ONE ROOF
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ONE ROOF
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Dr.-Ing. Herbert<br />
Lütkestratkötter,<br />
Chairman of the Executive<br />
Board (CEO)<br />
*For details on the restatements,<br />
please see pages 142<br />
and 143.<br />
8 Annual Report 2009<br />
The impact of the financial crisis presented challenges<br />
to businesses around the world afresh in 2009. But<br />
even in this climate, the HOCHTIEF Group proved its<br />
strengths yet again. We were able to raise our forecast<br />
for the order backlog during 2009. The actual figure<br />
reached EUR 35.59 billion. We attained or exceeded<br />
all other targets we had set for ourselves as announced.<br />
Consolidated net profit of EUR 195.2 million and profit<br />
before taxes of EUR 600.5 million both topped the<br />
prior-year figures by some margin (2008: EUR 156.7<br />
million and EUR 496.9 million respectively, restated in<br />
accordance with IFRIC 15*).<br />
Thanks to recovery in the global economy and slow<br />
easing of the situation in the financial markets, HOCHTIEF<br />
stock regained some ground, especially in the second<br />
half of the year. It reached an annual peak of EUR 59.52<br />
in October 2009. But even this value does not adequately<br />
reflect our successful business performance.<br />
Throughout the Group, HOCHTIEF continued its posi-<br />
tive development of the last few years in 2009, benefit-<br />
ing in particular from the advantages of our tightly knit<br />
portfolio: With services covering the life cycle of infrastructure<br />
projects, real estate and facilities, we offer our<br />
clients added value. The globally networked activities<br />
of our specialists ensure high levels of efficiency and<br />
quality—we underpinned this again internally and externally<br />
in the year under review with activities under the<br />
“One roof—all solutions” banner. It was especially clear<br />
in the difficult economic environment of 2009 that our<br />
clients appreciate our service portfolio with its major<br />
synergy opportunities as well as our partnership-based<br />
approach: New orders and contract renewals in all our<br />
divisions reflect trust in HOCHTIEF’s expertise. Our life<br />
cycle strategy has proven its long-term worth. Further-<br />
more, our clear focus on activities in high-growth markets,<br />
industries and regions has shown itself to be a<br />
success factor. We will retain this focus in the future<br />
and enter 2010 with optimism.<br />
This confidence is also bolstered by our strong financial<br />
base. The crisis made clear just how much we are benefiting<br />
from always having planned and acted very conservatively<br />
in the past. Our financing is secured for the<br />
long term—as our extremely solid balance sheet also<br />
shows. We have the scope we need for all projects, in<br />
which we continue to be selective, investing as usual<br />
only in projects that meet our high return-on-investment<br />
targets.<br />
2009 was another excellent year for our Group, with all six<br />
divisions racking up successes. At HOCHTIEF Americas,<br />
our US subsidiaries Turner und Flatiron received<br />
attractive orders, providing for a healthy order backlog.<br />
Turner was able to further consolidate its strong market<br />
position: The market leader for education and healthcare<br />
properties and sustainable construction was awarded<br />
high-quality contracts in these segments, including a<br />
series of school projects in New York worth more than<br />
EUR 170 million and a hospital for the University Medical<br />
Center at Princeton worth EUR 340 million. Flatiron<br />
secured several major contracts, including the largest<br />
project to date for the US company: In a joint venture,<br />
the Port Mann Bridge will be built over the Fraser River<br />
in Vancouver, Canada, in a project worth more than EUR<br />
1.5 billion. Flatiron also benefited from the US stimulus<br />
program—for instance, with its participation in the EUR<br />
41 million contract to extend Route 905 in San Diego,<br />
California. And last but not least, our US subsidiaries<br />
stepped up their cooperation, as planned: Together<br />
with a partner, the companies are expanding Terminal<br />
2 of San Diego Airport.<br />
The operational units of our subsidiary Leighton like-<br />
wise won attractive new contracts, providing for a very<br />
high order backlog in the HOCHTIEF Asia Pacific division.<br />
As part of a consortium, Thiess is to finance, design<br />
and build a seawater desalination plant and subsequently<br />
operate it for a period of 30 years. The project<br />
is worth EUR 2.1 billion. In the raw materials segment, a<br />
number of satisfied clients renewed their contracts with
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