Company presentation. Latest update: October 08, intern. Turning Vision into Value.

Transcription

1 Company presentation (based on H figures) Latest update: October 08, 2010 intern Turning Vision into Value.

2 Table of contents 1. Overview p Americas p Asia Pacific p Concessions p Europe p Real Estate p Services p Outlook p ACS Announcement p. I-IV 10. Appendix p. 37 Le Quartier Central, Düsseldorf, Germany Al Shaqab Equestrian Academy, Qatar Budapest Airport Turning Vision into Value. 2

3 HOCHTIEF the life cycle view We cover the whole life cycle of infrastructure, real estate and industrial facilities and create synergies We develop, finance, invest in, design, construct, maintain and operate projects, provide asset management for third parties We have a very broad international base > 90% of Group sales non-german We actively manage our portfolio for further growth On the basis of our core competence in construction we open up profitable new business fields (such as for offshore wind / health facilities) Our acquisition focus is on concessions & operation and services businesses that generate stable cash flow / earnings streams We live sustainability We act responsibly in regard to the environment and are industry pioneer in sustainable development We stand for conservative financial policies and continuously optimize our profitability Turning Vision into Value. 3

4 Broad international base strong business expansion Group sales Jan-Jun 10: EUR 9,526 m 1) ; +3.8% yoy Americas Europe % 2) % 2) 13% 2) 31% 2) H1 09 H1 10 H1 09 H1 10 Asia Pacific % 2) % 2) H1 09 H1 10 1) of which 92% non-domestic, 8% domestic 2) %-age of total Group sales Turning Vision into Value. 4

5 Healthy business performance 1) Sales (EUR bn) EBT (EUR m) / EBT margin (%) % % 2.6% H1 10 1) % % 3.2% ) H Net profit (EUR m) H1 10 vs. H1 09: Sales: +3.9% EBT: +6.0% Net profit: +2.3% H1 10 Turning Vision into Value. 1) 1) Restated in Q3 09 due to retroactive application of IFRIC 15 5

6 growth in volume New orders (EUR bn) Order backlog (EUR bn) Germany International Germany International H end H1 10 Order backlog visibility 1) Services (2.6 x ys work done, 31.2 months) Europe (1.6 x ys work done, 19.2 months) Americas (1.4 x ys work done, 16.8 months) Concessions Real Estate Asia Pacific (2.3 x ys work done, 27.6 months) New orders: +27.9% (vs. H1 09) Order backlog: +19.5% %(vs. end 09); theoretical forward order book of 24 months 1) an excellent basis for 2010 and beyond 1) Order backlog end H1 10/work done Turning Vision into Value. 6

7 HOCHTIEF structure Integrated solutions around the world HOCHTIEF Americas HOCHTIEF Asia Pacific HOCHTIEF Concessions HOCHTIEF Europe HOCHTIEF Real Estate HOCHTIEF Services Turner: #1 US bldg. contractor Flatiron: top 10 US transportation infrastructure contractor, also in Canada E.E. Cruz: civil & foundation in NJ/NY Leighton Holdings: - Civil engineering, - Contract mining, - Building construction, - Property development - Services in Australia, Asia, Gulf region Industrial infrastructure investor and operator; manager of concession assets - Airports, - Roads, - Social infrastructure, t - Infrastructure ventures - Building construction, - Civil engineering in Germany, CEE, selected other countries Services around real estate and real estate portfolios: - Property development, - aurelis property portfolio, -Asset / Property mgmt. in selected Europ. countries Comprehensive Facility Mgmt. services for - real estate, - Industrial facil. - infrastructure re Energy contracting in selected Europ. countries ti Turning Vision into Value. 7

8 Networking at HOCHTIEF Profit centers adding value through Group-wide cooperation 1) EUR 2.2 bn group-wide cooperation projects handled in 09 With EUR 1.9 bn, concession projects important part of cooperation Order volume of construction projects for HOCHTIEF Europe: EUR 1.45 bn (order book value EUR 615 m; i.e. 17% of HOCHTIEF Europe total order backlog) Order volume of projects for HOCHTIEF Services: EUR 413 m (order book value EUR 235 m; i.e. 16% of HOCHTIEF Services total order backlog) Selected cooperation examples: International cooperation: HOCHTIEF Concessions pursues market entry North America together with Turner/Flatiron at HOCHTIEF Americas HOCHTIEF Concessions and HOCHTIEF Services collaborate in the UK/Ireland on several projects, such as at the Cork School of Music Cross-market segment cooperation: Turner s bldg capabilities plus Flatiron s civil engineering g expertise in the US: both working together on expansion of Sacramento and San Diego airports HOCHTIEF Facility Mgmt and HOCHTIEF Energy Mgmt together supply the heat for business park in Munich for 15 years HOCHTIEF Property development developed Munich bus station, which is now operated by HOCHTIEF Services and managed by HOCHTIEF Property Mgmt 1) All figures refer to FY 09 Turning Vision into Value. 8

9 Table of contents 1. Overview p Americas p Asia Pacific p Concessions p Europe p Real Estate p Services p Outlook p ACS Announcement p. I-IV 10. Appendix p. 37 Washington Bypass, USA Big Bear Dam (Route 18), California, i USA Turning Vision into Value. 9

10 HOCHTIEF Americas (1) Key facts strong increase in profitability despite lower volume Essentials Financials Turner #1 general builder in US 1) : good order flow in specialized segments Jan-Jun (EUR m) % FY 2009 Flatiron well positioned in strong North American civil market; top ten transportation infrastructure contractor Expanded position in growing US infrastructure market: acquisition of E. E. Cruz, New York region, in Q2 Business potential from cooperation also with HOCHTIEF Concessions pursuing business in USA and Canada Backlog visibility: 1.4x ys work done, i.e months New orders 3, , ,752.9 Order backlog 8, , ,098.3 Work done 3, , ,729.7 Divisional sales 2, , ,614.4 EBITA EBT EBT margin 1.7% 1.2% % Capex Net assets Comments on financials: New orders: incl. f/x effect of EUR 58 m; strong development in Q2 despite major Flatiron project in 09 and still weak bldg market Order backlog: very high level, incl. f/x effect of EUR 1.17 bn EBT: f/x adjusted +14.3%; strong operational improvement leading to increase in EBT margin; Flatiron ppa to end in 2010 (EUR 0.7 m in H1 10, remaining: i <EUR 1 m) Outlook High order backlog and expected upcoming new projects provide confidence Outlook unchanged: EBT 10E to exceed 09 level 1) Source: McGraw-Hill, ENR magazine Sep 10 Turning Vision into Value. 10

