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us: For instance, Leighton was awarded a three-year
contract extension worth EUR 172 million at the Peak
Downs coal mine in Queensland. Leighton also continued
to expand its business at an international level, for
example, in the Gulf in Abu Dhabi, where the Al Habtoor
Leighton Group is building the St. Regis Hotel
and Residences for just under EUR 345 million.
In the HOCHTIEF Concessions division, following the
fall in passenger numbers due to the financial crisis,
HOCHTIEF AirPort recorded a return to growth in traffic
at several airports in our portfolio in the third quarter of
2009. In the second half of the year, Düsseldorf Airport
actually saw a record number of passengers—a great
testament to the airport management provided by our
company. One of the achievements of HOCHTIEF PPP
Solutions in the fiscal year was financial close for a British
public-private partnership schools project in Salford
as part of a consortium. This means we have effectively
secured our first success in the long-term “Building
Schools for the Future” UK investment program. The
positive trend in our concessions portfolio reflects the
successful business: As of December 31, 2009, its net
present value* stood at EUR 1,596.4 million overall, an
increase on the prior-year figure (EUR 1,470.0 million).
During the year under review, we considered the pos-
sibility of an initial public offering of HOCHTIEF Conces-
sions AG. In December 2009, however, we decided not
to pursue these plans further for the time being, since
the capital market environment had deteriorated markedly
because of the Dubai crisis and its repercussions
in the international capital markets. Under these conditions,
an IPO was no longer feasible without restrictions
and as such was out of the question for us. Thus we
remained true to our claim that we would not, under
any circumstances, sell for less than our target value,
particularly since all prior analyses had shown that the
capital market considers our assets to be of enduring
value.
The HOCHTIEF Europe division enjoyed a successful
fiscal year, proving the value of the new organization and
structure. HOCHTIEF Construction secured the largest
single contract in its history with the construction of
Barwa Commercial Avenue in Doha, worth EUR 1.3
❘ Information for our Shareholders ❘ ❘ Management Report ❘ ❘ Financial Statements and Notes ❘
billion. Overall, the importance of HOCHTIEF Construction’s
international business grew yet again. In
Germany, we primarily increased our activities in the
profitable real estate development business.
In the HOCHTIEF Real Estate division, HOCHTIEF
Projekt entwicklung demonstrated its strengths once
more: In 2009’s difficult market environment, we sold
several properties, including the multi award-winning
Unilever building in Hamburg. Contracts received by
HOCHTIEF Property Management included an additional
contract from aurelis to take over management
of the 4,000 or so lease agreements.
The companies of the HOCHTIEF Services division also
continued their successes in 2009 as an outsourcing
partner for public-sector and industrial clients. HOCHTIEF
Energy Management, for example, was awarded a
contract by the Berlin Senate. HOCHTIEF Facility Management’s
commissions included a number of projects
by its sister companies HOCHTIEF PPP Solutions and
HOCHTIEF Projektentwicklung.
In 2009, we kept our promises to you, our sharehold-
ers. This was only possible thanks to a strong team
performance, for which I thank all our employees. Our
global team is ready to prove itself to you again in 2010.
Essen, February 22, 2010
Dr.-Ing. Herbert Lütkestratkötter
*See glossary on page 198.
Annual Report 2009 9