exceptional results are solely the product …€¦ · · 2015-11-30exceptional results are...

EXCEPTIONAL RESULTS ARE SOLELY THE PRODUCT OF THE WILL TO ACHIEVE.

SWIETELSKY. A PARTNER FOR BIG IDEAS.

THE 2007/08 FINANCIAL YEAR. A REPORT ON SUCCESS.

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VISIONARY THINKING LEAVES ITS MARKS.

The start of any idea is preceded by a vision. SWIETELSKY’s vision

was and is to be a reliable partner for big ideas. In this connection our

workforce of over 7,000 constitute our most valuable asset. They have

made SWIETELSKY what it is today, a successful, full service con-

struction company, which enjoys an excellent reputation that extends

beyond Austria’s frontiers.

Without doubt, SWIETELSKY’s use of the management by objectives

business approach, long before this term had been coined, has also

been a major factor in company success. Clear, measurable objec-

tives for the company’s individual units have resulted in top employee

performance, greater flexibility and individual responsibility, and thus to

healthy growth from internal sources.

Nonetheless, but perhaps precisely for these reasons, SWIETELSKY

will not rest on its laurels, but constantly seek new challenges.

Hellmuth Brustmann Kurt Kladensky

CEO CEO

Customer orientation 4

Innovative strength 6

Internationality 8

Performance range 10

Road and bridge construction 12

Civil construction 14

Special civil and underground construction,

environmental technology 16

Railway construction 18

Tunnel and gallery construction 20

Financial statements 2007/08 22

2 . 3

Stonehenge. World Cultural Heritage. Due to its exact orientation, it is assumed that Stonehenge was probably a type of observatory,

which served to provide predictions concerning the various seasons using the positions of the sun and moon in relation to the earth.

Taj Mahal. World Cultural Heritage. The Taj Mahal was built some 350 years ago by the Grand Mogul, Shah Jahan, in memory of his main wife, Mumtaz Mahal. The asymmetrical design permits the assumption that a similar building in black marble was originally planned for Shah Jahan himself.

THE NEW AGE PALACES LOOK DIFFERENT, BUT FOR US THE CUSTOMER REMAINS THE KING.

4 . 5

Customer orientation.

The success of our customers provides the main driving force behind our per-

formance. When SWIETELSKY accepts a contract, from the smallest building

site to international mega-projects, a full service down to the final detail is

guaranteed. As a strong all-rounder we offer our customers a complete range

of supplies and services related to construction on a one-stop shopping basis,

in combination with absolute fair dealing.

Our customers are our partners and because reliability is the most important

aspect in a solid partnership, SWIETELSKY attaches the greatest value to

quality and adherence to both cost quotations and deadlines.

As a result, our company possesses EN ISO 9001:2000 accreditation and we

can precisely plan all our working processes and then fully document them

even years later. And for these reasons, SWIETELSKY disposes over an in-

house auditing department, which guarantees that customers can be certain

of only receiving top quality.

Panoramahaus, Dornbirn/Austria

The pyramids of Gizeh. These number among humankind’s most famous and oldest existing structures. Until today,

none of the theories appertaining to their construction have been clearly proven.

WE WISH TO USE METHODS OF SUCH INNOVATIVENESS, THAT PEOPLE ALSO ASK US, “HOW ON EARTH DID YOU DO THAT?”

6 . 7

Innovative strength.

Nothing can surprise a company like SWIETELSKY, which has been active in the construction industry for

over 70 years. We accept every challenge and naturally find the optimum solution for each assignment.

If no adequate technology exists for a new project, then we develop it. Profound expertise, the latest

equipment and first class, national and international references provide the perfect foundations in this

regard.

We understand innovation as also meaning the constant expansion of our range of performance, and the

simultaneous advancement of our workforce of more than 7,000. All the experience gathered during our

construction projects flows into the next contract. Only thus can we improve permanently and furnish our

customers with decisive advantages.

Designer Outlet Salzburg/Austria

Kabelwerk Bauplatz/Austria

Europapier Bratislava/Slovakia

Bürogebäude Zilinska/Slovakia

SWIETELSKY Baugesellschaf t m.b.H., Linz

ConSoLIdaTEd ProfIT and LoSS aCCounTfor THE BuSInESS YEar 2007/08

24 . 25

Amounts in TEUR Notes 2007/08 2006/07

Revenue (1) 1,244,413 1,183,725

Changes in inventories 731 657

Own work capitalized 6,037 4,924

Other operating income (2) 12,319 8,436

Raw materials, consumables and services used (3) -806,467 -760,981

Employee benefits expense (4) -273,205 -257,630

Other operating expenses (6) -135,501 -130,771

Share of profit or loss of associates (7) 8,633 7,685

Net investment income (8) 3,203 259

Earnings before interest, taxes and depreciation (EBITDA) 60,163 56,304

Depreciation and amortization expense (5) -17,698 -15,345

Earnings before interest and taxes (EBIT) 42,465 40,959

Interest income 2,841 4,035

Interest expenses -10,218 -10,269

Net interest income (9) -7,377 -6,234

Other financial result (10) -187 -555

Profit before tax 34,901 34,170

Income tax expense (11) -6,623 -7,754

Profit for the period 28,278 26,416

Attributable to: Minority interest 0 153

Attributable to: Equity holders of the parent 28,278 26,263

ConSoLIdaTEd BaLanCE SHEET aS of MarCH 31, 2008

March 31, March 31,Amounts in TEUR Notes 2008 2007

Non-current assets:

Intangible assets (12) 9,274 9,859

Tangible assets (12) 114,205 107,786

Shares in associated companies (13) 14,207 10,573

Other financial assets (13) 17,083 13,955

Trade receivables and receivables for services rendered (15) 1,699 2,904

Other accounts receivable and other assets (15) 1,170 1,000

Deferred taxes (17) 2,622 4,517

160,260 150,594

Current assets:

Inventories (14) 37,812 36,836

Trade receivables and receivables for services rendered (15) 299,245 249,441

Other accounts receivable and other assets (15) 57,938 39,321

Cash and cash equivalents (16) 38,006 32,078

433,001 357,676

593,261 508,270

aSSETS

Frank Stronach Institut/AustriaFrank Stronach Institut/Austria


26 . 27

March 31, March 31,Amounts in TEUR Notes 2008 2007

Shareholder’s Equity:

Capital stock 7,705 7,705

Capital reserves 1,094 1,094

Hybrid capital 69,183 0

Revaluation reserves 9,244 9,608

Retained earnings 110,050 87,991

Minority interests 0 1,628

(18) 197,276 108,026

Non-current liabilities:

Provisions (19) 19,130 15,025

Financial liabilities (20) 65,566 70,477

Liabilities from trade payables and payables for services rendered (20) 9,402 4,654

Other liabilities (20) 3,490 4,635

Deferred taxes (17) 8,675 10,543

106,263 105,334

Current liabilities:

Provisions (19) 25,299 22,641

Financial liabilities (20) 15,183 42,985

Liabilities from trade payables and payables for services rendered (20) 186,696 173,215

Other liabilities (20) 62,544 56,069

289,722 294,910

593,261 508,270

SHarEHoLdEr‘S EquITY and LIaBILITIES:

Landeskrankenhaus Bad Ischl Nord/Austria

ConSoLIdaTEd CaSH-fLoW STaTEMEnTfor THE BuSInESS YEar 2007/08

Amounts in TEUR 2007/08 2006/07


Deffered taxes 788 1,365

Non-cash effective results from associates -3,509 -2,926

Depreciations/write-ups 17,698 15,345

Changes in long-term provisions 4,105 1,769

Gains/losses on disposal of non-current assets -231 -1,240

Cash-flow from profits 47,129 40,729

Change in items:

Inventories -1,071 -4,740

Receivables from trade, construction contracts and consortia -48,703 -70,715

Group receivables and receivables from companies

with whom a participation relationship exists -3,808 -3,940

Other assets -4,529 -2,628

Liabilites from trade, construction contracts and consortia 19,101 54,528

Group liabilities and liabilities to companies with exists

whom a participation relationship -1,876 -1,423

Other liabilities 4,471 1,749

Current provisions 2,209 9,468

Cash-flow from operating activities 12,923 23,028

Purchase of financial assets -28,162 -29,965

Gains/losses on disposal of non-current assets 231 1,240

Reduction of fixed assets at book value 1,398 5,686

Exchange rate differences and changes in consolidation

circle minus acquired cash and cash equivalents 0 121

Cash-flow from investing activities -26,533 -22,918


28 . 29


Change in bank liabilities -29,652 18,328

Change in bond loans 59 -157

Change in liabilites from finance leases -2,192 -1,033

Hybrid capital 69,183 0

Change in group financing -11,207 -8,337

Distribution of company profits -5,200 -5,600

Cash-flow from financing activities 20,991 3,201

Interest paid 7,385 6,349

Interest received 1,565 1,594

Taxes paid 2,524 2,721



Cash-flow from financing activities 20,991 3,201

Net changes in cash and cash equivalents 7,381 3,311

Cash and cash equivalents at the beginning of the business year 13,593 10,102

Change in cash and cash equivaltens due to exchange rate differences -507 180

Cash and cash equivalents at the end of the business year (22) 20,467 13,593



Deffered taxes 788 1,365

Non-cash effective results from associates -3,509 -2,926

Depreciations/write-ups 17,698 15,345

Changes in long-term provisions 4,105 1,769

Gains/losses on disposal of non-current assets -231 -1,240

Cash-flow from profits 47,129 40,729

Change in items:

Inventories -1,071 -4,740

Receivables from trade, construction contracts and consortia -48,703 -70,715

Group receivables and receivables from companies

with whom a participation relationship exists -3,808 -3,940

Other assets -4,529 -2,628

Liabilites from trade, construction contracts and consortia 19,101 54,528

Group liabilities and liabilities to companies with exists

whom a participation relationship -1,876 -1,423

Other liabilities 4,471 1,749

Current provisions 2,209 9,468


Purchase of financial assets -28,162 -29,965

Gains/losses on disposal of non-current assets 231 1,240

Reduction of fixed assets at book value 1,398 5,686

Exchange rate differences and changes in consolidation

circle minus acquired cash and cash equivalents 0 121


dEvELoPMEnT of THE ConSoLIdaTEd SHarEHoLdEr’S EquITY for THE BuSInESS YEar 2007/08

Currency Share-Capital Capital Hybrid Revaluation Retained conversion holder‘s Minority

Amounts in TEUR stock reserves capital reserves earnings differences Equity interest Total

Balance at April 1, 2006 7,705 1,094 0 9,301 65,630 397 84,127 1,326 85,453

Differences arising from currency conversion 0 0 0 230 0 1,372 1,602 149 1,751

Change in revaluation reserve 0 0 0 77 0 0 77 0 77

Changes financial instruments IAS 39 0 0 0 0 -71 0 -71 0 -71

Profit for the period 0 0 0 0 26,263 0 26,263 153 26,416

Distribution of company profits 0 0 0 0 -5,600 0 -5,600 0 -5,600

Balance at April 1, 2007 7,705 1,094 0 9,608 86,222 1,769 106,398 1,628 108,026

Differences arising from currency conversion 0 0 0 -171 0 570 399 0 399

Purchase of foreign shares 0 0 0 0 0 0 0 -1,628 -1,628

Hybrid capital 0 0 69,183 0 0 0 69,183 0 69,183

Merger of Jos. Ertl GmbH and C.Peters GmbH 0 0 0 0 27 0 27 0 27

Change in revaluation reserve 0 0 0 -193 0 0 -193 0 -193




Balance at March 31, 2008 7,705 1,094 69,183 9,244 107,711 2,339 197,276 0 197,276


30 . 31

HGBLA Linz, Blütenstraße/Austria

Badeteich Eberschwang/ Austria

Currency Share-Capital Capital Hybrid Revaluation Retained conversion holder‘s Minority

Amounts in TEUR stock reserves capital reserves earnings differences Equity interest Total

Balance at April 1, 2006 7,705 1,094 0 9,301 65,630 397 84,127 1,326 85,453

Differences arising from currency conversion 0 0 0 230 0 1,372 1,602 149 1,751

Change in revaluation reserve 0 0 0 77 0 0 77 0 77




Balance at April 1, 2007 7,705 1,094 0 9,608 86,222 1,769 106,398 1,628 108,026

Differences arising from currency conversion 0 0 0 -171 0 570 399 0 399

Purchase of foreign shares 0 0 0 0 0 0 0 -1,628 -1,628

Hybrid capital 0 0 69,183 0 0 0 69,183 0 69,183

Merger of Jos. Ertl GmbH and C.Peters GmbH 0 0 0 0 27 0 27 0 27

Change in revaluation reserve 0 0 0 -193 0 0 -193 0 -193




Balance at March 31, 2008 7,705 1,094 69,183 9,244 107,711 2,339 197,276 0 197,276




Differences arising from currency conversion 399 1,751

Changes in financial instruments IAS 39 -90 -71

Change of revaluation reserve -193 77

Total of recognized income and expense for the period 116 1,757

Net income recognized directly in equity 28,394 28,173

Attributable to: Minority interest 28,394 27,871

Attributable to: Equity holders of the parent 0 302

STaTEMEnT of rECognIzEd InCoME and ExPEnSES

32 . 33



Differences arising from currency conversion 399 1,751

Changes in financial instruments IAS 39 -90 -71

Change of revaluation reserve -193 77

Total of recognized income and expense for the period 116 1,757

Net income recognized directly in equity 28,394 28,173

Attributable to: Minority interest 28,394 27,871

Attributable to: Equity holders of the parent 0 302

grouP noTES To THE fInanCIaL STaTEMEnTS for THE 2007/08 BuSInESS YEar of SWIETELSKY BaugESELLSCHafT M.B.H., LInz

Basic principles

The consolidated financial statement of SWIETELSKY Baugesellschaft m.b.H., Linz, under application of Art. 245a of

the Austrian Commercial Code, has been drawn up as of March 31, 2008 in accordance with the „International Financial

Reporting Standards“ („IFRS“) stipulations issued by the „International Accounting Standards Board“ („IASB“) and

including the interpretations of the „International Financial Reporting Interpretations Committees“ („IFRIC“) which had

to be applied on deadline date for the first time.

Applied were exclusively those standards and interpretations adopted by the European Commission before the re-

porting deadline and published in the Official Journal of the European Union. Further reporting requirements of Art.

245a para. 1 of the Austrian Commercial Code (UGB) were fulfilled as well.

As well as the profit and loss account and the balance sheet, a cash flow statement in accordance with IAS 7 will

be drawn up and the changes in equity and the shares of other shareholders shown (IAS 1). Additionally, the notes

include a segment reporting in accordance with IFRS 8.

The consolidated financial statement has been presented in TEUR which, however, may cause rounding differences.

Changes to accounting and valuation

The IASB has passed a series of changes to the existing body of IFRS as well as several new IFRS standards which

must be applied as of April 1, 2007. The first-time application of IFRS standards mentioned essentially had the following

consequences on consolidated financial statement of the SWIETELSKY Baugesellschaft m.b.H. as of March 31, 2008:

IFRS 7 Financial Instruments: Disclosures

According to this standard, comprehensive disclosures about the significance of financial instruments for an entity‘s

financial position and performance as well as qualitative and quantitative disclosures about nature and extent of risks

arising from financial instruments are required to be depicted. This additional requirement of disclosures had no effect

on the company’s accounting and valuation policies.

IAS 1 Presentation of Financial Statements

The amendments to IAS 1 are only related to additional disclosure obligations, which are incorporated in the consoli-

dated financial statements. These amendments had no effect on the company’s accounting and valuation policies.


Effective for annual periods beginning on or after

Effective for annual periods beginning on or after

IFRS 8 Operating Segments

IFRS 8 deals with the presentation of segments prepared according to the criteria of internal reporting (ma-

nagement approach). The company has made use of the alternative for early application of this standard.

Future Amendments to Accounting Standards

IASB and IFRIC have also passed the following Standards and Interpretations, which are not effective for the

2007/08 business year:

IFRS 3 Business Combinations January 1, 2009

IFRS 8 Operating Segments January 1, 2009

IAS 1 Presentation of Financial Statements January 1, 2009

IAS 23 Borrowing Costs January 1, 2009

IAS 27 Consolidated and Separate Financial Statements January 1, 2009

IAS 32 Financial Instruments: Presentation January 1, 2009

IFRIC 12 Service Concession Arrangements January 1, 2008

IFRIC 13 Customer Loyalty Programmes July 1, 2008

IFRIC 14 The Limit on a Defined Benefit Asset Minimum

Funding Requirements and their Interaction January 1, 2008

Impacts on the consolidated financial statement are especially expected by the application of IAS 23

Borrowing Costs and IFRIC 12 Service Concession Arrangements. According to IAS 23 the capitalization

of borrowing costs related to production of qualified assets is mandatory. IFRIC 12 deals with accounting of

service concession arrangements and foresees the recognition of the arrangements as financial instrument or

intangible asset depending on the form of contract.

