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74 Annual Report 2009 <strong>ONE</strong><strong>ROOF</strong> ALL SOLUTIONS Unilever headquarters, Hamburg The new Unilever headquarters realized by HOCHTIEF Projektentwicklung has received many accolades: The building located on Hamburg’s Strandkai has already won several awards, with its energy features making the biggest impression. Even today, the corporate headquarters meets the environmental requirements of the coming decades. As a result, HOCHTIEF Projektentwicklung was able to sell the Unilever building to an investor as early as the beginning of 2010. Our project developers relied on the consulting expertise of colleagues at HOCHTIEF Consult during the acceptance process for the property. HOCHTIEF Property Management will handle commercial property management for the green building. Fellow subsidiary HOCHTIEF Facility Management will lend its expertise to operation of the prize-winning structure on behalf of HOCHTIEF Projektentwicklung.
HOCHTIEF Aktiengesellschaft Statement of Earnings (Summary) (EUR million) 2009 2008 Sales Changes in the balance of 211.3 195.0 construction work in progress 9.3 0.7 Other operating income 92.5 95.4 Materials (135.4) (116.9) Personnel costs (106.0) (83.2) Depreciation and amortization (3.7) (6.2) Other operating expenses (116.0) (112.8) Net income from financial assets 237.5 182.8 Net interest income Writedowns on financial assets and (33.2) (17.5) marketable securities (50.6) (35.1) Profit from ordinary activities 105.7 102.2 Income taxes Net profit before changes in (3.2) (4.3) reserves 102.5 97.9 Net profit brought forward 9.8 32.6 Changes in revenue reserves (7.3) (32.5) Unappropriated net profit 105.0 98.0 ❘ Information for our Shareholders ❘ ❘ Management Report ❘ ❘ Financial Statements and Notes ❘ HOCHTIEF Aktiengesellschaft (Holding Company): Financial Review HOCHTIEF Aktiengesellschaft presides over the HOCHTIEF Group’s divisions as a strategic management holding company. HOCHTIEF Aktiengesellschaft’s profits are therefore mostly determined by net income from participating interests as well as by revenues and expenditure relating to its function as a holding company. The HOCHTIEF Aktiengesellschaft annual financial statements were prepared in accordance with the German Commercial Code (HGB) and Stock Corporations Act (AktG) and have been given an unqualified auditors’ report dated February 16, 2010 by auditors Deloitte & Touche GmbH Wirt schafts prüfungsgesellschaft. The 2009 Annual Financial Statements and Management Report of HOCHTIEF Aktien gesellschaft are published in the electronic Bundes anzeiger (Federal Official G a z e t t e ). HOCHTIEF Aktiengesellschaft Balance Sheet (Summary) (EUR million) Dec. 31, 2009 Fixed assets Dec. 31, 2008 Intangible assets and property, plant and equipment 38.2 42.7 Financial assets 1,978.8 1,853.9 Current assets Inventories, receivables and other assets, and prepaid ex- 2,017.0 1,896.6 penses Cash and cash equivalents, 825.4 908.7 and marketable securities 686.3 905.0 1,511.7 1,813.7 Total assets 3,528.7 3,710.3 Shareholders’ equity 1,503.7 1,489.4 Provisions 388.3 388.7 Liabilities 1,636.7 1,832.2 Total liabilities 3,528.7 3,710.3 Earnings In the separate financial statements for HOCHTIEF Aktiengesellschaft, profit is primarily determined by net income from participating interests and by income and expenditure arising in its capacity as a holding company. Balance sheet Due to its function as a holding company, HOCHTIEF Aktiengesellschaft’s balance sheet is dominated by financial assets and receivables from affiliated compa- nies. These represent 74.3 percent of total assets, compared with 68.5 percent in 2008. HOCHTIEF Aktiengesellschaft’s subscribed capital of EUR 179.2 million is divided, as in previous years, into 70,000,000 no-par-value shares. EUR 39 million was transferred from the reserve for own shares in line with changes in the carrying amount of treasury stock (2008: EUR 186.9 million reclassified to the reserve for own stock). Shareholders’ equity equaled 42.6 percent of total assets, versus 40.1 percent in 2008. Annual Report 2009 75
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HOCHTIEF Annual Report 2009 ONEROOF
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Our Company at a Glance in 2009 HOC
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Turning Vision into Value HOCHTIEF
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❘ Information for our Shareholder
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us: For instance, Leighton was awar
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A major topic relating to the HOCHT
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esolutions regarding the Executive
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Executive Board Dr.-Ing. Herbert L
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One focus of corporate governance a
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Executive Board compensation also i
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Supervisory Board compensation tion
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Page 25 and 26: Regional distribution (as of Decemb
Page 27 and 28: with the goal of improving an airpo
Page 29 and 30: HOCHTIEF Concessions Division: Conc
Page 31 and 32: ❘ Information for our Shareholder
Page 33 and 34: Our global presence HOCHTIEF worldw
Page 35 and 36: *For further information, please se
Page 37 and 38: The economic crisis will continue t
