IMMOEAST Annual Report 2006/07

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170 IMMOEAST Annual Report 2006/07 IAS 21.21 IAS 21.28 IAS 21.28 in connection with IAS 21.9 IAS 21.47 IAS 21.48 SIC-7 IMMOEAST carried out a downstream merger during the second quarter of 2006/07, by merging Immoeast Cora Holding s.r.l. into Cora GS s.r.l. as of 21 September 2006. As of 1 November 2006 the investments in Mester Park Ost Bt. and Mester Park Kft. were increased from 45% to 75%, and the accounting procedure was changed from the equity method to full consolidation. An upstream merger was carried out during the third quarter of 2006/07 With the merger of Mistral Real Sp. z o.o. into Blizzard Real Sp. z o.o. as of 29 January 2007. 2.4 Foreign currency translation The individual Group companies record foreign currency transactions at the average exchange rate in effect on the date of the event. Monetary assets and liabilities denominated in foreign currencies are translated on the balance sheet date at the average exchange rate in effect on this date. Any resulting foreign exchange gains or losses are recognised to the income statement for the reporting year. The Group currency is the EURO. For subsidiaries or associated companies that prepare their financial statements in a foreign currency, the determination of the functional currency is based on the primary (macro)economic environment in which each company operates. The determining factor is the currency in which the majority of cash flows, goods and services are denominated and settled in the relevant country. For the IMMOEAST companies affected by this regulation, the local currency is the functional currency in all cases. In accordance with IAS 21 and in keeping with the functional currency concept as reflected in the modified current rate method, the assets and liabilities in the financial statements that were converted to IFRS – and in the case of acquisitions, also revalued and prepared for consolidation – are translated at the average exchange rate on the balance sheet date; the various positions on the income statement are translated at the weighted average exchange rate for the reporting year. Goodwill allocated to a foreign subsidiary or company included through proportionate consolidation is translated at the closing rate. The equity of subsidiaries and companies included through proportionate consolidation as well as the investments in any other foreign entities in foreign currencies are translated at the historical exchange rate at the point of initial consolidation. Distributions in a foreign currency are translated at the average exchange rate for the purpose of elimination. The components of earned (historical) group equity of foreign entities that present their financial statements in a foreign currency are translated at the closing rate. Any resulting foreign exchange gains and losses are recorded to the currency translation adjustment in equity. On the disposal of a foreign operation, the cumulative exchange differences deferred in the separate component of equity for this foreign operation are recognised to profit or loss during the same period in which the gain or loss on the disposal is recognised. Companies located in member countries of the European Union are required to apply the rule defined by IAS 21 for the settlement and translation of annual financial statements from their national currency into the Euro – assets and liabilities must still be translated at the closing rate, accumulated exchange differences remain in equity and differences arising from the translation of liabilities denominated in the foreign currencies of the member states may not be charged or credited to the carrying amount of the related asset.
The following exchange rates, which were issued by Constantia Privatbank AG on 30 April 2007, were used for translation: HUF PLN CZK ROL RON Closing rate on 30 April 2007 247.180000 3.781000 28.123000 33293.000000 3.329300 Average rate 255.630000 3.827850 28.271500 34021.500000 3.402150 CYP SKK EEK BGN USD Closing rate on 30 April 2007 0.582600 33.727000 15.646600 1.955800 1.360500 Average rate 0.579300 35.561000 15.646600 1.955800 1.307100 CHF RUB HRK UAH BAM Closing rate on 30 April 2007 1.645800 35.010000 7.361500 6.818100 1.959100 Average rate 1.608550 34.570000 7.361500 6.688975 1.951550 CSD SEK Closing rate on 30 April 2007 81.309000 9.152300 Average rate 83.460000 9.177000 The Romanian currency was redenominated from ROL (Romanian Leu) to RON (new Romanian Leu) on 1 July 2005, whereby 10,000 ROL equal 1 RON. This change was authorised by Law Nr. 348 dated 14 July 2004, which was published in the Romanian federal gazette (“Monitorul Oficial al României”) on 23 July 2004. The Bulgarian and Estonian currencies are tied to the Euro through a currency board (the domestic currency is tied to the foreign currency on a one-sided basis). Prior to the introduction of the Euro, these countries had a currency board with the D-Mark. On 5 July 1999 the Bulgarian currency (Lew) was converted at a ratio of 1 new Lew for 1,000 old Lewa and tied to the German Mark (1 Lew = 1 DM). After the introduction of the Euro, the exchange rate for conversion of the Lew into Euro exactly equalled the DM – Euro rate. This exchange rate (1 EUR = 1.9558) is defined by Bulgarian law and does not change. The Estonian currency (Krone) was introduced in the newly independent Estonia after the collapse of the Soviet Union in 1992. After 1993 the Estonian Krone was linked to the D-Mark and this rate was maintained following the introduction of the Euro. The current exchange rate is 1 EUR = 15.6466. Notes Report by the Executive Board 171 Highlights 2006/07 Business Model and Strategy Portfolio Structure Corporate Governance and Outlook Property Portfolio Development of Business Consolidated Financial Statements Service and Glossary
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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
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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
Page 121 and 122: the measurement of the cost of the
Page 123 and 124: Proportionate consolidation is a me
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: 2.3.5 Structural changes/change in
Page 175 and 176: Subsequent expenditures on an intan
Page 177 and 178: 3.4 Investment property Additional
Page 179 and 180: Financing costs are capitalised in
Page 181 and 182: lessee’s interest in both land an
Page 183 and 184: 3.10.7 Limited partnership interest
Page 185 and 186: The provision is based on the best
Page 187 and 188: 4. Notes to the Balance Sheet 4.1 P
Page 189 and 190: The carrying values of properties u
Page 191 and 192: The results of the calculation are
Page 193 and 194: The first category includes land th
Page 195 and 196: All amounts in TEUR Goodwill Carryi
Page 197 and 198: 4.3.2a.8 Centre Invest Goodwill 4,0
Page 199 and 200: 4.3.2b.5 BB Centrum Building C Good
Page 201 and 202: 4.3.4 Differences arising from the
Page 203 and 204: Investments in other companies incl
Page 205 and 206: The other investments recognised at
Page 207 and 208: Thereof not impaired and due within
Page 209 and 210: 4.10 Financial liabilities Addition
Page 211 and 212: Report by the Executive Board Highl
Page 213 and 214: 4.11 Trade accounts payable Thereof
Page 215 and 216: The corporate income tax rate in Bu
Page 217 and 218: The impairment charges to the follo
Page 219 and 220: 5.6 Other operating expenses All am
Page 221 and 222: 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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