ONE ROOF

Notes to the Consolidated Financial Statements
154 Annual Report 2009
As in the prior year, there were no impairment charges on
investment properties.
The fair values of investment properties came to EUR 53,388,000
as of December 31, 2009 (2008: EUR 63,281,000). These are
assessed using internationally accepted valuation methods,
such as taking comparable properties as a guide to current
market prices or by applying the discounted cash flow method.
EUR 25,155,000 (2008: EUR 30,655,000) of this total is accounted
for by fair value adjustments following independent
external appraisals.
Rental income from investment properties in the reporting
year totaled EUR 2,247,000 (2008: EUR 2,203,000). Direct
operating expenses totaling EUR 4,168,000 (2008: EUR
3,977,000) consisted of EUR 1,515,000 (2008: EUR 931,000)
in expenses for rented and EUR 2,653,000 (2008: EUR
3,046,000) in expenses for unrented investment properties.
Investment properties to the value of EUR 3,332,000 (2008:
EUR 3,349,000) are subject to restrictions in the form of real
estate liens.
14. Equity-method investments
(EUR thousand) Dec. 31,
2009
Dec. 31,
2008
Equity-method jointly controlled
entities 339,343 306,946
Equity-method associates 1,458,490 1,361,996
1,797,833 1,668,942
The main jointly controlled entities in the HOCHTIEF Group are:
Jointly controlled entities
The Group’s share of the main items of the balance sheets
and statements of earnings of the equity-method jointly controlled
entities are presented below:
(EUR thousand) Dec. 31,
2009
(EUR thousand) Dec. 31,
2009
Dec. 31,
2008
Non-current assets 2,191,029 1,855,002
Current assets 895,765 785,047
Non-current liabilities (1,978,179) (1,846,447)
Current liabilities (769,272) (486,656)
Net assets 339,343 306,946
Dec. 31,
2008
Income 2,646,695 3,035,678
Expenses (2,547,556) (2,767,509)
Profit 99,139 268,169
As in the prior year, profit from equity-method jointly controlled
entities does not contain any impairment losses.
Shares in jointly controlled entities are pledged in the amount
of EUR 1,382,000 (2008: –).
Name
HOCHTIEF Concessions
Domicile Activities
Shareholding
(%)
Flughafen Düsseldorf GmbH Düsseldorf Airport 50
Tirana International Airport SHPK Tirana / Albania Airport 47
Aegean Motorway Concession Company S.A. Larissa / Greece Development 35
Bonaventura Straßenerrichtungs-GmbH Vienna / Austria Development 44
Herrentunnel Lübeck GmbH & Co. KG Lübeck Development 50
Olympia Odos Concession Company S.A.
Süddeutsche Geothermie-Projekte GmbH &
Athens / Greece Development 25
Co. KG Haar near Munich Development 50
Via Solutions Thüringen GmbH & Co. KG Essen Development 50
HOCHTIEF Real Estate
aurelis Real Estate GmbH & Co. KG Eschborn Development 50
HOCHTIEF Asia Pacific
Bayview Noosa Partnership Sydney / Australia Development 50
Hamilton Harbour Brisbane / Australia Development 50
Hassel Street Trust Sydney / Australia Development 50
Hoxton Park Airport Ltd. Sydney / Australia Development 50
Section 63 St. Leonards / Australia Development 50