annual financial statement 2011 - conwert Immobilien Invest SE

CONWERT IMMOBILIEN INVEST SE
ANNUAL FINANCIAL 2011 STATEMENT ANNUAL REPORT 2011
52
1. CORPORATE INFORMATION
conwert Immobilien Invest SE is a European stock company that is listed in the Prime Market
segment of the Vienna Stock Exchange. The registered headquarters of conwert Immobilien Invest
SE are located at Albertgasse 35, 1080 Vienna, Austria. The company is included in the company
register of the commercial court of Vienna under number FN 212163f. The consolidated financial
statements of the conwert Group for the financial year ending 31 December 2011 were completed
and signed by the Executive Directors of conwert Immobilien Invest SE on 26 March 2012 and released
by the Administrative Board. conwert Immobilien Invest SE is the controlling parent company
as well as the parent company in Austria.
The business activities of the conwert Immobilien Group (the “Group“) are focused on property
investments, in particular the acquisition, development, rental and best possible realisation of properties
in order to optimise investments.
These corporate goals are reflected in the Group’s three strategic fields of business:
+ Portfolio
+ Sale of flats and buildings
+ Property services
In the area of property services, the conwert Group concentrates on the following:
+ Management of property companies
+ Facility management
+ Brokerage and sales
+ Development and construction management
2. SIGNIFICANT ACCOUNTING POLICIES
2.1. GENERAL PRINCIPLES
The Executive Directors of the Group were responsible for the preparation of these annual financial
statements in accordance with the guidelines set forth in International Financial Reporting
Standards (“IFRS“), as adopted by the European Union (“EU”). The requirements of the applied
standards and interpretations were met in full. Therefore, the consolidated financial statements
present a true and fair view of the financial position, financial performance and cash flows of the
conwert Group.
The financial statements of the companies included in the consolidation were prepared on the basis
of the uniform accounting principles established by the conwert Group. The balance sheet date
for these companies is generally 31 December 2011. Interim financial statements were prepared
for the companies that did not use 31 December 2011 as their balance sheet date. The consolidated
financial statements were prepared on a historical cost basis, which was modified to include the
measurement of land and buildings at fair value in accordance with IAS 40 as well as the measurement
of certain financial instruments at fair value. The income statement was prepared in accordance
with the nature of expense method under which “total costs” are shown.
The consolidated financial statements are prepared in million Euros (“€ million“). Numerous
amounts and percentage rates in the consolidated financial statements were rounded, and totals
can therefore differ arithmetically from the sum of the individual amounts.
The Group had a workforce of 660 (2010: 656) full-time equivalent (FTE) employees as of
31 December 2011 at over 53 (2010: 50) locations in six countries (2010: six). The workforce as of
the balance sheet date comprised 651 (2010: 646) salaried and 9 (2010: 10) wage employees.