STRABAG SE – FY 2009 results 30 April 2010

2

2009 output down and order backlog up by 5%

� Output volume down by 5%, but revenue target of “flat

development” met:

€ 12,552 million (+3%)

� Increases in Germany and

Poland, decrease in Russia

Output

volume /

Revenue

� Order backlog covers 107% of

2009 output volume

� Positive influence from Polish

motorway projects and

property & facility services business

Order backlog

Output volume (€m)

CAGR

8%-5%

2006 2007 2008 2009

10,385 10,746

13,743 13,021

Order backlog (€m)

CAGR

18%+5%

2006 2007 2008 2009

8,50610,742

13,254 13,968

Building Construction & Civil Engineering

Transportation InfrastructuresSpecial Divisions & Concessions

3

2009 earnings target met, higher EBITDA and EBIT

EBIT (€m)

272.7312.4 269.9 282.9

2006* 2007 2008 2009

CAGR

1%

+5%

2.9%3.2%

2.2% 2.3%

684.3647.7595.9

502.4

2006* 2007 2008 2009

EBITDA (€m)

CAGR

11%+6%

5.3%

6.0%

5.3%5.5%

* 2006 earnings adjusted for DEUTAG sale

� Despite provisions and a loss resulting from

associates EBITDA grew by 6%

� Depreciation (+6%) includes goodwill impairments of € 25 million

� Negative net interest income halved over the year

� STRABAG meets target: Net income after minorities

increased only slightly by +3% to € 161 million

� Earnings per share: € 1.42

� Proposed dividend per share: € 0.50

Comments

4

Again solid balance sheet and capital structure

Balance sheet as at 31/12/2009

� Net cash of € 596 million*

� Equity ratio 32.2%

� S&P confirmed the BBB- rating and stable outlook in

November 2009

� Cash & surety credit lines (31/12/2009): € 5.7 billion

(thereof free cash credit lines of € 0.5 billion)

Liabilities repayment cash-flowAssets Liabilities

Current Non-current

Trade receivables/payables Cash/Equity

19%

26%

44%

11%

28%

32%

24%

16%

Balance sheet total: € 9.6 billion

* Net cash excluding € 757 million in non-recourse debt related to AKA concession company

Comments

5

Extraordinarily high cash-flow from operations

(€m)

CFO: Cash flow from operating activities

CFF: Cash flow from financing activities

CFI: Cash flow from investing activities

� Extraordinarily high cash-flow from operating activities

– Strict working capital

management

– Cash-flow from profits

+14%

� Much lower cash-flow from investing activities

– PP&E: € -509 million in

2009 compared to

€ -877 in 2008

– Change in scope of

consolidation

(acquisitions):

€ +6 million vs. € -157 million

� Repayment of bank liabilities, no bond issue

+1,783

+1,491

-437

-386

-0

+1,115

C ash

1/ 1/ 2009

C F O C F F C F I C urrency

translat io n

C ash

31/ 12/ 2009

Comments

6

4,773

5,8225,4184,899

2006 2007 2008 2009

Building Construction & Civil Engineering

Comments

� Difficult financing environment for private clients ->

output volume fell by 18%

� Despite risk provisions in the last quarter, EBIT decline limited to 8%

� Order backlog developed positively and against the

market trend in Germany and Hungary

� New large orders (among others):

– Neues Thier-Areal shopping center in Dortmund, Germany

(€ 300 million)

– Correctional facility in Wuppertal, Germany (€ 124 million, STRABAG share 50%)

– Köki shopping center in Budapest, Hungary (€ 79 million)

� Outlook:

– Non-european business grouped in Special Divisions &

Concessions segment

– Slight further decline of output volume

Output volume (€m)

Key Indicators

CAGR -1%

2009 Change 2008

Output Volume 4,773 -18% 5,822

Revenue 4,368 -17% 5,244

Order Backlog 6,237 -8% 6,774

EBIT 79 -8% 86

EBIT margin 1.8% 1.6%

Employees 26,843 -7% 28,802

7

Solutions in Environmental Technology

Key figures

� Output: € ~300 million in 2009

� Order backlog: € ~300 million

� 730 employees

� Active in more than 30

countries in Central and

Eastern Europe and Overseas

� Outlook: Double-digit growth

over the next years

Business segments1)

� Waste & Biogas

� Site Decontamination

� Wastewater & Water

� Renewable Energies

� Waste & Sludge Incineration

� Flue Gas Treatment

� Environmental Services

Markets

1) The following fields of activities include consultancy, design, plant

construction, plant operation, after-sale-services and financing.

