YOU CAN BUILD ON US.

YOU CAN BUILD ON US. 

SWIETELSKY. PARTNER FOR BIG IDEAS. 

THE 2008/09 FINANCIAL YEAR. A REPORT ON SUCCESS.

We cannot predict 

the future, but We 

can invent it. 

(DanDriDge M. Cole) 

The financial crisis and its related effects have confronted both the 

entire global economy and our Group with fresh challenges. Nonetheless, 

we enjoyed a successful year in 2008/09. 

Times like these demonstrate that we have developed our business 

model in a far-sighted manner. Our extensive diversification in every 

area of the construction industry, as well as the systematic cultivation 

of the domestic Austrian market and our core German, Czech and 

Hungarian markets, permit us to anticipate stable results in the coming 

years. The fact that in the past we have attached great value to 

sufficient liquidity reserves, low net debts and a healthy equity ratio 

has proven to be a correct decision. We regard the coming financial 

year with optimism. Our order backlog amounts to more than 1 billion 

euros and this largely secures our business for the coming financial 

year. 2009/2010 is a year of challenges, but also chances, even if 

one merely thinks of the economic stimulus packages that have been 

launched in many countries. 

We are ready to seize these opportunities! 

Kurt Kladensky Walter Küssel 

Executive director Executive director 

Adolf Scheuchenpflug Karl Weidlinger 

Executive director Executive director 

Erneuerung der ÖBB Donaubrücke 

Tulln, Niederösterreich

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 2008/09 22 

2 . 3

Hotel Josef, Prag, Tschechien

SucceSS doeSn‘t come to you. 

you go to it. 

(Marva CollinS) 

customer orientation. 

Our customers enjoy trustworthy and perfect project realisation across every 

area of SWIETELSKY’s diverse range of supplies and services. Indeed, this 

reliability extends from major, international projects to family homes, and from 

underground tunnels to construction projects in the mountainous regions. 

The SWIETELSKY name is a synonym for full service, adherence to deadlines 

and cost efficiency. Over 70 years of experience in the construction industry 

and EN ISO 9001:2000 accreditation constitute a guarantee for strong partnerships, 

which above all, are focused on the success of our customers. 

Particularly in the construction sector, absolute thoroughness provides the 

foundations for friction-free teamwork. Accordingly, SWIETELSKY attaches 

the greatest importance to the precise planning of all working processes and 

complete documentation, which even after many years, leaves no questions 

unanswered. Our internal company auditing unit also ensures optimum quality 

assurance. 

MVC Motors, Wien 

4 . 5

Beschneiungsanlage Zürs, Vorarlberg

geniuS learnS from nature. 

talent from bookS. 

(JoSh BillingS) 

innovative strength. 

In times of economic difficulty, more than ever, SWIETELSKY’s maxim is to look to the future, accept 

challenges and develop innovative solutions, in order to create an enthusiastic response on the part of 

the customer. 

Indeed, SWIETELSKY goes even further in this regard, for when no adequate technology exists for a new 

project, we proceed to create it. The experience gathered during innumerable projects in Austria, Europe 

and the rest of the world helps us to turn new visions into reality and in this manner we continually extend 

the horizons of the possible. 

Over 7.000 highly motivated and excellently trained employees make SWIETELSKY, “a partner for big 

ideas”. Moreover, the SWIETELSKY name also stands for the fact, that in spite of this large workforce, 

flexibility is not neglected. This is because from the outset, it was and is our company strategy to promote 

individual responsibility and a proactive approach in coordination with the respective project manager. 

Therapeutisches Kletterzentrum 

Weinberg, Niederösterreich 

6 . 7

learn the paSt, 

Watch the preSent and 

create the future. 

(JeSSe ConraD) 

internationality. 

SWIETELSKY numbers among Austria’s largest construction companies 

and disposes over offices and subsidiaries in all the federal 

provinces. Other Group locations are situated in Germany, Hungary, 

the Czech Republic, Slovakia, Poland, Croatia, Italy, Romania, Serbia, 

Switzerland and the United Kingdom. 

In addition, SWIETELSKY has already completed projects in Asia and 

Africa. However, we are not driven by a desire simply to expand, but 

rather a readiness to undertake strategically intelligent further development 

in the interests of our clients and the company. 

The long-term secret of success of the company founder, Hellmuth 

Swietelsky, is decentralised profit centres. These “companies within 

the company”, which operate on their own responsibility, constitute 

a pioneering achievement within the construction industry. Moreover, 

during major projects, internationally operating SWIETELSKY experts 

coordinate these units. 

Bergisel Schanze, 

Innsbruck, Tirol

Brücke in Záreci, Südböhmen 

8 . 9

Errichtung des Spielfeldes, 

Stadion Borussia Mönchengladbach, Deutschland

it’S not the effort that countS, 

it’S the reSult you get. 

(anonyMouS) 

performance range. 

The SWIETELSKY portfolio incorporates construction projects of every type 

and size. Excellently trained employees realise projects in the following areas: 

• Road and bridge construction 

• Civil construction 

• Special civil and underground construction, 

environmental technology 

• Railway construction 

• Tunnel and gallery construction 

As a general contractor, SWIETELSKY completes turnkey objects in all 

shapes and sizes, from offices, hotels and commercial buildings, to industrial 

facilities and hospitals. 

For over 20 years, SWIETELSKY has also enjoyed an excellent reputation 

as a builder of modern apartments, semi-detached and detached houses. 

SWIETELSKY also offers a full service in this area, from site selection to the 

handing over of the keys. 

The company performance range is rounded off by PPP projects (Public 

Private Partnership), SWIETELSKY completing every contract to per- 

fection in its role as a strong domestic partner in the public sector. 

Tunnelbaumaschine 

10 . 11

Neugestaltung des Hauptplatzes As, 

Kreis Karlsbad 

Straße in Tschechien Pflasterung Friedhof Traun, 

Oberösterreich 

Neubau 4er Straße Budapest, Ungarn

the journey iS the reWard. 

(ChineSe ProverB) 

road and bridge building. 

SWIETELSKY provides excellent transport links. We number among the leading road builders 

in Central and Eastern Europe and dispose over numerous raw material depots and mixing 

plants at strategically favourable points. As a consequence, we are able to complete road 

building projects of every dimension throughout Europe in a rapid and cost-efficient manner. 

asphalt. concrete. 

SWIETELSKY operates numerous company asphalt and concrete mixing plants both in Austria 

and neighbouring countries. Our in-Group testing and monitoring unit guarantees that 

all quality criteria and environmental regulations are strictly adhered to. Something that our 

customers can build on! 

In addition, SWIETELSKY road building expertise is supplemented by more than 30 years of 

experience with regard to the construction, maintenance and refurbishing of bridges. 

SWIETELSKY. Your partner for: 

• Roads 

• Motorways 

• Airports 

• Forestry and commercial roads 

• Park design 

• Plaza design 

• New bridge constructions 

• Bridge overhauls 

• Asphalt 

• Concrete 

• Gravel 

• Recycling 

12 . 13

Pankrac House Prag, 

Tschechien 

Panoramahaus Dornbirn, 

Vorarlberg

Bürohaus Jungmannova 

Plaza, Prag 

architecture aimS at eternity. 

(Sir ChriSToPher Wren) 

civil construction. 

SWIETELSKY is a reliable partner for new buildings and conversions of all types. We take up every challenge 

and do the job, irrespective of whether this involves the restoration of a historical building, or the 

construction of a spectacular skyscraper. Leading architects and design offices act as our partners and all 

projects are realised according to the strictest quality criteria (EN ISO 9001:2000). 

In the course of project construction, we build and sell turnkey objects such as owner-occupied apartments, 

semi-detached houses and individual SWIETELSKY massive construction houses at fixed prices 

and with fixed deadlines. 

Among other awards, SWIETELSKY is the holder of the 2008 Solid Bautech Prize in 

the “Ecology” category, which we won for sustainable construction and achievements in the 

passive house construction sector. Specifically, the prize was presented to SWIETELSKY for its project 

ENERGYbase in Floridsdorf, Vienna. 


• New buildings 

• Building conversions 

• Building repairs 

• Renovations/Work on classified buildings 

• Single family homes 

• Residential complexes 

• Office complexes 

• Industrial buildings 

• Hotels 

Wohnanlage Kirchlergründe Jenbach, Tirol 

14 . 15

ARGE KOPS II, Vorarlberg 

U-Bahn-Baustelle U2/8, 

Stadlau, Wien 

Hochbehälter Reith bei Seefeld, Tirol

it iS not the mountain We 

conquer, but ourSelveS. 

(Sir eDMunD hillary) 

Special civil underground construction. 

Rough terrain? Difficult geological conditions? For SWIETELSKY such problems do not exist. We find the 

optimum approach and ideal realisation for every construction project. Our specialists demonstrate their 

extensive experience in both the special and underground construction areas. The range on offer extends 

from underground construction projects, e.g. deep foundations, construction pits and slope stabilisation, 

to construction in high alpine regions, e.g. cable cars and lifts, avalanche protection structures, etc. 

environmental technology. 

If in the past, the challenge was the mastery of nature by humankind, in our day and age ecological thought 

and action take priority. Planning and construction in harmony with nature is the maxim. SWIETELSKY 

makes a solid contribution to efficiency and environmental compatibility through innovative developments 

and the construction of sewers, landfills and sewage treatment plants. 


• Transport structures 

• Open underground structures 

• Covered underground structures 

• Underground lines 

• Underground railway construction 

• Power plant construction 

• Industrial concrete construction 

• Energy concrete construction 

• Slurry walls 

• Drilling piles 

• Anchors 

• Single member piles 

• Slope stabilisation 

• Drilling 

• Sewer construction 

• Sewer repairs 

• Landfills 

• Wastewater treatment plants 

16 . 17

Skill and confidence are 

an unconquered army. 

(george herBerT) 

railway construction. 

For more than 70 years, railway construction has numbered among SWIETELSKY’s 

core activities and this has made the company one of the leaders in the European 

market. With over 200 special machines and excellently trained specialists we ensure 

that the railway construction projects entrusted to our company stay on track 

with regard to quality, scheduling and costs. 

We take care that permanent way construction machinery is attuned exactly to 

respective railway management needs. All special machine designs, repairs and 

maintenance are completed in-house at the Group’s own mechanical engineering 

centre in Fischamend (Lower Austria). 


• Track construction 

• Track modifications 

• Track substructure improvement 

• Permanent way 


• Tramway construction 

• Special equipment 

SWIETELSKY is also successfully under way as a railway transport enterprise. 

RM 80 

SUZ 500 

Gleisbaukran

Bahnbaumaschine RU 800 S 

18 . 19

neceSSity iS the 

mother of invention. 

(PlaTo) 

gallery and tunnel construction. 

SWIETELSKY Tunnelbau GmbH und Co KG in Innsbruck is a leading company 

in the underground construction sector. Logically, the company’s primary 

focus is on gallery and tunnel projects in alpine regions, but it is also 

able to point to numerous international references. 

In order to avoid expensive surprises underground to the greatest possible 

extent, SWIETELSKY completes thorough, preparatory geological studies 

and site exploration. 

In addition to road, rail and underground railway tunnels, SWIETELSKY 

specialises in underground power plant construction, as evidenced by 

our current “Limberg 2” project in the immediate vicinity of the Kaprun 

reservoirs. In this case, the entire plant is to be located underground in 

caverns. 


• Railway tunnels 

• Road tunnels 


• Power plant galleries 

• Caverns 

• Shafts 

• Maintenance

Durchschlag Lohbergtunnel, Deutschland Abdichtung Innenschale 

Lohbergtunnel, Deutschland 

Lohbergtunnel, Deutschland 

20 . 21

Sporthalle Telfs, Tirol

knoWledge, in truth, iS the 

great Sun in the firmament. 

(Daniel WeBSTer) 

SWietelSky annual report 2008/09. 

list of contents 

Consolidated profit and loss account for the 2008/09 financial year 24 

Consolidated balance sheet as at March 31, 2009 26 

Cash flow statement for the 2008/09 financial year 28 

Consolidated equity statement for the 2008/09 financial year 30 

Statement of recognized income and expenses 32 

notes to the consolidated financial statements for the 2008/09 financial year 33 

group management report for the 2008/09 financial year 90 

audit certificate (report of the independent auditors) 110 

Ortsplatzgestaltung, Oberschlierbach, 


22 . 23

SWIETELSKY Baugesellschaft m.b.H., Linz 

Lift Kaunertal-Bergstation, Tirol 

Pistenbau Stubaital, Tirol 

ÖBB Hangsicherung 

Windau, Tirol

ConSoLIdaTEd ProfIT and LoSS aCCounT 

for THE BuSInESS YEar 2008/09 

Amounts in TEUR Notes 2008/09 2007/08 

Revenue (1) 1,246,502 1,244,413 

Changes in inventories 0 731 

Own work capitalized 8,310 6,037 

Other operating income (2) 35,145 12,319 

Raw materials, consumables and services used (3) -795,766 -806,467 

Employee benefits expense (4) -304,005 -273,205 

Other operating expenses (6) -149,104 -135,501 

Share of profit or loss of associates (7) 6,906 8,633 

Net investment income (8) 1,059 3,203 

Earnings before interest, taxes and depreciation (EBITDA) 49,047 60,163 

Depreciation and amortization expense (5) -18,745 -17,698 

Earnings before interest and taxes (EBIT) 30,302 42,465 

Interest income 3,867 2,841 

Interest expenses -7,956 -10,218 

Net interest income (9) -4,089 -7,377 

Other financial result (10) -15 -187 

Profit before tax 26,198 34,901 

Income tax expense (11) -3,659 -6,623 

Profit for the period 22,539 28,278 

Attributable to: Minority interest 9 0 

Attributable to: Hybrid Capital Owner 4,069 1,525 

Attributable to: Equity holders of the parent 18,461 26,753 

24 . 25


ConSoLIdaTEd BaLanCE SHEET 

aS of MarCH 31, 2009 

aSSETS 

March 31, 

March 31, 

Amounts in TEUR Notes 2009 2008 

Non-current assets: 

Intangible assets (12) 11,147 9,274 

Tangible assets (12) 124,748 114,205 

Investments in associated companies (13) 9,268 14,207 

Other financial assets (13) 21,160 17,083 

Trade receivables (15) 4,297 1,699 

Other accounts receivable and other assets (15) 1,608 1,170 

Deferred taxes (17) 2,683 2,622 

Current assets: 

