as of December 31, 2008 mainly related to disposals and the final maturity of fixed-interest bonds at HOCHTIEF Aktiengesellschaft and our Luxembourg fund management companies. The HOCHTIEF Group’s holdings of cash and cash equivalents remained at a high level, at EUR 1.73 billion.
The HOCHTIEF Group substantially augmented its capital base during the period under review with shareholders’ equity totaling EUR 3.16 billion as of the September 30, 2009 balance sheet date. This corresponded to an 11.8 percent increase from the end of the prior fiscal year. EUR 279.3 million of the additional amount consisted of profit after taxes. Other positive factors related to currency translation and fair valuing of financial instruments (EUR 170.5 million), changes in actuarial gains and losses (EUR 30.6 million) and other changes not recognized in the Statement of Earnings (EUR 49.6 million). These factors were countered by dividend payments to HOCHTIEF shareholders from the fiscal 2008 profit distribution and dividend payments to minority shareholders, which had a negative impact on shareholders’ equity of EUR 197.5 million.
Our equity ratio (shareholders’ equity to total assets) improved compared with the end of fiscal 2008 (23.4 percent) by 1.1 percentage points and remains strong at 24.5 percent as of September 30, 2009.
Non-current liabilities grew by EUR 404.4 million to EUR 2.83 billion. The EUR 7.5 million increase in provisions for pensions and similar obligations to EUR 84.2 million relates to an adjustment in the discounting factor in line with lower capital market interest rates. In contrast, other non-current provisions decreased by EUR 17 million to EUR 341.2 million. The EUR 405.5 million rise in non-current financial liabilities to EUR 2.08 billion reflected a EUR 300 million promissory note issue by HOCHTIEF Aktiengesellschaft and a EUR 168.7 million notes issue by Leighton. The EUR 210.9 million in other liabilities and deferred tax liabilities (EUR 110.5 million) show only marginal change.
Current liabilities increased by EUR 67.3 million to EUR 6.88 billion. The main factor in the increase was a EUR 317.6 million rise in trade payables to EUR 4.88 billion in line with growth in the business. Larger liabilities relating to personnel and derivatives also supplemented other liabilities by EUR 68.6 million to EUR 335.7 million. This was offset by a reduction in financial liabilities by a total of EUR 367.8 million to EUR 880.6 million.
Risks and opportunities report
The description of the opportunities and risks* of likely future developments given in the combined company and Group management report as of December 31, 2008 continues to apply.
There has likewise been no material change in the situation of the Group or our operating environment from that presented in our 2008 Annual Report.
Report on forecasts and other statements relating to the company’s likely future development
There is at present no indication of any significant change in the forecasts and other statements**—with the exception of the adjustment to the Group outlook in this interim report as regards the order backlog—regarding the likely future development of the HOCHTIEF Group published in the combined company and Group management report as of December 31, 2008. Those forecasts and statements therefore continue to apply.
Post balance-sheet events
There were no material events to report between the close of the third quarter of 2009 and the editorial deadline for this interim report.