IMMOEAST Annual Report 2006/07

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98 IMMOEAST Annual Report 2006/07 Distribution of letable space by sector in the CIS segment As of 30.4.2007 Enormous market potential and above-average returns Key data on the CIS segment Revenues in TEUR 2006/07 24,726.6 EBIT in TEUR 49,193.9 Letable space as a % of the total portfolio 6.7% Fair value in EUR million 1,029.9 Fair value as a % of the total portfolio 11.4% Recreation/hotel properties 6.2% Parking 6.3% Office properties 6.7% Logistics properties 11.3% Residential properties 17.9% 6.3.3. Russia Country information Population in mill. 2006 142.4 Real GDP increase in % 6.7 GDP per capita in EUR 5,500.0 I n f l a t i o n i n % 9. 7 51.6% Retail properties Source: Eurostat The property market in Russia The Russian property market, above all in Moscow, is a highly interesting market for foreign investors because of its size and the large range of available opportunities – and despite the higher risk. Initial returns total 9%, and exceed the average of other West European cities. The office market in Moscow has approximately 5.3 million sqm of space, whereby roughly one-fifth meets western standards. The inherent potential of this submarket is also demonstrated by other indicators: the office space per resident currently equals 0.5 sqm in Moscow, compared with more than 6 sqm in Vienna and 1 sqm in Budapest. Demand totalled roughly 1 million sqm in 2006, while the vacancy rate remained at a low 3% in spite of massive construction activity. There is enormous pent-up demand in the retail sector, which has profited from the growth of the middle class: based on the size of the population, Moscow has 0.02 sqm of retail space (Austria: 0.24 sqm). Excellent infrastructure connections (airports, inland ports) also give Moscow a special standing on the logistics market. This submarket has a volume of nearly 3 million sqm and has virtually no vacancies despite an increase of 40% in space during the previous year. Another office market that has drawn the increased interest of international investors is developing in St. Petersburg. This second largest city in Russia is rapidly becoming a functional regional submarket because of its attractiveness for foreign companies.
Key data on Russia Revenues in TEUR 2006/07 22,145.0 EBIT in TEUR 61,424.0 Letable space as a % of the total portfolio 4.5 Fair value in EUR million 971.8 Fair value as a % of the total portfolio 10.8% The acquisition of the Golden Babylon I and II properties and the 5th Avenue shopping mall in Moscow generated revenues of TEUR 22,145.0 in Russia during 2006/07, representing 15% of total revenues recorded by IMMOEAST. EBIT equalled TEUR 61,424.0, and was supported by positive revaluation results. 6.3.4. Ukraine Country information Population in mill. 2006 46.7 Real GDP increase in % 7.1 GDP per capita in EUR 1,810.0 Inflation in % 9.1 Source: Eurostat The property market in Ukraine Even though Ukraine has five cities with a population of more than one million, the property investment market is still located primarily in the capital city of Kiev. With total space of approximately 620,000 sqm, the office market in Kiev is in an early stage of development. New production reached 177,000 sqm in 2006, and was met by rising demand and almost no vacancies. Nearly three-fourths of all new space was let to international corporations. The property markets in the logistics and retail sectors have also started to develop, although with a slight delay. The supply of logistics facilities equalled 200,000 sqm in 2006, but is expected to double during 2007. The volume of retail space is forecasted to rise from 300,000 sqm to 800,000 sqm by 2009. In Ukraine the space on the property market meets international standards in only a limited number of cases. For this reason, foreign investors tend to focus primarily on projects that are realised by well – known property development companies. Therefore, the investment market has only started its evolution. Key data on Ukraine Segment Reports Revenues in TEUR 2006/07 0 EBIT in TEUR -12,230.1 Letable space as a % of the total portfolio 2.2% Fair value in EUR million 58.2 Fair value as a % of the total portfolio 0.6% Report by the Executive Board 99 Highlights 2006/07 Business Model and Strategy Portfolio Structure Corporate Governance and Outlook Property Portfolio Development of Business Consolidated Financial Statements Service and Glossary Three major acquisitions acquisitions generate revenues of TEUR 22,145.0 Property market in the early stage of development
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And just what does this bring you?
