Analysts and Investors Conference Call; Q1 results May 2014 MY SPORT. OUR STADIUM Levi s Stadium, San Francisco, USA

Transcription

1 Analysts and Investors Conference Call; Q1 results May 2014 Turner/Devc con Joint Venture e/111th Group Photography HOCHT TIEF MY SPORT OUR STADIUM Levi s Stadium, San Francisco, USA Marcelino Fernández Verdes, CEO Peter Sassenfeld, CFO Mike Pinkney, Capital Markets Strategy Turning Vision into Value. 1

2 HOCHTIEF Group: Q key highlights Earnings: Solid operational 2) Q results: EBT: EUR m; +17% Net Profit: EUR 53.3 m; +23% EPS: EUR 0.77; +31% Improved earnings in all operational units EBITDA +14% on a comparable basis Orders: New orders +19% (like-for-like) Order backlog stable vs Dec 13 Cash flow/net debt: Improved trend in cash flow from operations Seasonal working capital outflow reduced Significant yoy net debt reduction to EUR 575 m Down approx. EUR 1.4 bn vs. Q Reduced seasonal net debt increase in first quarter (EUR 535 m in Q vs EUR 1.2 bn EUR in Q1.2013) FY 2014 operational guidance unchanged Two new HOCHTIEF Group Executive Board members appointed 1) Restated 2) Operational earnings excl. one-off impacts and adjusted for sold assets. Orders, sales and Work Done adjusted for f/x and deconsolidation effects (EUR million) Key Operating Variables (like-for-like) like) 2) Q Q ) % Q1.14 : Q1.13 FY2013 1) Profit before taxes % EBT margin Net profit % EPS % 2.47 New orders (yoy) 18.7% Order backlog (yoy) -3.3% Sales (yoy) 14.4% 4% Work done (yoy) (EUR million) 11.8% Reported Figures Q Q ) % Q1.14 : Q1.13 FY2013 1) EBITDA % 1,908.1 Profit before taxes % Net profit % EPS % 2.37 Cash flow from Op % Net cash (+) / Net debt (-) , % New orders 5, , % 26,491.5 Order backlog 40, , % 39,940.4 Sales 5, , % 27,022.2 Work done 6, , % 29,049.2 Turning Vision into Value. 2

3 Group and divisional profitability 2) HOCHTIEF Group and Divisions profitability 2) Group: Goup Continuing improvement in Q Solid margin progress in op. divisions Americas: Strong increase of operational earnings, driven by Turner Flatiron with improved earnings; turnaround progressing Asia Pacific: Leighton with improved result Firm margin progression Improved cash flow performance Europe: Encouraging operational profit trend Reported numbers reflect ongoing restructuring process 1) Restated 2) Operational earnings excl. one-off impacts and adjusted for sold assets. Orders, sales and Work Done adjusted for f/x and deconsolidation effects Profit before taxes (nominal/reported) (EUR million) Q Q ) % Q1.14 : Q1.13 FY2013 1) HT Group % HT Americas % 94.0 HT Asia Pacific % HT Europe n. a Headquarter / Consolidation n. a Profit before taxes (operational) (EUR million) Q Q ) % Q1.14 : Q1.13 FY2013 1) HT Group % HT Americas % 96.5 HT Asia Pacific % HT Europe n. a Headquarter / Consolidation n. a EBT margin (op. Pre-tax return on Sales) (%) Q Q ) % Q1.14 : Q1.13 FY2013 1) HT Group HT Americas HT Asia Pacific HT Europe Net profit (operational) (EUR million) Q Q ) % Q1.14 : Q1.13 FY2013 1) HT Group % HT Americas % 61.9 HT Asia Pacific % HT Europe n. a Headquarter / Consolidation n. a Turning Vision into Value. 3

4 Cash Flow Performance Group Group Cash Flow components (EUR million) Q Q ) Q1.14./. Q1.13 FY2013 1) Operating cash flow pre NWC change ,164.9 Net Working Capital Change Cash Flow from Ops (nominal/reported) Operating Capex Free operational CF Other investments (-) / divestments (+) ,038.0 Free CF (w/o change in market. sec.) , ,387.0 Comments: Improved cash flow trend in Q compared with Q Seasonal operating cash outflow is 20% lower yoy Working capital outflow meaningfully reduced Operating CF pre NWC change reduced due to cash restructuring expenses and divestment impacts Over 50% decline in investments, mainly capex-driven; reduced contract mining capex Free operational cash flow improved by EUR 269 m yoy, y, overall Free Cash Flow even by EUR 667 m 1) Restated Turning Vision into Value. 4

5 HOCHTIEF Group net debt period end (EUR million) Q FY2013 FY2013 Q Q Q restated reported 1) restated restated restated FY2012 HT Group , , HT Americas HT Asia Pacific , HT Europe Headquarter / Consolidation Ongoing deleveraging Seasonal Q1 increase in net debt by EUR 535 m, but much lower than Q (ca EUR 1.2 bn) Q includes: Q1 divestment of aurelis Further increase in Leighton stake: EUR 30 m Yoy decline by EUR 1.4 bn, especially driven by Leighton Leighton gearing improved yoy significantly to 38.5% in Q1 14 (47.2% in Q1.2013, 29.2% FY.2013) Ongoing measures to reduce net debt, in particular: Optimized working capital management: focus on reduction of underclaims/working capital especially at LEI Significant Capex reduction, especially at LEI (FleetCo) 1) w/o restatement, i.e. FY2013 figures as reported in Feb Turning Vision into Value. 5

