ONE ROOF

Notes to the Consolidated Financial Statements
170 Annual Report 2009
28. Financial liabilities
(EUR thousand) Dec. 31, 2009 Dec. 31, 2008
The non-current figure for bonds or notes issued includes EUR
76,351,000 (2008: EUR 78,632,000) for a US dollar debt issue
by Leighton Holdings in Indonesia in 2006. The USD 110,000,000
debt issue is for five years and carries interest at a fixed rate
of 7.875 percent. In 2008, Leighton Holdings issued a USD
280,000,000 private placement repayable in three installments
in 2013, 2015 and 2018. The installments each carry a different
rate of interest ranging from 6.91 to 7.66 percent. The carrying
amount of the private placement at December 31, 2009
is EUR 194,348,000 (2008: EUR 200,156,000). The item also
includes another EUR 174,913,000 bond issued by Leighton
Holdings in 2009. This is for five years and has a 9.5 percent
fixed coupon.
Amounts due to banks include two promissory note loans is-
sued in the prior year, comprising one for a nominal amount of
EUR 200,000,000 and a term of five years and one for a nominal
amount of EUR 50,000,000 and a term of seven years. The
coupon on both is equal to six-month EURIBOR plus an appropriate
margin. On May 25, 2009, HOCHTIEF issued four further
promissory note loans for a total of EUR 300,000,000 and split
half-and-half between three and five-year loan terms with partfixed
and part-variable coupons. The coupon on the individual
notes corresponds to market rates at the time of issue. In the
prior year, amounts due to banks included EUR 200,000,000
for a further promissory note loan that was repaid in the year
under review.
Finance leases
In 2005, HOCHTIEF signed a EUR 600,000,000 syndicated revolving
credit facility with an international banking syndicate.
Drawings on the facility are subject to interest at the EURIBOR
rate applicable for the length of the drawing plus an appropriate
margin. The facility runs to November 22, 2012. As in the
prior year, the amount utilized was EUR 477,000,000. EUR
366,709,000 (2008: EUR 509,082,000) of amounts due to
banks concerns borrowings by Leighton Holdings, mostly to
finance acquisitions—mainly Al Habtoor Engineering Enterprises
Co. L.L.C. plus project companies.
Amounts due to banks comprise EUR 548,200,000 subject to
variable rates of interest and EUR 1,468,166,000 subject to
fixed rates of interest. The average interest rate on the variableinterest
portion stood at 2.58 percent. The average interest
rate on the fixed-interest portion was 3.8 percent. The average
term was three years.
Trade payables due to companies accounted for using the
equity method were EUR 1,642,000 (2008: EUR 1,120,000).
The EUR 189,394,000 (2008: EUR 32,108,000) in lease liabili-
ties mainly relates to plant and equipment under finance leases
at Leighton Holdings.
The minimum lease payments for liabilities under finance leases
break down as follows:
(EUR thousand) Dec. 31, 2009 Dec. 31, 2008
Nominal
value Discount
Non-current Current Non-current Current
Bonds or notes issued 445,612 4,507 278,788 –
Amounts due to banks 1,439,416 576,950 1,363,832 1,064,555
Financial liabilities to non-consolidated
subsidiaries – 636 – 437
Financial liabilities to participating interests – 165,386 – 159,888
Lease liabilities 149,698 39,696 13,955 18,153
Sundry other financial liabilities 12,864 8,711 21,889 5,319
2,047,590 795,886 1,678,464 1,248,352
Present
value
Nominal
value Discount
Present
value
Due in up to 1 year 44,080 4,384 39,696 18,880 727 18,153
Due in 1–5 years 155,435 6,138 149,297 14,287 1,087 13,200
Due after 5 years 458 57 401 864 109 755