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 by auditors Deloitte & Touche GmbH Wirtschaftsprüfungsgesellschaft. The 2007 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 | 2007 | 2006 |
|---|---|---|
| Sales | 150.4 | 155.5 |
| Changes in the balance of construction work in progress | (0.4) | (2.3) |
| Other operating income | 379.8 | 197.1 |
| Materials | (96.7) | (105.2) |
| Personnel costs | (99.7) | (103.0) |
| Depreciation and amortization | (7.5) | (6.2) |
| Other operating expenses | (136.4) | (85.2) |
| Net income from financial assets | 44.6 | 60.9 |
| Net interest income | 8.4 | (9.8) |
| Writedowns on financial assets and marketable securities | (205.2) | (4.1) |
| Profit from ordinary activities | 37.3 | 97.7 |
| Income taxes | (1.9) | (11.8) |
| Net profit before changes in reserves | 35.4 | 85.9 |
| Net profit brought forward | 4.6 | 4.5 |
| Changes in revenue reserves | 83.6 | (13.4) |
| Unappropriated net profit | 123.6 | 77.0 |
HOCHTIEF Aktiengesellschaft Balance Sheet (Summary)
| (EUR million | Dec. 31, 2007 | Dec. 31, 2006 |
|---|---|---|
| Fixed assets | ||
| Intangible assets and property, plant and equipment | 45.9 | 67.5 |
| Financial assets | 1,515.0 | 1,155.0 |
| 1,560.9 | 1,222.5 | |
| Current assets | ||
| Inventories, receivables and other assets, and prepaid expenses | 985.3 | 723.1 |
| Cash and cash equivalents, and marketable securities | 648.2 | 1,026.8 |
| 1,633.5 | 1,749.9 | |
| Total assets | 3,194.4 | 2,972.4 |
| Shareholders' equity | 1,482.4 | 1,519.5 |
| Provisions | 438.5 | 476.1 |
| Other liabilities and deferred income | 1,273.5 | 976.8 |
| Total liabilities | 3,194.4 | 2,972.4 |
Earnings
In the separate financial statements for HOCHTIEF Aktiengesellschaft, profit is primarily determined by net income from participating interests, proceeds from sales of treasury stock and writedowns on financial assets.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 71.9 percent of total assets, compared with 59 percent in 2006.HOCHTIEF Aktiengesellschaft’s subscribed capital of EUR 179.2 million is divided, as in previous years, into 70,000,000 no-par-value shares. Shareholders’ equity equaled 46.4 percent of total assets, versus 51.1 percent in 2006.