11 HOCHTIEF Americas (2) Building construction Turner well positioned in key segments Building construction our key markets New orders H1 2010, EUR 3.2 bn 1% 4% 22% 18% 4% 3% 16% 32% Order backlog end H1 2010, EUR 7.4 bn 10% 5% Healthcare 24% Education/ Science 2% Public/Justice 10% 12% 13% Market opportunities 24% Market order value 1) (in USD bn, overall growth rate in % p.a.) % 26.8% Commercial/ Retail Transportation/ Misc. Residential/Hotel Sports/ Entertainment Pharma/ Manufacturing Focus on specific market segments Turner is US market leader in segments such as education, health care and commercial offices 2) No. 1 in green building as market driver across all segments approx. 50% of Turner s order backlog are LEED 3) projects Combination of segment-specific expertise and nation-wide branch network provides competitive advantage Strong reputation as construction manager provides quality contracts from repeat clients: limited risks and low fixed costs Latest project win examples: Education: construction of a concert hall at Stanford University in California (EUR 55 m) Public buildings: new hotel for the Franklin County Convention Facilities Authority in Columbus, Ohio (EUR 77 m) Sports: full-scale transformation of Madison Square Garden, New York; renovation and expansion of PGE Park soccer stadium in Portland, Oregon (EUR 23 m) 26.1% % -30.7% -4.6% e 2011e 2012e 2013e 2014e Turning Vision into Value. Healthcare Education/Science Public Commercial Buildings Residential/Hotel Manufacturing Others 1) Source: McGraw-Hill Second Quarter 10 2) Source: McGraw Hill, ENR magazine Sep 10 3) acc. to 2009 US Giants 300 ranking; LEED: Leadership in Energy and Environmental Design, the green building rating / certification system of the U.S. Green Building Council 11

12 HOCHTIEF Americas (3) Infrastructure construction good growth opportunities for Flatiron & E.E. Cruz Infrastr. construction - our key markets New orders H1 2010, EUR 0.2 bn 18% % 72% Order backlog end H1 2010, EUR 1.5 bn 6% 4% 20% 16% Market opportunities US market contract volume infrastructure 1) (USD bn, growth in %p.a.) % % 150 Turning Vision into Value. +5.0% % % % Flatiron: strategic addition to HOCHTIEF portfolio successful integration after acquisition in Dec 07 EE E.E. Cruz: newly acquired and consolidated New York / New Jersey based contractor; focus: infrastructure & foundation works Highways Latest project win examples: Bridges Construction of ring road in Saskatchewan, Canada (EUR 75 m) Mass Transit Construction project for North Carolina DOT, new bridge over Airport Yadkin River and widening i of a road near Charlotte (EUR 63 m) Other Clear need for further investment in infrastructure in US; American Society of Civil Engineers estimate: USD 2.2 trn required to bring US infrastructure to good condition Non-stimulus US Federal Agency opportunities 2011 (Total budget: USD bn) Major programs: Federal Highway Administration (USD 42.1 bn) Mass Transit (USD 10.8 bn) Federal Aviation Administration (16.4 bn) National Infrastructure Innovation and Finance Fund (USD 4 bn) Construction order potential from PPP / concession projects (together with HOCHTIEF Concessions) 1) McGraw-Hill, Construction Market Forecast, Summer 2010; US market volume comprises streets, highways, bridges, dams & water projects, water supply, sewage/haz.waste, and other misc. public works like mass transit, pipelines, and airport/air travel infrastructure 2) 2011 US DOT Budget Information 12

13 Table of contents 1. Overview p Americas p Asia Pacific p Concessions p Europe p Real Estate p Services p Outlook p ACS Announcement p. I-IV 10. Appendix p. 37 Kaltim Prima Coal Mine, Kalimantan, Indonesia EastLink, Melbourne, Australia Turning Vision into Value. 13

14 HOCHTIEF Asia Pacific (1) Key facts strong performance of infrastructure & contract mining business Essentials Financials Leighton market leader in Australia, strong position in Asia / Gulf Continued strong project flow in infrastructure segment Ongoing resources demand drives contract mining business Backlog visibility: 2.3x ys work done, i.e months Jan-Jun (EUR m) % FY 2009 New orders 7, , ,418.5 Order backlog 27, , ,132.7 Work done 5, , ,645.2 Divisional sales 5, , ,771.3 EBITA EBT EBT margin 4.9% 5.7% % Capex Net assets 3, , ,592.7 Comments on financials: New orders: very strong Q2; H1 f/x adjusted +50% Sales: f/x adjusted: +6.6% EBT: incl. more than EUR 60 m f/x effect, signific. portion used for cautious valuation purposes re. associates Capex: increase in 10 figure driven by contract mining business and incl. increase in Devine stake (from 43.7% to 49.7%) Turning Vision into Value. Outlook High order backlog, excellent market position and ongoing good prospects for esp. infrastructure and contract mining business segments Outlook unchanged: EBT 10E to exceed 09 level 14

15 HOCHTIEF Asia Pacific (2) Achievements very strong positioning in key markets Operating revenue Leighton op. revenue Leighton op. revenue by market 1) by activity 1) Jul 09-Jun 10, AUD 18.6 bn Jul 09-Jun 10, AUD 18.6 bn 6,399 34% 1,826 10% 10,417 56% Infrastructure Resources Property 3,480 8% Work in hand 946 2% 877 2% 1,900 Contract Mining % 4,996 1% 27% Construction Development 11,518 62% Services Leighton work in hand by market 1) Leighton work in hand by region 1) end Jun 10, AUD 41.5 bn end Jun 10, AUD 41.5 bn 20,151 49% 17,910 43% 2,426 1,674 4% 691 Australia/Pacific 6% 2% 8,096 19% 26,831 65% Indonesia Hong Kong/Macau India Middle East Mongolia Australia: Strong position in Australian home market Asia: Strong historic core markets, esp. Hong Kong and Indonesia; rel. new markets Macao, India & Mongolia with large potential; ti offshore oil & gas market as additional focus Gulf region: Al Habtoor Engineering (Leighton stake 45%, see appendix p. 47) Latest project win examples (project volumes): Infrastructure: Expansion of M80 Ring Road in Melbourne (Thiess alliance volume approx. EUR 437 m); upgrade of railway line in Melbourne (John Holland, > EUR 208 m) Contract mining: MSJ coal mine contract extension in Indonesia (EUR 772 million); second follow-on contract at Ukhaa Khudag coal mine in Mongolia (EUR 642m); development and operation of the Khushuut coal mine in Western Mongolia; contract extension at South Walker Creek coal mine in Queensland (EUR 154 m); contract extension at Woodie Woodie manganese mine (EUR 119 m) Building/Services: upgrade and maintenance of electrical distribution network in Western Australia (Thiess Services, up to EUR 221 m); remediation of Hunter River river bed in NSW (Thiess Services, EUR 283 m) Infrastructure Resources Property Other 1) Work in hand and operating revenue include Leighton Group s share of joint venture and associates respective figures. Source: Leighton Full Year Report 09/10, Aug Turning Vision into Value. 15

