ONE ROOF

Notes to the Consolidated Financial Statements
*The 2008 figure includes a reversal
in other comprehensive
income of adjustments arising
from the limit in IAS 19.58.
162 Annual Report 2009
The tax effects relating to changes in other comprehensive
income are distributed as follows:
Tax effects related to changes in other comprehensive income
Unappropriated net profit is identical for HOCHTIEF Aktien-
gesellschaft and the HOCHTIEF Group.
EUR 88,201,000 (2008: EUR 90,931,000) in dividends were
paid out in 2009.
The minority interest in the shareholders’ equity of consolidated
companies totaled EUR 1,101,816,000 (2008: EUR 895,151,000);
this mainly related to the Leighton Group and the airport companies.
25. Share-based payment
The following Group-wide share-based payment systems
were in force for managerial staff of HOCHTIEF Aktiengesellschaft
and its affiliates in 2009:
Long-term Incentive Plan 2004
The Long-term Incentive Plan 2004 (LTIP 2004) was launched
by resolution of the Supervisory Board in 2004 and is open to
Executive Board members and upper managerial employees
of HOCHTIEF Aktiengesellschaft and its affiliates. LTIP 2004 is
based on stock appreciation rights (SARs).
LTIP 2004 had a waiting time of two years followed by an
exercise period of three years. The plan therefore ended in
2009.
Dec. 31, 2009 Dec. 31, 2008
(EUR thousand) Before taxes Taxes After taxes Before taxes Taxes After taxes
Currency translation
differences
Changes in fair value of
financial instruments
158,778 – 158,778 (57,591) – (57,591)
primary
Changes in fair value of
financial instruments
71,279 (9,827) 61,452 (126,955) 23,185 (103,770)
derivative (26,993) 12,549 (14,444) (120,098) 31,107 (88,991)
Actuarial gains and losses*
Other comprehensive income
of equity-method associates
58,738 (21,112) 37,626 (85,171) 30,865 (54,306)
and jointly controlled entities
Other comprehensive
(5,740) – (5,740) (67,177) – (67,177)
income 256,062 (18,390) 237,672 (456,992) 85,157 (371,835)
The SARs could only be exercised if, for at least ten consecutive
stock market trading days before the exercise date, the
ten-day average stock market closing price of HOCHTIEF stock
was higher relative to the issue price compared with the tenday
average closing level of the MDAX index relative to the index
base (relative performance threshold) and the stock market
closing price of HOCHTIEF stock on the last stock market
trading day before the exercise date was at least ten percent
higher than the issue price (absolute performance threshold).
The relative performance threshold was waived if the average
stock market price of HOCHTIEF stock exceeded the issue
price by at least 20 percent on ten consecutive stock market
trading days after the end of the waiting period.
Provided that the targets were met, SARs under the plan could
be exercised at any time after the waiting period except during
a short period before publication of any business results. The
number of SARs that could be exercised depended on the
size of the gain relative to the issue price in the average price
of HOCHTIEF stock over ten consecutive stock market trading
days, with a minimum 10, 15 or 20 percent price gain permitting
25 percent, 60 percent or all SARs to be exercised. When
SARs were exercised, the issuing entity paid out the difference
between the current stock price and the issue price. The
difference was capped at 100 percent of the issue price.