ONE ROOF

HOCHTIEF Group performance
The HOCHTIEF Group generated a 13.8 percent return
on net assets in fiscal 2009 (versus 13.1 percent in 2008).
This places us well above our target of equaling cost of
capital.
The fiscal 2008 figures have been restated as a result
of HOCHTIEF electing early application of IFRIC 15.*
This ensures comparability with the figures for the year
under review. In comparison with the accounting policies
applied in that year, RONA for 2008 is reduced
from 13.5 percent to 13.1 percent. Prior-year value created
falls from EUR 186.6 million to EUR 164.5 million.
HOCHTIEF Group: Return on net assets (RONA)
(EUR million) 2009 2008
restated
Operating earnings (EBITA)** 767.2 652.9
+ Interest income*** 46.1 43.2
Return
Shareholders’ equity (including
813.3 696.1
minority interests) 3,311.9 2,826.2
+ Pension provisions 71.3 76.7
+ Financial liabilities 2,843.5 2,926.8
– Deferred tax assets 232.8 217.1
+ Deferred tax liabilities 111.5 93.8
Net assets at December 31 6,105.4 5,706.4
Average net assets
Return on net assets
5,905.9 5,307.9
(RONA) 13.8 13.1
Value created (absolute) 224.4 164.5
The Group generated a return of EUR 813.3 million, a
17 percent improvement on the prior-year figure of EUR
696.1 million. Average net assets rose year on year from
EUR 5.3 billion to EUR 5.9 billion. This represents an increase
of some 11 percent.
HOCHTIEF Group value created, at EUR 224.4 million,
is higher than the prior-year figure. HOCHTIEF has con-
tinued to create value despite the financial crisis and
the troubled economic environment. This is an outcome
of our consistent strategic focus on value growth.
❘ Information for our Shareholders ❘ ❘ Management Report ❘ ❘ Financial Statements and Notes ❘
Divisional value created
So that we can better measure and compare the performance
and competitiveness of HOCHTIEF’s divisions,
we manage them with reference to divisionspecific
costs of capital. The use of a separate cost of
capital for each division is made necessary by the divisions’
differing business models and regional focus.
The HOCHTIEF Americas division comfortably ex-
ceeded its cost of capital in 2009 with RONA of 23
percent (2008: 19 percent). The increase on the prior
year reflects strong performance at our US subsidiaries
Flatiron and Turner, aided by a positive exchange rate
trend. In consequence, the division also achieved a
near-doubling of value created.
HOCHTIEF Asia Pacific generated RONA of 23.3 per-
cent in 2009 (2008: 22.7 percent). This was driven by
strong infrastructure activities and the stable contract
mining business. The Abu Dhabi, Qatar and Hong Kong
markets likewise showed healthy growth. An absence
of writedowns on listed shareholdings compared with
the prior year also had a positive impact.
HOCHTIEF Concessions produced RONA of 12.1
percent (2008: 14 percent), slightly above its 10.1 percent
cost of capital.
HOCHTIEF AirPort attained RONA of 13.3 percent
(2008: 14.2 percent), above the cost of capital. The
drop in passenger numbers induced by the financial
crisis affected HOCHTIEF AirPort’s earnings performance.
When comparing with the prior year, it is necessary
to bear in mind that HOCHTIEF AirPort registered
EUR 36.6 million in exceptional operating income from
payment of the last purchase price installment for
HOCHTIEF AirPort Capital and from a special dividend
paid out by Sydney Airport.
*For an explanation, please see
pages 142 and 143.
** See page 65 for the derivation
of operating earnings
(EBITA).
*** Interest income is adjusted
to eliminate interest from advance
payments received,
which is already included as an
interest credit in EBITA.
Annual Report 2009 61