STRABAG SE · Hedge against price fluctuations, securing supply Austria, Hungary, Czec. Existing quarries as effective entry barriers – lack of permits for new sites STRABAG will

STRABAG SEINVESTOR PRESENTATION JULY 2012

STRABAG GROUP FINANCIALS APPENDIX2 © STRABAG SE (7/2012)

This presentation is made by STRABAG SE (the "Company") solely for use at investor meetings and is furnished to you solely for your information. This presentation speaks as of July 2012. The facts and information contained herein might be subject to revision in the future.

Neither the delivery of this presentation nor any further discussions of the

Company with any of the recipients shall, under any circumstances, create any implication that there has been no change in the affairs of the Company since such date. None of the Company or any of its parents or subsidiaries or any of such person's directors, officers, employees or advisors nor any other person makes any representation or

warranty, express or implied as to, and no reliance should be placed on, the accuracy or completeness of the information contained in this presentation.

None of the Company or any of its parents or subsidiaries or any

of their directors, officers, employees and advisors nor any other person shall have any liability whatsoever for any loss howsoever arising, directly or indirectly, from any use of this presentation. The same applies to information contained in other material made available at the meeting.This document is selective in nature and is intended to provide an introduction to, and overview of, the business of the Company. Where any information and statistics are quoted from any external source, such information or statistics should not be interpreted as having been adopted or endorsed by the Company as being accurate.This presentation contains forward-looking statements relating to the business, financial performance and results of the Company and/or the industry in which the Company operates. These statements generally are identified by words such as "believes," "expects," "predicts," "intends," "projects," "plans," "estimates," "aims," "foresees," "anticipates," "targets," and similar expressions. The forward-looking statements, including but not limited to assumptions, opinions and views of the Company or information from third party sources, contained in this presentation are based on current plans, estimates, assumptions and projections and involve uncertainties and risks. Various factors could cause actual future results, performance or events to differ materially from those described in these statements. The Company does not represent or guarantee that the assumptions underlying such forward-looking statements are free from errors nor do they accept any responsibility for the future accuracy of the opinions expressed in this presentation. No obligation is assumed to update any forward-looking statements.By accepting this presentation you acknowledge that you will be solely responsible for your own assessment of the market and of the market position of the Company and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the Company's business.

DISCLAIMER


X4.1

X6.4

X3.7

Historical track record Strong brands

#1 construction company in Germany, Austria and Central & Eastern Europe (CEE)

Output volume in 2011: €

14.3 billion

Net income in 2011: €

195 million

~76,900 employees

> 500 locations in more than 60 countries

Leading European construction company Output volume in 2011

(1) Refers to BAU HOLDING STRABAG AG, HGB reporting standard;

Source: www.gtai.de, company information

A LEADING PLAYER IN EUROPEAN CONSTRUCTION

STRABAG GROUP

By

segment(2)By

region

(2) BC & CE: Building Construction & Civil Engineering, TI: Transportation Infrastructures,

S & C: Special Divisions & Concessions

BC & CE36%

Other1%

TI 47%

S & C16%

Germany39%

Rest of Europe

12%

Austria14%

CEE30%

Rest of World

5%

Total: €

14.3 bn

2011

14.3

13.4

76,866

343

2000(1)

3.1

2.3

19,700

84

Output volume (€bn)

Order backlog (€bn)

# of employees

EBT (€m)

X4.6

X5.8

X3.9

X4.1


STRABAG WITH THREE STRONG BUSINESS SEGMENTS

STRABAG GROUP

Building Construction & Civil Engineering

EBIT 2011

# of employees 2011

Special Divisions & Concessions

Transportation

Infrastructures

Output volume 2011

26%

41%

36%

25%

47%

16%

€

179m € 61m €

109m


STRONG RESULTS IN DIFFICULT ENVIRONMENT 2011

Output volume 2011 (€m)

CAGR7% 12%

10,385 10,74613,743 13,021

2006 2007 2008 2009 2010 2011

12,777

Order backlog 2011 (€m)

CAGR9%

-9%

13,35413,96813,254

10,7428,506

2006 2007 2008 2009 2010 2011

14,739

2010 EBITDA and EBIT figures include a positive one-off of €

24.6 million and €

10.6 million, respectively.

STRABAG GROUP

Building Construction & Civil Engineering Transportation

Infrastructures Special Divisions

& Concessions

14,326

EBITDA (€m) and EBITDA margin (%)

CAGR6% +2%

746735684648596

2007 2008 2009 2010 2011

6.0%

5.3% 5.5%5.9%

5.4%

EBIT (€m) and EBIT margin (%)

CAGR2% +12%

335299283270312

2007 2008 2009 2010 2011

3.2%

2.2% 2.3% 2.4% 2.4%


DOUBLE-DIGIT INCREASE IN NET INCOME A.M. AND HIGHER DIVIDEND

STRABAG GROUP

Net income a.m. (€m) and margin (%)

CAGR3% +12%

195175161157170

2007 2008 2009 2010 2011

1.7%

1.3% 1.3%1.4% 1.4%

Earnings per share (€)

2.05

1.38 1.42 1.53 1.75

2007 2008 2009 2010 2011

+14%

€ 0.55€ 0.50€ 0.55€ 0.55 € 0.60

0,00

0,20

0,40

0,60

0,80

2007 2008 2009 2010 201132

37

42

47

37%

40%

35% 36%34%

Dividend and payout ratio


Existing

country

organisations

Stable

shareholder

structure

Organisation:

Central units

Dense rawmaterialsnetwork

= Flexibility /Independency

Strongfinancial

basis

What

is

STRABAG doing

better

than

others?

