Semi-annual report 2011

31 August 2011

content

key figures	3
ceo´s review	4
important events	5
share	7
management report January–j une 2011	8
Segment report	11
Consolidated semi-annual financial statements	15
notes	20
statement of all legal representatives	30

Key figures

key financial figures

			change			change
€ Mln.	Q2/2011	Q2/2010	in %	6M/2011	6M/2010	in %	2010
Output volume	3,827.08	3,396.82	13 %	6,136.33	5,234.20	17 %	12,777.00
Revenue	3,707.29	3,246.52	14 %	5,917.32	5,034.97	18 %	12,381.54
Oder backlog				14,878.81	15,752.01	-6 %	14,738.74
Employees				75,325	70,734	6 %	73,600

key earnings figures

€ Mln.	Q2/2011	Q2/2010	change in %	6M/2011	6M/2010	change in %	2010
EBIT DA	256.99	232.24	11 %	197.18	186.22	6 %	734.69
EBIT DA margin %
of revenue	6.9 %	7.2 %		3.3 %	3.7 %		5.9 %
EBIT	162.05	139.53	16 %	16.67	-10.36	n.m.	298.95
EBIT margin %
of revenue	4.4 %	4.3 %		0.3 %	-0.2 %		2.4 %
Profit before taxes	161.13	147.29	9 %	12.54	-17.11	n.m.	279.27
Net income	125.69	115.85	8 %	8.82	-12.80	n.m.	188.38
Earnings per share	0.94	0.93	0 %	-0.10	-0.10	5 %	1.53
Cash-flow from
operating activities	1.95	-290.50	n.m.	-292.17	-407.85	-28 %	690.42
RO CE in %	3.4 %	2.7 %		1.0 %	0.6 %		5.4 %
Investments in
fixed assets	172.03	161.58	6 %	246.78	264.47	-7 %	553.84
Net income after
minorities	106.59	106.36	0 %	-10.94	-11.47	5 %	174.86
Net income after minori
ties margin % of revenue	2.9 %	3.3 %		-0.2 %	-0.2 %		1.4 %

key balance sheet figures

€ Mln.	30.6.2011	31.12.2010	change in %
Equity	3,219.36	3,232.44	0 %
Equity Ratio %	30.6 %	31.1 %
Net Debt	-25.09	-669.04	-96 %
Gearing Ratio %	-0.8 %	-20.7 %
Capital Employed	5,328.27	5,235.74	2 %
Balance sheet total	10,518.66	10,382.16	1 %

EBITDA = earnings before interest, taxes, depreciation and amortization

EBIT = earnings before interest and taxes

Net Debt = financial liabilities less non-recourse debt + provisions for severance and pension obligations – cash and cash equivalents

Capital Employed = group equity + interest-bearing debt

ROCE = (net income + interest on debt - interest tax shield (25 %)) / (average group equity + interest-bearing debt)

CEO's REVIEW

Dr. Hans Peter Haselsteiner CEO

Dear shareholders, associates and friends of STRABAG SE,

The first months of the previous year were characterised by a very long and hard winter. This year's weather conditions allowed us to begin building significantly earlier, which is why we are pleased to report of double-digit growth of the output volume at the halfway point. Especially worth mentioning here is the growth in the home market of Germany, in Poland and in Scandinavia.

We also have good news on the earnings side: last year's earnings before interest and taxes (EBIT) were significantly positively distorted by a one-off effect in the balance sheet. This makes it that much more remarkable that, for the first time in company history, we have registered a positive EBIT already at the half-year mark!

We already raised our forecast for the full year 2011 and beyond during the presentation of the interim report for January-March 2011. Today I would like to confirm this outlook. We expect an output volume of € 14.0 billion in 2011 and of € 14.3 billion in 2012. The EBIT should come to rest at least at € 320 million this year and at € 330 million next year.

Given the satisfactory development in the German home market and in the niche segments, we are confident of being able to meet these forecasts.

Dr. Hans Peter Haselsteiner

n Break-even point with EBIT already in first six months for the first time in company history: € 17 million

n Revenue and output volume with double-digit growth growth in all segments; particularly significant in Germany, Poland and northern Europe
n EBITDA up 6 % to € 197 million despite positively distorted comparison base the year before
n High minority interest leads to unchanged result per share of € -0.10
n Continued net cash position, high equity ratio of 31.1 %

important events

April

A subsidiary of STRABAG SE, Hermann Kirchner Projektgesellschaft, has a 50 % shareholding in the concession company that has won a contract for a further German highway network project on a public private partnership (PPP) basis. The two companies are to plan, finance and upgrade an approx. 58-kilometer section of federal highway A8 between Ulm and Augsburg and subsequently operate and maintain it for 30 years. The investment volume is around € 410 million.

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.

May

STRABAG again issued a € 175 million corporate bond. 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 has been set at 101.04.

STRABAG signed an agreement on acquiring a 51 % stake in two holdings 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.

In Sweden, STRABAG acquired 100 % of five subsidiaries of Sweden's 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 these acquisitions, STRABAG bolsters its presence in this important market in southern Sweden and widens its construction activities in this market through the addition of building construction services.

June

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.

The 7th Annual General Meeting of STRABAG SE held on 10 June 2011 authorised the management board of the company 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 program started on 14 July 2011 and will last until 10 July 2012 at the latest. Until 26 August 2011 STRABAG already repurchased 4.14 % of the total share capital.

STRABAG's subsidiary STRABAG Projektutveckling AB is developing over 12,000 m² of residential space as well as additional shopping areas next to "Tyresö Centrum", the local shopping centre in Tyresö, a southern suburb of Stockholm. The project "Tyresö View" consists of one high-rise building and an adjoining lower building with 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 be built. This yields a total project volume of around € 67 million (SEK 600 million).

EFKON AG, a subsidiary of STRABAG and a global leading company in the field of intelligent transportation and toll collections systems, supplies 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.

July

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

STRABAG subsidiary Ed. Züblin AG bought parts of Wolfer & Goebel Bau und Projekt GmbH, Stuttgart. Therewith, approximately 100 jobs will be secured, after this traditional company had to file for bankruptcy in May. With the acquisition, Ed. Züblin plans to strengthen its construction activities in the region of Southern Germany and to achieve an additional annual output volume of approximately € 15 million.

