The consolidated group

The consolidated semi-annual financial statements as at 30 June 2024 include STRABAG SE as well as all major domestic and foreign subsidiaries over which STRABAG SE either directly or indirectly has control. Associates and joint ventures are reported in the balance sheet using the equity method (equity-accounted investments).

The number of consolidated companies changed in the first six months of 2024 as follows:

Additions to the consolidated group

The following companies formed part of the consolidated group for the first time in the reporting period:

Companies included for the first time were consolidated at the date of acquisition or the next reporting date, provided this had no significant difference to an inclusion at the date of acquisition.

STRABAG acquired 100% of Climtech GmbH, Berlin, by way of an assignment agreement dated 28 February 2024. Climtech is a M&E enterprise (mechanical and electrical engineering services) with expertise in the main building engineering segments (heating, cooling, ventilation, sanitary and electrical). Instrumentation and control engineering services and their downstream maintenance round off the service portfolio. The company and its 123 employees generated an output volume of around € 31 million in 2023.

The acquisition will expand STRABAG’s service and customer portfolio in Brandenburg, Germany, while also increasing the depth of the Group’s property and facility services business. The transaction was completed on 7 May 2024.

The purchase price is to be provisionally allocated to the assets and liabilities as follows:

In a contract dated 19 April 2024, STRABAG acquired the ELCO Group, consisting of the main companies ELCO S.A. and ELCO-SERVITEC S.A., based in Kehlen, Luxembourg. The ELCO Group is a leading multi-technology provider in Luxembourg. The company has around 450 employees and in 2023 generated revenue of around € 59 million.

The service portfolio in the field of mechanical and electrical engineering services (M&E) covers all technical trades from planning to the installation of heating, cooling, air conditioning, ventilation and sanitary systems through to fire alarm technology. ELCO also offers medium-voltage and renewable energy services, such as the installation of photovoltaic systems and charging stations, as well as comprehensive industrial services and telecommunications network services.

The acquisition is aimed at penetrating the market in Luxembourg, enabling STRABAG to offer integrated facility management services there in the future. The deal was closed on 30 April 2024.

The purchase price is to be provisionally allocated to the assets and liabilities as follows:

The other first-time consolidations had only an insignificant impact on assets and liabilities.

In the first six months of the year, the companies consolidated for the first time contributed a total of T€ 19,634 to the consolidated revenue and accounted for a loss of T€ 597 in net income after minorities.

Assuming a theoretical first-time consolidation on 1 January 2024 for all new acquisitions, they would contribute T€ 42,758 to consolidated revenue and a profit of T€ 1,280 to net income after minorities.

Disposals from the consolidated group

As at 30 June 2024, the following companies were no longer included in the scope of consolidation: