061801 engl Umschlag - Strabag

STRABAG SEA – 1220 Vienna, Donau-City-Straße 9Tel. +43 (0)1 / 224 22 - 0www.strabag.at ANNUAL REPORT 2005

Partner ofTIROLER FESTSPIELE ERL

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KEY FIGURES (consolidated)OF FIMAG FINANZ INDUSTRIE MANAGEMENT AG

1) Earnings before depreciation, deducting financing costs and taxes2) Earnings before deducting financing costs and taxes

CONSOLIDATED PROFIT AND LOSS ACCOUNTCONSOLIDATED BALANCE SHEETCONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE 2005 BUSINESS YEAR

Notes 2005 2004Td Td

Revenue (1) 6,955,797 5,222,905Changes in inventories 34,387 38,884Own work capitalized 16,564 11,727Other operating income (2) 149,901 136,967Cost of material and services (3) -5,019,607 -3,609,458Personnel expenditure (4) -1,401,876 -1,185,509Depreciation on tangible andintangible assets (5) -178,677 -208,889Other operating expenses (6) -400,981 -311,496Earnings before deducting financing costs and taxes 155,508 95,131

Share of profit of associates (7) 5,424 7,897Earnings from investments (8) 2,197 8,673Other financial results (9) -28,414 -20,351Financial result -20,793 -3,781

Earnings before taxes 134,715 91,350

Income tax (10) -40,149 -25,602Earnings after taxes 94,566 65,748

Minority interest -8,817 -30,249Consolidated results 85,749 35,499

CONSOLIDATED BALANCE SHEET ON 31 DECEMBER 2005

Assets

Notes 31.12.2005 31.12.2004Td Td

Non-current assetsIntangible assets (11) 67,085 32,550Tangible assets (11) 1,135,867 955,907Investments in associates (12) 64,842 45,495Other financial assets (12) 305,770 264,016Trade receivables and receivables for services rendered (15) 43,618 99,563Other accounts receivable and other assets (15) 33,169 110,670Deferred taxes (13) 86,457 92,161

1,736,808 1,600,362Current assetsInventories (14) 618,717 540,856Trade receivables and receivables for services rendered (15) 1,948,578 1,157,146Other accounts receivable and other assets (15) 266,967 142,494Cash and cash equivalents (16) 555,857 212,399

3,390,119 2,052,8955,126,927 3,653,257

Equity and Liabilities

Notes 31.12.2005 31.12.2004Td Td

Group equityShare capital 53,938 53,938Capital reserves 163,800 163,800Retained earnings 541,264 237,380Minority interest 146,468 347,138

(17) 905,470 802,256Non-current liabilitiesProvisions (18) 556,617 358,737Financial liabilities (19) 602,630 561,161Liabilities from trade payables and payables for services rendered (19) 25,077 55,944Other liabilities (19) 11,148 8,599Deferred taxes (13) 3,517 1,847

1,198,989 986,288Current liabilitiesProvisions (18) 299,525 246,960Financial liabilities (19) 339,234 141,791Liabilities from trade payables and payables for services rendered (19) 1,922,399 1,165,266Other liabilities (19) 461,310 310,696

3,022,468 1,864,7135,126,927 3,653,257

1)

1)

1) Divergent from the 2005 certified consolidated financial statement of FIMAG Finanz Industrie Management AG (see Page 52 ff) the planned 2006merger of FIMAG Finanz Industrie Management AG with STRABAG SE was already taken into account in the determination of minority interest.

2003 2004 2005

Output incl. special partnerships (in million A)Germany 2,115 1,970 3,523Austria 1,545 1,568 1,924Hungary 548 678 938Czech Republic 384 504 714Poland 297 276 433Switzerland 115 183 295Slovakia 59 219 253Croatia 156 98 241Benelux 205 196 209Other Countries 213 272 785Total 5,637 5,964 9,315

Average level of employmentGermany 10,964 9,988 14,668Austria 8,970 8,789 9,731Hungary 3,887 3,849 4,013Czech Republic 2,808 3,222 3,742Poland 1,561 1,366 2,408Switzerland 781 961 1,591Slovakia 514 2,059 2,149Croatia 754 534 692Benelux 579 528 550Other Countries 1,881 1,991 4,969Total 32,699 33,287 44,513

Order backlog (in million A)Germany 1,100 1,221 2,475Austria 798 955 1,558Hungary 186 731 458Czech Republic 358 438 641Poland 139 368 464Switzerland 444 363 331Slovakia 118 158 151Croatia 42 204 162Benelux 123 152 251Other Countries 369 390 1,436Total 3,677 4,980 7,927

Key figures in accordance with IFRS (in million A)Investments in fixed assets 244 207 305Depreciation on fixed assets 173 209 179

Key balance sheet figuresEquity incl. minority interest (in million d) 760 802 905Equity ratio (in %) 23 22 18EBITDA (in million d) 1) 2 56 304 334EBIT (in million d) 2) 82 95 156Earnings before taxes (in million d) 83 91 135Earnings after taxes (net income) (in million d) 53 66 95

A great number of the projects contained in this financialreport were carried out in special partnerships.Many thanks to all our partners.

CONTENTS

MANAGEMENT 2

FOREWORD BY THE BOARDOF MANAGEMENT 4

SUPERVISORY BOARD 6

SUPERVISORY BOARD REPORT 7

CORPORATE GOVERNANCE 8

MANAGEMENT REPORTDevelopment of the Construction Industry 10Company Development 14

Important Acquisitions 15Total Output and Order Volume 16Investments 20Finances 21Profit Situation 21Employees 23Research and Development 25Environmental Policies 25Risk Reporting 26

Outlook 28Significant Events after Balance Sheet Date 30

GROUP STRUCTURE 31

SEGMENT REPORTRoad Construction 32Building Construction 38Other Construction Fields 44

STRABAG KUNSTFORUM 50

2005 FINANCIAL STATEMENTConsolidated Profit and Loss Account 54Consolidated Balance Sheet 55Consolidated Cash Flow Statement 56Development of Group Equity 57Statement of Recognized Incomeand Expense 57Consolidated Statement of Changes in Fixed Assets 58

NOTES 60

UNQUALIFIED AUDIT CERTIFICATE 103

ADDRESSES 104

STRABAG SE, its subsidiaries andassociated companies can be found atover 500 locations across Europe.STRABAG SE is active internationally inthe project development business.

2 I STRABAG SE - 2005 STRABAG SE - 2005 I 3

MANAGEMENT

BOARD OF MANAGEMENT

Prof. Dr. Ing. e.h. ManfredNUSSBAUMER

Vice-Chairman

Technical ResponsibilitiesBuilding Construction andCivil Engineering

Dr. Hans PeterHASELSTEINER

Chairman of the Board

Dr.ThomasBIRTEL

CommercialResponsibilitiesBuilding Construction andCivil Engineering

Dipl.-Ing. NematollahFARROKHNIA

Technical ResponsibilitiesBuilding Construction andCivil Engineering

Mag. WolfgangMERKINGER

CommercialResponsibilitiesRoad Construction

Dipl.-Ing. RolandJURECKA

Technical ResponsibilitiesServices

Ing. FritzOBERLERCHNER

Vice-Chairman

Technical ResponsibilitiesRoad Construction

Mag. HannesTRUNTSCHNIG

CommercialResponsibilitiesServices and ServiceOperations

STRABAG SE - 2005 l 5

Dear shareholders, associates and friends ofSTRABAG SE

With this annual report, we are pleased to be ableto present our most successful year in the history of the company.

With revenue of e 9.3 bn and a profit before tax of e 135 m, a new dimension has opened up forSTRABAG. Output has nearly doubled in the pastthree years and in 2005 our growth reached 56.2%,with 17.6% due to organic growth and the restthrough acquisitions.

We are particularly proud of the fact that our profitbefore tax grew by 48.4% despite the acquisitionsand the related costs of integrating theseacquisitions. In 2005, we provided jobs for over44,500 employees.

4 I STRABAG SE - 2005

MANAGEMENT

We are Number 1 in four of our regional core markets:Germany, Austria, Poland and Hungary. We are amongthe Top 3 in Switzerland, the Benelux countries, theCzech Republic and Slovakia, and in Croatia, Romaniaand Bulgaria we are among the Top 5. In Moscow weare Number 1 in Building Construction.

We have also been able to post great successes inthe direct export business outside of our core markets.Projects include the construction over the next fouryears of a 14.4-metre-wide power plant tunnel nearNiagara Falls for e 440 m. In Innsbruck, the con-struction works on the Hungerburgbahn are sure toresult in an architectonic marvel. STRABAG has alsobeen chosen to operate the funicular railway upon itscompletion. In the first quarter of 2006 we wereawarded our largest project in company history – theconstruction of a four-lane highway in Italy’s Marcheregion. The project, which will be carried out jointlywith partner companies, is worth a total of e 1.15 bn.

FOREWORD BY THE BOARD OF MANAGEMENT

HANS PETER HASELSTEINER MANFRED NUSSBAUMER FRITZ OBERLERCHNER THOMAS BIRTEL

Surely the most important event last business yearwas the takeover of significant portions of theinsolvent Walter-Bau Group and Ed. Züblin AG.These acquisitions gave us not only an additional9,000 employees and an added e 2.3 bn in revenuebut also allowed us to strengthen the group with threefirst-rate brand names: DYWIDAG,HEILIT+WOERNER and ZÜBLIN. Their integration islargely complete so that we can now expect risingsynergies from these highly important acquisitions inthe next few years.

Our long-term strategy of risk diversification trulycame to fruition in the 2005 financial results. Profitsare good in all segments and in all core markets.The members of our management distinguishthemselves through their many years of service to thecompany. As a result, the entire management servesas a backbone for further growth and the long-termpositive development of the company.

In preparation of our planned public offering, wehave changed our name from BAUHOLDINGSTRABAG SE to STRABAG SE. The next step will bethe merger with FIMAG Finanz Industrie ManagementAG to make STRABAG SE the new parent of theentire group.

In the year under report, the STRABAG Group grewto become one of the five largest construction groupsin Europe. We particularly thank our clients and ouremployees for this achievement.

Board of Management Vienna, May 2006

NEMATOLLAH FARROKHNIA ROLAND JURECKA WOLFGANG MERKINGER HANNES TRUNTSCHNIG


The financial statement and management report of FIMAG Finanz Industrie Management AG for the2005 business year have been audited by T & AWirtschaftsprüfungs- und Steuerberatungs-gesellschaft mbH of Vienna.

Pursuant to the final result of the audit, the auditorshad no cause for complaint and awarded theirunqualified stamp of confirmation on 26 April 2006.

The consolidated financial statement and the groupmanagement report for the 2005 business year wereaudited and awarded the stamp of confirmation on26 April 2006 by KPMG Austria GmbHWirtschaftsprüfungs- und Steuerberatungs-gesellschaft of Linz and by T & AWirtschaftsprüfungs- und Steuerberatungs-gesellschaft mbH of Vienna, both serving as groupfinancial auditors.

The auditors’ reports and the group financial auditors’reports were submitted to the Supervisory Board.

The Supervisory Board acknowledges theconsolidated financial statement and the groupmanagement report drawn up by the ManagementBoard for the 2005 business year under applicationof Article 245a of the Austrian Commercial Code(HGB) in accordance with the International FinancialReporting Standards (IFRS) issued by theInternational Accounting Standards Board (IASB)applicable on the balance sheet date.

The Supervisory Board approved the 2005 financialstatement at its meeting of 31 May 2005, thusdeeming it to be in accordance with Article 125Paragraph 2 of the Austrian Company Act (AktG).

The Supervisory Board agrees to the proposal madeby the Management Board concerning the use ofretained earnings.

Furthermore the Supervisory Board would like tothank the Management Board and the employees andacknowledge their work in the past business year.

The Chairman of the Supervisory BoardDr. Christian Konrad

Vienna, 31 May 2006

In the 2005 business year, the Supervisory Boardperformed the duties incumbent upon it underAustrian law and company by-laws.

The Management Board regularly reported to theSupervisory Board on the course of business and thesituation of the company. Four ordinary meetingswere held during the 2005 business year.

The Board of Management informed the SupervisoryBoard of the contents of all meetings by means ofdetailed reports on the strategic direction of theFIMAG Finanz Industrie Management Group, theprofit and financial situation, the personnel situation,as well as about any planned investments andacquisitions, and requested approval on importantbusiness transactions. The Supervisory Boardstudied in great depth the corporate planning andthe appropriate analyses of divergence.

The most important issue last year was the takeoverof core portions of the insolvent Walter Bau Groupin Germany. With the resulting acquisition of thebrand names ZÜBLIN, DYWIDAG andHEILIT+WOERNER, the STRABAG Group hasachieved a strategic position which will have lastingpositive consequences for the entire group in thenext few years. This decision, made by the Board ofManagement in close coordination with theSupervisory Board, has an impact which goes farbeyond the German market.

SUPERVISORY BOARD

Ök.Rat Dr. Christian KONRAD

Chairman of the Supervisory Board

Dr. Christian KONRAD Chairman

Komm.Rat Herbert SCHIMETSCHEK Vice-Chairman

Mag. arch. Julius EBERHARDT

Mag. Erwin HAMESEDER

Dr. Gottfried WANITSCHEK

Dr. Jürgen KUCHENWALD

Peter NIMMERVOLL Member of the Supervisory Board

Josef RADOSZTICS Member of the Supervisory Board

Gerhard SPRINGER Member of the Supervisory Board

SUPERVISORY BOARD REPORT


CORPORATE GOVERNANCE

Transparency and responsibility of management ratehigh at STRABAG. In this area, we orient ourselvesalong national and international standards. OurGerman subsidiary STRABAG AG is listed on theFrankfurt Stock Exchange and is thus subject to thestrict German codex.

Corporate Governance for us means the goal ofresponsible company management and controlling,with a focus on the creation of lasting and long-termcompany value. This should involve a high degree oftransparency for all involved in and with the companyand has long been a principle at STRABAG.

Panorama Donau-City with STRABAG HAUS, Vienna, Austria

Important Projects Completion of DN6 National Road, east-west roadway towards Timisoara, RomaniaBegin of construction of Niagara Power Plant Tunnel, CanadaHandover of Uniqa Tower in Vienna, AustriaConstruction and PPP operation of Hungerburgbahn in Innsbruck, AustriaHotel Moskva at Red Square in Moscow, RussiaECE Shopping Centre in Klagenfurt, AustriaCompletion of Delhi Metro, IndiaBrown coal power plant, Neurath by Cologne, GermanyM5 Motorway, HungaryFermoy Bypass, IrelandDaimlerChrysler Museum in Stuttgart, GermanyUniversity of Beirut, LebanonTelekom Center Munich, GermanyArkaden Shopping Centre Cologne, Germany

The Board of Management takes decisions in closecooperation and constant coordination with theSupervisory Board, in line with the fundamentalconcepts of Austrian Corporate Governance and withthe goal of a lasting rise and safeguarding of thecompany’s value.

We have a policy of transparency in all actions withour employees and partners. It is therefore a matter ofcourse for us to increasingly extend this transparencyin our external dealings as well in our future as astock-listed company.


MANAGEMENT REPORT –FIMAG Finanz Industrie Management AG, Spittal an der Drau

Hungary

Czech Republic

Poland

Economic growth in Hungary remained dynamic in 2005, with a growth rate of4.0 %. The steady growth will continue intact this year and it seems likely that lastyear’s levels will be reached this year as well.Meanwhile, the simultaneous trade and budget deficit are dominating economicpolicy discussions and dampening the otherwise positive mood in the country.The construction industry, with growth of 4.4 %, is growing faster than the economyas a whole. Hungary’s accession to the European Union has brought the country asignificant increase in passenger traffic and the transport of goods. For this reason,the upgrading of the country’s primary road network has top priority in transportpolicy. Other measures include the modernization of the country’s rail network.Hungary’s long-term goals include closing the gaps in the Trans-EuropeanNetworks as part of the European Union’s transport plans. The EU Structural Fundsand the Cohesion Fund provide the necessary resources for specific projects,contributing to the continued flow of considerable amounts of capital into Hungaryfrom abroad.As an EU member and neighbour to the future growth markets in Eastern andSoutheastern Europe (Romania, Croatia, Serbia and Ukraine), Hungary holds astrategic position in Central Europe.

The Czech economy posted thoroughly solid growth of 4.9 % last year.The low inflation rate and low trade deficit provide a stable foundation for continuedmacroeconomic development. The growth of the country’s building industry isslightly above that of the economy as a whole, but below the extraordinarilydynamic developments of the previous two years. The Czech Republic’s accessionto the European Union has resulted in significant influences on the country’sconstruction industry. The construction and renewal of the primary road and railnetworks is of central importance and is being supported by European Uniondevelopment funds. Investments in Prague’s underground network are also worthmentioning here. Furthermore, the continued readiness on the part of Czech andforeign investors to make investments has had a positive effect on constructionactivity, which will result in pleasing growth rates in the years to come.

Poland’s economic growth weakened slightly compared to 2004, dropping down to3.2 % in 2005. This development is due particularly to restrained domestic demand.Higher growth, significantly above 4 %, is again expected for the coming years.The construction industry in Poland has posted above-average growth since thecountry joined the European Union in 2004. Construction activity in Poland isfocused mainly on construction in and upgrades to the country’s infrastructure,with significant amounts of funds available from the European Union’s CohesionFund for this purpose. Priority in this area is given the construction of the A1Motorway, the continued work on the A2 and A4, as well as a number of express-way projects. In addition to tenders for the primary road network, by-pass roads aswell as regional and local roads are also gaining in importance. These projects arepartly co-financed by the EU as well.Since EU accession, Poland has become more attractive for private investors,which has led to lasting improvements in the demand for building construction.Unfortunately, the public sector is lagging behind in these developments.

Germany

Austria

DEVELOPMENT OF THE CONSTRUCTION INDUSTRY

Germany’s economic growth of 0.9 per cent was too weak to lend the constructionindustry any macroeconomic drive. Moreover, the restrained economic upswingwas largely due to exports. The recession in the construction industry continued in2005, with construction activity again on the decline. Across the country, the volumeof new orders fell by 1 per cent year on year. The downwards trend has begun tolevel off, however, and was continuing only in the “new” federal states. The trend inwestern Germany meanwhile showed definite signs of improving. The figures allowus to conclude that the investment backlog of the past will come to an end in themedium term, and that both public as well as private investors are becomingincreasingly less reluctant to make new investments. It remains to be seen, however,whether these developments will be lasting. A distinctive feature of the Germanconstruction market is the high degree of fragmentation on the bidding side, whichhas traditionally resulted in high and partially ruinous price competition in the country.

The Austrian economy grew at a rate of 1.9 % in 2005, putting it on a moderategrowth path. Still, growth was below the levels of the previous year. The country’sconstruction industry is following a steady upwards trend: The building productionvalue (the total of building trade and construction industry) was up 3.0 % toe 11.6 bn (2004: e 11.2 bn). Despite the positive development in terms of quantity,the price situation remained difficult and the expected slow-down of pricecompetition again failed to materialize in 2005. Construction activity in the area ofcivil engineering grew by 6.6 % and like last year developed generally satisfactorily.The total production value in building construction grew by a mere 0.3 %. While thedemand on the part of business and industry recovered noticeably, a downwardstrend could be observed in other building construction markets as well as in theconstruction of residential buildings and housing developments.

The development of the construction industry in 2005 in the markets in which the STRABAG Group isactive was marked by regional differences. Growth remained cautious in Germany, while the developmentin Austria was satisfactory.The countries of Eastern Europe, as well as the remaining markets, werecharacterized by high growth rates.

Roadway Cleaning, Airport Linz/Hörsching, Austria

Other Countries

Russian Federation

Romania

Bulgaria

United ArabEmirates

Oman

Other

The overall economic development within the Russian Federation remains positive.The Russian economy grew by 5.7 % during the reporting period.Large investments by state and private clients have led to a boom in constructionactivity in the major metropolitan areas, particularly in Moscow.

Economic growth in Romania reached only 3.7 % in 2005, compared to 8.3 % theprevious year, as the country’s flood disasters significantly slowed developments.Growth is expected to again pick up speed in 2006.

In Bulgaria the economy grew by 5.3 %, somewhat more slowly than in 2004,also in part due to the summer’s floods in parts of the country.

The economy of the United Arab Emirates is growing very dynamically.Projects currently in the planning phase in Dubai and Abu Dhabi promise anextraordinarily high volume of construction in the next few years.

In Oman the additional income from the oil industry and the high oil prices hassignificantly improved the readiness to make investments in the country.New large infrastructure projects are being planned or have already begun.The country’s road network is being further upgraded for tourism purposes.At the same time, new housing, business centres and recreational facilities arebeing built.

There were no noteworthy changes over the previous year in the remainingcountries in which STRABAG is active.

Road Construction, Oman


Switzerland

Slovakia

Croatia

Benelux

The general economic data show that the development of Switzerland’s economywas very positive during the period under review. The economy grew by around1.9 %. The Swiss construction industry has a very small-scale structure, resulting instrong price competition.Large infrastructure projects provide a strong impulse for certain segments,especially for tunnelling. The general propensity to invest on the part of the publicsector is rather restrained, however. An increase in business can be observed inthe private sector, although it is quite distinct from region to region and remainsconcentrated above all in the metropolitan areas.

Slovakia’s economy grew by 5.6 % in 2005, just above last year’s value.The rapid and lasting growth of the economy is the result of radical reforms in thecountry’s social and fiscal policies. Foreign investors find a very friendly businessclimate in Slovakia. The National Bank of Slovakia is aiming to replace the Slovakkoruna with the euro on 1 January 2009.In Slovakia, the construction industry receives a significant amount of impulses from investments in infrastructure and industrial facilities. Some examples are thePSA car factory in Trnava and the Kia assembly plant in Zilina. Production is tobegin in both plants in 2006. In addition to these assembly plants, ancillaryindustries will in part be set up in their own industrial parks. One such park will belocated in the town of Senec near Bratislava.The Bratislava metropolitan region is developing into an interesting location forlogistics and distribution centres and is currently undergoing a boom in shoppingand entertainment centres.

Economic growth in Croatia stood at 4.0 % in 2005, picking up speed comparedto 2004. Following the official start of accession negotiations in October 2005,Croatia is on course to join the EU.Croatia is in a very good position economically and should not hesitate to rankitself with the other EU hopefuls.Croatia’s growth dynamic, combined with the country’s path towards Europeanintegration, provide the optimal conditions for a positive development of theconstruction industry.

Building activity in the Benelux countries recovered in 2005 against the backgroundof the general economic framework. Respectable growth rates were observed inBelgium in the area of civil engineering in particular.After the downward trend of the past few years in the Netherlands, the situationin the country’s construction industry improved as well and growth can also be seenhere once more. The strongly fragment bidding side remains characteristic of theconstruction market in the Benelux countries, resulting in repeated flare-ups ofprice competition.

MANAGEMENT REPORT

DEVELOPMENT OF THE CONSTRUCTION INDUSTRY


Muratli Power Plant, Turkey

MANAGEMENT REPORT

COMPANY DEVELOPMENT

In February 2005, STRABAG SE signed a contract for the takeover of importantportions of the insolvent German WALTER-BAU Group.The takeover package includes the newly founded DYWIDAG Holding GmbHcomprising DYWIDAG SF- und Ing. Bau GmbH, DYWIDAG Bau GmbH andWalter-Heilit Verkehrswegebau GmbH (now HEILIT+WOERNER Bau GmbH),as well as DYWIDAG International GmbH.These companies were responsible for an output volume of around e 760 m in2005. The takeover package also contained a 4.9 % stake in Ed. Züblin AG,Stuttgart.In June 2005, the Bayerische Landesbank awarded the tender for a furtherpackage of 48.7 % of Ed. Züblin AG to STRABAG SE. With a total stake of 53.6 %,STRABAG SE now is the majority stockholder of Ed. Züblin. Ed. Züblin AG employsaround 6,500 people and has a construction volume of over e 1.5 bn.

ZÜBLIN and the various DYWIDAG subsidiaries have helped the STRABAG Groupto a regional expansion and added expertise in the fields of civil engineering andtunnelling in Germany in particular.

In addition to turnkey building construction, the German DYWIDAG subsidiariesconcentrate also on civil engineering. DYWIDAG International GmbH is a globallyactive and respected company in the field of project work.

Ed. Züblin AG is one of the leading companies in the fields of turnkey buildingconstruction as well as specialized groundwork and civil engineering in Germanyand is very successful in large projects internationally as well.

HEILIT+WOERNER is mostly active in road construction with its core competenciesof concrete paving and large projects. The company helps the STRABAG Groupto further expand its activities in this area, providing STRABAG with improvedknow-how in concrete road construction and with regional additions in Germany inparticular, but also in Poland and the Czech Republic, where HEILIT+WOERNER isrepresented by its subsidiary companies.

As a result of these acquisitions, the STRABAG Group has set the stage for afuture-oriented realignment on the German market. STRABAG is now in a positionto become a one-stop provider of a comprehensive range of combined roadconstruction and civil engineering services.

The STRABAG Group ended 2005 on a very successful note and was again able to significantly improve its position in the markets.Through a strategic policy of acquisitions, STRABAG managed todecisively expand its leading market position in the again blossoming German market and so createfor itself an outstanding starting position for the future. Furthermore, the company significantly improved its presence in the booming Eastern European markets with above-average organic growth.

