Consolidated financial key data

Consolidated financial information based on IFRS
for the financial years 2005, 2006, 2007, 2008, 2009 and 2010

Profit and Loss Account

  2005
TEUR		 2006
TEUR		 2007
TEUR		 2008
TEUR		 2009
TEUR		 2010
TEUR
Rental revenues 5,487 4,315 9,788 14,993 13,094 13,053
Current income from property management 4,679 3,236 8,524 12,736 11,537 9,578
Earnings from revaluation of properties -4,600 -339 8,772 -1,946 -9,282 776
Earnings from sale of investment property 1,256 450 0 2,448 -37 -5
EBIT1 586 2,850 13,346 10,421 -1,041 7,410
EBT2 -2,536 876 10,662 1,157 -6,826 1,956
Group net profit/loss for the year -2,031 479 9,043 1,144 -6,655 1,547
1 Earnings before interest and taxes: calculated by adding the items 'Earnings before financing activity and taxes' (2006) or, as the case may be, 'Earnings before financing activity' (2005) and 'Investment income' in the consolidated profit-and-loss account
2 Earnings before taxes


Balance Sheet
  2005
TEUR		 2006
TEUR		 2007
TEUR		 2008
TEUR		 2009
TEUR		 2010
TEUR
Total assets 77,017 124,381 272,024 311,397 293,607 317,318
Investment property 71,450 118,881 246,248 275,060 282,000 287,510
Equity 29,537 61,384 151,939 153,085 146,436 147,989
Equity ratio1 38% 49% 56% 49% 50% 47%
Loan commitments2 44,939 45,855 103,223 145,481 134,942 155,389
Loan to value3 63% 39% 39,1% 52,4% 48% 51%
Net asset value (NAV)4 28,519 60,572 152,422 153,459 146,685 148,651
1 Ratio of equity shown on the balance sheet and total assets
2 Liabilities to banks
3 Ratio of loan commitments to investment property
4 Net Asset Value: equity plus deferred tax liabilities less deferred tax assets


Cash flow statement
  2005
TEUR		 2006
TEUR		 2007
TEUR		 2008
TEUR		 2009
TEUR		 2010
TEUR
Cash flow from current
business operations		 3,549 2,753 5,690 8,862 9,519 7,688
Cash flow from investment activity 31,096 -33,770 -140,770 -44,385 5,462 -19,848
Cash flow from financing activity -33,845 30,707 136,026 35,758 -15,093 15,842