STRABAG SE

Annual Report • Apr 27, 2012

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Content

Consolidated Financial statements 31.12.2011	3
Consolidated Income Statement	4
Consolidated Balance Sheet	5
Consolidated Cash-Flow Statement	6
Statement of Changes in Equity	7
Consolidated Statement of Changes in fixed Assets	9
Notes to the Consolidated Financial Statements	11
List of Participations	57
Management Report	73
Independent Auditor's Report	116
Individual Financial statements 31.12.2011	118
Balance Sheet	119
Income Statement	121
Notes to the 2011 Financial Statements	122
Statement of Changes in Non-Current Assets	127
List of Participations	129
Management and Supervisory Board	130
Management Report	133
Independent Auditor's Report	178
statement of all legal representatives	180

FINANCIAL STATEMENT

Financial Statement 31.12.2011

Consolidated Income Statement for the financial year 2011

4

	Notes	2011 T€	2010 T€
Revenue	(1)	13,713,804	12,381,537
Changes in inventories		97,365	1,828
Own work capitalized		37,261	78,178
Other operating income	(2)	267,344	275,169
Raw materials, consumables and services used	(3)	-9,320,120	-8,218,355
Employee benefits expenses	(4)	-3,004,460	-2,800,933
Other operating expenses	(5)	-1,013,911	-1,030,190
Share of profit or loss of associates	(6)	-34,537	32,386
Net investment income	(7)	3,585	15,073
EBITDA		746,331	734,693
Depreciation and amortisation expense	(8)	-411,546	-435,742
EBIT		334,785	298,951
Interest and similar income		112,311	78,709
Interest expense and similar charges		-103,767	-98,386
Net interest income	(9)	8,544	-19,677
Profit before tax		343,329	279,274
Income tax expense	(10)	-104,039	-90,896
Net income		239,290	188,378
Attributable to:
non-controlling interests		44,295	13,521
Attributable to: equity holders of the parent		194,995	174,857
Earnings per share (€)	(11)	1.75	1.53

Notes	2011 T€	2010 T€
Net income	239,290	188,378
Differences arising from currency translation	-56,280	43,329
Change in hedging reserves including interest rate swaps	-30,234	15,743
Change in actuarial gains or losses	-4,270	-17,217
Change in fair value of financial instruments under IAS 39	150	-1,183
Other income from associates	-10,489	-19,302
Deferred taxes on neutral change in equity (10)	6,523	611
Other income	-94,600	21,981
Total comprehensive income	144,690	210,359
Attributable to: non-controlling interests	38,057	12,396
Attributable to: equity holders of the parent company	106,633	197,963

Consolidated Balance Sheet as of 31.12.2011

Assets	Notes	31.12.2011 T€	31.12.2010 T€
Non-current assets
Intangible assets	(12)	536,510	535,687
Property, plant and equipment	(12)	2,154,238	2,102,364
Investment property	(13)	53,278	73,524
Investments in associates	(14)	402,279	87,933
Other financial assets	(14)	249,062	257,256
Receivables from concession arrangements	(17)	839,332	968,875
Trade receivables	(17)	74,082	64,229
Non-financial assets	(17)	3,833	4,044
Other financial assets	(17)	48,017	36,778
Deferred taxes	(15)	173,724	214,349
		4,534,355	4,345,039
Current assets
Inventories	(16)	818,390	705,721
Receivables from concession arrangements	(17)	160,743	19,477
Trade receivables	(17)	2,629,738	2,548,790
Non-financial assets	(17)	117,844	138,260
Other financial assets	(17)	424,747	440,527
Cash and cash equivalents	(18)	1,700,237	1,952,452
Assets held for sale	(19)	0	231,891
		5,851,699	6,037,118
		10,386,054	10,382,157

Equity and Liabilities Notes	31.12.2011 T€	31.12.2010 T€
Group equity
Share capital	114,000	114,000
Capital reserves	2,311,384	2,311,384
Retained earnings	513,360	665,726
Non-controlling interests	211,098	141,328
(20)	3,149,842	3,232,438
Non-current liabilities
Provisions (21)	923,976	927,948
Financial liabilities1) (22)	1,298,653	1,318,305
Trade payables (22)	60,424	43,231
Non-financial liabilities (22)	1,481	1,003
Other financial liabilities (22)	25,919	23,847
Deferred taxes (15)	48,401	49,142
	2,358,854	2,363,476
Current liabilities
Provisions (21)	790,976	710,810
Financial liabilities2) (22)	433,304	240,847
Trade payables (22)	2,910,153	3,067,759
Non-financial liabilities (22)	360,656	355,381
Other financial liabilities (22)	382,269	411,446
	4,877,358	4,786,243
	10,386,054	10,382,157

Consolidated Cash-flow Statement for the financial year 2011

6

	2011 T€	2010 T€
Net income	239,290	188,378
Deferred taxes	20,827	-84,853
Non-cash effective results from consolidation	-2,825	2,519
Non-cash effective results from associates	40,501	-20,608
Depreciations/write ups	435,672	435,583
Changes in long term provisions	1,599	43,164
Gains/losses on disposal of non-current assets	-30,875	-43,286
Cash-flow from profits	704,189	520,897
Change in items:
Inventories	-67,037	-48,298
Trade receivables, construction contracts and consortia	-120,984	-211,191
Receivables from subsidiaries and receivables from participation companies	-55,903	-36,979
Other assets	4,438	-25,480
Trade payables, construction contracts and consortia	-9,480	351,057
Liabilities from subsidiaries and liabilities from participation companies	6,634	19,762
Other liabilities	-28,871	-5,162
Current provisions	68,160	125,811
Cash-flow from operating activities	501,146	690,417
Purchase of financial assets	-161,232	-47,833
Purchase of property, plant, equipment and intangible assets	-477,150	-553,843
Gains/losses on disposal of non-current assets	30,875	43,286
Disposals of non-current assets (carrying value)	97,004	102,883
Change in other cash clearing receivables	8,296	-58,772
Change in scope of consolidation	-113,862	-9,277
Cash-flow from investing activities	-616,069	-523,556
Change in bank borrowings	79,173	37,999
Change in bonds	100,000	25,000
Change in liabilities from finance leases	-16,150	-12,491
Change in other cash clearing liabilities	12,936	546
Change due to acquisitions of non-controlling interests	-5,414	-9,247
Acquisition of own shares	-185,234	0
Distribution and withdrawals from partnerships	-67,017	-62,004
Cash-flow from financing activities	-81,706	-20,197
Cash-flow from operating activities	501,146	690,417
Cash-flow from investing activities	-616,069	-523,556
Cash-flow from financing activities	-81,706	-20,197
Net change in cash and cash equivalents	-196,629	146,664
Cash and cash equivalents at the beginning of the period	1,952,452	1,782,951
Change in cash and cash equivalents due to currency translation	-55,586	22,837
Cash and cash equivalents at the end of the period	1,700,237	1,952,452
Interest paid	59,686	53,705
Interest received	61,885	57,690
Taxes paid	107,851	107,909
Dividends received	39,277	39,429

Statement of changes in Equity for the financial year 2011

	Share capital T€	Capital reserves T€	Retained earnings T€	Hedging reserve T€	Foreign currency reserve T€	Group equity T€	Non-con trolling interests T€	Total equity T€
Balance as of 1.1.2010	114,000	2,311,384	617,207	-65,284	-27,120	2,950,187	148,877	3,099,064
Net income	0	0	174,857	0	0	174,857	13,521	188,378
Differences arising from currency translation	0	0	0	0	41,825	41,825	1,504	43,329
Change in hedging reserves	0	0	0	27,382	0	27,382	654	28,036
Changes in financial instruments IAS 39	0	0	-1,106	0	0	-1,106	-77	-1,183
Change of actuarial gains and losses	0	0	-13,803	0	0	-13,803	-3,414	-17,217
Change of interest rate swap	0	0	0	-30,899	0	-30,899	-696	-31,595
Deferred taxes on neutral change in equity	0	0	4,202	-4,495	0	-293	904	611
Total comprehensive income	0	0	164,150	-8,012	41,825	197,963	12,396	210,359
Transactions concerning non-controlling interests	0	0	-40	0	0	-40	-14,941	-14,981
Distribution of dividends1)	0	0	-57,000	0	0	-57,000	-5,004	-62,004
Balance as of 31.12.2010	114,000	2,311,384	724,317	-73,296	14,705	3,091,110	141,328	3,232,438

	Share capital	Capital reserves	Retained earnings	Hedging reserve	Foreign currency reserve	Group equity	Non-con trolling interests	Total equity
	T€	T€	T€	T€	T€	T€	T€	T€
Balance as of 1.1.2011	114,000	2,311,384	724,317	-73,296	14,705	3,091,110	141,328	3,232,438
Net income	0	0	194,995	0	0	194,995	44,295	239,290
Differences arising from currency translation	0	0	0	0	-60,442	-60,442	-5,742	-66,184
Change in hedging reserves	0	0	0	705	0	705	35	740
Changes in financial instruments IAS 39	0	0	140	0	0	140	10	150
Change of actuarial gains and losses	0	0	-4,320	0	0	-4,320	91	-4,229
Change of interest rate swap	0	0	0	-30,868	0	-30,868	-732	-31,600
Deferred taxes on neutral change in equity	0	0	780	5,643	0	6,423	100	6,523
Total comprehensive income	0	0	191,595	-24,520	-60,442	106,633	38,057	144,690
Transactions concerning non-controlling interests	0	0	-11,065	0	0	-11,065	36,030	24,965
Own shares	0	0	-185,234	0	0	-185,234	0	-185,234
Distribution of dividends2)	0	0	-62,700	0	0	-62,700	-4,317	-67,017
Balance as of 31.12.2011	114,000	2,311,384	656,913	-97,816	-45,737	2,938,744	211,098	3,149,842

Dancing towers, Hamburg, Germany

consolidated statement of fixed assets as of 31 december 2011

					Acquisition and Production costs
	balance as of 31.12.2010 t€	changes in scope of con solidation T€	currency trans lation t€	balance as of 1.1.2011 t€	additions t€	transfers t€
I. Intangible Assets
1. Concessions; industrial property rights
and similiar rights as well as licences derived thereof	131,628	4,345	-2,848	133,125	8,749	115
2. Goodwill	620,329	26,976	-9,017	638,288	0	0
3. Development costs	22,624	0	-407	22,217	2,946	0
4. Advances paid	187	0	-8	179	93	-115
	774,768	31,321	-12,280	793,809	11,788	0
II. Tangible Assets
1. Properties; land rights equivalent to real property;
buildings including buildings on third-party property	1,251,306	56,511	-14,724	1,293,093	67,267	27,065
2. Technical equipment and machinery	2,396,264	42,898	-41,629	2,397,533	182,091	38,000
3. Other facilities, furniture and fixtures and
office equipment	841,731	31,274	-12,137	860,868	126,985	440
4. Advances paid and facilities
under construction	104,267	3,376	-1,014	106,629	88,564	-65,505
	4,593,568	134,059	-69,504	4,658,123	464,907	0
III. Investment Property	219,815	0	0	219,815	455	0
	5,588,151	165,380	-81,784	5,671,747	477,150	0

1) Of this amount, impairments of T€ 46,501 (previous year: T€ 71,751)

2) Of this amount, reversal of the depreciation T€ 0 (previous year: T€ 3,206)

consolidated statement of fixed assets as of 31 december 2010

					Acquisition and Production costs
	balance as of 31.12.2009 t€	changes in scope of con solidation T€	currency trans lation t€	balance as of 1.1.2010 t€	additions t€	transfers t€
I. Intangible Assets
1. Concessions; industrial property rights
and similiar rights as well as licences derived thereof	122,815	13,322	1,771	137,908	16,527	3,308
2. Goodwill	536,747	74,503	9,282	620,532	0	0
3. Development costs	16,729	0	299	17,028	5,596	0
4. Advances paid	3,372	0	0	3,372	123	-3,308
	679,663	87,825	11,352	778,840	22,246	0
II. Tangible Assets
1. Properties; land rights equivalent to real property;
buildings including buildings on third-party property	1,187,135	10,546	10,042	1,207,723	45,322	16,168
2. Technical equipment and machinery	2,144,240	2,062	39,109	2,185,411	256,619	75,623
3. Other facilities, furniture and fixtures and
office equipment	791,870	569	8,681	801,120	109,627	3,782
4. Advances paid and facilities
under construction	309,881	1,821	0	311,702	120,029	-327,464
	4,433,126	14,998	57,832	4,505,956	531,597	-231,891
III. Investment Property	265,116	0	0	265,116	0	0
	5,377,905	102,823	69,184	5,549,912	553,843	-231,8913)

1) Of this amount, impairments of T€ 71,751 (previous year: T€ 46,431)

2) Of this amount, reversal of the depreciation T€ 3,206 (previous year: T€ 0) 3) Reclassification as assets held for sale

Acquisition and Production costs Accumulated Depreciation carrying values

balance as of 1.1.2011 additions transfers t€ t€ t€	disposals t€	balance as of 31.12.2011 t€	balance as of 31.12.2010 t€	changes in scope of con solidation T€	currency trans lation t€	additions1) t€	transfers t€	disposals2) t€	balance as of 31.12.2011 t€	values 31.12.2011 t€	values 31.12.2010 t€
8,749 115	12,004	129,985	81,178	2,233	-2,078	12,188	0	10,474	83,047	46,938	50,450
0 0	0	638,288	151,846	-1,539	2	16,152	0	0	166,461	471,827	468,483
0	0	25,163	6,057	0	0	1,518	0	0	7,575	17,588	16,567
93 -115	0	157	0	0	0	0	0	0	0	157	187
0	12,004	793,593	239,081	694	-2,076	29,858	0	10,474	257,083	536,510	535,687
27,065	45,517	1,341,908	419,720	7,765	-3,527	40,989	632	23,722	441,857	900,051	831,586
182,091 38,000	148,986	2,468,638	1,481,565	61,879	-30,615	217,284	95	120,452	1,609,756	858,882	914,699
126,985 440	78,859	909,434	589,919	30,356	-8,733	98,300	-727	71,103	638,012	271,422	251,812
-65,505	0	129,688	0	0	0	5,805	0	0	5,805	123,883	104,267
464,907 0	273,362	4,849,668	2,491,204	100,000	-42,875	362,378	0	215,277	2,695,430	2,154,238	2,102,364
0	5,939	214,331	146,291	0	0	19,310	0	4,548	161,053	53,278	73,524
0	291,305	5,857,592	2,876,576	100,694	-44,951	411,546	0	230,299	3,113,566	2,744,026	2,711,575

	Acc umulated Depreciation							carrying values
disposals t€	balance as of 31.12.2010 t€	balance as of 31.12.2009 t€	changes in scope of con solidation T€	currency trans lation t€	additions1) t€	transfers t€	disposals2) t€	balance as of 31.12.2010 t€	values 31.12.2010 t€	values 31.12.2009 t€
26,115	131,628	81,112	1,579	1,395	23,027	0	25,935	81,178	50,450	41,703
203	620,329	102,495	0	18	49,536	0	203	151,846	468,483	434,252
0	22,624	0	0	0	6,057	0	0	6,057	16,567	16,729
0	187	0	0	0	0	0	0	0	187	3,372
26,318	774,768	183,607	1,579	1,413	78,620	0	26,138	239,081	535,687	496,056
17,907	1,251,306	381,702	-277	2,556	50,049	0	14,310	419,720	831,586	805,433
121,389	2,396,264	1,351,759	-5,529	23,544	208,260	258	96,727	1,481,565	914,699	792,481
72,798	841,731	553,225	-2,051	5,703	93,409	-258	60,109	589,919	251,812	238,645
0	104,267	0	0	0	0	0	0	0	104,267	309,881
212,094	4,593,568	2,286,686	-7,857	31,803	351,718	0	171,146	2,491,204	2,102,364	2,146,440
45,301	219,815	151,996	0	-872	5,404	0	10,237	146,291	73,524	113,120
283,713	5,588,151	2.622,289	-6,278	32,344	435,742	0	207,521	2,876,576	2,711,575	2,755,616

Notes to the Consolidated Financial Statements 31.12.2011 of STRABAG SE, Villach

Basic Principles

STRABAG SE is one of Europe's leading construction groups. The company has its headquarters in Villach, Austria. From its core markets of Austria and Germany, STRABAG is present via its numerous subsidiaries in all countries of Eastern and South-East Europe including Russia, in selected markets in Western Europe and the Arabian Peninsula, as well as in the project business in Africa, Asia and the Americas. STRABAG's activities span the entire construction industry (Building Construction & Civil Engineering, Transportation Infrastructures, Tunnelling, construction-related services) and cover the entire value-added chain in the field of construction.

The consolidated financial statements of STRABAG SE at the reporting date 31 December 2011, were drawn up under application of Section 245a Paragraph 2 of the Austrian Commercial Code (UGB) in accordance with the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB), including the interpretations of the International Financial Reporting Interpretations Committee (IFRIC).

Applied were exclusively those standards and interpretations adopted by the European Commission before the reporting deadline and published in the Official Journal of the European Union. Further reporting requirements of Section 245a Paragraph 1 of the Austrian Commercial Code (UGB) were fulfilled as well.

In addition to a statement of comprehensive income, the financial statements include a cash-flow statement in accordance with IAS 7, and a statement of changes in equity and a statement of recognised income and expense (IAS 1). The disclosures in the Notes also contain a segment reporting section in accordance with IFRS 8.

In order to improve the clarity of the representation, various items in the balance sheet and the income statement have been combined. These items have been shown separately and are explained in the group notes. The income statement has been drawn up in accordance with the nature of expense method.

The consolidated financial statements were drawn up in T€. The presentation in T€ may result in rounding differences.

Changes in Accounting Policies

The IASB has made amendments to the existing IFRS and passed several new IFRS and IFRIC, which are also adopted by the European Commission. Application became mandatory on 1 January 2011.

	Application for financial years which begin on or after (according to IAS B)	Application for financial years which begin on or after (according to EU endorsement)
IAS 24 Related Party Disclosures (amended)	1.1.2011	1.1.2011
Amendment to IAS 32 about Classification of Rights Issues	1.2.2010	1.1.2011
IFRIC 14 Prepayment of a Minimum Funding Requirement	1.1.2011	1.1.2011
IFRIC 19 Extinguishing Financial Liabilities with Equity Instruments	1.7.2010	1.7.2010
Amendments to various IFRS under the 2010 annual improvement process	Generally 1.7.2010	1.7.2010/ 1.1.2011

The first-time application of the IFRS and IFRIC standards mentioned had minor consequences on STRABAG SE's consolidated financial statements as of 31 December 2011.

Future Changes of Financial Reporting Standards

The IASB and the IFRIC approved further standards and interpretations. However, these were neither required to be applied in the 2011 financial year nor adopted by the European Commission. The amendments affect the following standards and interpretations:

	Application for financial years which begin on or after (according to IAS B)	Application for financial years which begin on or after (according to EU endorse ment)
IFRS 7 Disclosures in the notes to the financial statements regarding the transfer of financial instruments	1.7.2011	1.7.2011
IFRS 9 Financial Instruments	1.1.2015	n.a.
IFRS 10 Consolidated Financial Statements	1.1.2013	n.a.
IFRS 11 Joint Arrangements	1.1.2013	n.a.
IFRS 12 Disclosure of Interests in Other Entities	1.1.2013	n.a.
IFRS 13 Fair Value Measurment	1.1.2013	n.a.
IAS 1 Presentation of Items of Other Comprehensive Income	1.7.2012	n.a.
IAS 12 Deferred Taxes	1.1.2012	n.a.
IAS 19 Employee Benefits	1.1.2013	n.a.
IAS 27 Separate Financial Statements	1.1.2013	n.a.
IAS 28 Investment in Associates and Joint Ventures	1.1.2013	n.a.
IAS 32 Financial Instruments Presentation	1.1.2014	n.a.
IFRIC 20 Stripping Costs in the Production Phase of a Surface Mine	1.1.2013	n.a.

Consequences for the consolidated financial statements are expected especially from the application of the following standards and interpretations:

IFRS 7 was amended to require additional disclosures for financial instruments which, despite a transfer of rights, are not derecognised in their entirety or which were derecognised in their entirety but for which certain risks remain associated with the transferred entity.

IFRS 7 and IAS 32 provide clarification under which conditions financial instruments may be offset in the balance sheet.

IFRS 9 follows a new standard for the classification and measurement of financial assets, distinguishing only between two measurement categories (measurement at fair value and measurement at amortised cost) based on the entity's business model or on the characteristics of the contractual cash-flows of the financial asset in question. Measurement with regard to impairment is to be performed using a uniform method.

IFRS 10 and IAS 27: IFRS 10 replaces the criteria for consolidated financial statements contained in IAS 27 and addresses issues that had previously been governed by SIC-12 Consolidation – Special Purpose Entities. IFRS 10 changes the definition of control so that the same criteria are applied to all entities to determine control. The new definition provides for more comprehensive rules to define the scope of consolidation than under IAS 27. Like IAS 27, IFRS 10 addresses the basic consolidation requirements for the interest of non-controlling entities and requires the use of uniform accounting policies.

IFRS 11 and IAS 28 regulate the accounting of arrangements in which an entity exercises joint control over a joint venture or a joint operation. It supersedes the previous rules under IAS 31 and SIC-13. The new standard does away with the option of proportionate consolidation for jointly controlled entities (joint ventures).

IFRS 12: This new standard encompasses all disclosure requirements for subsidiaries, associates and joint arrangements as well as for unconsolidated structured entities. It replaces the relevant requirements in IAS 27, IAS 28 and IAS 31.

IFRS 13 defines fair value, sets out a framework for measuring fair value and requires specific disclosures about fair value measurements.

IAS 1 now requires the components of other comprehensive income to be presented in such a way that it is clear whether the income and expenses will be recognised in the income statement at a later point or whether these are never recognised in the income statement.

IAS 12 "Recovery of underlying assets": The changes offer a solution for the recognition of deferred taxes on investment property measured using the fair value model in IAS 40 as well as on revalued non-depreciable assets.

IAS 19: The amended version contains clarifications and changes. The new IAS 19 does away with the "corridor" method, i.e. the possibility of recognising actuarial gains or losses from defined benefit obligations divided over several periods. Measurement of the expected plan asset yields is performed by applying the same rate as is used to discount defined benefit obligations. As a result, the total revenue from plan assets is no longer recognised in the income statement. The new IAS 19 also contains extended disclosure requirements for defined benefit plans as well as changes to the accounting of termination benefits.

IFRIC 20: This interpretation addresses the removal of mine waste materials that are produced in the production phase of a surface mine. It defines when and how to account for benefits which may arise from such an activity, as well as how to measure these benefits.

Early application of the new standards and interpretations is not planned. The exact impact of the new standards and interpretations on the consolidated financial statements is currently being analysed.

Scope of Consolidation

The Consolidated Financial Statements as of 31 December 2011 include STRABAG SE as well as all major domestic and foreign subsidiaries where STRABAG SE either directly or indirectly holds a majority of the voting rights. Major associated companies and joint ventures are reported in the balance sheet using the equity method (investments in associates).

Group companies which are of minor importance for the purpose of giving a true and fair view of the financial position, financial performance and cash-flows of the group are not consolidated.

Subsidiaries included in the 2011 consolidated financial statements are given in the list of subsidiaries.

The financial year for all consolidated and associated companies, except A2 Strada Sp.z o.o., Warsaw, is identical with the calendar year.

The number of consolidated companies changed in the 2011 financial year as follows:

	consolidation	equity method
Situation as of 31.12.2009	316	14
First-time inclusions in year under report	21	2
First-time inclusions in year under report due to merger/accretion	12	0
Merger/accretion in year under report	-33	0
Exclusions in year under report	-21	-2
Situation as of 31.12.2010	295	14
First-time inclusions in year under report	33	8
First-time inclusions in year under report due to merger/accretion	14	0
Merger/accretion in year under report	-26	0
Exclusions in year under report	-8	-1
Situation as of 31.12.2011	308	21

Additions to Scope of Consolidation

The following companies formed part of the scope of consolidation for the first time on the reporting date:

	direct stake	Date of acquisition
Company	%	or foundation
Consolidation
Astrada AG, Subingen	100.00	23.3.2011
Baugesellschaft Nowotnik GmbH, Neumünster	100.00	1.1.20111)
BFB Behmann Feuerfestbau GmbH, Bremen	100.00	25.1.2011
Brunner Erben AG, Zurich	100.00	16.3.2011
Brunner Erben Holding AG, Zurich	100.00	16.3.2011
BRVZ Sweden AB, Stockholm	100.00	1.1.20111)
DRP, druzba za razvoj projektov d.o.o., Ljubljana	100.00	1.1.20111)
Erste Nordsee-Offshore-Holding GmbH, Pressbaum	51.00	24.12.2011
JUKA Justizzentrum Kurfürstenanlage GmbH (formerly Appartmenthaus Scharmützel Projekt-Beteiligungs GmbH), Cologne	100.00	1.1.20111)
Gaul GmbH, Sprendlingen	100.00	1.1.2011
Ludwig Voss GmbH & Co. KG, Cuxhaven	100.00	28.8.2011
NE Sander Eisenbau GmbH, Sande	100.00	15.6.2011
NE Sander Immobilien GmbH, Sande	100.00	15.6.2011
NIMAB Entreprenad AB, Sjöbo	100.00	7.7.2011
Northern Energy GlobalTech II. GmbH, Aurich	100.00	24.12.2011
Northern Energy GlobalTech III. GmbH, Aurich	100.00	24.12.2011
Northern Energy OWP Albatros GmbH, Aurich	100.00	24.12.2011
Northern Energy OWP West GmbH, Aurich	100.00	24.12.2011
Northern Energy SeaWind I. GmbH, Aurich	100.00	24.12.2011
Northern Energy SeaWind II. GmbH, Aurich	100.00	24.12.2011
PEKA Entwicklungsgesellschaft Kurfürstenanlage GmbH, Cologne	100.00	1.1.20111)
Raststation A3 GmbH, Vienna	100.00	1.1.20111)
REPASS-SANIERUNGSTECHNIK GMBH Korrosionsschutz
und Betoninstandsetzung, Munderkingen	100.00	30.6.2011
SFB Behmann Feuerfestbau GmbH, Schwedt/Oder	100.00	25.1.2011
Steffes-Mies GmbH, Sprendlingen	100.00	1.1.2011
Stephan Holzbau GmbH, Stuttgart	100.00	31.12.2011
STRABAG Beteiligungsverwaltung GmbH, Cologne	100.00	1.1.20111)
STRABAG Energy Technologies GmbH, Vienna	100.00	1.1.20111)
Staßfurter Baubetriebe GmbH, Staßfurt	100.00	2.5.2011
Windkraft FiT GmbH, Hamburg	100.00	9.6.2011
Wolfer & Goebel Bau GmbH, Stuttgart	100.00	28.7.2011
ZDE Sechste Vermögensverwaltungs GmbH, Cologne	100.00	1.1.20111)
Züblin Maschinen- und Anlagenbau GmbH, Kehl/Rhein	100.00	1.1.20111)
Merger/Accretion2)
AET-Asfalt-emulsni technologie s.r.o., Litomerice	100.00	1.1.2011
A.R.G.E. Tiefbau GmbH & Co. KG, Ulm	100.00	1.1.2011
BITUNOVA Verwaltungs-GmbH, Hamburg	100.00	1.1.2011
BOT BÖRNER Oberflächen Verwaltungs- und Beteiligungs GmbH, Ritschenhausen	100.00	1.1.2011
BOT BÖRNER Oberflächentechnik GmbH & Co. KG, Ritschenhausen	100.00	1.1.2011
BRG Baustoffhandel- und Recycling GmbH, Erfurt	100.00	1.1.2011
DYNAMIK ASPHALT SP. z o.o., Torun	100.00	1.1.2011
ERA-Stav s.r.o., Prague	100.00	1.1.2011
iFleet Solutions and Service Private Limited, Mumbai Maharashtra	100.00	1.1.2011
KAB Kirchhoff-Alb Bau GmbH, Ehingen	100.00	1.1.2011
Obit spol. s.r.o., Prague	100.00	1.1.2011
Preusse Baubetriebe und Partner Verwaltungsgesellschaft mbH, Halberstadt	100.00	1.1.2011
TRADON GmbH & Co. KG, Markwerben	100.00	1.1.2011
UNIPROJEKT Bau- und Innenbau GmbH, Vienna	100.00	1.1.2011

¹⁾ Due to its increased business volume, the company was included in the scope of consolidation of the group for the first time effective 1 January 2011. The foundation/ acquisition of the company occurred before 1 January 2011.

²⁾ The companies listed under "Merger/Accretion" were merged with/accrued on already fully consolidated companies and as such are at once represented as additions to and removals from the scope of consolidation.

at-equity	direct stake %	Date of acquisition or foundation
AMB Asphaltmischwerke Bodensee GmbH & Co KG, Singen (Hohentwiel)	24.80	1.1.20111)
Asphalt-Mischwerke-Hohenzollern GmbH & Co. KG, Inzighofen	36.50	1.1.20111)
Bodensee - Moränekies Gesellschaft mit beschränkter Haftung & Co. Komman ditgesellschaft Tettnag, Tettnag	33.33	1.1.20111)
Kieswerke Schray GmbH & Co. KG, Steißlingen	50.00	1.1.20111)
Lafarge Cement CE Holding GmbH, Vienna	30.00	28.7.2011
Natursteinwerke im Nordschwarzwald NSN GmbH & Co. KG, Mühlacker	25.00	1.1.20111)
PANSUEVIA GmbH & Co. KG, Leipheim	50.00	1.1.20111)
PANSUEVIA Service GmbH & Co. KG, Leipheim	50.00	1.1.20111)

Acquisitions Germany

STRABAG acquired 100 % of Staßfurter Baubetriebe GmbH, Staßfurt, effective retroactively to 1 January 2011. Approval from the cartel authorities was granted on 2 May 2011. Also acquired were asphalt mixing plants in the form of asset deals. The acquisitions helped STRABAG to further strengthen the position regionally in the construction materials business and in transportation infrastructures.

STRABAG acquired 100 % of Gaul GmbH, Sprendlingen, including – indirectly – Gaul subsidiary Steffes-Mies GmbH (previously Steffes-Mies GmbH & Co. KG), Sprendlingen, effective retroactively to 1 January 2011. The acquisition served to strengthen the construction materials activities in the German states of Rhineland-Palatinate and Hesse.

Effective 25 January 2011 the two companies BFB Behmann Feuerfestbau GmbH, Bremen, and SFB Behmann Feuerfestbau GmbH, Schwedt/Oder, were acquired. The acquisition of Behmann, an SME group of companies with a construction output of about € 20 million in the business fields of fireproof construction, chimney construction and technical insulation, helps to complement the existing activities.

Effective 15 June 2011 100 % of the two companies NE Sander Eisenbau GmbH, Sande, and NE Sander Immobilien GmbH, Sande, were acquired. NE Sander is a SME group of companies with a construction output of about € 10 million in the business fields of bridge construction and hydraulic steel structural engineering and helps to complement the existing activities.

Effective 28 August 2011, STRABAG acquired 100 % of civil hydraulic engineering SME Ludwig Voss GmbH & Co. KG, Cuxhaven. As a specialised service provider in the field of civil hydraulic engineering, the company operates mainly in Germany's seaports and along the coasts of the North and Baltic Seas. The group generates average revenue of around € 20 million a year.

STRABAG acquired 51 % of Erste Nordsee-Offshore-Holding GmbH, Pressbaum, in December 2011. The company holds several project companies which develop, build and operate offshore wind energy farms in the North Sea. With the acquisition, STRABAG further expands its existing competence as a builder of wind power facilities.

The purchase price is preliminarily allocated to assets and liabilities as follows:

	T€
Acquired assets and liabilities
Goodwill	20,578
Other non-current assets	60,652
Current assets	111,222
Increase in non-controlling interest	-13,326
Non-current liabilities	-30,024
Current liabilities	-76,757
Purchase price	72,345
Less non-cash-effective purchase price component	-1,553
Acquired cash and cash equivalents	-11,001
Net cash outflow from acquisitions	59,791

Other acquisitions

In March 2011 STRABAG acquired the construction company Brunner Erben Holding AG, Zurich. The company is active on the Swiss market in the fields of civil and underground engineering (special foundation engineering and road construction), building construction (incl. wood building) and transport. The approval of the cartel authorities was effective on 16 March 2011.

In addition STRABAG acquired in March 2011 the Swiss construction company Astrada AG, Subingen. The company is active with about 350 employees in the fields of road and ground-level construction, railway and civil engineering, and industrial and residential construction. The closing was effective on 23 March 2011.

STRABAG acquired Swedish company NIMAB Entreprenad AB, Sjöbo. The Swedish company, which is mainly active in the field of building construction in southern Sweden, has 124 employees and generated an annual output of about SEK 300 million. The acquisition allows STRABAG to bolster its presence in the southern Swedish market. The closing took place on 7 July 2011.

Acquisitions Germany

¹⁾ Due to its increased business volume, the company was included in the scope of consolidation of the group for the first time effective 1 January 2011. The foundation/ acquisition of the company occurred before 1 January 2011

The purchase price is preliminarily allocated to assets and liabilities as follows: Other acquisitions

	T€
Acquired assets and liabilities
Goodwill	7,937
Other non-current assets	52,418
Current assets	72,615
Non-current liabilities	-32,342
Current liabilities	-51,530
Purchase price	49,098
Less non-cash-effective purchase price component	-8,313
Acquired cash and cash equivalents	-9,888
Net cash outflow from acquisitions	30,897

at equity

With entry in the commercial register on 28 July 2011, STRABAG merged its cement investments in Hungary in Lafarge Cement CE Holding GmbH, Vienna, and acquired 30 % of the company. The remaining 70 % are held by Lafarge, a market leader in construction materials manufacturing. Lafarge Cement CE Holding GmbH bundles the cement activities of Lafarge and STRABAG in the countries of Central and Eastern Europe. The presentation was made as full disposal at fair value and subsequent acquisition of the 30 % interest.

Purchase price adjustments for acquisitions from the previous year may result in minor changes in assets and liabilities.

The consolidation of companies included for the first time took place at the date of acquisition or the nearest reporting date provided that this had no significant difference to an inclusion at the date of acquisition.

In the 2011 financial year, negative goodwill in the amount of T€ 4,487 (previous year: T€ 778) occurred. This amount is reported under other operating income.

Assuming a fictitious first-time consolidation on 1 January 2011 for all acquisitions in the 2011 financial year, the consolidated revenue would amount to T€ 13,803,627 and consolidated profit would have changed by a total of T€ -1,972.

All companies which were consolidated for the first time in 2011 contributed T€ 503,453 to revenue and T€ -22,336 to profit.

Acquisitions after reporting date

In March 2012, STRABAG announced a strategic partnership with BH-Holding AG in the cantons of Zurich and Zug, Switzerland. STRABAG is also taking a 51 % interest in BH Holding AG's construction subsidiary, Baunova AG. Baunova AG generates annual revenues of about CHF 60 million and employs approx. 100 employees.

Disposals from the Scope of Consolidation

As of 31 December 2011, the following companies were no longer included in the scope of consolidation:

Al-Hani General Construction Co., Tripolis	Temporary suspension of activities
ILBAU GmbH, Vienna	Merger in Lafarge Cement CE Holding GmbH
	Merger in Lafarge Cement CE Holding
ILBAU Management GmbH, Vienna	GmbH
Leonhard Moll Tiefbau GmbH, Munich	Fell bellow significant level
MiTTaG spol. s.r.o., Brno	Fell bellow significant level
	Merger in Lafarge Cement CE Holding
NOSTRA Cement Kft., Budapest	GmbH
STR Lakasepitö Korlatolt Felelössegü Tarsagag, Budapest	Fell bellow significant level
Mineral Baustoff Verwaltungs GmbH, Cologne	Fell bellow significant level

Merger/Acc retion1)
A.R.G.E. Tiefbau GmbH & Co. KG, Ulm
AET-Asfalt-emulsni technologie s.r.o., Litomerice
BITUNOVA GmbH & Co. KG, Hamburg
Bitunova Sp.z o.o., Warsaw
BITUNOVA Verwaltungs-GmbH, Hamburg
BOT BÖRNER Oberflächen Verwaltungs- und Beteiligungs GmbH, Ritschenhausen
BOT BÖRNER Oberflächentechnik GmbH & Co. KG, Ritschenhausen
BRG Baustoffhandel- und Recycling GmbH, Erfurt
DYNAMIK ASPHALT SP. z o.o., Torun
ERA-Stav s.r.o., Prague
Georg Börner Dach und Straße GmbH, Bad Hersfeld
iFleet Solutions and Service Private Limited, Mumbai Maharashtra
JUKA Justizzentrum Kurfürstenanlage GmbH, Cologne
KAB Kirchhoff-Alb Bau GmbH, Ehingen
Kalksteinwerk Eigenrieden GmbH, Eigenrieden
Kirchhoff Asphaltmischwerke GmbH & Co. KG, Leinfelden-Echterdingen
M.A. d.o.o., Split
Obit spol. s.r.o., Prague
Polskie Kruszywa Sp. z o.o., Wroclaw
Preusse Baubetriebe und Partner GmbH & Co. KG Halberstadt, Halberstadt
Preusse Baubetriebe und Partner Verwaltungsgesellschaft mbH, Halberstadt
STRABAG Energietechnik GmbH & Co KG, Vienna
STRABAG konstrukce s.r.o., Chrudim
TRADON GmbH & Co. KG, Markwerben
TSS Splitt- und Schotterwerke Thüringen Beteiligungs GmbH, Bad Langensalza
UNIPROJEKT Bau- und Innenbau GmbH, Vienna
at-equity

DIRECTROUTE (LIMERICK) CONSTRUCTION LIMITED, Fermoy Fell bellow significant level

The merger of the cement activities in Lafarge Cement CE Holding GmbH, Vienna, resulted in disposals of assets in the amount of T€ 276,241 and debt in the amount of T€ 3,741. This was countered by the acquisition of 30 % in Lafarge Cement CE Holding GmbH, accounted for under equity investments.

The remaining deconsolidation resulted in disposals of assets in the amount of T€ 114,308 and of liabilities – including non-controlling interests – in the amount of T€ 117,521.

Methods of Consolidation

The financial statements of the domestic and foreign companies included in the scope of consolidation are drawn up in accordance with uniform methods of accounting and valuation. The annual financial statements of the domestic and foreign group companies are adapted accordingly.

Capital consolidation is made in accordance with the stipulations contained in IFRS 3. All assets and liabilities of the subsidiary companies are recorded at the fair values. The proportional equity thereby determined is offset by the carrying value of the investment. A difference on the assets side, which is allotted to special, identifiable intangible assets acquired in the course of capital consolidation, is recognised separately from goodwill.

If a useful life can be allocated to these assets, the planned amortisation is made over the projected useful life. Intangible assets with an undefined useful life are tested annually for their fair value and amortised if necessary on the basis of an impairment test.

Any remaining differences on the assets side are capitalised as goodwill and submitted once annually to an impairment test in accordance with IAS 36. The option of recognising non-controlling interest at fair value (full goodwill method) is not applied.

In determining the cost of an acquisition, certain components of the purchase price are recognised at fair value at the time of initial consolidation. Later deviations from this value are recognised in profit or loss. In the revised IFRS 3, transaction costs are no longer recognised as the cost of acquisition but are immediately recognised directly in profit or loss.

In the 2011 financial year, T€ 28,515 in goodwill arising from capital consolidation were recognised as assets. Impairments in the amount of T€ 16,152 were made.

Negative goodwill stemming from capital consolidation is recorded directly through profit or loss.

In a step acquisition, assets and liabilities are recognised at fair value at the acquisition date. Already existing interests have to be revalued at fair value through profit and loss. The goodwill is determined at the time of acquisition.

Value differences resulting from the acquisition or sale of investments in subsidiaries without the acquisition or loss of control are recognised in full directly in equity. The revised IAS 27 no longer permits the recognition of goodwill.

The same principles of capital consolidation are applied to investments included under the equity method as in the case of consolidated companies, whereby the respective last available financial statements serve as the basis for the equity method. A goodwill of T€ 150,426 (previous year: T€ 0) results from the first-time application of the equity method of the newly acquired companies, which is recognised as a component of investments in associates.

Within the framework of debt consolidation, outstanding trade receivables, loans and other receivables are offset with the corresponding liabilities and provisions of the subsidiaries included in the consolidated financial statements.

Expenses and revenues from intra-group transactions have been eliminated. Results incurred from intra-group transactions that are recognised in the non-current and current assets have been eliminated if they are material.

Non-controlling interests in equity and profits of companies controlled by the parent company are shown separately in the consolidated financial statements.

The necessary tax deferrals are made for consolidation procedures.

The following list shows the consolidated companies included in the consolidated financial statement

Austria		nominal Capital T€/TATS	Direct Stake %
"A-WAY Infrastrukturprojektentwicklungs- und -betriebs GmbH", Spittal an der Drau		35	100.00
"DOMIZIL" Bauträger GmbH, Vienna		727	100.00
"Filmforum am Bahnhof" Errichtungs- und Betriebsgesellschaft m.b.H., Vienna	TATS	3,000	100.00
"SBS Strabag Bau Holding Service GmbH", Spittal an der Drau		35	100.00
"Wiener Heim" Wohnbaugesellschaft m.b.H., Vienna		741	100.00
"Wohngarten Sensengasse" Bauträger GmbH, Vienna		35	55.00
ABR Abfall Behandlung und Recycling GmbH, Schwadorf		37	100.00
Asphalt & Beton GmbH, Spittal an der Drau		36	100.00
AUSTRIA ASPHALT GmbH & Co OG, Spittal an der Drau	TATS	500	100.00
Bau Holding Beteiligungs AG, Spittal an der Drau		48,000	100.00
Baukontor Gaaden Gesellschaft m.b.H., Gaaden		36	100.00
Bitumen Handelsgesellschaft m.b.H. & Co KG, Loosdorf	TATS	3,000	100.00
BITUNOVA Baustofftechnik Gesellschaft m.b.H., Spittal an der Drau	TATS	2,000	100.00
BMTI-Baumaschinentechnik International GmbH, Trumau		1,454	100.00
BPM Bau Prozess Management GmbH, Vienna		36	100.00
BrennerRast GmbH, Vienna		35	100.00
BRVZ Bau- Rechen- u. Verwaltungszentrum Gesellschaft m.b.H., Spittal an der Drau		37	100.00
Bug-AluTechnic GmbH, Vienna		5,000	100.00
Center Communication Systems GmbH, Vienna		727	100.00
Diabaswerk Saalfelden Gesellschaft m.b.H., Saalfelden am Stein.Meer		363	100.00
Eckstein Holding GmbH, Spittal an der Drau		73	100.00
EFKON AG, Raaba		18,350	97.13
ERMATEC Maschinen Technische Anlagen Gesellschaft m.b.H., Vienna		1,897	100.00
Erste Nordsee-Offshore-Holding GmbH, Pressbaum		100	51.00
F. Lang u. K. Menhofer Baugesellschaft m.b.H. & Co. KG, Eggendorf		1,192	100.00
Fachmarktzentrum Arland Errichtungs- und Vermietungsgesellschaft mbH, Vienna	TATS	500	100.00
Goldeck Bergbahnen GmbH, Spittal an der Drau		363	100.00
Ilbau Liegenschaftsverwaltung GmbH, Spittal an der Drau		4,500	100.00
InfoSys Informationssysteme GmbH, Spittal an der Drau		363	94.90
Innsbrucker Nordkettenbahnen Betriebs GmbH, Innsbruck		35	51.00
KAB Straßensanierung GmbH & Co KG, Spittal an der Drau		133	50.60
Kanzel Steinbruch Dennig Gesellschaft mit beschränkter Haftung, Gratkorn	TATS	500	75.00
Leitner Gesellschaft m.b.H., Hausmening	TATS	4,800	100.00
M5 Beteiligungs GmbH, Vienna		70	100.00

Austria		Capital T€/TATS	Stake %
M5 Holding GmbH, Vienna		35	100,00
Mineral Abbau GmbH, Spittal an der Drau		36	100.00
Mischek Systembau GmbH, Vienna		1,000	100.00
Mobil Baustoffe GmbH, Reichenfels		50	100.00
OAT - Bohr- und Fugentechnik Gesellschaft m.b.H., Spittal an der Drau	TATS	1,000	51.00
Osttiroler Asphalt Hoch- und Tiefbauunternehmung GmbH, Lavant i. Osttirol		36	80.00
Raststation A 3 GmbH, Vienna		35	100.00
Raststation A 6 GmbH, Vienna	TATS	500	100.00
RBS Rohrbau-Schweißtechnik Gesellschaft m.b.H., Linz		291	100.00
SF Bau vier GmbH, Vienna		35	100.00
Stadtbaumeister Architekt Franz Böhm GmbH, Vienna		36	100.00
Storf Hoch- und Tiefbaugesellschaft m.b.H., Reutte		727	100.00
STRABAG AG, Spittal an der Drau		12,000	100.00
STRABAG Anlagentechnik GmbH, Thalgau		1,000	100.00
STRABAG Bau GmbH, Vienna		1,800	100.00
STRABAG Energy Technologies GmbH, Vienna		50	100.00
Strabag Liegenschaftsverwaltung GmbH, Linz		4,500	100.00
STRABAG Property and Facility Services GmbH, Vienna		35	100.00
STRABAG SE, Villach		114,000	100.00
TPA Gesellschaft für Qualitätssicherung und Innovation GmbH, Vienna		37	100.00
Züblin Baugesellschaft m.b.H., Vienna	TATS	35,000	100.00
Züblin Holding GesmbH, Vienna		55	100.00
Züblin Spezialtiefbau Ges.m.b.H., Vienna		1,500	100.00

Germany		nominal Capital T€/Tdem	Direct Stake %
"GfB" Gesellschaft für Bauwerksabdichtungen mbH, Kobern-Gondorf		205	100.00
Alpines Hartschotterwerk Georg Kässbohrer & Sohn GmbH & Co. KG, Senden		1,310	100.00
Baugesellschaft Nowotnik GmbH, Nörvenich		26	100.00
Baumann & Burmeister GmbH, Halle/Saale		51	100.00
Bauträgergesellschaft Olande mbH, Hamburg		25	51.00
Bauunternehmung Ohneis Gesellschaft mit beschränkter Haftung, Straubing	TDEM	100	100.00
BBS Baustoffbetriebe Sachsen GmbH, Hartmannsdorf	TDEM	30,000	100.00
becker bau GmbH, Bornhöved		25	100.00
BFB Behmann Feuerfestbau GmbH, Bremen		50	100.00
BHG Bitumenhandelsgesellschaft mbH, Hamburg		26	100.00
BITUNOVA GmbH, Düsseldorf		256	100.00
Blees-Kölling-Bau GmbH, Cologne	TDEM	2,500	100.00
BMTI-Baumaschinentechnik International GmbH, Cologne		307	100.00
BRVZ Bau- Rechen- und Verwaltungszentrum GmbH, Cologne		30	100.00
CLS Construction Legal Services GmbH, Cologne		25	100.00
Deutsche Asphalt GmbH, Cologne		28	100.00
Donnersberger Höfe Ost GmbH, Düsseldorf		25	65.00
Donnersberger Höfe West GmbH, Düsseldorf		25	65.00
DYWIDAG Bau GmbH, Munich		30	100.00
DYWIDAG International GmbH, Munich		5,000	100.00
DYWIDAG-Holding GmbH, Cologne		500	100.00
E S B Kirchhoff GmbH, Langenargen		1,500	100.00
Eberhard Pöhner Unternehmen für Hoch- und Tiefbau GmbH, Bayreuth		30	100.00
Eberhardt Bau-Gesellschaft mbH, Berlin	TDEM	300	100.00
ECS European Construction Services GmbH, Mörfelden-Walldorf		225	100.00
Ed. Züblin AG, Stuttgart		20,452	57.26
Eduard Hachmann Gesellschaft mit beschränkter Haftung, Lunden		520	100.00
EFKON Germany GmbH, Berlin		25	100.00
Eichholz Eivel GmbH, Berlin		25	100.00
ETG Erzgebirge Transportbeton GmbH, Freiberg		290	60.00
F. Kirchhoff GmbH, Leinfelden-Echterdingen		23,319	100.00
F. Kirchhoff Straßenbau GmbH, Leinfelden-Echterdingen		25	100.00
F. KIRCHHOFF SYSTEMBAU GmbH, Münsingen		2,000	100.00
Fahrleitungsbau GmbH, Essen		1,550	100.00
Forum Mittelrhein Koblenz Generalübernehmergesellschaft mbH & Co.KG, Oststeinbek		25	51.00
Forum Mittelrhein Koblenz Kultur GmbH & Co. KG, Hamburg		25	51.00

		nominal Capital	Direct Stake
Germany		T€/Tdem	%
Gaul GmbH, Sprendlingen		25	100.00
Gebr. von der Wettern Gesellschaft mit beschränkter Haftung, Cologne	TDEM	5,000	100.00
Griproad Spezialbeläge und Baugesellschaft mbH, Cologne	TDEM	400	100.00
HEILIT Umwelttechnik GmbH, Düsseldorf		2,000	100.00
Heilit+Woerner Bau GmbH, Munich		18,000	100.00
Helmus Straßen-Bau-Gesellschaft mbH & Co. KG, Vechta		3,068	100.00
Hermann Kirchner Bauunternehmung GmbH, Bad Hersfeld		15,000	100.00
Hermann Kirchner Hoch- und Ingenieurbau GmbH, Bad Hersfeld		2,500	100.00
Hermann Kirchner Projektgesellschaft mbH, Bad Hersfeld		1,280	100.00
Ilbau GmbH Deutschland, Berlin		4,700	100.00
Ilbau Liegenschaftsverwaltung GmbH, Hoppegarten	TDEM	15,000	100.00
Josef Möbius Bau - GmbH, Hamburg		6,833	100.00
Josef Riepl Unternehmen für Ingenieur- und Hochbau GmbH, Regensburg		900	100.00
JUKA Justizzentrum Kurfürstenanlage GmbH, Cologne		26	100.00
Kirchner & Völker Bauunternehmung GmbH, Erfurt		520	90.00
Kirchner Holding GmbH, Bad Hersfeld		9,220	100.00
Leonhard Moll Hoch- und Tiefbau GmbH, Munich		51	100.00
LIMET Beteiligungs GmbH & Co. Objekt Köln KG, Cologne		10	94.00
LIMET Beteiligungs GmbH, Cologne	TDEM	50	100.00
Ludwig Voss GmbH & Co. KG, Cuxhaven MAV Mineralstoff - Aufbereitung und - Verwertung GmbH, Krefeld		692 600	100.00 50.00
MAV Mineralstoff - Aufbereitung und Verwertung Lünen GmbH, Lünen		250	100.00
Mineral Baustoff GmbH, Cologne		25	100.00
MOBIL Baustoffe GmbH, Munich		100	100.00
NE Sander Eisenbau GmbH, Sande		155	100.00
NE Sander Immobilien GmbH, Sande		155	100.00
Northern Energy GlobalTech II. GmbH, Aurich		25	100.00
Northern Energy GlobalTech III. GmbH, Aurich		25	100.00
Northern Energy OWP Albatros GmbH, Aurich		100	100.00
Northern Energy OWP West GmbH, Aurich		100	100.00
Northern Energy SeaWind I. GmbH, Aurich		25	100.00
Northern Energy SeaWind II. GmbH, Aurich		25	100.00
Off-Shore Wind Logistik GmbH, Stuttgart	TDEM	100	100.00
Ooms-Ittner-Hof GmbH, Cologne	TDEM	1,000	100.00
PEKA Entwicklungsgesellschaft Kurfürstenanlage GmbH, Cologne		25	100.00
POßÖGEL & PARTNER STRAßEN- UND TIEFBAU GMBH HERMSDORF/THÜR., St. Gangloff		77	100.00
Preusse Baubetriebe Gesellschaft mit beschränkter Haftung, Hamburg		1,050	100.00
Projekt Elbpark GmbH & Co. KG, Cologne		10	100.00
Pyhrn Concession Holding GmbH, Cologne		38	100.00
REPASS-SANIERUNGSTECHNIK GMBH Korrosionsschutz und Betoninstandsetzung, Munderkingen	TDEM	51	100.00
Rimex Gebäudemanagement GmbH, Ulm		51	70.00
ROBA Transportbeton GmbH, Cologne		520	100.00
Robert Kieserling Industriefußboden Gesellschaft mit beschränkter Haftung,
Hamburg		1,050	100.00
SAT Straßensanierung GmbH, Cologne		30	100.00
SBR Verwaltungs-GmbH, Kehl		7,001	100.00
SF-Ausbau GmbH, Freiberg		600	100.00
SFB Behmann Feuerfestbau GmbH, Schwedt/Oder		25	100.00
Staßfurter Baubetriebe GmbH, Staßfurt		1,050	100.00
Steffes-Mies GmbH, Sprendlingen		25	100.00
Stephan Holzbau GmbH, Stuttgart		25	100.00
STRABAG AG, Cologne		104,780	93.63
STRABAG Asset GmbH, Cologne		2,663	100.00
STRABAG Beteiligungsverwaltung GmbH, Cologne		78	100.00
STRABAG Beton GmbH & Co. KG, Berlin	TDEM	2,000	100.00
STRABAG Facility Management GmbH, Nuremberg		30	100.00
Strabag International GmbH, Cologne	TDEM	5,000	100.00
STRABAG Offshore Wind GmbH, Cuxhaven	TDEM	50	100.00
STRABAG Pipeline- und Rohrleitungsbau GmbH, Regensburg		50	100.00
STRABAG Projektentwicklung GmbH, Cologne	TDEM	20,000	100.00
STRABAG Property and Facility Services GmbH, Münster		5,000	100.00
STRABAG Rail Fahrleitungen GmbH, Berlin		600	100.00

Germany		nominal Capital T€/Tdem	Direct Stake %
STRABAG Rail GmbH, Lauda-Königshofen		25	100.00
STRABAG Real Estate GmbH, Cologne		30,000	100.00
STRABAG Sportstättenbau GmbH, Dortmund	TDEM	200	100.00
STRABAG Umweltanlagen GmbH, Dresden		2,000	100.00
STRABAG Unterstützungskasse GmbH, Cologne		26	100.00
Stratebau GmbH, Regensburg	TDEM	8,000	100.00
T S S Technische Sicherheits-Systeme Gesellschaft mit beschränkter Haftung, Cologne	TDEM	270	100.00
TPA Gesellschaft für Qualitätssicherung u.Innovation GmbH, Cologne		511	100.00
Windkraft FiT GmbH, Hamburg		25	100.00
Wolfer & Goebel Bau GmbH, Stuttgart		25	100.00
Xaver Bachner GmbH, Straubing	TDEM	500	100.00
Z-Bau GmbH, Magdeburg		100	100.00
ZDE Sechste Vermögensverwaltung GmbH, Cologne		25	100.00
Züblin Gebäudetechnik GmbH, Erlangen		25	100.00
Züblin International GmbH, Stuttgart		2,500	100.00
Züblin Maschinen- und Anlagenbau GmbH, Kehl/Rhein		1,534	100.00
Züblin Projektentwicklung GmbH, Stuttgart	TDEM	5,000	100.00
Züblin Spezialtiefbau GmbH, Stuttgart	TDEM	6,000	100.00
Züblin Stahlbau GmbH, Hosena		1,534	100.00
Züblin Umwelttechnik GmbH, Stuttgart		2,000	100.00
Züblin Wasserbau GmbH, Berlin	TDEM	500	100.00

Albania	nominal Capital TALL	Direct Stake %
Trema Engineering 2 sh p.k., Tirana	545,568	51.00

	nominal Capital	Direct Stake
Azerbaijan	Tusd	%
"Strabag Azerbaijan" L.L.C., Baku	260	100.00

Belgium	nominal Capital T€	Direct Stake %
N.V. STRABAG Belgium S.A., Antwerp	18,059	100.00
N.V. STRABAG Benelux S.A., Antwerp	6,863	100.00

Bulgaria	nominal Capital Tlew	Direct Stake %
STRABAG EAD, Sofia	13,313	100.00
TPA EOOD, Sofia	5	100.00

nominal Capital chile Tclp	Direct Stake %
Züblin International Chile Ltda., Santiago 7,909	100.00

China	nominal Capital Tcny	Direct Stake %
Shanghai Changjiang-Züblin Construction&Engineering Co.Ltd., Shanghai	29,312	75.00

Denmark	nominal Capital TDKK	Direct Stake %
KMG - KLIPLEV MOTORWAY GROUP A/S, Copenhagen	500	100.00
Züblin A/S, Trige	1,000	100.00

India	nominal Capital Tinr	Direct Stake %
EFKON INDIA LIMITED, Mumbai Maharashtra	50,000	100.00
I-PAY CLEARING SERVICES Pvt. Ltd., Mumbai Maharashtra	20,000	74.00

Italy	nominal Capital T€	Direct Stake %
STRABAG S.p.A., Bologna	10,000	100.00

canada	nominal Capital Tcad	Direct Stake %
Strabag Inc., Toronto	3,000	100.00

	nominal Capital	Direct Stake
Croatia	Thrk	%
BRVZ d.o.o., Zagreb	20	100.00
CESTAR d.o.o., Slavonski Brod	1,100	74.90
MINERAL IGM d.o.o., Zapuzane	10,681	100.00
Pomgrad Inzenjering d.o.o., Split	25,534	100.00
PZC SPLIT d.d., Split	18,810	94.74
Strabag d.o.o., Zagreb	48,230	100.00
STRABAG-HIDROINZENJERING d.o.o, Split	144	100.00
TPA odrzavanje kvaliteta i inovacija d.o.o., Zagreb	20	100.00

Malaysia	nominal Capital Tmyr	Direct Stake %
Züblin International Malaysia Sdn. Bhd., Kuala Lumpur	4,100	100.00

Montenegro	nominal Capital T€	Direct Stake %
"Crnagoraput" AD, Podgorica, Podgorica	18,936	89.98

Netherlands	nominal Capital T€	Direct Stake %
STRABAG BV, Vlaardingen	450	100.00
Züblin Nederland BV, Vlaardingen	500	100.00

Oman	nominal Capital TOMR	Direct Stake %
STRABAG OMAN L.L.C., Muscat	1,000	100.00

Pakistan	nominal Capital Tpkr	Direct Stake %
TolLink Pakistan (Private) Limited, Islamabad	2,520	60.00

Poland	nominal Capital Tpln	Direct Stake %
"HEILIT+WOERNER" Budowlana Sp.z o.o., Breslau	16,140	100.00
A2 Strada Sp.z o.o., Warsaw	428	100.00
BHG Sp.z o.o., Warsaw	500	100.00
BMTI Polska Sp.z o.o., Pruszkow	2,000	100.00
BRVZ Sp.z o.o., Warsaw	500	100.00
Hermann Kirchner Polska Sp.z o.o., Lodz	1,100	100.00
Kopalnie Melafiru w Czarnym Borze Sp.z o.o., Czarny Bor	9,700	99.96
Mineral Polska Sp. z.o.o., Strzelin	9,361	100.00
PL-BITUNOVA Sp.z o.o., Bierawa	2,700	100.00
Polski Asfalt Sp.z o.o., Wroclaw	60,000	100.00
Przedsiebiorstwo Budownictwa Ogólnego i Uslug Technicznych Slask Sp.z o.o., Katowice	295	60.98
SAT Sp.z o.o., Olawa	4,171	100.00
STRABAG Sp.z o.o., Warsaw	11,800	100.00
TPA INSTYTUT BADAN TECHNICZNYCH Sp.z o.o., Pruszków	600	100.00
Züblin Sp.z o.o., Poznan	7,765	100.00

nominal Capital	Direct Stake
T€	%
Zucotec - Sociedade de Construcoes Lda., Lisbon 200	100.00

Qatar	nominal Capital Triy	Direct Stake %
Strabag Qatar W.L.L., Qatar	200	100.00

Romania	nominal Capital Tron	Direct Stake %
ANTREPRIZA DE REPARATII SI LUCRARI A R L CLUJ S.A., Cluj-Napoca	64,061	100.00
Bitunova Romania SRL, Bucharest	16	100.00
BRVZ SERVICII & ADMINISTRARE SRL, Bucharest	278	100.00
Carb SA, Brasov	10,909	99.47
DRUMCO SA, Timisoara	12,957	70.00
Strabag srl, Bucharest	43,519	100.00
TPA Societate pentru asigurarea calitatii si inovatii SRL, Bucharest	0	100.00
Züblin Romania S.R.L., Bucharest	4,580	100.00

Russia	nominal Capital Trub	Direct Stake %
SAO BRVZ Ltd, Moscow	313	100.00
Strabag z.a.o., Moscow	14,926	100.00

Saudi arabia	nominal Capital Tsar	Direct Stake %
Dywidag Saudi Arabia Co. Ltd., Jubail	10,000	100.00

sweden	nominal Capital Tsek	Direct Stake %
BRVZ Sweden AB, Kumla	100	100.00
Nimab Entreprenad AB, Sjöbo	501	100.00
STRABAG AB, Stockholm	50	100.00
STRABAG Projektutveckling AB, Stockholm	1,000	100.00
STRABAG Sverige AB, Stockholm	15,975	100.00
Züblin Scandinavia AB, Stockholm	100	100.00

	nominal	Direct
Switzerland	Capital Tchf	Stake %
Astrada AG, Subingen	3,000	100.00
BMTI GmbH, Erstfeld	20	100.00
Brunner Erben AG, Zurich	1,500	100.00
Brunner Erben Holding AG, Zurich	2,000	100.00
BRVZ Bau-, Rechen- und Verwaltungszentrum AG, Erstfeld	100	100.00
Egolf AG Strassen- und Tiefbau, Weinfelden	3,500	100.00
Meyerhans AG Amriswil, Amriswil	2,500	100.00
Meyerhans AG, Strassen- und Tiefbau Uzwil, Uzwil	100	100.00
STRABAG AG, Zurich	8,000	100.00

Serbia		nominal Capital Trsd	Direct Stake %
"PUTEVI" A.D. CACAK, Cacak		155,477	85.02
Preduzece za puteve "Zajecar" a.D.Zajecar, Zajecar		265,015	99.53
STRABAG Beograd d.o.o., Belgrade	TEUR	8,696	100.00
TPA za obezbedenje kvaliteta i inovacije d.o.o. Beograd, Novi Beograd	TEUR	401	100.00
Vojvodinaput-Pancevo a.d. Pancevo, Pancevo	TEUR	4,196	82.07

	nominal Capital	Direct Stake
Slovakia	T€	%
BRVZ s.r.o., Bratislava	33	100.00
C.S. BITUNOVA spol. s.r.o., Zvolen	1,195	100.00
Errichtungsgesellschaft Strabag Slovensko s.r.o., Bratislava-Ruzinov	7	100.00
KSR - Kamenolomy SR, s.r.o., Zvolen	25	100.00
OAT spol. s.r.o., Bratislava	199	100.00
SLOVASFALT, spol.s.r.o., Bratislava	9,222	100.00
STRABAG - ZIPP Development s.r.o., Bratislava	664	100.00
STRABAG s.r.o., Bratislava	66	100.00
TPA Spolocnost pre zabezpecenie kvality a inovacie s.r.o., Bratislava	7	100.00
Viedenska brana s.r.o., Bratislava	25	100.00
ZIPP BRATISLAVA spol. sr.o., Bratislava	133	100.00

nominal Capital Slovenia T€	Direct Stake %
BRVZ center za racunovodstvo in upravljanje d.o.o., Ljubljana 9	100.00
DRP, d.o.o., Ljubljana 9	100.00
GRADBENO PODJETJE IN KAMNOLOM GRASTO d.o.o., Ljubljana 337	99.85
STRABAG gradbene storitve d.o.o., Ljubljana 9	100.00

south africa	nominal Capital T€	Direct Stake %
TOLLINK (SA), Pretoria	166	100.00

	nominal	Direct
czech republic	Capital Tczk	Stake %
BHG CZ s.r.o., Ceské Budejovice	200	100.00
Bitunova spol. s r.o., Jihlava	100	100.00
BMTI CR s.r.o., Brno	100	100.00
BOHEMIA ASFALT, s.r.o., Sobeslav	10,000	100.00
BRVZ s.r.o., Prague	1,000	100.00
Dalnicni stavby Praha, a.s., Prague	136,000	100.00
FRISCHBETON s.r.o., Prague	20,600	100.00
JHP spol. s.r.o., Prague	20,000	100.00
KAMENOLOMY CR s.r.o., Ostrava - Svinov	106,200	100.00
Na belidle s.r.o., Prague	100	100.00
OAT s.r.o., Prague	4,000	100.00
SAT s.r.o., Prague	1,000	100.00
Strabag a.s., Prague	1,119,600	100.00
STRABAG Property and Facility Services a.s., Prague	46,800	100.00
TPA CR, s.r.o., Beroun	1,000	100.00
Viamont DSP a.s., Usti nad Labem	180,000	100.00
ZIPP PRAHA, s.r.o., Prague	17,100	100.00
Züblin stavebni spol s.r.o., Prague	100,000	100.00

Ukraine	nominal Capital Tuah	Direct Stake %
Chustskij Karier, Zakarpatska	3,279	95.96
Zezelivskij karier TOW, Zezelev	13,130	99.36

nominal Capital Thuf	Direct Stake %
24,000,000	100.00
1,830,080	100.00
3,000	100.00
50,000	100.00
5,000	100.00
1,545,000	100.00
100,000	100.00
113,000	100.00

Hungary	nominal Capital Thuf	Direct Stake %
KÖKA Kft., Budapest	761,680	100.00
Magyar Aszfalt Kft., Budapest	3,600,000	100.00
MASZ M6 Kft., Budapest	10,000	100.00
OAT Kft., Budapest	25,000	100.00
SAT Útjavító Kft., Budapest	268,000	100.00
STRABAG Property and Facility Services Zrt., Budapest	20,000	51.00
Strabag Zrt., Budapest	2,100,000	100.00
STRABAG-MML Kft., Budapest	500,000	100.00
Szentesi Vasutepitö Kft, Budapest	189,120	100.00
Treuhandbeteiligung H	10,000	85.00
Züblin K.f.t, Budapest	3,000	100.00

united arab emirates	nominal Capital Taed	Direct Stake %
STRABAG ABU DHABI LLC, Abu Dhabi	150	100.00
Züblin Ground and Civil Engineering LLC, Dubai	1,000	100.00

Currency Translation

The group currency is the euro. The financial statements for foreign companies or permanent establishment are converted into euro according to the functional currency concept (IAS 21). In all companies this is the respective local currency.