6 Order backlog development New orders up 19% like-for-like (reported: +3%) Order backlog down 3% like-for-like (reported: -21% o/w f/x & deconsolidation effects -18%) f/x impact: EUR 6.51 bn Changes in scope of consolidation: Services business (Euro -1,794 m), Telco assets Leighton (Euro 599 m). (EUR m) ,729.1 f/x & deconsolidation impact: EUR 8.9 bn (18%) -10,483.5 Q1 14: (nominal changes yoy) Americas: 2,813 (+84%) Asia Pacific: 2,506 (-19%) Europe: 356 (-61%) f/x effect: EUR 6.51 bn Q1 14: (nominal changes yoy) Americas: 1,960 (+18%) Asia Pacific: 3,659 (-10%) Europe: 537 (-30%) HT Services: 1,794 Telco: 599 Order backlog as of end Q New orders LTM Work done LTM f/x effects LTM Others AUD USD Changes in scope of consolidation LTM Other changes in order backlog LTM Order backlog as of end Q Turning Vision into Value. 6

7 Leighton (1) Offer for Increased Leighton stake Up to AUD 1.2 bn cash offer (AUD 22.5 per share ex dividend) for Attractive offer: up to 15.5% of Leighton shares announced March % stake (end Q1.2014) -> 74.2% if 3 for 8 offer fully accepted Offer closes May 9th Maintain ASX listing Independent Directors of Leighton Board recommended offer Independent Expert described it as fair & reasonable HOCHTIEF presence on Leighton board to reflect its shareholding LEI AGM May 19th Management changes: Mr Fernández named Leighton CEO Accep- Resulting New CFO, Mr Loizaga, appointed New M&A Head, Angel Muriel, appointed Reinvestment of HOT divestment proceeds in core business Funded from cash reserves Significantly earnings and cash accretive Demonstrates commitment to, and importance of, Leighton tance 20.6% premium over dividend adjusted 5 day VWAP of AUD % premium over 3 month VWAP of AUD HOT stake in LEI Investment (est.) by HOCHTIEF 50% 66.4% AUD 0.6 bn 75% 70.3% AUD 0.9 bn 90% 72.6% AUD 1.1 bn 100% 74.2% AUD 1.2 bn Turning Vision into Value. 7

8 Leighton (2) Strategy Significant progress at Leighton since 2011; accelerating to next phase Completion of general review of operating model and structure including Operating subsidiary capability-set/geographical presence Risk levels and Capital allocation policies Management approach Asset Divestments Leighton Cashflow (AUD m) EBITDA 1,924 1,838 Significant Operating cashflow pre NWC change 1,533 1,608 Change in Net Working Capital Net cash from operating activities 803 1,176 Net Capex ,123 Cashflow post operating capex upside potential in cash generation 1) Restated Turning Vision into Value. 8

9 Other Q Highlights aurelis sale Sold at close to book value Releases capital tied up in non core business Work on remaining i Real Estate t portfolio continues 10% Treasury stock cancellation Shareholder remuneration remains a priority EPS and value-enhancing Europe restructuring continues to progress in a satisfactory manner Turning Vision into Value. 9

10 HOCHTIEF Asia Pacific Leighton (AUD m) Leighton Essentials in AUD Results: Revenues +7% to AUD 5.7 bn UNPAT 1) +29% to AUD 159 m; margin +50bp Improved Net Debt trend Q increase below AUD 700 m vs over AUD 1.1 bn in Q Gearing 38.5% vs 47.2% a year ago Capex reduced by one-third New orders/order backlog: New Orders +10% yoy Order book stable at AUD 40.9 bn Outlook Strategic review underway Accelerating restructuring process Guidance unchanged: UNPAT of AUD m Gearing range: 20-35% 1) UNPAT: Underlying net profit after taxes Financials Leighton in AUD Leighton Q Q ) % (AUD million) Q1.14 : Q1.13 Revenue - Group 5,348 4,863 10% - Joint Ventures % Total Revenue 5,704 5,351 7% EBITDA % EBITA % EBIT % Profit before taxes % Income tax % Loss attributable to minority interests - 2 n.a. NPAT % of which - UNPAT % - Non-underlying items after tax -7 - n.a. Net margin (UNPAT to total revenue) 2.8% 2.3% 22% Capex % (AUD million) end Q end FY.2013 end Q Net debt 1, ,928 Operating Leases Net debt incl op leases 2,009 1,338 2,500 Gearing 38.5% 29.2% 47.2% New contracts, extensions, variations and f/x 4,440 23,096 4,072 Work in Hand 40,906 42,171 42,207 Turning Vision into Value. 10

