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Hochtief’s revenues down. Airport division IPO?

18-Aug-2009

Germany’s Hochtief posted an operating profit of EUR207.8 million (+56.4%) on revenues of EUR4.72 billion (-10.2%) in the three months ended 30-Jun-09. EBITDA was down by 7.8% at EUR206.7 million. For the six months ending on the same date both revenues and operating profit had been up, the latter by over 75%. The concessions division did not fare so well. Despite an increase in new orders, Hochtief AirPort’s EBITDA was -29.8% at EUR40 million. Meanwhile, Hochtief is considering the flotation of a minority stake in Hochtief Concessions, which includes Hochtief AirPort, to boost the parent’s weak stock market valuation. [1151 words]

Unlock the following content in this report:

Subheadings:

  • Shares have dropped 21% in 12 months
  • 25 subsidiaries, six airports
  • Tirana Airport records 8.6% growth
  • Will continue to hold a majority shareholding; ACS raises its share to close to 30% - the level at which it must make an all-shareholder offer

Graphs and data:

  • Hochtief financial highlights: three months ended 30-Jun-09 (EUR, million)
  • Hochtief financial highlights: six months ended 30-Jun-09 (EUR, million)
  • Hochtief Concessions Division financial highlights: Three months ended 30-Jun-09 (EUR, million)
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