annual financial statement 2011 - conwert Immobilien Invest SE
annual financial statement 2011 - conwert Immobilien Invest SE
annual financial statement 2011 - conwert Immobilien Invest SE
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Annual Financial Report <strong>2011</strong><br />
Accordingly, an amount of 19.9 million € was charged to the subsidiaries. Earnings before<br />
tax (EBT) fell from 51.3 million € in the previous year to 30.6 million €, which is primarily<br />
attributable to an increase in expenses related to <strong>financial</strong> assets of (100.7) million € (2010:<br />
(39.4) million €). A positive result of 23.4 million € was achieved for profit for the year (2010:<br />
41.9 million €). Accumulated profit recorded a significant decline from 56.7 million € in 2010<br />
to 30.1 million € in <strong>2011</strong>.<br />
Asset and <strong>financial</strong> position<br />
The balance sheet total also recorded a slight decline in the <strong>financial</strong> year <strong>2011</strong> to<br />
1,705.4 million €, after 1,755.1 million € in the previous year. Due to its holding function and<br />
the main business activity of investment in properties, the company’s balance sheet structure<br />
is dominated by property, plant and equipment as well as <strong>financial</strong> assets. Due to the sale of<br />
properties, property, plant and equipment amounted to 103.9 million € and thus fell slightly<br />
short of the prior-year level (2010: 147.9 million €).<br />
In addition to property, plant and equipment, non-current assets also included <strong>financial</strong><br />
assets of 1,323.0 million € at 31 December <strong>2011</strong>, after 1,439.5 million € at the end of 2010.<br />
The main part of the <strong>financial</strong> assets was accounted for by shares in associates with<br />
1,247.8 million €.<br />
Equity remained stable at 1,250.0 million € at the balance sheet date <strong>2011</strong> (2010:<br />
1.251,6 million €). The company’s share capital remained unchanged at 31 December <strong>2011</strong>.<br />
It amounted to 853.59 million € and was divided into 85,359,273 no-par shares.<br />
At 73.3 %, the equity ratio of <strong>conwert</strong> <strong>Immobilien</strong> <strong>Invest</strong> <strong>SE</strong> at 31 December <strong>2011</strong> slightly<br />
exceeded the prior-year level (2010: 71.3 %).<br />
Gearing at the balance sheet date amounted to 13.8 %. This is equivalent to a decline by<br />
47.9 % in comparison with the previous year (2010: 26.5 %). Gearing is the ratio of total net<br />
debt to equity. The massive drop is primarily attributable to an increase in non-current trade<br />
and other receivables and a decrease in non-current payables.<br />
In the reporting period, liabilities declined from 481.4 million € in 2010 to 403.8 million €<br />
(corresponds to a reduction by 16.1 %) and predominantly consisted of bond liabilities of<br />
292.5 million € (2010: 332.5 million €) and loans and borrowings of 85.4 million € (2010:<br />
117.4 million €). The main part of loans and borrowings carried variable interest. The interest<br />
rate is based on the EURIBOR. 84.0 % of the interest-bearing variable liabilities (held directly<br />
by the company and through first and second tier subsidiaries) were hedged against interest<br />
risks (2010: 85.4 %).<br />
Receivables shown on the assets side totalling 256.4 million € at the balance sheet date<br />
<strong>2011</strong> (2010: 138.9 million €) largely consisted of receivables from fully consolidated<br />
companies at 221.3 million € and were therefore not subject to significant risks.<br />
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