Investor Relations Company Presentation

Transcription

Investor Relations Company Presentation
(based on H1 2012 figures)
Latest update: August 24,
24 2012
Turning Vision into Value.
Table of contents
1.
Overview & Group Strategy
p. 3
2.
Americas
p. 10
3
3.
Asia Pacific
p 14
p.
4.
Europe
p. 18
5.
AirPort
p. 24
6.
The way forward and Guidance
p. 27
7.
Appendix
p. 34
ABN Amro, Chicago, USA
Elefsina-Patras tollroad, Greece
Alpha ventus offshore wind park, Germany
Burton Coal Mine, Australia
Ukhaa-Khudag Coal Mine, Mongolia
Metro Prague, Czech Republic
Manjung Power Station, Malaysia
Athabasca River Bridge, Alberta, Canada
2
1. Overview & Group Strategy
Hotel Blue Radisson, Frankfurt, Germany
Alpha ventus offshore wind park, Germany
ABN Amro, Chicago, USA
Elefsina-Patras tollroad, Greece
Gotthard Base Tunnel, Switzerland
Burton Coal Mine, Australia
WestLink M7 Sydney, Australia
Metro Prague, Czech Republic
Wigan Life Centre, UK
Transit Center, San Francisco, USA
Manjung Power Station, Malaysia
Athabasca River Bridge, Alberta, Canada
3
Essentials H1 2012
• HOCHTIEF Group back into profitability: EBT of EUR 75.2 m (11: EUR -434.6 m)
• Strong order development, growth in strategic areas
• Order
O de intake
intake: EUR 16.4
16 4 bn,
bn +25%
25% vss H1 11
• Order backlog: EUR 53.0 bn, +13% vs H1 11
• Asia Pacific shows positive results again after strong Q2
• Airport link opened to traffic in July
• Victorian Desalination Plant produced first water in July
p to lower capital
p
intensity,
y, increase capital
p
turnover and focus on core
• Steps
competencies
• Sale of VNE toll road in Chile; FC expected in H2 12
• Agreement on sale of Thiess Waste Management; FC expected in H2 12
• German building project impacts earnings in Europe division
• Confirmation of guidance for 2012
4
Operational performance impacted by extraordinary losses
Sales (EUR bn)
24
21
18
15
12
9
6
3
0
18.70
18.17
20.16
23.28
10 38
10.38
2008 1)
2009 2)
2010
2011
EBT (EUR m) / EBT margin (%)
12.01
12 01
12.01
H1 12
Net profit (EUR m)
300
250
200
150
100
50
0
-50
-100
-150
-200
157
192
288
-160
-49
800
700
600
500
400
300
200
100
0
-100
-200
300
-300
-400
-500
497
597
757
-127
75
3.8%
2.6%
3 3%
3.3%
3.8%
0.6%
75
-127
-435
-0.5%
-4.2%
2008
20091)
20102)
2011
H1 12
H1 12 vs. H1 11:
• Sales: +15.8% (f/x adjusted +7.6%)
-49
• EBT and Net Profit impacted by
L i ht profit
Leighton
fit warnings
i
iin Q1 12 and
d
Q1 11 and provisions at Europe
division in Q2 12
-156
-160
2008 1)
2009 2)
2010
2011
H1 12
1) Restated in Q3 09 due to retroactive application of IFRIC 15
2) Restated due to retroactive application of interpretation of IFRIC 12
5
…but: way forward based on strong order book
Ne orders (EUR bn)
New
25.28
22.47
29.63
Order backlog (EUR bn)
25.37
16.34
35
30
Germany
International
50
25
27.10
22.73
Germany
47.49
48.67
43.78
44.62
52.97
International
20
20.55
15.49
5
2.55
1.92
2.52
2.29
2008
2009
2010
2011
0.85
H1 12
Order backlog visibility1)
Europe
(2.04x work done,
24.5 months)
Americas
(1.41x work done,
16.9 months)
49.05
30
23.08
10
0
0
35.37
40
20
15
30.96
60
Asia Pacific
(2.11x work done,
25.3 months)
32.38
27.36
10
0
3.60
2.99
3.73
4.05
3.92
2008
2009
2010
2011
H1 12
• New orders: +25.3% vs. H1 11 (f/x adjusted
+16.2%)
• O
Order backlog: +8.8%
% vs. end 11; theoretical
forward order book of almost 23 months1)
…an excellent basis for 2012 and beyond
1) Order backlog end H1 12/work done
6
HOCHTIEF
Global
Integrated
Regional sales split
H1 2012:
• 29% America
• 61% Asia Pacific
• 10% Europe
(Germany 7%)
Sustainable
7
HOCHTIEF Group Strategy: The way forward
• Core competencies: Development, Build and Operate
g areas
• Focus on strategic
 Energy infrastructure
 Major cities
 Transportation infrastructure
 Resources
• Optimization
O ti i ti off fi
financial
i lb
basis
i and
d risk
i k managementt
 Sale of airports and of aurelis assets remains strategic target
intensity, increase of capital turnover at property
 Lower capital intensity
development and PPP projects
8
HOCHTIEF Group structure: Integrated solutions around the world
HOCHTIEF Corporate Headquarters
HOCHTIEF Americas
HOCHTIEF Asia Pacific
HOCHTIEF Europe
 Turner: #1 US general builder
 Flatiron: top 10 US transportation
i f
infrastructure
contractor
 Clark Builders (CAN): general builder
(acquired Nov 11)
Leighton Holdings:
 Civil engineering & Building construction
 Contract
C
mining
i i
 Property development
 Services
Integrated Solutions:
 Civil engineering & Building construction
 Real
R l Estate
E
 Service
 PPP business (Roads & Social Infrastr.)
• US, Canada
• Australia, Asia, Gulf region, selected
African countries
• Europe, selected other countries
(in EUR)
• New orders:
H1 12: 4.3 bn (H1 11: 3.1; FY 11: 7.0)
• Order backlog (end of period):
H1 12: 10.5 bn (H1 11: 7.7; FY 11: 8.9)
• Divisional sales:
H1 12: 3.4 bn (H1 11: 2.8; FY 11: 6.2)
• EBT:
H1 12: 25.3 m (H1 11: 85.8; FY 11: 142.4)
(in EUR)
• New orders:
H1 12: 10.6 bn (H1 11: 8.0; FY 11: 14.8)
H1 12: 36.2 bn (H1 11: 32.8; FY 11: 33.4)
H1 12: 7.2 bn (H1 11: 6.0; FY 11: 13.6)
• EBT:
H1 12: 85.1 m (H1 11: -598.2; FY 11: -285.4)
(in EUR)
• New orders:
H1 12: 1.4 bn (H1 11: 1.9; FY 11: 3.5)
H1 12: 6.2 bn (H1 11: 6.4; FY 11: 6.3)
H1 12: 1.3 bn (H1 11: 1.6; FY 11: 3.4)
• EBT:
H1 12: -85.3 m (H1 11: 38.4; FY 11: -9.0)
Asset held for sale:
HOCHTIEF AirPort
 Industrial investor and manager of 6 airports (ATH, BUD, DUS, HAM, SYD, TIA)
 EUR 1.05 bn paid-in capital; EBT (EUR m): H1 12: 64.9 (H1 11: 69.4)
9
2. Americas
Int‘l Airport San Francisco, USA
Ring road Saskatoon, Canada
Marriott Hotel, Seattle, USA
Port Mann Bridge, Vancouver, Canada
John J. Audubon Bridge, Louisiana, USA
Chicago Art Institute, USA
Sacramento Int‘l Airport, USA
Bear Stearns, New York, USA
Washington Bypass, USA
The Visionaire, New York, USA
Northeast Stoney Trail, Calgary, Canada
New Jersey Institute of Technology, USA
Arrowhead Stadium, Kansas City, USA
Lake Champlain bridge, USA
School of Business, Chicago, USA
San Francisco Oakland Bay Bridge, USA
10
HOCHTIEF Americas (1)
Overview
Essentials
• Turner – #1 general builder in US1)
• Flatiron – well positioned in North American civil
market; top ten US transportation infrastructure
contractor1)
• Strengthened market position through Clark Builders
acquisition (Canada), consolidation from Jan 1, 2012
Financials
Jan-Jun (EUR m)
2012
2011
%
FY 2011
New orders
4,327.7
3,125.2
38.5
7,036.5
10,493.5
7,733.1
35.7
8,923.9
Work done
3,710.9
3,013.9
23.1
6,714.5
Divisional sales
3,428.9
2,783.4
23.2
6,178.9
EBITA
30 2
30.2
86 8
86.8
-65
65.2
2
148 4
148.4
EBT
25.3
85.8
-70.5
142.4
0.7%
3.1%
-76.1
2.3%
78.3
33.1
136.6
55.2
706.6
606.0
16.6
720.3
Order backlog
EBT margin
Comments on financials:
• New orders / order backlog: f/x adjusted +26.5% /
+17.1%
• EBT: f/x adjusted -73.1%; unusually high level 2011
incl pos.
