IMMOEAST Annual Report 2006/07

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214 IMMOEAST Annual Report 2006/07 5.2 Revaluation Additional information on this balance sheet position is provided under point 3.14. The revaluation of investment properties is based primarily on the principles described in point 3.4. All amounts in TEUR 2006/07 2005/06 Revaluation 567,003.6 133,463.8 Impairment charges -73,908.5 -16,477.7 Total 493,095.1 116,986.1 Impairment charges were recognised to the following properties during 2006/07: All amounts in TEUR Object Country Segment Impairment charge BBC Centrum Building B CZ CEE -10,202.58 Jungmannova CZ CEE -2,983.23 Valdek Jugoslavka 29 CZ CEE -1,040.78 Prague Office Park CZ CEE -580.20 Anglicka CZ CEE -577.03 Prokopova CZ CEE -568.67 ARBES Stafnikova 32+34 CZ CEE -562.63 Impairment charges – Czech Republic -16,515.12 Dunaharaszti H CEE -5,533.81 Arpad Center H CEE -5,447.73 Budapest, Green Point 7 H CEE -4,402.94 Globe 3 H CEE -3,046.98 Camel Park (Euro Business Park) H CEE -1,469.69 Central Business Centre H CEE -905.38 Shark Park H CEE -577.42 Budapest Pharma Park H CEE -283.55 Szepvölgyi Business Park H CEE -191.52 Impairment charges – Hungary -21,859.02 Crown Tower PL CEE -8,411.90 Cybernetyki Office Center PL CEE -6,702.06 Crown Point PL CEE -5,492.94 Bokserska Office Center PL CEE -4,276.28 Bokserska Distribution Park PL CEE -2,616.98 Lopuszanska PL CEE -1,530.14 Silesia Logistik Center (ARE 8) PL CEE -1,453.48 MBP Vega (Land ) PL CEE -981.82 “real”- Markt Wloclawek PL CEE -680.75 Impairment charges – Poland -32,146.37 Millenium Tower I SK CEE -3,307.52 Impairment charges – Slovakia -3,307.52 Global Business Center RO SEE -80.47 Impairment charges – Romania -80.47 Total impairment charges -73,908.50
The impairment charges to the following properties resulted solely from an increase in the value of the local currency against the Euro. The Euro fair values of these objects as of 30 April 2007 exceed the Euro fair values as of 30 April 2006 at these exchange rates, and an impairment charge was required because the carrying value exceeded the fair value that resulted from the translation from local currency into the Group currency: • Global Business Center • Szepvölgi Business Park • Pharma Park • Camel Park • Shark Park • Millenium Tower I An impairment charge was recognised for the Arpad Centre because of the high vacancy rate, which exceeds 50% of the available office space. In addition, the valuation return was raised to better reflect the increased rental risk. The loss of the tenant for the Dunaharaszti logistics hall was reflected in an appropriate impairment charge. The discount factor was also increased to adequately reflect the risk associated with a new rental. An impairment charge was recognised for the Globe 3 office property due to the vacancy rate, which equals roughly 20% of the available space. The rental risk was reflected through an increase in the valuation return. The property valuation experts have classified the following objects as “over-rented”, which means the market rents realisable after the end of the current contracts will be less than the rents currently paid by tenants: • Bokserska Distribution Park • Bokserska Office Center • Crown Point • Crown Tower • Cybernetiki Office Center • Lopuszanska • Green Point 7 • Silesia Logistik Center The other impairment charges were generally based on an increase in foreign exchange rates against the Euro as well as investments that did not lead to an increase in the value of the objects. In 2006/07 revaluations were recognised for the following sites, which are recognised and measured in accordance with IAS 40: All amounts in TEUR Object Country Segment Revaluation Kalisz PL CEE 412.66 Equator PL CEE 1,574.04 Cirrus PL CEE 2,232.00 Zenith PL CEE 2,360.65 Nimbus PL CEE 5,126.45 Revaluation to land – Poland 11,705.79 Jandarmeriei Office RO SEE 19,084.72 Harbourside Constanta RO SEE 21,466.40 Craiova RO SEE 32,543.68 Revaluation to land – Romania 73,094.80 Antim Tower (land) BG SEE 78,740.42 Revaluation to land – Bulgaria 78,740.42 Total revaluations to land 163,541.01 Notes As explained under point 3.4, this land was purchased to provide sites for the construction of investment properties. The other revaluations are related to investment properties. Report by the Executive Board 215 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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OF RT OF RS LG OF RT RS OF RT RS OF
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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.
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2.3.3.4 Regional subsegment Serbia
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2.3.4Impactofinitialconsolidations
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Segment CEE CEE CEE CEE CEE CEE Loc
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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 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: The corporate income tax rate in Bu
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
Page 259 and 260: Valuation Certificates Romania Valu
Page 261 and 262: 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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