Annual Report 2014 1

Y E A R S
KEY FIGURES 2010—2014
INCOME
in EUR million
2010 2011 2012 2013 2014

Sales revenues 140.8 172.0 171.8 197.4 250.2
thereof national, (%) 7.7 8.9 6.4 4.4 3.4
thereof international, (%) 92.3 91.1 93.6 95.6 96.6
EBITDA 15.1 12.5 10.1 14.4 15.8
EBT 11.0 8.7 6.1 11.1 11.8
Consolidated result 7.9 7.0 4.9 9.7 8.6
ROSEBT (%) 7.8% 5.1% 3.6% 5.6% 4.7%
ROEEBT (%) 27.5% 19.9% 14.1% 22.7% 24.2%
ASSETS
in EUR million
2010 2011 2012 2013 2014

Total assets 138.3 149.2 148.3 148.6 161.0
Non-current assets 48.4 48.1 47.2 49.8 50.7
Ratio of equity capital
to non-current assets1) (%) 95.0% 103.5% 106.1% 112.2% 125.2 %
Equity 40.0 43.7 43.4 48.8 55.9
Equity ratio (%) 28.9% 29.3% 29.3 32.8% 34.7%
Investments 6.0 2.9 3.1 6.1 5.0
Depreciation and amortisation 3.4 3.2 3.2 3.1 3.9
Gross cash flow 13.8 10.7 9.0 15.5 14.2
Cash flow from operating activities 7.4 11.4 15.1 22.8 7.1
OTHER KEY FIGURES
2010 2011 2012 2013 2014

Employees as at December 31 (number) 1,074 1,283 1,149 1,207 1,315
Order intake (in EUR million) 218.3 146.6 195.3 222.7 217.6
Order backlog (in EUR million) 249.9 198.6 218.1 230.1 213.0
1)
Equity + social capital (provisions for severance, pension and long-service bonus payments)/non-current assets
SALES REVENUES GROSS CASH FLOW
in EUR million in EUR million
250,2
197,4
171,8
172,0 15,5
140,8 13,8 14,2
10,7
9,0
2010 2011 2012 2013 2014 2010 2011 2012 2013 2014
EBITDA ORDER INTAKE

218,3 222,7
195,3 217,6
15,1 14,4 15,8
146,6
12,5
10,1
2010 2011 2012 2013 2014 2010 2011 2012 2013 2014
EBT ORDER BACKLOG

11,8 249,9
11,0 11,1 218,1 230,1 213,0
198,6
8,7
6,1
2010 2011 2012 2013 2014 2010 2011 2012 2013 2014
WAAGNER-BIRO ANNUAL REPORT 2014
—COMPETENCE
INNOVATION PERFORMANCE—
—The standards of excellence demanded by Waagner-Biro

are uncompromising. That's probably only one of the reasons
we can look back today on 160 years of company history and
enjoy a worldwide reputation. The visionary developments
of the former locksmith's shop provided an excellent founda-
tion for today's designs and constructions in all areas of the
Waagner-Biro Group. In tandem with that, these 160 years
stand for an important piece of contemporary and economic
history.—
02 —COMPETENCE, INNOVATION, PERFORMANCE—
WAAGNER-BIRO ANNUAL REPORT 2014 03
Y E A R S
—COMPETENCE, INNOVATION, PERFORMANCE—
IN THE PAST
—In 2014, Waagner-Biro celebrated its 160th anniversary of
company history. No more than a sustainable idea marked
the beginning – today, our premium steel constructions are
a factor to be reckoned with in the entire world market. What
has always counted since 1854 is a focused and consistent top
performance, resulting in spectacular architectural solutions,
audacious steel and glass technology, visionary stage equip-
ment, pioneering bridge construction and revolutionary
special mechanical engineering.—
Y E A R S
TODAY
—Observing the development of Waagner-Biro, the
fluid transitions are conspicuous – from the tradition of
the past to a successful present and innovative future.
Amazing buildings of state-of-the-art engineering
move the world and make a deep impression. Then and
now. Futuristic architectural visions that seem hardly
realisable turn into landmarks drawing global attention
– premium constructions that leave an enduring imprint
on one and all.—
Y E A R S
LOOKING TOWARDS
A SHINY FUTURE
—Waagner-Biro not only moves the world but is in contin-
ual motion itself, ceaselessly. The knowledge pool serves for
advanced development on the journey into the future. With
1,300 employees from 39 nations at 17 locations, each and
every one of whom are immensely proud to form the sum of
all the parts, together with the unbeatable know-how of all the
individual divisions.—
Borquez Bridge, Patagonia, Chile

–CONTENT–
Foreword by the Managing Board 11
THE COMPANY
Company profile 14
Group structure 14
Governing bodies 14
THE YEAR 2014

Business development 18
Business areas in detail 20
Bridge Systems 21
Stahlbau 26
Stage Systems 32
Qualter Hall 38
Human Resources 42
Corporate Responsibility 44
Compliance 44
Corporate Social Responsibility 44
Outlook 45
CONSOLIDATED FINANCIAL
STATEMENTS
Consolidated statement of financial position 48
Consolidated profit and loss account 50
Consolidated statement of comprehensive income 51
Consolidated statement of cash flows 52
Consolidated statement of changes in equity 53
Notes 54
Auditor´s report 88
Supervisory board report 90
Thomas Jost
Thomas Jost is Chairman of the Board and the Martin Zinner
second largest shareholder in the Waagner-Biro Martin Zinner is CFO of Waagner-Biro Group.
Group through his holding company, which Born in 1969 in Vienna, Austria, he studied
owns a 25% stake. Born in 1971 in Vienna, business management before starting his career
Austria, he studied law and began his career in with Siemens, where he held various positions
tax and legal consulting. before being appointed to Managing Director
After qualifying as a tax consultant, he worked at Gigaset Communications Austria GmbH.
for Waagner-Biro for several years before mov- He has been a Member of the Board at
ing to the Wild Group. He has been the CEO of Waagner-Biro since October 2012.
Liaunig Industrieholding AG since March 2012
and Chairman of the Board at Waagner-Biro
since September 2013.
—MANAGING BOARD MEMBERS

THOMAS JOST AND MARTIN ZINNER …
… on the 2014 fiscal year partners. Likewise, Waagner-Biro is now concentrating

All in all, it has to be said that the performance of the 2014 more and more on projects in which not only one division
fiscal year was an average one. Although the sales revenue but the know-how of several divisions are in demand.
has developed excellently to approx. EUR 250 million, the From this, we expect an improvement in our competitive
Group performance could not be increased to meet the position, since we can offer our customers a wider range of
expectations raised by the sales figures. Order intake was services from a single source.
at a satisfying level, albeit slightly below the previous year's
figure. Despite an increase in sales, the Stahlbau Group was … on the future of Waagner-Biro
not able to achieve the outstanding result of the previous The solid order backlog at the end of 2014 and the existing
year and fell quite short of expectations. Likewise, the business opportunities reinforce our optimistic view of the
Bridge Group did not live up to expectations. This explains future, in spite of the very difficult market environment.
the slight decline in EBT in comparison to the prior year. A Moreover, Europe is slowly recovering, and we assume that
positive mention should be given to the Stage Group, which investments in our business fields will pick up again starting
posted excellent growth rates both in sales and earnings. in 2016. The weakness of the euro helps us at the moment
Our English holding Qualter Hall again proved to be a to offer our services internationally under more favourable
reliable constant, with rising turnover and profits. Incoming conditions. 2015 will be a challenging year.
orders improved substantially year-on-year here as well. The focus will be put on boosting order intake as well as the
All in all, the market environment has considerably wors- finalisation of the two major projects in Stahlbau AG and
ened since the middle of 2014. With regard to our business Bridge Systems AG. Internally, the further standardisation
fields, one reason is the uncertain political situation in of our procedures for increased efficiency and minimisation
Russia, which has had a negative impact on a part of our core of risks will have priority. We will also reinforce our sales
market in the former CIS states. In addition, the sharp drop activities through partnerships to counteract the market
in oil prices since mid-year has resulted in a de facto project f luctuations in the project business. The heightened
stop in all oil-exporting countries. Our markets in the Mid- requirements for construction projects both in terms of
dle East and the CIS states have been heavily impacted by it. technology and applicable standards demand coordination
Europe was again dominated by deep uncertainty in 2014 between developers, planners and the executing companies
owing to the so-called euro crisis. Virtually no investments at an early stage.
were made in our business fields. Despite the challenges During these project-specific early phases, a close relation-
described above, we succeeded in further reducing the net ship to the executing general contractors can be established.
debt of the Group. Such partnerships pursue two objectives: first, to increase
the probability of incoming orders; secondly, to reduce the
… on the market project execution risk.
Despite the great uncertainties prevailing in 2014, the The goals set for medium-term earnings growth will be sus-
strategy of Waagner-Biro, namely divisional positioning and tained, and we will remain firm in consistently pursuing them.
a wide geographical diversification, has resulted in a solid
order intake during the second half of the year. The market
situation is characterised by the fact that there are plenty of
projects on the market; the projects are not being awarded at
present, though, or they are being transferred to a redesign
phase after obtaining the bids. This has resulted in substan-
tial delays in terms of incoming orders. One of the strengths
of Waagner-Biro is building up a very high level of customer
loyalty during these redesign phases and creating real added
value for developers as well as general contractors as project
New Business Aviation Terminal

Baku, Azerbaijan
WAAGNER-BIRO ANNUAL REPORT 2014 —THE COMPANY
THE YEAR 2014
13
CONSOLIDATED FINANCIAL STATEMENTS
—THE
COMPANY—
–COMPANY –GROUP
PROFILE– STRUCTURE–
Waagner-Biro is an international group of companies based CORPORATE STRUCTURE

in Vienna. It looks back on 160 years of experience in steel
and mechanical engineering. The individual business fields Waagner-Biro AG is the parent company of Waagner-Biro
are distinguished through extensive know-how in engi- Group. The holding company is responsible for strategy,
neering and specialisation in technologically sophisticated finance, accounting and controlling, legal affairs, IT, person-
constructions and systems. nel development and Group consolidation. The chart on the
left shows the corporate structure as at December 31, 2014.
The company's portfolio of products and services comprises
the following fields:
BODIES
– Bridge construction
– Steel- and glass architecture SUPERVISORY BOARD
– Stage systems
– Special machinery Mag. Alexander Liaunig
Chairman (since 29 th April 2014)
The portfolio is completed by corresponding maintenance (Vice Chairman until 29 th April 2014)
and service activities.
Dr. Kurt Berger
Waagner-Biro has an outstanding market position in all of Vice Chairman (since 29 th April 2014)
its business fields. The name Waagner-Biro stands for the
highest levels of quality, innovation and reliability. As a glob- Dr. Karl Grabner
ally active organisation, the company maintains a presence (Chairman until 29th April 2014)
with projects in numerous countries on five continents. The
sales volume was approx. EUR 250 million in the 2014 fiscal Herbert Donnersbichler *)
year. Waagner-Biro Group employed 1,314 people working Ing. Thomas Freudensprung *)
at 17 locations in Europe, Asia and the Middle East. *) delegated by the works council
88 projects in 42 countries were managed in 2014.
MANAGEMENT BOARD
Ing. Mag. Thomas Jost

Mag. Martin Zinner, MBA
WAAGNER-BIRO ANNUAL REPORT 2014 —THE COMPANY
THE YEAR 2014
15
P.T. WAAGNER-BIRO
INDONESIA
RI/100 %
WAAGNER-BIRO
PHILIPPINES, INC.
WAAGNER-BIRO RP/100 %
BRIDGE SYSTEMS AG
WAAGNER-BIRO WAAGNER-BIRO
A/100 % GULF L.L.C QATAR WLL
VAE/100 %2) QATAR/49 %
WAAGNER-BIRO
BIN BUTTI ENGINEERING L.L.C
VAE/100 %2)
WAAGNER-BIRO
LIMITED
GB/100 %
WAAGNER-BIRO WAAGNER-BIRO
STAHLBAU AG EMIRATES CONTRACTING L.L.C
A/100 % VAE/100 %2)
WAAGNER-BIRO
SPOLKA Z.O.O.
PL/100 %
WAAGNER-BIRO WBB STAHL- UND

MASCHINENBAU AG I.A
AKTIEN- A/100 %
GESELLSCHAFT,
AUSTRIA 1) WAAGNER-BIRO
IMMOBILIEN-
VERWALTUNGS GMBH
A/100 %
WAAGNER-BIRO WAAGNER-BIRO BAVARIA

AUSTRIA STAGE STAGE SYSTEMS GMBH
SYSTEMS AG D/100 %
WAAGNER-BIRO
A/100 % WAAGNER-BIRO SPAIN STAGE SYSTEMS
STAGE SYSTEMS S.A. (SHANGHAI) CO., LTD.
CHN/100 %
E/100 %
WAAGNER-BIRO UK
STAGE SYSTEMS LTD. 94,99 %
GB/100 %
„OOO WAAGNER-BIRO
WAAGNER-BIRO MOSKAU
LUXEMBOURG STAGE SYSTEMS“
RUS/100 %
STAGE SYSTEMS S.A
L/51 %
5,01 %
QUALTER,
HALL & CO LTD.
GB/100 %
1) 2)
The shareholdings of Waagner-Biro AG in Beteiligungsverwaltungs GmbH (percentage of share 100%) e presentation is done based on business
Th
are not shown due to its minor economic significance ownership (legal ownership is always 49%) As of December 31, 2014
Quantum of the Seas

WAAGNER-BIRO ANNUAL REPORT 2014 THE COMPANY
—THE YEAR 2014
17
YEAR
—THE
2014—
—BUSINESS DEVELOPMENT
2014—
The key operating figures of Waagner-Biro have largely In light of the difficult economic environment, the incoming
developed positively in the 2014 fiscal year. The total sales orders were satisfactory in the period under review, at EUR
revenue rose significantly from EUR 197.4 million to 217.6 million (2013: EUR 222.7 million). The order backlog
EUR 250.2 million (+ 26.7%), thus reaching an all-time was EUR 213.0 million as at December 31, 2014; it was under
high. The Bridge Systems division contributed the most to the previous year's figure of EUR 230.1 million.
this growth. The sales revenue in this division was
EUR 104.3 million and thus 26.8% above the sales revenue Two major internal projects characterised 2014. In the first
of the same period of the previous year (2013: EUR 82.3 project, improved standardisations of the processes across
million). At EUR 71.8 million, the steel construction divi- all divisions and regions were developed so as to direct the
sion (Stahlbau) significantly outperformed the level of 2013 company to success in the coming years. After numerous
(EUR 55.8 million); the Stage Systems division likewise workshops, the results were presented to all employees on
increased substantially by 42.9% to EUR 48.6 million (2013: the strategy day that was held in Vienna in October 2014.
EUR 34.0 million). At EUR 23.1 million, the British holding
Qualter Hall again delivered a stable contribution to the The second company project in 2014 had to do with the
revenue in 2014 (2013: EUR 22.7 million). The remaining implementation of a new ERP (enterprise resource planning)
turnover of EUR 2.4 million is attributed to other holdings. system in order to raise efficiency potentials and carry
forward the establishment of company-wide standards. The
Despite the difficult market environment and challenging system went into operation successfully in early January 2015.
project processes, the Group result rose to EUR 11.8 million
(2013: EUR 11.1 million). “160 Years of Waagner-Biro” was celebrated in October
2014. An anniversary brochure was presented on the occasion,
The profit margin (return on sales, ROS) fell to 4.7% in 2014 covering contemporary and economic history since 1854.
(2013: 5.6%). At 24.2%, the return on equity is likewise The publication also documents the development of
above the figure of the previous year (22.7%). The cash flow Waagner-Biro and the projects over the last 160 years.
from earnings amounted to EUR 14.2 million (2013: EUR
15.5 million); the cash flow from operations to EUR 7.1
million (2013: EUR 22.8 million).
A solid order situation constituted the basis of the business To download the anniversary brochure:
development, a tendency that was carried forward in 2014. http://www.waagner-biro.com/en/company/publications
SALES REVENUES BY BUSINESS AREA

in million EUR
2011 2012 2013 2014
Bridge Systems 59.6 65.5 82.3 104.3
Stahlbau 53.5 49.7 55.8 71.8
Stage Systems 39.7 30.9 34.0 48.6
Qualter, Hall & Co 18.1 23.8 22.7 23.1
Intercompany Sales / miscellaneous 1.1 1.9 2.6 2.4
Waagner-Biro Group 172.0 171.8 197.4 250.2
—THE YEAR 2014
19
SALES REVENUES BY REGION

in million EUR
2011 2012 2013 2014
Austria 15.3 10.9 8.7 8.5
EU 64.6 38.7 60.0 96.6
Rest of Europe 9.5 6.4 10.4 11.4
Asia 28.8 59.1 66.0 44.6
Gulf region 37.4 45.3 41.3 72.5
Africa k.A. 8.3 8.0 10.6
Rest of the world 16.4 3.1 3.0 6.0
Total 172.0 171.8 197.4 250.2
EBT BY BUSINESS AREAS

in million EUR
2011 2012 2013 2014
Bridge Systems 4.0 3.8 4.9 3.5
Stahlbau 4.4 3.7 5.2 1.8
Stage Systems –0.1 0.3 0.9 3.4
Qualter, Hall & Co 1.8 2.1 2.1 2.3
Other –1.4 –3.8 –2.0 0.8
ROEEBT BY BUSINESS AREA

in %
2011 2012 2013 2014
Bridge Systems 21.4 20.3 26.2 18.7
Stahlbau 40.4 33.3 40.3 14.0
Stage Systems – 1.2 3.4 9.8 37.0
Qualter, Hall & Co 22.5 25.3 25.9 29.6
INCOMING ORDERS BY BUSINESS AREAS

in million EUR
2011 2012 2013 2014
Bridge Systems 58.2 89.9 76.3 96.7
Stahlbau 22.6 39.9 82.4 53.8
Stage Systems 47.9 39.1 43.5 45.3
Qualter, Hall & Co 18.4 27.8 21.4 27.6
Internal transactions –0.5 –1.4 –0.9 –5.8
ORDER BACKLOG AT YEAR-END BY BUSINESS AREA

in million EUR
2011 2012 2013 2014
Bridge Systems 49.2 74.1 63.1 62.0
Stahlbau 83.8 65.4 81.9 69.3
Stage Systems 51.5 58.5 66.9 63.4
Qualter, Hall & Co 14.9 20.1 19.3 23.6
Internal transactions –0.3 0.0 –0.1 –5.3
— BUSINESS AREAS
IN DETAIL—
Alexander Kontrus
Member of the Board of
Waagner-Biro Austria
Stage Systems AG, Thomas Jost
born on 28 January 1971,
Chairman of the Board of
has been with Waagner-Biro
Waagner-Biro AG, Johann Siscka
since September 2012
born on 9 April 1971,
at Waagner-Biro Member of the Board of
since July 2012 Waagner-Biro Stahlbau AG,
Martin Zinner born on 17 August 1959,
working for Waagner-Biro
Member of the Board of
since June 1985
Waagner-Biro AG,
born on 15 May 1969, Peter Hackl
working for Waagner-Biro
George Orton since October 2012 Member of the Board of
Waagner-Biro Bridge
Member of the Board Systems AG,
Qualter, Hall & Co Ltd., born on 12 January 1963,
born on 21 January 1953, at Waagner-Biro
has been with Qualter Hall since since July 2007
September 1969
—THE YEAR 2014
21
—BRIDGE
SYSTEMS—
Broad portfolio Service portfolio