August

In Finland and Sweden, STRABAG Group was awarded three new contracts: A 100 % subsidiary in Sweden, ODEN, will establish a 1.8 km track tunnel with intermediate stations for the metro phase 1, LU1 Matinkylä in Helsinki, Finland. The contract value is approx. € 28 million. Furthermore, ODEN will build a part of Sweden's largest new city district, Norra Djurgårdsstaden in Stockholm until October 2012. The contract value is worth approx. € 22 million. Finally, ODEN has been commissioned by Trafikverket (The Swedish Transport Administration) to build the section Edet Rasta and Torpa of the motorway E45, a part of the way between Göteborg and Trollhättan, which connects the North to the South of Sweden. The contract value amounts to € 26 million.

Hermann Kirchner Projektgesellschaft mbH, a subsidiary of STRABAG, won the PPP-contract to modernise and perform an energy retrofit of the hospital's nurses' home at the 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. The construction period is scheduled to last three years.

Through its subsidiary Tollink South Africa EFKON Group received an additional major order for the supply and maintenance of the toll plazas on the N1 North Toll Road in South Africa. The € 60 million South African National Roads Agency Limited SANRAL contract was won by Tolcon-Lehumo as the 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 N1 North route (57 lanes) toll plazas as well as the maintenance and support of the system. The project started in June 2011 and the operation service period is scheduled to end on 30 June 2019.

120 %

Shares of STRABAG SE closed at € 20.50 on 30 June 2010, which corresponds exactly to the price at the end of 2010. The first half of the year began with an upward movement in the share price. The share reached its highest point of the year so far, € 23.17, at the beginning of the second quarter on 1 April 2011. The upward trend did not continue in the second quarter. The share price fell until it reached its six-month low of € 19.25 on 27 June 2011.

The cumulative trade volume of STRABAG shares on the Vienna Stock Exchange in the first six months amounted to € 373 million; the average trade volume per day was 142,253 shares. The weight in the ATX stood at 1.7 %. The share buyback which was agreed at the 7th Annual General Meeting on 10 June 2011 did not begin until 14 July 2011 and did not have an effect on the first six months of the 2011 financial year.

The international stock markets showed quite different development in the last six months. Declines were registered on Austria's ATX index of blue chip shares, which was down 4.7 %; Japan's Nikkei Index fell by 4.1 % and the STOXX Europe 600 Construction & Materials, which measures the performance of construction sector shares, lost 0.7 % percent. Europe's Euro Stoxx 50 and New York's Dow Jones Industrials, in comparison, gained 2.0 % and 7.2 %, respectively, in the first half of 2011.

Shares of STRABAG are currently under observation by analysts from ten international banks. The analysts calculated an average share price target of € 23.41. Detailed analyses and recommendations are available on the STRABAG SE website at www.strabag.com / Investor Relations / Share / Research & Analysts

STRABAG SE share
Market capitalisation on 30.6.2011	€ million	2,337
Closing price on 30.6.2011	€	20.50
Year's maximum on 1.4.2011	€	23.17
Year's minimum on 27.6.2011	€	19.25
Performance six months 2011	%	0
Outstanding shares on 30.6.2011 (absolute)	shares	113,999,997
Outstanding shares six months 2011 (weighted)	shares	113,999,997
Weight in ATX on 30.6.2011	%	1.7
Volume traded six months 2011	€ million1)	373
Average trade volume per day	shares1)	142,253
% of total volume traded on Vienna Stock Exchange	%	1.1

Management Report January-June 2011

Output volume and revenue

STRABAG generated an output volume of € 6,136.33 million in the first half of 2011, which corresponds to an increase of 17 %. Owing to unfavourable weather conditions, a significant decline in the output volume had been registered in the previous year. Increases could be seen in all segments this year. Especially worth mentioning here is the growth in the home market of Germany, in Poland and in Scandinavia. The higher output volume in Switzerland can be attributed to the acquisitions of two construction SMEs, Brunner Erben Holding AG and Astrada AG, in the first quarter of 2011.

The consolidated group revenue of the first six months of the 2011 financial year grew in line with the output volume, reaching € 5,917.32 million after € 5,034.97 million in the same period the year before (+18 %). This brings the ratio of revenue to output volume to 96 %.

Order backlog

The order backlog reached a relatively high level in a multi-year comparison; at € 14,878.81 million, however, it was still 6 % lower than at the end of June of the previous year. This can be attributed for the most part to the cancellation of the projects in Libya due to the political unrest in that country. Poland is another factor of influence: the previous year's high order backlog in that country, in the form of large infrastructure projects, is being continuously worked off and transformed into output. In Austria and Romania, by comparison, the order backlog is on the rise with projects including the Koralm Tunnel in Styria and several new road construction orders in Romania.

Financial performance

The limited capacity for construction in winter results in significant seasonal effects on the development of earnings and other financial figures of STRABAG SE. The first two quarters of the year typically have a negative effect on results, which is then overcompensated by results in the second half of the year. As a result of the seasonal effects, a quarterly comparison makes little sense.

The EBITDA (earnings before interest, taxes, depreciation and amortisation) for the first six months of the 2011 financial year rose by 6 % to € 197.18 million on good earnings contributions from Germany and Poland. This growth is that much more remarkable as an extraordinary measurement through profit or loss for Czech railway construction company Viamont DSP in the amount of € 24.60 million, reported in the result from associates, led to a positive distortion of the EBITDA last year. This fact, however, limited the growth opportunities of the EBITDA and led to a reduced EBITDA margin from 3.7 % to 3.3 %.

The depreciation and amortisation fell by 8 % to € -180.52 million – in part related to a one-time amortisation of goodwill in the amount of € -14.00 million performed in the first quarter of the previous year related to the Viamont transaction. Below the line, this resulted in something exceptional: for the first time in company history, STRABAG reached the break-even point in the EBIT (earnings before interest and taxes) in the second quarter instead of the third quarter as usual. The EBIT thus moved from € -10.36 million in the same period the year before to € 16.67 million, while the margin rose to 0.3 % from -0.2 %.

