IMMOEAST Annual Report 2006/07

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Report by the Executive Board IMMOEAST HAS STILL NOTREACHEDITSPEAK ��
Dear Shareholders, The goals set by IMMOEAST for 2006/07 can only be described as ambitious. Investments with a total volume of EUR 5 billion represent the most extensive growth programme ever undertaken by a property company in Central and Eastern Europe – and the results show that we were not only able to meet, but in some cases also exceed these far-reaching targets by a significant margin. The entire investment programme was prepared in detail at the start of the financial year and completed in full after the first three quarters. These activities allowed IMMOEAST to clearly expand its leading market position. An increase of 115.7% in the property portfolio to EUR 9.0 billion ranked the company far ahead of all competitors in the region. However, another factor just as important as the growth in size was the further improvement in the quality of the property portfolio: both the geographic and sector diversification were broadened during 2006/07, and this further increased the stability of earnings. IMMOEAST also expanded its activities in the development business and substantially strengthened its presence in the profitable emerging markets of South-eastern Europe. Furthermore, we completed our first investments in the rapidly growing and lucrative residential sector during the past year. These measures will play an important role in safeguarding the previous high level of earnings in the future. Our investments in numerous leading property developers have a special strategic importance – above all TriGránit, a company that plans to compile a development portfolio of several billion Euros over the coming years. These investments create interesting prospects for strong earnings growth, and also give IMMOEAST preferential access to acquire the developed properties after completion. The dynamic growth recorded during the past year led to an enormous improvement in the company’s financial indicators, even though the extensive commitments in development projects will only have a full impact on earnings in later years. Revenues rose by 141.1% to EUR 192.9 million and EBIT by 246.4% to EUR 541.3 million. Earnings per share – the most important indicator for you as a shareholder – increased from EUR 0.76 to EUR 1.02. This positive and sustainable development was also honoured by the capital market. In spite of difficult conditions on global stock exchanges, IMMOEAST was able to place a EUR 2.75 billion capital increase at the start of the financial year without difficulty. In addition, the price of the IMMOEAST share rose by nearly 21% during 2006/07. The outlook for the future development of IMMOEAST is also highly promising. A EUR 2.84 billion capital increase placed at the start of the 2007/08 financial year created the financial basis to continue our growth course. We were able to realise approximately EUR 2.3 billion of the planned investment volume of roughly EUR 6 billion by the end of June. The property portfolio, including contracted investments, is forecasted to reach nearly EUR 13 billion by the end of this financial year. IMMOEAST now has the necessary foundation to maintain and expand its dominant position in Central, Eastern and South-eastern Europe, one of the fastest growing and most attractive property markets in the world. We are convinced that you, as a shareholder, will be able to profit from the dynamic growth of IMMOEAST. Norbert Gertner, Member of the Executive Board Karl Petrikovics, Chief Executive Officer Report by the Executive Board 11 Highlights 2006/07 Business Model and Strategy Portfolio Structure Corporate Governance and Outlook Property Portfolio Development of Business Consolidated Financial Statements Service and Glossary All targets met or clearly exceeded Strategic investments in leading property developers Significant improvement in all earnings indicators Annual share performance rises to nearly 21% Capital increase in May 2007 creates basis for for further further dynamic growth growth
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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 10: And just what does this bring you?
Page 11: Contents Report by the Executive Bo
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
Page 61 and 62: 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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