174,911 160,260 

Inventories (14) 35,323 37,812 

Trade receivables (15) 264,226 299,245 

Other accounts receivable and other assets (15) 65,897 57,938 

Cash and cash equivalents (16) 37,883 38,006 

403,329 433,001 

578,240 593,261 

Betriebserweiterung 

Hofstätter, Pichling, 

Oberösterreich

SHarEHoLdEr’S EquITY and LIaBILITIES 

March 31, March 31, 

Amounts in TEUR Notes 2009 2008 

Shareholder's Equity: 

Capital stock 7,705 7,705 

Capital reserves 1,094 1,094 

Hybrid capital 69,183 69,183 

Revaluation reserves 8,707 9,244 

Retained earnings 110,949 110,050 

Minority interests 62 0 

Non-current liabilities: 

(18) 197,700 197,276 

Provisions (19) 16,293 19,130 

Financial liabilities (20) 65,126 65,566 

Trade payables (20) 9,023 9,402 

Other liabilities (20) 4,146 3,490 

Deferred taxes (17) 2,418 8,675 

Current liabilities: 

97,006 106,263 

Provisions (19) 20,822 25,299 

Financial liabilities (20) 28,710 15,183 

Trade payables (20) 161,835 186,696 

Other liabilities (20) 72,167 62,544 

ARGE Stadtvillen Anna, Hall in Tirol 

283,534 289,722 

578,240 593,261 

26 . 27


ConSoLIdaTEd CaSH-fLoW STaTEMEnT 

for THE BuSInESS YEar 2008/09 

Amounts in TEUR 2008/09 2007/08 


Deferred taxes -5,369 788 

Non-cash effective results from associates 437 -3,509 

Non-cash effective results from change in consolidation scope -350 0 

Depreciation/write-ups 20,458 17,698 

Changes in long-term provisions -3,044 4,105 

Gains/losses on disposal of non-current assets -4,872 -231 

Cash-flow from profits 29,799 47,129 

Change in items: 

Inventories -3,034 -1,071 

Receivables from trade, construction contracts and consortia 17,478 -48,703 

Receivables from subsidiaries and 

receivables from participation companies -16,642 -3,808 

Other assets -3,914 -4,529 

Liabilites from trade, construction contracts and consortia -12,873 19,101 

Liabilities from subsidiaries and liabilities 

from participation companies 3,388 -1,876 

Other liabilities 10,989 4,471 

Current provisions -2,705 2,209 

Cash-flow from operating activities 22,486 12,923 

Purchase of financial assets -30,776 -28,162 

Gains/losses on disposal of non-current assets 4,872 231 

Disposals of nun-current assets at carrying value 3,494 1,398 

Exchange rate differences and changes in consolidation 

circle minus acquired cash and cash equivalents 269 0 

Cash-flow from investing activities -22,141 -26,533


Change in bank borrowings 8,163 -29,652 

Change in bond loans -1,572 59 

Change in liabilites from finance leases 1,954 -2,192 

Hybrid capital 0 69,183 

Change in group financing 7,505 -11,207 

Paid Hybrid premiums -4,069 0 

Distribution of company profits -9,400 -5,200 

Cash-flow from financing activities 2,581 20,991 

Cash-flow from operating activities 22,486 12,923 

Cash-flow from investing activities -22,141 -26,533 

Cash-flow from financing activities 2,581 20,991 

Net changes in cash and cash equivalents 2,926 7,381 

Cash and cash equivalents at the beginning of the business year 20,467 13,593 

Change in cash and cash equivalents due to exchange rate differences -2,153 -507 

Cash and cash equivalents at the end of the business year (22) 21,240 20,467 

Interest paid 7,382 7,385 

Interest received 2,000 1,565 

Taxes paid 3,063 2,524 

28 . 29


dEvELoPMEnT of THE ConSoLIdaTEd SHarEHoLdEr’S 

EquITY for THE BuSInESS YEar 2008/09 

Amounts in TEUR Capital stock Capital reserves Hybrid capital Revaluation 

reserves 

Balance at April 1, 2007 7,705 1,094 0 9,608 

Differences arising from currency conversion 0 0 0 -171 

Purchase of foreign shares 0 0 0 0 

Hybrid capital 0 0 69,183 0 

Merger of Jos. Ertl GmbH and 

C. Peters Baugesellschaft m.b.H. 0 0 0 0 

Change in revaluation reserve 0 0 0 -193 

Changes financial instruments IAS 39 0 0 0 0 

Profit for the period 0 0 0 0 

Distribution of company profits 0 0 0 0 

Balance at March 31, 2008 7,705 1,094 69,183 9,244 

Differences arising from currency conversion 0 0 0 -488 

Neutral change of Revaluation reserves 0 0 0 617 

Changes in hedging resverves 0 0 0 0 

Deferred taxes on neutral change in equity 0 0 0 -666 

Profit for the period 0 0 0 0 

Change in minority interest resulting from capital consolidation 0 0 0 0 

Paid Hybrid premiums 0 0 0 0 

Distribution of company profits 0 0 0 0 

Balance at March 31, 2009 7,705 1,094 69,183 8,707

Retained Currency Shareholder’s Minority Total 

earnings conversion 

differences 

Equity 

interests 

86,222 1,769 106,398 1,628 108,026 

0 570 399 0 399 

0 0 0 -1,628 -1,628 

0 0 69,183 0 69,183 

27 0 27 0 27 

0 0 -193 0 -193 

-90 0 -90 0 -90 

28,278 0 28,278 0 28,278 

-6,726 0 -6,726 0 -6,726 

107,711 2,339 197,276 0 197,276 

0 -7,856 -8,344 0 -8,344 

0 0 617 0 617 

-378 0 -378 0 -378 

72 0 -594 0 -594 

22,530 0 22,530 9 22,539 

0 0 0 53 53 

-4,069 0 -4,069 0 -4,069 

-9,400 0 -9,400 0 -9,400 

116,466 -5,517 197,638 62 197,700 


Wien 


Wien 

30 . 31


STaTEMEnT of rECognIzEd 

InCoME and ExPEnSES 



Differences arising from currency conversion -8,344 399 

Changes in financial instruments IAS 39 -378 -113 

Change of revaluation reserve 617 -230 

Deffered taxes on neutral income and expenses -594 60 

Total of recognized income and expense for the period -8,699 116 

Net income recognized directly in equity 13,840 28,394 

Attributable to: Minority interest 9 0 

Attributable to: Hybrid Capital Owner 4,069 1,525 

Attributable to: Equity holders of the parent 9,762 26,869 

RU 800 S 

Gleis- und Weichenbau, 

Umfahrung Enns, 

Oberösterreich

grouP noTES To THE fInanCIaL STaTEMEnTS 

for THE 2008/09 BuSInESS YEar of 

SWIETELSKY BaugESELLSCHafT M.B.H., LInz 

Basic principles 

SwIETELSky Baugesellschaft m.b.H. is located at A-4020 Linz, Edlbacherstraße 10, Austria. The enterprise is the 

holding company of an internationally acting construction group. The group’s main business activities are classified in 

5 different geographic regions: Austria, Germany, Hungary, Czech Republic as well as other countries. 

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

the Austrian Commercial Code, has been set up as of March 31, 2009 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). 

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

reporting 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. 

In addition to the profit and loss account and the balance sheet, a cash flow statement in accordance with IAS 7, is 

set up as well as changes in equity and shares of other shareholders (IAS 1). Additionally, the notes include segment 

reporting in accordance with IFRS 8. 

The consolidated profit and loss account is prepared according to the total expenditure format. 

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

Changes to accounting and valuation 

As of April 1, 2008, the group has applied new as well as modified standards and interpretations as stated below: 

- Changes in IAS 39 and IFRS 7 - Reclassification of financial instruments 

- IFRIC 11 / IFRS 2 - Group and treasury share transactions 

- IFRIC 14 / IAS 19 - The limit on a defined benefit asset, minimum funding requirements and their interaction 

The first-time application of the IFRS standards mentioned had no consequences on the assets, financial and 

earnings situation of the SwIETELSky Baugesellschaft m.b.H. Group’s consolidated financial statements and notes. 

32 . 33


Future amendments to financial reporting standards 

The IASB and the IFRIC approved further standards and interpretations. However, these were not required to 

be applied in the 2008/09 financial year. The amendments affect the following standards and interpretations: 

IFRS 1 and IAS 27 Cost of an Investment in a Subsidiary, 

Jointly Controlled Entity or Associate January 1, 2009 

IFRS 2 Share-based Payment: Vesting Conditions and Cancellations January 1, 2009 

IFRS 3 Capital Consolidation (amended 2008) 1) July 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 1) July 1, 2009 

IAS 32 and IAS 1 Amendments on puttable financial instruments 

and obligations arising on liquidation January 1, 2009 

IAS 39 Financial Instruments: Recognition and Measurement – 

Exposures qualifying for hedge accounting 1) July 1, 2009 

IFRIC 12 Service Concession Arrangements 1) January 1, 2008 

IFRIC 13 Customer Loyalty Programmes July 1, 2008 

IFRIC 15 Agreements for the Construction of Real Estate 1) January 1, 2009 

IFRIC 16 Hedges of a Net Investment in a Foreign Operation 1) October 1, 2008 

IFRIC 17 Distributions of Non-cash Assets to Owners 1) July 1, 2009 

IFRIC 18 Transfers of Assets from Customers 1) July 1, 2009 

Amendments to various IFRS under the annual improvement process January 1, 2009 

1) pending EU recognition 

Application for 

financial years 

which begin on or after 

IFRS 1 and IAS 27 Cost of an Investment in a Subsidiary, Jointly Controlled 

Entity or Associate: 

IFRS 1 allows first-time adopters to use a surrogate value of either fair value according to IAS 39 or book value 

to measure the initial cost of investments in subsidiaries, jointly controlled entities or associates. In accordance 

with IAS 27, no separation is required of dividends paid out of pre-acquisition or post-acquisition reserves. If a 

new parent company is formed through reorganisation with no changes to the relative ownership levels, the cost 

of the investment in the new parent is measured at the book value of its share of the equity of the previous parent.

IFRS 3 and IAS 27: 

Phase II of the Business Combination project reworked the rules for capital consolidation. The most important 

changes are that IFRS 3 allows an accounting policy choice to measure non-controlling interest at fair value (full 

goodwill method), transaction costs must be recognised in profit or loss, no goodwill adjustments are possible with 

post-acquisition reassessment of the purchase price, and step acquisitions result in a remeasurement of the previously 

recognised assets and liabilities in profit or loss. 

IFRS 8 Operating Segments was initially applied in the financial year 2007/08 ahead of schedule. 

IAS 1 Presentation of Financial Statements: 

IAS 1 requires all non-owner changes in equity to be presented either in one statement of comprehensive income 

or in two separate statements. Furthermore, the statement of changes in equity may only present owner changes in 

equity. 

IAS 23 Borrowing Costs: 

The amendments require borrowing costs to be capitalised as part of the initial costs. The option of immediately recognising 

interest as an expense was removed. The new rules, which apply to acquisition, construction or production 

of a qualifying asset from January 1, 2009, will result in higher capitalisation of borrowing costs related to that asset. 

IFRIC 12 Service Concession Arrangements: 

IFRIC 12 regulates the accounting of rights and duties from service concession agreements. If the company has an 

unconditional contractual right to receive a payment, a financial asset is recognised (financial asset model). If the 

company merely has the right to charge users a usage fee, an intangible asset is recognised (intangible asset model). 

IFRIC 13 Customer Loyalty Programmes: 

IFRIC 13 regulates the accounting of customer loyalty programmes by companies which offer such programmes 

themselves or which participate in the loyalty programmes offered by other companies. 

IFRIC 15 Agreements for the Construction of Real Estate: 

IFRIC 15 puts into concrete terms the concept of construction contracts according to IAS 11 and reconciles revenue recognition 

according to IAS 18 with agreements for the construction of real estate. IFRIC 15 states that IAS 11 is applicable 

only if the buyer has the ability to specify the major structural elements of the real estate design - if not, IAS 18 applies. 

34 . 35


IFRIC 16 Hedges of a Net Investment in a Foreign Operation: 

IFRIC 16 provides guidelines for the accounting of a hedge of a net investment in a foreign operation. 

IFRIC 17 Distributions of Non-cash Assets to Owners: 

IFRIC 17 regulates the accounting of the distribution of non-cash assets. 

IFRIC 18 Transfers of Assets from Customers: 

IFRIC 18 deals with agreements in which a company receives from a customer an asset that the company 

must then use either to connect the customer to a network or to provide the customer with ongoing access 

to a supply of goods or services. 

Consolidation methods 

In addition to SwIETELSky Baugesellschaft m.b.H., all important domestic and foreign subsidiaries are included 

in the consolidated financial statement of March 31, 2009, 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. 

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

and earnings situation is immaterial. The sales volume of the subsidiaries, which are not included, is less than 

1.5 per cent of group sales. 

The companies included in the 2008/09 consolidated financial statements 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, 2009, except SwIETELSky Constructii 

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

The consolidated group developed in the 2008/09 business year as follows: 

Full consolidation Equity valuation 

Situation on April 1, 2008 24 22 

First consolidation 4 0 

Deconsolidation 0 19 

Situation on March 31, 2009 28 3 

therefrom foreign companies 13 3

In the financial year 19 associated companies were deconsolidated due to immateriality. The deconsolidated enterprises 

are not included as consolidated companies in the group’s financial statements. Furthermore, the enterprises 

are included as investments and valued accordingly. 

There were no further changes in the consolidated group during the 2008/09 business year. 

