Earnings position

  2009 2008 Changes Changes
  EUR m EUR m EUR m relative
Revenue 12.4 11.8 0.6 5 %
Other operating income 1.2 1.2 0.0 0 %
Personnel expenses – 6.9 – 5.1 – 1.8 35 %
Other operating expenses – 28.9 – 15.7 – 13.2 84 %
Depreciation, amortisation and impairment losses – 1.3 – 0.1 – 1.2 1,200 %
Operational figures / results – 23.5 – 7.9 – 15.6 197 %
Net interest – 22.9 – 12.8 – 10.1 79 %
Income from shareholdings 0.8 – 59.5 60.3 – 101%
Annual profits – 45.6 – 80.2 34.6 – 43 %

The revenue includes the business management fee of the companies affiliated with Deutsche Wohnen AG.

In 2008, a large proportion of the employees of Deutsche Wohnen AG did not join the company until March 2008, therefore personnel expenses have risen in 2009 compared to 2008. In 2009, Deutsche Wohnen AG employed on average 83 employees (previous year: 55).

The increase in other operating expenses is essentially due to the expenses for the capital increase (EUR 11.7 million).

The interest includes interest expenses amounting to EUR 23.6 million (previous year: EUR 20.5 million) and interest income amounting to EUR 0.7 million (previous year: EUR 7.7 million). The increase of the interest is essentially due to a prepayment penalty paid (EUR 6.2 million) and a decline in interest income from affiliated companies by EUR 7.2 million.

The income from shareholdings consists of expenses from the profit transfer of subsidiaries from profit and loss transfer agreements and / or control agreements amounting to EUR 11,9 million (previous year: EUR 68,7 million) and income from shareholdings and from profit and loss transfers amounting to EUR 12.7 million (previous year: EUR 9.2 million).

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