ONE ROOF

The quantities of SARs and stock awards granted, expired
and exercised under the plans are as follows:
Originally
granted
Provisions recognized for the stated share-based payment ar-
rangements totaled EUR 35,451,000 as of the balance sheet
date (2008: EUR 25,256,000). The total expense recognized
for the stated arrangements in 2009 was EUR 36,936,000
(2008: total gain of EUR 12,209,000). The intrinsic value of
SARs exercisable at the end of the reporting period was EUR
3,964,000 (2008: EUR 3,999,000).
26. Provisions for pensions and similar obligations
The Group’s retirement benefits include both defined contribution
and defined benefit plans. Under defined contribution
plans, the Company pays into a state or private pension fund
voluntarily or in accordance with statutory or contractual stipulations
and has no obligation to pay further contributions.
Under defined benefit plans, the Company’s obligation is to
provide agreed benefits to current and former employees.
Defined benefit plans can be funded externally or through
pension provisions.
Defined benefit plans are mostly in use at HOCHTIEF Aktien-
gesellschaft, its domestic subsidiaries and the Turner Group
(benefits agreed up to December 31, 2003). Since January 1,
2000, pension arrangements in the domestic HOCHTIEF Group
have consisted of a company-funded basic pension in the form
of a modular defined contribution plan and a supplementary
pension linked to company performance. These benefits are
classed as defined benefit liabilities under IAS 19. The size of
the basic pension component depends on employee income
and age (resulting in an annuity conversion factor) and a general
pension contribution reviewed by HOCHTIEF every three
❘ Information for our Shareholders ❘ ❘ Management Report ❘ ❘ Financial Statements and Notes ❘
Outstanding
at Dec. 31,
2008
Granted in
2009
years. The size of the supplementary pension component depends
on growth in IFRS-basis profit after taxes. The basic
pension can be supplemented in this way by up to 20 percent.
The pension arrangements in force until December 31, 1999
featured benefit groups based on collective agreements. These
benefits were integrated into the new system of retirement
benefits as an initial pension component. Benefits comprise
an old-age pension, an invalidity pension and a surviving
dependants’ pension.
Expired in
2009
Exercised in
2009
Outstanding
at Dec.
31, 2009
LTIP 2004 1,055,900 10,000 – 10,000 – –
TERP 2004 1,853,901 1,143,546 – – 995,979 147,567
LTIP 2005 885,150 2,700 – – – 2,700
LTIP 2006 – stock awards 165,243 155,459 – 267 126,235 28,957
LTIP 2007 – SARs 430,450 408,000 – 17,200 25,750 365,050
LTIP 2007 – stock awards 110,650 104,650 – 5,300 – 99,350
LTIP 2008 – SARs 41,250 296,395* – 20,275 – 276,120
LTIP 2008 – stock awards 26,950 99,560** – 5,950 – 93,610
TERP 2008 / Tranche 1 130,900 126,100 – 4,800 – 121,300
TERP 2008 / Tranche 2 359,000 – 359,000 12,600 – 346,400
RSA 2008 / Tranche 1 122,012 122,012 – – – 122,012
RSA 2008 / Tranche 2 347,478 – 347,478 – – 347,478
LTIP 2009 – SARs 414,000 – 414,000 7,500 – 406,500
LTIP 2009 – stock awards 273,400 – 273,400 6,900 – 266,500
Turner changed over from defined benefit to defined contribu-
tion plans with effect from January 1, 2004. Depending on
length of service and salary level, between three percent and
six percent of an employee’s salary is paid into an external
fund. In addition, Turner employees have an option to pay up
to five percent of their salaries into an investment fund as part
of a 401 (k) plan. Turner steps up the deferred compensation
by up to 100 percent depending on length of service. Employees
can join the plan after three years’ service. The maximum
salary amount on which contributions can be based is USD
245,000 in the 2010 fiscal year. Tax relief is granted on payments
into the fund; the investment risk is borne by employees.
Leighton and Flatiron likewise have defined contribution
plans and pay between four and ten percent of salary (before
deductions) into an external fund.
HOCHTIEF Aktiengesellschaft’s pension finances were re-
structured with the creation of a contractual trust arrangement
(CTA) as of December 31, 2004. This arrangement was extended
to all major domestic Group companies in 2005 to
*Of which: Granted in 2008:
263,325; Expired in 2008:
8,180
**Of which: Granted in 2008:
75,035; Expired in 2008: 2,425
Annual Report 2009 165