Analysts and Investors Conference Call; Q1 results 2014 07 May 2014 Turner/Devc con Joint Venture e/111th Group Photography HOCHT TIEF MY SPORT OUR STADIUM Levi s Stadium, San Francisco, USA Marcelino Fernández Verdes, CEO Peter Sassenfeld, CFO Mike Pinkney, Capital Markets Strategy Turning Vision into Value. 1
HOCHTIEF Group: Q1.2014 key highlights Earnings: Solid operational 2) Q1.2014 results: EBT: EUR 134.0 m; +17% Net Profit: EUR 53.3 m; +23% EPS: EUR 0.77; +31% Improved earnings in all operational units EBITDA +14% on a comparable basis Orders: New orders +19% (like-for-like) Order backlog stable vs Dec 13 Cash flow/net debt: Improved trend in cash flow from operations Seasonal working capital outflow reduced Significant yoy net debt reduction to EUR 575 m Down approx. EUR 1.4 bn vs. Q1.2013 Reduced seasonal net debt increase in first quarter (EUR 535 m in Q1.2014 vs EUR 1.2 bn EUR in Q1.2013) FY 2014 operational guidance unchanged Two new HOCHTIEF Group Executive Board members appointed 1) Restated 2) Operational earnings excl. one-off impacts and adjusted for sold assets. Orders, sales and Work Done adjusted for f/x and deconsolidation effects (EUR million) Key Operating Variables (like-for-like) like) 2) Q1.2014 Q1.2013 1) % Q1.14 : Q1.13 FY2013 1) Profit before taxes 134.0 114.2 17.3% 569.6 EBT margin 2.4 2.1 0.3 22 2.2 Net profit 53.3 43.4 22.7% 178.1 EPS 0.77 0.59 30.5% 2.47 New orders (yoy) 18.7% Order backlog (yoy) -3.3% Sales (yoy) 14.4% 4% Work done (yoy) (EUR million) 11.8% Reported Figures Q1.2014 Q1.2013 1) % Q1.14 : Q1.13 FY2013 1) EBITDA 307.1 393.9-22.0% 1,908.1 Profit before taxes 122.6 122.6 0.0% 801.2 Net profit 44.1 43.5 1.3% 171.2 EPS 0.64 0.59 8.5% 2.37 Cash flow from Op. -488.9-606.9-19.4% 280.8 Net cash (+) / Net debt (-) -574.5-2,018.7-71.5% -39.6 New orders 5,693.5 5,548.8 2.6% 26,491.5 Order backlog 40,207.3 50,690.8-20.7% 39,940.4 Sales 5,599.0 5,786.6-3.2% 27,022.2 Work done 6,174.9 6,495.1-4.9% 29,049.2 Turning Vision into Value. 2
Group and divisional profitability 2) HOCHTIEF Group and Divisions profitability 2) Group: Goup Continuing improvement in Q1.2014 Solid margin progress in op. divisions Americas: Strong increase of operational earnings, driven by Turner Flatiron with improved earnings; turnaround progressing Asia Pacific: Leighton with improved result Firm margin progression Improved cash flow performance Europe: Encouraging operational profit trend Reported numbers reflect ongoing restructuring process 1) Restated 2) Operational earnings excl. one-off impacts and adjusted for sold assets. Orders, sales and Work Done adjusted for f/x and deconsolidation effects Profit before taxes (nominal/reported) (EUR million) Q1.2014 Q1.2013 1) % Q1.14 : Q1.13 FY2013 1) HT Group 122.6 122.6 0.0% 801.2 HT Americas 22.7 16.2 40.1% 94.0 HT Asia Pacific 127.2 105.1 21.0% 501.2 HT Europe -14.7-12.1 n. a. 62.8 Headquarter / Consolidation -12.6 13.4 n. a. 143.2 Profit before taxes (operational) (EUR million) Q1.2014 Q1.2013 1) % Q1.14 : Q1.13 FY2013 1) HT Group 134.0 114.2 17.3% 569.6 HT Americas 22.7 16.4 38.4% 96.5 HT Asia Pacific 130.9 105.1 24.5% 534.6 HT Europe -7.0-12.5 n. a. -31.8 Headquarter / Consolidation -12.6 5.2 n. a. -29.7 EBT margin (op. Pre-tax return on Sales) (%) Q1.2014 Q1.2013 1) % Q1.14 : Q1.13 FY2013 1) HT Group 2.4 2.1 0.3 2.2 HT Americas 1.2 1.1 0.2 1.2 HT Asia Pacific 3.9 2.9 1.0 3.3 HT Europe -1.7-2.9 1.2-1.3 Net profit (operational) (EUR million) Q1.2014 Q1.2013 1) % Q1.14 : Q1.13 FY2013 1) HT Group 53.3 43.4 22.7% 178.1 HT Americas 18.2 12.6 44.2% 61.9 HT Asia Pacific 48.3 37.5 28.8% 215.1 HT Europe -7.2-8.7 n. a. -60.4 Headquarter / Consolidation -6.0 2.0 n. a. -38.5 Turning Vision into Value. 3
Cash Flow Performance Group Group Cash Flow components (EUR million) Q1.2014 Q1.2013 1) Q1.14./. Q1.13 FY2013 1) Operating cash flow pre NWC change 135.2 249.22-114.0 11649 1,164.9 Net Working Capital Change -624.1-856.1 232.0-884.1 Cash Flow from Ops (nominal/reported) -488.9-606.9 118.0 280.8 Operating Capex -121.7-272.6 150.9-931.8 Free operational CF -610.6-879.5 268.9-651.0 Other investments (-) / divestments (+) 174.0-223.6 397.6 2,038.0 Free CF (w/o change in market. sec.) -436.6-1,103.1 666.5 1,387.0 Comments: Improved cash flow trend in Q1 2014 compared with Q1 2013 Seasonal operating cash outflow is 20% lower yoy Working capital outflow meaningfully reduced Operating CF pre NWC change reduced due to cash restructuring expenses and divestment impacts Over 50% decline in investments, mainly capex-driven; reduced contract mining capex Free operational cash flow improved by EUR 269 m yoy, y, overall Free Cash Flow even by EUR 667 m 1) Restated Turning Vision into Value. 4
HOCHTIEF Group net debt period end (EUR million) Q1.2014 FY2013 FY2013 Q3.2013 Q2.20132013 Q1.2013 restated reported 1) restated restated restated FY2012 HT Group -574.5-39.6-194.4-829.6-1,701.6-2,018.7-817.9 HT Americas 267.5 369.5 369.5 329.0 302.4 395.2 468.5 HT Asia Pacific -815.2-276.6-431.5-967.6-940.7-1,565.4-616.4 HT Europe -385.5-486.5-486.5-697.0-795.8-713.7-541.7 Headquarter / Consolidation 358.7 354.0 354.0 506.0-267.4-134.8-128.3 Ongoing deleveraging Seasonal Q1 increase in net debt by EUR 535 m, but much lower than Q1.2013 (ca EUR 1.2 bn) Q1.2014 includes: Q1 divestment of aurelis Further increase in Leighton stake: EUR 30 m Yoy decline by EUR 1.4 bn, especially driven by Leighton Leighton gearing improved yoy significantly to 38.5% in Q1 14 (47.2% in Q1.2013, 29.2% FY.2013) Ongoing measures to reduce net debt, in particular: Optimized working capital management: focus on reduction of underclaims/working capital especially at LEI Significant Capex reduction, especially at LEI (FleetCo) 1) w/o restatement, i.e. FY2013 figures as reported in Feb. 2013. Turning Vision into Value. 5
