annual report 2009 - bei der Hamborner REIT AG
annual report 2009 - bei der Hamborner REIT AG
annual report 2009 - bei der Hamborner REIT AG
Create successful ePaper yourself
Turn your PDF publications into a flip-book with our unique Google optimized e-Paper software.
to our sHareHol<strong>der</strong>s management <strong>report</strong> Financial statements supplementary inFormation<br />
26<br />
<strong>Hamborner</strong> reit ag | <strong>annual</strong> <strong>report</strong> <strong>2009</strong><br />
FFO<br />
The FFO (funds from operations) is a key financial ratio determined on the basis of the individual<br />
IFRS financial statements. It is used within the framework of value-orientated cor-<br />
porate management for the presentation of the funds generated, which are available for<br />
investments and dividend distributions to sharehol<strong>der</strong>s. The FFO is calculated as follows:<br />
FFO calculation<br />
in T € 31.12.<strong>2009</strong> 31.12.2008<br />
Net rental incomes 19,940 17,463<br />
– Administrative expenditure – 751 – 1,042<br />
– Personnel costs – 2,740 – 2,973<br />
+ Other operating income * 185 306<br />
– Other operating expenses – 872 – 1,587<br />
+ Results from investments 13 643<br />
+ Interest income 489 1,717<br />
– Interest payments – 5,508 – 4,644<br />
FFO before tax 10,756 9,883<br />
– Taxes paid – 1,136 – 1,347<br />
FFO after tax 9,620 8,536<br />
FFO per share in € 0.42 0.37<br />
* Adjusted for reversals of impairment adjustments and income from the disposal of investments<br />
HAMBORNER determines the FFO conservatively while disregarding sales proceeds. For<br />
<strong>2009</strong> the FFO per share amounts to approximately €0.42. Compared with the previous year<br />
(approximately €0.37), this corresponds to an increase of 12.7 %. An FFO yield of approximately<br />
4.1 % arises in relation to the NAV.
Change language