ONE ROOF

Notes to the Consolidated Financial Statements
176 Annual Report 2009
The following sensitivity analyses demonstrate the impact that
a one percent fluctuation in the respective market interest rate
would have had on equity and on profit. The analysis is based
on holdings as of the balance sheet date.
(EUR thousand) Dec. 31, 2009 Dec. 31, 2008
Management of other price risk
Other price risk results at HOCHTIEF through investing in current
and non-current non-interest-bearing securities, chiefly
shares and funds, that are classified as available for sale and
therefore measured at fair value through equity. Other price
risk stems from participating interests that are classified as
available for sale to the extent that they are measured at fair
value. Such items are shown in the following table. Participating
interests measured at amortized cost because their fair
value cannot be reliably measured are not included.
HOCHTIEF actively manages price risk. Continuous monitor-
ing and analysis of the markets makes it possible to marshal
investments at short notice. This allows the Company to detect
negative developments on the capital market at an early
stage and take appropriate action. Derivatives are only used
to control price risk in exceptional instances.
In the course of managing participating interests, forward pur-
chase contracts with a maximum residual term of 54 months
as of December 31, 2009 were entered into for hedging purposes;
these are presented according to the rules for cash
flow hedge accounting. Stock-based derivatives were also entered
into to hedge our share-based compensation plans.
Market interest rate Market interest rate
One percent
increase
These derivatives had a maximum residual term as of December
31, 2009 of 51 months. They are not subject to hedge
accounting, but are deployed as a natural hedge. Gains and
losses in the fair value of these derivatives are contained in
personnel costs.
The following table shows the fair values of the forward pur-
chase contracts and of two written options:
(EUR thousand) Dec. 31,
2009
Assets
EUR 19,251,000 was charged to equity in fiscal 2009 (2008:
EUR 44,791,000) for market value changes on the above derivatives
in cash flow hedges. A net EUR 47,276,000 was
credited to profit or loss (2008: EUR 423,000 charged to profit
or loss) for changes in the fair value of forward contracts for
which hedge accounting is not applied and of the written
options.
One percent
decrease
One percent
increase
One percent
decrease
Change in equity due to market value fluctuations of
interest rate derivatives used for hedging (cash flow
hedges) and of fixed-interest securities meas ured at
fair value through equity 25,640 (25,939) 24,965 (25,445)
Change in profit due to unhedged variable rate
interest rate exposures on primary financial instruments
and to market value fluctuations in derivative
financial instruments (not hedge accounted) (5,821) 5,821 (9,464) 9,464
(EUR thousand) Dec. 31,
2009
Dec. 31,
2008
Price risk exposure on noncurrent
assets
Price risk exposure on current
475,150 406,785
assets 254,016 197,462
Dec. 31,
2008
Forward contracts for hedging
purposes (but not hedge
accounted) 46,264 7,622
46,264 7,622
Liabilities and
sharehold ers’ equity
Forward purchase contracts
for hedging purposes (cash
flow hedges)
Forward contracts for hedging
purposes (but not hedge
101,887 82,636
accounted)
Options written, not for
5,011 4,045
hedging purposes 16,000 25,600
122,898 112,281