8

Transportation Infrastructures

Comments

� Currency depreciations in CEE curbed the output

volume development

� Only small acquisitions in 2009:

– Bitumen emulsion activities of Colas Group in Germany

� Poland: highest ranking order backlog in Transportation Infrastructures segment

– A2 motorway in Poland, section II

(Total investment volume: € 1.6 billion)

� Outlook:

– Non-european business grouped in Special Divisions &

Concessions segment

– Output volume flat in 2010

– Economic stimulus packages show their effects onlyslowly

– Bidding internationally, focus on niche markets like

waterway construction and railway construction

Output volume (€m)

Key Indicators

4,646 4,617

6,274 6,001

2006 2007 2008 2009

CAGR 9%

2009 Change 2008

Output Volume 6,001 -4% 6,274

Revenue 5,853 7% 5,464

Order Backlog 4,806 21% 3,957

EBIT 164 13% 145

EBIT margin 2.8% 2.7%

Employees 33,374 -2% 33,906

9

Special Divisions & Concessions

Comments

� Revenue higher than output volume due to sale of

properties and large-scale projects

� EBIT margin diluted from 4.0% to 2.6% due to

STRABAG PFS and EFKON impairment

� Outlook:

– Non-european business contributed € 556 million in output

volume, € 977 million order backlog and over 10,700

employees in Building Construction & Civil Engineering and

Transportation Infrastructures segments in 2009

– Targeted margin improvement in STRABAG PFS

– “In-house” technology provider EFKON

Output volume (€m)

Key Indicators

2,078

1,417

582693

2006 2007 2008 2009

40%

CAGR 44%

2009 Change 2008

Output Volume 2,078 47% 1,417

Revenue 2,293 55% 1,483

Order Backlog 2,903 17% 2,480

EBIT 59 -1% 59

EBIT margin 2.6% 4.0%

Employees 9,943 92% 5,174

10

Extending the value chain: Activities in Property & Facility Services

Key facts

� Output 2009: € 833 million

� ~6,500 employees

� ~19 million m² operated

net ground area

� 37,000 objects in portfolio

� Active in 13 countries

� 2009: „Real Estate Manager

Award“ (Zeitschrift „Immobilien

Manager”)

Business segments

� Real Estate Management

� Facility Management

� Property Management / Corporate

Solutions

� Technical & Infrastructure Facility

Management

� Planning & Construction

Management in existing buildings

Target Markets

Projects under management

HypoVereinsbank,

Germany

Deutsche Telekom

AG, GermanyPolonia Palace Hotel,

Poland

11

Poland

CroatiaOthers

Hungary

� Currently 29 PPP-projects

� Mainly availability and only few hard toll projects

� Maintenance part of availability fee linked to inflation

� WACCs differ according to risk: 6%-13%

� Equity invested in PPP projects: € 350 million (as at

end of 2009)

� Current debt in PPP projects: € 1.9 billion (as at end

of 2009)

Selected PPP projectsComments

Steady income through concession business

Total investment volume

Limerick Tunnel,

Ireland

Proton Therapy Center,

Germany

Equity invested by region

in € million 2009 %

Poland 2,440 31%

Hungary 2,250 28%

Germany 1,153 14%

Turkey 981 12%

Ireland 652 8%

Croatia 371 5%

Austria 123 2%

Total 7,970 100%

in € million 2009 %

Hungary 271 77%

Poland 42 12%

Croatia 16 5%

Others 21 6%

Total 350 100%

12

STRABAG SE share underperformed indices

40

60

80

100

120

140

160

180

STRABAG ATX Dow Jones Stoxx Construction & Materials

Rebased share price Jan-Dec 2009 Comments

� STRABAG SE share:

+28% to € 20,70

� ATX: +43%

� DJ Stoxx Construction: +36%

� STRABAG SE market cap as

at 31/12/2009: € 2.4 billion

13

Outlook 2010

First quarter 2010

� Higher winter loss expected, but do not worry

� Order backlog 2009 satisfying as at end of 2009, € 15 billion as at end of February 2010

� New division “International” in Special Divisions & Concessions segment

CAPEX� € 250 million minimum investment in PP&E, expected investment € 400 million

� Acquisitions possible if opportunity arises

Output and Earnings

� Flat development on output side in all segments

� Margins stable on group level but drivers change on segment and country level

Strategy

� New geographical markets (e.g. Libya, Algeria, India)

� Niche markets like environmental technology and waterway construction

� Extension of the value chain: Property & facility services

� Increase coverage of raw material needs using own resources

14

Appendix

15

Output Volume 13,021.0 13,742.5 (5%)

Revenue 12,551.9 12,227.8 3%

Changes in inv./own work capitalised 81.1 106.8 (24%)

Other operating income 258.3 221.6 17%

Materials and services cost (8,446.9) (8,494.1) (1%)

Personnel cost (2,823.3) (2,574.5) 10%

Other operating expenses (932.9) (858.4) 9%

Income from associates (12.7) 2.6 n.m.

Investment income 8.8 15.9 (45%)

EBITDA 684.3 647.7 6%

Margin (%) 5.5% 5.3%

Group P&L 2009

2009 2008 % change(€m)

% change was calculated with original, not rounded figures -> therefore, rounding differences may occur

16

EBITDA 684.3 647.7 6%

Margin (%) 5.5% 5.3%

Depreciation and amortization (401.4) (377.8) 6%

EBIT 282.9 269.9 5%

Margin (%) 2.3% 2.2%

Net interest income (19.9) (40.6) (51%)

Income tax expense (78.4) (62.9) 25%

Profit for the period 184.6 166.4 11%

Attributable to non-controlling interests 23.2 9.4 148%

Attributable to equity holders of the parent 161.5 157.0 3%

Earnings per share (in €) 1.42 1.38 3%

Group P&L 2009 (continued)

2009 2008 % change(€m)

% change was calculated with original, not rounded figures -> therefore, rounding differences may occur

17

Intangible assets 80 240 463 496

PP&E(1) 1,285 1,693 2,188 2,260

Associated companies 76 139 156 132

Other financial assets 318 224 265 241

Concession receivables 0 0 973 939

Other long-term rec. 51 81 111 100

Deferred taxes 93 94 138 134

Non-current assets 1,902 2,470 4,294 4,300

Inventories 456 477 674 656

Accounts

Receivables 2,631 2,828 3,305 2,874

Cash and cash

equivalents 586 1,966 1,491 1,783

Current assets 3,674 5,271 5,471 5,313

Balance sheet 31 December 2009

(€m) 2006 2007 2008 2009

Assets*

Total assets 5,576 7,741 9,765 9,614

(1) PP&E + investment property

* Rounding differences might occur

Share capital 70 114 114 114

Capital reserves 448 2,311 2,311 2,311

Retained earnings 340 445 412 525

Minority interest 178 226 141 149

Equity 1,036 3,096 2,979 3,099

Provisions 630 626 847 868

Financial liabilities 485 485 1,434 1,275

Other non-current liab. 23 37 41 109

Deferred taxes 6 21 74 54

Non-current liabilities 1,143 1,168 2,396 2,305

Provisions 402 448 538 580

Financial liabilities 435 199 274 235

Trade payables 2,048 2,276 2,765 2,635

Other current liab. 512 553 813 759

Current liabilities 3,397 3,476 4,390 4,209

(€m) 2006 2007 2008 2009

Liabilities and Equity*

Liabilities and equity 5,576 7,741 9,765 9,614