HOCHTIEF Interim Report January - September 2007

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Notes to the Consolidated Financial Statements

Accounting policies

The Consolidated Financial Statements as of September 30, 2007 are prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU.

The Interim Financial Statements and the Interim Management Report have been neither audited nor reviewed.

This interim report is based on the Consolidated Financial Statements as of and for the year ending December 31, 2006. With effect from June 30, 2007, the discount factor for valuing domestic pension obligations was increased to 5 percent to reflect increased capital market interest rates (December 31, 2006: 4.5 percent). In all other respects, this report has been prepared using the same accounting policies as the 2006 Consolidated Financial Statements. Information on those accounting policies is given in the 2006 Annual Report. All prior-year figures are determined on the same basis.

Consolidation changes

Seven domestic and 20 foreign companies were added to the consolidated group in the first nine months of fiscal 2007. Two domestic companies and one foreign company were merged. One foreign company was removed from the consolidated group.

The number of foreign companies accounted for using the equity method has increased by a net balance of four.

After these changes, the Consolidated Financial Statements include HOCHTIEF Aktiengesellschaft and a total of 38 domestic and 264 foreign consolidated companies. Six domestic and 69 foreign companies are accounted for using the equity method.

Own shares

The Company held none of its own shares as of September 30, 2007. In July 2007, the Company sold 11,928 of its own shares to persons in its employment or in the employment of an affiliate, at a price of EUR 34.50 per share. These shares represent EUR 30,536 (0.02 percent) of the Company's capital stock.

HOCHTIEF used holdings of its own shares as planned to generate cash in the course of the third quarter, among other things to finance acquisitions. For this purpose, 2,872,700 own shares were sold on the stock exchange between July and Sptember 2007, generating total sale proceeds of EUR 219,408,253. These shares represent EUR 7,354,112 (4.1 percent) of the Company's capital stock.

Contingent liabilities

The contingent liabilities relate to liabilities under guarantees and letters of comfort; they have decreased since December 31, 2006 by EUR 25,281,000 to EUR 14,313,000.

Segment reporting

Segmental reporting in the HOCHTIEF Group is based on the Group's divisional operations. The breakdown by divisions and regions mirrors the Group's internal reporting systems. Detailed information on the various segments making up the HOCHTIEF Group is provided herein in the Interim Management Report.

Related party disclosures

With the sole exception reported in the following, there has been no change in the companies and individuals comprising related parties of HOCHTIEF Aktiengesellschaft and HOCHTIEF Group companies. The information provided in this regard in the notes to the most recent Consolidated Financial Statements therefore continues to apply. Since April 24, 2007, Actividades de Construcci�n y Servicios, S.A. (Madrid, Spain) has been a related party of HOCHTIEF Aktiengesellschaft, with 25.08 percent of voting rights, having purchased this ownership interest from Custodia Holding AG (Munich).

No material transactions were entered into during the period under review between HOCHTIEF Aktiengesellschaft or any HOCHTIEF Group company and any related party or parties having material influence over the results of operations or financial condition of the Company or the Group.

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

(EUR thousand)	Q1-3 2007	Q1-3 2006 restated*	Q3 2007	Q3 2006 restated*
Profit from operating activities	177.520	170.865	82.303	52.624
+ Net income from participating interests	137.886	37.527	73.959	11.036
- Non-operating earnings	(+) 1.175	(+) 2.290	(+) 531	(+) 1.000
+ Interest credited	11.692	262	5.941	-1.253
Operating earnings (EBITA)	328.273	210.944	162.734	63.407

*Explanations are provided on page 15.

Undiluted and diluted earnings per share

(EUR thousand)	H1 2007	H1 2006 restated*	Q2 2007	Q2 2006 restated*
Consolidated net profit (EUR thousand)	70.695	49.108	56.919	17.609
Number of shares in circulation (weighted average)	67157747	64653975	69350975	64761152
Earnings per share (EUR)	1,05	0,76	0,82	0,27

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.