Consolidated group

As well as SWIETELSKY Baugesellschaft m.b.H., all the important domestic and foreign subsidiaries are

included in the consolidated financial statement of March 31, 2008, in which SWIETELSKY Baugesellschaft

m.b.H. has the direct or indirect majority of votes. Immaterial subsidiaries as well as associated companies

are accounted at equity or with continued initial costs.

25 (previous year: 24) affiliated companies were not included, as their influence on the group assets-, financial and

earnings situation is immaterial. The turnover volume of the subsidiaries, which are not included, is less than 1.8 per

cent of the group sales.

The companies included in the 2007/08 consolidated financial statement can be seen in the list of participations

(Attachment 2 to the notes).

Balance sheet date of all companies included in the group is March 31, 2008, except SWIETELSKY Constructii Feroviare

s.r.l., Bukarest, Romania, whose business year ends as of December 31.

The consolidated group developed as follows in the 2007/08 business year:

Kašparu-Koller, Stavitelství s.r.o., Ceské Budejovice was merged with SWIETELSKY Stavebni s.r.o., Ceské Budejovice

with retrospective effect on April 1, 2007.

Due to the existing purchase obligation of the remaining shares of CELL-BAHNBAU Danubia Kft., Celldömölk, the

company’s foreign shares are presented as liability as of April 1, 2007.

There were no other changes in the consolidated group during the 2007/08 business year.

34 . 35

Full consolidation Equity valuation

Situation on April 1, 2007 25 22

Mergers -1 0

Situation on March 31, 2008 24 22

therefrom foreign companies 11 7


Consolidation Methods

The financial statements of the domestic and foreign companies included in the consolidation are drawn up in

accordance with uniform accounting and valuation principles. The annual financial statements of the domestic

and foreign group companies are adapted accordingly; insignificant deviations remain unchanged.

For acquisitions from April 1, 2003 capital consolidation is made in accordance with the stipulations in IFRS

3. All assets and debts of the subsidiaries are recorded at the accompanying values. The proportional equity

thereby determined is offset by the participation book value. Differences on the assets side, which are allotted

to special, identifiable intangible assets, which were acquired within the framework of the business combina-

tion, are recognised separately from the goodwill. If a useful life can be allocated to these assets, the planned

amortisation is made over the projected useful life. Intangible assets with an indefinite useful life are tested

annually for their intrinsic value and amortised if necessary on the basis of an impairment test.

Any remaining differences on the assets side are capitalized as goodwill and amortised on the basis of an

impairment test in accordance with IAS 36. There is no planned depreciation of goodwill resulting from acqui-

sitions after April 1, 2003.

The internal reporting figures formed the basis for the impairment test. Within the framework of the application

of the DCF-method market interest rates after tax were applied.

The same principles of capital consolidation are applied to participations included under the Equity-Method as

in the case of fully-consolidated companies, whereby the respective last available financial statement serves

as the basis for the equity consolidation. Adjustments to the IFRS valuation requirements have been drawn

up according to materiality.

Within the framework of debt consolidation, receivables from trade, loans as well as other receivables are

rounded up with the corresponding liabilities and provisions among the subsidiaries included in the financial

statement.

Expenditure and income from internal-group trade have been eliminated. Interim results incurred from internal-

group trade transactions in the fixed- and current assets have been cancelled, as far as they are not of minor

importance.

Minority interests in the equity and in the result of the companies, which are controlled by the parent company,

are shown separately in the consolidated financial statement.

The necessary tax deferrals are made for consolidation procedures affecting the profit and loss account.

36 . 37

Currency translation

The group currency is the Euro. The financial statements for the foreign companies are converted into Euro according

to the concept of the working currency. As the companies run their business independently regarding financial, eco-

nomic and organizational matters in all companies this is the respective local currency.

All balance sheet items are converted at the mean foreign exchange price at the balance sheet date. Expenditure- and

income items are converted at the average annual price.

In the business year exchange rate differences of TEUR 570 (previous year: TEUR 1,372) are recognized in the equity

with no effect on the operating result in the course of the capital consolidation.

The currency translation differences between the cut off date within the balance sheet and the average price within

the profit and loss account are allocated to equity.

Revaluations according to IAS 29 (Financial Reporting in Hyperinflationary Economies) have been carried out.

BL Friedersbach B 38/AustriaKreisverkehr Regierungsviertel, St. Pölten/Austria


Intangible assets and tangible assets

Acquired intangible assets and tangible assets are recognized at their historical or production price, minus

planned and unplanned depreciation. Both the direct and the appropriate parts of overhead costs for the self-

constructed plants are included in the production costs.

The planned depreciation of the depreciable fixed assets is made according to the straight line method in

accordance with the foreseeable useful life, whereby in the case of utilization over a six month period of an

asset acquired in the business year the depreciation is recognized at the full annual amount, in the case of

shorter utilization period at half the annual amount. Should there be indications of impairment in the case of

assets and should the market value of the future cash surpluses be under the market values, then impairment

is made according to IAS 36 to the lower accompanying value.

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

Useful life

in years

Intangible assets:

Software and licenses 3-4

Tangible assets:

Buildings 10-50

Machinery and technical equipment 3-17

Other plant, furniture and fixtures 3-10

Leasing contracts on assets, on which all the chances and risks essentially lay with the company, are treated

as finance leases. The fixed assets underlying these leasing agreements are capitalized at the present value of

the minimum payments at the beginning of leasing relations and depreciated over the foreseeable useful life

or over shorter contract terms. These are offset by the liabilities arising from future leasing payments, whereby

the former are recognized at the present value of the outstanding obligations at the balance sheet date.

In addition there are leasing agreements for tangible assets, which are regarded as operating leases. Leasing

payments resulting from these contracts are recognized as expenditure.

aCCounTIng and vaLuaTIon PrInCIPLES

38 . 39

Revaluation

Real estates as well as flats and stock spaces will be revaluated. Differing amounts minus deferred taxes, which re-

sult from revaluation, will be charged against the equity. The accumulated amount of revaluations added up to TEUR

9,244 (previous year: TEUR 9,608) on the date of balance sheet. The deferred taxes concerning revaluations amoun-

ted to TEUR 2,817 (previous year: TEUR 2,694) on the date of balance sheet.

Tangible assets (real estates and buildings) were revaluated according to an independent expertise from:

Weismann+Pitschmann of February 23, 2007 for Austria

Dipl.-Ing. (FH) Wilfried Mirbeth of April 1, 2007 for Germany

HUNGVENT Pénzügyi és

Befektetési Tanácsadó Kft of Winter 2007/08 for Hungary

For determining the current market price the reference value method has been used.

Financial assets

In accordance with IAS 28 shares in associated companies are evaluated at equity - in far as they are not shares of

minor significance. Basically the same valuation methods are applied here as for fully consolidated companies.

Subsidiaries and participations which are neither consolidated nor presented at equity, are classified as available for

sale at their historical cost since their fair values could not be identified reliably.

Interest-bearing loans are, as long as no value deductions are necessary, reported at nominal value. Interest-free or

low interest-bearing loans are discounted to their present value.

Securities classified as available for sale are on initial recognition valued according to acquisition costs and later

recognized at fair value. Fair value changes are in principle recognized directly in equity and only recognized in the

consolidated income statement upon disposal of the security. The permanent impairment of securities classified as

available for sale is recorded in the consolidated income statement.


Inventories

Inventories are evaluated at historical cost or production cost or at the lower market value of a lower

accompanying value.

The production costs include all direct costs as well as appropriate parts of overheads arising in the produc-

tion. Distribution costs as well as costs for general administration are not included in the production costs. The

interest on borrowing in connection to the production is not capitalized.

Accounts receivable and other assets

Receivables from trade and other receivables are evaluated at their nominal value minus valuation adjustments

for realizable individual risks. Financial receivables are classified under the category “Loans and Receivables”

and evaluated at their historical costs. Graduated valuation adjustments are formed according to risk groups

in order to take general loan risks on customer receivables into consideration.

Non-interest bearing and low-interest bearing receivables are discounted. Foreign currency receivables are

evaluated on balance sheet date at the valid exchange rate or in the case of hedging at the hedged rate.

In the case of receivables from construction contracts the results are realized according to the Percentage of

Completion Method. The output actually attained by the balance sheet date serves as a benchmark for the

degree of completion. Threatening losses from the further construction process are accounted for by means

of appropriate depreciations.

When the performance to be evaluated, which was provided within the framework of a construction contract,

exceeds the payments received for it, then this is shown on the assets side under receivables from construc-

tion contracts. In the reverse case this is reported on the liabilities side under liabilities from trade.

The results, in the case of construction contracts, which are carried out in consortia, are realized according

to the Percentage of Completion Method in accordance with the degree of completion on balance sheet

date. Threatening losses arising from further construction work are accounted for by means of appropriate

depreciations. Receivables from or liabilities to consortia include the proportional contract result as well as

capital contributions, in- and out payments and charges resulting from services.

The valuation of other assets is made at historical cost minus extraordinary depreciation.

40 . 41

Cash and cash equivalents

Cash and cash equivalents cover all liquid and likewise assets which have maturity less than three months at the date

of acquisition. Cash and cash equivalents are valuated at their cost values.

Deferred taxes

The determination of tax deferral is made according to the Balance Sheet Liability Method for all temporary differences

between the carrying value of the balance sheet items in the IFRS consolidated financial statement and their existing

tax values in the case of individual companies. Furthermore, the tax advantage which can probably be realized from

existing losses carried forward is included in this process. Differing amounts from non-tax deductible goodwill are

exceptions to this extensive tax deferral.

Deferred tax assets are only recognized if it is probable that the included tax advantage is realizable. The calculation

of the tax deferral is based on the usual income tax rate in the respective country at the point of the predicted reversal

in their value difference.

Provisions

Provisions for severance pay are created as a result of statutory regulations. The provision for severance payments is

determined by using the actuarial expertise. Here the future claim over the length of employment of the employees is

collected while taking any future pay rises into consideration. The present value of the partly earned partial-claims on

deadline day is recognized as the provision.

The change in value of the determined provision amount as a result of changes in the calculation parameter (= actuarial

profit or loss) is immediately recognized as a whole in the profit and loss account.

Pension provisions are calculated according to the Projected Unit Credit Method. In this method the discounted pension

claim acquired up to balance sheet date is determined.

The effect in value of the change to these assumptions is recognized as an actuarial profit and loss and is in total

immediately recognized in the profit and loss account. Service costs are recognized in the personnel expenses, the

proportion of the interest in the allocation of provisions in the financial result.

The calculation of the severance pay- and pension provisions is based on an interest rate of 5.5 % (previous year:

4.5 %) and an expected development of income and pensions of 3.5 % (previous year: 3.0 %). Life expectancy for

severance pay and pension provisions are calculated according to AVÖ 1999-P „gemischter Bestand“ and AVÖ 1999-

P „Angestellte“.


The other provisions take into consideration all realizable risks and uncertain obligations. They are recognized

at the respective amount, which is necessary at the balance sheet date according to commercial judgment, in

order to cover future payment obligations, realizable risks and uncertain obligations within the group. Hereby

the respective amount is recognized, which arises as the most probable on careful examination of the facts.

Long-term provisions are, in as far as they are not immaterial, accounted at their discounted discharge amount

on balance sheet date. The discharge amount also includes the cost increases to be considered on balance

sheet date. Provisions, which arise from the obligation to recultivate gravel sites, are allocated according to

the rate of utilization.

Liabilities

Liabilities are basically recognized at the repayment amount. Foreign currency liabilities are evaluated at the

mean foreign currency rate at balance sheet date. Interest free liabilities especially those from financial leasing

liabilities, if material, are accounted at the present value of the repayment obligation. Financial liabilities are

classified under the category “Financial Liabilities at Amortized Cost” and measured at their historical costs.

Contingent liabilities

Contingent liabilities are possible or existing obligations, with which an outflow of resources is not probable.

They are not recognized in the balance sheet. The reported obligation volumes of the contingent liabilities

correspond to the extent of liability on the balance sheet date.

Derivative financial instruments

Derivative financial instruments are basically employed in order to reduce the risk of change of interest rate

and change of foreign exchange rate.

All derivative financial instruments are accounted at fair value in accordance with IAS 39 and reported under

Other Receivables or Other Liabilities.

Derivative financial instruments are measured on the basis of inter-bank conditions and, if necessary, the loan

margin or stock exchange price applicable for SWIETELSKY, under application of the buying and selling rate

on the balance sheet date. Where stock exchange prices are not used, the fair value is calculated by means

of financial mathematic methods.

42 . 43

SWIETELSKY Baugesellschaft m.b.H. Group applies the requirements of the hedging relationships according to IAS

39 (Hedge Accounting) in order to hedge fair values and future cash flows. Gains and losses from derivative financial

instruments designated as qualified hedging instruments within the framework of a fair value hedge, or for which no

qualified hedge relationship in accordance with IAS 39 could be established and which therefore do not qualify for

hedge accounting, are recognized with an effect on income in the consolidated income statement. Profits and losses

from derivative financial instruments, for which a cash flow hedge relationship could be created, are recognised in

the cash flow hedge reserve not affecting net income until the time of realization. Changes in profits and losses due

to ineffectiveness of the derivative financial instruments are recognized with an effect on income in the consolidated

income statement. The effectiveness of the hedging relationships (fair value hedges and cash flow hedges) is con-

trolled by effectiveness tests prospectively and retrospectively on each balance sheet date. There was no material

ineffectiveness related to the hedging transactions up to the date of balance sheet.

Derivatives, which are not included in a hedging relationship according to IAS 39, are categorized under „At Fair Value

through Profit or Loss (Trading)“ and evaluated at fair value with an effect on income.

Revenue recognition

Sales revenue from construction contracts are recognised progressively in accordance with the level of the completion

(percentage of completion method). Service rendered till balance sheet date functions as a benchmark for the stage

of completion.

Sales from disposal of own projects, from trade, from goods and services to joint ventures, from other goods and

services and from sale of construction materials are recognised with the transfer of the control and risks and rewards

involved and with the rendering of the service.

Reconstruction Vehicle RU 800 S

Haus der Barmherzigkeit, Tokiostraße 4/Austria


Estimations and assumptions

Estimations and assumptions, which refer to the amount and recognition of the assets and liabilities

accounted, the income and expenditure as well as the statement of contingent liabilities, are necessary for the

preparation of the consolidated financial statement according to IFRS and essentially concern the assessment

of building projects until completion, in particular the amount of the realization of profits, the accounting and

evaluation of provisions and the impairment test of goodwill and other assets. In the case of future-oriented

assumptions and estimations on the balance sheet date the turnover at the time of the preparation of the

consolidated financial statement as well as the realistically expected development of the global and branch-

related environment are taken into account with regard to the expected future business development. In the

case of developments in the underlying conditions which deviate from the assumptions and which are beyond

the control of the management board the amount, which actually results can deviate from the estimated

values. In the case if such a development occurs the assumptions and, if necessary, the carrying values of

the affected assets and liabilities are adjusted to the latest information. As the consolidated financial state-

ment is being prepared, there are no signs which indicate the necessity to significantly change the underlying

assumptions and estimations.

(1) Revenue

Revenue of TEUR 1,244,413 (previous year: TEUR 1,183,725) are attributed in particular to revenue from construction

contracts, sales revenue of own projects, trade to consortia, other services as well as proportionally acquired profits

from consortia.

Revenue from construction contracts, which contain the periodical part of profits according to the level of comple-

tion of the respective contract (Percentage of Completion Method) amount to TEUR 706,199 (previous year: TEUR

555,330).

Revenue only reflect an incomplete picture of the output achieved in the business year. Therefore the total output of

the group is additionally represented, which includes the proportional output of consortia and not consolidated or

at-equity participations.

44 . 45

noTES on THE ITEMS of THE ConSoLIdaTEd ProfIT and LoSS aCCounT


Austria 690,297 655,971

Hungary 214,595 241,760

Germany 174,398 138,084

Czech Republic 133,783 149,527

Others 119,888 91,754

1,332,961 1,277,096

A2-PO6 Zirknitzgrabenbrücke/Austria

(2) Other operating income

The other remaining operating income mainly includes revenues from rent and leasing, insurance compensa-

tion, furtherance and exchange rate differences.

