Interim Report January to September Turning Vision into Value.

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1 FL GSHIP HOCHTIEF reaffirms Group outlook HOCHTIEF offsets drop in profit at Leighton HOCHTIEF delivers details on mid-term profit plan of EUR 1 billion HOCHTIEF plans pretax profit of about EUR 1 billion as early as 2011 Interim Report January to September Turning Vision into Value.

2 The HOCHTIEF Group *For details on the restatement, please see pages 17 and 20. (EUR million) Q1 3 Q1 3 Percentage change Full year **Note: The percentage changes are calculated at the level of precision used in the interim financial statements (thousands of euros). New orders 19, , , , ,472.7 Work done 16, , , , ,566.2 Order backlog 41, , , , ,592.9 Divisional sales 14, , , , ,386.8 External sales** 14, , , , ,166.1 Operating earnings (EBITA)** Profit before taxes** Consolidated net profit** Earnings per share (EUR) Capital expenditure** Net assets 6, , , , ,057.6 Employees 70,551 65, ,551 65,870 66,178 ) ) ) ) ( average) HOCHTIEF stock Kursentwicklung 130 % im ersten Halbjahr 2005 HOCHTIEF MDAX DAX % 110 % 100 % 090 % 080 % Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sep. 2

3 To Our Shareholders 3 Interim Management Report 5 Interim Financial Statements 17 Responsibility Statement 22 Financial Calendar 23 The first nine months of fiscal have delivered impressive proof of how strongly HOCHTIEF is positioned. We operate in attractive markets worldwide with great success and have once more underscored our top position despite the still difficult economic environment. The volume of new orders in the third quarter of continued at a high level and is above the sales and work done figures. Consolidated net profit comfortably outperformed the prior-year value, and HOCHTIEF s order backlog of EUR billion makes for a forward order book of a good 22 months. Our strategy has proven sustainable and solid: Our business model is profitable, and our portfolio is broadly diversified both geographically and operationally. Our Group is a rocksolid company that, from its base in Germany, offers its renowned technical know-how in all four corners of the world and has become a top-level player. HOCHTIEF also successfully weathered the financial crisis in the face of a difficult economic environment. In international competition, our Group has an excellent position. HOCHTIEF has a solid balance sheet and one of the lowest debt/equity ratios in the industry. Combined with our healthy business, this paves the way for high further potential. We promised our shareholders a medium-term profit before taxes of EUR 1 billion and are moving towards this goal in large strides. For the years to come, we anticipate earnings to continue upwards and firmly expect to achieve our target of EUR 1 billion in profit before taxes by 2013 thanks to our mid-term plan. The vital enabling factor in this context is our successful business: By placing a clear-cut focus on profitable markets, we have already appreciably increased our profitability, and we will continue on this course. We hold fast to our medium-term goal. Additionally, we want to crystallize further value in 2011 and In, we have called off the IPO of our Group company HOCHTIEF Concessions because of the market environment s unfavorable trend. The company kept developing successfully. The net present value of HOCHTIEF Concessions entire portfolio as of June 30, added up to more than EUR 1.6 billion and this year again, the company delivered impressive proof of its activities value. Passenger numbers at our airport holdings increased, for example, and in North America, we saw a successful market entry into the public buildings and roads segments. We have decided in favor of a value crystallization at HOCHTIEF Concessions in To maximize value, we are striving for a twin-track procedure: IPO and sale to individual investors (trade sale). Here we are prepared to dispose of a majority share. Since its takeover in 2007, former German Rail subsidiary aurelis has developed strongly and we have achieved our strategic and financial goals earlier than planned: Rental income was stepped up significantly, non-core business assets were sold, value enhancement was generated through revitalization measures, and additional value was realized by means of land developments. As a result, we plan to realize the company value created through aurelis as early as 2012 one year earlier than announced. We intend to propose to let our shareholders share adequately in the profits from the sales. As already announced, our Group structure will be simplified considerably as of January 1, Today s corporate divisions HOCHTIEF Europe, HOCHTIEF Real Estate and HOCHTIEF Services will be merged into a new Europe division. We will then offer our services worldwide with the divisions HOCHTIEF Americas, HOCHTIEF Asia Pacific and HOCHTIEF Europe as well as HOCHTIEF Concessions. The Holding will be massively streamlined and in future exclusively focus on strategic control of the Group. With the new corporate division HOCHTIEF Europe, HOCHTIEF realigns its European core business and will place an even stronger focus on high-yield sectors in future. The new division offers property, energy and infrastructure solutions in Europe and in growth regions such as the Middle East. In its activities, the company can draw on a high level of competence in the fields of development, planning, construction as well as services and Dr.-Ing. Herber t Lütkestratköt ter, Chairman of t he Executive Board 3

4 operation. Simplifying the Group structure will generate annual cost savings to the tune of EUR 40 million as well as great additional synergies. We also want to accelerate growth and drive ahead expansion into major growth markets in the course of next year. This involves, for example, the offshore wind power market in which we already have a leading position in the fields of installation and construction. With our partner Beluga Shipping, we commissioned a special jack-up vessel for the installation of offshore wind power plants in the sea; in the third quarter alone, we and our partners were contracted to construct two wind farms. Our expectations regarding this booming market are high: In view of the business already foreseeable, we anticipate an annual sales volume of at least half a billion euros. Another attractive growth market for HOCHTIEF is India. Here, we are already in dialog with partners and will expand our activities systematically in The goal is to pool business in a national company. We have already started searching for shareholding possibilities. And last but not least, we will seize our opportunities in the growth market of Canada where we already have an excellent starting position via our US subsidiaries Turner and Flatiron. In this context, an acquisition in Canada is also conceivable. Board and the Supervisory Board of HOCHTIEF Aktiengesellschaft will comment on the document in a statement pursuant to Section 27 of the German Securities Acquisition and Takeover Act (WpÜG) and make a recommendation to the shareholders. Group outlook* The Group reaffirms its forecast and for the current fiscal year continues to expect new orders and order backlog to be above their respective prior-year levels, sales roughly on a par with, and profit before taxes and consolidated net profit each slightly above last year s figure. We also plan for 2011: depending on the volume and result of the share divestment at HOCHTIEF Concessions, profit before taxes of about EUR 1 billion, and consolidated net profit of about EUR 600 million; for 2012: profit before taxes of roughly EUR 1 billion, and consolidated net profit of approximately EUR 500 million, and for 2013: profit before taxes of more than EUR 1 billion, and consolidated net profit of approximately EUR 450 million excluding extraordinary earnings, i.e. from operating activities business. Through these activities, we will improve our good position in the global key markets even further and realize appreciable earnings growth. Worldwide, we are estimated as a reliable and fair partner both by our clients and in the capital market. We operate far-sightedly and act with sustainability in mind. Our responsible economic approach has just been rewarded for the fifth time in a row by a listing in the Dow Jones Sustainability Indexes. We were also taken up into the Carbon Disclosure Leadership Index of the Carbon Disclosure Project in. HOCHTIEF and its staff deliver daily proof why we have a leading position in international competition. We are on an excellent course and will go ahead unswervingly in order to reliably present good results to our shareholders. Continue with us on this journey! HOCHTIEF s biggest shareholder ACS Actividades de Construcción y Servicios, S.A. announced on September 16, that it wants to submit a takeover offer in the form of an exchange offer for all HOCHTIEF shares not held by ACS. Once the offer has been handed in, the Executive Dr.-Ing. Herbert Lütkestratkötter *This interim report contains 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 forward-looking statements. 4

