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| Hochtief announces good first half-year results The first six months of 2013 went well for Hochtief. The strategy implementation continues as planned accompanied by the disposal of non-core activities. Leighton thus successfully finalized the sale of its telecommunications business in the second quarter. Both the airports and the services transactions are expected to close by no later than the year-end. Restructuring of the Europe business continued to take shape and will bolster the competitiveness of Hochtieffor the long term. The company's progress is reflected in its earnings performance. All divisions improved operating earnings. With an order backlog of over EUR 45 billion, the Group also has the equivalent of 18 months in forward orders and every cause to look ahead to the remainder of the fiscal year with unchanged optimism. Hochtief accordingly confirms its guidance for fiscal 2013, which already no longer included any earnings contribution from Hochtief AirPort and now also no longer includes any contribution from the Service Solutions business of Hochtief Solutions sold. Key figures for the first half of 2013 The positive trend in earnings performance since the start of the year has continued. Operating earnings (EBITA) came to EUR 586.9 million in the period January to June 2013 (H1 2012: EUR 183.8 million). The very substantial rise is due to improved operating earnings in all divisions and also reflects completion of the sale of Leighton's telecommunications business. This transaction had a EUR 165 million positive impact on earnings. Hochtief likewise improved profit before taxes to EUR 451.5 million (H1 2012: EUR 72.7 million). Excluding one-off items - i.e., excluding the effect of the sale of the Leighton telecoms business just mentioned and other effects, initial expenditure on restructuring in the Hochtief Europe and Hochtief Americas divisions, and disposal-related costs in the Hochtief Europe division - Hochtief generated profit before taxes of EUR 313.5 million in the first six months. Consolidated net profit amounted to EUR 126.2 million in the first half of 2013 (excluding one-off items: EUR 100.2 million). In the prior-year period, substantial impacts on earnings had resulted in a consolidated net loss of EUR 50.6 million. Sales came to EUR 12.61 billion. This marks a 5.0% increase on the same period of 2012 (H1 2012: EUR 12.01 billion). Group work done, at EUR 14.36 billion as of the reporting date, was slightly higher than the prior-year figure (H1 2012: EUR 13.88 billion). The Hochtief Asia Pacific division was on a par with last year. Hochtief Americas generated growth, attaining the highest level of work done in the first half of any fiscal year to date. Hochtief Europe surpassed the comparative figure from 2012. Hochtief's order backlog, at EUR 45.31 billion as of June 30, 2013, was 14.4% down on the high level at the same point in the previous year (H1 2012: EUR 52.97 billion), largely as a result of negative exchange rate effects (EUR 4.13 billion), mainly relating to the Australian and the US dollar. New orders came to EUR 11.61 billion in the half year ending June 30, 2013, as expected below the figure for the prior-year period (H1 2012: EUR 16.34 billion). The driving factor is a decrease in the Hochtief Asia Pacific division, where orders were affected by changes on resources markets. Hochtief Americas was also down on the prior-year figure. The comparative period of 2012 included large contracts in the roads segment. The Hochtief Europe division outperformed the prior-year period thanks to new orders in Germany and international markets. write your comments about the article :: © 2013 Construction News :: home page |