EXCEPTIONAL RESULTS ARE SOLELY THE PRODUCT OF THE ...

© Rieger 

EXCEPTIONAL RESULTS 

ARE SOLELY THE PRODUCT OF THE WILL TO ACHIEVE. 

SWIETELSKY. A PARTNER FOR BIG IDEAS. 

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

VISIONARY THINKING 

LEAVES ITS MARKS. 

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

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

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

made SWIETELSKY what it is today, a successful, full service construction 

company, which enjoys an excellent reputation that extends 

beyond Austria’s frontiers. 

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

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

been a major factor in company success. Clear, measurable objectives 

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

performance, greater flexibility and individual responsibility, and thus to 

healthy growth from internal sources. 

Nonetheless, but perhaps precisely for these reasons, SWIETELSKY 

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

Hellmuth Brustmann Kurt Kladensky 

CEO CEO

Stonehenge. World Cultural Heritage. Due to its exact orientation, 

it is assumed that Stonehenge was probably a type of observatory, 

which served to provide predictions concerning the various seasons 

using the positions of the sun and moon in relation to the earth. 

Customer orientation 4 

Innovative strength 6 

Internationality 8 

Performance range 10 

Road and bridge construction 12 

Civil construction 14 

Special civil and underground construction, 

environmental technology 16 

Railway construction 18 

Tunnel and gallery construction 20 

Financial statements 2007/08 22 

2 . 3

Taj Mahal. World Cultural Heritage. The Taj Mahal was built some 

350 years ago by the Grand Mogul, Shah Jahan, in memory of his 

main wife, Mumtaz Mahal. The asymmetrical design permits the 

assumption that a similar building in black marble was originally 

planned for Shah Jahan himself.

THE NEW AGE PALACES 

LOOK DIFFERENT, 

BUT FOR US THE CUSTOMER 

REMAINS THE KING. 

Customer orientation. 

The success of our customers provides the main driving force behind our performance. 

When SWIETELSKY accepts a contract, from the smallest building 

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

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

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

in combination with absolute fair dealing. 

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

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

quality and adherence to both cost quotations and deadlines. 

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

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

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

auditing department, which guarantees that customers can be certain 

of only receiving top quality. 

Panoramahaus, 

Dornbirn/Austria 

4 . 5

The pyramids of Gizeh. These number among humankind’s 

most famous and oldest existing structures. Until today, 

none of the theories appertaining to their 

construction have been clearly proven.

WE WISH TO USE METHODS 

OF SUCH INNOVATIVENESS, 

THAT PEOPLE ALSO ASK US, 

“HOW ON EARTH DID YOU DO THAT?” 

Innovative strength. 

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

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

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

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

regard. 

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

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

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

customers with decisive advantages. 

Designer Outlet Salzburg/Austria 

6 . 7

SWIETELSKY Baugesellschaft m.b.H., Linz 

Bürogebäude Zilinska/Slovakia 

Europapier Bratislava/Slovakia 

Kabelwerk Bauplatz/Austria

ConSoLIdaTEd ProfIT and LoSS aCCounT 

for THE BuSInESS YEar 2007/08 

Amounts in TEUR Notes 2007/08 2006/07 

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

Changes in inventories 731 657 

Own work capitalized 6,037 4,924 

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

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

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

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

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

Net investment income (8) 3,203 259 

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

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

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

Interest income 2,841 4,035 

Interest expenses -10,218 -10,269 

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

Other financial result (10) -187 -555 

Profit before tax 34,901 34,170 

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

Profit for the period 28,278 26,416 

Attributable to: Minority interest 0 153 

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

24 . 25


ConSoLIdaTEd BaLanCE SHEET 

aS of MarCH 31, 2008 

aSSETS 

March 31, March 31, 

Amounts in TEUR Notes 2008 2007 

Non-current assets: 

Intangible assets (12) 9,274 9,859 

Tangible assets (12) 114,205 107,786 

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

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

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

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

Deferred taxes (17) 2,622 4,517 

Current assets: 

160,260 150,594 

Inventories (14) 37,812 36,836 

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

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

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

Frank Stronach Institut/Austria 

433,001 357,676 

593,261 508,270 

Frank Stronach Institut/Austria

SHarEHoLdEr‘S EquITY and LIaBILITIES: 


Amounts in TEUR Notes 2008 2007 

Shareholder’s Equity: 

Capital stock 7,705 7,705 

Capital reserves 1,094 1,094 

Hybrid capital 69,183 0 

Revaluation reserves 9,244 9,608 

Retained earnings 110,050 87,991 

Minority interests 0 1,628 

Non-current liabilities: 

(18) 197,276 108,026 

Provisions (19) 19,130 15,025 

Financial liabilities (20) 65,566 70,477 

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

Other liabilities (20) 3,490 4,635 

Deferred taxes (17) 8,675 10,543 

Current liabilities: 

106,263 105,334 

Provisions (19) 25,299 22,641 

Financial liabilities (20) 15,183 42,985 

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

Other liabilities (20) 62,544 56,069 

Landeskrankenhaus Bad Ischl Nord/Austria 

289,722 294,910 

593,261 508,270 

26 . 27


ConSoLIdaTEd CaSH-fLoW STaTEMEnT 

for THE BuSInESS YEar 2007/08 

Amounts in TEUR 2007/08 2006/07 


Deffered taxes 788 1,365 

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

Depreciations/write-ups 17,698 15,345 

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

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

Cash-flow from profits 47,129 40,729 

Change in items: 

Inventories -1,071 -4,740 

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

Group receivables and receivables from companies 

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

Other assets -4,529 -2,628 

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

Group liabilities and liabilities to companies with exists 

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

Other liabilities 4,471 1,749 

Current provisions 2,209 9,468 

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

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

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

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

Exchange rate differences and changes in consolidation 

circle minus acquired cash and cash equivalents 0 121 

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


Change in bank liabilities -29,652 18,328 

Change in bond loans 59 -157 

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

Hybrid capital 69,183 0 

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

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

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

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

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

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

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

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

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

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

Interest paid 7,385 6,349 

Interest received 1,565 1,594 

Taxes paid 2,524 2,721 

28 . 29


dEvELoPMEnT of THE ConSoLIdaTEd SHarEHoLdEr’S 

EquITY for THE BuSInESS YEar 2007/08 

Capital Capital Hybrid Revaluation Retained 

Amounts in TEUR stock reserves capital reserves earnings 

Balance at April 1, 2006 7,705 1,094 0 9,301 65,630 

Differences arising from currency conversion 0 0 0 230 0 

Change in revaluation reserve 0 0 0 77 0 

Changes financial instruments IAS 39 0 0 0 0 -71 

Profit for the period 0 0 0 0 26,263 

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

Balance at April 1, 2007 7,705 1,094 0 9,608 86,222 

Differences arising from currency conversion 0 0 0 -171 0 

Purchase of foreign shares 0 0 0 0 0 

Hybrid capital 0 0 69,183 0 0 

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

Change in revaluation reserve 0 0 0 -193 0 

Changes financial instruments IAS 39 0 0 0 0 -90 

Profit for the period 0 0 0 0 28,278 

Distribution of company profits 0 0 0 0 -6,726 

Balance at March 31, 2008 7,705 1,094 69,183 9,244 107,711

Currency Shareconversion 

holder‘s Minority 

differences Equity interest Total 

397 84,127 1,326 85,453 

1,372 1,602 149 1,751 

0 77 0 77 

0 -71 0 -71 

0 26,263 153 26,416 

0 -5,600 0 -5,600 

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

570 399 0 399 

0 0 -1,628 -1,628 

0 69,183 0 69,183 

0 27 0 27 

0 -193 0 -193 

0 -90 0 -90 

0 28,278 0 28,278 

0 -6,726 0 -6,726 

2,339 197,276 0 197,276 

Badeteich Eberschwang/ 

Austria 

HGBLA Linz, Blütenstraße/ 

Austria 

30 . 31


STaTEMEnT of rECognIzEd 

InCoME and ExPEnSES 



Differences arising from currency conversion 399 1,751 

Changes in financial instruments IAS 39 -90 -71 

Change of revaluation reserve -193 77 

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

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

Attributable to: Minority interest 28,394 27,871 

Attributable to: Equity holders of the parent 0 302

grouP noTES To THE fInanCIaL STaTEMEnTS 

for THE 2007/08 BuSInESS YEar of 

SWIETELSKY BaugESELLSCHafT M.B.H., LInz 

Basic principles 

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

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

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

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

to be applied on deadline date for the first time. 

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

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

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

include a segment reporting in accordance with IFRS 8. 

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

Changes to accounting and valuation 

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

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

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

IFRS 7 Financial Instruments: Disclosures 

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

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

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

on the company’s accounting and valuation policies. 

IAS 1 Presentation of Financial Statements 

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

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

32 . 33


IFRS 8 Operating Segments 

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

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

Future Amendments to Accounting Standards 

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

2007/08 business year: 

Effective for annual periods 

beginning on or after 

IFRS 3 Business Combinations January 1, 2009 

IFRS 8 Operating Segments January 1, 2009 

IAS 1 Presentation of Financial Statements January 1, 2009 

IAS 23 Borrowing Costs January 1, 2009 

IAS 27 Consolidated and Separate Financial Statements January 1, 2009 

IAS 32 Financial Instruments: Presentation January 1, 2009 

IFRIC 12 Service Concession Arrangements January 1, 2008 

IFRIC 13 Customer Loyalty Programmes July 1, 2008 

IFRIC 14 The Limit on a Defined Benefit Asset Minimum 

Funding Requirements and their Interaction January 1, 2008 

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

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

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

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

intangible asset depending on the form of contract. 

