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H1 2018: HOCHTIEF significantly increases profits, margins, cash flow and order backlog

HOCHTIEF has delivered a strong performance during the first six months of 2018 with substantial growth year on year. The Group ended the period with EUR 1.35 billion of net cash.

Operational net profit up by 18% year on year to EUR 237 million, nominal net profit up 21% year on year to EUR 229 million

  • Op. PBT EUR 454 million, +14%,
  • Op. PBT margin of 4.1%, +50 bps,
  • Sales H1 2018 of EUR 11.2 billion, +11% f/x-adjusted, +2% nominal

Strong cash flow from op. activities up 18% yoy to EUR 273 million

  • EUR 1.41 billion net cash from operating activities last twelve months

Robust net cash position of EUR 1.35 billion, EUR +752 million yoy

  • S&P reaffirmed BBB rating in May 2018, outlook upgraded to stable

Solid order backlog of EUR 45.6 billion, +11% f/x-adjusted

  • EUR 29.5 billion in new orders last twelve months, +26 % f/x-adjusted
  • New orders of EUR 12.8 billion in H1 2018
  • Order backlog equivalent to 22 months of work

Guidance for 2018 confirmed: Operational net profit of EUR 470–520 million (+4% to 15% yoy)

  • Strong tender pipeline in our core markets USA, Canada, Asia-Pacific and Europe of around EUR 100 billion in project work for remainder of 2018 and nearly EUR 400 billion in 2019+
  • PPP project pipeline over EUR 210 billion
  • Capital allocation focused on shareholder returns and attractive growth opportunitie

“The first half of 2018 was very strong. We have significantly increased profits, margins, cash flow, sales and order backlog”, said CEO Marcelino Fernández Verdes. Operational net profit rose by 18% year on year to EUR 237 million. Nominal net profit rose by 21% to EUR 229 million. All three divisions contributed to this positive development.