5 To Our Shareholders 3 Interim Management Report 5 Interim Financial Statements 17 Responsibility Statement 22 Financial Calendar 23 Interim Management Report ACS takeover offer On September 16,, ACS Actividades de Construcción y Servicios, S.A. published, in compliance with Section 10 (1) and (3) read in conjunction with Sections 29 (1) and 34 of the German Securities Acquisition and Takeover Act (WpÜG), its decision to make HOCHTIEF shareholders an offer to acquire their HOCHTIEF shares by way of a voluntary public takeover offer. The public takeover offer is planned to take the form of an offer to exchange shares. ACS has announced that it will offer eight ordinary shares in ACS with a face value of EUR 0.50 each ( ACS shares ) in consideration for every five shares in HOCHTIEF. Major loans to HOCHTIEF Aktiengesellschaft and contracts awarded to subsidiaries are subject to change-ofcontrol provisions that in defined circumstances confer various rights on counterparties including rights to terminate, sell or tender for sale, as well as a cash collateral right.* Under the terms of most loans, change of control is deemed to take effect as soon as a single shareholder exceeds a threshold consisting of a 30 percent ownership interest in HOCHTIEF. Under certain contracts awarded to subsidiaries, change of control triggers include the event of a single shareholder acquiring the majority of shares or voting rights in HOCHTIEF. Under the Shareholders Agreement for Budapest Airport, for example, the consortium partners are in such case entitled to tender their shareholdings in the special-purpose company for purchase by HOCHTIEF AirPort GmbH. Depending on the success of the takeover offer and on the control threshold attained, a change of control may be deemed to take effect under the terms of the loans and contracts mentioned, with the possible result of the counterparties in each case (subject in some instances to additional conditions) being entitled in principle to exercise their rights. In the event that they successfully exercise these rights, there may consequently be a considerable need for refinancing and indeed new borrowing within the HOCHTIEF Group. It is not possible to determine at this time whether the various counterparties would be able or likely to exercise the rights concerned. The company is in the process of examining this and is already in consultation with a number of the parties involved. Orders and work done The HOCHTIEF Group s orders and work done developed well in the third quarter of. The HOCHTIEF order backlog remains at a high level. New orders Group new orders in the first nine months of were 11.6 percent up on the prior-year period (2.6 percent down adjusted for exchange rate effects). This mainly relates to new contract mining and infrastructure projects secured by HOCHTIEF Asia Pacific. HOCHTIEF Americas likewise added to new orders in its general building activities during the third quarter. New orders in Germany rose by 37.4 percent, mostly in connection with new contracts at HOCHTIEF Europe and HOCHTIEF Services. Group work done Group work done in the first three quarters of exceeded the prior-year period, reaching EUR billion (up nine percent; 4.3 percent down adjusted for exchange rate effects). HOCHTIEF Asia Pacific beat the comparative figure by some seven percent even after adjusting for exchange rate effects. HOCHTIEF Americas fell short of the figure for the prior-year period as a result of low new orders in the first two quarters due to the financial crisis. HOCHTIEF Europe was not yet able to offset the anticipated shortfall in Germany s weak building construction market. Order backlog The order backlog stayed at a high level with an absolute total of EUR billion. After adjusting for exchange rate effects, the order backlog was still four percent up on a year earlier, at EUR billion. Based on the current annual work done figure, the order backlog now represents a forward order book of over 22 months. Financial review Earnings HOCHTIEF Group sales rose in the first nine months of fiscal compared with the prior-year period by EUR million to EUR 14.2 billion an increase of 3.1 percent. The HOCHTIEF Asia Pacific division sustained its strong trend. Generating sales of EUR 7.19 billion and a 24.7 percent improvement on the prior-year period, the division made the biggest contribution to Group sales both in absolute and in relative terms. HOCHTIEF profited here from Leighton s outstanding position in the Australian and *For further information, please see page 78 ff. of the Annual Report. Figures in table form are provided in the interim financial statements starting on page 17. 5

6 Asia-Pacific market for infrastructure projects and contract mining. Among the positive factors alongside operating growth was the trend in the Australian dollar exchange rate. The sales figures included an exchange rate effect for the first nine months totaling EUR 1.38 billion. The HOCHTIEF Americas division recorded sales of EUR 4.68 billion in the period under review, down 8.8 percent on the strong EUR 5.14 billion reported in the prior-year period. This mainly reflected delayed effects of the financial crisis, which made for lower new orders in the American building construction market during the prior year. Turner also applies strict margin-oriented selection criteria when pursuing new business. On the civil engineering side, our subsidiaries Flatiron and E.E. Cruz held sales broadly constant. HOCHTIEF Americas sales as a whole included a EUR million positive exchange rate effect due to the rising US dollar. Sales in the HOCHTIEF Europe division came to EUR 1.59 billion, a decrease of 3.2 percent from the prior-year figure (EUR 1.64 billion). The anticipated drop in German building construction has not yet been fully offset over the year to date by infrastructure projects and international activities. The market environment remained difficult in the third quarter for the HOCHTIEF Real Estate division. New projects were accordingly only taken on subject to strict minimum requirements as to pre-lease rates and contribution to earnings. Divisional sales, at EUR million, were a substantial 76.7 percent down as a result on the EUR million posted in the prior-year period. The HOCHTIEF Services division showed a slight upward sales trend over the year to date compared with the prior-year period. While international activities grew, increasing customer restraint in placing new orders and commissioning special services made itself felt in the home market. First-nine-month sales came to EUR million, slightly up on the prior-year period (EUR million). The positive earnings trend during the first half year was not quite matched in the third quarter due to a negative impact on earnings from a large infrastructure project in the Asia Pacific division. HOCHTIEF Group operating earnings for the first nine months of, at EUR million, were nonetheless almost on a par with the prior-year period (EUR million). Key success factors here were the gradual recovery of the world economy and HOCHTIEF s strong position in key markets. All operating divisions delivered positive operating earnings. Aside from the impact on earnings from the Airport Link road project in Brisbane, the Asia Pacific division was also affected by a downturn in the Australian real estate market and construction demand in Dubai. These adverse factors were partly offset by the high-margin contract mining business. Divisional operating earnings decreased compared with the prior-year period (EUR million) by 5.3 percent to EUR million. Despite the difficult situation in some parts of the US construction sector, the HOCHTIEF Americas division significantly boosted earnings as a result of operational improvements and high-margin contracts. Divisional operating earnings amounted to EUR million, 21.2 percent higher than the comparative prior-year figure (EUR 86.3 million). The Concessions division fell short of the EUR 82.5 million recorded in the prior-year period with operating earnings of EUR 59.8 million in the first nine months of the current year. Tax rises in Greece were notable here in reducing the contribution to earnings from Athens Airport. Prior-year earnings were also boosted by nonrecurring items. In the HOCHTIEF Europe division, rigorously applying our requirements on earnings quality when taking on new contracts has paid off. As a result, HOCHTIEF Europe achieved operating earnings of EUR 20 million, representing an increase on the prior-year figure (EUR 16.6 million). Demand in the German building construction business nonetheless stayed weak in the period under review and no marked recovery is expected for the medium term. The HOCHTIEF Real Estate division continued to suffer during the third quarter from the persistently difficult situation in the rental and investment market. We are countering this market situation with a strictly earnings-oriented policy on engaging in new projects. In this way, HOCHTIEF Real Estate succeeded in generating strongly positive operating earnings of EUR 23.9 million in the first nine months of, although this remained below the EUR 29.2 million recorded in the prior-year period. The HOCHTIEF Services division likewise returned positive operating earnings of EUR 8.5 million despite customer reticence in placing orders in its home market. The division was down, however, on the comparative prior-year figure (EUR 14.5 million). Net income from participating interests rose in the first nine months of fiscal compared with the prioryear period (EUR million) by 11.8 percent to EUR million. The share contributed by the Concessions division, at EUR 60.1 million, was almost on a par with the same period a year earlier (EUR 62.4 million). Growth in passenger numbers at HOCHTIEF s airport holdings made for an increase on the prior year while a heavier tax burden in Greece produced a negative counter-effect. The HOCHTIEF Asia Pacific division generated net income from participating interests of EUR 26.7 million, below the 6