SUCCESS FACTORS

STRABAG GROUP


Market positions

Note: Assessment of market positions based on Germany Trade & Invest Website, public findings and STRABAG management estimates

SUCCESS FACTORS: EXISTING COUNTRY ORGANISATIONS

#1

#1#1

#3

#1

Core

marketsGrowth markets

Saudi

Arabia

OmanAbu Dhabi

Qatar

#3#1

#1 in Germany, Austria & CEE combined

Reaching critical sizes in all countries (except Direct Export) enables bidding for pre-financing large projects

Local management ensures access to knowledge of markets

Risk diversification

First mover into CEE growth markets

Expansion capitalises

in existing country network

Goal: Strong foothold in all segments in all these countries

Switzerland now core market, market position #3 due to acquisitions of Brunner Erben

and Astrada

in 2011

Concentrating expansion efforts on Northern European markets

STRABAG GROUP

#1


SUCCESS FACTOR: ORGANISATION –

CENTRAL UNITS

Reporting and

Control Systems

Customised management information system

Same standards apply from Cologne to Moscow

Clear evaluation criteria as effective filter against loss making projects

Central Service

Divisions

Highest quality standards for operating support functions for the whole group in any region

Cost discipline

Economies of scale

Risk manage-

ment

“Watch list”

of projects with business issues

Contract management team

Price committees

(1) BRVZ: Bau-

Rechen-

und Verwaltungszentrum (2) BMTI: Baumaschinentechnik International (3) TPA: Gesellschaft für Qualitätssicherung und Innovation(4) BPM: Bau

Prozess

Management(5) Zentrale

Technik: Central Technical Department

CEO Hans Peter Haselsteiner

Division Managers

Subdivision Managers

9 Divisions

62 Subdivisions

1 Board Member

South + East

Division Managers


9 Divisions

48 Subdivisions

1 Board Member

North + West

Division Managers


5 Divisions

13 Subdivisions

1 Board Member

International + Special

Divisions

Central Staff Divisions

Central Divisions

TPA(3)BMTI(2)BRVZ(1) BPM(4) ZT(5)

Legal Internal Auditing Contract Management

Organisational structure

STRABAG GROUP

1 Board Member


Core shareholders account for the majority 77% stake

CEO Haselsteiner

is core shareholder as well

Flexibility: Strategic decisions can be taken and implemented very fast

Rasperia

holds the option to buy a 7.4% STRABAG SE stake from Haselsteiner, Raiffeisen

and UNIQA Group by July 2014.

Ongoing share buyback since July 2011; acquisition of up to 10% of shares

Shareholder structure 7/2012

SUCCESS FACTOR: STABLE SHAREHOLDER STRUCTURE

STRABAG GROUP

Comments

Haselsteiner

Family

29.2 %

Raiffeisen Group /

UNIQA Group

30.2 %

Free float

14.1 %

Treasury

shares

8.9 %

Rasperia

Trading

17.6 %


Credit ratingDebt maturities schedule

S&P confirmed the BBB-

rating and stable outlook in December 2011

access to resources offers a significant competitive advantage

efficient cost management

solid capital structure

Investment grade rating since November 2007

STRABAG SE is one of the few European construction companies with an official rating; aims to preserve this rating

SUCCESS FACTOR: STRONG FINANCIAL BASIS

2012

2013-2016

After 2016

Bonds Bank liabilitiesFinancial liabilities Other liabilities

€

741 million

€

720 million

€

553 million

EBIT/net interest: 39.2x (positive net interest)

Cash and surety credit lines (31/12/2011): €

6.2 billion (thereof free cash credit lines of €

0.4 billion)

Recent bond issue: €

100 million, 4.25%, 2012-2019

FULL YEAR

FIGURES 2011


SOLID BALANCE SHEET AND CAPITAL STRUCTURE

Assets 2010 Assets 2011 Liabilities 2010 Liabilities 2011

Balance sheet as at 31/12

Balance sheet total unchanged at €

10.4 billion

Despite share buyback programme still very high equity ratio of 30.3% (2010: 31.1%)

Net cash of €

268 million

Balance sheet

total: €

10.4 billion(1) Net cash excluding €

754 million in non-recourse debt related to AKA and Kliplev

Motorway concession companies

19%

26%

32%

14%

30%

31%

22%

17%

16%

26%

35%

13%

30%

29%

22%

19%

Financial liabilities 1,732Severance provisions 70Pension provisions 384Non-recourse debt

(1) -754Cash and cash equivalents -1,700Net cash -268

Net cash calculation 2011

Comments

Current

assetsNon-current

assetsTrade receivablesCash

Current

liabilitiesNon-current

liabilitiesTrade payablesEquity

9% 8%

2%

FULL YEAR

FIGURES 2011

Non-current

concession

receivablesCurrent

concession

rec.


SUCCESS FACTOR: DENSE RAW MATERIALS NETWORK

Hedge against price fluctuations, securing supply

Existing quarries as effective entry barriers –

lack of permits for new sites

30% in common company (at equity-consolidated since Q3/2011) with Lafarge secures access to cement in Austria, Hungary, Czech Republic, Slovenia

STRABAG will optimise

its raw materials portfolio and strives to further increase its

degree of self-sufficiency with raw materials (except asphalt, where self-sufficiency is already high)

Asphalt mixing plants

332(2)

Concrete mixing plants

177(2)

Total quarries and gravel pits

187(2)

Production of 4.6m m³

of concrete and approx. 18.0 m tons of asphalt in 2011

More than €

2.2bn tons reserves of stone and gravel

Highlights

STRABAG facilities(1)

(1) As in December 2010(2) Includes active facilities from joint ventures and associates

Own coverage of raw material needs

STRABAG GROUP

Asphalt Concrete Stone/Gravel

2011 20102009 2008

79%

38%

17%

77%

34%19%20%

38%

82%83%

34%16%


HIGH DENSITY OF BUILDING MATERIAL SITES

STRABAG GROUP


OUR STRATEGIC PRIORITIES

Building Europe

Success factors

Public Private PartnershipsGeographical expansion

Niche markets Extending value chain

How

does

STRABAG capitalize

on its

success

factors?

