English Translation

00/ 5 Transfer: K K Operating loss l939 711.336.44 minus exceptional income 145.125.55 Interest subsidies 1938 55.03452 200.160.07 plus exceptional expenditures 57.285.50 Ine denataaosa Money procurement costs 22.996.-- receivables 27.615.40 Value adjustment 40,000 147.896.90 Balance sheet loss 1939 659.073.27 oT Pür The financial year l939) thus results in an operating loss of approximately K 7ll.000.-, which amounts to 14.5 % of the equity including reserves and increases by a further K 284,000.- = 5.8% of the investment capital until 30 April 1940. ll These losses are mainly due to the following causes: 1) loss of rent due to termination of the Jewish tenants in time, 2) decrease in state interest subsidies, 3) excessive personal and material business expenses, 4) increase in operating expenses, 5) extraordinary maintenance costs, 6) in case of tax penalties and late interest, 7) increased depreciation. Note 2 12 Annex 2, in which the expenditures and income of 1938 and 1939 were compared, shows the deviations from the previous year. In assessing the comparative figures, account must be taken of the wage and price increases which have occurred in the meantime.