Interim Report January to September 2009

To Our Shareholders 3 Interim Management Report 4 Interim Financial Statements 14 Responsibility Statement 18 Financial Calendar 19 CRE TIVE POWER • HOCHTIEF continues well on track • Record order backlog ensures a forward order book of almost 21 months • Group forecast for order backlog raised—expectations for other key figures reaffirmed • HOCHTIEF stock continues to be listed in Dow Jones Sustainability Indexes

Turning Vision into Value. The HOCHTIEF Group

(EUR million) Q1–3 2009 Q1–3 2008 Percentage Q3 2009 Q3 2008 Full year 2008 *For details on the restatement, (restated)* change (restated)* (restated)* please see pages 14 and 17.

New orders 17,324.5 19,510.2 –11.2 7,223.9 7,181.0 25,283.6 Work done 15,283.9 15,744.6 – 2.9 5,075.7 5,529.5 21,620.2 Order backlog 35,295.4 32,773.3 7.7 35,295.4 32,773.3 30,961.4 Divisional sales 13,935.7 13,880.2 0.4 4,646.6 4,860.8 18,958.8

**Note: The percentage changes External sales** 13,771.1 13,751.9 0.1 4,597.3 4,833.5 18,703.1 are calculated at the level of Operating earnings (EBITA)** 564.1 526.1 7.2 188.4 191.9 652.9 precision used in the interim financial statements (thousands Profit before taxes** 428.2 391.9 9.2 141.9 121.7 496.9 of euros). Consolidated net profit** 124.3 87.0 42.9 36.2 25.2 156.7 Earnings per share (EUR) 1.87 1.24 50.8 0.54 0.36 2.26

Capital expenditure** 622.5 1,065.1 – 41.6 144.5 383.8 1,156.0 Net assets 6,130.9 5,598.8 9.5 6,130.9 5,598.8 5,706.4 Employees 65,870 67,887 – 3.0 65,870 67,887 64,527 (End Q3 2009) (End Q3 2008) (End Q3 2009) (End Q3 2008) (2008 average)

HOCHTIEF stock

Kursentwicklung170170 % im ersten Halbjahr 2005 160160 % — HOCHTIEF 150150 % — MDAX — DAX 30 140140 % 130130 % 120120 % 110110 % 100100 % 09090 % 08080 % 07070 % 06060 % Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sep. 2008 2008 2008 2009 2009 2009 2009 2009 2009 2009 2009 2009

2 To Our Shareholders 3 Interim Management Report 4 Interim Financial Statements 14 Responsibility Statement 18 Financial Calendar 19

We continue to place great emphasis on sustainability, for Dr.-Ing. Herber t instance, green building, energy efficiency and the use of Lütkest ratköt ter, Chairman of the renewable energies. This not only benefits the environment Executive Board and society, but also boosts HOCHTIEF’s financial power. We document this again with transparent information and reliable figures in our latest Sustainability Report*. In order *For further information, to meet our own in-house standards, we have launched a please see page 19. climate protection campaign at HOCHTIEF in which all em ployees are involved. Our commitment and performance in the area of sustainability were recognized once again: We are proud that our company has been listed in the After the first nine months of 2009, HOCHTIEF is on top Dow Jones Sustainability Indexes for the fourth time in a form. New contracts lifted our order backlog to a record row—a clear mark of confidence in our sustainable busi high of EUR 35.3 billion, which makes a forward order ness management. book of almost 21 months. Operating earnings and profit before taxes continued to rise, both clearly outperforming Group outlook the prior-year period. By the end of the third quarter, con We are raising our forecast for the order backlog for solidated net profit grew to more than EUR 124 million— fiscal 2009 and now expect it to exceed the prior-year an increase of nearly 43 percent compared with the same figure. Nine months into the year, we also once again period in 2008. The excellent figures show that we have confirm our Group forecast for fiscal 2009 and anticipate again done a great job in the first three quarters of 2009. that new orders and Group sales will steady at normal levels, below the high figures attained in 2008. The good cooperation within the Group has continued with huge success. The integrated capabilities of its sub We aim to generate a similarly high level of pretax profit sidiaries allow HOCHTIEF to offer full service from a single and consolidated net profit to that attained in the pre source—this benefits our clients, the company and its vious year, taking into account the restating of our figures shareholders. There were also great new examples of due to the first-time application of IFRIC 15**. **For details on the restatement, please partnerships within the Group in this quarter, such as the see pages 14 and 17. cooperation between HOCHTIEF Projektentwicklung and Although the situation on the international financial mar HOCHTIEF Facility Management on the Zentraler Omni kets is now relatively calm a certain degree of forecasting busbahnhof (ZOB) central bus station in Munich. uncertainty remains. Our planning is based on the as sumption that the financial and capital markets will nor We further the development of HOCHTIEF continually and malize again from 2010. dynamically, at the same time weighing every opportunity throughout the Group to further enhance our excellent po HOCHTIEF is still well on track. We have so far steered a sitioning. Within this framework, we are also currently ex successful course through the financial crisis because we amining strategic options for the HOCHTIEF Concessions had already kept our structures streamlined in the past division, for example, capital market transactions. An initial and framed our financing policy conservatively. We are public offering of HOCHTIEF Concessions is among the ready to take on new challenges and hope you will con options being considered in this context. No concrete tinue with us on this journey! decisions have yet been taken on whether and when to execute such a transaction. Regardless of this decision, we continue to see the concessions business as an inte gral element of the HOCHTIEF Group and intend to keep the majority of shares also in the event of an IPO.

Dr.-Ing. Herbert Lütkestratkötter

3 Interim Management Report

Orders and work done change rate was close to eight percent down on average Group orders and work done as of September 30, 2009 during the period under review compared with the prior are very soundly structured. The order backlog set a new period. This resulted in an adverse exchange rate effect of record in the history of HOCHTIEF. EUR 472.1 million on currency translation. As expected, sales in HOCHTIEF’s important North American market, at New orders EUR 5.14 billion, fell short of the high figure for the prior-year New orders in the first three quarters of 2009 totaled EUR period (EUR 5.8 billion). This put North American sales— 17.33 billion, down 11.2 percent on the comparable prior- predominantly generated by subsidiaries Turner and Flat year figure. In monetary terms, the year-on-year decrease iron—11.4 percent down on the prior-year figure. The ex was EUR 0.54 billion in Germany and EUR 1.64 billion in change rate effect on translating from US dollars to euros ternationally. The financial crisis had not yet made itself felt (the Group currency) added EUR 520.2 million to Turner in the equivalent period of 2008. The HOCHTIEF Americas and Flatiron sales. The HOCHTIEF Europe division suc division in particular was unable to repeat the exceptional cessfully mastered the difficult situation on the European ly strong intake of new orders achieved in the prior-year market for construction services and generated sales of period, which featured a large number of major contracts. EUR 1.64 billion. The division was unable to break com pletely free from the general market trend, however, and Group work done sales overall remained 2.3 percent down on the prior-year Work done came to EUR 15.28 billion in the nine months period (EUR 1.68 billion). HOCHTIEF Real Estate division to September 30, 2009, just 2.9 percent down on the com sales reached EUR 527.2 million, more than double the parable prior-year figure. The lower figure at HOCHTIEF equivalent prior-year figure (EUR 201.8 million). Most of this Americas was largely offset by an increase in work done was accounted for by sales of real estate development on long-term contract mining projects at HOCHTIEF Asia projects. In the HOCHTIEF Services division, sales dropped Pacific. to EUR 470.4 million, a decrease of 6.8 percent on the EUR 504.6 million recorded in the same period of the prior Order backlog year. The order backlog set a new all-time record with an abso lute figure of EUR 35.3 billion. This marked an increase of HOCHTIEF once again presented outstanding earnings EUR 2.52 billion on the prior-year figure. The increment figures* for the first nine months of 2009. Despite the finan mostly reflected a significant surplus of new orders (EUR cial crisis and the still overcast economic climate, operat- 1.94 billion) over work done for the last twelve months. The ing earnings (EBITA), at EUR 564.1 million, reached a order backlog corresponds to a forward order book of very high level. This represents a 7.2 percent increase on nearly 21 months—an exceptionally high figure within the the comparable prior-year figure (EUR 526.1 million). The industry. individual divisions contributed to this overall strong Group performance as follows:

HOCHTIEF Americas division operating earnings improved Figures in table form are Financial review* provided in the interim by 8.8 percent to EUR 86.3 million (prior-year period: EUR financial statements Earnings 79.3 million). We benefited here from the strong positions of starting on page 14. The HOCHTIEF Group generated sales of EUR 13.77 billion Turner and Flatiron in their respective market segments *Retroactive application (prior-year period: EUR 13.75 billion) in the first nine along with a rigorous focus on profitability when pursuing of IFRIC 15 resulted in a months of fiscal 2009. The high level was thus upheld. new business. In contrast, the HOCHTIEF Asia Pacific divi restatement of the prior- year figures. For further sion saw its earnings performance down on a year earlier, information, please see The HOCHTIEF Asia Pacific division continued its highly largely due to the exchange rate effect of the weaker Aus pages 14 and 17. successful trend, benefiting from Leighton’s strong position tralian dollar. At EUR 389.1 million, operating earnings de in the Asia-Pacific market and the Gulf region. HOCHTIEF creased by 12.3 percent from the prior-year period (EUR Asia Pacific sales were EUR 5.76 billion, up 7.6 percent on 443.5 million). The heightened quality of contracts in our the prior-year period (EUR 5.36 billion). Despite a sharp German building construction business made an impact in appreciation in the third quarter, the Australian dollar ex the HOCHTIEF Europe division. Operating earnings came

4 To Our Shareholders 3 Interim Management Report 4 Interim Financial Statements 14 Responsibility Statement 18 Financial Calendar 19

to EUR 16.6 million, a marked improvement on the prior- period: EUR 391.9 million). This very healthy 9.2 percent year period (minus EUR 47.4 million). The HOCHTIEF Real growth shows that our Group has sustained its successful Estate division felt the difficult market environment in the trend even through the global economic downturn. development business. Divisional operating earnings of EUR 29.2 million nonetheless showed a substantial increase The tax expense and the effective tax rate showed only on the prior-year period (EUR 16.8 million). Operating earn minor change compared with the prior-year period. The ings in the HOCHTIEF Services and HOCHTIEF Concessions EUR 148.9 million tax expense was 4.4 percent up on the divisions leveled off slightly beneath their prior-year levels, prior-year period (EUR 142.5 million), while the effective tax with the EUR 14.5 million figure at HOCHTIEF Services rate dropped slightly by 1.6 percentage points to 34.8 per marking an 11 percent drop on the prior-year period (EUR cent (prior-year period: 36.4 percent). 16.3 million), while operating earnings at HOCHTIEF Con cessions fell only a minor 3.6 percent to EUR 85.2 million. HOCHTIEF raised profit after taxes by EUR 29.9 million When comparing this latter result with the higher figure for to EUR 279.3 million. This corresponds to 12 percent the prior-year period (EUR 88.4 million), it is necessary to growth on the prior-year period (EUR 249.4 million). bear in mind that prior-year operating earnings were in creased by exceptional items. Adjusted for these factors, Consolidated net profit in the period under review HOCHTIEF Concessions operating earnings in the period amounted to EUR 124.3 million, exceeding the compa under review slightly exceeded the figure for the same rable prior-year figure of EUR 87 million by 42.9 percent. In period a year earlier. contrast, the minority interest of EUR 155 million was 4.6 percent down on the EUR 162.4 million figure for the prior- Net income from participating interests amounted to year period. EUR 120.4 million, significantly down on the high compara tive figure of EUR 192.2 million recorded in the prior year. Cash flow Net income from participating interests in the HOCHTIEF Net cash provided by operating activities amounted Asia Pacific division, at EUR 45.5 million, was 32.3 percent to EUR 534.4 million in the first nine months of 2009, sig down on the prior-year period (EUR 67.2 million) as a result nificantly more than in the same period of 2008 (EUR 297.5 of lower contributions to earnings from jointly controlled million). The HOCHTIEF Asia Pacific and HOCHTIEF Real entities. The downturn in international air transport in the Estate divisions showed marked increases. While a rise wake of the financial crisis adversely affected business at in trade payables from the larger volume of business our airport holdings. In the prior-year period, net income made itself noticed at HOCHTIEF Asia Pacific, a factor at from participating interests at HOCHTIEF Concessions HOCHTIEF Real Estate was diminished growth in receiv (EUR 89.5 million) was boosted by a special dividend on ables compared with the matching period a year earlier. the stake in Sydney Airport. The division remained success ful in a difficult market environment during the first three Capital expenditure remained at a high level in the period quarters of 2009, however, with net income from partici under review and totaled EUR 622.5 million. Compared pating interests of EUR 65.1 million. A lower contribution to with the prior-year period (EUR 1.07 billion), however, this earnings from the stake in aurelis made itself felt at the represented a substantial reduction of 41.6 percent. HOCHTIEF Real Estate division. We once again effected major capital expenditure on prop The EUR 33.7 million deterioration in net investment and erty, plant and equipment during the period under review, interest income to minus EUR 125.9 million (prior-year notably for our large-scale activities in the capital-intensive period: minus EUR 92.2 million) mainly reflected lower net contract mining sector as well as for purchases of plant investment income. Conversely, net interest income im and equipment needed to undertake construction contracts. proved compared with the prior-year period due to reduced At EUR 529 million, however, capital expenditure on intan interest expenses. gible assets and property, plant and equipment was 22 percent down on the high figure for the prior-year period HOCHTIEF generated profit before taxes of EUR 428.2 (EUR 678.2 million). HOCHTIEF Asia Pacific again accounted million in the first nine months of fiscal 2009 (prior-year

5 for the lion’s share of this total with EUR 422.7 million (prior- 2008 (EUR 1.79 billion). This includes EUR 13.2 million due year period: EUR 600.9 million). to exchange rate effects (prior-year: EUR 21.3 million).

The EUR 93.5 million capital expenditure on financial assets Free cash flow for the period January to September 2009 marked an even sharper drop from the comparable 2008 was positive and came to EUR 121.9 million. Free cash figure (EUR 386.9 million). After major additions to the busi flow consists of the EUR 534.4 million (prior-year period: ness portfolio in past years, capital spending on financial EUR 297.5 million) net cash provided by operating activities assets was restricted in the period under review to selec less the EUR 412.5 million (prior-year period: EUR 836 mil tive acquisitions at Leighton and shareholder contributions lion) net cash used in investing activities. at Sydney Airport. In the opposite direction, sales of secu rities were a notable factor during the first nine months of Balance sheet 2009 in generating a cash inflow of EUR 159 million from HOCHTIEF continued to grow in the first nine months of changes in securities holdings and liquid investments. This fiscal 2009. Total assets reached the figure of EUR 12.87 contrasted with the prior-year period, when purchases of billion as of the September 30, 2009 balance sheet date. securities accounted for a cash outflow of EUR 113 million. This represents an increase of 6.7 percent compared with Adding in the EUR 50.9 million proceeds from asset dis the year-end figure as of December 31, 2008 (EUR 12.1 posals (prior-year period: EUR 362.7 million), net cash used billion). in investing activities totaled EUR 412.5 million (prior- year period: EUR 836 million). Non-current assets increased by a total of EUR 584.7 million to EUR 5 billion. The supplementary amount largely The EUR 195 million net cash used in financing activ relates to property, plant and equipment and financial as ities (prior-year period: EUR 704.5 million net cash provided sets. Most of the additions to property, plant and equip by financing activities) includes the action we have taken in ment were connected with the high level of capital expendi fiscal 2009 to secure our long-term finance and furnish the ture on plant and equipment at Leighton. Property, plant Group with liquidity. Despite the upheavals on international and equipment totaled EUR 1.42 billion, a gain of 26.7 per financial markets, HOCHTIEF successfully entered into a cent on the figure at the end of fiscal 2008. Financial as so-far unutilized EUR 400 million revolving credit facility and sets also grew by 7.5 percent to EUR 2.26 billion. This issued a EUR 300 million promissory note loan. The cash mostly reflected changes in the carrying amounts of in inflow from the new promissory note loan was used to refi vestments in associates, exchange rate effects and the nance a EUR 200 million promissory note loan from 2004, shareholder contribution at Sydney Airport. Financial re which was due to expire. HOCHTIEF took out a total of EUR ceivables combined with receivables and other assets in 1.11 billion (prior-year period: EUR 1.46 billion) in new bor creased compared with the figure as of December 31, rowing during the period under review. This was accom 2008 (EUR 448.5 million) to a total of EUR 593.1 million. panied by EUR 1.16 billion (prior-year period: EUR 738.5 Factors here included gains on credit balances in pension million) in debt service. Dividend payments to HOCHTIEF’s funds and loans granted. In contrast, deferred tax assets and minority shareholders accounted for cash outflows of decreased by EUR 30.3 million to EUR 186.8 million. EUR 197.5 million (prior-year period: EUR 210.8 million). The substantially larger figure of EUR 192.5 million for mi Current assets stood at EUR 7.87 billion as of Septem nority shareholders’ payments into equity in the prior-year ber 30, 2009, up 2.9 percent on the comparable figure as period included EUR 188 million for the stock issue at of December 31, 2008 (EUR 7.65 billion). The EUR 1.19 bil Leighton. The EUR 52 million figure in the period under lion in inventories contained in this total mainly relates to review was mostly accounted for by minority shareholders real estate developments under construction in the participating in the shareholder contribution at Sydney HOCHTIEF Real Estate and HOCHTIEF Asia Pacific divi Airport. sions. Trade receivables rose by 8.3 percent to EUR 4.1 billion. This reflects the growth in our operating business, The HOCHTIEF Group’s holdings of cash and cash equiva notably in the HOCHTIEF Asia Pacific and HOCHTIEF Eu lents totaled EUR 1.73 billion as of September 30, 2009, rope divisions. HOCHTIEF had securities holdings totaling only marginally down on the figure as of December 31, EUR 595.2 million at the end of the period under review. The EUR 214.2 million decrease compared with the total

6 To Our Shareholders 3 Interim Management Report 4 Interim Financial Statements 14 Responsibility Statement 18 Financial Calendar 19

as of December 31, 2008 mainly related to disposals and the Risks and opportunities report final maturity of fixed-interest bonds at HOCHTIEF Aktien The description of the opportunities and risks* of likely *Our risk report is provided gesellschaft and our Luxembourg fund management com future developments given in the combined company and starting on page 111 of our 2008 Annual Report and on panies. The HOCHTIEF Group’s holdings of cash and cash Group management report as of December 31, 2008 our website, equivalents remained at a high level, at EUR 1.73 billion. continues to apply. www.hochtief.com.

