IMMOEAST Annual Report 2006/07

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206 IMMOEAST Annual Report 2006/07 IAS 1.124B IAS 12.81 (a) 4.9 Shareholders’ equity The development of equity in the IMMOEAST Group is shown on the Statement of Changes in Equity, which forms an integral part of these consolidated financial statements. Management views capital as equity defined under IFRS, which excludes components of debt. IMMOEAST is not subject to any external regulations or supervisory regulations that require a minimum level of capital. The annual general meeting on 17 September 2004 approved an increase of EUR 88,941,240 in share capital from EUR 59,294,160 to EUR 148,235,400. A resolution passed by the annual general meeting on 6 June 2005 authorised the Executive Board to increase share capital in accordance with § 169 of the Austrian Stock Corporation Act. This authorisation is valid up to 22 June 2010 and covers an increase of up to EUR 74,117,700 to a total of EUR 222,353,100. A second segment of the capital increase was approved based on a resolution of the Executive Board from 22 June 2005 and the authorisation from 6 June 2005. In total, share capital was increased to EUR 222,353,100 through the issue of 163,058,940 shares. The annual general meeting on 20 March 2006 approved an increase in share capital by up to EUR 333,529,650 to EUR 555,882,750. The annual general meeting on 14 September 2006 authorised the Executive Board to increase share capital in accordance with § 169 of the Austrian Stock Corporation Act. This authorisation is valid up to 24 November 2011 and covers an increase of up to EUR 277,941,375 to a total of EUR 833,824,125. This increase of EUR 277,941,375 was approved and subsequently executed based on resolutions by the Executive Board on 30 April 2007 and 21 May 2007. The share capital of IMMOEAST totalled EUR 555,882,750 as of 30 April 2007 (2005/06: EUR 222,353,100) and is divided into 555,882,750 (2004/05: 222,353,100) zero value shares. The classification of shares as of 30 April 2007 is as follows: Number of shares Share capital EUR Number of shares Share capital EUR 30 April 2007 30 April 2007 30 April 2006 30 April 2006 Registered shares 2 2 2 2 Bearer shares 555,882,748 555,882,748 222,353,098 222,353,098 Total 555,882,750 555,882,750 222,353,100 222,353,100 The share premium in the individual financial statements prepared in accordance with Austrian commercial law includes appropriated reserves of TEUR 3,613,706.0 (2005/06: TEUR 1,195,616.0) from capital increases made in accordance with § 229 (2) 1 of the Austrian Commercial Code in conjunction with § 130 (2) of the Austrian Stock Corporation Act. The capital increase carried out in 2006/07 generated a premium of TEUR 2,418,090.0 (2005/06: TEUR 962,047.7), which was credited to the share premium account. Issue costs of TEUR 69,620.5 (2005/06: TEUR 29,047.5) were charged to the share premium account after the deduction of taxes totalling TEUR 23,206.8.