Consolidated group 

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

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

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

are accounted at equity or with continued initial costs.

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

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

cent of the group sales. 

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

(Attachment 2 to the notes). 

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

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

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

Full consolidation Equity valuation 

Situation on April 1, 2007 25 22 

Mergers -1 0 

Situation on March 31, 2008 24 22 

therefrom foreign companies 11 7 

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

with retrospective effect on April 1, 2007. 

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

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

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

34 . 35


Consolidation Methods 

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

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

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

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

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

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

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

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

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

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

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

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

up according to materiality. 

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

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

statement. 

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

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

importance. 

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

are shown separately in the consolidated financial statement. 

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

Currency translation 

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

to the concept of the working currency. As the companies run their business independently regarding financial, 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 570 (previous year: TEUR 1,372) are recognized in the equity 

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

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

the profit and loss account are allocated to equity. 

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

Kreisverkehr Regierungsviertel, 

St. Pölten/Austria 

BL Friedersbach B 38/Austria 

36 . 37


aCCounTIng and vaLuaTIon PrInCIPLES 

Intangible assets and tangible assets 

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

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

plants are included in the production costs. 

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

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

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

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

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

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

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

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

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

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

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

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

payments resulting from these contracts are recognized as expenditure.

Revaluation 

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

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

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

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

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

Weismann+Pitschmann of February 23, 2007 for Austria 

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

HUNGVENT Pénzügyi és 

Befektetési Tanácsadó Kft of Winter 2007/08 for Hungary 

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

Financial assets 

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

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

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

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

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

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

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

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

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

available for sale is recorded in the consolidated income statement. 

38 . 39


Inventories 

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

accompanying value. 

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

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

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

Accounts receivable and other assets 

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

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

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

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

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

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

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

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

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

of appropriate depreciations. 

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

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

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

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

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

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

Cash and cash equivalents 

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

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

Deferred taxes 

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

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

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

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

exceptions to this extensive tax deferral. 

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

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

in their value difference. 

Provisions 

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

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

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

deadline day is recognized as the provision. 

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

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

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

claim acquired up to balance sheet date is determined. 

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

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

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

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

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

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

P „Angestellte“. 

40 . 41


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

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

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

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

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

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

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

the rate of utilization. 

Liabilities 

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

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

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

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

Contingent liabilities 

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

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

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

Derivative financial instruments 

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

and change of foreign exchange rate. 

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

Other Receivables or Other Liabilities. 

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

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

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

of financial mathematic methods.

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 date of balance sheet. 

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

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

Revenue recognition 

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

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

of completion. 

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

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

involved and with the rendering of the service. 

42 . 43


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. 

Haus der Barmherzigkeit, 

Tokiostraße 4/Austria 

Reconstruction Vehicle 

RU 800 S

noTES on THE ITEMS of THE 

ConSoLIdaTEd ProfIT and LoSS aCCounT 

(1) Revenue 

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

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

from consortia. 

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

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

555,330). 

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

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

at-equity participations. 


Austria 690,297 655,971 

Hungary 214,595 241,760 

Germany 174,398 138,084 

Czech Republic 133,783 149,527 

Others 119,888 91,754 

A2-PO6 Zirknitzgrabenbrücke/Austria 

1,332,961 1,277,096 

44 . 45


(2) Other operating income 


Income from disposal and appreciation of fixed 

assets excluding financial assets 1,437 1,764 

Others 10,882 6,672 

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

furtherance and exchange rate differences. 

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

operating expenses starting from the business year 2007/08. 

(3) Raw materials, consumables and services used 

12,319 8,436 

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

planning services, machine rentals and third-party repairs: 


Cost of materials 413,388 461,849 

Cost of services 393,079 299,132 

806,467 760,981

(4) Employee benefits expense 


Wages 130,789 127,230 

Salaries 89,165 72,107 

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

Expenses for pensions 411 418 

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

Other social expenses 3,532 10,207 

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

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

is recognized under the financial result. 

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

The average number of employees developed as follows: 

(5) Depreciation and amortization expense 

273,205 257,630 

2007/08 2006/07 

Salaried employees 2,192 2,021 

Labourers 4,859 4,755 

7,051 6,776 

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 240 (previous year: TEUR 4) 

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

Georg Feßl GmbH. 

46 . 47


(6) Other operating expenses 

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

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

year: TEUR 1,939). 

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

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

therefore recognized in total in the profit and loss account. 

(7) Share of profit or loss of associates 


Income from associated companies 8,850 7,810 

Expenses on associated companies -217 -125 

(8) Net investment income 

(9) Net interest income 

8,633 7,685 


Income from participations 3,233 281 

Expenses on participations -30 -22 

3,203 259 

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

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


Interest income 2,841 4,035 

Interest expenses -10,218 -10,269 

Net interest income -7,377 -6,234

(10) Other financial result 


Other financial income 35 3 

Other financial expenses -222 -558 

(11) Income tax expense 

-187 -555 

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

recognized as income tax: 


Tax expense 5,835 6,292 

Deferred tax 788 1,462 

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

from: 


Profit before tax 34,901 34,170 

Theoretical tax expenditure 25 % 8,725 8,542 

Differences from foreign tax rates -278 537 

Tax effects from: 

6,623 7,754 

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

Tax-free reserves -22 -236 

Change of tax rate -559 -194 

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

Change of valuation adjustment on deferred tax assets 2 -676 

Other 278 59 

Recognized income tax expense 6,623 7,754 

48 . 49


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 March 31, March 31, 

2008 2007 

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

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

Georg Feßl GmbH 896 1,296 

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

SWIETELSKY Épitö Kft. 430 430 

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

Ing. Rudolf Seibt Gleisbau GmbH 208 208 

Jos. Ertl GmbH 181 181 

8,233 8,633 

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

unit is compared with its corresponding book value. 

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

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

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

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

rates had a range between 8.0 % and 13.6 %. 

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

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

TEUR 0)

Tangible assets 

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

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

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

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

contracts: 

Real estate leasing 


Amounts in TEUR 2008 2007 

Historical costs 5,474 5,474 

Depriciation (accumulated) -1,189 -970 

Book value 4,285 4,504 

Machinery leasing 



Historical costs 6,741 11,028 

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

Book value 3,953 6,532 

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

year: TEUR 10,029). 

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

between 4 and 11 years. 

50 . 51


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

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



Term up to one year 1,563 2,146 

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

Term over five years 3,111 3,351 

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

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

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

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

as follows: 



Restrictions on property, plant and equipment 

On the reporting date, there were no property collaterals. 

6,486 8,603 

Term up to one year 23,250 20,099 

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

Term over five years 24,689 16,201 

112,878 92,679 

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

have not been considered in the financial statement.

(13) Financial assets 

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

(Attachment 2 to the notes). 

Development of the financial assets can be depicted as follows: 

Amounts in TEUR Balance on Currency Balance on 

1.4.2007 Translation Additions Disposals 31.3.2008 

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

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

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

Other loans 303 -26 140 0 417 

Advance payments made 24 -2 2 2 22 

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

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

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



Total Assets 101,817 84,925 

Total Liabilities 70,204 62,085 

Sales 180,514 194,878 

Profit 19,374 17,404 

52 . 53


(14) Inventories 



Undeveloped grounds 18,921 17,721 

Raw materials and supplies 17,351 16,153 

Payments made 1,540 2,962 

(15) Accounts receivable and other assets 

March 31, 2008 March 31, 2007 

Amounts in TEUR Total shortterm longterm Total shortterm longterm 

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

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

Other accounts receivable 

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

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

Accounts receivable 

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

Trade receivables and receivables 

37,812 36,836 

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

March 31, 2008 March 31, 2007 



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

Accounts receivable from companies with 

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


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


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

Accounts receivable from participation contracts are represented as follows: 



All contracts not invoiced for at balance sheet date: 

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

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

Accumulated losses -20,918 -19,436 

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

641,593 480,394 

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

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

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

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

54 . 55


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

as follows: 


Impairment as of April 1 14,831 14,257 

Allocation, Utilization, Appropriation 3,317 574 

Impairment as of March 31 18,148 14,831 

(16) Cash and cash equivalents 

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



Securities 17,538 18,485 

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

38,006 32,078

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

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

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

Amounts in TEUR Aktive Passive Aktive Passive 

Tangible assets 149 7,864 0 4,947 

Financial assets 0 521 0 852 

Inventories 547 0 76 0 

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

2,057 15,370 76 10,543 

Provisions 6,019 1,017 3.710 0 

Liabilities 2,639 381 731 0 

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

Netting out of deferred tax assets 

March 31, 2008 March 31, 2008 

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

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

56 . 57


(18) Shareholder´s Equity 

The fully-paid 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, Vienna 289,130.12 

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

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

TEUR 4,144). 

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

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

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

consolidation. 

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

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

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

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

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

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

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

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

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

Vienna Stock Exchange, third market; lower subordinated). 

