annual financial statement 2011 - conwert Immobilien Invest SE
annual financial statement 2011 - conwert Immobilien Invest SE
annual financial statement 2011 - conwert Immobilien Invest SE
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CONWERT IMMOBILIEN INVEST <strong>SE</strong><br />
ANNUAL FINANCIAL <strong>2011</strong> STATEMENT ANNUAL REPORT <strong>2011</strong><br />
86<br />
8.1.3.3. DERIVATION OF THE DISCOUNT RATE<br />
The property appraisers developed the discount rate in two different ways:<br />
Under the first method, the discount rate was based on similar transactions realised on the market.<br />
The second method involved the evaluation of alternative forms of investment (fixed-interest,<br />
no-risk securities, etc.) and the subsequent development of additions or deductions to the discount<br />
rate.<br />
8.1.3.4. <strong>SE</strong>NSITIVITY ANALYSIS<br />
Sensitivity analyses for the Czech submarket show that a decrease of 25% in the average discount<br />
rate would have increased fair value by roughly 30% (2010: 30%). In contrast, an increase of 25% in<br />
the average discount rate would have reduced the average fair value by approx. 19% (2010: 20%).<br />
The property portfolio of the <strong>conwert</strong> Group was valued by the following independent external experts:<br />
+ Sachverständigenbüro Prof. Mag. Thomas N. Malloth (MRICS)<br />
+ Reinberg & Partner <strong>Immobilien</strong>beratung GmbH (MRICS)<br />
+ Cushman & Wakefield Österreich Inter-pool <strong>Immobilien</strong> GmbH<br />
+ CB Richard Ellis GmbH<br />
+ Knight Frank LLC<br />
8.2. INTANGIBLE AS<strong>SE</strong>TS<br />
The development of customer relationships, management contracts and goodwill as of<br />
31 December <strong>2011</strong> is as follows:<br />
The position “intangible assets” comprises customer relationships and management contracts as<br />
well as capitalised software with a carrying amount of € 0.8 million (2010: € 0.7 million).<br />
in € million Customer relationships and<br />
management contracts<br />
Goodwill Total<br />
Gross value:<br />
Balance as of 1 January <strong>2011</strong> 61.4 176.1 237.5<br />
Acquisition of subsidiaries 0.0 0.0 0.0<br />
<strong>Invest</strong>ments 0.0 0.0 0.0<br />
Balance as of 31 December <strong>2011</strong><br />
Amortisation and impairment:<br />
61.4 176.1 237.5<br />
Balance as of 1 January <strong>2011</strong> (57.5) (57.8) (115.3)<br />
Amortisation (0.9) (0.0) (0.9)<br />
Impairment (0.1) (3.6) (3.7)<br />
Balance as of 31 December <strong>2011</strong><br />
Carrying amount:<br />
(58.5) (61.4) (119.9)<br />
Balance as of 31 December <strong>2011</strong> 2.8 114.8 117.6<br />
Balance as of 1 January <strong>2011</strong> 3.9 118.4 122.2
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