The tax effects relating to changes in other comprehensive income are distributed as follows:
Tax effects related to changes in other comprehensive income
| Dec. 31, 2009 | Dec. 31, 2008 | |||||
|---|---|---|---|---|---|---|
| (EUR thousand) | Before taxes | Taxes | After taxes | Before taxes | Taxes | After taxes |
| Currency translation differences | 158,778 | – | 158,778 | (57,591) | – | (57,591) |
| Changes in fair value of financial instruments primary | 71,279 | (9,827) | 61,452 | (126,955) | 23,185 | (103,770) |
| Changes in fair value of financial instruments derivative | (26,993) | 12,549 | (14,444) | (120,098) | 31,107 | (88,991) |
| Actuarial gains and losses* | 58,738 | (21,112) | 37,626 | (85,171) | 30,865 | (54,306) |
| Other comprehensive income of equity-method associates and jointly controlled entities | (5,740) | – | (5,740) | (67,177) | – | (67,177) |
| Other comprehensive income | 256,062 | (18,390) | 237,672 | (456,992) | 85,157 | (371,835) |
Unappropriated net profit is identical for HOCHTIEF Aktiengesellschaft and the HOCHTIEF Group.
EUR 88,201,000 (2008: EUR 90,931,000) in dividends were paid out in 2009.
The minority interest in the shareholders’ equity of consolidated companies totaled EUR 1,101,816,000 (2008: EUR 895,151,000); this mainly related to the Leighton Group and the airport companies.
25. Share-based payment
The following Group-wide share-based payment systems were in force for managerial staff of HOCHTIEF Aktiengesellschaft and its affiliates in 2009:
Long-term Incentive Plan 2004
The Long-term Incentive Plan 2004 (LTIP 2004) was launched by resolution of the Supervisory Board in 2004 and is open to Executive Board members and upper managerial employees of HOCHTIEF Aktiengesellschaft and its affiliates. LTIP 2004 is based on stock appreciation rights (SARs).
LTIP 2004 had a waiting time of two years followed by an exercise period of three years. The plan therefore ended in 2009.
The SARs could only be exercised if, for at least ten consecutive stock market trading days before the exercise date, the ten-day average stock market closing price of HOCHTIEF stock was higher relative to the issue price compared with the tenday average closing level of the MDAX index relative to the index base (relative performance threshold) and the stock market closing price of HOCHTIEF stock on the last stock market trading day before the exercise date was at least ten percent higher than the issue price (absolute performance threshold). The relative performance threshold was waived if the average stock market price of HOCHTIEF stock exceeded the issue price by at least 20 percent on ten consecutive stock market trading days after the end of the waiting period.
Provided that the targets were met, SARs under the plan could be exercised at any time after the waiting period except during a short period before publication of any business results. The number of SARs that could be exercised depended on the size of the gain relative to the issue price in the average price of HOCHTIEF stock over ten consecutive stock market trading days, with a minimum 10, 15 or 20 percent price gain permitting 25 percent, 60 percent or all SARs to be exercised. When SARs were exercised, the issuing entity paid out the difference between the current stock price and the issue price. The difference was capped at 100 percent of the issue price.