7 To Our Shareholders 3 Interim Management Report 5 Interim Financial Statements 17 Responsibility Statement 22 Financial Calendar 23 comparative prior-year figure (EUR 45.5 million). The conservative valuation policy already applied here in the first half of the year with regard to associates and joint ventures in the infrastructure and building construction segment was retained in the third quarter. In contrast, the Turner and Flatiron business portfolio contributed substantially more to earnings than in the prior-year period. The HOCHTIEF Americas division consequently presented a visible improvement in net income from participating interests to EUR 28.7 million, compared with EUR 8.6 million a year earlier. Net income from participating interests in the HOCHTIEF Real Estate division mainly consists of income from aurelis Real Estate GmbH, which stayed soundly profitable despite the difficult market environment. As a result, HOCHTIEF Real Estate generated positive net income from participating interests of EUR 14.3 million in the period under review (prior-year period: minus EUR 1.1 million). Consolidated net profit attributable to HOCHTIEF shareholders increased by no less than 17.3 percent compared with the prior-year figure (EUR million) to EUR million. The minority interest in profit after taxes, in contrast, fell from EUR 155 million in the prior-year period to EUR 151 million in the period under review. Cash flow The HOCHTIEF Group generated a cash inflow in the first nine months of with net cash provided by operating activities totaling EUR million. This was comfortably above the comparative prior-year figure (EUR million). Alongside improved profit before taxes, this notably reflects a significantly smaller increase in working capital compared with the prior year. The HOCHTIEF Asia Pacific and HOCHTIEF Europe divisions contributed most toward the positive trend. Net investment and interest income came to minus EUR million, a considerable improvement on the comparative prior-year figure (minus EUR million). Investment and interest income of EUR 52 million was countered by investment and interest expense of EUR million. The expense figure mainly related to interest expense on loans taken out by the Group. Net investment income was substantially higher with international financial markets picking up over the course of the year. HOCHTIEF sustained the upward trend in profit before taxes from the first half year to reach a total of EUR million in the nine-month period. This was 1.1 percent higher than the comparative prior-year figure (EUR million). The negative effects from, among others, the Australian infrastructure project Airport Link which were communicated by our subsidiary Leighton in early November can be offset by HOCHTIEF through the reversal of a provision recognized in, the good operative development of other corporate divisions of the HOCHTIEF Group, and the strong Australian dollar. The tax expense decreased compared with the prior-year period (EUR million) by EUR 12.4 million to EUR million. This put the effective tax rate at 31.7 percent, well down on a year earlier (35 percent). Profit after taxes improved substantially and at EUR million was up by 6.2 percent on the prior-year period (EUR million). The HOCHTIEF Group s capital expenditure of EUR million in the period under review showed a considerable increase on the comparative prior-year figure (EUR million). Of this total, intangible assets and property, plant and equipment accounted for EUR million an increase of 27.7 percent on the prior-year period (EUR 529 million). As before, the biggest share of capital expenditure went on plant and equipment in the mining and infrastructure construction business at Leighton. The Group also invested substantially in the business portfolio with EUR million in capital spending on financial assets (prioryear period: EUR 93.5 million). This included the acquisition of heavy construction contractor E.E. Cruz with which HOCHTIEF Americas further extended its market position in the growing US infrastructure business. Another major share of capital spending on financial assets was accounted for by the HOCHTIEF Asia Pacific division. This included expenditure to increase the stake in Devine Ltd., a listed real estate developer, and to supplement the portfolio of joint venture interests. Whereas sales of securities had produced a cash inflow in the prior year, we augmented our securities portfolio with selective purchases in the period under review. HOCHTIEF consequently reports a cash outflow of EUR million under changes in securities holdings and financial receivables (prior-year period: cash inflow of EUR 159 million). On the other hand, sales of assets, primarily at Leighton, generated EUR million in proceeds from asset disposals (prior-year period: EUR 51 million). Adding a further EUR 5 million in changes in cash and cash equivalents due to consolidation changes, the HOCHTIEF Group reports net cash used in investment 7

8 *For further details, please see the information on change-ofcontrol provisions on page 5. activities totaling EUR million (prior-year period: EUR million). HOCHTIEF further strengthened its finances in the first nine months of fiscal, with net cash provided by financing activities reaching EUR million. This contrasts with net cash used in financing activities of EUR 195 million in the prior-year period. After a EUR 240 million promissory note loan issued by HOCHTIEF Aktiengesellschaft in the first half year, Leighton successfully completed a US dollar notes issue for EUR million (USD 350 million) in the third quarter. Including additional borrowing in the operating business, HOCHTIEF took out a total of EUR million in the period under review (prior-year period: EUR 1.11 billion). Payments into equity by minority shareholders added a further EUR 37.8 million (prior-year period: EUR 52 million). This mainly related in the prior year to a shareholders contribution at Sydney Airport, whereas in the period under review it mostly involved the issuance of new Leighton shares in connection with an increase in the stake in Devine, a listed associate company. In the opposite direction, debt service payments on loans amounted to EUR million (prior-year period: EUR 1.16 billion). Dividend payments to HOCHTIEF and minority shareholders accounted for a further cash outflow of EUR million (prior-year period: EUR million). HOCHTIEF held a total of EUR 1.83 billion in cash and cash equivalents as of September 30,. This represents an increase of EUR 64.6 million on the figure as of December 31, (EUR 1.77 billion). The total includes EUR million in exchange rate effects. Free cash flow was negative in the period under review due to the large amount of capital expenditure and amounted to minus EUR million (prior-year period: plus EUR million). Free cash flow consists of net cash provided by operating activities (EUR million) less net cash used in investing activities (EUR million). HOCHTIEF had planned a bond issue for approximately EUR 500 million to furnish the Group with supplementary long-term liquidity. The Supervisory Board had already given its approval. The bond placement was called off, however, following announcement of a takeover offer by Actividades de Construcción y Servicios, S.A. on September 16,. HOCHTIEF is currently examining alternative sources of finance, partly with a view to a potential need for refinancing and new borrowing.* Balance sheet Total assets increased by 12.1 percent from EUR 12.5 billion as of December 31, to EUR billion as of September 30,. Aside from operating growth, exchange rate effects accounted for a substantial (EUR million) portion of the increase. Non-current assets rose by EUR million to EUR 5.92 billion at the end of the third quarter. Intangible assets grew by EUR 52.5 million to EUR million. This sum mostly consists of goodwill recognized on initial consolidation of fully consolidated subsidiaries. Capital expenditure on property, plant and equipment at Leighton and exchange rate effects raised property, plant and equipment by EUR million to EUR 1.79 billion. Non-current financial assets likewise again grew larger as a result of changes in the carrying amounts of investments in associates, purchases of non-current securities, and exchange rate effects. The total went up as a result from its December 31, level (EUR 2.25 billion) by a substantial EUR million to EUR 2.54 billion. Financial receivables, at EUR million, were likewise higher than at the year-end (EUR million), the increase mainly resulting from loans to companies in the Leighton business portfolio. Other receivables and other assets showed a slight decrease of EUR 25.7 million to EUR million. This mostly related to a drop in pension fund balances. In contrast, deferred tax assets grew due to exchange rate effects and changes in temporary differences by a substantial EUR million to EUR million. 8

9 To Our Shareholders 3 Interim Management Report 5 Interim Financial Statements 17 Responsibility Statement 22 Financial Calendar 23 Current assets increased sharply compared with December 31, (EUR 7.4 billion) by EUR million to EUR 8.1 billion. This primarily reflected growth in operating trade receivables. Trade receivables were up EUR million to EUR 3.75 billion. Inventories came to EUR 1.22 billion, EUR million more than at the year-end. These mainly consist of real estate projects in development in the HOCHTIEF Asia Pacific and HOCHTIEF Real Estate divisions. The Group further supplemented its current securities portfolio, which grew by EUR million to EUR million. Funds are primarily invested in conservative fixed-interest bonds, equity funds and bond funds. The Group s cash position also further improved with a EUR 64.6 million increase in cash and cash equivalents to EUR 1.83 billion. Shareholders equity rose compared with December 31, (EUR 3.26 billion) by EUR million to reach EUR 3.52 billion at the September 30, balance sheet date. Shareholders equity was increased by EUR million in profit after taxes and EUR million in currency translation differences and changes in the fair value of financial instruments. Other changes not recognized in the Statement of Earnings added a further EUR 38.9 million. In the other direction, shareholders equity was reduced by EUR 99.8 million in dividend payments to HOCHTIEF shareholders for fiscal and EUR million in dividend payments to minority shareholders. Changes in actuarial gains and losses accounted for a further EUR 70.6 million reduction in shareholders equity. loan by HOCHTIEF Aktiengesellschaft and the bond issue at Leighton. Provisions for pensions and similar obligations increased by EUR 72.3 million to EUR million. The main influence here was a lowering of the discount factor in line with reduced market interest rates. Other non-current provisions rose less strongly by EUR 31.8 million to EUR million. These chiefly involve personnel-related obligations and coverage for insurance claims. Other liabilities stayed near-constant at EUR million, mainly consisting of liabilities under derivative financial instruments and deferred income. Current liabilities amounted to EUR 6.98 billion as of September 30,, having increased by EUR million from the figure as of December 31, (EUR 6.48 billion). Within the total, trade payables gained EUR million to EUR 4.78 billion, mostly due to exchange rate effects. Other provisions were likewise up on the comparative figure as of December 31, (EUR million), having grown by EUR 72.5 million to EUR million. The additional amount mainly related to higher income tax provisions at Leighton. Current financial liabilities increased due to exchange rate effects and higher lease liabilities by EUR 29.7 million to EUR million. Our equity ratio (shareholders equity to total assets) held strong at 25.1 percent. Non-current liabilities totaled EUR 3.52 billion as of September 30, an increase of EUR 765 million on the year-end figure (EUR 2.75 billion). The largest category consisted of financial liabilities, which reached EUR 2.7 billion as a result of exchange rate effects relating to the Australian dollar, placement of the promissory note 9