16 HOCHTIEF Asia Pacific (3) Opportunities well placed to win good share of work Australian infrastructure construction market Total infrastructure work done by priv. sector, (in AUD bn of 07/08) 2009 level e 11f 12f 13f 14f Resource market Iron ore & coal prod. vol., in Mt 1) e 11f 12f Iron ore (Australia)* Thermal coal (Australia) Transport Utilities and other Social Work done for public sector Source: Leighton Group Market Outlook Aug 2010 based on BIS Shrapnel Jul 2010 forecasts. Year end June. Gulf region Awarded & planned constr. projects 2) ( ; in USD bn) UAE Saudi Arabia Kuwait Qatar Oman Coking coal (Australia) Bahrain Thermal coal (Indonesia) Awarded Planned Infrastructure: The Federal government s stimulus spending and the comparative strength of the Australian economy result in an historically high level of infrastructure work Key areas of future infrastructure spend are transport, hydro construction, social infrastructure, broadband network Australia, electricity and water Contract mining Expanded demand from China & other recovering & emerging markets to substantially increase iron ore & coal demand Property development: Leighton Properties market forecast to continue to be slow in 2011, expected to grow from 2012 Asia: Continued opportunities on average construction industry in most developing Asian countries is expected to grow by 8% p.a. until ) Gulf: though markets have become more competitive the value of projects expected to be awarded until 2014 remains high at USD 1.7 trn (mostly infrastructure & construction) 60% higher than value of projects awarded since 2006 (see chart; details on Al Habtoor s. appendix p. 47) 1) Iron ore (AUS): exports only. Source: Leighton Group Market Outlook Aug 2010 based on ABARE Jun10, Mar 10; Wood MacKenzie Jun 10, Jan 10 2) MEED, Jul 10 3) IMF WE Outlook Apr/Jul 2010 Turning Vision into Value. 16

17 Table of contents 1. Overview p Americas p Asia Pacific p Concessions p Europe p Real Estate p Services p Outlook p ACS Announcement p. I-IV 10. Appendix p. 37 Düsseldorf International Airport, Germany Wright Robinson College, Manchester, UK Turning Vision into Value. 17

18 HOCHTIEF Concessions (1) Key facts robust performance despite difficult environment in Greece Essentials Key figures / Financials Industrial infrastructure investor; manager of concessions portfolio Airports: PAX increase at our six airports to 42.9 m in H1 10 (+5.0%) despite impact of ash cloud Roads: seven roads, including two tunnels, in total >750km Social infrastructure: 21 projects featuring 104 schools, 2 town halls, 1 city hall, one barrack Engineering driven expertise & strategic operational knowhow as key value drivers (see appendix p. 48) NPV end H1 10: EUR 1.61 bn (details see p. 19) Jan-Jun (EUR m) % FY 2009 Divisional sales EBT Capex Net assets 1, , ,259.3 Projects in portfolio (#) Airports Roads Social infrastructure Committed equity 1, ,011.3 thereof paid-in i Comments on financials: EBT: higher SYD dividend (partly f/x effect) and improved investment and interest income was partly offset by increase in income tax and imposition of special tax in Greece in Q2 10 Capex: participation in capital increase SYD in H1 09 Turning Vision into Value. Outlook Further operative improvements at all assets EBT 10E: adj. for positive nonrecurring 09 items (ATH provision release EUR 22.8 m) EBT to be only slightly below 09 level; reduction esp. due to special tax in Greece (imposed in Q2 10), country s recessionary situation and likely further austerity measures whose impact is currently hard to predict 18

19 HOCHTIEF Concessions (2) Achievements further portfolio growth Status: Financial Close Portfolio Value 1) (end H1 10, forecast, EUR m) Airports Roads Social infrastructure Total Committed Capital 2) Paid-in Capital NPV as of end H1 10 NPV as of Difference due to Growth of Growth of end 09 Portfolio Value , , , , , Portfolio value Solid growth of value, negative impact due to economic downturn in Greece compensated by positive operative effects of other shareholdings Ongoing optimization of traffic, cost structure and development of non- aviation segment at airports Refinancing No major refinancing in Airports segment until 2011 Generally, no refinancing risk at Roads and Social Infrastructure assets, as projects typically financed until end of concession period New projects in Germany and North America in H1 10: German school project City of Offenbach, contract vol. approx. EUR 83 m Financial close on Canada s Alberta Schools II project; contract vol. approx. EUR 242 m Turning Vision into Value Portfolio Value discount rates sensitivities Airports (EUR m): ,000 1,132 1,284 Roads/Social Infrastructure (EUR m): ,522 2,190 1,908 1,461 1,667 +5% +4% +3% +2% +1% 0 1) -1% -2% -3% - 4% -5% % +4% +3% +2% +1% 0 1) -1% -2% -3% -4% -5% Roads Social Infrastructure 1) Calculated at discount rates: Airports: 13%, Roads: 12.53%, Social infrastructure: 10.21% (i.e % ex HOCHTIEF Schools Capital; Schools Capital at 10.00%). The net present value is based on our applied discount rate and other assumptions; projects included in NPV portfolio valuation include projects as per appendix pp and HTAC management 2) Committed capital not including 2 nd purchase price installment (EUR m) & put option of Hungarian state. However, 2 nd installment is included in the NPV. 19

20 HOCHTIEF Concessions (3) Opportunities Airports traffic volume recovery and growth potential In million, growth rates in % p.a. 1) World Asia Pacific Europe North America Latin America Middle East Africa Forecasted passenger vol E +5.1% p.a. +4.4% p.a. +5.0% p.a. +2.9% p.a. +2.3% p.a. +6.3% p.a. +4.1% p.a. H1/2010: World: +5.9% yoy HTConc airports: +5.0% yoy E ) Airports Council Intl., Global Traffic Forecast , Edition 2011 Passenger growth H1 2010: 42.9 million (+5.0%) 2009: 88.7 million (-1.4% due to financial crisis) World-wide growth forecast: +4.1% p.a. until 2029 (s. chart) Historically stable growth at HOCHTIEF airports (s. chart) despite Asian crisis (1998), SARS (2003), kerosene prices (2008) only short-term term set-backs: Gulf war (1991), Sept. 11, 2001, financial crisis (2009) Historic passenger volumes p p p, SYD DUS ATH HAM BUD TIA Expected airport privatizations, selection: Navi Mumbai. India Prague Airport, Czech Republic Brazilian airports US airports Turning Vision into Value. 20

21 HOCHTIEF Concessions (4) Opportunities Roads / Social Infrastructure growth potential Roads: Germany: Further (4-6) A-Model projects expected Further ((2-3)) F-Model p projects j Total invest. vol. until 2014: ca. EUR 2-3 bn Western Europe: several projects in NL (total ca. EUR 3 bn) CEE: D1 Slovakia commercial close of concession contract achieved Further opportunities in Czech Republic, Republic Latvia North. America: 2 projects in bid stage in US & Canada Project pipeline (approx. EUR 8.7 bn) 1) Roads: Prefer. bidder: 2 projects, approx. EUR 2,850 m invest. vol. Tender Phase: 4 projects, invest. vol. EUR 2,900 m Social Infrastructure: Germany: PPP Solutions one of the market leaders, > EUR 12 bn contract volume expected during next three years North. America: Canada: 1 project in bid stage Czech Republic: PPP-projects in administration, health expected Social Infrastructure: Preferred bidder: 1 project, approx. EUR 190m contract vol. Tender Phase: 12 projects, contract vol. EUR 2,800 m 1) Total volume of projects in active tender phases, typically with partners Turning Vision into Value. 21

22 Table of contents 1. Overview p Americas p Asia Pacific p Concessions p Europe p Real Estate p Services p Outlook p ACS Announcement p. I-IV 10. Appendix p. 37 Barwa Commercial Avenue, Doha, Qatar Schlosshotel h l Heidelberg, Germany Turning Vision into Value. 22

