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Notes to the Consolidated Financial Statements 156 Annual Report 2009 15. Other financial assets (EUR thousand) Dec. 31, 2009 EUR 135,818,000 (2008: EUR 141,063,000) of long-term loans to non-consolidated subsidiaries and to participating interests consists of loans in connection with the purchase in 2007 of the shares in Budapest Airport; EUR 204,389,000 (2008: EUR 167,889,000) consists of loans in connection with the acquisition, likewise in 2007, of aurelis Real Estate. Finance lease receivables Dec. 31, 2008 Non-consolidated subsidiaries 7,132 7,012 Other participating interests 479,079 422,687 Non-current securities 285 359 16. Financial receivables 486,496 430,058 An amount of EUR 1,897,000 was recognized in impairment losses on non-consolidated subsidiaries in the year under review (2008: EUR 2,421,000) and EUR 19,382,000 on other participating interests (2008: EUR 92,421,000). EUR 398,914,000 (2008: EUR 351,220,000) of other participating interests relates to shares in Sydney Airport. The in- crease in this figure results from shareholders’ contributions on two occasions. The non-current securities are not subject to any restrictions. They are classified as available for sale and are measured at fair value. (EUR thousand) Dec. 31, 2009 Dec. 31, 2008 Noncurrent Current Noncurrent Receivables from equity-accounted companies total EUR 477,096,000 (2008: EUR 403,840,000). Current Long-term loans to non-consolidated subsidiaries and to participating interests 362,910 22,087 309,596 19,401 Financial receivables from non-consolidated subsidiaries 208 18,344 208 15,303 Financial receivables from participating interests 37,942 64,378 32,840 49,146 Interest accruals – 4,473 – 6,768 Other financial receivables 24,301 2,805 10,024 2,695 425,361 112,087 352,668 93,313 Other financial receivables include EUR 4,894,000 (2008: EUR 6,055,000) in finance lease receivables. These were made up as follows: Dec. 31, 2009 Dec. 31, 2008 Minimum Minimum lease lease (EUR thousand) payments Discount Present value payments Discount Present value Due in up to 1 year 1,393 108 1,285 1,423 54 1,369 Due in 1–5 years 3,215 712 2,503 4,230 794 3,436 Due after 5 years 2,098 992 1,106 2,255 1,005 1,250
17. Other receivables and other assets Prepaid expenses consist of insurance premiums, rents and taxes applicable to later accounting periods and prepayments for maintenance and services. They also include commission paid by HOCHTIEF insurance companies for insurance arranged by direct insurers. Such commission is reversed to expense over the lifetime of the policy. 18. Deferred taxes Deferred tax assets and liabilities break down as follows: Deferred tax assets and deferred tax liabilities are offset within each company or group. The EUR 440,837,000 (2008: EUR 395,250,000) gross amount of deferred tax assets includes the following tax refund entitlements arising from the expected future use of tax loss carryforwards: ❘ Information for our Shareholders ❘ ❘ Management Report ❘ ❘ Financial Statements and Notes ❘ (EUR thousand) Dec. 31, 2009 Dec. 31, 2008 Non- Current Non- Current currentcurrent Pension fund credit balances 94,542 – 46,138 – Prepaid expenses 2,329 59,490 5,762 49,312 Derivative receivables 46,456 1,524 7,623 8,373 Entitlements from real estate sales – 9,660 – 42,386 Tax receivables (excluding income taxes) – 8,162 – 9,854 Entitlements from sales of participating interests – – – 25,265 Sundry other assets 33,810 47,953 36,283 35,771 177,137 126,789 95,806 170,961 (EUR thousand) Dec. 31, 2009 Dec. 31, 2008 restated Deferred tax assets Deferred tax liabilities Deferred tax assets Deferred tax liabilities There is adequate assurance that the tax loss carryforwards will be realized. For reasons of accounting prudence, as in 2008, deferred tax assets were not recognized for tax losses incurred in Germany in 2009. Tax loss carryforwards for which no deferred tax assets have been recognized amount to EUR 849,874,000 (2008: EUR 693,444,000) in respect of corporate income tax and EUR 1,091,793,000 (2008: EUR 908,194,000) in respect of German municipal trade tax. The EUR 164,260,000 decrease in tax loss carryforwards in respect of corporate income tax relates to losses at European operating locations in the years 1999 to 2008. Due to uncertainty concerning the legal position from 2009, it is no longer assured that these tax losses will be capable of being utilized. Deferred tax assets Jan. 1, 2008 restated Deferred tax liabilities Non-current assets 106,141 78,888 66,174 65,233 75,314 67,920 Current assets 11,404 118,727 19,810 114,436 18,083 121,868 Non-current liabilities Pension provisions 88,254 22,118 114,089 6,868 74,703 – Other provisions 41,554 91,909 29,750 80,821 34,624 61,469 Sundry non-current liabilities 25,681 4,531 23,748 – 1,236 – Current liabilities Other provisions 83,223 564 79,390 559 94,509 5,369 Sundry current liabilities 70,146 2,819 47,533 4,053 49,826 10,397 426,403 319,556 380,494 271,970 348,295 267,023 Losses carried forward 14,434 – 14,756 – 13,532 – Gross amount 440,837 319,556 395,250 271,970 361,827 267,023 Offsetting item 208,057 208,057 178,165 178,165 184,920 184,920 Reported amount 232,780 111,499 217,085 93,805 176,907 82,103 (EUR thousand) Dec. 31, 2009 Dec. 31, 2008 Corporate income tax 9,448 9,770 German municipal trade tax 4,986 4,986 14,434 14,756 Annual Report 2009 157
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HOCHTIEF Annual Report 2009 ONEROOF
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Our Company at a Glance in 2009 HOC
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Turning Vision into Value HOCHTIEF
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❘ Information for our Shareholder
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us: For instance, Leighton was awar
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A major topic relating to the HOCHT
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esolutions regarding the Executive
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Executive Board Dr.-Ing. Herbert L
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One focus of corporate governance a
