The Group's principal
activities are carried out through six divisions: HOCHTIEF airport: develops
and markets products related to the planning, financing and operation of
airports. HOCHTIEF construction: focuses on the core competencies of building
construction, civil engineering and structural engineering. HOCHTIEF development:
draws together the group's operations in project development, facility
and asset management. HOCHTIEF international: its purpose is to push ahead
with the group's development in the international arena. HOCHTIEF North
America: takes in all the operations on that region's construction market.
HOCHTIEF services: helps the group to position itself in the marketplace
as a total project leader and provider of complete solutions. The Group
has operations in America, Asia, Australia and Africa.
affected by earnings collapse in Asia Essen, 16.05.2011
collapse at Asia Pacific
strong Group order backlog sustained
performance at HOCHTIEF Americas, Concessions, and Europe
guidance for 2011 substantially reduced in consequence
guidance for 2012 and 2013 confirmed without change
first quarter of 2011 is marked by the earnings collapse at HOCHTIEF Asia
Pacific. Subsidiary Leighton significantly reduced its guidance in April.
HOCHTIEF had to scale back its own guidance in April substantially for
fiscal 2011 as a result. Despite an outstanding performance in the first
quarter, the HOCHTIEF Americas, HOCHTIEF Concessions, and HOCHTIEF Europe
divisions could not compensate this development. The Group forecast for
fiscal 2012 and 2013 is confirmed, however, without change.
figures for the first quarter of 2011
orders totaled EUR 5.41 billion, 56.9 percent (exchange rate adjusted 48
percent) higher than the comparative prior-year figure (Q1/2010: EUR 3.45
billion). The increase was accounted for by the HOCHTIEF Asia Pacific division,
which secured many major new contracts. Work done came to EUR 5.10 billion
as of March 31, 2011, an increase of 7.3 percent on the prior-year period
(Q1/2010: EUR 4.76 billion); on an exchange rate adjusted basis, the increase
was 1.9 percent. The strongest contribution to this came from the HOCHTIEF
Asia Pacific and HOCHTIEF Europe divisions. The prior-year figure was comfortably
exceeded in Germany as a result of strong performance by the HOCHTIEF Europe
division, with growth of 23.8 percent.
order backlog stood at EUR 45.61 billion, an improvement of 24.9 percent
(exchange rate adjusted 20.1 percent) on the comparative figure for the
prior year (Q1/2010: EUR 36.52 billion). This is equivalent to a forward
order book of more than two years for HOCHTIEF.
makes strong start to 2010, reaffirms guidance for whole year
backlog climbs to EUR 36.74 billion
before taxes reaches EUR 120.5 million
target remains EUR 1 billion pretax profit
made a successful start to 2010. The order backlog reached a new high of
EUR 36.74 billion with an increase of 17.1 percent (Q1/2009: EUR 31.37
billion*). Profit before taxes also rose, by 2.5 percent to EUR 120.5 million
(Q1/2009: EUR 117.7 million*). All divisions contributed to the positive
results. "Our sustained growth shows that the Group is fit for the future,"
stressed Dr. Herbert Lütkestratkötter, Chairman of the HOCHTIEF
Executive Board. Not least in light of the large order backlog and the
opportunities available, the Group reaffirms its guidance for fiscal 2010
while its medium-term target remains a pretax profit of EUR 1 billion.
figures for first quarter of 2010
orders came to EUR 3.45 billion, significantly down on the prior-year period
(Q1/2009: EUR 4.38 billion) due to contract awards postponed to the next
quarter. The shortfall relates partly to business in Germany, but mainly
to delays on major contract awards in the HOCHTIEF Asia Pacific division.
