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134 Annual Report 2009
Notes to the Consolidated Financial
Statements
Accounting principles
General information
The Consolidated Financial Statements are prepared in accordance
with International Financial Reporting Standards (IFRS)
as adopted by the EU and with supplementary provisions of
German commercial law applicable under Section 315a (1) of
the German Commercial Code.
Alongside the Consolidated Statement of Earnings, the Con-
solidated Statement of Comprehensive Income, the Consoli-
dated Balance Sheet and the Consolidated Statement of Cash
Flows, the Consolidated Financial Statements also include a
Consolidated Statement of Changes in Equity. Segment reporting
is provided in these Notes.
For purposes of clarity, a number of items are combined in the
Statement of Earnings and in the Balance Sheet. These items
are broken down into their constituents and commented on
elsewhere in these Notes. The Statement of Earnings is presented
using the nature of expense method of analysis.
The Consolidated Financial Statements are presented in
e u r o s .
The Consolidated Financial Statements relate to the 2009 fis-
cal year, comprising the reporting period from January 1 to
December 31, 2009. Corresponding prior-year figures are
restated where necessary due to early application of IFRIC 15.
The Executive Board of HOCHTIEF Aktiengesellschaft re-
leased the financial statements for publication on February 16,
2010. They will be approved at the Supervisory Board meeting
on March 18, 2010.
Basis of consolidation
The Consolidated Financial Statements include HOCHTIEF
Aktiengesellschaft and all significant domestic and foreign
subsidiaries in which it directly or indirectly holds the majority
of voting rights. This generally goes hand in hand with a majority
shareholding. In the case of two subsidiaries included in
the Consolidated Financial Statements, HOCHTIEF Aktiengesellschaft
is not the majority shareholder but holds the majority
of voting rights by virtue of a pooling agreement. One
company is consolidated by virtue of de facto control. Significant
associates and jointly controlled entities are accounted
for using the equity method.
Holdings in subsidiaries or associated companies or jointly
controlled entities deemed to be of minor significance from a
Group perspective are not consolidated and are accounted
for in accordance with IAS 39.
The combined list of subsidiaries, associates and other equity
interests held by the HOCHTIEF Group and HOCHTIEF Aktiengesellschaft
(pursuant to Sections 285 (11) and 313 (2) 1-4 of
the German Commercial Code (HGB)) is published in the electronic
Bundesanzeiger (Federal Official Gazette). The main
consolidated subsidiaries and equity-method investments and
other participating interests are listed on pages 192 and 193.
A number of the subsidiaries included in the Consolidated Fi-
nancial Statements make partial use of the exempting provi-
sions in either Section 264 (3) or Section 264b of the German
Commercial Code. A list of the companies that make use of
these exemptions is included on page 191.
The Consolidated Financial Statements as of December 31,
2009 include HOCHTIEF Aktiengesellschaft and a total of 55
German and 357 foreign consolidated companies. The number
of consolidated companies showed a net increase of 14 over
the previous year. Three German and 50 foreign companies
were consolidated for the first time in 2009. Most of these are
in the HOCHTIEF Asia Pacific division (36) or the HOCHTIEF
Americas division (12). The majority are project companies.