IMMOEAST Annual Report 2006/07

144 IMMOEAST Annual Report 2006/07
2.3.3.1.2 Blue Danube Holding Ltd. and Business Park West-Sofia EAD
As of 12 December 2006 IMMOEAST acquired all of the shares in the Maltese Blue Danube Holding Ltd. and its
Bulgarian subsidiary Business Park West-Sofia EAD. This project involves the revitalisation of a former light industrial
and administrative complex in four phases to create a business park.
The following table shows the acquired assets and liabilities at fair value as well as the consolidated proportional
share of net assets at the individual company level as of the balance sheet date and the income statement of the
company for the period from the acquisition date to the balance sheet date, which is included in the consolidated
financial statements:
Segment SEE All amounts in TEUR 30 April 2007
Location of property Bulgaria Property 102,881.3
Company Business Park West-Sofia EAD
Other non-current assets 486.8
Date of initial consolidation 12.12.2006
Current assets 2,155.5
All amounts in TEUR
Non-current liabilities -9,189.3
Cash and cash equivalents 2,508.2
Current liabilities -56.7
Receivables and other assets 1,994.6
Proportional share of net assets 96,277.7
Property 22,694.7
All amounts in TEUR 2006/07
Other liabilities -14,709.8
Revenues 482.5
Deferred tax liabilities -1,223.2
Revaluation 78,740.4
Acquired net assets 11,264.5
Operating profit (EBIT) 78,932.0
Purchase price paid in cash 11,264.5
Financial results -429.6
Less cash and cash equivalents acquired -2,508.2
Income taxes -7,851.1
Net purchase price for property company 8,756.3
Net profit for the period 70,651.4
2.3.3.2 Regional subsegment Croatia
2.3.3.2.1 Grand Centar d.o.o. and Grand Zagreb d.o.o.
IMMOEAST purchased 80% of the shares in each of the Croatian companies Grand Centar d.o.o. and Grand Zagreb
d.o.o. as of 30 November 2006, which resulted in the acquisition of the Grand Center office and retail property in the
capital city of Zagreb. This represents the first direct investment by IMMOEAST in Croatia, and was realised together
with Generali Immobilien AG. The majority of the space in the Grand Center is used as offices, but retail space, warehouses
and an underground garage are also available. This property has a central location, roughly 800 m from the
historical old city.