I am pleased to present another set of excellent figures at the end of the third quarter 2008. We maintained our track record of superb performance and quality throughout the quarter. Our consolidated net profit climbed almost 50 percent to EUR 105 million. We are extremely pleased to see our commitment to responsible, sustainable business once again duly rewarded: For the third time running, HOCHTIEF's stock features in the Dow Jones Sustainability Index.
As we forge ahead with developing our operating business, we are keeping a close eye on the uncertainties in the financial markets. We do not presently see these as having any lasting impact on our business. The current turbulence has, however, affected our stock price, as it has that of other companies. The price of HOCHTIEF stock now in no way does justice to the operational strength and value of our Group.
HOCHTIEF goes from strength to strength. Our strategy of spanning the entire project life cycle has once again proven its value. The key is to focus on individual assets – buildings, facilities and infrastructure projects – and to deliver a full package around them: from finance to design, from construction to operation. We orchestrate the knowledge and experience of our experts and perform together as an integrated Group. The resulting competitive advantage and our broad regional presence have allowed us to make up very well for any potential weaknesses in individual markets that have presented themselves to date.
It goes without saying that we have run a range of scenarios to gauge the impact of the financial crisis on our business – for example, by assuming increased capital requirements for project finance or higher interest rates for borrowing. We are ready for such changes if they come. We have therefore taken the precaution of boosting our cash reserves and, like the rest of the industry, we weigh
We have planned conservatively at all times in recent years, cherry-picking the best projects in market segments with strong demand. Our order books are full, with the order backlog equivalent to a year and a half's work at full capacity. We sustained our strong operating performance throughout the third quarter. And we notched up successes in all six divisions.
In the HOCHTIEF Americas* division, our subsidiaries Turner and Flatiron stand strong in their chosen segments. Newly awarded contracts include schools, hospitals and administrative buildings in the USA, plus road and bridge projects. To name but one, Flatiron is to lead the designbuild team for a portion of the ring road around Edmonton, Canada. This major contract is worth a total of EUR 624 million.
In Australia, Asia and the Middle East, Leighton and its subsidiaries continue to be very successful indeed. Our HOCHTIEF Asia Pacific division has secured a series of major infrastructure and building contracts, including an Abu Dhabi development worth nearly EUR 1.2 billion awarded to the Al Habtoor Leighton Group.
Leighton's dynamic growth was reflected in August in a EUR 410 million share sale. HOCHTIEF took full advantage of the opportunity, buying just short of eleven million new shares for nearly EUR 226 million. We consequently remain Leighton's biggest shareholder with an approximately 55 percent stake. The proceeds from the share sale are mainly to fund Leighton's contract mining business"a segment boasting long-lasting contracts and dependable cash flows for our Group.
In the HOCHTIEF Concessions division, HOCHTIEF AirPort continues to cruise ahead with strong growth in our airport holdings. At HOCHTIEF PPP Solutions, August brought the financial close on the Elefsina-Patras-Tsakona toll road, a project comprising EUR 2.1 billion in construction work and a 30-year concession. HOCHTIEF Construction is contracted for a portion of the construction work.
In the HOCHTIEF Europe division, new awards to HOCHTIEF Construction during the third quarter centered