ONE ROOF

*See glossary on page 197.
120 Annual Report 2009
Although our ability to issue forecasts is significantly
curtailed due to the uncertainty surrounding global economic
performance, we anticipate business to be robust
again in 2011.
Dependable dividend
HOCHTIEF has a longstanding dividend policy geared
to earnings and liquidity. The Executive Board’s proposal
for the use of net profit for fiscal 2009 provides
for a further increase in dividends to EUR 1.50 per share.
This represents seven percent dividend growth on the
prior year and a payout ratio at over 50 percent of consolidated
net profit. This means HOCHTIEF will have
increased its dividends by just under 14 percent a year
since 2005.
In fiscal 2010, we aim to stay the course with our divi-
dend policy and continue to let shareholders partici-
pate adequately in our company’s success.
Strong liquidity with sufficient financial reserves
The HOCHTIEF Group is assured adequate short and
medium-term liquidity with reserves of cash on hand
and at banks, holdings of readily marketable securities,
and available, undrawn revolving credit facilities.
Extensions were negotiated for borrowings scheduled
for repayment in 2009. In May 2009, we successfully
placed several promissory note loans amounting to a
total of EUR 300 million, among other things, for the
purpose of refinancing the matured EUR 200 million
promissory note loan from 2004. The surplus proceeds
beyond the amount required for refinancing increased
our financial flexibility. HOCHTIEF Projektentwicklung
and Redwood Grove International also successfully completed
the refinancing of the acquisition financing for
aurelis Asset GmbH. The terms of the loan of more than
EUR 900 million are in line with HOCHTIEF’s planning
and investment requirements, and underscore the excellent
creditworthiness of the aurelis portfolio. The
Group’s financing also comprises internationally syndi-
cated revolving credit and guarantee facilities opened
in 2004 and 2005. The revolving credit facilities include
a EUR 600 million credit facility (80 percent drawn
down), a EUR 400 million revolving credit facility converted
from a previously existing syndicated guarantee
facility in 2009 (0 percent drawn down) and EUR 291
million in short-term money market facilities (9 percent
drawn down). The syndicated guarantee facility has an
available limit of EUR 1.5 billion, EUR 1.07 billion of
which has been drawn down. The facility ensures the
availability of guarantees for the ordinary activities of
the HOCHTIEF Europe, HOCHTIEF Concessions and
HOCHTIEF Real Estate divisions.
The revolving credit and guarantee facilities also pro-
vide HOCHTIEF with sufficient scope and security for
its long-term growth plans. They are broadly diversified
and placed with top-notch issuers*. Separate facilities
were also secured during the year for specific major
projects—for example, to obtain required bank guarantees—with
banks in the various countries in which we
operate.
For future borrowing plans, we are working on the as-
sumption that the international financial and capital
markets will settle further in the course of 2010 and
function normally for the most part.
Profitable growth and value creation
We aim to continue on our path of sustainable growth
and consistently build the value of our company—for
our shareholders, our employees and our clients. Based
on our earnings expectations, we currently once again
anticipate RONA exceeding our ten percent cost of
capital in 2010. We are confident of achieving substantial
value created and hence further increasing value.