ONE ROOF

IFRIC 17 Distributions of Non-cash Assets to Owners:
This interpretation, published in November 2008, gives guidance
on how an entity should account for assets other than
cash—non-cash assets—distributed as dividends to owners. It
stipulates that a liability to pay a dividend must be recognized
when the dividend is appropriately authorized and is no longer
at the discretion of the entity. Entities in the EU must apply the
interpretation for the first fiscal year beginning after October
31, 2009. It has no material impact on the HOCHTIEF Group,
which only distributes cash dividends.
IFRIC 18 Transfers of Assets from Customers:
This interpretation published in January 2009 addresses circumstances
in which an entity receives from a customer an
item of property, plant and equipment—or cash to acquire or
construct an item of property, plant and equipment—in order
to connect the customer to a network or provide the customer
with ongoing access to a supply of goods or services. For entities
in the EU, prospective first-time application of the interpretation
is mandatory for the first fiscal year beginning after
October 31, 2009. Its application will not result in any material
change to HOCHTIEF’s current accounting policies as it is
mostly clarificatory.
IFRIC 19 Extinguishing Financial Liabilities with Equity
Instruments:
This interpretation was issued by IFRIC in November 2009. It
addresses circumstances in which a debtor and a creditor renegotiate
the terms of a financial liability with the result that the
debtor extinguishes the liability fully or partially by issuing equity
instruments to the creditor. IFRIC 19 is applicable for fiscal
years beginning on or after July 1, 2010. EU endorsement is
still pending. The current assessment is that there will be no
material impact on the HOCHTIEF Group.
❘ Information for our Shareholders ❘ ❘ Management Report ❘ ❘ Financial Statements and Notes ❘
Explanatory Notes to the Consolidated Statement of
Earnings
1. Sales
The EUR 18,166,081,000 (2008: EUR 18,703,135,000) sales
figure comprises, firstly, contract sales recognized under the
percentage of completion (POC) method in general construction,
construction management and contract mining, products
and services provided to construction joint ventures, the Group’s
share of profits from construction joint ventures, and other
related services. Secondly, the sales figure includes revenues
from services such as construction planning, logistics, asset
management, facility management, property management,
energy management, and insurance and concessions business.
Due to the retrospective first-time application of IFRIC 15
in 2009, prior-year sales are shown EUR 399,850,000 lower
than the figure originally published.
Sales recognized under the percentage of completion method
came to EUR 16,500,225,000 (2008: EUR 17,255,456,000).
Sales figures provide only an incomplete view of work done
during the fiscal year. For additional information, work done by
the Group is presented below, including the Group’s share of
work done in construction joint ventures.
The breakdown by division is as follows:
(EUR thousand)
2009 2008
restated
HOCHTIEF Americas 6,729,715 8,117,634
HOCHTIEF Asia Pacific 9,645,199 8,638,870
HOCHTIEF Concessions 189,873 167,452
HOCHTIEF Europe 2,742,174 3,238,530
HOCHTIEF Real Estate 676,969 791,412
HOCHTIEF Services 645,802 709,486
Corporate Headquarters/
Consolidation (63,572) (43,209)
20,566,160 21,620,175
Annual Report 2009 145