English Translation

9q III. Economic conditions 8 With regard to economic conditions in the period prior to the extraordinary general assembly on 30 August l939, reference is made to the remarks made in the report of the Deutsche Revisions- und Treuhand Aktiengesellschaft, text No. lo to l5. The following presentations cover the development of the economic relations of the association since that time and on proposals for the change or improvement of the latter. 9 a) Profitability in the financial year 1939 Taking into account extraordinary income and expenditure, profitability can be described as follows for fiscal year l939: K K income rental income 2.192,830.05 interest subsidies 383.924.82 ancillary assets 18.372.60 9.540.79 2.604.668.36 interest expenses operating expenses 252.320.70 operating costs 581.274.80 maintenance costs 280.308.95 interest 1.758.908.85 fee equivalent 118.376.45 324.815.05 3.316.004.80 depreciation on investments 711.336.44 operating loss 1939