ONE ROOF

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 de-
crease, 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