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 2.3. Investment Property (continued) The fair value of investment property reflects, among other things, rental income from current leases and assumptions about rental income from future leases in the light of the current market conditions. The fair value also reflects, on a similar basis, any cash outflows that could be expected in respect of the property. Some of those outflows are recognised as a liability, including finance lease liabilities in respect of leasehold land classified as investment property; others, including contingent rent payments, are not recognised in the financial statements. Subsequent expenditure is capitalised to the asset’s carrying amount only when it is probable that future economic benefits associated with the expenditure will flow to the Group and the cost of the item can be measured reliably. All other repairs and maintenance costs are expensed when incurred. When part of an investment property is replaced, the carrying amount of the replaced part is derecognised. If a valuation obtained for a property held under a lease is net of all payments expected to be made, any related lease liability recognised separately in the statement of financial position is added back to arrive at the carrying value of the investment property for accounting purposes. The fair value of investment property does not reflect future capital expenditure that will improve or enhance the property and does not reflect the related future benefits from this future expenditure other than those a rational market participant would take into account when determining the value of the property. Commerz Grundbesitzgesellschaft mbH (“CGG”, now Commerz Real AG) engaged BDO Deutsche Warentreuhand AG (“BDO”), an audit company not affiliated with CGG, to supervise and monitor the valuation process. BDO selected, in its own discretion, three Independent Valuers: Cushman & Wakefield LLP (“Cushman & Wakefield”) Westhafenplatz 6 D- 60327 Frankfurt am Main, Germany DTZ Ibérica (“DTZ”) Paseo de la Castellana 93 – 2a planta 28036 Madrid Spain DTZ Portugal (“DTZ”) Rua Tierno Galvan, Torre 3, 16º Piso 1070-274 Lisboa Portugal Financial Statements 75
76 Commerz Real Estate Master FCP – SIF NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS AT DECEMBER 31, 2009 2.3. Investment Property (continued) Changes in fair values are recorded in the statement of comprehensive income. Investment properties are derecognised either when they have been disposed of or when the investment property is permanently withdrawn from use and no future economic benefit is expected from its disposal. Where the Group disposes of a property at fair value in an arm’s length transaction, the carrying value immediately prior to the sale is adjusted to the transaction price, and the adjustment is recorded in the income statement within net gain from fair value adjustment on investment property. Investment properties under construction will be, if applicable, shown as investment properties. They will subsequently be valued at the fair value at each reporting date. All fair value gains or losses will be recognised as profit or loss for the year as fair value gains or losses. If an investment property becomes owner-occupied, it is reclassified as property, plant and equipment. Its fair value at the date of reclassification becomes its cost for subsequent accounting purposes. If an item of owner-occupied property becomes an investment property because its use has changed, any difference resulting between the carrying amount and the fair value of this item at the date of transfer is treated in the same way as a revaluation under IAS 16. Any resulting increase in the carrying amount of the property is recognised in the profit or loss to the extent that it reverses a previous impairment loss, with any remaining increase recognised in other comprehensive income and increases directly to revaluation surplus within equity. Any resulting decrease in the carrying amount of the property is initially charged in other comprehensive income against any previously recognised revaluation surplus, with any remaining decrease charged to profit or loss. Where an investment property undergoes a change in use, evidenced by commencement of development with a view to sale, the property is transferred to inventories. A property’s deemed cost for subsequent accounting as inventories is its fair value at the date of change in use. 2.4 Financial instruments (a) Financial assets Financial assets are classified as financial assets at fair value through profit or loss, loans and receivables, held-to-maturity financial assets, and available-for-sale financial assets, as appropriate. The Group determines the classification of its financial assets at initial recognition. When financial assets are recognised initially, they are measured at fair value, plus, in the case of investments not at fair value through profit or loss, directly attributable transaction costs. Financial assets are derecognised only when the contractual rights to the cash flows from the financial asset expire or the Group transfers substantially all risks and rewards of ownership. The Group’s financial assets consist only of loans and receivables.
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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
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20 All three Luxembourg companies a
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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
Page 65 and 66: 64 Commerz Real Estate Master FCP -
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CG malls europe - Commerz Real

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