Alto Palermo S.A. (APSA)

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Description Shopping centers: 19. Differences between Argentine GAAP and US GAAP (continued) II. Additional disclosure requirements q) Investments in real estate and accumulated depreciation Alto Palermo S.A. (APSA) Notes to the Consolidated Financial Statements (continued) (In Argentine Pesos, except as otherwise indicated) The following is a summary of the Company’s investments in real estate as of June 30, 2007 prepared in accordance with SEC S-X 12-28. Encumbrances Land - Abasto .......................... - Alto Palermo ................ - Alto Avellaneda ........... - Paseo Alcorta ............... Ps. - Alto Noa....................... - Patio Bullrich ............... - Buenos Aires Design.... - Alto Rosario................. - Mendoza Plaza Shopping .................... - PAMSA…................... - Empalme. .................... Antichresis Neuquén ......................... Other............................... Mortgage Total ............................... Ps. Buildings and improvement Transfers 9,752,107 Ps. 242,398,568 Ps. 41,173 8,693,768 398,126,817 76,688 18,089,159 147,847,607 400,923 8,066,295 97,904,672 7,714 356,752 42,857,786 - - 8,418,811 151,834,699 (11,038) - 48,984,751 (38,413) 25,686,165 63,560,471 1,222,672 10,820,546 101,697,509 (543,516) 123,567,640 - - - - 5,009,058 - - - - 3,313,623 8,852,279 15,268 965,445 8,804,643 - - 222,739,369 Improvements / Adittions Total buildings and improvements F-78 Total Accumulated depreciation Date of construction Date acquired Life on which depreciation in latest statements of income is computed Ps. 730,995 Ps. 243,170,736 Ps. 252,922,843 Ps. (71,663,613) November,1998 - November,1997 and 31 379,750 398,583,255 407,277,023 (231,759,828) October, 1990 March, 1998 November and 26 11,652,172 159,900,702 177,989,861 (88,325,783) October, 1995 December, 1997 19 6,169,139 104,081,525 112,147,820 (47,716,189) June, 1992 June, 1997 March,1995, September, 1996 and 22 93,420 42,951,206 43,307,958 (16,267,694) September, 1994 January, 2000 22 508,577 152,332,238 160,751,049 (57,614,534) September, 1988 October, 1998 23 Between November and 73,711 49,020,049 49,020,049 (32,938,536) December, 1993 November, 1997 20 1,065,566 65,848,709 91,534,874 (5,808,959) November 2004 - 29 4,410,188 105,564,181 116,384,727 (27,380,450) June, 1994 December, 2004 22 44,038,768 44,038,768 167,606,408 - - Under construction November, 2006 - 88,388,364 88,388,364 93,397,422 (17,889,212) March, 1990 December, 2006 34 120,630 8,988,177 12,301,800 - - Under construction September, 1999 - - - 8,804,643 9,770,088 (910,208) - - - 1,312,869,802 1,171,471 157,631,280 Ps. 1,471,672,553 Ps. 1,694,411,922 Ps. (598,275,006)
Alto Palermo S.A. (APSA) Notes to the Consolidated Financial Statements (continued) (In Argentine Pesos, except as otherwise indicated) 19. Differences between Argentine GAAP and US GAAP (continued) II. Additional disclosure requirements q) Investments in real estate and accumulated depreciation (continued) F-79 Year ended June 30, 2007 2006 Balance, beginning of the year ........................... Ps. 1,407,406,658 Ps. 1,399,133,239 Additions during the year: Improvements ............................................ 283,975,975 19,569,420 Transfers from other fixed assets .............. 1,171,471 - - Amortization of impairment ...................... - - 120,999 Recovery of impairment (1) (2)................. 2,153,984 3,311,966 Ps. 1,694,708,088 Ps. 1,422,135,624 Deductions during the year: Deductions .................................................. (296,166) - - Damage in Alto Avellaneda Shopping....... - - (13,438,300) Sale of real estate ........................................ - - (1,076,013) Transfers from other receivables ................ Transfers to work-in-progress leasehold - - (64,790) improvements............................................. - - (6,722) Transfers to facilities .................................. - - (143,141) Ps. (296,166) Ps. (14,728,966) Balance, end of the year ..................................... Ps. 1,694,411,922 Ps. 1,407,406,658 (1) As of June 30, 2006 includes Ps. 24,832 related to Neuquén and Ps. 3,287,134 related to Alto Rosario. (2) As of June 30, 2007 related to Neuquén.