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Executive Board compensation also i
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Supervisory Board compensation tion
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Indexed performance of HOCHTIEF sto
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Regional distribution (as of Decemb
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with the goal of improving an airpo
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HOCHTIEF Concessions Division: Conc
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❘ Information for our Shareholder
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Our global presence HOCHTIEF worldw
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*For further information, please se
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The economic crisis will continue t
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and communications. The weak infras
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This sustained growth will be affec
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Internationally, new orders fell by
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Strategy • Successful corporate s
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we bring together our experts for t
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Our cross-divisional competence cen
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stones of this consulting service i
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meters of concrete and 142,000 squa
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Employees • Staff development too
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market in the USA. Turner currently
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In our global procurement network,
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HOCHTIEF Group performance The HOCH
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Value Added • Net value added con
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Financial Review • Strong year-on
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The EUR 15 million negative amount
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to the emerging challenges of the f
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Further loans are in place on a loc
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y Leighton. Other non-current liabi
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HOCHTIEF Aktiengesellschaft Stateme
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als. Section 23 (1) of the Articles
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of parties acting in concert, acqui
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provided on appointment and replace
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Segment Reporting Synergies boost s
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delphia. The project is worth appro
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jet parking areas. The project will
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Project highlights in Australia Ser
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The new contract is worth approxima
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Budapest Airport HOCHTIEF AirPort s
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The Elefsina-Patras-Tsakona toll ro
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HOCHTIEF Europe Division • Return
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essary work in the North Sea. With
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HOCHTIEF Real Estate Division • S
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Together with the Senator Group, th
Page 105 and 106: unified and optimized. The associat
Page 107 and 108: HOCHTIEF Services Division • Exis
Page 109 and 110: 2009. HOCHTIEF Energy Management wi
Page 111 and 112: Risk Report • Group-wide early wa
Page 113 and 114: Execution Ausführungsaudit Audit E
Page 115 and 116: Fiscal year 2010 will be shored up
Page 117 and 118: HOCHTIEF works with first-rate cert
Page 119 and 120: ❘ Information for our Shareholder
Page 121 and 122: Investing in sustained growth Our c
Page 123 and 124: which was established in 2008, is a
Page 127 and 128: Consolidated Statement of Earnings
Page 129 and 130: Consolidated Balance Sheet (EUR tho
Page 133 and 134: [Independent] Auditors’ Report We
Page 135 and 136: As in the prior year, the Consolida
Page 137 and 138: Property, plant and equipment is st
Page 139 and 140: The POC method is used primarily in
Page 141 and 142: value initially recognized in equit
Page 143 and 144: The remaining new or amended standa
Page 145 and 146: IFRIC 17 Distributions of Non-cash
Page 147 and 148: 6. Other operating expenses (EUR th
Page 149 and 150: 9. Income taxes 2009 2008 (EUR thou
Page 151 and 152: Impairment losses of EUR 64,000 (20
Page 153 and 154: Impairment losses of EUR 58,000 (20
Page 155: Associates The following tables sho
Page 159 and 160: The figure of EUR 1,422,095,000 (20
Page 161 and 162: As of December 31, 2009, HOCHTIEF A
Page 163 and 164: Top Executive Retention Plan 2004 T
Page 165 and 166: The quantities of SARs and stock aw
Page 167 and 168: Investing plan assets to cover futu
Page 169 and 170: The effects of a one percentage poi
Page 171 and 172: Sundry other financial liabilities
Page 173 and 174: Maximum payments as of December 31,
Page 175 and 176: Management of interest rate risk HO
Page 177 and 178: The following sensitivity analyses
Page 179 and 180: The impairments in trade receivable
Page 181 and 182: 2008 (EUR thousand) Available for s
Page 183 and 184: The EUR 9,600,000 gains are include
Page 185 and 186: 35. Segment reporting Segmental rep
Page 187 and 188: Profit/(loss) from operating activi
Page 189 and 190: All non-cash income and expense and
Page 191 and 192: The fees for services provided in G
Page 193 and 194: Corporate Headquarters ❘ Informat
Page 195 and 196: Supervisory Board Committees Nomina
Page 197 and 198: Glossary Alumni program The alumni
Page 199 and 200: Our five year summary Five Year Sum
Page 201 and 202: Publication Details and Credits Pub
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