We love suspense. - Alpine Bud Sp. z o.o.

We love
suspense.
annual report 2009

key figures
in TEUR 2003 2004 2005 2006 2007 2008 2009
ConstruCtion output 1,887,004 1,911,587 2,009,724 2,266,472 2,595,002 3,506,385 3,364,920
in Austria 1,349,436 1,221,075 1,251,038 1,408,785 1,472,057 1,805,410 1,601,695
in Germany 307,654 412,395 365,436 305,532 371,943 577,524 661,580
in remaining countries abroad 229,914 278,117 393,250 552,155 751,002 1,123,451 1,101,645
Orders in hand 1,926,083 1,645,166 2,052,622 2,175,574 3,054,091 3,099,065 3,371,801
Operating income 51,352 64,433 54,087 20,888 67,441 105,543 56,859
Profit before tax 37,861 43,089 49,759 8,371 44,457 55,095 22,617
Profit after tax 24,533 33,882 36,325 3,236 30,557 36,164 16,428
Operating cash flow 74,775 83,310 96,186 65,698 121,624 174,514 127,510
Total equity and liabilities 938,946 947,085 1,151,169 1,408,311 1,757,704 2,134,541 2,064,350
Equity 184,891 219,446 248,177 256,801 304,227 377,571 397,197
Equity ratio 19.7 % 23.2 % 21.6 % 18.2 % 17.3 % 17.7 % 19.2 %
Return on sales (ROS) 2.7 % 3.4 % 2.7 % 0.9 % 2.6 % 3.0 % 1.7 %
Return on equity (ROE) 21.8 % 21.3 % 21.3 % 3.3 % 15.8 % 16.2 % 5.8 %
EmployEEs * 8,411 8,146 10,750 12,748 13,648 15,530 15,234
in Austria 6,766 6,445 6,301 7,174 7,321 7,873 7,588
in Germany 832 825 1,065 1,248 1,542 1,893 2,094
in remaining countries abroad 813 876 3,384 4,326 4,785 5,764 5,552
Construction output / employee 224 235 187 178 190 226 221
* Annual average
group structure
Simplified representation
17 %
D. Aluta-oltyan
83 %
FCC Construcción
Alpine Holding GmbH
Hoch- & tiefbau BeteiligungsgmbH
AlpinE Bau GmbH
subsidiaries and holdings

But not
when we’re
implementing
a project.

a series of geological
surprises
is just around
the corner.
actually, that is very exciting. But we will carry on cutting your tunnels on schedule.
Because for you, the most exciting part is the number of kilometres that will be saved
when everyone is able to drive through the mountain. private people, companies
and public transport all use our tunnels. that is how we help drive the economy
and ecology forward.

there are
numerous
oBstacles on the
Way from a to B.
But our stress levels remain unaffected because we are in the business of
overcoming obstacles. your biggest thrill is the time and money you save when
the most direct connection between two points is the motorway. our road and
traffic infrastructure lets you reach your destination more safely and quickly.
that means increased efficiency and quality of life – and lower emissions.

a feW million
cuBic metres of
Water increase
the pressure.
of course that has the power to capture our attention. But we are used
to dealing with pressure. it only becomes interesting for you when
the pressure is turned into electricity. our power stations use water
as well as coal, the wind and sun. We supply energy to thousands of
households and companies.

the architect
felt like
trying out
something neW.
some people might become nervous at the thought. But we make
certain that innovative ideas are also functional. you won’t get jumpy
until thousands of people are cheering at the first home match. our
stadiums meet the latest quality, logistics and security requirements.
But our top priority is enjoyment.

the most
logical link
has to span
a huge river.
of course that raises many issues. But with inventiveness,
experience and know-how, we can bridge every gap. Because the
only real remaining question is who is still planning to use the long
way around. our bridges create connections of all dimensions.
in this way, you can save on the kilometres you drive and do
something positive for the economy and the environment.

higher
and higher.
one floor
at a time.
someone is going to rack their brains over this problem.
nonetheless, we make sure that deadlines are met. so you
can rack your brains thinking about how you are going to
break the news to interested parties that there is no more
space available. our buildings are used in a variety of ways
and the standards are always high. to meet them, we rely
on quality and adherence to schedules.

thousands of
square metres
of trapped
sunlight.
that is 100 per cent impossible! true – but we are getting very close. With the
latest technology, we guarantee the highest rate of efficiency until the
last ray of the day. you only have to be 100 per cent certain that you are
supplying as many households as possible with pure, non-polluting energy.
that way, our children will also be able to breathe clean air.

content
022 Introduction by the Management
024 Group Management
025 Supervisory Board Report
026 Company Portrait
028 Markets and Growth
030 ALPINE Bau Business Areas
036 ALPINE-ENERGIE Business Areas
038 Services
040 Strategy
042 Innovations and Projects
043 Employees
048 Responsible Corporate Governance
053 Management Report
073 Consolidated Financial Statements
079 Explanatory Notes to the Consolidated
Financial Statements
134 ALPINE Locations
136 Index
137 Glossary
140 Imprint

alpine 2009
021

alpine 2009
introDuction
By the
management
Dear Sirs or Madams,
After a very positive development in previous years – by now, ALPINE is No. 2 in Austria – 2009 saw
a decrease in construction output. The home market in Austria saw a positive development despite the
economic crisis. However, foreign markets did not reach the level of construction output of the previous
year. At 3,365 million Euro, the total construction output was 4% below the comparison value of 2008.
EBT decreased by 55.1 million Euro to 22.6 million Euro. Aside from the effects of ambitious restructuring
programs within the company itself, this development was also caused by adjustments made due to
payment difficulties in CEE countries where ALPINE is strongly represented. The order level of 3.4 billion
Euro at the end of 2009 is equivalent to the total annual construction output in 2009 and therefore is an
excellent starting point for the business year 2010.
Due to international expansion, about half the construction output of the previous year was generated
abroad. After Germany, the most important foreign markets are the countries of East and South-East
Europe. In those countries we execute Europe’s currently largest power station construction project
(the hydropower station “Tsankov Kamak” in Bulgaria), the construction of several stadiums for the
European Soccer Championship 2012 in Poland and all in addition to numerous infrastructure projects.
We have increased our activities in the neighbouring markets of Oman and Qatar after market conditions
worsened in Dubai as a result of the crisis. We were able to strengthen our position in the future markets
of India and Singapore where we currently execute several underground railway projects and in 2009,
won the contract for the construction of additional contract sections of the Metro Singapore. In China,
we construct the Austria-Pavilion for the World Exhibition 2010.
Our overall objective is to secure and expand our good position on the East and South-East European
markets while we focus on the strategically important market in Russia. The joint venture with RZDstroy
(a subsidiary of the Russian railway company) was formed at the beginning of 2010 to accelerate activities
in railway construction. In 2009, we were able to further strengthen our competence in the area of
underground construction by way of acquisition of the tunnelling specialist Beton- und Monierbau GmbH
(BeMo) and expanded our activities to new markets such as Sweden, United Kingdom and USA.

Thanks to a geographic diversification and a wide service portfolio, ALPINE is well set up. In 2010 it will
focus on further economizing large-scale projects, particularly international projects and on reducing
risks by e.g. designing contracts accordingly. A consolidation process begun in 2009 and the constructive
cooperation with the parent company FCC will be continued. The ALPINE Group’s efficiency will be
further improved through restructuring measures while the decentralised organizational structure will
be maintained.
We begin the year 2010 with a pleasantly high order level. Nevertheless, the future economic development
does hold uncertainties, will be different in individual markets and will remain volatile. We secure
our position in all areas through target-oriented growth that is part of a consolidation process. Both,
infrastructures and building construction contains further potential which we intend to utilize. In particular,
future-oriented fields such as alternative energy or networking and communication technology
increasingly gain in importance. Consequently, we will more and more count on ALPINE-ENERGIE and use
it to intensify our promotion of solar and wind energy to the European market. We also intend to extend
the value-added chain toward project planning, project investment or operation of plants. We also noticed
a significant increase in demand for power station constructions.
In addition to classic construction activities, we increasingly count on project investment and the operation
of large-scale projects under license, particularly in road construction. This field will become even
more important in the future. Our extensive know-how puts us into a good position to benefit from this
development. Current forecasts are uncertain due to the current economic situation. However, we do
expect a slight increase in construction output and earning power due to the high order level for the
business year 2010. We also expect the current rate of growth to continue in the long run.
A significant factor in our success is the high internal added value. About 40% of tasks are subcontracted.
The importance of our own employees and their expertise is correspondingly high. As a responsible
employer, we are aware of the obligations inherent in this situation. For instance, in 2009, approximately
2 million Euro were invested in personnel training and development. We have started a trainee offensive
to ensure we will have a sufficient number of newly required and qualified personnel – in 2010, up to 100
trainees will be taken on.
We thank our fellow-workers for their commitment and dedication. And we thank our customers and
business partners for the good cooperation and their trust in ALPINE’s services and competence.
werner watznauer
Managing Director, ALPINE Holding GmbH
Salzburg, March 2010
023

alpine 2009
group
management
Werner Watznauer
ALPINE Holding GmbH
roman Esterbauer
ALPINE Bau GmbH
Christian trattner
ALPINE Bau GmbH
peter preindl (CEO)
ALPINE Bau GmbH
Karl Gruber
ALPINE Bau GmbH
Jörn Wisser
ALPINE Bau GmbH
michael Dankovsky
ALPINE Bau GmbH
Karsten Hell
ALPINE Bau GmbH
Helmut schnitzhofer
ALPINE-ENERGIE AG

superVisory
BoarD report
The business year 2009 was very much under the influence of the world economic crisis. High budget deficits
and a rapid increase in national debts have resulted in project delays and payment difficulties in ongoing
construction projects – particularly in CEE countries. We will have to deal with this negative development in
the years to come. Despite this more difficult environment, the ALPINE construction group only had a slight
decrease in construction output. The consolidation planned for this year has been successfully launched.
Evidence of this is the positive development in net debts that was reduced by about 100 million Euro. This
development, combined with the high order level for the next year, forms a solid basis for the company’s
continued positive development. Earning power was affected by adjustments necessitated by the project
delays and payment difficulties mentioned above. However, earning power should be back to the usual level
in the next year.
The supervisory board and company management closely cooperate. The supervisory board has supported
management in all developments and actively participated in all processes. The supervisory board holds
regular meetings and discusses the company’s development and performs its obligations and duties. All matters
of relevance have been jointly decided by the supervisory board.
Management has regularly, promptly and comprehensively informed the supervisory board on all relevant
economic developments and on the company’s current position. Risks and risk management have been
regularly discussed in meetings and in writing. The supervisory board has continuously and sufficiently
monitored the ALPINE Group’s development by way of comprehensive reports and regular meetings.
The consolidated financial statements and management report according to International Financial
Reporting Standards (IFRSs) for the year 2009 were audited by Deloitte Audit Wirtschaftsprüfungs GmbH
and received an unqualified audit opinion.
The supervisory board wishes to thank management and employees for their commitment that enabled a
successful completion of the year 2009 despite a difficult economic environment.
Dietmar aluta-oltyan
Chairman of the Supervisory Board, ALPINE Holding GmbH
Salzburg, March 2010
025

alpine 2009
company
portrait
ALPINE is one of the leading construction companies
in Europe
Founded in 1965 as a small construction machine trading company, ALPINE is today an internationally
recognized company and one of the leading construction groups in Europe. In recent years, ALPINE has
continuously increased its construction output through acquisitions and expansion into foreign markets.
When compared with the year 2000, the increase amounts to 274%. This massive yet quality-oriented
growth allowed ALPINE to strengthen and expand its position on the home market (Austria, Germany,
Switzerland) as well as in Central and South-East European markets. In the year under report, 15,234
employees generated a construction output of 3,365 million Euro in the second largest Austrian
construction group. Due to the general bad economic situation in 2009, a 4% decrease in construction
output was recorded. However, with an order level of 3.4 billion Euro at the end of the year – corresponding
to approximately 90% of the expected annual turnover – ALPINE is well set up for a successful year
2010.
Development and total output
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
2004 2005 2006 2007
2008 2009
Austria
Germany
CEE Countries
Albania
Bosnia-Herzegovina
Bulgaria
Kosovo
Croatia
Greece
Macedonia
Montenegro
Romania
Serbia
Slovenia
Rest of the world

Comprehensive portfolio
The know-how of ALPINE covers the entire spectrum of construction output in every sector of construction.
Consequently, ALPINE carries out projects of any type and size – including prestigious international
projects. The classic construction activities are complemented by a number of services in project administration,
planning and financing. PPP (‘Private Public Partnership’) and BOT (‘Build, Operate and Transfer’)
models increasingly gain importance in project investment. As part of franchise projects, ALPINE offers
custom-designed package solutions for public buildings or infrastructure projects. For instance, ALPINE
won the contract for the PPP road construction project “Project Y, PPP Eastern Region Package 1” as part
of a consortium and turned it over on schedule to the customer at the beginning of 2010.
The subsidiary ALPINE-ENERGIE holds considerable future potential. It works in networking and radio
technology, facility management and alternative energy sources such as wind and solar energy.
ALPINE invests in research and development to guarantee the highest possible quality and to claim the
leading position in construction material and construction processes. For instance, successes have continuously
been achieved in material research in close cooperation with raw material suppliers and mixing
plants, which in the end benefit the customer.
Secured supply of raw materials
ALPINE secures the supply and quality of resources needed in construction by operating its own resource
locations and production facilities. New possibilities are continuously being evaluated to increase
the economic independence and to minimize risks in the handling of projects. In the year under report,
the existing network of sites for the extraction of raw materials and the production of construction
material was expanded through acquisitions to a total of 20 quarries and gravel pits as well as 48
asphalt and 17 concrete mixing plants.
Added value is the decisive factor in success
A significant factor in ALPINE’s success as well as its competitive advantage is the high internal added
value. ALPINE provides almost all services itself. About 40% of tasks are subcontracted. This allows
ALPINE to calculate more efficiently, to ensure quality requirements more effectively and to act on the
market more flexibly. The importance of our own employees and their responsibility is correspondingly
high. A high identification with the company and an exceptional willingness to perform well is achieved
through various measures to motivate employees. ALPINE is a construction company with high quality
standards and holds true to its objective of providing the largest part of its services directly in order to
maintain a high level of efficiency and quality in its projects.
027

markets
anD growth
Austria
Germany
CEE Countries
Rest of the world
alpine 2009
Internationally well set up
ALPINE is active in more than 30 countries world-wide and for the most part via its own branches or subsidiaries.
The home markets of ALPINE are Austria, Germany and Switzerland. In 2009, approximately
half of the construction output was generated in Austria. ALPINE was also able to establish itself on the
German market and is one of the largest building contractors on that market. The construction output in
Germany amounts to about 20%. In recent years, ALPINE continuously expanded its market position in
East and South-East Europe besides further strengthening its already strong position on its home markets.
ALPINE completed numerous infrastructure projects in the areas of road construction, underground
construction, power station construction as well as environmental projects. Particular mention deserves
the area of sports facility construction where numerous international contracts were won, such as the
construction of three stadiums in Poland for the European Soccer Championship 2012 (Poland and
Ukraine). The construction output in the countries of East and South-East Europe amounts to about
18%. ALPINE also operates in Turkey, UAE, Dubai, Oman, Qatar, Singapore, India and China.
Total output 2009
by markets
in TEUR in TEUR
3,364,920
601,622
661,580
500,023
1,601,695
1,208,005
Order level 2009
by markets
3,371,801
599,635
1,004,626
559,535

Strengthening our position, developing future markets
The year 2009 was dominated by consolidating measures in line with the overall economic climate.
ALPINE maintains its strategic focus on further developing its market position in its home markets. The
further expansion, particularly in East and South-East European countries, depends on the development
of each market and is continuously monitored. The objective of ALPINE is to strengthen its position on
these markets in such a way, that it can benefit the most from a future economic recovery. Every expansion
step is preceded by a thorough examination of market potentials as well as general conditions. Clear
indicators are required to ensure adequate and quality growth.
Governmental economic stimulus packages have eased off the economic situation in the construction
industry, mostly consisting of infrastructure projects. However, the expenses caused by these projects
did result in a tight budget situation for these countries. This is why a restrictive budget policy with
fewer governmental investments is expected in the coming years. However, ALPINE continues to focus
on infrastructure projects where it can best utilize its know-how. Its competence in large-scale projects
and services, particularly in the area of project investment, will lastingly and sustainably contribute to
the growth of the company.
In recent years, ALPINE could also position itself well on Asian markets. Significant projects were
executed, particularly in underground construction. ALPINE already won a number of follow-up orders
because of the reliable and high-quality execution of orders. ALPINE will continue this strategy without
currently forcing a specific expansion in this region.
The Arabian area will be worked on more intensively in the future – ALPINE has already successfully
completed initial projects. ALPINE has increased its activities in the neighbouring markets of Oman and
Qatar after market conditions worsened in Dubai as a result of the economic crisis.
029

alpine Bau
Business areas
The know-how of ALPINE covers the entire spectrum of construction output in every sector of construction,
from classic building construction to innovative environmental projects. Consequently, ALPINE carries
out projects of any type and size – including prestigious international projects. Below is an overview
of the business areas of ALPINE Bau with a selection of current projects.
Building construction
The business area building construction is comprised primarily of residential, office, commercial and
industrial construction activities. However, it also has extensive expertise in the construction of thermal
spas and baths, hotels, administrative buildings and shopping centres. ALPINE’s know-how is also recognized
in inner-city revitalisation projects. ALPINE was also able to establish itself internationally and
completed large-scale projects in South and East-European countries, in Turkey, Russia, Asia as well as
numerous other countries, quite in addition to numerous projects in Austria and Germany.
// www.alpine.at/building
Road construction
In road construction, ALPINE provides all required services, from the construction of the complete
carriage way to the construction of power lines and channel constructions to the construction of any
required tunnels, bridges or noise protection measures. Numerous complementing services such as
project investment round off our offering. ALPINE pays particular attention to safety, efficiency and quality
in executing infrastructure projects of any size. Quite commonly, ALPINE sets new standards through
the use of innovative building materials and ensures the supply with raw material from its own resources
and production facilities.
// www.alpine.at/road
031
> hoch Zwei plus Zwei / at
> tauern spa world
Zell am see-kaprun / at
> oberlaa thermal spa / at
> holzhafen west & kristall / De
> petrom city / ro
> 3 towers in Bratislava / sk
> austrian pavilion eXpo
shanghai 2010 / cn
> project y, ppp eastern region
package 1 / at
> a 1 motorway west
complete overhaul / at
> motorway D1 / sk
> prague ring road and street
1/58 pribor bypass / cZ
> centura ring road and bypass
arad romania / ro

BIEG2012

Railway construction
The railway construction division provides all services required for modern and reliable railway tracks
but also covers any construction measures required in the immediate vicinity of railway tracks. Exceptional
solutions can be implemented due to many years of experience, high competence and the use of
innovative technologies. In recent years, ALPINE has also completed significant projects abroad – e.g.
in Slovakia, Czech Republic, Croatia and Romania – quite in addition to numerous railway construction
projects in Austria.
// www.alpine.at/rail
Bridge construction
The construction of bridges requires special solutions and innovative technologies. To smoothly and
reliably execute these demanding projects, new methods and materials are developed continuously.
The highly trained and experienced ALPINE teams construct spectacular steel bridges and reinforced
concrete bridges, prestressed-concrete structures, cable-stayed bridges or arched bridges. They have
completed bridge projects in Austria, Germany, Croatia, Greece, Serbia or Poland. Thanks to this experience
and the extensive know-how, ALPINE builds any conceivable type of bridge. Also smaller projects
like overpasses or fly-overs have been perfectly executed.
// www.alpine.at/bridge
Power station construction
For years, ALPINE is active in the seminal branch of power station construction and made an international
name for itself as a reliable partner. Massive investments are necessary to secure the supply of energy
because of the continuous increase in energy consumption. A huge potential is available to ALPINE, both
in the new construction of facilities as well as in the modernization and extension of existing power
stations. ALPINE’s innovations and own developments in the area of construction and building materials
also contribute to a decrease in construction costs and construction periods in this sector while at the
same time increasing security.
// www.alpine.at/powerstation
Underground construction
The highly specialized and complex area of underground construction is mainly concerned with the construction
of tunnels for roads, motorways, underground railways and railways. However, underground
constructions such as access galleries, bypass tunnels, channels and caverns are also being constructed
during the construction of power stations and water supply facilities. The already high competence in
underground construction was even further strengthened through the acquisition of the tunnelling
specialist Beton- und Monierbau GmbH. Today, ALPINE Bemo Tunnelling GmbH completely covers the
expertise in underground construction within the ALPINE Group.
// www.alpine.at/underground
033
> gotthard Base tunnel / ch
> unterinntaltrasse / at
> central railway station
st. pölten /at
> underground railway
singapore / sg
> underground railway
new Delhi / in
> Danube bridge traismauer / at
> Danube bridge Beska / srB
> unstruttal bridge / De
> kennedy bridge / De
> hydropower station
tsankov kamak / Bg
> coal-fired power plant
hamm / De
> hydropower station
hepp ermenek / tr
> gotthard Base tunnel / ch
> tradenberg tunnel
project y / at
> lainzer tunnel / at
> city-tunnel leipzig / De
> underground railway
singapore / sg
> underground railway
new Delhi / in

Architekten J.S.K.

