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financial_statements

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									                                              Key figures



Operational figures Deutsche Wohnen AG
Annual Financial Statement                                     12/31/2008
Balance sheet
Fixed assets                                         EUR m         291.3
Current assets                                       EUR m         423.3
Equity                                               EUR m         296.5
Dept capital                                         EUR m         418.1
Total assets                                         EUR m         714.6
Profit and loss statement                                          2008
Earnings before and after tax                        EUR m         -80.3
Balanc sheet profit                                  EUR m           0.0

Operational figures Deutsche Wohnen AG Consolidated
Financial Statement                                                 2008
Result from rental business                          EUR m          147.8
Result from privatisation business                   EUR m           13.2
Administration expenses                              EUR m          -39.1
Non-core businesses                                  EUR m            8.7
EBITDA (adjusted in 2008)                            EUR m          130.6
EBIT (adjusted in 2008)                              EUR m         -147.7
EBT                                                  EUR m         -328.8
Profit after tax EUR per share                       EUR m         -255.9
Profit after tax                               EUR per share        -9.69
FFO EUR per share                                    EUR m           26.1
FFO                                            EUR per share         0.99

Operational figures Deutsche Wohnen AG Consolidated Balance
Sheet                                                          12/31/2008
Investment Properties                                EUR m        2,900.7
Current assets                                       EUR m          110.4
Equity                                               EUR m          649.3
Financial liabilities                                EUR m        2,089.2
Total assets                                         EUR m        3,126.7

Share                                                          12/31/2008
Share price as of 12/31/2008                           EUR           9.49
Number of shares                                       Mio.          26.4
Market capitalisation as of 12/31/2008               EUR m            251

Net Asset Value                                                12/31/2008
Net Asset Value Group                                EUR m          646.6
Net Asset Value per share                      EUR per share        24.49

Market value                                                   12/31/2008
Fair Value properties                                EUR m        2,793.2
Fair Value per m2 residential space   EUR per m2   881
12/31/2009

    291.7
    377.3
    500.3
    168.7
    669.0
    2009
    -45.6
    -45.6


    2009
    151.0
      9.7
    -36.3
      9.1
    125.7
    130.7
      3.4
    -13.3
    -0.34
     34.8
     0.43


12/31/2009
   2,835.5
     123.1
     862.0
   1,802.7
   3,079.3

12/31/2009
      6.70
      81.8
       548

12/31/2009
     870.3
     10.63

12/31/2009
   2,749.8
895
                                                                              Profit and Loss Statemen



Deutsche Wohnen AG, Frankfurt/MainGroup Profit and Loss Statement for
the period from 1 January to 31 December 2009                                            2009
                                                                                       k EUR
Revenue                                                                        E.18   306,331
Result from disposals
 Revenue from sales                                                                     85,677
 Carrying amounts of assets disposed                                                   -69,748
                                                                                        15,930
Other operating income                                                                  12,699
Total income                                                                           334,959
Expenses related to goods and services received                                E.19   -134,774
Personnel expenses                                                             E.20    -40,204
Other operating expenses                                                       E.21    -26,488
Restructuring and reorganisation expenses                                      E.22     -7,784
Total expenses                                                                        -209,249

Interim result                                                                        125,710
Result from the fair value adjustment of investment properties                  D.1         0
                                                                                D.2
Depreciation, amortisation and impairment losses                                D.3     -2,780
Profit from affiliated companies                                                D.4          0
Earnings before interest and tax (EBIT)                                                122,929
Financial income                                                                           868
Result from the market value adjustment of derivative financial instruments     D.7     -1,203
Financial expenses                                                             E.23   -119,242
Profit before tax                                                                        3,352
Income taxes                                                                   E.24    -16,630
Result of continuing business divisions                                                -13,277
Result from discontinued business divisions                                                  0
Net result for the period                                                              -13,277
Of which apportioned to:
  Shareholders in the parent company                                                   -13,277
  Minority shareholdings                                                                     0
                                                                                       -13,277
and Loss Statement




              2008
            k EUR
           315,512

            119,710
           -102,301
             17,409
             11,423
            344,344
           -139,085
            -43,541
            -31,222
            -24,092
           -237,940

            106,404
           -276,528

             -1,794
                 60
           -171,859
              2,540
            -32,197
           -127,281
           -328,796
             56,471
           -272,326
             16,421
           -255,905

           -255,905
                  0
           -255,905
                                                    Statement of Income and Accumulated