STRABAG GROUP


INTRODUCING “RANC”

Lack of infrastructure and huge demand of residential buildings

Financial resources available

Russia is the largest construction market in Eastern Europe (~ €

100 billion output volume 2010)

Annual growth rates forecast to be 4.9% in 2011 and 8.4% in 2012

Compared to Germany: ~ €

260 billion in 2010 and growth of 3.7% in 2011 and 1.8% 2012

Attractive marketSTRABAG footprint in RANC1)

Sources: Euroconstruct

report Russia November 2011, Euroconstruct

summary report November 2011, (1) RANC = Russia and neighbouring countries

Present in Moscow since 1991

Excellent reputation for large sophisticated projects, STRABAG is positioned as a luxury brand and technology leader

Order backlog of > €

1.1 billion (Dec. 2011) secures work for approx. two years

STRABAG establishes division “RANC”

which includes for the present Russia, Ukraine and Lithuania

~ 2,600 STRABAG employees

in RANC (Dec. 2011)

RANC OUTPUT VOLUME 2011: €

486 million

STRABAG GROUP


Infrastructure and Russian neighbouring countries could drive output

General contractor agreement signed (volume €

350 million) for the construction of the Olympic Village for the 2014 Winter Games in Sochi

STRABAG made a €

70 million advance payment for a 26% share in the Russian infrastructure construction leader Transstroy

(part of Basic Element)

Due diligence by July 2014

Public clients

Entry into Russian neighbouring countries in 2009

First projects in Ukraine

Only private clients

Cost + fee projects

Large residential buildings, hotels, industrial construction

STRABAG’s

GROWTH STRATEGY IN RANC

Sochi

~ €

200 million

Infrastructure

€

400 million

Basic output

in BC & CE

STRABAG GROUP


StatusConcession

until%

shareTotal cost

(€

m)Country Project

# of STRABAGs

PPP(1)

projects

(1) PPP = Public Private Partnership

Selected PPP projects

PPP strategy

Focus on infrastructure and large public buildings

Grow with the PPP/BOT market in home markets, Eastern Europe and selected international markets (incomplete legislative framework in some countries)

PPP increasingly important as public procurement method due to cost advantages and austerity programmes

High barriers to entry due to necessary PPP expertise

STEADY INCOME THROUGH CONCESSION BUSINESS

Limerick Tunnel, Ireland

STRABAG GROUP

5 812 15

2429

33 35

2004 2005 2006 2007 2008 2009 2010 2011 Nordkettenbahn, Austria

PL

A2 Section II

1,543 10 2037

Construction

HU

M5 Motorway

1,292 100 2031

Operation

TR

Birecik

power plant 981 8 2016

Operation

HU

M6 Motorway 966 30 2037

Operation

NL

A15 Motorway 884 24 2035

Construction

PL

A2 Motorway 880 20 2037

Operation

DE

BAB A5 Motorway 660 13 2039

Construction


The SPV is financed with equity (10%–30%) and bank debt (70%–90%)

STRABAG –

as a shareholder in the SPV –

puts in equity

Other SPV shareholders are e.g. governments, infrastructure funds and developers, other construction companies

The grantor pays a fee to the SPV which is used for construction, maintenance, repaying debt and paying dividends to equity partners

Availability and hard toll projects, forfeiting models

Maintenance part of availability fee linked to inflation

WACCs

differ according to risk: 6%–13%

ROE targets: minimum 12%

Current debt in PPP SPVs

consolidated in STRABAG balance sheet: €

754 million (as at end of 2011)

Typical financing Equity invested in PPP (€m)

FINANCING PPP PROJECTS

STRABAG GROUP

94

335 349 375 382

2007 2008 2009 2010 2011


SPC / Project Consortium / Company

Grantor

Construction Joint Venture(EPC –

Contract)Operations & Maintenance

Company

STRABAG

[Public Entity]

Lenders

Insurance Providers

Project/Concession Contract

Funding Agreements

InsuranceContracts

Turnkey Design andConstruction

Contract

Operations & MaintenanceContract

ShareholdersAgreement

STRABAG

CJV Partner(s)

Partner(s)

IndependentEngineer

IndependentEngineer

Agreement

ILLUSTRATIVE PPP PROJECT STRUCTURE

STRABAG GROUP

DEBT

EQU

ITY

A-Way

OJV Partner(s)


SOLUTIONS IN ENVIRONMENTAL TECHNOLOGY

Key figures

Output: €

~300 million in 2011

Order backlog: €

~400 million

> 1000 employees

Active in more than 45 countries in Central and Eastern Europe and Overseas

Outlook: moderate growth over the next years

Business segments(1)

Environmental Services

Water / Waste Water

Flue Gas Treatment

Renewable Energy

Site Decontamination

Waste

Markets

(1) The

following

fields

of activities

include

consultancy, design, plant construction, plant operation, after-sale-services

and financing.

STRABAG GROUP


STRABAG Environmental

Technology has a proven

track

record, has achieved

sustainable

double digit

growth in recent

years

and aims

to continue

growing in the future due to key drivers:

Extensive range

of environmental

activities

in more

than

45 countries

> 1000 skilled

and motivated

employees

> 3,000 reference

projects

worldwide

> 100 processes

and technologies

GROWTH PROSPECTS IN ENVIRONMENTAL TECHNOLOGY

STRABAG GROUP

Growth in environmental

technology output

Comments

0

100

200

300

400

500

600

2008 2009 2010 2011 2012e 2013e 2014e

Environmental ServicesWater/Waste WaterFlue Gas TreatmentRenewable EnergySite DecontaminationWaste

CAGR 2008–201411%

€m


RAILWAY CONSTRUCTION: A PROMISING BUSINESS FIELD

European railway sector

Trans-European Networks financed by EU (Cohesion fund, EU structural fund, TEN budget)

€

8 billion budget planned for 2007-2013

Railways have priority

~ 25% of all transportation infrastructure investments in Europe concern railways

Most growth expected in Northern and Eastern Europe

Market volume in Europe 2010: €

46 billion

Railway business at STRABAG

Targets

Railway construction = track construction + overhead electric traction systems + ground engineering (in a broader sense also tunnels and stations)

Competition: mainly middle-sized companies

German operation’s know-how shall be linked to Czech subsidiary Viamont, Hungarian and Austrian railway operations