Income from reversal of provisions, for which a corresponding other expenditure exists, are presented in other

operating expenses starting from the business year 2007/08.

(3) Raw materials, consumables and services used

Cost for services are mainly attributed to services of subcontractors and professionals craftsmen as well as

planning services, machine rentals and third-party repairs:


Income from disposal and appreciation of fixed

assets excluding financial assets 1,437 1,764

Others 10,882 6,672

12,319 8,436


Cost of materials 413,388 461,849

Cost of services 393,079 299,132

806,467 760,981



Income from disposal and appreciation of fixed

assets excluding financial assets 1,437 1,764

Others 10,882 6,672

12,319 8,436

(4) Employee benefits expense

Included in the expenses for severance pay and in the expenses for pensions are expenses for service costs and

actuarial profits. The proportion of interest included in the expenses for severance payments as well as for pensions

is recognized under the financial result.

The expenses for defined contribution plans amount to TEUR 265 (previous year TEUR 203).

The average number of employees developed as follows:

(5) Depreciation and amortization expense

The planned and extraordinary depreciation of intangible assets and tangible assets are represented in the conso-

lidated development of fixed assets.

In the business year, extraordinary depreciation of tangible assets amounting to TEUR 240 (previous year: TEUR 4)

was carried out. Extraordinary amortization of goodwill amounts to TEUR 400 (previous year: TEUR 0) and relates to

Georg Feßl GmbH.

46 . 47


Wages 130,789 127,230

Salaries 89,165 72,107

Expenses for severance payments and contributions to pension funds 2,446 3,646

Expenses for pensions 411 418

Social security payments and expenses for support 46,862 44,022

Other social expenses 3,532 10,207

273,205 257,630

2007/08 2006/07

Salaried employees 2,192 2,021

Labourers 4,859 4,755

7,051 6,776


Income from associated companies 8,850 7,810

Expenses on associated companies -217 -125

8,633 7,685


(6) Other operating expenses

The other operating expenses of TEUR 135,501 (previous year: TEUR 130,771) mainly include maintenance

costs, rental- and lease costs, travel- and advertising costs. Other taxes amount to TEUR 2,237 (previous

year: TEUR 1,939).

Expenses for research and development incurred in various technical special proposals, in connection with

concrete competitive projects and the introduction of building processes and products onto the market was

therefore recognized in total in the profit and loss account.

(7) Share of profit or loss of associates

(8) Net investment income

(9) Net interest income

Included in interest expenses are interest components from the allocation of severance payment- and pension

provisions amounting to TEUR 569 (previous year: TEUR 524).


Income from participations 3,233 281

Expenses on participations -30 -22

3,203 259


Interest income 2,841 4,035

Interest expenses -10,218 -10,269

Net interest income -7,377 -6,234

(10) Other financial result

(11) Income tax expense

Taxes paid in the individual companies, as well as the taxes owed on income and revenue and deferred taxes are

recognized as income tax:

The differences between the Austrian corporate income tax of 25 % and the recognized overall group tax rate origi-

nate from:

48 . 49


Income from associated companies 8,850 7,810

Expenses on associated companies -217 -125

8,633 7,685


Other financial income 35 3

Other financial expenses -222 -558

-187 -555


Profit before tax 34,901 34,170

Theoretical tax expenditure 25 % 8,725 8,542

Differences from foreign tax rates -278 537

Tax effects from:

Non-tax deductible expenditure and tax-free earnings 913 386

Tax-free reserves -22 -236

Change of tax rate -559 -194

Tax-free income from associates -2,436 -664

Change of valuation adjustment on deferred tax assets 2 -676

Other 278 59

Recognized income tax expense 6,623 7,754


Tax expense 5,835 6,292

Deferred tax 788 1,462

6,623 7,754


noTES on ITEMS of THE ConSoLIdaTEd BaLanCE SHEET

(12) Intangible and tangible assets

The composition and changes in the intangible assets, goodwill and tangible assets are represented in the

table „Consolidated development of fixed assets“ (Attachment 1 to the notes).

Goodwill

At the balance sheet date goodwill is composed of as follows:

Goodwill is annually subjected to an impairment test. By this test, the recoverable amount of a cash-genera-

ting unit is compared with its corresponding book value.

Recoverable amount is the market value or its value in use which is the discounted value of future cash flows.

The identification takes place on current budgeting of internal reporting, which is based on experience from

the past as well as on expectations of future market developments. The discount rate for the future cash flows

amounts to the rate of cost of capital which varies according to segment and country. The cost of capital

rates had a range between 8.0 % and 13.6 %.

In the context of the annual impairment test, the comparison of book values with the recoverable amounts

of the cash-generating units resulted in an amortization requirement amounting to TEUR 400 (previous year:

TEUR 0)

Amounts in TEUR March 31, March 31,2008 2007

CELL-BAHNBAU Danubia Kft./Mavepcell Kft. 4,529 4,529

SWIETELSKY stavební s.r.o. 1,157 1,157

Georg Feßl GmbH 896 1,296

A.S.T. Baugesellschaft m.b.H. 580 580

SWIETELSKY Épitö Kft. 430 430

C. Peters Baugesellschaft m.b.H. 252 252

Ing. Rudolf Seibt Gleisbau GmbH 208 208

Jos. Ertl GmbH 181 181

8,233 8,633

Tangible assets

The book values of revaluated asset groups of real estates, real estate and equivalent rights and buildings, including

buildings on third party property, that would have resulted from valuation according to the benchmark method of

IAS 16, would amount to TEUR 55,546 (previous year: TEUR 51,577).

On the balance sheet date the following book values are included in the tangible assets due to existing finance leasing

contracts:

Real estate leasing

Machinery leasing

Offset against these are liabilities from the present value of leasing obligations amounting to TEUR 7,837 (previous

year: TEUR 10,029).

The terms of the finance leases for real estate are between 10 and 25 years, while those for the machine leases are

between 4 and 11 years.

50 . 51

March 31, March 31,Amounts in TEUR 2008 2007

Historical costs 5,474 5,474

Depriciation (accumulated) -1,189 -970

Book value 4,285 4,504


Historical costs 6,741 11,028

Depriciation (accumulated) -2,788 -4,496

Book value 3,953 6,532

In subsequent business years the following liabilities without outstanding payments (TEUR 2,440; previous

year: TEUR 2,718) will arise from leasing:

As well as the finance leases there are also operating leases for the utilization of technical plants, machines, other

plant, furniture and fixtures. The expenditure from these contracts is recognized as affecting the profit and loss.

The payments made for the 2007/08 business year amount to TEUR 27,404 (previous year: TEUR 29,308).

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

as follows:

Restrictions on property, plant and equipment

On the reporting date, there were no property collaterals.

On balance sheet date there are no significant liabilities concerning the acquisition of tangible assets, which

have not been considered in the financial statement.



Term up to one year 1,563 2,146

Term between one to five years 1,812 3,106

Term over five years 3,111 3,351

6,486 8,603


Term up to one year 23,250 20,099

Term between one to five years 64,939 56,379

Term over five years 24,689 16,201

112,878 92,679

(13) Financial assets

Detailed information on the group participations (shares of more than 20 %) can be found in the list of participations

(Attachment 2 to the notes).

Development of the financial assets can be depicted as follows:

None of the securities have been pledged as collateral for sector-typical contingent liabilities.

The following table shows financial information of the associated companies (100 %):

52 . 53


Total Assets 101,817 84,925

Total Liabilities 70,204 62,085

Sales 180,514 194,878

Profit 19,374 17,404

Amounts in TEUR Balance on Currency Balance on

1.4.2007 Translation Additions Disposals 31.3.2008

Shares in affiliated companies 7,138 -214 2,361 69 9,216

Shares in associated companies 10,573 125 3,712 203 14,207

Other participations 6,490 -16 974 20 7,428

Other loans 303 -26 140 0 417

Advance payments made 24 -2 2 2 22

24,528 -133 7,189 294 31,290

(14) Inventories

(15) Accounts receivable and other assets

March 31, 2008 March 31, 2007

Amounts in TEUR Total shortterm longterm Total shortterm longterm

Receivables from construction contracts 641,593 641,593 0 480,394 480,394 0

Payments rendered on these -492,862 -492,862 0 -364,587 -364,587 0

148,731 148,731 0 115,807 115,807 0

Other accounts receivable

from trade 101,247 99,548 1,699 92,298 89,448 2,850

Accounts receivable

from consortia 50,966 50,966 0 44,240 44,186 54

Trade receivables and receivables

for services rendered 300,944 299,245 1,699 252,345 249,441 2,904



Undeveloped grounds 18,921 17,721

Raw materials and supplies 17,351 16,153

Payments made 1,540 2,962

37,812 36,836

54 . 55

March 31, 2008 March 31, 2007


Accounts receivable

from affiliated companies 16,599 16,599 0 6,771 6,771 0

Accounts receivable from companies with

whom a participation relationship exists 18,408 18,408 0 14,161 14,161 0


and accruals and deferrals 24,101 22,931 1,170 19,389 18,389 1,000


and other assets 59,108 57,938 1,170 40,321 39,321 1,000


All contracts not invoiced for at balance sheet date:

Costs incurred to balance sheet date 677,484 541,490

Profits arising to balance sheet date 49,633 33,276

Accumulated losses -20,918 -19,436

Minus accounts receivable recognized under liabilities -64,606 -74,936

641,593 480,394

Accounts receivable from participation contracts are represented as follows:

Receivables from construction contracts amounting to TEUR 64,606 (previous year: TEUR 74,936) are recognized

under liabilities as payments received from these exceed the accounts receivable.

As usual in the branch the customer has the contractual right to retain part of the total amount of the invoice. These

retainers are, however, redeemed as a rule by security (bank- or group guarantees).



Impairment as of April 1 14,831 14,257

Allocation, Utilization, Appropriation 3,317 574

Impairment as of March 31 18,148 14,831


Securities 17,538 18,485

Cash in hand, cash at banks 20,468 13,593

38,006 32,078

In the business year, the impairments of trade receivables and receivables for services rendered developed

as follows:

(16) Cash and cash equivalents

Cash and cash equivalents include cash in hand, cash at banks and securities:

56 . 57

(17) Deferred taxes

Based on the currently valid tax regulations it can be assumed that the majority of the differing amounts between

the tax related participation value and the proportional equity of the subsidiaries included in the consolidated finan-

cial statement, which arises in the profits received, remains tax-free. Therefore there was no accrual and deferral

of taxes.

Deferred taxes on losses carried forward were capitalized, as these can probably be offset with future taxable

profits. No deferred tax assets were made for differences in book value on the assets side and tax losses carried

forward of TEUR 458 (previous year: TEUR 554), as their effectiveness as final tax relief is not sufficiently assured.

Temporary differences in amount stated in the IFRS financial statement and the respective tax amounts stated

affect the tax accruals and deferrals recognized in the balance sheet as follows:

Amounts in TEUR Aktive Passive Aktive Passive

Tangible assets 149 7,864 0 4,947

Financial assets 0 521 0 852

Inventories 547 0 76 0

Accounts receivable 1,361 6,985 0 4,744

2,057 15,370 76 10,543

Provisions 6,019 1,017 3.710 0

Liabilities 2,639 381 731 0

Deferred tax assets 10,715 16,768 4.517 10,543

Netting out of deferred tax assets

and liabilities to the same tax authorities -8,093 -8,093 0 0

Deferred taxes netted out 2,622 8,675 4,517 10,543

March 31, 2008 March 31, 2008

(18) Shareholder´s Equity

The fully-paid Capital stock amounts to EUR 7,705,000.00 and is held by following shareholders:

In the business year 2007/08, the company has made no transactions with TRIAS Holding GmbH. At balance

sheet date there have been liabilities due TRIAS Holding GmbH amounting to TEUR 1,387 (previous year:

TEUR 4,144).

The retained earnings include currency translation differences and the statutory and mandatory retained ear-

nings, the profit for the period as well as the result brought forward from previous periods of SWIETELSKY

Baugesellschaft m.b.H. and their included subsidiaries, in as far as these were not eliminated by the capital

consolidation.

Changes in value of derivative financial instruments from cash flow hedges are represented in the cash flow

hedge reserve. The cash flow hedge provision as of March 31, 2008 amounts to TEUR 77 (as of March 31,

2007: TEUR 0). The effective part of fair value changes from cash flow hedges are recognised in the cash

flow hedge reserve not effecting net income. The ineffective part of fair value changes from cash flow hedges

amounting to TEUR 0 (previous year: TEUR 0) is recognised in the profit and loss account with effect on the

net income. The fair value of cash flow hedges, which is transferred from cash flow hedge reserve to the other

financial result with effect on the net income, amounts to TEUR 0 (previous year: TEUR 0).

In the business year 2007/08 a new hybrid bond was placed with a nominal value of TEUR 70,000 (interest

rate: 7.75 % for the first 5 years, followed by 3 months EURIBOR + 5.85 %, maturity unbounded; Listing:

Vienna Stock Exchange, third market; lower subordinated).

Income from the issuing of the hybrid bond is reported as part of shareholder’s equity since this instrument

fulfils the criteria of shareholder’s equity according to IAS 32. Likewise, coupons payable are presented as

part of financial statement usage. Issuing costs of the bond and disagio amount to TEUR 1,089, out of which

TEUR 272 is tax claims. Therefore, shareholder’s equity increased by TEUR 69,183.

EUR

TRIAS Holding GmbH, Linz 6,799,469.88

Thumersbacher Geräteverleih Gesellschaft m.b.H., Zell am See 616,400.00

HPB-Holding GmbH, Vienna 289,130.12

7,705,000.00


(19) Provisions

Provisions with a residual term up to more than one year concern personnel-related provisions as well as construction-

related provisions amounting to TEUR 5,143 (previous year: TEUR 1,153).

Provisions for severance pay show the following development:

The amount of the provision for severance pay is calculated using the actuarial methods based on AVÖ 1999-P

„gemischter Bestand“ guideline. This is based on a discounting rate of 5.5 % (previous year: 4.5 %) and in the case

of salary-related commitments a salary increase of 3.5 % (previous year: 3.0 %).

58 . 59

Balance on Balance onApril 1, Currrency Appro- Utili- March 31,

Amounts in TEUR 2007 differences Allocation priation zation 2008

Provisions for severance pay 13,610 0 1,265 0 -1,078 13,797

Provisions for pensions 262 0 11 0 -83 190

Provisions for taxes 2,883 88 1,671 -50 -1,492 3,100

Other provisions:

Construction-related provisions 20,110 418 13,818 -954 -7,173 26,219

Other relations 801 -73 895 0 -500 1,123

37,666 433 17,660 -1,004 -10,326 44,429


Present value of the defined benefit obligaton (DBO) on 1.4. 13,610 12,223

Service costs 707 676

Interest costs 558 512

Severance payments -565 -660

Actuarial profit/loss -513 859

Present value of the defined benefit obligaton (DBO) on 31.3. 13,797 13,610


For new entrants these commitments will be taken over by a public severance fund from January 1, 2003 on.

The development of the provisions for pensions is represented as follows:

The amount of the provision for pensions is calculated using the actuarial methods based on AVÖ 1999-P

„Angestellte“ guideline. This is based on a discounting rate of 5.5 % (previous year: 4.5 %).

The provisions for pensions are formed for obligations from the right to future pension payments and current

payments to present and past employees and their dependents. The obligations primarily refer to retirement

pensions. The individual commitments are generally determined according to the employment conditions of the

employee at the time of the commitment (and length of service, salary of employee). Basically no new commit-

ments have been awarded since 1993.

The company pension plan 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 past employees. There are no contribution-oriented pensions systems in the form of financing be relief funds.

The construction-related provisions mainly include provisions for threatening losses, guarantee obligations,

obligations resulting from consortia and legal costs.


Present value of the defined benefit obligation (pension) on 1.4. 262 281

Interest costs 11 12

Pension payments -38 -23

Actuarial profit/loss -45 -8

Present value of the defined benefit obligation (pension) on 31.3 190 262

Liabilities from trade payables and

payables for services rendered:

Accounts receivable

from construction contracts -64,606 -64,606 0 -74,936 -74,936 0

Payments received from these 69,996 69,996 0 91,376 91,376 0

5,390 5,390 0 16,440 16,440 0

Other liabilities from trade 167,600 158,198 9,402 130,837 126,216 4,621

Liabilities to consortia 23,108 23,108 0 30,592 30,559 33

196,098 186,696 9,402 177,869 173,215 4,654

(20) Liabilities

The liabilities can be represented as follows:

In the business year 2005/06 a new bond was placed with an nominal amount of EUR 30,000,000.00. (interest rate

4.068 %, maturity from 11/2005 to 11/2012; Listing: Vienna Stock Exchange, third market)

March 31, 2008 March 31, 2007


Financial liabilities:

Bonds 29,158 0 29,158 29,099 0 29,099

Liabilities to banks 43,754 13,168 30,586 74,334 42,599 31,735

Liabilities from finance leases 7,837 2,015 5,822 10,029 386 9,643

80,749 15,183 65,566 113,462 42,985 70,477

60 . 61


In order to secure liabilities to banks real securities amounting to TEUR 0 (previous year: TEUR 0) have been

booked.

