Value-driven management at HOCHTIEF
Sustained growth in value is HOCHTIEF's prime financial goal. A key factor in achieving this goal is
the systematic development and refining of our management and control systems. In 2005, we placed our
value-driven management system on a fresh footing by adopting RONA (Return on Net Assets) as the new
measure of return on capital for the Group as a whole, the corporate divisions and all Group companies.
The system promotes value creation and ensures Group-wide transparency on all levels.
The main control parameters used in the new approach are RONA plus value created. If RONA is
greater than the weighted average cost of capital (WACC), the contribution to value is positive.
To strengthen the impact of this value-driven approach, the level of value created will in the
future be a decisive element in performance-related remuneration for managerial staff.
