Management Report - Münchener Hypothekenbank eG

Income Statement >> 28
Income Statement
for the year ended 31 December 2005
Expenses
31 Dec. 05 31 Dec. 04
€ € T€
1. Interest expenses 1,472,375,269.64 1,457,367
2. Commission paid 15,900,736.82 7,050
3. General administrative expenses
a) Personnel expenses 25,911,886.78 27,920
aa) Wages and salaries € 19,310,717.40 (22,566)
ab) Social security contributions and cost of pensions
and other benefits € 6,601,169.38 (5,354)
of which for pensions € 3,524,608.27
b) Other administrative expenses 21,297,402.17 20,405
47,209,288.95 48,325
4. Depreciation and write-downs
of intangible and tangible assets 4,595,855.30 6,031
5. Other operating expenses 3,314,791.10 1,521
6. Write-downs on and adjustments to claims and certain
securities and additions to provisions for possible loan losses 19,601,432.08 30,177
7. Write-downs and adjustments to participating interests, 1,470,714.29 0
shares in affiliated companies and securities treated as fixed assets
8. Taxes on income 5,552,078.97 86
9. Other taxes not included under
“Other operating expenses” 85,460.29 38
10. Profits paid out due to a profit pooling agreement,
a profit transfer agreement or a partial profit transfer agreement 8,722,760.79 8,399
11. Net income 10,205,212.43 8,283
Total expenses 1,589,033,600.66 1,567,277
1. Net income 10,205,212.43 8,283
2. Retained earnings brought forward from previous year 422,388.83 441
10,627,601.26 8,724
3. Transfer to legal reserve 3,300,000.00 2,100
4. Unappropriated profit 7,327,601.26 6,624