11 HOCHTIEF Americas Results: Essentials Strong Q1 performance; LFL sales +25% EBT +40% or +65% f/x adjusted Margin expansion Turner performance solid; Flatiron improving Improved cash flow trend expected FY14 New orders / order backlog: New orders almost doubled yoy Order book -6% like-for-like Financials nominal like-for like HT Americas Q Q ) FY2013 1) (EUR million) Q1.14 : Q1.13 Q1.14 : Q1.13 New orders 2, , % 91.8% 7,457.3 Order backlog 10, , % -5.8% 9,278.8 Sales 1, , % 24.7% 7,943.8 Sales (actual adjusted only by deconsol. effects) , , % 9% ,943.8 Work done 1, , % 22.7% 8,546.3 EBITDA % EBIT % EBIT (operational) % Profit before taxes % 94.0 Profit before taxes (operational) % 96.5 EBT margin (in % on bases adjusted sales) Outlook Measures implemented, including improvements in risk mgmt to drive Flatiron into profit during 2014 Guidance unchanged: EBT 2014E of USD m / EUR m 1) Restated Net Profit % 59.4 Net profit (operational) % 61.9 Cash Flow from Ops % Operating Capex % Net cash (+) / Net debt (-) % Turning Vision into Value. 11

12 HOCHTIEF Europe Essentials Results: Underlying profit trend remains on-track Reduced Q1 cash out-flow (Services impact: Q sales EUR 166 m, EBITDA EUR 6 m, Order book EUR 1,794 m) New orders/order backlog: Q included d Dutch toll road project (ca EUR 220 m); excluding this new orders 23% lower (adj. for Services divestment) Consequence of strategy; adapting business to size of market opportunity to achieve sustainable cash profitability Outlook Financials like-for like HT Europe Q Q ) FY2013 1) (EUR million) Q1.14 : Q1.13 Order backlog (adjusted for Services) 3, , % 4,138.1 Sales (adjusted for Services) % 2,384.7 New orders % 4% 2,879.0 Order backlog 3, , % 4,138.1 Sales % 2,819.5 Sales (actual adjusted only by deconsol. effects) ,384.7 Work done % 3,235.1 EBITDA EBIT EBIT (operational) Profit before taxes Profit before taxes (operational) EBT margin (in % on bases adjusted sales) Net Profit Net profit (operational) Cash Flow from Ops Operating Capex Net cash (+) / Net debt (-) Restructuring process continues to advancecompletion by year-end New Europe CEO & COO appointed Guidance unchanged: significant improvement 1) Restated New Orders Q Q (EUR million) Total o/w Services On-going business SAA1 Toll Road Underlying business % change -22.7% Turning Vision into Value. 12

13 Appendix Turning Vision into Value. 13

14 EBITDA-reconciliation 2013 to (EUR m) % Q Telco FleetCo Airports Services + f/x Q Q reported aurelis adj. reported Turning Vision into Value. 14

15 Consolidated Group statement of earnings (EUR million) Q Q ) % Q1.14 : Q1.13 FY2013 1) Sales 5, , % 27,022.2 Change in inventories % Total Revenues 5, , % 26,944.4 Materials -3, , % -18,729.4 Adjustments Personel costs -1, , % -5,715.6 Adjustments Other operating income % Other operating expenses % -1,515.9 Adjustments % 67.2 Net income from participating interests % EBITDA % 1,908.1 Depreciation and amortization adjusted ( - ) % Adjustments EBITA / EBIT % 1,172.8 Net investment and interest income % Non-operating earnings % EBT % Current income taxes % Deferred taxes % Profit after taxes % Of which: Consolidated net profit % Of which: Minority interest % ) Restated Sales: adjusted for f/x and changes in consolidation +14%; 95% of total is non-domestic Other operating income: positive impact from sale of non-core assets Net income from participating interests: Americas: EUR 7.7 m (Q1.13: EUR 10.2 m) Asia Pacific: EUR 3.5 m (Q1.13: EUR m) Europe: EUR 5.3 m (Q1.13: EUR 13.7 m) Airports: sold (Q1.13: EUR 20.9 m) Net investment and interest income: optimization of financing; f/x impact at Leighton Non-operating earnings: related to restructuring at Leighton business Taxes: higher tax expenses related to positive earnings development at Asia Pacific and Americas Minority interest: 2013 figures include minorities at airports Turning Vision into Value. 15

16 Consolidated Group balance sheet (assets) end of period (EUR '000) Q FY2013 1) Non-current assets Intangible assets 841, ,094 Property, plant and equipment 1,357,953 1,378,357 Investment properties 15,916 15,996 Equity method investments 721, ,508 Other financial assets 76,374 75,268 Financial receivables 541, ,730 Other receivables and other assets 82,964 93,831 Non-curent income tax assets 58,924 57,047 Deferred tax assets 143, , ,839,737 3,801,006 Current assets Inventories 1,167,082 1,159,342 Financial receivables 146, ,934 Trade receiveables 6,225,399 5,983,079 Other receivables and other assets 207, ,676 Current income tax assets 42,461 34,947 Marketable securities 1,088,576 1,123,258 Cash and cash equivalents 1,922,338 2,190,132 Assets held for sale 158, ,773 10,958,297 11,150,141 Total 14,798,034 14,951,147 Non-current assets: PP&E: slight decrease reflects sale of Project Services business of Streif Financial receivables: comprise mainly loans to participations of Leighton and PPP projects Current assets: Trade receivables: increase reflects operational growth and f/x impact at Leighton Cash and cash equivalents: expenditures for Trade receiveables operating business, as well as Dividend payments Stake increase in Leighton Assets held for sale: 2014: Leighton mining assets; 2013: aurelis and Leighton mining assets 1) Restated Turning Vision into Value. 16

