| (EUR million) | 2008 | 2007 |
|---|---|---|
| New orders | 12,651.0 | 10,415.7 |
| Work done | 8,638.9 | 7,409.2 |
| Order backlog | 16,194.2 | 14,928.9 |
| Divisional sales | 6,884.8 | 5,989.8 |
| External sales | 6,884.5 | 5,989.4 |
| Operating earnings (EBITA) | 427.5 | 441.3 |
| Profit before taxes | 327.2 | 404.5 |
| Capital expenditure | 1,005.2 | 1,364.9 |
| RONA (%) | 22.7 | 32.2 |
| Net assets (December 31) | 2,081.5 | 1,759.8 |
| Employees (average over the year) | 37,076 | 27,940 |
Work done and external sales rose correspondingly – work done by 16.6 percent to EUR 8.64 billion and external sales by 14.9 percent to EUR 6.88 billion.
At EUR 16.19 billion, the order backlog likewise set a new record, with an increase of 8.5 percent on the prior year.
Despite the excellent operating performance, both operating earnings (down 3.1 percent) and profit before taxes (down 19.1 percent) were below prior-year levels. The decrease mainly reflects impairment losses recognized by Leighton for stakes in listed concession companies and in other businesses as a result of the financial crisis, combined with a marked depreciation in the Australian dollar over the course of 2008.
Capital expenditure dropped by 26.4 percent to EUR 1 billion. The main factor in the large figure in 2007 was Leighton's acquisition of a 45 percent interest in Al Habtoor Engineering, Dubai.
The number of employees increased in line with with work done, averaging 37,076 in the year under review.
Leighton has taken preventive action by reducing costs, restricting capital expenditure and refraining from financial investments. In addition, Leighton holds a strong position in its core markets along with a record order backlog. Sustained growth in Asia, continued strong demand for resources and persistently high demand for infrastructure services in Leighton's domestic market of Australia lead us to expect an increase in pretax operating earnings in 2009.