IMPORTANTACQUISITIONS

STRABAG SE - 2005 I 1716 I STRABAG SE - 2005

MANAGEMENT REPORT

COMPANY DEVELOPMENT

The construction volume in Hungary increased 38.4 % from e 678 m to e 938 m.While the volume of building construction remained roughly the same year on year,the good market situation in the country led to a particularly dynamic roadconstruction segment. The good results are due primarily to our participation in thelarge M0, M5, M7 and M35 Motorway projects. Despite the good biding situation,significant price competition can be seen in Hungary.The total volume of orders fell sharply compared to 2004. The decline was limited tothe road construction segment, however, which can be explained through thecompletion of major road works according to plan. Meanwhile, interesting public-private partnerships were concluded in the building construction segment.

Total output grew in the Czech Republic by around 41.7 %, due partly to theacquisition of the Heilit+Woerner Group, which is active in the country with itssubsidiary Dálnicní stavby Praha a.s.Adjusted for acquisitions, the STRABAG Group grew by just over 20 % in theCzech Republic, above all due to road construction works, despite the fact that our building construction segment also outperformed the construction industry as a whole.STRABAG was able to further strengthen its market position in the Czech Republicin both segments, which, considering the continued growth in the volume of orders,places us in a good starting position for the future.

Construction volume was up 56.9 % in Poland to e 433 m (2004: e 276 m).Decent growth rates were posted in both the road and building constructionsegments. Heilit+Woerner’s Polish subsidiary, Heilit+Woerner Budowlana sp.zo.o.was successfully integrated into the group during the reporting period, rounding offSTRABAG’s road construction business in the country. The growth in the volume ofroad construction works was largely due to our involvement in the construction ofthe A2 Motorway, although consolidation can be observed in the classic mainstaybusiness.In building construction, adequate demand remains guaranteed on the part ofimportant private investors. The volume of orders was very satisfactory at the end of2005, allowing for a selective bidding policy.

The construction volume in Switzerland increased from e 183 m to e 295 m in 2005.The higher output is largely due to the completed merger of the Egolf Group,active in roadwork and other civil engineering, and Züblin-Strabag AG (formerlyZüblin-Schlittler-Spaltenstein), active in the fields of building construction andcivil engineering. Both companies were acquired in 2004. With these acquisitions,STRABAG is represented in all construction segments in the country.Tunnel construction continues to dominate activities in Switzerland.The ongoing work on the Gotthard and Lötschberg rail tunnels are particularlyimportant in this area.

Hungary

Czech Republic

Poland

Switzerland

Group output increased by 56.2 % (e 3.3 bn) to a total of e 9.3 bn in the reportingyear. With these results, the STRABAG Group came significantly closer to itsstrategic goal of becoming Europe’s leading construction group.The outstanding development of the group’s output was due to the above-mentioned acquisitions as well as the overall dynamic growth of the group inCentral and Eastern Europe.Even if the acquisitions are excluded, the STRABAG Group can post growth of17.6 %, a rate which is significantly higher than the growth rates in the constructionsectors of the respective countries and which has further contributed to improvingSTRABAG’s market position.

The output volume in Germany increased from e 1.970 bn in 2004 to e 3.523 bnin 2005, a year-on-year rise of nearly 78.8 %.This increase is largely due to the acquisitions of ZÜBLIN, DYWIDAG andHEILIT+WOERNER.Germany contributed 37.8 per cent to the consolidated construction volume.Due to the overall still difficult economic conditions and the continuing pricecompetition, it is particularly important to adapt capacities for the long term and toincrease efforts at creating a lean organizational structure. A highly selectivetendering process determines the approach to the market in all segments.The expansion and consolidation of the performance profile through the above-mentioned acquisitions bolsters STRABAG’s market position in road construction.In the fields of building construction and civil engineering, STRABAG will reach anorder of a magnitude which will guarantee lasting successes on the German marketthrough the merger of these activities at Ed. Züblin AG, to be concluded by themiddle of 2006.

The construction volume of the STRABAG Group in Austria rose 22.7 % frome 1.568 bn at the end of 2004 to e 1.924 bn in 2005.While the road construction segment grew at around the same rate as the overallconstruction industry, the building construction segment showed strong growth.Acquisitions, in particular that of the Mischek Group in 2004, which in 2005 formedpart of the consolidated figures for the first time, contributed to an extraordinarygrowth spurt in this segment.Just as satisfactory was the development of the project volume.The STRABAG Group thus further consolidated its position on the market in theperiod under review. A particular competitive aspect comes in the form of Germanconstruction firms expanding regionally into Austria. While Upper Austria, Salzburgand Tyrol are affected primarily in the field of road construction, in the field ofbuilding construction we face competition with German companies above all in thelarge cities and metropolitan areas.

TOTAL OUTPUT ANDORDER VOLUME

Germany

Austria


Other Countries

Russian Federation

United Arab Emirates

Romania

Bulgaria

Oman

Kenya

Rwanda

STRABAG already managed to establish itself in the Russian Federation in the pastand today is market leader among Western European companies in the Moscowmetropolitan area. The construction and revitalization of housing, office parks, retailcentres and industrial facilities form part of STRABAG’s range of building servicesin the country. Currently under construction is the large-scale Hotel Moskva projecton Red Square, one of STRABAG’s largest projects in Moscow.STRABAG is aiming to expand its share of the Moscow construction market andcapture new markets in other Russian cities and regions. Particularly of interest isthe city of Saint Petersburg.

Despite the booming construction industry, a lasting price competition can beobserved in the United Arab Emirates. Currently STRABAG is working on a villaproject in Qatar and a parking garage in Dubai. Both projects will be handed overto the clients in 2006. Several projects are ongoing at this time and it is to beexpected that STRABAG will receive further mandates in the future.

In Romania, STRABAG completed work on the DN6, an east-west connection fromTimisoara, during the period under review. STRABAG is also engaged in therehabilitation and expansion of the road network in Bucharest and our mainstaybusiness is being accelerated in the east of the country.

In Bulgaria the focus is on activities in and around Sofia and on the expansion ofour regional presence in the country. In the building construction segment,STRABAG is active as general contractor.

In Oman, STRABAG is mainly active in bituminous road construction and operatesfour mixing facilities in the north of the country. A further business field in Omaninvolves the small-scale production of pre-cast concrete.STRABAG enjoys a particularly good reputation in the country thanks to ourefficiency and adherence to schedules. An increasing demand can be observed forwaste disposal and environmental technology in the larger cities, making this fieldan interesting business area. STRABAG has already built a landfill site for thecapital city of Muscat.

In Kenya, STRABAG is working on the rehabilitation of a section of the Nairobi-Mombasa Road (A109). The project involves the renewal of the road as well as theconstruction of some new sections and eleven new bridges. The road is part ofthe northern corridor from Kenya into Congo and Sudan and is being co-financedby the European Union. Private financing models are being used in the NairobiBy-Pass and the expansion of Nairobi’s international airport.

In the 2005 financial year, three projects were successfully completed in Rwanda,including the upgrade of the runway, taxiways and apron at the Kigali InternationalAirport as well as the Kigali-Kayonza road.

MANAGEMENT REPORT

COMPANY DEVELOPMENT

Slovakia

Croatia

Benelux

In Slovakia, the volume of construction increased by over 15.5 %.Road construction was particularly dynamic, more than doubling during the periodunder review. The higher construction volume is due mainly to the acquisition ofmedium-sized and large-volume deals, both in the expansion and upgrade of theprimary road network as well as in setting up new industrial parks in and aroundBratislava and the connection of these facilities to the transport networks.The volume of building construction works stabilized at a high level during 2005 asthe result of the completion of major contracts in this segment.

Construction output in Croatia more than doubled compared to 2004.With a total output of around e 241 m, STRABAG is among the top companies active in Croatia’s building sector.Worth mentioning are the works on the Zagreb-Macelj Motorway project, beingcarried out with STRABAG under a concession model, and the completion of ahotel project in Dubrovnik in 2005. In STRABAG’s view, Croatia will prove to be animportant hub and catalysts for the overall development of the Balkan region.

STRABAG is active exclusively in building construction and project development inthe Benelux countries. The acquisition of a ZÜBLIN subsidiary was able to morethan compensate for the otherwise declining construction volume, which reached avalue of e 209 m in 2005 after e 196 m the previous year. Several considerableacquisitions were made during the period under review although the volume of newcontracts remained noticeably behind the 2004 values. The overall volume of ordersimproved due to the acquisition of ZÜBLIN.

Tunnel Breakthrough, Lötschberg Base Tunnel, Switzerland

Liquid assets as of 31 December 2005 were e 555.9 m, up from e 212.4 mat the end of 2004.In 2005 the STRABAG parent company FIMAG Finanz Industrie Management AGsuccessfully issued a e 75 m bond, the fourth corporate bond over all.With this bond, a total of e 225 m in bond issues has been placed on the market.FIMAG and STRABAG thus systematically pursued the strategy of applyingalternative corporate financing forms. Considering the consequences of Basel IIand the ongoing consolidation in the banking sector, this strategy has provento be correct.Effective 22 December 2005, a syndicated aval loan to the amount of e 1.5 bnwas signed with joint liability on the part of STRABAG parent company FIMAGFinanz Industrie Management AG. The loan replaces significant parts of theprevious aval loan taken out by STRABAG AG, Cologne, and Ed. ZÜBLIN AG,Stuttgart, at the same time that the security pool was dissolved. All collateral whichformed part of the security pool has thus been released. The loan was successfullyplaced with a total of 19 banks, each with a different share, and has a term of threeyears. There are two options to extend the term by one year for a maximum termof 5 years. The syndicated aval loan forms part of a well-thought-out long-termfinancing strategy and increases the STRABAG Group’s flexibility in this regard.In 2005 the cash flow from earnings reached e 286.3 m (2004: e 262.9 m).The ratio to the corresponding adjusted construction volume is 3.7 % (2004: 4.4 %).In consideration of the necessary information regarding the use of financialinstruments pursuant to Article 243 Paragraph 3.5 of the Austrian Commercial Code(HGB), we point to the information given in the notes to the IFRS consolidatedfinancial statement.

The exemplary performance of all employees, together with the optimum utilizationof available resources, ensured that the group again attained excellent results in2005. Earnings, as in the previous year, were above the industry average.Diversification by country and segment provides the group with increased stabilityand ensures a sound earnings basis. The earnings before taxes (EBT) determinedaccording to the IFRS (International Financial Reporting Standards) accountingstandards of e 134.7 m (2004: e 91.4 m) is proof of the company’s increasedefficiency and earning power.The profit margin, expressed as the ratio between the operating results and thecorresponding adjusted construction volume1, is 2.1 % (2004:1.9%), considerablyhigher than that of our rivals.


MANAGEMENT REPORT

COMPANY DEVELOPMENT

Total Group OutputVolume includingSpecial Partnerships (in mio.E)

Order Backlog

Important Projects(figures in E m)

INVESTMENTS

2003 2004 2005

Germany 2,115 1,970 3,523Austria 1,545 1,568 1,924Hungary 548 678 938Czech Republic 384 504 714Poland 297 276 433Switzerland 115 183 295Slovakia 59 219 253Croatia 156 98 241Benelux 205 196 209Other Countries 213 272 785

Total 5,637 5,964 9,315

The STRABAG Group’s order backlog on the reference date (31 December 2005)was particularly positive with e 7.927 bn (2004: e 4.980 bn).The year-on-year growth of 59.2 % is largely due to the inclusion of newly acquired companies. Excluding acquisitions, the volume of orders grew by 10.9 %during 2005.Major tunnel projects, investments in primary road and rail networks in Central andEastern Europe, and important work done for internationally active private investorsresulted in a positive development of the order volume.Many small and medium-sized projects contributed to the utilization of regionalcapacities and helped to create a balanced diversification of the overall portfolio.

Niagara Tunnel, Canada e 442 mGotthard Base Tunnel, Amsteg section, Switzerland e 173 mNeurath Power Station, Germany e 125 mM35 Motorway, Hungary e 117 mD47 Motorway, various sections, Czech Republic e 108 mPerschling Railway Tunnels, Austria e 92 mAkademie Housing, Russian Federation e 89 mARGE Neue Messe Hamburg, Germany e 77 mPalladium Shopping Centre, Czech Republic e 73 mAlcatel Office Building, Stuttgart-Zuffenhausen, Germany e 71 mM7 Motorway, Hungary e 67 mSevernaya Bashnya Office Tower, Russian Federation e 62 mZagreb-Macelj Motorway, Croatia e 61 m

In the year under review, the STRABAG group invested e 304.8 m(2004: e 207.5 m) in tangible as well as intangible assets.Constant replacement and expansion investments guarantee the efficiency and productivity within the group.Depreciations on tangible assets stood at e 178.7 m in 2005,compared to e 208.9 m in 2004.

FINANCES

PROFIT SITUATION

1) construction volume without Züblin Group2) operating results = earnings before financial results and taxes

+ earnings from stakes in associated companies + income from investments


MANAGEMENT REPORT

COMPANY DEVELOPMENT

The construction sector is also increasingly affected by the ongoing economicchanges. More and more it is not the classical building activity which stands in theforeground; rather, the main focus in the construction industry is shifting towardsproviding building services such as planning, development, financing andoperating services. This will increasingly require interdisciplinary teams, and it canbe expected that the qualifications demanded of employees in these teams willdiffer significantly from traditional training profiles. In addition to the necessaryprofessional competence, increased mobility, a pronounced customer orientation,interdisciplinary network thinking and entrepreneurial action are indispensable.One focus of our continuing education is therefore especially dedicated tocustomer orientation. Furthermore, we see “leadership” as an essential factor forour continued business success. We believe that given our employees moreresponsibility allows them to grow and that mutual trust is conducive to theirperformance. Our goal is to create a critical feedback culture in all areas of thecompany which is as open as possible and which will form the basis for higheremployee satisfaction. Leadership means accepting responsibility in the area offinances as well as taking responsibility for the motivation and development of one’sown employees.

With this in mind, STRABAG pays special attention to the correct personal andprofessional competence required to reach these goals already when searching forsuitably skilled employees or executive personnel.STRABAG has at its disposal an electronic job board on its Intranet in order tooptimize the group-intern personnel search and allocation. Our external recruiting issupported by a newly developed online Applicant Management Information Systemat our Internet site. These two networked applicant systems allow a more efficientand quicker comparison of job offer and demand.

EMPLOYEES

Group Employees(average employmentlevels)

Recruitment

2003 2004 2005

Germany 10,964 9,988 14,668Austria 8,970 8,789 9,731Hungary 3,887 3,849 4,013Czech Republic 2,808 3,222 3,742Poland 1,561 1,366 2,408Switzerland 781 961 1,591Slovakia 514 2,059 2,149Croatia 754 534 692Benelux 579 528 550Other Countries 1,881 1,991 4,969

Total 32,699 33,287 44,513

Our employees at work for their clients

MANAGEMENT REPORT

Functional building mandates and PPP models are becoming more and morecommon, leading to a shift in the focus of competition away from pure pricecompetition towards competition for quality.

This presents a new challenge for the TPA GESELLSCHAFT FÜRQUALITÄTSSICHERUNG UND INNOVATION (“TPA Society for Quality Assuranceand Innovation”), the STRABAG Group’s competence centre for research anddevelopment.While the focus in the past was on the inspection of building materials, todayquestions of quality prognosis concerning structural life spans are increasinglycoming to the fore. In relation to the life cycle, innovation and development cyclesare significantly shorter than in most other sectors. A mere inspection and analysisof existing structures is not enough, but rather must be supplemented bysimulations processes.In addition to the different norms in the countries in which STRABAG is active,the differing constraints such as building subsoil, availability of building materials,climatic influences etc. require targeted regional development processes.For this reason, the decision was made to make investments for further TPAcompetence centres in Warsaw and Bratislava.The addition of recycling asphalt to the production of asphalt mixtures has beenfurther promoted in all countries. Following the modification of the mixing facilities,we have already been able to make contributions in the areas of resourceconservation and waste avoidance.One of TPA’s most important tasks is the networking of group knowledge andexperience across all countries. In 2005 several technological innovations werefurther disseminated and successfully applied throughout Europe.Low-temperature asphalt was tested on two road sections in the Czech Republicin order to gain the necessary approval for its use in the construction of the D8Motorway in the environmentally sensitive Ore Mountains next year. In addition tolowering emissions and saving energy, the construction works can be postponeduntil the cold season in order to minimize the influence on flora and fauna.

STRABAG is extremely aware of its responsibility towards the environment.When preparing and carrying out construction projects, the company strives to useenergy and raw materials in such a manner as to conserve resources and to keepemissions and waste production at a minimum.STRABAG has committed itself to the continued development and improvement of environmental services and aspires to be a pioneer in environmental action onthe building market.This commitment is to promote the company and should be easily recognizedby customers, clients and business partners.The number one principle is abidance with environmental legislation, regulationsand official restrictions. In this regard, a great amount of responsibility falls on ouron-site employees, for whom compliance with the changing project-specificenvironmental requirements presents a special challenge.

RESEARCH ANDDEVELOPMENT

ENVIRONMENTALPOLICIES


STRABAG’s own academy provides comprehensive, target-group-oriented trainingfor group employees, including training in the fields of technology, law, business,computing and methodological and social competence.For the past two years, we have, in addition to existing face-to-face seminars,offered IT training material on an e-learning platform to employees in a pilot projectin one of the countries where we are active. This new, flexible way of learning, whichcan be done anywhere and anytime, met with such positive response that we willnow offer it in other countries as well.

In order to discover and support suitable young talent and more strongly tie theseto the company, we have introduced a trainee programme for young skilledemployees and executive staff in all countries. The programme is to promote theinternational exchange of trainees and better accommodate the increasinginternationalization of the group.In order to assist our search for young commercial and technical talents, we havefurther expanded our cooperation with selected universities – particularly inCentral and Eastern Europe.

Within the scope of our personnel management, we strive to ensure communicationthrough continual mutual feedback and structured employee-management talks.Topics of discussion include suggestions for improvement, analysis of criticalpoints, joint selection of further training measures and career planning. In order toprovide expert assistance in this constant dialogue concerning the development ofmanagement competence, a management potential analysis was carried outamong all managers and executives during the year under review.

The values which the company conveys to customers, clients and especially itsemployees are the leadership benchmarks according to which management at alllevels orients itself. Furthermore, all employees take these values with them in theirbehaviour outside the workplace and we have established appropriate codes ofconduct to guarantee integrity in business transactions.

A modern, ergonomic and friendly working environment helps employees toaccomplish their tasks in a goal-oriented manner. We place great importance on jobsafety and accident prevention at the construction site. In order to guarantee thesafety and health of our employees before problems occur, we provide protectiveequipment, organize accident prevention seminars and hire and train safetyofficers.

STRABAG Akademie

Trainee Programme

Communication

Code of Conduct

Job Safety and AccidentPrevention

The management wishes to thank all employees for their commitment to the company and their identificationwith the company’s goals. We also thank all workers’ representatives for their honest and constructive teamwork.Without this cooperation, the company’s successes would not have been possible.

MANAGEMENT REPORT

COMPANY DEVELOPMENT

Further information regarding interest risk, currency translation risk and credit risk can be found in the Noteson page 93 under section (22) Financial Instruments.


Under financial risk we understand risks in financial matters and in accounting,including instances of manipulation. Special attention is paid to our liquidity andreceivables management, which is secured through constant financial planning anddaily status reports. Compliance with internal commercial guidelines is guaranteedby the central accounting and controlling departments, which are also responsiblefor internal reporting and the periodic planning process. Risks from possibleinstances of manipulation (acceptance of advantages, fraud, deception or otherinfringements of the law) are monitored by all business areas, but by internalauditing in particular.

Risks concerning the quality and quantity of personnel are covered by the centralpersonnel department with the help of a specialized data base. The company’s ITconfiguration and infrastructure (hardware and software) is handled by the centralIT department, controlled by our international IT steering committee.

Highly qualified and motivated personnel are an essential competitive factor. In theperiod under review, the entire management participated in a potentials analysis. Insubsequent feedback talks, group executives and company managers discussedtopics such as succession planning, motivation, company loyalty and socialcompetence.

STRABAG can exert influence on the management of associated companiesthrough its shareholder position and, if applicable, any existing advisory functions.The shares in asphalt and concrete mixing companies usually involve minorityholdings, typical for the sector. With these companies, economies of scope areat the fore.

A review of the current risk situation shows that in the reporting period there wereno risks which jeopardized the company’s existence, nor were there any future risksto be seen.

Financial Risks

Organizational Risks

Personnel Risks

Investment Risks

MANAGEMENT REPORT

COMPANY DEVELOPMENT

The STRABAG Group is subject to a great number of risks in its business activities,which are identified and assessed using an active risk management system anddealt with using an adequate risk policy.

Our active risk management system serves the assessment, avoidance andreduction of risks which jeopardize business. The organization of STRABAG’s riskmanagement builds on the project-related job-site and acquisitions controlling,supplemented by the higher-level assessment and steering management. Theseactivities are supported by a number of regulations and measures, including acertified quality management system, internal group guidelines for operationsworkflow, a centralized administration, our Controlling Department, the ContractManagement Department and internal auditing.The internal auditing oversees compliance with the company’s technical andcommercial guidelines. Through the establishment of company-wide qualitystandards in quotation processing and supplemental services management, ourcentrally organized Contract Management Department can better assert our claimsfor outstanding debt.The following central risk groups were defined in our group-intern risk report:

The entire construction industry is subject to cyclical fluctuations and reacts to varying degrees depending on region and sector.The overall economic growth, the development of the building market andthe competitive situation, as well as the conditions on the capital markets andtechnological changes in construction, could lead to risks.These risks are continually observed and monitored by the various departmentsand operating units.Changes in external risks lead to adjustments in our organization, market presenceand range of services as well as the adaptation of our strategic and operatingplanning.

The operating risks include primarily the complex risks of project selection andexecution. STRABAG keeps acquisition lists in order to review the project choice.Business transactions requiring consent are reviewed and approved by our divisionmanagers and department heads or by the management board according to ourinternal rules of procedure. Cost accounting and expense allocation guidelineshave been set up to assure a uniform process of job costing and to establish aperformance profile at our construction sites.Project execution is managed by the construction team on site and controlled bymonthly target/performance comparisons; at the same time our central controllingprovides constant commercial backing.

RISK REPORTING

Risk ManagementSystem

External Risks

Operating Risks

STRABAG SE - 2005 I 29

The economic indicators in Germany have improved noticeably in the recent past.It is already foreseeable that the construction industry will also be seized by thesedevelopments and that the long recession is finally over. The recent positive trendin new orders is a first indication of this .The mood in the country has brightened following the political changes.A positive market environment and improved corporate earnings have againcreated a good climate for investment which will benefit the construction industry.Moreover, consumer behaviour has stabilized, further driving economic growth.There is a lot of work left to be done by the public sector in the area ofinfrastructure. In this area, the toll on heavy trucks introduced in 2005 and thepublic-private programme to expand and modernize Germany’s motorways (A Models) – despite the tight budget – will provide a much-needed impulse.The STRABAG Group, as largest provider of construction services in Germany, hascreated the necessary conditions for success in a difficult market and will profitparticularly from this upswing using all possible synergy effects.

Robust growth of the construction industry is expected in Austria, even if the pricesituation, like in Germany, remains difficult. According to the economic experts,Austria’s construction industry will benefit particularly from an increased demandfor transport infrastructure projects between Austrian and the Eastern Europeancountries. This is just as true for road construction as it is for railway infrastructure.An important catalyst for the industry will be the accelerated construction of theTrans-European Networks (TEN): of 30 high-priority projects, 5 have a direct relation to Austria.The willingness to use alternative forms of project execution creates additionalpossibilities and flexibility. The realization of the A5 Motorway and the S1 and S2expressways, for example, are to take place under a concession-and-operatormodel with private and public partners. STRABAG will be able to maintain its statusas market leader throughout Austria.

According to experts, the construction industry in the new EU member states,as well as in the countries of the next round of enlargement, will continue theirdynamic trend. Infrastructure investments can be expected to drive growth.The renewal and expansion of the primary road network and of the railwayinfrastructure has top political priority, and it is a matter of great concern for theEuropean Union to accelerate Eastern Europe’s economic catch-up process.Thanks to the funds from the EU development programmes, the countries of theregion will come closer to this goal in the coming years. Furthermore, the problemof tight national budgets is to be addressed by including private capital in theform of PPP projects. In addition to the infrastructure sector, the environmental fieldand water resources management are especially important in Eastern Europe.Great demand can be seen for projects such as water treatment facilities or waterand sewage lines.STRABAG’s good position in these countries forms the basis for lasting growthof our output and earnings, despite higher competition as the result of new marketparticipants in the region.

MANAGEMENT REPORT

OUTLOOK

Germany

Austria

Central and EasternEurope

Blackwater Viaduct, Ireland

REORGANIZATION OF MARKET PRESENCE

The economic forecasts for the markets on which the STRABAG Group is active are predominantlypositive. Our current market position provides us with an excellent foundation for a disproportionateparticipation in the economic growth.