17 Consolidated Group balance sheet (equity and liabilities) Shareholders equity: Earnings after taxes: EUR 88.2 m Changes in fair value of financial instruments and actuarial gains and losses, f/x, others : EUR 43.6 m Dividend payments: EUR m (minority shareholders) Equity ratio: 22.8% (end 2013: 22%) Non-current liabilities Financial liabilities: little change, comprising HOCHTIEF and Leighton bonds as well as amounts due to banks Current liabilities: Financial liabilities: additional bank loans at Leighton Trade payables: decrease reflects operational reduction; f/x impact leads to EUR 107 m increase end of period (EUR '000) Q FY2013 1) Shareholders' equity Attributable to the Group 2,338,110 2,265,615 Minority interest ,032, ,028,085 3,370,624 3,293,700 Non-current liabilities Provisions for pensions & similar obligations 263, ,471 Other provisions 486, ,260 Financial liabilities 2,768,154 2,700,235 Other liabilities 46,628 42,648 Deferred tax liabilities 134, ,149 3,699,141 3,616,763 Current liabilities Other provisions 885, ,153 Financial liabilities 885, ,786 Trade payables 5,458,494 5,848,382 Other liabilities 421, ,845 Current income tax liabilities 11,825 15,402 Liabilities associated with assets held for sale 65,303 68,116 7,728,269 8,040,684 Total 14,798,034 14,951,147 1) Restated Turning Vision into Value. 17

18 Capital structure end Q Net debt calculation: Financial liabilities main components 1) EUR 123 m Leighton US PP, /18; EUR 187 m Leighton bond, ; Q FY2013 FY2013 7) EUR 254 m Leighton US PP, /17/20; EUR 363 m Leighton bond ; period end (EUR million) restated reported EUR 500 m non-rated bond ; EUR 750 m non-rated bond ) EUR 404 m promissory note loans (EUR 30 m: ; EUR 39 m: ; Cash and cash equivalents 1, , ,035.2 EUR 240 m: ; EUR 45 m ; EUR 50 m ) Marketable securities 1, , ,123.3 Non-current securities EUR 500 m syndicated revolving cash facility, , utilization: EUR 0 m; Financial i assets , , ,158.8 EUR 356 m various project financing i Bonds or notes issued 1) 2, , , ) EUR 252 m finance leasing Amounts due to banks 2) 1, Non-/limited recourse debt: HOT EUR 215 m, LEI AUD 29 m Other financial liabilities 3) Financial liabilities 3, , ,353.2 Major long-term guarantee facilities (EUR 12 bn, EUR 8.3 bn used) Net debt (-) EUR 1.5 bn HOCHTIEF synd. revolving guarantee facility, , utilization: EUR 1.0 bn Net debt includes: Pledged securities Not deducted: Pension liabilities Prepayments Debt Maturity: EUR 4.7 bn (USD 6.5 bn) Turner/Flatiron bonding facilities, utilization: EUR 3.2 bn EUR 0.9 bn (AUD 1.4 bn) Leighton syndicated guarantee facility, utilization: EUR 0.7 bn EUR 4.9 bn guarantee facilities, including: EUR 2.7 bn other Leighton bonding facilities, utilization: EUR 2.2 bn; other bilateral guarantee facilities, utilization: EUR 1.2 bn 1,400 1, ,000 Bonds or notes issued Amounts due to banks Other financial liabilities 3.8 (EUR m) , ufn 5) ) ) > ) Excluding financial liabilities due to participating interests 5) until further notice, i.e. no specified maturity 6) Amounts due to banks incl. various ongoing and also revolving project financings 7) w/o restatement as reported end 2013 Turning Vision into Value. 18

19 HOCHTIEF Asia Pacific Essentials Results: Sales +12% after adjustment for f/x and deconsolidation (like-for-like) High level of work done and positive effects from restr. process (begun 2013) -> strong increase in EBT Orders: Solid development after adjustment for f/x and deconsolidation effect (like-for-like) Outlook Strategic review underway Accelerating restructuring process Guidance unchanged: UNPAT 2) of AUD m; gearing range 20-35% Financials division nominal like-for like HT Asia Pacific Q Q ) FY2013 1) (EUR million) Q1.14 : Q1.13 Q1.14 : Q1.13 New orders 2, , % -2.5% 16,044.1 Order backlog 26, , % -0.5% 26,524.9 Sales 3, , % 12.4% 16,146.8 Sales (actual adjusted only by deconsol. effects) , , % 66% 16,056.4 Work done 3, , % 10.5% 17,159.3 EBITDA % 1,410.0 EBIT % EBIT (operational) % Profit before taxes % Profit before taxes (operational) % EBT margin (in % on bases adjusted sales) Net Profit % Net profit (operational) % Cash Flow from Ops % Operating Capex % Net cash (+) / Net debt (-) , % ) Restated 2) UNPAT: Underlying net profit after taxes Turning Vision into Value. 19

