/EL	EL	N/EL	N/EL								0.0
0.0	N/EL	N/EL	N/EL	N/EL	EL	N/EL								0.0
0.7	N/EL	N/EL	N/EL	N/EL	EL	N/EL								0.0
	N/EL	N/EL	N/EL	N/EL	EL	N/EL								0.0
	EL	EL	N/EL	N/EL	N/EL	N/EL								0.1
0.0	EL	EL	N/EL	N/EL	N/EL	N/EL								0.0
0.1	EL	EL	N/EL	N/EL	N/EL	N/EL								0.0
	EL	EL	N/EL	N/EL	N/EL	N/EL								1.3
	EL	EL	N/EL	N/EL	EL	N/EL								8.3
0.9	EL	EL	N/EL	N/EL	EL	N/EL								1.0
0.2	EL	EL	N/EL	N/EL	N/EL	N/EL								0.2
0.2	EL	EL	N/EL	N/EL	N/EL	N/EL								0.0
	EL	EL	N/EL	N/EL	N/EL	N/EL								0.4
	12.3	0.0	0.0	0.1	4.6	0.0								11.3
	14.8	0.0	0.0	0.1	4.6	0.0								14.6
														85.4

Proportion of CAPEX / Total CAPEX Eligible per objective in % Aligned per objective in %

CAPEX

CCM 14.8 2.5

CCA 0 WTR 0 CE 4.6 PPC 0.1 BIO 0 To Build A Better World

Die PORR im Überblick

Konzernlagebericht

Konzernabschluss

OPEX

			Propor tion of
			OPEX
	Code	OPEX	2023
		TEUR	%
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1 Environmentally sustainable activities (Taxonomy-aligned)
Electricity generation from hydropower	CCM 4.5	22	0.0
Storage of electricity	CCM 4.10	85	0.1
Collection and transport of non-hazardous waste in source segregated fractions	CCM 5.5	418	0.2
Material recovery from non-hazardous waste	CCM 5.9	791	0.5
Infrastructure for personal mobility, cycle logistics	CCM 6.13	93	0.1
Infrastructure for rail transport	CCM 6.14	1,905	1.1
Construction of new buildings	CCM 7.1	138	0.1
OPEX of environmentally sustainable activities (Taxonomy-aligned) (A.1)		3,452	2.1
Of which enabling		2,083	1.3
Of which transitional		0	0.0
A.2 Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
Sustainable urban drainage systems (SUDS)	WTR 2.3	47	0.0
Remediation of contaminated sites and areas	PPC 2.4	99	0.1
Demolition and wrecking of buildings and other structures	CE 3.3	152	0.1
Maintenance of roads and motorways	CE 3.4	2,128	1.4
Use of concrete in civil engineering	CE 3.5	14,080	8.4
Electricity generation from hydropower	CCM 4.5, CCA 4.5	510	0.3
Storage of electricity	CCM 4.10, CCA 4.10	120	0.1
Infrastructure for personal mobility, cycle logistics	CCM 6.13, CCA 6.13	515	0.3
Infrastructure for rail transport	CCM 6.14, CCA 6.14	2,951	1.8
Construction of new buildings	CCM 7.1, CCA 7.1, CE 3.1	10,697	6.4
Renovation of existing buildings	CCM 7.2, CCA 7.2, CE 3.2	1,520	0.9
Installation, maintenance and repair of energy efficiency equipment	CCM 7.3, CCA 7.3	157	0.1
Installation, maintenance and repair of charging stations for electric vehicles in buildings
(and parking spaces attached to buildings)	CCM 7.4, CCA 7.4	34	0.0
Installation, maintenance and repair of instruments and devices for measuring, regulation and
controlling energy performance of buildings	CCM 7.5, CCA 7.5	30	0.0
Installation, maintenance and repair of renewable energy technologies	CCM 7.6, CCA 7.6	42	0.0
OPEX of Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (A.2)		33,082	19.9
A. OPEX of Taxonomy-eligible activities (A1+A2)		36,534	22.0
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
OPEX of Taxonomy-non-eligible activities		130,103	78.0
Total (A+B)		166,637	100.0

Substantial Contribution Criteria DNSH criteria ('Do No Significant Harm')

Category transitional activity

	Proportion of OPEX / Total OPEX
	Eligible per objective in %	Aligned per objective in %
CCM	12	2.1
CCA	0
WTR	0
CE	9.9
PPC	0.1
BIO	0

Substantial Contribution Criteria						DNSH criteria ('Do No Significant Harm')
Pollution			Circular	economy	diversity Bio	mitigation Climate change	adaptation Climate change	Water		Pollution	economy Circular	diversity Bio	safeguards Minimum	Proportion of Taxon omy-aligned (A.1) or Taxonomy-eligible (A.2) OPEX, 2022	Category enabling activity	Category transi tional activity
	Y; N; N/EL		Y; N; N/EL		Y; N; N/EL	Y/N	Y/N	Y/N		Y/N	Y/N	Y/N	Y/N	%		E
	N/EL		N/EL		N/EL	Y	Y	Y		Y	Y	Y	Y	0.2
	N/EL		N/EL		N/EL	Y	Y	Y		Y	Y	Y	Y	0.0		E
	N/EL		N/EL		N/EL	Y	Y	Y		Y	Y	Y	Y	0.3
	N/EL		N/EL		N/EL	Y	Y	Y		Y	Y	Y	Y	0.9
	N/EL		N/EL		N/EL	Y	Y	Y		Y	Y	Y	Y	0.1		E
	N/EL		N/EL		N/EL	Y	Y	Y		Y	Y	Y	Y	2.7		E
	N/EL		N		N/EL	Y	Y	Y		Y	Y	Y	Y	0.0
0			0		0	Y	Y	Y		Y	Y	Y	Y	4.2
0			0		0	Y	Y	Y		Y	Y	Y	Y	2.8		E
														0.0
	N/EL		N/EL		N/EL									0.0
	EL N/EL		N/EL EL		N/EL N/EL									0.0 0.0
	N/EL		EL		N/EL									0.0
	N/EL		EL		N/EL									0.0
	N/EL		N/EL		N/EL									0.2
	N/EL		N/EL		N/EL									0.0
	N/EL		N/EL		N/EL									0.0
	N/EL		N/EL		N/EL									0.7
	N/EL		EL		N/EL									3.6
	N/EL		EL		N/EL									0.4
	N/EL		N/EL		N/EL									0.1
	N/EL		N/EL		N/EL									0.0
	N/EL		N/EL		N/EL									0.0
	N/EL		N/EL		N/EL									0.0
	0.1		9.9		0.0									5.0
	0.1		9.9		0.0									9.2
														90.8
														100.0

Proportion of OPEX / Total OPEX

CCM 12 2.1

Eligible per objective in % Aligned per objective in %

OPEX

CCA 0 WTR 0 CE 9.9 PPC 0.1 BIO 0 To Build A Better World

Die PORR im Überblick

Konzernlagebericht

Konzernabschluss

ESG-KEY PERFORMANCE INDICATORS

Direct economic value generated and distributed by the PORR Group

(in EUR m)

	2023	2022
Revenue	6,048.5	5,786.0
Earnings from companies accounted for using the equity method	98.6	56.5
Other operating income	187.2	190.7
Income from financial investments and other current financial assets	26.7	14.2
Depreciation, amortisation and impairment	-204.0	-198.8
Cost of materials	-4,142.1	-3,976.8
Other costs to generate economic value	-394.3	-387.5
Economic value generated	1,620.7	1,484.3

Distribution of economic value generated by PORR Group (in EUR m)

	2023	2022
Staff costs	1,453.7	1,350.0
Payments to government entities	35.7	27.4
Shareholders/holders of hybrid capital and profit-participation rights	42.9	37.5
External capital providers	36.2	24.2
Companies (retained earnings)	52.1	45.1
Economic value generated	1,620.7	1,484.3

BETTER ENVIRONMENT

Energy consumption within the organisation

(MWh)

2023	Total	AT	CH	CZ	DE	NO	PL	QA	RO	SK
Energy consumption within the organisation	736,629	367,914	6,620	46,155	76,188	2,027	116,067	45,753	65,540	10,365
Non-renewable fuel consumption	622,358	304,229	3,633	41,440	56,649	866	97,104	45,647	63,161	9,629
Renewable fuel consumption	228	228	0	0	0	0	0	0	0	0
Grid-bound energy consumption1	114,043	63,457	2,988	4,715	19,539	1,162	18,962	106	2,379	735
Indirect energy consumption	105,080	58,108	2,955	4,706	19,004	1,162	15,925	106	2,379	735
Electricity grid mix2	38,239	8,997	1,539	4,505	13,378	0	8,434	106	642	637
Green electricity	66,488	48,804	1,416	201	5,605	1,162	7,464	0	1,737	99
Self-generated green electricity	354	307	0	0	21	0	26	0	0	0
Heating consumption	8,963	5,348	33	9	535	0	3,037	0	0	0
Cooling consumption	0	0	0	0	0	0	0	0	0	0

1 Includes electricity, heating consumption and cooling consumption. Natural gas is included in non-renewable fuels.

2 Includes electricity from non-renewable sources as well as electricity of unknown origin.

2022	Total1	AT	CH	CZ	DE	NO	PL	QA	RO	SK
Energy consumption within the organisation	775,986	387,544	6,833	48,094	71,912	3,031	138,107	54,711	62,243	3,511
Non-renewable fuel consumption	654,961	324,509	3,637	44,063	51,753	33	114,478	54,580	59,749	2,159
Renewable fuel consumption	104	104	0	0	0	0	0	0	0	0
Grid-bound energy consumption2	120,921	62,931	3,196	4,031	20,159	2,998	23,629	131	2,494	1,352
Indirect energy consumption	110,329	56,196	3,180	4,031	18,445	2,998	21,502	131	2,494	1,352
Electricity grid mix3	48,596	8,149	1,877	3,807	12,818	0	19,137	131	1,507	1,170
Green Electricity	61,403	47,741	1,303	224	5,606	2,998	2,362	0	987	182
Self-generated green
electricity	330	306	0	0	21	0	3	0	0	0
Heating consumption	10,592	6,735	16	0	1,714	0	2,127	0	0	0
Cooling consumption	0	0	0	0	0	0	0	0	0	0

1 Total amount differs from the total amount in the Sustainability Report 2022 due to the reduction in the reporting scope (excl. UAE).

2 Includes electricity, heating consumption and cooling consumption. Natural gas is included in non-renewable fuels.

3 Includes electricity from non-renewable sources as well as electricity of unknown origin. To Build A Better World

Die PORR im Überblick

Konzernlagebericht

Konzernabschluss

Energy consumption outside of the organisation

(MWh)

2023	Total1	AT	CH	CZ	DE	NO	PL	QA	RO	SK
Energy consumption outside of the organisation	7,440	2,538	671	328	1,921	270	749	208	753	1
Road travel	3,488	917	590	328	964	9	678	0	2	0
Rail travel	141	39	0	0	102	0	0	0	0	0
Air travel	3,811	1,582	81	0	855	261	71	208	751	1

1 The sum of the individual values does not match the final result due to rounding errors.

2022	Total1	AT	CH	CZ	DE	NO	PL	QA	RO	SK
Energy consumption
outside of the organisation	6,9942	2,0362	1,034	364	2,1302	220	609	58	543	0
Road travel	3,9722	1,0812	940	362	9252	11	305	0	348	0
Rail travel	157	30	0	1	125	0	0	0	1	0
Air travel	2,865	925	94	1	1,080	209	304	58	194	0

1 Total amount differs from the total amount in the Sustainability Report 2022 due to the reduction in the reporting scope (excl. UAE)

2 Due to correction of transmission errors, the figures differ from those in the Sustainability Report 2022.

Energy intensity

(MWh / TEUR)

	20231	20222	Change
Energy consumption within the PORR Group (MWh)	736,629	778,950	-5.4%
Production output (TEUR)	6,477,040	6,139,089	5.5%
Energy consumption/production output (MWh/TEUR)	0.114	0.127	-10.4%

1 Production output related to the reporting scope of the sustainability report.

Energy-direct GHG emissions (Scope 1)

Production output related to the reporting scope of the sustainability report including UAE.

(t CO2 e)

2

2023	Total	AT	CH	CZ	DE	NO	PL	QA	RO	SK
Energy-direct GHG
emissions1	161,991	76,449	966	9,537	14,868	231	29,976	12,204	15,629	2,131
1 Excluding direct GHG emissions for biomass and biofuel (amounted to 2.4 t CO2 2022	Total1	AT	e in 2021) CH	CZ	DE	NO	PL	QA	RO	SK
Energy-direct GHG emissions2
	164,249	79,177	940	9,835	13,141	8	32,142	13,374	15,087	545

1 Total amount differs from the total amount in the Sustainability Report 2022 due to the reduction in the reporting scope (excl. UAE).

2 Excluding direct GHG emissions for biomass and biofuel (amounted to 1.3 t CO2 e in 2022)

Energy-indirect GHG emissions (Scope 2)

(t CO2 e)

(t CO2 e)

2023	Total	AT	CH	CZ	DE	NO	PL	QA	RO	SK
Energy-indirect
GHG emissions1	20,504	3,285	65	2,377	6,927	0	7,476	48	187	138
1 Market-based (location-based Scope 2 GHG emissions amounted to 33,493 t CO2			e in 2023)
2022	Total	AT	CH	CZ	DE	NO	PL	QA	RO	SK
Energy-indirect

1 Total amount differs from the total amount in the Sustainability Report 2022 due to the reduction in the reporting scope (excl. UAE).

2 Market-based (location-based Scope 2 GHG emissions amounted to 34,600 t CO2 e in 2022)

Other indirect GHG emissions (Scope 3)

2023	Total	AT	CH	CZ	DE	NO	PL	QA	RO	SK
Other indirect GHG
emissions1	71,990	36,969	815	4,570	9,584	164	10,899	2,586	5,313	1,089

1 Other indirect (Scope 3) GHG Emissions: market-based energy-related (category 3), business travel (category 6) and upstream transport-related of the four most heavily transported product groups (Category 4)

2022	Total1	AT	CH	CZ	DE	NO	PL	QA	RO	SK
Other indirect GHG emissions2	40,442	18,619	597	2,348	5,055	88	7,044	3,595	2,914	182

1 Total amount differs from the total amount in the Sustainability Report 2022 due to the reduction in the reporting scope (excl. UAE).

2 Other indirect (Scope 3) GHG Emissions: market-based energy-related (category 3) and business travel (category 6), excluding 22,147 t CO2 e of upstream transport-related of the four most heavily transported product groups (Category 4), excluding other indirect GHG emissions for biomass and biofuel (amounted to 13.2 t CO2 e in 2021)

GHG emissions intensity

(t CO2 e/TEUR)

	20233	2022	Change
GHG emissions Scope 1 and 2 (t CO2 ) 1	182,496	199,590	-8.6%
Production output (TEUR)2	6,477,040	6,139,089	5.5%
GHG emissions/production output (t CO2 /TEUR)	0.0282	0.033	-13.3%

1 GHG emissions Scope 2 market-based

2 Production output related to the reporting scope of the sustainability report.

3 Excluding UAE

	20233	2022	Change
GHG emissions Scope 3 (t CO2 ) 2	71,990	40,776	76.55%
Production output (TEUR)1	6,477,040	6,139,089	5.50%
GHG emissions/production output (t CO2 /TEUR)2	0.0111	0.0066	67.34%

1 Production output related to the reporting scope of the sustainability report.

2 Increase due to consideration of the transport emissions of the four product groups with the highest transport volumes.

3 Excluding UAE To Build A Better World

Die PORR im Überblick

Konzernlagebericht

Konzernabschluss

Air emissions

(kg)

20231	Total	AT	CZ/SK	DE
Carbon monoxide (CO)	630,509	509,400	36,208	84,901
Hydrocarbons (HC)	23,683	18,116	1,270	4,297
Nitrogen oxide (NOx )	142,877	111,847	7,502	23,528
Particulate matter (PM)	14,102	11,905	630	1,567

1 Collection of data only available for vehicles and construction machinery managed by PES.

Intensity of air emissions

(kg/kW)

20231	Total	AT	CZ/SK	DE
Carbon monoxide (CO)	0.55	0.56	0.36	0.57
Hydrocarbons (HC)	0.02	0.02	0.01	0.03
Nitrogen oxide (NOx )	0.12	0.12	0.08	0.16
Particulate matter (PM)	0.012	0.013	0.006	0.011

1 Collection of data only available for vehicles and construction machinery managed by PES. Results are based on a new calculation method.

20221	Total	AT	CZ	DE
Carbon monoxide (CO)	1.83	1.72	1.27	2.51
Hydrocarbons (HC)	0.08	0.09	0.02	0.05
Nitrogen oxide (NOx )	0.36	0.34	0.35	0.48
Particulate matter (PM)	0.06	0.06	0.03	0.05

1 Collection of data only available in countries in which PES is active.

Change in air emissions

(kg/kW)

	20231	20222	Change3
Carbon monoxide (CO)	0.55	1.83	-1.28
Hydrocarbons (HC)	0.02	0.08	-0.06
Nitrogen oxide (NOx )	0.12	0.36	-0.24
Particulate matter (PM)	0.01	0.06	-0.05

1 Collection of data only available for vehicles and construction machinery managed by PES.

2 Collection of data only available in countries in which PES is active.

3 Change in the values is due to the new calculation method. For more information, see p. 248

Materials used

(t)

2023	Total	AT	CZ	PL	RO
Materials used1	1,742,538	723,986	85,270	632,367	300,915
Non-renewable materials used	1,633,023	659,919	75,470	596,719	300,915
Recycled input materials used	109,515	64,067	9,800	35,648	0
Percentage of recycled input materials (%)	6.3	8.8	11.5	5.6	0.0

1 Data relate to asphalt mix plants.

2022	Total	AT	CZ	PL	RO
Materials used1	1,763,522	768,906	22,800	581,470	390,346
Non-renewable materials used	1,670,322	704,845	22,800	552,331	390,346
Recycled input materials used	93,200	64,061	0	29,139	0
Percentage of recycled input materials (%)	5.3	8.3	0.0	5.0	0.0

1 Data relate to asphalt mix plants.

Waste generated

(t)

2023	Total1	AT	CH	CZ	DE	NO	PL	QA	RO	SK
Total waste by waste type	10,651	5,956	15	93	1,090	2	3,171	10	309	5
Hazardous waste	548	369	1	25	117	0	21	0	16	0
Mineral oil	281	250	0	0	19	0	10	0	1	0
Workshop waste	58	36	0	1	15	0	4	0	2	0
Other hazardous waste	209	83	1	24	83	0	7	0	12	0
Non-hazardous waste	10,103	5,588	14	69	973	2	3,149	10	293	5
Household waste	886	528	7	15	92	1	63	8	168	4
Paper	492	278	4	2	129	0	22	2	55	0
Paper packaging	31	26	1	0	0	0	3	0	0	0
Plastic packaging	141	24	0	2	91	0	7	0	16	0
Glass	48	20	1	2	5	0	20	0	0	0
Metal	729	348	0	0	304	0	77	0	0	0
Wood or wood waste	407	350	0	11	44	0	3	0	0	0
Bulky waste	109	36	0	15	5	0	0	0	53	0
Other non-hazardous waste	7,260	3,977	0	23	304	1	2,954	0	1	0

1 The sum of the individual values does not match the final result due to rounding errors.

2022	Total1	AT	CH	CZ	DE	NO	PL	QA	RO	SK
Total waste by waste type	9,158	3,708	14	115	1,603	561	3,020	6	99	31
Hazardous waste	416	348	1	5	28	4	23	0	6	1
Mineral oil	212	181	0	1	18	0	10	0	0	1
Workshop waste	70	53	0	0	4	0	12	0	1	0
Other hazardous waste	134	113	1	4	5	4	1	0	5	0
Non-hazardous waste	8,742	3,360	13	110	1,575	557	2,997	6	93	30
Household waste	1,321	583	7	44	503	30	88	2	58	5
Paper	672	201	4	0	402	6	34	2	7	15
Paper packaging	69	47	1	3	7	0	2	0	9	0
Plastic packaging	72	32	0	2	15	5	4	2	11	1
Glass	64	41	1	3	2	0	17	0	0	0
Metal	925	476	0	6	39	127	275	0	1	0
Wood or wood waste	618	123	0	0	157	336	1	0	0	2
Bulky waste	96	33	0	27	10	12	0	0	6	8
Other non-hazardous waste	4,905	1,823	0	25	439	40	2,577	0	1	0

1 Total amount differs from the total amount in the Sustainability Report 2022 due to the reduction in the reporting scope (excl. UAE). To Build A Better World

Die PORR im Überblick

Konzernlagebericht

Konzernabschluss

Waste diverted from disposal

(t)

2023	Onsite	Offsite	Total
Hazardous waste	0	100	100
Preparation for reuse	0	0	0
Recycling	0	76	76
Other recovery operations1	0	24	24
Non-hazardous waste	0	4,306	4,306
Preparation for reuse	0	85	85
Recycling	0	4,090	4,090
Other recovery operations1	0	131	131

For companies included in the report see Waste generated, p. 221

1 Other: The waste disposal method is left to the disposal service provider or is determined by the selection of the disposal service provider.

2022	Onsite	Offsite	Total
Hazardous waste	0	28	28
Preparation for reuse	0	0	0
Recycling	0	13	13
Other recovery operations1	0	15	15
Non-hazardous waste	0	3,110	3,110
Preparation for reuse	0	0	0
Recycling	0	3,002	3,002
Other recovery operations1	0	108	108

For companies included in the report see Waste generated, p. 221

1 Other: The waste disposal method is left to the disposal service provider or is determined by the selection of the disposal service provider.

Waste forwarded

(t)

1

2023	Onsite	Offsite	Total
Hazardous waste	0	448	448
Incineration (with energy recovery)	0	225	225
Incineration (without energy recovery)	0	87	87
Landfilling	0	2	2
Other disposal operations1	0	134	134
Non-hazardous waste	0	5,798	5,798
Incineration (with energy recovery)	0	3,030	3,030
Incineration (without energy recovery)	0	306	306
Landfilling	0	2,442	2,442
Other disposal operations1	0	20	20

For companies included in the report see Waste generated, p. 221

Other: The waste disposal method is left to the disposal service provider or is determined by the selection of the disposal service provider.

2022	Onsite	Offsite	Total
Hazardous waste	0	388	388
Incineration (with energy recovery)	0	259	259
Incineration (without energy recovery)	0	0	0
Landfilling	0	0	0
Other disposal operations1	0	129	129
Non-hazardous waste	0	5,633	5,633
Incineration (with energy recovery)	0	2,694	2,694
Incineration (without energy recovery)	0	44	44
Landfilling	0	219	219
Other disposal operations1	0	2,676	2,676

For companies included in the report see Waste generated, p. 221

1 Other: The waste disposal method is left to the disposal service provider or is determined by the selection of the disposal service provider.

Water withdrawal

(m3 )

2023	Total	AT	CH	CZ	DE	NO	PL	QA	RO	SK
Total water withdrawal	675,569	222,973	26,182	10,839	325,200	181	60,658	0	29,291	245
Surface water – total	122,486	54,986	0	0	67,500	0	0	0	0	0
Surface water – fresh water	122,486	54,986	0	0	67,500	0	0	0	0	0
Surface water – other water	0	0	0	0	0	0	0	0	0	0
Groundwater – total	356,688	101,905	0	0	233,194	0	190	0	21,400	0
Groundwater – fresh water	356,688	101,905	0	0	233,194	0	190	0	21,400	0
Groundwater – other water	0	0	0	0	0	0	0	0	0	0
Produced water – total	0	0	0	0	0	0	0	0	0	0
Produced water – other water	0	0	0	0	0	0	0	0	0	0
Water from third parties – total	196,395	66,082	26,182	10,839	24,507	181	60,468	0	7,891	245
Water from third parties – fresh water	196,395	66,082	26,182	10,839	24,507	181	60,468	0	7,891	245
Water from third parties –
other water	0	0	0	0	0	0	0	0	0	0
Total water withdrawn from areas with water stress	33,695	0	0	0	0	0	0	33,695	0	0
2022	Total1	AT	CH	CZ	DE	NO	PL	QA	RO	SK
Total water withdrawal	814,180	214,694	7,140	9,144	437,211	0	93,799	0	51,975	216
Surface water – total	56,346	56,346	0	0	0	0	0	0	0	0
Surface water – fresh water	56,346	56,346	0	0	0	0	0	0	0	0
Surface water – other water	0	0	0	0	0	0	0	0	0	0
Groundwater – total	520,704	87,684	0	0	399,104	10	11	0	33,895	0
Groundwater – fresh water	520,704	87,684	0	0	399,104	10	11	0	33,895	0
Groundwater – other water	0	0	0	0	0	0	0	0	0	0
Produced water – total	0	0	0	0	0	0	0	0	0	0
Produced water – other water	0	0	0	0	0	0	0	0	0	0
Water from third parties – total	237,140	70,664	7,140	9,144	38,107	0	93,788	0	18,080	216
Water from third parties – fresh water	237,140	70,664	7,140	9,144	38,107	0	93,788	0	18,080	216
Water from third parties –
other water	0	0	0	0	0	0	0	0	0	0
Total water withdrawn from
areas with water stress	14,850	0	0	0	0	0	0	14,850	0	0

1 Total amount differs from the total amount in the Sustainability Report 2022 due to the reduction in the reporting scope (excl. UAE). To Build A Better World

Die PORR im Überblick

Konzernlagebericht

Konzernabschluss

Water discharge

(m3 )

2023	Total	AT	CH	CZ	DE	NO	PL	QA	RO	SK
Total water discharge	457,598	146,507	7,987	10,594	254,497	97	21,773	0	15,901	242
Discharged into surface water – total	29,249	29,249	0	0	0	0	0	0	0	0
Discharged into surface water – fresh water	29,249	29,249	0	0	0	0	0	0	0	0
Discharged into surface water – other water	0	0	0	0	0	0	0	0	0	0
Discharged into groundwater – total	233,194	0	0	0	233,194	0	0	0	0	0
Discharged into groundwater – fresh water	233,194	0	0	0	233,194		0	0	0	0
Discharged into groundwater – other water	0	0	0	0	0	0	0	0	0	0
Recirculated as water from third parties – total	195,156	117,259	7,987	10,594	21,303	97	21,773	0	15,901	242
Recirculated as water from third parties – fresh water	195,156	117,259	7,987	10,594	21,303	97	21,773	0	15,901	242
Recirculated as water from third parties – other water	0	0	0	0	0	0	0	0	0	0
Total water discharged in areas with water stress	3,240	0	0	0	0	0	0	3,240	0	0
2022	Total1	AT	CH	CZ	DE	NO	PL	QA	RO	SK
Total water discharge	574,351	77,655	7,140	4,602	411,154	0	37,202	0	36,383	216
Discharged into surface water
– total	8,000	8,000	0	0	0	0	0	0	0	0
Discharged into surface water – fresh water	8,000	8,000	0	0	0	0	0	0	0	0
Discharged into surface water – other water	0
Discharged into groundwater		0	0	0	0	0	0	0	0	0
– total	395,911	0	0	0	395,911	0	0	0	0	0
Discharged into groundwater – fresh water	395,911	0	0	0	395,911	0	0	0	0	0
Discharged into groundwater – other water	0	0	0	0	0	0	0	0	0	0
Recirculated as water from third parties – total	170,440	69,655	7,140	4,602	15,243	0	37,202	0	36,383	216
Recirculated as water from third parties – fresh water	170,612	69,655	7,140	4,602	15,243	172	37,202	0	36,383	216
Recirculated as water from third parties – other water	0	0	0	0	0	0	0	0	0	0

1 Total amount differs from the total amount in the Sustainability Report 2022 due to the reduction in the reporting scope (excl. UAE).

Water consumption

(m3 )

2023	Total1	AT2	CH2	CZ	DE	NO2	PL2	QA	RO	SK
Total water consumption	217,970	76,466	18,196	245	70,703	84	38,885	0	13,391	2
Total water consumption
from areas with water stress	30,455	0	0	0	0	0	0	30,455	0	0

1 The sum of the individual values does not match the final result due to rounding errors.

2 Change in consumption due to improved calculation method or higher data quality.

2022	Total	AT	CH	CZ	DE	NO	PL	QA	RO	SK
Total water consumption	239,828	137,039	0	4,542	26,057	0	56,597	0	15,593	0
Total water consumption
from areas with water stress	6,582	0	0	0	0	0	0	6,582	0	0

To Build A Better World

Die PORR im Überblick

Konzernlagebericht

Konzernabschluss

BETTER SOCIETY

Information on staff

2023	Total1	AT	CH	CZ	DE	NO	PL	QA	RO	SK
Total staff	21,077	11,406	332	1,189	2,918	72	2,551	600	1,601	408
Total male staff	17,687	9,913	283	971	2,352	63	1,852	581	1,310	362
Permanent male staff	16,398	9,913	278	879	2,166	62	1,566	581	830	123
Temporary male staff	1,289	0	5	92	186	1	286	0	480	239
Full-time male staff	17,176	9,773	271	964	2,264	63	1,842	581	1,300	118
Part-time male staff	511	140	12	7	88	0	10	0	10	244
Total female staff	3,390	1,493	49	218	566	9	699	19	291	46
Permanent female staff	3,093	1,493	47	179	515	9	556	19	232	43
Temporary female staff	297	0	2	39	51	0	143	0	59	3
Full-time female staff	2,584	913	30	199	405	8	682	19	288	40
Part-time female staff	806	580	19	19	161	1	17	0	3	6

1 Refers to the reporting scope of the sustainability report.

Staffing levels: 31 December 2023

2022	Total1	AT	CH	CZ	DE	NO	PL	QA	RO	SK
Total staff	19,511	11,003	364	1,175	2,783	161	2,333	338	1,182	172
Total male staff	16,433	9,602	312	973	2,265	148	1,710	314	982	127
Permanent male staff	15,451	9,602	261	913	2,095	119	1,371	309	670	111
Temporary male staff	982	0	51	60	170	29	339	5	312	16
Full-time male staff	16,194	9,465	303	965	2,201	148	1,700	309	977	126
Part-time male staff	239	137	9	8	64	0	10	5	5	1
Total female staff	3,078	1,401	52	202	518	13	623	24	200	45
Permanent female staff	2,802	1,401	49	168	485	13	447	24	172	43
Temporary female staff	276	0	3	34	33	0	176	0	28	2
Full-time female staff	2,317	850	28	185	369	12	609	24	195	45
Part-time female staff	761	551	24	17	149	1	14	0	5	0

1 Total amount differs from the total amount in the Sustainability Report 2022 due to the reduction in the reporting scope (excl. UAE). Staffing levels: 31 December 2022

226 FURTHER INFORMATION

New employee hires and turnover

2023	Total1	AT	CH	CZ	DE	NO	PL	QA	RO	SK
Total new hires by age group	4,277	2,152	56	161	433	15	412	32	753	263
New hires aged below 30	1,593	1,003	15	34	185	1	126	2	169	58
New hires aged 30 to 50	2,096	923	29	90	181	11	238	28	408	188
New hires aged 50+	588	226	12	37	67	3	48	2	176	17
Total new hires by gender	4,277	2,152	56	161	433	15	412	32	753	263
New hires men	3,601	1,910	46	115	332	14	267	32	627	258
New hires women	676	242	10	46	101	1	145	0	126	5
Rate new hires aged below 30 (%)	37.2	46.6	26.8	21.1	42.7	6.7	30.6	6.3	22.4	22.1
Rate new hires aged 30 to 50 (%)	49.0	42.9	51.8	55.9	41.8	73.3	57.8	87.5	54.2	71.5
Rate new hires aged 50+ (%)	13.7	10.5	21.4	23.0	15.5	20.0	11.7	6.3	23.4	6.5
Rate new hires men (%)	84.2	88.8	82.1	71.4	76.7	93.3	64.8	100.0	83.3	98.1
Rate new hires women (%)	15.8	11.2	17.9	28.6	23.3	6.7	35.2	0.0	16.7	1.9
Total fluctuation by age
group	3,422	1,884	21	135	357	78	399	205	318	25
Left the company aged below 30	952	671	4	20	84	3	67	37	62	4
Left the company aged 30 to 50	1,611	761	12	66	143	49	257	148	157	18
Left the company aged 50+	859	452	5	49	130	26	75	20	99	3
Total fluctuation by gender	3,422	1,884	21	135	357	78	399	205	318	25
Men who left the company	2,999	1,708	16	108	290	73	301	197	284	22
Women who left the
company	423	176	5	27	67	5	98	8	34	3
Total fluctuation rate (%)	18.6	18.3	5.5	12.2	13.1	46.7	25.4	23.3	29.1	16.2
Fluctuation rate aged below 30 (%)	27.8	35.6	19.0	14.8	23.5	3.8	16.8	18.0	19.5	16.0
Fluctuation rate aged 30 to 50 (%)	47.1	40.4	57.1	48.9	40.1	62.8	64.4	72.2	49.4	72.0
Fluctuation rate aged 50+ (%)	25.1	24.0	23.8	36.3	36.4	33.3	18.8	9.8	31.1	12.0
Fluctuation rate men (%)	18.4	19.0	4.9	11.8	13.0	47.6	16.0	24.1	31.2	19.4
Fluctuation rate women (%)	13.8	13.4	9.2	14.2	13.2	37.0	14.3	12.8	18.4	7.4

1 Refers to the reporting scope of the Sustainability Report. To Build A Better World

Die PORR im Überblick

Konzernlagebericht

Konzernabschluss

2022	Total1	AT	CH	CZ	DE	NO	PL	QA	RO	SK
Total new hires by age group	3,976	2,209	52	165	291	15	553	123	541	27
New hires aged below 30	1,466	986	17	42	116	1	161	7	132	4
New hires aged 30 to 50	1,971	975	26	95	123	11	327	97	297	20
New hires aged 50+	539	248	9	28	52	3	65	19	112	3
Total new hires by gender	3,976	2,209	52	165	291	15	553	123	541	27
New hires men	3,351	1,943	38	127	225	14	390	121	472	21
New hires women	625	266	14	38	66	1	163	2	69	6
Rate new hires aged below 30 (%)	36.9	44.6	32.7	25.5	39.9	6.7	29.1	5.7	24.4	14.8
Rate new hires aged 30 to 50 (%)	49.6	44.1	50.0	57.6	42.3	73.3	59.1	78.9	54.9	74.1
Rate new hires aged 50+ (%)	13.6	11.2	17.3	17.0	17.9	20.0	11.8	15.4	20.7	11.1
Rate new hires men (%)	84.3	88.0	73.1	77.0	77.3	93.3	70.5	98.4	87.2	77.8
Rate new hires women (%)	15.7	12.0	26.9	23.0	22.7	6.7	29.5	1.6	12.8	22.2
Total fluctuation by
age group	3,603	2,015	107	145	456	42	437	61	320	20
Left the company aged below 30	958	649	26	30	113	3	77	7	50	3
Left the company aged 30 to 50	1,705	882	48	68	205	33	255	40	164	10
Left the company aged 50+	940	484	33	47	138	6	105	14	106	7
Total fluctuation by gender	3,603	2,015	107	145	456	42	437	61	320	20
Men who left the company	3,159	1,806	80	124	375	39	372	57	290	16
Women who left the
company	444	209	27	21	81	3	65	4	30	4
Total fluctuation rate (%)	18.9	18.9	28.2	12.6	16.2	25.8	19.2	18.0	30.0	12.8
Fluctuation rate aged below 30 (%)	26.6	32.2	24.3	20.7	24.8	7.1	17.6	11.5	15.6	15.0
Fluctuation rate aged 30 to 50 (%)	47.3	43.8	44.9	46.9	45.0	78.6	58.4	65.6	51.3	50.0
Fluctuation rate aged 50+ (%)	26.1	24.0	30.8	32.4	30.3	14.3	24.0	23.0	33.1	35.0
Fluctuation rate men (%)	19.2	18.8	25.6	12.7	16.6	26.4	21.8	18.4	29.5	12.6
Fluctuation rate women (%)	14.4	14.9	51.9	10.4	15.6	23.1	10.4	16.7	15.0	8.9

1 Total amount differs from the total amount in the Sustainability Report 2022 due to the reduction in the reporting scope (excl. UAE).

