IMMOEAST Annual Report 2006/07

188 IMMOEAST Annual Report 2006/07
No properties were classified as held for sale as of 30 April 2007. The Europe Tower in Budapest, Hungary, which was
recorded under this position as of 30 April 2006, was sold during 2006/07 (also see point 5.3).
All amounts in TEUR
Non-current property
held for sale
Cost as of 1 May 2005 0.0
Currency translation adjustments -1,882.5
Additions 25,202.8
Reclassification 19,527.3
Cost as of 30 April 2006 42,847.6
Currency translation adjustments 1,416.4
Additions 1,661.9
Disposals -45,925.9
Cost as of 30 April 2007 0.0
Carrying value as of 1 May 2005 0.0
Currency translation adjustments -1,882.5
Additions 25,202.8
Reclassification 19,527.3
Carrying value as of 1 May 2006 42,847.6
Currency translation adjustments 1,416.4
Additions 1,661.9
Disposals -45,925.9
Carrying value as of 30 April 2007 0.0
The fair value of non-current properties held for sale totalled TEUR 0 (2005/06: TEUR 54,125.0).
4.1.4a Net asset value (NAV)
Net asset value and triple net asset value are calculated in accordance with Best Practices Policy Recommendations
(6.3) and (6.4) of the European Public Real Estate Association based on the following principles:
Equity as shown in the IFRS financial statements (excluding minority interests) is adjusted by the difference between
the carrying value of property that does not quality for valuation at fair value. An adjustment is also made for financial
instruments that are not stated at fair value. In a last step, deferred tax assets and deferred tax liabilities are offset
against equity. Triple net asset value is derived from net asset value by adjusting for the difference between the carrying
value and the fair value of deferred tax assets and deferred tax liabilities.