annual report 2009 - bei der Hamborner REIT AG

to our sHareHolders management report Financial statements supplementary inFormation
(7) Result from the sale of properties
The result from the sale of properties amounts to
€434,000 in the reporting year after €6,689,000
in the previous year. Whereas it was possible to sell
two portfolio properties and one residential portfolio
consisting of a total of seven properties in
the previous year, sales in the year 2009 are limited
to just one stock property and to smaller disposals
from our undeveloped land ownership and existing
holding.
(8) Results from investments
This item includes the income from investment
in Montan GmbH Assekuranz-Makler for the financial
year 2007/2008. The decrease year-on-year
results from the discontinuation of the dividend
of Wohnbau Dinslaken GmbH after sale of the
investment.
(9) Financial result
After the sale of the special securities fund
Südinvest 107 at the start of 2008 the financial
result only includes interest income and payments.
The interest income mainly consists of interest on
overnight money or fixed-term deposits for investments
with various banks. The large decrease in the
general interest rate level, as well as the decrease in
our liquidity after the outflow of the equity capital
used for the property investments and the disbursement
of the dividend for the year 2008,
in T€ Total
82 Hamborner reit ag | annual report 2009
2009
Activities
to be discontinued
2009
resulted in a decrease in this income – relative
to the result from activities to be continued –
by €1,228,000.
Interest payments increased by a total of €864,000
in the 2009 financial year as a result of the interest
payments recognised as an expense in full in the
reporting year for the property loans raised in the
previous year and the pro rata interest expense for
the loans added in the reporting year.
The interest payments included cash flows from
interest rate hedging transactions carried out to
the level of €2,499,000 on balance. The payments
made by us on the basis of firmly-agreed interest
rates with quarterly or half-yearly settlement amount
to €3,924,000 in the reporting year (previous year:
€3,204,000 ). The increase is attributable to the
fact that the interest rate hedging transactions
carried out in the previous year were utilised for a
full year in the 2009 financial year for the first time
and the interest rate hedges carried out in 2009
were taken into account pro rata temporis.
In return, we received variable interest in accordance
with the agreements on the basis of the 3- or
6-month EURIBOR amounting to €1,425,000 (previous
year: €3,165,000). Here, the decrease is
mainly due to the general decline in the short-term
interest rates. For further details and information
on the interest rate hedging transactions we refer
to the section "Financial liabilities and derivative
financial instruments".
Activities
to be
continued
2009
Total
2008
Activities
to be discontinued
2008
Activities
to be
continued
2008
Income from securities including
capital gains 0 0 0 277 277 0
Capital losses and amounts
written off financial investments 0 0 0 – 20 – 20 0
Other interest and similar income 489 0 489 1,919 202 1,717
Interest and similar charges – 5,508 0 – 5,508 – 4,644 0 – 4,644
Financial result – 5,019 0 – 5,019 – 2,468 459 – 2,927