23 HOCHTIEF Europe (1) Key facts positive earnings development continued Essentials Financials European building construction & civil engineering; general contractor for large scale projects outside Europe Growing importance of int l business (CEE and Gulf); launch of JV with QatariDiar German bldg. business continues positive earnings development; weak market requires further structural adjustments Concentration on profitable markets Backlog visibility: 1.6x ys work done, i.e months Jan-Jun (EUR m) ) % FY 2009 New orders 1, , ,908.7 Order backlog 3, , ,608.1 Work done 1, , ,742.1 Divisional sales 1, , ,354.8 EBITA EBT EBT margin 0.8% 0.8% % Capex Net assets ) Restated due to first-time application of IFRIC 15 (as of Q3 09) Comments on financials: New orders: strong int l business; 09 figure included major Qatar project (total vol.: EUR 1.3 bn) Sales: weather related delays in Q1 10 could not be made up for completely EBT: rigorously pursued objectives for new projects show positive impact Outlook Internationalization continued systematically; focus on profitable markets; structural adjustments in Germany since demand is not expected to recover in medium term Outlook unchanged: EBT 10E to exceed 09 level EBT mid-term margin target remains: 3% Turning Vision into Value. 23

24 HOCHTIEF Europe (2) Achievements improving operational performance Sales H1 10, EUR 1.1 bn Activities by region Order backlog end H1 10, EUR 3.7 bn 32% 35% 31% 47% Operational performance Decreasing share of work in Germany Ongoing g strict order selection; concentration on core market segments and strong clients New orders show increasing margins with fair risk allocation 22% 33% Domestic CEE Other Domestic CEE Other Activities by market Sales Order backlog H1 10, EUR 1.1 bn end H1 10, EUR 3.7 bn 16% 23% 34% 36% 20% Bridges, Ports, Tunnels Entertainment, Hotel Resident. Transportation Energy, Water Latest project win examples: Joint Group project with HT Concessions: school project in Offenbach, Germany (EUR 60 m construction volume) New passenger terminal at Vladivostok International Airport, Russia (EUR 103 m) 3,000-meter breakwater in the Polish port of Swinoujscie (HOCHTIEF share of contract approx. EUR 27 m) Two Marriott hotels in Munich, Germany (EUR 23 million) Twin Sails Bridge in Poole, England (EUR 22 m) 2% 2% 4% 6% 10% 19% 1% 3% 3% 3% 18% Infrastructural and Industrial bldgs. Education, Health Other Commercial, Retail Turning Vision into Value. 24

25 HOCHTIEF Europe (3) Opportunities clear way towards sustainable earnings Selected European construction markets Market vol. in EUR bn 09 1) Germany 47.9 av. growth p.a in % (in real terms) 1) % -0.4% Return to profitability in German building business Construction demand in Germany not expected to show sustained recovery mid-term Structural adjustments in response to market developments Concentration on profitable markets UK Austria Poland Czech Rep Non-Residential Building Civil Engineering % -0.3% 0.8% 3.4% 24.2% -8.9% 3.6% Further expansion of cooperation with Group companies such as new PPP bldg. projects city hall Moers and two schools in Offenbach (Germany), community center Wigan (UK), D1 toll road (Slovakia) at arms-length Concentration on attractive regions, esp. internationally, such as new major projects in Gulf region (esp. Qatar, Abu Dhabi) 1) Euroconstruct June 2010 Turning Vision into Value. 25

26 Table of contents 1. Overview p Americas p Asia Pacific p Concessions p Europe p Real Estate p Services p Outlook p ACS Announcement p. I-IV 10. Appendix p. 37 Portikon, Zürich, Switzerland Ti Tricon, Oberursel, Germany Turning Vision into Value. 26

27 HOCHTIEF Real Estate (1) Key facts selective acquisition policy continued in difficult markets Essentials Financials Comprehensive services around real estate Leading trader developer for premium real estate in Germany and CEE ; growth segments: residential, care, sustainable concepts aurelis: strong property portfolio to be developed (s. p. 55); successful sales in H1 10 (EUR 57 m vs EUR 23 m H1 09) and continued strong rental income (EUR 46 m) on 09 level despite further asset sales Property management: large player in Germany (s. p. 56) Comments on financials: New orders / work done / sales: selective acquisition of new projects EBITA / EBT: first-time ti application of IFRIC 15 in 09 Net assets 2) key components: Property development: EUR 643 m aurelis: approx. EUR 200 m equity contributed Investment properties: EUR 38 m Jan-Jun (EUR m) ) % FY 2009 New orders Order backlog Work done Divisional sales EBITA EBT Capex Net assets 2) , ) Restated due to first-time application of IFRIC 15 (as of Q3 09) 2) Net assets: Asset-side calculation: Total assets minus non-interest-bearing liabilities. Liability-side: Equity, financial liabilities and pension provisions. Outlook Rental and investment markets remain difficult; substantial proportion of project sales typically in H2; comprehensive project sales program pursued in 2010 Outlook unchanged: EBT 10E on 09 level Turning Vision into Value. 27

28 HOCHTIEF Real Estate (2) Property development achievements reliable performance Projects in realization Split by segment (% of total investment volume): (24 projects, volume end Jun 10: EUR 891 m) % 2% 13% 11% 52% Office Residential Healthcare Retail Other Business volume (EUR bn) 0.7/ / / / / / Projects in realization Total investment volume Strong business total volume of development projects EUR 1.9 bn internally approved ( total investment volume ) of which h 24 projects in realization (i.e. construction ti started) t with EUR 891 m investment volume, all in Germany pre-sold rate of 38% (projects in realization) total volume of property development capitalized at production costs of EUR 643 m ( net assets 1) ) Strict risk-management: rental income from completed projects sufficient to cover financing costs high pre-let rate: 65% (projects in realization) High-quality client base: Rental clients: Bank PeKaO (UniCredit Group Poland), Unilever Germany, Deutsche Telekom, Siemens Group, etc. Investors: Generali, ING Real Estate, Provinzial, SEB Real Estate, SwissLife, Union Investment Real Estate, etc Q2 10 1) Net assets: Asset-side calculation: Total assets minus non-interest-bearing liabilities. Liability-side: Equity, financial liabilities and pension provisions. Turning Vision into Value. 28

29 HOCHTIEF Real Estate (3) Property development opportunities strong market position 485 Düsseldorf Cologne 569 Zurich Investment market volume H ) 587 Hamburg Berlin 403 Frankfurt Prague Stuttgart Munich 775 Vienna HOCHTIEF locations Investment market volume H (EUR m) per city (GER) and total CEE St. Petersburg Continued business development in consolidating markets based on Warsaw Strong presence in Germany, Austria, Switzerland and selected 1,674 CEE countries Total Market Volume CEE Proven track record in upper market segments Continuous application of strict risk management procedures Budapest Large pipeline (end Jun 10: total investment vol. EUR 1.9 bn) Bucharest Rental market: real estate clock H ) Continued diversification of project portfolio Extension of residential development activities Further growth of health & care segment Selective development of retail in inner city top locations decelerated accelerated growth of reduction of rents rents Luxembourg Barcelona Madrid accelerated decelerated Rome growth of Athens, Edinburgh, Hamburg reduction of rents Brussels, Budapest, Bucharest, rents Frankfurt, Lisbon, Milan, Stuttgart London City, London West End Copenhagen, Dublin, Prague, Stockholm Oslo, Paris Helsinki, Lyon, St. Petersburg Düsseldorf Istanbul Berlin, Moscow, Munich, Warsaw Geneva 1) Source: CBRE (CEE) / BNP Paribas (GER) 2) Source: JonesLangLasalle Turning Vision into Value. Green Building HOCHTIEF is founding member of the German Society for Sustainable Construction (DGNB) Experienced in application of certification systems (such as DGNB, LEED) 29

