HOCHTIEF Asia Pacific Division
| (EUR million) | Q1 2008 |
Q1 2007 |
Percentage change | Full year 2007 |
|---|---|---|---|---|
| New orders | 2,000,0 | 626,5 | 219,2 | 10,415,7 |
| Work done | 2,152.8 | 1,783.0 | 20.7 | 7,409.2 |
| Order backlog | 14,284.2 | 11,021.1 | 29.6 | 14,928.9 |
| Divisional sales | 1,242.1 | 1,487.3 | -16.5 | 5,989.8 |
| External sales | 1,242.0 | 1,487.2 | -16.5 | 5,989.4 |
| Operating earnings (EBITA) | 104.2 | 73.2 | 42.3 | 441.3 |
| Profit before taxes | 83.0 | 67.5 | 23.0 | 404.5 |
| Capital expenditure | 305.3 | 146.0 | 109.1 | 1,364.9 |
| Net assets | 2,095.1 | 1,097.5 | 90.9 | 1,759.8 |
| Employees | 29962 (End Q1 2008) | 26117 (End Q1 2007) | 14.7 | 27940 (2007 average) |
New orders shot up by over 200 percent compared with the prior-year quarter to a total of EUR 2 billion. Work done was up by 20.7 percent, reaching EUR 2.15 billion with increases recorded in Australia, Asia and the Gulf regions. External sales were down by 16.5 percent to EUR 1.24 billion.
The order backlog at the end of the first quarter came to EUR 14.28 billion – 29.6 percent higher than the comparable prior-year figure – with the award of some large infrastructure and resources related projects.
Operating earnings (EUR 104.2 million) and profit before taxes (EUR 83 million) were substantially stronger than the first quarter of 2007 on the back of good contributions from Australian construction and mining, and solid performances from Asia and the Gulf.
Capital expenditure rose by 109.1 percent year on year. Besides procurement of new mining equipment, it includes an equity investment of EUR 150 million to the toll road concession company Connect East which fell due on completion of the Eastlink project.
In the contract mining sector, we expanded both our iron ore and our coal mining activities. Thiess won a EUR 580 million contract to develop and operate a coal mine in India. Thiess will extract over 115 million metric tons of coal from the Chitarpur mine in northeastern India over the twenty year contract term. The contract marks our entry into the Indian mining market. Leighton Asia also secured two resources related projects in the Philippines.
Infrastructure construction has continued to be a major source of activity in Australia. Work on the North South Bypass Tunnel and Gateway Duplication Project in Queensland advanced to plan. Leighton Contractors was appointed to deliver the EUR 430 million Ipswich Motorway Upgrade in Brisbane.
The Eastlink toll road project in Melbourne will be handed over to the client in the second quarter. During the first
In India, our subsidiary was awarded a contract worth over EUR 465 million to engineer and install a 200-kilometer offshore pipeline to carry oil and gas. The client is Oil and Natural Gas Corporation Limited, Asia's largest natural gas and petroleum company. Leighton Asia secured the construction of a new EUR 51 million aircraft hangar at Hong Kong International Airport.
Through its 45 percent-owned associate Al Habtoor Engineering, Leighton has been awarded several contracts in the Gulf region: The company is to construct a major office and commercial development worth EUR 238 million in Abu Dhabi.
