Investor Relations Company Presentation FY 2017 Results February 21, 2018 We are building the world of tomorrow.

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1 Investor Relations Company Presentation Results February 21, Iain Masterton

2 Table of contents SSN Group Highlights 3 Cash flow 5 Net cash 6 Recent project awards 7 Order book 8 Asia Pacific 9 Americas 10 Europe 11 Guidance 12 Appendices Group overview & one-offs 14 P&L 15 Balance sheet IFRS 15 / 9 18 Capital structure 20 Asia Pacific 21+ Americas 25+ Europe 28+ PPP 30 Real Estate 31 f/x rates 32 Appendices 33 Flatiron Sky View Imaging CostasMitropoulos Turner Construction Company HOCHTIEF HOCHTIEF UGL Thiess Thiess 2

3 (EURm) (EURbn) (EURm) (EURm) (EURm) HOCHTIEF Group Highlights 1) EUR 452m operational, +25% yoy; EUR 421m nominal net profit, +31% Group op. net profit at the top end of guidance range (EUR m) Operational PBT margin of 3.8%, +40bps yoy Strong EBITDA growth +30% yoy to EUR 1.3bn Sales +14% yoy to EUR 22.6bn 2) EUR 1.4bn Net cash from op. activities, +17% yoy or EUR +200m yoy Over EUR 1.0bn op. cash pre NWC, EUR +250m yoy or +32% Further high positive contribution from working capital of EUR 333m High EBITDA-cash-conversion rate of 106% Net op. capex +34% yoy (EUR 65m) to EUR 252m - increased mining & tunneling work Free cash flow from operations of EUR 1.1bn (+14% yoy) 3) EUR 1.3bn Net cash, EUR +562m yoy, all divisions significantly strengthened Net cash position of EUR 1.6bn if adjusted for fx effects All divisions show substantial improvement yoy 4) Order backlog EUR 44.6bn, +12% yoy fx-adjusted; EUR 30.4bn New orders, +23% Year-end Order backlog at highest level for five years; further increase to EUR 44.6bn, yoy +4%, +12% fx-adjusted New orders 1.24x work done; backlog equivalent to 22 months of work done 5) Guidance: operational net profit 2018 of EUR m (+4-15% yoy) Dividend proposal of 3.38 / HOT share, i.e. +30% yoy; 28% CAGR Strong tender pipeline in our core markets USA, Canada, Asia Pacific and Europe of around EUR 500bn in project work for HOCHTIEF to continue active and disciplined capital allocation policy 997 1,173 1,294 1,372 EBITDA op. CF EBITDA op. CF '16 ' % +31% +4-15% Operational net profit '16 '17 +55% 9.0 New Orders Q % 30.4 New Orders

4 HOCHTIEF Group key figures (EUR million) 2016 Δ in % Δ in EURm Q4 Q Δ Q4 in % Δ Q4 in EURm Sales 22, , % 2, , , % Operational profit before tax/pbt % % 40.8 Operational PBT margin in % Operational net profit % % 19.5 Operational earnings per share (EUR) % % 0.30 EBITDA 1, % % 52.1 EBITDA margin in % EBIT % % 28.7 Profit before tax / PBT % % 42.2 Tax rate (taxes / PBT in %) Net profit % % 20.7 Earnings per share (EUR) % % 0.32 Net cash from operating activities 1, , % % Net operating capital expenditure % % Free cash flow from operations 1, % % Net cash / net debt 1, % , % New orders 30, , % 5, , , % 3,190.6 Work done 24, , % 2, , , % Order backlog 44, , % 1, , , % 1,556.6 Employees (end of period) % % EBITDA and EBIT adjusted for 2016 Operational profits are adjusted for deconsolidation effects and other one-off impacts 4

5 HOCHTIEF Group - Cash Flow performance Cash Flow components HOCHTIEF Group (EUR million) 2016 D Q4 Q D Q4 Net cash from operating activities pre NWC change 1, NWC change Net cash from operating activities 1, , Gross operating capital expenditure Operating assets disposals Net operating capital expenditure Free cash flow from operations 1, Other investments (-) / divestments (+) Strong group net cash from operating activities of EUR 1.4bn, showing a further increase of 17% (EUR 199m) in : Free cash flow (w/o change in current marketable securities) pre NWC increase of EUR 250m yoy (+32%), reflecting growing cash-backed profits Cash in-flow from working capital in of EUR 333m with strong Q4 (EUR +99m yoy). benefitted from continued working capital focus across the Group Q4 reflects characteristic seasonality and positive catch-up effects EBITDA-cash conversion rate of 106% remained at a very high level Net op. capex increased by 34% yoy (EUR 65m) reflecting increased mining and tunneling work at CIMIC Free cash flow from ops. reached EUR 1.1bn in, an increase of 14% yoy (EUR +134m) 5

6 HOCHTIEF Group Strong net cash development Strong Net cash position in of EUR 1.3bn, a yoy improvement of EUR 562m All divisions achieved significantly higher net cash during, and qoq. Americas ~EUR 1bn Asia Pacific ~EUR 600m Europe ~EUR 200m period end (EUR million) The Group s net cash position would stand at EUR 1.6bn, if adjusted by fx-effects (260m USD, 31m AUD) EURm Net cash (+) / net debt (-) 2016 D yoy D qoq 9M H1 Q1 Key drivers of net cash (+) / net debt (-) in 2015 HOCHTIEF Group 1, HOCHTIEF Americas HOCHTIEF Asia Pacific HOCHTIEF Europe HQ / consolid