Parental leave

2023	Total1	AT	CH	CZ	DE	NO	PL	QA	RO	SK
Total staff on parental leave	415	184	16	30	84	6	68	3	20	4
Male staff	110	35	10	0	42	5	7	3	8	0
Female staff	305	149	6	30	42	1	61	0	12	4
Total returned after
parental leave	175	75	13	1	47	3	29	3	4	0
Male staff	81	27	8	0	33	3	5	3	2	0
Female staff	94	48	5	1	14	0	24	0	2	0
Staff retained after
12 months	83	38	0	0	31	0	14	0	0	0
Male staff	42	20	0	0	21	0	1	0	0	0
Female staff	41	18	0	0	10	0	13	0	0	0
Staff retention rate (%)	59.7	62.3	0.0	0.0	70.5	0.0	60.9	0.0	0.0	0.0
Retention rate male staff (%)	70.0	80.0	0.0	0.0	77.8	0.0	33.3	0.0	0.0	0.0
Retention rate female staff (%)	51.9	50.0	0.0	0.0	58.8	0.0	65.0	0.0	0.0	0.0

1 Refers to the reporting scope of the Sustainability Report.

2022	Total1	AT	CH	CZ	DE	NO	PL	QA	RO	SK
Total staff on parental leave	376	169	0	29	116	9	34	3	12	4
Male staff	118	37	0	1	62	8	1	2	7	0
Female staff	258	132	0	28	54	1	33	1	5	4
Total returned after
parental leave	200	67	13	4	84	7	13	3	6	3
Male staff	109	28	12	0	57	6	1	2	3	0
Female staff	91	39	1	4	27	1	12	1	3	3
Staff retained after
12 months	150	58	0	4	73	2	9	3	1	0
Male staff	77	20	0	0	52	2	1	2	0	0
Female staff	73	38	0	4	21	0	8	1	1	0
Staff retention rate (%)	91.5	89.2	0.0	83.3	98.6	50.0	90.0	100.0	50.0	0.0
Retention rate male staff (%)	90.6	80.0	0.0	0.0	98.1	50.0	0.0	100.0	0.0	0.0
Retention rate female staff (%)	91.3	95.0	0.0	80.0	100.0	0.0	80.0	100.0	50.0	0.0

1 Refers to the reporting scope of the Sustainability Report. To Build A Better World

Die PORR im Überblick

Konzernlagebericht

Konzernabschluss

Average hours of training

2023	Total1	AT	CH	CZ	DE	NO	PL	QA	RO	SK
Training hours by gender	126,658	50,420	1,716	10,261	30,408	202	20,240	2,156	9,672	1,583
Male employees	80,699	33,663	1,104	6,189	21,854	179	9,771	2,046	5,208	685
Female employees	45,959	16,757	612	4,072	8,554	23	10,469	110	4,464	898
Training hours by employee
category	126,658	50,420	1,716	10,261	30,408	202	20,240	2,156	9,672	1,583
Upper management2	87	10	0	10	3	0	0	0	64	0
Middle and lower
management3	31,079	11,785	38	2,305	8,260	104	4,695	148	3,295	449
Non-management	95,492	38,625	1,678	7,946	22,145	98	15,545	2,008	6,313	1,134
Average training hours by
employee category	13.3	12.3	11.9	14.8	17.0	6.3	12.0	9.1	13.5	11.9
Upper management2	3.8	0.6	0.0	5.0	1.5	0.0	0.0	0.0	64.0	0.0
Middle and lower
management3	20.2	16.6	1.0	32.9	25.5	20.8	17.1	8.2	40.7	23.6
Non-management	12.0	11.4	16.0	12.8	15.1	3.6	11.0	9.2	9.9	9.9
Average training hours by
gender	13.3	12.3	11.9	14.8	17.0	6.3	12.0	9.1	13.5	11.9
Male employees	12.8	12.2	11.2	12.9	17.8	7.8	9.8	9.4	12.1	7.9
Female employees	14.3	12.4	13.6	19.3	15.2	2.6	15.1	5.8	15.5	19.5

1 Salaried employees

2 Upper management level: Executive Board, managing directors

3 Middle and lower management levels: Department, unit, group and team managers

2022	Total1	AT	CH	CZ	DE	NO	PL	QA	RO	SK
Training hours by gender	103,547	44,365	12,804	3,271	16,961	1,405	16,202	8	7,250	1,281
Male employees	69,791	31,656	11,997	2,175	11,571	907	7,556	4	3,375	550
Female employees	33,754	12,709	807	1,096	5,390	498	8,646	2	3,875	731
Training hours by employee
category	103,546	44,365	12,803	3,271	16,961	1,405	16,202	8	7,250	1,281
Upper management2	996	774	0	0	90	0	0	0	132	0
Middle and lower
management3	16,314	8,248	292	892	1,956	8	3,201	6	1,425	286
Non-management	86,236	35,343	12,511	2,379	14,915	1,397	13,001	2	5,693	995
Average training hours by
employee category	12	11	69	5	10	35	10	0	14	11
Upper management2	42	46	0	44	44	0	44	44	132	0
Middle and lower
management3	11	12	9	12	7	4	14	0	25	16
Non-management	12	11	82	4	11	37	10	0	12	10
Average training hours by
gender	12	11	69	5	10	35	10	0	14	11
Male employees	12	12	88	5	10	34	8	0	10	8
Female employees	12	10	16	6	10	38	14	1	19	16

1 Salaried employees

2 Upper management level: Executive Board, managing directors

3 Middle and lower management levels: Department, unit, group and team managers

Performance and career development reviews

2023	Total	AT	CH	CZ	DE	NO	PL	QA	RO	SK
Performance review by
gender	7,046	3,146	99	547	1,332	26	1,212	194	396	94
Male employees	4,862	2,251	68	401	938	17	711	177	241	58
Female employees	2,184	895	31	146	394	9	501	17	155	36
Percentage of all employees
who received a performance
review (%)	95.1	96.2	100.0	91.3	96.9	100.0	90.7	99.5	96.1	100.0
Male employees1 (%)	94.7	96.0	100.0	91.6	96.2	100.0	88.4	99.4	96.4	100.0
Female employees1 (%)	96.0	96.8	100.0	90.7	98.5	100.0	94.0	100.0	95.7	100.0
Performance reviews by
employee category	7,046	3,146	99	547	1,332	26	1,212	194	396	94
Upper management2	19	12	0	2	2	0	2	0	1	0
Middle and lower
management3	1,266	627	30	58	258	4	187	15	71	16
Non-management	5,761	2,507	69	487	1,072	22	1,023	179	324	78
Upper management1,2 (%)	100.0	100.0	0.0	100.0	100.0	0.0	100.0	0.0	100.0	0.0
Middle and lower
management1,3 (%)	93.9	95.9	100.0	90.6	98.1	100.0	82.7	93.8	94.7	100.0
Non-management1 (%)	95.4	95.9	100.0	90.6	96.6	100.0	92.2	100.0	96.4	100.0

1 Number of actual reviews conducted in relation to planned reviews

2 Upper management level: Executive Board, managing directors

3 Middle and lower management levels: Department, unit, group and team managers

2022	Total	AT	CH	CZ	DE	NO	PL	QA	RO	SK
Performance review by
gender	6,488	3,059	83	510	1,074	31	1,163	95	371	102
Male employees	4,465	2,195	57	367	724	20	730	81	224	67
Female employees	2,023	864	26	143	350	11	433	14	147	35
Percentage of all employees who received a performance review (%)	91.0	93.6	64.8	85.4	89.1	91.2	88.6	90.5	98.4	100.0
Male employees1 (%)	89.7	92.6	60.0	83.6	87.0	90.9	87.5	90.0	98.2	100.0
Female employees1 (%)	94.0	96.2	78.8	90.5	93.6	91.7	90.4	93.3	98.7	100.0
Performance reviews by employee category	6,488	3,059	83	510	1,074	31	1,163	95	371	102
Upper management2	20	12	1	1	2	0	2	1	1	0
Middle and lower management3	1,129	622	17	67	188	0	159	0	58	18
Non-management	5,339	2,425	65	442	884	31	1,002	94	312	84
Upper management1,2 (%)	100.0	100.0	100.0	100.0	100.0	0.0	100.0	100.0	100.0	0.0
Middle and lower management1,3 (%)	91.0	93.0	54.8	95.7	85.8	0.0	90.3	0.0	100.0	100.0
Non-management1 (%)	91.0	93.7	67.7	84.0	89.7	91.2	88.3	90.4	98.1	100.0

1 Number of actual reviews conducted in relation to planned reviews

2 Upper management level: Executive Board, managing directors

3 Middle and lower management levels: Department, unit, group and team managers To Build A Better World

Die PORR im Überblick

Konzernlagebericht

Konzernabschluss

Diversity of governance bodies and employees

2023	Total	AT	CH	CZ	DE	NO	PL	QA	RO	SK
Male members of
governance bodies (%)	75.0	75.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Female members of
governance bodies (%)	25.0	25.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Members of governance
bodies aged below 30 (%)	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Members of governance
bodies aged 30 to 50 (%)	16.7	16.7	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Members of governance
bodies aged 50+ (%)	83.3	83.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Men in upper management1
(%)	95.7	93.8	0.0	100.0	100.0	0.0	100.0	0.0	100.0	0.0
Women in upper
management1 (%)	4.3	6.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Men in middle and lower
management2 (%)	83.6	89.4	97.4	88.6	88.9	80.0	66.4	100.0	59.3	63.2
Women in middle and lower
management2 (%)	16.4	10.6	2.6	11.4	11.1	20.0	33.6	0.0	40.7	36.8
Men in non-management
(%)	83.9	86.7	83.6	81.2	79.6	88.1	73.3	96.7	83.0	90.0
Women in non-management
(%)	16.1	13.3	16.4	18.8	20.4	11.9	26.7	3.3	17.0	10.0
Upper management aged below 301 (%)	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Upper management aged
30 to 501 (%)	17.4	6.3	0.0	50.0	50.0	0.0	50.0	0.0	0.0	0.0
Upper management aged
50+1 (%)	82.6	93.8	0.0	50.0	50.0	0.0	50.0	0.0	100.0	0.0
Middle and lower manage
ment aged below 302 (%)	0.7	0.8	0.0	1.4	0.9	0.0	0.4	0.0	0.0	0.0
Middle and lower manage
ment aged 30 to 502 (%)	57.3	54.6	59.0	58.6	40.1	60.0	75.9	44.4	84.0	73.7
Middle and lower manage
ment aged 50+2 (%)	42.0	44.6	41.0	40.0	59.0	40.0	23.7	55.6	16.0	26.3
Non-management aged
below 30 (%)	20.2	23.6	24.2	11.0	18.7	1.5	15.9	10.8	16.6	17.0
Non-management aged
30 to 50 (%)	51.4	47.9	42.7	57.5	43.2	71.6	60.0	81.8	56.7	69.9
Non-management aged
50+ (%)	28.4	28.5	33.1	31.5	38.2	26.9	24.1	7.4	26.7	13.1

1 Upper management level: Executive Board, managing directors

2 Middle and lower management levels: Department, unit, group and team managers

2022	Total	AT	CH	CZ	DE	NO	PL	QA	RO	SK
Male members of
governance bodies (%)	75.0	75.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Female members of
governance bodies (%)	25.0	25.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Members of governance
bodies aged below 30 (%)	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Members of governance bodies aged 30 to 50 (%)	16.7	16.7	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Members of governance bodies aged 50+ (%)	83.3	83.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Men in upper management1
(%)	95.8	93.8	0.0	100.0	100.0	0.0	100.0	100.0	100.0	0.0
Women in upper
management1 (%)	4.2	6.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Men in middle and lower
management2 (%)	85.9	90.4	96.9	91.7	90.4	100.0	68.9	97.4	62.1	64.7
Women in middle and lower management2 (%)	14.1	9.6	3.1	8.3	9.6	0.0	31.1	2.6	37.9	35.3
Men in non-management
(%)	84.1	87.0	84.6	82.2	80.3	91.8	73.7	92.2	84.1	74.8
Women in non-management (%)	15.9	13.0	15.4	17.8	19.7	8.2	26.3	7.8	15.9	25.2
Upper management aged
below 301 (%)	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Upper management aged 30 to 501 (%)	25.0	12.5	0.0	100.0	33.3	0.0	100.0	0.0	0.0	0.0
Upper management aged
50+1 (%)	75.0	87.5	0.0	0.0	66.7	0.0	0.0	100.0	100.0	0.0
Middle and lower manage ment aged below 302 (%)	0.4	0.4	0.0	1.4	0.3	0.0	0.4	0.0	0.0	0.0
Middle and lower manage
ment aged 30 to 502 (%)	55.8	52.0	71.9	58.3	41.2	100.0	76.4	43.6	82.8	70.6
Middle and lower manage
ment aged 50+2 (%)	43.8	47.5	28.1	40.3	58.4	0.0	23.1	56.4	17.2	29.4
Non-management aged
below 30 (%)	19.4	22.3	24.1	11.4	16.4	5.7	18.0	6.5	15.1	9.7
Non-management aged
30 to 50 (%)	51.4	47.9	44.9	60.7	46.2	65.4	61.0	80.2	58.5	67.7
Non-management aged 50+ (%)	29.2	29.8	31.0	27.9	37.4	28.9	21.0	13.3	26.4	22.6

1 Upper management level: Executive Board, managing directors

2 Middle and lower management levels: Department, unit, group and team managers To Build A Better World

Die PORR im Überblick

Konzernlagebericht

Konzernabschluss

Work-related injuries

2023	Total1	AT	CH	CZ	DE	NO	PL	QA	RO	SK
Fatalities caused by work-related
injuries	0	0	0	0	0	0	0	0	0	0
Serious injury (without fatalities)	7	6	0	0	1	0	0	0	0	0
Work-related injuries
documented	473	326	6	11	90	1	36	0	1	2
Hours worked2	35,048,478	18,215,553	529,986	1,893,945	5,521,215	111,525	4,535,199	772,856	3,002,358	465,841
Rate of fatalities caused by
work-related injuries3	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Rate of serious work-related
injuries (without fatalities)3	0.2	0.3	0.0	0.0	0.2	0.0	0.0	0.0	0.0	0.0
Rate of work-related injuries
documented3	13.5	17.9	11.3	5.8	16.3	9.0	7.9	0.0	0.3	4.3

1 Refers to the reporting scope of the sustainability report.

2 Basis for calculation: Staff employed for the full year

3 Calculation rates based on 1,000,000 hours worked

2022	Total1	AT	CH	CZ	DE	NO	PL	QA	RO	SK
Fatalities caused by work-related
injuries	0	0	0	0	0	0	0	0	0	0
Serious injury (without fatalities)	13	9	0	0	3	0	0	0	1	0
Work-related injuries
documented	534	412	2	7	75	1	30	1	5	1
Hours worked2	34,942,300	18,731,816	620,006	1,983,109	5,230,436	225,343	4,196,201	1,773,811	1,897,852	283,726
Rate of fatalities caused by
work-related injuries3	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Rate of serious work-related
injuries (without fatalities)3	0.4	0.5	0.0	0.0	0.6	0.0	0.0	0.0	0.5	0.0
Rate of work-related injuries
documented3	15.3	22.0	3.2	3.5	14.3	4.4	7.1	0.6	2.6	3.5

1 Total amount differs from the total amount in the Sustainability Report 2022 due to the reduction in the reporting scope (excl. UAE).

2 Basis for calculation: Staff employed for the full year

3 Calculation rates based on 1,000,000 hours worked

Annual total compensation ratio

2023	AT	CH	CZ	DE	NO	PL	QA	RO	SK
Annual total compensation ratio for staff
in employment for the full year1	27.4	4.6	17.4	11.4	3.5	14.1	29.7	12.6	6.9

1 The highest paid person at the median of total annual compensation for year-round employees.

AT	CH	CZ	DE	NO	PL	QA	RO	SK
29.2	4.1	7.6	11.0	2.2	6.1	3.0	17.4	4.6

1 The highest paid person at the median of total annual compensation for year-round employees.

Change in the ratio of total annual compensation

2023	AT	CH	CZ	DE	NO	PL	QA	RO	SK
Change in ratio of total annual compensation for full-year employees to median from 2022 to 2023 (%)	7.5	13.5	5.5	3.9	4.0	9.2	-3.4	57.0	-14.9
Change in the ratio of total annual compensation for the highest paid individual in the organization from 2022
to 2023 (%)	0.0	-5.0	37.0	-0.5	32.0	12.5	2.1	23.0	0.0

To Build A Better World

Die PORR im Überblick

Konzernlagebericht

Konzernabschluss

BETTER GOVERNANCE

Staff costs

(TEUR)

											other
2023	Total1	AT	CH	CZ	DE	NO	PL	QA	RO	SK	countries
Average staff	20,543	10,373	358	1,115	2,802	110	2,597	737	1,465	258	730
Staff costs	1,453,726	926,600	41,648	46,719	233,855	5,650	105,268	26,545	40,287	9,446	17,708
Average staff costs	71	89	116	42	83	51	41	36	28	37	24

1 Refers to the reporting scope of the sustainability report.

2022	Total1	AT	CH	CZ	DE	NO	PL	QA	RO	SK
Average staff	19,020	10,674	380	1,152	2,810	163	2,280	338	1,067	156
Staff costs	1,334,375	869,685	45,169	42,102	218,903	10,912	91,905	24,036	24,731	6,932
Average staff costs	70	81	119	37	78	67	40	71	23	44

1 Total amount differs from the total amount in the Sustainability Report 2022 due to the reduction in the reporting scope (excl. UAE).

Expenditure on education and training

(TEUR)

											other
2023	Total1	AT	CH	CZ	DE	NO	PL	QA	RO	SK	countries
Average staff	20,543	10,373	358	1,115	2,802	110	2,597	737	1,465	258	730
Education and
training costs	6,350	3,431	217	211	1,448	51	651	25	105	106	105
Average education and trai
ning costs per staff member	0.31	0.33	0.61	0.19	0.52	0.46	0.25	0.03	0.07	0.41	0.14

1 Refers to the reporting scope of the sustainability report.

2022	Total1	AT	CH	CZ	DE	NO	PL	QA	RO	SK
Average staff	19,020	10,674	380	1,152	2,810	163	2,280	338	1,067	156
Education and
training costs	5,124	2,893	154	195	1,016	45	590	99	93	39
Average education and trai
ning costs per staff member	0.27	0.27	0.41	0.17	0.36	0.28	0.26	0.29	0.09	0.25

1 Total amount differs from the total amount in the Sustainability Report 2022 due to the reduction in the reporting scope (excl. UAE).

Communication and training on anti-corruption policies and procedures

(Number of staff members)

	2023	2022
Internal communication on the compliance guidelines	21,077	19,515
Members of the governance body	12	12
Upper management employees1	23	24
Middle and lower management employees2	1,539	1,422
Non-management employees	19,515	18,069
Members of the governance body (%)	100	100.0
Upper management employees1 (%)	100	100.0
Middle and lower management employees2 (%)	100	100.0
Non-management employees (%)	100	100.0
Anti-corruption training	3,965	3,158
Members of the governance body	12	12
Upper management employees1	22	24
Middle and lower management employees2	1,229	1,220
Non-management employees	2,714	1,938
Members of the governance body (%)	100	100.0
Upper management employees1 (%)	95	100.0
Middle and lower management employees2 (%)	79	85.8
Non-management employees (%)	13	10.7

1 Upper management level: Executive Board, managing directors

2 Middle and lower management levels: Department, unit, group and team managers To Build A Better World

Die PORR im Überblick

Konzernlagebericht

Konzernabschluss

REFERENCES

GRI CONTENT INDEX

Statement of use		PORR AG has reported in accordance with the GRI Standards for the period 1 Jan to 31 Dec 2023.
GRI 1 used		GRI 1: Foundation 2021
				Omission
GRI Standard/ other source	Disclosure	Location	Requirement(s) Omitted	Reason	Explanation
	General Disclosures
GRI 2:	2-1 Organizational details	26
General Disclosures 2021	2-2 Entities included in the organization's sustainability reporting	12, 204-209
	2-3 Reporting period, frequency and contact point	12
	2-4 Restatements of informationen	12
	2-5 External assurance	12, 255-257
	2-6 Activities, value chain and other busines relationships	23, 26-28, 56-61, 113-115
	2-7 Employees	55, 105, 226	2-7-b-iii	Information unavailable	Information not collected
	2-8 Workers who are not employees	105	2-8-b-i-ii	Information unavailable	Information not collected
	2-9 Governance structure and composition	38-44, 67-69
	2-10 Nomination and selection of the highest governance body	37-45
	2-11 Chair of the highest governance body in overseeing the management of impacts	40-42
	2-12 Role of the highest governance body in sustainability reporting	67-68, 117-119, 128, 130-131
	2-13 Delegation of responsibility for managing impacts	68-69, 128
	2-14 Role of the highest governance body in sustainability reporting	65, 68-69
	2-15 Conflicts of interest	117-121
	2-16 Communication of critical concerns	119	2-16-b	Information unavailable	Total number of concerns not documented
	2-17 Collective knowledge of the highest governance body	68-69
	2-18 Evaluation of the performance of the highest governance body	38-45, Remuneration report
	2-19 Remuneration policies	17, 235, Remuneration report
	2-20 Process to determine remuneration	Remuneration report
	2-21 Annual total compensation ratio	235
	2-22 Statement on sustainable development strategy	14
	2-23 Policy commitments	65, 72, 80, 96-97, 100, 104, 112, 116
	2-24 Embedding policy commitments	11, 112-114, 116-120
	2-25 Processes to remediate negative impacts	107-108, 119
	2-26 Mechanisms for seeking advice and raising concerns	107-108, 119

			Omission
GRI Standard/ other source	Disclosure	Location	Requirement(s) Omitted	Reason	Explanation
	2-27 Compliance with laws and regulations	118-119	2-27-b-i-ii	Confidentiality constraints	No explicit amounts of money can be named due to confidentiality
	2-28 Membership associations	70, 72, 81, 86, 97, 100, 104, 112, 117
	2-29 Approach to stakeholder engagements	70
	2-30 Collective bargaining agreements	105

Material Topics

GRI 3:	3-1 Process to determine material topics	65
Material Topics 2021	3-2 List of material topics	66

Decarbonisation

Energy
GRI 3: Material Topics 2021	3-3 Management of material topics	71-79
GRI 302:	302-1 Energy consumption within the organization	74, 217
Energy 2016	302-2 Energy consumption outside the organization	74, 218
	302-3 Energy intensity	74, 218
	302-4 Reduction of energy consumption	74-78
	302-5 Reduction in energy requirements of products and services	74-78
Emissions
GRI 3: Material Topics 2021	3-3 Management of material topics	71-79
GRI 305:	305-1 Direct (Scope 1) GHG emissions	73-75, 218
Emissions 2016	305-2 Energy indirect (Scope 2) GHG emissions	73-75, 219
	305-3 Other indirect (Scope 3) GHG emissions	73-75, 219
	305-4 Intensity of GHG emissions	75, 219
	305-5 Reduction of GHG emissions	74-78
	305-6 Emissions of ozone-depleting substances (ODS)	75, 220
	305-7 Nitrogen oxides (NOX), sulfur oxides (SOX) and other significant air emissions	75, 220

Circular Economy

Procurement
GRI 3: Material Topics 2021	3-3 Management of material topics	77-78, 82-83, 112-114, 118-119
GRI 204: Procurement Practices	204-1 Proportion of spending on local suppliers	77

To Build A Better World

Die PORR im Überblick

Konzernlagebericht

Konzernabschluss

			Omission
GRI Standard/ other source	Disclosure	Location	Requirement(s) Omitted	Reason	Explanation
Materials
GRI 3: Material Topics 2021	3-3 Management of material topics	80-84
GRI 301:	301-1 Materials used by weight or volume	221
Materials 2016	301-2 Recycled input materials used	221
	301-3 Reclaimed products and their packaging materials		301-3-a-b	Not applicable	PORR is not a company that produces goods
Waste
GRI 3: Material Topics 2021	3-3 Management of material topics	80-84
GRI 306: Waste 2020	306-1 Waste generation and significant waste related impacts	80-84
	306-2 Management of significant waste-related impacts	80-84
	306-3 Waste generated	221
	306-4 Waste diverted from disposal	222
	306-5 Waste directed to disposal	222

Habitats

Water and Effluents
GRI 3: Material Topics 2021	3-3 Management of material topics	85-86, 88-89
GRI 303: Water and Effluents 2018	303-1 Interactions with water as a shared resource	88-89
	303-2 Management of water discharge related impacts	86, 88-89
	303-3 Water withdrawal	86, 223
	303-4 Water discharge	86, 224
	303-5 Water consumption	86, 225
Biodiversity
GRI 3: Material Topics 2021	3-3 Management of material topics	85-89
RI 304: Biodiversity 2016	304-1 Operational sites owned, leased, managed in, or adjacent to, protected areas and areas of high biodiversity value outside protected areas		304-1-a-i-vii	Information unavailable	An impact analysis in relation to our locations is planned. Target horizon 2025
	304-2 Significant impacts of activities, products, and services on biodiversity	85
	304-3 Habitats protected or restored	86-87
	304-4 IUCN Red List species and national conservation list species that have their habitat in areas affected by operations	87	304-4-a-i-v	Information unavailable	Measures for protection are taken, total number of species cannot be specified

		Omission
GRI Standard/		Requirement(s)
other source Disclosure	Location	Omitted	Reason	Explanation

Occupational Safety and Health

Occupational Health and Safety

GRI 3: Material Topics 2021	3-3 Management of material topics	96-102
GRI 403: Occupational Safety and Health 2018	403-1 Occupational health and safety management system	96-97, 100-101
	403-2 Hazard identification, risk assessment, and incident investigation	97-99
	403-3 Occupational health services	101-102
	403-4 Worker participation, consultation, and communication on occupational health and safety	97-98, 100-101
	403-5 Worker training on occupational health and safety	98
	403-6 Promotion of worker health	100-102
	403-7 Prevention and mitigation of occupational health and safety impacts directly linked by business relationships	97-99, 101-102
	403-8 Workers covered by an occupational health and safety management system	97
	403-9 Work-related injuries	97, 234
	403-10 Work-related ill health	100-101

Working Worlds

Employment
GRI 3: Material Topics 2021	3-3 Management of material topics	104-110
GRI 401: Em	401-1 New employee hires and employee turnover	227-228
ployment 2016	401-2 Benefits provided to full-time employees that are not provided to temporary or part-time employees	106-109
	401-3 Parental leave	109, 229
Labor/Management Relations
GRI 3: Material Topics 2021	3-3 Management of material topics	104-105
GRI 402: Labor/ Management Relations 2016	402-1 Minimum notice periods regarding operational changes	105
Training and Education
GRI 3: Material Topics 2021	3-3 Management of material topics	106-107
GRI 404: Training and Education 2016	404-1 Average hours of training per year per employee	105, 230
	404-2 Programs for upgrading employee skills and transition assistance programs	106-108
	404-3 Percentage of employees receiving regular performance and career development reviews	231

To Build A Better World

Die PORR im Überblick

Konzernlagebericht

Konzernabschluss

			Omission
GRI Standard/ other source	Disclosure	Location	Requirement(s) Omitted	Reason	Explanation
Diversity and Equal Opportunity
GRI 3: Material Topics 2021	3-3 Management of material topics	104-110
GRI 405:	405-1 Diversity of governance bodies and employees	232-233
Diversity and Equal Opportunity 2016	405-2 Ratio of basic salary and remuneration of women to men	109
Non-discrimination
GRI 3: Material Topics 2021	3-3 Management of material topics	102-103, 107-108
GRI 406: Non discrimination 2016	406-1 Incident of discrimination and corrective actions taken	105, 107-108

Human Rights and Ethics

Supplier Environmental Assessment
GRI 3: Material Topics 2021	3-3 Management of material topics	111-115
GRI 308: Supplier Environmental Assessment 2016	308-1 New suppliers that were screened using environmental criteria	112-113	308-1-a	Information not available	Percentage not documented
	308-2 Negative environmental impacts in the supply chain and actions taken	112-113
	Freedom of Association and Collecive Bargaining
GRI 3: Material Topics 2021	3-3 Management of material topics	111-115
GRI 407: Freedom of Association and Collective Bargaining 2016	407-1 Operations and suppliers in which the right to freedom of association and collective bargaining may be at risk	113-114
Child Labor
GRI 3: Material Topics 2021	3-3 Management of material topics	111-115
GRI 408: Child Labor 2016	408-1 Operations and suppliers at significant risk for incidents of child labor	113-114
Forced or Compulsory Labor
GRI 3: Material Topics 2021	3-3 Management of material topics	111-115
GRI 409: Forced or Compulsory Labor 2016	409-1 Operations and suppliers at significant risk for incidents of forced or compulsory labor	113-114
Security Practices
GRI 3: Material Topics 2021	3-3 Management of material topics			Not applicable	No material topic
GRI 410: Security Practices 2016	410-1 Security personnel trained in human rights policies or procedures		410-1-a-b	Information unavailable	No information about Security personnel available as responsibility for this lies with the client

				Omission
GRI Standard/ other source	Disclosure	Location	Requirement(s) Omitted	Reason	Explanation
Rights of Indigenous People
GRI 3: Material Topics 2021	3-3 Management of material topics	111-115
GRI 411: Rights of Indigenous Peoples 2016	411-1 Incidents of violations involving rights of indigenous peoples	113-114
Local Communities
GRI 3: Material Topics 2021	3-3 Management of material topics			Not applicable	No material topic
GRI 413: Local Communities 2016	413-1 Operations with local community engagement, impact assesments, and development programs		413-1-a-i-viii	Information unavailable	An impact analysis related to our locations is planned. Target horizon: 2025
	413-2 Operations with significant actual and potential negative impacts on local communities		413-2-a-i-ii	Information unavailable	An impact analysis related to our locations is planned. Target horizon: 2025
Supplier Social Assessment
GRI 3: Material Topics 2021	3-3 Management of material topics	111-115
GRI 414: Supplier Social	414-1 New suppliers that were screened using social criteria	112-113	414-1-a	Information not available	Percentage not documented
Assessment 2016	414-2 Negative social impacts in the supply chain and actions taken	112-113

Compliance

Anti-corruption
GRI 3: Material Topics 2021	3-3 Management of material topics	116-121
GRI 205: Anti-corruption	205-1 Operations assessed for risks related to corruption	118
2016	205-2 Communication and training about anti-corruption policies and procedures	118, 237
	205-3 Confirmed incidents of corruption and actions taken	118
Anti-competitive Behavior
GRI 3: Material Topics 2021	3-3 Management of material topics	116-121
GRI 206: Anti competitive Behavior 2016	206-1 Legal actions for anti-competitive behavior, anti-trust, and monopoly practices	118
Public Policy
GRI 3: Material Topics 2021	3-3 Management of material topics	116-117, 120
GRI 415: Public Policy 2016	415-1 Political contributions	120

To Build A Better World

Die PORR im Überblick

Konzernlagebericht

Konzernabschluss

			Omission
GRI Standard/ other source	Disclosure	Location	Requirement(s) Omitted	Reason	Explanation
Tax
GRI 3: Material Topics 2021	3-3 Management of material topics	116-118, 120
GRI 207: Tax 2019	207-1 Approach to tax	118
	207-2 Tax governance, control and risk management	116, 118, 123-133
	207-3 Stakeholder engagement and management of concerns related to tax	118
	207-4 Country-by-country reporting	118

Other Topics

GRI 3: Material Topics 2021	3-3 Management of material topics			Not applicable	No material topic
GRI 201: Economic Performance 2016	201-1 Direct economic value generated and distributed	216
	201-2 Financial implications and other risks and opportunities due to climate change	128-131
	201-3 Defined benefit plan obligations and other retirement plans	182-183
	201-4 Financial assistance received from government	120
Market Presence
GRI 3: Material Topics 2021	3-3 Management of material topics			Not applicable	No material topic
GRI 202: Market	202-1 Ratios of standard entry level wage by gender compared to local minimum wage	105, 107
Presence 2016	202-2 Proportion of senior management hired from the local community	105
Indirect Economic Impacts
GRI 3: Material Topics 2021	3-3 Management of material topics			Not applicable	No material topic
	203-1 Infrastructure investments and services supported	50-54
	203-2 Significant indirect economic impacts	49-54
Customer Health and Safety
GRI 3: Material Topics 2021	3-3 Management of material topics			Not applicable	No material topic
GRI 416: Customer	416-1 Assessment of the health and safety impacts of product and service categories			Not applicable	No material topic
Health and Safety 2016	416-2 Incidents of non-compliance concerning the health and safety impacts of products and services			Not applicable	No material topic
Customer Privacy
GRI 3: Material Topics 2021	3-3 Management of material topics			Not applicable	No material topic
GRI 418: Customer Privacy 2016	418-1 Substantiated complaints concerning breaches of customer privacy and losses of customer data		418-1-a-c	Information unavailable	Completion of the complaints mechanism planned. Target horizon: 2025

			Omission
GRI Standard/ other source	Disclosure	Location	Requirement(s) Omitted	Reason	Explanation
Marketing and Labeling
GRI 3: Material Topics 2021	3-3 Management of material topics			Not applicable	No material topic
GRI 417: Marketing and Labeling 2016	417-1 Requirements for product and service information and labeling			Not applicable	No material topic
	417-2 Incidents of non-compliance concerning product and service information and labeling			Not applicable	No material topic
	417-3 Incidents of non-compliance concerning marketing communications			Not applicable	No material topic

NADIVEG TOPICS

NaDiVeG Topcis	Material Topics	Reference in Report	SDG
Environmental affairs	Decarbonisation	71-79	7, 11, 13
	Circular Economy	80-84	9, 12, 17
	Habitats	85-89	6, 15
Employee and social affairs	Occupational safety	96-99	3, 8
	Health	100-102	3, 8
	Working Worlds	104-110	4, 5, 10
Respecting human rights	Human Rights and Ethics	111-115	8, 16
Combating corruption and bribery	Compliance	116-121	8, 16

To Build A Better World

Die PORR im Überblick

Konzernlagebericht

Konzernabschluss

GLOSSARY

CONSTRUCTION INDUSTRY

Building construction: Field of construction engineering dealing with the planning and construction of buildings that are usually above ground. These include amongst others residential, office, and industrial buildings as well as stadiums.

Building Information Modeling (BIM): Digital and integrative approach for managing projects in the construction industry. It enables all architectural, technical, physical and functional building data to be visualised in digital form.

Civil engineering: Field of construction engineering that is concerned with the planning and building of structures that are generally located on or below the earth's surface. It includes amongst others bridge building, road construction and tunnelling.

Design & build: Type of contract that includes both planning and construction services.

Design-build contractor: In contrast to a general contractor, they are responsible for the design of the construction project in addition to its build.

General contractor: Provides all construction services needed to build a structure and is allowed to subcontract out complete or partial services to other companies.

LEAN Management: Increases value added by increasing efficiency in planning. This should thereby streamline processes along the entire construction value chain.

Permanent business: Distribution type where the entire range of services is offered.

PORR Group: PORR AG and its subsidiaries.

Project business: Distribution type where specific, project-based services are offered. The focus is on those segments in which the company can deliver clear value added.

Slab Track: Patented PORR solution for high-performance and high-speed railway tracks.

FINANCIAL WORLD

Austrian Commercial Code: Contains guidelines on corporate law.

CAPEX (Capital Expenditure): Investments in intangible assets, property, plant and equipment and properties under construction including finance leases.

Cash flow: Financial measure that shows the unaltered surplus payments received within a given period of time and which thereby serves as an indicator of the company's solvency.

Dividend yield: Dividend in relation to the share price.

EBIT (Earnings Before Interest and Taxes): Operating performance.

EBITDA: Earnings Before Interest, Taxes, Depreciation and Amortisation.

EBT: Earnings Before Taxes.

Equity ratio: Share of equity in total assets.

IAS: International Accounting Standards.

IFRS: International Financial Reporting Standards.

Market capitalisation: Total market value of a company, resulting from the share price times the number of shares issued.

Net cash: Net debt is below 0. Liquidity is higher than debt.

Net debt: Balance of cash and cash equivalents, investments in current and non-current assets (investment certificates, time deposits), bonded loans (Schuldscheindarlehen) and current and non-current financial liabilities, excluding derivatives with a negative market value.

