IMMOEAST Annual Report 2006/07

Recommendations

Info

190 IMMOEAST Annual Report 2006/07 The calculation of EPRA NNNAV is based on the premise that any taxes due in connection with the sale of a property will reduce EPRA NAV accordingly. The strategy of the company is also reflected in computing the present value of taxes. For the above calculation, this means that the IMMOEAST strategy – which focuses on long-term investments – does not include the sale of properties, and the present value of the provisions for taxes therefore equals zero. The current provisions for deferred taxes were only discounted to present value in cases where plans call for the sale of the property (e.g. in the residential segment). Outstanding construction costs The list included below shows the outstanding construction and acquisition costs for all property projects, classified by country. These amounts reflect contractual obligations to acquire or produce property projects as well as the intention of IMMOEAST management to realise or complete these projects. The following table shows the budged amounts based on current estimates: Land with construction/redevelopment projects Purchase costs Total investment Completion Bulgaria 162,718.9 162,718.9 06/2008 – 06/2010 Czech Republic 62,533.4 62,533.4 08/2007 – 10/2010 Poland 204,632.4 204,632.4 02/2008 – 11/2010 Romania 183,895.6 183,895.6 01/2008 – 12/2010 613,780.3 613,780.3 Carrying amount Outstanding construction/ Development projects (current) purchase costs Total investment Completion Czech Republic 26,905.7 180,366.3 207,272.0 08/2007 – 10/2010 Hungary 35,114.4 370,996.9 406,111.4 08/2007 – 10/2008 Poland 547.0 23,832.0 24,379.0 02/2008 – 11/2010 Romania 120,386.3 556,666.6 677,052.9 01/2008 – 12/2010 Russia 42,222.1 577,070.4 619,292.5 06/2009 Slovakia 14,836.3 38,673.3 53,509.6 09/2007 – 06/2009 Ukraine 2,760.8 55,412.3 58,173.1 2009 242,772.6 1,803,017.9 2,045,790.5 Carrying amount Outstanding construction/ Inventories (current) purchase costs Total investment Completion Bulgaria 4,542.7 12,879.2 17,421.9 05/2007 – 11/2007 Serbia 2,734.7 6,726.3 9,461.0 12/2007 – 09/2008 Estonia 2,950.1 0.0 0.0 - Poland 7,653.1 34,610.1 42,263.2 07/2007 – 06/2008 Romania 45,410.9 163,680.2 209,091.1 06/2008 – 08/2009 Slovakia 18,392.69 41,587.31 59,980.00 09/2009 81,684.1 259,483.1 338,217.1 Forward purchases and minority Carrying amount Outstanding construction/ stakes with purchase options (current) purchase costs Total investment Completion Czech Republic 27,302.4 27,302.4 12/2007 – 12/2008 Hungary 131,248.1 131,248.1 08/2007 – 10/2008 Romania 193,402.0 193,402.0 01/2008 – 12/2010 Slovakia 236,448.51 236,448.51 03/2007 – 12/2007 588,401.0 588,401.0 Total construction costs 3,264,682.3 3,586,188.9
The first category includes land that is recognised and measured in accordance with IAS 40 as well as investment properties that are undergoing redevelopment. The second section comprises properties recognised in accordance with IAS 16 and the third section properties recognised in accordance with IAS 2. The last list shows purchase commitments (based on the value of the property) arising from forward purchase contracts as well as contracts that permit the acquisition of joint venture shares and minority interests. The outstanding construction costs are based on projections and budgets. 4.2 Other tangible assets Additional information on this balance sheet item is provided under point 3.6. The development of other tangible assets is as follows: Machinery and Other equipment, furniture, fixtures All amounts in TEUR equipment and office equipment Prepayments Total Cost as of 1 May 2005 0.0 2,328.9 804.0 3,133.0 Change in consolidation range 673.3 598.5 20.9 1,292.7 Change in consolidation method 0.0 86.3 0.0 86.3 Currency translation adjustments 1.2 25.7 -1.5 25.5 Additions 51.5 400.8 0.0 452.3 Reclassification -550.2 -71.5 -802.5 -1,424.3 Cost as of 30 April 2006 175.7 3,368.8 20.9 3,565.4 Accumulated depreciation as of 1 May 2005 0.0 1,645.2 0.0 1,645.2 Change in consolidation method 0.0 77.4 0.0 77.4 Currency translation adjustments 0.0 26.2 0.0 26.2 Reclassification 0.0 -153.5 0.0 -153.5 Depreciation for the year 19.5 257.2 0.0 276.7 Accumulated depreciation as of 30 April 2006 19.5 1,852.5 0.0 1,872.1 Carrying value as of 30 April 2006 156.2 1,516.3 20.9 1,693.3 Cost as of 1 May 2006 175.7 3,368.8 20.9 3,565.4 Change in consolidation range 248.8 453.4 0.0 702.2 Change in consolidation method 34.0 19.2 0.0 53.1 Currency translation adjustments 14.0 166.5 1.1 181.6 Additions 21.6 366.1 0.2 387.9 Disposals -45.2 -81.7 0.0 -126.8 Reclassification 2.8 -176.1 -22.0 -195.4 Cost as of 30 April 2007 451.7 4,116.2 0.2 4,568.0 Accumulated depreciation as of 1 May 2006 19.5 1,852.5 0.0 1,872.1 Change in consolidation method 4.8 3.2 0.0 8.0 Currency translation adjustments 3.1 82.4 0.0 85.5 Disposals -0.6 156.1 0.0 155.6 Reclassification 0.0 -131.4 0.0 -131.4 Depreciation for the year 69.2 351.7 0.0 420.9 Accumulated depreciation as of 30 April 2007 96.1 2,314.6 0.0 2,410.6 Carrying value as of 30 April 2007 355.6 1,801.6 0.2 2,157.4 No impairment charges were recognised to other tangible assets during the reporting year. Notes Report by the Executive Board 191 Highlights 2006/07 Business Model and Strategy Portfolio Structure Corporate Governance and Outlook Property Portfolio Development of Business Consolidated Financial Statements Service and Glossary IAS 16.73 (d), (e)
