ALPINE Annual Report 2008

ALPINE Annual Report
2008

Key Figures
in TEUR 2003 2004 2005 2006 2007 2008
ConstruCtion output 1,887,004 1,911,587 2,009,724 2,266,472 2,595,002 3,506,385
in Austria 1,349,436 1,221,075 1,251,038 1,408,785 1,472,057 1,805,410
in Germany 307,654 412,395 365,436 305,532 371,943 577,524
in remaining countries abroad 229,914 278,117 393,250 552,155 751,002 1,123,451
Orders in hand 1,926,083 1,645,166 2,052,622 2,175,574 3,054,091 3,099,065
Operating income 51,352 64,433 54,087 20,888 67,441 105,543
Profit before tax 37,861 43,089 49,759 8,371 44,457 55,095
Profit after tax 24,533 33,882 36,325 3,236 30,557 36,164
Operating cash flow 74,775 83,310 96,186 65,698 121,624 174,514
Total equity and liabilities 938,946 947,085 1,151,169 1,408,311 1,757,704 2,134,541
Equity 184,891 219,446 248,177 256,801 304,227 377,571
Equity ratio 19.7% 23.2% 21.6% 18.2% 17.3% 17.7%
Return on sales (ROS) 2.7% 3.4% 2.7% 0.9% 2.6% 3.0%
Return on equity (ROE) 21.8% 21.3% 21.3% 3.3% 15.8% 16.2%
EmployEEs * 8,411 8,146 10,750 12,748 13,648 15,530
in Austria 6,766 6,445 6,301 7,174 7,321 7,873
in Germany 832 825 1,065 1,248 1,542 1,893
in remaining countries abroad 813 876 3,384 4,326 4,785 5,764
Construction output / employee 224 235 187 178 190 226
* Annual average

What we produce is on 98,545 cm2 of paper.
We are also measured by what we build worldwide.
To do this, we need motivated employees and highly qualified professionals.
They are ALPINE’s sustainable core. Therefore, this 2008 annual report is
dedicated to them.
This report describes the achievements obtained by real people. They are
responsible for extraordinary projects, technical excellence, innovations and
special solutions representative of ALPINE, a supporting value system and
finally, for the company’s economic success.

muharem Alić
Carpenter

michael praxmarer
Construction Supervisor

Alois Aigner
Formwork Carpenter

Christian schlick
Formwork Carpenter

Contents
010 – 015
ALPINE
GROUP MANAGEMENT
012 Introduction by the
management
014 The Supervisory Board
015 Supervisory Board report
030 – 035
SUSTAINABILITY &
THE ENVIRONMENT
032 Responsibility for the
environment and people
MARKET SITUATION &
ENVIRONMENT
018 Market analysis and
development potential
020 A few words with
Dietmar Aluta-Oltyan
SAFETY & QUALITY
038 Maximum quality
and safety
016 – 023
036 – 039
EMPLOYEES &
RESPONSIBILITY
026 People make the difference
in ALPINE’s success
PROJECTS &
INNOVATIONS
042 Our constructions
cause a sensation
024 – 029
040 – 045

BUSINESS AREAS
048 From Austria to the
rest of the world
058 ALPINE-ENERGIE
DIRECTOR’S REPORT
072 The financial year at
a glance
073 Economic environment
in our main markets
080 Business Developments
082 Risk Report
085 Environmental Issues
086 Human Resources
087 Outlook
046 – 059
070 – 087
SERVICES
060 – 065
062 Resources and logistics
064 Professional planning and
financing partner
088 – 137
CONSOLIDATED
FINANCIAL STATEMENTS
090 Income Statement
091 Consolidated balance sheet
092 Consolidated Statement
of Cash Flow
093 Statement of Changes
in Equity
094 Notes to the consolidated
financial statements
132 Auditor’s Report
134 List of Investments
FCC
062 Resources and logistics
064 Professional planning and
financing partner
INFORMATION &
CONTACTS
140 Project Highlights
140 Group Structure
141 ALPINE Locations
142 Index
143 Glossary
152 Legal notices
066 – 069
138 – 152

ALPINE
GROUP MANAGEMENT
ALPINE management
from the left // Karl Gruber* / Christian Trattner* / Jörn Wisser* / Michael Dankovsky* / Peter Preindl /
Werner Watznauer** / Eduardo Gracia Palacin* / Roman Esterbauer / Hans-Jürgen Miko / Bernhard Köth
* member of management since 2008 ** ALPINE Holding GmbH Managing Director
not in the photo // Karl Weidlinger (left the company in 2008) / Siegfried Müller (retired as of Feb. 2009)

ALPINE GROUP MANAGEMENT
Introduction
by the management
This 2008 annual report clearly explains the positive further development that was forecasted for the
ALPINE Group. In the previous year, we were able to choose projects that went beyond our expectations
and impressively increased the construction output for the ALPINE Group. The support of our
main owner, the FCC Group (‘Fomento de Construcciones Y Contratas, S.A.’), in our activities positively
influenced this development. This also includes the provision of 65 million euros for a capital increase in
order to strengthen the equity capital base and liquidity of the ALPINE Group. Cooperation with FCC in
the area of administration processes was improved considerably and an integrated reporting system was
established.
In 2008, construction output increased approx. 35% from 2.595 billion to 3.506 billion euros, which is
5% higher than the forecasted amount. This excellent result could not have been achieved without considerable
acquisitions. In spite of dramatic increases in the price of construction material, by up to 200%,
which could not be included in the calculations for current projects, and which had a strong impact on
the profitability of individual projects, EBT increased 24% from 44.457 million to 55.095 million euros.
With a 40% increase in construction output in the CEE countries, which corresponds to an increase of
179.069 million euros, the ALPINE Group was able to create an impressive platform for expansion to the
East. Furthermore, it was also very gratifying to see that in spite of high market penetration, we were
also able to impressively increase our construction output by 28% in our home market with Austria,
Germany and Switzerland, which also corresponds to an increase of 540.562 million euros. As a result,
we were able to impressively consolidate our market position.
The acceptance of our bid for Austria’s largest rail engineering order for the northern feeder line to the
Brenner Base Tunnel for an amount of 260 million euros, as well as for the ground, concrete and expan-

sion work for a coal power plant in Hamm, Westphalia, for 135 million euros represent our high level of
competitiveness and our success when taking part in tenders.
As a result of this overproportionate increase in construction output, the ALPINE Group has been able
to impressively expand its market position. After this extraordinary success, we want to use 2009 as a
consolidation phase and therefore further increase the group’s profitability.
We are very confident that in spite of the current international economic environment we will be able to
reach our target for 2009, which is to increase construction output by 5 to 10%. Our order status of 3.1
billion euros at the end of 2008 confirms this assumption.
This result would not have been possible without the untiring dedication of our employees. For this
reason, we give them our special thanks and our recognition for their accomplishment.
Michael Dankovsky
Hans-Jürgen MIko
Roman Esterbauer Eduardo Gracia Palacin
Karl Gruber
Peter Preindl
Christian Trattner
Bernhard Köth
Werner Watznauer Jörn Wisser
013

ALPINE GROUP MANAGEMENT
The Supervisory Board
Dietmar Aluta-oltyan
Chairman
Alejandro tuya Garcia
Deputy Chairman
Esther Koplowitz romero de Juseu
Member
Esther Alcocer Koplowitz
Member
Jose mayor oreja
Member
robert peugeot
Member
Jose Aguinaga
Member
Willy Böck
Member
Hellwig torggler
Member (until 9/10/2008)

Supervisory Board
Report
The Supervisory Board was regularly informed by the management about the status of operations and
the company’s situation. Both the Group’s director’s report and the Group’s financial statements were
audited by Deloitte Audit Wirtschaftsprüfungs GmbH who issued unqualified audit opinion.
The 2008 financial year was very positive for the ALPINE Group. With this result the ALPINE Group was
able to create an impressive platform for expansion to the East.
The ALPINE Group’s integration in the FCC Group has progressed further. FCC has confirmed its full support
for the ALPINE Group through its provision of 65 million euros, which will flow into the company
as a capital increase. As a result, equity capital and liquidity for further expansion were fundamentally
subsidised.
The previous year’s construction output was increased by 35 per cent from 2.595 billion to 3.506 billion
euros. EBT increased 24 per cent from 44.457 million to 55,095 million euros, further continuing the
positive development.
In spite of this very difficult economic environment, our backlog of orders at the end of 2008 was equal
to 3.1 billion euros. Our 2010 target, which is construction output of 3.9 billion euros, can therefore be
considered as realistic even during these economically difficult times.
After its strong growth in 2008, the ALPINE Group will use 2009 for consolidation purposes. Our goal is
to further improve our profitability.
The Supervisory Board thanks the company management and all employees for their committed performance
during the 2008 financial year.
Dietmar Aluta-oltyan
Chairman of the Supervisory Board
ALPINE Holding GmbH
015

Johann reiter
Foreman

MARKET SITUATION &
ENVIRONMENT

Abroad
1,123,451
MARKET SITUATION & ENVIRONMENT
Market analysis and
development potential
In 2008, the corporation was able to assert itself successfully in all relevant markets of the ALPINE
construction group. After a 35% increase in 2008 construction output to 3.506 billion euros in comparison
to 2007, 2009 is seen as a year of consolidation in order to further strengthen our earning power. A
moderate growth of 5 to 10% is planned. With an order status of 3.1 billion euros at the end of 2008, the
company is in an optimal position to reach this target, also during these difficult economic times.
2008 total operating revenue
in TEUR
Germany
577,524
Austria
1,805,410
The total ALPINE Group
3,506,385

Development in total operating revenue
in TEUR
4,000,000
3,500,000
3,000,000
2,500,000
2,000,000
1,500,000
1,000,000
500,000
2000 2001 2002 2003 2004 2005 2006 2007
In 2008, the international financial crisis also included the real economy. In spite of this, it was possible
to disconnect construction activity from the overall economic development in many countries and still
obtain impressive growth rates. In Austria alone, the construction industry grew by 10% in the past
year. ALPINE was able to make excellent use of this phase and increase its already substantial share of
its home market (Austria, Germany and Switzerland) by an impressive 28%. Performance in central and
south-eastern European markets also increased by an outstanding 40%.
The construction industry will not be able to fully avoid further downturn, culminating in a recession, in
all target countries. However, the fact that the economic stimulus packages are strongly focused on new
infrastructure projects will have a very positive effect. This not only applies to western Europe, but also
to eastern and south-eastern European countries, as the backlog demand for modern infrastructure is
particularly high there. To what extent the necessary financial resources will be made available is currently
not foreseeable.
With its order status of 3.1 billion euros, ALPINE is in a good position to emerge from this weak environment
stronger. The corporation’s high added value is an important instrument in order to be able to react
correctly to the crisis, as only 20% of our work is assigned to sub-contractors.
2008
Austria
Germany
Abroad
019

1944 Dietmar Aluta-Oltyan
was born on 25 June
in Bad Hall.
1963 He graduated from
the HTL (Higher
Technical Institute)
for civil engineering
in Krems
1968 Entry into the indebted
company with
11 million Schillings
(approx. € 800,000)
2005 Change of position,
becomes Managing
Director of the
ALPINE Holding
2006 Partner and Chairman
of the Supervisory
Board of
ALPINE Holding
GmbH
MARKET SITUATION & ENVIRONMENT

A few words with
Dietmar Aluta-Oltyan
2008 was an extremely successful year for the AlpinE Group. Dietmar Aluta-Oltyan, Chairman of
the Supervisory Board and part owner of the company identified the group’s strengths as well as the
positive integration with the FCC Corporate Group during an interview. He assessed the current situation
and is convinced that the company will emerge from this international financial and economical crisis
stronger.
Do we feel the worldwide crisis in the
construction industry?
Our backlog of orders is still very good. However,
we do feel the financial crisis. Financing has currently
become more difficult for larger projects and
larger projects are being scheduled for the future
instead. If this trend continues, it will certainly
have a negative impact on the business prospects
in the construction industry.
How does this situation affect ALPINE?
ALPINE is very well positioned. This is above all
due to the fact that we are strongly involved in
the infrastructure sector, which helps us be less
affected by the crisis. Further severe slumps are
to be expected in housing, superstructure and
industrial construction.
How was the 2008 trend?
The ALPINE Group obtained an excellent position
in 2008. With an increase in construction output
of 35 per cent, from 2.595 billion euros in 2007 to
3.506 billion euros in 2008, we demonstrated our
competitiveness in an impressive manner.
In which markets did ALPINE achieve the
strongest growth?
We were able to grow 40% in the CEE countries.
That is excellent. But even more impressive
is the growth we obtained in our home markets:
28% in Austria, Germany and Switzerland. We
already have a very good market position here.
How was this positive growth achieved?
We are very competitive. We are helped by the fact
that we have very high added value. We only assign
approx. 20% of our work to sub-contractors.
This means that we obtain 80% of the construction
output ourselves. We have our own highly
qualified personnel and the necessary equipment.
This allows us to operate more independently and
benefit from more stable growth.
021

MARKET SITUATION & ENVIRONMENT
How did ALPINE deal with the enormous price
increases in construction materials during the
past year?
That is a big problem. In some cases, e.g. with
bitumen, we had a price increase of up to 200%.
Even steel etc. increased up to 50%. We cannot account
for this anymore in current projects, and, as
a result, our result suffered somewhat. In spite of
this, EBT increased 24% from 44.457 million euros
in 2007 to 55,095 million euros in 2008.
Is FCC providing support?
Yes, definitely. That has been demonstrated by
the fact that FCC has supported the ALPINE Group
with a capital increase of 65 million euros, which
strengthens our equity capital base and considerably
improved our liquidity.
How far has the integration of the ALPINE
Group with FCC progressed?
Our integration is on a very good path. Cooperation
with FCC in the area of administration processes
was improved considerably and an integrated
reporting system was established. A transnational
company culture has also been implemented
How high is the order backlog?
At the end of 2008, we had an order status of
3.1 billion euros. That is a very positive signal for
ALPINE in this economically difficult environment.
How do you see 2009 growth?
In order to process the enormous increase in 2008
construction output, 2009 has been planned as a
year for consolidation. Growth should lie between
5 and 10%. We should succeed in this despite currently
declining business activity and the financial
crisis.
... and how should the years after 2009 be?
That basically depends on how long the financial
crisis lasts and the markets are blocked. If you
cannot finance large projects, then they cannot
be built. But since we are strongly involved in the
infrastructure sector, we will be able to stay on
the outskirts of the situation better than those
companies that are strongly involved with industrial,
superstructure and housing construction.
“We are helped by the fact that we have very
high added value. We assign only approx. 20%
of our work to sub-contractors.”
Referring to the construction industry: which
eastern European country do you believe will
have the best development opportunities over
the upcoming years?
Poland is certainly one of the countries with a
continuing high potential. We expect that its
construction market will continue to experience
positive growth. We are of course looking at many
markets. Russia should also not be forgotten.

What other markets in addition to the
eastern countries will ALPINE develop in
the upcoming years?
We are already represented in the United Arab
Emirates and India. There should also be some
interesting projects there in the future. In addition,
FCC is observing the impact of the economic
stimulus package in the USA, and is exploring
expansion possibilities in this direction. It could
become an interesting market for us.
Will you reach your goal of increasing
construction output from 2006 to 2010
by 50 %?
I do not see any problem of us achieving construction
output of 3.9 billion euros. Even if it appeared
almost imprudent in 2006 to set a goal of a
50-per-cent increase over the next four years, we
established this goal based on realistic expectations.
We were already able to obtain a construction
output of 3.506 billion euros in 2008, and
plan a 5-to-10-per-cent increase for 2009.
What is the situation on the earnings side?
The ALPINE Group’s earnings side is satisfactory,
however, we are always making an effort to
improve it. As already mentioned, we are initiating
a consolidation process in 2009 in order to further
increase our earnings side. Furthermore, we will
select individual construction projects even more
carefully and make an effort to avoid unnecessary
risk.
Are you satisfied with the government’s
measures for containing the crisis?
According to reports, policy makers have recognised
the seriousness of the situation. It remains
to be seen with what speed it will succeed to initiate
the stimulating measures.
Are you confident about the future?
We are very confident. Above all, there are areas
in the ALPINE-ENERGIE business field and in
construction material production that we want
to expand. Furthermore, we will continue to train
and challenge our personnel in order to contribute
toward increasing their know-how. This will help
us to be optimally prepared for the future.
023

nedzat Ahmeti
Bricklayer

EMPLOYEES &
RESPONSIBILITY
thorsten Breuer
Formwork Builder

EMPLOYEES & RESPONSIBILITY
People make the
difference in ALPINE’s
success
Worldwide, ALPINE employed 15,530 employees in 2008, 7,873 thereof in Austria. Their commitment
and skills are decisive for company success. This is why ALPINE invests heavily in employee instruction
and further training. Today’s apprentices are tomorrow’s skilled workers. Lifelong and practice-oriented
learning, group-wide exchange of knowledge as well as a management style that promotes and challenges
employees are part of ALPINE’s company culture.
ALPINE has developed an instruction and further training programme that is targeted at the various
target groups and their needs, which supplements the transfer of knowledge and experience during
everyday work situations.
Company employee development, annual average
18,000
16,000
14,000
12,000
10,000
8,000
6,000
4,000
2,000
2000 2001 2002 2003 2004 2005 2006 2007 2008
Austria
Germany
Abroad

Company employees in 2008, annual average
Abroad
5,764 employees
Germany
1,893 employees
A wide range of seminars
15,530
During 2008, ALPINE organised 220 seminars in which approx. 3,000 employees participated. The topics
were as varied as the company’s area of activities: Construction site management, project management,
IT, construction law, contract law, foreign languages, management skills and self-development. Both the
internal as well as external trainers have a strong relationship with the construction business in order to
guarantee training that is as practical as possible. Follow-up dates for special topics support the course
participants in applying what they learned in their job.
ALPINE offers future construction supervisors and engineers a targeted, one-and-a-half-year technical
and personal qualification. Additional practical approaches are conveyed through implementation coaching,
where concrete construction site problems are worked on in a group. An important side effect: This
coaching promotes an exchange of experience and the development of networks between corporate
divisions and subsidiaries. In 2008, 22 selected employees completed the developmental programme for
construction supervisors and engineers with a certificate.
The new ‘Leadership Excellence’ programme, which was introduced in 2008, is targeted toward management
trainees. With this programme, future managing employees are prepared for one year in a targeted
manner for future managerial functions. In the meantime, 20 qualified employees have completed the
programme.
Austria
7,873 employees
027
The structured transfer
of knowledge within the
company ensures practical
skills.

Information material from the
‘Recruiting & HR-Development’
department
The first trainees started
their training in 2009.
EMPLOYEES & RESPONSIBILITY
Mutig neue Wege wagen
ALPINE Bau GmbH
Das ALPINE Seminarprogramm 2009.
KONTAKT
Bitte bewerben Sie sich schriftlich, bevorzugt per E-Mail.
Wohnsitz in spanien
FCC Construcción · Recursos Humanos
C/ Federico Salmón 13 · 28016 Madrid · España
dsp@fcc.es
Wohnsitz in Österreich oder Deutschland
AlpinE Bau GmbH · Recruiting & Personalentwicklung
Philipp Kriser · Oberlaaerstraße 276 · 1239 Wien · Austria
AlpinE Group
recruiting@alpine.at
International Trainee Programme
for Civil Engineers
Bewerbungen laufend / / Programmstart 2 x jährlich
www.alpine.at
www.fccco.es
DEVELOPING
PEOPLE –
CONSTRUCTING
THE FUTURE
PROGRAMA DE
INTERCAMBIO
PARA INGENIEROS CIVIL
AlpinE & FCC Construcción
DEVELOPING
PEOPLE –
CONSTRUCTING
THE FUTURE
AlpinE Group
International Trainee Programme
for Civil Engineers
Passionate about construction?
Then get in touch with us.
www.alpine.at / traineeprogramme
+43 1 61079-621
Programme start: September 2009
Application deadline: end of May 2009
rückfragen und schriftliche bewerbungen für die niederlassung Linz
und die Filialen Taufkirchen/Pram, amstetten und steyr bitte an:
ALPINE Bau GmbH · maad 17 · 4775 Taufkirchen/Pram
zh michael Weitzhofer · 07719 8941-720 · michael.weitzhofer@alpine.at
International exchange as an opportunity
Ein Fundament fürs Leben
ALPINE operates in 27 countries in Asia and Europe. The employees of the corporate group come from all
over the world. This variety of cultures, languages and experiences is a great opportunity that ALPINE’s
personnel uses actively. International employees who participate in trainee programmes contribute their
own impulses and do not only acquire technical knowledge and personal contacts, but also ALPINE’s
company culture. A technical and clerical trainee programme was developed in 2008 for applicants from
Central Eastern Europe (CEE) and South Eastern Europe (SEE). The trainees come to Austria for a year
and a half, where they are prepared in a targeted manner at selected construction sites in various functions
for the tasks of construction supervisors and project managers. Afterwards, they return to their
own country, in order to apply what they learned and adjust it to their regional requirements.
Lehre bei ALPINE
An additional exchange programme is offered in cooperation with our parent group FCC in Spain. The
applicants work one and a half to two years at FCC, where they learn about the company’s philosophy
and processes. After their return, they can apply their acquired know-how at ALPINE.
Information für
Lehrlinge
maurEr
schaLungsbauEr
TiEFbauEr

Apprentices as the skilled workers of the future
ALPINE is one of Austria’s largest apprentice instructors. Currently, 160 young people are learning seven
trades that require apprenticeships: Bricklayer, formwork builder, civil engineer, construction equipment
engineer, electrical energy engineer, metal machining engineer and office clerk. For ALPINE, comprehensive,
practical and theoretical training is a prerequisite for a successful career as a skilled worker. ALPINE
becomes responsible for the young people and therefore places great value on their technical and
didactic skills as well as the trainer’s people skills, who take part in special seminars that help them with
their tasks. Training in the company and at the professional school is complemented by training building
yards in Guntramsdorf and Übelbach. The fact that ALPINE’s apprentice training programme is excellent
is demonstrated by the multiple awards received at apprentice competitions and top final apprentice
examination results.
Promotion of studies for working professionals
ALPINE supports employees who want to study at university or a technical college while continuing to
work. Many of these study offers for working professionals have been developed together with ALPINE.
The universities profit from the practical experience of the students, who in turn provide new impulses
from areas of research to the everyday work situation.
Career opportunities at ALPINE
ALPINE offers excellent career opportunities to qualified specialists. ALPINE has created a recruiting
department in order to find the best employees for the multiple challenges faced by this internationally
operating corporate group. It also cooperates with higher technical institutes, universities and technical
colleges in order to find and win over young talent. For example, ALPINE supervises degree dissertations
and played an important role in the development of the ‘construction engineering’ course of study for
working professionals, which is offered in cooperation with the Leipzig technical college. 15 employees
have completed this course of study, for which ALPINE paid half of their tuition fees.
The recruiting department, which was implemented in 2008, also controls personnel management internally
and is an important hub in the corporate group. It guarantees that qualified employees are found
for projects as quickly as possible, either from within or from outside of ALPINE. Only the best personnel
can assure company success.
029
ALPINE is training
160 apprentices in
seven future-oriented
occupations.
It is a win-win-situation
for ALPINE and the
students.
Together with the Leipzig
technical college, ALPINE
has developed the
‘construction engineering’
course of study for
working professionals.

