2008 was a turbulent year in which the financial crisis and its global repercussions presented the world with new challenges. Overcoming these challenges will be a major preoccupation in every area of society in 2009. Despite the crisis, 2008 was also a successful year for the HOCHTIEF Group. We were able to lift our guidance on two occasions and surpassed all the corporate goals set for the reporting period. Consolidated net profit rose by just over 24 percent year on year to EUR 175 million – figures we are proud of.
Despite the company's solid performance, HOCHTIEF shares were unable to buck the stock market trend and fell sharply during the course of year, ceasing to reflect the Group's successful operations and value. The crisis also had a negative impact on the stock price of listed project companies in our subsidiary Leighton's business portfolio. Although these prices similarly failed to reflect the real value of the concession projects, Leighton's Board of Directors decided to take the precaution of writing down its interests as of December 31, 2008 to their market capitalization on the basis of current stock prices.
HOCHTIEF continued its track record of success in spite of these effects. It is precisely at times like this that we see we have been far-sighted in building and expanding our Group. The year under review saw us continue to pursue our viable life cycle strategy unchanged. Our services cover every stage of the project life cycle. That is to say, the modules in our product and service range – development, construction, services, and concessions and operation – span the entire value chain of real estate, facilities
We are going into 2009 feeling confident. Our order backlog stands at more than EUR 30 billion. At the beginning of the year, this already ensures enough business for most of 2009. In addition, we are expecting the measures aimed at reviving the economy to have an effect in several countries. Everywhere, these measures are centered on infrastructure, one of the HOCHTIEF Group's focuses.
Our emphasis in the past on conservative financing, low net debt and a healthy equity ratio is now paying off. This, combined with our compelling business model and transparent reporting during the fiscal year, prompted 18 out of 24 analysts to rate HOCHTIEF stock a buy and four to give a hold recommendation as of the end of 2008.
In response to the financial market crisis, we have taken the precaution of boosting our cash reserves. We are expecting both equity investments in development projects and borrowing costs to be higher for some time to come.
All six divisions contributed to HOCHTIEF's success in 2008. At HOCHTIEF Americas, our subsidiaries Turner and Flatiron turned in another excellent performance in their respective segments, building and infrastructure construction. Major contracts included the Great American Tower in Cincinnati, an office tower worth EUR 165 million which is to be built by Turner. Flatiron, meanwhile, was appointed leader of a joint venture responsible for building a section of the Edmonton Ring Road in Canada worth EUR 624 million. By collaborating, the two companies are demonstrating new strength. They will work together on the refurbishment of Sacramento International Airport, for example, and also have plans for other joint projects.
The construction business in Australia, Asia and the Middle East that is covered by Leighton turned in a strong