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Annual Report 2010 - Muenchener Hypothekenbank eG

fOR ThE yEAR ENdEd 31 dEcEmBER 2010 expenses 31 dec. 10 31 dec. 09 € € € 000 1. interest expenses 1,209,602,247.52 1,319,906 2. commission paid 37,729,453.33 38,500 3. net expenses of trading book 4,558,913.01 2,646 4. General administrative expenses a) Personnel expenses 31,308,213.57 32,616 aa) Wages and salaries € 25,096,173.68 ( 25,372 ) ab) Social security contributions and cost of pensions and other benefits € 6,212,039.89 ( 7,244 ) of which for pensions € 2,549,626.94 b) other administrative expenses 23,027,634.92 22,475 54,335,848.49 55,091 5. Depreciation and write-downs of intangible and tangible assets 4,556,622.12 4,306 6. other operating expenses 2,984,227.37 2,452 7. Write-downs on and adjustments to claims and certain securities and additions to provisions for possible loan losses 17,803,630.75 24,252 8. extraordinary expenses 1,053,034.00 0 9. taxes on revenue and income 4,612,072.14 1,962 10. other taxes not included under “other operating expenses” 95,822.98 90 11. net income 10,998,933.96 10,994 total expenses 1,348,330,805.67 1,460,199 1. net income 10,998,933.96 10,994 2. retained earnings brought forward from previous year 633,306.63 635 11,632,240.59 11,629 3. transfer to legal reserve 3,000,000.00 3,000 4. unappropriated profit 8,632,240.59 8,629 INcOmE STATEmENT