annual report 2009 - bei der Hamborner REIT AG

to our sHareHolders management report Financial statements supplementary inFormation
36
Hamborner reit ag | annual report 2009
€4.8 million to €155.3 million. The company thus has a balance sheet equity ratio of 52.0%
(previous year: 56.9%).
As well as the high equity ratio, HAMBORNER has liquid assets amounting to €37.9 million
(previous year: €54.0 million). A net financial debt of €75.7 million (previous year: €37.1 mil-
lion) arises taking into account these liquid funds. €). A debt-equity ratio of just 29.1% (previous
year: 16.4% is calculated from this in relation to the total non-current assets.
The markedly positive earnings situation as well as the comfortable financial and asset situation
of the company in a difficult market environment endorse the measures and strategy
of recent years. The concentration of the business activity on commercial properties, the
adjustment of the portfolio with respect to activities not conforming to the strategy as well
as the reinvestment of the resources in easily-to-let retail trade and office properties ensure
sustainable and stable cash flows.
The conservative accounting of properties at acquisition and construction costs is also
advantageous in phases of economic weakness. The influencing of results through write-ups
or write-downs due to revaluations is far lower than with accounting at market values and
therefore the result is less volatile overall. Furthermore, the high liquid funds and the low
net indebtedness are proof for the financially rock-solid state of the company.
Earnings, financial and asset situation in accordance with the German
Commercial Code
The individual financial statements of the company are prepared in accordance with both the
requirements of the German Commercial Code (HGB) and in accordance with the requirements
of the International Financial Reporting Standards (IFRS). Differences result essentially
from the evaluation of the properties, the valuation and disclosure of the Südinvest 107
special securities fund terminated in 2008 as well as from the treatment of the special
account with reserve characteristics.
The revenues from property management amount to €24.2 million in the reporting year
after €21.3 million in the previous year. The expenses for the management of properties
amount to approximately €5.1 million and are thus above the previous year by approximately
€0.8 million. Both the increase in the revenues and in the management costs is
attributable to the expansion of our property portfolio through the investments.
The company's individual financial statements under commercial law show a result for
ordinary activities amounting to €8.3 million in the financial year 2009 (previous year:
€62.3 million). After taxes on income and profit, a profit for the financial year to the extent
of €7.1 million arises (previous year: €56.3 million). With the termination of the special
securities fund Südinvest 107 (capital gain €45.7 million) and the sale of our participation
in Wohnbau Dinslaken GmbH (book profit €11.2 million), the results of the previous year
were affected to a considerable extent by special transactions that complicate a comparison
with the reporting year. The income tax charge of the previous year were also characterised
significantly by the tax burden for the special influences and the provision concluded for
expected tax arrears payments arising from a tax field audit. The normalised tax expenses
of the reporting year amount to €1.2 million (previous year: €6.0 million). Including the profit
carried forward from the previous year, the unappropriated surplus amounts to €27.2 million
(previous year taking into account a transfer into other retained earnings: €28.1 million).
The financial position of the company is still sound. Liquid funds decreased by €16.1 million
mainly due to the outflow of equity capital for our investments and through the disburse-