As a result of the corporate acquisitions, the STRABAG Group’s market presence underwent some importantchanges in 2005. The newly acquired companies and brands perfectly complement the core STRABAGbrand.Our work on the markets will no longer be determined by a single brand name strategy, but rather by themutually complementary presence of the four main brands STRABAG, DYWIDAG, HEILIT+WOERNER andZÜBLIN. These names, each steeped in tradition, stand for dependability and professionalism and will bemaintained to the advantage of the entire group.


The company changed its name from BAUHOLDING STRABAG SE to STRABAG SE and presented a newlogo and organizational structure.

The internal organization is being changed due to the addition of the newly acquired companies.The Tunnelling and Civil Engineering segment and the Building Construction segment are being merged intoa single segment called Building Construction and Civil Engineering. The future organization of the groupwill be divided into three building segments: Road Construction, Building Construction and Civil Engineering,and Services.

BOARD OF MANAGEMENT 26 April 2006


SIGNIFICANT EVENTS AFTER BALANCE SHEET DATE (Supplemental Report)

MANAGEMENT REPORT

GROUP STRUCTURE MAY 2006

GROUP STRUCTURE

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* 65% owned directly by STRABAG SE, 35% indirectly over STRABAG Germany** STRABAG SE’s stake has increased to around 57% due to acquisitions since 31 December 2005


SEGMENT REPORT ROAD CONSTRUCTION

Asphalting Laaer-Straße, Austria

Renovations Bahnhofsplatz Kaiserslautern, Germany

Construction of sport field, Ritzing, AustriaContainer Terminal, Hamburg-Altenwerder, Germany

De-icing, Airport Munich, GermanyD8 Motorway, Czech Republic

M35 Motorway, Hungary Asphalting A12 Motorway, Austria

Motorway Toll Plaza, Zagreb-Macelj Motorway, Croatia

Pipe laying, Berlin-Brandenburg, Germany

Cleaning works, A4 Motorway, Poland

STRABAG is market leader in the Hungarian road construction sector and onceagain made decisive contributions to the expansion and upgrade of the country’sprimary road network in 2005. Examples include the second and third phase of theM5 Motorway, to be operated under a concession model, as well as the M35 andM7 Motorways. The good regional distribution of the asphalt mixing plants inHungary guarantees that our operating units receive a constant supply of pavingmixture and provides a solid foundation for our activities in the country.STRABAG is primarily active in the field of asphalt road construction but alsodisposes of adequate know-how and experience in the construction of concreteroadways, a technique used for the first time in Hungarian motorways last year.In addition to the large roadway projects, STRABAG has also become successfullyactive in regional road construction and the construction of secondary road networks.

In the Czech Republic we are currently focusing on the construction of largesections of the country’s motorways, including the D47, a motorway connection inthe east of the country in the direction of the Polish border. The work on the CzechRepublic’s primary road network makes for an excellent use of capacities in thecountry. The major projects are complemented by smaller and medium-sized roadconstruction on the regional level. STRABAG disposes of a well-developed networkof asphalt mixing plants in the Czech Republic, which support our leading marketposition in this segment.

We further intensified our mainstay business in the Road Construction segment inPoland and are present with regional offices in all 16 voivodships. Separate officesare responsible for major projects in the country’s primary road network. Bridgebuilding is handled by a separate unit as well. The penetration of the bridgebuilding market in all of Poland forms a significant part of our strategy in the RoadConstruction segment. Entry into railway construction is currently being planned.Around one half of the road construction volume is generated in the construction ofmotorways. Significant projects in this area are the Konin-Ko=lo and Ko=lo-Dabiesections of the A2 Motorway. STRABAG remains active in the classic mainstaymarkets and intends to further intensify activity in this area. In 2005, STRABAG wasable to further solidify its dominant market position in road construction in Poland.

Clear progress was made during the period under review regarding the ongoingtransformation of STRABAG’s activity profile in Slovakia from one of minor repairsand upgrade services to large-volume contracts. This change can be seen best inthe dynamic growth of our turnover. The strategic expansion of the motorwaynetwork in eastern Slovakia will be handled out of a new office in Kosice. Slovakiaplans to continue to expand and modernize its motorway and expressway systemwith particular importance given the connection with the east. Several sections ofmotorway are to be built under a PPP model.

The Road Construction segment was again the most significant segment within theSTRABAG Group, contributing 44.8% to the total construction volume in 2005.Today we are the Number 1 in road construction in 4 countries: Germany, Austria,Hungary and Poland. While we have grown through corporate acquisitions in ourmainstay markets, successes in our Central European markets have been the resultof organic growth. The market is being determined by the European commitment tocreating new and modern transport routes with the goal of interconnecting Europe’scountries and regions and of integrating the flow of commodities.One of the most important factors contributing to our outstanding market positionis our excellent access to raw materials – indispensable in the field of roadconstruction – as well as the good regional distribution of our asphalt mixingfacilities.

STRABAG is the unchallenged market leader in road construction in Germany.The integration of the activities of Heilit+Woerner Bau GmbH has allowed us toexpand our leading market position to include concrete road construction as well.Although the construction volume of Heilit+Woerner Bau GmbH was down in 2005– attributable above all to the repercussions of the insolvency of Walter Bau –the volume was up at the remaining operating units in road construction as well asat our asphalt mixing plants. Due to the general overcapacities on the market,there has been no improvement in the price level.In 2005 STRABAG again won the tender for a number of major projects in Germany.These include the upgrade of the BAB A60 Motorway with two new off-ramps andnoise reduction measures (Mainzer Ring), the modernization of the Sportfeld railwaystation in Frankfurt in time for the 2006 Football World Cup, and the laying of245,000 m2 of bituminous pavement at a container terminal in Hamburg-Altenwerder. In addition to these projects, we acquired a number of larger contractsfor motorway sections in Germany. Meanwhile, the “A-Models” – the name given aPPP financing model – for the upgrade of defined motorway sections in Germanywill first be put out to tender this year. First construction work under this model willtake place in 2007.

STRABAG is market leader in road construction in Austria, where it has access to a dense network of asphalt mixing facilities.Despite the positive demand, however, tough price competition could be seenacross the country in 2005, a situation which can be expected to continue due tothe existing overcapacities. Renewed impulses came from large infrastructureprojects and investments were observed in the primary road network as well as in tunnel and bridge construction.Revenue from vehicle tolls is primarily being used for the upgrading andmodernization of the motorway network. Projects include the complete renewalof sections of the A1 and A2 Motorways.


SEGMENT REPORT

Germany

Austria

ROAD CONSTRUCTION

Hungary

Czech Republic

Poland

Slovakia

ˇ


SEGMENT REPORT

ROAD CONSTRUCTION

STRABAG entered the road construction market in Switzerland with its acquisitionof the Egolf Group in 2004. With its new subsidiaries in the Thurgau Canton innorthern Switzerland, STRABAG is now well established in the country and isworking on projects in the area of conventional road construction and civilengineering. In Switzerland, we dispose of sufficient gravel reserves and disposalsites. Contracts generally involve minor projects.

STRABAG’s construction volume in Croatia can easily be documented by high-lighting a number of examples. One project currently under construction is theZagreb-Macelj motorway in the direction of Maribor in Slovenia, being carried outunder a concession. The route will form part of the European Pyhrn Motorway.STRABAG is leading a consortium in Croatia’s ambitious motorway projects.Difficult sections also required significant tunnelling and engineering services,which were handled from Zagreb in cooperation with Austrian engineers.In addition to the major projects ongoing in the country, STRABAG also holds animportant position in the mainstay market in regional road construction, whichinvolves all regional urban and interurban roads.

In Romania and Bulgaria we are continuing work on establishing our nationalmarket presence. The emphasis in these two countries is on smaller and medium-sized construction work in and around the capitals Bucharest and Sofia.Individually, however, larger contracts involving EU-financed interurban connectionsare handled as well.

In Serbia we were able to make good progress in our efforts begun in 2005 atacquiring road construction projects in the country. STRABAG succeeded in takingover a majority stake in two local road construction firms, PZP Zajecar and PuteviCacak.

In the Middle East the STRABAG has been active in Oman for many years, where itis well established on the local market.

In Africa selected projects are being carried out in Kenya and Rwanda as part ofthe European development aid programme in direct export.

2003 2004 2005

Construction volume (in Te) 3,077,652 3,064,120 4,171,527Revenue (in Te) 2,426,278 2,653,630 3,655,248Operating income (in Te) 68,789 106,690 75,828Employees 19,657 19,126 21,937

Switzerland

Croatia

Other Countries

Romania, Bulgaria

Serbia

Middle East

Africa

The Building Materials business field was able to post higher output and productionin all of its areas of business last year. Developments in Hungary and the CzechRepublic were particularly positive. In these two countries, we were able to takepart in the accelerated expansion of the primary transport networks, resulting inabove-average growth in business.The expansion in the direction of Eastern and Southeastern Europe is to continue.In 2005 around 2.8 million m3 of concrete were produced at our concrete mixingfacilities.With bituminous emulsion production sites employing 300 people in 8 countries,Bitunova and its regional subsidiaries are market leaders in the countries of Centraland Eastern Europe. The total production of bituminous emulsion in 2005 stood ataround 55,000 tonnes. Declining quantities in Austria were compensated forthrough business expansions in the remaining countries.Top priority is given to the supply of raw materials of the STRABAG Group andexpansion; as a result, we are promoting the expansion in our core marketsaccordingly. Total output at our numerous production sites in 2005 reached around21 million tonnes of stone and gravel.The local subsidiaries of SAT posted their greatest growth in market share in thefield of recycling. The core business of pavement milling also had another verysatisfactory year in 2005.

Building Materials

Segment Road Construction

Output accordingto country

Austria 18.9 %

Germany 37.8 %

Other Countries4.2 %

Benelux 0.1 %Croatia 1.6 %

Slovakia 2.4 %

Switzerland 0.9 %

Poland 6.0 % Hungary 15.7 %

Czech Republic 12.5 %


SEGMENT REPORT BUILDING CONSTRUCTION

Restoration, Hotel Polonia, Poland

Automobile Factory PSA Peugeot Citroen, Bratislava, Slovakia

Airport Terminal Prague, Czech RepublicIndoor Stadium, Zurich-Oerlikon, Switzerland

Valua Retail Village, Ingolstadt, GermanyMadou Tower Brussels, Belgium

Severnaya Bashnya Office Tower, Moscow, Russian Federation Uniqa Tower, Vienna, Austria

Neue Messe, Hamburg, Germany

Hundertwasserhaus Essen, Germany

Klinikum Barmbek, Germany

STRABAG SE - 2005 I 4140 I STRABAG SE - 2005 STRABAG SE - 2005 I 41

Czech Republic

Poland

Switzerland

Slovakia

In the Czech Republic, building construction is a particularly successful segment inthe Prague metropolitan area. The expansion of our market share and continuedgrowth throughout the country form part of our strategy in the Czech Republic,with special emphasis on gaining a foothold in Moravia. STRABAG specializes onlarge-scale projects in the Czech Republic, where clients include Czech as well asforeign private investors. Currently we are making efforts to win over the publicsector as a client, which remains difficult, however, due to the overall reluctance tomake investments and due to the strong price competition.Our largest project in the Czech Republic at this time is Prague’s PalladiumShopping Centre, which includes a shopping gallery, office building andunderground car park. The client is a European real estate fund.

In the Polish building construction segment, STRABAG is focused mainly onthe construction of shopping centres, office buildings and logistics centres.Residential housing and environmental technology at the municipal level(e.g. water purification plants) are seen as future markets in Poland.In 2005, STRABAG Hochbau won the Central and Eastern European RealEstate Quality Award for the highest level of quality in construction.Our presence in Warsaw was intensified.Furthermore, we have opened offices in the other major cities in Poland in order to capture regional markets and raise our performance potential. In the periodunder review, the Silesia City shopping centre in Katowice was completed andhanded over to the client. A further STRABAG shopping centre project involves theconstruction of the ECE Krakow shopping gallery, to be completed in 2006.The positive investment climate, healthy organic growth, a good market presenceand an outstanding client acceptance form the basis for future success in thecountry.

STRABAG already entered the building construction sector in Switzerland withindividual projects a few years ago. One example of the group’s work in the countryis the Grand Hotel in St. Moritz. Our service profile ranges from typical building workto general contractorship. Through the acquisitions made in 2004, STRABAG wasable to expand its presence throughout the country.

In Slovakia’s building construction segment, the STRABAG Group is representedby Zipp Bratislava – one of the leading construction companies in the country.The main business field in Slovakia is the construction of industrial and commercialobjects as well as of office buildings, shopping centres and residential housing.The construction of water treatment facilities and bridges rounds off our range ofservices in the field of civil engineering.A regional focus is on construction in the Bratislava metropolitan area.The construction volume in the country has levelled off since 2005 – in part dueto the completion of existing large-scale projects. STRABAG’s strategy in Slovakiainvolves securing the market leadership and expanding its regional presence.

SEGMENT REPORT

Germany

Austria

Hungary

BUILDING CONSTRUCTION

The Building Construction segment contributed a share of 35.3 % to the totalconstruction volume, making it STRABAG’s most important segment next to RoadConstruction. The segment’s importance has increased significantly as the result ofdynamic growth and a targeted acquisitions policy.

The investment climate in building construction, largely determined by privateclients, improved somewhat ahead of the German parliamentary elections.In 2005, STRABAG acquired important competences in the field of turnkey buildingconstruction with the takeover of Ed. Züblin AG and DYWIDAG Bau GmbH.Building construction and civil engineering activities in Germany are to be bundledat Ed. Züblin AG in order to achieve market leadership and to create the necessarysynergies and streamlining opportunities to become cost leader in the country.A number of small and medium-sized projects were entered into the books in 2005.Moreover, notable larger projects were acquired as well, including the expansion ofConcourse C of the Frankfurt International Airport, as well as the construction of anadministration building for the Baseler Securitas Versicherung AG in Bad Homburgand an administration building for Ford GmbH in Cologne.

Interesting projects were again advanced in the period under review, amongthem the construction of the City Arkaden shopping centre in Klagenfurt.The work, being carried out as a general contractor for a German investor,will be concluded in 2006.In 2005, STRABAG was able to successfully integrate the newly acquiredcompanies Fussenegger and Mischek into the group. Following a period ofconsolidation, a lasting positive effect is now expected to take place.Effective risk management, selective bidding and the optimization of the company’sprocurement created the right conditions for a significantly improved profit situation.The order situation is also very satisfactory. A further expansion of businessactivities in the country’s provinces and the expansion of the value-added chainform part of the strategy on the Austrian building construction market.

STRABAG is active in the field of building construction across the country and wasable to become market leader in the segment even with very moderate growth inthe volume of construction. Due to the high number of small and medium-sizedenterprises in Hungary, price competition in the country is very aggressive.The fact that EU development funds primarily go towards large infrastructureprojects favours market development in the road construction segment overbuilding construction. As the result of measures to dam up the country’s budgetdeficit, state-financed investments in building construction have dropped as well.PPP models are now used in order to relieve some of the burden on the budget.As part of the national development plan, the fields of education, health care andsports are to be significantly improved until 2008. An infrastructure programmeto modernize, revitalize and upgrade higher educational facilities, student housingand university buildings was launched in 2005. The programme involves mostlypublic-private partnership concepts with STRABAG playing an important role asPPP pioneer.


2003 2004 2005

Construction volume (in Te) 1,844,999 2,115,323 3,287,370Revenue (in Te) 1,703,845 1,860,319 2,335,106Operating income (in Te) 26,346 16,695 31,610Employees 7,600 9,051 12,738

Segment Building Construction


STRABAG is active in Croatia as a general contractor. Among the projects acquiredin the past are the construction and revitalization of the Kras sugar factory, abusiness and office centre in Zagreb’s Branimir Centre as well as the construction ofthe Hilton Hotel in Dubrovnik and a Bauhaus DIY store in Zagreb.

The market in Belgium, the Netherlands and Luxembourg is handled out ofSTRABAG’s Benelux office in Antwerp. Our activities in the region range fromindustrial facilities – including a lot of work for larger clients – to residential buildingsand renovation work, which often involve small to medium-sized contracts.Among the largest projects acquired in the Benelux countries are the constructionof a multi-storey car park at the Brussels Airport, the construction of a factory outletcentre in Wertheim and the works on a theme park in Tongeren.

STRABAG was able to significantly raise its construction volume in the RussianFederation in the 2005 financial year. In Moscow, where STRABAG is active as ageneral contractor, we are proving our ability and reliability in the handling of large-scale projects. Current examples include the Severnaya Bashnya Office Tower andthe Hotel Moskva on Red Square. Continued positive developments are to beexpected.

STRABAG is also active as a general contractor in Romania and Bulgaria,as well as in the Middle East, and is quite successful in all these regions.

SEGMENT REPORT

Croatia

Benelux

Russian Federation

Romania, Bulgaria,Middle East

BUILDING CONSTRUCTION

View over Moscow from construction site of Hotel Moskva, Russian Federation

Austria 24.6 %

Germany 39.4 %

Other Countries8.2 %

Benelux 5.4 %

Croatia 0.8 %

Slovakia 4.4 %Switzerland 1.7 %

Poland 5.1 %

Hungary 5.1 %



SEGMENT REPORT OTHER CONSTRUCTION FIELDS

Levacica Tunnel, Croatia

Water Treatment Facility, Uganda

New Delhi Metro, IndiaAlgiers Metro Tunnel, Algeria

Al Khadra Reservoir, LibyaPerschling Railway Tunnels, Austria

Ravninscica Bridge, Zagreb-Macelj Motorway, Croatia A9 Motorway Bridge, Switzerland

Hydro-electric power plant, Marsyangdi River, Nepal

Uetliberg Tunnel, Switzerland

Haselbachtal Motorway Bridge, Suhl, Germany


Project Development –Infrastructure

The field of Project Development–Infrastructure is growing, as witnessed by thenumber of new projects in the past few years. While the market volume in thefield of infrastructure projects has been increasing steadily, political changes inthe EU’s easternmost members have led to occasional delays in implementation.Due to tight federal budget policies, however, the market situation should continueto improve in the medium and long term. Countries like Russia and Ukraine arealso already preparing the legal framework for the effective application of public-private partnership (PPP) models.

STRABAG has already been able to gather important experience in concessionaryand operating models in the field of infrastructure. Worth mentioning in this contextare the M1/M15 Motorway project as well as phases I-III of the M5 Motorway inHungary, the A2 Motorway in Poland and the Birecik Power Plant project in Turkey.

Projects currently under construction include the Zagreb-Macelj motorway inCroatia in the direction of Maribor in Slovenia, being realized under a concession.The route will form part of the European Pyhrn Motorway. In Ireland, STRABAG isworking on the Fermoy Bypass toll project together with local partners and hasalready made the best bid for a second toll motorway project.

Two projects are currently being carried out in Austria. The Nordkettenbahn projectis a PPP project in the field of regional transport and tourism in Innsbruck, Tyrol.As part of the project, STRABAG will build and operate a funicular railway andmodernize the gondola cable cars going up the Nordkette, the mountains abovethe city. Construction is to be completed in 2007.In Vienna, STRABAG will build and operate a multifunctional rest area along theS1 bypass road around the city. The S1 represents a portion of the Vienna OuterRing Expressway. The project includes a filling station, a restaurant and a hotelas well as enough truck and car parking.

Of particular importance and magnitude in Austria is the realization of the A5Motorway and the S1 and S2 Expressways, which together comprise the Ostregionpublic-private partnership concession. The project encompasses 113 km of newmotorways divided into four “packages”. The connection of Austria’s road networkto the Czech Republic and a forward-looking traffic engineering concept for theVienna metropolitan area form part of this regional project. STRABAG is a memberof a bidding consortium with other Austrian partner companies.

In Germany, the first “A-Models” – a PPP concession model to finance theexpansion of the country’s motorways – are being put out for tender.STRABAG will bid as part of a bidding consortium.

SEGMENT REPORT

Tunnelling andCivil Engineering

The segment “Other Construction Fields” largely comprises the fields of Tunnellingand Civil Engineering, Project Development–Building Construction and ProjectDevelopment–Infrastructure. STRABAG plans to completely realign this segment in2006. Tunnelling and Civil Engineering is to be included in the segment BuildingConstruction and Civil Engineering; Project Development will be grouped into a newsegment called Services.

STRABAG is one of the leading tunnel builders in Europe, with many years ofinternational experience, and is currently working on many large-volume jobs inseveral countries.In Switzerland, STRABAG is working on two major Transalpine rail tunnels –the Gotthard Base Tunnel and the Lötschberg Base Tunnel North.The largest contract in Austria at this time involves the Perschling Railway Tunnels,a chain of railway tunnels in Lower Austria.Also worth mentioning is the Krapina Tunnel in Croatia, part of the Zagreb-Maceljmotorway.Further tunnel projects are ongoing in Italy, including the Castellanza Railway Tunnel on the line between Milan and Malpensa International Airport.The tunnel is to be handed over to the client this year.

STRABAG’s largest single contract is in Canada. The Niagara Project has a volumeof around e 400 m and is a design-and-build contract for a tunnel to divertadditional water upstream of the Niagara Falls to the Sir Adam Beck GeneratingStation near Queenston Heights. Excavation of the 10.4-km tunnel will take placeusing the world’s largest open hard rock TBM (tunnel boring machine).

In Austria, the Bindermichl Tunnel on the A7 motorway in Linz, Upper Austria, was aparticularly demanding project. The project involved the construction of a 1-kmtunnel, built using the wall-cover construction method, as well as a 600-m framenoise-reduction enclosure with up to 7 lanes of traffic per carriageway duringconstruction. Work was carried out with continuous traffic flow of around 100,000vehicles per day and was largely completed in 2005.

The field of civil engineering covers complex traffic structures, power plantconstruction, major bridge projects, dams, railway construction, environmentaltechnology and specialized groundwork. The acquisitions of Ed. Züblin andDywidag have wonderfully complemented and expanded this segment in terms ofknow-how and competence.The acquisitions of the Züblin Group and Dywidag International have alsocontributed to the STRABAG Group being a respected construction partnerinternationally, with projects around the world from Chile and Saudi Arabia to Libyaand Algeria in Africa and further projects in Asia. Dywidag International is leadingan international consortium to build a 6.6-km section of the underground in Delhi,India. The main works were completed last year

OTHER CONSTRUCTION FIELDS


Segment Other Construction Fields



2003 2004 2005

Construction volume (in Te) 609,886 665,311 1,694,096Revenue (in Te) 394,034 697,164 938,304Operating income (in Te) 7,472 -14,175 55,053Employees 2,634 2,203 6,004

SEGMENT REPORT

Project Development –Building Construction

This business field is operated by a wholly-owned subsidiary in Germany and theBenelux countries. Existing project development activities of STRABAG and ZÜBLINare to be merged in the ZÜBLIN Development GmbH in order to create moresynergy effects.

Project developments in building construction traditionally involve commercial realestate development for office buildings and other business premises.Our business field will receive an additional emphasis: mixed-use real estate.Mixed-use real estate, which also encompasses retail space, offers the necessaryletting rates to reduce the risk of our investments and promotes the development of large-space retail objects.

In addition to selective acquisitions in the above-mentioned business fields,STRABAG will significantly increase its involvement in PPP projects.The general situation of the national budgets will be able to support thisdevelopment, even if the overall framework for such projects will take sometime to truly take shape.

OTHER CONSTRUCTION FIELDS

Airport Sofia, Bulgaria

Austria 15.8 %

Germany 35.1 %

Other Countries 19.3 %

Benelux 1.5 % Croatia 8.7 %Slovakia 0.1 %

Switzerland 11.6 %Poland 0.8 %

Hungary 6.4 %


STRABAG KUNSTFORUM

The Art Award, in existence since 1994, serves to promote young Austrian artistunder the age of 40.The e 10.000 endowment for painting and printing involves four awards ofe 2.000 each, individual exhibitions for each of the five artists nominated in theArt Lounge and acquisitions.Next year, STRABAG will award its Hungarian Art Award in Budapest for the10th time.

The Art Collection is an important collection of nearly 1,200 works of 20th and21st century Austrian art.The works of renowned artists, as well as by outsiders and young talent,can be seen at various STRABAG offices but primarily in Spittal an der Drau and in Vienna.

The Art Lounge is a one-of-a-kind exhibition space on the two top floors of theSTRABAG HAUS and offers an exceptional view over Vienna.The current programme is comprised of the exhibits of the Art Award and aspecial anniversary exhibition of collected works.

The manifold activities of the STRABAG KUNSTFORUM are dedicated to thepromotion of contemporary Austrian art. In 2004 the STRABAG KUNSTFORUM,founded in the early 1990s in Carinthia, moved to the Vienna STRABAG HAUSdesigned by architects Hoffmann & Janz. It is our belief that art, in connectionwith vision and innovation, will promote the dialogue between visitors andemployees. STRABAG SE is one of today’s most trend-setting carriers of thearts.

This spectacular art and events hall, first opened in the summer of 2004, houses the first permanent exhibit of sculptures by the internationally renowned Austriansculptor Bruno Gironcoli in Vienna. Nine monumental and machine-like polyestersculptures inside and three castings on the company grounds outside form thecore of the artist’s futuristic work.

