Derivatives

Deutsche Wohnen has concluded several interest rate hedges. The following overview represents the essential contract terms:

nominal amount       12/31/
2009
12/31/
2008
k EUR Strike Term from Maturity k EUR k EUR
230,000 3.90 % 07/01/2003 07/01/2013 – 11,969 – 7,549
172,000 4.74 % 09/20/2007 12/29/2017 – 18,259 – 15,897
122,250 3.40 % 04/10/2006 12/31/2015 – 3,224 – 268
108,370 4.10 % 12/08/2006 12/30/2016 – 6,363 – 4,368
78,000 4.74 % 09/20/2007 12/29/2017 – 8,280 – 7,209
72,500 3.24 % 04/10/2006 12/31/2012 – 2,045 – 468
48,200 4.18 % 01/18/2007 12/30/2016 – 2,891 – 2,160
50,000 4.09 % 04/10/2007 12/30/2016 – 3,107 – 2,169
50,000 4.68 % 03/20/2008 12/29/2017 – 5,090 – 4,385
50,000 3.89 % 07/21/2008 12/31/2013 – 2,100 – 1,357
45,000 3.88 % 07/10/2008 06/28/2013 – 1,670 – 1,072
30,000 3.47 % 06/30/2003 06/30/2013 – 630 – 182
33,500 3.38 % 04/10/2006 12/31/2015 – 861 – 42
23,175 3.50 % - 4.50 % 07/29/2005 12/30/2016 – 1,264 – 896
30,000 3.45 % 04/10/2006 12/31/2015 – 900 – 122
25,000 4.06 % 04/10/2008 12/31/2015 – 1,610 – 1,069
2,540 5.00 % 10/02/2006 10/03/2016 – 204 – 136
1,170,535       – 70,467 – 49,349

There are no significant credit risks as the interest rate swaps were concluded with major banks. If the interest rate level changes, the market value changes accordingly. Returns and expenses are recognised in the equity for the effective part of the hedging, the non-effective part is recognised in the current profit. If the interest rate level should rise / fall by 50 basis points, the fair value of the interest rate swap rises / falls by approximately EUR 28.6 million (previous year: EUR 31.6 million).

History

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