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ePaper created 2013-04-15, 17:20:51 | version 1.25.7
Management report – münchener Hypothekenbank eg l annual Report 201232 adjustments and direct write-downs) amounted to a minus € 3.9 million (previous year plus € 12.6 million). Maturing securities and the sale of securities held as current assets, as well as the sale of promissory note loans, resulted in expenses of € 5.0 mil- lion. The net sum of write-downs and write-ups to securities held as current assets was a minus € 1.2 million. The item “Income from reversals of write-downs on participating interests, shares in affiliated companies and securities treated as fixed assets” amounted to a positive figure of € 13.2 million and included the remaining write-down of Greek bonds that we divested ourselves from. This figure is primarily the result of proceeds from the sale of securities held as assets. Prior to the transfer of funds to the Fund for General Banking Risks pursuant to Art. 340g of the German Commercial Code, results from operations after making provisions for risk amounted to € 9.8 million. After transferring € 2.5 million to the Fund for General Banking Risks, and a tax expense item of € 1.9 million, annual net income amounted to about € 5.4 million. Proposed allocation of distributable income Net income for the year amounted to € 5,383,035.94. A dividend distribution of 3.25 percent will be proposed at the delegates’ meeting. The net income for the year – including the profit brought forward from the previous year (€ 50,127.60 Euro) – amounting to € 5,433,253.54 should therefore be allocated as follows: 3.25 percent dividend 5,232,829.00 Euro Carried forward to new year 200,424.54 Euro Report on events after the balance sheet date No events of material importance took place after the balance sheet date.