10 BIBLIOGRAFÍA
3.3 Procedimiento de calificación de ONGD Agencia española de cooperación
3.4.1 Origen y descripción del Modelo EFQM de Excelencia genérico
3.4.1.3 Estructura del Modelo EFQM de Excelencia
Notes to the consolidated financial statements
Other provisions
The short-term provisions have been formed to the extent of the estimated utilisation (best estimate) without discount- ing and take into account all liabilities identifiable on the balance sheet date which are based on business trans- actions or past events, the extent and/or maturity of which is uncertain.
In the process, only third-party obligations are taken into account, for which it is probable that an outflow of assets will result.
Provisions for liabilities that do not result in an encumbrance of assets in the subsequent year are formed to the extent of the cash value of the anticipated outflow of assets.
Liabilities
Liabilities are assessed at their fair value in the first valua- tion. The subsequent valuation is carried out at amortised acquisition cost.
Liabilities are classified as long-term where the contract provides for redemption after twelve months.
Deferred taxes
Tax deferrals are carried out in the IFRS balance sheet on temporary differences between the assigned values of the assets and liabilities in the tax balance sheet and their book values (liability method) and shown as deferred tax assets or liabilities.
The tax rates that are expected with removal of temporary differences and inflow of the actual amount payable are referred to in order to determine the expected future tax charges.
Deferred taxes are entered in the profit and loss account as tax proceeds or expenses, unless they relate to items directly entered in the equity capital which do not affect the operating result. In this case, the deferred taxes are also entered in the equity capital without affecting the operating result.
Deferred tax assets are entered to the extent that it is prob- able that a taxable income will become available, against which the deductible temporary difference can be used.
Expenses and revenue recognition
On principle, the recording of turnover and other operating income corresponds with when the payments were made or, in the case of sale transactions, when all the relevant opportunities and risks in connection with the ownership were transferred to the buyer.
Operating expenses are entered with take-up of the pay- ment or as expenditure on the date incurred.
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Explanatory notes on the profit and loss account
(1) Revenue from the management of properties and buildings
In the reporting year, we achieved total turnover of 21,310 T€ from the letting and leasing of the properties shown in the balance sheet in accordance with IAS 40. Of this sum, 19,437 T€ is apportionable to revenue from rents and leases. An increase of 6,198 T€ overall resulted year-on-year, mainly from the property acquisitions of the current and previous year, which have had an impact of 6,730 T€. On the other hand, property sales resulted in a decrease in revenue of 675 T€. The remaining rent increases of approximately 244 T€ arising from indexed or graduated rent arrangements were reduced by a total of 101 T€ by rent losses, rent reductions in the case of a change of ten- ant and due to rent rebates granted for the avoidance of vacancies.
Incidental costs passed on to tenants mainly entail heating costs, property levies and other incidental rental costs, which are apportionable under the terms of the respective lease agreements. The revenues in this regard increased by 644 T€ in the reporting year. The increase of 660 T€ in the revenue from charges passed on arises as a balance due to the change in the property portfolio, whereas in relation to the remaining properties in the portfolio, revenue from passing on incidental costs decreased by -16 T€ overall.
(2) Other own work capitalised
No own work to be capitalised accrued in the reporting year. The valuation of the previous year related to in-house engineering work and construction overhead charges in connection with alterations to be capitalised to our office building in Hamburg.
(3) Other operating income
The income from investment disposals results mainly from the sale of two portfolio properties and a residential portfolio consisting of four properties. The income from the disposal of participations results from the sale of our shares in Wohnbau Dinslaken GmbH. The reversal of impair- ment adjustment arises from the adjustment of properties depreciated to the lower fractional value in previous years to the fair values determined by an expert as of 31.12.2008.
(4) Expenses for management of properties and buildings
Overall, administrative costs increased by 682 T€ year-on- year and amount to 4,135 T€. Ongoing operating expenses increased by 1,167 T€, mainly as a result of property acqui- sitions. This item essentially includes expenses for energy, property levies, ground rents, insurance premiums and land taxes, which we predominantly pass on to our tenants under the terms of the respective lease agreements.
Consolidated financial statements:
Notes to the consolidated financial statements
2008
(in TE) (in TE)2007 Income from the disposal of “Properties
held as a financial investment“ and of
“Non-current assets held for disposal“ 6,737 5,621 Income from to the disposal of
participations 11,224 0
Reversal of impairment adjustment 945 1,516
Write-ups of discounted housing loans 1 1
Remaining other operating income Receipt of indemnifications and
reimbursements 432 179
Release of provisions 66 223
Charges passed on to tenants and
leaseholders 55 13
Pension liability insurance 3 13
Other 37 2
Subtotal 593 430
Total 19,500 7,568
2008
(in TE) (in TE)2007 Revenue from rents and leases
Retail space 13,233 9,567
Office space and medical practices 4,636 2,019 Manufacturing and other industrial areas 627 614
Residential 695 751
Garages/car parking spaces 55 90
Other lettings and leasings (agricultural leasings,
licensing agreements etc.) 191 198
Subtotal 19,437 13,239
Income from passing on
incidental costs to tenants 1,873 1,229
81
Maintenance expenditure decreased by 485 T€ and amounts to 1,109 T€. The decrease is based essentially on the dis- continuation of the measures carried out in the previous year in our Hamburg office property.