New machinery in Germany -> Expansion easy due to existing country organisations

Becoming a leading European railway construction company

Currently ~ €

350 million annual output in Germany, Czech Republic, Slovakia, Hungary, Austria (railway construction in a narrower sense)

Mainly organic growth, but acquisitions possible

2015: Output volume target of €

1 billion

Source: Euroconstruct

report

December

2010; STRABAG estimates

STRABAG GROUP


THREE-PILLAR INVESTMENT IN OFFSHORE WIND

Building onshore and offshore wind parks for our clients

Subsidiary STRABAG s.r.l., Romania

STRABAG GROUP

Building

51 % stake in two holding companies to develop, build and operate offshore wind power plants in the German North Sea currently developed

15 offshore wind farm project development companies

“Albatros”

building permit received in August 2011

Searching for investors

Operating

Production of gravity-based concrete foundations

Installation of fully-assembled wind mills offshore

Investment volume > €

300 million for two special ships and a factory in Cuxhaven, Germany; no investment decision yet

STRABAG Offshore Wind GmbH

Manufacturing


EXTENDING THE VALUE CHAIN: ACTIVITIES IN PROPERTY & FACILITY SERVICES

Key facts

Output 2011: €

976 million

~10,200 employees

~22 million m²

managed net internal area

52,000 objects in portfolio

Active in 12 countries

2012: „Top Arbeitgeber in Deutschland 2012“

(Top Employer

in Germany 2012)

Consolidated in the Special Divisions & Concessions segment

#2 facility management company in Germany according to revenue

Target markets

Deutsche Telekom AG, Germany

THE SQUAIRE, Frankfurt, Germany

City Tower, Praha, Czech Republic

Projects under management

STRABAG GROUP


Why adding FM to construction?

Smoothes and evens seasonal and cyclical fluctuations (for contracts of 3-5 years duration)

One integrated provider for planning, construction and operation of properties

Long term relationship with customers, that does not end after the construction project has finished

Growth opportunities through international market access and rising importance of lean real estate operations

Business segments

Real Estate Management

Property Management

Leasing and letting/area management

Technical Facility Management

Infrastructural Facility Management

Support of tenancy and marketing activities

Targets for STRABAG PFS for 2012

Milestones

Extend business with new customers

Stable output volume of over €

930 million, considering expected turnover declines in German market (Deutsche Telekom accounts for 80% of turnover in Germany)

Enter new market segments (e.g. industrial services, health care, energy management etc.)

Increase competitiveness by further optimization of productivity and costs

EXTENDING THE VALUE CHAIN: ACTIVITIES IN PROPERTY & FACILITY SERVICES

STRABAG GROUP

Acquisition of Deutsche Telekom Immobilien und Services GmbH | Germany

Unicredit/HVB outsources FM to STRABAG PFS | Germany

Acquisition of RIMEX Group | Germany

Acquisition of ECM Facility a.s. | Czech

Republic

Start of Technical FM operations in Belgium, Netherlands and Switzerland

2008

2010

2011


STABLE OUTPUT PLANNED FOR 2012

2011 2012e Comments

Output

(€bn) 14.3 14.3

2012f output volume by segment: BC&CI: €

5.5 billion TI: €

6.1 billion S&C: €

2.6 billion

EBIT (€m)

Margin on output

335Margin 2.4%

>300

More than ambitious goal

Financial result(€m)

8.5

Tax rate 30%

Minorities(€m)

44

Capex(€m)

752 475

Includes PP&E and minor acquisitions

BC&CI: Building Construction & Civil Engineering, TI: Transportation Infrastructures, S&C: Special Divisions & Concessions

STRABAG GROUP


OUTLOOK 2012: TRENDS BY SEGMENT

Output trend: Slight increase

Earnings trend: ~ Stable

Slight improvement in Czech Republic

Hungarian construction sector stable at low level

Completion of large projects in Poland will dampen sector in this country

High demand and simultaneously stable prices for materials and subcontractors in Germany

Forecasted output volume backed by high order backlog in Germany and Austria

BC&CE

Output: Slight increase

Quite different trends depending on the market and business field

Ongoing geographical risk-

diversification necessary in tunneling

PPP more and more international

PPP financing environment crucial

New large orders in international markets

S&C

Output trend: Decline

Earnings trend: Further weak

Recruiting German qualified specialists challenging

Price battle in Poland expected

Further low activity level in Austria

No improvement in Hungary, Bulgaria, Adriatic Region or Czech Republic expected for now

No crisis in Scandinavia

Several large projects and public commitment in Romania

Niche markets: below capacity use of large equipment leaves significant room for improvement of results

Burdening rising asphalt prices and raw materials business

TI

STRABAG GROUP

BC&CI: Building Construction & Civil Engineering, TI: Transportation Infrastructures, S&C: Special Divisions & Concessions


FINANCIALS


VERY SEASONAL BUSINESS

2,190

3,421

3,7953,614

1,837

3,397

3,8633,680

2,309

3,8274,169 4,020

2,263

-153 142 186 108 -150 140 203 106 -145 162 191 127 -165

Q1/09 Q2/09 Q3/09 Q4/09 Q1/10 Q2/10 Q3/10 Q4/10 Q1/11 Q2/11 Q3/11 Q4/11 Q1/12

Output EBIT

Quarterly development of output volume and EBIT

3.2 %

-7.5 %-6.6 %Margin

5.0 %5.3 %

4.4 %4.3 %

-8.4 %

5.0 %

4.3 %

-7.3 %

3.0 % 2.9 %

FINANCIALS


15,68815,17713,354

2011 Q1/11 Q1/12

14,326

2,309 2,263

2011 Q1/11 Q1/12

NEW RECORD: ORDER BACKLOG AT €

15.7 BILLION

Output volume (€m)

Largest reduction in Poland –

end of construction boom

Expansion in Scandinavia drove output

Romania and RANC region up as well-2%

Order backlog (€m)

3%

Large infrastructure projects in Poland worked off and transformed into output

Pedemontana Lombarda

highway project in Italy (~ €

1 billion) in Q1/2012

Part of Stuttgart 21 railway station, Germany (~ €

300 million) in Q1/2012

FINANCIALS


335

-145 -165

746

-60 -74

2011 Q1/11 Q1/12

RAW MATERIALS BUSINESS WEIGHS ON EARNINGS

EBITDA (€m)

