CG malls europe - Commerz Real

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Commerz Real Estate Master FCP – SIF
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
AS AT DECEMBER 31, 2009
22. Deferred income tax (continued)
The reason of the deferred income tax position is in regards to the carrying amount and tax base of borrowings held.
23. Reconciliation to trading NAV per share
For the purpose of calculating the trading NAV per share used for issuance and redemptions of shares, the Fund takes
into account an amount reflecting the following adjustments in accordance with the Private Placement Memorandum to
the Net Asset Value calculated in the consolidated balance sheet:
(i) Real estate investments are initially recorded at cost including direct acquisition costs such as property transfer
taxes and professional fees which qualify for initial capitalisation under IAS 40. On subsequent revaluation to
fair value such costs are expensed as part of the fair value adjustment in accordance with IAS 40. All other direct
acquisition costs are expensed in the period when they are incurred. In accordance with the Management Regulations,
acquisition costs are capitalized and subsequently amortized for the purpose of calculating the trading
NAV per share. The amortization is straight-line over a four year period. The purchase of Espacio León triggered
the payment of acquisition costs comprising of stamp duty of EUR 1,560,000.00 and other fees of EUR 43,225.00
amounting to 1,603,225.00.
(ii) The equity or liability interests attributable to unit holders derived from these financial statements will be adjusted to
take into account the fair (i.e. discounted) value of deferred tax liabilities (calculated under IFRS on an undiscounted
basis) as determined by the Management Company.