ONE ROOF

* The aggregate figures
for the HOCHTIEF Con cessions
division include the division’s
own admin istrative expenses.
**The 2009 figure includes the
71 employees of the fully consolidated
HOCHTIEF PPP
Schulpartner project company.
96 Annual Report 2009
HOCHTIEF Concessions division
(EUR million) 2009* 2008
New orders 145.3 197.9
Of which HOCHTIEF AirPort 14.2 13.7
Of which HOCHTIEF PPP Solutions 131.1 184.2
Work done 189.9 167.5
Of which HOCHTIEF AirPort 14.2 13.7
Of which HOCHTIEF PPP Solutions 175.6 153.8
Order backlog 776.7 723.1
Of which HOCHTIEF AirPort – –
Of which HOCHTIEF PPP Solutions 776.7 723.1
Divisional sales 189.8 166.1
Of which HOCHTIEF AirPort 14.2 13.7
Of which HOCHTIEF PPP Solutions 175.6 152.4
External sales 189.0 162.9
Of which HOCHTIEF AirPort 13.4 12.4
Of which HOCHTIEF PPP Solutions 175.6 150.5
Operating earnings (EBITA) 113.9 145.7
Of which HOCHTIEF AirPort 110.1 123.1
Of which HOCHTIEF PPP Solutions 10.3 22.6
Profit before taxes 78.7 109.6
Of which HOCHTIEF AirPort 79.0 96.5
Of which HOCHTIEF PPP Solutions 6.2 13.1
Capital expenditure 49.0 27.7
Of which HOCHTIEF AirPort 47.8 17.4
Of which HOCHTIEF PPP Solutions 1.1 10.3
RONA (%) 12.1 14.0
Of which HOCHTIEF AirPort 13.3 14.2
Of which HOCHTIEF PPP Solutions 8.7 13.0
Net assets (December 31) 1,307.1 1,258.9
Of which HOCHTIEF AirPort 1,151.4 1,035.5
Of which HOCHTIEF PPP Solutions 158.6 224.4
Employees** (average over the year) 311 219
Of which HOCHTIEF AirPort 69 80
Of which HOCHTIEF PPP Solutions 137 139
the decline in the number of passengers served by the
airport holdings as a result of the financial crisis.
HOCHTIEF PPP Solutions’ earnings were shaped on the
one hand by positive contributions from the Vespucio
Norte Express and Maliakos-Kleidi toll road projects. On
the other, the success fees from the financial close of
school projects in Salford and Wigan, the Wigan community
center and the town hall in Moers contributed to
earnings. Moreover, we made further preparations for
developing the concessions market in North America,
where HOCHTIEF PPP Solutions is prequalified for four
projects. The year-on-year decline in earnings resulted
from the comparatively much higher success fees for
the Maliakos-Kleidi and Elefsina-Patras-Tsakona road
projects in Greece acquired in 2008 and the sale of the
3.75 percent stake in the Vespucio Norte Express toll
highway in Chile.
In fiscal 2009, capital expenditure amounted to EUR
49 million, which was up sharply from the previous year’s
figure of EUR 27.7 million, primarily due to two shareholders’
contributions to Sydney Airport. HOCHTIEF
AirPort only participated in the first contribution in the
amount of EUR 9.4 million. In view of the full consolidation
of HOCHTIEF AirPort Capital (HTAC), the capital
expenditure figure also includes the share attributable to
other HTAC partners totaling EUR 38.3 million. HOCHTIEF
PPP Solutions’ capital expenditure is significantly lower
than the prior-year figure, which was marked by the
injections of new capital into the Maliakos-Kleidi and
Elefsina-Patras-Tsakona toll road projects.
Outlook
The division expects positive business performance
overall in 2010 thanks to a gradual market recovery. In
the financial market, we see initial signs of improvement
of financing opportunities for the acquisitions we would
like to make. This produces positive impetus for growth
and earnings for our business.
In the airports business segment, we anticipate pas-
senger numbers to pick up further and the ongoing
optimization of operations to be reflected in improved
earnings by the airport companies.
The financial close for the large-scale D1 toll highway in
Slovakia will be front and center in the roads segment
in 2010.
In the social infrastructure segment, we anticipate con-
tinued stability in the project pipeline and are currently
participating in several tenders.
After the acquisition activities in the previous year, initial
project awards should be on the horizon in the roads
and social infrastructure segments in North America in
2010. On the whole, the HOCHTIEF Concessions division
expects its pretax profit in fiscal 2010 to fall below
the previous year’s figure. However, adjusted for the
positive nonrecurring items relating to the reversal of
provisions for Athens Airport in 2009, profit before
taxes will exceed that of the prior year.