IMMOEAST Annual Report 2006/07

212 IMMOEAST Annual Report 2006/07
IAS 12.81 (g),
IAS 12.82
4.14 Contingent liabilities and guarantees
Additional information on this balance sheet position is provided under point 3.15.
Contingent liabilities are valued in accordance with IAS 37 and IFRS 3.48 (see 3.12). The Group had no outstanding
guarantees as of the balance sheet date.
4.15 Deferred taxes
Additional information on this balance sheet position is provided under point 3.13.
Through an agreement dated 29 April 2005, the major Austrian companies have joined together in a group as defined
in § 9 of the Austrian Corporate Tax Act as set forth in the Austrian Tax Act. The parent company, IMMOEAST, serves
as the head of the group. Taxable income earned by the individual members of the group is allocated to the head of
the group after an offset against any (individual company) losses. A tax charge is included in the group contract as
settlement for the transfer of taxable income.
Deferred tax assets and deferred tax liabilities as of 30 April 2007 and 30 April 2006 are the result of the following
timing differences in valuation or accounting treatment between the carrying values in the consolidated financial
statements under IFRS and the related tax bases. Furthermore, deferred tax assets were created for tax loss carryforwards
in cases where it is probable that sufficient taxable income will be available to utilise these tax loss carryforwards
in the future.
30 April 2007 30 April 2006
All amounts in TEUR Assets Liabilities Assets Liabilities
Property 13,761.9 444,419.8 5,105.4 170,880.4
Other financial assets and miscellaneous assets 5,709.6 11,457.8 4,142.5 6,541.7
Total 19,471.5 455,877.6 9,247.9 177,422.1
Other liabilities and provisions 1,961.0 1,803.0 1,128.2 1,158.4
Financial liabilities 1,018.4 15,418.5 755.2 8,366.2
Total 2,979.4 17,221.5 1,883.4 9,524.6
Tax loss carryforwards 38,638.1 0.0 11,911.2 0.0
Net sum of deferred tax assets and deferred tax liabilities 61,089.0 473,099.1 23,042.5 186,946.7
The tax rates in the individual countries are listed below:
Country Applicable tax rate
Austria 25.00%
Bosnia and Herzegovina 10.00% *)
Bulgaria 10.00%
Croatia 20.00%
Cyprus 10.00%
Czech Republic 24.00%
Estonia 28.21% **)
Germany 26.38%-40.86% ***)
Hungary 16.00%
Luxembourg 29.63%
Malta 35.00%
Netherlands 25.50%
Country Applicable tax rate
Poland 19.00%
Romania 16.00%
Russia 24.00%
Serbia 10.00%
Slovakia 19.00%
Slovenia 25.00%
Sweden 28.00%
Ukraine 25.00%
*) Republika Srpska **) Applies only to distributions, retained earnings are not taxed
***) The tax rate in Germany can vary, depending on whether the company is subject to trade tax