Bouwfonds European Residential - Catella Real Estate AG

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Statement of Income and Expenditure for the Period from 1 May 2008 to 30 April 2009 I. Income 32 1. Income from properties (of which in foreign currency) (0.00) 2. Income from equity interests in real estate companies (of which in foreign currency) (0.00) 3. Income from liquid assets 3.1 Income from bank deposits (of which in foreign currency) 3.2 Income from money market instruments (0.00) (of which in foreign currency) 3.3 Income from investment units (0.00) (of which in foreign currency) 3.4 Income from securities (0.00) (of which in foreign currency) (0.00) 4. Interest on the Fund’s own resources from construction projects (of which in foreign currency) (0.00) 5. Other income (of which in foreign currency) Total income (0.00) (of which in foreign currency) (0.00) II. Expenditure 1. <strong>Real</strong> estate management costs 1.1 Operating costs (of which in foreign currency) 1.2 Maintenance costs (of which in foreign currency) 1.3 Property management costs (of which in foreign currency) 1.4 Other costs (of which in foreign currency) € € € (0.00) (0.00) (0.00) (0.00) 2. Ground rents, life annuities and term annuities (of which in foreign currency) (0.00) 3. Interest expenses (of which in foreign currency) (0.00) 4. Foreign taxes (of which in foreign currency) (0.00) 5. Investment Fund administration costs 5.1 Fund management fee 5.2 Custodian Bank fee 5.3 Expert fees 5.4 Other expenses in accordance with section 13(5) BVB (of which in foreign currency) (0.00) Total expenditure (of which in foreign currency) (0.00) 594.005,27 0.00 0.00 0.00 31,243.51 91,048.87 102,762.17 97,645.34 319,653.43 48,794.17 10,169.45 113,338.39 2,707,187.27 0.00 594,005.27 0.00 50,223.88 3,351,416.42 322,699.89 13,858.12 84,393.18 0.00 491,955.44 912.906,63 III. Equalisation paid 1,019,084.09 Ordinary net income 3,457,593.88
Notes to the Statement of Income and Expenditure Income Income in the reporting period totalled €3,351 thousand. Income from properties of €2,707 thousand represents the rental income generated by the properties. Income from liquid assets totalled €594 thousand in the year under review. This stemmed from interest income on time deposits of €366 thousand and from interest on bank accounts and other interest income of €228 thousand. Time deposits are invested with the objective of generating returns and with a view to risks, as well as in accordance with the provisions of the Investmentgesetz (InvG – German Investment Act). The Other income item of €50 thousand in total relates mainly to interest income from the shareholder loan of €35 thousand granted to the equity interest in France, as well as to refunded insurance contributions (€15 thousand). Expenditure Expenditure of €913 thousand mainly comprises Investment Fund administration costs and real estate management costs. The <strong>Real</strong> estate management costs item of €323 thousand consists of operating expenses, maintenance costs, property management costs and other costs. Operating costs of €31 thousand relate to incidental costs that cannot be passed through to tenants. The maintenance costs item of €91 thousand relates long-term value presentation to measures. Property management costs of €103 thousand relate mainly (€98 thousand) to the costs of managing the individual properties. Other costs (€98 thousand) contain costs for initial and subsequent letting (€47 thousand), €35 thousand chargeable to the Investment Fund in accordance with section 13(5) of the Special Fund Rules (BVB) and other costs of €16 thousand. In the period under review, ground rent of €14 thousand was recognised for the Hamburg-Harburg property. Interest expenses (€84 thousand) include loan interest for a short-term loan that has since been repaid in full (€21 thousand) and commitment fees for two additional loans that have not yet been drawn (€63 thousand). The Investment Fund administration costs of €492 thousand mainly include the ongoing Fund management fee (€320 thousand), the Custodian Bank fee (€49 thousand) and audit and publication costs (€109 thousand). Acquisition fees for the properties are not included here, as they are not recognised as income but rather as incidental acquisition costs for the properties concerned. Equalisation paid The Equalisation paid item of €1,019 thousand is the net amount of the sums paid by investors acquiring units in the period under review to offset accrued income and of income reimbursed by the Fund on redemption as part of the unit redemption price. Ordinary net income Ordinary net income for the past year totalled €3,458 thousand. Total expense ratio (TER) The Total expense ratio (0.70%) expresses the sum of all costs and fees as a percentage of the average fund assets in the financial year. Total expenses comprise the Fund management fee, the Custodian Bank fee and the expert fees, as well as other expenses in accordance with section 13(5) of the BVB (excluding transaction costs). Sales provisions The Investment Company is not reimbursed for fees and expenses paid to the Custodian Bank and third parties by the Investment Fund. The Investment Company grants brokers, e.g. banks, brokerage fees (“trail commission”) from the fund management fee paid to it. 33
Page 1: Bouwfonds European Residential Open
Page 5 and 6: Table of Contents 05 Key Figures at
Page 7 and 8: In terms of product strategy, the F
Page 9 and 10: modernisation measures that had alr
Page 11 and 12: Fund Management Report Overview of
Page 13 and 14: Valuation Information on changes in
Page 15: Development of Returns (Multi-year
Page 18 and 19: Development of the Fund 20 Realized
Page 20 and 21: Statement of Assets and Liabilities
Page 22 and 23: Notes to the Statement of Assets an
Page 24 and 25: Schedule of Properties 1 I. Directl
Page 26 and 27: Overview - Market Values and Rents
Page 28 and 29: Schedule of Real Estate Purchases a
Page 32 and 33: Calculation of the Distribution Ord
Page 34 and 35: Tax Information Income tax treatmen
Page 36 and 37: Tax Information €0.37 per unit wi
Page 38 and 39: Tax Information agreement). However
Page 40 and 41: Taxation of interim profits Interim
Page 42 and 43: Committees Investment Company Catel
Page 44: Catella Real Estate AG Kapitalanlag

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