-24%

EBIT (€m)

-13%

Stronger loss of associates resulting from inclusion of at-equity investment (30%) in CEE cement company

Depreciation rose by 6%

2011 Q1/11 Q1/12

FINANCIALS


EBIT IN TI AS EXPECTED MUCH MORE NEGATIVE

3219

109

-1134

2009 2010 2011 Q1/11 Q1/12


124154

179

2009 2010 2011 Q1/11 Q1/12


-197

143179

61-158

Transportation Infrastructures

Total Group

-22%

+65%

-13%

-10 -12

-145 -165

-24%

2009 2010 2011

Q1/11 Q1/12

2009 2010 2011Q1/11 Q1/12

283 299 335

FINANCIALS


-1.44-1.03

1.75

-151-118

195

SIGNIFICANTLY NEGATIVE NET INTEREST INCOME

Net income after minorities (€m)

-28%

Net interest income significantly more negative (€

-34.52 million after €

-3.21 million), includes currency exchange rate losses of €

-31.4 million

Minority interest shareholders helped bear a loss of €

8.58 million

Ongoing share buyback programme

reduced weighted shares outstanding from 114,000,000 to 104,907,599

Result per share €

-1.44 (Q1/2011: €

-1.03)


2011 Q1/11 Q1/12 2011 Q1/11 Q1/12

FINANCIALS


Assets(1)

(€m)

Q1/12

2011

Share capital 114

114Capital reserves 2,311

2,311Retained earnings 407

513Minority interest

228

211

Equity

3,060

3,150

Provisions

926

924Financial liabilities

1,368

1,299Other non-current liab.

78

88Deferred taxes

29

48

Non-current liab.

2,401

2,359

Provisions 768

791Financial liabilities 395

433Trade payables

2,769

2,910Other current liab.

687

743

Current liabilities

4,619

4,877

Intangible assets 544

537PP&E(2)

2,197

2,208Associated companies 396

402Other financial assets

258

249Concession receivables

827

839Other long-term rec.

151

126Deferred taxes

196

174

Non-current assets 4,569

4,534

Inventories 1,017

818Accounts Receivables

2,903

3,333Cash and cash equivalents 1,591

1,700

Current assets 5,511

5,852

EQUITY RATIO OF 30.4% AND NET CASH POSITION

Total assets 10,080

10,386

(1) Rounding differences might occur. (2) PP&E + investment property

(€m)

Q1/12

2011

Liabilities & equity

10,080

10,386

Liabilities and Equity(1)

FINANCIALS


STRONG REDUCTION OF TRADE RECEIVABLES

Q1/2012

€m ∆

%Q1/2011

€m

Cash –

beginning of period 1,700 -13% 1,952

Cash-flow from profits -131 -68% -78

∆

Working Capital 83 n.m. -216

CFO -48 +84% -294

CFI -107 +10% -120

CFF 20 -30% 28

Net change in cash -135 -+5% -385

FX changes +26 n.m. -6

Cash –

end of period 1,591 +2% 1,562

Rounding differences might occur.

FINANCIALS


5,142

984 1,016

2011 Q1/11 Q1/12

BUILDING CONSTRUCTION & CIVIL ENGINEERING

Q1/12

€m Change Q1/11

€m

2011

€m

Output volume 1,016 3% 984 5,142

Revenue 985 6% 927 4,968

Order backlog 6,319 -1% 6,401 5,800

EBIT -12 -22% -10 179

EBIT margin -1.2% -1.1% 3.6%

Employees 19,400 -1% 19,682 20,276

Expected slight increase in output volume 2012 could already be seen in Q1

Output volume up in Germany, RANC, and Romania; down in Austria, Hungary, and the Czech Republic

EBIT fell only slightly in absolute terms

New orders:

Part of Stuttgart 21, Germany (~ €

300 million)

New buildings for university Hamm-Lippstadt, Germany (~ €

100 million)

Civil engineering for metro U1, Vienna, Austria (~ €

90 million)

Strategic partnership with BH-Holding AG in Switzerland concluded

Key Indicators


Comments

+3%

FINANCIALS


TRANSPORTATION INFRASTRUCTURES

Output volume reduced by 6%, mostly due to restrained activity in public sector in Germany and end of boom in Poland; positive effect in Scandinavia

EBIT significantly more negative, as expected

Order backlog fell by 6% -> development in Poland and in the Czech Republic

New orders:

S8 expressway, Poland (~ €

250 million)


highway, Italy (order recorded mostly in SD&C)

Slight relief expected in the Czech Republic and Slovakia

Impulses from niche field of railway construction

Acquisition of waterway construction company BRANDNER, Austria

Tense price level in Germany likely to remain

No improvement in raw materials business in sight

Key Indicators


Comments

6,701

749 707

2011 Q1/11 Q1/12

-6%

Q1/12

€m Change Q1/11

€m

2011

€m

Output volume 707 -6% 749 6,701

Revenue 637 -11% 715 6,211

Order backlog 4,958 -6% 5,255 3,943

EBIT -197 -24% -158 61

EBIT margin -30.9% -22.1% 1.0%

Employees 28,230 0% 28,251 31,609

FINANCIALS


Key Indicators

High volatility of the business and low basis for comparison lead to decline in output volume by 7%

EBIT positive, and increased by 65% -> volatility

Order backlog grew by 25%:


Highway, Italy (~ €

1.0 billion for STRABAG)

Bus rapid transit system, Tanzania (€

134 million)

STRABAG is increasingly offering specialty construction services internationally

International markets also of rising importance for PPP infrastructure and tunnelling