(21) Contingent liabilities

Due to new regulations in IAS 39 financial guarantees according to IAS 39 are shown under credit risk (see 23).

March 31, 2008 March 31, 2007


Other liabilities:

Liabilities to affiliated companies 2,425 2,425 0 5,514 5,049 465

Liabilities due to companies with whom

a participation relationship exists 2,055 2,055 0 1,720 1,720 0

Other liabilities, accruals

and deferred income 61,554 58,064 3,490 53,470 49,300 4,170

66,034 62,544 3,490 60,704 56,069 4,635

of these from tax 9,343 9,343 0 10,154 10,154 0

of national insurance 4,992 4,992 0 5,079 5,079 0

of personnel-related liabilities

and deferrals 23,096 23,096 0 21,081 21,081 0

(22) Notes on consolidated Cash-Flow Statement

The representation of the cash flow statement was made according to the indirect method and separated into the

payment streams resulting from operating, investing and financing activities. The cash and cash equivalents are com-

posed as follows:

Any effects of changes in consolidation were eliminated and represented in the cash-flow from investing activities.

(23) Financial Instruments

The financial instruments basically include primary and derivative financial instruments. Financial assets, trade receiv-

ables, cash at banks, financial liabilities and trade and other payables form the most significant basis for the existing

group primary financial instruments. The amount of primary financial instruments arises from the balance sheet.

Derivative instruments are exclusively used to secure existing risks in changes of interest rates. The use of derivative

financial instruments in the group is subject to the appropriate authorization and supervision processes.

62 . 63


Cash in hand, cash at banks 20,467 13,593


Financial assets and liabilities can be represented by group and category as follows:

Category March 31, March 31,Amounts in TEUR according to 2008 2008

IAS 39*) Book value Fair Value

ASSETS

Measurement at historical cost

Trade receivables and receivables for services rendered LaR 300,944 300,944

Accounts receivable from affiliated companies LaR 16,599 16,599

Accounts receivable from companies with whom

a participation relationship exists LaR 18,408 18,408

Other loans LaR 417 417

Other financial receivables LaR 5,719 5,719

Cash and cash equivalents LaR 38,006 38,006

Measurement at fair value

Shares in affiliated companies AfS (at cost) 9,216 9,216

Other participations AfS (at cost) 7,428 7,428

Derivate with positive market value (Trading) AtFVtP&L 165 165

Derivate with positive market value (Fair Value-Hedge) - 0 0

Derivate with positive market value (Cash Flow-Hedge) - 0 0

Sum of financial assets (Assets) 396,902 396,902

LIABILITIES


Financial Liabilities FLAC 80,749 79,823

Liabilities from trade payables and payables for services rendered FLAC 196,098 196,098

Accounts payable from affiliated companies FLAC 2,425 2,425

Accounts payable from companies with whom

a participation relationship exists FLAC 2,055 2,055

Other financial liabilities FLAC 5,490 5,490


Derivate with negative market value (Trading) AtFVtP&L 952 952

Derivate with negative market value (Fair Value-Hedge) - 842 842

Derivate with negative market value (Cash Flow-Hedge) - 96 96

Sum of financial liabilities (Liabilities) 288,707 287,781

64 . 65

Category March 31, March 31,Amounts in TEUR according to 2007 2007

IAS 39*) Book value Fair Value

ASSETS


Trade receivables and receivables for services rendered LaR 252,345 252,345

Accounts receivable from affiliated companies LaR 6,771 6,771

Accounts receivable from companies with whom

a participation relationship exists LaR 14,161 14,161

Other loans LaR 303 303

Other financial receivables LaR 5,058 5,058

Cash and cash equivalents LaR 32,078 32,078


Shares in affiliated companies AfS (at cost) 7,138 7,138

Other participations AfS (at cost) 6,490 6,490

Derivate with positive market value (Trading) AtFVtP&L 6 6

Derivate with positive market value (Fair Value-Hedge) - 0 0

Derivate with positive market value (Cash Flow-Hedge) - 0 0

Sum of financial assets (Assets) 324,350 324,350

LIABILITIES


Financial Liabilities FLAC 113,462 113,441

Liabilities from trade payables and payables for services rendered FLAC 177,869 177,869

Accounts payable from affiliated companies FLAC 5,514 5,514

Accounts payable from companies with whom

a participation relationship exists FLAC 1,720 1,720

Other financial liabilities FLAC 1,775 1,775


Derivate with negative market value (Trading) AtFVtP&L 0 0

Derivate with negative market value (Fair Value-Hedge) - 901 901

Derivate with negative market value (Cash Flow-Hedge) - 0 0

Sum of financial liabilities (Liabilities) 301,241 301,220

*) LaR Loans and Receivables AfS Available-for-Sale AtFVtP&L At Fair Value through Profit or Loss FLAC Financial Liabilities at Amortised Cost


Cash and cash equivalents, trade receivables and receivables for services rendered as well as financial

receivables have in majority short-term maturity. Hence, their book values at the balance sheet date are

approximately equal to their fair values. The fair values of long term financial assets, as far as there are no market

prices available, are present values of attached payments taking account of current market parameters.

Liabilities from trade payables and payables for services rendered as well as financial liabilities have regularly

short-term maturity. Therefore, the book values are approximately equal to fair values. Fair values of bonds,

liabilities to banks and liabilities from financial leases, as far as there are no market prices available, are present

values of attached payments taking account of current market parameters.

Shares in affiliated companies and other participations of the available-for-sale category (at cost) represented

above are evaluated at historical cost (less attributable impairments) according to IAS 39, since their fair values

were not reliably determinable.

The net result from financial instruments can be represented by group and category as follows:

Amounts in TEUR LaR FLAC AtFVtP&L Total

Interest and similar income/expenses 3,634 -8,887 -54 -5,307

Impairment -3,411 0 0 -3,411

Fair Value Measurement affecting net income 0 0 -793 -793

Disposal result -21 0 0 -21

Net result 202 -8,887 -847 -9,532

Amounts in TEUR LaR FLAC AtFVtP&L Total

Interest and similar income/expenses 4,032 -9,353 7 -5,314

Impairment -1,050 0 0 -1,050

Fair Value Measurement affecting net income 0 0 -4 -4

Disposal result 3 0 0 3

Net result 2,986 -9,353 3 -6,365

2007/08

2006/07

66 . 67

Dividends and expenses from participations represented under result from other participations are not part of the net

result. Impairments, reversals of impairments and disposal results of the categories loans and receivables and financial

liabilities at amortised cost are presented in other operating income and in other operating expenses.

Impairments, reversals of impairments and disposal results from the category available-for-sale are, as far as the share

in affiliated companies or other participations is concerned, are presented in the result from participating interests and

in the other financial result.

Basics of financial risk management

Regarding assets, liabilities and planned transactions, SWIETELSKY Baugesellschaft m.b.H is subject to credit, market

and liquidity risks. The aim of financial risk management is to manage and limit these risks.

The basics of financial risk management are established and monitored by the executive board. The group treasury

department and the decentralised treasury units are responsible for implementation.

In the previous year, the net result from the fair value valuation, not affecting net income, amounted to TEUR -71.

In detail, the result is related to the reclassification of short term securities from the category available-for-sale to cash

and cash equivalents.

Risk of changes in interest rate

Above all the financial instruments bear variable interest rates both, on the assets and liabilities side. There is the risk

of increasing interest charges or sinking interest revenue, which result from an unfavourable change in market interest

rates. In particular cases the risk of changes in interest rate will be covered by interest rate swaps.

The nominal value is equal to the purchase price of the derivative financial instrument. The market value of the interest

rate swap corresponds to the value the specific corporation would have to pay or would receive by closure of the

swap at the balance sheet date.

As of 31 March 2008 particularly an interest rate swap for hedging fixed interest payments related to the SWIETELSKY

Bau GmbH bond, which was issued in the year 2005, exists. The swap is involved in a fair value hedge relationship

and its value amounts to 30 Mio EUR.


As of March 31, 2008, the following interest rate hedging transactions existed:

As of 31.03.2008 interest rate swaps have a maturity till 2012.

The amount of cash and liabilities to banks according to currency - giving the average interest rate at balance

sheet date - is represented as follows:

Cash at banks

Liabilities to banks

Nominal value Market value

Amounts in TEUR March 31, March 31, March 31, March 31,

2008 2007 2008 2007

Interest rate swaps:

Bank Austria Creditanstalt AG 0 500 0 6

Bond Erste Bank 30,000 30,000 -842 -901

Hybrid bond 2007 (fixed against variable) 30,000 0 165 0

Hybrid bond 2007 (variable against fixed) 30,000 0 -952 0

-1,629 -895

Bookvalue TEUR Weight average

Currency interest rate 2007/08 %

EUR 8,338 2,83

GBP 306 5,25

HRK 2,094 0,80

RON 83 3,09

HUF 4,339 7,24

PLN 2,708 3,36

SKK 2,038 3,00

CZK 544 2,80

CHF 17 0,25

20,467

Bookvalue TEUR Weighted average

Currency interest rate 2007/08 %

EUR 39,197 4,70

CHF 1,912 3,23

HUF 1,916 8,33

CZK 729 4,40

43,754

If the market interest rate had risen 50 basis points the profit (after tax) and the shareholder’s equity would have dimi-

nished by TEUR 182 (as of 31.03.2007: TEUR 306). A decrease of 50 basis points of the market interest rate would

have resulted in a corresponding increase of the profit (after tax) and the shareholder’s equity.

The risk primarily originates from variable interesting-bearing cash at banks, liabilities to banks and derivatives. The

calculations are based on the amount of these financial assets and liabilities at the end of the period (nominal value)

for each balance sheet date. Changes in foreign exchange rates have not been taken into consideration.

Currency conversion risk

Due to the decentralised nature of the group, which is characterized by local companies in the respective countries, it

is mainly closed currency positions which appear in the balance sheet. That means accounts receivable and liabilities

from business activities mainly offset each other in the same currency. Loan financing and investments were predomi-

nantly made by the group companies in the respective country‘s local currency.

SWIETELSKY Épitö Kft., Budapest, is contractually obliged to perform payments in Euro. In order to hedge these Euro

payments which are to be paid in Hungarian Forint, currency derivatives, especially foreign exchange forwards have

been designated as cash flow hedges. Most likely Euro payments are designated as hedged items. Up to now this

hedging is not recognised as liability or planned transactions against foreign currency risk due to changes in spot rates.

The following table shows the maturities of the payments (nominal value) from cash flow hedges, i.e. when the hedged

items will affect net income:

68 . 69

Amounts in TEUR

Expected Payments Nominal

in 6 months 13,800

in above 6 months 0

Total 13,800

As of 31.12.2008 the following foreign exchange forwards from cash flow hedge relationships existed:

The maturities of the foreign exchange forwards correspond mainly to those of the hedged items of the cash

flow hedges.

Development of the significant group currencies

As of 31.03.3008 a 10 % appreciation of the Euro towards all foreign currencies would have resulted in a profit

(after tax) and shareholder’s equity increase amounting to TEUR 1,416 (as of 31.03.2007: TEUR 201). A 10 %

depreciation of the Euro towards all foreign currencies would have resulted in a corresponding decrease of

the profit (after tax) and the shareholder’s equity.

Through the appreciation of the Euro towards the Hungarian Forint, the sensitivity of the cash flow hedging

reserve had an effect on the sensitivity of the shareholder‘s equity amounting to TEUR -1,104 as of 31.03.2008.

A depreciation of the Euro would have increased the shareholder’s equity by the same amount. In an eco-

nomic perspective, there is no foreign currency risk because of the closed position.


Amounts: 1 Euro= Market rate at Average rate Market rate at Average rate

Currency March 31, 2008 2007/08 March 31, 2007 2006/07

HUF 261,0000 253,3792 247,7500 264,4448

CZK 25,3400 27,0813 28,0100 28,2262

PLN 3,5280 3,6916 3,8650 3,9191

CHF 1,5717 1,6383 1,6250 1,5873

RON 3,7250 3,4250 3,3540 3,4918

GBP 0,7955 0,7118 0,6805 0,6782

HRK 7,2750 7,3048 7,3900 7,3387

SKK 32,6400 33,4508 33,3200 36,5135

Amounts in TEUR Nominal value Market value

March 31, March 31, March 31, March 31,

2008 2007 2008 2007

13,800 0 -96 0Foreign exchange forwards (EUR/HUF)EUR-Payments

The risk mainly results from cash at banks, liabilities to banks and derivatives in foreign currencies as well as subsidi-

aries’ trade receivables and liabilities in Euro whose functional currencies differ from Euro. The calculations are based

on the amount of these financial assets and liabilities at the end of the period (nominal value) for each balance sheet

date. Currency risks arising from Euro items in subsidiaries whose functional currencies differ from Euro were attribu-

ted to the currency risk of the functional currency of the specific subsidiary. Exchange rate differences caused from

the conversion of the financial statements to the group currency have not been taken into consideration. Changes in

interest rates have not been taken into considerations by the calculations as well.

Other market price risks

Besides currency and interest rate risks, the SWIETELSKY Baugesellschaft m.b.H Group is also exposed to other

price risks which are, however, insignificant.

Credit risk

The risk for accounts receivable from clients can, due to the wide dispersion and a constant creditworthiness check,

be rated as very low. The risk of default for other primary financial instruments shown on the assets side can also be

regarded as low, as the contract partners are exclusively financial institutes with the highest level of creditworthiness.

The maximum risk of default is the book values of each financial asset in the balance sheet. Generally the risk of de-

fault can be regarded as low, as the financial partners of the group are exclusively financial institutes with the highest

level of creditworthiness.

Furthermore, there is a derived credit risk arising from the financial guarantee contracts (guarantees issued) of

TEUR 18,195 (previous year: TEUR 22,063).

Additionally, the SWIETELSKY Baugesellschaft m.b.H. participates in various consortia for which joint liability with

other partners is customary. Bank guarantees for offer and contract fulfilment as well as warranty related obligations

and prepayments exist accordingly.

Against associated companies there are financial guarantee contracts amounting to TEUR 2,122 (previous year:

TEUR 3,644).

Receivables from construction contracts and receivables from joint ventures are related to current building projects

and are entirely not due yet. Less than 2 % of the remaining financial assets are overdue and the value is not

adjusted.

70 . 71

Individual provisions for specific doubtful financial assets are recognised when the book value of financial

assets is higher than the present value of the discounted future cash flows. Financial difficulties, bankruptcy,

breach of contract and default of substantial payments of customers are considered as indicators for

individual provisions for specific doubtful financial debts. Individual provisions for specific doubtful financial

assets are composed of several individual items out of which none is significant. In addition, individual pro-

visions for specific doubtful financial assets are recognized for consideration of general credit risks aligned

to each specific risk group.

Liquidity risk

Another important aim of the financial risk management in the SWIETELSKY Baugesellschaft m.b.H Group

is to guarantee liquidity and financial flexibility at any time. For this purpose, a liquidity reserve, consisting of

unused loan limits at banks and, if necessary, cash reserves at banks with high credit ratings, is kept. These

unused loan limits mostly have a maturity up to 12 months and are continually extended.

The medium and long-term liquidity demand is ensured through emissions of corporate bonds and bank

loans.

Resulting from financial liabilities, the following contractually declared payment obligations (interest and

liquidation payments) arise in the following years:


Cash Flows

Amounts in TEUR Book Value 1.4.2008- 1.4.2009- from

31.3.2008 31.3.2009 31.3.2013 1.4.2013

Bonds 29,158 1,220 34,882 0

Liabilities to credit institution 43,754 16,360 26,872 16,438

Liabilities from financial leases 7,837 1,563 1,812 3,111

Total 80,749 19,143 63,566 19,549

Cash Flows


31.3.2007 31.3.2008 31.3.2012 1.4.2012

Bonds 29,099 1,220 4,882 31,220



Total 113,462 43,358 26,689 62,443

Interest payments are calculated on interest rate basis fixed lately at or before 31.3.2008 and 31.3.2007. Budget

figures for new future liabilities are not considered. Financial liabilities repayable at any time are constantly classi-

fied to the shortest maturities. Current loans for operating facilities are assumed to have an average maturity of 6

months. These loans, however, are regularly extended and are longer available in an economical perspective. Other

financial liabilities, which are not shown in the table above, mainly lead to outflows of payments amounting to the

book value what is similar to the maturity (especially see 20).