GIRONCOLI-KRISTALLSculpture at the Fore

www.strabag-kunstforum.at

ART LOUNGE, STRABAG HAUS, Vienna

GIRONCOLI-KRISTALL Arts and Events Hall, STRABAG HAUS, Vienna

ART AWARDA stepping stone to acareer as an artist

ART COLLECTIONArt for Employeesand Visitors

ART LOUNGEThe Focus ofCommunication



Begin of construction works, Niagara Tunnel, Canada

2005 CONSOLIDATED FINANCIAL STATEMENTof FIMAG Finanz Industrie Management AG, Spittal an der Drau


2005 FINANCIAL STATEMENT


CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE 2005 BUSINESS YEAR

Notes 2005 2004Td Td

Revenue (1) 6,955,797 5,222,905Changes in inventories 34,387 38,884Own work capitalized 16,564 11,727Other operating income (2) 149,901 136,967Cost of material and services (3) -5,019,607 -3,609,458Personnel expenditure (4) -1,401,876 -1,185,509

Depreciation on tangible andintangible assets (5) -178,677 -208,889

Other operating expenses (6) -400,981 -311,496Earnings before deducting financing costs and taxes 155,508 95,131

Share of profit of associates (7) 5,424 7,897Earnings from investments (8) 2,197 8,673Other financial results (9) -28,414 -20,351Financial result -20,793 -3,781


Income tax (10) -40,149 -25,602Earnings after taxes 94,566 65,748

Minority interest -44,628 -30,249Consolidated results 49,938 35,499

Earnings per share (in d) (27) 7.41 5.27

CONSOLIDATED BALANCE SHEET AS OF 31 DECEMBER 2005

Assets

Notes 31.12.2005 31.12.2004Td Td

Non-current assetsIntangible assets (11) 67,085 32,550Tangible assets (11) 1,135,867 955,907Investments in associates (12) 64,842 45,495Other financial assets (12) 305,770 264,016Trade receivables and receivables for services rendered (15) 43,618 99,563Other accounts receivable and other assets (15) 33,169 110,670Deferred taxes (13) 86,457 92,161

1,736,808 1,600,362Current assetsInventories (14) 618,717 540,856Trade receivables and receivables for services rendered (15) 1,948,578 1,157,146Other accounts receivable and other assets (15) 266,967 142,494Cash and cash equivalents (16) 555,857 212,399

3,390,119 2,052,8955,126,927 3,653,257

Equity and Liabilities

Notes 31.12.2005 31.12.2004Td Td

Group equityShare capital 53,938 53,938Capital reserves 163,800 163,800Retained earnings 278,785 237,380Minority interest 408,947 347,138

(17) 905,470 802,256Non-current liabilitiesProvisions (18) 556,617 358,737Financial liabilities (19) 602,630 561,161Liabilities from trade payables and payables for services rendered (19) 25,077 55,944Other liabilites (19) 11,148 8,599Deferred taxes (13) 3,517 1,847

1,198,989 986,288Current liabilitiesProvisions (18) 299,525 246,960Financial liabilities (19) 339,234 141,791Liabilities from trade payables and payables for services rendered (19) 1,922,399 1,165,266Other liabilities (19) 461,310 310,696

3,022,468 1,864,7135,126,927 3,653,257


2005 2004Td Td

Earnings after taxes 94,566 65,748Deferred taxes -4,677 1,489Non-cash effective results from associates -1,110 3,529Depreciations / write-ups 193,859 210,355Changes in long term provisions 17,634 2,007Profit / loss from sale / disposal of plants -13,962 -20,177Cash-flow from profits 286,310 262,951

Change in items:– Inventories 32,502 -40,340– Trade receivables and receivables from services rendered,

construction contracts and special partnerships -235,973 -64,364– Group receivables and receivables from companies

with which there is an investment relation 26,347 -11,788– Other assets 3,353 6,355– Liabilities from trade, construction contracts and

special partnerships 117,867 -68,852– Group liabilities and liabilities from companies

with which there is an investment relation -6,998 18,222– Other liabilities 20,194 18,373– Current provisions 24,153 -16,459Cash-flow from operating activities 267,755 104,098

Acquisition of financial assets -46,296 -65,175Acquisition of fixed assets -254,688 -207,490Profit / loss from sale / disposal of plants 13,962 20,177Reduction from fixed assets (book value) 58,829 75,741Change in other receivables from cash clearing 23,580 28,598Change in consolidation circle minus acquired cash and cash equivalents 91,236 -13,061Cash-flow from investing activities -113,377 -161,210

Change in bank liabilities 90,421 -43,768Change in loans 75,000 50,000Change in liabilities from finance leases 5,272 -7,493Change in other liabilities from cash clearing 42,677 113Other neutral changes in share capital 25,003 0Distribution and withdrawals from partnerships -52,114 -51,846Cash-flow from financing activities 186,259 -52,994

Cash-flow from operating activities 267,755 104,098Cash-flow from investing activities -113,377 -161,210Cash-flow from financing activities 186,259 -52,994Net change in cash and cash equivalents 340,637 -110,106Cash and cash equivalents at the start of the year 212,399 318,976Change in cash and cash equivalents due to exchange rate differences 2,821 3,529Cash and cash equivalents at the end of the year 555,857 212,399

Interest paid 51,921 36,064Interest received 35,680 28,259Taxes paid 38,773 31,206

CONSOLIDATED CASH-FLOW STATEMENT FOR THE 2005 BUSINESS YEAR CHANGES IN GROUP EQUITY

Share Capital Participation RetainedCapital reserves rights capital earnings

TotalTd Td Td Td Td

Balance at 1 January 2004 53,938 163,800 186,039 356,339 760,116

Differences arising from currency translation 0 0 11,378 9,256 20,634Consolidated results 0 0 35,499 30,249 65,748Contribution 0 0 637 0 637Neutral changeof actuarial profitand loss 0 0 -1,829 -1,915 -3,744Hedging reserves 0 0 5,656 5,054 10,710Distribution of dividends 0 0 0 -51,845 -51,845Balance at 31 December 2004 =Balance at 1 January 2005 53,938 163,800 237,380 347,138 802,256

Differences arising from currency translation 0 0 1,143 5,420 6,563Consolidated results 0 0 49,938 44,628 94,566Contribution 0 0 0 25,003 25,003Hedging reserves 0 0 -4,377 -3,903 -8,280Neutral changeof actuarial profitand loss 0 0 -4,141 -3,825 -7,966Neutral changeFinancial Instruments IAS 39 0 0 -1,158 -1,772 -2,930Change in minority interest resultingfrom first-time consolidation 0 0 0 48,372 48,372Distribution of dividends 0 0 0 -52,114 -52,114Balance at 31 December 2005 53,938 163,800 278,785 408,947 905,470


2005 2004Td Td

Changes in value pursuant to IAS 39 recognized ingroup equity -2,930 0Actuarial gains / losses from pensions andsimilar obligations -9,721 -4,449Deferred taxes on changes recognized directly in equity 1,755 705Changes in value recognized directly in group equity -10,896 -3,744Earnings after taxes 94,566 65,748Total of result and changes for the periodwith no effect on income 83,670 62,004Minority interest 39,031 28,334Company shareholders 44,639 33,670

STATEMENT OF RECOGNIZED INCOME AND EXPENSE


CONSOLIDATED STATEMENT OF CHANGES IN FIXED ASSETS AS OF 31 DECEMBER 2004



Acquisition and Production Costs Accumulated Write-Downs Carrying ValuesChanges in Changes in

Balance on Basis of Currency Balance on Balance on Balance on Basis of Currency Balance on31.12.2003 Consolidation Translation 1.1.2004 Additions Transfers Disposals 31.12.2004 31.12.2003 Consolidation Translation Additions 1) Transfers Disposals 2) 31.12.2004 31.12.2004 31.12.2003

Te Te Te Te Te Te Te Te Te Te Te Te Te Te Te TE Te

I. IntangibleAssets:1. Concessions; industrial property

rights and similar rights,advantages andlicences 20,892 4,126 329 25,347 2,551 -13 2,205 25,680 14,492 1,009 -210 3,012 -5 657 17,641 8,039 6,400

2. Goodwill 54,032 0 0 54,032 0 0 231 53,801 25,362 0 0 3,981 0 46 29,297 24,504 28,6703. Pre-payments made 11 15 0 26 0 -4 15 7 0 0 0 0 0 0 0 7 11

74,935 4,141 329 79,405 2,551 -17 2,451 79,488 39,854 1,009 -210 6,993 -5 703 46,938 32,550 35,081II. Tangible Assets:

1. Real estate;land rights equivalent toreal property; buildings includingbuildings on third-party property(real estate value Te 210,511;2003: Te 178,703) 760,063 102,544 13,094 875,701 29,460 2,319 30,540 876,940 235,029 12,677 -2,283 83,643 -131 6,489 322,446 554,494 525,034

2. Technical installationsand machinery 735,334 37,285 14,087 786,706 101,372 771 84,413 804,436 514,865 26,879 -8,221 72,425 -63 59,994 545,891 258,545 220,469

3. Other facilities, industrial andbusiness equipment/furnishings 330,228 24,206 4,602 359,036 58,693 844 45,392 373,180 226,632 20,855 -2,826 45,828 199 38,811 251,877 121,303 103,596

4. Pre-payments made andfacilities under construction 8,601 3,008 407 12,016 15,414 -3,916 1,949 21,565 0 0 0 0 0 0 0 21,565 8,601

1,834,226 167,043 32,190 2,033,459 204,939 17 162,294 2,076,121 976,526 60,411 -13,330 201,896 5 105,294 1,120,214 955,907 857,7001,909,161 171,184 32,519 2,112,864 207,490 0 164,745 2,155,609 1,016,380 61,420 -13,540 208,889 0 105,997 1,167,152 988,457 892,781

1) of this amount, extraordinary write-downs of Te 61,668 (previous year Te 34,898); 2) of this amount, reversal of write-downs of Te 5,710 (previous year Te 750)

CONSOLIDATED STATEMENT OF CHANGES IN FIXED ASSETS AS OF 31 DECEMBER 2005

Acquisition and Production Costs Accumulated Write-Downs Carrying ValuesChanges is Changes is

Balance on Basis of Currency Balance on Balance on Balance on Basis of Currency Balance on31.12.2004 Concolidation Translation 1.1.2005 Additions Transfers Disposals 31.12.2005 31.12.2004 Consolidation Translation Additions 1) Transfers Disposals 2) 31.12.2005 31.12.2005 31.12.2004

Te Te Te Te Te Te Te Te Te Te Te Te Te Te Te TE Te

I. IntangibleAssets:1. Concessions; industrial property

rights and similar rights,advantages andlicences 25,680 4,804 39 30,523 2,407 36 761 32,205 17,641 5,053 -34 2,988 22 826 24,844 7,361 8,039

2. Goodwill 53,801 155 0 53,956 50,143 0 5,362 98,737 29,297 0 0 15,188 0 5,362 39,123 59,614 24,5043. Pre-payments made 7 0 0 7 115 -12 0 110 0 0 0 0 0 0 0 110 7

79,488 4,959 39 84,486 52,665 24 6,123 131,052 46,938 5,053 -34 18,176 22 6,188 63,967 67,085 32,550II. Tangible Assets:

1. Real estate;land rights equivalent toreal property; buildings includingbuildings on third-party property(real estate value Te 195,107;2004: Te 210,511) 876,940 45,243 2,955 925,138 23,731 264 29,461 919,672 322,446 -8,286 190 25,176 -429 11,240 327,857 591,815 554,494

2. Technical installationsand machinery 804,436 164,702 5,707 974,845 138,358 5,743 45,264 1.073,682 545,891 114,754 2,968 82,536 1,804 36,921 711,032 362,650 258,545

3. Other facilities, industrial andbusiness equipment/furnishings 373,180 70,927 3,473 447,580 63,476 -1,097 38,624 471,335 251,877 53,268 2,151 52,789 -1,397 32,778 325,910 145,425 121,303

4. Pre-payments made andfacilities under construction 21,565 2,142 490 24,197 26,601 -4,934 9,887 35,977 0 0 0 0 0 0 0 35,977 21,565

2,076,121 283,014 12,625 2,371,760 252,166 -24 123,236 2,500,666 1,120,214 159,736 5,309 160,501 -22 80,939 1,364,799 1,135,867 955,9072,155,609 287,973 12,664 2,456,246 304,831 0 129,359 2,631,718 1,167,152 164,789 5,275 178,677 0 87,127 1,428,766 1,202,952 988,457

1) of this amount, extraordinary write-downs of Te 15,590 (previous year Te 61,668); 2) of this amount, reversal of write-downs of Te 0 (previous year Te 5,710)


The consolidated financial statement of FIMAG Finanz Industrie Management AG,with reporting date 31 December 2005, was drawn up under application of Article245a Paragraph 2 of the Austrian Commercial Code (HGB) in accordance withthe International Financial Reporting Standards (IFRS) issued by the InternationalAccounting Standards Board (IASB), including the interpretations of theInternational Financial Reporting Interpretations Committee (IFRIC).

Applied were exclusively those standards and interpretations adopted by theEuropean Commission before the reporting deadline and published in the OfficialJournal of the European Union. Further reporting requirements of Article 245aParagraph 1 of the Austrian Commercial Code (HGB) were fulfilled as well.

In addition to the profit-and-loss account and the balance sheet, a cash flowstatement was drawn up in accordance with IAS 7 and the changes in equity willbe shown (IAS 1). The group notes will further include a segment report inaccordance with IAS 14.

In order to improve the clarity of the representation, various items in the balancesheet and the profit-and-loss account have been combined. These items havebeen shown separately and are explained in the group notes. The profit-and-lossaccount has been drawn up in accordance with the total-cost method.

BASIC PRINCIPLES

NOTES TO THE 2005 ANNUAL REPORTFIMAG Finanz Industrie Management AG,Spittal an der Drau

NOTES


Gotthard Base Tunnel, Switzerland


BASIS OFCONSOLIDATION

FUTURE CHANGES TOFINANCIAL REPORTINGREQUIREMENTS

The consolidated financial statement as of 31 December 2005 includes FIMAGFinanz Industrie Management AG as well as all major domestic and foreignsubsidiaries where FIMAG Finanz Industrie Management AG either directly orindirectly holds a majority of the voting rights. Major associated companies arereported in the balance sheet using the equity accounting method.

The annual financial statements of all major fully consolidated domestic andforeign companies, as well as those subject to statutory audit according tonational regulation, were audited by independent chartered accountants andissued with unqualified audit opinions.

Not included were 245 (2004: 170) associated companies whose influence on thegroup's asset, finance and profit situation is insignificant. The construction workperformed by the subsidiaries not included in the consolidated financialstatement comes to less than 1.3 % of the total construction volume.

Companies included in the 2005 consolidated financial statement are given in thelist of associated companies (Appendix 2 to the Notes).

The financial year is identical to the calendar year for all consolidated andassociated companies.

The basis of consolidated companies changed in the 2005 accounting year as follows:

full equityconsolidation valuation

Situation on 31.12.2004 185 11First-time inclusions in year under report 45 3Mergers/accruals in year under report -3 0Exclusions in year under report -7 -2Situation on 31.12.2005 220 12

NOTES

IAS 1 (2003) requires the presentation of a classified balance sheet separatingcurrent and non-current assets and liabilities. The balance sheet thus reportsassets and liabilities as long or short-term. Assets and liabilities are classified asshort-term if they are held for trading withing the next twelve months or if they canbe realized/settled within the enterprise's normal operating cycle.

The item Other Financial Assets includes stakes held in associated companies,other investments, loans and long-term security investments.

The stakes held by other shareholders are posted as special items in theStatement of Shareholders’ Equity. Changes in minority holdings are reflected inthe Statement of Changes in Shareholders’ Equity.

Reserves for pensions, severance pay and similar liabilities are shown inLong-Term Liabilities, in accordance with their character.

Deferred Taxes are to be classified in the balance sheet fundamentally as long-term. Asset and liability accruals and deferrals are no longer posted asspecial items in the balance sheet, but instead will be classified under OtherAssets and Receivables or Other Liabilities.

IAS 1PRESENTATIONOF FINANCIALSTATEMENTS

Financial assets classified as available-for-sale are on initial recognition valuedaccording to acquisition costs and later measured at fair value in the balancesheet if reliable assessment of value is possible. Previously, fair value changeshad been recognized directly in the balance sheet. As of 2005, fair value changesabove the cost of acquisition are recognized directly in equity; changes below thecost of acquisition are recognized directly in the financial results.

It was further decided to apply the following accounting changes in accordancewith the recommendations of the IASB across the group effective 1 January 2005:

IAS 39FINANCIALINSTRUMENTS:MEASUREMENT ANDRECOGNITION

In December 2004, the IASB approved an amendment to IAS 19 (EmployeeBenefits) to allow the recognition of actuarial gains and losses in full in the periodin which they occur, outside profit or loss, in a statement of recognized incomeand expense. Furthermore, the changes require a more detailed accounting ofpost-employment benefits. IAS 19 (2004) takes effect for accounting periodsbeginning on or after 1 January 2006.

Previously, actuarial gains and losses were recognized directly in the period inwhich the benefit was earned. In accordance with the IASB recommendations,the actuarial gains or losses were recognized in full in the period in which theyoccurred, outside profit or loss. The values of the previous year were adapted tothe new rules, resulting in an actuarial gain for 2004 of r 4.449 m before deferredtaxes of r 705,000. The individual segment results were amended as well.

IAS 19 (2004)EMPLOYEE BENEFITS

The IASB and the IFRIC have approved further standards and interpretations,not yet mandatory for the 2005 accounting year. The new standards andinterpretations are as follows:

IFRS 7 (Financial Instruments: Disclosures) is effective for annual periodsbeginning on or after 1 January 2007.

IFRIC 4 (Determining Whether an Arrangement Contains a Lease) is effective forannual periods beginning on or after 1 January 2006.

The future application of these standards and interpretations will not significantlyaffect the consolidated financial statement.

The IASB has passed a series of changes to the existing body of IFRS as well asseveral new IFRS standards which must be applied as of 1 January 2005. The first-ever application of the IFRS standards mentioned essentially had the following con-sequences on FIMAG's consolidated financial statement as of 31 December 2005:

CHANGES TOACCOUNTING ANDVALUATION METHODS


NOTES

The following companies formed part of the BASIS OF CONSOLIDATION for the first timeon the reporting date:

Date ofNominal Acquisistion /

Company Currency Capital Stake % Formation

Full Consolidation:– Geschäfts- und Bürohaus Sterneckstraße

Errichtungs- und Betriebs GmbH, Vienna Te 35 100.00% 01.01.20051)

– BL Baulogistik GmbH, Stuttgart Te 250 100.00% 17.11.2005– Dálnicní stavby Praha, a.s., Prague TCZK 136,000 100.00% 14.02.2005– Dyckerhoff & Widmann AG and Partner LLC, Oman TOMR 150 100.00% 14.02.2005– DYWIDAG Bau GmbH, Munich Te 25 100.00% 14.02.2005– DYWIDAG-Holding GmbH, Cologne Te 500 100.00% 14.02.2005– DYWIDAG International GmbH, Aschheim Te 5,000 100.00% 14.02.2005– Dywidag Saudi Arabia Limited, Riyadh TSAR 10,000 100.00% 14.02.2005– DYWIDAG Schlüsselfertig und Ingenieurbau GmbH, Munich Te 25 100.00% 14.02.2005– Eberhardt Bau-Gesellschaft mbH, Berlin TDEM 300 100.00% 01.01.20051)

– Ed. Züblin AG, Stuttgart Te 20,452 53.60% 17.11.2005– HEILIT Umwelttechnik GmbH, Düsseldorf Te 100 100.00% 14.02.2005– HEILIT + WOERNER Bau GmbH, Munich Te 18,000 100.00% 14.02.2005– HEILIT + WOERNER Budowlana sp. z o.o., Wroc =law TPLN 16,140 100.00% 14.02.2005– Industrielles Bauen Betreuungsgesellschaft GmbH, Stuttgart Te 256 100.00% 17.11.2005– INSOND Gesellschaft mbH, Vienna Te 1,500 100.00% 17.11.2005– Mischek Leasing eins Gesellschaft m.b.H., Vienna Te 36 100.00% 01.01.20051)

– Niersberger Gebäudemanagement GmbH & Co. KG, Erlangen Te 100 75.00% 17.11.2005– Nordpark Errichtungs- und Betriebs GmbH, Innsbruck Te 35 100.00% 01.01.20051)

– Pyhrn Concession Holding GmbH, Cologne Te 38 100.00% 14.02.2005– Pyhrn Motorway GmbH, Aschheim Te 26 100.00% 14.02.2005– Rodinger Ingenierbau GmbH, Roding Te 30 100.00% 31.07.2005– SAT s.r.o., Prague TCZK 1,000 100.00% 01.01.20051)

– SF-Ausbau, GmbH, Freiberg Te 600 100.00% 17.11.2005– Slask sp. z o.o., Katowice TPLN 294 51.01% 17.11.2005– Strabag Inc., Toronto TCAD 0 100.00% 25.08.2005– TPA Societate pentru asigurarea calitatii si inovatii SRL, Bucharest TRON 0 100.00% 28.12.2004– Z-Bau GmbH, Magdeburg Te 100 100.00% 17.11.2005– ZUCOTEC Sociedade de Construçoes, Lda., Lisbon Te 200 100.00% 17.11.2005– Züblin Baugesellschaft m.b.H., Vienna Te 2,544 100.00% 17.11.2005– Züblin Holding Ges.mbH, Vienna Te 35 100.00% 17.11.2005– Züblin Hrvatska d.o.o., Zagreb THRK 20 100.00% 17.11.2005– Züblin International Chile Ltda., Santiago de Chile TCLP 5,969 100.00% 17.11.2005– Züblin International GmbH, Stuttgart Te 2,500 100.00% 17.11.2005– Züblin International Malaysia Sdn.Bhd, Kuala Lumpur TMYR 1,000 100.00% 17.11.2005– Züblin Kft., Budapest THUF 3,000 100.00% 17.11.2005– Züblin Projektentwicklung GmbH, Stuttgart Te 2,556 100.00% 17.11.2005– Züblin Scandinavia A/S, Viby TDKK 500 100.00% 17.11.2005– Züblin Scandinavia AB, Sollentuna TSEK 100 100.00% 17.11.2005– Züblin Shanghai Changijang Construction

Engineering Co. Ltd, Shanghai TCNY 29,312 75.00% 17.11.2005– Züblin sp. z o.o., Poznan TPLN 2,500 100.00% 17.11.2005– Züblin Spezialtiefbau GmbH, Stuttgart Te 3,068 100.00% 17.11.2005– Züblin spol s.r.o., Prague TCZK 100 100.00% 17.11.2005– Züblin Stahlbau GmbH, Hosena Te 1,534 100.00% 17.11.2005– Züblin Umwelttechnik GmbH, Stuttgart Te 2,000 100.00% 17.11.2005

at-equity :– AMH Asphaltmischwerk Hellweg GmbH, Erwitte Te 800 30.00% 01.01.2005– DIRECTROUTE (FERMOY) CONSTRUCTION LIMITED, Dublin Te 0 25.00% 01.01.2005– Viamont DSP a.s. TCZK 180,000 50.00% 14.02.2005

1) Due to their increased business volume, these companies were included in the group’s circle of fully consolidated companies for the first time on 1 January 2005.The companies were established or acquired before 1 January 2005.

The total volume of first-time consolidations involves primarily the acquisition of the Dywidag InternationalGroup, the Dywidag Holding Group, the Züblin Group and a subsequent increase of the purchase price forStrabag AG, Cologne.

With the contract for purchase and transfer of 14 February 2005 and the supplemental deed of 11/12 April 2005,all shares of Dywidag International GmbH and Dywidag Holding GmbH, as well as 4.9 % of the shares of Ed.Züblin AG, Stuttgart, were acquired from Werner Schneider, insolvency administrator of the assets of Walter-BauAG, Augsburg. A further 48.702 % of the shares of Ed. Züblin AG, Stuttgart, were acquired with the stockpurchase agreement of 17 November 2005.

Significant one-off losses were accrued in the Dywidag Holding Group following acquisition, which were fullyentered in the 2005 consolidated financial statement.

Assuming a fictitious first-time consolidation on 1 January 2005 for all additions in the accounting year, theconsolidated revenue would amount to e 8,099,885,000 and consolidated earnings would have increased by atotal of e 28,095,000 in the 2005 financial year.

The purchase price can be broken down into assets and liabilities as follows:

Züblin GroupTe

Acquired assets and liabilities:Goodwill 13,987Other non-current assets 183,228Current assets 652,126Increase in minority interest in equity -48,372Non-current liabilities -196,598Current liabilities -536,371Purchase price 68,000Acquired cash and cash equivalents -195,642Net inflow from the acquisistion -127,642

The Züblin Group is one of Germany's leading companies in the field of turnkey building construction as well asin specialized groundwork and civil engineering and is very successful in large projects internationally as well.The goodwill of e 13.987m arising from the acquisition can be attributed particularly to the acquisition of newexpertise in the field of tunnelling and civil engineering, in addition to the regional expansion.

The acquired companies of the Züblin Group did not influence group revenue or consolidated earnings in 2005.