Order backlog: Total of all orders or contracts which have not been executed by the reporting date.

Order intake: Total of all orders acquired in the reporting period.

P/E ratio (price/earnings ratio): Share price in relation to earnings.

Production output: Covers all traditional design, planning and construction services, landfill operations and raw materials sales. In contrast to revenue, production output includes the output from joint ventures and companies accounted for using the equity method and subordinate companies in line with the interest held by the Group.

Project margin: Shows the contribution margin of a project (defined as production output minus production costs) in relation to production output.

Risk management: Systematic identification, measurement and control of risks. These risks can be general business risks or specific financial and non-financial risks.

Swap: Agreement in which two counterparties agree to exchange one stream of cash flow for another stream. The agreement defines how the payments will be calculated and when they will be paid.

SUSTAINABILITY

Code of Conduct: Together with the PORR Principles, provides guidelines for conduct that is morally, ethically and legally sound and displays integrity. It also forms the basis for all corporate activities and decisions within PORR.

CS: Corporate Sustainability

CSRD (Corporate Sustainability Reporting Directive): New EU directive for non-financial reporting by companies

ESG (Environmental – Social – Governance): Abbreviation for the three pillars of sustainability. The term is increasingly being used to describe sustainable business.

ESRS (European Sustainability Reporting Standards): Binding European reporting standards of the European Financial Reporting Advisory Group (EFRAG). The CSRD provides the specifications, the ESRS define the content.

GRI (Global Reporting Initiative): The international reporting standards to which this sustainability report conforms.

IPCC (Intergovernmental Panel on Climate Change): Its main task is to analyse the science and worldwide state of research on the effects of global warming and its risks, as well as mitigation and adaptation strategies, and to evaluate them from a scientific perspective.

NaDiVeG (Nachhaltigkeits- und Diversitätsverbesserungsgesetz): Austrian Sustainability and Diversity Improvement Act, Austrian law on sustainability reporting.

PESTEL: The PESTEL analysis allows a company's environment to be evaluated. Political, economic, socio-cultural, technological, environmental, geographic and legal factors impacts are analysed.

SDG (Sustainable Development Goals): 17 Sustainability Goals with 169 underlying targets, which are part of the United Nations 2030 Agenda. All countries of the United Nations have committed to achieving these goals by 2030.

SWOT: The analysis primarily helps companies to identify strengths, weaknesses, opportunities and threats. Strategies and measures can be derived from these insights.

To Build A Better World

Die PORR im Überblick

Konzernlagebericht

Konzernabschluss

Better Environment

CO2 e (carbon dioxide equivalents): Used to measure and compare greenhouse gas emissions. These include carbon dioxide (CO2 ), methane (CH4 ), nitrous oxide (N2 O), hydrofluorocarbons (HFCs), perfluorocarbons (PFCs), sulphur hexafluoride (SF6) and nitrogen trifluoride (NF3 ). The metrics for CO2 e show how much a particular gas would contribute to global warming if it were carbon dioxide.

EPS and XPS (expanded polystyrene and extruded polystyrene): These two materials are insulators made from the petroleum-based raw material styrene. The polystyrene is expanded for EPS and extruded for XPS. These manufacturing processes result in materials with different properties as well as different advantages and disadvantages. XPS has better insulation performance and is more durable but is more expensive than EPS due to the more complex production process. Until the end of 2008, XPS produced in the EU was sometimes still foamed with the ozone-depleting blowing agent CFC/HCFC and is therefore classified as hazardous waste. EPS is also known colloquially as Styrofoam.

GHG (Greenhouse gas): GHGs contribute to the Earth's greenhouse effect and are of natural origin or manmade. Due to their increased concentration in the Earth's atmosphere, they lead to an increase in the Earth's average mean temperature. Greenhouse gases include carbon dioxide (CO2 ), methane (CH4), nitrous oxide (N2O), hydrofluorocarbons (HFCs), perfluorocarbons (PFCs), sulphur hexafluoride (SF6) and nitrogen trifluoride (NF3 ).

GHG Protocol (Greenhouse Gas Protocol): Standard series for the accounting of greenhouse gas emissions and related reporting for companies.

GWP (Global Warming Potential): Term used to describe the relative effectiveness of a greenhouse gas, taking into account how long it remains active in the atmosphere.

PV (Photovoltaic): Conversion of light energy, mostly sunlight, into electrical energy by means of solar cells.

Recording air pollutants for equipment and the vehicle fleet: FThe technical equipment data is entered into the SAP/ ERP system during the inventory process. The calculation is based on this SAP data for all construction machinery and vehicles used in the period under review. The emission classes stored in the system are then used to start to determine the corresponding emission limit values. These are multiplied by the corresponding operating hours and power to find the air pollutant emissions of the construction machinery. The air pollutant emissions of the vehicle fleet (cars, light commercial vehicles and light commercial vehicles) are determined directly using the pollutant values (g/km or g/h) entered in SAP and the corresponding vehicle mileage or operating hours. Operating hours and vehicle mileage are derived from the M2M data of the telematics systems. The weighted values are determined by the ratio of total pollutant emissions to total output. The total output is made up of the output of the existing construction machinery or vehicles of all operating modes at the end of the observation period.

Recording energy consumption within the organisation: If the consumption of energy sources is recorded in volume or mass units, from the reporting year 2021 onwards this is converted into energy units using uniform conversion factors (calorific value inferior) from the DEFRA database ("UK Government GHG Conversion Factors for Company Reporting"). In addition, conversion factors from the Austrian Federal Ministry for Climate Protection are used for natural gas due to its specific composition in Central and Eastern Europe (standard factors for fuels from the national greenhouse gas inventory for use at level 2a in Austria valid 2022 to 2024).

Recording energy consumption outside of the organisation: The energy consumption of business travel was calculated uniformly across the Group using conversion factors from the Austrian Federal Environment Agency in relation to mileage data collected for passengers and vehicles.

Recording GHG emissions: All GHG emissions are reported as 100-year Global Warming Potential (GWP) using the Greenhouse Gas Protocol specifications. The GWP reflects, where available, the emissions of all greenhouse gases regulated under the Kyoto Protocol in CO2 e. From the 2023 reporting year onwards, GHG emissions are calculated using internally developed software. In order to be able to present the calculation of GHG emissions in a comprehensible and up-to-date manner, emission factors from science-based sources and that comply with the GHG Protocol are used:

• Scope 1 and Scope 3 Category 3. To calculate emissions from fuels under direct emissions (Scope 1) and indirect emissions (Scope 3 – Category 3), uniformly recognised international factors are used throughout the Group, such as those from the DEFRA and GLEC (Global Logistics Emissions Council) databases and the German Federal Environment Agency. For lignite dust, factors from the database of the International Energy Agency are used.
• Scope 2 and Scope 3 Category 3. For grid-based energy sources, country grid mix factors from the Ecoinvent database are being used from 2023 for indirect (Scope 2) and for other indirect (Scope 3 – Category 3) GHG emissions using the location-based method. These do not only reflect the electricity mix generated in the respective country, but also the electricity mix actually consumed (including imports and exports). In the market-based method, supplier-specific factors are used wherever possible. If these are not yet available centrally for certain markets due to PORR's highly decentralised

consumption structure and the subsequent high number of different energy supply companies, local grid mix factors from the Ecoinvent database are also used.

• Scope 3 Category 4. The recording of GHG emissions from inbound logistics for the four product groups with the highest transport volumes uses the finance-based approach. The product groups with the highest transport volumes are determined first: Concrete, asphalt, steel, and construction timber. Based on the total costs, the proportional transport costs are then calculated with the use of assumptions. Cost-based average values are used to help calculate the diesel consumption of the transport and this is then multiplied by the emission factor for diesel.
• Scope 3 Category 6. To determine the indirect (Scope 3 Category 6) GHG emissions generated by business travel, PORR primarily uses the fuel data of the air, train and car hire companies it uses. The kilometres travelled are used as the basis for calculating business trips made by private car. In order to guarantee the completeness of the calculated emissions (direct and indirect), standardised emission factors from the Ecoinvent database are used.

TCFD (Task Force on Climate-Related Financial Disclosure): Provides recommendations on how companies should report on risks and chances in relation to climate change.

Better Society

360-degree feedback: Method for assessing the competencies and performance of professional and managerial staff from different perspectives, such as from the point of view of employees, superiors, colleagues, team members or customers.

Age and generation management: Age management is a model involving an age-appropriate working environment and refers specifically to the questions, needs and potentials of older employees. The main objective is to ensure people remain actively involved in working life and to avoid retiring due to disability or impediment. Generation management includes the promotion and preservation of the ability to work of all generations in the employment process.

OHM (Occupational Health Management): The design, management and development of company structures and processes to make work, organisation and behaviour in the workplace conducive to health. It is intended to benefit employees and the company alike.

Senior Retention: The English term for utilising the potential of older employees or retention management of older employees (seniors). It is the sum of all of a company's strategic measures aimed at supporting employees before and after they reach the standard retirement age. This includes, for example, initiatives for a smooth transition to retirement and the diverse deployment of retired employees to handle other tasks within a company.

WEPs: (Women's Empowerment Principles): A set of principles that provide guidance to companies on how to promote gender equality and women's empowerment in the workplace, marketplace and community. Established by UN Global Compact and UN Women, the WEPs are informed by international labour and human rights standards.

WHP (Workplace Health Promotion): Includes all joint measures taken by employers, staff members and society to improve health and wellbeing at work.

Better Governance

Due Diligence: With the due diligence process, a company protects itself by checking the assumptions and preconditions involved in a partnership or offer and identifying possible relevant risks.

OECD (Organisation for Economic Cooperation and Development): The OECD is an international organisation with 38 member states committed to democracy and a market economy.

To Build A Better World

Die PORR im Überblick

Konzernlagebericht

Konzernabschluss

AUDITOR'S REPORT

REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS

Audit Opinion

We have audited the consolidated financial statements of

PORR AG, Vienna,

and of its subsidiaries (the Group) comprising the consolidated statement of financial position as of December 31, 2023, the consolidated statement of profit or loss and other comprehensive income, the consolidated statement of changes in equity and the consolidated statement of cash flows for the fiscal year then ended and the notes to the consolidated financial statements.

Based on our audit the accompanying consolidated financial statements were prepared in accordance with the legal regulations and present fairly, in all material respects, the assets and the financial position of the Group as of December 31, 2023 and cashflows and its financial performance for the year then ended in accordance with the International Financial Reporting Standards (IFRS) as adopted by EU, and the additional requirements under Section 245a Austrian Company Code UGB.

Basis for Opinion

We conducted our audit in accordance with the regulation (EU) no. 537/2014 (in the following "EU regulation") and in accordance with Austrian Standards on Auditing. Those standards require that we comply with International Standards on Auditing (ISA). Our responsibilities under those regulations and standards are further described in the "Auditor's Responsibilities for the Audit of the Consolidated Financial Statements" section of our report. We are independent of the Group in accordance with the Austrian General Accepted Accounting Principles and professional requirements and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained until the date of this auditor's report is sufficient and appropriate to provide a basis for our opinion by this date.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the consolidated financial statements of the fiscal year. These matters were addressed in the context of our audit of the consolidated financial statements, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. Der Konzernlagebericht ist auf Grund der österreichischen unternehmensrechtlichen Vorschriften darauf zu prüfen, ob er mit dem Konzernabschluss in Einklang steht und ob er nach den geltenden rechtlichen Anforderungen aufgestellt wurde. In the following, we present the audit facts that are particularly important from our point of view:

Title

Accounting for revenues from construction services as well as the related valuation of construction contracts and effects on various positions of the consolidated financial statements.

Risk

The consolidated financial statements of PORR AG show revenue in the financial year from construction services in the amount of TEUR 5,741,629, which were incurred in accordance with IFRS 15 revenues from contracts with customers are accounted for.

Revenue recognition for income from construction services is satisfied over time of the service provided using the POC (Percentage of Completion) method.

Over the winding-up period of the various projects, facts arise on an ongoing basis that are subject to estimates and have a significant influence on the accounting. These estimates are monitored within the Group through regular reporting by operational and commercial specialists.

The assessment of customer contracts up to project completion, in particular with regard to the accounting for change orders, the amount of the expected total contract costs and the order result, as well as the amount of contract revenues to be accrued in accordance with the POC (Percentage of Completion) method, as well as the estimated expenses and obligations for penalties, damages and warranties, is based on assumptions and expectations about the future development of orders and the outcome of negotiations and (arbitration) proceedings with the contracting parties and is therefore highly dependent on estimates.

Due to the required assumptions and estimates, the risk to the consolidated financial statements is that the accounting for customer contracts and related items in the consolidated balance sheet and consolidated income statement is uncertain and misrepresented.

The relevant information on the material discretionary decisions and estimation uncertainties can be found in the Notes to the Consolidated Financial Statements under 6. Revenue, 22. Trade receivables, 37. Other liabilities and 32. Provisions.

Addressing the risk in the context of the audit of the financial statements

To address this risk, we reviewed revenue recognition and the valuation of construction contracts. Inter alia, we carried out the following audit procedures:

• Gaining an understanding of the process as well as the validation of the implemented controls for the accounting of the revenues from construction services and the valuation of the contract assets
• Verification of whether the requirements for revenue recognition satisfied over time in accordance with IFRS 15 are met
• Testing the effectiveness of internal controls, especially regarding the technical, legal, and commercial review and approval of new orders, the reconciliation of contract revenues and costs and their recording and the intra-group monitoring and review of ongoing projects and calculations up to project completion at the end of the warranty period

Based on the control tests performed, individual audit procedures were carried out by a sample of customer contracts. The sample was selected with a focus on high estimation uncertainties and risk of error, considering various relevant parameters such as earnings development, order volume, disputed claims, and internal reporting of risk management.

Particularly, our audit procedures for the selected sample included:

• Historical consideration of the actual results with the estimates
• Reconciliation of key assumptions and estimates with contracts, budgets, and comparable orders
• Critical analysis and discussion of key project assumptions with commercial and operational project managers, as well as with board members and local component auditors
• Critical evaluation of internal and external technical, legal, and commercial opinions and expert opinions
• Inspection of correspondence and minutes of discussions and negotiations with contractual partners
• Obtaining and critically evaluating opinions on judicial and extrajudicial (arbitration) proceedings
• Verification of the recording and arithmetical accuracy of order costs, results, and balance sheet values

Miscellaneous Facts

The consolidated financial statements of PORR AG, Vienna, for the financial year December 31, 2022 were audited by BDO Assurance GmbH Wirtschaftsprüfungs- und Steuerberatungsgesellschaft, which issued an unmodified opinion on these financial statements on March 22, 2023.

Other Information

Management is responsible for the other information. The other information comprises the information included in the annual report and in the annual financial report, but does not include the consolidated financial statements, the Group's management report and the auditor's report thereon.

Our opinion on the consolidated financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the consolidated financial statements, our responsibility is to read the other information and, in doing so, to consider whether the other information is materially inconsistent with the consolidated financial statements, or our knowledge obtained in the audit, or otherwise appears to be materially misstated.

To Build A Better World

Die PORR im Überblick

Konzernlagebericht

Konzernabschluss

If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of Management and of the Audit Committee for the Consolidated Financial Statements

Management is responsible for the preparation of the consolidated financial statements in accordance with IFRS as adopted by the EU, and the additional requirements under Section 245a Austrian Company Code UGB for them to present a true and fair view of the assets, the financial position and the financial performance of the Group and for such internal controls as management determines are necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the consolidated financial statements, management is responsible for assessing the Group's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.

The Audit Committee is responsible for overseeing the Group's financial reporting process.

Auditor's Responsibilities for the Audit of the Consolidated Financial Statements

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with the EU regulation and in accordance with Austrian Standards on Auditing, which require the application of ISA, always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken based on these financial statements.

As part of an audit in accordance with the EU regulation and in accordance with Austrian Standards on Auditing, which require the application of ISA, we exercise professional judgment and maintain professional scepticism throughout the audit.

We also:

• identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group's internal control.
• evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
• conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group to cease to continue as a going concern.
• evaluate the overall presentation, structure, and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

– obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision, and performance of the group audit. We remain solely responsible for our audit opinion.

We communicate with the Audit Committee regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide the Audit Committee with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with the Audit Committee, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

Comments on the Management Report for the Group

Pursuant to Austrian Generally Accepted Accounting Principles, the management report for the Group is to be audited as to whether it is consistent with the consolidated financial statements and as to whether the management report for the Group was prepared in accordance with the applicable legal regulations.

Regarding the consolidated non-financial statement contained in the group management report, it is our responsibility to examine whether it has been prepared, to read it and to evaluate whether it is, based on our knowledge obtained in the audit, materially inconsistent with the consolidated financial statements or otherwise appears to be materially misstated.

Management is responsible for the preparation of the management report for the Group in accordance with Austrian Generally Accepted Accounting Principles.

We conducted our audit in accordance with Austrian Standards on Auditing for the audit of the management report for the Group.

Opinion

In our opinion, the management report for the group was prepared in accordance with the valid legal requirements, comprising the details in accordance with section 243a UGB (Austrian Company Code), and is consistent with the consolidated financial statements.

Statement

Based on the findings during the audit of the consolidated financial statements and due to the thus obtained understanding concerning the Group and its circumstances no material misstatements in the management report for the Group came to our attention.

To Build A Better World

Die PORR im Überblick

Konzernlagebericht

Konzernabschluss

ADDITIONAL INFORMATION IN ACCORDANCE WITH ARTICLE 10 EU REGULATION

We were elected as auditor by the ordinary general meeting on April 23, 2023. We were appointed by the Supervisory Board on August 8, 2023. While Ernst & Young Wirtschaftsprüfungsgesellschaft m.b.H. has performed its initial audit in the financial year 2023, BDO Assurance GmbH Wirtschaftsprüfungs- und Steuerberatungsgesellschaft has been the auditor since the financial year 2002.

We confirm that the audit opinion in the Section "Report on the consolidated financial statements" is consistent with the additional report to the audit committee referred to in article 11 of the EU regulation.

We declare that no prohibited non-audit services (article 5 par. 1 of the EU regulation) were provided by us and that we remained independent of the audited company in conducting the audit.

Responsible Austrian Certified Public Accountant

The engagement partner is Mr. Stefan Uher (EY), Certified Public Accountant, and Mr. Peter Bartos (BDO), Certified Public Accountant.

Vienna, March 19, 2024

Ernst & Young Wirtschaftsprüfungsgesellschaft m.b.H.

Mag. Stefan Uher mp Mag. Kristina Aichwalder mp Wirtschaftsprüfer / Certified Public Accountant Wirtschaftsprüferin / Certified Public Accountant

BDO Assurance GmbH Wirtschaftsprüfungs- und Steuerberatungsgesellschaft

Mag. Peter Bartos mp Mag. Nicole Doppelhofer mp

Wirtschaftsprüfer / Certified Public Accountant Wirtschaftsprüferin / Certified Public Accountant

This report is a translation of the original report in German, which is solely valid. Publication or sharing with third parties of the consolidated financial statements together with our auditor's opinion is only allowed if the consolidated financial statements and the management report for the Group are identical with the German audited version. This audit opinion is only applicable to the German and complete consolidated financial statements with the management report for the Group. Section 281 paragraph 2 UGB (Austrian Company Code) applies to alternated versions.

REPORT ON THE INDEPENDENT AUDIT OF THE NON-FINANCIAL STATEMENT IN ACCORDANCE WITH SECTION 267A OF THE AUSTRIAN COMMERCIAL CODE (UGB)

The German text of the signed report, which refers to the German version of the consolidated non-financial statement for the financial year 2023, is the only legally binding version. The English translation has no legal effect. In particular, it cannot be used for the interpretation of the German text.

We have performed a limited assurance engagement on the consolidated non-financial statement (hereafter "non-financial statement") integrated in the annual and sustainability report in accordance with the Austrian Sustainability and Diversity Improvement Act (hereafter "NaDiVeG") respectively section 267a UGB of PORR AG (hereafter "company"), Vienna, for the financial year 2023.

We have performed a limited assurance engagement on the following non-financial disclosures in the annual and sustainability report of the company (hereinafter "non-financial disclosures"):

• Non-financial Statement (p. 64 121)
• Risk and impact analysis of non-financial risks (p. 126 127)
• Climate-related risks and opportunities (p. 128 133)
• EU Taxonomy Regulation (p. 210 215)
• ESG Key Figures (p. 216 237)
• GRI-Content-Index (p. 238 245)

Other Information

The statutory representatives are responsible for other information. The other information includes all information in the annual and sustainability report, except for the non-financial disclosures, the consolidated annual financial statements, the group management report and the audit opinion.

Our audit opinion on the non-financial disclosures does not cover such other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the non-financial disclosures, we have a responsibility to read the other information and, in doing so, consider whether the other information is materially inconsistent with the non-financial disclosures or appears to be misstated otherwise.

Summary judgement

Based on our assurance procedures and the evidence we have obtained, nothing has come to our attention that would cause us to believe that the non-financial disclosures of the company for the financial year 2023 is not prepared, in all material respects, in accordance with the NaDiVeG (respectively section 267a UGB), the standards on sustainability reporting of the Global Reporting Initiative (hereafter "GRI Standards 2021") and Article 8 of the EU Taxonomy Regulation ((EU) 2020/852) in conjunction with the applicable Delegated Acts of the European Commission.

Responsibility of the statutory representatives

The proper preparation of the non-financial disclosures in accordance with the requirements of the NaDiVeG (respectively section 267a UGB), the GRI Standards 2021, as well as Article 8 of the EU Taxonomy Regulation ((EU) 2020/852) in conjunction with the applicable Delegated Acts of the European Commission is the responsibility of the statutory representatives of the company.

The responsibility of the statutory representatives includes, firstly, the selection and application of appropriate methods for non-financial reporting (particularly the selection of material topics) as well as making assumptions and estimates on individual non-financial disclosures that are reasonable under the circumstances. Secondly, it includes the conceptualization, implementation, and maintenance of systems, processes, and internal controls to enable the preparation of non-financial reporting that is free from material intentional or unintentional misstatement. The responsibility also includes the selection and application of appropriate methods within the scope of implementing Article 8 of the EU Taxonomy Regulation ((EU) 2020/852) in conjunction with the applicable Delegated Acts of the European Commission.

To Build A Better World

Die PORR im Überblick

Konzernlagebericht

Konzernabschluss

Auditor's responsibility

We have been engaged with providing a judgement, based on our audit procedures and on the evidence we have obtained, as to whether anything has come to our attention that would cause us to believe that the non-financial disclosures of the company as of December 31, 2023 does not conform in any material respect to the NaDiVeG (respectively section 267a UGB), the GRI Standards 2021, as well as Article 8 of the EU Taxonomy Regulation ((EU) 2020/852) in conjunction with the applicable Delegated Acts of the European Commission.

Mr. Peter Bartos, Certified Auditor, is responsible for the proper performance of the assignment.

We have performed our audit in accordance with the professional principles in force in Austria relating to general-assurance engagements (KFS/PG 13) and the International Standard on Assurance Engagements (ISAE 3000 (Revised)) applicable to such matters. In this respect, we have to comply with our professional obligations, including the provisions on independence, and are bound to plan and carry out our assignment with regard to the principle of materiality in such a manner as allows us to deliver our judgement with limited assurance.

In a limited-assurance engagement, the audit procedures undertaken are less extensive than in a reasonable-assurance engagement, and therefore a lesser degree of assurance is obtained.

The choice of audit procedures is at the due discretion of the auditor and included in particular the following activities:

• Interviews with employees responsible for the materiality analysis at the group level to gain an understanding of the procedure for identifying material sustainability topics and corresponding reporting boundaries;
• Risk assessment, including media analysis, of relevant information on the sustainability performance of the company during the reporting period;
• Assessment of the conceptualization and implementation of systems and processes for identifying, processing, and monitoring of disclosures related to environmental, social and workforce matters, respect for human rights and the combat against corruption and bribery, including the consolidation of data;
• Interviews with employees at group level responsible for identifying, consolidating, and performing internal control activities related to disclosures on concepts, risks, due diligence processes, results and performance indicators;
• Assessment of the conceptualization and implementation of systems and processes for identifying, processing, and monitoring sustainability performance data and metrics included in the scope of the audit, including the consolidation of data;
• Analysis of selected internal and external documents to determine whether qualitative and quantitative information is supported by sufficient evidence and presented in an accurate and balanced manner;
• Assessment of the local data collection, validation, and reporting processes as well as the reliability of the reported data by means of process and sample assessments of the Polish company PORR S.A.. The survey of employees was carried out by means of an on-site visit at the headquarters in Warsaw;
• Analytical assessment of the data and trends of the non-financial performance indicators in accordance with the GRI Standards 2021 listed in the GRI-Content-Index, which were reported by all sites for consolidation at group level;
• Assessment of whether the requirements pursuant to the NaDiVeG (respectively section 267a UGB), as well as the GRI Standards 2021 have been addressed adequately;
• Assessment of whether the requirements of Article 8 of the EU Taxonomy Regulation ((EU) 2020/852) in conjunction with the applicable Delegated Acts of the European Commission have been addressed adequately;
• Assessment of the overall presentation of the disclosures by critically reading the non-financial disclosures.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our summary judgement.

The subject-matter of the engagement does not consist of performing either an audit or an audit-related review of the financial statements. Neither are the detection and investigation of fraudulent acts, such as misappropriation or other acts of defalcation or administrative offences, nor an assessment of the effectiveness and efficiency of the Management a part of that subject-matter.

Restrictions on applicability

As our report is prepared exclusively at the client's request and in the client's interest, there exists no basis for third parties to place any reliance on its content. It therefore provides no grounds for third-party claims arising from it. We agree to the publication of our report together with the non-financial report.

Conditions of the engagement

We make this report on the basis of the engagement concluded with you, which is itself based on the AAB appended to this report. The AAB are also valid against third parties.

Vienna, 19 March 2024

BDO Assurance GmbH Wirtschaftsprüfungs- und Steuerberatungsgesellschaft

Certified Auditor Certified Auditor

Peter Bartos ppa. Nicole Doppelhofer

To Build A Better World

Die PORR im Überblick

Konzernlagebericht

Konzernabschluss

STATEMENT OF ALL LEGAL REPRESENTATIVES

We confirm to the best of our knowledge that the consolidated financial statements give a true and fair view of the assets, liabilities, financial position and profit or loss of the Group as required by the applicable accounting standards and that the Group management report, including the non-financial statement, gives a true and fair view of the assets, liabilities, financial position and profit or loss of the Group, and that the Group management report gives a description of the principal risks and uncertainties the Group faces.

Vienna, March 2024

Karl-Heinz Strauss Chairman of the Executive Board and CEO

Klemens Eiter Member of the Executive Board and CFO

Claude-Patrick Jeutter Member of the Executive Board and COO

Jürgen Raschendorfer Member of the Executive Board and COO

APPROPRIATION OF EARNINGS

The annual financial statements as of 31 December 2023 report net retained profits of EUR 28,757,400.19 for the business year 2023.

The Executive Board thereby proposes that the retained earnings reported in the annual financial statements of PORR AG as of 31 December 2023 be appropriated as follows:

The payout of a dividend of EUR 0.75 (seventy-five cents) per dividend-bearing share with the remaining balance carried forward.

Vienna, March 2024

Karl-Heinz Strauss Chairman of the Executive Board and CEO

Klemens Eiter Member of the Executive Board and CFO

Claude-Patrick Jeutter Member of the Executive Board and COO

Jürgen Raschendorfer Member of the Executive Board and COO

To Build A Better World

Die PORR im Überblick

Konzernlagebericht

Konzernabschluss

ACKNOWLEDGEMENTS

MEDIA PROPRIETOR

PORR AG Absberggasse 47, 1100 Vienna T +43 50 626-0 office@porr-group.com porr-group.com

CONCEPT, TEXT, DESIGN AND EDITING

PORR AG. Investor Relations kraftwerk agentur für neue kommunikation, Vienna be.public Corporate & Financial Communications, Vienna Mensalia Unternehmensberatungs GmbH, Vienna

Created with ns.publish by Multimedia Solutions AG, Zurich.

TRANSLATION

Collet Ltd.

PHOTOS

PORR (Surveying – p. 6, 7; Drammen Bridge Norway – p. 10, 11; Blasting agent Brenner Base Tunnel, Suedlink ElbX and photovoltaic roof topping-out ceremony – p. 18; Gradenberg, pumped storage power plant Ebensee and European Patent Office – p. 19; Andersia Silver Poland – p. 24, 25, 137; Joint power plant Inn – p. 29; Sibiu Pitesti – p. 47; ElbX Tunnel Germany – p. 63) Gregor Hartl Photography (Danube Bridge Linz – p. 8, 9) Astrid Knie (Wien Museum – p. U1, U4, 1; Executive Board shoot 2023 – p. 15, 21) Tomáš Malý (Supreme Audit Office Czech Republic – p. 4, 5; House of Digitalisation – p. 103) Michael Nowy (DC II Tower Vienna – p. 13) PUM (Pomeranian Medical University – p. 19)

PRINTING

DRUCKWERKSTATT Handels GmbH Hosnedlgasse 16b, 1220 Vienna

FURTHER INFORMATION

PORR AG . Investor Relations Absberggasse 47, 1100 Vienna ir@porr-group.com

The 2023 annual financial report audited by the company's auditors, including the notes and management report (consolidated and separate financial statements), can be requested free of charge from the company, Absberggasse 47, 1100 Vienna, and will be available at the Annual General Meeting. The entire document is also available for download on the website https://porr-group.com/annualreports.

Date of publication: 21 March 2024

The contents of this annual and sustainability report, together with the separate financial statements, also constitute the annual financial report.

FINANCIAL CALENDAR

20.4.2024	Record date for participation in the 144th Annual General Meeting
30.4.2024	144th Annual General Meeting, Haus der Industrie, Schwarzenbergplatz 4, 1030 Vienna
7.5.2024	Trade ex-dividend on the Vienna Stock Exchange
8.5.2024	Record date dividend
13.5.2024	Date of dividend payment for the 2023 fiscal year
23.5.2024	Publication of report on the first quarter 2024
22.8.2024	Publication of half-year report 2024
18.11.2024	Interest payment on hybrid bond 2021
21.11.2024	Publication of report on the third quarter 2024

CONTACT

Investor Relations ir@porr-group.com

Corporate Sustainability esg@porr-group.com

Group Communications comms@porr-group.com To Build A Better World

Die PORR im Überblick

Konzernlagebericht

Konzernabschluss

DISCLAIMER

This Annual and Sustainability Report contains statements relating to the future, which are based on estimates and assumptions made, to the best of their current knowledge, by managerial staff. Future-related statements may be identified as such by expressions such as "anticipated", "target" or similar constructions. Forecasts concerning the future development of the company take the form of estimates based on information available at the time of going to press. Actual results may differ from the forecasts where the assumptions on which these are based should prove incorrect or risks should develop in unforeseeable ways.

Every care has been taken in the compilation of this Annual and Sustainability Report to ensure the accuracy and completeness of information in all sections. The figures have been rounded off using the compensated summation method. However, roundoff, typesetting and printing errors cannot be completely ruled out.

This report is a translation into English of the Annual and Sustainability Report 2023 published in the German language and is provided solely for the convenience of English-speaking users. In the event of a discrepancy or translation error, the German-language version prevails.

JAHRES-ABSCHLUSS 2023 PORR AG

LAGEBERICHT

GLOBALE WIRTSCHAFT UNTER DRUCK

Die Weltwirtschaft wurde 2023 durch zahlreiche Faktoren belastet. Einerseits sorgten anhaltende und neue geopolitische Konflikte für zum Teil massive Unsicherheiten und Einschränkungen im Welthandel. Andererseits dämpften negative Konjunkturdaten, steigende Leitzinssätze und eine anhaltend hohe Inflation die wirtschaftliche Entwicklung. Aufgrund des höheren Zinsniveaus kamen gleich mehrere Banken in eine finanzielle Schieflage und mussten von den jeweiligen Staaten aufgefangen bzw. unterstützt werden. Erst zum Jahresende zeigten sich verstärkt positive Signale. Der Zinsgipfel scheint erreicht zu sein. Die hohen Teuerungsraten gehen aktuell zurück. Gleichzeitig kommt es jedoch infolge des strengeren Finanzierungsumfelds zu einer teilweise rückläufigen wirtschaftlichen Entwicklung. Die Experten des Internationalen Währungsfonds (IWF) rechnen für 2023 mit einem globalen Wirtschaftswachstum von 3,1 %. Aufgrund der anhaltenden Unsicherheiten und Konflikte gehen sie auch für das Jahr 2024 von einer Steigerung um 3,1 % aus. Dies dürfte sich jedoch regional sehr unterschiedlich verteilen. Sie rechnen weiters mit einem Rückgang der hohen Energie- und Rohstoffpreise. Das sollte ab dem Sommer auch zu einer schrittweisen Reduktion der Leitzinsen führen.1

Die Leitzinsspanne der amerikanischen Zentralbank Federal Reserve liegt seit Juli 2023 unverändert bei 5,25 % - 5,50 %. Hier wurde der maximale Zinssatz klar erreicht. Trotzdem lag das Wirtschaftswachstum der USA im zweiten Halbjahr 2023 über den Erwartungen. Für das Gesamtjahr schätzen die Experten des IWF eine Ausweitung der Wirtschaftsleistung um 2,5 %. Nachlaufende Effekte aus dem höheren Zinsniveau, der strengeren Finanzpolitik und einer Abschwächung im Arbeitsmarkt wirken sich erst 2024 aus. Dafür wird deshalb nur mehr ein Wachstum von 2,1 % prognostiziert.2

In der Europäischen Union sind die wirtschaftlichen Auswirkungen aus dem Ukraine-Konflikt deutlich spürbar. Im Jahr 2023 stagnierte daher insbesondere die Exportnachfrage. Die inflationsbedingt gestiegenen Lebenshaltungskosten sowie das hohe Zinsniveau dämpften die wirtschaftliche Entwicklung zusätzlich. Dem standen solide Ausgaben für Dienstleistungen und ein robuster Arbeitsmarkt gegenüber. Die Europäische Zentralbank (EZB) hat ihren Leitzinssatz zuletzt im September auf 4,5 % angehoben. Damit dürfte auch hier der Zinsgipfel erreicht sein. Einige europäische Zentralbanken außerhalb der Eurozone haben im Herbst sogar bereits mit Zinssenkungen begonnen. Insgesamt geht die Europäische Kommission (EK) für 2023 von einem Wirtschaftswachstum von 0,5 % aus. Das im Jahr 2024 steigende Realeinkommen – getrieben durch rückläufige Teuerungsraten und nachlaufende Lohn- und Gehaltsanpassungen – führt zu einem höheren Konsum. Auch die Investitionstätigkeit der Unternehmen dürfte sich aufgrund der notwendigen Anpassung an Energie- und Klimaziele weiter ausweiten. Der Infrastrukturbereich zeigte, unterstützt durch die EU Recovery and Resilience Facility und die Mittel aus der Cohesion Policy, eine kontinuierlich positive Dynamik. Dämpfend wirken hingegen nach wie vor die strengen Standards für Kreditvergaben. Mit ersten Zinssenkungen durch die EZB wird frühestens im zweiten Quartal gerechnet. Für 2024 gehen die Experten der EK somit von einem europäischen Wirtschaftswachstum von 1,3 % aus.3

Der durch die hohe Inflation gedämpfte Konsum, steigende Zinssätze und der anhaltende Arbeitskräftemangel beeinflussten auch die Investitionstätigkeit in Österreich. Aufgrund des schwierigen globalen Umfelds hat sich auch die Exportnachfrage abgeschwächt. Diese negative Dynamik hat jedoch in den letzten Monaten des Jahres abgenommen. Insgesamt rechnet das Institut für höhere Studien (IHS) dennoch mit einem Rückgang der Wirtschaftsleistung um 0,7 % im Jahr 2023 . Für das Folgejahr 2024 sind die Experten hingegen deutlich zuversichtlicher. Kräftige Steigerungen bei den Realeinkommen dürften starke positive Impulse im privaten Konsum setzen. Die bereits jetzt rückläufigen Teuerungsraten dürften sich auch im nächsten Jahr weiter reduzieren, wenn auch deutlich langsamer im Vergleich zu den Nachbarländern. Die Experten des IHS prognostizieren daher ein Wirtschaftswachstum von 0,8 % für das Jahr 2024.4

In Deutschland zeigte sich ein weitgehend ähnliches Bild. Der inflationsbedingte Rückgang der Kaufkraft und der somit reduzierte Konsum wirkten ebenso negativ wie die geopolitischen Unsicherheiten und die straffere Geldpolitik. Im Gegensatz dazu glich der Staat die zum Teil massive Teuerung mit Unterstützungsmaßnahmen für private Haushalte aus. Das deutsche Bundesministerium für Wirtschaft und Klimaschutz (BMWK) geht für 2023 von einer Verringerung der Wirtschaftsleistung um 0,3 % aus. Die Experten erwarten eine Trendwende in der zweiten Jahreshälfte 2024. Steigende Reallöhne, eine anhaltend rückläufige Teuerung und eine Erholung der globalen Wirtschaft dürften diese Entwicklung unterstützen. Für 2024 rechnet das ifo Institut mit einem Wirtschaftsplus von 0,2 %.5

Auch die Schweizer Nationalbank erhöhte die Zinsen – wenn auch nicht im selben Ausmaß wie die USA oder die EU. Neben den hier nur leicht höheren Teuerungsraten kam die Schweizer Wirtschaft auch aufgrund einer in Schieflage geratenen Großbank unter Druck. Das Schweizer Staatssekretariat für Wirtschaft geht von einem Wirtschaftswachstum für 2023 von 0,8 % aus. Mit steigendem privatem Konsum und einer Normalisierung des internationalen Umfelds dürfte sich das Wachstum im nächsten Jahr auf 1,5 % erholen.6

Auch in Polen, Tschechien und der Slowakei sowie in Rumänien ist die Inflation im Berichtsjahr vorübergehend deutlich angestiegen. Das bremste den privaten Konsum, da insbesondere im Energiesektor massive und hartnäckige Teuerungen spürbar waren. Auch die globale Wachstumsverlangsamung hatte Einflüsse auf die jeweilige wirtschaftliche Entwicklung. Hinzu kamen strengere Finanzierungsbedingungen und ein anhaltender Mangel an Arbeitskräften. Die EK geht für 2023 von einem Wirtschaftswachstum von

• 1 IWF, Jänner 2024 2 IWF, Jänner 2024 und Hauck Aufhäuser, Jänner 2024
• 3 EK, Februar 2024
• 4 IHS, Dezember 2023
• 5 BMWK, Jänner 2024 und ifo Institut, März 2024
• 6 Staatssekretariat für Wirtschaft, Dezember 2023

0,2 % in Polen, 1,1 % in der Slowakei und 1,8 % in Rumänien aus. Nur in Tschechien sehen die Experten einen geringfügigen Leistungsrückgang um 0,4 %. Für 2024 sieht das Wiener Institut für Internationale Wirtschaftsvergleiche (WIIW) positive Impulse in Form von deutlich sinkenden Teuerungsraten, steigenden realen Einkommen und einer Erholung des privaten Konsums. Das prognostizierte Wachstum von Polen und Rumänien liegt bei 2,7 % bzw. 2,9 %. Tschechien und die Slowakei dürften ihre Wirtschaftsleistung um 1,1 % bzw. 2,3 % ausweiten.1

GETEILTE ENTWICKLUNGEN IN DER BAUWIRTSCHAFT

Im Jahr 2023 stagnierte das Produktionsvolumen der europäischen Bauwirtschaft und verzeichnete nur ein geringfügiges Wachstum von 0,3 %. Diese Entwicklung verlief jedoch regional sehr unterschiedlich. Während in den meisten osteuropäischen Heimmärkten der PORR solide bzw. starke Wachstumsraten verzeichnet wurden, zeigte das Bauvolumen in Mitteleuropa kaum bis gar keine Steigerung.2

Innerhalb der Bauindustrie gab es erhebliche Unterschiede zwischen dem Hoch- und dem Tiefbau. Der durchschnittliche monatliche Zuwachs im Tiefbau lag für alle EU-Länder bei 3,4 % gegenüber dem jeweiligen Vorjahresmonat. Im Hochbau kam es zu einem Rückgang von 0,3 %.2

Das ist hauptsächlich auf den Wohnbau zurückzuführen. Dieser geriet aufgrund des strengeren Finanzierungsumfelds deutlich unter Druck. Die höheren Baupreise sowie die geringeren realen Einkommen belasteten den privaten Wohnbau zusätzlich. Gestiegene Material- und Personalkosten sorgten für Zurückhaltung unter den Investoren. Trotzdem ist der Bedarf an Wohnraum nach wie vor ungebrochen. Individuelle nationale Förderprogramme sollen dem entgegenwirken. Dennoch dürfte eine nachhaltige, breit aufgestellte Verbesserung erst ab 2025 eintreten.3

Dem gegenüber steht der Nicht-Wohnungshochbau. Dazu zählen unter anderem der Industriebau sowie der öffentliche Hochbau. Aufgrund der Abhängigkeit vom Konjunkturzyklus dürfte der Nicht-Wohnungshochbau als Ganzes in den nächsten Jahren stagnieren. Der Gesundheitsbau setzt jedoch – nicht zuletzt aufgrund des demografischen Wandels – bereits ab 2024 deutlich positive Impulse. Im Industriebau sorgen die grüne Transformation und die angestrebte europäische Energiewende langfristig für gute Wachstumsaussichten, insbesondere in Osteuropa.4

Der Tiefbau wirkt stabilisierend für die gesamte Bauindustrie. Er erwies sich 2023 einmal mehr als unabhängiger von der wirtschaftlichen Entwicklung, da es sich zumeist um langfristige Projekte mit öffentlichen Finanzierungen handelt. Dabei wirken insbesondere die europäische Recovery and Resilience Facility sowie das NextGenerationEU Budget unterstützend. Auch die Umwelt- und Energiepolitik legt einen starken Fokus auf den Tiefbau. Schwerpunkte sind dabei eine nachhaltige Mobilität sowie Energiesicherheit und -unabhängigkeit.3

Wichtige, börsengehandelte Baustoffe wie Stahl und Kupfer haben zuletzt eine deutliche Stabilisierung verzeichnet. Auch die Energiepreise haben sich auf einem hohen Niveau eingependelt. In den meisten EU-Ländern ist es jedoch schon zur gängigen Praxis geworden, höhere Kosten über Preisgleitungsklauseln in den Bauverträgen an die Auftraggeber weiterzugeben. Dadurch können sich die Bauunternehmen gut gegen das Kostenrisiko absichern. Durch die Weitergabe kam es im Jahr 2023 jedoch auch zu – teilweise erheblichen – Steigerungen der Baupreise.4

Für das weitere Wachstum der gesamten Industrie ist auch der Mangel an Fach- und Arbeitskräften ein wesentlicher, einschränkender Faktor. Die meisten großen europäischen Bauunternehmen haben diesen jedoch bereits gut unter Kontrolle. Dabei wurden die Schwerpunkte insbesondere auf die Aus- und Weiterbildung sowie auf die Mitarbeiterbindung an das Unternehmen gesetzt.

ERTRAGSLAGE

in TEUR	2023	2022	Veränderung
Umsatzerlöse	193.691	175.949	17.742
EBIT	6.418	17.296	-10.878
Beteiligungsergebnis	21.897	-5.365	27.262
Zinsergebnis	-4.674	-3.100	-1.574
Sonstiges Finanzergebnis	159	-1.181	1.340
EBT	23.800	7.650	16.150
Steuern	4.333	5.336	-1.003
Reinvermögensmehrung durch Umgründung	0	10.495	-10.495
Jahresüberschuss	28.133	23.481	4.652
Bilanzgewinn	28.757	23.644	5.113

In der PORR AG werden neben der Erbringung von Serviceleistungen auch Holdingfunktionen für die gesamte PORR Gruppe ausgeübt. Die im Folgenden angeführten Werte und Aussagen beziehen sich ausschließlich auf den Jahresabschluss der PORR AG.

Die PORR AG weist in der Gewinn- und Verlustrechnung des Jahres 2023 Umsatzerlöse in Höhe von EUR 193,7 Mio. aus (Vorjahr: EUR 175,9 Mio.), die vor allem aus Serviceleistungen erwirtschaftet wurden.

1 EK, Februar 2024 und WIIW, Jänner 2024

2 Eurostat, März 2024

3 Euroconstruct,

Dezember 2023 4 Refinitiv Workspace, Jänner 2024

Die sonstigen betrieblichen Erträge beinhalten Erträge aus Kursgewinnen, Zuschüssen und Vergütungen und reduzierten sich um EUR 1,5 Mio. auf EUR 1,7 Mio. (Vorjahr: EUR 3,2 Mio.).

Die Aufwendungen für Material sowie die Aufwendungen für bezogene Herstellungsleistungen veränderten sich nur minimal und betrugen EUR 12,1 Mio. (Vorjahr: EUR 12,2 Mio.).

Der durchschnittliche Mitarbeiterstand stieg im Jahr 2023 von 506 Mitarbeitenden auf 528 Mitarbeitende, was zur Folge hatte, dass sich auch der Personalaufwand um EUR 5,6 Mio. auf EUR 60,1 Mio. (Vorjahr: EUR 54,5 Mio.) erhöhte.

Die Abschreibungen auf die immateriellen Vermögenswerte und Sachanlagen verringerten sich um 10,5 % bzw. EUR 1,2 Mio. auf EUR 10,2 Mio. (Vorjahr: EUR 11,4 Mio.).

Die sonstigen betrieblichen Aufwendungen erhöhten sich um EUR 22,8 Mio. auf EUR 106,7 Mio. (Vorjahr: EUR 83,9 Mio.). Neben höheren IT- und Verwaltungskosten ist dieser Anstieg dadurch bedingt, dass der Versicherungsaufwand der PORR Gruppe ab dem Geschäftsjahr 2023 über die PORR AG abgerechnet und an die Konzernfirmen entsprechend weiterverrechnet wird. Diese Umstellung ist unter anderem für die Steigerung der Umsatzerlöse mitverantwortlich. Die in den sonstigen betrieblichen Aufwendungen enthaltenen Positionen betreffen vorwiegend Kosten des Bürobetriebs (EUR 30,4 Mio.), Avalprovisionen (EUR 23,7 Mio.), Aufwendungen für Häuser und Grundstücke (EUR 10,7 Mio.), Versicherungsaufwand (EUR 8,3 Mio.), Rechts- und Beratungskosten (EUR 7,3 Mio.), Verwaltungskosten (EUR 7,4 Mio.), Aufwendungen für Werbung und Repräsentationen (EUR 3,7 Mio.) sowie Abgaben und Gebühren (EUR 3,3 Mio.).

Das Betriebsergebnis vor Zinsen und Steuern (EBIT) reduzierte sich im Vergleich zum Vorjahr um EUR 10,9 Mio. und betrug EUR 6,4 Mio. (Vorjahr: EUR 17,3 Mio.).

Das Beteiligungsergebnis verbesserte sich EUR 27,3 Mio. auf EUR 21,9 Mio. (Vorjahr: EUR -5,4 Mio.).

Das negative Zinsergebnis stieg im Jahr 2023 um EUR -1,6 Mio. auf EUR -4,7 Mio. (Vorjahr: EUR -3,1 Mio.). Das sonstige Finanzergebnis zeigt eine Veränderung in Höhe von EUR 1,3 Mio. und betrug EUR 0,1 Mio. (Vorjahr: EUR -1,2 Mio.).

Ausgehend von einem EBT von EUR 23,8 Mio. (Vorjahr: EUR 7,7 Mio.) ergab sich nach Steuern vom Einkommen und Ertrag ein Jahresüberschuss in Höhe von EUR 28,1 Mio. (Vorjahr: EUR 23,5 Mio.).

VERMÖGENS- UND FINANZLAGE

in TEUR	2023	2022	Veränderung
Anlagevermögen	999.899	975.876	24.023
Umlaufvermögen	616.551	688.453	-71.902
Rechnungsabgrenzungsposten	10.088	11.163	-1.075
Aktive latente Steuer	37.054	20.028	17.026
Aktiva	1.663.592	1.695.520	-31.928
Eigenkapital	548.001	549.158	-1.157
Rückstellungen	42.041	35.822	6.219
Verbindlichkeiten	1.073.550	1.110.540	-36.990
Passiva	1.663.592	1.695.520	-31.928

Die Bilanzsumme der PORR AG betrug zum Stichtag 31. Dezember 2023 EUR 1.663,6 Mio. und sank um EUR 31,9 Mio. gegenüber dem Vorjahreswert von EUR 1.695,5 Mio.

Dies resultiert aktivseitig im Wesentlichen aus dem Rückgang der liquiden Mittel während sich das Anlagevermögen und die aktive latente Steuer erhöhten. Passivseitig ist die Veränderung hauptsächlich auf den Rückgang der Steuerverbindlichkeiten zurückzuführen.

Auf der Aktivseite bildete das Anlagevermögen mit einem Anteil von 60,1 % den Schwerpunkt der Bilanzsumme und belief sich per Jahresende 2023 auf insgesamt EUR 999,9 Mio. (Vorjahr: EUR 975,9 Mio.). Die immateriellen Vermögenswerte und Sachanlagen verzeichneten einen Anstieg von EUR 3,7 Mio. auf insgesamt EUR 161,4 Mio. (Vorjahr: EUR 157,7 Mio.). Das Finanzanlagevermögen erhöhte sich um EUR 20,3 Mio. auf EUR 838,5 Mio. (Vorjahr: EUR 818,2 Mio.) und resultiert im Wesentlichen aus dem Zuwachs bei den Anteilen an verbundenen Unternehmen aufgrund Gesellschafterzuschüssen. Die Wertpapiere des Anlagevermögens wurden zur Gänze veräußert. Details über die Zusammensetzung und Entwicklung des Anlagevermögens sind im Anlagespiegel ersichtlich.

Maßgebliche Änderungen des Umlaufvermögens waren die Reduzierung der liquiden Mittel um EUR 88,4 Mio. auf EUR 100,0 Mio. (Vorjahr: EUR 188,4 Mio.) bzw. die Erhöhung der Forderungen gegenüber verbundenen Unternehmen um EUR 18,8 Mio. auf EUR 504,5 Mio. (Vorjahr: EUR 485,7 Mio.).

Die Eigenkapitalquote verbesserte sich zum Bilanzstichtag um 0,5 %-Punkte auf 32,9 % (Vorjahr: 32,4 %).

Die Kapitalflussrechnung stellt die Verwendung und die Herkunft der liquiden Mittel des Unternehmens dar.

Der Cashflow aus laufender Geschäftstätigkeit mit EUR 106,9 Mio. (Vorjahr: EUR -18,6 Mio.) resultierte größtenteils aus dem Anstieg der Forderungen gegenüber verbundenen Unternehmen, wobei Veränderungen des Konzern-Cash-Pools im Cashflow aus Finanzierungs- bzw. Investitionstätigkeit berücksichtigt wurden.

Der Cashflow aus Investitionstätigkeit veränderte sich von EUR -34,5 Mio. im Jahr 2022 auf EUR -41,5 Mio. im Jahr 2023 und beinhaltet die Veränderung von Cash-Pool-Veranlagungen in Höhe von EUR -4,3 Mio. Auf Investitionen in Finanzanlagen und Wertpapiere des Umlaufvermögens entfielen EUR -23,6 Mio. und auf Investitionen in Sachanlagen und immaterielle Vermögenswerte EUR -16,9 Mio. Demgegenüber stehen Zuflüsse aus Anlageabgängen in Höhe von EUR 3,3 Mio.

Im Cashflow aus Finanzierungstätigkeit in Höhe von EUR -153,8 Mio. (Vorjahr: EUR -167,4 Mio.) sind einerseits der Mittelabfluss aus der Verringerung von Cash-Pool-Verbindlichkeiten mit EUR -119,9 Mio., der Tilgung von Schuldscheindarlehen mit EUR -30,5 Mio. und dem Erwerb eigener Aktien mit EUR -7,0 Mio. und andererseits der Mittelzufluss aus der Erhöhung der Kredit- und Leasingverbindlichkeiten mit EUR 26,6 Mio. enthalten.

An die Aktionäre der PORR AG wurde für das Berichtsjahr 2022 eine Dividende in Höhe von EUR 23,0 Mio. (Vorjahr: EUR 19,5 Mio.) ausgeschüttet.

Zum Jahresende 2023 wies die PORR AG liquide Mittel von EUR 100,0 Mio. (31. Dezember 2022: EUR 188,4 Mio.) aus.

in TEUR	2023	2022
Cashflow aus laufender Geschäftstätigkeit	106.943	-18.567
Cashflow aus Investitionstätigkeit	-41.520	-34.505
Cashflow aus Finanzierungstätigkeit	-153.813	-167.412
Veränderung des Finanzmittelbestands	-88.390	-220.484
Finanzmittelbestand am Beginn des Geschäftsjahres	188.379	408.863
Finanzmittelbestand am Ende des Geschäftsjahres	99.989	188.379

FORSCHUNG UND ENTWICKLUNG

Digitale Vermessung

Neben der Definition von gruppenweiten Hard- und Softwarestandards liegt der Fokus der PORR auf digitalen Vermessungshilfssystemen und Laserscan-Technologien.

Im Bereich der Vermessungshilfssysteme setzt die PORR auf satellitenbasierte Navigations-, Aufmaß- und Bestandserfassungsapps. Ziel ist es, bisher analoge Tätigkeiten – wie das Orten und Markieren von Leitungen oder das Aufmaß mit Messrad und Papier – zu vereinfachen und die Nutzerfreundlichkeit zu steigern. In weiterer Folge wird eine saubere und digitale Grundlagenermittlung gewährleistet.

Sogenannte Mobile-Mapping-Systeme nutzen Laserscan-Technologien. Dabei wird mittels Laserscanner und/oder Kameras – beispielsweise während einer Autofahrt – die Umgebung mobil vermessen. Im Straßenbau kann so die Fahrbahnoberfläche genau vermessen und zeit- und kostenintensive Sperren vermieden werden. Bei Straßensanierungen werden die gewonnenen Daten dann so aufbereitet, dass das Fräsen der alten Asphaltoberfläche mittels 3Dgesteuerten Maschinen durchgeführt werden kann.

Baumaschinensimulator

Aus- und Weiterbildungsmöglichkeiten sowie Arbeitssicherheit sind für die PORR wesentlich. Mit dem seit 2023 regelmäßig zum Einsatz kommenden Baumaschinensimulator können vielfältige Trainingsszenarien flexibel gestaltet und überprüft werden. Das ermöglicht ein orts- und zeitunabhängiges Training in einem sicheren Umfeld. Das realitätsnahe Handling von Baumaschinen wird speziell im Lehrlingsbetrieb sowie im Bereich Arbeitssicherheit eingesetzt.

Ressourcenplanung und Disposition

Komplexe und gekoppelte Bauprozesse, wie die Ressourcenplanung, erfordern eine partnerschaftliche Zusammenarbeit. Die digitale Disposition erlaubt dabei eine effiziente und nachhaltige Verwaltung aller Ressourcen. Planungstransparenz und -koordination stehen im Vordergrund. Der erleichterte Informations- und Verwaltungszugang für operatives Personal steigert die Effizienz. Zusätzlich wird eine noch ressourcenschonendere Bauabwicklung ermöglicht.

Materiallogistik-Plattform

Bei beinahe allen Projekten der PORR fallen zum Teil enorme Aushubmengen an. Um überschüssige und aufbereitete Materialien bei anderen Bauvorhaben weiter zu verarbeiten, braucht es eine effiziente Materiallogistik. Die PORR setzt dabei auf eine Partnervermittlung im Sinne der Nachhaltigkeit. Mit einer innovativen, schnittstellenübergreifenden Softwarelösung werden Informationen intelligent miteinander vernetzt und Arbeitsschritte signifikant reduziert. Die neue Plattform stimmt die Beschaffungs-, Transport- und Entsorgungslogistik optimal und effizient aufeinander ab. So lässt sich ein möglichst hoher Wiederverwertungsgrad erzielen.

Passives Tracking

Bei der digitalen Identifizierung von Bauelementen während des Krantransports konzentriert sich die PORR gemeinsam mit einem Branchenpartner auf fortschrittliche Passive-Tracking-Technologie. Das Hauptaugenmerk lag 2023 auf der erfolgreichen Entwicklung eines Prototyps. Derzeit läuft die Integration des Prototyps in das Internet der Dinge (Internet of Things, IoT) sowie die Optimierung von Hardware, Batterielaufzeit und Tracking-Radius. Die bereits erzielten Fortschritte versprechen Effizienzsteigerungen sowie eine erhebliche Reduktion von Transportkosten und -zeiten.

Robotik

Das Projekt RODRIGO fokussierte insbesondere auf robotergestütztes Bohren. Neue Automatisierungsmaßnahmen sorgen dabei durch den Einsatz von Robotern für effizientere Bauabläufe und die gesundheitliche Entlastung der Mitarbeitenden. Der erste Prototyp wurde erfolgreich entwickelt und bildet die Grundlage für weitere Verbesserungen. Der Schwerpunkt liegt nun auf der kontinuierlichen Weiterentwicklung, um die Leistungs- und Anpassungsfähigkeit an verschiedene Baustellenumgebungen zu verbessern.

MITARBEITER

Die PORR AG beschäftigte im Jahresverlauf 2023 durchschnittlich 528 Mitarbeiter. Diese gliederten sich in drei Arbeiter und 525 Angestellte. Im Vergleich zum Vorjahr bedeutet dies einen Anstieg von 22 Mitarbeitern oder 4,3 %.

	2023	2.022	Veränderung
Arbeiter	3	3	0
Angestellte	525	503	22
Mitarbeiter gesamt	528	506	22

ZWEIGNIEDER-LASSUNGEN UND TOCHTERGESELLSCHAFTEN

Die PORR AG verfügt über Niederlassungen in ganz Österreich. Bezüglich der Tochtergesellschaften wird auf den Beteiligungsspiegel verwiesen.

NACHHALTIGKEITS-STRATEGIE

Unsere Vision ist eindeutig: PORR - Home of Construction. To Build a Better World. Die Konzernstrategie bildet dafür

den Kern und verankert die ESG-Grundsätze in der Unternehmensführung. Diese wird basierend auf einem kontinuierlichen Stakeholder-Dialog, der Wesentlichkeitsanalyse sowie den aktuellen und künftigen Regulatorien laufend ergänzt. Dadurch ist die PORR in der Lage, stets vorausschauend zu agieren.

Intelligentes Wachstum mit Green and Lean

Wir möchten als Pioniere den Weg zu einer nachhaltigen Baubranche ebnen. Als internationales Unternehmen baut die PORR für Generationen und prägt Lebenswelten – mit und für Menschen. Denn gerade die Baubranche als People Business mit vielen verschiedenen Ethnien und einem hohen Energie- und Ressourcenverbrauch verlangt globales und zukunftsorientiertes Denken. Verantwortungsvolles Wirtschaften ist das Fundament ihres Erfolgs und tief in ihrer Unternehmensstrategie verankert. Dafür braucht es Rückgrat und Haltung. Als gesellschaftliche Akteurin sieht die PORR es als ihren Auftrag, einen positiven Beitrag zu leisten. Unser klares Ziel ist es, intelligent zu wachsen und dabei im Sinne der ESG-Kriterien zukunftsorientiert zu wirtschaften.

Die Nachhaltigkeitsstrategie der PORR spiegelt sich in der Konzernstrategie Green and Lean wider, bei der ein klarer, ganzheitlicher Ansatz verfolgt wird. Die Säulen "Mitarbeiter*innen" und "ESG" zeigen deren Stellenwert im Unternehmen. Der Anspruch der PORR ist, einen Mehrwert für ihre Stakeholder, die Gesellschaft und das Unternehmen zu schaffen und gleichzeitig den ökologischen Fußabdruck zu verkleinern. Dafür hat sie sich definierte, langfristige Ziele bis 2030 gesetzt, ergänzt durch Zwischenziele, die dabei helfen sollen, den Fortschritt agil voranzutreiben.

Unser Fokus

Dekarbonisierung. Als Bauunternehmen wirkt sich die Geschäftstätigkeit der PORR in hohem Maße auf Umwelt und Gesellschaft aus. Das Unternehmen setzt daher intensiv auf Forschung und Entwicklung im Sinne des Klimaschutzes. Mit der konzernweiten Klimastrategie will die PORR wirkungsvoll die größten Herausforderungen der Zeit – den Klimawandel und seine negativen Folgen – eindämmen bzw. vermeiden. Klimabezogene Risiken werden vom Risikomanagement systematisch analysiert und gesteuert. Darüber hinaus folgt die PORR den Empfehlungen zur Klimaberichterstattung für Unternehmen und Investoren der Task Force on Climate-Related Financial Disclosures (TCFD).

Kreislaufwirtschaft und Lebensräume. Zum Erhalt der natürlichen Lebensgrundlage für die nächste Generationen hat Ressourcenschonung höchste Priorität. Die PORR berücksichtigt Nachhaltigkeitsaspekte entlang der gesamten Bau-Wertschöpfungskette von Anfang an. Dazu gehören zirkuläres Design, ressourceneffizienter Verbrauch und das Recycling von Baumaterialien. Partnerschaften werden gebildet, um gemeinsam Lösungen zu finden. Damit will die PORR die Entwicklung in Richtung Kreislaufwirtschaft und die damit verbundenen Innovationen sowie den optimalen Umgang mit Ressourcen vorantreiben.

Arbeitssicherheit und betriebliche Gesundheit. Verantwortungsvolles Wirtschaften umfasst auch die Verantwortung für Mitarbeitende. Mit zahlreichen Schulungs- und Weiterbildungsprogrammen und hohen Arbeitssicherheitsstandards wird ein attraktives und sicheres Arbeitsumfeld gewährleistet. Die Gesundheit der Beschäftigten wird mit einem vielfältigen Angebot in den Bereichen Sport, Ernährung und psychisches Wohlbefinden gefördert.

Arbeitswelt. Die fünf PORR Prinzipien – Verlässlichkeit, Schulterschluss, Anerkennung, Leidenschaft und Pioniergeist – bilden die gemeinsame Unternehmenskultur. Sie tragen wesentlich zu einem inklusiven und wertschätzenden Arbeitsklima bei. Alle PORRianerinnen und PORRianer sind Botschafter dieser Werte – gemäß dem Leitsatz, moralisch, ethisch und rechtlich einwandfrei zu handeln. Mit dem vielseitigen Aus- und Weiterbildungsangebot sollen Potenziale aus den eigenen Reihen gefördert werden. Diversität und Inklusion stärken den Zusammenhalt und schaffen eine wichtige Grundlage für zukünftige Erfolge.

Menschenrechte, Ethik und Compliance. Die Würde und Rechte eines Menschen sind unantastbar. Die PORR bekennt sich zur Achtung und Förderung der Menschenrechte und folgt international anerkannten Richtlinien. Als Orientierungshilfe dienen die verpflichtend einzuhaltenden Codes of Conduct. Die darin enthaltenen Leitlinien sollen Fehlverhalten vorbeugen und die festgeschriebenen Grundsätze fördern. Corporate Governance ist ein wesentlicher Eckpfeiler der Unternehmenskultur und bezieht alle Bereiche des Unternehmens ein. Die PORR setzt sich für die höchsten Compliance-Standards und transparentes Handeln im Berufsalltag ein.

Wie wir Nachhaltigkeit steuern

Nachhaltigkeit muss auf allen Ebenen des Unternehmens gelebt werden. Damit das gelingt, ist eine klare Steuerung und strukturierte Organisation des Nachhaltigkeitsmanagements notwendig. Ziel ist es, die operative Umsetzung nachhaltiger Maßnahmen zu dezentralisieren. Durch Kompetenzaufbau und Bewusstseinsbildung werden alle PORRianerinnen und PORRianer befähigt, Sozial- und Umweltstandards in ihren Tätigkeiten anzuwenden und dabei Verbesserungspotenziale zu erkennen. Die vorhandene Expertise der Mitarbeitenden gilt es zu bündeln und in eine erfolgreiche Richtung zu lenken. Denn alle müssen am gleichen Strang ziehen, um eine ganzheitliche, nachhaltige Transformation des Unternehmens zu erreichen.

PROGNOSEBERICHT

Die Weltwirtschaft steht nach wie vor unter Druck. Wesentliche Unsicherheiten wie das anhaltend hohe Zinsniveau, der dadurch gedämpfte private Konsum und geopolitische Risiken in Zusammenhang mit den Kriegen in der Ukraine und im Nahen Osten bleiben bestehen. Der IWF rechnet für das Jahr 2024 mit einem globalen Wirtschaftswachstum von 3,1 %. Ab Sommerbeginn erwarten die Experten erste Zinssenkungen durch die großen Zentralbanken und das Ende der strengen Finanzierungspolitik. Der aktuelle Rückgang der global hohen Teuerungsraten dürfte sich dennoch im gesamten Jahresverlauf beschleunigen – insgesamt wird die globale Inflation auf 5,8 % in 2024 geschätzt.1

In Europa gingen die hohen Teuerungsraten zuletzt schneller als erwartet zurück. Das ist neben dem aktuellen Leitzins der EZB in Höhe von 4,5 % insbesondere auf die sinkenden Energiepreise zurückzuführen. Davon ausgehend wird bereits ab dem zweiten Quartal 2024 mit ersten Schritten zur Zinssenkung gerechnet. Neben einer geringeren Zinsbelastung für Kreditnehmer dürften steigende reale Einkommen und ein nach wie vor resilienter Arbeitsmarkt den privaten Konsum unterstützen. Die Experten der Europäischen Kommission gehen von einem sich im Jahresverlauf beschleunigenden Wirtschaftswachstum von insgesamt 0,8 % in der Eurozone aus. Gleichzeitig dürfte die Inflation auf 2,7 % sinken.2

In Österreich setzen steigende Realeinkommen ebenso positive Impulse im privaten Konsum. Zudem unterstützt die gute Entwicklung der ausländischen Handelspartner und führt zu einem erwarteten Wirtschaftswachstum von 0,8 % in 2024. In Deutschland zeigt sich ein ähnliches Bild, wodurch das ifo Institut von einem Wachstum von 0,9 % ausgeht. Für die osteuropäischen Heimmärkte der PORR rechnet die Europäische Kommission mit einem Wirtschaftswachstum zwischen 1,1 % (Tschechien) und 2,9 % (Rumänien).3

In der europäischen Bauindustrie bestimmen die vier Ds unverändert die langfristigen Trends. Der demografische Wandel mit der zunehmenden Urbanisierung, der alternden Gesellschaft und dem akuten Mangel an Arbeitskräften ist Chance und Herausforderung zugleich. Einerseits sorgt die große städtische Bevölkerung für eine solide Nachfrage bei nachhaltiger Infrastruktur und leistbarem Wohnen. Andererseits steigt das Bedürfnis nach Pflegeangeboten und langfristiger Gesundheit, während am Arbeitsmarkt ein reger Wettbewerb um Arbeits- und Fachkräfte herrscht. Die Deglobalisierung sorgt für eine Regionalisierung der Lieferketten, um nachhaltige Resilienz zu gewährleisten. Bei der Dekarbonisierung kommt der Bauindustrie in zweierlei Hinsicht eine große Verantwortung zu. Während Gebäude und Bauwerke – das Leistungsportfolio – nachhaltiger werden müssen, gilt dasselbe auch für die Prozesse im Baugeschäft. Die Digitalisierung bestimmt schon längst die Art, wie gebaut wird. Building Information Modeling, LEAN und partnerschaftliche Zusammenarbeit sind essenziell.

Kurz- bis mittelfristig bleibt der Tiefbau der Wachstumstreiber der Bauwirtschaft. Die Europäische Recovery and Resilience Facility sowie das mehrjährige NextGenerationEU Budget sorgen für eine kontinuierliche Nachfrage im Infrastrukturbereich. Das dürfte zu einer Steigerung der Bautätigkeit im Tiefbau um 2,5 % führen. Demgegenüber steht der Wohnbau aufgrund des aktuellen Zinsniveaus sowie des damit einhergehenden strengen Finanzierungsumfelds weiterhin unter Druck. Die Experten des Euroconstruct erwarten hier einen Rückgang des europäischen Bauvolumens um 5,4 %. Im Nicht-Wohnungshochbau setzt – nicht zuletzt aufgrund des demografischen Wandels – vor allem der Gesundheitsbereich positive Impulse. Im Industriebau unterstützen die

• 1 IWF, Jänner 2024
• 2 EK, Februar 2024 3 IHS, Dezember 2023 und ifo Institut, Dezember 2023 und EK, Februar 2024

angestrebte digitale Transformation sowie die Regionalisierung von Beschaffungs- und Produktionsmöglichkeiten die Nachfrage. Im sonstigen Hochbau gehen die Experten daher von einer gleichbleibenden Bauaktivität aus.1

Der Auftragsbestand der PORR zeigte einen Anteil von 57,6 % im Tiefbau. Hier ist die PORR eine der wenigen Spezialistinnen, welche die gesamte Bau-Wertschöpfungskette aus einer Hand abdecken. Mit diesem starken Wettbewerbsvorteil positioniert sie sich als führend in ihren Heimmärkten und profitiert davon bei öffentlichen Ausschreibungen. Dem Wohnbau sind nur 8,0 % des Auftragsbestands zuzuordnen. Damit bleibt die PORR weiterhin resilient gegenüber kurzfristigen Nachfrageänderungen. Im sonstigen Hochbau – dieser Anteil beläuft sich auf 29,5 % – setzt die PORR insbesondere auf partnerschaftliche Beziehungen zu Auftraggebern. Durch eine frühzeitige Einbindung in der Planungsphase kann sie Effizienzverbesserungen aufzeigen und optimal umsetzen.

Basierend auf einem Auftragsbestand von EUR 8,5 Mrd. (+3,0 % gegenüber dem Vorjahr) rechnet der Vorstand für 2024 mit einer moderaten Leistungssteigerung. Gleichzeitig erwartet er eine Erhöhung des Betriebsergebnisses. Mittelfristig geht der Vorstand von einer Steigerung der EBT-Marge sowie von einer EBIT-Marge von 3,0 % aus.

Die Einschätzung des weiteren Geschäftsverlaufs orientiert sich an den aktuellen Zielen in den einzelnen Bereichen sowie an den Chancen und Risiken, die sich in den jeweiligen Märkten ergeben. Sollte sich die geopolitische Situation verschärfen, könnte dies negative Auswirkungen auf die PORR und ihre Geschäftstätigkeit haben. Jegliche Beurteilung der wirtschaftlichen Entwicklung ist daher mit Prognoserisiken behaftet.

RISIKOBERICHT

Ein aktives Risikomanagement ist in der PORR fester Bestandteil einer verantwortungsvollen Unternehmensführung und sichert langfristig die eigene Wettbewerbsfähigkeit. Sollten Risiken in einem der Geschäftsfelder oder Märkte der PORR schlagend werden, so könnte dies negative Auswirkungen auf den Unternehmenserfolg haben. Ziel des Risikomanagements ist es daher, Risiken zu erkennen und diese bei gleichzeitiger Aufrechterhaltung des unternehmerischen Ertragspotenzials zu minimieren. Die dazugehörigen organisatorischen Prozesse und Kontrollen, mit deren Hilfe Risiken frühzeitig erkannt werden, sowie Maßnahmen zur Gegensteuerung sollen kontinuierlich weiterentwickelt und verbessert werden. Im Folgenden werden die für die PORR wesentlichen bekannten Risiken aufgelistet, die einen nachhaltigen Einfluss auf die Vermögens-, Finanz- und Ertragslage des Unternehmens sowie auf die Umwelt haben können.