Capital management

The capital management objective is to achieve a strong capital base, in order to reach an adequate return for the

shareholders by considering the company’s risk situation. Further, the future company development shall be assis-

ted and value for other interest groups shall be created. The management exclusively considers the shareholder’s

equity in the books according to IFRS as capital. At the balance sheet date the rate of shareholder’s equity amoun-

ted to 33.3 % (31.3.2007: 21.3 %).

(24) Segment Reporting

Classification of Segments

IFRS 8 „Operating Segments“ which is passed in November 2006 by the International Accounting Standards Board

(IASB) was accepted by the EU on 22 November 2007. This standard is to be applied for the report periods which

begin at or after 1 January 2009. SWIETELSKY has decided to apply IFRS 8 earlier, beginning with the business

year ending of 31 March 2008. Segmentation is based on the internal reporting (management approach). Since con-

struction business strongly focuses on local markets, SWIETELSKY primarily is managed regionally. The group internal

organisation and management structures as well as the internal reporting system follow the regional classification and

are reported to the top council (Chief Operating Decision Maker) accordingly.

The operative business of the SWIETELSKY Group is divided into 5 segments: Austria, Germany, Hungary, the Czech

Republic and other countries. The segment “other countries” contains Romania, Croatia, Slovakia, Poland and Great

Britain. Segment classification is related to the country of the subsidiaries’ place of business.

72 . 73

Cash Flows


31.3.2008 31.3.2009 31.3.2013 1.4.2013

Bonds 29,158 1,220 34,882 0



Total 80,749 19,143 63,566 19,549

In the segments the following construction work is performed:

Segment Report

The segment reporting is carried out according to the internal cost accounting and is leaded over to the sales

and the EBT of the individual segments. The external construction work corresponds to the output volume

performed in each segment without internal sales.

Segment assets and liabilities include all assets and liabilities, which are to be classified to the operational

sphere and of whose positive and negative results determine the operating result. In particular intangible as-

sets, fixed assets, trade receivables and receivables from services rendered, other receivables and inventory

are counted as segment asset. Segment liabilities include liabilities to banks, bonds, trade payables and pay-

ables from services received, other receivables and provisions. The segment investments include additions to

intangible assets and fixed assets.

In the transition the material transition items are shown like: not consolidated businesses, service and profit or

loss transfers from joint ventures and participations as well as IFRS adjustments and the elimination of group

internal integrations between the segments. Services within and between the segments are settled at market

prices.


Construction work in division Austria Germany Hungary Czech Rep. Other countries

Building construction x x x x x

Transportation infrastructures x x x x

Tunnel construction x

Road constuction x x x x x

Railway construction x x x x

Civil engineering x x x x x

74 . 75

Segment reporting 2007/08 in TEUR Austria Germany Hungary Czech Republic Other Countries Eliminations Consolidated

Construction work external 690,297 174,398 214,595 133,783 119,888 1,332,961

Construction work internal 76,938 7,515 1,853 0 9,976 -96,281 0

Transition:

not consolidated companies -22,510

Services from joint ventures, participations and others -65,859

IFRS adjustments -179

Sales per IFRS Financial statement 654,217 167,525 242,990 135,091 140,872 -96,281 1,244,413

Segment result 16,113 13,705 1,572 583 6,332 38,305

Transition:

not consolidated companies -499

Profit/Loss transfer from joint ventures and participations -5,217

IFRS adjustments 2,311

EBT per IFRS Financial statement 24,990 6,687 3,302 904 7,028 -8,010 34,901

thereof in segment result included

Interest income 1,934 53 150 14 331

Interest expenses -6,785 -304 -2,085 -317 -100

Depreciation -8,304 -2,246 -1,621 -2,317 -1,051

Result from associated companies 8,323 3,091 0 523 0

Segment assets 412,995 54,447 137,158 51,435 57,777 -120,552 593,261

Investments 19,602 3,822 1,338 5,499 1,420 0 31,681

Segment liabilities 246,101 37,964 114,031 33,914 42,980 -79,005 395,985

Segment reporting 2007/08 in TEUR Austria Germany Hungary Czech Republic Other Countries Eliminations Consolidated

Construction work external 655,971 138,084 241,760 149,527 91,754 1,277,096

Construction work internal 71,059 10,669 1,009 1,713 7,588 -92,039 0

Transition:

not consolidated companies -20,840

Services from joint ventures, participations and others -76,178


Sales per IFRS Financial statement 605,292 147,527 264,521 153,751 104,673 -92,039 1,183,725

Segment result 11,324 11,978 3,856 3,161 5,861 36,181

Transition:

not consolidated companies 394

Profit/Loss transfer from joint ventures and participations -4,863


EBT per IFRS Financial statement 9,877 9,013 4,107 4,062 6,366 746 34,170

thereof in segment result included

Interest income 1,243 29 254 20 211

Interest expenses -4,740 -317 -1,660 -189 -72

Depreciation -7,927 -2,065 -1,891 -2,023 -850

Result from associated companies 8,374 2,942 0 388 0

Segment assets 338,361 43,879 111,018 50,796 40,978 -76,762 508,270

Investments 12,941 7,983 7,048 2,037 4,326 0 34,335

Segment liabilities 256,726 32,066 88,418 35,446 28,711 -41,123 400,244

(25) Notes on Related Parties

Arm‘s-length business relations with related parties do exist.

The member of the supervisory board, Dr. Günther Grassner, is Partner of „Rechtsanwälte Grassner, Lenz,

Thewenger & Partner“, Linz, who renders consulting services for the group at arm’s length.

As of balance sheet date the allowable claims to shareholders as a result of beforehand profit are as follows:

Furthermore a subordinated obligation from the following related parties (hybrid bonds) is shown:


Amounts in TEUR

TRIAS Holding GmbH 1,387

HPB-Holding GmbH 162

Thumersbacher Geräteverleih GmbH 346

Amounts in TEUR

Thumersbacher Geräteverleih GmbH (direct und indirect shareholder) 4,000

HPB-Holding GmbH (direct und indirect shareholder) 3,500

KKL-Holding GmbH (indirect shareholder) 2,500

Hellmuth Brustmann (executive director) 2,264

Günther Grassner (member of supervisory board) 30

Contract position Austria Germany Hungary Czech Rep. Other countries Consolidated

2007/08 423,131 64,352 259,978 68,870 99,482 915,812

2006/07 402,552 57,934 186,446 51,933 124,617 823,482

Information to important customers

Similar to the previous year no business was done with an external customer amounting more than 10 % of group sales.

Contract position according to segments with external customers:

(26) Notes on the management - and supervisory board and employees

In the business year following persons have been acted as executive directors:

Ing. Hellmuth Brustmann

Dipl.-Ing. Kurt Kladensky

In the business year following persons have been member of the supervisory board:

Senator h.c. Komm.rat Dipl.-Ing. Dr. Richard Schenz, Chairman

Dr. Günther Grassner, Vice-Chairman

Dr. Andre Hovaguimian, Vice-Chairman

Johann Karmedar

Werner Klement

The salary expenses include the total salaries of the members of the board with TEUR 1,315

(previous year: TEUR 1,151).

Compensations amounting to TEUR 80 (previous year: 80) have been granted to the members of the supervisory

board.

(27) Significant events after the balance sheet date

In the beginning of July 2008 SWIETELSKY Baugesellschaft m.b.H. acquired the shares of the minority shareholders

Josefine Söptei (13.5 %) and Attila Biró (8 %) in the Hungarian CELL Bahnbau Danubia Kft. Thereby this corporation

belongs, together with its subsidiary MAVEPCELL Kft., to 100 % to the group assets.

Linz, July 14, 2008

Executive directors

Ing. Hellmuth Brustmann Dipl.-Ing. Kurt Kladensky

76 . 77

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ConSoLIdaTEd dEvELoPMEnT of fIxEd aSSETS aS of MarCH 31, 2008

I. Intangible assets:

1. Concessions, trade marks and similar rights, licences 3,909 -9 0 840 155 4,585 2,683 -8 0 1,040 154 3,561 1,024 1,226

2. Goodwill 9,537 0 0 0 0 9,537 904 0 0 400 0 1,304 8.233 8,633

3. Advance Payments 0 0 0 17 0 17 0 0 0 0 0 0 17 0

13,446 -9 0 857 155 14,139 3,587 -8 0 1,440 154 4,865 9,274 9,859

II. Tangible assets:

1. Real estate and equivalent

rights, buildings on third party property (real estate

value TEUR 17,774; previous year: TEUR 16,679) 78,771 -272 630 6,143 685 84,587 14,887 -6 3 2,397 301 16,980 67,607 63,884

2. Machinery and technical equipment 119,263 1,354 -120 12,584 6,697 126,384 85,148 747 -3 10,636 6,353 90,175 36,209 34,115

3. Other plant, furniture and fixtures 27,326 -130 17 3,093 2,913 27,393 18,449 -99 0 3,225 2,736 18,839 8,554 8,877

4. Plant and machinery in process of construction 910 -13 -476 1,815 401 1,835 0 0 0 0 0 0 1.835 910

226,270 939 51 23,635 10,696 240,199 118,484 642 0 16,258 9,390 125,994 114,205 107,786

239,716 930 51 24,492 10,851 254,338 122,071 634 0 17,698 9,544 130,859 123,479 117,645

Amounts in TEUR


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1. Concessions, trade marks and similar rights, licences 3,909 -9 0 840 155 4,585 2,683 -8 0 1,040 154 3,561 1,024 1,226

2. Goodwill 9,537 0 0 0 0 9,537 904 0 0 400 0 1,304 8.233 8,633

3. Advance Payments 0 0 0 17 0 17 0 0 0 0 0 0 17 0

13,446 -9 0 857 155 14,139 3,587 -8 0 1,440 154 4,865 9,274 9,859



rights, buildings on third party property (real estate

value TEUR 17,774; previous year: TEUR 16,679) 78,771 -272 630 6,143 685 84,587 14,887 -6 3 2,397 301 16,980 67,607 63,884

2. Machinery and technical equipment 119,263 1,354 -120 12,584 6,697 126,384 85,148 747 -3 10,636 6,353 90,175 36,209 34,115

3. Other plant, furniture and fixtures 27,326 -130 17 3,093 2,913 27,393 18,449 -99 0 3,225 2,736 18,839 8,554 8,877

4. Plant and machinery in process of construction 910 -13 -476 1,815 401 1,835 0 0 0 0 0 0 1.835 910

226,270 939 51 23,635 10,696 240,199 118,484 642 0 16,258 9,390 125,994 114,205 107,786

239,716 930 51 24,492 10,851 254,338 122,071 634 0 17,698 9,544 130,859 123,479 117,645


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ConSoLIdaTEd dEvELoPMEnT of fIxEd aSSETS aS of MarCH 31, 2007


1. Concessions, trade marks

and similar rights, licences 3,001 9 26 6 916 49 3,909 1,762 1 23 6 938 47 2,683 1,226 1,239

2. Goodwill 9,515 0 0 0 22 0 9,537 904 0 0 0 0 0 904 8,633 8,611

12,516 9 26 6 938 49 13,446 2,666 1 23 6 938 47 3,587 9,859 9,850



rights, buildings on third

party property (real estate value

TEUR 16,679; previous year: TEUR 13,734) 75,009 0 1.079 48 6,685 4,050 78,771 14,299 0 123 0 1,838 1,373 14,887 63,884 60,710

2. Machinery and technical equipment 110,203 52 822 203 13,899 5,916 119,263 80,140 10 535 206 9,493 5,236 85,148 34,115 30,063

3. Other plant, furniture and fixtures 23,749 24 286 193 5,281 2,207 27,326 17,373 5 229 -212 3,076 2,022 18,449

4. Plant and machinery in process of construction 1,447 25 89 -450 692 893 910 0 0 0 0 0 0 0 910 1,447

210,408 101 2,276 -6 26,557 13,066 226,270 111,812 15 887 -6 14,407 8,631 118,484 107,786 98,596

222,924 110 2,302 0 27,495 13,115 239,716 114,478 16 910 0 15,345 8,678 122,071 117,645 108,446

Amounts in TEUR

80 . 81

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1. Concessions, trade marks

and similar rights, licences 3,001 9 26 6 916 49 3,909 1,762 1 23 6 938 47 2,683 1,226 1,239

2. Goodwill 9,515 0 0 0 22 0 9,537 904 0 0 0 0 0 904 8,633 8,611

12,516 9 26 6 938 49 13,446 2,666 1 23 6 938 47 3,587 9,859 9,850



rights, buildings on third

party property (real estate value

TEUR 16,679; previous year: TEUR 13,734) 75,009 0 1.079 48 6,685 4,050 78,771 14,299 0 123 0 1,838 1,373 14,887 63,884 60,710

2. Machinery and technical equipment 110,203 52 822 203 13,899 5,916 119,263 80,140 10 535 206 9,493 5,236 85,148 34,115 30,063

3. Other plant, furniture and fixtures 23,749 24 286 193 5,281 2,207 27,326 17,373 5 229 -212 3,076 2,022 18,449

4. Plant and machinery in process of construction 1,447 25 89 -450 692 893 910 0 0 0 0 0 0 0 910 1,447

210,408 101 2,276 -6 26,557 13,066 226,270 111,812 15 887 -6 14,407 8,631 118,484 107,786 98,596

222,924 110 2,302 0 27,495 13,115 239,716 114,478 16 910 0 15,345 8,678 122,071 117,645 108,446

LIST of ParTICIPanTS 2007/08


Name Share %

Fully-consolidated companies:

Austria:

A.S.T. Baugesellschaft m.b.H., Innsbruck 100,00

Jos. Ertl GmbH, Breitbrunn 100,00

Georg Feßl GmbH, Zwettl 100,00

Hoch- Tief- Bau- Imst Gesellschaft m.b.H., Imst 100,00

Kallinger Bau GmbH, Vienna 100,00

Kontinentale Baugesellschaft m.b.H., Vienna 100,00

C. Peters Baugesellschaft m.b.H., Linz 100,00

Baumeister Karl Sedlmayer Gesellschaft m.b.H., Grafenwörth 100,00

Ing. Rudolf Seibt Gleisbau GmbH, Vienna 100,00

SWIETELSKY Bauträger Ges.m.b.H., Linz 100,00

SWIETELSKY - INTERNATIONAL Baugesellschaft m.b.H., Linz 100,00

SWIETELSKY Tunnelbau GmbH & Co KG, Innsbruck 100,00

Germany:

SWIETELSKY Baugesellschaft m.b.H., Traunstein 100,00

Wadle Bauunternehmung GmbH, Essenbach 100,00

Hungary:

CELL-BAHNBAU Danubia Kft., Celldömölk 78,50

Mavepcell Kft., Celldömölk 78,50 1)

SWIETELSKY Épitö Kft., Budapest 100,00

Czech Republic:

SWIETELSKY stavební s.r.o., České Budejovice 100,00

Other:

SWIETELSKY Construction Company Ltd., London, Great Britain 100,00

SWIETELSKY Constructii Feroviare s.r.l., Bukarest, Romania 100,00

SWIETELSKY d.o.o., Zagreb, Croatia 100,00

SWIETELSKY - SLOVAKIA s.r.o., Bratislava, Slovakia 100,00

SWIETELSKY Sp. Z o.o., Lublin, Poland 100,00

1) calculated through

82 . 83

Name Share %

Associated companies:

AMG ASPHALTMISCHWERK GUNSKIRCHEN GMBH & CO. KG , Linz 33,33

AMS Asphaltmischwerk Süd Gesellschaft m.b.H., Linz 35,00

AMW Asphaltwerk Weitendorf G.m.b.H., Weitendorf 26,00

Asphaltmischwerk Weißbach GmbH & Co. Nfg. KG, Weißenbach bei Lofer 45,00

AWM Asphaltwerk Mötschendorf GmbH & Co. KG, Graz 50,00

AWT Asphaltwerk GmbH, Stadtschlaining 33,00

Baldauf Fliesen und Baustoffe Gesellschaft m.b.H., Linz 100,00

Brnenská Obalovna s.r.o., Brno, Czech Republic 25,00

Chebská obalovna spol. s.r.o., Stenovice, Czech Republic 33,33

Eurailpool GmbH, Ismaning, Germany 50,00

FMA Asphaltwerk GmbH & Co KG, Feldbach 30,00

KIESWERK - BETRIEBSGESELLSCHAFT MBH & CO KG, Zams 22,50

PAM - Pongauer Asphaltmischanlagen GmbH & Co KG, St. Johann 50,00

PETSCHL FRÄSTECHNIK Ges.m.b.H., Perg 29,03

RBA - Recycling- und Betonanlagen Ges.m.b.H & Co. Nfg. KG, Zirl 24,00

RPM Wiebe & SWIETELSKY GmbH & Co. KG, Achim, Germany 49,00

Strakonická Obalovna s.r.o., Strakonice, Czech Republic 51,00

SWIETELSKY - Faber GmbH-Kanalsanierung, Schlierschied, Germany 50,00

SWIETELSKY - MAVÉPCELL Vasútépitö Kft., Celldömölk, Hungary 100,00

TAM Traisental Asphaltmischwerk Ges.m.b.H. & Co KG, Nußdorf 33,33

Transportbeton und Asphalt Ges.mbH & Co KG, Zams 45,00

VAM - Valentiner Asphaltmischwerk GmbH. & Co KG, Linz 25,00


Name Share %

Not consolidated companies: 1)

Ahrental Abbau- und Aufbereitungsgesellschaft m.b.H., Kematen 20,50

ALBA ASZFALT Épitöipari és Kereskedelmi Kft., Szekesfehervar, Hungary 100,00

S.C. AMFIBOSWIN SRL, Sibiu, Romania 56,50

S.C. Andemur S.R.L., Judetul Mures, Romania 51,00

AMG ASPHALTMISCHWERK GUNSKIRCHEN GMBH, Linz 33,33

AWB Asphaltmischwerk Weißbach Betriebs-GmbH, Weißbach 45,00

Asphaltwerk Mötschendorf Gesellschaft m.b.H., Graz 50,00

Belváros Tetőtér Kft., Budapest, Hungary 100,00 2)

C-Bau Kft., Budapest, Ungarn 100,00

Czernilofsky Gesellschaft m.b.H., Vienna 100,00

DRUMSERV SA, Targu Mures, Romania 96,14

M 6 Duna Autopalya Koncessziós ZRT, Budapest, Hungary 20,00

Elizabeth Center Kkt., Hungary 50,00

EULAB Kft., Dunakeszi, Hungary 50,00

FMA Asphaltwerk GmbH, Feldbach 30,00

FSP Limited, Glasgow, Great Britain 50,00

Gaspix Beteiligungsverwaltungs GmbH, Zirl 24,00

GCC - SWIETELSKY SRL, Bukarest, Romania 51,00

G.K.S SWIETELSKY Kft., Budapest, Hungary 100,00

GSB Gleitschalungsbau GmbH, Hamburg, Germany 33,33

GSG Bau GmbH, Graz 50,00

Harmathez Ingatlanfejlesztö Kft., Budapest, Hungary 100,00

HTB Italia Srl, Bolzano, Italy 100,00 2)

KIESWERK - BETRIEBSGESELLSCHAFT MBH, Zams 25,00

Mandarino Ingatlanberuhazo Kft., Budapest, Hungary 100,00

M6 Duna Autopalya Epitesi Kkt, Budapest, Hungary 33,33

ÖKO-Consult-Umwelttechnik GmbH -Nfg KEG, Bergheim 26,00

OSTRE Infrastrukur Entwicklungs- und Beteiligungs GmbH, Vienna 33,33

PAM - Pongauer Asphaltmischanlagen GmbH, St. Johann 50,00

Passzázs Ház Kft., Budapest, Hungary 100,00

Bahnbau Petri Hoch- und Tiefbau Ges. m.b.H., Wiener Neudorf 100,00

1) insignificant importance


84 . 85

Car park Stift Altenburg/Austria S33-RFB-Krems Herzogenburg Nord-Traismauer/Austria

Name Share %

Not consolidated companies: 1)

Bahnbau Petri Hoch- und Tiefbau Ges. m.b.H. & CoKG, Wiener Neudorf 100,00

Pinzgau Beton GmbH, Bergheim 37,00

Pinzgau Beton GmbH & Co. KG, Bergheim 37,00

RPM Wiebe & SWIETELSKY BeteiligungsgmbH, Achim, Germany 49,00

RTS Rail Transport Service GmbH, Graz 90,00

RTS Rail Transport Service Germany GmbH, München, Germany 90,00 1)

SND-Bauträger Ges.m.b.H., Innsbruck 97,82 1)

SND Italia SRL, Bolzano, Italy 98,04

SRG Schotter und Recycling GmbH, Krems 51,00

SR Beteiligungs GmbH, Linz 51,00

SWIETELSKY - BÖGL s.r.l., Bukarest, Romania 50,00

SWIETELSKY d.o.o., Belgrad, Serbia 100,00

SWIETELSKY Iskolaprojekt Kft., Baja, Hungary 100,00

SWIETELSKY Tunnelbau GmbH, Innsbruck 100,00

SWIETELSKY gradbeno podjetje d.o.o., Ljubljana, Slovenia 100,00

SWIERA SRL, Andriano, Italy 50,00

SW-O Metro 4 „Kálvin tér“ Epitö Kkt., Hungary 50,00

SW-O Metro 4 Epitö Kkt., Hungary 50,00

SW-O Metro 4 „Rákóczi tér“ Epitö Kkt., Hungary 50,00

TAM Traisental Asphaltmischwerk Ges.m.b.H., Nußdorf 33,33

TBG - SWIETELSKY Beton Kft., Tatabanya, Hungary 50,00

Transportbeton und Asphalt Gesellschaft mbH, Zams 50,00

VAM - Valentiner Asphaltmischwerk Gesellschaft m.b.H., Linz 25,00

Zapadoceska Obalovna s.r.o., Pilsen, Czech Republic 50,00

1) insignificant importance


The Great Wall of China. The greatest example of architecture. 6350 kilometers long. World heritage. Originated probably in the second half of the 5th century BC. Visible from space depending on good weather conditions.

BOUNDARIES arE THErE, To BE CROSSED.

The Great Wall of China. The greatest example of architecture. 6350 kilometers long. World heritage. Originated probably in the second half of the 5th century BC. Visible from space depending on good weather conditions.

86 . 87

grouP ManagEMEnT rEPorT 2007/08


General economic climate:

From the late summer of 2007, the global economic climate was strongly influenced by the US real estate

and finance crisis, and the rapid rise in raw material prices, which in particular applied to oil in the past year.

At present, no turnaround on the international financial markets is in sight and for this reason many experts

foresee a recession, especially in the USA.

Europe remained largely stable, due mainly to the continuation of dynamic development in the eastern and

south-eastern regions of the continent. Consequently, during 2007 the countries of the EU 27 demonstrated

economic growth of almost 3 per cent and the unemployment rate in the EU 15 dropped to below 7 per cent.

However, high inflation rates caused primarily by increased energy, raw material and food prices in tandem

with the weakness of the US dollar against the euro mean that in 2008 a marked softening of the economy

can be expected, that will also extend to Europe.

In 2007, the European construction industry was able to maintain its expansion.

Above all, the demand backlog in the environmental and transport infrastructure areas in the developing

markets of eastern and south-eastern Europe, in combination with large volume flows of finance from EU

funds, permit the expectation that this trend will continue in the coming years.

Thanks to its presence and experience in CEE markets, the SWIETELSKY Group has excellent prospects of

being able to participate in this development to an above-average extent.

88 . 89

Markets:

Austria

The Austrian economy experienced a highly positive phase and in 2007 achieved growth of over 3 per cent, which

led to a tangible reduction in domestic unemployment.

After boom years with growth rates of around 5 per cent, in 2007 the Austrian construction industry enjoyed

expansion of around 3.7 per cent. While housing and civil construction showed moderate growth rates of 2.4 and

3.0 per cent respectively, the continuing dynamism in civil underground construction (including roads and railways)

bolstered this satisfactory situation with a growth rate of nearly 7 per cent.

In its domestic Austrian market, SWIETELSKY was again able to attain growth that exceeded the branch average

with 51.8 per cent of total Group contracted turnover. Roughly 30 per cent of domestic market construction related

to the civil construction segment and some 24 per cent to railway and civil underground construction respectively.

Road construction provided a contribution of around 18 per cent to Austrian turnover, while tunnel construction

furnished approximately 4 per cent.

London

Traunstein

Bolzano

Beograd

Vienna

Zagreb

Zug Budapest

Linz

Glasgow

Bucuresti

Meißen

Bratislava

Lublin

Tlrgu Mures

Ceské Budejovice


Hungary

During 2007, the overall volume of construction work in Hungary shrank by 3.7 per cent.

While civil underground construction came to a virtual standstill and suffered a massive reduction of around

17 per cent, which emanated from budget-related cuts and public sector economy measures, the national

housing construction volume increased by some 5.5 per cent, while other civil construction grew by around

3-4 per cent.

The share of the core Hungarian market in Group contracted turnover amounted to 16.1 per cent.

The civil and civil underground construction segments developed in an extremely positive manner during the

past year and now constitute some 65 per cent of Hungarian turnover.

The de facto halt to Hungarian road and railway construction had tangible effects on SWIETELSKY and led

to a 12 per cent fall in total contracted turnover. Nevertheless, the Group was still able to acquit itself better

in the Hungarian market than many of its leading competitors.

Czech Republic

In 2007, the continuing solidity of the Czech Republic’s economic indicators with GDP growth of almost

6 per cent resulted in an increase in the total volume of contracted turnover by around 7 per cent. This rise

was powered by average growth of 12-13 per cent in the highly government subsidised housing and civil

construction segments, while civil underground and infrastructure construction more or less stagnated.

In 2007/08, the core Czech market provided 10 per cent of total SWIETELSKY Group turnover. While the

road, bridge and civil underground construction segments developed satisfactorily with a share of turnover

of around 81 per cent, the civil construction area, which provides 19 per cent, was detrimentally affected by

problems that in the meantime have been dealt with.

90 . 91

Germany

The positive trend in the German economy, which started in 2006, continued in 2007 and resulted in GDP growth of

2.6 per cent. This was reflected in the construction industry by growth of 2.3 per cent for the year and the generally

positive situation was only clouded by a decline in the construction of new housing. By contrast, the transport and

civil underground construction areas, which are of importance to the SWIETELSKY Group, both showed extremely

strong expansion.

Swietelsky Group contracted turnover in Germany presented an extremely positive picture in the 2007/08 financial

year with growth of approximately 26 per cent.

As a consequence, the German activities of the SWIETELSKY Group account for 13.1 per cent of total turnover,

whereby around 70 per cent relates to transport construction, 25 per cent to civil underground construction and

some 5 per cent to civil construction.

Other markets

In addition to its four core markets (Austria, Hungary, Germany and the Czech Republic), the SWIETELSKY Group

is also a player in Romania, Croatia, Serbia, Poland, the UK, Slovakia and Italy.

These markets furnish the Group with 9 per cent of its total contracted turnover.

The south-eastern European markets (Romania, Croatia and Serbia) all demonstrate dynamic development with

GDP growth rates of between 4 and 6 per cent. Moreover, as expansion in the construction industry is generally

even stronger, the SWIETELSKY Group possesses an excellent basis for increased activities in these countries,

which currently provide 4.8 per cent of Group turnover.

In Poland, which is in a phase of strong economic expansion with double-digit growth rates in the construction

sector, the SWIETELSKY Group operates exclusively in the civil construction area, where it obtains 1.8 per cent of

its contracted turnover.


In the UK, the SWIETELSKY Group is only active in the railway construction sector, providing supplies and

services to the British rail networks on the basis of long-term agreements. In 2007/08 this market provided

1.8 per cent of total Group contracted turnover.

As a consequence of its continuing economic expansion, Slovakia numbers among the SWIETELSKY

Group’s growth markets. At present, 1 per cent of overall Group turnover is obtained from this market.

In 2006, the Swietelsky Group expanded its activities to include Italy, with a focus on the market in Southern

Tyrol. In 2007, this market furnished 0.1 per cent of Group contracted turnover.

Group contracted turnover development:

Amounts in EUR k

Consolidated SWIETELSKY Group sales revenues amounted to EUR 1,244 million in the 2007/08 financial

year and exceeded the figure for the previous year by 5.1 per cent.

As is usual in the branch, the SWIETELSKY Group also reports its contracted turnover figure, which among

other elements contains pro rata contributions from consortia and non-consolidated subsidiaries.

During the past three financial years, the SWIETELSKY Group was able to raise its turnover by an average

of 21.6 per cent p.a.

In the 2007 financial year, contracted turnover amounted to some EUR 1,333 million, which in line with

expectations, constituted an increase of 4.4 per cent.

Austria 690,297 51.8% 655,971 51.4% 5.2%

Germany 174,398 13.1% 138,084 10.8% 26.3%

Hungary 214,595 16.1% 241,760 18.9% -11.2%

Czech Republic 133,783 10.0% 149,527 11.7% -10.5%

Other markets 119,888 9.0% 91,754 7.2% 30.7%

Group contracted turnover 1,332,961 100.0% 1,277,096 100.0% 4.4%

% of % of turnover turnover Change in2007/08 2007/08 2006/07 2006/07 %

92 . 93

Order backlog:

Order backlog was increased considerably during the year under review and on March 31, 2008, amounted to a

value of around EUR 916 million, which represented growth of some 11 per cent over the preceding year.

This figure also constitutes roughly 69 per cent of the total contracted turnover of the past year.

Earnings:

In the year under review, the SWIETELSKY Group was able to raise its earnings before interest, taxes, depreciation

and amortisation (EBITDA) by 6.9 per cent to EUR 60,2 million.

Due to investments, depreciation and amortisation rose by 15.3 per cent in the past year to EUR 17,7 million.

EUR k

1,000,000

900,000

800,000

700,000

600,000

500,000

400,000

300,000

200,000

100,000

0

2007/08 2006/07 2005/06 2004/05

GROUP order backlog


As a result, earnings before interest and taxes (EBIT) during the year under review were up by 3.7 per cent

at EUR 42,5 million.

At EUR 34,9 million, the pre-tax result was 2,1 per cent higher than in the preceding year.

The effective rate of taxation amounted to 19 per cent (2006/07: 22.7 per cent) and thus the after tax result

totalled EUR 28,3 million.

The return on sales (ROS) as a ratio between EBIT and contracted turnover amounted to a notable

3.2 per cent.

Assets and finances:

Net debt

Non-current assets 160,260 27% 150,594 30% 140,234 36%

Current assets 433,001 73% 357,676 70% 253,949 64%

Equity 197,276 33% 108,026 21% 85,453 22%

Long-term debts 106,263 18% 105,334 21% 97,800 25%

Short-term debts 289,722 49% 294,910 58% 210,930 53%

Total assets 593,261 100% 508,270 100% 394,183 100%

Financial liabilities 80,749 113,462 95,414

Provisions for severance payments 13,797 13,610 12,223

Provisions for pensions 190 262 281

Cash and cash equivalents -38,006 -32,078 -25,471

Net debt as at March 31 56,730 95,256 82,447

2007/08 % 2006/07 % 2005/06 %

2007/08 2006/07 2005/06

Amounts in EUR k

Amounts in EUR k

94 . 95

Gearing

In the year under review, the total assets of the SWIETELSKY Group rose by 16.7 per cent to EUR 593,3 million.

Non-current assets increased by 6.4 per cent to EUR 160,3 million.

The rise in current assets by EUR 75,3 million to EUR 433 million was due largely to an increase in trade accounts

receivable (EUR 48,6 million).

In November 2007, the equity basis was consolidated through the issue of a hybrid bond with a nominal value of

EUR 70 million. Largely as a result of this bond and the reinvestment of profits, in the year under review equity rose

by EUR 89,3 million to EUR 197,3 million. As a result, on the balance sheet date, the equity ratio amounted to 33.3

per cent as opposed to 21.3 per cent in the previous year.

Against this background, net debt fell by 40.0 per cent to EUR 56,7 million. The gearing ratio stood at 0.29 on the

balance sheet date.

Net debt 56,730 95,256 82,447

Equity 197,276 108,026 85,453

Gearing 0.29 0.88 0.96

2007/08 2006/07 2005/06Amounts in EUR k


Selected key and financial indicators:

Risk management:

Our business activities are targeted on sustained growth and an increase in corporate value. As a result,

we are logically subject to a diversity of risks, which we counteract by means of active risk management.

In this connection, our internal reporting and controlling system is of special importance. This monitors

the realisation and implementation of our business processes and ensures planning aimed at the prompt

identification and estimation of potential risks.

