ONE ROOF

The new contract is worth approximately EUR 1.18 billion.
Building construction
In the first half of 2009, Leighton International, operating
as a member of a project partnership, received the
contract to build the Ramanujan IT Park in the Indian
city of Chennai. Work on the EUR 164.6 million project
commenced back in June of the year under review and
is expected to be completed in 2012. By that date,
buildings such as a convention center as well as residential,
retail and car park facilities will be constructed
over an area of 570,000 square meters.
On the island of Saadiyat off the coast of Abu Dhabi, a
joint venture including the Al Habtoor Leighton Group is
carrying out the St. Regis Hotel and Residences project.
The Leighton Holdings associate is to receive half
of the contract value totaling almost EUR 345 million.
The HOCHTIEF Asia Pacific division’s key figures
In fiscal 2009, new orders declined slightly, falling 1.8
percent below the exceptional prior-year figure. However,
starting in the third quarter of 2009, we experienced
a substantial increase in new orders compared
with the first half of the year.
Work done and external sales rose during the period
under review by 11.6 percent to EUR 9.65 billion and by
12.9 percent to EUR 7.77 billion respectively. This reflects
the high level of new infrastructure and contract
mining orders in fiscal 2008.
In 2009, the order backlog grew by a further 36.7 per-
cent from the previous year’s record figure. In addition
to a EUR 1.3 billion increase in business, this includes a
positive exchange rate effect of EUR 4.6 billion resulting
from a significant year-on-year boost in the strength of
the Australian dollar as of the balance sheet date.
Despite the challenging market environment, which
made its effects felt in the commercial development
business in Australia and in building construction in
Dubai in particular, operating earnings (up 25.3 percent)
and profit before taxes (up 32.3 percent) were
well above the prior-year figures. One key driver of the
❘ Information for our Shareholders ❘ ❘ Management Report ❘ ❘ Financial Statements and Notes ❘
HOCHTIEF Asia Pacific division
(EUR million) 2009 2008
New orders 12,418.5 12,651.0
Work done 9,645.2 8,638.9
Order backlog 22,132.7 16,194.2
Divisional sales 7,771.3 6,884.8
External sales 7,771.1 6,884.5
Operating earnings (EBITA) 535.6 427.5
Profit before taxes 432.9 327.2
Capital expenditure 782.2 1,005.2
RONA (%) 23.3 22.7
Net assets (December 31) 2,592.7 2,081.5
Employees (average over the year) 40,131 37,076
earnings growth was the upswing in external sales. Another
was the fact that the previous year’s earnings had
been depressed due to impairment losses on concession
companies and other interests necessary at Leighton
in 2008 due to the financial crisis.
Capital expenditure shrank by 22.2 percent in 2009.
The high comparative figure for the prior year was principally
due to shareholder contributions to concession
companies.
The average number of employees increased by 8.2
percent, a disproportionately low rate.
Outlook
The HOCHTIEF Asia Pacific division’s order backlog
reached a record level thanks to the robust state of the
economy in the Asia-Pacific region, underpinned by
e xtensive government spending programs, notably in
Australia and Hong Kong, plus sustained high demand
for raw ma terials in China. Australia has weathered the
global financial crisis much better than other western
economies. We therefore predict a further rise in profit
before taxes in fiscal 2010.
Annual Report 2009 91