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

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

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

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

EUR 

7,705,000.00

(19) Provisions 

Balance on Balance on 

April 1, Currrency Appro- Utili- March 31, 

Amounts in TEUR 2007 differences Allocation priation zation 2008 

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

Provisions for pensions 262 0 11 0 -83 190 

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

Other provisions: 

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

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

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

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

Provisions for severance pay show the following development: 

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


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

Service costs 707 676 

Interest costs 558 512 

Severance payments -565 -660 

Actuarial profit/loss -513 859 

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

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

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

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

58 . 59


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

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


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

Interest costs 11 12 

Pension payments -38 -23 

Actuarial profit/loss -45 -8 

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

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

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

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

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

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

employee at the time of the commitment (and length of service, salary of employee). Basically no new 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. There are no contribution-oriented pensions systems in the form of financing be relief funds. 

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

obligations resulting from consortia and legal costs.

(20) Liabilities 

The liabilities can be represented as follows: 

Liabilities from trade payables and 

payables for services rendered: 


March 31, 2008 March 31, 2007 


Financial liabilities: 

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

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

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

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

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

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

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

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

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

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

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

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

60 . 61


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

booked. 

(21) Contingent liabilities 

March 31, 2008 March 31, 2007 


Other liabilities: 

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

Liabilities due to companies with whom 

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

Other liabilities, accruals 

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

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

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

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

of personnel-related liabilities 

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

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

(22) Notes on consolidated Cash-Flow Statement 

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

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

as follows: 



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

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

(23) Financial Instruments 

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

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

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

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

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

62 . 63


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

Category March 31, March 31, 

Amounts in TEUR according to 2008 2008 

ASSETS 

Measurement at historical cost 

IAS 39*) Book value Fair Value 

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

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

Accounts receivable from companies with whom 

a participation relationship exists LaR 18,408 18,408 

Other loans LaR 417 417 

Other financial receivables LaR 5,719 5,719 

Cash and cash equivalents LaR 38,006 38,006 

Measurement at fair value 

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

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

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

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

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

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

LIABILITIES 


Financial Liabilities FLAC 80,749 79,823 

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

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

Accounts payable from companies with whom 

a participation relationship exists FLAC 2,055 2,055 

Other financial liabilities FLAC 5,490 5,490 


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

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

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

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

Category March 31, March 31, 

Amounts in TEUR according to 2007 2007 

ASSETS 


IAS 39*) Book value Fair Value 

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

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

Accounts receivable from companies with whom 

a participation relationship exists LaR 14,161 14,161 

Other loans LaR 303 303 

Other financial receivables LaR 5,058 5,058 

Cash and cash equivalents LaR 32,078 32,078 


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

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

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

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

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

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

LIABILITIES 


Financial Liabilities FLAC 113,462 113,441 

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

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

Accounts payable from companies with whom 

a participation relationship exists FLAC 1,720 1,720 

Other financial liabilities FLAC 1,775 1,775 


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

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

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

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

*) LaR Loans and Receivables 

AfS Available-for-Sale 

AtFVtP&L At Fair Value through Profit or Loss 

FLAC Financial Liabilities at Amortised Cost 

64 . 65


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

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

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

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

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

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

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

values of attached payments taking account of current market parameters. 

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

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

were not reliably determinable. 

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

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 

2006/07 

Amounts in TEUR LaR FLAC AtFVtP&L Total 

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

Impairment -1,050 0 0 -1,050 

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

Disposal result 3 0 0 3 

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

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

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

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

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

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

in the other financial result. 

Basics of financial risk management 

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

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

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

department and the decentralised treasury units are responsible for implementation. 

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

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

and cash equivalents. 

Risk of changes in interest rate 

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

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

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

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

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

swap at the balance sheet date. 

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

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

and its value amounts to 30 Mio EUR. 

66 . 67


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

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

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

sheet date - is represented as follows: 

Cash at banks 

Liabilities to banks 

Nominal value Market value 

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

Interest rate swaps: 

2008 2007 2008 2007 

Bank Austria Creditanstalt AG 0 500 0 6 

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

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

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

-1,629 -895 

Bookvalue TEUR Weight average 

Currency interest rate 2007/08 % 

EUR 8,338 2,83 

GBP 306 5,25 

HRK 2,094 0,80 

RON 83 3,09 

HUF 4,339 7,24 

PLN 2,708 3,36 

SKK 2,038 3,00 

CZK 544 2,80 

CHF 17 0,25 

20,467 

Bookvalue TEUR Weighted average 

Currency interest rate 2007/08 % 

EUR 39,197 4,70 

CHF 1,912 3,23 

HUF 1,916 8,33 

CZK 729 4,40 

43,754

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

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

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

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

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

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

Currency conversion risk 

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

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

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

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

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

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

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

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

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

items will affect net income: 

Amounts in TEUR 

Expected Payments Nominal 

in 6 months 13,800 

in above 6 months 0 

Total 13,800 

68 . 69


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

Amounts in TEUR Nominal value Market value 

Foreign exchange forwards (EUR/HUF) 

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 

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

2008 2007 2008 2007 

13,800 0 -96 0 

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

Currency 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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 considerations by the calculations as well. 

Other market price risks 

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

price risks which are, however, insignificant. 

Credit risk 

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

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

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

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

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

level of creditworthiness. 

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

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

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

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

and prepayments exist accordingly. 

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

TEUR 3,644). 

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

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

adjusted. 

70 . 71


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

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

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

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

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

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

to each specific risk group. 

Liquidity risk 

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

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

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

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

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

loans. 

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

liquidation payments) arise in the following years: 

Cash Flows 

Amounts in TEUR Book Value 1.4.2008- 1.4.2009- from 

31.3.2008 31.3.2009 31.3.2013 1.4.2013 

Bonds 29,158 1,220 34,882 0 

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

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

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

Cash Flows 

Amounts in TEUR Book Value 1.4.2007- 1.4.2008- from 

31.3.2007 31.3.2008 31.3.2012 1.4.2012 

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

Liabilities to credit institution 74,334 39,992 18,701 27,872 

Liabilities from financial leases 10,029 2,146 3,106 3,351 

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

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

figures for new future liabilities are not considered. Financial liabilities repayable at any time are constantly 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 rate of shareholder’s equity amounted 

to 33.3 % (31.3.2007: 21.3 %). 

(24) Segment Reporting 

Classification of Segments 

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

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

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

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

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

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

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

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

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

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

72 . 73


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

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

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

prices.

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

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

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

Transition: 

not consolidated companies -22,510 

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

IFRS adjustments -179 

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

Segment result 

Transition: 

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

not consolidated companies -499 

Profit/Loss 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 

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

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

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

Transition: 

not consolidated companies -20,840 

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


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

Segment result 

Transition: 

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

not consolidated companies 394 

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


EBT per IFRS Financial statement 

thereof in segment result included 

9,877 9,013 4,107 4,062 6,366 746 34,170 

Interest income 1,243 29 254 20 211 

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

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

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

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

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

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

74 . 75


Information to important customers 

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

Contract position according to segments with external customers: 

Contract position Austria Germany Hungary Czech Rep. Other countries Consolidated 

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

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

(25) Notes on Related Parties 

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

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

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

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


TRIAS Holding GmbH 1,387 

HPB-Holding GmbH 162 

Thumersbacher Geräteverleih GmbH 346 

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


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

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

KKL-Holding GmbH (indirect shareholder) 2,500 

Hellmuth Brustmann (executive director) 2,264 

Günther Grassner (member of supervisory board) 30

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

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

Ing. Hellmuth Brustmann 

Dipl.-Ing. Kurt Kladensky 

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

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

Dr. Günther Grassner, Vice-Chairman 

Dr. Andre Hovaguimian, Vice-Chairman 

Johann Karmedar 

Werner Klement 

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

(previous year: TEUR 1,151). 

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

board. 

(27) Significant events after the balance sheet date 

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

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

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

Linz, July 14, 2008 

Executive directors 

Ing. Hellmuth Brustmann Dipl.-Ing. Kurt Kladensky 

76 . 77


ConSoLIdaTEd dEvELoPMEnT of fIxEd 

aSSETS aS of MarCH 31, 2008 


I. Intangible assets: 

Balance at 

April 1, 2007 

HISTorICaL and ProduCTIon CoSTS 

1. Concessions, trade marks 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 

Exchange rate 

differences 

Transfers 

Additions 

Disposals 

Balance at 

March 31, 2008 

13,446 -9 0 857 155 14,139 

value 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 

Exchange rate 

differences 

Transfers 

Additions 

Disposals 

Balance at 

March 31, 2008 

Balance at 

March 31, 2008 

Balance at 

March 31, 2007 

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

904 0 0 400 0 1,304 8.233 8,633 

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 

78 . 79


ConSoLIdaTEd dEvELoPMEnT of fIxEd 

aSSETS aS of MarCH 31, 2007 


I. Intangible assets: 

1. Concessions, trade marks 

Balance at 

April 1, 2006 

HISTorICaL and ProduCTIon CoSTS 

Changes in 

consolidation 

and similar rights, licences 3,001 9 26 6 916 49 3,909 

2. Goodwill 9,515 0 0 0 22 0 9,537 

II. Tangible assets: 

1. Real estate and equivalent 

rights, buildings on third 

party property (real estate value 

Exchange rate 

differences 

Transfers 

Additions 

Disposals 

Balance at 

March 31, 2007 

12,516 9 26 6 938 49 13,446 

TEUR 16,679; previous year: TEUR 13,734) 75,009 0 1.079 48 6,685 4,050 78,771 

2. Machinery and technical equipment 110,203 52 822 203 13,899 5,916 119,263 

3. Other plant, furniture and fixtures 23,749 24 286 193 5,281 2,207 27,326 

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

210,408 101 2,276 -6 26,557 13,066 226,270 

222,924 110 2,302 0 27,495 13,115 239,716

Balance at 

April 1, 2006 

Changes in 

consolidation 

aCCuMuLaTEd dEPrECIaTIon BooK vaLuE 

Exchange rate 

differences 

Transfers 

Additions 

1,762 1 23 6 938 47 2,683 1,226 1,239 

904 0 0 0 0 0 904 8,633 8,611 

2,666 1 23 6 938 47 3,587 9,859 9,850 

14,299 0 123 0 1,838 1,373 14,887 63,884 60,710 

80,140 10 535 206 9,493 5,236 85,148 34,115 30,063 

Disposals 

Balance at 

March 31, 2007 

17,373 5 229 -212 3,076 2,022 18,449 

0 0 0 0 0 0 0 910 1,447 

111,812 15 887 -6 14,407 8,631 118,484 107,786 98,596 

114,478 16 910 0 15,345 8,678 122,071 117,645 108,446 

Balance at 

March 31, 2007 

Balance at 

March 31, 2006 

80 . 81


LIST of ParTICIPanTS 2007/08 

Name Share % 

Fully-consolidated companies: 