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United States SECURITIES AND EXCHAN
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Table of Contents ALTO PALERMO S.A.
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(d) Selling Shareholders...........
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DISCLOSURE REGARDING FORWARD-LOOKIN
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differences between the tax basis a
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CPCECABA issued revised accounting
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As of and for the year ended June 3
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Exchange Rates In April 1991, Argen
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stabilized. However, inflationary p
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Additional controls could have a ne
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located. All of our shopping center
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Our ability to grow will be limited
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We are subject to great competitive
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• adverse changes in the regional
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Due to the currency mismatches betw
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ITEM 4. Information on the Company
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During fiscal year 2007 we had capi
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company primarily engaged in the ac
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(3) We have a 85% equity interest i
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Alto Palermo.......................
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Tenant mix of Abasto The following
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The following table describes Alto
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Alto Avellaneda’s five largest te
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Buenos Aires Design, City of Buenos
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Lease expirations for Buenos Aires
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Revenues from admission rights (2)
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following periods: Revenues: 53 Fis
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Type of Business Gross Leasable Are
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Tenant Type of Business Gross Lease
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The following table sets forth cert
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Residential Complexes Torres de Aba
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We manage and operate each of the s
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Related Business Credit Card Operat
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The table below sets forth informat
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Portfolio Status 69 As of June 30,
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71 As of June 30, 2005 2006 2007 (i
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Company Shopping Center Location (1
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Company Shopping Center Location (1
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Ps.200,000 and 90 percent of purcha
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On February 4, 2003, the Executive
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ecognized professional organization
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(1) We own a 100% interest in Empal
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The following Operating and Financi
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Impairment of long-lived assets As
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notes (the "Convertible Notes") in
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abolished the fixed parity between
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A general description of each segme
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As of and for the year ended June 3
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Operating Results Fiscal Year 2007
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Gross Profit Due to the factors abo
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Credit Card Operations. Selling exp
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2006 to a net loss of Ps.19.5 milli
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consequence of the sale of the Alco
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elated to the increase of our reven
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from the same segment. Operating in
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Revenues increased 60.7%, from Ps.
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fiscal year ended June 30, 2005. Th
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to the previous period. Other. Admi
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majority of which is held by our ma
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Fiscal Year 2006. The net cash used
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Convertible Notes due 2014 On Augus
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Neuquén Project. On September 20,
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advertising campaigns at the nation
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of Banco Hipotecario, E-Commerce La
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Puerto Retiro S.A., Tarshop S.A. an
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Name Date of birth Position 131 Cur
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Audit Committee In accordance with
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conditions were left unchanged. The
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B. Related Party Transactions Lease
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The Convertible Notes originally ma
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the shopping center. On August 15,
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Year declared Cash dividends Stock
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Fiscal Year 2005 Buenos Aires Stock
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MERVAL The MERVAL is a corporation
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August 28, 2087. Article 4 of our b
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supervisory committee; • dividend
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A shareholder who votes on a matter
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NASDAQ Standards for U.S. companies
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NASDAQ Standards for U.S. companies
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• Argentine individuals and compa
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has to be made with the resulting p
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• a dealer in securities or curre
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• are obligated to make payments
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of holding the shares or ADS if we
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Minimum Presumed Income Tax (Impues
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Interest Rate Risk Our exposure to
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expenses in Ps. 0,3 million annuall