20 HOCHTIEF Europe Segmental Overview Q1.14 New orders Q Q ) FY2013 1) (EUR million) Q1.14 : Q1.13 Infrastructure % 1,186.3 Building % PPP % 20.1 Engineering % 47.8 Real Estate % Others/Consolidation % HT Europe Total % 2,879.0 Sales by segment (EUR m) 24% 3% 43% Infrastructure Building PPP EBT (nominal/reported) Q Q ) FY2013 1) (EUR million) Q1.14 : Q1.13 4% 26% Engineering Real Estate Other Infrastructure % Building % PPP % 3.4 Engineering % 0.6 Real Estate % Others/Consolidation % HT Europe Total % 62.8 Order backlog by segment (EUR 3,856.4 m) EBT (operational) Q Q ) FY2013 1) (EUR million) Q1.14 : Q1.13 Infrastructure % Building % PPP % 3.4 Engineering % 0.6 Real Estate % -8.7 Others/Consolidation % 34.3 HT Europe Total % % Infrastructure 0% 12% 53% 17% Building PPP Engineering Real Estate Other 1) Restated Turning Vision into Value. 20

21 HOCHTIEF Europe: Sale of Real Estate ongoing process Real Estate Solutions business line Real Estate Solutions Real estate development domestically focused trader developer business: HTP formart Other 1) Net Loss: EUR 3.5 m Q Sales: EUR 98.6 m Q Capital employed (BV, EUR m end Q1 14) Net Assets (=equity+debt+pension provisions): EUR 1.0 bn book value (end of Q1.2014) 60 projects in realization Company Net Assets Project financing incl. EUR 215 m non- HTP 706 recourse debt formart 296 Other 1) 4 Total 1,006 1) Other includes Property Management business and other assets Turning Vision into Value. 21

22 HOCHTIEF Europe Real Estate Solutions business line HTP & formart Trader developers of premium real estate HTP: Leading trader developer of premium office and residential real estate Regional focus on top German cities and selected European markets Non-speculative developments (no land bank) 20 projects in realization, 55% pre-sold; 74% pre-let, mostly project financed formart: Leading trader developer of higher-end residential real estate Regional focus on Germany and selected markets Non-speculative developments (no land bank) 40 projects in realization, 85% pre-sold Projects in realization (HTP) Split by region and type of asset (% of total investment volume): (20 projects, total planned investment vol. end Q1.2014: EUR 697 m) 28% Domestic 72% Other 36% 10% 4% 50% Projects in realization (formart) Office Residential Retail Other Split by region and type of asset (% of total investment volume): (40 projects, total planned investment vol. end Q1.2014: EUR 664 m) 11% 89% Domestic Other Turning Vision into Value. 22

23 HOCHTIEF Europe Market opportunities PPP growth potential Market opportunities Project pipeline Transportation Transportation: Tender phase: 3 projects Social Infrastructure: Tender phase: 9 projects Turning Vision into Value. Transportation: potential invest. volume of EUR 6 bn North America: p until 2014, strong pipeline in US South America: developing energy market in Peru and Chile Germany: total invest invest. volume until 2014: EUR bn Netherlands: 3 Schiphol-Almere projects, ca. EUR 2 bn vol.; road & sea lock projects of ca. EUR 3 bn until 2015 UK/Ireland: potential invest. volume of EUR 12 bn until 2020 Scandinavia: developing markets; particularly Norway & Finland Social Infrastructure: Canada: potential invest. volume of ca. EUR 1 bn Germany: > EUR 6 bn contract vol. during next 3 years Netherlands: total invest. vol. until 2014: EUR 0.5 bn UK: expected invest. invest vol. vol of ca. ca EUR bn Poland: project pipeline development 23

24 HOCHTIEF Europe Transportation PPP (end Q1.2014) Projects Total investment HOCHTIEF share HT capital required HT capital provided in EURm in % in EURm in EURm Consolidation method Financial close Current phase Construction Operation Length in km Project details Type of Development Payment System Herren Tunnel Lübeck (D) 78,5 50,0 11,0 11,0 at equity 2001 Operation ,0 Brownfield Hard toll North Highway A5 (Bonaventura) (A) 830,8 4,4 11,5 11,5 N 2006 Operation ,0 Greenfield Availability & shadow toll North Highway A5 (Bonaventura) (A) Service Area Business 30,6 50,0 2,7 2,7 at equity 2010 Operation Greenfield - A4 (Via Solutions Thüringen) (D) 258,5 50,0 18,4 18,4 at equity 2007 Operation ,7 Brownfield Shadow toll Maliakos-Kleidi (GR) 1.113,2 35,0 72,2 53,5 at equity 2008 Elefsina-Patras-Tsakona (GR) 2.214,2 17,0 34,0 22,9 at equity 2008 Construction/ Operation Construction/ Operation ,0 Brownfield Hard toll ,0 Brownfield Hard toll San Cristóbal Express (Chile) 107,9 50,0 31,2 13,1 at equity 2009 Operation ,0 Greenfield Hard toll A8 highway (D) 430,0 50,0 39,1 0,5 at equity 2011 Northeast Anthony Henday Drive (CAN) 472,0 25,0 13,9 0,0 at equity 2012 Presidio Parkway (USA) 68,0 50,0 17,6 17,6 at equity 2012 SAAone (NL) 538,1 20,0 14,6 0,0 at equity 2013 Total Roads 6.141,8 266,1 151,2 Construction/ Operation Construction/ Operation Construction/ Operation Construction ,0 Brownfield Shadow toll ,0 Greenfield/ Brownfield Availability ,4 Greenfield Availabilty ,0 Brownfield/ Greenfield Availability Turning Vision into Value. 24