Order backlog development New orders up 19% like-for-like (reported: +3%) Order backlog down 3% like-for-like (reported: -21% o/w f/x & deconsolidation effects -18%) f/x impact: EUR 6.51 bn Changes in scope of consolidation: Services business (Euro -1,794 m), Telco assets Leighton (Euro 599 m). (EUR m) 26.636.4-28,729.1 f/x & deconsolidation impact: EUR 8.9 bn (18%) -10,483.5 Q1 14: (nominal changes yoy) Americas: 2,813 (+84%) Asia Pacific: 2,506 (-19%) Europe: 356 (-61%) f/x effect: EUR 6.51 bn Q1 14: (nominal changes yoy) Americas: 1,960 (+18%) Asia Pacific: 3,659 (-10%) Europe: 537 (-30%) HT Services: 1,794 Telco: 599 Order backlog as of end Q1.2013 New orders LTM Work done LTM f/x effects LTM Others AUD USD Changes in scope of consolidation LTM Other changes in order backlog LTM Order backlog as of end Q1.2014 Turning Vision into Value. 6
Leighton (1) Offer for Increased Leighton stake Up to AUD 1.2 bn cash offer (AUD 22.5 per share ex dividend) for Attractive offer: up to 15.5% of Leighton shares announced March 2014 58.7% stake (end Q1.2014) -> 74.2% if 3 for 8 offer fully accepted Offer closes May 9th Maintain ASX listing Independent Directors of Leighton Board recommended offer Independent Expert described it as fair & reasonable HOCHTIEF presence on Leighton board to reflect its shareholding LEI AGM May 19th Management changes: Mr Fernández named Leighton CEO Accep- Resulting New CFO, Mr Loizaga, appointed New M&A Head, Angel Muriel, appointed Reinvestment of HOT divestment proceeds in core business Funded from cash reserves Significantly earnings and cash accretive Demonstrates commitment to, and importance of, Leighton tance 20.6% premium over dividend adjusted 5 day VWAP of AUD 18.65 35.1% premium over 3 month VWAP of AUD 16.66 HOT stake in LEI Investment (est.) by HOCHTIEF 50% 66.4% AUD 0.6 bn 75% 70.3% AUD 0.9 bn 90% 72.6% AUD 1.1 bn 100% 74.2% AUD 1.2 bn Turning Vision into Value. 7
Leighton (2) Strategy Significant progress at Leighton since 2011; accelerating to next phase Completion of general review of operating model and structure including Operating subsidiary capability-set/geographical presence Risk levels and Capital allocation policies Management approach Asset Divestments Leighton Cashflow (AUD m) 2013 2012 EBITDA 1,924 1,838 Significant Operating cashflow pre NWC change 1,533 1,608 Change in Net Working Capital -730-433 Net cash from operating activities 803 1,176 Net Capex -815-1,123 Cashflow post operating capex -12 53 upside potential in cash generation 1) Restated Turning Vision into Value. 8
Other Q1.2014 Highlights aurelis sale Sold at close to book value Releases capital tied up in non core business Work on remaining i Real Estate t portfolio continues 10% Treasury stock cancellation Shareholder remuneration remains a priority EPS and value-enhancing Europe restructuring continues to progress in a satisfactory manner Turning Vision into Value. 9
HOCHTIEF Asia Pacific Leighton (AUD m) Leighton Essentials in AUD Results: Revenues +7% to AUD 5.7 bn UNPAT 1) +29% to AUD 159 m; margin +50bp Improved Net Debt trend Q1.2014 increase below AUD 700 m vs over AUD 1.1 bn in Q1.2013 Gearing 38.5% vs 47.2% a year ago Capex reduced by one-third New orders/order backlog: New Orders +10% yoy Order book stable at AUD 40.9 bn Outlook Strategic review underway Accelerating restructuring process Guidance unchanged: UNPAT of AUD 540-620 m Gearing range: 20-35% 1) UNPAT: Underlying net profit after taxes Financials Leighton in AUD Leighton Q1.2014 Q1.2013 1) % (AUD million) Q1.14 : Q1.13 Revenue - Group 5,348 4,863 10% - Joint Ventures 356 488-27% Total Revenue 5,704 5,351 7% EBITDA 443 440 1% EBITA 270 206 31% EBIT 262 200 31% Profit before taxes 212 151 40% Income tax -60-30 100% Loss attributable to minority interests - 2 n.a. NPAT 152 123 24% of which - UNPAT 159 123 29% - Non-underlying items after tax -7 - n.a. Net margin (UNPAT to total revenue) 2.8% 2.3% 22% Capex 184 279-34% (AUD million) end Q1.2014 end FY.2013 end Q1.2013 Net debt 1,128 404 1,928 Operating Leases 881 934 572 Net debt incl op leases 2,009 1,338 2,500 Gearing 38.5% 29.2% 47.2% New contracts, extensions, variations and f/x 4,440 23,096 4,072 Work in Hand 40,906 42,171 42,207 Turning Vision into Value. 10
HOCHTIEF Americas Results: Essentials Strong Q1 performance; LFL sales +25% EBT +40% or +65% f/x adjusted Margin expansion Turner performance solid; Flatiron improving Improved cash flow trend expected FY14 New orders / order backlog: New orders almost doubled yoy Order book -6% like-for-like Financials nominal like-for like HT Americas Q1.2014 Q1.2013 1) FY2013 1) (EUR million) Q1.14 : Q1.13 Q1.14 : Q1.13 New orders 2,812.7 1,525.4 84.4% 91.8% 7,457.3 Order backlog 10,139.5 11,547.5-12.2% -5.8% 9,278.8 Sales 1,829.7 1,526.3 19.9% 24.7% 7,943.8 Sales (actual adjusted only by deconsol. effects) 18297 1,829.7 15263 1,526.3 19.9% 9% 79438 7,943.8 Work done 1,960.0 1,661.2 18.0% 22.7% 8,546.3 EBITDA 32.3 28.6 12.9% 143.0 EBIT 26.8 21.6 24.1% 115.1 EBIT (operational) 26.8 21.8 22.9% 115.9 Profit before taxes 22.7 16.2 62 40.1% 94.0 Profit before taxes (operational) 22.7 16.4 38.4% 96.5 EBT margin (in % on bases adjusted sales) 1.2 1.1 0.2 1.2 Outlook Measures implemented, including improvements in risk mgmt to drive Flatiron into profit during 2014 Guidance unchanged: EBT 2014E of USD 140-170 m / EUR 100-120 m 1) Restated Net Profit 18.2 12.4 46.5% 59.4 Net profit (operational) 18.2 12.6 44.2% 61.9 Cash Flow from Ops -87.0 49.0 0 77.6% 47 4.7 Operating Capex -5.9 11.2-47.3% -19.3 Net cash (+) / Net debt (-) 267.5 395.2-32.3% 369.5 Turning Vision into Value. 11
