ONE ROOF

2009. HOCHTIEF Energy Management will also ensure
carbon emissions are reduced by over 1,000 metric
tons a year. For this purpose, we are converting the
heating systems, optimizing the lighting systems and
integrating state-of-the-art building control technology.
Moreover, we will centrally monitor and manage the
operation of heating and air conditioning systems.
Energy supply contracting segment
HOCHTIEF Energy Management will supply the flooring
manufacturer Armstrong DLW in Delmenhorst with power,
steam and water for the next 15 years. Floor coverings
are manufactured in production processes that must
not be interrupted. In order to ensure this, HOCHTIEF is
building three new CHP plants. Central machine control
will garantee that the power does not fail. In addition,
we are building a treatment plant for river water and
supply the site with service water and steam.
During the fiscal year, HOCHTIEF Energy Management
concluded a cooperation agreement with its partner
NMI Capital. The New Energy Holz investment fund
launched by NMI Capital will invest in wood-fired power
plants that generate power and heat by burning untreated
freshly cut wood.* HOCHTIEF Energy Management
will design, build and operate the plants under a
full-service contracting arrangement.
The HOCHTIEF Services division’s key figures
New orders were a marked 15.1 percent down on the
prior-year figure, which was bolstered by large contract
awards. Against the backdrop of the difficult economic
environment, the HOCHTIEF Services division focused
on ensuring margin quality as a priority over growth. As
expected, both work done (down 9 percent) and external
sales (down 8.4 percent) decreased year on
year in the period under review. Consequently, the
order backlog also fell slightly.
Operating earnings were 29.1 percent lower than in
2008 at EUR 19 million. This year-on-year decrease is
mainly due to the drop in new business. Profit before
taxes amounted to EUR 17.3 million (down 24.5 percent).
On a positive note, receivables management improved,
which meant that the interest result was much
better.
❘ Information for our Shareholders ❘ ❘ Management Report ❘ ❘ Financial Statements and Notes ❘
HOCHTIEF Services division
(EUR million) 2009 2008
New orders 639.8 753.5
Work done 645.8 709.4
Order backlog 1,480.6 1,560.0
Divisional sales 645.8 709.5
External sales 625.5 683.1
Operating earnings (EBITA) 19.0 26.8
Profit before taxes 17.3 22.9
Capital expenditure 6.5 11.1
RONA (%) 12.9 16.0
Net assets (December 31) 133.4 176.7
Employees (average over the year) 5,650 5,651
It was also this improved receivables management
which essentially brought about a 24.5 percent reduction
in net assets to EUR 133.4 million.
The number of employees did not change. An increase
in the number of employees in Germany due to out-
sourcing projects was offset by a decrease in other
countries.
Outlook
We expect the global economy to stabilize, which would
enable moderate growth in the HOCHTIEF Services
division. The cost pressure bearing down on our clients
and the restructurings they are undertaking will increase
their willingness to outsource projects. HOCHTIEF Services
will continue to prioritize margin quality over growth
under unacceptable conditions. We will continue to expand
our international activities. For example, HOCHTIEF
Facility Management started 2010 with 60 employees
in the Czech Republic. In the future, we want to use this
as a base to also build up business in Slovakia. At the
same time, HOCHTIEF Energy Management is working
to expand business into Eastern Europe.
The HOCHTIEF Services division expects profit before
taxes to exceed the prior-year figure in 2010.
*For further information, please
see page 52.
Annual Report 2009 109