Geopolitisches Risiko

Der anhaltende Krieg zwischen Russland und der Ukraine hat erhebliche Auswirkungen auf die geopolitische, wirtschaftliche und soziale Situation in der Region und darüber hinaus. In diesem Zusammenhang wurden strenge Wirtschaftssanktionen und -beschränkungen verhängt. Die damit verbundenen Einschränkungen beeinträchtigen das internationale Wirtschaftswachstum und führten unter anderem zu einem Anstieg der Inflationsraten. Innerhalb kürzester Zeit haben sich die Energie- und Rohstoffpreise deutlich erhöht. Auch in puncto Fachkräftemangel hat sich die Situation verschärft. Im Jahr 2023 haben sich die meisten Energie- und Rohstoffpreise reduziert oder auf einem hohen Niveau eingependelt, während sich der Fachkräftemangel unabhängig vom Ukraine-Konflikt verhielt. Es ist davon auszugehen, dass sich die Situation weiterhin sehr dynamisch entwickelt. Daher sind die damit zusammenhängenden politischen, sozialen und wirtschaftlichen Risiken aktuell schwer abschätzbar.

Zusätzlich kann der jüngste Nahostkonflikt die Region destabilisieren und zu einer Drosselung der Ölproduktion führen. Das könnte negative Auswirkungen auf die globalen Energie- und Rohstoffpreise haben.

Die PORR ist derzeit weder in der Ukraine noch in Russland tätig und betreibt keine nennenswerten Transaktionen oder Geschäfte im Nahen Osten. Sie könnte jedoch von den indirekten Folgen des Konflikts beeinträchtigt werden.

Marktrisiko

Die Marktrisiken resultieren aus den Veränderungen der makroökonomischen Rahmenbedingungen in den wesentlichen PORR Märkten. Weiters ergeben sich aufgrund der konjunkturellen Disparitäten in den jeweiligen Märkten für die PORR divergierende Nachfragesituationen. Das Unternehmen reagiert auf die Schwankungen in den nationalen Märkten und Geschäftssegmenten sowie auf die gegenwärtigen geopolitischen Unsicherheiten mit einer Konzentration auf die Heimmärkte Österreich, Deutschland, Schweiz, Polen, Tschechien, Slowakei und Rumänien. In den Projektmärkten Katar und UK bietet die PORR nur für ausgewählte Projekte die Exportprodukte in den Bereichen Tunnel-, Bahn- und Tiefbau (Spezial- und Großprojekte) an.

In Europa und den USA führte die hohe Inflation zu einem Anstieg der Zinssätze auf den Kreditmärkten. Dies kann sich insbesondere negativ auf die Nachfrage im Wohnbau auswirken, da die Finanzierung teurer wird. Damit könnte auch eine geringere Nachfrage von Einzelkunden und Immobilienentwicklungsgesellschaften einher gehen.

Projektrisiko

Die Überwachung des Projektrisikos erstreckt sich über alle operativen Einheiten der PORR und kann hinsichtlich des Kalkulations- und Ausführungsrisikos qualifiziert werden. Alle Projekte werden von der Angebotsbearbeitung bis hin zum Vertragsabschluss auf spezifische technische, kaufmännische und rechtliche Risiken geprüft. Dies geschieht in enger Abstimmung zwischen den Verantwortlichen für das operative Geschäft und den Risikomanagern anhand von Risikochecklisten und im Zuge der finalen Preis-Meetings. Während der Projektabwicklung unterliegen alle Projekte einem laufenden Soll-Ist-Abgleich. Sobald sich ein Projekt außerhalb der Soll-Parameter bewegt, werden entsprechende Gegensteuerungsmaßnahmen eingeleitet, von den Risikomanagern überwacht und im Hinblick auf ihre Wirksamkeit überprüft. Als Teil des Bereichs Commercial Management übernimmt das Risikomanagement die Steuerung der Länder auf Konzernebene.

Die BBT SE hat 2016 den Bau eines Abschnitts des BBT auf österreichischer Seite zwischen Pfons und der österreichisch-italienischen Grenze ausgeschrieben und im August 2018 dem Konsortium H51 Pfons – Brenner, bestehend aus den Unternehmen PORR Bau GmbH, G. Hinteregger & Söhne Baugesellschaft mbH, Società Italiana Per Condotte D'Acqua S.p.A. und Itinera S.p.A., den Zuschlag erteilt. Der Baubeginn erfolgte dann im November 2019. Das Projektvolumen beläuft sich auf EUR 966 Mio. Am 27. Oktober 2020 hat die BBT SE den Vertrag für das Baulos H51 einseitig gekündigt. Grund für die Kündigung waren offenbar unüberbrückbare technische Differenzen bei der Auslegung der Tübbinge für den TBM-Vortrieb. Im Zusammenhang mit der vorzeitigen Beendigung des BBT-Projekts laufen nach wie vor Gespräche zur Klärung offener Fragen, wie z. B. gegenseitige Ansprüche aufgrund der vorzeitigen Beendigung des Vertrags.

Der Konzern erhielt Ende 2017 von der Bundesrepublik Deutschland, vertreten durch den Landesbetrieb Straßenbau Nordrhein-West, den Zuschlag für den Bau der achtspurigen Rheinbrücke der Bundesautobahn A1 über den Rhein bei Leverkusen ("Leverkusener Rheinbrücke"). Die Auftragssumme belief sich auf rund EUR 362 Mio. Straßen.NRW hat mit Schreiben vom 24. April 2020 den Vertrag "aus wichtigem Grund" wegen angeblicher Mängel an den Stahlbauteilen gekündigt. Es wurde ein Schiedsverfahren über die Mängel an den Stahlbauteilen durchgeführt. Das Gutachten des unabhängigen Schiedsgutachters, Prof. Mensinger von der TU München, liegt vor und bestätigt den technischen Standpunkt der PORR. Daneben hat die Autobahn GmbH des Bundes (Nachfolgerin von Straßen.NRW) im Oktober 2021 Klage gegen die PORR auf Feststellung, dass die Kündigung berechtigt war, eingereicht. Inzident wird daher in diesem Verfahren geprüft, ob ein Kündigungsgrund vorlag, d. h. ob die Stahlteile mangelhaft waren. Die PORR wiederum hat ihre Ansprüche aus der ungerechtfertigten Vertragsbeendigung im April 2022 durch Widerklage geltend gemacht. Der Rechtsstreit läuft derzeit weiterhin.

Beschaffungsrisiko

Der Beschaffungsmarkt der PORR ist in die drei Bereiche Nachunternehmer, Material und Betriebsstoffe unterteilt. Für jeden werden individuelle Risikominimierungsmaßnahmen gesetzt. Darüber hinaus kann der Ukraine-Konflikt zu möglichen Versorgungsengpässen in der Lieferkette führen. Um die Versorgungssicherheit trotz der Beeinträchtigungen zu gewährleisten, wurde der Fokus auf die regionale Beschaffungsstruktur verstärkt.

Bei Nachunternehmern wird eine Auswahl der Lieferanten getroffen sowie durch langzeitige, partnerschaftliche Projektarbeit und langfristige Rahmenverträge Preis- und Qualitätssicherheit erlangt. Zudem ist der Einkauf bestrebt, mittels nachhaltiger Auswahl der Gewerksanbieter eine größtmögliche Risikominimierung im sozioökonomischen und umweltspezifischen Bereich zu erreichen. Die komplexe

und besonders stark fragmentierte Lieferkette im Bausektor kann zu Intransparenz betreffend der Einhaltung von gesetzlichen oder firmeninternen Vorgaben im Wirtschafts-, Umwelt- und Sozialbereich führen. Die Lieferantenbewertung, das Lieferanten-Audit, das Lieferantenmanagementsystem, die dazugehörige Datenbank sowie das Personallegitimationsprogramm fungieren als Überwachungsinstrumente. Umweltvorfälle bzw. Abweichungen im Umwelt- und Sozialbereich werden im Zuge der Projektabwicklung, d. h. direkt auf der Baustelle, festgehalten, in der Lieferantendatenbank vermerkt und mittels Ampelsystem bzw. Lieferantenbewertungsstandards monitort. Eine Nichteinhaltung der geltenden Standards führt bis zur Sperre für weitere Beauftragungen.

Im Materialsegment sorgen einerseits langfristige Lieferantenverträge für Preiskontinuität. Andererseits führt die Nutzung strategischer Einkaufsmechanismen zur Nivellierung punktueller Preisschwankungen. Naturgemäß sind Preisschwankungen aufgrund marktspezifischer Gegebenheiten (Konzentrationsprozesse der Lieferanten, börseabhängige Rohstoffpreise, Einschränkungen bei Lieferketten und Verfügbarkeiten etc.) nicht auszuschließen. Durch die Einbindung des Einkaufs in der Kalkulationsphase wird eine zusätzliche Ertragssicherheit erreicht. Darüber hinaus führte die flächendeckende Einführung von SAP MM zu einer noch größeren Markttransparenz, die zur Beseitigung der angeführten Risiken eingesetzt wird, aber auch zur Optimierung der Preissituation beiträgt.

Der konzernweite Einkauf sichert ebenso maximale Preisvorteile bei Betriebsstoffen. Darüber hinaus gewährleistet die "PORR Einkaufstrategie Energie" die langfristige Ausrichtung der Beschaffung im Bereich Betriebsstoffe.

Das Management der Kosten für Energie (wie z. B. Diesel, Strom und Erdgas) wird durch die PORR proaktiv betrieben und ist auf die Sicherung der Ressourcen für den Baubetrieb sowie der Kalkulationsbasis ausgelegt. Ein detailliertes Dispositionssystem stellt neben den Kosten auch die physische Verfügbarkeit von Energieträgern sicher. Knapp die Hälfte des Bedarfs ist auf Diesel zurückzuführen, gefolgt von Strom und Erdgas.

Im Fall von Diesel wird die Absicherung des Preises durch mit Banken abgeschlossene Sicherungsgeschäfte durchgeführt. Bei Strom und Erdgas erfolgt die Sicherstellung der Bedarfsmengen und Preise durch den Abschluss von Rahmenverträgen durch die Lead Buyer des Zentraleinkaufs. Somit sind substanzielle Teile des hier bestehenden Beschaffungsrisikos auch schon für die Folgejahre erheblich minimiert. So sind für 2024 bereits 90 % des Strombedarfs abgesichert. Erdgas wird hauptsächlich beim Betrieb von Asphaltmischanlagen verwendet. Zur Risikominimierung wurden einige Anlagen auf Dualbetrieb mit Heizöl umgestellt. Sollte es zu einer Erdgasverknappung kommen, können diese alternativ auch mit Heizöl betrieben werden. Der Bedarf an Gas ist für 2024 bereits zu 50 % abgesichert. Für 2025 sind Strom zu 30 % und Gas zu 15 % abgesichert.

Durch die Aufteilung in eine Lead-Buyer- und eine Local-Buyer-Beschaffungsstruktur werden sowohl Mengenbündelungseffekte gehoben als auch lokale Maximierungsmöglichkeiten umgesetzt. Diese Systematik ist in allen Beschaffungsbereichen installiert und führt in Summe zu einer Minimierung des Einkaufsrisikos.

Cyberrisiko

Die PORR nutzt umfangreiche IT-Systeme zur Steuerung ihrer Geschäftsaktivitäten, darunter Server, Spezialsoftware, Zugangskontrollsysteme und Datenspiegelung. Diese Systeme können Ausfällen oder Sicherheitsverletzungen ausgesetzt sein. Unbefugter Zugriff oder Hackerangriffe, beispielsweise mit Programmen, die in der Lage sind, Login-Daten zur Fernsteuerung auszuspähen, und Denial-of-Service- oder Ransomware-Angriffe sind hier einzuordnen. Solche Vorfälle können erhebliche Auswirkungen auf den Betrieb haben und zu einem vollständigen Verlust von Daten führen.

Der Zugriff auf diese Daten ist für das Management von "digitalen" Baustellen sowie das Finanzmanagement der PORR unerlässlich. Ein Missbrauch von Daten oder eine Verletzung der Cybersicherheit könnte das Image der PORR schädigen und zu (datenschutz-)rechtlichen Konsequenzen führen.

Risiko von Rohstoffpreisänderung

Das Risiko von Rohstoffpreisänderung ist definiert als das Risiko steigender Preise gegenüber dem Kalkulationszeitpunkt des Bauprojekts. Das Risiko wird zumeist durch mittelund langfristige Rahmenverträge mit Schlüssellieferanten sowie Preisanpassungsklauseln mit Kunden gemildert. Was die Energiebeschaffung betrifft, so wird situationsbezogen ein Beschaffungsmix aus Preisbindung bzw. wöchentlichen Börsenpreisen gewählt, wodurch die Preisvolatilität und das Risiko minimiert werden.

Im Falle von Diesel wurden derivative Absicherungen in Form von gekauften Futures für den Bedarf in den ersten drei Quartalen 2024 abgeschlossen. Die Bewertung der in 2024 fälligen Kontrakte zum Bilanzstichtag ergab einen negativen Ausgleichswert von EUR 1,5 Mio. (Vorjahr: EUR 2,0 Mio.).

Internes Kontrollsystem

Das Interne Kontrollsystem (IKS) der PORR orientiert sich an den seit 2009 verpflichtenden EU-Standards. Darüber hinaus legt die PORR großen Wert auf die Sicherung des Unternehmensvermögens, die Wirksamkeit und Effizienz betrieblicher Abläufe und die Sicherstellung der Verlässlichkeit der finanziellen Berichterstattung. Das Ziel der PORR ist es, das IKS kontinuierlich weiterzuentwickeln und es laufend an die sich ändernden Rahmenbedingungen und neue Konzernrichtlinien anzupassen.

Die Verantwortung für die Umsetzung sowie Einhaltung der gesetzlichen Anforderung an das rechnungslegungsbezogene IKS liegt beim Vorstand, der seinerseits die Abteilung Commercial Management für das interne Berichtswesen sowie die Abteilung Group Accounting für das externe Berichtswesen beauftragt.

Das IKS umfasst sowohl die Bewertung operativer Risiken als auch die adäquate Umsetzung von organisatorischen Normen und Prozessen im gesamten Rechnungs- und Berichtswesen der PORR. Es stellt sicher, dass die Erfassung, Aufbereitung und Bilanzierung der Geschäftsfälle im Unternehmen vereinheitlicht sind und diese ordnungsgemäß in die Konzernrechnungslegung übernommen werden. Maßnahmen wie klare, unternehmensinterne Vorgaben sowie vordefinierte und systemgestützte Verfahrensanweisungen zur Aufarbeitung von Daten des Rechnungswesens unterstützen den Prozess der einheitlichen und ordnungsgemäßen Rechnungslegung. Die Berichterstattung der in den Konzernabschluss einbezogenen Tochtergesellschaften sowie die Konsolidierung erfolgen durch integrierte, datenbankgestützte IT-Systeme. Relevante Anforderungen zur Sicherstellung der ordnungsgemäßen Rechnungslegung werden in konzerneinheitlichen Bilanzierungs- und Bewertungsvorschriften festgehalten und regelmäßig kommuniziert. Durch klare Funktionstrennungen und diverse Kontroll- und Überwachungsmaßnahmen, wie Plausibilitätsprüfungen, regelmäßige Kontrollaktivitäten auf diversen Berichtsebenen und das Vier-Augen-Prinzip, wird eine verlässliche und korrekte Rechnungslegung sichergestellt. Die systematischen Kontrollen sorgen dafür, dass die Rechnungslegung der PORR im Einklang mit den nationalen und internationalen Rechnungslegungsstandards sowie mit den unternehmensinternen Richtlinien steht. Sie gewährleisten zudem einen ordnungsgemäßen und einheitlichen Ablauf der rechnungslegungsbezogenen Prozesse.

Innerhalb des IKS übernimmt der Prüfungsausschuss für den Aufsichtsrat die Aufgabe der Überwachung des Rechnungslegungsprozesses und der Finanzberichterstattung. Außerdem gewährleisten das Compliance-Managementsystem und die Interne Revision die unabhängige Überwachung der Wirksamkeit des IKS mit dem Ziel der Verbesserung der Geschäftsprozesse.

Die Interne Revision der PORR wurde zuletzt im Oktober 2023 extern durch das Institut für Interne Revision Österreich nach Standard IIA (Institute of Internal Auditors) zertifiziert und erfüllt somit international anerkannte Leitlinien. Zur Wahrnehmung ihrer Aufgaben ist die Interne Revision mit umfassenden Prüfbefugnissen ausgestattet, die sowohl präventive als auch aufdeckende Kontrollen umfassen. Die Kontrollleistung der Internen Revision erfolgt im direkten Auftrag des Konzernvorstands gemäß einem jährlichen Prüfplan. Zusätzlich können auf Veranlassung des Konzernvorstands bei risikorelevanten, aktuellen Anlässen jederzeit Ad-hoc-Prüfungen eingeleitet werden.

Im Jahr 2023 erfolgte die planmäßige Re-Zertifizierung des umfangreichen Compliance-Managementsystems durch das externe Audit nach ISO 37301 und ISO 37001 durch Austrian Standards. Alle Compliance-Zertifikate wurden im Herbst 2023 planmäßig bestätigt.

Umwelt- und Klimarisiko

Wesentliche Themen	Risiken	Interne Auswirkungen	Externe Auswirkungen
Dekarbonisierung	Akute Risiken: Extremwetterereignisse Chronische Risiken: Langfristige Verschiebungen im Klimamuster Politische und rechtliche Risiken: Erhöhte Emissions berichterstattungspflichten Technologische Risiken Markt(preis)risiken: Steigende THG-Emissions bepreisung auf Grundlage gesetzlicher Regulatorien Reputationsrisiken	• Umsatzeinbußen durch Unterbrechungen im Baube trieb bzw. veränderte Anforde rungen von Kunden • Erhöhte Investitionskosten für Forschung und Entwicklung sowie Ersatzinvestitionen • Erhöhte Betriebskosten auf grund steigender Energiepreise und -auflagen • Erhöhte Finanzierungskosten • Negative Außenwahrnehmung bei Kunden und Stakeholdern • Geringe Attraktivität am Arbeitsmarkt • Erhöhte Umweltbelastung durch Kostensteigerung von Treibstoff, Energie	• Erhöhte klimabezogene Anforderungen an Produkte und Dienstleistungen • Geänderter Fokus bei öffent lichen Investitionen • Verschärfungen in der Raumordnung • Steigende THG-Emissions bepreisung • Kurzfristige, unerwartete Roh stoff- oder Energiepreiserhöhung • Belastung der Umwelt durch energiebedingte Emissionen • Verstärkung des Klimawandels
Kreislaufwirt schaft	Ressourcenverschwendung und erhöhtes Abfallaufkom men	• Auftragsverluste • Lieferengpässe bzw. Produk tionsausfälle • Personeller und kostentechni scher Mehraufwand • Notwendige Umstellung der Bauprozesse • Lange Genehmigungs- und Kontrollverfahren durch Überreglementierungen • Strafverfahren (z. B. wegen Umweltschäden, Compliance Vergehen) • Erhöhte Baukosten • Kostensteigerung durch Nichtnutzung von Material eigenschaften • Erhöhte Entsorgungskosten für nicht recyclingfähige Materi alien	• Erhöhtes Abfallaufkommen • Ressourcenverschwendung bzw. -vergeudung • Schädigung des Ökosystems durch Ressourcenerschöpfung • Beeinträchtigung des Ökosys tems durch umweltschädliche Materialien • Verhinderung einer Kreislaufwirt schaft
Lebensräume	• Umweltschäden in der Geschäftstätigkeit • Verlust der Biodiversität durch Versiegelung der Böden	• Strafverfahren • (Kosten-)aufwendige Verfahren für Flächensanierung • Imageschaden • Bauverzögerung durch erhöhte Projektkosten • Lange Genehmigungs- und Kontrollverfahren • Mehrkosten durch temporäre Fahrverbote und Schutzzonen • Kostensteigerung aufgrund der Wiederherstellung kontami nierter Böden	• Zerstörung von Lebensräumen, Schutzgebieten, Artenvielfalt • Verringerung landwirtschaftlich nutzbarer Fläche • Verringerung der Primärproduktion • Verlust der Klimaregulierung durch z. B. urbane Wärmeinseln • Umweltbelastungen durch Emis sionen (CO2 , Abgase, Feinstaub) • Lichtemissionen • Beeinträchtigung der Leistungs fähigkeit von Ökosystemen • Erhöhung des Risikos für Wetter extreme und Naturgefahren • Exzessiver Verbrauch von Frischwasser • Gewässerschädigung

Risiko für Sicherheit und Gesundheit

Wesentliche Themen	Risiken	Interne Auswirkungen	Externe Auswirkungen
Arbeitssicherheit und Gesundheit	• Beeinträchtigung der psychischen/physischen Gesundheit im Zuge der Geschäftstätigkeit und entlang der Lieferkette • Ausfall von Mitarbeitenden	• Erhöhte Kosten durch Bauver zögerungen: Ausfall von Mitar	• Erhöhte volkswirtschaftliche Kostenaufwände
		beitenden durch Arbeitsunfälle • Strafverfahren (z. B. Unterneh menshaftung, Verwaltungs	• Frühpensionierung aufgrund physischer bzw. psychischer Überbelastungen
		strafen) • Verminderte Wettbewerbs fähigkeit (z. B. Auftragsvergabe,	• Beeinträchtigung der Anrainer gesundheit durch Feinstaub, Lärm und Vibrationen
		Recruiting) • Erhöhte Projektkosten • Verstärkte externe Kontrolle	• Beeinträchtigung der Verkehrs sicherheit durch Baustellenein und -ausfahrten
			• Beeinträchtigung der Verkehrs teilnehmenden durch Ausschwen ken der Baufahrzeuge

Personalrisiko

Wesentliches Thema	Risiken	Interne Auswirkungen	Externe Auswirkungen
Arbeitswelten	• Fluktuationsrisiko	• Qualitätsmangel	• Fehlende Aufstiegschancen
	• Know-how-Verluste	• Fehleranfälligkeit	• Kompetenz- und Bildungsverlust
	• Mangel an Facharbeitern, Nachwuchsarbeitskräften und Führungskräften in der Geschäftstätigkeit akquisition • Interkulturelle Missver ständnisse in der Ge schäftstätigkeit Reputation	• Know-how-Verlust durch technologische Stagnation	• Erhöhte finanzielle Eigenleistung
			• Verstärkung psychischer Stress durch mangelnde Kompetenz
		• Stagnierende Auftrags
			• Geringe Weitervermittelbarkeit am Arbeitsmarkt
		• Fehlende Entwicklungs möglichkeiten
			• Behinderung von Innovation und
		• Erschwerte Projektabwicklung durch mangelnde Teamarbeit, Kommunikationsprobleme und Konfliktpotenzial • Gefährdung der internationalen • Vermindertes Innovationspo tenzial durch fehlende Vielfalt	Fortschritt
			• Standortnachteil
			• Verringerung der volkswirtschaft lichen Leistungsfähigkeit
			• Konflikte/Spannungen durch unter schiedliche Wertvorstellungen
			• Diskriminierung von Minderheiten
			• Förderung von Slumbildung und Ghettoisierung

Risiko für Menschenrechte und Compliance

Wesentliche Themen	Risiken	Interne Auswirkungen	Externe Auswirkungen
Menschenrechte und Ethik	• Verfehlungen hinsichtlich Menschenrechten, Arbei ternehmer-, Sozial- sowie Umweltbelange in der Ge schäftstätigkeit und entlang der Lieferkette	• Strafverfahren (z. B. wegen Menschenrechtsverletzungen und Umweltschäden)	• Verletzung der Grundrechte (Kinderarbeit, Zwangsarbeit, Rechte indigener Völker und lokaler
		• Erhöhte Projektkosten durch Bauverzögerungen	Gemeinschaften) • Demokratie- und Freiheitsverlust
		• Arbeitsdruck erhöht Fehler anfälligkeit	• Physische und psychische Erkrankungen
		• Imageschaden	• Soziale Spannungen
		• Erhöhte externe Kontrolle	• Schädigung der Volkswirtschaft
		• Negative Auswirkungen auf die Auftragsvergabe
		• Recruitingprobleme
Compliance	• Unfairer Wettbewerb und	• Imageschaden	• Schädigung des Wirtschafts
	Korruption in Geschäftstä tigkeit und Lieferkette • Verletzung der Datenschutz Grundverordnung (DSGVO)	• Rechtliche Konsequenzen	standorts
		• Verzerrungseffekte bzw. Aus schluss bei Ausschreibungen	• Unterwanderung der Rechts staatlichkeit
		• Negative Auswirkungen auf	• Fehlende Steuereinnahmen
		Börsenkurs	• Verschwendung öffentlicher Mittel
		• Eingeschränkte Finanzierungs möglichkeiten	• Erhöhung der staatlichen Rechts aufwände

Finanzrisiko

Das Management der Risiken im Finanzbereich, insbesondere des Liquiditätsrisikos und des Zins- und Währungs¬risikos, ist durch Konzernrichtlinien einheitlich geregelt. Ziel des Managements ist, die Risiken so weit als möglich zu minimieren. Hierzu werden je nach Einschätzung des Risikos ausgewählte derivative und nicht derivative Sicherungsinstrumente eingesetzt. Grundsätzlich werden jedoch nur die Risiken besichert, die Auswirkungen auf den Cashflow des Konzerns haben. Derivative Finanzinstrumente werden ausschließlich als Sicherungsinstrument genutzt, d. h. für Handels- oder andere spekulative Zwecke kommen sie nicht zum Einsatz.

Sämtliche Absicherungsgeschäfte werden durch das Group Treasury zentral abgeschlossen, soweit nicht andere Konzerngesellschaften im Einzelfall zu einer Transaktion außerhalb des Group Treasury autorisiert sind. Zur Überwachung und Steuerung bestehender Risiken im Geld- und Devisenhandel ist ein den Anforderungen entsprechendes internes Kontrollsystem (IKS) implementiert. Sämtliche Aktivitäten des Group Treasury unterliegen einer strikten Risiko- und Abwicklungskontrolle. Eckpfeiler ist die Funktionstrennung in Handel, Abwicklung und Buchhaltung.

Die wesentlichen Risiken der PORR im Finanzbereich – die Liquiditäts-, Zins- und Währungsrisiken – werden nachfolgend näher erläutert.

Liquiditätsrisiko

Das Liquiditätsrisiko ist definiert als das Risiko, dass Verbindlichkeiten bei Fälligkeit nicht beglichen werden können. Das Management des Liquiditätsrisikos basiert auf einer im Zuge der konzernalen Ergebnisplanung und Vorschaurechnung integrierten Finanzplanung, die ihren Ausgang auf operativer Ebene nimmt. Neben dem operativen Teil werden sämtliche liquiditätswirksame Finanzthemen wie Fälligkeiten aus Finanz- und Kapitalmarkttransaktionen, Zinsen und Dividenden in Entsprechung der Konzernverantwortung zentral geplant.

Per 31. Dezember 2023 betrug die Nettoverschuldung, definiert als Saldo aus liquiden Mitteln, Schuldscheindarlehen, Hybridanleihen, Genussrechtskapital, Wertpapieren des Umlaufvermögens sowie externen kurz- und langfristigen Finanzverbindlichkeiten, EUR 338,1 Mio. (Vorjahr: EUR 253,6 Mio.). Die kurzfristigen monetären Vermögenswerte lagen um EUR -69,3 Mio. (Vorjahr: EUR -179,0 Mio.) unter den kurzfristigen monetären Verbindlichkeiten, wodurch sich der Saldo gegenüber dem Vorjahr um EUR 109,7 Mio. verringerte.

Die externen kurzfristigen Finanzverbindlichkeiten betrugen zum Stichtag EUR 46,1 Mio. (Vorjahr: EUR 47,1 Mio.). Denen gegenüber standen liquide Mittel in Höhe von EUR 100,0 Mio. (Vorjahr: EUR 188,4 Mio.). Auch nach Saldierung mit den kurzfristigen Rückstellungen in Höhe von EUR 30,4 Mio. (Vorjahr: EUR 24,4 Mio.) verblieb eine Überdeckung von EUR 23,5 Mio. (Vorjahr: EUR 116,9 Mio.).

Die externen langfristigen Finanzverbindlichkeiten von EUR 392,2 Mio. (Vorjahr: EUR 395,1 Mio.) bestehen zu rund 88,7 % aus Hybridanleihen und Schuldscheindarlehen.

Zum Bilanzstichtag existieren nicht ausgenützte verbriefte Kreditlinien bei Banken in Höhe von EUR 310,5 Mio. (Vorjahr: EUR 212,0 Mio.), die zur unmittelbaren Refinanzierung von Finanzverbindlichkeiten herangezogen werden könnten.

Der Konzern verfügt über europäische Avalkreditlinien in Höhe von insgesamt EUR 4.354,6 Mio. (Vorjahr: EUR 3.971,8 Mio.), davon sind EUR 1.487,5 Mio. (Vorjahr: EUR 1.353,0 Mio.) mit einer Laufzeit von mindestens drei Jahren abgeschlossen. Der Rest in Höhe von EUR 2.867,1 Mio. (Vorjahr: EUR 2.618,8 Mio.) ist in der Regel mit einer Laufzeit von einem Jahr ausgestattet. Darüber hinaus sind Linien in einigen arabischen Ländern in Höhe von EUR 242,2 Mio. (Vorjahr: EUR 251,7 Mio.) implementiert. Die europäischen Linien sind per 31. Dezember 2023 mit rund 60 % (Vorjahr: 63 %), die Linien in den arabischen Ländern mit rund 36 % (Vorjahr: 35 %) ausgenützt.

In den dreijährigen Linien in Höhe von EUR 1.487,5 Mio. (Vorjahr: EUR 1.353,0 Mio.) sind harmonisierte Financial Covenants inkludiert. Diese betreffen im überwiegenden Ausmaß das Verhältnis Net Debt/EBITDA oder die Eigenkapitalquote.

Zinsrisiko

Das Zinsrisiko des Konzerns ist definiert als das Risiko steigender Aufwands- oder sinkender Ertragszinsen aus Finanzpositionen und resultiert bei der PORR für die Finanzverbindlichkeiten aus dem Szenario steigender Zinsen, insbesondere im kurzfristigen Bereich. Dagegen wirkt ein Anstieg der kurzfristigen Zinsen im Bereich der liquiden Mittel positiv und führt zu einem Anstieg der Ertragszinsen. Etwaige künftig notwendige Absicherungstransaktionen werden durch das Group Treasury abgeschlossen. Zum Bilanzstichtag erfolgte das Risikomanagement mit nicht derivativen Instrumenten sowie mit neun Interest Rate Swaps (IRS) in Höhe von EUR 211,9 Mio. Davon sind sieben derivative Absicherungen als Cashflow Hedge designiert. Die Grundgeschäfte der Zinsswaps sind die aufgenommenen Finanzierungen durch Schuldscheindarlehen mit variabler EURIBOR-Verzinsung, zwei Kredite sowie variabel verzinste Geräteleasingvereinbarungen. Alle IRS beziehen sich auf den Austausch variabler Zinsströme gegen fixe Zinsströme. Per 31. Dezember 2023 ergab die Marktbewertung der IRS einen beizulegenden Zeitwert in Höhe von EUR -0,3 Mio. (Vorjahr: EUR 3,0 Mio.).

Währungsrisiko

Die PORR hat zum 31. Dezember 2023 Devisentermingeschäfte in Höhe von EUR 190,7 Mio. (Vorjahr: EUR 189,4 Mio.) abgeschlossen. Davon betrugen EUR 191,1 Mio. Terminkäufe und EUR 0,4 Mio. Terminverkäufe und dienen zur Gänze der Absicherung von innerkonzernalen Finanzierungen. Per 31. Dezember 2023 ergab die Marktbewertung der offenen Devisentermingeschäfte einen beizulegenden Zeitwert in Höhe von EUR -0,9 Mio. (Vorjahr: EUR 0,5 Mio.).

Kreditrisiko

Das Risiko bei Forderungen gegenüber Kunden kann aufgrund der breiten Streuung und einer permanenten Bonitätsprüfung grundsätzlich als gering eingestuft werden. Branchenspezifisch fallen Vorleistungen durch den Generalunternehmer an, die erst später durch Zahlungen abgedeckt werden. Zur Absicherung eines etwaigen Ausfallrisikos ist eine Bonitätsprüfung zwingend vorgeschrieben und es werden weitestgehend Sicherheitsleistungen vereinbart.

Das Ausfallrisiko bei anderen auf der Aktivseite ausgewiesenen originären Finanzinstrumenten ist ebenfalls als gering anzusehen, da die Vertragspartner Finanzinstitute und andere Schuldner mit bester Bonität sind. Der Buchwert der finanziellen Vermögenswerte stellt das maximale Ausfallrisiko dar. Soweit bei finanziellen Vermögenswerten Ausfallrisiken erkennbar sind, wird diesen Risiken durch Wertberichtigungen Rechnung getragen. Es bestehen hohe offene Forderungen vor allem aus Infrastruktur- und Hochbauprojekten gegenüber öffentlichen Auftraggebern bzw. öffentlichen und privaten Unternehmen. Ansonsten liegen keine operativen Risikokonzentrationen aufgrund hoher offener Beträge bei einzelnen Schuldnern vor.

Kapitalrisikomanagement

Das Kapitalmanagement des Konzerns zielt auf eine substanzielle Stärkung der Eigenmittel und den Erhalt einer niedrigen Verschuldung ab. Die unten angeführten Zahlen beziehen sich auf die gesamte PORR Gruppe.

Im Berichtsjahr ist das Eigenkapital um rund TEUR 61,320 gestiegen. Bei nahezu unveränderter Bilanzsumme erhöhte sich die Eigenkapitalquote von 19,3 % auf 20,8 %.

Die Nettoverschuldung ist definiert als Saldo aus liquiden Mitteln, Veranlagungen im kurz- und langfristigen Vermögen (z. B. Fondszertifikate, Termingelder), Schuldscheindarlehen sowie kurz- und langfristige Finanzverbindlichkeiten exklusive Derivate mit negativem Marktwert.

Die Net Cash Position betrug TEUR 40.051 (Vorjahr: TEUR 58.950) und reduzierte sich somit um TEUR 18.899.

Die Kontrolle des Kapitalrisikomanagements erfolgt über die Net Gearing Ratio. Diese ist definiert als Net Cash bzw. Net Debt dividiert durch das Eigenkapital. Das Net Gearing lag im Jahr 2023 bei -0,05 (Vorjahr: -0,07) und ist somit im Jahresvergleich um 0,02 leicht angestiegen.

OFFENLEGUNG GEMÄSS § 243A ABS. 1 UGB

1. Das Grundkapital setzt sich zum Bilanzstichtag 2023 aus 39.278.250 Stückaktien zusammen. Alle Aktien sind auf den Inhaber lautende, nennbetragslose Stückaktien, von denen jede am Grundkapital von EUR 39.278.250 im gleichen Umfang beteiligt ist. Zum Bilanzstichtag befanden sich sämtliche 39.278.250 Aktien im Umlauf.

Alle Stückaktien haben die gleichen, gesetzlich normierten Rechte und Pflichten, insbesondere gewährt jede Stückaktie das Stimmrecht, das nach der Zahl der Aktien ausgeübt wird, und nimmt am Gewinn sowie im Fall der Abwicklung am Liquidationsüberschuss im gleichen Umfang teil. Das Grundkapital der Gesellschaft ist voll geleistet. Die Gesellschaft hielt zum Stichtag 31. Dezember 2023 insgesamt 1.002.060 Stück eigene Aktien bzw. 2,55 % des Grundkapitals. Im Zuge eines Rückkaufprogramms – basierend auf dem Ermächtigungsbeschluss der Hauptversammlung vom 17. Juni 2022 – wurden zwischen Oktober 2022 und Juni 2023 insgesamt 785.565 Stück eigene Aktien erworben. Aus eigenen Aktien stehen der Gesellschaft gemäß § 65 Abs. 5 AktG keine Rechte, insbesondere keine Stimmrechte, zu.

Gemäß § 5 Abs. 2 der Satzung der Gesellschaft können Aktien aus künftigen Kapitalerhöhungen auf den Inhaber oder Namen lauten. Wird bei einer Kapitalerhöhung im Erhöhungsbeschluss keine Bestimmung darüber getroffen, ob die neuen Aktien auf den Inhaber oder auf Namen lauten, so lauten sie auf den Inhaber. Gemäß § 5 Abs. 3 der Satzung und im Einklang mit § 10 Abs. 2 AktG sind die Aktien in einer, gegebenenfalls in mehreren Sammelurkunden zu verbriefen und bei einer Wertpapiersammelbank nach § 1 Abs. 3 Depotgesetz oder einer gleichwertigen, ausländischen Einrichtung zu hinterlegen. Dieser Verpflichtung ist die Gesellschaft nachgekommen. Sämtliche früher im Umlauf befindliche, effektive Aktienurkunden wurden den gesetzlichen Bestimmungen entsprechend für kraftlos erklärt.

