(up EUR 0.16 billion or 29.9 percent), which noticeably cushioned the extraordinary effect from international business.

The vast majority of the HOCHTIEF Concessions division's holdings are not fully consolidated. The high volume of new orders of the Al Habtoor Leighton Group is also not included due to equity-method consolidation. Thus these statistics do not include some of the high-volume new orders.

Overall, HOCHTIEF's new orders in Germany decreased as projected compared with 2007 (especially in building construction) (down EUR 0.64 billion or 20.1 percent). By contrast, the international segment recorded an increase of 11.9 percent. Internationally posted new orders now account for a total of 89.9 percent.

Clear rise in Group work done

Compared with 2007 (EUR 18.77 billion), work done increased by EUR 2.87 billion to EUR 21.64 billion – an increase of 15.3 percent. Adjusted for exchange rate effects – primarily against the US dollar and the Australian dollar – the increase was as much as 21.1 percent.

The rise resulted primarily from solid contributions from Leighton's infrastructure and contract mining projects in the Asia-Pacific region and building construction business in the USA, where Turner, as the leading provider, played a significant part in the increase. Within Europe, work done increased again at HOCHTIEF Europe (up 12.9 percent), HOCHTIEF Real Estate (up 56.2 percent) and HOCHTIEF Services (up 21.8 percent). While HOCHTIEF Europe's growth was generated almost exclusively on international markets, work done at HOCHTIEF Real Estate and HOCHTIEF Services increased both in Germany and internationally in 2008.

This was the second year in a row that work done increased in Germany. The absolute figure of EUR 2.82 billion represents a rise of 17.2 percent (2007: EUR 2.41 billion). By way of long-term service and concession agreements, HOCHTIEF Concessions and HOCHTIEF Services contributed substantially to the increase. At EUR 1.58 billion,

HOCHTIEF Construction maintained the high level of 2007 in Germany.

The share of Group work done attributable to international business, namely 87 percent, clearly illuminates once again the Group's international orientation.

Despite huge growth of 15.3 percent, Group work done in 2008 fell short of new orders by EUR 3.64 billion. Accordingly, the order backlog grew further.

Order backlog: Up by more than EUR 4 billion after exchange rate adjustment

The order backlog reached almost EUR 31 billion. It increased by EUR 1.03 billion to an absolute value of EUR 30.92 billion, exceeding the figure for 2007 (EUR 29.89 billion) by 3.4 percent. However, the order backlog is highly distorted by considerable exchange rate effects against the Australian dollar: Adjusted for exchange rate effects, the order backlog now amounts to EUR 34.07 billion – which represents a year-on-year increase of EUR 4.18 billion or 14 percent.

Whereas the order backlog in Germany declined by 8.2 percent in 2008 compared with 2007, the order books for international business were much better filled (up 5.2 percent). The increase in the backlog was principally attributable to Leighton's extremely good business performance.

Based on the current annual work done figure, the Group has a forward order book of almost one and a half years.