incl.
pos nonrecurring effect from risk provision release
that was not longer required; civil segment below
expectations (individual project earnings; low capacity
utilization)
• Capex: 2012 figure incl. Clark Builders acquisition
1) Source: McGraw-Hill, ENR Sep 12
Capex
Net assets
Outlook
• St
Strong order
d b
backlog,
kl
well-positioned
ll
iti
d
companies, footprint expanded due to 2012
acquisition in Canada
• EBT 2012E: again, good result expected;
but below high level 2011 due to weaker civil
segment
11
Segmental overview
Building:
• Segment-specific expertise and nation-wide network
provide competitive advantage
• Strong reputation as construction manager provides
quality contracts from repeat clients: limited risks,
low fixed costs, low capital intensity
• Good order flow in specialized
p
segments
g
• > 50% of order backlog are LEED1) projects
Building
Work done
H 2012, EUR 3.3 bn
H1
b
10%
12%
11%
Education/ Science
21%
Public/Justice
4%
3%
17%
7%
Commercial/ Retail
7%
Transportation/ Misc.
15%
8%
1) LEED: ‚Leadership in Energy and Environmental Design‘, the green building rating /
certification system of the U.S. Green Building Council
Healthcare
6%
18%
26%
Civil:
• Flatiron: strong performance in Western parts of the
US and Canada since acquisition in Dec 07
• Additional footprint in Eastern US infra market
through E.E. Cruz, New York region
• Weakness in US infrastructure market affects 2012
workload and results
Order backlog
end
d H1
H 2012, EUR 8.6 bn
b
23%
Residential/Hotel
Sports/ Entertainment
12%
Industrial/ Manufact.
Civil
Work done
H1 2012, EUR 0.4 bn
Order backlog
end H1 2012, EUR 1.9 bn
Highways
g
y
16%
20%
Bridges
Transit
8%
2%
48%
5%
1%
7%
9%
50%
Airport
Transmission
16%
18%
Other
12
Market opportunities
Building:
• Targeted segments to bottom out in 2012
• 2012-2015: significant
g
g
growth expected
p
in relevant
market segments
• Attractive growth opportunities in Canada
US Building market, order volume1)
300
154.9
152.6
154.9
179.4
222.7
271.1
21.8%
24.1%
Healthcare
15.8%
200
-2.0%
-1.5%
Education/Science
1.5%
Public
Commercial Buildings
Hotels/Dormitories
100
Manufacturing
Others
0
2010
Civil:
• Obvious need for investment in infrastructure
• US budget constraints create potential for
PPP/concession p
projects
j
• Return to growth expected for 2013 in key segments
roads, highways, bridges, mass transit
• Continuous growth in Canadian infrastructure
2011
2012e
2013e
2014e
2015e
US Civil market, contract volume2)
120
100
86.3
71.0
67.5
70.0
79.2
94.7
19.6%
0.9%
9%
-0
80
-17.7%
13.1%
-4.9%
Streets & Highways
3.7%
60
Bridges
40
Others
20
1) Order value in USD bn, growth in % p.a.; Key markets for Turner; Source: McGraw-Hill Q4 11
2) Contract volume in USD bn, growth in % p.a.; Key markets for Flatiron; Others incl. mass transit,
airport/air travel; Source: McGraw-Hill, Construction Market Forecast, Q4 2011;
0
2010
2011e
2012e
2013e
2014e
2015e
13
3. Asia Pacific
Rotowaro Coal Mine, New Zealand
Hunter Expressway, NSW, Australia
Al Shaqab Eqestrian Academy, Qatar
Alice Springs-Darwin Railway, Australia
Mongolia
I
Iraq
Kuwait
Bahrain
Saudi QatarU.A.E
Arabia
Oman
China
India
Victorian Desal Plant Melbourne, Australia
Sri Lanka
Macau Taiwan
LaosHong Kong
Vietnam
Cambodia
Philippines
Thailand
Malaysia Brunei
g p
Singapore
Eastern Distributor, NSW, Australia
Papua New Guinea
Papua-New-Guinea
Indonesia
Botswana
Airport Link, Brisbane, Australia
Australia
Map of Leighton activities
Epping Chatswood RailLink, Australia
New Zealand
Cockatoo Iron Ore Mine, Australia
Kowloon Southern Link, Hong Kong
Green Square Office, Brisbane, Australia
Loa Janan Coal Mine, Indonesia
14
HOCHTIEF Asia Pacific (1)
Overview
Essentials
• Leighton (approx. 53% share) – leading position in
Australia and selected Asian markets
• Successful re strategy to reduce tied-up capital and
refocus on core business: agreement to sell Thiess
g
FC expected
p
in H2 12
Waste Mgmt;
• Progress on legacy issues (APL opening to traffic, first
water at VDP, progress on recovery of receivables at HLG)
Financials
Jan-Jun (EUR m)
2012
2011
New orders
10,599.8
7,964.9
33.1
14,780.8
Order backlog
36,241.4
32,815.1
10.4
33,426.1
Work done
8,590.6
6,855.7
25.3
15,515.7
Divisional sales
7,216.8
5,991.7
20.4
13,631.3
163.9
-547.2
547.2
-
-168.2
168.2
85.1
-598.2
-
-285.4
1.2%
-10.0%
-
-2.1%
884.1
843.6
4.8
1,666.7
4 758 7
4,758.7
3 563 7
3,563.7
33 5
33.5
4 367 1
4,367.1
EBITA
EBT
EBT margin
Capex
• New orders / order backlog: f/x adjusted +23.0% /
+1.8%; particularly strong in infrastr., energy, resources
• EBT
EBT: strong
t
iincrease vs H1 2011 b
butt still
till clearly
l l b
below
l
normal level due to project burdens (APL/VDP) booked in
Q1 12 (approx. EUR 200 m / AUD 254 m)
• Strong H1 increase in net debt mainly driven by outflows
at APL and VDP projects as well as temporary working
capital needs
Net assets
%
FY 2011
Outlook
• B
Based
d on stable
t bl results
lt generated
t d by
b underd
lying business and loss-making projects
(APL/VDP) coming to an end; op. performance
expected to continue to improve in H2 12
• EBT 2012E: approx. EUR 300 m
15
Segmental overview Leighton
Op. revenue
(AUD m)
Jan 12-Jun 12
%
yoy
EBT
Jan 12-Jun 12
%
yoy
Work in hand
end June 12
%
yoy
Thiess
3,489
14.7%
78.2
-
16,612
0.7%
Leighton Contractors
3 364
3,364
1 6%
1.6%
134 2
134.2
-31.3%
31 3%
11 669
11,669
8 2%
8.2%
John Holland
2,217
21.5%
-32.5
-
7,140
-6.9%
Leighton Asia, India & Offshore
1,261
18.0%
63.0
-20.3%
8,403
12.8%
Leighton Middle East & Africa
285
-15.7%
-43.1
-
2,325
10.7%
Com m ercial & Residential Property
190
245 5%
245.5%
-17 3
-17.3
-
1 178
1,178
-31 6%
-31.6%
Source: Leighton Consolidated Interim Financial Report June 2012
Figures do not add up to total Leighton figures due to consolidation, etc.
