ONE ROOF

*The full Consolidated Statement
of Cash Flows appears on
page 130, in the Financial
Statements and Notes section.
68 Annual Report 2009
Cash flow
Consolidated statement of cash flows
Net cash provided by operating activities increased
in the period under review to EUR 949.3 million.
Operating activities thus generated a EUR 683.2
million larger cash inflow than the prior-year figure of
EUR 266.1 million. Alongside the improvement in profit
after taxes, this notably reflected changes in working
capital. Whereas in the prior year considerable financial
resources were tied up in working capital due to a large
rise in trade receivables, growth in working capital was
only slight in the year under review. Net cash provided
by operating activities was particularly strong in the
HOCHTIEF Real Estate and HOCHTIEF Asia Pacific
divisions.
HOCHTIEF committed resources of EUR 968.5 million
in 2009 for capital expenditure on property, plant
and equipment and financial assets. Capital expenditure
was consequently EUR 187.5 million down on the
prior-year total of EUR 1.16 billion. After several years of
strong growth through large-scale acquisitions, the
HOCHTIEF Group focused capital spending in the period
under review on the purchase of necessary plant
and equipment as well as on selective additions to our
business portfolio. Purchases of intangible assets and
property, plant and equipment accounted for EUR 826
million (2008: EUR 645.5 million). Our subsidiary Leighton
undertook the largest share of capital expenditure
on property, plant and equipment, at EUR 708.7 million.
With regard to capital investment in financial assets, we
applied a restrictive spending policy in the past fiscal
year with expenditure of EUR 142.5 million marking a
significant reduction on 2008 (EUR 510.5 million). The
focus of our investment policy was on selective additions
to the Leighton business portfolio and on participation
in corporate actions at Sydney Airport. The
HOCHTIEF Asia Pacific division spent a total of EUR
73.5 million on participating interests. Its expenditure
was thus EUR 393 million below the prior-year figure
(EUR 466.5 million). In contrast, capital spending on
financial assets in the HOCHTIEF Concessions division
was substantially higher, at EUR 48.6 million compared
Statement of Cash Flows for the HOCHTIEF Group
(Summary)*
(EUR million) 2009 2008
Net cash provided by operating
activities
Net cash used for investment
949.3 266.1
activities
Net cash (used in)/provided by
(848.6) (901.3)
financing activities
Net cash (decrease)/increase
(181.0) 1,046.1
in cash and cash equivalents
Cash and cash equivalents at
(80.3) 410.9
year-end 1,769.6 1,787.7
with EUR 27.6 million in the prior year, due to funds
made available for the shareholders’ contributions at
Sydney Airport.
Disposals of property, plant and equipment and finan-
cial assets generated a cash inflow of EUR 213.3 mil-
lion. This represents a EUR 209.1 million drop in dis-
posal proceeds compared with the prior year, when
disposals generated EUR 422.4 million. Most of the
total was accounted for by sales of property, plant and
equipment in the HOCHTIEF Asia Pacific division. In
the opposite direction, changes in securities holdings
and financial receivables made for a cash outflow of
EUR 58.2 million. This mainly related to the granting of
new loans and increases in the size of existing loans to
companies in the business portfolio. A notable part of
the EUR 148.1 million cash outflow in the prior year related
to purchases of securities by our Luxembourg
reinsurance companies. Changes in cash and cash
equivalents due to consolidation changes involving Group
companies came to a negative figure of EUR 35.2 million
in the period under review (2008: minus EUR 19.7
million). Taking all factors into account, net cash used
in investing activities amounted to EUR 848.6 million in
fiscal 2009, compared with EUR 901.3 million in the
prior year.
Our management of financing in the past fiscal year
was systematically geared to securing Group finances
on a long-term, diversified basis. We responded early