HOCHTIEF AG has published its results for 1Q/2020

HOCHTIEF Q1 2020: Operational net profit of EUR 124 million // +10% before Abertis contribution // Outlook remains positive across core markets

  • Operational net profit of EUR 124 million, -7% year on year (yoy), +10% before Abertis contribution
    • Sales of EUR 6.2 billion, up 7% yoy (fx-adjusted +8%), with robust contribution from operating divisions
    • Nominal net profit of EUR 115 million, +7% yoy before Abertis
    • Abertis profit contribution of EUR 1 million, (Q1 2019 EUR 21 million), due to Corona-related traffic impacts
  • Net cash from operating activities pre-factoring of EUR 1.7 billion last twelve months (LTM)
    • Net Cash from operating activities pre-factoring improved by EUR 160 million in Q1 2020, EUR +1.2 billion LTM
  • Group net cash of EUR 715 million in Q1 2020, pre BICC net cash effect
    • Strong liquidity position of EUR 6.0 billion per end-Q1 2020
  • Order backlog solid at EUR 47.6 billion and new orders (EUR 27.9 billion LTM) at high level
  • Outlook across core markets remains positive
    • Strong position in the Group’s core markets and robust tender pipeline: North America, Asia Pacific and Europe of approx. EUR 600 billion for 2020 and beyond; PPP project pipeline of approx. EUR 220 billion
    • Once we have better visibility of the consequences of the Corona crisis on the business, we will provide an update to 2020 guidance, if required

Notwithstanding the impact of the Corona crisis, HOCHTIEF delivered a Q1 2020 operational net profit of EUR 124 million compared with EUR 133 million in the corresponding period of 2019. The operational net profit before the Abertis contribution was 10% higher year on year, with all three operating divisions achieving solid results.

CEO Marcelino Fernández Verdes: “Our focus on our core markets of Australia, North America and Europe gives the Group a unique and well balanced business profile. During the first quarter, operations at the vast majority of our construction, mining and services sites have continued despite the corona crisis. Overall, the Group’s activities continue to progress within the framework of the restrictions which have been put in place.”