HOCHTIEF share falls: HOCHTIEF records jump in profits

“HOCHTIEF achieved good results in the first quarter of 2022 despite the considerable challenges at the beginning of the year and was able to further expand the order backlog,” said CEO Marcelino Fernndez Verdes on Monday when the quarterly figures were presented in Essen. The order backlog at the end of March was a good 50 billion euros. That was an increase of almost six percent compared to the same period last year. The share temporarily lost 0.14 percent to EUR 56.48 via XETRA on Monday.

Above all, however, business in the Asia-Pacific region was particularly good in the first three months of 2022. The business of the Spanish motorway operator Abertis, in which HOCHTIEF holds around 20 percent, also developed better. During the lockdown in the same period last year, toll highways were used much less. In the first quarter, consolidated profit adjusted for special effects rose by 19.2 percent year-on-year to EUR 118.2 million. If one deducts the contribution from the financial stake in the Spanish motorway operator Abertis, then according to HOCHTIEF the net operating profit grew by around 11.1 percent.

For the current year, HOCHTIEF is still targeting adjusted net income of EUR 475 to 520 million. That would be up to around 15 percent more than in the previous year. The bulging order books and good prospects for even more orders make the manager confident. HOCHTIEF has also identified targets worth more than EUR 600 billion for 2022 and beyond in North America, the Asia-Pacific region and Europe.

Including special effects, HOCHTIEF reported a profit of EUR 106.1 million in the first three months of 2022. That was 23.4 percent more than in the previous year. Sales climbed in the first three months by 8.1 percent to 5.33 billion euros.

Meanwhile, HOCHTIEF is making progress with the complete takeover of the Australian subsidiary. The company held more than 96 percent in CIMIC at the beginning of May, the company said. HOCHTIEF has started a forced acquisition, a so-called squeeze-out, of the remaining shares in CIMIC. “We expect to acquire 100 percent ownership of our Australian business in the second quarter,” said Fernndez Verdes. Trading in CIMIC shares on the Australian Stock Exchange was halted just a few days ago. The Essen-based company is offering 22 Australian dollars (currently around 14.7 euros) per CIMIC share, the offer will cost a maximum of 940 million euros, the German group had said.

/mne/lew/eas

FOOD (dpa-AFX)

Image sources: 360b / Shutterstock.com, HOCHTIEF