Annual Financial Statements 2017 Content
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Lagebericht 1 Annual Financial Statements 2017 Content CONSOLIDATED FINANCIAL STATEMENTS 2017 .................................................. 3 CONSOLIDATED FINANCIAL STATEMENTS AS AT 31 DECEMBER 2017 ............................................ 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 2017 ................................................. 8 Consolidated statement of fixed assets as at 31 December 2016 ................................................. 8 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS ............................................................ 10 Basic principles ............................................................................................................................ 10 Changes in accounting policies .................................................................................................... 10 Consolidation ................................................................................................................................ 13 Scope of consolidation ................................................................................................................. 16 Currency translation ...................................................................................................................... 19 Consolidated companies and associates ..................................................................................... 20 Accounting policies ....................................................................................................................... 27 Notes on the items of the consolidated income statement .......................................................... 38 Notes on the items in the consolidated balance sheet ................................................................. 42 Notes on finacial instruments ....................................................................................................... 57 Segment report ............................................................................................................................. 64 Other notes ................................................................................................................................... 66 List of subsidiaries, equity-accounted investments and participation companies as at 31 December 2017 ............................................................................................................... 71 GROUP MANAGEMENT REPORT ...................................................................................................... 86 Important events ........................................................................................................................... 86 Country report ............................................................................................................................... 92 Order backlog ............................................................................................................................. 109 Financial performance ................................................................................................................ 111 Financial position and cash flows ............................................................................................... 113 Capital expenditures ................................................................................................................... 114 Financing/Treasury ...................................................................................................................... 115 Segment report ........................................................................................................................... 117 Risk management ....................................................................................................................... 125 Research and development ........................................................................................................ 131 Website Corporate Governance Report...................................................................................... 132 Disclosures pursuant to Sec 243a Para 1 UGB .......................................................................... 132 Related parties ............................................................................................................................ 134 Outlook ....................................................................................................................................... 134 Events after the reporting period ................................................................................................ 135 AUDITOR’S REPORT ....................................................................................................................... 136 INDIVIDUAL FINANCIAL STATEMENTS 2017 .....................................................142 STATEMENT OF ALL LEGAL REPRESENTATIVES ..............................................216 Consolidated Finacial Statements 2017 Consolidated financial statements 4 CONSOLIDATED FINANCIAL STATEMENTS AS AT 31 DECEMBER 2017 Consolidated income statement T€ Notes 2017 2016 Revenue (1) 13,508,725 12,400,465 Changes in inventories -61,656 51,393 Own work capitalised 13,570 4,157 Other operating income (2) 282,992 235,835 Construction materials, consumables and services used (3) -8,839,874 -7,980,009 Employee benefits expenses (4) -3,367,173 -3,210,911 Other operating expenses (5) -842,790 -795,854 Share of profit or loss of equity-accounted investments (6) 123,985 106,178 Net income from investments (7) 16,800 43,928 EBITDA 834,579 855,182 Depreciation and amortisation expense (8) -386,222 -430,272 EBIT 448,357 424,910 Interest and similar income 46,900 73,899 Interest expense and similar charges -74,048 -77,680 Net interest income (9) -27,148 -3,781 EBT 421,209 421,129 Income tax expense (10) -128,845 -139,133 Net income 292,364 281,996 attributable to: non-controlling interests 13,451 4,344 attributable to: equity holders of the parent company 278,913 277,652 Earnings per share (€) (11) 2.72 2.71 Statement of total comprehensive income T€ Notes 2017 2016 Net income 292,364 281,996 Differences arising from currency translation 12,275 9,428 Recycling of differences arising from currency translation 78 -5,048 Change of interest rate swaps 2,256 -11,842 Recycling of interest rate swaps 20,117 21,838 Change in fair value of financial instruments under IAS 39 238 460 Deferred taxes on neutral change in equity (10) -2,632 -9,726 Other income from equity-accounted investments 1,048 -10 Total of items which are later recognised (“recycled”) in the income statement 33,380 5,100 Change in actuarial gains or losses 493 -29,601 Deferred taxes on neutral change in equity (10) 252 8,756 Other income from equity-accounted investments -25 -17 Total of items which are not later recognised (“recycled”) in the income statement 720 -20,862 Other income 34,100 -15,762 Total comprehensive income 326,464 266,234 attributable to: non-controlling interests 14,137 3,159 attributable to: equity holders of the parent company 312,327 263,075 Consolidated financial statements 5 Consolidated balance sheet T€ Notes 31.12.2017 31.12.2016 Intangible assets (12) 498,827 496,402 Property, plant and equipment (12) 1,936,032 1,927,739 Investment property (13) 6,244 7,916 Equity-accounted investments (14) 350,013 347,605 Other investments (15) 182,698 166,731 Receivables from concession arrangements (18) 662,311 683,486 Other financial assets (18) 270,648 254,220 Deferred taxes (16) 188,968 245,827 Non-current assets 4,095,741 4,129,926 Inventories (17) 1,137,805 1,182,805 Receivables from concession arrangements (18) 33,724 31,180 Trade receivables (18) 2,532,919 2,444,400 Non-financial assets (18) 82,839 87,654 Income tax receivables (18) 63,879 112,804 Other financial assets (18) 316,769 386,376 Cash and cash equivalents (19) 2,790,447 2,003,261 Current assets 6,958,382 6,248,480 Assets 11,054,123 10,378,406 Share capital 110,000 110,000 Capital reserves 2,315,384 2,315,384 Retained earnings and other reserves 945,089 760,654 Non-controlling interests 27,246 78,551 Group equity (20) 3,397,719 3,264,589 Provisions1 (21) 1,160,536 1,180,374 Financial liabilities2 (22) 882,879 1,223,527 Other financial liabilities (22) 77,716 63,750 Deferred taxes (16) 24,230 21,390 Non-current liabilities 2,145,361 2,489,041 Provisions1 (21) 747,318 741,715 Financial liabilities3 (22) 411,098 202,549 Trade payables (22) 3,402,367 2,818,000 Non-financial liabilities (22) 458,572 367,977 Income tax liabilities (22) 78,424 103,501 Other financial liabilities (22) 413,264 391,034 Current liabilities 5,511,043 4,624,776 Equity and liabilities 11,054,123 10,378,406 1 In order to improve representation recognition-changes were made and an amount of T€ 68,647 was transferred from previous year’s current provisions to non-current