The HOCHTIEF Group substantially augmented its capital There has likewise been no material change in the situa base during the period under review with shareholders’ tion of the Group or our operating environment from that equity totaling EUR 3.16 billion as of the September 30, presented in our 2008 Annual Report. 2009 balance sheet date. This corresponded to an 11.8 percent increase from the end of the prior fiscal year. EUR 279.3 million of the additional amount consisted of profit Report on forecasts and other after taxes. Other positive factors related to currency trans statements relating to the com- lation and fair valuing of financial instruments (EUR 170.5 million), changes in actuarial gains and losses (EUR 30.6 pany’s likely future development million) and other changes not recognized in the Statement There is at present no indication of any significant change of Earnings (EUR 49.6 million). These factors were coun in the forecasts and other statements**—with the excep **Coverage of future devel tered by dividend payments to HOCHTIEF shareholders tion of the adjustment to the Group outlook in this interim opments is provided under the heading “Looking from the fiscal 2008 profit distribution and dividend pay report as regards the order backlog—regarding the likely Ahead: Outlook and Oppor- ments to minority shareholders, which had a negative im future development of the HOCHTIEF Group published in tunities” starting on page 119 of our 2008 Annual Re- pact on shareholders’ equity of EUR 197.5 million. the combined company and Group management report port and on our website, as of December 31, 2008. Those forecasts and statements www.hochtief.com. Our equity ratio (shareholders’ equity to total assets) im therefore continue to apply. proved compared with the end of fiscal 2008 (23.4 per cent) by 1.1 percentage points and remains strong at 24.5 percent as of September 30, 2009. Post balance-sheet events There were no material events to report between the close Non-current liabilities grew by EUR 404.4 million to of the third quarter of 2009 and the editorial deadline for EUR 2.83 billion. The EUR 7.5 million increase in provisions this interim report. for pensions and similar obligations to EUR 84.2 million relates to an adjustment in the discounting factor in line with lower capital market interest rates. In contrast, other non-current provisions decreased by EUR 17 million to EUR 341.2 million. The EUR 405.5 million rise in non-current financial liabilities to EUR 2.08 billion reflected a EUR 300 million promissory note issue by HOCHTIEF Aktiengesell schaft and a EUR 168.7 million notes issue by Leighton. The EUR 210.9 million in other liabilities and deferred tax liabilities (EUR 110.5 million) show only marginal change.

Current liabilities increased by EUR 67.3 million to EUR 6.88 billion. The main factor in the increase was a EUR 317.6 million rise in trade payables to EUR 4.88 billion in line with growth in the business. Larger liabilities relating to personnel and derivatives also supplemented other liabil ities by EUR 68.6 million to EUR 335.7 million. This was offset by a reduction in financial liabilities by a total of EUR 367.8 million to EUR 880.6 million.

7 Divisions

HOCHTIEF Americas Division

(EUR million) Q1–Q3 Q1–Q3 Percent Q3 Q3 Full year Education buildings again featured prominently in Turner’s 2009 2008 age 2009 2008 2008 capability portfolio through the third quarter of 2009. Con change tracts awarded in this segment included two projects in New orders 4,798.8 6,268.4 – 23.4 1,360.6 2,381.1 7,743.3 Queens, New York. For a total of EUR 63 million, Turner is Work done 5,230.6 5,863.5 –10.8 1,682.9 2,108.8 8,117.6 to manage the renovation and addition to one school and Order backlog 7,697.3 9,024.8 –14.7 7,697.3 9,024.8 8,397.9 the construction of a second. Both projects emphasize Divisional sales 5,137.4 5,800.9 –11.4 1,640.2 2,112.8 8,045.1 sustainability and are designed to green building standards. External sales 5,137.4 5,800.9 –11.4 1,640.2 2,112.8 8,045.1 Operating earnings (EBITA) 86.3 79.3 8.8 33.7 33.6 102.8 Turner also signed the contracts to build two sets of mili Profit before taxes 72.5 63.6 14.0 30.4 25.8 76.9 tary housing quarters: The US Marine Corps awarded our Capital expenditure 19.8 32.3 – 38.7 3.4 9.4 37.0 subsidiary a design-build contract for two groups of resi Net assets 499.1 485.7 2.8 499.1 485.7 465.3 dences in Camp Pendleton, California. Quarters for 2,800 Employees 9,045 10,386 –12.9 9,045 10,386 10,752 marines are scheduled for completion by 2011. The con (End Q3 (End Q3 (End Q3 (End Q3 (2008 2009) 2008) 2009) 2008) average) tracts are for a combined total of EUR 147 million, EUR 88 million of which is accounted for by Turner. The HOCHTIEF Americas division has held its own despite a persistently difficult operating environment.New orders Turner has underscored its leadership in the healthcare for the first nine months were EUR 1.47 billion (23.4 percent) buildings segment with two new projects. In Atlanta, Georgia, down on the very high comparative figure for 2008. Third- Turner secured the contract for a new office building on quarter new orders were markedly weaker than the strong the campus of the Center for Disease Control and Preven comparative period as a result of securing fewer large-scale tion. The EUR 66 million-plus complex is targeted to achieve contracts. Work done, divisional sales and external LEED Gold certification. Turner has the same goal in man sales also fell. As expected, the order backlog did not aging construction of a medical office building for the Uni attain the record figure at the end of the prior-year period versity of Kansas Hospital, Kansas City. Slated for comple but still remained at a very high level. tion in 2011, the building will house treatment and exam areas for 18 clinical departments. The contract is worth Operating earnings improved by EUR 7 million in the first EUR 39 million. nine months compared with the prior-year period, while third-quarter operating earnings were on a par with 2008. Our American civil engineering subsidiary Flatiron also Profit before taxes likewise increased (by EUR 8.9 mil sustained a healthy business trend, securing a series of lion) in the first nine months and exceeded the prior-year new highway projects. In California, the HOCHTIEF sub figure by EUR 4.6 million in the third quarter alone. The gains sidiary is reconstructing and widening a bridge on Inter in the earnings figures largely related to a rise in the aver state 880 for EUR 41 million. Flatiron is also constructing age US dollar exchange rate over the first nine months. new lanes along Interstate 80 under a EUR 15 million contract. The number of employees decreased, reflecting lower construction output due to the current market situation. HOCHTIEF Americas outlook In light of the strong trend of recent months, we now Our US subsidiary Turner secured a large number of at expect HOCHTIEF Americas division profit before taxes tractive public building contracts in the third quarter of to exceed the prior-year figure. 2009. These include several contracts for justice facilities, among them a new EUR 41 million court building in Marietta, Georgia. Under a contract worth a total of EUR 77 million, the company is renovating a 1964 courthouse in Chicago designed by Bauhaus architect Mies van der Rohe.

