HOCHTIEF Annual report 2008 - Notes to the Consolidated Financial Statements > Explanatory notes to the consolidated balance sheet

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The Executive Board is also authorized, subject to Supervisory Board approval, to retire repurchased shares without a further resolution of the General Shareholders' Meeting being required for the share retirement itself or its execution.

The conditions governing awards of subscription rights and the sale, transfer and retirement of treasury stock are set forth in detail in the General Shareholders' Meeting resolution.

As of December 31, 2008, HOCHTIEF Aktiengesellschaft held a total of 3,499,753 shares of treasury stock as defined in Section 160 (1) 2 of the German Stock Corporations Act (AktG). These shares were purchased over the course of the year. The holdings of treasury stock represent EUR 8,959,368 (4.9996 percent) of the Company's capital stock.

Transactions relating to treasury stock: 53,000 of the Company's own shares were purchased in January 2008 for a total price of EUR 3,488,163 (an average of EUR 65.81 per share) in order to offer them for purchase by persons in the Company's employment or the employment of an affiliate. These shares represent EUR 135,680 (0.08 percent) of the Company's capital stock.

3,468,000 of the Company's own shares were purchased, under the stock buy-back program adopted on October 21, 2008, in the period October 23 to December 5, 2008 for a total price of EUR 90,023,514 (an average of EUR 25.96 per share) and for the purposes provided for in the authorizing resolution of the General Shareholders' Meeting of May 8, 2008. These shares represent EUR 8,878,080 (4.95 percent) of the Company's capital stock.

21,247 shares of treasury stock were sold in July 2008 to employees of HOCHTIEF or its affiliates. Of these shares, 11,754 were sold at a price of EUR 50.94 each and 9,493 at a price of EUR 53.94 each. The shares represent EUR 54,392 (0.03 percent) of the Company's capital stock.

Accumulated other comprehensive income is part of revenue reserves. It includes amounts recognized in equity for changes in the fair value of available-for-sale financial instruments and of cash flow hedges, and exchange differences from translation of foreign entity financial statements. Accumulated other comprehensive income also includes all actuarial gains and losses relating to defined benefit pension plans and adjustments arising from the limit in IAS 19.58.

Changes in accumulated other comprehensive income during the year include a EUR 88,734,000 loss (2007: EUR 70,540,000 gain) from changes in the fair value of non-derivative financial instruments and a EUR 132,313,000 loss (2007: EUR 33,044,000 gain) from changes in the fair value of derivatives. Also included here are a EUR 35,400,000 loss (2007: EUR 54,851,000 loss) due to currency translation differences and a decrease of EUR 54,317,000 (2007: increase of EUR 44,050,000) for actuarial gains and losses and adjustments arising from the limit in IAS 19.58.

The balance as of December 31, 2008 shown under changes in the fair value of financial instruments comprises accumulated losses of EUR 2,251,000 (2007: accumulated gains of EUR 86,483,000) for non-derivatives and accumulated losses of EUR 99,974,000 (2007: accumulated gains of EUR 32,339,000) for derivatives.

Unappropriated net profit is identical for HOCHTIEF Aktiengesellschaft and the HOCHTIEF Group.

EUR 90,931,000 (2007: EUR 72,445,000) in dividends were paid out in 2008.

The minority interest in the shareholders' equity of consolidated companies totaled EUR 895,151,000 (2007: EUR 703,100,000); this mainly related to the Leighton Group and the airport companies.