Operating revenue
By market1)
Jan 12-Jun 12, AUD 11.1 bn
656
By activity1)
Jan 12-Jun 12, AUD 11.1 bn
1.048
190 10%
6%
Contract Mining
2.641
2%
4.387
41%
Work in hand
24%
5.763
6.927
64%
Services
By region1)
end June 12, AUD 47.3 bn
2.543 1.498
3%
6%
925
2%
3.489
2%
42%
Australia/Pacific
Indonesia
3%
19.657
24.181
892
1 597
1.597
7%
Construction
Development
53%
By market1)
end June 12, AUD 47.3 bn
9.027
19%
51%
30.845
65%
Hong
Kong/Macau
India
Middle East
Mongolia
Infrastructure
Resources
Property
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 June 2012 Update.
16
Australian infrastructure construction market
Infrastructure:
• Australian infrastructure market expected to
consolidate at historically high levels of work
Contract mining:
• Ongoing resources demand drives contract
mining business
Energy:
• Major Australian LNG projects over next years in
response to increasing Asian energy demand
Asia and Middle East:
• Continued opportunities – e.g. Hong Kong,
India, Indonesia, Mongolia and Gulf region
Total infrastr. work done by priv. sector, (in AUD bn)
70
Transport
60
50
Utilities
40
Social
30
20
10
0
08
09
10
11
12f
13f
14f
15f
16f
Source: Leighton Group Market
Outlook Aug 2012 based on
Australian Bureau of Statistics and
Macromonitor, Australian
Construction Outlook, Mar 12, Year
end June.
Resource market
Australian iron ore & coal production vol., in mln. to1)
800
700
600
500
400
300
200
100
Source Leighton Group Market Outlook Aug12 based on
1) Bureau of Resources and Energy Economics ;
Macromonitor, Australian Construction Outlook Mar 12
0
06
07
Iron ore
08
09
10
11
12f
Metallurgical coal
13f
14f
15f
16f
Thermal coal
17
5. Europe
Nordex Forum, Hamburg, Germany
Tower 185, Frankfurt, Germany
Werretal Bridge, Lower Saxony, Germany
Twin Sails Bridge, Poole, UK
Offshore wind farm Lilligrund, Sweden
Glendoe Hydro Power Plant, Scotland
Educational Center, Moers, Germany
Jack-up platform Thor
Barwa Commercial Avenue, Qatar
Portikon, Zurich, Switzerland
Sewage Treatment Plant Rousse, Bulgaria
Landeskriminalamt Düsseldorf, Germany
Harbor Project SeaBird, India
Futura commercial park, Kraków, Poland
Elbphilharmonie, Hamburg, Germany
4 elements offices, Düsseldorf, Germany
18
HOCHTIEF Europe (1)
Overview
Essentials
• Division offers clients comprehensive solutions,
comprising integrated business lines (bldg
construction & civil, PPP, real estate, services)
• 10 roads and 20 social infrastructure PPP projects
p p
paid-in of EUR 231 m at Jun 30, 2012
with capital
• Sale of VNE toll road (Chile); FC expected in H2 12
Financials
Jan-Jun (EUR m)
2012
2011
%
FY 2011
New orders
1,373.7
1,913.2
-28.2
3,456.1
Order backlog
6,245.9
6,441.9
-3.0
6,332.4
Work done
1,533.7
1,699.3
-9.7
3,467.3
Divisional sales
1,314.1
1,556.0
-15.5
3,377.7
EBITA
-59.8
59 8
67 6
67.6
-
47 1
47.1
EBT
-85.3
38.4
-
-9.0
-6.5%
2.5%
-
-0.3%
58.4
28.0
108.6
75.7
1,735.4
1,945.0
-10.8
1,867.9
EBT margin
Capex
• New orders: exceptionally strong 2011 figure (infra.
and real estate) but also delays in contract awards
Net assets
• EBT: affected mainly by provisions for one bldg project
(Elbphilharmonie) as well as not fully covered
overheads; 2011 incl. positive effects from risk
provision releases and one-off gain from offshore resale
Outlook
• EBT 2012E:
2012E satisfactory
ti f t
result,
lt following
f ll i the
th
additional expenses booked in Q2 12
• Net assets: project portfolio of Real Estate Solutions
as main component (EUR 1.3 bn)
19
HOCHTIEF Europe (2)
Segmental overview
Di i i
Divisional
l sales
l
EBT
EBT margin
i
O d backlog
Order
b kl
Jan-Jun 12/end Jun 12 (EUR m)
"Construction" Solutions1)
679.4
-93.2
-13.7%
3,271.0
Real Estate Solutions2)
342.7
-7.6
-2.2%
852.4
Service Solutions
331.1
6.1
1.8%
1,847.7
31.4
-0.6
-1.9%
575.9
PPP Solutions
Figures do not add up to total division figures due to consolidation, etc.
1)) “Construction
Co s uc o So
Solutions”
u o s co
comprises
p ses the
e four
ou So
Solutions
u o s ac
activities:
es Energy
e gy & Infrastructure,
as uc u e, International
e a o a Project,
ojec , C
Classic
ass c a
and
d Engineering
g ee g
2) Real Estate Solutions: EUR 1.3 bn net assets acc. to RONA definition
Business lines
Divisional
Di
i i
l sales
l
H1 12, EUR 1.31 bn
2%
25%
24%
Classic
Energy & Infra
12%
13%
Engineering
Service
9%
16%
13%
12%
28%
22%
Real Estate
1 1%
Work
W
kd
done
H1 12, EUR 1.53 bn
Order
O
d backlog
b kl
end H1 12, EUR 6.25 bn
Int'l Projects
23%
Regions
PPP
Int'l Project
Classic
Energy & Infra
Engineering
Service
Real Estate
Order
O
d b
backlog
kl
end H1 12, EUR 6.25 bn
2%
10%
27%
Domestic
63%
35%
Europe
63%
Other
PPP
0%
0% (Engineering)
Domestic
Europe
20
Other
HOCHTIEF Europe (3)
Real Estate Solutions business line
• Strong market position:
 Leading trader developer for premium office and residential real estate in Germany and CEE
 aurelis:
li strong
t
lland
d and
d property
t portfolio,
tf li strong
t
operational
ti
ld
development;
l
t
value crystallization through accelerated asset turnover within next few years; no time pressure due to strong
cash flows (s. p. 46f.)
• Selective investment approach
Projects in realization
Split by segment (% of total investment volume):
(92 projects, total planned investment vol. end H1 12: EUR 2,122 m)
13%
Office
44%
Residential
Healthcare
49%
Retail
Other
Domestic
Other
1) Net assets: Asset-side calculation: Total assets minus non-interest-bearing liabilities.
Liability-side: Equity, financial liabilities and pension provisions.