The most important currencies are listed under item 26: financial instruments along with their average exchange rates and their exchange rates on the balance sheet date.

All balance sheet items are converted at the closing rate at the balance sheet date. Expense and income items are converted at the average annual rate.

In the course of capital consolidation, currency translation differences of T€ -56,280 (previous year: T€ 43,329) are recognised directly in equity in the financial year with no effect on the operating result. The currency translation differences between the closing rate for the balance sheet and the average rate for the income statement are allocated to equity.

The recognition of forward exchange operations directly in equity (hedging) increased the retained earnings excluding deferred taxes by T€ 740 (previous year: increase of T€ 28,036).

Restatements in accordance with IAS 29 (Financial Reporting in Hyperinflationary Economies) were not necessary.

Accounting Policies

Property, Plant and Equipment and Intangible Assets

Acquired intangible assets and property, plant and equipment are recognised at their initial costs or costs of production less depreciation and impairment. Both the direct and the appropriate parts of overhead costs for the self-constructed plants are included in the production costs. Borrowing costs are recognised for qualifying assets.

Development costs are capitalised if the group can demonstrate the technical feasibility of completing the intangible asset so that it will be available for internal use or sale and if it can demonstrate the intent to complete the intangible asset and use or sell it. The group must also demonstrate that the intangible asset will generate probable future economic benefits, that it has adequate resources to complete the asset and that it is able to reliably measure the expenditure attributable to the asset during its development. The construction costs for these assets comprise all construction costs directly attributable to the construction process as well as production-related overheads. Borrowing costs are capitalised for qualified assets. The capitalised development costs are amortised and depreciated according to the straight-line method over the period for which revenues from the respective project are expected.

Goodwill and intangible assets without a determinable useful life are subject to an annual impairment test in accordance with IAS 36 based on which the impairment is undertaken.

Within the scope of the impairment test cash-generating units are identified and assigned them a goodwill value. If the book value of a cash-generating unit including its goodwill exceeds the highest attainable value, an impairment loss must be recognised.

Other intangible and tangible assets are amortised and depreciated according to the straight-line method over their estimated useful lives. If there is an indication that an asset may be impaired and if the present value of the future cash surpluses is lower than the carrying value, then the assets recoverable amount must be calculated in accordance with IAS 36.

The following useful lives were assumed in the determination of the rate of depreciation/amortisation:

Useful live in years Intangible assets Property rights/Utilisation rights 3–50 Software 2–5 Patents, licences 3–10 Property, plant and equipment Buildings 10–50 Investment property 10–35 Investments in third-party buildings 5–40 Machinery 3–21 Office equipment/furniture and fixtures 3–15 Vehicles 4–12

Subsidies and investment allowances of public bodies are deducted from the respective asset value and depreciated according to the useful life.

Land and real estate which are held in order to gain rental income and/or to rise in value have been stated as investment property in accordance with IAS 40. The amount reported and the evaluation are made in accordance with the cost model. Investment property is recognised at cost and depreciated within the straight-line method. If the present value of the future cash-flows is lower than the carrying value, then an impairment to the lower fair value in accordance with IAS 36 is made. The fair value of this investment property is stated separately. This is determined according to recognised methods such as the derivation of the current market price of comparable real estate or the discounted cash-flow method.

Leasing contracts on assets on which all opportunities and risks essentially lie with the company are treated as finance leases. The fixed assets underlying these leasing agreements are capitalised at the present value of the minimum payments at the beginning of leasing relations and depreciated over their useful life or over shorter contract terms. These are offset by the liabilities arising from future leasing payments, whereby the former are recognised at the present value of the outstanding obligations at the balance sheet.

In addition there are leasing agreements for property, plant and equipment which are regarded as operating leases. Leasing payments resulting from these contracts are recognised as expenditure.

Financial Assets

In accordance with IAS 28, investments in associates are recognised using the equity method as long as they are not immaterial. For purpose of transition to IFRS, the financial statements of the major companies evaluated in accordance with the equity method are to be adapted to IFRS in terms of uniform accounting policies.

Subsidiaries which are not consolidated due to immateriality and other investments which are not reported using the equity method are reported at historical cost or with the fair value in accordance with IAS 39 in as far as this value can be reliably determined.

Interest-bearing loans are, as long as no impairments are necessary, reported at nominal value. Interest-free or low-interestbearing loans are reported at their present value.

Securities classified as available for sale are initially valued according to acquisition costs and later recognised at fair value. Fair value changes are in principle recognised directly in equity and only recognised in the consolidated income statement upon disposal of the security. The permanent impairment of securities classified as available for sale is recorded through profit or loss.

Deferred Taxes

Deferred taxes are measured using the balance sheet liability method for all differences between the valuation of the balance sheet items in the IFRS financial statements and the existing tax value at the individual companies. Furthermore, any realisable tax advantage from existing losses carried forward will be included in the calculation. Exceptions to this comprehensive tax deferral are balances from non-tax-deductible goodwill.

Deferred tax assets may only be recognised if the associated tax advantage is likely to be realisable. The calculation of the tax deferral is based on the usual income tax rate in the respective country at the point of the predicted reversal.

Inventories

Inventory costs include cost of purchase and production and are required to be stated at the lower of cost and net realisable value.

Production costs include all direct costs as well as appropriate parts of overhead arising in the production. Distribution costs, as well as costs for general administration, are not included in the production costs. Borrowing costs related to production are recognised for inventories which are to be classified as qualifying assets.

Receivables from Concession Arrangements

Service concession arrangements which provide an absolute contractual right to receive payment are shown separately. All receivables from concession arrangements are accounted for under the special balance sheet item receivables from concession arrangements. The receivables are carried at the present value of the payment to be made. The annual accumulation amount is recognised in other operating income, where it is balanced with the interest expense from related non-recourse financing.

The hedging transactions embedded in the concession arrangements are carried at fair value and shown in the item receivables from concession arrangements.

Trade and Other Receivables

Trade receivables and other receivables are evaluated at their nominal value less impairment for realisable individual risks. Graduated impairment is formed according to risk groups in order to take general loan risks on customer receivables into consideration.

Non-interest bearing and low-interest-bearing receivables are discounted. Foreign currency receivables are evaluated on the balance sheet date at the valid exchange rate.

In the case of receivables from construction contracts, the results are realised according to the percentage of completion method (IAS 11). The output volume actually attained by the balance sheet date serves as a benchmark for the degree of completion. If future results cannot be reliably determined because of uncertainties in the future construction progress, construction contracts are recognised at cost. Impending losses from the further construction process are accounted for by means of appropriate depreciation.

If the costs incurred plus recognised profits exceed the payments received for it, then this is shown on the assets side under receivables from construction contracts. Vice versa, this is reported on the liabilities side under liabilities from construction contracts.

The results, in the case of construction contracts which are carried out in consortia, are realised according to the percentage of completion method in accordance with the degree of completion on the balance sheet date. Impending losses arising from further construction work are accounted for by means of appropriate depreciation. Receivables from or liabilities to consortia include the proportional contract result as well as capital contributions, in- and out-flows of cash and charges resulting from services.

Non financial receivables

Non-financial assets are measured at cost less extraordinary depreciation.

Other financial Receivables

Financial assets classified as loans and receivables are carried at amortised cost less impairment losses.

Cash and Cash Equivalents

Cash and cash equivalents include all liquid assets which at the date of acquisition or investment have a remaining term of less than three months. Cash and cash equivalents are measured at amortised cost.

Provisions

Provisions for severance payments are created as a result of statutory regulations. The group is obliged to pay a one-off severance payment to employees of domestic subsidiaries in the case of termination or retirement if their employment began before 1 January 2003.

The level of this payment depends on the number of years at the company and amount due at the time of severance and comes to between 2 and 12 monthly salaries. A provision is made for this obligation.

The provisions for severance payments are calculated according to the projected unit credit method by using actuarial expertise. Here the future claim over the length of employment of the employees is collected while taking any future pay rises into consideration. The present value of the already earned partial-claims on the reporting date is recognised as the provision.

Pension provisions are calculated according to the projected unit credit method (IAS 19). This method determines the discounted post-employment benefit obligation acquired up to the balance sheet date. Due to the commitment of fixed pensions, it is not necessary to consider expected future salary rises as part of the actuarial parameters.

The actuarial gains and losses are fully and directly recognised in equity. Service costs are recognised in the employee benefits expense, interest costs in the allocation of provisions in the financial result.

Old-age-part-time indemnity payments are determined according to the same actuarial principles as the pension provisions.

All employees of the Swiss companies are covered by pension funds at pension fund providers, with benefit contributions made by employers and employees. Because employers and employees are charged a "restructuring contribution" in the event that the fund does not have sufficient assets to cover the employees' entitlements, IAS 19 identifies this system as a defined benefit plan.

The conditions applied to calculate the severance and pension provisions for discounting, pay rises and fluctuation vary from country to country depending on the economic situation. Life expectancy is calculated according to the respective country's mortality tables.

The other provisions take into consideration all realisable risks and uncertain obligations. They are recognised at the respective amount, which is necessary at the balance sheet date according to commercial judgement in order to cover future payment obligations, realisable risks and uncertain obligations within the group. Hereby the respective amount is recognised, which arises as the most probable on careful examination of the facts. Long-term provisions are, in as far as they are not immaterial, entered into the accounts at their discounted discharge amount on the balance sheet date. The discharge amount also includes the cost increases to be considered on the reporting date. Provisions which arise from the obligation to recultivate gravel sites are allocated according to the rate of utilisation.

Non-financial Liabilities

Non-financial liabilities reported under other liabilities are carried at the repayment amount. The overpaid amounts from construction contracts are qualified as non-financial liabilities.

Financial Liabilities

Liabilities are basically recognised at the repayment amount. Foreign currency liabilities are evaluated at the closing rate at the balance sheet date. Interest-free liabilities, especially those from finance lease liabilities, are accounted at the present value of the repayment obligation.

Costs related to the issue of corporate bonds are deducted over the term.

Contingent Liabilities

Contingent liabilities are present or possible future obligations which are not reflected in the balance sheet as liabilities because an outflow of resources is not probable. They are – as long as IFRS 3 does not require recognition on acquisition – not reflected in the balance sheet. The amount of the contingent liabilities reported corresponds to the amount of existing guarantees outstanding on balance sheet date.

Derivative Financial Instruments and Hedging Activities

Derivative financial instruments are employed exclusively to mitigate risks arising from movements in currency exchange rates and interest rates. The utilisation of financial derivatives is subject to internal guidelines and controls.

All derivative financial instruments are accounted for at fair value in accordance with IAS 39 and reported under other financial receivables or other financial liabilities.

Derivative financial instruments are measured on the basis of inter-bank conditions and, if necessary, the loan margin applicable for STRABAG or stock exchange price, under application of the buying and selling rate on the balance sheet date. Where stock exchange prices are not used, the fair value is calculated by means of actuarial valuation methods.

Gains and losses from derivative financial instruments designated as qualified hedging instruments within the framework of a fair value hedge, or for which no qualified hedge relationship in accordance with IAS 39 could be established and which therefore do not qualify for hedge accounting, are recognised with an effect on income in the consolidated income statement.

Results from derivative financial instruments for which a cash-flow hedge has been formed and whose effectiveness has been established are carried in equity with no effect on income up to the date of realisation of the hedge transaction. Any potential changes in results due to the ineffectiveness of these financial instruments are recognised in the income statement with an immediate effect on income. The critical-term-match method is used to determine the prospective effectiveness. The retrospective effectiveness is determined by applying the dollar-offset method.

Revenue Recognition

Revenues from the construction contracts are realised according to the percentage-of-completion method. The output volume actually attained at the balance sheet date serves as a benchmark for the degree of completion.

Revenues from the sale of proprietary projects, from trade to and services for consortia, from other services and from the sale of construction materials and bitumen are realised with the transfer of power to dispose and the related opportunities and risks and/ or with the rendering of the services.

Revenue which is to be seen as purely transitory due to consortial structures, is offset against the corresponding expenses.

Estimates

Estimations and assumptions which refer to the amount and recognition of the assets and liabilities accounted, the income and expenditure as well as the statement of contingent liabilities are necessary for the preparation of the consolidated financial statement according to IFRS and essentially concern the assessment of building projects until completion, in particular the amount of the realisation of profits, the stage of completion, the accounting and evaluation of provisions, accounting of concession arrangements and the impairment test of goodwill and other assets. In the case of future-oriented assumptions and estimations on the balance sheet date, the realistically expected developments of the global and branch-related environment are taken into account with regard to the expected future business development at the time of the preparation of the consolidated financial statements. In the case of developments in the underlying conditions which deviate from the assumptions and which are beyond the control of the management board, the amount which actually results can deviate from the estimated values. In the event such a development occurs, the assumptions and, if necessary, the carrying values of the affected assets and liabilities are adjusted to the latest information. During the preparation of the consolidated financial statements, there were no signs which indicate the necessity to significantly change the underlying assumptions and estimations.

A2 motorway, Swiecko–Nowy Tomysl, Poland

Notes on the Items of the Consolida- ted Income Statement

(1) Revenue

The revenue of T€ 13,713,804 (previous year: T€ 12,381,537) is attributed in particular to revenue from construction contracts, revenue from own projects, trade to and services for consortia, as well as other services and proportionally acquired profits resulting from consortia. Revenue from construction contracts including the realised part of profits according to the level of completion of the respective contract (percentage of completion method) amount to T€ 10,777,085 (previous year: T€ 9,766,497).

Revenue according to business fields and regions are represented individually in the segment reporting.

Revenue provides only an incomplete picture of the output volume achieved in the financial year. Additionally, therefore, the total output volume of the group is represented, which includes the proportional output of consortia and participation companies:

	2011 € Mln.	2010 € Mln.
Germany	5,609	5,051
Austria	1,985	1,907
Poland	1,719	1,352
Czech Republic	769	867
Hungary	436	580
Russia and neighbouring countries	487	351
Slovakia	441	427
Romania	206	165
other CEE countries	260	216
Rest of CEE	1,394	1,159
Switzerland	574	370
Scandinavia	512	248
Benelux	360	284
other European countries	230	193
Rest of Europe	1,676	1,095
Middle East	309	295
The Americas	257	246
Asia	109	89
Africa	63	136
Rest of World	738	766
Total output volume	14,326	12,777

(2) Other Operating Income

The other operating income includes revenue from letting and leasing in the amount of € 23.5 million (previous year: € 25.0 million), insurance compensation and indemnification in the amount of € 27.0 million (previous year: € 42.9 million), and exchange rate differences in the amount of € 18.5 million (previous year: € 25.4 million) as well as gains from the disposal of fixed assets without financial assets in the amount of € 38.8 million (previous year: € 48.0 million).

Interest income from concession arrangements which is included in other operating income is represented as follows (see also notes on item 17):

	2011 T€	2010 T€
Interest income	70,975	72,862
Interest expense	-37,539	-37,591
Total	33,436	35,271

(3) Raw Materials, Consumables and Services Used

	2011 T€	2010 T€
Raw materials, consumables	3,872,141	3,205,991
Services used	5,447,979	5,012,364
	9,320,120	8,218,355

Services used are mainly attributed to services of subcontractors and professional craftsmen as well as planning services, machine rentals and third-party repairs.

(4) Employee Benefits Expense

	2011 T€	2010 T€
Wages	1,020,732	899,274
Salaries	1,470,035	1,437,870
Social security and related costs	457,475	406,467
Expenses for severance payments and contributions to employee provident fund	22,742	28,426
Expenses for pensions and similar obligations	7,994	7,995
Other social expenditure	25,482	20,901
	3,004,460	2,800,933

The expenses for severance payments and contributions to the employee provident fund and expenses for pensions and similar obligations include the expenses for service costs and indemnity claims resulting from old-age-part-time claims in the business year. The proportion of interest included in the expenses for severance payments as well as for pensions and similar obligations are recognised in the interest result.

Expenses from defined contribution plans amounted to T€ 8,296 (previous year: T€ 8,017).

The average number of employees with the proportional inclusion of all participation companies is as follows:

	2011	2010
Salaried employees	32,033	32,053
Labourers	44,833	41,547
	76,866	73,600

(5) Other Operating Expenses

The other operating expenses of T€ 1,013,911 (previous year: T€ 1,030,190) mainly include general administrative costs, travel and advertising costs, insurance premiums, proportional transfer of losses from consortia, impairment of receivables, the balance of allocations to and utilisation of provisions, legal and advisory costs, rental and lease costs and losses on the disposal of assets (excluding financial assets). Other taxes amounting to T€ 40,468 (previous year: T€ 48,215) are included.

The other operating expenses include losses from exchange rate differences in the amount of € 35.5 million (previous year: € 63.3 million).

Exchange differences in the amount of T€ 2,495 were recognised from foreign currency reserves in profit or loss.

Spending on research and development arose in various special technical proposals, in connection with concrete competitive projects and in the introduction of building processes and products into the market, and was therefore recognised in full in the income statement.

(6) Share of Profit or Loss of Associates

	2011 T€	2010 T€
Income from investments in associates	12,588	34,811
Expenses arising from investments in associates	-47,125	-2,425
	-34,537	32,386

The expenses arising from investment in associates mainly concern Lafarge Cement CE Holding GmbH, Vienna.

(7) Net Investment income

	2011 T€	2010 T€
Investment income	33,509	31,390
Expenses arising from investments	-8,803	-9,286
Gains on the disposal and write-up of investments	789	2,100
Impairment of investments	-21,727	-6,560
Losses on the disposal of investments	-183	-2,571
	3,585	15,073

(8) Depreciation and Amortisation Expense

Depreciations and impairments are represented in the development of property, plant and equipment and intangible assets. In the year under review impairments on intangible assets and on property, plant and equipment to the amount of T€ 30,349 were made (previous year: T€ 22,215). Impairment on goodwill amount to T€ 16,152 (previous year: T€ 49,536). Impairment on goodwill mainly concerns transport infrastructures companies in Germany.

(9) Net interest income

	2011 T€	2010 T€
Interests and similar income	112,311	78,709
Interests and similar charges	-103,767	-98,386
Net interest income	8,544	-19,677

Included in interest and similar charges are interest components from the allocation of severance payment and pension provisions amounting to T€ 21,252 (previous year: T€ 22,498), security impairment losses of T€ 5,126 (previous year: T€ 1,806) as well as currency losses of T€ 12,420 (previous year: T€ 17,919).

Included in interests and similar income are gains from exchange rates amounting to T€ 49,694 (previous year: T€ 11,541).

(10) Income Tax Expense

Income tax includes taxes paid in the individual companies or owed on income, as well as deferred taxes and the payments of additional tax payments resulting from tax audits:

	2011 T€	2010 T€
Current taxes	83,212	175,749
Deferred taxes	20,827	-84,853
	104,039	90,896

The following tax components are recognised directly in equity in the statement of comprehensive income:

	2011 T€	2010 T€
Change in hedging reserves	5,770	-4,610
Actuarial gains/losses	753	5,221
Total	6,523	611

The reasons for the difference between the Austrian corporate income tax rate of 25 % valid in 2011 and the actual consolidated tax rate are as follows:

	2011 T€	2010 T€
Profit before tax	343,329	279,274
Theoretical tax expenditure 25 %	85,832	69,818
Differences to foreign tax rates	-9,862	-6,751
Change in tax rates	-451	0
Non-tax-deductible expenses	13,093	13,426
Tax-free earnings	-9,426	-16,235
Tax effects of results from associates	5,514	-6,057
Depreciation of goodwill/capital consolidation	906	12,577
Additional tax payments	1,737	5,643
Change of valuation adjustment on deferred tax assets	17,427	21,645
Others	-731	-3,170
Recognised income tax	104,039	90,896

(11) Earnings per share

The basic earnings per share are calculated by dividing the consolidated profit or loss by the weighted average number of ordinary shares.

As there are no stock options at the STRABAG Group, the diluted earnings per share equal the basic earnings per share.

	2011	2010
Number of shares outstanding as of 1.1.	114,000,000	114,000,000
Number of shares bought back	-8,775,264	0
Number of shares outstanding as of 31.12.	105,224,736	114,000,000
Profit or loss attributable to equity holders of the parent
(consolidated profit/loss) in T€	194,995	174,857
Weighted number of shares outstanding during the year	111,424,186	114,000,000
Earnings per share in €	1.75	1.53

Notes on Items in the Consolidated Balance Sheet

(12) Property, Plant and Equipment and Intangible Assets

The composition of and changes in intangible assets, goodwill, and property, plant and equipment is shown separately in consolidated statement of fixed assets.

No borrowing costs were capitalised for property, plant and equipment, or for intangible assets in the year under report, as significant qualifying assets were not produced or acquired after 1 January 2009.

Goodwill

The goodwill at the balance sheet date is composed as follows:

	31.12.2011 T€	31.12.2010 T€
STRABAG AG, Cologne	178,803	178,803
Acquisitions Germany	69,408	49,431
Polski Asfalt Group	55,247	61,960
Viamont DSP a.s., Usti nad Labem	53,328	54,873
Acquisitions Eastern Europe	21,262	22,121
Acquistions other Western Europe	19,477	11,343
STRABAG Sverige AB, Stockholm	16,939	16,837
EFKON Group (incl. Center Communications Systems GmbH)	15,466	15,466
Ed. Züblin AG, Stuttgart	14,938	14,938
Gebr. von der Wettern Group	10,800	12,800
Acquisitions Austria	9,248	12,634
FRISCHBETON s.r.o.	6,911	7,112
Josef Möbius Bau - GmbH, Hamburg	0	10,165
	471,827	468,483

The goodwill is submitted to an impairment test once a year. For impairment testing, the recoverable value of a cash-generating unit is compared with its corresponding book value.

The cash-generating unit basically corresponds to the acquired legal unit or units which profit from the synergy potential of the business combination.

The recoverable value is the fair value or value in use determined from the discounted future cash-flows.

This value is identified on the basis of the current budgeting of the internal reporting, as approved by the management board, which is based on past experiences and expectations concerning the future development of the market. The detailed planning period comprises at least 4 years and can be extended if this would allow a better depiction of the future cash-flows. The last detailed planning year forms the basis for the calculation of the perpetuities as long as applicable legislation and legal requirements do not limit the usability of the cash-generating unit to a shorter period of time.

The discount rate for the future cash-flows is identified while taking into account segment- and country-specific risks and growth rates. The discount interest rates range from 6.2 % to 10.7 % before taxes (previous year: 7.0 % to 11.1 %).

The comparison of the book values with the highest attainable values of the cash-generating entities determined by the annual impairment test showed a need for goodwill impairment of T€ 16,152 (previous year: T€ 49,536).

Capitalised Development Costs

At the balance sheet date, development costs in the amount of T€ 17,588 (previous year: T€ 16,567) were capitalised as intangible assets. In the 2011 financial year, development costs in the amount of T€ 11,544 (previous year: T€ 14,048) were incurred, of which T€ 2,946 (previous year: T€ 5,596) were capitalised.

Leasing

Due to existing finance leasing contracts, the following book values are included in property, plant and equipment assets on the balance sheet date:

	31.12.2011 T€	31.12.2010 T€
Property leasing	29,916	34,235
Machinery leasing	22,710	37,760
	52,626	71,995

Offset against these are liabilities arising from the present value of leasing obligations amounting to T€ 46,742 (previous year: T€ 62,892).

The terms of the finance leases for property are between four and 20 years, while those for machines are between two and eight years.

The following payment obligations will arise from financial leases in subsequent financial years:

	Present values		Minimum Payments
	31.12.2011 T€	31.12.2010 T€	31.12.2011 T€	31.12.2010 T€
Term up to one year	7,154	17,970	11,147	20,567
Term between one and five years	29,981	29,594	34,633	35,205
Term over five years	9,607	15,328	11,296	17,754
	46,742	62,892	57,076	73,526

In addition to the finance leases, there are also operating leases for the utilisation of technical equipment and machinery. The expenses from these contracts are recognised in the income statement. The payments made for the financial year 2011 amount to T€ 107,960 (previous year: T€ 112,210).

Payment obligations arising from operating lease agreements in subsequent business years are represented as follows:

	31.12.2011 T€	31.12.2010 T€
Term up to one year	71,533	66,640
Term between one and five years	133,949	125,558
Term over five years	53,449	51,189
	258,931	243,387

Restrictions on property, plant and equipment/Purchase Obligations

On the balance sheet date there were € 131.8 million (previous year: € 174.8 million) in contractual commitments for acquisition of property, plant and equipment which were not considered in the financial statement.

Restrictions exist for non-current assets in the amount of T€ 22,805 (previous year: T€ 23,596).

(13) Investment Property

The development of investment property is shown in the consolidated statement of fixed assets. As of 31 December 2011, the fair value of the investment property basically corresponds to the carrying value.

The rental income from investment property in the 2011 financial year amounted to T€ 8,484 (previous year: T€ 13,734) and direct operating expenses totalling T€ 10,210 (previous year: T€ 15,875). Additionally, gains from asset disposals in the amount of T€ 0 (previous year: T€ 5,372) were achieved. An impairment in the amount of T€ 15,000 was made in 2011.

A2 motorway, Swiecko–Nowy Tomysl, Poland

(14) Financial Assets

Detailed information on the group's investments (shares of more than 20 %) can be found in the list of subsidiaries, associated companies and investments.

The development of the financial assets in the financial year was as follows:

	Balance as of 1.1.2011 T€	Currency transla tion T€	Change in scope of consoli dation T€	Additions T€	Transfers T€	Disposal T€	Impairment T€	Balance as of 31.12.2011 T€
Investments in
associates	87,933	10,317	238,841	111,474	11,480	-57,766	0	402,279
Investments in subsidiaries	86,023	1	2,443	25,376	1,203	-5,790	-16,285	92,971
Loans to subsidiaries	163	0	10	883	0	-10	-838	208
Other investment	104,535	-217	3,145	16,801	-12,512	-2,094	-5,442	104,216
Loans to participation
companies	12,566	0	988	5,219	0	-1,283	0	17,490
Securities	49,721	19	336	7,622	-171	-23,816	-1,560	32,151
Other loans	4,248	0	0	138	0	-2,360	0	2,026
	345,189	10,120	245,763	167,513	0	-93,119	-24,125	651,341

The following table provides an overview of the financial information (100 %) for associates and for companies which were reported applying the equity method of accounting in accordance with IAS 31.38 (Joint Ventures):

	2011 T€	2010 T€
Total assets as of 31.12.	3,236,735	2,270,560
Total liabilities as of 31.12.	2,450,333	1,897,108
Revenue	596,221	472,295
Profit for the period	-3,883	18,448

(15) Deferred Taxes

Tax accruals and deferrals recognised in the balance sheet on temporary differences between the amounts stated in the IFRS financial statements and the respective tax amounts as well as losses carried forward developed as follows:

	Balance as of 1.1.2011 T€	Currency translation T€	Change in scope of con solidation T€	Other Changes T€	Balance as of 31.12.2011 T€
Property, plant and equipment and intangible assets	6,403	0	0	2,103	8,506
Financial assets	192	0	0	1,558	1,750
Inventories	7,135	-428	684	-3,335	4,056
Trade and other receivables	7,548	-435	0	504	7,617
Provisions	181,588	-10,174	752	-29,049	143,117
Liabilities	8,112	-73	0	-5,307	2,732
Tax loss carryforward	173,983	0	0	21,616	195,599
Deferred tax assets	384,961	-11,110	1,436	-11,910	363,377
Netting out of deferred tax assets and liabilities of the same tax authorities	-170,612	0	0	-19,041	-189,653
Deferred tax assets netted out	214,349	-11,110	1,436	-30,951	173,724

	Balance as of 1.1.2011 T€	Currency translation T€	Change in scope of con solidation T€	Other Changes T€	Balance as of 31.12.2011 T€
Property, plant and equipment and intangible
assets	-64,595	81	-4,788	4,542	-64,760
Financial assets	-6,345	0	0	779	-5,566
Inventories	-12,786	0	-12,844	-6,081	-31,711
Trade and other receivables	-136,028	967	-237	-719	-136,017
Deferred tax liabilities	-219,754	1,048	-17,869	-1,479	-238,054
Netting out of deferred tax assets and
liabilities of the same tax authorities	170,612	0	0	19,041	189,653
Deferred tax liabilities netted out	-49,142	1,048	-17,869	17,562	-48,401

Deferred taxes on losses carried forward were capitalised as these can probably be offset with future taxable profits.

The Austrian Corporate Income Tax Act (Körperschaftsteuergesetz) requires a tax-effective impairment of investments to be claimed over a period of seven years. The deferred tax assets on loss carryforwards contain open one-seventh impairments in the amount of € 46.9 million (previous year: € 34.6 million).

No deferred tax assets were made for differences in book value on the assets side and tax losses carried forward of € 674.4 million (previous year: € 630.1 million), as their effectiveness as final tax relief is not sufficiently assured.

No deferred tax assets in accordance with Section 12 of the Austrian Corporate Income Tax Act (Körperschaftsteuergesetz) were made for open one-seventh impairments in the amount of € 124.7 million (previous year: € 130.0 million).

(16) Inventories

	31.12.2011 T€	31.12.2010 T€
Raw materials, auxiliary supplies and fuel	312,529	324,654
Finished buildings and goods	74,288	60,743
Unfinished buildings and goods	307,928	216,377
Development land	89,054	77,547
Payments made	34,591	26,400
	818,390	705,721

In the financial year, impairment in the amount of T€ 2,219 (previous year: T€ 336) was recognised on inventories excluding materials, auxiliary supplies and fuel. T€ 70,006 (previous year: T€ 64,826) of the inventories excluding raw materials, auxiliary supplies and fuel were reported with the net realisable value.

(17) Receivables and Other Assets

Receivables from Concession Arrangements

STRABAG has a 100 % interest in the Hungarian M5 Motorway Concession Company, AKA Alföld Koncesszios Autopalya Zrt., Budapest (AKA).

In the concession agreement with the Hungarian state, AKA committed to develop, plan, finance and to build and operate the M5 motorway. The motorway itself is the property of the state; all vehicles and equipment necessary for motorway operation are to be transferred to the state free of charge following the end of the concession period.

In exchange, AKA will regularly receive an availability fee, independent of transit volume, from the Hungarian state for making the motorway available to the public. AKA bears the operator's risk of motorway closure and non-compliance of contractually agreed roadway criteria.

The route totals 156.5 km and was built in three phases. The concession period runs until 2031. A one-time extension for up to 17.5 years is possible.

All services provided under this concession arrangement are accounted for under the separate balance sheet item receivables from concession arrangements. The receivables are carried at the present value of the payment to be made by the state. The annual accumulation amount is recognised in other operating income.

A part of the availability fee consists of interest adjustment payments of the Hungarian state. As a result, the state bears the interest risk from the financing of AKA. These interest adjustment payments represent an embedded hedging transaction which is measured separately in accordance with IAS 39.11. Presentation is made as a cash-flow hedge; as a result, changes in the fair value of the interest rate swap are recognised directly in equity.

The negative market value of the interest rate swap in the amount of T€ -27,217 (previous year: T€ 12,818) is also recognised as long-term receivables from concession arrangements.

Recognisable receivables from concession arrangements are offset by non-recourse financing in the amount of T€ 673,927 (previous year: T€ 715,099), classified either as a current or non-current liability depending on the term. The resulting interest expense is recognised in other operating income.

The STRABAG consortium KMG - Kliplev Motorway Group was awarded the tender for Denmark's first PPP project. The consortium will plan and build 26 km of the E51 motorway from Kliplev to Sønderborg as well as 18 km of side roads and seven interchanges and will operate the road over a period of 26 years from completion. The total investment volume amounts to € 148 million. Following the planned completion in the spring of 2012, the road will be sold to the state. The operation will then be paid for by regular payments from the state. The interim financing of the construction works includes non-recourse financing in the amount of T€ 80,251 (previous year: T€ 4,786).

Receivables and Other Assets are comprised as follows:

	31.12.2011		31.12.2010
	total T€	thereof current T€	thereof non-current T€	total T€	thereof current T€	thereof non-current T€
Receivables from
concession arrangements	1,000,075	160,743	839,332	988,352	19,477	968,875
Trade receivables
Receivables from
construction contracts	6,721,117	6,721,117	0	5,019,411	5,019,411	0
Advances received	-5,733,044	-5,733,044	0	-4,071,486	-4,071,486	0
	988,073	988,073	0	947,925	947,925	0
Other trade receivables	1,339,630	1,265,548	74,082	1,329,336	1,265,296	64,040
Advances paid to
subcontractors	124,807	124,807	0	115,164	115,164	0
Receivables from
consortia	251,310	251,310	0	220,594	220,405	189
	2,703,820	2,629,738	74,082	2,613,019	2,548,790	64,229
Non-financial assets	121,677	117,844	3,833	142,304	138,260	4,044
Other financial assets
Receivables from
subsidiaries	128,584	128,555	29	118,132	117,815	317
Receivables from
participation companies	87,510	83,886	3,624	99,632	98,464	1,168
Other financial assets	256,670	212,306	44,364	259,541	224,248	35,293
	472,764	424,747	48,017	477,305	440,527	36,778

The non-financial assets contain income tax receivables in the amount of T€ 54,764 (previous year: T€ 42,005).

The receivables from construction contracts in progress at the balance sheet date are represented as follows:

	31.12.2011 T€	31.12.2010 T€
All contracts in progress at balance sheet date
Costs incurred to balance sheet date	10,928,444	9,839,604
Profits arising to balance sheet date	466,578	433,499
Accumulated losses	-356,050	-225,886
Less receivables recognised under liabilities	-4,317,855	-5,027,806
	6,721,117	5,019,411

Receivables from construction contracts amounting to T€ 4,317,855 (previous year: T€ 5,027,806) are recognised in liabilities, as advances received exceed the receivables.

As usual in the industry, the customer has the contractual right to retain part of the total amount of the invoice. These retentions are, however, redeemed as a rule by security (bank or group guarantees).

In the reporting period, impairment on other trade receivables developed as follows:

	31.12.2011 T€	31.12.2010 T€
Other trade receivables before impairment	1,475,768	1,452,111
Impairment as of 1.1.	122,775	110,450
Currency translation	-3,224	878
Changes in scope of consolidation	1,271	827
Allocation/utilisation	15,316	10,620
As of 31.12.	136,138	122,775
Book value of other trade receivables	1,339,630	1,329,336

(18) Cash and Cash Equivalents

	31.12.2011 T€	31.12.2010 T€
Securities	20,553	34,362
Cash on hand	2,291	2,736
Bank deposits	1,677,393	1,915,354
	1,700,237	1,952,452

(19) Assets held for Sale

In the previous year, the item involved the entirety of the property, plant and equipment assets of the Hungarian cement factory, which was incorporated into Lafarge Cement Holding CE GmbH effective 28 July 2011 (see the information regarding changes in the scope of consolidation).

(20) Equity

The fully paid-in share capital amounts to € 114,000,000 and is split into 113,999,997 no-par bearer shares and three registered shares.

The management board was authorised, with the approval of the supervisory board, to increase the share capital of the company by up to € 57,000,000 by 19 June 2014, in several tranches if necessary, by issuing up to 57,000,000 registered no-par shares for cash or contributions in kind (approved capital). In the case of capital increase through contributions in kind, the partial or full exclusion of the shareholders' subscription rights is possible.

The exercise, issue price and conditions of issue shall be determined with the approval of the supervisory board. The supervisory board was authorised to determine the necessary changes to the Articles of Association required upon the issuance of shares from the approved capital.

The following resolutions were passed at the Annual General Meeting of 10 June 2011:

The existing authorisation to buy back own shares as per resolution by the Annual General Meeting of 18 June 2010 was cancelled.

The management board was authorised to acquire bearer or registered no-par shares of the company on the stock market or over the counter to the extent of up to 10 % of the share capital during a period of 13 months from the day of the resolution at a minimum price per share of € 1.00 and a maximum price per share of € 34.00. The purpose of the acquisition may not be to trade with own shares. The authorisation can be exercised in full or in part or in several partial amounts for one or several purposes by the company, a subsidiary or third parties acting on behalf of the company (§ 228 Abs. 3 UGB).

The management board can decide to acquire shares on the stock exchange but must inform the supervisory board following decision to do so. Over-the-counter purchases require prior approval by the supervisory board.

The management board was further authorised, for a period of five years from this resolution, to sell or assign its own shares, with approval by the supervisory board, in a manner other than on the stock market or through a public tender, to the exclusion of the shareholders' buyback rights (subscription rights), and to determine the conditions of sale according to § 65 Abs 1b AktG. The authorisation can be exercised in full or in part or in several partial amounts for one or several purposes by the company, a subsidiary or third parties acting on behalf of the company (§ 228 Abs. 3 UGB).

From 14 July 2011, the management board made use of the authorisation to acquire own shares. By 31 December 2011, 8,775,264 no-par shares were acquired on the stock market and over the counter. This corresponds to 7.7 % of the share capital. The costs for the acquisition of own shares are deducted directly from equity without affecting profit or loss and are presented separately in the retained earnings in the statement of changes in equity.

Retained earnings include differences arising from currency translation, statutory and mandatory reserves, financial instrument changes recorded directly in equity (including hedging reserves), as well as changes in equity from actuarial gains/losses from the calculation of provisions for personnel. The retained earnings also include the profit for the period as well as the result brought forward from previous periods of STRABAG SE and its consolidated subsidiaries, as far as these were not eliminated by the capital consolidation.

Details as to the equity of STRABAG SE are represented in the statement of changes in equity.

Long-term economic success, within the context of responsibility to our shareholders, customers, employees, suppliers, subcontractors and the company itself, is the primary entrepreneurial objective of the STRABAG Group. Working to pursue these goals, recognising opportunities and risks before and as they arise, and responsibly taking these into consideration safeguards the continuity of the group and protects the interests of the shareholders.

To guarantee the continuity of the company, the management and responsible employees assure that there is a balanced relationship between opportunities and risks during the selection of projects and assess the individual risks against the background of the overall company risk.

The group equity ratio target was defined at between 20 % and 25 % during the IPO of STRABAG SE in October 2007. The equity capital ratio is calculated from the book value of the equity as of 31 December divided by the balance sheet total as of 31 December. The equity contains all parts of the equity according to the balance sheet: share capital, capital reserves, retained earnings and non-controlling interests.

The group equity ratio as of 31 December 2011 amounted to 30 % (previous year: 31 %). With this equity base, the STRABAG Group will be able to participate increasingly in tenders for Public-Private Partnership (PPP) projects. It means that the necessary funds for a participation in equity capital are available and that the related change in the balance sheet total will be manageable.

If the group is awarded the tender for large-scale projects, or if a strategically suitable acquisition is made, the equity ratio could briefly fall below the set minimum. In this case, the company reserves the right to adjust the dividend payments to the shareholders or to issue new shares.

(21) Provisions

	Balance as	Currency	Changes in scope of consoli				Balance as
	of 1.1.2011 T€	translation T€	dation T€	Additions T€	Disposals T€	Impairment T€	of 31.12.2011 T€
Provisions for severance payments	69,356	45	25	4,652	0	3,640	70,438
Provisions for pensions	374,794	-28	7,761	27,110	0	25,428	384,209
Provisions for taxes	122,745	-7,647	-943	88,738	1,262	94,830	106,801
Other provisions:
Construction-related pro visions	589,744	-14,455	12,014	366,523	30,123	261,375	662,328
Personnel-related provisions	260,301	-2,222	3,041	182,846	965	192,694	250,3071)
Other provisions	221,818	-5,043	5,955	191,239	9,729	163,371	240,869
	1,071,863	-21,720	21,010	740,608	40,817	617,440	1,153,504
	1,638,758	-29,350	27,853	861,108	42,079	741,338	1,714,952

The short-term provisions include provisions for taxes as well as other provisions in the amount of T€ 684,175 (previous year: T€ 588,065). The long-term provisions amounting to T€ 923,976 (previous year: T€ 927,948) mainly include severance provisions, pension provisions and provisions for guarantees.

Provisions for severance payments show the following development:

	2011 T€	2010 T€
Present value of the defined benefit obligation as of 1.1.	69,356	70,479
Changes in scope of consolidation	25	-1,339
Current service costs	3,472	2,561
Interest costs	2,949	3,203
Severance payments	-3,640	-4,164
Actuarial gains/losses	-1,724	-1,384
Present value of the defined benefit obligation as of 31.12.	70,438	69,356

The provisions for pensions are formed for obligations from the right to future pension payments and current payments to present and past employees and their dependents. The obligations primarily refer to retirement pensions. The individual commitments are generally determined according to the employment conditions of the employee at the time of the commitment (et al. length of service, salary of employee). Basically no new commitments have been awarded since 1999.

The company pension scheme in Germany consists of a non-fund-financed, defined benefit pension plan. In the case of defined benefit pension systems, the company is obliged to fulfil payment commitments to present and past employees. There are no defined contribution plans in the form of financing by relief funds outside the group.

The amount of the provision is calculated using actuarial methods based on biometric tables of Klaus Heubeck (Germany) or the AVÖ 2008-P (Austria). This is based on a discounting rate of 5.00 % (previous year: 5.00 %) for provisions for severance payments and pensions and a salary increase of 2.25 % respectively 2.00 % for severance payments (previous year: 2.25 % respectively 2.00 % for severance payments). For future pension increases, a rate of escalation is set dependent on the contractual adaptation terms.

With reference to the company agreement concerning the old-age-part-time settlement, which had initially affected the operative German companies in the STRABAG Group in 2000, further additional obligations for retirement indemnity payments incurred. These obligations have been transferred to the STRABAG Unterstützungskasse GmbH, Cologne. The old-age-part-time indemnity payments are determined using the same basic principles as for the pension provisions. They are included in the group as a result of the consolidation of the STRABAG Unterstützungskasse GmbH, Cologne.

To cover the retirement benefit obligations of employees at the Swiss companies, pension funds exist at pension fund providers. Obligations to provide additional benefits means that these are to be qualified as a defined benefit pension system.

These obligations were calculated using actuarial methods based on the BVG 2010 biometric tables and a retirement age of 65 for men and 64 for women. Further serving as a basis were a discounting rate of 2.5 %, a salary increase of 2.0 %, an indexing of the pensions of 0.25 % and a weighted yield on the plan assets in the amount of 2.8 %.

The development of the provisions for pensions is shown below:

	2011 T€	2010 T€
Present value of the defined benefit obligation as of 1.1.1)	374,794	364,161
DBO from the Swiss pension foundations as of 1.1.2)	94,413	0
Changes in scope of consolidation	137,578	-198
Current services costs	18,410	3,542
Interest costs	24,479	19,295
Pension payments3)	-58,641	-24,212
Actuarial gains/losses	2,470	18,466
Plan settlements	-18,239	0
Reclassification of plan assets	11,030	-6,260
Present value of the defined benefit obligation as of 31.12.	586,294	374,794

The accumulated actuarial gains and losses for defined pension benefit plans and severance provisions, which were recognised directly in equity, as of 31 December 2011 amounted to T€ 36,741 (previous year: T€ 32,471).

The plan assets for pension provisions developed as follows in the year under report:

	2011 T€
Fair value of the plan assets as of 1.1.	11,030
Plan assets from the Swiss pension foundations as of 1.1.4)	91,214
Changes to the scope of consolidation	129,817
Expected income from plan assets	6,176
Contributions	16,939
Pension payments	-33,213
Acturial gains/losses	-3,524
Plan settlements	-16,354
Fair value of the plan assets as of 31.12.	202,085

The experience adjustments to pension and severance provisions are represented as follows:

	31.12.2011 T€	31.12.2010 T€	31.12.2009 T€	31.12.2008 T€	31.12.2007 T€
Present value of the defined benefit obligation	70,438	69,356	70,479	65,631	61,175
Present value of the defined benefit obligation (pension provision)	586,294	385,824	364,161	406,157	293,730
Fair value of plan assets	-202,085	-11,030	0	-301	-194
Budgeted deficit	454,647	444,150	434,640	471,487	354,711
Experience adjustments of severance provision	-1,724	-1,384	1,528	1,214	583
Experience adjustments of pension provision	5,994	18,466	20,182	-21,927	-3,015
Experience adjustments	4,270	17,082	21,710	-20,713	-2,432

The provisions for taxes mainly comprise current income taxes.

Other Provisions

The construction-related provisions include other warranty obligations, costs of the contract execution and subsequent costs of invoiced contracts, as well as impending losses from projects pending which are not accounted for elsewhere. The personnelrelated provisions essentially include anniversary bonus obligations, contributions to occupational accident funds as well as costs of the old-age-part-time scheme and personnel downsizing measures. Other provisions include provisions for damages and litigations and restructuring.

• 1) Thereof deducted plan assets T€ 11,030 (previous year: T€ 0)
• 2) Initial presentation of pension benefit obligations of the Swiss pension foundations 3) Thereof change of plan assets T€ 0 (previous year: T€ 4,770)
• 4) Initial presentation of plan assets of the Swiss pension foundations

(22) Liabilities

	31.12.2011			31.12.2010
	total	thereof current	thereof non-current	total	thereof current	thereof non-current
	T€	T€	T€	T€	T€	T€
Financial liabilities
Bonds	445,000	75,000	370,000	345,000	75,000	270,000
Bank borrowings	1,235,510	351,150	884,360	1,146,739	147,877	998,862
Liabilities from finance leases	46,742	7,154	39,588	62,892	17,970	44,922
Other liabilities	4,705	0	4,705	4,521	0	4,521
	1,731,957	433,304	1,298,653	1,559,152	240,847	1,318,305
Trade payables
Receivables from
construction contracts1)	-4,317,855	-4,317,855	0	-5,027,806	-5,027,806	0
Advances received	4,893,392	4,893,392	0	5,873,000	5,873,000	0
	575,537	575,537	0	845,194	845,194	0
Other trade payables	2,119,943	2,059,519	60,424	2,067,350	2,024,119	43,231
Payables to consortia	275,097	275,097	0	198,446	198,446	0
	2,970,577	2,910,153	60,424	3,110,990	3,067,759	43,231
Non-financial liabilities	362,137	360,656	1,481	356,384	355,381	1,003
Other financial liabilities
Payables to subsidiaries	56,000	56,000	0	66,723	65,545	1,178
Payables to participation
companies	16,888	11,105	5,783	20,199	19,691	508
Other financial liabilities	335,300	315,164	20,136	348,371	326,210	22,161
	408,188	382,269	25,919	435,293	411,446	23,847

In order to secure liabilities to banks, real securities amounting to T€ 171,795 (previous year: T€ 123,350) have been booked.

(23) Contingent Liabilities

The company has accepted the following guarantees:

	31.12.2011 T€	31.12.2010 T€
Guarantees without financial guarantees	1,988	12,633

(24) Off-Balance Sheet Transactions

In the construction industry, it is customary and necessary to provide various types of guarantees to secure the contractual obligations. These guarantees are usually issued by banks or credit insurers and most commonly comprise bid, contract performance, prepayment and warranty guarantees. In the event these guarantees are called upon, the relevant banks have a contractual right of recourse against the group. The risk that such guarantees are utilised and that a right of recourse arises materialises only if the primary contractual obligations are not properly performed.

Obligations and possible risks from such guarantees are recognised in the balance sheet as provisions or liabilities.

Not included in the balance sheet or the contingent liability as of 31 December 2011 are fulfilment guarantees in the amount of € 2.0 billion (previous year: € 2.0 billion) of which an outflow of resources is unlikely.

As is customary in the industry, STRABAG SE shares liability with the other partners of consortia and joint ventures in which companies of the STRABAG Group hold a share interest.

(25) Notes to the Consolidated Cash-Flow Statement

The representation of the cash-flow statement was made according to the indirect method and separated into the cash-flows classified by operating, investing and financing activities. The cash and cash equivalents include exclusively cash on hand, bank deposits and short-term securities. Any effects of changes in consolidation were eliminated and represented in the cash-flow from investing activities.

The cash and cash equivalents are composed as follows:

	31.12.2011 T€	31.12.2010 T€
Securities	20,553	34,362
Cash on hand	2,291	2,736
Bank deposits	1,677,393	1,915,354
	1,700,237	1,952,452

The cash and cash equivalents include deposits abroad in the amount of T€ 6,437 (previous year: T€ 7,584), subject to the restriction that they may only be transferred to another country following official completion of the construction order. Of the cash and cash equivalents, T€ 5,188 (previous year: T€ 21,674) are pledged as collateral (see also item 26).

(26) Financial Instruments

A financial instrument is a contract that results in a financial asset at one enterprise and a financial liability or equity instrument at another. Financial assets include especially cash and cash equivalents, trade receivables and other receivables and derivatives. Financial liabilities are obligations to pay cash or other financial assets. These include especially financial liabilities such as bank borrowings, bonds, liabilities arising from financial leasing and trade payables. Initial recognition is carried out in principle using settlement date accounting.

The financial instruments are derecognised when the claims to payment from the investment extinguish or have been transferred and the group has largely transferred all risks and opportunities which are related with the property.

A2 motorway, Swiecko–Nowy Tomysl, Poland

The financial instruments as of the balance sheet date were as follows:

		31.12.2011	31.12.2011	31.12.2010	31.12.2010
	Measurement category according to IAS 39	Carrying value T€	Fair value T€	Carrying value T€	Fair value T€
ASSETS
Valuation at historical costs
Loans to subsidiaries	L&R	208	208	163	163
Loans to participation companies	L&R	17,490	17,490	12,566	12,566
Other loans	L&R	2,026	2,026	4,248	4,248
Trade receivables	L&R	2,703,820	2,703,820	2,613,019	2,613,019
Receivables from concession arrangements	L&R	1,027,292	1,027,292	975,534	975,534
Other financial assets	L&R	472,699	472,699	473,359	473,359
Non-financial assets	no FI	121,677		142,304
Cash and cash equivalents	L&R	1,679,684	1,679,684	1,918,090	1,918,090
		6,024,896	5,903,219	6,139,283	5,996,979
Valuation at fair value
Investments in subsidiaries	AfS	92,971	92,9711)	86,023	86,0231)
Other investments	AfS	104,215	104,2151)	104,535	104,5351)
Securities	AfS	32,151	32,151	49,721	49,721
Cash and cash equivalents	AfS	20,553	20,553	34,362	34,362
Derivatives		-27,152	-27,152	16,764	16,764
		222,738	222,738	291,405	291,405
LIA BILITIES
Valuation at historical costs
Financial liabilities	FLaC	-1,731,957	-1,727,899	-1,559,152	-1,547,733
Trade payables	FLaC	-2,395,040	-2,395,040	-2,265,796	-2,265,796
Liabilities from construction contracts	no FI	-575,537		-845,194
Other financial liabilities	FLaC	-396,553	-396,553	-395,630	-395,630
Non-financial liabilities	no FI	-362,137		-356,384
Derivatives		-11,634	-11,634	-39,663	-39,663
		-5,472,858	-4,531,126	-5,461,819	-4,248,822
Total		774,776	1,594,831	968,869	2,039,562
Measurement categories
Loans and receivables (L&R)		5,903,219	5,903,219	5,996,979	5,996,979
Available for sale (AfS)		249,890	249,890	274,641	274,641
Financial liabilities measured at amortised costs (FLaC)		-4,523,550	-4,519,492	-4,220,578	-4,209,159
Derivatives		-38,786	-38,786	-22,899	-22,899
No financial instruments		-815,997		-1,059,274
Total		774,776	1,594,831	968,869	2,039,562

The fair value measurement at 31 December 2011 for financial instruments measured at fair value was done as follows:

	Valuation at market value	Valuation using input taken from observable market data	Other Valuation methods	TOTAL
ASSETS
Investments in subsidiaries	0	0	92,971	92,971
Other investments	0	0	104,215	104,215
Securities	32,151	0	0	32,151
Cash and cash equivalents	20,553	0	0	20,553
Derivatives	0	-27,152	0	-27,152
Total	52,704	-27,152	197,1861)	222,738
LIA BILITIES
Derivatives	0	-11,634	0	-11,634
Total	0	-11,634	0	-11,634

The fair value measurement at 31 December 2010 for financial instruments measured at fair value was done as follows:

	Valuation at market value	Valuation using input taken from observable market data	Other Valuation methods	TOTAL
ASSETS
Investments in subsidiaries	0	0	86,023	86,023
Other investments	0	0	104,535	104,535
Securities	49,721	0	0	49,721
Cash and cash equivalents	34,362	0	0	34,362
Derivatives	0	16,764	0	16,764
Total	84,083	16,764	190,5582)	291,405
LIA BILITIES
Derivatives	0	-39,663	0	-39,663
Total	0	-39,663	0	-39,663

Cash and cash equivalents, trade receivables and other receivables have for the most part short remaining terms. Accordingly, their book values on the balance sheet date approximate their fair value. The fair value of non-current financial assets corresponds to the present value of the related payments under consideration of the prevailing market parameters.

Trade payables and other financial liabilities typically have short terms; their book values approximate the fair value. The fair value of bonds, bank borrowing and liabilities arising from financial leasing are measured at the present value of the payments associated with them under consideration of the relevant applicable market parameters as far as market values were not available.

T€ 5,188 (previous year: T€ 21,674) of the cash and cash equivalents, T€ 2,924 (previous year: T€ 3,506) of the securities and T€ 11,553 (previous year: T€ 10,112) of the other financial instruments were pledged as collateral for liabilities.

The non-recourse liabilities related to the concession receivable are hedged using the income from the concession receivable.

cannot be reliably determined. 2) Investments in subsidiaries and other investments amounting to T€ 179,202 are recognised at cost less impairment according to IAS 39 because their fair value cannot be reliably determined.

¹⁾ Investments in subsidiaries and other investments amounting to T€ 188,144 are recognised at cost less impairment according to IAS 39 because their fair value

Linth-Limmern material ropeway, Switzerland

The net income effects of the financial instruments according to valuation category are as follows:

	L&R 2011 T€	AfS 2011 T€	FLaC 2011 T€	Deri vatives 2011 T€	L&R 2010 T€	AfS 2010 T€	FLaC 2010 T€	Deri vatives 2010 T€
Interest	59,438	0	-64,858	0	60,323	0	-58,200	0
Interest from receivables from concession arrangements	70,975	0	-28,845	-8,694	72,862	0	-30,206	-7,385
Result from securities	0	745	0	0	0	966	0	0
Impairment losses	-18,116	-25,421	0	1,833	-33,985	-653	0	-2,677
Disposal losses/profits	0	1,414	0	0	0	-554	0	0
Gains from derecognition of liabilities and payments of written off receivables	8	0	3,342	0	9	0	6,099	0
Net income recognised in profit or loss	112,305	-23,262	-90,361	-6,861	99,209	-241	-82,307	-10,062
Value changes recognised directly in equity	0	150	0	-30,234 1)	0	-1,183	0	15,7431)
Net income	112,305	-23,112	-90,361	-37,095	99,209	-1,424	-82,307	5,681

Dividends and expenses from investments shown in the net investment income are part of the operating income and therefore not part of the net income of financial instruments. Impairment losses, reversal of impairment losses, disposal gains and disposal losses of loans & receivables (L&R) and of financial liabilities amortised at cost (FLaC) are carried in other income or other expenses.

Impairment losses, reversal of impairment losses, disposal gains and disposal losses of the financial instruments available for sale are carried in the net investment income if they are investments in subsidiaries or other investments, otherwise in net interest.

Derivative instruments are used exclusively to hedge existing risks resulting from changes in currency and interest rates. The use of derivative financial instruments in the group is subject to the appropriate approval and control procedures. The connection to a mainstay business is a must, trading is not permissible.

Principles of Risk Management

The STRABAG Group is subject to credit, market and liquidity risks related to its assets, liabilities and planned transactions. The goal of financial risk management is to minimise these risks through ongoing financially oriented activities.

The basics of the financial policy are set by the management board and monitored by the supervisory board. The implementation of the financial policy and responsibility for the risk management are the domain of the group treasury. Certain transactions require prior approval by the management board, which is regularly informed as to the scope and amount of the current risk exposure.

Interest Rate Risk

The financial instruments bear variable interest rates on the assets side, on the liabilities side there are both variable and fixed interest obligations. The risk of financial instruments bearing variable interest rates consists of increasing interest charges and sinking interest revenue resulting from an unfavourable change in market interest rates. Fixed interest obligations mainly result from the tranches of the bonds issued by STRABAG SE amounting to a total of € 425 million.

As of 31 December 2011, following hedging transactions existed:

	31.12.2011		31.12.2010
	Nominal value T€	Market value T€	Nominal value T€	Market value T€
Interest rate swaps	828,960	-29,249	880,082	12,419
		-29,249		12,419

The amount of bank deposits and bank borrowings according to currency – giving the average interest rate at balance sheet date – is represented as follows:

Bank Deposits

	Carrying value 31.12.2011 T€	Weighted average interest rate in % 2011
EUR	965,294	1.58
PLN	272,994	4.46
CZK	168,621	0.59
Others	270,484	2.41
Total	1,677,393	2.13

Bank Borrowings

	Carrying value 31.12.2011 T€	Weighted average interest rate in % 2011
EUR	1,088,257	3.05
Others	147,253	4.61
Total	1,235,510	3.24

Had the interest rate level at 31 December 2011 been higher by 100 basispoints, then the result would have been higher by T€ 6,880 (previous year: T€ 10,961) and the equity at 31 December 2011 would have been higher by T€ 44,903 (previous year: T€ 48,227). Had the interest rate level been lower by 100 basispoints, this would have meant a correspondingly lower equity and profit before tax. The calculation is made based on the level of interest-bearing financial assets and liabilities at 31 December. Tax effects from interest rate changes were not considered.

Currency Risk

Due to the decentralised structure of the group, characterised by local companies in the respective countries, mainly closed currency positions appear in the balance sheet. Loan financing and investments were predominantly made by the group companies in the respective country's local currency. Receivables and liabilities from business activities mainly offset each other in the same currency.

The remaining currency risk mainly results when the currency of the order deviates from the functional currency of the subsidiary.

This involves in particular orders in Eastern Europe and the CIS states which are concluded in EUR. The planned proceeds are received in the currency of the order while a substantial part of the associated costs are made in the local currency.

In order to limit the remaining currency risk and secure the calculation, derivative financial instruments, above all forward exchange operations, were transacted. As of 31 December 2011, the following hedging transactions existed for the underlying transactions mentioned below:

Currency	Expected cash-flows 2012 T€	Expected cash-flows 2013 T€	Expected cash-flows total T€	Positive mar ket value of the hedging transaction T€	Negative mar ket value of the hedging transaction T€
PLN	72,225	0	72,225	0	-1,906
Others	39,876	0	39,876	65	-573
Total	112,101	0	112,101	65	-2,479

As of 31 December 2010, the following hedging transactions existed for the underlying transactions mentioned below1):

Currency	Expected cash-flows 2011 T€	Expected cash-flows 2012 T€	Expected cash-flows total T€	Positive mar ket value of the hedging transaction T€	Negative mar ket value of the hedging transaction T€
HUF	27,770	0	27,770	1,438	-1,952
PLN	475,007	48,075	523,082	4,646	-7,239
Other	18,229	0	18,229	0	-240
Total	521,006	48,075	569,081	6,084	-9,431

Of the derivative financial instruments classified as cash-flow hedges as of 31 December 2010, T€ -12,041 were shifted from equity and recognised in the consolidated income statement in the 2011 financial year (previous year: T€ -30,680). The resulting deferred tax income amounted to T€ 2,489 (previous year: tax income of T€ 7,670).

The other liabilities contain a foreign currency derivative in the amount of T€ 7,122 (previous year: T€ 28,521).

Development of the important currencies in the group:

Currency	Exchange rate 31.12.2011: 1 € =	Average 2011: 1 € =	Exchange rate 31.12.2010: 1 € =	Average 2010: 1 € =
HUF	314.5800	280.6692	277.9500	276.5075
CZK	25.7870	24.5996	25.0610	25.2631
PLN	4.4580	4.1380	3.9750	4.0049
HRK	7.5370	7.4492	7.3830	7.2949
CHF	1.2318	1.2156	1.2504	1.37

Essentially, the Polish zloty, the Czech crown and the Hungarian forint are affected by revaluation (devaluation). A 10 % revaluation of the euro over all other currencies at 31 December 2011 would mean an increase in equity by T€ 12,266 (previous year: increase by T€ 9,136) and an increase in profit before tax T€ 12,266 (previous year: increase T€ 9,136). A devaluation compared to all other currencies would result in a corresponding decrease in equity (previous year: decrease) and a decrease of profit before tax.

The calculation is based on original and derivative foreign currency holdings in non-functional currency as of 31 December as well as underlying transactions for the next twelve months. The effect on tax resulting from changes in currency exchanges rates was not taken into consideration.

Credit Risk

The maximum risk of default of the financial assets on the balance sheet date is T€ 4,425,721 (previous year: T€ 4,335,932) and corresponds to the book values presented in the balance sheet. Thereof T€ 2,703,820 (previous year: T€ 2,613,019) involve trade receivables. Receivables from construction contracts related to consortia involve ongoing construction projects and are therefore not yet payable for the most part. Of the remaining trade receivables in the amount of T€ 1,339,630 (previous year: T€ 1,329,336), less than 1 % are overdue and not impaired.

The risk for receivables from clients can be rated as low due to the wide dispersion, a constant creditworthiness check and the presence of the public sector as an important employer.

The risk of default for other primary financial instruments shown on the assets side can also be regarded as low, as the contract partners are mainly financial institutions with the highest level of creditworthiness and/or the risk of default has been significantly reduced as a result of assumed liabilities of third parties.

Furthermore, there is a derived credit risk arising from the financial guarantee contracts (guarantees issued) of T€ 45,541 (previous year: T€ 42,754).

Financial assets are impaired item by item if the book value of the financial assets is higher than the present value of the future cashflows. This can be triggered by financial difficulties, insolvency of the client, breach of contract or significant default of payment. The impairment is composed of many individual items of which none, seen alone, is significant. In addition to the estimation of the creditworthiness risk, the relevant country risk is also taken into consideration. Graduated valuation adjustments are formed according to risk groups to take into consideration general credit risks.

Liquidity Risk

Liquidity for the STRABAG SE Group means not only solvency in the strict sense but also the availability of the necessary financial margin for mainstay business through sufficient aval lines.

To guarantee financial flexibility, liquidity reserves are kept in the form of cash and credit lines for cash and aval loans. The STRABAG SE Group keeps bilateral credit lines with banks and a syndicated aval credit line in the amount of € 2.0 billion. The overall line for cash and aval loan amounts to € 6.2 billion. The syndicated surety credit line contains covenants which were fulfilled at the balance sheet date.

The medium- and long-term liquidity needs have so far been covered by the issue of corporate bonds as well. From 2006 to 2008 respectivly 2010 every year a tranche of € 75 million respectively € 100 million each with a term to maturity of five years was issued. In May 2011, STRABAG issued a further bond in the amount of € 175 million with a term of seven years. The annual coupon interest of the bond amounts to 4.75 %. The corporate bond from the year 2006 in the amount of € 75 million was paid in June 2011. Depending on the market situation and the appropriate need, further bonds are planned.

The following payment obligations arise from the financial liabilities (interest payments based on interest rate as of 31 December and redemption) for the subsequent years:

Payment obligations as of 31.12.2011

	Carrying values 31.12.2011 T€	Cash-flows 2012 T€	Cash-flows 2013–2016 T€	Cash-flows after 2016 T€
Financial liabilities
Bonds	445,000	97,587	256,395	191,625
Bank borrowings	1,235,510	443,992	424,295	538,108
Liabilities from financial leasing	46,742	11,147	34,633	11,296
Other liabilities	4,705	0	4,800	0
	1,731,957	552,726	720,123	741,029

Payment obligations as of 31.12.2010

	Carrying values 31.12.2010 T€	Cash-flows 2011 T€	Cash-flows 2012–2015 T€	Cash-flows after 2015 T€
Financial liabilities
Bonds	345,000	93,211	302,458	0
Bank borrowings	1,146,739	197,803	538,032	602,386
Liabilities from financial leasing	62,892	20,567	35,205	17,754
Other liabilities	4,521	0	4,800	0
	1,559,152	311,581	880,495	620,140

The trade payables and the other liabilities (see item 22) essentially lead to cash outflows in line with the maturity at the amount of the book values.

(27) Segment Reporting

The rules of IFRS 8 Operating Segments, apply to the segment reporting. IFRS 8 prescribes defining the segments and reporting the earnings on the basis of the internal reporting (Management Approach). Segment assets are not disclosed as these do not form part of the regular internal reporting.

Internal reporting at STRABAG is based on the dedicated management board functions Building Construction & Civil Engineering, Transportation Infrastructures, Special Divisions & Concessions and the Central Business Units, which represent the group's segments. The settlement between the single segments is made at arm's-length prices.

The segment reporting comprises the following business fields:

Building Construction & Civil Engineering

In the field of Building Construction, both classical building services as well as turnkey building projects are executed as part of the mainstay business. The range of construction services in this field includes housing; commercial and industrial facilities such as shopping centres, business parks, office buildings, hotels, airports and railway stations; public buildings such as hospitals, universities, schools and other public buildings; the production of prefabricated elements; and steel-girder and facade construction.

In particular medium-sized and large-scale projects – predominantly for private clients – form the core of the business activities. Regional organisational units work the respective local markets and are active as self-contained and independent profit centres.

Civil Engineering activities include the construction of bridges and power plants. Environmental engineering activities – including the construction of landfills, waste treatment plants, and waste water collection and treatment systems, as well as the regeneration of polluted soils and industrial sites – are handled by the Civil Engineering business field as well.

Transportation Infrastructures

This business field covers mainly asphalt and concrete road construction in the group's relevant country markets. Other services encompassed by the Road Construction division include the remaining activities attributable to civil engineering, e.g. earthmoving, sewer engineering and pipeline construction, smaller and medium-sized engineering-related concrete structures, and paving. The Road Construction segment further comprises the construction of large-area works such as runways and taxiways, landing fields for airports, reloading and parking facilities, sport and recreation facilities and railway structures.

The production of asphalt, concrete and other construction materials, as well as bitumen trading, are important parts of the Road Construction segment as well. The construction materials business includes a dense network of asphalt and concrete mixing facilities, as well as excellent access to raw materials (in particular gravel pits and quarries).

Since 1 January 2011, the special foundation engineering and offshore wind activities, which had previously been grouped in the Special Divisions & Concessions segment, have been bundled in the Transportation Infrastructures segment. For the sake of comparison, the previous year's figures were adjusted to match the new structure.

Unlike is the case with projects handled by the Civil Engineering division, the services in this business field are carried out by smaller, local organisational units working a limited, regional market as independent profit centres.

Special Divisions & Concessions

This segment comprises tunnelling, project developments and other construction-related services such as property and facility management. The segment also includes the non-European operational project business of all divisions.

The range of Tunnelling services includes the construction of road and railway tunnels as well as underground galleries and chambers with various technology. Tunnelling work is done employing both cyclical and continuous driving. Projects around the world are managed and executed by central organisational units.

The concessions business field encompasses those project development contracts around the world which include all integrated services such as financing, operation, marketing and utilisation, as well as the usual construction services, within the framework of a value-added chain in an overall project. Services include infrastructure projects (e.g. traffic, energy), as well as building projects for office and commercial properties or hotels.

Other

This segment comprises the central business units and central staff units, which handle services in the areas of accounting, group financing, technical development, machine management, quality management, logistics, legal affairs, contract management and more.

Segment reporting for the financial year 2011

	Building Construction and Civil Engineering 2011 T€	Transpor tation Infra structures 2011 T€	Special Divisions & Concessions 2011 T€	Other 2011 T€	Reconci liation to IFRS Financial Statements 2011 T€	Total 2011 T€
Output Volume	5,142,162	6,701,199	2,315,278	167,212		14,325,851
Revenue	4,968,210	6,211,242	2,500,224	34,128	0	13,713,804
Inter-segment revenue	228,188	102,468	0	831,283
EBIT	179,088	60,517	108,702	685	-14,207	334,785
-thereof share of profit or loss of associates	0	-38,213	3,676	0	0	-34,537
Interest and similar income	0	0	0	112,311	0	112,311
Interest expense and similar charges	0	0	0	-103,767	0	-103,767
Profit before tax	179,088	60,517	108,702	9,229	-14,207	343,329
Investments in property, plant and equipment, and in intangible assets	0	0	455	476,695	0	477,150
Depreciation and amortisation	3,530	12,766	19,166	376,084	0	411,546
-thereof extraordinary depre ciation and amortisation	3,386	12,766	15,000	15,349	0	46,501

Segment reporting for the financial year 2010

	Building Construction and Civil Engineering 2010 T€	Transpor tation Infra structures 2010 T€	Special Divisions & Concessions 2010 T€	Other 2010 T€	Reconci liation to IFRS Financial Statements 2010 T€	Total 2010 T€
Output Volume	4,279,067	5,989,988	2,337,796	170,149		12,777,000
Revenue	3,975,839	5,836,997	2,526,822	41,879	0	12,381,537
Inter-segment revenue	141,672	109,137	0	774,870
EBIT	153,766	178,892	-10,851	873	-23,729	298,951
-thereof share of profit or loss of associates	0	30,653	1,733	0	0	32,386
Interest and similar income	0	0	0	78,709	0	78,709
Interest expense and similar charges	0	0	0	-98,386	0	-98,386
Profit before tax	153,766	178,892	-10,851	-18,804	-23,729	279,274
Investments in property, plant and equipment, and in intangible assets	0	0	0	553,843	0	553,843
Depreciation and amortisation	6,893	27,643	19,691	381,515	0	435,742
-thereof extraordinary depre ciation and amortisation	6,893	27,643	15,000	22,215	0	71,751

Reconciliation of the Sum of the Segment Earnings to profit before Tax according to IFRS Financial Statements

Income and expense in the internal reporting are essentially shown in accordance with IFRS. An exception is income taxes, including those applicable to deferred tax, which are not considered in the internal reporting.

The basis for the internal reporting is formed by all subsidiaries. In the IFRS financial statements, earnings from companies which were not fully consolidated or reported using the equity method are recognised in conformity with dividends, transfer of earnings and/or depreciation and amortisation. For this reason, the internal reporting does not conform 100 % with EBIT in regards to profit before tax in the consolidated financial statements in terms of the investment result.

Other minor differences result from the other consolidation entries.

Reconciliation of the internal reporting to IFRS Financial Statements is allocated as follows:

	2011 T€	2010 T€
Investment income	-12,084	-17,927
Other consolidations	-2,123	-5,802
Total	-14,207	-23,729

Breakdown of revenue by geographic region

	2011 T€	2010 T€
Germany	5,665,813	5,113,787
Austria	2,254,189	2,114,846
Other Europe	5,256,352	4,515,675
Other World	537,450	637,229
Total	13,713,804	12,381,537

Presentation of revenue by region is done according to the company's registered place of business.

(28) Notes on Related Parties

The core shareholders of STRABAG SE are the Haselsteiner-Group, as well as the Raiffeisen-Holding NÖ-Wien Group, the UNIQA Group and Rasperia Trading Limited, owned by Russian businessman Oleg Deripaska.

The core shareholder Rasperia Trading Limited holds one registered share. The company sold its previous interest of 25 % to the other core shareholders. On 30 November 2010, Rasperia bought back 17 % of the shares and the option to purchase the remaining 8 % was extended until July 2014. The syndicate agreement remains unchanged, with Rasperia remaining part of the syndicate.

Arm's-length finance and insurance transactions exist with the Raiffeisen Holding NÖ-Wien Group and the UNIQA Group.

BASIC Element

The Basic Element Group, a group with numerous industrial holdings, among other things in the area of construction, raw materials and infrastructure, is owned by Russian businessman Oleg Deripaska. A cooperating agreement lays out the principles for joint operating cooperation in Russia and the CIS states between the STRABAG SE Group and the Basic Element Group.

Russian construction company Glavstroy Corporation, a member of the Basic Element Group, commissioned STRABAG to build the Olympic village in Sochi, Russia. The order includes the construction of residences and hotels ahead of the 2014 Winter Olympics and has a value of about € 350 million. The contract was signed in 2010. The construction works began in 2011 and are scheduled for completion in 2013. An advance payment in the amount of € 75 million was received in 2011, for which the services have not yet been provided in their entirety.

To consolidate and expand the business in Russia, STRABAG made in 2010 an advance payment, secured by a bank guarantee, of € 70 million for a 26 % stake in the leading Russian road construction company Transstroy, part of the diversified industrial holding Basic Element. STRABAG will take the time for a thorough due diligence of Transstroy, which posted revenues of RUB 39 billion in 2009, before the parties agree on a transaction and on the final purchase price. The advance payment is reported under other financial assets.

IDAG

IDAG Immobilienbeteiligung u. Development GmbH is entirely held by private foundations whose beneficiaries are the Haselsteiner Group and the Raiffeisen-Holding NÖ-Wien Group. It is the business purpose of IDAG Immobilienbeteiligung u. -Development GmbH to develop property and to participate in property projects.

STRABAG's office buildings in Vienna and Graz are held in the real estate portfolio of subsidiaries of IDAG Immobilienbeteiligung u. -Development GmbH. The buildings are let to and in part sublet by STRABAG SE at the usual market conditions. Rental costs arising from both buildings in the 2011 financial year amounted to T€ 7,512 (previous year: T€ 7,191). Other services in the amount of T€ 1,064 (previous year: T€ 1,317) were obtained from the IDAG Group.

Furthermore, revenues of about € 1.2 million (previous year: about € 2.2 million) were made with IDAG Immobilienbeteiligung u. –Development GmbH in the 2011 financial year. At the balance sheet date of 31 December 2011, the STRABAG SE Group had receivables from rental deposits amounting to around € 20.0 million (previous year: € 18.8 million) from IDAG Immobilienbeteiligung u. -Development GmbH.

Associates

In September 2003, Raiffeisen evolution project development GmbH, a joint project development company, was founded together with R.B.T. Beteiligungsgesellschaft m.b.H, "URUBU" Holding GmbH (both Raiffeisen group) and UNIQA Beteiligungs-Holding GmbH.

Raiffeisen evolution project development GmbH bundles project developments in building construction activities of the shareholders (excluding Germany and Benelux). STRABAG SE is employed in the construction work on the basis of arm's-length contracts. In 2011 revenues of about € 42.3 million (previous year: € 21.5 million) were made.

The shareholders of the Raiffeisen evolution project development GmbH have basically agreed to proportionally accept any obligations arising from the project developments.

Lafarge Cement CE Holding bundles the cement activities of Lafarge, a market leader in construction materials manufacturing, and STRABAG in the countries of Central and Eastern Europe. The joint activities aim at maintaining a commensurate cement supply in the group's core countries. In 2011, STRABAG procured cement services worth about € 6 million from Lafarge. Per balance sheet date, there were liabilities to Lafarge Cement CE Holding GmbH in the amount of € 0.5 million.

The business transactions with the other associates can be presented as follows:

	2011 T€	2010 T€
Work and services performed	19,153	27,929
Work and services received	43,874	22,736
Receivables as of 31.12.	11,020	13,450
Liabilities as of 31.12.	2	13

The business transactions with the management board members and the first management level (management in key positions) and with their family members and companies which are controlled by the management in key positions or decisively influenced by them are represented as follows:

	2011	2010
	T€	T€
Work and services performed	23,472	6,662
Work and services received	5,050	2,504
Receivables as of 31.12.	16,118	4,841
Liabilities as of 31.12.	42	229

The total salaries including any severance and pension payments for the first management level amounted to T€ 19,273 in the year under report (previous year: T€ 20,666).

(29) Notes on the Management and Supervisory Boards

Management Board

Dr. Hans Peter HASELSTEINER (Chairman) Ing. Fritz OBERLERCHNER (Vice Chairman) Dr. Thomas BIRTEL Dr. Peter KRAMMER Mag. Hannes TRUNTSCHNIG DI Siegfried WANKER

Supervisory Board

Dr. Alfred GUSENBAUER (Chairman) Mag. Erwin HAMESEDER (Vice Chairman) Andrei ELINSON Mag. Kerstin GELBMANN Dr. Gottfried WANITSCHEK Ing. Siegfried WOLF

DI Andreas BATKE (works council) Miroslav CERVENY (works council) Magdolna P. GYULAINÉ (works council) Wolfgang KREIS (works council) Gerhard SPRINGER (works council)

The total salaries of the management board members in the financial year amount to T€ 7,442 (previous year: T€ 7,798). The severance payments for management board members amount to T€ 14 (previous year: T€ 531).

The remunerations for the supervisory board members in the amount of T€ 135 (previous year: T€ 135) are included in the expenses. Neither the management board members nor the supervisory board members of STRABAG SE received advances or loans.

(30) Other Notes

The expenses for the auditor, KPMG Austria GmbH, incurred in the financial year amount to T€ 1,168 (previous year: T€ 1,107) of which T€ 1,052 (previous year: T€ 1,042) were for the audit of the consolidated financial statements (including the audit of separate financial statements of group companies) and T€ 116 (previous year: T€ 65) for other services.

(31) Date of authorisation for issue

In Austrian companies organised as corporations limited by shares, the consolidated financial statements prepared by the management board are approved by the supervisory board. The STRABAG SE supervisory board meeting for the approval of the consolidated financial statements for the year ended 31 December 2011 will take place on 26 April 2012.

(32) Events after the Balance Sheet Date

No significant events occurred after the close of the financial year.

Villach, 10 April 2012

Management Board

Dr. Hans Peter Haselsteiner Chairman of the Management Board Responsibilities for Central Staff Units, BMTI 01, BRVZ 02, TPA 04, BLT 05 Central Division and Technical Responsibilities for Building Construction & Civil Engineering of Russia and Neighbouring Countries

Ing. Fritz Oberlerchner Vice Chairman Technical Responsibilities for Transportation Infrastructures

Dr. Peter Krammer Technical Responsibilities for Building Construction & Civil Engineering (excluding Russia and Neighbouring Countries)

DI Siegfried Wanker Technical Responsibilities for Special Divisions & Concessions

Dr. Thomas Birtel Commercial Responsibilities for Building Construction & Civil Engineering

Mag. Hannes Truntschnig Commercial Responsibilities for Transportation Infrastructures and Special Divisions & Concessions

List of Participations 31.12.2011

		Consoli	Direct stake
Company	residence	dation1)	%
"A-WAY Infrastrukturprojektentwicklungs- und -betriebs GmbH"	Spittal an der Drau	VK	100.00
"Baltic Business Centre" Sp.z o.o.	Gdynia	NK	38.00
"Crnagoraput" AD, Podgorica	Podgorica	VK	89.98
"DOMIZIL" Bauträger GmbH	Wien	VK	100.00
"Filmforum am Bahnhof" Errichtungs- und Betriebsgesellschaft m.b.H.	Wien	VK	100.00
"Geschäfts- und Bürohaus Sterneckstraße Errichtungs- und Betriebs GmbH"	Wien	NK	100.00
"GfB" Gesellschaft für Bauwerksabdichtungen mbH	Kobern-Gondorf	VK	100.00
"Granite Mining Industries" Sp.z o.o.	Braslau	NK	100.00
"HEILIT+WOERNER" Budowlana Sp.z o.o.	Breslau	VK	100.00
"IT" Ingenieur- und Tiefbau GmbH	Kobern	NK	100.00
"Kabelwerk" Bauträger GmbH	Wien	NK	25.00
"LSH"-Fischer Baugesellschaft m.b.H.	Linz	NK	100.00
"MATRA OAZIS" Oktatasi, Üdültetesi es Vendeglato KKT.	Gyöngyöstarjan	NK	53.37
"Mineral 2000" EOOD	Sofia	NK	100.00
"Moebius - Bau Polska" Sp.z o.o.	Szczecin	NK	100.00
"Northern Capital Express" Limited Liability Company	Moskau	NK	25.00
"PUTEVI" A.D. CACAK	Cacak	VK	85.02
"SBS Strabag Bau Holding Service GmbH"	Spittal an der Drau	VK	100.00
"Strabag Azerbaijan" L.L.C.	Baku	VK	100.00
"Strabag" d.o.o. Podgorica	Podgorica	NK	100.00
"VULKANKÖ" KFT.	Keszthely	NK	50.39
"Wiebau" Hoch-,Tief- und Strassenbau- Gesellschaft m.b.H.	Gerasdorf bei Wien	NK	100.00
"Wiener Heim" Wohnbaugesellschaft m.b.H.	Wien	VK	100.00
"Wohngarten Sensengasse" Bauträger GmbH	Wien	VK	55.00
"Zentrum Puntigam" Errichtungs- und Betriebsgesellschaft m.b .H.	Wien	NK	50.00
"Zipp Ukraine"	Cholmok	NK	100.00
2.Züblin Vorrats GmbH	Stuttgart	NK	100.00
A.S.T. Bauschuttverwertung GmbH & Co KG	Klagenfurt	NK	66.67
A.S.T. Bauschuttverwertung GmbH	Klagenfurt	NK	66.67
A2 Bau-Development GmbH in Liqu.	Spittal an der Drau	NK	50.00
A2 Strada Sp.z o.o.	Warschau	VK	100.00
AB Frischbeton Gesellschaft m.b.H.	Wien	NK	100.00
ABO Asphalt-Bau Oeynhausen GmbH	Oeynhausen	NK	22.50
ABR Abfall Behandlung und Recycling GmbH	Schwadorf	VK	100.00
ADI Asphaltmischwerke Donau-Iller GmbH & Co. KG	Inzigkofen	NK	63.21
ADI Asphaltmischwerke Donau-Iller VerwaltungsgesmbH	Inzigkofen	NK	63.20
AFRITOL (PROPRIETARY) LIMITED	Pretoria	NK	100.00
AGS Asphaltgesellschaft Stuttgart GmbH & Co.Kommanditgesellschaft	Stuttgart	NK	40.00
AGS Asphaltgesellschaft Stuttgart Verwaltungs-GmbH	Stuttgart	NK	40.00
AKA Zrt.	Budapest	VK	100.00
AKA-FinCo Zrt.	Budapest	NK	100.00
AKA-HoldCo Zrt.	Budapest	NK	100.00
Akilore Grundstücksverwaltungsges. mbH & Co. Vermietungs KG	Wiesbaden	NK	94.00
AL SRAIYA - STRABAG Road & Infrastructure WLL	Doha	NK	49.00
A-Lanes A15 Holding B.V.	Nieuwegein	NK	24.00
A-Lanes Management Services B.V.	Utrecht	NK	25.00
Al-Hani General Construction Co.	Tripolis	NK	60.00
Alpines Hartschotterwerk Georg Kässbohrer & Sohn GmbH & Co. KG	Senden	VK	100.00
AMA Asphalt-Mischwerke GmbH	Königsbrunn	NK	45.00
AMB Asphalt-Mischanlagen Betriebsgesellschaft m.b.H.& Co.KG	Zistersdorf	NK	40.00
AMB Asphalt-Mischanlagen	Zistersdorf
Betriebsgesellschaft m.b.H.	Maustrenk	NK	40.00
AMB Asphaltmischwerke Bodensee GmbH & Co KG	Singen (Hohentwiel)	EK	24.80
AMG Asphalt-Mischwerk Garbsen Verwaltungsgesellschaft mbH	Berlin	NK	25.00
AMG Asphaltmischwerk Gunskirchen Gesellschaft m.b.H.	Linz	NK	33.33
AMG-Asphaltmischwerk Gunskirchen Gesellschaft m.b.H. & Co.KG	Linz	NK	33.33
AMH Asphaltmischwerk Hauneck GmbH & Co. KG	Hauneck	EK	50.00
AMH Asphaltmischwerk Hauneck Verwaltungs GmbH	Hauneck	NK	50.00
AMH Asphaltmischwerk Hellweg GmbH	Erwitte	EK	30.50

		Consoli	Direct stake
Company	residence	dation1)	%
AML - Asphaltmischwerk Limberg Gesellschaft m.b.H.	Limberg	NK	50.00
AMS-Asphaltmischwerk Süd Gesellschaft m.b.H.	Linz	NK	35.00
AMSS Asphaltmischwerke Sächsische Schweiz GmbH & Co. KG	Dresden	NK	24.00
AMSS Asphaltmischwerke Sächsische Schweiz Verwaltungs GmbH	Dresden	NK	24.00
AMWE-Asphaltmischwerke GmbH & Co. KG in Schwerin	Consrade	NK	49.00
AMWE-Asphaltmischwerke GmbH	Schwerin	NK	49.00
Anton Beirer Hartsteinwerke GmbH & Co KG	Pinswang	NK	50.00
ANTREPRIZA DE REPARATII SI LUCRARI A R L CLUJ S.A.	Cluj-Napoca	VK	100.00
Arena Development	Hasselt	NK	50.00
ARP Asphaltmischwerke Rheinhessen-Pfalz GmbH & Co. KG	Sprendlingen	NK	100.00
ARP Asphaltmischwerke Rheinhessen-Pfalz Verwaltungs-GmbH	Sprendlingen	NK	100.00
Asamer & Hufnagl Baustoff Holding Wien GmbH & Co.KEG	Wien	NK	30.00
ASAMER Baustoff Holding Wien GmbH	Wien	NK	30.00
ASB Bau GmbH & Co KG	Inzigkofen	NK	50.00
ASB Transportbeton GmbH & CO.KG	Osterweddingen	NK	50.00
ASF Frästechnik GmbH & Co KG	Kematen	NK	40.00
ASF Frästechnik GmbH	Kematen	NK	40.00
Asfalt Slaski Wprinz Sp.z o.o.	Rybnik	NK	51.00
ASG INVEST N.V.	Genk	NK	25.00
ASIA Center Kft.	Budapest	VK	100.00
Asphalt & Beton GmbH	Spittal an der Drau	VK	100.00
Asphalt Straßenbau Verwaltungs-GmbH	Inzigkofen	NK	50.00
Asphaltmischwerk Bendorf GmbH & Co. KG	Bendorf	NK	49.00
Asphaltmischwerk Bendorf Verwaltung GmbH	Bendorf	NK	49.00
Asphaltmischwerk Betriebsgesellschaft m.b.H. & Co KG	Rauchenwarth	NK	20.00
Asphaltmischwerk Betriebsgesellschaft m.b.H.	Rauchenwarth	NK	20.00
Asphaltmischwerk Bodensee Verwaltungs GmbH	Singen (Hohentwiel)	NK	24.80
Asphaltmischwerk Düsseldorf GmbH & Co.KG	Neuss	EK	24.50
Asphaltmischwerk Düsseldorf Verwaltungs GmbH	Düsseldorf	NK	24.50
Asphaltmischwerk Garbsen GmbH & Co. KG	Berlin	NK	25.00
Asphaltmischwerk Greinsfurth GmbH & Co OG	Amstetten	NK	25.00
Asphaltmischwerk Greinsfurth GmbH	Amstetten	NK	25.00
Asphaltmischwerk Rieder Vomperbach GmbH& Co KG	Innsbruck	NK	60.00
Asphaltmischwerk Rieder Vomperbach GmbH	Innsbruck	NK	60.00
Asphaltmischwerk Steyregg GmbH & Co KG	Linz	NK	60.00
Asphaltmischwerk Steyregg GmbH	Steyregg	NK	60.00
Asphaltmischwerk Zeltweg Gesellschaft m.b.H.	Steyr	NK	100.00
Asphalt-Mischwerke-Hohenzollern GmbH & Co. KG	Inzigkofen	EK	36.50
Asphalt-Mischwerke-Hohenzollern VerwaltungsgesmbH	Inzigkofen	NK	36.50
ASTRA-BAU Gesellschaft m.b.H. Nfg. OG	Bergheim	NK	50.00
Astrada AG	Subingen	VK	100.00
AStrada Development SRL	Bukarest	NK	70.00
Atlas Tower GmH & Co. KG	Köln	NK	100.00
AUSTRIA ASPHALT GmbH & Co OG	Spittal an der Drau	VK	100.00
AUSTRIA ASPHALT GmbH	Spittal an der Drau	NK	100.00
AUT Grundstücksverwaltungsgesellschaft mbH	Stuttgart	NK	40.00
Autocesta Zagreb-Macelj d.o.o.	Krapina	EK	51.00
A-WAY ITE Zrt.	Újhartyán	NK	50.00
AWB Asphaltmischwerk Büttelborn GmbH & Co. KG	Büttelborn	NK	50.00
AWB Asphaltmischwerk Büttelborn Verwaltungs-Gesellschaft mit beschränkter Haftung	Büttelborn	NK	50.00
AWH Asphaltwerk Haßberge GmbH	Haßfurt	NK	24.90
AWK Asphaltmischwerk Könnern GmbH	Könnern	NK	26.25
AWM Asphaltwerk Mötschendorf Gesellschaft m.b.H.	Graz	NK	50.00
AWM Asphaltwerk Mötschendorf GmbH & Co.KG	Graz	NK	50.00
AWR Asphalt-Werke Rhön GmbH	Röthlein	NK	24.90
B + R Baustoff-Handel und -Recycling Köln GmbH	Köln	NK	100.00
BA GebäudevermietungsgmbH	Wien	NK	29.00
BASALT-KÖZÉPKÖ Köbányák Kft	Uzsa	NK	25.14
Bau Holding Beteiligungs AG	Spittal an der Drau	VK	100.00
Bauer Deponieerschließungs- und Verwertungsgesellschaft m.b.H.	Fischamend	NK	100.00
Baugesellschaft "Negrelli" Ges.m.b.H.	Wien	NK	100.00
Baugesellschaft Nowotnik GmbH	Nörvenich	VK	100.00
Baukontor Gaaden Gesellschaft m.b.H.	Gaaden	VK	100.00

			Direct
Company	residence	Consoli dation1)	stake %
Baumann & Burmeister GmbH	Halle/Saale	VK	100.00
Bauträgergesellschaft Olande mbH	Hamburg	VK	51.00
Bauunternehmung Ohneis Gesellschaft mit beschränkter Haftung	Straubing	VK	100.00
Bayerische Asphaltmischwerke Gesellschaft mit beschränkter Haftung	Hofolding	NK	48.29
Bayerische Asphaltmischwerke GmbH & Co.KG für Straßenbaustoffe	Hofolding	EK	48.33
BAYSTAG GmbH	Wilpoldsried	NK	100.00
Baytürk Grup Insaat Ithalat, Ihracat ve Ticaret Limited Sirketi	Ankara	NK	100.00
BBO Bauschuttaufbereitung Verwaltungsgesellschaft mbH	Steißlingen	NK	33.33
BBO Bodensee/Hegau Bauschuttaufbereitung GmbH & Co. KG	Steißlingen	NK	20.00
BBO Bodenseekreis Bauschuttaufbereitung GmbH & Co. KG	Steißlingen	NK	25.00
BBS Baustoffbetriebe Sachsen GmbH	Hartmannsdorf	VK	100.00
becker bau GmbH	Bornhöved	VK	100.00
becker Verwaltungsgesellschaft mbH	Bornhöved	NK	100.00
Beijing Züblin Equipment Production Co., Ltd.	Beijing	NK	100.00
Belagswerk Sternenfeld GmbH	Basel	NK	100.00
BES BioEnergie für Spittal GmbH	Spittal/Drau	NK	26.00
Betobeja Empreendimentos Imobiliarios, Lda	Beja	NK	100.00
Beton AG Bürglen	Bürglen TG	NK	65.60
Beton Pisek spol. s.r.o.	Pisek	NK	50.00
Betun Cadi SA	Trun	NK	35.00
BFB Behmann Feuerfestbau GmbH	Bremen	VK	100.00
BHG Bitumen Adria d.o.o.	Zagreb	NK	100.00
BHG Bitumen d.o.o. Beograd	Belgrad	NK	100.00
BHG Bitumen Kft.	Budapest	VK	100.00
BHG Bitumenhandelsgesellschaft mbH	Hamburg	VK	100.00
BHG COMERCIALIZARE BITUM S.R.L.	Bukarest	NK	100.00
BHG CZ s.r.o.	Ceské Budejovice	VK	100.00
BHG SK s.r.o.	Bratislava	NK	100.00
BHG Sp.z o.o.	Warschau	VK	100.00
BHV GmbH Brennstoffe - Handel - Veredelung	Lünen	NK	100.00
Bin Aweida - von der Wettern LLC i.L.	Dubai	NK	30.00
Biomasseverwertung Großwilfersdorf GmbH	Großwilfersdorf	NK	50.10
Bipp Asphalt AG	Niederbipp	NK	20.00
Bitumen Handelsgesellschaft m.b.H. & Co KG	Loosdorf	VK	100.00
Bitumen Handelsgesellschaft m.b.H.	Wien	NK	100.00
Bitumenka-Asfalt d.o.o. i.L.	Sarajevo	NK	51.00
BITUNOVA Baustofftechnik Gesellschaft m.b.H.	Spittal an der Drau	VK	100.00
BITUNOVA GmbH	Düsseldorf	VK	100.00
Bitunova Kft.	Budapest	VK	100.00
Bitunova Romania SRL	Bukarest	VK	100.00
Bitunova spol. s r.o.	Jihlava	VK	100.00
BITUNOVA UKRAINA TOW	Brovary	NK	60.00
BKB AG	Weinfelden	NK	100.00
Blees-Kölling-Bau GmbH	Köln	VK	100.00
BLT Sp.z o.o.	Warszawa	NK	100.00
BMTI - Tehnica Utilajelor Pentru Constructii SRL	Bukarest	NK	100.00
BMTI BENELUX	Antwerpen	NK	100.00
BMTI CR s.r.o.	Brünn	VK	100.00
BMTI d.o.o. Beograd	Novi Beograd	NK	100.00
BMTI d.o.o.	Zagreb	NK	100.00
BMTI GmbH	Erstfeld	VK	100.00
BMTI Kft.	Budapest	VK	100.00
BMTI Polska Sp.z o.o.	Pruszkow	VK	100.00
BMTI SK, s.r.o.	Bratislava	NK	100.00
BMTI-Baumaschinentechnik International GmbH	Köln	VK	100.00
BMTI-Baumaschinentechnik International GmbH	Trumau	VK	100.00
Bodensanierung Bischofswerda GmbH	Stuttgart	NK	100.00
Bodensee - Moränekies Gesellschaft mit
beschränkter Haftung & Co. Kommanditgesellschaft Tettnang	Tettnang	EK	33.33
BOHEMIA ASFALT, s.r.o.	Sobeslav	VK	100.00
Borag AG in Liquidation	Zürich	NK	100.00
BPM Bau Prozess Management GmbH	Wien	VK	100.00
Breitenthaler Freizeit Beteiligungsgesellschaft mbH	Breitenthal	NK	50.00
Breitenthaler Freizeit GmbH & Co. KG	Breitenthal	NK	50.00

			Direct
Company	residence	Consoli dation1)	stake %
BrennerRast GmbH	Wien	VK	100.00
BrennerWasser GmbH	Wien	NK	100.00
Brnenska Obalovna, s.r.o.	Brünn	NK	50.00
Brunner Erben AG	Zürich	VK	100.00
Brunner Erben Holding AG	Zürich	VK	100.00
BRVZ Bau- Rechen- u. Verwaltungszentrum Gesellschaft m.b.H.	Spittal an der Drau	VK	100.00
BRVZ Bau- Rechen- und Verwaltungszentrum GmbH	Köln	VK	100.00
BRVZ Bau-, Rechen- und Verwaltungszentrum AG	Erstfeld	VK	100.00
BRVZ BENELUX	Antwerpen	NK	100.00
BRVZ center za racunovodstvo in upravljanje d.o.o.	Ljubljana	VK	100.00
BRVZ d.o.o. Beograd	Novi Beograd	NK	100.00
BRVZ d.o.o.	Zagreb	VK	100.00
BRVZ EOOD	Sofia	NK	100.00
BRVZ Kft.	Budapest	VK	100.00
BRVZ s.r.o.	Bratislava	VK	100.00
BRVZ s.r.o.	Prag	VK	100.00
BRVZ SERVICII & ADMINISTRARE SRL	Bukarest	VK	100.00
BRVZ Sp.z o.o.	Warschau	VK	100.00
BRVZ SRL	Bologna	NK	100.00
BRVZ Sweden AB	Kumla	VK	100.00
BRVZ-Contabilidade, Organizacao,
Representacao e Administracao de Empresas,S.U.,Lda	Lissabon	NK	100.00
BRW Baustoff-Recycling GmbH & Co KG	Wesseling	NK	25.00
BSB Betonexpress Verwaltungsges.mbH	Berlin	NK	100.00
BS-Baugeräte-Service GmbH & Co.KG i.I.	Augsburg	NK	25.00
BS-Baugeräte-Service Verwaltungsgesellschaft mbH i.I.	Augsburg	NK	25.00
BSS Tunnel- & Montanbau GmbH	Bern	NK	100.00
Bug-Alu Technic GmbH	Köln	NK	100.00
Bug-AluTechnic GmbH	Wien	VK	100.00
BULGARIA ASFALT EOOD	Sofia	NK	100.00
Büro-Center Ruppmannstraße GmbH	Stuttgart	NK	50.00
BUSINESS BOULEVARD Errichtungs- und Betriebs GmbH	Wien	NK	100.00
BVHS Betrieb und Verwaltung von Hotel- und Sportanlagen GmbH	Berlin	NK	100.00
C.S. BITUNOVA spol. s.r.o.	Zvolen	VK	100.00
C.S.K.K. 2009. Kft.	Budapest	NK	30.00
Carb SA	Brasov	VK	99.47
Center Communication Systems GmbH	Mägenwil	NK	100.00
Center Communication Systems GmbH	Wien	VK	100.00
Center Communication Systems SPRL	Diegem	NK	100.00
Center Systems Deutschland GmbH	Ditzingen	NK	100.00
CESTAR d.o.o.	Slavonski Brod	VK	74.90
Chustskij Karier	Zakarpatska	VK	95.96
CLS Construction Legal Services GmbH	Köln	VK	100.00
CLS Construction Legal Services GmbH	Wien	NK	100.00
CLS CONSTRUCTION SERVICES s. r. o.	Bratislava	NK	100.00
CLS CONSTRUCTION SERVICES s.r.o.	Prag	NK	100.00
CLS Kft.	Budapest	NK	100.00
CLS Legal Sp.z o.o.	Nowy Tomysl	NK	100.00
Clubdorf Sachrang Betriebs GmbH	Köln	NK	100.00
Colonius Carrée Entwicklungsgesellschaft mbH	Köln	NK	100.00
Constrovia Construcao Civil e Obras Publicas Lda.	Lissabon	NK	95.00
Cosima Grundstücksverwaltungsgesellschaft mbH & Co. Objekt Beta KG	Pullach i. Isartal	NK	94.00
Cottbuser Frischbeton GmbH	Cottbus	NK	100.00
Crna Glava Seona d.o.o.	Nasice	NK	51.00
CROATIA ASFALT d.o.o.	Zagreb	NK	100.00
CSE Centrum-Stadtentwicklung GmbH i.L.	Köln	NK	50.00
Dalnicni stavby Praha, a.s.	Prag	VK	100.00
DAM Deutzer Asphaltmischwerke GmbH & Co. KG	Köln	NK	33.90
DAM Deutzer Asphaltmischwerke Verwaltungs-GmbH	Köln	NK	33.90
DARWO TRADING NO 14 (PTY) LIMITED	Pretoria	NK	50.00
DBR Döbelner Baustoff und Recycling GmbH	Taucha	NK	50.00
DELTA-PRID Sp.z o.o.	Ciechanow	NK	56.00
Demirtürk Uluslararasi Insaat, Ithalat, Ihracat ve Ticaret Sirketi	Ankara	NK	100.00
Deutsche Asphalt GmbH	Köln	VK	100.00

			Direct
Company	residence	Consoli dation1)	stake %
Diabaswerk Nesselgrund GmbH & Co KG	Floh-Seligenthal	NK	20.00
Diabaswerk Nesselgrund Verwaltungs-GmbH	Floh-Seligenthal	NK	20.00
Diabaswerk Saalfelden	Saalfelden am
Gesellschaft m.b.H.	Stein.Meer	VK	100.00
Dialnicne stavby Slovensko, s.r.o.	Bratislava	NK	100.00
DIMMOPLAN Verwaltungs GmbH	Stuttgart	NK	100.00
DIRECTROUTE (FERMOY) CONSTRUCTION LIMITED	Dublin	NK	25.00
DIRECTROUTE (LIMERICK) CONSTRUCTION LIMITED	Fermoy	NK	40.00
DIRECTROUTE (LIMERICK) HOLDINGS LIMITED	Fermoy	EK	20.00
Donnersberger Höfe Kita GmbH	Düsseldorf	NK	65.00
Donnersberger Höfe Ost GmbH	Düsseldorf	VK	65.00
Donnersberger Höfe West GmbH	Düsseldorf	VK	65.00
Dordrecht Diensten B.V.	Dordrecht	NK	100.00
Dreßler Bauträger GmbH & Co. "Erlenbach"-Objekt KG	Aschaffenburg	NK	50.00
DRP, d.o.o.	Ljubljana	VK	100.00
DRUMCO SA	Timisoara	VK	70.00
DYWIDAG & Partner LLC	Oman	NK	65.00
Dywidag (Malaysia) Sdn. Bhd.	Kuala Lumpur	NK	100.00
DYWIDAG Bau GmbH	München	VK	100.00
Dywidag Construction Corporation	Vancouver	NK	100.00
DYWIDAG Guinea Ecuatorial Sociedad Limitada	Mongomeyen	NK	65.00
Dywidag Insaat Limited Sirketi	Ankara	NK	100.00
DYWIDAG International GmbH	München	VK	100.00
Dywidag LNG Korea Chusikhoesa	Seoul	NK	100.00
DYWIDAG Romania S.R.L	Bukarest	NK	100.00
Dywidag Saudi Arabia Co. Ltd.	Jubail	VK	100.00
DYWIDAG Schlüsselfertig und Ingenieurbau GmbH	München	NK	100.00
DYWIDAG Verwaltungsgesellschaft mbH	München	NK	50.00
DYWIDAG-Holding GmbH	Köln	VK	100.00
DYWIDAG-Service-GmbH Gebäude- und Anlagenmanagement	Frankfurt am Main	NK	100.00
E S B Kirchhoff GmbH	Langenargen	VK	100.00
E.S.T.M. KFT	Budapest	NK	100.00
Eberhard Pöhner Unternehmen für Hoch- und Tiefbau GmbH	Bayreuth	VK	100.00
Eberhardt Bau-Gesellschaft mbH	Berlin	VK	100.00
Eckstein Holding GmbH	Spittal an der Drau	VK	100.00
ECS European Construction Services GmbH	Mörfelden-Walldorf	VK	100.00
Ed. Züblin AG	Stuttgart	VK	57.26
Edificio Bauvorbereitungs- und Bauträgergesellschaft mb.H.	Wien	NK	100.00
Eduard Hachmann Gesellschaft mit beschränkter Haftung	Lunden	VK	100.00
EFKON AG	Raaba	VK	97.13
EFKON ASIA SDN. BHD.	Kuala Lumpur	NK	100.00
EFKON AUSTRALIA PTY LTD	Victoria Point	NK	100.00
EFKON Bulgaria OOD	Sofia	NK	80.00
EFKON COLOMBIA LTDA	Bogota	NK	100.00
EFKON Germany GmbH	Berlin	VK	100.00
EFKON	Maharashtra
INDIA LIMITED	Mumbai	VK	100.00
EFKON Road Pricing Limited	London	NK	100.00
EFKON ROMANIA S.R.L.	Bukarest	NK	76.00
EFKON SOUTHERN AFRICA (PROPRIETARY) LIMITED	Pretoria	NK	30.00
EFKON USA, INC.	Dallas	NK	100.00
Egolf AG Strassen- und Tiefbau	Weinfelden	VK	100.00
Eichholz Eivel GmbH	Berlin	VK	100.00
Eisen Blasy Reutte GmbH	Reutte	NK	50.00
Emprese Constructora, Züblin Peru S.A.C.	Lima	NK	99.97
Entwicklung Quartier 21 Beteiligungsgesellschaft mbH	Hamburg	NK	50.00
Entwicklung Quartier 21 GmbH & Co. KG	Hamburg	NK	48.08
Entwicklung Quartier 21 Managment GmbH	Hamburg	NK	50.00
Entwicklung Quartier 21 Nr. 1 GmbH & Co. KG	Hamburg	NK	48.08
Entwicklung Quartier 21 Nr. 2 GmbH & Co. KG	Hamburg	NK	48.08
Entwicklung Quartier 21 Nr. 3 GmbH & Co. KG	Hamburg	NK	48.08
Eraproject Immobilien-, Projektentwicklung und Beteiligungsverwaltung GmbH	Berlin	NK	100.00
Erlaaer Straße Liegenschaftsverwertungs-GmbH	Wien	NK	100.00
ERMATEC Maschinen Technische Anlagen Gesellschaft m.b.H.	Wien	VK	100.00

			Direct
Company	residence	Consoli dation1)	stake %
Errichtungsgesellschaft Strabag Slovensko s.r.o.	Bratislava-Ruzinov	VK	100.00
Erste Nordsee-Offshore-Holding GmbH	Pressbaum	VK	51.00
Eslarngasse 16 GmbH	Wien	NK	75.00
ETG Erzgebirge Transportbeton GmbH	Freiberg	VK	60.00
EURO SERVICES Catering & Cleaning GmbH	Mörfelden-Walldorf	NK	100.00
EUROASFALT d.o.o.	Zagreb	NK	90.00
EVN S.r.l.	Rom	NK	100.00
Exploitatie Maatschappij A-Lanes A15 B.V.	Nieuwegein	NK	33.33
	Leinfelden
F. Kirchhoff GmbH	Echterdingen	VK	100.00
F. Kirchhoff Silnice s.r.o.	Prag	NK	100.00
F. Kirchhoff	Leinfelden
Straßenbau GmbH	Echterdingen	VK	100.00
F. KIRCHHOFF SYSTEMBAU GmbH	Münsingen	VK	100.00
F. Lang u. K. Menhofer Baugesellschaft m.b.H. & Co. KG	Eggendorf	VK	100.00
Fachmarktzentrum Arland Errichtungs- und Vermietungsgesellschaft mbH	Wien	VK	100.00
Fachmarktzentrum Kielce Projekt GmbH	Berlin	NK	100.00
Facility Management Holding RF GmbH	Wien	NK	51.00
Fahrleitungsbau GmbH	Essen	VK	100.00
Fastighets AB Botvid	Stockholm	NK	50.00
FDZ Grundstücksverwaltung GmbH & Co. Objekt Stuttgart-Möhringen KG	Mainz	NK	94.00
Flogopit d.o.o.	Novi Beograd	NK	100.00
Forum Mittelrhein Beteiligungsgesellschaft mbH	Hamburg	NK	51.00
Forum Mittelrhein Koblenz Generalübernehmergesellschaft mbH & Co.KG	Oststeinbek	VK	51.00
Forum Mittelrhein Koblenz Kultur GmbH & Co. KG	Hamburg	VK	51.00
Frey & Götschi AG	Affoltern am Albis	NK	100.00
Friedrich und Paul Keßler Verwaltungs GmbH i.L.	Sprendlingen	NK	100.00
FRISCHBETON s.r.o.	Prag	VK	100.00
Frischbeton Wachau GmbH & CO.KG	Wachau	NK	45.00
Frissbeton Kft.	Budapest	VK	100.00
FUSSENEGGER Hochbau und Holzindustrie GmbH	Dornbirn	NK	100.00
Gama Strabag Construction Limited	Dublin	NK	40.00
Gartensiedlung Lackenjöchel Liegenschaftsverwertungs GmbH	Wien	NK	100.00
Gaul GmbH	Sprendlingen	VK	100.00
GBS Gesellschaft für Bau und Sanierung mbH	Leuna	NK	100.00
Gebr. von der Wettern Gesellschaft mit beschränkter Haftung	Köln	VK	100.00
	Leinfelden
GEOTEST GmbH	Echterdingen	NK	100.00
Gericke Verwaltungs GmbH	Emmerthal	NK	100.00
GFR remex Baustoffaufbereitung GmbH & Co. KG, Krefeld	Krefeld	NK	100.00
GFR remex Baustoffaufbereitung Verwaltungs-GmbH Krefeld	Krefeld	NK	100.00
GN-Anläggningar AB	Stockholm	NK	100.00
GN-Asfalt AB	Stockholm	NK	100.00
Goldeck Bergbahnen GmbH	Spittal an der Drau	VK	100.00
GRADBENO PODJETJE IN KAMNOLOM GRASTO d.o.o.	Ljubljana	VK	99.85
Grandemar SA	Cluj-Napoca	NK	41.27
Griproad Spezialbeläge und Baugesellschaft mbH	Köln	VK	100.00
GTE-Gebäude-Technik-Energie-Betriebs- und
Verwaltungsgesellschaft m.b.H. & Co. KG.	Wien	NK	62.00
GTE-Gebäude-Technik-Energie-Betriebs- und Verwaltungsgesellschaft m.b.H.	Wien	NK	61.00
GUS Gußasphaltwerk GmbH & Co KG	Stuttgart	NK	50.00
GUS Gußasphaltwerk Verwaltungs GmbH	Stuttgart	NK	50.00
GVD Versicherungsvermittlungen - Dienstleistungen GmbH	Köln	NK	100.00
H S Hartsteinwerke GmbH	Pinswang	NK	50.00
HAW-Hürtherberg Asphaltwerke Gesellschaft mit beschränkter Haftung & Co. Kommanditgesellschaft	Linz	NK	35.00
Heidelberger Beton Donau-Iller GmbH & Co. KG	Elchingen	NK	30.00
Heidelberger Beton Donau-Iller Verwaltungs-GmbH	Unterelchingen	NK	30.20
HEILIT + WOERNER BAU GmbH	Wien	NK	100.00
HEILIT Umwelttechnik GmbH	Düsseldorf	VK	100.00
Heilit+Woerner Bau GmbH	München	VK	100.00
Helmus Beteiligungsgesellschaft mit beschränkter Haftung	Vechta	NK	100.00
Helmus Straßen-Bau-Gesellschaft mbH & Co. KG	Vechta	VK	100.00
Heptan Grundstücksverwaltungsgesellschaft mbH & Co Vermietungs-KG	Mainz	NK	94.00
Hermann Kirchner Bauunternehmung GmbH	Bad Hersfeld	VK	100.00

