Even in times of crisis, there are good news and corporate successes to report. I am very pleased to announce that HOCHTIEF followed up the strong 2008 fiscal year with positive business performance in the first quarter of 2009. The many years we have spent building and expanding the company internationally are now paying off. Our order books are full: With a very strong order backlog of EUR 31.35 billion, we have secured more than 19 months of work at full capacity.
Our clients know that choosing HOCHTIEF means enjoying first-rate performance, excellent quality, on-time delivery and a cooperation in a spirit of partnership. And there's more: HOCHTIEF provides one-stop shopping for all of the solutions our clients require at every link in the life cycle of infrastructure projects, real estate and facilities. Our services range from development, planning and financing through construction to efficient operation of facilities. We will continue to pursue our life-cycle strategy and our range of capabilities covering the four corners of the globe in the future.
The drastic changes in financing terms for new concessions projects are, however, making our capital-intensive project activities more difficult. We already boosted the cash reserves of HOCHTIEF Aktiengesellschaft last year, thus securing the company's strong position on an ongoing basis. Nonetheless, especially now, we will continue to adhere to our strict project selection criteria that are a traditional hallmark of our business—HOCHTIEF's solid financial results corroborate this approach. We are currently focusing primarily on our management responsibilities, in the airport segment, for example, as well as on improving operations and the non-aviation business at our airport holdings.
Of course, we will continue to concentrate on securing projects that produce a continually high level of income over the long term.
The prevailing mood in our business continues to be one of cautious optimism. Although today's economic climate is not suited to setting new records, our positioning is strong across the globe—and especially robust in segments that will benefit from special economic stimulus programs that have been given the go-ahead. This notably includes our civil engineering business in the USA and Australia. In the USA, for example, we are already seeing concrete projects in the bid phase which are being financed mainly through the US economic stimulus package worth billions of dollars.
It must be borne in mind in this connection that the continuing turbulence on international financial markets permits us to forecast the Group's performance only to a limited extent. Our planning is based on the assumptions that the international financial and capital markets will normalize again from 2010, that no ongoing recessionary slowdown will occur in the global economy, and that the situation in areas of political tension will not deteriorate.
In view of the financial crisis, the global economy is in a situation for which no empirical data or ready solutions exist. It is our responsibility as a company to critically review and realistically assess market opportunities and risks. We are determined to seize the opportunities that present themselves and invite you to join us on this journey.
Dr.-Ing. Herbert Lütkestratkötter,