Austria: 

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

Jos. Ertl GmbH, Breitbrunn 100,00 

Georg Feßl GmbH, Zwettl 100,00 

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

Kallinger Bau GmbH, Vienna 100,00 

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

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

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

Ing. Rudolf Seibt Gleisbau GmbH, Vienna 100,00 

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

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

SWIETELSKY Tunnelbau GmbH & Co KG, Innsbruck 100,00 

Germany: 

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

Wadle Bauunternehmung GmbH, Essenbach 100,00 

Hungary: 

CELL-BAHNBAU Danubia Kft., Celldömölk 78,50 

Mavepcell Kft., Celldömölk 78,50 1) 

SWIETELSKY Épitö Kft., Budapest 100,00 

Czech Republic: 

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

Other: 

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

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

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

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

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

1) calculated through

Name Share % 

Associated companies: 

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

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

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

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

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

AWT Asphaltwerk GmbH, Stadtschlaining 33,00 

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

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

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

Eurailpool GmbH, Ismaning, Germany 50,00 

FMA Asphaltwerk GmbH & Co KG, Feldbach 30,00 

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

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

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

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

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

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

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

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

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

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

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

82 . 83


Name Share % 

Not consolidated companies: 1) 

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

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

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

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

AMG ASPHALTMISCHWERK GUNSKIRCHEN GMBH, Linz 33,33 

AWB Asphaltmischwerk Weißbach Betriebs-GmbH, Weißbach 45,00 

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

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

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

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

DRUMSERV SA, Targu Mures, Romania 96,14 

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

Elizabeth Center Kkt., Hungary 50,00 

EULAB Kft., Dunakeszi, Hungary 50,00 

FMA Asphaltwerk GmbH, Feldbach 30,00 

FSP Limited, Glasgow, Great Britain 50,00 

Gaspix Beteiligungsverwaltungs GmbH, Zirl 24,00 

GCC - SWIETELSKY SRL, Bukarest, Romania 51,00 

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

GSB Gleitschalungsbau GmbH, Hamburg, Germany 33,33 

GSG Bau GmbH, Graz 50,00 

Harmathez Ingatlanfejlesztö Kft., Budapest, Hungary 100,00 

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

KIESWERK - BETRIEBSGESELLSCHAFT MBH, Zams 25,00 

Mandarino Ingatlanberuhazo Kft., Budapest, Hungary 100,00 

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

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

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

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

Passzázs Ház Kft., Budapest, Hungary 100,00 

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

1) insignificant importance 

2) calculated through

Name Share % 

Not consolidated companies: 1) 

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

Pinzgau Beton GmbH, Bergheim 37,00 

Pinzgau Beton GmbH & Co. KG, Bergheim 37,00 

RPM Wiebe & SWIETELSKY BeteiligungsgmbH, Achim, Germany 49,00 

RTS Rail Transport Service GmbH, Graz 90,00 

RTS Rail Transport Service Germany GmbH, München, Germany 90,00 1) 

SND-Bauträger Ges.m.b.H., Innsbruck 97,82 1) 

SND Italia SRL, Bolzano, Italy 98,04 

SRG Schotter und Recycling GmbH, Krems 51,00 

SR Beteiligungs GmbH, Linz 51,00 

SWIETELSKY - BÖGL s.r.l., Bukarest, Romania 50,00 

SWIETELSKY d.o.o., Belgrad, Serbia 100,00 

SWIETELSKY Iskolaprojekt Kft., Baja, Hungary 100,00 

SWIETELSKY Tunnelbau GmbH, Innsbruck 100,00 

SWIETELSKY gradbeno podjetje d.o.o., Ljubljana, Slovenia 100,00 

SWIERA SRL, Andriano, Italy 50,00 

SW-O Metro 4 „Kálvin tér“ Epitö Kkt., Hungary 50,00 

SW-O Metro 4 Epitö Kkt., Hungary 50,00 

SW-O Metro 4 „Rákóczi tér“ Epitö Kkt., Hungary 50,00 

TAM Traisental Asphaltmischwerk Ges.m.b.H., Nußdorf 33,33 

TBG - SWIETELSKY Beton Kft., Tatabanya, Hungary 50,00 

Transportbeton und Asphalt Gesellschaft mbH, Zams 50,00 

VAM - Valentiner Asphaltmischwerk Gesellschaft m.b.H., Linz 25,00 

Zapadoceska Obalovna s.r.o., Pilsen, Czech Republic 50,00 

1) insignificant importance 

2) calculated through 

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

84 . 85

BOUNDARIES arE THErE, 

To BE CROSSED. 

The Great Wall of China. The greatest example of 

architecture. 6350 kilometers long. World heritage. 

Originated probably in the second half of the 

5th century BC. Visible from space depending 

on good weather conditions.

86 . 87


grouP ManagEMEnT rEPorT 2007/08 

General economic climate: 

From the late summer of 2007, the global economic climate was strongly influenced by the US real estate 

and finance crisis, and the rapid rise in raw material prices, which in particular applied to oil in the past year. 

At present, no turnaround on the international financial markets is in sight and for this reason many experts 

foresee a recession, especially in the USA. 

Europe remained largely stable, due mainly to the continuation of dynamic development in the eastern and 

south-eastern regions of the continent. Consequently, during 2007 the countries of the EU 27 demonstrated 

economic growth of almost 3 per cent and the unemployment rate in the EU 15 dropped to below 7 per cent. 

However, high inflation rates caused primarily by increased energy, raw material and food prices in tandem 

with the weakness of the US dollar against the euro mean that in 2008 a marked softening of the economy 

can be expected, that will also extend to Europe. 

In 2007, the European construction industry was able to maintain its expansion. 

Above all, the demand backlog in the environmental and transport infrastructure areas in the developing 

markets of eastern and south-eastern Europe, in combination with large volume flows of finance from EU 

funds, permit the expectation that this trend will continue in the coming years. 

Thanks to its presence and experience in CEE markets, the SWIETELSKY Group has excellent prospects of 

being able to participate in this development to an above-average extent.

Markets: 

Austria 

Glasgow 

London 

The Austrian economy experienced a highly positive phase and in 2007 achieved growth of over 3 per cent, which 

led to a tangible reduction in domestic unemployment. 

After boom years with growth rates of around 5 per cent, in 2007 the Austrian construction industry enjoyed 

expansion of around 3.7 per cent. While housing and civil construction showed moderate growth rates of 2.4 and 

3.0 per cent respectively, the continuing dynamism in civil underground construction (including roads and railways) 

bolstered this satisfactory situation with a growth rate of nearly 7 per cent. 

In its domestic Austrian market, SWIETELSKY was again able to attain growth that exceeded the branch average 

with 51.8 per cent of total Group contracted turnover. Roughly 30 per cent of domestic market construction related 

to the civil construction segment and some 24 per cent to railway and civil underground construction respectively. 

Road construction provided a contribution of around 18 per cent to Austrian turnover, while tunnel construction 

furnished approximately 4 per cent. 

Zug 

Meißen 

Traunstein 

Bolzano 

Ceské Budejovice 

Linz 

Vienna 

Budapest 

Zagreb 

Lublin 

Bratislava 

Beograd 

Tlrgu Mures 

Bucuresti 

88 . 89


Hungary 

During 2007, the overall volume of construction work in Hungary shrank by 3.7 per cent. 

While civil underground construction came to a virtual standstill and suffered a massive reduction of around 

17 per cent, which emanated from budget-related cuts and public sector economy measures, the national 

housing construction volume increased by some 5.5 per cent, while other civil construction grew by around 

3-4 per cent. 

The share of the core Hungarian market in Group contracted turnover amounted to 16.1 per cent. 

The civil and civil underground construction segments developed in an extremely positive manner during the 

past year and now constitute some 65 per cent of Hungarian turnover. 

The de facto halt to Hungarian road and railway construction had tangible effects on SWIETELSKY and led 

to a 12 per cent fall in total contracted turnover. Nevertheless, the Group was still able to acquit itself better 

in the Hungarian market than many of its leading competitors. 