10 *Our risk report is provided starting on page 111 of our Annual Report and on our website, com. Risks and opportunities report The description of the opportunities and risks* of likely future developments given in the combined company and Group management report as of December 31, continues to apply. There has likewise been no material change in the situation of the Group or our operating environment from that presented in our Annual Report. We note in addition that a change of control at HOCHTIEF Aktiengesellschaft resulting from the takeover offer announced by ACS would have various legal consequences that may affect our financial position and financial performance. These consequences relate to various contractual agreements, including but not limited to the following: We refer in all other respects to the explanatory notes provided under the headings ACS takeover offer and Cash flow in this Interim Report. Post balance-sheet events The Executive Board of HOCHTIEF Aktiengesellschaft, with the approval of the HOCHTIEF Supervisory Board, decided in October to make an application to the Australian Securities and Investments Commission to require ACS to also make a takeover offer for Australian Leighton Holdings Limited in the event of acquisition of effective control of HOCHTIEF. Following the decision by the Australian Securities and Investments Committee not to require ACS to submit a takeover offer for Leighton Holdings, HOCHTIEF applied to the Australian Takeovers Panel which, on November 8, announced that it would not initiate any further steps. The HOCHTIEF Executive Board, with the approval of the Supervisory Board subsequently decided to submit an application for a renewed review by a Review Panel. **Coverage of future developments is provided under the heading Looking Ahead: Outlook and Opportunities starting on page 119 of our Annual Report and on our website, Report on forecasts and other statements relating to the company s likely future development There is at present no indication of any significant change in the forecasts and other statements** regarding the likely future development of HOCHTIEF published in the combined company and Group management report as of December 31,. Those forecasts and statements therefore continue to apply. We refer in all other respects to the explanatory notes provided under the headings ACS takeover offer and Cash flow in this Interim Report. 10

11 To Our Shareholders 3 Interim Management Report 5 Interim Financial Statements 17 Responsibility Statement 22 Financial Calendar 23 Divisions HOCHTIEF Americas Division The HOCHTIEF Americas division continued to perform well. In the period under review, new orders were up 7.2 percent on the previous year, mainly due to healthy business in the third quarter. This performance reflects positive currency effects of EUR million caused by the strength of the dollar compared to the prior year. Adjusted for exchange rate effects, this increase was EUR million (up 2.8 percent). In the third quarter of, work done exceeded the prior-year level. For the year so far, however, work done remained below the previous year s level, down EUR million (6.8 percent). The decline in work done is a delayed consequence of the worldwide financial crisis that reduced new orders in fiscal in the US building construction segment. In a similar development, divisional and external sales also fell below the prior-year levels. The order backlog grew to EUR 7.94 billion due to the exchange rate effect (adjusted for this effect: a decrease of EUR million). Both operating earnings and profit before taxes increased substantially year on year. Profit before taxes amounted to EUR 95 million, up EUR 22.5 million over the previous year s figure, which was exceeded by EUR 15.5 million in the third quarter alone. The boost in earnings is attributable mainly to operating improvements due to highmargin projects. In addition, positive exchange rate effects caused by the stronger US dollar led to an increase in earnings in euros (change adjusted for exchange rate effects: increase of EUR 18.4 million). The growth in capital expenditure is the result of the acquisition of E.E. Cruz in the second quarter of. Compared with the prior year, the number of employees eroded substantially, largely due to the sale of the majority of our interests in HOCHTIEF do Brasil at the end of. For the fourth successive time, our US subsidiary Turner has been named the number one US general builder by Engineering News-Record. In addition, Turner was once again the top company in the green building, healthcare and educational facilities market segments as well as in commercial properties. During the period under review, we again demonstrated our strength and acquired further attractive projects in these segments. For instance, work is already underway on a new building we are constructing for Inova Fairfax Hospital in Virginia with enough space for 174 private patient rooms. The project is valued at EUR 125 million. Turner is (EUR million) Percentage change also responsible for the roughly EUR 56 million modernization of St. Mary s Hospital for Children in New York. As a specialist in educational facilities, Turner is handling construction management for two elementary schools and a high school in Los Angeles. The projects valued at EUR 77.6 million are expected to be completed in In New York City, we were also awarded a contract worth EUR 42.5 million to build an elementary school. In addition, Turner is constructing several new office buildings, among them a 14-story office building in North Bethesda, Maryland, that will house a total of 1,300 federal employees beginning in summer This green office project is valued at EUR 52 million, and will seek silver LEED certification from the US Green Building Council. Flatiron secured new projects in the civil engineering sector. The extension of Interstate 5 in Los Angeles, scheduled to be completed in 2014, includes two new bridges and a good six kilometers of new high-occupancy vehicle lanes slated for use solely by cars carrying several passengers. We will receive EUR 84.7 million for the project. Moreover, Flatiron obtained various other contracts in Utah and California, including three water supply projects totaling EUR 23.6 million. HOCHTIEF Americas outlook Against a backdrop of strong performance in recent months, we now project a fiscal profit before taxes for the HOCHTIEF Americas division substantially exceeding the previous year s figure. Full year New orders 5, , , , ,752.9 Work done 4, , , , ,729.7 Order backlog 7, , , , ,098.3 Divisional sales 4, , , , ,614.4 External sales 4, , , , ,614.4 Operating earnings (EBITA) Profit before taxes Capital expenditure Net assets Employees 7,463 ) 9,045 ) ,463 ) 9,045 ) 8,500 ( average) 11

12 HOCHTIEF Asia Pacific Division (EUR million) Percentage change Full year New orders 11, , , , ,418.5 Work done 9, , , , ,645.2 Order backlog 26, , , , ,132.7 Divisional sales 7, , , , ,771.3 External sales 7, , , , ,771.1 Operating earnings (EBITA) Profit before taxes Capital expenditure Net assets 3, , , , ,592.7 Employees 46,151 ) 39,254 ) ,151 ) 39,254 ) 40,131 ( average) New orders in the HOCHTIEF Asia Pacific division grew substantially in the first nine months of compared with the prior-year period. This was due to an exchange rate effect of EUR 2.20 billion arising from the buoyancy of the Australian dollar. Adjusted for exchange rates, new orders came to EUR 9.23 billion, slightly down on the prior-year level by 1.7 percent. Work done increased by 32.4 percent in the reporting period (6.9 percent on an exchange rate-adjusted basis) as a result of the strong performance in infrastructure and contract mining. The very high order backlog compared with the prior-year period partly resulted from the strong level of new orders, especially in the second quarter of, and partly from a positive exchange rate effect of approximately EUR 4.08 billion. External sales grew in line with work done by 24.7 percent to EUR 7.19 billion. This includes an exchange rate effect of EUR 1.38 billion. Operating earnings fell by 5.3 percent compared with the first three quarters of due to slowdowns in the Australian property market and construction demand in Dubai, as well as an impact on earnings from the Airport Link road project in Brisbane. These are also the main reasons for the EUR 22.5 million decline in profit before taxes compared with the figure as of September. Capital expenditure increased significantly year on year to EUR million, primarily due to the increased need for mining equipment. It also includes participation by Leighton Holdings in a rights issue by Devine Ltd., a listed project development company, in conjunction with an increase in Leighton s stake in Devine to 49.7 percent. Leighton companies acquired further attractive projects in the third quarter of. In the infrastructure segment, an alliance including Thiess finalized a EUR 577 million contract to design and construct a 13.3-kilometer-long four-lane divided highway in the Hunter Valley area of New South Wales. Thiess was also awarded a EUR 74 million contract to upgrade a water reclamation plant on the outskirts of Brisbane. A consortium including Leighton Contractors secured a EUR 200 million contract to engineer and construct a EUR 693 million wind farm in Victoria, capable of generating up to 420 megawatts of electricity. The project is the largest of its kind in the entire southern hemisphere. John Holland was awarded a EUR 201 million contract to carry out various work for Rio Tinto s Cape Lambert Port B in Western Australia, including the construction of ship loading facilities and a 920-meter jetty. In the resources market, Leighton Contractors won another significant contract valued at more than EUR 577 million to deliver the civil and underground works package at the Gorgon LNG project in Western Australia. HWE Mining secured a further six months extension of mining works at the Area C iron ore mine and is negotiating to extend the contract until In Mongolia, Leighton Asia was awarded EUR 486 million of additional work at the UHG coal mine to increase the production rate by 50 percent to 15 million metric tons per annum. In Hong Kong, Leighton Asia acting in a joint venture won a EUR 287 million contract to construct a further section of tunnel for the Guangzhou-Shenzhen-Hong Kong Express Rail Link in addition to an earlier contract. Also in Hong Kong, Leighton Asia secured a contract to construct an interchange in the central business district of the city. In India, Leighton International secured three new infrastructure projects, including the Chenani-Nashri tunnel in Jammu, worth EUR 407 million. In the Middle East, the Al Habtoor Leighton Group was awarded a EUR 155 million building project in Dubai. Ausblick HOCHTIEF Asia Pacific Based on the still high order backlog and excellent prospects, especially in contract mining, we expect profit before taxes to remain at the prior-year level despite current difficulties on the Airport Link road project. 12