Deutsche Wohnen AG, Frankfurt/Main Statement of
Income and Accumulated Earnings from 1 January to
31 December 2009                                        2009       2008
                                                      k EUR      k EUR
Net result for the period                            -13,277   -255,905
Other results
 Net losses from derivatives                         -19,916    -45,302
 Income tax effects                                    6,361     14,052
                                                     -13,555    -31,250
 Net profit/losses from pensions                      -2,865        457
 Income tax effects                                      854       -136
                                                      -2,011        321

Other profit after tax                               -15,566    -30,929
Profit or loss for the period after tax              -28,843   -286,834
 Of which apportioned to:
   Shareholders in the parent company                -28,843   -286,834
   Minority shareholdings                                  0          0
me and Accumulated Earnings
                                                    Consolidated balance sheet




Deutsche Wohnen AG, Frankfurt/Main
Consolidated balance sheet as of 31 December 2009               12/31/2009
                                                        Note        k EUR
Assets
Investment properties                                    D.1     2,835,483
Property, plant and equipment                            D.2        17,401
Intangible assets                                        D.3         4,558
Other non-current assets                                               400
Shares in affiliated companies                           D.4             0
Deferred tax assets                                     D.16        98,428
Non-current assets                                               2,956,270
Land and buildings held for sale                         D.5        18,358
Other inventories                                                    2,284
Trade receivables                                        D.6        14,543
Current tax receivables                                              2,468
Other current assets                                                 3,182
Cash and cash equivalents                                D.8        57,095
Subtotal current assets                                             97,930
Non-current assets held for sale                        C.10        25,125
Current assets                                                     123,055
Total assets                                                     3,079,324
d balance sheet




             12/31/2008
                 k EUR

              2,900,673
                 17,745
                  4,652
                    198
                    495
                 92,559
              3,016,322
                 19,355
                  1,908
                 21,202
                  5,479
                  2,796
                 41,974
                 92,714
                 17,696
                110,410
              3,126,733
                                                         Consolidated balance sheet




Deutsche Wohnen AG, Frankfurt/Main
Consolidated balance sheet as of 31 December 2009                    12/31/2009
                                                            Note         k EUR
Liabilities
Equity allocated to shareholders of the parent company
  Subscribed capital                                         D.9         81,840
  Capital reserves                                           D.9        455,761
  Accumulated consolidated profit                            D.9        324,068
                                                                        861,669
  Minority shareholdings                                                    302
Total equity                                                            861,971
Non-current financial liabilities                           D.10      1,722,044
Convertible bonds                                           D.11              0
Pension obligations                                         D.12         41,529
Liabilities to fund limited partners                        D.13         40,791
Tax liabilities                                             D.15         55,486
Derivatives                                                  D.7         37,185
Other provisions                                            D.14         10,107
Deferred tax liabilities                                    D.16         81,412
Total non-current liabilities                                         1,988,554
Current financial liabilities                               D.10         80,673
Convertible bonds                                           D.11         26,567
Trade payables                                                           23,182
Liabilities to fund limited partners                        D.13          8,334
Other provisions                                            D.14          6,396
Derivatives                                                  D.7         33,282
Tax liabilities                                             D.15         28,642
Other liabilities                                                        21,723
Total current liabilities                                               228,799
Total liabilities                                                     3,079,324
d balance sheet




             12/31/2008
                 k EUR


                 26,400
                269,677
                352,913
                648,990
                    302
                649,292
              1,991,077
                 25,430
                 39,300
                 48,006
                 60,652
                 32,570
                 12,506
                 71,660
              2,281,200
                 98,096
                      0
                 22,800
                      0
                 10,296
                 16,779
                 21,629
                 26,640
                196,240
              3,126,733
                                                                 Group Cash Flow State



Deutsche Wohnen AG, Frankfurt/Main
Group Cash Flow Statement
for the period from 1 January to 31 December 2009                            2009
                                                                  Note     k EUR
Operating activities
Net result for the period from continuing business divisions             -13,277
  Financial income                                                          -868
  Financial expenses                                                     119,242
  Income taxes                                                            16,630
Result for the period before interest and tax                            121,727
Result from discontinued business divisions                                    0
Non-cash expenses/income
  Fair value adjustment of investment properties                   D.1          0
  Depreciation, amortisation and impairment losses                          2,780
  Adjustment of interest rate swaps                                D.7      1,203
  Other non-cash expenses/income                                          -24,693
Change in net working capital
  Changes in receivables, inventories and other current assets             5,723
  Change in operating liabilities                                         -2,796
Operating cash flow                                                      103,945
  Interest paid                                                          -96,740
  Interest received                                                          868
  Tax paid                                                                -4,779
Cash flow from operating activities                                        3,294
Investment activities
  Proceeds from sales                                                      88,870
  Payments made to acquire investment properties                          -13,250
  Payments received from the sale of subsidiaries                               0
  Payments made to fund limited partners                                   -1,322
  Cash flow from investment activities                                     74,298
Financing activities
  Proceeds from taking on loans                                             1,243
  Repayment of loans                                                     -295,263
  Prepayment penalty made                                                  -6,231
  Income from capital increase                                            249,480
  Expenses from capital increase                                          -11,700
  Cash flow from financing activities                                     -62,471

