Annual Report 2010 - Muenchener Hypothekenbank eG

The net sum of other operating expenses and income amounted to a minus € 1.2 million. This was mainly due to the change made in posting interest effects to provisions of about € 2.0 million. Results from operations before provisions for risk6 amounted to € 32.2 million, or € 7.5 million over the same year-ago figure. This increase was mainly driven by improved net interest income. The item “Write-downs and adjustments to claims and certain securities and additions to provisions for possible loan losses,” totalled € 17.8 million. This figure includes the net sum of adjustments to value of loans (including general valuation adjustments and direct write-downs) of € 35.2 million (previ- ous year € 32.4 million), as well as the expenses related to the sale of a mortgage loan in the amount of € 8.5 million. This figure is offset by income from maturing securities and the sale of securities held as current assets, as well as by sales from promissory notes, of € 26.5 million. income from writing up the value of participating interests, shares in affiliated companies and securities treated as fixed assets was € 2.3 million. Results from operations after making provisions for risk were € 16.7 million, or € 3.7 million more than the same year-ago figure. After deduction of € 4.7 million for tax expenses and € 1.0 million for extraordinary expenses, annual net profits amounted to € 11.0 million. proposeD allocation of DistriButaBle income Net income for the year amounted to € 10.998.933.96. An advance allocation to statutory reserves amounting to € 3.0 million to strengthen equity capital was taken in the previous year’s annual statement of accounts. A dividend distribution of 4.5 percent will be proposed at the delegates’ meeting. The remaining net income – including profit brought forward from the previous year – amounting to € 8.632.240.59 should therefore be allocated as follows: 4.5 percent dividend € 6,830,227.52 Additional allocations to legal reserves € 1,500,000.00 Carried forward to new year € 302,013.07 report on events after the Balance sheet Date No significant events took place after the balance sheet date. 6) Sum of income Statement expense items 1. 2. 3. 4. 5. 6. and income items 1. 2. 3. 5.