Additions to consolidation scope 

In the 2008/09 business year, the following subsidiaries were initially included to the group’s financial statements: 

Company Name Direct Share First Consolidation 

Full Consolidation: 

RTS Rail Transport Service GmbH 90 % April 1, 2008 1) 

RTS Rail Transport Service Germany GmbH 100 % April 1, 2008 1) 

Bahnbau Petri Hoch- und Tiefbau Gesellschaft m.b.H. 100 % April 1, 2008 1) 

SwIETELSky Magyarország kft. 100 % May 31, 2008 2) 

The acquisitions have the following effects on the group’s consolidated statements: 

Amounts in TEUR Acquired Fair Value- Book Value 

Value Amendment 

Non-current assets 3,965 0 3,965 

Current assets 6,024 0 6,024 

Non-current liabilities -364 0 -364 

Current liabilities -8,797 0 -8,797 

Net assets 828 0 828 

Increase in minority interest in equity -53 

Effect on consolidated profit and loss -350 

Goodwill 2,036 

Purchase price 2,461 

Less non-cash-effective purchase price component -2,461 

Acquired cash and cash equivalents 269 

Net cash inflow from the acquisition 269 

1) Due to the entity’s increased business volume, the enterprise 

was initially included to the group’s financial statements. The 

acquisition was performed before April 1, 2008. 

2) The enterprise was spun-off of the consolidated company 

SwIETELSy Épitö kft., Budapest, Hungary. 

36 . 37



In the 2008/09 financial year, negative goodwill in the amount of TEUR 350 occurred. This amount is reported 

under other operating income. 

Since the date of initial consolidation, the revenues of the first-time consolidated companies’ accumulated to 

the consolidated group’s revenue amount to TEUR 15,326. The accumulated profits for the period amount 

to TEUR 14. 

Acquisitions after the reporting period 

Acquisitions after the reporting period are stated in section (27) ‘Significant events after the balance sheet date’. 


The financial statements of domestic and foreign companies included in the consolidated financial statements 

are set up in accordance with uniform accounting and valuation principles. The annual financial statements of 

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 combination, 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 acquisitions 

after April 1, 2003. 

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 statements. 

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

separately in the consolidated financial statements. 

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

Currency translation 

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

to the concept of functional currency. As the companies run their business independently regarding financial, economic 

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 -7,856 (previous year: TEUR 570) are recognized in the equity 

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

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. 

It was not necessary to perform revaluations according to IAS 29 (Financial Reporting in Hyperinflationary Economies). 

38 . 39


aCCounTIng and vaLuaTIon PrInCIPLES 

Intangible assets and tangible assets 

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

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

selfconstructed plants are included in the production costs. 

Planned depreciation of 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: 

Intangible assets: 

Useful life 

in years 

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. 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.

Revaluation 

Real estates as well as flats and stock spaces are revaluated. Differing amounts less deferred taxes, which result 

from revaluation, will be charged against equity. The accumulated amount of revaluations added up to TEUR 8,707 

(previous year: TEUR 9,244) on the balance sheet date. Deferred taxes resulting from revaluation amounted to TEUR 

2,683 (previous year: TEUR 2,817) on the balance sheet date. 

Tangible assets (real estates and buildings) were revalued 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 February 25, 2009 for Hungary 

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

Financial assets 

In accordance with IAS 28 shares in associated companies are valued 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 their nominal value. Significant 

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

At initial recognition securities classified as available for sale are valued according at cost and later recognized at fair 

value. Basically fair value changes are 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. 

40 . 41


Inventories 

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

value. 

Production costs include all direct costs as well as appropriate parts of overheads arising during production. 

Distribution costs as well as costs for general administration are not included in 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 valued at their nominal value less valuation adjustments for 

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

valued 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 

valued on the 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 (IAS 11). 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 valued, 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 construction 

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 the 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 less extraordinary depreciation.

Cash and cash equivalents 

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

acquisition date. Cash and cash equivalents are valued at cost. 

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 

the 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: 

5.5 %) and an expected development of income and pensions of 3.55 % (previous year: 3.5 %). Life expectancy for 

severance pay and pension provisions are calculated according to AVÖ 2008-P “Angestellte”. 

42 . 43


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

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 valued at the middle 

foreign currency rate at the 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 contingent liabilities correspond 

to the extent of liability on the balance sheet date. 

Derivative financial instruments 

Derivative financial instruments are basically used 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 quoted market prices are not used, the fair value is calculated by means of 

financial mathematic methods.

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 controlled 

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

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

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 valued at fair value with an effect on income. 

Revenue recognition 

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

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

of completion. 

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

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

rewards involved and with the rendering of the service. 

Bacher Lechbrücke, Tirol 

ÖBB Brücke in Neumarkt-Kallham, Oberösterreich 

44 . 45


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 branchrelated 

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 statement 

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

assumptions and estimations. 

Steinschlagschutzbarrieren 

Weizklamm, Steiermark 

Hangsicherung Windau, Tirol

noTES on THE ITEMS of THE 

ConSoLIdaTEd ProfIT and LoSS aCCounT 

(1) Revenue 

Revenue of TEUR 1,246,502 (previous year: TEUR 1,244,413) 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 completion 

of the respective contract (Percentage of Completion Method) amount to TEUR 556,341 (previous year: TEUR 706,199). 

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

the group is additionally presented. The output numbers shown include the proportional output of consortia and not 

consolidated or at-equity participations. 


Austria 707,961 690,297 

Hungary 192,681 214,595 

Czech Republic 170,442 133,783 

Germany 153,305 174,398 

Others 133,614 119,888 

Beschneiung Serfaus, Tirol 

1,358,003 1,332,961 

46 . 47


(2) Other operating income 


Income from disposal and appreciation of fixed 

assets excluding financial assets 5,520 1,437 

Others 29,625 10,882 

The other remaining operating income mainly includes revenues from insurance compensation and exchange 

rate differences. 

(3) Raw materials, consumables and services used 

35,145 12,319 

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

planning services, machine rentals and third-party repairs: 


Cost of materials 340,800 413,388 

Cost of services 454,966 393,079 

795,766 806,467

(4) Employee benefits expense 


wages 139,854 130,789 

Salaries 103,057 89,165 

Expenses for severance payments 

and contributions to pension funds 5,736 2,446 

Expenses for pensions 326 411 

Social security payments and 

expenses for support 50,953 46,862 

Other social expenses 4,079 3,532 

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 362 (previous year: TEUR 265). 

The average number of employees has developed as follows: 

(5) Depreciation and amortization expense 

304,005 273,205 

2008/09 2007/08 

Salaried employees 2,281 2,192 

Labourers 4,753 4,859 

7,034 7,051 

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

development of fixed assets. 

In the business year, extraordinary depreciation of tangible assets amounting to TEUR 514 (previous year: TEUR 240) 

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

48 . 49


(6) Other operating expenses 

Other operating expenses of TEUR 149,104 (previous year: TEUR 135,501) mainly include maintenance 

costs, rental- and lease costs, travel- and advertising costs. Other taxes amount to TEUR 1,216 (previous 

year: TEUR 2,237). 

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 


Income from investments in associates 7,808 8,850 

Expenses arising from investments in associates -902 -217 

(8) Net investment income 


Income from participations 2,961 3,233 

Expenses arising from participations -1,902 -30 

In the 2008/09 business year extraordinary depreciation of participations amounting to TEUR 1,713 

(previous year: TEUR 0) was recorded. 

(9) Net interest income 

6,906 8,633 

1,059 3,203 

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

provisions amounting to TEUR 655 (previous year: TEUR 569). 


Interest income 3,867 2,841 

Interest expenses -7,956 -10,218 

Net interest income -4,089 -7,377

(10) Other financial result 


Other financial income 247 35 

Other financial expenses -262 -222 

(11) Income tax expense 

-15 -187 

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

recognized as income tax: 


Tax expense 9,028 5,835 

Deferred tax -5,369 788 

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

originate from: 


Profit before tax 26,198 34,901 

Theoretical tax expenditure 25 % 6,550 8,725 

Differences from foreign tax rates -543 -278 

Tax effects from: 

3,659 6,623 

Non-tax deductible expenditure and tax-free earnings 854 913 

Change of tax rate -985 -559 

Tax-free income from associates -3,114 -2,436 

Change of valuation adjustment on deferred tax assets 12 2 

Other 885 256 

Recognized income tax expense 3,659 6,623 

50 . 51


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: 

Amounts in TEUR 31.3.2009 31.3.2008 

CELL-BAHNBAU Danubia kft./Mavepcell kft. 4,458 4,528 

Bahnbau Petri Hoch- und Tiefbau Gesellschaft m.b.H. 2,036 0 

SwIETELSky stavební s.r.o. 1,158 1,158 

Georg Feßl GmbH 896 896 

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 

10,199 8,233 

Goodwill is subject to an annual impairment test. By this test, the recoverable amount of a cash-generating 

unit is compared with its corresponding book value. 

The 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 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 14.0 %. 

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

the cash-generating units resulted in no impairment requirement (previous year: TEUR 400).

Tangible assets 

The book values of valued 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 64,557 (previous year: TEUR 55,546). 

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

contracts: 

Real estate leasing 


Historical costs 5,474 5,474 

Depreciation (accumulated) -1,408 -1,189 

Book value 4,066 4,285 

Machinery leasing 


Historical costs 7,868 8,022 

Depreciation (accumulated) -4,011 -3,136 

Book value 3,857 4,886 

Offset against these are liabilities from the present value of leasing obligations amounting to TEUR 6,167 (previous 

year: TEUR 7,837). 

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. 

52 . 53


In subsequent business years the following liabilities without outstanding payments (TEUR 2,380; previous 

year: TEUR 2,440) will arise from leasing: 


Amounts in TEUR 2009 2008 

Term up to one year 1,058 1,563 

Term between one to five years 994 1,812 

Term over five years 2,870 3,111 

In addition to finance leases, there are also operating leases for the utilization of technical plants, machines, 

other plant, furniture and fixtures. The expenses from these contracts are recognized in the income statement. 

The payments made for the 2008/09 business year amount to 

TEUR 22,814 (previous year: TEUR 27,404). 

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, liabilities to banks amounting to TEUR 599 (previous year: TEUR 0) have been pledged 

as collaterals. 

Referring to Cash and cash equivalents, no financial instruments were pledged as collaterals for liabilities. 

4,922 6,486 



Term up to one year 23,191 23,250 

Term between one to five years 54,689 64,939 

Term over five years 23,410 24,689 

101,290 112,878 

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

which have not been considered in the consolidated financial statements.

(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). 

The development of the financial assets is as follows: 

Amounts in TEUR Balance Currency 

Change of 

consoli- Additions Disposals Transfers Impair- Balance 

on April 1, 

2008 

Translation dation 

scope 

ments on March 31, 

2009 

Shares in affiliated companies 9,216 -721 -2,462 2,728 232 1,098 1.713 7,914 

Shares in associated companies 14,207 0 0 465 902 -4,502 0 9,268 

Other participations 7,428 -178 0 2,602 396 3,404 0 12,860 

Other loans 417 -23 0 0 25 0 0 369 

Advance payments made 22 -3 0 9 11 0 0 17 

31,290 -925 -2,462 5,804 1,566 0 1,713 30,428 

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



Total Assets 59,338 101,817 

Total Liabilities 32,741 70,204 

Sales 76,922 180,514 

Profit 13,387 19,374 

19 associated companies were disposed from the scope of consolidation during the business year. 

Therefore, comparability to the prior year is limited. 

54 . 55


(14) Inventories 



Undeveloped land 15,281 18,921 

Raw materials and supplies 19,716 17,351 

Payments made 326 1,540 

(15) Accounts receivable and other assets 

Amounts in TEUR Total shortterm longterm Total shortterm longterm 

Receivables from 

35,323 37,812 

March 31, 2009 March 31, 2008 

construction contracts 514,751 514,751 0 641,593 641,593 0 

Advances received -410,457 -410,457 0 -492,862 -492,862 0 

104,294 104,294 0 148,731 148,731 0 

Trade receivables 105,842 101,545 4,297 101,247 99,548 1,699 

Receivables from consortia 58,387 58,387 0 50,966 50,966 0 

Trade receivables 268,523 264,226 4,297 300,944 299,245 1,699


Receivables 

from affiliated companies 15,170 15,170 0 16,599 16,599 0 

Receivables from participation 

companies 28,086 28,086 0 18,408 18,408 0 

Other accounts receivable, 

accruals and deferrals 24,249 22,641 1,608 24,101 22,931 1,170 

Other accounts receivable 

and other assets 67,505 65,897 1,608 59,108 57,938 1,170 

Accounts receivable from construction contracts are represented as follows: 



All contracts in progress at balance sheet date: 

March 31, 2009 March 31, 2008 

Costs incurred to balance sheet date 547,103 677,484 

Profits arising to balance sheet date 30,884 49,633 

Accumulated losses -21,646 -20,918 

Less receivables recognized under liabilities -41,590 -64,606 

514,751 641,593 

Receivables from construction contracts amounting to TEUR 41,590 (previous year: TEUR 64,606) are recognized 

in liabilities as advances received exceed the receivables. 

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

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

56 . 57


In the business year, impairments of trade receivables developed as follows: 


Impairment as of April 1 18,148 14,831 

Allocation, Utilization, Reversal 11,510 3,317 

Impairment as of March 31 29,658 18,148 

(16) Cash and cash equivalents 

Cash and cash equivalents include cash on hand, cash at banks and securities as follows: 



Securities 16,643 17,538 

Cash on hand, cash at banks 21,240 20,468 

Gailbrücke Watsching, Kärnten 

37,883 38,006 

ÖBB Unterführung Lessern, 

Oberösterreich

(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 financial 

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

Temporary differences between the amounts stated in the IFRS consolidated financial statements and the respec- 

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

Amounts in TEUR Assets Liabilities Assets Liabilities 

Tangible assets 130 5,905 149 7,864 

Financial assets 57 33 0 521 

Inventories 2 0 547 0 

Receivables 4,825 10,319 1,361 6,985 

5,014 16,257 2,057 15,370 

Provisions 3,691 216 6,019 1,017 

Liabilities 2,378 95 2,639 381 

Tax losses carried forward 5,750 0 0 0 

Deferred tax assets 16,833 16,568 10,715 16,768 

Netting out of deferred tax assets 

March 31, 2009 March 31, 2008 

and liabilities to the same tax authorities -14,150 -14,150 -8,093 -8,093 

Deferred taxes netted out 2,683 2,418 2,622 8,675 

58 . 59


(18) Shareholder’s Equity 

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

TRIAS Holding GmbH, Linz 6,799,469.88 

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

HPB-Holding GmbH, wien 289,130.12 

In the business year 2008/09, the company has made no transactions with TRIAS Holding GmbH. At the 

balance sheet date there were liabilities to TRIAS Holding GmbH, Linz, amounting to TEUR 664 (previous year: 

receivables TEUR 1,378). 

