Ladies and Gentlemen,

Bilfinger Berger can look back on a successful 2003. Output volume, orders received and order backlog all set new records, and once again we achieved a significant increase in earnings. This success confirms that our decision to strategically refocus the Company was the right one.

In the last business year, Bilfinger Berger continued to expand its Services business segment and further strengthened its presence in major international markets. This Annual Report 2003 includes portraits of the Group’s new companies – Abigroup in Australia, and Centennial in the United States – as well as detailed information on our operating activities. I would also like to draw your attention to a round-table discussion on the issue of public-private partnerships in Germany. And in an interview, my colleagues and I explain our corporate strategy.

Ladies and gentlemen, please allow me to thank you for the trust that you have placed in our Company. Bilfinger Berger once again made good progress last year, a fact that is also reflected in the share price. I assure you that we will make every effort to advance our Company’s continuing development into a multi service group.

Sincerely,



Herbert Bodner