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ANALYSIS 08
ANNUAL REPORT 2008
Consolidated Income Statement
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| € 1,000 | 2008 | 2007 |
| Rental income | 175,283.6 | 123,276.5 |
| Income from sale of properties held for sale | 88,269.2 | 0.0 |
| Revenues from construction contracts | 3,700.4 | 0.0 |
| Other turnover | 1,258.5 | 2,897.9 |
| Operating costs passed on to tenants | 30,278.5 | 18,400.0 |
| Gross revenues | 298,790.2 | 144,574.4 |
| Operating expenses | – 37,549.1 | – 20,918.6 |
| Other expenses directly related to long-term properties | – 28,846.9 | – 14,969.4 |
| Disposal of properties held for sale | – 69,541.7 | 0.0 |
| Expenses for construcion contracts | – 2,665.9 | 0.0 |
| Net operating income | 160,186.6 | 108,686.4 |
| NOI as a % of the gross revenues | 54 % | 75 % |
| Profit from the sale of long-term properties | 175,433.3 | 40,314.4 |
| Book value of long-term properties sold | – 163,695.4 | – 34,591.9 |
| Result from the sale of long-term properties | 11,737.9 | 5,722.5 |
| Administrative expenses | – 52,207.0 | – 27,886.8 |
| Own works capitalized | 5,323.5 | 0.0 |
| Other operating income | 12,735.0 | 4,163.1 |
| EBITDA | 137,776.0 | 90,685.2 |
| EBITDA as a % of the gross revenues | 46 % | 63 % |
| Depreciation and amortization of long-term assets | – 97,853.2 | – 4,626.7 |
| Depreciation of properties held for sale | – 14,446.0 | 0.0 |
| Depreciation and amortisation | – 112,299.2 | – 4,626.7 |
| Revaluation gains | 16,650.7 | 84,099.3 |
| Revaluation losses | – 194,743.8 | – 18,671.2 |
| Change from revaluation | – 178,093.1 | 65,428.1 |
| Operating result (EBIT) | – 152,616.3 | 151,486.6 |
| EBIT as a % of the gross revenues | – | 105 % |
| Financing costs | – 105,113.8 | – 57,440.1 |
| Foreign currency gains/losses | – 3,467.6 | 4,752.3 |
| Result of derivative instruments | – 15,874.5 | – 1,269.7 |
| Result of financial investments | 4,433.6 | 8,262.0 |
| Result from financial assets | – 7,800.9 | 0.0 |
| Result from investments in associates | – 15,071.1 | 379.8 |
| Result of limited partners | 111.6 | 0.0 |
| Financial result | – 142,782.7 | – 45,315.7 |
| Net income before taxes (EBT) | – 295,399.0 | 106,170.9 |
| Taxes on income | 510.2 | – 22,197.4 |
| Consolidated net income | – 294,888.8 | 83,973.5 |
| of which: attributable to minority shareholders | – 57,768.2 | 31,917.0 |
| of which: attributable to the parent company | – 237,120.6 | 52,056.5 |
| Earnings per share in € (undiluted equals diluted) | – 2.73 | 0.67 |
| Operating cash-flow per share in € | 1.32 | 1.07 |
| Cash-flow from business activities per share in € | 1.96 | 1.08 |