Sports facility construction
ALPINE developed an excellent reputation in the area of sports facility construction due to its excellent
services in internationally recognized projects. The experts of ALPINE reliably and expertly implement
the usually very complex and technically challenging projects in cooperation with renowned architects.
ALPINE has an exceptionally high competence in the construction of a wide variety of sports facilities as
well as sport and recreational facilities. It has constructed huge stadiums and spectacular ski jumps but
also ice rinks, tracks or golf courses.
// www.alpine.at/sportsfacilities
Environmental engineering
One of the most expanding fields of activity is environmental engineering and quite in addition to the
energy sector. The customers of such projects usually look for custom-designed special solutions.
ALPINE expertly implements these by use of innovative procedures, modern methods and state-of-theart
technology. The portfolio includes the construction and operation of controlled dumps, the construction
of refuse incineration and sewage treatment plants, the operation of recycling facilities as well as
the construction of floodwater protection systems. The comprehensive services offered include the
removal and cleaning of contaminated soil in addition to all services that deal with recycling, clean-up of
contaminated land and building site waste management.
// www.alpine.at/environment
Foundation engineering
ALPINE has comprehensive competence in the area of foundation engineering because of its specialized
subsidiaries with locations in Austria, Germany, Czech Republic and Poland. As a leading provider of services
in foundation engineering, services include for instance the static restoration of historic brickwork,
work with bored piles, micro piles and displacement piles as well as the construction of diaphragm walls,
cut-off walls and thin diaphragm walls. To live up to the reputation as an innovative leader, new technical
solutions are continuously being developed.
// www.alpine.at/foundation
035
> em-stadium 2012 warsaw,
Danzig, posen / pl
> cricket stadium Dubai / uae
> refuse incineration plant
Zistersdorf / at
> Decontamination
manufactured gas plant
wr. neustadt / at
> sewage treatment plants
sevlievo, Bourgas and
popovo / Bg
> Biogas plant radešínská
svratka / cZ
> pile works nufarm-chemie
linz / at
> harbour gate freudenau / at
> semmering base tunnel / at
> DsV test area koralmtunnel-untersammelsdorf
/ at

alpine-energie
Business areas
ALPINE-ENERGIE Group is an internationally active service group for power generation, energy transport
and energy applications with branch offices in Germany, Austria, Switzerland, Luxembourg,Poland and
Czech Republic.The service spectrum covers the transnational planning, consultancy and construction of
projects in the areas of plant engineering, overhead power lines, overhead contact lines, communication
technology and engineering. ALPINE-ENERGIE therefore ensures undisturbed operation of communications
and transport networks, a sustainable power generation and secure energy transportation.
As a full-service provider, ALPINE-ENERGIE offers economically and ecologically sustainable package
solutions.
Plant engineering
The plant engineering division implements projects for the generation of energy from regenerative
energy sources such as wind farms or photo-voltaic power stations. The portfolio of the building services
and industrial organisation division includes technical building services and even includes facility
management. The services provided are rounded off with intelligent transportation systems through the
use of telematics, the issuance of energy performance certificates for buildings and innovative technologies
such as Smart Metering.
Communication technology
As a full-service provider, the communication technology division provides the full range of services,
from planning to implementation to maintenance of mobile network, fixed line network and data
network solutions.
Overhead power line construction
ALPINE-ENERGIE as a general contractor is the perfect partner for energy network operators for the
construction and maintenance of modern overhead power line networks as well as for the trade in
conductors, components and tools for the maintenance of power lines.
Overhead contact line construction
The overhead contact lines division provides the full service package from planning to implementation
and maintenance of overhead contact lines – for short-distance and long-distance routes as well as for
plant railways.
037
> photo-voltaic outdoor
station Blatets / Bg
> exchange of 1,325 umtsB
base stations / at
> 400 kV power line Villarodin –
Venaus, albertville / fr
> overhead contact line works at
shhV Bf Bochum-riemke / De

serVices
> project y, ppp-eastern
region package 1 / at
alpine 2009
Custom-designed project investment
As an innovative and internationally active construction group, ALPINE provides comprehensive services
in the area of project administration, planning and financing in addition to classic construction output.
PPP (‘Private Public Partnership’) and BOT (‘Build, Operate and Transfer’) models increasingly gain in importance.
Experienced teams and experts in construction, finance, legal and operation closely cooperate
with project investment and consulting to develop custom-designed and economically sound package
solutions for public buildings or infrastructure projects. The service includes the creation of feasibility
studies, the selection of project partners and consultants, negotiation of project contracts, the handling
of financing requirements and answering questions from project and facility management. This results
in sustainable and future-oriented solutions that cover the entire value-added chain from development
to the utilisation of a project.
Extraction of raw materials and manufacturing of
building materials
The ALPINE division Rohstoffgewinnung und Baustofferzeugung (ARB department – extraction of raw
materials and manufacturing of building materials) covers all essential parts of resource management,
trade in bitumen as well as technology and information management. The objective is to secure the
access to relevant resources such as rock, cement, bitumen and recycling material so as to ensure the
self-contained position and economic independence of ALPINE. For this purpose, the ARB department
operates quarries, asphalt and concrete mixing plants, recycling plants and a brickyard. The probing for
and the retrieval and exploitation of material resources in existing and new markets is also part of the
responsibilities of the ARB department.

Machines – Technical Department (MTA)
A high level of coordination of machinery, devices and plants is required to reliably implement partially
highly complex and international projects. This is the responsibility of Machines – Technical Division
(MTA). It is responsible for purchasing, disposition and maintenance of the ALPINE Group fleet of
machines and facilities. In Austria and in the year under report, MTA operated 10 building yards that
scheduled more than 41,000 construction site devices and achieved a turnover in rent of approximately
60 million Euro. Employees scheduled more than 242 cranes, 3,248 vehicles, 419 excavators and 531
rollers. It has its own workshops for servicing the machinery and equipment. Beyond that, MTA schedules
machinery in Germany, Czech Republic, Slovakia, Poland, Romania, Albania, Serbia, Sweden and
Bulgaria and provides its logistics services to national and international subsidiaries. In case of largescale
investments, MTA is also responsible for treatment plants, production facilities and asphalt mixing
plants. In 2009, the total investment amounted to approximately 94 million Euro.
ALPINE Technology Management
ALPINE Technology Management (ATM) is responsible for R&D. In research, the focus is on the further
development of building materials as well as the development of new test and construction procedures.
Internal know-how and experience is relayed to all employees through training. Additionally, numerous
projects are operated in cooperation with national and international universities and research institutions.
To finish off the list of responsibilities, add the close and long-time cooperation in standards and
guidelines committees.
039

alpine 2009
strategy
Increase profitability and grow sustainably
The increase in efficiency and profitability of large-scale contracts – particularly at an international
level – is the most senior strategic goal in addition to securing and expanding the good positioning on
the markets where ALPINE is already successfully active. ALPINE will sustainably continue its traditional
growth pattern after it has achieved a clear structure at the end of a consolidation phase. To achieve
these objectives, numerous measures have been implemented within the ALPINE Group – beginning
with the optimization of contracts, extending to the standardization of information systems and culminating
in the standardization of processes.
A strategic focus is on ALPINE-ENERGIE. It is one of the largest subsidiaries in the ALPINE Group and
works in and intensively expands into the future-oriented segment of sustainable energy supply as
well as communication and network technology. Another strategic focus is on railway construction. The
joint venture with RZDstroy (a subsidiary of the Russian railway company) was formed at the beginning
of 2010 to accelerate activities in this area. Besides the classic construction activities, PPP (‘Private
Public Partnership’) and BOT (‘Build, Operate and Transfer’) models hold enormous potential. ALPINE will
further develop the existing know-how in this field to increasingly participate in this development as a
competent partner in such projects.
In recent years, ALPINE’s international growth was considerable. Numerous measures will be implemented
to increase synergy effects and to keep quality at a consistently high level on all markets. Thus,
human resources development increasingly focuses on international programs. Additionally, the coordination
and maintenance of the extensive fleet of machinery and devices will be centralized internationally.
The continuous expansion of the resources network will be methodically continued to safeguard
access to resources. For instance, targeted analysis and market observations have been continuously
improved through strengthening the R&D division. The reorganisation of the involved divisions resulted
in a considerable increase in the output of innovations and research results in the year under report. The
extensive R&D activities will continue to have high priority and will be further expanded.

Continuation of integration with FCC
Since 2006, the Spanish conglomerate Fomento de Construcciones Y Contratas, S.A. (FCC) holds shares
in the ALPINE Group. Currently it holds 83% of the shares. 17% are owned by Dietmar Aluta-Oltyan.
The integration with the parent company FCC was positively continued in the year under report. This
integration will provide synergies and benefits for both sides because of the intensive and methodical
cooperation. Many areas already closely cooperate – both in administration as well as in the operational
business. In cooperation with FCC Construcción, individual projects are being executed for public and
private customers. The activities of ALPINE and FCC Construcción alike cover all aspects of construction
engineering and services in national and international markets.
Additionally, administrative and legal questions, particularly finance, R&D as well as HR, IT and communications
are jointly developed further. For instance, a uniform administrative system on the basis of SAP is
being implemented and joint research is undertaken for cement and concrete. By now, an intensive information
exchange between relevant departments and areas has been established. This close cooperation
resulting in savings, for instance in purchasing. More synergy potential is intended to be realized through
a continuation of this integration.
The parent group FCC
FCC is the parent group of Spanish and international companies operating in the areas of construction,
production and services, in particular in the public sector. FCC shares are traded on the Ibex-35 index,
which includes the 35 most important companies on the Spanish stock market. FCC business operations
are highly diversified. With 57%, more than half of the turnover is generated in the construction sector,
28% with environmental services. Furthermore, FCC operations include the production of and trading
with cement. In addition to the construction sector, FCC is very active in the area of environmental services
and is the Spanish market leader in wastewater and waste removal.
Due to the economic conditions in 2009, the FCC Group saw a drop in sales of 6.7% to 12.7 billion Euro.
EBITDA amounted to 1.5 billion Euro (- 0.5%). In 2009, FCC Construcción (including ALPINE) generated a
total construction output of 7.21 billion Euro. This is a decrease of 7.0% in comparison with the previous
year. Together with ALPINE, FCC Construcción employs more than 28,000 people worldwide.
041

alpine 2009
innoVations anD
projects
Successful research and development
Since long, ALPINE is committed to intensive R&D to best possibly meet its responsibility and reputation
as a modern and innovative construction company. Results and successes in this field demonstrate the
corresponding competence. For instance, in recent years an acid resistant high-performance concrete
and an innovative climbing scaffolding were developed.
To allow higher efficiency and a better target orientation, competences were newly structured and
defined in the area of R&D in the year under report. By now, the ALPINE Group’s R&D agenda is assigned
to four organizations and units. Company external requests continue to be handled by the existing laboratories
BPV (Bautechnische Prüf- und Versuchsanstalt GmbH – Testing Laboratory and Research Centre
for Structural Engineering) and LBB (Laboratorium für Betontechnologie und Bodenprüfung – Laboratory
for Concrete Technology and Soil Examination) and the newly formed consortium ATM (ALPINE
Technologie Management). The ALPINE Technology Management department is internally responsible
for and coordinates all R&D functions.
ALPINE operates numerous research projects – particularly in cooperation with customers from the public
sector. In the year under report, ALPINE was significantly involved particularly in the following projects
of the Österreichische Forschungsförderungsgesellschaft (Austrian Research Development Foundation):
“Prestressed concrete bridges without sealing and roadbed”, “Controlling consistency of soft concrete”,
“Recycling of material excavated in tunnelling” and “Mounting by plain bearing of concrete slabs”. Close
cooperation with renowned national and international universities and research institutes is of central
importance. Knowledge developed in R&D is passed on to employees in in-house training and in its own
facilities, e.g. the “Concrete Academy”. This is to ensure that innovative and state of the art know-how is
available in all parts of the company.

employees
Due to the overall economic development, the average number of staff in 2009 reduced by about 300 to
15,234 employees which is in line with the decrease in construction output. Despite adverse conditions,
ALPINE could prevent drastic cuts in personnel and once more met its excellent reputation as a secure
and responsible employer. Corporate management is aware of the importance of each individual employee
for the corporate success and will continue to do everything necessary to remain a reliable and good
employer.
Company employees in 2009
annual average
In addition to a very low fluctuation, numerous measures demonstrate that ALPINE is very serious about
its responsibility for each employee. For instance, in the year under report, a number of measures in
personnel management were initiated. Projects to optimize work flows were begun and international
services were expanded. Search and selection of employees were optimized and personnel marketing
activities intensified.
18,000
16,000
14,000
12,000
10,000
8,000
6,000
4,000
2,000
Abroad
5,552 employees
15,234
Company employee development, annual average
2003 2004 2005 2006 2007 2008 2009
Austria
7,588 employees
Germany
2,094 employees
Austria
Germany
Abroad
043

alpine 2009
Investment in personnel training
ALPINE has developed a training and further-training program designed for different target groups and
their needs that ideally complements the company-internal transfer of knowledge and experience in
everyday working life. In 2009, more than 3,300 employees in Austria have participated in in-house
training. In addition to custom-designed intensive further-training programs for engineers, construction
site managers and executives, the cooperation with the university of applied sciences Leipzig has been
intensified in regards to obtaining the degree “state-licensed engineer with M.S. degree” – Diplomingenieur
(FH). ALPINE will continue to massively invest in the training of employees – in 2010, approximately
2 million Euro will again be spent on personnel training and development.
Internationalisation of personnel training
and development
Due to the group’s increasing internationalisation, personnel training and development activities were
increasingly extended to foreign subsidiaries in the year under report. The focus is on the development
of talents and talented young employees in international branch offices and the targeted preparation
and sensitization of Austrian employees to assignments abroad.
The first international development programs for engineers and construction site managers and a
programme for internationally employable project managers have already been completed successfully
– further programmes were started. Eleven graduates from technical universities in several countries
were prepared in an 18-month international trainee programme for their function as construction
site managers in their countries of origin. This included young civil engineers from Bulgaria, Romania,
Greece, Poland, Serbia and Bosnia. In 2009, an exchange programme for the international transfer of
know-how was created with FCC. Currently, five young civil engineers are being trained in Spain and will
return to Austria by mid 2010.
Promotion of key employees
In the year under report, the systematic personnel training and development of key employees in branch
offices abroad was begun. 23 employees from four countries participated in a 12-day intensive seminar
to enhance their technical, legal and administrative know-how. This programme also substantially contributes
to intercultural understanding and the development of a transnational network.
Another focus is on the preparation of project managers for international assignments. Lead by an
experienced project manager, participants intensively deal with intercultural competence and project
management. For 2010, additional activities are planned, such as an English-speaking development
programme for executives.

Trainee offensive
An essential aspect of the personnel strategy is the training of trainees. A comprehensive concept
was developed and a trainee offensive was started to acquire qualified trainees and to ensure the best
possible training. By October 2009, the company employed 196 trainees. They were trained in the
professions of bricklayer, form worker, civil engineer, construction machine technician, electro-energytechnician,
metalworking technician and administrative clerk. The extensive training of trainees is
complemented by additional offerings such as trainee days, activity weeks at the training building yards
or instructions in safety at work. Young women increasingly join the more male-dominated jobs of a
construction company. Currently, ALPINE trains two female trainees as bricklayers and seven female
administrative trainees. The training of trainees will remain a high priority to secure the future need in
skilled workers. In 2010, up to 100 new trainees will be employed.
The technical and didactic qualifications of the trainers of trainees is very important to ALPINE. They are
trained for their tasks at special seminars. In 2009, the first course was held to obtain a training certificate
and the seminar “Successfully training trainees” was offered.
Awards obtained at trainee competitions demonstrate the excellent training of trainees at ALPINE. At
the beginning of 2010, the branch office in Tyrol received the “Excellent Tyrol Training Company” award.
The excellent results at the final trainee examinations speak for themselves. ALPINE awards good and
excellent trainee examinations with a premium payment.
Social benefits for employees
ALPINE provides numerous social benefits to its workforce. The purchase of screen glasses is supported
with up to 150 Euro if the work is mainly computer based. Additionally, all employees that pay a work
council contribution automatically receive an industrial injuries insurance. Additionally, company outings
are partially co-financed by the company and employees have the opportunity to shop at better conditions
at numerous companies.
Personnel marketing
The department of recruiting is responsible to find new personnel in Austria and abroad. It places
international ads, discusses the selection and coordination of personnel consultants, holds initial meetings
with the candidates and assists in the decision on the suitable candidate. The costs for ads have
decreased significantly and the quality of feedback increased significantly due to the increased use of
the ALPINE Group’s website as a platform for job opportunities. Additionally, the 128 ads placed in 2009
in print media were newly and uniformly designed..
045

alpine 2009
Securing the requirements of skilled workers
A lack of skilled workers is also an issue for ALPINE. The search for suitable and qualified employees
is difficult across all divisions. This applies to new personnel as well as to experienced skilled workers.
To counteract this, ALPINE positions itself even more as an attractive employer and sets the course
internally and externally accordingly. For years, regional branch offices maintain regular contacts, particularly
with technical vocational training schools. In the year under report, strategic partnerships were
established with selected universities in seven countries. In addition to participating in vocational fairs,
ALPINE actively increased the close cooperation with universities, universities of applied sciences and
the communication of open positions. The offer includes excursions to ALPINE locations, international
internships and trainee programmes as well as support in the development of degree dissertations.
Highest possible safety and promotion of health
The safety of employees has the highest priority, particularly for their work at construction sites. A particularly
high risk potential is inherent in the construction industry. To ALPINE, as a responsible employer,
the logical conclusion is to intensify measures to avoid risks and accidents. Consequently, the continuously
expanded and improved safety at work management system according to OHSAS 18001 is applied
in Austria, Czech Republic, Slovakia, Poland, Hungary and Romania.
Safety officers and occupational medical experts are responsible for the safety and health agenda.
There is a group-wide and tailor-made training in matters of safety at work. The concentrated increase
of safety officers ensures a continuously high safety standard despite the growth of the company. A
further expansion of personnel resources is planned.
Individual safety measures are developed and implemented as fast as possible through continuing education
and exchange of experiences made by safety experts and occupational medical experts, though
an ongoing information of employees and through regular and comprehensive safety audits.
The additional safety officers allowed an increase in the number and intensity of construction site visits.
This resulted again in a decrease in the number of industrial accidents and the average number of working
days lost when compared with the previous year. According to data from AUVA (general accidence
insurance institute), the number of accidents in Austria is below average when compared with other
companies in the same industry.