7 HOCHTIEF Group Best of Significant Project Announcements Convention Center, USD 1.5bn, Turner JV, NY (02/) Design, construction and expansion of the Jacob K. Javits Convention Center Zuidasdok Project, EUR 990m, HOCHTIEF (02/) JV, widening and partial tunneling of the A10 South motorway, expansion of the Amsterdam South station Federal Ministry of Health, PPP, HOCHTIEF (07/) JV, Two historic, currently vacant building to undergo refurbishment and subsequent building management in Berlin S6 Frankfurt Rhine-Main, HOCHTIEF (07/) Railroad Construction Hong Kong Airport works, AUD 390m, Leighton Asia (11/) JV, Terminal 2 foundation and sub-structure works Denver Airport, USD 700m, Turner (12/) JV, Expansion of the existing airport PPP Rail project at LAX Airport, HOCHTIEF PPPS/Flatiron, USD 1.95bn (01/2018) JV, planning, financing, construction and 25-year operation of an automated people mover East Loop I-820 Project, USD 174m, Flatiron (12/) Interstate project in Tarrant County, Texas Brigitte Harris Cancer Pavilion, Turner, USD 155m, Turner (09/) New pavilion at the Henry Ford Cancer Institute, Detroit, Michigan Sangatta Coal Mine, AUD 300m, Thiess (11/) to expand operations in Indonesia Solomon coal mine, AUD 650m, Thiess (07/) Delivery of mining services including maintenance of mobile and ancillary plant Melbourne Suburban Train Network, AUD 1.9bn, UGL (09/) operations and maintenance West Gate Tunnel, AUD 4.98bn, CPB Contractors (12/) JV, design and construction GBU Coal Mine, AUD 437m, Thiess (09/) total mining solutions in Indonesia Brisbane Airport Runway Works, AUD 400m, CPB Contractors (07/) JV, construction of new parallel runway Sydney Metro Stage 2, AUD 2.81bn, CPB Contractors (06/) Design and construction works for delivery of a new metro railway under Sydney Harbour Metro Tunnel Rail Works, AUD 1.1bn, CPB Contractors (12/) JV, design and construction 7

8 HOCHTIEF Group New orders and Order backlog 24.8 New orders (EUR bn) +23% Order backlog (EUR bn) +4% yoy increase fx adjusted % of total 12% 100% -7% 8% * % 53% % 39% Q1 H1 9M New orders EUR 30.4bn, +23% yoy; Q4 EUR 9.0bn +55% yoy New orders 1.24x work done disciplined bidding approach maintained across the group Asia Pacific s new orders up strongly, +45% yoy in to EUR 13.0bn HT Americas strong at EUR 15.4bn, +13% yoy (fx-adjusted +16%), with significant growth at both Turner and Flatiron New orders at HT Europe remained at a healthy level of EUR 2.0bn, above work done in (Q was boosted by a large project win, A6 in Germany, EUR 308m) Order backlog at EUR 44.6bn, +12% yoy fx-adjusted, equivalent to 22 months of work done Yoy: +4%; fx-adjusted: +12% Qoq: +4%; fx-adjusted: +6% Strong pipeline of projects to be tendered and / or awarded in key markets identified in total around EUR 500bn Americas (34% of total): Turner: USD 45bn in 2018 & USD 90bn beyond that; Flatiron: USD 25bn in 2018, USD 45bn Asia Pacific (52%): CIMIC: at least AUD 110bn in 2018, and around AUD 285bn in Europe (14%): EUR 20bn in 2018, about EUR 50bn in * New orders excl. f/x-effects within CIMIC backlog 8

9 HOCHTIEF Asia Pacific, CIMIC (in AUD) - results Essentials Results / Cash Net profit after tax (NPAT) of AUD 702m in (up 21% yoy), at top end of guidance (AUD m) Revenue of AUD 13.4 bn (up 24% yoy) with solid contributions from all core businesses Strong EBIT, PBT and NPAT margins of 7.5%, 7.1% and 5.2% respectively Strong cashflows from op. activities of AUD 1.5bn, up 27%; EBITDA cash conversion rate 101% Free operating cashflow of over AUD 1.0bn, up 12% Net cash of AUD 910m at December, up by more than AUD 500m yoy Work in hand / pipeline New work of AUD 18.4bn, work in hand of AUD 36bn, equivalent to more than two years worth of revenue, up 15% in core business There is at least AUD 110bn of tenders relevant to CIMIC to be bid and / or awarded in 2018, and around AUD 285bn of projects coming to the market in 2019 and beyond Outlook CIMIC 2018 Financials (AUD m) % change Revenue 1 13, , % EBITDA 1, , % EBITDA margin 11.3% 10.1% 1.2pp D&A % EBIT 1, % EBIT margin 7.5% 7.0% 0.5pp Net finance costs % PBT % PBT margin 7.1% 6.8% 0.3pp Income tax % Profit after tax % Effective tax rate -28.0% -25.4% -2.6pp Non-controlling interests % NPAT % NPAT margin 5.2% 5.3% -0.1pp Earnings per share (basic) 216.5c 176.6c 22.6% (AUD m) % change Cash flow from operating activities 2 1, , % Interest, finance, tax & divid. received % Net cash from operating activities 1, , % Gross capex % Gross capital proceeds % Net capital expenditure % Free operating cash flow 1, % (AUD m) Dec 17 Sep 17 Jun 17 Mar 17 Dec 16 Net cash/(debt), excl. op. leases Operating leases Net cash/(debt), incl. op. leases Net contract debtors 3 1, , , , ,324.6 (AUD m) Dec 17 Dec 16 % change New work 18,370 13, % Total work in hand 4 36,010 34, % 2018 NPAT for AUD 720m to AUD 780m (+3-11% yoy vs. AUD 702m in ), subject to market conditions 1 Revenue excludes revenue from joint ventures and associates of AUD 2,681.2m (2016: AUD 2,680.9m) 2 Cash flows from operating activities before interest, finance costs, taxes and dividends received 3 Net contract debtors represents the net of amounts due from customers and amounts due to customers. 4 WIH includes CIMIC s share of work in hand from joint ventures and associates 9