HOCHTIEF Europe Essentials Results: Underlying profit trend remains on-track Reduced Q1 cash out-flow (Services impact: Q1.2013 sales EUR 166 m, EBITDA EUR 6 m, Order book EUR 1,794 m) New orders/order backlog: Q1.2013 included d Dutch toll road project (ca EUR 220 m); excluding this new orders 23% lower (adj. for Services divestment) Consequence of strategy; adapting business to size of market opportunity to achieve sustainable cash profitability Outlook Financials like-for like HT Europe Q1.2014 Q1.2013 1) FY2013 1) (EUR million) Q1.14 : Q1.13 Order backlog (adjusted for Services) 3,856.4 4,667.8-17.4% 4,138.1 Sales (adjusted for Services) 403.7 428.0-5.7% 2,384.7 New orders 355.9 901.6-47.4% 4% 2,879.0 Order backlog 3,856.4 6,461.6-15.9% 4,138.1 Sales 403.7 594.5-4.6% 2,819.5 Sales (actual adjusted only by deconsol. effects) 403.7 428.0 2,384.7 Work done 536.8 764.0-9.4% 3,235.1 EBITDA 1.0 11.11 189.11 EBIT -4.5 2.5 152.5 EBIT (operational) 3.2 2.4-5.0 Profit before taxes -14.7 12.1 62.8 Profit before taxes (operational) -7.0 12.5-31.8 EBT margin (in % on bases adjusted sales) -1.7 2.9-1.3 Net Profit -14.9 9.6 31.8 Net profit (operational) -7.2 8.7-60.4 Cash Flow from Ops -93.5 168.6-304.0 Operating Capex -7.6 12.6-45.6 Net cash (+) / Net debt (-) -385.5 713.7-486.5 Restructuring process continues to advancecompletion by year-end New Europe CEO & COO appointed Guidance unchanged: significant improvement 1) Restated New Orders Q1.2014 Q1.2013 (EUR million) Total 355.9 901.6 o/w Services -222.9 On-going business 355.9 678.77 SAA1 Toll Road -218.0 Underlying business 355.9 460.7 % change -22.7% Turning Vision into Value. 12
Appendix Turning Vision into Value. 13
EBITDA-reconciliation 2013 to 2014 420 (EUR m) 370 394 18 19 320 21 7 59 +14% 270 270 220 170 307 120 70 20-30 Q1.2013 Telco FleetCo Airports Services + f/x Q1.2013 Q1.2014 reported aurelis adj. reported Turning Vision into Value. 14
Consolidated Group statement of earnings (EUR million) Q1.2014 Q1.2013 1) % Q1.14 : Q1.13 FY2013 1) Sales 5,599.0 5,786.5-3.2% 27,022.2 Change in inventories 6.3 86.4-92.7% -77.8 Total Revenues 5,605.3 5,872.9-4.6% 26,944.4 Materials -3,880.6-3,912.7-0.8% -18,729.4 Adjustments 0.0 0.0 0.2 Personel costs -1,163.4-1,302.3-10.7% -5,715.6 Adjustments 3.7 0.0 37.4 Other operating income 55.5 39.6 40.2% 608.6 Other operating expenses -329.99-332.1-0.7% -1,515.9 Adjustments 0.0 2.2-100.0% 67.2 Net income from participating interests 16.5 26.3-37.3% 211.2 EBITDA 307.1 393.9-22.0% 1,908.1 Depreciation and amortization adjusted ( - ) -128.2-206.4-37.9% -735.6 Adjustments 0.0 0.0 0.3 EBITA / EBIT 178.9 187.5-4.6% 1,172.8 Net investment and interest income -52.6-62.7-16.1% -266.5 Non-operating earnings -3.7-2.2 68.2% -105.1 EBT 122.6 122.6 0.0% 801.2 Current income taxes -39.3-33.4 17.7% -119.2 Deferred taxes 4.9 11.8-58.5% -136.6 Profit after taxes 88.2 101.0-12.7% 545.4 Of which: Consolidated net profit 44.1 43.5 1.4% 171.2 Of which: Minority interest 44.1 57.5-23.3% 374.2 1) Restated Sales: adjusted for f/x and changes in consolidation +14%; 95% of total is non-domestic Other operating income: positive impact from sale of non-core assets Net income from participating interests: Americas: EUR 7.7 m (Q1.13: EUR 10.2 m) Asia Pacific: EUR 3.5 m (Q1.13: EUR -18.5 m) Europe: EUR 5.3 m (Q1.13: EUR 13.7 m) Airports: sold (Q1.13: EUR 20.9 m) Net investment and interest income: optimization of financing; f/x impact at Leighton Non-operating earnings: related to restructuring at Leighton business Taxes: higher tax expenses related to positive earnings development at Asia Pacific and Americas Minority interest: 2013 figures include minorities at airports Turning Vision into Value. 15
Consolidated Group balance sheet (assets) end of period (EUR '000) Q1.2014 FY2013 1) Non-current assets Intangible assets 841,236 830,094 Property, plant and equipment 1,357,953 1,378,357 Investment properties 15,916 15,996 Equity method investments 721,000 698,508 Other financial assets 76,374 75,268 Financial receivables 541,849 526,730 Other receivables and other assets 82,964 93,831 Non-curent income tax assets 58,924 57,047 Deferred tax assets 143,521 125,175175 3,839,737 3,801,006 Current assets Inventories 1,167,082 1,159,342 Financial receivables 146,084 126,934 Trade receiveables 6,225,399 5,983,079 Other receivables and other assets 207,829 198,676 Current income tax assets 42,461 34,947 Marketable securities 1,088,576 1,123,258 Cash and cash equivalents 1,922,338 2,190,132 Assets held for sale 158,528 333,773 10,958,297 11,150,141 Total 14,798,034 14,951,147 Non-current assets: PP&E: slight decrease reflects sale of Project Services business of Streif Financial receivables: comprise mainly loans to participations of Leighton and PPP projects Current assets: Trade receivables: increase reflects operational growth and f/x impact at Leighton Cash and cash equivalents: expenditures for Trade receiveables 6 225 399 5 983 079 operating business, as well as Dividend payments Stake increase in Leighton Assets held for sale: 2014: Leighton mining assets; 2013: aurelis and Leighton mining assets 1) Restated Turning Vision into Value. 16