Page 1 and 2:
385��
Page 3 and 4:
��
Page 5 and 6:
OF RT OF RS LG OF RT RS OF RT RS OF
Page 7 and 8:
��
Page 9 and 10:
And just what does this bring you?
Page 11 and 12:
Contents Report by the Executive Bo
Page 13 and 14:
Dear Shareholders, The goals set by
Page 15 and 16:
EBIT: +246.4% in EUR million As of
Page 17 and 18:
6 5 7 Key investments In August 200
Page 19 and 20:
13 In December 2006 IMMOEAST acquir
Page 21 and 22:
Advance to number 2 in Continental
Page 23 and 24:
Broad-based diversification of the
Page 25 and 26:
PL, Katowice, Debowe Tarasy - Siles
Page 27 and 28:
Prime Property: leading property de
Page 29 and 30:
Management contract Asset managemen
Page 31 and 32:
Outlook and strategic goals Propert
Page 33 and 34:
��
Page 35 and 36:
The geographic structure of the por
Page 37 and 38:
Ukraine & Russia: first direct inve
Page 39 and 40:
In addition to the increased stabil
Page 41 and 42:
Sector let space. Other purchases o
Page 43 and 44:
Higher share of development project
Page 45 and 46:
The largest single investment in th
Page 47 and 48:
Sector Short-term investment of cap
Page 49 and 50:
Capital Market & Development of Sha
Page 51 and 52:
Strengthening of investor relations
Page 53 and 54:
Corporate Governance Report Commitm
Page 55 and 56:
Transactions with related parties I
Page 57 and 58:
ment of independence from the audit
Page 59 and 60:
Investment Programme 2007/08 Invest
Page 61 and 62:
Strategic partnerships 9.0% Investm
Page 63 and 64:
Subsequent Events — TriGránit Ur
Page 65 and 66:
CZ-Prague Pankrác House CZ-Prague
Page 67 and 68:
RO-Bucharest Pipera II RO-Bucharest
Page 69 and 70:
RUS-Moscow iNi Rostokino SK-Bratisl
Page 71 and 72:
The Development of Business in 2006
Page 73 and 74:
3. Corporate Profile IMMOEAST is on
Page 75 and 76:
Russia 15.2% Bulgaria 0.3% Slovenia
Page 77 and 78:
2006/07. However, the extensive inv
Page 79 and 80:
Results for 2006/07 tion of these i
Page 81 and 82:
The SEE segment generated TEUR 223,
Page 83 and 84:
5.2 Financial position Cash flow st
Page 85 and 86:
Non-current liabilities Non-current
Page 87 and 88:
The expected net operating income f
Page 89 and 90:
6.1.2. Development of business in C
Page 91 and 92:
Recreation/hotel properties 1.5% Re
Page 93 and 94:
The development of business in Pola
Page 95 and 96:
6.2 Segment SEE Overview of propert
Page 97 and 98:
The development of business in Roma
Page 99 and 100:
Key Data Slovenia Croatia Serbia Re
Page 101 and 102:
Key data on Russia Revenues in TEUR
Page 103 and 104:
Consolidated Financial Statements o
Page 105 and 106:
IMMOEAST AG Consolidated income sta
Page 107 and 108:
IMMOEAST AG Consolidated cash flow
Page 109 and 110:
Segment reporting Report by the Exe
Page 111 and 112:
CIS Segment reporting Ukraine Other
Page 113 and 114:
Segment reporting C I S Transition
Page 115 and 116:
IMMOEAST AG Consolidated cash flow
Page 117 and 118:
CIS Segment reporting Report by the
Page 119 and 120:
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 and 172: 2.3.5 Structural changes/change in
Page 173 and 174: The following exchange rates, which
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: The results of the calculation are
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
Page 223 and 224: 7. Segment Reporting IFRS 8 Operati
Page 225 and 226: IMMOEAST is a property company that
Page 227 and 228: Segment liabilities consist of fina
Page 229 and 230: upward potential for the valuation
Page 231 and 232: The market value represents the amo
Page 233 and 234: 8.4 Transactions with related parti
Page 235 and 236: 8.4.8 Remuneration of corporate bod
Page 237 and 238: Group companies of IMMOEAST AG Nomi
Page 239 and 240: Nominal Initial Company Country Hea
Page 241 and 242: Nominal Initial Company Country Hea
Page 243 and 244:
Nominal Initial Company Country Hea
Page 245 and 246:
Opinion Our audit did not give rise
Page 247 and 248:
Analysis of Results As of 9 October
Page 249 and 250:
Analysis of Results As of 13 July 2
Page 251 and 252:
Analysis of Results liabilities and
Page 253 and 254:
Analysis of Results The following t
Page 255 and 256:
Analysis of Results Romania reporte
Page 257 and 258:
Slovakia IMMOEAST AG acquired 10% o
Page 259 and 260:
Valuation Certificates Romania Valu
Page 261 and 262:
Valuation Certificates Report by th
Page 263 and 264:
Page 265 and 266:
Page 267 and 268:
Financial Calendar 13 September 200
show all

IMMOEAST Annual Report 2006/07

Create successful ePaper yourself

Delete template?

Save as template?