Ad-hoc | 29 January 2012 19:56
HOCHTIEF Aktiengesellschaft / Key word(s): Forecast
29.01.2012 19:56
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Despite a good solid operational performance HOCHTIEF was not able to
completely compensate the losses from Leighton. The result of the
Australian subsidiary was affected throughout the last year by two major
projects and by further extraordinary effects. After this has been dealt
with in 2011 HOCHTIEF has a sound operational basis for 2012: The divisions
of the HOCHTIEF Group have performed well. New orders in the fourth quarter
were very strong with a total of approximately EUR 9 billion.
However, HOCHTIEF had additional extraordinary effects in the fourth
quarter including negative impacts on earnings at Leighton and expenses for
former HOCHTIEF Executive Board members. On January 16, 2012, Leighton
reported impairments to its investment in its subsidiary in Dubai and the
operator company BrisConnections. The negative impact on profit before
taxes amounted to approximately AUD 120 million or approximately EUR 89
million. Furthermore, the total amount of expenses incurred due to special
termination rights exercised by former Executive Board members as a result
of the change of control increased by around EUR 19 million to roughly EUR
35 million in Q4 2011.
HOCHTIEF now anticipates a pretax loss of approximately EUR 130 million for
the full year 2011 (previously guided: loss in the low double-digit million
euro range) and a consolidated net loss of around EUR 160 million
(previously guided: approximate negative of EUR 100 million).
HOCHTIEF thus completes a year in which the Group has handled many changes
and burdens of the past. This is reflected in the financial statements. At
the same time, HOCHTIEF has proven its excellent market position by a very
high volume of new orders in the fourth quarter. As a result, the order
backlog at year-end has increased to approximately EUR 48 billion. This
gives HOCHTIEF comfort and the company therefore confirms the guidance for
2012: The Group continues to expect an operative profit that will be
slightly below the previous record year 2010.
The operational performance of HOCHTIEF's divisions over the last months of
2011 was good: The Americas and Europe divisions closed fiscal 2011 with
higher profit before taxes than in 2010. Asia Pacific was impacted by the
above mentioned extraordinary effects. However, on January 16, 2012, the
Australian subsidiary Leighton reported an increase in operating profit
after taxes from the recent guidance of AUD 250 million to roughly AUD 270
million for the past six months. As already envisaged the profit before
taxes of the HOCHTIEF Concessions division was dominated by extraordinary
effects in the form of value adjustments for toll road projects in Greece
and Chile (combined total amount booked in Q4 2011 approximately EUR 90
million).
29.01.2012 DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: HOCHTIEF Aktiengesellschaft
Opernplatz 2
45128 Essen
Germany
Phone: +49 (0)201 824-1833
Fax: +49 (0)201 824-2750
E-mail: investor-relations@hochtief.de
Internet: www.hochtief.de
ISIN: DE0006070006
WKN: 607000
Indices: MDAX
Listed: Regulierter Markt in Berlin, Düsseldorf, Frankfurt (Prime
Standard), Hamburg, München; Freiverkehr in Hannover,
Stuttgart; Terminbörse EUREX
End of Announcement DGAP News-Service
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