Czech Republic 

In 2007, the continuing solidity of the Czech Republic’s economic indicators with GDP growth of almost 

6 per cent resulted in an increase in the total volume of contracted turnover by around 7 per cent. This rise 

was powered by average growth of 12-13 per cent in the highly government subsidised housing and civil 

construction segments, while civil underground and infrastructure construction more or less stagnated. 

In 2007/08, the core Czech market provided 10 per cent of total SWIETELSKY Group turnover. While the 

road, bridge and civil underground construction segments developed satisfactorily with a share of turnover 

of around 81 per cent, the civil construction area, which provides 19 per cent, was detrimentally affected by 

problems that in the meantime have been dealt with.

Germany 

The positive trend in the German economy, which started in 2006, continued in 2007 and resulted in GDP growth of 

2.6 per cent. This was reflected in the construction industry by growth of 2.3 per cent for the year and the generally 

positive situation was only clouded by a decline in the construction of new housing. By contrast, the transport and 

civil underground construction areas, which are of importance to the SWIETELSKY Group, both showed extremely 

strong expansion. 

Swietelsky Group contracted turnover in Germany presented an extremely positive picture in the 2007/08 financial 

year with growth of approximately 26 per cent. 

As a consequence, the German activities of the SWIETELSKY Group account for 13.1 per cent of total turnover, 

whereby around 70 per cent relates to transport construction, 25 per cent to civil underground construction and 

some 5 per cent to civil construction. 

Other markets 

In addition to its four core markets (Austria, Hungary, Germany and the Czech Republic), the SWIETELSKY Group 

is also a player in Romania, Croatia, Serbia, Poland, the UK, Slovakia and Italy. 

These markets furnish the Group with 9 per cent of its total contracted turnover. 

The south-eastern European markets (Romania, Croatia and Serbia) all demonstrate dynamic development with 

GDP growth rates of between 4 and 6 per cent. Moreover, as expansion in the construction industry is generally 

even stronger, the SWIETELSKY Group possesses an excellent basis for increased activities in these countries, 

which currently provide 4.8 per cent of Group turnover. 

In Poland, which is in a phase of strong economic expansion with double-digit growth rates in the construction 

sector, the SWIETELSKY Group operates exclusively in the civil construction area, where it obtains 1.8 per cent of 

its contracted turnover. 

90 . 91


In the UK, the SWIETELSKY Group is only active in the railway construction sector, providing supplies and 

services to the British rail networks on the basis of long-term agreements. In 2007/08 this market provided 

1.8 per cent of total Group contracted turnover. 

As a consequence of its continuing economic expansion, Slovakia numbers among the SWIETELSKY 

Group’s growth markets. At present, 1 per cent of overall Group turnover is obtained from this market. 

In 2006, the Swietelsky Group expanded its activities to include Italy, with a focus on the market in Southern 

Tyrol. In 2007, this market furnished 0.1 per cent of Group contracted turnover. 

Group contracted turnover development: 

Amounts in EUR k 

Austria 690,297 51.8% 655,971 51.4% 5.2% 

Germany 174,398 13.1% 138,084 10.8% 26.3% 

Hungary 214,595 16.1% 241,760 18.9% -11.2% 

Czech Republic 133,783 10.0% 149,527 11.7% -10.5% 

Other markets 119,888 9.0% 91,754 7.2% 30.7% 

Group contracted turnover 1,332,961 100.0% 1,277,096 100.0% 4.4% 

Consolidated SWIETELSKY Group sales revenues amounted to EUR 1,244 million in the 2007/08 financial 

year and exceeded the figure for the previous year by 5.1 per cent. 

As is usual in the branch, the SWIETELSKY Group also reports its contracted turnover figure, which among 

other elements contains pro rata contributions from consortia and non-consolidated subsidiaries. 

During the past three financial years, the SWIETELSKY Group was able to raise its turnover by an average 

of 21.6 per cent p.a. 

In the 2007 financial year, contracted turnover amounted to some EUR 1,333 million, which in line with 

expectations, constituted an increase of 4.4 per cent. 

% of % of 

turnover turnover Change in 

2007/08 2007/08 2006/07 2006/07 %

Order backlog: 

EUR k 

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, 2008, amounted to a 

value of around EUR 916 million, which represented growth of some 11 per cent over the preceding year. 

This figure also constitutes roughly 69 per cent of the total contracted turnover of the past year. 

Earnings: 

0 

In the year under review, the SWIETELSKY Group was able to raise its earnings before interest, taxes, depreciation 

and amortisation (EBITDA) by 6.9 per cent to EUR 60,2 million. 

GROUP order backlog 

2007/08 2006/07 2005/06 2004/05 

Due to investments, depreciation and amortisation rose by 15.3 per cent in the past year to EUR 17,7 million. 

92 . 93


As a result, earnings before interest and taxes (EBIT) during the year under review were up by 3.7 per cent 

at EUR 42,5 million. 

At EUR 34,9 million, the pre-tax result was 2,1 per cent higher than in the preceding year. 

The effective rate of taxation amounted to 19 per cent (2006/07: 22.7 per cent) and thus the after tax result 

totalled EUR 28,3 million. 

The return on sales (ROS) as a ratio between EBIT and contracted turnover amounted to a notable 

3.2 per cent. 

Assets and finances: 


Non-current assets 160,260 27% 150,594 30% 140,234 36% 

Current assets 433,001 73% 357,676 70% 253,949 64% 

Equity 197,276 33% 108,026 21% 85,453 22% 

Long-term debts 106,263 18% 105,334 21% 97,800 25% 

Short-term debts 289,722 49% 294,910 58% 210,930 53% 

Total assets 593,261 100% 508,270 100% 394,183 100% 

Net debt 


Financial liabilities 80,749 113,462 95,414 

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

Provisions for pensions 190 262 281 

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

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

2007/08 % 2006/07 % 2005/06 % 

2007/08 2006/07 2005/06

Gearing 


Net debt 56,730 95,256 82,447 

Equity 197,276 108,026 85,453 

Gearing 0.29 0.88 0.96 

In the year under review, the total assets of the SWIETELSKY Group rose by 16.7 per cent to EUR 593,3 million. 

Non-current assets increased by 6.4 per cent to EUR 160,3 million. 

The rise in current assets by EUR 75,3 million to EUR 433 million was due largely to an increase in trade accounts 

receivable (EUR 48,6 million). 

In November 2007, the equity basis was consolidated through the issue of a hybrid bond with a nominal value of 

EUR 70 million. Largely as a result of this bond and the reinvestment of profits, in the year under review equity rose 

by EUR 89,3 million to EUR 197,3 million. As a result, on the balance sheet date, the equity ratio amounted to 33.3 

per cent as opposed to 21.3 per cent in the previous year. 

Against this background, net debt fell by 40.0 per cent to EUR 56,7 million. The gearing ratio stood at 0.29 on the 

balance sheet date. 

2007/08 2006/07 2005/06 

94 . 95


Selected key and financial indicators: 

Risk management: 

Our business activities are targeted on sustained growth and an increase in corporate value. As a result, 

we are logically subject to a diversity of risks, which we counteract by means of active risk management. 

In this connection, our internal reporting and controlling system is of special importance. This monitors 

the realisation and implementation of our business processes and ensures planning aimed at the prompt 

identification and estimation of potential risks. 

Unit 2007/08 2006/07 2005/06 

Contracted turnover EUR m 1,333 1,277 1,114 

Order backlog EUR m 916 823 654 

Sales EUR k 1,244,413 1,183,725 925,895 

Earnings before interest, taxes, depreciation, 

amortisation (EBITDA) EUR k 60,163 56,304 43,454 

Earnings before interest and taxes (EBIT) EUR k 42,465 40,959 29,057 

interest result EUR k -7,377 -6,234 -4,156 

Earnings before taxes (EBT) EUR k 34,901 34,170 25,218 

Result after taxes EUR k 28,278 26,416 19,276 

Employees (average) Persons 7,051 6,776 5,981 

Contracted turnover/employees EUR k 189 188 186 

Gross cash flow EUR k 47,129 40,729 36,082 

Cash flow/contracted turnover in % 3.5 3.2 3.2 

Return on sales (ROS) in % 3.2 3.2 2.6 

Return on equity (ROE) in % 27.8 42.3 32.4 

Unit 31.3.2008 31.3.2007 31.3.2006 

Consolidated equity EUR k 197,276 108,026 85,453

Consequently, every risk group is defined, which in our opinion could have a lasting influence on Group assets, 

finances and earnings: 

Market risk 

We counteract market risk by means of geographic and segment-related diversification, in tandem with the active 

and flexible management of these risks. 

The orientation towards an extensive portfolio and the strategy of not only focusing on the domestic markets in 

Austria and Germany, but also intensifying activities in the markets of eastern and south-eastern Europe, bring the 

risk attached to differing political and economic conditions. Conversely, this approach also provides possibilities for 

the better equalisation of regional, economic and specific segment influences. 

Operational risks 

The acceptance and completion of orders for individual projects are accompanied by complex risks. The aim of our 

risk management is to guarantee that these risks do not have a harmful influence on the Group. 

During order acquisition, calculation directives and processes regulate the standardised definition of project costs 

and secure clear divisions of competence for the technical and economic examination, and tender analysis of trans- 

actions requiring approval. 

Order realisation is controlled by projected and actual comparisons and accompanied by ongoing support from 

central controlling. 

Supplier risk 

Our Group offers an extensive portfolio of supplies and services and is naturally highly reliant upon external com- 

panies. The related risks with regard to adherence to agreed quality, delivery dates and costs can result in supply 

problems. 

