Paris, 200-216 Rue Raymond Losserand), in Spain (the lcoy, Calle lzamora 44 and Cuenca, venida del Mediterraneo shopping centres), and in the Netherlands ( lkmaar, Noorderkade 100–199). In several countries, positive changes in value according to expert opinions were recorded. In Germany and Belgium, on the other hand, further write-downs were performed due in particular to lease renewals at current market rates and relatively high vacancy levels. In Italy, a negative change in value was recorded due to a provision set up for planned modernisation work on the Via Laurentina 449 property in Rome. Foreign income taxes reduced the net rental return by 2.0 percentage points in the period under review. Due to the 14 <strong>SEB</strong> ImmoInvest property sales mentioned above, foreign deferred tax liabilities were reduced and the expense item for foreign income taxes increased. Strategic external financing and forward exchange transactions used to hedge the property assets increased the total property return so that income from properties contributes 6.3% of the Fund return after borrowing costs. External financing is currently used exclusively for foreign properties. The average external debt ratio varies at the country portfolio level from 0.0% ( ustria) to 62.6% (US ). In the period under review, a return of 3.4% was realised on the liquidity portfolio. This results in an overall return of 5.2% before Fund costs. 550 West Adams Street, Chicago, USA
Overview: Returns and Valuation Key return figures (in % of average Fund assets) 1) * I. Properties Germany Belgium France Italy Gross income 2) 6.1 5.0 6.6 6.1 7.3 7.7 8.1 4.3 6.5 5.9 6.5 6.3 <strong>Management</strong> costs 2) – 1.2 – 1.8 – 0.6 – 0.6 – 0.4 – 1.4 – 5.7 – 1.3 – 1.6 – 1.8 – 1.9 – 1.6 Net income 2) 4.9 3.2 6.0 5.5 6.9 6.3 2.4 3.0 4.9 4.1 4.6 4.7 Changes in value 2) – 2.9 – 5.9 11.8 – 0.9 4.8 6.7 15.8 1.2 2.4 4.6 6.4 2.9 Foreign income taxes 2) 0.0 – 0.2 – 3.2 – 0.4 – 1.0 – 4.1 – 11.0 – 0.5 – 2.1 – 1.6 – 3.2 – 2.0 Foreign deferred taxes 2) 0.0 0.0 – 0.1 0.2 0.0 – 4.1 1.3 0.0 0.1 0.0 0.1 0.1 Income before borrowing costs 2) 2.0 –2.9 14.5 4.4 10.7 4.8 8.5 3.7 5.3 7.1 7.9 5.7 Income after borrowing costs 3) 2.0 – 4.7 22.7 4.4 16.4 5.5 11.8 3.6 5.4 10.1 10.4 6.3 Exchange rate differences 3) 4) 0.0 0.0 0.0 0.0 0.0 0.0 – 3.6 0.0 – 0.2 0.1 – 0.4 – 0.2 Total income in Fund currency 3) 5) 2.0 – 4.7 22.7 4.4 16.4 5.5 8.2 3.6 5.2 10.2 10.0 6.1 II. Liquidity 6) 7) 3.4 III. Total Fund income before Fund costs 8) 5.2 Total Fund income after Fund costs (BVI method) Net asset information (weighted average figures in EUR thousand) 1) * Germany Belgium France Italy Directly held properties 1,895,178 72,702 505,500 518,766 218,971 90,264 519,898 72,994 3,894,273 0 1,999,095 3,894,273 Properties held via equity interests 0 0 0 0 0 0 0 0 0 1,218,117 1,218,117 1,218,117 Total properties 1,895,178 72,702 505,500 518,766 218,971 90,264 519,898 72,994 3,894,273 1,218,117 3,217,212 5,112,390 of which property assets financed by equity 1,895,178 57,423 282,1<strong>31</strong> 455,672 119,008 49,998 223,695 57,325 3,140,430 679,542 1,924,794 3,819,972 Loan volume 0 15,279 223,369 63,094 99,963 40,266 296,203 15,669 753,843 538,575 1,292,418 1,292,418 Liquid assets 1,652,621 388 1,921 2,363 784 261 57,<strong>31</strong>5 728 1,716,381 62,117 125,877 1,778,498 Fund volume 3,547,799 57,811 284,052 458,035 119,792 50,259 281,010 58,053 4,856,811 741,659 2,050,671 5,598,470 Information on changes in value (at the <strong>report</strong>ing date in the Fund currency in EUR thousand) Germany Belgium France Italy Portfolio market values (expert opinions) 9) 1,888,260 71,196 493,427 464,870 205,070 38,800 455,365 79,050 3,696,038 1,018,574 2,826,352 