annual report 2009 - bei der Hamborner REIT AG

The cash flow from investment activity resulted
in a cash outflow of €37.7 million in the previous
financial year (in the previous year a cash inflow
of €41.7 million). Whereas the cash flow of the previous
year was essentially influenced by the sale of
the special securities fund and the investment in
Wohnbau Dinslaken GmbH, the cash flow of the
current year is characterised by the further expansion
of the property portfolio of the company and
the disbursements associated with that.
(30) Cash flow from the financing activity
The cash flow from the financing activity amounting
to €7.5 million arises in the main from the
borrowing for the properties acquired in 2009
amounting to €23.8 million taking into account
interest payments and scheduled loan repayments.
In addition, approximately €8.0 million was distributed
to the shareholders of the company, as in the
previous year.
(31) Cash flow from activities to be discontinued
The cash flow statement for the previous year also
includes cash inflows and outflows of the securities
fund Südinvest 107 shown in the income statement
and in the balance sheet as "Activities to be discontinued".
The cash flows from the fund resulting
therefrom break down as follows:
in T€ 2009 2008
Cash flow from
operating activity 0 1,405
Cash flow from
investment activity 0 50,784
Cash flow from
financing activity 0 0
Cash flow from activities
to be discontinued 0 52,189
to our sHareHolders management report Financial statements supplementary inFormation
Other explanatory notes and
compulsory details
Events after the balance sheet date
On January 4, 2010 the REIT Articles of Association
approved by the general shareholders' meeting in
June 2009 were lodged with the Duisburg County
Court for registration. Registration ensued on
February 18, 2010. As a result, HAMBORNER is
a REIT AG retroactively as of January 1, 2010 with
appropriate Articles of Association and the full
business name of HAMBORNER REIT AG.
On December 22, 2009 a notarial deed of sale was
concluded for an office property in Erlangen. The
property transferred into our ownership in the
middle of February 2010. Purchase price payments
of €14.8 million in totalhave been payable for this
purchase in the meantime.
Assumptions and estimates
In the preparation of the annual financial statements,
assumptions have been made and estimates
used which have had an impact on the reporting and
extent of the assets, liabilities, income and expenses
shown in the balance sheet. These assumptions and
estimates essentially relate to the determination of
useful life ranges, the retention of value of properties
and buildings, receivables and investments, the
appropriation and the valuation of provisions as
well as the realisability of deferred taxes on the
assets side. Actual values may deviate from the
assumptions and estimates made in individual cases.
Changes are taken into account at the time of better
cognisance with an effect on the operating result.
Employees
The number of employees (excluding the Managing
Board) amounted on an annual average to:
2009 2008
Commercial property
management 6 5
Technical property
management 5 5
Administration 12 14
Total 23 24
annual report 2009 | Hamborner reit ag
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