Much of the difference was made good in April 2010, however. Work done
totaled EUR 4.76 billion, on a par with the prior-year quarter (Q1/2009:
EUR 4.78 billion*). In terms of sales, the Group slightly improved on the
comparative prior-year period to reach a total of EUR 4.45 billion (Q1/2009:
EUR 4.40 billion*).
the general economic environment began to stabilize from the end of 2009,
the effects of the economic crisis were still to be felt at the start of
2010. The long, cold winter also had an impact. Operating earnings (EBITA),
at EUR 152.3 million, consequently fell 5.5 percent short of the prior-year
comparative figure (Q1/2009: EUR 161.1 million*). Consolidated net profit
was EUR 34.1 million, down somewhat by 11.8 percent on the prior-year period
(Q1/2009: EUR 38.6 million*). The application of new accounting standards
in line with IFRIC 15 resulted in a positive retrospective adjustment of
profit before taxes and consolidated net profit by EUR 20 million and EUR
15.3 million respectively in the first quarter of 2009. Before this special
effect, profit before taxes in Q1 2009 was EUR 98.6 million and consolidated
net profit EUR 24.2 million.
sustains successful trend despite financial crisis Essen
backlog nearly EUR 31 billion
net profit up significantly by 24 percent to EUR 175 million
raised twice in 2008 and all targets attained
plans record EUR 98 million dividend distribution
made 2008 a successful year despite the financial crisis. Consolidated
net profit grew sharply by 24.4 percent to EUR 175.1 million (2007: EUR
140.7 million). Earnings per share rose by 21.7 percent to EUR 2.52 (2007:
EUR 2.07). "We twice raised our guidance in 2008 and more than attained
all targets set for the year. This is testimony to our foresight in building
and expanding our Group," said Dr. Herbert Lütkestratkötter,
Chairman of the HOCHTIEF Executive Board. Lütkestratkötter is
confident for the current financial year, saying that the strong order
backlog means business is already largely secure for 2009 and beyond. He
went on to say that the global economic stimulus packages deliver an added
fillip for HOCHTIEF: "We are ready to seize these opportunities."
figures for 2008
set new records for orders and work done for the fifth time running in
2008. Group new orders climbed to EUR 25.28 billion, beating the prior-year
figure by a substantial 7.5 percent (2007: EUR 23.51 billion). The Group
significantly boosted work done, passing the EUR 20 billion mark for the
first time with a total of EUR 21.64 billion. The increase was 15.3 percent
(2007: EUR 18.77 billion). In line with new orders, the order backlog grew
to EUR 30.92 billion (2007: EUR 29.89 billion). This represents growth
of 3.4 percent.
earnings improved compared with the prior year by 25.3 percent to EUR 676.1
million (2007: EUR 539.5 million). This notably reflects progress in restructuring
the HOCHTIEF Europe division. Profit before taxes, at EUR 520.1 million,
was up 3.8 percent on the prior year (2007: EUR 501.3 million).
this positive business trend, the HOCHTIEF stock price was unable to avoid
being dragged down by the global stock markets. HOCHTIEF stock lost value
over the course of the year and closed at EUR 35.74. In spite of rising
operating earnings and the Group twice increasing its guidance, HOCHTIEF
stock was thus more severely affected by selling than were the relevant
benchmark indices. "The price trend no longer bears any relation to the
strong operating performance and the value of our Group," the Chairman
of the Executive Board stressed, saying that HOCHTIEF was one of the few
companies to achieve strong results and bring the difficult 2008 fiscal
year to a successful close in the midst of the crisis. HOCHTIEF intends
its stockholders to share in this success: At the General Shareholders‘
Meeting on May 7, 2009, the Executive Board and Supervisory Board will
be submitting a proposal to pay out a dividend of EUR 1.40 (2007: EUR 1.30)
per no-par-value share. This is also an expression of the Group’s confidence
in the future growth of its business.
Americas was highly successful in fiscal 2008. Subsidiary Turner held its
own as No. 1 general builder in the USA and extended its position in the
rapidly growing education and healthcare segments. The company retained
its comfortable market lead in green buildings and secured new contracts
including construction of the Great American Tower in Cincinnati, worth
a total of EUR 165 million. 2008 was likewise a successful year for HOCHTIEF
subsidiary Flatiron. Among other things, Flatiron was appointed leader
of a joint venture responsible for building a section of the Edmonton Ring
Road in Canada worth EUR 624 million.