ONE ROOF

Contents
Information for our Shareholders
Letter from the CEO .........................8
Report of the Supervisory Board ..10
Executive Board ............................14
Corporate governance ..................16
HOCHTIEF stock...........................22
HOCHTIEF’s concessions
business .......................................27
Management Report
Group structure and
business activities .........................32
Markets and operating
environment ..................................36
Orders and work done in 2009 .....42
Strategy ........................................45
Sustainability .................................48
Research and development ..........50
Employees ....................................55
Procurement .................................58
Measuring return on capital:
Return on net assets .................... 60
Value added ................................. 63
Financial review ............................ 65
HOCHTIEF Aktiengesellschaft
(holding company):
Financial review .............................75
Explanatory report of the
Executive Board .......................... 80
Segment reporting ........................ 83
Corporate divisions:
HOCHTIEF Americas ................... 84
HOCHTIEF Asia Pacific ................ 88
HOCHTIEF Concessions ...............92
HOCHTIEF Europe ........................97
HOCHTIEF Real Estate ...............101
HOCHTIEF Services....................107
Risk report .................................. 111
Looking ahead: Outlook
and opportunities ........................ 119
Post-balance-sheet events .........123
Declaration on corporate
governance .................................123
Financial Statements and Notes
Contents of the HOCHTIEF
Group consolidated financial
statements ..................................126
Consolidated statement of
earnings ......................................127
Consolidated statement of
comprehensive income ...............128
Consolidated balance sheet .......129
Consolidated statement of
cash flows ...................................130
Consolidated statement of
changes in equity ........................131
Responsibility statement .............132
Auditors’ report ...........................133
Notes to the Consolidated
Financial Statements
Accounting principles .................134
Explanatory notes to the consolidated
statement of earnings ...145
Explanatory notes to the
consolidated balance sheet ........150
Other disclosures ........................172
Executive Board proposal for
the use of net profit .....................191
Subsidiaries, associates and
other significant participating
interests of the HOCHTIEF
Group at December 31, 2009 .....192
Boards .......................................194
Reference Information
Index ...........................................196
Glossary ......................................197
Five year summary ......................199
Publication details and credits ....201
Financial calendar .......................201