ONE ROOF

essary work in the North Sea. With a total output of 60
megawatts, the wind farm will be able to provide electricity
to 50,000 households in the future.
In the reporting year, we completed drilling for the two
Süddeutsche Geothermie-Projekte Gesellschaft geothermal
power plants in Kirchstockach and Dürrnhaar.
Streif Baulogistik provided the necessary deep boring
plant. Each of the two power plants will generate four to
five megawatts, sufficient energy for around 10,000
single-family homes.
The HOCHTIEF Europe division’s key figures
In the HOCHTIEF Europe division, new orders in 2009
were down EUR 374.6 million (11.4 percent) from the
previous year’s figure. This was due to a decline in Germany
from EUR 1.3 billion to EUR 865 million. In contrast,
new orders in the international business rose to
EUR 2.04 billion, exceeding the prior-year figure (EUR
1.97 billion). The contract for building Barwa Commercial
Avenue in Doha, Qatar, contributed substantially to
this increase with a total contract value of EUR 1.34 billion.
The policy of selectively choosing projects for risk
management purposes and higher return on investment
targets led to a reduction in new orders. The effects of
the financial crisis were felt here, too.
Compared with the previous year, the drop in new orders
led to a lower level of work done (EUR 2.74 billion) in
the HOCHTIEF Europe division. This development
shaped the German and international businesses alike,
with each figure trailing that of the previous year.
The order backlog topped the prior-year figure slightly
at EUR 3.61 billion. The forward order book amounts to
approximately 16 months. This relatively high level is
reflected in the individual units of HOCHTIEF Europe to
varying degrees.
Declining 7.8 percent and 7.2 percent respectively, divi-
sional and external sales did not drop as much as
work done compared to the prior year. A major share of
these sales stems from our international business generated
by the companies in Qatar, Chile and Russia.
❘ Information for our Shareholders ❘ ❘ Management Report ❘ ❘ Financial Statements and Notes ❘
HOCHTIEF Europe division
(EUR million) 2009 2008
restated*
New orders 2,908.7 3,283.3
Work done 2,742.1 3,238.5
Order backlog 3,608.1 3,559.6
Divisional sales 2,354.8 2,552.8
External sales 2,225.3 2,398.3
Operating earnings (EBITA) 26.7 (30.3)
Profit before taxes 30.4 (34.9)
Capital expenditure 77.9 53.5
RONA (%) 8.9 0.3
Net assets (December 31) 546.9 512.9
Employees (average over the year) 9,946 9,380
We reached the goal of a positive earnings contribution
in the reporting year because return targets for new projects
were met consistently, and we did not waver in our
focus on markets abroad. In 2009, operating earnings
and profit before taxes were extremely positive at
EUR 26.7 million and EUR 30.4 million after the losses
suffered in 2008.
The increase in capital expenditure was mainly attrib-
utable to technical equipment and machinery as well as
other equipment and office equipment, mostly for our
large-scale project in Qatar.
The year-on-year increase in net assets by EUR 34
million (6.6 percent) was chiefly due to a decrease in
liabilities.
The average number of employees was up temporarily
by 6 percent due to large-scale projects abroad.
Outlook
The financial crisis is still putting the brakes on contract
awards. However, our international positioning enables
us to balance out regional volatility. The division is confident
that the strategic measures aimed at internationalization
and compliance with return targets for new
projects will enable HOCHTIEF Europe to continue to
generate positive earnings with this figure exceeding
the prior-year level in 2010.
*For details of the restatements,
please see pages 142
and 143.
Annual Report 2009 99