At € -4.13 million, the interest income in the first six months was similar to last year's level (€ -6.75 million). This results in a positive pre-tax result of € 12.54 million after the negative value of € -17.11 million that was reported for the same period in 2010. Accordingly, the income tax was in low single-digit territory, reducing the earnings after taxes to € 8.82 million. This figure had also still been negative in the year before.

While third-party shareholders still helped bear a loss of € -1.33 million in the same period of the previous year, the earnings attributable to minority shareholders this year amounted to € +19.75 million. This results in nearly unchanged consolidated losses of € -10.94 million over the first half of 2010 (€ -11.47 million) and an unchanged result per share of € -0.10. Here, too, we should point out the positively distorted comparison value from the Viamont measurement.

Financial position and cash-flows

The balance sheet total reached € 10,518.66 million, nearly unchanged in comparison to the € 10,382.16 million from the end of 2010. Worth mentioning are the seasonally higher current trade receivables, with simultaneous reduction of cash and cash equivalents, as well as the growth of inventories in connection with project developments in Germany. On the liabilities side, we can see a significant increase of current liabilities, mostly due to the forthcoming repayment of and additions to liabilities attributable to the public-private-partnership portfolio.

The equity ratio showed little change, settling at 30.6 % after 31.1 % on 31 December 2010. The net cash position fell significantly from € 669.04 million to € 25.09 million in response to the build-up of the working capital. A net debt situation was registered on 30 June 2010.

The cash-flow from earnings stood at € 155.37 million, due in part to an improved net income 59 % above the comparison period of the year before. Because of the as-planned lower growth of the working capital, the cash-flow from operating activities came to rest much less deeply in negative territory at € -292.17 million (comparison: € -407.85 million).

Enterprise acquisitions with a simultaneous lower reduction of the investments in property, plant and equipment and in intangible assets led to a cash-flow from investing activities of € -301.64 million. This figure grew by 25 % compared to the same period of the previous year. The cash-flow from financing activities moved from € -13.96 million to € 45.85 million, a development which can be explained by the bond issue in the second quarter. The volume of the issue was € 175 million, while only € 100 million had been issued in the previous year.

Capital expenditures

In addition to the necessary maintenance expenditures, which account for about 30 % of the total investments in property, plant and equipment, STRABAG invested increasingly in machines for use in the home markets of Germany and Austria in the first six months of 2011. A special focus remains on specialty machinery for niche business fields as well as on the optimisation of the own raw materials base. The expenditures include € 246.78 million for the purchase of property, plant and equipment and intangible assets, € 79.43 million for enterprise acquisitions (changes in scope of consolidation; e.g. acquisitions of Brunner Erben Holding AG and Astrada AG, Switzerland, and of K.H. Gaul GmbH & Co. KG, Germany) and € 25.27 million for the purchase of financial assets.

Employees

The number of employees grew by 6 % to 75,325. Nearly half of the more than 4,000 new employees were previously employed by Rimex, a German company acquired by STRABAG. The significant increase in Switzerland can be explained by the first-time inclusion of the employees of the two acquired companies Brunner Erben Holding AG and Astrada AG.

Major transactions and risks

During the first six months of the financial year, there were no transactions with related parties which significantly influenced the financial situation or the business result nor were there any changes to transactions with related parties which were presented in the annual financial statements and which significantly influenced the financial situation or business result of the first six months of the current financial year.

In the course of its entrepreneurial activities, the STRABAG Group is exposed to a number of risks, which can be identified and assessed using an active risk management system and dealt with by applying an appropriate risk policy. Among the most important risks are external risks such as cyclical fluctuations in the construction industry, operating risks in the selection and execution of projects, as well as financial, organisational, personnel, and investment risks.

The risks are explained in more detail in the 2010 management report. A review of the current risk situation revealed that in the reporting period there existed no risks which threatened the existence of the company and that for the future no risks are recognizable which constitute a threat to its continued existence.

Outlook

The management of STRABAG SE raised the outlook for the 2011 financial year during the presentation of the interim report for January-March 2011 and now confirms this forecast.

The output volume is expected to increase to € 14.0 billion (previous target: € 13.5 billion). The Building Construction & Civil Engineering segment will likely contribute € 5.1 billion, the Transportation Infrastructures segment € 6.3 billion and the Special Divisions & Concessions segment € 2.5 billion to this growth. The remaining € 100 million can be ascribed to "Other". STRABAG now expects the EBIT for the current 2011 financial year to reach at least € 320 million. As a result, the EBIT margin as a measure of the output volume will rise from 2.2 % to 2.3 %. For the 2012 financial year, STRABAG expects an output volume of € 14.3 billion, an EBIT of € 330 million and a corresponding margin of 2.3 %.

The STRABAG management board bases its forecast on the hitherto positive contributions from Germany and Poland as well as on the positive developments in the niche markets. STRABAG therefore continues to place a special strategic focus on intensifying its activities in these business fields and on expanding in the northern European markets.

SEGMENT report

Building Construction & Civil Engineering

€ Mln.	Q2/2011	Q2/2010	change IN %	6M/2011	6M/2010	change in %	20101)
Output volume	1,323.33	1,059.25	25 %	2,307.11	1,839.70	25 %	4,279.07
Revenue	1,214.98	1,008.86	20 %	2,141.56	1,747.73	23 %	3,975.84
Order backlog				6,402.29	5,958.29	7 %	5,659.60
EBIT	50.33	49.67	1 %	40.58	42.94	-5 %	153.77
EBIT margin
as a % of revenue	4.1 %	4.9 %		1.9 %	2.5 %		3.9 %
Employees				20,215	17,931	13 %	18,253

The output volume generated in the Building Construction & Civil Engineering segment increased by 25 % to € 2,307.11 million in the first half of 2011. Disadvantageous weather conditions in the same period the year before had led to an unusually reduced output volume. Especially worth noting is the growth in the home market of Germany, in Poland and in the RANC region (Russia and neighbouring countries). The higher output volume in Switzerland can be attributed to the acquisitions of two construction SMEs, Brunner Erben Holding AG and Astrada AG, in the first quarter of 2011.

