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Consolidated Financial Statements 2019

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Yearly Financial Report 2019 CONTENT CONSOLIDATED FINANCIAL STATEMENTS 2019 .................................................. 3 CONSOLIDATED FINANCIAL STATEMENTS AS AT 31 DECEMBER 2019 ............................................ 4 Consolidated income statement ..................................................................................................... 4 Statement of total comprehensive income .................................................................................... 4 Consolidated balance sheet ........................................................................................................... 5 Consolidated cash flow statement ................................................................................................ 6 Statement of changes in equity ...................................................................................................... 7 Consolidated statement of fixed assets as at 31 December 2019 ................................................. 8 Consolidated statement of fixed assets as at 31 December 2018 ................................................. 8 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS ............................................................ 10 Basic principles ............................................................................................................................ 10 Changes in accounting policies .................................................................................................... 10 Consolidation ................................................................................................................................ 12 Scope of consolidation ................................................................................................................. 15 Currency translation ...................................................................................................................... 19 Consolidated companies and associates ..................................................................................... 20 Accounting policies ....................................................................................................................... 27 Notes on the items of the consolidated income statement .......................................................... 41 Notes on the items in the consolidated balance sheet ................................................................. 46 Notes on finacial instruments ....................................................................................................... 62 Segment report ............................................................................................................................. 73 Other Notes ................................................................................................................................... 75 List of subsidiaries, equity-accounted investments and investee companies as at 31 December 2019 ............................................................................................................ 80 GROUP MANAGEMENT REPORT ...................................................................................................... 95 Important events ........................................................................................................................... 95 Country report ............................................................................................................................. 103 Order backlog ............................................................................................................................. 119 Financial performance ................................................................................................................ 120 Financial position and cash flows ............................................................................................... 122 Capital expenditures ................................................................................................................... 124 Financing/Treasury ...................................................................................................................... 124 Segment report ........................................................................................................................... 127 Risk management ....................................................................................................................... 134 Research and development ........................................................................................................ 141 Website Corporate Governance Report...................................................................................... 142 Disclosures pursuant to Sec 243a Para 1 UGB .......................................................................... 142 Related parties ............................................................................................................................ 143 Outlook ....................................................................................................................................... 143 Events after the reporting period ................................................................................................ 144 AUDITOR’S REPORT ....................................................................................................................... 145 INDIVIDUAL FINANCIAL STATEMENTS 2019 .....................................................150 STATEMENT OF ALL LEGAL REPRESENTATIVES ..............................................224 Consolidated Financial Statements 2019 2 4 CONSOLIDATED FINANCIAL STATEMENTS AS AT 31 DECEMBER 2019 Consolidated income statement T€ Notes 2019 2018 Revenue (1) 15,668,574 15,221,832 Changes in inventories 24,943 -66,328 Own work capitalised 6,419 33,268 Other operating income (2) 233,142 222,977 Construction materials, consumables and services used (3) -10,111,854 -10,125,771 Employee benefi ts expenses (4) -3,745,149 -3,618,941 Other operating expenses (5) -1,024,017 -854,892 Share of profi t or loss of equity-accounted investments (6) -21,479 83,176 Net income from investments (7) 82,716 57,282 EBITDA 1,113,295 952,603 Depreciation and amortisation expense (8) -510,714 -394,388 EBIT 602,581 558,215 Interest and similar income 30,973 38,617 Interest expense and similar charges -56,315 -66,049 Net interest income (9) -25,342 -27,432 EBT 577,239 530,783 Income tax expense (10) -198,684 -167,999 Net income 378,555 362,784 attributable to: non-controlling interests 6,860 9,249 attributable to: equity holders of the parent company 371,695 353,535 Earnings per share (€) (11) 3.62 3.45 Statement of total comprehensive income T€ Notes 2019 2018 Net income 378,555 362,784 Differences arising from currency translation 10,013 -2,205 Recycling of differences arising from currency translation 47 779 Change of interest rate swaps -21,217 -3,902 Recycling of interest rate swaps 13,697 12,896 Change in cost-of-hedging reserves 278 72 Change in fair value of currency hedging instruments -15,241 -10,600 Recycling of fair value of currency hedging instruments 9,795 0 Deferred taxes on neutral change in equity (10) 6,264 3,349 Other income from equity-accounted investments -6,471 -3,174 Total of items which are later recognised ("recycled") in the income statement -2,835 -2,785 Change in actuarial gains or losses -47,506 1,478 Deferred taxes on neutral change in equity (10) 13,704 1,285 Other income from equity-accounted investments -156 78 Total of items which are not later recognised ("recycled") in the income statement -33,958 2,841 Other income -36,793 56 Total comprehensive income 341,762 362,840 attributable to: non-controlling interests 6,863 9,389 attributable to: equity holders of the parent company 334,899 353,451 2 CONSOLIDATED FINANCIAL STATEMENTS AS AT 31 DECEMBER 2019 53 CONSOLIDATED FINANCIAL STATEMENTS Consolidated balance sheet T€ Notes 31.12.2019 31.12.2018 AS AT 31 DECEMBER 2019 Intangible assets (12) 490,852 493,407 Rights from concession arrangements1 (13) 530,357 547,237 Property, plant and equipment (14) 2,632,486 2,144,015 Equity-accounted investments (15) 454,532 378,617 Consolidated income statement Other investments (16) 175,062 185,297 Receivables from concession arrangements (19) 599,036 630,262 T€ Notes 2019 2018 Other fi nancial assets (22) 229,910 250,137 Revenue (1) 15,668,574 15,221,832 Deferred taxes (17) 137,617 146,940 Changes in inventories 24,943 -66,328 Non-current assets 5,249,852 4,775,912 Own work capitalised 6,419 33,268 Inventories (18) 983,546 890,157 Other operating income (2) 233,142 222,977 Receivables from concession arrangements (19) 39,323 36,268 Construction materials, consumables and services used (3) -10,111,854 -10,125,771 Contract assets (20) 1,354,897 1,282,907 Employee benefi ts expenses (4) -3,745,149 -3,618,941 Trade receivables (21) 1,700,729 1,735,944 Other operating expenses (5) -1,024,017 -854,892 Non-fi nancial assets 128,397 127,008 Share of profi t or loss of equity-accounted investments (6) -21,479 83,176 Income tax receivables 43,715 40,200 Net income from investments (7) 82,716 57,282 Other fi nancial assets (22) 289,538 293,381 EBITDA 1,113,295 952,603 Cash and cash equivalents (23) 2,460,814 2,385,828 Depreciation and amortisation expense (8) -510,714 -394,388 Current assets 7,000,959 6,791,693 EBIT 602,581 558,215 Assets 12,250,811 11,567,605 Interest and similar income 30,973 38,617 Interest expense and similar charges -56,315 -66,049 Share
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