annual financial statement 2011 - conwert Immobilien Invest SE

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CONWERT IMMOBILIEN INVEST SE ANNUAL FINANCIAL 2011 STATEMENT ANNUAL REPORT 2011 94 8.10. FINANCIAL INSTRUMENTS 8.10.1. FINANCIAL ASSETS Non-current financial assets consist primarily of shares in Vienna Estate Immobilien AG, an Austrian property holding company, and shares in CD Deutsche Eigenheim AG, a German property company, which are classified as available for sale and carried at cost. Trade accounts receivable (less impairment charges recognised as of 31 December 2011) total € 30.9 million (2010: € 56.8 million) and comprise receivables from the sale of objects and shares in properties as well as rents receivable and receivables due to the property, management and property service companies. The purchase prices for shares in properties are generally paid without delay, and impairment charges are therefore not recognised. The agreements for the sale of buildings and property companies call for payment when the title is transferred or short-term payment with settlement through a trustee. Therefore, impairment charges are not recognised to these items. Trade accounts receivable are related to the rental business and do not normally have specific payment terms. The recognition of impairment charges to these items is based on experience with default. Rents receivable of € 14.1 million (2010: € 16.3 million) were adjusted through impairment charges to reflect any loss in value as of the balance sheet date. The conwert Group holds deposits of € 1.5 million (2010: € 1.9 million) as security for these outstanding items. Overdue receivables do not represent a material valuation risk for the Group. The following tables show the age structure of rents receivable for 2011 and 2010 that were not reduced through impairment charges: 2011 in € million Up to 30 days The changes in impairment losses are as follows: 30 to 60 days 60 to 90 days 90 to 120 days Over 120 days Austria, Germany, CEE 7.5 0.9 0.2 0.8 9.7 2010 in € million Up to 30 days 30 to 60 days 60 to 90 days 90 to 120 days Over 120 days Austria, Germany, CEE 9.8 0.9 0.6 1.0 11.5 in € million 2011 2010 Balance as of 1 January 7.5 3.0 Impairment of receivables – addition 2.2 5.7 Derecognition to reflect non-collectability / reversal to reflect payment 4.6 1.2 Balance as of 31 December 5.1 7.5 The impairment testing of rents receivable also includes any changes in the credit standing of tenants as of the relevant balance sheet date. Only individual adjustments are recognised. There is no material concentration of credit risk because the Group has a very broad tenant base and there is no concentration or correlation. Management is therefore convinced that no provisions for risk are required above and beyond the previously recognised impairment losses.
INTRO | MANAGEMENT REPORT | | FINANCIAL STATEMENTS CONSOLIDATED FINANCIAL STATEMENTS Notes Other current financial assets are classified as follows: in € million 2011 2010 Trust funds from the sale of properties 40.5 19.7 Short-term financing and loans 7.9 1.4 Accrued interest on derivatives, resp. positive market valuation 1.4 10.8 Miscellaneous 9.6 8.2 Total 59.4 40.1 Other receivables and assets have a remaining term of less than one year. Other current financing and loans include no receivables due from related parties (2010: € 0.0 million). Additional information is provided under note 13.3 (Related party transactions). 8.10.2. FINANCIAL LIABILITIES The components of the decline in non-current and current loans and borrowings from financial in € million 2011 2010 Balance on 1 January 1,668.0 1,289.1 New borrowings 186.7 303.8 Addition from expansion of the consolidation range (ECO Group) 0.0 369.6 Scheduled repayments (52.1) (41.1) Special repayments due to the sale of properties (387.8) (253.4) Balance on 31 December 1,414.8 1,668.0 institutions (excluding the convertible bond) are shown in the following table: Five Austrian and German financial institutions hold a share of approx. € 713.5 million in these current and non-current loans and borrowings. The obligations to these banks range from € 72.0 million to € 268.4 million. A further seven financial institutions have a share of approx. € 342.9 million, which consists of individual obligations ranging from € 33.7 million to € 67.7 million. The remaining balance of approx. € 358.4 million is distributed among a further 39 Austrian and foreign banks, whereby the individual obligations are less than € 26.8 million. The liabilities arising from loans and borrowings were reduced by related fees and transaction costs of € 7.5 million (2010: € 10.8 million). 95
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