10 HOCHTIEF Americas results Results / Cash Essentials Op. PBT of EUR 258m (+21% yoy) exceeding the top end of guidance range (EUR m). Strong nom. PBT of EUR 254m (+25% yoy) and net profit of EUR 163m (+27% yoy) in driven by growth and improved margins at both Turner and Flatiron Solid net cash from op. activities of EUR 449m in (EUR +15m yoy) with strong Q4 performance included substantial benefits of initial working capital measures at Turner Net cash position (EUR 972m) significantly increased in by EUR 128m yoy, or fx adjusted by EUR 310m yoy Orders New orders (EUR 15.4bn) significantly increased in (+13 % yoy, +16% fx-adjusted) and reached new record levels at both Turner and Flatiron; Q4 doubled yoy to EUR 5.7bn Order backlog (EUR 17.5bn) also rose to a new alltime high at end- (+10% yoy; +25% yoy adjusted for fx) (EUR million) Financials 2016 change yoy Q4 Outlook HOCHTIEF Americas 2018 Q Q4 change yoy Total sales / divisional sales 11, , % 3, , % Operational profit before tax/pbt % % Operational PBT margin in % Operational net profit % % EBITDA % % EBIT % % Profit before tax / PBT % % Net profit % % Net cash from operating activities % % Gross operating capital expenditure % % Net cash / net debt % % New orders 15, , % 5, , % Work done 11, , % 3, , % Order backlog 17, , % 17, , % Employees (end of period) % % EBITDA and EBIT adjusted for 2016 Operational profits are adjusted for deconsolidation effects and other one-off impacts Further operational PBT improvement 2018 to EUR m (i.e % yoy vs. EUR 258m in ) 10

11 HOCHTIEF Europe results Results / Cash Essentials Op. PBT increased by 25% (EUR +9m) yoy to EUR 45m, reaching top end of the guidance range (EUR 40-45m), due to core business. HTE s margin increased yoy by 50 bps to 2.8% in Op. Net profit increased by 19% (EUR +6m) yoy to EUR 36m Net cash from op. activities improved by EUR +45m to EUR +107m in, helped by working capital improvements at Construction and project sales at Real Estate. Net cash improvement of EUR 166m to EUR 211m Orders New orders: decrease in yoy by 7% to EUR 2bn due to the exceptional high order intake at Building in 2016 (large order A6 at Infrastructure in Q4 2016) Order backlog: at EUR 3.7bn stable yoy, if excluding project sales at PPPS and Real Estate (EUR million) Financials 2016 change yoy Q4 Q Q4 change yoy Total sales / divisional sales 1, , % % Operational profit before tax/pbt % % Operational PBT margin in % Operational net profit % % EBITDA % % EBIT % % Profit before tax / PBT % % Net profit % % Net cash from operating activities % % Gross operating capital expenditure % % Net cash / net debt % % New orders 1, , % % Work done 1, , % % Order backlog 3, , % 3, , % Employees (end of period) % % of which Germany % % EBITDA and EBIT adjusted for 2016 Operational profits are adjusted for deconsolidation effects and other one-off impacts Outlook HOCHTIEF Europe 2018 Operational PBT increasing to EUR 55-65m (i.e. +EUR 10-20m yoy vs. EUR 45m in ) 11

12 (EURm) HOCHTIEF Group Outlook and dividend proposal Op. net profit guidance % Operational net profit Guidance 2018 Operational net profit EUR m +4-15% yoy growth vs EUR 3.38 / share dividend proposal 30% increase yoy, CAGR of 28% Payout of approx. 50% 2018 Dividend (EUR / HOT share) + 30% + 30% + 18% 0.20* + 13% % *special dividend Proposal Organic growth opportunities Strong pipeline of projects to be tendered and / or awarded in key markets in total around EUR 500bn Americas (34% of total): Turner: USD 135bn in 2018+; Flatiron: USD 70bn in AsiaPacific (52%): CIMIC: about AUD 395bn in Europe (14%): about EUR 70bn in total Significant PPP opportunities in all key HOCHTIEF markets Balance sheet strength / disciplined capital allocation Robust balance sheet provides confidence and flexibility to pursue future potential growth opportunities whilst maintaining disciplined approach to capital allocation 12

13 Appendix: HOCHTIEF/Felix HOCHTIEF Bülow Ben Benschneider Photography The Walton Lofts, Seattle, USA Oli Keinath 13

14 HOCHTIEF Group - overview HOCHTIEF Group (EUR million) Orders (nominal) New orders 1) 30, , % 9, , % HOCHTIEF Americas 15, , % 5, , % HOCHTIEF Asia Pacific 12, , % 3, , % HOCHTIEF Europe 1) 1, , % % HQ/Consolidation % % 1) Adjusted for two large Middle East projects at HTE Work done 24, , % 6, , % HOCHTIEF Americas 11, , % 3, , % HOCHTIEF Asia Pacific 10, , % 2, , % HOCHTIEF Europe 1, , % % HQ/Consolidation % % Order backlog (yoy) 1) 44, , % 44, , % HOCHTIEF Americas 17, , % 17, , % HOCHTIEF Asia Pacific 23, , % 23, , % HOCHTIEF Europe 1) 3, , % 3, , % HQ/Consolidation % % 1) Adjusted for two large Middle East projects at HTE P&L-key figures (nominal) Sales (nominal) 22, , % 6, , % HOCHTIEF Americas 11, , % 3, , % HOCHTIEF Asia Pacific 9, , % 2, , % HOCHTIEF Europe 1, , % % HQ/Consolidation % % EBITDA (nominal) 1, % % HOCHTIEF Americas % % HOCHTIEF Asia Pacific 1, % % HOCHTIEF Europe % % HQ/Consolidation % % EBIT (nominal) % % HOCHTIEF Americas % % HOCHTIEF Asia Pacific % % HOCHTIEF Europe % % HQ/Consolidation % % Profit before tax (nominal) % % HOCHTIEF Americas % % HOCHTIEF Asia Pacific % % HOCHTIEF Europe % % HQ/Consolidation % % PBT-margin on sales (nominal) HOCHTIEF Americas HOCHTIEF Asia Pacific HOCHTIEF Europe HQ/Consolidation Net profit (nominal) % % HOCHTIEF Americas % % HOCHTIEF Asia Pacific % % HOCHTIEF Europe % % HQ/Consolidation % % 2016 Δ % Q4 Q Δ % Q4 One-off reconciliation: EUR million HOCHTIEF Group (EUR million) P&L-key figures (operational) Profit before tax (operational) % % PBT-margin on sales (operational) Net profit (operational) % % Cash & Capex Net cash from operating activities 1, , % % HOCHTIEF Americas % % HOCHTIEF Asia Pacific % % HOCHTIEF Europe % % HQ/Consolidation % % Gross operating capex % % HOCHTIEF Americas % % HOCHTIEF Asia Pacific % % HOCHTIEF Europe % % HQ/Consolidation ,090.0% % Net operating capex % % HOCHTIEF Americas % % HOCHTIEF Asia Pacific % % HOCHTIEF Europe % % HQ/Consolidation ,091.7% % Net cash / net debt 1, % 1, % HOCHTIEF Americas % % HOCHTIEF Asia Pacific % % HOCHTIEF Europe % % HQ/Consolidation % % EBITDA and EBIT adjusted for Δ % Q4 Q PBT Net profit PBT Net profit PBT Net profit PBT Net profit PBT Net profit Nominal earnings One-off items Operational earnings 1) ) Operational figures excl. one-off impacts M H1 Q1 Δ % Q4 14