NOTES

Dywidag Holding GroupTe

Acquired assets and liabilities:Goodwill 16,140Other non-current assets 27,697Current assets 163,387Non-current liabilities -41,823Current liabilities -112,426Purchase price 52,975Acquired cash and cash equivalents -32,262Net outflow from the acquisistion 20,713

The goodwill of e 16.140 m arising from the acquisition of the DYWIDAG Holding Group can primarily beattributed to the strengthening of the market position in concrete construction, particularly in Germany, theCzech Republic and Poland. A part of the goodwill arises from the added know-how in civil engineering.

Dywidag International GroupTe

Acquired assets and liabilities:Other non-current assets 18,817Current assets 127,463Non-current liabilities -3,118Current liabilities -113,248Purchase price 29,914Acquired cash and cash equivalents -20,812Net outflow from the acquisition 9,102

Due to an earn-out provision, subsequent acquisition costs of e 19.867m accrued in the 2005 accounting yearfor the acquisition of Strabag AG, Cologne. These costs were fully recognized as goodwill during the process ofconsolidation.

The remaining first-time consolidations involve new businesses and stock acquisitions whose purchase priceincludes cash amounts and assumption of liabilities. These resulted in insignificant balances which wererecognized directly in the 2005 accounting year.

The consolidation of companies included for the first time took place at the time of acquisition or the nearestreporting date provided that this had no significant implications for inclusion at the time of acquisition.

As of 31 December 2005, the following companies were no longer included in the group's basis of consolidated companies:

Full Consolidation:– Bautest CZ s.r.o., Prague reduction of business activity– Cottbuser Frischbeton GmbH, Cottbus reduction of business activity– Bürozentrum Honauerstraße

Projektentwicklungsgesellschaft m.b.H., Vienna reduction of business activity– Dipl. Ing. H.K. Mischek Gesellschaft m.b.H., Vienna merger with Mischek Systembau GmbH, Vienna– LIMET Beteiligungs GmbH & Co. Objekt Berlin KG, Munich accrual to STRABAG AG, Cologne– Mischek Systembau,

Vorfertigungs u. Logistik GmbH, Vienna merger with Mischek Systembau GmbH, Vienna– Shopping Center d.o.o., Zagreb sale to third parties– H.I.C. Gesellschaft für Projektierung und Bau

von sozialen Einrichtungen mbH, Bremen reduction of business activity– Kieswerk Hohenwarthe GmbH, Hohenwarthe reduction of business activity– STRABAG Trappenkamp GmbH, Trappenkamp reduction of business activity

at-equity valuation:– CSE Centrum-Stadtentwicklung GmbH, Cologne reduction of business activity– PWG-Bau Pfersee Wohn- und

Gewerbebauträger GmbH & Co. KG, Munich reduction of business activity

METHODS OF CONSOLIDATION

The financial statements of the domestic and foreign companies included in the consolidation are drawn up inaccordance with uniform methods of accounting and valuation. The annual financial statements of the domesticand foreign group companies are adapted accordingly; insignificant deviations remain unchanged.

Capital consolidation was made according to the book value method up to 31 March 2004, whereby theproportional equity at the point of the first-time inclusion is offset by the respective participation book value.Following the allocation, the remaining differing amounts on the assets side are capitalized (as of 1 January 1995)as goodwill and amortized using the straight line method. A balance arising beforehand on the assets side wasoffset with the retained earnings.

For acquisitions after 31 March 2004, capital consolidation is made in accordance with the stipulations containedin IFRS 3. All assets and debts of the subsidiary companies are recorded at the accompanying values. Theproportional equity thereby determined is offset by the participation book value. A balance on the assets side,which is allotted to special, identifiable intangible assets acquired in the course of business mergers, isrecognized separately from the goodwill. If a useful life can be allocated to these assets, the planned amortizationis made over the projected useful life. Intangible assets with an undefined useful life are tested annually for theirintrinsic value and amortized if necessary on the basis of an impairment test.

Any remaining balance on the assets side is capitalized as goodwill and submitted once annually to animpairment test in accordance with IAS 36. The impairment test identifies cash-generating units and assigns thema goodwill value. If the book value of a cash-generating unit including its goodwill exceeds the highest of its fairvalue or its value in use, an impairment loss must be recognized. As of the 2005 financial year, there will be nomore planned amortization goodwill.


AUSTRIA nominal capital stake

TATS/Te %

ABR Abfall Behandlung und Recycling Schwadorf GmbH, Schwadorf (e) 36 100.00

ANLAGENTECHNIK GMBH, Thalgau (e) 1,000 100.00

Asphalt & Beton GmbH, Lendorf (e) 36 100.00

ASPHALT & BETON GmbH Nfg OHG, Spittal an der Drau 500 100.00

A-WAY Holding und Finanz AG, Spittal an der Drau (e) 3,000 100.00

„A-WAY Infrastrukturprojektentwicklungs- und -betriebs GmbH”, Spittal an der Drau (e) 35 100.00

Bau Holding Beteiligungs AG, Spittal an der Drau (e) 48,000 100.00

STRABAG SE, Spittal an der Drau (e) 68,439 59.94

Bitumen Handelsgesellschaft m.b.H. & Co KG, Loosdorf 3,000 100.00

BITUNOVA Baustofftechnik Gesellschaft m.b.H., Spittal an der Drau 2,000 100.00

BMTI Baumaschinentechnik International GmbH, Trumau (e) 1,454 100.00

BRVZ Bau-, Rechen- u. Verwaltungszentrum Gesellschaft m.b.H., Spittal an der Drau (e) 37 100.00

BUSINESS BOULEVARD Errichtungs- und Betriebs GmbH, Vienna (e) 90 100.00

„Daheim” Bau- und Wohnungseigentumsgesellschaft m.b.H., Vienna (e) 36 100.00

„DOMIZIL” Bauträger GmbH, Vienna (e) 727 100.00

Edenstrasser GmbH, Wörgl 500 100.00

ERMATEC Maschinen Technische Anlagen Gesellschaft m.b.H., Vienna (e) 1,897 100.00

F. Lang u. K. Menhofer Baugesellschaft m.b.H. & Co KG, Eggendorf 16,400 100.00

Fachmarktzentrum Arland Errichtungs- und Vermietungsgesellschaft mbH, Vienna 500 100.00

Facility Management Austria GmbH, Spittal an der Drau 500 100.00

„Filmforum am Bahnhof” Errichtungs- und Betriebsgesellschaft m.b.H., Vienna 3,000 100.00

FUSSENEGGER Hochbau und Holzindustrie GmbH, Dornbirn (e) 44 100.00

* „Geschäfts- und Bürohaus Sterneckstraße Errichtungs- und Betriebs GmbH”, Vienna (e) 35 100.00

Goldeck Bergbahnen GmbH, Spittal an der Drau (e) 363 100.00

Goldeck - Flug Gesellschaft m.b.H., Spittal an der Drau 2,000 100.00

H. Westerthaler Baugesellschaft m.b.H., Bischofshofen 500 100.00

„Hochbau Consult” Bauplanungs- und Kontroll-GmbH, Vienna (e) 36 100.00

Ilbau Liegenschaftsverwaltung GmbH, Spittal an der Drau (e) 4,500 100.00

InfoSys Informationssysteme GmbH, Spittal an der Drau (e) 363 100.00

Innerebner Baustahl GmbH, Wiener Neustadt (e) 36 100.00

* INSOND Gesellschaft mbH, Vienna (e) 1,500 100.00

KAB Straßensanierung Gesellschaft m.b.H. & Co KG, Spittal an der Drau (e) 133 50.60

Kanzel Steinbruch Dennig Gesellschaft mit beschränkter Haftung, Gratkorn 500 75.00

Leitner Gesellschaft m.b.H, Hausmening 4,800 100.00

Mischek Systembau GmbH, Vienna (e) 1,000 100.00

* Mischek Leasing eins Gesellschaft m.b.H, Vienna (e) 36 100.00

* Nordpark Errichtungs- und Betriebs GmbH, Innsbruck (e) 35 100.00

OAT - Bohr- und Fugentechnik Gesellschaft m.b.H., Spittal an der Drau 1,000 51.00

Osttiroler Asphalt Hoch- und Tiefbauunternehmung GmbH, Lavant in Osttirol (e) 36 80.00

Pagitz Metalltechnik GmbH, Spittal an der Drau (e) 35 100.00

PRO Liegenschaftsverwaltungs- und Verwertungsgesellschaft m.b.H., Vienna 500 100.00

RBS Rohrbau-Schweißtechnik Gesellschaft m.b.H., Linz (e) 291 100.00

SBS Strabag Bau Holding Service GmbH, Spittal an der Drau (e) 35 100.00

Stadtbaumeister Architekt Franz Böhm GmbH, Vienna (e) 36 100.00

STRABAG AG, Spittal an der Drau (e) 12,000 100.00

Strabag Liegenschaftsverwaltung GmbH, Linz (e) 4,500 100.00

TPA Gesellschaft für Qualitätssicherung und Innovation GmbH, Vienna (e) 37 100.00

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

* initial consolidation


NOTES

In the 2005 financial year, r 50.143 m in goodwill arising from capital consolidation were recognized as asset.

The balance on the liabilities side in the capital consolidation is recorded directly as affecting the profit and lossaccount. In the 2005 accounting year, a balance on the liabilities side of r 2.954 m resulted from retainedearnings, which are classified as Other Operating Income.

The same principles of capital consolidation are applied to holdings included under the equity method as inthe case of fully consolidated companies, whereby the respective last available financial statement serves asthe basis for the equity consolidation. In the case of companies recognized under the equity method, thelocal valuation principles are kept only in the event of insignificant differences. A goodwill of r 6.790 m(2004: r 4.791 m) in the account balance results from the first-time equity evaluation of the newly acquiredcompanies.

Within the framework of debt consolidation, outstanding trade debts, lendings and other receivables are postedwith the corresponding liabilities and provisions of the subsidiaries included in the consolidated financialstatement.

Expenses and revenue from group-intern trade have been eliminated. Interim results incurred from group-interntrade transactions in the fixed and current assets have been cancelled if they are of importance.

Minority interests in equity and in the earnings of companies controlled by the parent company are shownseparately in the consolidated financial statement.

The necessary tax deferrals are made for consolidation procedures.

Kigali Airport, Rwanda


* Rodinger Ingenierbau GmbH, Roding (e) 30 100.00

SAT Straßensanierung GmbH, Horhausen (e) 30 100.00

* SF-Ausbau GmbH, Freiberg (e) 600 100.00

SF-BAU Gesellschaft für Projektentwicklung und schlüsselfertiges Bauen mbH, Leipzig 500 100.00

SF-BAU Grundstücksgesellschaft „ABC-Bogen” mbH, Cologne 50 100.00

STRABAG AG, Cologne (e) 104,780 65.85

Strabag Beton GmbH & Co. KG, Berlin 2,000 100.00

STRABAG International GmbH, Cologne 5,000 100.00

STRABAG Projektentwicklung GmbH, Cologne 20,000 100.00

STRABAG Sportstättenbau GmbH, Dortmund 200 100.00

STRABAG Unterstützungskasse GmbH, Cologne (e) 26 100.00

TPA Gesellschaft für Qualitätssicherung und Innovation GmbH, Cologne (e) 511 100.00

Wohnbauträgergesellschaft Objekt „Freising - Westlich der Jagdstraße” mbH, Cologne 100 100.00

* Z-Bau GmbH, Magdeburg (e) 100 100.00

* Züblin International GmbH, Stuttgart (e) 2,500 100.00

* Züblin Projektentwicklung GmbH, Stuttgart (e) 2,556 100.00

* Züblin Spezialtiefbau GmbH, Stuttgart (e) 3,068 100.00

* Züblin Stahlbau GmbH, Hosena (e) 1,534 100.00

* Züblin Umwelttechnik GmbH, Stuttgart (e) 2,000 100.00

BELGIUM nominal capital stake

Te %

N.V. STRABAG Belgium S.A., Antwerpen 8,059 100.00

N.V. STRABAG Benelux S.A., Antwerpen 6,263 100.00

STRABAG BRVZ BENELUX, Antwerpen 19 100.00

STRABAG BMTI BENELUX, Antwerpen 19 100.00

BULGARIA nominal capital stake

TLEW %

BRVZ EOOD, Sofia 100 100,00

INGSTROY SOFIA AD, Sofia 13,313 75.00

TPA EOOD, Sofia 5 100.00

CHILE nominal capital stake

TCLP %

* Züblin International Chile Ltda., Santiago de Chile 5,969 100.00

CHINA nominal capital stake

TCNY %

* Züblin Shanghai Changijang Construction Engineering Co. Ltd, Shanghai 29,312 75.00

DENMARK nominal capital stake

TDKK %

* Züblin Scandinavia A/S, Viby 500 100.00

CANADA nominal capital stake

TCAD %

* Strabag Inc., Toronto 0 100.00


NOTES


Treuhandbeteiligung 500 100,00

UNIPROJEKT Bau- und Innenbau GmbH, Vienna 500 100,00

VAM-Valentiner Asphaltmischwerk Gesellschaft m.b.H. & Co KG, Linz (e) 73 75,00

Vereinigte Asphaltmischwerke Gesellschaft m.b.H. & Co KG., Spittal an der Drau (e) 263 50,00

„Wiener Heim” Wohnbaugesellschaft mbH, Vienna (e) 741 100,00

Zentrum Rennweg S-Bahn Immobilienentwicklung GmbH, Vienna 500 99,00

* Züblin Baugesellschaft m.b.H., Vienna (e) 2.544 100,00

* Züblin Holding Ges.mbH, Vienna (e) 35 100,00

GERMANY nominal capital stake

TDEM/Te %

A.H.I. - BAU Allgemeine Hoch- und Ingenieurbau-GmbH, Cologne 6,600 100.00

August & Jean Hilpert GmbH & Co. KG, Nuremberg 1,000 100.00

Baumann & Burmeister GmbH, Halle/Saale 100 100.00

* BL Baulogistik GmbH, Stuttgart (e) 250 100.00

Blees-Kölling-Bau GmbH, Cologne 2,500 76.00

BMTI - Baumaschinentechnik International GmbH, Cologne (e) 307 100.00

BRVZ Bau-Rechen-und Verwaltungszentrum GmbH, Dahlwitz/Hoppegarten 100 100.00

BRVZ Bau-, Rechen- und Verwaltungszentrum GmbH, Cologne (e) 30 100.00

Colonius Carré Entwicklungsgesellschaft mbH, Cologne (e) 100 51.00

* DYWIDAG Bau GmbH, Munich (e) 25 100.00

* DYWIDAG-Holding GmbH, Cologne (e) 500 100.00

* DYWIDAG International GmbH, Aschheim (e) 5,000 100.00

* DYWIDAG Schlüsselfertig und Ingenieurbau GmbH, Munich (e) 25 100.00

* Eberhardt Bau-Gesellschaft mbH, Berlin 300 100.00

Eberhard Pöhner Unternehmen für Hoch- und Tiefbau GmbH, Bayreuth (e) 30 100.00

* Ed. Züblin AG, Stuttgart (e) 20,452 53.60

Eraproject Immobilien-, Projektentwicklung und Beteiligungsverwaltung GmbH, Berlin 100 100.00

Erschließungsgesellschaft „Am Schloßberg” Pantelitz GmbH, Neubrandenburg (e) 25 100.00

GVD Versicherungsvermittlungen - Dienstleistungen GmbH, Cologne (e) 26 100.00

* HEILIT Umwelttechnik GmbH, Düsseldorf (e) 100 100.00

* HEILIT + WOERNER Bau GmbH, Munich (e) 18,000 100.00

* Industrielles Bauen Betreuungsgesellschaft GmbH, Stuttgart (e) 256 100.00

Helmus Straßen-Bau-Gesellschaft mbH & Co. KG, Vechta 6,000 100.00

IBV-Immobilien Besitz- und Verwaltungsgesellschaft mbH Werder, Cologne 50 99.00

Ilbau GmbH Deutschland, Cottbus (e) 4,700 100.00

Ilbau Liegenschaftsverwaltung GmbH, Dahlwitz-Hoppegarten (e) 7,669 100.00

J + O Alsterfleet Grundstücks GmbH, Hamburg (e) 25 94.00

Josef Riepl Unternehmen für Hoch- und Tiefbau GmbH, Regensburg 20,000 100.00

Leonhard Moll Tiefbau GmbH, Munich 9,000 100.00

Leonhard Moll Hoch- und Tiefbau GmbH, Munich (e) 51 100.00

MAV Mineralstoff-Aufbereitung und -Verwertung GmbH, Krefeld (e) 600 50.00

* Niersberger Gebäudemanagement GmbH & Co. KG, Erlangen (e) 100 75.00

Ooms-Ittner-Hof GmbH, Cologne 1,000 100.00

Otto Rohr GmbH, Helmstedt 2,501 100.00

* Pyhrn Concession Holding GmbH, Cologne (e) 38 100.00

* Pyhrn Motorway GmbH, Aschheim (e) 26 100.00

PPP SchulManagement Witten GmbH & Co. KG, Cologne (e) 10 100.00

PROTECTA Gesellschaft für Oberflächenschutzschichten mbH, Düsseldorf 500 75.00

Rhein-Regio Neuenburg Projektentwicklung GmbH, Neuenburg am Rhein 150 90.00

RKB Rohrleitungs- und Kanalbau GmbH, Berlin (e) 2,660 100.00


BRVZ SERVICII & ADMINISTRARE s.r.l., Bucharest 278 100.00

Carb SA Brasov, Brasov 10,909 99.47

DRUMCO S.A. Timisoara 12,959 70.00

Strabag s.r.l., Bucharest (USD) 1,000 100.00

* TPA Societate pentru asigurarea calitatii si inovatii SRL, Bucharest (RON) 0 100.00

RUSSIAN FEDERATION nominal capital stake

TRUR %

SAO BRVZ Ltd., Moscow 313 100.00

Strabag z.a.o., Moscow 14,926 100.00

SAUDI ARABIA nominal capital stake

TSAR %

* Dywidag Saudi Arabia Limited, Riyadh 10,000 100.00

SWEDEN nominal capital stake

TSEK %

* Züblin Scandinavia AB, Sollentuna 100 100.00

SWITZERLAND nominal capital stake

TCHF %

BMTI GmbH, Erstfeld 20 100.00

BRVZ Bau-, Rechen- und Verwaltungszentrum AG, Erstfeld 100 100.00

Eggstein AG, Kriens 1,850 100.00

Egolf AG Weinfelden, Weinfelden 3,000 100.00

Egolf Baustoffe AG, Bürglen 1,200 100.00

Egolf Bauunternehmungen AG, Weinfelden 7,070 100.00

Meyerhans AG Amriswil, Amriswil 2,500 100.00

Meyerhans AG, Straßen- und Tiefbau Uzwil, Uzwil 100 100.00

Murer-Strabag AG, Erstfeld 6,500 100.00

Züblin-Strabag AG, Zurich 13,450 100.00

SERBIA and MONTENEGRO nominal capital stake

TUSD %

STRABAG Beograd d.o.o., Belgrad 5 100.00

SLOVAKIA nominal capital stake

TSKK %

BMTI SK s.r.o., Bratislava 1,000 100.00

BRVZ s.r.o., Bratislava 1,000 100.00

C.S. Bitunova spol. s.r.o., Zvolen 36,000 100.00

KSR - Kamenolomy SR, s.r.o, Zvolen 744 100.00

OAT spol. s.r.o., Bratislava 6,000 100.00

PREFABRIKAT, a.s., Vel´ké Leváre 199,164 100.00

Slovasfalt spol. s.r.o., Bratislava 277,835 100.00

STRABAG s.r.o., Bratislava 2,000 100.00

TPA s.r.o., Bratislava 200 100.00

ZIPP BRATISLAVA spol. s.r.o., Bratislava 4,000 100.00

NOTES

CROATIA nominal capital stake

THRK %

BMTI - gradevinski strojevi international d.o.o., Zagreb 40 100.00

BRVZ - gradevinski-, racunovodstveni- i upravni centar d.o.o., Zagreb 20 100.00

MINERAL IGM dionicko drustvo za proizvodnju trgovinu i gradevnim materijalom, Benkovac 10,681 95.44

Poduzece ZA Ceste Split d.d., Split 18,810 86.39

Strabag d.o.o., Zagreb 48,230 100.00

TPA odrzavanje kvaliteta i inovacija d.o.o., Zagreb 20 100.00

* Züblin Hrvatska d.o.o., Zagreb 20 100.00

MALAYSIA nominal capital stake

TMYR %

* Züblin International Malaysia Sdn.Bhd, Kuala Lumpur 1,000 100.00

NETHERLANDS nominal capital stake

Te %

STRABAG Bouw en Ontwikkeling B.V., Dordrecht 450 100.00

OMAN nominal capital stake

TOMR %

* Dyckerhoff & Widmann AG and Partner LLC, Oman 150 100.00

STRABAG OMAN, Muscat 1,000 100.00

POLAND nominal capital stake

TPLN %

Bitupol sp. z o.o., Warsaw 1,800 60.00

BMTI Polska sp. z o.o., Pruszkow 2,000 100.00

BRVZ sp. z o.o., Warsaw 500 100.00

Facility Management Polska sp. z o.o., Warsaw 58 100.00

* HEILIT + WOERNER Budowlana sp. z o.o., Wroclaw 16,140 100.00

Kopalnia Granitu Mikoszow sp. z o.o., Strzelin 9,361 100.00

Kopalnie Melafiru w Czarnym Borze sp. z o.o., Czarny Bor 9,700 99.23

PL-Bitunova sp. z o.o., Bierawa 2,700 95.00

SAT sp. z o.o., Olawa 4,171 100.00

* Slask sp. z o.o., Katowice 294 51.01

STRABAG sp. z o.o., Warsaw 11,000 100.00

TPA Instytut Badan Technicznych sp. z o.o., Poznan 600 100.00

* Züblin sp. z o.o., Poznan 2,500 100.00

PORTUGAL nominal capital stake

T€ %

* ZUCOTEC Sociedade de Construçoes, Lda., Lisbon 200 100.00

ROMANIA nominal capital stake

TRON/TUSD %

BMTI - Tehnica Utilajelor Pentru Constructii s.r.l., Bucharest 28 100.00

* initial consolidation * initial consolidation

ˇˇ

ˇ


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

All balance sheet items are converted at the mean foreign exchange rate at thebalance sheet date. Expense and income items are converted at the averageannual rate.

In the course of the capital consolidation, exchange rate differences of e 6.563 mare recognized in the equity during the 2005 financial year with no effect on theoperating result. The currency translation differences between the cut-off date forthe balance sheet and the average price of the profit and loss account areallocated to equity.

The inclusion of currency hedging which do not affect the profit and loss accountincreased the retained earnings by e 8.280 m.

Restatements in accordance with IAS 29 (Financial Reporting in HyperinflationaryEconomies) were not made as these were immaterial.

CURRENCYTRANSLATION

METHODS OF ACCOUNTING AND VALUATION

Acquired tangible and intangible assets are recognized at their original priceor cost of production minus planned and unplanned depreciation. Both the directand the appropriate parts of overhead costs for the self-constructed plants areincluded in the production costs.

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

The planned write-off of depreciable fixed assets is made according to thestraight line method in accordance with the forseeable useful life.If there is an indication that an asset may be impaired and if the present valueof the future cash surpluses is lower than the book value, then the asset'srecoverable amount must be calculated in accordance with IAS 36.

The following useful lives were assumed in the determination of the rate ofdepreciation:

UsefulLife

in Years

Intangible Assets:Property Rights 5 – 20Software 2 – 5Patents, Licences 3 – 10Tangible Assets:Buildings 10 – 50Investments in Third-Party Buildings 5 – 40Machinery 3 – 18Equipment/Furnishings 3 – 15Vehicles 4 – 10

TANGIBLE ANDINTANGIBLE ASSETS


NOTES

SLOVENIA nominal capital stake

TSIT %

BRVZ center za racunovodstvo in upravljanje d.o.o., Ljubljana 2,100 100.00

Gradbeno podjetje in kamnolom GRASTO d.o.o., Ljubljana 80,850 99.85

STRABAG gradbene storitve d.o.o., Ljubljana 2,100 100.00

STRABAG Immobilija d.o.o., Ljubljana 16,115 100.00

CZECH REPUBLIC nominal capital stake

TCZK %

Alfa Beteiligungs a.s., Ceské Budejovice 18,194 100.00

BHG a.s., Ceské Budejovice 497,722 100.00

BMTI CR s.r.o., Brno 100 100.00

Bohemia Bitunova spol. s.r.o., Jihlava 100 100.00

BRVZ s.r.o., Ceské Budejovice 1,000 100.00

CMO-Ceské a moravské Obalovna s.r.o., Sobeslav 10,000 100.00

* Dalnicni stavby Praha, a.s., Prague 136,000 100.00

Epsilon Beteiligungs a.s., Ceské Budejovice 78,261 100.00

Gama Beteiligungs a.s, Ceské Budejovice 106,000 100.00

Ilbau spol s.r.o., Prague 20,600 100.00

Ilbau Plzen a.s., Ceské Budejovice 1,888 100.00

KAMENOLOMY CR s.r.o., Ostrava-Svinov 106,200 100.00

Na belidle spol s.r.o., Prague 100 100.00

OAT s.r.o., Prague 4,000 80.00

* SAT s.r.o., Prague 1,000 100.00

Strabag a.s., Prague 1,119,600 100.00

Strabag Eta Group a.s., Brno 289,245 98.32

Strabag Sibe Group a.s., Beroun 74,418 100.00

TPA CR s.r.o., Beroun 1,000 100.00

ZIPP PRAHA s.r.o., Prague 17,100 100.00

* Züblin spol s.r.o., Prague 100 100.00

HUNGARY nominal capital stake

THUF %

ASIA Center Kft., Budapest 1,830,080 100.00

BHG Bitumen Kereskedelmi Korlatolt Felelössegü Tarsasag, Budapest 3,000 100.00

BMTI Nemzetközi Épitögépészeti Kft., Budapest 5,000 100.00

H-TPA Innovacios es Minösegvizsgalo Kft., Budapest 113,000 100.00

KÖKA Kö-es Kavicsbanyaszati Korlatolt Felelössegü Tarsasag, Budapest 778,680 100.00

Magyar Aszfalt Kft, Budapest 100,000 100.00

Melygarazs 2000 Kft, Budapest 15,000 100.00

OAT-Diamanttechnika, Budapest 25,000 100.00

STR Lakasepitö Korlatolt Felelössegü Tarsasag, Budapest 352,000 100.00

Strabag Építö Zartköruen Muködo Részvenytársaság, Budapest 2,100,000 100.00

Szamito-es Ügyviteli Központ Kft.(BRVZ), Budapest 45,000 100.00

Szentesi Vasutepitö Kft., Budapest 189,120 100.00

* Züblin Kft., Budapest 3,000 100.00



NOTES

Trade receivables, receivables for services rendered and other receivables areevaluated at their nominal value minus valuation adjustments for realizableindividual risks. Graduated valuation adjustments are formed according to riskgroups in order to take general loan risks on customer receivables intoconsideration.