Florian posani
Apprentice Mechanic

SUSTAINABILITY &
THE ENVIRONMENT

SUSTAINABILITY & THE ENVIRONMENT
Responsibility for
the environment and
people
Our emissions are clearly below the maximum
legally determined limit.
As an international company, ALPINE is very aware of its social position and its associated responsibilities.
With all projects and activities, it is essential that we identify all environmental aspects and social
issues and integrate them as a result through corresponding measures.
With innovative construction, special solutions and corresponding procedures, ALPINE already makes a
decisive contribution toward protecting the environment. Careful handling of the available resources in
all areas is a fundamental component of our company’s culture.
Emissions under the limit
At the subsidiaries, building yards and asphalt mixing plants, the requirements of ‘TA Luft’ and ‘BGBl.
No. 34/2003 – Air Emissions Ceiling Law – EC-L’ and ‘BGBl. No. 34/2006 – Air Pollution Control Act’ have
been fulfilled. These values are tested yearly.
The values at the asphalt mixing plants operated by ALPINE are considerably below the legal limits
determined by the ‘TA Luft’ standard. If the maximum values for residual dust indicate 20 mg/Nm3,
ALPINE’s systems will not exceed the legal limits by a long way.
The production facilities and heating systems have been mostly changed over to low-emission fuels
such as natural gas and liquefied petroleum gas. The exhaust gas is measured at all incineration plants
during yearly maintenance operations and upon readjustments.

Environmentally friendly vehicle fleet and equipment pool
With a total number of approx. 2,140 company vehicles, from passenger cars to vans and busses, 98%
run on diesel and a large number of the vehicles have a diesel particulate filter (DPF). All of ALPINE’s
approx. 4,100 construction machines (large and small) have diesel engines. A large number of them have
been equipped with a DPF.
Since 2008, all vehicles are purchased according to the latest environmental requirements according to
EU guidelines. All passenger cars and small lorries have been equipped with a DPF and the lorries with
EURO-5 engines. Furthermore, only low-emission equipment has been purchased since 2008. The emission
levels of the entire vehicle fleet are checked on a regular basis. All vehicles are registered electronically
and the most important vehicle information is entered among the master data.
Environmental experts
ALPINE has experts at its disposal and is a competent partner when it comes to biological decontamination
of polluted soil or treating oil sludge. Specialists are entrusted with fuel fabrication and the composting
of organic waste. In the soil decontamination centre of Arnoldstein, more than 170,000 tons of
organic contaminated soil has been cleaned with the help of a biological process since the commissioning
of the plant in 1993. The process is designed to maintain all process parameters at optimum levels. To
guarantee this, the material to be treated is crushed and homogenised with the use of special machines.
An additional subsidiary is engaged in the reconditioning of contaminated sites. This also includes the
recycling of mineral construction waste. The entire organisation and scheduling of construction site
waste management, asbestos abatement and remediation of contaminated sites is also carried out. The
demolition of industrial sites and petrol stations as well as the operation of waste sites complete the
range of this area. The experts are already active in advance when it comes to testing existing contamination
with a special process and as a result to develop suitable reclamation concepts.
033
The environmentally
friendly vehicle fleet and
equipment pool
are constantly enlarged.
Experienced experts use a special process to test
existing contamination and develop suitable reclamation concepts.

SUSTAINABILITY & THE ENVIRONMENT
Optimise energy requirements
Through the formation of the ‘ALPINE raw material procurement and construction material production’
(ARB) as well as the ‘ALPINE data support’ (ADS) departments in 2008, all production plants were networked
worldwide. In this way, secured production process data is made comparable. Subsequently, this
becomes the basis for modernisation, retooling and retrofitting in order to reduce energy consumption
and thereby reduce emissions.
The new ‘ALPINE raw material procurement and construction material production’ (ARB) and
‘ALPINE technology management’ (ATM) departments make it possible to consistently optimise energy consumption.
Through the constant retrofitting of production sites with energy and emission measurement systems,
conclusions can be drawn about adjustments and efficiency factors. The resulting optimised production
processes and further improved training for our operating personnel are an additional considerable
contribution toward saving energy, which is good for the environment and the company.
With the creation of the ‘ALPINE technology management’ (ATM) department, a high quality standard
has been created for the laboratory technology sector. It was a milestone in this area and means subsequently
that there will be consistent, Europe-wide consolidation and advancement with the goal of
optimising energy requirements even further.

Direct energy savings
Measures such as the use of energy-saving lamps, optimal setting of heating equipment and the
purchase of flat screens requiring low energy are fundamental steps in improving our use of available
energy resources. As a precursor to this, ideal heat insulation will already be considered during construction,
as has been done at ALPINE’s headquarters in Salzburg. The growing need for mobility, which results
in the ever-increasing amount of private vehicles on the roads, will be compensated by new travel
guidelines with increased use of public transport and the creation of car pools. Additional energy-saving
possibilities are continuously created and implemented.
Employee social benefits
ALPINE also accepts social responsibility for its work-force and supports it with various social benefits.
Employees with a works council levy automatically receive industrial injuries insurance. When work is
done predominantly at a terminal, up to 150 euros is paid toward the purchase of computer glasses.
Employees who participate in company outings can count on a yearly allowance of up to 100 euros. It is
possible to make purchases at reduced prices at many companies, and the offer is constantly enlarged.
Regular health checks and a partial assumption of certain vaccination costs are a fundamental contribution
toward promoting employee health at work. Furthermore, the numerous benefits ALPINE provides
confirms its reputation as an exemplary and responsible employer.
035
Numerous additional
employee benefits
emphasise ALPINE’s
social competence.

SAFETY &
QUALITY

peter punzengruber
Asst. Construction Supervisor

SAFETY & QUALITY
Maximum quality
and safety
ALPINE stands for the highest quality in all areas of the construction industry. Numerous new standards
were integrated within the company during 2008. The ISO 9001 quality management system has been
introduced in operations, subsidiaries and foreign business ventures in Poland, Hungary, the Czech
Republic and Slovakia.
Systematically implemented procedures that go beyond the scope of
ISO standards guarantee quality and safety at the company.
A comprehensive company handbook makes it possible for an internationally active group with numerous
locations and subsidiaries to achieve uniform communication and successful implementation of the
required quality standards. The addendum to the standards SO 14001 and OHSAS 18001 makes it necessary
to revise the existing handbook. Intelligent forms, user-friendly interfaces, multiple-language support,
ease of maintenance and further measures should consistently improve the quality and efficiency
of all processes. An increase in the number of internal audits also guarantees that the standards with be
fulfilled.
ALPINE accident statistics / Austria
year
2000
2001
2002
2003
2004
2005
2006
2007
2008
Average number
of employees
3,944
4,864
4,995
6,800
6,724
6,645
6,742
7,417
7,736
Work
accidents
553
403
515
456
406
353
449
471
405
lost working days per employee
2.30
2.30
2.77
1.89
1.70
1.57
1.92
1.70
1.43

Safety at work
At the company, great importance is placed on employee safety, especially at construction sites. The
occupational safety management system OHSAS 18001 has been applied and expanded in Austria and
Hungary since 2008 (since 2007 in the Czech Republic). Occupational safety courses are carried out
comprehensively and six safety experts attend to all questions in this area all over Austria.
Regular exchange of experience between safety managers and occupational health physicians makes it
possible to implement the standard in a targeted manner. Appropriate information systems have been
installed to raise employee awareness about safety and health at the work place.
A new evaluation program makes it possible to standardise risk determination. This is used to determine
the necessary measures in the individual areas.
Live healthily
Our regular health checks and vaccinations by the occupational health physician exceed legal requirements
and contribute toward maintaining the health of all our employees. The introduction of nonsmoker
protection was implemented beyond the required extent. Our ALPINE fitness programme makes
it possible for employees to actively challenge their body and mind during their work-day.
Protect the environment
All necessary environmental issues, as well as those that are important for ALPINE , are first implemented
in Austria, Hungary and the Czech Republic with the ISO 14001 environmental management system
The compilation of environmentally relevant activities in the company makes it possible to produce corresponding
environmental goals, which is a considerable contribution toward environmental protection.
We constantly improve upon the corresponding measures.
039

philipp schenk
Engineer

PROJECTS &
INNOVATIONS

Whether it concerns
special solutions or new
materials, ALPINE sets
innovative standards.
PROJECTS & INNOVATIONS
Our constructions
create a sensation
The more complex a construction project is, the more satisfied ALPINE’s technicians and engineers are
with the challenge. This extremely special spirit of innovation leads the company to excellent results
and a constant flow of novel special solutions. Our constructions create a worldwide sensation not only
because of the many technical details and use of new material, but also due to special devices or simply
due to optimally solved architectural challenges. ALPINE’s expertise, flexibility and diversity was also
reflected in 2008 in the implementation of our projects.
The project of the century, the Gotthard Base Tunnel
A rail engineering work and labour contract for the Gotthard Base Tunnel in Lucerne was signed on 29
April 2008. As one of the leading railway construction companies in Austria and part of the consortium
of bidders, ALPINE was awarded the contract for the railway installations for what is currently, with its
57 kilometres, the longest railway tunnel in the world. The tunnel consists of two one-lane tunnels that
should be connected together with emergency galleries. Two multifunctional areas make it possible to
change lanes and, in the case of an emergency, evacuate the travellers. The order given to the consortium
of bidders includes the track, the power supply and cable systems, the installation of light and
power, overhead contact systems and switchgear, tunnel guidance systems, data networks and operating
communication, tunnel radio system as well as signal box systems, railway control technology and a
signalling and railway supervision system.
We are never satisfied with the status quo, but are always in
search of better, more affordable or more environmentally friendly
solutions in order to advance construction.
A newly developed cement train will be used for the first time for this project in Switzerland. Special
superstructures make it possible to mix the concrete required for the track in the tunnel directly on the
train. The train has 21 railway cars and two locomotives, each with 1,500-HP engines. With this innovative
technology, up to 200 metres of slab track can be concreted every day and 108 of finished slab track
(incl. rail grinding, laying, setting and concreting sleepers) can be constructed.

1 2 3
Project Y, PPP eastern region package 1
Austria’s first PPP motorway project also represents central Europe’s largest construction site. This
project was won by the Bonaventura consortium, in which ALPINE is primarily represented with a 44.4%
interest. The joint building venture started with construction in spring of 2007. Completion is scheduled
for the beginning of 2010. The construction project on the 51-kilometre-long stretch includes the
new construction of the first section of the A5 between Eibesbrunn and Schrick from Vienna toward
the Czech Republic, as well as Vienna’s north-eastern ring, where the S1 and S2 expressways will be
constructed. It is called ‘Project Y’, as the course of the road forms a Y. After construction is completed,
the concession corridor will be operated for a 30-year period by a specifically created operating company
in which ALPINE is also represented.
More than 8 million cubic metres of earth have already been moved and many of the 80 bridges have
already been completed. Comprehensive environmental protection measures are planned and our own
ecological site supervision has been established. In total approx. 510,000 plants will be planted.
Hydropower for Bulgaria
Currently, ALPINE is building the ‘Tsankov Kamak hydropower plant’ in Bulgaria. It is located in the Rhodope
Mountains on the Greek border and is a part of the chain of power plants at the Vacha river. The
plant has a storage volume of 111 million cubic metres and a dual-curved arch dam. The power plant will
produce 184 gigawatt hours and should replace three obsolete coal-fired power plants. The hydropower
plant has been identified by the Austrian government as a showcase project for bilateral climate protection
and represents an important contribution to the Austrian climate protection programme. Through
the ‘joint implementation mechanism’ and the sale of emission certificates, 1 million tonnes of CO2 can be
saved towards Austria’s attainment of the Kyoto goal.
043
1 Gotthard Base Tunnel / CH
2 Project Y, PPP eastern region package 1 / AT
3 Tsankov Kamak power plant / BG
The construction of ‘Project Y, PPP eastern region package 1’ is the first PPP project for a motorway in Austria.
It is a good solution that makes a quick extension of the road infrastructure possible.

ALPINE implements
innovative technology
and modern equipment
at the Group’s
construction sites.
PROJECTS & INNOVATIONS
Steep faces from ‘synthetic reinforced soil’
An innovative technology is being used for securing steep faces in the construction of ‘Project Y, PPP
eastern region package’. In order to guarantee permanent stability for the steep faces, geosynthetics
are placed between the compressed soil layers. Overall, 25,000 square metres of steep faces up to nine
metres high have been constructed.
This special method is called ‘synthetic reinforced soil’ and was used on this scale for the first time in
Austria for the new construction of the Trieben-Sunk section of the B114 in the Liezen district, for which
308,000 square metres of geogrid and 186,000 cubic metres of fill material were used. The formation
of the embankments was done here using bed-plates and uphill slope-side shotcrete securing. Layers of
ballast are applied to the improved embankment contact areas, which are reinforced with synthetic grids.
These geogrids absorb the tractive forces in the embankment, thereby increasing its stability.
Due to the flexibility of the system, landslides can be better absorbed than with ‘rigid’ concrete solutions.
The use of geosynthetic grids makes it possible to create embankment slopes of up to 70 degrees. In
addition, these steep slopes can be vegetated and optimally adapted to nature.
Bridge project requiring underwater work
Danube Bridge, Traismauer / AT
For the construction of the ‘Traismauer Danube Bridge’, cantilevering construction carriages that were
specially customised for this project were used for the first time. They made it possible to work even
quicker on this important project. As a result, approx. five metres of bearing structure could be constructed
every week. The bridge is a part of the motorway and expressway rings around Vienna and will
connect the ‘S33 Kremser expressway’ with the ‘S5 Stockerauer expressway’. This connection will reduce
the length for commuters by up to 20 kilometres. The fabrication of the mantle concrete elements for
the piles of a buoyant special construction is an absolute first in the history of Austrian bridge construction.
Two river pillars were constructed in water twelve metres deep. The bridge, which was constructed
by ALPINE at a cost of 49 million euros, will be open to traffic in 2011.

Stadium in Dubai, underground railway in New Delhi
and Singapore
ALPINE is a sought-after partner for the largest construction projects all over the world. During a
construction period of only two years, ALPINE built, for example, the ‘Dubai Cricket Stadium’ in the
desert state in the Persian Gulf. It is part of the world’s largest sports park, which also includes a hockey
stadium, a multipurpose stadium for football, rugby, American football and athletics as well as a multipurpose
hall. In India, ALPINE is responsible for the construction of a segment of a 19-kilometre-long
underground railway line that will connect the centre of New Delhi with the airport. Up to 1,800 workers
are involved in the construction project, which will be completed by 2010. ALPINE is also building an
underground railway line in Singapore.
Architectural landmarks
1
At the beginning of 2009 OMV (Austrian mineral oil authority) moved into the new office building
complex ‘Hoch Zwei’ and ‘Plus Zwei’. ‘Hoch Zwei’ and ‘Plus Zwei’ are part of the ‘Viertel Zwei’ project
at the Wiener Prater. This skyscraper, with its concave-convex forms is an architectural landmark and
has already become a type of symbol among office buildings. This 80-metre-high building is located
right next to the 33-metre-high ‘Plus Zwei’. Collectively, the projects received the ‘DIVA Award’ in June
2008 for innovative overall approaches in the real estate industry. The prize was awarded by the city of
Vienna. ‘Hotel Zwei’, which also is part of the overall project, was previously built in the same area. All of
these constructions are again evidence of ALPINE’s first-rate work.
A completely different project was started in Madrid in January 2008. A museum is being built next to
the cathedral and the Royal Palace in the centre of the Spanish capital. One of the greatest challenges
in the creation of the 33-metre-deep excavation pit was not only the close proximity of the cathedral,
but also the so-called ‘Tosco’, the Madrid soil. Highly stressed anchors up to 50 m long had to be used in
order to guarantee stability.
045
Decades of experience all over the world have made us a sought-after
2
1 Hoch Zwei, Vienna / AT
2 Cricket Stadium, Dubai / UAE
partner for large international construction projects.

Friedrich mörtl
Construction Supervisor

BUSINESS AREAS

BUSINESS AREAS

From Austria to
the rest of the world
The right solution for each task
As one of the largest construction Groups in Europe, ALPINE, which is headquartered in Austria, operates
nationally and internationally. Our portfolio includes classical building construction as well as underground
construction, traffic route engineering, railway construction, sports facility construction, special
underground engineering and environmental engineering. Our range of services are rounded off by additional
industry-specific business divisions and ALPINE-ENERGIE. Our partners appreciate the technical
know-how, flexibility, experience and reliability of ALPINE and its employees.
The cricket stadium in Dubai, the underground railway in New Delhi, the ‘Empire Riverside’ hotel in
Hamburg, the ‘Petrom City’ in Bucharest, the ‘Gotthard Base Tunnel’, the ‘Project Y, PPP eastern region
package 1’ or the ‘Tsankov Kamak power plant’ in Bulgaria, ALPINE’s constructions create a worldwide
sensation. Our highly qualified employees directly implement the most daring architectural plans into a
solid form. ALPINE also solidly implements less spectacular constructions of different sizes in their reliable
manner. These still require, however, the highest level of technical ability, innovative solutions and
flexibility in implementation.
A value-added chain with the customer in mind
Over time, the requirements made of construction companies, the demand on quality and on the scope
of services as well as the complexity of the individual projects have increased enormously. Political and
economic contexts and the respective market environment aggravate the situation. In order to take
these circumstances into account and secure our business as well as technical success, ALPINE performs
almost all of its services using company resources. ALPINE follows the strategy of not purchasing services,
consistently, in order not to weaken its core skills.
A correspondingly long value-added chain secures cost-effectiveness as well as the quality of the
services. A solid business policy also secures the capability of the entire Group. Through holdings and
acquisitions, ALPINE secures its knowledge in niche areas. Both the individual business areas as well as
the subsidiaries profit from a wide-ranging transfer of knowledge. The goal is to cover the largest field of
activity possible for customers.
ALPINE subcontracts only approx. 20 per cent of its work. With our excellently trained specialists, the
most modern technology and the necessary equipment, we produce 80% of the construction output.
This makes it possible for us to work more independently and benefit from more stable growth.
049
In order to guarantee
quality and cost-effectiveness,
ALPINE relies on a
long value-added chain.

Power Tower, Linz / AT 1
Hoch Zwei, Vienna / AT 2
Three Towers, Bratislava / SK 3
BUSINESS AREAS
Building construction
1
3
2
The building construction business area is involved with housing, commercial and industrial buildings,
office and parking buildings, museums, hospitals, the construction of thermal springs and
baths, hotels, administrative buildings and shopping centres. ALPINE has a wide range of experience
in the revitalisation of inner city areas. Customers appreciate our technical skill, the high
quality and reliability and our perfect adherence to schedules. Decades of experience in building
construction has made ALPINE a sought-after partner also for large projects.
In addition to its core markets of Austria and Germany, ALPINE has also been working successfully
for a long time internationally. Over the past years, it has completed numerous projects in southern
and eastern Europe, in the Balkans, Turkey, Russia, Asia and many other countries.
© beyer.co.at

Bridge construction
Bridge construction represents a distinctive challenge in ALPINE’s range of services. Excellently trained
and experienced teams use the most modern technology to guarantee the high quality of bridge links as
an important segment of traffic infrastructure. ALPINE regularly provides top-rate performances and can
refer to years of designs and production techniques for all types of bridge construction.
Whether we build spectacular steel or concrete girder bridges, prestressed concrete structures,
cable-stayed bridges or arched bridges, the bridge construction business area is constantly gaining in
importance. In addition to new construction, this area also includes the restoration and modernisation of
existing bridge constructions. In addition, unusual and innovative special solutions are often required in
order to handle the individual requirements and circumstances. This ranges from bridging tremendous
spans to construction works on buoyant platforms and special underwater excavation or cementing
works.
051
We took an innovative new path in cement and formwork construction with the construction of
the Danube Bridge in Traismauer, thereby setting new bridge construction standards.
Our current reference projects include the Traismauer Danube Bridge, the Niederwartha Elbe bridge, the
Kennedy bridge in Bonn as well as the bridge constructions completed for the ‘Project Y, PPP eastern
region package 1’. ALPINE is also a reliable partner in this area for small and large projects and has completed
projects in many countries including Germany, Croatia, Greece and Serbia.
4 Kennedy bridge, Bonn / DE
5 Danube Bridge, Traismauer / AT
6 Elbe bridge, Niederwartha / DE
4 5
6

BUSINESS AREAS
1 By-pass, Trieben / AT 2 A1 motorway 3 Project Y, PPP eastern region package 1 / AT
Traffic route engineering & railway construction
ALPINE often emerges as the successful tenderer in bid invitations for many reasons. A high skill level,
innovative technology and processes, special solutions, cost-effectiveness and on-time delivery are
crucial elements for the bidding process. Worldwide, a great amount of attention is given to high quality
and safety standards for all projects.
This is the way in which ALPINE executes orders in the area of traffic route engineering, such as the
underground railway in Singapore and New Delhi, the ‘Project Y, PPP eastern region package 1’ in Austria,
the Gotthard Base Tunnel in Switzerland or the A1 in Poland.
A modern and efficient road and railway infrastructure is the lifeline for a country’s economic development.
ALPINE’s experience in this area dates back to the founding of the company in 1965. Our great
expertise has been enhanced over time through the logical expansion of services such as the laying of
track, power line construction and canalisation or the construction of noise barriers, which are centralised
in the traffic route engineering business area. ALPINE has subsidiaries that are involved with
construction works in the immediate danger areas of railway tracks. It even has its own track construction
department with offices in Linz to complete its expertise.
.
1 3
2

