HOCHTIEF Concessions Division
| (EUR million) | Q1-Q3 2009* | Q1-Q3 2008 | Percentage change | Q3 2009* | Q3 2008 | Full Year 2008 |
|---|---|---|---|---|---|---|
| New orders | 121.2 | 186.6 | (35.0) | 9.2 | 8.2 | 197.9 |
| Of which HOCHTIEF AirPort | 11.2 | 10.3 | 8.7 | 2.9 | 4.0 | 13.7 |
| Of which HOCHTIEF PPP Solutions | 110.0 | 176.3 | (37.6) | 6.3 | 4.2 | 184.2 |
| Work done | 153.5 | 121.3 | 26.5 | 56.6 | 41.9 | 167.5 |
| Of which HOCHTIEF AirPort | 11.2 | 10.3 | 8.7 | 2.9 | 4.0 | 13.7 |
| Of which HOCHTIEF PPP Solutions | 142.3 | 111.0 | 28.2 | 53.7 | 37.9 | 153.8 |
| Order backlog | 789.1 | 759.2 | 3.9 | 789.1 | 759.2 | 723.1 |
| Of which HOCHTIEF AirPort | - | - | - | - | - | - |
| Of which HOCHTIEF PPP Solutions | 789.1 | 759.2 | 3.9 | 789.1 | 759.2 | 723.1 |
| Divisional sales | 153.5 | 121.3 | 26.5 | 56.6 | 41.1 | 166.1 |
| Of which HOCHTIEF AirPort | 11.2 | 10.3 | 8.7 | 2.8 | 4.0 | 13.7 |
| Of which HOCHTIEF PPP Solutions | 142.3 | 111.0 | 28.2 | 53.8 | 37.1 | 152.4 |
| External sales | 152.7 | 120.2 | 27.0 | 56.5 | 41.0 | 162.9 |
| Of which HOCHTIEF AirPort | 10.4 | 9.2 | 13.0 | 2.7 | 3.9 | 12.4 |
| Of which HOCHTIEF PPP Solutions | 142.3 | 111.0 | 28.2 | 53.8 | 37.1 | 150.5 |
| Operating earnings (EBITA) | 85.2 | 88.4 | (3.6) | 44.0 | 32.2 | 145.7 |
| Of which HOCHTIEF AirPort | 85.2 | 77.9 | 9.4 | 44.2 | 19.5 | 123.1 |
| Of which HOCHTIEF PPP Solutions | (1.3) | 10.5 | - | (1.3) | 12.7 | 22.6 |
| Profit before taxes | 56.6 | 61.6 | (8.1) | 34.5 | 23.8 | 109.6 |
| Of which HOCHTIEF AirPort | 60.7 | 56.5 | 7.4 | 36.1 | 11.8 | 96.5 |
| Of which HOCHTIEF PPP Solutions | (5.5) | 5.1 | - | - 2.8 | 12.0 | 13.1 |
| Capital expenditure | 48.8 | 10.3 | 373.8 | 0.6 | 6.3 | 27.7 |
| Of which HOCHTIEF AirPort | 47.7 | 0.1 | - | - | 0.1 | 17.4 |
| Of which HOCHTIEF PPP Solutions | 1.1 | 10.2 | (89.2) | 0.6 | 6.2 | 10.3 |
| Net assets | 1,313.7 | 1,236.4 | 6.3 | 1,313.7 | 1,236.4 | 1,258.9 |
| Of which HOCHTIEF AirPort | 1,124.8 | 1,012.3 | 11.1 | 1,124.8 | 1,012.3 | 1,035.5 |
| Of which HOCHTIEF PPP Solutions | 191.1 | 224.0 | (14.7) | 191.1 | 224.0 | 224.4 |
| Employes | 303 | 228 | 32.9 | 303 | 228 | 219 |
| Of which HOCHTIEF AirPort | 58 | 83 | (30.1) | 58 | 83 | 80 |
| Of which HOCHTIEF PPP Solutions | 212 (End Q1-Q3 2009) |
145 (End Q1-Q3 2008) |
46,2 | 212 (End Q3 2009) |
145 (End Q3 2008) |
139 (2008 average) |
The HOCHTIEF Concessions division performed well overall in the third quarter. Profit before taxes amounted to EUR 56.6 million in the reporting period. At HOCHTIEF AirPort, it was slightly up by EUR 4.2 million on the prioryear figure of EUR 56.5 million. At HOCHTIEF PPP Solutions, profit before taxes was EUR 10.6 million down on the prior-year figure, primarily as a result of the success fees received in the third quarter of 2008 from the financial close of the Maliakos-Kleidi and Elefsina-Patras-Tsakona toll road projects in Greece.
In the first nine months of the year, a total of 66.5 million passengers was served by the airport holdings of HOCHTIEF AirPort, down 3.3 percent year on year. However, this fall in passenger numbers, which is due to the financial crisis, was much less pronounced than the 5.3 percent drop recorded in the first half of 2009. The airports at Athens, Düsseldorf, Sydney and Tirana have all recorded steady growth in traffic in the third quarter.
In September 2009, the terminal expansion at Tirana Airport was put into operation. The airport can now take up to 1.8 million passengers a year. The new terminal area includes additional check-in counters, three new gates and a larger range of catering and retail units. In July, Hamburg Airport was awarded the industry environment prize conferred by the Schleswig-Holstein industry’s Studien- und Fördergesellschaft in recognition of its measures to abate noise and conserve resources. HOCHTIEF AirPort’s expertise is also in demand outside the Group: In August we won a contract to overhaul the existing master plan of Aéroport International de Genève, the second largest airport in Switzerland.
In July, HOCHTIEF PPP Solutions was chosen as a preferred bidder for the D1 motorway public-private partnership project in Slovakia. The project entails the design, financing, construction and subsequent operation of a 25-kilometer stretch of motorway and a six-kilometer access road. Financial close is expected in the first half of 2010.
The Vespucio Norte Express toll highway in Chile recorded a positive trend in August, with a slight increase in traffic compared with the same month in 2008. PricewaterhouseCoopers awarded first place in the concessions category to our concession company in Chile for its financial reporting and the quality of its annual report. The company was also honored by the Pro Human Foundation for its social responsibility.
Furthermore, the company completed four new schools in Frankfurt am Main in the third quarter of 2009. The city had commissioned HOCHTIEF to design, finance, build or refurbish these schools and operate them until 2029 on the basis of a public-private partnership. The project is worth more than EUR 248 million. The two new schools being built in West Lothian, Scotland, were also completed. The operating period runs until 2039.
HOCHTIEF Concessions outlook
As in fiscal 2008, there were a number of extraordinary items in fiscal 2009 which affect earnings at HOCHTIEF Concessions. Adjusted for these extraordinary items in the 2008 and 2009 reporting years, the HOCHTIEF Concessions division expects no major variation in earnings in 2009 compared with the prior year.