Hochtief AG — Earnings Release 2004

Aug 4, 2004

News Details

Ad-hoc | 4 August 2004 08:39

HOCHTIEF AG: Provisions Taken for Projects in Australia Impacts Results

Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– HOCHTIEF AG: Provisions Taken for Projects in Australia Impacts Results As a precautionary measure, HOCHTIEF is reducing its forecast for the current fiscal year. The Board of Australian HOCHTIEF subsidiary Leighton resolved at its meeting on Wednesday afternoon (Australian EST) to reduce its unaudited net profit for its 2003/04 financial year from AUD 140 million (EUR 84.3 million) to AUD 110 million (EUR 66.3 million). Because Leighton is a fully consolidated subsidiary-HOCHTIEF holds a 53 percent stake-this would put HOCHTIEF’s end-2004 consolidated net income slightly above and pretax profit about ten percent below prior-year levels. But because goodwill ceases to be amortizable from 2004 under IFRS 3, from today’s perspective both earnings measures are set to at least match the figures originally budgeted for. HOCHTIEF Aktiengesellschaft’s half-year results will be affected by this risk provision. HOCHTIEF’s figures will be published on August 19 as planned. end of ad-hoc-announcement (c)DGAP 04.08.2004 ——————————————————————————– WKN: 607000; ISIN: DE0006070006; Index: MDAX Listed: Amtlicher Markt in Berlin-Bremen, Düsseldorf, Frankfurt (Prime Standard), Hamburg und München; Freiverkehr in Hannover und Stuttgart 040839 Aug 04