Orders and work done at the HOCHTIEF Group were again marked by record levels of new orders, work done and order backlog. This is the fifth year in a row that the prior-year figures have been exceeded – impressive proof of HOCHTIEF's ability to continuously perform at its best.
This new record figure in 2008 was again driven by the expanding markets in the Asia-Pacific region. In the HOCHTIEF Asia Pacific division, new orders increased by a further AUD 5.07 billion (29.7 percent) compared with 2007 thanks to new large-scale projects.
The HOCHTIEF Americas division remained at the exceptional level of the previous year. The decline at our US subsidiary Turner was more than offset since, in contrast to
The HOCHTIEF Europe division continued to consolidate the business in Germany in the reporting year (down EUR 0.26 billion or 16.6 percent). New orders fell substantially in Russia compared with 2007 (down EUR 0.39 billion or 77.5 percent). These decreases in Germany and Russia were more than offset by increased new orders in Western Europe (up EUR 0.70 billion). Of particular note here was the increase in Greece (up EUR 0.62 billion), due to the major Maliakos-Kleidi and Elefsina-Patras-Tsakona toll road projects.
At the end of 2008, the HOCHTIEF Real Estate division faced challenges in particular from the financial crisis. New orders dropped significantly in the property development business segment (down EUR 0.30 billion or 36.1 percent). In the current market environment, the start of new property development projects is checked with particular care in view of outstanding real estate sales.
In the HOCHTIEF Services division, new orders in 2007 were shaped especially by an extremely large-scale project for schools in the UK. Since no comparable project was won in 2008, international business accordingly saw a decrease in new orders (down EUR 0.30 billion or 82.4 percent). Development was decidedly more positive in Germany
