IMMOEAST Annual Report 2006/07

The results of the calculation are as follows:
All amounts in TEUR 2006/07 2005/06
Equity before minority interest 4,907,297.5 1,661,971.7
Goodwill -180,722.4
Deferred tax assets -61,089.0 -23,042.5
Deferred tax liabilities 473,099.1 5,138,585.2 186,946.7 1,825,876.0
Property under construction (carrying value) 242,772.6 85,632.7
Property under construction (fair value) 569,107.9 326,335.3 95,387.3 9,754.6
Inventories (carrying value) 81,694.3
Inventories (fair value)
Residual value of forward purchase contracts
151,751.6 70,057.3
and investments carried at cost 41,144.9
Property held for sale (carrying value) 0.0 42,847.6
Property held for sale (fair value) 0.0 0.0 54,125.0 11,277.4
Shares in associated companies (carrying value) 372,468.8 21,574.4
Shares in associated companies (fair value) 438,102.6 65,633.7 39,979.4 18,404.9
Net Asset Value 5,641,756.5 1,865,312.9
Number of shares (in 1,000) 555,882.8 222,353.1
Net asset value per share (in EUR) 10.2 8.4
Properties under construction and inventories were valued in accordance with the principles described under point
3.4. The residual value resulting from the measurement of forward purchases and shares in other companies stated
at cost represents the excess over the contractually agreed acquisition cost. This calculation was also based on a
property valuation prepared by the experts named under point 3.4.
The fair value of shares in associated companies was derived from the valuation of the Palladium property (Prague),
which is owned by the EPG Group, and the valuation of the Lakeside project (Bratislava), which is owned by TriGránit
Centrum a.s. The stake owned in TriGránit Holding Ltd. was not valued because the acquisition was concluded shortly
before the balance sheet date.
The NAV effect of forward purchase contracts is calculated as the difference between the gross development value
and the acquisition value for IMMOEAST based on the fixed purchase yield. This difference is discounted back to the
balance sheet date. The same applies to purchase options for the remaining shares in joint ventures.
The NAV effect of inventories represents the difference between the carrying value and the residual value determined
by the expert opinion.
4.1.4b Triple net asset value (NNNAV)
All amounts in TEUR 30 April 2007
Net asset value (NAV) 5,641,756.5 5,641,756.5
Deferred taxes (present value) -8,554.0 -8,554.0
Triple net asset value (NNNAV) 5,633,202.5
Number of shares (in 1,000) 555,882.8
Triple net asset value per share (in EUR) 10.1
Notes
Report by the Executive Board 189
Highlights 2006/07
Business Model and Strategy
Portfolio Structure
Corporate Governance and Outlook
Property Portfolio
Development of Business
Consolidated Financial Statements
Service and Glossary