ONE ROOF

The following sensitivity analyses demonstrate the impact that
a ten percent fluctuation in the market value of primary and
derivative financial instruments would have had on equity and
on profit or loss. The analysis is based on holdings as of the
balance sheet date.
Management of credit risk
The HOCHTIEF Group is exposed to credit risk from operations
and from certain financing activities.
HOCHTIEF performs risk management for operations by con-
tinuously monitoring trade receivables at divisional level. If a
specific credit risk is detected, it is countered by recognizing
an individual impairment.
The HOCHTIEF Group has given third parties financial guaran-
tees in respect of companies accounted for using the equity
method. Financial guarantees are only given in respect of
companies with top credit standing, restricting to a minimum
the probability of the guarantees being drawn upon. Loan
commitments are only given to companies accounted for
using the equity method.
❘ Information for our Shareholders ❘ ❘ Management Report ❘ ❘ Financial Statements and Notes ❘
(EUR thousand) Dec. 31, 2009 Dec. 31, 2008
Ten percent
increase
Market value Market value
Ten percent
decrease
Ten percent
increase
Ten percent
decrease
Change in equity due to market value
fluctuations of derivatives used for hedging
(cash flow hedges)
Change in profit or loss due to market value
fluctuations of derivatives to which hedge
10,189 (10,189) 8,153 (8,153)
accounting is not applied
Change in equity due to changes in market
9,325 (11,225) 6,758 (8,058)
price of unimpaired securities
Change in equity due to changes in value of
unimpaired participating interests measured
24,224 (24,224) 19,745 (19,745)
at fair value
Change in equity due to increases in the
43,988 (43,988) 37,190 (37,190)
market price of impaired securities
Change in equity due to increases in the
value of impaired participating interests
1,368 – 37 –
measured at fair value
Change in profit or loss due to reductions in
3,498 – 3,453 –
the market price of impaired securities
Change in profit or loss due to decreases in
the value of impaired participating interests
– (1,368) – (37)
measured at fair value – (3,498) – (3,453)
The maximum credit risk exposure of financial assets is equiva-
lent to their carrying amounts in the Balance Sheet. The actual
credit risk exposure is lower, however, due to collateral given in
favor of the HOCHTIEF Group. The maximum risk exposure on
financial guarantees given by HOCHTIEF is the maximum
amount to be paid by HOCHTIEF. The maximum credit risk for
loan commitments is the amount of the commitment. The
maximum credit risk from financial guarantees and loan commitments
amounted to EUR 333,010,000 as of December 31,
2009 (2008: EUR 35,433,000, loan commitments only). The
probability of the financial guarantees and loan commitments
being drawn upon is very small as of the reporting date.
HOCHTIEF accepts collateral to secure contract performance
by subcontractors, subcontractors’ warranty obligations, and
claims to remuneration. Such collateral includes guarantees
relating to warranty obligations, contract performance, advance
payments and receivables. Acceptance of collateral is gov-
Annual Report 2009 177