IMMOEAST Annual Report 2006/07

150 IMMOEAST Annual Report 2006/07
2.3.3.3.7 FMZ TM s.r.l.
As of 22 December 2006 a 50% stake was acquired
in the Romanian FMZ TM s.r.l, a 100% subsidiary
of the Cypriote company S+B CEE. This transaction
resulted in the acquisition of the Targu Mures
specialty shopping centre project. This property is
located in the emerging economic region of Transylvania,
which has a population of 160,000. This
specialty shopping centre is scheduled to open in
2009.
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:
2.3.3.3.8 S.C. Arbor Corporation s.r.l.
As of 19 February 2007 shares in S.C. Arbor Corporation
s.r.l. were acquired in connection with
the Glina specialty shopping centre joint venture
project, which is being carried out by IMMOEAST
and a German developer. This project involves
the purchase of several sites and construction of
a specialty shopping centre. The designated location
is situated on the eastern border of Bucharest,
and has an excellent infrastructure as well as ideal
transport connections. Intensive negotiations with
potential tenants are currently in progress.
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
Location of property Romania
Company FMZ TM s.r.l.
Date of initial consolidation 22.12.2006
All amounts in TEUR 30 April 2007
Property 1,842.2
Other non-current assets 6.3
Current assets 56.0
Non-current liabilities -0.2
Current liabilities -118.1
Proportional share of net assets 1,786.2
All amounts in TEUR 2006/07
Revenues 0.0
Revaluation 0.0
Operating profit (EBIT) -36.1
Financial results -1.5
Income taxes 6.0
Net profit for the period -31.6
Segment SEE
Location of property Romania
Company S.C. Arbor Corporation s.r.l.
Date of initial consolidation 29.01.2007
All amounts in TEUR
Cash and cash equivalents 3,337.9
Receivables and other assets 4.2
Deferred tax assets 0.9
Property 626.5
Other liabilities -3,979.4
Minority interests 1.0
Acquired net assets -8.8
(Negative) goodwill 33.4
Purchase price paid in cash 24.6
Less cash and cash equivalents acquired -3,337.9
Net purchase price for property company -3,313.3
All amounts in TEUR 30 April 2007
Property 4,708.5
Other non-current assets 13.9
Current assets 116.3
Non-current liabilities 0.0
Current liabilities -665.4
Proportional share of net assets 4,173.2
All amounts in TEUR 2006/07
Revenues 0.0
Revaluation 0.0
Operating profit (EBIT) -220.4
Financial results 3.7
Income taxes 12.6
Net profit for the period -204.1