4,714,612 Portfolio rental valuations (expert opinions) 10) * 119,196 5,470 30,495 <strong>31</strong>,444 13,268 2,737 41,323 5,144 249,077 78,503 208,384 327,580 Positive changes in value acc. to expert opinions 11) 1,770 391 24,940 5,190 1,480 3,400 9,481 890 47,542 27,397 73,168 74,938 Other positive changes in value 12) 3,588 0 4,183 2,760 0 500 2,685 0 13,716 4,737 14,865 18,453 Negative changes in value acc. to expert opinions 11) – 54,245 – 4,350 0 – 620 – 680 0 0 0 – 59,895 – 910 – 6,560 – 60,805 Other negative changes in value 12) – 6,568 – 280 – 851 – 12,208 – 34 0 0 – 28 – 19,970 – 5 – 13,408 – 19,976 Total changes in value acc. to expert opinions 11) – 52,475 – 3,959 24,940 4,570 800 3,400 9,481 890 – 12,353 26,487 66,609 14,134 Total other changes in value 12) – 2,981 – 280 3,332 – 9,448 – 34 500 2,685 – 28 – 6,254 4,7<strong>31</strong> 1,458 –1,523 Addition – capital gains tax 0 0 – 4,150 755 0 – 4,335 – 2,119 – 16 – 9,865 – 1,723 – 11,588 –11,588 Total changes in value – 55,456 – 4,239 24,122 – 4,123 766 – 435 10,046 845 – 28,473 29,495 56,478 1,023 1) The weighted average figures in the financial year are calculated using 13 monthend values (<strong>31</strong> <strong>Mar</strong>ch 2006 – <strong>31</strong> <strong>Mar</strong>ch <strong>2007</strong>). 2) Based on the Fund’s average property assets in the period under review 3) Based on the Fund’s average property assets financed by equity in the period under review 4) Exchange rate differences include both changes in exchange rates and the costs of hedging transactions for the period under review. 5) Total income in Fund currency was generated with an average share of Fund assets invested in property and financed by equity for the period of 68.2%. 6) Based on the Fund’s average liquid assets during the period under review 7) The average share of Fund assets invested in the liquidity portfolio for the period was <strong>31</strong>.8%. 8) Based on the average Fund assets during the period under review * These tables or line were not included in the audit for which the uditors’ Report was issued. Netherlands Netherlands Netherlands Spain Spain Spain USA USA USA Rest of world (L, A) Rest of world (L, A) Rest of world (L, A) Total direct investments Total direct investments Total direct investments Total equity interests Total equity interests Total equity interests 9) Properties under construction are included in the amount of their construction costs. Wherever portfolio properties were reclassified as properties under construction, they are included at market value; construction costs are included in the form of provisions for construction costs. 10) Portfolio rental valuations (expert opinions) refer to the gross profits from letting determined by experts. Gross profits in this case equal the net basic rent estimated by the experts as achievable over the long term. 11) Total changes in market values determined by experts 12) Other changes in value comprise changes in carrying amounts such as acquisition costs and purchase price settlements capitalised subsequent to initial recognition. The Changes in value item in the “Key return figures” table also contains capital gains. This includes the sales in the period under review. The “Information on changes in value” table only contains data relating to properties included in the Fund on the <strong>report</strong>ing date of <strong>31</strong> <strong>Mar</strong>ch <strong>2007</strong>. For this reason, the proceeds from the sales are not shown here. Total abroad Total abroad Total abroad Total 4.8 Total Total nnual Report as of <strong>31</strong> <strong>Mar</strong>ch <strong>2007</strong> 15
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