25 HOCHTIEF Europe Social Infrastructure PPP (end Q1.2014) Projects Contract volume Total investment HOCHTIEF share HT capital required HT capital provided Consolidation method Financial close Current phase Construction period Operation period in EURm in EURm in % in EURm in EURm Schools Offenbach District (D) 410,2 130,6 94,9 14,2 14,2 full consolidation 2004 Operation North Ayrshire Schools (GB) 488,8 125,1 25,5 2,4 2,4 at equity 2006 Operation Bangor & Nendrum Schools (GB) 216,6 60,0 20,4 1,8 1,8 at equity 2006 Operation East Ayrshire Schools (GB) 399,0 126,7 25,5 3,2 3,2 at equity 2006 Operation Salford Schools (GB) 218,6 67,6 25,5 0,9 0,9 at equity 2006 Operation Salford BSF (GB) 253,2 74,9 40,0 3,5 3,5 at equity 2009 Operation Ontario Provincial Police (CAN) 305,7 89,0 50,0 6,8 6,8 at equity 2010 Operation Halton BSF (GB) 180,7 63,4 45,0 1,3 1,3 at equity 2011 Operation Schools Cologne P1 (D) 125,9 35,5 50,0 2,1 2,1 at equity 2005 Operation Salford BSF Phase 2 (GB) 320,3 97,2 40,0 3,3 3,3 at equity 2011 Construction Alberta Schools III (CAN) 275,6 77,4 50,0 5,6 0,0 at equity 2012 Construction Dortmunder U (D) 91,5 76,3 50,0 0,0 0,0 at equity 2013 Construction Schools Frankfurt (D) 248,7 108,1 50,0 4,6 4,6 at equity 2007 Operation Comprehensive School Cologne-Rodenkirchen (D) 126,9 51,9 50,0 1,1 1,1 at equity 2007 Operation Fürst Wrede Barracks Munich (D) 160,7 56,7 50,0 2,2 2,2 at equity 2008 Operation Schools Braunschweig (D) 279,0 80,0 100,0 0,0 0,0 full consolidation 2011 Construction Five Schools (IRL) 281,3 91,6 50,0 5,8 5,8 at equity 2001 Operation Sports College Manchester (GB) 169,5 53,2 25,5 1,2 1,2 at equity 2005 Operation Cork School of Music (IRL) 228,3 72,6 25, ,9 19 1,9 at equity 2005 Operation Halstenbek School (Europa GmbH) 31,1 21,7 100,0 0,0 0,0 full consolidation 2014 Construction Cityhall Moers (ÖPP Projektgesellschaft mbh) 142,0 72,3 100,0 0,0 0,0 full consolidation 2008 Operation Cityhall Gladbeck (ÖPP Projektgesellschaft mbh) 44,0 16,5 100,0 0,0 0,0 full consolidation 2005 Operation Trade School Leverkusen (ÖPP Projektgesellschaft mbh) 69,6 26,2 100,0 0,0 0,0 full consolidation 2005 Operation Höhenkirchen-Siegertsbrunn (ÖPP Projektgesellschaft mbh) 52,1 33,5 100,0 0,0 0,0 full consolidation 2010 Operation Schools Offenbach City (ÖPP Projektgesellschaft mbh) 89,2 60,5 100,0 0,0 0,0 full consolidation 2010 Operation Paul-Moor-School Nürnberg (ÖPP Projektgesellschaft mbh) 31,9 19,5 100,0 0,0 0,0 full consolidation 2013 Construction Total Social Infrastructure 5.240, ,9 61,8 56,2 Turning Vision into Value. 25

26 CR Corporate responsibility Focusing on six areas with clearly defined objectives 1. Sustainable products and Lead global market for sustainable projects in the construction services segment; continuously add to our range of services for infrastructure projects, real estate and facilities 2. Active climate protection Save carbon emissions together with our clients 3. Resource protection Conserve natural resources and optimize their use and protection 4. Attractive working environment Further consolidate position as a sought-after and responsible employer in the industry 5. Corporate citizenship Get involved in the community wherever our company is at work 6. Compliance Set standards in business ethics and do our utmost to apply those standards Turning Vision into Value. 26

27 Shareholder structure Free float 30.0% ACS 58.9% (Actividades de Construcción y Servicios S.A., Madrid) Qatar Holding 11.1% Turning Vision into Value. 27

