ONE ROOF

**See glossary on page 197.
*Leighton’s concessions projects
are not outlined here. For
further information, please see
pages 88–91 and our website,
www.hochtief.com.
26 Annual Report 2009
HOCHTIEF’s Concessions Business
• More additions to portfolio
• Stage set for further international expansion
• Leading role worldwide in privately financed
infrastructure projects
During the year under review, HOCHTIEF further expanded
its portfolio in the concessions business for the
development and realization of concessions and operation
projects. The expansion is based on:
• The expertise and innovative strength we have shown
time and again in designing, financing, building and
operating complex projects, which means we can
provide services at and optimize every stage of the
project life cycle
• Our experience with concessions and operation projects
worldwide
• Our closely linked international network and crossborder
transfer of know-how, which enable us to reap
synergies
• Our excellent reputation as one of the world’s leading
construction services providers and industrial infrastructure
investors.
HOCHTIEF Concessions AG is one of the world’s leading
industrial infrastructure investors. It presides over
the division of the same name and encompasses the
companies HOCHTIEF AirPort and HOCHTIEF PPP
Solutions with the segments airports, roads and social
infrastructure as well as infrastructure ventures. Networked
cooperation in market development, business
planning, special operator responsibilities and other
technical areas allow us to tap into long­term synergies—making
us a strong partner for our clients.
As of December 31, 2009, the HOCHTIEF Concessions
portfolio comprised stakes in six airports, seven roads
including two tunnels, 91 schools, two city halls, a
community center, a barracks and two geothermal
power plants. Thus our Company plays a leading role
worldwide in privately financed infrastructure projects.
The Asia Pacific division holds further interests through
our Australian subsidiary Leighton.*
Structure of HOCHTIEF’s concessions business
Airports market
segment
HOCHTIEF
Concessions AG
HOCHTIEF
AirPort GmbH
Roads market
segment
HOCHTIEF
Concessions AG
HOCHTIEF PPP
Solutions GmbH
(Europe, North and
South America)
Leighton Holdings
Limited (Australia,
India)
Social infrastructure
market segment
HOCHTIEF
Concessions AG
HOCHTIEF PPP
Solutions GmbH
(Europe,
North America)
Leighton Holdings
Limited (Australia)
The following information relates exclusively to the project
portfolio of HOCHTIEF Concessions and its valuation.
The product and service spectrum of HOCHTIEF Con­
cessions comprises the following elements: the strategic
selection of projects, their design and development,
the provision of shareholders’ equity, structuring of financing
and the implementation and operation of concessions
projects through to disposals of ownership
stakes. We continuously optimize the projects throughout.
HOCHTIEF Concessions’ income primarily derives
from the continuous income streams from participating
interests in the various segments. The income is generated
from dividends, interest from shareholder loans as
well as transaction and management fees, plus any gains
on market placement or disposals of ownership stakes.
Airports
HOCHTIEF Concessions’ airport holdings are brought
together in the subsidiary HOCHTIEF AirPort. HOCHTIEF
became established in this dynamic market as early as
the mid-1990s with the award in Athens of the world’s
first BOOT** concession for an airport, secured among
other things by virtue of our airport construction expertise.
We have since added interests in Budapest, Düsseldorf,
Hamburg, Sydney and Tirana airports. This
portfolio of attractive airports with strong prospects for
the future makes us one of the world’s leading private
and independent airport investors and managers.
HOCHTIEF AirPort enters into long­term arrangements