15 HOCHTIEF Group Statement of earnings Sales +14% yoy; mainly due to organic growth and UGL contribution; fx-effect (EUR -327m); (96% of total sales are international) Materials in line with the increase in revenue Personnel costs mainly influenced by increased number of employees due to UGL acquisition and due to higher project activities Other operating income in 2016 mainly benefitted by consolidation effects at CIMIC Net income from participating interests increased mainly due to higher income from JV`s Depreciation and amortization increased mainly due to expanded mining activities and ramp up of tunneling projects at CIMIC Tax rate on a normalized level in line with prior year Minority interest increased due to higher CIMIC NPAT and increased minorities at Americas HOCHTIEF Group (EUR million) 2016 Sales 22, , % Change in inventories % Total Revenues 22, , % Materials -16, , % Personnel costs -4, , % Other operating income % Other operating expenses -1, , % Net income from participating interests % Adjustment result from loans to participating interests (a) % Adjustment non-recurring amortisation (b) % EBITDA 1, % Depreciation and amortization (adjusted) (incl. b) % EBITA / EBIT % Net investment and interest income % Result from loans to participating interests (a) % Profit before tax / PBT % Taxes % Tax rate (taxes / PBT in %) 29.3% 30.2% -0.9 Profit after tax % Minority interest % Consolidated net profit % D % EBITDA and EBIT adjusted for

16 HOCHTIEF Group Balance sheet (assets) Non-current assets: Intangible assets decrease mainly due to fxeffects PP&E of which 83% CIMIC, decrease mainly at CIMIC Equity-method investments decrease mainly due to equity valuation of investments at CIMIC and fx-effects Deferred tax assets decrease mainly due to CIMIC Current assets: Inventories mainly decreased due to the sale of projects in the real estate business of HT Europe Trade receivables net decrease due to continuing focus on working capital management and fx-effects Cash and cash equivalents net increase due to strong free cash-flow generation, despite negative fx-effects HOCHTIEF Group (EUR million) 2016 restated Assets , ,1-728,3 Non-current assets 3.960, ,7-651,4 Intangible assets 1.191, ,3-130,4 Property, plant and equipment 959, ,5-217,6 Investment properties 9,5 12,0-2,5 Equity-method investments 577,2 704,9-127,7 Other financial assets 73,5 71,6 1,9 Financial receivables 835,5 818,6 16,9 Other receivables and other assets 153,8 180,7-26,9 Income tax assets 3,3 19,7-16,4 Deferred tax assets 155,7 304,4-148,7 Current assets 9.388, ,4-76,9 Inventories 425,0 559,2-134,2 Financial receivables 144,2 56,0 88,2 Trade receivables 4.818, ,3-207,1 Other receivables and other assets 411,9 450,3-38,4 Income tax assets 44,5 31,1 13,4 Marketable securities 428,8 463,4-34,6 Cash and cash equivalents 3.094, ,4 247,5 Assets held for sale 21,0 32,7-11,7 * Due to updated purchase price allocation at UGL * D 16

17 HOCHTIEF Group Balance sheet (liabilities and equity) Shareholders equity movement: Profit after taxes: EUR 582m Fx-effects: EUR -384m Dividends: EUR -261m, thereof: HT EUR -167m; CIMIC EUR -73m Other: EUR 26m Non-current liabilities: Financial liabilities increase mainly due to a promissory note loan issued by HOCHTIEF AG (nominal volume: EUR 500m) to refinance the corporate bond falling due and repaid in March (see also below) Current liabilities: Financial liabilities decrease mainly due to the March repayment of the HOCHTIEF AG corporate bond and repayments at CIMIC Trade payables decrease mainly due to fx-effects HOCHTIEF Group (EUR million) 2016 restated Liabilities and shareholders equity , ,1-728,3 Shareholders' equity 2.534, ,1-37,0 Attributable to the group 1.788, ,8-25,7 Minority interest 746,0 757,3-11,3 Non-current liabilities 2.962, ,6 394,3 Provisions for pensions and similar obligations 367,8 440,2-72,4 Other provisions 348,8 423,3-74,5 Financial liabilities 2.183, ,3 549,9 Other liabilities 30,3 36,9-6,6 Deferred tax liabilities 32,8 34,9-2,1 Current liabilities 7.851, , ,6 Other provisions 728,6 821,6-93,0 Financial liabilities 235, ,9-811,3 Trade payables 6.366, ,5-143,5 Other liabilities 498,3 555,3-57,0 Income tax liabilities 23,3 4,1 19,2 * D * Due to updated purchase price allocation at UGL 17

