annual report 31 Mar 2007 - SEB Asset Management

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
Management 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 57,423 282,131 455,672 119,008 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 57,315 728 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 reporting 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 31,444 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 4,731 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 (31 March 2006 – 31 March 2007).
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 31.8%.
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 reporting date of 31 March 2007. 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 31 March 2007 15