ONE ROOF

122 Annual Report 2009
Our strategic international positioning enables us to ef-
fectively balance out regional market fluctuations. Fur-
thermore, the fact that we have focused intensively on
fast-growing market segments over the last few years
is also paying off.
Strategic life cycle management
Our tried and trusted life cycle management strategy and
internationalization open up opportunities for HOCHTIEF
to cope better with the current economic downturn than
other cyclical industries and to continue growing profitably
in the long term. For all services offered along the
value chain of real estate, facilities and infrastructure
projects, HOCHTIEF provides its clients with both international
expertise and measurable value added through
synergies and premium quality. We specifically foster
collaboration among operating segments in line with
our “One roof—all solutions” approach to deliver even
more effective services to our clients.
Prospects in key markets and segments
Since the start of the global financial crisis, numerous
economic stimulus packages have been initiated by individual
governments to prop up the economy. These
subsidy programs will continue to generate positive
effects in 2010. As an internationally seasoned and
successful manager of complex projects featuring a
comprehensive product and service range spanning
development and planning through construction and
logistics to portfolio management, operation and management,
HOCHTIEF is perfectly poised to benefit from
these governmental economic stimulus programs.
Our positioning in the Australian market is excellent
thanks to our subsidiary Leighton. Not least due to expected
economic growth in China, we anticipate raw
material prices to recover, a development that will benefit
our mining activities. With the added help of state
economic aid packages, numerous opportunities are
also offered by other segments, such as the educational
property and healthcare facility sectors as well as
the water and energy management segment. The trend
is expected to be equally positive in the service areas,
which include servicing and maintenance of toll roads
and tunnels along with our promising waste management
and recycling activities.
In the USA, HOCHTIEF is very well placed to exploit
opportunities for growth with its subsidiaries Turner
and Flatiron. Turner leads the market as the number
one general builder, and Flatiron is among the top ten
service providers in the civil engineering segment. Industry
experts anticipate that the building construction
segment in which Turner operates will stabilize in 2010.
Robust growth is projected in 2010 for Flatiron’s market.
In the Gulf region, industry observers anticipate a
growing number of infrastructure projects. Thanks to
the strong presence of our subsidiaries and associated
companies in the region, we are well poised to develop
additional market potential.
HOCHTIEF can leverage substantial opportunities for
growth from the existing business and project portfolio.
Despite reduced passenger traffic, our airport holdings
were able to hold their own against the competition in
fiscal 2009. In 2010, we again expect a stable earnings
contribution from this segment and forecast strong
growth here in the long term. In the toll road segment,
most of our projects are at the construction stage or
the beginning of the ramp-up phase. Major value
growth is generally not achieved until after these
phases have been completed.
Public-private partnerships
Against the backdrop of increasing public infrastructure
needs, we believe that 2010 will bring excellent opportunities
for growth in the share of public-private partnership
(PPP) models. For example, Germany’s federal
government is holding out the prospect of additional
resources in a second economic stimulus package. A
key element of these programs are infrastructure projects,
such as public-sector investments in construction
and refurbishment in the transportation, education,
health, energy and telecommunications sectors. In the
USA in view of the stimulus packages adopted by the
government, we also anticipate a boost in investments
in the infrastructure segment based on the PPP concept.
This provides HOCHTIEF with the ideal opportunity for
networking and collectively implementing our international
PPP know-how as well as our expertise in building
construction and civil engineering through Turner
and Flatiron. Thanks to our many years’ experience in
other regions, HOCHTIEF PPP Solutions North America,