ALPINE accident statistics / Austria
year
2003
2004
2005
2006
2007
2008
2009
Average number
of employees
6,766
6,445
6,300
7,174
7,321
7,873
7,588
Work
accidents
456
406
353
449
471
405
439
For 2010, the introduction of an online multiple-choice test on safety at work, a uniform electronic construction
evaluation programme and software-based legal compliance documentation is planned.
ALPINE supports its employee’s health through various measures, such as regular examination of
healthy employees, vaccinations as well as strict implementation of non-smoker protection. These additional
services are beyond the legally required amount of medical care and significantly contribute to
maintaining the health of employees.
International awards for safety at work
Working days lost per employee
1.89
1.70
1.57
1.92
1.70
1.43
1.35
ALPINE was awarded with the “Safety and Health Award Recognition for Projects” of the Ministry of
Labour in silver for the high safety at work at the expansion of the Metro in Singapore. The basis of this
excellent evaluation was: No accident at the workplace during 2008 and/or no accident of any importance
when related to a million working hours each. ALPINE was also awarded for the Metro construction
in India – 6 million working hours completed without any significant accident at work report. This
demonstrates that ALPINE takes safety and health at work seriously even beyond the borders of Austria
and that it exports the relevant know-how into those markets.
047

alpine 2009
responsiBle
corporate
management
ALPINE is aware of its social position and inherent responsibility as an international company. To ALPINE,
sustainability is a balance between economical, ecological and social aspects. Sustainable corporate governance
as well as the principles of corporate governance are important to ALPINE. Company management
and supervisory board closely cooperate and regularly exchange information. There is no tolerance
for violations of legal regulations or principles in regards to an ethically correct corporate governance.
Further, environmental aspects have a high priority in the execution of projects. ALPINE contributes
considerably to the careful use of natural resources through innovative construction methods and
products, special solutions and a careful approach. Similarly, ALPINE takes its social responsibility as one
of Europe’s leading construction groups seriously and distinguishes itself as a model employer through
respect and appreciation of its employees.
Contributions to sustainability through ALPINE projects
Ecological concerns and the protection of the environment are observed in the company’s operation and
particularly when implementing projects. The focus is on minimizing the environmental impact through
innovative procedures, improved products and optimized processes. By recording environmentally
relevant activities within the ALPINE Group, corresponding objectives and measures can be derived and
implemented. ALPINE projects and services also contribute substantially to an increase in sustainability,
quite in addition to its active contribution to environmental protection within its own area of activity.
For instance, ALPINE constructs hydropower station, wind and photovoltaic parks for the generation of
renewable energy. Modern and highly efficient waste incinerating plants, recycling facilities and flood
control measurement projects equally contribute to the protection of the environment. The division
environmental engineering and the subsidiary ALPINE-ENERGIE are particularly active in these business
areas and are sought-after partners in the implementation of such projects because of their know-how.

Environmentally friendly working practices
Compliance with all environmentally relevant laws and regulations at any location and building site is
documented through environmental audits. The number of construction site audits with focus on environmental
aspects was continuously increased. This contributed to an environmentally friendly working
practice and the conservation of resources – combined with a high level of order and cleanliness at the
construction sites. All waste fractions are collected separately and are properly disposed of. Building
material hazardous to the environment is stored according to regulations. The environmental management
system ISO 14001 is used to manage environmental concerns in Austria, Czech Republic, Slovakia,
Poland, Hungary and Romania.
The subsidiary ÖKOTECHNA Entsorgungs- und Umwelttechnik GmbH is specialised to dispose of
construction waste according to environmental criteria. Its field of activities covers the recycling of
undestroyed mineral parts of buildings, the provision of facilities at construction sites required by waste
removal management, the centralized sorting of construction site waste and commercial waste, execution
of the rehabilitation of contaminated sites and the operation of a controlled dump for undestroyed
parts of buildings.
Extensive list of measures
Until now, the focus of measures for the reduction of environmental impact was on the core business activities,
i.e. construction sites and production facilities such as concrete and asphalt mixing plants. In the
year under report, measures for the reduction of environmental impact were increasingly taken at central
offices and building yards. In particular, an extensive list of measures has been developed and partially
already implemented at two representative “pilot locations” – ALPINE Oberlaa and ALPINE Trumau.
For instance, the lighting concept has been improved by reducing the lighting period of hallways at night.
Employees are increasingly sensitized on how they can save energy in their daily work, quite in addition
to an improved waste management. The user behaviour is evaluated in regular visits of workplaces and
employees are advised on environmentally friendly working practices. Using the cool air temperature at
night during summer months (“summer night ventilation”) does not only result in an ecological benefit
because of a reduced cooling requirement but also results in a substantial financial saving potential.
049

alpine 2009
For a long time already, ALPINE operates an ecological fleet management according to the latest technological
developments. From this, specific activities were derived from, such a special driving training
to reduce fuel consumption. The location Oberlaa has been awarded with the ÖkoBusiness-Plan Vienna
for the measures implemented in this context. The experience gained at both pilot locations will be
implemented at all ALPINE location in the future. Additionally, ecological concerns are considered in the
construction of new offices or building yards. For instance, environmentally friendly methods are used
during construction, vibrations and the development of dust is avoided as much as possible and buildings
are perfectly insulated to reduce energy consumption. Alternative energy sources such as geothermal
energy and solar energy reduce the consumption of fossil energy sources and reduce the CO2 output.
Environmentally friendly vehicle fleet and equipment pool
Almost all vehicles of the ALPINE fleet operate on Diesel – about ten percent are equipped with a DPF
already. All construction machines are operated with Diesel engines too. Environmental aspects are
considered in the acquisition of new vehicles and all legal requirements are complied with. Additionally,
the emission of the entire fleet is regularly inspected.
Emissions below required limits
The Austrian requirements according to various Clean Air Acts and Directives (“Emissionshöchstmengengesetz-Luft”
- Maximum Emission Output Act - Air, “Immissionsschutzgesetz-Luft” - Emission
Protection Act - Air - and “Technischer Anleitung zu Reinhaltung von Luft - Technical Guidelines on How
to Keep Air Clean”) are being complied with in every subsidiary, building yard and asphalt and concrete
mixing plant. The emissions of asphalt mixing plants are even considerably below legally required limits.
For the most part, production and heating plants are converted to fuel with lower emission, such as
natural gas or liquefied natural gas.

Risk and quality management
Customers demand the highest possible quality, the absence of flaws and the longest longevity of
buildings. ALPINE meets these expectations through a structured and process oriented approach and
through the use of innovative technologies, products and materials. ALPINE demands the same high
standards from its subcontractors and suppliers. Thus, the quality of products and services delivered is
checked in detail and supplier evaluations are continuously made.
Since 1997, ALPINE is certified according to the international standard for quality management ISO
9001. In recent years, the management system has been extended by an environmental management
system according to ISO 14001 and a safety at work management system according to OHSAS 18001
and so has expanded into an integrated management system. In 2009, this system has been sustainably
implemented in most of the branch offices and subsidiaries in Central and Eastern Europe and subjected
to supervision audits. For 2010, the implementation of the integrated management system is also
planned for the most important branch offices and subsidiaries in Germany, South-East Europe and Asia.
Focus on large-scale projects
The highest quality standards are only met because of the competence of employees. This competence
is continuously improved through permanent training and further training measures. A focal point is
the project management of complex large-scale projects because these projects require a particularly
powerful quality management. Project-specific quality management systems are increasingly used,
which are limited to the duration of a project and which are independent of contractual requirement or
a certification according to ISO 9001. These ensure a structured and process oriented handling of largescale
projects. These project-specific quality management systems have been used very successfully,
particularly in Central and East Europe as well as in Asia.
051

group
management
report
053

group management report
1 economic
enVironment in
major markets
First Indications of Recovery after Economic Crisis
Recovery is predicted for 2010 after most markets showed a lower economic performance in 2009.
Growth between 0.5% and 0.7% is expected for the European Union. Though economic stimulus packages
did increase economic performance, reserved public investment is expected for the coming years
as a natural consequence of strained national budgets.
Analysts expect interests to stay on a low level and economic stimulus packages to continue to have
positive effects for a while. Though there was a steep increase in commodity prices in 2009, building
prices increased only slightly and/or even fell as a result of the lower demand. For example, prices for
bitumen and steel fell. These are two essential raw materials in the construction industry.
The decrease in private contracts, particularly for the construction of commercial buildings, was partially
compensated by foundation engineering, particularly infrastructure projects. A slight improvement in
the investment climate was noticeable toward the end of the business year.

Austria
Though the Austrian economy ended the business year 2009 with a decrease of 3.6%, a change in
trend began with a growth of 0.5% in the 3rd quarter. A growth of 1.1% is predicted for 2010. This
growth is a result of both, an increase in the demand for exports and measures resulting from economic
stimulus packages. Despite the beginning economic recovery, inflation and interest levels are expected
to remain low. Initial forecasts predict a slight decrease of the Austrian construction industry in 2010.
Construction of industrial projects is expected to be hit hardest. In 2010, an increase by 4.5% is expected
for foundation engineering with additional potential for the years to come.
In 2009, ALPINE initiated and/or completed numerous large-scale projects in Austria. At the beginning
of 2010, the first Austrian road construction PPP project (Project Y, PPP Eastern Region Package 1) has
been completed on time after a construction period of only 37 months. By the end of October 2009,
the first section was opened for traffic. The project was handled by the consortium Bonaventura, with
ALPINE having an equity interest of 44.4%.
The section Hochbau Ost won the bid for several new contracts as general contractor, such as the
construction of the MGC fashion wholesale centre and the construction of a residential neighbourhood
in Langenzersdorf. Additionally, ALPINE completed an annex to and the rebuilding of the State Clinical
Centre Mistelbach as part of a consortium. The two office towers “Hoch ZWEI Plus ZWEI” where turned
over at the beginning of 2009 and since then serve as headquarters for OMV.
ALPINE demonstrates extensive expertise in tunnelling and bridge construction with the construction of
the Lainzer and Pfänder tunnels as well as the construction of the Danube bridge at Traismauer.
In railway construction, the consortium Alptransit Brenner constructs the approximately 41 km long
railway section Kundl – Radfeld – Baumkirchen in the Lower Inn Valley. This includes the entire railway
engineering, including tunnel safety equipment and power supply and is to be completed by 2012. By
2011, ALPINE will complete four new platforms and the extension and replacement of railway tracks at
the main station St. Pölten.
During the year under report, ALPINE also won the bid for the construction of the 5.5 km long Bosruck
tunnel. Construction work will begin in January 2010 and the completion date and commissioning is
planned for 2013.
In November 2009, ALPINE won a contract as part of a consortium for the project Main Station Vienna,
currently the city’s largest infrastructure project.
The construction of sports facilities is one of ALPINE Group’s strong footings. In the year under report, it
won a contract for the new construction of a stadium in St. Pölten.
055

group management report
Germany
For 2009, Germany recorded a significant decrease in GDP. However, for 2010, a growth between 0.3%
and 1.3% is predicted. A plus of approximately 0.8% is expected for the construction industry which
is mainly supported by transport infrastructure projects and national economic stimulus measures.
In 2009 and 2010, approximately 4 billion Euros will be invested into transport infrastructures. It is
expected that an increase in private investments will compensate, during the next years, the ending of
economic stimulus measures.
The largest construction projects begun by ALPINE in 2009 are the office building Ericusspitze and the
Center for Free-Electron Laser Science (CFEL) in Hamburg. An administrative building for the Kassenärztliche
Bundesvereinigung in Berlin is also being constructed. The construction of the residential and
office building “Kö-Blick” in Düsseldorf will begin in 2010. The construction of the building for Aachen-
Münchener will be completed in the 2nd quarter of 2010.
UAE
The UAE – most of all Dubai itself – was heavily hit by the financial and economic crisis. The enormous
construction investments of the past years were heavily reduced during the year under report. For 2010,
a levelling off at a low level is expected.
The completed turnkey construction of the Cricket Stadium was turned over to the building owner in
2009.
At this time, ALPINE Bau Deutschland AG is the general contractor for the construction of the turnkey
office building Borouge in Ruwais City, 250 km west of Abu Dhabi.
Russia
In 2009, Russia’s economic performance decreased considerably. Based on the high significance of its oil
and gas production, it is expected that the economy will recover already in 2010 as part of the general
economic recovery. The construction industry was also affected by this national economic situation.
Private investment projects in particular could not be completed because of the financial crisis. Positive
impulses for the construction industry are expected from governmental domestic housing and infrastructure
projects. High investments are planned for the coming years in particular for the supply of
energy and water.
As a result of the economic crisis, a customer had to stop the construction of an industrial project in Russia.
An amicable settlement was reached to compensate the services already provided by ALPINE.
ALPINE has made new organisational and strategic decisions and arrangements for the Russian market.
In 2010, the focus will be on the sectors infrastructure, building construction, industrial construction and
the entire energy sector.

Switzerland
In 2009, Switzerland could not avoid being hit by the global economic performance and recorded a
significant decrease in its GDP. In 2010 however, a slight recovery is expected. For years, the Swiss construction
industry is supported by domestic construction projects (which trend will continue). Advanced
project commencement and economic stimulus packages in 2009 significantly boosted the foundation
engineering sector. However, a decrease in the foundation engineering sector is expected for the following
years once these projects will have been completed.
The currently largest project is the Gotthard base tunnel. With 57 km it is the largest railway tunnel in
the world. As part of a consortium, ALPINE is responsible for the planning, installation and commissioning
of railway engineering equipment. This order demonstrates ALPINE’s tunnelling expertise and
secures its position on the Swiss market. Completion is planned for 2017.
Slovakia
Despite the positive effects of its acceptance in the Euro zone, Slovakia was also hit by the economic crisis
in 2009. However, it is expected that this very export-dependent country will see a recovery in 2010
with the recovery of foreign demand. In 2009, building construction significantly lost its momentum
while foundation engineering saw a significant increase for the year under report, after a poor performance
in 2008. Several infrastructure projects in foundation engineering will remain the driving force in
the construction industry for the years to come.
In September 2009 the last two towers of the “3 Towers” (III Veze) in Bratislava were turned over. Following
the American style, 633 apartments with a 24/7 reception, fitness centre, garages and office
spaces were constructed.
For the year under report, ALPINE as part of a consortium, was awarded the contract for the total redevelopment
of an approximately 20 km railway line between Trencianska Tepla and Belusa. In addition to
the refurbishment of railway tracks, the order also includes the redevelopment of four railway station
buildings.
Additionally, ALPINE successfully completed the concession contract for planning, construction, financing
and operation of the roughly 30 km long motorway D1 section near Zilina.
057

group management report
Poland
Despite general European trends and despite general turbulences, in 2009 the Polish economy achieved
a GDP increase of about 1%. The construction industry achieved an increase of 5%. Although the demand
for domestic construction projects decreased, the construction output slightly increased in other
sectors of building construction. In 2009, foundation engineering was left virtually untouched by the
economic crisis because it was financed by public and EU funds. It will continue its positive development
in the coming years. The construction industry also benefits from investments into the construction
and modernisation of sports facilities made as part of the Soccer European Championship 2012. Falling
construction costs despite inflation provide further momentum to the construction industry.
The construction of several stadiums further strengthens ALPINE’s position in Poland. As part of a
consortium the Baltic-Arena in Danzig and the National Stadium in Warsaw are being constructed for the
European Soccer Championship 2012. As part of an additional consortium, the stadiums in Krakau will be
reconstructed and/or newly constructed. Additionally, ALPINE won the contract for the reconstruction of
the existing stadium in Posen.
Additionally, ALPINE won the contract as general contractor for the construction of an office building in
Warsaw.
In autumn 2007, ALPINE won the tender procedure for an 18 km A1 route segment in Poland. The
construction was to complete by beginning of 2010. However, the construction could only begin in April
2008 with a delay of seven months as numerous explosives have been discovered on the construction
site after awarding the contract which had to be removed first. An additional delay was caused by
the fact that a central structure in this section, a customer-planned 450-m-long cable-stayed bridge,
could not be built according to existing plans without risking danger of collapse. Both parties cancelled
the contract. However, ALPINE attempts to amicably resolve these problems to avoid long drawn-out
litigation.
Czech Republic
After years of economic growth, the economic crisis in 2009 caused a decrease in economic
performance. A recovery is predicted for 2010. While the crisis mainly hits building construction,
foundation engineering was not part of the negative trend. The civil engineering sector constitutes
almost half of the entire construction output in the Czech Republic. Thanks to partially EU funded
traffic infrastructure projects, it achieved 2-digit growth rates in 2009. Considerable potential exists
for the construction industry because of additionally planned infrastructure projects.
Currently, several traffic route engineering projects are being worked on in the Czech Republic. ALPINE
works on a section of the Prague ring road, another 2.3 km motorway section of Motorway D1 and the
bypass of the city of Pribor. Each of the three projects will add to an improved traffic infrastructure from
2011 on.
In environmental engineering, two biogas plants were completed in the year under report.

