HOCHTIEF Asia Pacific Division
| (EUR million) | Q1-Q3 2008 | Q1-Q3 2007 | Percentage change | Q3 2008 | Q3 2007 | Full Year 2007 |
|---|---|---|---|---|---|---|
| New orders | 9.622,7 | 6.540,9 | 47,1 | 3.830,3 | 3.324,5 | 10.415,7 |
| Work done | 6.517,5 | 5.436,6 | 19,9 | 2.171,7 | 1,718,8 | 7.409,2 |
| Order backlog | 17.035,2 | 13.627,5 | 25,0 | 17.035,2 | 13.627,5 | 14.928,9 |
| Divisional sales | 5.355,4 | 4.522,8 | 18,4 | 1.780,8 | 1.438,2 | 5.989,8 |
| External sales | 5.355,2 | 4.522,5 | 18,4 | 1.780,7 | 1.438,2 | 5.989,4 |
| Operating earnings (EBITA) | 443,5 | 305,2 | 45,3 | 127,2 | 87,2 | 441,3 |
| Profit before taxes | 346,1 | 283,3 | 22,2 | 83,3 | 75,2 | 404,5 |
| Capital expenditure | 953,5 | 1.227,5 | -22,3 | 340,8 | 748,4 | 1.364,9 |
| Net assets | 1.993,4 | 1.580,6 | 26,1 | 1.993,4 | 1.580,6 | 1.759,8 |
| Employees | 40,763 (End Q3 2008) |
27,839 (End Q3 2007) |
46.4 | 40,763 (End Q3 2008) |
27,839 (End Q3 2007) |
27,940 (2007 average) |
New orders were up by 47.1 percent over last year's period to EUR 9.62 billion. Work done similarly increased substantially to EUR 6.52 billion, exceeding the previous year result by EUR 1.08 billion (up 19.9 percent), while the order backlog rose by 25 percent to EUR 17.04 billion. External sales also climbed sharply by 18.4 percent to EUR 5.36 billion.
Operating earnings were up 45.3 percent to EUR 443.5 million, with this figure reflecting growth in operating performance and the expansion of high-margin activities. Profit before taxes increased by 22.2 percent to EUR 346.1 million.
Capital expenditure was substantially decreased compared to the prior corresponding period, which included the acquisition of a 45 percent stake in Al Habtoor Engineering in 2007.
A highlight in the third quarter was the award of the Airport Link contract in Brisbane to Leighton companies John Holland and Thiess, which will lead a consortium in designing, developing, constructing and operating the project. As Australia's largest public-private partnership (PPP) project ever, the nearly 7-kilometer-long, multi-lane tunnel in Brisbane is valued at a total of EUR 2.9 billion, including the necessary land purchases.
John Holland was also successful in landing additional infrastructure projects. The company won the EUR 141 million construction contract for Westgate Bridge in Melbourne and a EUR 90 million contract for sewer work. In Western Australia, John Holland will redevelop an air force base.
New contracts were also obtained for resources-related projects. John Holland is undertaking the manufacture and building of a ship coal loader in a project valued at EUR 168 million and will expand two alumina refineries. These latter two contracts are worth a total of EUR 151 million.
In project development work, Thiess was nominated as preferred tenderer for the EUR 700 million Royal North Shore Hospital PPP redevelopment. A contract is expected to be awarded within weeks.
We were again also successful in Asia. In Hong Kong, Leighton will be responsible for expanding a major theme park under a contract worth EUR 80 million. Featuring restaurants, retail facilities, lagoons, landscaping and an aquarium, Ocean Park is expected to be completed in late 2010.
In Dubai, the Al Habtoor Leighton Group in alliance was awarded the approximately EUR 1.2 billion Tameer Towers mixed-use development project in Abu Dhabi. Spanning over 920,000 square meters, the site comprises four residential towers with up to 66 floors along with a five-star hotel, a marina and other facilities. The Al Habtoor Leighton Group's share is worth nearly EUR 388 million. In Abu Dhabi, the Al Habtoor Leighton Group was awarded the EUR 385 million Al Bustan mixed-use development featuring five 17-story towers. The target completion date is October 2010.