96 . 97


Changing raw material price risk 

Recently, our operative areas have been increasingly subject to energy and raw material price increases. 

Where these cannot be transferred to the customers, a negative effect on the Group’s earnings situation 

results. 

We constantly examine materials sourcing for hedging possibilities via derivative instruments. Due to the 

current lack of functional and sufficiently liquid markets, at present only longer term price fixing is employed 

during physical sourcing procedures. However, the possibility of using futures in years to come cannot be 

excluded. 

Financial risks 

The risks related to finance and accounting are counteracted by the surveillance of Group commercial gui- 

delines and directives by our central Controlling, Accounting and Financial Management units, which are 

also responsible for internal reporting. 

A special focus is placed on liquidity management. Central receivable management and ongoing monitoring 

of all working capital serve the monitoring and control of liquidity. 

Hedging is implemented in order to restrict the interest risk, i.e. the risk of rising interest expenses or falling 

interest earnings from financial items. The conclusion of such transactions, which are monitored by an 

appropriate control system, is the sole prerogative of Group financial management. 

The foreign currency risk derived from construction contracts and the related financing is dealt with in a trans- 

action-oriented manner, whereby only currency forwards are used. These are designated as cash flow hedges 

with given effectiveness. The aim in this regard is to minimise foreign currency risks in the operative area. 

Further information on this subject is contained under Item 23 “Financial instruments, financial risks and 

capital management” in the notes to the consolidated financial statements.

Employees: 

Blue-collar workers 1) 4,859 4,755 4,222 

White-collar workers 2,192 2,021 1,759 

Total 7,051 6,776 5,981 

1) Including apprentices 

In order to further suitable talent for the future and ensure its loyalty to the company, the Group has a programme 

for young specialists and managers, which has the primary aim of filling new, key positions from inhouse personnel 

resources. 

With the assistance of internal and external speakers, we hold an extensive training programme for Group employees, 

aimed at specific target groups. 

In the construction site area, we attach great importance to work safety and accident prevention. 

The executive management would like to express its thanks to the entire workforce, which through its professional 

competence and commitment has made a major contribution to the fact that our corporate goals could be achieved 

in a difficult economic period. 

Thanks also go to the works council for its objective and constructive cooperation. 

Environment: 

2007/08 2006/07 2005/06 

Ø Ø Ø 

SWIETELSKY is extremely well aware of its responsibilities in relation to the environment. 

The numerous, temporary operational sites demand specific measures, which receive extensive attention during 

completion planning and work preparations. In order to cut noise, vibrations, dust and exhaust gases to a minimum, 

SWIETELSKY is at pains to use environment-friendly processes and equipment during every project phase. 

98 . 99


Technology and innovation: 

We support an independent testing unit, which monitors adherence to standards and quality during the 

production of asphalt and concrete. 

The unit also has the task of completing the chemical analysis of water, wastewater, soil and hazardous 

substances for landfill construction and earthworks. In addition, it carries out field-testing and is entitled to 

produce state-approved testing and monitoring reports. The testing unit is thus a reliable partner with regard 

to construction technology and environmental compatibility. 

SWIETELSKY is a member of the „Christian Doppler Gesellschaft“ and has a holding in the Christian Doppler 

Laboratory for the application behaviour-oriented optimisation of flexible road surfacing. In recent years, this 

CD laboratory, which has its scientific basis in the Vienna University of Technology, has developed methods 

that allow the assessment of the long-term behaviour of asphalt and road constructions subject to heavy 

traffic loads. These assessment include the examination of the influence of various asphalt components, e.g. 

with regard to fatigue and the formation of grooves. 

Outlook: 

The growth driver in the Austrian construction industry continues to be the road, railway and civil under- 

ground construction area with forecast growth rates of 4-4.5 per cent. These will emanate primarily from 

planned public sector investment in road and rail links (around EUR 20 billion have been earmarked for 

railway and road infrastructure projects in the coming five years). Growth of between 1.8 and 2.0 per cent 

is anticipated in the housing and civil construction segments, which could be detrimentally affected by the 

turbulence in the US real estate markets. Swietelsky expects moderate growth in the Austrian market during 

the current financial year. 

As a large number of large-scale projects are in the preparation and planning phase, the low point in the 

Hungarian road, railway and civil underground construction segment should have been passed. For this 

reason and due to the fact that in the meantime a number of major contracts (enlargement of ten stations on 

the no. 4 metro line in Budapest and the M 43 highway) have been captured, we expect a notable increase 

in our contracted turnover in Hungary for 2008/09.

The Czech construction industry anticipates further growth rates of over 5 per cent for the coming years with a 

marked shift in impetus towards road and railway construction. Accordingly, we envisage positive perspectives for 

our Group in the Czech Republic for 2008/09. 

Forecasts point to growth of around 1.2 per cent in the German construction industry during the current year, 

whereby the civil underground construction area, which is of importance to the SWIETELSKY Group, continues to 

offer promise with expansion of over 3 per cent. 

In the south-eastern European markets, we wish to participate in the roughly double-digit growth that is expected. 

For this reason, we will allocate major emphasis to our further development in this target region. 

Dangers emanate from energy and raw material price development and the related effects on sourcing costs, which 

to some extent are both extremely difficult to predict (especially with regard to steel and oil products such as diesel 

fuel, heating oil and bitumen). 

Order backlog of EUR 916 million covers around 67 per cent of the planned turnover for the current financial year. 

As a result, we see ourselves as being equipped for the further consolidation and expansion of our market share, 

and thus maintain the result ratios of the preceding year. 

Material events after the balance sheet date: 

At the beginning of July 2008, SWIETELSKY Baugesellschaft m.b.H. acquired the stock of the minority shareholders, 

Josefine Söptei (13.5 per cent) and Attila Biró (8.0 per cent), in the Hungarian CELL Bahnbau Danubia Kft. As a 

result, the company and its subsidiary, MAVEPCELL Kft. have entered full Group ownership. 


The Executive Management 

Ing. Hellmuth Brustmann Dipl.-Ing. Kurt Kladensky 

100 . 101


grouP STruCTurE 2007/08 

AuSTRIA 

Hoch-Tief-Bau Imst 

Gesellschaft m.b.H. 

Imst 

CC Innsbruck: FN 42 221p 

CEO: BRUSTMANN Hellmuth 

KLADENSKY Kurt 

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 

Eq 

CC Linz: FN 56 234 y 





C. Peters 

Baugesellschaft m.b.H. 

Linz 

CC Linz: FN 223 787 z 

CEO: WOLF Rudolf 

GINDL Harald 


VK 


Bahnbau Petri 

Hoch- und Tiefbau 


CC Wr. Neustadt: FN 155 369i 

CEO: PETRI Wolf-Dieter 

HUBER Jürgen 

Capital: EUR 36,336.42 


Bahnbau Petri Hoch- und 

Tiefbau Gesellschaft 

m.b.H. & Co KG 

CC Wr. Neustadt: FN 2284 i 

Pers. haftender Gesellschafter 

Bahnbau Petri GesmbH. 

Capital: EUR 7,267.28 

NK 

NK 


Czernilofsky 


Wien 

CC Wien: FN 62 567 k 





Jos. Ertl 

GmbH Breitenbrunn 

CC Linz: FN 245 116 s 

CEO: WOLF Rudolf 

GINDL Harald 


NK 


Georg Feßl 

GmbH. 

Zwettl 

CC Krems: FN 36 325 w 

CEO: ROHR Franz 

GINDL Harald 


VK 


Ernest Renz Ges.m.b.H. 49 % 

SR 

Beteiligungs GmbH 

Linz 

CC Linz: FN 248 314 v 

CEO: PEINTER Erich 

RENZ Markus 


VK 


SRG 

Schotter und Recycling 

GmbH, Krems 

CC Krems: FN 248 745 b 

CEO: RÖSZL Gerald 

RENZ Ernst 


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 

STIx Hermann 


VK 


SWIETELSKY INTERNATIONAL 


Linz 

VK 

CC Insbruck: FN 99 350 d 

CEO: GÖRRES Harald 

BLACH Gerhard 



A.S.T. 


Innsbruck 

CC Innsbruck: FN 226 696 b 

CEO: STEINLECHNER Manfred 

MANN Heinz 



RTS 

Rail Transport 

Service GmbH, Graz 

CC Graz: FN 252 571 d 

CEO: ZELLER Reinhard 

KRAUS-KOS Guido 


VK 

NK 


Zeller Reinhard 10 % 

SND-Bauträger Ges.m.b.H. 

Innsbruck 

NK 

CC Insbruck: FN 157 200 b 

CEO: STEINLECHNER Manfred 


SWIETELSKY Bauges. m.b.H. 97.82 % 

Tirotel 2.18 % 

SWIETELSKY 

Bauträger Ges.m.b.H. 

Linz 

CC Linz: FN 81 097 k 




VK 


Kallinger Bau GmbH 

Wien 

CC Wien: FN 197 959 t 

CEO: SCHEUCHENPFLUG Adolf 

JUNGBAUER Sven 


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 Insbruck: FN 42 221p 


VK 

SWIETELSKY Bauges.m.b.H. 100 %

GERMANY 

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 

SCHEUCHENPFLUG Adolf 



RTS Rail Transport Service 

Germany GmbH 

München NK 

CC München: HRB 162 694 

CEO: BEILHACK Alfred 

ZELLER Reinhard 


RTS Rail Transport Service GmbH, 

Graz 100 % 

CZECH REPuBLIC 

SWIETELSKY 

Stavebni s.r.o., 

Ceske Budejovice 

CC Ceske Budejovice: C 8032 

CEO: SPITALER Walter 

CIZEK Petr 

KOZEL Jiri 

Capital: CZK 247,000,000 

STRAKONICKA OBALOVNA 

s.r.o, Strakonice 

Eq 

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 % 

HuNGARY HuNGARY ROMANIA 

SWIETELSKY Epitö Kft. 