30 Table of contents 1. Overview p Americas p Asia Pacific p Concessions p Europe p Real Estate p Services p Outlook p ACS Announcement p. I-IV 10. Appendix p. 37 Clinical centre Bamberg, Germany Relaxation centre Stuttgart, tt t Germany Turning Vision into Value. 30

31 HOCHTIEF Services (1) Key facts stable business despite customer order restraints Essentials Financials Comprehensive facility and energy management (FM/EM) services for real estate, industrial facilities and infrastructure Consistent expansion via internationalization and outsourcing projects Backlog visibility: 2.6x ys work done, i.e months Jan-Jun (EUR m) % FY 2009 New orders Order backlog 1, , ,480.6 Work done Divisional sales EBITA EBT EBT margin 4.8% 5.2% % Capex Net assets Comments on financials: New orders: increase mainly due to FM contract at Bahrain Int l Airport (EUR 85 m, 6 years) and EM contract extensions EBT: customers hesitant to order extra services Turning Vision into Value. Outlook FM und EM market continues to hold potential for growth; successful strategy in outsourcing projects and production-related services to be continued EBT 10E: expected to be below 09 level; since clients were hesitant regarding additional orders or even were affected by short-time work 31

32 HOCHTIEF Services (2) Achievements further outsourcing and international project awards by region: 7% 7% Divisional sales split H1 10 Selected recent project awards in Germany: 86% Domestic UK+Ireland Rest of World by service type: 18% 10% 17% 2% 53% Technical FM InfrastructuralFM Industrial Energy 1) Commercial FM Five year contract of technical and infrastructural FM at Continental production site in Nuremberg Five years energy contract extension at Continental (Hanover) Technical & infrastructural FM of shopping centers KOM and M2O in Offenbach Hamburg s multi-purpose Color Line Arena and neighboring Volksbank Arena, five ys. contract extension incl. energy contract Transfer of business operations from Honeywell Building Solutions, take over of 55 employees and miscellaneous service contracts International locations: Bahrain, Czech Republic, Denmark, Greece, Hungary, Ireland, Luxembourg, Poland, Switzerland, UK Segments: airports, automotive, chemical / pharmaceutical industries, financial services, health, PPP, sports facilities, etc. Increasing internationalization: Facility management at Bahrain International Airport with JV partner Bahrain Airport Company (BAC) for six years Integrated FM contract at the British 3M headquarter in Bracknell and the 3M customer center in Manchester for three years Technical and infrastructural FM for Swiss Media company Tamedia 1) Non-property Management FM services Turning Vision into Value. 32

33 HOCHTIEF Services (3) Opportunities potential from increased outsourcing and international growth Facility Management German market volume (EUR bn) 1) E 2011 Internal FM Services External FM services Continued internationalization Expansion of cooperation with Group companies, such as new PPP project town-hall Moers (Germany) to be operated for HOCHTIEF Concessions Strengthen specific market segments: Energy contracting: Energy efficiency as an important trend in real estate management with strong growth potential for EM Intensified cooperation with Group companies in regard to green buildings Industrial Facility Management: focus on technically complex and integrated services; high integration with customer processes 1) Source: Interconnection Consulting Group, 2010) Turning Vision into Value. 33

34 Table of contents 1. Overview p Americas p Asia Pacific p Concessions p Europe p Real Estate p Services p Outlook p ACS Announcement p. I-IV 10. Appendix p. 37 xxx City Park Karlsruhe, Germany Barwa Commercial Avenue, Doha, Qatar Turning Vision into Value. 34

35 Group guidance for 2010 increased E New orders EUR bn Above 09 Order backlog EUR bn Above 09 Sales EUR bn Roughly on par with 09 EBT EUR 600 m Slightly above 09 Net profit EUR 195 m Slightly above 09 Turning Vision into Value. 35

36 Group guidance mid-term confirmed 2009 mid-term EBT EUR 600 m EUR 1 bn Key drivers: Loss-making projects worked off and resources adjusted to market demand Access to attractive markets expanded Organization enhanced, hit rate and margins for multi-disciplinary projects increased Turning Vision into Value. 36

37 Table of contents 1. Overview p Americas p Asia Pacific p Concessions p Europe p Real Estate p. 26 xxx 7. Services p Outlook p ACS Announcement p. I-IV 10. Appendix p. 37 Turning Vision into Value. I

38 I.I ACS Announcement Facts Announcement by ACS on 16 September 2010 Publication of decision to make a voluntary public takeover offer pursuant to Sec. 10 of the German Securities Acquisition and Takeover Act (WpÜG) Key terms of the offer to be made Offer for 100% of the share capital of HOCHTIEF Share-for-share offer, no cash component 8 ACS shares for 5 HOCHTIEF shares, corresponding to an exchange ratio of 1.6x Offer process / time table as envisaged by ACS Process scheduled to be completed by the end of 2010 Filing of offer document by 14 October 2010 and publication around 2 November week acceptance period with publication of tender result at the beginning of December week additional acceptance period with publication of final tender result around 23 December 2010 Stated intentions of ACS Use only treasury stock and borrowed shares (no capital increase) Increase shareholding to just above 50% allowing for full financial consolidation If required, acquire further shares in the market over time to reach 50% threshold No domination agreement Turning Vision into Value. II

39 I.II ACS Announcement Assessment by HOCHTIEF Announced offer is unsolicited Not discussed with or indicated to HOCHTIEF prior to announcement Not in line with perceived relationship No discussions between ACS and HOCHTIEF since the announcement No value to HOCHTIEF shareholders Implied offer price corresponds only to the statutory minimum price and not in line with current and expected market valuation of HOCHTIEF No cash consideration for shareholders Strong stand-alone prospects of HOCHTIEF not at all reflected No strategic value-add to HOCHTIEF Notional improvement of ACS leverage through full consolidation of HOCHTIEF No real operational benefits or synergies No indication what ACS adds on top of measures already started / implemented by HOCHTIEF Strong historic and future performance of HOCHTIEF independent of ACS; no co-operation on business level until now Turning Vision into Value. III

40 I.III ACS Announcement HOCHTIEF: Key investment considerations HOCHTIEF positioning: outstanding stand-alone business platform Highly valuable and well balanced portfolio of businesses around core competence construction Global presence HOCHTIEF track record: robust performance despite world-wide economic crisis Increasing profits Solid financing structure and policy, low leverage HOCHTIEF outlook: strong and profitable growth prospects Perfectly positioned to realize future growth opportunities across the globe Record high order backlog (EUR bn) Strong guidance for 2010 and mid-term with expected EBT growth of >60% Continuous focus on margin before volume and value creation for shareholders Turning Vision into Value. IV

