HOCHTIEF Annual report 2008 - Management Report > Corporate divisions

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meters. In August 2008, HOCHTIEF PPP Schulpartner announced excellent results in an annual energy report for the schools for which it is responsible in the Offenbach district: Energy consumption was reduced substantially by modernization work completed to date, although additional net floor space was added and many schools are now open all day.

The city hall in Gladbeck, which was designed, financed and built by HOCHTIEF PPP Solutions as part of a PPP project, was awarded the Prix Européen d – Architecture (European architecture award) by the Philippe Rotthier Foundation for the best public intervention.

HOCHTIEF PPP Solutions (UK) has handed over four schools in the East Ayrshire region of Scotland and in Salford, England, since April 2008. These include Grange Academy in Kilmarnock, which features a preschool and elementary school, secondary schools and a special needs wing. The project has gross floor space of around 18,000 square meters and houses up to 2,200 pupils. Our UK subsidiary will operate the Academy until 2037.

In 2008, HOCHTIEF PPP Solutions (UK) was also chosen as a preferred bidder for the community center project for the city of Wigan. Worth EUR 244 million, the project will run for 25 years. The financial close is planned for the first half of 2009.

Renewable energies*

HOCHTIEF PPP Solutions has been active in the geothermal energy market since 2007 in an effort to meet the growing demand for power plants in this segment. In September 2008, Süddeutsche Geothermie-Projekte, a company in which we hold a stake of 40 percent, began drilling work for its second geothermal power plant. The company is designing, financing and building a five-megawatt plant featuring heat recovery in Kirchstockach, Bavaria. The project is worth approximately EUR 35 million. The construction and drilling work is being completed by HOCHTIEF Construction. Electricity is scheduled to be fed into the grid for the first time in early 2010.

HOCHTIEF Concessions division

(EUR million)	2008	2007
New orders	197.9	415.3
Of which HOCHTIEF AirPort	13.7	28.0
Of which HOCHTIEF PPP Solutions	184.2	387.3
Work done	167.5	196.0
Of which HOCHTIEF AirPort	13.7	28.0
Of which HOCHTIEF PPP Solutions	153.8	168.0
Order backlog	723.1	692.7
Of which HOCHTIEF AirPort	0.0	0.0
Of which HOCHTIEF PPP Solutions	723.1	692.7
Divisional sales	166.1	198.6
Of which HOCHTIEF AirPort	13.7	28.0
Of which HOCHTIEF PPP Solutions	152.4	170.6
External sales	162.9	197.9
Of which HOCHTIEF AirPort	12.4	27.4
Of which HOCHTIEF PPP Solutions	150.5	170.5
Operating earnings (EBITA)	145.7	185.3
Of which HOCHTIEF AirPort	123.1	168.3
Of which HOCHTIEF PPP Solutions	22.6	17.0
Profit before taxes	109.6	155.3
Of which HOCHTIEF AirPort	96.5	142.4
Of which HOCHTIEF PPP Solutions	13.1	12.9
Capital expenditure	27.7	131.3
Of which HOCHTIEF AirPort	17.4	123.8
Of which HOCHTIEF PPP Solutions	10.3	7.5
RONA (%)	14.0	20.7
Of which HOCHTIEF AirPort	14.2	22.1
Of which HOCHTIEF PPP Solutions	13.0	14.9
Net assets (December 31)	1,258.9	1,242.9
Of which HOCHTIEF AirPort	1,035.5	1,013.5
Of which HOCHTIEF PPP Solutions	224.4	229.4
Employees (average over the year)	219	186
Of which HOCHTIEF AirPort	80	66
Of which HOCHTIEF PPP Solutions	139	120

The HOCHTIEF Concessions division's key figures

The decline in new orders in the HOCHTIEF Concessions division by EUR 217.4 million from the prior-year figure is due to the fact that more public building projects were acquired in 2007. In 2008, new orders concentrated on the two toll road projects in Greece, Elefsina-Patras-Tsakona and Maliakos-Kleidi. Due to accounting rules regarding consolidation, these projects are not reported in the Concessions division's new orders.