Balkan States
Slovenia, Croatia, Serbia, Montenegro, Macedonia, Bosnia and
Herzegovina, Kosovo, Albania
Both, general economy and construction industry decreased in the Balkan States. In 2010, a slight increase
in economic growth is expected. Building construction was hit harder than foundation engineering
as it continues to benefit from the backlog demand in infrastructures. The national governments
plan several large-scale traffic and energy projects. Special notice is due to road and railway construction
projects for the Pan-European corridors that are not at risk during the financial crisis as they are financed
by public funds. On a medium-term basis, the possible EU membership of Croatia holds additional
potential.
ALPINE demonstrates its expertise in bridge construction with the construction of the currently longest
bridge across the river Danube: a 2.2 km long bridge at the city of Beska, Serbia. This reinforced concrete
bridge with one of the world’s widest spans is being constructed with the cantilever construction
method and is planned to be completed by 2011.
In Bosnia, ALPINE won a contract during the year under report as part of a joint venture for the modernisation
of railway tracks with a total length of 164 km.
Bulgaria
In the past years, Bulgaria’s national economy showed impressive growth rates but was hit hard by the
crisis in 2009 and is expected to fully recover only after 2010. In line with the overall economic development,
the construction industry also recorded a decline. The newly elected government focussed on
infrastructure projects for the year under report. This will positively influence this industry in the years
to come. Environmental engineering is growing in importance in addition to traffic routes and railway line
projects.
Currently the largest power station construction project in Europe is the hydropower station “Tsankov
Kamak” that is handled by ALPINE as sole contractor. This technically highly demanding project includes
the construction of an arch dam with all auxiliary buildings, a power house with return-feed buildings,
a bypass road and an 800 m long summit tunnel. The project will be completed in 2010. About 1,300
power-station construction workers – about 1,200 of them from Bulgaria – acquired extensive knowhow,
which in turn sets up ALPINE perfectly to handle further power station projects.
In 2009, three sewage treatment plants (Bourgas, Sevlievo, and Popovo) have been constructed as part
of a turnkey project and turned over to the Department of the Environment.
059

group management report
Romania
Romania too has been hit by the economic crisis after several years of continuous growth. Recovery is
predicted for 2010. Backed by governmental stimulus packages, recovery is expected in 2010, after the
construction industry’s development declined in 2009. This is mainly due to the high demand for modernisation
of infrastructures.
During the year under report, the focus was on road and railway track construction projects. ALPINE
handles two of these projects. One of the projects is the 12.25 km long motorway “Bypass Arad”. It is
to be completed by 2011 as part of a joint venture. Additionally and as part of the complete overhaul of
the Bucharest Centura Ring Road, a 7 km long section not only is refurbished but also expanded to four
lanes. As part of this contract an approximately 240 m long cable-stayed bridge will be constructed. This
project is handled together with FCC and is to be completed by 2010.
The headoffice of Petrom will be constructed by mid 2010 in Bucharest. The project consists of two oval
and interconnected office buildings and an eleven-story tower.
Greece
The growth of the Greek economy decreased in the year under report. For 2010, a slight decrease and/
or zero growth are predicted. Inflation has been lowered with expectations to keep it below 2% for
the coming years. Drastic cut-backs in public spending are unavoidable for the next years due to high
national debts and high budget deficits. This will result in a further reduction of private construction projects
– affecting domestic and commercial buildings – that will be compensated only in part by national
construction projects, EU funding and PPP projects. A change in trend is expected in 2011.
As part of a joint venture project, ALPINE handles the extension of the Athens underground line Attiko.
This project includes a 1.5 km long tunnel and the construction of two stations and a depot. The completion
is planned for 2010.
Additionally, both motorway construction projects could be continued successfully. As part of the project
Tsakonas, ALPINE constructs an 11 km long motorway section between Tripolis and Kalamata and is the
leading company in this joint venture. This project is to be completed by June 2010. The project Highway
Egnatia, a 30 km long motorway section, was completed to a large degree in the year under report and
will be finalized and turned over to the customer in 2010.

Asia
China, Singapore, India
Despite the economic crisis, India and China reported high growth rates. For 2009, China reports 8.7%
economic growth and India reports an increase by 5.4%. However, in Singapore the GDP decreased. For
2010, growth is predicted for all three countries. The Chinese housing market saw a slight recovery in
2009. The Chinese construction industry benefited in particular from the construction of infrastructures
financed by public funds. Even though the growth of the Indian construction industry decreased slightly
in 2009, it still is considerably above European reference values. In India too, the infrastructure sector
was the construction industry’s driving force while the demand for commercial buildings remained level.
Already in the first half of 2009, Singapore saw an increase in public spending on construction projects.
These ongoing projects will also enable a positive development in 2010.
ALPINE constructs the Austria-Pavilion for the World Exhibition 2010 in Shanghai. Additionally, several
underground railway projects are being worked on in Asia. The underground railway New Delhi is to be
completed by 2010. In the year under report, ALPINE also won the contract for the construction of additional
contract sections of the Metro Singapore. This project includes the construction of a total of three
stations and is to be completed by 2015.
061

group management report
2 Business trenD
The consolidated construction output (i.e. the commercially deferred annual construction output
including the proportionate construction output of consortia) reduced by 4.03% to 3,365 million Euros
(previous year: 3,506 million Euros) due to the generally difficult economic situation. About half of the
services were delivered abroad, just like in the previous year. The order value at the end of year was at
3.4 billion Euros, which is about 90% of the expected turnover for the business year 2010.
Profitability
The total profit and loss result for the year under report reduced by 6.7% to 2,845 million Euros. The
balanced net expenditure from other operating income and expenses reduced from 192.3 million Euros
to 167.8 million Euros, representing 5.9% (previous year: 6.3%) of the total profit and loss output.
Expenses for materials and delivered services reduced by 8.3% to 1,853.7 million Euros (previous year:
2,021.3 million Euros) while personnel costs increased by 5.97% to 717.4 million Euros. Depreciation
remained almost the same when compared with the previous year and amounts to 66.8 million Euros.
Interest income including differences in exchange rates reduced considerably, ending at a balanced expenditure
of 35.0 million Euros (previous year: 51.8 million Euros). This is mainly due to a low base rate
and an optimized Working Capital Management. Other financial income fell from 1.3 million Euros in the
previous year to 0.7 million Euros.
Breakdown of construction output by fields of operation in thousands of Euros
Fields of operation 2009 2008
Change
in %
Building construction 1,029,556 1,092,162 -5.73
Foundation engineering 1,856,791 1,895,719 -2.05
Other construction sectors 177,106 227,243 -22.06
Telecommunication/overhead lines 301,467 291,261 3.50
Group 3,364,920 3,506,385 - 4.03

Breakdown of construction output by country in thousands of Euros
Country 2009 2008 Change in %
part attributable
to construction
output 2009 in %
order value
12/31/2009
Austria 1,601,695 1,805,410 -11.28 47.60 1,004,626
Germany 661,580 577,524 14.55 19.66 559,535
Switzerland 94,044 64,043 46.85 2.79 376,792
CEE countries 601,622 626,108 -3.91 17.88 599,635
Northeast Europe 276,222 291,927 -5.38 8.21 414,422
Far East 95,034 79,972 18.83 2.82 384,651
Gulf States 9,789 34,275 -71.44 0.29 7,537
Other countries 24,934 27,126 -8.08 0.75 24,603
Group 3,364,920 3,506,385 -4.03 100.00 3,371,801
Financial position
In the year under report, 81.6 million Euros (previous year: 137.3 million Euros) were invested into
tangible fixed assets. An increasing change-over to operational leases, quite in addition to adjusting the
investment strategy to the current economic environment, has helped to decrease investments. The
increased use of Net Working Capital Management was the main factor in reducing accounts payable
from 320.7 million Euros to 211.9 million Euros after balancing these with cash in bank. Bank loans are
made available at commercially available and money-market-oriented interest rates. Derivatives are only
used to secure the underlying operational transactions.
Accounts receivable and other assets have decreased during the year under report by 33.7 million Euros
to 1,146.3 million Euros while debts to suppliers and other accounts payable have increased by 68.0
million Euros to 1,071.9 million Euros.
Equity has increased by 19.6 million Euros to 397.2 million Euros. Considering the amount in total assets
which has decreased by 70.2 million Euros, the equity ratio increased from 17.7% to 19.2%.
Notes on the cash flow statement
Due to the difficult economic environment, the cash flow on the result decreased from 174.5 million
Euros to 127.5 million Euros in comparison with the previous year. Mainly because of the increased
use of Net Working Capital Management, working capital saw a change of 83.9 million Euros (previous
year: -24.5 million Euros). The allocation of resources in the order of 122.1 million Euros (previous year:
131.2 million Euros) was mainly a result of purchases of machines and devices and the acquisition of
companies.
063

group management report
Funding
The financing of the ALPINE Group is centrally coordinated and the decision in regards to individual loan
creditors depends on and is optimized on the basis of various criteria such as the strength of currencies,
foreign exchange regulations and tax considerations. Currently, about half of the entire credit limit is
made out to ALPINE Bau and the other half is made out to various, mainly foreign, subsidiaries.
Particularly in Austria, financing was traditionally done through uncommitted credit lines. In the past few
years, this was considerably augmented by medium and long-term credits and fixed credit lines. In addition
to the 3-year-term syndicated credit of 124.5 million Euros in 2008 a new 5-year-term syndicated
credit of 200 million Euros has been taken out. This resulted in a further and considerable improvement
of the maturity profile of credit lines:
< 1 year 1-3 year > 3 year
in MEUR in MEUR in MEUR
500
400
300
200
100
439
402
314
2007 2008 2009
500
400
300
200
100
78
2007 2008 2009
Appropriate measures taken by the government and central banks averted the imminent danger of a
systemic liquidity shortage at the beginning of the year. Additionally, the strongly increased interest
margin resulting from the crisis has been more than compensated by an extremely low interest level.
However, a new increase in interest levels and the then resulting higher total costs will have to be considered
in future bids for project.
In the final analysis, the total credit potential was significantly increased over 2009 and the increased
focus on investment spending and Net Working Capital resulted again in a significant decrease of net
debts after 2008:
Calculation of Net debt in thousands of Euros
12/31/2009 12/31/2008
Total credit line 787,785 691,613
Net debt
Credit used 374,417 541,395
Loan FCC 37,673 36,400
Cash on bank 200,206 257,099
net debt 211,884 320,696
196
302
500
400
300
200
100
171
74
94
2007 2008 2009

3 risk-
management
Risks are inherent to business management. The objective of ALPINE’s group-wide risk management
system is to detect such risks early, to monitor them and to take measures to minimize such risks. Risk
management functions are clearly structured and are the responsibility of both, operational units
and central staff units. Control systems installed in operational units and the central MIS develop and
promote cost and risk awareness in employees. The central staff units Group Controlling, Construction
Business Management, Legal Department, Finance and Business-/Corporate Development take care of
group-wide control functions in close coordination with management and advise in specialist matters.
They are equipped with an extensive right to information, individually defined policy-making authorities
and consultation rights.
Additionally, central staff units take care of overriding controlling function and regularly and comprehensively
report directly to management on possible risks. The Risk Committee discusses monthly the
current company and project risks and submits a risk report to the supervisory board.
Defined processes and approval procedures issued by management or central staff units are contained in
the ALPINE Management Manual; these comply with the requirements of ISO 9001 certification and are
available to all employees group-wide via Intranet. The management and controlling tools defined in this
manual and in controlling mechanisms in general are continuously improved.
Management of Financial Risks
Currency risks, interest rate risks and liquidity risks are managed by the central finance unit. Additionally,
this unit continuously monitors credit limits and debt guarantees. If necessary and sensible, derivative
hedging instruments are used (futures and options). This is limited exclusively to hedge the operational
underlying transactions. Speculative objectives are explicitly forbidden.
065

group management report
Currency risk
The focus in centrally monitoring the group-wide currency structure is the optimum financing of foreign
subsidiaries and branches (from the viewpoint of currencies used) and the currency structure employed
in large-scale, transnational projects. The objective is to minimise risks in matching existing assets due
to a high degree (about 50%) of foreign assets. Hedging instruments are being employed if an optimized
currency structure cannot be obtained by designing operational flows alone. For this reason, hedging
activities were contracted in 2009 in Polish Zloty, Swiss Franks and Singapore Dollars.
Interest Rate Risk
The objective in structuring a financing portfolio is to adjust fixed interest periods to the terms of
financed assets. Changes in interest balances because of financial positions with variable interests
can therefore be taken into account in project calculations and compensated by operational business
transactions. Based on a low interest level and an optimized Working Capital Management, expenses for
interests considerably decreased in comparison with the previous year.
Liquidity Risk
In order to control the liquidity risk (i.e. the risk that a group company may not be able to pay operational
and financial liabilities) ALPINE Group sets up a monthly, rolling liquidity planning with a six-month horizon.
All planning data of all group companies are added by means of a bottom-up approach and operational
money flows are continuously adjusted against the financing portfolio. Monthly non-conformance
analyses ensure the required planning quality.
Credit Risk
Credit risks are managed by operational units as they have a faster and more direct access to information
on debtors. They are assisted by the central debitor department that also takes care of coordination.
In order to avoid bad debts, a contracting party’s credibility is checked by independent credit rating
companies prior to entering into business relations. In case a bad debt is determined as being sufficiently
certain and/or likely to occur, it is taken into account by way of value adjustments.

Procurement Risk
The risks due to changes in prices of raw materials are managed by the operational division due to the
inherent interrelation with the respective underlying transactions. Central units provide advise. A natural
hedge results for a large part of the projects through tying prices to various construction price indices. If
contracts with fixed prices are entered into, prices for raw materials are attempted to be secured in advance
and/or fixed price agreements are signed with subcontractors. There were no derivative hedging
contracts entered into in 2009.
Market and Competitive Risks
Sales of the construction industry are closely connected to the national economy as well as specific
developments in the construction industry (including developments in the subconstruction industry,
salaries and prices for construction material). Thus, there is a certain market risk. About half of ALPINE’s
construction output occurs abroad. Thus, risk analyses in the current economic situation are focussed on
foreign target markets. The department “Business-/Corporate Development” monitors and analyses all
corporate, market and competitive aspects and uses these accordingly for strategic decisions.
Project Risk
All risks in providing services are continuously observed and monitored, such as legal risks, scheduling
risks, financial risks, technical risks, environmental and management risks. This occurs through mandatory
routine evaluations of all project risks by operational units as part of on-site self controlling. This is
continuously followed and supported by central staff units. The Risk Committee monitors the established
risk management system and intervenes through regulatory means if needed.
Large-scale projects or projects with special risks may only be offered and accepted with explicit approval
of management. Additionally, large-scale projects are supported from tender to completion by the
central staff unit Construction Industry and individual areas are being spot checked. The objective is to
critically analyse the development of a project or area independently from the responsible, operational
unit.
067

group management report
4 employees
During the year under report, ALPINE Group on average employed 15,234 employees. This is about 300
employees less than in the previous year.
Due to the increasing internationalization of ALPINE, the support of international business was
increased by the Department of Personnel and Services in 2009 (Expatriates, public services law, tax
matters). The Department of Recruiting and Personnel Development increased the number of cooperative
events with relevant training organisations and offered more hands-on seminars. Despite difficult
economic conditions, personnel development has been consistently continued – more than 3,300
employees attended in-house training. In the year under report, about 2 million Euros were invested in
training and further training measures. In addition to intensive further-training programs for engineers,
construction site managers and executives, the cooperation with the university of applied sciences
Leipzig has been intensified in regards to obtaining the degree “state-licensed engineer with M.S.
degree” – Diplomingenieur (FH). To ensure a sufficient number of new industrial personnel we have
started a trainee offensive in the year under report. Its purpose was to increase the number of trainees.
By October 2009 we employed 196 trainees (previous year: 195).
The training and further training activities have been extended to the foreign subsidiaries and pushed
forward during the year under report. The first international development programs for engineers and
construction site managers and a programme for internationally employable project managers have
been completed successfully – further programmes were started. Eleven graduates from technical universities
in several countries have the opportunity to start their career at ALPINE as part of two international
trainee programmes. For 2010, further activities are planned, such as a development programme
for managers in English.

5 enVironment
Key factors of the success of ALPINE are the principles of resource-conserving construction methods
and perfect construction-site logistics. Thus, protection of the environment is an indispensable part of
the daily work at ALPINE. To continuously improve its environmental performance, ALPINE in Austria,
Czech Republic, Slovakia, Poland, Hungary and Romania observes environmental aspects as part of an
ISO 14001 compliant environmental management system.
Environmental targets and measures are derived and implemented on the basis of environmentally relevant
activities recorded across the entire group. This results in a considerable contribution to the protection
of the environment. In projects, ALPINE pays particular attention to ecological methods of construction.
In case of the construction of new office buildings and building yards, ALPINE uses geothermal and
solar energies to minimise the CO2 emission. Two ALPINE locations have received the “ÖkoBusinessPlan”
award of the city of Vienna for their high environmental standards. These “Best Practices” are planned to
be applied group wide in the future.
Internal environmental audits ensured compliance with all environmentally relevant laws on every location
and building site. An increased number of construction-site audits with a focus on environmental
issues and the good order and cleanliness of construction sites enables ALPINE to separately collect and
dispose of waste. Environmentally harmful material is stored according to legal requirements and used
sensitively. ALPINE’s specialist subsidiary, OEKOTECHNA Entsorgungs- und Umwelttechnik Gesellschaft
m.b.H., provides the environmentally friendly disposal of construction-site waste.
069

group management report
6 research &
DeVelopment
The restructuring of ALPINE’s subsidiary Bautechnische Prüf- und Versuchsanstalt Gesellschaft m.b.H.
resulted in the creation of several specialist departments. This includes the “Specialist Department III
Research, Technology, Consulting” and deals in particular with research and development, standardization,
training, further education and engineering.
The focus in research is on the further development of building material and the development of new
and innovative test and construction methods. During the year under report, the following projects of
the Österreichische Forschungsförderungsgesellschaft (a national research funding agency) have been
co-sponsored substantially: “Prestressed concrete bridges without sealing and roadbed”, “Controlling
consistency of soft concrete”, “Recycling of material excavated in tunnelling” and “Mounting by plain
bearing of concrete slabs”. Knowledge gained in research projects is passed on to all employees in seminars
and lectures. 250,000 Euros have been spent on research and development during the year under
report.
Close cooperation with renowned national and international universities and research institutes is of
central importance. In addition to cooperation in matters of research, highly qualified ALPINE employees
teach at these institutes. To finish it off, add the close and long-time cooperation in standards and
guideline committees. This many-faceted commitment of ALPINE serves to present the company as an
innovative and quality-conscious company to building owners, government offices, potential staff and
competitors.

