annual report 2009 - bei der Hamborner REIT AG

to our sHareHolders management report Financial statements supplementary inFormation
Interest rate risks result from changes in the level
of market interest rates. We limit such risks through
the use of interest rate swaps. Sensitivity analyses,
which show the consequences of changes in the
level of market interest rates on interest payments,
interest charges and income as well as on the equity
capital, are carried out in compliance with IFRS 7.
The following assumptions apply to this end:
Primary financial instruments with a fixed interest
rate are only subject to interest rate risks if they
are assessed at the fair value. Financial instruments
that are valued at acquisition cost are not subject
to interest rate risks. In the case of cash flow hedges
for the hedging of interest-induced payment fluctua-
tions, changes in the level of market interest rates
have consequences on the reserve in the equity
capital.
Therefore, these financial instruments are taken
into account in the sensitivity analysis. Primary
financial instruments with a variable interest rate
should also be subjected to a sensitivity analysis,
as they too are subject to a risk of a change in the
market interest rate. In the sensitivity analysis, the
indicative valuation was calculated as of the balance
sheet date on the basis of the market value, taking
into account accrued interest.
90 Hamborner reit ag | annual report 2009
Sensitivity analysis
in T€ Dec 31, 2009 Dec 31, 2008
Market value of
financial instruments
on a floating-rate
basis – 7,845 – 5,807
Change in the
revaluation reserve
Interest rate + 1% 3,908 4,492
Interest rate - 1% – 4,272 – 4,879
Profit and loss
account
Interest rate + 1% 1 5
Interest rate - 1% – 1 – 5
Other information on financial instruments
As a result of the forthcoming sale, the participation
in Montan GmbH Assekuranz-Makler, Düsseldorf
was reclassified from the item "Investments"
into the "Non-current assets held for disposal" as
of December 31, 2008. The valuation under the
current assets was carried out at the market value.
The investment was sold in January 2009.
For short-term financial assets and liabilities that
are not derivatives, the respective book value constitutes
an appropriate approximation of the fair
value within the meaning of the IFRS.