13 To Our Shareholders 3 Interim Management Report 5 Interim Financial Statements 17 Responsibility Statement 22 Financial Calendar 23 HOCHTIEF Concessions Division New orders in the HOCHTIEF Concessions division were roughly 26 percent up on the prior-year figure due to new PPP contracts secured for a high school in Höhenkirchen- Siegertsbrunn and for schools in the city of Offenbach. However, as a result of the comparatively small volume of projects in progress in the year under review, work done, divisional sales and external sales were all lower year on year. Operating earnings for the first nine months were sharply down on the prior-year figure at EUR 59.8 million. Whereas earnings in had been boosted by the reversal of provisions for Athens Airport as already reported, earnings this year were depressed by the higher tax on dividends and an additional special tax at Athens Airport. Having a positive impact in the third quarter of were the higher dividends from Sydney Airport, which are partly attributable to an improvement in the exchange rate, and the financial close of the project for the Ontario Provincial Police in Canada. Despite an improvement in net investment and interest income, profit before taxes was also down year on year at EUR 37.9 million. As of September 30,, the HOCHTIEF Concessions portfolio comprised six airport holdings, seven roads including two tunnels, 101 schools, 18 police facilities, two city halls, one community center, one barracks and projects to develop two geothermal power plants.** In the airports segment, the number of passengers handled by the airports in which HOCHTIEF Concessions holds an interest via its subsidiary HOCHTIEF AirPort rose to a total of 69.7 million in the reporting period. This year-onyear increase of 4.8 percent was driven by all holdings with the exception of Athens International Airport, where the economic recession in Greece continued to have a negative impact. During the summer vacation period, Düsseldorf International saw passenger numbers rise by 6.7 percent year on year to 2.9 million. At Sydney Airport, August was the best August in the airport s history with an average of 95,000 travelers a day. In September, Budapest Airport extended a lease agreement with Lufthansa Technik Budapest for a further 15 years. This agreement is for a maintenance hangar where work can be carried out on four aircraft simultaneously. (EUR million) Percentage change Thuringia state border and Gotha, was opened to traffic at an official ceremony. In Greece, the economic recession continues to adversely affect our two toll roads, Maliakos- Kleidi and Elefsina-Patras-Tsakona. In the social infrastructure segment, HOCHTIEF Concessions reached financial close on its second publicprivate partnership project in North America: The subsidiary HOCHTIEF PPP Solutions North America was contracted to design, finance, build and operate a total of 18 police facilities in the Canadian province of Ontario. HOCHTIEF PPP Solutions holds a 50 percent stake in the project company. The contract for the 30-year project is worth EUR 306 million and the capital outlay amounts to EUR 89 million. In early July, construction began on the new high school in Höhenkirchen-Siegertsbrunn. HOCHTIEF Concessions had been awarded the contract to design, build and operate the new school, including a gymnasium as well as outdoor and sports facilities, in January. HOCHTIEF Concessions outlook The HOCHTIEF Concessions division is reiterating its previous guidance for fiscal : We still expect to fall only slightly short of prior-year profit before taxes adjusted for the positive nonrecurring item at Athens Airport in. Full year New orders Work done Order backlog Divisional sales External sales Operating earnings (EBITA) Profit before taxes Capital expenditure Net assets 1, , , , ,259.3 Employees 311 ) 303 ) ) 303 ) 311 ( average) *For details on the restatement, please see pages 17 and 20. **EUR million in capital had been provided for these projects by September 30,. This represents percent of the EUR 1,009.0 million total capital required. In the roads segment, the last section of the A4 highway PPP project, the Hörselberge bypass between the Hesse- 13

14 HOCHTIEF Europe Division (EUR million) Percentage change Full year New orders 1, , ,908.7 Work done 1, , ,742.1 Order backlog 3, , , , ,608.1 Divisional sales 1, , ,354.8 External sales 1, , ,225.3 Operating earnings (EBITA) Profit before taxes Capital expenditure Net assets Employees 9,167 ) 9,995 ) 8.3 9,167 ) 9,995 ) 9,946 ( average) In the HOCHTIEF Europe division, new orders in the period under review were down on the previous year. This is attributable to the major contract worth EUR 1.3 billion received in Qatar in. Adjusted for this effect, new orders were up on the prior year. In the third quarter, the previous year s figure was significantly exceeded, chiefly due to offshore projects. Work done, divisional sales, and external sales hovered under the figures for the same period in as a result of the fact that infrastructure projects and our foreign subsidiaries activities did not compensate entirely for the expected drop in German building construction business. The order backlog indicates a forward order book of more than 19 months. Operating earnings and profit before taxes rose sharply compared with the previous year. Our clear focus on margins over volume led to an unmistakable improvement in project results. Capital expenditure decreased year on year. The previous year s figures included major capital spending on technical equipment and machinery for a large-scale project in Qatar. In the third quarter, the HOCHTIEF Europe division underpinned its very strong market position in the offshore segment with two major contracts. HOCHTIEF Construction will build the Global Tech 1 wind farm for project company Global Tech 1 Offshore Wind in the German North Sea, approximately 110 kilometers northwest of Cuxhaven. HOCHTIEF will receive around EUR 175 million for the project. Using jack-up platforms and a special jack-up vessel that HOCHTIEF is developing in a joint venture with Bremenbased shipping company Beluga, the initial step will be to anchor 80 foundations on the seafloor 40 meters down. The wind turbines will be assembled subsequently. We will significantly cut the time required to construct Global Tech 1 using a newly developed logistics concept. In addition, we will also construct the EnBW Baltic 2 wind farm for EnBW Erneuerbare Energien in the Baltic Sea 32 kilometers north of the island of Rügen. HOCHTIEF Construction will participate in a joint venture to erect another 80 foundations there at a depth of approximately 44 meters as well as to handle logistics for the construction of the towers and turbines. The total value of the contract is EUR 382 million, EUR 191 million of which will go to HOCHTIEF. Another HOCHTIEF Construction project involves construction of a 104-meter bascule bridge the longest in Europe for Hamburg Port Authority. In the future, the new bridge, a project worth roughly EUR 22 million for HOCHTIEF, will provide a link between the Port of Hamburg and the southern sections of the City of Hamburg. The performance of the division s international activities continued to be gratifying. In Poland and the Czech Republic, we were awarded contracts for the construction of three new university facilities. A new building for the Faculty of Physics, Astronomy and Applied Computer Science will be built at Jagiellonian University in Kracow for around EUR 32 million. In addition, HOCHTIEF Polska is constructing a new building for the Academy of Fine Arts in Wrocław. In Ostrava in the Czech Republic, HOCHTIEF CZ will build a new faculty of electrical engineering and computer science. In addition, tire manufacturer Bridgestone contracted HOCHTIEF Polska to build a warehouse in Poznań. In the German building construction sector, HOCHTIEF Construction secured the contract for a HOCHTIEF joint venture project, a PPP project in Offenbach am Main. HOCHTIEF will partly renovate and build new facilities for two schools, work that is scheduled to be completed by July 2013, and then operate the schools for 22 years. HOCHTIEF Construction will receive approximately EUR 47 million from this construction contract. HOCHTIEF Europe outlook The HOCHTIEF Europe division will continue to systematically concentrate on key strategic issues, forge ahead with its internationalization plans, and focus on profitable markets. We therefore still expect profit before taxes for the current fiscal year to top the previous year s level. 14