Unit 2007/08 2006/07 2005/06

Contracted turnover EUR m 1,333 1,277 1,114

Order backlog EUR m 916 823 654

Sales EUR k 1,244,413 1,183,725 925,895

Earnings before interest, taxes, depreciation,

amortisation (EBITDA) EUR k 60,163 56,304 43,454

Earnings before interest and taxes (EBIT) EUR k 42,465 40,959 29,057

interest result EUR k -7,377 -6,234 -4,156

Earnings before taxes (EBT) EUR k 34,901 34,170 25,218

Result after taxes EUR k 28,278 26,416 19,276

Employees (average) Persons 7,051 6,776 5,981

Contracted turnover/employees EUR k 189 188 186

Gross cash flow EUR k 47,129 40,729 36,082

Cash flow/contracted turnover in % 3.5 3.2 3.2

Return on sales (ROS) in % 3.2 3.2 2.6

Return on equity (ROE) in % 27.8 42.3 32.4

Unit 31.3.2008 31.3.2007 31.3.2006

Consolidated equity EUR k 197,276 108,026 85,453

96 . 97

Consequently, every risk group is defined, which in our opinion could have a lasting influence on Group assets,

finances and earnings:

Market risk

We counteract market risk by means of geographic and segment-related diversification, in tandem with the active

and flexible management of these risks.

The orientation towards an extensive portfolio and the strategy of not only focusing on the domestic markets in

Austria and Germany, but also intensifying activities in the markets of eastern and south-eastern Europe, bring the

risk attached to differing political and economic conditions. Conversely, this approach also provides possibilities for

the better equalisation of regional, economic and specific segment influences.

Operational risks

The acceptance and completion of orders for individual projects are accompanied by complex risks. The aim of our

risk management is to guarantee that these risks do not have a harmful influence on the Group.

During order acquisition, calculation directives and processes regulate the standardised definition of project costs

and secure clear divisions of competence for the technical and economic examination, and tender analysis of trans-

actions requiring approval.

Order realisation is controlled by projected and actual comparisons and accompanied by ongoing support from

central controlling.

Supplier risk

Our Group offers an extensive portfolio of supplies and services and is naturally highly reliant upon external com-

panies. The related risks with regard to adherence to agreed quality, delivery dates and costs can result in supply

problems.


Changing raw material price risk

Recently, our operative areas have been increasingly subject to energy and raw material price increases.

Where these cannot be transferred to the customers, a negative effect on the Group’s earnings situation

results.

We constantly examine materials sourcing for hedging possibilities via derivative instruments. Due to the

current lack of functional and sufficiently liquid markets, at present only longer term price fixing is employed

during physical sourcing procedures. However, the possibility of using futures in years to come cannot be

excluded.

Financial risks

The risks related to finance and accounting are counteracted by the surveillance of Group commercial gui-

delines and directives by our central Controlling, Accounting and Financial Management units, which are

also responsible for internal reporting.

A special focus is placed on liquidity management. Central receivable management and ongoing monitoring

of all working capital serve the monitoring and control of liquidity.

Hedging is implemented in order to restrict the interest risk, i.e. the risk of rising interest expenses or falling

interest earnings from financial items. The conclusion of such transactions, which are monitored by an

appropriate control system, is the sole prerogative of Group financial management.

The foreign currency risk derived from construction contracts and the related financing is dealt with in a trans-

action-oriented manner, whereby only currency forwards are used. These are designated as cash flow hedges

with given effectiveness. The aim in this regard is to minimise foreign currency risks in the operative area.

Further information on this subject is contained under Item 23 “Financial instruments, financial risks and

capital management” in the notes to the consolidated financial statements.

98 . 99

Employees:

In order to further suitable talent for the future and ensure its loyalty to the company, the Group has a programme

for young specialists and managers, which has the primary aim of filling new, key positions from inhouse personnel

resources.

With the assistance of internal and external speakers, we hold an extensive training programme for Group employees,

aimed at specific target groups.

In the construction site area, we attach great importance to work safety and accident prevention.

The executive management would like to express its thanks to the entire workforce, which through its professional

competence and commitment has made a major contribution to the fact that our corporate goals could be achieved

in a difficult economic period.

Thanks also go to the works council for its objective and constructive cooperation.

Environment:

SWIETELSKY is extremely well aware of its responsibilities in relation to the environment.

The numerous, temporary operational sites demand specific measures, which receive extensive attention during

completion planning and work preparations. In order to cut noise, vibrations, dust and exhaust gases to a minimum,

SWIETELSKY is at pains to use environment-friendly processes and equipment during every project phase.

Blue-collar workers 1) 4,859 4,755 4,222

White-collar workers 2,192 2,021 1,759

Total 7,051 6,776 5,981

2007/08 2006/07 2005/06 Ø Ø Ø

1) Including apprentices


Technology and innovation:

We support an independent testing unit, which monitors adherence to standards and quality during the

production of asphalt and concrete.

The unit also has the task of completing the chemical analysis of water, wastewater, soil and hazardous

substances for landfill construction and earthworks. In addition, it carries out field-testing and is entitled to

produce state-approved testing and monitoring reports. The testing unit is thus a reliable partner with regard

to construction technology and environmental compatibility.

SWIETELSKY is a member of the „Christian Doppler Gesellschaft“ and has a holding in the Christian Doppler

Laboratory for the application behaviour-oriented optimisation of flexible road surfacing. In recent years, this

CD laboratory, which has its scientific basis in the Vienna University of Technology, has developed methods

that allow the assessment of the long-term behaviour of asphalt and road constructions subject to heavy

traffic loads. These assessment include the examination of the influence of various asphalt components, e.g.

with regard to fatigue and the formation of grooves.

Outlook:

The growth driver in the Austrian construction industry continues to be the road, railway and civil under-

ground construction area with forecast growth rates of 4-4.5 per cent. These will emanate primarily from

planned public sector investment in road and rail links (around EUR 20 billion have been earmarked for

railway and road infrastructure projects in the coming five years). Growth of between 1.8 and 2.0 per cent

is anticipated in the housing and civil construction segments, which could be detrimentally affected by the

turbulence in the US real estate markets. Swietelsky expects moderate growth in the Austrian market during

the current financial year.

As a large number of large-scale projects are in the preparation and planning phase, the low point in the

Hungarian road, railway and civil underground construction segment should have been passed. For this

reason and due to the fact that in the meantime a number of major contracts (enlargement of ten stations on

the no. 4 metro line in Budapest and the M 43 highway) have been captured, we expect a notable increase

in our contracted turnover in Hungary for 2008/09.

100 . 101

The Czech construction industry anticipates further growth rates of over 5 per cent for the coming years with a

marked shift in impetus towards road and railway construction. Accordingly, we envisage positive perspectives for

our Group in the Czech Republic for 2008/09.

Forecasts point to growth of around 1.2 per cent in the German construction industry during the current year,

whereby the civil underground construction area, which is of importance to the SWIETELSKY Group, continues to

offer promise with expansion of over 3 per cent.

In the south-eastern European markets, we wish to participate in the roughly double-digit growth that is expected.

For this reason, we will allocate major emphasis to our further development in this target region.

Dangers emanate from energy and raw material price development and the related effects on sourcing costs, which

to some extent are both extremely difficult to predict (especially with regard to steel and oil products such as diesel

fuel, heating oil and bitumen).

Order backlog of EUR 916 million covers around 67 per cent of the planned turnover for the current financial year.

As a result, we see ourselves as being equipped for the further consolidation and expansion of our market share,

and thus maintain the result ratios of the preceding year.

Material events after the balance sheet date:

At the beginning of July 2008, SWIETELSKY Baugesellschaft m.b.H. acquired the stock of the minority shareholders,

Josefine Söptei (13.5 per cent) and Attila Biró (8.0 per cent), in the Hungarian CELL Bahnbau Danubia Kft. As a

result, the company and its subsidiary, MAVEPCELL Kft. have entered full Group ownership.

Linz, July 14, 2008

The Executive Management

Ing. Hellmuth Brustmann Dipl.-Ing. Kurt Kladensky

grouP STruCTurE 2007/08


Hoch-Tief-Bau ImstGesellschaft m.b.H.

Imst

CC Innsbruck: FN 42 221pCEO: BRUSTMANN HellmuthKLADENSKY Kurt

Capital: EUR 40,000

SWIETELSKY Bauges.m.b.H. 100 %

VK

Baumeister Karl SedlmayerGesellschaft mit beschränkter

Haftung, Grafenwörth

CC St. Pölten: FN 32 541fCEO: ERBER KarlGINDL Harald

Capital: EUR 400,000


VK

Baldauf Fliesen und BaustoffeGesellschaft m.b.H.

Linz

CC Linz: FN 56 234 yCEO: BRUSTMANN HellmuthKLADENSKY Kurt

Capital: EUR 40,000


Eq

C. Peters Baugesellschaft m.b.H.

Linz

CC Linz: FN 223 787 zCEO: WOLF RudolfGINDL Harald



VK

Bahnbau Petri Hoch- und Tiefbau Gesellschaft

m.b.H. & Co KG

CC Wr. Neustadt: FN 2284 iPers. haftender GesellschafterBahnbau Petri GesmbH.

Capital: EUR 7,267.28


NK

Bahnbau PetriHoch- und TiefbauGesellschaft m.b.H.

CC Wr. Neustadt: FN 155 369iCEO: PETRI Wolf-DieterHUBER Jürgen

Capital: EUR 36,336.42


NK

SND-Bauträger Ges.m.b.H.Innsbruck

CC Insbruck: FN 157 200 bCEO: STEINLECHNER Manfred


SWIETELSKY Bauges. m.b.H. 97.82 %Tirotel 2.18 %

NK

SWIETELSKYBauträger Ges.m.b.H.

Linz

CC Linz: FN 81 097 kCEO: BRUSTMANN HellmuthKLADENSKY Kurt

Capital: EUR 85,000


VK

Kallinger Bau GmbHWien

CC Wien: FN 197 959 tCEO: SCHEUCHENPFLUG AdolfJUNGBAUER Sven

Capital: EUR 35,000


VK

SWIETELSKY TunnelbauGmbH

Innsbruck

CC Innsbruck: FN 246 991 yCEO: MITTEREGGER KlausSTEINLECHNER ManfredWEICHSELBAUMER August

Capital: EUR 35,000


NK

SWIETELSKY Tunnelbau GmbH & Co KG

Innsbruck

CC Insbruck: FN 42 221p

Capital: EUR 35,000


VK

CzernilofskyGesellschaft m.b.H.

Wien

CC Wien: FN 62 567 kCEO: BRUSTMANN HellmuthKLADENSKY Kurt

Capital: EUR 40,000


NK

Jos. Ertl GmbH Breitenbrunn

CC Linz: FN 245 116 sCEO: WOLF RudolfGINDL Harald



VK

Georg FeßlGmbH.Zwettl

CC Krems: FN 36 325 wCEO: ROHR FranzGINDL Harald


SWIETELSKY Bauges.m.b.H. 51 %Ernest Renz Ges.m.b.H. 49 %

VK

SRBeteiligungs GmbH

Linz

CC Linz: FN 248 314 vCEO: PEINTER ErichRENZ Markus

Capital: EUR 35,000


NK

SRG Schotter und Recycling

GmbH, Krems

CC Krems: FN 248 745 bCEO: RÖSZL GeraldRENZ Ernst

Capital: EUR 35,000

SR Beteiligungs GmbH 100 %

NK

KontinentaleBaugesellschaft m.b.H.

Wien

CC Wien: FN 93 173 wCEO: PEINTER ErichGINDL Harald

Capital: EUR 75,000


VK

Ing. Rudolf SeibtGleisbau GmbH

Wien

CC Wien: FN 214 914 aCEO: SCHEUCHENPFLUG AdolfSTIx Hermann

Capital: EUR 35,000


VK

SWIETELSKY INTERNATIONALBaugesellschaft m.b.H.

Linz

CC Insbruck: FN 99 350 dCEO: GÖRRES HaraldBLACH Gerhard



VK

A.S.T. Baugesellschaft m.b.H.

Innsbruck

CC Innsbruck: FN 226 696 bCEO: STEINLECHNER ManfredMANN Heinz

Capital: EUR 35,000


VK

RTSRail Transport

Service GmbH, Graz

CC Graz: FN 252 571 dCEO: ZELLER ReinhardKRAUS-KOS Guido


SWIETELSKY Bauges.m.b.H. 90 %Zeller Reinhard 10 %

NK

AuSTRIA

102 . 103

SWIETELSKYBaugesellschaft m.b.H.

Traunstein

CC Traunstein: HRB 10102CEO: BEILHACK AlfredKESTEL MatthiasSCHUHBÖCK WilhelmSCHEUCHENPFLUG Adolf

Capital: EUR 1,600,000SWIETELSKY Bauges.m.b.H. 100 %

VK

WadleBauunternehmung GmbH.

Altheim

CC Landshut: HRB 6469CEO: AMANN WolfgangSCHEUCHENPFLUG Adolf

Capital: EUR 25,000


VK

RTS Rail Transport Service Germany GmbH

München

CC München: HRB 162 694CEO: BEILHACK AlfredZELLER Reinhard

Capital: EUR 25,000

RTS Rail Transport Service GmbH, Graz 100 %

NK

STRAKONICKA OBALOVNAs.r.o, Strakonice

CC Ceske Budejovice: C 10931CEO: KAPOUN JiriFÜGNER Marek

Capital: CZK 24,258,000

SWIETELSKY stavebni s.r.o. 51 %Kotrch Vladimir 49 %

Eq

SWIETELSKY -MAVEPCELL Vasutepitö Kft.

Celldömölk

CC Vas: CG 18-09-104 821CEO: STIx HermannGAL Peter

Capital: HUF 5,000,000


Eq

BELVAROS Tetöter Kft.Budapest

CC Budapest: CG 01-09-693041CEO: KOSTENZSKY IrenPFEIFFER Zsolt


SWIETELSKY Epitö Kft. 96.67 %G.K.S. SWIETELSKY Kft. 3.33 %

NK

SWIETELSKY Stavebni s.r.o.,

Ceske Budejovice

CC Ceske Budejovice: C 8032CEO: SPITALER WalterCIZEK PetrKOZEL Jiri

Capital: CZK 247,000,000


VK

SWIETELSKY ConstructiiFerroviare s.r.l.

Bucuresti

CC Bukarest: J40/1114/2004CEO: HORNEGGER JosefGAL Peter

Capital: RON 200


VK

S.C.AMFIBOSWIN s.r.l.Sibiu

CC Sibiu: J32/152/2004CEO: HOFMANN MarkusSANDU Danut

Capital: RON 8,933,210SWIETELSKY Bauges.m.b.H. 56.5 %S.C.INSIB s.r.l. 38.5 %Kovacs Agnes 5.0 %

NK

DRUMSERV S.A.Targu Mures

CC Targu Mures: J26/903/2001CEO: VÖLGYESI ZsoltBOGNAR ArpadANGYAL Lajos

Capital: RON 6,498,990SWIETELSKY Epitö Kft. 96.14 %Verkehrsministerium 3.86 %

NK

S.C.ANDEMUR SRLJudetul Mures

CC Stanceni: J26/638/2005CEO: HOFMANN MarkusMARC Horea Stelian

Capital: RON 20,000SWIETELSKY Bauges.m.b.H. 51 %Marc Horea Stelian 40 %Marc Daniela-Emilia 9 %

NK

GCC – SWIETELSKY SRLBucuresti

CC Bukarest: J40/19722/2006CEO: HOFMANN MarkusSCHREINER Helmut sen.

Capital: RON 1,053,000

SWIETELSKY Bauges.m.b.H. 51 %GCC 49 %

NK

SWIETELSKY Epitö Kft.Budapest

CC Budapest: 01-09-720 396CEO: BOGNAR ArpadVÖLGYESI Zsolt

Capital: HUF 1,179,020,000


VK

ALBA ASZFALT Kft.Szekesfehervar

CC Fejer: CG 07-09-006867CEO: MAGYAR Gyula


SWIETELSKY Epitö Kft. 100 %

NK

GKS SWIETELSKY Kft.Budapest

CC Budapest: 01-09-73 715CEO: KAZAI MartaKONSTENSZKY Iren



NK

CELL – BahnbauDanubia Kft.

CC Vas: Cg 18-09-106 427CEO: KÜSSEL Walter



VK

MAVEPCELL Kft.Celldömölk

CC Cg: 18-09-101 231CEO: GAL PeterSTIx HermannVARGA Miklos


Cell Bahnbau Danubia Kft. 100 %

VK

C-Bau Kft.Budapest

CC Budapest: CG 01-09-699081CEO: STIPICH BelaUDVAROS Peter


Swietelsky Epitö Kft. 100 %

NK

Passzazs Haz Kft.Budapest

CC Budapest: CG 01-09-725937CEO: BOGNAR ArpadUDVAROS Peter



NK

Harmathaz Ingatlanfejlesziö Kft.

