IMMOEAST Annual Report 2006/07
IMMOEAST Annual Report 2006/07
IMMOEAST Annual Report 2006/07
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2.3.3.3.2 Klyos Media s.r.l.<br />
On 9 October <strong>2006</strong> <strong>IMMOEAST</strong> started the Craiova shopping centre project in Romania based on a joint venture<br />
agreement with an experienced general planner and developer in the CEE region with the purchase of a 90% stake<br />
in the Romanian Klyos Media s.r.l. This shopping centre is located in the north-western section of Craiova, the fifth<br />
largest city in Romania, and has excellent traffic connections.<br />
The following table shows the acquired assets and liabilities at fair value as well as the consolidated proportional<br />
share of net assets at the individual company level as of the balance sheet date and the income statement of the<br />
company for the period from the acquisition date to the balance sheet date, which is included in the consolidated<br />
financial statements:<br />
Segment SEE<br />
Location of property Romania<br />
Company Klyos Media s.r.l.<br />
Date of initial consolidation 4.8.<strong>2006</strong><br />
All amounts in TEUR<br />
Cash and cash equivalents 0.7<br />
Receivables and other assets 46.2<br />
Property 12,035.4<br />
Trade accounts payable -8,929.1<br />
Other liabilities -3,123.6<br />
Currency translation adjustment 8.1<br />
Minority interests -3.0<br />
Acquired net assets 34.7<br />
(Negative) goodwill 46.2<br />
Purchase price paid in cash 80.9<br />
Less cash and cash equivalents acquired -0.7<br />
Net purchase price for property company 80.2<br />
All amounts in TEUR 30 April 20<strong>07</strong><br />
Property 48,257.5<br />
Other non-current assets 0.0<br />
Current assets 609.0<br />
Non-current liabilities -6,515.0<br />
Current liabilities -4,292.2<br />
Proportional share of net assets 38,059.3<br />
All amounts in TEUR <strong>2006</strong>/<strong>07</strong><br />
Revenues 0.0<br />
Revaluation 32,543.7<br />
Operating profit (EBIT) 32,466.2<br />
Financial results -0.1<br />
Income taxes -5,285.1<br />
Net profit for the period 27,181.0<br />
2.3.3.3.3 Polus Transilvania Companie de Investitii S.A.<br />
<strong>IMMOEAST</strong> purchased a 15% stake in the Romanian Polus Transilvania Companie de Investitii S.A. as of 2 November<br />
<strong>2006</strong>, and thereby acquired the Polus Center development project. This project involves the construction of a<br />
shopping centre in Cluj, the capital of the booming Romanian province of Transylvania. Completion is scheduled for<br />
November 20<strong>07</strong>.<br />
Notes<br />
<strong>Report</strong> by the Executive Board 147<br />
Highlights <strong>2006</strong>/<strong>07</strong><br />
Business Model and Strategy<br />
Portfolio Structure<br />
Corporate Governance and Outlook<br />
Property Portfolio<br />
Development of Business<br />
Consolidated Financial Statements<br />
Service and Glossary
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