15 To Our Shareholders 3 Interim Management Report 5 Interim Financial Statements 17 Responsibility Statement 22 Financial Calendar 23 HOCHTIEF Real Estate Division The HOCHTIEF Real Estate division continued to apply its selective, profitability-focused policy for the acquisition of new projects and contracts. New orders in the third quarter of surpassed the half-year figure but, in a still challenging market, were 63 percent of the amount posted for the same period of. As our investment criteria continue to require strict pre-lease rates before construction work can begin, only a small number of new projects are currently in progress. Although work done was therefore down on the previous year, in the third quarter it rose sharply compared with the previous quarters. As planned, divisional and external sales declined year on year in line with work done. (EUR million) Percentage change Full year New orders Work done Order backlog Divisional sales External sales Operating earnings (EBITA) (3.2) 53.2 Profit before taxes (9.6) 27.0 Capital expenditure Net assets , , Employees 970 ) 1,036 ) ) 1,036 ) 1,034 ( average) Operating earnings exceeded the level reached in the previous quarters of, while profit before taxes tripled. The significant changes compared with the previous year are the result of the smaller share of earnings from project sales so far in. As expected, capital expenditure was down on the prioryear figure because of project costs capitalized in the first nine months of. Net assets were lower year on year due to the project sales achieved in the same period of. In the reporting period, HOCHTIEF Projektentwicklung concluded rental agreements for a total of some 19,700 square meters of gross floor area. Atos Origin leased 8,400 square meters in the Gruga Carree building in Essen, where HOCHTIEF Projektentwicklung is to build the company s new German headquarters by the end of In Stuttgart, we are revitalizing the existing CasaNova property. Leases were arranged for further office space at the Four Elements building in Düsseldorf, Galilei³ in Mannheim, Offenbach s KOMM shopping center, Lindley Carree in Hamburg and PortAL10 in Münster s harbor district. HOCHTIEF Projektentwicklung was also successful in the residential property segment in the third quarter: In Düsseldorf s le flair district, an institutional investor acquired two building plots with a total of 150 residential units. The topping-out ceremony was held in Berlin for the Fontanepromenade residential development and in Friedberg for the InLine retail center. We chalked up further successes in the market segment for nursing care facilities: Construction work began on the nursing care facility in Lahnau, the topping-out ceremony took place in Fuldatal, and the building in Albstadt became operational. In the first three quarters of, aurelis Real Estate sold properties worth some EUR 98.9 million (prior-year period: EUR 81 million), outstripping the prior-year figure by a little over 22 percent. Among other real estate, aurelis disposed of a plot of land in Hamburg measuring roughly 84,000 square meters, the Helenenhöfe quarter in Frankfurt s Europaviertel with approximately 26,000 square meters of space for just over 490 residential units, and two building plots in Düsseldorf s Quartier Central covering a total of 11,500 square meters. Its collaboration with the municipal authorities is also going well. For example, aurelis sold some relatively large plots of land to the cities of Cologne and Krefeld. In Augsburg, approval was given to prepare the development plan for the Beethovenpark project. The development and design of the green spaces on the large-scale projects in Frankfurt and Düsseldorf are also going according to plan. In the rental segment, aurelis generated income of around EUR 67.7 million in the first nine months of the year (prior-year period: EUR 69.6 million). During that period, it concluded new rental agreements and extended existing agreements for a total of EUR 12.8 million. HOCHTIEF Property Management extended its contract with a long-standing client: We will continue to assume owner responsibilities for the portfolio and remain in charge of facility management. The portfolio comprises roughly 160 properties with a total of more than one million square meters of rental space and around 13,000 parking spots. Our joint venture company CORUS Centermanagement expanded its portfolio to include the Louisen Center in Bad Homburg, a shopping mall with around 13,200 square meters of space. HOCHTIEF Real Estate outlook Despite the challenging conditions in the rental and investment markets, the HOCHTIEF Real Estate division anticipates a healthy profit overall for. The division conducts a wide-ranging sales program and we therefore continue to expect pretax profit to be on a par with the prior-year figure. 15

16 HOCHTIEF Services Division (EUR million) Percentage change Full year New orders Work done Order backlog 1, , , , ,480.6 Divisional sales External sales Operating earnings (EBITA) Profit before taxes Capital expenditure Net assets Employees 5,891 ) 5,614 ) 4.9 5,891 ) 5,614 ) 5,650 ( average) In the HOCHTIEF Services division, new orders were well up on the prior-year period (by 84.9 percent), A large-scale project in Bahrain, acquisitions in Germany, and contract renewals at HOCHTIEF Energy Management contributed to this positive development. Both work done and divisional sales increased against the prior-year figure in the reporting period, largely due to the upcoming business in Bahrain. The order backlog increased by 23 percent year on year, in line with the excellent order situation. Operating earnings and profit before taxes fell short of the prior-year level, mainly due to clients continuing to hold back on commissioning additional services in existing business. In the third quarter, the HOCHTIEF Services division particularly demonstrated the quality of its services for complex real estate and its sustainable solutions for state-of-the-art energy efficiency. From March 1, 2011, HOCHTIEF Facility Management will take over all facility management for Munich Re in Munich for a period of eight years. The total contract is worth more than EUR 100 million. We will establish an operating company together with a partner for the purpose and will hold 74.9 percent of the shares in this company. With more than 90 employees, the company will be responsible for all technical and infrastructure facility management for 21 of the insurance group s properties in the greater Munich area. The properties are administrative buildings with a total managed area of 170,000 square meters. HOCHTIEF also further established itself internationally as a reliable facility manager for complex real estate. HOCHTIEF Facility Management Swiss received a new contract for the Portikon office building in Zurich, which was planned by HOCHTIEF Projektentwicklung. The pharmaceutical group Nycomed, one of the main tenants, commissioned us to manage an area of 8,400 square meters. This means that HOCHTIEF Facility Management Swiss is now responsible for the facility management of all 19,000 square meters of the cutting-edge building. HOCHTIEF received recognition for its expertise in the field of state-of-the-art energy efficiency: HOCHTIEF Energy Management won this year s European Energy Service Award in the category of lighting. The European Energy Service Initiative awarded the prize to the company for its innovative lighting concept in the Staatstheater in Hanover: HOCHTIEF s energy experts had reduced the energy costs of the lighting system by up to 80 percent using advanced LED technology. They also optimized the technical building services, thereby reducing the theater s annual carbon emissions by more than 1,000 metric tons. HOCHTIEF Services outlook In the current fiscal year, clients have held back on ordering usually profitable extra services, and some have even been affected by short-time working. Owing to this development, the HOCHTIEF Services division expects profit before taxes to be below the prior-year figure. However, our active participation in the facility market, which is picking up again, is plainly apparent from the above-average growth in new orders. This is a clear sign of customer satisfaction and long-term confidence in the quality of our services. The division intends to continue rigorously pursuing its successful internationalization and outsourcing strategy on the fast growing facility market. 16