Environmental engineering
In addition to the energy sector, environmental engineering is one of ALPINE’s strongest growing business
areas. Our clients in this area are usually public and municipal facilities or industrial plants who are
looking for customised special solutions. ALPINE’s methodology and technical equipment are cuttingedge.
Our excellent reputation is completed by our experience and creativity in searching for innovative
processes. Activities include building and operating waste sites, constructing waste incineration plants,
recycling facilities or structures for flood control, disposing of and cleaning contaminated soil and building
sewage treatment plants.
For the purposes of high added value, ALPINE also offers corresponding services such as the decontamination
of soil pollution, all recycling-related services, the remediation of contaminated sites and the
construction of site waste management.
The breadth of our assignments is reflected by ALPINE projects such as the implementation of a waste
incineration plant in Zistersdorf (Austria), oil sludge removal in Schönkirchen as well as the construction
of a gas turbine for OMV.
4 Gas & steam power plant, Timelkam / AT
5 Waste incineration plant, Zistersdorf / AT
4 5
053

HEPP Ermenek / TR 1
Tsankov Kamak / BG 2
Cooling tower Neurath / DE 3
BUSINESS AREAS
Power station construction
One of the many challenges for our society is the worldwide increase in energy consumption. In order
to meet this need, ensure a supply and in doing so protect our resources, modern energy generating
constructions are necessary. Due to its years of experience and extensive commitment in the further
development of solutions in this area, ALPINE has been an important partner for national and international
clients for many years. An important 2008 power station construction project is the implementation
of two cooling towers for a lignite-fired power plant in Neurath, Germany. ALPINE has distinguished
itself as a technology pioneer in this area through the development of an innovative climbing scaffold
and acid-resistant concrete. ALPINE’s innovations can reduce construction time, considerably increase
worker safety and lower costs.
For ALPINE, power plant construction has revealed itself as having great development potential for the
new construction of plants and the modernisation or capacity expansion of existing power plants. For
example, the company is significantly involved in the construction of the hydropower plant in Ermenek,
Turkey. In the construction of another hydropower plant in Tsankov Kamak in Bulgaria, ALPINE is responsible
for the execution of all construction work, for which up to 1,500 workers are active at the same
time at the construction site. Here, ALPINE has been able to demonstrate again its distinctive expertise
and strengths in the implementation of large complex projects.
1
2
3

Underground construction
Underground construction is one of the ALPINE Group’s highly specialised areas of activity and business.
This essentially concerns the construction of tunnels using conventional or mechanical tunnelling.
The services offered by this area are mostly required in connection with the construction of roads and
motorways, rapid transit and underground railways or high-peed railway sections. Also the construction
of adits, cavern and shafts for power plant and water supply construction is included in this area of
competence. The underground construction business area bundles all of the skills within ALPINE. This
area was reinforced at the beginning of 2009 through the purchase of the Innsbruck tunnel construction
specialists ‘Beton- und Monierbau GmbH’ (‘BeMo’). This acquisition represents an ideal complement to
and strategic expansion of existing ALPINE know-how.
As the level of environmental awareness is increasing worldwide, there is an increasing trend to build
many utilities underground. ALPINE is an experienced partner for these solutions and has already implemented
a multitude of projects in Europe and Asia. The most noteworthy include the current Gotthard
Base Tunnel project, which is the core of the ‘NEAT’ (‘Neue Eisenbahn Alpen Transversale – New Alps
Transversal Railway’). With a total length of 57 km, it is currently the longest railway tunnel worldwide
and is a brilliant feat of civil engineering. A special solution is being used for laying the track. A track
construction train, which was specially designed and obtained for this project, guarantees fast concreting
in the underground area with the simultaneous laying of the track. This solution makes up to 108 m
of finished slab track possible per day (incl. rail grinding, laying, setting and concreting sleepers).
Gotthard Base Tunnel / CH
055

Dubai cricket stadium / UAE 1
Red Bull Arena / AT 2
Wörthersee stadium / AT 3
Tivoli stadium / AT 4
BUSINESS AREAS
1
2 3 4
Sports facility construction
Many of ALPINE’s projects are milestones in history and are often part of worldwide observed events.
Here, sports and the construction of sports facilities are of particular importance. To mark the occasion
of the 2008 European Football Championship, ALPINE 2008 was able to either newly construct a
great part of the stadiums that were used or adapt them to be ‘EURO 08’-compliant. This included the
Wörthersee stadium in Klagenfurt as well as the Tivoli stadium in Innsbruck and the Red Bull Arena in
Salzburg. ALPINE’s most well-known projects in the construction of modern sports facilities include
the Allianz Arena in Munich, the Cricket Stadium in Dubai and the Bergisel-Sprungschanze in Innsbruck,
which was constructed together with the famous architect Zaha Hadid.
Most of them are feats of engineering and were all enormous challenges that ALPINE, with the necessary
know-how, routines and flexibility, was able to meet to the full satisfaction of its clients, also from
an economical point of view. This business is internationally successful and proved again in 2008 with
outstanding projects that innovative architectural ideas, solid construction technologies and costeffectiveness
are the necessary success factors for the construction of modern sports and recreational
facilities.

Special underground engineering
The special underground engineering area has earned a special position within the ALPINE Group. It is
made up of a compact network of highly specialised subsidiaries ‘Grund-, Pfahl- und Sonderbau GmbH’,
‘Universale Grund- und Sonderbau GmbH’, ‘Stump Spezialtiefbau GmbH’, ‘Stump
Spezialtiefbau spol. s r.o.’ and ‘Stump-Hydrobudowa Sp. z.o.o.’, the so-called special underground engineering
Group. As a result, they can act as an international centre of expertise with locations in Austria,
Germany, Czech Republic and Poland. Projects are planned and implemented in all areas of foundation
engineering. Due to the high level of expertise of these five companies, ALPINE has become one of the
leader providers of special underground constructions.
Lifting and hauling heavy loads, the static renovation of historical masonry and core expertise such as
bored, micro and displacement piles, soil improvement, well drilling, diaphragm, cut-off and thin diaphragm
walls, drainage, anchorage, exploratory drilling, rock securing, low-pressure grouting, jet grouting
and ground nailing are part of the many services offered by this special underground construction
Group. New technological solutions are being continuously developed in order to remain an innovation
driver in special underground construction.
A large part of project feasibility was made possible due to the special underground construction Group
of ALPINE 2008, including with the Traismauer Danube Bridge, where very difficult special underground
construction tasks were performed from the water, as well as with the construction of the 33 m deep
excavation pit for the future ‘Museum for the Royal Collection’ in Madrid. The specialists were commissioned
for reasons including the highly technical requirements as well as the particular position directly
near the Palacio Royal.
Other business divisions
5 6
5 Landing bridges, Hamburg / DE
6 Palacio Royal, Madrid / ES
ALPINE is not only active in the area of classical civil engineering for building construction. The ‘Other
civil engineering’ business area offers important special services such as line construction for supply and
disposal of water, waste water, gas or district heating pipelines as well as cable installation. Slope reinforcement
and avalanche protection constructions or terrain regulation for ski trails and golf courses are
a further area of activity for ALPINE specialists. In addition, the corporate Group also includes workshops,
building services, special companies for plastic sealing as well as test laboratories.
The area of revitalising and general decontamination is also covered within the ALPINE Group by specialised
companies with corresponding expert knowledge and excellently trained experts.
057

Range of services:
Overhead contact wire
construction,
Overhead line construction,
Communication technology,
Building & industrial
engineering,
Intelligent traffic systems,
Renewable energy sources,
Engineering
BUSINESS AREAS
ALPINE-ENERGIE
Making life full of energy
The ALPINE-ENERGIE Group, with its national affiliates in Germany, Austria, Switzerland, Luxembourg
and Poland is considered a full service provider in the areas of overhead contact wire construction,
overhead line construction, communications technology, building and industrial engineering, intelligent
traffic systems, renewable energy sources and engineering.
Using future potential
Energy is one of our largest issues for the future for our society. One of the greatest challenges is to use
environmental and climate-friendly energy sources such as sun, wind and biomasses.
When designing, planning and building plants for the production of power from regenerative energy
sources, ALPINE-ENERGIE offers the full technology spectrum of a Group with national and international
project experience. Our reference projects include a photovoltaic park in Almeria, Spain as well as various
wind parks in Austria and Croatia.
Traffic policy goals such as economic, ecological and social sustainability as well as increased traffic
safety remain priority issues. During a period of constantly growing mobility, high demands are placed
on road users and infrastructure. The use of telematics in transportation and traffic helps, when widely
used, to more efficiently manage traffic flows, increase traffic safety and reduce traffic-related environmental
pollution.
ALPINE-ENERGIE’s service portfolio in building and industrial engineering includes electrical engineering
(high and low voltage current), building services, as well as the area of energy performance certificates
and smart metering – an EU requirement for energy conserving construction methods and property
operation – and facility management. The inclusion of new technologies, such as wireless communication
as well as future-proof international standards in combination with appropriate development and
production processes guarantee high quality and investment security over the entire life cycle.
Since the liberalisation of the European electricity market, the regional as well as national transmission
of electricity has increased enormously. An efficient transmission network makes it possible to develop
industrial and business locations, improve international competitiveness and reduce costs. Based on
decades of experience, and as one of the leading European energy network infrastructure service pro-

1
2 3
viders, our overhead line construction area offers our customers service-oriented solutions. The special
focus of our field of activity is the turn-key design, construction and maintenance of overhead lines.
The overhead contact wire construction area creates the conditions so that transport service customers
reach their destination quickly, safely and reliably. We offer a complete service package including design,
construction and maintenance.
For telecommunication providers and public institutions, the ALPINE-ENERGIE Group offers comprehen-
sive solutions for trouble-free communication network operation. In doing so, ALPINE-ENERGIE plans
the structure, constructs the infrastructure, implements the system technology and trains management
and employees. In addition, existing facilities are serviced, renovated or disposed of, as required.
All of our activities are always implemented in harmony with the environment, and therefore we place
great value not only on quality and safety requirements during planning and execution, but also on the
environmental sustainability of all necessary measures.
1 Photovoltaic system, Almeria / ES
2 Photovoltaic system, Casabermeja / ES
3 Overhead line, Etzersdorf-Theiß / AT
059

Hermine mager
Commercial project manager

SERVICES

Environmentally friendly
innovation: Track ballast,
which used to end up at
waste sites, is processed
into ballast chips for
asphalt surface layers.
SERVICES
Resources and logistics
Intelligent procurement and securing of raw materials
‘ALPINE Rohstoffbeschaffung und Baustofferzeugung (raw material procurement & construction material
production’ (ARB) is an important department in connection with the management of ALPINE’s
resources. In addition to ALPINE’s operative areas, it supports all asphalt and concrete mixing plants,
quarries as well as gravel and ballast plants with services such as resource and technology management
or the collection and preparation of data. Due to their responsibility for bitumen commerce, a secure
supply and optimal conditions are guaranteed at the best quality. Also the testing, assessment and
authorisation of new dismantling projects, completion of approval processes, calculation of raw material
reserves or the dismantling planning and reclamation of sites is taken over or supported by ARB.
Sustainable research and development
We are working on innovative raw material production projects and new materials are being continually
developed together with research facilities. As a result, we processed track ballast from ÖBB in 2008 for
high-quality asphalt surface layers. The ballast was cleaned, crushed, fractionated and mixed together
with asphalt. This possibility to recycle track ballast was developed by ARB specialists. ARB is also a
scientific partner in a research project that is engaged in recycling tunnel excavation material. The rock
should no longer be landfilled, but used as a raw material in the cement or dye industry or in agriculture.
These measures reflects ALPINE’s awareness for environmental friendly handling of important
resources.
Support with services
Data support plays a central roll in ARB’s work. This includes raw material management systems and
an operations database. These promote the exchange of knowledge within the company and with the
subsidiaries and considerably reduce the workload for approval processes. Practical know-how flows via
various units and research facilities also into the future development of norms and standards as well as
into innovations in building technology.
ATM (‘ALPINE Technology Management’) was founded in 2008 in order to guarantee a uniform standard
in the laboratory technology sector. Research and development projects are carried out together with
clients and universities. The Group also carried out its own projects, which are coordinated and carried
out by ATM. In 2008, ALPINE was part of six large research projects as a sponsor and scientific partner.

1
2 3
1 Asphalt mixing plant, A5 / AT 2 Building yard, Asten / AT 3 Ballast distribution machine and grader
Managing machinery worldwide
Perfect logistics are required to ensure, with a global construction site network, that the right machinery,
equipment and systems will always be at the right place at the right time. The ‘Maschinentechnische
Abteilung – Mechanical Department’ (MTA) is responsible for the procurement, administration, planning
and maintenance of the ALPINE Group’s enormous machinery and equipment park. In 2008, MTA operated
ten building yards and engaged 200 employees, who had 37,000 items of construction site equipment
at their disposal and achieved rental volumes of approx. 60 million euros. The employees managed
more than 195 cranes, 2,954 vehicles, 362 excavators and 503 rollers. It has its own workshops for
servicing the machinery and equipment. In Austria alone, 300 construction cranes are assembled
and dismantled every year.
MTA is not only responsible for equipment planning in Austria, but also in Germany, the Czech Republic,
Slovakia, Poland, Romania, Albania and Bulgaria. Furthermore, MTA provides its national and international
logistics services to ALPINE’s subsidiaries and is responsible for large investments in preparation and
production plants as well as asphalt mixing plants. In 2008, 45 million euros were invested in this area.
063
In Austria alone, 300
construction cranes are
assembled and then
dismantled every year.

SERVICES
A professional
planning and financing
partner
Customised global solutions
As an internationally operating construction company, ALPINE does not only offer construction services,
but also a comprehensive range of services in the area of project development, planning and financing.
Our project financing and consulting area offers customised global solutions, for example within the
scope of concessions projects, for public buildings or infrastructure projects. In this way, ALPINE is realising
the first PPP road construction project in Austria as a part of the Bonaventura consortium.
1
Project Y, PPP eastern region package 1 / AT 1 – 5
2

3
4 5
PPP (‘Private Public Partnership’) and BOT (‘Build, Operate and Transfer’) models are becoming increasingly
important. ALPINE offers its partners economically interesting global solutions that cover the entire
value-added chain from the beginning up to the realisation of a project. Experienced teams and experts
from the construction, financing, legal and operating areas work closely together during the concept
phase, thereby guaranteeing sustainable and future-oriented solutions. The solution includes carrying
out feasibility studies, selecting project partners and consultants, negotiating project contracts, solving
financing requirements and consulting with project and facility management.
The project financing and consulting area of ALPINE develops solutions together with its customers for
developer properties, residential areas, public constructions, power stations, sport facilities or highways,
where a long-term perspective and economic success are always in the foreground.
065
With the construction of
the ‘Project Y, PPP eastern
region package 1’ ALPINE
is realising the first PPP
road construction project
in Austria.

FOMENTO DE
CONSTRUCCIONES Y
CONTRATAS

Enes Avdić
Formwork builder-apprentice

FCC
The Spanish
parent Group FCC
The company ‘FCC Construcción, S.A.’ is part of the Spanish construction and service Group ‘Fomento de
Construcciones y Contratas’. It has more than 100 years of experience in the construction industry and
produces more than 50% of the Group’s turnover. Activities include all areas of construction engineering
in the national and international market. Activities also include project development and a multitude of
specialisations in the construction area.
In addition, other additional fundamental aspects such as performance quality, respect for the environment
and worker health and safety are taken into consideration. ‘FCC Construcción’ alone employs more
than 28,000 people.
In 2008, turnover of 7,744 million euros achieved. This means an 11.9% increase in growth in comparison
to the previous business year. Of this 47.61% refers to work done in European countries such as
Germany, Austria and Switzerland.
A heritage of more than one hundred years of history
The entire FCC Group has developed since 1900 first through the company ‘Fomento de obras y
construcciones’ (FOCSA) and since the mid-1950s as ‘Construcciones y Contratas S.A.’ (CYCSA). At the
beginning, it focused exclusively on the Catalan area, and the construction engineering area grew
predominately. An assignment for the cleaning and preservation of the Barcelona canalisation in 1911
represented a milestone for the Group. FCC was a pioneer in diversification policy, which has been a
constant factor within the Group since.
During the first half of the 20th century, constructions representative of the era were realised in the
construction engineering and service sector. These include the 10-km-long ‘Girona-Olot’ railway and the
company headquarters of ‘Grupo Fomento de Construcciones y Contratas S.A.’ in Barcelona.
During the 1950s, the Group was already one of the most important construction companies. In 1992,
FCC was created as a result of a merger between ‘FOCSA’ and ‘CYCSA’. In 1994, FCC decided to organise
itself into specialised companies in each of the large sectors in which it was active. The concentration
of the entire construction output of ‘FCC Construcción’ was initiated. This integration process was completed
in 2000 when all construction sites, all personnel and all projects that were still part of FCC, were
transferred.

In 2006, they acquired 80% of ALPINE, one of Austria’s largest construction companies, with projects in
Austria, Germany and various eastern European countries. During the same year, ‘Global Vía’ was established
for the administration of infrastructure concessions.
Over the past decade, many projects of the century were realised for public as well as private clients: the
Alange embankment dam in Mérida, the Atocha railway station in Madrid, the Alamillo bridges in Seville,
the Torre Picasso, the new Madrid Barajas airport terminal building as well as the Guadarrama tunnel –
the high-speed railway in north-western Spain, the museum of oceanography in Seville, the Valencia
museum and the ‘Musac’ in León.
‘FCC Construcción’ also represents a heritage of experience in construction engineering, which is collected
in a Group of companies and has been an extraordinary witness to more than one hundred years
of Spanish history.
069
FCC headquarters
‘Torre Picasso’, Madrid

Helmut Bittner
Estimator
DIRECTOR’S REPORT

Gabriel Jezidzic
Estimator

DIRECTOR’S REPORT
The financial year at
a glance
Two years following the majority acquisition of the ALPINE Group by the listed FCC Group, the integration
of the ALPINE companies within the group has proceeded in a very successful fashion. The close cooperation
of the two corporate groups, the successfully completed coordination processes in that context,
and their implementation of strategic growth plans have had extremely positive effects and form the
basis for the consolidated Group’s cross-border corporate culture.
The ALPINE Group’s expansion into Central and Eastern Europe, which was jointly planned and supported
by FCC, is fully on target and has been impressively underscored by the excellent results of operations
in 2008. The share of foreign business has already reached the 50 % mark, which had not been planned
until 2010. As a corporate platform for the Central and Eastern European region, ALPINE has optimally
positioned itself.
With a capital increase of EUR 65 million to improve its equity basis and liquidity, the FCC Group has
impressively underscored its commitment to ALPINE.

Economic environment
in our main markets
General remarks – market crisis
At the present time, any consideration of the markets concerning their potential and possible developments
can only occur within the backdrop of the ongoing international financial and market crisis. The
forecasted GDP trends for 2009 are being revised downwards on a weekly basis, and thus do not constitute
a reliable basis for evaluation. However, one can assume that the general downturn in economic
growth in all countries will first impact the construction industry beginning in the third quarter of 2009
and beyond. The planned stimulus packages of various nations and public construction projects which
have now been advanced show potential to be able to cushion the decline in private-sector orders. EU
subsidies for numerous markets served by the ALPINE Group strengthen this view. After years of partly
very high construction price increases – particularly in the realm of materials – some relaxation of prices
is expected.
Austria
Economic growth in Austria in 2008 will be approximately 1.8 %. The decline in economic performance
compared with the previous year is particularly attributable to the slump the economy has experienced
in export-oriented industry, which will continue to intensify in 2009. The Austrian construction industry
grew by more than 10 % in 2008 despite the international financial and market crisis. For 2009, forecasts
are cautious, but remain positive.
In Austria, ALPINE was able to report a very successful financial year for the year just ended. Despite
having an already very high market share, the Group was able to continue to expand that share. High
levels of competitive pressures and corresponding lower margins, as well as the partly extreme rise of
construction material costs in the current year, strained the Group’s earnings. Nevertheless, this domestic
market constitutes a very solid foundation for the overall Group’s expansion.
With its first PPP road construction project in Austria – which the Group is undertaking with 1,200
employees since 2007 and will complete on time by the beginning of 2010 – ALPINE again successfully
demonstrated its expertise in the realm of road infrastructure. In the rail infrastructure sector, the
Alptransit Brenner joint venture (in which ALPINE Bau holds a 50 % stake) was awarded the largest
contract for rail technology equipment in Austria with a total contract volume of approx. EUR 260 million.
Here again, ALPINE impressively demonstrated its expertise in the realm of complex and difficult civil
engineering projects. The Group also built OMV’s new corporate headquarters in Vienna, ‘Hoch 2 Plus
2’, serving as general contractor to complete and deliver an important high-profile structural engineering
project in the shortest possible time. Further construction projects, such as the Tauern SPA World in
Kaprun, the Timelkam power plant and the Terminal Tower in Linz, underscore the Group’s continuous,
cross-sectoral successes in its important home market.
073

DIRECTOR’S REPORT
Germany
In Germany as well, the current international economic developments are having an impact. The German
economy still reported growth of approx. 1.3 % for the year 2008. However, the forecasts for 2009 assume
a sharply declining economic development.
From the perspective of the construction industry, which was still able to report a positive growth of
2.7 % in 2008, the economic downturn forecast for 2009 is not expected to impact production at least
until the end of the second quarter of 2009, due to the current order backlog and the effect of stimulus
packages. Thus, in the public sector, it is expected that PPP A-Model-projects for motorways as well as
public private partnerships in structural engineering will be advanced in order to stimulate the economy.
Again in 2008, ALPINE was able to fortify the favourable development of recent years. Thus, and in
particular, the new construction of an anthracite power plant as a double block unit for RWE Power AG
in Hamm, Westfalen and the construction of the 366 metre-long bridge over the Elbe River in Niederwartha
both marked a continuation of ALPINE Deutschland’s positive development from the previous
year.
Switzerland
While the Swiss economy trended towards being significantly more stable than the economies of other
countries through the end of October, the economic slump began to be felt at the end of 2008 here
as well. Thus, an economic growth rate of approx. 1.8 % is expected for 2008, with the construction
industry assuming an important role in the overall Swiss economy. Capacities in this sector were fully
loaded, particularly due to rapid developments in commercial construction and large-scale infrastructural
projects.
With the Gotthard Base Tunnel project, the world’s longest tunnel construction project and a global highprofile
project, ALPINE has had a firm foothold in the Swiss market for some years now. Furthermore, as
part of the TRANSTEC consortium, the ALPINE Group was also successful in landing contracts for the
construction of track, overhead traction wiring, power supply, signalling, and telecommunications technology
for the Gotthard Base Tunnel. These contracts ensure ALPINE’s continuing and impressive market
presence in Switzerland in coming years as well.