28 Detailed overview of reported and operational figures Sales (nominal/reported) Sales (actual adjusted only by deconsol. effects) % Q Q ) FY ) (EUR million) Q1.14 : Q1.13 HT Group 5, , % 27,022.2 HT Americas 1, , % 7,943.8 HT Asia Pacific 3, , % 16,146.8 HT Europe % 2,819.5 Headquarter / Consolidation % % Q Q ) (EUR million) Q1.14 : Q1.13 FY2013 1) HT Group 5, , % 26,489.3 HT Americas 1, , % 7,943.8 HT Asia Pacific 3, , % 16,056.4 HT Europe % 2,384.7 Headquarter / Consolidation % Profit before taxes (nominal/reported) (EUR million) Q Q ) % Q1.14 : Q1.13 FY2013 1) HT Group % HT Americas % 94.0 HT Asia Pacific % HT Europe n. a Headquarter / Consolidation n. a Profit before taxes (operational) (EUR million) Q Q ) % Q1.14 : Q1.13 FY2013 1) HT Group % HT Americas % 96.5 HT Asia Pacific % HT Europe n. a Headquarter / Consolidation n. a EBT margin (Pre-tax return on Sales; nominal/reported) (%) Q Q ) % Q1.14 : Q1.13 FY2013 1) HT Group HT Americas HT Asia Pacific HT Europe EBT margin (op. Pre-tax return on Sales) (%) Q Q ) % Q1.14 : Q1.13 FY2013 1) HT Group HT Americas HT Asia Pacific HT Europe Net Profit (reported/nominal) Net profit (operational) (EUR million) Q Q ) % Q1.14 : Q1.13 FY2013 1) HT Group % HT Americas % 59.4 HT Asia Pacific % HT Europe n. a Headquarter / Consolidation n. a ) Restated (EUR million) Q Q ) % Q1.14 : Q1.13 FY2013 1) HT Group % HT Americas % 61.9 HT Asia Pacific % HT Europe n. a Headquarter / Consolidation n. a Turning Vision into Value. 28

29 Group: One-off non-operational adjustments Q Q ) FY2013 1) (EUR million) EBT Net profit EBT Net profit EBT Net profit Operational earnings 2) Divestments t (Q2.13 Telco, Q3.13 Services, Q3.13 Airports, Q4.13 aurelis) Restructuring (Europe, Leighton, Flatiron) Leighton (impairments, Leighton Welspun India) HQ / Consolidation (M&A etc) Total one-offs Reported figures ) Restated 2) Operational figures excl. one-off impacts; adjusted for sold assets Turning Vision into Value. 29

30 Financial data by division (reported figures) Financial data by division - Q1.14 HOCHTIEF HOCHTIEF HOCHTIEF Corporate HQ/ (EUR million) Americas Asia Pacific Europe Consolidation HT Group New Orders 2, , ,693.5 Work done 1, , ,174.9 Order backlog 10, , , ,207.3 Sales 1, , ,599.0 Operating earnings (EBITA) Profit before taxes Net Profit Capital expenditure Net cash (+) / Net debt (-) Financial data by division - Q1.13 (EUR million) HOCHTIEF Americas HOCHTIEF Asia Pacific HOCHTIEF Europe Corporate HQ/ Consolidation HT Group 1) New Orders 1, , ,548.8 Work done 1, , ,495.1 Order backlog 11, , , ,690.8 Sales 1, , ,786.6 Operating earnings (EBITA) Profit before taxes Net Profit Capital expenditure Net cash (+) / Net debt (-) , ,018.7 Financial data by division - FY 13 (EUR million) HOCHTIEF Americas HOCHTIEF Asia Pacific HOCHTIEF Europe Corporate HQ/ Consolidation HT Group 1) New Orders 7, , , ,491.5 Work done 8, , , ,049.2 Order backlog 9, , , ,940.4 Sales 7, , , ,022.2 Operating earnings (EBITA) ,172.7 Profit before taxes Net Profit Capital expenditure , ,452.8 Net cash (+) / Net debt (-) ) Restated This one and other tables able are available in Excel on our website: Turning Vision into Value. 30

31 Group Cash Flow (EUR '000) Q Q restated Profit after taxes 88, ,979 Comments Non-cash expenses and changes in balance sheet items 47, ,161 Changes in depreciation; provisions; deconsolidation effects (divestments) Cash generated (pre NWC change) 135, ,140 Change in Net Working Capital -624, ,075 Driven mainly bei LEI Cash Flow from Operations (a) -488, ,935 Operating Capex -121, ,575 Mainly capex related to LEI Asset disposals (PPE etc) 66,691 33,661 Total Capex, net -54, ,914 Acquistions and investments in participating interests -34, , reflects caital injection into BrisConnect at LEI Proceeds from divestments t 140,663 13, reflects sale of aurelis Changes in cash and cash equivalents due to consolidation changes 0 0 Total Cash Flow from Investments (b) 50, ,085 Payments for the purchase of additional shares in subsidiaries (c) -32,172 - Stake increase in LEI Payments into equity by minority shareholders (d) 9,017 2,318 Dividends to minority shareholders (e) -54,898-84,719 Dividends to LEI minority shareholders Proceeds from borrowing 351, , includes issued HOT non-rated bond Service of debt -180, , mainly driven by HOT corporate headquarters Total Cash Flow from financing activities (f) 92, ,966 Change in net cash, cash equivalents, securities held (a+b+f) -345, ,054 Effect of exchange rate changes (g) 29,941 48,001 Mainly related to AUD Reported change in cash, cash equivalents, securities held -315, ,053 Changes in securities holdings and financial receivables 47,683-68, mainly related to Turner and HOT Corporate headquarters Overall change in cash & cash equivalents (as reported) -267, ,107 Cash Flow from Operations (a) -488,872 Total Cash Flow from Investments (b) 50,856 Variations in equity (such as dividends) (c+d+e) -78,053 F/x, other 1) incl. (g) -18, Change in Net Cash -534,893 1) Others are due to non-cash f/x, consolidation effects, etc Turning Vision into Value. 31