8 To Our Shareholders 3 Interim Management Report 4 Interim Financial Statements 14 Responsibility Statement 18 Financial Calendar 19

HOCHTIEF Asia Pacific Division

The HOCHTIEF Asia Pacific division performed well in the (EUR million) Q1–Q3 Q1–Q3 Percent Q3 Q3 Full year first nine months of 2009. During this period, new orders 2009 2008 age 2009 2008 2008 change fell by 2.5 percent year on year due to a EUR 769 million New orders 9,386.4 9,622.7 – 2.5 5,270.4 3,830.3 12,651.0 adverse exchange rate effect resulting from the weaker Aus Work done 6,979.5 6,517.5 7.1 2,412.5 2,171.7 8,638.9 tralian dollar compared with the prior-year period. On an exchange rate adjusted basis, new orders were 5.5 per Order backlog 21,144.5 17,035.2 24.1 21,144.5 17,035.2 16,194.2 cent up on the previous year. Work done and external Divisional sales 5,763.6 5,355.4 7.6 2,006.9 1,780.8 6,884.8 sales increased (by 7.1 percent and 7.6 percent respec External sales 5,763.4 5,355.2 7.6 2,006.9 1,780.7 6,884.5 tively) in the reporting period due to strong order intake in Operating earnings (EBITA) 389.1 443.5 –12.3 127.7 127.2 427.5 the infrastructure and contract mining segments in 2008 Profit before taxes 310.5 346.1 –10.3 97.4 83.3 327.2 and the first half of 2009. The very highorder backlog Capital expenditure 461.0 953.5 – 51.7 119.0 340.8 1,005.2 compared with the prior-year period is attributable primarily Net assets 2,390.0 1,993.4 19.9 2,390.0 1,993.4 2,081.5 to the large volume of new projects in the third quarter of Employees 39,254 40,763 – 3.7 39,254 40,763 37,076 (End Q3 (End Q3 (End Q3 (End Q3 (2008 2009. The substantial year-on-year increase was also 2009) 2008) 2009) 2008) average) underpinned by a favorable exchange rate effect in the amount of approximately EUR 1.4 billion at the balance franchise for an initial period of eight years. John Holland expects sheet date. its share of the contract to be worth around EUR 95 million a year. In addition, the company was awarded the contract to construct Both operating earnings and profit before taxes re a EUR 119 million stretch of freeway. Also in Melbourne, Thiess is flected the repercussions of the financial crisis, which has part of a joint venture contracted to upgrade a section of the M80 affected commercial real estate development in Australia Ring Road. In Brisbane, Leighton Contractors is part of a consor and the building construction sector in Dubai in particular. tium expanding a busway network for a total of EUR 167 million. The markets in Abu Dhabi and Qatar showed an encour aging trend, while the contract mining business remained The resources market is gaining momentum. Thiess received a largely stable. Adjusted for exchange rate effects, operat EUR 282 million follow-on contract for Barrow Island, where the ing earnings declined by 4.9 percent and profit before taxes company is carrying out preparatory work ahead of the devel by 2.5 percent year on year. opment of gas fields. At the Peak Downs coal mine in Queens land, Leighton was awarded a three-year contract extension Capital expenditure was significantly down on the prior- worth EUR 172 million. year figure following last year’s heavy investment in finan cial assets. Business performance was strong at an international level, too. In India, Leighton International is working together with partners Net assets rose sharply year on year due to the in on a new IT park near the city of Chennai. The project is worth creased volume of business. EUR 165 million. In Hong Kong, Leighton Asia received a EUR 233 million contract for the construction of a sewage convey The Leighton subsidiaries were awarded numerous proj ance system: Leighton Asia holds an 80 percent stake in a joint ects in the reporting period, including a major contract in venture that is to design and build this sewage tunneling system. Australia: As part of a consortium, Thiess is to finance, de The project is part of the government’s economic stimulus pro sign and build one of the world’s largest seawater desali gram. Al Habtoor Leighton has been pursuing new projects in the nation plants, including an 86-kilometer pipeline, and sub Gulf states. It has a 50 percent stake in a joint venture that is to sequently operate it for a period of 30 years. This plant build the St. Regis Hotel and Residences for just under EUR 345 project is worth EUR 2.1 billion. million. In Qatar, Al Habtoor Leighton is to construct two water supply networks in a project worth a total of EUR 144 million. John Holland consolidated its position in the healthcare properties segment: In Perth, the company is to redevelop HOCHTIEF Asia Pacific outlook and modernize the Joondalup Health Campus under a The outlook for the division remains positive based on its high contract worth a total of EUR 158 million. order backlog and the prospect of further contracts from the economic stimulus programs in Australia and Asia. At the same The division also performed well in the transportation infra time, the Chinese economy is picking up again, once more structure segment. A consortium including John Holland, boosting demand for raw materials. We now expect profit before for example, is to operate Melbourne’s passenger train taxes to rise above the prior-year figure. 9 HOCHTIEF Concessions Division

(EUR million) Q1–Q3 Q1–Q3 Percent Q3 Q3 Full year In September 2009, the terminal expansion at Tirana Airport 2009* 2008 age 2009* 2008 2008 change was put into operation. The airport can now take up to 1.8 million passengers a year. The new terminal area includes New orders 186.6 8.2 197.9 121.2 – 35.0 9.2 additional check-in counters, three new gates and a larger Of which HOCHTIEF AirPort 11.2 10.3 8.7 2.9 4.0 13.7 Of which HOCHTIEF PPP Solutions 110.0 176.3 37.6 6.3 4.2 184.2 range of catering and retail units. In July, Hamburg Airport Work done 153.5 121.3 26.5 56.6 41.9 167.5 was awarded the industry environment prize conferred by Of which HOCHTIEF AirPort 11.2 10.3 8.7 2.9 4.0 13.7 Of which HOCHTIEF PPP Solutions 142.3 111.0 28.2 53.7 37.9 153.8 the Schleswig-Holstein industry’s Studien- und Förder Order backlog 789.1 759.2 3.9 789.1 759.2 723.1 gesellschaft in recognition of its measures to abate noise Of which HOCHTIEF AirPort – – – – – – and conserve resources. HOCHTIEF AirPort’s expertise is Of which HOCHTIEF PPP Solutions 789.1 759.2 3.9 789.1 759.2 723.1 also in demand outside the Group: In August we won a Divisional sales 153.5 121.3 26.5 56.6 41.1 166.1 Of which HOCHTIEF AirPort 11.2 10.3 8.7 2.8 4.0 13.7 contract to overhaul the existing master plan of Aéroport Of which HOCHTIEF PPP Solutions 142.3 111.0 28.2 53.8 37.1 152.4 International de Genève, the second largest airport in Swit External sales 152.7 120.2 27.0 56.5 41.0 162.9 zerland. Of which HOCHTIEF AirPort 10.4 9.2 13.0 2.7 3.9 12.4 Of which HOCHTIEF PPP Solutions 142.3 111.0 28.2 53.8 37.1 150.5 Operating earnings (EBITA) 85.2 88.4 – 3.6 44.0 32.2 145.7 In July, HOCHTIEF PPP Solutions was chosen as a Of which HOCHTIEF AirPort 85.2 77.9 9.4 44.2 19.5 123.1 Of which HOCHTIEF PPP Solutions (1.3) 10.5 – (1.3) 12.7 22.6 preferred bidder for the D1 motorway public-private part Profit before taxes 56.6 61.6 – 8.1 34.5 23.8 109.6 nership project in Slovakia. The project entails the design, Of which HOCHTIEF AirPort 60.7 56.5 7.4 36.1 11.8 96.5 financing, construction and subsequent operation of a Of which HOCHTIEF PPP Solutions (5.5) 5.1 – (2.8) 12.0 13.1 25-kilometer stretch of motorway and a six-kilometer access Capital expenditure 48.8 10.3 373.8 0.6 6.3 27.7 Of which HOCHTIEF AirPort 47.7 0.1 – – 0.1 17.4 road. Financial close is expected in the first half of 2010. Of which HOCHTIEF PPP Solutions 1.1 10.2 – 89.2 0.6 6.2 10.3 Net assets 1,313.7 1,236.4 6.3 1,313.7 1,236.4 1,258.9 The Vespucio Norte Express toll highway in Chile recorded Of which HOCHTIEF AirPort 1,124.8 1,012.3 11.1 1,124.8 1,012.3 1,035.5 Of which HOCHTIEF PPP Solutions 191.1 224.0 –14.7 191.1 224.0 224.4 a positive trend in August, with a slight increase in traffic Employees 303 228 32.9 303 228 219 compared with the same month in 2008. Pricewater Of which HOCHTIEF AirPort 58 83 – 30.1 58 83 80 Of which HOCHTIEF PPP Solutions 212 145 46.2 212 145 139 houseCoopers awarded first place in the concessions (End Q3 (End Q3 (End Q3 (End Q3 (2008 2009) 2008) 2009) 2008) average) category to our concession company in Chile for its finan cial reporting and the quality of its annual report. The company was also honored by the Pro Human Foundation *The aggregate figures for the The HOCHTIEF Concessions division performed well for its social responsibility. HOCHTIEF Concessions division overall in the third quarter. Profit before taxes amounted include the division’s own ad- minstrative expenses. to EUR 56.6 million in the reporting period. At HOCHTIEF Furthermore, the company completed four new schools in AirPort, it was slightly up by EUR 4.2 million on the prior- Frankfurt am Main in the third quarter of 2009. The city had year figure of EUR 56.5 million. At HOCHTIEF PPP Solutions, commissioned HOCHTIEF to design, finance, build or re profit before taxes was EUR 10.6 million down on the furbish these schools and operate them until 2029 on the prior-year figure, primarily as a result of the success fees basis of a public-private partnership. The project is worth received in the third quarter of 2008 from the financial more than EUR 248 million. The two new schools being built close of the Maliakos-Kleidi and Elefsina-Patras-Tsakona in West Lothian, Scotland, were also completed. The op toll road projects in Greece. erating period runs until 2039.

