ONE ROOF

unified and optimized. The associated costs pushed
the result down compared with the prior year.
The HOCHTIEF Real Estate division’s key figures
New orders in the HOCHTIEF Real Estate division remained
on a par with the prior year level. At HOCHTIEF
Projektentwicklung, new orders even increased by around
seven percent. Significant new orders were recorded,
for example, in the projects of maxCologne in Cologne,
the Siemens center at Düsseldorf Airport City, and the
Marco Polo Tower in Hamburg, as well as in care homes.
At HOCHTIEF Property Management, new orders
dropped sharply as expected, by approximately EUR
50 million, owing to extraordinary items in 2008 from
two major contracts that were concluded with Deka
and aurelis.
Work done in the division fell by 14.5 percent year on
year. There was a clear decline in property development
due to selective order taking. At HOCHTIEF Property
Management, work done grew by some 15 percent,
primarily due to new orders secured in 2008.
The order backlog decreased by EUR 102.1 million,
with HOCHTIEF Projektentwicklung accounting for
around EUR 86 million of this decline, and HOCHTIEF
Property Management for around EUR 16 million.
At EUR 53.2 million, operating earnings were down
by EUR 6 million or ten percent year on year. This decrease
is partly due to the new rule for financial reporting
(IFRIC 15) relating to project developments. Higher
IT and labor costs weighed on HOCHTIEF Property
Management’s result for 2009. Profit before taxes
was just EUR 4.6 million down on the prior-year figure
at EUR 27 million, thanks to a EUR 1.4 million overall
improvement in net investment and interest income.
Capital expenditure amounted to EUR 18.6 million in
2009 and consisted mostly of payments into equity for
joint ventures.
The average number of employees rose by 160. This
increase is mainly due to staff taken on for specific proj-
ects and new employees at HOCHTIEF Property Man-
agement.
❘ Information for our Shareholders ❘ ❘ Management Report ❘ ❘ Financial Statements and Notes ❘
HOCHTIEF Real Estate division
(EUR million) 2009 2008
restated*
New orders 598.5 618.2
Work done 677.0 791.4
Order backlog 642.0 744.1
Divisional sales 660.8 428.3
External sales 644.9 407.9
Operating earnings (EBITA) 53.2 59.2
Profit before taxes 27.0 31.6
Capital expenditure 18.6 11.1
RONA (%) 5.8 7.8
Net assets (December 31) 902.0 1,000.7
Employees (average over the year) 1,034 874
HOCHTIEF Real Estate outlook
The HOCHTIEF Real Estate division expects to continue
operating successfully in 2010.
We anticipate that the market environment will remain
strained for the office rental markets. But we currently
foresee a slight improvement in the investment markets
in 2010. With the excellent sales successes at the end
of 2009 and the high pre-lease rates on our projects
currently being constructed, we consider ourselves to
be well equipped to deal with this difficult market environment.
aurelis will focus in particular on its ongoing projects
and the acquisition of long-term lease agreements. It
will also expand its refurbishment activities.
HOCHTIEF Property Management is continuing to focus
on expansion in Germany, notably through new outsourcing
projects. The company aims to further step up
its involvement in center management in 2010. In addition,
services such as leasing management and asset
management are to be expanded.
The impact of the financial crisis on demand for real es-
tate is currently difficult to predict. The division there-
fore plans to generate healthy profit before taxes from
ongoing business in 2010. This will likely be on a par
with the prior-year level.
*For details of the restatements,
please see pages 142
and 143.
Annual Report 2009 105