			Direct
Company	residence	Consoli dation1)	stake %
Hermann Kirchner Hoch- und Ingenieurbau GmbH	Bad Hersfeld	VK	100.00
Hermann Kirchner Polska Sp.z o.o.	Lodz	VK	100.00
Hermann Kirchner Projektgesellschaft mbH	Bad Hersfeld	VK	100.00
Hermann Wellmann Tiefbau GmbH & Co. KG	Hamburg	NK	50.00
Hillerstraße - Jungstraße GmbH	Wien	NK	75.00
HOTEL VIA Kft.	Keszthely	NK	43.00
Hotelprojekt Messe-West Europa-Allee Frankfurt GmbH & Co. KG	Köln	NK	100.00
Hrusecka Obalovna, s.r.o.	Hrusky	NK	80.00
H-TPA Kft.	Budapest	VK	100.00
Hürtherberg Asphaltwerke Gesellschaft mit beschränkter Haftung	Linz	NK	35.00
IBV - Immobilien Besitz- und Verwaltungsgesellschaft mbH Werder	Köln	NK	99.00
IGM Vukovina d.o.o.	Vukovina b.b.	NK	80.00
Ilbau GmbH Deutschland	Berlin	VK	100.00
Ilbau Liegenschaftsverwaltung GmbH	Hoppegarten	VK	100.00
Ilbau Liegenschaftsverwaltung GmbH	Spittal an der Drau	VK	100.00
Ilbau OOO	Moskau	NK	50.00
Immorent Oktatási Kft.	Budapest	NK	20.00
Industrial Engineering and Contracting Co. S.A.R.L. (INDECO) i.L.	Beirut	NK	50.00
Industrielles Bauen Betreuungsgesellschaft mbH	Stuttgart	NK	100.00
Industrija Gradevnog materijala ostra d.o.o.	Zagreb	NK	51.00
InfoSys Informationssysteme GmbH	Spittal an der Drau	VK	94.90
Ing. Siegl Installationsgesellschaft m.b.H.	Wien	NK	100.00
Innsbrucker Nordkettenbahnen Betriebs GmbH	Innsbruck	VK	51.00
Intelligent Traffic Systems Asia	Selangor	NK	100.00
	Mumbai
I-PAY CLEARING SERVICES Pvt. Ltd.	Maharashtra	VK	74.00
ITC Engineering GmbH & Co. KG	Stuttgart	NK	50.00
JCO s.r.o.	Budweis	NK	50.00
JHP spol. s.r.o.	Prag	VK	100.00
Josef Möbius Bau - GmbH	Hamburg	VK	100.00
Josef Möbius Scandinavia AB	Täby	NK	100.00
JOSEF MOEBIUS CONSTRUCOES E ENGENHARIA CIVIL LTDA.	Sao Paulo	NK	100.00
Josef Riepl Unternehmen für Ingenieur- und Hochbau GmbH	Regensburg	VK	100.00
JUKA Justizzentrum Kurfürstenanlage GmbH	Köln	VK	100.00
Jumbo Betonpumpen	Limbach
Service GmbH & Co.KG	Oberfrohna	NK	50.00
Jumbo Betonpumpen	Limbach
Verwaltungs GmbH	Oberfrohna	NK	50.00
K.H. Gaul Verwaltungs- und Beteiligungs GmbH	Sprendlingen	NK	100.00
KAB Kärntner Abfallbewirtschaftung GmbH	Klagenfurt	NK	36.25
KAB Straßensanierung GmbH & Co KG	Spittal an der Drau	VK	50.60
KAB Straßensanierung GmbH	Spittal an der Drau	NK	50.60
Kaiserebersdorfer Straße LiegenschaftsverwertungsGmbH	Wien	NK	100.00
Kamen-Ingrad gradnja i rudarstvo d.o.o. u likvidaciji	Zagreb	NK	51.00
Kamen-Ingrad Niskogradnja d.o.o.	Pozega	NK	51.00
Kamen-Ingrad Proizvodnja d.o.o.	Velika	NK	100.00
KAMENOLOMY CR s.r.o.	Ostrava - Svinov	VK	100.00
Kanzel Steinbruch Dennig Gesellschaft mit beschränkter Haftung	Gratkorn	VK	75.00
Karlovarske silnice, a.s.	Budejovice	NK	100.00
KASERNEN Projektentwicklungs- und Beteiligungs GmbH	Wien	NK	24.90
Kelet Aszfalt Kft.	Eger	NK	100.00
KIAG AG	Kreuzlingen	NK	100.00
Kies- und Betonwerk AG Sedrun	Sedrun	NK	35.00
Kiesabbau Gämmerler-Hütwohl GmbH & Co. Aug Kommanditgesellschaft	Königsdorf	NK	50.00
Kiesabbau Gämmerler-Hütwohl GmbH & Co. Grube Grafing KG	Königsdorf	NK	50.00
Kiesabbau Gämmerler-Hütwohl GmbH&Co. Grube Leitzinger Au KG	Königsdorf	NK	50.00
Kiesabbau Gämmerler-Hütwohl Verwaltungs- GmbH	Königsdorf	NK	50.00
Kiesgesellschaft Karsee	Immenstaad am
Beteiligungs-GmbH	Bodensee	NK	50.00
Kiesgesellschaft Karsee	Immenstaad am
GmbH & Co. KG	Bodensee	NK	50.00
Kiesverwertungsgesellschaft Senden mit beschränkter Haftung	Senden	NK	100.00
Kieswerk Diersheim GmbH	Rheinau/Baden	NK	60.00
Kieswerk Rheinbach Gesellschaft mit beschränkter Haftung	Köln	NK	50.00
Kieswerk Rheinbach GmbH & Co Kommanditgesellschaft	Rheinbach	EK	50.00

			Direct
Company	residence	Consoli dation1)	stake %
Kieswerke Gericke GmbH & Co. KG	Emmerthal	NK	100.00
Kieswerke Schray GmbH & Co. KG	Steißlingen	EK	50.00
Kieswerke Schray Verwaltungs GmbH	Steißlingen	NK	50.00
Kirchhoff + Schleith Beteiligungs-GmbH	Steißlingen	NK	50.00
Kirchhoff + Schleith Straßenbau GmbH & Co. KG	Steißlingen	NK	50.00
Kirchhoff Construction s.r.l.	Bukarest	NK	100.00
Kirchhoff	Leinfelden
Projektgesellschaft mbH	Echterdingen	NK	100.00
Kirchhoff Stuttgart	Leinfelden
Beteiligungs-GmbH	Echterdingen	NK	100.00
Kirchner & Völker Bauunternehmung GmbH	Erfurt	VK	90.00
Kirchner Baugesellschaft m.b.H.	Spittal an der Drau	NK	100.00
Kirchner Holding GmbH	Bad Hersfeld	VK	100.00
Kirchner PPP Service GmbH	Bad Hersfeld	NK	100.00
Kirchner Romania s.r.l.	Bukarest	NK	100.00
Kirchner Service GmbH	Bad Hersfeld	NK	100.00
Klinik für Psychosomatik und psychiatrische Rehabilitation GmbH	Spittal an der Drau	NK	100.00
KMG - KLIPLEV MOTORWAY GROUP A/S	Kopenhagen	VK	100.00
KÖKA Kft.	Budapest	VK	100.00
Königswall Invest B.V.	AK Den Haag	NK	100.00
Kopalnie Melafiru w Czarnym Borze Sp.z o.o.	Czarny Bor	VK	99.96
	Konstantynow
KRAL ASFALT Sp.z o.o.	Lodzki	NK	50.00
KSH Kalkstein Heiterwang GmbH & Co KG	Pinswang	NK	30.00
KSH Kalkstein Heiterwang GmbH	Pinswang	NK	30.00
KSR - Kamenolomy SR, s.r.o.	Zvolen	VK	100.00
Lafarge Cement CE Holding GmbH	Wien	EK	30.00
LAS Lauterhofener Asphalt und Straßenbau Gesellschaft mbH i.L.	Lauterhofen	NK	100.00
Latasfalts SIA	Milzkalne	NK	100.00
Lehmann-Verwaltungs-GmbH	Müllrose	NK	100.00
Leitner Gesellschaft m.b.H.	Hausmening	VK	100.00
Leonhard Moll Hoch- und Tiefbau GmbH	München	VK	100.00
Leonhard Moll Tiefbau GmbH	München	NK	100.00
Liberecka Obalovna s.r.o.	Liberec	NK	50.00
Lieferasphalt Gesellschaft m.b.H. & Co OG, Viecht	Viecht	NK	66.50
Lieferasphalt Gesellschaft m.b.H. & Co. OG	Maria Gail	NK	60.00
Lieferasphalt Gesellschaft m.b.H.& Co.OG, Zirl	Wien	NK	50.00
Lieferasphalt Gesellschaft m.b.H.	Wien	NK	50.00
Lieferbeton Simmern GmbH & Co. KG	Simmern/Hunsrück	NK	50.00
Lieferbeton Simmern Verwaltungs-GmbH	Simmern/Hunsrück	NK	50.00
LIMET Beteiligungs GmbH & Co. Objekt Köln KG	Köln	VK	94.00
LIMET Beteiligungs GmbH	Köln	VK	100.00
Linnetorp AB	Sjöbo	NK	100.00
Linzer Schlackenaufbereitungs- und vertriebsgesellschaft m.b.H.	Linz	NK	33.33
LISAG Linzer Splitt- und Asphaltwerk GmbH. & CO KG	Linz	NK	50.00
LISAG Linzer Splitt- und Asphaltwerk GmbH.	Linz	NK	50.00
LPRD (LESZCZYNSKIE PRZEDSIEBIORSTWO ROBOT DROGOWO)-
MOSTOWYCH Sp.z o.o.	Leszno	NK	93.59
Ludwig Voss GmbH & Co. KG	Cuxhaven	VK	100.00
M5 Beteiligungs GmbH	Wien	VK	100.00
M5 Holding GmbH	Wien	VK	100.00
Magyar Aszfalt Kft.	Budapest	VK	100.00
Magyar Bau Holding Zrt.	Budapest	NK	100.00
MAK Mecsek Autopalya Koncesszios Zrt.	Budapest	EK	30.00
MASZ M6 Kft.	Budapest	VK	100.00
MAV Mineralstoff - Aufbereitung und - Verwertung GmbH	Krefeld	VK	50.00
MAV Mineralstoff - Aufbereitung und Verwertung Lünen GmbH	Lünen	VK	100.00
Mazowieckie Asfalty Sp.z o.o.	Warschau	NK	100.00
Mecsek Autopalya-üzemeltetö Zrt.	Budapest	NK	25.00
Messe City Köln Beteiligungsgesellschaft mbH	Hamburg	NK	50.00
Messe City Köln GmbH & Co. KG	Hamburg	NK	50.00
Meyerhans AG Amriswil	Amriswil	VK	100.00
Meyerhans AG, Strassen- und Tiefbau Uzwil	Uzwil	VK	100.00
MIEJSKIE PRZEDSIEBIORSTWO ROBOT DROGOWYCH Sp.z o.o.	Bialystok	NK	86.80

			Direct
Company	residence	Consoli dation1)	stake %
MIGU-Asphalt-Baugesellschaft m.b.H.	Lustenau	NK	50.00
Mikrobiologische Abfallbehandlungs GmbH	Schwadorf	NK	51.00
Mineral Abbau GmbH	Spittal an der Drau	VK	100.00
Mineral Baustoff GmbH	Köln	VK	100.00
Mineral Baustoff Verwaltungs GmbH	Köln	NK	100.00
MINERAL IGM d.o.o.	Zapuzane	VK	100.00
Mineral Kop doo Beograd	Belgrad	NK	100.00
Mineral L.L.C.	Gllogovc	NK	100.00
Mineral Polska Sp. z.o.o.	Strzelin	VK	100.00
MINERAL ROM S.R.L.	Brasov	NK	100.00
Mischek Bauträger Service GmbH	Wien	NK	100.00
Mischek Leasing eins Gesellschaft m.b.H.	Wien	NK	100.00
Mischek Systembau GmbH	Wien	VK	100.00
Mischwerke Koschenberg - Verwaltung GmbH	Großkoschen	NK	50.00
Mischwerke Koschenberg GmbH & Co. KG	Großkoschen	NK	50.00
Mister Recrutamento Lda.	Lissabon	NK	100.00
MiTTaG spol. s.r.o.	Brünn	NK	100.00
MLT Maschinen und Logistik Thüringen GmbH & Co. KG	Erfurt	NK	50.00
MLT Verwaltungs GmbH	Erfurt	NK	50.00
Mobil Baustoffe AG	Steinhausen	NK	100.00
MOBIL Baustoffe GmbH	München	VK	100.00
MOBIL Baustoffe GmbH	Reichenfels	VK	100.00
Mobil Concrete Qatar W.L.L.	Doha	NK	98.00
MOBIL-CONCRETE OOD	Sofia	NK	50.00
Möbius Construction Ukraine Ltd	Odessa	NK	100.00
Möbius Dredging GmbH	Hamburg	NK	100.00
MOEBIUS-Bau Polska EMO Baczewscy Spolka Jawna	Szczecin	NK	50.00
Moeck Recycling Beteiligungsgesellschaft mbH	Grabenstetten	NK	45.00
Moeck Recycling GmbH & Co KG	Grabenstetten	NK	45.00
Moser & C. SRL	Bruneck	NK	50.00
MSO Mischanlagen GmbH Ilz & Co KG	Ilz	NK	47.00
MSO Mischanlagen GmbH Pinkafeld & Co KG	Pinkafeld	NK	52.67
MSO Mischanlagen GmbH	Ilz	NK	33.33
MUSIKVIERTEL Grundstücksentwicklung GmbH	Köln	NK	100.00
MUST Razvoj projekata d.o.o.	Zagreb	NK	100.00
MYTOLL Sp. z o.o.	Warschau	NK	100.00
N.V. STRABAG Belgium S.A.	Antwerpen	VK	100.00
N.V. STRABAG Benelux S.A.	Antwerpen	VK	100.00
Na belidle s.r.o.	Prag	VK	100.00
Nairobi Motorway Company Limited	Nairobi	NK	50.00
Natursteinwerke im Nordschwarzwald NSN GmbH & Co. KG	Mühlacker	EK	25.00
Natursteinwerke im Nordschwarzwald NSN
Verwaltungsgesellschaft mit beschränkter Haftung	Mühlacker	NK	25.00
NE Sander Eisenbau GmbH	Sande	VK	100.00
NE Sander Immobilien GmbH	Sande	VK	100.00
NEGUS LTD ZAO	Moskau	NK	100.00
NEUE REFORMBAU Gesellschaft m.b.H.	Wien	NK	100.00
Nimab Anläggning AB	Sjöbo	NK	100.00
Nimab Entreprenad AB	Sjöbo	VK	100.00
Nimab Fastigheter AB	Sjöbo	NK	100.00
Nimab Support AB	Sjöbo	NK	100.00
Norsk Standardselskap 154 AS	Oslo	NK	100.00
Northern Energy GlobalTech II. GmbH	Aurich	VK	100.00
Northern Energy GlobalTech III. GmbH	Aurich	VK	100.00
Northern Energy OWP Albatros GmbH	Aurich	VK	100.00
Northern Energy OWP West GmbH	Aurich	VK	100.00
Northern Energy SeaWind I. GmbH	Aurich	VK	100.00
Northern Energy SeaWind II. GmbH	Aurich	VK	100.00
NR Bau- u. Immobilienverwertung GmbH	Berlin	NK	100.00
NUOVO MERCATO GIANICOLENSE SRL	Bologna	NK	40.00
Nyugat Aszfalt Kft.	Györ	NK	100.00
OAT - Bohr- und Fugentechnik Gesellschaft m.b.H.	Spittal an der Drau	VK	51.00
OAT Kft.	Budapest	VK	100.00
OAT s.r.o.	Prag	VK	100.00

			Direct
Company	residence	Consoli dation1)	stake %
OAT spol. s.r.o.	Bratislava	VK	100.00
OBIT GmbH	Berlin	NK	100.00
ODEN Anläggning Fastighets AB	Stockholm	NK	100.00
ODEN Entreprenad Fastighets AB	Stockholm	NK	100.00
ODEN Maskin Fastighets AB	Stockholm	NK	100.00
Oder Havel Mischwerke GmbH & Co. KG	Berlin	EK	33.33
Off-Shore Wind Logistik GmbH	Stuttgart	VK	100.00
OFIM HOLDINGS LIMITED	Cardiff	NK	46.25
Onezhskaya Mining Company LLC	Petrozavodsk	NK	59.00
Ontwikkelingscombinatie Maasmechelen N.V.	Antwerpen	NK	50.00
Ooms-Ittner-Hof GmbH	Köln	VK	100.00
OOO "Dywidag"	Moskau	NK	100.00
OOO "Möbius"	St. Petersburg	NK	75.00
OOO "STRATON-Infrastruktura"	Sotschi	NK	50.00
OOO BMTI	Moskau	NK	100.00
OOO CLS Construction Legal Services	Moskau	NK	100.00
OOO STRABAG PFS	Moskau	NK	100.00
OOO Züblin Russia	Ufa	NK	100.00
OOO Züblin	Moskau	NK	100.00
Osttiroler Asphalt Hoch- und Tiefbauunternehmung GmbH	Lavant i. Osttirol	VK	80.00
PAM Pongauer	St. Johann im
Asphaltmischanlagen GmbH & Co KG	Pongau	NK	50.00
PAM Pongauer	St. Johann im
Asphaltmischanlagen GmbH	Pongau	NK	50.00
PANSUEVIA GmbH & Co. KG	Leipheim	EK	50.00
PANSUEVIA Service GmbH & Co. KG	Leipheim	EK	50.00
PARK SERVICE HÜFNER GmbH + Co. KG	Stuttgart	NK	48.44
Passivhaus Kammelweg Bauträger GmbH	Wien	NK	100.00
PEKA Entwicklungsgesellschaft Kurfürstenanlage GmbH	Köln	VK	100.00
PH Bau Erfurt GmbH	Erfurt	NK	100.00
Philman Holdings Co.	Philippinen	NK	20.00
PL-BITUNOVA Sp.z o.o.	Bierawa	VK	100.00
PLINIUS VASTGOED N.V. B-3500 HASSELT	Hasselt	NK	43.48
PNM, d.o.o.	Ljubljana	NK	100.00
Polski Asfalt Sp.z o.o.	Wroclaw	VK	100.00
POLSKI ASFALT TECHNIC Sp.z o.o.	Kraków	NK	100.00
POLSKI ASFALT USLUGI BUDOWLANE Sp.z o.o.	Breslau	NK	100.00
Poltec Sp.z o.o.	Braslau	NK	100.00
Pomgrad Inzenjering d.o.o.	Split	VK	100.00
POßÖGEL & PARTNER STRAßEN- UND TIEFBAU GMBH HERMSDORF/THÜR.	St. Gangloff	VK	100.00
PPP Conrad-von-Ense-Schule GmbH	Bad Hersfeld	NK	100.00
PPP Management GmbH	Köln	NK	100.00
PPP Schulen Kreis Düren GmbH	Bad Hersfeld	NK	100.00
PPP Schulen Monheim am Rhein GmbH	Monheim	NK	100.00
PPP SchulManagement Witten GmbH & Co. KG	Köln	NK	100.00
PPP SeeCampus Niederlausitz GmbH	Bad Hersfeld	NK	100.00
Preduzece za puteve "Zajecar" a.D.Zajecar	Zajecar	VK	99.53
Preusse Baubetriebe Gesellschaft mit beschränkter Haftung	Hamburg	VK	100.00
PRO Liegenschaftsverwaltungs- und Verwertungsgesellschaft m.b.H.	Wien	NK	100.00
Pro Waldhessen gemeinnützige Ausbildungs- und Qualifizierungsgesellschaft mbH Bad Hersfeld		NK	20.00
Projekt Elbpark GmbH & Co. KG	Köln	VK	100.00
Projekt Elbpark Verwaltungs GmbH	Köln	NK	100.00
Projektgesellschaft Willinkspark GmbH	Köln	NK	100.00
PRO-Lassallestraße-Grundstücksverwertungsgesellschaft m.b.H. in Liqu.	Wien	NK	50.00
Prottelith Produktionsgesellschaft mbH	Liebenfels	NK	52.00
Przedsiebiorstwo Budownictwa Ogólnego i Uslug Technicznych Slask Sp.z o.o.	Katowice	VK	60.98
PRZEDSIEBIORSTWO ROBOT DROGOWYCH Sp.z o.o. W LIKWIDACJI	Choszczno	NK	100.00
PWG-Bau Pfersee Wohn- und Gewerbebauträger GmbH & Co.KG	München	NK	50.00
PWG-Bau Pfersee Wohn-und Gewerbebauträger Verwaltungs GmbH	München	NK	50.00
Pyhrn Concession Holding GmbH	Köln	VK	100.00
PZC SPLIT d.d.	Split	VK	94.74
RAE Recycling Asphaltwerk Eisfeld GmbH & Co KG	Eisfeld	NK	37.50
RAE Recycling Asphaltwerk Eisfeld Verwaltungs-GmbH	Eisfeld	NK	37.50
Raiffeisen evolution project development GmbH	Wien	EK	20.00

			Direct
Company	residence	Consoli dation1)	stake %
RAM Regensburger Asphalt-Mischwerke GmbH & Co KG	Barbing	NK	44.33
Rapp GmbH & Co. KG	Eislingen	NK	20.00
Rapp Verwaltungs-GmbH	Eislingen	NK	20.00
Raststation A 3 GmbH	Wien	VK	100.00
Raststation A 6 GmbH	Wien	VK	100.00
Rathaus Moers PPP Entwicklungs- und Verwaltungsgesellschaft mbH	Köln	NK	100.00
Rathaus-Carrée Saarbrücken Grundstücksentwicklungs Gesellschaft mbH i.L.	Köln	NK	24.97
Rathaus-Carrée Saarbrücken Grundstücksentwicklungsgesellschaft mbH & Co.KG Köln		NK	25.00
RBS Rohrbau-Schweißtechnik Gesellschaft m.b.H.	Linz	VK	100.00
RE Scheibenbergstraße 38 Wohnungserrichtungs GmbH	Wien	NK	99.00
RE Wohnungseigentumserrichtungs GmbH	Wien	NK	75.00
Regensburger Asphalt-Mischwerke GmbH	Barbing	NK	44.33
REMEX Coesfeld Gesellschaft für Baustoffaufbereitung mbH	Dülmen-Buldern	NK	50.00
REPASS-SANIERUNGSTECHNIK GMBH Korrosionsschutz und Betoninstandsetzung	Munderkingen	VK	100.00
Reutlinger Asphaltmischwerk Verwaltungs GmbH	Reutlingen	NK	50.00
Rezidencie Machnac, s.r.o.	Bratislava	NK	50.00
RFM Asphaltmischwerk GmbH & Co KG	Traiskirchen	NK	33.33
	Wienersdorf
RFM Asphaltmischwerk GmbH.	Oeynhausen	NK	33.33
RGL Rekultivierungsgesellschaft Langentrog mbH	Langenargen	NK	80.00
Rheinbacher Asphaltmischwerk Gesellschaft mit beschränkter Haftung	Rheinbach	NK	50.00
Rheinbacher Asphaltmischwerk GmbH & Co.
Kommanditgesellschaft für Straßenbaustoffe	Rheinbach	NK	50.00
Rhein-Regio Neuenburg	Neuenburg am
Projektentwicklung GmbH	Rhein	NK	90.00
Rieder Asphaltgesellschaft m.b.H. & Co. KG.	Ried im Zillertal	NK	50.00
Rieder Asphaltgesellschaft m.b.H.	Ried im Zillertal	NK	50.00
Rimex Gebäudemanagement GmbH	Ulm	VK	70.00
Rimex GmbH Servicebetriebe	Aalen	NK	70.00
riw Industriewartung GmbH	Ulm	NK	70.00
RKH Rheinkies Hitdorf GmbH & Co. KG i.L.	Bergheim	NK	33.33
RKH Rheinkies Hitdorf Verwaltungs GmbH i.L.	Bergheim	NK	33.33
ROBA Asphaltmischwerke Düsseldorf GmbH i.L.	Düsseldorf	NK	100.00
ROBA Baustoff Leipzig GmbH i.L.	Leipzig	NK	100.00
ROBA Kieswerk Merseburg GmbH i.L.	Merseburg	NK	100.00
ROBA Quarzitsplittwerk Profen GmbH i.L.	Profen	NK	100.00
ROBA Transportbeton GmbH	Köln	VK	100.00
Robert Kieserling Industriefußboden Gesellschaft mit beschränkter Haftung	Hamburg	VK	100.00
Romania Asfalt s.r.l.	Bukarest	NK	100.00
RST Rail Systems and Technologies GmbH	Barleben	NK	82.00
RVB Gesellschaft für Recycling, Verwertung und Beseitigung von Abfällen mbH	Kelheim	NK	100.00
S.C. ECODEPOTECH S.R.L.	Ploesti	NK	51.00
S.U.S. Abflussdienst Gesellschaft m.b.H.	Wien	NK	100.00
Salzburger Lieferasphalt GmbH & Co OG	Sulzau	NK	20.00
SAM Sindelfinger Asphalt-Mischwerke GmbH & Co KG	Sindelfingen	NK	20.00
SAO BRVZ Ltd	Moskau	VK	100.00
SAT OOO	Moskau	NK	51.00
SAT REABILITARE RECICLARE S.R.L.	Cluj-Napoca	NK	100.00
SAT s.r.o.	Prag	VK	100.00
SAT SANIRANJE cesta d.o.o.	Zagreb	NK	100.00
SAT SLOVENSKO s.r.o.	Bratislava	NK	100.00
SAT Sp.z o.o.	Olawa	VK	100.00
SAT Straßensanierung GmbH	Köln	VK	100.00
SAT Ukraine	Brovary	NK	100.00
SAT Útjavító Kft.	Budapest	VK	100.00
SAV Südniedersächsische Aufbereitung und Verwertung Verwaltungs GmbH	Hildesheim	NK	50.00
SB Beton GmbH	Bad Langensalza	NK	100.00
SBR Verwaltungs-GmbH	Kehl	VK	100.00
Schlackenkontor Bremen GmbH	Bremen	NK	25.00
Schotter- und Kies-Union GmbH & Co. KG	Leipzig	NK	57.90
Schotter- und Kies-Union Verwaltungsgesellschaft mbH	Hirschfeld	NK	100.00
SCHOTTERWERK EDLING GESELLSCHAFT M.B.H.	Klagenfurt	NK	74.00
SF Bau vier GmbH	Wien	VK	100.00

			Direct
Company	residence	Consoli dation1)	stake %
SF-Ausbau GmbH	Freiberg	VK	100.00
SFB Behmann Feuerfestbau GmbH	Schwedt/Oder	VK	100.00
SF-BAU Gesellschaft für Projektentwicklung und schlüsselfertiges Bauen mbH	Leipzig	NK	100.00
SF-BAU Projektentwicklung GmbH	Köln	NK	100.00
SF-BAU-Grundstücksgesellschaft "ABC-Bogen" mbH	Köln	NK	100.00
Shanghai Changjiang-Züblin Construction&Engineering Co.Ltd.	Shanghai	VK	75.00
Sindelfinger Asphalt-Mischwerke GmbH	Sindelfingen	NK	20.00
SLOVASFALT, spol.s.r.o.	Bratislava	VK	100.00
SMB Construction International GmbH	Sengenthal	NK	50.00
SMG Verwaltungsgesellschaft mbH	Sprendlingen	NK	100.00
SOOO "STRABAG Engineering Center"	Minsk	NK	60.00
SOWI - Investor - Bauträger GmbH	Innsbruck	NK	33.33
SPK - Errichtungs- und Betriebsges.m.b.H.	Spittal an der Drau	NK	100.00
Spolecne obalovny, s r.o.	Prag	NK	50.00
SRE Erste Vermögensverwaltung GmbH	Köln	NK	100.00
SRK Kliniken Beteiligungs GmbH	Wien	NK	25.00
SSM Stahlbau Sondergleisbau Maschinenbau GmbH	Seelze	NK	100.00
STA Asphaltmischwerk Strahlungen GmbH	Strahlungen	NK	24.90
Stadtbaumeister Architekt Franz Böhm GmbH	Wien	VK	100.00
stahl + verbundbau gesellschaft für industrielles bauen m.b.H.	Dreieich	NK	30.00
Staßfurter Baubetriebe GmbH	Staßfurt	VK	100.00
Steffes-Mies GmbH	Sprendlingen	VK	100.00
Steffes-Mies Verwaltungsgesellschaft mbH	Sprendlingen	NK	100.00
Steinbruch Mauterndorf Gesellschaft m.b.H.	St. Michael/Lungau	NK	50.00
Stephan Beratungs-GmbH	Linz am Rhein	NK	30.00
Stephan Holzbau GmbH	Stuttgart	VK	100.00
Storf Hoch- und Tiefbaugesellschaft m.b.H.	Reutte	VK	100.00
STR Irodaház Kft.	Budapest	NK	100.00
STR Lakasepitö Kft.	Budapest	NK	100.00
STRABAG - ZIPP Development s.r.o.	Bratislava	VK	100.00
Strabag a.s.	Prag	VK	100.00
STRABAG A/S	Trige	NK	100.00
STRABAG AB	Stockholm	VK	100.00
STRABAG ABU DHABI LLC	Abu Dhabi	VK	100.00
STRABAG AG	Köln	VK	93.63
STRABAG AG	Spittal an der Drau	VK	100.00
STRABAG AG	Zürich	VK	100.00
STRABAG Algerie EURL	Alger	NK	100.00
STRABAG Anlagentechnik GmbH	Thalgau	VK	100.00
STRABAG Asset GmbH	Köln	VK	100.00
STRABAG Bau GmbH	Wien	VK	100.00
STRABAG Baustoffaufbereitung und Recycling GmbH	Düsseldorf	NK	51.00
STRABAG Beograd d.o.o.	Belgrad	VK	100.00
STRABAG Beteiligungen International AG	Spittal/Drau	NK	100.00
STRABAG Beteiligungsverwaltung GmbH	Köln	VK	100.00
STRABAG Beton GmbH & Co. KG	Berlin	VK	100.00
STRABAG BV	Vlaardingen	VK	100.00
STRABAG Construction Nigeria	Ikeja	NK	100.00
STRABAG d.o.o. Sarajevo	Sarajevo	NK	100.00
Strabag d.o.o.	Zagreb	VK	100.00
Strabag Domodedovo OOO	Moskau	NK	100.00
STRABAG DOOEL Skopje	Skopje	NK	100.00
STRABAG DROGI WOJEWODZKIE Sp. z o.o.	Pruszków	NK	100.00
STRABAG Dubai LLC	Dubai	NK	100.00
STRABAG EAD	Sofia	VK	100.00
STRABAG Energy Technologies GmbH	Wien	VK	100.00
STRABAG Facility Management GmbH	Nürnberg	VK	100.00
STRABAG FACILITY MANAGEMENT S.R.L.	Bukarest	NK	100.00
Strabag Facility Management Sp.z o.o.	Warschau	NK	100.00
STRABAG Gorzów	Gorzów
Wielkopolski Sp.z o.o.	Wielkopolski	NK	49.00
STRABAG gradbene storitve d.o.o.	Ljubljana	VK	100.00
Strabag Inc.	Toronto	VK	100.00
STRABAG India Private Limited	Maharashtra	NK	100.00

			Direct
Company	residence	Consoli dation1)	stake %
STRABAG Infrastruktur Development	Moskau	NK	100.00
STRABAG Installations	Champagne au
pour l'Environnement SARL	mont d'or	NK	100.00
Strabag International Benin SARL	Benin	NK	100.00
Strabag International Corporation	Buena Vista	NK	100.00
Strabag International GmbH	Köln	VK	100.00
STRABAG Invest GmbH	Wien	NK	51.00
STRABAG Kaliningrad OOO	Kaliningrad	NK	100.00
Strabag Kiew TOW	Kiew	NK	100.00
Strabag Liegenschaftsverwaltung GmbH	Linz	VK	100.00
STRABAG Offshore Wind GmbH	Cuxhaven	VK	100.00
Strabag Oktatási PPP Kft.	Budapest	NK	30.00
STRABAG OMAN L.L.C.	Muscat	VK	100.00
Strabag OOO	Moskau	NK	100.00
STRABAG OW EVS GmbH	Hamburg	NK	51.00
STRABAG Oy	Helsinki	NK	100.00
STRABAG Pipeline- und Rohrleitungsbau GmbH	Regensburg	VK	100.00
STRABAG Projektentwicklung GmbH	Köln	VK	100.00
STRABAG Projektutveckling AB	Stockholm	VK	100.00
STRABAG Property and Facility Services a.s.	Prag	VK	100.00
STRABAG Property and Facility Services d.o.o.	Zagreb	NK	100.00
STRABAG Property and Facility Services GmbH	Münster	VK	100.00
STRABAG Property and Facility Services GmbH	Wien	VK	100.00
STRABAG Property and Facility Services s.r.o.	Bratislava	NK	55.00
STRABAG Property and Facility Services Zrt.	Budapest	VK	51.00
Strabag Qatar W.L.L.	Qatar	VK	100.00
STRABAG Rail Fahrleitungen GmbH	Berlin	VK	100.00
STRABAG Rail GmbH	Lauda-Königshofen	VK	100.00
STRABAG Ras Al Khaimah LLC	Ras Al Khaimah	NK	100.00
STRABAG Real Estate AG	Zürich	NK	99.80
STRABAG Real Estate GmbH	Köln	VK	100.00
Strabag RS d.o.o.	Banja Luka	NK	100.00
STRABAG S.p.A.	Bologna	VK	100.00
Strabag S.R.L.	Chisinau	NK	100.00
STRABAG s.r.o.	Bratislava	VK	100.00
Strabag Saudi Arabia	Khobar	NK	50.00
STRABAG Sh.p.k.	Tirana	NK	100.00
STRABAG SIA	Milzkalne	NK	82.08
STRABAG Sp.z o.o.	Warschau	VK	100.00
STRABAG Sportstättenbau GmbH	Dortmund	VK	100.00
Strabag srl	Bukarest	VK	100.00
STRABAG Sverige AB	Stockholm	VK	100.00
STRABAG Umweltanlagen GmbH	Dresden	VK	100.00
STRABAG Unterstützungskasse GmbH	Köln	VK	100.00
Strabag z.a.o.	Moskau	VK	100.00
Strabag Zrt.	Budapest	VK	100.00
STRABAG-HIDROINZENJERING d.o.o	Split	VK	100.00
Strabag-Mert Kkt.	Budapest	NK	50.00
STRABAG-MML Kft.	Budapest	VK	100.00
STRABAG-PROJEKT Sp.z o.o.	Warschau	NK	100.00
STRABIL STRABAG Bildung im Lauenburgischen GmbH	Köln	NK	100.00
Straktor Bau Aktien Gesellschaft	Kifisia	NK	50.00
Straßenbau Thüringen GmbH	Erfurt	EK	50.00
Straßenbaustoffe Nonnendamm GmbH i.L.	Pinneberg	NK	33.10
Stratebau GmbH	Regensburg	VK	100.00
STRAVIA Kft.	Budapest	NK	25.00
STRIBA Protonentherapiezentrum Essen GmbH	Köln	NK	50.00
STUAGBAU Development GmbH	Cottbus	NK	100.00
Südprojekt A-Modell GmbH & Co. KG	Bad Hersfeld	NK	100.00
Südprojekt A-Modell Verwaltung GmbH	Bad Hersfeld	NK	100.00
Syrena Immobilien Holding Aktiengesellschaft	Spittal an der Drau	NK	50.00
Szentesi Vasutepitö Kft	Budapest	VK	100.00
T S S Technische Sicherheits-Systeme Gesellschaft mit beschränkter Haftung	Köln	VK	100.00
T1 Objektgesellschaft mbH & Co. KG	Köln	NK	100.00

		Consoli	Direct stake
Company	residence	dation1)	%
TBG Ceske Budejovice spol. s.r.o.	Budweis	NK	50.00
TBG Frissbeton Kft.	Pecs	NK	50.00
TBG Transportbeton Saalfeld GmbH & Co.KG	Saalfeld/Saale	NK	28.33
TBG Transportbeton Saalfeld Verwaltungs-GmbH	Saalfeld/Saale	NK	28.33
TBG-STRABAG d.o.o.	Zagreb	NK	50.00
TDE Mitteldeutsche Bergbau Service GmbH	Espenhain	NK	35.00
Tek Ermolino Sao	Moskau	NK	25.00
Tek Tunoschna Sao	Moskau	NK	25.00
TETRA Telekommunikation - Service GmbH	Wien	NK	100.00
TH 116 GmbH & Co. KG	Köln	NK	100.00
THE INTOLLIGENT LIMITED	Dublin	NK	100.00
Thüringer Straßenwartungs- und Instandhaltungsgesellschaft mbH & Co. KG	Apfelstädt	EK	50.00
TOLLINK (PROPRIERTARY) LIMITED	Pretoria	NK	100.00
TOLLINK (SA)	Pretoria	VK	100.00
TolLink Pakistan (Private) Limited	Islamabad	VK	60.00
TOO BI-Strabag	Astana	NK	60.00
TOO STRABAG Kasachstan	Almaty	NK	100.00
TOW BRVZ	Kiew	NK	100.00
TPA CR, s.r.o.	Beroun	VK	100.00
TPA EOOD	Sofia	VK	100.00
TPA Gesellschaft für Qualitätssicherung u.Innovation GmbH	Köln	VK	100.00
TPA Gesellschaft für Qualitätssicherung und Innovation GmbH	Wien	VK	100.00
TPA Gesellschaft für Quatlitätssicherung und Innovation GmbH	Erstfeld	NK	100.00
TPA INSTYTUT BADAN TECHNICZNYCH Sp.z o.o.	Pruszków	VK	100.00
TPA odrzavanje kvaliteta i inovacija d.o.o.	Zagreb	VK	100.00
TPA OOO	Moskau	NK	100.00
TPA Societate pentru asigurarea calitatii si inovatii SRL	Bukarest	VK	100.00
TPA Spolocnost pre zabezpecenie kvality a inovacie s.r.o.	Bratislava	VK	100.00
TPA za obezbedenje kvaliteta i inovacije d.o.o. Beograd	Novi Beograd	VK	100.00
TRADON Transportbeton Verwaltungs-GmbH	Merseburg	NK	100.00
Transportbetonwerk Hirschlanden GmbH & Co KG	Ditzingen	NK	30.00
Transportbetonwerk Hirschlanden Verwaltungs GmbH	Ditzingen	NK	30.00
Trema Engineering 2 sh p.k.	Tirana	VK	51.00
Treuhandbeteiligung B		NK	100.00
Treuhandbeteiligung H		VK	85.00
Treuhandbeteiligung M		NK	100.00
Treuhandbeteiligung Mo		NK	100.00
Triplus Beton GmbH & Co KG	Zell am See	NK	50.00
Triplus Beton GmbH	Zell am See	NK	50.00
TSI VERWALTUNGS GMBH	Apfelstädt	NK	50.00
UAB "Miobijus Baltija"	Klaipeda	NK	100.00
UAB "Strabag Baltija"	Klaipeda	NK	100.00
Ucka Asfalt d.o.o.	Zagreb	NK	100.00
ULTRA Transportbeton GmbH & Co KG	Neu-Ulm	NK	29.00
ULTRA Transportbeton VerwaltungsGmbH	Neu-Ulm	NK	29.00
UND-FRISCHBETON s.r.o.	Kosice	NK	75.00
Universitätszentrum Althanstraße Erweiterungsgesellschaft m.b.H.	Wien	NK	100.00
Unterstützungseinrichtung für die Angestellten der
ehemaligen Bau-Aktiengesellschaft "Negrelli" Gesellschaft m.b.H.	Wien	NK	50.00
Valarea SAS	Lyon	NK	100.00
VAM-Valentiner Asphaltmischwerk Gesellschaft m.b.H. & Co.KG	Linz	NK	75.00
VAM-Valentiner Asphaltmischwerk Gesellschaft m.b.H.	Linz	NK	75.00
VARNA EFKON OOD	Varna	NK	52.00
VCO - Vychodoceska obalovna, s r.o	Hradec Kralove	NK	33.33
Verbundplan Birecik Isletme Ltd.	Birecik	NK	25.00
Vereinigte Asphaltmischwerke Gesellschaft m.b.H. & Co KG	Spittal an der Drau	NK	50.00
Vereinigte Asphaltmischwerke Gesellschaft m.b.H.	Spittal an der Drau	NK	50.00
Verwaltung Forum Mittelrhein Koblenz Generalübernehmergesellschaft mbH	Oststeinbek	NK	51.00
Viamont DSP a.s.	Usti nad Labem	VK	100.00
VIANOVA - Bitumenemulsionen GmbH	Fürnitz	NK	24.90
VIANOVA SLOVENIJA d.o.o.	Logatec	NK	50.00
Viedenska brana s.r.o.	Bratislava	VK	100.00
VKG-Valentiner Kieswerk Gesellschaft m.b.H.	Linz	NK	50.00
Vojvodinaput-Pancevo a.d. Pancevo	Pancevo	VK	82.07

			Direct
Company	residence	Consoli dation1)	stake %
Voss GmbH	Cuxhaven	NK	100.00
Walter Group International Philippines, Inc.	Philippinen	NK	26.00
WBA - Walter Birgel Asphaltbau Gesellschaft mit beschränkter Haftung i.L.	Leipzig	NK	85.00
WIBAU Holding GmbH	Linz	NK	37.83
Windkraft FiT GmbH	Hamburg	VK	100.00
WMB Drogbud Sp.z o.o.	Czestochowa	NK	51.00
WMW Weinviertler Mischwerk Gesellschaft m.b.H. & Co KG	Zistersdorf	NK	33.33
WMW Weinviertler Mischwerk Gesellschaft m.b.H.	Zistersdorf	NK	33.33
Wohnbau Tafelgelände Beteiligungs-GmbH	München	NK	25.00
Wohnbau Tafelgelände GmbH & Co. KG	München	NK	25.00
Wohnbauträgergesellschaft Objekt "Freising - Westlich der Jagdstraße" mbH	Köln	NK	100.00
Wohnen am Krautgarten Bauträger GmbH	Wien	NK	100.00
Wolfer & Goebel Bau GmbH	Stuttgart	VK	100.00
Xaver Bachner GmbH	Straubing	VK	100.00
Z.I.P.O.S. d.o.o.	Antunovac	NK	50.00
Zaklad Surowcow Drogowych "Walmor" Sp.z o.o.	Warschau	NK	48.08
Z-Bau GmbH	Magdeburg	VK	100.00
ZDE Projekt Oberaltenallee GmbH	Hamburg	NK	100.00
ZDE Sechste Vermögensverwaltung GmbH	Köln	VK	100.00
ZDE Siebte Vermögensverwaltung GmbH	Köln	NK	100.00
ZDE Vierte Vermögensverwaltung GmbH	Köln	NK	100.00
Z-Design EOOD	Sofia	NK	100.00
Zentrum Rennweg S-Bahn Immobilienentwicklung GmbH	Wien	NK	100.00
Zezelivskij karier TOW	Zezelev	VK	99.36
ZG1 s.r.o.	Bratislava	NK	100.00
ZG2 s.r.o.	Bratislava	NK	100.00
ZG3 s.r.o.	Bratislava	NK	100.00
ZG4 s.r.o.	Bratislava	NK	100.00
ZG5 s.r.o.	Bratislava	NK	100.00
ZIBA Partikeltherapiezentrum Kiel GmbH	Köln	NK	100.00
ZIPP BRATISLAVA spol. sr.o.	Bratislava	VK	100.00
ZIPP Brno s.r.o.	Brünn	NK	50.00
ZIPP GECA, s.r.o.	Geca	NK	100.00
ZIPP PRAHA, s.r.o.	Prag	VK	100.00
ZIPP REAL, a.s.	Brünn	NK	50.00
Züblin A/S	Trige	VK	100.00
Züblin AS	Oslo	NK	100.00
Züblin Australia Pty Ltd	Perth	NK	100.00
Züblin Baugesellschaft m.b.H.	Wien	VK	100.00
Züblin Bulgaria EOOD	Sofia	NK	100.00
Züblin Chile Ingeneria y Contruccuiónes Ltd.	Santiago	NK	100.00
Züblin Engineering Consulting (Shanghai) Co., Ltd.	Shanghai	NK	100.00
Züblin Gebäudetechnik GmbH	Erlangen	VK	100.00
Züblin Ground and Civil Engineering LLC	Dubai	VK	100.00
Züblin Holding GesmbH	Wien	VK	100.00
Züblin Holding Thailand Co. Ltd.	Bangkok	NK	79.35
Züblin Hrvatska d.o.o.	Zagreb	NK	100.00
Züblin Inc.	Saint John/New Brunswick	NK	100.00
Züblin International Chile Ltda.	Santiago	VK	100.00
Züblin International GmbH	Stuttgart	VK	100.00
Züblin International Malaysia Sdn. Bhd.	Kuala Lumpur	VK	100.00
Züblin International Qatar LLC	Doha	EK	49.00
Züblin Ireland Limited	Dublin	NK	100.00
Züblin K.f.t	Budapest	VK	100.00
Züblin Maschinen- und Anlagenbau GmbH	Kehl/Rhein	VK	100.00
Züblin Nederland BV	Vlaardingen	VK	100.00
Züblin Projektentwicklung GmbH	Stuttgart	VK	100.00
Züblin Romania S.R.L.	Bukarest	VK	100.00
Züblin Scandinavia AB	Stockholm	VK	100.00
Züblin Services GmbH	Stuttgart	NK	100.00
Züblin Slovensko s.r.o.	Bratislava	NK	100.00
Züblin Sp.z o.o.	Poznan	VK	100.00
Züblin Spezialtiefbau Ges.m.b.H.	Wien	VK	100.00

Company	residence	Consoli dation1)	Direct stake %
Züblin Spezialtiefbau GmbH	Stuttgart	VK	100.00
Züblin Stahlbau GmbH	Hosena	VK	100.00
Züblin stavebni spol s.r.o.	Prag	VK	100.00
Züblin Thailand Co. Ltd.	Bangkok	NK	100.00
Züblin Umwelttechnik GmbH	Stuttgart	VK	100.00
Züblin Wasserbau GmbH	Berlin	VK	100.00
Zucotec - Sociedade de Construcoes Lda.	Lissabon	VK	100.00

1) VK … Consolidated companies EK … Companies included at-equity NK … Not consolidated companies

GROUP MANAGEMENT REPORT

IMPORTANT EVENTS

JANUARY

Contract for the construction of roads DN14 and 15a in Romania

STRABAG was awarded the contract to rehabilitate and upgrade national roads DN14 and DN15a in Romania. The combined value of both contracts totals around € 106 million. The planning and construction works comprise the widening and improvement of the existing road network, the rehabilitation of bridges, and the installation of safety facilities. The works will take place between Sibiu and Sighisoara and between Targu Mures and Saratel. Construction began in April 2011 and is scheduled for completion in March 2013.

FEBRUARY

EFKON wins € 85 million contract

STRABAG subsidiary EFKON AG, a provider of intelligent transportation systems and tolling solutions, was awarded the contract to install and operate intelligent transportation systems (ITS) on motorways in South Africa for five years. The contract is worth about € 85 million.

MARCH

STRABAG acquires two Swiss companies

STRABAG SE announced the simultaneous acquisition of two established Swiss companies, Brunner Erben Holding AG, Zurich, and Astrada AG, Subingen. With these acquisitions, STRABAG became the third-largest construction company on the Swiss market.

Environmental technology with international success

STRABAG Environmental Technology won three international projects with a total value of more than € 30 million. The projects involve the retrofit of flue gas denitrification systems for several coal-fired boiler power plants in Poland; the engineering, production, assembly and start-up of a flue gas denitrification system from voestalpine Stahl GmbH, Linz, Austria; and the delivery order of denitrification systems for two inline gas turbine power plants in California, USA.

Ed. Züblin building TaunusTurm in Frankfurt

Through its German subsidiary Ed. Züblin AG, STRABAG has been awarded the contract for the turnkey construction of the TaunusTurm in Frankfurt's financial district at the Taunusanlage park. The construction contract, with a value of approximately € 200 million, comprises a 170 m office tower in Frankfurt's central business district with 40 floors and a 62 m residential tower with 16 floors connected by a six-storey perimeter block. Construction began in April 2011 and is scheduled for completion at the end of 2013.

APRIL

New PPP project: A8 in Germany

STRABAG SE subsidiary Hermann Kirchner Projektgesellschaft has a 50 % shareholding in the consortium that was awarded the contract for a public-private partnership (PPP) project in the German motorway network. The contract comprises the planning, financing and upgrade of an approx. 58 km section of the A8 motorway as well as its maintenance and operation over a period of 30 years. The investment volume is around € 410 million.

STRABAG makes acquisition in civil hydraulic engineering

STRABAG acquired 100 % of the German civil hydraulic engineering firm Ludwig Voss, Cuxhaven. The company is a specialised service provider in the field of civil hydraulic engineering operating mainly in Germany's seaports and along the coasts of the North and Baltic Seas. The group generates average revenue of just over € 20 million a year.

STRABAG issues € 175 million corporate bond

STRABAG issued another corporate bond with a volume of € 175 million. The fixed-interest bond has a term to maturity of seven years (2011–2018) and a coupon of 4.75 % p.a. The issue price was set at € 101.04.

STRABAG drives strategy in field of offshore wind energy

STRABAG signed an agreement on acquiring a 51 % stake in two holding companies to develop, build and operate offshore wind power plants. With the transaction, the company extends its existing competence as a builder of wind power facilities. The companies will develop up to 850 wind power facilities in the German North Sea to be built over the next ten to 15 years.

STRABAG enters building construction market in Sweden

In Sweden, STRABAG acquired 100 % of five subsidiaries of the Swedish NIMAB Group. In the 2010 financial year, the companies generated a total output volume of about € 40 million (SEK 360 million) and together employed more than 200 employees. With this acquisition, STRABAG bolsters its presence in this important market in southern Sweden and expands its current construction activities in this market through the addition of building construction services.

JUNE

Further transportation infrastructures contract in Romania

STRABAG signed a further transportation infrastructures contract in Romania. The order involves the follow-up construction lot to the A1 motorway section between Deva and Orăştie, which was awarded in November 2010 and is also being built by STRABAG. The works for the new order comprise the construction of a total of 24 km of four-lane motorway with two hard shoulders. The order has a volume of € 166 million. The construction time including planning amounts to 22 months.

Annual General Meeting approves acquisition of own shares

The 7th Annual General Meeting of STRABAG SE held on 10 June 2011 authorised the management board to buy back own shares in accordance with Section 65 Paragraph 1 No. 8 of the Austrian Stock Corporation Act (AktG) to the extent of up to 10 % of the share capital of the company. The buyback programme was launched on 14 July 2011 and ends at the latest on 10 July 2012. Until the end of 2011, STRABAG bought back 7.7 % of the share capital.

STRABAG develops Tyresö Centrum building complex in Sweden

Swedish subsidiary STRABAG Projektutveckling AB is developing over 12,000 m2 of residential space and further retail space next to the existing Tyresö Centrum shopping centre in the centre of Tyresö, a southern suburb of Stockholm. The project, Tyresö View, consists of one high-rise building and an adjoining lower building with space for 150 apartments offering a total space of 12,863 m2 . In addition, about 2,335 m2 of retail space as well as a parking lot with 100 parking spaces will also be built. This yields a total project volume of around € 67 million (SEK 600 million).

EFKON lands contracts in Austria and South Africa

EFKON AG is supplying ASFINAG Maut Service GmbH with mobile systems for the automatic control of toll stickers. The system helps to automatically identify toll violators without interrupting the flow of traffic. In South Africa, EFKON subsidiary Tollink South Africa was awarded the contract for the supply and maintenance of toll plazas along the N1 North route. The € 60 million contract from South African National Roads Agency Limited (SANRAL) was won by Tolcon-Lehumo as operator. EFKON subsidiary Tollink is the preferred service provider for the maintenance component of the contract, which is valued at around € 11 million (ZAR 110 million). The contract spans eight years and includes the full upgrade of the toll plazas along the N1 North as well as the maintenance and support of the system.

JULY

STRABAG increases its interest in subsidiary Möbius to 100 %

STRABAG SE increased its stake in Germany's Josef Möbius Bau AG, Hamburg, from 70 % to 100 %, further expanding its engagement in hydraulic engineering and strengthening its position as German market leader in this promising business field.

Ed. Züblin acquires parts of established German company Wolfer & Goebel

Ed. Züblin AG acquired parts of Wolfer & Goebel Projekt und Bau GmbH, Stuttgart, thereby securing nearly 100 jobs at the long-established company, which had to file for insolvency in May 2011. With the acquisition, Ed. Züblin wants to strengthen the construction activities in southern Germany and generate an additional output volume of about € 15 million a year.

AUGUST

Contracts in northern Europe

The STRABAG Group won three new orders in Finland and in Sweden. STRABAG Sverige AB will build a 1.8 km track tunnel with intermediate stations for the project metro phase 1, LU1 Matinkylä in Helsinki, Finland. The contract value is approximately € 28 million. STRABAG Sverige will also build a part of Sweden's largest new city district, Norra Djurgårdsstaden in Stockholm until October 2012. The contract value is approximately € 22 million. Finally, the company was commissioned by the Swedish Transport Administration Trafikverket to build the section Edet Rasta and Torpa, a part of the E45 motorway between Göteborg and Trollhättan, which connects the North to the South of Sweden. The contract value amounts to € 26 million.

PPP contract in building construction: Nurses' home at Klinikum Ansbach

Hermann Kirchner Projektgesellschaft mbH was awarded the public-private partnership contract to modernise and perform an energy retrofit of the nurses' home at Klinikum Ansbach, Germany. Once completed, Kirchner will maintain all objects during the 30-year operating phase and will guarantee the financing of the entire project over the contract period. The overall project volume amounts to € 52 million, the gross total investment costs amount to about € 30 million. A construction time of three years is planned.

STRABAG is building a tunnel in Canada

STRABAG SE subsidiary STRABAG Inc. won a new contract in Canada to build a 15 km long wastewater tunnel in the York Region in the Greater Toronto Area for about € 200 million (CAD 290 million).

SEPTEMBER

Six tunnels in Italy

The Italian subsidiary of STRABAG, Adanti S.p.A (now STRABAG S.p.A), was awarded the contract to upgrade some 11 km of State Road 223 between Grosseto and Sienna in Tuscany. The contract includes the planning and building of three junctions, six tunnels and five viaducts. The company's share of the € 161 million contract amounts to around € 105 million (65 % share).

STRABAG realising Atlas Tower in Berlin

STRABAG Real Estate GmbH is planning a new architectural highlight in the German capital, the Atlas Tower, to be realised on the prime piece of real estate between Kurfürstendamm and Kantstraße. With its 120 metres and 33 floors, plus an adjoining eight-storey block building, the Atlas Tower will be among the three tallest structures in Berlin. The investment sum for the building complex, which will have a total floor area of 51,000 m², amounts to around € 250 million. Construction is slated to begin in 2012, with completion expected in 2015.

Polish large-scale project A4

Poland's General Directorate for National Roads and Highways commissioned a consortium led by the two Polish STRABAG subsidiaries Heilit+Woerner Budowlana Sp. z o. o. and STRABAG Sp. z o. o. to continue construction of the 21 km long section of A4 motorway between Brzesko and Wierzchoslawice. The construction time amounts to 15 months. The contract is worth about € 120 million. The group's share is 55 %.

OCTOBER

Contract in Oman: STRABAG expands port facility

STRABAG Oman L.L.C. was awarded the contract to upgrade the roads and infrastructure within the Duqm port facility in Oman. The order is worth € 150 million.

First-ever listing for STRABAG in Carbon Disclosure Leadership Index

STRABAG has made it into the Carbon Disclosure Leadership Index (CDLI) for the first time this year with 76 (out of 100) points. The index comprises those 30 German and Austrian companies with the most points calculated according to the criteria of completeness of their disclosures about their CO2 emissions.

