annual report 2009 - bei der Hamborner REIT AG

Report of the Supervisory Board
Dear Shareholders,
to our sHareHolders management report Financial statements supplementary inFormation
The financial year 2009 is completely characterised for HAMBORNER by the conversion into
a tax-transparent Real Estate Investment Trust (REIT). Operationally, the company has coped
well with the persistently difficult market conditions, thanks to its healthy balance sheet
structure and high liquidity. With the registration of the REIT Articles of Association in the
Commercial Register and the accompanying tax exemption as from 1 January 2010, the way
has now been smoothed to develop new investor groups for the HAMBORNER share and to
ensure the long-term growth of the company in such a way.
Monitoring the conduct of business and cooperation with the Managing Board
We have regularly advised the Managing Board in the management of the company in
the reporting year 2009 and intensively supervised and constantly monitored its company
management. In the course of this, we have secured in-depth information about all significant
business transactions and upcoming decisions. Moreover, the Managing Board regularly,
promptly and comprehensively informed the Supervisory Board, both verbally and in
writing, about all the matters of fundamental importance for the company and, in particular,
about the strategic orientation and all the relevant aspects of the business plan including
the financial, investment and personnel planning. Our particular attention was aimed at the
economic situation and the profitability of the company, as well as the course of the transactions,
including the risk position and risk management.
Five meetings of the Supervisory Board were held in the financial year 2009. Additionally,
we effected resolutions outside meetings in the case of three transactions in need of a
speedy response. This involved the purchase of properties and personnel matters. Between
the committee meetings, I discussed the strategy, as Chairman of the Supervisory Board, in
a regular exchange with the Managing Board and informed myself on the current trend of
the business environment, significant business transactions and upcoming decisions.
Central elements of activity in the Supervisory Board plenum
The turnover, earnings and personnel development of the company, the financial position
as well as the letting rate and the current situation with purchases and sales were explained
to us at length by the Managing Board in all meetings and then discussed collectively by us.
Furthermore, we thoroughly discussed numerous individual topics with the Managing Board
in the meetings.
In the financial statement meeting of 19 March 2009, the Supervisory Board approved the
annual and consolidated financial statements of HAMBORNER AG as of 31 December 2008
after its own review and discussion of significant aspects with the statutory auditor,
Deloitte & Touche GmbH Wirtschaftsprüfungsgesellschaft. We also endorsed the Managing
Board's proposal for the appropriation of profits. Furthermore, we adopted the agenda of
the 2009 ordinary general shareholders' meeting and in this connection we discussed in
particular the necessary amendments to the Articles of Association for the conversion into
a REIT, as well as the tax repercussions resulting therefrom. Commensurate with the recommendations
of the German Corporate Governance Code, we approved an efficiency audit by
means of self-evaluation. All members of the Supervisory Board took part in the meeting.
The meeting on 5 June 2009, which took place in the form of a telephone conference, dealt
with the preparation for the 2009 general shareholders' meeting, as well as the findings
of the efficiency audit of the Supervisory Board activities. In summary, it was emphasised
that the self-evaluation confirmed the meaningful and professional composition of the Super-
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