“Waagner-Biro Bridge Systems AG benefits from its widely Waagner-Biro Bridge Systems is an internationally active
differentiated portfolio of niche products. While the mova- supplier of steel bridges. The wide range of offers covers all
ble bridges mainly in Europe facilitated a significant rise in essential types of bridges: from system bridges to special
incoming orders from 2009 to 2013, the increase in order bridges (cable-stayed, suspension, arch and other architec-
intake in 2014 was based on the system bridges in Asia, the tural bridges) all the way to movable bridges. With regard
Middle East and Latin America.” to this technologically sophisticated variant, the company
has established itself as a global market leader. The service
“Getting certain projects funded on behalf of the customers portfolio includes construction, conversions, widening or
frequently leads to huge delays or even the cancellation of reinforcement as well as service, maintenance and repairs.
individual orders. Thanks to our broad positioning, this has Through its companies in the United Arab Emirates,
a relatively slight impact on the business of Bridge Systems .” Waagner-Biro is offering additional infrastructure services
as well as marine and environmental technology.
DI Peter Hackl
Member of The Board Waagner-Biro Bridge Systems AG Innovation
Existing technologies are analysed and refined on an ongo-
ing basis to enable us to offer optimal solutions. For instance,
Waagner-Biro is always working on enhancing the
functionality of its standardised bridges and simplifying
their construction. Each order for a special bridge entails
new challenges requiring tailor-made solutions. This is
where Waagner-Biro benefits from its wealth of experience
accumulated over many years of designing and delivering
special bridges with a wide range of specifications. The com-
pany benefits from the mechanical engineering and drive
technology expertise available within the various divisions
of the corporate group.
Business Development River were installed in the Democratic Republic of the Congo
In relation to the sales revenue, the performance during in mid-2014 to the utmost satisfaction of our customer.
the past fiscal year has proven successful for Waagner-Biro
Bridge Systems. It rose 26.8% to EUR 104.3 million (2013: Sales revenues and EBT of Waagner Biro Gulf were approx-
EUR 82.31 million). At EUR 3.5 million, the EBT remained imately the same as in the previous year. Waagner Biro Gulf
distinctly below the level of the previous year (EUR 4.9 million) completed the Camel Race Track bridge for His Highness
and fell far short of expectations. The order backlog dropped Sheik Mohammed bin Rashid Al Maktoum in 2014; the
slightly compared to the previous year and amounts to Jumeirah Laketowers Bridge and several water transport
EUR 62 million (2013: EUR 63.1 million). At EUR 96.7 stations were also erected. The Marine segment carried out
million, the incoming orders were above the previous year's beach expansions and stabilisation for the Hilton Hotel
figure of EUR 76.3 million. in Abu Dhabi. The order intake was satisfactory in 2014;
amongst others, we received an order for 7 foot bridges on
The reason for the negative development of the result was behalf of the Road and Transport Administration in Dubai;
the unforeseeable additional costs incurred by a major project. a 2-year contract for beach fortifications; and the con-
struction of pontoons for yachts at the Dubai International
In the segment of movable bridges, there was only a very Maritime Club.
limited number of invitations to tender worldwide. Although
no incoming order could be posted here in 2014, there are Despite the elections and the usual investment delays
great hopes for the coming years, since projects are already entailed in them, Waagner-Biro Indonesia has posted a
in progress in Germany, Denmark and other countries. The reasonable order backlog year-end 2014; it does not reach
Rethe bascule bridge at the port of Hamburg was to a large the level of the last few years, however. The devaluation of
extent completed. the Indonesian rupiah had a noticeable effect on the political
situation and the willingness to invest in the region. The
Another positive development is that Waagner-Biro Bridge largest project that has been managed here so far was the
System was able to gain a follow-up project in Laos, namely Musi II Bridge, an architectural bridge over the Musi River
a 550-metre modular bridge over the famous Mekong River in Palembang consisting of five impressive arches. Alongside
worth almost EUR 9 million. a great number of system bridges, another architectural
A supply contract with the Ministry of Public Works and bridge could be posted as an order as at the end of 2014.
Transport was concluded in this respect. The handover of
the first modular bridge in Senegal has been quite successful;
a second one is being completed. Modular bridge orders in
Honduras and Ghana are also being processed.
Orders for panel bridges came from Iraq, Costa Rica as well
as Thailand. In Thailand, several projects with various cus-
tomers are implemented every year. 14 major panel bridges
are planned to be delivered to Iraq over the course of 2015
for the reconstruction of the country's infrastructure. With
the receipt of an order for a panel bridge from Costa Rica, a
new market was tapped in Latin America.
A three-panel and a single-panel bridge across the Tshopo
—THE YEAR 2014
23
— TSHOPO RIVER
BRIDGE—
—On October25, 2014, Joseph Kabila, President of the The old structure had to be removed first before the new
Democratic Republic of the Congo (DRC) inaugurated the bridge could be built. This new single-lane Waagner-Biro
Tshopo River Bridge II, a 138-metre long panel bridge de- panel bridge has a road width of 4.2 metres and two exter-
signed and built by Waagner-Biro. It replaces an old, desolate nal footpaths. It withstands truck loads of up to 42 tonnes.
modular bridge that could no longer cope with the greater The spans are 40 metres, 55 metres and 43 metres. They are
demands of higher loads, also in terms of safety. The bridge connected with so-called span junctions.—
connects the third-largest city in the country, Kisangani,
with the Oriental Province.
—PONT DE LA GEÔLE
SENEGAL—
—THE YEAR 2014
25
—The work for the construction of the steel bridges shipped to Senegal by
de la Geole Bridge (French: Pont de la Waagner-Biro, where they are built
Geôle) in St. Louis in northern Senegal under our supervision. With this,
was wrapped up successfully in the Waagner-Biro makes a huge contri-
autumn of 2014. It has a length of 135 bution to the revitalisation of the road
metres and two lanes. It is the first in a network in Senegal, an economically
series of modern and robust modular emerging country.—
—STAHLBAU—
Strength built on a diversified portfolio Service portfolio

“Waagner-Biro is known throughout the world for its excep- Waagner-Biro specialises in filigree steel construction and
tional buildings. Filigree free-form surfaces with complex realises geometrically complex designs of renowned archi-
geometry still count among the most challenging tasks in tects and engineers. Architecturally sophisticated building
our industry. Perhaps less impressive with respect to design, envelopes and heavy architectural steel constructions are
but just as difficult from a technical point of view, are heavy other fields of expertise of Waagner-Biro Stahlbau AG.
steel constructions with high architectural ambitions. Build- Besides planning and development as well as engineering,
ing envelopes of a more simplified geometry are also much we offer comprehensive services in the areas of maintenance,
in demand and prove once more the flexibility Waagner-Biro renovation and modification.
can master in handling the most diverse types of projects.
Regardless of whether we are dealing with major infra- There has been a continuing demand in our core markets in
structure projects or small multi-layered tasks – we always the United Kingdom and the Arab region. In addition, the
develop a custom-tailored solution.” company manages projects in countries such as Denmark
and Azerbaijan.
DI Johann Sischka
Member of the Board Waagner-Biro Stahlbau AG Innovation
Audacious architectural visions require pushing the
envelope ever further to what is technically feasible.
Waagner-Biro Stahlbau always finds new technological
approaches to geometrically sophisticated structures where
not one steel or glass element is like another. In order to find
the right solution for such complex challenges involving
top quality standards, the 3-D planning of designs as a core
competence is being further developed on an ongoing basis.
The quest for transparency and lightness within a structure
has advanced with the progress made in material research.
To meet the wishes and visions of architects and clients,
Waagner-Biro often integrates additional materials, like
textile envelopes. New materials not only increase the func-
tionality of a building because of their special properties, but
also add an interesting visual facet.
—THE YEAR 2014
27
— BAKU
INTERNATIONAL AIRPORT—
—After the collapse of the Soviet Union, the Republic of Besides the terminal, other buildings at the airport were
Azerbaijan also gained its independence. Thanks to its erected by Waagner-Biro: an award-winning “Tollgate” – the
immense oil reserves, the country is prospering economically. toll station for the access road – and the “Presidential Terminal”
The persistent high construction volume in Baku is a sign for state guests and other dignitaries, whose design lines up
of a determined departure toward the shores of a new era. with that of the main terminal. Additionally, Waagner-Biro
Heydar Aliyev International Airport in Baku, for example, built another – smaller – toll gate and completed a complex
built during the rule of the Soviet Union, has been expanded roof shell on the separate Business Aviation Terminal, where
over the last few years to accommodate the traffic from some business and private aircraft can be processed. The ongoing
3 million aviation passengers a year as well as the cargo work on the “bus stop” for the airport staff is being carried out
business, which is currently the dominant business field. according to a design from Waagner-Biro's Advanced Geometry
To this end, a new international terminal was created for it's Engineering Unit.—
highly transparent envelope Waagner-Biro was responsible.
—LOUVRE
ABU DHABI UAE—
—A number of renowned cultural institutions have been ium profiles, creating a special quality of light. Roughly 600
under construction for some time on Saadiyat Island, an kilometres of aluminium profiles are pre-fabricated to 7,850
island right offshore of downtown Abu Dhabi. Once com- star-shaped elements, which are then lifted by crane to their
pleted, it will be one of the world's largest concentrations of final positions, forming a total of eight layers. The inspiration
high-calibre cultural assets. Amongs others, there will be an for this came to the famous French architect Jean Nouvel by
international branch of the Paris Louvre for the very first time. watching light rays coming through palm tree branches: an
interplay of direct and indirect light. Since the dome rests
The dome construction made of structural steel with a on the buildings underneath only at four points, the overall
diameter of roughly 180 metres that Waagner-Biro Stahlbau effect is that of a floating structure. —
AG has been implementing since the summer of 2013 is
currently fitted with an ornamental pattern made of alumin-
—THE YEAR 2014
29
Business development the privilege of taking part in a high-profile construction

At EUR 71.8 million, sales revenues of the Waagner-Biro task, namely the Grand Egyptian Museum project.
Stahlbau Group have increased 28.7% in 2014 compared In the context of the previous collaborative project at the
with the previous year (EUR 55.8 million). The EBT of airport of Baku (Azerbaijan), Waagner-Biro Stahlbau was
EUR 1.8 million, compared to EUR 5.2 million in 2013, commissioned with the construction of a bus station for
declined due to unforeseen cost increases for a major project. airport employees on the airport grounds. There is a realistic
On account of very sluggish decision-making processes, prospect of more contracts on account of the ongoing con-
incoming orders stood at EUR 53.8 million and did not meet struction activities. The United Arab Emirates also shows a
expectations (2013: EUR 82.4 million). The order backlog of high level of economic activity despite the increasing price
Waagner-Biro Stahlbau was EUR 69.3 million as at the end pressure on the market.
of the year (2013: EUR 81.9 million).
All in all, a good foundation was laid there in 2014 for the
On the British market, the Stahlbau Group owes its excellent next few years. Amongs others, intriguing projects included
reputation and its good positioning to the realisation of out- in the extension of the Festival City in Dubai have been
standing and spectacular reference projects. The Blavatnik entered in the order book.
School of Business in Oxford, the Wellcome Trust in Hinx-
ton and the Paddington Crossrail, for example, are exciting
projects either being processed or already being executed.
The Glazed Link in Manchester and the Greenwich Market-
ing Hub – likewise ambitious projects both in architectural
and technical terms – have been completed. More auspicious
project opportunities are on the horizon for 2015.
Two challenging projects are being implemented in Den-

mark: the headquarters of the Danish capital investment
company Kirk Capital in Vejle and the extension of the Med-
ical University in Copenhagen. Both projects are exciting ex-
amples of the versatility of solutions offered by Waagner-Biro
Stahlbau AG.
With the Doha Carousel, the first contract in Qatar was

gained. The highly unusual task – a carousel whose centre
holds a number of life-sized glass horses – is tackled together
with Waagner-Biro Austria Stage Systems. Another uncharted
territory for Waagner-Biro Stahlbau is Egypt, where we have
—PENINSULA
MARKETING HUB
GREENWICH—
—THE YEAR 2014
31
—The Greenwich Peninsula in London is surrounded by the

Thames River on three sides. Since the 1990s, the formerly
barren area has been revived step-by-step by public as well as
private investment projects. More buildings followed over the
last few years. One of them is the Greenwich Peninsula Mar-
keting Hub, for which Waagner-Biro Stahlbau has completed
the building envelope, again in collaboration with Marks
Barfield Architects.—
—STAGE
SYSTEMS—
Complex modernisation projects at record speed Service portfolio

“We have been furnishing operas, theatres and event venues Waagner-Biro Stage Systems provides services in the fields
with stage technology for over 160 years. We have seen re- of stage equipment, intelligent building technology, and
cently that decisions for modernisations of complex theatre repair and maintenance. This includes the entire range of
buildings are being made more and more on a short-term stage technology equipment for theatres, opera houses and
basis. Hence our customers are looking for a suitable partner concert halls. In addition, one of the company’s areas of
who is able to implement the challenging work reliably, on expertise is the delivery of stage technology for event venues
time and in compliance with the highest quality and safety and cruise ships. In the field of intelligent building tech-
standards within very tight time frames. We have demon- nology, Stage Systems supplies and installs flexible stands
strated repeatedly that we possess this ability. Together with and seating systems for sports venues and multi-functional
our customers we develop tailor-made solutions for chal- buildings.
lenges, which more often seem impossible to be achieved.
The goal we have set is to base all our activities on the prem- In the service and maintenance business, over 200 theatres,
ises of safety, reliability and professional project manage- opera houses and event venues worldwide entrust the servicing
ment to guarantee our customers smooth and safe theatre of their stage equipment to the skills of the company’s highly
productions as well as the timely reopening of their venues.” qualified staff.
DI Alexander Kontrus Innovation

