ch risk to 'survive' recession ­ Saipem and lmtech: recent examples where aggressive accounting masked cost overruns and loss making contracts. ­ Hochtief has a high risk of being next contractor to warn due to: ­ Dramatic rise in working capital driven by (unbilled) receivables signal either: ­ Cost

tart (trading -4.8%) TUI Travel Q2 look ok with UK strong and summer trading inline (trading -0.70%) ACS Ql in line, net debt deterioration due to Hochtief (trading -4.7%) Aviva reports that Andrew Moss to step down as CEO with immediate effect (trading +3.0%) (unch) coalition (private) Insurers #'

LCCs, the largely unexploited property and retail opportunities, and its big reserves of both runway and terminal capacity ■ Post the transaction Hochtief initiated a €261m five-year investment programme for the expansion and development of the airport 7 SEABURY EFTA00585137 Valuation Summary ■ U