Consolidated Group balance sheet (equity and liabilities) Shareholders equity: Earnings after taxes: EUR 88.2 m Changes in fair value of financial instruments and actuarial gains and losses, f/x, others : EUR 43.6 m Dividend payments: EUR -54.9 m (minority shareholders) Equity ratio: 22.8% (end 2013: 22%) Non-current liabilities Financial liabilities: little change, comprising HOCHTIEF and Leighton bonds as well as amounts due to banks Current liabilities: Financial liabilities: additional bank loans at Leighton Trade payables: decrease reflects operational reduction; f/x impact leads to EUR 107 m increase end of period (EUR '000) Q1.2014 FY2013 1) Shareholders' equity Attributable to the Group 2,338,110 2,265,615 Minority interest 1032514 1,032,514 1028085 1,028,085 3,370,624 3,293,700 Non-current liabilities Provisions for pensions & similar obligations 263,425 242,471 Other provisions 486,352 505,260 Financial liabilities 2,768,154 2,700,235 Other liabilities 46,628 42,648 Deferred tax liabilities 134,582 126,149 3,699,141 3,616,763 Current liabilities Other provisions 885,310 921,153 Financial liabilities 885,426 726,786 Trade payables 5,458,494 5,848,382 Other liabilities 421,911 460,845 Current income tax liabilities 11,825 15,402 Liabilities associated with assets held for sale 65,303 68,116 7,728,269 8,040,684 Total 14,798,034 14,951,147 1) Restated Turning Vision into Value. 17
Capital structure end Q1.2014 Net debt calculation: Financial liabilities main components 1) EUR 123 m Leighton US PP, 2008-15/18; EUR 187 m Leighton bond, 2009-14; Q1.2014 FY2013 FY2013 7) EUR 254 m Leighton US PP, 2010-15/17/20; EUR 363 m Leighton bond 2012-22; period end (EUR million) restated reported EUR 500 m non-rated bond 2012-17; EUR 750 m non-rated bond 2013-20 2) EUR 404 m promissory note loans (EUR 30 m: 2009-14; EUR 39 m: 2008-15; Cash and cash equivalents 1,922.3 2,190.1 2,035.2 EUR 240 m: 2010-15; EUR 45 m 2011-16; EUR 50 m 2012-16) Marketable securities 1,088.6 1,123.2 1,123.3 Non-current securities 0.3 0.3 0.3 EUR 500 m syndicated revolving cash facility, 2011-2016, utilization: EUR 0 m; Financial i assets 30112 3,011.2 33136 3,313.6 31588 3,158.8 EUR 356 m various project financing i Bonds or notes issued 1) 2,267.4 2,283.2 2,283.2 3) EUR 252 m finance leasing Amounts due to banks 2) 1,065.8 797.7 797.7 Non-/limited recourse debt: HOT EUR 215 m, LEI AUD 29 m Other financial liabilities 3) 252.4 272.3 272.3 Financial liabilities 3,585.6 3,353.2 3,353.2 Major long-term guarantee facilities (EUR 12 bn, EUR 8.3 bn used) Net debt (-) -574.4-39.6-194.4 EUR 1.5 bn HOCHTIEF synd. revolving guarantee facility, 2011-16, utilization: EUR 1.0 bn Net debt includes: Pledged securities 21.3 21.1 21.1 Not deducted: Pension liabilities 263.4 242.5 242.5 Prepayments 568.8 173.4 173.4 Debt Maturity: EUR 4.7 bn (USD 6.5 bn) Turner/Flatiron bonding facilities, utilization: EUR 3.2 bn EUR 0.9 bn (AUD 1.4 bn) Leighton syndicated guarantee facility, utilization: EUR 0.7 bn EUR 4.9 bn guarantee facilities, including: EUR 2.7 bn other Leighton bonding facilities, utilization: EUR 2.2 bn; other bilateral guarantee facilities, utilization: EUR 1.2 bn 1,400 1,200 1000 1,000 Bonds or notes issued Amounts due to banks Other financial liabilities 3.8 (EUR m) 800 600 400 200 0 29.6 105.3 29.1 1,305.7 49.0 402.2 366.5 64.7 630.5 37.5 195.2 136.0 230.5 ufn 5) 2014 6) 2015 6) 2016 2017 > 2018 4) Excluding financial liabilities due to participating interests 5) until further notice, i.e. no specified maturity 6) Amounts due to banks incl. various ongoing and also revolving project financings 7) w/o restatement as reported end 2013 Turning Vision into Value. 18
HOCHTIEF Asia Pacific Essentials Results: Sales +12% after adjustment for f/x and deconsolidation (like-for-like) High level of work done and positive effects from restr. process (begun 2013) -> strong increase in EBT Orders: Solid development after adjustment for f/x and deconsolidation effect (like-for-like) Outlook Strategic review underway Accelerating restructuring process Guidance unchanged: UNPAT 2) of AUD 540-620 m; gearing range 20-35% Financials division nominal like-for like HT Asia Pacific Q1.2014 Q1.2013 1) FY2013 1) (EUR million) Q1.14 : Q1.13 Q1.14 : Q1.13 New orders 2,505.8 3,096.1-19.1% -2.5% 16,044.1 Order backlog 26,213.1 32,694.2-19.8% -0.5% 26,524.9 Sales 3,344.0 3,639.4-8.1% 12.4% 16,146.8 Sales (actual adjusted only by deconsol. effects) 33440 3,344.0 35819 3,581.9-6.6% 66% 16,056.4 Work done 3,658.8 4,044.3-9.5% 10.5% 17,159.3 EBITDA 283.4 341.9-17.1% 1,410.0 EBIT 167.0 152.1 9.8% 742.9 EBIT (operational) 170.7 152.1 12.2% 734.1 Profit before taxes 127.22 105.1 21.0% 501.2 Profit before taxes (operational) 130.9 105.1 24.5% 534.6 EBT margin (in % on bases adjusted sales) 3.9 2.9 1.0 3.3 Net Profit 46.8 37.5 24.8% 183.9 Net profit (operational) 48.3 37.5 28.8% 215.1 Cash Flow from Ops -307.4 390.4 4-21.3% 619.66 Operating Capex -108.1 248.5-56.5% -864.8 Net cash (+) / Net debt (-) -815.2 1,565.4-47.9% -276.6 1) Restated 2) UNPAT: Underlying net profit after taxes Turning Vision into Value. 19