• 2.Zwischen der Strauss-Gruppe und der IGO Industries-Gruppe besteht ein Syndikatsvertrag. Von diesem Syndikatsvertrag hat der Vorsitzende des Vorstands Kenntnis, weil er Stifter und Begünstigter der PROSPERO Privatstiftung ist, welche die Strauss-Gruppe leitet. Der Vorstand in seiner Gesamtheit hat aus seiner Funktion als Vorstand der Gesellschaft keine Kenntnis vom Inhalt des Syndikatsvertrags. Syndikatsbeschlüsse binden die Syndikatsmitglieder in der Ausübung ihrer Stimmrechte. Es bestehen wechselseitige Aufgriffs- und Vorkaufsrechte.
• 3.Eine direkte oder indirekte Beteiligung am Kapital, die zumindest zehn von hundert beträgt, halten zum Stichtag 31. Dezember 2023 folgende Aktionäre:

	Anteil am Grundkapital	Hiervon syndiziert
IGO Industries-Gruppe	36,21 %	35,96 %
Strauss-Gruppe	15,19 %	14,43 %

Zur Strauss-Gruppe zählt die SuP Beteiligungs GmbH, die zu 100 % der PROSPERO Privatstiftung zuzurechnen ist, die im Einflussbereich des Vorstandsvorsitzenden Ing. Karl-Heinz Strauss steht. Die Aktien der IGO Industries-Gruppe werden mittel- und unmittelbar von Dipl.-Ing. Klaus Ortner und seiner Familie gehalten.

• 4.Aktien mit besonderen Kontrollrechten sind bei der Gesellschaft nicht vorhanden.
• 5.Arbeitnehmerinnen und Arbeitnehmer, die am Kapital der Gesellschaft beteiligt sind, üben ihr Stimmrecht individuell und unmittelbar aus.
• 6.Gemäß § 6 Abs. 1 der Satzung der Gesellschaft besteht der Vorstand aus zwei bis sechs Personen. Der Aufsichtsrat kann gemäß § 6 Abs. 2 der Satzung in diesem zahlenbezogenen Rahmen stellvertretende Vorstandsmitglieder bestellen. Der Aufsichtsrat kann gemäß § 6 Abs. 3 der Satzung ein Mitglied zum Vorsitzenden und ein Mitglied zum Stellvertreter des Vorsitzenden ernennen. Allfällige stellvertretende Vorstandsmitglieder stehen hinsichtlich der Vertretungsmacht ordentlichen Vorstandsmitgliedern gleich.

Der Aufsichtsrat besteht gemäß § 9 Abs. 1 der Satzung aus mindestens drei und höchstens zwölf von der Hauptversammlung gewählten Mitgliedern. Gemäß § 9 Abs. 8 der Satzung kann mit der Wahl eines Aufsichtsratsmitglieds gleichzeitig ein Ersatzmitglied gewählt werden, welches mit sofortiger Wirkung in den Aufsichtsrat nachrückt, wenn das Aufsichtsratsmitglied vor dem Ablauf seiner Amtszeit aus dem Aufsichtsrat ausscheidet. Werden mehrere Ersatzmitglieder gewählt, ist bei der Wahl die Reihenfolge zu bestimmen, in der sie für aus dem Aufsichtsrat ausscheidende Mitglieder nachrücken. Ein Ersatzmitglied kann auch für mehrere bestimmte Aufsichtsratsmitglieder gewählt werden, sodass es in den Aufsichtsrat nachrückt, wenn eines dieser Mitglieder vorzeitig aus dem Aufsichtsrat ausscheidet. Das Amt eines in den Aufsichtsrat nachgerückten Ersatzmitglieds erlischt, sobald ein Nachfolger für das ausgeschiedene Aufsichtsratsmitglied bestellt ist, spätestens jedoch mit Ablauf der restlichen Amtszeit des ausgeschiedenen Aufsichtsratsmitglieds. Ist das Amt eines in den Aufsichtsrat nachgerückten Ersatzmitglieds erloschen, weil ein Nachfolger für das ausgeschiedene Aufsichtsratsmitglied gewählt wurde, so bleibt es Ersatzmitglied für die weiteren Aufsichtsratsmitglieder, für die es gewählt wurde. Die Hauptversammlung kann gemäß § 9 Abs. 2 der Satzung bei der Wahl für einzelne oder für alle der von ihr zu wählenden Aufsichtsratsmitglieder eine kürzere Funktionsperiode beschließen als die gesetzliche. Scheidet ein von der Hauptversammlung gewähltes Aufsichtsratsmitglied vor Ablauf der Funktionsperiode aus, bedarf es gemäß § 9 Abs. 6 der Satzung der Ersatzwahl erst in der nächsten ordentlichen Hauptversammlung. Sinkt jedoch die Anzahl der Aufsichtsratsmitglieder unter drei, ist die Ersatzwahl in einer außerordentlichen Hauptversammlung binnen sechs Wochen vorzunehmen. Die Bestellung zum Mitglied des Aufsichtsrats kann gemäß § 9 Abs. 4 der Satzung vor Ablauf der Funktionsperiode von der Hauptversammlung mit einfacher Mehrheit der abgegebenen Stimmen widerrufen werden. Gemäß § 19 Abs. 1 der Satzung der Gesellschaft werden die Beschlüsse der Hauptversammlung –

sofern das Gesetz nicht zwingend eine andere Mehrheit vorschreibt – mit einfacher Mehrheit der abgegebenen Stimmen, und – in Fällen, in denen eine Kapitalmehrheit erforderlich ist – mit einfacher Mehrheit des bei der Beschlussfassung vertretenen Grundkapitals gefasst. Diese Satzungsbestimmung hat nach der Rechtsansicht des Vorstands die nach dem Aktiengesetz auch für Satzungsänderungen an sich notwendige Mehrheit von mindestens drei Viertel des bei der Beschlussfassung vertretenen Grundkapitals auf die einfache Kapitalmehrheit herabgesetzt (außer für den Fall von Änderungen des Unternehmensgegenstands).

1. a. Genehmigtes Kapital: Mit Beschluss der Hauptversammlung vom 28. April 2023 wurde der Vorstand ermächtigt, innerhalb von fünf Jahren ab 30. Juni 2023 das Grundkapital der Gesellschaft mit Zustimmung des Aufsichtsrats um bis zu EUR 3.927.825 durch Ausgabe von bis zu 3.927.825 auf Inhaber lautenden Stückaktien gegen Bar- und/oder Sacheinlage – allenfalls in mehreren Tranchen – auch im Wege des mittelbaren Bezugsrechts gemäß § 153 Abs 6 AktG zu erhöhen (genehmigtes Kapital) und den Ausgabekurs, der nicht unter dem anteiligen Betrag des Grundkapitals liegen darf, die Ausgabebedingungen, das Bezugsverhältnis und die weiteren Einzelheiten der Durchführung mit Zustimmung des Aufsichtsrats festzusetzen. Der Vorstand wurde ermächtigt, mit Zustimmung des Aufsichtsrats das Bezugsrecht der Aktionäre ganz oder teilweise auszuschließen, (i) wenn die Kapitalerhöhung gegen Sacheinlage erfolgt oder (ii) wenn die Kapitalerhöhung gegen Bareinlage erfolgt und (A) in Summe der rechnerisch auf die gegen Bareinlage unter Ausschluss des Bezugsrechts ausgegebenen Aktien entfallende Anteil am Grundkapital der Gesellschaft die Grenze von 10 % (zehn Prozent) des Grundkapitals der Gesellschaft zum Zeitpunkt der Ausübung der Ermächtigung nicht übersteigt, oder (B) der diesbezügliche Ausschluss des Bezugsrechts zum Zweck der Bedienung einer Mehrzuteilungsoption (Greenshoe) bei der Kapitalerhöhung erfolgt oder (C) der diesbezügliche Ausschluss des Bezugsrechts für den Ausgleich von Spitzenbeträgen erfolgt.

Der Aufsichtsrat ist ermächtigt, Änderungen der Satzung, die sich durch das Ausnutzen dieser Ermächtigung des Vorstands ergeben, zu beschließen.

1. b. Erwerb eigener Aktien: Zum Stichtag 31. Dezember 2023 ist der Vorstand gemäß Beschluss der Hauptversammlung vom 17. Juni 2022 ermächtigt, für die Dauer von 30 Monaten vom Tag der Beschlussfassung eigene Aktien der Gesellschaft bis zu dem gesetzlich zulässigen Ausmaß von 10,0 % des Grundkapitals unter Einschluss bereits erworbener Aktien, auch unter wiederholter Ausnutzung der 10,0-%-Grenze, zu erwerben. Der beim Rückerwerb zu leistende Gegenwert darf nicht niedriger als EUR 1,00 sein und nicht höher als maximal 10,0 % über dem durchschnittlichen, ungewichteten Börseschlusskurs der dem Rückerwerb vorhergehenden zehn Börsetage liegen. Der Erwerb kann über die Börse oder durch ein öffentliches Angebot oder auf eine sonstige gesetzlich zulässige, zweckmäßige Art erfolgen, insbesondere auch außerbörslich, oder von einzelnen, veräußerungswilligen Aktionärinnen und Aktionären (negotiated purchase) und auch unter Ausschluss des quotenmäßigen Andienungsrechts der Aktionärinnen und Aktionäre. Der Vorstand ist weiters ermächtigt, die jeweiligen Rückkaufsbedingungen eines Erwerbs festzusetzen, wobei der Vorstand den Vorstandsbeschluss und das jeweilige darauf beruhende Rückkaufprogramm einschließlich dessen Dauer entsprechend den gesetzlichen Bestimmungen (jeweils) zu veröffentlichen hat. Die Ermächtigung kann ganz oder teilweise und auch in mehreren Teilbeträgen und in Verfolgung eines oder mehrerer Zwecke durch die Gesellschaft, durch ein Tochterunternehmen (§ 189a UGB) oder für Rechnung der Gesellschaft durch Dritte ausgeübt werden. Der Handel mit eigenen Aktien ist als Zweck des Erwerbs ausgeschlossen. Schließlich ist der Vorstand ermächtigt, ohne weitere Befassung der Hauptversammlung, mit Zustimmung des Aufsichtsrats eigene Aktien einzuziehen. Der Aufsichtsrat ist ermächtigt, Änderungen der Satzung, die sich durch die Einziehung von eigenen Aktien ergeben, zu beschließen.

Von diesem Ermächtigungsbeschluss hat der Vorstand Gebrauch gemacht und am 3. Oktober 2022 beschlossen, ein ab 7. Oktober 2022 laufendes Aktienrückkaufprogramm durchzuführen. Der Rückkauf wurde am 7. Juni 2023 mit dem Erreichen des maximalen Rückkaufvolumens von 785.565 Stück beendet. Der Rückkauf diente im Sinn des zweckfreien Erwerbs jedem gemäß § 65 Abs. 1 Z 8 AktG zulässigen Zweck – auch für die Bedienung möglicher künftiger Mitarbeiterbeteiligungsprogramme der PORR.

• 7.c. Veräußerung bzw. Verwendung eigener Aktien: In der ordentlichen Hauptversammlung vom 27. Mai 2021 wurde die Ermächtigung des Vorstands beschlossen, mit Zustimmung des Aufsichtsrates eigene Aktien für die Dauer von fünf Jahren ab Beschlussfassung auf eine andere Art als über die Börse oder durch öffentliches Angebot zu veräußern oder zu verwenden. Die Ermächtigung kann ganz oder teilweise oder auch in mehreren Teilbeträgen und in Verfolgung eines oder mehrerer Zwecke ausgeübt werden. Das quotenmäßige Kaufrecht der Aktionäre bei Veräußerung oder Verwendung auf andere Art als über die Börse oder durch ein öffentliches Angebot ist ausgeschlossen (Ausschluss des Bezugsrechts).
• 1. Im Januar 2020 hat die PORR AG eine tief nachrangige Hybridanleihe im Gesamtnominale von EUR 150,0 Mio. mit unbegrenzter Laufzeit und einer vorzeitigen Rückzahlungsmöglichkeit durch die Emittentin nach fünf Jahren begeben. Der Zinssatz liegt bis zur ersten Rückzahlungsmöglichkeit im Februar 2025 bei 5,375 % p. a. Sollte diese nicht in Anspruch genommen werden, steigt der Zinssatz zu dem zu diesem Datum festgestellten 5-jährigen Mid-Swapsatz zuzüglich 10,641 %.

Im November 2021 wurde eine neue Hybridanleihe mit einem Volumen von EUR 50,0 Mio. und einem Kupon von 7,5 % mit unbegrenzter Laufzeit und einer vorzeitigen Rückzahlungsmöglichkeit durch die Emittentin im November 2026 emittiert.

Die Hybridanleihen 2020 und 2021 enthalten Regelungen, wonach im Falle eines Kontrollwechsels (wie in den Anleihebedingungen definiert)

• i) sich der Zinssatz der Hybrid-Teilschuldverschreibungen um 5,0 PP p. a. erhöht und
• ii) die Gesellschaft berechtigt ist, die Hybrid-Teilschuldverschreibungen vollständig zurückzuzahlen.

Per 31. Dezember 2023 betrug der Gesamtbestand an Schuldscheindarlehen EUR 151,0 Mio., die - mit Ausnahme einer Tranche in Höhe von EUR 11,0 Mio. - alle in 2023 begeben wurden. Gegenüber dem Stand an Schuldscheindarlehen per 31. Dezember 2022 wurden in 2023 EUR 170,5 Mio. getilgt und im Februar 2023 neue Schuldscheine mit einem Volumen von EUR 140,0 Mio. begeben.

Die betreffenden Darlehensverträge enthalten folgende Vereinbarung: Erfolgt ein Kontrollwechsel (wie in den Darlehensverträgen definiert), ist jeder Kreditgeber berechtigt, jenen Betrag, der seiner Beteiligung am Darlehen entspricht, fällig zu stellen und die unverzügliche Rückzahlung dieses Kapitalbetrags zum Nennbetrag zuzüglich bis zum Tag der Rückzahlung aufgelaufener Zinsen zu verlangen.

Die Gesellschaft verfügt über vier Rahmen-Garantie-Kreditverträge in Höhe von EUR 350 Mio. (mit einer Laufzeit bis 2. Januar 2025), EUR 230 Mio. (mit einer Laufzeit bis 17. Juni 2024), EUR 175 Mio. (mit einer Laufzeit bis 30. September 2025) und EUR 180 Mio. (mit einer Laufzeit bis 30. Juni 2024), die folgende Vereinbarungen enthalten: Erlangen eine oder mehrere Personen, die zum Zeitpunkt der Unterfertigung des jeweiligen Vertrags keine oder keine kontrollierende Beteiligung halten, eine kontrollierende Beteiligung im Sinne von § 22 des österreichischen Übernahmegesetzes am Kreditnehmer oder einer wesentlichen Konzerngesellschaft (wie in den Verträgen definiert), sind der Agent und die Kreditgeber (hinsichtlich ihrer jeweiligen Anteile am Garantie-Kreditrahmen) zur sofortigen Kündigung der betroffenen Anteile des Garantie-Kreditrahmens berechtigt.

Darüber hinaus bestehen keine bedeutenden Vereinbarungen im Sinne des § 243a Abs. 1 Z 8 UGB.

1. Entschädigungsvereinbarungen im Sinne des § 243a Abs. 1 Z 9 UGB bestehen nicht.

EIGENE ANTEILE

Die PORR AG hält zum 31. Dezember 2023 1.002.060 Stück eigene Aktien. Der Bestand an eigenen Anteilen stellt sich wie folgt dar:

PORR AG	Stückzahl Aktien	Nominale je Aktie in EUR	Nominale in EUR	Anteil am Grundkapital
Bestand am 31.12.2022	481.854	1,00	481.854	1,227 %
Bestand am 31.12.2023	1.002.060	1,00	1.002.060	2,551 %

Aktienrückkaufprogramm

Die PORR AG hat im Berichtsjahr 2023 520.206 Stück eigene Aktien wie folgt erworben:

	Stückzahl	Gewichteter Durchschnitts	Wert
Monat	rückgekaufter Aktien	preis je Aktie in EUR	rückgekaufter Aktien in EUR	Anteil am Grundkapital
Jänner 2023	109.077	12,73	1.388.281	0,278 %
Februar 2023	96.474	13,56	1.308.498	0,246 %
März 2023	115.190	13,78	1.587.355	0,293 %
April 2023	94.174	13,72	1.291.969	0,240 %
Mai 2023	87.430	13,86	1.212.195	0,223 %
Juni 2023	17.861	13,71	244.902	0,045 %

Ing. Karl-Heinz Strauss, MBA, FRICS Vorstandsvorsitzender und CEO

Mag. Klemens Eiter Vorstandsmitglied und CFO

Dipl.-Ing.Claude Patrick Jeutter Vorstandsmitglied und COO

Dipl.-Ing. Jürgen Raschendorfer Vorstandsmitglied und COO

BILANZ

			31.12.2023 in EUR	31.12.2023 in EUR	31.12.2022 in TEUR
A.		Anlagevermögen
		I. Immaterielle Vermögensgegenstände
		1. Konzessionen, Lizenzen und ähnliche Rechte	6.922.709,00		8.467
		2. Umgründungsmehrwert	92.139.677,55		92.140
				99.062.386,55	100.607
		II. Sachanlagen
		1. Grundstücke, grundstücksgleiche Rechte und Bauten,
		einschließlich der Bauten auf fremdem Grund	41.469.691,53		36.523
		2. Technische Anlagen und Maschinen	170,00		0
		3. Andere Anlagen, Betriebs- und Geschäftsausstattung	7.729.914,00		9.107
		4. Anlagen in Bau	13.108.929,98		11.431
				62.308.705,51	57.061
		III. Finanzanlagen
		1. Anteile an verbundenen Unternehmen	827.190.185,64		803.686
		2. Beteiligungen	1,00		0
		3. Ausleihungen an Unternehmen, mit denen
		ein Beteiligungsverhältnis besteht	9.748.452,28		9.998
		4. Wertpapiere (Wertrechte) des Anlagevermögens	0,00		2.876
		5. Sonstige Ausleihungen	1.589.500,00		1.648
				838.528.138,92	818.208
				999.899.230,98	975.876
B.		Umlaufvermögen
		I. Forderungen
		1. Forderungen aus Lieferungen und Leistungen	635.416,44		1.246
		davon mit einer RLZ > 1 Jahr: EUR 0,00; (Vj.: TEUR 0)
		2. Forderungen gegenüber verbundenen Unternehmen	504.525.600,59		485.688
		davon mit einer RLZ > 1 Jahr: EUR 0,00;
		(Vj.: TEUR 145.853)
		3. Forderungen gegenüber Unternehmen, mit denen ein Beteiligungsverhältnis besteht	2.403.643,31		2.998
		davon mit einer RLZ > 1 Jahr: EUR 0,00; (Vj.: TEUR 987)
		4. Sonstige Forderungen	8.797.159,46		10.050
		davon mit einer RLZ > 1 Jahr: EUR 5.822.989,54; (Vj.: TEUR 6.925)		516.361.819,80	499.982
		II. Wertpapiere
		Sonstige Wertpapiere		199.990,00	92
		III. Kassenbestand, Guthaben bei Kreditinstituten		99.988.791,97	188.379
				616.550.601,77	688.453
C.		Rechnungsabgrenzungsposten
		Sonstige		10.088.072,18	11.163
D.		Aktive latente Steuer		37.054.108,00	20.028
	Aktiva gesamt			1.663.592.012,93	1.695.520

		31.12.2023 in EUR	31.12.2023 in EUR	31.12.2022 in TEUR
A.	Eigenkapital
	I. Grundkapital
	Gezeichnetes Kapital	39.278.250,00		39.278
	Nennbetrag eigener Anteile	-1.002.060,00		-482
	Ausgegebenes Kapital		38.276.190,00	38.796
	II. Kapitalrücklagen
	1. Gebundene Rücklage	304.779.791,98		304.780
	2. nicht gebundene Rücklage	17.151,00		0
			304.796.942,98	304.780
	III. Rücklage für anteilsbasierte Vergütung		745.311,00	0
	IV. Gewinnrücklagen
	1. Gesetzliche Rücklage	457.838,86		458
	2. Andere (freie) Rücklagen	173.964.987,30		180.998
	3. Rücklage für eigene Anteile	1.002.060,00		482
			175.424.886,16	181.938
	V. Bilanzgewinn
	1. Gewinnvortrag aus dem Vorjahr	624.607,37		163
	2. Jahresgewinn	28.132.792,82		23.481
			28.757.400,19	23.644
			548.000.730,33	549.158
B.	Rückstellungen
	1. Rückstellungen für Abfertigungen	7.964.326,00		7.788
	2. Rückstellungen für Pensionen	2.592.378,28		2.545
	3. Steuerrückstellungen	14.269.087,00		11.747
	4. Sonstige Rückstellungen	17.215.592,88		13.742
			42.041.384,16	35.822
C.	Verbindlichkeiten
	davon mit einer RLZ ≤ 1 Jahr: EUR 680.032.508,11; (Vj.: TEUR 713.662)
	davon mit einer RLZ > 1 Jahr: EUR 393.517.390,33; (Vj.: TEUR 396.878)
	1. Genussrechtskapital	40.000.000,00		40.000
	davon mit einer RLZ ≤ 1 Jahr: EUR 40.000.000,00; (Vj.: TEUR 0)
	davon mit einer RLZ > 1 Jahr: EUR 0,00; (Vj.: TEUR 40.000)
	2. Hybridanleihen	200.000.000,00		200.000
	davon mit einer RLZ ≤ 1 Jahr: EUR 0,00; (Vj.: TEUR 0)
	davon mit einer RLZ > 1 Jahr: EUR 200.000.000,00; (Vj.: TEUR 200.000)
	3. Schuldscheindarlehen	151.000.000,00		181.500
	davon mit einer RLZ ≤ 1 Jahr: EUR 3.000.000,00; (Vj.: TEUR 44.000)
	davon mit einer RLZ > 1 Jahr: EUR 148.000.000,00; (Vj.: TEUR 137.500)
	4. Verbindlichkeiten gegenüber Kreditinstituten	40.161.986,03		17.901
	davon mit einer RLZ ≤ 1 Jahr: EUR 2.947.700,28; (Vj.: TEUR 2.973)
	davon mit einer RLZ > 1 Jahr: EUR 37.214.285,75; (Vj.: TEUR 14.928)
	5. Verbindlichkeiten aus Lieferungen und Leistungen	8.243.932,68		5.620
	davon mit einer RLZ ≤ 1 Jahr: EUR 7.672.959,69; (Vj.: TEUR 4.494)
	davon mit einer RLZ > 1 Jahr: EUR 570.972,99; (Vj.: TEUR 1.126)
	6. Verbindlichkeiten gegenüber verbundenen Unternehmen	552.896.626,93		556.095
	davon mit einer RLZ ≤ 1 Jahr: EUR 552.896.626,93; (Vj.: TEUR 556.095)
	davon mit einer RLZ > 1 Jahr: EUR 0,00; (Vj.: TEUR 0)
	7. Verbindlichkeiten gegenüber Unternehmen,
	mit denen ein Beteiligungsverhältnis besteht	15.028,18		0
	davon mit einer RLZ ≤ 1 Jahr: EUR 15.028,18; (Vj.: TEUR 0)
	davon mit einer RLZ > 1 Jahr: EUR 0,00; (Vj.: TEUR 0)
	8. Sonstige Verbindlichkeiten	81.232.324,62		109.424
	davon aus Steuern EUR 57.302.611,16; (Vj.: TEUR 91.355)		1.073.549.898,44	1.110.540
	davon im Rahmen der sozialen Sicherheit EUR 966.715,65; (Vj.: TEUR 878)
	davon mit einer RLZ ≤ 1 Jahr: EUR 73.500.193,03; (Vj.: TEUR 106.100)
	davon mit einer RLZ > 1 Jahr: EUR 7.732.131,59; (Vj.: TEUR 3.324)
	Passiva Gesamt		1.663.592.012,93	1.695.520

GEWINN-UND VERLUSTRECHNUNG

		31.12.2023 in EUR	31.12.2023 in EUR	31.12.2022 in TEUR
1.	Umsatzerlöse		193.690.695,72	175.949
2.	Sonstige betriebliche Erträge
	a) Erträge aus dem Abgang vom Anlagevermögen	0,00		39
	b) Erträge aus Auflösung von Rückstellungen	13.998,00		243
	c) Übrige	1.710.962,10		3.162
			1.724.960,10	3.444
3.	Aufwendungen für Material und sonstige bezogene Herstellungsleistungen
	a) Materialaufwand	-2.190.263,60		-1.116
	b) Aufwendungen für bezogene Leistungen	-9.892.938,00		-11.123
			-12.083.201,60	-12.239
4.	Personalaufwand
	a) Löhne und Gehälter
	aa) Löhne	-249.553,41		-264
	bb) Gehälter	-46.441.837,57		-42.588
			-46.691.390,98	-42.852
	b) Soziale Aufwendungen
	davon Aufwendungen für Altersversorgung EUR -654.892,39; (Vj.: TEUR 826)
	aa) Aufwendungen für Abfertigungen und Leistungen an betriebliche Mitarbeitervorsorgekassen	-924.136,85		-1.357
	bb) Aufwendungen für gesetzlich vorgeschriebene Sozialabgaben sowie vom Entgelt abhängige Abgaben und Pflichtbeiträge	-10.134.469,95		-9.394
	cc) Aufwendungen für Altersversorgung	-654.892,39		826
	dd) Übrige Sozialaufwendungen	-1.674.964,74		-1.858
	ee) COVID-19-Zuschuss (Quarantäne/Kurzarbeit)	0,00		97
			-13.388.463,93	-11.686
			-60.079.854,91	-54.538
5.	Abschreibungen auf immaterielle Gegenstände des Anlagevermögens und Sachanlagen		-10.170.835,79	-11.382
6.	Sonstige betriebliche Aufwendungen
	a) Steuern, soweit sie nicht unter Steuern vom Einkommen und Ertrag fallen	-4.351,65		0
	b) Übrige	-106.659.257,72		-83.938
			-106.663.609,37	-83.938
7.	Zwischensumme aus Z1 bis Z6		6.418.154,15	17.296

		31.12.2023 in EUR	31.12.2023 in EUR	31.12.2022 in TEUR
7.	Zwischensumme aus Z1 bis Z6		6.418.154,15	17.296
8.	Erträge aus Beteiligungen		45.227.816,07	43.084
	davon aus verbundenen Unternehmen EUR 45.068.521,56; (Vj.: TEUR 43.084)
9.	Erträge aus anderen Wertpapieren und Ausleihungen des Finanzanlagevermögens		486.782,31	1.189
	davon aus verbundenen Unternehmen EUR 0,00; (Vj.: TEUR 0)
10.	sonstige Zinsen und ähnliche Erträge		30.192.493,25	18.654
	davon aus verbundenen Unternehmen EUR 27.204.454,91; (Vj.: TEUR 17.856)
11.	Erträge aus dem Abgang von und der Zuschreibung zu Finanzanlagen und Wertpapieren des Umlaufvermögens		158.841,00	19
12.	Aufwendungen aus Finanzanlagen und aus Wertpapieren des Umlaufvermögens		-23.330.408,41	-49.650
	davon
	a) Abschreibungen EUR -41.883,00; (Vj.: TEUR-15.431)
	b) Aufwendungen aus verbundenen Unternehmen EUR -23.330.408,41; (Vj.: TEUR -48.450)
13.	Zinsen und ähnliche Aufwendungen		-35.353.925,71	-22.942
	davon betreffend verbundene Unternehmen EUR -9.876.501,11; (Vj.: TEUR -397)
14.	Zwischensumme aus Z8 bis Z13		17.381.598,51	-9.646
15.	Ergebnis vor Steuern (Zwischensumme Z7 und Z14)		23.799.752,66	7.650
16.	Steuern vom Einkommen und Ertrag		4.333.040,16	5.336
17.	Ergebnis nach Steuern		28.132.792,82	12.986
18.	Vermögensmehrung durch Umgründung		0,00	10.495
19.	Jahresüberschuss		28.132.792,82	23.481
20.	Gewinnvortrag aus dem Vorjahr		624.607,37	163
21.	Bilanzgewinn		28.757.400,19	23.644

ANLAGENSPIEGEL

	Anschaffungs- und Herstellungskosten
	(davon)
in EUR	Stand am 1.1.2023	Zugänge	Zinsen	Umbuchungen	Abgänge	Stand am 31.12.2023
I. Immaterielle Vermögensgegenstände
1. Konzessionen, Lizenzen
und ähnliche Rechte	44.556.822,89	764.983,28	0,00	933.206,25	-2.055.212,30	44.199.800,12
2. Umgründungsmehrwert	92.139.677,55	0,00	0,00	0,00	0,00	92.139.677,55
	136.696.500,44	764.983,28	0,00	933.206,25	-2.055.212,30	136.339.477,67
II. Sachanlagen
1. Grundstücke, grund stücksgleiche Rechte und Bauten, einschließlich
der Bauten auf fremdem Grund	52.080.984,20	7.526.623,46	0,00	0,00	0,00	59.607.607,66
2. Technische Anlagen und Maschinen	443,45	0,00	0,00	0,00	0,00	443,45
3. Andere Anlagen, Betriebs
und Geschäftsausstattung	38.921.520,83	2.811.680,50	0,00	0,00	-3.161.921,80	38.571.279,53
4. Anlagen in Bau	11.430.849,18	5.294.903,51	0,00	-933.206,25	-2.683.616,46	13.108.929,98
5. Geringwertige Wirt
schaftsgüter	0,00	508.211,22	0,00	0,00	-508.211,22	0,00
	102.433.797,66	16.141.418,69	0,00	-933.206,25	-6.353.749,48	111.288.260,62
	239.130.298,10	16.906.401,97	0,00	0,00	-8.408.961,78	247.627.738,29
III. Finanzanlagen
1. Anteile an verbundenen Unternehmen	819.617.420,64	23.546.151,00	0,00	0,00	0,00	843.163.571,64
2. Beteiligungen	1,00	0,00	0,00	0,00	0,00	1,00
3. Ausleihungen an Unter
nehmen, mit denen ein
Beteiligungsverhältnis
besteht	9.998.452,28	0,00	0,00	0,00	-250.000,00	9.748.452,28
4. Wertpapiere (Wertrechte) des Anlagevermögens	2.876.242,29	0,00	0,00	0,00	-2.876.242,29	0,00
5. Sonstige Ausleihungen	1.647.946,13	365,58	365,58	0,00	-58.811,71	1.589.500,00
	834.140.062,34	23.546.516,58	365,58	0,00	-3.185.054,00	854.501.524,92
	1.073.270.360,44	40.452.918,55	365,58	0,00	-11.594.015,78	1.102.129.263,21

Anschaffungs- und Herstellungskosten		Kumulierte Abschreibungen					Buchwerte
Abgänge							Buchwerte	Buchwerte
Stand am 31.12.2023	Stand am 1.1.2023	Zugänge	Zuschreibungen	Umbuchungen	Abgänge	Stand am 31.12.2023	31.12.2023	31.12.2022
44.199.800,12	-36.089.384,89	-2.955.328,53	0,00	0,00	1.767.622,30	-37.277.091,12	6.922.709,00	8.467.438,00
92.139.677,55	0,00	0,00	0,00	0,00	0,00	0,00	92.139.677,55	92.139.677,55
136.339.477,67	-36.089.384,89	-2.955.328,53	0,00	0,00	1.767.622,30	-37.277.091,12	99.062.386,55	100.607.115,55
59.607.607,66	-15.557.910,59	-2.580.005,54	0,00	0,00	0,00	-18.137.916,13	41.469.691,53	36.523.073,61
443,45	-231,45	-42,00	0,00	0,00	0,00	-273,45	170,00	212,00
38.571.279,53	-29.814.862,83	-4.127.248,50	0,00	0,00	3.100.745,80	-30.841.365,53	7.729.914,00	9.106.658,00
13.108.929,98	0,00	0,00	0,00	0,00	0,00	0,00	13.108.929,98	11.430.849,18
0,00	0,00	-508.211,22	0,00	0,00	508.211,22	0,00	0,00
	-45.373.004,87	-7.215.507,26	0,00	0,00	3.608.957,02	-48.979.555,11	62.308.705,51	57.060.792,79
111.288.260,62	-81.462.389,76	-10.170.835,79	0,00	0,00	5.376.579,32	-86.256.646,23	161.371.092,06	157.667.908,34
247.627.738,29
843.163.571,64	-15.931.503,00	-41.883,00	0,00	0,00	0,00	-15.973.386,00	827.190.185,64	803.685.917,64
1,00	0,00	0,00	0,00	0,00	0,00	0,00	1,00
9.748.452,28
	0,00	0,00	0,00	0,00	0,00	0,00	9.748.452,28	9.998.452,28
0,00	0,00	0,00	0,00	0,00	0,00	0,00	0,00	2.876.242,29
	0,00	0,00	0,00	0,00	0,00	0,00	1.589.500,00	1.647.946,13
1.589.500,00
	-15.931.503,00	-41.883,00	0,00	0,00	0,00	-15.973.386,00	838.528.138,92	818.208.559,34

in EUR Stand am 1.1.2023 Zugänge

I. Immaterielle

II. Sachanlagen

III. Finanzanlagen

ANHANG

I. ALLGEMEINES

Die PORR AG hat ihren Sitz in Wien und ist im Firmenbuch mit der Firmenbuchnummer FN 34853 f eingetragen.

Der Jahresabschluss 2023 wurde unter Beachtung der Grundsätze ordnungsgemäßer Buchführung und der Generalnorm aufgestellt, um ein möglichst getreues Bild der Vermögens-, Finanz- und Ertragslage des Unternehmens zu vermitteln (Generalklausel § 236 UGB). Für die Gewinn- und Verlustrechnung wurde das Gesamtkostenverfahren angewandt.

Es wurden die Bilanzierungs- und Bewertungsmethoden unter dem Aspekt der Unternehmensfortführung angewandt.

Die Gesellschaft hat gemäß § 245a UGB als börsenotiertes Mutterunternehmen einen Konzernabschluss gemäß IFRS aufgestellt. Dieser liegt in Wien 10, Absberggasse 47, und beim Firmenbuch Wien zur Einsichtnahme auf.

Der Abschluss wurde zum Stichtag 31. Dezember aufgestellt und betrifft das Geschäftsjahr vom 1. Jänner bis zum 31. Dezember. Zahlenmäßige Angaben erfolgen zumeist in 1.000 (TEUR). Durch die Angaben in TEUR können sich Rundungsdifferenzen ergeben.

II. BILANZIERUNGS- UND BEWERTUNGSGRUNDSÄTZE

Die Bilanzierung, die Bewertung und der Ausweis der einzelnen Posten des Jahresabschlusses werden nach den Bestimmungen des UGB vorgenommen. Von der Erweiterungsmöglichkeit bzw. vom Erweiterungsgebot des § 223 Abs. 4 UGB wird Gebrauch gemacht.

Die Bewertung der Fremdwährungsbeträge erfolgt mit den Anschaffungskursen. Wenn die Bilanzstichtagskurse in Bezug auf Fremdwährungsforderungen aber niedriger bzw. in Bezug auf Fremdwährungsverbindlichkeiten höher als die Anschaffungskurse sind, werden die betreffenden Fremdwährungsbeträge mit den Bilanzstichtagskursen umgerechnet.

1. Auswirkungen von Ukraine- und Nahostkonflikt

Der anhaltende Krieg zwischen Russland und der Ukraine hat erhebliche Auswirkungen auf die geopolitische, wirtschaftliche und soziale Situation in der Region und darüber hinaus. In diesem Zusammenhang wurden strenge Wirtschaftssanktionen und -beschränkungen verhängt. Die damit verbundenen Einschränkungen beeinträchtigen das internationale Wirtschaftswachstum und führten unter anderem zu einem Anstieg der Inflationsraten. Innerhalb kürzester Zeit haben sich die Energie- und Rohstoffpreise deutlich erhöht. Auch in puncto Fachkräftemangel hat sich die Situation verschärft. Im Jahr 2023 haben sich die meisten Energie- und Rohstoffpreise reduziert oder auf einem hohen Niveau eingependelt, während sich der Fachkräftemangel unabhängig vom Ukraine-Konflikt entwickelte. Es ist davon auszugehen, dass sich die Situation weiterhin sehr dynamisch entwickelt. Daher sind die damit zusammenhängenden politischen, sozialen und wirtschaftlichen Risiken aktuell schwer abschätzbar.