Budapest 

CC Budapest: 01-09-720 396 

CEO: BOGNAR Arpad 

VÖLGYESI Zsolt 

Capital: HUF 1,179,020,000 


ALBA ASZFALT Kft. 

Szekesfehervar 

CC Fejer: CG 07-09-006867 

CEO: MAGYAR Gyula 

Capital: HUF 5,000,000 

SWIETELSKY - 

MAVEPCELL Vasutepitö Kft. 

Celldömölk Eq 

CC Vas: CG 18-09-104 821 

CEO: STIx Hermann 

GAL Peter 


VK 

SWIETELSKY Epitö Kft. 100 % 

GKS SWIETELSKY Kft. 

Budapest 

CC Budapest: 01-09-73 715 

CEO: KAZAI Marta 

KONSTENSZKY Iren 


NK 


CELL – Bahnbau 

Danubia Kft. 

CC Vas: Cg 18-09-106 427 

CEO: KÜSSEL Walter 


NK 


MAVEPCELL Kft. 

Celldömölk 

CC Cg: 18-09-101 231 

CEO: GAL Peter 

STIx Hermann 

VARGA Miklos 


VK 

VK 

Cell Bahnbau Danubia Kft. 100 % 


C-Bau Kft. 

Budapest 

CC Budapest: CG 01-09-699081 

CEO: STIPICH Bela 

UDVAROS Peter 


Swietelsky Epitö Kft. 100 % 

Passzazs Haz Kft. 

Budapest 

BELVAROS Tetöter Kft. 

Budapest 


CEO: KOSTENZSKY Iren 

PFEIFFER Zsolt 


NK 


CEO: BOGNAR Arpad 

UDVAROS Peter 



Harmathaz 

Ingatlanfejlesziö Kft. 

Budapest 

NK 

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 

NK 


NK 

SWIETELSKY Epitö Kft. 96.67 % 

G.K.S. SWIETELSKY Kft. 3.33 % 

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: HOFMANN Markus 

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 


SWIETELSKY Epitö Kft. 96.14 % 

Verkehrsministerium 3.86 % 

S.C.ANDEMUR SRL 

Judetul Mures 

CC Stanceni: J26/638/2005 


MARC Horea Stelian 

NK 

Capital: RON 20,000 


Marc Horea Stelian 40 % 

Marc Daniela-Emilia 9 % 

GCC – SWIETELSKY SRL 

Bucuresti 

CC Bukarest: J40/19722/2006 


SCHREINER Helmut sen. 


NK 


GCC 49 % 

102 . 103


SLOVAKIA 

SWIETELSKY SLOVAKIA 

s.r.o. 

Bratislava 

CC Bratislava: 307 / B 

CEO: SPITALER Walter 

KISS Stefan 

PROSSLINER Anton 

Capital: SKK 2,679,000 

VK 


GREAT BRITAIN 

SWIETELSKY 

Construction Company Ltd. 

London VK 

CC London: 52 79 323 

CEO: SKALLA Georg 

SCHNABEL Jörg 

Capital: GBP 100,000 


SLOVENIA 

SWIETELSKY 

Gradbeno podjetje d.o.o. 

Ljublijana NK 

CC Ljublijana: 1/28687/00 

CEO: SORGO Peter 



Zweigniederlassung Salzburg 

ITALY 

HTB - Hoch-Tief-Bau SRL 

Nals / Bolzano 

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 

NK 

NK 


SND Bauträger GmbH. 90 % 

HTB - Hoch-Tief-Bau SRL 10 % 

CROATIA POLAND 

SWIETELSKY 

d.o.o. 

Zagreb 

CC Zagreb: 08 02 88 052 

CEO: MAVAR Davor 

GINDL Harald 

Capital: HRK 5,811,800 

VK 


SWIETELSKY Spolka Z.o.o. 

Lublin 

VK 

CC Lublin: 4893 

CEO: KANIA Jaroslav 

WEICHSELBAUMER August 

Capital: PLN 880,000 


SERBIA 

SWIETELSKY d.o.o. 

Belgrad 

CC Belgrad: 201 811 92 

CEO: ZVERZHANOVSKY Djordje 

GÖRRES Harald 

BLACH Gerhard 


NK 

SWIETELSKY Bauges.m.b.H. 100 %

EPorT on THE audIT of THE 

ConSoLIdaTEd fInanCIaL STaTEMEnTS 

for THE YEar EndEd MarCH 31, 2008 

Independent Auditor’s Report 

Report on the consolidated financial statements 

We have audited the accompanying consolidated financial statements of SWIETELSKY Baugesellschaft m.b.H., 

Linz, for the business year from April 1, 2007 to March 31, 2008. These consolidated financial statements com- 

prise the balance sheet as at March 31, 2008, and the income statement, statement of changes in equity and cash 

flow statement for the year ended March 31, 2008, and a summary of significant accounting policies and other 

explanatory notes. 

Management’s Responsibility for the Financial Statements 

Management is responsible for the preparation and fair presentation of these consolidated financial statements in 

accordance with International Financial Reporting Standards as adopted by the EU. This responsibility includes: 

designing, implementing and maintaining internal control relevant to the preparation and fair presentation of financial 

statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropri- 

ate accounting policies; and making accounting estimates that are reasonable in the circumstances. 

Auditor’s Responsibility 

Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We con- 

ducted our audit in accordance with laws and regulations applicable in Austria and in accordance with International 

Standards on Auditing, issued by the International Auditing and Assurance Standards Board (IAASB) of the Inter- 

national Federation of Accountants (IFAC). Those standards require that we comply with ethical requirements and 

plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material 

misstatement. 

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the conso- 

lidated financial statements. The procedures selected depend on the auditor’s judgment, including the assessment 

of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk 

assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the 

consolidated financial statements in order to design audit procedures that are appropriate in the circumstances, but 

not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also inclu- 

des evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates 

made by management, as well as evaluating the overall presentation of the consolidated financial statements. 

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit 

opinion. 

104 . 105

SWIETELSKY Baugesellschaft m.b.H., Linz

Opinion 

Our audit did not give rise to any objections. Based on the results of our audit in our opinion, the consolidated finan- 

cial statements present fairly, in all material respects, the financial position of the group as of March 31, 2008, and its 

financial performance and its cash flows for the business year from April 1, 2007 to March 31, 2008 in accordance 

with International Financial Reporting Standards as adopted by the EU. 

Report on Other Legal and Regulatory Requirements 

Laws and regulations applicable in Austria require us to perform audit procedures whether the management report 

for the group is consistent with the consolidated financial statements and whether the other disclosures made in the 

management report for the group do not give rise to misconception of the position of the group. 

In our opinion, the management report for the group is consistent with the consolidated financial statements. 


KPMG Austria GmbH 

Wirtschaftsprüfungs- und Steuerberatungsgesellschaft 

Dr. Helge Löffler Mag. Peter Humer 

Public Austrian Accountant Public Austrian Accountant 

This report is a translation of the original report in German, which is solely valid. Publication of the consolidated 

financial statements together with our auditor‘s opinion may only be made if the financial statements are identical 

with the audited version attached to this report. § 281 Abs 2 öUGB applies. 

106 . 107

WHEN SEARCHING FOR 

NEW HORIZONS, 

ONE MUST LOOK BEYOND 

THE END OF ONE’S NOSE. 

Internationality. 

SWIETELSKY numbers among Austria’s largest construction companies 

and disposes over offices and subsidiaries in all the country’s federal 

provinces. In addition, the Group has locations in Germany, Hungary, 

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

Switzerland and the UK. 

Today, the name SWIETELSKY also stands for quality and adherence 

to deadlines in Asia and Africa. However, it should be added that expansion 

in itself has never been a SWIETELSKY priority. Instead, the 

Group aims to achieve healthy development from which customers, 

the company and its employees should all profit to an equal extent. 

At a very early stage, the company founder, Hellmuth Swietelsky, divided 

his enterprise into decentralised profit centres, in a move that represented 

a pioneering business achievement within the construction 

branch. These flexible “companies within the company” operate on 

their own responsibility and during complex assignments are assisted 

by internationally operative SWIETELSKY specialists. 

Motorway, Budapest/Hungary

Moais. This is the name of the colossal stone statues found on Easter Island, which 

are part of the World Cultural Heritage. They were part of a larger ceremonial complex, 

like those familiar from other areas of Polynesian culture. The exact age of the 

figures is a matter of conjecture, but they probably date back some 1,500 years. 

8 . 9

Temple of Luxor. This is one of the world’s most important archaeological 

sites. The temple was dedicated to the god Amun, his wife Mut and their son, 

Chons, the moon god. It was built in around 2,000 B.C. by Amenophis III and 

then enlarged in several phases. During the Roman Empire, the temple was 

integrated into fortifications.

IS THERE ANYTHING BETTER THAN 

LENDING SHAPE TO A GREAT IDEA? 

Performance range. 