Member of the Board Waagner-Biro Austria Stage Systems AG When developing product innovations, our focus is on
heightening customer value and user friendliness. The
solutions we offer always meet the highest demands in terms
of noise emissions, maximum safety and flexibility as well as
availability. The long-term focus is on refining drive systems
and producing optimum solutions for upperstage and under-
stage machinery tailored to individual projects and build-
ings as well as on computerised control systems. We are also
continually refining technical solutions relating to variable
space acoustics in concert halls.
Business development
The 2014 fiscal year was a successful year for the
Waagner-Biro Stage Systems Group. Sales revenues of
EUR 48.6 million substantially exceeded the preceding
year’s figure of EUR 34.0 million. At EUR 3.4 million,
earnings before tax showed an improved profit (2013: EUR
0.9 million). With this result, the Stage Systems division has
come another decisive step closer to achieving its goal of
stable, long-term performance and profitability.
—THE YEAR 2014
33
—ON THE BAY
ESPLANADE THEATRES SINGAPORE—
—After a long evaluation process, Waagner-Biro Austria the outdated and unwieldy old winches removed within
Stage Systems was chosen from among four competitors a very short time period of only 5 months. The work was
and awarded the contract for this project. The special completed on October 3rd ; the official opening took place
challenge was the replacement of the upperstage machin- on October 9 th, 2014.—
ery. More than 100 new winches had to be installed and
—GRIEGHALLEN
GRIEGSAAL REFURBISHMENT—
—The Grieg Hall in Bergen, Norway, was built in the mid- In the large hall, the entire upperstage machinery with over
1970s. It is among the most frequently used concert halls in 50 drive systems as well as the fly tower, proscenium and
the Scandinavian region. The architecture has the shape of a portal area had to be replaced. In the second hall, the Peer
grand piano and is one of the most prominent landmarks of Gynt Hall, Waagner-Biro installed four new stage platforms.
Bergen. The Grieg Hall houses the Bergen Nasjonale Opera The opening of the anniversary season was on October 16th,
as well as the world-famous Bergen Filharmoniske Orkester, 2014 in the renovated concert hall and was celebrated in the
which celebrates its 250th anniversary in 2015. presence of the Norwegian Minister for Culture. Following
Waagner-Biro carried out extensive renovation work during three new-build projects – the concert halls in Kristiansand
the summer break of 2014 in the extremely short time window and Stavanger as well as the cultural centre in Stjørdal – the
of slightly more than three months.. Grieg Hall was the first renovation project to be successfully
completed in Norway.—
—THE YEAR 2014
35
Waagner-Biro Stage Systems was successful worldwide in equipment for the Teatro Colon in Bogotá, Colombia;
2014 and was able to achieve a good order intake of EUR 45.3 a revolving stage and a lifting platform for a multi-functional
million (2013: EUR 43.5 million). Thus the order backlog as building in Doha, jointly with Waagner-Biro Stahlbau; as
of the end of 2014 is EUR 63.4 million (2013: EUR 66.9 million). well as a 6D flight robot system for the Max Planck Institute
in Tübingen. In order to research the stress on the human
The most remarkable project completions include the stage body, 8 machines move a test person through the room
control system of the Nuovo Parco Della Musica e Della Cul- three-dimensionally at a maximum speed of 5 metres per
tura in Florence; the complete renovation and replacement second and an acceleration from standstill to maximum in
of the machines and control technology at the Esplanades only 1 second and with additional 3 rotation axes – a true
Theatre on the Bay in Singapore; and the complete renovation 6D cable robot. Completion is scheduled for early 2015.
of the Grieg Hall in Bergen, Norway. The challenge of the
latter two projects lay in the extremely tight time frame in After construction delays, the installation work at the
which they had to be realised. Less than a year passed from “Staatsoper Unter den Linden” in Berlin began in 2014. It
the customer decision to completion. During the few weeks is planned to have a large proportion of the very complex
of the summer break, Waagner-Biro had brought each and upperstage and understage machinery installed over the
every component of technical stage equipment of the two course of 2015. Installation work has also resumed at the
theatres to state-of-the-art. In both theatres, the outdated Elb Philharmonie in Hamburg. Initial installations have
technology was replaced by cutting-edge, quiet and efficient been done in the smaller hall, and the overhead machinery
machines and drive systems; in addition, the control systems has been installed in the large hall. The large stage landscape
of the equipment were brought to state-of-the-art – with the in the main hall will be installed over the course of 2015.
highest level of safety for all working in the theatre.
Other projects brought Waagner-Biro to China (Show
These projects are just two of many examples demonstrat- Theater in Xishuangbanna), to Kure and Kurume in Japan,
ing the status quo of the European stage systems market. to Stjørdal in Norway and, beyond that, onto the world's
The overwhelming proportion of orders is for renovation or oceans. We were again successful in landing jobs for the
modification projects. New-build projects for major cultural installation of stage technology systems on cruise ships.
venues are carried out only rarely in Europe at the moment.
By contrast, in Asia, new cultural centres with multifaceted
possibilities are being created in urban growth regions.
An exciting new project is being implemented in Latvia.

For the construction of the Giant Amber concert hall,
Waagner-Biro Stage System delivered an adjustable hall floor
as well as orchestra platforms, with the help of which the
space can be changed from a concert hall into a level ball-
room. The installation will be completed by the middle of 2015.
Other projects awarded in 2014 were: stage technology
—QUANTUM OF
THE SEAS—
—With a length of 335 metres, the “Quantum of the Seas” six scissors lift platforms on the main stage and a 3-piece
is the largest cruise ship ever built in Germany. Two of the orchestra platform could be installed. They are flanked by six
most attractive areas are the “Royal Theater” in the bow of independently mobile stage wagon systems. At first glance,
the ship as well as the “Two70,” a multi-media adventure the “Two70” is a chill lounge with catering and a fabulous
room in the stern. 25 computer-controlled drive systems 270-degree panoramic vista of the sea but, in a second flat, it
are available in a narrow space at the “Royal Theatre,” which can be transformed into a multi-media show and adventure
seats an audience of up to 1,300. Despite the confined space, room. The huge panoramic glass front is blacked out and
—THE YEAR 2014
37
a seamlessly projected panorama picture takes the audi- er with three actor lifts, dispersed in the room, which, in the
ence into another world. A massive robotic arm, installed midst of the audience, let the performers emerge out of the
by Waagner-Biro, is lowered from the ceiling on which six ground. Owing to the excellent performance and quality,
high-resolution video panels move. From the dance floor in Waagner-Biro was able to impress both Meyer Werft and the
the foreground rises a ring-shaped podium with a secondary RCI shipping company.—
platform and revolving disc. Runway lifts on the sides and
large oval lifts to the left and right augment the stage togeth-
—QUALTER
HALL—
Diversified approach and flexible activities Service portfolio

“With regard to the ongoing development of the business The broad service portfolio offered by Qualter, Hall & Co.
field, the opportunities and the result of the past fiscal year Ltd. includes the special machinery such as transportation
were very satisfactory. This is a confirmation of our systems, braking systems, winch systems and skip extraction
corporate strategy as well as of the high level of commit- systems for the mining industry. The services offered also
ment and the broad expertise of our employees. extend to extraction equipment, selected bridge systems and
Thanks to our diversified approach and the f lexible technical facilities for ports such as roll-on/roll-off ramps,
activities of the individual business areas, we were able to door systems and much more.
defend the position of the company in our market sectors
and reduce the risk associated with the various cyclical Innovation
market forces. Qualter Hall analyses existing designs and systems on a con-
tinuous basis, so the solutions it develops are always highly
The premium added value we are able to offer our cus- innovative and at the same time especially practice-oriented.
tomers – in particular in tailor-made projects – is based
on our versatile approach, our broad technical know-how The company has an internal development plan in place for
as well as our production expertise, which ensure a high its mining and extraction projects that deals with the
level of customer satisfaction and customer loyalty. The optimisation of electronic braking systems, enhancement
result is that our company is frequently recommended as of system safety and reliability as well as the optimisation
a preferred vendor or partner for their most prestigious of signal transmission and communications in mines. In
projects.” addition, the company supports strategically important
customers with product development. Current examples for
George Orton such initiatives are the testing and construction of different
Member of the Board Qualter, Hall & Co. Ltd. operating systems for various movable bridges and the devel-
opment of transport systems for nuclear waste. The portfolio
is rounded off by consulting services on production processes
and on simplifying manufacturing processes.
Business development
At EUR 23.1 million, Qualter Hall slightly improved its
sales revenue in comparison to 2013 (EUR 22.7 million).
Likewise, the EBT of EUR 2.3 million is higher than last
year (EUR 2.1 million). Incoming orders also showed a positive
development, with EUR 27.6 million (2013: EUR 21.4
million). The order backlog at the end of 2013 was EUR 23.6
million as compared to EUR 18.3 million in 2013.
With the four divisions Project Engineering, Manufacturing,
Mining and Controls, Qualter Hall is broadly positioned.
Utilisation of capacity was outstanding in 2014, particularly
—THE YEAR 2014
39
—KOREA
CABLE RAILWAY GANGWON—
—A cable railway was commissioned offers many facilities for skiing, nature
at a leisure park in South Korea in hiking, golfing and other leisure activ-
2014. The design and manufacturing ities. The new inclined cable railway
of the railway took place at the English facilitates smooth transition between
branch in Barnsley, before it was the individual stops.—
installed at the ChooChoo leisure park
in the Gangwon province. The park
in mining, with the Cleveland Potash Mine project among Despite the difficult market environment, Qualter Hall is
others contributing to the outcome. In this division, Qualter sticking to its export strategy. Successful business trans-
Hall was able to ensure its unique position in the English actions include but are in no way limited to an order of a
market. However, the generally difficult economic climate processing plant for the Cleveland Potash Mine, the produc-
is clearly noticeable, and the subdued level of investments in tion of new rail components for the British railway industry,
the UK is the result. orders in the area of mechanical extraction and servicing
as well as the award of a long-term supply contract, within
All in all, capacity utilisation was satisfactory in 2014. This the scope of which Qualter Hall will supply components for
applies in particular to many customer projects in the new the installation of the flood protection facilities along the
nuclear transportation segment and the established segment Thames Estuary. Good export opportunities are seen in the
for rail transportation solutions. context of the renovation of presses in shipyards.
The Scale Lane Bridge realised by Qualter Hall in Hull in

the UK continues to get awards both in the region and on
an international scale. Pedestrians and cyclists can walk and
drive on this unique swing bridge while it is in motion. In ad-
dition, the bridge has a viewing area. On account of its svelte
design in black steel and its distinctive shape, the bridge has
become a memorable landmark that reflects the industrial
and maritime heritage of Hull.
The bridge has received many awards, among them the

Canal and River Trust – Living Waterways Award, Structural
Steel Design Award, World Architectural News Transport
Award, World Architectural Festival Transport Award, Civic
Trust Award, the Royal Institute of Architects Award and
the American Institute of Architects (UK Chapter) Design
Awards.
—THE YEAR 2014
41
—LA BIENNALE
VENICE—
—Waagner-Biro has been a partner of the Austrian pavilion through the use of models, site plans and data with respect
at the Biennale in Venice for several years now. After the to the individual buildings. This assembly demonstrated
award-winning installation in 2011, we acted again in 2014 the messages architects of parliament buildings are often
as sponsor of the Architecture Biennale, internationally burdened with and must cope with: national identity,
probably the event with the highest profile in this field. everlasting duration, conformity with historical role models
Commissioner Christian Kühn dedicated himself to the as well as a compulsive representation of a new beginning.
concept of Parliament. The exhibition at the Austrian With the dome of the Reichstag in Berlin and the roof
Pavilion sought answers to this theme from different construction of the National Assembly in Vienna, Waagner-
perspectives. All national parliament buildings in the world, Biro has made significant and exemplary contributions to
numbering around 200, were shown in the main room of the architectural embodiment of democracy in Europe.—
the pavilion – a parliament of parliaments, documented
— HUMAN —
RESOURCES
“Waagner-Biro is an attractive employer that appeals to In order to convey in a clear and simple manner both inter-
highly qualified candidates who love to work in a challenging nally and externally what exactly Waagner-Biro stands for
international environment.” This guiding principle was both and how we act in collaboration on the team and with cus-
goal and starting point for numerous activities of the Human tomers, a code of conduct was developed within the scope
Resources Department in 2014. of the strategy process. Furthermore, an animated film was
produced that transmits the key messages of our corporate
In order to improve the corporate identity on the labour market, philosophy with humour and catchy images.
we redesigned and professionalised the visual appearance
and the options of communicating with potential applicants http://www.waagner-biro.com/en/career/welcome)
– especially internationally – via the business network
platform “LinkedIn”. The career page on the Waagner-Biro
Homepage was redone. Brief and concise videos, in which
the company is presented by associates in a convincing and
appealing way, were produced in collaboration with the
“Whatchado” Internet platform.
Download Scan page Enjoy

Junaio App with AR content Augmented Reality
—THE YEAR 2014
43
The highlight of the 2014 strategy process was the “Strategy Within the Human Resources Management, efficient
Day” held in October 2014, when the strategic orientation was personnel processes were further developed with a special
presented. While visiting six differently designed interactive emphasis on the on-boarding process of new employees.
stations, all associates working at the Vienna site as well as Monitored by the HR Department, management personnel
many colleagues from our international branches were given are supported in shaping the first months of new employees
the opportunity to learn something about various aspects of in a such a way that he or she can exercise their responsi-
the most important strategic cornerstones, such as process bility on the team after a short time, be well-informed and
improvement, customer orientation, use of resources, inno- furnished with the necessary basics to do the job properly.
vation, communication as well as growth.
The international alignment of Waagner-Biro is not only

proven by its projects but also by the composition of its staff.
Of the 275 employees in Vienna, 18% are not native-born
Austrians. As of the reporting date of December 31, 2014,
the Waagner-Biro Group employed a total of 1,315 men and
women. This increase in comparison with the previous year
(1,207) was spread across all locations.
Other activities in the past fiscal year included the Waag-

ner-Biro “Fit Programme”, driven by the wish to promote the
personal health of our employees with even greater zeal. The
athletic programmes ranged from Nordic walking, to foot- Whatchado shooting at Waagner-Biro
ball and to training sessions for the Vienna City Marathon.
Yoga classes for beginners and advanced learners, eye Qi-
Gong and nutritional counselling completed the multifacet-
ed offer that will also be carried forward in 2015.
WORKFORCE NUMBERS
2011 2012 2013 2014

Bridge Systems 876 738 763 834
Stahlbau 105 100 129 160
Stage Systems 141 150 147 150
Qualter, Hall & Co 128 126 135 135
Waagner-Biro AG (Holding) 33 35 34 36
Total 1.283 1.149 1.207 1.315
—CORPORATE
RESPONSIBILITY—
COMPLIANCE FINE ARTS
Waagner-Biro has defined the concept of compliance com- Architectural innovations and design are an important
prehensively. Besides compliance with statutory provisions, concern of Waagner-Biro Stahlbau. The following institu-
Waagner-Biro is committed to respectful relationships with tions and associations were partners of the Austrian group
all stakeholders such as customers, partners and suppliers. in 2014: Architekturzentrum Wien (AzW-Architectural
A code of conduct helps everyone to act in accordance Centre Vienna), Venice Biennale, Turn On Festival, Vienna
with the values and general principles of the Waagner-Biro Advances in Architectural Geometry Symposium, London
Group. It applies to all levels of management and staff at Technical University, Vienna, and many more.
Waagner-Biro but also extends to suppliers and customers. Through Waagner-Biro Austria Stage Systems, the Group
has been a partner of Vereinigte Bühnen Wien as well as
The code of conduct can be found on the company’s website Burgtheater Vienna for many years. In 2014, Waagner-Biro
www.waagner-biro.com (under Company/Compliance). Austria Stage Systems also supported the jubilee celebra-
tions of the Volkstheater.
CORPORATE SOCIAL RESPONSIBILITY ENVIRONMENT
Waagner-Biro is committed with all its heart to its corporate Strict compliance with statutory environmental standards
social responsibility. In the following, we describe a selection as well as our own environmental standards has top priority
of projects Waagner-Biro has supported in 2014. for Waagner-Biro both in the implementation of projects
and the manufacturing of products. In the value creation
processes such as project management, product develop-
SOCIETY ment, procurement, logistics and commissioning, we make
sure that systematic economical use is made of resources.
Qualter Hall provided support to the Motor Neurone Environmental design, in conjunction with our customers
Disease Association (MNDA) in England in 2014. George and responsible sourcing with our suppliers are pursued
Orton, CEO of Qualter Hall, and his team took part in in tandem with productivity and cost-effectiveness. This
the “Great North Run” and found numerous sponsors that Business Report, for example, was printed on FSC-certified
supported the good cause. paper, to underscore sustainable business conduct.
Waagner-Biro Bridge Systems is a partner of ICEP (Institute

for Cooperation in Development Projects) and is directly
involved in infrastructure projects in Africa.
—THE YEAR 2014
45
—OUTLOOK—
With an order backlog of EUR 213 million, the Waag- SPECIAL EVENTS AFTER THE BALANCE SHEET DATE
ner-Biro Group has created a solid basis for 2015. There are
enough projects on the market to ensure a healthy economic No events of major significance with a material influence on the
development of Waagner-Biro in the future. Owing to company occurred between the end of the financial year and
the tense macroeconomic conditions worldwide and the the time of this report going to press.
unstable political situation in certain markets, it is difficult to
forecast which projects will actually be awarded and realised
in 2015.
The main focus of our sales activities will be on the existing

markets in Europe, the Middle East and South East Asia in
the next fiscal year. For the further improvement of internal
processes, the standardisation project launched in 2014 will
be carried forward. In addition, Waagner-Biro has migrated
the Vienna location as well as partial areas in the UK and
Dubai to a new ERP system as of January 2015. All other
branches around the world will follow in the next three years.
46 — COMPETENCE, INNOVATION, PERFORMANCE —
THE YEAR 2014
47
—CONSOLIDATED FINANCIAL STATEMENTS
FINANCIAL
—CONSOLIDATED
STATEMENTS 2014—
Architectural Bridge Indonesia

The Musi II Bridge, an architectural bridge over the Musi
River in Palembang, consists of several arches of different
sizes. It will be the first of its kind in Indonesia and is sched-
uled to be completed in 2015.
CONSOLIDATED STATEMENT
OF FINANCIAL POSITION
AS OF DECEMBER 31, 2014 – IFRS
ASSETS
31.12.2014 31.12.2013
Note EUR EUR EUR EUR EUR K
A. Non-current assets
I. INTANGIBLE ASSETS
1. Capitalized development costs (1) 1,971,000 1,398
2. Industrial property rights (1) 1,823,000 2,342
3. Goodwill (1) 31,095,000 30,154
4. Advance payments (1) 1,272,000 0
36,161,000 33,894
II. TANGIBLE ASSETS
1. Land and buildings, including building on land
owned by others (2)
Land 1,530,000 1,820
Buildings 5,523,000 4,631
7,053,000 6,451
2. Technical plant and machinery (2) 4,002,000 2,786
3. Other equipment, fixtures and furnishings (2) 2,302,000 2,509
4. Prepayments and assets under construction (2) 228,000 3,325
13,585,000 15,071
III.
FINANCIAL ASSETS
1. Interests in Group companies (3) 151,000 144
2. Securities (book-entry securities) held as non-current assets (3) 780,000 723
3. Other loans (3) 35,000 8
966,000 875
IV. RECEIVABLES AND OTHER ASSETS
1. Trade receivables (6) 1,256,000 872
2. Other receivables and assets (6) 210,000 79
1,466,000 951
V. DEFERRED TAXES (4) 4,387,000 5,987
56,565,000 56,778
B. Current assets
I. INVENTORIES
1. Raw materials and consumables (5) 3,382,000 4,717
2. Finished products (5) 2,366,000 5,049
3. Prepayments (5) 3,272,000 4,812
4. Less prepayments received (5) -3,272,000 -4,812
5,748,000 9,766
II. RECEIVABLES AND OTHER ASSETS
1. Trade receivables (6) 87,808,000 69,687
III. OTHER RECEIVABLES AND ASSETS