17 To Our Shareholders 3 Interim Management Report 5 Interim Financial Statements 17 Responsibility Statement 22 Financial Calendar 23 Interim Financial Statements (Condensed) Consolidated Statement of Earnings (EUR thousand) Percentage change Full year Sales 14,201,893 13,771, ,676,345 4,597,279 18,166,081 Changes in inventories 100,198 37, ,274 (47,580) 32,203 Other operating income 143, , ,901 82, ,107 Materials (9,605,624) (9,722,104) 1.2 (3,259,748) (3,110,679) (12,562,542) Personnel costs (2,957,086) (2,562,327) 15.4 (1,006,958) (916,296) (3,501,085) Depreciation and amortization (489,970) (344,021) 42.4 (91,733) (119,899) (501,370) Other operating expenses (990,707) (917,336) 8.0 (334,587) (355,601) (1,333,123) Profit from operating activities 402, , , , ,271 Share of profits and losses of equity-method associates and jointly controlled entities 109, , ,476 45, ,356 Net income from other participating interests 22,186 11, ,911 11,882 24,859 Investment and interest income 52,027 50, ,494 15,019 79,906 Investment and interest expenses (155,540) (176,724) 12.0 (34,760) (61,232) (234,521) Profit before taxes 430, , , , ,871 Income taxes (136,518) (148,865) 8.3 (35,061) (53,998) (192,302) Profit after taxes 293, , ,554 86, ,569 Of which: Consolidated net profit 142, , ,577 35, ,672 Of which: Minority interest 150, , ,977 51, ,897 Diluted and undiluted earnings per share (EUR) *Restated on first-time application of IFRIC 12 as of January 1, and the resulting change in the accounting treatment of service concessions. For further information, please see page 20. Applying the new interpretation resulted in a EUR 2,700,000 decrease in the figure for the share of profits and losses of equity-method associates and jointly controlled entities for the first nine months of (full year : EUR 3,600,000 decrease). This is allocated as a EUR 38,000 reduction (full year : EUR 50,000 reduction) in minority interest and a EUR 2,662,000 reduction (full year : EUR 3,550,000 reduction) in consolidated net profit. Consolidated Balance Sheet (EUR thousand) Sep. 30, Dec. 31, (EUR thousand) Sep. 30, Dec. 31, Assets Non-current assets Intangible assets 556, ,701 Property, plant and equipment 1,787,263 1,492,327 Investment properties 34,975 38,239 Equity-method investments 1,997,610 1,764,636 Other financial assets 537, ,496 Financial receivables 506, ,758 Other receivables and other assets 151, ,137 Deferred tax assets 343, ,780 5,915,292 5,106,074 Current assets Inventories 1,215,970 1,115,742 Financial receivables 146, ,087 Trade receivables 3,748,611 3,407,523 Other receivables and other assets 128, ,789 Current income tax assets 58,458 56,879 Marketable securities 964, ,739 Cash and cash equivalents 1,834,202 1,769,644 8,096,761 7,396,403 14,012,053 12,502,477 Liabilities and Shareholders Equity Shareholders equity Attributable to the Group 2,314,449 2,164,053 Minority interest 1,204,167 1,100,076 3,518,616 3,264,129 Non-current liabilities Provisions for pensions and similar obligations 143,561 71,262 Other provisions 369, ,949 Financial liabilities 2,695,463 2,047,590 Other liabilities 186, ,111 Deferred tax liabilities 123, ,499 3,518,363 2,753,411 Current liabilities Other provisions 978, ,655 Financial liabilities 825, ,886 Trade payables 4,778,908 4,391,638 Other liabilities 390, ,557 Current income tax liabilities 1,822 10,201 6,975,074 6,484,937 14,012,053 12,502,477 *First-time application of IFRIC 12 reduced equity-method investments as of December 31, by EUR 33,197,000 and non-current financial receivables by EUR 14,603,000. The resulting EUR 47,800,000 decrease in shareholders equity is allocated as a EUR 46,060,000 reduction in the amount attributable to the Group and a EUR 1,740,000 reduction in the amount attributable to minority interest. 17

18 Consolidated Statement of Cash Flows *For details on the restatement, please see pages 17 and 20. (EUR thousand) Profit after taxes 293, ,591 Depreciation/write-ups 502, ,407 Changes in provisions (47,439) 3,118 Changes in deferred taxes (47,667) 61,108 Losses from disposals of non-current assets and marketable securities (13,948) (19,813) Other non-cash income and expenses (primarily equity valuation) and deconsolidations (20,095) (16,742) Changes in working capital (net current assets) (60,138) (153,347) Changes in other balance sheet items 2,777 23,123 Net cash provided by operating activities 609, ,445 Intangible assets, property, plant and equipment, and investment properties Purchases (675,471) (529,007) Proceeds from asset disposals 118,079 50,865 Acquisitions and participating interests Purchases (182,669) (93,465) Proceeds from asset disposals/divestments 108, Changes in cash and cash equivalents due to consolidation changes 5,033 Changes in securities holdings and financial receivables (301,625) 159,017 Net cash used in investing activities (928,079) (412,515) Payments received from sale of treasury stock Payments into equity by minority shareholders 37,753 51,982 Dividends to HOCHTIEF s and minority shareholders (267,616) (197,478) Proceeds from new borrowing 809,433 1,108,705 Service of debt (345,652) (1,158,747) Net cash provided by/(used in) financing activities 234,419 (195,012) Net cash decrease in cash and cash equivalents (83,976) (73,082) Effect of exchange rate changes 148,534 13,184 Overall change in cash and cash equivalents 64,558 (59,898) Cash and cash equivalents at the start of the year 1,769,644 1,787,713 Cash and cash equivalents at end of reporting period 1,834,202 1,727,815 18

19 To Our Shareholders 3 Interim Management Report 5 Interim Financial Statements 17 Responsibility Statement 22 Financial Calendar 23 Statement of Changes in Equity (EUR thousand) Subscribed capital of HOCHTIEF Aktiengesellschaft Capital reserve of HOCHTIEF Aktiengesellschaft Revenue reserves* including unappropriated net income Accumulated other comprehensive income Currency translation differences Marking of financial instruments to fair value Actuarial gains and losses Attributable to the Group Attributable to minority interest Total Balance as of Jan. 1, 179, ,806 1,728,911 (167,301) (102,225) (108,379) 1,931, ,151 2,826,163 Changes in accounting policy (42,586) 8,544 ( 34,042) (1,358) ( 35,400) Balance as of Jan. 1, ** 179, ,806 1,686,325 (158,757) (102,225) (108,379) 1,896, ,793 2,790,763 Dividends paid (88,200) (88,200) (109,278) (197,478) Profit after taxes** 121, , , ,591 Currency translation differences and marking of financial instruments to fair value** 80,496 19, ,310 68, ,501 Changes in actuarial gains and losses 30,560 30, ,566 Other changes not recognized in the Statement of Earnings (1,661) (1,661) 51,225 49,564 Balance as of Sep. 30, ** 179, ,806 1,718,112 (78,261) (82,411) (77,819) 2,059,627 1,058,880 3,118,507 Balance as of Jan. 1, 179, ,806 1,842,028 (74,271) (66,902) (70,748) 2,210,113 1,101,816 3,311,929 Changes in accounting policy (46,136) 76 (46,060) (1,740) (47,800) Balance as of Jan. 1, ** 179, ,806 1,795,892 (74,195) (66,902) (70,748) 2,164,053 1,100,076 3,264,129 Dividends paid (99,816) (99,816) (167,800) (267,616) Profit after taxes 142, , , ,683 Currency translation differences and marking of financial instruments to fair value 174,008 (10,288) 163,720 96, ,159 Changes in actuarial gains and losses (70,599) (70,599) (70,599) Other changes not recognized in the Statement of Earnings 14,388 14,388 24,472 38,860 Balance as of Sep. 30, 179, ,806 1,853,167 99,813 (77,190) (141,347) 2,314,449 1,204,167 3,518,616 * As of September 30,, own stock with an acquisition cost of EUR 90,410,000 is accounted for as a deduction from revenue reserves (September 30, : EUR 90,953,000). ** Restated 19