PPP Building Construction concentrating on Germany


Comments

2,315

543 506

2011 Q1/11 Q1/12

-7%

SPECIAL DIVISIONS & CONCESSIONS

Q1/12

€m Change Q1/11

€m

2011

€m

Output volume 506 -7% 543 2,315

Revenue 561 0% 560 2,500

Order backlog 4,401 25% 3,508 3,597

EBIT 32 65%. 19 109

EBIT margin 5.7% 3.4% 4.3%

Employees 17,357 -8% 18,948 19,342

FINANCIALS


13,254 13,968 14,739 13,354

2008 2009 2010 2011

13,743 13,021 12,777 14,326

2008 2009 2010 2011

DOUBLE-DIGIT OUTPUT GROWTH IN 2011


Double-digit growth compared to 2010

Increases in BC&CE and TI

Strong demand in German BC&CE

Booming Polish construction sector

Expansion in northern Europe

Acquisitions in Switzerland

Order backlog (€m)

-9%

Order backlog 9% below level of 2010

For the largest part due to working off order backlog in Poland and Libyan cancellation

€

1bn order in Q1/2012: Pedemontana

Lombarda

highway, Italy

12%

FINANCIALS


STRONG EARNINGS IN DIFFICULT ENVIRONMENT

Environment

European debt

crisis

Decreasing

investments

of public

authorities

Still high demand

for

buildings

from

private and/or

commercial

clients

Very

different conditions

in the

respective

markets

EBITDA rose by 2% and EBIT by 12% despite the positive consolidation one-off at Viamont

in the last year (€

10.6 million in EBIT)

Result from associates turned from double-

digit plus into double-digit minus

EBITDA (€m) and EBITDA margin (%)

CAGR6% +2%

746735684648596

2007 2008 2009 2010 2011

6.0%

5.3% 5.5%5.9%

5.4%

EBIT (€m) and EBIT margin (%)

CAGR2% +12%

335299283270312

2007 2008 2009 2010 2011

3.2%

2.2% 2.3% 2.4% 2.4%

FINANCIALS


EBIT BY SEGMENT

5934

-11

109

2008 2009 2010 2011


179154124

86

2008 2009 2010 2011


145 143179

61

2008 2009 2010 2011

Transportation Infrastructures

335299283270

2008 2009 2010 2011

Total Group

16%

+12%

FINANCIALS

-66%

1.6%3.1%

3.9% 3.6%2.7% 2.6%

3.1%

1.0%

4.0%1.2%

-0.4%

4.3%2.2% 2.3% 2.4% 2.4%


DOUBLE-DIGIT INCREASE IN NET INCOME A.M.

Improved interest result due to positive exchange rate difference

Tax rate of 30.3% Tax rate of 30% realistic also for the mid-term

Minority interest higher

Share buyback leads to further increase of earnings per share

Net income a.m. (€m) and margin (%)

CAGR3% +12%

195175161157170

2007 2008 2009 2010 2011

1.7%

1.3% 1.3%1.4% 1.4%


2.05

1.38 1.42 1.53 1.75

2007 2008 2009 2010 2011

+14%

FINANCIALS


Assets(1)

(€m)

2008

2009

2010

2011

Share capital 114

114

114

114Capital reserves 2,311

2,311

2,311

2.311Retained earnings 412

525

666

513Minority interest

141

149

141

211

Equity

2,979

3,099

3,232

3,150

Provisions

847

868

928

924Financial liabilities

1,434

1,275

1,318

1,299Other non-current liab.

41

109

68

88Deferred taxes

74

54

49

48

Non-current liab.

2,396

2,305

2,363

2,359

Provisions 538

580

711

791Financial liabilities 274

235

241

433Trade payables

2,765

2,635

3,068

2,910Other current liab.

813

759

767

743

Current liabilities

4,390

4,209

4,786

4,877

Intangible assets 463

496

536

537PP&E(2)

2,188

2,260

2,176

2,208Associated companies 156

132

88

402Other financial assets

265

241

257

249Concession rec.

973

939

969

839Other long-term rec.

111

100

105

126Deferred taxes

138

134

214

174Non-current assets 4,294

4,300

4,345

4,534

Inventories 674

656

706

818Trade Receivables

2,836

2,402

2,549

2,630Concession rec.

17

18

19

161Other short-term rec.

452

455

579

543Cash and cash equivalents 1,491

1,783

1,952

1,700Assets held for sale

-

-

232

-Current assets 5,471

5,314

6,037

5,852

HIGH EQUITY RATIO DESPITE SHARE BUYBACK

Total assets 9,765

9,614

10,382

10,386

(1) Rounding differences might occur. (2) PP&E + investment property

(€m)

2008

2009

2010

2011

Liabilities & equity

9,765 9,614

10,382

10,386

Liabilities and Equity(1)

FINANCIALS


HIGHER WORKING CAPITAL DUE TO HIGHER REVENUES

2011

€m ∆

%2010

€m ∆

%2009

€m

Cash –

beginning of period 1,952 10% 1,783 20% 1,491

Cash-flow from profits 704 35% 521 -15% 613

∆

Working Capital -203 20% 169 -66% 502

CFO 501 -27% 690 -38% 1,115

CFI -616 18% -524 20% -437

CFF -82 305% -20 95% -386

Net change in cash -197 -234% 147 -50% 292

FX changes 56 n.m. 23 100% 0

Cash –

end of period 1,700 -13% 1,952 10% 1,783

FINANCIALS


2007 2008 2009 2010 2011 CAGR

Germany 3,802 5,096 5,380 5,051 5,609 10Austria 2,114 2,270 1,981 1,907 1,985 -2Hungary 614 842 832 580 436 -8Czech Republic 864 975 786 867 769 -3Bulgaria 36 28 35 36 18 -15Croatia 160 178 149 92 106 -10Poland 714 889 993 1,352 1,719 25RANC 259 476 282 351 487 17Romania 191 273 161 165 206 2Serbia 43 46 37 45 87 20Slovenia 49 53 67 43 49 0Slovakia 371 558 480 427 441 4Benelux 248 182 221 284 360 10Switzerland 346 429 378 370 574 13Ireland 30 40 28 0 0 -100Italy 47 181 108 128 186 41other European Countries 125 157 140 64 44 -23Scandinavia 49 188 199 248 513 80Africa 145 183 168 136 63 -19Middle East 316 490 350 295 309 -1Asia 114 89 84 89 109 -1Americas 111 118 161 246 257 23Total in € million 10,746 13,742 13,021 12,777 14,326 7