Non-interest bearing and low-interest-bearing receivables are discounted.Foreign currency receivables are evaluated on the balance sheet date at thevalid exchange rate or, in the case of hedging, at the hedged rate.

In the case of receivables from construction contracts, the results are realizedaccording to the percentage of completion method (IAS 11). The output actuallyattained by the balance sheet date serves as a benchmark for the degree ofcompletion. Impending losses from the further construction process areaccounted for by means of appropriate depreciations.

When the performance to be evaluated is provided within the framework of aconstruction contract and exceeds 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 fromConstruction Contracts.

The results, in the case of construction contracts, which are carried out in specialpartnerships are realized according to the percentage of completion method inaccordance with the degree of completion on the balance sheet date. Impendinglosses arising from further construction work are accounted for by means ofappropriate depreciations. Receivables from or liabilities to consortia include theproportional contract result as well as capital contributions, in- and out-paymentsand charges resulting from services.

The valuation of other assets is made at purchase cost minus extraordinarydepreciation.

ACCOUNTSRECEIVABLE ANDOTHER ASSETS

In accordance with IAS 28, shares in associated companies are evaluatedat equity – in as far as they are not shares of minor significance. For purpose oftransition to IFRS, the financial statements of the major companies evaluatedin accordance with the equity method are to be adapted to IFRS in terms ofaccounting and valuation. The revaluation will be made on the basis ofestimations if the companies to be valued at equity do not report in accordancewith IFRS.

Subsidiaries which are not consolidated and holdings which are not reported atequity are reported at their historical cost or with the accompanying fair value inaccordance with IAS 39 in as far as this value can be reliably determined.

Interest-bearing lendings are, as long as no value deductions are necessary,reported at nominal value. Interest-free or low-interest-bearing loans arediscounted to their present value.

All securities in the fixed assets are classified in accordance with IAS 39 asavailable-for-sale. They are reported at cost at the date of acquisition andevaluated in later periods at the respective market value. The market values of the securities result from the official price at the balance sheet date.

The majority of securities are held to cover severance payments and pensionsprovisions.

FINANCIAL ASSETS

Deferred taxes are measured using the balance sheet liability method for allvariances between the valuation of the balance sheet items in the IFRSconsolidated financial statement and the existing tax value at the individualcompanies. Furthermore, any realizable tax advantage from existing losscarryforwards will be included in the calculation. Exceptions to thiscomprehensive tax deferral are balances from non-tax-deductible goodwill.

Deferred tax assets may only be recognized if the associated tax advantage islikely to be realizable. The calculation of the tax deferral is based on the usualincome tax rate in the respective country at the point of the predicted reversal intheir value difference.

DEFERRED TAXES

Inventory costs should include cost of purchase and production and are requiredto be stated at the lower of cost and net realizable value.

Production costs include all direct costs as well as appropriate parts of overheadarising in the production. Distribution costs, as well as costs for generaladministration, are not included in the production costs. The interest on borrowingin connection to the production is not capitalized.

INVENTORIES

Subsidies and investment allowances are deferred from the respective assetvalue and appropriated as planned according to the useful life.

Leasing contracts on assets on which all the chances and risks essentially liewith the company are treated as finance leases. The fixed assets underlyingthese leasing agreements are capitalized at the present value of the minimumpayments at the beginning of leasing relations and depreciated over theforseeable useful life or over shorter contract terms. These are offset by theliabilities arising from future leasing payments, whereby the former arerecognized at the present value of the outstanding obligations at the balancesheet date.

In addition there are leasing agreements for tangible assets, which are regardedas operating leases. Leasing payments resulting from these contracts arerecognized as expenditure.

Panorama View of Heldenplatz, Vienna, Austria


Provisions for severance pay are created as a result of statutory regulations.The group is obliged to pay a one-off severance payment to employees ofdomestic subsidiaries in the case of dismissal or at retirement.

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

The provision for severance payments is determined by using actuarial expertise.Here the future claim over the length of employment of the employees is collectedwhile taking any future pay rises into consideration. The present value of the partlyearned partial-claims on deadline day is recognized as the provision.

Pension provisions are calculated according to the projected unit credit method(IAS 19). This method determines the discounted pension claim acquired up to thebalance sheet date. Due to the commitment of fixed pensions, it is not necessaryto consider expected future salary rises as part of the actuarial parameters.

The effect in value of the change to these assumptions is recognized as actuarialgains and losses and is fully and directly recognized in the profit and lossaccount. Service costs are recognized in the personnel expenditure, theproportion of the interest in the allocation of provisions in the financial result.

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

The conditions applied to calculate the severance and pension provisions fordiscounting, pay rises and fluctuation vary from country to country depending onthe economic situation. Life expectancy is calculated according to the respectivecountry’s mortality tables.

The other provisions take into consideration all realizable risks and uncertainobligations. They are recognized at the respective amount, which is necessary atthe balance sheet date according to commercial judgement in order to coverfuture payment obligations, realizable risks and uncertain obligations within thegroup. Hereby the respective amount is recognized, which arises as the mostprobable on careful examination of the facts. Long-term provisions are, in as faras they are not immaterial, entered into the accounts at their discounteddischarge amount on the balance sheet date. The discharge amount alsoincludes the cost increases to be considered on the reporting date. Provisionswhich arise from the obligation to recultivate gravel sites are allocated accordingto the rate of utilization.

PROVISIONS


Liabilities are basically recognized at the repayment amount. Foreign currencyliabilities are evaluated at the mean foreign currency rate at the balance sheetdate. Interest free liabilities, especially those from finance leasing liabilities,are accounted at the present value of the repayment obligation.

Costs related to the issue of corporate bonds are capitalized in the year of issueand portionately deducted over the term.

LIABILITIES

Contingent liabilities are possible or existing obligations with which an outflow ofresources is not probable. They are not recognized in the balance sheet.The reported obligation volumes of the contingent liabilities correspond to theextent of liability on the balance sheet date.

CONTINGENTLIABILITIES

The revenue of e 6,955,797,000 (2004: e 5,222,905,000) is attributed inparticular to revenue from construction contracts, revenue from own projects,trade to and services for consortia, as well as other services and proportionallyacquired profits resulting from special partnerships. Revenue from constructioncontracts containing the annualized part of profits according to the level ofcompletion of the respective contract (percentage of completion method)amount to e 6,379,703,000 (2004: e 4,675,048,000).

Revenue according to business fields and regions are represented individually inthe segment information.

Revenue provides only an incomplete picture of the output achieved in thebusiness year. Additionally, therefore, the total output of the group is represented,which includes the proportional output of special partnerships and associates(including Züblin Group):

(1) REVENUE

NOTES ON THE ITEMS IN THE CONSOLIDATED PROFIT AND LOSS ACCOUNT

2005 2004in mio e in mio e

Germany 3,523 1,970Austria 1,924 1,568Hungary 938 678Czech Republic 714 504Poland 433 276Switzerland 295 183Slovakia 253 219Croatia 241 98Benelux 209 196Other Countries 785 272

9,315 5,964

NOTES


(2) OTHEROPERATINGINCOME

2005 2004Te Te

Income from disposal andwrite-up of fixed assetsexcluding financial assets 21,539 24,845Income from reversal of provisions 3,063 9,208Other 125,299 102,914

149,901 136,967

(3) COST OF MATERIALAND SERVICES 2005 2004

Te Te

Material Costs 1,621,586 1,185,929Costs of Services 3,398,021 2,423,529

5,019,607 3,609,458

The other remaining operating income includes revenue from letting and leasing,insurance compensation, appropriation of valuation adjustments, as well asrevenue from re-charging and exchange rate differences.

Costs for services are mainly attributed to services of subcontractors andprofessional craftsmen as well as planning services, machine rentals and third-party repairs.

(4) PERSONNELEXPENDITURE 2005 2004

Te Te

Wages 557,586 485,651

Salaries 554,610 453,376

Social Security andRelated Costs 266,238 225,924

Expenditure for Severance Payments andcontributions to Company Pension Fund 7,830 6,688

Expenditure for Pensions Payments andsimilar Liabilities 3,564 3,990

Other Social Expenditure 12,048 9,8801,401,876 1,185,509

NOTES

The expenditure for severance pay, contributions to the company pension fund,pensions and similar obligations include the expenditure for service costs andindemnity claims resulting from old-age-part-time claims in the business year.Actuarial gains and losses were recognized in full in the equity, outside profit or loss, in accordance with the amendments to IAS 19 (2004); the 2004 figureswere adjusted accordingly. The proportion of interest included in the expenditurefor severance payments as well as for pensions and other obligations arerecognized under the financial result.

The average number of employees with the proportional inclusion of allassociated companies (including the Züblin Gruppe) is as follows:

2005 2004

Salaried Employees 16,805 12,207Labourers 27,708 21,080

44,513 33,287

Ordinary and extraordinary depreciations on tangible and intangible assets arerepresented in the Consolidated Statement of Changes in Fixed Assets.In the year under report, extraordinary depreciation on tangible assets to theamount of e 402,000 were made (2004: e 61.668 m). As a result of therestructuring of 2004 and 2005, the goodwill (customer relations, brand nameand project volume) of the former locations was no longer ascertainable.Furthermore a lasting negative profit situation and a reduced volumeof construction work at other operating units led to depreciations totallinge 15.188 m.

(5) DEPRECIATIONON TANGIBLEAND INTANGIBLEASSETS

The other operating expenses of e 400.981 m (2004: e 311.496 m) mainlyinclude general administrative costs, travel and advertising costs, insurancepremiums, proportional transfer of losses from special partnerships, devaluationof receivables, the account balance from the allocation and utilisation ofprovisions, legal and advisory costs, rental and lease costs and losses from thesale of assets (excluding financial assets). Other taxes amounting to e 27.479 m(2004: e 26.704 m) are included.

Spending on research and development arose in various special technicalproposals, in connection with concrete competitive projects and in theintroduction of building processes and products onto the market, and wastherefore recognized in full in the profit and loss account.

(6) OTHER OPERATINGEXPENSES


(9) OTHER FINANCIALRESULTS 2005 2004

Te Te

Interest and similar income (of this amount,Te 2,703 from associates; 2004: Te 1,203) 35,458 29,175

Interest and similar expenses(of this amount, Te 2,066 from associates;2004: Te 924) -65,863 -50,890

Net interest income -30,405 -21,715

Other financial income 2,463 2,569

Other financial expenses -472 -1,205

Other financial results 1,991 1,364-28,414 -20,351

Included in interest and similar expenditure are interest components from theallocation of severance payment and pension provisions amounting to e 9.568 m(2004: e 10.008 m).

(8) EARNINGS FROMINVESTMENTS 2005 2004

Te Te

Earnings from investments (of this amountTe 5,249 from associates; 2004: Te 8,557) 19,691 22,365

Expenses arising from investments(of this amount Te 2,932 from associates;2004: Te 7,568) -2,473 -11,116

Earnings from the sale and write-upof investments 939 4,768

Depreciation on investments(of this amount Te 3,350 from associates;2004: Te 3,879) -15,958 -7,045

Expenses arising from disposalof investments -2 -299

2,197 8,673

Income tax includes taxes paid in the individual companies or owed on incomeand revenue, as well as deferred taxes and the payments of back taxes resultingfrom tax audits:

The reasons for the difference between the Austrian corporate incometax rate of 25 % valid in 2005 and the actual consolidated tax rate areas follows:

Previously, valuation changes with investments classified as available-for-salewere recognized as affecting current-period results. As of 2005, valuationchanges will be calculated in the equity above the historical purchase costs,outside of profit or loss.

Furthermore, within the framework of IAS 39 valuation, depreciations were madeon the remaining investment holdings as well.

(10) INCOME TAX

2005 2004Te Te

Actual Taxes 44,826 24,113Deferred Taxes -4,677 1,489

40,149 25,602

NOTES

(7) SHARE OF PROFITOF ASSOCIATEDCOMPANIES

2005 2004Te Te

Income from investments inassociates 6,980 11,282

Expenses arising from investments inassociates -1,556 -3,385

5,424 7,897

2005 2004Te Te


Theoretical tax expenditure 25 % (2004: 34 %) 33,679 31,059Differences to foreign tax rates -2,530 -12,923Non-tax-deductible expenses 6,635 1,337Tax-free earnings -4,629 -22,682at-equity effects -620 7,858Amortization of goodwill 2,123 -768Payment of back taxes 1,463 0Change in tax rate 0 17,608Other -4,816 -4,574

Change of valuation adjustment ondeferred tax assets 8,844 8,687

Recognized income tax expenditure 40,149 25,602Mixing Plant, Bad Fischau, Austria


Effective 22 December 2005, a syndicated aval loan was signed with joint liability on the part of the companiesbelonging to the group to replace the previous aval loan.

As a result, the mortgage on group properties in the amount of e 98.2 m (2004) and the collateralization of thestake in Deutag GmbH & Co KG, Linz, which served as security for the aval credit lines, were dissolved.On the reporting date, mortgage liabilities of e 73.9 m to secure the aval loan still remained from parts of theZüblin Group. These were also dissolved at the beginning of 2006. The aval credit will now be secured almostexclusively within the framework of the syndicated loan agreement. On the reporting date, there were realsecurities for other aval loans of e 4.5 m.

On the balance sheet date there were no significant liabilities concerning the acquisition of tangible assetswhich have not been considered in the financial statement.

Detailed information on the group's holdings (shares of more than 20 %) can be foundin the list of holdings.

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

Of the securities, e 22.098 m (2004: e 22.192 m) have been pledged as collateral for sector-typical liabilities.

(12) FINANCIAL ASSETS

NOTES

The composition and changes in tangible and intangible assets is shown apart inAppendix 1 to the Notes (Consolidated Statement of Changes in Fixed Assets).

Due to existing finance leasing contracts, the following book values are includedin the tangible assets on the balance sheet date:

Offset against these are liabilities arising from the present value of leasingobligations amounting to e 61.920 m (2004: e 38.423 m).

The terms of the finance leases for real estate are between 4 and 20 years,while those for the machine leases are between 2 and 5 years.

In subsequent business years the following liabilities will arisefrom leases:

NOTES ON ITEMS IN THE CONSOLIDATED BALANCE SHEET

(11) TANGIBLE ANDINTANGIBLEASSETS

31.12.2005 31.12.2004Te Te

Real estate leasing 45,209 32,059Machinery leasing 25,488 7,891

70,697 39,950

In addition to the finance leases, there are also operating leases for the utilizationof technical plants and machines. The expenditure from these contracts isrecognized as affecting the profit and loss. The payments made for the 2005business year amount to e 47.216 m (2004: e 32.905 m).

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

31.12.2005 31.12.2004Te Te

Term up to one year 16,837 9,371Term between one and five years 29,444 17,659Term over five years 18,274 21,409

64,555 48,439

31.12.2005 31.12.2004Te Te

Term up to one year 20,201 16,810Term between one and five years 47,248 39,061Term over five years 57,644 62,668

125,093 118,539

Balance on Currency Changes in Additions Transfers Disposals Write-Downs Balance on1.1.2005 Translation Basis of 31.12.2005

Consolidation

Te Te Te Te Te Te Te Te

Investmentsinassociates 45,495 0 9,968 13,276 0 3,897 0 64,842

Investmentsin relatedparties 36,654 -6 27,989 15,480 521 966 3,350 76,322

Lendingsto relatedparties 0 0 385 0 0 0 0 385

Holdings 108,335 78 9,946 14,506 -521 7,433 12,608 112,303

Lendings tocompanieswith whichthere is aninvestmentrelation 6,159 0 43 738 0 1,140 0 5,800

Securities 29,568 0 0 1,784 0 5,339 -775 26,788

Otherlendings 83,300 0 0 1,623 0 751 0 84,172

309,511 72 48,331 47,407 0 19,526 15,183 370,612


NOTES

(15) ACCOUNTSRECEIVABLEAND OTHERASSETS

31.12.2005 31.12.2004

Total short-term long-term Total short-term long-termTe Te Te Te Te Te

Receivables fromconstruction contracts 2,667,355 2,666,266 1,089 1,914,069 1,914,069 0

Paymentsrendered on these -1,785,929 -1,785,929 0 -1,385,805 -1,385,805 0

881,426 880,337 1,089 528,264 528,264 0Other trade receivables andreceivables for services rendered 811,721 769,192 42,529 596,694 497,131 99,563

Accounts receivable fromspecial partnerships 299,049 299,049 0 131,751 131,751 0

Trade receivables and receiv-ables for services rendered 1,992,196 1,948,578 43,618 1,256,709 1,157,146 99,563

Accounts receivable fromrelated parties 62,526 56,272 6,254 40,038 34,879 5,159

Receivables fromcompanies with whichthere is andinvestment relation 29,534 27,541 1,993 36,584 32,782 3,802

Other accountsreceivable and accrualsand deferrals 208,076 183,154 24,922 176,542 74,833 101,709

Other accounts receivableand other assetrs 300,136 266,967 33,169 253,164 142,494 110,670

Accounts receivable from construction contracts were as follows:

31.12.2005 31.12.2004Te Te

(All contracts non invoiced for at balance sheet date)

Costs incurred to balance sheet date 4,500,341 2,612,891Profits arising to balance sheet date 162,003 72,243Accumulated losses -148,268 -115,757Minus accounts receivable recognized under liabilities -1,846,721 -655,308

2,667,355 1,914,069

Based on the currently valid tax regulations, it can be assumed that a largepart of the balances between the tax-related holdings and the proportionalequity of the subsidiaries included in the consolidated financial statement whicharises in the profits received remains tax-free. Therefore there was no accrualor deferral of taxes.

Deferred taxes on losses carried forward were capitalized as these canprobably be offset with future taxable profits. No deferred tax assets weremade for differences in book value on the assets side and tax losses carried forward of e 413.678 m (2004: e 399.282 m), as their effectiveness as final tax relief is not sufficiently assured.

Temporary differences in amounts stated in the IFRS financial statement and therespective tax amounts stated affect the tax accruals and deferrals recognized inthe balance sheet as follows:

(13) DEFERRED TAXES

31.12. 2005 31.12.2004Assets Liabilities Assets Liabilities

Te Te Te Te

Tangible and Intangible Assets 6,533 -36,526 7,853 -9,718Financial Assets 1,891 -2,848 1,891 -507Inventories 6,334 -172 0 0Accounts Receivable and Other Assets 37,110 -112,785 30,929 -43,694

51,868 -152,331 40,673 -53,919Provisions 70,542 -58,154 54,699 -5,383Liabilities 81,916 -2,456 0 0Tax Loss Carryforwards 91,555 0 54,244 0Deferred Tax Assets/Liabilities 295,881 -212,941 149,616 -59,302Netting out of deferred tax assets andliabilities to the same tax authorities -209,424 209,424 -57,455 57,455Deferred Taxes Netted Out 86,457 -3,517 92,161 -1,847

(14) INVENTORIES31.12.2005 31.12.2004

Te Te

Raw materials, auxiliary supplies and fuel 95,055 97,463Finished works, goods and buildings 134,608 107,864Unfinished works and buildings 285,534 258,021Undeveloped ground 97,950 66,166Payments made 5,570 11,342

618,717 540,856


(18) PROVISIONS

The classification to the amount of e 34.841 m involves provisions made for holidayand comp-time, recognized as of 2005 as Other Current Liabilities.

Provisions for severance pay show the following development:

2005 2004Te Te

Present value of the defined benefit obligation(severance pay) on 1 January 48,990 44,957Changes in basis of consolidation 807 3,007Service costs 2,181 2,233Interest costs 2,430 2,487Severance payments -4,244 -5,876Actuarial gains/losses 4,216 2,182Present value of the defined benefitobligation (severance pay) on 31 December 54,380 48,990

NOTES

The fully-paid share capital amounts to e 59,937,920.00 and is split into6,742,240 no-par-value shares.

The retained earnings include currency translation differences, statutory andmandatory retained earnings, hedging reserves, as well as equity changes notaffecting operating results arising from actuarial gains/losses during thecalculation of provisions for personnel and from the valuation of investments.The retained earnings also include the profit for the period as well as the resultbrought forward from previous periods of FIMAG Finanz Industrie ManagementAG and its included subsidiaries, in as far as these were not eliminated by thecapital consolidation.

Details on the equity of the FIMAG-Group can be found in the Development ofGroup Equity (see Page 57 ff).

(17) GROUP EQUITY

Of the cash and cash equivalents, e 1.023 m (2004: e 2.734 m)are pledged to secure guarantees.

(16) CASH ANDCASH EQUIVALENTS 31.12.2005 31.12.2004

Te Te

Securities 10,236 1,499Cash in hand 2,302 1,663Cash at banks 543,319 209,237

555,857 212,399

Receivables from construction contracts amounting to e 1,846,721,000 (2004: e 655,308,000) are recognized under liabilities, as payments receivedfrom these exceed the accounts receivable.

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

The group’s short-term trade receivables and receivables for services renderedto the Republic of Iraq for the two building projects Expressway No. 1/Section 11and Basra International Airport amount to e 59.5 m.

The framework of conditions for a rescheduling of the Republic of Iraq’s debtconcluded at the end of 2004 by the Paris Club resulted in a bilateral debtrescheduling and remission agreement between the Federal Republic ofGermany and Iraq in the year under report. The group introduced claims ofe 454.4 m including interest into the Iraq debt rescheduling. As the result of the debt remission agreement, these claims have been reduced to a baseamount of e 91.4 m. The debt rescheduling will take place over a 23-year period including a six-year intial grace period. The redemption of therescheduled debt by a one-off payment of e 59.5 m was concluded at thebeginning of 2006. The redemption sum accrued in March 2006.

Balance on Reclassifi- Currency Changes Allocation Appro- Utilisation Balance on1.1.2005 cation Translation in Basis of priation 31.12.2005

Consolidation

Te Te Te Te Te Te Te Te

Provisions forseverance pay 48,990 0 0 807 8,828 0 4,245 54,380

Provisions forpensions 141,688 0 0 113,874 13,662 0 11,829 257,395

Provisions fortaxes 10,863 0 -52 6,558 6,522 9 408 23,474

Otherprovisions:

Construction-relatedprovisions 207,826 -2,921 -1,206 38,740 99,070 2,016 43,604 295,889

Personnel-relatedprovisions 118,834 -34,841 -606 20,521 77,116 33 66,974 114,017

Otherprovisions 77,496 2,921 -309 31,337 29,308 1,005 28,761 110,987

605,697 -34,841 -2,173 211,837 234,506 3,063 155,821 856,142


The liabilities can be represented as follows:

In order to secure liabilities to banks, real securities amounting to e 440.642 m(2004: e 212.700 m) have been booked.

(19) LIABILITIES

NOTES

2005 2004Te Te

Present value of the defined benefit obligation(pension) on 1 January 141,688 142,531Changes in basis of consolidation 113,874 -174Service costs 1,019 1,511Interest costs 7,138 7,521Pension payments -11,829 -11,968Actuarial gains 5,505 2,267Present value of the defined benefitobligation (pension) on 31 December 257,395 141,688

The provisions for pensions are formed for obligations from the right to futurepension 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 theemployment conditions of the employee at the time of the commitment (and length of service, salary of employee). Basically no new commitments have been awarded since 1999.

The company pension scheme consists of a non-fund-financed and performance-oriented pension system. In the case of performance-oriented pension systems,the company is obliged to fulfill payment commitments to present and pastemployees. There are no contribution-oriented pension systems in the form offinancing by relief funds.