20 *For details on the restatement, please see pages 17 and this page. Consolidated Statement of Comprehensive Income (EUR thousand) Change Full year Profit after taxes 293, ,591 17, ,569 Currency translation differences 278, , , ,978 Changes in fair value of financial instruments Primary (2,394) 46,612 (49,006) 61,452 Derivative (9,238) (18,887) 9,649 (14,444) Share of profits and losses of equity-method associates and jointly controlled entities recognized directly in equity (6,472) (3,553) (2,919) (5,740) Actuarial gains and losses (70,599) 30,566 (101,165) 37,626 Income and expense recognized directly in equity 189, ,067 (9,507) 228,872 Total income and expense recognized in the reporting period 483, ,658 7, ,441 Of which: HOCHTIEF Group 235, ,518 (16,694) 349,188 Of which: Minority interest 247, ,140 24, ,253 Notes to the Consolidated Financial Statements **For detailed information on IFRIC 12, please see page 144 of the Annual Report. Accounting policies The Interim Consolidated Financial Statements as of September 30,, which were released for publication on October 25,, have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU. The Interim Financial Statements and the Interim Management Report have been neither audited nor reviewed. In accordance with IAS 34, the reported information is presented in condensed form relative to the full Consolidated Financial Statements. This interim report is based on the Consolidated Financial Statements as of and for the year ending December 31,. HOCHTIEF applied IFRIC 12 Service Concession Arrangements for the first time as of March 31,. IFRIC 12 relates to the uniform accounting treatment of rights and obligations under service concessions granted by government or government agencies in order to provide public services. If the operator has an unconditional contractual right to payment, the financial asset model is applied and a financial asset is recognized. If the operator merely has a right to charge based on the usage of services, the intangible asset model is applied. For the HOCHTIEF Group, applying the new interpretation essentially only affects accounting for service concessions to which the intangible asset model applies. This may change the allocation of contract net profit among individual reporting periods during the operating phase of such concessions. The prior-year figures have been restated accordingly. ** Additionally, due to reduced capital market interest rates, the discount factor used to value pension obligations in Germany was lowered as of September 30, to 4.25 percent (December 31, : 5.25 percent). In all other respects, this report has been prepared using the same accounting policies as the Consolidated Financial Statements. Information on those accounting policies is given in the Annual Report. Consolidation changes The Consolidated Financial Statements for the first nine months of include one domestic and 38 foreign companies for the first time. One domestic and five foreign companies were removed from the consolidated group. 20

21 To Our Shareholders 3 Interim Management Report 5 Interim Financial Statements 17 Responsibility Statement 22 Financial Calendar 23 The number of foreign companies accounted for using the equity method increased by 25. The Consolidated Financial Statements as of September 30, include HOCHTIEF Aktiengesellschaft and a total of 55 domestic and 390 foreign consolidated companies plus 17 domestic and 183 foreign companies accounted for using the equity method. Own shares As of September 30,, HOCHTIEF Aktiengesellschaft held a total of 3,435,050 shares of treasury stock. These shares were purchased over the course of fiscal 2008 for the purposes provided for in the resolution of the General Shareholders Meeting of May 8, These shares represent EUR 8,793,728 (4.91 percent) of the Company s capital stock. In the period under review, the HOCHTIEF Group sold a plot of land worth EUR 689,000 to a company in which a member of the Supervisory Board is a shareholder. The transaction was conducted on an arm s length basis at rates verified as standard market rates by external appraisals. No further material transactions were entered into during the period under review between HOCHTIEF Aktiengesellschaft or any HOCHTIEF Group company and any related party or parties having material influence over the results of operations or financial condition of the Company or the Group. In July, 20,635 shares of treasury stock were sold to employees of HOCHTIEF or its affiliates at a price of EUR each. The shares represent EUR 52,826 (0.03 percent) of the Company s capital stock. Dividend payment A resolution to pay a dividend of EUR 1.50 per eligible nopar-value share was adopted at the General Shareholders Meeting of HOCHTIEF Aktiengesellschaft on May 11,. Contingent liabilities The contingent liabilities relate to liabilities under guarantees and comfort letters; they have increased since December 31, by EUR 4,281,000 to EUR 56,581,000. Segment reporting Segment reporting in the HOCHTIEF Group is based on the Group s divisional operations. The breakdown by divisions and regions mirrors the Group s internal reporting systems. Detailed information on the various segments making up the HOCHTIEF Group is provided herein in the Interim Management Report. Related party disclosures There has been no change in the companies and individuals comprising related parties of HOCHTIEF Aktiengesellschaft and HOCHTIEF Group companies. The information provided in this regard in the Notes to the most recent Consolidated Financial Statements therefore continues to apply. 21

22 *For details on the restatement, please see pages 17 and 20. Reconciliation of profit from operating activities to operating earnings (EBITA) (EUR thousand) Profit from operating activities 402, ,612 79, ,680 + Net income from participating interests 131, ,744 66,387 57,500 Non-operating earnings (+) 4,507 (+) 1,182 + Interest credited 7,399 10,013 2, Operating earnings (EBITA) 545, , , ,472 Undiluted and diluted earnings per share Consolidated net profit (EUR thousand) 142, ,648 54,577 35,327 Number of shares in circulation (weighted average) 66,551,193 66,514,938 66,564,950 66,544,320 Earnings per share (EUR) Earnings per share can become diluted as a result of potential shares (mainly stock options and convertible bonds). HOCHTIEF s share-based payment arrangements do not have a dilutive effect on earnings. Consequently, diluted and undiluted earnings per share are identical. Responsibility Statement To the best of our knowledge, and in accordance with the applicable reporting principles for interim financial reporting, the interim consolidated financial statements give a true and fair view of the assets, liabilities, financial position and profit or loss of the Group, and the interim management report of the Group includes a fair review of the development and performance of the business and the position of the Group, together with a description of the material opportunities and risks associated with the expected development of the Group for the remaining months of the fiscal year. Essen, November 10, The Executive Board Dr. Lütkestratkötter Dr. Lohr Dr. Noé Dr. Rohr Dr. Stieler 22

23 To Our Shareholders 3 Interim Management Report 5 Interim Financial Statements 17 Responsibility Statement 22 Financial Calendar 23 Corporate Structure of HOCHTIEF Aktiengesellschaft Corporate Headquarters (management holding company) HOCHTIEF Americas HOCHTIEF Asia Pacific HOCHTIEF Concessions HOCHTIEF Europe HOCHTIEF Real Estate HOCHTIEF Services Turner (USA) Flatiron (USA, Canada) E.E. Cruz (USA) Leighton Holdings (Australia) Leighton Contractors (Aus tralia, New Zealand) Thiess (Australia, India, Indonesia) John Holland Group (Australia) Leighton International (Brunei, India, Malaysia, Qatar, Singapore, Sri Lanka, United Arab Emirates) Leighton Properties ( Australia) Leighton Asia (Cambodia, Hong Kong, Indonesia, Laos, Macau, Mongolia, Philippines, Thailand, Vietnam) Al Habtoor Engineering (Qatar, United Arab Emirates) HOCHTIEF Concessions (Germany) HOCHTIEF AirPort (Germany) HOCHTIEF AirPort Capital (Germany) HOCHTIEF AirPort Retail (Albania) HOCHTIEF PPP Solutions (Canada, Chile, Germany, Greece, Ireland, UK, USA) HOCHTIEF PPP Schools Capital (UK) HOCHTIEF Construction (Austria, Bulgaria, Chile, Czech Republic, Germany, India, Luxembourg, Poland, Qatar, Romania, Russia, South Africa, Sweden, UK, Ukraine) HOCHTIEF Global Trade (Germany) HOCHTIEF Procurement Asia (Hong Kong) Streif Baulogistik (Austria, Bulgaria, Denmark, Germany, Poland, Romania, Russia, Ukraine) Durst-Bau (Austria) HOCHTIEF Projektentwick lung (Austria, Czech Republic, Germany, Hungary, Poland, Romania, Russia, Switzerland) HOCHTIEF Property Management (Germany) aurelis Real Estate (Germany) HOCHTIEF Facility Management (Bahrain, Czech Republic, Germany, Greece, Hungary, Ireland, Poland, Switzerland, UK) HOCHTIEF Energy Management (Germany) The companies listed exemplify the international reach of HOCHTIEF. For further details, please visit our website at Financial Calendar March 29, 2011 Annual Report Business Results Press Conference Analysts and Investors Conference May 12, 2011 General Shareholders Meeting a.m., Grugahalle, Norbertstrasse, Essen May 16, 2011 Quarterly Report at March 31, 2011 Conference Call with Analysts and Investors The editorial deadline for this interim report was November 10, ; the report was published on November 11,. For further information on HOCHTIEF and our addresses, business units, subsidiaries and associates, please visit our website at This interim report is a translation of the original German version, which remains definitive. It is also available from the HOCHTIEF website. The interim report is printed on eco-friendly Maxi Silk coated paper certified in accordance with the rules of the Forest Stewardship Council (FSC). Publication Details and Credits Published by: HOCHTIEF Aktiengesellschaft Opernplatz 2, Essen, Germany Telephone: Fax: info@hochtief.de Investor relations contact: HOCHTIEF Investor Relations Opernplatz 2, Essen, Germany Telephone: Fax: investor-relations@hochtief.de Cert no. IMO-COC