The retained earnings include currency translation differences and the statutory and mandatory retained earnings, 

the profit for the period as well as the result carried forward from previous periods of SwIETELSky 

Baugesellschaft m.b.H. and their consolidated subsidiaries, in as far as these enterprises were not eliminated 

in 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 reserve as of March 31, 2009 amounts to TEUR -369 (as of March 31, 

2008: TEUR -77). The effective part of fair value changes from cash flow hedges is 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 net 

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

financial result has an effect on net income of TEUR 281 (previous year: TEUR 0). The other change in the cash 

flow hedge reserve corresponds to the derivates’ fair value change. 

In the business year 2007/08 a 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 issuance of the hybrid bond is reported as part of shareholder’s equity since this instrument 

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

part of financial statement usage. 

For more details of the SwIETELSky Baugesellschaft m.b.H. Group’s equity see the enclosure ‘Development 

of the Consolidated Shareholder’s Equity’. 

EUR 

7,705,000.00

(19) Provisions 

Amounts in TEUR Balance on Currrency Change of Additions Release Utilization Balance on 

April 1, 2008 differences consolidation 

scope 

March 31, 2009 

Provisions for severance pay 13,797 0 158 2,277 0 -2,123 14,109 

Provisions for pensions 190 0 48 1 0 -7 232 

Provisions for taxes 3,100 -19 43 1,642 -146 -1,327 3,293 

Other provisions: 

Construction-related provisions 26,219 -1,629 0 11,718 -1,763 -16,822 17,723 

Other 1,123 -76 0 763 0 -52 1,758 

Provisions with a residual term up to more than one year amounting to TEUR 16,293 (previous year: TEUR 19,130) 

are related to personnel provisions amounting to TEUR 14,341 (previous year: TEUR 13,987) as well as constructionrelated 

provisions amounting to TEUR 1,952 (previous year: TEUR 5,143). 

Provisions for severance pay show the following development: 

44,429 -1,724 249 16,401 -1,909 -20,331 37,115 


Present value of the defined benefit obligaton (DBO) on 1.4. 13,797 13,610 

Change in consolidation scope 158 0 

Service costs 647 707 

Interest costs 646 558 

Severance payments -3,157 -565 

Actuarial profit/loss 2,018 -513 

Present value of the defined benefit obligaton (DBO) on 31.3. 14,109 13,797 

The amount of the provision for severance pay is calculated using the actuarial methods based on AVO 2008-P 

“Angestellte” guideline. This is based on a discounting rate of 5.5 % (previous year: 5.5 %) and in the case of salaryrelated 

commitments a salary increase of 3.55 % (previous year: 3.5 %). 

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

60 . 61


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


Present value of the defined benefit obligation (pension) on 1.4. 190 262 

Change in consolidation scope 48 0 

Interest costs 9 11 

Service Costs 1 0 

Pension payments -34 -38 

Actuarial profit/loss 18 -45 

Present value of the defined benefit obligation (pension) on 31.3. 232 190 

The amount of the provision for pensions is calculated using the actuarial methods based on AVÖ 2008-P 

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

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

payments to current and former 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 commitments 

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. 

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

resulting from consortia and legal costs. 

Villa in Mühlau Innsbruck, Tirol

(20) Liabilities 

The liabilities can be represented as follows: 


Financial liabilities: 

Bonds 31,112 0 31,112 29,158 0 29,158 

Bank borrowings 56,557 27,310 29,247 43,754 13,168 30,586 

Liabilities from finance leases 6,167 1,400 4,767 7,837 2,015 5,822 

93,836 28,710 65,126 80,749 15,183 65,566 

In the business year 2005/06 a new bond was placed with a 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). 


Trade Payables: 

March 31, 2009 

March 31, 2009 

March 31, 2008 

March 31, 2008 

Receivables from construction contracts -41,590 -41,590 0 -64,606 -64,606 0 

Advances received 57,700 57,700 0 69,996 69,996 0 

16,110 16,110 0 5,390 5,390 0 

Other trade payables 132,588 123,565 9,023 167,600 158,198 9,402 

Payables to consortia 22,160 22,160 0 23,108 23,108 0 

170,858 161,835 9,023 196,098 186,696 9,402 

62 . 63



Other liabilities: 

Payables to affiliated companies 2,344 2,344 0 2,425 2,425 0 

Payables to affiliated 

participation companies 2,897 2,897 0 2,055 2,055 0 

Other liabilities, accruals 

and deferred income 71,072 66,926 4,146 61,554 58,064 3,490 

In order to secure liabilities to banks real collaterals amounting to TEUR 599 (previous year: 

TEUR 0) have been pledged. 

(21) Contingent liabilities 

Financial guarantees according to IAS 39 are shown in section (23) ‘Credit risk’. 

76,313 72,167 4,146 66,034 62,544 3,490 

of these from tax 12,032 12,032 0 9,343 9,343 0 

of these from social security 5,267 5,267 0 4,992 4,992 0 

of these from personnel-related 

March 31, 2009 March 31, 2008 

liabilities and deferrals 31,256 31,256 0 23,096 23,096 0

(22) Notes on the Consolidated Cash-Flow Statement 

The cash-flow statement was set up using the indirect method and is separated cash flows resulting from operating, 

investing and financing activities. The cash and cash equivalents are composed as follows: 


Amounts in TEUR 2009 31.3.2008 

Cash on hand, cash at banks 21,240 20,467 

Any effects of changes in the consolidation scope were eliminated and are presented in the cash-flow from investing 

activities. 

(23) Financial Instruments, financial risk and capital management 

The consolidated group’s financial instruments basically include primary and derivative financial instruments. Financial 

assets, trade receivables, cash at banks, financial liabilities and trade and other payables form the most significant 

basis for the primary financial instruments. The amount of primary financial instruments is presented in the balance 

sheet. 

The basic purpose of derivative financial instruments is to diminish the risk of interest rate changes as well as the 

change of currency exchange rates. The utilization of derivative financial instruments is in compliance to the group’s 

approval and control mechanisms. 

Lohbergtunnel, Deutschland Lohbergtunnel, Deutschland 

64 . 65


According to IAS 39 financial assets and liabilities can be presented by group and category as follows: 

Category March 31, March 31, 

Amounts in TEUR according to 2009 2009 

ASSETS: 

IAS 39*) Book value 

Fair Value 

Measurement at historical cost: 

Trade receivables LaR 268,523 268,523 

Accounts receivable from affiliated companies LaR 15,170 15,170 

Receivables from participation companies LaR 28,086 28,086 

Other loans LaR 369 369 

Other financial receivables LaR 14,198 14,198 

Cash and cash equivalents LaR 37,883 37,883 

Measurement at fair value: 

Shares in affiliated companies AfS (at cost) 7,914 7,914 

Other participations AfS (at cost) 12,860 12,860 

Derivatives with positive market value (Trading) AtFVtP&L 0 0 

Derivatives with positive market value (Fair Value-Hedge) - 1,112 1,112 

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

Sum of financial assets (Assets) 386,115 386,115 

LIABILITIES: 


Financial Liabilities FLAC 93,836 94,043 

Trade Payables FLAC 170,858 170,858 

Accounts payable from affiliated companies FLAC 2,344 2,344 

Payables to participation companies FLAC 2,897 2,897 

Other financial liabilities FLAC 51,115 51,115 


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

Derivatives with negative market value (Fair Value-Hedge) - 0 0 

Derivatives with negative market value (Cash Flow-Hedge) - 461 461 

Total financial liabilities (Liabilities) 321,050 321,257

Category March 31, March 31, 

Amounts in TEUR according to 2008 2008 

ASSETS: 

IAS 39*) 

Book value Fair Value 


Trade receivables LaR 300,944 300,944 

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

Receivables from participation companies LaR 18,408 18,408 

Other loans LaR 417 417 

Other financial receivables LaR 22,159 22,159 

Cash and cash equivalents LaR 38,006 38,006 


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

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

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

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

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

Total financial assets (Assets) 413,342 413,342 

LIABILITIES: 


Financial Liabilities FLAC 80,749 79,823 

Trade Payables FLAC 196,098 196,098 

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

Payables to participation companies FLAC 2,055 2,055 

Other financial liabilities FLAC 43,435 43,435 


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

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

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

Total financial liabilities (Liabilities) 326,556 325,630 

*) LaR Loans and Receivables 

AfS Available-for-Sale 

AtFVtP&L At Fair Value through Profit or Loss 

FLAC Financial Liabilities at Amortised Cost 

66 . 67


The majority of cash and cash equivalents, trade receivables as well as financial receivables have short-term 

maturities. Hence, their book values at the balance sheet date approximate their fair values. The fair values of 

long term financial assets, as far as there are no market prices available, represent present values of payments 

considering current market parameters. 

Liabilities from trade payables as well as financial liabilities regularly have short-term maturity. Therefore, the 

book values approximate the fair values. Fair values of bonds, liabilities to banks and liabilities from financial 

leases, as far as there are no market prices available, represent present values of payments considering 

current market parameters. 

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

at historical cost (less attributable impairments) according to IAS 39, since their fair values were not reliably 

determinable. 

The net result from financial instruments according to IAS 39 can be presented by group and category as 

follows: 

2008/09 

Amounts in TEUR LaR FLAC AtFVtP&L Total 

Interest and similar income/expenses 3,867 -6,893 -102 -3,128 

Reversals of impairment 185 0 0 185 

Impairment -11,510 0 0 -11,510 

Fair Value Measurement affecting net income 0 0 847 847 

Disposal result -200 0 -782 -982 

Net result -7,658 -6,893 -37 -14,588 

2007/08 

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

Dividends and expenses from participations presented in the result from other participations are not part of the net 

result. Impairments, reversals of impairments and disposal results of the categories loans, 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, presented in the result from participating companies and 

in the other financial result. 

Basics of financial risk management 

Regarding assets, liabilities and planned transactions, the SwIETELSky Baugesellschaft m.b.H Group 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 board of directors. The group treasury 

department and the decentralised treasury units are responsible for implementation. 

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 results 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 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 March 31, 2009, 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 EUR 30 Mio. 

The purpose of the value hedge relationship is to hedge the fair-value-risk resulting from bond whose interest is fixed. 

The risk of credit-worthiness is not subject to the hedge. 

68 . 69


As of March 31, 2009, the following interest rate hedging transactions existed: 

Nominal value Nominal value Market value Market value 

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

Interest rate swaps (EUR): 

2009 2008 2009 2008 

Bond 2005-2012 30,000 30,000 1,112 -842 

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

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

As of March 31, 2009, the interest rate swap has a maturity till 2012. The interest rate swap’s purpose is to 

hedge the fair value hedge relationship based on the bond as underlying transaction. In the business year the 

underlying transaction’s result of the market valuation amounts to TEUR 1,954 (previous year: TEUR 60). In 

total, the negative result of the underlying transaction itself mostly levels out the positive market evaluation. 

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

date - is represented as follows: 

Cash at banks 

1,112 -1,629 

Currency Book Value TEUR Average interest rate 

2008/09 % 

EUR 30,556 0.96 

GBP 3,595 0.10 

HRk 1,035 6.40 

RON 809 6.00 

HUF 871 9.13 

PLN 379 3.65 

CZk 603 1.00 

CHF 35 0.25 

37,883

Liabilities to banks 

Currency Book Value TEUR Average interest rate 

2008/09 % 

EUR 33,783 3.27 

CHF 6,811 1.43 

HUF 15,073 10.93 

CZk 890 4.51 

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

diminished by TEUR 213 (as of March 31, 2008: TEUR 182). 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. As a result, the currency risk is considered to be low. The subsidiaries’ credit financing 

as well as investments are mainly done in the particular local currency. 

Currency conversion risk 

56,557 

Due to the decentralised nature of the group mainly naturally closed currency positions 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 predominantly made by group companies in the respective country’s local 

currency. 

The Hungarian and Czech subsidiaries are contractually obliged to make payments in Euro. In order to hedge these 

Euro payments which are to be paid in Hungarian Forint and the Czech koruna, 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. 

70 . 71


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: 

Amounts in TEUR March 31, 2009 Nominal March 31, 2008 Nominal 

Expected Payments 

in 6 months 9,658 13,800 

in more than 6 months 700 0 

Total 10,358 13,800 

As of March 31, 2009, the following foreign exchange forwards from cash flow hedge relationships existed: 

Foreign exchange forwards (EUR/HUF): 

EUR-Payments 

Foreign exchange forwards (EUR/CZk): 

EUR-Payments 

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 

Nominal value 

March 31, 

2009 

Nominal value 

March 31, 

2008 

Market value 

March 31, 

2009 

6,700 13,800 -404 -96 

3,658 0 -57 0 

10,358 13,800 -461 -96 

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

Currency 

March 31, 2009 2008/09 March 31, 2008 2007/08 

HUF 307.9000 260.8708 261.0000 253.3792 

CZk 27.4100 25.5963 25.3400 27.0813 

PLN 4.6950 3.7960 3.5280 3.6916 

CHF 1.5165 1.5556 1.5717 1.6383 

RON 4.2350 3.8337 3.7250 3.4250 

GBP 0.9317 0.8385 0.7955 0.7118 

HRk 7.4850 7.2671 7.2750 7.3048 

Skk 1.0000 1.0000 32.6400 33.4508 

Market value 

March 31, 

2008

As of March 31, 2009, a 10 % appreciation of the Euro towards all foreign currencies would have resulted in a profit 

(after tax) and an increase in shareholder’s equity of TEUR 1,375 (as of March 31, 2008: TEUR 1,416). 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 and the Czech koruna respectively, the sensi- 

tivity of the cash flow hedging reserve had an effect on the sensitivity of the shareholder‘s equity amounting to TEUR 

832 as of March 31, 2009 (as of March 31, 2008: TEUR 1,104). A depreciation of the Euro would have increased the 

shareholder’s equity by the same amount. In an economic perspective, there is no foreign currency risk because 

of the closed position. 

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

sidiaries’ 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 

attributed 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 consideration in 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 loss amounts to the book values of each financial asset in the balance sheet. Generally, the risk 

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

of creditworthiness. 

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

10,961 (previous year: TEUR 18,195). 

72 . 73


Additionally, the SwIETELSky Baugesellschaft m.b.H. Group 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 1,270 (previous year: 

TEUR 2,122). 

