annual financial statement 2011 - conwert Immobilien Invest SE

Annual Financial Statement 2011
3.5. Other operating expenses
Other operating expenses comprise the following items:
31.12.2011 31.12.2010
TEUR TEUR
Capital market costs 487 933
Management fees 6,743 7,464
Legal and consulting expenses 3,332 4,613
Advertising 1,217 2,330
Sales commissions 2,594 1,352
Bank charges 648 3,194
Miscellaneous 3,400 2,630
Total 18,421 22,516
The management fees included under other operating expenses are contrasted by income of
TEUR 5.755 (2010: TEUR 6.363) from the charge out of these costs to third parties.
3.6. Income from investments in other companies
This position comprises income of TEUR 122.258 (2010: TEUR 79.328) from shares in
subsidiaries.
3.7. Income from the disposal and write-up of financial assets
The major components of this position are as follows: income of TEUR 10.000 from the
subsequent revaluation of the 24.9% stake in ECO Business AG that was written down in
earlier years. income of TEUR 1.878 from the revaluation of treasury shares that were written
down in 2008 and income of TEUR 4.538 from the sale of subsidiaries.
3.8. Expenses related to financial assets
This position includes impairment charges of TEUR 72.780 (2010: TEUR 39.404) to shares
in subsidiaries. The major components are an impairment charge of TEUR 22.691 to CWG
Beteiligungs GmbH. an impairment charge of TEUR 14.431 to Cicero 1 Holding GmbH and
an impairment charge of TEUR 13.332 to TPI Tourismus Properties Invest GmbH. Treasury
shares were written down by a total of TEUR 7.809 to reflect the lower stock exchange price.
This position also includes a TEUR 27.896 provision for impending losses. which is related to
subsidiaries whose equity is negative after the inclusion of the undisclosed reserves contained
in properties
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