ONE ROOF

The impairments in trade receivables mostly consist of im-
paired contracting-related claims as is typical for the industry.
The following table shows changes in impairments on financial
assets in the 2009 fiscal year and in the prior year:
Reconciliation of changes in impairments
No financial instruments were renegotiated to avoid becoming
past due or impaired in 2009. In the prior year, financial receivables
of EUR 318,000 would have been past due or impaired if
the contractual terms and conditions had not been renegotiated.
As far as financial assets that are neither past due nor impaired
are concerned, there are currently no indications of any need
to recognize further impairments for reasons relating to credit
ratings.
Capital risk management
The HOCHTIEF Group manages capital with the aim of ensuring
that all Group companies can continue to operate as a going
concern. The Group keeps the cost of capital as low as possible
by optimizing the balance between equity and debt as
the need arises. These measures serve to maximize shareholder
earnings.
❘ Information for our Shareholders ❘ ❘ Management Report ❘ ❘ Financial Statements and Notes ❘
(EUR thousand)
Dec. 31,
2008/
Dec. 31,
Jan. 1, 2008 Changes* Jan. 1, 2009 Changes* 2009
Trade receivables
Financial receivables
90,994 (16,441) 74,553 (728) 73,825
Non-current – – – 1 1
Current
Other current receivables and other current
5,316 131 5,447 676 6,123
financial assets 28,646 1,692 30,338 (29,141) 1,197
124,956 (14,618) 110,338 (29,192) 81,146
The Group’s capital structure consists of the Balance Sheet
items comprising net debt (current and non-current liabilities
less cash and cash equivalents) and shareholders’ equity. The
Risk Management Steering Committee assesses and examines
the Group’s capital structure at regular intervals, taking
into account the risk-adjusted cost of capital.
The overall capital risk management strategy did not change
in fiscal 2009 compared with the prior year.
Additional information on financial instruments
The table overleaf shows carrying amounts and fair values for
each class of financial instrument and carrying amounts for
each IAS 39 category as of December 31, 2009 and December
31, 2008.
*Changes result from allocations,
reversals, utilizations,
curreny adjustments and
consolidation changes.
Annual Report 2009 179