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

and are entirely not due yet. Less than 3 % of the remaining financial assets are overdue and the value is not 

adjusted. 

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 provisions for specific doubtful financial assets 

are recognized for consideration of general credit risks aligned to each specific risk group. 

Liquidity risk 

Another important target of SwIETELSky Group’s financial risk management 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 guaranteed through emissions of corporate bonds and bank 

loans. 

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

liquidation payments) will arise in the following years: 

Amounts in TEUR 

Cash-flows 

Book Value 1.4.2009 - 1.4.2010 - from 

31.3.2009 31.3.2010 31.3.2014 1.4.2014 

Bonds 31,112 1,220 33,661 0 

Liabilities to banks 56,557 14,650 22,368 27,334 

Liabilities from financial leases 6,167 1,058 994 2,870 

Total 93,836 16,928 57,023 30,204

Interest payments are calculated based on interest rates fixed lately at or before March 31, 2009, and March 31, 

2008. Budget figures for future liabilities are not considered. Financial liabilities repayable at any time are constantly 

classified 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 assisted 

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 equity ratio amounted to 34.2 % 

(March 31, 2008: 33.3 %). 

The Group’s capital management strategy focuses on an adequate capitalization of each subsidiary depending on 

local prerequisites. In the business year all external capitalization prerequisites were fulfilled. 

(24) Segment Reporting 

Classification of Segments 

Cash-flows 

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 banks 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 

IFRS 8 “Operating Segments” which was passed in November 2006 by the International Accounting Standards 

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

periods which begin at or after January 1, 2009. The SwIETELSky Group has decided to apply IFRS 8 earlier, 

beginning with the business year ending March 31, 2008. Segmentation is based on internal reporting (management 

approach). Since construction business strongly focuses on local markets, SwIETELSky primarily is managed 

regionally. The group’s internal organisation and management structures as well as the internal reporting system 

follows the regional classification and are reported to top management (Chief Operating Decision Maker) accordingly. 

74 . 75


The operating 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. 

In the segments the following construction work is performed: 

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

Building construction x x x x x 

Transportation infrastructures 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 

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 assets, 

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 payables 

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

intangible assets and fixed assets. 

In the reconciliation the major reconciling items are shown such as 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.

Segment reporting 2008/09 in TEUR Austria Germany Hungary Czech Rep. Other Countries Eliminations Consolidated 

Construction work external 707.961 153.305 192.681 170.442 133.614 1.358.003 

Construction work internal 61.134 13.232 10.610 0 25.949 -110.926 0 

Transition: 

not consolidated companies Services from -17.708 

joint ventures, participations and others -93.512 

IFRS adjustments -281 

Sales per IFRS Financial statement 687.356 149.089 216.753 169.657 134.573 -110.926 1.246.502 

Segment result 

Transition: 

9.855 9.479 232 5.709 5.297 30.572 

not consolidated companies Profit/Loss 1.161 

transfer from joint ventures and participations -3.252 

IFRS adjustments -2.283 

EBT per IFRS Financial statement 

thereof in segment result included 

10.631 5.779 53 5.998 5.835 -2.097 26.198 

Interest income 2.452 130 497 51 505 

Interest expenses -10.009 -157 -1.878 -466 -190 

Depreciation -9.634 -2.567 -1.337 -2.671 -1.132 

Result from associated companies 7.480 1.511 0 0 0 

Segment assets 455.665 47.278 111.313 55.410 61.602 -153.028 578.240 

Investments 21.466 3.579 1.055 4.571 1.187 0 31.859 

Segment liabilities 295.730 29.494 85.833 36.417 48.264 -115.197 380.540 

Segment reporting 2007/08 in TEUR Austria Germany Hungary Czech Rep. 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 Services from -22.510 

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 

Transition: 

16.113 13.705 1.572 583 6.332 38.305 

not consolidated companies Profit/Loss -499 

transfer from joint ventures and participations -5.217 

IFRS adjustments 2.311 

EBT per IFRS Financial statement 

thereof in segment result included 

24.990 6.687 3.302 904 7.028 -8.010 34.901 

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 

76 . 77


Information to important customers 

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

Backlog according to segments with external customers: 

Contract position Austria Germany Hungary Czech Rep. Other Countries Consolidated 

2008/09 452,072 64,982 341,335 142,436 60,994 1,061,820 

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

(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 the law firm „Rechtsanwälte Grassner, 

Lenz, Thewanger & Partner“, Linz, which renders consulting services for the group. The consulting services 

are in accordance with market conditions. 

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

follows: 


TRIAS Holding GmbH -3,677 

HPB-Holding GmbH 356 

Thumersbacher Geräteverleih GmbH 760 

Haus Gundi Kitzbühel, Tirol 

Baugrubensicherung Hotel 

Hilton Visegrad, Ungarn

Furthermore a subordinated loan from the following related parties (hybrid bonds) is subscribed: 


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

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

kkL-Holding GmbH (indirect shareholder) 2,500 

Hellmuth Brustmann (executive director until March 31, 2009) 2,714 

Adolf Scheuchenpflug (executive director since April 1, 2009) 20 

Günther Grassner (member of supervisory board) 30 

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

In the business year the following individuals acted as executive directors: 

Ing. Hellmuth Brustmann (until Mach 31, 2009) 

Dipl.-Ing. kurt kladensky 

Dipl.-Ing. walter küssel (since April 1, 2009) 

Adolf Scheuchenpflug (since April 1, 2009) 

Dipl.-Ing. karl weidlinger (since April 1, 2009) 

In the business year the following individuals were members of the supervisory board: 

Senator h.c. komm. Rat Dipl.-Ing. Dr. Richard Schenz, Chairman 

Dr. Günther Grassner, Vice-Chairman 

Dr. Ing. Andre Hovaguimian, Vice-Chairman 

Johann karmedar 

werner klement 

The salary expenses include the total salaries of the board members amounting to TEUR 1,445 (previous year: TEUR 

1,315). Expenses for severance pay amounting to TEUR 1,299 are related to board members. 

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

78 . 79


Gleisbaukran 

Zweiwegekran 

Bahnbaumaschine RU 800 S

(27) Significant events after the balance sheet date 

Between the balance sheet date and the publication of the Group’s consolidated financial statements, May 2009 

saw the purchase of a majority holding in Romberger Fertigteile GmbH, which in the course of an asset deal 

had purchased the real estate and movables needed for operations from the bankrupt Romberger GmbH at the 

company’s main location in Gurten. Anti-trust approval for this transaction is still outstanding. 

Romberger Fertigteile GmbH has a workforce of around 40 and anticipates sales revenues of around EUR 9 million 

in the coming year. 

No other events of material significance occurred after the balance sheet date. 

Linz, July 15, 2009 

Executive directors 

Dipl.-Ing. kurt kladensky Dipl.-Ing. walter küssel 

Adolf Scheuchenpflug Dipl.-Ing. karl weidlinger 

80 . 81


ConSoLIdaTEd dEvELoPMEnT of fIxEd aSSETS 



I. Intangible assets: 

1. Concessions, trade marks 

Balance at 

April 1, 2008 

HISTorICaL and ProduCTIon CoSTS 

Changes in scope 

of consolidation 

and similar rights, licences 4,585 14 -85 19 745 154 5,124 

2. Goodwill 9,537 2,036 0 0 0 70 11,503 

3. Advance Payments 17 0 -1 -16 0 0 0 

II. Tangible assets: 

1. Real estate and equivalent 

rights, buildings on third 

party property (real estate 

value TEUR 18,007; previous 

Exchange rate 

differences 

Transfers 

Additions 

Disposals 

Balance at 

March 31, 2009 

14,139 2,050 -86 3 745 224 16,627 

year: TEUR 17,774) 84,587 0 -2,761 5,231 8,089 327 94,819 

2. Machinery and technical equipment 126,384 4,416 -3,189 1,383 12,540 5,909 135,625 

3. Other plant, furniture 

and fixtures 27,393 70 -580 0 3,620 2,328 28,175 

4. Plant and machinery in 

process of construction 1,835 0 -177 -1,389 1,060 267 1,062 

240,199 4,486 -6,707 5,225 25,309 8,831 259,681 

254,338 6,536 -6,793 5,228 26,054 9,055 276,308

Balance at 

April 1, 2008 



aCCuMuLaTEd dEPrECIaTIon BooK vaLuE 

Exchange rate 

differences 

Transfers 

Additions 

3,561 6 -73 0 837 155 4,176 948 1,024 

1,304 0 0 0 0 0 1,304 10,199 8,233 

0 0 0 0 0 0 0 0 17 

4,865 6 -73 0 837 155 5,480 11,147 9,274 

16,980 0 -824 0 2,756 40 18,872 75,947 67,607 

90,175 513 -1,884 0 11,883 4,133 96,554 39,071 36,209 

18,839 24 -729 0 3,269 1,896 19,507 8,668 8,554 

0 0 0 0 0 0 0 1,062 1,835 

125,994 537 -3,437 0 17,908 6,069 134,933 124,748 114,205 

130,859 543 -3,510 0 18,745 6,224 140,413 135,895 123,479 

Disposals 

Balance at 

March 31, 2009 

Balance at 

March 31, 2009 

Balance at 

March 31, 2008 

82 . 83


ConSoLIdaTEd dEvELoPMEnT of fIxEd aSSETS 



I. Intangible assets: 

1. Concessions, trade marks 

Balance at 

April 1, 2007 

HISTorICaL and ProduCTIon CoSTS 

and similar rights, licences 3,909 -9 0 840 155 4,585 

2. Goodwill 9,537 0 0 0 0 9,537 

3. Advance Payments 0 0 0 17 0 17 

II. Tangible assets: 

1. Real estate and equivalent 

rights, buildings on third 

party property (real estate value 



Transfers 

Additions 

Disposals 

Balance at 

March 31, 2008 

13,446 -9 0 857 155 14,139 

TEUR 17,774; previous year: TEUR 16,679) 78,771 -272 630 6,143 685 84,587 

2. Machinery and technical equipment 119,263 1,354 -120 12,584 6,697 126,384 

3. Other plant, furniture 

and fixtures 27,326 -130 17 3,093 2,913 27,393 

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

226,270 939 51 23,635 10,696 240,199 

239,716 930 51 24,492 10,851 254,338

Balance at 

April 1, 2007 

aCCuMuLaTEd dEPrECIaTIon BooK vaLuE 



Transfers 

Additions 

Disposals 

2,683 -8 0 1,040 154 3,561 1,024 1,226 

904 0 0 400 0 1,304 8,233 8,633 

Balance at 

March 31, 2008 

Balance at 

March 31, 2008 

Balance at 

March 31, 2007 

0 0 0 0 0 0 17 0 

3,587 -8 0 1,440 154 4,865 9,274 9,859 

14,887 -6 3 2,397 301 16,980 67,607 63,884 

85,148 747 -3 10,636 6,353 90,175 36,209 34,115 

18,449 -99 0 3,225 2,736 18,839 8,554 8,877 

0 0 0 0 0 0 1,835 910 

118,484 642 0 16,258 9,390 125,994 114,205 107,786 

122,071 634 0 17,698 9,544 130,859 123,479 117,645 

84 . 85


LIST of ParTICIPanTS aS of MarCH 31, 2009 

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 

Bahnbau Petri Hoch- und Tiefbau Gesellschaft m.b.H., wiener Neudorf 100.00 

Baumeister karl Sedlmayer Gesellschaft m.b.H., Grafenwörth 100.00 

Ing. Rudolf Seibt Gleisbau GmbH, wien 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 

RTS Rail Transport Service GmbH, Graz 90.00 

Germany: 

SwIETELSky Baugesellschaft m.b.H., Traunstein 100.00 

wadle Bauunternehmung GmbH, Altheim 100.00 

RTS Rail Transport Service Germany GmbH, München 90.00 

Hungary: 

CELL-BAHNBAU Danubia kft., Celldömölk 100.00 

Mavepcell kft., Celldömölk 100.00 

SwIETELSky Épitö kft., Budapest 100.00 

SwIETELSky Magyarország kft., Budapest 100.00 

Other: 

SwIETELSky stavební s.r.o., Ceské Budejovice, Czech Republic 100.00 

SwIETELSky Construction Company Ltd., London, Great Britain 100.00 

SwIETELSky d.o.o., Zagreb, Croatia 100.00 

SwIETELSky Spolka z.o.o., Lublin, Poland 100.00 

SwIETELSky Constructii Feroviare s.r.l., Bukarest, Romania 100.00 

SwIETELSky-SLOVAkIA s.r.o., Bratislava, Slovakia 100.00

Name Share % 

Associated companies: 

Eurailpool GmbH, Ismaning, Germany 50.00 

SwIETELSky - Faber GmbH-kanalsanierung, Schlierschied, Germany 50.00 

RPM wiebe & SwIETELSky GmbH & Co. kG, Achim, Germany 49.00 

Name Share % 

Not consolidated companies: 1) 

ALBA ASZFALT Épitöipari és kereskedelmi kft., Szekesfehervar, Hungary 100.00 

Baldauf Fliesen und Baustoffe Gesellschaft m.b.H., Linz 100.00 

Belváros Tetútér kft., Budapest, Hungary 100.00 

C-Bau kft., Budapest, Hungary 100.00 

G.k.S SwIETELSky kft., Budapest, Hungary 100.00 

Harmathaz Ingatlanfejlesztö kft., Budapest, Hungary 100.00 

Held Tiefbau Verwaltungs-GmbH, Ebersberg, Germany 100.00 

Hans Held Tiefbau GmbH & Co, Ebersberg, Germany 100.00 

HTB-Hoch-Tief-Bau GmbH, Nals/Bozen, Italy 100.00 2) 

