annual financial statement 2011 - conwert Immobilien Invest SE

CONWERT IMMOBILIEN INVEST SE
ANNUAL FINANCIAL 2011 STATEMENT ANNUAL REPORT 2011
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4. INVESTMENTS IN JOINT VENTURES
The conwert Immobilien Group holds investments in the joint ventures listed under note 16, which
are all active in the property sector. The following table shows the proportional share of assets,
liabilities, income and expenses attributable to the Group during the reporting year from its investments
in joint ventures as of 31 December 2011 and 2010:
in € million 2011 2010
Current assets 1.8 1.9
Non-current assets 25.2 24.6
Total 27.0 26.5
Current liabilities (9.6) (9.9)
Non-current liabilities (11.7) (11.7)
Total (21.3) (21.6)
Income 3.0 2.7
Expenses (2.3) (2.4)
Gewinn/Verlust 0.7 0.2
5. INVESTMENT IN AN ASSOCIATE
5.1. INVESTMENT IN AN ASSOCIATE DURING 2011
The successful acquisition and sale of the Berliner Coinvest portfolio (the “Goud portfolio“), which
consisted entirely of properties held for sale, had the following effects during the reporting year:
The portfolio was initially consolidated during the second quarter of 2011 and deconsolidated
during the third quarter of 2011 following the sale of 80% of the shares. The conwert Group retained
a stake of 20%. In accordance with the percentage owned, the remaining investment in the Goud
portfolio is presented as an associated company. On the cash flow statement, this transaction is
treated as a non-cash reclassification (also see note 9).
The basic principle defined by IAS 27 (2008) for changes and by IAS 28 for subsequent changes
resulted in the recognition of a disposal when control was lost and the measurement of the remaining
stake at fair value.
In 2011 a total of € 0.3 million was recognised to profit or loss in connection with the Goud portfolio,
while a further minus € 0.1 million was recorded without recognition through profit or loss.
The following table presents summarised financial information on the investment held by the
conwert Group in the Goud portfolio:
Share of assets and liabilities
in the associate
Total in
€ million
Thereof 20%
Non-current assets 107.9 21.6
Current assets 4.7 0.9
Current liabilities (59.1) (11.8)
Non-current liabilities (6.4) (1.3)
Proportional share of net assets 47.1 9.4
Carrying amount of the investment 9.4