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ITEM 12. Description of Securities
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engagements, such as the review of
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Santander Río S.A. as Registrar, P
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Alto Palermo S.A. (APSA) Index to C
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ASSETS Alto Palermo S.A. (APSA) Con
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Alto Palermo S.A. (APSA) Consolidat
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Supplemental cash flow information
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Alto Palermo S.A. (APSA) Notes to t
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3. Significant accounting policies
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4. Breakdown of the main captions a
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Page 207 and 208: Alto Palermo S.A. (APSA) Notes to t
Page 211 and 212: 5. Shareholders' equity a. Common s
Page 217 and 218: 9. Segment information General info
Page 219 and 220: 9. Segment information (continued)
Page 221 and 222: Assets 10. Additional information o
Page 223 and 224: 13. Earnings per share Alto Palermo
Page 227 and 228: 18. Subsequent events (continued) T
Page 257: Alto Palermo S.A. (APSA) Notes to t
Page 263 and 264: Properties: Principal account 20. O
Page 265 and 266: 20. Other financial statement infor
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Page 271 and 272: DOCUMENT 25,257,215 - Florida 537 -
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Page 275 and 276: U.S. Trust Indenture Act Section Ce
Page 277 and 278: Note: This reconciliation and tie s
Page 279 and 280: Table of Contents (Continued) ARTIC
Page 281 and 282: Table of Contents (Continued) Secti
Page 283 and 284: convertible, at any time, at the op
Page 285 and 286: “Argentine GAAP ” has the meani
Page 287 and 288: Settlement Date”); provided furth
Page 289 and 290: the date of such determination (the
Page 291 and 292: agreement executed in connection wi
Page 293 and 294: include any principal or other amou
Page 295 and 296: “Payment Date” means, with resp
Page 297 and 298: “Rating Agency” means any one o
Page 299 and 300: custodian for DTC, and registered i
Page 301 and 302: (1) the then outstanding aggregate
Page 303 and 304: permitted by applicable law, the Se
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Page 307 and 308: (7) the right or obligation, if any
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NEWYORK 6033603 v8 (2K) 27
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the principal amount of Securities
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NEWYORK 6033603 v8 (2K) 30
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authenticate and deliver or cause t
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nothing herein shall prevent APSA,
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The Trustee or Transfer Agents shal
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payment, transfer or exchange, in a
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pursuant to this Section 3.4(b) or
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fiduciary or partnership or limited
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NEWYORK 6033603 v8 (2K) 43
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Section 3.12. Other Information. Fo
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(h) Indebtedness arising from the h
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(in integral multiples of US$1,000)
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accordance with the terms thereof,
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and payable on any such Security fo
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Section 4.6. Limitations on Suits b
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Section 4.9. Control by Securityhol
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(4) none of the provisions containe
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compensation of a trustee of an exp
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NEWYORK 6033603 v8 (2K) 61
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predecessor Trustee shall apply onl
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governing the exercise of the right
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irrevocable once given and will be
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and the names and addresses of Hold
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therein, shall not, however, in any
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Section 8.1. APSA May Consolidate,
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egistration of transfer, exchange a
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If less than all the Securities of
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shall be entitled to accept such ce
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Section 3(a)(2) of the Securities A
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(k) APSA shall have paid the Truste
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sufficiently given or made, for all
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Any certificate or opinion of any i
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NEWYORK 6033603 v8 (2K) 88
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IN WITNESS WHEREOF, the parties her
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Exhibit A Page 2 THAT IT WILL NOTIF
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and Conditions ”) and the terms a
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Exhibit A Page 6 IN WITNESS WHEREOF
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Date NEWYORK 6033603 v8 (2K) Princi
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Exhibit B Page 2 THE FOREGOING LEGE
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As used herein, the term “Holder
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NEWYORK 6033603 v8 (2K) [ATTACH TER
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transfers unto FORM OF TRANSFER [In
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FORM OF REVERSE OF SECURITIES—TER
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Interest Rate General Exhibit C Pag
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Exhibit C Page 5 Currency amounts u
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Exhibit C Page 6 respect to such In
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Exhibit C Page 8 Interest Reset Dat
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NEWYORK 6033603 v8 (2K) 9
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Exhibit C Page 11 Additional Amount
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Exhibit D Page 2 (4) the additional
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(3)no directed selling efforts have
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Exhibit F Page 2 This certificate a
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(iv) THE PARTIES have entrusted Del
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Alto Palermo S.A. (APSA)-----------
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Insurance -------------------------
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I, Alejandro G. Elsztain, certify t
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EXHIBIT 13.1 CERTIFICATION OF CHIEF
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