HOCHTIEF Aktiengesellschaft
(Holding Company): Financial Review
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 by auditors Deloitte & Touche GmbH Wirtschaftsprüfungsgesellschaft. The 2008 Annual Financial Statements and Management Report of HOCHTIEF Aktiengesellschaft are published in the electronic Bundesanzeiger (Federal Official Gazette).
HOCHTIEF Aktiengesellschaft Statement of Earnings (Summary)
| (EUR million) | 2008 | 2007 |
|---|---|---|
| Sales | 195.0 | 150.4 |
| Changes in the balance of construction work in progress | 0.7 | - 0.4 |
| Other operating income | 95.4 | 379.8 |
| Materials | (116,9) | - 96.7 |
| Personnel costs | (83,2) | (99,7) |
| Depreciation and amortization | (6,2) | (7,5) |
| Other operating expenses | (112,8) | (136,4) |
| Net income from financial assets | 182.8 | 44.6 |
| Net interest income | (17,5) | 8.4 |
| Writedowns on financial assets and marketable securities | (35,1) | (205,2) |
| Profit from ordinary activities | 102.2 | 37.3 |
| Income taxes | (4,3) | (1,9) |
| Net profit before changes in reserves | 97.9 | 35.4 |
| Net profit brought forward | 32.6 | 4.6 |
| Changes in revenue reserves | (32,5) | 83.6 |
| Unappropriated net profit | 98.0 | 123.6 |
HOCHTIEF Aktiengesellschaft Balance Sheet (Summary)
| (EUR million) | Dec. 31, 2008 | Dec. 31, 2007 |
|---|---|---|
| Fixed assets | ||
| Intangible assets and plant and equipment | 42.7 | 45.9 |
| Financial assets | 1,853.9 | 1,515.0 |
| 1,896.6 | 1,560.9 | |
| Current assets | ||
| Inventories, receivables other assets, and prepaid expenses | 908.7 | 985.3 |
| Cash and cash equivalents, and marketable securities | 905.0 | 648.2 |
| 1,813.7 | 1,633.5 | |
| Total assets | 3,710.3 | 3,194.4 |
| Shareholders' equity | 1,489.4 | 1,482.4 |
| Provisions | 388.7 | 438.5 |
| Liabilities | 1,832.2 | 1,273.5 |
| Total liabilities | 3,710.3 | 3,194.4 |
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 hoding 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 companies. These represent 68.5 percent of total assets, compared with 71.9 percent in 2007.HOCHTIEF Aktiengesellschaft's subscribed capital of EUR 179.2 million is divided, as in previous years, into 70,000,000 no-par-value shares. Following purchases of the Company's own shares, an amount of EUR 186.9 million – equal to the carrying amount of the treasury stock – was reclassified in accordance with statutory requirements from other revenue reserves to the reserve for own stock. Shareholders' equity equaled 40.1 percent of total assets, versus 46.4 percent in 2007.
