Valoraciones positivas y negativas

Notes to the consolidated financial statements

(15) Financial assets

Other loans predominantly include long-term interest-free housing loans and other loans to staff, which were valued at cash value. They decreased by 16 T€ to 38 T€ through scheduled redemptions and repayments.

The participations shown under the item in the previous year were sold in the reporting year or at the beginning of 2009. Where the shares were not yet transferred on 31.12.2008, we show them under the “Non-current assets held for disposal“.

(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. Indi- vidual value adjustments on doubtful receivables were not necessary in 2008. General value adjustments are not made. The other non-current assets primarily include paid devel- opment costs of 264 T€ (previous year: 274 T€) for the lease- hold property in Solingen, and the capitalised actuarial reserve for claims from pension liability insurance policies for pension obligations (99 T€, previous year: 87 T€). The existing pension liability insurance policies are not consid- ered to be plan assets as per IAS 19.

The deferred tax claims essentially result from valuation differences for interest rate derivatives, investment proper- ties and other provisions. They increased by 1,758 T€ year-on-year to 1,914 T€. At 855 T€, the biggest part of the increases related to the interest rate derivatives. The deferred tax claims from the market valuation of the securi- ties fund amounting to 407 T€, shown under the assets from activities to be discontinued in the previous year, were released with an effect on earnings in the reporting year due to the sale of the fund.

The receivables and other current assets break down as follows:

Trade receivables relate almost exclusively to receivables due from tenants and leaseholders. As of 31.12.2008, the item includes an indemnity claim amounting to 155 T€, which was payable due to early termination of a tenancy. The other receivables and current assets decreased by 326 T€ and amount to 602 T€, mainly due to the receipt of a purchase price claim shown in the previous year.

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 70 T€ (pre- vious year: 11 T€) due to the write-off of receivables; written off receivables amounting to 11 T€ (previous year: 1 T€) have been received in the same period.

Income tax receivables amount to 557 T€ (previous year: 454 T€) and relate to reimbursement claims for the assess- ment periods 2007 and 2008.

31.12.08

(in TE) 31.12.07(in TE)

Trade receivables 197 39

Other 602 928

88

Notes to the consolidated financial statements

(17) Bank deposits and cash balances (cash fund)

The receivables and other current assets break down as follows:

The increase in liquid funds by 47,570 T€ mainly results from the cash inflows gained from the sale of the special securities fund, the shareholding in Wohnbau Dinslaken GmbH, the properties in Oldenburg and Osnabrück and the residential portfolio.

(18) Non-current assets held for disposal

Where the properties reclassified into the short-term cate- gory in the prior year‘s balance sheet were not sold in the reporting year, they have been reallocated to “Properties held as a financial investment“ as of 31.12.2008. This change in presentation was carried out in compliance with IFRS 5.26. In view of the current situation in the property and financial markets, sale no longer appears highly likely. The omitted scheduled depreciations of properties were recti- fied to the extent of 467 T€ in the course of the reclassifi- cation as long as they were classified as held for disposal. The item from the shareholding in Montan GmbH Assekuranz Makler, Dusseldorf continues to exist as of 31.12.2008. The company shares were sold by notarial deed dated 28.01.2009.

(19) Assets and liabilities from activities to be discontinued

The breakdown of assets and liabilities from discontinued business lines prescribed in accordance with IFRS 5 lapses with the discontinuation of our involvement in securities in February 2008. The prior year‘s balance sheet contains the following information on this:

(20) Equity capital

The development of the equity capital from 1 January 2007 until 31 December 2008 is shown in the statement of changes in the equity capital.

The subscribed capital amounts to € 22.77 million and is divided into 22,770,000 no-par-value shares made out to bearer. The legal reserve amounts to 2,277 T€. Both items relate to HAMBORNER AG.

On foot of resolutions approved by the general shareholders’ meeting on 5 June 2008, the Managing Board was author- ised to increase the share capital of the company with the agreement of the Supervisory Board as follows:

2,270 T€ (Authorised Capital I) 9,080 T€ (Authorised Capital II).

Authorised allotments of 11,350,000 shares result from the authorised capital sums which can be issued to the share- holders as no-par-value shares. The authorisation is valid until 4 June 2013. The issued shares in the company would increase to 34,120,000 units in the event of full implementa- tion of the authorised capital measures.

31.12.08

(in TE) 31.12.07(in TE)

Securities 0 50,715

Deferred tax assets 0 407

Receivables and other current

assets 0 1,448

Bank deposits and cash balances 0 6,589

Income tax receivables 0 311

Assets from activities

to be discontinued 0 59,470

Deferred tax liabilities 0 -4,950

Other current liabilities 0 -195

Liabilities from activities

to be discontinued 0 -5,145

31.12.08

(in TE) 31.12.07(in TE)

Bank deposits 54,010 6,438

Cash balances 2 4

89