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 3.2. Capital risk management (continued) The debt to equity ratios at the end of the reporting period 2008 and 2009 were as follows: 3.3. Fair value estimation Effective January 1, 2009, the Group adopted the amendment to IFRS 7 for financial instruments that are measured in the statement of financial position at fair value. This requires disclosure of fair value measurements by level of the following fair value measurement hierarchy: • Quoted prices (unadjusted) in active markets for identical assets or liabilities (level 1). • Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (level 2). • Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (level 3). The Group does not hold any financial instruments measured at fair value. The carrying values less impairment provision of trade receivables and payables are approximate their fair values. The fair value of financial liabilities for disclosure purposes is estimated by discounting the future contractual cash flows at the current market interest rate that is available to the group for similar financial instruments. All loans held by the Group at the date of the statement of financial position are fixed interest rate borrowings with the book value being the amortized cost value. Over the past months market interest rates have been declining but at the same time also individual borrowing margins for the members of the Group have been increasing, almost completely offsetting the effect of decreased market rates. Thus the book values of the loans disclosed in the balance sheet can still be considered as the best estimate of their fair values. Nevertheless all else being equal, changes in market interest rates can have a significant impact on the fair value of the loans, exposing the Group to significant fair value interest rate risk. 4. Critical accounting estimates and judgments 4.1. Critical accounting estimates and assumptions Financial Statements Estimates and judgements are continually evaluated and are based on historical experience as adjusted for current market conditions and other factors. 87
88 Commerz Real Estate Master FCP – SIF NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS AT DECEMBER 31, 2009 4.1. Critical accounting estimates and assumptions (continued) The preparation of the consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue, expenses and unrealized gains or losses during the reporting period. Actual results could differ from these estimates. The significant accounting estimates for the Fund are described below: (a) Fair value of investment properties The fair value of investment property is the price at which the property could be exchanged between knowledgeable, willing parties in an arm’s length transaction. The fair value is determined without any deduction for transaction costs it may occur on sale or other disposal. The best estimate of fair value is current prices in an active market for similar lease and other contracts. In the absence of such information, the Group determines the amount within a range of reasonable fair value estimates and assumptions based on market conditions existing at each balance sheet date. The fair values of the properties are determined by the discounted cash flow method over a ten year period. The calculated amount is, amongst other factors, crucially dependant on assumptions on key factors concerning the net operating income, such as assumptions on general vacancy, collection losses, or on repair and maintenance costs as well as on general assumptions on the discount rate. Assumptions on these parameters differ significantly depending on jurisdiction, location or general state of condition of the specific property. Modifications in assumptions on any of these factors may lead to significant changes in the estimated market values. The Fund reviews and where appropriate challenges the fair market valuations provided by the independent valuers. In doing so, the Fund Managers use their knowledge and understanding of current prevailing market conditions and transactional activity obtained from a variety of other external sources. (b) Income taxes The Group is subject to income taxes in different jurisdictions. Significant estimates are required in determining the provision for income taxes. There are many transactions and calculations for which the ultimate tax determination is uncertain. The Group recognises liabilities that may arise from anticipated tax audits based on estimates of whether additional taxes will be due. Where the final tax outcome from these matters is different from the amounts that were initially recorded, such differences will impact the income tax and deferred tax provisions in the period in which such determination is made. 4.2. Critical judgements in applying the Group’s accounting policies The Group did not make any critical accounting judgements in 2009 or 2008.
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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
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24 The following list shows the per
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26 6.2.1 Service and Management Cha
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28 Property Report 1. Portfolio Ove
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30 Tenancy information Almada Forum
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32 The following table shows the to
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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
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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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