In the first nine months of the year, a total of 66.5 million HOCHTIEF Concessions outlook passengers was served by the airport holdings of HOCHTIEF As in fiscal 2008, there were a number of extraordinary AirPort, down 3.3 percent year on year. However, this fall items in fiscal 2009 which affect earnings at HOCHTIEF in passenger numbers, which is due to the financial crisis, Concessions. Adjusted for these extraordinary items in was much less pronounced than the 5.3 percent drop the 2008 and 2009 reporting years, the HOCHTIEF Con recorded in the first half of 2009. The airports at Athens, cessions division expects no major variation in earnings Düsseldorf, Sydney and Tirana have all recorded growth in 2009 compared with the prior year. in traffic in the third quarter.

10 To Our Shareholders 3 Interim Management Report 4 Interim Financial Statements 14 Responsibility Statement 18 Financial Calendar 19

HOCHTIEF Europe Division

The HOCHTIEF Europe division is showing durability in (EUR million) Q1–Q3 Q1–Q3 Percent Q3 Q3 Full year times of general market restraint. 2009 2008 age 2009 2008 2008 (restated)* change (restated)* (restated)* New orders 2,440.7 2,482.2 –1.7 388.0 663.1 3,283.3 In the first nine months of 2009,new orders were down Work done 2,048.1 2,249.2 – 8.9 667.5 830.9 3,238.5 by EUR 41.5 million or a slight 1.7 percent compared with Order backlog 3,933.4 3,824.8 2.8 3,933.4 3,824.8 3,559.6 the figure for the prior-year period. In the third quarter, private-sector reluctance to place orders as a result of the Divisional sales 1,752.4 1,758.9 – 0.4 574.8 621.2 2,552.8 financial crisis showed through.Work done as well as External sales 1,644.1 1,683.0 – 2.3 537.0 612.6 2,398.3 divisional and external sales remained below the prior- Operating earnings (EBITA) 16.6 (47.4) – 3.9 (13.0) (30.3) year levels in the first nine months and the third quarter. Profit before taxes 15.1 (50.2) – 5.2 (24.1) (34.9) This decline is primarily the expected result of the restruc Capital expenditure 69.4 35.2 97.2 16.2 18.6 53.5 turing of building construction operations in Germany. Net assets 543.6 442.0 23.0 543.6 442.0 512.9 Even our increasing activities outside the country were not Employees 9,995 9,318 7.3 9,995 9,318 9,380 (End Q3 (End Q3 (End Q3 (End Q3 (2008 enough to offset this development. The order backlog 2009) 2008) 2009) 2008) average) grew by 2.8 percent year on year, with international projects accounting for more than half of the orders. Despite the port. As before, we are supporting the client on the basis *For details on the restate- decline in new orders deliberately allowed for, the division of the PreFair business model, whereby cooperation later ment, please see pages 14 and 17. has a forward order book of 17 months overall. feeds into the actual construction contract.

HOCHTIEF Europe continued to focus on profitable seg Together with partners, HOCHTIEF UK was awarded the ments and maintained its strict criteria for accepting new contract for an ambitious infrastructure project in the County projects. Consequently, operating earnings and profit of Kent, which will include passing a motorway under the before taxes kept on rising steadily and sustainably. Ramsgate to Canterbury railway line. Our share of the proj ect totals more than EUR 35 million. The increase in capital expenditure was mainly due to additions of technical plant and equipment for our large- In the last quarter, the focus in Germany was on the projects scale project in Qatar. of our profitable FormArt property development business. In the inner city of Aschaffenburg, for instance, a park and The HOCHTIEF Europe division also continued its success office complex is being revitalized. The project is to be com ful international operations in the third quarter. HOCHTIEF pleted by fall 2010 and sold to a final investor. Polska, for example, is building a new terminal for Wrocław Airport including technical and auxiliary facilities in a con HOCHTIEF Europe outlook tract worth approximately EUR 58 million. In addition, the In light of the financial crisis, further possible capacity ad company is extending the Silesian Stadium in Chorzów for justments cannot be ruled out altogether. For the current EUR 35 million. The new stadium, which is to meet UEFA fiscal year, the division expects to make a positive con and FIFA standards, will be used as an official venue in the tribution to earnings. We continue to anticipate a one per 2012 UEFA European Football Championship in Poland. cent pretax return on sales.

In the Czech Republic, HOCHTIEF CZ is upgrading the Benešov-Votice railway network near Prague by the start of 2012. The project, which is worth EUR 15.6 million, also includes the construction of an approximately 600-meter- long tunnel.

In Russia, HOCHTIEF is taking over approval planning for the airport operator Sheremetyevo International Airport, as well as the preparatory work for building Vladivostok Air

11 HOCHTIEF Real Estate Division

(EUR million) Q1–Q3 Q1–Q3 Percent Q3 Q3 Full year Our success extended to other segments, too. September 2009 2008 age 2009 2008 2008 (restated)* change (restated)* (restated)* 2009 saw the opening of the KOMM shopping center in Offenbach, where over 90 percent of the nearly 16,000 New orders 164.4 397.3 – 58.6 65.6 143.2 618.2 square meters of commercial space is occupied. In Aalen, Work done 492.0 547.3 –10.1 132.3 252.9 791.4 construction work is underway on the mercatura center Order backlog 426.5 870.9 – 51.0 426.5 870.9 744.1 comprising almost 27,000 square meters of retail, office Divisional sales 536.8 213.4 151.5 164.8 80.4 428.3 and residential space; here, just over 50 percent of the com External sales 527.2 201.8 161.2 162.2 75.9 407.9 mercial space has already been let. The mixed-use Zentraler Operating earnings (EBITA) 29.2 16.8 73.8 (10.9) 15.8 59.2 Omnibusbahnhof (ZOB) central bus station property was Profit before taxes 10.1 (2.4) – (17.3) 8.0 31.6 opened in Munich, while in Kippenheim, the senior hous Capital expenditure 9.8 17.9 – 45.3 1.3 4.2 11.1 ing branch handed over to cooperation partner BeneVit the Net assets 1,058.8 923.7 14.6 1,058.8 923.7 1,000.7 third nursing care facility based on the “household commu Employees 1,036 894 15.9 1,036 894 874 nity” model. In Klettgau, the topping-out ceremony was (End Q3 (End Q3 (End Q3 (End Q3 (2008 2009) 2008) 2009) 2008) average) held for the next project with the provider of services for the elderly. A total of 235 places have now been completed *For details on the restate- In light of the market situation, the HOCHTIEF Real Estate and the project has been sold to Swiss Life. ment, please see pages 14 and division continued to pursue its highly selective policy for 17. the acquisition of new projects in the first nine months of After taking on a string of outsourcing projects in previous 2009. This strategy led to a decline in new orders. As months, HOCHTIEF Property Management continued planned, the order backlog therefore remained below to carry out the related integration processes in the third EUR 500 million. quarter.

After first-time application of IFRIC 15*,divisional sales, In September 2009, HOCHTIEF Projektentwicklung and external sales and earnings figures were all higher Redwood Grove International successfully completed the year on year at the end of the first nine months of 2009. refinancing of the acquisition financing foraurelis Asset Rental income from completed projects more than covers GmbH. As planned, aurelis has thus refinanced the loan our financing costs. taken out by the two partners when aurelis was acquired. The non-recourse finance (without recourse to the two Net assets increased by almost 15 percent in the report shareholders) was agreed with Deutsche Pfandbriefbank ing period, reflecting progress in the completion of ongo AG. The terms of the loan of slightly more than EUR 900 ing real estate projects. million are in line with HOCHTIEF’s financial plans and in vestment requirements. HOCHTIEF Projektentwicklung performed well in the office property segment. At Düsseldorf Airport City, for In the first nine months of the year, rental income at aurelis example, it laid the foundation stone for the new Siemens amounted to EUR 69.5 million and project sales to EUR 81 office, which has already been fully let. In Essen, the Rütten million. Ongoing major projects, such as the Europaviertel scheider Tor office building comprising a total of 16,500 in Frankfurt, are making good progress. square meters of gross floor area was sold to Sal. Oppen heim with almost two thirds of the space pre-leased. In HOCHTIEF Real Estate outlook Zurich, meanwhile, we sold to ACRON HELVETIA VII Immo Over the medium term, HOCHTIEF will be one of a small bilien the Portikon office and business property that was number of providers remaining in the project development completed to the Minergie-P sustainable building standard. segment. This will have a positive impact when demand In Vienna, insurance group ERGO leased 10,000 square picks up again. Given that the effects of the financial crisis meters of space at the MARXIMUM office campus. At are difficult to predict, the HOCHTIEF Real Estate division Quartier 21 in Hamburg, which in future will be home to all still anticipates a healthy profit before taxes, albeit below the Group’s Hamburg-based companies, HOCHTIEF is the prior-year figure. leasing a total of 17,000 square meters of gross floor area.