Zusätzlich kann der jüngste Nahostkonflikt die Region destabilisieren und zu einer Drosselung der Ölproduktion führen. Das könnte negative Auswirkungen auf die globalen Energie- und Rohstoffpreise haben.

Die PORR ist derzeit weder in der Ukraine, noch in Russland tätig und betreibt keine nennenswerten Transaktionen oder Geschäfte im Nahen Osten. Sie könnte jedoch von den indirekten Folgen des Konflikts beeinträchtigt werden.

2. Anlagevermögen

Die immateriellen Vermögensgegenstände werden zu Anschaffungskosten, vermindert um die planmäßige lineare Abschreibung, bilanziert. Dabei werden folgende Abschreibungssätze angewandt:

Software 10 bis 33 %

Im Geschäftsjahr 2020 kam es zu einer Umgründung, bei welcher die PORR Construction Holding GmbH in die PORR AG verschmolzen wurde. Gemäß § 202 Abs. 2 Z 2 und 3 UGB und der Bestimmung gemäß KFS/RL 25 Rz 112 wurde zum Ausgleich des Buchverlustes der Unterschiedsbetrag, der den Aktiven und Passiven des übertragenen Vermögens zugeordnet werden konnte, unter die Posten des Anlagevermögens als Umgründungsmehrwert in Höhe von TEUR 92.140 aufgenommen. Dieser wird grundsätzlich zu Anschaffungskosten oder, falls ihm ein niedrigerer Wert beizumessen ist, mit diesem bewertet.

Das Sachanlagevermögen wird zu Anschaffungskosten einschließlich Nebenkosten unter Abzug von Anschaffungskostenminderungen bzw. zu Herstellungskosten und der bisher aufgelaufenen und im Berichtsjahr planmäßig fortgeführten linearen Abschreibungen bewertet, wobei folgende Abschreibungssätze angewandt werden:

Wohn- und Verwaltungsgebäude	2 bis 20 %
Technische Anlagen und Maschinen	5 bis 10 %
Betriebs- und Geschäftsausstattung	5 bis 50 %

Die Nutzungsdauer für Maschinen und maschinelle Anlagen bzw. Betriebs- und Geschäftsausstattung wird ab 2012 in der Regel mit dem eineinhalbfachen Wert nach der "österreichischen Baugeräteliste" der Vereinigung Industrieller Bauunternehmungen Österreichs (VIBÖ) angesetzt.

Die Finanzanlagen werden grundsätzlich zu Anschaffungskosten oder, falls ihnen ein niedrigerer Wert beizumessen ist, mit diesem bewertet.

Die geringwertigen Wirtschaftsgüter (§ 204 UGB) wurden im Anschaffungsjahr im vollen Umfang abgeschrieben. Außerplanmäßige Abschreibungen werden vorgenommen, wenn dauernde Wertminderungen eingetreten sind. Sind die Gründe für die in den vorangegangenen Geschäftsjahren vorgenommenen außerplanmäßigen Abschreibungen weggefallen, dann erfolgt eine Werterhöhung bis höchstens auf die fortgeschriebenen Anschaffungskosten. Im Geschäftsjahr 2023 wurden außerplanmäßige Abschreibungen in Höhe von TEUR 924 (Vorjahr: TEUR 0) durchgeführt.

3. Umlaufvermögen

Vorräte

Die Roh-, Hilfs- und Betriebsstoffe werden zu von den Einstandspreisen abgeleiteten Anschaffungskosten bewertet.

Forderungen

Die Forderungen werden gemäß dem strengen Niederstwertprinzip angesetzt. Falls Risiken hinsichtlich der Einbringlichkeit bestehen, werden angemessene Wertberichtigungen gebildet.

Wertpapiere

Wertpapiere des Umlaufvermögens werden zu Anschaffungskosten oder, falls ihnen ein niedrigerer Wert beizumessen ist, mit diesem bewertet.

4. Gruppenbesteuerung und latente Steuern

In den latenten Steuern sind auch latente Steueransprüche bzw. -schulden, die aus zeitlichen Differenzen zwischen dem zu versteuernden Gewinn und dem unternehmensrechtlichen Ergebnis von Tochterunternehmen resultieren, mit denen ein Ergebnisabführungsvertrag besteht, enthalten.

Nach AFRAC 30 RZ 65, zur Bilanzierung und Berichterstattung im unternehmensrechtlichen Jahresabschluss im Zusammenhang mit der Gruppenbesteuerung, hat der Gruppenträger für steuerlich geltend gemachte ausländische steuerliche Verluste im Einzelabschluss insbesondere dann eine Rückstellung gemäß § 198 Abs. 8 UGB iVm § 211 zu bilden, wenn sich diese Verluste in den nächsten Jahren in Gewinne umkehren und diese Umkehrung vom Gruppenträger grundsätzlich nicht verhindert werden kann.

Da zwar davon auszugehen ist, dass sich diese Verluste in den nächsten Jahren in Gewinne umkehren, es jedoch in Bezug auf alle ausländischen Gruppenmitglieder in der Hand des Gruppenträgers PORR AG liegt, den Eintritt dieses Umkehreffekts in den nächsten Jahren zu beeinflussen, wurde für ausländische Gruppenmitglieder grundsätzlich keine Rückstellung nach § 198 Abs. 8 UGB gebildet. Die in Österreich nachversteuerungshängigen Verluste betragen per 31.12.2023 rd EUR 76,2 Mio (Steuerbetrag iHv rund 17,5 Mio). Dem stehen in Deutschland Verlustvorträge gegenüber, die zu einer Steuerreduktion in Deutschland führen werden, die der PORR AG über Gewinnausschüttungen zu Gute kommen.

Die in der PORR Construction Holding GmbH enthaltene nicht gebundene Kapitalrücklage, die aus der ursprünglichen Einbringung der Aktien der TEERAG-ASDAG Aktiengesellschaft im Jahr 2007 durch die PORR AG in Höhe von TEUR 64.693 resultiert, war gemäß § 235 Abs. 1 Z 3 UGB ausschüttungsgesperrt. Obwohl die PORR Construction Holding GmbH im Geschäftsjahr 2020 in die PORR AG verschmolzen wurde und infolge der Up-Stream-Verschmelzung untergegangen ist, besteht gemäß AFRAC 31 Rz 15 diese Ausschüttungssperre bei der PORR AG als übernehmende Gesellschaft weiterhin fort.

Somit ist von den freien Rücklagen der PORR AG in Höhe von TEUR 173.982 unter Berücksichtigung der latenten Steuer ein Teilbetrag in Höhe von TEUR 101.747 gem. § 235 Abs. 1 Z 3 UGB und Abs. 2 zur Ausschüttung gesperrt. Der Restbetrag in Höhe von TEUR 72.235 kann aufgelöst und an die Aktionäre der PORR AG ausgeschüttet werden.

5. Rückstellungen

Die Abfertigungsrückstellungen und Rückstellungen für Jubiläumsgelder wurden aufgrund eines versicherungsmathematischen Gutachtens gemäß IAS 19 auf Basis eines Rechnungszinssatzes von 3,08 % (Vorjahr: 3,0 %) p. a. und erwarteter zukünftiger Gehaltssteigerungen von 2,57 % (Vorjahr: 3,7 %) p. a.für Abfertigungsrückstellungen und 2,42 % (Vorjahr: 3,37 %) für Jubiläumgsgeldrückstellungen sowie eines frühestmöglichen Pensionseintrittsalters nach ASVG (Pensionsreform 2004) ermittelt. Versicherungsmathematische Gewinne oder Verluste werden zur Gänze in dem Jahr, in dem sie anfallen, angesetzt. Als Sterbetafel werden, wie im Vorjahr, die Rechnungsgrundlagen für die Pensionsversicherung AVÖ 2018-P herangezogen. Bei der Berechnung der Rückstellungen für Abfertigungen und für Jubiläumsgelder wird die Fluktuation wie im Vorjahr durch dienstzeitabhängige Ausscheidewahrscheinlichkeiten berücksichtigt. Die Fluktuationsabschläge wurden, wie im Vorjahr, auf Basis von statistischen Daten in einer Bandbreite von 0,0 % bis 8,6 % berücksichtigt.

Die Berechnung der Pensionsrückstellungen erfolgte ebenfalls aufgrund eines versicherungsmathematischen Gutachtens gemäß IAS 19, wobei die gleichen Basisdaten wie für die Abfertigungsrückstellungen herangezogen wurden. Versicherungsmathematische Gewinne oder Verluste werden zur Gänze in dem Jahr, in dem sie anfallen, angesetzt.

Sonstige Rückstellungen werden für alle erkennbaren Risiken und drohenden Verluste gebildet.

Die sonstigen Rückstellungen werden in jener Höhe, die nach vernünftiger kaufmännischer Betrachtung notwendig ist, gebildet. Rückstellungen mit einer Restlaufzeit von mehr als einem Jahr werden mit dem marktüblichen Zinssatz in Höhe von 2,488 % (Vorjahr: 3,13 %) abgezinst. Im Geschäftsjahr gab es, so wie im Vorjahr, keine sonstigen Rückstellungen mit einer Restlaufzeit von mehr als einem Jahr, die abgezinst werden mussten.

6. Verbindlichkeiten

Die Verbindlichkeiten werden mit dem Nennwert bzw. dem höheren Rückzahlungsbetrag angesetzt.

III. ERLÄUTERUNGEN ZUR BILANZ

1. Anlagevermögen

Die Zusammensetzung und Entwicklung des Anlagevermögens ist im Anlagespiegel ersichtlich.

In der Position II.1 sind enthalten:

in TEUR	2023	2022
Grundwerte	10.784	10.784

Aus der Nutzung von in der Bilanz nicht ausgewiesenen Sachanlagen ergeben sich aufgrund langfristiger Miet- und Leasingverträge folgende Verpflichtungen:

in TEUR	2023	2022
Für das Folgejahr	7.583	7.533
Für die nächsten fünf Jahre	37.424	37.355

Eine Zusammenstellung der in § 238 Abs. 1 Z 4 UGB geforderten Daten in Bezug auf Anteile an verbundenen Unternehmen und sonstigen Beteiligungen ist im Beteiligungsspiegel ersichtlich.

Die Beteiligungszugänge betreffen im Wesentlichen Gesellschafterzuschüsse an Konzernfirmen.

Ergänzende Angaben zu Finanzanlagen

in TEUR	2023	2022
Sonstige Ausleihungen	1.590	1.648
Davon mit Restlaufzeit bis zu einem Jahr	-	58
Wertpapiere	-	2.876

2. Umlaufvermögen

Forderungen

In den Forderungen gegenüber verbundenen Unternehmen sind auch Forderungen aus Lieferungen und Leistungen in Höhe von TEUR 10.933 (Vorjahr: TEUR 8.610) sowie Verbindlichkeiten aus Lieferungen und Leistungen in Höhe von TEUR 1.487 (Vorjahr: TEUR 1.159) enthalten.

Die Forderungen gegenüber Unternehmen, mit denen ein Beteiligungsverhältnis besteht, enthalten Forderungen aus Lieferungen und Leistungen in Höhe von TEUR 1.439 (Vorjahr: TEUR 1.909) wie auch Verbindlichkeiten aus Lieferungen und Leistungen in Höhe von TEUR 32 (Vorjahr: TEUR 197).

Aufgrund einer Aufrechnungsvereinbarung werden alle Forderungen und Verbindlichkeiten gegenüber selben Gesellschaften saldiert.

In den Sonstigen Forderungen sind Erträge in Höhe von TEUR 447 (Vorjahr: TEUR 292) enthalten, die erst nach dem Abschlussstichtag zahlungswirksam werden.

Sonstige Wertpapiere

Die Veränderung der sonstigen Wertpapiere resultiert aus dem Zugang von Stammaktien eines Kreditinstitutes.

3. Rechnungsabgrenzungsposten

Die aktiven Rechnungsabgrenzungsposten beinhalten im Wesentlichen im Voraus bezahlte Mietaufwendungen und Wartungsaufwendungen für Software.

4. Eigenkapital

Grundkapital	Stück	Wert in EUR
Inhaber-Stammaktien	39.278.250	39.278.250

Bei den Aktien handelt es sich um nennbetragslose Stückaktien, von denen jede am Grundkapital in gleichem Umfang beteiligt ist. Auf jede Stückaktie entfällt ein rechnerischer Betrag von rund EUR 1,00.

Genehmigtes Kapital

Der Vorstand wurde gemäß § 169 AktG in der 143. ordentlichen Hauptversammlung vom 28. April 2023 ermächtigt, innerhalb von fünf Jahren ab 30. Juni 2023 das Grundkapital der Gesellschaft mit Zustimmung des Aufsichtsrats um bis zu EUR 3.927.825,00 durch Ausgabe von bis zu 3.927.825 auf Inhaber lautende Stückaktien gegen Bar- und/oder Sacheinlage – allenfalls in mehreren Tranchen – auch im Wege des mittelbaren Bezugsrechts gemäß § 153 Abs 6 AktG zu erhöhen (genehmigtes Kapital) und den Ausgabekurs, der nicht unter dem anteiligen Betrag des Grundkapitals liegen darf, die Ausgabebedingungen, das Bezugsverhältnis und die weiteren Einzelheiten der Durchführung mit Zustimmung des Aufsichtsrats festzusetzen.

Der Vorstand ist ermächtigt, mit Zustimmung des Aufsichtsrats das Bezugsrecht der Aktionäre ganz oder teilweise auszuschließen, (i) wenn die Kapitalerhöhung gegen Sacheinlage erfolgt oder (ii) wenn die Kapitalerhöhung gegen Bareinlage erfolgt und (A) in Summe der rechnerisch auf die gegen Bareinlage unter Ausschluss des Bezugsrechts ausgegebenen Aktien entfallende Anteil am Grundkapital der Gesellschaft die Grenze von 10 % des Grundkapitals der Gesellschaft zum Zeitpunkt der Ausübung der Ermächtigung nicht übersteigt, oder (B) der diesbezügliche Ausschluss des Bezugsrechts zum Zweck der Bedienung einer Mehrzuteilungsoption (Greenshoe) bei der Kapitalerhöhung erfolgt oder (C) der diesbezügliche Ausschluss des Bezugsrechts für den Ausgleich von Spitzenbeträgen erfolgt.

Der Aufsichtsrat ist ermächtigt, Änderungen der Satzung, die sich durch das Ausnutzen dieser Ermächtigung des Vorstands ergeben, zu beschließen.

Eigene Anteile

Das am 3. Oktober 2022 vom Vorstand der PORR AG beschlossene Aktienrückkaufprogramm wurde im Juni 2023 beendet. In diesem Zusammenhang erwarb die PORR AG im Geschäftsjahr 2023 weitere 520.206 eigene Aktien und hält nunmehr 1.002.060 eigene, auf Inhaber lautende Stückaktien, die einem Anteil am Grundkapital von rund 2.551 % (Vorjahr: 1,227 %) entsprechen. Gemäß § 229 Abs. 1a UGB wird der Nennbetrag offen vom Grundkapital abgezogen und in gleicher Höhe als gesonderte Rücklage gezeigt.

Daraus ergibt sich folgender Bestand an eigenen Anteilen:

		Nominale je		Anteil am
PORR AG	Anzahl Stück	Stück EUR	Nominale EUR	Grundkapital
Bestand am 31.12.2022	481.854	1,00	481.854	1,227 %
Zugang 2023	520.206	1,00	520.206	1,324 %
Bestand am 31.12.2023	1.002.060	1,00	1.002.060	2,551 %

Rücklage für anteilsbasierte Vergütung

Der Aufsichtsrat der PORR AG hat ein aktienbasiertes Vergütungsprogramm (Long Term Incentive Program - kurz: LTIP) genehmigt. Das Programm ist ein performanceorientiertes Aktien-Entlohnungsmodell, welches sich über eine dreijährige Laufzeit (Performancezeitraum) erstreckt und ein Eigeninvestment der Teilnehmer basierend auf einem jährlichen Einbehalt in Prozent der Bonus- und Prämienvereinbarungsauszahlungen in bar sowie für Vorstandsmitglieder mindestens 20.000 Stück Aktien bis Ende der Laufzeit erfordert. Die Vergütung erfolgt mittels Stammaktien (ausgegeben werden max. 500.000 Stück) nach dreijähriger Erfüllung der durch den Aufsichtsrat beschlossenen EBT-Konzernjahresziele für 2023 bis 2025. Die jährliche Aktienzuteilung bemisst sich jeweils in Höhe von 25 % des in der individuellen Zielvereinbarung festgelegten Bonus-Basiswertes zu einem Basiskurs von EUR 13,67. Der Wert der anteilsbasierten Vergütung zum Zusagezeitpunkt beträgt EUR 13,44 pro erwarteter Aktie, was zu einem maximalen Wert der LTIP mit dreijähriger Laufzeit von TEUR 3.833 führt. Die Bilanzierung erfolgt durch eine über die Laufzeit ratierliche Dotation einer Rücklage für anteilsbasierte Vergütung direkt im Eigenkapital. Der Wert der Rücklage betrug zum 31. Dezember 2023 TEUR 745.

5. Rückstellungen

in TEUR	2023	2022
Abfertigungen	7.964	7.788
Pensionen	2.592	2.545
Steuern	14.269	11.747
Sonstige
Bauten	2.719	1.447
Personal	10.244	8.713
Diverse	4.253	3.582
Gesamt	42.041	35.822

Die Rückstellungen für Abfertigungen wurden nur für Angestellte gebildet, da für Arbeiter das Bauarbeiter-Urlaubs- und Abfertigungsgesetz 1987 gilt und diese daher keine Abfertigungsansprüche gegenüber der Gesellschaft haben.

Zur Bedeckung der Pensionsrückstellungen besteht eine Pensionsrückdeckungsversicherung mit einem Deckungskapital zum 31. Dezember 2023 in Höhe von TEUR 4.522 (Vorjahr: TEUR 4.629). Die Rechte und Ansprüche aus diesen Verträgen sind zur Gänze zugunsten der Pensionsberechtigten verpfändet. Der Wert der Rückdeckungsversicherung wird nach AFRAC 27 RZ 49 von der Gesamtpensionsverpflichtung in Höhe von TEUR 7.114 (Vorjahr: TEUR 7.175) in Abzug gebracht.

Die Steuerrückstellungen betreffen ausschließlich die Körperschaftsteuer.

Die Rückstellungen aus der Bauabrechnung betreffen Rückstellungen für fehlende Eingangsrechnungen und Schäden.

Die Personalrückstellungen bestehen für nicht konsumierte Urlaube, Prämien, Jubiläumsgelder, Abfindungen und sonstige Verpflichtungen im Personalbereich.

In den diversen Rückstellungen sind im Wesentlichen Rückstellungen für Beteiligungsrisiken sowie für Risiken aus Sicherungsgeschäften, Vorsorgen für Wirtschaftsprüfung und Vergütungen für Aufsichtsräte enthalten.

6. Verbindlichkeiten

Genussrechtskapital

Die PORR Construction Holding GmbH (vormals: ABAP Beteiligungs Holding GmbH) hatte im Jahr 2007 Genussrechte im Gesamtnennwert von TEUR 70.000 begeben, von denen noch TEUR 40.000 ausstehen. Bei der Versammlung der Genussrechtsinhaber der PORR Construction Holding GmbH am 19. November 2019 wurde beschlossen, dass die PORR AG mit Stichtag 22. November 2019 das gesamte Vertragsverhältnis aus den noch ausstehenden Genussrechten im Gesamtnennwert von TEUR 40.000 einschließlich aller Rechte und Pflichten übernimmt. Durch die ausdrückliche Zustimmung der Erste Asset Management GmbH in ihrer Eigenschaft als Verwaltungsgesellschaft (Kapitalgesellschaft) gemäß InvFG der beiden Spezialfonds RT 2 und RT 3, die alleinige Inhaber der Genussrechte sind, wurde die PORR AG zur Emittentin dieser Genussrechte.

Die Ansprüche aus diesen Genussscheinen gehen im Rang den Ansprüchen aller nicht nachrangigen und nachrangigen Gläubiger nach. Neben dem Anspruch auf Verzinsung und dem Anspruch auf Rückzahlung bei Kündigung der Genussscheine sind keine weiteren Rechte mit den Genussscheinen verbunden.

Die Verzinsung beträgt bis einschließlich 31. Dezember 2020 jährlich 6,66 %, ab dem 1. Jänner 2021 bis einschließlich 31. Dezember 2025 6,00 % und ab dem 1. Jänner 2026 13,00 % vom Nominale der Genussscheine. Zinszahlungen sind jeweils davon abhängig, ob die PORR AG die Ausschüttung einer Dividende aus dem Jahresüberschuss beschließt. Wird in einem Jahr keine Ausschüttung einer Dividende aus dem Jahresüberschuss an die Aktionäre der PORR AG beschlossen, dann müssen in diesem Jahr auch keine Zinsen von der PORR AG bezahlt werden, wobei diese Zinsen in diesem Fall nicht untergehen, sondern weiterhin geschuldet sind.

Hybridanleihen

Es handelt sich um unbefristete Hybridanleihen mit einem Nominale von TEUR 150.000 sowie TEUR 50.000.

Die Hybridanleihen begründen unmittelbare, nicht besicherte und tief nachrangige Verbindlichkeiten, die vorrangig zum Eigenkapital stehen, untereinander und mit gleichrangigen Wertpapieren im Rang gleichstehen und nachrangig allen anderen bestehenden und zukünftigen nicht nachrangigen Verbindlichkeiten und nachrangigen Verbindlichkeiten sind, die ausdrücklich den Verbindlichkeiten aus der Hybridanleihe im Rang vorgehen.

Am 6. Februar 2020 wurden Teilschuldverschreibungen einer Hybridanleihe mit einem Gesamtnominale von TEUR 150.000 ausgegeben. Die Anleihe ist mit einer ewigen Laufzeit ausgestattet, allerdings hat die PORR AG nach fünf Jahren das Recht, die Anleihe vollständig zurückzuführen. Der Zinssatz beträgt bis einschließlich 6. Februar 2025 jährlich 5,375 % und erhöht sich ab dem 7. Februar 2025 auf den 5-Jahres-Mid-Swapsatz zuzüglich 10,641 %.

Am 18. November 2021 wurden weitere Teilschuldverschreibungen einer Hybridanleihe mit einem Gesamtnominale von TEUR 50.000 ausgegeben. Die Anleihe ist auch mit einer ewigen Laufzeit ausgestattet, allerdings hat die PORR AG nach fünf Jahren das Recht, die Anleihe vollständig zurückzuführen. Der Zinssatz beträgt bis einschließlich 18. November 2026 jährlich 7,5 % und erhöht sich ab dem 19. November 2026 auf den 5-Jahres-Mid-Swapsatz zuzüglich 12,58 %.

Die Verbindlichkeiten gegenüber verbundenen Unternehmen resultieren aus laufenden Geldverrechnungen und aus der Übernahme von Ergebnissen und Verbindlichkeiten aus Cash-Pooling. Weiters sind darin Verbindlichkeiten aus Lieferungen und Leistungen in Höhe von TEUR 1.879 (Vorjahr: TEUR 4.637) sowie Forderungen aus Lieferungen und Leistungen in Höhe von TEUR 1.769 (Vorjahr: TEUR 7.433) enthalten.

In den Sonstigen Verbindlichkeiten sind Aufwendungen in Höhe von TEUR 16.298 (Vorjahr: TEUR 15.089) enthalten, die erst nach dem Abschlussstichtag zahlungswirksam werden.

Aufstellung der Verbindlichkeiten mit einer Restlaufzeit von mehr als fünf Jahren:

in TEUR	2023	2022
Genussrechtskapital	-	40.000
Hybridanleihen	200.000	200.000
Anleihen und Schuldscheindarlehen	20.000	-
Verbindlichkeiten gegenüber Kreditinstituten	1.357	4.071
Sonstige Verbindlichkeiten	6.450	2.416
Gesamt	227.807	246.487

7. Haftungsverhältnisse

Haftungsverhältnisse sind Verpflichtungen, die gegenüber Dritten übernommen wurden, und setzen sich wie folgt zusammen:

in TEUR	2023	2022
Kreditbürgschaften	5.105	7.655
davon für verbundene Unternehmen	5.105	7.655
Sonstige	66.668	76.090
davon für verbundene Unternehmen	66.668	76.090
Gesamt	71.773	83.745

Unter den sonstigen Haftungsverhältnissen werden auch Patronatserklärungen aus Leasingfinanzierungen von Tochterunternehmen ausgewiesen.

Das operative Baugeschäft erfordert die Ausstellung verschiedener Garantietypen zur Absicherung vertraglicher Verpflichtungen. Im Wesentlichen handelt es sich dabei um Angebots-, Vertragserfüllungs-, Vorauszahlungs- und Gewährleistungsgarantien. Weiters haftet der Konzern gesamtschuldnerisch für die Verbindlichkeiten von Arbeitsgemeinschaften, an denen er beteiligt ist. Eine Inanspruchnahme aus diesen Haftungen ist nicht wahrscheinlich.

Der Konzern verfügt über europäische Avalkreditlinien in Höhe von insgesamt TEUR 4.354.556 (Vorjahr: TEUR 3.971.775), davon sind TEUR 1.487.500 (Vorjahr: TEUR 1.353.000) mit einer Laufzeit von mindestens drei Jahren abgeschlossen. Der Rest in Höhe von TEUR 2.867.056 (Vorjahr: TEUR 2.618.775) ist in der Regel mit einer Laufzeit von einem Jahr ausgestattet. Darüber hinaus sind Linien in einigen arabischen Ländern in Höhe von TEUR 242.217 (Vorjahr: TEUR 251.661) implementiert. Die europäischen Linien sind per 31. Dezember 2023 mit rund 60 % (Vorjahr: 63 %), die Linien in den arabischen Ländern mit rund 36 % (Vorjahr: 35 %) ausgenützt.

In den dreijährigen Linien in Höhe von TEUR 1.487.500 (Vorjahr: TEUR 1.353.000) sind harmonisierte Financial Covenants inkludiert. Diese betreffen im überwiegenden Ausmaß das Verhältnis Net Debt/EBITDA oder die Eigenkapitalquote.

Sämtliche Bedingungen wurden per 31. Dezember 2023 erreicht.

Vereinbarungsgemäß werden in Anspruch genommene Avale an die Tochtergesellschaften weiterverrechnet.

IV. ERLÄUTERUNGEN ZUR GEWINN- UND VERLUSTRECHNUNG

1. Umsatzerlöse und sonstige betriebliche Erträge

Die erzielten Umsatzerlöse gliedern sich nach folgenden Tätigkeitsbereichen:

in TEUR	2023	2022
Verwaltung	121.413	114.454
Vermietungen	14.656	14.170
Garantieverwaltung	31.510	31.228
Sonstige Dienstleistungen für Tochterunternehmen	20.315	9.824
Sonstige	5.797	6.273
Gesamt	193.691	175.949

Die Umsatzerlöse wurden fast zur Gänze im Inland erzielt.

Die übrigen betrieblichen Erträge setzen sich im Wesentlichen aus Erträgen aus Vergütungen, Zuschüssen und Kursgewinnen zusammen.

2. Personalaufwand

Aufwendungen für Abfertigungen und Pensionen

in TEUR	2023	2022
Aufwendungen für Abfertigungen	383	886
Leistungen an betriebliche Vorsorgekassen für Mitarbeiter	541	470
Aufwendungen für Abfertigungen und Leistungen an betriebliche Mitarbeitervorsorge
kassen	924	1.356
Aufwendungen für Altersversorgung	655	-826
Aufwendungen für Abfertigungen und Pensionen	1.579	530
Diese gliedern sich wie folgt:
Vorstandsbezüge und Ruhebezüge ehemaliger Vorstandsmitglieder	668	-383
Leitende Angestellte	134	-170
Sonstige Arbeitnehmer	777	1.083
Gesamt	1.579	530

Aufwendungen für Abfertigungen beinhalten die Dotierung der Rückstellungen für die Abfertigungsansprüche von Dienstnehmern sowie die ausbezahlten Abfertigungen.

3. Sonstige betriebliche Aufwendungen

In den übrigen sonstigen betrieblichen Aufwendungen sind im Wesentlichen Kosten des Bürobetriebs, Avalprovisionen und Spesen des Geldverkehrs, Reisespesen, Werbekosten, Aufwendungen für Gebäude und Grundstücke, Rechts-, Prüfungs- und Beratungskosten, Versicherungsprämien sowie Aufwendungen für Kosten der Abschlussprüfung enthalten.

4. Finanzerfolg

Die Erträge aus Beteiligungen beinhalten Erträge aufgrund von Ergebnisabführungsverträgen in Höhe von TEUR 45.069 (Vorjahr: TEUR 43.084).

In den Aufwendungen aus Finanzanlagen sind Verlustübernahmen von Tochterunternehmen aufgrund von Ergebnisabführungsverträgen in Höhe von TEUR 20.896 (Vorjahr: TEUR 31.707) enthalten.

5. Steuern vom Einkommen und Ertrag

Die Steuern vom Einkommen und Ertrag in Höhe von TEUR 4.333 (Ertrag) (Vorjahr: Ertrag TEUR 5.336) setzen sich aus in- und ausländischer Körperschaftsteuer, dem Steueraufwand, der im Zuge der Gruppenbesteuerung gem. § 9 KStG der PORR AG als Gruppenträger zuzurechnen ist, und latenten Steuern zusammen.

Die Gesamtveränderung der latenten Steuer beträgt im Geschäftsjahr 2023 TEUR 17.026 und ist in der gesonderten Beilage "Steuerlatenz" ersichtlich.

Die Steuerumlage wird nach der Belastungsmethode verrechnet: Bei einem positiven steuerlichen Ergebnis des Gruppenmitglieds berechnet sich die Steuerumlage nach dem Körperschaftsteueraufwand, den das Gruppenmitglied zu bezahlen gehabt hätte, wenn sein steuerliches Ergebnis nicht dem Gruppenträger zugerechnet worden wäre. Bei einem negativen steuerlichen Ergebnis des Gruppenmitglieds wird dieser Verlust evident gehalten und kann gegen spätere Gewinne verrechnet werden. Bei einem Ausscheiden aus der Gruppe sind erzielte steuerliche Verluste bzw. nicht ausgleichsfähige Verluste, die im Zeitpunkt der Beendigung noch nicht gegen spätere Gewinne nach § 2 Abs. 2 EStG verrechnet sind, in Form einer Ausgleichszahlung vom nächsthöheren Gruppenmitglied abzugelten.

Der Ertrag (im Vorjahr Ertrag) aus Steuern vom Einkommen und Ertrag errechnet sich wie folgt:

in TEUR	2023	2022
Körperschaftssteuer	14.632	3.086
Steuerumlagen	-1.950	-3.270
Ausländische Steuer	11	10
Latente Steuer	-17.026	-5.162
Gesamt	-4.333	-5.336

In Umsetzung der EU-Richtlinie zur Globalen Mindestbesteuerung (Säule-2-Ertragsteuern) wurde in Österreich das Mindestbesteuerungsgesetz beschlossen, das mit 1. Jänner 2024 in Kraft getreten ist. Die Regelungen zur Mindeststeuer sollen sicherstellen, dass multinationale Unternehmensgruppen in allen Ländern, in denen sie vertreten sind, zumindest mit einem effektiven Steuersatz von 15% besteuert werden. Eine zusätzliche Besteuerung ergibt sich somit nur, wenn das Besteuerungsniveau diesen Mindeststeuersatz unterschreitet. Auf Grund der Komplexität der Regelungen sowie der in vielen Ländern noch nicht endgültig abgeschlossenen Gesetzgebungsverfahren, ist es zum gegenwärtigen Zeitpunkt nicht möglich, die genaue Höhe der zukünftigen Belastung verlässlich zu ermitteln. PORR hat daher die potenzielle künftige Mindeststeuerbelastung basierend auf zum Berichtsstichtag vorliegenden Informationen untersucht. Hierfür wurden historische Daten wie die länderbezogene Berichterstattung (Country-by-Country Reporting) und Jahresabschlüsse sowie mittelfristige Planungsrechnungen herangezogen. Auf dieser Grundlage wird für die PORR AG als oberste Muttergesellschaft der Unternehmensgruppe nach den Regeln des Mindestbesteuerungsgesetzes kein wesentlicher Steueraufwand in Österreich erwartet.

V. ANGABEN ZU FINANZINSTRUMENTEN

Die PORR AG hat seit 2015 mehrere Schuldscheindarlehen (SSD) begeben. Diese unterteilen sich in vier-, fünf- und siebenjährige Tranchen, jeweils mit fixer und variabler Verzinsung. Mit der Zielrichtung der signifikanten Verlängerung des Finanzierungsportfolios wurden per 15. Februar 2023 neue Schuldscheindarlehen im Gesamtausmaß von TEUR 140.000 begeben. Davon haben TEUR 33.000 eine dreijährige, TEUR 87.000 eine fünfjährige und TEUR 20.000 eine siebenjährige Laufzeit. Neben den Tilgungen von fälligen Schuldscheindarlehen in Höhe von TEUR 29.000 wurden im Geschäftsjahr 2023 TEUR 141.500 Schuldscheindarlehen, alle mit einem Laufzeitende Februar bzw. Juli 2024, vorzeitig zurückgeführt.

Die Schulddarlehen belaufen sich nun auf eine Gesamthöhe von TEUR 151.000 und gliedern sich wie folgt:

Nominale	Laufzeit	Verzinsung	Zinssatz
3.000	15.2.2024	fix	1,714 %
7.500	15.2.2026	fix	2,284 %
500	15.2.2026	fix	2,284 %
1.000	16.2.2026	fix	4,498 %
500	16.2.2026	variabel	6-Monats-EURIBOR+1,40 %
4.000	15.2.2028	fix	4,800 %
4.500	15.2.2030	fix	4,989 %
500	15.2.2028	fix	4,800 %
5.000	15.2.2030	fix	4,989 %
7.500	16.2.2026	variabel	6-Monats-EURIBOR+1,40 %
11.500	16.2.2026	variabel	6-Monats-EURIBOR+1,40 %
12.500	16.2.2026	variabel	6-Monats-EURIBOR+1,40 %
2.000	15.2.2028	variabel	6-Monats-EURIBOR+1,90 %
5.000	15.2.2028	variabel	6-Monats-EURIBOR+1,90 %
500	15.2.2028	variabel	6-Monats-EURIBOR+1,90 %
10.000	15.2.2028	variabel	6-Monats-EURIBOR+1,90 %
20.000	15.2.2028	variabel	6-Monats-EURIBOR+1,90 %
5.000	15.2.2028	variabel	6-Monats-EURIBOR+1,90 %
40.000	15.2.2028	variabel	6-Monats-EURIBOR+1,90 %
5.000	15.2.2030	variabel	6-Monats-EURIBOR+2,15 %
5.000	15.2.2030	variabel	6-Monats-EURIBOR+2,15 %
500	15.2.2028	variabel	6-Monats-EURIBOR+2,15 %

Die PORR AG hat für Tranchen mit variabler Verzinsung Zinssicherungen in Form von Interest Rate Swaps (Tausch variabler Zinssatz gegen Fixzins) abgeschlossen. Der Zeitwert der Interest Rate Swaps ist zum 31. Dezember 2023 mit TEUR 317 negativ.

Die Zinssicherungen für die variable OeKB Finanzierung bzw. für den variabel verzinsten Kredit bei der Bank of China wurden ebenfalls in Form von Interest Rate Swaps abgeschlossen, deren Zeitwerte zum 31. Dezember 2023 mit TEUR 406 negativ sind. Des Weiteren wurden zwei Interest Rate Swaps (Tausch EURIBOR 03M bzw. Tausch EURIBOR 06M gegen fixe Verzinsung) als freistehende Derivate abgeschlossen. Der Zeitwert dieser Derivate ist zum 31. Dezember 2023 mit TEUR 380 positiv.