Budapest

CC Budapest: CG 01-09877241CEO: KOSTENZSKY IrenUDVAROS Peter



NK

MandarinoIngatlanberuhazo Kft.

Budapest

CC Budapest: CG 01-875855CEO: KOSTENZSKY IrenBOGNAR ArpadUDVAROS Peter



NK

SWIETELSKYIskolaprojekt Kft.

Baja

CC Bacs-Kiskun: 03-09-113534CEO: KESZEI ImreDOBOVITS PeterKOSTENZSKY Iren



NK

GERMANY

CZECH REPuBLIC

HuNGARY HuNGARY ROMANIA


SWIETELSKY SLOVAKIAs.r.o.

Bratislava

CC Bratislava: 307 / BCEO: SPITALER WalterKISS StefanPROSSLINER Anton

Capital: SKK 2,679,000


VK

SWIETELSKYConstruction Company Ltd.

London

CC London: 52 79 323CEO: SKALLA GeorgSCHNABEL Jörg

Capital: GBP 100,000


VK

SWIETELSKY Spolka Z.o.o.Lublin

CC Lublin: 4893CEO: KANIA JaroslavWEICHSELBAUMER August

Capital: PLN 880,000


VK

SWIETELSKY d.o.o.Belgrad

CC Belgrad: 201 811 92CEO: ZVERZHANOVSKY DjordjeGÖRRES HaraldBLACH Gerhard

Capital: EUR 50,000


NK

SWIETELSKYGradbeno podjetje d.o.o.

Ljublijana

CC Ljublijana: 1/28687/00CEO: SORGO Peter

Capital: EUR 8,763

SWIETELSKY Bauges.m.b.H. 100 %Zweigniederlassung Salzburg

NK

HTB - Hoch-Tief-Bau SRLNals / Bolzano

CC Bolzano: 177 156CEO: MANN HeinzSTEINLECHNER Manfred

Capital: EUR 10,000

SWIETELSKY Bauges.m.b.H. 90 %Hoch-Tief-Bau Imst GmbH. 10 %

NK

SWIETELSKYd.o.o.

Zagreb

CC Zagreb: 08 02 88 052CEO: MAVAR DavorGINDL Harald

Capital: HRK 5,811,800


VK

SLOVAKIA

GREAT BRITAIN

SLOVENIA

ITALY

CROATIA POLAND

SERBIA

SND Italia SRLBolzano

CC Bolzano: 186 047CEO: MANN HeinzSTEINLECHNER ManfredTHOENI Horst

Capital: EUR 100,000SND Bauträger GmbH. 90 %HTB - Hoch-Tief-Bau SRL 10 %

NK

104 . 105

rEPorT on THE audIT of THE ConSoLIdaTEd fInanCIaL STaTEMEnTS for THE YEar EndEd MarCH 31, 2008

Independent Auditor’s Report

Report on the consolidated financial statements

We have audited the accompanying consolidated financial statements of SWIETELSKY Baugesellschaft m.b.H.,

Linz, for the business year from April 1, 2007 to March 31, 2008. These consolidated financial statements com-

prise the balance sheet as at March 31, 2008, and the income statement, statement of changes in equity and cash

flow statement for the year ended March 31, 2008, and a summary of significant accounting policies and other

explanatory notes.

Management’s Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these consolidated financial statements in

accordance with International Financial Reporting Standards as adopted by the EU. This responsibility includes:

designing, implementing and maintaining internal control relevant to the preparation and fair presentation of financial

statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropri-

ate accounting policies; and making accounting estimates that are reasonable in the circumstances.

Auditor’s Responsibility

Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We con-

ducted our audit in accordance with laws and regulations applicable in Austria and in accordance with International

Standards on Auditing, issued by the International Auditing and Assurance Standards Board (IAASB) of the Inter-

national Federation of Accountants (IFAC). Those standards require that we comply with ethical requirements and

plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material

misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the conso-

lidated financial statements. The procedures selected depend on the auditor’s judgment, including the assessment

of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk

assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the

consolidated financial statements in order to design audit procedures that are appropriate in the circumstances, but

not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also inclu-

des evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates

made by management, as well as evaluating the overall presentation of the consolidated financial statements.

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

opinion.

106 . 107

Opinion

Our audit did not give rise to any objections. Based on the results of our audit in our opinion, the consolidated finan-

cial statements present fairly, in all material respects, the financial position of the group as of March 31, 2008, and its

financial performance and its cash flows for the business year from April 1, 2007 to March 31, 2008 in accordance

with International Financial Reporting Standards as adopted by the EU.

Report on Other Legal and Regulatory Requirements

Laws and regulations applicable in Austria require us to perform audit procedures whether the management report

for the group is consistent with the consolidated financial statements and whether the other disclosures made in the

management report for the group do not give rise to misconception of the position of the group.

In our opinion, the management report for the group is consistent with the consolidated financial statements.

Linz, July 14, 2008

KPMG Austria GmbH

Wirtschaftsprüfungs- und Steuerberatungsgesellschaft

Dr. Helge Löffler Mag. Peter Humer

Public Austrian Accountant Public Austrian Accountant

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

financial statements together with our auditor‘s opinion may only be made if the financial statements are identical

with the audited version attached to this report. § 281 Abs 2 öUGB applies.

WHEN SEARCHING FOR NEW HORIZONS, ONE MUST LOOK BEYOND THE END OF ONE’S NOSE.

Internationality.

SWIETELSKY numbers among Austria’s largest construction companies

and disposes over offices and subsidiaries in all the country’s federal

provinces. In addition, the Group has locations in Germany, Hungary,

the Czech Republic, Slovakia, Poland, Croatia, Italy, Romania, Serbia,

Switzerland and the UK.

Today, the name SWIETELSKY also stands for quality and adherence

to deadlines in Asia and Africa. However, it should be added that ex-

pansion in itself has never been a SWIETELSKY priority. Instead, the

Group aims to achieve healthy development from which customers,

the company and its employees should all profit to an equal extent.

At a very early stage, the company founder, Hellmuth Swietelsky, divi-

ded his enterprise into decentralised profit centres, in a move that re-

presented a pioneering business achievement within the construction

branch. These flexible “companies within the company” operate on

their own responsibility and during complex assignments are assisted

by internationally operative SWIETELSKY specialists.

Motorway, Budapest/Hungary

8 . 9

Moais. This is the name of the colossal stone statues found on Easter Island, which are part of the World Cultural Heritage. They were part of a larger ceremonial com-plex, like those familiar from other areas of Polynesian culture. The exact age of the

figures is a matter of conjecture, but they probably date back some 1,500 years.

Temple of Luxor. This is one of the world’s most important archaeological sites. The temple was dedicated to the god Amun, his wife Mut and their son, Chons, the moon god. It was built in around 2,000 B.C. by Amenophis III and then enlarged in several phases. During the Roman Empire, the temple was integrated into fortifications.

IS THERE ANYTHING BETTER THAN LENDING SHAPE TO A GREAT IDEA?

10 . 11

Performance range.

With know-how and commitment, the SWIETELSKY workforce completes a

diversity of projects in virtually every area of construction:

• Roadandbridgeconstruction

• Civilconstruction

• Specialcivilandundergroundconstruction,

environmentaltechnology

• Railwayconstruction

• Tunnelandgalleryconstruction

As a general contractor, SWIETELSKY builds turnkey objects in all

shapes and sizes, from offices, hotels and business buildings, to industrial

facilities and hospitals.

For over 20 years, SWIETELSKY has been active as a builder of modern

apartments, semi-detached and detached houses. SWIETELSKY offers eve-

rything, from site selection to the handing over of the keys, on a one-stop

shopping basis.

SWIETELSKY also continually demonstrates its capabilities as a reliable partner

to the public sector for PPP project (Public Private Partnership) models.

Globus Hypermarket/Czech Republic

Via Appia. Built in 312 B.C. by Appius Claudius Caecus, this was the most important consular road (supply route) in the Roman Empire. Today, it forms a national highway (SS7) and can still be travelled along its full length of around 540 km. Part of the road has been asphalted, but nonetheless considerable stretches of the original Roman paving can still be found.

I-14 road, Majdalena/Hungary A2 Zirknitzgraben Bridge/Austria General renovation, Laussagraben Bridge/Austria

THE ROMANS PRESSED THE STARTER 2.320 YEARS AGO.WE HAVE ADDED THE OVERDRIVE.

12 . 13

Road and bridge building.

We are a society on the move and rising traffic volumes increasingly demand first class, dura-

ble traffic arteries. SWIETELSKY numbers among the leading road builders in the CEE region.

Thanks to our numerous, asphalt mixing plants, which are situated in strategically favourable

locations, and secured sources of raw materials, we can complete both large and small road

building projects throughout Europe quickly and at favourable cost.

Asphalt. Concrete.

The word asphalt has Greek roots and can be translated as meaning “durable” or “indestruc-

tible”. These are exactly the demands that we place on our asphalt. This is produced in over

fixing plants, which are strictly monitored by the SWIETELSKY auditing unit with regard to

quality and environmental regulations.

In addition, SWIETELSKY possesses more than 30 years of experience with regard to the

construction, maintenance and refurbishing of bridges of every dimension.

SWIETELSKY.Yourpartnerfor:

• Roads

• Motorways

• Airports

• Forestryandcommercialroads

• Parkdesign

• Plazadesign

• Newbridgeconstructions

• Bridgeoverhauls

• Asphalt

• Concrete

• Gravel

• Recycling

Angkor Wat. The largest and most famous temple complex in Cambodia, was probably built in the 12th century by King Suryavarman II. The sandstone blocks employed for the building were so skilfully cut, that there are no perceptible gaps between them. The west-east axis has a length of 1.5 km, the north-south axis, 1.3 km.

Asia Resort, Linsberg/AustriaRenovation, Seebarn Palace/Austria

THE BEGINNING IS MARKED BY A BELIEF IN SOMETHING GREATER.THE END BY SOMETHING SO GREAT, THAT IT IS ALMOST BEYOND BELIEF.

14 . 15

Europay City Point/Austria

Civil construction.

For SWIETELSKY no project is too small, no challenge too great. Our range of supplies and services

covers every type of civil construction and renovation project, from the restoration of historical facades

and castles to the completion of office blocks and industrial complexes. All projects are completed with

respected architects and planning offices according to stringent quality criteria (EN ISO 9001:2000).

And because true greatness is found in the eye of the beholder, SWIETELSKY also sells turnkey objects

such as owner-occupied apartments, semi-detached houses and individual SWIETELSKY massive cons-

truction houses at fixed prices and with fixed deadlines.

For the ENERGYbase project in Vienna-Floridsdorf, SWIETELSKY was recently awarded the 2008

SolidBautechPrize inthe“Ecology”category for sustainable construction and achieve-

ments in the passive house construction sector.

SWIETELSKY.Yourpartnerfor

• Newbuildings

• Buildingconversions

• Buildingrepairs

• Renovations/Workonclassifiedbuildings

• Singlefamilyhomes

• Residentialcomplexes

• Officecomplexes

• Industrialbuildings

• Hotels

Limberg pumped storage power station/Austria

Avalance barrier high mountain region/Austria

Cable car station/Austria

The tomb of Ramses II. Ramses II was one of the most impor-tant of Egypt’s pharaohs and ruled from 1279-1213 B.C. His reign in the 19th dynasty witnessed the economic and cultural flowering of the Egyptian Empire. Ramses’ tomb, which had been buried se-veral times over, bears the number KV 7 and lies in the Valley of the Kings. It possesses a domed roof and numerous wall paintings.

IN-DEPTHCONSTRUCTION SKILLS.

16 . 17

Special civil and underground construction.

No matter how complicated the local, geological conditions are, SWIETELSKY always comes up with the

right answers and naturally the best solution. Our civil engineers are responsible for perfectly planned and

implemented infrastructure projects involving earthworks. And irrespective of whether a project is to be

completed entirely underground, or solid foundations are required, every aspect of construction is carefully

considered and then completed at full speed. These activities also cover high mountainous regions.

Environmental technology.

At a time of globalisation and climatic change, ecological thought and action are more important than ever.

SWIETELSKY makes a major contribution to the efficiency and environmental compatibility of a diversity

of projects by means of innovative, technical developments and the construction of sewers, landfills and

wastewater treatment plants, etc.


• Transportstructures

• Openundergroundstructures

• Coveredundergroundstructures

• Undergroundlines

• Undergroundrailwayconstruction

• Powerplantconstruction

• Industrialconcreteconstruction

• Energyconcreteconstruction

• Slurrywalls

• Drillingpiles

• Anchors

• Singlememberpiles

• Slopestabilisation

•Drilling

• Sewerconstruction

• Sewerrepairs

• Landfills

• Wastewatertreatmentplants

© G

ard

el

ONCE ALL ROADS LED TO ROME. TODAY, WE BUILD RAILROADS AROUND THE GLOBE.

Railway construction.

SWIETELSKY numbers among Europe’s leading railway construction companies

and has 70 years of experience in the building of permanent way. Over 200

modern and powerful machines ensure that efficiency, speed and precision are

not sidetracked.

Highly trained specialists and rigorous management guarantees the realisation of

projects as scheduled. SWIETELSKY permanent way construction machines are

attuned exactly to respective railway management needs. All repairs, maintenance,

special machine designs and modifications are completed in-house at the Group’s

own mechanical engineering centre in Fischamend (Lower Austria).


• Trackconstruction

• Trackreconstruction

• Tracksubstructureimprovement

• Concretetrackslabs


• Tramwayconstruction

• Specialequipment

SWIETELSKY has also been under way as a transport enterprise for a number of

years.


Railway construction Fischamend/Austria


18 . 19

Colosseum. The largest of Rome’s amphitheatres and the biggest closed structure of its age. Built between 72 and 80 A.D., the

Colosseum is one of the city’s landmarks and testimony to the highly developed engineering skills of the ancient Romans.

KNOW-HOW CAN MOVE MOUNTAINS.

Tunnel and gallery construction.

The Innsbruck-based SWIETELSKY Tunnelbau GmbH und Co KG is a

competent partner for underground construction projects. The company’s

primary focus is on construction work in mountainous regions, but is has

also been able to demonstrate its long-term experience in this area on the

international stage.

Of decisive importance to construction progress are the extensive geo-

logical studies and site explorations undertaken by SWIETELSKY in the

run-up to the project. Our core competences include road, railway and

underground railway tunnels, as well as underground power plant cons-

truction.


• Railwaytunnels

• Roadtunnels


• Powerplantgalleries

• Caverns

• Shafts

• Repairs

20 . 21

TMB bracing U2/3 metro, Vienna/Austria

El Khazneh in Petra. The deserted cliff city in what today is Jordan. With its funereal temple,

the monumental facade of which has been carved directly into the cliff face, Petra is a

unique cultural monument.

Arc de Triomphe. One of Paris’ most famous landmarks, this triumphal arch was commissioned by Napoleon Bonaparte in 1806 after the Battle of Austerlitz to commemorate his victories and is also famous due to its important sculptural reliefs.

SUCCESS CAN BE EXPRESSED IN MANY WAYS. INCLUDING IN NUMBERS.

22 . 23

Contents

Consolidated profit and loss account for the 2007/08 financial year 25

Consolidated balance sheet as at March 31, 2008-07-30 26

Cash-flow statement for the 2007/08 financial year 28

Consolidated equity schedule for the 2007/08 financial year 30

Statement of recognized income and expenses 32

Notes to the consolidated financial statements for the 2007/08 financial year 33

Group management report for the 2007/08 financial year 88

Audit certificate (report of the independent auditors) 105

UK System

SWIETELSKY FINANCIAL STATEMENTS 2007/08.

SWIETELSKY Baugesellschaft m.b.H.

Edlbacherstraße 104020 Linz, AustriaContact information: +43 (732) 6971-0Fax: +43 (732) 6971-7410E-mail: [email protected]

Other SWIETELSKY locations in:

Germany . Italy . Croatia . Poland . Romania . Switzerland . Serbia Slovakia . Czech Rep. . Hungary . UK

SWIETELSKY.OUR LOCATIONS.

www.swietelsky.at PARTNER FOR BIG IDEAS.

London

Traunstein

Bolzano

Beograd

Wien

Zagreb

ZugBudapest

Linz

Glasgow

Bucuresti

Meißen

Bratislava

Lublin

Tlrgu Mures

Ceské Budejovice

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