1. Receivables from Group companies (6) 22,000 0
2. Other receivables and assets (6) 4,284,000 3,331
3. Other prepaid expenses (8) 1,081,000 901
5,387,000 4,232
IV. CASH AND CASH EQUIVALENTS (7) 5,518,000 8,108
104,461,000 91,793
Total assets 161,026,000 148,571
THE YEAR 2014
49
EQUITY AND LIABILITIES
31.12.2014 31.12.2013
Note EUR EUR EUR EUR K
A. Equity
I. SHARE CAPITAL (9) 7,000,000 7,000
II. RESERVES (9) 47,516,000 40,526
III.
MINORITY INTERESTS (10) 1,393,000 1,292
55,909,000 48,818
B. Non-current dept
I. PROVISIONS
1. Provisions for severance payments (11) 6,248,000 5,652
2. Provisions for pensions (11) 865,000 920
3. Deferred taxes (4) 93,000 38
4. Other non-current provisions (11),(12) 5,309,000 4,962
12,515,000 11,572
II. LIABILITIES
1. Liabilities to banks (13) 3,166,000 4,305
2. Prepayments received 0 466
3. Trade payables (14) 91,000 365
4. Other liabilities (16) 707,000 882
3,964,000 6,018
16,479,000 17,590
C. Current debt
I. PROVISIONS
1. Tax provisions (12) 335,000 1,277
2. Other current provisions (12) 10,928,000 16,885
11,263,000 18,162
II. LIABILITIES
1. Liabilities to banks (13) 5,173,000 8,294
2. Prepayments received on account of orders 27,779,000 16,505
3. Trade payables (14) 37,379,000 31,000
4. Liabilities to Group companies (15) 218,000 228
5. Other liabilities (16) 6,598,000 7,822
6. Deferred income (16) 228,000 152
77,375,000 64,001
88,638,000 82,163
Total assets 161,026,000 148,571
CONSOLIDATED
INCOME STATEMENT
FOR THE PERIOD FROM JANUARY 1, UNTIL DECEMBER 31, 2014 – IFRS
2014 2014 2013 2013

Note EUR EUR EUR K EUR K
1. Sales revenues (17) 250,183,000 197,357

2. Changes in inventories of finished goods, work
in progress an unbilled services -2,742,000 -1,689
3. Other own work capitalized 1,775,000 580
4. Other operating income (18) 6,201,000 1,784
255,417,000 198,032
5. Material and other purchased services (5) -161,765,000 -109,222
6. Personnel expenses (20) -48,265,000 -44,765
7. Depreciation and amortisation (1),(2) -3,864,000 -3,053
8. Other operating expenses (19) -29,583,000 -29,679
-243,477,000 -186,719
9. Operating result (EBIT) 11,940,000 11,313

10. Interest income (21) 234,000 330
11. Interest expenses (22) -355,000 -576
12. Financial result -121,000 -246
13. Earnings before taxes (EBT) 11,819,000 11,067

14. Taxes on income and profit (4)
a) current taxes on income and profit -1,207,000 -2,424
b) deferred taxes on income -1,740,000 -2,947,000 1,607 -817
15. Profit after tax 8,872,000 10,250

16. Minority interests in profit / loss -305,000 -515
17. Profit after minorities 8,567,000 9,735
18. Consolidated result 8,567,000 9,735

THE YEAR 2014
51
CONSOLIDATED STATEMENT OF
COMPREHENSIVE INCOME
FOR THE PERIOD FROM JANUARY 1, UNTIL DECEMBER 31, 2014 – IFRS
2014 2014 2013 2013

EUR EUR EUR K EUR K
1. Net income 8,872,000 10,250

2. Actuarial gains (losses) -180,000 -85
3. Income taxes on actuarial gains (losses) 45,000 60
4. Net income recognized directly in equity -332,000 -258
5. Other comprehensive income from items that will never be
reclassified -467,000 -283
6. Exchange rate differences 3,464,000 -971
7. Change in IAS 39 reserve 30,000 -2
8. Income taxes on change in IAS 39 reserve 0 0
9. Other comprehensive income from items that are to be
reclassified upon the occurence of certain conditions 3,494,000 -973
10. Other income for the period 3,027,000 -1,256
11. Consolidated comprehensive income before minorities 11,899,000 8,994

12. Minority interests in profit / loss -333,000 -515
13. Consolidated comprehensive income 11,566,000 8,479

OF CASH FLOWS
IFRS
2014 2013
CASH FLOW FROM OPERATIONS EUR K EUR K
(+/-) Earnings before tax (EBT) 11,819 11,067

(+/-) Minority shareholders´ share in profit / loss -305 -515
(+/-) Interest income 121 246
(+/-) Profit / loss on disposal of non-current assets -2,258 -84
(+/-) Depreciation / write-ups of non-current assets 3,834 3,055
(+/-) Changes in non-current provisions 943 1,714
Gross cash flow 14,154 15,483
(+/-) Changes in inventories including prepayments 4,018 1,074

(+/-) Changes in trade receivables, other receivables and accruals -18,191 934
(+/-) Changes in trade liablities, other liabilities and accruals 15,580 1,280
(+/-) Changes in current provisions -6,899 5,020
(+/-) Non-cash changes in deferred taxes -1,740 1,607
(-) Tax payments -1,207 -2,424
(+/-) Changes recognized directly in equity 3,332 -761
(+/-) Exchange rate differences -1,983 634
Net cash flow from operating activities (OCF) 7,064 22,847
(-) Investments in property, plant and equipment and intangible assets -5,049 -6,085
(-) Investments in financial assets -27 -7
(+) Proceeds from disposals of property, plant and equipment and intangible assets 4,611 112
(+) Proceeds from disposals of financial assets 0 96
(+) Interest received 234 330
Net cash flow from investing activities (ICF) -231 -5,554
(+/-) Borrowing and repayment of financial liabilities -4,260 -13,402

(-) Interest paid -355 -576
(+) Proceeds from minority interests 0 21
(-) Distributions to shareholders -4,576 -3,432
(-) Distribution to minority shareholders -232 -277
Net cash flow from financing activities (FCF) -9,423 -17,666
Net change in cash and cash equivalents -2,590 -373
(-) Cash and cash equivalents at start of year 8,108 8,454

(+) Cash and cash equivalents acquired with subsidiaries 0 27
(+) Cash and cash equivalents at end of year 5,518 8,108
Change -2,590 -373

THE YEAR 2014
53
OF CHANGES IN EQUITY
IFRS
Actuarial Net profit Currency

Share Capital Retained IAS 39 gains for the trans- Minority Total
capital reserves earnings reserve (losses) year lation Total interests equity
EUR K EUR K EUR K EUR K EUR K EUR K EUR K EUR K EUR K EUR K
As of January 1, 2013 7,000 2,897 9,158 -86 -241 25,491 -1,785 42,434 1,009 43,443
Consolidated result 0 0 235 0 0 9,500 0 9,735 515 10,250
Other comprehensive income 0 0 -48 -2 -25 -210 -971 -1,256 0 -1,256
Comprehensive income 0 0 187 -2 -25 9,290 -971 8,479 515 8,994
Dividends 0 0 0 0 0 -3,432 0 -3,432 -277 -3,709
Shareholder contribution 0 0 0 0 0 0 0 0 0 0
Reversal of capital reserves 0 0 0 0 0 0 0 0 0 0
Changes from acquisitions 0 0 0 0 0 75 -7 68 0 68
Other changes 0 0 580 0 0 -605 2 -23 45 22
As of December 31, 2013 7,000 2,897 9,925 -88 -266 30,819 -2,761 47,526 1,292 48,818
As of January 1, 2014 7,000 2,897 9,925 -88 -266 30,819 -2,761 47,526 1,292 48,818
Consolidated result 0 0 0 0 0 8,567 0 8,567 305 8,872
Other comprehensive income 0 0 -289 30 -135 -42 3,435 2,999 28 3,027
Comprehensive income 0 0 -289 30 -135 8,525 3,435 11,566 333 11,899
Dividends 0 0 0 0 0 -4,576 0 -4,576 -232 -4,808
Shareholder contribution 0 0 0 0 0 0 0 0 0 0
Reversal of capital reserves 0 0 0 0 0 0 0 0 0 0
Changes from acquisitions 0 0 0 0 0 0 0 0 0 0
Other changes 0 0 0 0 -153 153 0 0 0 0
As of December 31, 2014 7,000 2,897 9,636 -58 -554 34,921 674 54,516 1,393 55,909
Net equity as of
December 31, 2014 7,000 0 47,516 0 0 0 0 54,516 1,393 55,909
—NOTES TO THE CONSOLIDATED

FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2014
ALL AMOUNTS IN THOUSAND EUROS—
1. THE COMPANY 2. ACCOUNTING AND VALUATION PRINCIPLES
Waagner-Biro Aktiengesellschaft is an Austrian stock cor- ACCOUNTING PRINCIPLES

poration registered in Vienna. Its principal object is to hold
investments in medium-sized national and international Pursuant to § 245a of the Austrian Commercial Code
steel construction and mechanical engineering companies. (UGB), the consolidated financial statements of the Waa-
Waagner-Biro Aktiengesellschaft, together with its subsidi- gner-Biro Group as of December 31, 2014 were prepared
aries (referred to hereinafter as the “Waagner-Biro Group”), in compliance with the International Financial Reporting
is a group of companies pursuing international activities in Standards (IFRS and IAS) published by the International
the four strategic business segments of bridge construction, Accounting Standards Board (IASB), as applicable in the
steel-glass structures, stage systems and special machinery. European Union. All of the mandatory interpretations
Its primary sales markets are in Central, Southern and East- applicable for 2014 that were issued by the International
ern Europe, the Gulf region, Africa and Asian countries. Financial Reporting Interpretations Committee (IFRIC)
The company is the ultimate parent of the Waagner-Biro or its predecessor, the Standing Interpretations Committee
Group, which is registered in Austria at the address 1220 (SIC), were also observed. By way of these IFRS consoli-
Vienna, Leonard-Bernstein-Straße 10. dated financial statements, Waagner-Biro AG has prepared,
pursuant to § 245a of the Austrian Commercial Code (UGB),
The average number of employees in the Group was 1,355 in exempting consolidated financial statements according to
2014 and 1,183 in 2013. internationally acknowledged accounting principles.
EXPLANATORY NOTES ON REVISED

The consolidated financial statements are prepared under
OR NEW IFRS PROVISIONS
the direction of the Management Board and reviewed by the
Supervisory Board. Since the preparation of the consolidated financial state-
ments as of 31.12.2013, the following standards and interpre-
tations have either been revised or have become mandatory
for the first time because of their adoption in EU law or their
entry into force:
Standard/Interpretation Content Effective from1)

IFRS 10 Consolidated Financial Statements 1.1.2014
IFRS 11 Joint Arrangements 1.1.2014
IFRS 12 Disclosure of Interests in Other Entities 1.1.2014
IAS 27 (revised 2011) Separate Financial Statements 1.1.2014
IAS 28 (revised 2011) Investments in Associates and Joint Ventures 1.1.2014
Amendments to IFRS 10,
Investment Entities 1.1.2014
IFRS 12 and IAS 27
IAS 32 (revised 2011) Offsetting Financial Assets and Financial Liabilities 1.1.2014
IAS 36 (revised 2011) Recoverable Amount Disclosures for Non-Financial Assets 1.1.2014
IAS 39 (revised 2013) Novation of Derivatives and Continuation of Hedge Accounting 1.1.2014
Transition Guidance 1.1.2014
IFRS 12 and IAS 27
1) applicable to financial years beginning on or after the indicated date
THE YEAR 2014
55
The application of these standards and interpretations does 9 and IFRS 15, endorsed by the EU. The application of the
not have a material effect on the consolidated financial accounting rules envisaged by these pronouncements is
statements. not yet mandatory, but apart from IFRS 9 and IFRS 15, is
The standards and interpretations set forth below have admissible prematurely for the 2014 financial year.
been adopted by the IASB, and with the exception of IFRS
Standard/Interpretation Content Effective from1)

IAS 19 Defined Benefit Plans: Employee Contributions 1.2.2015
Various Annual Improvements to IFRSs 2010–2012 1.7.2014
Various Annual Improvements to IFRSs 2011–2013 1.7.2014
IFRIC 21 Levies 17.6.2014
IFRS 14 Regulatory Deferral Accounts 1.1.2016
IFRS 15 Revenue from Contracts with Customers 1.1.2017 2)
IFRS 9 Financial Instruments 1.1.2018 2)
Hedge Accounting 1.1.2018 2)
IFRS 9 and IAS 39
1) applicable to financial years beginning on or after the indicated date
2) not yet adopted by the EU
The above list is a summary of the changes that are relevant Companies that are controlled by way of economic influ-
to the Waagner-Biro Group. The effects of the revised or ence were likewise fully consolidated in the consolidated
amended standards when applied for the first time are not financial statements.
evaluated at present. The new accounting regulations are not
expected to exert a material influence on the consolidated Subsidiaries that are not consolidated for reasons of im-
financial statements. materiality, and other investments, are recognised at cost
or fair value according to the provisions concerning the
The consolidated financial statements were prepared ac- measurement of available-for-sale financial assets (IAS 39).
cording to the historical cost method, except for plan assets The variances from full consolidation and measurement at
pursuant to IAS 19, and derivative financial instruments and equity are insignificant.
available-for-sale financial assets pursuant to IAS 39, which
are measured at fair value as of the reporting date. All business combinations are recognised by applying the
purchase method. This entails netting the acquisition cost
of the shares in the consolidated subsidiaries against the
METHODS AND SCOPE OF CONSOLIDATION pro rata net assets based on the fair values of the acquired
subsidiaries’ assets and liabilities at the time of acquisition
The consolidated financial statements encompass Waa- or assumption of control. Costs arising in connection with
gner-Biro AG and all of the principal wholly or majori- business combinations are recognised as an expense in the
ty-owned subsidiaries. other operating expenses.
All companies whose financial and business policies are Remaining goodwill is allocated to the relevant cash-gen-
controlled by the Group are classified as subsidiaries. As a erating unit, which is then tested for impairment. Negative
general rule, such control is deemed to exist if Waagner-Biro goodwill is immediately recognised in profit or loss in com-
AG holds more than 50% of the voting rights in a company pliance with the provisions of IFRS 3.
either directly or indirectly.
The minority interests in the equity and profit or loss are actions, if material, are eliminated in full.
recognised separately in both the consolidated statement of The deferred taxes prescribed by IAS 12 are recognised for
financial position and the consolidated income statement. temporary differences arising from consolidation.
Companies that are acquired or sold during the course of The figures in the consolidated financial statements are
the year are recognised in the consolidated financial state- commercially rounded to the nearest EUR 1,000 (one thou-
ments from the effective date of purchase or until the disposal sand euros, EUR K). The totals of rounded amounts and
date. percentages may be subject to rounding differences caused
by automatic data processing.
The subsidiaries’ financial statements are prepared by apply-
ing uniform accounting methods and for the same reporting As of December 31, 2014, the scope of consolidation included
period as the financial statements of the parent company. the following companies:
All intragroup receivables, liabilities and cost allocations,
including profits and losses resulting from intragroup trans-
PARENT
Waagner-Biro Aktiengesellschaft, Vienna
SUBSIDIARIES
Austria
Waagner-Biro Bridge Systems AG, Vienna 100%
Waagner-Biro Stahlbau AG, Vienna 100%
Waagner-Biro Austria Stage Systems AG, Vienna 100%
Waagner-Biro Immobilienverwaltungs GmbH, Linz 100%
WBB Stahl- und Maschinenbau AG i.A., Linz 100%
International
P.T. Waagner-Biro, Indonesia, RI 100%
Waagner-Biro Philippines, Inc., RP 100%
Waagner-Biro Limited, GB 100%
Waagner-Biro Gulf L.L.C., UAE 100%
Waagner-Biro Bin Butti Engineering L.L.C., UAE 100%
Waagner-Biro Emirates Contracting L.L.C., UAE 100%
Waagner-Biro Qatar WLL, Qatar 49%
Qualter, Hall & Co Ltd., GB 100%
Waagner-Biro Bavaria Stage Systems GmbH, D 100%
Waagner-Biro Luxembourg Stage Systems S.A., L 51%
Waagner-Biro Spain Stage Systems S.A., E 100%
Waagner-Biro UK Stage Systems Ltd., GB 100%
ADDITIONS 2013: DISPOSALS 2014:

Due to changed economic circumstances, Waagner-Biro In the 2014 financial year, the liquidation of Jenbacher
Bin Butti Engineering L.L.C., UAE was fully consolidated Holdings (UK) Ltd, GB, was finalised and the company was
for the first time in the 2013 financial year with effect from eliminated from the scope of consolidation as of 01.01.2014.
01.01.2013. The effects resulting from the deconsolidation are immaterial.
THE YEAR 2014
57
The following companies were not consolidated for reasons

of immateriality:
Austria
Waagner-Biro Beteiligungsverwaltungs GmbH, Vienna 100%
International
Waagner-Biro Germany GmbH, D 100%
Waagner-Biro Spólka z o.o., PL 100%
Waagner-Biro Stage Systems (Shanghai) Co., Ltd., CHN 100%
OOO “Waagner-Biro Moskau Stage Systems”, RUS 100%
CURRENCY TRANSLATION Translation of individual foreign currency

financial statements
Transactions in foreign currencies The Group’s default currency is the euro (EUR). Pursuant
In the individual financial statements of the consolidated to IAS 21, the annual financial statements incorporated
Group companies, transactions in foreign currencies are in the consolidated financial statements and prepared in
translated into the relevant functional currency of the foreign currencies are translated into euros by applying the
company at the exchange rate in effect on the date of the functional currency concept. The functional currency of all
transaction. Foreign exchange gains and losses resulting the companies is the relevant national currency because the
from translation on the transaction and balance sheet dates companies conduct the financial, economic and organi-
are recognised in the consolidated income statement. If sational aspects of their businesses autonomously. Assets
possible, currency risks are hedged by means of forward and liabilities are translated at the mean exchange rate on
exchange and swap contracts. the reporting date, and income statement items are trans-
lated using the average rate for the financial year. Equity is
Offsetting of exchange rate differences translated at the historical exchange rate on the date of first
In the current annual financial statements, the expenses and consolidation.
income arising from exchange rate differences have been
offset and only the surplus was recognised. In the relevant Since 2005, goodwill from the acquisition of foreign sub-
currencies, the amounts of the claims and obligations are sidiaries has been recognised at the exchange rate on the
balanced (closed foreign exchange positions from eligible acquisition date, allocated to the acquired company, and
asset and liability items). The amount of foreign exchange translated at the exchange rate on the reporting date. The re-
gains/losses recognised in profit or loss in the financial year sulting foreign exchange differences (if any) are recognised
under review is EUR 525K (2013: EUR -1,003K). directly in equity.
The table below contains the euro exchange rates used for
translation purposes:
Rate on Rate on
reporting reporting
date date Average rate Average rate
Currencies ISO-Code 31.12.2014 31.12.2013 2014 2013
British pound GBP 0.7803 0.8330 0.8057 0.8482
US dollar USD 1.2161 1.3775 1.3289 1.3293
UAE dirham AED 4.4630 5.0560 4.8796 4.8804
Qatari riyal QAR 4.4230 5.0120 4.8383 4.8403
Philippine peso PHP 54.4360 61.2890 58.9885 56.4972
ACCOUNTING AND VALUATION METHODS The production cost of internally generated intangible and
tangible assets contains all direct costs and reasonable por-
Insofar as they were published in the Official Journal of the tions of the overheads incurred during production.
European Union by December 31, 2014 and had entered
force by that date, revised and amended versions of existing Borrowing costs that are directly attributable to the acquisi-
IASs/IFRSs and interpretations, and new standards and tion, construction or production of a qualifying asset are rec-
interpretations were applied when the consolidated financial ognised as part of the cost of that asset. All other borrowing
statements were being prepared. The option of applying costs are recognised in profit or loss in the period in which
revised, amended or new standards and interpretations they are incurred. In the 2014 financial year, borrowing costs
prematurely was not exercised. in the amount of EUR 210K were recognised (2013: EUR
223K). The interest rates were between 3.77% and 4.67%.
GOODWILL FROM BUSINESS COMBINATIONS Government grants for assets are deducted from the ac-
quisition cost. Cost subsidies are recognised in the income
statement as other operating income in the period in which
Goodwill is recognised pursuant to IFRS 3 and tested for the associated expenses are recognised.
impairment annually or more frequently if events or changes
in circumstances indicate that it might be impaired. Costs incurred for an asset in subsequent periods are capi-
talised only if they give rise to a substantial increase in the
Negative goodwill is immediately recognised in profit or loss future utility of the asset (e.g. through extended application
pursuant to IFRS 3 after a reassessment of the identifiable options or a significant extension of its useful life).
assets and liabilities. Negative goodwill arising before
March 31, 2004 from consolidation or another form of busi- Intangible assets and depreciable tangible assets are am-
ness combination is offset against retained earnings. ortised (depreciated) by the straight-line method over the
expected useful economic life of the relevant asset. Assets
acquired during the financial year are depreciated pro rata
INTANGIBLE AND TANGIBLE ASSETS temporis from the month in which the asset becomes avail-
able. The Austrian companies of the Waagner-Biro Group
Intangible assets acquired for a consideration are recognised adopt the half-year convention for depreciation. Full annual
in the statement of financial position at cost less amortisa- depreciation is applied to acquisitions that enter service in
tion and write-downs. the first half of the financial year, and one-half of the annual
depreciation is applied to acquisitions that enter service
For internally generated intangible assets, a distinction is in the second half of the financial year. The same applies
made between the research and development phases of the accordingly to depreciable assets that are disposed of. Com-
production period. Costs incurred in the research phase pared with depreciation pro rata temporis, the consequences
are recognised immediately in profit or loss. Development are immaterial in the relevant cases stated herein. As in the
costs likewise qualify as an expense in the current period. previous year, the depreciation rates were calculated on the
Recognition takes place only when future inflows of cash are basis of the following useful lives:
expected that will cover not only the normal costs, but also
the relevant development costs. In addition, all recognition
criteria stipulated by IAS 38 must be satisfied collectively.
Internally generated intangible assets are measured at pro-
duction cost less amortisation and write-downs.
Tangible assets (property, plant and equipment) are meas-

ured at cost less accumulated depreciation and impairment
losses.
THE YEAR 2014
59
Useful life in Useful life in

years from years to
Intangible assets
Capitalised development costs 5 7
Industrial property rights 3 15
Tangible assets
Land and buildings, including buildings on land owned by others 5 50
Technical plant and machinery 3 15
Other equipment, fixtures and furnishings 3 15
The remaining carrying amounts and useful economic lives IMPAIRMENT

are regularly reviewed and adjusted if appropriate.
Assets (except inventories and deferred tax assets) are
Assets with an individual acquisition cost of less than EUR tested for indications of impairment as of each reporting
400 (low-value assets) are fully written off in the year of date. Goodwill is tested for impairment shortly before each
acquisition and immediately treated as disposals in the reporting date even if there is no indication of impairment.
statement of changes in assets.
Impairment tests performed on goodwill, other intangible
assets and tangible assets are chiefly based on the estimated
RENTED OR LEASED ASSETS future discounted net cash flows expected to arise from
the continuing use of an asset and from its disposal at the
If all material risks and rewards incidental to ownership of end of its useful life. Factors such as lower sales revenues
a rented or leased asset are transferred to the Waagner-Biro and therefore lower net cash flows, as well as changes in the
Group (finance leases), the related items are recognised as applied discount rates, can give rise to an impairment. The
assets. The property, plant and equipment underlying the recoverable amount is estimated for the individual assets.
leases are recognised at the present value of the minimum If this is not possible, the cash-generating unit to which the
lease payments and depreciated over the expected useful asset belongs is assessed.
life. At the same time, the liabilities arising from the future
lease payments are recognised at the present value of the If the cause of an impairment loss recognised in the past for
outstanding liabilities as of the reporting date. As of an asset other than goodwill ceases to exist, the impairment
December 31, 2014, finance lease liabilities amounted to is reversed and the amortised cost is reinstated.
EUR 942K (2013: EUR 1,096K).
Goodwill was subjected to an impairment test pursuant to
Lease payments under an operating lease are recognised as IFRS 36, the outcome of which did not result in an impair-
an expense on a straight-line basis over the lease term. ment charge for the 2014 financial year (2013: EUR 0K).
NON-CURRENT FINANCIAL ASSETS Deferred tax claims and liabilities are offset if the deferrals
relate to a single tax authority.
All of the financial assets held by the Waagner-Biro Group
are classified either as “available for sale” or as “loans and
receivables”. The non-current financial assets contain shares INVENTORIES
in non-consolidated subsidiaries, securities held as non-cur-
rent assets and loans. Inventories are recognised either at acquisition or produc-
tion cost, or at the net realisable value on the reporting date.
Although shares in non-consolidated subsidiaries also The net realisable value is the estimated selling price in the
qualify as available-for-sale financial instruments, they are ordinary course of business less the estimated costs of com-
measured at acquisition cost because an active market for pletion and the estimated costs necessary to make the sale.
the companies does not exist and the fair values cannot be Acquisition cost is generally calculated by the sliding aver-
reliably determined without undue expense. A lower fair age price method.
value is recognised if there is any indication that such a value
exists. Work in progress and finished goods are measured at pro-
duction cost. The production cost contains all direct costs
Securities classified as available for sale are measured at fair and reasonable portions of the overheads incurred during
value pursuant to IAS 39. Value changes are recognised production. General administration and selling costs, as
directly in equity. In the 2014 financial year, value changes in well as interest on borrowed capital, are not included in the
the amount of EUR 30K were recognised (2013: EUR -2K). production cost.
Loans are grouped with receivables for measurement

purposes and are measured at amortised cost. Non-inter- TRADE RECEIVABLES
est bearing and low-interest loans are recognised at their
present value. Trade receivables are recognised at nominal value less im-
pairments for recognisable individual risks.
DEFERRED TAXES Non-interest bearing and low-interest receivables are

discounted. Receivables in foreign currency are measured at
Deferred taxes are calculated by the balance sheet liability the exchange rate on the reporting date, or if the exchange
method for all temporary differences between the tax bases rate is hedged, at the hedged rate.
and the IFRS carrying amounts for assets and liabilities. The
probable tax benefits from unused tax loss carryforwards Customer retentions in connection with building contracts
are also taken into account. Excluded from this extensive that have not been completed (retentions to secure warranty
deferred taxation are taxable temporary differences arising claims) are generally replaced by bank guarantees.
from the first-time recognition of goodwill.
Deferred tax assets are recognised only if the tax benefit CONSTRUCTION CONTRACTS
received is sufficiently likely to be realised. The amount is
calculated at the regular rate of income tax for the country If the preconditions of IAS 11 are satisfied, construction
concerned at the time the difference is likely to be reversed. contracts are measured by the percentage of completion
For Austrian companies, the tax rate is 25%. method. Under this method, the expected contract revenues
are recognised as sales revenues according to the proportion
Deferred taxes relating to items recognised directly in of work completed. The stage of completion is determined
equity are likewise taken directly to equity. The deferrals according to the ratio of costs incurred to the estimated total
are presented in the other result according to the relevant costs (cost to cost method). Additions are recognised if they
underlying transaction. will likely be accepted by the customer and can be reliably
THE YEAR 2014
61
measured. When the outcome of a construction contract CASH AND CASH EQUIVALENTS
cannot be estimated reliably, contract revenue is recognised
only in the amount of the contract costs incurred. When Cash and cash equivalents consist of cash and bank credit
it is probable that total contract costs will exceed contract balances.
revenue, the entire expected loss is recognised immediately
as an expense.
OBLIGATIONS TO EMPLOYEES
Prepayments received and any instalments are deducted
from the receivables from construction contracts. Any Pension obligations
negative balance arising from this practice is recognised as a On the basis of individual commitments, the Waagner-Biro
liability. Group is obliged to pay retirement pension benefits to a
retiree or his widow. This defined benefit obligation is not
OTHER RECEIVABLES AND ASSETS matched by assets specifically earmarked for this purpose.
The full amount of the obligation is therefore recognised as
The other receivables are recognised at nominal value less a provision. Pension benefits are payable exclusively to an
allowances for possible bad debts. employee who has already retired.
The other assets contain only derivative financial instru-
ments with a positive fair value that are used to hedge The required provision is determined as of the relevant re-
against foreign exchange risks. Derivative financial instru- porting date according to an actuary’s report in compliance
ments classified as held for trading are measured at fair value with applicable Austrian tax regulations. A restatement to
pursuant to IAS 39. reflect the provisions of IAS 19 revised did not take place for
reasons of materiality.
The valuations as of December 31, 2014 and 2013 are based

on the following assumptions:
2014 2013
Interest rate 6% 6%
Pension increase 2.50% 2.50%
Life expectancy AVÖ 2008-P AVÖ 2008-P
Defined contribution pension commitments also exist for SEVERANCE OBLIGATIONS

certain employees. The associated costs are recognised as
an expense at the time they are incurred. During the 2014 Under Austrian labour law, the company is obliged to pay
financial year, regular contributions to national and inter- defined severance benefits to employees who entered service
national employee pension funds amounted to EUR 652K before January 1, 2003 when they cease working for the
(2013: EUR 548K). company because of termination of retirement. Employees
who resign or are dismissed for good cause are not entitled
to such severance benefits. The amount of the severance
payment depends on the number of years of service and the
qualifying remuneration level at the time of departure. It For employment contracts commencing after December 31,
ranges between two and twelve times the amount of month- 2002, the provisions of the “new” regulations for sever-
ly remuneration. A provision is set up for these obligations. ance benefits must be applied. Under the new system, for
every qualifying month of employment and certain other
The amount of the provision is determined by the project- qualifying periods, the employee acquires a vested right to
ed unit credit method. An actuarial model is applied to a severance payment irrespective of the length of service
calculate the present value of future payments accruing over and the manner in which the employment is terminated.
an employee’s estimated period of service. Value changes This is a defined contribution scheme, in which the assets
arising from adjusted interest rate and pension parameters are transferred to an employee benefit fund to cover the
(actuarial gains and losses) are recognised directly in equity obligation. The regular contribution to the employee benefit
in the year of their occurrence pursuant to IAS 19 (R 2011). fund totalled EUR 184K in the 2014 financial year (2013:
The amount is calculated as of the relevant reporting date EUR 167K) and is recognised under expenses for severance
according to an actuary’s report. payments.
The valuations as of December 31, 2014 and 2013 are based

on the following assumptions:
2014 2013
Interest rate 3.00% 3.00%
Salary increase 2.50% 2.50%
Retirement age for women 60 *) 60 *)
Retirement age for men 65 *) 65 *)
Life expectancy AVÖ 2008-P AVÖ 2008-P
*) Taking into account the interim provisions of the 2003 pension reform legislation. The increase in the retirement age for female employees from 2024 is taken into account.
OTHER NON-CURRENT OBLIGATIONS OTHER PROVISIONS

TO EMPLOYEES
Other provisions are recognised when the company has a
The Waagner-Biro Group has obligations under collective legal or actual obligation to a third party arising from a past
agreements to pay long-service bonuses to employees who event and it is likely that such obligation will give rise to an
reach a certain number of years of service (25+ years of ser- outflow of funds. The provisions are based on the best avail-
vice). A provision has been formed to meet this obligation. able estimates of the amounts required as of the reporting
date. If making a reasonable estimate is not possible, no
This provision is calculated by applying essentially the same provision is formed. If the present value of a provision based
methods and assumptions used to determine the severance on a market rate of interest is materially different from the
payment obligations. At variance with the provision for sev- nominal value, the present value is recognised.
erance payments, however, a fluctuation deduction of 25%
is made. In addition, actuarial gains and losses arising from
provisions for long-service bonuses are recognised immedi-
ately in profit or loss pursuant to IAS 19 (R 2011).
THE YEAR 2014
63
TAXES CONTINGENT LIABILITIES
The income tax expense recognised for the financial year Contingent liabilities are possible or existing obligations for
encompasses the income tax of the individual companies, which an outflow of resources is not likely. Such liabilities
calculated according to taxable income and the tax rates are not recognised in the financial statements, but indicated
applicable in the relevant countries (actual taxes), and the in the notes.
change in deferred taxes.
NON-CURRENT ASSETS AND DISPOSAL

In Austria, Waagner-Biro Aktiengesellschaft is the parent
company of the Waagner-Biro consolidated tax group. GROUPS HELD FOR SALE
The group members have undertaken to pay the corporate
income tax on their profits to the parent. Losses incurred by Non-current assets and disposal groups held for sale are
the group members are treated as internal loss carryforwards non-current and current asset components, as well as debts
and are offset against subsequent profits. A member leaving associated with the same, that have already been sold or clas-
the group receives compensation for losses transferred to the sified as held for sale. This classification is applied as soon
parent that have yet to be offset against profits. In compli- as the held-for-sale criteria of IFRS 5 are satisfied. From the
ance with the tax apportionment agreement, Waagner-Biro time of classification as held for sale, the assets are no longer
Aktiengesellschaft recognises the corporate income tax of depreciated. They are measured at the lower of the carrying
the group members as income. amount and net disposal value (selling price less costs to
sell). The disposal groups held for sale are shown separately
Dividend payments by P.T. Waagner-Biro, Indonesia, to the in the statement of financial position. The amount recog-
parent company are taxed at source in Indonesia. The tax nised for the prior period is not adjusted. There is no separate
rate is 10%. disclosure in the income statement.
FINANCIAL LIABILITIES REVENUE RECOGNITION
Except for derivative financial instruments as defined by IAS Revenue from the sale of goods is recognised when all of the
39, the Waagner-Biro Group classifies financial liabilities as material risks and rewards associated with ownership of the
“other financial liabilities”; they are measured first at fair val- supplied goods have been transferred to the buyer (com-
ue less directly attributable transaction costs and thereafter pleted contract method). Income from services not associ-
at amortised cost. If the amount repayable is lower or higher, ated with a project is recognised according to the extent of
the recognised amount is written down or up by the effective services performed by the reporting date. As regards revenue
interest method. recognition in connection with construction contracts, refer
to the relevant explanatory notes.
Derivative financial instruments are recognised in profit or
loss at fair value (financial liabilities at fair value through FINANCE EXPENSES AND INCOME
profit or loss). FROM FINANCIAL INVESTMENTS
The financial liabilities of the Waagner-Biro Group en- Finance expenses encompass the interest and interest-relat-
compass finance loans, trade payables, other liabilities and ed expenses incurred for borrowings and finance leases, as
derivative financial instruments with a negative fair value. well as losses from the disposal or write-down of financial assets.
Income from financial investments includes realised inter-

