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Hochtief beats its targets

27 Feb 14 Hochtief has reported meeting or exceeding all its key business targets for last year.

Profit before taxes rose by 47.7% to 鈧799.8m (拢658m) from the 2012 figure of 鈧541.4m and net profit was up by 10.3% to 鈧171.2m.

"2013 was marked by hard work, numerous changes, and visible results. We are achieving our goals,鈥 said CEO Marcelino Fern谩ndez Verdes.

The group generated operating profit before taxes of 鈧597.6m in 2013 following 2012鈥檚 figure of 聽鈧395.1m and net profit of 鈧207.5m exceeded expectations. The figures were adjusted for one-time items such as the impact of the disposal of the airport and service business lines at Hochtief, the disposal of the telecommunications activities at Leighton and restructuring expenses

New orders remained at a high level with 鈧26.49bn secured compared with 鈧31.49bn in 2012. The results report an order backlog of 鈧39.94bn, corresponding to a 17-month forward order book. 聽

In 2013, Hochtief also increased its stake in Leighton and now holds approximately 59%. 聽

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