7 outlook
In 2010, the economic situation will remain volatile despite experts predicting a slight recovery of the
economy. Particularly, conditions for the construction industry remain difficult. The building construction
has been hit particularly hard by the economic crisis and – in many countries – by falling house prices. In
contrast, experts expect a slight increase in the foundation engineering sector. The European construction
industry is not expected to recover before 2011.
Publicly funded economic stimulus packages favour foundation engineering projects in particular.
However, due to tight governmental budgets, it is impossible to exclude the possibility that the further
expansion of some countries’ infrastructure might be delayed considerable.
As a result of the currently tense economic situation, an increasing number of time consuming appeals
are filed against decisions made in tender procedures. These, in turn, can also cause delays for individual
contracts.
Under these circumstances, a slight increase in construction output is expected for 2010. The order
volume of 3.37 billion Euros at the end of 2009 forms the basis of a stable development of the construction
volume.
Thanks to a geographic diversification – about half of the construction output is produced abroad – and
a wide service portfolio, ALPINE is well set up for the future. In 2010, the focus is on economizing largescale
projects, particularly international projects. The consolidation process begun in 2009 and the constructive
cooperation maintained with the parent company FCC will be continued in 2010. Restructuring
measures are intended to further improve efficiency within the group while the basic organizational
structure will remain as it forms the basis of ALPINE‘s success.
Naturally, the continuous uncertainty about the economy’s development will influence the business
trend throughout this year. In 2010 however, a positive and economically successful business year is
expected because of the solid order situation.
071

Group ManaGeMent report
8 events after the
Balance sheet Date
No events occurred after the balance sheet date that would lead to changes to the presentation in
the consolidated financial statements.
Wals bei Salzburg, 29 March 2010
Alpine Holding GmbH
Management
Werner Watznauer m.p.

consoliDateD
financial
statements
073

consoliDateD financial statements
consoliDateD income
statement for the year 2009
in thousand Euro note 2009 2008
1 Construction output 3,364,920 3,506,385
less joint venture output 6 -520,093 -458,194
Sales net of joint venture output 2,844,827 3,048,191
2 Income from associated companies 7 2,527 4,035
3 Work performed by the enterprise and capitalised 15,164 10,736
4 Other operating income 8 99,100 83,305
5 Raw material and consumables used -633,917 -801,402
6 Expenses for services -1,219,761 -1,219,914
7 Staff cost 9 -717,377 -676,974
8 Depreciation and amortisation 10 -66,823 -66,825
9 Other operating expenses 11 -266,881 -275,609
profit from operating activities 56,859 105,543
10 Net interest expenses 12 -20,905 -39,683
11 Exchange differences 13 -14,057 -12,108
12 Other financial results 14 720 1,343
net finance cost -34,242 -50,448
profit before tax 22,617 55,095
13 Income taxes 15 -6,189 -18,931
net profit for the period 16,428 36,164
thereof attributable to equity holders of the parent company 11,606 31,570
thereof attributable to non controlling interest 4,822 4,594
The notes on pages 80 to 124 form an integral part of the consolidated financial statements.

075
consoliDateD statement of
comprehensiVe income 2009
in thousand Euro 2009 2008
net profit for the period 16,428 36,164
Revaluation IAS 16
Gains/losses arising during the year 41 -174
Revaluation IAS 39
Gains/losses arising during the year 87
Reclassification adjustments for amounts recognised in profit or loss -87
Unrealised revenues/losses from the valuation of Hedges
Revenue/loss before income taxes
Gains/losses arising during the year -10,008
Reclassification adjustments for amounts recognised in profit or loss 10,008
Income taxes
Gains/losses arising during the year 1,902
Reclassification adjustments for amounts recognised in profit or loss -1,902
Change of equity of an equity-consolidated company without effects on net income 0 -17,143
Net investment
Revenue/loss before income taxes
Gains/losses arising during the year -949 0
Income taxes
Gains/losses arising during the year 180 0
Currency translation differences
Exchange differences arising during the year -1,301 -229
total comprehensive income 22,418 10,599
thereof attributable to equity holders of the parent company 16,852 5,485
thereof attributable to non controlling interest 5,566 5,114
The notes on pages 80 to 124 form an integral part of the consolidated financial statements.

consoliDateD financial statements
consoliDateD Balance sheet
as of 31 DecemBer 2009
in thousand Euro note 2009 2008
AssEts
non current assets
I Property, plant and equipment 16 463,858 454,182
II Investment property 17 18,563 23,976
III Intangible assets 18 23,654 15,508
IV Financial assets 19 54,776 53,381
V Associated companies 20 15,639 14,327
VI Other long-term assets 22 120,557 111,096
VII Deferred tax assets 15 4,789 6,186
Current assets
701,836 678,656
I Inventories 21 136,290 129,947
II Other financial receivables 25 309 0
III Trade receivables and other receivables and assets 22 1,025,709 1,068,839
IV Cash and cash equivalents 26 200,206 257,099
1,362,514 1,455,885
totAl AssEts 2,064,350 2,134,541
Equity AnD liABilitiEs
Equity 27
I Share capital 109 109
II Reserves 297,733 282,887
Equity attributable to equity holders of the parent company 297,842 282,996
non controlling interest 99,355 94,575
non-current liabilities
397,197 377,571
I Employee benefits 28 47,800 45,141
II Other provisions 29 18,540 13,108
III Deferred tax liabilities 15 37,207 34,712
IV Interest bearing loans and borrowings 30 284,040 324,816
V Other financial liabilities 31 0 6,512
VI Trade and other liabilities 33 10,831 11,171
Current liabilities
398,418 435,460
I Other provisions 29 64,883 55,557
II Tax liabilities 32 8,711 13,525
III Interest bearing loans and borrowings 30 128,051 252,979
IV Other financial liabilities 31 6,050 6,761
V Trade and other payables 33 1,061,040 992,688
1,268,735 1,321,510
totAl Equity AnD liABilitiEs 2,064,350 2,134,541
The notes on pages 80 to 124 form an integral part of the consolidated financial statements.

consoliDateD
statement of cash flows
for the year 2009
077
in thousand Euro 2009 2008
Cash flows from operating activities
Net profit for the period 16,428 36,164
Depreciation and amortisation 68,399 68,119
Results from disposal of intangible assets and property, plant and equipment -1,444 2,690
Changes in long-term provisions 6,001 1,139
Net interest expenses 34,961 51,791
Income taxes 6,188 18,931
Results from non-current financial assets -1,682 -3,189
Results from associated companies -1,341 -1,131
Changes in working capital
127,510 174,514
Inventories -1,239 -20,467
Trade receivables and other receivables 28,071 -232,008
Short-term provisions 6,536 -792
Short-term payables 50,548 228,797
Cash generated from operating activities 211,426 150,044
Interest paid -15,191 -30,574
Income taxes paid -9,847 -2,713
net cash from operating activities
investing activities
186,388 116,757
Interest received 257 1,368
Dividends received 1,425 1,691
Proceeds from the sale of financial assets 6,395 2,047
Proceeds from the sale of intangible assets and property, plant and equipment 25,190 38,086
Investments in financial assets -8,245 -1,253
Acquisitions of subsidiaries net of cash acquired -17,150 -1,637
Investments in intangible assets and property, plant and equipment -96,744 -128,355
net cash from investing activities
Financing activities
-88,872 -88,053
Repayment/proceeds from long-term borrowings -27,685 168,987
Repayment from short-term borrowings -125,919 -127,008
Increase of capital 0 64,350
Dividends paid -20 -242
net cash from financing activities -153,624 106,087
net increase in cash and cash equivalents -56,108 134,791
Effect of exchange rate changes on cash and cash equivalents -785 -1,279
Cash and cash equivalents at beginning of year 257,099 123,587
Cash and cash equivalents at end of year 200,206 257,099
The notes on pages 80 to 124 form an integral part of the consolidated financial statements.

consoliDateD statement
of changes in equity
consoliDateD financial statements
total equity
non controlling
interests
Equity attributable
to equity
holders of the
parent company
Currency translation
reserve
net investment
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
109 20,985 0 92 0 238,193 15,218 0 -1,037 273,560 30,667 304,227
Balance at
1 Jan. 2008
-3,825 67 31,960 -22,037 -680 5,485 5,114 10,599
Total comprehensive
income 2008
Capital increase 49,325 49,325 15,025 64,350
Dividends to shareholders 0 -242 -242
Other changes -45,374 -45,374 44,011 -1,363
109 17,160 67 92 49,325 224,779 -6,819 0 -1,717 282,996 94,575 377,571
Balance at
31 Dec. 2008
33 -67 11,606 6,213 -589 -344 16,852 5,566 22,418
Total comprehensive
income 2009
Dividends to shareholders 0 -20 -20
Other changes -2,006 -2,006 -766 -2,772
109 17,193 0 92 49,325 234,379 -606 -589 -2,061 297,842 99,355 397,197
Balance at
31 Dec. 2009
The notes on pages 80 to 124 form an integral part of the consolidated financial statements.

notes to the
consoliDateD
financial
statements
079

notes to the 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 2009, 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: — Alpine Bau India Private Limited
— Alpine Building Services GmbH
— ALPINE Construction Polska Sp.z.o.o.
— Alpine d.o.o. Banja Luka
— Alpine-Slask Budowa Sp.z.o.o.
— APT Alpine Project Technology GmbH
— CSS - City Service Solution GmbH
— MLA Lieferasphalt GmbH
Using equity method: — Bonaventura Straßenerhaltungs-GmbH
— PPE Malzenice s.r.o.
— Raststätten Betriebs GmbH
The following companies were newly founded and are included in the consolidated financial statement:
Full consolidation: — ALPINE-ENERGIE Solar Italia S.R.L.
— VELIČKI KAMEN d.o.o.
— Wellnesshotel Építő Kft.
081

notes to the consoliDateD financial statements
Furthermore, owing to acquisitions, the consolidated group was enlarged by the following companies:
Full consolidation:
ALPINE BeMo Tunnelling GmbH
(formerly: Beton- und Monierbau GmbH)
ANDEZIT STANCENI S.R.L.
(formerly: S.C. „HODACO SERVIMPEX“ S.R.L.)
Acquisition date share Acquiring company
1 January 2009 99.00% ALPINE Bau GmbH
20 January 2009 100.00% ALPINE Bau GmbH
PRO-PART AG 22 September 2009 100.00% Alpine-Energie Schweiz AG
Pro Part in Austria Handels GmbH 22 September 2009 100.00% Alpine-Energie Schweiz AG
PRO-PART Energie GmbH 22 September 2009 100.00% Alpine-Energie Schweiz AG
Alpine-Bau Services GmbH, Schweiz has been merged with Alpine-Bau GmbH, Hergiswil per 1 January
2009.
Garazna hisa UKC d.o.o. was sold on 3 August 2009 consequently it is not included in the consolidated
financial statements anymore.
The acqusition cost of all mentioned acquisitions of the financial year 2009 that caused a change in the
scope of consolidated financial statements is TEUR 22,179. The value of recognition of the new acquired
companies has to be considered as preliminary.
Goodwill arose from the business combination with ALPINE BeMO Tunneling GmbH. The purchase price
contains advantages from the expected synergies, the growth in returns, the future market development
and the staff which has been taken over. These advantages are not recognized separately from the
position goodwill as the resulting economic benefits are not reliably measurable.
With the acquisitions of the Pro Part-Group, 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 21,101
Current assets 26,997
Non-current liabilities 2,298
Current liabilities 34,415
From the date of initial consolidation in TEUR
Revenue 128,913
Operating result 1,306

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 12/31/2009 mid point rate 2009
Albania All 136.986301 132.013201
Bosnia-Herzegovina BAm 1.955830 1.955830
Bulgaria BGn 1.955830 1.955830
China Cny 9.813543 9.488416
Croatia HrK 7.331378 7.301491
Czech Republic CZK 26.465000 26.386051
Hungary HuF 277.777778 279.720280
India inr 67.114094 67.151651
Macedonia mKD 61.728395 61.728395
Poland pln 4.226543 4.326195
Romania ron 4.244158 4.238005
Russia ruB 43.859649 44.052863
Serbia CsD 97.087379 94.191523
Singapore sGD 2.020610 2.022177
Sweden sEK 10.405827 10.610080
Switzerland CHF 1.493875 1.510783
Turkey try 2.190581 2.166730
United Arab Emirates AED 5.277045 5.101390
083

notes to the consoliDateD financial statements
4 Corrections in accordance with IAS 8
4.1 Changes in accounting policies
Through the membership to the FCC Group and because of the harmonization of the respective adopted
accounting policies linked to this membership concerning uniform presentation of information to the decision
makers, we have realized the application of the corridor-method‘ according to IAS 19.92 this year.
Adjustments of values of previous years were omitted in accordance with IAS 8.29 because of missing
traceability of how much the accumulated actuarial profits and losses would have been, if in every period
the ‚corridor-method‘ had been effected.
In the financial statements of 2008, actuarial gains in the amount of TEUR 4,407 were recognized in the
Income Statement as an increase in results.
5 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 2009 - 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.
5.1 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.

5.2 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 2009 these regulations only applied to one company consolidated at
equity.
5.3 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.
085

notes to the consoliDateD financial statements
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. The average cost of debt is used for
the calculation of the borrowing costs to be capitalised.
5.4 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.
5.5 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.
5.6 Intangible assets and goodwill
5.6.1 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.
5.6.2 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
5.7 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.
087

notes to the consoliDateD financial statements
5.8 Financial assets
5.8.1 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 Loans and Receivables.
5.8.2 Investments
All other investments and not consolidated affiliated companies 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 and not consolidated affiliated companies which differed from their acquisition costs.
5.8.3 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.
5.8.4 Financial liabilities
Financial liabilities are valued at amortised cost in line with IAS 39.
5.9 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.
Joint ventures are legal agreements consisting of two or several parties which undertake economic activity
whereby the joint ventures underlie a shared leadership. Investments in joint ventures are capitalized
analogically to the equity method and are shown under receivables or liabilities against associated

companies. Results from joint ventures are shown as profit or loss from associated companies after
recognition of central allocations.
5.10 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.
Borrowing costs are part of production costs in the capital assets. The average cost of debt is used for
the calculation of the borrowing costs to be capitalised.
5.11 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.
5.12 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.
089

notes to the consoliDateD financial statements
5.13 Cash and cash equivalents
Cash and cash equivalents comprise cash and bank balances.
5.14 Employee benefits
5.14.1 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.
The company retirement schemes in our Swiss companies are defined contribution plans. Basically all
obligations are outsourced to insurance companies. Thus, the according provision is backed up with plan
assets.
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 which exceeded the greater of ten percent of the present value of the defined benefit
obligation and ten percent of the fair value of any plan asset at that date are recognised in profit and
loss, while the determined excess is divided by the expected average remaining working lives of the
employees participating in that plan.
5.14.2 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.
No additional obligations exist in addition to the contributions made.
5.14.3 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.

5.15 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.
5.16 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.
5.17 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.
5.18 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.
091

notes to the consoliDateD financial statements
5.19 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.
5.20 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.
Risks in connection with a contentious project in Poland: In December 2009, the contract for a
motorway project in Poland was quit by both sides, the contractee and the contractor. Even though
negotiations for an amicable settlement are sought for, legal proceedings cannot be excluded.
In connection with the issue, claims for damages /penalty claims will presumably be asserted. The
Management is convinced to be able to enforce a penalty claim in the amount of MEUR 27 while the
contractee claims for penalty in the amount of MEUR 40. As from the current point of view a reliable
estimate of the amount of the possible obligation cannot be made, in accordance with IAS 37 no
recognition of the possible penalty obligation took place.
The consolidated financial statements contain receivables from the project in the amount of MEUR 84.
The Management is convinced that these receivables are fully recoverable and therefore no bad debt
allowance was recognized. The receivables are classified as current receivables. The actual enforceability
of the receivables depends on a possible settlement of the dispute or on the final decision of the law
suit.
The probable expenses of the legal proceedings were accounted for in the financial statements.

5.21 New accounting standards
5.21.1 Applicable accounting standards in the current financial year
Following substantially adjusted respectively new accounting standards and interpretations are applicable
at the first time on the financial statements in hand:
IAS 1 Presentation of Financial Statements
IAS 23 Borrowing Costs
IAS 27 Evaluation of acquisition costs of subsidiaries
IAS 32 Financial instruments: presentation
IFRS 1 Acquisition costs of subsidiaries, jointly controlled entities and associates
IFRS 2 Share-based payment transactions (Vesting Conditions and Cancellation)
IFRS 8 Operating segments
IFRIC 13 Customer Loyalty Programmes
IFRIC 15 Agreements for the Construction of Real Estate
IFRIC 16 Hedges of a Net Investment in a Foreign Operation
ias 1 presentation of financial statements: According to IAS 1 a statement of comprehensive
income has to be presented starting from 1 January 2009.The statement of comprehensive income
has to contain all income and expenses recognised in equity. These income and expenses have to be
presented in ‘statement of comprehensive income’ additional to the income statement.The statement of
changes in equity only shows ownership-related changes.The adjustments of IAS 1 are considered since
1 January 2009, consequently all positions which were presented in equity are also recognised in the
‘statement of comprehensive income’.
ias 23 Borrowing costs: The changes of IAS 23 result in elimination of the option either to recognise
borrowing costs that are directly attributable to the acquisition, construction or production of a qualifiying
asset as part of the cost of that asset or as an expense. Starting with 1 January 2009 these borrowing
costs have to be recognised mandatorily as part of the cost. The mentioned adjustments of IAS 23
have no impact on the financial statements in hand because the option to treat borrowing costs as part
of acquisition costs has already been applied.
ifric 15 agreements for the construction of real estate: The terms of IFRIC 15 provide guid-
ance on how to determine whether an agreement for the construction of real estate is within the scope
of IAS 11 Construction Contracts or IAS 18 Revenue, accordingly, when construction revenue shall be
recognised. The interpretation of IFRIC 15 has already been applied, therefore there will be no essential
impact on the financial statements.
093

notes to the consoliDateD financial statements
The initial appliance of IFRS 1 in conjunction with IAS 27 Acquisition costs of subsidiaries, jointly
controlled entities and associates, IFRS 2 Share-based payment transactions (Vesting Conditions and
Cancellation), IAS 32 in conjunction with IAS 1 changes concerning puttable instruments and with
liquidation arising obligations, IFRS 8 Operating segments, IFRIC 13 Customer Loyalty Programmes and
IFRIC 16 Hedges of a Net Investment in a Foreign Operation did not have any or no essential impact on
the financial statements at hand.
5.21.2 First-time applicable accounting standards in financial year 2010
Following changed accounting standards and new interpretations, that were put into European law by
the EU, have to be applied first-time in the financial year 2010:
IAS 27 Consolidated and Separate Financial Statements
IFRS 3 Business Combinations
IFRIC 17 Distributions of Non-cash Assets to Owners
IFRIC 18 Transfers of Assets from Customers
ias 27 consolidated and separate financial statements: The new terms of IAS 27 require
that investments and sales of investments after getting control and while keeping control have to be
recognised mandatorily according to the „economic entity approach“. Following the „economic entity
approach“, transactions with minority shareholders have to be recognised directly in equity. Concerning
business combinations achieved in stages that lead to the control of an entity or sales of investments
which effect the loss of business control, a revaluation surplus for existing respectively remaining shares
at their fair value has to be built through profit and loss.
ifrs 3 Business combinations: Adjustments of IFRS 3 effect an expansion of the scope of this stan-
dard and offer the option to capitalize non-controlling-interest in course of every entity purchase.

