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 2.1. Basis of preparation (continued) • Improvements to IFRS’ (issued in May 2008): The Improvements project contains numerous amendments to IFRS that the IASB considers non-urgent but necessary. ‘Improvements to IFRS’ comprise amendments that result in accounting changes for presentation, recognition or measurement purposes, as well as terminology or editorial amendments related to a variety of individual IFRS standards. Most of the amendments are effective for annual periods beginning on or after January 1, 2009. No material changes to accounting policies arose as a result of these amendments except to the amendments to IAS 40, ‘Investment property’ (see above). (b) Interpretations and amendments to standards becoming effective in 2009 but not relevant for the Fund Financial Statements Standard/ Content Applicable for financial Interpretation years beginning on / after IFRS 1 and IAS 27 Cost of an investment in a subsidiary, jointly controlled entity or associate. January 1, 2009 IFRS 2 Share-based payments – Vesting conditions and cancellations. January 1, 2009 IFRS 8 Presentation of segment reporting January 1, 2009 IFRIC 13 Customer loyalty programs July 1, 2008 IFRIC 16 Hedges of a net investment in a foreign operation October 1, 2008 (c) Standards and amendments, and interpretations that are not effective and not expected to have significant impact on the Fund’s financial statements Standard/ Content Applicable for financial Interpretation years beginning on / after IAS 27 Consolidation and separate financial statements July 1,2009 IFRS 3 Business combinations July 1, 2009 IFRS 9 Financial instruments: Classification and measurement January 1, 2013 IAS 24 Related party disclosures January 1, 2011 IAS 32 Classification of rights issues February 1, 2010 IAS 39 Financial instruments: Recognition and measurement – Eligible hedged items July 1, 2009 IFRS 1 First time adoption of International Financial Reporting Standards July 1, 2009 Amendment Additional exemptions for first time adopters January 1, 2010 Amendment Group cash settled share based payment transactions January 1, 2010 IFRIC 17 Distribution of non-cash assets to owners July 1, 2009 IFRIC 18 Transfer of assets from customers July 1, 2009 71
72 Commerz Real Estate Master FCP – SIF NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS AT DECEMBER 31, 2009 2.1. Basis of preparation (continued) • IAS 27, ‘Consolidated and separate financial statements’ (revised 2008; effective for annual periods beginning on or after July 1, 2009). The revised standard requires the effects of all transactions with non-controlling interests to be recorded in equity if there is no change in control and these transactions will no longer result in goodwill or gains and losses. The standard also specifies the accounting when control is lost. Any remaining interest in the entity is re-measured to fair value and a gain or loss is recognised in profit or loss. • IFRS 3, ‘Business combinations’ (revised 2008; effective for business combinations for which the acquisition date is on or after the beginning of the first annual reporting period beginning on or after July 1, 2009). The revised standard continues to apply the acquisition method to business combinations, with some significant changes. For example, all payments to purchase a business are to be recorded at fair value at the acquisition date, with contingent payments classified as debt subsequently re-measured through the income statement. There is a choice on an acquisition-by-acquisition basis to measure the non-controlling interest in the acquiree either at fair vale or at the non-controlling interest’s proportionate share of the acquiree’s net assets. All acquisition-related costs should be expensed. The management of the Fund will apply the revised standard prospectively to all business combinations from 1 January 2010. • IFRS 9, ‘Financial instruments: Classification and measurement’. In November 2009, the Board issued the first part of IFRS 9 relating to the classification and measurement of financial assets. IFRS 9 will ultimately replace IAS 39. The standard requires an entity to classify its financial assets on the basis of the entity’s business model for managing the financial assets and the contractual cash flow characteristics of the financial asset, and subsequently measures the financial assets as either at amortised cost or fair value. The new standard is mandatory for annual periods beginning on or after January 1, 2013. (d) Early adoption of standards In 2009, the Group did not early adopt any new or amended standards and do not plan to early adopt any of the standards issued not yet effective. 2.2. Consolidation The audited consolidated financial statements include the accounts of the Fund and its wholly owned subsidiaries (the “Group”). Subsidiaries are all entities (including special purpose entities) over which the Group has the power to govern the financial and operating policies generally accompanying a shareholding of more than one half of the voting rights. The existence and effect of potential voting rights that are currently exercisable or convertible are considered when assessing whether the Group controls another entity. Joint control is the contractually agreed sharing of control over an economic activity. There are no jointly controlled entities within the Group.
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Annual Report 2009 as at 31 Decembe
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2 General Information Fund name: CG
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Almada Forum
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6 Financials Balance Sheet by Fund
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Almada Forum
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10 Manager‘s Report on the Fund O
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12 For 2010, the Economist Intellig
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14 Larger shopping centres of more
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16 Shopping Centre Prime Initial Yi
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18 As the figure above shows, many
Page 21 and 22: 20 All three Luxembourg companies a
Page 23 and 24: 22 5.2 Forum Montijo The acquisitio
Page 25 and 26: 24 The following list shows the per
Page 27 and 28: 26 6.2.1 Service and Management Cha
Page 29 and 30: 28 Property Report 1. Portfolio Ove
Page 31 and 32: 30 Tenancy information Almada Forum
Page 33 and 34: 32 The following table shows the to
Page 35 and 36: 34 Almada Forum As at 31 December 2
Page 37 and 38: 36 Shops by group of activity - lev
Page 39 and 40: 38 Almada Forum these malls are loc
Page 41 and 42: 40 Located next to the main entranc
Page 43 and 44: 42 Shops by group of activity - Gro
Page 45 and 46: 44 Forum Montijo Forum Montijo Catc
Page 47 and 48: 46 4. Espacio León The city of Le
Page 49 and 50: 48 Parking Parking Espacio León fl
Page 51: 50 Espacio León streets in the inn
Page 54 and 55: the future net tax income to the cl
Page 56 and 57: 2.1 Internal Loan Portfolio The tab
Page 58 and 59: With the purchase of Almada Cda. an
Page 60 and 61: CG Real Estate Luxembourg S.à.r.l.
Page 62: Financial Statements Financial Stat
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CG malls europe - Commerz Real

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