Net changes in cash                                                       15,121
Cash and cash equivalents at the start of the period                      41,974
Cash and cash equivalents at the end of the period                        57,095
p Cash Flow Statement




              2008
            k EUR

          -272,326
            -2,540
           127,281
           -56,471
          -204,056
            16,421

          276,528
            1,794
           32,197
          -17,246

            -5,248
            -1,345
            99,046
          -109,577
             2,540
            -2,350
           -10,342

          104,684
          -28,578
           18,770
           -6,117
           88,759

            82,032
          -166,348
                 0
                 0
                 0
           -84,316

           -5,899
           47,874
           41,974
                                           Consolidated statement of changes in equity



Deutsche Wohnen AG, Frankfurt/Main Consolidated statement of changes in equity as of 31 December 2009
                                                                                        Accumulated
                                                                              Cash flow
                                           Registered    Capital                  hedge      Others
                                               capital reserves   Pensions     Reserve     Reserves
                                               k EUR     k EUR      k EUR        k EUR       k EUR
Equity as of 1 January 2008                    26,400 349,521        1,894            0     558,008
 Net result for the period                                                                 -255,905
 Other results                                                         321      -31,250
 Profit or loss for the period                                         321      -31,250    -255,905
 Withdrawal from capital reserves                       -79,844                              79,844
Equity as of 12/31/2008                        26,400 269,677        2,215      -31,250     381,947

Equity as of 1 January 2009                      26,400   269,677    2,215     -31,250    381,947
 Net result for the period                                                                -13,277
 Other results                                                       -2,011    -13,555
 Profit or loss for the period                                       -2,011    -13,555     -13,277
 Capital increase                                55,440   194,040

 Capital increase costs minus tax effect                   -7,956
Equity as of 12/31/2009                          81,840   455,761      204     -44,805    368,670
ges in equity



December 2009


                           Minority
             Subtotal shareholdings      Equity
              k EUR         k EUR       k EUR
             935,823            302    936,125
            -255,905                  -255,905
             -30,929                   -30,929
            -286,834              0   -286,834
                   0                          0
             648,989            302    649,292

                648,989        302    649,292
                -13,277          0    -13,277
                -15,566               -15,566
                -28,843          0    -28,843
                249,480               249,480

                 -7,956                -7,956
                861,670        302    861,972
                                                                        Group segment reporting




Deutsche Wohnen AG, Frankfurt/Main
Group segment reporting for the financial year 2009
                                                                             External turnover
                                                                                2009                 2008
Segments
  Residential property management                                              272.2                282.4
  Disposal                                                                      85.7                119.7
  Nursing and residential care homes                                            38.8                 38.6
Transition to consolidated financial statements
  Central function and other operative activities                                0.0                  0.0
  Consolidations and other transition                                          -90.3               -125.2
                                                                               306.3                315.5



                                                                                                 Result 1)
                                                                                2009                2008
Segments
  Residential property management                                              151.0                147.8
  Disposal                                                                       9.7                 13.2
  Nursing and residential care homes                                             9.1                  8.7
Transition to consolidated financial statements
  Central function and other operative activities                              -36.3                -39.1
  Consolidations and other transition                                            0.0                  0.0
                                                                               133.5                130.6

1) The result corresponds to the interim result before restructuring.
t reporting




                 Internal turnover             Total turnover
                    2009               2008     2009              2008

                     2.1                 1.4   274.3             283.8
                     0.0                 0.0    85.7             119.7
                     0.0                 0.0    38.8              38.6

                    49.3                44.3     49.3              44.3
                   -51.4               -45.7   -141.7            -170.9
                     0.0                 0.0    306.3             315.5

                                                         Depreciation,
                                                       amortisation and
                                     Assets          impairment losses
              12/31/2009         12/31/2008     2009              2008

                 2,840.6             2,915.5      0.0               0.0
                    51.6                42.0      0.0               0.0
                     2.1                 4.3     -0.4              -0.4

                    84.1                67.0     -2.4              -1.4
                     0.0                 0.0      0.0               0.0
                 2,978.4             3,028.7     -2.8              -1.8

								
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