The revenue in the first half of 2011 grew in tandem with the output volume by a double-digit percentage amount to € 2,141.56 million. The earnings before interest and taxes (EBIT), in contrast, fell slightly from € 42.94 million to € 40.58 million due to an aperiodic effect. In the second quarter, the revenue grew significantly to € 1,214.98 million, while the EBIT grew only slightly.

The order backlog grew by 7 % to € 6,402.29 million. Here, too, the markets of Germany, Poland, RANC and Switzerland were responsible for the majority of the growth. In contrast, a significant decline can be seen in Hungary. The segment's contribution to the consolidated order backlog climbed upward from 38 % to 43 % – a sign of the trend reversal toward privately financed projects.

Following a series of large orders in the first quarter in Germany, STRABAG again registered strong demand in the second quarter for buildings on this home market. Projects include the revitalisation and partial new construction of the Poseidonhaus office building in Frankfurt with a value of € 96 million. In another home market, that of Austria, STRABAG concluded the contract for the construction of the Oberlaa Ost housing complex (€ 82 million).

In view of the higher order backlog, the workforce grew as well, rising by more than 2,200 persons, or 13 %, to 20,215 employees. The number includes the growth resulting from the Swiss acquisitions, which contributed over 1,100 employees to the overall personnel figures.

The 2011 output volume forecast for the Building Construction & Civil Engineering segment was raised to € 5.1 billion with the publication of the report for the first quarter of 2011. In Germany, the target output and result are largely covered already. The competitive situation on the subcontractor side has stable prices as a result.

The situation in Poland is different: price dumping and a lack of incoming orders are causing a deteriorating situation in the otherwise booming market. Enormous price pressure can also be seen in Bulgaria. Hungary's construction sector remains weak, although economy-stimulating measures – in particular environmental protection projects – are expected. The construction climate in the Czech Republic and Slovakia is showing slight improvement as more and more infrastructure projects are being financed with EU funds. But even here, the prices remain at the limit of profitability.

transportation infrastructures

€ Mln.	Q2/2011	Q2/2010	change IN %	6M/2011	6M/2010	change in %	20101)
Output volume	1,878.86	1,691.89	11 %	2,627.93	2,239.05	17 %	5,809.94
Revenue	1,814.61	1,614.51	12 %	2,529.71	2,134.31	19 %	5,691.96
Order backlog				5,256.26	5,696.77	-8 %	4,735.39
EBIT	58.58	68.07	-14 %	-99.50	-74.27	-34 %	183.58
EBIT margin
as a % of revenue	3.2 %	4.2 %		-3.9 %	-3.5 %		3.2 %
Employees				30,196	29,538	2 %	30,059

The Transportation Infrastructures segment registered growth of the output volume of 17 % to € 2,627.93 million in the first half of 2011. This can be attributed on the one hand to a milder and shorter winter compared to the same period the year before, resulting in significant increases 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.

The revenue developed similarly to the output volume, gaining 19 % to settle at € 2,529.71 million. In contrast, the earnings before interest and taxes (EBIT) fell to € -99.50 million, 34 % deeper in negative territory than in the previous year. This development can be blamed among other things on the continued weak public-sector investments in infrastructure in the Czech Republic, forcing STRABAG to respond with structural adaptations. The second quarter showed the same trend as the first half of the year: double-digit revenue growth with a simultaneous double-digit decline in earnings.

Due to the high volume of construction activity in Poland, the number of employees in the Transportation Infrastructures segment rose by 2 % to 30,196. The growth by more than 1,000 employees in this boom market was countered by declines in Hungary, the Czech Republic and Switzerland.

The order backlog stood at € 5,256.26 million, 8 % below the level at the end of June of the year before. The reason for this is the above-average volume of new orders in Poland in the previous year, which has now fallen back to a usual level. Additionally, weather conditions have allowed a part of the order backlog in Germany to be already worked off in the first quarter this year.

In contrast, growth of the order backlog was registered in Scandinavia, the result of several large projects such as the Tyresö View project in Stockholm as well as several new infrastructure projects in various northern European countries. The order cushion of Swedish construction group NIMAB, which was acquired in May, was still not visible in STRABAG's books at the end of June and should provide additional support for the project pipeline from the third quarter 2011.

STRABAG is staying with its estimate that the Transportation Infrastructures segment will generate an output volume of around € 6.3 billion in the 2011 financial year. At the same time, the economic conditions in the individual markets vary strongly from country to country:

The situation in Germany can be described as stable. In comparison to the low public-sector expenditures in road construction, orders from private and institutional clients are picking up noticeably. A positive influence can be seen from STRABAG's involvement in the fields of hydraulic engineering – the company acquired Cuxhaven-based civil hydraulic engineering firm Ludwig Voss and increased its stake in Josef Möbius Bau AG, Hamburg, from 70 % to 100 % – and in offshore wind.

On the Austrian home market, in contrast, public-sector budget cuts will probably lead to a significant decline in the output volume in the Transportation Infrastructures segment. The price pressure here can only partially be countered through the diversification in niche business fields such as railway construction, noise abatement construction or the construction of sports facilities.

The construction boom in Poland will likely be over toward the end of the year. In the second quarter, the Polish government awarded most of the contracts planned for 2011 – and STRABAG was among the winners for two projects. In Romania, too, STRABAG was successful as a bidder in the first half of 2011: the company was awarded the contract to renovate and upgrade national roads DN 14 and 15a and to build the A1 motorway segment between Deva and Orăştie. The economic environment in this country, however, remains strongly influenced by the crisis of 2008.

SPECIAL DIVISIONS & CONCESSIONS

€ Mln.	Q2/2011	Q2/2010	change IN %	6M/2011	6M/2010	change in %	20101)
Output volume	592.01	598.12	-1 %	1,134.58	1,071.50	6 %	2,517.84
Revenue	670.02	614.61	9 %	1,230.42	1,135.44	8 %	2,671.85
Order backlog				3,208.62	4,071.63	-21 %	4,318.36
EBIT	50.20	19.97	151 %	69.50	18.28	280 %	-15.54
EBIT margin
as a % of revenue	7.5 %	3.2 %		5.6 %	1.6 %		-0.6 %
Employees				19,383	18,014	8 %	19,867

The output volume in the Special Divisions & Concessions segment increased by 6 % to € 1,134.58 million. This development, however, can be attributed to the naturally quite volatile business in tunnelling and in direct export. Growth in the Middle East and Italy was countered by declines in Africa and in Hungary.