HOCHTIEF Europe Segmental Overview Q1.14 New orders Q1.2014 Q1.2013 1) FY2013 1) (EUR million) Q1.14 : Q1.13 Infrastructure 170.6 325.6-47.6% 1,186.3 Building 77.5 232.0-66.6% 533.6 PPP 26.8 3.5 673.9% 20.1 Engineering 10.5 13.2-20.3% 47.8 Real Estate 65.5 125.7-47.9% 718.7 Others/Consolidation 4.9 201.7-97.6% 372.5 HT Europe Total 355.9 901.6-60.5% 2,879.0 Sales by segment (EUR 403.7 m) 24% 3% 43% Infrastructure Building PPP EBT (nominal/reported) Q1.2014 Q1.2013 1) FY2013 1) (EUR million) Q1.14 : Q1.13 4% 26% Engineering Real Estate Other Infrastructure -25.7-7.2 256.9% -50.5 Building -3.5-7.3-52.1% -13.3 PPP 1.1 2.8-60.7% 3.4 Engineering -0.1-0.2-50.0% 0.6 Real Estate 0.1-7.3-101.4% -18.7 Others/Consolidation 13.4 7.1 88.7% 141.3 HT Europe Total -14.7-12.1 21.5% 62.8 Order backlog by segment (EUR 3,856.4 m) EBT (operational) Q1.2014 Q1.2013 1) FY2013 1) (EUR million) Q1.14 : Q1.13 Infrastructure -19.6-7.1 176.5% -48.5 Building -1.9-7.2-74.3% -12.9 PPP 1.1 2.8-60.7% 3.4 Engineering -0.1-0.2-50.0% 0.6 Real Estate 4.8-7.1-167.6% -8.7 Others/Consolidation 8.7 6.3 37.8% 34.3 HT Europe Total -7.0-12.5-44.0% -31.8 17% Infrastructure 0% 12% 53% 17% Building PPP Engineering Real Estate Other 1) Restated Turning Vision into Value. 20
HOCHTIEF Europe: Sale of Real Estate ongoing process Real Estate Solutions business line Real Estate Solutions Real estate development domestically focused trader developer business: HTP formart Other 1) Net Loss: EUR 3.5 m Q1.2014 Sales: EUR 98.6 m Q1.2014 Capital employed (BV, EUR m end Q1 14) Net Assets (=equity+debt+pension provisions): EUR 1.0 bn book value (end of Q1.2014) 60 projects in realization Company Net Assets Project financing incl. EUR 215 m non- HTP 706 recourse debt formart 296 Other 1) 4 Total 1,006 1) Other includes Property Management business and other assets Turning Vision into Value. 21
HOCHTIEF Europe Real Estate Solutions business line HTP & formart Trader developers of premium real estate HTP: Leading trader developer of premium office and residential real estate Regional focus on top German cities and selected European markets Non-speculative developments (no land bank) 20 projects in realization, 55% pre-sold; 74% pre-let, mostly project financed formart: Leading trader developer of higher-end residential real estate Regional focus on Germany and selected markets Non-speculative developments (no land bank) 40 projects in realization, 85% pre-sold Projects in realization (HTP) Split by region and type of asset (% of total investment volume): (20 projects, total planned investment vol. end Q1.2014: EUR 697 m) 28% Domestic 72% Other 36% 10% 4% 50% Projects in realization (formart) Office Residential Retail Other Split by region and type of asset (% of total investment volume): (40 projects, total planned investment vol. end Q1.2014: EUR 664 m) 11% 89% Domestic Other Turning Vision into Value. 22
HOCHTIEF Europe Market opportunities PPP growth potential Market opportunities Project pipeline Transportation Transportation: Tender phase: 3 projects Social Infrastructure: Tender phase: 9 projects Turning Vision into Value. Transportation: potential invest. volume of EUR 6 bn North America: p until 2014, strong pipeline in US South America: developing energy market in Peru and Chile Germany: total invest invest. volume until 2014: EUR 1 1.5-2 5 2 bn Netherlands: 3 Schiphol-Almere projects, ca. EUR 2 bn vol.; road & sea lock projects of ca. EUR 3 bn until 2015 UK/Ireland: potential invest. volume of EUR 12 bn until 2020 Scandinavia: developing markets; particularly Norway & Finland Social Infrastructure: Canada: potential invest. volume of ca. EUR 1 bn Germany: > EUR 6 bn contract vol. during next 3 years Netherlands: total invest. vol. until 2014: EUR 0.5 bn UK: expected invest. invest vol. vol of ca. ca EUR 5.2 5 2 bn Poland: project pipeline development 23
HOCHTIEF Europe Transportation PPP (end Q1.2014) Projects Total investment HOCHTIEF share HT capital required HT capital provided in EURm in % in EURm in EURm Consolidation method Financial close Current phase Construction Operation Length in km Project details Type of Development Payment System Herren Tunnel Lübeck (D) 78,5 50,0 11,0 11,0 at equity 2001 Operation 1999-2005 2005-2035 2,0 Brownfield Hard toll North Highway A5 (Bonaventura) (A) 830,8 4,4 11,5 11,5 N 2006 Operation 2007-2010 2010-2039 51,0 Greenfield Availability & shadow toll North Highway A5 (Bonaventura) (A) Service Area Business 30,6 50,0 2,7 2,7 at equity 2010 Operation 2010-2011 2011-2039 - Greenfield - A4 (Via Solutions Thüringen) (D) 258,5 50,0 18,4 18,4 at equity 2007 Operation 2007-2011 2007-2037 44,7 Brownfield Shadow toll Maliakos-Kleidi (GR) 1.113,2 35,0 72,2 53,5 at equity 2008 Elefsina-Patras-Tsakona (GR) 2.214,2 17,0 34,0 22,9 at equity 2008 Construction/ Operation Construction/ Operation 2008-2015 2008-2038 260,0 Brownfield Hard toll 2008-2016 2008-2038 183,0 Brownfield Hard toll San Cristóbal Express (Chile) 107,9 50,0 31,2 13,1 at equity 2009 Operation 2005-2008 2008-2037 4,0 Greenfield Hard toll A8 highway (D) 430,0 50,0 39,1 0,5 at equity 2011 Northeast Anthony Henday Drive (CAN) 472,0 25,0 13,9 0,0 at equity 2012 Presidio Parkway (USA) 68,0 50,0 17,6 17,6 at equity 2012 SAAone (NL) 538,1 20,0 14,6 0,0 at equity 2013 Total Roads 6.141,8 266,1 151,2 Construction/ Operation Construction/ Operation Construction/ Operation Construction 2011-2015 2011-2041 58,0 Brownfield Shadow toll 2012-2016 2012-2046 27,0 Greenfield/ Brownfield Availability 2012-2015 2012-2045 2,4 Greenfield Availabilty 2013-2017 2017-2041 22,0 Brownfield/ Greenfield Availability Turning Vision into Value. 24