The amount of the provision is calculated using the acturial methods basedon guidelines by Klaus Heubeck (Germany) or the AVÖ 1999 (Austria).This is based on a discounting rate of 4.75 % (2004: 5.25 %) for provisions forseverance pay and pensions and a salary increase of 2.00 % (2004: 2.00 %)in the case of salary-related commitments. For future pension increases, a rateof escalation is set dependent on the contractual adaptation terms.

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

The development of the pension provisions is shown below:

The construction-related provisions include other warranty obligations, costs ofthe contract execution and subsequent costs of invoiced contracts, as well asimpending losses from projects pending which are not accounted for elsewhere.The personnel-related provisions essentially include anniversary bonusobligations, contributions to occupational accident funds as well as costs of theold-age-part-time scheme and personnel downsizing measures.

31.12.2005 31.12.2004

Total short-term long-term Total short-term long-termTe Te Te Te Te Te

Financial Liabilities:

Bonds 225,000 0 225,000 150,000 0 150,000

Liabilitiestobanks 651,241 330,335 320,906 514,529 137,173 377,356

Liabilitiesfrom finance leases 61,920 8,899 53,021 38,423 4,618 33,805

Other liabilities,accruals anddeferred income 3,703 0 3,703 0 0 0

941,864 339,234 602,630 702,952 141,791 561,161Liabilities fromtrade payables and payablesfor services rendered:

Liabilities from construction contracts -1,846,721 -1,846,721 0 -655,308 -655,308 0

Paymentsreceived from these 2,239,086 2,238,141 945 866,294 866,294 0

Other liabilities from tradepayables and payablesfor services rendered 1,341,139 1,317,007 24,132 882,312 826,368 55,944

Liabilitiesto specialpartnerships 213,972 213,972 0 127,912 127,912 0

1,947,476 1,922,399 25,077 1,221,210 1,165,266 55,944Other Liabilities:

Liabilitiesto associates 39,741 39,741 0 26,479 24,304 2,175

Liabilitiesto companies with whichthere is an investmentrelation 18,035 18,035 0 29,034 29,034 0

Other liabilities,accruals anddeferred income 414,682 403,534 11,148 263,782 257,358 6,424

472,458 461,310 11,148 319,295 310,696 8,599


The financial instruments basically include primary and derivative financialinstruments. Financial assets, trade receivables and receivables for servicesrendered, cash at banks, financial liabilities and liabilities arising from trade andservices rendered form the most significant basis for the existing primary groupfinancial instruments. The amount of primary financial instruments arises from thebalance sheet.

Derivative instruments are exclusively used to secure existing risks inchanges of currency and interest rates. The use of derivative financialinstruments in the group is subject to the appropriate authorization andsupervision processes. The connection to a mainstay business is amust, trading is not permissible.

STRABAG SE agreed a medium-term note programme of e 500 m in the2001 business year. The first 3 tranches of e 50 m each were issued bySTRABAG SE between 2002 and 2004. In June 2005, FIMAG Finanz Industrieund Management AG issued a 5-year e 75 m bond with an annual couponof 4.25 %. Borrowing via the capital markets will become increasingly significant in the future. According to the market situation on the capitalmarkets, further bonds are planned within the scope of the medium-term noteprogramme. The corporate bond improves the matching of maturities in thefinancing structure.

(22) FINANCIALINSTRUMENTS

NOTES

(20) CONTINGENTLIABILITIES

31.12.2005 31.12.2004Te Te

Guarantees 68,212 179,888

The company has accepted the following guarantees:

Furthermore, as is usual in the industry, joint liability exists with the other partnersin special partnerships in which companies of STRABAG SE participate.

(21) NOTES TO THECONSOLIDATEDCASH FLOWSTATEMENT

The representation of the cash flow statement was made according to the indirectmethod and separated into the payment streams resulting from operating,investment and financing activities. The cash and cash equivalents includeexclusively cash in hand, cash at banks and short-term securities. Any effects ofchanges in consolidation were eliminated and represented in the cash-flow frominvestment activities.

The cash and cash equivalents are composed as follows:

31.12.2005 31.12.2004Te Te

Securities 10,236 1,499Cash in hand 2,302 1,663Cash at banks 543,319 209,237

555,857 212,399

Interest RiskThe 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 anunfavourable change in market interest rates. Fixed interest liabilities/obligationsmainly result from the tranches of the bonds issued by STRABAG SE andFIMAG Finanz und Industrie Management AG amounting to a total of e 225 mas well as from the derivative interest instruments.

As of 31 December 2005, the following hedging transactions existed:

2005 2004Nominal value Market value Nominal value Market value

Te Te Te Te

Interest Swaps 135,000 -795 135,000 -2,0780 0 10,000 46

-795 -2,032

City-Arkade Klagenfurt, Austria


Currency Translation RiskDue to the decentralized nature of the group, characterized by local companies inthe respective countries, mainly closed currency positions appear in the balancesheet. This means that accounts receivable and liabilities from business activitiesmainly offset each other in the same currency.

Loan financing and investments were predominantly made by the groupcompanies in the respective country’s local currency. In order to secure theremaining currency risk, derivative financial instruments, above all forwardexchange deals, were transacted. The respective term is under one year.

On 31 December 2005 following hedging transactions existed:

2005 2004Nominal Value Market Value Nominal Value Market Value

Currency Te Te

Currency SwapsTCZK 934,000 -109 600,000 -38THUF 0 0 2,931,917 13THUF 0 0 331,776 0TPLN 120,175 8 13,600 9TSKK 65,000 1 0 0THRK 57,200 6 0 0

-94 -16Forward Exchange Transactions

THUF 0 0 13,140,000 1,169THUF 0 0 710,000 -9TPLN 151,366 2,525 419,204 9,624TPLN 0 0 50,787 -57

2,525 10,7272,431 10,711

Exchange Average Exchange AverageRate Rate Rate Rate

31.12.2005 2005 31.12.2004 2004Currency 1 e = 1 e = 1 e = 1 e =

HUF 252.6650 248.6283 245.7727 250.5533CZK 28.9900 29.7575 30.3900 31.8950SKK 37.8700 38.5742 38.7300 40.0258PLN 3.8686 4.0329 4.0877 4.5286HRK 7.3625 7.3928 7.6600 7.4893CHF 1.5555 1.5476 1.5437 1.5442

Development of the significant group currencies:

NOTES

The amount of cash at and liabilities to banks according to currency –giving the average interest rate at balance sheet date –is represented as follows:

Cash at banks

Weighted averageBook Value interest rate

Currency Te 2005

EUR 394,068 2.05CZK 75,600 1.07PLN 39,859 2.88HUF 10,328 4.37Other 23,464 1.46

543,319

Liabilities to banks

Weighted averageBook Value interest rate

Currency Te 2005

EUR 588,453 3.84HUF 44,611 6.56USD 8,185 5.32PLN 5,743 5.40Other 4,249 4.03

651,241

Credit RiskThe risk for accounts receivable from clients can, due to the wide dispersion anda constant creditworthiness check, be rated as very low.

The risk of default for other primary financial instruments shown on the assets sidecan also be regarded as low, as the contract partners are exclusively financialinstitutions with the highest level of creditworthiness. The maximum risk of defaultis the book values of each financial asset in the balance sheet.

Market ValuesThe market value of the financial assets and liabilities are depicted under therespective items. The market value of the derivate financial instruments wascalculated on the basis of the recognised evaluation methods.


Other Construction Segments

This business field primarily comprises major projects in tunnelling and civilengineering and are managed and executed worldwide by Austrian or,in the case of tunnelling, Swiss organizational units. Civil engineering mainlycomprises major bridge construction, power plants and dams as well as other major civil-engineering-related concrete constructions. In the tunnellingfield, tunnels for traffic purposes as well as such for other uses applying thevarying technologies were erected.

Project development is another pillar of this business field.This comprises those worldwide contracts which include all the integratedservices such as financing, operation, marketing and utilization, as well as theusual construction services, within the framework of a value-added chainin an all-round project.In addition to infrastructure projects (traffic, energy), building projects utilizedas offices, for commercial purposes or hotels are executed.

The operating result can be broken down as follows:

The revenues and expenditures from investments as well as from associatedcompanies concern business-induced investments which form an importantcomponent of the group’s operating activity.

2005 2004Te Te

Earnings before financial result and taxes 155,508 95,131

Earnings from investmentsin associates 5,424 7,897

Earnings from investments 2,197 8,673

Operating Result 163,129 111,701

NOTES

The segments are presented according to business fields (primary segmentreporting) and regions (secondary segment reporting). The segmentationaccording to business fields corresponds to the internal group reporting.Assets and liabilities as well as expenditure and income were attributed to theindividual segments only in as far as they could be attributed directly or byapplying an allocation according to the principle of causation to the respectivesegment. Items not attributed in this way are shown under Miscellaneous.This segment primarily includes group management, commercial administration,IT and machine management. The settlement between the single segments ismade at arm’s-length prices.

Primary Segment Reporting

The primary segment reporting comprises the following business fields:

Road Construction

This business field mainly comprises road construction in the group’s relevantcountry markets. In addition to the work in asphalt and concrete roadconstruction, all other services attributable to civil engineering, such as earthwork, waste water and pipe construction, small-to-medium-sized civil-engineering-related concrete structures as well as the production of asphalt,concrete and raw materials, are included in the performance spectrum.As opposed to civil engineering, the services in this business field are carried outby smaller local organizational units. These organizational units work a limitedregional market in their business as independent profit centres.

Building Construction

Classical building services, as well as turnkey building construction projects,were executed within the framework of the mainstay business.The business field ranges from residential construction to commercial andindustrial building over the erection of office and administrative buildings to theconstruction of hotel and leisure complexes covering all possible types ofutilization. The medium-sized and major projects in particular – predominantly for private clients – form the core of the business activities.Regional organizational units work the respective local markets and areactive as self-contained and independent profit centres.

(23) SEGMENTREPORTING

Unterföhring Tunnel, Germany


Other construction fields Miscellaneous and Consolidation Total2005 2004 2005 2004 2005 2004

Te Te Te Te Te Te

1,694,096 665,311 161,854 118,776 9,314,847 5,963,530938,304 697,164 27,139 11,792 6,955,797 5,222,905

2,326 0 357,533 369,75755,053 -14,175 638 2,491 163,129 111,701

4,174 -615 0 0 5,424 7,897

1,246,506 470,735 1,668,880 1,569,087 5,126,927 3,653,257

16,172 5,914 0 0 64,842 45,495

1,088,282 252,675 1,028,387 1,053,258 4,221,457 2,851,001

7,220 32,631 297,611 174,859 304,831 207,490

9,502 71,797 169,175 133,110 178,677 208,8890 61,104 15,590 564 15,590 61,668

6,004 2,203 3,834 2,907 44,513 33,287

Rest of Europe Rest of World and Consolidation Total2005 2004 2005 2004 2005 2004

Te Te Te Te Te Te

2,296,245 1,915,083 109,853 53,073 6,955,797 5,222,9051,517,738 1,157,442 98,869 19,183 5,126,927 3,653,257

142,806 122,152 52,715 1,035 304,831 207,490

Road Construction Building ConstructionBUSINESS FIELD 2005 2004 2005 2004

Te Te Te Te

Construction volume 4,171,527 3,064,120 3,287,370 2,115,323Revenue 3,655,248 2,653,630 2,335,106 1,860,319Inter-segment revenue 132,900 130,725 63,985 18,427Operating income 75,828 106,690 31,610 16,695of this, profit ofassociates 1,250 8,512 0 0

Segment assets 1,197,796 857,431 1,013,745 756,004of this, assets ofassociates 48,670 39,581 0 0

Segment liabilities 1,038,264 669,240 1,066,524 875,828

Investments in tangible andintangible assets 0 0 0 0

Depreciation on tangible andintangible assets 0 3,461 0 521of this, extraordinary depreciation 0 0 0 0

Employees 21,937 19,126 12,738 9,051

Secundary Segment

NOTES

2005 Segment Report

Germany AustriaREGION 2005 2004 2005 2004

Te Te Te Te

Revenue 2,357,768 1,650,908 2,191,931 1,603,841Segment assets 2,107,896 1,154,275 1,402,424 1,322,357

Investments in tangible andintangible assets 38,105 33,192 71,205 51,111


BOARD OF MANAGEMENTDr. Hans Peter HASELSTEINER (Chairman)

SUPERVISORY BOARDDr. Christian KONRAD (Chairman)Komm.Rat Herbert SCHIMETSCHEK (Vice Chairman)Mag. arch Julius EBERHARDTMag. Erwin HAMESEDERDr. Gottfried WANITSCHEK

The salary expenses include the total salaries of the members of the board(including STRABAG SE) with e 5.580 m (2004: e 4.834 m).The severance costs of e 421,000 affect the members of the board.

No remuneration was paid to members of the supervisory board. Neither the membersof the management board nor the members of the supervisory board of FIMAG FinanzIndustrie Management AG received advances or loans.

(25) NOTES ON THEMANAGEMENT ANDSUPERVISORYBOARDS AND THEEMPLOYEES

(27) EARNINGSPER SHARE

2005 2004

Net consolidated profits for the period in thousands of e 49,938 35,499Weighted number of shares in circulation 6,742,240 6,742,240Profit per share in e 7.41 5.27

The earnings per share are calculated by dividing the group result by the weightednumber of the ordinary shares outstanding and participation rights during the year.

Significant events after the closure of the business year are described in themanagement report.

(26) SIGNIFICANTEVENTS AFTERBALANCE SHEETDATE

The shareholders of FIMAG Finanz Industrie Management AG are theHaselsteiner and Lerchbaumer families, as well as the UNIQA Versicherung AGGroup and the Raiffeisen-Holding NÖ-Wien Group, with whom arm’s-lengthbusiness relations exist.

In past business years, the FIMAG Group transferred real estate projectcompanies against the granting of participation rights to IDAGImmobilienbeteiligung u. -Development GmbH which is held by third parties.It is the business purpose of IDAG Immobilienbeteiligung u. -Development GmbHto develop real estate and to participate in real estate projects.

In the 2001 business year, all shares in IDAG Immobilienbeteiligung u.-Development GmbH as well as all the participation rights held by STRABAG SEand by STRABAG AG, were acquired by ATLAS Immobilien & DevelopmentPrivatstiftung. In November 2002. 50 % of the shares and participation rights ofIDAG Immobilienbeteiligung u. -Development Aktiengesellschaft were transferredby ATLAS Immobilien & Development Privatstiftung to ARION Immobilien &Development Privatstiftung.

IDAG Immobilienbeteiligung u. Development GmbH is essentially employedas investor in real estate projects. Within the framework of typical arm’s-lengthbusiness relations, the FIMAG Group takes over the development of realestate as well as the construction work for the project companies of theIDAG Immobilienbeteiligung u. -Development GmbH. Furthermore,IDAG Immobilienbeteiligung u. -Development GmbH has transferred tasks offinancial matters and accounting within the framework of an arm’s-length contractto the BRVZ Bau-, Rechen- u. Verwaltungszentrum Gesellschaft m.b.H.

In the 2005 financial year, turnover of around e 6 m were generated with IDAGImmobilienbeteiligung u. -Development GmbH. On the balance sheet date of31 December 2005, the FIMAG Group had receivables amounting to arounde 93 m from IDAG Immobilienbeteiligung u. -Development GmbH, ATLASImmobilien & Development Privatstiftung and ARION Immobilien & DevelopmentPrivatstiftung and their subsidiary enterprises.

Raiffeisen evolution project development GmbH, a joint project developmentcompany, was founded in September 2003 together with Raiffeisen ZentralbankAustria, Raiffeisen-Holding Niederösterreich-Wien and UNIQA.

Raiffeisen evolution project development GmbH bundles project developments inbuilding construction activities of the shareholders (without Germany andBenelux). The FIMAG Group is employed in the construction work on the basis ofarm's-length contracts.

The shareholders of the Raiffeisen evolution project development GmbH havebasically agreed to proportionally accept any obligations arising from the projectdevelopments.

(24) NOTES ONRELATED PARTIES

NOTES

Board of Management

Dr. Hans Peter Haselsteiner

Spittal an der Drau, 26 April 2006


Dkfm. Herbert F. Maier

Wirtschaftsprüferund Steuerberater

(Austrian Chartered Accountant)

Mag. Rudolf Kraus



Dr. Helge Löffler



Mag. Rudolf Kraus



The consolidated financial statements with our audit certificate may only be published or circulated in the form certified by us.For variant versions (e.g. summaries or translations) the requirements of Article 281 Paragraph 2 of the Austrian Commercial Code(HGB) apply.

UNQUALIFIED AUDIT CERTIFICATE

To the Board of Management and the members of the Supervisory Board of FIMAG Finanz IndustrieManagement AG, Vienna:

We have audited the German version of the consolidated financial statement of FIMAG Finanz IndustrieManagement AG, Spittal an der Drau, for the financial year ending 31 December 2005.The company’s management is responsible for the drawing up and for the content of these financialstatements in accordance with the International Financial Reporting Standards (IFRS), as they are to beapplied in the European Union, and under application of the rules stipulated by the Austrian Commercial Code.On the basis of our audit, it is our responsibility to express an opinion on these financial statements andwhether the management report is consistent with the financial statements.

We have conducted our audit in accordance with the Austrian legal requirements and standards governingthe establishment of an orderly audit of annual accounts and under application of the InternationalStandards on Auditing (ISA). These standards require that we plan and perform the audit in order to obtainreasonable assurance that the financial statements are free of material misstatement and that an opinioncan be made whether the management report is consistent with the financial statements.The audit takes into consideration information concerning business activity, the economic and legalframework of the company and expectations of possible errors. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit alsoincludes assessing the accounting principles used and significant estimates made by management,as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

Our audit has resulted in no objections to the annual report. As a result of the insight gained from our audit,it is our opinion that the consolidated financial statements are conform with the legal requirements andthat they present fairly, in all material respects, the financial position of the company as of 31 December 2005,as well as the results of its operations and its cash flows for the year ended, in accordance with theInternational Financial Reporting Standards (IFRS) as they are to be applied in the European Union.The management report is consistent with the financial statements.

Vienna/Linz, 26 April 2006

T & AWirtschaftsprüfungs- und

Steuerberatungsgesellschaft mbH

KPMG Austria GmbHWirtschaftsprüfungs- und

Steuerberatungsgesellschaft

Wissensturm, Linz, Austria


GERMANY

BL-Baulogistik GmbHD - 70567 Stuttgart, Albstadtweg 3Tel. +49 (0)711 / 78 83 - 96 80, Fax +49 (0)711 / 78 83 - 96 85

BMTI Baumaschinentechnik International GmbHD - 50679 Cologne, Siegburger Straße 241Tel. +49 (0)221 / 824 - 01, Fax +49 (0)221 / 824 - 24 18

BRVZ Bau-, Rechen- und Verwaltungszentrum GmbHD - 50679 Cologne, Siegburger Straße 241Tel. +49 (0)221 / 824 01, Fax +49 (0)221 / 824 - 29 36

DYWIDAG Bau GmbHD - 85609 Aschheim, Dywidagstraße 1Tel. +49 (0)89 / 92 55 - 1, Fax +49 (0)89 / 92 55 - 27 54

DYWIDAG International GmbHD - 85609 Aschheim, Dywidagstraße 1Tel. +49 (0)89 / 92 55 - 04, Fax +49 (0)89 / 92 55 - 36 88

DYWIDAG Schlüsselfertig und Ingenieurbau GmbHD - 85609 Aschheim, Dywidagstraße 1Tel. +49 (0)89 / 92 55 - 92 55, Fax +49 (0)89 / 92 55 - 23 38

Ed. Züblin AGD - 70567 Stuttgart, Albstadtweg 3Tel. +49 (0)711 / 78 83 - 0, Fax +49 (0)711 / 78 83 - 390

HEILIT+WOERNER Bau GmbHD - 81677 Munich, Klausenburger Straße 9Tel. +49 (0)89 / 930 03 - 456, Fax +49 (0)89 / 930 03 - 620

HEILIT Umwelttechnik GmbHD - 40470 Düsseldorf, Vogelsanger Weg 111Tel. +49 (0)211 / 61 04 - 50, Fax +49 (0)211 / 61 04 - 555

ILBAU GmbH DeutschlandD - 12103 Berlin, Bessemerstraße 42bTel. +49 (0)30 / 754 87 - 0, Fax +49 (0)30 / 754 87 - 572

JOSEF RIEPL Unternehmen für Hoch- und Tiefbau GmbHD - 93059 Regensburg, Im Gewerbepark D 55Tel. +49 (0)941 / 56 82 - 0, Fax +49 (0)941 / 56 82 - 302

LEONHARD MOLL Hoch- und Tiefbau Gesellschaft m.b.H.D - 81379 Munich, Perchtinger Straße 16Tel. +49 (0)89 / 71 07 - 0, Fax +49 (0)89 / 71 07 - 387

MAV Mineralstoff-Aufbereitung und Verwertung GmbHD - 47809 Krefeld, Bataver Straße 7-9Tel. +49 (0)21 51 / 574 - 810, Fax +49 (0)21 51 / 574 - 849

Niersberger Gebäudemanagement GmbH & Co. KGD - 90471 Nürnberg, Lina-Ammon-Straße 22Tel. +49 (0)911 / 981 81 - 0, Fax +49 (0)911 / 981 81 - 29

OOMS-ITTNER-HOF GmbHD - 50679 Cologne, Siegburger Straße 229Tel. +49 (0)221 / 824 - 29 43, Fax +49 (0)221 / 824 - 22 44

MISCHEK Systembau GmbHA - 1190 Vienna, Billrothstraße 2Tel. +43 (0)1 / 360 70 - 0, Fax +43 (0)1 / 360 70 - 353

MISCHEK Leasing eins Gesellschaft m.b.H.A - 1190 Vienna, Billrothstraße 2Tel. +43 (0)1 / 360 70 - 0, Fax +43 (0)1 / 360 70 - 351

OAT - Bohr- und Fugentechnik Gesellschaft m.b.H.A - 9800 Spittal/Drau, Ortenburgerstraße 27Tel. +43 (0)47 62 / 620 - 0, Fax +43 (0)47 62 / 453

PAGITZ Metalltechnik GmbHA - 9360 Friesach, Industriestraße 42Tel. +43 (0)42 68 / 25 77 - 0, Fax +43 (0)42 68 / 25 77 - 29

RBS Rohrbau-Schweißtechnik Gesellschaft m.b.H.A - 4614 Marchtrenk, Westbahnstraße 62/1Tel. +43 (0)72 43 / 508 00 - 0, Fax +43 (0)72 43 / 508 00 - 70

Stadtbaumeister Architekt Franz BÖHMGesellschaft m.b.H.A - 1220 Vienna, Donau-City-Straße 9Tel. +43 (0)1 / 224 22 - 0, Fax +43 (0)1 / 224 22 - 15 25

STRABAG AGA - 9800 Spittal/Drau, Ortenburgerstraße 27Tel. +43 (0)47 62 / 620 - 0, Fax +43 (0)47 62 / 49 62

A - 1220 Vienna, Donau-City-Straße 9Tel. +43 (0)1 / 224 22 - 0, Fax +43 (0)1 / 224 22 - 22 26

UNIPROJEKT Bau- und Innenbau Gesellschaft m.b.H.A - 1220 Vienna, Donau-City-Straße 9Tel. +43 (0)1 / 224 22 - 0, Fax +43 (0)1 / 224 22 - 15 05

ZÜBLIN Baugesellschaft m.b.H.A - 1030 Vienna, Ungargasse 64 / Stg. 2, TOP 306Tel. +43 (0)1 / 601 45 - 0, Fax +43 (0)1 / 601 45 - 10

ZÜBLIN Holding Ges.m.b.H.A - 1030 Vienna, Ungargasse 64 / Stg. 2, TOP 306Tel. +43 (0)1 / 601 45 - 0, Fax +43 (0)1 / 601 45 - 10

SERVICE COMPANIES

BMTI Baumaschinentechnik International GmbHA - 9800 Spittal/Drau, Ortenburgerstraße 27Tel. +43 (0)47 62 / 620 - 640, Fax +43 (0)47 62 / 620 - 788

BRVZ Bau-, Rechen- und Verwaltungszentrum GmbHA - 9800 Spittal/Drau, Ortenburgerstraße 27Tel. +43 (0)47 62 / 620 - 0, Fax +43 (0)47 62 / 294

BRVZ IT (INFOSYS)A - 9800 Spittal/Drau, Ortenburgerstraße 27Tel. +43 (0)47 62 / 620 - 0, Fax +43 (0)47 62 / 620 - 443

TPA Gesellschaft für Qualitätssicherung undInnovation GmbHA - 1220 Vienna, Polgarstraße 30Tel. +43 (0)1 / 217 28 - 312, Fax +43 (0)1 / 217 28 - 112

ADRESSES

AUSTRIA

STRABAG SEA - 1220 Vienna, Donau-City-Straße 9Tel. +43 (0)1 / 224 22 - 0, Fax +43 (0)1 / 224 22 - 10 03

ABR Abfall Behandlung und Recycling Schwadorf GmbHA - 2432 Schwadorf, Müllnerstraßl 3Tel. +43 (0)22 30 / 291 67 - 0, Fax +43 (0)22 30 / 291 67 - 18