The revenue in the first half of 2011 grew by 8 % to € 1,230.42 million. At the same time, the earnings before interest and taxes (EBIT) nearly tripled from € 18.28 million to € 69.50 million. This development can be explained by the extremely volatile business in the non-European markets, which – above all in Africa and in the Middle East – developed much better in the first six months of 2011 than in the comparison period. The situation in the second quarter of 2011 was similar to that of the first half of the year. The revenue grew by 9 % to € 670.02 million, while the EBIT was up 151 % to € 50.20 million.

Employee numbers grew by 8 % to 19,383. Worth mentioning is the significant increase in Germany compared to reductions in Africa and in the very weak Hungarian market.

Last year's order backlog was strongly driven by the developments in the non-European markets. As a result, the order backlog in the first half of 2011 was down 21 % to € 3,208.62 million. Particularly high acceptance rates were registered in the Middle East, in Asia and in Africa. Unlike the year before, the latter region no longer includes projects in Libya as STRABAG's activities in this country were suspended at the beginning of the year due to the political unrest.

Although STRABAG will continue to pursue projects on other continents – above all in the form of public-private partnerships (PPP) –, the company was especially successful in northern Europe during these past few months. While the price level in Central Europe is falling and the region has in part already succumbed to ruinous competition, expertise and experience are in demand in the North.

For this reason, the Infrastructure Project Development division is currently bidding increasingly for projects in Germany, Belgium, Finland and the Netherlands. In April, this STRABAG unit was awarded the contract, in a consortium, to plan, finance and operate the A8 motorway in Germany.

PPP projects in building construction are for the most part executed in the home markets of Germany and Austria. In Germany, around 120 projects with an investment volume of € 4.1 billion are currently in preparation or in the tendering phase. 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 the group's own project developments in building construction – still mostly in Germany – STRABAG expects a rising turnover of office space. In this business field, the company remains focused on commercial properties in the mid-double-digit million euro range, including offices, business real estate and hotels. At the same time, STRABAG has since the previous year been driving ahead the development of residential buildings for global investors. Regionally, the view is on opportunities in the Central and Eastern European region.

In Property and Facility Management, STRABAG sees a positive order backlog, which will likely result in a higher output volume and a slightly positive development of the relevant result.

Taken together, this yields the following picture for the entire segment – with quite different trends depending on the market and business field: While a loss was generated in the 2010 financial year due to the strong price competition in tunnelling and the negative business in non-European markets, STRABAG already expects a renewed significant positive contribution to earnings from the Special Divisions & Concessions segment in 2011. STRABAG confirms the forecast of € 2.5 billion, made in May 2011, for the output volume of the 2011 financial year.

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

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 first half of the previous year for order backlog, employees, output volume and earnings were adjusted accordingly. In the first six months of the 2011 financial year, these two business fields contributed € 116.29 million to the output volume and € 180.93 million to the order backlog and employed 804 people.

Consolidated Semi-Annual Financial Statements STRABAG SE, Villach, as of 30 June 2011

CONSOLIDATED INCOME STATEMENT FOR 1.1.–30.6.2011

	1.4.-30.6.2011 T€	1.4.-30.6.2010 T€	1.1.-30.6.2011 T€	1.1.-30.6.2010 T€
Revenue	3,707,288	3,246,522	5,917,323	5,034,970
Changes in inventories	-10,150	10,073	22,151	18,688
Own work capitalized	25,743	23,093	39,289	35,689
Other operating income	72,457	46,636	125,158	118,166
Raw materials, consumables and services used	-2,528,745	-2,117,376	-4,076,750	-3,332,632
Employee benefits expenses	-804,117	-725,571	-1,449,649	-1,304,468
Other operating expenses	-211,742	-261,698	-384,923	-417,527
Share of profit or loss of associates	785	1,853	482	25,071
Net investment income	5,468	8,710	4,102	8,263
EBITDA	256,987	232,242	197,183	186,220
Depreciation and amortisation expense	-94,938	-92,715	-180,517	-196,579
EBIT	162,049	139,527	16,666	-10,359
Interest and similar income	16,375	17,770	34,486	37,288
Interest expense and similar charges	-17,292	-10,005	-38,612	-44,036
Net interest income	-917	7,765	-4,126	-6,748
Profit before tax	161,132	147,292	12,540	-17,107
Income tax expense	-35,447	-31,441	-3,725	4,310
Net income	125,685	115,851	8,815	-12,797
Attributable to: non-controlling interests	19,093	9,490	19,752	-1,331
Attributable to: equity holders of the parent company	106,592	106,361	-10,937	-11,466
Earnings per share (in €)	0.94	0.93	-0.10	-0.10

Statement of COMPREHENSIVE INCOME FOR 1.1.–30.6.2011

	1.4.-30.6.2011 T€	1.4.-30.6.2010 T€	1.1.-30.6.2011 T€	1.1.-30.6.2010 T€
Net income	125,685	115,851	8,815	-12,797
Differences arising from currency translation	10,321	-24,484	27,289	7,712
Change in hedging reserves including interest rate swaps	-3,386	-39,627	10,242	-40,193
Deferred taxes on neutral change in equity	438	4,247	-2,289	3,281
Total comprehensive income	133,058	55,987	44,057	-41,997
Attributable to: non-controlling interests	18,649	7,748	19,125	-2,312
Attributable to: equity holders of the parent company	114,409	48,239	24,932	-39,685

CONSOLIDATED BALANCE SHEET AS OF 30.6.2011

assets	30.6.2011 T€	31.12.2010 T€
Non-current assets
Intangible assets	554,642	535,687
Property, plant and equipment	2,138,299	2,102,364
Investment property	71,935	73,524
Investments in associates	88,236	87,933
Other financial assets	260,179	257,256
Receivables from concession arrangements	893,871	968,875
Trade receivables	72,976	64,229
Non-financial assets	5,621	4,044
Other financial assets	40,642	36,778
Deferred taxes	217,861	214,349
	4,344,262	4,345,039
Current assets
Inventories	792,814	705,721
Receivables from concession arrangements	117,733	19,477
Trade receivables	2,971,901	2,548,790
Non-financial assets	142,719	138,260
Other financial assets	480,871	440,527
Cash and cash equivalents	1,405,238	1,952,452
Assets held for sale	263,118	231,891
	6,174,394	6,037,118
	10,518,656	10,382,157