HOCHTIEF Europe Social Infrastructure PPP (end Q1.2014) Projects Contract volume Total investment HOCHTIEF share HT capital required HT capital provided Consolidation method Financial close Current phase Construction period Operation period in EURm in EURm in % in EURm in EURm Schools Offenbach District (D) 410,2 130,6 94,9 14,2 14,2 full consolidation 2004 Operation 2005-2010 2005-2019 North Ayrshire Schools (GB) 488,8 125,1 25,5 2,4 2,4 at equity 2006 Operation 2006-2007 2007-2037 Bangor & Nendrum Schools (GB) 216,6 60,0 20,4 1,8 1,8 at equity 2006 Operation 2006-2008 2008-2038 East Ayrshire Schools (GB) 399,0 126,7 25,5 3,2 3,2 at equity 2006 Operation 2006-2008 2007-2038 Salford Schools (GB) 218,6 67,6 25,5 0,9 0,9 at equity 2006 Operation 2006-2008 2008-2033 Salford BSF (GB) 253,2 74,9 40,0 3,5 3,5 at equity 2009 Operation 2009-2011 2011-2036 Ontario Provincial Police (CAN) 305,7 89,0 50,0 6,8 6,8 at equity 2010 Operation 2010-2012 2012-2041 Halton BSF (GB) 180,7 63,4 45,0 1,3 1,3 at equity 2011 Operation 2011-2013 2013-2038 Schools Cologne P1 (D) 125,9 35,5 50,0 2,1 2,1 at equity 2005 Operation 2005-2007 2005-2029 Salford BSF Phase 2 (GB) 320,3 97,2 40,0 3,3 3,3 at equity 2011 Construction 2011-2013 2013-2038 Alberta Schools III (CAN) 275,6 77,4 50,0 5,6 0,0 at equity 2012 Construction 2012-2014 2014-2044 Dortmunder U (D) 91,5 76,3 50,0 0,0 0,0 at equity 2013 Construction 2013-2015 - Schools Frankfurt (D) 248,7 108,1 50,0 4,6 4,6 at equity 2007 Operation 2007-2009 2007-2029 Comprehensive School Cologne-Rodenkirchen (D) 126,9 51,9 50,0 1,1 1,1 at equity 2007 Operation 2007-2010 2009-2034 Fürst Wrede Barracks Munich (D) 160,7 56,7 50,0 2,2 2,2 at equity 2008 Operation 2008-2009 2008-2028 Schools Braunschweig (D) 279,0 80,0 100,0 0,0 0,0 full consolidation 2011 Construction 2011-2014 2011-2036 Five Schools (IRL) 281,3 91,6 50,0 5,8 5,8 at equity 2001 Operation - 2006-2027 Sports College Manchester (GB) 169,5 53,2 25,5 1,2 1,2 at equity 2005 Operation 2005-2007 2007-2032 Cork School of Music (IRL) 228,3 72,6 25,55 19 1,9 19 1,9 at equity 2005 Operation 2005-2007 2007-2032 Halstenbek School (Europa GmbH) 31,1 21,7 100,0 0,0 0,0 full consolidation 2014 Construction 2014-2015 2015-2033 Cityhall Moers (ÖPP Projektgesellschaft mbh) 142,0 72,3 100,0 0,0 0,0 full consolidation 2008 Operation 2008-2009 2008-2028 Cityhall Gladbeck (ÖPP Projektgesellschaft mbh) 44,0 16,5 100,0 0,0 0,0 full consolidation 2005 Operation 2005-2006 2006-2031 Trade School Leverkusen (ÖPP Projektgesellschaft mbh) 69,6 26,2 100,0 0,0 0,0 full consolidation 2005 Operation 2005-2008 2005-2034 Höhenkirchen-Siegertsbrunn (ÖPP Projektgesellschaft mbh) 52,1 33,5 100,0 0,0 0,0 full consolidation 2010 Operation 2010-2013 2013 2011-2036 2036 Schools Offenbach City (ÖPP Projektgesellschaft mbh) 89,2 60,5 100,0 0,0 0,0 full consolidation 2010 Operation 2010-2013 2010-2032 Paul-Moor-School Nürnberg (ÖPP Projektgesellschaft mbh) 31,9 19,5 100,0 0,0 0,0 full consolidation 2013 Construction 2013-2014 2014-2039 Total Social Infrastructure 5.240,4 1.787,9 61,8 56,2 Turning Vision into Value. 25
CR Corporate responsibility Focusing on six areas with clearly defined objectives 1. Sustainable products and Lead global market for sustainable projects in the construction services segment; continuously add to our range of services for infrastructure projects, real estate and facilities 2. Active climate protection Save carbon emissions together with our clients 3. Resource protection Conserve natural resources and optimize their use and protection 4. Attractive working environment Further consolidate position as a sought-after and responsible employer in the industry 5. Corporate citizenship Get involved in the community wherever our company is at work 6. Compliance Set standards in business ethics and do our utmost to apply those standards Turning Vision into Value. 26
Shareholder structure Free float 30.0% ACS 58.9% (Actividades de Construcción y Servicios S.A., Madrid) Qatar Holding 11.1% Turning Vision into Value. 27
Detailed overview of reported and operational figures Sales (nominal/reported) Sales (actual adjusted only by deconsol. effects) % Q1.2014 Q1.2013 1) FY2013 14 13 1) (EUR million) Q1.14 : Q1.13 HT Group 5,599.0 5,786.6-3.2% 27,022.2 HT Americas 1,829.7 1,526.3 19.9% 7,943.8 HT Asia Pacific 3,344.0 3,639.4-8.1% 16,146.8 HT Europe 403.7 594.5-32.1% 2,819.5 Headquarter / Consolidation 21.6 26.4-18.2% 112.1 % Q1.2014 Q1.2013 1) (EUR million) Q1.14 : Q1.13 FY2013 1) HT Group 5,599.0 5,560.5 0.7% 26,489.3 HT Americas 1,829.7 1,526.3 19.9% 7,943.8 HT Asia Pacific 3,344.0 3,581.9-6.6% 16,056.4 HT Europe 403.7 428.0-5.7% 2,384.7 Headquarter / Consolidation 21.6 24.3-10.9% 104.5 Profit before taxes (nominal/reported) (EUR million) Q1.2014 Q1.2013 1) % Q1.14 : Q1.13 FY2013 1) HT Group 122.6 122.6 0.0% 801.2 HT Americas 22.7 16.2 40.1% 94.0 HT Asia Pacific 127.2 105.1 21.0% 501.2 HT Europe -14.7-12.1 n. a. 62.8 Headquarter / Consolidation -12.6 13.4 n. a. 143.2 Profit before taxes (operational) (EUR million) Q1.2014 Q1.2013 1) % Q1.14 : Q1.13 FY2013 1) HT Group 134.0 114.2 17.3% 569.6 HT Americas 22.7 16.4 38.4% 96.5 HT Asia Pacific 130.9 105.1 24.5% 534.6 HT Europe -7.0-12.5 n. a. -31.8 Headquarter / Consolidation -12.6 5.2 n. a. -29.7 EBT margin (Pre-tax return on Sales; nominal/reported) (%) Q1.2014 Q1.2013 1) % Q1.14 : Q1.13 FY2013 1) HT Group 2.2 2.1 0.1 3.0 HT Americas 1.2 1.1 0.2 1.2 HT Asia Pacific 3.8 2.9 0.9 3.1 HT Europe -3.6-2.0-1.6 2.2 EBT margin (op. Pre-tax return on Sales) (%) Q1.2014 Q1.2013 1) % Q1.14 : Q1.13 FY2013 1) HT Group 2.4 2.1 0.3 2.2 HT Americas 1.2 1.1 0.2 1.2 HT Asia Pacific 3.9 2.9 1.0 3.3 HT Europe -1.7-2.9 1.2-1.3 Net Profit (reported/nominal) Net profit (operational) (EUR million) Q1.2014 Q1.2013 1) % Q1.14 : Q1.13 FY2013 1) HT Group 44.1 43.5 1.3% 171.2 HT Americas 18.2 12.4 46.5% 59.4 HT Asia Pacific 46.8 37.5 24.8% 183.9 HT Europe -14.9-9.6 n. a. 31.8 Headquarter / Consolidation -6.0 3.2 n. a. -103.9 1) Restated (EUR million) Q1.2014 Q1.2013 1) % Q1.14 : Q1.13 FY2013 1) HT Group 53.3 43.4 22.7% 178.1 HT Americas 18.2 12.6 44.2% 61.9 HT Asia Pacific 48.3 37.5 28.8% 215.1 HT Europe -7.2-8.7 n. a. -60.4 Headquarter / Consolidation -6.0 2.0 n. a. -38.5 Turning Vision into Value. 28
