In addition to the Statement of Earnings, Balance Sheet and Statement of Cash Flows, the Consolidated Financial Statements also include a Statement of Changes in Equity and a Statement of Recognized Income and Expense. Segment reporting is provided in these Notes.
For purposes of clarity, a number of items are combined in the Statement of Earnings and in the Balance Sheet. These items are broken down into their constituents and commented on elsewhere in these Notes. The Statement of Earnings is presented using the nature of expense method of analysis.
The Consolidated Financial Statements are presented in euros.
The Consolidated Financial Statements relate to the 2008 fiscal year, comprising the reporting period from January 1 to December 31, 2008. Corresponding prior-year figures are stated.
The Executive Board of HOCHTIEF Aktiengesellschaft released the financial statements for publication on February 16, 2009. They will be approved at the Supervisory Board meeting on March 18, 2009.
All monetary amounts in the text of these Notes are rounded to the nearest thousand euros unless specifically stated otherwise.
Holdings in subsidiaries or associated companies or jointly controlled entities deemed to be of minor significance from a Group perspective are not consolidated and are accounted for in accordance with IAS 39.
The combined list of subsidiaries, associates and other equity interests held by the HOCHTIEF Group and HOCHTIEF Aktiengesellschaft (pursuant to Sections 285 (11) and 313 (2) 1-4 of the German Commercial Code (HGB)) is published in the electronic Bundesanzeiger (Federal Official Gazette). The main consolidated subsidiaries and equity-method investments and other participating interests are listed on pages 188 – 189.
Some subsidiaries included in the Consolidated Financial Statements make use of the provision in Section 264 (3) of the German Commercial Code not to publish their annual financial statements in the electronic Bundesanzeiger. A list of the companies that make use of this exemption is included on page 187.
The Consolidated Financial Statements as of December 31, 2008 include HOCHTIEF Aktiengesellschaft and a total of 58 German and 340 foreign consolidated companies. The number of consolidated companies showed a net increase of 31 over the previous year. Thirteen German and 41 foreign companies were consolidated for the first time in 2008. These primarily relate to the Asia Pacific (19), Americas (10) and Real Estate (9) divisions. Most companies added in the Asia Pacific division are in the infrastructure sector. The additions in the Americas division mostly relate to joint ventures at Turner and those in the Real Estate division mostly to project companies.