ONE ROOF

The EUR 9,600,000 gains are included as part of other operat-
ing income in the Statement of Earnings.
Financial assets with a carrying amount of EUR 29,360,000
(2008: EUR 35,240,000) are provided as collateral for recognized
financial liabilities and unrecognized contingent liabilities
as of December 31, 2009.
The following table shows the net profit from financial instru-
ments by IAS 39 category:
Net profit from financial instruments
(EUR thousand) 2009 2008
Available for sale 24,203 (7,516)
Held for trading 3,041 18,800
Loans and receivables 27,680 100,844
Liabilities at amortized cost (187,173) (195,194)
(132,249) (83,066)
The calculation of net profit from financial instruments includes
interest income and expenses, impairments and impairment
reversals, income and expenses from currency translation,
dividend income, gains and losses on disposal and other
changes in the fair value of financial instruments recognized
in income.
Impairments of financial assets totaling EUR 55,690,000 (2008:
EUR 106,082,000) were recognized in the 2009 fiscal year. EUR
16,191,000 (2008: EUR 58,578,000) of this figure relates to the
carrying amounts of non-consolidated subsidiaries and other
participating interests measured at fair value and EUR 4,288,000
(2008: EUR 36,264,000) to the carrying amounts of non-consolidated
subsidiaries and other participating interests measured
at cost in the absence of a fair value. No impairment of
financial receivables was recognized in the 2009 fiscal year or
the prior year. Impairments of EUR 1,125,000 (2008: EUR
221,000) were recognized for current financial receivables. Impairments
of EUR 15,319,000 (2008: EUR 8,065,000) were recognized
for trade receivables, impairments of EUR 112,000
(2008: EUR 1,358,000) for other current receivables and other
current financial assets, and impairments of EUR 17,855,000
(2008: EUR 1,596,000) for marketable securities.
❘ Information for our Shareholders ❘ ❘ Management Report ❘ ❘ Financial Statements and Notes ❘
34. Contingencies, commitments and other financial
obligations
(EUR thousand) Dec. 31,
2009
Dec. 31,
2008
Obligations under guarantees
and letters of comfort 52,300 27,641
These commitments and potential obligations primarily serve
as security for bank loans, contract performance, warranty
obligations and advance payments. Most guarantees as of the
reporting date related to participating interests and construction
joint ventures. HOCHTIEF is also jointly and severally liable
for all construction joint ventures in which it has an interest.
In April 2009, EUR 400 million of the EUR 2.0 billion syndicat-
ed revolving guarantee facility taken out by HOCHTIEF Aktien-
gesellschaft in 2007 was converted into a revolving credit
facility and a EUR 100 million portion of the original facility
amount returned to the banking syndicate, reducing the total
size of the facility to EUR 1.9 billion and the amount available
for guarantees to EUR 1.5 billion. The credit facility remained
undrawn as of December 31, 2009. HOCHTIEF Aktiengesellschaft
also has an option to convert the credit facility to a
guarantee facility of equal amount. The facility ensures the
availability of guarantees for ordinary activities, mainly of the
HOCHTIEF Europe, HOCHTIEF Concessions and HOCHTIEF
Real Estate divisions. The syndicated revolving guarantee facility
has a tenor of five years ending October 24, 2012. It was
utilized in the amount of EUR 1.07 billion as of December 31,
2009 (2008: EUR 1.17 billion).
HOCHTIEF Aktiengesellschaft has provided an unlimited
bonding guarantee in favor of US insurance companies in
respect of obligations of the Turner Group and the Flatiron
Group. Bonding is a statutory form of security used in the US
to guarantee performance of public projects. It is also used
with other selected customers. The total bonding amount is
USD 5,236 million (2008: USD 4,758 million). USD 4,628 million
was utilized in the year under review (2008: USD 3,579
million). No recourse has ever been made to this guarantee
provided by HOCHTIEF, and none is currently anticipated for
the future.
Annual Report 2009 183