41 Table of contents 1. Overview p Americas p Asia Pacific p Concessions p Europe p Real Estate p Services p Outlook p ACS Announcement p. I-IV 10. Appendix p. 37 a. HOCHTIEF Group financials i p. 38 b. Al Habtoor-Leighton p. 47 c. HOCHTIEF Concessions p. 48 d. HOCHTIEF Real Estate p. 55 e. Shareholder structure p. 57 Northeast Stoney Trail (Calgary Ring Road), Canada Offshore-Windpark Lillgrund, Sweden Turning Vision into Value. 37

42 Consolidated Group statement of earnings Jan-Jun (EUR m) ) Change (%) Sales 9, , Changes in inventories Interest on prepayments Materials -6, , Personnel costs -1, , Other operating income Other operating expenses Non-operating earnings/expenses Net income from participating interests EBITDA Depreciation EBITA / EBIT Net investment and interest income Interest on prepayments Non-operating earnings/expenses EBT Income taxes Deferred taxes EAT of which: Consolidated net profit of which: Minority interest Net income from participating interests: Strong contribution mainly from: - Concessions (EUR 42.3 m), - Americas (EUR 18.5 m) Depreciation: Mainly at Asia Pacific in line with business growth Net investment and interest income: Financial income on 09 level; slightly higher interest expenses Tax rate: 33.6% (H1 09: 33.3%) 1) Restated due to first-time application of IFRIC 15 (as of Q3 09) Turning Vision into Value. 38

43 Consolidated Group balance sheet (assets) (EUR thousand) 30 Jun Dec 09 Change (%) Intangible assets 588, , PP&E 1,723,074 1,492, Investment properties 37,888 38, At equity and other financial assets 1,916,430 1,764, Financial/other receivables, other assets 538, , Financial receivables 412, , Other receivables and other assets 139, , Deferred tax assets 327, , Non-current assets ,685,151 5,106, Inventories 1,152,093 1,115, Financial receivables 122, , Trade receivables 3,937,825 3,407, Other receivables and other assets 129, , Current income tax assets 74,883 56, Marketable securities 961, , Cash and cash equivalents 2,065,949 1,769, Current assets 8,444,252 7,396, Non-current assets: PP&E: in line with business expansion at Asia Pacific At equity and other financial assets: reflects f/x effects (mainly at Asia Pacific) Financial/other receivables, other assets: purchase of securities Current assets: Trade receivables: f/x effects as well as increased business volume at Asia Pacific Marketable securities: primarily conservative investments in fixed and variable bonds from issuers with top credit ratings, as well as stock and bond funds Assets 14,129, ,502, f/x effect on total balance sheet volume: EUR bn Turning Vision into Value. 39

44 Consolidated Group balance sheet (equity and liabilities) Shareholders equity: Earnings after taxes: +EUR m Changes in fair value of financial instruments and in actuarial gains and losses, f/x differences, other: +EUR m Dividend payments: -EUR m Equity ratio: 25.0% (end 09: 26.1%) Non-current liabilities Financial liabilities: increase reflects new promissory note loan (EUR 240 m) and AUD f/x effects Current liabilities: Trade payables: increase mainly due to f/x effects (EUR thousand) 30 Jun Dec 09 Change (%) Attributable to the Group 2,289,680 2,164, Minority interest 1,236,243 1,100, Shareholders' equity 3,525,923 3,264, Provisions for pensions and similar obligations 135,096 71, Other provisions 389, , Financial liabilities 2,406,896 2,047, Other liabilities 214, , Deferred tax liabilities 129, , Non-current liabilities 3,275,807 2,753, Other provisions 992, , Financial liabilities 866, , Trade payables 5,058,358 4,391, Other liabilities 408, , Current income tax liabilities 1,701 10, Current liabilities 7,327,673 6,484, Liabilities and shareholders' equity 14,129,403 12,502, Turning Vision into Value. 40

45 Consolidated Group cash flows ,500 2, (EUR m) 1,500 1, ,788 65,4 1,770 10: High positive cash flow from operating business (mainly Asia Pacific and Europe); Cash flow benefited especially from reduction (previous year: increase) in net current assets. 09: Positive cash flow from operating business (mainly Asia Pacific and Concessions). 10: Ongoing high investments in PP&E at Asia Pacific. Additional outflow of funds due to purchase of marketable securities. 09: High investments in PP&E at Asia Pacific, but reduction in financial investments and inflow from sale of securities : Volume of new loans taken up (esp. at headquarters and Asia Pacific) more than offset repayments. 09: Debt repayments (esp. at Asia Pacific and headquarters) more than offset new financial funds taken up : High positive USD and AUD f/x impact 09: Mainly positive 6AUD f/x impact. 1,588 2,066 0 Cash and cash equivalents at start of year C h a n g e i operating activities n c a s h f l o w f r o m investing activities financing activities Changes in exchange rates and neutral changes Cash and cash equivalents at end of reporting period Turning Vision into Value. 41

46 Financial base (EUR m) Key figures (end H1 10): ,578 2, ,073 2, Financial Assets Financial liabilities Net cash 1) Negative gearing ratio (net debt / equity): -2.3% 23% Significant cash & guarantee facilities secured Unused non-current cash facilities: >EUR 500 m Non-recourse project financing ex-lei: EUR 389 m Low goodwill: EUR 494 m FY 09 H1 10 Well funded Pension Trust 1) Net cash H1 10 includes: Pledged securities 29 Not deducted: Pension liabilities 135 Prepayments 654 Turning Vision into Value. 42

47 Capital structure end H1 10 Net debt calculation: (EUR m) H1 10 FY09 Cash and cash equivalents 2, ,769.7 Marketable securities Non current securities Financial assets: 3, ,577.7 Bonds or notes issued ) Amounts due to banks 2, ) 2,016.4 Other financial liabilites ) Financial liabilities: 2, ,655.9 Sound financial basis: Financial liabilities main components (referring to H figures) 1) EUR 228 m Leighton US PP, /15/18 EUR 192 m Leighton bond, ; EUR 89 m Leighton bond ) EUR 790 m promissory note loans (EUR 300 m: /14; EUR 250 m: /15; EUR 240m: ); EUR 477 m utilized syndicated revolving cash facility, 2012 (total: EUR 600 m); EUR 353 m Leighton, ; EUR 466 m various project financing (incl. EUR 389 m non-recourse project financing ex-lei) 3) EUR 236 m leasing facilities Net debt: Major long-term guarantee facilities (referring to H figures) EUR 1.5 bn HOCHTIEF syndicated revolving guarantee facility, , utilization end H1 Net debt includes: 2010: EUR 1.1 bn Pledged securites EUR 5.1 bn Turner/Flatiron bonding facilities, utilization end H1 2010: EUR 3.3 bn EUR 4.3 bn guarantee facilities, including: Not deducted: EUR 2.5 bn Leighton bonding facilities utilization per 04/2010: EUR 2.0 bn; Pension liabilities Debt Maturity: ) ) until further notice, i.e. no specified maturity ufn > 2015 EUR 291 m HOCHTIEF syndicated guarantee facility BUD Airport, , utilization end H1 2010: EUR 291 m; other bilateral guarantee facilities Other financial liabilities Amounts due to banks Bonds or notes issued Turning Vision into Value. 43