18 Application of IFRS 15 / 9 Non-cash accounting adjustment From Jan 1 st, 2018 accounting standards require the application of IFRS 15 (Revenue recognition) and IFRS 9 (Financial Instruments) IFRS 15 replaces IAS 11 Construction contracts, IAS 18 Revenue, IFRIC 13 Customer loyalty programs, IFRIC 15 Agreement for construction of real estate, and IFRIC 18 Transfer of assets from customers. The main impact is the introduction of significantly heightened revenue recognition threshold of highly probable that a significant reversal will not occur in the future instead of the previous probable threshold. IFRS 9 replaces IAS 39, Financial Instruments Recognition and measurement in response to criticisms that IAS 39 defers the recognition of credit losses on loans and receivables until too late in the credit cycle. The main change is that impairments of loans and receivables are to be based on an expected credit loss model instead of an incurred loss model as per the previous standard. In the year of initial application, the effects due to the implementation of the new standards can be using the modified retrospective method - adjusted through the shareholder s equity in the opening balance, hence no P&L and no cash flow effect. HOCHTIEF Group together with Operating Companies continues to perform its analysis on the impact of the new standards which has been estimated on a preliminary basis, and audited by Deloitte, as follows: 18

19 HOCHTIEF Group Statement of cash flows HOCHTIEF Group (EUR million) 2016 D D % Profit after tax / PAT % Non-cash expenses and changes in balance sheet items % Net cash from operating activities pre net working capital change 1, % Net working capital change % Net cash from operating activities 1, , % Gross operating capital expenditure % Operating assets disposals % Net operating capital expenditure % Free cash flow from operations 1, % Acquisitions and investments in participating interests % Proceeds from divestments % Changes in cash and cash equivalents due to consolidation changes % Changes in non-current holding securities and financial receivables % Cash flow from investments (excl. changes in current securities holdings) % Free cash flow (w/o change in current marketable securities) % Changes in current marketable securities % Cash flow from investments (total) % Free cash flow (total) , % Payments for repurchase of treasury stock % Payments received from sale of treasury stock % Payments for repurchase of treasury stock CIMIC % Payments for the purchase of additional shares in subsidiaries % Payments out of equity to non-controlling interests % Payments into equity by non-controlling interests n. a. Other financing activities % Dividends to HOCHTIEF`s and minority shareholders % Proceeds from borrowing 1, , % Debt repayment -2, , % Cash flow from financing activities , % Change in cash & cash equivalents % Effects of exchange rates changes % Change in cash & cash equivalents (nominal) ,356.4% Changes in securities holdings and financial receivables % Overall change in cash & cash equivalents, sec. holdings and financial receiv % Net cash from operating activities 1, , % Cash flow from investments (total) % Variations in equity (such as dividends, share purchases in subsidiaries) % Other changes (incl. effects of exchange rate changes on cash & cash equivalents) % Change in net cash (+) / net debt (-) % 19

20 EUR mm HOCHTIEF Group capital structure Net cash / Net debt calculation: end end 2016 period end (EUR m) Cash and cash equivalents 3,095 2,847 Marketable securities Financial Receivables Financial assets 3,678 3,375 EUR 500m promissory note issued in March : On the back of strong investor interest, the deal was significantly upsized from the initial announced volume to a final size of EUR 500m Distribution by tenor Bonds or notes issued 1,607 2,396 Amounts due to banks Lease liabilities 4 23 Other financial liabilities 27 0 Financial liabilities 2,413 2,671 Net cash (+) / Net debt (-) 1, % of allocation 8% 35% 57% 5yr 7yr 10yr Debt Maturity profile: 1,200 1, , ) Amounts due to banks incl. various ongoing and also revolving project financings and promissory loans Lease / Other financial liabilities Amounts due to banks1) Bonds or notes issued

21 HOCHTIEF Asia Pacific Sue Netterfield Sydney Metro Northwest, Sydney, NSW, Australia Thiess Oli Leighton Keinath T Properties 21

22 HOCHTIEF Asia Pacific (incl. CIMIC and associated holding companies) Essentials Results: reflects HOCHTIEF s stake in CIMIC (72.7% Dec, unchanged yoy), associated financing & holding costs, and impact of variations in f/x Nominal PBT increased strongly by 34% to EUR 579m driven by 24% sales growth; PBT margin rose 50bp to 6.4% (EUR million) Financials* 2016 change yoy Q4 Q Q4 change yoy Total sales / divisional sales 9, , % 2, , % Profit before tax / PBT % % PBT margin in % Net profit % % Net cash / net debt % % Order backlog 23, , % 23, , % Employees (end of period) % % Solid net cash position of EUR 579m, up by over EUR 313m since Dec 16 New orders / order backlog: Order book at EUR 23.5bn, equivalent to more than two years worth of revenue Extensive project pipeline at CIMIC: Shortlisted for several large infrastructure projects (e.g. WestConnex PPP, Cross River Rail PPP, Sydney Metro and Melbourne Metro Rail link) Outlook CIMIC NPAT for AUD 720m to AUD 780m (+3-11% yoy vs. AUD 702m in ), subject to market conditions 22

23 HOCHTIEF Asia Pacific CIMIC Revenue analysis / 2016 : Revenue by segment (AUD 16.1bn 1) ): Revenue by market: 18% 6% 8% 47% 27% 21% 2016: Revenue by segment (AUD 13.5bn 1) ) Construction Mining & mineral processing Services HLG Corporate 73% Revenue by market: Domestic International 13% 9% 2% 22% 54% 36% 64% 1) Including revenue from associates and joint ventures 23

24 HOCHTIEF Asia Pacific CIMIC Order backlog analysis / 2016 by segment (AUD 36.0bn): by market: 9% 2% 27% 19% 41% 29% 2016 by segment (AUD 34.0bn): Construction Mining & mineral processing Services HLG Corporate 73% 2016 by market: Domestic International 13% 5% 14% 38% 32% 68% 30% 24

25 HOCHTIEF Americas California High Speed Rail Authority Marble Street Studio.com California High Speed Rail, CA, USA 25