Czech Republic
Despite levelling tendencies in the Euro zone, the Czech economy developed positively during 2008,
showing GDP growth of approx. 3.7 %. In particular, public-sector clients played a larger role in the
construction industry during the previous financial year, whereas private-sector clients were forced to
reduce their project planning due to the difficult situation in the financial markets and corresponding
increasing reluctance of banks to provide financing. For 2009, a negative economic growth must be
assumed.
The ALPINE Group has set an important course in the Czech Republic for years now. In addition to the
high-speed roadway in Obchvat Jablunkova, ALPINE was able to impressively demonstrate its firm position
in the Czech market particularly with having been awarded the project to extend the southern section
of the Prague motorway bypass, the first large-scale roadway construction project in Bohemia.
Slovakia
Slovakia’s booming economy did not lose much of its steam in 2008, and growth of approx. 6.8 % is
reported. The introduction of the Euro also positively impacted Slovakian business. For 2009 – against
the backdrop of general economic turbulence – a sharp decrease in Slovakian economic performance is
expected, which nevertheless is expected to continue to develop favourably. In the construction sector,
the government has been focusing on modernising infrastructure such as EU-subsidised road construction
projects, for example. Main focus areas for future developments in this sector also lie in the growing
public infrastructure-project sector, in individual residential construction, and in the booming business
and logistic parks construction segment.
ALPINE has been able to take further major steps towards expanding its own market position in Slovakia
with the completion of the first American-style, high-rise apartment complex ‘3 Towers’ (III Veze), at a
total contract volume of approx. EUR 60 million and with the expansion of the Banská Bystrica sewer
network.
075

DIRECTOR’S REPORT
Poland
Despite a difficult international environment, the Polish economy still reported solid GP growth at an
estimated rate of 4.8 % for 2008, with above-average performance in the construction sector. The
high inflation rate (4.2 %) forecasted for 2008 is expected to drop to 3 % in 2009. Pursuant to the most
recent estimates, economic growth in 2009 will turn negative; however, continued growth is forecasted,
although at less-dynamic rates. The European Cup in 2012 planned in Poland and the Ukraine should,
likewise, lend positive support to the sector.
The ALPINE Group has a very successful presence on the Polish market. The A1 motorway segment – the
first road construction infrastructural project in Poland – constitutes a prestigious reference project in
the road construction segment. At a length of approximately 22 km and a total contract volume of approx.
EUR 223 million, it highlights ALPINE’s presence in Poland. Further projects, such as the rail bridge
over the Oder River on the border between Germany and Poland and the renovation of Hala Ludowa in
Breslau – a historic hall constructed as a reinforced concrete building for the ‘1913 Centennial Exposition’
– show how important this market is.
The Balkan Region
Slovenia, Croatia, Serbia, Montenegro, Macedonia,
Bosnia-Herzegovina, Kosovo, Albania
Economic developments in Central and Southeastern Europe in 2008 varied. Whereas countries such as
Slovenia, Serbia, Montenegro and Bosnia anticipate growth rates of between 4 and 7 %, in other countries
such as Croatia, trends tended to be more moderate. Scarcely any growth in the region is expected
in 2009.
In the construction sector, countries such as Slovenia, Croatia, and Bosnia-Herzegovina were still reporting
stable, positive growth, whereas Serbia, for example, has already reported declines in growth. The
region’s need for infrastructural projects will, however, continue to support further developments in the
construction sector in the future, despite general, greater economic-related declines.
In 2008, ALPINE was able to sustainably solidify its market position and increase market share throughout
the region. Consequently, in Slovenia the Group reached an important milestone with the completion
and technical acceptance of Phase II of the turnkey project ‘Megacenter’ in December 2008. In Albania,
ALPINE set an important course for the region with the Kamza Interchange and Levan-Vlore construction
project, a four-lane, 24 km-long road construction segment. In addition, the Group’s successful
national presence in the transportation construction sector was strengthened in Serbia with the Beska
Bridge project, which, at a total length of 2.205 km, is the longest bridge construction project in Serbia.

Bulgaria
Despite the global financial and economic crisis, Bulgaria’s economy reported solid economic growth of
approx. 5.4 % for 2008. Accelerated infrastructure projects, which were urgently necessary, have given
the economy important impetus within the construction sector. The Bulgarian government has placed
high importance on road construction in its 2009 budget; these projects should be supported by corresponding
financial support from Brussels.
With the ‘Tsankov Kamak’ power plant construction project, the largest in Europe, the ALPINE Group has
established a strong footing in the Bulgarian construction sector. In addition, the Group has solidified
its market position in Bulgaria across various specialist areas, with three waste treatment projects in
Sevlievo, Bourgas Meden Rudnik and Popov, general contractor orders and a cumulative order volume of
approx. EUR 30 million. Further reference projects such as the water treatment plant and sewer in the
city of Bourgas on the Black Sea, as well as asphalt road construction in Sofia, underscore the Group’s
successful foundations within this market.
Romania
The Romanian economic development in 2008 mirrored a 7.7 % increase in the GDP growth rate. Despite
initial economic turbulence, Romania was able to bring the year 2008 to a resoundingly positive close.
For 2009, against the backdrop of the general credit crunch, a levelling-off of growth is expected.
The Romanian construction sector reported approx. 30 % growth in 2008, which means the construction
sector in Romania grew much more rapidly than in any other EU country. According to expert opinions,
the growth of the construction sector in Romania will decelerate in stages through the year 2013,
but will still remain significantly above the forecast rates of increase to GDP over the same period. The
positive trends in building construction to-date are reflected in all segments – office buildings, business
centres, residential complexes and industrial construction. The effects of the market crisis are partially
offset by growth in the infrastructural sector.
The Romanian petroleum group Petrom s.a., a subsidiary of OMV, is constructing Petrom City in Bucharest
as its administrative headquarters. ALPINE Bucharest is responsible for timely completion of
construction on this high-profile project, which will be completed in summer 2010, contributing order
volume of EUR 120 million.
In the infrastructure sector, two contracts were signed, one for the ring road (Centura) between DN1 and
DN1a, and one for the link between Genchea and Domnesti. The cumulative contract price for these two
construction projects is approx. EUR 65 million, with the first project already due to be completed by mid-
2010. The landfill construction and recultivation project in the Dambovita region, Titu and Aninoasa (order
volume EUR 17 million, with completion in December 2009), various structural engineering projects,
a segment of the Bucharest ring road and branch offices in Tirgu Mures and Timisoara all likewise solidify
the Group’s presence in the Romanian market and underscore the Group’s cross-segment portfolio of
expertise within Romania.
077

DIRECTOR’S REPORT
Greece
As in previous years, the Greek economy positioned itself above the average rate of growth for the 27
EU countries, with an economic growth rate of approx. 3.1 % in 2008. However, the high rate of inflation,
at approx. 4 %, cast a shadow over this favourable development. For years now, the construction
industry has been an important driver of the Greek economy, and in recent years it has always reported
solid growth. However, from the beginning of 2008, a decline has been witnessed here as well. For
2009, a sharp decline in overall economic performance is expected. However, a positive impetus in the
next several years should be expected from the PPP sector, with Greece having already made significant
progress in developing PPP projects and establishing a legal basis for them. In addition, the significant
subsidies from the EU, which will continue to flow through the year 2010, will be an important driver of
the construction industry.
The ALPINE Group succeeded in further establishing itself in 2008 in Greece. On the Egnatia Odos AG
Highway Project (Derveni-Lahanas segment), the contract for an approx. 30 km-long motorway segment
along the main Thessaloniki-Sofia link was successfully continued. The extension of ALPINE Group’s
presence in Greece will be continued with the Tsakona Project, refurbishment of the Tripolis-Kalamata
road segment, and the construction of a 390 m-long steel bridge.

Asia
In the Asian region, ALPINE is primarily active in China, Singapore and India. These countries were also
not able to elude the international financial and economic crisis in the second half of the year. Direct
foreign investment in China from November 2008 to January 2009 even fell by 20 % compared to the
previous year. Many planned projects are being postponed in all of the countries mentioned due to the
unstable state of the economy. However, positive economic growth is expected in these countries in
2009 as well.
The ALPINE Group holds an equity interest in the operating company in China which is working on the
Ningbo motorway section. The company was able to report a 77 % increase in revenues during 2008 in
buildings and industrial facilities construction. In Singapore, the Group is active in subway construction.
One partial section has already been successfully completed, and construction of four further subway
stations and corresponding tunnels is planned to be completed in 2010.
In India, ALPINE is currently building two airport metro links in New Delhi and a hydropower plant on the
upper Ganges River. However, the Group has decided not to pursue orders for new projects in India until
current construction sites are operating on a consolidated basis.
079

DIRECTOR’S REPORT
Business
Developments
During the reporting year, consolidated construction output (i.e. annual construction output delineated
by commercial criteria, including proportional joint venture output) rose by 35.1 % to EUR 3,506 million
(prior year EUR 2,595 million) as a result of organic growth. The share of international projects rose to
approx. 50 %. Order volume at year end totalled EUR 3.1 billion, corresponding to approx. 85 % of the
Group’s planned annual revenues for the financial year 2009.
Explanatory notes to the income statement
Total income statement revenues increased by 32.2 % to EUR 3,048 million. Net expenditures from
other operating income and other operating costs rose from EUR 186.8 million to EUR 192.3 million.
This corresponds to a 6.3 % share (previous year 8.1 %) of total income statement revenues. Costs of
materials and purchased services rose by 40.7 %, from EUR 1,436.2 million to EUR 2,021.3 million.
Fortunately, personnel costs increased by only 16.9 % to EUR 677.0 million. Depreciation, at EUR 66.8
million, is 26.3 % higher than in the previous year.
The net interest result including foreign currency differences increased sharply and totalled EUR 51.8
million (previous year EUR 22.9 million). This is primarily attributable to the increased interest rate for
loans and for the increase in the need for loans due to growth in accounts receivable. Other financial
results decreased marginally by EUR -0.1 million to EUR 1.3 million.
Breakdown of construction output by business segment in thousand Euro
Geschäftsfeld 2008 2007
Building construction 1,092,162 842,498
Civil engineering 1,895,719 1,376,086
Other construction sectors 227,243 163,355
Telecom/overground wires 291,261 213,063
Group 3,506,385 2,595,002

Breakdown of construction output by country in thousand Euro
Country 2008 2007
orders volume
31/12/2008
Austria 1,805,410 1,472,056 1,012,370
Germany 577,524 371,943 504,202
Switzerland 64,043 62,416 344,365
Central/Eastern Europe 626,108 447,039 775,660
North-Eastern Europe 291,927 145,602 327,647
Far East 79,972 52,120 115,796
Gulf States 34,275 18,563 12,987
Other countries 27,125 25,263 6,038
Group 3,506,385 2,595,002 3,099,065
Explanatory notes to the balance sheet
Investments in tangible fixed assets of EUR 137.3 million (previous year EUR 117.5 million) were made.
The increase in the investment sum was primarily driven by investments in technical machinery and
equipment for our foreign construction projects and for new construction of workshops and office buildings
within Austria.
Financial liabilities offset by bank balances total EUR 320.7 million (previous year EUR 403.0 million).
This decrease was primarily achieved through the contribution of EUR 65 million in equity by majority
owner FCC, as well as by accelerating net working capital management. Bank loans were obtained at
commercial, money-market oriented interest rates. The Group makes use of derivatives purely to hedge
underlying transactions in its business operations.
Receivables and other assets increased during the reporting year by EUR 211.2 million to EUR 1,179.9
million. Accounts payable and other liabilities increased by EUR 225.7 million to EUR 1,003.9 million.
Equity increased by EUR 73.3 million to EUR 377.6 million. Considering the higher total assets, which
increased by EUR 376.8 million, the equity ratio increased from 17.3 % to 17.7 %.
Explanatory notes to the cash flow statement
Just like EBT, cash flow from the earnings could be significantly improved, from EUR 121.6 million to EUR
174.5 million.
The change in working capital of EUR 24.5 million (previous year EUR 84.5 million) was significantly impacted
by the increase in accounts receivable due to the pre-financing of individual construction projects
and longer payment periods granted on foreign projects.
Appropriations for investments of EUR 131.2 million (previous year EUR 114.5 million) primarily resulted
from purchases of machines and equipment for foreign activities.
081

DIRECTOR’S REPORT
Risk Report
By means of the control mechanisms put in place in the operational units and the central management
information system, the Group has enhanced cost and risk awareness of employees at all levels.
This system is an integrated component of all processes and helps identify undesirable developments
and risks as early as possible and avoid the resulting risks for the company.
One component of the system is annual planning and its adaptation to the current state of knowledge.
Detailed monthly reports assist in monitoring achievement of targets at all levels.
At the same time, the ‘construction business administration’ unit is tasked with advising the operational
units on construction-sector issues and reporting to management on a quarterly basis with respect to
any possible undesirable developments in the branches and divisions. In addition, construction projects
exceeding a predetermined threshold or those involving special risks are monitored on an ongoing basis.
The centrally-organised legal department is available to all Group units and it supports them on all contract
and corporate law issues. All corporate Group-related domestic approvals and permits are centralised
here as well.
Independent of this, all of the rules and standard operating procedures set forth in the Management
Handbook are complied with and audited regularly in accordance with ISO 9001 certification.
Financial Risk Management
Management of currency, interest rate change, and liquidity and credit risks is performed by the central
finance department. If necessary, derivative hedging instruments are utilised for this purpose (futures
transactions and option strategies), but they are implemented exclusively for purposes of hedging
underlying operational transactions. The Group strictly prohibits entering into such transactions for
speculative purposes.

Currency Risk
Due to the financial crisis and the sharp increase in exchange rate volatility near the end of the year, the
significance of currency risks has sharply increased for many companies. ALPINE addressed this development
by establishing a centralised monitoring function for Group-wide foreign exchange structures. One
focus in this regard is currency-optimised financing of foreign subsidiaries and branches, another is the
currency structure of cross-border large-scale projects. Therefore, currency mismatches existing due to
the large foreign business share (approx. 50 %) are herewith well under control. Inasmuch as the desired
structure cannot be achieved via organisation of operational cash flows, hedging instruments are to be
used. Thus, ALPINE concluded its first hedging transactions during 2008.
Interest Rate Risk
The goal in structuring the financing portfolio is adaptation of the fixed interest period terms to the
term of the financed assets. Changes in the interest balance due to variable, interest-bearing financial
positions may thus be taken into account in project cost calculations and compensated via business
operations.
Liquidity Risk
Unfortunately, the significance of liquidity risks increased during the final months of 2008. Not only the
fact that incongruent financing terms in the banking initially triggered the financial crisis, the shortage
of liquidity in the financial markets also significantly increased companies’ awareness of liquidity risks.
All the more important for the ALPINE Group was the conclusion of a syndicated credit facility during the
summer of 2008. With participation of Austrian and international banks, the Group entered into a 3-year,
revolving credit facility for EUR 124.5 million, with an option to renew for a further two years. In this
manner, the term of the financial liabilities could be extended significantly:
083

DIRECTOR’S REPORT
in TEUR
450,000
400,000
350,000
300,000
250,000
200,000
150,000
100,000
50,000
The reduction in net indebtedness was also helpful within this context. Despite a 35 % growth in revenues,
net indebtedness could be reduced by more than 20 % to EUR 320.7 million due to a capital contribution
of EUR 65 million by majority owner FCC as well as accelerated net working capital management.
Credit Risk
Net indebtedness
320,696 100 %
Financial liabilities > 2 Jahre
285,076 89 %
The financial status of accounts receivable is continuously monitored and credit evaluations are performed
within the Group. Before entering into a business relationship, the contractual parties are subject
to a creditworthiness assessment. This information is obtained from independent credit reporting agencies.
Risks of default are accounted for via allowances.
Raw Materials Risk
31/12/2008 31/12/2007
Net indebtedness
402,975 100 %
Financial liabilities > 2 Jahre
97,674 24 %
Risks arising from changes in raw materials prices are managed by the operational divisions themselves
due to the intense correlation with the specific underlying transactions, assisted of course by consultation
with central departments. For a large portion of projects, there is ‘natural hedging’ due to prices
being linked to various construction price indices. For fixed-price contracts, the Group attempts to
secure raw material prices in advance and/or to conclude fixed-price agreements with subcontractors.
No derivative hedging transactions were entered into for raw materials during 2008.

Environmental Issues
The ALPINE Group takes environmental protection very seriously as a major element of its social responsibility
and it makes its own contribution in this regard – thus, in 2008, the Group implemented the ISO
14001 environmental management system in Austria and Hungary.
By recording environmentally relevant activities within the Group, the deduction of corresponding environmental
targets was made possible, and thus a significant contribution to environmental protection
was made.
In executing construction projects, special efforts are made to employ environmentally friendly construction
methods to reduce vibrations as well as noise and dust. When selecting building materials,
their environmental friendliness is considered. Construction site waste is separated as optimally as possible
and forwarded for recycling. Contaminated soils and oil sludge are cleaned biologically and organic
waste is composted or used for manufacturing fuel.
ALPINE’s motor pool is operated almost entirely with diesel. All construction machines have diesel motors,
and 10 % of passenger vehicles, pick-ups and buses already have a diesel particle filter installed.
Since 2008, all vehicles are purchased in accordance with environmental rules under the most current
EU directives; in addition, the entire fleet is regularly inspected for exhaust emissions.
Production and heating systems have largely been converted to low-exhaust fuels such as natural gas
and liquid gas.
At all branches, building yards and other facilities, the governmental requirements under the ‘Technical
Instructions on Air Quality Control’, ‘Maximum Emissions for Air Act’ and ‘Air Pollution Control Rules’ are
satisfied. Asphalt mixing units operated by ALPINE generate significantly lower levels than the threshold
values stipulated by law under the ‘Technical Instructions on Air Quality Control’ .
ALPINE not only has its own experts in the areas of environmental technology and environmental
protection, it also operates its own business segments in this sector, through its Ökotechna and Altec
subsidiaries, as well as through its waste treatment plant construction department.
085

DIRECTOR’S REPORT
Human Resources
The number of Group employees grew by approx. 1,900 during the reporting period to its current level
of approx. 15,500 persons. This strong growth, associated with our business operations in about 25
countries and dozens of subsidiaries, presents major challenges to human resources management. For
this reason, ALPINE’s human resources management department added staff and was restructured.
The Human Resources Legal and Services department set the course for the Group particularly in its
group-wide standardisation of employment agreements (general employment agreements, secondment
agreements, and management executive employment agreements). Furthermore, reporting procedures
were standardised and measures were taken in human resources cost controlling.
The human resources recruiting and staff development areas were combined into a single department
and placed under common management. In both areas, group-wide establishment was successfully
promoted and important steps were taken.
In several cases, the recruitment department proved to an important partner to operational departments
and participated in the staffing of numerous important positions. Procedures for new staff search
and hires were standardised throughout the Group.
In the area of staff development, the successful path taken in recent years in Austria was continued.
Approx. 3,000 participants attended more than 220 training courses conducted internally by ALPINE.
The ‘Leadership Excellence’ training programme for executives started last year has proven itself as
a complete success and will also be continued in 2009. The successful collaboration with the Leipzig
Polytechnic on an extra-occupational study programme for chartered engineers [Diplomingenieur (FH)]
was likewise continued.
A new feature is that staff development activities are also being extended internationally to foreign subsidiaries.
The Group has designed an international construction supervisor programme, a development
programme for project managers working on international projects as well as two trainee programmes
for postgraduates.
The challenges of ALPINE’s increasing internationalisation are also being addressed by human resources
management. The paths taken here will need to be intensively pursued over the course of the coming
years because professional management of staff resources has increasingly become a decisive business
success factor.

Outlook
The economic environment in 2009 will be a very difficult one because it is not currently possible to
predict how long the recession and the international financial crisis will continue to block the markets.
If no financing is provided for larger projects, one will be unable to build them. Despite these extremely
difficult general conditions, ALPINE still expects a positive year in 2009. Because of its strength in
infrastructural construction, ALPINE will tend to benefit from the stimulus packages implemented by
individual governments, more so than companies that have concentrated on construction of buildings,
residential, and industrial facilities.
Because of the extraordinary growth during the last fiscal year, management will also concentrate
increasingly on consolidating all of the Group’s business divisions. As a result, profitability should further
increase. Despite the strong economic deterioration and consolidation efforts, the Group has planned a
moderate increase of 5 to 10 % in construction output for 2009. The order volume at the end of 2008 of
EUR 3.1 billion, underscores the plan’s feasibility.
Thus, ALPINE lies fully within its business plan to achieve EUR 3.9 billion in construction output by 2010,
and thus increase construction output by more than 50 % compared to 2006.
Despite negative international economic forecasts, the ALPINE Group will evolve stronger coming out of
this consolidation process.
Wals bei Salzburg, March 2009
Alpine Holding GmbH
The Management Board
Werner Watznauer m.p.
087

CONSOLIDATED
FINANCIAL STATEMENTS

Christian Hauser
Construction Spervisor

CONSOLIDATED FINANCIAL STATEMENTS
Income Statement
for the year 2008
in thousand Euro note 2008 2007
1 Construction output 3,506,385 2,595,002
less joint venture output 5 -458,194 -288,960
Sales net of joint venture output 3,048,191 2,306,042
2 Income from associated companies 6 4,035 1,903
3 Work performed by the enterprise and capitalised 10,736 14,367
4 Other operating income 7 83,305 55,261
5 Raw material and consumables used -801,402 -518,271
6 Expenses for services -1,219,914 -917,964
7 Staff cost 8 -676,974 -578,919
8 Depreciation and amortisation 9 -66,825 -52,903
9 Other operating expenses 10 -275,609 -242,075
profit from operating activities 105,543 67,441
10 Net interest expenses 11 -39,683 -23,007
11 Exchange differences -12,108 115
12 Other financial results 12 1,343 -92
net finance cost -50,448 -22,984
profit before tax 55,095 44,457
13 Income taxes 13 -18,931 -13,900
net profit for the period 36,164 30,557
thereof attributable to equity holders of the parent company 31,570 30,359
thereof attributable to minority interests 4,594 198
The notes on pages 94 to 132 form an integral part of the consolidated financial statements.

