Hochtief Aktiengesellschaft · XETR:HOT
Hochtief Aktiengesellschaft — Q1 2003 Earnings Presentation
25 slides from Hochtief Aktiengesellschaft's earnings presentation, May 13, 2003
Slide 1: First Quarter Results 2003
First Quarter Results 2003 Conference Call, 13 May 2003 Dr. Hans-Georg Vater, CFO 1
Slide 2: Results first quarter 2003
Results first quarter 2003 - New orders of EUR 3.9bn (-4%) - adjusted for currency impacts: +10% - domestic: -21% (selective order intake) - international: -2% (solely due to currency impacts) - Order backlog of almost EUR 15bn (-1%) - Asia Pacific at record level with EUR 5.6bn - Operating earnings
Slide 3: Key drivers in the first quarter 2003
Key drivers in the first quarter 2003 Operational level: Airport: Participation in airports has developed better than expected Development: Leading position in property development Americas: Negative impact of uncertain markets and currency effects Asia Pacific: High order backlog secures 2003 earni
Slide 4: First quarter figures 2003
First quarter figures 2003 (EUR m) Jan-Mar Jan-Mar % change 2003 2002 Key drivers: Strong decrease in net income New orders 3,896 4,071 -4 (-121%) since 2002 figure Work done 2,826 3,093 -9 included: Order backlog 14,983 15,107 -1 - EUR 57m (EUR 157m ./. EUR Sales 2,656 3,028 -12 100m risk provision
Slide 5: Regional breakdown - work done first quarter
Regional breakdown - work done first quarter (as percentage of total) Germany 2003 EUR 436m (16%) 2002 EUR 412m (13%) Rest of Europe 2003 EUR 165m (6%) 2002 EUR 134m (5%) America 2003 EUR 1,412m (50%) 2002 EUR 1,742m (56%) Africa Asia/Pacific 2003 EUR 7m (<1%) 2003 EUR 806m (28%) 2002 EUR 2m (<1%) 2
Slide 6: Divisional breakdown
Divisional breakdown New orders % change Work done % change Jan-Mar (EUR m) 2003 2002 Jan-Mar (EUR m) 2003 2002 Airport 0.3 1.5 -80 Airport 0.3 1.5 -80 Development 60 156 -62 Development 111 87 +28 Americas 1,742 2,725 -36 Americas 1,411 1,743 -19 Asia Pacific 1,658 656 +153 Asia Pacific 757 775 -2
Slide 7: Airport
Airport (EUR m) Jan-Mar Jan-Mar % change Key drivers: 2003 2002 •New orders/work done: 2002 figures include internal service fees New orders 0.3 1.5 -80 Work done 0.3 1.5 -80 •EBITDA/op. earnings: strong increase Sales 0.3 0.2 +50 since 2003 includes 1Q Sydney dividend (EUR 2.4m) and improved equity
Slide 8: Development
Development (EUR m) Jan-Mar Jan-Mar % change Key drivers: 2003 2002 •New orders: weak real estate and property development market New orders 60 156 -62 Work done 111 87 +28 •Work done/sales: major office projects Order backlog 784 700 +12 started: BMW Center Munich and Siemens office Offenbach (EUR
Slide 9: Construction Services Americas
Construction Services Americas (EUR m) Jan-Mar Jan-Mar % change Key drivers: 2003 2002 •New orders: unstable market and currency impact (Turner in USD 1.9bn, -19%), still New orders 1,742 2,725 -36 several major projects in health care and Work done 1,411 1,743 -19 education segment Order backlog 5,
Slide 10: Construction Services Asia Pacific
Construction Services Asia Pacific (EUR m) Jan-Mar Jan-Mar % change Key drivers: 2003 2002 • New orders: several big projects already in the first quarter (Western Sydney Obital New orders 1,658 656 +153 EUR 830m (HT stake 50%), Sydney office Work done 757 775 -2 buildings EUR 330m, mining contracts
Slide 11: Construction Services Europe
Construction Services Europe (EUR m) Jan-Mar Jan-Mar % change Key drivers: 2003 2002 •New orders: selective order intake but successful in specific market segments New orders 418 533 -22 e.g. retail property sector (EUR 110m Work done 529 487 +9 contracts) Order backlog 2,796 2,756 +1 •Work done/sal
Slide 12: Cash flow
Cash flow Key drivers: Jan-Mar 2003 2002 % change •Cash flow: 2002 figure includes (EUR m) EUR 57m Monachia effect Cash flow 67 123 -46 •Operating activities: decrease Net cash used in/provided by operating activities -35 -3 -1067 due to Monachia (in 2002 Net cash used in investing activities -1 -3
Slide 13: Consolidated balance sheet
