annual financial statement 2011 - conwert Immobilien Invest SE

CONWERT IMMOBILIEN INVEST SE
ANNUAL FINANCIAL STATEMENT 2011
22
BALANCE SHEET STRUCTURE (IN MILL. €)
3,500
3,000
2,500
2,000
1,500
1,000
500
3,176.4 3,176.4
Current
assets
596,4
Non-current
assets
2,580.0
Assets Liabilities
conwert
Current
liabilities
462.7
Non-current
liabilities
1,465.3
Equity
1,248.3
ANALYSIS OF BALANCE SHEET
BALANCE SHEET TOTAL
The balance sheet total at 31 December 2011 amounted to 3,176.4 million € and was therefore
(10.5)% lower than in the year 2010 (31.12.2010: 3,550.8 million €). The item “investment properties”,
at 2,424.2 million €, again represented the largest item in the balance sheet (corresponds to 76.3%
of the balance sheet total). The assets of “properties held for sale” amounted to 404.4 million €
at the balance sheet date. Current assets totalled 596.4 million € as of 31 December 2011 and thus
dropped by (15.15 )% in comparison with the prior-year period (2010: 702.9 million €).
Overview balance sheet indicators 2011 2010 Change (in %)
Non-current assets mill. € 2,580.0 2,847.9 (9.4)
Thereof investment properties mill. € 2,424.2 2,701.1 (10.3)
Thereof investments in associates mill. € 9.4 0 -
Thereof financial assets mill. € 4.7 3.7 27.0
Current assets mill. € 596.4 702.9 (15.2)
Thereof available-for-sale properties mill. € 404.4 537.1 (24.71)
Total assets mill. € 3,176.4 3,550.8 (10.5)
Equity mill. € 1,248.3 1,330.1 (6.1)
Thereof minority interests mill. € 11.8 19.1 (38.2)
Non-current liabilities mill. € 1,465.3 1,642.3 (10.8)
Thereof non-current loans and borrowings mill. € 1,005.9 1,211.9 (17.0)
Thereof bond liabilities mill. € 0 49.8 -
Thereof convertible bonds mill. € 273.8 276.0 (0.8)
Current liabilities mill. € 462.7 578.3 (19.99)
Thereof current loans and borrowings mill. € 408.9 456.1 (10.4)
Total equity and liabilities mill. € 3,176.4 3,550.8 (10.5)
EPRA NAV per share € 17.03 16.35 4.2
Equity ratio *) % 39.3 37.5 4.8
Gearing **) % 137.2 151.8 (9.6)
Net debt mill. € 1,713.2 2,019.0 (15.2)
*) Equity incl. minority interests
**) Net debt/equity
EQUITY
Equity at the balance sheet date on 31 December 2011 declined slightly to 1,248.3 million € in
comparison with 1.330,1 million € in the balance sheet as of 31 December 2010. In contrast, the
equity ratio as of 31 December 2011 was increased by 1.8 percentage points to 39.3% (31.12.2010:
37.5%). Gearing amounted to 137.2% as of 31 December 2011, after 151.8% in the prior year.
AUTHORISED AND CONDITIONAL CAPITAL
In accordance with the articles of association as amended on 11 October 2010, the Administrative
Board is authorised to increase the share capital of the company until 25 October 2012 by up to a
nominal value of 400.1 million € by issuing up to 40,012,159 no-par bearer shares at a minimum
issue price of 100% of the proportionate stake in the share capital, in one or several tranches,
also by means of indirect subscription rights for a cash contribution or contribution in kind, and to
determine the issue price and the conditions of the issue.
In addition, the company has conditional capital of 384.1 million € at its disposal, which is intended
to serve the convertible bonds. However, no use has been made yet of the latest authorisation to
issue a third convertible bond, for which conditional capital in the amount of 128.0 million € was
adopted at the Annual General Meeting on 15 April 2010.