(5) Personnel costs/employees
Personnel costs rose by a total of 453 T€ compared with the previous year. Whereas social security contributions and expenditure for the pension scheme rose only slightly by 53 T€, wages and salaries increased by 400 T€. The personnel changes of the previous year, which were recog- nised as an expense in full for the first time in the reporting year, played a key role in this regard. The severance settle- ment paid to the departing spokesperson of the Managing Board also increased personnel costs for the reporting year.
The number of employees (excluding the Managing Board) was made up as follows in the reporting year on an annual average:
(6) Amortisations of intangible assets, tangible fixed assets and properties held as financial investments
Amortisations in 2008 were around 7,080 T€ greater than the previous year and amounted to 10,257 T€. Of this, 10,215 T€ is apportionable to “Properties held as a financial invest- ment“. Included in this are non-scheduled depreciations amounting to 4,717 T€ due to the adjustment of the residual book values shown as of 31.12.2008 to the applicable fair values.
(7) Other operating expenses
The item breaks down as follows:
The general management and Articles of Association- related expenses increased by 181 T€ year-on-year and amount to 1,042 T€. This is attributable to increases in the costs in connection with the general shareholders‘ meeting (84 T€) amongst other factors. The remaining other operat- ing charges increased by 225 T€ to 1,635 T€. This increase results essentially from the allocation to the mining damage provision, which is 155 T€ higher than in the previous year. The remaining other operating charges of the financial year include consultancy fees of 1,179 T€. Overall, these are at the same level as the previous year (1,162 T€). Where closely associated companies were included in the consultancy services, we refer to the additional explanatory notes in the section “Relationships with closely associated companies and persons in the financial year 2008“.
Consolidated financial statements:
Notes to the consolidated financial statements
2008
(in TE) (in TE)2007 Current operating expenses
Energy, water and similar 1,235 574
Property levies 368 321
Land taxes 574 308
Ground rents 552 348
Insurance premiums 221 154
Rents and leases for third-party properties 14 12
Other 62 142
Subtotal 3,026 1,859
Building and property maintenance 1,109 1,594
Total 4,135 3,453
2008
(in TE) (in TE)2007
Wages and salaries 2,599 2,199
Social security and other
pension costs 258 239
Expenditure for pension scheme/
pension costs 116 82
Total 2,973 2,520
2008
(Number) (Number)2007 Employees outside the collective
agreement 7 6
Pay-scale employees 17 16
Total 24 22
2008
(in TE) (in TE)2007 General management and
Articles of Association-related expenses 1,042 861 Remaining other operating
expenses 1,635 1,410
82
Consolidated financial statements:Notes to the consolidated financial statements
The following statutory auditor‘s fees were entered as expenses in the financial year:
(8) Result from participations
The income from participations entails distributions of profit of Wohnbau Dinslaken GmbH and Montan GmbH Assekuranz-Makler.
(9) Financial result
The proceeds from securities including the capital gains of the reporting year amount to 277 T€ following 35,566 T€ in the previous year. They relate to interest, investment and disposal proceeds from the securities fund Südinvest 107 and are shown under the proceeds from “Activities to be dis- continued“. Capital losses of 20 T€ (previous year: 1,426 T€) accrued to the fund. They are also shown under the activi- ties to be discontinued. Due to the investment of the capital gains realised from the sale of the fund shares and dispos- als of tangible fixed assets and financial fixed assets as time deposits, interest and similar income increased by 400 T€ year-on-year. Of this, 202 T€ is apportionable to activities to be discontinued (previous year: 974 T€).
2008
(in TE) (in TE)2007
Wohnbau Dinslaken GmbH, Dinslaken 623 437
Montan GmbH Assekuranz-Makler, Dusseldorf 20 12
Total 643 449 Total 2008 Activities to be discont‘d 2008 Activities to be continued 2008 Total 2007 Activities to be discont‘d 2007 Activities to be continued 2007
Earnings from securities including capital gains 277 277 0 35,566 34,912 654
Capital losses and amounts written off financial investments -20 -20 0 -1,426 -1,426 0
Other interest and similar income 1,919 202 1,717 1,519 974 545
Interest and similar charges -4,644 0 -4,644 -1,234 0 -1,234
Financial result -2,468 459 -2,927 34,425 34,460 -35
BDO D & T
2008 2007 2008 2007
(in TE) (in TE) (in TE) (in TE)
Audit of financial statements 0 80 81 0
Tax consultancy services 12 8 52 0
Other services 7 93 24 0