ONE ROOF

Notes to the Consolidated Financial Statements
* weighted average
166 Annual Report 2009
2007. The transferred assets are administered in trust by
HOCHTIEF Pension Trust e. V. and serve exclusively to fund
pension obligations. The transferred cash is invested on the
capital market in accordance with investment principles set
out in the trust agreement. The defined benefit plans discon-
Changes in the present value of defined benefit obligations
(EUR thousand) 2009 2008
Domestic International
Total Domestic International
Defined benefit obligations at
start of year 562,863 221,518 784,381 563,292 216,635 779,927
Current service cost 7,497 1,206 8,703 8,281 1,039 9,320
Past service cost – – – – – –
Interest expense 33,562 13,399 46,961 29,629 13,127 42,756
Actuarial gains/(losses) 42,585 1,032 43,617 (11,244) (8,579) (19,823)
Benefits paid from Company assets (182) (2,487) (2,669) (17) (1,985) (2,002)
Benefits paid from fund assets (32,727) (13,388) (46,115) (32,458) (10,788) (43,246)
Employee contributions 4,740 – 4,740 3,935 – 3,935
Effect of transfers 590 – 590 1,445 – 1,445
Consolidation changes – – – – – –
Currency adjustments
Defined benefit obligations at
– (7,494) (7,494) – 12,069 12,069
end of year 618,928 213,786 832,714 562,863 221,518 784,381
Changes in the market value of plan assets
(EUR thousand) 2009 2008
Domestic International
tinued by the Turner Group effective December 31, 2003 are
covered by an external fund.
The size of pension provisions is determined on an actuarial
basis. This necessarily involves estimates. Specifically, the actuarial
assumptions used are as follows:
(Percent) 2009 2008
Domestic Foreign Domestic Foreign
Discount factor* 5.25 5.73 6.25 6.34
Salary increases 2.5 – 2.75 –
Pension increases 1.75 – 2.25 –
Health cost increases – 5.0 – 5.0
Anticipated return on plan assets* 4.66 8.0 4.58 8.0
Salary and pension increases ceased to be taken into account
in foreign operations (the Turner Group) in 2004 due to the
changeover in pension arrangements. Biometric mortality assumptions
are based on published country-specific statistics
and experience. Domestically, they are determined using the
Prof. Dr. Klaus Heubeck 2005 G tables. Turner uses the
RP-2000 Mortality Table for employees. Assumptions regarding
the anticipated return on plan assets are based in Germany
and internationally on the intended portfolio structure and
future returns on individual asset classes. Projections are based
on long-term historical averages. For the main domestic pen-
sion plans, the anticipated return on plan assets was addition-
ally derived using asset-liability studies.
Changes in the present value of defined benefit obligations
and of the market value of plan assets are as follows:
Total Domestic International
Plan assets at start of year 602,081 151,737 753,818 651,346 217,481 868,827
Anticipated returns on plan assets
Difference between anticipated and actual
28,060 11,352 39,412 29,910 16,816 46,726
returns 74,250 28,105 102,355 (57,635) (80,035) (137,670)
Employer contributions 7,736 – 7,736 6,983 – 6,983
Employee contributions 4,740 – 4,740 3,935 – 3,935
Benefits paid (32,727) (13,388) (46,115) (32,458) (10,788) (43,246)
Currency adjustments – (5,952) (5,952) – 8,263 8,263
Plan assets at end of year 684,140 171,854 855,994 602,081 151,737 753,818
Total
Total