KPMG - IERE

INVISTA EUROPEAN REAL ESTATE TRUST SICAF
Notes to the Consolidated Financial Statements
as at 30 September 2006
The face value of the borrowings is as follows:
2006
B
Current
Bank borrowings 146,941,800
Less: Finance costs incurred 6,732,615
Add: Amortised finance costs (3,956,810) (2,775,805)
144,165,995
Non-current
Shareholder Loans 50,218,350
All borrowings are denominated in Euro.
The bank borrowings are secured through mortgages issued on the Group’s investment properties.
The effective interest rate at the balance sheet date on the bank borrowings was 4.624 per cent.
Finance costs include debt arrangement, structuring and utilisation fees paid in arranging the debt
facility. These fees are being amortised over the life of the debt facility.
11. Deferred tax assets and liabilities
At beginning Recognised Recognised Arising on
of period in equity in income acquisitions Total
B B B B B
Deferred tax liability
Investment properties — — 6,796,259 4,603,616 11,399,875
Cash flow hedge — 359,131 — — 359,131
— 359,131 6,796,259 4,603,616 11,759,006
Deferred tax asset
Recoverable losses — — (440,963) — (440,963)
Short term timing differences — — (245,946) — (245,946)
Investment properties — — (125,778) — (125,778)
— — (812,687) — (812,687)
12. Trade and other payables
Accounts payable
2006
B
1,105,110
Service charge accounts 294,862
Tenant deposits 675,238
Corporate income tax payable 488,674
VAT and other taxes payable 329,397
Deferred rentals 868,659
Accrued investment management fees 535,765
Loan interest accruals 1,283,425
Swap interest accrual 62,844
Other accruals and other creditors 1,841,454
94
7,485,428