6 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 520,093 (2008: TEUR 458,194). It can be divided by
construction segments as follows:
in TEUR 2009 2008
AustriA
Building construction 543,020 637,348
Civil engineering 842,577 932,928
Other construction segments 83,553 109,892
Telecommunications 132,545 125,243
total 1,601,695 1,805,411
ForEiGn CountriEs
Building construction 486,536 454,814
Civil engineering 1,014,214 962,791
Other construction segments 93,553 117,351
Telecommunications 168,922 166,018
total 1,763,225 1,700,974
Group As A WHolE
Building construction 1,029,556 1,092,162
Civil engineering 1,856,791 1,895,719
Other construction segments 177,106 227,243
Telecommunications 301,467 291,261
total incl. joint ventures 3,364,920 3,506,385
total joint ventures 520,093 458,194
total excl. joint ventures 2,844,827 3,048,191
7 Income from associated companies
in TEUR 2009 2008
Income of associates 38,019 61,541
Expenses of associates -35,492 -57,506
total 2,527 4,035
The profit (loss) of associates primarily includes in particular pro-rated profits and losses of joint ventures
and asphalt production sites after central allocations.
095

notes to the consoliDateD financial statements
8 Other operating income
in TEUR 2009 2008
Income from the disposal of non-current assets 2,475 2,624
Revenue from insurance compensations 6,769 4,542
Rental income 7,948 3,915
Other income related to staff 1,815 959
Charges for staff, equipment and building site installations 59,855 56,054
Exchange profit 685 12,292
Other 19,553 2,919
total 99,100 83,305
The remaining other operating income includes in particular amounts passed on, exchange differences
and release of valuation allowances.
9 Staff costs
in TEUR 2009 2008
Salaries and wages 565,234 541,191
Expenses for severance payments including contributions
to staff provision funds
5,603 1,231
Pension cost 2,927 2,438
Cost of statutory social security, payroll-related taxes and mandatory
contributions
131,765 122,038
Other social security cost 11,848 10,076
total 717,377 676,974
Average number of employees 15,234 15,530
Expenses for pensions and severance payments are presented without the cost of interest.
Expenses for severance payments are broken down as follows:
in TEUR 2009 2008
Service cost for severance payments incl. actuarial gains and losses 4,275 238
Payments to staff provision funds 1,328 993
total 5,603 1,231

Expenses arising from pensions are broken down as follows:
in TEUR 2009 2008
Service cost for pensions incl. actuarial gains and losses -56 -184
Defined contribution plans 2,983 2,622
total 2,927 2,438
10 Depreciation and amortisation
in TEUR 2009 2008
Property, plant and equipment 64,963 63,410
Investment property 193 210
Intangible assets 1,667 3,205
total 66,823 66,825
11 Other operating expenses
in TEUR 2009 2008
Rental and leasing expenses 70,588 61,025
Legal and consulting expenses 30,376 24,903
Administrative expenses 35,644 32,677
Maintenance and repair 14,469 16,408
Insurance premiums 16,692 13,876
Advertising expenses 8,532 9,566
Taxes, except income taxes 2,036 3,505
Exchange loss 1,522 14,466
Other 87,022 99,183
total 266,881 275,609
097

notes to the consoliDateD financial statements
12 Net interest income
in TEUR 2009 2008
Interest and similar income 7,163 5,757
Interest expense and similar charges -28,068 -45,440
total -20,905 -39,683
of which classified as financial instruments as per iAs 39
Loans and receivables 7,163 5,757
Financial liabilities valued at amortised cost -24,900 -43,351
Interest income includes income from affiliated companies in the amount of TEUR 103
(2008: TEUR 13).
Interest expenses include expenses from affiliated companies in the amount of TEUR 1,273
(2008: TEUR 900).
13 Exchange differences
in TEUR 2009 2008
Exchange differences -14,057 -12,108
of which classified as financial instruments as per iAs 39
Financial assets or liabilities at fair value through profit or loss -5,744
Income from hedged items in fair value hedges 138
Expenses from adjustments of the carrying amount of the designated
hedged items in fair value hedges
-138

14 Other financial results
in TEUR 2009 2008
Investment income 1,425 1,821
Income from securities and financial assets 257 1,368
Income from the disposal of non-current financial assets 655 62
Expenses from affiliated companies -308 -16
Impairment losses on financial assets -1,299 -1,295
Other -10 -597
total 720 1,343
of which classified as financial instruments as per iAs 39
Held for trading purposes 32 61
Financial assets available for sale 688 1,282
Investment income includes income from affiliated companies in the amount of TEUR 75
(2008: TEUR 207).
The position ’Income from the disposal of non-current financial assets‘ includes a carrying amount profit
from the disposal of an affiliated company in the amount of TEUR 417 (2008: TEUR 0).
099

notes to the consoliDateD financial statements
15 Income taxes
in TEUR 2009 2008
Current income taxes 3,433 5,571
Deferred taxes 2,756 13,360
total 6,189 18,931
Tax expenses for the financial year can be reconciled with the profit according to the income statement
as follows:
in TEUR 2009 2008
Profit before income taxes 22,617 55,095
Taxes at domestic rate of 25% 5,654 13,774
Effects of other tax rates of subsidiaries operating abroad 297 1,849
Tax-free gains -1,936 -386
Expenses not deductible for tax purposes 1,511 893
Changes of loss carryforwards for which no deferred taxes were
recognised
3,658 3,899
Tax rate change of deferred taxes 296 -521
Utilisation of unused loss carryforward 0 -19
Tax expenses from prior periods -2,611 -1,297
Other -680 739
Effective tax expense 6,189 18,931
Effective tax rate 27.36% 34.36%

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 Dec. 2009 31 Dec. 2008
AssEts liABilitiEs AssEts liABilitiEs
Property, plant and equipment 1,027 -38,465 583 -38,668
Intangible assets 208 -537 108 -412
Financial assets 2,245 -4,606 1,198 -79
Receivables and other current assets 6,658 -36,318 4,427 -28,645
10,138 -79,926 6,316 -67,804
Untaxed reserves 0 -1,395 0 -1,452
Provisions 6,452 -909 6,420 -1,112
Liabilities 14,216 -8,963 18,009 -4,038
20,668 -11,267 24,429 -6,602
Tax loss carryforwards 44,838 28,120
Deferred taxes (gross) 75,644 -91,193 58,865 -74,406
Valuation allowance for tax loss carryforwards -16,869 -12,985
Less offsetting with deferred tax liabilities -53,986 53,986 -39,694 39,694
Deferred taxes (net) 4,789 -37,207 6,186 -34,712
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 155 (2008:
TEUR -145) were recognised directly in equity. Moreover neutral deferred taxes in an amount of TEUR
-180 (2008: TEUR 1,901) were recognised directly in equity in the course of hedge accounting activities/net
investments. Furthermore, deferred taxes increased by TEUR 430 (2008: TEUR 166) as a result
of changes to the consolidated group.
Deferred taxes for loss carryforwards of subsidiaries, in the amount of TEUR 16,869 (2008: TEUR
12,985) 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.
101

notes to the consoliDateD financial statements
16 Property, plant and equipment
in TEUR
Cost oF ACquisition
land and
buildings
technical
equipment
and machi-
nery
operating
and office
equipment
prepayments
and assets
under const-
ruction total
As at 1 Jan. 2008 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
Exchange differences -1,865 -4,846 -272 -256 -7,239
Changes consolidated group 5,914 22,999 5,799 -2,219 32,493
Additions 12,867 26,281 20,643 21,829 81,620
Transfers 6,935 4,912 -623 -9,436 1,788
Disposals -7,307 -28,279 -15,555 -2,086 -53,227
As at 31 Dec. 2009 230,676 393,426 155,697 25,006 804,805
ACCumulAtED DEprECiAtion
As at 1 Jan. 2008 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
Exchange differences -299 -2,125 -173 0 -2,597
Changes consolidated group 1,498 8,644 2,637 0 12,779
Annual depreciation 5,087 41,038 18,838 0 64,963
Impairment loss 0 0 0 0 0
Transfers 510 825 -825 0 510
Disposals -1,680 -18,144 -10,072 0 -29,896
As at 31 Dec. 2009 46,938 212,305 81,704 0 340,947
Carrying amount on 1 Jan. 2008 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
Carrying amount on 31 Dec. 2009 183,738 181,121 73,993 25,006 463,858

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 on 31 December 2009, the carrying amount would have been around TEUR 151,710 (2008: TEUR
140,518), 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 1,272 (2008: TEUR 487).
Carrying amounts of finance leases:
in TEUR 31 Dec. 2009 31 Dec. 2008
Buildings 12,600 11,936
Technical equipment and machinery 52,061 58,734
Operating and office equipment 6,020 9,154
The Group has secured its credit lines by means of real estate collateral in the amount of TEUR 89,865
(2008: TEUR 118,316).
As of 31 December 2009 there were no material obligations for the purchase of property, plant and
equipment.
103

notes to the consoliDateD financial statements
17 Investment property
in TEUR land and buildings
Cost oF ACquisition
As at 1 Jan. 2008 24,993
Exchange differences 7
Changes consolidated group 0
Additions 17
Transfers 2,127
Disposals -593
As at 31 Dec. 2008 26,551
Exchange differences -76
Changes consolidated group -4,188
Additions 252
Transfers -794
Disposals -460
As at 31 Dec. 2009 21,285
ACCumulAtED DEprECiAtion
As at 1 Jan. 2008 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
Exchange differences 0
Changes consolidated group 0
Annual depreciation 193
Impairment loss 0
Transfers 0
Disposals -46
Reversals 0
As at 31 Dec. 2009 2,722
Carrying amount on 1 Jan. 2008 22,665
Carrying amount on 31 Dec. 2008 23,976
Carrying amount on 31 Dec. 2009 18,563
The additions to investment property include subsequent cost of acquisition amounting to TEUR 252
(2008: TEUR 17).

18 Intangible assets and goodwill
in TEUR rights Goodwill total
Cost oF ACquisition
As at 1 Jan. 2008 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
Exchange differences 5 19 24
Changes consolidated group 221 7,428 7,649
Additions 2,364 0 2,364
Transfers 0 0 0
Disposals -313 0 -313
As at 31 Dec. 2009 13,908 20,043 33,951
ACCumulAtED DEprECiAtion
As at 1 Jan. 2008 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
Exchange differences 9 0 9
Changes consolidated group 213 0 213
Annual depreciation 1,427 0 1,427
Impairment loss 0 240 240
Transfers 0 0 0
Disposals -311 0 -311
As at 31 Dec. 2009 9,389 908 10,297
Carrying amount on 1 Jan. 2008 4,074 13,903 17,977
Carrying amount on 31 Dec. 2008 3,580 11,928 15,508
Carrying amount on 31 Dec. 2009 4,519 19,135 23,654
105

notes to the consoliDateD financial statements
19 Financial assets
in TEUR
Cost oF ACquisition
investment
in affiliated
companies
other
investment
other
exposure securities total
As at 31 Dec. 2008 5,283 17,534 24,167 12,747 59,731
(+) Additions; (+) Increase in value;
(–) Disposals
-186 513 4,932 -4,227 1,032
Changes consolidated group -213 68 0 121 -24
As at 31 Dec. 2009 4,884 18,115 29,099 8,641 60,739
Carrying amount on 31 Dec. 2008 870 16,890 24,167 11,454 53,381
Carrying amount on 31 Dec. 2009 1,408 17,126 29,099 7,143 54,776
20 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 490 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.
21 Inventories
in TEUR 31 Dec. 2009 31 Dec. 2008
Land held for sale 63,814 61,190
Raw materials, consumables and supplies 44,019 46,744
Work in progress 6,144 8,164
Finished goods and goods purchased and held for resale 10,437 5,399
Prepayments 11,876 8,450
total 136,290 129,947
Of the land held for sale, TEUR 2,060 (2008: TEUR 4,475) are carried at fair value less costs to sell.
The Group has secured lines of credit available to it with land charges totalling TEUR 40,171
(2008: TEUR 19,371).
Borrowing costs were capitalised in the amount of TEUR 415 .

22 Trade receivables and other assets
in TEUR 31 Dec. 2009 31 Dec. 2008
non-current Current total non-current Current total
Trade receivables 59,268 294,888 354,156 57,754 297,979 355,733
Receivables from
construction
contracts
Receivables
from affiliated
companies
Receivables from
associates
Other receivables
and assets
42,170 511,304 553,474 434 545,703 546,137
0 3,277 3,277 7,122 3,400 10,522
5,573 137,377 142,950 23,985 120,179 144,164
13,546 78,863 92,409 21,801 101,578 123,379
total 120,557 1,025,709 1,146,266 111,096 1,068,839 1,179,935
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 19,857 (2008: TEUR 13,376)
were deducted.
Trade receivables, receivables from construction contracts and receivables from associates give the
following picture with regard to due date:
in TEUR 31 Dec. 2009 31 Dec. 2008
Trade receivables/receivables from construction contracts and associates 1,036,582 1,030,651
Of which: neither overdue nor value adjustment made on the financial
statement date
713,726 789,560
Of which: no value adjustment as of the financial statement date and due
within the following time bands:
less than 90 days 139,097 144,086
91 - 180 days 34,185 30,771
181 - 360 days 38,328 23,661
more than 360 days 97,048 25,440
107

notes to the 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 Dec. 2009 31 Dec. 2008
Value adjustments on 1 Jan. 13,376 15,826
Allocation to reserves 8,825 1,886
Utilisation/release 2,344 4,336
Value adjustments on 31 Dec. 19,857 13,376
23 Receivables from construction contracts
in TEUR 31 Dec. 2009 31 Dec. 2008
Receivables from construction contracts (gross) 2,847,178 2,372,833
Advances received -2,293,704 -1,826,696
receivables from construction contracts (net) 553,474 546,137
Costs incurred to date (of all contracts not completed as at cut-off date) 2,821,186 2,373,353
Profits incurred to date (of all contracts not settled as at cut-off date) 101,871 69,346
Accumulated losses (of all contracts not settled as at cut-off date) -75,879 -69,866
receivables from construction contracts 2,847,178 2,372,833
retentions by customers 29,861 36,191
24 Other receivables and current assets
in TEUR 31 Dec. 2009 31 Dec. 2008
Receivables from
other taxes
non-current Current total non-current Current total
6,037 25,437 31,474 6,138 14,121 20,259
Accruals 0 7,559 7,559 0 19,804 19,804
Insurance settlements
Pension plan
reinsurance
Securities held
for trading
0 1,467 1,467 0 477 477
0 841 841 0 906 906
0 1,005 1,005 0 969 969
Other 7,509 42,554 50,063 15,663 65,301 80,964
total 13,546 78,863 92,409 21,801 101,578 123,379

Non-current receivables from taxes relate essentially to prepaid taxes for a large-scale project abroad;
final taxation will be effected upon completion of the project.
25 Other financial receivables
in TEUR 31 Dec. 2009 31 Dec. 2008
Derivatives
designated as
hedging instruments
measured
at fair value
Forward
exchange
transactions
Derivatives at fair
value through
profit or loss
Forward
exchange
transactions
non-current Current total non-current Current total
26 Cash and bank balances
0 138 138 0 0 0
0 171 171 0 0 0
in TEUR 31 Dec. 2009 31 Dec. 2008
Bank balances 199,226 256,174
Cash 980 925
total as per balance sheet 200,206 257,099
Cash and cash equivalents in the cash flow statement 200,206 257,099
109

notes to the consoliDateD financial statements
27 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. These are interest swap transactions which are treated as cash flow hedges in the
balance sheet, in accordance with IAS 39.
The position Net Investment concerns exchange rate fluctuations from a payable to a foreign operation,
for which settlement is neither planned nor likely to occur in the foreseeable future.
”The minority interests in equity represented primarily the 6 % share in Hoch- und Tiefbau Beteiligungs
GmbH and the 17.63 % share in ALPINE Bau GmbH held by FCC Construcción S.A..“
28 Employee benefits
in TEUR 31 Dec. 2009 31 Dec. 2008
Provisions for severance payments 37,832 35,365
Provisions for pensions 9,968 9,776
total 47,800 45,141

28.1 Provisions for severance payments
The calculation of the provisions for severance payments as at 31 December 2009 and 31 December
2008 is based on the following assumptions:
31 Dec. 2009 31 Dec. 2008
Interest rate 5.0% 5.0%
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 2008-P
in TEUR 2009 2008
rEConCiliAtion oF proVision rECoGnisED in tHE BAlAnCE sHEEt
present value of defined benefit obligations 31 Dec. 37,819 35,365
Accumulated actuarial profit (+) / loss (-) 13 0
provision on 31 Dec. 37,832 35,365
The changes in present value of defined benefit obligations in the current financial year are as follows:
in TEUR 2009 2008
Defined benefit obligations on 1 Jan. 35,365 36,111
Changes consolidated group 1,767 0
Service cost 4,275 3,578
Interest expense 1,608 1,401
Actuarial profit/loss -13 -3,340
Payments in the financial year -5,183 -2,385
Defined benefit obligations on 31 Dec. 37,819 35,365
ExpEnsE rECoGnisED in tHE inComE stAtEmEnt
Service cost 4,275 3,578
Interest expense 1,608 1,401
Realised actuarial profit (-), loss (+) 0 -3,340
Expense in the income statement 5,883 1,639
111

notes to the consoliDateD financial statements
28.2 Provisions for pensions
The calculation of the provisions for pensions as at 31 December 2009 and 31 December 2008 is based
on the following assumptions:
31 Dec. 2009 31 Dec. 2008
Interest rate 3.3 - 5.0 % 2.85 - 5.0 %
Pension, salary and wage increases 1.0 - 4.0% 1.0 - 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 2008-P
Germany
Heubeck mortality
tables 2005 G
Heubeck mortality
tables 2005 G
Switzerland BVG 2005 BVG 2005
in TEUR 31 Dec. 2009 31 Dec. 2008
Present value of covered defined benefit obligations 16,157 14,493
Fair value of plan assets -12,632 -11,952
total 3,525 2,541
Present value of uncovered defined benefit obligations 7,256 7,235
present value of defined benefit obligations 31 Dec. 10,781 9,776
rEConCiliAtion oF proVision rECoGnisED in tHE BAlAnCE sHEEt
present value of defined benefit obligations 31 Dec. 10,781 9,776
Accumulated actuarial profit (+) / loss (-) -836 0
Amount not recognised as an asset because of the limit in paragraph 58(b) 23 0
provision on 31 Dec. 9,968 9,776
The changes in present value of defined benefit obligations in the current financial year are as follows:
in TEUR 2009 2008
Defined benefit obligations on 1 Jan. 21,728 18,134
Changes consolidated group 322 0
Service cost 2,070 2,478
Interest expense 883 713
Additional obligations through increase in employees 0 2,639
Actuarial profit/loss 550 -1,242
Currency translation differences 424 890
Payments in the financial year -2,564 -1,884
Defined benefit obligations on 31 Dec. 23,413 21,728