4.10 Financial liabilities Additional information on this balance sheet position is provided under point 3.10.5. Thereof remaining Thereof remaining term between Thereof remaining All amounts in TEUR 30 April 2007 term under 1 year 1 and 5 years term over 5 years 30 April 2006 Amounts due to financial institutions 1,044,704.5 90,276.6 508,976.9 445,450.9 691,427.9 Thereof guaranteed 0.0 0.0 0.0 0.0 0.0 Thereof secured by collateral 1,023,858.3 90,047.7 488,359.6 445,450.9 690,559.8 Thereof not secured by collateral 20,846.2 228.9 20,617.3 0.0 868.1 Financial liabilities, limited partnership interest 10,440.0 10,440.0 0.0 0.0 10,440.0 Other financial liabilities 18,483.9 15,422.8 1,781.0 1,280.2 429.4 Total 1,073,628.4 116,139.4 510,757.9 446,731.1 702,297.3 The financial liabilities of TEUR 10,440.0 arising from limited partnership interests were included in the consolidated financial statements through the limited partner investment in I-E-H Holding GmbH, as the limited partner, and AM-ImmoEast Asset Management GmbH, as general partner and manager of AM-ImmoEast Central European Property Fund C.V., and do not affect the unconsolidated partnership capital of the remaining shareholders of AM-ImmoEast Central European Property Fund C.V. The shares in AM-ImmoEast Central European Property Fund C.V. represent puttable instruments as defined in IAS 32.18 (b) (see point 3.10.6). The key conditions of financial liabilities are as follows: Nominal value/ Remaining original credit liability as of amount in 30. April 2007 Interest rate Bank Company Currency in 1,000 *) in 1,000 *) fixed/variable Segment: CEE Country: Czech Republic Weighted average interest rate: 5.17% Aareal Bank AG Airport Property Development a.s. EUR 12,100.0 10,870.2 variable Aareal Bank AG Airport Property Development a.s. EUR 760.0 636.3 variable Aareal Bank AG Airport Property Development a.s. EUR 460.0 211.8 variable Bank Austria Creditanstalt AG PERL INVEST a.s. EUR 2,699.5 2,532.1 variable Bank Austria Creditanstalt AG PERL INVEST a.s. EUR 2,643.9 306.0 fixed Bank Austria Creditanstalt AG NP Investment a.s. EUR 13,911.5 13,181.2 variable Bank Austria Creditanstalt AG NP Investment a.s. EUR 13,420.1 1,591.5 fixed Bank Austria Creditanstalt AG Prokopova Development a.s. EUR 431.9 405.9 variable Bank Austria Creditanstalt AG Prokopova Development a.s. EUR 468.1 49.0 fixed Bank Austria Creditanstalt AG E.N.G. Property a.s. EUR 2,249.6 2,109.7 variable Bank Austria Creditanstalt AG E.N.G. Property a.s. EUR 2,212.2 255.0 fixed Bank Austria Creditanstalt AG JUNGMANNOVA ESTATES a.s. EUR 5,665.8 673.0 fixed Bank Austria Creditanstalt AG JUNGMANNOVA ESTATES a.s. EUR 5,849.0 5,562.0 variable Bank Austria Creditanstalt AG J.H. Prague a.s. EUR 5,061.4 604.0 fixed Bank Austria Creditanstalt AG J.H. Prague a.s. EUR 5,219.1 4,894.2 variable Bank Austria Creditanstalt AG PAN Development a.s. EUR 3,161.9 369.9 fixed Bank Austria Creditanstalt AG PAN Development a.s. EUR 3,239.4 3,039.4 variable Bank Austria Creditanstalt AG RHP Development spol.s.r.o. EUR 11,750.0 11,749.7 variable Bank Austria Creditanstalt AG Diamant Real s.r.o. EUR 7,631.7 7,631.7 variable Bank Austria Creditanstalt AG Diamant Real s.r.o. EUR 1,530.0 1,530.0 variable Bank Austria Creditanstalt AG Diamant Real s.r.o. EUR 2,805.3 2,805.3 variable Bank Austria Creditanstalt AG Diamant Real s.r.o. EUR 538.5 538.5 variable Bank Austria Creditanstalt AG Diamant Real s.r.o. EUR 5,446.8 5,446.8 variable Erste Bank der oesterreichischen Sparkassen AG Akvamarin Beta s.r.o. EUR 13,680.0 12,741.4 variable Notes Report by the Executive Board 207 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
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the measurement of the cost of the
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Proportionate consolidation is a me
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Potential voting rights are to be c
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Notes IMMOEAST made the following a
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Holding A Vienna IMMOEAST Projekt B
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The following table shows the conso
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Segment CEE Location of property Po
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2.3.1.1.7 Passat Real Sp. z o.o. Th
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2.3.1.3.2 Diamant Real s.r.o. The C
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centre of Prague, is almost fully l
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The following table shows the acqui
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2.3.3 Segment South-Eastern Europe
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2.3.3.3.2 Klyos Media s.r.l. On 9 O
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2.3.3.3.5 SBACARO s.r.l. The SIBIU
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2.3.3.3.9 S.C. IE Baneasa Project s
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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 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: Thereof not impaired and due within
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 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
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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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