Consolidated balance sheet
as of 31 December 2008
in thousand Euro note 31/12/2008 31/12/2007
AssEts
non current assets
I Property, plant and equipment 14 454,182 424,046
II Investment property 15 23,976 22,665
III Intangible assets 16 15,508 17,977
IV Financial assets 17 53,381 55,898
V Associated companies 18 14,327 30,112
VI Other long-term assets 20 111,096 72,710
VII Deferred tax assets 13 6,186 7,750
Current assets
678,656 631,158
I Inventories 19 129,947 106,940
II Trade receivables and other receivables and assets 20 1,068,839 896,019
III Cash and cash equivalents 23 257,099 123,587
1,455,885 1,126,546
total Assets 2,134,541 1,757,704
Equity AnD liABilitiEs
Equity 24
I Share capital 109 109
II Reserves 282,887 273,451
Equity attributable to equity holders of the parent company 282,996 273,560
minority interests 94,575 30,667
non-current liabilities
377,571 304,227
I Employee benefits 25 45,141 46,173
II Other provisions 26 13,108 10,938
III Deferred tax liabilities 13 34,712 24,507
IV Interest bearing loans and borrowings 27 324,816 149,615
V Other financial liabilities 28 6,512 0
VI Trade and other liabilities 30 11,171 17,725
Current liabilities
435,460 248,958
I Other provisions 26 55,557 56,347
II Tax liabilities 29 13,525 10,837
III Interest bearing loans and borrowings 27 252,979 376,947
IV Other financial liabilities 28 6,761 0
V Trade and other payables 30 992,688 760,388
1,321,510 1,204,519
total equity and liabilities 2,134,541 1,757,704
The notes on pages 94 to 132 form an integral part of the consolidated financial statements.
091

Consolidated Statement of Cash Flow
for the year 2008
in thousand Euro 2008 2007
Cash flows from operating activities
Net profit for the period 36,164 30,557
Depreciation and amortisation 68,119 53,232
Results from disposal of intangible assets and property, plant and equipment 2,690 -246
Changes in long-term provisions 1,139 3,253
Net interest expenses 51,791 22,892
Income taxes 18,931 13,900
Results from non-current financial assets -3,189 -1,268
Results from associated companies -1,131 -695
Changes in working capital
CONSOLIDATED FINANCIAL STATEMENTS
174,514 121,624
Inventories -20,467 -19,251
Trade receivables and other receivables -232,008 -232,042
Short-term provisions -792 38,758
Short-term payables 228,797 128,022
Cash generated from operating activities 150,044 37,111
Interest paid -30,574 -18,404
Income taxes paid -2,713 -21,932
net cash from operating activities 116,757 -3,224
investing activities
Interest received 1,368 1,026
Dividends received 1,691 242
Proceeds from the sale of financial assets 2,047 1,006
Proceeds from the sale of intangible assets and property, plant and equipment 38,086 13,914
Investments in financial assets -1,253 -9,257
Acquisitions of subsidiaries net of cash acquired -1,637 -5,621
Investments in intangible assets and property, plant and equipment -128,355 -99,584
net cash from investing activities
Financing activities
-88,053 -98,275
Proceeds from long-term borrowings 168,987 10,967
Proceeds from short-term borrowings -127,008 98,219
Increase of capital 64,350 570
Dividends paid -242 -373
net cash from financing activities 106,087 109,384
net increase in cash and cash equivalents 134,791 7,885
Effect of exchange rate changes on cash and cash equivalents -1,279 -986
Cash and cash equivalents at beginning of year 123,587 116,687
Cash and cash equivalents at end of year 257,099 123,587
The notes on pages 94 to 132 form an integral part of the consolidated financial statements.

Statement of Changes in Equity
total equity
minority
interests
Equity attributable
to equity
holders of the
parent company
Currency
translation
reserve
unrealised
revenues/losses
from the valuation
of Hedges
retained
earnings
Additionally
paid in capital
Capital reserves
measurement
of financial
instruments at
fair value
revaluation
surplus
share capital
in thousand Euro
Balance at 1 Jan. 2007 109 20,306 0 92 0 205,121 0 448 226,076 30,725 256,801
Net profit for the year 30,359 30,359 198 30,557
Dividends to shareholders 0 -373 -373
Revaluation IAS 16 679 679 44 723
15,218 15,218 1,135 16,353
Change of equity of an equityconsolidated
company without
effects on net income
Currency translation differences 269 -1,484 -1,215 -352 -1,567
Other changes 2,444 -1 2,443 -710 1,733
Balance at 31 Dec. 2007 109 20,985 0 92 0 238,193 15,218 -1,037 273,560 30,667 304,227
Net profit for the year 31,570 31,570 4,594 36,164
Capital increase 49,325 49,325 15,025 64,350
Dividends to shareholders 0 -242 -242
Revaluation IAS 16 -3,825 -3,825 3,651 -174
Revaluation IAS 39 67 67 20 87
Unrealised revenues/
losses from the
valuation of Hedges
Revenue/loss before
-7,671 -7,671 -2,337 -10,008
income taxes
Income taxes 1,458 1,458 444 1,902
Change of equity of an
equity-consolidated
-15,824 -15,824 -1,319 -17,143
company without effects
on net income
Currency translation differences 390 -680 -290 61 -229
093
Other changes -45,374 -45,374 44,011 -1,363
Balance at 31 Dec. 2008 109 17,160 67 92 49,325 224,779 -6,819 -1,717 282,996 94,575 377,571
The notes on pages 94 to 132 form an integral part of the consolidated financial statements.

CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated
financial statements
1 The company
Alpine Holding GmbH, headquartered in 5071 Wals bei Salzburg and registered in the commercial register
at the Salzburg regional court under the registration number FN 36605g, forms the ALPINE construction
group (“Company”, “Group”) together with its subsidiaries. Its business activities focus on the
handling of construction projects of all kinds (civil engineering, building construction, the construction
of power stations and tunnelling). The Group also acts as a building contractor in the areas of residential
construction and other project areas and does business in the field of communication technology.
Furthermore, gravel works, brick works and asphalt mixing plants are operated.
2 Basis of accounting
The consolidated financial statements of Alpine Holding GmbH were prepared in accordance with the
International Financial Reporting Standards (IFRS) published by the International Accounting Standards
Board (IASB), and with the Interpretations issued by the International Financial Reporting Interpretations
Committee (IFRIC), required to be applied in the EU.
The accounting policies of the companies included in the consolidated financial statements are based
on the standard accounting methods of Alpine Holding GmbH. The balance sheet date is in principle 31
December for all companies included.
The income statement is prepared in accordance with the nature of expense method.
Figures in the consolidated financial statements are shown in thousand euro (TEUR). During the process
of summing up rounded amounts and percentages, the use of automatic calculation methods may result
in discrepancies.
3 Consolidation methods
3.1 Consolidated group and consolidation method
The consolidated financial statements include both Alpine Holding GmbH and all of its subsidiaries over
which Alpine Holding GmbH has direct or indirect control (Group). Control is said to exist if the company is
entitled to govern the financial and operating policies of a company so as to obtain economic benefit.
Companies that are controlled jointly with other companies (joint ventures), as well as companies over
which the parent company exercises significant direct or indirect influence (associates) are accounted
for using the equity method.

The assets and liabilities of companies included in the consolidated group for the first time are measured
at fair value on the date of acquisition. The acquisition costs of the investments purchased are
assigned to the identifiable assets and liabilities, including contingent liabilities, belonging to the
company acquired. The sum of the acquisition costs exceeding the fair value of the net worth is presented
as goodwill. Any negative difference between the cost of acquisition of the company and the acquired
identifiable assets and liabilities is recognised in the acquisition period in profit or loss.
If necessary, the financial statements of the subsidiaries are adjusted in order to align the accounting
policies with those used within the Group.
Intragroup transactions, receivables, liabilities and considerable profits (intercompany profits) are
eliminated. Unrealised losses are only eliminated insofar as the unrealised loss is not the consequence
of an impairment.
The companies included in the consolidated financial statements can be seen from the list of investments.
Individually affiliated companies are not included due to possible commercial disadvantage.
Those affiliated companies not included in the consolidated financial statements only have a negligible
influence on the consolidated financial statements.
In the financial year 2008, the following companies, which have hitherto not been consolidated owing
to their insignificance, were included in the consolidated financial statements for the first time:
Full consolidation: — Geotechnik Systems GmbH
— OOO „Alpine Mayreder“
— ALPINE Bau GmbH A-1 spólka jawna
Using equity method: — Asphaltwerk Sierning GmbH
Furthermore, owing to acquisitions, the consolidated group was enlarged by the following companies:
Full consolidation:
Kappa d.o.o
Using equity method:
Straka Bau GmbH
Acquisition date share Acquiring company
14 March 2008 100 % Osijek Koteks d.d.
1 June 2008 51 % ALPINE Bau GmbH
095

CONSOLIDATED FINANCIAL STATEMENTS
The share held by the holding company in ALPINE Granit a.d. was increased to 100% and in ALPINE
Dolomit a.d. to 99.74% through the purchase of the remaining shares.
The costs of all acquisitions in the financial year 2008 which led to a change in the group of consolidated
companies, amount to TEUR 1,755. The values given for the newly acquired companies are to be regarded
as provisional.
The agreement to purchase 99 % of the shares of BEMO (Beton- und Monierbau GmbH) was signed in
September 2008. The payment of the purchase price and the commencement of the contract are bound
to a closing date, which shall occur not later than forteen days after the entry of the last neccessary
approval by the antitrust authorities. ALPINE Bau GmbH obtained control of BEMO in January 2009. In
January 2009 ALPINE Bau GmbH acquired 100 % of Hodaco Servimpex S.r.l., Romania. For both companies
no balance sheet or income statement according to IFRS are available, therefore no disclosures are
done. The cost of acquisition for these companies amounted to TEUR 21,100.
With these acquisitions, the initial determination of IFRS values was undertaken in the course of accounting
according to the acquisition method, so that there are no balance sheet and income statement
values according to IFRS available for the time immediately preceding the business combination. Acquisitions
and the initial accounting for business combinations in the consolidated financial statements have
had the following impact on the consolidated financial statements:
on the date of initial consolidation in TEUR
Non-current assets 1,387
Current assets 2,708
Non-current liabilities 2,816
Current liabilities 214
From the date of initial consolidation in TEUR
Revenue 78,218
Operating result -9,030

3.2 Currency translation
3.2.1 Foreign currency transactions
Foreign currency transactions are converted to EUR at the transaction rate. Monetary assets and liabilities
in foreign currency are measured at the balance sheet date according to the effective middle rate.
Exchange differences resulting from this translation are recognised in profit or loss.
3.2.2 Translation of financial statements in foreign currency
The financial statements of foreign entities are translated to EUR in line with the functional currency
concept. For all companies, this is the respective national currency. All affiliated companies included in
the consolidated financial statements are financially, economically and organisationally independent.
According to the modified closing rate method, all balance sheet items, with the exception of equity, are
translated at the bid price on the balance sheet date. Expenses and income are translated at the average
middle rate of the financial year. Differences resulting from income statement items translated at middle
rates are taken directly to equity and reported in currency translation reserves.
Currency translation was based on the following exchange rates:
per EUR Closing rate 31/12/2008 mid point rate 2008
Albania All 123.8000 122.324159
Bosnia-Herzegovina BAm 1.9558 1.955837
Bulgaria BGn 1.9558 1.955837
China Cny 9.4956 10.183299
Croatia HrK 7.3555 7.210239
Czech Republic CZK 26.8750 24.944793
Hungary HuF 266.7000 251.046025
India inr 68.4500 64.102564
Macedonia mKD 61.4123 61.728395
Poland pln 4.1535 3.517721
Romania ron 4.0225 3.667325
Russia ruB 41.2830 36.580905
Serbia CsD 88.6010 81.026334
Singapore sGD 2.0040 2.074115
Slovakia sKK 30.1260 31.234228
Switzerland CHF 1.4850 1.588689
Turkey try 2.1488 1.912686
United Arab Emirates AED 5.1277 5.397140
097

CONSOLIDATED FINANCIAL STATEMENTS
4 Accounting policies
In the reporting year, the standards revised by the International Accounting Standards Board (IASB) and
adopted by the EU – which apply to financial years beginning on or after 1 January 2008 – were applied
to the preparation of consolidated financial statements.
The underlying accounting policies applied to the preparation of these consolidated financial statements
are set out below.
4.1 Revenue Recognition
Revenues are measured at fair value of the consideration received or to be received and represent those
amounts which are to be received for goods and services during the normal course of business. Profits
(losses) are generally considered as realised with the transfer of risk (at the time of transfer of risk and
the possibility of utilisation) or, respectively, once the service has been rendered.
Interest income is realised while taking into account the effective yield.
In order to reflect the progress of contract works for the period correctly, the percentage of completion
method in accordance with IAS 11 is used for construction contracts, on the basis of a reliable determination
of the stage of completion, the total costs, and the total revenue. The stage of completion is
determined by the actual work performed in relation to the expected total performance. If total contract
costs are likely to exceed total contract revenue, the expected losses are recognised immediately in
profit or loss. Insofar as accumulated performance exceeds prepayments in individual cases, construction
contracts are presented under receivables from construction contracts. If after deduction of prepayments
a negative balance remains, they will be presented under advances received.
4.2 Service concession arrangements
IFRIC 12 – Service concession arrangements: This interpretation governs the way PPP projects are
presented in accounts. The interpretation, which applies in respect of financial years commencing on
or after 1 January 2008, were already applied to the valuation and presentation of PPP projects in the
Group in the financial year 2007. In 2008 these regulations only applied to one company consolidated
at equity.
4.3 Property, plant and equipment
Land and buildings held for use in the production or supply of goods or services or for administrative purposes
are carried at their revalued amounts in the balance sheet. These correspond to the fair value less
subsequent accumulated depreciation and impairment losses. The fair value is determined from marketbased
estimates through measurement by both external independent experts and knowledgeable
Group employees. Revaluations are performed regularly to prevent the carrying amount from deviating
significantly from the value determined on the basis of the fair value at the balance sheet date.

If an asset’s carrying amount is increased as a result of revaluation of land and buildings, the increase
is credited directly to the revaluation reserve. Increases are recognised in the income statement to the
extent that they reverse an impairment previously entered as an expense. A decrease in the carrying
amount resulting from the revaluation is recognised as an expense to the extent that it exceeds the
amount held in the revaluation reserve in the course of previous revaluations.
Depreciations on revalued buildings are recognised in profit and loss. If revalued tangible assets are later
sold or retired, the assignable revaluation surplus recognised in the revaluation reserve is transferred to
retained earnings.
Technical equipment and machinery as well as office equipment are presented at cost less accumulated
amortisation and recognised impairment expense.
Assets under construction are carried at cost less recognised impairment.
Assets are normally depreciated on a straight-line basis over their expected useful life. Scheduled
depreciation of technical equipment and machinery, and of plant and operating and office equipment is
for the most part based on the depreciation process of the fair value table of the Austrian national list of
construction equipment (ÖBGL) 1996 published by the Austrian Association of Industrial Construction
Companies.
Usually, the following periods of useful life are assumed:
years
Own buildings 8 – 50
Buildings on land owned by others 3 – 50
Technical equipment and machinery 3 – 20
Other plant and equipment, operating and office equipment 3 – 15
Borrowing costs are part of production costs in the capital assets.
4.4 Investment property
Investment property is property held to earn rental income or for capital appreciation or both. It is initially
measured at cost. For the purpose of measurement subsequent to initial recognition, the Group has
chosen the cost model.
The assets are amortised on a straight-line basis over their expected useful life. The useful life is
assumed to be 50 years.
099

CONSOLIDATED FINANCIAL STATEMENTS
4.5 Leases
Assets held under finance leases are recognised as Group assets with their fair values or with the cash
value of the minimum lease payments at the commencement of the lease term, if the latter are lower.
They are depreciated over their useful life in the same way as own assets.
Any corresponding liability towards the lessor is recognised under financial liabilities. Lease payments
are apportioned between the finance charge and the reduction of the liability in such a way as to
produce a constant periodic rate of interest on the remaining balance of the liability. Interest expenses
are recognised directly in profit and loss.
Rent payments in respect of operating leases are recognised as an expense in the income statement.
4.6 Intangible assets and goodwill
4.6.1 Goodwill
The goodwill acquired during consolidation represents the excess of the cost of the business combination
over the Group’s share of the net fair value of the identifiable assets and debts of a subsidiary,
associate or jointly controlled company at the acquisition date. In the case of associates and jointly
controlled companies, goodwill is included in the carrying amount of the non-current financial assets
accounted for using the equity method.
Goodwill is recognised as an asset and is tested for impairment at least annually. Any impairment is
recognised immediately in profit or loss. No subsequent reversal takes place.
4.6.2 Other intangible assets
Mineral rights and landfill rights are subject to the production-method of depreciation according to the
extent of use.
Building rights and software are carried at cost less accumulated amortisation and impairment.
The following periods of useful life were assumed:
years
Building rights 50
Software 3 – 5

4.7 Impairment of property, plant and equipment and intangible
assets except goodwill
At each balance sheet date, the Group reviews the carrying amounts of its PPE and intangible assets
for any indication that they may be impaired. If there is an indication that an asset may be impaired, the
recoverable amount of the asset will be estimated in order to determine the extent of any possible impairment.
If it is not possible to determine the recoverable amount for the individual asset, the recoverable
amount for the cash-generating unit (CGU) to which the asset belongs is used to determine it. The
recoverable amount is the higher of an asset’s fair value and its value in use; a cash-generating unit is
the smallest identifiable group of assets that generates cash inflows that are largely independent of the
cash inflow from other assets or groups of assets.
If the estimated recoverable amount of an asset or cash-generating unit falls short of the carrying
amount, the carrying amount is reduced to the recoverable value and immediately recognised in profit or
loss. In the case of land and buildings which do not constitute financial investments and which are carried
at revalued amounts, the impairment loss is regarded as an impairment due to a revaluation.
A reversal of the impairment loss is recognised in profit or loss, unless the relevant asset is carried at the
revalued amount, in which case the reversal of the impairment loss is regarded as an enhancement due
to a revaluation.
4.8 Financial assets
4.8.1 Securities
Securities are classified as financial assets available for sale in accordance with IAS 39. The sole exception
to this is the participation right in UKH Linz (accounted for as securities with a book value of TEUR
5,085). This is assigned to Debtors and Loans.
4.8.2 Investments
All other investments are classified as financial assets available for sale in accordance with IAS 39 and
are therefore measured at fair value in equity.
In line with IFRS 7.29(b) and in the absence of a market present, no fair values were calculated for the
other investments which differed from their acquisition costs.
101

CONSOLIDATED FINANCIAL STATEMENTS
4.8.3 Long-term receivables
Long-term, interest-bearing receivables are carried at cost, unless value discounts are required. Noninterest-bearing
or low-interest-bearing long-term receivables are discounted to their present value.
Loans are assigned to Loans and Receivables in the meaning of IAS 39. As such they are valued at
amortised cost.
4.8.4 Financial liabilities
Financial liabilities are valued at amortised cost in line with IAS 39.
4.9 Financial assets accounted for using the equity method
Investments in associates are included “at equity”, unless they are of minor importance, and are carried
at cost in the balance sheet, with the cost being adjusted by changes of the Group’s share in the net
worth at the acquisition date.
Losses are recognised by means of impairment. If the losses exceed the Group’s share in the net investment
of the associate, they are not recognised, unless there is an obligation to cover losses.
4.10 Inventories
Inventories are carried at cost or at the lower net realisable value.
Production cost comprises all expenses that are directly attributable to the item, as well as any variable
and fixed overhead that arises in connection with the production.
The cost of inventories is assigned by using the weighted average cost formula.
4.11 Receivables
Receivables and other current assets are carried at nominal values. Valuation allowances are performed
in case of identifiable specific risks. Foreign currency receivables are measured at the middle rate at the
balance sheet date.
Receivables are assigned to Loans and Receivables in the sense of IAS 39. As such they are valued at
amortised cost.
Other receivables include securities classified as held for trading purposes and therefore valued at fair
value in the income statement.

4.12 Derivative instruments
Derivative instruments are used to hedge against foreign currency exchange risks. Derivative instruments
are measured at fair value. The official exchange rates of the Austrian National Bank are used for
measurement as well as quotations from banks. Derivative instruments that are designated as hedging
instruments in an effective cash flow hedge relationship are recognized directly in equity, otherwise
they are recognized as income or expense.
4.13 Cash and cash equivalents
Cash and cash equivalents comprise cash and bank balances.
4.14 Employee benefits
4.14.1 Defined benefit plans
Due to legal regulations and obligations under the collective agreement, employees of Austrian group
companies who entered into an employment relationship before 31 December 2002 will receive a
one-off severance payment from the employer in case of a termination or upon commencement of their
retirement. The amount of the severance payment is based on the number of years employed and the
employee’s remuneration.
Furthermore, pension commitments have been made to former managing directors and, in some Group
companies, the company has an obligation to grant pension contributions to employees.
The severance and pension obligations are valued using the Projected Unit Credit Method and discounted
to their present value. Future salary increases are taken into account in the valuation. Actuarial gains
and losses are recognised in profit and loss.
4.14.2 Defined contribution plans
For all employees who entered into an employment relationship with an Austrian company after 31
December 2002, the company is obliged to pay 1.53 % of the employees’ monthly remuneration into a
staff provision fund. There are also defined contribution plans in our Swiss companies.
No additional obligations exist in addition to the contributions made.
4.14.3 Provisions for anniversary bonuses
The provision for anniversary bonuses is calculated according to financial mathematical principles, based
on retirement ages for men and women as set out in existing pension scheme regulations, an interest
rate for accounting purposes of 5 %, and a fluctuation deduction of 5 % for salaried workers and 30 %
for wage workers. Pursuant to the works agreement, anniversary bonuses are not deemed defined
benefit obligations but benefits which are independent of salary.
103

CONSOLIDATED FINANCIAL STATEMENTS
4.15 Provisions
Provisions are established if the company has a legal or constructive obligation towards a third party
on the basis of a past event that will lead to payment obligations in the future. In this context and after
careful examination of the facts, the amount carried is the one most probable.
4.16 Financial liabilities
Interest-bearing bank loans and overdraft facilities are carried at the amount paid out less directly attributable
loan charges. Financing costs, including premiums payable at repayment, are recognised in profit
or loss in the period in which they accrue, using the effective interest method, and increase the liability’s
carrying amount inasmuch as they are not paid at the time they arose.
4.17 Trade payables
Trade payables are recognised at the nominal value or the higher repayment amount. Foreign currency
debt is measured at the middle rate at the balance sheet date.
Trade payables are classified as financial liabilities to be valued at amortised cost in the sense of IAS 39.
4.18 Income taxes
The income tax expenses comprise overall current taxes and deferred taxes. Deferred taxes are recognised
in the income statement only inasmuch as they do not relate to business cases which are booked
directly via equity.
Current tax expenses are calculated on the basis of taxable income for the year and according to the
applicable tax rates.
Deferred taxes are the expected tax liabilities or tax benefits arising from the differences between the
carrying amount of assets and liabilities in the consolidated financial statements and its tax base, using
the balance-sheet oriented liability method. Deferred tax liabilities are usually recognised for all taxable
temporary differences. Deferred tax assets are recognised to the extent that it is probable that taxable
profit will be available against which the deductible temporary differences can be utilised.
The carrying amount of deferred tax assets will be reviewed every year at the balance sheet date and
reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow
the utilisation of an unused tax loss carryforward or unused deferred tax assets.
Deferred tax assets and liabilities are to be measured at the tax rates currently applicable in the period in
which an asset is recovered or a liability is settled.