est, dividends and similar income from investments in cash
and cash equivalents, and income from the retirement and
write-up of financial assets.
Interest is apportioned on an accrual basis by applying the vidual euro area countries and the persistent strain on the
effective interest method. Dividends are recognised when general economy likewise pose a risk to the Waagner-Biro
the shareholders’ legal entitlement to receive payment arises. Group’s financial development. A further risk arises from
the possible weakening of economic activity in the devel-
oping world. Economic weakness could trigger additional
RESEARCH AND DEVELOPMENT COSTS delays or the suspension of existing or prospective projects.
The cancellation of existing contracts could have a negative
All research costs are charged to expense. Development impact on the order book of the Waagner-Biro Group. Such
costs must be capitalised when the following conditions are an effect could, in turn, exert a detrimental influence on the
satisfied verifiably and collectively: capacity utilisation of the Group’s production facilities. A
complete or partial write-down of goodwill resulting from
— It is technically feasible to complete the intangible acquisitions could also affect the Waagner-Biro Group’s
asset, thereby ensuring its availability for internal use results if the business targets for the relevant companies
or sale. cannot be achieved. Apart from this danger, the risk of al-
— The entity intends and is able to complete the intangi- lowances being required for wholly or partially uncollectible
ble asset and either use it or sell it. trade receivables is always present. For a large portion of the
— Th e asset will generate future economic benefits. orders, the risk of non-payment by customers is reduced by
Resources are available to complete the asset. the provision by banks of security for payments and the con-
— Th e expenditure attributable to the intangible asset clusion of export insurance policies. Individual bad debts
during its completion can be reliably measured. can nonetheless have a substantial negative influence on the
Group’s results. Extensive insurance coverage is generally
As of December 31, 2014, development costs in the amount also obtained for supplies to countries in which the extent of
of EUR 1,219K (2013: EUR 579K) were capitalised in the political risk is classified as average or very high. Interest and
consolidated financial statements. exchange rate risks are minimised and controlled through
the use of derivative financial instruments, particularly
In the 2014 financial year, research and development costs forward exchange contracts and swaps. For orders billed in a
totalled EUR 4,550K (2013: EUR 4,725K). foreign currency, the net currency position is hedged by con-
cluding forward contracts. Cash flow risks are monitored by
way of monthly cash flow reports. With a view to further re-
RISK MANAGEMENT ducing financial risk and enhancing the monitoring, control
and measurement of the financial and liquidity positions, the
Monitoring and managing financial risks are integral Waagner-Biro Group is continuously improving its treasury
constituents of the accounting and controlling activities per- guidelines and treasury information systems.
formed throughout the Waagner-Biro Group. Continuous
controlling and regular reporting take place to increase the Waagner-Biro avoids dependence on a single bank. In order
probability of major risks being identified promptly, so that to safeguard this independence, only a certain volume
counter-measures can be taken if necessary. Nonetheless, of all key financial products (cash and cash equivalents,
the effectiveness of the monitoring and risk control system financial liabilities, non-current financial assets, guarantees
cannot be guaranteed. In 2014, the principal risks to the and derivatives) is procured from an individual bank. The
business of the Waagner-Biro Group arose in particular from insolvency of one or several banks would nevertheless exert
the Group’s dependence on the general economic climate, a significant negative inf luence on the results and equity of
the award of large orders and its ability to generate appropri- the Waagner-Biro Group.
ate sales revenues, with a corresponding profit margin, from
a healthy order book. Unexpected cost increases and diffi-
culties in achieving the guaranteed performance parameters
of the construction works delivered by Waagner-Biro also
constitute significant risks. The financial difficulties of indi-
THE YEAR 2014
65
USE OF ESTIMATES PROVISIONS FOR WARRANTIES
In compliance with generally accepted accounting and val- The Waagner-Biro Group remains legally or contractually li-
uation methods pursuant to IFRS, management is required able for defects and damage arising from completed projects.
to make estimates and assumptions when preparing the For specifically named warranty cases, a provision is formed
consolidated financial statements which influence both the in the amount of the expected claims. The provision is an
amount and recognition of assets and liabilities as of the re- estimate of the future expenses, the actual amount of which
porting date, and the income and expenses recorded during can differ depending on the rehabilitation requirements.
the reporting period. PROVISIONS FOR LITIGATION
The outcome of lawsuits cannot be forecast with any cer-

In view of the assumptions set forth below, there is a signif-
tainty. To the extent estimates were possible, appropriate
icant risk of assets and liabilities requiring material adjust-
provisions have been formed in the consolidated financial
ments in the next financial year.
statements. The actual results of lawsuits can differ from
these assessments.
IMPAIRMENT OF INTANGIBLE
AND TANGIBLE ASSETS OBLIGATIONS TO EMPLOYEES
Impairment tests performed on goodwill, other intangible The actuarial measurement of pensions, severance pay-
assets and tangible assets are chiefly based on the estimated ments and long-service bonuses is based on assumptions
future discounted net cash flows expected to arise from the concerning discount rates, salary increases and mortality
continuing use of an asset and from its disposal at the end of tables. Changes in the parameters triggered by shifts in the
its useful life. Factors such as lower sales revenues and there- economic climate can give rise to higher or lower provisions
fore lower net cash flows, as well as changes in the applied and personnel expenses.
discount rates, can give rise to an impairment.
DEFERRED TAXES
CONSTRUCTION CONTRACTS Deferred taxes are calculated on the basis of the tax rates
that will apply, according to current legislation, at the time
The assessment of construction contracts until project com-
the temporary differences are settled. Tax rate changes can
pletion, particularly with regard to accounting for change
give rise to a reassessment of the recognised deferred taxes.
orders, the amount of contract revenues to be deferred by
the POC method, and the estimate of the likely contract
outcome, is based on expectations concerning the future de-
velopment of such contracts. The revision of such estimates
can give rise to adjustments to assets and thus materially
influence the results of subsequent periods.
3. EXPLANATORY NOTES TO THE STATEMENT OF

FINANCIAL POSITION AND INCOME STATEMENT
1. INTANGIBLE ASSETS AND GOODWILL
Intangible assets and goodwill changed as follows in

the 2014 financial year:
Capitalised
development Industrial Prepay-
costs property rights Goodwill ments Total
EUR K EUR K EUR K EUR K EUR K
Acquisition costs
As of 31.12.2013 3,830 8,663 36,298 0 48,791
Transfers 0 -116 0 169 53
Additions 1,219 174 0 1,103 2,496
Disposals -999 -10 0 0 -1,009
Exchange rate differences 3 22 941 0 966
As of 31.12.2014 4,053 8,733 37,239 1,272 51,297
Accumulated depreciation
As of 31.12.2013 2,432 6,321 6,144 0 14,897
Transfers 0 -116 0 0 -116
Additions 649 700 0 0 1,349
Disposals -999 -10 0 0 -1,009
As of 31.12.2014 2,082 6,910 6,144 0 15,136
Carrying amount as of 31.12.2013 1,398 2,342 30,154 0 33,894
Carrying amount as of 31.12.2014 1,971 1,823 31,095 1,272 36,161
2013 financial year:

Capitalised
development Industrial Prepay-
costs property rights Goodwill ments Total
Acquisition costs
As of 31.12.2012 3,251 8,933 36,613 0 48,797
Additions 579 100 0 0 679
Disposals 0 -360 0 0 -360
Exchange rate differences 0 -10 -315 0 -325
As of 31.12.2013 3,830 8,663 36,298 0 48,791
As of 31.12.2012 1,871 5,966 6,144 0 13,981
Additions 561 722 0 0 1,283
Disposals 0 -360 0 0 -360
Exchange rate differences 0 -7 0 0 -7
As of 31.12.2013 2,432 6,321 6,144 0 14,897
THE YEAR 2014
67
Goodwill is tested for impairment by applying the discount- The cost of capital is the weighted average cost of equity and
ed cash flow method to compare the value in use with the borrowed capital (WACC), calculated on the basis of the
carrying amount. The calculation is performed on the basis capital asset pricing model. Cash flows are discounted as a
of pre-tax cash flows. The future cash inflows are based on general rule with a WACC of 7.7% before taxes (2013: 8,4%).
detailed internal projections for the forthcoming financial
year and simplified projections for the subsequent three The freedom from impairment of all goodwill amounts was
years. They originate from past outcomes and management’s thus confirmed. A sensitivity analysis indicated that the
best estimate of future developments. Projections beyond goodwill would not be carried at more than the recoverable
the detailed planning period are based on a consistent amount even in case of a 10% increase in the discount
pattern of development unless material reasons indicate oth- rate (7.7%). Accordingly, there is no need to recognise an
erwise. The final planning year is used as the basis for deter- impairment loss.
mining the cash flows in perpetuity. The perpetuity is based
on a growth factor of 1.5%. When calculating the amount of
an impairment, a deduction for risk in the amount of 25% is
applied to the perpetuity.
2. TANGIBLE ASSETS
Tangible assets developed as follows in the 2014 financial year:
Other equip- Prepayments

Technical ment, fixtures and assets
Land and plant and and furnis- under const-
buildings machinery hings ruction Total
Acquisition costs
As of 31.12.2013 8,722 14,702 6,767 3,325 33,516
Transfers 1,963 1,383 116 -3,506 -44
Additions 1,389 359 526 279 2,553
Disposals -2,888 -362 -91 0 -3,341
Exchange rate differences 702 1,319 336 130 2,487
As of 31.12.2014 9,888 17,401 7,654 228 35,171
As of 31.12.2013 2,271 11,916 4,258 0 18,445
Transfers 0 9 116 0 125
Additions 891 799 825 0 2,515
Disposals -538 -362 -88 0 -988
Exchange rate differences 211 1,037 241 0 1,489
As of 31.12.2014 2,835 13,399 5,352 0 21,586

Other equip- Prepayments
Technical ment, fixtures and assets
Land and plant and and furnis- under const-
buildings machinery hings ruction Total
Acquisition costs
As of 31.12.2012 7,073 14,690 6,369 743 28,875
First-time consolidation 326 143 67 0 536
Transfers 0 0 5 -5 0
Additions 1,492 605 672 2,637 5,406
Disposals -3 -291 -231 0 -525
Exchange rate differences -166 -445 -115 -50 -776
As of 31.12.2013 8,722 14,702 6,767 3,325 33,516
As of 31.12.2012 1,953 11,781 3,784 0 17,518
First-time consolidation 38 43 44 0 125
Transfers 0 -6 6 0 0
Additions 332 723 715 0 1,770
Disposals -3 -277 -217 0 -497
Exchange rate differences -49 -348 -74 0 -471
As of 31.12.2013 2,271 11,916 4,258 0 18,445
THE YEAR 2014
69
Tangible assets in the amount of EUR 500K

(2013: EUR 2,243K) have been pledged as collateral for
issued bank guarantees.
3. FINANCIAL ASSETS
Financial assets changed as follows in the 2014

financial year:
Interests
in Group
companies Securities Other loans Total
EUR K EUR K EUR K EUR K
Acquisition costs
As of 31.12.2013 155 1,063 8 1,226
Additions 0 0 27 27
Disposals 0 0 0 0
Exchange rate differences 7 27 0 34
As of 31.12.2014 162 1,090 35 1,287
As of 31.12.2013 11 340 0 351
Additions 0 0 0 0
Disposals 0 0 0 0
Appreciation 0 -30 0 -30
As of 31.12.2014 11 310 0 321
Carrying amount as of 31.12.2013 144 723 8 875

Interests
in Group
companies Securities Other loans Total
EUR K EUR K EUR K EUR K
Acquisition costs
As of 31.12.2012 230 1,072 97 1,399
Changes in scope of consolidation -73 0 0 -73
Additions 0 0 7 7
Disposals 0 0 -96 -96
Exchange rate differences -2 -9 0 -11
As of 31.12.2013 155 1,063 8 1,226
As of 31.12.2012 11 338 0 349
Additions 0 2 0 2
Disposals 0 0 0 0
As of 31.12.2013 11 340 0 351
Carrying amount as of 31.12.2012 219 734 97 1,050
Interests in Group companies relate to shares in subsidiaries The securities consist of shares in diverse investment funds.
that are not included in the consolidated financial statem- They cover the provisions for pensions in compliance with
ents for reasons of immateriality. §§ 14 and 116 of the Austrian Income Tax Act (EStG) and
severance payment claims at foreign subsidiaries.
4. DEFERRED TAXES
Temporary differences between the carrying amounts in the IFRS consolidated financial statements and the relevant tax
bases affect the deferred tax items recognised in the statement of financial position as follows:
31.12.2014 31.12.2013
EUR K EUR K
Deferred tax assets
Non-current assets 13 123
Current assets 173 251
Provisions for severance payments and pensions 298 301
Other provisions 68 100
Liabilities 142 29
Loss carryforwards 7,477 7,461
8,171 8,265
Thereof unrecognised 0 0
Netting of deferred tax assets and liabilities -3,784 -2,278
Deferred tax assets 4,387 5,987
Deferred tax liabilities

Non-current assets 162 130
Current assets 3,451 2,064
Provisions for severance payments and pensions 2 2
Other provisions 233 120
Liabilities 29 0
3,877 2,316
Netting of deferred tax assets and liabilities -3,784 -2,278
Deferred tax liabilities 93 38
Deferred taxes (net) 4,294 5,949

THE YEAR 2014
71
On the basis of current tax regulations, it can be assumed Deferred tax assets for loss carryforwards were recognised to
that the differences between the carrying amount for tax the extent these are likely to be netted against future taxable
purposes and the proportionate share in the equity of the profits. According to current legislation, the use of tax loss
consolidated subsidiaries arising from retained earnings will carryforwards is not subject to any time limits.
remain largely untaxed. Accordingly, no deferred taxes were
recognised.
Income taxes break down as follows:
2014 2013
EUR K EUR K
Current taxes on income -1,207 -2,424
Change in deferred tax assets/liabilities -1,740 1,607
Total -2,947 -817
In the year under review, deferred tax assets in the amount The reasons for the difference between the anticipated tax
of EUR 45K (2013: EUR 60K) on items posted directly in burden (notional tax expense) and the recognised income
equity were likewise recognised directly in equity. tax expense are illustrated in the table below:
2014 2013
EUR K EUR K
Earnings before tax 11,819 11,067
Notional tax expense 2,955 2,767
Tax expense as per income statement 2,947 817
Difference to be reconciled -8 -1,950
Reasons for the difference:

Reduction in tax burden due to:
Change in recognised deferred taxes on loss carryforwards 0 2,296
Effect of different tax rates 473 354
Tax income from prior periods 116 0
Miscellaneous tax allowances and other permanent differences 284 104
Increase in tax burden due to:
Change in recognised deferred taxes on loss carryforwards -102 0
Withholding taxes -610 -690
Non-deductible expenses -96 -75
Other -57 -39
Reconciled difference 8 1,950
5. INVENTORIES
Inventories are comprised of raw materials and

consumables as well as finished goods and merchandise.
Inventories break down as follows:
31.12.2014 31.12.2013
EUR K EUR K
Raw materials and consumables 3,382 4,717
Finished goods and merchandise 2,366 5,049
Inventory prepayments 3,272 4,812
Less prepayments received -3,272 -4,812
Total 5,748 9,766
The cost of materials recognised in the income

statement consists of the following:
31.12.2014 31.12.2013
EUR K EUR K
Materials 75,101 66,732
Purchased services 86,664 42,490
Total 161,765 109,222
6. RECEIVABLES AND OTHER ASSETS
31.12.2014 31.12.2013
EUR K EUR K
Trade receivables 89,064 70,559
Receivables from Group companies 22 0
Other receivables and assets 4,494 3,410
Other prepaid expenses 1,081 901
Total 94,661 74,870
THE YEAR 2014
73
The receivables recognised in the statement of financial

position have the following maturities as of the reporting date:
As of 31.12.2014
Current Non-current Total
EUR K EUR K EUR K
Trade receivables 87,808 1,256 89,064
Receivables from non-consolidated subsidiaries 22 0 22
Other receivables and assets 4,284 210 4,494
Other prepaid expenses 1,081 0 1,081
Total 93,195 1,466 94,661
As of 31.12.2013
Current Non-current Total

EUR K EUR K EUR K
Trade receivables 69,687 872 70,559
Receivables from non-consolidated subsidiaries 0 0 0
Other receivables and assets 3,331 79 3,410
Other prepaid expenses 901 0 901
Total 73,919 951 74,870
When testing trade receivables for impairment, consider- of security for payments and the export insurance policies
ation is given to any change in the creditworthiness of the concluded.
relevant customer between the setting of the time allowed
for payment and the reporting date. Impairment losses were Bad debt allowances for trade receivables developed as
calculated paying due regard to both the provision by banks follows:
2014 2013
EUR K EUR K
Allowances at the beginning of the year 16,588 16,415
Transfers 1,458 0
Exchange rate changes 32 -12
Addition 873 1,115
Use -5,249 -828
Reversal -71 -102
Allowances at the end of the year 13,631 16,588
Adjustments for country risks in the amount of

EUR 0K (2013: EUR 895K) were deducted from
the trade receivables.
The receivables from construction contracts

