ONE ROOF

❘ Information for our Shareholders ❘ ❘ Management Report ❘ ❘ Financial Statements and Notes ❘
Looking Ahead: Outlook and Opportunities
• New orders and order backlog at high levels
• Strategic international positioning successful
in critical market environment
• Challenges due to financial crisis met
effectively to date
• Staying the course on dividend policy
Looking ahead
Long-term growth targets maintained
HOCHTIEF is outstandingly well poised to meet the
challenges posed by periods of economic weakness
and leverage existing opportunities thanks to the longpursued
strategy of life cycle management and serving
international markets. Our integrated capability portfolio
spanning the life cycle of infrastructure projects,
real estate and facilities along with our worldwide presence
in all key regions lend HOCHTIEF considerable
risk diversification and greater independence from fluctuations
in specific industries and markets. We see
HOCHTIEF’s strategic positioning as a sound competitive
advantage and the key to attaining our long-term
growth targets through both favorable and adverse
phases of the economic cycle.
Stable market conditions in 2010
The international financial and economic crisis shaped
global economic performance in 2009. Financial and
economic systems were propped up with massive interventions
by individual governments. Although the global
economy has apparently seen the recession bottom
out, we anticipate only a slow recovery in fiscal 2010.
There is still a risk that the economy will suffer setbacks.
In 2010, we project a low-level stabilization of the general
economic situation in the euro zone. We do not
expect Germany to achieve sustainable growth as early
as 2010. In the USA, the economy is projected to expand
moderately in 2010, whereas the prospects for
the Australian market are viewed more positively. In the
Gulf region, we anticipate stable performance by the
markets in Abu Dhabi, Qatar, Bahrain and Saudi Arabia
in particular.
Asian markets led by China and India will also see an
upswing in 2010. For fiscal 2010, we expect the euro to
appreciate against the US dollar and the Australian dollar
to make gains against the euro. Due to our strong
presence in the Americas and Asia, exchange rate movements
can influence our profit forecasts.
Our planning is based on the assumption that the fi-
nancial and capital markets will normalize again in
2010, there will not be a sustained recessive setback in
the world economy and the situation in areas of political
tension will not lastingly deteriorate any further.
New orders, order backlog and sales regain
normal levels
In the 2009 reporting year, new orders amounted to
EUR 22.47 billion (2008: EUR 25.28 billion). We did not
arrive at the prior-year level due to fewer large-volume
new orders, particularly in the HOCHTIEF Americas division.
At EUR 35.59 billion, the order backlog reached
a new historical high and secured an approximately
21-month forward order book for HOCHTIEF. Sales
were again excellent at EUR 18.17 billion, despite the
challenging market environment.
For 2010, we anticipate new orders and an order
backlog slightly below the prior-year level. Sales will
be roughly on a par with fiscal 2009.
Positive earnings trends
In fiscal 2009, HOCHTIEF succeeded in increasing
both profit before taxes (EUR 600.5 million) and consolidated
net profit (EUR 195.2 million). Profit before taxes
improved by more than 20 percent, while consolidated
net profit exceeded the prior-year figure by nearly 25
percent.*
Despite the difficult economic conditions and in view of
the still young fiscal year, we are optimistic that in 2010
our pretax profit and consolidated net profit will be
slightly above the 2009 level—not least thanks to our
very healthy order backlog and current opportunities.
*Based on the prior-year figures
restated in accordance with
IFRIC 15. For further information,
please see pages 142
and 143.
Annual Report 2009 119