NOVEMBER

Four tolling and ITS contracts for EFKON

EFKON AG reported that its subsidiary EFKON India was awarded four tolling and ITS contracts worth about € 6.5 million (INR 430 million) in India.

Environmental Technology wins contracts worth more than € 110 million

The environmental technology specialists of STRABAG SE landed new orders worth a total of € 110 million. All over the world, services are required in the field of flue gas treatment, the construction of water supply, wastewater treatment and solid waste treatment plants, as well as landfill construction and environmental remediation.

DECEMBER

Ed. Züblin expands range of services with timber engineering

Ed. Züblin AG, Stuttgart, acquired the timber construction activities of the longestablished German company Paul Stephan GmbH & Co. KG, Gaildorf, retroactively to 1 August 2011, giving it access to the field of structural timber engineering. Stephan employs 75 people and is a market leader in this business field, which is seen to have considerable market potential due to the increasing importance of sustainable methods of construction.

Schützenbahn, Essen, Germany

COUNTRY REPORT

OUTPUT VOLUME OF STRABAG SE BY COUNTRY 2010–2011

€ Mln.	2011	% of total output volume 2011	2010	change %	change absolute	% of total output volume 2010
Germany	5,609	39 %	5,051	11 %	558	40 %
Austria	1,985	14 %	1,907	4 %	78	15 %
Poland	1,719	12 %	1,352	27 %	367	11 %
Czech Republic	769	5 %	867	-11 %	-98	7 %
Switzerland	574	4 %	370	55 %	204	3 %
Scandinavia	512	4 %	248	106 %	264	2 %
Russia and neighbouring countries	487	3 %	351	39 %	136	3 %
Slovakia	441	3 %	427	3 %	14	3 %
Hungary	436	3 %	580	-25 %	-144	5 %
Benelux	360	3 %	284	27 %	76	2 %
Middle East	309	2 %	295	5 %	14	2 %
The Americas	257	2 %	246	4 %	11	2 %
Romania	206	1 %	165	25 %	41	1 %
Italy	186	1 %	128	45 %	58	1 %
Asia	109	1 %	89	22 %	20	1 %
Croatia	106	1 %	92	15 %	14	1 %
Serbia	87	1 %	45	93 %	42	0 %
Africa	63	1 %	136	-54 %	-73	1 %
Slovenia	49	0 %	43	14 %	6	0 %
Rest of Europe	44	0 %	65	-32 %	-21	0 %
Bulgaria	18	0 %	36	-50 %	-18	0 %
Total	14,326	100 %	12,777	12 %	1,549	100 %
thereof CEE1)	4,318	30 %	3,958	9 %	360	30 %

Despite the strong presence in its home markets of Austria and Germany, STRABAG sees itself as a European company. The group has been active in Central and Eastern Europe for several decades in order to diversify the country risk and to profit from the market opportunities in the region. Business in these countries accounted for 30 % of the total group output volume last year as it did the year before. This gives STRABAG a unique position in comparison to the competition and makes it the market leader in the construction sector in Central and Eastern Europe.

STRABAG has for years pursued the strategy of expanding its market shares on the home and growth markets in order to achieve the necessary economies of scale to become a cost leader.

EUROPEAN CONSTRUCTION SECTOR RECOVERING MORE SLOWLY THAN ECONOMY AS A WHOLE

1) Central and Eastern Europe comprises the following countries: Bulgaria, Croatia, Czech Republic, Hungary, Poland, Romania, Russia, Serbia, Slovakia, Slovenia.

Due to increasing insecurities on both the international markets and in the euro area, growth of the gross domestic product (GDP) in Europe was again less dynamic over the course of 2011. The overall growth rate for last year stood at 1.8 %. Given the economic cooling-off, Euroconstruct expects to see growth of just 0.8 % for the year 2012.

The European construction industry is still weakened by the dampened economic development and worsening debt crisis. The forecasts for the European construction sector remain less positive than for the economy as a whole. A renewed decline of construction output averaging 0.3 % is expected for 2012, with the development strongly marked by country-specific differences. The low point in the Nordic states was reached already in 2010, and in Central Europe, too, the construction industry is again showing stable growth. In contrast, Central and Eastern Europe does not appear to be returning onto a growth path. Slight growth of the overall European construction sector is expected in 2013 at the earliest. Construction industry growth will probably exceed GDP growth slightly in the years 2013 and 2014.

GROWTH COMPARISON WESTERN VS. CENTRAL AND EASTERN EUROPE

FUTURE GROWTH SUPPORTED BY BUILDING CONSTRUCTION AND RESIDENTIAL CONSTRUCTION

While civil engineering had served as the engine driving the European construction industry until 2010, future growth will primarily be supported by the fields of residential construction and building construction. The potential in civil engineering, meanwhile, will continue to be relatively low due to the strict budgeting within the public sector.

Residential construction was the only segment in Western Europe which grew in 2011, while the Central and Eastern European markets – despite originally positive forecasts – recorded a clear minus in this sector. The good development of the Polish market was also unable to compensate for this negative trend. Euroconstruct expects only a temporary weakness, however, and residential construction should begin growing once more in 2012 in Central and Eastern Europe as well.

Counter to the original forecasts, the upswing in building construction is being delayed due to the ongoing economic insecurities. Here Euroconstruct expects a return to positive growth rates for Europe as a whole in 2013 at the earliest. In 2011, building construction in Europe shrank by 1.4 %, with quite different developments in the individual countries. While the Nordic countries, Germany, Austria and Switzerland again achieved positive growth rates, the countries of Central and Eastern Europe, with the exception of Poland, again registered drastic setbacks.

After years of growth leading up to 2010, civil engineering lost 3.3 % across Europe in 2011 in response to the austerity measures in the public sector. Significant declines were registered in Western Europe and in Central and Eastern Europe. Only the strong development in Poland could compensate for the weak performance by the remaining countries. Here, too, slight growth is not expected until 2013.

AUSTRIA

The economic upturn continued in 2011. Austria's economic output grew by 2.9 %, against a backdrop of rising exports, higher industrial production and growing investments. Due to increasing insecurities on both the international markets and in the euro area, however, this growth will again become less dynamic. Euroconstruct, for example, expects to see growth of just 0.8 % for the year 2012. An aggravation of the debt crisis in the euro area would lead to a further worsening of the growth rates.

Due to the positive economic development, the Austrian construction economy registered a slight plus of 0.7 % in 2011 after several downward years, supported above all by residential construction and building construction. For 2012, the experts at Euroconstruct again expect moderate growth of 0.7 %.

After two negative years, private residential construction grew once more, gaining 1.9 % in the period under report. Growth could be seen not only in the area of renovations, but also in new residential construction. With a significant delay, the field of building construction also recovered from the crisis of 2008/2009, again reaching a growth rate of 2.3 % in 2011. Investments were up in both the industrial sector as well

1) Country output as percentage of group output volume

2) All growth forecasts as well as the particular national construction volumes are taken from the Euroconstruct's winter 2011 reports.

as for new office buildings. Due to the declining consumption, however, another negative trend was registered in the commercial sector over the course of the year. Against this background, and given a constant total construction output, Euroconstruct expects a significant weakening in residential construction and building construction. Growth in 2012 is not expected to exceed 0.8 % and 1.0 %, respectively.

Civil engineering slipped by 3.5 % in the year under report. However, the negative development relative to the previous year slowed considerably due to increasing public-sector investments in the country's infrastructure. For the coming years, a shift is expected from rail to road construction. After slight decline of 0.3 % in 2012, Euroconstruct expects further stagnation in this area in the years to come due to the strict budget situation.

STRABAG generated a total of 14 % of the group output volume in its home market of Austria in 2011 (2010: 15 %). Alongside Germany and Poland, Austria thus continues to be one of the group's top 3 markets. With a share of 6.6 %1), STRABAG also remains the market leader here. The output volume reached a total volume of € 1,984.57 million in 2011. The Building Construction & Civil Engineering segment contributed 49 % to the total, followed by Transportation Infrastructures with 39 % and the Special Divisions & Concessions segment with 9 %. The Transportation Infrastructures segment will probably continue to show weak development in the years to come, while for market reasons the business in Building Construction & Civil Engineering will focus on the greater Vienna area.

Germany

Despite the significantly reduced economic dynamism, Germany's GDP growth in 2011 reached another considerable level at 3.0 %. This development can again be attributed to the extensive export activities, which are based on the strong competitive position of German companies. Domestic demand also showed extremely positive development.

The debt crises in the US and in Europe, however, could have a negative impact on future economic output. At the same time, the German government adopted a course of restrictive austerity, against the background of which no further economic stimulus packages are planned. For 2012, Euroconstruct therefore expects significantly reduced GDP growth of 1 %. But due to the good underlying economic situation, the medium-term forecast remains positive despite numerous risk factors.

Germany's construction output grew by 3.7 %, in line with the positive economic development in the period under report. In the next few years, however, the growth will likely slow down once more. For 2012, Euroconstruct expects construction output growth of just 1.8 %.

In line with the economic development, commercial building construction gained 2.0 % in 2011. This sector should also profit from the unbroken strong domestic demand in the medium-term. Favourable financing conditions are having a positive impact on the construction of industrial buildings and on the commercial sector. Demand for office buildings is also continuing to show a positive development following a strong decline during the crisis.

Civil engineering registered the highest growth rate in 2011 at 4.1 %. While expenditures were cut in the transport sector, the energy sector continued to show positive development. Following Germany's decision to withdraw from nuclear power, the focus is in-creasingly on the promotion of renewable energy. Against a backdrop of tightening public-sector spending, however, growth in this sector will slow once more in the future.

With a market share of 1.9 %, STRABAG is market leader in the strongly fragmented German market. In all, STRABAG generated a construction output of € 5,608.91 million in Germany in 2011, accounting for a share of about 39 % of the total output. The Transportation Infrastructures segment contributed the most (48 %) to the output in Germany, giving it a market share of 9.1 % in the country's road construction sector. Still, the Building Construction & Civil Engineering segment made the highest contribution to the extremely good results in the past financial year.

1) In the absence of current figures, the market shares stated in the entire country report refer to the year 2010 and to the total market, including all construction segments.

POLand

Poland's economy again registered significant growth in 2011. The GDP gained 4.0 % on the basis of strong growth in construction, production and retail, as well as the strengthened export activities. The strong domestic demand remained an important factor driving growth, manifested in a flurry of investment and rising consumption. The good economic situation also had a positive impact on the national budget, with another growth of the budget surplus relative to the previous year.

The tightened level of public-sector spending in the future, however, coupled with a lower volume of EU financing, will contribute to slower growth of the Polish economy. For 2012, Euroconstruct expects slightly reduced growth of 3.7 %.

With a plus of 12.9 %, the Polish construction output in 2011 reached the highest increase among the EU-27 states. The record result was made possible by the good economic situation, extensive public-sector spending and expenditures related to the UEFA European Football Championship. This development is temporary, however. Declining investments in the coming years will lead to extensive stagnation of construction output as early as 2013.

Building construction also profited from the public-sector investments, with growth of 3.6 % in 2011. Some 216 investment projects, financed up to 40 % from the EU structural funds, are to be realised ahead of the EURO 2012. Investments are being made in healthcare and education as well as in the construction of cultural institutions.

Due to the enormous investment activity ahead of the European Football Championship, civil engineering in Poland registered a record plus of 29.2 % in 2011. Most of the investments are going toward the upgrade of airport runways, waterways and roads. The high level of investment should continue until the middle of 2012. Civil engineering will then shrink again once the event is over, however.

STRABAG is the number 1 in the construction sector in Poland. The country contributed € 1,718.78 million, or 12 %, to the overall group output in 2011, making it the third-largest market for STRABAG. 79 % of the output came from the Transportation Infrastructures segment, which also contributed the largest percentage of the revenue by far. With 15 %, the Building Construction & Civil Engineering segment came in second place. STRABAG's share of the entire Polish construction market stood at 3.2 %, that of road construction at 12.3 %.

CZECH REPUBLIC

Although the forecasts for 2011 had originally been very positive, the Czech GDP only achieved growth of 2.1 %. The forecasts for the coming year are also proving to be extremely cautious, and Euroconstruct does not expect a return to strong economic growth until 2013. In the coming years, the growth will be supported above all by foreign trade. With this strong dependency on export nations, however, the Czech economy is extremely vulnerable to the individual country risk.

The overall improved economic output is not reflected in the Czech construction output, however, which shrank by a further 6.2 % in 2011. The continuing unstable political situation, higher value added tax and slow wage growth coupled with the higher rate of unemployment were largely responsible for this development. The country also saw renewed cuts to public-sector spending on transport and infrastructure. A recovery of the construction sector is therefore not expected until 2013 at the earliest.

Building construction in the Czech Republic was strongly affected by the recession and has been consistently developing backwards since 2007. A reversal of the trend is not expected until 2013 at the earliest. In 2011, this sector also slipped by 7.6 %, following a minus of 11.3 % the year before. Private Investments are continued to be impeded by the high interest rates charged by Czech banks, which did not pass on the central bank's lower rates to their customers. Against the backdrop of the current budget cuts, the public sector is also failing to deliver any growth impulses.

The noticeable negative trend in civil engineering starting in 2010 continued in 2011. The lack of an overarching strategy means that public investments are still being postponed, above all in infrastructure, so that a number of planned projects are not being realised and ongoing projects had to be suspended. This led to a 4.2 % decline in the field of civil engineering in 2011. A recovery is not expected until 2014.

STRABAG is the number 1 on the market in the Czech Republic. With an output volume of € 769.23 million, the group generated around 5 % of its overall output volume in this country in 2011. This makes the Czech Republic STRABAG's fourth-largest market. The market share amounts to 4.4 %, even reaching 11.9 % in road construction. 80 % of STRABAG's Czech construction output volume is generated by the Transportation Infrastructures segment.

SWITZERLAND

Despite a significantly slower economic dynamism in Switzerland, the GDP achieved growth of 2.3 % in 2011. Against the background of the debt crisis in Europe and in the US and the ongoing anxiety on the financial markets, this development is quite satisfactory. Switzerland registered an increased influx of qualified workers due to the unfavourable economic conditions in the neighbouring countries, which above all helped to boost private consumption. While the strong currency guarantees a low level of inflation, it also represents a great risk for the export economy. For the coming years, therefore, Euroconstruct expects a weakening of the GDP growth.

In line with the positive economic development, the construction output in Switzerland also registered solid growth rates. The plus of 2.6 % in 2011 was largely due to the favourable development of private residential construction and building construction. As a strong growth driver, residential construction will also make for clear growth in the construction economy next year.

Following the stagnation of the past few years, building construction, which accounts for about 30 % of the overall construction output in Switzerland, again grew by 2.4 % in the year under report. More than half of the investments went to renovation activities. Following slowed growth in 2012, building construction should again achieve stronger growth starting in 2013.

Despite the positive economic environment, civil engineering registered a decline of 1.6 % in 2011. The high growth rates of the years 2008 and 2009 were supported by the extensive economic stimulus programmes which ran out already in 2010. Against this background, the experts at Euroconstruct expect only slight growth for the coming years.

The Swiss market contributed € 574.21 million or 4 % to the group's overall construction output volume in 2011. For organisational reasons, most of the activities in Switzerland are assigned to the Building Construction & Civil Engineering segment regardless of the actual work performed.

RUSSIA AND NEIGHBOURING COUNTRIES (RANC)

Driven mainly by the high price of oil, economic output again reached growth of 4.2 % in 2011 after the Russian economy had already stabilised in 2010. This positive trend should continue as long as there is no intensification of the external risk factors – especially the budget problems in Europe and the US.

Following the stabilisation of the Russian construction sector the year before, satisfactory growth was again registered in 2011 – at 4.9 % surpassing even GDP growth. Against the background of extensive infrastructure investments, Euroconstruct expects a further acceleration of the construction output for the years to come.

The building construction market continued to recover, while residential construction is further marked by low demand as a result of the high market prices. International investors, in particular, restarted the activities they had suspended in 2008. Investments made mainly involved office buildings, hotels and shopping centres.

With growth of 11.6 %, the strongest growth by far was achieved in civil engineering. Investments in infrastructure represent an important focus of Russian budget policy and represent around 50 % of the overall construction output. Under the programme "Development of Transport System of Russia 2010–2015", some RUB 800 billion will be spent on the development and modernisation of Russia's rail, road, air and shipping

2011e 2012e GDP growth 2.3 % 1.5 % Construction growth 2.6 % 3.2 % 4 %

construction output € 42.0 billion

Overall country

network until the year 2015. High investments are also planned in the federal "Clean Water" programme, which is focused on the development of water treatment facilities.

STRABAG generated an output volume of € 486.90 million in Russia and its neighbouring countries (RANC) in 2011. The contribution to the overall group output volume in the period under report amounted to 3 %. In the RANC region, STRABAG is active almost exclusively in the Building Construction & Civil Engineering segment (86 %).

SLOVAKIA

Following the upturn of 2010, the Slovak economy grew by a further 3.3 % in 2011. By 2014, growth rates could even return to up to 3.9 %. An important factor remains foreign demand, while budget spending continued to stagnate and public-sector spending was down.

Despite the good development of the economy, the Slovak construction output again registered a significant minus of 5.5 % in 2011. The main reasons for this development were the absence of private and public-sector investments as well as the insecurity on the international markets. However, Euroconstruct expects a recovery already in 2012. While building construction had shown the best development in 2011, civil engineering should again grow considerably starting in 2012.

The building construction sector, which accounts for nearly half of the Slovak construction output, registered moderate growth of 1.9 % for the first time since the crisis of 2008/2009. Most of this was financed from private sources. A continual rise of the growth rates is expected for the coming years.

Due to the restrictive budget policy, civil engineering had to accept a renewed minus of 8 % in 2011. Starting in 2012, however, state spending for transport and infrastructure should increase again. The government will make efforts at securing more EU financing while also increasing its own budget for state spending.

With a market share of 7.9 % and an output volume of € 440.74 million in 2011, STRABAG is the market leader on the Slovak market. The share of the road construction market even amounts to 18.1 %. The largest contribution to output in 2011 was made by the Building Construction & Civil Engineering segment with 56 %, followed by Transportation Infrastructures with 41 % and Special Divisions & Concessions with 2 %.

hungary

Hungary was more strongly affected by the global crisis of 2008/2009 than the other EU member states and the Hungarian government has still not managed to catch up. The economic output in 2011 reached only moderate growth of 1.6 %. No measures to stimulate the domestic demand were adopted by the government in the period under report. The positive development of Hungarian export activity was the only factor stabilising the economic output. But this sector – which has been very stable and is largely dependent on Germany – is strongly affected by the uncertain economic situation of the export countries. For this reason, Euroconstruct again expects no more than moderate growth of 1.5 % for 2012. Significant increases will not be achieved until the following years.

Despite originally positive forecasts for 2011, the construction output continued to decline with a minus of 10.8 %. Supported by the positive development of residential construction in the future, Euroconstruct expects renewed growth of construction output in 2013.

With a decline of 9.7 %, the Hungarian building construction sector continued to suffer under the low level of foreign investments in 2011. Real estate projects were not continued, and corporate bonds have seen a dramatic decline since mid-2008. Local governments stopped public-sector projects. Low growth will not be possible until 2014 due to the availability of EU financing.

With a minus of 11.7 %, civil engineering shrank even more strongly than the year before. Given the budget restrictions, the start of civil engineering projects remains uncertain due to the lack of financing plans. The future development thus depends strongly on the federal infrastructure plan. The experts at Euroconstruct do not expect a return to moderate growth until 2014.

With an output volume of € 436.08 million in 2011, STRABAG is the leading provider on the Hungarian construction market. The share of the overall market reached 6.4 %, in road construction STRABAG even generated 15.4 % of the total construction output. The Transportation Infrastructures segment accounted for the greatest proportion of the output at 56 %. The Building Construction & Civil Engineering segment and the Special Divisions & Concessions segments generated about 36 % and 8 % of the output, respectively.

REST OF WESTERN AND NORTHERN EUROPE

ScANDINAVIa

Scandinavia's economic output exhibited enormous differences from country to country in 2011. With GDP growth of 4.3 %, Sweden had the strongest growth rate by far, while Norway and Denmark remained significantly below this level with 1.6 % and 0.5 %, respectively. The economic output should slowly increase in 2012. The construction output, on the other hand, grew more or less evenly in all markets with an average of 4.4 %. While building construction grew the strongest in Sweden, residential construction achieved the highest increases in the other countries. In 2012, the construction output should grow even more strongly in Denmark and Norway.

STRABAG's output in Scandinavia reached € 512.41 million in 2011. The Transportation Infrastructures segment made the strongest contribution at 87 %. Infrastructure projects are among the main activities. For organisational reasons, however, projects in Scandinavia – regardless of their nature – are assigned to the Transportation Infrastructures segment.

BENELUX

The Benelux countries are continuing to register positive growth rates. The GDP in Belgium grew by 2.4 % last year, while GDP growth in the Netherlands reached 1.5 %. Against the background of Europe-wide austerity plans, however, Euroconstruct also expects to see a significant slowdown of economic growth in the Benelux countries in 2012.

Significantly more positive than the overall economy was the growth of the construction output in Belgium and the Netherlands with an average plus of 3.8 %. While all sectors of the construction industry gained evenly in the Netherlands, growth in Belgium was mainly supported by civil engineering. Euroconstruct expects the construction output to continue to grow more strongly than the economic output in the years to come.

STRABAG achieved an output of € 359.95 million in the Benelux countries in 2011. The company is most strongly represented in Benelux in the Building Construction & Civil Engineering segment.

ITALy

The Italian economy currently is in a difficult crisis marked by a high level of debt, an enormous insolvency risk and financial turbulence. Against this background, the GDP achieved only slight growth of 0.6 % in 2011. The economic output is expected to stagnate in the years to come.

The construction output also continued its negative trend, shrinking by a further 3.1 % in 2011. In all, the market as a whole has lost about 20 % since 2006, with declines in new construction reaching as much as 40 %. Civil engineering has lost about one third of its volume since 2005. Given the continuation of the debt crisis, Euroconstruct does not expect slight growth until the year 2013.

STRABAG's output in Italy amounted to € 186.45 million in 2011. In Italy, STRABAG is mainly active in the Special Divisions & Concessions segment, which contributed 95 % to the overall group output in this market. For this reason, all other projects in Italy are also recorded in the Special Divisions & Concessions segment.

MIDDLE EAST, AFRICA, AMERICAS, ASIA – REST OF WORLD

In addition to its main markets in Europe, the STRABAG Group is also active in individual non-European regions in Asia, Canada, Africa and the Middle East. STRABAG increased its presence in the non-European markets in order to become more independent from the economic conditions among the previous growth markets. In all, the group generated € 737.66 million in these regions in 2011, which corresponds to 5 % of the overall group output volume.

In the non-European markets, STRABAG is usually active as a general contractor through direct export. The focus in these regions is on civil engineering, industrial and infrastructure projects and tunnelling – areas in which high technological expertise is required.

The most important projects include the construction of the Rohtang Pass highway tunnel at 3,980 m above sea level in the western Himalaya region in India as well as the upgrade of roads and infrastructure within the Duqm port facility in Oman. STRABAG's activities in non-European countries in all areas of business are mostly included – with a few small exceptions – in the Special Divisions & Concessions segment.

REST OF CEE: BULGARIA, CROATIA, ROMANIA, SERBIA, SLOVENIA

ROMANIA

After two years of recession, the economic output in Romania grew by 1.5 % in 2011. The country's growth should become increasingly dynamic in the years to come.

Despite the positive economic output, Romania's overall construction output fell by a further 1.6 % in 2011. While the sector's residential construction and civil engineering shrank by 5.5 % and 1.1 %, respectively, building construction recovered and grew by 1.4 % – a trend that is expected to continue in the coming years. Against the background of extensive efforts to secure sources of financing for the still underdeveloped transport sector, Euroconstruct expects to see a continuous recovery of growth rates in civil engineering as well.

STRABAG took third place on the Romanian construction market in 2011, with construction output of € 205.87 million. At 54 %, the Transportation Infrastructures segment contributed the highest proportion to the group output volume in Romania.

CROATIA

While the other countries in the region have already recovered from the financial crisis, Croatia continues to register weak economic output. After two negative years, GDP growth of 1.3 % is expected for 2011, although this value is significantly below the comparison values for other countries in the region. For the coming years, Euroconstruct continues to expect only moderate growth in Croatia.

As the Croatian construction sector is recovering even more slowly than the economy as a whole, the construction output registered a minus of 11.3 % in 2011. Financing problems for ongoing and future projects led to many construction projects being suspended or postponed. Especially affected was the residential construction sector; building construction began to show more dynamism in 2011 due to the activities in the tourism sector.

Despite extensive financing options for civil engineering projects, this sector continues to suffer from the economic and financial crisis, registering a minus of 14.6 % in 2011. A slight recovery and the first positive growth rates are not expected until 2013. Especially the railway sector is expected to function as a growth driver due to its great importance for the country's infrastructure.

In 2011, STRABAG achieved an output volume of € 106.35 million in Croatia. The highest proportion was generated in the Transportation Infrastructures segment, with 52 %, followed by Building Construction & Civil Engineering with 44 %.

SERBIA

With an economic growth of 2.2 % last year, Serbia is in a transitional phase to a sustained economic upturn. The country's extensive structural reforms and its favourable geographic location give the Serbian market a high degree of growth potential.

Thanks to the financing of construction projects by the IMF and the EBRD, the construction output in Serbia grew by 12.3 % in 2011. This strong growth benefited all sectors of the construction industry. While building construction returned to growth of 3.1 % in 2011 after two negative years, gains in residential construction even reached 7.9 % in response to extensive state measures. Due to an enormous amount of investment in the country's infrastructure, civil engineering registered the strongest growth (18.8 %) in the period under report. Due to further financing promises from the IMF and the EBRD for 2012, Euroconstruct expects Serbia's overall construction output to grow by 12.1 %. The following years, however, will again be characterised by strong uncertainties.

STRABAG's output volume in Serbia reached € 87.29 million in 2011. With 55 %, the Transportation Infrastructures segment contributed the greatest amount.

SLOVENIA

Slovenia traditionally is one of the fastest growing markets in the Central and Eastern European region. Recently, however, the Slovenian economy has suffered from the turbulence on the international financial markets, with GDP growth of just 1.5 % in 2011. But Euroconstruct expects more significant growth of economic output in the years to come.

In 2009, the combination of weak domestic demand and the general economic crisis had led to a drastic setback of the construction economy and a reduction of production capacities, all of which continues to prevent a return to pre-crisis levels. The Slovenian construction output in 2011 shrank by another 23.8 % in 2011. The completion of the Slovenian motorway also resulted in lower infrastructure spending.

In 2011, STRABAG achieved an output volume of € 48.52 million in Slovenia. With 56 %, the company generated the highest percentage in the Building Construction & Civil Engineering segment.

BULGARIA

With growth of 2.3 %, the Bulgarian economy remained slightly below the expectation of the experts in 2011. Growth was mainly supported by exports, while private consumption was below the level of the previous year. Economic growth should pick up significantly in the years to come, however.

The positive economic development is only slowly being reflected in the construction economy. After three negative years in a row, the construction output will return to growth in 2012. Residential construction and building construction will continue to shrink in the years to come, but civil engineering should compensate these declines through its strong reliance on EU financing. The focus will continue to be on upgrading and modernising the transport infrastructure, although subsidies will also lead to an increased realisation of environmental projects.

STRABAG generated € 18.40 million on the Bulgarian market in 2011. With 52 %, the Building Construction & Civil Engineering segment contributed the highest percentage to STRABAG's total output volume in Bulgaria.

ORDER BACKLOG

ORDER BACKLOG OF STRABAG SE BY SEGMENT 2010–2011

31.12. € Mln.	Total (INcL Other) 2011	building construc tion & civil enginee ring	trans portation infra struc tures	special divisions & conces sions	Total (INcL Other) 2010	Change Group %	Change Group ABSOLUT e
Germany	3,909	1,928	1,156	815	3,795	3 %	114
Austria	1,633	826	271	533	1,634	0 %	-1
Russia and neighbouring
countries	1,121	1,051	64	6	1,419	-21 %	-298
Poland	932	291	599	42	2,338	-60 %	-1,406
Middle East	746	50	1	695	499	49 %	247
Benelux	724	385	78	261	778	-7 %	-54
Scandinavia	668	41	626	1	568	18 %	100
The Americas	601	229	28	344	377	59 %	224
Romania	573	208	344	21	301	90 %	272
Italy	435	11	0	424	450	-3 %	-15
Czech Republic	408	63	334	11	597	-32 %	-189
Switzerland	330	231	15	84	355	-7 %	-25
Slovakia	328	187	134	6	428	-23 %	-100
Hungary	272	76	158	38	263	3 %	9
Asia	189	10	3	176	185	2 %	4
Africa	145	10	0	135	435	-67 %	-290
Croatia	140	98	41	1	155	-10 %	-15
Rest of Europe	92	41	50	1	27	241 %	65
Slovenia	61	50	8	3	44	39 %	17
Serbia	30	4	26	0	74	-59 %	-44
Bulgaria	17	10	7	0	17	0 %	0
Order back
log total	13,354	5,800	3,943	3,597	14,739	-9 %	-1,385
thereof CEE1)	3,882	2,038	1,715	128	5,636	-31 %	-1,754
Segment contribution to group order backlog		43 %	30 %	27 %

CONSTRUCTION SITES INCLUDED IN THE ORDER BACKLOG ON 31 DECEMBER 2011

Categories of order size

small: € 0 million to € 15 million medium: € 15 million to € 50 million large: over € 50 million

CATEGORY	NUMBER OF CONSTRUCTION SITES	ORDER BACKLOG T€
Small orders	17,467	4,771
Medium-sized orders	195	2,361
Large orders	98	6,223
Total	17,760	13,354

1) Central and Eastern Europe comprises the following countries: Bulgaria, Croatia, Czech Republic, Hungary, Poland, Romania, Russia, Serbia, Slovakia, Slovenia.

The order backlog stood at € 13.4 billion, 9 % below the level at the end of 2010. For the most part, this is due to the development in Poland as the preparations for the 2012 European Football Championship had triggered large infrastructure investments from the public sector. As market leader, STRABAG was awarded several of the resulting contracts and worked these off in the 2011 financial year. This transformed an order backlog of about € 1.4 billion into output, so that the order backlog in Poland alone sank from € 2.3 billion to around € 900 million. Also, we are no longer reporting the projects in Libya in the order books due to the political situation in the country since the beginning of 2011.

The overall order backlog is comprised of 17,760 individual projects. Of this amount, nearly 17,500 are small projects with a volume of up to € 15 million each. They account for 36 % of the order backlog; a further 18 % are medium-sized projects with order volumes between € 15 million and € 50 million; 46 % are large projects of € 50 million or more. The high number of individual contracts guarantees that the risk involved with one project does not threaten the group success as a whole. The ten largest projects in the order backlog on 31 December 2011 added up to 19 % of the order backlog, compared to 24 % at the end of 2010.

Country	Project	Order volume in € Mln	As % of total order backlog
Austria	Koralm Tunnel, lot 2	459	3.4 %
Russia	Kautschuk residential complex	416	3.1 %
United Arab Emirates	STEP wastewater systems	300	2.2 %
Russia	Olympic Village	246	1.8 %
Netherlands	A-Lanes A15 motorway	245	1.8 %
Canada	Wastewater tunnel, Greater Toronto Area	208	1.6 %
Italy	Val di Chienti	205	1.5 %
Chile	Candelaria Mine 2011	184	1.4 %
Germany	TaunusTurm Frankfurt am Main	166	1.2 %
Oman	Duqm port facility	159	1.2 %
Total		2,588	19.2 %

THE TEN LARGEST PROJECTS in the order backlog

IMPACT OF CHANGES TO THE SCOPE OF CON-SOLIDATION

In the 2011 financial year, 47 companies (thereof 14 mergers with fully consolidated companies) were included in the scope of consolidation for the first time. These companies contributed a total of € 503.45 million to the consolidated revenue and € -22.34 million to the net income after minorities. As a result of first-time inclusions, current and non-current assets increased by € 325.42 million, current and non-current liabilities by € 190.65 million.

FINANCIAL PERFORMANCE

STRABAG SE generated an output volume of € 14.3 billion in the 2011 financial year. The company had expected an increase from € 12.8 billion to € 14.0 billion and surpassed its own forecast with an actual plus of 12 %. The growth is due to the strong demand in the German building construction and civil engineering segment, the booming Polish construction sector above all in the field of transportation infrastructures and the expansion in northern Europe. Additionally, STRABAG acquired two construction SMEs in Switzerland in the first quarter of 2011, which had a positive effect on the development of the output volume.

The consolidated group revenue for the 2011 financial year stood at € 13,713.80 million, which – similar to the development of the output volume – corresponds to an increase of 11 %. As in previous years, the ratio of revenue to construction output volume remained very high at 96 % (2010: 97 %). The Building Construction & Civil Engineering segment contributed 36 %, Transportation Infrastructures 45 % and Special Divisions & Concessions 18 % to the revenue. In comparison to the previous year, this represents a slight shift in favour of Building Construction & Civil Engineering.

The changes in inventories were significantly higher due to the intensification of the business with group-developed real estate projects, while the amount of own work capitalised dropped by about half following completion of construction of the proprietary cement factory in Hungary.

With the higher revenue, the raw materials, consumables and services used, as well as the employee benefits expense, grew by 13 % to € 9,320.12 million and by 7 % to € 3,004.46 million, respectively. The ratio of these two items versus revenue grew slightly as a result from 89 % in 2010 to 90 % in 2011.

The other operating expenses fell slightly by 2 %, but remained above the € 1 billion mark. At the same time, the other operating income fell by 3 %, due in part to the reduced sales of property, plant and equipment. This item also includes income from the fully consolidated concession companies.

	2011 € Mln.	2010 € Mln.	change %
Raw materials, consumables and services used	9,320	8,218	13 %
Employee benefits expense	3,004	2,801	7 %
Other operating expenses	1,014	1,030	-2 %
Depreciation and amortisation	412	436	-6 %

At € -34.54 million, the share of profit or loss of associates turned from positive back into negative territory in the 2011 financial year – the previous year's figure had contained a measurement made directly in profit or loss in the amount of € 24.60 million following the increase in interest in railway construction subsidiary Viamont DSP a.s. The negative share of profit or loss of associates in the 2011 financial year is largely due to an extraordinary write-down in the mid-double-digit millions related to an interest in cement activities.

The net income from investments, at € 3.59 million, was significantly lower than the year before and is made up of dividend payments and expenses, respectively, from many smaller companies as well as financial investments. Given the combination of higher revenue and higher costs, it follows that the earnings before interest, taxes, depreciation and amortisation (EBITDA) grew by 2 % to € 746.33 million resulting in a decrease of the EBITDA margin from 5.9 % to 5.4 %.

The depreciation and amortisation fell by 6 % to € 411.55 million. The previous year's € 435.74 million still included a one-time impairment of goodwill in the amount of € 14.00 million related to the transaction with Viamont DSP a.s. as well as various other goodwill impairments totalling around € 36 million. The latter fell to about € 16 million in 2011.

Although the Viamont transaction had a positive effect of € 10.60 million in the earnings before interest and taxes (EBIT) in the year before, this figure registered a plus of 12 % to € 334.78 million in the 2011 financial year. This resulted in an unchanged EBIT margin of 2.4 %. Due to positive exchange rate differences in the amount of € 37.27 million, the net interest income improved despite the higher interest expense from € -19.68 million to € 8.54 million. The previous year's net interest income had included € 6.4 million in exchange rate losses.

As a result, the profit before tax grew by 23 % to € 343.33 million. STRABAG considers an average tax rate of 30 % to be realistic. The actual rate of 30.3 % in 2011 confirmed this expectation. This led to a net income of € 239.29 million and a plus of 27 % over the previous year.

The earnings owed to the other shareholders (minority interest) climbed from € 13.52 million to € 44.30 million in the year under report. This is due in part to the fact that the losses from the activities in Libya in the previous year had been partially borne by minority shareholders. The net income after minorities for 2011 therefore stood at € 194.99 million, 12 % above the level from the year before. The number of weighted outstanding shares fell from 114,000,000 to 111,424,186 as a result of the buyback of own shares, so that the earnings per share grew by 14 % to € 1.75.

earnings per share € 1.75

The return on capital employed (ROCE) was calculated at 6.3 %, its highest value since 2007 (2010: 5.4 %).

FINANCIAL POSITION AND CASH-FLOWS

		% of		% of
	2011 € Mln.	balance sheet total	2010 € Mln.	balance sheet total
Non-current assets	4,534	44 %	4,345	42 %
Current assets	5,852	56 %	6,037	58 %
Equity	3,150	30 %	3,232	31 %
Non-current debt	2,359	23 %	2,363	23 %
Current debt	4,877	47 %	4,786	46 %
Balance sheet total	10,386	100 %	10,382	100 %

STRABAG SE's balance sheet total remained more or less unchanged at € 10.4 billion, due in large part to the reclassification of the proprietary cement plant in Hungary, completed in 2011, from "assets held for sale" to "investments in associates" as the plant was merged into a joint venture with Lafarge of which STRABAG SE holds 30 %. This led to an increase in non-current assets to the detriment of current assets.

The inventories grew in view of new proprietary project developments. The current receivables from concession arrangements also grew significantly: these include a public-private partnership project in Denmark for which the services were pre-financed, which also found expression in the higher current financial liabilities. Overall, however, the current assets fell not least because of the reduced cash and cash equivalents owing to the share buyback programme.

	2011	2010
Equity ratio %	30.3 %	31.1 %
Net debt € mln.	-268	-669
Gearing ratio %	-8.5 %	-20.7 %
Capital employed € mln.	5,336	5,236

The equity ratio fell slightly from 31.1 % to 30.3 % as a result of the share buyback programme, which led to reduced retained earnings in the same amount as the costs of acquisition of the own shares. The management board considers an equity ratio between 20 % and 25 % to be a realistic target in the medium-term.

As in the years before, STRABAG ended the year with a net cash position. This was counter to expectations. Reaching € 267.81 million, however, this figure was down 60 % in a year-on-year comparison. The net cash position does not include € 754.18 million in non-recourse financial liabilities related to the AKA and Kliplev Motorway Denmark concession companies. The interest expense of these non-recourse finance liabilities, as well as the interest income from receivables from concession arrangements, is presented in other operating income.

Calculation of net debt (€ Mln.)

	2011	2010
Financial liabilities	1,732	1,559
Severance provisions	70	69
Pension provisions	384	375
Non-recourse debt	-754	-720
Cash and cash equivalents	-1,700	-1,952
Net debt	-268	-669

The cash-flow from operating activities fell in the past financial year by 27 % to € 501.15 million despite a simultaneous 35 % increase of the cash-flow from profits. In addition to the reduction of prepayments in Poland, this is due to the expansion of the business – as evidenced by the higher revenue – which, as expected, was manifested in a build-up of working capital.

The cash-flow from investing activities increased by 18 % to € -616.07 million. The company spent around 14 % less on the purchase of property, plant and equipment and intangible assets than the year before. However, this item includes several acquisitions of construction and raw material SMEs in Switzerland and Germany recorded under "changes in consolidation" as well as the co-payment of € 77.5 million for a stake in the joint venture with Lafarge in "purchase of financial assets".

The cash-flow from financing activities stood at € -81.71 million after € -20.00 million the year before. On the one hand, STRABAG issued a € 175 million bond in 2011 (while paying back a € 75 million bond), compared to a positive net effect of just € 25.00 million from the bond programme in 2010. On the other hand, the acquisition of own shares cost the company € 185.23 million by the end of the year.

Capital Expenditures

STRABAG had forecast capital expenditures (CAPEX) in the amount of approximately € 580 million for the 2011 financial year. In the end, the gross capital expenditures totalled € 752.24 million. This figure includes expenditures on intangible assets and on property, plant and equipment, the purchase of financial assets – such as the investment in the joint cement venture with Lafarge – and enterprise acquisitions (changes to the scope of consolidation, e.g. the acquisitions of Brunner Erben Holding AG and Astrada AG, Switzerland, as well as of Gaul GmbH & Co. KG, Germany). As a result, the capital expenditures far exceeded the budget – despite the savings in expenditures on intangible assets and on property, plant and equipment.

These fell by 14 % to € 477.15 million. About € 200 million is spent annually as maintenance expenditures related to the equipment fleet in order to prevent inventory obsolescence. The high proportion of expansion expenditures is due to STRABAG's focus of its capital expenditures: in the 2011 financial year, the focus was especially on the niche business fields and on the large Koralm Tunnel project in Styria, Austria. The significant increase in demand in Poland and in Germany led to the purchase of equipment in these countries being registered to a large degree as expansion expenditures.

Expenditures on intangible assets and on property, plant and equipment during the year under report must be seen against amortisation on intangible assets and depreciation on property, plant and equipment in the amount of € 411.55 million. This figure, however, also includes goodwill impairment in the amount of € 16.15 million.

FINANCING/TREASURY

The number one objective for the treasury management of STRABAG SE is assuring the continued existence of the company through the maintenance of constant solvency. This objective is to be reached through the provision of sufficient short-term, medium-term and long-term liquidity.

Liquidity for STRABAG SE means not only solvency in the strict sense but also the availability of guarantees. The building activity requires the constant availability of bid, contract fulfilment, pre-payment and warranty guarantees and/or sureties. The financial scope of action is thus defined on the one hand by sufficient cash and cash credit lines, on the other hand by sufficient surety credit lines.

The management of liquidity risks has become a central element of the corporate management at STRABAG. In practice, liquidity risks come in various forms:

• In the short-term, all daily payment obligations must be covered in time and/or in their entirety.
• In the medium-term, liquidity levels must be sufficient so that no transaction (e.g. acquisitions, expenditures) or projects become impossible due to a lack of sufficient financial means or guarantees or that they cannot be executed at the desired pace.
• In the long-term, there should be sufficient financial means available to be able to pursue the strategic development targets.

In the past, STRABAG has always oriented its financing decisions according to the risk aspects outlined above and has organised the maturity structure of the financial liabilities in such a way as to avoid a refinancing risk. In this way, the company has been able to maintain a great scope for action, which is of particular importance in a difficult market environment.

The necessary liquidity is determined by liquidity planning. Based on this, liquidity assurance measures are made and a liquidity reserve is defined for the entire group.

STRABAG SE has a total credit line for cash and surety loans in the amount of € 6.2 billion. The credit lines include a syndicated surety credit line in the amount of € 2.0 billion with a maturity until 2015. A high degree of diversification creates an adequate risk spread in the provision of the credit lines.

The medium- and long-term liquidity needs have so far also been covered by the issue of corporate bonds. STRABAG SE has regularly issued bonds on the Austrian market since 2004. Due to the market conditions, STRABAG opted against issuing a new bond in the 2009 financial year. In the 2011 financial year, STRABAG successfully issued a € 175 million tranche and, due to the favourable market environment, for the first time chose a term to maturity of seven instead of five years. The proceeds from the issue were used for general business purposes and to pay back a bond which matured in 2011. At present, this leaves four bonds with a total volume of € 425 million on the market.

The existing liquidity of € 1.7 billion and cash credit lines of € 0.4 billion assure the group's liquidity needs. Nevertheless, further bond issues are planned, depending on the market situation, in order to maintain a high level of liquidity reserves in the future as well.

In December 2011, S&P again confirmed its BBB- rating and stable outlook as STRABAG SE benefits from its solid capital structure and strong liquidity situation, its good access to raw materials and its leading market position in the otherwise cyclical, highly competitive and low-margin construction sector.

	2011	2010	2009	2008
Interest and other income (€ million)	112	79	78	90
Interest and other expense (€ million)	-104	-98	-98	-131
EBIT/net interest income	39.2x	-15.2x	-14.2x	-6.7x

Payme nt obl igations
	book value 31 december 2011 € Mln.
Bonds	445
Bank Liabilities	1,236
Financial Leasing	47
Other Liabilities	5
Total	1,732

SBB bridges, zurich cross-city link Oerlikon–Altstetten, Zurich, Switzerland

SEGMENT REPORT

OVERVIEW OF THE SEGMENTS OF STRABAG SE

The operating business of STRABAG SE is divided into three segments: Building Construction & Civil Engineering, Transportation Infrastructures and Special Divisions & Concessions. A further segment defined as "Other" encompasses expenditures, income and employees at the group's service companies and staff units.

Construction projects are assigned to one of the segments (see chart below). Certainly, projects may also be assigned to more than one segment. This is the case, for example, with PPP projects in which the construction part is assigned to its respective segment, but the concession part is assigned to the concessions unit of Special Divisions & Concessions. In projects which span more than one segment, the commercial and technical responsibility is generally assigned to that segment which has the higher share of the overall project value.

Vienna central Station, austria

Building Construction & Civil Engineering

The building construction half of the Building Construction & Civil Engineering segment includes the construction of commercial and industrial properties, airports, hotels, hospitals, office and administration buildings, residential real estate and the production of prefabricated elements. The field of civil engineering comprises complex infrastructure solutions, power plant construction, large-scale bridge building and environmental technology projects.

		change		change
	2011 € Mln.	2010–2011 %	2010 € Mln.	2009–2010 %	2009 € Mln.
Output volume	5,142	20 %	4,279	-3 %	4,427
Revenue	4,968	25 %	3,976	-2 %	4,059
Order backlog	5,800	2 %	5,660	1 %	5,602
EBIT	179	16 %	154	24 %	124
EBIT margin as a % of revenue	3.6 %		3.9 %		3.1 %
Employees	20,276	11 %	18,253	-7 %	19,562

output volume building Construction & Civil Engineering 2010–2011

€ Mln.	Output volume total 2011	Output volume total 2010	Change %	change absolute
Germany	1,869	1,548	21 %	321
Austria	981	967	1 %	14
Switzerland	438	164	167 %	274
Russia and neighbouring countries	417	318	31 %	99
Poland	266	174	53 %	92
Benelux	263	228	15 %	35
Slovakia	248	235	6 %	13
Hungary	155	230	-33 %	-75
Czech Republic	120	110	9 %	10
The Americas	95	91	4 %	4
Romania	82	52	58 %	30
Croatia	47	36	31 %	11
Scandinavia	42	12	250 %	30
Serbia	38	15	153 %	23
Slovenia	27	26	4 %	1
Rest of Europe	25	39	-36 %	-14
Asia	11	7	57 %	4
Bulgaria	10	18	-44 %	-8
Italy	4	5	-20 %	-1
Africa	3	2	50 %	1
Middle East	1	2	-50 %	-1
Output volume total	5,142	4,279	20 %	863
thereof CEE1)	1,410	1,214	16 %	196

Output volume, revenue and result

The output volume generated in the Building Construction & Civil Engineering segment in the 2011 financial year increased by 20 % to € 5,142.16 million. As a result, STRABAG clearly exceeded its own forecast. It must be mentioned, however, that unfavourable weather conditions in the spring of the previous year had led to an unusually reduced output volume in 2010. Especially worth noting is the growth in the home market of Germany and in the RANC region (Russia and neighbouring countries). Higher output volume was registered in Switzerland due to the acquisitions of two construction SMEs, Brunner Erben Holding AG and Astrada AG, in the first quarter of 2011. A declining trend was seen only in Hungary.

The revenue grew in tandem with the output volume at a double-digit percentage rate to € 4,968.21 million. The earnings before interest and taxes (EBIT) increased by 16 % to € 179.09 million in large part due to the good business in the German market.

1) Central and Eastern Europe comprises the following countries: Bulgaria, Croatia, Czech Republic, Hungary, Poland, Romania, Russia, Serbia, Slovakia, Slovenia.

Order backlog

The order backlog grew slightly by 2 % to € 5,800.06 million. This figure is influenced by the development in four markets in particular. On the one hand, there is the satisfactory high demand for building construction in Germany and Romania. Companies of the STRABAG Group were commissioned for the construction of the TaunusTurm and the Poseidon House office complex in Frankfurt, Germany, and of the Promenada Mall shopping centre and Sky Tower of the Floreasca City Center in Bucharest, Romania – the last two for project developer Raiffeisen evolution. On the other hand, several large projects were completed in Poland and in the RANC region. In these markets, follow-up contracts of the same order and magnitude were not generated in the year under report.

Employees

The workforce grew by more than 2,000 persons, or 11 %, to 20,276 employees. The number includes the growth resulting from the Swiss acquisitions, which contributed over 1,100 employees to the overall personnel figures. While the output situation in Germany required an expansion of the workforce there, human resources were reduced as planned in the weak markets of the Czech Republic and Slovakia.

Outlook

Given the positive order situation in Germany and Austria, STRABAG expects further significant output growth in the Building Construction & Civil Engineering segment from about € 5.1 billion in 2011 to € 5.5 billion in 2012. This forecast is supported by the high order backlog in the home markets and several promising tenders in northern Europe. Further contributions to the output volume will come from the group's entrance into the timber engineering business with the acquisition of Paul Stephan GmbH & Co. KG, Germany, the strengthening of the steel construction business with the acquisition of NE Sander Group, Germany, and the acquisition of Wolfer & Goebel Bau GmbH, Germany.

STRABAG expects the development of results in the segment to remain steady. Stabilising factors are the combination of high demand with stable material and subcontractor prices in Germany as well as a slight yet noticeable improvement of the climate in the Czech Republic. The price pressure in Switzerland remains high and the Hungarian construction sector weak, despite expectations of stimulus measures – in particular from environmental protection projects. The field of environmental technology also holds the promise of opportunities in Romania. In Poland, STRABAG expects a significantly lower output volume due to the completion of large projects from 2012. Given the situation in Moscow, building construction in Russia remains also restrained. The market for infrastructure projects, by comparison, is showing very dynamic development due to the expectation of impulses from the 2018 FIFA World Cup. STRABAG is also working the Russian neighbouring states – Azerbaijan and since recently also Kazakhstan and again Ukraine. For this reason, it should be possible to increase the output in the RANC region in 2012 from about € 490 million to € 650 million despite the reserved demand in Moscow.

Country	Project	order volume € Mln.	percentage of total group order backlog %
Russia	Kautschuk residential complex	416	3.1 %
Russia	Olympic Village	246	1.8 %
Germany	TaunusTurm Frankfurt/Main	166	1.2 %
Netherlands	Vertical City Rotterdam	106	0.8 %
Poland	Galeria Katowicka	76	0.6 %
Romania	Promenada Mall	73	0.5 %

Selected Projects in the building construction & civil engineering segment

"Encourage sustainability"

The output generated in your segment in 2011 increased by 20 %. What is your evaluation of the past year?

We were still able to make a noteworthy contribution to net income in 2011. Given the macroeconomic environment that we are faced with, I consider this to be a satisfactory outcome.

How strongly does the declining public expenditure affect the Building Construction & Civil Engineering segment?

While our clients in building construction are above all private investors, in civil engineering they are mainly public sector institutions. Of course, we are noticing a certain level of restraint in those places where the public sector is our client – particularly in Hungary, the Czech

Thomas Birtel Member of the Management Board, STRABAG SE, Building Construction & Civil Engineering

Republic and Slovakia. Still, there are markets in which the situation remains positive. As an exam-ple, I would like to mention the greater Vienna area; or parts of Germany, in particular the much-debated Stuttgart 21 project. These two examples show that despite the austerity measures there still are some noteworthy investment projects in the field of civil engineering.

The order situation in building construction is shaped by private investors. On the lookout for a worthwhile investment in the current situation, these investors often take refuge in "concrete gold". This is another reason why the building construction market in Germany has been at its most expansive in a long time. But in our segment, too, there are regional markets which are currently devastated. Here I would like to again mention Hungary, where due to the political environment the private investors are also not being very active.

Where do you see opportunities in the construction sector in the medium-term?

Sustainability is a very big topic, and it is becoming clear that BlueBuilding or GreenBuilding certification will have an enormously growing importance in the future. The market will orient itself even more strongly toward attaining international certifications for buildings which document their sustainability. In this movement, we are a pioneer. Our central technical division Zentrale Technik has been driving this trend for years and works together with the relevant certification bodies.

We have been building our own buildings in accordance with these requiremants for years. One example is our subsidiary Ed. Züblin AG's Z-zwo building in Stuttgart, which was awarded silver certification by the German Sustainable Building Council (DGNB). I am convinced that for external clients the issue of sustainability will play an increasingly important role too.

What are your expectations for 2012?

As economist John Maynard Keynes once said: "The future is uncertain." These days, that's especially true. Since the order backlog in Building Construction & Civil Engineering is relatively farreaching, however, the visibility is greater than in other segments. We believe that we will be able to position ourselves on the market with a thoroughly stable output in the new financial year an^d that the results won't stand out negatively relative to the previous year. We expect to make another positive, stable contribution to the net income after minorities in 2012.

TRANSPORTATION INFRASTRUCTURES

The Transportation Infrastructures segment covers asphalt and concrete road construction as well as any remaining construction activities associated with road construction, such as earth-moving, canalisation, railway construction, waterway construction, dyking, paving, the construction of sport and recreational facilities, specialty foundation engineering, safety and protective structures and the building of small bridges. The segment also includes the production of construction materials such as asphalt, concrete and aggregates.

	2011 € Mln.	change 2010–2011 %	2010 € Mln.	change 2009–2010 %	20091) € Mln.
Output volume	6,701	12 %	5,990	5 %	5,709
Revenue	6,211	6 %	5,837	4 %	5,606
Order backlog	3,943	-19 %	4,892	10 %	4,463
EBIT	61	-66 %	179	25 %	143
EBIT margin as a % of revenue	1.0 %		3.1 %		2.6 %
Employees	31,609	2 %	30,866	3 %	29,920

output volume Transportation infrastructures 2010–2011

Output	Output		change
2011	2010		absolute
2,667	2,405		262
1,360	1,078		282
780	749		31
625	717		-92
445	214		231
242	270		-28
183	183		0
112	110		2
59	20		39
55	53		2
48	29		19
40	94		-54
22	14		8
20	15		5
16	15		1
8	7		1
8	0		8
6	5		1
4	10		-6
1	0		1
0	2		-2
6,701	5,990		711
2,708	2,482		226
	volume total	volume total	Change % 11 % 26 % 4 % -13 % 108 % -10 % 0 % 2 % 195 % 4 % 66 % -57 % 57 % 33 % 7 % 14 % n.a. 20 % -60 % n.a. -100 % 12 % 9 %

Output volume, revenue and result

The Transportation Infrastructures segment achieved output growth of 12 % to € 6,701.20 million in the 2011 financial year. This can be attributed on the one hand to a milder and shorter winter in 2010/2011 compared to the same period the year before, resulting in a significant increase in the home market of Germany. On the other hand, the construction boom in Poland and the expansion in Scandinavia also had a beneficial effect. In comparison, the business in Hungary and the Czech Republic showed a negative trend.

Despite revenue growth of 6 % to € 6,211.24 million, the earnings before interest and taxes (EBIT), at € 60.52 million, were down significantly relative to the previous year's € 178.89 million. This is due among other things to the price competition in Central and Eastern Europe as a result of the lack of infrastructure investments, which required STRABAG to respond with structural adaptations, as well as to a loss-making project in Denmark. Constant low demand in the construction materials sector has also been a burden.

• 1) Presentation in accordance with the Annual Report 2010. Changes in segment structure starting from 2011 are not considered.
• 2) Central and Eastern Europe comprises the following countries: Bulgaria, Croatia, Czech Republic, Hungary, Poland, Romania, Russia, Serbia, Slovakia, Slovenia.

"Maintain substance"

What regional impact is there from the current economic situation and the resulting austerity programmes in the Transportation Infrastructures segment?

The Transportation Infrastructures segment has benefited greatly from the public-sector economic stimulus programmes in recent years. Not only were we able to maintain the output volume; last year, we could even raise it. The announced austerity packages will have a different impact on the construction economy and our business from country to country. Public-sector spending will decline in Germany and Austria and has already fallen to an extremely low level in the Czech Republic, Hungary and the Adriatic region. In contrast, there can be no talk of a construction crisis in Scandinavia. The region has large infrastructure expansion plans, e.g. in the greater Stockholm area. The Swedish state railways are also investing in the expansion and upgrade of their overland routes.

Fritz Oberlerchner Member of the Management Board, STRABAG SE, Transportation Infrastructures

What alternative paths is STRABAG following in order to compensate for the declining public-sector expenditure?

We are focused on the field of road maintenance and repair and on the relevant niche business fields. Also interesting for us are public-private partnership (PPP) projects. The largest contract in the history of the STRABAG Group was a PPP project: a more than 100 km long section of the A2 motorway in Poland which we built over a period of two-and-a-half years and opened for traffic in November 2011. We generated the construction output to a maximum degree with our own resources.

For this reason STRABAG was able to prove its top position in Transportation Infrastructures in Poland in recent years. How will the construction sector in Poland develop in 2012?

The 2012 European Football Championship in Poland and Ukraine unleashed an enormous temporary boom in the construction sector. The interregional road network is being rapidly upgraded with EU co-financing. This boom will end abruptly when the games start in June 2012, and expenditures for transportation projects will settle back to the level before 2010. I expect that construction capacities and construction demand in Poland will again balance out in 2015 at the earliest.

What are your expectations for the future?

We are regionally and professionally well-positioned: in Transportation Infrastructures, we are well-diversified and can increase our focus on the maintenance business if investments in new construction decrease. The substance of the existing transportation infrastructures must be maintained – and we can offer the full range of services here. In the long-term, the investments made in recent years to develop the segment from road construction to transportation infrastructures will pay off. In the short-term, however, it is only natural that the lower use of our existing capacities and of the production companies in the construction materials sector will affect profitability.

Order backlog

The order backlog on 31 December 2011 stood at € 3,943.47 million, about one fifth below the level at the end of 2010. The reason for this is the above-average volume of new orders in Poland in the previous year – these could not be repeated despite new projects such as the construction of the A4 motorway between Brzesko and Wierzchoslawice or a section of the S3 expressway – and has now fallen back to a usual level. Additionally, the order backlog in the Czech Republic and Germany is at a low level due to cyclical factors in the construction economy.