12 To Our Shareholders 3 Interim Management Report 4 Interim Financial Statements 14 Responsibility Statement 18 Financial Calendar 19

HOCHTIEF Services Division

Despite the effects of the financial crisis, the HOCHTIEF (EUR million) Q1–Q3 Q1–Q3 Percent Q3 Q3 Full year Services division held third-quarter earnings in 2009 on a 2009 2008 age 2009 2008 2008 change par with the comparative prior-year period. New orders 410.0 538.9 – 23.9 106.9 126.8 753.5 Work done 483.6 509.5 – 5.1 163.6 180.1 709.4 New orders were a marked 23.9 percent down on the Order backlog 1,418.9 1,622.7 –12.6 1,418.9 1,622.7 1,560.0 prior-year figure, which was bolstered by large contract awards. Looking after margin quality remains a priority at Divisional sales 483.6 509.4 – 5.1 163.6 179.6 709.5 HOCHTIEF Services in the current difficult financial climate. External sales 470.4 504.6 – 6.8 158.5 178.5 683.1 Both work done and external sales were slightly down Operating earnings (EBITA) 14.5 16.3 –11.0 5.3 6.1 26.8 in the period under review compared with the same period Profit before taxes 13.1 13.1 – 4.9 5.0 22.9 of 2008. The order backlog dropped by 12.6 percent year Capital expenditure 3.2 5.3 – 39.6 0.8 2.2 11.1 on year. This partly reflected negative exchange rate effects Net assets 132.5 207.6 – 36.2 132.5 207.6 176.7 at international subsidiaries, most of all with regard to major Employees 5,614 5,711 –1.7 5,614 5,711 5,651 (End Q3 (End Q3 (End Q3 (End Q3 (2008 projects in the UK. 2009) 2008) 2009) 2008) average)

It was not possible to match the prior-year level on oper- ence at both stadiums. Our experts are responsible for all ating earnings, primarily due to the drop in new business. systems, providing electricity, running the air conditioning Profit before taxes was held constant from the prior- and taking care of the arena lighting. year period. This reflected better net interest income and improved receivables management. HOCHTIEF Energy Management likewise sustained its successful trend. Under an energy performance contract As a result of a systematic reduction in receivables, net ing arrangement, the company is to cut annual energy costs assets decreased by 36.2 percent on the end of the at Staatstheater Hannover by 26 percent. The two parties prior-year period. signed a contract to this effect for the next ten years. HOCHTIEF Energy Management will also ensure carbon The public infrastructure segment featured strongly in new emissions are reduced by over 1,000 metric tons a year. contracts secured by HOCHTIEF Facility Management during the third quarter. These included a contract to supply HOCHTIEF Services outlook the entire electrotechnical equipment for Duisburg’s Mer The market for facility and energy management services cator Tunnel and then maintain the technical installations still holds potential, especially in outsourcing. However, for five years. several of our industrial clients have been forced to intro duce short-time working. The HOCHTIEF Services division In Munich, the company received a contract from HOCHTIEF therefore continues to forecast healthy pretax profit for Projektentwicklung to operate the city’s central bus station fiscal 2009, but this is likely to fall short of the prior-year (ZOB) for the coming two years. Starting right away, figure. HOCHTIEF’s facility managers see to it that systems stay fault-free, look after security in the building and tend the infrastructure. HOCHTIEF Facility Management had already advised the project’s developers at its sister company dur ing the design phase. This included analyzing and optimiz ing incidental costs in advance of operation—a key factor enabling timely negotiation of rental agreements.

The service provider additionally remains in charge of Hamburg’s Color Line Arena. Our portfolio of sports facil ities has now been supplemented with a further Hamburg venue, the Volksbank Arena. HOCHTIEF Facility Manage ment ensures optimum operation of all building systems and amenities, guaranteeing an outstanding visitor experi

13 Interim Financial Statements Consolidated Statement of Earnings

(EUR thousand) Q1–Q3 Q1–Q3 Percentage Q3 2009 Q3 Full year 2009 2008 change 2008 2008 (restated)* (restated)* (restated)*

Sales 13,771,103 13,751,927 0.1 4,597,279 4,833,546 18,703,135 Changes in inventories 37,415 313,662 – 88.1 (47,580) 148,534 399,417 Other operating income 170,882 226,358 – 24.5 82,456 37,841 375,889 Materials (9,722,104) (10,563,768) – 8.0 (3,110,679) (3,704,940) (14,273,373) Personnel costs (2,562,327) (2,312,682) 10.8 (916,296) (755,191) (3,265,768) Depreciation and amortization (344,021) (249,929) 37.6 (119,899) ( 83,017) (392,306) Other operating expenses (917,336) (873,672) 5.0 (355,601) (320,880) (1,259,676) Profit from operating activities 433,612 291,896 48.6 129,680 155,893 287,318 Share of profits and losses of equity-method associates and jointly controlled entities 108,453 197,691 – 45.1 46,518 6,928 317,001 Net income from other participating interests 11,991 (5,503) – 11,882 12,070 (11,014) Investment and interest income 50,824 79,004 – 35.7 15,019 19,840 117,704 Investment and interest expenses (176,724) (171,157) 3.3 (61,232) (73,058) (214,085) Profit before taxes 428,156 391,931 9.2 141,867 121,673 496,924 Income taxes (148,865) (142,534) 4.4 (53,998) (44,151) (173,042) Profit after taxes 279,291 249,397 12.0 87,869 77,522 323,882 Of which: Consolidated net profit 124,310 86,998 42.9 36,214 25,197 156,744 Of which: Minority interest 154,981 162,399 – 4.6 51,655 52,325 167,138

*Restatement for retroactive application of Interpretation IFRIC 15 and the resulting change in revenue recognition method for agreements for the construction of real estate that are not construction contracts from percentage of completion (IAS 11) to completed contract (IAS 18). Application of the new interpretation may result in a reallocation of earnings between reporting periods. The accounting change reduced sales in the period January to September 2008 by EUR 258,996,000 (fiscal 2008: EUR 399,850,000); conversely, the change in inventories increased by EUR 312,225,000 (fiscal 2008: EUR 399,439,000) and materials expense by EUR 76,623,000 (fiscal 2008: EUR 22,780,000). After taking into account deferred tax income of EUR 5,210,000 (fiscal 2008: EUR 4,860,000), profit after taxes and consolidated net profit decreased by EUR 18,184,000 (fiscal 2008: EUR 18,331,000).

Consolidated Balance Sheet

(EUR thousand) Sep. 30, 2009 Dec. 31, 2008 (EUR thousand) Sep. 30, 2009 Dec. 31, 2008 (restated)* (restated)*

Assets Liabilities and Non-current assets Shareholders’ Equity Intangible assets 497,655 482,660 Shareholders’ equity Property, plant and equipment 1,420,054 1,120,393 Attributable to the Group 2,098,331 1,931,012 Investment properties 41,800 42,896 Minority interest 1,060,276 895,151 Equity-method investments 1,781,338 1,668,942 3,158,607 2,826,163 Other financial assets 474,507 430,058 Non-current liabilities Financial receivables 407,696 352,668 Provisions for pensions and similar Other receivables and other obligations 84,152 76,701 assets 185,416 95,806 Other provisions 341,153 358,199 Deferred tax assets 186,773 217,085 Financial liabilities 2,083,946 1,678,464 4,995,239 4,410,508 Other liabilities 210,876 219,020 Current assets Deferred tax liabilities 110,452 93,805 Inventories 1,187,198 943,597 2,830,579 2,426,189 Financial receivables 116,985 93,313 Current liabilities Trade receivables 4,096,651 3,783,256 Other provisions 774,013 715,178 Other receivables and other Financial liabilities 880,554 1,248,352 assets 100,957 170,961 Trade payables 4,879,393 4,561,771 Current income tax assets 48,175 65,320 Other liabilities 335,745 267,108 Marketable securities 595,202 809,396 Current income tax liabilities 9,331 19,303 Cash and cash equivalents 1,727,815 1,787,713 6,879,036 6,811,712 7,872,983 7,653,556 12,868,222 12,064,064 12,868,222 12,064,064 *Due to the accounting change in accordance with IFRIC 15, deferred tax assets increased by EUR 12,348,000 and inventories by EUR 812,453,000 as of December 31, 2008. The gross amount due from customers for construction work (POC) decreased by EUR 860,040,000. In total, shareholders’ equity attributable to the Group decreased as a result by EUR 35,239,000.