26 HOCHTIEF Americas Segmental overview Building: Turner #1 general builder in US, Market Leader in sustainable construction (Green Building) 1) Segment-specific expertise and nation-wide network provide competitive advantage Strong reputation as construction manager provides quality contracts from repeat customers: limited risks, low fixed costs, low capital intensity 80% private clients, 20% government contracts Civil: Flatiron #6 highways, #9 bridges, #10 US transportation infrastructure contractor 1), active in Western parts of the US & Canada Most contracts are local government contracts; e.g. several contracts with the California Department of Transportation and the Colorado department of Transportation. Additional footprint in Eastern US infra market through E.E. Cruz, New York region 1) Source: latest ENR ranking 1%, EUR 14.7bn 2% 5% 5% 18% 15% 9% 20% Transportation/Misc Education/R&D Hotel/Residential Public/Justice 26%, EUR 2.8bn 19% 25% 2% 0% Order backlog 22% 31% 2016, EUR 13.4bn 16% 1% 3% 10% 26% 9% 20% 15% Commercial/Data/Retail Healthcare Industrial Sports/Entertainment 2016, EUR 2.5bn 29% 2% 3%2% 1% 0% 24% Transmission Highway Bridges Transit Airports Dams Others 39% 26

27 (USD bn) (USD bn) HOCHTIEF Americas Market opportunities Building: Targeted segments continue to grow Steady growth expected in relevant market segments Project opportunities in Canada US Non-residential building construction 1) % +4% +4% % +5% Educational 400 Health Care Office 300 Commercial 200 Transportation Manufacturing 100 Others Civil: Obvious need for investment in infrastructure Potential for PPP/concession projects Strong growth in Canadian infrastructure incl. PPP projects e 2019e 2010e 2021e US Civil market, contract volume 1) % +3% +0% +4% +2% Roads & Highways Other transportation 1) Source: FMI Construction Outlook 4th Quarter e 2019e 2020e 2021e 27

28 HOCHTIEF Europe HOCHTIEF/Felix HOCHTIEF Bülow Südzucker Headquarters, Mannheim, Germany Oli Keinath HOCHTIEF HOCHTIEF HOCHTIEF 28

29 HOCHTIEF Europe: Growth in HOCHTIEF s regional construction markets In Jan 2018, HDB 1) published its full-year turnover forecast for German construction market: Market on stable growth course, expected sales growth in 2018: +4% to EUR 117bn High demand for new buildings and low key rates of the European Central Bank German federal government plans to invest record amount of some EUR 270bn in the period to 2030 in expanding and maintaining transportation network. 2) Good growth opportunities are expected in nearly all of HTE s core European markets in 2018 and beyond (with Germany and Poland leading) 3) Construction volume growth (real yoy) 3) ** German constr. market nominal sales growth Total Market value (in USDbn) Building construction (non-residential) Civil engineering incl. Transportation infrastructure Overall Market* Building construction (nonresidential) Civil engineering incl. Transp. infrastructure Overall Market* Building construction (nonresidential) Civil engineering incl. Transp. infrastructure Overall Market* 6.0% 4.0% 2018e Germany % 5.5% 6.9% 4.4% 4.7% 4.7% 3.3% 3.1% 2.6% UK % -1.1% 0.4% -0.6% 0.0% 0.0% 0.5% 1.2% 1.3% Netherlands % 1.9% 5.0% 3.4% 2.2% 3.0% 2.2% 0.1% 1.1% Poland % 12.5% 12.9% 7.5% 7.1% 7.0% 3.0% 3.5% 3.2% Norway % 3.6% 2.4% 0.4% 4.3% 2.5% 1.5% 4.2% 3.0% Austria % 4.1% 3.9% 4.7% 2.6% 3.6% 2.3% 1.7% 1.9% Sweden % 2.1% 5.2% 2.7% 2.6% 3.8% 2.5% 1.6% 1.9% Denmark % 0.8% 3.5% 2.2% 0.3% 1.9% 2.4% 1.5% 1.5% Czech Republic % -5.9% 0.0% 2.9% 3.7% 3.1% 2.1% 3.3% 2.8% Total selected countries 1, % 3.0% 4.4% 2.3% 3.2% 3.0% 1.9% 2.3% 2.1% *Incl. further construction segments **Average annual growth 1) Federation of the German construction industry 2) German federal government, 2030 Transport Infrastructure plan 3) IHS Dec (in 2010 US dollars) 29

30 General market overview PPP Australia: Gov. s infrastructure plan expected to mobilize AUD 75bn investment in 2018 and beyond Canada: one of most mature and prolific PPP markets; 12-year CAD 180bn infrastructure (Government of Canada); strong pipeline in transportation & social infrastructure especially in eastern part, Infrastructure Ontario released its market update showing 15 social infrastructure projects & 17 civil infrastructure projects with a value of CAD 15.8bn. USA: US P3 market overall is continuing a steady rise; increasing number of PPP opportunities is expected, esp. in transport due to USD 1.5tn infrastructure plan (from 12 Feb. 2018); participation in demand with additional potential upside from risk projects Germany: strong pipeline in social infrastructure, mainly on state and community level; government program of 11 PPP roads, inv. vol. EUR 14bn until end of 2019 started with A3. Other key markets: Netherlands, UK, Ireland, Scandinavia (Norway), Czech Republic & Poland Recent major PPP awards: Los Angeles Int. Airport Automated People Mover, EUR 1.5bn, Preferred proponents (01/2018) in JV (18% share), an elevated 2.25 mile-long guideway with six stations as well as pedestrian bridges to airport terminals, parking garages and fixed facilities; operation and maintenance for ~25 ys. Federal Ministry of Health, Berlin, EUR 250m Construction, EUR 100m Operations (06/), in JV (50% share); reconstruction of m² GFA; operation & maintenance for 25 years Canberra Light Rail Stage One, AUD 600m, Pacific Partnerships & CBP Contractors (05/2016), in JV; design & construction of 12km light rail route, with 13 stops, depot, road signaling and ongoing operation & maintenance Via Pacific Partnerships, CIMIC is well positioned to take advantage of increasing usage of PPP model having delivered more than 20 PPP projects with a market value of around AUD 32bn PPPs of HOCHTIEF Europe (end ): No. of projects Contract volume Total investment HT capital required HT capital provided in EURm in EURm in EURm in EURm Total Roads 11 9, Total Social infrastructure 22 2, , Total 33 2, ,

