The HOCHTIEF Asia Pacific division made another particularly large contribution, adding EUR 427.5 million to the HOCHTIEF Group's operating earnings in the year under review. This was slightly down on the prior-year figure, however (2007: EUR 441.3 million). The main negative impact here was the precaution taken at Leighton of writing down all interests in listed infrastructure companies to their quoted prices as of December 31, 2008. A positive factor consisted of a deconsolidation gain on the transfer of Leighton subsidiary Gulf Leighton L.L.C. to associate Al Habtoor Engineering Enterprises Co. L.L.C. Leighton's very successful operating business meant that despite the adverse effect of the impairment charge, HOCHTIEF Asia Pacific operating earnings were only 3.1 percent down on the prior year.
Net income from participating interests came to EUR 306 million – as expected, below the prior-year figure, which was swelled by extraordinary items (2007: EUR 354.3 million). Notable positive factors in fiscal 2007 included a special dividend received from Sydney Airport and, occasioned by the German corporate tax reform, a remeasurement of deferred tax items recognized on accounting for Hamburg Airport using the equity method. Given the extraordinary items in the prior year and the impairment charges recognized for various project companies in the HOCHTIEF Asia Pacific division, the businesses in HOCHTIEF's portfolio
As in the prior year, the negative amount shown for nonoperating earnings (minus EUR 15 million, compared with minus EUR 22.6 million in 2007) related in its entirety to restructuring expenditure at the HOCHTIEF Europe division.
Net investment and interest income came to minus EUR 141 million in 2008 and was thus substantially deeper into negative figures than in the prior year (2007: minus EUR 15.6 million). This mostly reflected bank borrowing to finance the major expansion of our business activities and the high level of capital expenditure undertaken in the prior year. We also responded promptly to the increasing difficulties in obtaining funding on the capital market that arose in connection with the financial crisis. To secure the cash resources needed by the Group, we therefore made further utilization of the credit facilities we have available.