14 To Our Shareholders 3 Interim Management Report 4 Interim Financial Statements 14 Responsibility Statement 18 Financial Calendar 19

Consolidated Statement of Cash Flows

(EUR thousand) Q1–Q3 Q1–Q3 2009 2008 (restated)* Profit after taxes 279,291 249,397 Depreciation/write-ups 360,407 394,103 Changes in provisions 3,118 97,426 Changes in deferred taxes 61,108 46,070 Losses from disposals of non-current assets and marketable securities (19,813) (45,889) Other non-cash income and expenses (primarily equity valuation) and deconsolidations (19,442) (160,560) Changes in working capital (net current assets) (153,347) (283,973) Changes in other balance sheet items 23,123 963 Net cash provided by operating activities 534,445 297,537

Intangible assets, property, plant and equipment, and investment properties Purchases (529,007) (678,223) Proceeds from asset disposals 50,865 223,062 Acquisitions and participating interests Purchases (93,465) (386,913) Proceeds from asset disposals/divestments 75 139,629 Changes in cash and cash equivalents due to consolidation changes – (20,520) Changes in securities holdings and liquid investments 159,017 (112,999) Net cash used in investing activities ( 412,515) (835,964)

Payments for repurchase of treasury stock – (3,488) Payments received from sale of treasury stock 526 1,398 Payments into equity by minority shareholders 51,982 192,482 Dividends to HOCHTIEF’s and minority shareholders (197,478) (210,823) Proceeds from new borrowing 1,108,705 1,463,487 Service of debt (1,158,747) (738,507) Net cash provided by/(used in) financing activities (195,012) 704,549

Net cash increase/(decrease) in cash and cash equivalents (73,082) 166,122 Effect of exchange rate changes 13,184 21,263 Overall change in cash and cash equivalents (59,898) 187,385

Cash and cash equivalents at the start of the year 1,787,713 1,402,527 Cash and cash equivalents at end of reporting period 1,727,815 1,589,912

*For details on the restatement, please see pages 14 and 17.

15 Statement of Changes in Equity

(EUR thousand) Subscribed Capital Revenue Accumulated other comprehensive Attributable Attributable Total capital of reserve of reserves* income to the to minority HOCHTIEF HOCHTIEF including Group interest Currency Marking of Actuarial Aktien Aktien unappropri translation financial in gains and gesellschaft gesellschaft ated net in differences struments losses come to fair value

Balance as of Jan. 1, 2008 179,200 400,806 1,767,948 (131,901) 118,822 (54,062) 2,280,813 703,100 3,000,820 Dividends paid – – (90,931) – – – (90,931) (119,892) ( 210,823) Profit after taxes – – 86,998 – – – 86,998 162,399 267,581 Currency translation differences and marking of financial instru ments to fair value – – – (28,141) (110,747) – (138,888) (82,050) ( 220,938) Changes in actuarial gains and losses – – – – – 16,985 16,985 – 16,985 Other changes not recognized in the Statement of Earnings – – (9,959) – – – (9,959) 188,334 178,375 Balance as of Sep. 30, 2008 179,200 400,806 1,754,056 (160,042) 8,075 (37,077) 2,145,018 851,891 3,032,000

Balance as of Jan. 1, 2009 179,200 400,806 1,728,911 (167,301) (102,225) (108,379) 1,931,012 895,151 2,826,163 Dividends paid – – (88,200) – – – (88,200) (109,278) (197,478) Profit after taxes – – 124,310 – – – 124,310 154,981 279,291 Currency translation differences and marking of financial instru – – – 82,496 19,814 – 102,310 68,191 170,501 ments to fair value Changes in actuarial gains and losses – – – – – 30,560 30,560 6 30,566 Other changes not recognized in the Statement of Earnings – – (1,661) – – – (1,661) 51,225 49,564 Balance as of Sep. 30, 2009 179,200 400,806 1,763,360 (84,805) (82,411) (77,819) 2,098,331 1,060,276 3,158,607

*As of September 30, 2009, own stock with an acquisition cost of EUR 90,953,000 is accounted for as a deduction from revenue reserves (September 30, 2008: EUR 2,090,000).

Statement of Recognized Income and Expense

(EUR thousand) Q1–Q3 Q1–Q3 Change Full year 2009 2008 2008 (restated)* (restated)* Profit after taxes 279,291 249,397 29,894 323,882 Currency translation differences 146,329 (65,375) 211,704 (57,591) Changes in fair value of financial instruments – Primary 46,612 (73,535) 120,147 (103,770) – Derivative (22,440) (82,028) 59,588 (156,168) Actuarial gains and losses** 30,566 16,985 13,581 (54,306) Income and expense recognized directly in equity 201,067 (203,953) 405,020 (371,835) Total income and expense recognized in the reporting period 480,358 45,444 434,914 (47,953) Of which: HOCHTIEF Group 257,180 (34,905) 292,085 (154,020) Of which: Minority interest 223,178 80,349 142,829 106,067

*For details on the restatement, please see pages 14 and 17. **Including amount charged directly to equity due to asset limit under IAS 19.58

16 To Our Shareholders 3 Interim Management Report 4 Interim Financial Statements 14 Responsibility Statement 18 Financial Calendar 19

Notes to the Consolidated Financial Statements

Accounting policies Own shares The Consolidated Financial Statements as of September As of September 30, 2009, HOCHTIEF Aktiengesellschaft 30, 2009 are prepared in accordance with International held a total of 3,455,680 shares of treasury stock. These Financial Reporting Standards (IFRS) as adopted by the shares were purchased over the course of fiscal 2008 for EU. The Interim Financial Statements and the Interim Man the purposes provided for in the resolution of the General agement Report have been neither audited nor reviewed. Shareholders’ Meeting of May 8, 2008. These shares rep resent EUR 8,846,541 (4.94 percent) of the Company’s This interim report is based on the Consolidated Financial capital stock. Statements as of and for the year ending December 31, 2008. HOCHTIEF elected early application of IFRIC 15 from In July 2009, the Company sold 44,073 of its own shares September 30, 2009 following its endorsement by the EU. to persons in its employment or in the employment of an IFRIC 15 aims to standardize accounting practice for sales affiliate. Of these shares, 22,183 were sold at a price of of real estate before construction is complete, specifying EUR 10.95 each and 21,890 at a price of EUR 12.95 each. criteria by which sales are accounted for under either IAS The shares represent EUR 112,827 (0.06 percent) of the 11 Construction Contracts or IAS 18 Revenues. The prior- Company’s capital stock. year comparative figures have been restated accordingly. For detailed coverage, please see page 145 of the 2008 Contingent liabilities Annual Report. Additionally, with effect from September The contingent liabilities relate to liabilities under guarantees 30, 2009, the discount factor for valuing pension obliga and letters of comfort; they have increased since December tions was decreased to 5.25 percent in Germany and 5.85 31, 2008 by EUR 1,469,000 to EUR 29,110,000. percent internationally to reflect decreased capital market interest rates (December 31, 2008: 6.25 percent in Germany Segment reporting and 6.34 percent internationally). The rate of increase Segmental reporting in the HOCHTIEF Group is based on assumed for pensions in Germany was reduced to 1.75 the Group’s divisional operations. The breakdown by divi percent (December, 31, 2008: 2.25 percent). In all other sions and regions mirrors the Group’s internal reporting respects, this report has been prepared using the same systems. Detailed information on the various segments accounting policies as the 2008 Consolidated Financial making up the HOCHTIEF Group is provided herein in the Statements. Information on those accounting policies is Interim Management Report. given in the 2008 Annual Report. Related party disclosures Consolidation changes There has been no change in the companies and individu Three domestic companies were added to the consolidated als comprising related parties of HOCHTIEF Aktiengesell Statement of Recognized Income and Expense group in the first nine months of fiscal 2009. One domestic schaft and HOCHTIEF Group companies. The information company has been sold and one has been merged. Inter provided in this regard in the notes to the most recent Con nationally, three companies were added to the consolidated solidated Financial Statements therefore continues to apply. group while six foreign companies have been removed. No material transactions were entered into during the period There has been a net increase of two domestic and nine under review between HOCHTIEF Aktiengesellschaft or foreign companies accounted for using the equity method. any HOCHTIEF Group company and any related party or parties having material influence over the results of opera The Consolidated Financial Statements as of September tions or financial condition of the Company or the Group. 30, 2009 include HOCHTIEF Aktiengesellschaft and a total of 59 domestic and 337 foreign consolidated companies plus 17 domestic and 110 foreign companies accounted for using the equity method.

17 Reconciliation of profit from operating activities to operating earnings (EBITA)

(EUR thousand) Q1–Q3 Q1–Q3 Q3 Q3 2009 2008 2009 2008 (restated)* (restated)*

Profit from operating activities 433,612 291,896 129,680 155,893 + Net income from participating interests 120,444 192,188 58,400 18,998 – Non-operating earnings – (+) 7,849 – (+) 6,355 + Interest credited 10,013 34,151 292 10,624 Operating earnings (EBITA) 564,069 526,084 188,372 191,870

*For details on the restatement, please see pages 14 and 17.