The changes to the present value of plan assets in the current financial year are as follows:
in TEUR 2009 2008
plan assets on 1 Jan. 11,952 8,072
Expected income from plan assets 381 404
Contributions paid 2,126 1,762
Acquired asset values through increase in employees 0 2,472
Actuarial profit/loss -286 -175
Currency translation differences 350 726
Payments in the financial year -1,891 -1,309
net assets on 31 Dec. 12,632 11,952
in TEUR 2009 2008
ExpEnsE rECoGnisED in tHE inComE stAtEmEnt
Service cost -56 883
Interest expense 883 713
Realised actuarial profit (-), loss (+) 0 -1,067
Expected income from plan assets -381 -404
Expense in the income statement 446 125
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 2.10% 6,043
Stockholdings 6.25% 253
Property 3.90% 1,349
Other 2.69% 4,987
Weighted average of expected income 2.61% 12,632
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 95 in the financial year just ended.
113

notes to the consoliDateD financial statements
The development of the experience adjustments is illustrated as follows:
in TEUR 31 Dec. 2009 31 Dec. 2008 31 Dec. 2007
Present value of defined benefit obligations 23,413 21,728 18,134
Fair value of plan assets -12,632 -11,952 -8,072
Deficit in the plan 10,781 9,776 10,062
Experience adjustments of plan debts 550 -1,242 -1,065
Experience adjustments of plan assets -286 -175 -19
29 Other provisions
in TEUR 31 Dec. 2009 31 Dec. 2008
non-current Current total non-current Current total
As at 1 Jan. 13,108 55,557 68,665 10,938 56,347 67,285
Changes consolidated
group
Exchange differences
1,180 1,610 2,790 0 1 1
6 -489 -483 -17 273 256
Reclassification 603 -603 0 502 -502 0
Additions 5,627 45,703 51,330 2,334 35,080 37,414
Utilisation -1,732 -25,078 -26,810 -449 -31,202 -31,651
Release -252 -11,817 -12,069 -200 -4,440 -4,640
provision on 31
Dec.
18,540 64,883 83,423 13,108 55,557 68,665
in TEUR 31 Dec. 2009 31 Dec. 2008
non-current Current total non-current Current total
Legal disputes 378 4,385 4,763 188 5,652 5,840
Anniversary
bonuses
Provision for
losses
11,139 0 11,139 7,437 3,480 10,917
0 41,925 41,925 0 30,713 30,713
Other 7,023 18,573 25,596 5,483 15,712 21,195
provision on 31
Dec.
18,540 64,883 83,423 13,108 55,557 68,665

30 Financial liabilities
in TEUR 31 Dec. 2009 31 Dec. 2008
non-current Current total non-current Current total
Mortgage loans 60,771 17,350 78,121 86,832 21,819 108,651
Revolving credits 125,122 66,248 191,370 134,455 172,098 306,553
Finance leases 40,251 14,859 55,110 53,343 17,273 70,616
Loans from affiliated
companies
35,500 2,173 37,673 36,400 0 36,400
Other 22,396 27,421 49,817 13,786 41,789 55,575
total 284,040 128,051 412,091 324,816 252,979 577,795
The Loans from affiliated companies in the amount of TEUR 37,673 (2008: TEUR 36,400) refer to a
subordinated loan from FCC Construccion S.A..
The carrying amounts and main terms of the bank loans and overdrafts are as follows:
in TEUR 31 Dec. 2009
type of financing Currency
Mortgage loans,
current
Mortgage loans,
non-current
Revolving credits,
current
Revolving credits,
non-current
Carrying
amount Effective yield
interest rate
fixed/variable maturity
CHF, CZK, EUR, HRK, PLN 17,350 1.9%-9.0% fixed, variable 2010
CHF, EUR, HRK, PLN 60,771 2.0%-7.5% fixed, variable 2011-2032
CHF, CZK, EUR, PLN, RSD 66,248 1.1%-17.1% fixed, variable 2010
EUR, RSD 125,122 1.3%-12.8% variable 2011
Other, current EUR, HRK, RSD 27,421 1.6%-13.0% fix, variable 2010
Other, noncurrent
EUR 22,396 1.6%-3.8% variable 2011-2015
319,308
As the interest rate is usually variable, the fair values correspond with the carrying amounts.
115

notes to the consoliDateD financial statements
The liabilities from finance leases and their maturities are as follows:
in TEUR 31 Dec. 2009
in TEUR 31 Dec. 2008
The leases do not include any agreements on conditional lease payments.
31 Other financial liabilities
in TEUR 31 Dec. 2009 31 Dec. 2008
Derivatives designated
as hedging instruments
measured at fair value
Forward exchange transactions
Derivatives at fair value
through profit or loss
Forward exchange transactions
present value interest payment amount
Maturity 2010 14,931 2,090 17,021
2011 - 2014 30,516 3,503 34,019
After 2014 9,663 2,479 12,142
total 55,110 8,072 63,182
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
non-current Current total non-current Current total
0 0 0 6,512 6,761 13,273
0 6,050 6,050 0 0 0

32 Tax liabilities
in TEUR 2009 2008
As at 1 Jan. 13,525 10,837
Changes consolidated group 690 0
Change in exchange rate -4 -80
Additions 5,973 7,394
Used -11,473 - 4,626
Released 0 0
As at 31 Dec. 8,711 13,525
33 Trade payables and other liabilities
in TEUR 31 Dec. 2009 31 Dec. 2008
Advances
received
non-current Current total non-current Current total
6 89,482 89,488 3,345 98,708 102,053
Trade payables 9,854 642,655 652,509 6,852 585,114 591,966
Liabilities
towards affiliated
companies
Liabilities towards
associates
0 3,615 3,615 0 1,481 1,481
0 81,905 81,905 0 75,170 75,170
Other liabilities 971 243,383 244,354 974 232,215 233,189
total 10,831 1,061,040 1,071,871 11,171 992,688 1,003,859
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 51,756 (2008: TEUR 50,814) are included in trade
payables.
117

notes to the consoliDateD financial statements
34 Other liabilities
in TEUR 31 Dec. 2009 31 Dec. 2008
Tax liabilities (without
income taxes)
Liabilities relating to
social security
Liabilities towards
employees
non-current Current total non-current Current total
0 105,037 105,037 0 87,315 87,315
0 25,381 25,381 0 26,140 26,140
0 38,452 38,452 0 38,919 38,919
Unused leave liabilities 0 24,716 24,716 0 22,766 22,766
Hours in lieu liabilities 0 5,509 5,509 0 5,061 5,061
Liabilities from legal
and consulting expenses
0 5,198 5,198 0 6,587 6,587
Other 971 39,090 40,061 974 45,427 46,401
total 971 243,383 244,354 974 232,215 233,189
35 Financial instruments
35.1 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.
35.2 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.

35.3 Categories of financial instruments
in TEUR 31 Dec. 2009 31 Dec. 2008
FinAnCiAl AssEts
Held for trading purposes 1,005 969
Derivatives at fair value through profit or loss 171 0
Derivatives designated as hedging instruments in fair value hedge
accounting relationships
138 0
Loans and receivables 1,179,445 1,208,219
Financial assets available for sale 20,591 23,260
FinAnCiAl liABilitiEs
Derivatives at fair value through profit or loss 6,050 0
Derivatives designated as hedging instruments in fair value hedge
accounting relationships
0 13,273
Financial liabilities valued at amortised cost 1,483,962 1,581,654
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.
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 2009 had
been 5 % higher (lower) than it actually was, the result would have increased (decreased) by 9.3 Mio.
EUR (2008: 6.2 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 0.2 Mio. EUR (2008:
2.7 Mio. EUR). This effect mainly results from changes in the evaluation of the Net investment.
Major incongruities in currencies for large-scale projects are analyzed and hedged on transaction basis.
For existing EUR/PLN forward exchange contracts with expected cash flows in the amount of 43.9
Mio. EUR in 2010 resulting from the Polish A1 project the terms of hedge accounting are not applicable
any more because of termination of the underlying transaction in December. These contracts are now
disclosed as Held for Trading consequently the fair value in the amount of -5.9 Mio. EUR is recognised
through profit and loss.
119

notes to the consoliDateD financial statements
On 31 December 2009 forward exchange transactions existed in SGD and CHF to hedge intra-groupcurrency-liabilities.
The fair value is hedged and the corresponding results of both, the underlying transaction
and the hedging instrument, are recognised through profit and loss. The principal terms of the
forward exchange contract comply with those of the hedged liability. The following hedging activities
were carried out in 2009.
Currency nominalvalue in tEur
SGD 13,904
CHF 16,415
35.5 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 analyzed by the use of sensitivity analysis in accordance with IFRS 7. 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 in 2009 had been 100 basis
points higher (lower), the result would have decreased (increased) by 2.9 Mio. EUR (2008: by 2.9 Mio.
EUR). This can primarily be seen as a result from taking out credits and loans with variable interest rates.
35.6 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 regions.
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.
35.7 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 in 2009 through a lower net debt.
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. 2009
Trade liabilities and other liabilities 1,061,040 10,831 0 1,071,871
Bank liabilities 118,200 196,447 19,682 334,329
Liabilities due to finance leases 17,021 34,019 12,142 63,182
total 1,196,261 241,297 31,824 1,469,382
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
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 2010.
121

notes to the consoliDateD financial statements
35.8 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 2009.
36 Other information
36.1 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 Dec. 2009 31 Dec. 2008
Due within 1 year 21,935 14,142
Due in 1-5 years 51,576 34,400
Due in more than 5 years 5,119 6,872
total 78,630 55,414
Purchase obligations only exist within the framework of normal business activity.
36.2 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
110,260 (2008: TEUR 70,029).
36.3 Expenses for audit of the consolidated financial statements
in TEUR 2009 2008
Audit 484 532
Other assurance services 213 243
Tax advisory services 4 6
Other services 19 30
total 720 811

36.4 Pending litigation
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.
36.5 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 2009. There is a risk of recourse claim through the endorser up until the bills mature 31 May
2010.
Receivables against Mr. Dietmar Aluta-Oltyan amount to TEUR 472.
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 3,591 (2008: TEUR 5,327).
The supervisory board members of Alpine Holding GmbH did not receive any remuneration in 2009.
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.
123

notes to the consoliDateD financial statements
36.6 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
mrs. Alicia Alcocer Koplowitz / Member (from 31. July 2009)
mr. Alfred Gusenbauer / Member (from 31. July 2009)
mr. Jose manuel Burgos / Member (from 31. July 2009)
36.7 Management
mr. Werner Watznauer
37 Significant events after the balance sheet date
There were no significant events after the balance sheet date.
Wals bei Salzburg, 29 March 2010
Alpine Holding GmbH
The Management Board
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 fiscal year from 1 January
2009 to 31 December 2009. These consolidated financial statements comprise the consolidated balance sheet as of 31 December 2009, the consolidated
income statement, the consolidated statement of comprehensive income, the statement of changes in equity and the consolidated cash
flow statement for the year ended 31 December 2009 and a summary of significant accounting policies and other explanatory notes.
Management’s Responsibility for the Consolidated Financial Statements and for the Accounting System
The Company’s management is responsible for the group accounting system and for the preparation and fair presentation of these consolidated
financial statements in accordance with International Financial Reporting Standards (IFRSs) as adopted by the EU. This responsibility includes:
designing, implementing and maintaining internal control relevant to the preparation and fair presentation of consolidated financial statements that
are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting
estimates that are reasonable in the circumstances.
Auditor’s Responsibility and Description of Type and Scope of the Audit
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, as well as in accordance with International Standards on Auditing
(ISAs) issued by the International Auditing and Assurance Standards Board (IAASB) of the International Federation of Accountants (IFAC). Those
standards require that we comply with professional guidelines and that we plan and perform the audit to obtain reasonable assurance whether the
consolidated 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 consolidated
financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Group’s
preparation and fair presentation of the consolidated financial statements in order to design audit procedures that are appropriate in the circumstances,
but not for the purpose of expressing an opinion on the effectiveness of the Group’s internal control. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall
presentation of the consolidated financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Opinion
Our audit did not give rise to any objections. In our opinion, which is based on the results of our audit, the consolidated financial statements comply
with legal requirements and give a true and fair view of the financial position of the Group as of 31 December 2009 and of its financial performance
and its cash flows for the fiscal year from 1 January 2009 to 31 December 2009 in accordance with International Financial Reporting Standards
(IFRSs) as adopted by the EU.
Without qualifying our opinion we draw attention to paragraph 5.20. of the notes to the consolidated financial statements, describing the uncertainties
related to the outcome of a possible lawsuit and the recoverability of current receivables in connection with a substantial project under dispute
in Poland.
Comments on the management report for the Group
Pursuant to statutory provisions, the management report for the Group is to be audited as to whether it is consistent with the consolidated financial
statements and as to whether the other disclosures are not misleading with respect to the Company’s position. The auditor’s report also has to
contain a statement as to whether the management report for the Group is consistent with the consolidated financial statements.
In our opinion, the management report for the Group is consistent with the consolidated financial statements.
Vienna, 29 March 2010
Deloitte Audit Wirtschaftsprüfungs GmbH
Michael Schober m.p. ppa Nikolaus Müller m.p.
Certified Public Accountant Certified Public Accountant
This English translation of the audit report was prepared for the client‘s convenience only. It is no legally relevant translation of
the German audit report.
125

list of inVestments
Company Domicile
AustriA
nominal capital
in 1,000 Cu
Effective percentage
of ownership
type of
consolidation
3 G Netzwerk - Errichtungs GmbH Vienna EUR 35 76.65% N
3 G Netzwerk - Errichtungs GmbH & Co KG Vienna EUR 20 76.65% C
ABO Asphalt-Bau Oeynhausen GmbH Oeynhausen EUR 73 17.25% AE
ACOTON - IMM Projektrealisierung GmbH Salzburg EUR 35 36.42% N
ACOTON Projektmanagement & Bauträger GmbH Salzburg EUR 37 76.65% C
Ahrental Abbau- und Aufbereitungsgesellschaft m.b.H. Innsbruck EUR 35 15.71% N
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
ALPINE BeMo Tunnelling GmbH *) Innsbruck EUR 2,500 75.88% C
ALPINE Liegenschaftsverwertungs GmbH Salzburg EUR 37 76.65% N
Alpine-Rossiskaya GmbH Vienna EUR 18 39.09% N
ALTEC Umwelttechnik GmbH Vienna EUR 614 76.65% C
AMF - Asphaltmischanlage Feistritz GmbH Graz EUR 35 38.33% N
AMW Asphaltwerk GmbH Weitendorf EUR 727 16.86% AE
Annaberger Zwieselalmbahnen Gesellschaft m.b.H. Annaberg EUR 36 19.16% N
APT Alpine Project Technology GmbH *) Salzburg EUR 50 76.65% C
Asphaltlieferwerk Leibnitz Baugesellschaft m.b.H. Leibnitz EUR 73 17.25% N
Asphaltmischwerk Betriebsgesellschaft m.b.H. Rauchenwarth EUR 36 15.33% N
Asphaltmischwerk Betriebsgesellschaft m.b.H. & Co KG Rauchenwarth EUR 727 15.33% AE
Asphaltmischwerk Greinsfurth GmbH Amstetten EUR 40 19.16% N
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
notes to the consoliDateD financial statements
Vienna EUR 70 38.33% AE
Vienna EUR 70 15.33% AE
Asphaltmischwerk Steyregg GmbH Linz EUR 35 15.33% N
Asphaltmischwerk Steyregg GmbH & Co KG Linz EUR 454 15.33% AE
Asphaltwerk Sierning GmbH Linz EUR 35 30.66% AE
AWT Asphaltwerk GmbH Stadtschlaining EUR 700 25.30% AE
AWW Asphaltmischwerk Wölbling GmbH Linz EUR 36 38.33% AE
Bautechnische Prüf- und Versuchsanstalt Gesellschaft m.b.H. Himberg EUR 36 76.65% C
Bewehrungszentrum Linz GmbH Linz EUR 35 76.65% C
Blumauerplatz Beteiligungs- Holding GmbH Linz EUR 35 25.55% N
Blumauerplatz Immobilien Projektentwicklungs GmbH Linz EUR 35 25.61% N
Bonaventura Straßenerhaltungs-GmbH *) Vienna EUR 35 19.16% AE
Bonaventura Straßenerrichtungs-GmbH Vienna EUR 1,800 34.03% 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 & Essl GmbH Salzburg EUR 40 68.99% C

Company Domicile
nominal capital
in 1,000 Cu
Effective percentage
of ownership
127
type of
consolidation
Emberger & Heuberger Bau GmbH Salzburg EUR 99 68.99% C
EVG Energieversorgung GmbH Krems EUR 35 30.66% N
EVU Energieversorgung GmbH Weitra EUR 35 18.40% N
EVW Energieversorgung GmbH Zwettl EUR 35 24.91% N
Fels- und Sprengtechnik Gesellschaft m.b.H. Linz EUR 145 76.65% N
Ferro-Betonit-Werke Immobilien Gesellschaft m.b.H. Linz EUR 36 76.65% N
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
Gaspix Beteiligungsverwaltungs GmbH Zirl EUR 35 19.55% N
Gasteiner Badesee Errichtungs- und Betriebsgesellschaft m.b.H.
& Co. KG.
Badgastein EUR 182 19.91% N
Geotechnik Systems GmbH Vienna EUR 36 76.65% C
Grund- und Sonderbau GmbH Himberg EUR 218 76.65% C
Grund-, Pfahl- und Sonderbau GmbH Vienna EUR 365 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. Zams EUR 40 19.16% N
Kieswerk - Betriebs - Gesellschaft m.b.H. & Co. Kommanditgesellschaft
Zams EUR 80 17.25% AE
Klöcher Baugesellschaft m.b.H. Klöch EUR 100 76.65% C
Konrad Beyer & Co Spezialbau GmbH Linz EUR 40 76.65% C
Lieferasphaltgesellschaft JAUNTAL GmbH Klagenfurt EUR 36 18.40% AE
MAS Bau-Projekt und Handelsgesellschaft m.b.H. Vienna EUR 36 76.65% N
Mayreder Hoch- und Tiefbau GmbH Salzburg EUR 35 76.65% N
MLA Lieferasphalt GmbH *) Salzburg EUR 40 76.65% C
MSO Mischanlagen Süd-Ost Betriebsgesellschaft m.b.H. und Co KG Pinkafeld EUR 3,270 8.43% AE
Murgalerien Errichtungs- und Verwertungs- GmbH Unterpremstätten EUR 35 38.33% N
MWG Wohnbaugesellschaft m.b.H. Graz EUR 1,090 76.65% C
OEKOTECHNA Entsorgungs- und Umwelttechnik Gesellschaft m.b.H. Perchtoldsdorf EUR 727 76.65% C
Paltentaler Beton Erzeugungs GesmbH Rottenmann EUR 365 18.40% AE
PEM Projektentwicklung Murgalerien GmbH Unterpremstätten EUR 35 38.33% N
PEM Projektentwicklung Murgalerien GmbH&CoKG Unterpremstätten EUR 1 38.33% N
PORR ALPINE Austriarail GmbH Salzburg EUR 37 38.33% AE
Pro Part in Austria Handels GmbH *) Hohenems EUR 35 76.65% C
Project Development GmbH Salzburg EUR 37 76.65% C
Raststätten Betriebs GmbH *) Vienna EUR 35 38.33% AE
RBA - Recycling u. Betonanlagen GmbH & Co KG Zirl EUR 581 18.40% AE
RFM Asphaltmischwerk GmbH Wienersdorf-Oeynhausen EUR 73 25.55% N
RFM Asphaltmischwerk GmbH & Co KG Wienersdorf-Oeynhausen EUR 363 25.55% AE

notes to the consoliDateD financial statements
Company Domicile
nominal capital
in 1,000 Cu
Effective percentage
of ownership
type of
consolidation
RT-Kai Beteiligungs- GmbH Linz EUR 35 38.33% N
Rußbacher Schilift Gesellschaft mit beschränkter Haftung & Co. KG Rußbach EUR 2,355 16.70% N
Schaberreiter GmbH Kindberg EUR 38 8.43% 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
Transportbetongesellschaft m.b.H. Nussdorf EUR 37 12.26% N
UKH-Linz Errichtungs- und Vermietungs-GmbH Linz EUR 1,497 25.55% N
Universale Bau GmbH Salzburg EUR 50 76.65% C
Waldviertler Lieferasphalt GmbH Horn EUR 40 38.33% N
Waldviertler Lieferasphalt GmbH & Co KG Horn EUR 150 38.33% AE
Weinfried Bauträger GmbH Vienna EUR 36 76.65% C
GErmAny
AE StadtLandGmbH Dresden EUR 256 39.03% AE
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 Building Services GmbH *) Eching EUR 25 78.05% 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
Alpine Untertagebau GmbH Eching EUR 26 75.88% C
CSS - City Service Solution GmbH *) Gerichshain EUR 103 76.65% C
E. Gottschall & Co GmbH Eching EUR 26 100.00% C
Ferro-Betonit Baugesellschaft mbH Munich EUR 26 76.65% N
Ingenieurbüro für Energie- und Haustechnik Andreas Duba GmbH Tröbnitz EUR 25 70.25% N
Stump Spezialtiefbau GmbH Ismaning EUR 4,000 76.65% C
TSK Sand und Kies GmbH Trostberg EUR 153 25.55% N
Walter Hamann Hoch-, Tief- und Stahlbetonbau GmbH Berlin EUR 26 78.05% C
WaTI Patentverwertungs GmbH Eching EUR 25 78.05% N
W+M Wohn- und Gewerbebau GmbH Munich EUR 51 45.99% N
Ziegelwerk Freital Eder GmbH Freital EUR 511 31.22% AE
AlBAniA
Alpine Tirana Sh.p.k. Tirana ALL 615 76.65% N
BosniA-HErZEGoVinA
ALPINE BH doo Travnik Travnik BAM 10 53.66% N
Alpine d.o.o. Banja Luka *) Banja Luka BAM 2 76.65% C
Alpine Investment d.o.o. Sarajevo BAM 5 39.09% C