Consolidated balance sheet Assets Liabilities Key drivers 31 Mar ‘03 31 Dec ‘02 31 Mar ‘03 31 Dec ‘02 •Negative impact of EUR/USD exchange rate leads to a decrease of EUR 70m in total balance volume 1,917 1,940 Shareholders‘ 2,266 2,233 (25%) (25%) equity and •Marketable securities and cash: (30%) (
Slide 14: Outlook 2003
Outlook 2003 - Airport: Slight increase in operating earnings - Development: Slight increase in operating earnings (Monachia adjusted) - Americas: Slight decrease in operating earnings (currency impact) - Asia Pacific: Slight increase in operating earnings - Europe: German construction expected to b
Slide 15: Appendix
- Appendix - 15 15
Slide 16: Share price development (1 Jan - 9 May 2003)
Share price development (1 Jan - 9 May 2003) Kursentwicklung HOCHTIEF AG / MDAX / Prime Construction seit dem 01.01.2003 120,0% HOCHTIEF AG 115,0% MDAX Prime Construction Performance-Index 110,0% 105,0% 100,0% 95,0% 90,0% 85,0% 80,0% 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 00 00 00 00 00 00 00 00 00 0
Slide 17: Reconciliation earnings from operating activities to EBT
Reconciliation earnings from operating activities to EBT HT Group Airport Development Americas Asia Pacific Europe Headquarter/ (EUR m) Other Jan-Mar 2003 2002 2003 2002 2003 2002 2003 2002 2003 2002 2003 2002 2003 2002 Earnings from operating activites 34.1 68.5 -1.3 -0.1 13.3 60.1 5.9 13.2 35.9 33
Slide 18: Profit and loss account by division
Profit and loss account by division (EUR m) HT Group Airport Development Americas Asia Pacific Europe Headqu./Other Jan-Mar 2003 2002 2003 2002 2003 2002 2003 2002 2003 2002 2003 2002 2003 2002 Sales* 2,656.4 3,027.8 0.3 1.5 113.7 71.8 1,379.0 1,722.4 723.8 805.2 468.0 426.8 -28.4 0.1 Changes in inv
Slide 19: Breakdown Airport
Breakdown Airport Passengers (mio.) Air traffic movements Sales (EUR m) Aviation Non-Aviation Total Jan-Mar 2003 2002 % change 2003 2002 % change % change % change % change 2003 2002 2003 2002 2003 2002 Düsseldorf 2,90 2,86 1,5% 43,85 41,93 4,6% 43,41 42,80 1,4% 20,55 19,47 5,5% 63,96 62,27 2,7% Ham
Slide 20: Breakdown Development
Breakdown Development (EUR m) New orders Sales EBITDA Op. earnings Jan-Mar 2003 2002 % change 2003 2002 % change 2003 2002 % change 2003 2002 % change Infrastructure <1 <1 n.a. <1 <1 n.a. -1 -1 +0 -1 -1 +0 Real estate 26 129 -80 74 47 +57 6 -1 +700 6 -1 +700 Facility Mgmt 19 22 -14 16 8 +100 <1 <1 n
Slide 21: Breakdown Construction Services Americas
Breakdown Construction Services Americas (EUR m) New orders Sales EBITDA Op. earnings Jan-Mar 2003 2002 % change 2003 2002 % change 2003 2002 % change 2003 2002 % change Turner 1,726 2,661 -35 1,368 1,713 -20 20 29 -31 15 24 -38 Aecon - - - - - - 1 1 +0 1 1 +0 Kitchell - - - - - - 0 1 -100 0 1 -100
Slide 22: Breakdown Construction Services Europe
Breakdown Construction Services Europe (EUR m) New orders Sales EBITDA Op. earnings Jan-Mar 2003 2002 % change 2003 2002 % change 2003 2002 % change 2003 2002 % change Building 277 337 -18 279 253 10 -3 -14 +79 -6 -16 +63 Civil 81 165 -51 64 62 3 -6 -3 -100 -7 -3 -133 Streif Baulogistik 15 9 +67 12
Slide 23: Detailed cash flow
Detailed cash flow Jan-Mar 2003 2002 (EUR '000) (EUR '000) Net income -16,140 74,607 Minority shareholders' interests 17,110 13,840 Earnings after taxes 970 88,447 Depreciation/write-ups 63,299 65,375 Changes in long-term provisions -2,772 0,670 Changes in deferred taxes 9,762 -55,366 Other cash inc
Slide 24: HOCHTIEF Group structure 2003
HOCHTIEF Group structure 2003 HOCHTIEF AG Financial Participations Germany HOCHTIEF HOCHTIEF HOCHTIEF HOCHTIEF HOCHTIEF AIRPORT DEVELOPMENT CONSTRUCTION SERVICES CONSTRUCTION SERVICES CONSTRUCTION SERVICES AMERICAS ASIA PACIFIC EUROPE HOCHTIEF HOCHTIEF Projekt - The Turner Corporation Leighton HOCHT
Slide 25: Financial calendar
Financial calendar 04 June 2003 Annual General Meeting 26 August 2003 Half year results 2003 and analyst and investor conference 19 November 2003 Third quarter results 2003 and conference call 16 February 2004 Preliminary results 2003 31 March 2004 Full year results 2003 and analyst and investor con
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