48 Dividend payment Dividend (EUR per share) 1, , , , , , , , , , Dividend policy: increased dividend to reflect earnings growth Turning Vision into Value. 44

49 Value created (1) RONA 1) (EUR m) FY 09 FY 08 2) EBITA Interest income 3) Return Shareholders' equity (incl. minorities) 3, ,826.2 Return: EUR m (+ 17%) Net assets: EUR 5,905.9 m (+11%) Value created: EUR m (+36%) RONA: 13.8% (+5%) + Pension provisions Financial liabilities 2, , Deferred tax asset Group WACC / RONA + Deferred tax liabilities Net assets (year end) 6, ,706.4 Av. net assets 5, ,307.9 RONA 13.8% 13.1% 10,0% 10,0% 10,0% Value created (absolute) ,0% 20,0% 15,0% 10,0% 5,0% WACC RONA 14,9% 13,5% 13,8% 0,0% ) All figures as reported in annual report 09 2) Restated due to retroactive application of interpretation of IFRIC 15 3) Interest income is adjusted to eliminate interest from advance payments received, which is already included as an interest credit in EBIT Turning Vision into Value. 45

50 Value created (2) RONA 1) Americas WACC / RONA Asia Pacific WACC / RONA Concessions WACC / RONA 2) 25,0% 21,8% 23,0% 35,0% 32,2% 19,0% 20,0% 28,0% 22,7% 23,3% 15,0% 21,0% 10,0% 14,1% 14,1% 14,1% 14,0% 5,0% 7,0% 11,6% 11,6% 11,6% 0,0% WACC RONA WACC RONA 0,0% ,0% 20,0% 15,0% 10,0% 5,0% 0,0% 20,7% 14,0% 12,1% 10,1% 10,1% 10,1% WACC RONA HTE WACC / RONA Real Estate WACC / RONA Services WACC / RONA 20,0% 11,3% 10,0% 11,3% 11,3% 0,0% 04% 0,4% 8,9% -10,0% ,2% -20,0% WACC RONA -30,0% 25,0% 20,0% 15,0% 10,0% 5,0% 0,0% 12,7% 10,2% 9,6% 9,6% 9,6% WACC RONA 5,8% ,0% 20,0% 15,0% 10,0% 5,0% 0,0% 16,6% 16,0% 12,9% 9,6% 9,6% 9,6% WACC RONA ) All figures as reported in annual report 09 2) Airports (WACC / RONA): 07: 10.2%/ 22.1%; 08: 10.2%/14.2%; 09: 10.2%/ 13.2%; Roads/Soc. Infr. (WACC / RONA): 07: 9.6%/14.9%; 08: 9.6%/13.0%, 09: 9.6%/ 8.7% Turning Vision into Value. 46

51 HOCHTIEF Asia Pacific Leighton broadly positioned in Gulf through Al Habtoor Engineering Al Habtoor-Leighton s Gulf presence Doha, Quatar Abu Dhabi, UAE Dubai, UAE Established in Dubai in 1970, now active across the Gulf Leighton merged its operations in the Arabian Gulf with Al Habtoor Engineering to create one of the largest multi-disciplined contracting groups in the Gulf - The Al Habtoor Leighton Group (Leighton stake 45%) Focus: building and infrastructure construction works Key figures Al Habtoor-Leighton (100%): Revenues (Jul 09-Jun 10): EUR 1.5 bn Work in hand (Jun 10): EUR 4.2 bn Good prospects for several projects in Abu Dhabi and Qatar; Dubai continues to be challenging Turning Vision into Value. 47

52 HOCHTIEF Concessions Industrial Approach to Infrastructure Investments Description Selected examples Integrated approach Integration of operational, commercial, construction and financial know-how BUD SkyCourt Masterplans DUS and SYD A5, VNE, MK, EPT Planning Tailor-made solutions Specific situation of each project considered free of any bias (e.g. home base airport or road) HAM Airport Plaza VNE / TSC integration Moers City Hall financing i Commercial development Systematically expand revenue base BUD SkyCourt / HAM Airport Plaza Airport City DUS Service Stations MK / EPT / A5 Continuous optimization Improve value chain, operative efficiency and performance Traffic peaks at major sport events (ATH, SYD) Satellite terminal project ATH Energy savings Offenbach Executio on Smart investments Demand-driven, modular infrastructure investment Modular terminal construction TIA Expansion DUS for transfer traffic Engineering driven expertise and strategic operational know-how as key value drivers Turning Vision into Value. 48

53 HOCHTIEF Concessions: Detailed financial figures HOCHTIEF Airport HOCHTIEF Roads & Social Infrastructure Jan-Jun (EUR m) % FY 2009 Jan-Jun (EUR m) % FY 09 New orders New orders Divisional sales EBITA EBT Capex Net assets 1, , ,151.4 Order backlog Work done Divisional sales EBITA EBT Capex Net assets Turning Vision into Value. 49

54 HOCHTIEF Concessions: Financial data of key assets 2009 Athens Int'l Budapest Düsseldorf Hamburg Sydney Airport Tirana Int'l HOT prop. Airport Airport International Airport Airport share in airports 2) Vespucio Norte Express (EUR m) (EUR m) (EUR m) (EUR m) (AUD m) 1) (EUR m) (EUR m) (EUR m) (CLP bn) 1) (EUR m) HOT share 26.7% 37.25% 20.0% 34.8% 5.61% 47.0% 29.2% HTAC share 13.3% % 14.2% 6.5% - - Total private share 45.0% 75.0% 3) 50.0% 0% 49.0% 100% 100% 100% PAX / Transactions (m) Cargo (t) 104,521 62,870 65,594 31, ,000 6) 1,711 - ATM 210, , , , ,741 20,064 - Employees 702 1,319 2,329 1, GAAP IFRS IFRS German German Australian IFRS Chilean Sales ) of this non aviation 33% 35% 4) 34% 31% 51% n.a EBITDA ) ) n.a EBITDA margin 72% 65% 4) 31% 33% 81% n.a. 55% 61% Capex n.a Net debt , , ,010.6 n.a. 1, Net debt / EBITDA 1.5x 16.2x 4.6x 3.1x 7.0x n.a. 5.3x 15.4x 1) Exchange rates: : 1.61 AUD/EUR, CLP/EUR ; Annual average 2009: 1.75 AUD/EUR, CLP/EUR; 2) HOT share of 5 airports (without Tirana): unconsolidated proportionate aggregation based on asset level; 3) Minus 1 vote, based on voting shares; economic stake: 99% 4) Without "Fuel Supply ; 5) In addition EUR 7.5 m on FHK holding level ; 6) Maximum take-off weight of landed freight aircraft Turning Vision into Value. 50