 Prop. develop. (HTP & formart): EUR 1,020 m
 aurelis: ca.
ca EUR 200 m equity contributed
1% 3% 3%
87%
• Net assets1) of EUR 1,313 m, incl.:
 Investment properties: EUR 21 m
• 92 projects in realization (i.e. construct. started)
– Pre-sold
P
ld rate
t 70% (all
( ll projects
j t in
i realization)
li ti )
– Rental income sufficient to cover fin. costs
– High pre-let rate: 72% for HTP projects in
realization ii.e.
realization,
e mostly commercial buildings
21
HOCHTIEF Europe (4)
Market opportunities Construction, Real Estate and Services
Construction Solutions
• Construction markets:
 Concentration on attractive int’l markets also
outside Europe,
Europe e
e.g.
g Qatar
 Focus on high growth offshore wind market
 Demand in Germany not expected to show
sustained recovery mid-term
• Growth
G
th in
i Services,
S i
such
h as outsourcing
t
i in
i
facility mgmt and energy contracting
• Real Estate growth segments in Germany and
CEE: residential, healthcare, sustainable buildings
av. growth p.a. 2011-14
in % (in real terms) 1)
Market vol. in EUR bn 11 1)
G
Germany
48.8
UK
1.6%
0.9%
80 3
80.3
32.2
5.1%
1.9%
-0.8%
9.2
6.7
Austria
17.4
16.5
Poland
Czech
Rep.
Non-Residential Building
Civil Engineering
9.0
5.7
0
50
3.7%
6.2%
-0.2%
-7.0%
100
Office rental market H1 20122)
Geneva
Paris
London City, London West End
Stuttgart
Berlin, Dusseldorf, Warsaw
Hamburg
Zurich
decelerated accelerated
growth of reduction of
rents
rents
Cologne
Munich
accelerated decelerated
growth of reduction of
rents
rents
Luxembourg
g
Budapest
1) Source: Euroconstruct June 2012
2) Source: JonesLangLasalle
Frankfurt/M, Istanbul, Prague
22
HOCHTIEF Europe (5)
Market opportunities PPP – growth potential
Roads:
• North America: pot. invest. vol. of EUR 6 bn until 2014
• CEE: potential in Albania, Poland & Czech Republic
• Germany: total invest. vol. until 2014: EUR 1.5-2 bn
• Netherlands: 4 Schiphol-Almere projects, ca. EUR 3 bn
invest. vol.; further road and sea lock projects
ca. EUR 3 bn until 2015
• UK: Mersey Gateway, ca. GBP 0.6 bn invest. vol.
Project pipeline
• Roads
Roads:
– Tender phase: 4 projects
• Social Infrastructure:
– Tender phase: 5 projects
Social
S
i l IInfrastructure:
f
t
t
• Canada: pot. invest. vol. of ca. EUR 1 bn
• Germany: > EUR 6 bn contr. vol. during next 3 years
• UK: expected invest. vol. of ca. EUR 5.2 bn
Infrastructure Ventures:
• Germany: development of offshore wind farms; joint
venture with Ventizz as investment partner
23
4. HOCHTIEF AirPort
Athens Int‘l Airport, Greece
Budapest Airport, Hungary
Hamburg Airport, Germany
Düsseldorf Int‘l Airport, Germany
Sydney Airport, Australia
Tirana Int‘l Airport, Albania
24
HOCHTIEF AirPort (1)
Assets held for sale
Essentials
• Interests in 6 airports in Athens, Budapest,
g Sydney and Tirana (for
Düsseldorf, Hamburg,
asset details s. p. 50f.)
• With 44.4 m PAX in H1 12 -0.3% traffic growth
(excl. ATH/BUD +2.4%)
• Since Sept. 30, 2011 accounted for as noncurrent assets held for sale under IFRS 5,
5 part of
Headquarter/Consolidation
• EBT: Airport’s EBT on basis comparable to last
year’s accounting method would have been EUR
34.0 m (vs
( H1 11: EUR 69.4 m; incl. release of
risk provisions at DUS and BUD)
• Assets held for sale: contains minority interests
partners; there are also intra-group
g p loans from
of p
HOCHTIEF AG to HOCHTIEF AirPort of EUR
910.4 m
Key figures / Financials
Jan-Jun (EUR m)
2012
2011
EBITA
87.3
87.9
-0.7
64.9
69.4
-6.5
EBT
1)
1,454.6
%
n.a.
-
1) In accordance with IFRS 5 reported as non-current assets held for sale since Sep.
30, 2011
Outlook
• Selling airports at attractive price remains
clear strategic objective; no time pressure
25
HOCHTIEF AirPort (2)
Traffic volume growth
Forecasted passenger vol. 09-2029E
In million, growth rates in % p.a.1)
World
+4.1% p.a.
Asia Pacific
+6 3% p.a.
+6.3%
pa
Europe
H1 2012:
• World: +4.9% yoy
• HTA airports: -0.3% yoy
+2.9% p.a.
North America
+2.3% p.a.
Latin America
+5.1% p.a.
Middle East
+4.4% p.a.
Africa
+5.0% p.a.
0
2009
2009-2029E
1.000 2.000 3.000 4.000 5.000 6.000 7.000 8.000 9.00010.00011.00012.000
1) Airports Council Intl., Global Traffic Forecast 2009-2029, Edition 2011
Historic passenger volumes
2011
2010
2009
2008
2007
2006
2005
2004
TIA
2003
2002
BUD
2001
2000
HAM
1999
1998
ATH
1997
1996
DUS
1995
1994
1993
1992
SYD
1991
100
90
80
70
60
50
40
30
20
10
0
• Passenger growth
– HOCHTIEF airports H1 12 : 44.4 m (-0.3% yoy);
excl ATH 38.5
excl.
38 5 m (+1.7%
(+1 7% yoy)
– 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)
– o
onlyy short-term
s o e se
set-backs:
bac s Gulf
Gu war
a ((1991),
99 ),
Sept. 11, 2001, financial crisis (2009)
– Traffic growth at Budapest in 2012 impacted by
discontinuation of home carrier Malév’s operations
26
6. The way forward and Guidance
Hydropower plant, Chile
Exhibition hall, Frankfurt, Germany
Saadiyat Link Expressway, Abu Dhabi
Hotel de Rome, Berlin, Germany
Office building Altezza, Munich, Germany
Geoth. power plant, Kirchenst., Germany
Shopping center, Aachen, Germany
Calgary ringroad, Canada
Offshore jack-up vessel , Germany
Airport Vienna, Austria
North Luzon Expressway, Philippines
XFEL-Tunnel, Hamburg, Germany
Yale University Health Center, USA
Hinze Dam, Queensland, Australia
Office building , Darmstadt, Germany
Ohio Wesleyan University, USA
27
Why HOCHTIEF?
1 Global
1.