With know-how and commitment, the SWIETELSKY workforce completes a 

diversity of projects in virtually every area of construction: 

• Road and bridge construction 

• Civil construction 

• Special civil and underground construction, 

environmental technology 

• Railway construction 

• Tunnel and gallery construction 

As a general contractor, SWIETELSKY builds turnkey objects in all 

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

facilities and hospitals. 

For over 20 years, SWIETELSKY has been active as a builder of modern 

apartments, semi-detached and detached houses. SWIETELSKY offers everything, 

from site selection to the handing over of the keys, on a one-stop 

shopping basis. 

SWIETELSKY also continually demonstrates its capabilities as a reliable partner 

to the public sector for PPP project (Public Private Partnership) models. 

Globus Hypermarket/ 

Czech Republic 

10 . 11

Via Appia. Built in 312 B.C. by Appius Claudius 

Caecus, this was the most important consular 

road (supply route) in the Roman Empire. Today, 

it forms a national highway (SS7) and can 

still be travelled along its full length of 

around 540 km. Part of the road has 

been asphalted, but nonetheless 

considerable stretches of the 

original Roman paving can 

still be found. 

I-14 road, Majdalena/Hungary A2 Zirknitzgraben Bridge/Austria General renovation, Laussagraben Bridge/Austria

THE ROMANS PRESSED THE STARTER 2.320 YEARS AGO. 

WE HAVE ADDED THE OVERDRIVE. 

Road and bridge building. 

We are a society on the move and rising traffic volumes increasingly demand first class, durable 

traffic arteries. SWIETELSKY numbers among the leading road builders in the CEE region. 

Thanks to our numerous, asphalt mixing plants, which are situated in strategically favourable 

locations, and secured sources of raw materials, we can complete both large and small road 

building projects throughout Europe quickly and at favourable cost. 

Asphalt. Concrete. 

The word asphalt has Greek roots and can be translated as meaning “durable” or “indestructible”. 

These are exactly the demands that we place on our asphalt. This is produced in over 

fixing plants, which are strictly monitored by the SWIETELSKY auditing unit with regard to 

quality and environmental regulations. 

In addition, SWIETELSKY possesses more than 30 years of experience with regard to the 

construction, maintenance and refurbishing of bridges of every dimension. 

SWIETELSKY. 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

Angkor Wat. The largest and most famous temple complex in Cambodia, 

was probably built in the 12th century by King Suryavarman II. The sandstone 

blocks employed for the building were so skilfully cut, that there are no 

perceptible gaps between them. The west-east axis has a length of 1.5 km, 

the north-south axis, 1.3 km. 

Renovation, Seebarn Palace/ 

Austria 

Asia Resort, Linsberg/Austria

THE BEGINNING IS MARKED BY A BELIEF 

IN SOMETHING GREATER. 

THE END BY SOMETHING SO GREAT, 

THAT IT IS ALMOST BEYOND BELIEF. 

Civil construction. 

For SWIETELSKY no project is too small, no challenge too great. Our range of supplies and services 

covers every type of civil construction and renovation project, from the restoration of historical facades 

and castles to the completion of office blocks and industrial complexes. All projects are completed with 

respected architects and planning offices according to stringent quality criteria (EN ISO 9001:2000). 

And because true greatness is found in the eye of the beholder, SWIETELSKY also sells turnkey objects 

such as owner-occupied apartments, semi-detached houses and individual SWIETELSKY massive construction 

houses at fixed prices and with fixed deadlines. 

For the ENERGYbase project in Vienna-Floridsdorf, SWIETELSKY was recently awarded the 2008 

Solid Bautech Prize in the “Ecology” category for sustainable construction and achievements 

in the passive house construction sector. 

SWIETELSKY. Your partner for 

• New buildings 

• Building conversions 

• Building repairs 

• Renovations/Work on classified buildings 

• Single family homes 

• Residential complexes 

• Office complexes 

• Industrial buildings 

• Hotels 

Europay City Point/Austria 

14 . 15

The tomb of Ramses II. Ramses II was one of the most important 

of Egypt’s pharaohs and ruled from 1279-1213 B.C. His reign 

in the 19th dynasty witnessed the economic and cultural flowering 

of the Egyptian Empire. Ramses’ tomb, which had been buried several 

times over, bears the number KV 7 and lies in the Valley of the 

Kings. It possesses a domed roof and numerous wall paintings. 

Cable car station/Austria 

Avalance barrier high mountain 

region/Austria 

Limberg pumped storage power 

station/Austria

© Gardel 

IN-DEPTH 

CONSTRUCTION SKILLS. 

Special civil and underground construction. 

No matter how complicated the local, geological conditions are, SWIETELSKY always comes up with the 

right answers and naturally the best solution. Our civil engineers are responsible for perfectly planned and 

implemented infrastructure projects involving earthworks. And irrespective of whether a project is to be 

completed entirely underground, or solid foundations are required, every aspect of construction is carefully 

considered and then completed at full speed. These activities also cover high mountainous regions. 

Environmental technology. 

At a time of globalisation and climatic change, ecological thought and action are more important than ever. 

SWIETELSKY makes a major contribution to the efficiency and environmental compatibility of a diversity 

of projects by means of innovative, technical developments and the construction of sewers, landfills and 

wastewater treatment plants, etc. 


• 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

ONCE ALL ROADS LED TO 

ROME. TODAY, WE BUILD 

RAILROADS AROUND THE 

GLOBE. 

Railway construction. 

SWIETELSKY numbers among Europe’s leading railway construction companies 

and has 70 years of experience in the building of permanent way. Over 200 

modern and powerful machines ensure that efficiency, speed and precision are 

not sidetracked. 

Highly trained specialists and rigorous management guarantees the realisation of 

projects as scheduled. SWIETELSKY permanent way construction machines are 

attuned exactly to respective railway management needs. All repairs, maintenance, 

special machine designs and modifications are completed in-house at the Group’s 

own mechanical engineering centre in Fischamend (Lower Austria). 


• Track construction 

• Track reconstruction 

• Track substructure improvement 

• Concrete track slabs 


• Tramway construction 

• Special equipment 

SWIETELSKY has also been under way as a transport enterprise for a number of 

years. 

Reconstruction Vehicle RU 800 S 

Railway construction Fischamend/ 

Austria 

Reconstruction Vehicle RU 800 S

Colosseum. The largest of Rome’s amphitheatres and the biggest 

closed structure of its age. Built between 72 and 80 A.D., the 

Colosseum is one of the city’s landmarks and testimony to the 

highly developed engineering skills of the ancient Romans. 

18 . 19

KNOW-HOW CAN 

MOVE MOUNTAINS. 

Tunnel and gallery construction. 

The Innsbruck-based SWIETELSKY Tunnelbau GmbH und Co KG is a 

competent partner for underground construction projects. The company’s 

primary focus is on construction work in mountainous regions, but is has 

also been able to demonstrate its long-term experience in this area on the 

international stage. 

Of decisive importance to construction progress are the extensive geological 

studies and site explorations undertaken by SWIETELSKY in the 

run-up to the project. Our core competences include road, railway and 

underground railway tunnels, as well as underground power plant construction. 


• Railway tunnels 

• Road tunnels 


• Power plant galleries 

• Caverns 

• Shafts 

• Repairs

TMB bracing U2/3 metro, Vienna/Austria 

El Khazneh in Petra. The deserted cliff city in 

what today is Jordan. With its funereal temple, 

the monumental facade of which has been 

carved directly into the cliff face, Petra is a 

unique cultural monument. 

20 . 21

Arc de Triomphe. One of Paris’ most famous landmarks, this 

triumphal arch was commissioned by Napoleon Bonaparte in 

1806 after the Battle of Austerlitz to commemorate his victories 

and is also famous due to its important sculptural reliefs.

SUCCESS CAN BE EXPRESSED IN 

MANY WAYS. INCLUDING IN NUMBERS. 

SWIETELSKY FINANCIAL STATEMENTS 2007/08. 

Contents 

Consolidated profit and loss account for the 2007/08 financial year 25 

Consolidated balance sheet as at March 31, 2008-07-30 26 

Cash-flow statement for the 2007/08 financial year 28 

Consolidated equity schedule for the 2007/08 financial year 30 

Statement of recognized income and expenses 32 

Notes to the consolidated financial statements for the 2007/08 financial year 33 

Group management report for the 2007/08 financial year 88 

Audit certificate (report of the independent auditors) 105 

UK System 

22 . 23

Glasgow 

London 

SWIETELSKY. 

OUR 

LOCATIONS. 

SWIETELSKY Baugesellschaft m.b.H. 

Edlbacherstraße 10 

4020 Linz, Austria 

Contact information: +43 (732) 6971-0 

Fax: +43 (732) 6971-7410 

E-mail: zentrale@swietelsky.at 

Zug 

Traunstein 

Bolzano 

Meißen 

Ceské Budejovice 

Other SWIETELSKY locations in: 

Beograd 

Germany . Italy . Croatia . Poland . Romania . Switzerland . Serbia 

Slovakia . Czech Rep. . Hungary . UK 

www.swietelsky.at PARTNER FOR BIG IDEAS. 

Linz 

Wien 

Bratislava 

Budapest 

Zagreb 

Lublin 

Tlrgu Mures 

Bucuresti

EXCEPTIONAL RESULTS ARE SOLELY THE PRODUCT OF THE ...

Create successful ePaper yourself

Delete template?

Save as template?