Undiluted and diluted earnings per share Q1–Q3 Q1–Q3 Q3 Q3 2009 2008 2009 2008 (restated)* (restated)*

Consolidated net profit (EUR thousand) 124,310 86,998 36,214 25,197 Number of shares in circulation (weighted average) 66,514,938 69,954,090 66,544,320 69,968,269 Earnings per share (EUR) 1.87 1.24 0.54 0.36

Earnings per share can become diluted as a result of potential shares (mainly stock options and convertible bonds). HOCHTIEF’s share-based payment arrangements do not have a dilutive effect on earnings. Consequently, diluted and undiluted earnings per share are identical.

*For details on the restatement, please see pages 14 and 17.

Responsibility Statement

To the best of our knowledge, and in accordance with the applicable reporting principles for interim financial reporting, the interim consolidated financial statements give a true and fair view of the assets, liabilities, financial position and profit or loss of the Group, and the interim management report of the Group includes a fair review of the develop ment and performance of the business and the position of the Group, together with a description of the principal oppor tunities and risks associated with the expected develop ment of the Group for the remaining months of the fiscal year.

Essen, October 29, 2009

The Executive Board

Dr. Lütkestratkötter Dr. Lohr Dr. Noé

Dr. Rohr Dr. Stieler

18 To Our Shareholders 3 Interim Management Report 4 Interim Financial Statements 14 Responsibility Statement 18 Financial Calendar 19

Corporate Structure of HOCHTIEF Aktiengesellschaft

Corporate Headquarters (management holding company)

HOCHTIEF Americas HOCHTIEF Asia Pacific HOCHTIEF Concessions HOCHTIEF Europe HOCHTIEF Real Estate HOCHTIEF Services

Turner (USA) Leighton Holdings HOCHTIEF Concessions HOCHTIEF Con HOCHTIEF Projektent HOCHTIEF Facility Flatiron (USA, Canada) (Australia) (Germany) struction (Austria, Bul wicklung (Austria, Management (Bahrain, HOCHTIEF do Brasil Leighton Contractors HOCHTIEF AirPort garia, Chile, Czech Re Czech Republic, Czech Republic, (Brazil) (Australia, New Zealand) (Germany) public, Germany, India, Germany, Hungary, Denmark, Germany, Thiess (Australia, India, HOCHTIEF AirPort Luxembourg, Poland, Poland, Romania, Greece, Hungary, Indonesia) Capital (Germany) Qatar, Romania, Russia, Russia, Switzerland) Ireland, Poland, South Africa, Sweden, Slovakia, Switzerland, John Holland Group HOCHTIEF AirPort HOCHTIEF Property UK, Ukraine) UK) (Australia) Retail (Albania) Management HOCHTIEF Global (Germany) HOCHTIEF Energy Leighton International HOCHTIEF PPP Solu Trade (Germany) Management (Brunei, India, Malaysia, tions (Chile, Germany, aurelis Real Estate (Germany) Qatar, Singapore, Sri Ireland, UK, USA) HOCHTIEF Procure (Germany) ment Asia (Hong Kong) Lanka, United Arab HOCHTIEF PPP Emirates) Schools Capital Streif Baulogistik Leighton Properties (UK) (Austria, Bulgaria, Den mark, Germany, Po (Australia) Transport & Logistics land, Romania, Russia, Leighton Asia (Cambo Consultancy U k r a i n e ) dia, China, Hong Kong, (UK) Indonesia, Laos, Macau, Durst-Bau (Austria) Mongolia, Philippines, Thailand, Vietnam) Al Habtoor Engineering (Qatar, United Arab E m i r a t e s )

The companies listed exemplify the international reach of HOCHTIEF. For further details, please visit our website at www.hochtief.com.

Financial Calendar

March 25, 2010 The editorial deadline for this interim report was October 29, Publication Details and Credits Published by: 2009 Annual Report 2009; the report was published on November 12, 2009. HOCHTIEF Aktiengesellschaft Business Results Press Conference Opernplatz 2, 45128 Essen, Germany Analysts’ and Investors’ Conference For further information on HOCHTIEF and our addresses, Telephone: +49 201 824-0 business units, subsidiaries and associates, please visit Fax: +49 201 824-2777 [email protected] • www.hochtief.com May 11, 2010 our website at www.hochtief.com. General Shareholders’ Meeting 2010, 10:30 a.m., Investor relations contact: HOCHTIEF Investor Relations Congress Center Essen, West Entrance, Norbertstrasse, This interim report is a translation of the original Opernplatz 2, 45128 Essen, Essen German version, which remains definitive. It is also Germany Telephone: +49 201 824-2127 available from the HOCHTIEF website. Fax: +49 201 824-2750 May 14, 2010 [email protected] Quarterly Report at March 31, 2010 Conference Call with Analysts and Investors

The latest HOCHTIEF F SUPPLY R URITY O EFURB SEC ISHM ITY EN AL S W I N D P O W E R H Y T A QU N O S I D R O ND I A G P O U D V E R E V I T W E P I N G I T I AT I A L I Z A R GR D I N T I O P A U I L S T N A D B T R U V R I Y RE D U CTIO N O F I S T N N O N LO G C O I O E G T I EC O E M N R VA 9 I S A S O 00 ILDING S I R H N 2 EN BU SUSTA O Y I I N RT GRE INA N S P P PO RE BI R Sustainability Report will be E TU E PROTEC LIT E O T T F R UC LIMA ION Y F J T Y R E C A G I E I ST IV TT EO C C I L A CT A G RA T I B R A S M A N E M E N T C H E T A F S H I C R E TI E N S N IN E E T S V R C I IC D O U E M Y A T V N ONSIBILITY R W A T N ER A ESP EN C E O L S E S E L R VI R U M C IA RO P K E S E D N C LITY SE N R I N G N A O QUA CUR M O N E A A I S IT E T G R N S L E NT Y N E T P T E O T C E G A M A M F A T Y M C R E T N E R S H I P L N U O O G A R I S I O V Y D C P A P NN U A I O R N O P N N R G P A E R V P D R R I O M C OL A L O published on November 12, 2009. E P C W E O G Y T Y N H Y O ITY I S N E S T P IL R O A M T I O B E N R E L N N L R I D F E B E E I S SUS U E E N A C D N G TA C T F T Z Y O IN I T R T N I M A D N I U Y I E F H P IL A O U R T S U S A I G E B N B M T C T R B NVIRO T A R E N I I A S C E N G M L O S E N E IN N U E I F I T A U W S E K N H T S R N A A D O T R O C I M M Y

G T G

R N P C W O T E

O N O E I E

E N T T A P O C D J E V M I I N N E T T

R O R E C T N T M E O F I U O I

R M U A

C C C I V N O T E R G I U W P A N D E

G T I S T C N R E R D T Y A C A N I S S U T D F K It can be ordered online or D S R N E I I O O R T U N A T E O N A A A O S C C C T Y P N O N O P R R O S M I G O N R G F IR N I A P G S W O S P H R R A G O P F S R I - I C S A E A E U PR I F T I E Y H V N E D C H C N T D N D O I E T E E I D G R I N T E Z L N W I N U I O N O O I Y D I L A B U I L R D O T G T T A B C L A P N S I I T N C P IZ E E A E M S N L T R T REVITA M A E E R N E P E C T N S M E O M U G I N A H P E I NA L A R H S EN A C I O T S M S ERGY M E L P O E IS

V P R E F O

Y E Y TI M O R G B

AC O C G R O N

C C S C L A C U S A N U Y G R downloaded from: S E I F N T AI IC C A E T A E NAB RV O M R I I E C LE SE S W I ON PRODUCTS AND E Y R D S T T T U O C T A N I RU R FE E C G P H CT RPO A M E N F Y ION O S E I D F D MA T C D G S D R NAGEMEN N A N E O L A AN Y IL I P O ENTA M I T U W R W E ENVIRONM ITY L B EV R ACIL U A IT PA R F Q AL T N E V E IZA R S H I P I AT I RE TIO I N N O VAT S T I N I T SP N K I O N T R U ON NOW- SIB HOW VI GY ILI SIONARY PROJECTS ECOLO INF TY E RA C O LO STR GY RE D I O N S UCT U C TIO N OF C O EMI SS URE ENER GY MANAGEMENT www.hochtief.com/sustainability T u rning Vision into Value.

19 Cover image (visualization): The green light has been given for one of the largest PPP projects in the world: The government of the Australian state of Victoria has awarded a consortium the contract to build Australia’s most state-of-the-art seawater desalination plant. Thiess, a company of HOCHTIEF’s subsidiary Leighton, is to design, finance, build and operate the EUR 2.1 billion plant together with the AquaSure consortium. From 2011, the facility will supply 150 billion liters of drinking water a year to Melbourne, which is a third of the metropolis’ total requirement. Druckpartner 11/09