4.19 Contingent liabilities
A contingent liability is a possible or present obligation resulting from past events where payment is not
probable. They are explained separately and not recognised in the balance sheet, unless they arise from
a takeover in the context of an acquisition of a company. The obligation amount given corresponds to
the extent of the liability existing at the balance sheet date.
4.20 Judgements and key assumptions concerning the future
When compiling the consolidated financial statements in accordance with IFRS, management is required
to make certain estimates in the process of applying the accounting policies and must also determine
key assumptions concerning future developments that may influence the given amounts of the assets,
liabilities and other financial obligations at the balance sheet date as well as income and expenses during
the period under review.
Particularly in the case of the following assumptions and estimates, there is a sizeable risk that a significant
adjustment of assets and liabilities may have to be carried out in future financial years:
The assumptions and estimates regarding construction contracts essentially relate to the
determination of the project results and the collectability of receivables.
The measurement of the existing defined benefit obligations is based on assumptions relating to the
discount rate, the retirement age, life expectancy and future salary and pension increases.
4.21 New accounting standards
The following standards and interpretations, which were already published when the consolidated
financial statements were drawn up, were not yet applicable as mandatory in respect of financial years
commencing on or before 1 January 2008.
IFRIC 15 - Agreements for the Construction of Real Estate: This interpretation governs the way agreements
for the construction of real estate are presented in accounts. The interpretation, which applies in
respect of financial years commencing on or after 1 January 2009, is not endorsed by the EU yet and has
no material effects on the financial statement of the group.
Other new standards and interpretations (IFRS 8 and IFRIC 13, 14, 16 and 17) are not applicable to the
Group.
105

CONSOLIDATED FINANCIAL STATEMENTS
5 Construction output
In addition to turnover from our own projects, construction output also includes pro-rated construction
output from joint ventures at an amount of TEUR 458,194 (2007: TEUR 288,960). It can be divided by
construction segments as follows:
in TEUR 2008 2007
AustriA
Building construction 637,348 572,534
Civil engineering 932,928 725,819
Other construction segments 109,892 88,275
Telecommunications 125,243 85,429
total 1,805,411 1,472,057
ForEiGn CountriEs
Building construction 454,814 269,964
Civil engineering 962,791 650,268
Other construction segments 117,351 75,079
Telecommunications 166,018 127,634
total 1,700,974 1,122,945
Group As A WHolE
Building construction 1,092,162 842,498
Civil engineering 1,895,719 1,376,086
Other construction segments 227,243 163,355
Telecommunications 291,261 213,063
total incl. joint ventures 3,506,385 2,595,002
total joint ventures 458,194 288,960
total excl. joint ventures 3,048,191 2,306,042
6 Income from associated companies
in TEUR 2008 2007
Income of associates 61,541 36,835
Expenses of associates -57,506 -34,932
total 4,035 1,903
The profit (loss) of associates primarily includes in particular pro-rated profits and losses of joint
ventures and asphalt production sites prior to central allocations.

7 Other operating income
in TEUR 2008 2007
Income from the disposal of non-current assets 2,624 3,868
Revenue from insurance compensations 4,542 6,607
Rental income 3,915 6,506
Other income related to staff 959 2,214
Charges for staff, equipment and building site installations 56,054 20,578
Exchange profit 12,292 1,652
Other 2,919 13,836
total 83,305 55,261
The remaining other operating income includes in particular amounts passed on, exchange differences
and release of valuation allowances.
8 Staff costs
in TEUR 2008 2007
Salaries and wages 541,191 461,353
Expenses for severance payments including contributions to
staff provision funds
Expenses for pensions and severance pay are presented without the cost of interest.
Expenses for severance payments are broken down as follows:
1,231 4,776
Pension cost 2,438 4,463
Cost of statutory social security, payroll-related taxes and
mandatory contributions
122,038 102,530
Other social security cost 10,076 5,797
total 676,974 578,919
Average number of employees 15,530 13,648
in TEUR 2008 2007
Service cost for severance payments incl. actuarial gains and losses 238 4,149
Payments to staff provision funds 993 627
total 1,231 4,776
107

CONSOLIDATED FINANCIAL STATEMENTS
Expenses arising from pensions are broken down as follows:
in TEUR 2008 2007
Service cost for pensions incl. actuarial gains and losses -184 2,235
Defined contribution plans 2,622 2,228
total 2,438 4,463
9 Depreciation and amortisation
in TEUR 2008 2007
Property, plant and equipment 63,410 51,991
Investment property 210 101
Intangible assets 3,205 811
total 66,825 52,903
10 Other operating expenses
in TEUR 2008 2007
Rental and leasing expenses 61,025 53,222
Legal and consulting expenses 24,903 21,690
Administrative expenses 32,677 18,265
Maintenance and repair 16,408 17,303
Insurance premiums 13,876 12,593
Advertising expenses 9,566 8,272
Taxes, except income taxes 3,505 3,553
Exchange loss 14,466 1,585
Other 99,183 105,592
total 275,609 242,075

11 Net interest income
in TEUR 2008 2007
Interest and similar income 5,757 5,542
Interest expense and similar charges -45,440 -28,549
total -39,683 -23,007
of which classified as financial instruments as per iAs 39
Loans and receivables 5,757 5,542
Financial liabilities valued at amortised cost -43,351 -26,811
Interest income includes income from affiliated companies in the amount of TEUR 13 (2007: TEUR 18).
12 Other financial results
in TEUR 2008 2007
Investment income 1,821 242
Income from securities and financial assets 1,368 1,026
Income from the disposal of non-current financial assets 62 211
Expenses from affiliated companies -16 -334
Impairment losses on financial assets -1,295 -253
Other -597 -984
total 1,343 -92
of which classified as financial instruments as per iAs 39
Held for trading purposes 61 201
Financial assets available for sale 1,282 -293
Investment income includes income from affiliated companies in the amount of TEUR 207 (2007:
TEUR 120).
The expenses from affiliated companies include the valuation allowance of a receivable from a foreign
investment in the amount of TEUR 0 (2007: TEUR 228) and a carrying amount loss from the disposal of
an affiliated company in the amount of TEUR 0 (2007: TEUR 43).
109

CONSOLIDATED FINANCIAL STATEMENTS
13 Income taxes
in TEUR 2008 2007
Current income taxes 5,571 14,512
Deferred taxes 13,360 -612
total 18,931 13,900
Tax expenses for the financial year can be reconciled with the profit according to the income
statement as follows:
in TEUR 2008 2007
Profit before income taxes 55,095 44,457
Taxes at domestic rate of 25 % 13,774 11,114
Effects of other tax rates of subsidiaries operating abroad 1,849 789
Tax-free gains -386 -1,284
Expenses not deductible for tax purposes 893 1,772
Changes of loss carryforwards for which no deferred taxes
were recognised
3,899 -1,191
Tax rate change of deferred taxes -521 2,523
Utilisation of unused loss carryforward -19 -1,636
Tax expenses from prior periods -1,297 2,164
Other 739 -353
Effective tax expense 18,931 13,900
Effective tax rate 34.36 % 31.27 %

Temporary differences between the carrying amounts in the consolidated financial statements and the
respective carrying amount for tax purposes have the following effect on the deferred taxes shown in
the balance sheet:
in TEUR 31/12/2008 31/12/2007
AssEts liABilitiEs AssEts liABilitiEs
Property, plant and equipment 583 -38,668 129 -35,606
Intangible assets 108 -412 136 -652
Financial assets 1,198 -79 1,339 -1,699
Receivables and other current assets 4,427 -28,645 2,039 -18,967
6,316 -67,804 3,643 -56,924
Untaxed reserves 0 -1,452 0 -1,490
Provisions 6,420 -1,112 4,603 -673
Liabilities 18,009 -4,038 8,541 -853
24,429 -6,602 13,144 -3,016
Tax loss carryforwards 28,120 35,515
Deferred taxes (gross) 58,865 -74,406 52,302 -59,940
Valuation allowance for tax loss carryforwards -12,985 -9,119
Less offsetting with deferred tax liabilities -39,694 39,694 -35,433 35,433
Deferred taxes (net) 6,186 -34,712 7,750 -24,507
In addition to the amount recognised in the income statement, deferred taxes relating to the revaluation
of the Group’s land and buildings that are not investment property in the amount of TEUR -145 (2007:
TEUR 1,304) were recognised directly in equity. Moreover neutral deferred taxes in an amount of TEUR
1,901 (2007: TEUR 0) were recognised directly in equity in the course of hedge accounting activities.
Furthermore, deferred taxes increased by TEUR 166 (2007: TEUR 165) as a result of changes to the
consolidated group.
Deferred taxes for loss carryforwards of subsidiaries, in the amount of TEUR 12,985 (2007: TEUR
9,119) were not capitalised, as it is not sufficiently probable that they can be utilised. Deferred taxes for
the remaining loss carryforwards were recognised, as given the existing management accounting it is
probable that they will be utilised by offsetting them with future tax gains.
Deferred tax assets and deferred tax liabilities are offset on the balance sheet, provided they are levied
by the same taxing authority.
111

CONSOLIDATED FINANCIAL STATEMENTS
14 Property, plant and equipment
in TEUR
Cost oF ACquisition
land and
buildings
technical
equipment
and
machinery
operating
and office
equipment
prepayments
and assets
under
construction total
As at 1 Jan. 2007 181,198 284,825 122,547 13,634 602,204
Exchange differences -548 -2,401 -311 -106 -3,366
Changes consolidated group 6,044 7,944 953 19 14,960
Additions 17,652 55,414 30,772 13,669 117,507
Transfers 4,683 1,274 149 -5,750 356
Disposals -222 -20,017 -15,177 -2,805 -38,221
As at 31 Dec. 2007 208,807 327,039 138,933 18,661 693,440
Exchange differences -973 -5,334 -770 304 -6,773
Changes consolidated group 0 0 0 1,475 1,475
Additions 8,967 81,598 37,614 9,123 137,302
Transfers -575 5,226 825 -7,329 -1,853
Disposals -2,094 -36,170 -30,897 -5,060 -74,221
As at 31 Dec. 2008 214,132 372,359 145,705 17,174 749,370
ACCumulAtED DEprECiAtion
As at 1 Jan. 2007 32,093 147,096 60,204 0 239,393
Exchange differences -19 -690 -183 0 -892
Changes consolidated group 386 4,159 232 0 4,777
Annual depreciation 4,368 30,613 17,010 0 51,991
Impairment loss 0 0 0 0 0
Transfers 12 -618 606 0 0
Disposals -57 -14,820 -10,998 0 -25,875
As at 31 Dec. 2007 36,783 165,740 66,871 0 269,394
Exchange differences -159 -2,967 -467 0 -3,593
Changes consolidated group 0 0 0 0 0
Annual depreciation 5,431 38,303 19,376 0 63,110
Impairment loss 300 0 0 0 300
Transfers -110 -228 287 0 -51
Disposals -423 -18,781 -14,768 0 -33,972
As at 31 Dec. 2008 41,822 182,067 71,299 0 295,188
Carrying amount on 1 Jan. 2007 149,105 137,729 62,343 13,634 362,811
Carrying amount on 31 Dec. 2007 172,024 161,299 72,062 18,661 424,046
Carrying amount on 31 Dec. 2008 172,310 190,292 74,406 17,174 454,182

Land and buildings were measured on the basis of market values as of 31 December 2005 by independent
experts and, in some instances, by knowledgeable Group employees. The measurement is based on
recent market transactions for comparable land and buildings which stand up to the “dealing-at-arm’slength”
test.
As at 31 December 2008, the carrying amount would have been around TEUR 140,518 (2007: TEUR
140,128), if the Group’s land and buildings (without investment property) were carried at historical cost
less accumulated depreciation and impairment.
Borrowing costs were capitalised in the amount of TEUR 487.
Carrying amounts of finance leases:
in TEUR 31/12/2008 31/12/2007
Buildings 11,936 12,221
Technical equipment and machinery 58,734 51,311
Operating and office equipment 9,154 8,855
The Group has secured its credit lines by means of real estate collateral in the amount of TEUR 118,316
(2007: TEUR 79,326).
As of 31 December 2008 there were no material obligations for the purchase of property, plant and
equipment.
113

CONSOLIDATED FINANCIAL STATEMENTS
15 Investment property
in TEUR land and buildings
Cost oF ACquisition
As at 1 Jan. 2007 24,993
Exchange differences 0
Changes consolidated group 0
Additions 0
Transfers 0
Disposals 0
As at 31 Dec. 2007 24,993
Exchange differences 7
Changes consolidated group 0
Additions 17
Transfers 2,127
Disposals -593
As at 31 Dec. 2008 26,551
ACCumulAtED DEprECiAtion
As at 1 Jan. 2007 2,226
Exchange differences 0
Changes consolidated group 0
Annual depreciation 101
Impairment loss 0
Transfers 0
Disposals 0
Reversals 0
As at 31 Dec. 2007 2,328
Exchange differences 0
Changes consolidated group 0
Annual depreciation 210
Impairment loss 0
Transfers 106
Disposals -69
Reversals 0
As at 31 Dec. 2008 2,575
Carrying amount on 1 Jan. 2007 22,767
Carrying amount on 31 Dec. 2007 22,665
Carrying amount on 31 Dec. 2008 23,976
The additions to investment property include subsequent cost of acquisition amounting to TEUR 17
(2007: TEUR 0).

16 Intangible assets and goodwill
in TEUR rights Goodwill total
Cost oF ACquisition
As at 1 Jan. 2007 10,858 9,300 20,158
Exchange differences -15 0 -15
Changes consolidated group 46 1,584 1,630
Additions 697 3,238 3,935
Transfers -356 0 -356
Disposals -157 0 -157
As at 31 Dec. 2007 11,073 14,122 25,195
Exchange differences 18 47 65
Changes consolidated group 0 0 0
Additions 601 74 675
Transfers -54 0 -54
Disposals -7 -1,647 -1,654
As at 31 Dec. 2008 11,631 12,596 24,227
ACCumulAtED DEprECiAtion
As at 1 Jan. 2007 6,314 219 6,533
Exchange differences -8 0 -8
Changes consolidated group 22 0 22
Annual depreciation 811 0 811
Impairment loss 0 0 0
Transfers 0 0 0
Disposals -140 0 -140
As at 31 Dec. 2007 6,999 219 7,218
Exchange differences 3 0 3
Changes consolidated group 0 0 0
Annual depreciation 1,109 0 1,109
Impairment loss 0 2,096 2,096
Transfers -54 0 -54
Disposals -6 -1,647 -1,653
As at 31 Dec. 2008 8,051 668 8,719
Carrying amount on 1 Jan. 2007 4,544 9,081 13,625
Carrying amount on 31 Dec. 2007 4,074 13,903 17,977
Carrying amount on 31 Dec. 2008 3,580 11,928 15,508
115

CONSOLIDATED FINANCIAL STATEMENTS
17 Financial assets
in TEUR
Cost oF ACquisition
investment
in affiliated
companies
other
investment
other
exposure securities total
As at 31 Dec. 2007 5,349 16,009 24,476 15,567 61,401
(+) Additions; (+) increase in
value; (–) Disposals
-65 1,834 -309 -2,820 -1,360
Changes consolidated group -1 -309 0 0 -310
As at 31 Dec. 2008 5,283 17,534 24,167 12,747 59,731
BV 31 Dec. 2007 1,056 15,645 24,475 14,722 55,898
BV 31 Dec. 2008 870 16,890 24,167 11,454 53,381
The group secured lines of credit available to it by assigning securities to the value of TEUR 0
(2007: TEUR 7,443).
18 Investments in associates
All private and public limited companies presented as associates in the consolidated financial statements,
including their domiciles and equity interest, can be found in the list of investments. The approximately
470 joint ventures are not shown in the list of investments, as they are solely non-trading
under civil law without domicile, and were each set up on a temporary basis in order to manage one
construction project.
The date of the financial statements of Ziegelwerk Freital Eder GmbH is 28 February and of Schaberreiter
GmbH 31 March in the current business year, and not 31 December as with all other companies.
19 Inventories
in TEUR 31/12/2008 31/12/2007
Land held for sale 61,190 54,154
Raw materials, consumables and supplies 46,744 33,885
Work in progress 8,164 986
Finished goods and goods purchased and held for resale 5,399 4,548
Prepayments 8,450 13,367
total 129,947 106,940
Of the land held for sale, TEUR 4,475 (2007: TEUR 4,830) are carried at fair value less costs to sell.
The Group has secured lines of credit available to it with land charges totalling TEUR 19,371 (2007:
TEUR 24,478).

20 Trade receivables and other assets
in TEUR 31/12/2008 31/12/2007
non-current Current total non-current Current total
Trade receivables 57,754 297,979 355,733 42,175 241,641 283,816
Receivables from
construction
contracts
Receivables
from affiliated
companies
Receivables from
associates
Other receivables
and assets
434 545,703 546,137 5,186 463,867 469,053
7,122 3,400 10,522 0 10,542 10,542
23,985 120,179 144,164 3,498 107,793 111,291
21,801 101,578 123,379 21,851 72,176 94,027
total 111,096 1,068,839 1,179,935 72,710 896,019 968,729
Trade receivables relate primarily to receivables from completed construction projects, whereas receivables
from construction contracts present projects in progress.
Of the trade receivables, valuation allowances in the amount of TEUR 13,376 (2007: TEUR 15,826)
were deducted.
Receivables totalling TEUR 0 (2007: TEUR 72,280) were assigned.
Trade receivables, receivables from construction contracts and receivables from associates give the following
picture with regard to due date:
in TEUR 31/12/2008 31/12/2007
Trade receivable/receivables
from construction contracts and associates
Of which: neither overdue nor value adjustment made on the financial
statement date
1,030,651 856,326
789,560 612,360
Of which: no value adjustment as of the financial statement date
and due within the following time bands:
less than 90 days 144,086 143,559
91 – 180 days 30,771 36,059
181 – 360 days 23,661 32,967
more than 360 days 25,440 21,215
117

CONSOLIDATED FINANCIAL STATEMENTS
No value adjustment was made for trade receivables which were overdue on the reporting date if there
was no material change in the creditworthiness of the debtor and repayment of the overdue amount
was expected.
in TEUR 31/12/2008 31/12/2007
Value adjustments on 1 Jan. 15,826 17,446
Allocation to reserves 1,886 4,066
Utilisation/release 4,336 5,686
Value adjustments on 31 Dec. 13,376 15,826
21 Receivables from construction contracts
in TEUR 31/12/2008 31/12/2007
Receivables from construction contracts (gross) 2,372,833 1,803,449
Advances received -1,826,696 -1,334,396
receivables from construction contracts (net) 546,137 469,053
Costs incurred to date
(of all contracts not completed as at cut-off date)
Profits incurred to date
(of all contracts not settled as at cut-off date)
Accumulated losses
(of all contracts not settled as at cut-off date)
22 Other receivables and current assets
2,373,353 1,801,473
69,346 62,592
-69,866 -60,615
receivables from construction contracts 2,372,833 1,803,449
retentions by customers 36,191 44,461
in TEUR 31/12/2008 31/12/2007
Receivables from
other taxes
non-current Current total non-current Current total
6,138 14,121 20,259 6,590 15,465 22,055
Accruals 0 19,804 19,804 0 14,876 14,876
Insurance
settlements
Pension plan
reinsurance
Securities held
for trading
0 477 477 0 1,441 1,441
0 906 906 0 682 682
0 969 969 0 1,444 1,444
Other 15,663 65,301 80,964 15,261 38,268 53,529
total 21,801 101,578 123,379 21,851 72,176 94,027

Non-current receivables from other taxes relate essentially to prepaid taxes for a large-scale project
abroad; final taxation will be effected upon completion of the project.
23 Cash and bank balances
in TEUR 31/12/2008 31/12/2007
Bank balances 256,174 122,652
Cash 925 935
total as per balance sheet 257,099 123,587
Cash and cash equivalents in the cash flow statement 257,099 123,587
24 Equity
The share capital of Alpine Holding GmbH is presented as the share capital, unchanged from the
previous year.
The other retained earnings are the result of the profits and losses generated within the Group.
The currency translation differences comprise all exchange differences that arose from the translation of
subsidiaries’ financial statements drawn up in a foreign currency.
Changes in value as a consequence of the revaluation of land and buildings are included in the item
revaluation reserve.
The non-realised earnings from the valuation of hedges arose through a group company consolidated by
the equity method and a fully consolidated group company. These are in case of the company consolidated
by the equity method interest swap transactions and in case of the fully consolidated company
foreign currency hedges, which are treated as cash flow hedges in the balance sheet, in accordance with
IAS 39.
Until the capital increase the minority interests in equity represented primarily the 6 % share in Hochund
Tiefbau Beteiligungs GmbH held by FCC Construcción S.A.
An increase of capital in December 2008 in ALPINE Bau GmbH through FCC Construcción S.A. leads to
an adjustment of minority interests. Hoch- und Tiefbau Beteiligungs GmbH owns no longer 99.0 % but
81.544 % of the shares of ALPINE Bau GmbH. The net profit for the year was devided due to the
distribution of ownership that was valid until december 2008.
119

CONSOLIDATED FINANCIAL STATEMENTS
25 Employee benefits
in TEUR 31/12/2008 31/12/2007
Provisions for severance payments 35,365 36,111
Provisions for pensions 9,776 10,062
total 45,141 46,173
The calculation of the provisions for severance payments as at 31 December 2008 and 31 December
2007 is based on the following assumptions:
31/12/2008 31/12/2007
Interest rate 5.0 % 4.5 %
Salary and wage increases 2.5 % 2.5 %
Fluctuation rate 0 – 5 % 0 – 5 %
Retirement age women in years 56.5 – 60 56.5 – 60
Retirement age men in years 61.5 – 65 61.5 – 65
Life expectancy AVÖ 2008-P AVÖ 1999-P
in TEUR 2008 2007
rEConCiliAtion oF proVision rECoGnisED in tHE BAlAnCE sHEEt
present value of defined benefit obligations 31 Dec. 35,365 36,111
Accumulated actuarial profit (+) / loss ( –) 0 0
provision on 31 Dec. 35,365 36,111
DEVElopmEnt oF proVision rECoGnisED in tHE BAlAnCE sHEEt
provision on 1 Jan. 36,111 33,855
Changes consolidated group 0 32
Expense recognised in the income statement
incl. actuarial profit (+) / loss ( –)
1,639 5,525
Payments in the financial year -2,385 -3,301
provision on 31 Dec. 35,365 36,111
ExpEnsE rECoGnisED in tHE inComE stAtEmEnt
Service cost 3,578 3,729
Interest expense 1,401 1,376
Realised actuarial profit (+) / loss ( –) -3,340 420
Expense in the income statement 1,639 5,525

The calculation of the provisions for pensions as at 31 December 2008 and 31 December 2007 is based
on the following assumptions:
31/12/2008 31/12/2007
Interest rate 2.85 – 5 % 3.5 – 4.5 %
Pension, salary and wage increases 1.0 – 4.0 % 2.5 – 4.0 %
Fluctuation rate 0 – 22.5 % 0 – 22.5 %
Retirement age women in years 56.5 – 64 56.5 – 64
Retirement age men in years 61.5 – 65 61.5 – 65
Life expectancy Austria AVÖ 2008-P AVÖ 1999-P
Germany
Heubeck mortality
tables 2005 G
Heubeck mortality
tables 2005 G
Switzerland BVG 2005 BVG 2005
in TEUR 31/12/2008 31/12/2007
Present value of covered defined benefit obligations 14,493 10,651
Fair value of plan assets -11,952 -8,072
total 2,541 2,579
Present value of uncovered defined benefit obligations 7,235 7,483
pension provision 9,776 10,062
The changes in present value of defined benefit obligations in the current financial year are as follows:
in TEUR 2008 2007
provision on 1 Jan. 18,134 9,221
Service cost 2,478 1,895
Interest expense 713 763
Additional obligations through increase in employees 2,639 7,554
Realised actuarial profit (–), loss (+) -1,242 0
Currency translation differences 890 0
Payments in the financial year -1,884 -1,299
provision on 31 Dec. 21,728 18,134
121

CONSOLIDATED FINANCIAL STATEMENTS
The changes to the present value of plan assets in the current financial year are as follows:
in TEUR 2008 2007
plan assets on 1 Jan. 8,072 1,413
Expected income from plan assets 404 205
Contributions paid 1,762 1,075
Acquired asset values through increase in employees 2,472 6,140
Realised actuarial profit (+), loss (–) -175 0
Currency translation differences 726 0
Paid benefits -1,309 -761
net assets on 31 Dec. 11,952 8,072
Expense recognised in the income statement:
in TEUR 2008 2007
Service cost 883 2,235
Interest expense 713 763
Realised actuarial profit (–), loss (+) -1,067 0
Expected income from plan assets -404 -205
Expense in the income statement 125 2,793
The principal asset classes of the plan assets together with their expected returns on the date of the
financial statement are as follows:
in TEUR expected income fair value
Bonds 2.87 % 6,053
Stockholdings 6.60 % 308
Property 4.50 % 1,269
Other 3.22 % 4,322
Weighted average of expected income 3.26 % 11,952
The total expected income results from the weighted average of the expected returns from the asset
categories held through the plan assets. The estimation of the expected returns made by the management
board is based on historical rates of return and market forecasts for the respective asset values for
the next twelve months.
Actual income from plan assets amounted to TEUR 229 in the financial year just ended.

