HOCHTIEF : delivers solid half-year figures and further progress on strategy more

Embargoed until 07:00 a.m. (CET) on July 31, 2014

HOCHTIEF delivers solid half-year figures and further progress on strategy

 Improving cash flow trend

o Working capital outflow meaningfully reduced by EUR 340 m

o Substantial operating Capex reduction of EUR 255 m

 Positive development in operational earnings in all divisions

o EBT: EUR 296 m; up 11%

vs. EUR 267 m in H1/2013

o Operational net profit: EUR 116 m; up 38%

vs. EUR 84 m

 Reported net profit EUR 100.5 m

compared to EUR 126 m in H1/2013 (EUR 84 m plus
EUR 42 m one-off effects)

 Net debt EUR 400 m down year on year

 New orders up 5% (like-for-like)

o Stable order backlog at around EUR 40 bn

 Realignment of Leighton proceeding to plan

 Guidance for 2014 reaffirmed

CORPORATE HEADQUARTERS

Opernplatz 2

45128 Essen, Germany

Tel.: +49 201 824-2610

Fax: +49 201 824-2585 presse@hochtief.de

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HOCHTIEF achieved further progress in terms of cash flow in the first half year. The working capital outflow was meaningfully reduced by EUR 340 million and operating capital expenditure declined by approximately 40%. Net debt was significantly lower (EUR 400 million) year on year.
Adjusting for nonrecurring items, operational earnings before taxes for January to June, at EUR 296 million, were up 11% on the prior-year figure. Operational net profit increased by 38% to EUR 116 million.
Reported net profit was EUR 100.5 million. This is a decline of 20%. The first half of 2013 however included EUR 42 million in net positive one-off effects.
The solid business performance is also visible in work done and new orders: On a like-for-like basis, new orders were 5% up on the prior-year figure. Like-for-like

HOCHTIEF Aktiengesellschaft Sitz der Gesellschaft: Essen, Registergericht: Essen HRB 279, USt-IdNR. DE 1198 171 25, StNr. 5112/5710/0012, Vorsitzender des Aufsichtsrates: Thomas Eichelmann; Vorstand: Marcelino Fernández Verdes (Vorsitzender),

Nikolaus Graf von Matuschka, José Ignacio Legorburo Escobar, Peter Sassenfeld

CORPORATE HEADQUARTERS

work done also gained, with an increase of 5% in the first half of 2014. The order backlog is solid, totaling nearly EUR 40 billion.
Marcelino Fernández Verdes, Chairman of the HOCHTIEF Executive Board: "The figures show that, both strategically and operationally, we are well on track and the trend is consistently positive."

With the restructuring at Americas and Europe almost complete and already beginning to deliver results, the main focus is now on Leighton, in which HOCHTIEF has recently raised its stake to nearly 70%.
The key points of the recently announced Leighton strategy review are: strengthening the balance sheet, restructuring the operating model, and improving project delivery. The focus on collecting receivables and potential divestments will lead to reduced net debt.
Leighton's structure is to undergo a major reorganization process with activities brought together in the future under four operational business units: Construction, Mining, Public Private Partnership, and Engineering.
Recently, rating agency Standard & Poor's has confirmed Leighton Holdings'
investment grade and removed it from CreditWatch with a stable outlook.

HOCHTIEF once again secured major new orders in the second quarter of 2014: In Hong Kong, Leighton Asia is to construct the passenger clearance building for the large-scale Hong Kong-Zhuhai-Macao Bridge project. The contract is worth EUR 759 million. A consortium led by Leighton Contractors and John Holland was selected as preferred bidder to deliver another package at the biggest PPP rail project in Australia. Flatiron, the U.S. civil engineering subsidiary, saw a significant year-on-year order increase in the first six months of 2014 already at a similar level to the whole of 2013. Contracts awarded to Flatiron included a design and build contract for a multi-lane freeway in North Carolina for

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CORPORATE HEADQUARTERS

EUR 90 million. The biggest new contracts for the HOCHTIEF Europe division, which enjoyed new orders up 30% like-for-like, include a large work package in the construction of a hydro power plant in Austria for EUR 132 million, expansion of the subway network in Copenhagen (EUR 150 million), and a PPP contract to widen the A7 freeway from Hamburg to Schleswig-Holstein.

The Group guidance remains unchanged. Operational consolidated net profit in
2013 was EUR 207.5 million.* The Group continues to anticipate further progress in 2014, with operational consolidated net profit in the range of EUR
225-250 million.
* including aurelis

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like-for-like. i.e. adjusted for

f/x effects and

deconsolidation (year on year)

* Restated for IRFS 11. For details on the restatement, please see pages 18 et seq. of the Half-Year Report 2014

1) Operating figures excluding one-off impacts such as deconsolidation

CORPORATE HEADQUARTERS

Please note: H1 2013 included net positive one-off effects (EBT: EUR 165 million, net profit: EUR 42 million); mainly from capital gains in divestments.

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* Restated for IRFS 11. For details on the restatement, please see pages 18 et seq. of the Half-Year Report 2014

** Note: The percentage changes are calculated at the level of precision used in the interim financial statements (thousands of euros)

HOCHTIEF is one of the most international construction groups worldwide. The company delivers complex infrastructure projects, in some cases on the basis of concession models. The Group operates in the transportation infrastructure, energy infrastructure and social/urban infrastructure segments as well as in the contract mining business. With nearly 81,000 employees and a sales volume of more than EUR 25 billion in FY

2013, HOCHTIEF is represented in all the world's major markets. With its subsidiary Leighton, the Group is market leader in Australia. In the USA, the biggest construction market in the world, HOCHTIEF is the No. 1 general builder via its subsidiary Turner and, with Group company Flatiron, ranks among the most important players in the field of transportation infrastructure construction. Because of its engagement for sustainability, HOCHTIEF has been listed in the Dow Jones Sustainability Indexes since 2006. Further information is available at www.hochtief.com/press.

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