KEY FIGURE: OUTPUT VOLUME BY COUNTRY

FINANCIALS


5,8224,427 4,279 5,142

2008 2009 2010 2011

BUILDING CONSTRUCTION & CIVIL ENGINEERING WITH DOUBLE-DIGIT PLUS

2011

€m

Change

%

2010

€m

Output volume 5,142 20% 4,279

Revenue 4,968 25% 3,976

Order backlog 5,800 2% 5,660

EBIT 179 16% 154

EBIT margin 3.6% 3.9%

Employees 20,276 11% 18,253

Exceptionally high increases in output volume in Germany, RANC and in Switzerland (acquisitions) –

partly due to adverse weather in the previous year

EBIT raise mainly as a result of the good business in Germany

High order intake in Germany and Romania, completion of large-scale projects in Poland and RANC

Outlook:

Growth in output

volume

to €

5.5. billion

expected

Supported

by

Northern Europe, timber

construction

and structural

steel

engineering

(acquisitions)

Reluctance

of customers

in Hungary, Czech Republic and Slovakia

Key figures


Comments

+20%

FINANCIALS


TRANSPORTATION INFRASTRUCTURES SHOWS HIGHER OUTPUT VOLUME AND LOWER EARNINGS

2011

€m

Change

%

2010

€m

Output volume 6,701 12% 5,990

Revenue 6,211 6% 5,837

Order backlog 3,943 -19% 4,892

EBIT 61 -66% 179

EBIT margin 1.0% 3.1%

Employees 31,609 2% 30,866

Key figures


Comments

6,274 5,709 5,9906,701

2008 2009 2010 2011

+12%

Mild winter, construction boom in Poland and expansion in Scandinavia lead to a 12% increase in output volume

EBIT down by 66%: price competition in CEE as a result of a lack of investments into infrastructure, loss-making project in Denmark, low demand in raw materials business

Outlook:

Decrease

in output

volume

(to €

6.1 billion) and further

weak

earnings

forecasted

Stepping

up activities

in niche

markets

waterway

and railway

construction

to better

use

the

capacity

of large machinery

Further

weak

market

in Hungary, Czech Republic, Slovakia, Bulgaria

and in the

field

of raw

materials

FINANCIALS


Key figures


Comments

2,3152,3382,716

1,417

2008 2009 2010 2011

2011

€m

Change

%

2010

€m

Output volume 2,315 -1% 2,338

Revenue 2,500 -1% 2,527

Order backlog 3,597 -14% 4,162

EBIT 109 n.a. -11

EBIT margin 4.4% -0.4%

Employees 19,342 1% 19,060

-1%

SPECIAL DIVISIONS & CONCESSIONS TURNS INTO PLUS

Stable output volume with mixed trends in divisions

EBIT turns into positive territory thanks to better results in volatile, non-European markets

Order backlog lower due to completion of Polish large-scale orders and exclusion Libya

Increasing internationalisation of business

Outlook:

Gain in output volume to €

2.6 billion and still significantly positive contribution of EBIT expected

Further strong regional diversification

FINANCIALS


2011

2010

% CHANGE

Output Volume

14,325.9

12,777.0

12%

Revenue

13,713.8

12,381.5

11%

Changes in inv./own work capitalised

134.6

80.0

68%

Other operating income

267.3

275.2

(3%)

Materials and services cost

(9,320.1)

(8,218.4)

13%Personnel cost

(3,004.5)

(2,800.9)

7%Other operating expenses

(1,013.91)

(1,030.2)

(2%)

Income from associates

(34,5)

32.4

n.m.

Investment income

3.6

15.1

(76%)

EBITDA

746.3

734.7 2%Margin (%)

5.4%

5.9%

(€m)

GROUP P&L 2011

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

FINANCIALS


EBITDA

746.3

734.7

2%Margin (%)

5.4%

5.9%

Depreciation and amortisation

(411.6)

(435.7)

(6%)

EBIT

334.8

299.0

12%Margin (%)

2.4%

2.4%

Net interest income

8.5

(19.7)

n.m.

Income tax expense

(104.0)

(90.9)

14%

Profit for the period

239.3

188.4

27%Attributable to minority interest

44.3

13.5

228%

Attributable to equity holders of the parent

195.0

174.9

12%

Earnings per share (in €)

1.75

1.53

14%

2011

2010

% CHANGE(€m)

GROUP P&L 2011 (CONTINUED)

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

FINANCIALS


WORKING CAPITAL REDUCTION DUE TO LARGE ADVANCE PAYMENT

2010

€m ∆

%2009

€m ∆

%2008

€m

Cash –

beginning of period 1,783 20% 1,491 -24% 1,966

Cash-flow from profits 521 -15% 613 14% 536

∆

Working Capital 169 -66% 502 326% 154

CFO 690 -38% 1,115 62% 690

CFI -524 20% -437 -58% -1,046

CFF -20 -95% -386 299% -97

Net change in cash 147 -50% 292 -164% -453

FX changes 23 100% 0 -100% -21

Cash –

end of period 1,952 10% 1,783 20% 1,491

FINANCIALS


CommentsCash development (€m)

Working capital buildup due to higher revenues and project-related, expected reduction of a prepayment in Poland

Lower investment in PP&E

Acquisitions in Switzerland, Germany and Sweden

Additional payment for a joint company with Lafarge

Buyback of own shares cost approx. €

185 million in 2011 (7.7% of shares)

Cash at €

1.7 billion at year-end

CASH AT €

1.7 BILLION DESPITE WORKING CAPITAL INCREASE AND SHARE BUYBACK

CFO:

Cash-flow from operating activities

CFF:

Cash-flow from financing activities

CFI:

Cash-flow from investing activities

Cas

h1/

1/20

11

CFO CFI

CFF

Cur

renc

ytr

ansl

atio

n

Cas

h31

/12/

2011

+1.952+501

-616 -82 -56

+1.700

FINANCIALS


CAPEX 2011 (€m)

