ONE ROOF

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