annual financial statement 2011 - conwert Immobilien Invest SE

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CONWERT IMMOBILIEN INVEST SE ANNUAL FINANCIAL 2011 STATEMENT ANNUAL REPORT 2011 90 The following long-term discount rates were used: Region 2011 2010 After tax Before tax After tax Before tax Austria 5.7% – 6.1% 12.3% – 16.0% 5.5 % – 6.2% 12.1 % – 15.3% Germany 5.6% 11.8% 5.5% 10.8% SENSITIVITY OF THE ASSUMPTIONS MADE In the case of cash-generating units that were not adjusted through impairment charges and are subject to only limited current or future market fluctuations, management believes reasonable analysis cannot identify any fundamental changes in the assumptions for determining the value in use of a cash-generating unit that could cause the carrying amount to significantly exceed the recoverable amount A change of +/- 50 basis points in the applied discount rates would lead to only an immaterial increase or decrease in the impairment charges to goodwill. 8.3. OTHER PROPERTY, PLANT AND EQUIPMENT Other property, plant and equipment comprise furniture, fixtures and office equipment from the acquisition of the service companies. Depreciation is reported on the income statement under position 17. The development of this position is shown in the following table: in € million 2011 2010 Gross amount: Balance as of 1 January 4.5 3.9 Investments 0.4 0.6 Balance as of 31 December Depreciation and impairment: 4.9 4.5 Balance as of 1 January (2.9) (1.9) Depreciation (0.7) (1.0) Balance as of 31 December Carrying amount: (3.6) (2.9) Balance as of 31 December 1.2 1.6 Balance as of 1 January 1.6 2.0 8.4. PROPERTIES HELD FOR SALE The Group’s held-for-sale properties are located in Austria, Germany, Slovakia and Hungary. Heldfor-sale properties are owned by the conwert Group for an average of six to ten years. The conwert Group owns 250 objects that are classified as held for sale; these properties have 285,722 sqm of total usable space. The flats and individual buildings sold in this segment during the reporting year amounted to € 243.6 million. Held-for-sale properties are measured at the lower of acquisition or production cost and the net realisable value. The valuation resulted in an adjustment of € 7.5 million in 2011 (2010: € 5.4 million) to reflect the lower market value. This adjustment is presented on the income statement under position 13. The properties measured at net realisable value have a total value of € 88.9 million (2010: € 92.3 million). The market value of these properties as of 31 December 2011 and 2010 was determined by independent, court-certified experts in accordance with the general market situation. The properties held for sale have a combined carrying amount of € 404.4 million (2010: € 537.1 million). Of this total, € 190.4 million (2010: € 426.5 million) were mortgaged as collateral for loans and other liabilities.
INTRO | MANAGEMENT REPORT | | FINANCIAL STATEMENTS CONSOLIDATED FINANCIAL STATEMENTS 8.5. OTHER ASSETS Notes in € million 2011 2010 Receivables due from fiscal authorities 5.1 0.0 Miscellaneous 0.7 2.7 Total 5.8 2.7 The position ”Miscellaneous“ consists primarily of prepayments on sales commissions and payments for expenses related to future periods. Of these other miscellaneous current assets, € 0.7 million (2010: € 1.3 million) will be realised within one year. 8.6. CASH AND CASH EQUIVALENTS This position comprises the following items: in million € 2011 2010 Cash on hand 0.1 0.1 Deposits with financial institutions 95.7 66.0 Savings books 0.0 0.1 Total 95.8 66.2 The interest rates on deposits with financial institutions are variable and reflect the levels applicable to daily demand deposits. The interest rates on bank deposits ranged from 0.06% to 1.26% (2010: 0.12% to 1.125%). The fair value of cash and cash equivalents totalled € 95.8 million as of 31 December 2011 (2010: € 66.2 million). 8.7. EQUITY 8.7.1. ISSUED CAPITAL The issued capital of the company totals € 853,592,730 (2009: € 853,592,730) and is divided into 85,359,273 (2009: 85,359,273) bearer shares that carry equal rights to issued capital. The share capital is fully paid in. TREASURY SHARES The extraordinary general meeting of conwert Immobilien Invest SE on 11 October 2010 revoked the authorisation of the annual general meeting on 26 May 2009 for the repurchase of the company’s shares and, at the same time, authorised the Administrative Board to repurchase the company’s shares up to the legally defined maximum of 10% of share capital during a period of 30 months beginning on this same date. The range for the share purchase was set at € 4.00 to € 14.00 per share. This share buyback programme led to the repurchase of 3,861,964 shares by 31 December 2011 (2010: 1,100,612) for a total price of € 41.6 million (2010: € 10.7 million), including fees, or an average price of € 10.78 per share (2010: € 9.72). This represents 4.5% (2010: 1.3%) of issued capital. The average price for the shares repurchased in 2011 was € 11.20. No shares were issued during the reporting year. 91
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