Equity and Liabilities	30.6.2011 T€	31.12.2010 T€
Group equity
Share capital	114,000	114,000
Capital reserves	2,311,384	2,311,384
Retained earnings	616,074	665,726

Non-controlling interests	177,902	141,328
	3,219,360	3,232,438
Non-current liabilities
Provisions	925,608	927,948
Financial liabilities1)	1,271,302	1,318,305
Trade payables	48,854	43,231
Non-financial liabilities	1,486	1,003
Other financial liabilities	21,308	23,847
Deferred taxes	36,716	49,142
	2,305,274	2,363,476
Current liabilities
Provisions	710,456	710,810
Financial liabilities2)	396,339	240,847
Trade payables	3,117,743	3,067,759
Non-financial liabilities	339,156	355,381
Other financial liabilities	430,328	411,446
	4,994,022	4,786,243

CONSOLIDATED CASH-FLOW STATEMENT FOR 1.1.–30.6.2011

	1.1.-30.6.2011 T€	1.1.-30.6.2010 T€












































Taxes paid	62,058	62,086

STATEMENT OF CHANGES IN EQUITY FOR 1.1.–30.6.2011

Balance as	Share capital T€	Capital reserves T€	Retained earnings T€	Hedging reserve T€	For eign curr ency reserve T€	Gro up equity T€	Non-con tro lling interests T€	Total equity T€
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	-10,937	0	0	-10,937	19,752	8,815
Net income recognised directly in equity	0	0	0	7,791	28,078	35,869	-627	35,242
Total com prehensive
income Subtotal	0 114,000	0 2,311,384	-10,937 713,380	7,791 -65,505	28,078 42,783	24,932 3,116,042	19,125 160,453	44,057 3,276,495
Transactions concerning non-control ling interests	0	0	-11,884	0	0	-11,884	21,915	10,031
Distribution
of dividends	0	0	-62,700	0	0	-62,700	-4,466	-67,166
Balance as of 30.6.2011	114,000	2,311,384	638,796	-65,505	42,783	3,041,458	177,902	3,219,360

	Share capital T€	Capital reserves T€	Retained earnings T€	Hedging reserve T€	For eign curr ency reserve T€	Gro up equity T€	Non-con tro lling 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	-11,466	0	0	-11,466	-1,331	-12,797
Net income recognised directly in
equity	0	0	0	-36,015	7,796	-28,219	-981	-29,200
Total com prehensive
income	0	0	-11,466	-36,015	7,796	-39,685	-2,312	-41,997
Subtotal	114,000	2,311,384	605,741	-101,299	-19,324	2,910,502	146,565	3,057,067
Transactions concerning non-control
ling interests	0	0	-4,844	0	0	-4,844	-6,230	-11,074
Distribution
of dividends	0	0	-57,000	0	0	-57,000	-2,800	-59,800
Balance as of 30.6.2010	114,000	2,311,384	543,897	-101,299	-19,324	2,848,658	137,535	2,986,193

Notes to the Consolidated semi-annual Statements STRABAG SE, Villach, as of 30 June 2011

Basic Principles

The consolidated semi-annual financial statements of STRABAG SE, based in Villach, Austria, with reporting date 30 June 2011 were drawn up under application of IAS 34 in accordance with the International Financial Reporting Standards (IFRS) – issued by the International Accounting Standards Board (IASB) in London and recognised by the European Union – including the interpretations of the International Financial Reporting Interpretations Committee (IFRIC) valid on the reporting date. Applied were exclusively those IASB standards and interpretations adopted by the European Commission before the reporting deadline and published in the Official Journal of the European Union.

In accordance with IAS 34, the consolidated semi-annual financial statements do not contain all the information and details required of annual financial statements. The semi-annual statements should therefore be read in conjunction with the annual financial statements of STRABAG SE, Villach, with reporting date 31 December 2010.

The consolidated financial statements of the Group as at and for the year ended 31 December 2010 are available at www.strabag.com.

Changes in Accounting Policies

The following amended or new accounting standards are effective for annual periods beginning on or after 1 January 2011:

	App lication for financial years which begin on or aft er (accord ing to IASB)	App lication for financial years which begin on or aft er (accord ing to EU endors e ment)
IAS 24 Related Party Disclosures (amended)	1.1.2011	1.1.2011
Amendment to IAS 32 about Classification of Rights Issues	1.2.2010	1.2.2010
IFRIC 14 Prepayment of a Minimum Funding Requirement	1.1.2011	1.1.2011
IFRIC 19 Extinguishing Financial Liabilities with Equity Instruments	1.7.2010	1.7.2010
	generally	1.7.2010/
Amendments to various IFRS under the 2010 annual improvement process	1.7.2010	1.1.2011

The first-time application of the IFRS and IFRIC mentioned had secondary consequences on the semi-annual consolidated financial statements for the period ending 30 June 2011.

Accounting and Valuation Methods

With exception of the above mentioned changes in the accounting and valuation methods the accounting and valuation are fundamentally based on the same accounting principles and valuation methods underlying the consolidated annual financial statements with reporting date 31 December 2010.

Information regarding the accounting and valuation methods can be found in the annual financial statements with reporting date 31 December 2010.

Estimates

The establishment of the semi-annual report requires estimations and assumptions to be made which may influence the application of the accounting and valuation methods as well as the figures for the assets, liabilities, expenses and income. The actual results could deviate from these estimates.

Scope of Consolidation

The consolidated semi-annual financial statements as of 30 June 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 are reported in the balance sheet using the equity method.

The number of consolidated companies changed in the 1-6/2011 period as follows:

	conso li dation	equity method
Situation on 31.12.2010	295	14
First-time inclusions in the reporting period	7	0
Exclusions in the reporting period	-1	0
Situation on 30.6.2011	301	14

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 or foundation

100.00	23.3.2011
100.00	1.1.2011
100.00	16.3.2011
100.00	16.3.2011
100.00	1.1.2011
100.00	1.1.2011
100.00	1.1.2011

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.