Group: One-off non-operational adjustments Q1.2014 Q1.2013 1) FY2013 1) (EUR million) EBT Net profit EBT Net profit EBT Net profit Operational earnings 2) 134.0 53.3 114.2 43.4 569.6 178.1 Divestments t (Q2.13 Telco, Q3.13 Services, Q3.13 Airports, Q4.13 aurelis) - - 12.7 4.4 502.9 155.7 Restructuring (Europe, Leighton, Flatiron) -11.4-9.2 2.7 2.7-114.3-86.9 Leighton (impairments, Leighton Welspun India) - - -145.5 5-64.2 HQ / Consolidation (M&A etc) - - 1.6 1.6-11.5-11.5 Total one-offs -11.4-9.2 8.4 0.1 231.6 6.9 Reported figures 122.6 44.1 122.6 43.5 801.2 171.2 1) Restated 2) Operational figures excl. one-off impacts; adjusted for sold assets Turning Vision into Value. 29
Financial data by division (reported figures) Financial data by division - Q1.14 HOCHTIEF HOCHTIEF HOCHTIEF Corporate HQ/ (EUR million) Americas Asia Pacific Europe Consolidation HT Group New Orders 2,812.7 2,505.8 355.9 19.1 5,693.5 Work done 1,960.0 3,658.8 536.8 19.3 6,174.9 Order backlog 10,139.5 26,213.1 3,856.4-1.7 40,207.3 Sales 1,829.7 3,344.0 403.7 21.6 5,599.0 Operating earnings (EBITA) 26.8 167.0-4.5-10.4 178.9 Profit before taxes 22.7 127.2-14.7-12.6 122.6 Net Profit 18.2 46.8-14.9-6.0 44.1 Capital expenditure 14.6 132.8 9.0 0.1 156.5 Net cash (+) / Net debt (-) 267.5-815.2-385.5 358.7-574.5 Financial data by division - Q1.13 (EUR million) HOCHTIEF Americas HOCHTIEF Asia Pacific HOCHTIEF Europe Corporate HQ/ Consolidation HT Group 1) New Orders 1,525.4 3,096.1 901.6 25.7 5,548.8 Work done 1,661.2 4,044.3 764.0 25.7 6,495.1 Order backlog 11,547.5 32,694.2 6,461.6-12.5 50,690.8 Sales 1,526.3 3,639.4 594.5 26.4 5,786.6 Operating earnings (EBITA) 21.6 152.1 2.5 11.3 187.5 Profit before taxes 16.2 105.1-12.1 13.4 122.6 Net Profit 12.4 37.5-9.6 96 32 3.2 43.5 Capital expenditure 28.9 469.2 20.6 0.4 519.1 Net cash (+) / Net debt (-) 395.2-1,565.4-713.7-134.8-2,018.7 Financial data by division - FY 13 (EUR million) HOCHTIEF Americas HOCHTIEF Asia Pacific HOCHTIEF Europe Corporate HQ/ Consolidation HT Group 1) New Orders 7,457.3 16,044.1 1 2,879.0 111.2 26,491.5 Work done 8,546.3 17,159.3 3,235.1 108.6 29,049.2 Order backlog 9,278.8 26,524.9 4,138.1-1.4 39,940.4 Sales 7,943.8 16,146.8 2,819.5 112.1 27,022.2 Operating earnings (EBITA) 115.1 742.9 152.5 162.2 1,172.7 Profit before taxes 94.0 501.2 62.8 143.2 801.2 Net Profit 59.4 183.9 31.8-103.9 171.2 Capital expenditure 57.6 1,333.8 59.3 2.1 1,452.8 Net cash (+) / Net debt (-) 369.5-276.6 6-486.5 354.0-39.6 1) Restated This one and other tables able are available in Excel on our website: http://www.hochtief.de/hochtief/5.jhtml Turning Vision into Value. 30
Group Cash Flow (EUR '000) Q1.2014 Q1.2013 restated Profit after taxes 88,197 100,979 Comments Non-cash expenses and changes in balance sheet items 47,067 148,161 Changes in depreciation; provisions; deconsolidation effects (divestments) Cash generated (pre NWC change) 135,264 249,140 Change in Net Working Capital -624,136-856,075 Driven mainly bei LEI Cash Flow from Operations (a) -488,872-606,935 Operating Capex -121,658-272,575 Mainly capex related to LEI Asset disposals (PPE etc) 66,691 33,661 Total Capex, net -54,967-238,914 Acquistions and investments in participating interests -34,840-246,478 2013 reflects caital injection into BrisConnect at LEI Proceeds from divestments t 140,663 13,307307 2014 reflects sale of aurelis Changes in cash and cash equivalents due to consolidation changes 0 0 Total Cash Flow from Investments (b) 50,856-472,085 Payments for the purchase of additional shares in subsidiaries (c) -32,172 - Stake increase in LEI Payments into equity by minority shareholders (d) 9,017 2,318 Dividends to minority shareholders (e) -54,898-84,719 Dividends to LEI minority shareholders Proceeds from borrowing 351,236 939,350 2013 includes issued HOT non-rated bond Service of debt -180,585-374,983 2013 mainly driven by HOT corporate headquarters Total Cash Flow from financing activities (f) 92,598 481,966 Change in net cash, cash equivalents, securities held (a+b+f) -345,418-597,054 Effect of exchange rate changes (g) 29,941 48,001 Mainly related to AUD Reported change in cash, cash equivalents, securities held -315,477-549,053 Changes in securities holdings and financial receivables 47,683-68,054 2014 mainly related to Turner and HOT Corporate headquarters Overall change in cash & cash equivalents (as reported) -267,794-617,107 Cash Flow from Operations (a) -488,872 Total Cash Flow from Investments (b) 50,856 Variations in equity (such as dividends) (c+d+e) -78,053 F/x, other 1) incl. (g) -18,824 824 Change in Net Cash -534,893 1) Others are due to non-cash f/x, consolidation effects, etc Turning Vision into Value. 31