31 HT Europe Real Estate business line Sale of Real Estate ongoing process Real Estate Solutions HTP formart aurelis HTP trader developer ( ): Project financing incl. EUR 30m nonrecourse debt 4 projects in realization 50% pre-sold, 69% pre-let Regional split of EUR 160m 2) net assets Domestic: EUR 66m (41%) Int l: EUR 94m (59%) Capital employed (EUR m) Company Net Assets 1) End End 2016 End 2015 End 2014 End 2013 HTP formart sold 297 aurelis sold 185 Total ,220 Split by type of asset (% of total investment volume): Office 49% 49% Residential Other (Hotel, etc.) 2% 1) Net Assets = equity+debt+pension provisions 2) as of 2 January

32 f/x rates and effects End of period: Q1 H1 9M March 31, March 31, Change June 30, June 30, Change Sept. 30, Sept. 30, Change Dec. 31, Dec. 31, Change 2016 (%) 2016 (%) 2016 (%) 2016 (%) EUR/USD % EUR/USD % EUR/USD % EUR/USD % USD/EUR % USD/EUR % USD/EUR % USD/EUR % EUR/AUD % EUR/AUD % EUR/AUD % EUR/AUD % AUD/EUR % AUD/EUR % AUD/EUR % AUD/EUR % Period average: Q1 Q2 H1 Q3 Jan-Mar Jan-Mar Change Apr-June Apr-June Change Jan-June Jan-June Change Jul-Sep Jul-Sep Change 2016 (%) 2016 (%) 2016 (%) 2016 (%) EUR/USD % EUR/USD % EUR/USD % EUR/USD % USD/EUR % USD/EUR % USD/EUR % USD/EUR % EUR/AUD % EUR/AUD % EUR/AUD % EUR/AUD % AUD/EUR % AUD/EUR % AUD/EUR % AUD/EUR % 9M Q4 Jan-Sep. Jan-Sep. Change Oct.-Dec. Oct.-Dec. Change Jan-Dec. Jan-Dec. Change 2016 (%) 2016 (%) 2016 (%) EUR/USD % EUR/USD % EUR/USD % USD/EUR % USD/EUR % USD/EUR % EUR/AUD % EUR/AUD % EUR/AUD % AUD/EUR % AUD/EUR % AUD/EUR % 32

33 Appendix: other WestConnex M4 Widening, Sydney, NSW, Australien CPB Contractors Luisenhofquartier, Offenbach, Germany HOCHTIEF H O C H T I E F Turner Construction Company Oli Keinath Lincoln Financial Field, Philadelphia, PA, USA Ruskin Dam Vancouver, BC, Canada 33

34 HOCHTIEF global presence with three divisions HOCHTIEF Corporate Headquarters Asia Pacific Americas Europe Leighton Contractors Flatiron Oscar Durand Leading position in the Australian & S.E. Asian construction, contract mining and services One of the leading general builders in US & Canada, the largest world construction market Leading German-based builder focused on central and northern European markets Sales Asia Pacific (EUR 9.1bn) Americas (EUR 11.8bn) Europe (EUR 1.6bn) 40% 53% 7% Asia Pacific (EUR 579m) Americas (EUR 254m) Europe (EUR 33m) Total: EUR 23bn Nom. PBT 67% 29% 4% Total: EUR 824m 1) Asia Pacific (EUR 275m) Americas (EUR 163m) Europe (EUR 24m) Nom. Net profit 60% 35% 5% Total: EUR 421m 1) 1) incl. headquarters 34

35 The HOCHTIEF Group Founded in 1873 Present in world s major markets Ranked #2 in ENR Top 250 International Contractors 1) Key figures ( ): 54,000 employees Op. PBT: EUR 678m (+28%) Op. net profit: EUR 452m (+25%) Nominal Net profit EUR 421m (+31%) Regional split () New Orders: EUR 30.4bn 3%4% 42% 51% Order backlog: EUR 44.6bn 7% 3% 39% 1) Source: ENR The Top 250, Aug. (based on international sales volume) Activity split () 53% Sales: EUR 22.6bn nom. PBT: 824 EUR m 12% 0% Sales: EUR 22.6bn 5% 3% 24% 39% 40% 52% 25% America Australia Asia Germany Rest of Europe 35

36 Shareholder remuneration Strong share price performance since Dec 2012 Proposed ordinary dividend: EUR 3.38 per share, +30% yoy vs 2016 EUR 2.60 Total dividend payment for of EUR 217m Dividend policy Payout ratio of about 50% Shareholder structure Dividend (EUR per share) Market cap (year-end in EURm) Share price performance ( YTD) + 30% + 30% + 13% + 18% 0.20* % *special dividend Proposal 36

37 Group transformation: Streamlined, diversified and cash focused model Improving performance In m driven by group transformation 1) Delivering for shareholders Reshaping the portfolio to focus on core competences in Construction, Contract mining, PPP and Services 1) Operational earnings are adjusted for deconsolidation effects and other one-off impacts 37

38 HOCHTIEF Group Performance Summary (I) transformation (EURbn) Total Net cash at end Net cash from op. activities 4.7 Net operating CAPEX -1.6 Strategic investments -1.5 Divestments & related consolidation changes 2.9 Share buybacks -0.9 Dividends (external) -1.0 Others -0.6 Net cash at end of 1.3 Change net cash / net debt 2.0 Free op. Cash flow shareholder remuneration (EURm) New Orders 31,488 21,912 22,041 21,554 24,813 30,444 Order Backlog 49,794 35,884 36,255 36,023 43,088 44,644 Net cash from operating activities 1, ,135 1,173 1,372 EBITDA /cash conversion rate (in %p) 58% 15% 40% 99% 118% 106% Free cash flow from operations ,120 Net strategic invest. (-) / divestments (+) 0 1, Net cash (+) / net debt (-) ,266 Net profit (nominal) Net profit (operational) HOT dividend per share for the year 1) HOT dividend payments for the year (total) HOT share price (at year-end) Employees (at year-end) 80,593 75,433 53,247 44,264 51,490 53,890 1) 2014 dividend incl. special dividend of 0.20 EUR During the five-year period net cash of EUR 2.0bn generated Strong net cash from operating activities of EUR 4.7bn Free CF from Operations (after capex) of EUR ~3.2bn Shareholder remuneration of EUR 1.9bn Improvement in key variables since start of transformation Order backlog up 24% on 2013 Net profit about 2.6x 2013 level Net cash from op. activities 2016 ~5x 2013 level Dividend reinstated, 28% CAGR since