Company Domicile
nominal capital
in 1,000 Cu
Effective percentage
of ownership
129
type of
consolidation
Alpine Rudnik Krecnjaka Lapisnica d.o.o. Sarajevo BAM 2 39.09% C
OSIJEK-KOTEKS d.o.o. Sarajevo BAM 2 53.40% N
RMG d.o.o. Sarajevo BAM 5 39.09% C
SWIETELSKY - ALPINE d.o.o. Banja Luka BAM 2 32.58% N
BulGAriA
Alpine Bulgaria A.D. Sofia BGN 3,855 39.09% C
ALPINE - PONS GmbH Sofia BGN 5 39.09% N
Strojinvest - ALPINE GmbH Sofia BGN 5 38.33% N
CHinA
Alpine Mayreder Construction Co. Ltd. AMCC Beijing CNY 30,000 57.49% C
CroAtiA
Asfaltna Cesta d.o.o. Split HRK 20 53.40% C
AUTOBUSNI KOLODVOR OSIJEK d.o.o. Osijek HRK 20 53.40% N
Kappa d.o.o. Osijek HRK 20 53.40% C
Osijek Koteks d.d. Osijek HRK 44,790 53.40% C
OSIJEK-KOTEKS d.o.o. Zagreb HRK 4,570 53.40% C
Vela Borovica koncern d.o.o. Zagreb HRK 20 76.65% C
VELICKI KAMEN d.o.o. *) Velika HRK 18,382 53.40% C
CZECH rEpuBliC
Alpine stavebni spolecnost CZ s.r.o. Valasske Mezirici CZK 135,000 76.65% C
Mayreder Praha stavebni spolecnost spol.s r.o. Prague CZK 1,000 76.65% N
MAYREDER BOHEMIA stavebni spolecnost spol. s. r.o. Prague CZK 100 76.65% N
Silasfalt s.r.o. Ostrava-Kuncice CZK 64,000 38.33% AE
Stump - Geospol s.r.o. Prague CZK 3,500 76.65% C
ZNOJMO - CITY a.s. Brno CZK 1,000 38.33% N
GrEAt BritAin
Morgan Beton and Monierbau Limited Edinburgh GBP 25 37.94% N
HunGAry
Alpine Hungária Épitö Kft. Budapest HUF 118,060 76.65% C
BA-ÉP Balaton Aszfalt - és Épitö Kft. Keszthely HUF 9,300 38.33% N
Wellnesshotel Építo Kft. *) Budapest HUF 3,000 76.65% C
inDiA
Alpine Bau India Private Limited *) New Delhi INR 100 76.65% C

Company Domicile
itAly
nominal capital
in 1,000 Cu
Effective percentage
of ownership
type of
consolidation
ALPINE-ENERGIE Solar Italia S.R.L *) Bozen EUR 10 76.65% C
luxEmBourG
notes to the consoliDateD financial statements
Alpine Energie Luxembourg S.a.r.l. Foetz EUR 375 76.65% C
mACEDoniA
Alpine-Aleksandar d.o.o. Skopje MKD 310 73.58% C
ALPINE MINERALNI SUROVINI DOOEL Skopje MKD 306 76.65% N
Alpine Skopje DOOEL Skopje MKD 306 76.65% C
montEnEGro
Alpine-Podgorica d.o.o. Podgorica EUR 1 76.65% C
nEtHErlAnDs
Stump - Fundierungstechnik B.V. Amsterdam EUR 25 76.65% N
polAnD
ALPINE Bau GmbH A-1 spólka jawna Warsaw PLN 15 76.65% C
ALPINE Construction Polska Sp.z o.o. *) Cracow PLN 196 78.05% C
Alpine Green Energia Sp.z.o.o. Piotrków Trybunalski PLN 100 38.33% N
Alpine-Slask Budowa Sp.z.o.o. *) Myslowitz PLN 50 76.65% C
Stump Hydrobudowa Sp.z.o.o. Warsaw PLN 330 76.65% C
romAniA
Alpine S.A. Judetul Ilfov RON 3,747 76.65% C
ANDEZIT STANCENI S.R.L. *) Judetul Mureş RON 1 76.65% C
DONAU INVESTMENT S.R.L. Bucharest RON 1 38.33% N
GRANITUL S.A. Bucharest RON 12,256 32.14% N
russiA
OOO "Alpine Mayreder" Moscow RUB 10 76.65% C
SAO Alpine Gaz Moscow RUB 1,500 30.66% N
sErBiA
Alpine Dolomit A.D. Petrovac na Mlavi CSD 29,701 76.45% C
Alpine d.o.o. Beograd Belgrade CSD 831,496 76.65% C
Alpine Granit d.o.o. Ljubovija CSD 93,614 76.65% C
Alpine-Porr Constructions d.o.o. Belgrade CSD 835 76.65% N
Alpine PZPB d.o.o. Beograd Belgrade CSD 319 76.65% C
Grados d.o.o. Novi Sad CSD 45 53.40% N
SEVER-JUG AUTOPUT d.o.o. Belgrade CSD 159,553 38.33% N
Strazevica A.D. Batocina CSD 263,971 45.77% C

Company Domicile
sloVAKiA
nominal capital
in 1,000 Cu
Effective percentage
of ownership
131
type of
consolidation
Alpine Slovakia spol.s.r.o. Bratislava EUR 11,350 76.65% C
PPE Malzenice s.r.o. *) Bratislava EUR 20 38.33% AE
sloVEniA
Alpine Consulting d.o.o. Celje EUR 9 76.65% C
Ecoenergetika d.o.o. Celje EUR 41 76.65% C
sWitZErlAnD
Alpine-Bau GmbH Hergiswil CHF 100 76.65% C
Alpine-Energie Schweiz AG Oftringen CHF 1,500 76.65% C
PRO-PART AG *) Oberschan CHF 100 76.65% C
PRO-PART Energie GmbH *) Oberschan CHF 30 76.65% C
uKrAinE
TOV Alpine Ukraine Kiev UAH 175 76.65% N
Caption for classification of the companies
C = Consolidated
AE = Accounted for at equity
N = Not consolidated companies
*) New companies within the consolidation range

information
anD contacts
133

information anD contacts
alpine locations
alpine Bau Österreich
Salzburg
+43 662 8582-0
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
alpine railway
construction
ALPINE Railway Construction
Traun
+43 732 370537-400
SCHAUER Railway Construction
Traun
+43 732 384543-0
Gregorich GmbH
Traun
+43 732 384543-0
Universale Bau GmbH
Branch office Railway Construction
Salzburg-Wals
+43 662 46999
ALPINE Railway Construction Romania
Timisoara
+40 256294798
alpine-energie
ALPINE-ENERGIE Holding AG
Biberach/Riss, Germany
+49 7351 579-0
ALPINE-ENERGIE Österreich GmbH
Linz
+43 732 90610
ALPINE-ENERGIE Schweiz AG
Oftringen
+41 62 788 90 00
ALPINE-ENERGIE Luxemburg S.a.r.l.
Foetz
+352 556585
alpine Bemo
tunnelling gmbh
ALPINE BeMo Tunnelling GmbH
Innsbruck, Österreich
+43 512 3311-0
ALPINE BeMo Tunnelling GmbH
Salzburg, Österreich
+43 662 8582-442
ALPINE Beton- und Monierbau Tunnelling GmbH
Österrike, Sverige Filial, Schweden
+46 31 94 98 80
ALPINE BeMo Tunnelling GmbH
Niederlassung West, Deutschland
+49 2389 95390-0
foundation engineering
Grund-, Pfahl- und Sonderbau GmbH
Himberg, Austria
+43 2235 87777
STUMP Spezialtiefbau GmbH
Ismaning, Germany
+49 89 960 701-0
Stump-Geospol s.r.o.
Brněnské Ivanovice, Czech Republic
+420 545 558 000
Stump-Hydrobudowa Sp. z.o.o.
Warszawa, Poland
+48 22 559 60 17
GSB Grund- und Sonderbau GmbH
Berlin, Germany
+49 30 530 060

alpine Bau international
ALPINE Bau Deutschland AG
Eching, Germany
+49 89 327 11-0
ALPINE Bau GmbH
Hergiswil, Switzerland
+41 41 630 4220
ALPINE Bau GmbH
Branch Office Tirana, Albania
+355 42 340 235
OOO „ALPINE Mayreder”
Moskau, Russia
+7 495 730 1223
ZAO „ALPINE-GAZ”
Moskau, Russia
+7 495 984 58 88
ALPINE Bau GmbH
Celje, Slovenia
+386 3 42 88 270
ALPINE Bau GmbH
Podružnica Zagreb, Croatia
+385 1 53 92 200
ALPINE d.o.o. Beograd
Beograd, Serbia
+381 11 3345 594
ALPINE Investment d.o.o.
Sarajevo, Bosnia and Herzegovina
+387 33 25 12 90
ALPINE d.o.o.
Banja Luka, Bosnia and Herzegovina
+387 51 232 930
ALPINE Podgorica d.o.o.
Podgorica, Montenegro
+382 20 613 401
ALPINE Skopje dooel Skopje
Skopje, Macedonia
+389 2 324 5856
ALPINE Ślask-Budowa Sp. z o.o.
Myslowice, Poland
+48 32 223 71 15
ALPINE Construction Polska Sp. z o.o.
ul. 29 Listopada 10
00-465 Warszawa
+48 22 559 64 50
ALPINE Construction Polska Sp. z o.o.
ul. Starowiślna 79
31-052 Krakow
+48 12 356 10 20
ALPINE Abu Dhabi branch office
Abu Dhabi, UAE
+971 2 445 4967
ALPINE Bau GmbH
Cankaya/Ankara, Turkey
+90 312 4463847
ALPINE Bau GmbH
Singapore
+65 6297 2998
ALPINE Bau GmbH
Neu Delhi, India
+91 11 43596115
TOV ALPINE Ukraine
Kiev/Lviv, Ukraine
+38 032 235 29 34
ALPINE Romania SA
Mogosoaia, Romania
+40 31 228 7508
ALPINE Hungária Építő Kft.
Budapest, Hungary
+36 1 666 7500
ALPINE Slovakia, spol s.r.o.
Bratislava, Slovakia
+421 2 581 015-15
ALPINE Bau GmbH
Branch Bulgaria
+359 2 81886-0
ALPINE Bulgaria A.D.
Sofia, Bulgaria
135
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

inDeX
Added value // 023 / 027 / 038 / 139
AlpinE-EnErGiE // 019 / 023 / 024 / 027 / 037 / 040 / 081 / 082 / 128 / 129 / 130 / 135 / 137
AlpinE railway Construction // 022 / 033 / 040 / 055
ArB / AlpinE raw material procurement & construction material production // 038 / 137
Atm / AlpinE technologie management // 039 / 042 / 137
Bitumen // 038 / 054 / 137
Bot / Build-operate-transfer-modell // 027 / 038 / 040 / 137
Business areas // 019 / 031 / 037 / 067
Business cycle // 029 / 054 / 055 / 056 / 057 / 058 / 067 / 071
Consolidation // 025 / 086 / 123
information anD contacts
Construction output // 022 / 023 / 025 / 026 / 027 / 028 / 031 / 038 / 043 / 058 / 062 / 063 / 067 / 071 / 074 / 095 /
137 / 139
EBt // 022 / 137
Employees // 019 / 023 / 025 / 026 / 027 / 039 / 041 / 042 / 043 / 044 / 045 / 046 / 047 / 048 / 049 / 051 / 059 /
065 / 068 / 070 / 085 / 090 / 096 / 118
Energy // 004 / 013 / 023 / 035 / 037 / 048 / 049 / 056 / 059 / 137 / 138 / 139
Environment // 015 / 048 / 049 / 069
Equipment and machinery // 039 / 040 / 063 / 085 / 086 / 096 / 102 / 103 / 138
Equity method // 080 / 086 / 088 / 138
Facility management // 027 / 037 / 038
FCC Group // 041 / 084 / 123 / 138
Financing // 027 / 038 / 041 / 057 / 058 / 064 / 066 / 077 / 119 / 137 / 138
Growth // 019 / 023 / 026 / 028 / 029 / 054 / 055 / 056 / 058 / 059 / 060 / 061 / 071
iAsB / international Accounting standards Board // 080 / 084 / 138
iFrs / international Financial reporting standards // 025 / 080 / 082 / 088 / 092 / 093 / 094 / 119 / 120 / 138
income statement // 062 / 082 / 138
infrastructure // 022 / 023 / 027 / 028 / 029 / 031 / 038 / 054 / 055 / 056 / 057 / 058 / 059 / 060 / 061 / 071 / 138
innovation // 019 / 033 / 040 / 042
market // 019 / 022 / 023 / 026 / 027 / 028 / 029 / 037 / 038 / 040 / 041 / 047 / 054 / 056 / 057 / 059 / 067 / 088
mtA / mechanical Department // 039 / 138
ppp / public private partnership // 027 / 031 / 038 / 040 / 055 / 138 / 139
research // 027 / 039 / 040 / 041 / 042 / 070
resources // 027 / 038 / 040 / 048 / 137
responsibility // 027 / 042 / 043 / 048 / 065
revenuev062 / 074 / 075 / 083 / 084 / 089 / 092 / 093 / 095 / 096 / 098 / 099 / 100 / 112 / 113 / 137
supervisory Board // 019 / 025 / 048 / 065 / 123 / 124
sustainability // 048 / 138
training // 045 / 068
safety // 017 / 031 / 033 / 046 / 118 / 120 / 140
special solutions // 035 / 048
turnover // 041 / 074 / 095

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.
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
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.
137

information anD contacts
EnErGy pErFormAnCE CErtiFiCAtE An energy performance certificate states the energy
consumption per square meter of effective area and year. Additionally, it provides basic information
on the energetic qualities of a building and allows an estimation of future energy costs and incidental
expenses. The Energy Conservation Act (Energieeinsparverordnung – EnEV) regulates in Germany the
issuance, use, principles and the basis of the energy performance certificate. In Austria, this is regulated
according to individual state laws and the Energy Performance Certificate Presentation Act (Energieausweis-Vorlage-Gesetz
– EAVG). These legal acts are meant to implement the EC-Directive 2002/91/EC
(EPBD Energy Performance of Buildings Directive) as national laws on the overall efficiency of buildings.
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.
Joint VEnturE A subsidiary formed by at least two legally and economically independent companies.
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 en-
ergy, 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 S1
East, S1 West, S2 and the A5 towards Czech Republic, from Eibesbrunn up to Schrick and thus the
largest construction site in Middle Europe were completed in only 37 months. The PPP Eastern Region
Project Y was opened for traffic on schedule.

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.
rEnEWABlE EnErGy sourCEs Renewable energy sources refers to energy generated from sources
that either renew themselves within a short period of time or that do not exhaust the resource through
its usage. Consequently, these are sustainably available energy sources. This includes, but is not limited
to hydropower, solar energy and geothermal energy (heat in the bowels of the earth).
sEE South-eastern Europe.
smArt mEtErinG Smart meters are electronic electricity meters that can be digitally and remotely
read and software processed by the public utility company via an additional function or a subsequently
installed module. In addition to the mere use of a smart meter to measure energy consumption, it is also
possible to intelligently monitor a household’s consumption of water, gas or heat. This new technology
should enable private and special customers to control and reduce their energy consumption, very
much as intended by the Integrated Energy and Climate Package and by the European Energy Efficiency
Directives.
suBContrACtors Specialised companies are commissioned for various projects. ALPINE
subcontracts around 40% of its work.
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.
tElEmAtiCs Formed from the two words telecommunication and informatics (computer science). This
is a new technology linking telecommunication and informatics.
VAluE-ADDED CHAin A value-added chain describes the steps of an operations management pro-
cess, from acquisition through production up to the customer.
Wu-DiFFErEnZEn (CurrEnCy ConVErsion DiFFErEnCEs) Currency conversion differences are
identified as a separate component of equity capital.
139

imprint
puBlisHEr
AlpinE Holding GmbH · Marketing & Corporate Communication
Alte Bundesstraße 10 · 5071 Wals bei Salzburg · Austria · Telephone +43 662 8582-0 · Fax -9900
marketing@alpine.at · www.alpine.at
ConCEpt & rEAlisAtion
mensalia unternehmensberatung // Concept, Consulting
rosebud, inc. // Creative concept
AlpinE // Text: Andreas Eder, Karin Keglevich, Marina Pollhammer // Design: Florian Frandl
Friedrich VDV // Printing
pHotoGrApHy
Andreas Hofer // Concept photo gallery
Alexander Vorderleitner // Portrait ALPINE Management
AlpinE photo archive // Remaining photos
notiCE
questions: Please contact Andreas Eder, E-Mail: andreas.eder@alpine.at / Telephone +43 662 8582-280
Gender neutral wording: To make reading easier we did not differentiate between the genders. Terms apply
equally to both genders within the meaning of equal treatment.
safety: All safety regulations have been complied with during the shooting of pictures displayed.
notice concerning the rounding of figures: The use of rounded amounts and percentages may lead to slight
deviations because of financial rounding.
© 2010 AlpinE Holding GmbH
The German version applies in case of any differences.
Typographical and printing errors subject to change.

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