The development of the experience adjustments is illustrated as follows:
in TEUR 31/12/2008 31/12/2007
Present value of defined benefit obligations 21,728 18,134
Fair value of plan assets -11,952 -8,072
9,776 10,062
Experience adjustments of plan debts -1,242 -1,065
Experience adjustments of plan assets -175 -19
26 Other provisions
in TEUR 31/12/2008 31/12/2007
non-current Current total non-current Current total
As at 1 Jan. 10,938 56,347 67,285 13,371 30,958 44,329
Changes consolidated
group
Exchange
differences
0 1 1 440 102 542
-17 273 256 -50 -185 -235
Reclassification 502 -502 0 -48 48 0
Additions 2,334 35,080 37,414 3,220 81,560 84,780
Utilisation -449 -31,202 -31,651 -4,676 -53,701 -58,377
Release -200 -4,440 -4,640 -1,319 -2,435 -3,754
provision on
31 Dec.
13,108 55,557 68,665 10,938 56,347 67,285
in TEUR 31/12/2008 31/12/2007
non-current Current total non-current Current total
Legal disputes 188 5,652 5,840 766 1,298 2,064
Anniversary
bonuses
Provision for
losses
7,437 3,480 10,917 6,184 3,480 9,664
0 30,713 30,713 157 32,165 32,322
Other 5,483 15,712 21,195 3,831 19,404 23,235
provision on
31 Dec.
13,108 55,557 68,665 10,938 56,347 67,285
123

CONSOLIDATED FINANCIAL STATEMENTS
27 Financial liabilities
in TEUR 31/12/2008 31/12/2007
non-current Current total non-current Current total
Mortgage loans 86,832 21,819 108,651 53,190 28,460 81,650
Revolving credits 134,455 172,098 306,553 333 274,243 274,576
Lombard loans 0 0 0 0 2,352 2,352
Assignment credits 0 0 0 0 20,000 20,000
Finance leases 53,343 17,273 70,616 49,649 14,233 63,882
Loans from
affiliated
companies
36,400 0 36,400 0 0 0
Other 13,786 41,789 55,575 46,443 37,659 84,102
total 324,816 252,979 577,795 149,615 376,947 526,562
The Loans from affiliated companies in the amount of TEUR 36,400 concern a subordinated loan from
FCC Construcción S.A.
The carrying amounts and main terms of the bank loans and overdrafts are as follows:
in TEUR 31/12/2008
Currency
Carrying
amount
Effective
yield
interest rate
fixed/variable maturity
Mortgage loans CHF, CZK, EUR, HRK, PLN 21,819 4.3% - 9.0% fixed, variable 2009
Mortgage loans CHF, CZK, EUR, HRK, PLN 86,832 4.5% - 9.0% fixed, variable 2010 – 2032
Revolving credits
CHF, CZK, EUR, HRK,
PLN, CSD, SKK
172,098 3.6% - 21.0% fixed, variable 2009
Revolving credits EUR 134,455 5.9% - 6.5% fixed, variable 2010 – 2011
415,204
As the interest rate is usually variable, the fair values correspond with the carrying amounts.

The liabilities from finance leases and their maturities are as follows:
in TEUR 31/12/2008
The leases do not include any agreements on conditional lease payments.
28 Other financial liabilities
in TEUR 31/12/2008 31/12/2007
Derivatives designated
as hedging instruments
measured at fair value
Forward exchange
transactions
29 Tax liabilities
present value interest payment amount
Maturity 2009 17,273 2,616 19,889
2010 – 2013 40,923 5,580 46,503
After 2013 12,420 3,271 15,691
total 70,616 11,467 82,083
in TEUR 31/12/2007
present value interest payment amount
Maturity 2008 14,233 2,782 17,015
2009 – 2012 37,115 5,483 42,598
After 2012 12,534 4,926 17,460
total 63,882 13,191 77,073
non-current Current total non-current Current total
6,512 6,761 13,273 0 0 0
in TEUR 2008 2007
As at 1 Jan. 10,837 17,191
Changes consolidated group 0 28
Change in exchange rate -80 -25
Additions 7,394 3,129
Used - 4,626 - 9,486
Released 0 0
As at 31 Dec. 13,525 10,837
125

CONSOLIDATED FINANCIAL STATEMENTS
30 Trade payables and other liabilities
in TEUR 31/12/2008 31/12/2007
Advances
received
31 Other liabilities
non-current Current total non-current Current total
3,345 98,708 102,053 9,031 122,258 131,289
Trade payables 6,852 585,114 591,966 6,092 405,306 411,398
Liabilities
towards affiliated
companies
Liabilities towards
associates
0 1,481 1,481 0 483 483
0 75,170 75,170 0 54,499 54,499
Other liabilities 974 232,215 233,189 2,602 177,842 180,444
total 11,171 992,688 1,003,859 17,725 760,388 778,113
To the extent that advances received exceed the accumulated services, they are shown as advances
received.
Non-current trade payables relate primarily to guarantee and cover retentions.
Provisions for construction contracts totalling TEUR 50,814 (2007: TEUR 30,977) are included in
trade payables.
in TEUR 31/12/2008 31/12/2007
Tax liabilities (without
income taxes)
Liabilities relating to
social security
Liabilities towards
employees
non-current Current total non-current Current total
0 87,315 87,315 47 49,121 49,168
0 26,140 26,140 0 21,658 21,658
0 38,919 38,919 4 32,518 32,522
Deferred items 0 22,766 22,766 0 20,818 20,818
Unused leave liabilities 0 5,061 5,061 0 5,534 5,534
Hours in lieu liabilities 0 6,587 6,587 11 4,925 4,936
Other 974 45,427 46,401 2,540 43,268 45,808
total 974 232,215 233,189 2,602 177,842 180,444

32 Financial instruments
32.1 Capital risk management
Capital is managed with the objective of achieving the optimal relationship between liabilities and
equity. This should have the effect of all Group companies being able to operate under the premise of
business continuity.
32.2 Types of financial instruments
The principle and original financial instruments at the Group’s disposal are the financial assets, trade
receivables, bank balances, and financial and trade liabilities. The actual balances of each of the original
financial instruments can be seen in the balance sheet. Derivative financial instruments are used in the
group.
32.3 Categories of financial instruments
in TEUR 31/12/2008 31/12/2007
FinAnCiAl AssEts
Recognised at fair value in the income statement
Held for trading purposes 969 1,444
Loans and receivables 1,208,219 996,846
Financial assets available for sale 23,260 25,281
FinAnCiAl liABilitiEs
In the context of hedge accounting designated derivates 13,273 0
Financial liabilities valued at amortised cost 1,581,654 1,304,675
32.4 Currency risk
The decentralized organizational structure of the Group with its numerous national subsidiaries and
branch offices causes a majority of closed currency positions. Receivables and liabilities from operating
activities prevailingly originate in the respective local currencies. When companies in countries with a
local currency other than the Euro are financed by shareholder’s loans, valuation effects can be caused in
the case of changes in currency exchange rates. These risks can primarily be balanced through significant
interest reserves and moreover generally concern book earnings without a direct cash flow effect.
127

CONSOLIDATED FINANCIAL STATEMENTS
According to IFRS 7, foreign currency risks are analyzed using the method of sensitivity analysis. This
method illustrates the impact of changes in currency exchange rates on the profit or loss as well as on
the equity position of the company. If the exchange rate of the currencies on 31 December 2008 had
been 5 % higher (lower) than it actually was, the result would have increased (decreased) by 6.2 Mio.
EUR (2007: 1.9 Mio. EUR). This is primarily a result of intercompany financing transactions. The fair value
to be recorded directly in the equity position would have increased (decreased) by 2.7 Mio. EUR (2007: 0
Mio. EUR). This effect mainly results from changes in the fair value of forward exchange transactions.
Major incongruities in currencies for large-scale projects are analyzed and hedged on transaction basis.
The following hedging activities were carried out in 2008:
Currency Expected cash flow 2009 in t€ Expected cash flow 2010 in t€
PLN 48,402 35,040
The effect on equity from changes in fair values of forward exchange transactions from cash flow
hedges from fully consolidated companies amounted to approximately 8.106 Mio. EUR in 2008.
32.5 Interest risk
Interest risks mainly result from increasing interest expenses of loans and credits with variable interest
rates when market interest rates tend to rise. The interest risk can be balanced in the middle-term by
considering the higher interest rates when calculating offers.
Changes in interest rates are also analyzed by the use of sensitivity analysis. The effects of changes in
market interest rates on interest payments, interest income and expenses as well as on profit or loss
and equity are illustrated. If the market interest rate on 31 December 2008 had been 100 basis points
higher (lower), the result would have increased (decreased) by 2.9 Mio. EUR (2007: by 1.8 Mio. EUR).
This can primarily be seen as a result from taking out credits and loans with variable interest rates.
32.6 Credit risk
By credit risk there is meant the risk of the Group sustaining a loss as a result of a contractual partner not
fulfilling its contractual obligations. Within the Group there is constant monitoring and assessment of
creditworthiness with regard to the status of the receivables. All contractual partners are credit-checked
prior to entering into a business relationship. The information is obtained from independent credit rating
organisations. Default risks are taken account of using value adjustments.
Trade receivables are drawn from a large number of different sectors and geographical reasons.

There are no significant agreements in place to reduce the maximum risk of default on receivables. The
book value of the financial assets reduced by value adjustments as appropriate gives the maximum risk
of default to the Group. Any securities received are not taken into account.
The credit risk on other loans is viewed as insignificant in view of their size.
The credit risk arising from the investment of cash, cash equivalents and securities is limited by the fact
that the securities available for sale are mostly domestic investment certificates with excellent credit
ratings.
32.7 Liquidity risk
The liquidity risk, i.e. the risk of a company to fail to accomplish the repayments of their operational and
financial liabilities, could be considerably decreased through a lower net debt as well as the prolongation
of maturities of the liabilities.
The tables below show the maturity on contracts concerning financial liabilities. The tables are based
on non-discounted cash flows for the financial liabilities. They contain both interest and amortisation
payments.
in TEUR up to 1 year 1–5 years over 5 years total
stAtus 31 DEC. 2008
Trade liabilities and other liabilities 992,688 11,171 0 1,003,859
Bank liabilities 259,163 134,335 165,831 559,329
Liabilities due to finance leases 19,889 46,503 15,691 82,083
total 1,271,740 192,009 181,522 1,645,271
in TEUR up to 1 year 1–5 years over 5 years total
stAtus 31 DEC. 2007
Trade liabilities and other liabilities 760,388 17,725 0 778,113
Bank liabilities 384,251 77,464 38,415 500,130
Liabilities due to finance leases 17,015 42,598 17,460 77,073
total 1,161,654 137,787 55,875 1,355,316
According to the current financial plan the company will be able to follow its obligations from operational
cash-flows and from due falling financial liabilities in 2009.
129

CONSOLIDATED FINANCIAL STATEMENTS
32.8 Raw material risk
Due to the fixation of a large number of projects to building price indexes or fixed price agreements with
sub-contractors, the risk from changes in raw material prices can be regarded as insignificant. Therefore,
no derivative hedging activities for raw materials were carried out in 2008.
33 Other information
33.1 Other obligations and provisions
Individual companies within the ALPINE Group have entered into operating rental and leasing agreements
with various contractual partners. The agreements cover building, construction equipment and
office equipment. The minimum payments resulting from existing agreements to be met in the future
are as follows:
in TEUR 31/12/2008 31/12/2007
Due within 1 year 14,142 10,596
Due in 1–5 years 34,400 26,251
Due in more than 5 years time 6,872 6,308
total 55,414 43,155
Purchase obligations only exist within the framework of normal business activity.
33.2 Contingent liabilities
The company is jointly and severally liable for all joint ventures in which it has interests. The part of the
liability which is expected to be borne by other partners is recognised as contingent liability worth TEUR
70,029 (2007: TEUR 24,566).
33.3 Pending litigationn
Within the scope of their business activities, companies of the ALPINE Group are involved in litigation.
However, the Group does not expect this to have any major detrimental effects on its economic and
financial situation.

33.4 Related parties
Mr. Dietmar Aluta Oltyan is a partner in Gewerbepark Urstein GmbH & Co. KG. Endorsed receivables
arising from bills of exchange in respect of this company in the amount of TEUR 6,660 were prolonged
in November 2008. There is a risk of recourse claim through the endorser up until the bills mature 30
November 2009.
Mrs. Helena Aluta Oltyan, the wife of the partner and managing director Dietmar Aluta Oltyan, is managing
director/supervisory board member of several subsidiaries.
The remuneration of the management board members of Alpine Holding GmbH and ALPINE Bau GmbH
in the financial year amounted to TEUR 5,327 (Vorjahr TEUR 4,439).
The supervisory board members of Alpine Holding GmbH did not receive any remuneration in 2008.
Transactions between the Group and its subsidiaries which are related companies and which were eliminated
in the course of consolidation are not disclosed in these notes.
There are no major transactions between Group companies and subsidiaries that are not consolidated.
The ALPINE Group is part of the FCC Group, which has its domicile in Spain.
33.5 Members of the Supervisory Board
mr. Dietmar Aluta-oltyan / Chairman
mr. Alejandro tuya Garcia / Deputy Chairman
mrs. Esther Koplowitz romero de Juseu / Member
mrs. Esther Alcocer Koplowitz / Member
mr. Jose mayor oreja / Member
mr. robert peugeot / Member
mr. José Aguinaga / Member
mr. Willy Böck / Member
mr. Hellwig torggler / Member (until 09 October 2008)
33.6 Management
mr. Werner Watznauer
131

CONSOLIDATED FINANCIAL STATEMENTS
34 Significant events after the balance sheet date
Due to the international market crisis, foreign currencies in Eastern Europe of countries where ALPINE
also has subsidaries and branches, are under pressure.
Wals bei Salzburg, March 2009
Alpine Holding GmbH
The Management Board
DI Werner Watznauer m.p.
Translation of the
Auditor’s Report
report on the Consolidated Financial statements
We have audited the accompanying consolidated financial statements of Alpine Holding GmbH, Wals-
Siezenheim, for the financial year from 1 January 2008 to 31 December 2008. These consolidated
financial statements comprise the consolidated balance sheet as at 31 December 2008, and the consolidated
income statement, statement of changes in stockholders’ equity and consolidated cash flow
statement for the year ended 31 December 2008, and a summary of significant accounting policies and
other explanatory notes.
management’s responsibility for the Consolidated 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 appropriate accounting policies; and making accounting
estimates that are reasonable in the circumstances.

Auditor’s responsibility
Our responsibility is to express an opinion on these consolidated financial statements based on our
audit. We conducted our audit in accordance with laws and regulations applicable in Austria and Austrian
Standards on Auditing. Those standards require that we comply with ethical requirements and plan
and perform the audit to obtain reasonable assurance 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 consolidated 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
includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting
estimates made by management, as well as evaluating the overall presentation of the consolidated
financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate
to provide a basis for our audit opinion.
opinion
Our audit did not give rise to any objections. Based on the results of our audit in our opinion, the consolidated
financial statements present fairly, in all material respects, the financial position of the group as
of 31 December 2008, and of its financial performance and its cash flows for the financial year from 1
January 2008 to 31 December 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 consolidated
Directors’ report is consistent with the consolidated financial statements and whether the other
disclosures made in the consolidated Directors’ report do not give rise to misconception of the position
of the group. In our opinion, the consolidated Directors’ report for the group is consistent with the consolidated
financial statements.
Vienna, 9 April 2009
Deloitte Audit Wirtschaftsprüfungs GmbH
Michael SCHOBER m.p. ppa. Nikolaus MÜLLER m.p.
Certified Public Accountant Certified Public Accountant
The English version is based on the translation of the Auditor’s Report originally issued in German.
In the event of discrepancy, the German-language version prevails.
133

List of Investments
Company Domicile
AustriA
nominal capital
in 1,000 Cu
Effective
percentage of
ownership
type of
consolidation
ABO Asphalt-Bau Oeynhausen GmbH Oeynhausen EUR 73 17.25 % AE
ACOTON Projektmanagement & Bauträger GmbH Salzburg EUR 37 76.65 % C
AJS Acoton Projektm. & Bautr. GmbH & Co KG Salzburg EUR 1 76.65 % C
Alpine - Energie Österreich GmbH Linz EUR 750 76.65 % C
ALPINE Bau GmbH Salzburg EUR 5,852 76.65 % C
Asphaltwerk Sierning GmbH *) Traun EUR 35 30.66 % AE
Asphaltmischwerk Betriebsgesellschaft m.b.H. & Co KG Rauchenwarth EUR 727 15.33 % AE
Asphaltmischwerk Greinsfurth GmbH & Co OG Amstetten EUR 600 19.16 % AE
Asphaltmischwerk LEOPOLDAU - TEERAG-ASDAG + Mayreder-
Bau GmbH
Asphaltmischwerk LEOPOLDAU - TEERAG-ASDAG + Mayreder-
Bau GmbH & Co. KG
Vienna EUR 70 38.33 % AE
Vienna EUR 70 15.33 % AE
Asphaltmischwerk Steyregg GmbH & Co KG Linz EUR 454 15.33 % AE
ALTEC Umwelttechnik GmbH Vienna EUR 614 76.65 % C
AMW Asphaltwerk GmbH Weitendorf EUR 727 16.86 % AE
AWT Asphaltwerk GmbH Stadtschleining EUR 700 25.30 % AE
AWW Asphaltmischwerk Wölbling GmbH Linz EUR 36 38.33 % AE
Konrad Beyer & Co Spezialbau GmbH Linz EUR 40 76.65 % C
Bautechnische Prüf- und Versuchsanstalt Gesellschaft m.b.H. Himberg EUR 36 76.65 % C
Bewehrungszentrum Linz GmbH Linz EUR 35 76.65 % C
Bonaventura Straßenerrichtungs-GmbH Vienna EUR 1,800 34.04 % AE
Bürozentrum U 3 ProjektgesmbH Vienna EUR 35 76.65 % C
Dolomit-Beton Lieferbetonwerk GmbH Lienz EUR 36 36.80 % AE
Draubeton GmbH Villach EUR 35 26.83 % AE
Emberger & Heuberger Bau GmbH Salzburg EUR 99 68.99 % C
Emberger & Essl GmbH Salzburg EUR 40 68.99 % C
FMA Asphaltwerk GmbH & Co KG Feldbach EUR 44 7.67 % AE
Fröhlich, Bau- und Zimmereiunternehmen, Gesellschaft m.b.H. Kapfenberg EUR 36 76.65 % C
Geotechnik Systems GmbH *) Vienna EUR 36 76.65 % C
Grund-, Pfahl- und Sonderbau GmbH Vienna EUR 365 76.65 % C
Grund- und Sonderbau GmbH Himberg EUR 218 76.65 % C
HAZET Bauunternehmung GmbH Vienna EUR 1,300 76.65 % C
Hemmelmair Frästechnik GmbH Linz EUR 73 19.16 % AE
Hoch & Tief Bau Beteiligungs GmbH Salzburg EUR 73 94.00 % C
Ing. Arnulf Haderer GmbH Vienna EUR 73 76.65 % C
KAI-Center Errichtungs- u. VermietungsgmbH Graz EUR 36 76.65 % C
Kieswerk - Betriebs - Gesellschaft m.b.H. & Co. Kommanditgesellschaft
CONSOLIDATED FINANCIAL STATEMENTS
Zams EUR 80 17.25 % AE
Klöcher Baugesellschaft m.b.H. Klöch EUR 100 76.65 % C
Lieferasphaltgesellschaft JAUNTAL GmbH Klagenfurt EUR 36 18.40 % AE
PORR ALPINE Austriarail GmbH Vienna EUR 37 38.33 % AE