39 ,135 1, ,372 (EUR m) (EUR m) HOCHTIEF Group Performance Summary (II) 2013 Jun: LEI Telco Sep: Airports Sep: Services 22,499 22,099 Sales Divestments 2014 Mar: Aurelis Oct: formart Dec: John Holland Dec: LEI Services 21,097 19, , Op. net profit/op. PBT margin Net cash from operations 3.8% % 118% 3.4% 102% 106% % 2.8% % 76% 2.1% 2.3% % 1.6% % % % 22% % 0 0.0% Op. Net profit Op. PBT margin Net cash from op. EBITDA conversion rate % Order book Order book visibility (Order book/work done) Solid order book provides visibility EUR 45bn Dec, up 4% yoy, fx adj. +12% yoy Order book level equivalent to close to two years worth of activity 39

40 (EUR m) (EUR m) (EUR m) (EUR m) Strong improvement in Free Cash Flow from Operations 1) driven by: Cash-backed profit expansion Significant improvement in Net Working Capital (NWC) management Substantial capex reduction due to more efficient and streamlined management of investments Important reduction in net financial costs from EUR 267m in 2013 to EUR 118m in Free Cash Flow from Operations Net Cash (+) / Net Debt (-) Cash-in from NWC , ) 704 1, EUR m 1,500 1, Gross Capex 1, ) Free Cash Flow from Operations is after capex, working capital changes, taxes and financial costs, but before divestments, dividends etc. 2) 2016 net cash position is after EUR 402m net investments (M&A) and EUR 367m HOT & CIM share buybacks in

41 Enhanced Risk Management capabilities: the key driver to improve profitability in a sustainable manner Generic sector risks Lack of experience in new geographical areas Opportunistic project selection Underperformance of partners (JV, subs, suppliers) Insufficient owner-funding for project execution Lack of standardized / common project controls and execution methods Underestimation of risks from complexity and size in projects Inadequate resources (human resources, financial) Improve and standardize project controls and execution methods group-wide (based on lessons learned and best practice exchange) as an early warning system Clearer and stricter criteria for selection of countries, market segments and projects and faster exit if market conditions change Different review and approval process particularly for major projects: More transparency and understanding of risks in all project phases More detailed review and discussion with management during project phases Better project staffing with the right people for the job Market Selection of countries and products Specification of project types and sizes HOCHTIEF approach and focus REFOCUSING on the BASICS Key Items Target Project Selection of Clients Partners Team Subcontractors Timely / sufficient allocation of internal resources Bidding Availability of resources for execution Analysis contractual terms and conditions Evaluation of technical challenges / solutions Analysis financial conditions Delivery Project, cost and cash management Adequate resources Management of changes / client requests Preparation for handover / acceptance Best-in-class risk management to reduce volatility and deliver sustainable earnings! Every avoided / managed risk supports our performance & stabilizes our profitability 41

42 CIMIC Summary of strategic review 1. Strengthened balance sheet Focus on working capital management Divestments of John Holland Group, and 50% of services activity Dec Streamlined operating model Similar activities grouped together Cost base reduction at HQ and OpCo s Efficiencies from centralization of capex 3. Improved project delivery Enhanced Risk Management More entrepreneurial approach Reduction in management layers Current structure: Construction CPB / Leighton Asia Mining Thiess / Sedgman Previous structure: CIMIC Group (overview) PPPs Pacific Partnerships Leighton Holdings Engineering EIC Activities 100% 100% 100% 100% 100% Leighton John Holland Thiess Pty. Leighton Leighton Contractors Group Pty. Asia, India & Properties Ltd. Pty. Ltd. Ltd. Offshore Pty. Ltd. Construction Construction Construction Services UGL Construction Mining Mining Mining Mining Services Services Services 42

43 CR Corporate Responsibility Program Focusing on six areas with clearly defined objectives 1. Compliance Set standards with Code of Conduct 2. Attractive working environment Further strengthen position as a sought-after employer and make a name for ourselves among the most attractive employers in the industry 3. Procurement Redouble efforts to ensure fair, transparent procurement processes and further step up purchases of sustainable products and materials 4. Sustainable products and services Develop sustainable products and services, taking an integrated approach and ensuring top quality from end to end 5. Active climate and resource protection Conserve natural resources and enhance protection; save actively carbon emissions ourselves and jointly with our clients 6. Corporate citizenship Get involved wherever our company is at work or can offer added value by virtue of its capabilities 43

44 Disclaimer This presentation and the report contain forward-looking statements. These statements reflect the current views, expectations and assumptions of the Executive Board of HOCHTIEF Aktiengesellschaft and are based on information currently available to the Executive Board. Such statements involve risks and uncertainties and do not guarantee future results, performance or events. Actual results, performance or events relating to HOCHTIEF Aktiengesellschaft and the HOCHTIEF Group, including but not limited to possible future divestments, profit before tax, consolidated net profit and dividends, may differ materially from the expectations and assumptions described in such statements due to, among other things, changes in the general economic, sectoral and competitive environment, risks associated with capital markets, currency exchange rate fluctuations, changes in international and national laws and regulations, in particular with respect to tax laws and regulations, the conduct of other shareholders, and other factors. Statements on dividends are additionally subject to the recognition of a corresponding unappropriated net profit in the published separate financial statements of HOCHTIEF Aktiengesellschaft for the fiscal year concerned and the adoption by the competent decision-making bodies of appropriate resolutions taking into account the prevailing situation of the Company. HOCHTIEF Aktiengesellschaft does not assume any obligations to update any forwardlooking statements. 44

45 Financial Calendar and Contacts 03 May 18 Annual General Meeting 07 May 18 First quarter results 2018 For further information please contact: Investor Relations HOCHTIEF Aktiengesellschaft Opernplatz Essen, Germany Phone: Fax: investor-relations@hochtief.de Mike Pinkney Tobias Loskamp Nadine Wärmer Martina Horst 45

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