IMMOEAST Annual Report 2006/07

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120 IMMOEAST Annual Report 2006/07 IAS 27.28 IAS 27.33 IFRS 3.62 (a) IAS 27.24 IAS 28.20 in connection with 28.25 IAS 31.1 IAS 31.3 IAS 31.9 IAS 31.10 IAS 31.30 / IAS 31.38 statements – whenever possible – as of the balance sheet date used by the parent company. In no case may the balance sheet dates of the parent company and subsidiary differ by more than three months, and adjustments must be made for any significant business transactions concluded during this period. In order to develop the consolidated financial statements, all necessary financial information from the subsidiaries must be prepared in accordance with IFRS. Therefore, uniform Group accounting and valuation methods must be applied to similar business events and transactions. Minority interests must be reported under equity on the consolidated balance sheet, but shown separately from the equity of the parent company. The share of consolidated profit due to minority interests must also be shown separately. Newly acquired companies are included in the consolidation as of their acquisition date. The conversion of the opening balance sheets of major newly acquired companies to IFRS is subject to an audit or review. Joint ventures are included at their proportionate share according to the same general principles described above. All receivables and liabilities, revenues, other income and expenses from the provision of goods and services between fully or proportionately consolidated companies are eliminated. Interim profits, which arise primarily from the transfer of stakes in other companies and properties between member companies of the group, are eliminated. For associated companies consolidated at equity, the difference resulting from the elimination of the investment and equity is determined according to the same general principles used for fully consolidated companies. The carrying values of assets and liabilities as well as the amount of revenues and expenses were determined in accordance with IAS 28.20 on a uniform basis as required by IFRS. For associated companies with a different balance sheet date, interim financial statements were prepared at a balance sheet date within three months from the balance sheet date used by IMMOEAST in accordance with IAS 28.25. Major transactions were reflected in a proportional adjustment of results included in the consolidated financial statements (also see point 4.4). 2.2 Consolidation range IFRS follow a multi-level approach in the classification of the consolidation range. The assignment to a specific level is based on the Group’s influence on the company: the stronger the influence of the Group, the more extensive the inclusion in the consolidated financial statements. An overview of the IMMOEAST Group companies is presented at the end of the notes. 2.2.1 Proportionate consolidation IAS 31 is applied to the recognition and measurement of all stakes in joint ventures and reporting on the assets, liabilities, income and expenses of joint ventures. A joint venture is a contractual agreement whereby two or more parties undertake an economic activity that is subject to contractually agreed joint control. The partner companies are the shareholders of a joint venture and participate in the joint management of the entity. The form of the contractual agreement is determined by the relevant legal regulations. IAS 31 allows for the use of the equity method or proportionate consolidation in preparing the consolidated financial statements. The selected method must then be applied throughout the Group. IMMOEAST considers the depiction of joint ventures through proportionate consolidation to be the more appropriate form of presentation because it makes the asset, financial and earnings position more easily understandable for the users of the financial statements.