Company Domicile
nominal capital
in 1,000 Cu
Effective
percentage of
ownership
135
type of
consolidation
MSO Mischanlagen Süd-Ost Betriebsgesellschaft m.b.H. und Co KG Pinkafeld EUR 3,270 8.43 % AE
MWG Wohnbaugesellschaft m.b.H. Graz EUR 1,090 76.65 % C
OEKOTECHNA Entsorgungs- und Umwelttechnik Gesellschaft m.b.H. Vienna EUR 727 76.65 % C
Paltentaler Beton Erzeugungs GesmbH Rottenmann EUR 365 18.40 % AE
Project Development GmbH Salzburg EUR 37 76.65 % C
RFM Asphaltmischwerk GmbH & Co KG Oeynhausen EUR 363 25.55 % AE
RBA - Recycling u. Betonanlagen GmbH & Co KG Zirl EUR 581 18.40 % AE
Schaberreiter GmbH Kindberg EUR 38 7.67 % AE
STRAKA Bau GmbH *) Neutal EUR 35 39.09 % AE
Thalia Errichtungs- u. VermietungsgmbH Graz EUR 35 76.65 % C
Transportbeton und Asphaltgesellschaft m.b.H. Zams EUR 36 38.33 % AE
Transportbeton und Asphaltgesellschaft m.b.H. & Co KG Zams EUR 73 34.50 % AE
Universale Bau GmbH Salzburg EUR 50 76.65 % C
Waldviertler Lieferasphalt GmbH & Co KG Horn EUR 150 38.33 % AE
Weinfried Bauträger GmbH Vienna EUR 36 76.65 % C
3 G Netzwerk - Errichtungs GmbH & Co KG Vienna EUR 20 76.65 % C
GErmAny
AD Grundbesitzverwaltung GmbH Eching EUR 60 78.05 % C
Alpine Bau Deutschland AG Eching EUR 10,000 78.05 % C
Alpine Bau Trostberg GmbH Trostberg EUR 30 76.65 % C
Alpine-Energie Holding AG Biberach EUR 6,000 76.65 % C
Alpine-Energie Deutschland GmbH Biberach EUR 3,070 76.65 % C
Alpine Project Finance and Consulting GmbH Eching EUR 1,250 76.65 % C
E. Gottschall & Co GmbH Eching EUR 26 100.00 % C
Alpine Untertagebau GmbH Eching EUR 26 76.65 % C
Stump Spezialtiefbau GmbH Ismaning EUR 4,000 76.65 % C
Walter Hamann Hoch-, Tief- und Stahlbetonbau GmbH Berlin EUR 26 78.05 % C
Ziegelwerk Freital Eder GmbH Freital EUR 511 31.22 % AE
AE StadtLandGmbH Dresden EUR 256 39.03 % AE
BosniA-HErZEGoVinA
Alpine Investment d.o.o. Sarajevo BAM 5 39.09 % C
Alpine Rudnik Krecnjaka Lapisnica d.o.o. Sarajevo BAM 2 39.09 % C
RMG d.o.o. Sarajevo BAM 5 39.09 % C
BulGAriA
Alpine Bulgaria A.D. Sofia BGN 3,855 39.09 % C
CHinA
Alpine Mayreder Construction Co. Ltd. AMCC Beijing CNY 30,000 57.49 % C

Company Domicile
CroAtiA
CONSOLIDATED FINANCIAL STATEMENTS
nominal capital
in 1,000 Cu
Effective
percentage of
ownership
type of
consolidation
Alpine Bau Zagreb d.o.o. Zagreb HRK 4,570 76.65 % C
Asfaltna Cesta d.o.o. Split HRK 20 76.65 % C
Kappa d.o.o. *) Osijek HRK 20 53.40 % C
Osijek Koteks d.d. Osijek HRK 44,790 53.40 % C
Vela Borovica koncern d.o.o. Zagreb HRK 20 76.65 % C
CZECH rEpuBliC
Alpine stavebni spolecnost CZ s.r.o. Valasske Mezirici CZK 135,000 76.65 % C
Silasfalt s.r.o. Ostrava-Kuncice CZK 64,000 38.33 % AE
Stump Spezialtiefbau spol.s.r.o. Prague CZK 3,500 76.65 % C
HunGAry
Alpine Hungária Épitö Kft. Budapest HUF 121,060 76.65 % C
luxEmBourG
Alpine Energie Luxembourg S.a.r.L Foetz EUR 375 76.65 % C
mACEDoniA
Alpine Skopje DOOEL Skopje MKD 306 76.65 % C
Alpine-Aleksandar d.o.o. Skopje MKD 310 73.58 % C
montEnEGro
Alpine-Podgorica d.o.o. Podgorica EUR 1 76.65 % C
polAnD
Stump Hydrobudowa Sp.z.o.o. Warsaw PLN 330 76.65 % C
ALPINE Bau GmbH A-1 spólka jawna *) Warsaw PLN 15 76.65 % C
romAniA
Alpine S.A. Judetul Ilfov RON 3,747 76.65 % C
russiA
OOO "Alpine Mayreder" *) Moscow RUB 10 76.65 % C
sErBiA
Alpine d.o.o. Beograd Belgrade CSD 370 76.65 % C
Alpine PZPB d.o.o. Beograd Belgrade CSD 319 76.65 % C
Alpine Granit A.D. Ljubovija CSD 93,614 76.65 % C
Alpine Dolomit A.D. Petrovac na Mlavi CSD 28,892 76.45 % C
Strazevica A.D. Batocina CSD 263,971 45.77 % C

Company Domicile
sloVAKiA
nominal capital
in 1,000 Cu
Effective
percentage of
ownership
137
type of
consolidation
Alpine Slovakia spol.s.r.o. Bratislava SKK 160,500 76.65 % C
sloVEniA
Alpine Consulting d.o.o. Celje EUR 9 76.65 % C
Ecoenergetika d.o.o. Celje EUR 41 76.65 % C
Garazna Hisa UKC d.o.o. Celje EUR 9 76.65 % C
sWitZErlAnD
Alpine-Bau GmbH Hergiswil CHF 100 76.65 % C
Alpine-Energie Schweiz AG Oftringen CHF 1,500 76.65 % C
Alpine-Bau Services GmbH Hergiswil CHF 20 76.65 % C
Caption for classification of the companies
C = Consolidated
AE = Accounted for at equity
*) New companies within the consolidation range

upert lerner
Formwork builder

INFORMATION &
CONTACTS

INFORMATION & CONTACTS
Project Highlights
project y, ppp eastern region package 1 / At // 043 / 044 / 049 / 051 / 052 / 064
Hoch Zwei plus Zwei / At // 045 / 050 / 073
terminal tower / At // 073
European football championship stadiums / At // 056
Danube Bridge, traismauer/ At // 044 / 051 / 057
Gotthard Base tunnel / CH // 042 / 043 / 049 / 052 / 055 / 074
lignite-fired power plant neurath / DE // 054
Elbe bridge, niederwartha / DE // 051 / 074
motorway A1 / pl // 052 / 076
Hydropower plant tsankov Kamak / BG // 043 / 049 / 054 / 077
three towers, Bratislava / sK // 050
petrom City, Bucharest / ro // 049 / 077
photovoltaic system, Almeria / Es // 058 / 059
palacio royal, madrid / Es // 056
Cricket stadium, Dubai / VAE // 045 / 049 / 056
underground railway, singapore / sG // 045 / 052 / 055 / 079
underground railway, new Delhi / in // 045 / 052 / 055 / 079
Group Structure
Simplified representation
20 %
D. Aluta-oltyan
80 %
FCC Construcción
Alpine Holding GmbH
Hoch- & tiefbau BeteiligungsgmbH
AlpinE Bau GmbH
subsidiaries and holdings

ALPINE Locations
Austria
Salzburg
+43 662 8582
Klagenfurt
+43 463 33533
Kematen
+43 5232 3333
Graz
+43 316 212
Linz
+43 732 90540
Vienna-Oberlaa
+43 1 61079
St. Pölten
+43 2742 75866
Eisenstadt
+43 2682 62994
Special underground
engineering
Grund-, Pfahl- und Sonderbau GmbH
Himberg, Austria
+43 2235 87777
STUMP Spezialtiefbau GmbH
Ismaning, Germany
+49 89 960 701-0
Stump Spezialtiefbau spol. s.r.o.
Prague, Czech Republic
+420 2 747 815 37
Stump-Hydrobudowa Sp. z.o.o.
Warsaw, Poland
+48 22 559 60 17
GSB Grund- und Sonderbau GmbH
Berlin, Germany
+49 30 530 060
International
ALPINE Bau Deutschland AG
Eching, Germany
+49 89 327 11
ALPINE-ENERGIE Holding AG
Biberach/Riss, Germany
+49 7351 579-0
ALPINE Bau GmbH
Hergiswil, Switzerland
+41 41 630 4220
ALPINE Bau GmbH
Tirana, Albania
+355 4 23 21 325
OOO ‘ALPINE Mayreder’
Moscow, Russia
+7 495 737 4030 378
ZAO ‘ALPINE-GAZ’
Moscow, Russia
+7 495 984 58 88
ALPINE Bau GmbH
Celje, Slovenia
+386 3 42 88 270
ALPINE Bau Zagreb d.o.o.
Zagreb, Croatia
+385 1 605 5613
ALPINE d.o.o. Beograd
Belgrade, Serbia
+381 11 3345 594
ALPINE Investment d.o.o.
Sarajevo, Bosnia and Herzegovina
+387 33 25 12 90
ALPINE Bau GmbH
Banja Luka, Bosnia and Herzegovina
+387 51 232 930
ALPINE Podgorica d.o.o.
Podgorica, Montenegro
+382 81 613 401
ALPINE Skopje dooel Skopje
Skopje, Macedonia
+389 2 324 5856
ALPINE Ślask-Budowa Sp.z o.o.
Myslowice, Poland
+48 32 223 56 45
ALPINE Abu Dhabi branch office
Abu Dhabi, UAE
+971 2 445 49 67
ALPINE Bau GmbH
Cankaya/Ankara, Turkey
+90 312 4463847
ALPINE Bau GmbH
Singapore
+65 6297 2998
ALPINE Bau GmbH
New Delhi, India
+91 11 43596115
TOV ALPINE Ukraine
Kiev, Ukraine
+38 044 521 67 65
ALPINE Romania SA
Mogosoaia, Romania
+40 31 228 7505
ALPINE Hungária Építő Kft.
Budapest, Hungary
+36 1 666 7500
ALPINE Slovakia, spol s.r.o.
Bratislava, Slovakia
+421 2 581 015 - 15
ALPINE Bulgaria A.D.
Sofia, Bulgaria
+359 2 862 5366
ALPINE stavební společnost CZ, s.r.o.
Valăsské Meziríči, Czech Republic
+420 571 750 111
ALPINE Bau GmbH
Athens, Greece
+30 210 674 7723
ALPINE Mayreder Construction Co., Ltd.
Peking, China
+86 10 852 75116-17
141

INFORMATION & CONTACTS
Index
Added value // 019 / 021 / 022 / 049 / 053 / 065
AlpinE-EnErGiE // 023 / 049 / 058 / 059 / 143
ArB / AlpinE raw material procurement & construction material production // 034 / 062 / 143
Atm / AlpinE technology management // 034 / 062 / 143
Bitumen // 022 / 062 / 143
Bot / Build operate transfer model // 065 / 143
Business areas // 049 / 050 / 051 / 052 / 053 / 054 / 055 / 056 / 057 / 058 / 059 / 084
Business cycle // 019 / 021 / 022 / 023 / 073 / 074 / 087
Consolidation // 013 / 015 / 018 / 022 / 023 / 087 / 144
Consortium of bidders // 042 / 143
Construction output // 012 / 013 / 015 / 018 / 021 / 022 / 023 / 049 / 064 / 068 / 080 / 081 / 087
EBt // 012 / 015 / 022 / 081 / 144
Employees // 012 / 013 / 015 / 023 / 026 / 027 / 028 / 029 / 035 / 039 / 049 / 059 / 068 / 082 / 086
Energy // 023 / 225
Environment // 032 / 033 / 034 / 039 / 042 / 043 / 049 / 053 / 055 / 058 / 059 / 068 / 085
Equipment and machinery // 021 / 029 / 033 / 035 / 042 / 044 / 049 / 063 / 081 / 085
Equity method // 144
Facility management // 058 / 144
FCC Group // 012 / 015 / 021 / 022 / 023 / 028 / 068 / 069 / 072 / 084 / 140 / 144
Financing // 019 / 021 / 064 / 065 / 083 / 087 / 092
Growth // 015 / 018 / 019 / 022 / 049 / 068 / 072 / 073 / 074 / 075 / 076 / 077 / 078 / 079
iAsB / international Accounting standards Board // 144
iFrs / international Financial reporting standards // 144
income statement // 080 / 090 / 144
infrastructure // 019 / 021 / 022 / 043 / 049 / 051 / 052 / 058 / 059 / 064 / 073 / 074 / 075 / 076
innovation // 041 / 042 / 043 / 044 / 045 / 054 / 057 / 062
market // 012 / 013 / 017 / 018 / 019 / 021 / 022 / 023 / 049 / 068 / 073 / 074 / 075 / 076 / 077 / 078
mtA / mechanical Department // 063 / 145
order backlog // 015 / 074 / 087 / 143
ppp / public private partnership // 043 / 044 / 049 / 051 / 052 / 064 / 065 / 073 / 074
research // 029 / 062
resources // 032 / 035 / 054 / 062
responsibility // 026 / 027 / 028 / 029 / 032 / 035 / 062
revenue // 012 / 013 / 015 / 018 / 023 / 084 / 087
supervisory Board // 014 / 015 / 020 / 021
sustainability // 032 / 033 / 034 / 035 / 058 / 145
training // 028 / 029
safety // 038 / 039 / 052 / 054 / 059 / 062 / 068
special solutions // 032 / 042 / 051 / 052 / 053 / 055
tender participation // 013 / 145
turnover // 068 / 079 / 080 / 084

Glossary
AlpinE-EnErGiE ALPINE subsidiary and full service provider in the areas of overhead contact wire
construction, overhead line construction, communications technology, building and industrial engineering,
intelligent traffic systems, renewable energy sources and engineering.
A moDEl proJECts With A models – the term A model stands for Ausbau-Modell (expansion model)
– a private partner takes over the expansion of motorway sections, their structural and operational
maintenance as well as financing for a time period of 30 years. After the contract period has expired,
the responsibility for the activities and the section of road returns again to the state and region in an
agreed-upon condition.
AmortisAtion This is the process in which the initial expenditures related to an object are covered
by the thereby resulting proceeds.
ArB / AlpinE rAW mAtEriAl proCurEmEnt & ConstruCtion mAtEriAl proDuCtion
This department is responsible for ALPINE’s resource management.
Atm / AlpinE tECHnoloGy mAnAGEmEnt The goal of this department is to create and then
further develop a high quality standard in the laboratory technology sector.
BAsis oF ConsoliDAtion The basis of consolidation identifies the sum of all companies included in
the consolidated financial statements.
BitumEn Bitumen is a mixture that occurs naturally or through vacuum distillation of mineral oil
and consists of various organic substances. Bitumen’s material characteristics permit a wide range of
possible applications in construction engineering. In road construction, for example, bitumen is used
as a binding material together with asphalt aggregate.
Bot / BuilD opErAtE trAnsFEr moDEl BOT is an operator model and includes the turn-key
building of facilities as well as financing of up-front costs, project management as well as taking over
operations for the start-up phase.
CAsH FloW Cash flow is an economic measurement that represents the net inflow of liquidity during
a period from business activities or other ongoing activities.
CEE CountriEs Central and eastern European countries
CEmEnt trAin A newly developed cement train will be used for the first time for the construction of
the Gotthard Base Tunnel in Lucerne (CH). Special superstructures make it possible to mix the concrete
required for the track in the tunnel directly on the train. The train has 21 railway cars and two locomotives,
each with 1,500-HP engines.
143

INFORMATION & CONTACTS
Consortium oF BiDDErs A consortium of bidders is a combination of companies with a goal to
make a joint offer for a public contract. This permits multiple companies to make a bid together as a fullservice
provider.
CAntilEVErinG ConstruCtion CArriAGEs For the construction of the Danube Bridge in Traismauer
(AT), cantilevering construction carriages that were specially customised for this project were used
for the first time. As a result, approx. five metres of bearing structure could be constructed every week.
ConstruCtion output, ConsoliDAtED Yearly construction output limited by economic criteria,
including the proportionate construction output of consortiums.
ContAminAtion Pollution of materials with pollutants, radioactive substances or organisms. Pollu-
tion due to unwanted, and normally harmful, substances.
EArninG poWEr Earning power is the long-term ability of a company to make a profit. It is a future-
oriented value, therefore analyses of business development, the net worth situation and financing must
be seen from the point of view of their future earning effectiveness.
EBt / EArninGs BEForE tAxEs A key figure that results from the income statement.
Equity mEtHoD A method for balancing and assessing holdings in associated companies or in joint
ventures or in Group companies that are not fully consolidated.
FACility mAnAGEmEnt This refers to the administration and management of buildings, installations
and facilities.
FCC Group ‘Fomento de Construcciones Y Contratas, S. A.’, abbreviated FCC. Since 2006, ALPINE has
been part of the FCC Group, headquartered in Madrid, Spain.
HomE mArKEts Austria, Germany, Switzerland.
iAsB / intErnAtionAl ACCountinG stAnDArDs BoArD IASB is an international independent
panel of accounting experts that develops the International Financial Reporting Standards (IFRS), revising
them if necessary.
iFrs / intErnAtionAl FinAnCiAl rEportinG stAnDArDs IFRS are international accounting
regulations.
Joint implEmEntAtion Joint Implementation refers to a flexible mechanism provided in the
Kyoto protocol for the reduction of polluting emissions.
Kyoto protoCol The Kyoto Protocol (which was named after the location of the Kyoto conference
in Japan) is an additional protocol that was resolved on 11 December 1997 for structuring the United
Nations Framework Convention on Climate Change (UNFCCC) with the goal of climate protection. This
agreement, which came into effect 16 February 2005 and will expire in 2012, specified the target
values that are binding under international law for the emission of greenhouse gases in industrialised
countries.
mtA / mECHAniCAl DEpArtmEnt MTA is ALPINE’s mechanical department. It is responsible for the
procurement, administration, planning and maintenance of the Group’s machinery and equipment park.

orDEr BACKloG The volume of unfinished contracts that the company has.
pHotoVoltAiC Photovoltaic refers to the direct transformation of radiant energy, mainly solar energy,
into electrical energy.
ppp / puBliC priVAtE pArtnErsHip These projects represent partnerships between the public
sector and a private partner for financing and operating public infrastructure projects.
proJECt y ppp EAstErn rEGion pACKAGE 1 The first PPP motorway project in Austria. The new
construction of the first section of the A5 between Eibesbrunn and Schrick from Vienna toward the
Czech Republic. Furthermore the construction of Vienna’s north-east ring – here the S1 and S2 will be
built. The course of the road forms a Y.
proJECtED unit CrEDit mEtHoD This concerns an actuarial assessment procedure for company
pension scheme obligations that is mandatory in international accounting standards.
rECruitinG ,or recruitment, is a part of human resource management and this area is responsible for
guaranteeing coverage of the previously defined manpower requirements.
rEClAmAtion Reclamation refers to the restoration of the natural habitats for plants and animals.
sEE South-eastern Europe.
suBContrACtors Specialised companies are commissioned for various projects. ALPINE subcon-
tracts around 20% of its work, approx. 80% of construction output is achieved on our own.
sustAinABility The concept of sustainability describes the use of regenerative systems in a way
that the fundamental characteristics of the system itself remain intact. From a business perspective,
economical, ecological and social aspects must be taken into consideration for sustainable management.
syntHEtiC rEinForCED soil ALPINE used this innovative technology to secure steep faces in the
‘Project Y, PPP eastern region package 1’ and in the new construction of the Trieben-Sunk section. Due
to the flexibility of the system, landslides can be better absorbed than with ‘rigid’ concrete solutions.
The use of geosynthetic grids makes it possible to create embankment slopes of up to 70 degrees.
tEnDEr pArtiCipAtion Economic term for an offer for a bid invitation.
trACK BAllAst Track ballast, which used to be brought to waste sites, is processed into ballast chips
for asphalt surface layers. ARB specialists developed this technology.
VAluE-ADDED CHAin A value-added chain describes the steps of an operations management pro-
cess, from acquisition through production up to the customer. ALPINE subcontracts around 20% of its
work, approx. 80% of construction output is achieved on our own.
Wu-DiFFErEnZEn (CurrEnCy ConVErsion DiFFErEnCEs) Currency conversion differences are
identified as a separate component of equity capital.
145

amiz Avdić
Carpenter

lutvi Bilali
Bricklayer

Josef Gfrerer
Carpenter

Legal notices
Publisher
AlPiNe bau Gmbh · Marketing & Corporate Communication
Alte Bundesstraße 10 · 5071 Wals bei Salzburg · Austria · Phone +43 662 8582-0 · Fax -9900
marketing@alpine.at · www.alpine.at
CoNCePt & reAlisAtioN
AlPiNe // Text: Andreas Eder, Karin Keglevich, Marina Pollhammer // Design: Florian Frandl
ikp // Text
Athesia-tyrolia Druck // Printing
PhotoGrAPhy
Luigi Caputo, Assistant: Gerald Riedhofer / Photos of ALPINE employees
Alexander Vorderleitner, 31plus / Photo of ALPINE management
Florian Frandl / Photos Dietmar Aluta-Oltyan
ALPINE photo archive / remaining photos
Many thanks to our employees who let our photographer
NotiCe
safety: All safety regulations were complied with for the photos.
rounding notice: The use of rounded amounts and percentages could lead to slight deviations
due to financial rounding.
Luigi Caputo (middle) photograph them.
© 2009 AlPiNe bau Gmbh
An German translation of the 2008 ALPINE Annual Report is also available.
In the case of variances, the German version shall prevail. Typographical and printing errors excepted.

AlpinE Bau GmbH
Alte Bundesstraße 10 · 5071 Wals bei Salzburg · Austria · Phone +43 662 8582-0 · Fax -9900
office@alpine.at · www.alpine.at