Mandarino Ingatlanberuhazo kft., Budapest, Hungary 100.00 

Passzázs Ház kft., Budapest, Hungary 100.00 

Roboty kolejowe „SwIETELSky Ltd“, Spolka z.o.o., krakau, Poland 100.00 

S.C. Andemur S.R.L., Judetul Mures, Romania 100.00 

SICE Ltd., Edinburgh, Great Britain 100.00 

SwIETELSky d.o.o., Belgrad, Serbia 100.00 

SwIETELSky gradbeno podjetje d.o.o., Ljubljana, Slovenia 100.00 

SwIETELSky Immobilien GmbH, Vienna 100.00 

SwIETELSky Iskolaprojekt kft., Baja, Hungary 100.00 

SwIETELSky - MAVÉPCELL Vasútépitö kft., Celldömölk, Hungary 100.00 

SwIETELSky Tunnelbau GmbH, Innsbruck 100.00 

SwIETELSky Rail CZ s.r.o., Brünn, Tschechien 100.00 

SwIETELSky Vasultechnika kft., Celldömölk, Hungary 100.00 

DRUMSERV S.A., Targu Mures, Romania 99.40 

SND-Bauträger Ges.m.b.H., Innsbruck 97.82 

S.C. AMFIBOSwIN SRL, Sibiu, Romania 56.50 

1) insignificant importance 

2) calculated through 

86 . 87


Name Share % 


GCC - SwIETELSky SRL, Bukarest, Romania 51.00 

SR Beteiligungs GmbH, Linz 51.00 

SRG Schotter und Recycling GmbH, krems 51.00 

Strakonická Obalovna s.r.o., Strakonice, Czech Republic 51.00 

Asfalt Dobrogea s.r.l., Constanta, Romania 50.00 

AVE SwIETELSky Depozit Ecologic s.r.l., Bukarest, Romania 50.00 

AwM Asphaltwerk Mötschendorf Gesellschaft m.b.H., Graz 50.00 

AwM Asphaltwerk Mötschendorf GmbH & Co. kG, Graz 50.00 

Elizabeth Center kkt., Pest Megyei, Hungary 50.00 

EULAB kft., Dunakeszi, Hungary 50.00 

FSP Limited, Glasgow, Great Britain 50.00 

GSG Bau GmbH, Graz 50.00 

PAM - Pongauer Asphaltmischanlagen GmbH & Co kG, St. Johann 50.00 

PAM - Pongauer Asphaltmischanlagen GmbH, St. Johann 50.00 

SwIETELSky - BÖGL s.r.l., Bukarest, Romania 50.00 

SwIERA SRL, Andriano, Italy 50.00 

Sw-O Metro 4 Epitö kkt., Budapest, Hungary 50.00 

Sw-O Metro 4 „kálvin tér“ Epitö kkt., Budapest, Hungary 50.00 

Sw-O Metro 4 „Rákóczi tér“ Epitö kkt., Budapest, Hungary 50.00 

Transportbeton und Asphalt Gesellschaft mbH, Zams 50.00 

TBG - SwIETELSky Beton kft., Tatabanya, Hungary 50.00 

Zapadoceska Obalovna s.r.o., Pilsen, Czech Republic 50.00 

RPM wiebe & SwIETELSky BeteiligungsgmbH, Achim, Germany 49.00 

Asphaltmischwerk weißbach GmbH & Co Nfg kG, Lofer 45.00 

AwB Asphaltmischwerk weißbach BetriebsgesmbH, Vienna 45.00 

Transportbeton und Asphalt GesmbH & Co kG, Zams 45.00 

SCO obalovna s.r.o., Budweis, Czech Republic 39.00 

Pinzgau Beton GmbH & Co. kG, Bergheim 37.00 

Pinzgau Beton GmbH, Bergheim 37.00 

AMS Asphaltmischwerk Süd Gesellschaft m.b.H., Linz 35.00 

AMG ASPHALTMISCHwERk GUNSkIRCHEN GMBH & CO. kG , Linz 33.33 

AMG ASPHALTMISCHwERk GUNSkIRCHEN GMBH, Linz 33.33 

Chebská obalovna spol. s.r.o., Stenovice, Czech Republic 33.33 

GSB Gleitschalungsbau GmbH, Hamburg, Germany 33.33 

M 6 Autopalya Epitesi kkt, Budapest, Hungary 33.33

Name Share % 


OSTRE Infrastrukur Entwicklungs- und Beteiligungs GmbH, wien 33.33 

TAM Traisental Asphaltmischwerk Ges.m.b.H. & Co kG, Nußdorf 33.33 

TAM Traisental Asphaltmischwerk Ges.m.b.H., Nußdorf 33.33 

wastewater Solutions Group GmbH, Timelkam 33.33 

AwT Asphaltwerk GmbH, Stadtschlaining 33.00 

FMA Asphaltwerk GmbH & Co kG, Feldbach 30.00 

FMA Asphaltwerk GmbH, Feldbach 30.00 

PETSCHL FRÄSTECHNIk Ges.m.b.H., Perg 29.03 

AMw Asphaltwerk GmbH, weitendorf 26.00 

ÖkO-Consult-Umwelttechnik GmbH-Nfg kEG, Bergheim 26.00 

Brnenská Obalovna s.r.o., Brno, Czech Republic 25.00 

kIESwERk - BETRIEBSGESELLSCHAFT MBH, Zams 25.00 

VAM - Valentiner Asphaltmischwerk Gesellschaft m.b.H., Linz 25.00 

VAM - Valentiner Asphaltmischwerk GmbH. & Co kG, Linz 25.00 

Gaspix Beteiligungsverwaltungs GmbH, Zirl 24.00 

RBA - Recycling- und Betonanlagen Ges.m.b.H & Co. Nfg. kG, Zirl 24.00 

kIESwERk - BETRIEBSGESELLSCHAFT MBH & CO kG, Zams 22.50 

Ahrental Abbau- und Aufbereitungsgesellschaft m.b.H., Innsbruck 20.50 

COSBAU AG, Bozen, Italy 20.00 

M 6 Duna Autopalya ZRT, Budapest, Hungary 20.00 

1) insignificant importance 

2) calculated through 

88 . 89

LOGIC wILL GET yOu 

FROM A TO B. 

IMAGINATION wILL TAkE 

yOu EvERywhERE. 

(aLBErT EInSTEIn)

Instandsetzung und Umbau der Reichsbrücke Wien 

90 . 91


grouP ManagEMEnT rEPorT 2008/09 

General economic climate: 

The economic situation during the 2008/09 financial year was shaped by the global financial crisis, which 

was largely triggered by the collapse of the US housing market. 

Mutual confidence among the banks was subject to sustained damage and this resulted in a lack of 

available capital. Therefore, numerous countries decided upon so-called rescue packages, which are 

intended to calm the international financial and trade systems. In addition, across the globe and in Austria, 

collective measures aimed at boosting the economy were either announced or agreed. 

As is the case in other sectors, the construction industry is confronted by resultant changes with regard 

to general refinancing requirements. In addition, the capital market conditions relating to project realisation 

activities constitute a special challenge. The alterations relating to the financing of project realisation that 

may occur in the coming financial year and developments in the investor market still remain to be seen. 

However, we assume that the construction industry in particular will benefit from the announced economic 

stimulus packages, as these envisage a sizeable increase in infrastructure investment. 

During the past year, the global economy grew by 3.4 per cent, a figure that was markedly below the original 

forecasts for 2008. Any predictions regarding 2009 are coupled with a high degree of uncertainty, as in 

spite of governmental measures, an end to the financial and economic crisis in the current year cannot be 

expected. Against this background, growth in the individual regions will vary greatly. 

Following positive figures in Europe for 2007 (+3.1 per cent), growth in the economic zone formed by the EU 

27 only amounted to 1.3 per cent in 2008, whereby the second half-year presented a clearly negative trend, 

which sharpened in the first quarter of 2009. 

Construction in Europe during 2008 was characterised by weakness in the housing sector. In the 19 Euro- 

construct countries, the building volume in this segment shrank by 7.3 per cent and as a consequence of the 

major share of housing in total output, construction volume as a whole fell by over 2.5 per cent.

Markets: 

Core markets (Austria, Germany, 

Hungary, Czech Republic) and 

other markets 

Austria 

The strong start to the year at least resulted in overall economic growth of 1.8 per cent for 2008, whereby economic 

performance in the fourth quarter was 0.2 per cent down on that achieved in the same period of the preceding year. 

with a reduction in economic output in both the final quarter of 2008 and the subsequent first quarter of 2009, the 

Austrian economy went into recession. This decline was especially evident in the commercial, civil construction area. 

By contrast, the infrastructure segment should profit from planned public investment in the road and railway network 

and as a whole, the growth rates in the Austrian construction industry are likely to exceed the western European 

average. 

Glasgow 

London 

Zug 

Meißen 

Traunstein 

Bolzano 

Ceské Budejovice 

Beograd 

During the past financial year, SwIETELSky obtained 52.1 per cent of its total contracted turnover in Austria. Roughly 

36 per cent of domestic market construction related to the civil construction segment, and some 21 per cent 

to both railway and civil underground construction. As opposed to the preceding years, the shares of road building 

with around 18 per cent, and tunnel construction with approximately 4 per cent remained unchanged. 

Linz 

Wien 

Budapest 

Zagreb 

Lublin 

Bratislava 

Tlrgu Mures 

Bucuresti 

92 . 93


Hungary 

Owing to its high levels of debt, Hungary has been forced to adopt massive savings measures. Consequently, 

activities in the public infrastructure sector have come to a virtual halt. 

Hungary’s economic problems have also led to severe pressure on the forint, the national currency. The 

European Bank for Reconstruction and Development (EBRD) in London has once again clearly downgraded 

its growth forecast for Hungary and instead of the slight increase in GDP of 0.2 per cent predicted in 

November, it is likely that this year Hungary will experience real economic shrinkage of two per cent. 

Hungarian companies are increasingly reacting to this situation by cutting both their workforces and produc- 

tion. In particular, Hungary is suffering from a drop in its exports to western Europe. 

In view of its comparatively high budget deficit, the Hungarian government has only limited possibilities for 

counteracting the negative economic situation with major stimulus programmes. Hungary was the first CEE 

country to request an aid package from the International Monetary Fund (IMF) and the EU, a total of EUR 20 

billion having been put at its disposal. 

2008 saw a 6.5 per cent fall in the construction volume, which thus shrank for the second year in succession 

(2007: 3.7 per cent). A negative trend is also anticipated for 2009, although during the year it is expected that 

EU-supported infrastructure projects may partially counteract the reduction in government investment. 

SwIETELSky was also unable to avoid the negative developments in the Hungarian construction industry. 

During the past year, the share of the core Hungarian market in the contracted turnover of the Group as 

a whole only amounted to around 14.2 per cent, following 16.1 per cent in 2007/08. Consequently, for the 

second year in succession, in comparative terms, contracted turnover dropped by around 10 per cent. 

Above all, this fall related to the road and railway construction segments. 

Czech Republic 

The second half-year also saw the end of the favourable situation in the Czech construction sector, although 

as opposed to western Europe and, above all the neighbouring countries of Germany and Austria, at present 

positive development is still expected in both the Czech economy as a whole and in the construction industry.

Due to solid business in the first half-year, SwIETELSky’s activities in the Czech Republic developed in an extremely 

positive manner. Contracted turnover was raised by roughly 27 per cent to around EUR 170 million, whereby this 

growth emanated primarily from road and underground civil construction. 

Germany 

As an export-oriented nation, Germany is being especially hit hard by the international financial and economic crisis 

and has been in recession since the third quarter of 2008. Economists have also calculated economic decline of 

around 3 per cent for 2009 and that a very low-key recovery can first be expected by 2010 at the earliest. The invest- 

ment programme of the German government envisages total spending of around EUR 17 billion on infrastructure 

projects such as roads, kindergartens, schools and hospitals. 

SwIETELSky was also unable to defy the general economic trend and total contracted turnover of the Group in 

Germany fell by around 12 per cent. The German market contributed EUR 153 million, or some 11.3 per cent to total 

contracted turnover, whereby approximately 60 per cent of this figure derived from transport network construction 

projects, a further 24 per cent from underground civil engineering and roughly 16 per cent from civil construction. 

Other markets 

Apart from its named core markets, the SwIETELSky Group is also active in a number of other countries, 

particularly in the CEE region. Business is either completed on a project-related basis, or via branches. 

The SwIETELSky Group obtained around 10 per cent of its total contracted turnover in Romania, Croatia, Serbia, 

Poland, the Uk, Slovakia and Italy, although developments in individual markets were highly variable. 

Underground civil construction activities in Southern Tyrol were expanded further. The volume of civil and under- 

ground civil construction business in the Slovakian market rose to around EUR 15.5 million and in Croatia road 

construction doubled to EUR 38.5 million. In the Uk, contracted turnover in the railway construction sector increased 

to around EUR 22 million. 

94 . 95


In Poland, activities are focused largely on the realisation of civil construction and general contractor 

projects. The difficult conditions in these segments led to a corresponding fall in contracted turnover of 

around 39 per cent to EUR 14.8 million. A drastic reduction in contract awards in Romania resulted in a drop 

in contracted turnover of approximately 24 per cent to EUR 34.5 million. 

Group contracted turnover development 


Austria 707,961 52.1 % 690,297 51.8 % 2.56 % 

Germany 153,305 11.3 % 174,398 13.1 % -12.09 % 

Hungary 192,681 14.2 % 214,595 16.1 % -10.21 % 

Czech Republic 170,442 12.6 % 133,783 10.0 % 27.40 % 

Other markets 133,614 9.8 % 119,888 9.0 % 11.44 % 

Group contracted 1,358,003 100.0 % 1,332,961 100.0 % 1.88 % 

Consolidated SwIETELSky Group sales revenues amounted to EUR 1,247 million in the 2008/09 financial 

year and thus remained at the level of the preceding year (2007/08: EUR 1,244 million). 

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 companies. 

In the 2008/09 financial year, contracted turnover amounted to around EUR 1,358 million and thus rose 

slightly by 1.9 per cent. 

% of % of 

turnover turnover Change 

2008/09 2008/09 2007/08 2007/08 in % 

ARGE KOPS II, Vorarlberg 

ARGE KOPS II, Vorarlberg

Order backlog 

TEUR 

1,200,000 

1,100,000 

1,000,000 

900,000 

800,000 

700,000 

600,000 

500,000 

400,000 

300,000 

200,000 

100,000 

Order backlog was increased considerably during the year under review and on March 31, 2009, amounted to a 

value of around EUR 1,062 million (March 31, 2008: EUR 916 million), which represented growth of some 16 per cent 

over the preceding year. This figure also constitutes roughly 78 per cent of the total contracted turnover of the past 

year, which permits the expectation of solid use of existing resources for the coming financial year. 