ANLAGENTECHNIK GMBHA - 5303 Thalgau, Enzersberg 123Tel. +43 (0)62 35 / 64 71 - 0, Fax +43 (0)62 35 / 64 71 - 299

ASPHALT & BETON GmbH Nfg OHGA - 9800 Spittal/Drau, Ortenburgerstraße 27Tel. +43 (0)47 62 / 620 - 0, Fax +43 (0)47 62 / 620 - 711

BITUMEN Handelsgesellschaft m.b.H. & Co. KGA - 3382 Loosdorf, Wiener Straße 24Tel. +43 (0)27 54 / 64 86 - 0, Fax +43 (0)27 54 / 64 86 - 222

BITUNOVA Baustofftechnik Gesellschaft m.b.H.A - 3382 Loosdorf, Wiener Straße 24Tel. +43 (0)27 54 / 69 81, Fax +43 (0)27 54 / 68 74

EDENSTRASSER GmbHA - 6300 Wörgl, Pinnersdorf 16Tel. +43 (0)53 32 / 750 07 - 0, Fax +43 (0)53 32 / 750 07 - 18

F. LANG u. K. MENHOFER Baugesellschaft mbH & Co. KGA - 2700 Wiener Neustadt, Pernerstorferstraße 9Tel. +43 (0)26 22 / 235 74 - 0, Fax +43 (0)26 22 / 235 74 - 40

FACILITY MANAGEMENT Austria GmbHA - 1220 Vienna, Donau-City-Straße 9Tel. +43 (0)1 / 224 22 - 0, Fax +43 (0)1 / 224 22 - 13 56

FUSSENEGGER Hochbau und Holzindustrie GmbHA - 6850 Dornbirn, Gütlestraße 5Tel. +43 (0)55 72 / 243 81 - 0, Fax +43 (0)55 72 / 243 81 - 20

H. WESTERTHALER Baugesellschaft m.b.H.A - 5500 Bischofshofen, Sparkassenstraße 21Tel. +43 (0)64 62 / 23 37 - 0, Fax +43 (0)64 62 / 49 48

INNEREBNER Baustahl Gesellschaft m.b.H.A - 2512 Oeynhausen, Jochäckerstraße 8Tel.+43 (0)22 52 / 446 51, Fax +43 (0)22 52 / 447 53

INSOND Ges.m.b.H.A - 1030 Vienna, Ungargasse 64 / Stg. 2, TOP 306Tel.+43 (0)1 / 877 35 88 - 0, Fax +43 (0)1 / 877 662 911

KAB - Straßensanierung GmbH & Co KGA - 3382 Loosdorf, Wiener Straße 24Tel. +43 (0)27 54 / 68 44 - 0, Fax +43 (0)27 54 / 68 44 - 305

LEITNER Gesellschaft m.b.H.A - 3363 Neufurth - Amstetten, Rauscherstraße 10Tel. +43 (0)74 75 / 522 21 - 0, Fax +43 (0)74 75 / 522 21 - 33

PROTECTAGesellschaft für Oberflächenschutzschichten mbHD - 47809 Krefeld, Bataver Straße 7-9Tel. +49 (0)21 51 / 574 - 700, Fax +49 (0)21 51 / 574 - 749

RKB Rohrleitungs- und Kanalbau GmbHD - 12103 Berlin, Bessemerstraße 42bTel. +49 (0)30 / 75 44 65 - 98, Fax +49 (0)30 / 75 44 65 - 99

Rodinger Ingenierbau GmbHD - 93426 Roding Alaunweg 8Tel. +49 (0)94 61 / 94 00 - 0, Fax +49 (0) 94 61 / 94 00 - 34

SAT Straßensanierung GmbHD - 56593 Horhausen, Industriepark 2Tel. +49 (0)26 87 / 891 - 0, Fax +49 (0)26 87 / 891 - 43

SF-Ausbau GmbHD - 09599 Freiberg, Zuger Straße 13Tel. +49 (0)37 31 / 78 78 - 0, Fax +49 (0)37 31 / 78 78 - 30

STRABAG AGD - 50679 Cologne, Siegburger Straße 241Tel. +49 (0)221 / 824 - 01, Fax +49 (0)221 / 824 - 29 36

STRABAG International GmbHD - 50679 Cologne, Siegburger Straße 241Tel. +49 (0)221 / 824 - 29 89, Fax +49 (0)221 / 824 - 24 62

STRABAG Projektentwicklung GmbHD - 50679 Cologne, Siegburger Straße 229Tel. +49 (0)221 / 82 70 - 0, Fax +49 (0)221 / 82 70 - 21 73

STRABAG Sportstättenbau GmbHD - 44147 Dortmund, Schäferstraße 49Tel. +49 (0)231 / 98 20 23 - 0, Fax +49 (0)231 / 98 20 23 - 20

TPA Gesellschaft für Qualitätssicherung undInnovation GmbHD - 50679 Cologne, Siegburger Straße 241Tel. +49 (0)221 / 824 - 20 79, Fax +49 (0)221 / 824 - 24 50

Züblin International GmbHD - 70567 Stuttgart, Albstadtweg 3Tel. +49 (0)711 / 78 83 - 583, Fax +49 (0)711 / 78 83 - 575

Züblin Projektentwicklung GmbHD - 70567 Stuttgart, Albstadtweg 1Tel. +49 (0)711 / 78 83 - 529, Fax +49 (0)711 / 78 83 - 533

Züblin Spezialtiefbau GmbHD - 70567 Stuttgart, Albstadtweg 1Tel. +49 (0)711 / 78 83 - 454, Fax +49 (0)711 / 78 83 - 273

Züblin Stahlbau GmbHD - 01996 Hosena, Bahnhofstraße 13Tel. +49 (0)357 56 / 71 - 0, Fax +49 (0)357 56 / 71 - 123

Züblin Umwelttechnik GmbHD - 70567 Stuttgart, Albstadtweg 1Tel. +49 (0)711 / 78 83 - 257, Fax +49 (0)711 / 78 83 - 154

BELGIUM

N.V. STRABAG Belgium S.A.BE - 2000 Antwerp, Rijnkaai 37Tel. +32 (0)3 / 20 16 - 0, Fax +32 (0)3 / 20 16 - 912

STRABAG BRVZ BENELUXBE - 2000 Antwerp, Rijnkaai 37Tel. +32 (0)3 / 20 16 - 935, Fax +32 (0)3 / 20 16 - 931

STRABAG BMTI BENELUXBE - 2260 Oevel-Westerlo, Nijverheidsstraaat 48 FTel. +32 (0)14 / 50 74 10 - 0, Fax +32 (0)14 / 51 78 76

BULGARIA

BRVZ EOODBG - 1309 Sofia, Ulica Kukusch Nr. 1Tel. +359(0)2 / 93 30 - 297, Fax +359(0)2 / 920 35 66

INGSTROY SOFIA ADBG - 1309 Sofia, Ulica Kukusch Nr. 1Tel. +359(0)2 / 93 30 - 243, Fax +359(0)2 / 920 81 37

TPA EOODBG - 1309 Sofia, Ulica Kukusch Nr. 1Tel. +359(0)2 / 93 30 - 0, Fax +359(0)2 / 845 78 00

Züblin Bulgaria EOODBG - 1407 Sofia, Bul. Nikola Vaptzarov Nr. 55 / Expo2000Tel. +359(0)2 / 962 20 - 41, Fax +359(0)2 / 962 20 - 49

DENMARK

Züblin Scandinavia A/SDK - 8260 Viby J, Sonderhøj 46Tel. +45 (0)86 / 12 15 82, Fax +45 (0)86 / 12 15 83

CROATIA

BMTI - gradevinski strojevi international d.o.o.HR - 10000 Zagreb, Ulica kneza Branimira 29Tel. +385 (0)1 / 46 99 - 000, Fax +385 (0)1 / 46 19 - 302

BRVZ - gradevinski-, racunovodstveni-i upravni centar d.o.o.HR - 10000 Zagreb, Ulica kneza Branimira 29Tel. +385 (0)1 / 46 99 - 000, Fax +385 (0)1 / 46 19 - 300

IGM dionicko drustvo za proizvodnju i trgovinugradevnim materijalomHR - 23420 Benkovac, Zapuzane b.b.Tel. +385 (0)23 / 662 - 331, Fax +385 (0)23 / 662 - 205

PODUZECE ZA Ceste SPLIT d.o.o.HR - 21000 Split, Hercegovacka 104Tel. +385 (0)21 / 540 - 240, Fax +385 (0)21 / 508 - 102

STRABAG d.o.o.HR - 10000 Zagreb, Ulica kneza Branimira 29Tel. +385 (0)1 / 46 99 - 000, Fax +385 (0)1 / 46 19 - 297


ADRESSES

ROMANIA

BMTI Romania s.r.l.RO - 050726 Bucuresti, Sector 5, Calea 13 Septembrie Nr. 90Tel. +40 (0)21 / 405 60 36, Fax +40 (0)21 / 457 11 20

BRVZ SERVICII & ADMINISTRARE s.r.l.RO - 050726 Bucuresti, Sector 5, Calea 13 Septembrie Nr. 90Tel. +40 (0)21 / 403 43 57, Fax +40 (0)21 / 403 43 51

DRUMCO S.A.TimisoaraRO - 300571 Timisoara, Calea Buziasului Nr. 8Tel. +40 (0)256 / 22 40 55, Fax +40 (0)256 / 22 40 54

STRABAG s.r.l.RO - 050726 Bucuresti, Sector 5, Calea 13 Septembrie Nr. 90Tel. +40 (0)21 / 403 43 87, Fax +40 (0)21 / 411 97 39

RUSSIAN FEDERATION

BRVZ z.a.o.RF - 107031 Moscow, ul. Petrowka 27Tel. +7 (0)95 / 737 03 80, Fax +7 (0)95 / 956 24 62

FACILITY MANAGEMENT o.o.o.RF - 107031 Moscow, ul. Petrowka 27Tel. +7 (0)95 / 730 56 07, Fax +7 (0)95 / 730 56 07

STRABAG z.a.o.RF - 103031 Moscow, ul. Petrovka 27Tel. +7 (0)95 / 737 03 80, Fax +7 (0)95 / 956 24 63

SWEDEN

Züblin Scandinavia ABS - 191 62 Sollentuna, Turebergs Allé 2Tel. +46 (0)850 / 53 30 - 06, Fax +46 (0)850 / 53 30 - 16

SWITZERLAND

BMTI GmbHCH - 6472 Erstfeld, Bifang 4Tel. +41 (0)41 / 88 21 - 111, Fax +41 (0)41 / 88 21 - 181

BRVZ Bau-, Rechen- und Verwaltungszentrum AGCH - 6472 Erstfeld, Bifang 4Tel. +41 (0)41 / 88 21 -111, Fax +41 (0)41 / 88 21 - 171

EGGSTEIN AGCH - 6010 Kriens, Industriestraße 12Tel. +41 (0)41 / 34 80 - 450, Fax +41 (0)41 / 34 80 - 451

EGOLF AG WeinfeldenCH - 8575 Weinfelden, Walkenstraße 101Tel. +41 (0)71 / 626 29 - 29, Fax +41 (0)71 / 626 29 - 20

MEYERHANS AG, Strassen- und Tiefbau UzwillCH - 9244 Niederuzwill, Hummelweg 2Tel. +41 (0)71 / 955 01 - 30, Fax +41 (0)71 / 955 01 - 31

MURER-STRABAG AGCH - 6472 Erstfeld, Postfach, Bifang 4Tel. +41 (0)41 / 88 21 - 111, Fax +41 (0)41 / 88 21 - 110

Züblin-Strabag AGCH - 8037 Zurich, Okenstraße 4Tel. +41 (0)1 / 36 66 - 222, Fax +41 (0)1 / 36 66 - 223

SLOVAKIA

BMTI SK s.r.o.SK - 82518 Bratislava, Mlynské Nivy 61/ATel. +421 (0)2 / 58 23 62 33, Fax +421 (0)2 / 53 41 35 32

BRVZ s.r.o.SK - 82518 Bratislava, Mlynské Nivy 61/ATel. +421 (0)2 / 58 23 61 11, Fax +421 (0)2 / 58 23 64 60

C.S. BITUNOVA spol. s.r.o.SK - 96051 Zvolen, Neresnicka Cesta 3Tel. +421 (0)45 / 532 13 61, Fax +421 (0)45 / 532 02 78

KSR - Kamenolomy SR, s.r.o.SK - 96051 Zvolen, Neresnicka Cesta 3Tel. +421 (0)45 / 52 50 - 125, Fax +421 (0)45 / 53 33 102

OAT spol.s.r.o.SK - 82518 Bratislava, Mlynské Nivy 61/ATel. +421 (0)2 / 582 36 - 0, Fax +421 (0)2 / 53 41 30 48

SLOVASFALT spol. s.r.o.SK - 82518 Bratislava, Mlynské Nivy 61/ATel. +421 (0)2 / 582 36 - 283, Fax +421 (0)2 / 53 41 35 32

STRABAG s.r.o.SK - 82518 Bratislava, Mlynské Nivy 61/ATel. +421 (0)2 / 58 236 - 101, Fax +421 (0)2 / 53 41 36 51

TPA s.r.o.SK - 82518 Bratislava, Mlynské Nivy 61/ATel. +421 (0)2 / 582 36 - 0, Fax +421 (0)2 / 53 41 45 35

ZIPP BRATISLAVA spol. s.r.o.SK - 83244 Bratislava 3, Stara Vajnorska 16Tel. +421 (0)2 / 492 41 - 187, Fax +421 (0)2 / 492 41 - 420

SLOVENIA

STRABAG gradbene storitve d.o.o.SI - 1000 Ljubljana, Letaliska cesta 33Tel. +386 (0)54 66 - 0, Fax +386 (0)54 66 - 701

TPA odrzavanje kvaliteta i inovacija d.o.o.HR - 10000 Zagreb, Ulica kneza Branimira 29Tel. +385 (0)1 / 46 99 - 000, Fax +385 (0)1 / 51 70 56 38

Züblin Hrvatska d.o.o.HR - 10000 Zagreb, Jurkoviceva 3Tel. +385 (0)1 / 46 03 - 870, Fax +385 (0)1 / 46 03 - 888

NETHERLANDS

STRABAG Bouw en Ontwikkeling B.V.

NL- 3316 DD Dordrecht Amstelwijckweg 2Tel. +31(0)78/ 65 47 - 767, Fax +31 (0)78/ 65 47 - 799

POLAND

BMTI Polska sp. z o.o.PL - 05-804 Pruszków, ul. Blonska 6Tel. +48 (0)22 / 738 40 50, Fax +48 (0)22 / 738 85 45

BRVZ sp. z o.o.PL - 03-472 Warszawa, ul. Brechta 7Tel. +48 (0)22 / 451 38 00, Fax +48 (0)22 / 451 38 01

FACILITY MANAGEMENT Polska sp. z o.o.PL - 00-647 Warszawa, Plac Konstytucji 1 lok. 416Tel. +48 (0)22 / 621 19 72, Fax +48 (0)22 / 621 13 94

HEILIT+WOERNER Budowlana sp. z o.o.PL - 53-129 Wroclaw (Breslau), ul. Sudecka 98Tel. +48 (0)71 / 369 00 - 00, Fax +48 (0)71 / 369 00 - 10

PL-BITUNOVA sp. z o.o.PL - 47-240 Bierawa, ul. Gliwicka 9Tel. +48 (0)77 / 487 22 45, Fax +48 (0)77 / 487 21 79

SCHMITT Asphalttechnik Polska sp. z o.o.PL - 55-200 Olawa, ul. Opolska 9Tel. +48 (0)71 / 313 28 28, Fax +48 (0)71 / 313 42 26

STRABAG sp. z o.o.PL - 03-472 Warszawa, ul. Brechta 7Tel. +48 (0)22 / 451 38 00, Fax +48 (0)22 / 451 38 01

TPA sp. z o.o.PL - 61-028 Poznan, ul. Warszawska 43 Tel. +48 (0)61 / 650 31 32, Fax +48 (0)61 / 650 31 33

Züblin Polska sp. z o.o.PL - 60-164 Poznan, ul. Ziebicka 35Tel. +48 (0)61 / 86 49 - 400, Fax +48 (0)61 / 86 49 - 401

PORTUGAL

ZUCOTEC Sociedade de Construçoes, LdaP - 1200-370 Lisbon, Rua dos Remolares 35-1.˚ Esq.Tel. +351 (0)21 / 324 27 - 90, Fax +351 (0)21 / 324 28 - 09

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ADRESSES

BRVZ center za racunovodstvoin upravljanje d.o.o.SI - 1000 Ljubljana, Letaliska cesta 33Tel. +386 (0)1 / 54 66 - 0, Fax +386(0)1 / 54 66 - 793

CZECH REPUBLIC

BHG a.s.CZ - 37006 Ceské Budejovice, Vrbenská 1821 31Tel. +420 (0)545 42 37 50, Fax +420 (0)545 21 98 47

BMTI CR spol. s.r.o.CZ - 62000 Brno, Tovární 3Tel. +420 (0)545 42 37 50, Fax +420 (0)545 21 98 47

BOHEMIA BITUNOVA spol s.r.o.CZ - 58601 Jihlava, Kosovska 16Tel. +420 (0)567 31 06 70, Fax +420 (0)567 30 69 06

BRVZ s.r.o.CZ - 37006 Ceské Budejovice, Vrbenská 31Tel. +420 (0)38 700 42 32, Fax +420 (0)38 700 42 01

CMO Ceské a moravské Obalovny s.r.o.CZ - 392 01 - Sobeslav, Na Svadlackách 478/IITel. +420 (0)381 54 11 92, Fax +420 (0)381 54 11 80

DÁLNICNÍ STAVBY PRAHA a.s.CZ - 150 00 Praha 5, Na Bélidle 198-21Tel. +420 (0)22 42 66 - 939, Fax +420 (0)22 42 66 - 946

ILBAU Bohemia spol. s.r.o.CZ - 150 00 Praha 5, Na Bélidle 198-21Tel. +420 (0)222 86 81 87, Fax +420 (0)257 31 60 29

KAMENOLOMY CR s.r.o.CZ - 721 08 Ostrava - Svinov, Polanecká 849Tel. +420 (0)596 97 83 56, Fax +420 (0)596 96 74 96

OAT s.r.o.CZ - 102 00 Praha 10, NedokoncenaTel. +420 (0)272 70 00 72, Fax +420 (0)272 70 00 72

STRABAG a.s.CZ - 150 00 Praha 5, Na Bélidle 198-21Tel. +420 (0)222 86 8 - 0, Fax +420 (0)222 86 81 96

TPA CR s.r.o.CZ - 37006 Ceské Budejovice, Vrbenská 1821 31Tel. +420 (0)387 00 45 52, Fax +420 (0)387 41 20 46

ZIPP Praha s.r.o.CZ - 150 00 Praha 5, Na Bélidle 198-21Tel. +420 (0)222 86 81 45, Fax +420 (0)222 86 81 00

Züblin spol. s r.o.CZ - 190 00 Praha 9, Kolbenova 5aTel. +420 (0)283 06 16 - 10, Fax +420 (0)283 06 16 - 99

UKRAINE

STRABAG Ltd, KiewUA - 01504 Kiev, Vorovskogo Street 36Tel. +380 (0)44 / 246 93 16, Fax +380 (0)44 / 246 93 15

BITUNOVA Ukraina GmbHUA - 07400 Brovary, ul. Kutusova 2-ATel. +380 (0)44 / 451 79 50, Fax +380 (0)44 / 94 65 - 026

HUNGARY

BMTI Nemzetközi Építögépészeti Kft.H - 1097 Budapest, Gubacsi út 8/bTel. +36 (0)1 / 456 - 61 00, Fax +36 (0)1 / 456 - 61 01

H-TPA Innovációs és Minöségvizsgáló Kft.H - 1116 Budapest, Épitész u. 40-44Tel. +36 (0)1 / 205 - 62 14, Fax +36 (0)1 / 205 - 62 66

KÖKA Kö-es Kavicsbanyaszati Kft.H - 1113 Budapest, Daróci út 30Tel. +36 (0)1 / 372 - 81 61, Fax +36 (0)1 / 209 - 07 44

MAGYAR ASZFALT Kft.H - 1113 Budapest, Szegedi út 35-37Tel. +36 (0)1 / 270 - 85 14, Fax +36 (0)1 / 270 - 85 00

OAT-Diamanttechnika Kft.H - 1097 Budapest, Gubacsi út 8/bTel. +36 (0)1 / 45 66 - 144, Fax +36 (0)1 / 45 66 - 155

STRABAG Epitö Zartköruen Muködo RészvenytársaságH - 1135 Budapest, Szegedi út 35-37Tel. +36 (0)1 / 270 - 83 00, Fax +36 (0)1 / 270 - 82 02

H - 1113 Budapest, Daróci út 30Tel. +36 (0)1 / 372 - 81 00, Fax +36 (0)1 / 209 - 07 66

SZAMITO es Ügyviteli Központ Kft. (BRVZ)H - 1135 Budapest, Szegedi út 35-37Tel. +36 (0)1 / 270 - 83 52, Fax +36 (0)1 / 270 - 82 41

SZENTESI Vasutepitö Kft.H - 6600 Szentes, Baross G. u. 2.Tel. +36 (0)63 / 311 - 974, Fax +36 (0)63 / 316 - 269

Züblin Kft.H - 1117 Budapest, Budafoki út 209Tel. +36 (0)1 / 440 - 00 80, Fax +36 (0)1 / 440 - 00 85

SERBIA AND MONTENEGRO

STRABAG Beograd d.o.o.SCG - 11070 Beograd, Bulevar Mihajla Pupina 10z-533Tel. +381 (0)11 / 311 82 - 96, Fax +381 (0)11 / 311 56 89

SOUTH AMERICA

Züblin International GmbH Chile Ltda.Cerro Portezuelo N° 9760, Loteo Industrial El PortezueloPanamericana Norte - QuilicuraSantiago de Chile / ChileTel. +56 / 2 685 97 00, Fax +56 / 2 685 97 12

AFRICA

STRABAG International GmbH – Kenya BranchKigwa RidgeP.O. Box 30522, Nairobi, KenyaTel. +254 - 2 - 86 27 45, Fax +254 - 2 - 86 07 48

STRABAG International GmbH – Uganda BranchSpear House, Fourth Floor, Jinja RoadP.O. Box 23707, Kampala, UgandaTel. +256 - 41 25 47 23, Fax +256 - 41 25 47 24

MIDDLE EAST

Dyckerhoff & Widmann AG and Partner L.L.C.Sultanate of Oman, P.O. Box 109, Postal Code 118,Al Harthy Complex, Office No. 33, MuscatTel. +968 - 57 13 96, Fax +968 - 57 13 97

DYWIDAG Saudi Arabia Co. Ltd.P.O. Box 1261, Jubail 31951Saudi ArabiaTel. +966 3 - 341 63 06, Fax +966 - 341 63 02

STRABAG ABU DHABI L.L.C.U.A.E. - P.O. Box 28708, Abu Dhabi, Al Dhafra StreetHammad Hassan Salem BldgTel. +971 - 24 45 33 11, Fax +971 - 24 46 33 52

STRABAG DUBAI L.L.C.U.A.E. - P.O. Box 115623, Dubai Al Moosa Tower IOffice No 1502 Sheikh Zayed RoadTel. +971 - 43 31 71 54, Fax +971 - 43 31 71 55

STRABAG OMAN L.L.C.Sultanate of Oman, Postal Code 113, P.O. Box 444, MuscatTel. +968 - 24 49 15 00, Fax +968 - 24 49 15 02

STRABAG Qatar W.L.LCivil Engineering & ContractingP.O. Box 22980, DOHA, QatarTel. +974 / 4314929, Fax +974 / 4315377

ASIA

Shanghai Changijang Züblin - Construction undEngineering Co. Ltd.200336 Shanghai, 1591 Hong Qiao Road 2F, Building No. 12Tel. +86 / 21 62 70 - 06 30, Fax +86 / 21 62 70 - 06 32

Züblin International (M) Sdn. Bhd.50480 Kuala Lumpur, Level 10 B, Menara Dato´ Onn PutraWorld Trade Centre, 45, Jalan Tun IsmailTel. +60 / 3 40 45 12 18, Fax +60 / 3 40 45 62 18

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M5 Motorway, Hungary


Owner and Publisher: FIMAG Finanz Industrie Management AGA - 9800 Spittal an der Drau, Ortenburgerstraße 27, Austria

Austrian Commercial Register Number FN 141577 bDistrict Court Klagenfurt

Contact: Corporate CommunicationsDr. Christian Ebner A - 1220 Vienna, Donau-City-Straße 9, AustriaTel. +43 (0)1 / 224 22 e-mail [email protected] www.strabag.at

This annual report is also available in German.

The annual report was prepared with the highest possible attention to detail.All information was verified.The possibility of rounding errors, printing errors or misprints, however, can not be excluded.The annual report contains information and forecasts related to the future development of STRABAG SE.These forecasts represent estimates made on the basis of all available information at the time of publication.Should the assumptions underlying the forecasts fail to appear, the actual results could deviate from the expectations.

061801 engl Umschlag - Strabag

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Transcript of 061801 engl Umschlag - Strabag