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Kowloon Southern Link project, Hong Kong “Xiaolongnu”—little dragon girl—is what employees affectionately called their tunnel boring machine, which had been tirelessly making its way through the earth below Hong Kong over the past few years. Today, the Kowloon Southern Link connects the city’s western and eastern rail lines. Two Leighton Group companies worked hand-in-hand on the project: John Holland was responsible for construction projects including two tunnels and an underground station, while Leighton Asia, a company familiar with the local market, designed and built a rail link. Both companies worked together seamlessly thanks to their specific expertise. 64 Annual Report 2009 <strong>ONE</strong><strong>ROOF</strong> ALL SOLUTIONS
Financial Review • Strong year-on-year growth in profit before taxes and consolidated net profit • Sales nearly match high prior-year level • Further increase in Group total assets Earnings In a difficult competitive environment, HOCHTIEF generated sales of EUR 18.17 billion in 2009, only 2.9 percent down on the EUR 18.7 billion recorded in 2008. Markets relevant to HOCHTIEF were affected to varying degrees by the global financial and economic crisis. As expected, our international activities saw sales decrease, especialy on the American continent. The US general building sector showed a marked downturn. Our subsidiary Turner nonetheless held its own and kept its status as market leader in the general building segment in fiscal 2009. In local currency—US dollars— Turner attained sales of USD 8.09 billion, compared with USD 10.45 billion in the prior year (a decrease of 22.6 percent). Expressed in the Group currency, the euro, however, the percentage decrease was a significantly smaller 18.3 percent due to exchange rate gains relating to currency translation. Translated into euros, Turner’s sales amounted to EUR 5.8 billion (2008: EUR 7.1 billion). The North American civil engineering market important to our US subsidiary Flatiron similarly saw a drop over 2009 as a whole. As a result of the US economic stimulus packages, however, the market followed a considerably more stable trend in the second half of the year. After EUR 854.2 million in the prior year, Flatiron contributed EUR 775.9 million (down 9.2 percent) to Group sales in the year under review. In total, the HOCHTIEF Americas division generated sales of EUR 6.61 billion (2008: EUR 8.05 billion). In the Australian market, in parts of Asia and in the Gulf states, HOCHTIEF continued to be highly successful in 2009 with its majority shareholding in the Leighton Group. By concentrating on strong-growth markets in these regions, the HOCHTIEF Asia Pacific division boosted sales by 12.9 percent to EUR 7.77 billion (2008: EUR 6.88 billion). The trend in the Australian dollar exchange ❘ Information for our Shareholders ❘ ❘ Management Report ❘ ❘ Financial Statements and Notes ❘ Operational Statement of Earnings (EUR million) 2009 2008 restated Profit from operating activities + Net income from participating 525.3 287.3 interests 229.8 306.0 – Non-operating earnings – (+) 15.0 + Interest credited 12.1 44.6 Operating earnings (EBITA) 767.2 652.9 Net investment and interest income (166.7) (141.0) Non-operating earnings – (15.0) Profit before taxes 600.5 496.9 Income taxes (192.3) (173.0) Profit after taxes 408.2 323.9 Of which: Consolidated net profit 195.2 156.8 Of which: Minority interest 213.0 167.1 rate produced a negative currency translation effect of EUR 75.3 million. HOCHTIEF’s global presence was once again a key success factor for our business in 2009. The share of Group sales generated internationally stood at 88.2 percent, a similarly high level to the prior year (87.8 percent). In Germany, HOCHTIEF was unable to fully break away from the general downtrend. We also deliberately continued to scale back our activities in the hotly contested building construction business, accepting lower sales on a planned basis as a result. This decrease was partly made up for, however, by pushing ahead with expansion of the project development, service and operation business. Sales in Germany were consequently slightly down at EUR 2.14 billion compared with EUR 2.29 billion in the prior year. Annual Report 2009 65
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HOCHTIEF Annual Report 2009 ONEROOF
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Our Company at a Glance in 2009 HOC
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Turning Vision into Value HOCHTIEF
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❘ Information for our Shareholder
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us: For instance, Leighton was awar
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A major topic relating to the HOCHT
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Page 27 and 28: with the goal of improving an airpo
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Page 31 and 32: ❘ Information for our Shareholder
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Page 37 and 38: The economic crisis will continue t
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Page 41 and 42: This sustained growth will be affec
Page 43 and 44: Internationally, new orders fell by
Page 45 and 46: Strategy • Successful corporate s
Page 47 and 48: we bring together our experts for t
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Page 53 and 54: meters of concrete and 142,000 squa
Page 55 and 56: Employees • Staff development too
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Page 59 and 60: In our global procurement network,
Page 61 and 62: HOCHTIEF Group performance The HOCH
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Page 71 and 72: Further loans are in place on a loc
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Page 77 and 78: als. Section 23 (1) of the Articles
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Page 81 and 82: provided on appointment and replace
Page 83 and 84: Segment Reporting Synergies boost s
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Page 87 and 88: jet parking areas. The project will
Page 89 and 90: Project highlights in Australia Ser
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Page 93 and 94: Budapest Airport HOCHTIEF AirPort s
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Page 97 and 98: HOCHTIEF Europe Division • Return
Page 99 and 100: essary work in the North Sea. With
Page 101 and 102: HOCHTIEF Real Estate Division • S
Page 103 and 104: Together with the Senator Group, th
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Page 109 and 110: 2009. HOCHTIEF Energy Management wi
Page 111 and 112: Risk Report • Group-wide early wa
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Fiscal year 2010 will be shored up
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HOCHTIEF works with first-rate cert
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Investing in sustained growth Our c
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which was established in 2008, is a
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Consolidated Statement of Earnings
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Consolidated Balance Sheet (EUR tho
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[Independent] Auditors’ Report We
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As in the prior year, the Consolida
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Property, plant and equipment is st
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The POC method is used primarily in
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value initially recognized in equit
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The remaining new or amended standa
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IFRIC 17 Distributions of Non-cash
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6. Other operating expenses (EUR th
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9. Income taxes 2009 2008 (EUR thou
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Impairment losses of EUR 64,000 (20
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Impairment losses of EUR 58,000 (20
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Associates The following tables sho
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17. Other receivables and other ass
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The figure of EUR 1,422,095,000 (20
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As of December 31, 2009, HOCHTIEF A
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Top Executive Retention Plan 2004 T
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The quantities of SARs and stock aw
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Investing plan assets to cover futu
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The effects of a one percentage poi
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Sundry other financial liabilities
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Maximum payments as of December 31,
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Management of interest rate risk HO
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The following sensitivity analyses
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The impairments in trade receivable
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2008 (EUR thousand) Available for s
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The EUR 9,600,000 gains are include
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35. Segment reporting Segmental rep
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Profit/(loss) from operating activi
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All non-cash income and expense and
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The fees for services provided in G
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Corporate Headquarters ❘ Informat
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Supervisory Board Committees Nomina
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Glossary Alumni program The alumni
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Our five year summary Five Year Sum
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Publication Details and Credits Pub
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