Page 39 and 40: and communications. The weak infras
Page 41 and 42: This sustained growth will be affec
Page 43 and 44: Internationally, new orders fell by
Page 45 and 46: Strategy • Successful corporate s
Page 47 and 48: we bring together our experts for t
Page 49 and 50: Our cross-divisional competence cen
Page 51 and 52: stones of this consulting service i
Page 53 and 54: meters of concrete and 142,000 squa
Page 55 and 56: Employees • Staff development too
Page 57 and 58: market in the USA. Turner currently
Page 59 and 60: In our global procurement network,
Page 61 and 62: HOCHTIEF Group performance The HOCH
Page 63 and 64: Value Added • Net value added con
Page 65 and 66: Financial Review • Strong year-on
Page 67 and 68: The EUR 15 million negative amount
Page 69 and 70: to the emerging challenges of the f
Page 71 and 72: Further loans are in place on a loc
Page 73: y Leighton. Other non-current liabi
Page 77 and 78: als. Section 23 (1) of the Articles
Page 79 and 80: of parties acting in concert, acqui
Page 81 and 82: provided on appointment and replace
Page 83 and 84: Segment Reporting Synergies boost s
Page 85 and 86: delphia. The project is worth appro
Page 87 and 88: jet parking areas. The project will
Page 89 and 90: Project highlights in Australia Ser
Page 91 and 92: The new contract is worth approxima
Page 93 and 94: Budapest Airport HOCHTIEF AirPort s
Page 95 and 96: The Elefsina-Patras-Tsakona toll ro
Page 97 and 98: HOCHTIEF Europe Division • Return
Page 99 and 100: essary work in the North Sea. With
Page 101 and 102: HOCHTIEF Real Estate Division • S
Page 103 and 104: Together with the Senator Group, th
Page 105 and 106: unified and optimized. The associat
Page 107 and 108: HOCHTIEF Services Division • Exis
Page 109 and 110: 2009. HOCHTIEF Energy Management wi
Page 111 and 112: Risk Report • Group-wide early wa
Page 113 and 114: Execution Ausführungsaudit Audit E
Page 115 and 116: Fiscal year 2010 will be shored up
Page 117 and 118: HOCHTIEF works with first-rate cert
Page 119 and 120: ❘ Information for our Shareholder
Page 121 and 122: Investing in sustained growth Our c
Page 123 and 124: which was established in 2008, is a
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Consolidated Statement of Earnings
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Consolidated Balance Sheet (EUR tho
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[Independent] Auditors’ Report We
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As in the prior year, the Consolida
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Property, plant and equipment is st
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The POC method is used primarily in
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value initially recognized in equit
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The remaining new or amended standa
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IFRIC 17 Distributions of Non-cash
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6. Other operating expenses (EUR th
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9. Income taxes 2009 2008 (EUR thou
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Impairment losses of EUR 64,000 (20
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Impairment losses of EUR 58,000 (20
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Associates The following tables sho
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17. Other receivables and other ass
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The figure of EUR 1,422,095,000 (20
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As of December 31, 2009, HOCHTIEF A
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Top Executive Retention Plan 2004 T
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The quantities of SARs and stock aw
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Investing plan assets to cover futu
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The effects of a one percentage poi
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Sundry other financial liabilities
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Maximum payments as of December 31,
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Management of interest rate risk HO
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The following sensitivity analyses
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The impairments in trade receivable
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2008 (EUR thousand) Available for s
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The EUR 9,600,000 gains are include
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35. Segment reporting Segmental rep
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Profit/(loss) from operating activi
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All non-cash income and expense and
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The fees for services provided in G
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Corporate Headquarters ❘ Informat
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Supervisory Board Committees Nomina
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Glossary Alumni program The alumni
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Our five year summary Five Year Sum
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Publication Details and Credits Pub
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