In contrast, the order backlog in Scandinavia grew to the second-highest volume in the Transportation Infrastructures segment by region. In Sweden and Finland, the STRABAG Group was awarded three new infrastructure contracts at the middle of the year. The company is also involved in consortiums building road tunnels and quay facilities for the Nordhavn port in Copenhagen, Denmark. Compared to the average transportation infrastructures contract, which lasts only several months, this project involves large long-term orders. Contributing to the unusually high order backlog in Scandinavia is the fact that, in Sweden, STRABAG is also active in building construction (through the acquisition in May 2011 of the construction group NIMAB) and project development (via STRABAG Projektutveckling). Due to organisational reasons these activities are placed in the Transportation Infrastructures segment.

The order backlog also developed satisfactorily in Romania. Here STRABAG emerged as the winning bidder in a number of large projects last year, including the tender for the rehabilitation and upgrade of national roads DN14 and 15a as well as the construction of the A1 motorway section between Deva and Orăştie. The Romanian transport ministry is currently giving priority to the expansion and upgrade of the motorway and rail infrastructure, which will help boost output in 2012.

Employees

Due to the high volume of construction activity in Poland, as well as the increased activities in Scandinavia, the number of employees in the Transportation Infrastructures segment rose by 2 % to 31,609. This growth was once more countered by declines in Hungary, the Czech Republic and Switzerland.

Outlook

While double-digit output growth could still be registered in 2011, the Transportation Infrastructures segment faces an inhospitable environment in Europe, which is why STRABAG expects to see a decline in output and a continued weak result in this segment in 2012. Specifically, the company expects the output to fall from € 6.7 billion to € 6.1 billion.

The special challenge in the largely stable home market of Germany in the coming year will be to hold our own in the recruiting of qualified specialists. Their task will be to win and efficiently process contracts from private and institutional clients against the background of growing competitive pressure, falling returns and empty local government coffers.

Beginning with Germany, STRABAG is pursuing the group strategy of intensifying its activities in niche markets. STRABAG SE increased its stake in the German hydraulic engineering company Josef Möbius Bau AG from 70 % to 100 % and acquired Cuxhaven-based civil hydraulic engineering firm Ludwig Voss. The hydraulic engineering specialists are increasingly landing international projects abroad. Not only this niche, but also that of railway construction, offers considerations to invest in large equipment and machinery for use in the numerous markets of STRABAG. Here, the market in Germany remains weak in terms of volume and price quality. Due to the continuing below-capacity use of large equipment and machinery, there is significant room for improvement of results. In order to work efficiently and to achieve an optimal use of capacities, the strategy of internationalisation is being pursued consistently in this field. The aim is to obtain authorisation for the special equipment fleet in several EU member states in 2012.

An aggressive price battle is to be expected in Poland: STRABAG believes that by the year 2014 the market volume in Poland will successively decrease to the original level before the construction boom. This conclusion seems reasonable given the shrinking budgets for large public-sector construction tenders from 2011 to 2012.

No improvement of the situation of the Hungarian construction industry, the low-price market of Bulgaria or the low price level in the Czech Republic and Slovakia, all of which have been mired in crisis since 2007, is expected for now. Weak development is also expected in the construction materials business – above all with regard to cement and asphalt – with higher prices not in sight.

Country	Project	order volume € Mln.	percentage of total group order backlog %
Germany	Motorway A8 Ulm–Augsburg	114	0.9 %
Romania	Motorway Orastie–Sibiu	99	0.7 %
Poland	S3 Gorzow–Wielkopolski Miedzyrzecz	76	0.6 %
Denmark	Nordhavnsvej Copenhagen	72	0.5 %
Czech Republic	D3 Tabor–Veseli	67	0.5 %

Selected projects in the transportation infrastructures segment

Pawing works, Koppigen, Switzerland

SPECIAL DIVISIONS & CONCESSIONS

The Special Divisions & Concessions segment includes, on the one hand, the field of tunnelling. The concessions business, on the other hand, also represents a further important area of business, with global project development activities in transportation infrastructures in particular. The real estate business, which stretches from project development and planning to construction and operation and also includes the property and facility services business, completes the wide range of services of the segment and of the group. Finally, STRABAG bundles its services in non-European markets in this segment.

	2011 € Mln.	change 2010–2011 %	2010 € Mln.	change 2009–2010 %	20091) € Mln.
Output volume	2,315	-1 %	2,338	-14 %	2,716
Revenue	2,500	-1 %	2,527	-11 %	2,850
Order backlog	3,597	-14 %	4,162	7 %	3,880
EBIT	109	n.m.	-11	-132 %	34
EBIT margin
as a % of revenue	4.4 %		-0.4%		1.2 %
Employees	19,342	1 %	19,060	-8 %	20,678

output volume Special Divisions & Concessions 2010–2011

	Output volume total	Output volume total	Change	change
€ Mln.	2011	2010		% absolute
Germany	1,011	1,034	-2 %	-23
Middle East	304	283	7 %	21
Italy	176	118	49 %	58
Austria	174	156	12 %	18
The Americas	161	155	4 %	6
Switzerland	90	110	-18 %	-20
Asia	90	82	10 %	8
Benelux	75	41	83 %	34
Poland	72	70	3 %	2
Africa	57	132	-57 %	-75
Hungary	34	67	-49 %	-33
Scandinavia	24	22	9 %	2
Czech Republic	15	34	-56 %	-19
Romania	11	2	450 %	9
Slovakia	9	10	-10 %	-1
Slovenia	6	2	200 %	4
Russia and
neighbouring countries	4	7	-43 %	-3
Croatia	2	2	0 %	0
Rest of Europe	0	11	-100 %	-11
Output volume total	2,315	2,338	-1 %	-23
thereof CEE2)	153	194	-21 %	-41

Output volume, revenue and result

The output volume in the Special Divisions & Concessions segment remained nearly stable in the 2011 financial year at € 2,315.28 million. A breakdown by country and sector showed a very mixed picture – as is usual in this segment.

The revenue, like the output volume, remained mostly steady (-1 %). At the same time, the earnings before interest and taxes (EBIT) turned from € -10.85 million into positive territory at € 108.70 million. This is due to the very volatile business in the non-European markets, which, above all in Africa and in the Middle East, showed much better development than in the previous year.

¹⁾ Presentation in accordance with the Annual Report 2010. Changes in segment structure starting from 2011 are not considered.

²⁾ Central and Eastern Europe comprises the following countries: Bulgaria, Croatia, Czech Republic, Hungary, Poland, Romania, Russia, Serbia, Slovakia, Slovenia.

"Shift the key activities"

The Special Divisions & Concessions segment is divided into several different fields, including tunnelling and services. How did the segment develop in 2011?

The two sub-segments developed quite differently. Large projects dominate in tunnelling, so we have an accordingly high volatility there. In early 2011, we began construction on the Koralm Tunnel, the largest tunnelling contract ever awarded in Austria, with an order volume of € 570 million. We hope that we can complete this project to the degree which we have planned and that we will be able to win further follow-up orders. In the field of tunnelling, we are active not only nationally, but also and above all internationally. Thanks to a follow-up order in Canada, we were able to continue our activities after completion of the Niagara Tunnel project and further use our available capacities in the country.

Hannes Truntschnig Member of the Management Board, STRABAG SE, Special Divisions & Concessions

Do you expect new tunnelling projects in the coming year?

Besides two large projects which are already planned, the Semmering Tunnel and the Brenner Base Tunnel in Austria, we also see some very interesting infrastructure projects abroad, for example in Qatar. PPP projects are also playing an increasing role in tunnelling.

What does the demand in the service sector look like?

Our property and facility services business is significantly shaped by the ten-year contract which we concluded with Deutsche Telekom in 2008. The contract foresees an annual reduction of orders from the client, so we must at least compensate these reductions with new contracts in facility services. This is going relatively well. It is demonstrably cheaper for public and semi-public institutions to outsource such services than to maintain an enormous internal service apparatus.

What are your expectations for 2012?

I am basically optimistic about the future. A certain weakening of the results is to be expected, but the available order backlog allows a positive forecast for the segment as a whole.

Order backlog

The order backlog was down 14 % to € 3,597.34 million. Three factors were responsible for this development. Firstly, Section 2 of the A2 motorway in Poland, a large public-private partnership (PPP) project, was worked off. Secondly, STRABAG is no longer reporting its projects in Libya in the order books due to the political situation in the country since the beginning of 2011. Finally, new orders in the Middle East can only partially compensate these negative developments.

Overall, an ongoing internationalisation can be observed in the Special Divisions & Concessions segment: in the past financial year, the STRABAG subsidiary EFKON AG landed several tolling and ITS supply contracts in India and South Africa; the group division International successfully participated in bidding in Oman and in the United Arab Emirates; and the field of tunnelling had to expand its geographic range due to the low number of tenders in the core markets. STRABAG also accepted the contract to build a wastewater tunnel in the Greater Toronto Area in Canada and to build a section of State Road 223 including six tunnels in Tuscany, Italy. The company is also helping to build the Algiers Metro in Algeria.

In the home market of Germany, STRABAG is mostly active in the Special Divisions & Concessions segment with proprietary real estate project developments as well as in the field of public-private partnership (PPP) infrastructure projects. Together with a consortium partner, the company is planning, financing, building and operating an approximately 58 km section of the A8 motorway – a project that was acquired in the past financial year. In 2011, a STRABAG subsidiary was also awarded the PPP building construction contract to retrofit the nurses' home for the Klinikum Ansbach.

Employees

Employee numbers (19,342 persons) changed only insignificantly relative to the previous year (+1 %). Worth mentioning are two major – and opposing – changes: the acquisition-driven increase in the German property and facility services business, contrasted by the withdrawal from Libya in order to protect the well-being of STRABAG workers there.

Outlook

STRABAG is working on raising its output volume in the Special Divisions & Concessions segment from € 2.3 billion to € 2.6 billion in the 2012 financial year. The segment is expected to continue to make a clear, positive contribution to the net income after minorities, even if the result should weaken a little. This forecast is based on quite different trends depending on the market and the business field:

Basically, a strong regional diversification can be seen in the Special Divisions & Concessions segment due to the heterogeneous nature of the services offered as well as the international demand for technological competence. Projects are currently in the prequalification or bidding phase in Belgium, Ireland, Israel, Qatar and the United Arab Emirates. However, this also results in high bidding costs.

STRABAG pursues projects on several continents – on the one hand, because certain construction technologies can be offered competitively around the world; on the other hand, as a way of diversifying its own risk. This is currently proving to be of benefit in the field of tunnelling: here the demand in the STRABAG home markets of Germany and Austria, as well as in Switzerland, is low, and the market prices have reached an inacceptable level. Furthermore, the market for infrastructure has completely collapsed in South-East Europe.

While the PPP infrastructure business has in the past few months been mainly successful in northern Europe, STRABAG is working with PPP projects in building construction primarily in its home markets of Germany and Austria. On the one hand, this form of financing widens the public sector's scope of action; on the other hand, the consequences of the financial crisis – significantly higher interest premiums and liquidity costs with a trend to shorter financing terms – are having an inhibitory effect.

In 2012, STRABAG would like to expand its geographic presence regarding proprietary project developments in building construction – which are currently found mainly in Germany – to the markets of Central and Eastern Europe. The demand for real estate in Germany is expected to remain stable in the coming year. A repeat of the high transaction level of the previous year will not least depend on the financing environment. STRABAG remains focused on commercial properties in the mid-double-digit million euro range, including offices, business real estate and hotels. At the same time, STRA-BAG has since the previous year been driving ahead the development of residential buildings for global investors.

In the property and facility services business, STRABAG sees a positive order situation. The planned reduction in the volume of orders from key account Deutsche Telekom could be compensated through contracts with new clients.

Effective 1 January 2011, the business fields of Offshore Wind – Construction Operations and of Special Foundation Engineering were moved from the Special Divisions & Concessions segment to the Transportation Infrastructures segment. The comparison values for the previous year for order backlog, employees, output volume and earnings were adjusted accordingly. In the 2011 financial year, these two business fields contributed € 255.87 million to the output volume and € 263.77 million to the order backlog and employed 840 people.

Selec ted pr ojec	ts in the ial divisions & concess	ions Segme	nt
Country	Project	order volume € Mln.	percentage of total group order backlog %
	Koralm Tunnel,
Austria	Lot 2, partial works	380	2.8 %
Netherlands	A-Lanes A15 motorway	245	1.8 %
Oman	Duqm port facility	159	1.2 %
Canada	Niagara Tunnel	158	1.2 %
	Rohtang Pass Highway
India	Tunnel, Lot 1	92	0.7 %
Algeria	Metro Algier, extension 2	63	0.5 %

Koralm tunnel, Deutschlandsberg, Austria / © Sandra Fockenberger / Paul Horn

RISK MANAGEMENT

The STRABAG Group is subject to a number of risks in the course of its business activities. These risks are identified and assessed using an active risk management system and dealt with using an appropriate risk policy.

The group's goals are defined at all company levels. This was a prerequisite to setting up processes for the timely identification of potential risks standing in the way of the achievement of company objectives. The organisation of STRABAG's risk management builds on project-related jobsite and acquisitions controlling, supplemented by the higher-level assessment and steering management. The risk controlling process includes a certified quality management system, internal group guidelines for the workflow in the operating units, a central administration, controlling, auditing and contract management. Through the establishment of company-wide quality standards in quotation processing and supplemental services management, the centrally organised contract management department can better assert claims for outstanding debt.

The group's internal risk report defines the following central risk groups:

EXTERNAL RISKS

The entire construction industry is subject to cyclical fluctuations and reacts to varying degrees depending on region and sector. Overall economic growth, development of the construction market, the competitive situation, the conditions on the capital markets and technological changes in construction can all result in risks. These risks are continually observed and monitored by the central departments and operating units. Changes in external risks lead to adjustments in STRABAG's organisation, market presence and range of services as well as the adaptation of strategic and operating planning. STRABAG further responds to market risk with geographic and product-related diversification in order to keep the influence on the company's success exerted by an individual market or by the demand for certain services as low as possible. To avoid bearing the entire risk of rising prices by itself, STRABAG makes efforts at signing cost escalation clauses and "cost-plus-fee" contracts in which the client pays a previously agreed margin on the costs of the project.

OPERATING RISKS

The operating risks primarily include the complex risks of project selection and execution. STRABAG keeps acquisition lists in order to review the project choice. Business transactions requiring consent are reviewed and approved by business unit and subdivision managers or by division managers according to internal rules of procedure. Depending on the risk profile, bids of € 2 million or more must be analysed by commissions and reviewed for their technical and economic feasibility. Cost accounting and expense allocation guidelines have been set up to assure a uniform process of costing and to establish a performance profile at our construction sites. Project execution is managed by the construction team on site and controlled by monthly target/ performance comparisons; at the same time, our central controlling provides constant commercial backing, ensuring that risks of individual projects do not endanger the continuance of the company.

FINANCIAL RISKS

Under financial risks, STRABAG understands risks in financial matters and in accounting, including instances of manipulation. Special attention is paid to our liquidity and accounting receivables management, which is secured through continuous financial planning and daily status reports. Compliance with internal commercial guidelines is guaranteed by the central accounting and controlling departments, which are also responsible for internal reporting and the periodic planning process.

Risks from possible instances of manipulation (acceptance of advantages, fraud, deception or other infringements of the law) are monitored by all business areas in general and by the internal audit department in particular. STRABAG last commissioned PwC Wirtschaftsprüfung GmbH in 2007 to review and assess the group's compliance systems and the activities designed to combat corruption and unethical behaviour. The results were presented to the management board of STRABAG SE and the auditors' recommendations were passed on to the relevant departments for implementation.

In order to convey STRABAG's values and principles, the group drew up its Code of Ethics and internal Compliance Guidelines in 2007. The values and principles contained within these documents are reflected in the guidelines and instructions of the STRABAG companies and divisions. Compliance with these values and principles is expected not only from the members of the management and supervisory boards as well as from other management-level employees but from all group employees. The Compliance Guidelines and the Code of Ethics are designed to guarantee honest and ethical business practices. The Code of Ethics is available for download at www.strabag.com -> Investor Relations -> Corporate Governance -> Code of Ethics.

Detailed information regarding interest risk, currency risk, credit risk and liquidity risk can be found in the Notes under point 26 Financial Instruments.

ORGANISATIONAL RISKS

Risks concerning the design of personnel contracts are covered by the central personnel department with the support of a specialised data base. The company's IT configuration and infrastructure (hardware and software) is handled by the central IT department, controlled by the international IT steering committee.

PERSONNEL RISKS

Past experience has shown that having a highly qualified and motivated workforce is an important factor in competition. In order to properly assess the potential of employees, STRABAG uses an IT-supported aptitude diagnostics process, the so-called behaviour profile analysis. In subsequent feedback talks and employee appraisal interviews, employees and their supervisors analyse the results and agree on specific training and further education measures.

INVESTMENT RISKS

STRABAG can exert influence on the management of associated companies through its shareholder position and, if applicable, any existing advisory functions. The shares in asphalt and concrete mixing companies usually involve minority holdings, which is typical for the sector. With these companies, economies of scope are at the fore.

POLITICAL RISK

The group also operates in countries which experience political instability. Interruptions of construction activity, restrictions on ownership interests of foreign investors, and even dispossession or expropriations could be the consequence of political changes which could have an impact on the group's financial structure.

A review of the current risk situation reveals that the reporting period shows no risks which jeopardised the company's existence, nor were there any visible future risks.

REPORT ON KEY FEATURES OF THE INTERNAL CONTROL AND RISK MANAGEMENT SYSTEMS IN RELATION TO THE FINANCIAL REPOR-TING PROCESS

INTRODUCTION

The control structure as defined by the Committee of Sponsoring Organisations of the Treadway Commission (COSO) provides the basis for the description of the key features of the internal control and risk management systems. The COSO framework consists of five related components: control environment, risk assessment, control activities, information and communication, and monitoring.

The aim of the internal control system is to support management in such a way that it is capable of assuring internal controls in relation to financial reporting which are effective and which are improved on an ongoing basis. The system is geared to the compliance with rules and regulations and to creating conditions which are conducive to performing specific controls in key accounting processes.

CONTROL ENVIRONMENT

The corporate culture determines the control environment in which management and employees operate. STRABAG is constantly working to improve its communication and to convey its corporate values as defined in the STRABAG Code of Ethics in order to guarantee moral standards, ethics and integrity within the company and in our dealings with others.

The implementation of the internal control system in relation to the financial reporting process is done on the basis of internal rules and guidelines. Responsibilities for internal control were adapted to fit the corporate organisation.

The internal audit department carries out periodic, unannounced inspections of all relevant business units as part of its responsibility for monitoring compliance with the law and corporate guidelines in the technical and commercial areas. The internal audit department also monitors the effectiveness of the compliance organisation. During these inspections, the internal audit department analyses the legality and correctness of individual actions. The internal audit department also conducts regular, independent reviews of compliance with internal guidelines in the area of accounting. The head of the internal audit department reports directly to the CEO.

RISK ASSESSMENT

The management identifies and monitors risks relating to the financial reporting process, with a focus on those risks that are typically considered to be material.

The preparation of the financial statements requires regular forecasts, with the inherent risk that the actual future development will deviate from the forecast. This especially affects the following matters/items of the consolidated financial statements: assessment of unfinished construction projects, recognition and measurement of provisions (including social capital), the outcome of legal disputes, the collectability of receivables as well as the recoverability of investments and goodwill. In individual cases, external experts are called in or publicly available sources are considered in order to minimise the risk of a false assessment.

CONTROL ACTIVITIES

All control activities are applied in the current business process to ensure that errors or deviations in financial reporting are prevented or detected and subsequently corrected. The control activities range from a management review of the period results to specific monitoring of accounts to the analysis of ongoing accounting processes.

It is the responsibility of the management to design the levels of hierarchy in such a way that an activity and the control of that activity are not performed by the same person ("four-eyes" principle).

IT security control activities represent a cornerstone of the internal control system. The separation of sensitive activities is supported by a restrictive approach to IT access authorisation. For its accounting and financial reporting, the company mainly uses self-developed software which reflects the unique features of the construction sector. The effectiveness of the financial reporting system is further assured through automated IT controls included in the system.

INFORMATION AND COMMUNICATION

The management regularly updates the rules and regulations for financial reporting and communicates them to all employees concerned. Regular discussions regarding the financial reporting and the rules and regulations in this context take place in various committees. These committees are composed of the corporate management as well as the department head and senior staff from the accounting department. The committee's work aims, amongst others, at guaranteeing compliance with accounting rules and regulations and to identifying and communicating weak points and potential areas for improvement in the financial reporting process. Accounting employees receive regular training regarding new methods of national and international financial reporting in order to identify risks of unintended misreporting at an early stage.

MONITORING

The management and supervisory boards bear responsibility for the ongoing company-wide monitoring. Additionally, the remaining management levels – all the way to the department heads – are responsible for the monitoring of their respective areas of responsibility. Controls and plausibility checks are carried out at regular intervals. The internal audit department is also involved in the monitoring process.

The top management receives monthly summary financial reports on the development of the output volume, the results of the respective segments and countries, and the liquidity. Financial statements to be published are submitted for final appraisal by the senior accounting staff and the commercial management board members before they are passed on to the audit committee of the supervisory board.

EMPLOYEES

In the past financial year, STRABAG employed an average of 76,866 employees, of which 32,033 were white-collar and 44,833 were blue-collar workers. In the Building Construction & Civil Engineering segment, the number of employees grew by 11 % to about 20,300; in the Transportation Infrastructures segment, the employee level increased by 2 % to about 31,600; in the Special Divisions & Concessions segment, the number of employees remained nearly unchanged at around 19,300.

To assure effective, long-term personnel development, STRABAG has at its disposal a number of centrally standardised programmes and IT-supported tools and manages and monitors their application (e.g. applicant and training management systems, employee database, aptitude diagnostic analyses, group academy, trainee programme). The operating management employees, as human resource decision-makers, make use of these during the regular employee appraisal interview as a central management instrument to agree employee objectives that are targeted to the employee's specific field and career and which are in line with their personal skills and qualifications. In the recruitment process, the management is assisted by personnel representatives in the individual countries using the same aforementioned tools and instruments.

RESEARCH AND DEVELOPMENT

For a long time, cost optimisation was seen as a strategic guiding principle for competitiveness in the building business. But building requires a broad spectrum of technologies and know-how in order to come up with technically convincing solutions. The group specifically promotes all those innovation activities which help projects to be executed more efficiently and with a higher level of quality. The aim is to implement research and development projects in cooperation with the operating divisions in order to more quickly bring additional know-how to the construction site. Countless interdisciplinary development projects are ongoing every year.

Zentrale Technik (ZT), the group's central technical department, bundles the group's technical know-how and is in overall charge during the acquisition, planning and implementation of research and development projects. Organised as a central division with over 630 highly qualified employees at 18 locations, ZT reports directly to the CEO.

The department provides services for the group-wide support of the operating units in the areas of tunnelling and civil engineering, construction engineering and turnkey construction. The range of services covers the entire construction process, from the early acquisitions phase and bids processing to execution planning and site management. Research and development activities include the areas of building and construction physics, software, information & communication technology, energy, construction materials technology, civil engineering and tunnelling, transportation infrastructures and safety. ZT also fosters international innovation networks.

As a technology leader in all areas of turnkey construction, we emphasise sustainable construction that requires comprehensive solutions, with a special focus on energy efficiency in the building life cycle. Life-cycle assessment plays a central role here and was extended to all group products and processes in 2011. This will serve both to address increasing customer demands for sustainability and to better identify the efficiency potential as regards resource needs in general and energy needs in particular.

A central topic for the innovation activities is that of renewable energy, the results of which find far-reaching applications: from biogas and biomass facilities to gas, electricity and heat generation to the construction of hydropower stations and wind energy converters. We are also working on the development of offshore wind turbines and on the storage technology necessary for the use of renewable energy.

In traditional building construction, some of the high-rises built in recent years show how optimisations in construction and building materials are giving planners and estimators a new sense of flexibility. Methods are also being developed to better understand material ageing using state-of-the-art sensor technologies.

A great deal of attention has recently been given to the development of "5D planning" in construction. 5D is the group's Building Information Model (BIM), which stands for the model-based, integrative work of all project participants across all project phases.

TPA Gesellschaft für Qualitätssicherung und Innovation (TPA Company for Quality Assurance and Innovation) is STRABAG's competence centre for quality management. Its activities include research and development related to building materials production, as well as materials inspections, job safety, and environment- and waste-related matters. Together with the management of the operating units, ZT and TPA, as internal competence centres, have as their goal the extension of the group's competitive advantage through technical and high-quality solutions while sustaining the natural resources at the same time.

The STRABAG Group's EFKON AG subsidiary provides the group with expertise in the research and development of intelligent transportation systems in general and electronic toll collection solutions in particular. In recent years, EFKON has engaged in some very successful activities in the field of Car2Car communications, especially as a result of its cooperation in EU research projects.

Another focus of the activities is on toll enforcement. Developments include a new product to help the Austrian motorway authority ASFINAG automatically enforce toll stickers in Austria, as well as a portable DSRC-based toll monitoring unit to enforce the toll for trucks on German motorways.

During the 2011 financial year, the STRABAG Group spent about € 15 million (2010: € 14 million) on research, development and innovation activities.

ENVIRONMENT

The construction industry traditionally is an energy- and resource-intensive sector. And every building is an intrusion into the natural environment. For us, ecological responsibility begins with the planning of buildings and structures and continues through to their erection and related services. Thus, we are, for example, involved in the development of certification systems from an early stage and are constantly working to increase the number of high-quality buildings on the market.

In order to prepare ourselves for these developments, we are making efforts to minimise CO2 emissions and energy use at an early stage in our activities. This affects our process of value creation as well as our entire range of products. For this reason, we are shifting our focus toward innovative products, in particular within the field of renewable energy. Through the constant development of new technologies, it is our aim to steadily increase the STRABAG product portfolio. At the same time, we are working to develop and enhance the right methods and tools to control our impact on the environment.

In the area of procurement, we strive for the efficient and responsible management of the supply chain with respect to economic, environmental and social aspects. It is important for us that suppliers fulfil certain pre-defined criteria. We want to ensure a resource-friendly use of energy and raw materials in the preparation and delivery of our services.

strabag also builds wind turbines

DISCLOSURES PURSUANT TO SECTION 243a Para 1 UGB

1. The share capital of STRABAG SE amounts to € 114,000,000 and consists of 114,000,000 fully paid-in, no-par value shares with a pro-rata value of € 1 per share of the share capital. 113,999,997 shares are bearer shares and are traded on the Prime Market Segment of the Vienna Stock Exchange. Three shares are registered shares. Each bearer share and each registered share accounts for one vote (one share – one vote). The nomination rights associated with registered shares No. 1 and No. 2 are described in more detail under Item 4.

2. The Haselsteiner Group (Haselsteiner Familien-Privatstiftung, Dr. Hans Peter Haselsteiner), the Raiffeisen Group (Raiffeisen-Holding Niederösterreich-Wien reg. Gen.m.b.H, BLR-Baubeteiligungs GmbH, "Octavia" Holding GmbH), the UNIQA Group (UNIQA Versicherungen AG, UNIQA Beteiligungs-Holding GmbH, UNIQA Personenversicherung AG, UNIQA Erwerb von Beteiligungen Gesellschaft m.b.H., UNI-QA Sachversicherung AG, Raiffeisen Versicherung AG) and Rasperia Trading Limited (controlled by Oleg Deripaska), as shareholders of STRABAG SE, have signed a syndicate agreement governing (1) nomination rights regarding the supervisory board, (2) the coordination of voting during the Annual General Meeting, (3) restriction on the transfer of shares and (4) joint development of the Russian market as a core market. The Haselsteiner Group, the Raiffeisen Group together with the UNIQA Group, and Rasperia Trading Limited each have the right to nominate two members of the supervisory board. The syndicate agreement also requires the syndicate partners to exercise their voting rights from syndicated shares unanimously at the Annual General Meeting of STRABAG SE. The syndicate agreement further foresees restrictions on the transfer of shares in the form of mutual pre-emptive rights as well as a minimum shareholding on the part of the syndicate partners.

In accordance with Sec 65 Para 5 of the Austrian Stock Corporation Act (AktG), all rights were suspended for 8,775,264 no-par shares (about 7.7 % of the share capital) effective 31 December 2011 as these shares are held by STRABAG SE as own shares as defined in Sec 65 Para 1 No 8 of the Austrian Stock Corporation Act (AktG) (see also item 7).

1. To the knowledge of STRABAG SE, the following shareholders held a direct or indirect interest of at least 10 % of the share capital of STRABAG SE on 31 December 2011:

Haselsteiner Familien-Privatstiftung	29.5 %
Raiffeisen-Holding Niederösterreich-Wien reg.Gen.m.b.H.
(Raiffeisen Group)	15.5 %
UNIQA Versicherungen AG (UNIQA Group)	15.0 %
Rasperia Trading Limited	17.0 %

In addition to its 17 % interest, core shareholder Rasperia Trading Limited also holds an option, valid until 15 July 2014, to buy a further 8.0 % of STRABAG SE from the other core shareholders mentioned above.

In exercising the authorisation by the 7th Annual General Meeting from 10 June 2011 to acquire own shares in accordance with Sec 65 Para 1 No 8 of the Austrian Stock Corporation Act (AktG), the company by 31 December 2011 acquired 8,775,264 nopar shares, corresponding to about 7.7 % of the share capital (see also item 7).

The remaining shares of the share capital of STRABAG SE, amounting to about 15.3 % of the share capital, are in free float.

1. Three shares are – as mentioned under Item 1 – registered shares entered in the shareholder register. Registered shares No. 1 and No. 3 are held by the Haselsteiner Group and registered share No. 2 is held by Rasperia Trading Limited. Registered shares No. 1 and No. 2 allow their bearers to nominate a member each to the supervisory board of STRABAG SE.

2. No employee stock option programmes exist.

3. No further regulations exist beyond Items 2 and 4 regarding the nomination and recall of members of the management and supervisory boards or regarding changes to the Articles of Association which do not result directly from relevant law and legislation.

4. The management board of STRABAG SE was authorised by resolution of the 7th Annual General Meeting of 10 June 2011, in accordance with Sec 65 Para 1 No 8 and Para 1a and 1b of the Austrian Stock Corporation Act (AktG), to acquire bearer or registered no-par shares of the company on the stock market or over the counter to the extent of up to 10 % of the share capital during a period of 13 months from the day of the resolution at a minimum price per share of € 1.00 and a maximum price per share of € 34.00. The purpose of the acquisition may not be to trade with own shares. The authorisation can be exercised in full or in part or in several partial amounts for one or several purposes by the company, a subsidiary (Sec 228 Para 3 UGB) or third parties acting on behalf of the company. The management board can decide to acquire shares on the stock exchange but must inform the supervisory board following decision to do so. Over-the-counter purchases require prior approval by the supervisory board. The management board was further authorised, in accordance with Sec 65 Para 1b AktG, for a period of five years from this resolution, to sell or assign its own shares, with approval by the supervisory board, in a manner other than on the stock market or through a public tender, to the exclusion of the shareholders' buyback rights (subscription rights), and to determine the conditions of sale. The authorisation can be exercised in full or in part or in several partial amounts for one or several purposes by the company, a subsidiary (Sec 228 Para 3 UGB) or third parties acting on behalf of the company. At the same time the existing authorisation to buy back own shares as per resolution by the Annual General Meeting of 18 June 2010 was cancelled.

5. With the exception of the agreement over a syndicated surety loan, there exist no significant agreements to which STRABAG SE is party and which would become effective, change or end due to a change of ownership in STRABAG SE following a takeover offer.

6. No compensation agreements exist between STRABAG SE and its management and supervisory board members or employees in the event of a public takeover offer.

Supporting Information

At the beginning of March 2009, an accident occurred during underground construction at the South Lot for the North-South urban metro line in Cologne, resulting in the collapse of the Historical Archive of the City of Cologne and significant portions of two neighbouring buildings. Debris collapsed into a hole which opened next to the North-South construction site at the Waidmarkt crossover junction. Two people were trapped under the rubble, and rescuers were only able to recover their bodies.

Construction on the underground is being carried out by a joint venture (JV) of Bilfinger Berger SE (formerly Bilfinger Berger AG), Wayss & Freytag Ingenieurbau AG and Ed. Züblin AG. The JV is led by Bilfinger Berger SE on the technical side and by Wayss & Freytag Ingenieurbau AG on the commercial side. Ed. Züblin AG holds a 33.3 % interest in the JV.

The cause of the collapse remains unknown. The public prosecutor's office began an investigation with three of its experts into possible negligent homicide and endangerment in construction. Initially, the investigation was limited to independent proceedings conducted at the District Court in Cologne to collect evidence as to the cause of the accident. Now a model building is being built to help determine the cause, with completion expected around the end of 2013. In June 2011, the City of Cologne filed to extend the court's evidence collection to include the aspect of the damage amount. In November 2011, the District Court in Cologne, at the behest of the City of Cologne, appointed another expert to determine the damage amount. We continue to believe that the incident will not result in any significant damages for the company.

Related Parties

Business transactions with related parties are described in item 28 of the Notes.

OUTLOOK and objectives

Thanks to STRABAG's successful strategy of regional diversification and the related diversification of risk, the consequences from the euro debt crisis have so far not resulted in any lost output for the group. On the contrary: the company registered double-digit growth in the year 2011. Based on the balanced business in terms of regions and segments, STRABAG SE expects the output for the 2012 financial year to remain unchanged at € 14.3 billion.

The forecast by segment is as follows: Building Construction & Civil Engineering € 5.5 billion (2011: € 5.1 billion), Transportation Infrastructures € 6.1 billion (€ 6.7 billion), Special Division & Concessions € 2.6 billion (€ 2.3 billion) and Other € 100 million. STRABAG assumes to be able to compensate the expected considerable declines in Poland through output growth in several other countries.

Due to the ongoing process of working off earlier orders, the lack of public-sector infrastructure investments in Europe did not yet affect output in the 2011 financial year, although a negative effect on returns could be seen above all in the Transportation Infrastructures segment. STRABAG expects a continued unfavourable environment for transportation infrastructures in 2012. An additional burden will be the weakened demand for construction in Poland after the European Football Championship. On the other hand, STRABAG expects to see continued solid business in the German building construction and civil engineering segment, as well as improved results in niche markets such as railway construction or environmental technology.

Detailed outlook in the segment reports

Even if uncertainties regarding the actual economic environment – economic growth in the individual markets, the amount of public spending, and the financing environment for our clients – make planning difficult, STRABAG is targeting an EBIT of more than € 300 million and therefore relatively stable results for the 2012 financial year.

STRABAG makes these forecasts on the assumption that the economic framework in Europe will remain unchanged in the coming year. This means that the financing environment for our private and industrial clients should not worsen further, conversely, however, that a rapid recovery of the conditions or a significant increase in government spending cannot be expected in the STRABAG core markets.

events after the reporting period

No significant events occurred after the close of the financial year.

Auditor's Report

Report on the Consolidated Financial Statements

We have audited the accompanying consolidated financial statements of

STRABAG SE, Villach,

for the year from 1 January 2011 to 31 December 2011. These consolidated financial statements comprise the consolidated balance sheet as of 31 December 2011, the consolidated income statement/consolidated statement of comprehensive income, the consolidated statement of cash flows and the consolidated statement of changes in equity for the year ended 31 December 2011 and a summary of significant accounting policies and other explanatory notes.

Management's Responsibility for the Consolidated Financial Statements and for the Accounting System

The Company's management is responsible for the group accounting system and for the preparation and fair presentation of these consolidated financial statements in accordance with International Financial Reporting Standards (IFRSs) as adopted by the EU. This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of the consolidated financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.

Auditor's Responsibility and Description of Type and Scope of the Statutory Audit

Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We conducted our audit in accordance with laws and regulations applicable in Austria and, as well as in accordance with International Standards on Auditing (ISAs), issued by the International Auditing and Assurance Standards Board (IAASB) of the International Federation of Accountants (IFAC). Those standards require that we comply with professional guidelines and that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Group's preparation and fair presentation of the consolidated financial statements 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. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

Our audit did not give rise to any objections. In our opinion, which is based on the results of our audit, the consolidated financial statements comply with legal requirements and give a true and fair view of the financial position of the Group as of 31 December 2011 and of its financial performance and its cash flows for the year from 1 January to 31 December 2011 in accordance with International Financial Reporting Standards (IFRSs) as adopted by the EU.

Report on the Management Report for the Group

Pursuant to statutory provisions, 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 other disclosures are not misleading with respect to the Company's position. The auditor's report also has to contain a statement as to whether the management report for the Group is consistent with the consolidated financial statements and whether the disclosures pursuant to Section 243a UGB (Austrian Commercial Code) are appropriate.

In our opinion, the management report for the Group is consistent with the consolidated financial statements. The disclosures pursuant to Section 243a UGB (Austrian Commercial Code) are appropriate.

Linz, 10 April 2012

KPMG Austria AG Wirtschaftsprüfungs- und Steuerberatungsgesellschaft

Mag. Ernst Pichler Austrian Chartered Accountant

Mag. Peter Humer Austrian Chartered Accountant

This report is a translation of the original report in German, which is solely valid.

The consolidated financial statements together with our auditor's opinion may only be published if the consolidated financial statements and the management report are identical with the audited version attached to this report. Section 281 paragraph 2 UGB (Austrian Commercial Code) applies.

Individual Financial statements

BALANCE SHEET FOR THE YEAR ENDING 31. DECEMBER 2011

assets	31.12.2011 €	31.12.2010 T€
A. Non-current assets:
I. Property, plant and equipment:
Other facilities, furniture and fixtures and office equipment	980,099.89	985
II. Financial assets:
1. Investments in subsidiaries	2,009,832,525.27	2,098,719
2. Loans to subsidiaries	0.00	12,185
3. Investments in participation companies	320,855,368.15	24,004
4. Own shares	185,234,377.63	0
5. Other loans	1,952,233.51	4,172
	2,517,874,504.56	2,139,080
	2,518,854,604.45	2,140,065
B. Current Assets: I. Accounts receivable and other assets:
1. Trade receivables	588,674.48	946
2. Receivables from subsidiaries	584,059,594.01	948,078
3. Receivables from participation companies	5,719,270.15	6,144
4. Other receivables and assets	98,616,058.57	100,433
	688,983,597.21	1,055,601
II. Cash assets, including bank accounts	3,088,217.15	84
	692,071,814.36	1,055,685
C. Accruals and deferrals	2,591,322.00	3,486
	3,213,517,740.81	3,199,236

EQUITY AND LIABILITIES	31.12.2011 €	31.12.2010 T€
A. Equity:
I. Share capital	114,000,000.00	114,000
II. Capital reserves
1. Committed	2,148,047,129.96	2,148,047
2. Uncommitted	13,768,039.87	199,002
	2,161,815,169.83	2,347,050
III. Retained earnings
1. Legally required reserves	72,672.83	73
2. Voluntary reserves	74,195,103.54	128,771
	74,267,776.37	128,843
IV. Reserve for own shares	185,234,377.63	0
V. Unappropriated net profit (thereof profit brought forward € 0;
previous year: T€ 0)	68,400,000.00	62,700
	2,603,717,323.83	2,652,593
B. Provisions:
1. Provisions for severance payments	292,596.69	237
2. Provisions for taxes	13,361,814.89	13,362
3. Other provisions	28,759,831.88	17,523
	42,414,243.46	31,122
C. Accounts payable:
1. Bonds	425,000,000.00	325,000
2. Bank borrowings	93,000,071.65	133,524
3. Trade payables	1,480,716.59	1,892
4. Payables to subsidiaries	15,576,909.82	14,098
5. Other payables (thereof taxes € 37,603.57; previous year: T€ 37; thereof social security liabilities € 23,706.51; previous year: T€ 23)	32,328,475.46	41,005
	567,386,173.52	515,520
	3,213,517,740.81	3,199,236
Contingent liabilities	233,203,082.54	104,849

INCOME STATEMTENT FOR THE 2011 FINANCIAL YEAR

		2011 €	2010 T€
1.	Revenue (Sales)	53,092,673.28	60,473
2.	Other operating income	1,568,440.51	4,738
3.	Cost of materials and services:
	a) Materials	-60,880.41	-77
	b) Services used	-16,954,132.76	-18,249
		-17,015,013.17	-18,326
4.	Employee benefits (Personnel expense):
	a) Salaries	-8,232,574.95	-7,477
	b) Severance payments and contributions to employee benefit plants	-139,983.72	-548
	c) Statutory social security contributions, as well as payroll-related and other mandatory contributions	-428,298.14	-438
	d) Other social expenditure	-154,332.11	-316
		-8,955,188.92	-8,780
5.	Depreciation	-5,185.37	-6
6.	Other operating expenses:
	a) Taxes other than those included in item 15	-195,036.03	-159
	b) Miscellaneous	-23,519,525.22	-27,269
		-23,714,561.25	-27,427
7.	Subtotal of items 1 through 6 (operating result)	4,971,165.08	10,673
8.	Income from investments (thereof from subsidiaries € 118,524,868.68; previous year: T€ 92,593)	119,009,781.06	93,433
9.	Other interest and similar income (thereof from subsidiaries € 27,635,274.05; previous year: T€ 32,573)	28,438,384.65	33,124
	10. Income from disposal and write-up of financial assets and marketable securities	1.00	147
	11. Expenses related to financial assets and marketable securities:
	a) Depreciation of investments in subsidiaries	-33,393,716.14	-35,191
	b) Depreciation (other)	-55,499,999.00	-666
	c) Expenses from subsidiaries	-5,566,609.45	-2,343
	d) Miscellaneous	-15,386,644.65	-1,720
		-109,846,969.24	-39,920
	12. Interest and similar expenses (thereof from subsidiaries € 14,813.03; previous year: T€ 3,192)	-26,176,079.40	-26,724
	13. Subtotal of item 8 through 12 (financial result)	11,425,118.07	60,060
	14. Results from ordinary business activities	16,396,283.15	70,733
	15. Taxes on income and gains:
	a) Income tax	-262,824.28	-318
	b) Tax allocation	-2,308,968.98	-3,401
		-2,571,793.26	-3,719
	16. Net income for the year	13,824,489.89	67,014
	17. Changes in retained earnings (voluntary reserves)	54,575,510.11	-4,314
	18. Profit for the period	68,400,000.00	62,700

Notes to the 2011 Financial Statements of STRABAGSE, Villach

I. APPLICATION OF AUSTRIAN BUSINESS ENTERPRISE CODE

These 2011 financial statements were prepared in accordance with the Austrian Business Enterprise Code (UGB).

The income statement was prepared in report form using the nature of expense method.

Additional information was provided in the Notes as far as it was necessary to ensure a true and fair view of the financial position, financial performance and cash-flows.

The company is the topmost parent company of the companies within the scope of consolidation of STRABAG SE, Villach. The consolidated financial statements are deposited with the Landes- als Handelsgericht Klagenfurt (District and Commercial Court Klagenfurt).

The company is governed by the legal framework which applies to a large corporation (Kapitalgesellschaft) as defined by Article 221 of the Austrian Business Enterprise Code (UGB).

II. ACCOUNTING POLICIES

The financial statements were prepared in accordance with the "principles of orderly accounting" and following the general norm of presenting a true and fair view of the financial position, financial performance and cash-flows.

The financial statements were prepared in conformity with the "principle of completeness".

The valuation premise adopted is that of a going concern.

Individual assets and liabilities were valued in accordance with the "principle of individual valuation".

The financial statements were prepared in accordance with the "principle of prudence" by only reporting profit which was realised on the balance sheet date.

All recognisable risks and impending losses which occurred in 2011 or an earlier financial year were taken into consideration.

The previously applied valuation method was kept.

Property, plant and equipment are valued at historical cost less accumulated depreciation.

Low-value assets are depreciated in full in the year in which they are acquired.

Extraordinary depreciation is undertaken where it is necessary to apply the lower value method.

Financial assets are valued at historical cost or a lesser value if one is attributable.

The company has not exercised its option to capitalise deferred taxes under Article 198 Paragraph 10 of the Austrian Business Enterprise Code.

Trade and other receivables are reported at nominal value. The valuation of foreign currency receivables follows the strict "lowest value principle".

Individual value adjustments are made for recognisable risks.

All recognisable risks and impending losses were taken into account during the calculation of provisions in accordance with the legal framework.

The provisions for severance payments were calculated using recognised actuarial principles, an interest rate of 4 % (previous year: 4 %), and a retirement age of 62 for women (previous year: 62) and 62 for men (previous year: 62).

Liabilities are valued at the amount repayable. Foreign currency liabilities are valued in accordance with the "highest value principle".

III. notes to the balance sheet

NON-CURRENT ASSETS

The non-current assets are itemised and their changes in the year under report are recorded in the Statement of Changes in Noncurrent Assets. (Appendix 1 to the notes)

Due to long-term rentals, letting and leasing, the use of property, plant and equipment not shown in the balance sheet results in an obligation of € 6,467,948.64 (previous year: T€ 6,073) for the 2012 financial year. The sum of all obligations for the next five years is € 32,339,743.20 (previous year: T€ 30,366).

Information on investments can be found in the list of subsidiaries, associated companies and investments. (Appendix 2 to the notes).

TRADE AND OTHER RECEIVABLES

The following trade and other receivables have a remaining term of more than one year:

	31.12.2011 €	31.12.2010 T€
Receivables from subsidiaries	263,123,462.96	250,000
Other receivables and other assets	17,656,000.00	16,756
	280,779,462.96	266,756

All other reported trade and other receivables have a remaining term of up to one year.

Receivables from subsidiaries involve receivables from cash-clearing, routine clearing as well as the clearing of group and tax allocation.

The item "Other receivables and other assets" includes income of € 120,400.63 (previous year: T€ 76) not due to be received until after the balance sheet date.

Equity

The share capital amounts to € 114,000,000.00 (previous year: T€ 114,000) and is divided into 113,999,997 no-par bearer shares and three no-par registered shares.

Shares of STRABAG SE have traded in the Prime Market Segment of the Vienna Stock Exchange (Wiener Börse) since 19 October 2007 and were accepted for listing in the ATX on 22 October 2007.

The management board was authorised, with the approval of the supervisory board, to increase the share capital of the company by up to € 57,000,000 by 19 June 2014, in several tranches if necessary, by issuing up to 57,000,000 registered no-par shares for cash or contributions in kind (approved capital). In the case of capital increase through contributions in kind, the partial or full exclusion of the shareholders' subscription rights is possible.

The exercise, issue price and conditions of issue shall be determined with the approval of the supervisory board. The supervisory board was authorised to determine the necessary changes to the Articles of Association required upon the issuance of shares from the approved capital.

The following resolutions were passed at the Annual General Meeting of 10 June 2011:

The existing authorisation to buy back own shares as per resolution by the Annual General Meeting of 18 June 2010 was cancelled.

The management board was authorised to acquire bearer or registered no-par shares of the company on the stock market or over the counter to the extent of up to 10 % of the share capital during a period of 13 months from the day of the resolution at a minimum price per share of € 1.00 and a maximum price per share of € 34.00. The purpose of the acquisition may not be to trade with own shares. The authorisation can be exercised in full or in part or in several partial amounts for one or several purposes by the company, a subsidiary (§ 228 Abs. 3 UGB) or third parties acting on behalf of the company.

The management board can decide to acquire shares on the stock exchange but must inform the supervisory board following decision to do so. Over-the-counter purchases require prior approval by the supervisory board.

The management board was further authorised according to § 65 Abs. 1b AktG, for a period of five years from this resolution, to sell or assign its own shares, with approval by the supervisory board, in a manner other than on the stock market or through a public tender, to the exclusion of the shareholders' buyback rights (subscription rights), and to determine the conditions of sale. The authorisation can be exercised in full or in part or in several partial amounts for one or several purposes by the company, a subsidiary (§ 228 Abs. 3 UGB) or third parties acting on behalf of the company.

By 31 December 2011, 8,775,264 no-par shares were acquired by the company. This corresponds to 7,70 % of the share capital. The acquisition was between July and December. The average purchase price per share was € 21.11.

PROVISIONS

Other provisions were made for profit sharing, investment risks, claims and legal and consulting fees.

ACCOUNTS PAYBLE

	Remaining term < one year €	Remaining term > one year €	Remaining term > five years €	Book Value €	Real Securities €
1. Bonds	75,000,000.00	175,000,000.00	175,000,000.00	425,000,000.00	0.00
Previous year in T€	75,000	250,000	0	325,000	0
2. Bank borrowings	38,000,071.65	55,000,000.00	0.00	93,000,071.65	0.00
Previous year in T€	43,524	90,000	0	133,524	0
3. Trade payables	1,480,716.59	0.00	0.00	1,480,716.59	0.00
Previous year in T€	1,892	0	0	1,892	0
4. Payables to subsidiaries	15,576,909.82	0.00	0.00	15,576,909.82	0.00
Previous year in T€	14,098	0	0	14,098	0
5. Other payables	29,120,715.71	3,207,759.75	0.00	32,328,475.46	0.00
Previous year in T€	36,484	4,521	0	41,005	0
	159,178,413.77	233,207,759.75	175,000,000.00	567,386,173.52	0.00
Previous year in T€	170,999	344,521	0	515,520	0

Payables to subsidiaries involve routine clearing, liabilities from cash-clearing as well as the clearing of tax allocation.

CONTINGENT LIABILITIES

The contingent liabilities which must be shown in the balance sheet in accordance with Article 199 of the Austrian Business Enterprise Code (UGB) involve exclusively guarantee and indemnity liabilities.

The contingent liabilities reported include € 219,914,302.51 (previous year: T€ 89,105) in contingent liabilities for affiliated companies.

OFF-BALANCE SHEET TRANSACTIONS

Performance bonds in the amount of € 192,428,118.68 (previous year: T€ 217,805) exist for construction projects of subsidiaries.

IV. NOTES TO THE INCOME STATEMENT

Revenue (Sales)

	2011 €	2010 T€
Domestic revenue	18,584,566.21	17,548
Foreign revenue	34,508,107.07	42,925
	53,092,673.28	60,473

In order to improve the clarity of representation charges from surety fees in the amount of € 6,169,080.88 (previous year: T€ 4,157) were recognised in revenue instead of other operating income.

EMPLOYEE BENEFITS (PERSONNEL EXPENSE)

The company employed on the average 6 employees during the year (previous year: 7 employees).

100 % of the expenses for severance payments were recognised for management board members.

An amount of € 84,622.79 (previous year: T€ 79) for contributions to employee benefit plants is included in the severance payment expenses.

The salaries of the management board members in the 2011 financial year amounted to T€ 7,442 (previous year: T€ 7,798).

Supervisory board member salaries in the period under review amounted to € 135,000.00 (previous year: T€ 135).

OTHER OPERATING EXPENSE

The other operating expenses reported mainly include surety fees, legal and advisory costs, travel and advertising costs, insurance costs, fees for guarantee credit conditions and other general administrative expenses.

taxes on income and gains

The amount for active deferred taxes pursuant to Article 198 Paragraph 10 of the Austrian Business Enterprise Code (UGB) which may be capitalised is € 0 (previous year: T€ 0) because there is no additional tax expense exept the minimum tax due to the fiscal losses of the company.

The reported tax eypenses involve tax allocations to group members and foreign tax expenses.

V. MISCELLANEOUS

The company is a group parent under Article 9 Paragraph 8 of the Austrian Corporate Income Tax Act (KStG) of 1988 as amended by BGB li180/2004. Tax adjustments (both positive and negative allocations) between the group members and the company were arranged in the form of tax allocation agreements.

An agreement was concluded with BRVZ Bau- Rechen- u. Verwaltungszentrum Gesellschaft m.b.H., Spittal an der Drau, covering financial and management accounting, operating and cost accounting, payroll accounting, cash management, insurance management and facility management.

The members of the management and supervisory boards are listed separately. (Appendix 3 to the notes).

The expenses for the auditor, KPMG Austria AG Wirtschaftsprüfungs- und Steuerberatungsgesellschaft, Linz, for the financial year amount to € 622,585.00 (previous year: T€ 578), of which € 56,000.00 (previous year: T€ 55) are for the audit of the financial statements, € 510,000.00 (previous year: T€ 495) for other audit services and € 56,585.00 (previous year: T€ 28) for miscellaneous services.