Gl b l platform
l tf
with
ith strong
t
position
iti iin regional
i
l markets
k t
2. High and good quality order backlog through integrated services
3. Further potential from sale of assets
4. Focus on four strategic areas:
•
Energy infrastructure
•
Major
j cities
•
Transportation infrastructure
•
Resources
Global
Integrated
Sustainable
28
Toward the future. With solutions from HOCHTIEF
Energy infrastructure
• Expansion of offshore wind energy activities, e.g.
construction of windparks, new jack-up vessels “Innovation” and
“Vidar”, development of 5 windpark concessions in JV with
Ventizz
• Energy infrastructure/network expansion,
expansion e.g.
e g Gorgon LNG
LNG,
power tunnel Sydney, transmission lines in Canada, HOCHTIEF
Cobra JV
• Efficient use of energy in property management
29
Major cities
• HOCHTIEF market leader in German city developments
• Turner, #1 general builder in US
• Leighton projects in health market, e.g. in Australia and Abu
Dhabi
• PPP social infrastructure projects, e.g. in Canada, Germany
and UK
30
Transportation infrastructure
• Infrastructure projects for society’s globally
g mobility
y needs
rising
 Road construction and PPP projects, e.g. A8 in Germany,
Presidio Parkway San Francisco, USA
 Bridge and tunnel construction, e.g. in UK, Canada
 Rail tracks and facilities, e.g. in Australia, Hong Kong
• Participation in research projects and product
innovations
31
Resources
• Strong global demand for resources
 Driven particularly by Asia
 Coal and iron ore production volumes forecast to increase
• Leighton, world’s #1 contract miner
• Contract mining of resources, e.g. iron ore, coal, gold, diamonds
 Australia
 Asia
A i ((e.g. iin IIndonesia,
d
i M
Mongolia,
li IIndia)
di )
32
Group Guidance 2012
Confirmation of earnings targets; though, more challenging to achieve
Reported
2010
2011
Expected
20121)
(EUR bn)
New orders
29.6
25.4
On par with high level 2011
Order backlog
g
47.5
48.7
Normalize below record FY 2011
Sales
20.2
23.3
Normalize below record FY 2011
EBT
756.6
-127.0
Just under 550
Net profit
288.0
-160.3
Just under 180
(EUR m)
Dividends:
• HOCHTIEF intends to propose adequate shareholder participation.
1) Guidance does not include any extra ordinary items
33
7. Appendix
Paddington Bridge, London, UK
Kaltim Prima Coal Mine, Indonesia
Technical University, Aachen, Germany
Indore to Khalghat Road, India
Container terminal, Danzig, Poland
Cancer Research University Florida, USA
St Regis Hotel & Ressidences Abu Dhabi
Kicking Horse Pass Brit. Columbia, USA
Music College, Cologne, Germany
Prague Airport, Czech Republic
Hotel The George, Hamburg, Germany
Scheremetjewo Airport, Russia
Railway Nünberg-Ingolstadt, Germany
Oresund bridge, Denmark/Sweden
Max-Planck Institute, Stuttgart, Germany
Ipoh to Padang Tracking, Malaysia
34
Consolidated Group statement of earnings
2012
2011
%
FY 2011
12,013.1
10,375.0
15.8
23,282.2
38.7
1.4
2,664.3
-143.6
Materials
-8,208.9
-7,181.3
14.3
-15,572.3
P
Personnel
l costs
t
-2,624.7
2 624 7
-2,193.9
2 193 9
19 6
19.6
-4,863.6
4 863 6
65.2
221.3
-70.5
499.5
-694.7
-765.6
9.3
-1,792.9
Non-operating earnings
-5.3
-5.8
-
20.3
Net income from participating interests
54.1
-467.6
111.6
-584.7
637.5
-16.5
3,963.6
Jan-Jun (EUR m)
Sales
Changes in inventories
Other operating income
Other operating expenses
EBITDA
Americas: EUR 22.7 m (2011: EUR 22.7 m)
–
Asia Pacific: EUR -68.9 m due to VDP project
losses (2011: EUR -564.3 m)
844.9
–
E
Europe:
EUR 9
9.9
9 m (2011
(2011: EUR -1.2
1 2 m))
–
Airports: EUR 90.3 m (2011: EUR 75.7 m; 2011 on
comparable basis, IFRS 5: EUR 77.7 m)
-333.8
35.9
-782.9
183.8
-350.3
152.5
62.0
-103.3
-78.5
-31.6
-168.7
-5.3
-5.8
-
-20.3
75.2
-434.6
117.3
-127.0
Income taxes
-35.3
-43.4
-18.7
-61.7
Deferred taxes
-16.8
151.5
-111.1
-61.7
23.1
-326.5
107.1
-250.4
of which: Consolidated net profit
-49
49.1
1
-155
155.6
6
68 4
68.4
-160
160.3
3
of which: Minority interest
72.2
-170.9
142.2
-7.6
Depreciation
Net investment and interest income
Non-operating earnings
EBT
EAT
• Net income from participating interests:
–
-453.7
EBITA/EBIT
• Sales: Increase by 15.8%; 93% of total is nondomestic
• Depreciation: in line with Capex growth
• Net investment and interest income: decrease due
to higher interest expenses
• Taxes: positive tax position 2011 mainly reflects
project losses at Leighton leading to recognition of
deferred tax assets
35
Consolidated Group balance sheet (assets)
(EUR m)
Intangible assets
PP&E
Investment properties
At equity
q y and other financial assets
30 Jun 12
31 Dec 11
%
764.3
693.3
10.2
2,298.0
2,235.1
2.8
21.3
21.7
-1.8
1,138.5
,
,
1,098.2
3.7
Financial/other receivables, other assets
934.3
890.9
4.9
Deferred tax assets
308.3
274.7
12.2
Non-current assets
5,464.7
5,213.9
4.8
Inventories
1,375.1
1,286.8
6.9
195.2
150.0
30.1
5,533.8
4,681.3
18.2
238.9
226.5
5.5
94.6
124.2
-23.8
590.2
392.8
50.3
2,085.8
2,264.8
-7.9
Financial receivables
Trade receiveables
Other receivables and other assets
Current income tax assets
Marketable securities
Cash and cash equivalents
1,525.6
1,455.8
4.8
Current assets
11,639.2
10,582.2
10.0
Total assets
17,103.9
15,796.1
8.3
Non-current assets:
• Intangible assets: increase mainly reflects acquisition
of Clark Builders
• Deferred tax assets: increase mainly due to project
losses at Leighton which led to recognition of deferred
tax assets
Current assets:
• Inventories: growth mainly due to increase in raw
material/supplies and work in progress at Asia Pacific
• Trade receivables: growth in line with business
activities, mainly Asia Pacific and Americas
• Marketable securities: increase mainly due to
purchases at Americas and Luxembourg
p
g funds
• Cash and cash equivalents: decrease mainly at Asia
Pacific (cash outflow for APL/VDP projects) and
financing of further investments
• Assets held for sale: mainly Airport business
36
Consolidated Group balance sheet (equity and liabilities)
Shareholders’ equity:
• Earnings after taxes: EUR 23.1 m
• Changes in fair value of financial instruments and
actuarial gains and losses, f/x differences,
other: EUR 4.8 m
• Dividend payments: EUR -89.9 m
• Equity ratio: 23.7% (end 2011: 26.0%)
30 Jun 12
31 Dec 11
%
Attributable to the Group
2,506.1
2,598.4
-3.6
Minority interest
1,542.3
1,512.0
2.0
Shareholders' equity
Shareholders
4,048.4
4,110.4
-1.5
1.5
Provisions for pensions and similar obligations
308.8
188.8
63.5
Other provisions
469.7
451.6
4.0
2,873.2
2,301.5
24.8
190.4
178.7
6.6
(EUR m)
Financial liabilities
Other liabilities
Deferred tax liabilities
Non-current liabilities
Non-current liabilities
• Provisions for pensions: adjustment of discount
rate corresponding to decreased market rate
• Financial liabilities: EUR +500 m bond placement
and EUR +244.0 m leasing liabilities; partly offset by
EUR -400
400 m service of debt
Other provisions
91.0
78.7
15.6
3,933.1
3,199.3
22.9
938.1
956.5
-1.9
1,843.9
1,492.8
23.5
Trade payables
5,858.8
5,630.2
4.1
434.8
379.3
14.6
Other liabilities
Current income tax liabilities
Debt related to assets held for sale
Current liabilities
Liabilities and shareholders's equity
7.0
8.3
-15.4
39.8
19.3
106.5
9,122.4
8,486.4
7.5
17,103.9
15,796.1
8.3
Current liabilities:
• Financial liabilities: funding of op business growth
• Trade payables: growth in line with expansion of
operating business
37
Consolidated Group cash flows
H1 2011
H1 2012
3,500
• 11: Significantly
positive cash flow from
operating business
despite losses at HT Asia
Pacific (loss incurred at
Leighton not yet casheffective).