Earnings: 

0 

Group order backlog 

2008/09 2007/08 2006/07 2005/06 

In the year under review, SwIETELSky Group earnings before interest, taxes, depreciation and amortisation (EBITDA) 

fell from EUR 60.2 million to EUR 49.0 million (minus 18 per cent). The result was impaired by problems relating 

to individual construction projects, e.g. in the tunnel construction segment, that in the meantime have been clea- 

red and for which we believe we have made sufficient balance sheet provisions. In addition, owing to the difficult, 

96 . 97


general economic situation, during the current year activities in the Hungarian market were unable to provide 

any positive results of note. 

Due to investments, depreciation and amortisation rose by EUR 1 million in the past year to EUR 18.7 million. 

Earnings before interest and taxes (EBIT) during the year under review were down by 29 per cent at 

EUR 30.3 million. Not least due to the equity effect of the hybrid bond, the financial result was improved by 

around EUR 3.3 million. 

At EUR 26.2 million, the pre-tax result was some 25 per cent lower than in the preceding year. 

The effective rate of taxation amounted to roughly 14 per cent (2007/08: 19 per cent) and thus the after tax 

result totalled EUR 22.5 million. 

The return on sales (ROS) as a ratio between EBIT and contracted turnover amounted to 2.2 per cent. 

Assets and finances: 


Non-current assets 174,911 27 % 160,260 27 % 150,594 30 % 

Current assets 403,329 73 % 433,001 73 % 357,676 70 % 

Equity 197,700 33 % 197,276 33 % 108,026 21 % 

Long-term debts 97,006 17 % 106,263 18 % 105,334 21 % 

Short-term debts 283,534 50 % 289,722 49 % 294,910 58 % 

Total assets 578,240 100 % 593,261 100 % 508,270 100 % 

Net debt 


2008/09 % 2007/08 % 2006/07 % 

2008/09 2007/08 2006/07 2005/06 

Financial liabilities 93,836 80,749 113,462 95,414 

Provisions for severance payments 14,109 13,797 13,610 12,223 

Provisions for pensions 232 190 262 281 

Cash and cash equivalents -37,883 -38,006 -32,078 -25,471 

Net debt as at March 31 70,294 56,730 95,256 82,447

Gearing 


In the year under review, the total assets of the SwIETELSky Group fell by 2.53 per cent to EUR 578.3 million. 

Non-current assets increased by 9.1 per cent to EUR 174.9 million as a result of investments in the financial assets area 

and the reporting of rented own projects as assets. 

Major emphasis was placed on liquidity and working capital management. This resulted in a reduction in current assets 

by EUR 29.7 million to EUR 403.3 million. 

2008/09 2007/08 2006/07 2005/06 

Net debt 70,294 56,730 95,256 82,447 

Equity 197,700 197,276 108,026 85,453 

Gearing 0.36 0.29 0.88 0.96 

In spite of exchange losses, nominal equity remained virtually unchanged over the preceding year. As a consequence 

of lower total assets, the equity ratio amounted to 34.2 per cent (March 31, 2008: 33.3 per cent). 

Lohbergtunnel, Deutschland Lohbergtunnel, Deutschland 

98 . 99


Selected key and financial indicators: 

Risk management: 

SwIETELSky’s business activities are targeted on sustained growth and a long-term increase in corporate 

value. The degree to which these targets can be attained is subject to a diversity of risks, which are actively 

dealt with. 

In summary, it can be said that the bulk of overall risk relates to project and contractual risks. These are 

followed by market and financial risks, while personnel and internal risks are only allocated secondary 

importance. 

Unit 2008/09 2007/08 2006/07 

Contracted turnover TEUR 1,358,003 1,332,961 1,277,096 

Order backlog TEUR 1,061,820 915,812 823,482 

Sales TEUR 1,246,502 1,244,413 1,183,725 

Earnings before interest, taxes, depreciation, amortisation (EBITDA) TEUR 49,048 60,163 56,304 

Earnings before interest and taxes (EBIT) TEUR 30,302 42,465 40,959 

Result from interest TEUR -4,089 -7,377 -6,234 

Earnings before taxes (EBT) TEUR 26,198 34,901 34,170 

Earnings after taxes TEUR 22,539 28,278 26,416 

Employees (average) Person 7,034 7,051 6,776 

Contracted turnover/employee TEUR 193 189 188 

Gross cash flow TEUR 29,799 47,129 40,729 

Cash flow/contracted turnover in % 2.2 3.5 3.2 

Return on sales (ROS) in % 2.2 3.2 3.2 

Return on equity (ROE) in % 15.3 27.8 75.8 

Einheit 31.3.2009 31.3.2008 31.3.2007 

Consolidated equity TEUR 197,700 197,276 108,026 

in % 34.2 33.3 21.2 

Consolidated total assets TEUR 578,240 593,261 508,270

Project and contractual risks 

Project and contractual risks emanate from the traditional construction business of the SwIETELSky Group. Upon 

receipt of a contract, audited directives and procedures in line with ISO 9001 regulate the uniform calculation of the 

project costs and secure clear competence guidelines for transactions subject to obligatory approval, as well as the 

technical and commercial auditing and analysis of quotations. The risk of price increases is reduced by means of 

sliding price clauses and we also seek to further diminish risk by means of contractual models based on partnership. 

we counteract warranty risks through systematic quality management and where necessary demand subcontractor 

guarantees. 

The results of a project, for example in the tunnel construction sector, can also be negatively influenced by problematic 

geological conditions. As a rule, it is contractually determined that such risks lie with the customer. However, the 

financial success of orders is dependent upon the extent to which supplementary claims can be exercised against the 

customer. Should it be impossible, or only partially possible, to assert such claims, then risks are the consequence. 

During the completion phase, the risk exists that tight completion schedules cannot be adhered to. Contractual 

penalties may be levied should overruns occur for which SwIETELSky can be made responsible. 

wherever possible, SwIETELSky makes every effort to avoid litigation. However, the company is involved in a number 

of arbitration and court cases. The results of these proceedings are difficult to predict, but following careful examination 

of the risks of the actions, we are convinced that sufficient balance sheet provisions have been made for every legal 

eventuality. 

Market risk 

A general economic risk emanates from the worldwide financial crisis, its effects on global business as a whole, and 

the construction industry in particular. In 2009, it can be expected that in the wake of the crisis, numerous goods 

and services industries will suffer clearly negative effects. If the programmes agreed by individual governments in 

order to boost the economy, fail to contribute to a strengthening of market confidence, then the risk of a prolonged 

recession will increase. 

100 . 101


SwIETELSky attempts to spread the risk through an extensive range and further market, product and 

services diversification. Owing to the Group’s flexible organisation and the increasingly concrete realisation 

of state investments, we are confident of mastering market risk. 

Supplier risk 

SwIETELSky endeavours to work with efficient partners and as a result of market monitoring and close 

contact with suppliers, we are able to quickly recognise changes in the sourcing market and react accordingly. 

However, owing to the large number of suppliers a risk remains with regard to quality and adherence to 

delivery dates and costs, which can cause supply problems. 

Changing raw material price risk 

During the past financial year, prices in the energy and raw materials fields (e.g. for bitumen) were extremely 

volatile. where price rises could not be passed on within the scope of sliding price clauses, these had a 

negative effect on the result. As far as possible, we coordinate purchasing with the production sequence. 

we deliberately avoid the use of derivative instruments for the hedging of raw material prices. 

Financial risks 

In view of the current situation in the financial markets, at present banks are assuming very few loan 

obligations. In particular, a credit block is tangible in the case of longer-term project financing. No close 

financial connections exist with banks and insurance companies, which have recently run into difficulties. 

we counter the risks in the finance and accounting areas by means of the monitoring of Group directives and 

stipulations by our central Controlling, Accounting and Financial Management Department. 

A liquidity risk results when the ability to make payments and financing capacity is restricted. The financial 

reserves contain reasonable growth and liquidity reserves and the corresponding lines are widely spread.

A major improvement in Group liquidity has been achieved as a result of the issue of hybrid equity instruments, 

which are largely employed as a substitute for short-term bank loans. 

Central debtor management carries out ongoing checks on customer credit ratings, monitors payment agreements 

and thus secures receipts. The interest risk is limited centrally via Group financial management by means of hedging 

transactions. Foreign exchange risks are minimised through currency forwards and an appropriate control system 

is used to supervise adherence to internal directives. 

Employees: 

The competition for qualified personnel has continued to intensify even in the crisis. SwIETELSky is counteracting 

this trend to the best of its ability and allocates central importance to the qualifications and motivation of its work- 

force. 

Comprehensive training and further training are completed with the assistance of internal and external coaches. 

Apprentice training in a variety of areas and programmes for young specialists and managers frequently enable us 

to fill key positions from within the company. 

Moreover, a transparent bonus system generates additional motivation to achieve higher performance. 

Environment: 

Construction projects demand large amounts of material. In addition land is needed that is then largely sealed. 

Furthermore, construction work leads to noise, dust, waste gases and refuse. Our intention is to conserve natural 

resources and to optimise the use of materials and logistics. 

In addition, the independent testing unit carries out field tests and is entitled to prepare state-approved testing and 

monitoring reports. The testing unit is thus a reliable partner with regard to construction technology and environ- 

mental compatibility. 

SwIETELSky makes every effort to use low-impact processes and environment-friendly equipment during all pro- 

ject phase. 

102 . 103


Technology and innovation: 

SwIETELSky projects frequently represent customised one-offs, that demand individual research and 

development work. However, our focus in this regard is on the project and not on possible patents. 

Our independent testing unit monitors adherence to current standards and ensures uniform quality during 

asphalt and concrete production. 

SwIETELSky is a member of the “Christian Doppler Gesellschaft” and has a holding in the Christian Dopp- 

ler 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 assessments include the examination of the influence of various asphalt compo- 

nents, e.g. with regard to fatigue and the formation of grooves. 

Outlook: 

The European Central Bank predicts a decline in real GDP within the euro zone of 5.1 – 4.1 per cent. 

Moreover, in its latest economic forecasts, the Austrian National Bank has clearly revised its figures downward 

and assumes GDP shrinkage of 4.2 per cent. Following a continuing small decline of around 0.4 per cent in 

2010, Austria will probably first achieve real, positive growth of approximately 1.2 per cent in 2011. 

As a result of high contract backlogs, it is expected that the construction sector as a whole will only be 

subject to a decline of 1 per cent in 2009. Following a further fall of 2 per cent in 2010, a slight recovery is first 

anticipated in 2011. This will be bolstered by public spending, which is intended to boost the construction 

industry (measures for improved thermal insulation, the construction of public buildings and infrastructure). 

Growth of 2 per cent is predicted in the private housing sector during 2009, prior to possible stagnation in 

2010 (0.2 %) and 2011 (0.5 %).

The largest decline is anticipated in the industrial civil construction area, as due to the uncertainties surrounding 

economic developments and, in spite of low interest rates, the high cost of financing, companies are holding back 

with regard to investment. Falls of 12.9 per cent in 2009 and 12.0 per cent in 2010 are expected. 

By contrast, extremely high growth rates are awaited in the infrastructure sector (6.3 per cent in 2009, 2.8 per cent 

in 2010 and 3.5 per cent in 2011). Alone for construction, road modernisation (primarily motorways) and the rail 

network, infrastructure framework programmes envisage investment of around EUR 22.5 billion for the period from 

2009-2014. 

The economic outlook for the German construction market is characterised by a forecast of 6 per cent GDP 

shrinkage in 2009. Rising unemployment and the general economic uncertainty surrounding the German export 

sector mean that a decline in the German construction industry of 3.7 per cent can be expected. Above all industrial 

civil construction will be especially hard hit with a minus of 6.5 per cent. Following a fall of 1.5 per cent during 2009 

in the underground civil construction segment, which is of major importance to the SwIETELSky Group, marked 

growth of 4.5 per cent is already anticipated in 2010. Indeed, in 2010 growth of 1.8 per cent is forecast for the Ger- 

man construction industry as a whole, although in 2011 this will again fall back to 0.3 per cent. 

Following years of above-average growth rates, in 2009 the Czech construction industry is set to shrink by around 

3.2 per cent. However, a recovery is expected as early as 2010 (0.3 per cent), which should result in growth of 

roughly 3.1 per cent in 2011. 

The prospects for the Hungarian market continue to be overshadowed by the economy drive of the government 

and the resulting shortage of funding for the construction industry. As in Germany, a decline of around 6 per cent in 

Hungarian GDP is awaited for 2009. 

Not least due to the positive contract situation at present and, from a company viewpoint, the balanced segment 

and market diversification, even under the difficult conditions currently prevailing, SwIETELSky sees itself as being 

well-equipped to deal with the coming two years in a successful and profitable manner. 

104 . 105


Material events after the balance sheet date: 

Between the balance sheet date and the publication of the Group’s consolidated financial statements, May 2009 

saw the purchase of a majority holding in Romberger Fertigteile GmbH, which in the course of an asset deal 

had purchased the real estate and movables needed for operations from the bankrupt Romberger GmbH at the 

company’s main location in Gurten. Anti-trust approval for this transaction is still outstanding. 

Romberger Fertigteile GmbH has a workforce of around 40 and anticipates sales revenues of around EUR 9 million 

in the coming year. 

No other events of material significance occurred after the balance sheet date. 


The Executive Management 

Neubau Fa. Trumpf Pasching, 


WHS Hügelhof Schwaz, Tirol

grouP STruCTurE 2008/09 

AUSTRIA 

Hoch-Tief-Bau Imst 

Gesellschaft m.b.H. 

Imst 

CC Innsbruck: FN 42 441p 

CEO: STEINLECHNER Manfred 

ENGSTLER Gerald 

Capital: EUR 40,000 

Vk 

SwIETELSky Bauges.m.b.H. 100 % 

Baumeister Karl Sedlmayer 

Gesellschaft mit beschränkter 

Haftung, Grafenwörth Vk 

CC St. Pölten: FN 32 541f 

CEO: ERBER karl 

GINDL Harald 



Baldauf Fliesen und Baustoffe 


Linz 

Nk 

CC Linz: FN 56 234 y 


wEIDLINGER karl 



C. Peters 

Baugesellschaft m.b.H. 