Villach, 10 April 2012

Management Board

Dr. Hans Peter Haselsteiner Chairman of the Management Board Responsibilities for Central Staff Units, BMTI 01, BRVZ 02, TPA 04, BLT 05 Central Division and Technical Responsibilities for Building Construction & Civil Engineering of Russia and Neighbouring Countries

Ing. Fritz Oberlerchner Vice Chairman Technical Responsibilities for Transportation Infrastructures

Dr. Peter Krammer Technical Responsibilities for Building Construction & Civil Engineering (excluding Russia and Neighbouring Countries)

DI Siegfried Wanker Technical Responsibilities for Special Divisions & Concessions

Dr. Thomas Birtel Commercial Responsibilities for Building Construction & Civil Engineering

Mag. Hannes Truntschnig Commercial Responsibilities for Transportation Infrastructures and Special Divisions & Concessions

STATEMENT OF CHANGES IN NON-CURRENT ASSETS AS OF 31 DECEMBER 2011

			ACQUISITION AND PRODU CTION COST	s
	BALAN CE 1.1.2011 €	ADDITIONS €	DISPOSALS €
I. Tangible Assets:
Other facilities, furniture and fixtures and office equipment	1,140,556.36	0.00	0.00
II. Financial Assets:
1. Investments in subsidiaries	2,233,163,874.60	559,602,090.23	636,298,936.37
2. Loans to subsidiaries	28,512,372.48	0.00	28,512,372.48
3. Investments in participation companies	32,636,424.69	352,351,201.46	681,250.00
4. Own shares	0.00	185,234,377.63	0.00
5. Other loans	4,171,607.41	138,013.92	2,357,387.82
	2,298,484,279.18	1,097,325,683.24	667,849,946.67
	2,299,624,835.54	1,097,325,683.24	667,849,946.67

DEPRE CIATION FOR THE PERIOD €	CARRYING VALUES 31.12.2010 €	CARRYING VALUES 31.12.2011 €	ACCUMULATED DEPRE CIATION €	BALAN CE 31.12.2011 €
5,185.37	985,285.26	980,099.89	160,456.47	1,140,556.36
33,393,716.14	2,098,719,002.20	2,009,832,525.27	146,634,503.19	2,156,467,028.46
0.00	12,185,156.78	0.00	0.00	0.00
55,499,999.00	24,004,165.69	320,855,368.15	63,451,008.00	384,306,376.15
0.00	0.00	185,234,377.63	0.00	185,234,377.63
0.00	4,171,607.41	1,952,233.51	0.00	1,952,233.51
88,893,715.14	2,139,079,932.08	2,517,874,504.56	210,085,511.19	2,727,960,015.75
88,898,900.51	2,140,065,217.34	2,518,854,604.45	210,245,967.66	2,729,100,572.11

LIST OF PARTICIPATIONS (20.00 % Interest Minimum)

		Equity/ Negative	Result of the last financial
	Interest	Equity	year
Name and residence of the company	%	T€1)	T€2)
Investments in subsidiaries:
AKA-FinCo Zrt., Budapest	100.00	124)	-24)
AKA-HoldCo Zrt., Budapest	100.00	124)	-24)
Asphalt & Beton GmbH, Spittal an der Drau	100.00	-440	64
Astrada AG, Subingen	100.00	12,088	1,183
"A-WAY Infrastrukturprojektentwicklungs- und -betriebs GmbH", Spittal an der Drau	100.00	29,999	1,514
Bau Holding Beteiligungs AG, Spittal an der Drau	65.00	293,457	21,667
Baukontor Gaaden Gesellschaft m.b.H., Gaaden	100.00	1,732	668
BHG Bitumen d.o.o. Beograd, Belgrad	100.00	176	36
BHG Sp.z o.o., Warschau Brunner Erben Holding AG, Zürich	100.00 100.00	1,477 19,772	571 7,603
Center Communication Systems GmbH, Wien	100.00	5,075	-8,396
CESTAR d.o.o., Slavonski Brod	74.90	1,984	638
Chustskij Karier, Zakarpatska	95.96	362	-259
CLS Construction Legal Services GmbH, Köln	100.00	227	145
CLS Construction Legal Services GmbH, Wien	100.00	314)	634)
CLS CONSTRUCTION SERVICES s. r. o., Bratislava	100.00	9	15
CLS CONSTRUCTION SERVICES s.r.o., Prag	100.00	-14	-11
CLS Kft., Budapest	100.00	80	36
CLS Legal Sp.z o.o., Nowy Tomysl	100.00	249 5)	11 5)
CROATIA ASFALT d.o.o., Zagreb	100.00
Diabaswerk Saalfelden Gesellschaft m.b.H., Saalfelden	100.00	-5,857	-3,142
DRP, d.o.o., Ljubljana	100.00	-328	-331
Ed. Züblin AG, Stuttgart	57.26	80,892	20,543
EFKON AG, Raaba	97.13	4,540	-2,248
Egolf AG Strassen- und Tiefbau, Weinfelden	100.00	17,520	10,330
Erste Nordsee-Offshore-Holding GmbH, Pressbaum	51.00	27,197	-3
EVN S.r.l., Rom	100.00	100	-41
Errichtungsgesellschaft Strabag Slovensko s.r.o., Bratislava-Ruzinov	100.00	245	-35
Facility Management Holding RF GmbH, Wien Flogopit d.o.o., Novi Beograd	51.00 100.00	294) 73	-64) -17
Frey & Götschi AG, Affoltern am Albis	100.00	159	-261
FRISCHBETON s r.o., Prag	100.00	21,327	307
GRADBENO PROJETJE IN KAMNOLOM GRASTO d.o.o., Ljubljana	99.85	3,597	-730
Hermann Kirchner Polska Sp.z o.o., Lodz	100.00	6,895	4,000
Ilbau Liegenschaftsverwaltung GmbH, Hoppegarten	99.99	148,427	-69,045
Kamen-Ingrad gradnja i rudarstvo d.o.o. u likvidaciji, Zagreb	51.00	5)	5)
Kamen-Ingrad Niskogradnja d.o.o., Pozega	51.00	5)	5)
KAMENOLOMY CR s.r.o., Ostrava - Svinov	100.00	30,511	4,445
KMG - KLIPLEV MOTORWAY GROUP A/S, Kopenhagen	100.00	15	22
Karlovarske silnice, a. s., Budejovice	100.00	2,3514)	-364)
Klinik für Psychosomatik und psychiatrische Rehabilitation GmbH, Spittal an der Drau	100.00	5)	5)
Linnetorp AB, Sjöbo	100.00	106)	06)
LPRD (LESZCZYNSKIE PRZEDSIEBIORSTWO ROBOT DROGOWO)-MOSTOWYCH
Sp.z o.o., Leszno	57.29	6,253	-94
Mazowieckie Asfalty Sp.z o.o., Warschau	100.00	-84)	-34)
Mikrobiologische Abfallbehandlungs GmbH, Schwadorf	51.00	1,6244)	04)
Mineral Abbau GmbH, Spittal an der Drau	100.00	-458	-671
Mineral IGM d.o.o., Zapuzane	100.00	87	-513
Mineral Kop doo Beograd, Belgrad	100.00	-527	-340
MINERAL ROM S.R.L., Brasov	26.87	-1,671	-97
Mobil Baustoffe GmbH, Reichenfels	100.00	-2,236	214
Nimab Anläggning AB, Sjöbo	100.00	29	1
Nimab Entreprenad AB, Sjöbo	100.00	4,310	8
Nimab Fastigheter AB, Sjöbo	100.00	146)	26)
Nimab Support AB, Sjöbo	100.00	92	12
Norsk Standardselskap 154 AS, Oslo	100.00	5)	5)
Onezhskaya Mining Company LLC, Petrozavodsk	59.00	5)	5)
OOO CLS Construction Legal Services, Moskau	100.00	45	-37
PNM, d.o.o., Ljubljana	100.00	3)	3)

1) according to § 224 Abs 3 UGB 2) Net income / loss of the year

3) New foundation (no financial statement of 31.12.2011)

6) Financial statements as of 30.06.2010

⁴⁾ Financial statements as of 31.12.2010 5) No statement according to § 241 Abs 2 UGB

	Interest	Equity/ Negative Equity	Result of the last financial year
Name and residence of the company	%	T€1)	T€2)
Polski Asfalt Sp.z o.o., Wroclaw	100.00	19,451	6,934
Prottelith Produktionsgesellschaft mbH, Liebenfels	52.00	-2,4064) 5)	-714) 5)
PRZEDSIEBIORSTWO ROBOT DROGOWYCH Sp.z o.o., W LIKWIDACJI, Choszczno	100.00
SAT OOO, Moskau	51.00	1,723	14
SAT REABILITARE RECICLARE S.R.L., Cluj-Napoca	100.00	-215	-188
SAT SANIRANJE cesta d.o.o., Zagreb	100.00	-376	-34
SAT SLOVENSKO s.r.o., Bratislava	100.00	894	246
SAT Ukraine, Brovary	100.00	5)	5)
S.C. ECODEPOTECH S.R.L., Ploiesti	51.00	5)	5)
"SBS Strabag Bau Holding Service GmbH", Spittal an der Drau	100.00	330,609	62,388
SF Bau vier GmbH, Wien	100.00	13	-9
SOOO "STRABAG Engineering Center", Minsk	60.00	3)	3)
STRABAG AB, Stockholm	100.00	110	-282
STRABAG AG, Köln	74.80	368,092	17,000
STRABAG AG, Zürich	100.00	17,286	-6,646
STRABAG A/S, Trige	100.00	3)	3)
"Strabag Azerbaijan" L.L.C., Baku	100.00	-2,646	-10,344
STRABAG Beteiligungen International AG, Spittal an der Drau	100.00	996	-4
STRABAG DOOEL Skopje, Skopje	100.00	5)	5)
STRABAG Energy Technologies GmbH, Wien	100.00	-5,224	-5,267
STRABAG-HIDROINZENJERING d.o.o., Split	100.00	3,145	-338
STRABAG Infrastruktur Development, Moskau	100.00	-99	0
STRABAG Installations pour l´Environenment SARL, Champagne	100.00	5)	5)
STRABAG Invest GmbH, Wien	51.00	-408	-352
STRABAG Kaliningrad OOO, Kaliningrad	100.00	644)	-464)
STRABAG Oy, Helsinki	100.00	3)	3)
"STRABAG" d.o.o. Podgorica, Podgorica	100.00	9414)	5354)
STRABAG Property and Facility Services a.s., Prag	100.00	3,221	36
STRABAG Real Estate GmbH, Köln	84.50	17,763	-4,623
Strabag RS d.o.o., Banja Luka	100.00	5)	5)
STRABAG Sh.p.k., Tirana	100.00	3)	3)
STRABAG S.p.A, Bologna	100.00	11,326	72
Strabag S.R.L., Chisinau	100.00	5)	5)
STRABAG Sverige AB (former: Oden Anläggningsentreprenad AB), Stockholm	100.00	6,930	-11,132
STR Irodaház Kft., Budapest	100.00	994) 5)	-1654) 5)
TOO BI-Strabag, Astana	60.00
TOO STRABAG Kasachstan, Almaty	100.00	-44)	294)
Trema Engineering 2 sh p.k., Tirana	51.00	3,871	-1,165
Treuhandbeteiligung MO	100.00	5)	5)
Viamont DSP a.s., Usti nad Labem	50.00	57,140	7,800
Zezelivskij karier TOW, Zezelev	99.35	1,107	-117
Investments in participation companies: A-Lanes A15 Holding B.V., Nieuwegein	24.00	5)	5)

A-Lanes A15 Holding B.V., Nieuwegein	24.00	5)	5)
ASAMER Baustoff Holding Wien GmbH, Wien	20.00	5)	5)
Asamer & Hufnagl Baustoff Holding Wien GmbH & Co. KEG, Wien	20.00	5)	5)
"Baltic Business Centre" Sp.z o.o., Gdynia	38.00	5)	5)
DYWIDAG Verwaltungsgesellschaft mbH, München	50.00	5)	5)
Lafarge Cement CE Holding GmbH, Wien	30.00	3)	3)
Moser & C. SRL, Bruneck	50.00	5)	5)
OOO "STRATON-Infrastruktura", Sotschi	50.00	5)	5)
SRK Kliniken Beteiligungs GmbH, Wien	25.00	5)	5)
Straktor Bau Aktien Gesellschaft, Kifisia	50.00	5)	5)
Syrena Immobilien Holding Aktiengesellschaft, Spittal an der Drau	50.00	5)	5)
Ucka Asfalt d.o.o., Zagreb	25.00	5)	5)

MANAGEMENT AND SUPERVISORY BOARD

Board of Management:

Dr. Hans Peter H a s e l s t e i n e r (Chairman) Ing. Fritz O b e r l e r c h n e r (Vice Chairman) Dr. Thomas B i r t e l Dr. Peter K r a m m e r Mag. Hannes T r u n t s c h n i g Dipl.-Ing. Siegfried W a n k e r (since 1.1.2011)

Supervisory board:

Dr. Alfred G u s e n b a u e r (Chairman) Mag. Erwin H a m e s e d e r (Vice Chairman) Andrey E l i n s o n Mag. Kerstin G e l b m a n n Dr. Gottfried W a n i t s c h e k Ing. Siegfried W o l f

Dipl.-Ing. Andreas B a t k e (works council) Miroslav C e r v e n y (works council) Magdolna P. G y u l a i n e (works council) Wolfgang K r e i s (works council) Gerhard S p r i n g e r (works council)

Campo Sentilo, Munich, Germany

GROUP MANAGEMENT REPORT

IMPORTANT EVENTS

JANUARY

Contract for the construction of roads DN14 and 15a in Romania

STRABAG was awarded the contract to rehabilitate and upgrade national roads DN14 and DN15a in Romania. The combined value of both contracts totals around € 106 million. The planning and construction works comprise the widening and improvement of the existing road network, the rehabilitation of bridges, and the installation of safety facilities. The works will take place between Sibiu and Sighisoara and between Targu Mures and Saratel. Construction began in April 2011 and is scheduled for completion in March 2013.

FEBRUARY

EFKON wins € 85 million contract

STRABAG subsidiary EFKON AG, a provider of intelligent transportation systems and tolling solutions, was awarded the contract to install and operate intelligent transportation systems (ITS) on motorways in South Africa for five years. The contract is worth about € 85 million.

MARCH

STRABAG acquires two Swiss companies

STRABAG SE announced the simultaneous acquisition of two established Swiss companies, Brunner Erben Holding AG, Zurich, and Astrada AG, Subingen. With these acquisitions, STRABAG became the third-largest construction company on the Swiss market.

Environmental technology with international success

STRABAG Environmental Technology won three international projects with a total value of more than € 30 million. The projects involve the retrofit of flue gas denitrification systems for several coal-fired boiler power plants in Poland; the engineering, production, assembly and start-up of a flue gas denitrification system from voestalpine Stahl GmbH, Linz, Austria; and the delivery order of denitrification systems for two inline gas turbine power plants in California, USA.

Ed. Züblin building TaunusTurm in Frankfurt

Through its German subsidiary Ed. Züblin AG, STRABAG has been awarded the contract for the turnkey construction of the TaunusTurm in Frankfurt's financial district at the Taunusanlage park. The construction contract, with a value of approximately € 200 million, comprises a 170 m office tower in Frankfurt's central business district with 40 floors and a 62 m residential tower with 16 floors connected by a six-storey perimeter block. Construction began in April 2011 and is scheduled for completion at the end of 2013.

APRIL

New PPP project: A8 in Germany

STRABAG SE subsidiary Hermann Kirchner Projektgesellschaft has a 50 % shareholding in the consortium that was awarded the contract for a public-private partnership (PPP) project in the German motorway network. The contract comprises the planning, financing and upgrade of an approx. 58 km section of the A8 motorway as well as its maintenance and operation over a period of 30 years. The investment volume is around € 410 million.

STRABAG makes acquisition in civil hydraulic engineering

STRABAG acquired 100 % of the German civil hydraulic engineering firm Ludwig Voss, Cuxhaven. The company is a specialised service provider in the field of civil hydraulic engineering operating mainly in Germany's seaports and along the coasts of the North and Baltic Seas. The group generates average revenue of just over € 20 million a year.

STRABAG issues € 175 million corporate bond

STRABAG issued another corporate bond with a volume of € 175 million. The fixed-interest bond has a term to maturity of seven years (2011–2018) and a coupon of 4.75 % p.a. The issue price was set at € 101.04.

STRABAG drives strategy in field of offshore wind energy

STRABAG signed an agreement on acquiring a 51 % stake in two holding companies to develop, build and operate offshore wind power plants. With the transaction, the company extends its existing competence as a builder of wind power facilities. The companies will develop up to 850 wind power facilities in the German North Sea to be built over the next ten to 15 years.

STRABAG enters building construction market in Sweden

In Sweden, STRABAG acquired 100 % of five subsidiaries of the Swedish NIMAB Group. In the 2010 financial year, the companies generated a total output volume of about € 40 million (SEK 360 million) and together employed more than 200 employees. With this acquisition, STRABAG bolsters its presence in this important market in southern Sweden and expands its current construction activities in this market through the addition of building construction services.

JUNE

Further transportation infrastructures contract in Romania

STRABAG signed a further transportation infrastructures contract in Romania. The order involves the follow-up construction lot to the A1 motorway section between Deva and Orăştie, which was awarded in November 2010 and is also being built by STRABAG. The works for the new order comprise the construction of a total of 24 km of four-lane motorway with two hard shoulders. The order has a volume of € 166 million. The construction time including planning amounts to 22 months.

Annual General Meeting approves acquisition of own shares

The 7th Annual General Meeting of STRABAG SE held on 10 June 2011 authorised the management board to buy back own shares in accordance with Section 65 Paragraph 1 No. 8 of the Austrian Stock Corporation Act (AktG) to the extent of up to 10 % of the share capital of the company. The buyback programme was launched on 14 July 2011 and ends at the latest on 10 July 2012. Until the end of 2011, STRABAG bought back 7.7 % of the share capital.

STRABAG develops Tyresö Centrum building complex in Sweden

Swedish subsidiary STRABAG Projektutveckling AB is developing over 12,000 m2 of residential space and further retail space next to the existing Tyresö Centrum shopping centre in the centre of Tyresö, a southern suburb of Stockholm. The project, Tyresö View, consists of one high-rise building and an adjoining lower building with space for 150 apartments offering a total space of 12,863 m2 . In addition, about 2,335 m2 of retail space as well as a parking lot with 100 parking spaces will also be built. This yields a total project volume of around € 67 million (SEK 600 million).

EFKON lands contracts in Austria and South Africa

EFKON AG is supplying ASFINAG Maut Service GmbH with mobile systems for the automatic control of toll stickers. The system helps to automatically identify toll violators without interrupting the flow of traffic. In South Africa, EFKON subsidiary Tollink South Africa was awarded the contract for the supply and maintenance of toll plazas along the N1 North route. The € 60 million contract from South African National Roads Agency Limited (SANRAL) was won by Tolcon-Lehumo as operator. EFKON subsidiary Tollink is the preferred service provider for the maintenance component of the contract, which is valued at around € 11 million (ZAR 110 million). The contract spans eight years and includes the full upgrade of the toll plazas along the N1 North as well as the maintenance and support of the system.

JULY

STRABAG increases its interest in subsidiary Möbius to 100 %

STRABAG SE increased its stake in Germany's Josef Möbius Bau AG, Hamburg, from 70 % to 100 %, further expanding its engagement in hydraulic engineering and strengthening its position as German market leader in this promising business field.

Ed. Züblin acquires parts of established German company Wolfer & Goebel

Ed. Züblin AG acquired parts of Wolfer & Goebel Projekt und Bau GmbH, Stuttgart, thereby securing nearly 100 jobs at the long-established company, which had to file for insolvency in May 2011. With the acquisition, Ed. Züblin wants to strengthen the construction activities in southern Germany and generate an additional output volume of about € 15 million a year.

AUGUST

Contracts in northern Europe

The STRABAG Group won three new orders in Finland and in Sweden. STRABAG Sverige AB will build a 1.8 km track tunnel with intermediate stations for the project metro phase 1, LU1 Matinkylä in Helsinki, Finland. The contract value is approximately € 28 million. STRABAG Sverige will also build a part of Sweden's largest new city district, Norra Djurgårdsstaden in Stockholm until October 2012. The contract value is approximately € 22 million. Finally, the company was commissioned by the Swedish Transport Administration Trafikverket to build the section Edet Rasta and Torpa, a part of the E45 motorway between Göteborg and Trollhättan, which connects the North to the South of Sweden. The contract value amounts to € 26 million.

PPP contract in building construction: Nurses' home at Klinikum Ansbach

Hermann Kirchner Projektgesellschaft mbH was awarded the public-private partnership contract to modernise and perform an energy retrofit of the nurses' home at Klinikum Ansbach, Germany. Once completed, Kirchner will maintain all objects during the 30-year operating phase and will guarantee the financing of the entire project over the contract period. The overall project volume amounts to € 52 million, the gross total investment costs amount to about € 30 million. A construction time of three years is planned.

STRABAG is building a tunnel in Canada

STRABAG SE subsidiary STRABAG Inc. won a new contract in Canada to build a 15 km long wastewater tunnel in the York Region in the Greater Toronto Area for about € 200 million (CAD 290 million).

SEPTEMBER

Six tunnels in Italy

The Italian subsidiary of STRABAG, Adanti S.p.A (now STRABAG S.p.A), was awarded the contract to upgrade some 11 km of State Road 223 between Grosseto and Sienna in Tuscany. The contract includes the planning and building of three junctions, six tunnels and five viaducts. The company's share of the € 161 million contract amounts to around € 105 million (65 % share).

STRABAG realising Atlas Tower in Berlin

STRABAG Real Estate GmbH is planning a new architectural highlight in the German capital, the Atlas Tower, to be realised on the prime piece of real estate between Kurfürstendamm and Kantstraße. With its 120 metres and 33 floors, plus an adjoining eight-storey block building, the Atlas Tower will be among the three tallest structures in Berlin. The investment sum for the building complex, which will have a total floor area of 51,000 m², amounts to around € 250 million. Construction is slated to begin in 2012, with completion expected in 2015.

Polish large-scale project A4

Poland's General Directorate for National Roads and Highways commissioned a consortium led by the two Polish STRABAG subsidiaries Heilit+Woerner Budowlana Sp. z o. o. and STRABAG Sp. z o. o. to continue construction of the 21 km long section of A4 motorway between Brzesko and Wierzchoslawice. The construction time amounts to 15 months. The contract is worth about € 120 million. The group's share is 55 %.

OCTOBER

Contract in Oman: STRABAG expands port facility

STRABAG Oman L.L.C. was awarded the contract to upgrade the roads and infrastructure within the Duqm port facility in Oman. The order is worth € 150 million.

First-ever listing for STRABAG in Carbon Disclosure Leadership Index

STRABAG has made it into the Carbon Disclosure Leadership Index (CDLI) for the first time this year with 76 (out of 100) points. The index comprises those 30 German and Austrian companies with the most points calculated according to the criteria of completeness of their disclosures about their CO2 emissions.

NOVEMBER

Four tolling and ITS contracts for EFKON

EFKON AG reported that its subsidiary EFKON India was awarded four tolling and ITS contracts worth about € 6.5 million (INR 430 million) in India.

Environmental Technology wins contracts worth more than € 110 million

The environmental technology specialists of STRABAG SE landed new orders worth a total of € 110 million. All over the world, services are required in the field of flue gas treatment, the construction of water supply, wastewater treatment and solid waste treatment plants, as well as landfill construction and environmental remediation.

DECEMBER

Ed. Züblin expands range of services with timber engineering

Ed. Züblin AG, Stuttgart, acquired the timber construction activities of the longestablished German company Paul Stephan GmbH & Co. KG, Gaildorf, retroactively to 1 August 2011, giving it access to the field of structural timber engineering. Stephan employs 75 people and is a market leader in this business field, which is seen to have considerable market potential due to the increasing importance of sustainable methods of construction.

Schützenbahn, Essen, Germany

COUNTRY REPORT

OUTPUT VOLUME OF STRABAG SE BY COUNTRY 2010–2011

€ Mln.	2011	% of total output volume 2011	2010	change %	change absolute	% of total output volume 2010
Germany	5,609	39 %	5,051	11 %	558	40 %
Austria	1,985	14 %	1,907	4 %	78	15 %
Poland	1,719	12 %	1,352	27 %	367	11 %
Czech Republic	769	5 %	867	-11 %	-98	7 %
Switzerland	574	4 %	370	55 %	204	3 %
Scandinavia	512	4 %	248	106 %	264	2 %
Russia and neighbouring countries	487	3 %	351	39 %	136	3 %
Slovakia	441	3 %	427	3 %	14	3 %
Hungary	436	3 %	580	-25 %	-144	5 %
Benelux	360	3 %	284	27 %	76	2 %
Middle East	309	2 %	295	5 %	14	2 %
The Americas	257	2 %	246	4 %	11	2 %
Romania	206	1 %	165	25 %	41	1 %
Italy	186	1 %	128	45 %	58	1 %
Asia	109	1 %	89	22 %	20	1 %
Croatia	106	1 %	92	15 %	14	1 %
Serbia	87	1 %	45	93 %	42	0 %
Africa	63	1 %	136	-54 %	-73	1 %
Slovenia	49	0 %	43	14 %	6	0 %
Rest of Europe	44	0 %	65	-32 %	-21	0 %
Bulgaria	18	0 %	36	-50 %	-18	0 %
Total	14,326	100 %	12,777	12 %	1,549	100 %
thereof CEE1)	4,318	30 %	3,958	9 %	360	30 %

Despite the strong presence in its home markets of Austria and Germany, STRABAG sees itself as a European company. The group has been active in Central and Eastern Europe for several decades in order to diversify the country risk and to profit from the market opportunities in the region. Business in these countries accounted for 30 % of the total group output volume last year as it did the year before. This gives STRABAG a unique position in comparison to the competition and makes it the market leader in the construction sector in Central and Eastern Europe.

STRABAG has for years pursued the strategy of expanding its market shares on the home and growth markets in order to achieve the necessary economies of scale to become a cost leader.

EUROPEAN CONSTRUCTION SECTOR RECOVERING MORE SLOWLY THAN ECONOMY AS A WHOLE

1) Central and Eastern Europe comprises the following countries: Bulgaria, Croatia, Czech Republic, Hungary, Poland, Romania, Russia, Serbia, Slovakia, Slovenia.

Due to increasing insecurities on both the international markets and in the euro area, growth of the gross domestic product (GDP) in Europe was again less dynamic over the course of 2011. The overall growth rate for last year stood at 1.8 %. Given the economic cooling-off, Euroconstruct expects to see growth of just 0.8 % for the year 2012.

The European construction industry is still weakened by the dampened economic development and worsening debt crisis. The forecasts for the European construction sector remain less positive than for the economy as a whole. A renewed decline of construction output averaging 0.3 % is expected for 2012, with the development strongly marked by country-specific differences. The low point in the Nordic states was reached already in 2010, and in Central Europe, too, the construction industry is again showing stable growth. In contrast, Central and Eastern Europe does not appear to be returning onto a growth path. Slight growth of the overall European construction sector is expected in 2013 at the earliest. Construction industry growth will probably exceed GDP growth slightly in the years 2013 and 2014.

GROWTH COMPARISON WESTERN VS. CENTRAL AND EASTERN EUROPE

FUTURE GROWTH SUPPORTED BY BUILDING CONSTRUCTION AND RESIDENTIAL CONSTRUCTION

While civil engineering had served as the engine driving the European construction industry until 2010, future growth will primarily be supported by the fields of residential construction and building construction. The potential in civil engineering, meanwhile, will continue to be relatively low due to the strict budgeting within the public sector.

Residential construction was the only segment in Western Europe which grew in 2011, while the Central and Eastern European markets – despite originally positive forecasts – recorded a clear minus in this sector. The good development of the Polish market was also unable to compensate for this negative trend. Euroconstruct expects only a temporary weakness, however, and residential construction should begin growing once more in 2012 in Central and Eastern Europe as well.

Counter to the original forecasts, the upswing in building construction is being delayed due to the ongoing economic insecurities. Here Euroconstruct expects a return to positive growth rates for Europe as a whole in 2013 at the earliest. In 2011, building construction in Europe shrank by 1.4 %, with quite different developments in the individual countries. While the Nordic countries, Germany, Austria and Switzerland again achieved positive growth rates, the countries of Central and Eastern Europe, with the exception of Poland, again registered drastic setbacks.

After years of growth leading up to 2010, civil engineering lost 3.3 % across Europe in 2011 in response to the austerity measures in the public sector. Significant declines were registered in Western Europe and in Central and Eastern Europe. Only the strong development in Poland could compensate for the weak performance by the remaining countries. Here, too, slight growth is not expected until 2013.

AUSTRIA

The economic upturn continued in 2011. Austria's economic output grew by 2.9 %, against a backdrop of rising exports, higher industrial production and growing investments. Due to increasing insecurities on both the international markets and in the euro area, however, this growth will again become less dynamic. Euroconstruct, for example, expects to see growth of just 0.8 % for the year 2012. An aggravation of the debt crisis in the euro area would lead to a further worsening of the growth rates.

Due to the positive economic development, the Austrian construction economy registered a slight plus of 0.7 % in 2011 after several downward years, supported above all by residential construction and building construction. For 2012, the experts at Euroconstruct again expect moderate growth of 0.7 %.

After two negative years, private residential construction grew once more, gaining 1.9 % in the period under report. Growth could be seen not only in the area of renovations, but also in new residential construction. With a significant delay, the field of building construction also recovered from the crisis of 2008/2009, again reaching a growth rate of 2.3 % in 2011. Investments were up in both the industrial sector as well

1) Country output as percentage of group output volume

2) All growth forecasts as well as the particular national construction volumes are taken from the Euroconstruct's winter 2011 reports.

as for new office buildings. Due to the declining consumption, however, another negative trend was registered in the commercial sector over the course of the year. Against this background, and given a constant total construction output, Euroconstruct expects a significant weakening in residential construction and building construction. Growth in 2012 is not expected to exceed 0.8 % and 1.0 %, respectively.

Civil engineering slipped by 3.5 % in the year under report. However, the negative development relative to the previous year slowed considerably due to increasing public-sector investments in the country's infrastructure. For the coming years, a shift is expected from rail to road construction. After slight decline of 0.3 % in 2012, Euroconstruct expects further stagnation in this area in the years to come due to the strict budget situation.

STRABAG generated a total of 14 % of the group output volume in its home market of Austria in 2011 (2010: 15 %). Alongside Germany and Poland, Austria thus continues to be one of the group's top 3 markets. With a share of 6.6 %1), STRABAG also remains the market leader here. The output volume reached a total volume of € 1,984.57 million in 2011. The Building Construction & Civil Engineering segment contributed 49 % to the total, followed by Transportation Infrastructures with 39 % and the Special Divisions & Concessions segment with 9 %. The Transportation Infrastructures segment will probably continue to show weak development in the years to come, while for market reasons the business in Building Construction & Civil Engineering will focus on the greater Vienna area.

Germany

Despite the significantly reduced economic dynamism, Germany's GDP growth in 2011 reached another considerable level at 3.0 %. This development can again be attributed to the extensive export activities, which are based on the strong competitive position of German companies. Domestic demand also showed extremely positive development.

The debt crises in the US and in Europe, however, could have a negative impact on future economic output. At the same time, the German government adopted a course of restrictive austerity, against the background of which no further economic stimulus packages are planned. For 2012, Euroconstruct therefore expects significantly reduced GDP growth of 1 %. But due to the good underlying economic situation, the medium-term forecast remains positive despite numerous risk factors.

Germany's construction output grew by 3.7 %, in line with the positive economic development in the period under report. In the next few years, however, the growth will likely slow down once more. For 2012, Euroconstruct expects construction output growth of just 1.8 %.

In line with the economic development, commercial building construction gained 2.0 % in 2011. This sector should also profit from the unbroken strong domestic demand in the medium-term. Favourable financing conditions are having a positive impact on the construction of industrial buildings and on the commercial sector. Demand for office buildings is also continuing to show a positive development following a strong decline during the crisis.

Civil engineering registered the highest growth rate in 2011 at 4.1 %. While expenditures were cut in the transport sector, the energy sector continued to show positive development. Following Germany's decision to withdraw from nuclear power, the focus is in-creasingly on the promotion of renewable energy. Against a backdrop of tightening public-sector spending, however, growth in this sector will slow once more in the future.

With a market share of 1.9 %, STRABAG is market leader in the strongly fragmented German market. In all, STRABAG generated a construction output of € 5,608.91 million in Germany in 2011, accounting for a share of about 39 % of the total output. The Transportation Infrastructures segment contributed the most (48 %) to the output in Germany, giving it a market share of 9.1 % in the country's road construction sector. Still, the Building Construction & Civil Engineering segment made the highest contribution to the extremely good results in the past financial year.

1) In the absence of current figures, the market shares stated in the entire country report refer to the year 2010 and to the total market, including all construction segments.

POLand

Poland's economy again registered significant growth in 2011. The GDP gained 4.0 % on the basis of strong growth in construction, production and retail, as well as the strengthened export activities. The strong domestic demand remained an important factor driving growth, manifested in a flurry of investment and rising consumption. The good economic situation also had a positive impact on the national budget, with another growth of the budget surplus relative to the previous year.

The tightened level of public-sector spending in the future, however, coupled with a lower volume of EU financing, will contribute to slower growth of the Polish economy. For 2012, Euroconstruct expects slightly reduced growth of 3.7 %.

With a plus of 12.9 %, the Polish construction output in 2011 reached the highest increase among the EU-27 states. The record result was made possible by the good economic situation, extensive public-sector spending and expenditures related to the UEFA European Football Championship. This development is temporary, however. Declining investments in the coming years will lead to extensive stagnation of construction output as early as 2013.

Building construction also profited from the public-sector investments, with growth of 3.6 % in 2011. Some 216 investment projects, financed up to 40 % from the EU structural funds, are to be realised ahead of the EURO 2012. Investments are being made in healthcare and education as well as in the construction of cultural institutions.

Due to the enormous investment activity ahead of the European Football Championship, civil engineering in Poland registered a record plus of 29.2 % in 2011. Most of the investments are going toward the upgrade of airport runways, waterways and roads. The high level of investment should continue until the middle of 2012. Civil engineering will then shrink again once the event is over, however.

STRABAG is the number 1 in the construction sector in Poland. The country contributed € 1,718.78 million, or 12 %, to the overall group output in 2011, making it the third-largest market for STRABAG. 79 % of the output came from the Transportation Infrastructures segment, which also contributed the largest percentage of the revenue by far. With 15 %, the Building Construction & Civil Engineering segment came in second place. STRABAG's share of the entire Polish construction market stood at 3.2 %, that of road construction at 12.3 %.

CZECH REPUBLIC

Although the forecasts for 2011 had originally been very positive, the Czech GDP only achieved growth of 2.1 %. The forecasts for the coming year are also proving to be extremely cautious, and Euroconstruct does not expect a return to strong economic growth until 2013. In the coming years, the growth will be supported above all by foreign trade. With this strong dependency on export nations, however, the Czech economy is extremely vulnerable to the individual country risk.

The overall improved economic output is not reflected in the Czech construction output, however, which shrank by a further 6.2 % in 2011. The continuing unstable political situation, higher value added tax and slow wage growth coupled with the higher rate of unemployment were largely responsible for this development. The country also saw renewed cuts to public-sector spending on transport and infrastructure. A recovery of the construction sector is therefore not expected until 2013 at the earliest.

Building construction in the Czech Republic was strongly affected by the recession and has been consistently developing backwards since 2007. A reversal of the trend is not expected until 2013 at the earliest. In 2011, this sector also slipped by 7.6 %, following a minus of 11.3 % the year before. Private Investments are continued to be impeded by the high interest rates charged by Czech banks, which did not pass on the central bank's lower rates to their customers. Against the backdrop of the current budget cuts, the public sector is also failing to deliver any growth impulses.

The noticeable negative trend in civil engineering starting in 2010 continued in 2011. The lack of an overarching strategy means that public investments are still being postponed, above all in infrastructure, so that a number of planned projects are not being realised and ongoing projects had to be suspended. This led to a 4.2 % decline in the field of civil engineering in 2011. A recovery is not expected until 2014.

STRABAG is the number 1 on the market in the Czech Republic. With an output volume of € 769.23 million, the group generated around 5 % of its overall output volume in this country in 2011. This makes the Czech Republic STRABAG's fourth-largest market. The market share amounts to 4.4 %, even reaching 11.9 % in road construction. 80 % of STRABAG's Czech construction output volume is generated by the Transportation Infrastructures segment.

SWITZERLAND

Despite a significantly slower economic dynamism in Switzerland, the GDP achieved growth of 2.3 % in 2011. Against the background of the debt crisis in Europe and in the US and the ongoing anxiety on the financial markets, this development is quite satisfactory. Switzerland registered an increased influx of qualified workers due to the unfavourable economic conditions in the neighbouring countries, which above all helped to boost private consumption. While the strong currency guarantees a low level of inflation, it also represents a great risk for the export economy. For the coming years, therefore, Euroconstruct expects a weakening of the GDP growth.

In line with the positive economic development, the construction output in Switzerland also registered solid growth rates. The plus of 2.6 % in 2011 was largely due to the favourable development of private residential construction and building construction. As a strong growth driver, residential construction will also make for clear growth in the construction economy next year.

Following the stagnation of the past few years, building construction, which accounts for about 30 % of the overall construction output in Switzerland, again grew by 2.4 % in the year under report. More than half of the investments went to renovation activities. Following slowed growth in 2012, building construction should again achieve stronger growth starting in 2013.

Despite the positive economic environment, civil engineering registered a decline of 1.6 % in 2011. The high growth rates of the years 2008 and 2009 were supported by the extensive economic stimulus programmes which ran out already in 2010. Against this background, the experts at Euroconstruct expect only slight growth for the coming years.

The Swiss market contributed € 574.21 million or 4 % to the group's overall construction output volume in 2011. For organisational reasons, most of the activities in Switzerland are assigned to the Building Construction & Civil Engineering segment regardless of the actual work performed.

RUSSIA AND NEIGHBOURING COUNTRIES (RANC)

Driven mainly by the high price of oil, economic output again reached growth of 4.2 % in 2011 after the Russian economy had already stabilised in 2010. This positive trend should continue as long as there is no intensification of the external risk factors – especially the budget problems in Europe and the US.

Following the stabilisation of the Russian construction sector the year before, satisfactory growth was again registered in 2011 – at 4.9 % surpassing even GDP growth. Against the background of extensive infrastructure investments, Euroconstruct expects a further acceleration of the construction output for the years to come.

The building construction market continued to recover, while residential construction is further marked by low demand as a result of the high market prices. International investors, in particular, restarted the activities they had suspended in 2008. Investments made mainly involved office buildings, hotels and shopping centres.

With growth of 11.6 %, the strongest growth by far was achieved in civil engineering. Investments in infrastructure represent an important focus of Russian budget policy and represent around 50 % of the overall construction output. Under the programme "Development of Transport System of Russia 2010–2015", some RUB 800 billion will be spent on the development and modernisation of Russia's rail, road, air and shipping

1) Figures for Russia are taken from the Buildecon Country Report Russia from October 2011.

network until the year 2015. High investments are also planned in the federal "Clean Water" programme, which is focused on the development of water treatment facilities.

STRABAG generated an output volume of € 486.90 million in Russia and its neighbouring countries (RANC) in 2011. The contribution to the overall group output volume in the period under report amounted to 3 %. In the RANC region, STRABAG is active almost exclusively in the Building Construction & Civil Engineering segment (86 %).

SLOVAKIA

Following the upturn of 2010, the Slovak economy grew by a further 3.3 % in 2011. By 2014, growth rates could even return to up to 3.9 %. An important factor remains foreign demand, while budget spending continued to stagnate and public-sector spending was down.

Despite the good development of the economy, the Slovak construction output again registered a significant minus of 5.5 % in 2011. The main reasons for this development were the absence of private and public-sector investments as well as the insecurity on the international markets. However, Euroconstruct expects a recovery already in 2012. While building construction had shown the best development in 2011, civil engineering should again grow considerably starting in 2012.

The building construction sector, which accounts for nearly half of the Slovak construction output, registered moderate growth of 1.9 % for the first time since the crisis of 2008/2009. Most of this was financed from private sources. A continual rise of the growth rates is expected for the coming years.

Due to the restrictive budget policy, civil engineering had to accept a renewed minus of 8 % in 2011. Starting in 2012, however, state spending for transport and infrastructure should increase again. The government will make efforts at securing more EU financing while also increasing its own budget for state spending.

With a market share of 7.9 % and an output volume of € 440.74 million in 2011, STRABAG is the market leader on the Slovak market. The share of the road construction market even amounts to 18.1 %. The largest contribution to output in 2011 was made by the Building Construction & Civil Engineering segment with 56 %, followed by Transportation Infrastructures with 41 % and Special Divisions & Concessions with 2 %.

hungary

Hungary was more strongly affected by the global crisis of 2008/2009 than the other EU member states and the Hungarian government has still not managed to catch up. The economic output in 2011 reached only moderate growth of 1.6 %. No measures to stimulate the domestic demand were adopted by the government in the period under report. The positive development of Hungarian export activity was the only factor stabilising the economic output. But this sector – which has been very stable and is largely dependent on Germany – is strongly affected by the uncertain economic situation of the export countries. For this reason, Euroconstruct again expects no more than moderate growth of 1.5 % for 2012. Significant increases will not be achieved until the following years.

Despite originally positive forecasts for 2011, the construction output continued to decline with a minus of 10.8 %. Supported by the positive development of residential construction in the future, Euroconstruct expects renewed growth of construction output in 2013.

With a decline of 9.7 %, the Hungarian building construction sector continued to suffer under the low level of foreign investments in 2011. Real estate projects were not continued, and corporate bonds have seen a dramatic decline since mid-2008. Local governments stopped public-sector projects. Low growth will not be possible until 2014 due to the availability of EU financing.

With a minus of 11.7 %, civil engineering shrank even more strongly than the year before. Given the budget restrictions, the start of civil engineering projects remains uncertain due to the lack of financing plans. The future development thus depends strongly on the federal infrastructure plan. The experts at Euroconstruct do not expect a return to moderate growth until 2014.

With an output volume of € 436.08 million in 2011, STRABAG is the leading provider on the Hungarian construction market. The share of the overall market reached 6.4 %, in road construction STRABAG even generated 15.4 % of the total construction output. The Transportation Infrastructures segment accounted for the greatest proportion of the output at 56 %. The Building Construction & Civil Engineering segment and the Special Divisions & Concessions segments generated about 36 % and 8 % of the output, respectively.

REST OF WESTERN AND NORTHERN EUROPE

ScANDINAVIa

Scandinavia's economic output exhibited enormous differences from country to country in 2011. With GDP growth of 4.3 %, Sweden had the strongest growth rate by far, while Norway and Denmark remained significantly below this level with 1.6 % and 0.5 %, respectively. The economic output should slowly increase in 2012. The construction output, on the other hand, grew more or less evenly in all markets with an average of 4.4 %. While building construction grew the strongest in Sweden, residential construction achieved the highest increases in the other countries. In 2012, the construction output should grow even more strongly in Denmark and Norway.

STRABAG's output in Scandinavia reached € 512.41 million in 2011. The Transportation Infrastructures segment made the strongest contribution at 87 %. Infrastructure projects are among the main activities. For organisational reasons, however, projects in Scandinavia – regardless of their nature – are assigned to the Transportation Infrastructures segment.

BENELUX

The Benelux countries are continuing to register positive growth rates. The GDP in Belgium grew by 2.4 % last year, while GDP growth in the Netherlands reached 1.5 %. Against the background of Europe-wide austerity plans, however, Euroconstruct also expects to see a significant slowdown of economic growth in the Benelux countries in 2012.

Significantly more positive than the overall economy was the growth of the construction output in Belgium and the Netherlands with an average plus of 3.8 %. While all sectors of the construction industry gained evenly in the Netherlands, growth in Belgium was mainly supported by civil engineering. Euroconstruct expects the construction output to continue to grow more strongly than the economic output in the years to come.

STRABAG achieved an output of € 359.95 million in the Benelux countries in 2011. The company is most strongly represented in Benelux in the Building Construction & Civil Engineering segment.

ITALy

The Italian economy currently is in a difficult crisis marked by a high level of debt, an enormous insolvency risk and financial turbulence. Against this background, the GDP achieved only slight growth of 0.6 % in 2011. The economic output is expected to stagnate in the years to come.

The construction output also continued its negative trend, shrinking by a further 3.1 % in 2011. In all, the market as a whole has lost about 20 % since 2006, with declines in new construction reaching as much as 40 %. Civil engineering has lost about one third of its volume since 2005. Given the continuation of the debt crisis, Euroconstruct does not expect slight growth until the year 2013.

STRABAG's output in Italy amounted to € 186.45 million in 2011. In Italy, STRABAG is mainly active in the Special Divisions & Concessions segment, which contributed 95 % to the overall group output in this market. For this reason, all other projects in Italy are also recorded in the Special Divisions & Concessions segment.

MIDDLE EAST, AFRICA, AMERICAS, ASIA – REST OF WORLD

In addition to its main markets in Europe, the STRABAG Group is also active in individual non-European regions in Asia, Canada, Africa and the Middle East. STRABAG increased its presence in the non-European markets in order to become more independent from the economic conditions among the previous growth markets. In all, the group generated € 737.66 million in these regions in 2011, which corresponds to 5 % of the overall group output volume.

In the non-European markets, STRABAG is usually active as a general contractor through direct export. The focus in these regions is on civil engineering, industrial and infrastructure projects and tunnelling – areas in which high technological expertise is required.

The most important projects include the construction of the Rohtang Pass highway tunnel at 3,980 m above sea level in the western Himalaya region in India as well as the upgrade of roads and infrastructure within the Duqm port facility in Oman. STRABAG's activities in non-European countries in all areas of business are mostly included – with a few small exceptions – in the Special Divisions & Concessions segment.

REST OF CEE: BULGARIA, CROATIA, ROMANIA, SERBIA, SLOVENIA

ROMANIA

After two years of recession, the economic output in Romania grew by 1.5 % in 2011. The country's growth should become increasingly dynamic in the years to come.

Despite the positive economic output, Romania's overall construction output fell by a further 1.6 % in 2011. While the sector's residential construction and civil engineering shrank by 5.5 % and 1.1 %, respectively, building construction recovered and grew by 1.4 % – a trend that is expected to continue in the coming years. Against the background of extensive efforts to secure sources of financing for the still underdeveloped transport sector, Euroconstruct expects to see a continuous recovery of growth rates in civil engineering as well.

STRABAG took third place on the Romanian construction market in 2011, with construction output of € 205.87 million. At 54 %, the Transportation Infrastructures segment contributed the highest proportion to the group output volume in Romania.

CROATIA

While the other countries in the region have already recovered from the financial crisis, Croatia continues to register weak economic output. After two negative years, GDP growth of 1.3 % is expected for 2011, although this value is significantly below the comparison values for other countries in the region. For the coming years, Euroconstruct continues to expect only moderate growth in Croatia.

As the Croatian construction sector is recovering even more slowly than the economy as a whole, the construction output registered a minus of 11.3 % in 2011. Financing problems for ongoing and future projects led to many construction projects being suspended or postponed. Especially affected was the residential construction sector; building construction began to show more dynamism in 2011 due to the activities in the tourism sector.

Despite extensive financing options for civil engineering projects, this sector continues to suffer from the economic and financial crisis, registering a minus of 14.6 % in 2011. A slight recovery and the first positive growth rates are not expected until 2013. Especially the railway sector is expected to function as a growth driver due to its great importance for the country's infrastructure.

In 2011, STRABAG achieved an output volume of € 106.35 million in Croatia. The highest proportion was generated in the Transportation Infrastructures segment, with 52 %, followed by Building Construction & Civil Engineering with 44 %.

SERBIA

With an economic growth of 2.2 % last year, Serbia is in a transitional phase to a sustained economic upturn. The country's extensive structural reforms and its favourable geographic location give the Serbian market a high degree of growth potential.

Thanks to the financing of construction projects by the IMF and the EBRD, the construction output in Serbia grew by 12.3 % in 2011. This strong growth benefited all sectors of the construction industry. While building construction returned to growth of 3.1 % in 2011 after two negative years, gains in residential construction even reached 7.9 % in response to extensive state measures. Due to an enormous amount of investment in the country's infrastructure, civil engineering registered the strongest growth (18.8 %) in the period under report. Due to further financing promises from the IMF and the EBRD for 2012, Euroconstruct expects Serbia's overall construction output to grow by 12.1 %. The following years, however, will again be characterised by strong uncertainties.

STRABAG's output volume in Serbia reached € 87.29 million in 2011. With 55 %, the Transportation Infrastructures segment contributed the greatest amount.

SLOVENIA

Slovenia traditionally is one of the fastest growing markets in the Central and Eastern European region. Recently, however, the Slovenian economy has suffered from the turbulence on the international financial markets, with GDP growth of just 1.5 % in 2011. But Euroconstruct expects more significant growth of economic output in the years to come.

In 2009, the combination of weak domestic demand and the general economic crisis had led to a drastic setback of the construction economy and a reduction of production capacities, all of which continues to prevent a return to pre-crisis levels. The Slovenian construction output in 2011 shrank by another 23.8 % in 2011. The completion of the Slovenian motorway also resulted in lower infrastructure spending.

In 2011, STRABAG achieved an output volume of € 48.52 million in Slovenia. With 56 %, the company generated the highest percentage in the Building Construction & Civil Engineering segment.

BULGARIA

With growth of 2.3 %, the Bulgarian economy remained slightly below the expectation of the experts in 2011. Growth was mainly supported by exports, while private consumption was below the level of the previous year. Economic growth should pick up significantly in the years to come, however.

The positive economic development is only slowly being reflected in the construction economy. After three negative years in a row, the construction output will return to growth in 2012. Residential construction and building construction will continue to shrink in the years to come, but civil engineering should compensate these declines through its strong reliance on EU financing. The focus will continue to be on upgrading and modernising the transport infrastructure, although subsidies will also lead to an increased realisation of environmental projects.

STRABAG generated € 18.40 million on the Bulgarian market in 2011. With 52 %, the Building Construction & Civil Engineering segment contributed the highest percentage to STRABAG's total output volume in Bulgaria.

ORDER BACKLOG

ORDER BACKLOG OF STRABAG SE BY SEGMENT 2010–2011

31.12. € Mln.	Total (INcL Other) 2011	building construc tion & civil enginee ring	trans portation infra struc tures	special divisions & conces sions	Total (INcL Other) 2010	Change Group %	Change Group ABSOLUT e
Germany	3,909	1,928	1,156	815	3,795	3 %	114
Austria	1,633	826	271	533	1,634	0 %	-1
Russia and neighbouring
countries	1,121	1,051	64	6	1,419	-21 %	-298
Poland	932	291	599	42	2,338	-60 %	-1,406
Middle East	746	50	1	695	499	49 %	247
Benelux	724	385	78	261	778	-7 %	-54
Scandinavia	668	41	626	1	568	18 %	100
The Americas	601	229	28	344	377	59 %	224
Romania	573	208	344	21	301	90 %	272
Italy	435	11	0	424	450	-3 %	-15
Czech Republic	408	63	334	11	597	-32 %	-189
Switzerland	330	231	15	84	355	-7 %	-25
Slovakia	328	187	134	6	428	-23 %	-100
Hungary	272	76	158	38	263	3 %	9
Asia	189	10	3	176	185	2 %	4
Africa	145	10	0	135	435	-67 %	-290
Croatia	140	98	41	1	155	-10 %	-15
Rest of Europe	92	41	50	1	27	241 %	65
Slovenia	61	50	8	3	44	39 %	17
Serbia	30	4	26	0	74	-59 %	-44
Bulgaria	17	10	7	0	17	0 %	0
Order back
log total	13,354	5,800	3,943	3,597	14,739	-9 %	-1,385
thereof CEE1)	3,882	2,038	1,715	128	5,636	-31 %	-1,754
Segment contribution to group order backlog		43 %	30 %	27 %

CONSTRUCTION SITES INCLUDED IN THE ORDER BACKLOG ON 31 DECEMBER 2011

Categories of order size

small: € 0 million to € 15 million medium: € 15 million to € 50 million large: over € 50 million

CATEGORY	NUMBER OF CONSTRUCTION SITES	ORDER BACKLOG T€
Small orders	17,467	4,771
Medium-sized orders	195	2,361
Large orders	98	6,223
Total	17,760	13,354

1) Central and Eastern Europe comprises the following countries: Bulgaria, Croatia, Czech Republic, Hungary, Poland, Romania, Russia, Serbia, Slovakia, Slovenia.

The order backlog stood at € 13.4 billion, 9 % below the level at the end of 2010. For the most part, this is due to the development in Poland as the preparations for the 2012 European Football Championship had triggered large infrastructure investments from the public sector. As market leader, STRABAG was awarded several of the resulting contracts and worked these off in the 2011 financial year. This transformed an order backlog of about € 1.4 billion into output, so that the order backlog in Poland alone sank from € 2.3 billion to around € 900 million. Also, we are no longer reporting the projects in Libya in the order books due to the political situation in the country since the beginning of 2011.

The overall order backlog is comprised of 17,760 individual projects. Of this amount, nearly 17,500 are small projects with a volume of up to € 15 million each. They account for 36 % of the order backlog; a further 18 % are medium-sized projects with order volumes between € 15 million and € 50 million; 46 % are large projects of € 50 million or more. The high number of individual contracts guarantees that the risk involved with one project does not threaten the group success as a whole. The ten largest projects in the order backlog on 31 December 2011 added up to 19 % of the order backlog, compared to 24 % at the end of 2010.

Country	Project	Order volume in € Mln	As % of total order backlog
Austria	Koralm Tunnel, lot 2	459	3.4 %
Russia	Kautschuk residential complex	416	3.1 %
United Arab Emirates	STEP wastewater systems	300	2.2 %
Russia	Olympic Village	246	1.8 %
Netherlands	A-Lanes A15 motorway	245	1.8 %
Canada	Wastewater tunnel, Greater Toronto Area	208	1.6 %
Italy	Val di Chienti	205	1.5 %
Chile	Candelaria Mine 2011	184	1.4 %
Germany	TaunusTurm Frankfurt am Main	166	1.2 %
Oman	Duqm port facility	159	1.2 %
Total		2,588	19.2 %

THE TEN LARGEST PROJECTS in the order backlog

IMPACT OF CHANGES TO THE SCOPE OF CON-SOLIDATION

In the 2011 financial year, 47 companies (thereof 14 mergers with fully consolidated companies) were included in the scope of consolidation for the first time. These companies contributed a total of € 503.45 million to the consolidated revenue and € -22.34 million to the net income after minorities. As a result of first-time inclusions, current and non-current assets increased by € 325.42 million, current and non-current liabilities by € 190.65 million.

FINANCIAL PERFORMANCE

STRABAG SE generated an output volume of € 14.3 billion in the 2011 financial year. The company had expected an increase from € 12.8 billion to € 14.0 billion and surpassed its own forecast with an actual plus of 12 %. The growth is due to the strong demand in the German building construction and civil engineering segment, the booming Polish construction sector above all in the field of transportation infrastructures and the expansion in northern Europe. Additionally, STRABAG acquired two construction SMEs in Switzerland in the first quarter of 2011, which had a positive effect on the development of the output volume.

The consolidated group revenue for the 2011 financial year stood at € 13,713.80 million, which – similar to the development of the output volume – corresponds to an increase of 11 %. As in previous years, the ratio of revenue to construction output volume remained very high at 96 % (2010: 97 %). The Building Construction & Civil Engineering segment contributed 36 %, Transportation Infrastructures 45 % and Special Divisions & Concessions 18 % to the revenue. In comparison to the previous year, this represents a slight shift in favour of Building Construction & Civil Engineering.

The changes in inventories were significantly higher due to the intensification of the business with group-developed real estate projects, while the amount of own work capitalised dropped by about half following completion of construction of the proprietary cement factory in Hungary.

With the higher revenue, the raw materials, consumables and services used, as well as the employee benefits expense, grew by 13 % to € 9,320.12 million and by 7 % to € 3,004.46 million, respectively. The ratio of these two items versus revenue grew slightly as a result from 89 % in 2010 to 90 % in 2011.

The other operating expenses fell slightly by 2 %, but remained above the € 1 billion mark. At the same time, the other operating income fell by 3 %, due in part to the reduced sales of property, plant and equipment. This item also includes income from the fully consolidated concession companies.

	2011 € Mln.	2010 € Mln.	change %
Raw materials, consumables and services used	9,320	8,218	13 %
Employee benefits expense	3,004	2,801	7 %
Other operating expenses	1,014	1,030	-2 %
Depreciation and amortisation	412	436	-6 %

At € -34.54 million, the share of profit or loss of associates turned from positive back into negative territory in the 2011 financial year – the previous year's figure had contained a measurement made directly in profit or loss in the amount of € 24.60 million following the increase in interest in railway construction subsidiary Viamont DSP a.s. The negative share of profit or loss of associates in the 2011 financial year is largely due to an extraordinary write-down in the mid-double-digit millions related to an interest in cement activities.

The net income from investments, at € 3.59 million, was significantly lower than the year before and is made up of dividend payments and expenses, respectively, from many smaller companies as well as financial investments. Given the combination of higher revenue and higher costs, it follows that the earnings before interest, taxes, depreciation and amortisation (EBITDA) grew by 2 % to € 746.33 million resulting in a decrease of the EBITDA margin from 5.9 % to 5.4 %.

The depreciation and amortisation fell by 6 % to € 411.55 million. The previous year's € 435.74 million still included a one-time impairment of goodwill in the amount of € 14.00 million related to the transaction with Viamont DSP a.s. as well as various other goodwill impairments totalling around € 36 million. The latter fell to about € 16 million in 2011.

Although the Viamont transaction had a positive effect of € 10.60 million in the earnings before interest and taxes (EBIT) in the year before, this figure registered a plus of 12 % to € 334.78 million in the 2011 financial year. This resulted in an unchanged EBIT margin of 2.4 %. Due to positive exchange rate differences in the amount of € 37.27 million, the net interest income improved despite the higher interest expense from € -19.68 million to € 8.54 million. The previous year's net interest income had included € 6.4 million in exchange rate losses.

As a result, the profit before tax grew by 23 % to € 343.33 million. STRABAG considers an average tax rate of 30 % to be realistic. The actual rate of 30.3 % in 2011 confirmed this expectation. This led to a net income of € 239.29 million and a plus of 27 % over the previous year.

The earnings owed to the other shareholders (minority interest) climbed from € 13.52 million to € 44.30 million in the year under report. This is due in part to the fact that the losses from the activities in Libya in the previous year had been partially borne by minority shareholders. The net income after minorities for 2011 therefore stood at € 194.99 million, 12 % above the level from the year before. The number of weighted outstanding shares fell from 114,000,000 to 111,424,186 as a result of the buyback of own shares, so that the earnings per share grew by 14 % to € 1.75.

earnings per share € 1.75

The return on capital employed (ROCE) was calculated at 6.3 %, its highest value since 2007 (2010: 5.4 %).

FINANCIAL POSITION AND CASH-FLOWS

		% of		% of
	2011 € Mln.	balance sheet total	2010 € Mln.	balance sheet total
Non-current assets	4,534	44 %	4,345	42 %
Current assets	5,852	56 %	6,037	58 %
Equity	3,150	30 %	3,232	31 %
Non-current debt	2,359	23 %	2,363	23 %
Current debt	4,877	47 %	4,786	46 %
Balance sheet total	10,386	100 %	10,382	100 %

STRABAG SE's balance sheet total remained more or less unchanged at € 10.4 billion, due in large part to the reclassification of the proprietary cement plant in Hungary, completed in 2011, from "assets held for sale" to "investments in associates" as the plant was merged into a joint venture with Lafarge of which STRABAG SE holds 30 %. This led to an increase in non-current assets to the detriment of current assets.

The inventories grew in view of new proprietary project developments. The current receivables from concession arrangements also grew significantly: these include a public-private partnership project in Denmark for which the services were pre-financed, which also found expression in the higher current financial liabilities. Overall, however, the current assets fell not least because of the reduced cash and cash equivalents owing to the share buyback programme.

	2011	2010
Equity ratio %	30.3 %	31.1 %
Net debt € mln.	-268	-669
Gearing ratio %	-8.5 %	-20.7 %
Capital employed € mln.	5,336	5,236

The equity ratio fell slightly from 31.1 % to 30.3 % as a result of the share buyback programme, which led to reduced retained earnings in the same amount as the costs of acquisition of the own shares. The management board considers an equity ratio between 20 % and 25 % to be a realistic target in the medium-term.

As in the years before, STRABAG ended the year with a net cash position. This was counter to expectations. Reaching € 267.81 million, however, this figure was down 60 % in a year-on-year comparison. The net cash position does not include € 754.18 million in non-recourse financial liabilities related to the AKA and Kliplev Motorway Denmark concession companies. The interest expense of these non-recourse finance liabilities, as well as the interest income from receivables from concession arrangements, is presented in other operating income.

Calculation of net debt (€ Mln.)

	2011	2010
Financial liabilities	1,732	1,559
Severance provisions	70	69
Pension provisions	384	375
Non-recourse debt	-754	-720
Cash and cash equivalents	-1,700	-1,952
Net debt	-268	-669

The cash-flow from operating activities fell in the past financial year by 27 % to € 501.15 million despite a simultaneous 35 % increase of the cash-flow from profits. In addition to the reduction of prepayments in Poland, this is due to the expansion of the business – as evidenced by the higher revenue – which, as expected, was manifested in a build-up of working capital.

The cash-flow from investing activities increased by 18 % to € -616.07 million. The company spent around 14 % less on the purchase of property, plant and equipment and intangible assets than the year before. However, this item includes several acquisitions of construction and raw material SMEs in Switzerland and Germany recorded under "changes in consolidation" as well as the co-payment of € 77.5 million for a stake in the joint venture with Lafarge in "purchase of financial assets".

The cash-flow from financing activities stood at € -81.71 million after € -20.00 million the year before. On the one hand, STRABAG issued a € 175 million bond in 2011 (while paying back a € 75 million bond), compared to a positive net effect of just € 25.00 million from the bond programme in 2010. On the other hand, the acquisition of own shares cost the company € 185.23 million by the end of the year.

Capital Expenditures

STRABAG had forecast capital expenditures (CAPEX) in the amount of approximately € 580 million for the 2011 financial year. In the end, the gross capital expenditures totalled € 752.24 million. This figure includes expenditures on intangible assets and on property, plant and equipment, the purchase of financial assets – such as the investment in the joint cement venture with Lafarge – and enterprise acquisitions (changes to the scope of consolidation, e.g. the acquisitions of Brunner Erben Holding AG and Astrada AG, Switzerland, as well as of Gaul GmbH & Co. KG, Germany). As a result, the capital expenditures far exceeded the budget – despite the savings in expenditures on intangible assets and on property, plant and equipment.

These fell by 14 % to € 477.15 million. About € 200 million is spent annually as maintenance expenditures related to the equipment fleet in order to prevent inventory obsolescence. The high proportion of expansion expenditures is due to STRABAG's focus of its capital expenditures: in the 2011 financial year, the focus was especially on the niche business fields and on the large Koralm Tunnel project in Styria, Austria. The significant increase in demand in Poland and in Germany led to the purchase of equipment in these countries being registered to a large degree as expansion expenditures.

Expenditures on intangible assets and on property, plant and equipment during the year under report must be seen against amortisation on intangible assets and depreciation on property, plant and equipment in the amount of € 411.55 million. This figure, however, also includes goodwill impairment in the amount of € 16.15 million.

FINANCING/TREASURY

The number one objective for the treasury management of STRABAG SE is assuring the continued existence of the company through the maintenance of constant solvency. This objective is to be reached through the provision of sufficient short-term, medium-term and long-term liquidity.

Liquidity for STRABAG SE means not only solvency in the strict sense but also the availability of guarantees. The building activity requires the constant availability of bid, contract fulfilment, pre-payment and warranty guarantees and/or sureties. The financial scope of action is thus defined on the one hand by sufficient cash and cash credit lines, on the other hand by sufficient surety credit lines.

The management of liquidity risks has become a central element of the corporate management at STRABAG. In practice, liquidity risks come in various forms:

• In the short-term, all daily payment obligations must be covered in time and/or in their entirety.
• In the medium-term, liquidity levels must be sufficient so that no transaction (e.g. acquisitions, expenditures) or projects become impossible due to a lack of sufficient financial means or guarantees or that they cannot be executed at the desired pace.
• In the long-term, there should be sufficient financial means available to be able to pursue the strategic development targets.

In the past, STRABAG has always oriented its financing decisions according to the risk aspects outlined above and has organised the maturity structure of the financial liabilities in such a way as to avoid a refinancing risk. In this way, the company has been able to maintain a great scope for action, which is of particular importance in a difficult market environment.

The necessary liquidity is determined by liquidity planning. Based on this, liquidity assurance measures are made and a liquidity reserve is defined for the entire group.

STRABAG SE has a total credit line for cash and surety loans in the amount of € 6.2 billion. The credit lines include a syndicated surety credit line in the amount of € 2.0 billion with a maturity until 2015. A high degree of diversification creates an adequate risk spread in the provision of the credit lines.

The medium- and long-term liquidity needs have so far also been covered by the issue of corporate bonds. STRABAG SE has regularly issued bonds on the Austrian market since 2004. Due to the market conditions, STRABAG opted against issuing a new bond in the 2009 financial year. In the 2011 financial year, STRABAG successfully issued a € 175 million tranche and, due to the favourable market environment, for the first time chose a term to maturity of seven instead of five years. The proceeds from the issue were used for general business purposes and to pay back a bond which matured in 2011. At present, this leaves four bonds with a total volume of € 425 million on the market.

The existing liquidity of € 1.7 billion and cash credit lines of € 0.4 billion assure the group's liquidity needs. Nevertheless, further bond issues are planned, depending on the market situation, in order to maintain a high level of liquidity reserves in the future as well.

In December 2011, S&P again confirmed its BBB- rating and stable outlook as STRABAG SE benefits from its solid capital structure and strong liquidity situation, its good access to raw materials and its leading market position in the otherwise cyclical, highly competitive and low-margin construction sector.

	2011	2010	2009	2008
Interest and other income (€ million)	112	79	78	90
Interest and other expense (€ million)	-104	-98	-98	-131
EBIT/net interest income	39.2x	-15.2x	-14.2x	-6.7x

Payme nt obl igations
	book value 31 december 2011 € Mln.
Bonds	445
Bank Liabilities	1,236
Financial Leasing	47
Other Liabilities	5
Total	1,732

REPORT ON THE FINANCIAL PERFORMANCE, FINANCIAL POSITION AND CASH-FLOWS OF STRABAG SE (INDIVIDUAL FINANCIAL STATEMENT)

Financial Performance

The company's revenues decreased year-on-year by € 7.4 million from € 60.4 million to € 53.1 million due largely to a decline in revenue from group financial services and in part to a reduction of the revenue from the calculated intra-group allocations.

	2011	2010
Revenues in T€ (Sales)	53,093	60,473
Earnings before interest and taxes in T€ (EBIT)	14,134	64,333
Return on sales in % (ROS)1)	26.6	106.4
Return on equity in % (ROE)2)	0.6	2.7
Return on investment in % (ROI)3)	0.4	2.0

The earnings before interest and taxes (EBIT) decreased by € 50.2 million year-on-year to € 14.1 million as the result of a strong decline of the net income from investments over the year before; the decline of the net income from investments is due to the increased valuation allowances from financial assets which could not be compensated by the significantly increased investment income.

The operating result fell – despite the significant decrease in expenses – from € 10.7 million in the year before to € 4.9 million in the year under report; this effect was due in part to the decline of the revenue.

The changed result had a direct effect on the profitability figures, as the average equity and total assets remained nearly the same.

The interest income of € 6.4 million in the previous year fell by € 4.2 million to € 2.2 million in the 2011 financial year. This is due particularly to the reduction of cash and cash equivalents (incl. receivables from cash-clearing) and the related reduction of interest income; at € 26.2 million, the interest expense developed at about the previous year's level (€ 26.7 million) due to the volatile interest development and the increase in interest-bearing liabilities.

Overall, the company generated a net profit of € 13.8 million, compared to € 67.0 million in the previous year.

Financial Position and Cash-Flows

The balance sheet total of STRABAG SE remained relatively stable, coming to rest at € 3,213.5 million in 2011 compared to € 3,199.2 million in the previous year, with changes among only a few balance sheet items. Worth mentioning is the increase in non-current assets in the amount of € 378.8 million from enterprise acquisitions, capital increases and injections in subsidiaries; for the first time, the company bought back bearer shares corresponding to 7.70 % of the share capital. The investment was financed by the reduction of the cash-pooling credit (receivables from subsidiaries) as well as from the issue of another corporate bond in the amount of € 175 million.

1) ROS = EBIT / revenue

2) ROE = result from ordinary business activities / ø equity

3) ROI = EBIT / ø total capital

	2011	2010
Net debt in T€1)	415,408	-51,108
Working capital in T€2)	118,356	86,097
Equity ratio in %	81.0	82.9
Gearing ratio in %	16.0	n.a.

A net debt position in the amount of € 415.4 million was calculated on 31 December 2011. The significant changes over the year before result primarily from the acquisition of own shares and investments in non-current assets. This led to an increase of the gearing ratio in the year under report to 16.0 %.

The working capital rose compared to the year before from € 86.1 million to € 118.4 million.

The equity ratio fell slightly on the year to 81.0 % because the proportion of equity had fallen while the balance sheet total remained nearly the same

	2011	2010
Cash-flow from operating activities in T€	90,538	168,261
Cash-flow from investing activities in T€	-478,579	-410,887
Cash-flow from financing activities in T€	-18,759	-108,812

The cash-flow from operating activities in the amount of € 90.5 million is largely the result of cash-flow from earnings, whereby the reduction of receivables from subsidiaries could not entirely be compensated by the growth of liabilities from subsidiaries and other provisions.

The cash-flow from investing activities contains mainly the acquisitions of financial assets, injections to subsidiaries and the acquisition of own shares.

The cash-flow from financing activities shows a use of funds in the amount of € 18.8 million; this nearly balanced cash-flow results from the repayment of current and noncurrent financial liabilities, the redemption of bond tranches which matured during the financial year, as well as the payment of the dividend. This was countered by the increase of cash inflows in the amount of € 175 million from the bond issued in the past financial year.

SEGMENT REPORT

OVERVIEW OF THE SEGMENTS OF STRABAG SE

The operating business of STRABAG SE is divided into three segments: Building Construction & Civil Engineering, Transportation Infrastructures and Special Divisions & Concessions. A further segment defined as "Other" encompasses expenditures, income and employees at the group's service companies and staff units.

Construction projects are assigned to one of the segments (see chart below). Certainly, projects may also be assigned to more than one segment. This is the case, for example, with PPP projects in which the construction part is assigned to its respective segment, but the concession part is assigned to the concessions unit of Special Divisions & Concessions. In projects which span more than one segment, the commercial and technical responsibility is generally assigned to that segment which has the higher share of the overall project value.

Vienna central Station, austria

Building Construction & Civil Engineering

The building construction half of the Building Construction & Civil Engineering segment includes the construction of commercial and industrial properties, airports, hotels, hospitals, office and administration buildings, residential real estate and the production of prefabricated elements. The field of civil engineering comprises complex infrastructure solutions, power plant construction, large-scale bridge building and environmental technology projects.

	2011 € Mln.	change 2010–2011 %	2010 € Mln.	change 2009–2010 %	2009 € Mln.
Output volume	5,142	20 %	4,279	-3 %	4,427
Revenue	4,968	25 %	3,976	-2 %	4,059
Order backlog	5,800	2 %	5,660	1 %	5,602
EBIT	179	16 %	154	24 %	124
EBIT margin as a % of revenue	3.6 %		3.9 %		3.1 %
Employees	20,276	11 %	18,253	-7 %	19,562

output volume building Construction & Civil Engineering 2010–2011

Output volume total 2011	Output volume total 2010	Change %	change absolute
1,869	1,548	21 %	321
981	967	1 %	14
438	164	167 %	274
417	318	31 %	99
266	174	53 %	92
263	228	15 %	35
248	235	6 %	13
155	230	-33 %	-75
120	110	9 %	10
95	91	4 %	4
82	52	58 %	30
47	36	31 %	11
42	12	250 %	30
38	15	153 %	23
27	26	4 %	1
25	39	-36 %	-14
11	7	57 %	4
10	18	-44 %	-8
4	5	-20 %	-1
3	2	50 %	1
1	2	-50 %	-1
5,142	4,279	20 %	863
1,410	1,214	16 %	196

Output volume, revenue and result

The output volume generated in the Building Construction & Civil Engineering segment in the 2011 financial year increased by 20 % to € 5,142.16 million. As a result, STRABAG clearly exceeded its own forecast. It must be mentioned, however, that unfavourable weather conditions in the spring of the previous year had led to an unusually reduced output volume in 2010. Especially worth noting is the growth in the home market of Germany and in the RANC region (Russia and neighbouring countries). Higher output volume was registered in Switzerland due to the acquisitions of two construction SMEs, Brunner Erben Holding AG and Astrada AG, in the first quarter of 2011. A declining trend was seen only in Hungary.

The revenue grew in tandem with the output volume at a double-digit percentage rate to € 4,968.21 million. The earnings before interest and taxes (EBIT) increased by 16 % to € 179.09 million in large part due to the good business in the German market.

1) Central and Eastern Europe comprises the following countries: Bulgaria, Croatia, Czech Republic, Hungary, Poland, Romania, Russia, Serbia, Slovakia, Slovenia.

Order backlog

The order backlog grew slightly by 2 % to € 5,800.06 million. This figure is influenced by the development in four markets in particular. On the one hand, there is the satisfactory high demand for building construction in Germany and Romania. Companies of the STRABAG Group were commissioned for the construction of the TaunusTurm and the Poseidon House office complex in Frankfurt, Germany, and of the Promenada Mall shopping centre and Sky Tower of the Floreasca City Center in Bucharest, Romania – the last two for project developer Raiffeisen evolution. On the other hand, several large projects were completed in Poland and in the RANC region. In these markets, follow-up contracts of the same order and magnitude were not generated in the year under report.

Employees

The workforce grew by more than 2,000 persons, or 11 %, to 20,276 employees. The number includes the growth resulting from the Swiss acquisitions, which contributed over 1,100 employees to the overall personnel figures. While the output situation in Germany required an expansion of the workforce there, human resources were reduced as planned in the weak markets of the Czech Republic and Slovakia.

Outlook

Given the positive order situation in Germany and Austria, STRABAG expects further significant output growth in the Building Construction & Civil Engineering segment from about € 5.1 billion in 2011 to € 5.5 billion in 2012. This forecast is supported by the high order backlog in the home markets and several promising tenders in northern Europe. Further contributions to the output volume will come from the group's entrance into the timber engineering business with the acquisition of Paul Stephan GmbH & Co. KG, Germany, the strengthening of the steel construction business with the acquisition of NE Sander Group, Germany, and the acquisition of Wolfer & Goebel Bau GmbH, Germany.

STRABAG expects the development of results in the segment to remain steady. Stabilising factors are the combination of high demand with stable material and subcontractor prices in Germany as well as a slight yet noticeable improvement of the climate in the Czech Republic. The price pressure in Switzerland remains high and the Hungarian construction sector weak, despite expectations of stimulus measures – in particular from environmental protection projects. The field of environmental technology also holds the promise of opportunities in Romania. In Poland, STRABAG expects a significantly lower output volume due to the completion of large projects from 2012. Given the situation in Moscow, building construction in Russia remains also restrained. The market for infrastructure projects, by comparison, is showing very dynamic development due to the expectation of impulses from the 2018 FIFA World Cup. STRABAG is also working the Russian neighbouring states – Azerbaijan and since recently also Kazakhstan and again Ukraine. For this reason, it should be possible to increase the output in the RANC region in 2012 from about € 490 million to € 650 million despite the reserved demand in Moscow.

Country	Project	order volume € Mln.	percentage of total group order backlog %
Russia	Kautschuk residential complex	416	3.1 %
Russia	Olympic Village	246	1.8 %
Germany	TaunusTurm Frankfurt/Main	166	1.2 %
Netherlands	Vertical City Rotterdam	106	0.8 %
Poland	Galeria Katowicka	76	0.6 %
Romania	Promenada Mall	73	0.5 %

Selected Projects in the building construction & civil engineering segment

"Encourage sustainability"

The output generated in your segment in 2011 increased by 20 %. What is your evaluation of the past year?

We were still able to make a noteworthy contribution to net income in 2011. Given the macroeconomic environment that we are faced with, I consider this to be a satisfactory outcome.

How strongly does the declining public expenditure affect the Building Construction & Civil Engineering segment?

While our clients in building construction are above all private investors, in civil engineering they are mainly public sector institutions. Of course, we are noticing a certain level of restraint in those places where the public sector is our client – particularly in Hungary, the Czech

Thomas Birtel Member of the Management Board, STRABAG SE, Building Construction & Civil Engineering

Republic and Slovakia. Still, there are markets in which the situation remains positive. As an exam-ple, I would like to mention the greater Vienna area; or parts of Germany, in particular the much-debated Stuttgart 21 project. These two examples show that despite the austerity measures there still are some noteworthy investment projects in the field of civil engineering.

The order situation in building construction is shaped by private investors. On the lookout for a worthwhile investment in the current situation, these investors often take refuge in "concrete gold". This is another reason why the building construction market in Germany has been at its most expansive in a long time. But in our segment, too, there are regional markets which are currently devastated. Here I would like to again mention Hungary, where due to the political environment the private investors are also not being very active.

Where do you see opportunities in the construction sector in the medium-term?

Sustainability is a very big topic, and it is becoming clear that BlueBuilding or GreenBuilding certification will have an enormously growing importance in the future. The market will orient itself even more strongly toward attaining international certifications for buildings which document their sustainability. In this movement, we are a pioneer. Our central technical division Zentrale Technik has been driving this trend for years and works together with the relevant certification bodies.

We have been building our own buildings in accordance with these requiremants for years. One example is our subsidiary Ed. Züblin AG's Z-zwo building in Stuttgart, which was awarded silver certification by the German Sustainable Building Council (DGNB). I am convinced that for external clients the issue of sustainability will play an increasingly important role too.

What are your expectations for 2012?

As economist John Maynard Keynes once said: "The future is uncertain." These days, that's especially true. Since the order backlog in Building Construction & Civil Engineering is relatively farreaching, however, the visibility is greater than in other segments. We believe that we will be able to position ourselves on the market with a thoroughly stable output in the new financial year an^d that the results won't stand out negatively relative to the previous year. We expect to make another positive, stable contribution to the net income after minorities in 2012.

TRANSPORTATION INFRASTRUCTURES

The Transportation Infrastructures segment covers asphalt and concrete road construction as well as any remaining construction activities associated with road construction, such as earth-moving, canalisation, railway construction, waterway construction, dyking, paving, the construction of sport and recreational facilities, specialty foundation engineering, safety and protective structures and the building of small bridges. The segment also includes the production of construction materials such as asphalt, concrete and aggregates.

	2011 € Mln.	change 2010–2011 %	2010 € Mln.	change 2009–2010 %	20091) € Mln.
Output volume	6,701	12 %	5,990	5 %	5,709
Revenue	6,211	6 %	5,837	4 %	5,606
Order backlog	3,943	-19 %	4,892	10 %	4,463
EBIT	61	-66 %	179	25 %	143
EBIT margin as a % of revenue	1.0 %		3.1 %		2.6 %
Employees	31,609	2 %	30,866	3 %	29,920

output volume Transportation infrastructures 2010–2011

Output	Output		change
2011	2010		absolute
2,667	2,405		262
1,360	1,078		282
780	749		31
625	717		-92
445	214		231
242	270		-28
183	183		0
112	110		2
59	20		39
55	53		2
48	29		19
40	94		-54
22	14		8
20	15		5
16	15		1
8	7		1
8	0		8
6	5		1
4	10		-6
1	0		1
0	2		-2
6,701	5,990		711
2,708	2,482		226
	volume total	volume total	Change % 11 % 26 % 4 % -13 % 108 % -10 % 0 % 2 % 195 % 4 % 66 % -57 % 57 % 33 % 7 % 14 % n.a. 20 % -60 % n.a. -100 % 12 % 9 %

Output volume, revenue and result

The Transportation Infrastructures segment achieved output growth of 12 % to € 6,701.20 million in the 2011 financial year. This can be attributed on the one hand to a milder and shorter winter in 2010/2011 compared to the same period the year before, resulting in a significant increase in the home market of Germany. On the other hand, the construction boom in Poland and the expansion in Scandinavia also had a beneficial effect. In comparison, the business in Hungary and the Czech Republic showed a negative trend.

Despite revenue growth of 6 % to € 6,211.24 million, the earnings before interest and taxes (EBIT), at € 60.52 million, were down significantly relative to the previous year's € 178.89 million. This is due among other things to the price competition in Central and Eastern Europe as a result of the lack of infrastructure investments, which required STRABAG to respond with structural adaptations, as well as to a loss-making project in Denmark. Constant low demand in the construction materials sector has also been a burden.

• 1) Presentation in accordance with the Annual Report 2010. Changes in segment structure starting from 2011 are not considered.
• 2) Central and Eastern Europe comprises the following countries: Bulgaria, Croatia, Czech Republic, Hungary, Poland, Romania, Russia, Serbia, Slovakia, Slovenia.

"Maintain substance"

What regional impact is there from the current economic situation and the resulting austerity programmes in the Transportation Infrastructures segment?

The Transportation Infrastructures segment has benefited greatly from the public-sector economic stimulus programmes in recent years. Not only were we able to maintain the output volume; last year, we could even raise it. The announced austerity packages will have a different impact on the construction economy and our business from country to country. Public-sector spending will decline in Germany and Austria and has already fallen to an extremely low level in the Czech Republic, Hungary and the Adriatic region. In contrast, there can be no talk of a construction crisis in Scandinavia. The region has large infrastructure expansion plans, e.g. in the greater Stockholm area. The Swedish state railways are also investing in the expansion and upgrade of their overland routes.

Fritz Oberlerchner Member of the Management Board, STRABAG SE, Transportation Infrastructures

What alternative paths is STRABAG following in order to compensate for the declining public-sector expenditure?

We are focused on the field of road maintenance and repair and on the relevant niche business fields. Also interesting for us are public-private partnership (PPP) projects. The largest contract in the history of the STRABAG Group was a PPP project: a more than 100 km long section of the A2 motorway in Poland which we built over a period of two-and-a-half years and opened for traffic in November 2011. We generated the construction output to a maximum degree with our own resources.

For this reason STRABAG was able to prove its top position in Transportation Infrastructures in Poland in recent years. How will the construction sector in Poland develop in 2012?

The 2012 European Football Championship in Poland and Ukraine unleashed an enormous temporary boom in the construction sector. The interregional road network is being rapidly upgraded with EU co-financing. This boom will end abruptly when the games start in June 2012, and expenditures for transportation projects will settle back to the level before 2010. I expect that construction capacities and construction demand in Poland will again balance out in 2015 at the earliest.

What are your expectations for the future?

We are regionally and professionally well-positioned: in Transportation Infrastructures, we are well-diversified and can increase our focus on the maintenance business if investments in new construction decrease. The substance of the existing transportation infrastructures must be maintained – and we can offer the full range of services here. In the long-term, the investments made in recent years to develop the segment from road construction to transportation infrastructures will pay off. In the short-term, however, it is only natural that the lower use of our existing capacities and of the production companies in the construction materials sector will affect profitability.

Order backlog

The order backlog on 31 December 2011 stood at € 3,943.47 million, about one fifth below the level at the end of 2010. The reason for this is the above-average volume of new orders in Poland in the previous year – these could not be repeated despite new projects such as the construction of the A4 motorway between Brzesko and Wierzchoslawice or a section of the S3 expressway – and has now fallen back to a usual level. Additionally, the order backlog in the Czech Republic and Germany is at a low level due to cyclical factors in the construction economy.

In contrast, the order backlog in Scandinavia grew to the second-highest volume in the Transportation Infrastructures segment by region. In Sweden and Finland, the STRABAG Group was awarded three new infrastructure contracts at the middle of the year. The company is also involved in consortiums building road tunnels and quay facilities for the Nordhavn port in Copenhagen, Denmark. Compared to the average transportation infrastructures contract, which lasts only several months, this project involves large long-term orders. Contributing to the unusually high order backlog in Scandinavia is the fact that, in Sweden, STRABAG is also active in building construction (through the acquisition in May 2011 of the construction group NIMAB) and project development (via STRABAG Projektutveckling). Due to organisational reasons these activities are placed in the Transportation Infrastructures segment.

The order backlog also developed satisfactorily in Romania. Here STRABAG emerged as the winning bidder in a number of large projects last year, including the tender for the rehabilitation and upgrade of national roads DN14 and 15a as well as the construction of the A1 motorway section between Deva and Orăştie. The Romanian transport ministry is currently giving priority to the expansion and upgrade of the motorway and rail infrastructure, which will help boost output in 2012.

Employees

Due to the high volume of construction activity in Poland, as well as the increased activities in Scandinavia, the number of employees in the Transportation Infrastructures segment rose by 2 % to 31,609. This growth was once more countered by declines in Hungary, the Czech Republic and Switzerland.

Outlook

While double-digit output growth could still be registered in 2011, the Transportation Infrastructures segment faces an inhospitable environment in Europe, which is why STRABAG expects to see a decline in output and a continued weak result in this segment in 2012. Specifically, the company expects the output to fall from € 6.7 billion to € 6.1 billion.

The special challenge in the largely stable home market of Germany in the coming year will be to hold our own in the recruiting of qualified specialists. Their task will be to win and efficiently process contracts from private and institutional clients against the background of growing competitive pressure, falling returns and empty local government coffers.

Beginning with Germany, STRABAG is pursuing the group strategy of intensifying its activities in niche markets. STRABAG SE increased its stake in the German hydraulic engineering company Josef Möbius Bau AG from 70 % to 100 % and acquired Cuxhaven-based civil hydraulic engineering firm Ludwig Voss. The hydraulic engineering specialists are increasingly landing international projects abroad. Not only this niche, but also that of railway construction, offers considerations to invest in large equipment and machinery for use in the numerous markets of STRABAG. Here, the market in Germany remains weak in terms of volume and price quality. Due to the continuing below-capacity use of large equipment and machinery, there is significant room for improvement of results. In order to work efficiently and to achieve an optimal use of capacities, the strategy of internationalisation is being pursued consistently in this field. The aim is to obtain authorisation for the special equipment fleet in several EU member states in 2012.

An aggressive price battle is to be expected in Poland: STRABAG believes that by the year 2014 the market volume in Poland will successively decrease to the original level before the construction boom. This conclusion seems reasonable given the shrinking budgets for large public-sector construction tenders from 2011 to 2012.

No improvement of the situation of the Hungarian construction industry, the low-price market of Bulgaria or the low price level in the Czech Republic and Slovakia, all of which have been mired in crisis since 2007, is expected for now. Weak development is also expected in the construction materials business – above all with regard to cement and asphalt – with higher prices not in sight.

Country	Project	order volume € Mln.	percentage of total group order backlog %
Germany	Motorway A8 Ulm–Augsburg	114	0.9 %
Romania	Motorway Orastie–Sibiu	99	0.7 %
Poland	S3 Gorzow–Wielkopolski Miedzyrzecz	76	0.6 %
Denmark	Nordhavnsvej Copenhagen	72	0.5 %
Czech Republic	D3 Tabor–Veseli	67	0.5 %

Selected projects in the transportation infrastructures segment

Pawing works, Koppigen, Switzerland

SPECIAL DIVISIONS & CONCESSIONS

The Special Divisions & Concessions segment includes, on the one hand, the field of tunnelling. The concessions business, on the other hand, also represents a further important area of business, with global project development activities in transportation infrastructures in particular. The real estate business, which stretches from project development and planning to construction and operation and also includes the property and facility services business, completes the wide range of services of the segment and of the group. Finally, STRABAG bundles its services in non-European markets in this segment.

	2011 € Mln.	change 2010–2011 %	2010 € Mln.	change 2009–2010 %	20091) € Mln.
Output volume	2,315	-1 %	2,338	-14 %	2,716
Revenue	2,500	-1 %	2,527	-11 %	2,850
Order backlog	3,597	-14 %	4,162	7 %	3,880
EBIT	109	n.m.	-11	-132 %	34
EBIT margin
as a % of revenue	4.4 %		-0.4%		1.2 %
Employees	19,342	1 %	19,060	-8 %	20,678

output volume Special Divisions & Concessions 2010–2011

	Output volume total	Output volume total	Change	change
€ Mln.	2011	2010		% absolute
Germany	1,011	1,034	-2 %	-23
Middle East	304	283	7 %	21
Italy	176	118	49 %	58
Austria	174	156	12 %	18
The Americas	161	155	4 %	6
Switzerland	90	110	-18 %	-20
Asia	90	82	10 %	8
Benelux	75	41	83 %	34
Poland	72	70	3 %	2
Africa	57	132	-57 %	-75
Hungary	34	67	-49 %	-33
Scandinavia	24	22	9 %	2
Czech Republic	15	34	-56 %	-19
Romania	11	2	450 %	9
Slovakia	9	10	-10 %	-1
Slovenia	6	2	200 %	4
Russia and
neighbouring countries	4	7	-43 %	-3
Croatia	2	2	0 %	0
Rest of Europe	0	11	-100 %	-11
Output volume total	2,315	2,338	-1 %	-23
thereof CEE2)	153	194	-21 %	-41

Output volume, revenue and result

The output volume in the Special Divisions & Concessions segment remained nearly stable in the 2011 financial year at € 2,315.28 million. A breakdown by country and sector showed a very mixed picture – as is usual in this segment.

The revenue, like the output volume, remained mostly steady (-1 %). At the same time, the earnings before interest and taxes (EBIT) turned from € -10.85 million into positive territory at € 108.70 million. This is due to the very volatile business in the non-European markets, which, above all in Africa and in the Middle East, showed much better development than in the previous year.

¹⁾ Presentation in accordance with the Annual Report 2010. Changes in segment structure starting from 2011 are not considered.

²⁾ Central and Eastern Europe comprises the following countries: Bulgaria, Croatia, Czech Republic, Hungary, Poland, Romania, Russia, Serbia, Slovakia, Slovenia.

"Shift the key activities"

The Special Divisions & Concessions segment is divided into several different fields, including tunnelling and services. How did the segment develop in 2011?

The two sub-segments developed quite differently. Large projects dominate in tunnelling, so we have an accordingly high volatility there. In early 2011, we began construction on the Koralm Tunnel, the largest tunnelling contract ever awarded in Austria, with an order volume of € 570 million. We hope that we can complete this project to the degree which we have planned and that we will be able to win further follow-up orders. In the field of tunnelling, we are active not only nationally, but also and above all internationally. Thanks to a follow-up order in Canada, we were able to continue our activities after completion of the Niagara Tunnel project and further use our available capacities in the country.

Hannes Truntschnig Member of the Management Board, STRABAG SE, Special Divisions & Concessions

Do you expect new tunnelling projects in the coming year?

Besides two large projects which are already planned, the Semmering Tunnel and the Brenner Base Tunnel in Austria, we also see some very interesting infrastructure projects abroad, for example in Qatar. PPP projects are also playing an increasing role in tunnelling.

What does the demand in the service sector look like?

Our property and facility services business is significantly shaped by the ten-year contract which we concluded with Deutsche Telekom in 2008. The contract foresees an annual reduction of orders from the client, so we must at least compensate these reductions with new contracts in facility services. This is going relatively well. It is demonstrably cheaper for public and semi-public institutions to outsource such services than to maintain an enormous internal service apparatus.

What are your expectations for 2012?

I am basically optimistic about the future. A certain weakening of the results is to be expected, but the available order backlog allows a positive forecast for the segment as a whole.

Order backlog

The order backlog was down 14 % to € 3,597.34 million. Three factors were responsible for this development. Firstly, Section 2 of the A2 motorway in Poland, a large public-private partnership (PPP) project, was worked off. Secondly, STRABAG is no longer reporting its projects in Libya in the order books due to the political situation in the country since the beginning of 2011. Finally, new orders in the Middle East can only partially compensate these negative developments.

Overall, an ongoing internationalisation can be observed in the Special Divisions & Concessions segment: in the past financial year, the STRABAG subsidiary EFKON AG landed several tolling and ITS supply contracts in India and South Africa; the group division International successfully participated in bidding in Oman and in the United Arab Emirates; and the field of tunnelling had to expand its geographic range due to the low number of tenders in the core markets. STRABAG also accepted the contract to build a wastewater tunnel in the Greater Toronto Area in Canada and to build a section of State Road 223 including six tunnels in Tuscany, Italy. The company is also helping to build the Algiers Metro in Algeria.

In the home market of Germany, STRABAG is mostly active in the Special Divisions & Concessions segment with proprietary real estate project developments as well as in the field of public-private partnership (PPP) infrastructure projects. Together with a consortium partner, the company is planning, financing, building and operating an approximately 58 km section of the A8 motorway – a project that was acquired in the past financial year. In 2011, a STRABAG subsidiary was also awarded the PPP building construction contract to retrofit the nurses' home for the Klinikum Ansbach.

Employees

Employee numbers (19,342 persons) changed only insignificantly relative to the previous year (+1 %). Worth mentioning are two major – and opposing – changes: the acquisition-driven increase in the German property and facility services business, contrasted by the withdrawal from Libya in order to protect the well-being of STRABAG workers there.

Outlook

STRABAG is working on raising its output volume in the Special Divisions & Concessions segment from € 2.3 billion to € 2.6 billion in the 2012 financial year. The segment is expected to continue to make a clear, positive contribution to the net income after minorities, even if the result should weaken a little. This forecast is based on quite different trends depending on the market and the business field:

Basically, a strong regional diversification can be seen in the Special Divisions & Concessions segment due to the heterogeneous nature of the services offered as well as the international demand for technological competence. Projects are currently in the prequalification or bidding phase in Belgium, Ireland, Israel, Qatar and the United Arab Emirates. However, this also results in high bidding costs.

STRABAG pursues projects on several continents – on the one hand, because certain construction technologies can be offered competitively around the world; on the other hand, as a way of diversifying its own risk. This is currently proving to be of benefit in the field of tunnelling: here the demand in the STRABAG home markets of Germany and Austria, as well as in Switzerland, is low, and the market prices have reached an inacceptable level. Furthermore, the market for infrastructure has completely collapsed in South-East Europe.

While the PPP infrastructure business has in the past few months been mainly successful in northern Europe, STRABAG is working with PPP projects in building construction primarily in its home markets of Germany and Austria. On the one hand, this form of financing widens the public sector's scope of action; on the other hand, the consequences of the financial crisis – significantly higher interest premiums and liquidity costs with a trend to shorter financing terms – are having an inhibitory effect.

In 2012, STRABAG would like to expand its geographic presence regarding proprietary project developments in building construction – which are currently found mainly in Germany – to the markets of Central and Eastern Europe. The demand for real estate in Germany is expected to remain stable in the coming year. A repeat of the high transaction level of the previous year will not least depend on the financing environment. STRABAG remains focused on commercial properties in the mid-double-digit million euro range, including offices, business real estate and hotels. At the same time, STRA-BAG has since the previous year been driving ahead the development of residential buildings for global investors.

In the property and facility services business, STRABAG sees a positive order situation. The planned reduction in the volume of orders from key account Deutsche Telekom could be compensated through contracts with new clients.

Effective 1 January 2011, the business fields of Offshore Wind – Construction Operations and of Special Foundation Engineering were moved from the Special Divisions & Concessions segment to the Transportation Infrastructures segment. The comparison values for the previous year for order backlog, employees, output volume and earnings were adjusted accordingly. In the 2011 financial year, these two business fields contributed € 255.87 million to the output volume and € 263.77 million to the order backlog and employed 840 people.

Selec ted pr ojec ts in the ial divisions & concess ions Segme nt
Country	Project	order volume € Mln.	percentage of total group order backlog %
	Koralm Tunnel,
Austria	Lot 2, partial works	380	2.8 %
Netherlands	A-Lanes A15 motorway	245	1.8 %
Oman	Duqm port facility	159	1.2 %
Canada	Niagara Tunnel	158	1.2 %
	Rohtang Pass Highway
India	Tunnel, Lot 1	92	0.7 %
Algeria	Metro Algier, extension 2	63	0.5 %

Koralm tunnel, Deutschlandsberg, Austria / © Sandra Fockenberger / Paul Horn

RISK MANAGEMENT

The STRABAG Group is subject to a number of risks in the course of its business activities. These risks are identified and assessed using an active risk management system and dealt with using an appropriate risk policy.

The group's goals are defined at all company levels. This was a prerequisite to setting up processes for the timely identification of potential risks standing in the way of the achievement of company objectives. The organisation of STRABAG's risk management builds on project-related jobsite and acquisitions controlling, supplemented by the higher-level assessment and steering management. The risk controlling process includes a certified quality management system, internal group guidelines for the workflow in the operating units, a central administration, controlling, auditing and contract management. Through the establishment of company-wide quality standards in quotation processing and supplemental services management, the centrally organised contract management department can better assert claims for outstanding debt.

The group's internal risk report defines the following central risk groups:

EXTERNAL RISKS

The entire construction industry is subject to cyclical fluctuations and reacts to varying degrees depending on region and sector. Overall economic growth, development of the construction market, the competitive situation, the conditions on the capital markets and technological changes in construction can all result in risks. These risks are continually observed and monitored by the central departments and operating units. Changes in external risks lead to adjustments in STRABAG's organisation, market presence and range of services as well as the adaptation of strategic and operating planning. STRABAG further responds to market risk with geographic and product-related diversification in order to keep the influence on the company's success exerted by an individual market or by the demand for certain services as low as possible. To avoid bearing the entire risk of rising prices by itself, STRABAG makes efforts at signing cost escalation clauses and "cost-plus-fee" contracts in which the client pays a previously agreed margin on the costs of the project.

OPERATING RISKS

The operating risks primarily include the complex risks of project selection and execution. STRABAG keeps acquisition lists in order to review the project choice. Business transactions requiring consent are reviewed and approved by business unit and subdivision managers or by division managers according to internal rules of procedure. Depending on the risk profile, bids of € 2 million or more must be analysed by commissions and reviewed for their technical and economic feasibility. Cost accounting and expense allocation guidelines have been set up to assure a uniform process of costing and to establish a performance profile at our construction sites. Project execution is managed by the construction team on site and controlled by monthly target/ performance comparisons; at the same time, our central controlling provides constant commercial backing, ensuring that risks of individual projects do not endanger the continuance of the company.

FINANCIAL RISKS

Under financial risks, STRABAG understands risks in financial matters and in accounting, including instances of manipulation. Special attention is paid to our liquidity and accounting receivables management, which is secured through continuous financial planning and daily status reports. Compliance with internal commercial guidelines is guaranteed by the central accounting and controlling departments, which are also responsible for internal reporting and the periodic planning process.

Risks from possible instances of manipulation (acceptance of advantages, fraud, deception or other infringements of the law) are monitored by all business areas in general and by the internal audit department in particular. STRABAG last commissioned PwC Wirtschaftsprüfung GmbH in 2007 to review and assess the group's compliance systems and the activities designed to combat corruption and unethical behaviour. The results were presented to the management board of STRABAG SE and the auditors' recommendations were passed on to the relevant departments for implementation.

In order to convey STRABAG's values and principles, the group drew up its Code of Ethics and internal Compliance Guidelines in 2007. The values and principles contained within these documents are reflected in the guidelines and instructions of the STRABAG companies and divisions. Compliance with these values and principles is expected not only from the members of the management and supervisory boards as well as from other management-level employees but from all group employees. The Compliance Guidelines and the Code of Ethics are designed to guarantee honest and ethical business practices. The Code of Ethics is available for download at www.strabag.com -> Investor Relations -> Corporate Governance -> Code of Ethics.

Detailed information regarding interest risk, currency risk, credit risk and liquidity risk can be found in the Notes under point 26 Financial Instruments.

ORGANISATIONAL RISKS

Risks concerning the design of personnel contracts are covered by the central personnel department with the support of a specialised data base. The company's IT configuration and infrastructure (hardware and software) is handled by the central IT department, controlled by the international IT steering committee.

PERSONNEL RISKS

Past experience has shown that having a highly qualified and motivated workforce is an important factor in competition. In order to properly assess the potential of employees, STRABAG uses an IT-supported aptitude diagnostics process, the so-called behaviour profile analysis. In subsequent feedback talks and employee appraisal interviews, employees and their supervisors analyse the results and agree on specific training and further education measures.

INVESTMENT RISKS

STRABAG can exert influence on the management of associated companies through its shareholder position and, if applicable, any existing advisory functions. The shares in asphalt and concrete mixing companies usually involve minority holdings, which is typical for the sector. With these companies, economies of scope are at the fore.

POLITICAL RISK

The group also operates in countries which experience political instability. Interruptions of construction activity, restrictions on ownership interests of foreign investors, and even dispossession or expropriations could be the consequence of political changes which could have an impact on the group's financial structure.

A review of the current risk situation reveals that the reporting period shows no risks which jeopardised the company's existence, nor were there any visible future risks.

REPORT ON KEY FEATURES OF THE INTERNAL CONTROL AND RISK MANAGEMENT SYSTEMS IN RELATION TO THE FINANCIAL REPOR-TING PROCESS

INTRODUCTION

The control structure as defined by the Committee of Sponsoring Organisations of the Treadway Commission (COSO) provides the basis for the description of the key features of the internal control and risk management systems. The COSO framework consists of five related components: control environment, risk assessment, control activities, information and communication, and monitoring.

The aim of the internal control system is to support management in such a way that it is capable of assuring internal controls in relation to financial reporting which are effective and which are improved on an ongoing basis. The system is geared to the compliance with rules and regulations and to creating conditions which are conducive to performing specific controls in key accounting processes.

CONTROL ENVIRONMENT

The corporate culture determines the control environment in which management and employees operate. STRABAG is constantly working to improve its communication and to convey its corporate values as defined in the STRABAG Code of Ethics in order to guarantee moral standards, ethics and integrity within the company and in our dealings with others.

The implementation of the internal control system in relation to the financial reporting process is done on the basis of internal rules and guidelines. Responsibilities for internal control were adapted to fit the corporate organisation.

The internal audit department carries out periodic, unannounced inspections of all relevant business units as part of its responsibility for monitoring compliance with the law and corporate guidelines in the technical and commercial areas. The internal audit department also monitors the effectiveness of the compliance organisation. During these inspections, the internal audit department analyses the legality and correctness of individual actions. The internal audit department also conducts regular, independent reviews of compliance with internal guidelines in the area of accounting. The head of the internal audit department reports directly to the CEO.

RISK ASSESSMENT

The management identifies and monitors risks relating to the financial reporting process, with a focus on those risks that are typically considered to be material.

The preparation of the financial statements requires regular forecasts, with the inherent risk that the actual future development will deviate from the forecast. This especially affects the following matters/items of the consolidated financial statements: assessment of unfinished construction projects, recognition and measurement of provisions (including social capital), the outcome of legal disputes, the collectability of receivables as well as the recoverability of investments and goodwill. In individual cases, external experts are called in or publicly available sources are considered in order to minimise the risk of a false assessment.

CONTROL ACTIVITIES

All control activities are applied in the current business process to ensure that errors or deviations in financial reporting are prevented or detected and subsequently corrected. The control activities range from a management review of the period results to specific monitoring of accounts to the analysis of ongoing accounting processes.

It is the responsibility of the management to design the levels of hierarchy in such a way that an activity and the control of that activity are not performed by the same person ("four-eyes" principle).

IT security control activities represent a cornerstone of the internal control system. The separation of sensitive activities is supported by a restrictive approach to IT access authorisation. For its accounting and financial reporting, the company mainly uses self-developed software which reflects the unique features of the construction sector. The effectiveness of the financial reporting system is further assured through automated IT controls included in the system.

INFORMATION AND COMMUNICATION

The management regularly updates the rules and regulations for financial reporting and communicates them to all employees concerned. Regular discussions regarding the financial reporting and the rules and regulations in this context take place in various committees. These committees are composed of the corporate management as well as the department head and senior staff from the accounting department. The committee's work aims, amongst others, at guaranteeing compliance with accounting rules and regulations and to identifying and communicating weak points and potential areas for improvement in the financial reporting process. Accounting employees receive regular training regarding new methods of national and international financial reporting in order to identify risks of unintended misreporting at an early stage.

MONITORING

The management and supervisory boards bear responsibility for the ongoing company-wide monitoring. Additionally, the remaining management levels – all the way to the department heads – are responsible for the monitoring of their respective areas of responsibility. Controls and plausibility checks are carried out at regular intervals. The internal audit department is also involved in the monitoring process.

The top management receives monthly summary financial reports on the development of the output volume, the results of the respective segments and countries, and the liquidity. Financial statements to be published are submitted for final appraisal by the senior accounting staff and the commercial management board members before they are passed on to the audit committee of the supervisory board.

EMPLOYEES

In the past financial year, STRABAG employed an average of 76,866 employees, of which 32,033 were white-collar and 44,833 were blue-collar workers. In the Building Construction & Civil Engineering segment, the number of employees grew by 11 % to about 20,300; in the Transportation Infrastructures segment, the employee level increased by 2 % to about 31,600; in the Special Divisions & Concessions segment, the number of employees remained nearly unchanged at around 19,300.

To assure effective, long-term personnel development, STRABAG has at its disposal a number of centrally standardised programmes and IT-supported tools and manages and monitors their application (e.g. applicant and training management systems, employee database, aptitude diagnostic analyses, group academy, trainee programme). The operating management employees, as human resource decision-makers, make use of these during the regular employee appraisal interview as a central management instrument to agree employee objectives that are targeted to the employee's specific field and career and which are in line with their personal skills and qualifications. In the recruitment process, the management is assisted by personnel representatives in the individual countries using the same aforementioned tools and instruments.

RESEARCH AND DEVELOPMENT

For a long time, cost optimisation was seen as a strategic guiding principle for competitiveness in the building business. But building requires a broad spectrum of technologies and know-how in order to come up with technically convincing solutions. The group specifically promotes all those innovation activities which help projects to be executed more efficiently and with a higher level of quality. The aim is to implement research and development projects in cooperation with the operating divisions in order to more quickly bring additional know-how to the construction site. Countless interdisciplinary development projects are ongoing every year.

Zentrale Technik (ZT), the group's central technical department, bundles the group's technical know-how and is in overall charge during the acquisition, planning and implementation of research and development projects. Organised as a central division with over 630 highly qualified employees at 18 locations, ZT reports directly to the CEO.

The department provides services for the group-wide support of the operating units in the areas of tunnelling and civil engineering, construction engineering and turnkey construction. The range of services covers the entire construction process, from the early acquisitions phase and bids processing to execution planning and site management. Research and development activities include the areas of building and construction physics, software, information & communication technology, energy, construction materials technology, civil engineering and tunnelling, transportation infrastructures and safety. ZT also fosters international innovation networks.

As a technology leader in all areas of turnkey construction, we emphasise sustainable construction that requires comprehensive solutions, with a special focus on energy efficiency in the building life cycle. Life-cycle assessment plays a central role here and was extended to all group products and processes in 2011. This will serve both to address increasing customer demands for sustainability and to better identify the efficiency potential as regards resource needs in general and energy needs in particular.

A central topic for the innovation activities is that of renewable energy, the results of which find far-reaching applications: from biogas and biomass facilities to gas, electricity and heat generation to the construction of hydropower stations and wind energy converters. We are also working on the development of offshore wind turbines and on the storage technology necessary for the use of renewable energy.

In traditional building construction, some of the high-rises built in recent years show how optimisations in construction and building materials are giving planners and estimators a new sense of flexibility. Methods are also being developed to better understand material ageing using state-of-the-art sensor technologies.

A great deal of attention has recently been given to the development of "5D planning" in construction. 5D is the group's Building Information Model (BIM), which stands for the model-based, integrative work of all project participants across all project phases.

TPA Gesellschaft für Qualitätssicherung und Innovation (TPA Company for Quality Assurance and Innovation) is STRABAG's competence centre for quality management. Its activities include research and development related to building materials production, as well as materials inspections, job safety, and environment- and waste-related matters. Together with the management of the operating units, ZT and TPA, as internal competence centres, have as their goal the extension of the group's competitive advantage through technical and high-quality solutions while sustaining the natural resources at the same time.

The STRABAG Group's EFKON AG subsidiary provides the group with expertise in the research and development of intelligent transportation systems in general and electronic toll collection solutions in particular. In recent years, EFKON has engaged in some very successful activities in the field of Car2Car communications, especially as a result of its cooperation in EU research projects.

Another focus of the activities is on toll enforcement. Developments include a new product to help the Austrian motorway authority ASFINAG automatically enforce toll stickers in Austria, as well as a portable DSRC-based toll monitoring unit to enforce the toll for trucks on German motorways.

During the 2011 financial year, the STRABAG Group spent about € 15 million (2010: € 14 million) on research, development and innovation activities.

ENVIRONMENT

The construction industry traditionally is an energy- and resource-intensive sector. And every building is an intrusion into the natural environment. For us, ecological responsibility begins with the planning of buildings and structures and continues through to their erection and related services. Thus, we are, for example, involved in the development of certification systems from an early stage and are constantly working to increase the number of high-quality buildings on the market.

In order to prepare ourselves for these developments, we are making efforts to minimise CO2 emissions and energy use at an early stage in our activities. This affects our process of value creation as well as our entire range of products. For this reason, we are shifting our focus toward innovative products, in particular within the field of renewable energy. Through the constant development of new technologies, it is our aim to steadily increase the STRABAG product portfolio. At the same time, we are working to develop and enhance the right methods and tools to control our impact on the environment.

In the area of procurement, we strive for the efficient and responsible management of the supply chain with respect to economic, environmental and social aspects. It is important for us that suppliers fulfil certain pre-defined criteria. We want to ensure a resource-friendly use of energy and raw materials in the preparation and delivery of our services.

strabag also builds wind turbines

DISCLOSURES PURSUANT TO SECTION 243a Para 1 UGB

1. The share capital of STRABAG SE amounts to € 114,000,000 and consists of 114,000,000 fully paid-in, no-par value shares with a pro-rata value of € 1 per share of the share capital. 113,999,997 shares are bearer shares and are traded on the Prime Market Segment of the Vienna Stock Exchange. Three shares are registered shares. Each bearer share and each registered share accounts for one vote (one share – one vote). The nomination rights associated with registered shares No. 1 and No. 2 are described in more detail under Item 4.

2. The Haselsteiner Group (Haselsteiner Familien-Privatstiftung, Dr. Hans Peter Haselsteiner), the Raiffeisen Group (Raiffeisen-Holding Niederösterreich-Wien reg. Gen.m.b.H, BLR-Baubeteiligungs GmbH, "Octavia" Holding GmbH), the UNIQA Group (UNIQA Versicherungen AG, UNIQA Beteiligungs-Holding GmbH, UNIQA Personenversicherung AG, UNIQA Erwerb von Beteiligungen Gesellschaft m.b.H., UNI-QA Sachversicherung AG, Raiffeisen Versicherung AG) and Rasperia Trading Limited (controlled by Oleg Deripaska), as shareholders of STRABAG SE, have signed a syndicate agreement governing (1) nomination rights regarding the supervisory board, (2) the coordination of voting during the Annual General Meeting, (3) restriction on the transfer of shares and (4) joint development of the Russian market as a core market. The Haselsteiner Group, the Raiffeisen Group together with the UNIQA Group, and Rasperia Trading Limited each have the right to nominate two members of the supervisory board. The syndicate agreement also requires the syndicate partners to exercise their voting rights from syndicated shares unanimously at the Annual General Meeting of STRABAG SE. The syndicate agreement further foresees restrictions on the transfer of shares in the form of mutual pre-emptive rights as well as a minimum shareholding on the part of the syndicate partners.

In accordance with Sec 65 Para 5 of the Austrian Stock Corporation Act (AktG), all rights were suspended for 8,775,264 no-par shares (about 7.7 % of the share capital) effective 31 December 2011 as these shares are held by STRABAG SE as own shares as defined in Sec 65 Para 1 No 8 of the Austrian Stock Corporation Act (AktG) (see also item 7).

1. To the knowledge of STRABAG SE, the following shareholders held a direct or indirect interest of at least 10 % of the share capital of STRABAG SE on 31 December 2011:

Haselsteiner Familien-Privatstiftung	29.5 %
Raiffeisen-Holding Niederösterreich-Wien reg.Gen.m.b.H.
(Raiffeisen Group)	15.5 %
UNIQA Versicherungen AG (UNIQA Group)	15.0 %
Rasperia Trading Limited	17.0 %

In addition to its 17 % interest, core shareholder Rasperia Trading Limited also holds an option, valid until 15 July 2014, to buy a further 8.0 % of STRABAG SE from the other core shareholders mentioned above.

In exercising the authorisation by the 7th Annual General Meeting from 10 June 2011 to acquire own shares in accordance with Sec 65 Para 1 No 8 of the Austrian Stock Corporation Act (AktG), the company by 31 December 2011 acquired 8,775,264 nopar shares, corresponding to about 7.7 % of the share capital (see also item 7).

The remaining shares of the share capital of STRABAG SE, amounting to about 15.3 % of the share capital, are in free float.

1. Three shares are – as mentioned under Item 1 – registered shares entered in the shareholder register. Registered shares No. 1 and No. 3 are held by the Haselsteiner Group and registered share No. 2 is held by Rasperia Trading Limited. Registered shares No. 1 and No. 2 allow their bearers to nominate a member each to the supervisory board of STRABAG SE.

2. No employee stock option programmes exist.

3. No further regulations exist beyond Items 2 and 4 regarding the nomination and recall of members of the management and supervisory boards or regarding changes to the Articles of Association which do not result directly from relevant law and legislation.

4. The management board of STRABAG SE was authorised by resolution of the 7th Annual General Meeting of 10 June 2011, in accordance with Sec 65 Para 1 No 8 and Para 1a and 1b of the Austrian Stock Corporation Act (AktG), to acquire bearer or registered no-par shares of the company on the stock market or over the counter to the extent of up to 10 % of the share capital during a period of 13 months from the day of the resolution at a minimum price per share of € 1.00 and a maximum price per share of € 34.00. The purpose of the acquisition may not be to trade with own shares. The authorisation can be exercised in full or in part or in several partial amounts for one or several purposes by the company, a subsidiary (Sec 228 Para 3 UGB) or third parties acting on behalf of the company. The management board can decide to acquire shares on the stock exchange but must inform the supervisory board following decision to do so. Over-the-counter purchases require prior approval by the supervisory board. The management board was further authorised, in accordance with Sec 65 Para 1b AktG, for a period of five years from this resolution, to sell or assign its own shares, with approval by the supervisory board, in a manner other than on the stock market or through a public tender, to the exclusion of the shareholders' buyback rights (subscription rights), and to determine the conditions of sale. The authorisation can be exercised in full or in part or in several partial amounts for one or several purposes by the company, a subsidiary (Sec 228 Para 3 UGB) or third parties acting on behalf of the company. At the same time the existing authorisation to buy back own shares as per resolution by the Annual General Meeting of 18 June 2010 was cancelled.

5. With the exception of the agreement over a syndicated surety loan, there exist no significant agreements to which STRABAG SE is party and which would become effective, change or end due to a change of ownership in STRABAG SE following a takeover offer.

6. No compensation agreements exist between STRABAG SE and its management and supervisory board members or employees in the event of a public takeover offer.

Supporting Information

At the beginning of March 2009, an accident occurred during underground construction at the South Lot for the North-South urban metro line in Cologne, resulting in the collapse of the Historical Archive of the City of Cologne and significant portions of two neighbouring buildings. Debris collapsed into a hole which opened next to the North-South construction site at the Waidmarkt crossover junction. Two people were trapped under the rubble, and rescuers were only able to recover their bodies.

Construction on the underground is being carried out by a joint venture (JV) of Bilfinger Berger SE (formerly Bilfinger Berger AG), Wayss & Freytag Ingenieurbau AG and Ed. Züblin AG. The JV is led by Bilfinger Berger SE on the technical side and by Wayss & Freytag Ingenieurbau AG on the commercial side. Ed. Züblin AG holds a 33.3 % interest in the JV.

The cause of the collapse remains unknown. The public prosecutor's office began an investigation with three of its experts into possible negligent homicide and endangerment in construction. Initially, the investigation was limited to independent proceedings conducted at the District Court in Cologne to collect evidence as to the cause of the accident. Now a model building is being built to help determine the cause, with completion expected around the end of 2013. In June 2011, the City of Cologne filed to extend the court's evidence collection to include the aspect of the damage amount. In November 2011, the District Court in Cologne, at the behest of the City of Cologne, appointed another expert to determine the damage amount. We continue to believe that the incident will not result in any significant damages for the company.

Related Parties

Business transactions with related parties are described in item 28 of the Notes.

OUTLOOK and objectives

Thanks to STRABAG's successful strategy of regional diversification and the related diversification of risk, the consequences from the euro debt crisis have so far not resulted in any lost output for the group. On the contrary: the company registered double-digit growth in the year 2011. Based on the balanced business in terms of regions and segments, STRABAG SE expects the output for the 2012 financial year to remain unchanged at € 14.3 billion.

The forecast by segment is as follows: Building Construction & Civil Engineering € 5.5 billion (2011: € 5.1 billion), Transportation Infrastructures € 6.1 billion (€ 6.7 billion), Special Division & Concessions € 2.6 billion (€ 2.3 billion) and Other € 100 million. STRABAG assumes to be able to compensate the expected considerable declines in Poland through output growth in several other countries.

Due to the ongoing process of working off earlier orders, the lack of public-sector infrastructure investments in Europe did not yet affect output in the 2011 financial year, although a negative effect on returns could be seen above all in the Transportation Infrastructures segment. STRABAG expects a continued unfavourable environment for transportation infrastructures in 2012. An additional burden will be the weakened demand for construction in Poland after the European Football Championship. On the other hand, STRABAG expects to see continued solid business in the German building construction and civil engineering segment, as well as improved results in niche markets such as railway construction or environmental technology.

Detailed outlook in the segment reports

Even if uncertainties regarding the actual economic environment – economic growth in the individual markets, the amount of public spending, and the financing environment for our clients – make planning difficult, STRABAG is targeting an EBIT of more than € 300 million and therefore relatively stable results for the 2012 financial year.

STRABAG makes these forecasts on the assumption that the economic framework in Europe will remain unchanged in the coming year. This means that the financing environment for our private and industrial clients should not worsen further, conversely, however, that a rapid recovery of the conditions or a significant increase in government spending cannot be expected in the STRABAG core markets.

events after the reporting period

No significant events occurred after the close of the financial year.

Auditor's Report

Report on the Financial Statements

We have audited the accompanying financial statements, including the accounting system, of

STRABAG SE, Villach, Austria

for the fiscal year from January 1 to December 31, 2011. These financial statements comprise the balance sheet as of December 31, 2011, the income statement for the fiscal year ended December 31, 2011, and the notes.

Management's Responsibility for the Financial Statements and for the Accounting System

The Company's management is responsible for the accounting system and for the preparation and fair presentation of these financial statements in accordance with Austrian Generally Accepted Accounting Principles. This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.

Auditors' Responsibility and Description of Type and Scope of the statutory audit

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with laws and regulations applicable in Austria and Austrian Standards on Auditing. Those standards require that we comply with professional guidelines and that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company's preparation and fair presentation of the financial statements 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 Company's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

Our audit did not give rise to any objections. In our opinion, which is based on the results of our audit, the financial statements comply with legal requirements and give a true and fair view of the financial position of the Company as of December 31, 2011 and of its financial performance for the year from January 1 to December 31, 2011 in accordance with Austrian Generally Accepted Accounting Principles.

Report on Other Legal Requirements (Management Report)

Pursuant to statutory provisions, the management report is to be audited as to whether it is consistent with the financial statements and as to whether the other disclosures are not misleading with respect to the Company's position. The auditor's report also has to contain a statement as to whether the management report is consistent with the financial statements and whether the disclosures pursuant to Section 243a UGB (Austrian Commercial Code) are appropriate.

In our opinion, the management report is consistent with the financial statements. The disclosures pursuant to Section 243a UGB (Austrian Commercial Code) are appropriate.

Linz, April 10, 2012

KPMG Austria AG Wirtschaftsprüfungs- und Steuerberatungsgesellschaft

Mag. Ernst Pichler Wirtschaftsprüfer

Mag. Peter Humer Wirtschaftsprüfer

(Austrian Chartered Accountants)

This report is a translation of the original report in German, which is solely valid. Publication of the financial statements together with our auditor's opinion may only be made if the financial statements and the management report are identical with the audited version attached to this report. Section 281 paragraph 2 UGB (Austrian Commercial Code) applies.

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 gives a true and fair view of the development and performance of the business and the position of the group, together with a description of the principal risks and uncertainties the group faces.

We confirm to the best of our knowledge that the separate financial statements give a true and fair view of the assets, liabilities, financial position and profit or loss of the parent company as required by the applicable accounting standards and that the management report gives a true and fair view of the development and performance of the business and the position of the company, together with a description of the principal risks and uncertainties the company faces.

Villach, 10 April 2012

Management Board

Dr. Hans Peter Haselsteiner Chairman of the Management Board Responsibilities for Central Staff Units, BMTI 01, BRVZ 02, TPA 04, BLT 05 Central Division and Technical Responsibilities for Building Construction & Civil Engineering of Russia and Neighbouring Countries

Ing. Fritz Oberlerchner Vice Chairman Technical Responsibilities for Transportation Infrastructures

Dr. Peter Krammer Technical Responsibilities for Building Construction & Civil Engineering (excluding Russia and Neighbouring Countries)

DI Siegfried Wanker Technical Responsibilities for Special Divisions & Concessions

Dr. Thomas Birtel Commercial Responsibilities for Building Construction & Civil Engineering

Mag. Hannes Truntschnig Commercial Responsibilities for Transportation Infrastructures and Special Divisions & Concessions