annual report 2009 - bei der Hamborner REIT AG

to our sHareHolders management report Financial statements supplementary inFormation
Our commercial property portfolio was also valued
by independent experts as of December 31, 2009
according to internationally acknowledged standards.
Taking into account the purchases and sales of the
reporting year, a fair value of our developed property
portfolio of €307,940,000 resulted as of
December 31, 2009 (previous year: €273,100,000).
The property portfolio is valued in accordance with
the discounted cash flow process. For further details
on the valuation of our properties, we refer to the
section "Performance of the portfolio" in the management
report.
From one notarial deed of sale concluded in the
reporting year, the transfer of ownership of a property
was still outstanding on the balance sheet date,
as the prerequisites for transfer were still not fully
complied with. Purchase price payments amounting
to €14.8 million in total were payable on transfer
of ownership, which took place in the middle of
February 2010.
The undeveloped property is shown in the balance
sheet at the historical acquisition cost. A different
value is not reliably determinable due to its structure
(areas used for agricultural and silvicultural
purposes).
(15) Financial assets
The other loans comprise predominantly long-term
interest-free housing loans, which were assessed at
cash value, and other loans to staff. Additions of
€20,000 are offset by scheduled redemptions and
repayments of €21,000 in the 2009 financial year.
(16) Trade receivables and other assets, deferred
tax assets, income tax receivables
All receivables and other assets are shown in the
balance sheet at the nominal value or at the lower
fair value. Individual value adjustments on doubt-
ful receivables were undertaken to the extent
of €14,000. We do not make general value
adjustments.
The other non-current assets primarily include paid
development costs for the leasehold property in
Solingen at €253,000 (previous year: €264,000)
and the capitalised actuarial reserve for claims from
pension liability insurance policies for pension obli-
86 Hamborner reit ag | annual report 2009
gations (€111,000 , previous year: €99,000). The
existing pension liability insurance policies do not
involve plan assets as per IAS 19.
The deferred tax claims essentially result from
valuation differences with interest rate derivatives,
investment properties and other provisions. They
increased by €256,000 year-on-year to €2,170,000.
Whereas the share in the deferred tax on the assets
side apportionable to valuation differences of interest
rate derivatives increased by €325,000, the
deferred tax portion relating to the valuation differences
of investment properties decreased by €72,000.
The receivables and other current assets break down
as follows:
in T€ Dec 31, 2009 Dec 31, 2008
Trade receivables 77 197
Other 410 602
Total 487 799
Trade receivables relate without exception to receivables
due from tenants and leaseholders. As of
December 31, 2008, the breakdown included an
indemnity claim amounting to €155,000, which
has been payable and collected in the meantime on
account of early termination of a tenancy. The other
current assets essentially decreased due to the fall
in accrued interest receivables and swap interest to
the extent of €192,000.
The trade receivables shown were all due on the
financial statement date and are thus overdue within
less than 30 days following the balance sheet date.
The result of the reporting year was reduced by the
write-off of receivables to the extent of €36,000
(previous year: €70,000). In the same period, we
collected written-off receivables amounting to less
than €1,000 (previous year: €11,000).
Income tax receivables amount to €44,000 (previous
year: €557,000). They relate to reimbursement
claims for the assessment period 2009. The
item decreased by €513,000 due to collection of
the reimbursement claims shown in the previous
year for the assessment periods 2007 and 2008.