CAPEX SOARED TO > €

700 MILLION

PP&E Acquisitions Financialassets

477

114 161

~ €

200 million maintenance CAPEX in PP&E

Lower PP&E, but higher acquisitions and purchase of financial assets

Gains/losses from sale of non-current assets not deducted from CAPEX

Expansion CAPEX due to higher demand in Germany and Poland

2011 depreciation includes goodwill impairment of €

16 million (2010: €

50 million)

CFO vs. CFI (€m) CFI vs. Depreciation (€m)

2009 2010 2011

CFO CFI

2009 2010 2011

CFI Depreciation1,115

437690

524

436524

501 616412

616

401437

FINANCIALS


APPENDIX


CIVIL ENGINEERING: MOTORWAY DENSITY

Source: Eurostat

APPENDIX

0

5

10

15

20

25

30

35

40

45

Bulgaria Germany Croatia Austria Poland Romania Slovakia Slovenia CzechRepublic

Hungary

km m

otor

way

s/ 1

,000

km

²

1997 2001 2005 2008 2010


1.

STRABAG

580

2.

Colas-Hungária

243

3.

KÉSZ Group 169

4.

KÖZGÉP Épito

166

5.

Swietelsky

140

HUNGARY

1.

STRABAG

1,352

2.

Budimex

1,107

3.

Polimex-Motostal

1,041

4.

Grupa

Skanska Polska

943

5.

PBG S.A.

685

POLAND

1.

STRABAG

867

2.

Metrostav

867

3.

Skanska

824

4.

Eurovia

763

5.

OHL ZS 419

1.

Implenia

1,730

2.

Marti

estimate

3.

STRABAG 615

4.

Loisinger

Marazzi

522

5.

Walo

Bertschinger

507

1.

STRABAG 1,981

2.

Porr Group

1,775

3.

Alpine Bau

1,521

4.

Swietelsky

755

5.

Habau

264

MARKET LEADING POSITION IN CENTRAL AND EASTERN EUROPEAN COUNTRIES

Source: www.gtai.de

and Annual Reports

* Retrospective market position taking into account companies acquired in early 2011.

Western Europe Eastern EuropeGERMANY CZECH REPUBLIC

AUSTRIA SWITZERLAND

Revenue 10 (€m) Revenue 10 (€m) Revenue

10 (€m)

Revenue 10 (€m) Revenue

10 (€m) Revenue 10 (€m)*

1.

STRABAG 5,380

2.

Bilfinger

Berger

3,358

3.

Vinci

1,844

4.

Hochtief

1,804

5.

Bauer

1,132

APPENDIX


0.9%

Source: Euroconstruct

November 2011, Germany Trade & Invest research reports, company

data; * Retrospective market share taking into account companies acquired in early 2011.

MARKET SHARES IN 2010

APPENDIX

Total construction

market

share

Market share

in road

construction

1.9% 9.1%

12.3%3.2%

6.6% 14.2%

11.9%4.4%

15.4%6.4%1.4%

18.1%7.9%

1.5%* 1.1%

0.2% 1.1%


STRABAG SE: 2nd LARGEST EUROPEAN CONTRACTOR 2011

RANK COMPANY

1 Vinci, France2 STRABAG SE, Austria 3 Skanska AB, Sweden 4 FCC, Spain5 Bouygues, France 6 Royal BAM Group, The Netherlands7 Bilfinger Berger AG, Germany 8 Eiffage, France9 Ferrovial Agroman SA, Spain

10 Fluor Corp., USA

According to ENR (Engineering News-Record) STRABAG SE is the 2nd largest European Contractor based on the revenues generated in Europe

STRABAG SE is among the Top 10 of the largest international contractors

Top position in General Building, Industrial, Water and Sewer Waste

Comments

APPENDIX


STRABAG HAS AN INVESTMENT GRADE RATING BY S&PCOMPANY S&P MOODY'S FITCH

STRABAG SE BBB- not rated not ratedBilfinger Berger not rated not rated not ratedHochtief not rated not rated not ratedSkanska not rated not rated not ratedVinci BBB+ Baa1 BBB+Ferrovial not rated Ba (bonds only) not ratedGrupo ACS not rated not rated not ratedFCC not rated not rated not ratedBouygues BBB+ A3 not rated

Current rating by S&P: BBB-, Outlook “stable”

access to resources offers a significant competitive advantage

efficient cost management

solid capital structure

Investment grade rating since November 2007

STRABAG SE is one of the few European construction companies with a rating by S&P

APPENDIX

Comments


COMPANY DATE TITLE TARGET PRICE RATING

DZ Bank 26.07.2012 Considerable amendment to EBIT forecast surprises negatively EUR 16 Hold

BofA Merrill Lynch 26.07.2012 Profit warning - cutting our PO EUR 16 Underperform

Deutsche Bank 25.07.2012 Guidance scrap as expected, magnitude worse: est's/PT cut EUR 16 Hold

Goldman Sachs 25.07.2012 First Take: A significant profit warning for 2012 EUR 19 Neutral

Erste Bank 29.06.2012 Equity Weekly EUR 22 Reduce

MainFirst Bank 22.06.2012 Construction paradise lost EUR 17 Sell

Kepler Research 25.06.2012 New CEO from 2014 and changes to business segments EUR 21 Hold

RCB 31.05.2012 1Q operating result in line with expectations, higher net loss EUR 20 Hold

HSBC 18.04.2012 Downgrade to Underweight EUR 20 Underweight

Equita SIM 31.05.2011 Rating unchanged: Not rated EUR 25 Not rated

STRABAGs

SHARE IS COVERED BY TEN INSTITUTIONS

APPENDIX


Diana Neumüller-Klein, CFAHead of Investor Relations & Corporate Communications+43 (1) 22422 –

[email protected]

www.strabag.com

CONTACT

APPENDIX

Documents

STRABAG SE · Hedge against price fluctuations, securing supply Austria, Hungary, Czec. Existing quarries as effective entry barriers – lack of permits for new sites STRABAG will