32 Group Cash Flow reconciliation Group Cash Flow statement amended Group Cash Flow statement as reported Amende ed definitions (EUR '000) Q Q restated (EUR '000) Q Q restated Profit after taxes 88, ,979 Profit after taxes 88, ,979 Non-cash expenses and changes in balance sheet items 47, ,161 Depreciation, amortization, impairments, and impairment reversals 128, ,800 Cash generated (pre NWC change) 13 5, ,140 Changes in provisions -72,226-32,277 Changes in deferred taxes -4,856-12,556 Gains/(losses) from disposals of non-current assets and marketable securities -18,325-2,098 Other non-cash inc. & exp. (primarily equity accounting) & deconsolidations 17,885 2,410 Change in Net Working Capital -624, ,075 Changes in working capital (net current assets) -624, ,075 Changes in other balance sheet items -3,645-12,118 Cash Flow from Operations (a) -488, ,935 Net cash used by operating activities -488, ,935 Intangible assets, property, plant & equipment, & investment properties Operating Capex -121, ,575 Purchases -121, ,575 Asset disposals (PPE etc) 66,691 33,661 Proceeds from asset disposals 66,691 33,661 Total Capex, net -54, ,914 Acquisitions and participating interests Acquistions and investments t in participating i interests t -34, , Purchases -34, , Proceeds from divestments 140,663 13,307 Proceeds from asset disposals/divestments 140,663 13,307 Changes in cash and cash equivalents due to consolidation changes 0 0 Changes in cash & cash equivalents due to consolidation changes 0 0 Total Cash Flow from Investments (b) 50, ,085 Changes in securities holdings and financial receivables 47,683-68,054 Payments for the purchase of additional shares in subsidiaries (c) -32,172 - Net cash used in investing activities 98, ,139 Payments into equity by minority shareholders (d) 9,017 2,318 Dividends to minority shareholders (e) -54,898-84,719 Payments for the purchase of additional shares in subisidiaries -32,172 - Proceeds from borrowing 351, ,350 Payments into equity by minority shareholders 9,017 2,318 Service of debt -180, ,983 Dividends to minority shareholders -54,898-84,719 Proceeds from new borrowing 351, ,350 Service of debt -180, ,983 Total Cash Flow from financing activities (f) 92, ,966 Net cash (used in)/provided by financing activities 92, ,966 tables rt. x as presented in t s in Q repor mponents of Capex Group and divisions Com of G Change in net cash, cash equivalents, securities held (a+b+f) -345, ,054 Net cash change in cash and cash equivalents -297, ,108 Effect of exchange rate changes (g) 29,941 48,001 Effect of exchange rate changes 29,941 48,001 Reported change in cash, cash equivalents, securities held -315, ,053 Changes in securities holdings and financial receivables 47,683-68,054 Overall change in cash & cash equivalents (as reported) -267, ,107 Overall change in cash and cash equivalents -267, ,107 Cash Flow from Operations (a) -488,872 Cash and cash equivalents at the start of the year 2,190,132 2,651,939 Total Cash Flow from Investments (b) 50,856 Of which: Included in assets held for sale 0 10,761 Variations in equity (such as dividends) (c+d+e) -78,053 Of which: Cash & cash equivalents as per Consolidated Balance Sheet 2,190,132 2,641,178 F/x, other 1) incl. (g) -18,824 Cash and cash equivalents at end of reporting period 1,922,338 2,034,832 Change in Net Cash -534,893 Of which: Included in assets held for sale 0 4,860 Of which: Cash & cash equivalents as per Consolidated Balance Sheet 1,922,338 2,029,972 1) Others are due to non-cash f/x, consolidation effects, etc Turning Vision into Value. 32

33 Historic f/x rates End of period Q1 14 FY 13 Q1 13 EUR/USD USD/EUR EUR/AUD AUD/EUR Period average Q1 14 FY 13 Q1 13 EUR/USD USD/EUR EUR/AUD AUD/EUR Turning Vision into Value. 33

34 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. Turning Vision into Value. 34

35 Capital Markets Strategy & IR contacts For further information please contact: Investor Relations HOCHTIEF Aktiengesellschaft Opernplatz Essen, Germany Phone: Fax: Mike Pinkney Ulrike Kröner Martina Horst investor-relations@hochtief.derelations@hochtief Turning Vision into Value. 35