Für zukünftige Dieselbedürfnisse wurden Sicherungen in Form von Commodity Swaps abgeschlossen. Diese Swaps weisen per 31. Dezember 2023 einen negativen Zeitwert in Höhe TEUR 1.470 aus, wofür eine Rückstellung gebildet wurde. Weiters hat die Gesellschaft im Geschäftsjahr 2023 für innerkonzernale Finanzierungen an Tochtergesellschaften in den Vereinigten Arabischen Emiraten, der Schweiz, Katar, Rumänien und Singapur Kurssicherungen in Form von Devisentermingeschäften abgeschlossen.

Der beizulegende Zeitwert sämtlicher Devisentermingeschäfte zum 31. Dezember 2023 ist mit TEUR 880 negativ.

Fälligkeit in TEUR	AED	CHF	QAR	RON	SGD	Summe
Jänner 2024			31.862	20.200	6.165	58.227
Februar 2024		54.417	18.731			73.148
März 2024	1.725	39.183	14.143		4.308	59.359
Gesamt	1.725	93.600	64.736	20.200	10.473	190.734

VI. HONORARE DES ABSCHLUSSPRÜFERS

Hinsichtlich der Aufwendungen für den Abschlussprüfer wird auf den Konzernabschluss der PORR AG verwiesen.

VII. ANGABEN ZU VERBUNDENEN UNTERNEHMEN

MIT FOLGENDEN GESELLSCHAFTEN BESTEHEN ERGEBNISABFÜHRUNGSVERTRÄGE:

Schotter- und Betonwerk Karl Schwarzl Betriebsgesellschaft m.b.H. PORR Beteiligungen und Management GmbH PORR Bauindustrie GmbH PORRisk Solutions GmbH TEERAG-ASDAG GmbH PORR Bau GmbH Hinteregger Holding Gesellschaft m.b.H. pde Integrale Planung GmbH

VIII. SONSTIGE ANGABEN

Alle Geschäfte der Gesellschaft mit nahestehenden Personen und Unternehmen werden unter marktüblichen Bedingungen geschlossen. Wesentliche außerbilanzielle Geschäfte gemäß § 238 Abs. 1 Z 10 UGB liegen nicht vor.

IX. DIVIDENDE

Basierend auf dem Ergebnis des Geschäftsjahres 2023 wird der Vorstand in der am 30. April 2024 stattfindenden 144. ordentlichen Hauptversammlung die Ausschüttung einer Dividende an die Stammaktionäre in Höhe von EUR 0,75 pro Aktie vorschlagen.

X. EREIGNISSE NACH DEM BILANZSTICHTAG UND SONSTIGE ANGABEN

Zur Refinanzierung von bestehenden Hybridanleihen wurde Anfang Februar 2024 eine neue Hybridanleihe von TEUR 135.000. mit unbegrenzter Laufzeit und einem Zinssatz von 9,5% p.a. begeben. Nach fünf Jahren besteht erstmalig das Recht zur vorzeitigen Rückzahlung. Sollte dies nicht in Anspruch genommen werden, erhöht sich der Zinssatz auf den zu diesem Zeitpunkt gültigen fünfjährigen Mid-Swap-Satz zuzüglich 11,931%. Refinanziert wurden im Rahmen einer proaktiven Finanzstrategie Teile der im Februar 2025 bzw. November 2026 erstmalig rückzahlbaren Hybridanleihen 2020 und 2021. Den Investoren wurde das Angebot unterbreitet, ihren Bestand zu einem Kurs von 99,50 zurückzukaufen. Dieses Angebot wurde von Investoren der Hybridanleihe 2020 in einem Ausmaß von TEUR 103.550 und jenen der Hybridanleihe 2021 in einem Ausmaß von TEUR 31.450 in Anspruch genommen. Die Bestände der ausstehenden Hybridanleihen 2020 bzw. 2021 reduzieren sich somit im Februar 2024 auf TEUR 46.450 bzw. TEUR 18.550.

Mit Vertrag vom 16. Februar 2024, abgeschlossen zwischen Erste Asset Management GmbH, handelnd für die Spezialfonds RT2 und RT 3, und PORR AG, wurde der Kauf der ausständigen Genussrechte im Gesamtausmaß von Nominale TEUR 40.000 an die PORR AG vereinbart. Der Rückerwerb wurde am 20. Februar 2024 abgewickelt. Am 19. Februar 2024 wurde von der PORR AG der Beschluss gefasst, dass die ABAP-Genussrechte, sobald diese von der PORR AG nach dem Rückkauf als eigene Wertpapiere gehalten werden, zum nächstmöglichen Zeitpunkt eingezogen werden. Die Einziehung erfolgte am 21. Februar 2024.

Der Vorstand der PORR AG hat den Einzelabschluss am 19. März 2024 aufgestellt und zur Weitergabe an den Aufsichtsrat freigegeben. Der Aufsichtsrat hat die Aufgabe, den Jahresabschluss zu prüfen und zu erklären, ob er den Jahresabschluss billigt.

XI. ANGABEN ÜBER ARBEITNEHMER UND ORGANE

Durchschnittlicher Beschäftigtenstand	2023	2022
Arbeiter	3	3
Angestellte	525	503
Gesamt	528	506

Mitglieder des Vorstands

Ing. Karl-Heinz Strauss, MBA, FRICS, Vorsitzender Mag. Klemens Eiter Ing. Josef Pein (bis 31.12.2023) Dipl.-Ing. Claude Patrick Jeutter (ab 1.1.2024) Dipl.-Ing. Jürgen Raschendorfer

Im Folgenden werden die Bezüge der Mitglieder des Vorstands der PORR AG nach Vergütungskategorien aufgegliedert dargestellt:

		Vergütungen	Long Term Incentive Program	Zusätzliche Vergütungs
in TEUR	Vergütungen fix	variabel	(LTIP) 1	bestandteile	2023
Vergütungen des Vorstands
Ing. Karl-Heinz Strauss, MBA, FRICS	850	850		78	1.778
Mag. Klemens Eiter	500	450	125	73	1.148
Ing. Josef Pein	500	500		110	1.110
Dipl.-Ing. Jürgen Raschendorfer	500	450	125	85	1.160
Gesamt	2.350	2.250	250	346	5.196
davon kurzfristig fällige Leistungen	2.350	2.250		116	4.716
davon Leistungen nach Beendigung des
Arbeitsverhältnisses	-	-		230	230
davon variable langfristige Vergütungen (LTIP)			250		250

1 Erworbener Zuteilungsbetrag, entspricht einer errechneten Aktienzuteilung von 9.144 Stück

			Zusätzliche
in TEUR	Vergütungen fix	Vergütungen variabel	Vergütungs bestandteile	2022
Vergütungen des Vorstands
Ing. Karl-Heinz Strauss, MBA, FRICS	850	850	82	1.782
Mag. Klemens Eiter	333	333	41	707
Ing. Josef Pein	500	500	134	1.134
Dipl.-Ing. Jürgen Raschendorfer	500	500	210	1.210
Gesamt	2.183	2.183	467	4.833
davon kurzfristig fällige Leistungen	2.183	2.183	184	4.550
davon Leistungen nach Beendigung des
Arbeitsverhältnisses	-	-	283	283

Mitglieder des Aufsichtsrats

DDr. Karl Pistotnik, Vorsitzender Dipl.-Ing. Klaus Ortner, Vorsitzender-Stellvertreter Mag. Robert Grüneis Dr. Walter Knirsch Dipl.-Ing. Iris Ortner, MBA Hon.-Prof. Dr. Bernhard Vanas Dr. Susanne Weiss Dr. Thomas Winischhofer, LL.M., MBA

An die Mitglieder des Aufsichtsrats wurden Vergütungen (inklusive Sitzungsgelder) in Höhe von TEUR 377 (Vorjahr: TEUR 360) als Aufwand erfasst.

Vom Betriebsrat entsandte Mitglieder

Gottfried Hatzenbichler Wolfgang Ringhofer Martina Stegner Christian Supper

Wien, am 19. März 2024

Ing. Karl-Heinz Strauss, MBA, FRICS Vorstandsvorsitzender und CEO

Mag. Klemens Eiter Vorstandsmitglied und CFO

Dipl.-Ing. Claude-Patrick Jeutter Vorstandsmitglied und COO

Dipl.-Ing. Jürgen Raschendorfer Vorstandsmitglied und COO

BETEILIGUNGEN

BETEILIGUNGEN 2023

			Anteilshöhe
Gesellschaft	Länderkennzeichen	Sitz	PORR AG
Verbundene Unternehmen
pde Integrale Planung GmbH	* AT	Wien	100,00 %
PORR Bauindustrie GmbH	* AT	Wien	100,00 %
Sabelo Beteiligungsverwaltungs GmbH	AT	Wien	100,00 %
PORR Bau GmbH	* AT	Wien	52,49 %
		Unterprem
Schotter- und Betonwerk Karl Schwarzl Betriebsgesellschaft m.b.H.	* AT	stätten	100,00 %
PORR Beteiligungen und Management GmbH	* AT	Wien	100,00 %
TEERAG-ASDAG GmbH	* AT	Wien	52,49 %
Hinteregger Holding Gesellschaft m.b.H.	* AT	Wien	100,00 %
PORRisk Solutions GmbH	* AT	Wien	100,00 %
PORR Management GmbH	DE	München	100,00 %
PONTUM Immobilien GmbH	AT	Wien	100,00 %
PONTUM Immobilien GmbH & Co KG	AT	Wien	94,00 %
Wibeba Hochbau GmbH & Co. Nfg. KG	AT	Wien	100,00 %
Sonstige Unternehmen
GeMoBau Gesellschaft für modernes Bauen GmbH i.Liqu.	DE	Berlin	6,00 %

Eigenkapital/nicht durch Eigenkapital gedeckter Fehlbetrag

Eigenkapital/nicht durch Eigenkapital gedeckter Fehlbetrag

* Gesellschaften mit Ergebnisabführungsvertrag

V= Vollkonsolidierte Unternehmen

N = nicht konsolidierte Unternehmen

BETEILIGUNGEN 2022

				Anteilshöhe
Gesellschaft		Länderkennzeichen	Sitz	PORR AG
Verbundene Unternehmen
PORR Bauindustrie GmbH	*	AT	Wien	100,00 %
Sabelo Beteiligungsverwaltungs GmbH		AT	Wien	100,00 %
PORR Bau GmbH	*	AT	Wien	52,49 %
PORR Equipment Services GmbH	*	AT	Wien	100,00 %
			Unterprem
Schotter- und Betonwerk Karl Schwarzl Betriebsgesellschaft m.b.H.	*	AT	stätten	100,00 %
PORR Beteiligungen und Management GmbH	*	AT	Wien	100,00 %
TEERAG-ASDAG GmbH	*	AT	Wien	52,49 %
Hinteregger Holding Gesellschaft m.b.H.	*	AT	Wien	100,00 %
PORRisk Solutions GmbH	*	AT	Wien	100,00 %
PORR Management GmbH		DE	München	100,00 %
PONTUM Immobilien GmbH		AT	Wien	100,00 %
PONTUM Immobilien GmbH & Co KG		AT	Wien	94,00 %
Wibeba Hochbau GmbH & Co. Nfg. KG		AT	Wien	100,00 %
Sonstige Unternehmen
GeMoBau Gesellschaft für modernes Bauen GmbH i.Liqu.		DE	Berlin	6,00 %

* Gesellschaften mit Ergebnisabführungsvertrag

V= Vollkonsolidierte Unternehmen

N = nicht konsolidierte Unternehmen

	Jahresüberschuss /	Eigenkapital/nicht durch Eigenkapital
Bilanzstichtag	Jahresfehlbetrag	gedeckter Fehlbetrag	Nennkapital Nominale	Währung	Kons Art
31.12.2023	-1.045.679,98	1.344.823,29	35.000,00	EUR	V
31.12.2023	-9.385.369,26	243.989.501,72	36.336,42	EUR	V
31.12.2023	-1.612,87	30.383,18	35.000,00	EUR	N
31.12.2023	-23.071.733,28	336.835.472,93	11.500.000,00	EUR	V
31.12.2023	1.948.630,03	16.378.839,71	3.633.000,00	EUR	V
31.12.2023	12.213.972,95	47.842.518,07	35.000,00	EUR	V
31.12.2023	661.094,65	51.217.623,09	12.478.560,00	EUR	V
31.12.2023	28.826.154,00	32.474.525,40	1.820.000,00	EUR	V
31.12.2023	183.109,10	35.000,00	35.000,00	EUR	V
31.12.2023	3.171,71	106.612,28	100.000,00	EUR	V
31.12.2023	-66.776,94	-33.564,13	35.000,00	EUR	V
31.12.2023	-1.063.698,62	-1.101.991,27	10.000,00	EUR	V
31.12.2023	-1.322.655,48	14.547,55	35.000,00	EUR	V
31.12.2022	42.965,27	2.634.767,69	255.645,94	EUR	N

BETEILIGUNGEN 2023

* Gesellschaften mit Ergebnisabführungsvertrag V= Vollkonsolidierte Unternehmen

N = nicht konsolidierte Unternehmen

* Gesellschaften mit Ergebnisabführungsvertrag V= Vollkonsolidierte Unternehmen

N = nicht konsolidierte Unternehmen

BETEILIGUNGEN 2022

		Eigenkapital/nicht durch
	Jahresüberschuss /	Eigenkapital
Bilanzstichtag	Jahresfehlbetrag	gedeckter Fehlbetrag	Nennkapital Nominale	Währung	Kons Art
31.12.2022	-18.084.740,40	244.204.562,47	36.336,42	EUR	V
31.12.2022	-678,88	31.996,05	35.000,00	EUR	N
31.12.2022	-17.131.246,24	225.454.498,11	11.500.000,00	EUR	V
31.12.2022	40.308.502,39	538.500,00	35.000,00	EUR	V
31.12.2022	-9.226.552,52	16.378.839,71	3.633.000,00	EUR	V
31.12.2022	-5.969.185,37	36.771.169,60	35.000,00	EUR	V
31.12.2022	-1.863.488,98	51.217.623,09	12.478.560,00	EUR	V
31.12.2022	2.775.820,33	32.474.525,40	1.820.000,00	EUR	V
31.12.2022	-6.375,91	35.000,00	35.000,00	EUR	V
31.12.2022	1.294,77	103.440,57	100.000,00	EUR	V
31.12.2022	-1.787,19	33.212,81	35.000,00	EUR	V
31.12.2022	-48.292,65	-38.292,65	10.000,00	EUR	V
31.12.2022	-1.319.264,49	17.938,54	35.000,00	EUR	V
31.12.2022	42.965,27	2.634.767,69	255.645,94	EUR	N

STEUERLATENZ

		Unterschiedsbeträge 2023		Unterschiedsbeträge 2022
	Gruppen mitglieder	PORR AG	Gesamt	Gruppen mitglieder	PORR AG	Gesamt
Aktive latente Steuern
Immaterielle Vermögenswerte	1.160.534,78	-	1.160.534,78	1.397.830,43	-	1.397.830,43
Sachanlagen	1.909.356,52	23.047,83	1.932.404,35	1.990.908,70	32.265,22	2.023.173,92
Finanzanlagen	222.853.700,00	35.900,00	222.889.600,00	137.305.943,48	-	137.305.943,48
Langfristige Personal rückstellungen	27.475.830,43	5.252.130,43	32.727.960,86	33.311.765,22	5.635.778,26	38.947.543,48
Langfristige
sonstige Rückstellungen	6.272.000,00	33.565,22	6.305.565,22	4.953.682,61	-	4.953.682,61
Geldbeschaf fungskosten	-	189.317,39	189.317,39	-	132.640,57	132.640,57
						-
Passive latente Steuern				-	-	-
Aktivierte Verwal tungs und
Vetriebskosten	-100.977.069,57	-	-100.977.069,57	-94.529.113,04	-	-94.529.113,04
Unversteuerte Rücklagen	-	-3.123.495,05	-3.123.495,05	-	-3.153.920,05	-3.153.920,05
Unterschiedsbe
träge gesamt	158.694.352,16	2.410.465,82	161.104.817,98	84.431.017,40	2.646.764,00	87.077.781,40
daraus resultie rende
Steuerlatenz Steuersatz 23 %	36.499.701,00	554.407,00	37.054.108,00	19.419.134,00	608.755,72	20.027.890,00

BESTÄTIGUNGSVERMERK

BERICHT ZUM JAHRESABSCHLUSS

Prüfungsurteil

Wir haben den Jahresabschluss der PORR AG, Wien, bestehend aus der Bilanz zum 31. Dezember 2023, der Gewinn- und Verlustrechnung für das an diesem Stichtag endende Geschäftsjahr und dem Anhang, geprüft.

Nach unserer Beurteilung entspricht der beigefügte Jahresabschluss den gesetzlichen Vorschriften und vermittelt ein möglichst getreues Bild der Vermögens- und Finanzlage zum 31. Dezember 2023 sowie der Ertragslage der Gesellschaft für das an diesem Stichtag endende Geschäftsjahr in Übereinstimmung mit den österreichischen unternehmensrechtlichen Vorschriften.

Grundlage für das Prüfungsurteil

Wir haben unsere Abschlussprüfung in Übereinstimmung mit der EU-Verordnung Nr. 537/2014 (im Folgenden EU-VO) und mit den österreichischen Grundsätzen ordnungsmäßiger Abschlussprüfung durchgeführt. Diese Grundsätze erfordern die Anwendung der International Standards on Auditing (ISA). Unsere Verantwortlichkeiten nach diesen Vorschriften und Standards sind im Abschnitt "Verantwortlichkeiten des Abschlussprüfers für die Prüfung des Jahresabschlusses" unseres Bestätigungsvermerks weitergehend beschrieben. Wir sind von der Gesellschaft unabhängig in Übereinstimmung mit den österreichischen unternehmensrechtlichen und berufsrechtlichen Vorschriften, und wir haben unsere sonstigen beruflichen Pflichten in Übereinstimmung mit diesen Anforderungen erfüllt. Wir sind der Auffassung, dass die von uns bis zum Datum des Bestätigungsvermerks erlangten Prüfungsnachweise ausreichend und geeignet sind, um als Grundlage für unser Prüfungsurteil zu diesem Datum zu dienen.

Besonders wichtige Prüfungssachverhalte

Besonders wichtige Prüfungssachverhalte sind solche Sachverhalte, die nach unserem pflichtgemäßen Ermessen am bedeutsamsten für unsere Prüfung des Jahresabschlusses des Geschäftsjahres waren. Diese Sachverhalte wurden im Zusammenhang mit unserer Prüfung des Jahresabschlusses als Ganzes und bei der Bildung unseres Prüfungsurteils hierzu berücksichtigt, und wir geben kein gesondertes Prüfungsurteil zu diesen Sachverhalten ab.

Nachfolgend stellen wir den aus unserer Sicht besonders wichtigen Prüfungssachverhalt dar:

Titel

Bewertung der Anteile an verbundenen Unternehmen

Risiko

Der Jahresabschluss der PORR AG zum 31. Dezember 2023 weist Anteile an verbundenen Unternehmen in Höhe von TEUR 827.190 aus. Bezogen auf die Bilanzsumme der Gesellschaft entspricht das einem Anteil von rund 50 %.

Für Anteile an verbundenen Unternehmen, bei welchen Anzeichen für außerplanmäßige Abschreibungen bestehen, werden Werthaltigkeitstests durchgeführt. Im Rahmen dieser Werthaltigkeitstests, welche mittels Discounted Cashflow Berechnung durchgeführt wird, sind wesentliche Annahmen und Schätzungen zu treffen. Das wesentliche Risiko besteht in der Schätzung dieser zukünftigen Cashflows und der Zinssätze.

Die Angaben der Gesellschaft zu Anteilen an verbundene Unternehmen sind im Anhang des Jahresabschlusses zum 31. Dezember 2023 im Abschnitt II "Bilanzierungs- und Bewertungsgrundsätze" und Abschnitt III "Erläuterungen zur Bilanz" unter Punkt 1 Anlagevermögen zu finden. Im Beteiligungsspiegel sind die gehaltenen Anteile sowie der Buchwert des Eigenkapitals und das letzte Jahresergebnis der Beteiligungsgesellschaften dargestellt.

Adressierung im Rahmen der Abschlussprüfung

Um dieses Risiko zu adressieren, haben wir unter anderem die folgenden Prüfungshandlungen durchgeführt:

• Beurteilung der Konzeption und Ausgestaltung des Prozesses sowie die Identifizierung der Kontrollen zur Bewertung der Anteile an verbundenen Unternehmen
• Prüfung der angewandten Methodik sowie der rechnerischen Richtigkeit der vorgelegten Unterlagen und Berechnungen zur Bewertung der Anteile an verbundene UnternehmenDurchsicht der Planungsunterlagen sowie Plausibilisierung und Analyse der wesentlichen Werttreiber (Umsatz, Aufwendungen, Investitionen und Veränderungen im Working Capital und Cashflows), um die Angemessenheit dieser Planungen zu beurteilen
• Beurteilung der Angemessenheit der Anhangangaben

Sonstiger Sachverhalt

Der Jahresabschluss der PORR AG, Wien, für das am 31. Dezember 2022 endende Geschäftsjahr wurde von BDO Assurance GmbH Wirtschaftsprüfungs- und Steuerberatungsgesellschaft geprüft, die am 22. März 2023 ein nicht modifiziertes Prüfungsurteil zu diesem Abschluss abgegeben hat.

Sonstige Informationen

Die gesetzlichen Vertreter sind für die sonstigen Informationen verantwortlich. Die sonstigen Informationen umfassen alle Informationen im Jahresfinanzbericht, ausgenommen den Jahresabschluss, den Lagebericht und den Bestätigungsvermerk.

Unser Prüfungsurteil zum Jahresabschluss erstreckt sich nicht auf diese sonstigen Informationen, und wir geben dazu keine Art der Zusicherung.

Im Zusammenhang mit unserer Prüfung des Jahresabschlusses haben wir die Verantwortlichkeit, diese sonstigen Informationen zu lesen und dabei zu würdigen, ob die sonstigen Informationen wesentliche Unstimmigkeiten zum Jahresabschluss oder unseren bei der Abschlussprüfung erlangten Kenntnissen aufweisen oder anderweitig falsch dargestellt erscheinen.

Falls wir auf der Grundlage der von uns durchgeführten Arbeiten den Schluss ziehen, dass eine wesentliche falsche Darstellung dieser sonstigen Informationen vorliegt, sind wir verpflichtet, über diese Tatsache zu berichten. Wir haben in diesem Zusammenhang nichts zu berichten.

Verantwortlichkeiten der gesetzlichen Vertreter und des Prüfungsausschusses für den Jahresabschluss

Die gesetzlichen Vertreter sind verantwortlich für die Aufstellung des Jahresabschlusses und dafür, dass dieser in Übereinstimmung mit den österreichischen unternehmensrechtlichen Vorschriften ein möglichst getreues Bild der Vermögens-, Finanz- und Ertragslage der Gesellschaft vermittelt. Ferner sind die gesetzlichen Vertreter verantwortlich für die internen Kontrollen, die sie als notwendig erachten, um die Aufstellung eines Jahresabschlusses zu ermöglichen, der frei von wesentlichen falschen Darstellungen aufgrund von dolosen Handlungen oder Irrtümern ist.

Bei der Aufstellung des Jahresabschlusses sind die gesetzlichen Vertreter dafür verantwortlich, die Fähigkeit der Gesellschaft zur Fortführung der Unternehmenstätigkeit zu beurteilen, Sachverhalte im Zusammenhang mit der Fortführung der Unternehmenstätigkeit – sofern einschlägig – anzugeben, sowie dafür, den Rechnungslegungsgrundsatz der Fortführung der Unternehmenstätigkeit anzuwenden, es sei denn, die gesetzlichen Vertreter beabsichtigen, entweder die Gesellschaft zu liquidieren oder die Unternehmenstätigkeit einzustellen oder haben keine realistische Alternative dazu.

Der Prüfungsausschuss ist verantwortlich für die Überwachung des Rechnungslegungsprozesses der Gesellschaft.

Verantwortlichkeiten des Abschlussprüfers für die Prüfung des Jahresabschlusses

Unsere Ziele sind, hinreichende Sicherheit darüber zu erlangen, ob der Jahresabschluss als Ganzes frei von wesentlichen falschen Darstellungen aufgrund von dolosen Handlungen oder Irrtümern ist, und einen Bestätigungsvermerk zu erteilen, der unser Prüfungsurteil beinhaltet. Hinreichende Sicherheit ist ein hohes Maß an Sicherheit, aber keine Garantie dafür, dass eine in Übereinstimmung mit der EU-VO und mit den österreichischen Grundsätzen ordnungsmäßiger Abschlussprüfung, die die Anwendung der ISA erfordern, durchgeführte Abschlussprüfung eine wesentliche falsche Darstellung, falls eine solche vorliegt, stets aufdeckt. Falsche Darstellungen können aus dolosen Handlungen oder Irrtümern resultieren und werden als wesentlich angesehen, wenn von ihnen einzeln oder insgesamt vernünftigerweise erwartet werden könnte, dass sie die auf der Grundlage dieses Jahresabschlusses getroffenen wirtschaftlichen Entscheidungen von Nutzern beeinflussen.

Als Teil einer Abschlussprüfung in Übereinstimmung mit der EU-VO und mit den österreichischen Grundsätzen ordnungsmäßiger Abschlussprüfung, die die Anwendung der ISA erfordern, üben wir während der gesamten Abschlussprüfung pflichtgemäßes Ermessen aus und bewahren eine kritische Grundhaltung.

Darüber hinaus gilt:

• Wir identifizieren und beurteilen die Risiken wesentlicher falscher Darstellungen aufgrund von dolosen Handlungen oder Irrtümern im Abschluss, planen Prüfungshandlungen als Reaktion auf diese Risiken, führen sie durch und erlangen Prüfungsnachweise, die ausreichend und geeignet sind, um als Grundlage für unser Prüfungsurteil zu dienen. Das Risiko, dass aus dolosen Handlungen resultierende wesentliche falsche Darstellungen nicht aufgedeckt werden, ist höher als ein aus Irrtümern resultierendes, da dolose Handlungen kollusives Zusammenwirken, Fälschungen, beabsichtigte Unvollständigkeiten, irreführende Darstellungen oder das Außerkraftsetzen interner Kontrollen beinhalten können.
• Wir gewinnen ein Verständnis von dem für die Abschlussprüfung relevanten internen Kontrollsystem, um Prüfungshandlungen zu planen, die unter den gegebenen Umständen angemessen sind, jedoch nicht mit dem Ziel, ein Prüfungsurteil zur Wirksamkeit des internen Kontrollsystems der Gesellschaft abzugeben.
• Wir beurteilen die Angemessenheit der von den gesetzlichen Vertretern angewandten Rechnungslegungsmethoden sowie die Vertretbarkeit der von den gesetzlichen Vertretern dargestellten geschätzten Werte in der Rechnungslegung und damit zusammenhängende Angaben.
• Wir ziehen Schlussfolgerungen über die Angemessenheit der Anwendung des Rechnungslegungsgrundsatzes der Fortführung der Unternehmenstätigkeit durch die gesetzlichen Vertreter sowie, auf der Grundlage der erlangten Prüfungsnachweise, ob eine wesentliche Unsicherheit im Zusammenhang mit Ereignissen oder Gegebenheiten besteht, die erhebliche Zweifel an der Fähigkeit der Gesellschaft zur Fortführung der Unternehmenstätigkeit aufwerfen können. Falls wir die Schlussfolgerung ziehen, dass eine wesentliche Unsicherheit besteht, sind wir verpflichtet, in unserem Bestätigungsvermerk auf die dazugehörigen Angaben im Jahresabschluss aufmerksam zu machen oder, falls diese Angaben unangemessen sind, unser Prüfungsurteil zu modifizieren.
• Wir ziehen unsere Schlussfolgerungen auf der Grundlage der bis zum Datum unseres Bestätigungsvermerks erlangten Prüfungsnachweise. Zukünftige Ereignisse oder Gegebenheiten können jedoch die Abkehr der Gesellschaft von der Fortführung der Unternehmenstätigkeit zur Folge haben.
• Wir beurteilen die Gesamtdarstellung, den Aufbau und den Inhalt des Jahresabschlusses einschließlich der Angaben sowie ob der Jahresabschluss die zugrunde liegenden Geschäftsvorfälle und Ereignisse in einer Weise wiedergibt, dass ein möglichst getreues Bild erreicht wird.

Wir tauschen uns mit dem Prüfungsausschuss unter anderem über den geplanten Umfang und die geplante zeitliche Einteilung der Abschlussprüfung sowie über bedeutsame Prüfungsfeststellungen, einschließlich etwaiger bedeutsamer Mängel im internen Kontrollsystem, die wir während unserer Abschlussprüfung erkennen, aus.

Wir geben dem Prüfungsausschuss auch eine Erklärung ab, dass wir die relevanten beruflichen Verhaltensanforderungen zur Unabhängigkeit eingehalten haben, und tauschen uns mit ihm über alle Beziehungen und sonstigen Sachverhalte aus, von denen vernünftigerweise angenommen werden kann, dass sie sich auf unsere Unabhängigkeit und – sofern einschlägig – auf vorgenommene Handlungen zur Beseitigung von Gefährdungen oder angewandte Schutzmaßnahmen auswirken.

Wir bestimmen von den Sachverhalten, über die wir uns mit dem Prüfungsausschuss ausgetauscht haben, diejenigen Sachverhalte, die am bedeutsamsten für die Prüfung des Jahresabschlusses des Geschäftsjahres waren und daher die besonders wichtigen Prüfungssachverhalte sind. Wir beschreiben diese Sachverhalte in unserem Bestätigungsvermerk, es sei denn, Gesetze oder andere Rechtsvorschriften schließen die öffentliche Angabe des Sachverhalts aus oder wir bestimmen in äußerst seltenen Fällen, dass ein Sachverhalt nicht in unserem Bestätigungsvermerk mitgeteilt werden sollte, weil vernünftigerweise erwartet wird, dass die negativen Folgen einer solchen Mitteilung deren Vorteile für das öffentliche Interesse übersteigen würden.

Sonstige gesetzliche und andere rechtliche Anforderungen

Bericht zum Lagebericht

Der Lagebericht ist aufgrund der österreichischen unternehmensrechtlichen Vorschriften darauf zu prüfen, ob er mit dem Jahresabschluss in Einklang steht und ob er nach den geltenden rechtlichen Anforderungen aufgestellt wurde.

Die gesetzlichen Vertreter sind verantwortlich für die Aufstellung des Lageberichts in Übereinstimmung mit den österreichischen unternehmensrechtlichen Vorschriften.

Wir haben unsere Prüfung in Übereinstimmung mit den Berufsgrundsätzen zur Prüfung des Lageberichts durchgeführt.

Urteil

Nach unserer Beurteilung ist der Lagebericht nach den geltenden rechtlichen Anforderungen aufgestellt worden, enthält die nach § 243a UGB zutreffenden Angaben, und steht in Einklang mit dem Jahresabschluss.

Erklärung

Angesichts der bei der Prüfung des Jahresabschlusses gewonnenen Erkenntnisse und des gewonnenen Verständnisses über die Gesellschaft und ihr Umfeld wurden wesentliche fehlerhafte Angaben im Lagebericht nicht festgestellt.

Zusätzliche Angaben nach Artikel 10 der EU-VO

Gemeinsam wurden wir von der Hauptversammlung am 28. April 2023 Abschlussprüfer gewählt. Wir wurden am 8. August 2023 vom Aufsichtsrat beauftragt. Ernst & Young Wirtschaftsprüfungsgesellschaft m.b.H. ist seit dem Geschäftsjahr 2023 und BDO Assurance GmbH Wirtschaftsprüfungs- und Steuerberatungsgesellschaft ist ununterbrochen seit dem Geschäftsjahr 2002 Abschlussprüfer.

Wir erklären, dass das Prüfungsurteil im Abschnitt "Bericht zum Jahresabschluss" mit dem zusätzlichen Bericht an den Prüfungsausschuss nach Artikel 11 der EU-VO in Einklang steht.

Wir erklären, dass wir keine verbotenen Nichtprüfungsleistungen (Artikel 5 Abs 1 der EU-VO) erbracht haben und dass wir bei der Durchführung der Abschlussprüfung unsere Unabhängigkeit von der geprüften Gesellschaft gewahrt haben.

Auftragsverantwortlicher Wirtschaftsprüfer

Die für die Abschlussprüfung auftragsverantwortlichen Wirtschaftsprüfer sind Herr Mag. Stefan Uher (EY) und Herr Mag. Peter Bartos (BDO).

Wien, am 19. März 2024

Ernst & Young Wirtschaftsprüfungsgesellschaft m.b.H.

Wirtschaftsprüfer Wirtschaftsprüferin

Mag. Stefan Uher eh Mag. Kristina Aichwalder eh

BDO Assurance GmbH Wirtschaftsprüfungs- und Steuerberatungsgesellschaft

Wirtschaftsprüfer Wirtschaftsprüferin

Mag. Peter Bartos eh ppa. MMag. Nicole Doppelhofer eh

ERKLÄRUNG ALLER GESETZLICHEN VERTRETER

Wir bestätigen nach bestem Wissen, dass der im Einklang mit den maßgebenden Rechnungslegungsstandards aufgestellte Jahresabschluss des Mutterunternehmens ein möglichst getreues Bild der Vermögens-, Finanz- und Ertragslage des Unternehmens vermittelt und dass der Lagebericht den Geschäftsverlauf, das Geschäftsergebnis und die Lage des Unternehmens so darstellt, dass ein möglichst getreues Bild der Vermögens-, Finanz- und Ertragslage des Unternehmens entsteht, und dass der Lagebericht die wesentlichen Risiken und Ungewissheiten beschreibt, denen das Unternehmen ausgesetzt ist.

Wien, im März 2024

Ing. Karl-Heinz Strauss, MBA, FRICS Vorstandsvorsitzender und CEO

Mag. Klemens Eiter Vorstandsmitglied und CFO

Dipl.-Ing. Claude-Patrick Jeutter Vorstandsmitglied und COO

Dipl.-Ing. Jürgen Raschendorfer Vorstandsmitglied und COO

ERGEBNISVERWENDUNG

Der Jahresabschluss zum 31. Dezember 2023 weist für das Geschäftsjahr 2023 einen Bilanzgewinn in der Höhe von EUR 28.757.400,19 aus.

Der Vorstand schlägt daher vor, den im Jahresabschluss zum 31. Dezember 2023 der PORR AG ausgewiesenen Bilanzgewinn wie folgt zu verwenden:

Ausschüttung einer Dividende von EUR 0,75 (75 Cent) je dividendenberechtigter Aktie und Vortrag des verbleibenden Restbetrags auf neue Rechnung.

Wien, im März 2024

Ing. Karl-Heinz Strauss, MBA, FRICS Vorstandsvorsitzender und CEO

Mag. Klemens Eiter Vorstandsmitglied und CFO

Dipl.-Ing. Claude-Patrick Jeutter Vorstandsmitglied und COO

Dipl.-Ing. Jürgen Raschendorfer Vorstandsmitglied und COO

IMPRESSUM

MEDIENINHABER

PORR AG Absberggasse 47, 1100 Wien T +43 50 626-0 office@porr-group.com porr-group.com

KONZEPT, TEXT, GESTALTUNG UND REDAKTION

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WEITERE INFORMATIONEN

PORR AG . Investor Relations Absberggasse 47, 1100 Wien ir@porr-group.com

Der vom Abschlussprüfer der Gesellschaft geprüfte Jahresabschluss 2023 samt Anhang und Lagebericht (Einzelabschluss) kann bei der Gesellschaft, 1100 Wien, Absberggasse 47, unentgeltlich angefordert werden und liegt bei der Hauptversammlung auf. Auf der Website www.porr-group.com/konzernberichte steht der Jahresabschluss 2023 darüber hinaus zum Download bereit.

Die Inhalte dieses Einzelabschlusses stellen zusammen mit dem Geschäfts- und Nachhaltigkeitsbericht auch den Jahresfinanzbericht dar.

PORR AG

Absberggasse 47 1100 Vienna T +43 50 626-0

264 FURTHER INFORMATION

porr-group.com