500
0
Cash and cash
equivalents at
start of year
+59
+
-1
125
• 12: High investments at
Asia Pacific and outflow
of funds due to purchase
of securities.
• 11: Mainly high
investments in PP&E at
Asia Pacific. Opposed by
higher inflow of funds
from sale of securities.
• 11: High repayments
(esp. at HOT corporate
headquarters and at Asia
Pacific). Opposed by
inflow of funds from
contributions by thirdparty share-holders upon
capital increase at
Leighton.
investment
activities
financing activities
Change in
exchange rates
and other changes
2,086
• 11: Negative f/x effects
from USD and AUD.
Change in cash flow from
operating activities
• 12: Positive f/x effects
from USD and AUD.
1,938
2,265
2,451
1,500
+897
+
65,4
• 12: Substantial increase
in net current assets due
to increase in trade
receivables (esp. at Asia
Pacific, Americas).
F h
Further,
outflow
fl
off
liquidity due to accelerated progress with
construction of Airport
Link project.
-417
-96
2,000
--1,039
(EUR m)
2,500
1,000
-675
5
+704
4
3,000
• 12: High volume of
borrowing at HOT
corporate headquarters,
(incl. EUR 500 m bond
issue) and at Asia Pacific,
partly balanced by
repayments (incl. EUR
400 m reduction of cash
credit line utilization).
Cash and cash
equivalents at end
of reporting period
38
Financial basis
Key figures (end H1 2012):
(EUR m)
4300
• Group net debt of EUR 1.617 m includes Leighton net
3800
3300
800
2.676
2
1300
3,311
1800
2,658
2
2300
4.293
debt of EUR 1.422
1 422 m (Leighton net debt end FY 11:
2800
EUR 503 m)
• New financing instruments1) 2012: ca EUR 0.9 bn
(EUR 500 m HOCHTIEF corporate bond; AUD 550 m
300
-6
653
-700
-1.617
-200
-1200
-1700
end H1 20121)
end 2011
Financial Assets
1) Net debt H1 2012 includes:
• Pledged securities 23
Leighton lease/debt facilities)
• Undrawn
U d
debt
d bt ffacilities
iliti 1): ca EUR 1
1.1
1 bn
b
(EUR 530 m HOCHTIEF corporate; AUD 0.8 bn Leighton)
Net cash/(Net debt)
• Non-/limited recourse financing:
g EUR 234 m nonrecourse (Real Estate Europe); EUR 177 m (AUD 219 m) non/limited recourse Leighton (Real Estate Australia)
Not deducted:
• Pension liabilities
309
• Prepayments
383
Details see p. 40
1) Excl. ongoing project financing
39
Capital structure end H1 12
Net debt calculation:
(EUR m)
Cash and cash equivalents
Marketable securities
Non‐current securities
Financial assets:
B d
Bonds or notes issued
i
d
Amounts due to banks
Other financial liabilites
4)
end H1 2012
FY 2011
2,085.7
590.2
0.3
2,676.2
1 284 2
1,284.2
2,274.2
734.4
2,264.8
392.8
0.3
2,657.9
769 1
769.1
2,081.4
460.4
1)
2)
3)
Financial liabilities:
4,292.8
3,310.9
Net debt:
1,616.6
653.0
Net debt includes:
Pledged securites
23.4
22.7
Not deducted:
Pension liabilities
Prepayments
308.8
383.2
188.8
402.7
• Financial
Fi
i l li
liabilities
bili i main
i components
• 1) EUR 222 m Leighton US PP, 2008-13/15/18; EUR 227 m Leighton bond, 2009-14;
EUR 277 m Leighton US PP, 2010-15/17/20; EUR 500 m non-rated Bond 2012-17
• 2) EUR 549 m promissory note loans after early repayments of EUR 81 m (EUR 30 m: 2009-14;
EUR 194 m: 2008-13/15; EUR 240 m: 2010-15; EUR 85 m 2012-16);
EUR 200 m syndicated revolving cash facility,
facility 2011-2016
EUR 237 m Leighton, 2008-12;
EUR 299 m various project financing (incl. EUR 234 m non-recourse project financing ex-Lei)
• 3) EUR 734 m leasing facilities
• Major long-term guarantee facilities
• EUR 1.5 bn HOCHTIEF syndicated revolving guarantee facility, 2011-16,
2011 16, utilization : EUR 1.1 bn
• EUR 5.2 bn (USD 6.5 bn)Turner/Flatiron bonding facilities, utilization: EUR 3.8 bn
• EUR 5.3 bn guarantee facilities, including:
• EUR 3.1 bn Leighton bonding facilities utilization end H1 12: EUR 2.6 bn;
• other bilateral guarantee facilities
Debt Maturity:
(EUR m)
1.200
1,200
149,6
1.000
1,000
800
800
Bonds or notes issued
Amounts due to banks
Other financial liabilities
157,2
600
600
400
400
200
200
0
0
141,6
877,4
523,4
157 1
157,1
ufn
5)
92,3
2012
6)
4) Excluding long-term loans to participating interests
2013
144,3
141,7
804,9
127,6
288,3
237,4
149 6
149,6
2014
300,4
2015
5) until further notice, i.e. no specified maturity
> 2016
6) Amounts due to banks include various ongoing and also revolving project financings
40
Dividend payment in line with earnings development
Dividend
(EUR per share)
2,00
1,80
1 60
1,60
1,40
1,20
1,00
,
0,80
0,60
0,40
0,20
0,00
• 2011:
 No dividend proposed due to
significant losses in FY 11
• 2010:
 Net profit EUR 288 m
 Payout ratio of 53%1)
• Going forward:
2.00
1.30
1.40
1.50
2007
2008
2009
2010
 HOCHTIEF Executive Board
intends to propose adequate
shareholder participation
2011
1) Payout ratio = Dividends paid/Net profit
41
Value created (1)
RONA1)
FY 11
FY 102)
EBITA
62.0
947.5
Interest income
75.6
66.9
137.6
1,014.4
• Value created: EUR -627.6 m
4,110.4
4,264.2
• RONA:
188.8
116.6
+ Financial liabilities
3,794.4
3,222.7
- Deferred tax asset
274.7
260.6
78.7
66.0
7,897.6
7,408.9
(EUR m)
Return
Shareholders' equity (incl. minorities)
+ Pension provisions
+ Deferred tax liabilities
Net assets (year end)
Av. net assets
RONA
Value created (absolute)
7,653.3
6,733.2
1.8%
15.1%
-627.6
343.4
• Return:
• Net assets: EUR 7,653.3 m (+14%)
1.8% (-88%)
Group WACC / RONA
25,0%
WACC
20,0%
15,0%
10,0%
5,0%
13,8%
10,0%
,
RONA
15,1%
,
10,0%
,
10,0%
1,8%
0,0%
2009
1)
2)
EUR 137.6 m (-86%)
2010
2011
All figures as reported in annual report 11
Restated due to new segmental structure and due to interest income not anymore being adjusted to eliminate interest from advance payments received, which used to be already included as
an interest credit in EBIT
42
Value created (2)
RONA1)
Americas WACC / RONA
25%
23,0%
24,3%
22,2%
23,3%
22,5%
20%
21%
15%
14,1%
14,1%
5%
WACC
0%
2009
7%
0%
RONA
2010
15%
14%
11,4%
2011
-7%
Concessions WACC / RONA2)
25%
35%
28%
20%
10%
Asia Pacific WACC / RONA
11,6%
11,6%
WACC
2009
11,8%
-3,4%
RONA
2010
10%
5%
0%
2011
12,0%
12,7%
10,1%
10,1%
WACC
2009
RONA
2010
10,1%
5 5%
5,5%
2011
Europe
p WACC / RONA
0,2
0,1
0
10,2%
10,2%
9,0%
10,4%
-0,1
-0,2
WACC
-0,3
2009
1)
2)
RONA
2)
2010
2011
All figures as reported in annual report 11
Current division HOCHTIEF Europe did not exist in 2009
43
CR – Corporate responsibility
Focusing on six areas with clearly defined objectives
1. Sustainable products and
services
Lead global market for sustainable projects in the construction and
construction-related
construction
related services segments; constantly add services
spanning the infrastructure project, real estate and facility life cycle.