Effective 1 January 2011, the companies BFB Behmann Feuerfestbau GmbH, Bremen, and SFB Behmann Feuerfestbau GmbH, Schwedt/Oder, were acquired.

Also effective 1 January 2011, STRABAG acquired all shares of K.H. Gaul GmbH & Co. KG, Sprendlingen. The company is to be included in the Transportation Infrastructures segment. The acquisition serves to strengthen the construction materials activities in the German states of Rhineland-Pfalz and Hessen.

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

Acquisitions T€

Acquired assets and liabilities:
Goodwill	19,242
Other non-current assets	66,265
Current assets	85,518
Non-current liabilities	-40,986
Current liabilities	-46,501
Purchase price	83,538
Less non-cash-effective purchase price component	-6,395
Acquired cash and cash equivalents	-12,049
Net cash outflow from the acquisition	65,094

Assuming a fictitious initial consolidation on 1 January 2011 for all acquisitions in the reporting period, the consolidated revenue would amount to T€ 5,943,463 and consolidated profit would have changed by a total of T€ -1,940.

All companies which were consolidated for the first time in the reporting period contributed T€ 117,529 to revenue and T€ -2,595 to profit.

Disposals of Scope of Consolidation

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

Methods of Consolidation and Currency Translation

The same methods of consolidation and principles of currency translation were applied in drawing up the consolidated semi-annual financial statements with reporting date 30 June 2011 as were used for the consolidated annual financial statements with reporting date 31 December 2010. Details regarding the methods of consolidation and principles of currency translation are available in the 2010 annual report.

Notes on the Items in the Consolidated Income Statement

Seasonality

Due to snow, ice and other adverse weather conditions, revenue is usually lower in the winter months than in the summer. As the largest part of the costs involves fixed costs, noteworthy losses are posted in the first quarter every year. Starting with the second quarter, these losses are compensated for by rising contribution margins. The break-even point is usually not yet reached before the end of the second quarter. The largest portion of the earnings is expected in the third and fourth quarters. Seasonal fluctuations in the Transportation Infrastructures business are greater than they are in Building Construction & Civil Engineering.

The above-described, annually repeating business trend allows a year-on-year comparison of output volume, revenue and results of the respective quarters.

Other operating income

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

	1.1.-30.6.2011 T€	1.1.-30.6.2010 T€
Interest income	36,866	36,615
Interest expense	-18,612	-18,286
Total	18,254	18,329

Notes on the Items in the Consolidated Balance Sheet

Goodwill

Goodwill assets are subjected to an annual impairment test in accordance with IAS 36. The impairment test is carried out in the last two months of the financial year.

In 1-6/2011, a total goodwill from capital consolidation on the basis of the preliminary purchase price allocations in the amount of T€ 19,242 was capitalized and no impairments were made.

Property, Plant and Equipment and Intangible Assets

In 1-6/2011, tangible and intangible assets in the amount of T€ 246,778 (1-6/2010 T€ 264,472) were acquired.

In the same period, tangible and intangible assets with a book value of T€ 11,407 were sold (1-6/2010 T€ 28,267).

Purchase Obligations

On the reporting date, there were € 158 million (30 June 2010 € 134 million) in contractual commitments for the acquisition of property, plant and equipment which were not considered in the financial statement.

Receivables from concession arrangements

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

In the concession agreement with the Hungarian state, AKA committed to develop, plan, finance and 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 contract 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 market value of the interest rate swap in the amount of T€ 16,582 (31 December 2010 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€ 693,838 (31 December 2010 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 € 148.0 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. As of 30 June 2011, the project involves non-recourse financing in the amount of T€ 34.926 (31 December 2010 T€ 4,786).

Equity

The fully paid share capital amounts to € 114,000,000 and is divided into 113,999,997 no-par bearer shares and 3 registered shares.

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

The management board was authorised to acquire no-par bearer or registered 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, several purposes by the company, a subsidiary (Section 228 Paragraph 3 of the Austrian Commercial Code) or third parties acting on behalf of the company.

The management board of STRABAG SE 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 shall be authorised, for a period of five years from this resolution (Section 65 Paragraph 1b of the Austrian Stock Corporation Act), 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, several purposes by the company, a subsidiary (Section 228 Paragraph 3 of the Austrian Commercial Code) or third parties acting on behalf of the company.

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

The changes in equity are shown in the statement of changes in equity.

Contingent Liabilities

The company has accepted the following guarantees:

	30.6.2011 T€	31.12.2010 T€
Guarantees without financial guarantees	2,190	12,633

Furthermore, there is a derived credit risk arising from the financial guarantee contracts (guarantees issued) of T€ 29,536 (31 December 2010 T€ 42,754).

notes to the Consolidated

Segment Reporting

The rules of IFRS 8 Operating Segments apply to the segment reporting. IFRS 8 prescribes defining the segments and reporting the earnings and net assets on the basis of the internal reporting.

Internal reporting at STRABAG is based on the dedicated management board functions Building Construction & Civil Engineering, Transportation Infrastructures and Special Divisions & Concessions, which represent the group's operating segments. In addition, there are 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 etc. These services are included in the segment Other.

The settlement between the single segments is made at arm's-length prices.

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.

