ONE ROOF

Notes to the Consolidated Financial Statements
158 Annual Report 2009
Deferred tax assets are recognized for tax-deductible tempo-
rary differences if it is probable that taxable profit will be avail-
able against which the deductible temporary differences can
be utilized.
Deferred tax liabilities totaling a gross amount of EUR 319,556,000
(2008: EUR 271,970,000) are entirely due to taxable temporary
differences, mostly from adjustments to ensure uniform Groupwide
compliance with IFRS valuation principles.
EUR 28,652,000 was credited to equity (2008: EUR 26,388,000
charged to equity) for deferred tax relating to exchange differences
from translation of foreign entity financial statements.
EUR 2,722,000 (2008: EUR 54,292,000) was credited to equity
19. Inventories
(EUR thousand) Dec. 31,
2009
for deferred tax on amounts recognized in equity for changes
in the fair value of derivative and non-derivative financial instruments.
EUR 21,112,000 was charged to equity (2008: EUR
30,865,000 credited to equity) for deferred taxes relating to
actuarial gains and losses. As of the balance sheet date, deferred
taxes from the measurement of financial instruments
credited to equity amounted to EUR 38,162,000 (2008: EUR
35,440,000), while EUR 52,764,000 (2008: EUR 73,876,000)
was credited to equity in connection with actuarial gains and
losses.
Due to retrospective first-time application of IFRIC 15, deferred
tax assets as of December 31, 2008 have increased by EUR
12,348,000.
Dec. 31,
2008
restated
Jan. 1, 2008
restated
Raw materials and supplies, spare parts 131,522 99,568 84,032
Work in progress 946,143 816,413 477,200
Finished goods 5,648 3,130 4,924
Prepayments 32,429 24,486 25,913
Borrowing costs of EUR 4,672,000 were capitalized under
work in progress in accordance with IAS 23 in 2009 (2008:
EUR 5,404,000). The borrowing costs were determined on
the basis of interest rates of between 1.3 and 8.1 percent.
Work in progress also includes properties under development
that are subject to restrictions in the amount of EUR 537,243,000
(2008: EUR 521,930,000).
20. Trade receivables
(EUR thousand) Dec. 31,
2009
1,115,742 943,597 592,069
Due to the retrospective application of IFRIC 15, work in progress
as of December 31, 2008 is shown EUR 812,453,000
higher than the figure originally published.
Work in progress increased substantially in fiscal 2008, mostly
as a result of real estate developments under construction in
the HOCHTIEF Real Estate and HOCHTIEF Asia Pacific divisions.
Due to the completion and partial sale of major real estate
projects in 2009, additions in inventories decreased by EUR
367,214,000 to EUR 32,203,000.
Dec. 31,
2008
restated
Jan. 1, 2008
restated
Trade receivables
Gross amount due from customers for contract work (POC) 2,401,827 2,554,024 2,013,665
Less: progress payments received (979,732) (1,281,675) (1,029,170)
1,422,095 1,272,349 984,495
From construction joint ventures 183,994 155,092 163,155
Other 1,778,497 2,335,628 2,011,956
3,384,586 3,763,069 3,159,606
From non-consolidated subsidiaries 14,298 13,050 31,666
From participating interests 8,639 7,137 3,518
3,407,523 3,783,256 3,194,790