(trade receivables) contain the following amounts:
31.12.2014 31.12.2013
EUR K EUR K
Contract costs incurred as of the reporting date
plus recognised profits/less recognised losses 147,734 103,072
Less prepayments and instalments received -105,213 -78,004
Total 42,521 25,068
The table below shows a breakdown of trade receivables by

due dates:
31.12.2014 31.12.2013
EUR K EUR K
Not due 70,395 54,942
1–90 days past due 9,186 6,416
91–180 days past due 1,883 4,963
More than 180 days past due 7,600 4,238
Total 89,064 70,559
The receivables from Group companies relate to the

following companies:
31.12.2014 31.12.2013
EUR K EUR K
OOO “Waagner-Biro Moskau Stage Systems” 22 0
The other receivables are comprised of:
31.12.2014 31.12.2013
EUR K EUR K
Credit balances with tax authorities 2,127 1,368
Education and research incentives 501 0
Prepaid expenses 472 636
Guarantee deposits 429 506
Claims 185 185
Temporary retentions 174 0
Loans 157 88
Receivables from employees 129 116
Other 320 511
Total 4,494 3,410
THE YEAR 2014
75
7. CASH AND CASH EQUIVALENTS
31.12.2014 31.12.2013
EUR K EUR K
Cash in hand 84 57
Bank balances 5,434 8,051
Total 5,518 8,108
8. PREPAID EXPENSES
31.12.2014 31.12.2013
EUR K EUR K
Prepaid expenses 1,081 901
9. EQUITY
The reported share capital of Waagner-Biro Aktienge- For 2014, the Management Board proposes a dividend of
sellschaft remains unchanged year-on-year at EUR 7,000K. EUR 2.00 per share in issue. The distribution for 2013, in the
It is divided into 2,860,000 no-par registered shares. amount of EUR 4,576K, which corresponds to a dividend
of EUR 1.60 per share, was proposed by the Management
Shareholders have the usual rights and benefits conferred Board and adopted by the 15th annual shareholders’
under the Austrian Stock Corporations Act, including meeting on April 29, 2014. The dividend was paid out to the
the right to payment of dividends, as determined by the shareholders on May 5, 2014.
shareholders’ meeting on the basis of the parent company’s
individual financial statements prepared according to the 10. MINORITY INTERESTS
Austrian Commercial Code (UGB), and the right to vote at
the shareholders’ meeting. The minority interests contain shares in the equity of subsid-
iaries held by non-Group shareholders. In 2014, dividends
The reserves comprise capital reserves, retained earnings totalling EUR 232K (2013: EUR 277K) were paid to such
including the net profit for the year, and the accumulated third-party shareholders.
translation reserves (see Attachment 4).
The following subsidiaries have minority shareholders:
2014 2013
Waagner-Biro Luxembourg Stage Systems S.A., LUX 49.00% 49.00%
Waagner-Biro Qatar WLL, Qatar 51.00% 51.00%

LIABILITIES
11. OBLIGATIONS TO EMPLOYEES (SOCIAL CAPITAL)
31.12.2014 31.12.2013
EUR K EUR K
Provisions for severance payments 6,248 5,652
Provisions for pensions 865 920
Provisions for long-service bonuses 530 514
Total 7,643 7,086
Provisions for pensions
2014 2013
EUR K EUR K
Present value of pension obligations (DBO) as of January 1 920 934
Change -55 -14
Present value of pension obligations (DBO) as of December 31 865 920
Provisions for severance payments
2014 2013
EUR K EUR K
Present value of severance payment obligations (DBO) as of January 1 5.652 5.247
Change in scope of consolidation 0 175
Adjustments 7 60
Service cost 159 260
Interest cost 109 173
Severance payments made -374 -293
Actuarial gains/losses 180 85
Change in foreign companies 515 -55
Present value of severance payment obligations (DBO) as of December 31 6.248 5.652
Sensitivity scenario for interest rate changes in EUR K :
-0.5% Actual 3% +0,5%

Current value (DBO) as of 31.12.2014 6,437 6,248 6,070
Service cost 172 164 156
Interest cost 101 115 128
Anticipated payments in 2015 -234 -234 -234
Anticipated value (DBO) as of December 31, 2015 6,476 6,293 6,120
THE YEAR 2014
77
Provisions for long-service bonuses
2014 2013
EUR K EUR K
Present value of long-service bonus obligations (DBO) as of January 1 514 504
Service cost 39 40
Interest cost 15 18
Long-service bonuses paid -36 -108
Actuarial gains/losses -2 60
Present value of long-service bonus obligations (DBO) as of December 31 530 514
Sensitivity scenario for interest rate changes in EUR K :
-0.5% Actual 3% +0.5%

Current value (DBO) as of December 31, 2014 558 530 503
Service cost 46 42 39
Interest cost 14 15 17
Anticipated payments in 2015 -12 -12 -12
Anticipated value (DBO) as of December 31, 2015 606 575 547
12. PROVISIONS
Provisions changed as follows in the 2014

financial year:
Current Order
taxes Personnel processing Other Total
As of January 1, 2014 1,277 4,258 13,535 4,054 23,124
Deconsolidation 0 0 0 -12 -12
Transfers 0 0 -1,458 0 -1,458
Consumption -1,187 -891 -8,464 -1,857 -12,399
Reversal 0 -26 -707 -146 -879
Creation 245 1,219 4,391 2,039 7,894
As of December 31, 2014 335 4,638 7,417 4,182 16,572
Thereof non-current 0 530 2,857 1,922 5,309
Thereof current 335 4,108 4,560 2,260 11,263
Total 335 4,638 7,417 4,182 16,572
Financial year 2013:
Current Order
taxes Personnel processing Other Total
As of January 1, 2013 460 4,031 8,536 3,597 16,624
Consumption -16 -952 -3,138 -1,383 -5,489
Reversal -48 0 -263 -74 -385
Creation 881 1,205 8,461 1,945 12,492
Exchange rate differences 0 -26 -61 -31 -118
As of December 31, 2013 1,277 4,258 13,535 4,054 23,124
Thereof non-current 0 514 2,952 1,496 4,962
Thereof current 1,277 3,744 10,583 2,558 18,162
Total 1,277 4,258 13,535 4,054 23,124
13. FINANCIAL LIABILITIES
Non- Non-
current Current 31.12.2014 current Current 31.12.2013
EUR K EUR K Total EUR K EUR K EUR K Total EUR K
Liabilities to banks
Current account overdrafts/cash advances 0 4,022 4,022 0 7,545 7,545
Financing loans 3,166 1,151 4,317 4,305 749 5,054
Total 3,166 5,173 8,339 4,305 8,294 12,599
The fair values of the financial liabilities correspond to the The fair values are calculated by discounting future pay-
carrying amounts. ments based on an assumed current market interest rate.
14. TRADE PAYABLES
31.12.2014 31.12.2013
EUR K EUR K
Creditors 36,914 31,210
Obligations under construction contracts 556 155
Total 37,470 31,365
The trade payables include a non-current amount of

EUR 91K (2013: EUR 365K).
THE YEAR 2014
79
15. LIABILITIES TO GROUP COMPANIES
The liabilities to Group companies relate to the

following companies:
31.12.2014 31.12.2013
EUR K EUR K
Binder+Co AG, Gleisdorf 91 47
Waagner-Biro Stage Systems (Shanghai) Co., Ltd., CHN 57 60
Liaunig Industrieholding AG 41 43
Waagner-Biro Beteiligungsverwaltungs GmbH, Vienna 29 29
OOO “Moskau Stage Systems”, RUS 0 36
Waagner-Biro Germany GmbH, GER 0 13
Total 218 228
16. OTHER LIABILITIES AND DEFERRED INCOME
Non- Non-
current Current 31.12.2014 current Current 31.12.2013
EUR K EUR K Total EUR K EUR K EUR K Total EUR K
Other liabilities 707 6,598 7,305 882 7,822 8,704
Deferred income 0 228 228 0 152 152
Total 707 6,826 7,533 882 7,974 8,856
The other liabilities and deferred income break down as follows:
31.12.2014 31.12.2013
EUR K EUR K
Outstanding accounts for project-related costs 2,834 1,523
Tax authorities 1,099 1,383
Finance leases for tangible assets 942 1,096
Health insurance funds 711 965
Profit-sharing/unclaimed dividends 497 272
Deferred rent grant 450 540
Personnel expenses and similar obligations 316 126
Deferred income 228 152
Creditors > 3 years 205 229
Debtors with credit balances 63 329
Joint ventures 40 1,900
Other 148 341
Total 7,533 8,856
17. SALES REVENUES
Sales revenues consist of the following:
2014 2013
EUR K EUR K
Austria 8,468 8,667
EU 96,581 59,972
Rest of Europe 11,464 10,352
Asia 44,551 66,027
Gulf region 72,513 41,284
Africa 10,552 8,031
Rest of world 6,054 3,024
Total 250,183 197,357
Disclosures concerning segment reporting are contained

in the consolidated management report.
18. OTHER OPERATING INCOME
2014 2013
EUR K EUR K
Income from the disposal and write-up of non-current assets 2,263 91
Income from the reversal of provisions 879 337
Other 3,059 1,356
Total 6,201 1,784
Other income contains:
2014 2013
EUR K EUR K
Incentives for education and research 716 624
Expenses invoiced to third parties 634 100
Income from the derecognition of liabilities 532 50
Foreign exchange gains 525 0
Income from the sale of materials 229 0
Insurance indemnification 182 226
Rental income 120 133
Other 121 223
Total 3,059 1,356
THE YEAR 2014
81
19. OTHER OPERATING EXPENSES
Other operating expenses contain:
2014 2013
EUR K EUR K
Rental and leasing expenses 5,091 5,017
Travel expenses and per diem payments 3,927 3,285
Freight and transport costs 2,777 2,407
Services received, including contract personnel expenses 2,399 1,874
Legal and consulting fees 2,118 1,980
Commission paid 1,893 2,682
Maintenance and repair costs 1,858 1,958
Insurances 1,773 1,451
Risk provisions and allowances 1,401 2,352
Office expenses (telephone/postage/supplies) 1,098 1,134
Warranty and guarantee fees 1,079 1,133
Other 4,169 4,406
Total 29,583 29,679
The auditing expenses attributable to the financial year total:
2014 2013
EUR K EUR K
Fees for auditing annual financial statements (individual and consolidated) 131 142
Fees for other auditing services 73 22
Total 204 164
20. PERSONNEL EXPENSES
2014 2013
EUR K EUR K
Wages and salaries 39,971 37,203
Statutory social security contributions 6,116 5,617
Expenses for severance payments 929 894
Expenses for pensions 799 733
Other social security expenses 450 318
Total 48,265 44,765
Average employee numbers were as follows:
2014 2013
EUR K EUR K
Non-salaried staff 728 586
Salaried staff 625 597
Apprentices 2 0
Total 1,355 1,183
21. INCOME FROM FINANCIAL INVESTMENT
2014 2013
EUR K EUR K
Interest and similar income 211 314
Income from other securities and loans held as financial assets 23 16
Total 234 330
22. FINANCE EXPENSES
2014 2013
EUR K EUR K
Interest and similar expenses 355 576
4. EXPLANATORY NOTES TO THE STATEMENT OF CASH FLOWS
The statement of cash flows is presented using the indirect classified as operating cash flows. There are no material non-
method. The cash and cash equivalents encompass only cash transactions. More detailed information is contained in
cash in hand and bank balances. Interest received and paid is the statement of cash flows.
THE YEAR 2014
83
5. FINANCIAL INSTRUMENTS
A financial instrument is any contract that gives rise to a entity. In particular, these include liabilities to banks, finance
financial asset of one entity and a financial liability or equity lease liabilities and trade payables.
instrument of another entity. Financial assets include, in
particular, cash and cash equivalents, trade receivables and
other receivables and derivatives. Financial liabilities are ob As of the reporting date, the financial instruments consist of
ligations to deliver cash or another financial asset to another the following (measured pursuant to IAS 39):
Measu- Fair value

rement Carrying recog- Fair value
category amount nised through Fair value
pursuant as of (Amortised) directly in profit or as of
in EUR K to IAS 39 31.12.2014 cost equity loss 31.12.2014
ASSETS
Interests in Group companies AfS 151 151 151 *
Securities (book-entry securities) held as
AfS 780 780 780
non-current assets
Other loans L&R 35 35 35
Trade receivables L&R 89,064 89,064 89,064
Receivables from Group companies L&R 22 22 22
Other receivables and assets L&R 3,448 3,448 3,448
Cash and cash equivalents L&R 5,518 5,518 5,518

Liabilities to banks FLaC -8,339 -8,339 -8,339 **
Trade payables FLaC -37,470 -37,470 -37,470
Liabilities to Group companies FLaC -218 -218 -218
Other liabilities and deferred income FLaC -6,434 -6,434 -6,434
BY CATEGORY
Loans and Receivables L&R 98,087 98,087 0 0 98,087
Available for Sale AfS 931 151 780 0 931
Financial liabilities at amortised costs FLaC -52,461 -52,461 0 0 -52,461
*) Due to the absence of a reliable market value, interests in Group companies are recognised at amortised cost less impairments.
**) D
ue to the fact that no market price was available, the fair values were measured at the present value of the associated payments, giving consideration to the
market parameters existing as of the reporting date.
Measu- Fair value

rement Carrying reco- Fair value
category amount gnised through Fair value
pursuant as of (Amortised) directly in profit or as of
in EUR K to IAS 39 31.12.2013 cost equity loss 31.12.2013
ASSETS
Interests in Group companies AfS 144 144 144*
Securities (book-entry securities) held as
non-current assets AfS 723 723 723
Other loans L&R 8 8 8
Trade receivables L&R 70,559 70,559 70,559
Other receivables and assets L&R 2,915 2,915 2,915
Derivative financial instruments HfT 28 28 28
Cash and cash equivalents L&R 8,108 8,108 8,108

Liabilities to banks FLaC -12,599 -12,599 -12,599**
Trade payables FLaC -31,365 -31,365 -31,365
Liabilities to Group companies FLaC -228 -228 -228
Derivative financial instruments HfT -17 -17 -17
Other liabilities and deferred income FLaC -7,456 -7,456 -7,456
BY CATEGORY
Loans and Receivables L&R 81,590 81,590 0 0 81,590
Available for Sale AfS 867 144 723 0 867
Financial liabilities at amortised costs FLaC -51,648 -51,648 0 0 -51,648
Held for Trading HfT 11 0 0 11 11
*) Due to the absence of a reliable market value, interests in Group companies are recognised at amortised cost less impairments.
**) D
ue to the fact that no market price was available, the fair values were measured at the present value of the associated payments, giving consideration to the
market parameters existing as of the reporting date.
The cash and cash equivalents, trade receivables and other eration to the market parameters prevailing at the time.
financial receivables have predominantly short remaining The Waagner-Biro Group applies the following hierarchy to
terms. For this reason, the carrying amounts as of the re- measure and recognise the fair values of financial instruments:
porting date approximate the fair values. If market prices are
not available, the fair values of non-current financial assets Level 1: Listed (unadjusted) prices on active markets for
correspond to the present values of the associated payments, similar assets or liabilities.
giving consideration to the market parameters prevailing at
the time. Level 2: Procedures in which all input parameters exerting
a material influence on the recognised fair value are either
Trade payables and other financial liabilities generally have directly or indirectly observable.
short maturities. The recognised values approximate the fair
values. If market prices are not available, the fair values of Level 3: Techniques using input parameters that exert a
liabilities to banks and finance lease liabilities correspond to material influence on the recognised fair value and are not
the present values of the associated payments, giving consid- based on observable market data.
THE YEAR 2014
85
6. OTHER INFORMATION
OTHER OBLIGATIONS AND

CONTINGENT LIABILITIES
Rent and lease agreements concern land, buildings, office space, plant and equipment.
The Waagner-Biro Group has concluded operational rent The minimum future payments under the existing agree-
and lease agreements with several parties. The agreements ments are as follows:
in 2015 in 2015-2019 from 2020

EUR K EUR K EUR K
Rental agreements 4,272 20,733 0

Lease agreements 384 780 0
Total 4,656 21,513 0
Pending litigation In addition, cash and guarantee facilities of subsidiaries in

As of December 31, 2014, no litigation of material signifi- the amount of EUR 8,879K were secured by way of bank
cance to the annual financial statements was pending. guarantees.
Off-balance-sheet arrangements As the risk to the Group arising from these guarantees can
As of December 31, 2014, customers have been issued bank be regarded as extremely low, a provision does not need to
guarantees related to performance bonds in the amount of be recognised.
EUR 48,190K, advance payment refund guarantees in the
amount of EUR 42,780K, performance-related guarantees Contingent liabilities
in the amount of EUR 5,690K and bid bonds in the amount Contingent liabilities which, for lack of certainty, are not to
of EUR 2,180K. be recognised in the balance sheet consist of the following:
31.12.2014 31.12.2013
EUR K EUR K
Liabilities 0 240
Contingent liabilities consist exclusively of obligation

to third parties.
RELATED PARTY DISCLOSURES The remuneration of the members of the Management