2. Active climate protection
Save carbon emissions together with our clients
3. Resource protection
Conserve natural resources and optimize the use of resources
4. Attractive working environment
Boost position as a sought-after employer and, over the long term,
establish ourselves among the most attractive employers in the
industry
5. Corporate citizenship
Get involved in the community wherever our company is at work
6. Compliance and ethics
management
Set standards in business ethics and do our utmost to apply those
standards
44
HOCHTIEF Asia Pacific
Leighton broadly positioned in Gulf through Habtoor Leighton-Group (HLG)
Habtoor Leighton Group’s Gulf presence
M
Manama,
Bahrain
B h i
Kuwait
Doha, Qatar
Dubai, UAE
Riyadh, RSA
Abu Dhabi, UAE
Muscat, Oman
Key figures Leighton Middle East & Africa (mainly HLG)
HY / end of HY (AUD m)
Revenues
Segment result
Jan-Jun 2012
Jul-Dec 2011
285
330
-43
-154 1)
123 m
223 m
112 m
Work in hand
2,325
• Established in Dubai in 1970, now active across the
Gulf
• Leighton merged its operations in the Arabian Gulf in
2007 with Al Habtoor Engineering to create one of
g
multi-disciplined
p
contracting
gg
groups
p in the
the largest
Gulf – the Habtoor Leighton Group (HLG, Leighton
stake 45%)
• Focus: building and infrastructure construction
• Dubai continues to be challenging but majority of
revenue generated in other locations
• Good prospects for several projects in Abu Dhabi,
Qatar and Saudi Arabia
2,280
Source: Leighton June 2012 Update
1) Includes impairment of AUD 50.0 m to carrying value of investment in HLG
45
HOCHTIEF Europe – Real Estate Solutions business line
aurelis – value crystallization through accelerated asset turnover within next years
aurelis overview (Jun 2012)
Land Developer
Asset Manager & Lessor
• Stable and secure income
• Development concepts
• Value add potential
• Planning expertise
• Tenant solutions
• Solutions to environ. issues
65% book value
35% book value
7.4 m sqm land, 470 assets
8.9 m sqm land, 320 assets
• Real estate assets and land bank mainly located in Germany’s
economically most important cities/regions, mostly city centre
locations (see map)
• aurelis business objective
- Develop and sell properties; selective, pre-leased property
refurbishments
- optimization of rental income
• Portfolio (see also fact sheet on page 47)
- 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
- End H1 2012 approx. EUR 660 m bank loans after successful
refinancing in late 2011
aurelis sites
46
HOCHTIEF Europe – Real Estate Solutions business line
Factsheet aurelis (100%)
Portfolio composition
Asset sqm
1)
Split portfolio BV
Asset #
2)
AM &
Lessor
Land
Developer
Proceeds from
Asset
sales
Rental
income
(EUR m)
(EUR m)
AM &
Lessor
Land
Developer
Total
AM &
Lessor
Land
Developer
Total
(%)
(%)
end / FY 2007
11.2
14.7
25.9
671
774
1,445
67%
34%
199
100
end / FY 2008
10.4
12.5
22.9
629
704
1,333
69%
31%
302
99
end / FY 2009
9.7
11.6
21.3
600
621
1,221
69%
31%
230
92
end / FY 2010
7.9
10.9
18.8
547
508
1,055
61%
39%
300
90
end / FY 2011
7.5
9.3
16.8
490
362
852
63%
37%
250
83
end / H1 2012
7.4
8.9
16.3
470
320
790
65%
35%
70
39
1,351
503
3)
• K
Key financials
fi
i l H1 2012 (FY 2011/FY 2010):
2010)
– EBT: EUR 5.7 m (EUR 61.4 m / EUR 62.3 m)
– EAT: EUR 4.4 m (EUR 51.4 m / EUR 55.5 m)
• To further increase asset value, now major focus on
– Pushing ahead obtaining development right for large-scale projects
– Securing long-term rentals and carrying out refurbishments
• Outlook 2012:
– Proceeds from rental income: around EUR 80 m
– EBT: > EUR 50 m
Total
1) Asset Manager 2) Book Value 3) Proceeds 07 refer to FY, although consolidation date was Dec 1, 07
47
HOCHTIEF Europe – Roads PPP
(end H1 12)
Total
investment
HOCHTIEF
share
HT capital
required
HT capital
provided
in EURm
in %
in EURm
in EURm
Herren Tunnel Lübeck (D)
78.5
50.0
11.0
11.0
at equity
2001
Operation
1999 - 2005
Vespucio Norte Express (Chile)
521.0
29.2
57.9
57.9
at equity
2004
Operation
2003 - 2005
Project
Consolidation
method
Financial
close
Current
phase
Construction
Operation
Project details
Length
in km
Type of
Development
Payment
System
2005 - 2035
2.0
Brownfield
Hard toll
2006 - 2033
29.0
Brownfield
Hard toll
Availability
& shadow
toll
North Highway A5 (Ypsilon) (A)
830.8
44.4
11.5
11.5
at equity
2006
Operation
2007 - 2010
2010 - 2039
51.0
Greenfield
North Highway A5 (Ypsilon) (A)
Service Area Business
30.6
50.0
2.7
2.7
at equity
2010
Operation
2010 - 2011
2011 - 2039
-
Greenfield
-
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
74.0
17.5
at equity
2008
Construction
2008 - 2012
2008 - 2038
260.0
Brownfield
Hard toll
Elefsina-Patras-Tsakona (GR)
2,214.2
17.0
35.6
13.7
at equity
2008
Construction
2008 - 2014
2008 - 2038
365.0
Brownfield
Hard toll
San Cristóbal Express (Chile)
107.9
50.0
21.6
13.8
at equity
2009
Operation
2005 - 2008
2008 - 2037
4.0
Greenfield
Hard toll
58.0
Brownfield
Shadow
toll
Availability
Availabilty
A4 (Via Solutions Thüringen) (D)
A8 highway (D)
Northeast Anthony Henday Drive (CAN)
Presidio Parkway (USA)
Total Roads
430.0
50.0
472.0
25.0
68.0
50.0
6,124.7
39.1
0.5
at equity
2009
Construction
2011-2015
2011-2041
0.0
at equity
2012
Construction
2012-2016
2012-2046
27.0
Greenfield/
Brownfield
17.6
17.6
at equity
2012
Construction
2012-2015
2012-2045
2.4
Greenfield
303.2
164.5
13.9
48
HOCHTIEF Europe – Social Infrastructure PPP
(end H1 12)
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
Five Schools (IRL)
281.3
91.6
50.0
5.8
5.8
at equity
2001
Operation
-
2006 - 2027
Schools Offenbach ((D))
410.2
130.6
94.9
14.2
14.2
full consolidation
2004
