IMMOEAST Annual Report 2006/07

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8 IMMOEAST Annual Report 2006/07 Key Data on IMMOEAST AG Corporate Data 2006/07 Change in % 2005/06 Revenues in EUR mill. 192.9 141.1% 80.0 Operating profit (EBIT) in EUR mill. 541.3 246.4% 156.3 Earnings before tax (EBT) in EUR mill. 645.5 252.8% 182.9 Gross cash flow in EUR mill. 63.4 154.9% 24.9 Return on equity (ROE) in % 10.9% 24.6% 8.7% Return on capital employed (ROCE) 1) in % 9.3% 3.9% 8.9% Equity in EUR mill. (including minority interest) 4,923.1 196.2% 1,662.0 Equity as a % of the balance sheet total 73.2% 18.3% 61.8% Equity ratio in % (based on contracted investments) 46.8% 38.9% 33.7% Balance sheet total in EUR mill. 6,728.2 150.4% 2,687.5 Net asset value per share in EUR 10.2% 20.4% 8.4% Property Data Number of properties 385 231.9% 116 Thereof investments in other companies2) 172 266.0% 47 Letable space in sqm 4,891,316 245.7% 1,414,961 Thereof investments in other companies2) 1,491,741 497.8% 249,520 Fair value of properties in EUR mill. (including contracted investments) 9,019.2 115.7% 4,181.0 Thereof investments in other companies2) 786.9 345.3% 176.7 Investments in EUR mill. 4,857.6 46.9% 3,305.7 Stock Exchange Data Earnings per share in EUR 1.02 34.8% 0.76 Price/earnings ratio 10.2 - 11.0 Share price at end of period in EUR 10.4 20.9% 8.6 Number of shares in mill. 555.9 150.0% 222.4 Market capitalisation at end of period in EUR mill. 5,781.2 202.3% 1,912.2 1) NOPAT (net operating profit after tax) in relation to capital employed. 2) Investments in other companies include associates consolidated at equity and holdings recorded as financial instruments in accordance with IAS 39.
Contents Report by the Executive Board 11 Highlights 2006/07 12 Key investments in review 14 IMMOEAST in European Comparison 1 Business Model and Strategy 20 Broad-based diversification of the property portfolio 21 Strategic investments 22 Management contract with Constantia Privatbank 26 Property valuation 2 Outlook and strategic goals 29 Regional Portfolio Structure 30 Business activities by region 32 Sector Portfolio Structure 36 Broad diversification across all major property sectors 36 Investor Relations 46 Capital market & development of share 47 Corporate Governance 51 Report of the Supervisory Board 54 Future Developments 56 Investment programme 2007/0 57 Subsequent events 59 Property Portfolio 62 Development of Business 69 Consolidated Financial Statements 101 Consolidated balance sheet 102 Consolidated income statement 103 Statement of changes in equity 104 Consolidated cash flow statement 105 Segment reporting 106 Notes to the financial statements 116 Auditor’s report 242 Analysis of results 244 Valuation certificates 257 Service and Glossary 264 Report by the Executive Board Highlights 2006/07 Business Model and Strategy Portfolio Structure Corporate Governance and Outlook Property Portfolio Development of Business Consolidated Financial Statements Service and Glossary
Page 1 and 2: 385��
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Page 5 and 6: OF RT OF RS LG OF RT RS OF RT RS OF
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Page 9: And just what does this bring you?
Page 13 and 14: Dear Shareholders, The goals set by
Page 15 and 16: EBIT: +246.4% in EUR million As of
Page 17 and 18: 6 5 7 Key investments In August 200
Page 19 and 20: 13 In December 2006 IMMOEAST acquir
Page 21 and 22: Advance to number 2 in Continental
Page 23 and 24: Broad-based diversification of the
Page 25 and 26: PL, Katowice, Debowe Tarasy - Siles
Page 27 and 28: Prime Property: leading property de
Page 29 and 30: Management contract Asset managemen
Page 31 and 32: Outlook and strategic goals Propert
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Page 35 and 36: The geographic structure of the por
Page 37 and 38: Ukraine & Russia: first direct inve
Page 39 and 40: In addition to the increased stabil
Page 41 and 42: Sector let space. Other purchases o
Page 43 and 44: Higher share of development project
Page 45 and 46: The largest single investment in th
Page 47 and 48: 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
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Strategic partnerships 9.0% Investm
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Subsequent Events — TriGránit Ur
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CZ-Prague Pankrác House CZ-Prague
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RO-Bucharest Pipera II RO-Bucharest
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RUS-Moscow iNi Rostokino SK-Bratisl
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The Development of Business in 2006
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3. Corporate Profile IMMOEAST is on
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Russia 15.2% Bulgaria 0.3% Slovenia
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2006/07. However, the extensive inv
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Results for 2006/07 tion of these i
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The SEE segment generated TEUR 223,
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5.2 Financial position Cash flow st
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Non-current liabilities Non-current
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The expected net operating income f
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6.1.2. Development of business in C
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Recreation/hotel properties 1.5% Re
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The development of business in Pola
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6.2 Segment SEE Overview of propert
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The development of business in Roma
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Key Data Slovenia Croatia Serbia Re
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Key data on Russia Revenues in TEUR
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Consolidated Financial Statements o
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IMMOEAST AG Consolidated income sta
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IMMOEAST AG Consolidated cash flow
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Segment reporting Report by the Exe
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CIS Segment reporting Ukraine Other
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Segment reporting C I S Transition
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IMMOEAST AG Consolidated cash flow
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CIS Segment reporting Report by the
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The principle of fair presentation
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the measurement of the cost of the
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Proportionate consolidation is a me
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Potential voting rights are to be c
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Notes IMMOEAST made the following a
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Holding A Vienna IMMOEAST Projekt B
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The following table shows the conso
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Segment CEE Location of property Po
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2.3.1.1.7 Passat Real Sp. z o.o. Th
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2.3.1.3.2 Diamant Real s.r.o. The C
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centre of Prague, is almost fully l
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The following table shows the acqui
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2.3.3 Segment South-Eastern Europe
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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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