Board consists of fixed and performance-related compo-
The executive bodies of the Waagner-Biro Group nents; the amount of the variable remuneration depends on
are as follows: the consolidated result. The remuneration of the members of
the Management Board totalled EUR 204K in 2014 (2013:
Management Board of Waagner-Biro EUR 466K).
Aktiengesellschaft, Vienna
Pension provisions in the amount of EUR 865K were
Ing. Mag. Thomas Jost, Chairman recognised in 2014 (2013: EUR 920K) for former members
Mag. Martin Zinner of the Management Board and their dependants. Current
annual expenditures in 2014 came to EUR 147K (2013:
Supervisory Board of Waagner-Biro EUR 185K).
Aktiengesellschaft, Vienna
Waagner-Biro AG obtained directors and officers (D&O)
Mag. Alexander Liaunig, Chairman (from 29 April 2014) liability insurance cover for 2014. The costs were borne by
Deputy Chairman (until 29 April 2014) the company. D&O insurance covers certain personal liabil-
Dr. Kurt Berger, Deputy Chairman ity risks of the persons acting on behalf of the Waagner-Biro
(from 29 April 2014) Group. The annual cost is EUR 9K (2013: EUR 11K).
Dr. Karl Grabner, (Chairman until 29 April 2014) In the year under review, the Supervisory Board received
emoluments of EUR 60K (2013: EUR 102K).
Employee representatives:
Only transactions of a negligible amount were concluded
Herbert Donnersbichler with non-consolidated subsidiaries. Since the Group’s
Ing. Thomas Freudensprung transfer price policy envisages arm’s length transfer prices,
transactions that fail to comply with customary market
conditions do not take place.
The omission of the non-consolidated companies from the

consolidated financial statements does not exert a material
influence on the Group’s financial position, financial perfor-
mance and cash flows. The relevant items are:
2014 2013
EUR K EUR K
Receivables 22 0
Liabilities 86 138
Sales revenues 0 0
Income 0 0
Expenses -150 -150
THE YEAR 2014
87
In the 2014 financial year, an agreement with Liaunig Indus- EARNINGS PER SHARE
trieholding AG was in place concerning the performance of
management and Management Board services. The expens- The undiluted earnings per share are calculated by dividing
es for the services performed totalled EUR 427K in 2014 the consolidated profit by the weighted average number of
(2013: EUR 461K). This figure contains remuneration for ordinary shares in issue during the year.
Management Board services in the amount of EUR 406K
(2013: EUR 108K). The diluted earnings per share are equal to the undiluted
earnings per share because no financial instruments with a
The expenses for legal advice provided by the Berger/Ettel dilutive effect were issued.
law firm totalled EUR 14K in the year under review (2013:
EUR 81K). Services arewaagner-biro
charged atannual
arm’sreport
length.
2013 unternehMen 81
das Jahr 2013
waagner-biro annual report 2013 unternehMen
— KoNZERNABSCHLUSS 81
das Jahr 2013
— KoNZERNABSCHLUSS
Im Geschäftsjahr 2013 bestanden mit der Liaunig Indust- ergebnis Je aktie 2014 2013
Im Geschäftsjahr
rieholding AG2013diverse
bestanden mit der Liaunig
Vereinbarungen Indust- von
zur Erbringung ergebnis Je aktie
Consolidated profit inControlling-,
rieholdingEUR K Monitoring-,
AG diverse Vereinbarungen zur Erbringung
Management- von
und Vorstands- 8,567
Das unverwässerte Ergebnis je Aktie errechnet sich durch 9,735
Das unverwässerte
Division des Ergebnis je Aktie errechnet
Gruppenergebnisses durchsich durch
die zeitanteilig
Controlling-,
Weighted number of shares Monitoring-,
leistungen.
inDie Management- und Vorstands-
Aufwendungen für die erbrachten Leis-
issue 2,860,000 2,860,000
Division des Gruppenergebnisses
gewichtete durch
Anzahl der sich im die
Umlauf zeitanteilig
befindlichen
leistungen.
tungenDiebetrugen
Aufwendungen
in 2013 für
TEURdie erbrachten
461 (2012:Leis-
TEUR 399).
gewichtete Anzahl der sich im Umlauf
Stammaktien während des Jahres. befindlichen
Earnings per share in Darin
tungen EUR
betrugen in 2013
enthalten TEUR
sind 461 (2012:
Vergütungen TEUR 399).
für Vorstandstätigkeiten
Stammaktien während des Jahres.
3.00 3.40
Darin enthalten
in Höhe vonsindTEUR
Vergütungen für Vorstandstätigkeiten
108 (2012: TEUR 303).
Das verwässerte Ergebnis pro Aktie entspricht dem
in Höhe von TEUR 108 (2012: TEUR 303).
Die Aufwendungen für Rechtsberatung durch die Kanzlei Das verwässerte Ergebnis
unverwässerten pro Aktie
Ergebnis pro entspricht dem Finanz-
Aktie, da keine
Die Aufwendungen für Rechtsberatung
Berger/Ettel belaufen durch die2013
sich im Berichtsjahr Kanzlei
auf unverwässerten Ergebnis
instrumente pro Aktie, da keine ausgegeben
mit Verwässerungseffekt Finanz- wurden.
Berger/Ettel
TEURbelaufen
81 (2012: sichTEUR
im Berichtsjahr 2013 auf
62). Die Leistungsverrechnung instrumente mit Verwässerungseffekt ausgegeben wurden.
TEURerfolgt
81 (2012: TEUR 62). Die
zu fremdüblichen Leistungsverrechnung
Konditionen.
7. EVENTS AFTERerfolgt
THE zu REPORTING DATE
fremdüblichen Konditionen.
2013 2012
No material events of special significance
Gruppenergebnis in TEUR capable of influ- the reporting date2013
and9.735
the release of the consolidated finan-
2012 4.934
encing the presentation of the financial
Gewichtete
Gruppenergebnis inAnzahl position,
TEURder Aktien financial
im Umlauf cial statements by9.735
the Management
2.860.000 Board of Waagner-Biro
2.860.000
4.934
Gewinn
Gewichtete je Aktie
Anzahl in EURim Umlauf
der Aktien 2.860.000 3,40 2.860.000 1,73
performance and cash flows in the consolidated financial
Gewinn je Aktie in EUR
Aktiengesellschaft3,40
on March 17,1,73 2015.
statements as of December 31, 2014 occurred between
7. EREIGNISSE NACH DEM BILANZSTICHTAG
7. EREIGNISSE NACH DEM BILANZSTICHTAG
Zwischen dem Jahresabschlussstichtag und der Freigabe Bedeutung eingetreten, welche das im vorliegenden Kon-
Zwischen
des dem Jahresabschlussstichtag
Jahresabschlusses durch den und
Vorstand der Waagner- Bedeutung
der Freigabe eingetreten,
zernabschluss perwelche das im vorliegenden
31. Dezember Kon-Bild der
2013 vermittelte
des Jahresabschlusses durch den
Biro Aktiengesellschaft amVorstand
19. Märzder
2014 sind keine zernabschluss
Waagner- per 31.Finanz-
Vermögens-, Dezember 2013 vermittelte
und Ertragslage Bild der
beeinflussen.
Biro Aktiengesellschaft am 19. oder
wesentlichen Vorgänge MärzEreignisse
2014 sindvon besonderer Vermögens-, Finanz- und Ertragslage beeinflussen.
keine
wesentlichen Vorgänge oder Ereignisse von besonderer
Vienna, March 17, 2015
The Management Board
Wien, am 19. März 2014

Wien, am 19. März 2014
Der Vorstand
Der Vorstand
Ing. Mag. Thomas Jost Mag. Martin Zinner
Mag. Thomas Jost Mag. Martin Zinner

Mag. Thomas Jost Mag. Martin Zinner
—AUDITORS‘ REPORT—
REPORT ON THE CONSOLIDATED Auditors’ responsibility and description of type and scope
FINANCIAL STATEMENTS of the statutory audit
Our responsibility is to express an opinion on these con-
We have audited the attached consolidated financial solidated financial statements based on our audit. We have
statements of performed our audit in compliance with the statutory pro-
visions and the generally accepted standards for the audit of
WAAGNER-BIRO AKTIENGESELLSCHAFT, WIEN, financial statements applicable in Austria. Those standards
require that we comply with ethical requirements and plan
for the financial year from January 1, 2014 to December 31, and perform the audit in a manner that permits us to state
2014. These consolidated financial statements incorporate with reasonable certainty that the consolidated financial
the consolidated statement of financial position as of statements are free from material misstatements.
December 31, 2014, the consolidated income statement, the
consolidated statement of cash flows and the consolidated An audit involves performing procedures to obtain audit
statement of changes in equity for the financial year ended evidence supporting the amounts and other disclosures
on December 31, 2014, as well as the notes to the consolidated contained in the consolidated financial statements. The
financial statements. selection of auditing procedures is at the auditor’s discretion,
exercised after due assessment of the circumstances and
Legal representatives’ responsibility for the consolidated giving consideration to the risk of material misstatements
financial statements and accounting records arising either from intentional or unintentional errors.
The legal representatives of the company are responsible for In making those risk assessments, the auditor considers
the Group’s accounting records and for preparing consoli- the internal control system to the extent required for the
dated financial statements that present a true and fair view of preparation of the consolidated financial statements and
the financial position, financial performance and cash flows the presentation of a true and fair view of the Group’s
of the Group in compliance with the International Financial financial position, financial performance and cash flows,
Reporting Standards (IFRS) as adopted by the EU. This in order to define audit procedures that are appropriate in
responsibility includes: designing, implementing and main- the circumstances, but not for the purpose of expressing an
taining an internal control system to ensure the preparation opinion on the effectiveness of the Group’s internal controls.
of consolidated financial statements that present a true and An audit also includes evaluating the appropriateness of
fair view of the financial position, financial performance and the accounting and valuation methods applied and of the
cash flows of the Group and are free from material mis- material estimates made by the legal representatives, as well
statements arising either from intentional or unintentional as evaluating the overall view presented by the consolidated
errors; selecting and applying appropriate accounting and financial statements.
valuation policies; and making accounting estimates that are We believe that the audit evidence we have obtained is suffi-
reasonable in the circumstances. cient and appropriate to provide an adequately reliable basis
for our audit opinion.

THE YEAR 2014
89
Audit opinion STATEMENT ON THE CONSOLIDATED

Our audit did not give rise to any objections. Based on the MANAGEMENT REPORT
results of our audit, the consolidated financial statements, in
our opinion, present in all material respects a true and fair The applicable statutory provisions require that the consoli-
view of the Group’s financial position and financial perfor- dated management report be audited to determine whether
mance as of December 31, 2014, and of its results of opera- it is consistent with the consolidated financial statements
tions and consolidated cash flows for the financial year from and whether any of the other disclosures made in the consol-
January 1, 2014 to December 31, 2014 in compliance with idated management report give rise to any misconceptions
the International Financial Reporting Standards (IFRS) as about the position of the Group. The auditors’ report and
adopted by the EU. opinion must also contain a statement as to whether the
consolidated management report is consistent with the
consolidated financial statements.
Klagenfurt, March 17, 2015
Confida Süd
Wirtschaftsprüfungsgesellschaft m.b.H.
Dr. Alexander Greyer Mag. Ernst Malleg

Auditor Auditor
Publication or dissemination of these consolidated financial statements bearing our audit certificate shall only be permitted if the financial statements are identical with
the audited version attached to this report. This audit certificate refers exclusively to the complete German version of the consolidated financial statements, together with
the consolidated management report. For any other versions, the stipulations of § 281 (2) of the Austrian Commercial Code (UGB) shall apply.
—SUPERVISORY
BOARD REPORT—
DEAR SHAREHOLDERS, national Financial Reporting Standards (IFRS). Both sets
of statements were audited by CONFIDA Süd Wirtschafts-
During the 2014 financial year, the Supervisory Board prüfungsgesellschaft m.b.H., Graz, the company which had
regularly monitored the work of the Management Board been appointed as auditor of the financial statements, and
and provided support in an advisory capacity, based on the awarded an unqualified audit certificate.
detailed written and verbal reports provided by the Manage-
ment Board. In addition, both the Chairman and the Deputy The Supervisory Board has approved the annual financial
Chairman of the Supervisory Board had regular exchanges statements drawn up by the Management Board and the
of information and opinion with the Management Board. consolidated financial statements. Accordingly, the annual
The Supervisory Board held five meetings in the 2014 finan- financial statements have been formally adopted pursuant to
cial year. § 96 (4) of the Austrian Stock Corporations Act (Aktieng-
In those meetings, the Supervisory Board received informa- esetz). The Supervisory Board endorses the management
tion concerning the company’s position. report and, in particular, the assessment of the company’s
further development.
Where management decisions or measures required ap-
proval, the members of the Supervisory Board examined the The endorsement also applies to the dividend policy. The
proposals that were submitted in advance and took the rele- Supervisory Board concurs with the proposal of the Man-
vant decisions in meetings. Urgent decisions were approved agement Board concerning the distribution of profits, which
by way of a circular resolution. The Supervisory Board was envisages a dividend of EUR 2.00 per share.
involved in all decisions of significance for the company. The
economic situation and the company’s development pros- Pursuant to § 270 (1) UGB, the Supervisory Board propos-
pects, as described in the reports furnished by the Manage- es that CONFIDA Süd Wirtschaftsprüfungsgesellschaft
ment Board, were the subject of in-depth discussion. m.b.H., Graz, be appointed to audit the financial statements
and the consolidated financial statements for the 2015
Consolidated financial statements and audit financial year.
The annual financial statements for the 2014 financial year
were prepared in compliance with the Austrian Commercial The Supervisory Board thanks the company management
Code (UGB), and the consolidated financial statements for and the entire workforce for their commitment and service
the 2014 financial year, including the notes and manage- during the 2014 financial year.
ment report, were prepared in compliance with the Inter-
Vienna, March 2015
For the Supervisory Board
Mag. Alexander Liaunig

Chairman
THE YEAR 2014
91
—WAAGNER-BIRO—
WAAGNER-BIRO AKTIENGESELLSCHAFT WAAGNER-BIRO BRIDGE SYSTEMS AG

Leonard-Bernstein-Straße 10 Leonard-Bernstein-Straße 10
1220 Vienna, Austria 1220 Vienna, Austria
T: +43/1/288 44 0 T: +43/1/288 44 0
F: +43/1/288 44 7830 F: +43/1/288 44 333
E: group@waagner-biro.com E: bridge@waagner-biro.com
www.waagner-biro.com www.waagner-biro.com
WAAGNER-BIRO STAHLBAU AG
Leonard-Bernstein-Straße 10
1220 Vienna, Austria
T: +43/1/288 44 0
F: +43/1/288 44 333
E: steelglass@waagner-biro.com
www.waagner-biro.com
WAAGNER-BIRO AUSTRIA STAGE SYSTEMS AG

Leonard-Bernstein-Straße 10
1220 Vienna, Austria
T: +43/1/288 44 0
F: +43/1/288 44 7811
E: stagesystems.austria@waagner-biro.com
www.waagner-biro.com
We have prepared this Annual Report with the greatest possible care and checked the figures.
Nevertheless, rounding, typographical and printing errors cannot be ruled out. The totals of QUALTER, HALL & CO LTD.
rounded amounts and percentages may be subject to rounding differences caused by automatic 8, Johnson Street
data processing. This Annual Report also contains forwardlooking assessments and statements
made by us on the basis of all the currently available information. These forwardlooking Barnsley S75 2BY, Großbritannien
statements are usually accompanied by words such as “expect”, “estimate”, “plan”, “anticipate” T: +44/1226/205 761
etc.. Please be aware that various factors can give rise to actual circumstances, and therefore
actual results, differing from the expectations outlined in this report. F: +44/1226/286 269
E: admin@qualterhall.co.uk
Statements referring to people are valid for both men and women.
www.qualterhall.co.uk
This Annual Report is published in German and English.
In cases of doubt, the German version shall prevail.
Editorial closing date: March 25, 2015

IMPRINT
Waagner-Biro AG, Leonard-Bernstein-Strasse 10, 1220 Vienna, Austria.
Responsible for the content: Martin Zinner und Thomas Jost.
Layout: sternenklar gmbh.
Renderings: Cover, Page 02/03, 04/05, 06/07: sternenklar gmbh.
Photos: Page 08, 23/24, 28, 33, 46: Archiv Waagner-Biro; Page 10, 12, 20, 21, 26, 27,
32, 38, 43: Trevor Palin for Waagner-Biro; Page 30: Timothy Soars; Page 34: Eilif Stene;
Page 16, 36: Royal Caribbean International; Page 39: Qualter Hall;
Page 41: Austrian Pavilion Biennale Architettura 2014.
Print: Satz & Druck Team.

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Y E A R S

KEY FIGURES 2010—2014

2010 2011 2012 2013 2014

2010 2011 2012 2013 2014

OTHER KEY FIGURES

2010 2011 2012 2013 2014

EBITDA ORDER INTAKE

EBT ORDER BACKLOG

—The standards of excellence demanded by Waagner-Biro

—COMPETENCE, INNOVATION, PERFORMANCE—

—COMPETENCE, INNOVATION, PERFORMANCE—

—COMPETENCE, INNOVATION, PERFORMANCE—

Borquez Bridge, Patagonia, Chile

Foreword by the Managing Board 11

THE YEAR 2014

—MANAGING BOARD MEMBERS

… on the 2014 fiscal year partners. Likewise, Waagner-Biro is now concentrating

New Business Aviation Terminal

Waagner-Biro is an international group of companies based CORPORATE STRUCTURE

Ing. Mag. Thomas Jost

WAAGNER-BIRO WBB STAHL- UND

WAAGNER-BIRO WAAGNER-BIRO BAVARIA

Quantum of the Seas

SALES REVENUES BY BUSINESS AREA

SALES REVENUES BY REGION

EBT BY BUSINESS AREAS

ROEEBT BY BUSINESS AREA

INCOMING ORDERS BY BUSINESS AREAS

ORDER BACKLOG AT YEAR-END BY BUSINESS AREA

Broad portfolio Service portfolio

Strength built on a diversified portfolio Service portfolio

ABU DHABI UAE—

Business development the privilege of taking part in a high-profile construction

Two challenging projects are being implemented in Den-

With the Doha Carousel, the first contract in Qatar was

—The Greenwich Peninsula in London is surrounded by the

Complex modernisation projects at record speed Service portfolio

DI Alexander Kontrus Innovation

—ON THE BAY

ESPLANADE THEATRES SINGAPORE—

An exciting new project is being implemented in Latvia.

Diversified approach and flexible activities Service portfolio

CABLE RAILWAY GANGWON—

The Scale Lane Bridge realised by Qualter Hall in Hull in

The bridge has received many awards, among them the

Download Scan page Enjoy

The international alignment of Waagner-Biro is not only

Other activities in the past fiscal year included the Waag-

2011 2012 2013 2014

CORPORATE SOCIAL RESPONSIBILITY ENVIRONMENT

Waagner-Biro Bridge Systems is a partner of ICEP (Institute

The main focus of our sales activities will be on the existing

Architectural Bridge Indonesia

III. OTHER RECEIVABLES AND ASSETS

EQUITY AND LIABILITIES

2014 2014 2013 2013

1. Sales revenues (17) 250,183,000 197,357

9. Operating result (EBIT) 11,940,000 11,313

12. Financial result -121,000 -246

13. Earnings before taxes (EBT) 11,819,000 11,067

15. Profit after tax 8,872,000 10,250

17. Profit after minorities 8,567,000 9,735

18. Consolidated result 8,567,000 9,735

2014 2014 2013 2013