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Contents Report by the Executive Bo
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Dear Shareholders, The goals set by
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EBIT: +246.4% in EUR million As of
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6 5 7 Key investments In August 200
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13 In December 2006 IMMOEAST acquir
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Advance to number 2 in Continental
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Broad-based diversification of the
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PL, Katowice, Debowe Tarasy - Siles
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Prime Property: leading property de
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Management contract Asset managemen
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Outlook and strategic goals Propert
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The geographic structure of the por
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Ukraine & Russia: first direct inve
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In addition to the increased stabil
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Sector let space. Other purchases o
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Higher share of development project
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The largest single investment in th
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Sector Short-term investment of cap
Page 49 and 50: Capital Market & Development of Sha
Page 51 and 52: Strengthening of investor relations
Page 53 and 54: Corporate Governance Report Commitm
Page 55 and 56: Transactions with related parties I
Page 57 and 58: ment of independence from the audit
Page 59 and 60: Investment Programme 2007/08 Invest
Page 61 and 62: Strategic partnerships 9.0% Investm
Page 63 and 64: Subsequent Events — TriGránit Ur
Page 65 and 66: CZ-Prague Pankrác House CZ-Prague
Page 67 and 68: RO-Bucharest Pipera II RO-Bucharest
Page 69 and 70: RUS-Moscow iNi Rostokino SK-Bratisl
Page 71 and 72: The Development of Business in 2006
Page 73 and 74: 3. Corporate Profile IMMOEAST is on
Page 75 and 76: Russia 15.2% Bulgaria 0.3% Slovenia
Page 77 and 78: 2006/07. However, the extensive inv
Page 79 and 80: Results for 2006/07 tion of these i
Page 81 and 82: The SEE segment generated TEUR 223,
Page 83 and 84: 5.2 Financial position Cash flow st
Page 85 and 86: Non-current liabilities Non-current
Page 87 and 88: The expected net operating income f
Page 89 and 90: 6.1.2. Development of business in C
Page 91 and 92: Recreation/hotel properties 1.5% Re
Page 93 and 94: The development of business in Pola
Page 95 and 96: 6.2 Segment SEE Overview of propert
Page 97 and 98: The development of business in Roma
Page 99: Key Data Slovenia Croatia Serbia Re
Page 103 and 104: Consolidated Financial Statements o
Page 105 and 106: IMMOEAST AG Consolidated income sta
Page 107 and 108: IMMOEAST AG Consolidated cash flow
Page 109 and 110: Segment reporting Report by the Exe
Page 111 and 112: CIS Segment reporting Ukraine Other
Page 113 and 114: Segment reporting C I S Transition
Page 115 and 116: IMMOEAST AG Consolidated cash flow
Page 117 and 118: CIS Segment reporting Report by the
Page 119 and 120: The principle of fair presentation
Page 121 and 122: the measurement of the cost of the
Page 123 and 124: Proportionate consolidation is a me
Page 125 and 126: Potential voting rights are to be c
Page 127 and 128: Notes IMMOEAST made the following a
Page 129 and 130: Holding A Vienna IMMOEAST Projekt B
Page 131 and 132: The following table shows the conso
Page 133 and 134: Segment CEE Location of property Po
Page 135 and 136: 2.3.1.1.7 Passat Real Sp. z o.o. Th
Page 137 and 138: 2.3.1.3.2 Diamant Real s.r.o. The C
Page 139 and 140: centre of Prague, is almost fully l
Page 141 and 142: The following table shows the acqui
Page 145 and 146: 2.3.3 Segment South-Eastern Europe
Page 149 and 150: 2.3.3.3.2 Klyos Media s.r.l. On 9 O
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2.3.3.3.5 SBACARO s.r.l. The SIBIU
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2.3.3.3.9 S.C. IE Baneasa Project s
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2.3.3.3.12 S.C. Union Investitii s.
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2.3.3.4 Regional subsegment Serbia
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2.3.4Impactofinitialconsolidations
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Segment CEE CEE CEE CEE CEE CEE Loc
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Segment CEE CEE CEE CEE CEE Locatio
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Segment CEE CIS CIS CIS CIS Locatio
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Segment SEE SEE SEE SEE SEE Locatio
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Segment SEE SEE SEE SEE SEE Locatio
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2.3.5 Structural changes/change in
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The following exchange rates, which
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Subsequent expenditures on an intan
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3.4 Investment property Additional
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Financing costs are capitalised in
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lessee’s interest in both land an
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3.10.7 Limited partnership interest
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The provision is based on the best
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4. Notes to the Balance Sheet 4.1 P
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The carrying values of properties u
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The results of the calculation are
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The first category includes land th
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All amounts in TEUR Goodwill Carryi
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4.3.2a.8 Centre Invest Goodwill 4,0
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4.3.2b.5 BB Centrum Building C Good
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4.3.4 Differences arising from the
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Investments in other companies incl
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The other investments recognised at
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Thereof not impaired and due within
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4.10 Financial liabilities Addition
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Report by the Executive Board Highl
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4.11 Trade accounts payable Thereof
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The corporate income tax rate in Bu
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The impairment charges to the follo
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5.6 Other operating expenses All am
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All amounts in TEUR 2006/07 2005/06
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7. Segment Reporting IFRS 8 Operati
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IMMOEAST is a property company that
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Segment liabilities consist of fina
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upward potential for the valuation
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The market value represents the amo
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8.4 Transactions with related parti
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8.4.8 Remuneration of corporate bod
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Group companies of IMMOEAST AG Nomi
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Nominal Initial Company Country Hea
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Opinion Our audit did not give rise
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Analysis of Results As of 9 October
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Analysis of Results As of 13 July 2
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Analysis of Results liabilities and
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Analysis of Results The following t
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Analysis of Results Romania reporte
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Slovakia IMMOEAST AG acquired 10% o
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Valuation Certificates Romania Valu
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Valuation Certificates Report by th
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Financial Calendar 13 September 200
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IMMOEAST Annual Report 2006/07

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