Segment Reporting for 1.4.–30.6.2011

	Building Constr uc tion & Civil Engineering	Transpor tation Infr a str uctures	Special Divisions & Concessi ons	Other	Reconcilia tion to IFRS Financial Statements	tot al
	1.4.–30.6.2011 T€	1.4.–30.6.2011 T€	1.4.–30.6.2011 T€	1.4.–30.6.2011 T€	1.4.–30.6.2011 T€	1.4.–30.6.2011 T€
Output Volume	1,323,328	1,878,869	592,005	32,880		3,827,082
Revenue	1,214,972	1,814,609	670,022	7,685	0	3,707,288
Inter-segment revenue	48,333	39,978	0	271,686
EBIT	50,327	58,580	50,204	-224	3,162	162,049
Interest and similar income	0	0	0	16,375	0	16,375
Interest expense
and similar charges	0	0	0	-17.292	0	-17.292
Profit before tax	50,327	58,580	50,204	-1,141	3,162	161,132

Segment Reporting for 1.4.–30.6.2010

Profit before tax	49,670	68,065	19,968	7,910	1,679	147,292
and similar charges	0	0	0	-10,005	0	-10,005
Interest expense
Interest and similar income	0	0	0	17,770	0	17,770
EBIT	49,670	68,065	19,968	145	1,679	139,527
Inter-segment revenue	28,807	12,373	0	262,699
Revenue	1,008,859	1,614,508	614,614	8,541	0	3,246,522
Output Volume	1,059,246	1,691,887	598,122	47,567		3,396,822
	Engineering 1.4.–30.6.2010 T€	str uctures 1.4.–30.6.2010 T€	ons 1.4.–30.6.2010 T€	Other 1.4.–30.6.2010 T€	Statements 1.4.–30.6.2010 T€	tot al 1.4.–30.6.2010 T€
	Building Constr uc tion & Civil	Transpor tation Infr a	Special Divisions & Concessi		Reconcilia tion to IFRS Financial

Segment Reporting for 1.1.–30.6.2011

Profit before tax	40,579	-99,504	69,503	-4,346	6,308	12,540
and similar charges	0	0	0	-38,612	0	-38,612
Interest expense
Interest and similar income	0	0	0	34,486	0	34,486
EBIT	40,579	-99,504	69,503	-220	6,308	16,666
Inter-segment revenue	92,076	49,554	0	448,664
Revenue	2,141,556	2,529,711	1,230,418	15,638	0	5,917,323
Output Volume	2,307,108	2,627,934	1,134,579	66,708		6,136,329
	Constr uc tion & Civil Engineering 1.1.–30.6.2011 T€	Transpor tation Infr a str uctures 1.1.–30.6.2011 T€	Divisions & Concessi ons 1.1.–30.6.2011 T€	Other 1.1.–30.6.2011 T€	tion to IFRS Financial Statements 1.1.–30.6.2011 T€	tot al 1.1.–30.6.2011 T€
	Building		Special		Reconcilia

Segment Reporting for 1.1.–30.6.2010

	Building Constr uc tion & Civil Engineering 1.1.–30.6.2010	Transpor tation Infr a str uctures 1.1.–30.6.2010	Special Divisions & Concessi ons 1.1.–30.6.2010	Other 1.1.–30.6.2010	Reconcilia tion to IFRS Financial Statements 1.1.–30.6.2010	tot al 1.1.–30.6.2010
	T€	T€	T€	T€	T€	T€
Output Volume	1,839,700	2,239,047	1,071,502	83,948		5,234,197
Revenue	1,747,726	2,134,308	1,135,445	17,491	0	5,034,970
Inter-segment revenue	50,302	33,307	0	421,547
EBIT	42,939	-74,274	18,283	86	2,607	-10,359
Interest and similar income	0	0	0	37,288	0	37,288
Interest expense
and similar charges	0	0	0	-44,036	0	-44,036
Profit before tax	42,939	-74,274	18,283	-6,662	2,607	-17,107

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 shown essentially 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 respectively 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 respectively 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:

	1.1.–30.6.2011 T€	1.1.–30.6.2010 T€
Investment income	6,715	-1,312
Other consolidations	-407	3,919
Total	6,308	2,607

Notes on Related Parties

Notes on related parties may be found in the 2010 consolidated financial statements. Since 31 December 2010, there have been no significant changes in this area. Arm's-length business relations exist in transactions with related parties.

Events after the Reporting Date

In an asset deal, STRABAG acquired parts of Wolfer & Goebel Projekt und Bau GmbH, Stuttgart, and from 1 August 2011 will continue to run the complete factory business for industrial clients in the newly founded Wolfer & Goebel Bau GmbH, Stuttgart. The acquisition serves to strengthen the construction activities in the region and will generate an additional output volume of about € 15 million a year.

Audit Waiver

The present semi-annual financial statements for STRABAG SE were neither audited nor subjected to an audit review.

bridge Schleusetal, Schleusingen

Statement of all Legal Representatives

We confirm to the best of our knowledge that the condensed semi-annual financial statements as of 30 June 2011 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 of important events that have occurred during the first six months of the financial year and their impact on the condensed semiannual financial statements, of the principal risks and uncertainties for the remaining six months of the financial year and of the major related party transactions to be disclosed.

Villach, 31 August 2011

Management Board

Dr. Hans Peter Haselsteiner Chairman of the Management Board Responsibilities for Central Staff Units and Central Divisions as well as technical Responsibilities for Building Construction & Civil Engineering of Russia and Neighboring Countries

Ing. Fritz Oberlerchner Vice Chairman Technical Responsibilities for Transportation Infrastructures

Dr. Peter Krammer Technical Responsibilities for Building Construction & Civil Engineering (without Russia and Neighboring 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, Special Divisions & Concessions

financial calendar

Semi-annual report 2011	Wed, 31 August 2011
Publication	7:30 am
Investor and Analyst Telephone Conference	2:00 pm
Interim report January–September 2011	Wed, 30 November 2011
Publication	7:30 am
Investor and Analyst Telephone Conference	2:00 pm
All times are CET/CEST

Please find the roadshow schedule on the website www.strabag.com -> Investor Relations -> Financial Calendar

corporate bonds

Maturity	Coupon	Volume	isin	Stock Exchange
2007 - 2012	5.75 %	€ 75 million	AT0000A05HY9	Vienna
2008 - 2013	5.75 %	€ 75 million	AT0000A09H96	Vienna
2010 - 2015	4.25 %	€ 100 million	AT0000A0DRJ9	Vienna
2011 - 2018	4.75 %	€ 175 million	AT0000A0PHV9	Vienna

corporate credit rating

Standard & Poors BBB -
	Outlook stable

codes

Bloomberg:	STR AV
Reuters:	STR V.VI
Vienna Stock Exchange:	STR
ISIN :	AT000000STR 1

for further questions please refer to our Investor Relations department:

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

This semi-annual report is also available in German. In case of discrepancy the German version prevails.

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STRABAG SE

761_ir_2011-08-31_82feba55-b701-4047-8faf-c655c2a6120b.pdf