55 HOCHTIEF Concessions: Airports (end FY 09) Project Name HOCHTIEF stake HOCHTIEF capital (EUR m) committed paid-in Method of consolidation Financial close Concession period Athens International Airport (GR) 26.7% at equity Düsseldorf International (D) 20.0% at equity 1997 open-ended Hamburg Airport (D) 34.8% at equity 2000 open-ended Sydney Airport (AUS) 5.6% fair value Tirana International Airport (AL) 47.0% at equity Budapest Airport (HU) 37.3% 3% 1) at equity Total ) HOCHTIEF Concessions ownership of 49.2% in terms of dividend entitlement. Turning Vision into Value. 51

56 HOCHTIEF Concessions: Roads (end H1 2010) (EUR m if not other) Project Name Total HT-share in HOCHTIEF capital Method of Financial Status of In Construction/ Project Type of Type of Payment investment volume concessions company committed paid-in consolidation Close project operation operation period data development Road system Herren Tunnel Lübeck (D) % at equity 2001 Growth / 2 km Urban Brownfield length bottleneck Hard toll Vespucio Norte Express (Chile) % at equity 2004 Ramp-up / 29 km Urban ring Brownfield length road Hard toll North Highway A5 (Ypsilon) (A) % at equity 2006 Ramp-up / 51 km Urban Availability & Greenfield length relief road shadow toll A4 (Via Solutions Thüringen) (D) % at equity 2007 Construction / 45 km Brownfield Interurban length arterial Shadow toll Elefsina-Patras-Tsakona (GR) 2, % at equity 2008 Construction / 365 km Brownfield Interurban length arterial Hard toll Maliakos-Kleidi (GR) 1, % at equity 2008 Construction / 260 km Brownfield Interurban length arterial Hard toll San Cristóbal Express (Chile) % at equity 2009 Ramp-up Total 5, / km length Greenfield Urban bottleneck Hard toll Turning Vision into Value. 52

57 HOCHTIEF Concessions: Social Infrastructure (end H1 2010) Project Name Contract volume Total Investmentvolume HT-share in project company HT capital committed HT capital paid-in Method of consolidation Financial close Five Schools (IRL) % at equity 2001 Growth Status of project Gladbeck city hall (D) % full consolidation 2004 Ramp-up Schools, Offenbach (D) % full consolidation 2004 Construction Cork School of Music (IRL) % at equity 2005 Ramp-up Vocational training center, Leverkusen (D) % full consolidation 2005 Ramp-up Schools, Cologne (D) % full consolidation 2005 Ramp-up Sports College Manchester (UK) % at equity 2005 Ramp-up Bangor & Nendrum Schools (Northern Ireland) % at equity 2006 Ramp-up Salford Schools (UK) % at equity 2006 Ramp-up East Ayrshire Schools (Scotland) % at equity 2006 Ramp-up North Ayrshire Schools (Scotland) % at equity 2006 Ramp-up Comprehensive school, Cologne-Rodenkirchen (D) % full consolidation 2007 Ramp-up Schools, Frankfurt (D) % full consolidation 2007 Ramp-up West Lothian Schools (Scotland) % at equity 2007 Ramp-up Fürst Wrede barracks Munich (D) % full consolidation 2008 Ramp-up Salford & Wigan BSF (UK) % at equity 2009 Construction Moers city hall (D) % full consolidation 2009 Construction Wigan Joint Services Center (UK) % at equity 2009 Construction Höhenkirchen-Siegertsbrunn High School (D) % full consolidation 2010 Construction Schools City Offenbach (D) % full consolidation i 2010 Construction Alberta Schools II (CA) % at equity 2010 Construction Total 4,506 1, Construction/ operation period / / / / 2008/ / / / / / / / / / / / / / / / 2013/ / Payment system Turning Vision into Value. 53 availability availability availability availability availability availability availability availability availability availability availability availability availability availability availability availability availability availability availability availability availability

58 HOCHTIEF Concessions: Roads / Social Infrastructure Principle of Life cycle Valuation monetary units Value of Equity (DCF calculation) accumulated Cash flows (nominal) Cash flows (nominal) Start of operation t Construction Ramp-up Growth Maturity Risk-premium phase (%) Risk-premium type (%) 1) Base rate (%) = Discount rate (%) ) Availability type 2%, Shadow toll 3% and Real toll projects 4%. Turning Vision into Value. 54

59 HOCHTIEF Real Estate aurelis good performance Asset Manager & Lessor Stable and secure income Value add potential Tenant solutions 69% book value aurelis overview (H1 2010) Land Developer Development concept Planning expertise Solutions to environ. issues 31% book value 10.1 m sqm land, 582 assets 10.6 m sqm land, 575 assets Objective - Develop and sell properties; p selective, pre-leased property p refurbishments (EUR 57m sale proceeds in H1 10; EUR 719 m and 338 assets since Dec 07) - further optimization of rental income (EUR 45.5 m in H1 10) Background - Acquired 100% in 2007 in a 50:50 JV with financial partner Redwood Grove; purchase price for 100% (EV) EUR 1.64 bn, equity EUR 411 m - Portfolio end 09: 1,221 real estate assets; 21.3 million sqm land bank of which ca. 75% in Germany s most important growth cities/regions, here mostly city centre locations - aurelis refinanced successfully in Sept. 09 (>EUR 900 m) aurelis sites Turning Vision into Value. 55

60 HOCHTIEF Real Estate Property management one of the largest players in Germany Key facts HOCHTIEF Property Mgmt. Floor area Managed area approx. 10 million sqm approx. 40 million sqm Modular services provided Properties approx. 3,000 Employees > 500 Assets under management (market value) > EUR 15 bn Tenancy agreements approx. 20,000 %-age of floor area Residential Commerce 7% 6% Other 12% Hotel 2% Office 52% Key clients - aurelis, Allianz, RREEF, DEKA Immobilien, Bundeseisenbahnvermögen etc. Logistics/ Industry 20% Turning Vision into Value. 56

61 Shareholder structure 1) 4.0% 1.8% 1.8% 4.4% 29.98% 7.8% 33.8% Germany Spain & Portugal North America UK & Ireland 65.08% 4.94% 15.9% Scandinavia France & BeNeLux Other Europe Rest of the World ACS 2) Treasury stock Free float 30.4% 1) As of Feb 10 2) ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS S.A., Madrid Turning Vision into Value. 57

62 Disclaimer Certain of the statements contained herein may be statements of future expectations and other forward-looking statements that are based on management s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. In addition to statements that are forward-looking by reason of context, the words may, will, should, expect, plan, intend, anticipate, believe, estimate, predict, potential, or continue and similar expressions identify forward-looking statements. Actual results, performance or events may differ materially from those in such statements. The Company assumes no obligation to update any forward-looking statement. Turning Vision into Value. 58

63 Financial calendar and IR contact 11 Nov 10 Nine months results 2010 and Conference Call with Analysts and Investors 29 March 11 Full year results 2010 and Analysts and Investors Conference 12 May 11 General Shareholders Meeting 16 May 11 First quarter results 2011 results and Conference Call with Analysts and Investors For further information please contact: Investor Relations HOCHTIEF Aktiengesellschaft Opernplatz Essen, Germany Phone: Fax: investor-relations@hochtief.de Dr. Lars Petzold Ulrike Kröner Nadine Wärmer Ralf Hinricher Turning Vision into Value. 59