annual financial statement 2011 - conwert Immobilien Invest SE

CONWERT IMMOBILIEN INVEST SE
ANNUAL FINANCIAL 2011 STATEMENT ANNUAL REPORT 2011
110
The conwert Group also monitors the interest cover of its current and future unsecured liabilities
with the indicator “funds from operations“ (“FFO“), and follows a policy that calls for a level over
1.5. Interest cover on the basis of a simplified FFO calculation shows the following results:
in € million 2011 2010
Earnings before interest and tax (EBIT) 119.8 103.2
Exceptional items 0.0 (19.8)
Net gain from fair value adjustments (7.8) (7.8)
Negative fair value adjustments to held-for-sale properties 7.5 5.4
Depreciation and amortisation 5.3 8.6
Expenses from the disposal of properties 564.3 287.4
Subtotal 689.1 377.0
Disposals of properties at cost (528.6) (254.3)
Other non-cash income/expenses 1.1 5.7
Subtotal 161.6 128.4
Financial results less non-cash income and plus non-cash expenses (80.3) (74.8)
Funds from operations (“FFO“) 81.3 53.6
Interest cover 1.8 1.6
13. RELATED PARTY TRANSACTIONS
For the purpose of this presentation, related parties are defined as the members of the Executive
Board and the Administrative Board as well as their closely related companies and subsidiaries,
joint ventures and associates.
Business transactions with related parties are carried out at normal arm’s length conditions.
13.1. PROVISION OF SERVICES
In 2011 Thomas Rohr, who served as an Executive Director of conwert Immobilien Invest SE up to
15 March 2011, received commissions of € 0.6 million from the conwert Group for the brokering of
property transactions. There were no such service transactions in 2010.
13.2. ACQUISITION AND SALE OF PROPERTIES AND OTHER ASSETS
No properties or apartments were sold to related parties of the conwert Group in 2011.
13.3. OTHER SERVICES
Subsidiaries of the alt+kelber Group rent office space in 07548 Gera, Straße des Friedens 104 and
Handwerkerhof 13, which are properties owned by AK Holding GmbH & Co. KG and Infrabau GmbH
& Co. KG. The rents equal € 7 and € 4.55/sqm per month (net rent, excluding operating costs and
VAT).
Harald Nograsek was identified as a related party in his function as chairman of the management
board of Österreichische Verkehrsbüro AG. This company rents space in a building owned by the
conwert Group. The rent amounts to € 2.3 million per year.
13.4. REMUNERATION OF PERSONS IN KEY POSITIONS
in € million 2011 2010
Remuneration of persons in key positions of the conwert Group
(active and former members)
1.6 4.3
Thereof current payments 0.0 0.0
Thereof variable remuneration 0.3 1.6
Thereof payments on the termination of employment 0.2 0.2