Operation
p
2005 - 2010
2005 - 2019
Cork School of Music (IRL)
228.3
72.6
25.5
1.9
1.9
at equity
2005
Operation
2005 - 2007
2007 - 2032
Schools Cologne (D)
125.9
35.5
100.0
4.1
4.1
full consolidation
2005
Operation
2005 - 2007
2005 - 2029
Sports College Manchester (GB)
169.5
53.2
25.5
1.2
1.2
at equity
2005
Operation
2005 - 2007
2007 - 2032
Bangor & Nendrum Schools (GB)
216.6
60.0
20.4
1.8
1.8
at equity
2006
Operation
2006 - 2008
2008 - 2038
Salford Schools (GB)
218.6
67.6
25.5
0.9
0.9
at equity
2006
Operation
2006 - 2008
2008 - 2033
East Ayrshire Schools (GB)
399.0
126.7
25.5
3.2
3.2
at equity
2006
Operation
2006 - 2008
2007 - 2038
North Ayrshire Schools (GB)
488.8
125.1
25.5
2.4
2.4
at equity
2006
Operation
2006 - 2007
2007 - 2037
Comprehensive School CologneRodenkirchen (D)
126.9
51.9
100.0
2.2
2.2
full consolidation
2007
Operation
2007 - 2010
2009 - 2034
Schools Frankfurt (D)
248.7
108.1
100.0
9.1
9.1
full consolidation
2007
Operation
2007 - 2009
2007 - 2029
West Lothian Schools (D)
282.0
107.1
50.0
5.8
5.8
at equity
2007
Operation
2007 - 2009
2009 - 2039
Fürst Wrede Barracks Munich (D)
160.7
56.7
100.0
4.3
4.3
full consolidation
2008
Operation
2008 - 2009
2008 - 2028
Salford & Wigan BSF (GB)
253.2
74.9
40.0
3.3
3.3
at equity
2009
Operation
2009 - 2011
2011 - 2036
Wigan Joint Services Center (GB)
261.6
69.1
50.0
4.7
4.7
at equity
2009
Operation
2009 - 2011
2011 - 2036
Alberta Schools II (CAN)
242.3
60.8
50.0
4.1
0.0
at equity
2010
Construction
2010-2012
2012-2042
Ontario Provincial Police (CAN)
305.7
89.0
50.0
6.8
0.0
at equity
2010
Construction
2010-2012
2012-2041
Halton BSF (GB)
180.7
63.4
45.0
1.3
1.3
at equity
2011
Construction
2011 - 2013
2013 - 2038
Schools Braunschweig (D)
279 0
279.0
80 0
80.0
100 0
100.0
00
0.0
00
0.0
full consolidation
2011
Construction
2011-2014
2011-2036
320.3
97.2
40.0
3.3
0.0
at equity
2011
Construction
2011-2013
2013 - 2038
5,199.3
1,621.0
80.4
66.2
Salford & Wigan BSF Phase 2 (GB)
Total Social Infrastructure
49
HOCHTIEF AirPort
(end H1 12)
Project Name
HOCHTIEF
stake
HOCHTIEF capital (EUR m)
committed
paid-in
Method of
Financial
Concession
consoli-
close
period
dation
Athens International Airport (GR)
26.7%
91.4
91.4
at equity
1996
1996-2026
Düsseldorf International (D)
20.0%
56.6
56.6
at equity
1997
open-ended
Hamburg
g Airport
p ((D))
34.8%
283.1
283.1
at equity
q y
2000
open-ended
p
Sydney Airport (AUS)
5.6%
116.6
116.6
fair value
2002
1998-2097
Tirana International Airport (AL)
47.0%
4.4
4.4
at equity
2005
2005-2025
Budapest Airport (HU)
49.67%
502.0
502.0
at equity
2007
2007-2080
1,054.1
1,054.1
Total
50
HOCHTIEF AirPort: Financial data of key assets at end FY 11
2011
Athens Int'l
Budapest
Düsseldorf
Hamburg
Airport
Airport
International
Airport
Sydney Airport
Tirana Int'l
Airport
HOT prop.
share in
airports2)
(AUD m)1)
(EUR m)
(EUR m)
(EUR m)
(EUR m)
HOT share
26.7%
49.66%
20.0%
34.8%
5.61%
47.0%
HTAC share
>13.3%
-
10.0%
14.2%
6.5%
-
45 0%
45.0%
100%
50 0%
50.0%
49 0%
49.0%
100%
100%
14.4
8.9
20.3
13.6
35.6
1.8
Cargo (t) 6)
85,832
106,595
97,220
67,885
702,000 4)
2,656
ATM
173,296
109,949
221,672
158,096
307,866
22,988
Employees
p y
679
995
1,078
730
n.a.
350
GAAP
IFRS
IFRS
German
German
Australian
IFRS
Sales
379.5
171.43)
361.4
253.3
42%
33% 3)
41%
31%
EBITDA
249.1
98.23)
141.8
100.6
EBITDA margin
66%
57% 3)
39%
40%
Capex
22.7
45.3
48.9
14.1
182.7
Net debt
413.3
1,172.4
523.6
209.7
5.221.0 5)
Total private share
PAX (m)
of this non aviation
Net debt / EBITDA
1.7x
11.2x
3.7x
2.1x
(EUR m)
972.8
721.5
(EUR m)
33.9
387.3
n.a.
_
n.a.
211.5
n.a.
55%
135.5
n.a.
50.8
4,115.7
n.a.
1,101.2
n.a.
5.2x
51%
789.8
585.8
81%
6.6x
(EUR m)
5)
1) Exchange rates: 31.12.2011: 1.2685 AUD/EUR; Annual average 2011: 1.3483 AUD/EUR; 2) HOT share of 5 airports (excl. Tirana) based on figures as per year end 2011: unconsolidated
proportionate aggregation based on asset level; 3) Without "Fuel Supply“; 4) Landed tons of cargo aircraft; 5) Excl. SKIES 6) Incl. trucking
51
Shareholder structure1)
Free float
35.72%
ACS
54.28%2)
incl 4
incl.
4.42%
42%
HOCHTIEF
treasury
shares3)
France/
Benelux
3.6%
Scandinavia
4.0%
UK/Ireland
5.3%
Other Europe
2.2%
Rest of the
world
1.2%
North
America
9.3%
Spain
49.9%
Qatar
10.0%
Qatar Holding
Q
Luxembourg
10.00%4)
Germany
14.5%
1) Regional structure
structure, as of March 2012
2012, based on shareholder identification assessment in March 2012
2) ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS S.A., Madrid; ACS held 49.86% of outstanding HOCHTIEF shares as of July 30, 2012. In total ACS’ voting share in HOCHTIEF
Aktiengesellschaft amounted to 54.28% including the HOCHTIEF treasury shares of 4.42%.
3) Number of treasury shares as of June 30, 2012: 3,406,471 pieces, i.e. 4.42%
4) Shareholding level as of March 23, 2011
52
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
g other things,
g changes
g in the general
g
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.“
53
Financial calendar and IR contact
07 November 12
Nine-month results 2012 and Conference Call with Analysts and Investors
28 February 13
Full year results 2012 and Analysts’ and Investors’ Conference
07 May 13
Annual General Meeting
08 May 13
First quarter results 2013 and Conference Call with Analysts and Investors
For further information please contact:
Investor Relations
HOCHTIEF Aktiengesellschaft • Opernplatz 2 •
45128 Essen, Germany
Phone: +49 201 824 2127
Fax: +49 201 824 9 2727
[email protected]
Ulrike Kröner
Ralf Hinricher
Nadine Wärmer
54

Investor Relations Company Presentation

Transcription

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