annual report 31 Mar 2007 - SEB Asset Management

Liquid assets
Gross liquidity amounted to around EUR 2,696.9 million
as of 31 March 2007. ccordingly, the liquidity ratio rose
by 20.3 percentage points to 42.4% over the past twelve
months. total liquidity return of 3.4% was realised during
the financial year.
fter deducting all funds reserved for specific purposes
(signed purchase contracts, distributions, etc.) from the
Fund’s gross liquidity of 42.4%, net liquidity amounted to
24.9% or around EUR 1.58 billion (including the 5% mini-
mum liquidity).
The special securities investment fund SEB Immo Cash
was launched by SEB Invest GmbH with effect from
1 September 2006. t the closing date of 31 March 2007,
86.5% of the liquidity of SEB ImmoInvest was invested in
this special fund. Launching the fund allows us to make
use of the professional portfolio management services
offered by the SEB sset Management Group.
The liquidity portfolio comprises bank deposits totalling
EUR 365 million and investment units (SEB Immo Cash)
in the amount of EUR 2,332 million with an average dura-
tion of 0.3 years.
Capital gains tax and risk provisions
When foreign properties and real estate companies are
sold, gains on disposal may be subject to tax (capital
gains tax). Due to potential changes in the basis for tax
assessment and the market conditions in the respective
countries, the amount and timing of such taxes can only
be estimated at present. Provisions have therefore been
set up on the basis of country-specific tax rates as a pre-
cautionary measure for future capital gains tax charges
on Fund assets. In the process, both the long-term strate-
gy for the respective country portfolio and the individual
property or real estate company are taken into account.
Investments and divestments in the respective country
portfolios are also coordinated with one another so that
disposals can be made in a tax-optimised manner.
12 SEB ImmoInvest
For this reason we believe an average capital gains tax
rate equalling 35% of the applicable tax burden is reason-
able.
For more detailed information on the amount of capital
gains tax provisions for country portfolios, please see the
table of key return figures on page 15 and the Disclosures
on the Statement of ssets on page 32.
Investment performance *
The Fund’s investment performance is composed of the
income generated by and appreciation in value of the
properties, and the Fund’s liquidity.
Unit value as of 31 March 2007 EUR 57.34
Plus distribution on 3 July 2006 EUR 2.30
Minus unit value on 1 April 2006 EUR – 56.97
Investment performance EUR 2.67
The positive development in the unit price continued over
the past twelve months. n investment performance of
EUR 2.67 per unit or 4.8% p.a. was realised after adjustment
for the distribution of 3 July 2006 in the amount of
EUR 2.30 per unit.
Return according to the BVI method *
Return Return
in % in % p. a.
1 year 4.8
3 years 14.0 4.5
5 years 26.0 4.7
10 years 64.9 5.1
15 years 133.1 5.8
Since the launch of the Fund on 2 May 1989 189.1 6.1
Note: Calculated according to the BVI method (no front-end load; distributions
reinvested immediately). Past performance is no indication of
future performance.
* These tables and the explanatory text were not included in the audit for
which the uditors’ Report was issued.