Linz 

CC Linz: FN 223 787 z 

CEO: wOLF Gerald 

GINDL Harald 


Vk 


Bahnbau Petri 

Hoch- und Tiefbau 


CC Wr. Neustadt: FN 155 369i 

CEO: PETRI wolf-Dieter 

HUBER Jürgen 


Vk 


SWIETELSKY 

Immobilien GmBH 

Wien 

CC Wien: FN 62 567 k 

CEO: kLADENSky Martin 

ROHR Franz 



Jos. Ertl 

GmbH Breitenbrunn 

CC Linz: FN 245 116 s 

CEO: wOLF Gerald 

GINDL Harald 


Nk 


Georg Feßl GmbH. 

Zwettl 

CC Krems: FN 36 325 w 

CEO: ROHR Franz 

GINDL Harald 


Vk 


SR 

Beteiligungs GmbH 

Linz 

CC Linz: FN 248 314 v 

CEO: PEINTER Erich 

RENZ Markus 



Ernest Renz Ges.m.b.H. 49 % 

SRG 

Schotter und Recycling 

GmbH, Krems 

CC Krems: FN 248 745 b 

CEO: RÖSZL Gerald 

RENZ Ernst 


Vk 

Nk 

Nk 

SR Beteiligungs GmbH 100 % 

Kontinentale 


Wien 

CC Wien: FN 93 173 w 

CEO: PEINTER Erich 

GINDL Harald 



Ing. Rudolf Seibt 

Gleisbau GmbH 

Wien 

Vk 

CC Wien: FN 214 914 a 

CEO: SCHEUCHENPFLUG Adolf 

HUBER Jürgen 


Vk 


SWIETELSKY INTERNATIONAL 


Linz 

Vk 

CC Innsbruck: FN 99 350 d 

CEO: BLACH Gerhard 

RUSAM kurt 



A.S.T. 


Innsbruck 

CC Innsbruck: FN 226 696 b 


ENGSTLER Gerald 



RTS 

Rail Transport 

Service GmbH, Graz 

CC Graz: FN 252 571 d 

CEO: ZELLER Reinhard 

SCHAUER Norbert 


Vk 

Vk 


Zeller Reinhard 10 % 

SND-Bauträger Ges.m.b.H. 

Innsbruck 

Nk 

CC Innsbruck: FN 157 200 b 



SwIETELSky Bauges. m.b.H. 97,82 % 

Tirotel 2,18 % 

SWIETELSKY 

Bauträger Ges.m.b.H. 

Linz 

CC Linz: FN 81 097 k 

CEO: kLADENSky kurt 

wEIDLINGER karl 


Vk 


Kallinger Bau GmbH 

Wien 

CC Wien: FN 197 959 t 

CEO: SCHEUCHENPFLUG Adolf 

SCHULDES Gerhard 


Vk 


SWIETELSKY 

Tunnelbau GmbH 

Innsbruck 

CC Innsbruck: FN 246 991 y 

CEO: MITTEREGGER klaus 

STEINLECHNER Manfred 

wEICHSELBAUMER August 


Nk 


SWIETELSKY Tunnelbau 

GmbH & Co KG 

Innsbruck 

CC Innsbruck: FN 253 391 i 

CEO: SwIETELSky 

Tunnelbau GmbH 


Vk 


106 . 107


GERMANY HUNGARY HUNGARY ROMANIA 

SWIETELSKY 


Traunstein 

CC Traunstein: HRB 10102 

CEO: BEILHACk Alfred 

kESTEL Matthias 

SCHUHBÖCk wilhelm 

SCHEUCHENPFLUG Adolf 

Vk 

Capital: EUR 1,600,000 


Wadle 

Bauunternehmung GmbH. 

Altheim Vk 

CC Landshut: HRB 6469 

CEO: AMANN wolfgang 




RTS Rail Transport Service 

Germany GmbH 

München Vk 

CC München: HRB 162 694 

CEO: BEILHACk Alfred 

ZELLER Reinhard 


RTS Rail Transport Service GmbH, 

Graz 100 % 

Held Tiefbau 

Verwaltungs-GmbH. 

Ebersberg 

CC München: HRB 110 798 

CEO: SCHUHBÖCk wilhelm 


Capital: EUR 25,564,59 

Hans Held 

Tiefbau GmbH & Co 100 % 

Hans Held 

Tiefbau GmbH & Co 

Ebersberg 

CC München: HRA 70 550 

CEO: HELD Tiefbau 

Verwaltungs-GmbH. 


Nk 

Nk 


SWIETELSKY Epitö Kft. 

Budapest 

CC Budapest: 01-09-720 396 

CEO: BOGNAR Arpad 

kAZAI Zsolt 

kOSTENSZky Iren 

Capital: HUF 500,000,000 


ALBA ASZFALT Kft. 

Szekesfehervar 

CC Fejer: CG 07-09-006867 

CEO: VARGA Lörinc 


BELVAROS Tetöter Kft. 

Budapest 

CC Budapest: CG 01-09-693041 

CEO: kOSTENZSky Iren 

PFEIFFER Zsolt 


Vk 

SwIETELSky Epitö kft. 100 % 

GKS SWIETELSKY Kft. 

Budapest 

CC Budapest: 01-09-73 715 

CEO: kAZAI Marta 

kONSTENSZky Iren 


Nk 


C-Bau Kft. 

Budapest 

Nk 


CEO: SPADA VILMA 



Passzazs Haz Kft. 

Budapest 

Nk 



UDVAROS Peter 


Nk 

SwIETELSky 

Magyarorszag kft. 100 % 

Nk 

SwIETELSky Magyarorszag kft. 100 % 

SWIETELSKY Vasuttechnika 

Kft. Celldömölk Nk 

CC Vas: CG 18-09-108410 

CEO: VARGA Miklos 

GAL Peter 

Capital: HUF 500,000 


SWIETELSKY 

Magyarország Kft. 

Budapest 

CC Budapest: 01-09-897 738 


Capital: HUF 1,579,120,000 


Harmathaz 

Ingatlanfejlesziö Kft. 

Budapest 

MAVEPCELL Vasutepitö Kft. 

Celldömölk Vk 

CC: CG 18-09-101 231 

CEO: GAL Peter 

VARGA Miklos 


Vk 

CC Budapest: CG 01-09877241 


UDVAROS Peter 



Mandarino 

Ingatlanberuhazo Kft. 

Budapest 

CC Budapest: CG 01-875855 


BOGNAR Arpad 

UDVAROS Peter 


Nk 


SWIETELSKY 

Iskolaprojekt Kft. 

Baja 

CC Bacs-Kiskun: 03-09-113534 

CEO: kESZEI Imre 

DOBOVITS Peter 

kOSTENZSky Iren 


Nk 


CELL – Bahnbau 

Danubia Kft. 

CC Vas: CG 18-09-106 427 

CEO: kÜSSEL walter 


Nk 

Vk 


CELL Bahnbau Danubia kft. 100 % 

CELLVASUT Epitöipari Kft. 

Celldömölk Nk 

CC Vas: CG 18-09-104 821 

CEO: VARGA Miklos 

GAL Peter 



SWIETELSKY Constructii 

Ferroviare s.r.l. 

Bucuresti 

CC Bukarest: J40/1114/2004 

CEO: HORNEGGER Josef 

GAL Peter 

Capital: RON 200 

Vk 


S.C.AMFIBOSWIN s.r.l. 

Sibiu 

CC Sibiu: J32/152/2004 

CEO: SCHERR karlheinz 

SANDU Danut 

Nk 

Capital: RON 8,933,210 

SwIETELSky Bauges.m.b.H. 56,5 % 

S.C.INSIB s.r.l. 38,5 % 

kovacs Agnes 5,0 % 

DRUMSERV S.A. 

Targu Mures 

Nk 

CC Targu Mures: J26/903/2001 

CEO: VÖLGyESI Zsolt 

BOGNAR Arpad 

ANGyAL Lajos 

FÜSTÖS Cornel 

Capital: RON 7,081,520 

SwIETELSky Epitö kft. 99,90 % 

Lattner Michael 0,10 % 

S.C.ANDEMUR SRL 

Judetul Mures 

CC Stanceni: J26/638/2005 

CEO: HOFMANN Markus 

Capital: RON 20,000 

Nk 

SwIETELSky Bauges.m.b.H. 99,90 % 

Lattner Michael 0,10 %

CZECH REP. 

SWIETELSKY 

Stavebni s.r.o., 

Ceske Budejovice 

CC Ceske Budejovice: C 8032 

CEO: SPITALER walter 

CIZEk Petr 

kOZEL Jiri 

Capital: CZk 250,000,000 


STRAKONICKA OBALOVNA 

s.r.o, Ceske Budejovice 

Nk 

CC Ceske Budejovice: C 10931 

CEO: kAPOUN Jiri 

FÜGNER Marek 

Capital: CZk 24,258,000 

Vk 

SwIETELSky stavebni s.r.o. 51 % 

kotrch Vladimir 49 % 

SWIETELSKY 

RAIL CZ s.r.o., Brno 

CC Brno: C 61648 

CEO: BRUSTMANN Andreas 

kANTOUREk Tomislav 

Capital: CZk 200,000 

Nk 


POLAND 

SWIETELSKY Spolka Z.o.o. 

Lublin 

Vk 

CC Lublin: 56239 

CEO: kANIA Jaroslav 

wEICHSELBAUMER August 

Capital: PLN 880,000 


Roboty Kolejowe 

„SWIETELSKY LTD“ 

Spolka Z o.o. Krakow 

CC Lublin: 100179 

CEO: kUSZNIR Aleksander 

SCHREINER Helmut 

Capital: PLN 50,000 

Nk 


CROATIA 

SWIETELSKY 

d.o.o. 

Zagreb 

CC Zagreb: 08 02 88 052 

CEO: MAVAR Davor 

GINDL Harald 

Capital: HRk 5,811,800 

SERBIA 

SWIETELSKY d.o.o. 

Belgrad 

CC Belgrad: 201 811 92 

CEO: ZVERZHANOVSky Djordje 

GÖRRES Harald 

BLACH Gerhard 


Vk 


Nk 


SLOVAKIA 

SWIETELSKY SLOVAKIA 

s.r.o. 

Bratislava 

CC Bratislava: 307 / B 

CEO: SPITALER walter 

kISS Stefan 

PROSSLINER Anton 



GREAT BRITAIN 

Vk 

SWIETELSKY 

Construction Company Ltd. 

London Vk 

CC London: 52 79 323 

CEO: SkALLA Georg 

SCHNABEL Jörg 

Capital: GBP 100,000 


SICE Ltd. 

Edinburgh 

CC Edinburgh: SC 33 55 02 

CEO: wEILER Peter 

CRAIG Goldie 

Capital: GBP 50 

Nk 


SLOVENIA 

SWIETELSKY 

Gradbeno podjetje d.o.o. 

Ljublijana Nk 

CC Ljublijana: 1/28687/00 

CEO: SORGO Peter 



Zweigniederlassung Salzburg 

ITALY 

HTB - Hoch-Tief-Bau GmbH. 

Nals / Bolzano 

Nk 

CC Bolzano: 177 156 

CEO: MANN Heinz 




Hoch-Tief-Bau Imst GmbH. 10 % 

SND Italia SRL 

Bolzano 

CC Bolzano: 186 047 

CEO: MANN Heinz 


THOENI Horst 


SND Bauträger GmbH. 90 % 

HTB - Hoch-Tief-Bau SRL 10 % 

108 . 109 

Nk


rEPorT on THE audIT of THE 

ConSoLIdaTEd fInanCIaL STaTEMEnTS 

for THE YEar EndEd MarCH 31, 2009 

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 reporting period from April 1, 2008 to March 31, 2009. These consolidated financial statements 

comprise the balance sheet as at March 31, 2009, and the income statement, cash flow statement and statement of 

changes in equity for the year then ended, and a summary of significant accounting policies and other explanatory 

information. 

Management’s Responsibility for the Consolidated Financial Statements and 

Accounting System 

Management is responsible for the accounting system and for the preparation and fair presentation of these con- 

solidated financial statements in accordance with the International Financial Reporting Standards (IFRSs) as adop- 

ted by the EU. This responsibility includes: designing, implementing and maintaining internal control as management 

determines is necessary to enable the preparation of consolidated financial statements that are free from material 

misstatement, whether due to fraud or error; selecting and applying appropriate 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 

conducted our audit in accordance with laws and regulations applicable in Austria and Austrian Standards on 

Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain 

reasonable assurance about 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 con- 

solidated financial statements. The procedures selected depend on the auditor‘s judgment, including the assess- 

ment of the risks of material misstatement of the consolidated 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 group´s internal 

control. An audit also includes 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.

Opinion 

Our audit did not give rise to any objections. In our opinion, which is based on the results of our audit, the conso- 

lidated financial statements comply with legal requirements as well as with the entity’s articles of association and 

present fairly, in all material respects, the financial position of the group as at March 31, 2009 and its financial perfor- 

mance for the period from April 1, 2008 to March 31, 2009 in accordance with the International Financial Reporting 

Standards (IFRSs) as adopted by the EU. 

Report on Other Legal Requirements (Group Management Report) 

Austrian legal requirements require us to verify whether the group management report is consistent with the 

financial statements and whether the other disclosures made in the group management report do not give rise to 

misconception of the position of the group. The auditor’s report should also include a statement whether the group 

management report is consistent with the consolidated financial statements. 

In our opinion, the group management report is consistent with the consolidated financial statements. 


kPMG Austria GmbH 

wirtschaftsprüfungs- und Steuerberatungsgesellschaft 

Mag. Ernst Pichler Dr. Helge Löffler 

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. 

110 . 111

Glasgow 

London 

SWIETELSKY. 

OUR 

LOCATIONS. 

SWIETELSKY Baugesellschaft m.b.H. 

Edlbacherstraße 10 

4020 Linz, Österreich 

Contact data Tel.: +43 (732) 6971-0 

Fax: +43 (732) 6971-7410 

E-Mail: zentrale@swietelsky.com 

Zug 

Traunstein 

Bolzano 

Meißen 

Ceské Budejovice 

Other SWIETELSKY locations in: 

Beograd 

Germany . Italy . Croatia . Poland . Romania . Switzerland . Serbia 

Slovakia . Czech Republic . Hungary . United Kingdom 

www.swietelsky.com PARTNER FOR BIG IDEAS 

Linz 

Wien 

Bratislava 

Budapest 

Zagreb 

Lublin 

Tlrgu Mures 

Bucuresti

YOU CAN BUILD ON US.

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?