Result from disposals

In the disposals segment, we sold a total of 1,573 housing units (previous year: 1,798). We generated a contribution margin amounting to EUR 79.4 million with a transaction volume of EUR 85.7 million and sales costs of EUR 6.2 million. Taking into account the carrying amounts of assets disposed, the resulting profit amounts to EUR 9.7 million. After repayments of loans, a net liquidity of EUR 42.3 million remains, i.e. 49 % of the sales proceeds.

The following shows the essential operational figures and results broken down into housing privatisation and institutional sales.

Housing Privatisation

  2009 2008
  EUR m EUR m
Revenue from sales 57.6 61.0
Average sales price per m2 1,201 1,378
Volume in housing units 675 573
Cost of sales – 4.9 – 3.7
Net sales proceeds 52.6 57.3
Carrying amounts of assets disposed – 42.8 – 45.1
Gross margin in % 34.3 % 35.1 %
Result 9.9 12.2
+ book value 42.8 45.1
./. Loan repayment – 17.8 – 18.0
Liquidity contribution 34.9 39.3

In the segment housing privatisation, we were able again to exceed our targets. With a gross margin (average sales price/fair value) of 34.3 %, we reached approximately the same level as in the previous year although we disposed of property in structurally weak regions with lower average sales prices per m2. In 2009, we sold again, only housing units which were defined as disposal property in previous years. The sales ratio of these privatisation holdings is today at 59.3 %.

Institutional Sales

  2009 2008
  EUR m EUR m
Revenue from sales 28.1 58.7
Average sales price per m2 488 741
Volume in housing units 898 1,225
Cost of sales – 1.3 – 0.5
Net sales proceeds 26.8 58.2
Carrying amounts of assets disposed – 27.0 – 57.2
Gross margin in % 4.6 % 2.8 %
Result – 0.2 1.0
+ Book value 27.0 57.2
./. Loan repayment – 19.2 – 32.4
Liquidity contribution 7.6 25.8

In the past year, the focus of the sales activities was on the adjustment for difficult free floats in Brandenburg and Rhineland-Palatinate. This is why a lower average sales price per m2 took effect. We were able to place these institutional sales on the market with a slight gross margin of 4.6 %, but above the book value.

History

My Annual Report

Management costs: EUR 9.74 per m2

Adjustment of the portfolio for free float