ONE ROOF

Maximum payments as of December 31, 2009
In addition, Group liquidity is adequately secured with cash in
hand and on deposit, marketable securities holdings and undrawn
revolving credit facilities. The following table shows the
main liquidity instruments:
The revolving credit facilities include a EUR 600 million syndi-
cated revolving credit facility (expires on November 22, 2012,
80 percent drawn as of December 31, 2009), a EUR 400 million
syndicated revolving credit facility taken out in 2009 by
converting part of an existing syndicated guarantee facility
(expires on October 24, 2012, zero percent drawn as of December
31, 2009) and EUR 291 million in short-term revolving
money market facilities (nine percent drawn as of December
31, 2009). Some of the undrawn revolving credit facilities are
tied to specific projects. Some of the facilities are subject to
creditors’ rights of termination under financial covenants; these
covenants are continuously monitored as part of corporate
planning and are currently rated non-critical. Refinancing risk
is considered very low thanks to broad international syndication
in each case. As a further precautionary measure, there is
appropriate scope for raising additional capital under resolutions
adopted at the 2005 General Shareholders’ Meeting.
❘ Information for our Shareholders ❘ ❘ Management Report ❘ ❘ Financial Statements and Notes ❘
(EUR thousand) 2010 2011 2012-2013 After 2013 Total
Primary financial liabilities 4,715,106 334,152 1,348,739 610,541 7,008,538
Derivative financial liabilities 74,277 22,312 38,456 70,395 205,440
Loan commitments and financial
guarantees 23,488 291,522 18,000 – 333,010
4,812,871 647,986 1,405,195 680,936 7,546,988
Maximum payments as of December 31, 2008
(EUR thousand) 2009 2010 2011-2012 After 2012 Total
Primary financial liabilities 5,244,664 353,928 1,155,175 516,096 7,269,863
Derivative financial liabilities 17,366 53,614 51,722 65,108 187,810
Loan commitments 8,902 4,093 22,438 – 35,433
(EUR thousand) Dec. 31,
2009
5,270,932 411,635 1,229,335 581,204 7,493,106
Dec. 31,
2008
Cash in hand and on deposit 1,114,626 1,064,150
Marketable securities 1,433,397 1,497,719
Undrawn revolving credit
facilities 1,836,904 1,335,660
4,384,927 3,897,529
HOCHTIEF also has sufficient revolving guarantee facilities,
which play an important role for the Group. The guarantee
facilities have a total size of EUR 9.36 billion (2008: EUR 9.13
billion) and are 81 percent drawn as of December 31, 2009.
Management of currency risk
HOCHTIEF is exposed to currency risk (in the form of transaction
risk) from receivables, liabilities, cash and cash equivalents,
securities and pending transactions in currencies other
than the functional currency of the Group company concerned
in each case. Currency derivatives, mainly forward exchange
contracts, are used to hedge against fluctuations in these payments
or items caused by exchange rates. HOCHTIEF normally
hedges all currency risk.
Hedges for Group companies are normally administered via
HOCHTIEF Aktiengesellschaft. Binding guidelines clarify their
use and separate controls and responsibilities for all Group
companies. Currency derivatives are only used to hedge risk.
The counterparties for derivatives entered into externally are
banks with a top credit rating.
Annual Report 2009 173