Proportionate consolidation is a method of accounting whereby the Group’s share of the assets that are jointly controlled and the liabilities that are covered by joint responsibility is combined with similar items in the consolidated financial statements. The income statement of the joint venture is also included on a proportionate basis in the consolidated financial statements. In accordance with IAS 31, 89 companies are included in the consolidation using proportionate consolidation. Due to the conclusion of syndication agreements with other companies for the joint management of business in accordance with IAS 31.3 in connection with IAS 31.9, IMMOEAST does not exercise control over the following companies despite its majority holdings or manages these businesses jointly with other partners in spite of its minority interests: Segment Country Headquarters Company Stake CEE CZ Prague Centrum Olympia Olomuc a.s. 45.00% CEE CZ Prague MY BOX Uherske Hradiste s.r.o. 50.50% CEE CZ Prague Holtera Property a.s. 45.00% CEE CZ Prague MY BOX Strakonice s.r.o. 50.50% CEE CZ Znaim Nakupni Centrum Trebic s.r.o. 50.50% CEE CZ Znaim Nakupni Centrum AVENTIN Tabor s.r.o. 50.50% CEE CZ Prague Veronia Shelf s.r.o. 51.00% CEE CZ Prague MY BOX Kolin s.r.o. 50.50% CEE CZ Prague Diamant Real s.r.o. 51.00% CEE EST Tallinn OÜ Robbins 45.00% CEE H Budapest STOP.SHOP. TB Kft. 51.00% CEE H Budapest STOP.SHOP. Gyöngy Kft. 51.00% CEE H Budapest STOP.SHOP. BCS Kft. 51.00% CEE PL Warsaw ImmoPoland Residential I Sp. z o.o. 47.50% CEE PL Warsaw Equator Real Sp. z o.o. 51.00% CEE PL Warsaw Zenith Real Sp. z o.o. 51.00% CEE PL Warsaw Nimbus Real Sp. z o.o. 51.00% CEE PL Warsaw Cirrus Real Sp. z o.o. 51.00% CEE PL Katowice Silesia Residential Project Sp. z o.o. 70.00% CEE PL Warsaw Debowe Tarasy Sp. z o.o. 70.00% CEE PL Katowice Debowe Tarasy Sp. z o.o. II sp.k. 70.00% CEE PL Katowice Debowe Tarasy Sp. z o.o. III sp.k. 70.00% CEE PL Katowice Debowe Tarasy Sp. z o.o. IV sp.k. 70.00% CIS UA Kiev Alacor Construction LLC 41.00% CIS UA Kiev Alacor Scorta LLC 41.00% CIS UA Kiev Alacor City LLC 41.00% SEE RO Bucharest S.C. Meteo Business Park s.r.l. 89.00% SEE RO Bucharest S.C. Stupul de Albine s.r.l. 89.00% SEE RO Bucharest S.C. Union Investitii s.r.l. 25.00% Holding CY Nicosia Silesia Residential Holding Limited 70.00% Holding CY Nicosia Loberta Holdings Ltd. 51.00% Holding CY Nicosia Roches Ventures Ltd. 41.00% Holding D Munich Multi-ImmoEast Asset Management GmbH 45.00% Holding LU Luxembourg Multi-ImmoEast Central European Property Fund C.V. 45.00% Holding LU Luxembourg Multi-IMMOEAST Master Luxembourg Otarfi s.r.l. 45.00% Notes Report by the Executive Board 121 Highlights 2006/07 Business Model and Strategy Portfolio Structure Corporate Governance and Outlook Property Portfolio Development of Business Consolidated Financial Statements Service and Glossary IAS 31.33 IAS31.3in connection connection with IAS 31.9
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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
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Capital Market & Development of Sha
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Strengthening of investor relations
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Corporate Governance Report Commitm
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Transactions with related parties I
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ment of independence from the audit
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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
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 and 100: Key Data Slovenia Croatia Serbia Re
Page 101 and 102: Key data on Russia Revenues in TEUR
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: the measurement of the cost of the
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
Page 151 and 152: 2.3.3.3.5 SBACARO s.r.l. The SIBIU
Page 153 and 154: 2.3.3.3.9 S.C. IE Baneasa Project s
Page 155 and 156: 2.3.3.3.12 S.C. Union Investitii s.
Page 157 and 158: 2.3.3.4 Regional subsegment Serbia
Page 159 and 160: 2.3.4Impactofinitialconsolidations
Page 161 and 162: Segment CEE CEE CEE CEE CEE CEE Loc
Page 163 and 164: Segment CEE CEE CEE CEE CEE Locatio
Page 165 and 166: Segment CEE CIS CIS CIS CIS Locatio
Page 167 and 168: Segment SEE SEE SEE SEE SEE Locatio
Page 169 and 170: Segment SEE SEE SEE SEE SEE Locatio
Page 171 and 172: 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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