Group Cash Flow reconciliation Group Cash Flow statement amended Group Cash Flow statement as reported Amende ed definitions (EUR '000) Q1.2014 Q1.2013 restated (EUR '000) Q1.2014 Q1.2013 restated Profit after taxes 88,197 100,979 Profit after taxes 88,197 100,979 Non-cash expenses and changes in balance sheet items 47,067 148,161 Depreciation, amortization, impairments, and impairment reversals 128,234 204,800 Cash generated (pre NWC change) 13 5,264 249,140 Changes in provisions -72,226-32,277 Changes in deferred taxes -4,856-12,556 Gains/(losses) from disposals of non-current assets and marketable securities -18,325-2,098 Other non-cash inc. & exp. (primarily equity accounting) & deconsolidations 17,885 2,410 Change in Net Working Capital -624,136-856,075 Changes in working capital (net current assets) -624,136-856,075 Changes in other balance sheet items -3,645-12,118 Cash Flow from Operations (a) -488,872-606,935 Net cash used by operating activities -488,872-606,935 Intangible assets, property, plant & equipment, & investment properties Operating Capex -121,658-272,575 Purchases -121,658-272,575 Asset disposals (PPE etc) 66,691 33,661 Proceeds from asset disposals 66,691 33,661 Total Capex, net -54,967-238,914 Acquisitions and participating interests Acquistions and investments t in participating i interests t -34,840-246,478 478 Purchases -34,840-246,478 478 Proceeds from divestments 140,663 13,307 Proceeds from asset disposals/divestments 140,663 13,307 Changes in cash and cash equivalents due to consolidation changes 0 0 Changes in cash & cash equivalents due to consolidation changes 0 0 Total Cash Flow from Investments (b) 50,856-472,085 Changes in securities holdings and financial receivables 47,683-68,054 Payments for the purchase of additional shares in subsidiaries (c) -32,172 - Net cash used in investing activities 98,539-540,139 Payments into equity by minority shareholders (d) 9,017 2,318 Dividends to minority shareholders (e) -54,898-84,719 Payments for the purchase of additional shares in subisidiaries -32,172 - Proceeds from borrowing 351,236 939,350 Payments into equity by minority shareholders 9,017 2,318 Service of debt -180,585-374,983 Dividends to minority shareholders -54,898-84,719 Proceeds from new borrowing 351,236 939,350 Service of debt -180,585-374,983 Total Cash Flow from financing activities (f) 92,598 481,966 Net cash (used in)/provided by financing activities 92,598 481,966 tables rt. x as presented in t s in Q1 2014 repor mponents of Capex Group and divisions Com of G Change in net cash, cash equivalents, securities held (a+b+f) -345,418-597,054 Net cash change in cash and cash equivalents -297,735-665,108 Effect of exchange rate changes (g) 29,941 48,001 Effect of exchange rate changes 29,941 48,001 Reported change in cash, cash equivalents, securities held -315,477-549,053 Changes in securities holdings and financial receivables 47,683-68,054 Overall change in cash & cash equivalents (as reported) -267,794-617,107 Overall change in cash and cash equivalents -267,794-617,107 Cash Flow from Operations (a) -488,872 Cash and cash equivalents at the start of the year 2,190,132 2,651,939 Total Cash Flow from Investments (b) 50,856 Of which: Included in assets held for sale 0 10,761 Variations in equity (such as dividends) (c+d+e) -78,053 Of which: Cash & cash equivalents as per Consolidated Balance Sheet 2,190,132 2,641,178 F/x, other 1) incl. (g) -18,824 Cash and cash equivalents at end of reporting period 1,922,338 2,034,832 Change in Net Cash -534,893 Of which: Included in assets held for sale 0 4,860 Of which: Cash & cash equivalents as per Consolidated Balance Sheet 1,922,338 2,029,972 1) Others are due to non-cash f/x, consolidation effects, etc Turning Vision into Value. 32
Historic f/x rates End of period Q1 14 FY 13 Q1 13 EUR/USD 1.38 1.38 1.29 USD/EUR 0.72 0.72 0.78 EUR/AUD 1.49 1.54 1.23 AUD/EUR 067 0.67 065 0.65 081 0.81 Period average Q1 14 FY 13 Q1 13 EUR/USD 1.37 1.33 1.32 USD/EUR 0.73 0.75 0.76 EUR/AUD 1.53 1.39 1.27 AUD/EUR 0.65 0.72 0.79 Turning Vision into Value. 33
Disclaimer This presentation and the report contain forward-looking statements. These statements reflect the current views, expectations and assumptions of the Executive Board of HOCHTIEF Aktiengesellschaft and are based on information currently available to the Executive Board. Such statements involve risks and uncertainties and do not guarantee future results, performance or events. Actual results, performance or events relating to HOCHTIEF Aktiengesellschaft and the HOCHTIEF Group, including but not limited to possible future divestments, profit before tax, consolidated net profit and dividends, may differ materially from the expectations and assumptions described in such statements due to, among other things, changes in the general economic, sectoral and competitive environment, risks associated with capital markets, currency exchange rate fluctuations, changes in international and national laws and regulations, in particular with respect to tax laws and regulations, the conduct of other shareholders, and other factors. Statements on dividends are additionally subject to the recognition of a corresponding unappropriated net profit in the published separate financial statements of HOCHTIEF Aktiengesellschaft for the fiscal year concerned and the adoption by the competent decision-making bodies of appropriate resolutions taking into account the prevailing situation of the Company. HOCHTIEF Aktiengesellschaft does not assume any obligations to update any forwardlooking statements. Turning Vision into Value. 34
Capital Markets Strategy & IR contacts For further information please contact: Investor Relations HOCHTIEF Aktiengesellschaft Opernplatz 2 45128 Essen, Germany Phone: +49 201 824 1517 Fax: +49 201 824 9 1517 Mike Pinkney Ulrike Kröner Martina Horst investor-relations@hochtief.derelations@hochtief Turning Vision into Value. 35